Full text of Economic Indicators : July 1967
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Congress, 1st Session
Economic Indicators
July 1967
Prepared for the Jo hit Economic Committee by the
Council of Economic Advisers
The 1967 revised edition of the Historical and Descriptive Supplement to Economic Indicators,
which describes each series and gives annual data for years not shown in the monthly issues, is new
available at 70 cents a copy from the Superintendent of Documents, Government Printing Office.
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1967
JOINT ECONOMIC COMMITTEE
(Created purpiatit to Sec. 5(a) of Public Law 304, 79th Cong.)
:
\ •'. ^ SENATE
\ Vv.*'
JOHN SPARKMAN (Alaba
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
PROXMIRE, Wisconsin, Chairman
Ht P ATM AN, Texas, Vice Chairman
\^
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
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—81sT 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 drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 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.
11
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates indicate that gross national product rose by $9 billion (seasonally adjusted annual rate) in the
second quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Net receipts
Disposable personal income
Period
1959
1960
1961
1962
1963
1964
1965
1966
1965: IIIIV..
1966: I
IV..
1967: I...
PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
and
tion
or
paid and excludPurfers,
fers,
expendnontax interest,
Net
disTotal! transfer
ing
expend- interest, chases
interest itures saving receipts
receipts itures
of goods
payand
and
or
ments
and
and
sub- 2
sub- 2
accruals sidies
to fortranssidies
eigners
fers
337. 3
350. 0
364. 4
385. 3
404. 6
438. 1
472. 2
508.8
479.4
489.4
497. 5
503. 3
512.4
522. 0
532. 7
540.2
7. 1
7. 8
8. 1
8. 6
9. 7
10. 7
11. 9
13. 1
12. 2
12.4
12. 6
13. 0
13. 1
13. 5
13. 8
14. 3
330. 3
342. 3
356. 3
376. 6
394. 9
427.4
460. 3
495.7
467.2
477.0
484. 9
490.3
499. 3
508. 5
518. 9
525. 9
311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
436.4
447. 8
458. 2
461. 6
470. 1
473. 8
480. 2
488. 9
128. 9
139. 8
144. 6
157. 0
168. 8
174. 1
188. 8
213. 0
188. 3
193. 2
204. 3
210. 6
216. 3
220. 9
222. 8
19. 1
17. 0
21. 2
21. 6
19. 9
26.2
27.2
29. 8
30. 9
29. 3
26. 6
28. 7
29.2
34. 6
38. 8
37. 1
34. 0
36. 5
41. 3
42. 8
44. 4
46. 7
49. 7
55. 5
51. 9
50.4
53. 4
53. 1
56. 1
59.4
63. 1
63. 6
95. 0
103. 3
103. 3
114. 2
124. 3
127. 3
139. 1
157. 5
136.4
142. 8
150. 9
157. 5
160. 2
161. 5
159. 7
131. 0
136. 1
149. 0
159.9
166. 9
175. 4
186. 1
209.8
190. 0
192. 6
199. 8
204.4
213. 7
221. 2
233. 6
238. 6
34 0
36. 5
41. 3
42.8
44. 4
46.7
49.7
55. 5
51.9
50.4
53.4
53. 1
56. 1
59.4
63. 1
63. 6
97. 0
99. 6
107. 6
117. 1
122. 5
128.7
136. 4
154. 3
138. 1
142. 3
146. 5
151. 2
157. 7
161. 7
170.4
175.2
Net
Net exports of goods
Total
Statisand services
transfers
Excess of income
tical
G ross
\ CO 88
to foror
discrepGross
transfers
private
Of
retained domestic
eigners
or
receipts
ancy
by
earnof net
Equals: exports
:J
invest- | invest- sons perment
and
Less:
ings
Net
ment 4
Govern- Exports Imports exports
ment
1959
I960
1961
1962
1963
1964
1965
1966
1965: III
IV
1966: I
n_
III
IV
1967: I
II
56. 8
56. 8
58. 7
66. 3
68. 8
76. 2
83. 7
89. 7
84. 2
86. 2
87. 6
88.4
89. 5
93. 6
88. 9
75. 3
74. 8
71. 7
83. 0
87. 1
94. 0
107.4
118. 0
108. 2
112. 3
115. 2
118. 5
116.4
122. 2
110.4
106. 1
— 18. 5
— 18. 0
-13. 0
-16, 8
-18. 4
-17.8
-23.8
-28. 3
-24. 0
-26. 1
-27. 6
-30. 1
-26. 9
-28. 6
-21. 5
2. 4
2. 4
2. 6
2. 7
2.8
2. 8
2. 8
2. 9
2. 9
2. 6
3.4
2. 9
2.8
2. 5
2. 9
3. 1
23. 5
27. 2
28. 6
30.3
32. 3
37. 1
39. 1
43. 0
40. 3
40. 5
42. 0
42. 5
43. 7
44. 0
45. 3
44. 8
-Personal income (p. 5) less personal tax and nontax payments (fines, penalties, etc.).
2 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.
Surplus
or
deficit
(-),
income
and
product
accounts
-2. 1
3.7
-4. 3
-2. 9
1.8
-1.4
2.7
3. 2
-1.7
.6
4. 6
6. 1
2. 6
2
-10*. 8
International
Business
Period
Expenditures
23. 3
23. 2
23. 0
25. 1
26. 4
28. 6
32. 2
37.9
32. 9
34.4
36. 0
37. 1
39. 0
39. 7
39. 9
39. 6
0. 1
4. 0
5. 6
5. 1
5. 9
8.5
6.9
5. 1
7.4
6. 1
6. 1
5. 4
4. 6
4.3
5. 3
5. 2
2.3
-1.7
-3. 0
-2. 5
-3. 1
-5.7
-4. 1
-2. 2
-4. 5
-3.4
-2. 7
-2. 5
-1.8
-1. 8
-2. 5
-2. 1
484. 5
504. 8
520. 8
559. 8
590. 8
633. 7
685.8
745. 9
690. 7
708. 6
726. 8
739. 1
751.8
766. 1
770.4
-0. 8
-1.0
-. 8
.5
-. 3
-1. 3
-2. 0
-2. 6
-. 6
—. o
-. 9
-2. 2
-3. 2
-3. 8
-4.0
Gross
national
product
or
expenditure
483. 7
503. 7
520. 1
560. 3
590. 5
632. 4
683. 9
743. 3
690. 0
708.4
725.9
736.7
748. 8
762. 1
766. 3
775. 3
4
Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
* Net foreign investment with sign changed.
NOTE.—Series revised beginning 1964. For details, see Survey of Current Business, July 1967. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) advanced at an annual rate of about 5 percent in the second quarter.
After adjustment for price changes, the annual rate of increase was about 2% percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
SEASONALLY ADJUSTED ANNUAL RATES
700
70
0
i
GROSS NATIONAL PRODUCT
600
600
500
500
PERSONAL CONSUMPTION
EXPENDITURES \
400
400
- GOVERNMENT PURCHASES OF GOODS AND SERVICES
300
300
\
100
100
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES \
J
L
J
1962
1961
L
t
1963
I
I
1965
1964
Period
1956
1957
1958
1959
1960
1961
1962
1963
1964___ _ _ ___
1965
1966
1965: III
IV
1966: I
II
III
IV
1967: I
II *
COUNCIL OF ECONOMIC ADVISERS
Goveim m e n t \ m re. liases of good s and
Total
Personal Gross
Net
services
congross
Total
private exports
sump- domestic of goods
Federal
national
gross
State
tion
product national
Total
investand
National Other
in 1958 product expendTotal
services
ment
local
defense 1
prices
itures
Billions c)f dollars; quarterly data at s casonall]7 adjustc d annual rates
446.1
452.5
447. S
475. 9
487.7
497. 2
529. 8
551. 0
581. 1
616. 7
652. 6
620. 7
634. 4
645. 4
649. 3
654. 8
661. 1
660. 7
664. 6
419. 2
441. 1
447. 3
483. 7
503. 7
520. 1
560. 3
590. 5
632. 4
683. 9
743. 3
690. 0
708.4
725. 9
736.7
748. 8
762. 1
766.3
775.3
266. 7
281. 4
290. 1
311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
436.4
447. 8
458. 2
461. 6
470. 1
473.8
480.2
488. 9
70. 0
67. 8
60.9
75.3
74.8
71.7
83. 0
87. 1
94. 0
107.4
118. 0
108. 2
112. 3
115. 2
118. 5
116.4
122. 2
110.4
106. 1
*This category corresponds closely with budget expenditures for national
defense, shown on p. 35.
2 Gross national product in current prices divided by gross national product
in 1658 prices.
1967
1966
I/PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE
4. 0
5.7
2.2
.1
4. 0
5. 6
5. 1
5.9
8. 5
6. 9
5. 1
7.4
6. 1
6. 1
5.4
4.6
4.3
5. 3
5. 2
78. 6
86. 1
94. 2
97. 0
99. 6
107. 6
117. 1
122. 5
128.7
136.4
154. 3
138. 1
142. 3
146. 5
151. 2
157. 7
161. 7
170.4
175. 2
45. 6
49. 5
53. 6
53. 7
53. 5
57.4
63. 4
64. 2
65.2
66. 8
77.0
67.6
69. 8
72. 1
74. 9
79. 5
81. 5
87. 1
89. 5
40. 3
44. 2
45. 9
46. 0
44. 9
47. 8
51. 6
50. 8
50. 0
50. 1
60. 5
50. 3
52.4
55. 1
58. 4
63. 0
65. 6
70. 2
72. 6
5.3
5. 3
7. 7
7. 6
8. 6
9. 6
11.8
13. 5
15. 2
16. 7
16. 5
17. 3
17.4
17. 1
16. 6
16. 6
15.9
16.8
16. 9
33. 0
36.6
40. 6
43. 3
46. 1
50. 2
53. 7
58. 2
63.5
69.6
77.2
70.4
72. 5
74. 3
76. 2
78. 1
80. 2
83.3
85. 6
1 iMplicii
price
deflator
for total
GNP,
1958— 1002
94. 0
97. 5
100. 0
101. 6
103. 3
104. 6
105. 8
107. 2
108.8
110. 9
113. 9
111. 2
111. 7
112. 5
113. 5
114.4
115. 3
116. 0
116. 7
NOTE.—Series revised beginning 1964. For details, see Survey of Current Business, July 1967. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
NATIONAL INCOME
According to revised estimates, national income rose by about $21A billion (seasonally adjusted annual rate) in the
first quarter. On the basis of preliminary estimates for the second quarter, employee compensation gained $4 billion
and net interest advanced $% billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
6oa
600
TOTAL NATIONAL INCOME
500
COMPENSATION OF EMPLOYEES
4oa
PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
o i ~r—r—j
T—rmmr
1967
1961
I/PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1957
1958
1959
I960
1961
19G2_._
1963
1964
1965
1966
1965: III
IV
1966: I _ _
II
III
IV
1967: I
II*
1
Includes
2
___ _
366. 1
367. 8
400. 0
414. 5
427. 3
457. 7
481. 9
518. 1
562. 4
616.7
566.5
582.8
600.3
610.4
622. 1
634. 1
636.4
Compenof employees '
256. 0
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.9
435.7
397.2
408.4
420.8
430.7
441.2
450.2
459.1
463. 1
Proprieto vs' income
Farm 2
32. 8
33.2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
41.9
43.2
42.0
42.5
42.8
43.3
43.3
43.4
43.2
43.4
11.3
13.4
11. 4
12. 0
12. 8
13. 0
13. 1
12. 1
14.8
16. 1
15.2
15.3
17.1
16.0
15.9
15. 1
14.6
14.3
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.
Business
and professional
3
Rental
income
of
per14. 8
15. 4
15. 6
15. 8
16. 0
16.7
17. 1
18.0
19.0
19.4
19. 1
19. 2
19.2
19.3
19.4
19.6
19.8
20.0
Net
interest
5.6
6. 8
7. 1
8. 4
10. 0
11. 6
13.8
15.8
17.9
20.2
18.2
18.8
19.3
19.8
20.4
21. 1
21.6
22. 1
Corpora }e profits and iiiventory va uation ad justment 3
Total
45. 6
41. 1
51.7
49. 9
50. 3
55. 7
58. 9
66.3
74.9
82.2
74.9
78.7
81.1
81.3
81.9
84.6
78. 1
Profits
before
taxes 3
47.2
41. 4
52. 1
49.7
50. 3
55. 4
59. 4
66.8
76.6
83.8
75.8
80.8
83.7
83.6
84.0
83.9
79.0
Inventory
valuation
adjustment
-1. 5
.o
—.5
.2
—.1
.3
-. 5
.
CJ
-1.7
— 1.6
-.9
— 2. 2
-2.6
-2.3
-2.2
.7
-.8
-.6
See Note, p. 7.
NOTE.—Series revised beginning 1964. For details, see Survey oj Current Business, July 1967. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
Personal income in June resistered an increase of $3% billion, reaching $622 billion (seasonally adjusted annual
rate). According to the revised series, wages and salaries and other labor income were up $3 billion while almost all
other sources of income registered small gains.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
600
600
500
500
400
400
WAGE AND SALARY DISBURSEMENTS
L..3-T—
300
300
OTHER INCOME
\
iiiiiiiiiMiiiiiiiiiimiii'""!
100
100
TRANSFER PAYMENTS
i » I
1961
SOURCE:
I I L I
1962
DEPARTMENT OF
1963
Period
1958
1959
1960
1961
1962
1963
1964
1965
1966
1966: May___
June
July___
Aug
Sept___
Oct
Nov
Dec
1967: Jan
Feb
Mar
Apr
May
June *__
361.2
383.5
401.0
416.8
442.6
465. 5
497. 5
537.8
584. 0
576. 1
581. 1
584. 7
589. 1
594. 1
597.5
602. 1
605. 0
610. 4
612. 6
615. 6
616. 5
618. 2
621.9
L I J
I I
I I
1966
I
1I I I
I I I I I I
1967
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Other Propriet ors' income income
and
Divi- Personal Transfer
salary
paylabor 2
Business
dends interest ments
of
disburse- income
income
Farm
and pro- persons
1
fessional
ments
239.9
9.9
13.4
15.4
11.6
33.2
18.9
25.7
258.2
12.6
11.3
11.4
15.6
20.7
26.6
35. 1
13.4
12.0
34.2
23.4
12.0
28.5
270.8
15.8
12.7
25.0
32.4
12.8
16.0
13.8
278. 1
35.6
15.2
33.3
13.9
296. 1
13.0
16.7
27.7
37. 1
14, 9
16. 5
31. 4
35.3
311. 1
13. 1
17. 1
37. 9
12. 1
18. 0
34.9
36.7
333.7
16. 6
17. 8
40. 2
38.4
359. 1
41. 9
19. 0
39. 7
18. 6
14.8
19. 8
21. 5
42.4
394. 6
16. 1
19. 4
43. 9
20. 8
43. 2
41. 9
21. 7
41. 4
19. 3
389.5
20. 5
16. 0
43. 2
42. 2
21. 6
41. 8
393. 9
20, 7
19. 3
15.6
43. 5
42. 4
21. 6
42. 4
397. 1
19. 4
20. 9
16. 0
43. 3
21. 1
399. 8
21. 5
42.8
43. 8
15. 9
19. 4
43. 3
21. 3
21. 7
43. 3
15. 8
19. 4
45. 8
401. 9
43. 4
21. 4
404. 8
43. 8
19. 5
21. 6
46. 6
15. 0
43. 3
21. 7
44. 3
407. 6
15. 1
19. 6
21. 6
47. 4
43. 5
21. 9
44. 8
19.7
48.5
410. 0
15. 3
43. 5
20. 2
22. 1
45. 0
15. 0
19.7
21. 8
49. 7
413.8
43. 3
22.2
14. 6
22. 3
414 2
19. 8
45. 2
51. 1
43. 2
22. 4
14. 3
416. 2
19. 9
22. 6
45. 5
51.7
43. 1
416. 7
22. 6
14. 4
22. 8
45. 8
51. 0
20. 0
43. 3
22. 8
417. 2
14. 4
20.0
23. 1
46. 0
51.5
43. 4
14. 3
420. 0
23. 1
51. 7
20. 1
23. 3
46. 2
43. 5
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.
1965
COUNCIL OF ECONOMIC ADVISERS
COMMERCE
Total
personal
income
1964
Less: Personal con- Nonagritributions cultural
personal
for social income 3
insurance
344.3
6.9
368.5
7.9
385.2
9.3
400.0
9.6
425.5
10.3
448. 1
11.8
12. 5
480. 9
518. 4
13. 4
563. 1
17. 9
555. 3
17.3
560. 7
17.5
563. 9
18. 3
568. 3
18. 4
573. 4
18. 4
577. 5
18.6
581. 9
18.7
584 8
18. 8
590.2
20. 0
593. 0
20. 0
596. 2
20. 1
596. 9
20. 1
598. 8
20. 1
602. 4
20. 2
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
NOTE.—Series revised beginning 1964. For details, see Survey of Current Business, July 1967. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Personal income in the second quarter advanced by $6 billion (seasonally adjusted annual rate) and disposable
income rose $71/2 billion. With a gain in personal outlays of over $9 billion, the saving rate fell to 6.9 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
.JsJ 1,800
1,800
1961
1967
J/PRELIMINARY.
SOURCEi DEPARTMENT OF COMMERCE
Le
Period
Per-'
Personal
sonal tax and
income nontax
payments
361.2
383.5
401.0
416. 8
442.6
465. 5
497. 5
537. 8
584. 0
42.3
46.2
50.9
52.4
57.4
60. 9
59. 4
65. 6
75. 2
1965: III.. 544. 6
IV— 556. 1
567. 8
1966: I
!!___ 577.3
III.. 589. 3
I V _ _ 601. 6
1967: !____ 612. 9
II »_ 618.9
65. 2
66. 7
70.4
74 1
76. 9
79.6
80. 2
78. 6
1958
1959
1960
1961
1962
1963
1964
1965
1966
COUNCIL OF ECONOMIC ADVISERS
Per cap ita disSaving
L ess : Perse nal outlawfS
posable personal as perEquals:
Persoilal consurnption
Equals:
incc>me
cent of
Disex penditures 2
Personal
disposable Total
saving Current 1958
posable
personal personal Durable Nonprices personal
prices
income outlays! f-,00 b durable Services
goods
(percent)
Billions of dollars
Dol lars
7.0
140.2
296.6
112.0
22.3
37. 9
1,831
1,831
318.8
5.6
146.6
318.3
44.3
120.3
19.1
1,905
1,881
337.3
4.9
333. 0
151.3
17.0
128.7
1,883
45. 3
350.0
1,937
5.8
44.2
155.9
21.2
135. 1
1,983
1,909
343. 3
364.4
5.6
162.6
143.0
21.6
2,064
363.7
49.5
1,968
385.3
4.9
152. 4
168. 6
19. 9
2,013
404. 6
384.7
53. 9
2,136
6. 0
59.2
178. 7
163. 3
411.9
26. 2
2,280
2, 123
438. 1
5.8
191. 2
175. 9
2, 232
27. 2
472. 2
2,427
66. 0
445. 0
207. 5
5. 9
70.3
188. 1
29.8
2,584
2, 317
479. 0
508. 8
f
Seascinally adj listed anni lal rates
192. 4
6.4
177. 8
30. 9
2,459
66. 1
2, 258
448. 5
479. 4
198. 0
29. 3
2, 502
181. 2
6. 0
2,291
68. 6
489. 4
460. 1
203. 2
183. 5
26. 6
2, 537
2, 304
5. 3
71. 6
497.5
470. 9
207. 1
2, 302
5.7
186. 3
28.7
68. 2
474.6
2,560
503.3
209. 5
189. 8
29. 2
2,598
2, 324
5.7
70. 9
512. 4
483. 2
192. 9
210. 3
34. 6
487.4
2,639
2, 341
6.6
70.6
522. 0
214. 2
196. 6
38.8
2,373
7.3
69. 4
2,686
532. 7
493. 9
216. 6
200. 2
37. 1
72. 1
2,717
2,387
6. 9 1
540.2
503. 2
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
Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
Population
(thou-3
sands)
174, 141
177, 073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
194,
195,
196,
196,
197,
197,
198,
198,
940
594
096
628
216
834
356
852
NOTE.—Series revised beginning 1964. For details, see Survey of Current Business, July 1967. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) declined 2% percent in the second quarter;
including inventory change, the decline was 2 percent.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
SEASC NALLY ADJUSTED ANNUAL RATES
50
REALIZED <3ROSS
FARM INCZOME
^s
-^
\
40 -
^-
—~r
„*—*1
50
1
]•*•
7~
40
30
30
NET FARM 1NCOME
INCLUDING NET INVENTORY
CHAN 3E
20
20
'
...-,„.*'
A
10
10
1
I
1
!
1961
!
1962
1
I
!
1963
!
\
\
\
1964
1
1
1
1965
SOURCE: DEPARTMENT OF AGRICULTURE
][ncome
Realize d gross
From
all
sources
1958
1959
1960
1961
1962
1963
1964
1965
1966
1965: ni
IV
1966: I
II
III
IV
1967: I
II" _ _
19. 5
18. 1
18.7
19. 0
19. 2
18. 7
18.0
20.3
21. 3
From
From
farm
nonfarrn
sources sources
1
1
1967
12.8
11. 0
11.4
12. 1
12. 2
12. 0
11.2
13.4
14. 4
6. 7
7.0
7. 2
6.9
7. 0
6.7
6.8
6.9
6. 9
re ceived fro m farming
T
Net t<D 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
1966
from
Total i
ventory ventory2 prices prices 4
marketchange change
ings
Billions (>f dollars
Dollars
3,504
37.9
12.7
25. 2
13. 5
3, 189
33.5
37. 5
26. 1
11.4
3,071
11. 5
33.5
2,795
3,308
37. 9
26. 2
12. 0
34. 0
3,043
11. 7
3,684
39.6
27. 0
12. 6
34.9
12.9
3,389
41. 1
3,789
12.5
3,562
36. 2
28. 5
13. 1
37.2
3,864
42. 1
29. 6
12.5
13. 1
3,671
42.4
29.4
13.0
12. 2
3, 510
37.1
3,695
44.8
13.9
4, 413
39. 1
30.9
14. 9
4, 549
49. 7
43. 2
33.3
16. 4
16. 2
4,988
4,988
Seaso nally adju sted annu at rates
13.9
45. 2
4, 540
39. 5
15.3
4,680
31. 3
14.2
15.4
45.8
4, 560
40. 0
4, 700
31. 6
32. 6
49. 5
16. 9
17. 3
5, 320
5, 370
43. 3
16. 2
4, 980
49. 5
33. 1
16. 4
4, 980
43. 1
4, 950
50. 0
33. 5
16. 5
4, 900
43. 3
16. 1
49. 9
43.2
34.0
15. 9
4,660
15. 3
4,710
34. 3
14,8
49. 3
42. 6
4,670
4, 620
15. 0
42. 4
34 5
14. 6
14. 5
49. 1
4,580
4, 490
1
Cash receipts from marketings, G avernment p ayments, an d nonmonej>• income furnished by farms.
2
Inventory of crops and livestock valued at th e average pi ice for the j
Also, see footnote 2, p. 3.
3
Based on 1959 Census of Agricult ure definitio Q of a farm. The numb 3r of
farms is held constant within a year.
!
1966
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total J ?arm poptilation
Period
i i i
«1 Qcome in GUI-rent prices ciivided by t ae index of p rices paid by farmers for
fami ly living itenQS on a 1966 1}ase.
Nc)TE.— Series revised begirining 1964. For details, se 3 Farm Inconic Situation,
July 1967.
So urce: Depar ;ment of Agr iculture.
CORPORATE PROFITS
Revised estimates indicate that corporate profits (before taxes) and inventory valuation adjustment fell by $6% billion
(seasonally adjusted annual rate) in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
10
1961
I
1967
1962
-I/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
r
SOURCE: DEPARTMENT OF COMMERCE
Period
1958
1959
1960
1961
1962
1963
1964
1965
1966
1965: III..
IV__
1966: I....
!!___!
IIL_
IV..
1967: !____
II p _
COUNCIL OF ECONOMIC ADVISERS
SEE NOTE ON TABLE BELOW
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Cor porate pi-ofits
Cor]sorate pr ofits (bef()re taxes) and inveritory
£ifter tax*iS
valuation ad just me nt
Tran sCorpo- CorpoM anufactui •ing
portation
rate
rate
comDiviUntax
profits
NonAll
Durable durable muniAll 1 before liabil- Total dend distribindusgoods
payuted
taxes
ity
Total
goods cations, other
tries
indusand
ments profits
tries
public
tries
utilities
10. 0
19. 3
9. 3
41. 1
41. 4
22. 3
11. 6
10. 8
15. 9
19. 0
5. 9
12. 7
13. (3
26. 3
52. 1
12. 6
7. 0
18. 4
23. 7
28. 5
51. 7
15. 9
24. 4
12. 0
12. 4
49. 9
7. 5
17. 9
26. 7
13. 4
23. 0
13. 2
49. 7
23. 3
11. 4
11. 9
50. 3
27. 2
7. 9
50. 3
23. 1
13. 8
13. 5
19. 1
26. ()
14. 1
12. 5
S. 5
24. 2
55. 7
20. 5
15. 2
55. 4
31. 2
16. 0
13. 0
15. 8
28. 8
9. 5
20. 6
26. 3
33. 1
16. 5
16. 6
58. )
59. 4
14. 9
32.7
17. 8
10. 1
23.4
38.4
28.3
17.8
66. 3
66.8
20.6
22. 2
38.7
16. 5
45.2
31.4
74. )
25.0
25.4
11.2
76.6
19.8
43. 1
24^4
18.7
82. 2
34.5
27.3
49.3
21.5
83.8
27.8
11.9
74.9
78. 7
81. 1
81. 3
81. 9
84.6
78. 1
1
Includes
2
22. 1
23. 7
24.3
24. 0
23.9
25.3
21.1
38. 6
41. 0
42.7
42.5
42.7
44.4
39.6
16.5
17.4
18.3
18.5
18.8
19.2
18.4
11.2
12.0
11.7
12.0
11.8
12.0
11.7
25. 1
25.6
26.7
26.8
27.4
28.2
26.9
i
all other industries and financial institutions.
Includes depreciation, capital outlays charged to current account, and accidental damages.
3
Corporate profits after taxes plus corporate capital consumption allowances.
81-490°—67-
75.8
80.8
83.7
83.6
84.0
83.9
79.0
01
31. 1
I
33. 1
34.5
34.5
34.6
34.6
32.5
44.8
47.7
49.2
49.2
49.4
49.3
46.5
20. 2
20.9
21.4
21.6
21.6
21.2
22.2
23. 1 '
24.6
26.8
27.8
27.6
27.8
28.2
24.2
Profits
plus
capital
consumption
allowan ces 3
Corporate
capital
consumption
allowan ces 2
22. 0
23. 5
24. 9
26. 2
30. 1
31.8
33.9
36.5
39.0
44. 3
52. 0
51. 6
53. 5
61. 3
64. 8
72.3
81.7
88.3
36.9
37.8
38.3
38.7
39.2
39.8
40.3
40 9
81.7
85.5
87.5
87.9
88.6
89. 1
86.8
1
NOTE.-—Series revised beginning 1964. For details, see Survey oj Current Business, July 1967. Data beginning 1962 adjusted for effects of new depreciation
guidelines ($2J^ billion for 1962) and therefore not comparable with preceding
data. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
*•»
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment in the second quarter registered a decline of more than $4 billion (seasonally
adjusted annual rate) as the rate of inventory accumulation fell by $5 billion. However, residential construction
expenditures gained $11>4 billion—their best advance since the first quarter of 1959.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
1140
SEASONALLY ADJUSTED ANNUAL RATES
120
120
GROSS PRIVATE DOMESTIC
100
100
80
80
60
PRODUCERS'
DURABLE EQUIPMENT
A7f--
40
RESIDENTIAL STRUCTURES
IIIIIIIIIIIIMIIItll
, ,.,«..« » " "
„,.. ,.. « » " '
Hill"'"'*
1
' " H ... . . " " "
" " F..^!! " "
20
20
NONRESIDENTIAL STRUCTURES
s^
\
CHANGE IN BUSINESS INVENTORIES
\
\
1
1961
1963
1 6
9 2
1
i
1
1
I
1965
1964
1
1
1966
1
1967
I/PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
P
- 1
Total
gross
private
domestic
investment
Total
Struc tures
Total
Total
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1965: III
IV
1966: I
II
III
IV
1967: I
II "_
70. 0
67. 8
60. 9
75. 3
74. 8
71. 7
83. 0
87. 1
94.0
107.4
118.0
108.2
112.3
115.2
118.5
116.4
122.2
110.4
106.1
65. 3
66. 5
62. 4
70. 5
71. 3
69. 7
77. C
81. 3
88.2
98.0
104.6
98.8
102.4
105.3
104.5
104.9
103.7
103.3
104.0
43. 7
46. 4
41. 6
45. 1
48. 4
47. 0
51. 7
54. 3
61. 1
71. 1
80.2
71.9
75.7
78.3
78.7
81.2
82.8
81.9
81.3
ing 1960.
8
Resid ential
struc tures
N<)nresident iai
17. 2
18. 0
16. 6
16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25. 1
27.9
25.1
27.3
28.3
27.5
28.2
27.7
27.7
26.3
Nonfarm
16. 5
17. 2
15. 8
15. 9
17. 4
17. 7
18. E
18. 8
20.5
24.4
27.2
24.4
26.7
27.6
26.8
27.4
26.9
26.9
25.5
Produce rs3 durable equ ipment
Total
26. 5
28. 4
25. 0
28. 4
30. I
28. 6
32. f>
34. 8
39.9
46.0
52.3
46.8
48.3
50.0
51.2
53.1
55. 1
54.2
55.0
Nonfarm
24. 2
25. 9
22. 0
25. 4
27. 7
25. 8
29. 4
31. 2
36.3
41.9
47.8
42.6
43.8
45.5
46.9
48.7
50. 1
50.0
50.3
Total
21. 6
20. 2
20. 8
25. 5
22. 8
22. 6
25. Z
27. 0
27.1
27.0
24.4
26.9
26.8
27.0
25.8
23.7
20.9
21.4
22.7
Nonfarm
20. 9
19. 5
20. 1
24. 8
22. 2
22. 0
24. 8
26. 4
26.6
26.4
23.8
26.4
26.2
26.5
25. 3
23.2
20.4
20.9
22. 1
Source: Department of Commerce.
Change in business inv entories
Total
4. 7
1. 3
-1. 5
4. 8
3. 6
2. 0
6. 0
5. 9
5.8
9.4
13.4
9.4
9.9
9.9
14. 0
11.4
18.5
7.1
2. 1
Non-
farm
5. 1
.8
-2. 3
4. 8
3. 3
1. 7
5.3
5. 1
6.4
8.4
13.7
7.9
8.7
9.6
14.4
12.0
19.0
7.3
2.2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment in 1967 are now expected to rise to $62.4 billion. This is a 3
percent gain over 1966—considerably smaller than the 161/2 percent increase recorded last year.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
1 70
SEASONALLY ADJUSTED ANNUAL RATES
60
60
TOTAL NEW PLANT AND EQUIPMENT.
50
50
40
40
NONMANUFACTURING
30
30
„„,.,...•«"""
20
20
MANUFACTURING
10
10
I
J_
J
L
J
_L J_
1962
1961
1964
1963
1965
jLJLLJLLJLJo
I
1966
1967
-1/SEE NOTE 3 OH 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 anufacturi ng
Period
Total »
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967 *
1966: I
1
Durable Nonduragoods
ble goods
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
60.63
62. 40
58. 00
(H). 10
11
III
IV
19G7: I 3
II _ _ _
111 3
IV3
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
26.99
27.91
25. 60
2(>. SO
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
13.99
14. 50
13. 15
13. 85
<>1. 25
62. 80
61. 65
61. 55
62. 80
63. 60
27. 75
27. 85
27. 30
28. 35
28. 15
14. 50
14. 20
14.20
14. 60
14. 90
27. 55
14. 35
Excludes agriculture.
''Commercial and other includes trade, service, finance, communications, and
construction.
3
Estimates based on anticipated capital expenditures as reported by business
in late April and May 1907. Includes adjustments when necessary for systematic
tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Transpo rtation
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
13.00
13. 42
12.45
12. 95
13. 20
13.25
13.70
13. 10
13. 70
13. 25
Mining
Railroads Other
0.99
.98
. 96
1. 24
1. 24
. 94
.99
.99
.98
1.08
1. 04
1. 19
1.30
1.47
1.56
1.40
1. 55
1. 45
1.45
1. 40
1.50
1. 65
1.31
. 85
. 92
1. 23
1. 40
. 75
. 92
1.03
.67
. 85
1.10
1. 41
1.73
1.98
1.53
1. 75
2. 00
1. 85
2.35
1.80
1. 50
1. 50
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
3.44
3.82
3.30
3. 50
3.40
3.50
3. 05
3.80
4. 20
35.50
Public
utilities
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
8.41
9. 12
8. 25
8.30
8. 55
8.50
9.20
9. 25
9. 20
Commercial and
other 2
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
18.36
18.46
17. 70
17.95
18. 45
19.25
18. 30
18. 15
17. 95
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
A substantial increase in seasonally adjusted employment (858,000) occurred in June. However, the civilian labor
force expanded even more by 1,048,000 and as a result unemployment rose by 190,000.
MILLIONS OF PERSONS*
90
MILLIONS OF PERSONS*
1 90
SEASONALLY ADJUSTED
85
80
80
TOTAL LABOR FORCE
\
75
75
70
70
•r
EMPLOYMENT
10 r-
UNEMPLOYMENT
5 -s11j i i l i i
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
s E/ S<Dh4A
UNEMF L(y\fME NT RX JE
~~
"TjT
>
» ij i
1
; i |
1
!
-u
T' i i
•j
--! |
!
1
! .{!
r I-
961
—
_
i
-— -
i9<52
-
19 s:
,
LY
/\DJUST ED
~1
"
1
—
n—in
..
r
i
~n
—!
1
96f 5
19 5/t
_
|
19 67
96d>
1
*16 YEARS OF AGE AMD OVER.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Or COMMERCE
Period
1962___
1963.. _._
1964. __
1965___
1966.
1966:
MayJune
July.
Aug.
Sept.
Oct__
Nov_
Dec.
1967:
Jan__
Feb__
Mar.
Apr _
Mav_
June
Unempl oyment Labor
Total
Total | Ci villa n emCivilia n emplo vmcnt
force
rate (pe rcent of
labor
ployinent
labor
force
Unem- civiliari labor particiUnemCivilian
force
N onNonfor ce)
pation
ployAgri(includploy- (includ- labor
agrirate,
ing
ment
force
Total
culment
Total
ing
Unad- Season- unadculcularmed
tural
armed
tural
justed ally ad- justed l
tural
forces)
justed
forces) i
Percei i i,
Thous ands of i>ersons 16 years of age and o ver
59. 7
5. 5
73, 442 66, 702 61, 759 3, 911 73, 442 70, 614 66, 702 4, 044 61, 75!) 3, 911
59. 0
5.7
74, 571 67, 762 63, 076 4,070 74, 571 71, 833 67, 702 4, GST 03, 070 4, 070
5. 2
59. 6
75, 830 69, 305 64, 782 3,786 75, 830 73, 091 69, 305 ,i, r>23 04, 782 3, 786
77, 178 74, 455 71, 08S 4, 301 06, 726 3, 366
59. 7
4. 5
77, 178 71, 088 66, 726 3, 366
60. 1
2, 875 78, 893 75, 770 72, 895 3, 979 08, 915 2, 875
3.8
78, 893 72, 895 68, 915
Unadj' isted
t"Seasonally ad j 11 sled
78,
80,
SO,
SO,
78,
79,
79,
79,
459
727
838
665
982
488
895
642
72, 620
74, 038
74, 655
74, 666
73, 248
73, 744
73, 995
73, 599
OS,
69,
70,
70,
69,
69,
70,
70,
523
333
076
359
063
630
180
239
2,
3,
3,
2,
2,
2,
2,
2,
794
591
048
821
505
466
577
653
78, 194
78, 767
78, 905
79, 247
79, 268
79, 360
79, 984
80, 154
75, 149
75, 668
75, 770
76, 069
76, 039
76, 081
76, 612
76, 764
72, 253
72, 730
72, 846
73, 141
73, 195
73, 199
73, 897
73, 893
3, 902
3, 981
3, 926
3, 935
3, 886
3, 779
S, 892
4, Oil
68, 351
68, 749
68, 920
69, 206
69, 309
69, 420
70, 005
69, 882
2, 896
2,938
2, 924
2, 928
2, 844
S, 882
2, 715
2, 871
3. 7
4. 6
3. 9
3. 6
3. 3
3. 2
3.4
3.5
78,
79,
78,
79,
79,
82,
706
107
949
560
551
464
72,
72,
72,
73,
73,
75,
68,
69,
69,
69,
69,
70,
826
225
149
724
812
996
3, 160
3, 183
2, 954
2, 666
2,457
3, 628
80, 478
80, 443
79, 959
80, 189
79, 645
80, 681
77, 087
77, 025
76, 528
76, 740
76, 189
77, 237
74, 255
74, 137
73, 747
73, 910
73, 289
74, 147
4, 015
3, 890
3, 855
70, 240
70, 247
69, 892
70, 020
69, 637
70, 420
2, 832
2, 888
2, 776
2,830
2,900
3,090
4. 2
4.2
3.9
3.5
3.2
4.6
160
506
560
445
637
391
* Total labor force as percent of noninstitutional population.
NOTE.—Beginning 19GO, data include Alaska and Hawaii.
10
3,890
3, 652
3, 727
Source: Department of Labor.
3. 9
3. 9
3. 9
3. 8
3.7
3. 8
3.5
3. 7
3. 7
3.7
3.6
3.7
3.8
4.0
59.9
61. 6
61. 6
61. 4
60. 0
60. 3
60. 5
60. 3
59. 5
59.7
59.5
59.9
59.8
61.9
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate rose in June for the third consecutive month, reaching 4.0 percent—the
highest rate since December 1965.
_____
PERCENT
1 10
PERCENT
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
V,
-UNEMPLOYMENT RATE, EXPERIENCED WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
f
1 f
1961
I 1
1962
!
1 1 ! 1
1 1 I
! 1 I ! !
1963
1965
1964
1966
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Uneniploymenlt rate
(pereen t of civilkin labor
for ce in grou P)
Labor
force
time lost
Experi- Married through
unemenced
All
ployment Over 40
wage and men
(wife
workers salary
and part- hours
present)
time
workers
work 1
Period
1962
19G3
1964
1965
1966
5. 5
5. 7
5.2
4. 5
3. 8
1966: May
Jime_
July
Aug.
Sept
Oct
Nov
Dec
_
1967: Jan
Feb
Mar
Apr__
May
June
3.9
3.9
3. 9
3. 8
3.7
3.8
3.5
3. 7
3.7
3.7
3.6
3.7
3.8
4.0
„
Per cent
3. 6
f>. 6
5. f)
3.3
5.0
2.8
2. 4
4.3
3.5
1.9
$easowaZ/ ?/ odjwsierf
3. 7
1. 8
3. 7
1. 9
3. 5
2. 0
3. 7
2. 0
3. 6
1.9
3.5
1.9
3. 4
1. 7
3. 5
1. 7
1.7
3.8
3.4
1.6
3.4
1.7
3.4
1.9
3.6
1.9
3.8
2.0
1
6. 7
6. 4
5.8
5. 0
4. 2
19,271
20, 788
21, 334
4.3
4.7
4. 5
4. 2
4.2
4. 1
3. 8
4. 1
4. 1
4.0
4. 1
4.0
3.8
4.5
21, 435
21, 597
20, 788
21, 048
22, 341
22,326
20, 384
22, 221
21, 317
20, 625
20, 490
20, 759
20, 677
20, 577
1
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginnin? 1963, series reflects whether unemployed persons sought fullor 2part-time jobs.
Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
1967
Persons at work i n nonagri cultural in dustries
by hours worked p>er week 2
Urider 35 hours
35-40
hours
Part-ti me for
economi s reasons
Total
Usually
fulltime 3
Part-ti me for
economic3 reasons
Usually Usually
fullparttime 4
time 3
Thousan ds of pers cms 16 ye<irs of age and over
1,049
1, 288
1, 222
1,069
29, 100 13, 101
986
1,151
30, 768 11,818
897
1,031
32, 088 12, 034
871
793
I /na^'ws^ecZ
Seasonally / adjusted
32, 943 11, 844
830
711
793
853
1,026
33, 158 10, 380
1,028
956
980
882
9,873
31, 533
1, 118
941
1, 012
32, 088
9, 687
879
960
864
835
32, 349 11, 482
840
723
810
846
811
633
32,016 12, 779
834
723
774
28, 585 18, 862
658
775
716
33, 175 12, 614
948
726
981
816
32, 069 13, 215
872
1, 143
765
1, 035
1, 171
31, 050 15, 243
1, 178
830
899
32, 506 13, 777
1, 213
765
1,229
843
32, 858 13, 791
1, 179
730
827
1, 181
33, 273 13, 473
885
910
629
568
33, 082 12, 323 5 1, 133 5 1, 091
1, 072
867
Usually
parttime 4
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
4
Primarily includes persons who could find only part-time work.
8
Average hours worked: usually full-time, 24.0; usually part-time, 17.7.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
1 "1
UNEMPLOYMENT INSURANCE PROGRAMS
In June, insured unemployment under State programs averaged 226,000 higher than in June 1966. The insured unemployment rate on a seasonally adjusted basis fell from 2.7 to 2.6 percent.
MILLIONS OF PERSONS
JAN.
MILLIONS OF PERSONS
FEB.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
NOV.
OCT.
DEC
I/SEE NOTE I ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF LABOR
Period
1963
1964
1965
1966
1966: May
June
July
Aug
Sept
Oct
Nov
Dec
1967: Jan
Feb _
Mar
Apr
May__
June v
Week ended:
1967: June 3
10
17
24
July 1 "
8»
A 11 progranis
Insured Total
unem- benefits
Covered ploypaid
(milemploy- ment
ment
(weekly
lions
averof dollars)
age)
Thou sands
48, 434 1 1, 973
49, 637
1,753
51, 580
1,450
"53, 700
1, 129
"54, 322
916
842
__ "55, 548
1,001
"55, 688
"56, 017
980
802
"56, 097
799
_
955
__ __
1,313
1, 631
1,654
1, 603
], 423
1, 197
1, 069
1, 139
1, 092
1, 076
1,060
1,029
3, 025. 9
2, 749. 2
2, 343. 7
1, 890. 9
136. 1
123. 4
121. 0
152.0
114.3
100. 4
122.6
166.4
235.8
230.9
270.1
210. 7
193. 1
167.5
Steite progra ms
Insured
unemployment
Weekly iiverage, t aousands
1
1
298
30
1, 806
26
1, 605
268
21
232
1, 328
15
203
1, 061
152
17
862
15
793
156
14
947
249
12
173
928
11
754
145
12
752
166
12
208
903
1,254
299
13
300
15
1, 558
267
1, 582
16
1, 532
239
17
244
20
1, 360
19
1, 142
188
19
1,019
186
1,
1,
1,
1,
'Programs include Puerto Rican sugarcane workers for initial claims and
Insured unemployment beginning July 1963.
12
Initial
claims
Insure* u lie mploymeii t as perExhaus- cent of covered
emplo yment
tions
SeasonUnad- ally adjusted
justed
084
038
023
009
979
176
188
177
178
206
324
Per< sent
4.3
3.8
3. 0
2.3
1.9
1.8
2. 1
2.0
1.6
1. 6
1. 9
2.7
3.3
3. 4
2.1
2. 1
2.4
2.4
2.2
2. 1
2. 2
2.4
2.4
3.3
2.5
2.6
2.4
2.1
2.7
2.6
2. 9
2 7
Hcnefi s paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
2, 774. 7
2, 522. 1
2, 166. 0
1, 771. 3
126. 1
114. 4
113. 8
143. 1
106.5
93. 7
114.8
157.6
224.8
219. 5
257.5
200. 6
183.6
158.5
35.28
35. 96
37.19
39.76
38.86
38. 72
39. 05
40.65
39.68
39.84
40.57
41.39
41.70
41.97
42.07
41. 81
40.99
40.75
2.3
2.2
2.2
2.1
2.1
NOTE.—For definitions and coverage, see the 1967 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
Total nonagricultural employment, seasonally adjusted, increased by 153,000 in June, reversing the decreases of the
past 2 months. Large increases in employment occurred in State and local government (53,000) and nondurable
goods manufacturing (49,000). Total manufacturing employment increased for the first time since January despite a
decrease in durable goods (20,000).
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
(ENLARGED SCALE)
68
WHOLESALE AND RETAIL TRADE
ALL NONAGRICULTURAL ESTABLISHMENTS
\
64
60
SERVICE AND
_ MISCELLANEOUS.
56
NONMANUFACTURING _
(PRIVATE)
-36
!
DURABLE
MANUFACTURING
32
•«'""""-**,„.,.
J
24
NONDURABLE
MANUFACTURING
MANUFACTURING
20
,„,„„„•••••»»'"•"""••..„.,,
!..„„
•""
16
CONTRACT
CONSTRUCTION
.GOVERNMENT.
12
\
—
8
1966
1965
1964
1967
1964
1965
1966
1967
COUNCIL OF ECONOMIC ADVISERS
SOUKCEi DEPARTMENT OF LABOR
l
[Thousands of wage and salary workers; seasonally adjusted]
N onmanu faeturing j (private)
Manufac turing djrivate)
Pnn
v_/Uil—
Period
Total
1960__ _ _ _
1961
1962
1963
1964
1965
1966
1966: May_
June_
July_
Aug.
Sept.
Oct__
Nov.
Dec..
1967: Jan__
Feb__
Mar_
Apr__
May*
June"
54, 234
54, 042
55, 596
56, 702
58, 332
60, 770
63, 864
63, 517
63, 983
64, 072
64, 199
64, 168
64, 466
64, 823
65, 076
65, 381
65, 497
65, 600
65, 476
65, 412
65, 565
Total
NonDurable durable Total
goods goods
16, 796
16, 326
16, 853
16, 995
17, 274
18, 032
19, 081
19, 002
19, 167
19, 128
19, 262
19, 204
19, 312
19,415
19, 445
19, 468
19,402
19, 355
19, 224
19, 124
19, 153
9,459
9,070
9,480
9,616
9,816
10, 386
11, 186
11, 122
11,220
11,210
11,324
11,322
11, 387
11, 424
11, 439
11, 445
11, 408
11, 375
11, 250
11, 200
11, 180
7,336
7,256
7,373
7,380
7,458
7,645
7,896
7,880
7,947
7,918
7,938
7,882
7,925
7,991
8,006
8, 023
7,994
7,980
7, 974
7,924
7,973
29, 085
29, 122
29, 853
30, 481
31, 461
32, 647
33, 934
33, 753
33,931
34, 015
34, 003
34, 041
34, 146
34, 304
34, 449
34, 660
34, 786
34, 858
34, 822
34, 806
34, 848
tract
Mining construetion
712
672
650
635
634
632
628
628
632
636
636
628
625
624
626
628
626
627
623
617
620
1
Includes all full- and part-time wage and salary workers in nonagricultural
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 nonagricultural employment of the
civilian labor force,
and domesticshown on p. 10, which include proprietors, self-employed
persons,
servants; which count persons as employed when they
2,885
2,816
2,902
2,963
3, 050
3, 181
3,281
3,238
3,300
3,297
3,251
3, 228
3, 202
3,204
3,293
3, 301
3,350
3, 321
3, 251
3, 146
3, 155
Transportation
and
public
utilities
4,004
3,903
3,906
3,903
3,951
4,033
4,137
4, 132
4, 143
4, 122
4, 105
4, 168
4, 165
4, 195
4, 196
4, 230
4, 225
4, 223
4, 186
4, 238
4, 236
Wholesale
and
retail
trade
11,391
11, 337
11,566
11,778
12, 160
12, 683
13, 220
13, 164
13,217
13, 256
13, 264
13, 268
13, 340
13, 393
13, 392
13, 503
13, 524
13, 547
13, 584
13, 596
13, 596
Gover ament
Finance,
insur- Service
ance,
and
and miscelreal laneous
estate
2,669 7,423
2,731 7,664
2,800 8,028
2,877 8,325
2,957 8,709
3, 019 9,098
3,086 9,582
3,076 9,515
3,090 9,549
3,095 9,609
3,100 9,647
3, 100 9,649
3,102 9,712
3, 110 9,778
3, 121 9,821
3, 129 9,869
3, 142 9,919
3, 159 9,981
3, 173 10, 005
3, 184 10, 025
3, 201 10, 040
Federal
2,270
2,279
2,340
2,358
2, 348
2,378
2,565
2,523
2,571
2,601
2,610
2,594
2,615
2,621
2,629
2, 662
2, 673
2, 688
2, 691
2, 701
2, 730
State
and
local
6,083
6,315
6,550
6,868
7,249
7,713
8,284
8,239
8,314
8,328
8,324
8,329
8,393
8,483
8, 553
8, 591
8, 636
8, 699
8,739
8,781
8,834
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The seasonally adjusted workweek in manufacturing declined from 40.4 fo 40.2 hours in June. The workweek declined
in durable goods and increased in nondurable goods, contract construction, and retail trade.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
NONDURAB LE MANUFAC1fURING
DURABLE M>\NUFACTURIN G
44
44
42
42
-^^^5^^ <=^*^j
V-*
^^
40
y
38
38
36 -
N^s-
^
36
M
Y
, , • , i , 1 1 I ,
I 1 . 1 1 f ! 1 1 1 !
1965
1964
1966
i i i i i 1 i i i i iK
34
N
1967
42
\ , I , 1 , I , I I I I
"
, , , i , i( i i 11 i 1 1 i . i i( i i i
1964
i i i i i 1 i i i i i
|
1965
1966
1967
1965
1966
1967
42
CONTRACT CONSTRUCTION
RETAIL TRADE
40
40
38
38
36
36
34
34
32
32
30
30
1964
1965
1964
1966
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week; seasonally adjusted]
Martufacturing Indus tries
Period
1956
_
1957
1958_
1959__
1960
1961
1962
1963
1964
1965
1966
1966: Mav
June _ _ _
July
_ _
Aug
_
_ __
Sept_ _ _ _ _ _ _
Oct
Nov
Dec
1967: Jan
Feb
Mar
Apr _ _
May v
June r
__
_ __
Durable
goods
All
_.
_ ___
40. 4
39. 8
39. 2
40. 3
39. 7
39. 8
40. 4
40. 5
40. 7
41.2
41. 3
41. 5
41. 3
41. 0
41.4
41.5
41.3
41. 3
40. 9
41. 0
40. 3
40. 4
40. 5
40. 4
40. 2
1
Data relate to production workers or nonsuoervisory employees. Data for
Alaska and Hawaii included beginning 1959.
14
41. 0
40. 3
39.5
40. 7
40. 1
40. 3
40. 9
41. 1
41. 4
42. 0
42. 1
42. 2
42. 0
41. 8
42. 1
42.3
42.2
42. 1
41. 7
41. 8
40. 9
41. 0
40. 9
41. 0
40. 8
Nondurable
goods
39. 6
39. 2
38. 8
39. 7
39.2
39.3
39. 6
39. 6
39.7
40. 1
40. 2
40. 3
40. 3
40. 1
40. 2
40.2
40.2
40. 2
39. 9
40. 0
39. 5
39. 6
39. 7
39. 4
39. 5
Contract construction
37. 5
37. 0
36.8
37. 0
36. 7
36. 9
37. 0
37. 3
37. 2
37. 4
37. 6
30. 1
37. 4
37. 8
36.9
37.7
37.3
37. 1
38. 8
38. 4
37. 5
37. 5
37. 2
36. 3
37.4
* Beginning 1964, includes eating and drinking places.
Source: Department of Labor.
Retail trade
39. 1
38. 7
38.7
38. 7
38. 5
38. 1
37. 9
37. 8
* 37. 0
30. (>
35. 9
35. 9
36. 0
36. 1
36. 1
35.8
35.7
35. 6
35. 6
35.4
35. 2
35. 3
35. 1
35. 1
35. 5
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing rose 29 cents in June to $113.81, resulting in a year-over-year gain of
$1.07. Contract construction increased sharply ($4.41), reaching a high of $153.58.
DOLLARS
DOLLARS
AVERAGE HOURLY EARNINGS
AVERAGE WEEKLY EARNINGS
3.00
DURABLE GOODS
INDUSTRIES X^
%%*
2.80
2.60
2.40
100
2.20
90
1967
1964
1967
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Avenige weeklytr earnings— current prices
Avera ge hourly earnings- —current prices
Period
Manufa icturing iridustries Contract
Retail
conNonDurable durable structrade
All
goods
tion
goods
$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
2. 71
1966
1966: May- 2.70
June __ 2.71
J u l y _ _ 2.71
A u g _ _ 2.70
Sept___ 2.74
Oct___ 2. 75
2. 76
Nov__
Dec __ 2. 77
1967: Jan____ 2. 78
Feb___ 2. 78
Mar __ 2. 79
2. 80
Apr p
May v_ 2. 81
2. 81
June .
1
$2. 19
2. 26
2. 36
2. 43
2. 49
2. 56
2.63
2.71
2. 79
2. 89
2. 88
2. 88
2.88
2.87
2.93
2. 94
2. 94
2. 95
2. 95
2. 96
2. 96
2. 97
2. 98
2. 99
$1. 85
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2. 45
2. 44
2. 45
2.46
2.45
2.47
2. 48
2. 49
2. 50
2. 51
2. 53
2. 54
2. 55
2, 55
2. 56
$2. 71
2. 82
2. 93
3.08
3. 20
3.31
3. 41
3. 55
3. 69
3. 87
3. 83
3. 83
3.85
3.89
3.96
3. 95
3. 95
3. 98
4. 01
3. 99
3. 98
3. 98
4. 01
4. 01
Manufc icturing iiidustries Contract
conNonDurable durable strucAll
goods
tion
goods
$1. 47 $81. 59
1.52 82. 71
1. 57 88. 26
1. 62 89. 72
1.68 92. 34
1. 74 96. 56
1. 80 99. 63
n. 75
1. 82
1. 91
1. 90
1. 91
1.91
1.90
1.93
1. 94
1. 95
1. 94
1. 97
1. 98
1. 98
2. 00
2. 00
2. 01
102. 97
107. 53
111. 92
112. 05
112. 74
111. 11
111.78
113.71
113. 85
113. 99
114. 40
113. 42
111. 48
112. 44
112. 56
113. 52
113. 81
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
'Earnings in current prices divided by the consumer price index.
81-490°—67-
$88. 26
89. 27
96.05
97. 44
100. 35
104. 70
108. 09
112. 19
117. 18
121. 67
121. 82
121. 82
119.81
120. 54
123. 94
124. 07
123. 77
124. 20
122. 43
120. 47
121. 06
121. 18
122. 48
122. 89
$72. 52 $100. 27
74. 11 103. 78
78. 61 108. 41
80. 36 113. 04
82. 92 118. 08
85. 93 122. 47
87.91 127. 19
90. 91 132. 06
94. 64 138. 01
98. 49 145. 51
98. 33 141. 71
99. 23 146. 69
99. 14 150. 15
99.23 149. 38
99.54 151.67
99. 94 152. 08
100. 10 143. 39
100. 25 148. 06
99. 40 148. 77
99. 18 142. 84
100. 08 146. 07
100. 22 146. 86
100. 47 149. 17
101. 63 153. 58
Retail
trade
Manufac /turin 0 "
indust,ries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59 = 1957-59
100 *
prices 2
$56. 89
58. 82
60. 76
62. 37
64. 01
65. 95
68. 04
*64. 75
66. 61
68. 57
67. 64
69. 14
70.48
70.11
69.09
68.87
68. 64
69. 65
69. 15
69. 10
69. 30
69. 80
69. 80
71. 76
96. 2
100. 2
103. 5
106. 6
109. 6
112. 3
115. 2
118. 0
121. 0
124. 9
124.4
124. 7
124.8
124.8
125. 9
126. 3
126. 8
127. 5
128.3
128. 9
129. 2
129. 8
130. 1
$83. 26
82. 14
86. 96
87.02
88.62
91. 61
93. 37
95. 25
97.84
98. 96
99. 51
99. 86
98.07
98.22
99. 66
99. 43
99. 47
99.74
98. 88
97. 11
97. 77
97. 62
98. 20
*Begmmng 1964, includes eating and drinking places.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source; Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The seasonally adjusted industrial production index registered another small decline in June. The June index was
21/2 percent below its peak of last December and 1 percent below its level of a year earlier.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
200
180
160
140
120
1964
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1966: May
June
July__
Aug
Sept
Oct ._ _
Nov.
Dec
1967: Jan..
Feb
Mar
Apr
Mav
June p
_
100. 7
93. 7
105. 6
108. 7
109. 7
118. 3
124. 3
132.3
143.4
156. 3
155.3
156.5
157.2
158.0
157.7
158. 9
158. 6
159. 0
158. 1
156. 4
156. 4
156. 2
155. 5
155. 2
Total
100. 8
93. 2
106. 0
108. 9
109. 6
118. 7
124. 9
133. 1
145.0
158. 7
157.6
158.9
159.4
160. 1
160. 0
161. 5
161. 0
161. 3
160. 1
158. 5
158. 1
158. 0
157. 2
156.7
99. 4
94. 8
105. 7
109. 9
111. 2
119. 7
124. 9
131.8
142.5
155.4
153.7
154.9
155.3
156.4
156.3
158. 3
158. 5
159. 2
158. 1
156. 4
156. 7
157. 0
156. 3
155. 9
Source: Board of Governors of the Federal Reserve System.
16
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100, seasonally adjusted]
Industry
MJmufacturi jig
Mining Utilities
NonTotal Durable durable
104. 0
90. 3
105. 6
108. 5
107. 0
117. 9
124. 5
133.5
148.4
165. 1
164.2
165.4
166.1
167. 1
167.3
169. 1
167. 3
167. 6
165. 5
163. 2
162. 9
162. 6
162. 3
161.6
96. 7
96. 8
106. 5
109. 5
112. 9
119. 8
125. 3
132.6
140.8
150.7
149.4
150.7
151.3
151.3
150. 9
151. 9
153. 1
153. 5
153. 3
152. 4
152. 0
152. 3
150. 8
150. 5
104. 6
95. 6
99. 7
101. 6
102. 6
105. 0
107.9
111.5
114.8
120. 3
120.7
122.0
122.0
122. 1
121.0
121. 6
121. 0
123. 0
123. 0
122. 4
121. 6
122. 8
120. 7
123. 1
93. 9
98. 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 4
170.2
171.7
175.7
179.0
177. 0
175. 2
176. 9
177. 7
179.6
178.2
180. 6
179. 5
181. 0
181. 5
Mairket
Fiiaal produ<3ts
Consumer
goods
97. 0
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 4
146.2
147. 1
146.5
147. 1
146.5
148. 8
148. 8
149. 1
147. 8
145. 2
146. 0
146. 6
146. 1
145. 9
TVTotck
Equipment
104. 6
91. 3
104. 1
107. 6
108. 3
119. 6
124. 2
132.0
147.0
172.6
169.8
171.4
174.4
176.4
177.4
178. 8
179. 6
181. 0
180. 2
180. 3
179. 6
179. 4
178. 3
177.2
rials
101. 9
92. 7
105. 4
107. 6
108. 4
117. 0
123. 7
132.8
144.2
157. 1
157.1
158.0
158.8
159.6
159.2
159. 9
159. 1
158. 9
158. 0
156. 2
155. 8
155.8
155. 1
154.9
PRODUCTION OF SELECTED MANUFACTURES
Production of transportation equipment, seasonally adjusted, rose 11/2 percent in June, while most other manufactures
showed declines—the largest being 2 percent in machinery output.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
X^IV
180
/MCH1NERY
140
160
120
140
100
120
*I
I , , •' ,
ft
, ,, .i I i ,i ii
i i i i i! , i i .i
1965
1966
1967
TEXTILES, APPAREL,
AND LEATHER '
140
160
*
vS"'
160
180
^ / N
^^
1964
CHEMICALS, PETROLEUM,
AND RUBBER \
X
\
^S*^ ,
/
/^-^/
T RANSPORTATION
^^
EQUIPMENT
1964
200
X
.
120
FOODS, BEVERAGES,
AND TOBACCO
100
140
120
80
1964
1964
1965
1966
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1967
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100, seasonally adjusted]
Durab le manufc 1tctures
Primary
metals
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1966: Mav
June__
July
_
-
Aug
_ _ _
_
_
__
_
_
__
Sept- _ _ _ _ _ _
Oct
Nov
Dec
1967: Jan__
Feb
Mar_
Apr
May v
_
_ _
June
_._
_
_ _
__ _
__ _
___
No ndurable manufactu res
FabriTranspor- Lumber Textiles,
apparel,
Machin- tation
cated
and
and
ery
prodmetal
equipleather
products
ment
ucts
112. 2
87. 5
100. 4
101. 3
98. 9
104. 0
113. 3
129. 1
137.6
142. 7
146.5
148.0
148.6
148.7
146.4
145. 0
138. 4
136. 2
131. 9
131. 9
129. 2
129. 0
129. 0
128
101. 5
92. 9
105. 5
H)7. (>
106. 5
117. 1
123. 4
132.7
147.8
162. 8
162.9
161.8
162. 1
161. 4
163.0
164. 2
164. 7
168. 7
166. 6
165. 0
162. 9
160. 2
161. 3
160
104. 2
88. 8
107. 1
110. 8
110. 4
323. 5
129. 2
141.4
160.5
183. 8
180.6
182.8
186.6
189.6
188.8
191. 1
189. 0
189. 5
189. 2
186.4
183. 8
181. 7
180. 3
177
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130.7
149.2
168. 3
165.8
167. 1
166.0
166.0
168.3
174. 6
172. 9
171. 5
164. 6
159. 4
164. 5
167. 7
168. 2
171
95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 3
122.7
122.9
119.9
111.3
110.0
111. 3
109. 5
112. 8
115. 7
116. 9
120. 2
120. 8
117. 2
96. 9
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
142.0
143.4
141.6
140. 1
140.2
140. 9
140. 8
141. 3
139. 8
136. 4
134. 5
134. 0
134. 0
134
Paper
Chemicals, Foods,
beverpetroprint- leum, and ages, and
rubber tobacco
ing
and
97. 8
97. 0
105. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 3
146.6
148.3
149.6
148.6
147.2
147. 9
148. 5
147. 4
149.0
148. 7
149. 1
149. 6
149. 6
149
95. 6
95. 5
108. 9
113. 9
118. 9
131. 2
141. 8
152.5
164.6
181. 7
179.3
180. 1
182.0
182.4
182. 8
186. 1
187. 8
187. 3
186. 7
187. 3
186. 1
185. 3
181. 5
181
96. 7
99.4
103. 9
106. 6
110. 2
113. 3
116. 8
120.8
123.4
127. 7
125.5
126.8
127.2
128.5
127.9
126. 7
128. 8
131. 0
130.9
130. 5
130. 5
132. 3
131.3
131
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
In June, on a seasonally unadjusted basis, auto assemblies increased 5 percent while steel production
61/s percent. Most other weekly indicators of production registered increases.
declined
MILLIONS OF SHORT TONS (DAILY AVERAGE}
25
MILLIONS OF TONS
STEEL
3.5
1966
2.5
I_LJ
J
F
M
L_b
A
M
J
BILLIONS OF KILOWATT HOURS
26
20
18
M
M
A
J
SOURCES: AMERICAN IRON'AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1960
1961
1962
1963
1964
1965
1966
1966: May
June__
July
Aug
Sept
Oct_
Nov
Dec
1967: Jan
Feb
Mar
Apr
May_
_ _
June v _
Week ended:
1967: June 10
17
24
July 1
8"
15*
1
2
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Steel pi•oduced
Car s and tnicks
power
coal mined
loaded
produced
Index
Thousands
distributed (thousands (thousands (thousands assemb led (thoiisands)
of net
(1957-59= (millions of
of short
Total
of cars)
of tons)
Cars Trucks
tons
100)
kilowatt-hours) tons) 1
1,899
1, 880
1, 886
2, 096
2,431
2, 521
2, 572
2,752
2,658
2, 441
2, 505
2, 636
2, 598
2,538
2, 361
2, 400
2,510
2, 475
2,412
2, 394
2,235
101. 9
100. 9
101. 2
112. 5
130. 5
135.3
138. 1
147.7
142. 7
131. 1
134. 5
141. 5
139.5
136. 2
126. 7
128. 8
134. 8
132.8
129.5
128. 5
120. 0
2, 281
2, 210
2, 250
2, 173
2, 143
2
2, 170
122.4
118. 6
120.8
116. 6
115. 0
116.5
Dally average. Includes data for Alaska.
Not charted.
18
S
14, 424
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
20, 826
22,078
23, 719
23, 257
21, 639
21, 434
21, 982
22, 901
23, 054
23, 268
22, 465
21, 953
21, 841
23, 938
22,
24,
24,
23,
21,
2
24,
928
523
404
898
766
500
1,390
1,353
1,414
1, 535
1,630
1,735
1, 791
1,836
1 , 904
1,927
1, 888
1, 890
1, 884
1, 926
1, 859
1, 880
1,766
1, 766
1,826
1, 873
1, 915
585
550
552
555
558
562
570
609
593
544
594
593
631
581
513
512
514
532
555
558
555
306
322
343
358
384
410
446
469
462
396
455
433
464
459
408
408
456
448
455
451
458
151. 8
127.8
157. 5
175. 0
178.8
213.7
199. 3
229. 7
215. 3
139. 0
52. 4
182. 6
233.0
227. 7
201. 2
191. 8
168.9
175.9
198.4
198. 8
207.4
128.8
106. 1
133. 4
146. 9
148. 8
179.4
165. 4
190. 2
177. i
107. 4
37.3
153. 4
196. 6
191.9
168. 7
157. 2
134.2
142. 8
164.4
164, 5
172. 8
23.0
21.7
24. 1
28. 1
30. 0
34.3
33.9
39.4
38. 0
31. 6
15. 1
29.3
36.4
35. 8
32. 5
34. 5
34.7
33. 0
34.0
34. 2
34.6
1, 914
1, 910
1, 908
2,492
2,487
577
571
565
506
406
471
464
461
434
264
358
207. 7
204. 0
210. 1
207. 9
157.4
164. 9
173.4
170. 8
175. 0
171. 8
131. 0
134. 1
34.3
33.2
35. 0
36. 0
26.4
30.8
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 rose 1% percent (seasonally adjusted) in May as residential construction expenditures gained 3 percent but commercial and industrial construction fell 11A percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS.
30
20
30
PRIVATE RESIDENTIAL (NONFARM)
\
...,„..••»»»»«„
,,M««^"lil""*1"""
20
10
10
1961
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
2
Period
Total new
construction
expenditures
1961
1962
1963
1964
1965
1966
55.4
59.7
63.4
66. 2
71. 9
74. 4
Total
38. 3
41. 8
44. 1
45. 8
49.8
50.4
Residentu il nonfarm
CommerNew
cial and
Total »
housing industrial
units
Bil lions of doll ars
16.2
21. 7
7.5
8.0
18. 6
24.3
20.4
7.9
26.2
9. 0
26. 3
20. 4
20.4
11. 9
26.3
13. 6
23.8
18. 0
Federal,
State
Other
9.2
9. 5
10.0
10. 6
11. 7
13. 0
and
local
17.1
17. 9
19.4
20.4
22. 1
23. 9
76. 9
75.2
74. 5
73. 1
73.4
74.0
72. 3
72. 0
72.2
74. 6
74. 7
73.0
71.5
72. 5
52. 5
51. 6
51. 5
50. 5
50. 5
50. 1
47. 9
47. 1
46.4
48. 1
47. 7
46. 6
45.4
46. 1
25. 9
25. 6
24.9
24.1
23.4
22.7
21. 6
20. 3
19. 8
20. 0
20.4
20.9
21. 1
21. 8
20. 1
19. 8
19. 1
18.2
17.4
16. 8
15. 9
14. 6
14.2
14. 1
14. 5
15. 1
15. 4
16. 2
* Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
Compiled by F. W. Dodge Corporation and relates to 48 States.
13. 6
13. 1
13. 7
13. 8
14. 1
14. 0
13.4
13.6
13.5
15. 1
14.8
13. 3
12. 5
12. 3
107.6
119.7
132.0
137. 0
142. 8
145. 3
Seasonally
adjusted
Seasonally t adjusted an nual rates
1966: Apr _
May _ _ _
June __ _
July
Aug
Sept.. _ _
Oct
Nov
Dec___
1967: Jan
Feb
Mar_
Apr__p
May __
Constructio n contracts
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)
13. 0
13. 0
12. 9
12. 6
13. 0
13.5
12. 9
13.2
13. 1
13. 1
12. 5
12. 4
11. 9
11. 9
24.4
23.6
23. 1
22.6
22. 9
23.9
24.4
24.9
25.8
26. 5
27.0
26.4
26. 1
26.4
161
156
147
147
139
146
139
130
133
126
143
149
138
154
443
500
534
599
680
753
Seasonally
adjusted
annual
rates
819
768
790
762
762
773
657
773
723
589
694
674
708
638
NOTE.—Series revised beginning 1963. For details, see Construction Reports,
C3Q-67-5, Census Bureau. 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
Private nonfarm housing starts after rising sharply in May rose slightly in June to a seasonally adjusted annual rate of
1,283,000 units. Both housing starts and permits, which rose 4 percent, were at their highest levels since May 1966.
MILLIONS OF UNITS
MILLIONS OF UNITS
25
25
PRIVATE NONFARM
HOUSING STARTS
1.0
1961
1967
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION CFHA). AND VETERANS ADMINISTRATION (VA)
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Houusing star ts
Trvfal
Period
1961
1962
1963
1964
1965
1966 9
1966: May.
JuneJuly..
Aug..
Sept..
Oct..
Nov.
Dec_.
1967: Jan..
Feb..
Mar..
Apr v
May*
June*
Pri\rate nonfa rm
private
and
public
(including
farm)
1, 365. 0
1, 492. 4
1,641.0
1,590.7
1, 542. 7
1, 251.9
1, 313. 0
1, 462. 7
1, 609. 2
1, 557. 4
1, 505. 0
1, 220. 2
1, 284 8
1, 439. 0
1, 581. 7
1, 530. 4
1, 482. 7
1, 196. 9
139.3
130.7
1048
107.3
95. 2
82.8
77. 6
65.7
67.7
65.9
97. 0
118. 3
136.0
134. 9
135.4
127.5
1040
105.4
92.4
80.2
75.3
63.6
65. 1
64 1
95. 5
116.2
133. 9
128.7
132.2
125. 1
102.3
103. 3
90. 2
78. 1
73.9
62.3
63.7
62.9
93.2
1144
131. 6
126.8
Total
private
(including
farm)
Total
Two or
Onemore
family
families
946.2 338. 6
967. 8 471.2
993. 2 588. 5
9445 585.9
940.0 542.7
770.5 426.4
84.8
81.4
69.7
69. 1
60. 1
53. 0
49.4
38.9
38.9
39.0
63. 1
Total
private
(including
farm)
1, 313. 0
1, 462. 7
1, 609. 2
1, 557. 4
1, 505. 0
1, 220. 2
47.4
43.7
32.6
34. 2
30. 1
25. 1
245
23.4
24. 8
23.9
30. 1
iAuthorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
1
Units represented by mortgage applications for new home construction.
20
1, 318
1, 285
1,088
1, 107
1,075
848
1,012
1,089
1,297
1,163
1,167
1, 190
1,298
1,302
Priv ate nonfzirm
Total
Gover nment
home pirograms
FHA
VA
83.3
198. 8
197. 3
77. 8
166. 2
71. 0
154.0
59.2
159.9
52.5
129. 1
40. 5
Setisonally adj usted
128
38
1,287
121
44
1, 261
42
1,068
117
1,084
113
35
1,050
96
37
94
38
826
993
107
40
42
1, 066
105
1,266
150
59
55
1, 147
139
130
58
1, 140
1, 173
125
58
1,274
143
55
52
143
1,283
1, 284 8
1, 439. 0
1, 581. 7
1, 530. 4
1, 482. 7
1, 196. 9
Proposeid home
constr uction
New
private
Applica- Requests
housing
units tions for for VA
FHA
authorappraisized 1 commitals 2
ments 2
1, 064 2
243. 8
221. 1
1, 186. 6
190. 2
1, 334 7
182. 1
1, 285. 8
1, 240. 6
188. 9
966. 3
153. 0
annual ra tes
133
1, 098
954
127
921
124
844
119
733
151
122
714
715
135
759
203
942
157
894
135
152
928
162
1,028
1, 033
160
1,074
166
177. 8
171. 2
139. 3
113. 6
102. 1
99. 2
98
90
99
106
104
119
103
104
107
104
103
125
108
135
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
According to preliminary estimates, seasonally adjusted retail sales rose slightly in June. Total business sales in
May advanced nearly 1 percent. Business inventories rose only $57 million, the smallest monthly gain in over 2% years.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
20
BUSINESS SALES AND
RETAIL TRADE (ENLARGED SCALE)
INVENTORIES
18
DURABLE GOODS STORES
140
16
120
14
INVENTORIES
12
100
SALES
10
80
8
6
60
22
SALES
- WHOLESALE TRADE (ENLARGED SCALE)
NONDURABLE GOODS STORES
20
INVENTORIES
18
16
\
SALES
SALES
14
12
' I ' ' ' ' '
1964
1965
1966
1967
1964
1966
1965
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total b usiness
l
Whol«3sale
4
Retail5
Sales 2
Period
Sales 2
1967
Inventories 3
Sales 2
Inventories 3
Total
]
inventories 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
25, 305
26, 813
26, 238
27, 938
29, 383
31, 130
34, 607
36, 961
35, 346
35, 927
36, 325
36, 312
36, 191
36, 355
36, 680
36, 734
36, 961
36, 924
36, 644
36, 526
36, 236
36, 263
11, 029
11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
15, 690
16, 213
16, 411
16, 330
16, 079
16, 241
16, 496
16, 581
16, 536
16, 491
16, 315
16, 142
16, 033
15, 904
Nondurable
goods
stores
/lillions of dollars, se asonally a d justed
^
1959
1960
1961
1962
1963
1964
1965
1966
1966: Apr
May
June_
July
Aug
__
Sept
Oct
Nov
Dec
1967: Jan
Feb
Mar
Apr__
May p
__
June v
59, 661
60, 746
61, 106
65, 594
68, 692
73, 459
79, 528
86, 323
85, 455
85, 426
86, 957
86, 678
86, 995
86, 775
87, 066
86, 699
87, 875
87, 386
86, 299
87, 458
86, 833
87, 504
1
The term "business" also includes
2
Monthly average for year and total
3
91, 891
94, 747
95, 813
100, 627
105, 578
111, 051
120, 896
135, 549
124, 700
126, 179
127, 584
128, 714
130, 043
130, 839
132, 392
133, 856
135, 549
136, 590
136, 780
137, 093
137, 351
137, 408
11, 491
11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
16, 966
16, 880
17, 438
16, 989
17, 217
16, 981
17, 029
16, 696
16, 996
17, 239
16, 897
16, 853
16, 972
16, 762
manufacturing (see page 22).
for month.
Book value, end of period, seasonally adjusted.
13, 879
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
19, 008
19, 149
19, 310
19, 444
19, 742
19, 600
19, 924
20, 226
20, 691
20, 780
20, 742
20, 859
20, 785
20, 561
17, 951
18, 294
18, 234
19, 613
20, 536
21, 802
23, 654
25, 306
24, 949
24, 475
25, 394
25, 362
25, 572
25, 703
25, 550
25, 610
25, 368
25, 687
25, 470
25, 739
25, 918
25, 980
26, 050
5, 967
5, 880
5,581
6, 210
6, 627
7, 014
7,810
8, 151
7, 939
7, 506
8, 056
8, 106
8,358
8,394
8, 276
8, 143
8, 156
8, 200
7, 955
8, 150
8, 104
8, 192
8, 347
11, 984
12, 414
12, 654
13, 402
13, 909
14, 788
15, 844
17, 155
17, 010
16, 969
17, 338
17, 256
17, 214
17, 309
17, 274
17, 467
17, 212
17, 487
17, 515
17, 589
17, 814
17, 788
17, 703
14, 276
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
19, 656
19, 714
19, 914
19, 982
20, 112
20, 114
20, 184
20, 153
20, 425
20, 433
20, 329
20, 384
20, 203
20, 359
* Beginning 1961, data include Alaska and Hawaii.
8
Beginning 1960, data include Alaska and Hawaii.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders (seasonally adjusted) registered a sharp advance of 4 percent in May. With a 2 percent
rise in shipments and an inventory gain of only $250 million—the smallest in 2*14 years—the inventory-shipments
ratio fell to 1.80.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED}
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED}
MANUFACTURERS'
MANUFACTURERS' SHIPMENTS
INVENTORIES
80
70
TOTAL
60
20
50
10
40
MANUFACTURERS' NEW ORDERS
30
NONDURABLE GOODS .
/I ^L/WrWAU
30
„„-,,„.«'»"
20
20 -==7
1966
1965
1964
1967
1964
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufac turers' sh ipments 1 Manufad urers' inv entories 2
"D
" ^.A
-Period
Total
1967
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Ma nufacture rs' new orde rs 1
Durafc le goods
Total
Total
NonMachinery durable
and
goods
equipment
Manufacturers'
inventoryshipments
ratio 3
Millions of dollars seasonall y ad juste d
1959
1960
1961
1962
1963
1964
1965
1966
1966: Apr
May_
June__
July
Aug
Sept
Oct__ _ _
Nov
Dec
1967: Jan
Feb
Mar. _ _
Apr v
May
June p _ _
30, 219
30, 796
30, 884
33, 308
34, 774
37, 129
40, 279
44, 037
43,540
44, 071
44, 125
44, 327
44, 206
44, 091
44, 487
44, 393
45,511
44, 460
43, 932
44, 866
43, 943
44, 762
15, 544
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
23, 006
22,708
22, 915
22, 898
23, 031
22, 874
22, 971
23, 451
23, 237
23,715
23, 060
22, 622
23, 137
22, 269
22, 859
*23, 078
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
21, 032
20,832
21, 156
21, 227
21, 296
21, 332
21, 120
21, 036
21, 156
21, 796
21, 400
21,310
21, 729
21, 674
21, 903
1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
3
52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
68, 015
77, 897
70,346
71, 103
71, 949
72, 958
74, 110
74, 884
75, 788
76, 896
77, 897
78, 886
79, 394
79, 708
80, 330
80, 584
31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
50, 037
43,779
44, 275
45, 003
45, 790
46, 814
47, 568
48, 352
49, 310
50, 037
50, 620
51, 079
51, 216
51, 593
51, 792
*Not charted.
For annual periods, ratio of wpighted average inventories to average monthly
shipments; for monthly data, rqtio of inventories at end of month to shipments
for month.
22
20, 868
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
27, 860
26,567
26, 828
26, 946
27, 168
27, 296
27, 316
27, 436
27, 586
27, 860
28, 266
28, 315
28, 492
28, 737
28, 792
30, 679
30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
45, 182
45,064
45, 321
45, 833
45, 625
44, 842
46, 318
45, 243
44, 052
45, 845
43, 408
43, 527
43, 700
43, 849
45, 649
15, 951
15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
24, 153
24,197
24, 276
24, 593
24, 371
23,512
25, 274
24, 244
23, 027
23, 960
22, 072
22, 329
22, 065
22, 226
23, 900
*23, 765
2, 878
2, 791
2, 854
3, 090
3, 326
3,706
4, 140
4, 731
4,788
4, 845
4, 753
5, 092
4,813
4,906
4, 816
4,647
4,603
4, 545
4, 242
4, 315
4, 443
4, 602
4, 821
14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
21, 029
20,867
21, 045
21, 240
21, 254
21, 330
21, 044
20, 999
21, 025
21,885
21, 336
21, 198
21, 635
21, 623
21, 749
ource: Department of Commerce.
1. 70
1. 76
1.74
1.70
1. 69
1.64
1.61
1. 64
1. 62
1.61
1. 63
1. 65
1.68
1.70
1. 70
1. 73
1.71
1.77
1. 81
1.78
1. 83
1. 80
MERCHANDISE EXPORTS AND IMPORTS
U.S. merchandise exports and imports (seasonally adjusted) each dropped by more than $100 million in May, leaving a net decline of $9 million in the merchandise trade surplus.
BILLIONS OF DOLLARS
3.5
BILLIONS OF DOLLARS
3.5
f-V\
i .I F
",
MERCHANDISE IMPORTS
1.0
1.0
5 V[) I I I ! I I ! I M
1961
1967
I/SEE NOTE 1 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
[Millions
Me rchandise exports
Total (includ-1
J )omrsti i; export:ing roe \porlF.)
Kood, ('rude
Season- Unad- Total ' 3 bever- m a t e rials
ages,
ally ad- justed
and
and tojitxtcd
fuel
bacco
Monthly average:
1958 _ _ _
1959
I960
1961
1962
1963 _
1964 _ _ _
1965
1966
] , 364
j , ;H),S
35 1
225
258
353
239
252
620
264
329
662
289
322
312
725
280
845
349
315
111
387
361
196
377
356
413
367
433
U nad juste d
2, 456
2, 505
405
371
1966: May. 2,411
2, 467
June_ 2,490
2, 428
415
376
Julv_ 2,456
2, 327
2, 296
396
326
2, 244
2, 278
450
353
Aug_ 2,455
Sept. 2,542
2, 431
2,389
469
349
2, 626
Oct__ 2,583
2, 586
467
400
2, 572
Nov_ 2,486
2, 538
469
448
2, 644
2, 618
431
421
Dec_ 2,415
2,471
374
1967: Jan__ 2,620
2,438
367
Feb__ 2, 601
2, 419
2, 390
350
394
Mar_ 2,569
2, 797
2,763
406
398
Apr_ 2, 659
2, 667
2,630
387
377
2, 686
2, 653
May. 2,545
417
388
1
Total excludes Department o f Defense sh ipments of g rant-aid mi litary supplies and equipment under the 1Military Assistance Progr am.
2
Total arrivals of iniported goo ds other thai L intransit sh pments.
1,
J,
1,
1,
2,
2,
2,
636
682
748
869
141
225
450
1,
1,
1,
1,
1,
1,
2,
2,
2,
of dollars]
Merc I taiidise i]mports
Gemjral impc)rts a
To t a l 3
MauufacSeason- Unadtured
goods ally ad- justed
justed
1,
1,
1,
1,
1,
1,
1,
927
897
047
062
138
188
366
449
593
1, 650
1, 616
1, 558
1, 434
1, 543
1, 711
1, 584
1, 751
1,679
1, 617
1,904
1, 835
1, 830
1, 105
1,302
1, 251
1, 226
1, 366
1, 428
1, 557
1, 780
2, 129
2
2
2
2
2
2
2
2
2
2
2
2
2
063
135
205
113
801
262
192
281
296
204
185
224
119
2, 074
2, 189
2, 072
2, 180
2, 294
2, 278
2,258
2, 240
2,262
2, 004
2,356
2, 091
2, 222
Food, Crude
bever- mateages,
rials
and
and tofuels
bacco
338
296
382
298
365
283
288
359
306
387
322
391
335
415
334
449
382
473
Unad usted
362
465
387
511
345
458
341
524
474
426
460
423
464
393
384
447
415
495
412
364
433
478
385
428
352
454
Grossmerchandise
trade
Manusurplus,
facseasontured
goods ally adjusted
440
591
571
544
636
672
758
936
1, 202
259
66
385
456
382
441
584
444
320
1, 179
1, 212
1, 193
1,253
1, 321
1, 299
1,324
1, 331
1,282
1, 164
1, 366
1, 182
1,330
348
354
251
842
240
820
295
184
825
397
384
435
426
3
Total includes co mmodities a nd transact ions not cla ssified accorc ing to kind.
NOTE.--Revised s 2ries beginnhig 1953. Be cause of rev isions, subgr oups do not
include a 11 data in tc>tals. Data include ura mum ore aiid thorium.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
U.S. exports of goods and services expanded by $1.3 billion (seasonally adjusted annual rate) in the first quarter of
1967, as merchandise exports climbed $1.2 billion and military sales increased by $0.5 billion. Imports of goods
and services rose by $0.3 billion, reflecting an increase in military expenditures.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
ISO
SEASONALLY ADJUSTED ANNUAL RATES
40
40
EXPORTS OF GOODS AND SERVICES
30
30
IMPORTS OF GOODS AND SERVICES
20
20
10
10
I
I
I
r
1961
i
i
j
1962
i
i
1963
i
i
i
i
i
i
i
i
SOURCE, DEPARTMENT OF COMMERCE
i
i
1967
1966
1965
1964
COUNCIL OP ECONOMIC ADVISERS
[Millions of dollars]
Impor is of good s and ser\dees
Exports of good s and sei-vices
Incoirie on
investinents
Period
Total
1960
1961
1962
1963
1964
1965
1966
27,
28,
30,
32,
37,
39,
43,
325
631
350
426
099
147
039
Merchandise 1
19,
19,
20,
22,
25,
26,
29,
489
954
604
071
297
244
168
Military
sales
Private
Government
335
402
656
657
747
844
847
3, 001
3, 561
3,948
4, 151
4, 929
5, 376
5, 650
349
380
471
498
460
512
595
Other
services
4, 151
4,334
4, 671
5,049
5, 666
6, 171
6, 779
Total
23,
23,
25,
26,
28,
32,
37,
324
122
305
573
637
203
937
Merchandise l
14, 732
14, 510
16, 187
16, 992
18, 621
21, 472
25, 510
Balance
on
Mili- Other goods
tary
and
expend- serv- services
itures
ices
3,069
2,981
3,083
2,936
2,861
2,921
3, 694
5,523
5, 631
6,035
6, 645
7, 155
7,810
8, 733
4,001
5,509
5,045
5,853
8,462
6,944
5, 102
3, 444
3, 644
3,812
3,876
8, 444
8, 516
8, 916
9,056
6,056
5,412
4, 604
4,336
4, 164 9, 004
5,344
Seas onally iadjusted annual ra tes
1966: I
II
III
IV
42,
42,
43,
43,
1967: I p
45, 268
044
472
652
988
836
888
824
840
5,264
5, 528
5, 776
6, 032
612
612
572
584
6,520
6,720
6,952
6, 924
35,
37,
39,
39,
30, 760 1, 352
5, 680
648
6,828
39, 924
28,
28,
29,
29,
812
724
528
608
'Adjusted from customs data for differences in timing and coverage.
24
988
060
048
652
Source: Department of Commerce.
24,
24,
26,
26,
100
900
320
720
26, 756
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on the liquidity basis was $2.2 billion (seasonally adjusted annual rate) in the first quarter of 1967/
$500 million above the previous quarter. A partial reversal of last year's large increase in foreign private dollar
holdings resulted in an official reserve transactions deficit at an annual rate of $7.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
10
10
BALANCE ON GOODS AND SERVICES
\.
V
\/^-
.. ^
_^
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
\
BALANCE,
LIQUIDITY BASIS
J
-10
1961
1963
1962
1964
1965
L
-10
1966
SOURCE. DtPARTMENT OF COMMERCE
1967
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Changes
in gold,
convertiErrors
blecurrenOfficial To foreig n official
Foreign and uncies, and
5
Short- capital, recorded Liquid- reserve
Other
hold ers
To other IMF gold
l
term
ity 2
transtransforeign 6 tranche
longnet
term
actions
actions basis
holders position
basis 3
Liquid
Non(increase
liquid
[-])
-922 -3, 901 -3,403 7 1, 448
365
— 856 - 1, 349
308
2, 145
7
904 -2, 370 -1, 347
681
-1,025 — 1, 556
707
1, 083
606
7
— 544
1, 021 -1, 053 -2, 203 -2,705
456
254
— 1, 227
214
1, 533
-2, 671 -2, 044
1,673
-785
689
-7
-1,695
-285
620
378
1, 075
303
685
-949 -2,800 -1,549
1, 554
-1,961 -2, 146
171
-18
753
100
-1,078
278
-415 -1, 335 -1,304
131
1, 222
2, 512
802
225 -1, 595
-257
-413
-383 -1, 357
2, 384
568
Season ally adjus ted annusil rates
Quairterly tota Is, unadjiisted
U.S. pr ivatc capi tal, net
U.S.
Period
Government
Direct
grants
investand
capital,
ment
l
net
1960
1961
1962
1963
1964
1965
1966
-2, 769 -1,674
-2, 780 -1, 599
-3,013 — 1, 654
-3, 581 -1, 976
-3, 560 -2,435
-3,375 -3,418
-3,446 -3, 462
1966:
I
II
-3, 900 -2, 536 -1,008
-3,952 -4, 024
-276
-20
III____ -3, 036 -3, 600
IV
276
-2,896 -3, 688
1967:
I p
— 4, 820 -2,780
1
2
-616
Balaince
-380
-240
-108
-924
1,060
4, 364
1, 504
3, 120
-932 -2, 604 -1, 772
-792
-700
-488
3,444
-660
1, 108
-72
-916 -1, 676
-852
54
-598
-199
25
263
111
403
1, 211
-628
3, 180
-824
-2, 176 -7,288
-83
335
-701
Includes certain special (Jovernmf transactions.
Equals changes i liquid liabilities to foreign oflicial holders, other foreign
oflicial reserve assets consisting of gold, convertible
S. trold tranche position in the IMF.
currencies, an
3
liquid and nonllquid liabilities to foreign oflicial holders
Equals ehr
1 reserve assets consisting of gold, convertible currencies,
and the U.S. j. old tr; che position in the 1M F.
4
Includes short-to n oflicial and banking liabilities and foreign holdings of
U.S. Government bonds and notes.
•Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
Chan ges in sel(3cted
liabiliticis (decrea 36 I-]) 4
6
475
27
424
68
82
-6
671
8
1, 027
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 1,258 (1960), 741 (1961), and 918
(1962).
8
On Mar. 31, U.S. reserve assets consisted of gold stock, $13,184 million (down
$51 million from Dec. 31); IMF position including gold portion of increased
U.S. subscription, $357 million; convertible currencies, $314 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
OC
PRICES
CONSUMER PRICES
The consumer price index increased by 0.3 percent in May as all major components of the index increased. Food
prices rose for the first time since last August.
Index, 1957-59
Index, 1957-59=100
110
105
100
100
1961
1967
SOURCE: DEPARTMENT OF LABOR
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1966: Apr
May
June
July
Aug___ _ _ _ _ _ _ _ _ _ _ _ _
Sept
___
_
Oct___ _ _ _ _ _ _ _ _ _
Nov
Dec_
_ __ _
1967: Jan
Feb
Mar
Apr_
May _ _
Source: Department of Labor.
26
COUNCIL OF ECONOMIC ADVISERS
All
items
98.0
100. 7
101. 5
103. 1
104 2
105. 4
106. 7
108. 1
109.9
113. 1
112. 5
112. 6
112. 9
113. 3
113. 8
114. 1
114. 5
114. 6
114, 7
114. 7
114.8
115.0
115. 3
115.6
[1957-59=100]
Co m modi ties3
Services
Comm odities les s food
Services
All
All comFood
Rent
less
Nonmodities
Durable durable services
All
rent
99. 1
98. 8
98. 5
97. 8
96. 6
98.5
98. 3
96. 1
99. 8
100. 0
99. 9
101. 9
100. 3
300. 1
100. 2
100. 8
101. 0
101. 2
101. 5
100. 3
103. 2
103. G
100. 9
101. 6
102. 6
100.9
101. 7
107. 4
106. 6
103. 1
101. 4
101.7
102. 0
103. 2
100.8
102. 3
102. 6
108. 8
104. 4
110. 0
103. 8
102. 8
101. 8
110. 9
103. 6
112. 1
103. 2
105. 7
104. 8
103. 5
102. 1
106. 8
113. 0
114. 5
105. 1
104. 1
104. 4
105. 7
103. 0
106. 4
117. 0
115. 2
107.8
105. 2
107.2
105. 1
102.6
108.8
106.4
117.8
108. 9
120.0
109. 7
102.7
106.5
114. 2
122. 3
110. 4
109. 2
125. 0
102. 3
106. 0
109. 0
114. 0
121. 1
110. 1
108. 8
123. G
102. 5
109.3
106. 3
113. 5
121. 5
110. 2
124. 1
108. 8
109. 5
102.6
122. 0
106. 4
113.9
110. 2
109. 0
124.8
106. 7
103. 0
122. 6
109. 7
114. 3
110. 3
125. 5
109. 3
103. 0
109. 6
106. 6
115. 8
123. 0
110. 6
109. 8
125. 9
102. 7
110. 5
107. 0
123. 5
115. 6
110. 7
110. 0
126. 5
103.5
110.9
107. 6
115. 6
124. 1
111. 0
127. 1
110. 3
103. 5
111. 3
107. 8
114. 8
124. 7
110. 2
111. 2
127.7
111. 4
107. 7
103. 1
114. 8
125. 2
111. 3
110. 1
128. 3
102. 7
114. 7
107. 3
111. 0
125. 5
109. 9
111. 4
128.8
114.2
102.8
111.5
107.6
125.9
129.2
109.9
111.7
102.9
107.8
114. 2
126.3
111.8
129. 5
110.0
111.8
103.4
108.4
112.4
113.7
126.6
110.2
130.0
111.9
103.9
112. 1
113.9
108. 7
112.7
127.0
130.4
110.5
WHOLESALE PRICES
Preliminary figures for June indicate that the wholesale price index rose by 1/2 percent for the second consecutive month.
Industrial commodity prices were unchanged for the fourth month in a row, but farm product prices rose 1% percent
and prices of processed foods and feeds were 11/2 percent higher.
Index, 1957-59=100
Index, 1957-59=100
PROCESSED FOODS AND FEEDS
/""
95
90
90
1961
1967
SOURCE: DEPARTMENT OF LABOR
-COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
All
commodities
Period
1957
1958
1959
1960
1961
1962
_ __
1963
1964 ___
1965
1966
1966: Apr
May-.
June _
July
Aug_
Sept
Oct
_ _
_
_ _
__
_
Nov
Dec
1967: Jan
Feb
Mar __
Apr__
May _
June p
__
_
_
_
_ __
Farm
products
Processed
foods
and
feeds
99. 0
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102. 5
105. 9
105. 5
105. 6
105. 7
106. 4
106. 8
106.8
106. 2
105.9
105. 9
106. 2
106.0
105.7
105.3
105.8
106.3
99. 2
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
98.4
105. 6
106. 4
104. 5
104 2
107. 8
108. 1
108. 7
104. 4
102. 5
101. 8
102. 6
101.0
99.6
97.6
100.7
102.4
97. 6
102. 5
99. 9
100. 0
101. 6
102. 7
103. 3
103. 1
106. 7
113. 0
111. 5
111. 8
112. 0
113. 8
115. 7
115. 5
113. 9
112. 6
112. 8
112. 8
111.7
110.6
110.0
110.7
112.5
1
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, grain products for further processing.
In dustrial commoditi es
All industrials 1
99. 2
99. 5
101. 3
101. 3
100. 8
100. 8
100. 7
101. 2
102. 5
104. 7
104.3
104. 7
104. 9
105. 2
105. 2
105. 2
105. 3
105. 5
105. 5
105. 8
106.0
106.0
106.0
106.0
106.0
Indus- Indus- Productrial intrial
crude termedi- er -i fin•
j
isned
mate- ate ma- goods
terials2
rials
100. 9
97. 7
99. 6
96.9
99. 4
100. 2
102. 1
102.3
101. 0
102. 3
98.3
101. 4
102. 5
97. 2
100. 1
102. 9
95. 6
99. 9
94. 3
103. 1
99. 6
104. 1
97. 1
100. 2
100.9
101.5
105.4
104. 5
108. 0
103. 6
103. 4
106. 1
107. 0
105. 9
103.8
107. 6
106. 5
107.9
103. 9
104. 0
108. 1
106. 4
103. 3
104. 2
108. 3
102. 8
104. 1
108. 4
102. 8
104. 1
109. 1
102.7
109.8
104. 1
101. 6
104. 1
110. 2
101. 4
104. 4
110. 5
101. 1
104.6
110.6
100.2
110.7
104. 6
104.7
99.3
110.8
99.4
111. 1
104.6
Consulner finished g(jods excludin g food
DurNondurable
able
99. 9
98.7
100. 1
99. 3
101. 3
100. 8
100. 9
101. 5
100. 5
101. 5
100. 0
101. 6
101.9
99.5
99. 9
101. 6
99.6
102.8
100. 2
104.8
104. 3
99. 8
100. 2
104. 5
100. 1
104. 9
100. 2
105. 0
100. 1
105. 2
100. 0
105. 4
100. 9
105. 5
101.2
105.7
101. 3
105. 5
101. 3
105. 8
101.3
106.3
101.3
106.4
101. 3
106.4
101.3
106.9
NOTE.—Beginning January 1967, the indexes incorporate a revised weighting
structure reflecting 1963 values of shipments. The classification structure also
changed.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended June 1 5, prices received by farmers increased 1 percent while prices paid were unchanged
keeping the parity ratio, unadjusted for Government payments, at 74. Higher prices for cattle and lettuce were only
partially offset by price declines for hogs, wheat, and eggs.
Index, 1957-59=100
Index, 1957-59=100
ion
PRICES PAI D,
INTEREST, TAXE<5, AND
WAGE RAT
B
\
\
110
"V
100
X
90
^^^^
i i iit Ii i i tr
lX/">v
^^
%„*
^v
-^^
(fc.
>*^
^^
^-^^^^
^
(^
1
TV/A
\
N
CEIVED
PRICES RE
(ALL FARM P RODUaS)
^S
i i i i i Ii i i i i i i t i t 1 i i i i i
I 1 1 ! i ! 11 1 t 1
_-.*
^ummmmmi*
1 1 1 1 1 J
1 !
l
I
t t i i i I i i i ii
,.* "
.. *
110
V
100*
i i t i i (i i t ii
90
RA11 1/
0
100
RAT! DJ/
IUU
90
90
•PARITY RATIO
^""«,
Qf\
70
.
\™x--
I . ! 1
1 . I . -I I
itaiiro
-,^-
"I/'''*mV»«"'""»»«»'Xo Xt
1963
,.,.>-
\
fS.a
I . .I1 1I ,1I1 1 1 11111 111 1 ^
1962
»-"%.
/-N-s/
x
1 1 t t 1 1 I 1 1 1 I
1961
\*
<***'<» » nv
I
1964
• . i . i 1 . . . ii
70
1967
1966
1965
«,
,
V"
1 111 1 11 1 111
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE.
SOURCI: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices i-eceived by farmers
Period
All farm
products
Crops
1957
1958
1959 . _ _ .
1960
1961
1962
1963
1964
1965_
1966
97
104
100
99
99
101
100
98
103
110
101
100
99
99
102
104
107
107
105
105
1966: May 15___
109
109
111
112
112
110
107
106
105
104
103
101
104
105
Prices paid by farmers
Livestock All items,
Family
Producinterest,
and
living
tion
taxes, and
products wage rates
items
items
Index, 1957-59=100
94
98
106
100
100
102
98
102
98
103
99
105
95
107
91
107
101
110
113
114
107
108
110
107
105
104
103
103
101
100
100
100
99
102
June 15_
July 15..
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1967: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15__
1
Percentage ratio of index oi prices received by fanners to index of prices paid,
Interest, taxes, and wage rates on 1910-14=100 base.
28
110
110
111
116
116
114
110
109
109
107
105
102
108
108
114
114
114
114
115
115
115
115
116
116
116
116
117
117
Parity ratiol
Actual
Adjusted2
99
100
101
102
102
103
104
105
107
110
98
100
102
101
101
103
104
103
105
108
82
85
81
80
80
80
78
76
77
80
85
88
82
81
83
83
81
80
82
86
110
110
110
111
111
111
111
111
111
111
111
111
112
112
108
108
109
109
110
109
109
109
110
110
110
110
110
111
79
79
80
81
80
79
77
76
75
74
74
72
74
74
85
85
86
87
86
85
83
82
81
80
79
77
79
80
2
The adjusted parity ratio reflects Government payments made directly
to farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply (seasonally adjusted) increased by $2 billion in June, bringing the annual rate of increase for the
first half of 1967 to over 6% percent. Time deposits (seasonally adjusted) rose by $2% billion in June.
BILUONS OF DOLLARS
BILLIONS OF DOLLARS
1967
1961
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
M oney supp Iv
M oney supp ly
Period
1961:
1962:
1963:
1964:
1965:
1966:
1966:
Dec
Dec -_
Dec
Dec
Dec
Dec
May
June
July
Aug__
_
Sept
Oct. _
_
Nov
Dec___
1967: Jan
Feb _ _
Mar _
Apr
May
June
__
v
1
Deposits
1
Total
_
145. 5
147. 5
153. 1
159.7
167.2
170. 3
170. 2
171. 1
169. 6
169. 6
__ _
170. 5
. __ _ 169. 6
169. 2
170. 3
169.6
170. 4
172. 8
172. 1
174. 1
176. 0
Currency
outside
banks
Seasonal^7
29. 6
30. 6
32. 5
34. 2
36.3
38. 3
37. 3
37.4
37. 7
37. 8
37. 9
38. 0
38. 0
38. 3
38.5
38.7
38. 9
39.0
39.2
39. 4
de-
posits
de-
posits
adjusted
116.0
116.9
120. 6
125. 4
130.9
132. 1
132. 9
133. 7
131. 9
131. 8
132. 6
131. 7
131. 2
132. 1
131.1
131.7
133. 9
133.1
134.9
136. 6
at all commercial banks.
Effective June 9, 1966, balances accumulated for payment of personal loans
(about $1.1 billion) are excluded from time deposits and from loans at all commercial banks.
Time
De-
mand
l
Total
Currency
outside
banks
De-
Time
de-
posits
mand
de-
posits
l
U.S.
Government
de-
mand
de-
posits l
IJnadjuste d
2
82. 7
97. 8
112. 2
126. 6
146. 9
158. 0
153. 0
153. 7
155. 3
156. 6
157. 1
156. 8
156. 8
158. 0
160.5
163.2
165. 3
167.3
169.3
171. 7
149. 4
151. 6
157. 3
164 0
172.0
175. 2
166.9
168. 8
167.9
166. 9
169. 4
170. 1
171. 0
175. 2
174.6
170.0
171. 3
173. 1
170. 5
173. 8
30. 2
31. 2
33. 1
35. 0
37. 1
39. 1
37. 0
37. 3
37. 8
37. 9
37. 9
38. 1
38. 5
39. 1
38.4
38.3
38. 5
38.6
38.9
39. 2
119. 2
120. 3
124. 1
129. 1
134.9
136. 2
129. 9
131. 5
130. 1
129. 1
131. 5
132. 1
132. 5
136. 2
136.2
131.7
132. 8
134.5
131. 7
134. 6
2
81. 8
96. 7
111. 0
125. 2
145.2
156. 3
153. 9
154. 1
155. 8
157. 0
156. 9
156. 6
155. 6
156. 3
160.0
163.3
166. 1
168. 1
170.2
172. 4
4. 9
5.6
5. 1
5. 5
4.6
3.5
7.2
6.3
8.2
5. 2
4. 4
4. 8
3.7
3. 5
4.2
5.1
4. 9
4.8
6.6
4. 0
NOTE.—Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
The fall in public holdings of short-term Government securities (seasonally adjusted) which began in April was accelerated in June. Holdings of other liquid assets increased moderately in June.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END OF MONTH
600 -
600
500
500
400
400
300
300
200
200
DEAAAND DEPOSITS
CURRENCY
nun""'
100
I I I I II I I I I
1961
| ||
j
1 1
AND
\
,„>"""
.."""
iini*"""11
| I I
I
1962
1964
1963
1966
1965
100
I
1967
-I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
End of period
1960
1961
1962
1963
1964
1965
1966
1966: May
June
_
July
Aug
_ ___
Sept___
_ _ _ _ _ _ _
Oct
Nov__
Dec
_
1967: Jan
Feb
Mar
_ __
Apr v
_
May
June v _
Total
selected
liquid
assets
399. 2
424. 6
459.0
495.4
530. 5
572.9
601. 5
585.7
3
589. 3
588. 5
592.8
594. 3
596. 1
600.4
601. 5
605. 0
604. 6
615. 0
612.9
619.2
621.0
Demand
deposits
and
currency l
138.4
142. 6
144.8
149. 6
156. 7
164. 0
168.6
163. 7
166. 5
164.3
167. 0
166. 1
166. 0
168. 0
168. 6
166. 9
165. 9
171. 0
168. 5
172. 8
173. 9
Commercial
banks
3
73. 1
82.5
98. 1
112. 9
127. 1
147. 1
159. 6
153. 6
153. 9
156. 1
156. 6
156. 7
156. 6
158. 3
159.6
163. 6
165. 3
167. 6
168. 6
170.7
172. 3
1
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 1960, savings and loan associations.
30
Savings
and loan
shares
U.S. Government
savings
bonds 2
U.S. Government
securities
maturing
within
one
year 2
61. 8
70. 5
79.8
90. 9
101. 4
109. 7
113. 3
111. 2
111.4
110. 7
111. 3
112. 2
112. 1
112.8
113.3
113. 6
114.7
116.2
117. 0
117. 9
118.7
47.0
47.4
47. 6
49.0
49.9
50.5
50.9
50. 4
50. 4
50. 6
50.6
50. 5
50. 6
50.6
50.9
51.0
50.9
51.0
51. 1
51. 1
51.2
41. 9
42. 6
46.8
48. 1
46. 1
48. 6
53. 9
53.3
53.4
52. 8
53. 3
54.5
56.0
55. 8
53.9
54. 2
51.7
52.9
50.9
49. 5
47. 2
Time d eposits
Mutual
savings
banks
36. 2
38. 3
41. 4
44, 5
49. 0
52. 6
55. 1
53. 3
53. 6
53. 7
53.9
54. 2
54. 6
54.8
55. 1
55. 5
55. 9
56.3
56. 8
57. 1
57.7
Postal
Savings
System
0. 8
.6
.5
.5
.4
.3
.1
.3
.2
.2
.2
.2
.2
.1
.1
.1
.1
.1
.1
.1
.1
3
See footnote 2, page 29.
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Bank credif (seasonally adjusted) increased by $0.3 billion in June, the smallest monthly increase since November
1966. Loans increased by $0.5 billion. Free reserves rose to $292 billion, the highest monthly average since April
1963.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
350
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
300-
300
250
250
200
200
150
150
100
100
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
50
50
1961
1962
1963
1965
1966
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All conn nercial bank s
(s easonally adjusted datta)
End of period
1960
1961
1962
1963
1964
1965
1966
1966: M a y _ _
June
„.
July
Aug_ _
Sept
__
Oct
Nov
Dec
1967: Jan
Feb
Mar.
Apr » p _ _ ~
May v __ __
June
1
Total
Iiivesti nents
Loans,
loans excluding
and
inter- U.S. Gov- Other
investbank
ernment
securiments
securities
ties
4
194. 5
209.6
227. 9
246.2
267. 2
294.4
310.2
304. 9
307. 7
309. 2
310. 8
308. 7
308. 1
308. 6
310.2
314. 9
316. 5
321. 9
324. 1
326.4
326. 7
113. 8
120. 5
134. 1
149.7
167.4
192.0
207.2
202.3
4
204. 0
206.4
206. 6
206. 1
207.2
207. 2
207.2
211. 0
210.4
211. 8
213. 8
213.8
214. 3
Billions of dollars
59. 8
20. 8
65.2
23. 9
64. 5
29. 2
61. 5
35. 0
61. 1
38. 7
57. 7
44.8
54. 3
48. 7
47. 4
55. 1
4
55. 1
48. 6
54.4
48. 5
56. 1
48. 1
54. 3
48. 3
52. 5
48. 4
53.0
48.4
54. 3
48.7
54. 0
49.8
55. 1
51. 0
57. 8
52. 3
56. 6
53. 7
57.6
55. 1
56. 5
55.9
1 Commercial and industrial loans.
2
Debits during period to demand deposit accounts except interbank and
U.S. Government. New series beginning January 1964.
3
Averages of daily figures. Annual data are for December.
4
Effective June 1966, balances accumulated for payment of personal loans
(about $1.1 billion) are excluded from loans at all commercial banks, and certain
1967
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
:\ K ; j
debits
reporting
large com- outside
mercial New York
City (232
banks
centers) ,
seasonally
Business adjusted
loans *
annual
rates 2
Aill membe r banks 3
Total
reserves
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions o f dollars
32. 2
32.9
35.2
38. 8
42. 1
50. 6
60. 6
53.5
55. 8
5
58. 7
58. 3
59. 4
59. 5
60. 0
60.7
60. 3
60.4
62. 0
62. 3
61.8
63. 8
1, 736
1,832
2, 021
2, 199
2
2, 706
3,013
3,421
3,396
3,414
3,474
3,495
8, 546
3,514
3, 512
3,562
3,562
3,570
3, 559
3,690
3,614
3, 733
19, 283
20, 118
20, 040
20, 746
21,609
22, 719
23, 830
22, 487
22, 534
23, 090
22, 655
23, 240
23, 333
23, 251
23, 830
24, 075
23, 709
23, 405
23, 362
23, 284
23, 512
756
568
572
536
411
452
392
370
322
404
338
398
302
389
392
373
358
435
309
370
415
87
149
304
327
243
454
557
722
674
766
728
766
733
611
557
389
362
199
134
101
123
669
419
268
209
168
—2
-165
-352
-352
-362
-390
-368
-431
-222
-165
-16
_4
236
175
269
292
certificates of CCC and Export-Import Bank totaling about $1 billion are included
in other securities rather than in loans.
« New series; see Federal Reserve Bulletin, August 1966.
NOTE.—Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Both instalment and noninstalment consumer credit increased moderately in May. On a seasonally adjusted basis,
however, instalment credit registered a smaller increase than in any other month in more than 5 years.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
100
40
40
20
20
SEASONALLY ADJUSTED (ENLARGED SCALE)
^
INSTALMENT CREDIT EX1"ENDED
i
/! i . i i » 1 i i i i i
1961
* ' ,,,,~,,,i,H1^1,l,,««n»
^-**^
%
;.
— "**' "
i i i i i 1 i i i i i
11111111111
1962
.„..
~~*
rC£^^^
-
INSTALMENT CREDIT REPyMD
1963
I 1 I 1 I 1 I 1 1 !
1
1964 •
1 ! 1 1 1 1 1 1 1 I 1
! f 1 1 1 1 1 1 1 1 1
1957
1958
1959
1960
1961
1962 „
1963
1964
1965
1966
1966: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1967: Jan
Feb
Mar
Apr
May
33t 867
33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
74, 656
69, 543
70,209
71, 194
71, 862
72, 640
72, 829
73, 073
73, 491
74, 656
74, 015
73, 598
73, 591
73, 840
74, 290
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
30, 961
29, 597
29,908
30, 402
30, 680
30, 918
30, 793
30, 852
30, 937
30, 961
30, 689
30, 530
30, 527
30, 635
30, 852
7, 582
8, 116
9, 386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
20, 110
18, 747
18,927
19, 156
19, 306
19, 577
19, 701
19, 737
19, 837
20, 110
19, 974
19, 976
20, 047
20, 193
20, 326
*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.
* End of period, unadjusted.
32
1 1 1 ! !
1 |N
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consu mer credit outs tan din g (end of period;
umadjusted)
instalment
NonAutomoTotal
Total »
Personal instalbile
ment 2
paper
loans
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94, 786
88, 184
89,092
90, 070
90, 650
91, 483
91, 639
91, 899
92, 498
94, 786
93, 479
92, 517
92, 519
93, 089
93, 917
1 'I I 1
1967
1966
1965
SOURCEi BOARD OF GOVERNORS .OP THE FEDERAL RESERVE SYSTEM
Period
...«»••...,•.••"""••
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
20, 130
18, 641
18,883
18, 876
18, 788
18, 843
18, 810
18, 826
19, 007
20, 130
19, 464
18, 919
18, 928
19, 249
19, 627
Consumer instalme nt credit e xtended
and r<apaid (seas onally adjuisted)
Automob ile paper
To tal
Extended
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
61, 295
67, 505
75, 508
78, 896
6, 505
6,472
6, 675
6, 732
6,689
6, 578
6, 522
6, 657
6, 433
6,501
6,497
6,510
6, 606
6, 554
Repaid
39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
72, 805
5,974
5,979
6, 126
6, 168
6,087
6, 103
6, 142
6,213
6, 112
6,221
6, 281
6, 246
6, 393
6,361
Extended
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
28, 491
2,302
2,298
2,419
2,383
2,431
2,387
2, 378
2,461
2, 297
2,240
2, 177
2, 199
2, 217
2,238
Repaid
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19,400
21, 676
24, 267
26, 373
2, 145
2,159
2, 211
2, 238
2,223
2, 213
2, 244
2, 255
2, 225
2,202
2, 217
2,193
2,235
2, 219 1
Mortgage
debt outstanding
nonfarm,
1- to 4family
houses 3
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
1 97, 600
213, 700
225, 100
220, 700
223, 100
225, 100
227, 000
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
The prime commercial paper rate increased in early July for the first time since September 1966. In mid-July the
Treasury bill rate continued the rise begun in June. Most bond rates rose to levels close to, and in a number of cases
above, their 1966 peaks.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1961
1967
COUNCIL OF ECONOMIC ADVISERS
.SOURCESi SEE TABLE BELOW
Period
1960
1961
1962
1963
1964
1965
1966__
1966: May .
June
July
Aug. __ _ _
Sept__ _ _
Oct
Nov__ _ _ _
Dec
_
1967: Jan
Feb
Mar
Apr
May
_ _
June
Week ended:
1967: June 17_
24__
July 1__
815-.
22_.
[Percent per annum]
High-grade
U.S. Cove rnment secui ity yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
2
3
(Standard4 &
issues
bonds
bills i
Poor's)
4.02
2.928
3.99
3. 73
3.60
3.90
2.378
3. 46
2.778
3.57
3. 95
3. 18
3.72
3. 157
4. 00
3. 23
3.22
3.549
4. 15
4. 06
4.21
4. 22
3. 954
3.27
3. 82
5. 16
4. 65
4.881
4. 642
4. 94
4. 57
3. 68
4. 539
5. 01
4. 63
3. 77
4. 855
5. 22
3. 94
4, 75
4. 932
5.58
4.80
4. 17
5. 356
5. 62
4. 79
4. 11
5. 387
5.38
4. 70
3. 97
5. 43
4. 74
5. 344
3. 93
5.007
5.07
4. 65
3. 83
4. 759
4. 71
4. 40
3. 58
4.554
4.73
4.47
3.56
4. 52
4. 288
4. 45
3. 60
3. 852
4.46
4.51
3. 66
3.92
3.640
4.68
4.76
4.96
3.480
4.86
3.98
3. 505
3.572
3.462
4.280
4.285
*4. 245
4.96
5.08
5. 19
5.22
5. 14
4.85
4.94
4.96
4.89
4.80
'Rate on new issues within period.
2Selected note and bond issues.
1963 to date, bonds due or callable 10 years and after.
Weekly data are Wednesday
figures.
* Not charted.
for first of the month, based on the maximum permissible interest rate
'Data
(6 percent beginning October 1966) and 30-year mortgages paid in 15 years.
1
April
4
3.94
3.99
4.09
4.09
4.07
4. 41
4. 35
4. 33
4. 26
4.40
4.49
5. 13
4. 98
5. 07
5. 16
5. 31
5. 49
5.41
5. 35
5.39
5. 20
5.03
5. 13
5. 11
5.24
5.44
5. 19
5. 08
5. 02
4.86
4. 83
4. 87
5.67
5. 48
5. 58
5. 68
5. 83
6. 09
6. 10
6. 13
6. 18
5. 97
5.82
5. 85
5. 83
5.96
6.15
Prime
commercial
paper,
4-6
months
3. 85
2. 97
3. 26
3.55
3. 97
4. 38
5. 55
5.39
5. 51
5. 63
5.85
5.89
6.00
6. 00
6. 00
5. 73
5.38
5. 24
4.83
4.67
4.65
5.39
5.45
5.56
5.59
5.59
6. 13
6. 18
6.21
6.27
6.26
4.63
4.63
4.73
4.75
4.75
Corporalbe bonds
(Moo dy's)
Aaa
Baa
FHA
new home
mortgage
yields 5
6. 16
5. 78
5. 60
5. 46
5. 45
5.46
6.29
6. 32
6. 45
6. 51
6.58
6.63
6. 81
6. 77
6.62
6. 46
6.35
6.29
6.44
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock price indexes for industrials and railroads declined in late June, but began to recover in early July. In June the
utilities price index continued the decline begun in late April; however, this too began to rise in early July.
Index, 1941-43=10
Index, 1941-43=10.
A^
?
90
_ COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
\
70
90
80
s—
70'
60
60
WEEKLY
50
I I I i l l i I L.I t
PERCENT
50
PERCENT
RATIO
RATIO
25
PRICE/EARNINGS RATIO ON COMMCDN 'STOCKS
^'^
\
\
1
1 *>
20
L-— — -^_^-
/
1C
^
10
A
v
,
t
10
i
1961
1962
1963
1964
1966
1965
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: STANDARD & POOR'S CORPORATION
1
Period
Total
1961
1962
1963__ _ __
.._ _
1964
1965___
1966___
1966: June
July
Aug__
_ _ _ _ _
Sept
Oct_ _ __ ___
_ __
Nov. _
Dec _
_ _ _ _ _ _ _
1967: Jan__
Feb
Mar_ _
_
Apr
_ __
_ _
May
June_ __
Week ended:
1967: June 2_
9
16
23
30
July 7
14__
_ __ _
Total
Price index
Industrials
Capital Consumers'
goods
goods
Railroads
Dividend
yield 2
(percent)
66. 27
62. 38
69. 87
81. 37
88.17
85. 26
86. 06
85. 84
80. 65
77. 81
77. 13
80. 99
81. 33
84. 45
87.36
89. 42
90.96
92.59
91.43
69.99
65. 54
73.39
86. 19
93.48
91. 09
92. 14
91. 95
86. 40
83. 11
82. 01
86. 10
86. 50
89. 88
93.35
95. 86
97.54
99.59
98.61
1941-^13=10
67. 33
57. 01
54.96
58. 15
63. 30
62. 28
76. 34
73. 84
81.94
85. 26
84.86
74. 10
87. 34
73.75
86. 38
73. 87
79. 81
69. 91
74. 74
67. 89
72.67
66. 67
77. 89
68. 25
79. 83
67. 76
82. 70
69. 97
86.72
73.78
90. 08
75. 10
92.37
77.53
95.10
79.13
96.34
78.94
60. 20
59. 16
64. 99
69. 91
76.08
68. 21
67. 51
67. 30
63. 41
63. 11
65. 41
68. 82
68. 86
70. 63
70.45
70. 03
71.70
70.70
67.39
32. 83
30. 56
37.58
45. 46
46.78
46. 34
46. 35
45. 50
42. 12
40. 31
39. 44
41. 57
41. 44
44 48
46. 13
46.78
45.80
47.00
48. 19
2. 98
3.37
3. 17
3. 01
3.00
3. 40
3. 36
3. 37
3. 60
3. 75
3.76
3. 66
3. 59
3. 51
3.36
3. 29
3.24
3.19
3. 19
89.90
90.51
92. 42
92.23
91. 15
91.32
92.42
96.68
97.45
99.74
99.60
98.36
98.47
99.71
92.31
94.96
97. 55
96.91
95.94
96.33
97.61
68.26
67.87
67. 63
67.08
66.71
67.18
67.52
47. 23
47.64
48. 68
48.53
48.27
48.74
49.63
Price/
earnings
ratio 3
3.28
3.22
3. 16
3. 17
3.20
3.20
3.17
1
Includes 500 common stocks: 425 are industrials; 55 are public utilities', and 20
are railroads. Weekly indexes for capital and consumer goods are Wednesday
figures; all other weekly indexes are averages of daily figures.
^Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
34
Public
utilities
76.88
78.08
79. 32
79.37
78.98
79.22
80.72
21. 06
16. 68
17.62
18. 08
17. 08
14. 92
14.71
13.92
14, 74
17.86
are averages of monthly data. Weekly data are Wednesday figures.
3
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
Administrative budget expenditures for fiscal 1967 were $115.8 billion and receipts were $125.7 billion, resulting
in a defict of $9.9 billion.
BILLIONS. OF DOLLARS
BILLIONS OF DOLLARS
150
150
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
125
125
100
100
75
75
50
50
25 -
25
0
0
1962
100
1963
1964
1965
1966
•1962
1967
+10
NATIONAL DEFENSE
1963
1964
1965
1966
1967
BUDGET SURPLUS OR DEFICIT
_
(ENLARGED SCALE)
75
50
-10
25
-20
1962
1963
1964
1965
1962
1967
1966
1963
1964
1965
SOURCES. TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
Net
budget
receipts
Period
Fiscal vear 1963
Fiscal year 1964
Fiscal year 1965 _
Fiscal year 1966
Fiscal year 1967 *
1968: Apr
May_ __
June
July
Aug.. _ —
Sept
Oct
Nov__
_
Dec
1967: Jan
Feb
Mar___ _
Apr__ _
May_
June
___
Total
_
___
_ _
_
92. 6
97.7
96.5
107.0
125. 7
8. 5
17.2
_
86. 4
89. 5
93. 1
104.7
115. 8
9. 1
9.9
__
__ —
_
5.7
7. 2
12. 5
5. 8
7. 4
10. 6
9. 4
7.8
_
_
_
_ _
11. 4
13.5
6. 3
18. 2
8.4
9.4
10. 3
11. 0
11. 9
11. 0
10.4
9.5
10. 0
9.5
11. 7
9.5
10. 9
10. 1
In 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.
* Less than $50 million.
1967
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget expenditu res
N ational defe use 1
1
1966
FISCAL YEARS
* PRELIMINARY
Total
52. 8
54.2
50.2
57.7
70. 7
5.0
4. 9
6. 3
4. 9
5. 6
6. 0
5. 5
5. 5
5.9
6.2
5.8
6. 9
6.3
6. 1
6.0
Department of
Defense,
military
48. 3
49. 8
46.2
54.4
67. 6
4. 8
4.6
5. 9
4. 7
5. 4
5.7
5. 3
5.3
5.7
5.9
5. 5
6. 6
6. 1
5. 8
5.7
Military
assistance
1. 7
(3)
(3)
1.5
1.2
1.0
.8
.1
.2
.1
(»)
.1
.1
.1
.1
.1
.1
.1
.2
Budget
surplus
or
deficit (-)
-6.3
8.2
-3.4
-2.3
-9.9
1.6
-.6
7. 7
-4. 6
-3.8
.6
-5.2
-3. 0
1. 1
-. 6
-1.7
—.3
4.1
-4.6
8. 1
Public
debt
(end of 2
period)
306. 5
312. 5
317.9
320.4
326.7
320. 1
322. 8
320. 4
319. 8
324. 9
325. 3
327.4
329. 9
329. 8
329. 4
330.1
331. 5
328.3
331.4
326.7
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
Cash receipts for fiscal 1967 were $153.5 billion and cash payments $155.3 billion, yielding a cash deficit of $1.8
billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
25
— 25
SEASONALLY ADJUSTED
EXCESS OF CASH R ECEIPTS
nw g^
-5
EXCESS OF CASH P AYMENTS
I
I
!
1
1
I
I
1962
1961
!
!
1
1963
I
I
•I
f
1964
D
1
F^3
• •!•
1
1965
1
\ I
i
!
1
196 5
1
I
!
-5
1967
CALENDAR YEARS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal year:
1962
1963
1964
1965
1966
1967*
Calendar year:
1961
1962
1963
1964
1965 _ _
1966
_ __
107. 7
113. 8
120. 3
122.4
137.8
155.3
97.9
106. 2
112. 6
115. 0
123.4
145. 1
104. 7
111. 9
117. 2
120. 3
127.9
150.9
Unadjusted
-3. 9
-8.1
-1.3
10.0
-6. 7
-7.7
1. 4
11.3
Cash payments to
the public
Excess of
receipts or
payments
(-)
-6.8
— 5. 7
-4. 6
-5. 2
-4.5
-5. 7
33. 1
34.0
34. 6
36.2
41. 3
38.8
36. 7
38. 6
Cash receipts
from the
public
-5.8
-4. 0
4.8
-2.7
-3.3
-1.8
29. 2
25.8
33.3
46. 2
34. 6
31. 1
38. 0
49. 8
Because of administrative and legislative changes in tax payment schedules,
the seasonally adjusted figures have been erratic in recent years. For this reason,
a study leading toward revision of the seasonal adjustment factors is underway.
2
Seasonally adjusted data include accelerated corporate tax payments of
about $2.8 billion in 1966 and $4.7 billion in 1967; data also include about $0.3
36
Excess of
receipts or
payments
'(-)
101. 9
109. 7
115.5
119.7
134. 5
153. 5
Quarterly total (calendar years):
1965: III
IV _ _
1966: I_
II
III
IV
1967: I
II
1
Cash payments to
the public
Se£isonally ad jus ted
30.6
30.7
33.7
2
39. 6
36. 3
36. 8
38.8
2
41. 4
32. 1
33. 1
36. 9
36. 0
40. 0
37. 8
39.1
38.3
1
-1.5
-2.4
-3.2
3.7
-3.7
— 1.0
o3. 1
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
Revised data for the first quarter indicate that Federal receipts rose $% billion (seasonally adjusted annual rate) and
expenditures $9 billion, yielding a deficit of almost $12 billion. Expenditures increased about $21A billion in the
second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
100
100
I
I
I
I
I
I
I
I
+20
I
1
1
1
I m
m
-,.- n n
*
DEFICIT
1
-20
+20
SEASO NALLY ADJUSTED ANNUAL RATES
SURPLUS
1
1961
1
\
\
\
1
1
1
I
1963
1962
1
n n
i i i
1
1965
1964
\
!
1
1
1
!
I
-20
1967
1966
CALENDAR YEARS
couNCIL
SOURCE: DEPARTMENT OF CC)MMERCE
OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fed era 1 Governrnent expe nditures
Federal (jiovemme nt receipt 3
Period
Fiscal yesiT:
1963
1964
1965
1966
1967 i.
Calendar
year:
1963
1964
1965
1966
1965: IIIIV.
1966: I_.
IIIIIIV.
1967: I _ _
II"
Indirect ContriPersona] Corpo- business butions
rate
tax and profits tax and
for
Total nontax
nontax
tax
receipts accruals accruals social insurance
Total
Subsidies
GrantsPurless
in-aid
current
chases
Tran s- to State
Net
of goods fer payinterest surplus
and
local
and
ments
paid
of Govt.
entergovernservices
ments
prises
Surplus
or
deficit
. <-)»
income
and
product
accounts
110. 2
115. 5
120. 6
132.9
49.6
50. 7
51.3
57. 5
64. 3
23. 5
25. 7
27.8
31. 0
15. 0
15. 6
16. 9
15. 8
16. 3
22. 1
23. 5
24. 5
28. 6
35. 7
111.4
116. 9
118. 3
131.9
155. 6
63. 4
65. 7
64. 3
71.7
84. 4
28. 5
29. 5
30.4
34.1
39.8
8. 4
9.8
10.9
12.7
15. 5
7. 5
8. 1
8.5
9.0
10. 1
3. 6
3. 8
4. 1
4. 5
5.8
-1. 2
— 1. 4
2. 3
.9
114. 5
115. 0
124. 8
143. 2
123.4
127.6
137. 0
141. 6
145. 6
148.6
149. 1
51. 5
48. 6
53. 8
61.7
53. 3
54. 6
57. 7
60. 9
63. 1
65.2
65. 5
63. 5
24. 6
26.4
29. 3
32.3
29. 0
30. 9
32. 2
32.2
32. 4
32.3
30.3
15. 3
16. 1
16. 5
15. 9
15. 7
16.3
15.2
15.9
16. 2
16.3
16.2
16. 4
23. 1
23. 8
25.2
33.3
25. 3
25. 8
31. 9
32. 5
34.0
34.7
37. 0
37.2
113. 9
118. 1
123. 4
142. 9
126. 6
128. 0
134. 8
138.4
146. 3
151. 9
160. 9
163. 2
64. 2
65. 2
66. 8
77.0
67. 6
69. 8
72. 1
74. 9
79.5
81. 5
87. 1
89. 5
29. 1
29. 9
32.4
36.0
34.7
32.9
35.2
34. 1
35. 9
38.8
42.2
42. 5
9.1
10.4
11.2
14.8
11.3
12.2
13.8
14.6
15. 3
15. 6
15. 6
15.4
7.7
8.3
.8.7
9.5
8.7
8.9
9.1
9.4
9. 6
10.0
10. 4
10.4
3. 6
4. 2
4. 3
5.4
4. 2
4.4
4. 6
5. 3
6.0
5. 9
5. 6
5. 5
.7
-3.0
1.4
.3
-3. 2
_ .4
2. 2
3.2
—.7
— 3. 3
— 11. 9
i Preliminary, based on seasonally adjusted data; not strictly comparable
with preceding data.
NOTE.—Series revised beginning 1964. For details, see Survey of Current Business, July 1967. 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
Page
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
1
2
3
4
5
6
7
8
9
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
10
11
12
13
14
15
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
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
26
27
28
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
29
30
31
32
33
34
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
38
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.
P Indicates preliminary and . . . . not available.
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
U . S . G O V E R N M E N T P R I N T I N G O F F I C E : 1967
