Full text of Economic Indicators : July 1966
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89th Congress, 2nd Session Economic Indicators July 1966 1 PUBUC LIBRARY Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1966 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) WRIGHT PATMAN, Texas, Chairman PAUL H. DOUGLAS, Illinois, Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLING (Missouri) HALE BOGGS (Louisiana) HENRY S. REUSS (Wisconsin) MARTHA W. GRIFFITHS (Michigan) THOMAS B. CURTIS (Missouri) WILLIAM B. WIDNALL (New Jersey) ROBERT F. ELLSWORTH (Kansas) SENATE JOHN SPARKMAN (Alabama) J. W. FULBRIGHT (Arkansas) WILLIAM PROXMIRE (Wisconsin) HERMAN E. TALMADGE (Georgia) JACOB K. JAVITS (New York) JACK MILLER (Iowa) LEN B. JORDAN (Idaho) JAMES W. KNOWLES, Executive Director JOHN R. STARK, Deputy Director MARIAN T. TRACY, Financial Clerk HAMILTON D. GEWEHR, Administrative Clerk COUNCIL OF ECONOMIC ADVISERS GARDNER ACKLEY, Chairman JAMES S. DUESENBERRY ARTHUR M. OKUN Economic Indicators prepared under supervision of FRANCES M. JAMES [PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required number of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts draivn by Graphics Unit, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at 2 5 cents a single copy or by subscription at $2.50 per year (foreign, $3.50) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C 20402 Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription price is $5.40 per year. The 1964 Supplement to Economic Indicators, which describes each series and gives annual data for years not shown in the monthly issues, is available at 65 cents a copy. 11 TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Gross national product rose by $11 billion (seasonally adjusted annual rate) in the second quarter, according to preliminary estimates. The regular annual revisions issued in July show an increase of $17 billion in the first quarter. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Government Persons Disposable personal income Period 1958 1959 I6... 90... 1961 1962 1963 1964 1965-_-_. 1964: III_. I. V. 1965: I . .. II" I. I. V. 1966: I _ _ _ Less: Interest paid and Total* transfer payments to foreigners 318.8 337. 3 350. 0 3644 385.3 404. 6 436. 6 469. 1 441. 2 446. 6 453.2 461.0 476. 2 486. 1 495. 1 499.7 6. 5 7.0 7.8 8. 1 8.6 9.7 10.7 11.9 10.9 11. 2 11.4 11.8 12. 1 12.4 12.7 13.3 Net receipts PerLess: Less: Equals: Personal sonal Tax TransTotal 3onsump- saving Trans- Equals: and fers, Equals: Total tion Purexcludfers, (+) or nontax interest, Net expend- disexpend- interest, ing and interest itures saving receipts and receipts itures of goods or suband sub? and accruals sidies2 sidies 2 services transfers 312.4 330. 3 342. 3 356.3 376.6 3949 425.8 457.2 430. 3 435.4 441.8 449.2 464 1 473.7 482. 4 486. 4 290. 1 311. 2 325. 2 335. 2 355. 1 375.0 401.4 431.5 407. 5 408.8 418.9 426.8 435. 0 445. 2 455. 6 458. 9 1147 128.9 139.8 144 6 157. 0 168. 8 1742 189.0 175. 4 178. 2 186. 4 188. 5 188.6 192. 6 203. 1 22.3 19. 1 17.0 21. 2 21. 6 19.9 245 25.7 22.8 26. 6 22. 8 22. 4 29. 0 28.5 26.9 27.6 33.0 340 36. 5 41.3 42. 8 44 4 46.7 49.6 46. 7 46. 7 48. 5 48. 0 51. 9 50.0 53.4 53.3 81.6 95. 0 103. 3 103. 3 114 2 124 3 127.5 139.4 128. 7 131. 5 137. 9 140. 5 136. 7 142. 6 149.7 127.2 131.0 136. 1 149. 0 159. 9 166.9 175.6 185. 8 176. 2 176. 2 180. 1 182.4 189. 6 191. 1 198. 4 202. 6 33.0 34 0 36. 5 41.3 42. 8 444 46.7 49. 6 46. 7 46. 7 48.5 48.0 51. 9 50.0 53.4 53. 3 94 2 97. 0 99.6 107.6 117. 1 122.5 128. 9 136.2 129.5 129.4 131.6 134 3 137.7 141. 2 145.0 149.4 Surplus (+) ; or deficit (-) on income and product account -12.5 -2. 1 3.7 —4 3 -2. 9 1.8 — 1.4 3.2 —. 8 2. 1 6.4 6. 1 -1.0 1.4 47 International Business Period Expenditures Net Net exports of goods Total StatisGross and services Gross Gross Excess of income Excess transfers tical national of to foror retained private transfers discrep- product earn- domestic invest- eigners ( + ) o r receipts ancy or ings3 ment by perinvestof net expendment 4 sons and Less: Equals: exports iture Govern- Exports Imports Net ment exports 1958 1959 1960 1961 1962 1963 , 1964 1965 1964: III.. IV.. 1965: I—_. II... III. IV.. 1966: I.... II 6 . 49. 4 56.8 56.8 58.7 66. 3 68. 8 76.9 83.4 78.4 77.9 82. 6 82.3 83.8 85. 1 86.6 60.9 75.3 748 71.7 83. 0 87. 1 93. 0 106.6 92.5 97.4 103.8 103. 7 106. 7 111.9 1145 118.4 -11.5 -18.5 -18.0 -13.0 — 16.8 -18.4 -16. 0 -23. 1 -14 1 -19.5 -21. 2 -21.4 -22.9 -26.8 -27.9 2.3 2.4 2.3 2.6 2.7 2.8 2.8 2.8 2.8 2.7 2.6 3. 1 2. 8 2.5 3.4 2.9 23. 1 23.5 27. 2 28.6 30.3 32.3 37. 0 39. 0 37. 2 38. 1 35. 1 40. 5 40. 1 40. 3 41.7 42.3 i Personal income (p. 5) less personal taxes and nontax payments (fines, penalties, etc.). a Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of government enterprises. 3 Undistributed corporate profits, corporate inventory valuation adjustment, capital consumption allowances, and wage accruals less disbursements. Does not include retained earnings of unincorporated business, which are included in disposable personal income. * Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing. 20. 9 23.3 23.2 22.9 25. 1 26. 4 28. 5 32. 0 28.8 29.6 28.7 32.3 33. 0 34 2 35.6 37.0 8 6 7 2.2 .1 41 5.6 5. 1 5. 9 8.5 7. 0 8.4 8.6 6.4 8.2 7. 1 6. 1 6.0 5.3 0. 1 2.3 -1.7 -3. 1 -2.5 -3. 1 -5.7 -4 2 -5.7 -5.9 -3. 8 -5. 1 -4 2 -3.5 -2.6 -2. 5 445.8 4845 5048 520. 8 559. 8 590. 8 633. 1 682.8 640. 2 647. 5 664 9 675. 0 687.3 7040 722.0 1.6 -.8 — 1.0 -. 7 .5 -.3 -1.4 -1.6 -2.3 -3.3 -4 1 -2. 1 -.8 .4 -.8 447. 3 483.6 503.8 520. 1 560. 3 590.5 631. 7 681. 2 637.9 6442 660.8 672. 9 686. 5 7044 721.2 732.0 Net foreign investment with sign changed. Preliminary. Not available. NOTE.—Series revised beginning 1962. For detais, see Survey of Current Business, July 1966. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product on a seasonally adjusted basis increased 11A percent in the second quarter. After adjustment for price changes, the increase was 1/i percent. The corresponding changes for the first quarter, according to revised data, are 21/2 percent and 11A percent, respectively. BILLIONS OF' DOLLARS BILLIONS OP DOLLARS 700 700 600 600 500 - 500 PERSONAL CONSUMPTION EXPENDITURES .400 400 300 300 GOVERNMENT PURCHASES OF GOODS AND SERVICES 1966 1960 •^PRELIMINARY. SOURCE: DEPARTMENT OF COMMERCE Period 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1964: III IV 1965: I II III IV 1966: I_ 3 II K Total Personal Gross Total gross conprivate national gross sump- domestic product national tion investin 1958 product expend- ment prices itures Billions <}f dollars; quarterly 438.0 254. 4 398. 0 67. 4 419. 2 266.7 70.0 446.1 452.5 441. 1 281. 4 67. 8 447. 3 60. 9 447. 3 290. 1 475. 9 483.6 311. 2 75. 3 487.8 503. 8 325. 2 74.8 497. 3 520. 1 335. 2 71.7 529.8 560. 3 355. 1 83.0 551.0 590. 5 375.0 87. 1 631. 7 401. 4 93.0 _ 580. 0 681. 2 431. 5 106.6 614.4 585. 0 637. 9 92. 5 407. 5 644. 2 587. 2 97. 4 408. 8 660.8 103.8 600.3 418. 9 607.8 672.9 426.8 103.7 618.2 686. 5 435. 0 106.7 631.2 704. 4 445. 2 111.9 721. 2 455.6 640.5 114.5 458.9 644-2 732.0 118.4 1 This category corresponds closely witn budget expenditures for national . defense, shown on p. 35. 2 Gross national product in current prices divided by gross national product in 81958 prices. Preliminary. COUNCIL OF ECONOMIC ADVISERS Gove]rnment Net exports of goods and Total Total services pmrchases of good s services Federal National Other defense1 data at s easonall;Y ad juste d annual rates 44. 1 38. 6 5. 5 74. 2 2.0 5.3 40. 3 4. 0 45. 6 78. 6 5.3 44. 2 49. 5 86. 1 5. 7 7.7 94. 2 53. 6 2. 2 45. 9 7.6 53.7 46. 0 ,1 97. 0 44. 9 4. 1 53. 5 8.6 99. 6 57.4 9.6 47. 8 5. 6 107. 6 63. 4 51. 6 11.8 5. 1 117. 1 50. 8 13. 5 64. 2 5.9 122.5 65.2 50.0 15. 2 8.5 128.9 66.8 50. 1 16. 7 7. 0 136. 2 49.8 15.3 8.4 129. 5 65. 1 64. 1 48. 5 15. 6 8.6 129. 4 64. 4 48. 2 16. 2 6. 4 131.6 8.2 134. 3 49. 1 16. 5 65. 6 50. 7 16. 8 7. 1 137. 7 67.5 52. 5 17.3 69.8 6. 1 141. 2 54. 6 17. 4 6. 0 145.0 71. 9 57. 0 17. 6 5.3 149. 4 74.6 and State and local Implicit price deflator for total GNP, 1958 =1002 30. 1 33. 0 36. 6 40. 6 43. 3 46. 1 50. 2 53. 7 58.2 63. 7 69.4 64.4 65. 3 67. 3 68.7 70.2 71.4 73. 1 74. 8 90.9 94. 0 97. 5 100. 0 101. 6 103.3 104. 6 105. 8 107.2 108. 9 110. 9 109. 1 109.7 110. 1 110. 7 111. 0 111. 6 112. 6 113. 6 NOTE.—Series revised beginning 1962. For details, see Survey of Current Business, July 1966. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. NATIONAL INCOME Employee compensation rose $8 billion (seasonally adjusted annual rate) in the second quarter. Farm proprietors1 income dropped $% billion below the peak reached in the first quarter. Most other forms of noncorporate ir income showed little or no change. BILLIONS OF DOLLARS •600 BILLIONS OF DOLLARS 600 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME \ 500 500 400 400- 300 300 PROPRIETORS' AND RENTAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 100 100 NET INTEREST J_ 1960 1961 1963 1962 _1_ 1964 1965 1966 -I/PRELIMINARY . SOURCE: DEPARTMENT OF COMMERCE *SEE NOTE, PAGE 7. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1964: III IV 1965: I II III IV 1966: I 6 II 1 2 Total national income 331. 0 350. 8 366. 1 367.8 400. 0 414. 5 427. 3 457. 7 481. 9 517. 3 559. 0 522. 9 528. 5 543. 3 552. 2 562. 7 577. 8 595.7 (6) Compensation of em- 1 ployees 224. 5 243. 1 256. 0 257. 8 279. 1 294. 2 302. 6 323. 6 341. 0 365. 7 392. 9 369. 8 375.3 381.7 387.8 395. 6 406. 5 419. 6 427. 7 Proprieto rs1 income Farm 2 30. 3 31.3 32. 8 33. 2 35. 1 34. 2 35. 6 37. 1 37. 9 39. 9 40. 7 40. 3 40.3 40. 5 40. 4 40. 7 41. 1 41. 4 41. 6 11. 4 11.4 11.3 13.4 11. 4 12. 0 12. 8 13. 0 13. 1 12. 0 15. 1 11. 7 11.9 12. 9 15. 5 16. 0 16. 0 17.0 16. 3 Includes employer contributions for social insurance. (See also p. 4.) Excludes farm profits of corporations engaged in farming and therefore differs from net farm income (including net inventory change) on p. 6 which includes such profits. s See Note, p. 7. 4 Less than $50 million. 5 Preliminary. Business and professional 6 Rental income of per- 13.9 14.3 14. 8 15.4 15. 6 15. 8 16. 0 16. 7 17. 1 17. 7 18. 3 17.8 17.9 18. 1 18. 3 18. 4 18. 5 18.7 18. 8 Net interest 4. 1 4. 6 5. 6 6. 8 7. 1 8.4 10. 0 11. 6 13. 8 15. 5 17.8 15. 7 16. 3 16. 9 17. 5 18. 1 18.7 19.1 19. 6 Corpora be profits and inventory va uation ad justment s Total 46. 9 46. 1 45. 6 41. 1 51.7 49. 9 50.3 55. 7 58.9 66.6 74.2 67. 8 66. 8 73. 2 72.7 74. 0 76. 9 80.0 (6) Profits Inventory before valuation taxes 3 adjustment 48. 6 48.8 47. 2 41.4 52. 1 49.7 50.3 55. 4 59. 4 67.0 75. 7 67. 8 67. 7 74.5 74.5 75. 0 78.7 82.7 (6) -1.7 -2.7 — 1.5 -.3 ~~"~ . t) .2 — .1 .3 —.5 —.4 -1.5 (4) -.9 -1.3 -1.8 -1.0 -1.8 -2.8 -2.0 Not available. NOTE.—Series revised beginning 1962. For details, see Survey of Current Business, July 1966. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. SOURCES OF PERSONAL INCOME Personal income in June scored its largest monthly increase since March by rising $31A billion (seasonally adjusted annual rate). Wages and salaries had a growth of $2% billion and transfer payments $% billion while farm income declined $Vi billion. BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS 600 500 400 WAGE AND SALARY DISBURSEMENTS 300 300 100 1966 SOURCii DEPARTMENT OF COMMERCE Period Total personal income 1957 1958 1959 1960 1961 1962 1963 1964 1965 1965: May___ June July Aug Sept Oct Nov Dec 1966: Jan Feb Mar Apr May June 5 __ 351. 1 361.2 383.5 401.0 416.8 442.6 465. 5 496.0 535. 1 528.0 532.2 535.4 537.8 4 552. 5 547.2 553.2 558. 2 560. 2 564.7 569. 0 570.5 573. 0 576. 4 [Billions of dollars; monthly data at seasonally adjusted annual rates] Wage Rental Other Propriet<Drs' income income Divi- Personal Transfer and salary labor 2 interest payBusiness of Farm disburse- income and pro- persons dends income ments 1 fessional ments 11.3 21.4 238.7 9.5 32.8 14.8 11.7 17.6 13.4 33.2 15.4 239.9 9.9 18.9 25.7 11.6 258.2 11.4 11.3 35. 1 15.6 20.7 26.6 12.6 34.2 12.0 12.0 23.4 270.8 13.4 28.5 15.8 32.4 12.8 35.6 16.0 25.0 12.7 278.1 13.8 13.0 37.1 16.7 15.2 27.7 33.3 296.1 13.9 31.4 311. 1 14. 9 13. 1 37. 9 35. 3 16. 5 17. 1 12. 0 34. 6 36.8 39. 9 333. 6 16.6 17.7 17.3 19.2 38. 4 39. 7 358.4 40. 7 18.5 15. 1 18. 3 40.4 18.3 354. 1 18. 2 15. 7 38.0 18.7 37.7 38. 4 18.4 16. 9 40. 4 18.3 37.5 356. 1 19.3 38.4 16.3 40. 7 18.4 358.3 19.3 38.7 18. 6 18.4 38.9 38.3 18.8 40. 6 15. 9 19. 5 360. 6 39. 2 4 49. 2 15. 9 40. 7 18. 5 363. 5 19. 0 19. 8 39. 4 39.8 15.8 19. 2 40. 8 18. 5 20. 0 366. 9 16. 0 41. 1 39. 7 40.3 371.4 18. 6 19. 4 20. 2 41. 4 16. 2 41.3 18.6 20. 5 40.0 374. 1 19. 6 42. 3 16.8 41.3 18.6 19.8 20.8 40.5 376. 8 42.6 41. 0 17. 0 41.3 18. 7 21.0 20. 0 380. 1 41. 4 42.9 17.3 41. 5 18. 7 20. 9 382.9 20. 2 41.8 42.6 16.7 20. 4 18.7 21.0 41.5 384.7 42. 1 42. 5 21. 2 16.3 41. 6 18.8 387.0 20. 6 43. 1 21.2 42.4 15.9 41. 7 18.8 20.7 389. 7 1 Compensation of employees (see p. 3) excluding employer contributions for social insurance and wage accruals less disbursements. 2 Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor items. 3 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. COUNCIL OF ECONOMIC ADVISERS Less: Personal contributions for social insurance 6.7 6.9 7.9 9.3 9.6 10.3 11.8 12.5 13.2 13. 1 13. 2 13. 2 13. 2 13.2 13.3 13. 5 13. 6 16. 8 16.9 16. 9 17.0 17. 1 17.2 Nonagricultural personal income 3 336.6 344.3 368.5 385.2 400.0 425.5 448. 1 479.7 515. 6 507.9 510. 8 514. 6 517.6 4 532. 3 526.9 532. 6 537.2 538. 8 543. 0 547.0 549. 1 551. 9 555. 7 4 Includes retroactive social security benefits of $885 million or $10.6 billion at annual rate, s Preliminary. NOTE.—Series revised beginning 1962. For details, see Survey of Current Business, July 1966. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. DISPOSITION OF PERSONAL INCOME Personal income in the second quarter slowed down from its recent pace but still registered a strong gain of $8% billion (seasonally adjusted annual rate). Personal taxes rose sharply with the advent of graduated withholding/ hence, disposable income was up only $41A billion, but the saving rate remained virtually unchanged. BILLIONS OF DOLLARS 550 BILLIONS OF DOLLARS 550 500 500 450 450 400 400 350 — 300 [/( I 1 I DOLLARS 2,600 DOLLARS 2,600 2,400 - 2,400 2,200 2,200 2,000 2,000 1,800 1,800 1960 1966 •1/PRELIMlNARr. SOURCE: DEPARTMENT OF COMMERCE Period 1956 1957 1958 1959_ _ _ _ 1960 1961 1962__ _ _ _ 1963 1964 1965 1964: III__ IV.. 1965: I... II... III.. IV__ 1966: I 3 _ II _ COUNCIL OF ECONOMIC ADVISERS Saving Per capdta disUBBS: Perse nal outlawfs posable personal as perEquals : Persor lal consunaption Less : Equals: incc>me cent of PopulaPerDisexpenditure s 2 PerPersonal tion dissonal sonal posable Total saving Current posable (thouincome taxes personal personal Durable Non1958 personal sands) prices prices income income outlays * goods durable Services goods (percent) Billions of dollars Dollars 168,221 7.0 38.9 272.6 129.3 1,838 333.0 293.2 98.5 20.6 1,743 39.8 171,274 6.7 40.8 1,844 287.8 135. 6 105.0 1,801 351.1 308.5 20.8 42.6 174, 141 7.0 140.2 361.2 296.5 37.9 1,831 112.0 22.3 1,831 42.3 318.8 177, 073 5.7 318.2 44.3 46.2 337.3 146.6 120.3 19. 1 1,905 1,881 383.5 180, 684 4.9 45.3 333.0 151.3 128.7 17.0 1,937 1,883 401.0 50.9 350.0 183, 756 5.8 343.2 44.2 155.9 21.2 1,983 1,909 135. 1 52.4 364.4 416.8 186, 656 5.6 49.5 363.7 162.6 143.0 2,064 21.6 442.6 57.4 385.3 1,968 4.9 189,417 53. 9 384. 7 152. 4 168. 6 19. 9 404. 6 2,013 2,136 60. 9 465. 5 192,120 5.6 412. 1 59. 4 2,272 178. 9 163. 1 24. 5 2,116 59. 4 436. 6 496. 0 5. 5 194,572 66. 1 2,214 443. 4 190.6 174. 8 2,411 469. 1 25. 7 535. 1 66. 0 Seasonally adjiisted anmlal rates 192,492 5.2 181. 7 2,292 61. 1 22. 8 2,134 418. 4 164. 7 441. 2 59. 1 500.3 6. 0 193,196 2,312 58.9 182.4 2,140 420. 0 167. 5 26.6 60.9 446.6 507. 5 5. 0 193,731 2,162 65. 1 184. 5 22. 8 2,339 169. 3 453.2 430. 3 518. 0 64.9 4. 9 194,268 64. 4 22.4 2,181 189. 4 173. 0 2,373 438.6 66. 6 461. 0 527. 6 6. 1 194,898 2,241 66. 7 191. 4 447. 1 176.9 29. 0 2,443 476. 2 541. 9 65. 7 5. 9 195,543 68. 0 197. 0 28. 5 2,270 180. 2 2,486 457.6 552. 8 66. 7 486. 1 5. 4 196,082 2,287 70.3 26.9 468. 4 201.9 2,525 69. 5 183. 4 495. 1 564. 6 5. 5 196,585 2,542 472. 1 66.8 2,277 27.6 204.7 187. 4 499.7 73.6 573. 3 1 Includes personal consumption expenditures, interest paid by consumers, and personal transfer payments to foreigners. 2 See p. 2 for total personal consumption expenditures. 3 Preliminary. NOTE.—Series revised beginning 1962. For details, see Survey of Current Business, July 1966. Data for Alaska and Hawaii included beginning 1960. Sources: Department of Commerce and Council of Economic Advisers. FARM INCOME In the second quarter seasonally adjusted net farm income, including net inventory change, fell 4 percent from the record high of the 1st quarter. According to revised estimates, net income per farm rose 29 percent in 1965. BILLIONS OF DOLLARS BILLIONS OF' DOLLARS SEASONALLY ADJUSTED ANNUAL RATES' 50 50 REALIZED GROSS FARM INCOME 40 40 30 30 NET FARM INCOME INCLUDING NET INVENTORY CHANGE 20 20 \ 10 10 J L 1960 1961 1963 1962 1964 SOURCE: DEPARTMENT OF AGRICULTURE Income received from farming Realize d gross From all sources 1957 1958 1959 1960 1961 1962 1963 1964 1965 1964: III _„ IV 1965: I _ _ _ II III IV 1966: I 5 II -.. . 17.7 19.5 18. 1 18.7 19.0 19.2 18.7 17.9 20.6 From From nonfarm farm sources sources 11.0 12. 8 11. 0 11.4 12. 1 12,2 12. 0 11. 1 13.8 6.6 6.7 7.0 7.2 6.9 7.0 6.7 6. 8 6.8 Net t<3 farm oper ators Net inc ome per farm incl uding net inventory change 3 ProducCash tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current 1965 Total * from ventory ventory2 prices prices 4 marketchange change ings Dol lars Billions c)f dollars 2,786 2,590 34.0 23.3 11.3 10.7 29.7 3,429 3,189 37.9 25.2 12.7 13. 5 33.5 2,973 2,795 37. 5 11.4 11. 5 26. 1 33.5 3,203 3,043 37.9 12. 0 26.2 11.7 34.0 3,567 3,389 39.6 12. 9 34. 9 12.6 27. 0 3,562 3,710 41. 0 36.2 13. 1 12.5 28. 5 37.2 3,671 3,785 42. 1 29.6 12.5 13. 1 42.3 29.4 3, 550 3,479 12.9 12. 1 36.9 4, 493 4,493 44.9 30.7 14.2 39. 2 15. 2 Seas onally ad lusted amluaJ rates 11.8 3,400 3,470 29.3 13.0 36. 9 42.3 3, 460 3, 530 12.0 42.2 29.2 13.0 36. 7 3,820 3,860 30.0 12. 9 37.3 12.9 42.9 4, 590 4, 590 45.4 15.5 30.8 14.6 39. 7 4,770 4, 770 16. 1 45.5 30.9 14.6 39.7 4,770 4, 770 31.2 16. 1 45.9 14.7 40.0 5, 210 5, 110 48.4 42.2 31.9 17.1 16.5 5,000 16.4 4,850 42. 2 16.2 32.5 48. 7 1 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms. 2 Inventory of crops and livestock valued at the average price for the year. Also, see footnote 2, p. 3. 3 Based on 1959 Census of Agriculture definition of a farm. The number of farms is held constant within a year. 1966 COUNCIL OF ECONOMIC ADVISERS Personal income received by I total farm population Period 1965 * Income in current prices divided by the index of prices paid by farmers for family living items on a 1965 base. s Preliminary. NOTE.—Series revised beginning 1962. For details, see Farm Income Situation. July 1966. Source: Department of Agriculture, CORPORATE PROFITS After revisions in corporate profits, profits (before taxes) and inventory valuation adjustment in the first quarter amounted to $80 billion (seasonally adjusted1 annual rate) or 9 percent above a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 30 20 20 10 10 I960 | 1961 1966 J/EXCLUDING INVENTORY VAL.OATION, ADJUSTMENT. SOURCE> DEPARTMENT OF COMMERCE f SEE NOTE ON TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates! Cor]porate pi ofits aifter taxe s Corpo- Profits plus rate TransCorpo- CorpoM anufactur ing capital capital portation, rate rate conconcomAll DiviUntax profits NonDurable durable muni- other before liabil- Total dend distrib- sump- sumption tion paygoods uted ity Total indusgoods cations, indus- taxes and tries ments profits allow- allowl ances an ces 2 public tries tries utilities 47.2 21. 2 10. 7 26. 0 14.2 24. 0 15. 8 11.7 20.8 46.8 13. 3 5.8 22. 3 10. 0 41. 4 11. 6 5. 9 19. 0 22.0 44. 3 9. 3 15. 9 10.8 19. 3 12. 7 12. 6 18.4 52. 1 28.5 7. 0 23.7 52. 0 26. 3 13. 6 15. 9 23. 5 12.4 26.7 13.4 12. 0 7. 5 49. 7 23.0 13.2 24. 4 17.9 51. 6 249 11. 4 27. 2 11.9 50.3 23. 1 13.8 13. 5 26. 2 23. 3 7.9 19. 1 53. 5 31.2 12. 5 24. 2 14. 1 8. 5 16. 0 61. 3 20. 5 55. 4 15. 2 30. 1 26. 6 13.0 59.4 33. 1 26.3 15.8 16. 5 16.6 31.8 64. 8 9.5 20. 7 28. 8 28.4 38.7 32. 4 14.5 10.4 23.8 67.0 17.3 33.9 17.9 21.3 72.5 31.2 19.2 22. 1 15.7 11. 1 25.3 44.5 25.3 37. 8 75. 7 36. 3 80.8 24. 1 39. 1 17.4 34.2 14. 6 10. 6 67. 8 28.7 21.7 18. 4 73.3 33.0 14. 7 24. 1 39. 0 32. 2 10. 5 67.7 28. 6 17.7 21.4 34.8 73.8 17.5 74.5 43.8 35.2 15.5 10. 7 25.0 30. 7 18. 1 25.7 79. 0 37.4 21.9 74.5 30.7 43. 8 18. 8 25.0 79.8 21. 2 10.9 36.0 36. 7 15. 5 25. 1 75.0 44. 1 11. 2 30.9 24.6 80.9 21. 9 15. 5 25.3 19.5 36.8 37.4 32.4 46. 3 20. 2 26. 1 37.2 16. 4 11. 5 78.7 83.5 25. 9 39.6 23. 2 34. 1 82.7 20.9 27.8 37.7 17. 2 11. 3 26.8 48.7 86. 4 41. 9 24.7 21. 1 38.3 (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) Conjorate pr ofits (befc>re taxes) and inveritory valuation adjustme]nt Period All industries 1957 1958 1959 1960 1961 1962 1963 1964 1965_-_ _ 1964: III. 45. 6 41. 1 51. 7 49. 9 50. 3 55. 7 58. 9 66.6 74.2 67.8 66.8 73.2 72.7 74.0 76. 9 80. 0 IV— 1965: I __ II- _ III. IV- 1966: ! _ _ _ II 3 _ (4) 1 Includes depreciation, capital outlays charged to current account, and accidental damages. 2 Corporate profits after taxes plus corporate capital consumption allowances. a Preliminary. * Not available. NOTE.—Series revised beginning 1962. For details, see Survey of Current Business, July 1966. Data beginning 1962 adjusted for effects of new depreciation guidelines ($2^billion for 1962) and therefore not comparable with preceding data. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. *7 GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment advanced $4 billion in the second quarter as inventory accumulation accelerated by $3 billion (seasonally adjusted annual rate). Fixed investment gained nearly $1 billion despite a decline of $1/s billion in residential structures. BILLIONS OF DOLLARS .120 BILLIONS OF DOLLARS 120 GROSS PRIVATE DOMESTIC INVESTMENT 40 20 1960 1966 1961 .I/PRELIMINARY", SOURCEi DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Fixed ini/estment Period Total gross private domestic investment Struc tures Total Total Total 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1964: III IV___ 1965: I II III IV 1966: I 1 II 1 67. 4 70. 0 67. 8 60. 9 75. 3 74. 8 71. 7 83.0 87. 1 93.0 106. 6 92. 5 97. 4 103. 8 103.7 106.7 111. 9 114. 5 118. 4 61. 4 65. 3 66. 5 62. 4 70.5 71.3 69. 7 77.0 81. 3 88.3 97. 5 88.9 90. 0 94.4 96.0 98. 0 101. 5 105. 6 106. 4 38. 1 43.7 46. 4 41. 6 45. 1 48. 4 47. 0 51.7 54.3 60.7 69. 7 61. 7 63. 3 66. 7 67.9 70.2 73. 9 77. 0 78. 3 14.3 17.2 18.0 16. 6 16.7 18. 1 18. 4 19. 2 19. 5 21. 0 24. 9 21.0 21. 8 23. 6 24.6 24.4 26.8 28. 5 28. 0 Preliminary. NOTE. — Series revised be.ginning 1962 . For details, see Survey of Current Business, July 1966. Data for Alaska and Ilawaii inclu<led beginnin g!960. 8 Resid ential struc tures N onresidenl ial Nonfarm 13. 6 16. 5 17.2 15. 8 15. 9 17. 4 17. 7 18. 5 18. 8 20. 3 24. 2 20.3 21. 2 22.9 24. 0 23.8 26. 1 27.8 27. 3 Producers7 durable equ ipment Total 23.8 26.5 28. 4 25. 0 28. 4 30. 3 28. 6 32. 5 34. 8 39. 7 44. 8 40.7 41. 4 43. 1 43. 3 45. 8 47. 1 48. 5 50. 3 Nonfarm 21. 2 24 2 25. 9 22. 0 25. 4 27. 7 25. 8 29. 4 31. 2 35.9 40. 6 36. 9 37. 7 39.3 39.4 41.3 42. 3 43.7 45. 4 Total 23.3 21. 6 20. 2 20. 8 25. 5 22. 8 22. 6 25. 3 27. 0 27. 6 27. 8 27. 2 26.7 27.7 28. 1 27. 8 27. 6 28.6 28. 1 Nonfarm 22. 7 20. 9 19. 5 20. 1 24. 8 22. 2 22. 0 24. 8 26. 4 27. 0 27. 2 26.6 26. 2 27. 2 27.5 27.3 27. 0 28. 0 27. 6 Source: D epartment o ; Commerce. Change in business inv entories Total 6. 0 4.7 1.3 -1. 5 4.8 3. 6 2. 0 6.0 Nonfarm 5.5 5. 1 .8 -2.3 4.8 3.3 1.7 5.3 5. 9 4. 7 9. 1 5. 1 5. 3 8. 1 3.6 7.4 9.5 7.6 4.6 7.9 9.4 6.7 7.2 8.9 8.5 8. 7 10. 4 12. 0 9. 0 11. 8 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business expenditures for new plant and equipment in 1966 are now expected to rise 17 percent above 1965, to $60.8 billion. This is 1 percent more than reported in February. Outlays in the last half of 1966, seasonally adjusted, are expected to maintain a steady advance. BILLIONS OF DOLLARS 70 BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANNUAL HATES 60 50 TOTAL 40 40 30 30 NONMANUFACTURING 20 20 MANUFACTURING 10 10 i i t i 1960 1 i 1963 1962 1961 1964 t JL/iJL/ 1966 1965 -I/SEE NOTE 3 ON TABLE BELOW SOURCE- SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] M anufacturij ng Period 1953 1954_ 1955 1956 ---1957 1958 1959 1960 1961 1962 1963 1964 1965 3 1966 1965: I II III IV 1966: I 3 II 3 III3 IV .; .. Total i - 28.32 26. 83 28. 70 35. 08 36.96 30. 53 32. 54 35. 68 34. 37 37.31 39.22 44. 90 51.96 60. 78 49.00 50.35 52. 75 55.35 58. 00 59. 60 61.65 63.55 Total 11. 91 11.04 11. 44 14.95 15. 96 11. 43 12. 07 14. 48 13. 68 14.68 15. 69 18. 58 22.45 27.02 20. 75 21. 55 23. 00 24. 15 25. 60 26. 60 27. 55 28. 10 Transpojrtation Durable Nondura-^ goods ble goods 5.65 5.09 5.44 7.62 8.02 5.47 5.77 7. 18 6.27 7. 03 7. 85 9. 43 11.40 13.78 10.40 10. 80 11. 75 12.45 13. 15 13. 55 14. 00 14. 30 6. 26 5. 95 6. 00 7.33 7. 94 5. 96 6.29 7. 30 7. 40 7. 65 7.84 9. 16 11.05 13.24 10.40 10. 70 11. 25 11.70 12.45 13.05 13. 50 13. 75 Mining Railroads Other 0.99 .98 . 96 1.24 1.24 . 94 . 99 . 99 . 98 1. 08 1. 04 1. 19 1.30 1. 42 1.25 1. 30 1.25 1.35 1.40 1.40 1.40 1.31 . 85 . 92 1.23 1. 40 .75 . 92 1. 03 .67 . 85 1. 10 1.41 1.73 2. 05 1.75 1. 55 1.70 1.95 1.75 1.85 2. 10 1.56 1.51 1. 60 1.71 1.77 1. 50 2. 02 1. 94 1.85 2. 07 1. 92 2.38 2.81 3.49 2. 55 2. 70 3.00 3.00 3.30 3.40 3. 65 35.50 Public Commerutilities cial and other 2 4.55 4.22 4.31 4, 90 6.20 6. 09 5. 67 5. 68 5. 52 5. 48 5.65 6.22 6.94 7. 99 6.80 6. 85 6.75 7.30 8.25 7.80 8.10 8.00 8.23 9.47 11.05 10.40 9. 81 10.88 11.57 11.68 13. 15 13.82 15. 13 16.73 18. 80 15. 85 16. 40 17. 00 17.55 17.70 18. 50 18.85 Annual total is the sum of unadjusted expenditures; it does not necessarily 1 Excludes agriculture. coincide with the average of seasonally adjusted figures. 2 Commercial and other includes trade, service, finance, communications, and These figures do not agree with the totals included in the gross national product construction. * Estimates based on anticipated capital expenditures as reported by business estimates of the Department of Commerce, principally because the latter cover in late April and May 1966. Includes adjustments when necessary for sys- agricultural investment and also certain equipment and construction outlays charged to current expense. tematic tendencies in anticipatory data. NOTE.—Beginning 1969 all quarterly data are rounded to nearest $50 million. Sources: Securities and Exchange Commission and Department of Commerce. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORGE Employment, seasonally adjusted, rose by 766,000 in June while the civilian labor force increased by 818,000. Nonasricultural employment rose by 604,000 and agricultural employment by 162,000, according to the household survey. MILLIONS OF PERSONS* 90 MILLIONS OF PERSONS* 90 SEASONALLY ADJUSTED 85 85 80 -TOTAL LABOR FORCE- 60 75 75 70 70 65 65 10 10 0U PERCENT OF CIVILIAN LABOR FORCE •i I IE/U PL OYAAE NT R/MFE Jh 3. 33Fg PI PERCENT OF CIVILIAN LABOR FORCE SE ASC>NA LL T" AC)JL SIFEE) T 7^ In in 1 TT n Hi E: -.p n •••• } 9 6C 19 6 ) 1962 i 96:J 1966 96^5 964I *14 YEARS OF AGE ANDiOVER. SOURCE: DEPARTMENT OF COMMERCE Period Total labor force (including armed forces) 1961... 19622.. 1963... 1964... 1965___ 74, 175 74, 681 75, 712 76, 971 78, 357 1965: AprMay. JuneJuly. Aug. Sept. Oct__ Nov. Dee. 1966: Jan.. Feb.. Mar. AprMay. June COUNCIL OF ECONOMIC ADVISERS Ci villatn emTotal Civilisin employment ployioaent labor force Civilian UnemNonNonAgriploy- (includ- labor agriagriing ment Total force Total culculcularmed tural tural tural forces) Thousands of \jersons 14 years of age and over 66, 796 61. 333 4,806 74, 175 71, 603 66, 796 5,463 61, 333 67, 846 62, 657 4,007 74, 681 71, 854 67, 846 5,190 62, 657 68, 809 63, 863 4, 166 75, 712 72, 975 68, 809 4, 946 63, 863 70, 357 65, 596 3,876 76, 971 74, 233 70, 357 4,761 65, 596 72, 179 67, 594 3,456 78, 357 75, 635 72, 179 4,585 67, 594 Unadji listed Seasonally adjustec 1 Unemp] oy ment rate (pe rcent of Unem- civiliaia labor for oe) ployment Unad- Seasonjusted ally adjusted Percent 4,806 6.7 4,007 5. 6 4, 166 5.7 3,876 5.2 3,456 4.6 77, 307 78, 425 80, 683 81, 150 80, 163 78, 044 78, 713 78, 598 78, 477 71, 070 72, 407 73, 716 74, 854 74, 212 72, 446 73, 196 72, 837 72, 749 66, 597 67, 278 68, 094 69, 228 69, 077 67, 668 68, 242 68, 709 69, 103 3,552 3,335 4,287 3,602 3,258 2,875 2,757 2,966 2,888 77, 988 77, 990 78, 832 78, 747 78, 465 78, 384 78, 606 78, 906 79, 408 75, 302 75, 306 75, 652 76, 054 75, 772 75, 611 75, 846 76, 111 76, 567 71, 688 71, 816 72, 085 72, 618 72, 387 72, 297 72, 561 72, 914 78, 441 4, 769 4,869 4,651 4,639 4,572 4,418 4,551 4,273 66, 919 66, 947 67,434 67, 979 67, 815 67, 879 68, 010 68,641 68, 955 3,614 8,490 8,567 3,486 3,385 3,314 8,285 8,197 8, 126 4. 8 4.4 5.5 4.6 4.2 3.8 3.6 3.9 3.8 77, 409 77, 632 78, 034 78, 914 79, 751 82, 700 71, 229 71, 551 72, 023 73, 105 73, 764 75, 731 67, 652 67, 939 68, 244 68, 900 69, 472 70, 543 3,290 3, 158 3,037 2,802 2,942 3,870 79,644 79, 279 79, 315 79, 674 79, 818 80, 185 76, 754 76, 855 76, 341 76, 666 76, 268 77, 086 78, 715 73, 521 73, 485 78, 799 73, 231 78, 997 4,429 69, 286 4,442 69, 079 4,363 69, 072 4,482 69, 317 3,039 2,834 2,906 2,867 3, 087 3,089 4.4 4.2 4.0 3.7 3.8 4.9 » Total labor force as percent of noninstltutional population. 2 Not strictly comparable with preceding data. See Employment and Earnings. May 1962, p. XIV. 10 4,486 4,076 4,288 69, 155 69, 759 NOTE.—Beginning 1960, data include Alaska and Hawaii. Source: Department of Labor. 4-8 4.6 4.7 4.5 4.5 4-4 4.3 4.2 4.1 4.0 8.7 3.8 8. 7 4.0 4.0 Labor force participation rate, unadjusted » 58.0 57.4 57.3 57.4 57.5 56.9 57.7 59.3 59.6 58.7 57. 1 57. 5 57. 4 57.2 56. 3 56.4 56.7 57.2 57.7 59. 8 SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT The seasonally adjusted unemployment rate was 4.0 percent in June for the second consecutive month. SEASONALLY ADJUSTED LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK UNEMPLOYMENT RATE, ALL CIVILIAN WORKERS UNEMPLOYMENT RATE, EXPERIENCED WAGE AND SALARY WORKERS 4.0 4.0 UNEMPLOYMENT RATE, MARRIED MEN 2,0 2.0 1960 1966 SOURCE, DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Uneniploymenlb rate (percen t of civiliiin labor for ce in. grou Labor force time lost Experi- Married through unemenced ployment Over 40 All wage and men (wife and part- hours workers salary present) time workers •work 1 P) Period Per cent 1961 1962 1963 1964 1965 _.. 1965: May June July Aug Sept Oct Nov Dec 1966: Jan Feb Mar._ Apr May June 6. 7 5.6 5.7 5.2 46 6. 8 5. 5 5. 5 4. 6 3. 6 8.0 J 6. 7 6. 4 5.0 3.4 2.8 2.4 4.6 4.7 4.5 4.4 4.5 4.1 2.5 2.4 2.3 5.2 5.3 5.2 4.4 4.3 4.0 2.2 4.7 3.8 3.7 3.5 3.3 2.0 1.8 1.9 1.9 1.9 1.8 4.5 4.4 4. 5 4. 2 4. 1 4.0 3.7 3.8 3. 7 4.0 4. 0 4. 2 Seasonall.y adjusted I 4. 2 4. 0 3. 5 3.4 3.7 3.7 2. 6 2. 1 1. 8 1. 9 5.8 5. 0 5. 1 4. 6 4. 3 4.0 4. 1 4. 1 4.4 4.8 18, 210 19, 025 19, 257 19, 294 20, 808 21, 354 20, 856 20, 244 20, 424 22, 040 21, 900 21, 006 22, 477 20, 851 20, 690 21, 288 20, 926 21, 440 21, 656 1 Man-hours lost by the unemployed and those on part-time for economic reasons as a percent oi total man-hours potentially available to the civilian labor force. Beginning 1963, series reflects whether unemployed persons sought fullor part-time jobs. 2 Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work lor such reasons as vacation, illness, bad weather, and industrial disputes. Persons at work in nonagri cultural 2 idustries ir by hours worked p er week Unider 35 hours Part-ti me for Part-ti me for economic3 reasons economi<3 reasons 35-40 hours Total Usually Usually Usually Usually fullfullpartparttime 3 time 4 time 3 time 4 Thousan ds of pers ons 14 ye*u*s of age and over 29, 047 11, 132 1,297 1, 516 28, 853 11, 675 1,049 1, 288 29, 422 11, 856 1, 070 1,219 29, 127 13, 850 985 1,151 30, 802 12, 618 897 1,031 IJnad juste d Seasonal^7 adjusted 31, 654 11,966 892 936 947 957 32,. Oil 11,462 944 1,292 948 1,035 874 1,466 30,295 10, 778 961 1,127 30, 684 10, 408 932 959 1,358 1, 038 31, 626 11, 159 854 851 843 937 30, 846 13, 052 829 848 853 973 28, 341 17, 195 830 916 817 1,002 32, 330 12, 447 761 866 766 979 32, 125 12, 408 972 794 902 917 732 32, 389 12, 555 871 782 899 32, 543 12, 156 826 743 820 802 32, 263 12, 825 796 711 776 795 32, 951 12, 772 5 829 5 716 839 768 1, 036 33, 258 11, 420 1,040 1, 203 964 3 Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated. * Primarily includes persons who could find only part-time work. 5 Average hours worked: usually full-time, 23.2; usually part-time, 16.7. NOTE.—Beginning 19€0, data include Alaska and Hawaii. Source: Department of Labor. "I 1 UNEMPLOYMENT INSURANCE PROGRAMS In June, insured unemployment under State programs averaged 269,000 less than in June 1965. The insured unemployment rate on a seasonally adjusted basis was at a low of 2.1 percent for the third consecutive month. MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT (STATE PROGRAMS) 1963 J r-I/ \ FEB. JAN. MAR. APRIL MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC J/ SEE NOTE | ON TABLE BELOW. •SOURCE, DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS A 11 progranis Period 1962 1963 1964 1965 1965: May June July. Aug Sept Oct Nov Dec 1966: Jan Feb Mar Apr May June 2 Week ended: 1966: June 4 11 18 25 July 22 92 Insured Total unem- benefits Covered ploypaid (milemployment (weekly ment lions averof dolage) lars) Thou sands 47, 776 1 1,946 48, 434 1, 973 49, 635 1, 753 2 1,450 51,568 51, 186 1,316 1,182 52, 088 1,262 52, 280 52, 611 1,235 1,089 52, 713 2 52, 702 1,030 2 1, 133 52, 709 2 1,396 53, 411 1,739 1,679 1,381 1, 112 916 841 3, 160. 0 3, 025. 9 2, 749. 2 2, 434. 7 179. 2 169.3 160. 6 160.7 150.3 128. 2 143.0 184.7 226.5 230. 2 240. 0 166. 4 136. 1 127. 8 St£ite Insured unemployment Insurec unemploymen t as perExhaus- cent of covered emplo yment tions Unad- Seasonjusted ally adjusted Weekly tiverage, t lousands 302 32 1,783 1 *298 1, 806 30 1,605 268 26 21 232 1, 328 1, 179 24 186 22 1,059 191 252 1, 139 19 1,120 215 18 981 173 17 933 189 16 1,042 225 15 290 17 1,308 1,644 19 329 1,590 19 238 171 1,301 18 166 19 1, 044 152 17 862 156 15 790 868 850 835 831 835 Programs include Puerto Bican sugarcane workers for initial claims and insured unemployment beginning July 1963. 2 Preliminary. 12 Initial claims 816 799 786 783 787 142 149 152 150 188 283 progra ms Per<3ent 4. 4 4. 3 3.8 3.0 2.7 2.4 2. 6 2. 5 2.2 2.0 2.3 3.0 3.7 3.6 2.9 2.3 1.9 1.8 3.0 3.0 3. 0 3. 1 2. 9 2. 7 2.7 2. 7 2.7 2.6 2. 3 2. 1 2.1 2. 1 Benefii bs paid Total Average (milweekly lions of check dollars) (dollars) 2, 675. 4 2, 774. 7 2, 522. 1 2, 166. 0 165.7 156.3 149. 5 148. 0 138. 6 117. 8 132. 2 172. 1 212.7 217. 2 225.5 155. 5 126. 1 118.7 34.56 35.28 35. 96 37.19 36.40 36.07 36. 40 36. 58 37. 23 37.32 38. 08 38. 81 39.36 39.66 39. 83 39.38 38.86 38.59 1.8 1. 8 1.8 1.7 1.8 NOTE.—For definitions and coverage, see the 1964 Supplement to Economic Indicators. Data for Alaska and Hawaii included for all periods and for Puerto Rico since January 1961. Source: Department of Labor. NONAGRICULTURAL EMPLOYMENT Nonagricultural payroll employment increased by 324,000 (seasonally adjusted) in June. in manufacturing, contract construction, and government. MIL LIONS OF WAGE AN 3 SALARY WORK ERS 66 MIL LIONS OF WAGE AN D SALARY WORK ERS (SEASONALLY 22 MANUFACTlJRING 20 (SEASONALLY A DJUSTED DATA) ALL NONA GRICULTURAL ESTABLISHME!HTS 64 AIXIUSTED DATA) TOTAL —* ,18 6Q S^ ^— 16 _^~s 56 54 10 ^-"-"^ ^=H '"" 1 '"'" 6 \ I"" 1 __— „„,„„,«.« ' ' ^ 13.5 4.5 CONTRACT CONSTRUCTK3N. WHOLESALE AND RETAIL TRADE (ENLARGED SCA LI) (ENLARGED SCAI-E) 4.0 f 13.0 3.5 3.0 ^ i ^.—~--1 NONDURA BLE GOODS INDU STRIES 8 V"" 1r*"^ DURABLE coon?: INDUSTRIES £ ' ^ x-*^ ^••^1 ^^g^- \ -^ 62 58 The largest gains were f-^ 12.5 ^ V ****^^~s r^V ^ ^ 12.0 ^ • " ^ , 2.5 ' , , f i i i i 1964 1963 , , , ,, ," 1965 . 1966 11,5 ^ ^1 .—^— ^^ , ,, ,,1 , ^ 1963 1964 M 1 1 1 1 1 I 1 1 .> 1966 1965 SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS 1 [Thousands of wage and salary workers; seasonally adjusted] N onmanu facturin^ 5 (private ) Manufac turing (]Drivate) Transtract portation Mining conand strue- public tion utilities 732 2,960 4,011 712 2,885 4,004 672 2, 816 3,903 650 2,902 3,906 635 2,963 3,903 633 3,056 3,947 628 3,211 4,031 627 3, 188 4,020 626 3, 195 4,034 633 3,154 4,031 627 3, 189 4,049 617 3,186 4,067 622 3, 202 4,071 627 3,267 4,079 630 3,386 4,079 632 3,383 4,090 631 3,374 4, 104 632 3,462 4,107 591 3,370 4,112 624 3,275 4, 123 630 3,332 4, 128 Prm vyUU— Period Total 1959 1960 1961 1962 1963 1964 1965 1965: May. Junc_ July. Aug__ Sept. Oct_. Nov_ Dec_. 1966: Jan__ Feb__ Mar_ Apr__2 May June 2 53, 297 54, 203 53, 989 55, 515 56, 602 58, 156 60, 444 60, 032 60, 290 60, 501 60, 621 60, 756 61, 001 61, 472 61,884 62, 148 62, 501 62, 918 62, 935 63, 060 63, 384 Total 16, 675 16, 796 16, 326 16, 853 16, 995 17, 259 17, 984 17,835 17, 943 18, 032 18,072 18, 098 18, 163 18, 321 18, 429 18, 522 18, 691 18, 780 18, 860 18, 939 19, 047 NonDurable durable goods goods 9,373 9,459 9,070 9,480 9,616 9, 813 10, 379 10, 266 10, 345 10, 424 10, 476 10, 494 10, 523 10, 615 10, 707 10, 805 10, 919 10, 996 11,056 11, 109 11, 180 7,303 7,336 7,256 7, 373 7,380 7,446 7,604 7,569 7, 598 7, 608 7, 596 7, 604 7, 640 7, 706 7,722 7, 717 7,772 7, 784 7,804 7,830 7,867 Total 28, 539 29, 054 29, 069 29, 772 30, 381 31,301 32, 409 32, 242 32, 333 32,415 32, 464 32, 539 32, 667 32, 882 33, 127 33, 236 33, 338 33, 567 33, 439 33, 426 33, 568 3 Includes all full- and part-time wage and salary workers in nonagricnltural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this table not comparable with estimates of npnagrieultural employment of the civilian labor forces, shown on p. 10, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an enu- Whr»U VV IlU*tJ— sale and retail trade 11, 127 11,391 11, 337 11, 566 11,778 12, 132 12, 588 12, 532 12, 580 12,619 12, 600 12, 641 12, 684 12, 754 12, 822 12, 909 12, 942 13, 015 13, 004 13, 016 13, 060 Finance, insurance, and real estate 2,594 2,669 2,731 2,800 2,877 2,964 3,044 3,032 3,041 3,049 3,053 3,061 3,069 3,074 3,082 3,080 3, 082 3, 100 3, 101 3, 105 3,115 Gover nment Service State and and miscel- Federal local laneous 7, 115 7,392 7,610 7,947 8,226 8,569 8,907 8,843 8,857 8,929 8,946 8,967 9,019 9,081 9,128 9, 142 9,205 9, 251 9,261 9,283 9,303 2,233 2,270 2,279 2,340 2,358 2,348 2,378 2,345 2,355 2,376 2,379 2,379 2,386 2,400 2,395 2,425 2,451 2,477 2,501 2,521 2,546 5,850 6,083 6,315 6,550 6,868 7,248 7,673 7,610 7,659 7,678 7,706 7,740 7,785 7,869 7,933 7,965 8,021 8, 094 8, 135 8, 174 8,223 meration of population, whereas the estimates in this table are based on reports from employing establishments. 2 Preliminary, NOTE.—Beginning 1959, data Include Alaska and Hawaii. Source: Department of Labor. 13 WEEKLY HOURS OF WORK - SELECTED INDUSTRIES The average workweek in manufacturing, seasonally adjusted, fell slightly in June to 41.2 hours. the average workweek increased by 1.3 hours to 37.5 hours. HOUR_S PER WEEK (SEASONALLY ADJUSTED) 46 DURABLE MANUFACTURING 44 HOURS PER WEEK (SEASONALLY ADJUSTED) 42 42 40 40 In construction, 46 NONDURABLE MANUFACTURING 44 i*** s* — a '•"' » ^. i ^—^ " 38 oo 36 ox .4 3 1963 1965 1964 1966 1964 1963 1965' 1966 ^ 44 44 RETAIL TRAC)E CONTRACT CONSTRUCTION 42 A*) 40 40 38 38 > 36 — 34 ^ OX 3? 32 1963 1964 1965 -i, , , , , i ¥ 1966 1964 1963 . . i . . 1 i i i i .K •1966 " 1965 *SEE TABLE BELOW. SOURCE. DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS l [Average hours per week; seasonally adjusted] Marmfacturing Indus tries Period 1955 1956 1957 1958..; 1959 1960 1961 1962 1963 _ 1964 1965 1965: May June July Aug Sept Oct..__ Nov__ . . Dec 1966: Jan Feb Mar Apr 2 May 2 June Durable goods All ... _ .__ ... _ 40. 7 40. 4 39. 8 39. 2 40. 3 39. 7 39. 8 40. 4 40.5 40.7 41.2 41. 1 41.0 41. 0 41. 0 40.9 41.2 41. 4 41.4 41.5 41.6 41.5 41. 5 41. 4 41. 2 1 Data relate to production workers or nonsupervisory employees. Data for Alaska and Hawaii included beginning 1959. 2 Preliminary. 14 41.3 41.0 40. 3 39.5 40.7 40. 1 40. 3 40. 9 41. 1 41.4 42.0 42. 0 41.8 41. 7 41.7 41. 6 42.0 42. 2 42. 2 42. 4 42. 4 42. 3 42.4 42. 2 41. 9 Nondurable goods 39.9 39. 6 39. 2 38. 8 39. 7 39.2 39.3 39.6 39. 6 39.7 40. 1 40.0 39.9 40. 0 40. 0 40. 1 40. 1 40. 3 40. 2 40.2 40. 6 40. 4 40.4 40.3 40. 1 Contract construction 37. 1 37. 5 37.0 36.8 37.0 36.7 36. 9 37.0 37.3 37.2 37.4 37.5 37.1 37.4 37.3 36. 2 37.0 37. 1 39.2 37.8 38.2 38. 5 37.2 36. 2 37. 5 * Beginning 1964, includes eating and drinking places. Source: Department of Labor. I Retail trade 39.6 39. 1 3&7 38.7 38.7 38.5 38. 1 37. 9 37.8 *37. 0 36. 6 36. 8 36. 6 36. 8 36. 7 36. 5 36. 4 36.3 36.4 36.2 36. 1 36.0 35.9 36. 0 36. 0 AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings in manufacturing were $112.05 in June—the same as in May and $4.26 above June 1965; DOLLARS 130 DOLLARS 3.00 AVERAGE HOURLY EARNINGS AVERAGE WEEKLY EARNINGS 2.80 120 2.60 no 2.40 )00 ALL MANUFACTURING INDUSTRIES 90 2,20 2.00 -A/ ^ NONDURABLE GOODS INDUSTRIES 80 1963 1966 1963 1964 1965 SOURCE: DEPARTMENT OF LABOR 1966 COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Averaige hourly earnings-—current prices Period Aver age weekl y earnings»— current> prices Manuf*icturing iiidustries Contract Retail conNontrade Durable durable strucAll goods tion goods Manuf.icturing iiidustries Contract conRetail NonDurable durable structrade All goods tion goods $1. 95 1956 2. 05 1957___ 2. 11 1958 2. 19 1959 2. 26 1960 2. 32 1961 2. 39 1962 2. 46 1963 2. 53 1964 2. 61 1965 1965: May.. 2. 61 JIIIIP__ 2. 61 July.. 2. 61 A u g _ _ 2. 59 Sept__ 2. 63 O c t _ _ 2. 63 Nov__ 2. 65 Dec.. 2. 66 1966: Jan.. 2. 67 Feb.. 2. 67 Mar__ 2. 68 Apr__ 3 2. 70 2. 70 May June 3 2. 70 1 2 3 $2. 08 2. 19 2. 26 2. 36 2. 43 2. 49 2. 56 2. 63 2. 71 2. 79 2. 79 2. 79 2. 79 2. 77 2. SI 2. 82 2. 83 2.84 2.85 2. 86 2.86 2. 88 2. 88 2. 88 $1. 77 1. 85 1. 91 1. 98 2. 05 2. 11 2. 17 2. 22 2. 21) 2. 30 2. 35 2. 35 2. 36 2. 36 2. 38 2. 38 2. 39 2. 40 2. 40 2. 40 2.41 2. 43 2. 43 2. 44 $2. 57 2. 71 2. 82 2. 93 3. 08 3. 20 3. 31 3. 41 3. 55 3. 09 3. 65 3. 66 3. 64 3. 68 3. 74 3. 76 3. 74 3.76 3.78 3. 81 3. 79 3. 80 3. 82 3. 82 $1. 40 1. 47 1. 52 1. 57 1. 62 1. 68 1. 74 1. SO *1. 75 1. 82 1. 82 1. 82 1. 82 1. 82 1. 85 1. 86 1. 87 1. 85 1.88 1. 88 1. 89 1. 89 1. 91 1. 91 $78. 78 81. 59 82. 71 88. 26 89. 72 92. 34 96. 56 99. 63 102. 97 107. 53 107. 53 107. 79 107. 01 106. 45 107. 83 108. 62 109. 71 110. 92 110.00 110. 27 110. 95 111. 24 112. 05 112. 05 Earnings in current prices, adjusted to exclude overtime and interindustry shifts. Ear-nines in current price-divided by the consumer price index. Preliminary. $85. 28 88. 26 89. 27 96. 05 97. 44 100. 35 104. 70 108. 09 112. 19 117. 18 117. 46 117. 74 116. 06 115. 51 117. 18 118. 72 119. 43 120. 98 119.99 120. 41 120. 69 121. 54 121. 82 121. 82 $70. 09 72. 52 74. 11 78. 61 80.36 82. 92 85. 93 87. 91 90. 91 94. 64 94. 00 94. 47 94. 87 95. 11 95. 68 95. 68 96. 32 96. 96 95. 52 96. 48 96. 88 96. 96 97. 93 98. 58 $96. 38 100. 27 103. 78 108. 41 113. 04 118. 08 122. 47 127. 19 132. 06 138. 01 140. 16 139. 08 140. 50 143. 15 138. 75 144 01 136. 14 139. 50 137. 97 138. 30 142. 88 140. 22 141. 72 146. 69 $54. 74 56. 89 58. 82 60. 76 62. 37 64. 01 65. 95 6R04 *64. 75 66. 61 66.43 67. 16 68. 25 68.07 67.53 67. 33 67. 13 67. 90 67.49 67. 30 67. 47 67. 47 68. 19 69. 33 Manufa( rturing indust ,ries Adjusted Average weekly hourly earnings, earnings, 1957-59= 1957-59 100 l prices 2 91. 5 96. 2 100. 2 103. 5 106. 6 109. 6 112. 3 115. 2 118. 0 121. 0 120. 6 120.8 120. 9 120. 7 121.7 121. 8 122. 3 122. 7 123.2 123. 4 123. 5 124.2 124.4 $83. 19 83. 26 82. 14 86. 96 87. 02 88. 62 91. 61 93. 37 95. 25 97. 84 98. 11 97. 90 97. 11 96. 77 97. 85 98. 39 99.20 99.93 99. 10 98.81 99. 06 98. 88 99. 51 99. 25 *Beginnmg ]964f .ncJudes eating and drinking places, NOTE.—Beginning 1959, data include Alaska and Hawaii. Source: Department of Labor. 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION Industrial production, seasonally adjusted, increased about % percent in June bringing the increase in the second quarter to about 1% percent or about one^half as much as in the first quarter. . •; : : • Index, 1957-59=100 (SEASONALLY ADJUSTED) 200 Index, 1957-59=100 (SEASONALLY ADJUSTED) 140 120 100 1966 1963 SOURCE, BOARD OF GOVERNORS OF .THE FEDERAL RESERVE SYSTEM Period 1956 1957 1958 1959 _ „ _ _ _. 1960 1961 1962 _ ._ 1963 1964 1965 i. 1965: May June July__ Aug... Sept Oct Nov __ Dec. 1966: Jan Feb Mar_ __ Apr May June 1 __ _ _ 1 Preliminary. 16 Total industrial production 99.9 100.7 93.7 105. 6 108. 7 109. 7 118.3 124. 3 132. 3 143. 3 141. 6 142. 7 144. 2 144.5 143. 5 145.1 146.4 148.7 150. 2 151.9 153. 4 153. 7 155. 0 155. 8 COUNCIL OF ECONOMIC ADVISERS [ 1957-59 = 100, seasonally adjusted] Industry M anufaetur ing Mining Utilities NonTotal Durable durable Total 100. 2 100. 8 93. 2 106. 0 108. 9 109. 6 118. 7 124. 9 133. 1 144. 9 143. 1 144. 1 145. 7 146.0 145. 2 146.7 148.2 150.6 152.4 154. 1 155. 6 156. 4 157. 7 158. 5 98. 1 99. 4 94.8 105. 7 109.9 111. 2 119.7 1249 131.8 142.4 140. 2 140.7 141. 7 142.3 143. 3 145.7 147.4 148. 8 149. 5 151.4 152. 4 152. 7 153. 5 154.5 104. 0 104. 0 90. 3 105. 6 108. 5 107. 0 117. 9 124. 5 133. 5 148.4 146. 4 148. 1 150. 0 150.5 148. 2 150.3 151.3 155.0 157. 6 159. 7 161. 7 162. 7 164.3 165. 1 95. 4 96. 7 96. 8 106. 5 109. 5 112. 9 119. 8 125. 3 132. 6 140.7 138.8 139.0 140. 4 140.4 141. 3 142. 1 144.2 145. 1 146.0 147. 0 147. 9 148.4 149. 5 150. 2 104. 8 104. 6 95. 6 99.7 101. 6 102. 6 105. 0 107. 9 111. 3 1144 114.0 115.3 116.0 117.0 112. 6 115.8 116.0 117.9 117. 2 117. 7 120. 2 115. 8 118. 1 118. 4 87. 9 93. 9 98. 1 108.0 115.6 122. 3 131. 4 140.0 151.3 161.0 159.7 161. 9 161. 2 161. 6 165. 3 165.8 165.3 165.7 164.9 168. 9 168.8 168.3 169.0 169.5 Ma rket Final produ cts Consumer goods Equipment 95. 5 97. 0 96. 4 106. 6 111. 0 112.6 119.7 125. 2 131. 7 140.2 138. 6 138.7 139. 3 139.5 140. 7 141.7 142.8 144. 1 144. 1 145. 5 146. 0 146. 0 145.8 146. 6 103. 7 104 6 91. 3 104 1 107. 6 108. 3 119. 6 124 2 132. 0 146. 9 143. 7 144 9 147. 0 148.4 149. 0 154.3 157.3 158.8 161. 3 164. 1 166. 2 166. 9 170.0 171. 4 Source: Board of Governors of the Federal Reserve System. TV/T 4. iviaterials 101. 6 101. 9 92. 7 105. 4 107. 6 108. 4 117. 0 123. 7 132.8 144 1 142. 6 144 5 146. 4 146.1 143. 7 144.3 145. 6 148.7 150.4 152. 0 154 3 154 6 156. 0 156. 8 PRODUCTION OF SELECTED MANUFACTURES Production of machinery and transportation equipment (all in aircraft) increased 1 percent in June on a seasonally adjusted basis while the output of primary metals declined 1 percent—the first decline since November 1965. All major nondurables posted gains. Index, 1957-59=100 (SEASONALLY ADJUSTED) 180 Index, 1957-59 = 100 (SEASONAUY ADJUSTED) 200 180 120 80 I . . I I I »"I I I I t II I »I I I I M 100 M l l l l 1963 1966 160 CHEMICALS, PETROLEUM, AND RUBBER TEXTILES, APPAREL, AND LEATHER 140 > ^ 0-^ 120 *~ «•« FOODS, BEVERAGES, AND TOBACCO 140 100 120 80 1963 1963 1966 1964 1965 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM* 1966 COUNCIL OF ECONOMIC ADVISERS [1957-59=100, seasonally adjusted) . Durab le manufabctures Period 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 ' 1965: May June July Aug_ Sept Oct Nov__ Dec 1966: Jan Feb Mar Apr__ May June1 A i Preliminary. No ndurable manufactu res Transpor- Lumber Textiles, Fabriapparel, and Primary cated Machin- tation and prodery equipmetals , metal leather ment ucts products __ _--_ • 116. 4 112. 2 87. 5 100.4 101. 3 98. 9 104. 6 113.3 129. 1 137.5 140.2 143. 0 148.7 146. 5 131.2 123.7 119.4 126.5 130. 8 133.6 141. 4 142.4 146.3 145 98. 8 101. 5 92. 9 105. 5 107. 6 106. 5 117. 1 123. 4 132. 7 147.8 146.0 146. 4 148. 0 147.5 147.0 150.9 153.6 156.3 157.0 160.7 161, 4 160. 7 162. 3 107. 1 104. 2 88.8 107. 1 110. 8 110. 4 123. 5 129. 2 141. 4 160.4 156. 9 159. 0 160.6 161.4 162. 3 166.0 167.5 170.7 174.3 176. 7 176. 0 178.4 181. 0 163 183 97.4 106. 4 89. 5 104. 0 108. 2 103. 6 118. 3 127. 0 130. 7 149.2 147. 3 149. 5 149. 8 151.5 149.4 155.0 157.3 160.7 163. 1 163. 2 165.8 166. 0 165.7 167 105.4 95.9 95.6 108. 5 102. 1 101. 3 106. 1 108.9 112. 6 117.4 117.1 112. 8 115.4 117.2 116.2 118.3 119.1 125. 4 125. 6 126.5 129. 3 130.7 125.9 98. 0 96.9 95. 0 108. 1 107. 5 108. 4 115. 1 118. 5 125. 2 135.7 135. 0 134. 5 134. 7 134. 1 135. 5 137.3 138.8 140.3 139. 1 139. 8 139. 5 141. 6 141. 9 143 Paper Chemicals, Foods, and beverpetroprint- leum, and ages, and ing rubber tobacco 97. 1 97.8 97. 0 105.2 109.0 112. 4 116. 7 120. 1 127. 5 135.3 134.2 134.0 135.9 136.4 135. 4 136.4 139.2 139.9 141. 1 142. 5 143. 7 143.3 146.7 148 91. 4 95. 6 95. 5 108.9 113. 9 118. 9 131. 2 141. 8 152. 5 164.6 161. 2 161.6 164. 1 164.9 166. 9 167.7 170. 1 171.7 173.6 174. 1 175.8 177.5 179. 3 180 Source: Board of Governors of the Federal Reserve System. 96.6 96. 7 99.4 103.9 106.6 110.2 113.3 116. 8 120. 8 123. 1 121. 5 122. 3 122.9 122.3 123. 1 123.0 124.5 124. 7 125.5 127. 0 127. 6 126. 6 125.6 126 17 WEEKLY INDICATORS OF PRODUCTION Steel production and cars and trucks assembled declined in June on a seasonally unadjusted basis. MILLIONS OF MILLIONS OF TONS SHORT TONS (DAILY AVERAGE) BITUMINOUS COAL STEEL 2.5 3.5 1965 1964 2.0 —\ 2.5 1.5 1.5 > ) . . . . i ...i v J F M A V M J F . . . i . . \ . If.. . .1 . . . h . . . I . . . I . . . I . . . . I . . . 1 . . . N l M A M J J A S 6 N D^ BILLIONS OF KILOWATT HOURS 18 M SOURCES- AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS Period Weekly average : 1959_.__ 1960 1961 1962 1963 1964 "... 1965 ___ 1965: May June July Aug Sept Oct Nov Dec 1966: Jan Feb Mar Apr__ May June 2 Week ended: 1966: June 11 18__.-.._ .25-.—* — July 22 9 ___ __ 16 2 __ 1 2 Dally Electric Bituminous Freight Paperboard Steel pi-oduced Car 3 and truicks power coal mined produced loaded Index Thousands distributed (thousands (thousands (thousands assemb led (thoiisands) of net (1957-59= (millions of of short Total Cars Trucks of cars) of tons) tons kilowatt-hours) tons) l 100) 1,792 1,899 1,880 1,886 2,096 2,431 2,521 2,712 2,702 2,613 2,556 2,325 2,098 2,056 2, 178 2,388 2,562 2,728 2,697 2,752 2,657 96. 2 101. 9 100.9 101. 2 112. 5 130. 5 135.3 145. 6 145. 1 140. 3 137.2 124.8 112. 6 110.4 116.9 128.2 137. 5 146. 4 144. 8 147.7 142.6 13, 297 14, 424 15, 139 16, 325 17, 490 18, 728 20, 169 19, 314 19, 842 20, 833 21, 395 20, 414 19, 741 20,027 21, 010 22, 138 21,969 21, 051 20, 542 20, 826 22,078 1, 380 1,390 1,353 1, 414 1, 535 1, 630 1,728 1,669 1,802 1,811 1,778 1, 734 1,792 1, 900 1,901 1,677 1,675 1, 785 1,196 1,803 1,922 596 585 550 552 555 550 563 596 578 550 588 573 620 581 524 526 524 558 557 609 593 307 306 322 343 358 384 410 424 404 360 416 414 441 443 401 421 446 453 450 466 459 129. 5 151. 8 127.8 157. 5 175. 0 178. 8 213.7 244.2 233.3 199. 9 98. 4 142.6 240. 1 242.3 224.0 233.8 228.7 234. 6 230. 7 229. 7 215. 3 107.6 128. 8 106. 1 133. 4 146. 9 148. 8 179.4 206. 5 196. 1 171. 2 73. 1 109.7 203. 6 207.6 189.0 196.0 190.2 197. 5 192. 8 190.2 177. 2 21. 9 23. 0 21.7 24. 1 28. 1 30. 0 34.3 37.7 37.2 28.7 25. 2 32.9 36.6 34.7 35.0 37.7 38.5 37. 2 37. 9 39.4 38.0 2,660 2,670 2,645 2,571 2,484 2,469 142. 8 143. 3 142. 0 138. 0 133.3 132. 5 21,863 21,967 22,578 23,747 22,752 1,903 1,923 1,946 1,786 2, 081 621 625 617 554 445 450 460 477 467 327 228. 2 225.8 226. 6 216. 6 151. 2 177. 1 188.4 186. 3 187. 6 177. 0 120. 5 142. 0 39.8 39.6 39. 0 39.6 30. 8 35. 1 average. Includes data for Alaska. Preliminary. 18 COUNCIL OF ECONOMIC ADVISERS - Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports. ' NEW CONSTRUCTION New construction expenditures fell % percent (seasonally adjusted) in June. cent while public construction advanced about 1 percent. Residential structures dropped 2 per- BILLIONS OF DOLLARS BILLIONS OF DOLLARS 80 80 SEASONALLY ADJUSTED ANNUAL RATES 70 70 TOTAL NEW CONSTRUCTION 60 60 V. 50 50 PRIVATE 40 40 30 30 PUBLIC 20 20 10 l|j I 1 I I I 1 I I I I I I I I i I I I I I J_i_LJ_L_^l 10 30 1960 1966 SOURCE DEPARTMENT OF COMMERCE Total new construction expenditures Period 1960 1961 1962 1963 1964 1965 ___ 53.9 55.4 59.7 63. 0 66. 2 71.9 COUNCIL OF ECONOMIC ADVISERS Total 38. 1 38.3 41.8 43. 6 45. 9 50.0 Residentsil nonfarm CommerNew cial and Total * housing industrial units BiJ lions of doll ars 16.4 7.0 21.7 7.5 16.2 21.7 8.0 24. 3 18. 6 7. 9 20. 1 25. 8 20. 6 9.0 26.5 11.8 20.8 26.7 Federal, State Other 9.3 9.2 9. 5 9. 9 10.4 11.5 and local 15.9 17. 1 17. 9 19.3 20.3 21.9 72. 0 71.8 70.4 70.9 72.8 72. 7 74. 0 76. 0 76. 1 77. 0 78. 1 76. 8 74. 1 73.7 50. 1 50.3 49. 1 49. 2 50.2 50. 1 51.2 53.4 53. 3 54.3 55. 1 54. 3 51. 8 51. 2 27. 1 27. 2 27. 0 26. 6 26. 4 26.3 26.2 26.7 27.5 27.5 27.3 27.4 27. 0 26. 4 21. 1 21. 2 21. 0 20. 7 20. 5 20.4 20.3 20.8 21. 6 21.6 21.4 21.6 21. 1 20.5 . i Includes nonhousekeeping residential construction and additions and alterations, not shown separately. 2 Compiled by F. W. Dodge Corporation and relates to 48 States. s Preliminary. 11. 5 11. 6 10.8 11.2 12.3 12. 1 13.0 14.3 13. 8 13. 9 14.7 143 12.4 24 8 105.2 107.6 119.7 132. 0 137. 0 142. 8 Seasonally adjusted SeasonalliI adjusted an nual rates 1965: May June_ July Aug__ _ _ Sept Oct Nov Dec 1966: Jan ; Feb Mar Apr May June 3 Constructio Q contracts2 CommerTotal value cial and industrial (index, 1957-59 = floor space 100) (millions of square feet) 11. 6 11.5 11.4 11.4 11. 5 11.6 12.0 12.5 12. 0 12.9 13.0 12. 6 12.4 21. 8 21.4 21.2 21.6 22.7 22. 6 22.8 22. 6 22. 8 22. 7 23. 1 22. 5 22. 3 22. 5 461 443 500 534 599 680 Seasonally adjusted annual rates 145 139 149 139 147 147 141 153 152 157 158 161 156 674 663 671 595 762 726 724 772 720 810 829 860 744 NOTE.—Data for Alaska and Hawaii Included beginning January 1959. Sources: Department of Commerce and F. W. Dodge Corporation. 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Total private Housing starts (seasonally adjusted) remained near 1.3 million in June, following a 14 percent decline in May. June starts were 18 percent below the level of a year earlier and 141A percent below the 1965 rate. Permits dropped sharply by 44-percent. MILLIONS OF UNITS 2.5 MILLIONS OF UNITS 1 2.5 SEASONALLY ADJUSTED ANNUAL RATES 2.0 2.0 PRIVATE NONFARM HOUSING STARTS 1.5 1.5 1.0 1.0 VA APPRAISAL REQUESTS FHA APPLICATIONS ™ ,. ». 1961 1960 1964 1963 1962 SOURCES' DEPARTMENT OF COMMERCE. FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA) 1965 1966 COUNCIL OF ECONOMIC ADVISERS [Thousands of units] Houising star ts Period 1960 1961 1962 1963..1964 3 1965 _ 1965: May_ June. July.. Aug.. Sept.. Oct.. Nov.. Dec.. 1966: Jan.. Feb_. Mar._ Apr.. May 3 June 3 Total private and public (including farm) 1, 296. 0 1, 365. 0 1, 492. 4 1,641.0 1, 590. 7 1, 542. 7 1, 252. 1 1, 313. 0 1, 462. 7 1, 609. 2 1, 557. 4 1, 505. 0 1, 230. 1 1, 284. 8 1, 439. 0 1, 581. 7 1, 530. 4 1, 482. 7 972.9 946. 2 967. 8 993. 2 944.5 940. 0 Two or more families 257.2 338.6 471.2 588. 5 585.9 542.7 162. 1 162. 3 143. 9 138.0 125.9 135.7 118.3 103.2 87.3 81.0 130.9 149.2 137. 1 130. 9 157.5 155. 5 141. 3 134.7 124.3 133. 6 116. 1 102.3 84.6 78.2 126.3 147. 1 133.2 127. 7 155.2 152.8 139.0 132.8 122.7 130.9 114.9 100.8 83.7 76.7 124. 1 144. 8 129.9 125.3 99.9 97.0 91.8 86.5 78.4 84.4 70.2 58.3 47.2 45.3 78. 7 92. 8 86. 1 55. 3 55.8 47.2 46.3 44.3 46.5 44.7 42.5 36.5 31.4 45. 4 51.7 44. 5 Total private (including farm) Prhrate nonfa rm Total Onefamily Total private (including farm) 1, 252. 1 1, 313. 0 1, 462. 7 1, 609. 2 1, 557. 4 1, 505. 0 -•Authorized by issuance oi local building permit; in 10,000 permit-issuing places prior to 1963, and 12,000 or more thereafter. 2 Units represented by mortgage applications for new home construction. •Preliminary. 20 1, 516 1,566 1,473 1,427 1,453 1,411 1,547 1,769 1,611 1,374 1,569 1,502 1,295 1,288 Proposed home constr uction New private Applica- Requests housing Gover nment units tions for for VA home pirograms author- FHA appraisTotal ized l commit- als 2 ments 2 FHA VA 142. 9 242. 4 1, 230. 1 225. 7 74. 6 998. 0 243. 8 177. 8 1, 284. 8 198.8 83. 3 1, 064. 2 221. 1 171. 2 1, 439. 0 197. 3 77.8 1, 186. 6 71. 0 1, 334. 7 190. 2 139.3 1, 581. 7 166. 2 59.2 1, 285. 8 182.1 113.6 1, 530. 4 154.0 102.1 188.9 1, 482. 7 159.9 52.5 1, 240. 6 Sesasonally adj usted annual ra tes 54 113 180 1,501 1,243 155 154 100 154 54 1,539 1, 245 52 1,234 95 1,447 165 151 95 1, 409 48 186 1,228 148 97 47 189 1,436 1, 180 160 1, 244 192 94 1,380 49 167 222 54 100 1,280 1,531 173 219 1, 292 105 48 1,735 189 214 1,255 1, 585 53 181 89 72 1,349 40 1,197 179 177 92 160 45 1,538 187 1, 268 168 1, 185 111 1, 481 37 151 133 98 1,264 38 128 1,098 44 941 127 1,264 89 121 Priv ate nonf iirm NOTE.—Data include Alaska and Hawaii. Sources: Department of Commerce, Federal Housing Administration (FHA), and Veterans Administration (VA). BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE Despite the drop in retail sales, total business sales (seasonally adjusted) rose slightly in May. Pushed by the large accumulation at the retail durable level, business inventories rose $1.4 billion. Following 2 months of declines, : retail sales for June were up 1 percent, on a preliminary basis. __ ' BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) •BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 130 20 BUSINESS SALES AND INVENTORIES RETAIL TRADE (ENLARGED SCALE) 18 120 INVENTORIES 16 \ 110 DURABLE GOODS STORES INVENTORIES 14 100 12 90 10 80 SALES 8 SALES 6 70 22 NONDURABLE GOODS STORES 20 WHOLESALE TRADE (ENLARGED SCALE) INVENTORIES 18 16 \ 14 SALES 12 1963 1963 1966 1964 1965 1966 * SEE TABLE BELOW. SOURCE: DEPARTMENT OF COMMERCE OF ECONOMIC ADVISERS Total b usiness Period 1 Whol<jsale Sales 2 Inventories 3 Sales 2 4 Re tail Sales 2 Inventories 3 Total 5 ] inventories 3 NonDurable durable goods goods stores stores Total Durable goods stores 24, 113 25, 305 26, 813 26, 238 27, 938 29, 383 31,130 33, 957 32, 546 32, 823 33, 014 33, 088 33, 360 33, 045 33, 296 33, 533 33, 957 34, 113 34, 427 34, 556 34, 737 35, 266 10, 526 11,029 11,923 10, 965 11,656 12, 386 13, 136 14, 782 14, 298 14, 566 14, 546 14, 592 14, 819 14, 621 14, 782 14, 774 14, 782 14, 949 15, 113 15, 201 15, 336 15, 813 Nondurable goods stores H/[illions of (lollars, se asonally a djusted 1958 1959 1960 1961 1962 1963 1964 1965 1965: Apr May__ June July Aug___ Sept__ Oct Nov Dec 1966: Jan__ _ Feb Mar Apr?__ May 7 June 7 __ 6 54, 233 59, 583 60, 530 60, 748 65, 078 68, 002 72, 647 78, 740 77, 513 77, 849 78, 001 79, 948 78, 932 78, 862 79, 737 81, 555 82, 810 84, 669 84, 744 86, 991 85, 455 85, 589 6 86, 922 91, 964 94, 610 95, 576 100, 271 105, 127 110, 535 119, 847 113, 761 114, 542 115,049 116,012 116, 683 116, 967 117,653 118, 500 119, 847 120, 938 122, 047 123, 085 124, 091 125, 500 6 10, 257 11,413 11,440 11, 629 12, 158 12, 692 13, 715 14, 799 14, 620 14, 718 14, 736 14, 828 14, 829 14, 936 14, 995 15, 505 15, 372 16, 981 16, 779 17, 334 16, 966 17, 004 6 12, 739 13, 952 13, 983 14, 251 14, 580 15, 597 16, 461 17, 875 17, 216 17, 450 17, 410 17, 530 17, 535 17, 655 17, 715 17, 775 17, 875 18, 231 18, 580 18, 881 19, 008 19, 202 1 The term "business" herB includes wh(>lesale and reta il trade, and nlanufaeuring (see page 22). 2 Monthly average for year and total for month. 8 Book value, end of perlo<I, seasonally a djusted. * Beginning 1961, data include Alaska an d Hawaii. 8 16, 696 17, 951 18, 294 18, 234 19, 613 20, 536 21,802 23, 662 22, 849 23, 317 23, 322 23, 668 23, 585 23, 753 24, 194 24, 647 24, 816 25, 023 25, 263 25, 536 24, 949 24,555 24, 841 5,284 5,967 5,880 5,581 6,210 6, 627 7,014 7,810 7,454 7,616 7,665 7,827 7,755 7,768 7,865 8, 092 8, 252 8,324 8,399 8,649 7,939 7, 532 7, 832 11,412 11,984 12, 414 12, 654 13, 402 13, 909 14, 788 15, 853 15, 395 15, 701 15,657 15, 841 15, 830 15, 985 16, 329 16, 555 16, 564 16, 699 16, 864 16, 887 17, 010 17, 023 17, 009 13, 587 14, 276 14, 890 15, 273 16,282 16, 997 17, 994 19, 175 18, 248 18, 257 18, 468 18, 496 18, 541 18, 424 18, 514 18, 759 19, 175 19, 164 19, 314 19,355 19, 401 19, 453 1Jeginning 19(50, data inclu de Alaska aiid Hawaii. compara ble with pre ceding data. ,6Jtfew sample; not 71'reliminary. Source: Depar ;ment of Coinmerce. 21 MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS Manufacturers continued the April pace of inventory accumulation by adding almost $700 million (seasonally adjusted) in May. But the sharp rise in shipments left the inventory-shipment ratio almost constant. BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 80 BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) MANUFACTURERS' INVENTORIES MANUFACTURERS' SHIPMENTS 3Q ,20 10 30 ,30 MANUFACHJRERS' NEW <DRDERS DURABlE C;OODS 20 "O^IT^ ^ vVJxir^^~^^\» ^... .«...«"»-»^ ^,.,,.....»«»"««^ r^^" „„»»«•!•• 20 M NONDURABLE GOODS * , , , , , [ , , , ' , , . . . . . i ...'.. 1964 , 1965 , , , , 1 , , , , ,K 1963 1966 1966 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufac turers' sh ipments 1 Man uf actAirers' inv entories 2 Ma nufacture rs' new orde rs » . Total NonDurable durable goods goods Total NonDurable durable goods goods Durah>le goods Total Total NonMachinery durable and goods equipment Manufacturers' toryshipments ratio 3 Millions of dollars seasonal y ad juste d 1958_.__ 1959 1960 1961 1962 1963 1964 1965 1965: Mar Apr May June. July Aug Sept Get Nov Dec 1966: Jan Feb Mar Apr 4 May 4 June 27, 280 30, 219 30, 796 30, 884 33, 308 34, 774 37, 129 40, 279 40, 285 40, 044 39, 814 39, 943 41, 452 40, 518 40, 173 40, 548 41, 403 42, 622 42, 665 42, 702 44, 121 43,540 44,030 13, 572 15, 544 15, 817 15, 532 17, 184 18, 071 19, 231 21, 020 21, 284 20, 915 20, 513 20, 652 21, 820 21, 191 20, 924 21, 146 21, 606 22, 316 22, 307 22, 433 23, 238 22,708 22,961 22, 838 13, 708 14, 675 14, 979 15, 352 16, 124 16, 704 17, 898 19, 258 19, 001 19, 129 19, 301 19, 291 19, 632 19, 327 19, 249 19, 402 19, 797 20, 306 20, 358 20, 269 20, 883 20,832 21,069 50, 070 52, 707 53,814 55, 087 57, 753 60, 147 62, 944 68. 015 63, 708 63, 999 64, 269 64, 625 65, 394 65, 788 66, 267 66, 642 67, 192 68, 015 68, 594 69, 040 69, 648 70,346 71,032 30, 095 31, 839 32, 360 32, 646 34, 326 36, 02S 38, 412 42, 324 38, 972 39, 233 39, 475 39, 951 40, 600 40, 814 41, 300 41, 523 41, 869 42, 324 42, 589 42, 884 43, 273 43,779 44,256 1 Monthly average for year and total for month. 2 Book value, end of period, seasonally adjusted. a For annual periods, ratio of weighted average inventories to average monthly shipments; for monthly data, ratio of inventories at end of month to shipments for month. 22 19, 975 20, 868 21, 454 22, 441 23, 427 24, 119 24, 532 25, 691 24, 736 24, 766 24, 794 24, 674 24, 794 24, 974 24, 967 25, 119 25, 323 25, 691 26, 005 26, 156 26, 375 26,567 26,776 26, 901 30, 679 30, 115 31, 061 33, 167 35, 036 37, 697 41, 023 40, 712 41, 120 40, 181 40, 689 41, 846 40, 926 41, 483 41,843 42, 234 43, 868 43, 986 44, 129 45, 833 45,064 45,152 13, 170 15, 951 15, 223 15, 664 17, 085 18, 300 19, 803 21, 728 21,714 22, 043 20,992 21,310 22, 195 21, 509 22, 163 22, 425 22, 389 23, 403 23, 578 23, 741 24, 888 24,197 24,189 24, 100 < Preliminary; June not charted. Source: Department of Commerce. 2, 354 2, 878 2, 791 2,854 3, 090 3, 326 3,706 4, 140 4, 024 4, 078 4, 069 4, 091 4, 348 4, 159 4, 153 4,249 4,325 4,583 4,450 4, 584 4,587 4,788 4,808 4, 723 13, 731 14, 728 14, 892 15, 397 16, 082 16, 736 17,895 19, 295 18, 998 19, 077 19, 189 19, 379 19, 651 19, 417 19, 320 19,418 19, 845 20, 465 20, 408 20, 388 20, 945 20,867 20,963 1. 84 1. 70 1. 76 1. 74 1.70 1. 69 1.64 1.61 1. 58 1. 60 1. 61 1. 62 1.58 1. 62 1. 65 1.64 1.62 1.60 1. 61 1. 62 1. 58 1. 62 1.61 MERCHANDISE EXPORTS AND IMPORTS The seasonally adjusted trade balance recovered somewhat in May as exports moved up 1 percent and imports fell back from their record high of the previous month. However, at $294 million the U.S. export surplus remained well below the rate prevailing last year or during the first quarter of 1966. BILLIONS OF DOLLARS 3.0 BILLIONS OF DOLLARS 3.0 1966 1960 I/SEE NOTE 1 BELOW. SOURCE: DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Merchandise expo fts M erehandi se imports MerchanGener al 2 imImpo rts for eonsum ption 3 dise 1 Total ( inelud-1 3omestiLC expor ts trade por ts ing ree?cports) Food, Crude ManuFood, Crude Manusurplus, bever- mateSeason4 facfacSeason- Unad- Total * 4 bever- mateseasonUnadages, ages, rials tured tured ally ad- justed Total and to- rials ally ad- justed ally adand and to- and goods justed goods justed justed bacco fuel bacco fuel Monthly average : 1958 1959 1960 1961_ 1962 1963 1964 1965 1, 364 1,367 1,634 1,679 1,745 1,869 2,139 2,214 1965: May 2,260 2,230 June 2,256 July 2,383 Aug Sept 2,324 2,342 Oct_ Nov 2,408 Dec__ __ 2,356 Jan_ 2,249 1966: Feb 2,335 Mar 2,594 Apr 2,331 May 2,364 June *2, 486 2,381 2,219 2, 172 2, 124 2, 140 2,420 2,440 2,551 2, 133 2, 210 2, 747 2,465 2,506 2,468 254 1,351 224 1,352 250 238 324 1,617 263 286 318 1,659 1,723 307 277 342 311 1,846 362 2, 110 387 377 356 2, 185 U nadjust ed 392 378 2,351 382 382 2,191 362 414 2, 139 322 363 2,096 401 303 2,110 383 431 2,387 403 459 2,407 444 416 2,520 324 374 2, 105 332 396 2, 177 366 2,708 486 339 2,422 437 372 2,457 405 2,430 962 931 1,072 1,083 1,157 1,218 1,364 1,438 1,555 1,455 1, 343 1,393 1,371 1,530 1,525 1, 614 1,359 1,468 1,822 1, 624 1,650 * Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program. 2 Total arrivals of imported goods other than in transit shipments, s Imported merchandise released from Customs custody for entry into U.S. 1,105 1,302 1,251 1,226 1,366 1,429 1, 557 1,781 1,789 1,830 1,663 1J64 1,807 2,006 1,903 2,035 1,936 1,993 2, 073 2, 138 2,070 1, 723 1,907 1,633 1,716 1,798 1,997 1,967 2, 160 1,829 1, 822 2,246 2,071 2,092 342 296 1,101 382 296 1,285 283 1,251 379 1,221 286 361 1,354 306 381 320 1,417 386 332 413 1,550 1,773 335 448 U nadjust ed 332 1,719 409 474 349 1,878 410 1,635 261 1,727 315 449 353 431 1,795 462 2,004 409 424 1,953 417 494 429 2, 130 461 1, 801 325 352 1, 806 419 2,232 414 523 378 2, 004 446 456 2,066 359 433 575 556 539 630 666 756 933 259 65 383 453 379 440 582 433 913 989 902 909 946 1,061 1,034 1, 140 974 956 1,225 1, 111 1,181 400 593 569 517 336 505 321 318 842 522 193 294 471 consumption channels, entries into bonded manufacturing warehouses, and ores and crude metals (after smelting and refining) in bonded warehouses. «Total includes commodities and transactions not classified according to kind * Not charted. Source: Department of Commerce. 23 U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES The U.S. balance on goods and services in the first quarter of 1966 amounted to $6 billion (seasonally adjusted annual rate)—down slightly from the previous quarter and more than $900 million below the full-year rate in 1965. A decline of $600 million in the trade surplus together with larger military and other service payments more than offset a $1.1 billion gain in investment income. BILLIONS OF DOLLARS 50 8M1ONS OF DOLtAfcS 50 SEASONALLY ADJUSTED ANNUAL RATES 40 40 30 30 *"* / IMPORTS OF GOODS AND SERVICES 20 20 10 10 .L J L J 1960 L. J L J 1963 1962 1961 _L L. 1965 1964 _L 1966 J. COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE [Millions of dollars] Period 1959 1960 1961 1962 1963 1964 1965 Total Exports of good s and sei-vices Ineorrte on investrnents MerMilichantary GovPridise i ernsales vate ment Impor bs of good s and sen/ices on Other services Total Merchandise l Mili- Other goods tary and expend- serv- services itures ices 23, 489 27, 244 28, 575 30, 278 32, 339 36, 958 38, 993 16, 295 19, 489 19, 954 20, 604 22, 071 25, 297 26, 276 302 335 402 656 657 747 844 1964: III IV 37, 232 38, 148 25, 556 26, 640 648 804 2, 694 349 3,849 3, 001 349 4, 070 3, 561 380 4,278 3, 954 471 4, 593 4, 156 498 4,957 4,932 460 5, 522 512 5,972 5,389 Seas onally <adjusted 532 5, 556 4,940 4, 764 248 5,692 1965: I II III IV 35, 104 40, 544 _ 40, 064 40, 260 22, 500 27, 192 27, 304 28, 108 800 916 796 864 5,688 5,880 5,284 4,704 556 584 596 312 5, 560 5,972 6,084 6,272 28, 32, 32, 34, 656 348 980 160 18, 624 21, 924 22, 380 23, 024 2,656 2,804 2,980 3, 084 41, 664 28, 484 776 5,532 596 6,276 35, 632 24, 012 1966: I . _ 'Adjusted from customs data for differences in timing and coverage. 24 Balance 23, 342 15, 310 23, 198 14, 732 22, 954 14, 510 25, 148 16, 187 26, 442 16, 992 28, 468 18, 621 32, 036 21, 488 annual ra tes 28, 784 19, 008 29, 560 19, 604 Source: Department of Commerce. 3, 107 3,069 2,981 3,083 2, 936 2,834 2,881 4, 925 5,397 5,463 5,878 6,514 7,013 7,667 4, 046 5, 621 5, 130 5,897 8,490 6, 957 2,744 7,032 2,732 7,224 8,448 8,588 7,376 7,620 7,620 8,052 6,448 8, 196 7,084 6, 100 3,348 8,272 6, 032 147 U.S. BALANCE OF INTERNATIONAL PAYMENTS In the first quarter of 1966 the U.S. deficit on the liquidity balance was $2.3 billion (seasonally adjusted annual rate) compared to $1.4 billion in 1965. By contrast, the deficit on the official reserve balance declined to an annual rate of less than $1 billion from $1.3 billion in 1965. ^ BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS AND SERVICES BALANCE, OFFICIAL RESERVE TRANSACTIONS BASIS -10 1960 1966 SOURCE DEPARTMENT OF COMMERCE COUNCa OF ECONOMIC ADVISERS [Millions of dollars] U.S. pr ivate capital, net BaUince U.S. Period Government grants and capital, net J 1959 1960 1961 1962 1963 1964 1965 - 1, 986 Direct investment 1,372 Other longterm — 926 Shortterm -77 -863 - 1, 348 -2,769 -1, 674 -2,780 - 1, 599 - 1, 025 -1, 556 -3, 013 -3, 581 -3, 560 -3, 375 -544 -785 -2,416 -1,961 -2, 146 -3, 371 - 1, 080 761 — 1, 654 -1, 227 - 1, 976 -1,695 Errors Foreign and uncapital, recorded Liquidtransnet 1 ity basis 2 actions Official reserve transactions basis 3 736 423 -3,870 — 941 -3,881 -3,402 366 707 - 1, 006 -2, 370 - 1, 347 1, 021 -1, 159 -2, 203 -2,706 -352 -2,670 -2,044 689 685 -1, Oil -2, 798 - 1, 546 176 — 429 -1, 355 - 1, 302 Season ally ad jus ted annujil rates 1964: III IV 1965: I II -3, 540 - 2, 488 — 2, 408 - 1, 460 -4, 236 -3, 116 -3, 252 -2,388 -3, 208 -4,848 -2,656 -3, 796 -3,436 404 !!!____ - 2, 972 -2, 276 -1,452 -3, 524 -2,924 -616 IV 1966: I -3,820 -2, 520 -976 1 2 -56 956 1, 449 7 681 7 457 1,673 1,073 -17 254 _7 302 97 289 1,083 213 619 1,554 150 1,035 2, 143 606 1,533 378 171 1,222 389 869 222 91 562 651 70 — 151 0 -2,788 -2,472 -436 904 952 -960 -2, 136 944 — 320 - 1, 400 -4,632 — 860 -107 253 697 -23 -15 -22 157 203 — 150 712 -615 842 68 41 271 -912 -833 29 487 Includes certain special Government transactions. Equals changes in liquid liabilities to foreign official holders, other foreign holders, and changes in official reserve assets consisting of gold, convertible currencies, and the U.S. gold tranche position in the IMF. 3 Equals changes in liquid and nonliquid liabilities to foreign official holders and changes in official reserve assets consisting of gold, convertible currencies, and the U.S. gold tranche position in the IMF. 4 Includes short-term official and banking liabilities and foreign holdings of U.S. Government bonds and notes. 8 Central banks, governments, and U.S. liabilities to the IMF arising from reversible gold sales to, and gold deposits with, the U.S. 7 Quairterly totatls, unadjiisted -812 -2,468 688 -924 1,240 - 1, 440 -5, 524 -3, 380 1,084 1, 300 1,648 — 524 420 - 1, 004 932 -108 Changes in gold, convertible currenTo foreig n official cies and 5 hold ers To other IMF gold foreign tranche holders 6 position Liquid Non(increase liquid (-)) Chan ges in sel(3cted liabilitie s (decreas56 (-))< -2, 252 6 -980 8 424 Private holders; includes banks and international and regional organizations; excludes IMF. 7 Includes change in Treasury liabilities to certain foreign military agencies; excluding these changes, data ($ millions) are 1,259 (1960), 741 (1961), and 919 (1962). 8 On Mar. 31, U.S. reserve assets consisted of gold stock, $13,738 million (down $68 million from Dec. 31); IMF position including gold portion of increased U.S. subscription, $729 million; convertible currencies, $559 million. NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF. 05* Source: Department of Commerce. "& PRICES CONSUMER PRICES The consumer price index rose by 0.3 percent in June. The main thrust came from 0.4 percent increases in food and in services. Nonfood commodity prices edged upward by 0.1 percent. Index, 1957-59 = 100 Index, 1957-59=100 125 105 105 100 100 I960 1966 J/SEE NOTE BELOW. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period 1955 1956 1957 1958 1959 1960 1961 1962 1963 1 1964 1965. 1965: Apr May June July.. Aug Sept.. Oct... Nov . Dec 1966: Jan Feb Mar Apr May. June __ _ _ .— 93. 3 94. 7 98. 0 100.7 101. 5 103. 1 104. 2 105. 4 106. 7 108. 1 109.9 109.3 109. 6 110. 1 110. 2 110.0 110. 2 110. 4 110.6 111.0 111.0 111. 6 112. 0 112. 5 112. 6 112. 9 [1957-59=100] Services Co mmoditiei3 Comm odities legjs food Services All All comRent Food less Nonmodities All Durable durable services rent 89. 4 90. 5 94.6 94.0 94. 8 94. 4 94.9 95. 3 91.9 92.8 94. 7 95.4 96. 5 95.5 96. 5 95. 9 96. 1 97.8 98.5 96. 6 98.5 9a3 98. 8 99. 1 100. 2 100.8 101.9 100. 1 100.0 99.8 100. 3 99. 9 103. 6 103. 2 100. 9 101. 6 100. 3 101. 2 101. 5 101.0 101.7 102. 6 107.4 101.4 101.7 106. 6 100.9 103. 1 102. 3 110. 0 108.8 104. 4 102. 6 102. 0 103. 2 100.8 112. 1 110.9 105. 7 103. 2 103. 8 103. 6 101.8 102.8 106.8 114. 5 104. 1 102. 1 113.0 103. 5 104.8 105. 1 117.0 105.2 106.4 105.7 107. 8 104. 4 115. 2 103.0 107.2 120.0 106.4 117.8 108.9 108.8 105.1 102.6 117.3 108.8 107. 3 106.8 119.3 105.9 103. 0 105. 0 106.2 105.2 107.2 117. 5 119. 5 107. 9 102. 9 108.8 107.3 117.6 108.8 119.7 106.9 102.6 110. 1 105. 1 102. 3 106.9 117. 8 108.9 120.0 106. 9 110. 9 104. 7 117.9 109.0 106.6 107.1 120.0 110.1 104.7 101.8 109. 1 107.7 120. 7 104. 9 101. 7 109. 7 118. 5 106. 6 118.7 109. 2 121. 0 102. 1 108. 0 106. 9 109. 7 105. 3 119.0 109.3 102.4 108.3 121.3 107. 1 109.7 105.6 108.4 119.3 109.5 102.4 121.6 107. 4 110.6 105.7 111.4 119.5 107.4 108.0 109.7 121.8 101.9 105.3 122. 0 119. 7 109. 8 108.0 105.4 101. 8 108. 3 113. 1 109. 9 122. 5 108.4 102. 0 108. 6 120. 1 113. 9 105. 6 121. 1 102. 3 110. 1 114. 0 109. 0 123.6 106. 0 108. 8 121. 5 102. 5 110. 2 124. 1 108.8 113. 5 109.3 106. 3 110.2 109.5 122.0 106.4 102.6 109. 0 113. 9 124.8 i See Note. * Not charted. NOTE. — Prior to January 1964. indexes revis to reflect transfer of ho meed ownership from services to durable commodities 26 Be mining with January 19C 4, new indejk with revise d weights, cc verage, and samp ling procedLires. For d(itails, see D epartment o f Labor rel ease, Major Chan ges in the Cwvsumer Price Index, March 3, 1964. Sotirce: Depart ment of Labc>r. WHOLESALE PRICES Wholesale prices increased by 0.1 percent in June. A fall of 0.4 percent in farm prices was more than offset by a rise of 0.2 percent in industrial prices. Processed food prices were stable. In the last 4 months wholesale prices have increased only 0.3 percent as declines of 3.1 percent in farm prices and 1.2 percent in processed food prices almost offset a 1.1 percent rise in industrial prices. Index, 1957-59 =100 Index, 1957-59=100 COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS (INDUSTRIALS) 90 1966 1960 SOURCE, DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS .___ _ Nov Dec 1966: Jan Feb Mar Apr May 3 June __ _ Week ended: 4 1966: JulyS 123 100. 4 100. 6 100. 7 100. 3 100. 6 100. 3 100. 5 102.5 102. 1 102.8 102.9 102.9 103.0 103. 1 103. 5 104. 1 104.6 105.4 105. 4 105. 5 105.6 105.7 106. 0 106. 1 105. 9 106. 9 All commodities Period 1958 1959 1960 1961 1962 1963 1964 1965 1965: May June July Aug Sept Oct [1957-59=100] CommoditJes other t hanfarm )OToducts aind foods (iiidustrials) Consunaer nnIndus- Indus- ProducFarm Procished g<jods extrial in- er fintrial All inessed prodcludin gfood dustricrude termedi- ished ucts foods DurNonals1 mate- ate ma- goods 2 terials durable able rials 96.9 102.9 99. 5 99. 4 100. 2 100. 1 99. 3 103. 6 97.2 102. 3 102. 1 99. 2 101. 0 10L3 101. 3 100. 8 100. 0 96.9 101. 4 101. 3 9a3 100.9 101. 5 102.3 96.0 100.7 100. 8 97. 2 100. 1 102.5 100.5 101. 5 101.2 100. 8 100.0 101.6 97.7 95. 6 99. 9 102.9 94. 3 101.1 100. 7 99. 6 99. 5 101. 9 95. 7 103. 1 101.2 100.2 94. 3 104. 1 99. 9 97. 1 101. 0 101.6 98.4 105.1 102.5 100.9 101.5 105.4 99.6 102.8 102.3 101.0 101. 4 102. 5 103. 3 98. 4 99.6 105. 3 102.5 106. 1 100.3 100. 5 101. 5 105.4 99.7 102.6 102.5 100.0 100.4 106.6 101.5 99.6 102.7 105. 4 102.7 106.7 101.7 101.7 99. 1 99.5 105.5 102.8 102.7 99.5 106.7 101.3 101.8 103.0 99.5 105.5 99.4 102. 8 102. 0 101. 9 106.9 99.5 105.6 103.3 103. 2 102. 7 102. 1 107. 6 100. 3 103.6 105. 9 99.6 103.2 109.4 102.6 102.2 103.0 99. 6 106.0 103.7 104.5 110.3 103.5 104.0 102.4 106.2 99.7 103.9 102. 6 111. 8 103. 8 105. 7 107. 4 104. 0 106. 6 99. 7 104. 0 102. 9 111. 5 106. 6 106. 8 106. 8 104. 1 99.7 104. 3 106. 1 103. 4 106. 4 110. 6 104. 3 107. 0 99. 8 105.9 104. 5 110.5 104.7 103.8 100. 2 104. 5 107. 6 104. 1 110. 5 104.9 106.5 103.9 107.9 100. 1 104.9 __ _ _ _ 110. 5 111. 2 * Coverage of the subgroups does not correspond exactly to coverage of this index. 2 Excludes intermediate materials for food manufacturing and manufactured animal feeds; includes, in part, grata products for further processing. 105. 0 105. 0 1 3 Preliminary. < Weekly series based on smaller sample than monthly series. Source: Department of Labor. 27 PRICES RECEIVED AND PAID BY FARMERS The parity ratio was unchanged in the month ended June 15 as prices paid and prices received by Farmers were stable. index, 1957-59=100 Index, 1957-59s=100 100 RATIO RATIO-^ 100 noo 90 90 PARITY RATIO 80 80 70 70 I960 1961 J962 1963 1964 1965 1966 3/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. INTEREST, TAXES, AND WAGE RATES, ON J910-14=100 BASE. SOURCE. DEPARTMENT OF AGRICULTURE COUNCIL Of ECONOMIC ADVISERS Prices i eceived by 'armers Period 1956 1957 _ _.. 1958— . ._ 1959 _ 1960 _._ 1961.. . 1962 „ 1 6 . . _ _ „ . . ... . 93. 1964 1965 1965: May 15 June 15 July 15 . . Augl5 Sept 15 Oct 15 Nov 15Dec 15__ ... __ . 1966: Jan 15 ... _ Feb 15 Mar 15 Apr 15 May 15 June 15 All farm products _ _ 95 97 104 99 98 99 101 100 98 102 104 105 104 103 103 103 103 107 108 112 111 110 109 109 Crops 105 101 100 99 99 102 104 107 107 104 111 108 104 100 100 99 98 100 101 104 104 106 107 108 1 Percentage ratio of index of prices received by farmers to index pi prices paid, interest, taxes, and wage rates on 1910-14=100 base. 28 Pricess paid by fairmers Livestock All items, interest, and taxes, and products wage rates Index, 1957-59=100 95 88 98 94 106 100 102 100 102 98 103 98 99 105 95 107 91 107 110 101 110 99 103 110 110 104 110 105 110 105 110 106 110 107 111 112 112 114 112 118 113 118 114 113 114 110 114 110 Family living items 96 99 100 101 102 102 103 104 105 107 108 107 107 107 107 107 107 108 108 109 110 110 110 110 Source: Department of Agriculture. Production items 95 98 100 102 101 101 103 104 103 105 106 106 106 106 106 105 105 106 107 108 108 108 108 108 Parity ratio l 83 82 85 81 80 79 80 78 76 77 78 79 78 78 78 7 7 77 80 80 82 81 80 79 79 MONEY, CREDIT, AND SECURITY MARKETS MONEY SUPPLY The average daily supply of money (seasonally adjusted) in June attained again its April peak. BILLIONS OF DOLLARS BILLIONS OF DOLLARS TIME DEPOSITS AT ALL COMMERCIAL BANKS 60 60 1960 1966 SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, billions of dollars! M oney supp>iy M oney supf >iy Period 1960: 1961: 1962: 1963: 1964: 1965: 1965: Dec Dec Dec Dec Dec Dec Mav June July AUK Sept Oct. Nov__ Dec 1966: Jan Feb Mar Apr ivlav June 2 Total __ , 1 __ 141. 1 145. 5 147. 5 153. 1 159. 7 167.4 160. 0 161. 8 162. 5 162. 7 164.3 165. 6 165. 7 167.4 168.4 168.0 169. 2 171. 1 169. 5 171. 1 Currency outside banks Seasonally7 28. 9 29. 6 30. 6 32. 5 34. 2 36.3 34. 9 35. 0 35. 2 35. 4 35.6 35. 9 36. 1 36.3 36.7 36.8 36. 9 37. 1 37.3 37.3 de- posits de- posits adjustec 112. 1 116. 0 116. 9 120. 6 125. 4 131.2 125. 1 126. 8 127. 3 127. 3 128.7 129. 7 129. 6 131.2 131.8 131.2 132. 3 134. 0 132. 2 133. 8 Deposits at all commercial banks. * Preliminary. 8 Effective June 9, balances accumulated for payment of personal loans (about $1.1 billion at that time) are excluded from time deposits reported by member banks and from loans at all commercial banks. Time De- mand 1 Total Currency outside banks De- Time de- posits mand de- posits 1 3 144, 7 149. 4 151.6 157. 3 164. 0 172.0 157. 6 159.6 160. 9 160. 5 163.2 165. 8 167.4 172. 0 173.0 167.8 167.8 171. 6 166. 9 168. 8 29. 6 30. 2 31. 2 33. 1 35. 0 37.0 34. 6 34. 9 35. 4 35. 5 35.6 36.0 36. 5 37.0 36.5 36.3 36. 5 36. 8 37.0 37. 3 115. 2 119. 2 120. 3 124. 1 129. 1 135.0 123. 0 124. 6 125. 6 125. 0 127.5 129.8 130.9 135.0 136.5 131.5 131. 3 134. 8 129. 9 131. 5 de- mand de- posits iJnad justed 72. 9 82. 7 97. 8 112. 2 126. 6 147.0 134. 6 135. 9 137. 6 140. 1 141.6 143.6 145. 5 147. 0 148.0 148.8 149. 6 151. 6 152. 9 153. 3 U.S. Government 3 72. 1 81. 8 96. 7 111. 0 125. 2 145.3 135. 4 136. 6 138. 3 140. 2 141.4 143.5 144. 4 145.3 147.4 148.7 150. 2 152. 2 153. 9 154. 0 NOTE.—See Note, p. 31. Source: Board of Governors of the Federal Reserve System. l 47 4.9 5.6 5. 1 5. 5 4.5 9.7 9.3 9. 1 7. 4 5.6 5.0 4. 0 4.5 3.7 5.1 4.6 3. 0 7.2 6. 2 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Nonbank public holdings of liquid assets (seasonally adjusted) increased in June, following a normal pattern. The moderate increase was concentrated in demand deposits and currency, with an increase in time deposits being canceled by declines in the holdings of savings and loan shares and short-term government securities. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 600 400 500 500 400 400 300 300 200 200 1960 1966 1961 -I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY. SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS I Billions of dollars, seasonally adjusted! End of period 1959 1960 1961 1962 1963 1964 1965 1965: May June July Aug Sept Oct .. Nov Dec 1966: Jan Feb 3 Mar Apr 3 3 May _ _ _ ; June 3 1 Total selected liquid assets 4 393. 9 399. 2 424.6 459.0 495.4 530. 5 572.8 543.0 550. 2 550.9 555. 7 560. 7 565. 1 568.3 572.8 578. 5 577.5 585. 5 587.0 585. 8 588. 3 Demand deposits and currency * 139.7 138.4 142. 6 144. 8 149. 6 156. 7 164.0 155. 4 159.7 157.7 157. 8 160.6 161. 1 160.4 164. 0 164.8 162.8 167. 1 166. 6 164. 1 166. 4 Time d eposits Commercial banks 4 67.4 73. 1 82.5 98.1 112.9 127. 1 147. 1 134. 9 136.3 138.3 139. 8 141.6 144.0 146.5 147. 1 149. 2 149.4 151. 1 152. 3 153.2 153. 8 Agrees in concept with money supply, p. 29, except for deduction of demand deposits held by mutual savings banks and savings and loan associations. Data for2 last Wednesday of month. Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning February 1060, savings and loan associations. 30 Mutual savings banks 34.9 36.2 38.3 41.4 44. 5 49. 0 52.5 50. 4 50. 8 51.1 51. 3 51.6 52.0 52.3 52.5 52.8 53.0 53.1 53. 1 53.3 53.5 Postal Savings System 0.9 .8 .6 .5 .5 .4 .3 .4 .4 .4 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .2 Savings and loan shares 54. 3 61. 8 70. 5 79.8 90.9 101.4 109.7 104. 5 105. 1 105.5 106.5 107.8 108.4 109.3 109. 7 109.8 110.6 111.4 111. 0 111. 2 111. 0 U.S. Government U.S. Gov- securities ernment maturing savings within bonds 2 year 2 47.9 47.0 47. 4 47. 6 49.0 49. 9 50.5 49. 9 50.0 50.1 50. 1 50.1 50. 1 50.1 50.5 50.5 50.3 50.3 50.4 50.4 50.4 s Preliminary. * See footnote 3, page 29. NOTE.—See Note, p. 31. Source: Board of Governors of the Federal Reserve System. 48. 8 41.9 42. 6 46. 8 48. 1 46. 1 48.6 47.6 48.0 47.9 49. 8 48.7 49. 1 49.4 48. 6 51.2 51.0 52. 1 53.3 53.3 52.9 BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES Total commercial bank credit (seasonally adjusted) rose $2.3 billion in June. Loans, lifted by mid-month corporate tax borrowins, expanded by $3.3 billion. (Both totals would be about $1 billion higher if there had been no change in reporting in June.) Investments again declined on balance. BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS 350 ALL COMMERCIAL BANKS 300 300 250 250 200 50 50 INVESTMENTS IN OTHER SECURITIES 1966 1960 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM All comntiereial bank s (s easonally adjusted daita) Total Investinents Loans, loans excluding and inter- U.S. Gov- Other investsecuribank ernment ments ties securities End of period 1959 1960 1961 1962 1963 1964 1965 1965: May June July Aug Sept Oct Nov Dec 1966: Jan Feb Mar Apr 5 5 May 5_ June 1 6 185. 9 194. 5 209. 8 22R 3 246. 5 267. 2 294.4 279.4 282.8 281.5 286. 1 286.2 288.8 291. 5 294. 4 297.4 297.5 300.3 303. 0 304. 3 306. 6 6 107. 6 113. 8 120. 5 133. 9 149. 4 167. 1 191.6 179. 5 183.0 182. 7 185. S 186. 2 187.9 189.6 19.1. 6 194.7 195.2 199.0 200. 7 202. 2 205. 5 Billions of dollarsj 57. 8 20. 5 20. 8 59. 9 65. 4 23. 9 (>5. 2 29. 2 62. 1 35. 0 38. 7 61. 4 58. 0 44. 8 58. 0 41. 3 42. 1 57. 7 5(>. 4 42. 4 43. 3 57. 0 56. 5 43.5 43. 9 57. 0 44. 2 57. 7 44. 8 58. 0 44.9 57. 8 56. 8 45.5 45. 2 56. 1 46. 1 56. 2 47.2 54. 9 53.9 47. 2 Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System. 2 Commercial and industrial loans. 3 Debits during period to demand deposit accounts except interbank and U.S. Government. New series; see Bank Debits and Deposit Turnover, 6.6 FRB, February 19, 1965. * Averages of daily figures. Annual data are for December. Weekly reporting member banks l Business loans a 30. 7 32. 2 32. 9 35. 2 38. 8 42. 1 50. 0 45.2 46.8 4(>. 3 4(>. <) 48. 1 48. 2 49. 0 50. G 50. 3 51. 1 52. 6 52. 5 53. 5 55. 8 Bank debits outside New York City (224 centers) , seasonally adjusted annual rates 3 1, 65V 1, 736 1,832 2, 021 2, 199 3 #, 696 2,997 S, 872 S, 019 3. 021 rtt 019 S, 023 8, 069 5', 179 3,250 3, 198 3, 264 3, 397 8, 890 8,348 8,377 A U member banks l 4 Total reserves 18, 932 19, 283 20, 118 20, 040 20, 746 21,609 22, 719 21, 472 21, 709 21,863 21, 617 21, 740 21, 958 21, 958 22, 719 22, 750 22, 233 22, 160 22, 528 22, 487 22, 529 Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions o f dollars 482 906 87 756 149 568 304 572 327 536 411 243 452 454 325 505 346 528 350 524 564 430 384 528 344 490 369 452 452 454 358 402 371 478 305 551 358 626 722 370 314 674 -424 669 419 268 209 168 o -180 -182 -174 -134 — 144 _146 -83 -2 -44 -107 -246 -268 -352 -360 5 Preliminary. • See footnote 3, page 29. NOTE.—Between January and August 1959, series for all commercial banks expanded to include data for all banks in Alaska and Hawaii. Data for all member banks include Alaska and Hawaii beginning 1954 and 1959, respectively. Source: Board of Governors of the Federal Reserve System. O "I CONSUMER AND REAL ESTATE CREDIT Consumer credit outstanding in May increased at a rate below that of a year earlier. Instalment credit extended, seasonally adjusted, declined for the second month, but the decline can no longer be attributed to the decline in automobile instalment loans. BILLIONS OF DOLLARS 100 BILLIONS OF DOLLARS 1 100 END OF MONTH 80 80 TOTAL CONSUMER CREDIT OUTSTANDING \ 60 40 40 20 20 NONINSTALMENT CREDIT , , , , , I, , ,. . I , , ., INSTALMENT CREDIT REPAID nf. i . . . I . . . . i I . . . . . I . . . . . I . . . . . I . . i . i I, . i , . I, i . . , 1960 SOURCEi BOARD OF GOVERNORS OF THE FEbERAL RESERVE SYSTEM ! . > , . . I . . « . . I .. 1966 COUNCIL OF ECONOMIC ADVISERS (Millions of dollars] Period 1956.. _ 1957 1958 1959 1960 1961 1962 1963 1964 1965 1965: Apr May June July Aug Sept Oct Nov Dec 1966: Jan Feb Mar__ Apr May Consum er instalme nt credit e xtended Consu mer credit outstandin g (end of p eriod; Linadjusted) and r<spaid (seas onally adju sted) [nstalment To tal Automob ile paper NonAutomoTotal instal- Extended Repaid Extended Repaid Total * bile Personal ment 2 paper loans 42, 334 14, 555 31, 720 15, 515 14,420 6,789 10, 614 37, 054 39, 868 44,970 7,582 16, 465 15, 545 15, 340 42, 016 33, 867 11, 103 39, 868 45, 129 33, 642 14, 152 8, 116 40, 344 14, 226 15, 415 11, 487 40, 119 51, 542 39, 245 9,386 12, 297 42, 603 15, 579 16, 420 48, 052 17, 779 42, 832 56, 028 17, 654 16, 384 17, 688 13, 196 49, 560 45, 972 10, 480 57, 678 16, 472 43, 527 17, 223 16, 007 11, 256 14, 151 48, 396 47, 700 63, 164 48, 034 19, 540 12, 643 15, 130 19, 796 17, 478 50, 620 55, 126 70, 461 22, 292 54, 158 22, 433 14, 464 19, 400 16, 303 55, 171 61, 295 78, 442 21, 676 25, 195 17, 894 24, 435 60, 548 16, 228 67, 505 61, 121 87, 884 27, 914 24, 267 68, 565 28, 843 18, 354 75, 508 67, 495 19,319 79, 237 61, 886 26, 235 2,299 1,975 16, 871 17, 351 6,245 5,500 80, 469 62, 807 17, 662 1,987 26, 717 17, 098 6, 167 5,511 2,249 81, 717 17, 346 2,007 17, 867 6, 196 2,285 63, 850 27, 280 5,601 82, 539 64, 704 27, 779 17,503 17,835 6, 383 5,659 2,355 2,007 83, 319 2,372 17, 753 65, 508 28, 111 17,811 5,729 2,068 6,385 83, 801 65, 979 6,434 2,385 2,056 28, 175 17, 822 5,748 17,911 84, 465 17, 954 5,805 2,338 66, 511 28, 393 17, 950 6,425 2,080 85, 291 67, 168 28, 612 5,831 18, 123 2,148 18, 070 2,480 6,530 87, 884 2,443 28, 843 5,855 68, 565 18, 354 19,319 6,489 2,107 87, 027 68, 314 6,544 5,947 28, 789 18,325 18, 713 2,115 2,340 86, 565 28, 894 6,492 5,954 18, 396 68, 279 18, 286 2,340 2,135 87, 059 6,024 2, 479 68, 827 18, 532 18, 232 2,216 29, 248 6,673 2,302 88, 184 69, 543 29, 597 18, 747 5,974 2, 145 18, 641 6,505 89,092 6,472 29,908 18,883 5,979 2,298 70,209 18,927 2,159 J Also includes other consumer goods paper, and repair and modernization loans, not shown separately. 2 Consists of single-payment loans, charge accounts, and service credit. 3 End of period, unadjusted. 32 Mortgage debt outstanding, nonfarm 1- to 4family houses 3 99, 000 107, 600 117, 700 130, 900 141, 300 153, 100 166, 500 182, 200 197, 600 213, 000 204, 800 209, 000 213, 000 216, 100 NOTE.—Data for Alaska and Hawaii included beginning January and August 1959. respectively. Sources: Board of Governors of the Federal Reserve System and Federal Home Loan Bank Board. BOND YIELDS AND INTEREST RATES Yields on short-term commercial paper, corporate bonds, and medium- and long-term Government securities have shown a fairly steady increase since the beginning of May. Treasury bill yields have not shown this constant uptrend, although they have increased during the first half of July, reaching new highs by mid-month. PERCENT PER ANNUM PERCENT PER ANNUM CORPORATE Aaa BONDS (MOODY'S) 1966 SOURCES: SEE TABLE BELOW Period 1959 1960 1961 1962 __ 1963 1964 1965 1965: May June _ July Aug _ Sept Get Nov__ Dec 1966: Jan__ _ _ _ _ _ . Feb Mar__ Apr Mav June Week ended: 1966: June 18__ 25 2___ July 9 _ _ _ 16___ 23__ 1 Rate on new 3 April 1953 to 4 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] High-grade U.S. Gov€jrnment secui*ity yields municipal 3-month bonds 3-5 year Taxable Treasury (Standard & issues 2 bonds 3 bills l Poor's) * 3.405 4.33 4.08 3.95 2.928 3.99 4. 02 3. 73 2.378 3.90 3. 60 3.46 2. 778 3.95 3. 57 3. 18 3. 157 3. 72 4.00 3.23 3.549 4. 06 4. 15 3.22 3.954 4.22 4.21 3.27 3. 895 4. 11 4 14 3. 19 3.810 4.09 4. 14 3.26 3.S31 4. 10 4. 15 3. 26 3. 836 4. 19 4. 10 3. 25 3. 912 4.24 4.25 3. 36 4. 032 4. 33 4. 28 3. 42 4. 082 4. 46 4. 34 3. 47 4. 362 4. 77 A. -13 :*. 56 4.596 4. S9 4.43 :j. 52 r>. 02 4.670 4. 01 :*. 63 4. 626 4. 94 4. 63 3. 72 4. r>r> 4. 86 4.611 :*. 59 4. 642 4. 94 4. 57 3. 08 f). 01 4. 539 4. 63 3. 77 4. 4. 4. 4. 4. *4. 575 470 435 731 876 996 4. 4. f>. 5. 5. 97 95 11 14 24 4. 4. 4. 4. *4. 63 59 69 72 78 2 issues within period. Selected note and bond issues. date, bonds due or callable 10 years and after. Weekly data are Wednesday figures. * Data for first of the month, based on the maximum permissible interest rate (5?4 percent for June 1966) and 30-year mortgages paid in 15 years. 3. 76 ;;. 72 3. 80 3. 91 3. 95 Corporal ;e bonds (Moo dy's) Aaa Baa 4.38 4.41 4. 35 4.33 4. 26 4.40 4. 49 4. 44 4.46 4. 48 4. 49 4.52 4. 56 4. 00 4. 08 4. 74 4.78 4. 92 4. 96 4. 98 5. 07 5. 5. 5. 5. *5. 06 07 09 12 14 Prime commercial paper, 4r-6 months 5.05 5. 19 5.08 5.02 4.86 4.83 4. 87 4. 81 4.85 4.88 4. 88 4.91 4. 93 4. 95 5. 02 f>. 06 5. 12 5. 32 5. 41 5. 48 5. 58 3.97 3. 85 2. 97 3. 26 3.55 3. 97 4.38 4.38 4.38 4.38 4. 38 4.38 4. 38 4. 38 4. 65 4.82 4.88 5. 21 5.38 5. 39 5. 51 5. 59 5. 61 5. 61 5. 63 5.68 FHA new home mortgage yields 5 5.77 6. 16 5.78 5. 60 5.46 5.45 5.46 5. 45 5.45 5.44 5. 44 5.45 5. 46 5.49 5. 51 5.62 5.70 5. 50 5. 50 5. 58 5.63 *5. 63 6.00 6. 32 *Not charted. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Federal Housing Administration, Standard & Poor's Corporation, and Moody's Investors Service. OO COMMON STOCK PRICES, YIELD, AND EARNINGS Stock prices fluctuated within,a narrow range during most of June and early July. Inde x, 1941-43 = 10 Index, 1941-43 = 10 MONTHLY ^-^\y n^ /VS s> ^^. \ s~\ ^^ 50 ^_^/^^ COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS 80 i i i i i 1 i i i ii 1 1 1 1 t 1 ! 1 1 t ~ 1 \ WEEKLY on 80 s^ S^S ^ ^ i i ii t 1 i i i i i i i i i i 1 i i i i i x.r\ 1 1 1 1 1 1 ! I ! 1 ] 1 1 1 1 1 1 ! 1 1 1 1 1 1 ! 1 1 1 1 J I 1 1 50 1966 1960 COUNCIL OF ECONOMIC ADVISERS SOURCE: STANDARD AND POOR'S CORPORATION l Period 1960 1961 1962 1963 1964 1965 ._ 1965: June July Aug Sept Get _ Nov Dec___ __ 1966: Jan Feb Mar__ Apr May June Week ended: 1966: June 10 17 July 24 1 8 15 Total ___ _ Total 55. 85 66. 27 62. 38 69. 87 81. 37 88. 17 85.04 84.91 86. 49 89.38 91. 39 92. 15 91.73 93.32 92.69 88. 88 91. 60 86. 78 86. 06 59.43 69. 99 65.54 73.39 86. 19 93.48 90.19 89.92 91. 68 94.93 97. 20 98. 02 97.66 99. 56 99.11 95. 04 98. 17 92. 85 92. 14 85. 42 86. 72 86. 62 85. 39 86. 97 * 86. 91 91. 40 92. 89 92. 80 91. 42 93.23 93. 11 Price index Industrials Capital Consumers' goods goods 1941-^13=10 59. 75 47. 21 67.33 57. 01 58. 15 54. 96 63. 30 62. 28 76.34 73. 84 81.94 85. 26 81.62 80.04 80.54 78. 80 83. 25 80. 23 86.91 82.34 90. 28 83. 90 91. 62 83. 75 91.42 83.31 93.35 84.28 93. 69 83.48 90. 28 78. 96 93. 54 79.28 88.78 75. 12 87.34 73. 75 85.79 88. 04 89. 38 86.09 88. 06 87. 11 73.73 74.30 73. 89 72. 75 74.58 74.45 Railroads Dividend yield 2 (percent) 46. 86 60. 20 59. 16 64. 99 69. 91 76.08 74.19 74.63 74. 71 76. 10 76. 69 76. 72 75.39 74.50 71.87 69. 21 70. 06 68.49 67. 51 30. 31 32.83 30.56 37.58 45. 46 46.78 42.52 43.31 46. 13 46.96 48.46 50. 23 51.03 53.68 54.78 51. 52 52. 33 47. 00 46. 35 3.47 2.98 3.37 3.17 3. 01 3.00 3.07 3.09 3. 06 2.98 2. 91 2, 96 3.05 3.02 3.06 3.23 3. 15 3. 30 3. 36 67. 54 67. 75 67. 47 66. 96 67. 49 67.99 45. 75 46. 76 46. 80 46. 11 46. 53 46. 21 Price/ earnings ratio 3 3.39 3.32 3.32 3. 40 3. 31 * 3.34 Public utilities 17. 09 21. 06 16. 68 17. 62 18. 08 17.08 15. 93 17. 10 17. 61 17. 13 1 3 Includes 500 common stocks: 425 are industrials: 50 are public utilities; and 25 Ratio of price index for last day in quarter to quarterly earnings (seasonally are railroads. Weekly indexes for capital and consumer goods are Wednesday adjusted annual rate). Annual ratios are averages of quarterly data. figures; all other weekly indexes are averages of daily figures. 2 Not charted Aggregate cash dividends (based on latest known annual rate) divided by the aggregate monthly market value of the stocks in the group. Annual yields Source: Standard & Poor's Corporation. are averages of monthly data. Weekly data are Wednesday figures. 34 FEDERAL FINANCE FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES Budget receipts for fiscal 1966 came in much stronger than estimated in January. was $2.3 billion, compared to the January estimate of $6.4 billion. As a result, the deficit for the year BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES 100 100 75 75 50 50 25 25 1961 1962 1963 1964 1965 1961 1966 +10 NATIONAL DEFENSE 1962 1963 1964 1965 1966 1965 1966 BUDGET SURPLUS (+) OR DEFICIT (-) (ENLARGED SCALE) 75 +5 0 50 ~5 25 -10 -15 1961 1962 1963 1964 1965 1966 1961 1962 1963 1964 SOURCES:TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Net budg et expenditiires N ational defe use 1 Net budget receipts Period Fiscal year 1960 Fiscal year 1961 Fiscal year 1962 Fiscal year 1963 Fiscal year 1964 Fiscal year 1965 3 Fiscal year 1966 1965: Apr May June July Aug ___ Sept Oct Nov Dec 1966: Jan Feb Mar Apr May June _ _ __ __ 77. 8 77. 7 81. 4 86. 4 89.5 93.1 104.6 8.5 7.3 13.4 3.8 7.4 11. 0 3.3 8. 1 9.6 6. 5 8.3 11.3 9.9 8.5 17. 1 Total 76. 5 81. 5 87. 8 92. 6 97.7 96.5 106.9 8. 3 8. 1 9. 1 7.2 9.0 9. 5 8.8 9. 1 9.4 8. 8 8. 2 10. 2 8.4 9. 1 9.4 iIn addition to items shown, also includes atomic energy and defense related services. 2 Includes guaranteed securities held outside the Treasury. Not all of total shown is subject to statutory debt limitation. Total 45. 7 47. 5 51. 1 52. 8 54.2 50.2 57.7 4. 3 4. 3 5.0 3.8 4.4 4. 5 4. 5 4. 5 5. 1 4. 6 4. 5 5. 6 5. 0 4. 9 6. 2 Department of Defense, military 41. 2 43. 2 46.8 48. 3 49.8 46.2 54.4 4. 1 3.8 4.3 3. 6 4. 1 4.3 4. 3 4. 2 4.8 4. 4 4. 2 5. 2 4.8 4.6 5.9 Military assistance 1.6 1. 4 1.4 1.7 1.5 1.2 .9 .1 .2 .4 (4) (4) (4) 4 () (4) Budget surplus or deficit (— ) 1. 2 — 3. 9 -6.4 -6. 3 -8.2 -3.4 -2.3 .3 —.8 4.3 .1 .2 — 3.4 -1.6 1. 5 — 5. 5 — 1.0 .1 — 2.4 .2 1. 1 .1 .2 1.6 -.6 7.7 .1 .1 .1 Public debt (end ofa period) 286.5 289.2 298.6 306.5 312.5 317.9 320.4 317.2 319.8 317.9 317. 1 318.7 317.3 319.4 322. 2 321.4 322.4 323.7 321. 5 320. 1 322.8 320. 4 4 s Preliminary. Less than $50 million. NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions. Sources: Treasury Department and Bureau of the Budget. 35 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC Strong cash receipts produced a $10.1 billion surplus in the April-June quarter ($3.8 billion seasonally adjusted) and reduced the cash deficit for fiscal 1966 to $3.2 billion—less than half the January estimate. BILLIONS OF DOLLARS 35 30 20 » t ' t I t ' 1 ' 1 t t t f i I t t SEASONALLY ADJUSTED EXCESS OF C KH RECEIPTS 7 F? ! ! v n* 1 • i m EXCESS OF 0\SH PAYMENTS i i i i i 1961 1960 m n •* n • . • • • • • ! • i i t f 1962 l i f i 1964 1963 I /; rc*a l| i i i 1965 i i i t 1966 CALENDAR YEARS SOURCESi TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OP ECONOMIC ADVISERS [Billions of dollars] Cash receipts from the public Period Fiscal year: 1961 1962 1963 .. 1964.. 1965 1966 * Calendar year: 1960 . 1961 ... 1962 1963.. 1964 1965 __. . _ _ ._ _.... . _._ Quarterly total (calendar years): 1964: III IV 1965: III . III IV 1966: I II _ ___ Cash payments to the public 97. 2 101. 9 109.7 115.5 119.7 134. 4 99. 5 107. 7 113. 8 120. 3 122. 4 137.6 98. 3 97.9 106.2 112.6 115.0 123.4 94 7 104. 7 111. 9 117. 2 120. 3 127.9 Unadjusted -3.9 -6.3 2.4 5. 1 — 3. 9 -8. 1 -1.3 10. 1 Cash payments to the public Excess of receipts or payments (-) 3.6 -6. 8 -5. 7 -4. 6 -5.2 -4.5 30.9 30.6 2a 3 32.6 33. 1 34.0 34. 6 36. 0 Cash receipts from the public -2.3 -5.8 -4. 0 -4. 8 -2.7 -3.2 27.0 24.3 30.7 37.7 29. 2 25.8 33.3 46. 1 * Kevised. * Preliminary. 2 Seasonally adjusted data include accelerated corporate tax payments of 36 Excess of receipts or payments (-) Beeisonally adjusibed 28.4 28.8 29.7 2 32. 6 30.6 30.7 *33. 7 2 39. 6 30.0 29.8 30.2 32.4 32. 1 33. 1 36. 9 35.8 -1.6 — 1. 0 _.4 .3 — 1.5 -2.4 *-3. 2 3.8 about $0.9 billion in 1965, and $2.8 billion in 1966; data also include about $0.3 billion in 1966 for initiation of graduated withholding of personal income taxes and $1.4 billion for change in schedule for depositing withheld and OASI taxes. Sources: Treasury Department and Bureau of the Budget. FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS In the first quarter, Federal expenditures rose over $6% billion (seasonally adjusted annual rate) and receipts increased $9 billion. As a result, there was a surplus of more than $2 billion. Preliminary data indicate there was a surplus again in the second quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 140 100 100 80 |yL_J I L J +20 I L-V80 -1-20 SEASO NALLY ADJUSTED ANNUAL RATES SURPLUS !l™ 1 1 • ••- • •-• """" DEFICIT 1 -20 ! 1960 1 1 I 1961 1 I ! 1962 n-n I I ! 1963 I 1 ! 1964 1 1 1 1965 ! 1 I 1966 1 -20 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, quarterly data at seasonally adjusted annual rates] Fed era 1 Governndent expe aditures Federal (jrovernment receipt s Period Fiscal year: 1962 1963 1964 1965 1966 i Calendar year: 1962 1963 1964 1965 1964: III. IV. 1965: I _ . II_ III. IV. 1966: I__ II3 Subsidies Surplus GrantsPurless in-aid or current Net chases Trans- to State interest surplus deficit of goods fer payand (-) of Govt. and paid ments local enterservices governprises ments Indirect ContriPersonal Corpo- business butions rate for Total tax and profits tax and nontax tax nontax social inreceipts accruals accruals surance Total 104. 2 110. 2 115.5 120.6 (2) 47.3 49. 6 50.7 51.3 56. 6 22.9 23.5 25. 6 27.8 (2) 14.2 15. 0 15. 6 16. 9 16. 1 19. 9 22. 1 23.6 24. 6 28. 4 106. 4 111. 4 116. 9 118.3 131. 2 60. 9 63. 4 65.7 64.3 71.0 27. 2 28.5 29.6 30.4 34.4 7.6 8. 4 9. 8 10.9 12.6 6. 8 7. 5 8. 1 8. 5 9. 1 3. 8 3.6 3. 9 4. 1 4. 2 106.4 114.5 115. 1 124. 9 115. 4 117. 2 124. 0 125.0 123.8 126.9 136. 0 (2) 48. 6 51. 5 48. 6 54. 2 48. 1 49. 6 53.4 54.9 53.8 54.7 57. 1 60. 7 22.7 24. 6 26. 5 29. 1 26. 8 26. 7 28. 7 28.7 28.9 30. 3 31. 9 (2) 14. 6 15. 3 16. 2 16. 8 16. 6 16. 5 17.5 16. 8 16. 3 16. 7 15. 2 16. 2 20.5 23. 1 23. 9 24. 8 24.0 24. 4 24. 5 24. 6 24. 7 25. 2 31. 7 32. 2 110.3 113.9 118. 1 123. 4 118. 4 117.7 119. 6 120. 6 126. 3 127. 0 133. 7 137. 7 63. 4 64.2 65.2 66. 8 65. 1 64. 1 64. 4 65. 6 67. 5 69. 8 71. 9 74. 6 27.7 29. 1 29. 9 32.4 29.7 29.8 31. 3 30. 9 34. 8 32. 8 35.4 34. 8 8.0 9. 1 10. 4 11. 2 10. 8 11. 0 11. 0 11. 1 11. 1 11. 6 13. 0 14.5 7. 2 7. 7 8.3 8.7 8. 4 8. 4 8.6 8.7 8.8 8.8 9. 3 9. 5 4. 0 3.6 4.2 4.2 4.4 4.4 4.3 4.2 4. 1 4. 1 4. 1 4. 3 1 Estimates. 2 Not available. s Preliminary. -2. 1 — 1. 2 — 1. 4 2. 3 (2) -3.8 .7 -3.0 1.6 -3.0 —.o 4.5 4.4 -2.5 -.2 2.3 2 () NOTE.—Series revised beginning 1962. For details, see Survey of Current Business, July 1966. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U.S. GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC DOCUMENTS WASHINGTON, D.C. 2O4O2 OFFICIAL BUSINESS First-Class Mail Contents TOTAL OUTPUT, INCOME, AND SPENDING The Nation's Income, Expenditure, and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part-Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work—Selected Industries Average Hourly and Weekly Earnings—Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories—Total and Trade Manufacturers' Shipments, Inventories, and New Orders Merchandise Exports and Imports U.S. Exports and Imports of Goods and Services U.S. Balance of International Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY, CREDIT, AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public Bank Loans, Investments, Debits, and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices, Yield, and Earnings FEDERAL FINANCE Federal Administrative Budget Receipts and Expenditures Federal Cash Receipts from and Payments to the Public Federal Budget, National Income Accounts Basis 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 NOTE.— Detail in these tables will not necessarily add to totals because of rounding. Data for Alaska and Hawaii are not included unless specifically noted. Unless otherwise stated, all dollar figures are in current prices. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C., 20402 Price 25 cents per copy; $2.50 per year; $3.50 foreign 38 U.S. G O V E R N M E N T P R I N T I N G OFFICE:1966
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