Full text of Economic Indicators : July 1969
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91st Congress, 1st Session Economic Indicators July 1969 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1969 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) WRIGHT PATMAN, Texas, Chairman WILLIAM PROXMIRE, Wisconsin, Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLING (Missouri) HALE BOGGS (Louisiana) HENRY S. REUSS (Wisconsin) MARTHA W. GRIFFITHS (Michigan) WILLIAM S. MOORHEAD (Pennsylvania) WILLIAM B. WIDNALL (New Jersey) W. E. BROCK 3d (Tennessee) BARBER B. CONABLE, Jr. (New York) CLARENCE J. BROWN (Ohio) SENATE JOHN SPARKMAN (Alabama) 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) JOHN R. STARK, Executive Director JAMES W. KNOWLES, Director of Research COUNCIL OF ECONOMIC ADVISERS PAUL W. McCRACKEN, Chairman HENDRIK S. HOUTHAKKER HERBERT STEIN Economic Indicators prepared under supervision of FRANCES M. JAMES [PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorize 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 $3.00 per year (foreign, $4.00) 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 $6.10 additional per year. The 1967 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 available at 70 cents a copy from the Superintendent of Documents, Government Printing Office. j ! \ ! TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Preliminary estimates indicate that gross national product advanced about $161/2 billion (seasonally adjusted annual rate) in the second quarter, slightly more than the first quarter rise but $7 billion less than the record increase in the second quarter of last year. [Billions of dollars; quarteri}T data at seasonally adjusted annual rates] Government Persons Net receipts Disposable personal income | Period Total 1961 1962 _. _ _ 1963 1964 1965 1966 1967 1968 1968: I II III IV. _. 1969: I II " i 364 4 385. 3 404. 6 438. 1 473. 2 511. 9 546. 5 590. 0 575. 0 587. 4 593. 4 604. 3 610. 7 623 0 S. 1 8. 6 9. 7 10. 7 1 2. 0 13. 0 13. 9 15. 0 14. 4 14. 7 15. 2 ] 5. 4 i r>. 7 15 9 356. 3 376. 6 394. 9 427. 4 461. 3 498. 9 532. 6 575. 0 560.6 572. 7 578. 2 588. 9 595. 0 607 1 Business Period 1961 1962 _ 1963 _ -1964_ ] 965 1966 1967- _ _ _ _ - _ 1968 __ _ _-_ 1968: I II III IV 1969: I II * 335. 2 355. 1 375. 0 401. 2 432. 8 466. 3 492. 3 536. 6 520. 6 530. 3 544. 9 550. 7 562. 0 570. 7 21. 2 21. 6 19. 9 26. 2 28. 4 32. 5 40. 4 38. 4 39. 9 42. 3 33. 2 38. 0 33. 0 36. 4 i 144. 6 157. 0 168. S 174. 1 189. 1 213. 3 228.4 264. 2 248. 5 257. 3 271. 0 279. 7 293. 6 41. 3 42. 8 44. 4 46. 7 49. 9 55. 5 62, 8 70. 6 66. 6 69. S 72. 0 74. 0 75. 8 78. 1 103. 3 114. 2 124. 3 127. 3 139. 2 157. 9 165. 6 193. 6 181. 9 187. 5 199. 0 205. 7 217. 8 149. 0 159. 9 166. 9 175. 4 186. 9 212. 3 242. 9 270. 8 260. 0 268. 1 274. 5 280. 6 285. 8 290 6 Less: ! rou..,s. Trans- j ^j^f' and i A " i sub- i an-d sidies 2 1 services 41. 3 42. 8 44. 4 46. 7 49. <* 55. 5 62. 8 70. 6 66. 6 69. 8 72. 0 74, 0 75. 8 78 1 | ! I ! 1 ! ; ; ; ! 107. 6 117. J 122. 5 128. 7 137. 0 156. 8 180. 1 200. 3 193. 4 198. 4 202. 5 206. 7 210. 0 212 5 ourpms or deficit and product accounts — 4. 3 — 2. 9 1. 8 — ]. 4 9 «> 1. 1 — 14. 5 — 6. 7 -11. 5 -10. 8 — 3. 5 -. 9 7. 8 :! International Gross Net Net exports of goods Total ; Statis- . national and services transfers Excess of income | ticai product Gross to forGross transfers or • discrepor private Excess retained domestic of eigners or receipts ancy expendearninvest- by periture invest-4 Equals: of net ment sons and Exports Less: exports ! ingS 3 Net ment 5 GovernImports (-) (-) exports ment 58. 7 66. 3 68.8 76. 2 S4. 7 91. 3 93. 3 96. 7 92. 1 97. 2 99. 2 98. 2 97. 7 71. 7 83. 0 87. 1 94. 0 108. 1 121.4 116. 0 126. 3 119. 4 126. 6 125. 2 133. 9 1 35. 2 139.9 — 13. 0 — 16. 8 -18. 4 -17. 8 -23. 4 -30. 1 -22. 7 — 29. 6 -27. 3 -29. 4 - 26. 0 — 35. 7 — 37. 5 2.6 2.7 2. 8 2.8 2. 8 2.8 3. 0 2. 9 2. 5 2. S 3. 1 3. 1 2. 4 2. 9 1 Personal income (p. 5) less personal L;ix and nontax payments (linos, penolties, etc.). - Government transfer payments lo persons, foreign net transfers by (Government, net interest paid bjr "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. Expenditures PerEquals: Personal sonal Less: Less: Tax Interest Total consump- saving Trans- Equals: Total tion or and paid and excludf*vrc expendnontax distransfer ing Net expendinterest itures saving receipts interest, receipts itures payand or and ments sub- 2 to foraccruals sidies trans1 ers eigners 28. 6 30. 3 32. 3 37. 1 39. 2 43. 4 46. 2 50. 6 47. 7 50. 7 53. 4 50. 6 47. 0 58. 6 23. 0 25. 1 26. 4 28. 6 32. 3 38. 1 41. 0 48. 1 45. 9 47. 3 49. 4 46. 1 56. 6 5. 6 5. I 5.9 8. 5 6. 9 5. 3 5. 2 2. 5 1. 9 3. 4 3. 6 1. 2 1. 5 2. 0 -3. 0 -2. 5 -3. 1 -5. 7 -4. ] -2. 4 ' — . ') 9 j *" 0 ' . •) ' .7 — . 6 '. ~. G 1. 9 i J. 0 i .9 520. 8 559. 8 590. 8 633. 7 6SS. 0 750. 9 794. 5 868. 2 837. I 860. 1 879. 5 895. 9 912. 9 -o. s ! i _;! 1 -1. 3 -3. 1 — 1. 0 -1. 0 -2. 5 -1.8 -1. 6 ! -3. 3 -3.4 -4. 2 520. 1 560. 3 590. 5 632.4 684. 9 749. 9 793. 5 865. 7 835. 3 858. 7 876. 4 892. 5 908.7 925. 1 4 Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing. * Net foreign investment with sign changed. NOTK.—Series revised beginning 1066. For detail, see Survey o/ Current Busi ness, J u l y 1969. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. GROSS NATIONAL PRODUCT OR EXPENDITURE Gross notional product (seasonally adjusted) increased at an annual rate of about 7% percent in the second quarter, according to preliminary estimates. The rise in physical output was at a rate of about 21/3 percent. BILLIONS OF DOLLARS '1,000 BILLIONS OF DOLLARS 1,000 SEASONALLY ADJUSTED ANNUAL RATES- 5*00 900 .GROSS NATIONAL PRODUCT. S00. 700 700 600 600 PERSONAL CONSUMPTION EXPENDITURES 500 500 U~ .,.••—•—•' 400 400 GOVERNMENT PURCHASES _OF GOODS AND SERVICES. 200 100 ||||J.illl 11IIHIIIHI"""1"*" 100 NET EXPORTS OF GOODS AND SERVICES. GROSS PRIVATE DOMESTIC INVESTMENT I I 1963 1964 1965 1966 J^RELIMINARY, SOURCEi DEPARTMENT OF COMMERCE Period 1958 1959 1960 1961— 1962 1963« 1964 1965 1966-. 1967 1968 1968: I ._ II III IV. _ _ 1969: I II" _. — I I 1967 1 I J/ I 1968 1969 COUNCIL OF ECONOMIC ADVISERS Government purchases of goods and Total Personal Gross Implicit Net services gross conTotal price private exports sump- domestic of goods national gross Federal deflator State tion product national for total Total investand and in 1958 product expend- ment services GNP, Total National defense1 Other local 1958 =1002 prices itures Billions of dollars; quarterly data at seasonally adjusted annual rates 2.2 447.3 290. 1 94. 2 53. 6 40. 6 60. 9 7.7 100. 0 45. 9 447. 8 . 1 97.0 43. 3 475.9 483.7 75.3 46. 0 101. 6 311. 2 53.7 7.6 4.0 487.7 503.7 325.2 103. 3 99. 6 46. 1 53. 5 44.9 74.8 8.6 5.6 107.6 497.2 50.2 335.2 520. 1 104. 6 71.7 57. 4 47.8 9.6 5. 1 117. 1 105.8 560.3 53.7 83. 0 63. 4 529.8 355. 1 51. 6 11. 8 5.9 551. 0 122. 5 590. 5 58. 2 107. 2 375. 0 87. 1 64. 2 50. 8 13. 5 8.5 128. 7 581. 1 632. 4 401. 2 63. 5 108. 8 94. 0 50. 0 15. 2 65. 2 6.9 137.0 684. 9 432. 8 70. 1 617.8 108. 1 16. 8 66.9 50. 1 110. 9 5.3 156. 8 658. 1 749. 9 121.4 113.9 466.3 60.7 17. 1 79.0 77.8 5. 2 180. 1 793.5 72.4 18.4 674* 6 492.3 89.3 117. 6 116. 0 90. 7 2. 5 200. 3 707.6 865. 7 122. 3 536. 6 99. 5 126. 3 78. 0 21. 5 100. 7 1. 9 193.4 693.8 835. 3 520. 6 97. 1 120. 5 119. 4 96.3 76. 1 20. 1 3. 4 198.4 705.8 99.4 121. 7 530. 3 858.7 126. 6 99. 0 77. 9 21. 1 3. 6 202.5 100.9 876.4 544. 9 125.2 712.8 122.9 78.8 22. 1 101. 7 1. 2 206.7 101. 9 718.5 892.5 550.7 124.2 133. 9 79.3 22.5 104.8 723. 1 1. 5 210. 0 101. 6 908.7 562.0 135. 2 79. 0 22. 6 108. 5 125. 7 727. S 2.0 212. 5 100. 6 925. 1 570.7 139. 9 78.7 21. 9 111. 9 127. 2 'This category corresponds closely with budget expenditures for national defense, shown on p. 36. 2 Gross national product in current prices divided by gross national product In 1958 prices. 200 NOTE.—Series revised beginning 1966. For detail, see Survey of Current Business, July 1969. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. NATIONAL INCOME Revised estimates indicate that national income rose $14 billion (seasonally adjusted annual rate) in the first quarter, reflecting a $1 3% billion advance in compensation of employees. Corporate profits (before taxes) and inventory valuation adjustment declined almost $1 billion. All types of noncorporate income increased in the second quarter, according to preliminary estimates. BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS 800 SEASONALLY ADJUSTED ANNUAL RATES, 700 700 TOTAL t^TIONAL INCOME., 400 600 500 '500 COMPENSATION OF EMPLOYEES. 400 400 300 - 100 CORPORATE PROFITS AND ~INVENTORY VALUATION ADJUSTMENT" PROPRIETORS' AND RENTAL INCOME - 300 -V "100 NET INTEREST 1965 1968 1967 1966 1969 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period 1958 _ _ __ _ __- __ 1959_ _ 1960 1961 1962 1963 1964_ 1965__ _ 1966 1967 1968 _ _ _ _ _ _ _ _ _ 1968: I II III IV 1969: I 11 * Total national income 367. 8 400. 0 414. 5 427. 3 457. 7 481. 9 518. 1 564. 3 620. 6 654. 0 714. 4 6SS. S 707. 4 724. 1 737. 3 751. 3 Compensation of em- 1 ployees 257. 8 279. 1 294. 2 302. 6 323. 6 341. 0 365.7 393.8 435. 5 467. 4 513. 6 495. 1 507. 0 519. 8 532. 3 546. 0 558. 0 Proprietors' income Farm 2 13. 4 11. 4 12. 0 12. 8 13. 0 13. 1 12.1 14.8 16. 1 14. 7 14, 6 14. 8 14, 3 14. 8 14, 4 14. 9 16. 4 Business and professional Rental income of persons 33.2 35. 1 34. 2 35. 6 37. 1 37. 9 40.2 42.4 45. 2 47. 2 49. 2 48. 4 49. 2 49. 3 49. 7 49. 7 50. 3 15. 4 15. 6 15. 8 16. 0 16. 7 17. 1 18.0 19.0 20. 0 20. 8 21. 2 21. I 21. 2 21. 2 21. 4 21. 5 21. 6 Net interest 6. 8 7. 1 8. 4 10. 0 11. 6 13. 8 15.8 18. 2 21. 4 24. 7 28. 0 26. 7 27. 5 28. 4 29. 3 29. 8 30. 3 Corporate profits and inventory valuation adjustment 3 Total 41. 1 51.7 49. 9 50. 3 55. 7 58. <) 66.3 76. 1 82.4 79. 2 87.9 82. 5 88. 2 90. 6 90. 3 89. 5 Profits Inventory before valuation taxes 3 adjustment 41. 4 52. 1 49. 7 50.3 55. 4 59. 4 66.8 77.8 84. 2 80. 3 91. 1 87. 9 90. 7 91. 5 94. 5 95.5 -0.3 —.5 .2 — .1 .3 — .5 — 1*7 -1. 8 -1. 1 -3.2 -5. 3 -2.6 -.9 -4.2 -6.1 -6.3 3 See Note, p. 7. NOTE.—Series revised beginning 1966. For detail, see Survey of Current Business, July 1969. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. SOURCES OF PERSONAL INCOME The June increase in personal income was almost $6 billion (seasonally adjusted annual rafe) or over $1 billion more than the revised May increase. Wages and salaries were up $4 billion in June and farm and personal interest income each increased about $i/2 billion. BULK 3NS 800 OF DOLLARS BILLIONS OF DOLl.ARS 800 SEASONALLY ADJUSTED ANNUAL RATES ^-""1 700 700 ^ £00 ^ TOTAL PERSONAL INCOME ^" 500 r^**— ^---1^ 600 500 WA SE AND SALARY Di SBURSEMENTS .+~~~*~~~ 400 400 .»-••'* «*""*"" „,*—•«—"- •*""*"* 300' 300 ^* •200^ ^ OTHER INCOME 100 _. „.„•...•"»-" "200 100 TRANSFER PAYMENTS . 0 1 IIIW .a.,,,*.,...."'"""""""" ""* —« ! ! 1 J ! 1 ! 1 ! I 1 ! ! 1 ! \ 1 1 1 1 1 1 1963 1964 , , , , , , , 1965 1 \ __ f 1 1 f 1 1 I 1 ! • . 1 1966 1967 r i t i i 1 i i r i i 0 1969 *•••/ ' . ••"•' •"-, ! t ! . , 1 I I 1 I 1 1968 couNCH OF ECONOMIC AOV1SEM\ SOURCE: DEPARTMENT OF CC MME8CE [Billions of dollars; monthly data at seasonally adjusted annual rates] | j Wage Less: PerProprietors' income Rental j Total i and Other Personal Transfei - sonal conincome DiviPeriod j personal salary labor 2 i Business tributions payof dends interest | income idisburse- income Farm | and pro- persons income for social ments i merits l fessional insurance 1960 i 401. i i 270. 8 12.0 12.0 34.2 15.8 13.4 23.4 28.5 9.3 1961__ ... _ J] 410. S ! 278. 1 12.7 12.8 35.6 16.0 25. 0 32.4 13.8 9.6 1962. _ . _ 442.6 ' 296. 1 13. 9 13.0 37. 1 16.7 15.2 27.7 33.3 10.3 1963. _ _ 1 485. : ; 311. 1 14. 9 13. 1 37. 9 17. 1 16. 5 31.4 35. 3 11.8 1964 _ ! 497. 5 12. 1 333. 7 16. 6 40. 2 18. 0 34. 9 17. 8 36. 7 12. 5 l 1965 538.9 18.7 358. 9 14.8 i 19.0 42.4 19.8 38. 7 39.9 13.4 j 394. 5 1966 587. 2 20. 7 16. 1 45. 2 20. 0 43. 6 20. 8 44. 1 17.7 l 1967 629. 4 ; 423. 5 22. 1 14. 7 47.2 21. 5 20. 8 48. 3 52. 0 20. 6 1968 ' G87. 9 465. 0 24. 2 14. 6 21. 2 49. 2 | 54. 1 23. 1 59. 2 22. 6 1968: ? J a v _ _ _ ! 680. 2 459. 3 40. 3 j 23. 9 14. 1 21. 2 53 2 23. 0 ' 22. 4 58. 6 : 24. 0 14. 4 June___ 685. 9 i 483. 7 • 21. 2 40. 4 i 22. !) ; 53. 7 59. 0 22. 5 24. 2 J u ! v _ _ J 691. 0 ! 467. 2 ; 14. 7 i 49.' 2 ' 2L 2 ! 54. 2 23. 4 59. 7 !! 22! 8 470. 3 A u < u _ _ ! 696. 1 24.5 15. 0 49. 2 21. 3 54. 8 22. 9 60. 4 23. 6 474. o ' S e p t _ _ _ ' 701. I 24. 7 14. 7 49. 5 ! 55. 4 21. 3 23. 7 60. 3 478. 2 • Oet : 700. 2 24. 8 14. 5 21. 3 41). 5 ; 23. 9 61. 2 56. 0 23. 2 N o v _ _ _ ! 711.5 4.S2. 2 14. 3 i 21. 4 25. 0 49. 7 ; 24. 0 56. 7 01. 5 23. 2 Dec 716. 0 14. 4 25. 1 62. 1 4s:>. s 21. 4 49. 8 ; 57. 3 ; 23. 6 23. 4 r I 1000: Jan 718. 7 i 4S9. 3 21. 4 ! 25. 3 49. 5 57. 4 : 23. 6 25. 3 63. 0 Feb 723. 9 : 492. 6 ' 25. 5 14! 9 ! 21. 5 ! 49. 8 25. 3 57. 6 63. 5 ; 23.8 Alar___ 730.7 1 497. 9 49. 7 ; 15. 3 i: 21. 5 i 24. 1 25. 6 ! 64. 3 57. 9 . 25. 6 Apr 735. 6 ] 500. 8 ! 21. 5 24.2 15. 8 64. 7 ; 25.8 58. 4 i 25. 7 j M n v _ _ _ ; 740. 3 503. 8 21. 6 25.9 16. 4 24. 3 50. 3 :; 64. 9 25. 8 i: 58. 9 J u n e "_'' 746. 2 507. 9 21. 6 17. 0 26. 1 50. 6 59. 4 I 24. 5 i 65. 2 26. 0 'ompcnsalioii oi employees (see f>. 3) excluding employer contributions for * Personal income exclusive of net income of unincorporated farm l Insurance and wa^e accru; ils less disbursements. farm wages, agricultural net interest, and net dividends paid by mployer contributions to [ rivate pension, health, and welfare funds; coin- corporations. tMnii fur iniiirirs; Jin-el fees; m i l i t a r y reserve pay; and a few other minor : 50. o ; 23! b Nonagricultural personal income 3 385.2 400.0 425.5 448. 1 480.9 519. 5 566. 3 609. 7 667. 9 660. 7 666. 0 670. 9 675. 5 680. 9 686. 1 691. 5 695. 9 698. 5 703. 1 709. 5 713. 8 718. 0 723. 2 enterprises, agricultural NOTE.—Series revised beginning 1966. For detail, see Survey of Current Business, July 1969. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. ISPOSITION OF PERSONAL INCOME Preliminary estimates indicate that personal income increased $161/3 billion (seasonally adjusted annual rate) in the second quarter, and disposable income rose $1 21/3 billion. With personal outlays advancing only $9 billion, the saving rate rose from 5.4 to 5.8 percent. BILUONS OF DOLLARS 700 BILLIONS OF DOLLARS 700 600 400 400 DOLLARS 3,200 PER CAPITA DISPOSABLE PERSONAL INCOME DOLLARS 3,200 SEASONALLY ADJUSTED ANNUAL RATES 3,000 2,800 2,600 2,400 2,200 2,000 2,000 7-7— 1969 SOURCE, DEPARTMENT OF COMMERCE Less: PerPersonal sonal tax and i1 income nontax payments i Period 1960 1961 1962 1963 _ _ _ _ 1964 _ _ _ 1965 1966 1967 1968 401. 0 416.8 442.6 465. 5 497. 5 538. 9 587. 2 629. 4 687. 9 i 1968: I— 664. 3 II__ 680. 1 III.J 696. 1 ! iv_! 711. 2 COUNCIL OF ECONOMIC ADVISERS Per capita disLess: Personal outlays posable personal Equals: Personal consumption Equals: income Disexpenditures 2 Personal posable Total saving Current personal personal1 Durable Non1958 durable income outlays Services prices prices goods goods 50. y 52. 4 57. 4 60. 9 59. 4 65.7 75.4 82. 9 97. 9 89. 3 , 92. 7 102. 6 ! 107. 0 350. 0 364.4 385.3 404. 6 438. 1 473.2 511. 9 546. 5 590. 0 575. 0 587. 4 593. 4 604. 3 1969: I-_ 724. 4 ! 113. 7 : 610. 7 i 623. 0 II*_ 740. 7 117. 7 Billions of dollars 333. 0 151.3 128. 7 45. 3 343. 3 44. 2 155.9 135. 1 363.7 162.6 143.0 49.5 152. 4 168. 6 384. 7 53. 1) 178. 7 411. 9 59. 2 163. 3 444.8 66.3 175.5 191. 1 206. 9 479. 3 70. 8 188. 6 204. 2 73. 0 215. 1 506. 2 230. 6 222. 8 83. 3 551. 6 Seasonally adjusted annual rates 226. 1 535. 1 79. 5 215. 1 545. 1 228. 5 220. 0 81. 8 233. 3 560. 2 85. 8 225. 8 234. 3 230. 1 1 566. 2 86. 3 577. 7 586.6 88.4 90.4 238. 6 240. 6 1 Includes personal consumption expenditures, interest paid by consumers, and 2 personal transfer payments to foreigners. See p. 2 for total personal consumption expenditures. • Includes armed forces abroad. Annual data are for July 1; quarterly data are for middle of period, interpolated from monthly data. 235. 0 239. 8 Saving as percent of Populadistion posable (thou-J personal sands) income (percent) 17. 0 21.2 21.6 19. 9 26. 2 28.4 32. 5 40. 4 38. 4 Dollars 1,937 1,883 1,983 1,909 2,064 1,968 2,136 2,013 2,280 2, 123 2, 432 2, 235 2,599 2, 331 2,745 2, 399 2, 933 2,474 4.9 5.8 5.6 4. 9 6. 0 6.0 6. 4 7.4 6. 5 180, 684 183, 756 186, 656 18U,417 192, 120 194, 592 196, 907 199, 114 201, 152 39. 9 42. 3 33.2 38. 0 2,869 2, 924 2, 946 2, 991 2, 455 2, 476 2, 477 2,485 6. 9 7.2 5. 6 6.3 ! 200, 200, 201, 202, 33. 0 36. 4 3, 016 3,070 2,484 2,498 ! 5. 4 202, 472 5. 8 1 202, 964 425 899 450 015 NOTE.—Series revised beginning 1966. For detail, see Survey of Current Business, July 1969. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. FARM INCOME According to preliminary estimates, net farm income excluding inventory change (seasonally adjusted) advanced percent in the seond quarter. Including inventory change there was a rise of 10 percent. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60 60 SEASONALLY ADJUSTED ANNUAL RATES 50 50 REALIZED GROSS FARM INCOME \ 30 30 t 20 NET FARM INCOME INCLUDING NET INVENTORY. CHANGE 20 \ 10 10 J 1963 1964 1966 1965 Personal income received by total farm population Income received from farming Net to farm operators Realized gross 1960 1961 ___ 1962___ 1963___ _ 1964 _ _ 1965 _ _ _ 1966 _ 1967 1968 _ _ _ _ _ 1968: I !!.__ 111 IV From all sources From farm sources IS. 7 19.7 20.4 20.6 20.6 23.6 24. 9 23. 9 24. 9 11.5 12. 2 12.3 12. 1 11.3 13.5 14. 4 13. 0 13. 1 From nonfarm sources 7.2 7.5 8.2 8.5 9.3 10.0 10. 5 10. 9 11. 8 ; ('ash receipts from market iitj/s, <,!oveminent payments, and nonmoney lump f u r n i s h e d by farms, i n v e n t o r y ol crops H I M ! livestock valued at the average price for the year. MI, seo f o o t n o t e '..', p. .'{. I'.MMM! on ( V n s n s of A i - r l c u l t i n <• ( i d i n i t i o n of a farm. The number of farms is M ron,':f ant w i t h i n :i year. Net income per farm including net inventory change 3 ProducCash tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current 1968 from Total * ventory ventory2 prices prices 4 marketchange change ings Billions of dollars Dollars 34.2 11.7 12. 1 38.1 26.4 3,049 3, 505 12. 6 39.8 35. 1 27.1 13.0 3, 399 3, 907 41.3 13.2 28.6 4,075 36.4 3, 586 12.6 42.3 29.7 37.4 13.2 4, 166 12.6 3,708 42.6 37. 2 29.5 13. 1 3, 564 3, 960 12.3 44.9 4,487 30.9 39.3 14.0 4, 931 15.0 49. 7 43. 3 33. 4 16. 3 5,019 16. 2 5,339 49. 0 42. 7 14. 2 4, 878 34. 8 14. 7 4,683 44. 4 14. 7 4, 805 4, 805 51. 1 36. 3 14.8 Seasonally adjusted annual rates 14. 4 50. 0 43. 4 14. 9 4, 880 4, 980 35. 6 50. 9 44. 2 14. 8 14. 4 4, 710 4, 710 36. 1 14. 9 4, 880 4, 830 51. 8 45. 0 36. 5 15. 3 14. 7 37. 2 14. 5 4, 750 4, 700 51. 9 45. 0 H)09: T 11 6 f 1969 COUNCIL OF ECONOMIC ADVISERS SOURCE, DEPARTMENT OF AGRICULTURe Period J I 1968 1967 52. 9 55. 1 46. 0 48. 2 37. 9 38. 8 15. 0 16. 3 15. 0 16. 5 5,040 5, 540 4, 890 5, 330 4 Income in current prices divided by the index of prices paid by farmers for family living items on a 1968 base. NOTE.—Series revised beginning 1966. For detail, see Farm Income Situation, July 1969. Data for Alaska and Hawaii included beginning 1960. Source: Department of Agriculture. DRPORATE PROFITS xording to revised estimates, corporate profits (both before and after tax and seasonally adjusted) increased .1 the first quarter but after inventory valuation adjustment profits declined. Profits before tax were $71/2 billion above a year earlier and profits after tax about $3% billion higher. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 40 20 20 1963 1969 SOURCE: DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Corporate profits Corporate profits (before taxes) and inventory after taxes valuation adjustment Corpo- Profits plus rate TransCorpoCorpoMan uf a cturin g capital capital portation rate rate conconDiviUncomtax profits NonAll Durable durable muniAll 1 before liabil- Total dend distrib- sump- sumpindustion tion goods payother uted ity taxes Total indusgoods cations, tries and ments profits allow-2 allow-3 indusances ances tries public tries utilities 1960 1961 _ _ 1962 1963 1964 _ 1965 1966 1967 _ _ _ 1968 49. 9 50.3 55. 7 58. 9 66.3 76. 1 82. 4 79. 2 87.9 24.4 23. 3 26. 6 28.8 32.7 39. 3 42. 6 39. 0 44. 4 12.0 11. 4 14. 1 15.8 17.8 22. 8 24.0 20. 9 24. 5 12.4 11. 9 12. 5 13.0 14.9 16. 6 18. 6 18. 1 19. 9 7.5 7.9 8. 5 9.5 10. 1 11. 1 11.9 10. 8 11. 6 17.9 19. 1 20. 5 20. 6 23.5 25. 6 27. 9 29. 5 31. 9 49. 7 50. 3 55. 4 59. 4 66.8 77. 8 84. 2 80. 3 91. 1 23. 0 23. 1 24. 2 26. 3 28.3 31. 3 34. 3 33.0 41.3 26. 7 27. 2 31. 2 33. 1 38.4 46. 5 49. 9 47. 3 49. 8 13. 4 13. 8 15. 2 16.5 17.8 19. 8 20. 8 21. 5 23. 1 13. 2 13. 5 16. 0 16. 6 20.6 26. 7 29. 1 25. 9 26. 7 24. 9 26. 2 30. 1 31.8 33.9 36. 4 39.5 42. 6 45. 9 51. 6 53. 5 61. 3 64. 8 72.3 82. 9 89.5 90. 0 95. 7 1968: !____ II— III__ IV— 1969: !____ HP 82. 5 88.2 90. 6 90.3 89. 5 41. 1 44. 9 45. 4 46. 2 45. 1 22. 0 25. 1 25.0 25. 8 24. 7 19. 1 19. 8 20. 4 20. 4 20. 3 11. 3 11. 5 12. 0 11. 6 11. 8 30. 1 31. 8 33. 1 32. 6 32. 6 87. 9 90. 7 91. 5 94. 5 95. 5 39. 9 41. 1 41. 4 42. 9 43.9 47. 9 49. 7 50. 0 51. 6 51.7 22.2 22. 9 23. 6 23. 8 23. 8 24. 3 25. 7 26. 7 26. 5 27. 8 27. 9 44. 8 45. 8 46. 2 46. 7 47.7 48. 6 92.7 95. 5 96. 2 98. 3 99. 4 1 Includes all other industries and financial institutions. depreciation and accidental damages. Corporate profits after taxes plus corporate capital consumption allowances. 2 Includes 3 31-866 °—69- NOTE.—Series revised beginning 1966. For detail, see Survey of Current Business, July 1969. Data beginning 1962 adjusted for effects of new depreciation guidelines ($2^ billion for 1962) and therefore not comparable with preceding data. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. GROSS PRIVATE DOMESTIC INVESTMENT The $43/4 billion (seasonally adjusted annual rate) increase in gross private domestic investment in the second qua. was somewhat more than the $11/3 billion rise in the preceding quarter, according to preliminary estimates. Business fixed investment rose $2% billion, reflecting a rise in producers' durable equipment. The rate of inventory accumulation lose sharply. Residential construction was down $1 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 16Q 1601 SEASONALLY ADJUSTED ANNUAL RATES T40 140 GROSS PRIVATE DOMESTIC INVESTMENT 120 120 100 100 80 80. PRODUCERS' . DURABLE EQUIPMENT . 60 40 — "* — ""* DCCinPKI RESIDENTIAL 60 40 NONRESIDENTIAL STRUCTURES STRUCTURES \ „„•..•••••••"••••«••«»" 20 20 CHANGE IN BUSINESS INVENTORIES ! 1 f I 1963 1964 1965 1966 1967 1969 1968 .^PRELIMINARY. SOUUCfc DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Total gross private domestic invests ment Period Total ._ _ _ 60.9 75.3 74.8 71. 7 83. 0 87. 1 94 0 10S. 1 121. 4 116. 0 126. 3 119. 4 126. 6 125. 2 133. 9 135. 2 139. 9 Total 62.4 70. 5 71. 3 69. 7 77. 0 81. 3 88. 2 OS. 5 106. 6 108. 6 119. 0 117. 7 116. 7 118. 0 123. 4 128. 6 130. 4 41. 6 45. 1 48. 4 47.0 51. 7 54. 3 61. 1 71. 3 81. 6 83.7 88. 8 89. 1 86. 4 88. 1 91. 5 95. 3 98. 0 Nonfarm 16. 6 16. 7 18. 1 18. 4 19. 2 19. 5 21.2 25. 5 28. 5 27. 9 29. 3 29. 8 28.3 29. 0 30. 1 32. 3 31. 6 NOTF..- Series revised beginning 1966. For detail, see Survey of Current Businest, J u l y 1!»6<). Data for Alaska and Hawaii included beginning 1960. 8 Producers' durable equipment Structures Total 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1968: I . II . III IV 1969: T II » Residential structures N onresidential Total 15. 8 15. 9 17. 4 17. 7 18. 5 18. 8 20.5 24. 9 27.8 27. 2 28. 6 29. 0 27.6 28. 3 29. 3 31. 6 30. 9 25. 0 28. 4 30. 3 28. 6 32. 5 34. 8 39. 9 45. 8 53. 1 55. 7 59. 5 59. 4 58. 1 59. 1 61. 4 63. 0 66. 3 Nonfarm 22. 0 25. 4 27.7 25. 8 29. 4 31. 2 36.3 41. 6 48. 4 50. 9 54. 6 54. 2 53. 1 54. 3 56. 7 58. 7 61. 8 Total 20. 8 2f>. f) :2. 8 1:2. () 25. 3 27. 0 27. 1 27. 2 25. 0 25. 0 30. 2 28. 6 30. 3 29. 9 31. 9 33. 3 32. 4 Source: Department of Commerce. Nonfarm 20. 1 24. 8 22. 2 22. 0 24. 8 26. 4 26. 6 26. 7 24. 5 24. 4 29. 6 28. 0 29. 7 29. 4 31. 4 32. 8 31. 9 Change in business inventories Total -1. 5 4. 8 :*. 6 ± 0 (). 0 5. 9 5.8 9. 6 14. 8 7. 4 7.3 1.6 9. 9 7. 2 10. 5 6.6 9. 5 Nonfarm •> •.> •1. S '). Ii 1. 7 5. H 5. 1 6. 4 S. 6 15. 0 6.8 7.4 1.3 10.3 7.5 10.7 6.6 9.3 EXPENDITURES FOR NEW PLANT AND EQUIPMENT The latest survey of investment anticipations revised the increase in projected plant and equipment expenditures for 1969 down from 14 percent to 1 21/s percent over 1968. Actual expenditures for the first quarter of 1969 were $2% billion (seasonally adjusted annual rate) below earlier anticipations while projected investment for the second quarter was revised upward by $1.2 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 80 180 SEASONALLY ADJUSTED ANNUAL RATES 70 70 60 60 50 50 40 40 NONMANUFACTURING \ \ ^"'1 30 30 »•?*"' MANUFACTURING I 20 20 U 10 ' 1_ JL _l 1963 _i_ _L_ _L 1964 J 1966 1965 L. _J_ 1967 1968 10 J L 1969 * -I/SEE NOTE 3 ON TABLE BELOW SOURCESi SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVlSEJtS I Billions of dollars; quarterly data at seasonally adjusted annual rates] Manufacturing Period 1957 _ _ 1958 1959 1960 1961 _ _ _ 1962 _ 1963 1964 . _ 1965 __ 196(5 1967 196S 3 1969 19GS: 1 _ _ _ _ __ _ 11 111 Total » _ IV 1969- 1 3 11 111 s IVl_. 1 : _ __ ___ _ ._ _ .-_ __ __ _ _ _ ___ . __ 36. 96 30. 53 32. 54 35. 68 34.37 37. 31 39. 22 44. 90 51.96 60.63 61.66 64. 08 72. 17 64. 75 62. 60 63. 20 65. 90 68. 90 72. 00 73.45 74. 00 rp , , Total 15. 96 11. 43 12. 07 14. 48 13. 68 14. 68 15. 69 18. 58 22.45 26. 99 26.69 26. 44 29. 99 26. 35 25. 80 26. 65 26. 85 28. 20 30. 30 30. 75 30. 45 Durable Nonduragoods ble goods 8. 02 5. 47 5.77 7. 18 6. 27 7. 03 7. 85 9. 43 11.40 13. 99 13.70 13. 51 15. 61 13. 65 12.80 13. 65 13. 90 i r>. on 1 f>. 85 16. 00 If). 50 Kxcludes agriculture. ('ommercial and other includes trade, service, /inance, communications, ami construction. 3 Estimates based on anticipated capital expenditures as reported by business in late April and May 1909. Includes adjustments when necessary for systematic tendencies in anticipatory data. NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million. Transportation Mining Railroads 7. 94 5. 96 6.29 7. 30 7. 40 7. 65 7. 84 9. 16 11.05 13.00 13.00 12. 93 14. 38 1. 24 . 94 .99 .99 . 98 1. 08 1. 04 1. 19 1.30 1.47 1.42 1. 42 1. 58 12. 70 i:]. 00 1 3. 05 12. 95 13. 20 14. 45 14. 75 14. 90 1 . 55 .40 . 35 . 35 . 55 . 70 . 55 1.40 . 75 . 92 1. 03 . 67 . 85 1.10 1. 41 1.73 1.98 1. 53 1. 34 1. 54 1 . 65 1.40 1. 20 1. 15 1. 35 1.45 1. 70 Other 1.77 1. 50 2. 02 1. 94 1. 85 2. 07 1. 92 2. 38 2.81 3.44 3.88 4. 31 4. S3 4. 35 3.65 4. 60 4. 80 4. 80 4. 35 5. 10 ' Public utilities 6. 20 6. 09 5. 67 5. 68 5. 52 5. 48 5. 65 6. 22 6.94 S. 41 9.88 1 1. 54 13. 09 11. 60 11. 65 10. 90 12. 00 13. 05 13. 30 13. 15 Commercial and other 2 10. 40 9. 81 10. 88 11. 57 11.68 13. 15 13. 82 15. 13 16.73 18. 36 18.25 19. 04 21. 14 19. 20 18.70 18. 50 19.75 19. 95 20. 95 21.25 43.55 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 In June, the civilian labor force (seasonally adjusted) rose by 362,000. Employment rose by 406,000, and unemployment declined 44,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* -5 PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE UNEMPLOYMENT RATE n SEASONALLY ADJUSTED -i ?T 1 1963 1965 1964 1 : 1967 1966 1968 *16 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF IABOR Period Total labor force (including armed forces) 1964___ 1965 1966... 1967... 1968... 75, 830 77, 178 78, 893 80, 793 82, 272 1968: Mav_ ,hme_ July. Auej. Sept. < )ci . Nov. 1 )ec . ItXi'J: Jan _ I''i5l>- COUNCIL OF ECONOMIC ADVISERS Civilian emTotal Civilian employment ployment labor force UnemCivilian TvT JNonJNon(includ- labor AgriployagriagriTotal ment force Total culing culcularmed tural tural tural forces) Thousands of persons 16 years of age and over 69, 305 64, 782 3,786 75, 830 73, 091 69, 305 4,523. 64, 782 71, 088 66, 726 3,366 77, 178 74, 455 71, 088 4,361 66, 726 72, 895 68, 915 2,875 78, 893 75, 770 72, 895 3,979 68, 915 74, 372 70, 527 2,975 80, 793 77, 347 74, 372 3,844 70, 527 75, 920 72, 103 2,817 82, 272 78, 737 75, 920 3, 817 72, 103 Unadjusted Seasonally adjusted •NT Unemployment rate (percent of Unern- civilian labor force) plovment Unad- Seasonadjusted ally justed Percent 3,786 5. 2 3,366 4. 5 2,875 3. 8 2,975 3. s 2,817 3.6 81, 770 84, 454 84, 550 83, 792 82, 137 82, 477 82, 702 82, 618 75, 931 77, 273 77, 746 77, 432 75, 939 76, 364 76, 609 76, 700 71, 935 72, 757 73, 270 73, 325 72, 103 72, 596 73, 001 73, 421 2,303 3, 614 3,217 2, 772 2, 606 2, 511 2, 577 2,419 82, 278 82, 486 82, 504 82, 338 82, 438 82, 403 82, 559 82, 868 78, 742 78, 919 78, 917 78, 749 78, 847 78, 800 79, 042 79, 368 75, 932 76, 005 76, 020 75, 973 76, 000 76, 002 76, 388 76, 765 3,905 3,849 8, 825 3, 751 3,651 3,525 8, 706 3, 842 72, 027 72, 156 72, 195 72, 222 72, 349 72, 477 72, 682 72, 923 2,810 2,914 2,897 2, 776 2,847 2, 798 2, 654 2,603 SI, 711 75, 358 72, 192 2,876 2, 923 2, 746 2,542 2,299 3,400 83, 851 83, 831 83, 999 83, 966 83, 593 83, 957 79, 874 80, 856 80, 495 80, 450 80, 071 80, 483 77, 229 77, 729 77, 767 77, 605 77, 265 77, 671 3, 752 3,881 3, 732 3,664 3,805 3, 705 73, 477 73, 848 74, 035 73, 941 73, 460 73, 966 2,645 2,627 2, 728 2,845 2,806 2, 762 s'j, r>79 76, 181 72, 896 \ l a r _ S2, 770 Apr _ S3, 137 .Nl.'iv. S3, OSf> J u n r _ 85, SSO 76, 520 77, 079 77, 2(54 7S, 956 73, 193 73, 471 73, 370 74, 589 labor force as jMjrcont of noninstitutional population. I ' . j ' ^ i n i i l M K l!if»0, < l ; i t a i n c l u d e Alaska and Hawaii. 10 I' 1 1969 Source: Department of Labor. 2.9 4.5 4.0 3.5 3. 3 3. 2 3. 3 3. 1 3.6 3. 7 3. 7 8.5 3. 6 3. 6 8.4 G> & o. o 3.7 <2> <5> o. o 3. 7 <Z> 0 O. O 3.5 3. 2 2. 9 3.4 3.5 3.5 4-1 8. 4 <2? / Labor force participation rate, unadjusted 59.6 59.7 60. 1 60.6 60.7 60.5 62.4 62.3 61.7 60. 4 60. 5 60.6 60.5 59.7 60. 3 60.4 60.5 60.4 62. 4 SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT In June, the seasonally adjusted unemployment rate eased slishtly to 3.4 percent. The unemployment rate for married men remained unchanged, while for experienced wage and salary workers it rose to 3.2 percent. PERCENT PERCENT. 10 SEASONALLY ADJUSTED UNEMPLOYMENT RATE, ALL CIVILIAN WORKERS UNEMPLOYMENT RATE, EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATEv MARRIED MEN f . I. I 1 I I ! t ! I ! t I 1I I I 1 1 ! ! 1 1 I 1 I 1 I |I 1 1 I I I I I 1 I I ! \ 1 1964 1963 1965 1966 1967 SOURCEi DEPARTMENT OF IABOR 1964__. 1965 1966 1967 1968 Mav June July Aug_ Sept. Oct__ Nov Dec 1969: Jan Feb Mar Apr IVlay June Experi- Married enced All and men workers wage (wife salary present) workers 5.2 4.5 3.8 3.8 3.6 3.6 3. 7 3.7 3. 5 3.6 3. 6 3.4 3.3 3. 3 3.3 3.4 3. 5 3. 5 3. 4 1969 Percent 5.0 2.8 2. 4 4.3 3. 5 1. 9 3. 6 1. 8 3.4 1.6 Seasonally adjusted 3.2 1. 6 1.7 3.5 1.6 3.5 3.3 1.6 3.4 1.6 3. 3 1. 6 3.2 1.6 3.1 1.4 3. 1 1. 4 3. 0 1. 4 1. 4 3. 1 3. 2 L5 3. 1 1. 5 3. 2 1. 5 Persons at work in nonagricultural industries by hours worked per week 2 Under 35 hours Labor Part-time for Part-time for force J economic reasons economic reasons Over 40 35-40 time lost hours hours Total Usually Usually Usually Usually fullfullpartparttime 3 time 3 time 4 time 4 Thousands of persons 16 years of age and over 5.8 19, 271 29, 100 13, 101 986 1,151 5. 0 20, 788 30, 768 11,818 897 1,031 4.2 21, 334 32, 088 12, 034 871 793 4.2 20, 920 32, 616 13, 290 1,060 853 4.0 20, 600 32, 658 14, 785 895 820 Unadjusted Seasonally adjusted 3.7 21, 170 34, 005 14, 182 790 679 845 798 4. 1 ! 20, 748 33, 981 12, 986 1, 120 1,079 1,009 845 4. 2 i 19,616 32, 965 11, 686 924 1,159 945 819 4. 0 20, 134 33, 115 11, 392 995 1, 103 974 836 4.0 22, 081 33, 773 12, 992 972 974 689 769 3. 9 22, 303 33, 380 14, 135 852 671 907 780 3.8 20, 472 30, 101 19, 844 814 852 753 859 3.6 21, 810 33, 898 14, 987 835 723 872 801 3.6 20, 463 34, 316 14, 400 707 898 805 800 3. 6 19, 519 32, 002 18, 433 900 730 870 768 3. 7 21, 155 34, 757 14, 689 977 754 979 822 3. 7 20, 128 34, 370 15, 650 823 690 858 812 3. 5 21, 185 34, 834 14, 620 5 806 5 703 862 826 3. 9 20, 914 35, 107 13, 420 1, 143 1, 078 1,030 844 1 Man-hours lost by the unemployed and persons on part time lor economic reasons as a percent of potentially available labor force man-hours. 2 Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather, and industrial disputes. 3 Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated. i ti i I f i t ii 1968 COUNCIL OF ECONOMIC ADVISERS Unemployment rate (percent of civilian labor force in group) Period I t 1t ! 1 f t TI 1 4 6 Primarily includes persons who could find only part-time work. Average hours worked: usually full-time, 23.1; usually part-time, 17.8. NOTE.—See Note, p. 10. Source: Department of Labor. 11 UNEMPLOYMENT INSURANCE PROGRAMS In June, insured unemployment under State programs averaged 31,000 lower than a year earlier. The seasonally adjusted insured unemployment rate rose slightly from 2.0 to 2.1 percent. _^ ^^^^ MILLIONS OF PERSONS MILLIONS.OF PERSONS WEEKLY INSURED UNEMPLOYMENT "{STATE PROGRAMS! 1966 f t I JAN. I FEB. MAR. APRIL MAY JUNE JULY AUG. SEPT. OCT. All programs Insured Total unem- benefits Insured Covered ploypaid unememploy(milment ploy(weekly ment lions ment averof dolage) lars) Period - Get Nov Dec 1969: Jan Feb Mar... Apr May v June Week ( ended: 1 .H'»'J: J u n e 7 14 •> j "S 12 Thousands 51, 580 1,450 54, 739 1, 129 "56, 341 1, 270 1, 187 "57, 157 1, 216 1, 026 _ "57, 676 944 ^58, 771 1,058 1, 024 868 861 985 1,253 1, 585 1, 550 i 1, 385 1, 162 970 912 i i 909 903 902 914 1, 010 2, 360. 4 1, 890. 9 2, 220. 0 2, 191. 3 207. 2 170. 2 139. 3 156. 9 162. 8 133. 4 138. 7 134. 8 185. 4 2646 2-50. 8 242. 6 214. 9 164. 9 140. 2 State programs Initial claims Insured unemployment as perExhaus- cent of covered employment tions Unad- Seasonadjusted ally justed Weekly average, thousands 232 1, 328 21 1,061 203 15 17 226 1,205 1, 111 201 16 1, 142 183 20 156 18 964 883 157 17 991 240 15 174 955 15 802 13 141 14 794 154 189 13 913 261 14 1, 172 1,491 16 275 17 1, 459 219 173 17 1, 300 167 19 1,090 144 906 17 52 162 17 849 844 843 854 948 J u i v ."> " * TJ " . . . . . . -mi.. For d i ' f l n i t h n i H ami coverage, see the 7957 Supplement to Economic Imitator i. 1>.'U;» foi A I t-4.i uiid Hawaii included for all periods and for Puerto h u - u sinc^ JHMUSU;, 1%1. f l DEC COUNCIL OF ECONOMIC ADVISERS SOURCE! DEPAITMmr OF lAKX 1965 1966 1967 . _ 1968 1968: Apr Mav_ June _ July Aug Sept NOV. 149 146 155 178 268 271 Percent 3. 0 2.3 2.5 2.2 2. 3 2. 0 1. 8 2. 0 1. 9 1.6 1.6 1. 8 2. 3 3. 0 2. 9 2. 6 2. 2 1.8 1. 7 1. 7 1. 7 1.7 1. 7 1. 9 Source: Department of Labor. 2. 1 2. 2 9 & 9 &. 9 o <? &. ff> 0 &. O 2.2 2. 1 2. 1 2. 0 2. 1 2. 1 2. 1 2. 0 2. 0 2. 1 Benefits paid Total Average (milweekly lions of check dollars) (dollars) 2, 166. 0 1, 771.3 2, 101. 0 2, 031. 9 195. 1 159. 1 129. 1 145. 6 150. 0 121.8 126. 0 122. 5 170. 3 246. 1 234. 2 226. 5 200. 1 153. 0 130. 0 37. 19 39.75 41. 25 43. 43 43. 12 42.42 42. 26 42. 39 43. 73 43.78 44. 37 44. 72 45. 34 46. 16 46. 80 46. 71 46. 03 45. 14 44. 80 i DNAGRICULTURAL EMPLOYMENT Hi June, for the seventeenth consecutive month, total nonagricustura! payroll employment (seasonally adjusted) rose, reaching a new record of 70.2 million, up 192,000 from May. The greatest gains were in contract construction (52,000), State and local government (48,000), durable goods manufacturing (33,000), and wholesale and retail trade (26,000). MILLIONS OF WAGE AND SALARY WORKERS. (SEASONALLY ADJUSTED) 16 (ENLARGED SCALE) MILLIONS OF WAGE AND SALARY WORKERS- (SEASONALLY ADJUSTED) 14 WHOLESALE AND RETAIL TRADE' 12 SERVICES - 10 12 •Mpu.a.4" - MANUFACTURING- 10 NONDURABLE MANUFACTURING WOW**"}"*"** 16 CONTRACT -CONSTRUCTION12 1966 1969 1966 1967 SOURCEi DEPARTMENT OF.LABOR 1969 1968 COUNCIL OF ECONOMIC ADVISERS J [Thousands of wage and salary workers; seasonally adjusted] Manufacturing (private) Period Total Total Durable goods Nonmanufacturing (private) Non- durable goods Total Con- Transtract portation Mining conand strue- public tion utilities 635 2, 903 3, 903 634 3, 050 3, 951 632 3, 186 4, 036 627 3, 275 4, 151 613 3, 208 4, 261 010 3, 267 4, 313 014 3, 266 4, 250 015 3, 267 4, 300 019 3, 208 4, J15 020 ; , 272 4, Yll 022 : , 280 4, i33 5 7 • > ; , 305 4, J41 OL2 :, 313 4, J52 )'-3 3, 330 4, J60 >10 ; , 338 4, 553 >LS : , 300 4, 373 >LO : , 3,74 4, 399 i , 303 4, 439 )L4 012 ; , 397 4,441 3, 449 4, 440 (ill 1963 1964 __ _ _ 1965 1966 _ _ 1967 1968 1968: J\Iay_ JuneJill v _ Aug.. Sept _ Oct.. No v.Dec.. 1969: Jan.. Feb.. Mar_ \pr__ M a v1 " June '! 56, 702 58, 331 60, 815 63, 955 65, 857 67, 860 67, 550 67, 816 67, U45 68,088 68, 195 68, 427 08, 00-1 68, ,S7fi 69, P.M. 'Includes all i establishments vv lie!) includes t (is, domestic scis table not <•<•> civilian l a i > o r for persons, and d « > 11- and pa l - i i n i < ' \vaue and salary \\-orkcrs h nona.^riculttiral 10 worked l u r i i n : or received pav !'< any part if t h e pay period <> i L M h of I > i n o u l h . Kxdudes pn prietors, si If-employed perv a n l s , am personnel o the arinei i p a r a l i l e u Hi e s t i m a t e s of n o n a s i r i -.dt n i l nral i n . xi ell en Sm'nH^u pun i K . n i ofTh" oi Hit e. s h o w n m p. in, \vl ii-h i n c l u d propneto s, self-employed e s t i r serv: nls: w h i c h count p'M'so s as cmp >yed wlien they 09, 0 ( .», 69, 70, -!S7 7)0 7S«.) 02-1 70, 2 Hi 16, 995 17, 274 18, 062 19, 214 19, 447 19, 768 19, 737 19, 790 19, 804 19,800 19, 820 19, 840 1 9, 897 19, <)f>S ( 9, 616 9, 816 10, 406 11, 284 11, 439 11, 624 11, 606 11, 620 11, 666 1 1 , 634 11, 040 11, 049 11, 700 1 1 , 7'M i . » , 9',)'.) i l l , S l < ) 20, (mi 1 1, s;j<) 20, 1 22 20, 1 1 1 20, 1 10 1 1, SSI 1 1 , S(>S 1 1, S<)9 20, 1SI 1 1 1 , W2 7, 7, 7, 7, 8, 8, 8, 8, 8, S, 380 458 656 930 008 144 131 170 13S 100 ! S, .174 S, 191 S, 197 S, 2M: S, ISO S, 2l'2 S, 2-1 1 30, 481 31, 461 32, 679 33, 950 35, 012 36, 246 36, 016 30, 156 3-0, 253 30, 397 30, 4SS 30, 038 30, SIS 30, 37, 37, 37, 885 119 30 1 -150 S, 243 37, f>34 S. 21 1 S, 2-19 37, OS3 37, 773 Whole- Finance, insursale ance, Services and and retail real trade estate 11, 778 2, 877 8, 325 12, 160 2, 957 8, 709 12. 716 3, 023 9, 087 13, 245 3, 100 9, 551 13, 606 3, 225 10, 099 14, 081 3, 383 10, 592 14, 017 3, 359 10, 510 14, 057 3, 363 10, 554 14, 093 3, 376 10, 582 14, 154 3, 399 10, 625 14, 19S 3, 414 10, 635 14, 205 3, 433 10, 721 14, 291 3, 453 10, 787 14, 271 3, 463 10, 838 14, 412 3, 490 10, 900 14, 468 3, 502 10, 967 14, 508 3, 515 11, 034 14, 533 3, 531 11, 044 14,608 3, 538 11, 077 14, 634 3, 544 11, 085 Government Federal 2, 358 2, 348 2,378 2, 564 2, 719 2, 737 2, 724 2, 774 2, 779 2, 743 2, 721 2, 708 2, 709 2, 724 2, 760 2, 767 2, 759 2, 758 2, 754 2, 767 State and local 6, 868 7, 248 7, 696 8, 227 8, 679 9, 109 9, 073 9, 096 9, 109 9, 148 9, 166 9, 241 9, 240 9, 308 9, 321 9, 355 9 ; 37 3 9, 386 9, 447 9,495 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. Se r -include ^°7-7T 1 ies revised beginniag 1964; see note p. 14. Beginning 1959, data Alaska and Hawaii. Source: Department of Labor. JQ WEEKLY HOURS OF WORK - SELECTED INDUSTRIES The average workweek for private nonfarm production workers in June was 37.9 hours (seasonally adjusted), up hour from May. Hours rose in retail trade, fell in construction, and were unchanged in manufacturing. HOURS PER WEEK. (SEASONALLY ADJUSTED) 46 HOURS PER WEEK.(SEASONALLY ADJUSTED! 46 MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE "44 44 42 42 UO 40 38 -—• ^.^fS - -i * ^' '»»»« '38 ^^^ '36 34 36 A] 1 ! 1 1 ! 1 f 1 ! ! V 1966 i i ii iI i i i ii 1967 I ! ! I I ! 1 1 1 I1 1968 i i t i ri i i i i IK 1969 34 M 1966 42 1967 1968 1969 1967 1968 1969 42 CONTRACT CONSTRUQION RETAIL TRADE 40 40 38 38 36 36 34 34 32 '32 30 30 IV 1966 1967 1968 1966 1969 COUNCIL OF ECONOMIC ADVISERS SOURCE, DEPARTMENT OF 1ABOR 1 [Average hours per week ] Total n onagricultural private 2 Period Manufacturing Contract construction Retail trade 3 Total nonagricultural private 2 __ _ _ _ _ _ _ _ _ _ _ _ _ _ - - ___ _ _ _ _ _ Oct Nov Dec __ ___ ___ ___ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___ ___ _ 1969: Jan Fob Mar Apr Mav "__ _ __ .Juno i-___ „ _ _ _ 1 _ _ 39. 0 38. 6 38. 6 38. 7 38. 8 38. 7 38. 8 38.6 38. 0 37. 8 37.7 38. 1 38. 2 38. 3 38. 1 37. 9 37. 5 37. 8 37. 5 37. 2 37. 6 37. 5 37. 7 38. 1 40. 3 39. 7 39. 8 40. 4 40. 5 40. 7 41. 2 41. 3 40. 6 40. 7 40. 9 41. 1 40. 7 40. 7 41. 2 41. 1 40. 9 41. 1 40.4 40. 0 40. 7 40. 5 40. 7 40. 9 37. 0 36. 7 36. 9 37. 0 37. 3 37. 2 37. 4 37. 6 37. 7 37. 4 37. 6 38. 4 38. 6 38. 8 38. 7 38.4 35. 1 37. 1 36.7 36. 6 37. 2 37.6 38.2 38. 5 D : i t : \ r d a i c to production workers or nonsupervisory employees. Data for A b u . h a and l i : i \ v ; i i i included hc^innin^ ]'.)/?.). - A l ; : o i n c l u d e - ; nl her p r i v a i o mdu.';frv j-roup-^ shown on p. 13. ' Include:; e a t i i i j ; and d r i n k i n g places". 14 Contract construction Retail trade 3 Seasonally adjusted Unadjusted 1959 _ _ _ 1960 _ _ 1961 _ 1962 1963 1964 1965 1966 _ _ 1967 1968 1968: Mav June July Aug Sept Manufacturing 38. 2 38. 0 37. 6 37. 4 37. 3 37. 0 36. 6 35. 9 35. 3 34. 7 34. 3 35. 1 35. 8 35. 8 34.7 34. 3 34. 1 34. 6 34. 0 33.8 33. 9 33. 8 33.9 34. 7 37. 8 37. 9 37. 9 37. 9 37. 9 37. 8 37. 6 37. 6 37. 8 37. 5 37. 8 37.8 37. 8 37. 9 40. 9 40. 9 40. 9 40. 7 41. 0 40. 9 W. 8 40. 8 40. 6 40. 1 40. 9 40. 8 40. 7 40. 7 37. 5 37. 5 37. 3 37. 5 37. 5 37. 5 36. 2 37. 6 38. 2 38. 0 37. 9 38. 0 38. 1 37. 6 & f /iy 0^. 34.8 34.8 34.8 34.7 34-5 34.5 34.3 34. 4 34. 2 34. 3 34. 1 34. 3 34. /; NOTE.—Series revised to March 1968 benchmark beginning 1964. For detail, see Employment and Earnings, July 1969. Source: Department of Labor. AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of private nonfarm production workers in June were $3.02, up 1 cent from May. Average weekly earnings rose $1.58 to a record $11 5.06, up 6.3 percent from June 1968. DOLLARS DOLLARS 5.00 AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS 180 450 CONTRACT CONSTRUCTION i J v, / r \ j CONTRACT CONSTRUCTION 160 X\ A 4.00 140 A*' MANUFACTURING MANUFACTURING 3.00 -„,.«„£ 120 % 0H»»»*** . TOTAL NONAGRICULTURAL PRIVATE Z50 -\T 100 TOTAL NONAGRICULTURAL PRIVATE 2.00 80 RETAIL TRADE RETAIL TRADE 60 150 ty 1966 1967 1968 1966 196? 1967 1968 SOURCE: DEPARTMENT OF IABOR ^4 1969 COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Period 1959 _ . 1960 1961 1962__ _ 1963 1964 _ _ _ _ __ 1965 _ _ 1966 1967 1968 1968: May June July. - _ _ Aua; Sept Oct Nov Dec 1969: Jan.. _ _ . Fcb Mar._ _ Apr May vv Juno . Average hourly earnings— current prices Average weekly earnings— current prices Total nonagricultural private 1 Total nonagricultural private! Manufacturing Contract construction Retail trade 2 $78. 78 80. 67 82. 60 85. 91 88. 46 91. 33 95. 06 98. 82 101. 84 107. 73 106. 69 108. 20 108. 87 109. 16 110. 49 110. 29 109. 50 110. 38 110. 25 110. 11 111. 67 111. 75 113. 48 115. 06 $88. 26 89. 72 92. 34 96. 56 99. 63 102. 97 107. 53 112. 34 114. 90 122. 51 122. 29 123. 30 122. 10 121. 69 125. 25 125. 77 125. 97 127. 82 126. 05 124. 80 127. 39 127. 58 128. 61 129. 65 $108. 41 113. 04 118. 08 122. 47 127. 19 132. 06 138. 38 146. 26 154. 95 164. 56 163. 18 165. 50 168. 30 170. 72 173. 76 173. 57 159. 35 168. 81 168. 09 166. 90 171. 86 174. 46 179. 16 180. 18 $56. 15 57.76 58. 66 60. 96 62. 66 64. 75 66. 61 68. 57 70.95 74.95 73. 40 75. 82 77. 33 77. 33 75. 99 75.46 75.70 76.47 76. 16 76. 39 76.61 76.73 77. 63 79. 46 $2. 02 2. 09 2. 14 2. 22 2. 28 2. 36 2. 45 2. 56 2. 68 2. 85 2. 83 2.84 2. 85 2. 85 2. 90 2. 91 2. 92 5! 92 2. 94 2. 96 2. 97 2. 98 3. 01 3. 02 Manufacturing $2. 19 2. 26 2. 32 2.39 2. 46 2. 53 2. 61 2. 72 2. 83 3. 01 2. 99 3. 00 3. 00 2. 99 3. 04 3. 06 3. 08 3. 11 3. 12 3. 12 3. 13 3. 15 3. 16 3. 17 Contract construction $2. 93 3. 08 3.20 3. 31 3. 41 3. 55 3. 70 3.89 4. 11 4. 40 4. 34 4. 31 4. 36 4. 40 4. 49 4. 52 4. 54 4. 55 4. 58 4. 56 4. 62 4. 64 4. 69 4. 68 Retail trade 2 $1.47 1. 52 1. 56 1. 63 1. 68 1. 75 1. 82 1. 91 2. 01 2. 16 2. 14 2. 16 2. 16 2. 16 2. 19 2. 20 2. 22 2. 21 2. 24 2.26 2. 26 2. 27 2. 29 2. 29 12 Also includes other private industry groups shown on p. 13. Includes eating and drinking places. s Earnings in current prices, adjusted to exclude the effects of overtime and interindustry shifts. * Earnings in current prices divided by the consumer price index. 31-SCG °—69 3 Manufacturing industries Adjusted Average weekly hourly earnearnings, ings, 1957-59 = 1957-59 1003 prices 4 103. 4 $86. 96 106. 8 87. 02 109. 9 88. 62 112. 7 91.61 115. 5 93. 37 118. 4 95. 25 121. 5 97. 84 125. 6 99. 33 131. 5 98. 80 139. 5 101. 08 138.6 101. 65 138.8 101. 99 139. 1 100. 49 139. 8 99. 83 141. 2 102. 83 141. 7 102. 34 142. 6 102. 50 143. 6 103. 33 144. 4 101. 57 144. 9 100. 16 145. 2 101.43 146.0 100. 93 146. 4 101. 43 NOTE.—Series revised beginning 1964; see note, p. 14. Data for Alaska and Hawaii included beginning 1959. Source: Department of Labor. 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION Industrial production, seasonally adjusted, increased 0.7 percent in June, following a revised increase of 0.6 percent in May. The June index was about 5 percent above a year earlier. Index, 1957-59=100 (SEASONALLY ADJUSTED) 200 Index, 1957-59=100 (SEASONALLY ADJUSTED) 240 TOTAL UTILITIES AND MINING 180 220 160 200 UTILITIES 140 180 120 160 140 MINING 100 I i i n i l l t i i i 1966 1967 1968 1969 ^- 120 200 MANUFACTURING 1966 » 1968 1967 1969 180 DURABLE 180 MARKET GROUPS 160 160 NONDURABLE *^P*T 140 r***~1 ^ -^ / MATERIALS 140 , i . , , 1 , , r , , . rt t i Ii t i ,. 120 1967 1966 1959 1960 1961. __ 1962 1963 1964 1965 1966 1967-_ _ 1968 » 1968- May- .. June July Aug Sept-. Oct_ _ Nov Dec Jan Feb Mar Apr May June v . 1968 Total industrial production Period 1969: *&& FINAL PRODUCTS 1966 106.0 105. 6 108. 9 108. 7 109. 6 109. 7 118. 7 118. 3 124. 9 124 3 133. 1 132.3 143.4 1 145. 0 158. 6 156. 3 159.7 158.1 165.4 166.8 164.2 165.8 167.3 165.8 167.4 166.0 165.7 164.6 166.4 165. 1 166.0 167.8 169. 1 167. 5 168.7 170. 2 170.2 169. 1 171. 8 170. 1 171.4 173. 1 171.7 173. 1 172. 7 173.9 173. 9 175. 0 105. 6 108. 5 107. 0 117.9 124. 5 133.5 148.4 164.8 163.7 169.9 169. 8 171.0 170.8 167.8 168.7 169.3 171. 3 172.4 173.0 174. 5 175. 9 175. 7 176. 9 178. 1 106. 5 109. 5 112. 9 119.8 125. 3 132.6 140.8 150. 8 154.6 163.0 160.8 162.7 163.0 163.0 163.6 165.9 166.3 167.4 166. 7 168. 3 169. 5 169.8 170. 2 171. 1 99.7 101. 6 102. 6 105. 0 107. 9 111.5 114.8 120. 5 123.8 126.4 126.9 129.2 130.0 129.4 127.0 120.7 126. 4 127. 4 125. 8 124. 8 126.7 128.7 130.6 133. 6 f 1 1 1 1 i1 1 * ,, 1967 [1957-59 = 100, seasonally adjusted] Industry Manufacturing Mining Utilities NonTotal Durable durable Source: Board of Governors of the Federal Reserve System. 16 1969 ioa o 115. 6 122. 3 131.4 140. 0 151.3 160.9 173. 9 184.9 201.6 196. 1 197.9 199.3 202. 1 204.8 208.9 206. 9 210. 1 215. 1 214. 9 215. 1 216. 3 217. 9 219. 0 1968 , r . . >1 r r r f i 1969 Market Final products Consumer EquipTotal ment goods 105. 7 109.9 111.2 119. 7 124.9 131.8 142.5 155. 5 158.3 165.0 163.0 165.2 164.7 164.8 165.7 167.0 167. 9 168. 1 168. 2 169. 3 170.8 170.4 171.0 172. 3 106. 6 111. 0 112. 6 119. 7 125. 2 131.7 140.3 147. 5 148.5 156.8 154. 6 156.8 156.4 156.8 157.3 159.6 159. 2 160. 1 161.0 161. 7 162. 8 162. 0 162. 0 163. 8 104. 1 107. 6 108.3 119.6 1242 132.0 147.0 172.6 179.4 182.8 181. 1 183.2 182.6 181.9 183.6 183.0 186. 5 185. 3 183.5 185. 5 187. 8 188. 5 190. 1 190.4 Materials 105.4 107.6 108.4 117.0 123. 7 132.8 144.2 157.0 157.8 165.7 165. 2 166.7 167.4 164.2 165.1 165.7 167. 6 169. 3 169. 6 170.8 172. 1 172. 7 174. 2 175. 1 PRODUCTION OF SELECTED MANUFACTURES Production of most manufactures, seasonally adjusted, continued to increase in June. Motor vehicle output was up 7 percent and most other durables were up 1 to Ity percent. Index, 1957-59=100 (SEASONALLY ADJUSTED) 240 Index, 1957-59=100 (SEASONALLY ADJUSTED) 200 220 CHEMICALS, PETROLEUM, AND RUBBER \ 200 >r **#*" ~S ^1 180 PAPER AND PRINTING 160 ^~-'~- \H 140 S -_^f frrf 1 1 1 1 1 1 1 ! ! ! 1 1 I ! ! ! 1 1! 1 1 ! 1 I 1 1 1 1 ! 1966 1968 1967 .,-'* \ \ \ \ 1! 1 1 ! \ J 1969 180 160 200 TEXTILES, APPAREL, AND LEATHER \ MACHINERY 140 180 TRANSPORTATION EQUIPMENT - 160 FOODS, BEVERAGES, AND TOBACCO 120 I 140 1 1 1 1 1 100 1 ! ! 1 1 ! 1 ! 1 1 1 1 1 ! 1 1 1968 1967 1966 1969 1966 1969 SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [1957-59=100, seasonally adjusted] Durable manufactures Period 1960 1961 1962 1963 1964 1965 1966 1967 1968 Primary metals _ v 1968' May June_ July Aug-_ Sept Oct Nov Dec 1969- Jan Feb Mar Apr May June1'. _ _ _ -_ __ _ _ _ _ _ _ _ _ _ Nondurable manufactures FabriTranspor- Lumber Textiles, Paper Chemicals, Foods, cated Machin- tation and apparel, and petrobeverery metal and equipprodprint- leum, and ages, and products ment leather ing ucts rubber tobacco 101. 3 98. 9 104.6 113.3 129.1 137.6 142.7 132.5 137.3 107.6 106. 5 117.1 123.4 132.7 147.8 163.0 161.9 168.1 110. 8 110. 4 123. 5 129. 2 141.4 160.5 183.8 183.4 184.4 108.2 103.6 118.3 127.0 130.7 149.2 166.9 165.7 179.6 102. 1 101. 3 106. 1 108. 9 112.6 117.4 119.4 116.9 121.7 107. 5 108. 4 115. 1 118. 5 125.2 135.8 141.6 139.4 145.3 109. 0 112. 4 116. 7 120. 1 127.5 135.3 146. 4 149.6 155.6 113.9 118.9 131. 2 141.8 152.5 164.6 181.9 190.0 207.1 106. 6 110. 2 113. 3 116. 8 120.8 123.4 128. 1 131.7 134.6 148.5 148.6 145.8 122.8 120. 6 123.1 129. 3 135. 4 165.0 166. 1 166.2 166.3 167.6 172.2 173.5 175. 6 179.9 181.7 182.7 183.8 186.4 186.1 187. 4 188. 6 180.4 182.6 183.2 181.7 180.5 180.4 180. 2 176.4 122.7 123.4 120.6 114.7 119.4 119.4 126. 1 132. 3 144. 1 145.2 144.2 144. 1 144.8 146.8 147. 5 145. 0 154.5 155.2 155.6 156.5 156.8 157.7 159.8 159. 7 203. 1 206.6 208.2 207.6 208.8 212.8 213.6 216. 8 132.9 134.5 134.2 134.4 134.5 136. 1 134.9 137. 0 139.5 143.6 146. 2 147.8 149.0 152 176. 4 177. 6 178. 5 178.3 178.7 181 191. 8 192. 7 194. 7 194.6 197.0 198 171. 2 173. 1 174. 1 172.4 171.8 174 122. 5 126. 7 130. 8 122.6 124. 3 143. 6 142. 6 144. 7 145.3 147.3 147 160. 2 161. 2 162. 2 162.3 164.2 166 214. 1 218. 0 219.6 221.5 221.1 222 ! 138. 0 139.5 139.8 138.2 137.4 138 Source: Board of Governors of the Federal Reserve System. 17 WEEKLY INDICATORS OF PRODUCTION In June, car assemblies (seasonally unadjusted) rose 16 percent to the highest level since last fall. Steel production declined slightly. Other weekly indicators of production displayed mixed trends. MILLIONS OF SHORT TONS (DAILY AVERAGE) MILLIONS OF TONS STEEL 2.5 3.5 1968 2.0 2.5 1.5 1.5 j J T 1 M.I.I I I 1 1 I t-1.1,1 1 1 l i t M 1 I II 1 t ! I 1 1 t t I I I 1 I 1 I 1 1 I I i I I V J. F M A M J BILLIONS OF KILOWATT HOURS 35 N J 25 20 M A A M SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS Weekly average: 1962 . 1963 _ _ 1964 1965 1966 1967 1968 1968: May June_ _ Julv _ Aus bept Oct Nov Dec 1969: Jan Feb Mar Apr May June v \\Vok ended: J < > ( 5 9 : June 14 21_ 28 N D COUNCIL OF ECONOMIC ADVISERS f> p _ _ 12" __ 1,886 2,096 2,431 2,521 2,572 2, 440 2, 515 2, 867 2,775 2, 591 2, 022 1, 889 2,033 2, 235 2, 358 2, 502 2,729 2, 799 2,830 2, 789 2, 749 101. 2 112. 5 130. 5 135.3 138. 1 131. 0 135.0 153.9 149.0 139. 1 108. 5 101.4 109. 1 120. 0 126.6 134.3 146. 5 150. 3 151. 9 149. 7 147. 6 16, 325 17, 490 18, 728 20, 169 21, 971 23, 169 25, 244 23, 560 25, 772 26, 632 27, 562 24, 785 24, 579 25, 319 26, 806 27, 484 27, 241 26, 584 25, 291 25, 852 27, 897 1,414 1, 535 1,630 1,735 1,798 1, 868 1,826 1,901 1, 898 2,018 1,852 1,988 1,396 1, 836 1,809 1, 766 1,666 1, 632 1,853 1,866 1, 764 552 555 558 562 570 540 543 572 579 536 555 563 574 556 499 490 512 530 552 568 570 343 358 384 410 446 439 479 485 486 438 498 468 513 505 457 474 516 527 516 534 529 157.5 175.0 178. 8 213.7 199. 3 172. 9 207.6 244. 0 246.8 152. 6 71.2 199.4 248. 2 243. 8 204.7 213. 4 218. 3 222. 4 199.3 194. 6 226. 2 133. 4 146. 9 148.8 179.4 165.4 142. 4 170.1 200.4 202.2 122. 6 46. 7 160.7 205. 3 203. 5 169.7 176. 1 177. 7 181. 3 161. 9 161. 9 187. 7 24. 1 28. 1 30. 0 34.3 33. 9 30.5 37.5 43.6 44.6 29. 9 24. 6 38.7 43. 0 40.3 35. 1 37. 3 40. 5 41. 1 37. 3 32. 7 38. 5 2,771 2, 769 2, 715 2, 577 2, 568 148. 7 148. 6 145. 7 138. 3 137. 8 27, 928 27, 458 29, 609 28, 886 29, 428 1,643 1, 616 1, 843 2, 368 2 2, 323 572 561 577 450 479 534 530 530 445 379 224. 0 228. 5 232. 0 165. 3 180. 4 185. 189. 189. 133. 139. 38. 4 38. 6 42. 2 32.4 40. 8 .-. Includ.-.s data for Alaska. 1H O Electric Bituminous Freight Paperboard Cars and trucks Steel produced power coal mined loaded produced assembled (thousands) Index distributed (thousands (thousands Thousands (thousands of net (1957-59= (millions of of short Total Cars Trucks of cars) of tons) 100) tons kilowatt-hours) tons) l Period .Inly S 5 9 9 0 6 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 In May, the value of new construcfion (seasonally adjusted) declined slightly. Residential nonfarm and commercial and industrial building accounted for the decrease. BILLIONS OF DOLLARS 100 BILLIONS OF DOLLARS 100 SEASONALLY ADJUSTED ANNUAL RATES 90 90 . TOTAL NEW CONSTRUCTION. 80 80 \ 70 70 60 60 PRIVATE 50 50 40 40 1963 1964 1965 1968 SOURCE DEPARTMENT OF COMMERCE Total new construction expenditures Period 1963 _ 1964_ _ __ _ _ 1965___ 1966 _ _ __ 1967 1968 63. 4 66. 2 72.3 75. 1 76. 2 84.7 COUNCIL OF ECONOMIC ADVISERS Private Residential nonfarm Total 44. 1 45. 8 50. 3 51. 1 50.6 57. 0 CommerNew cial and housing industrial units Billions of dollars 26. 2 7.9 20. 4 26. 3 9.0 20. 4 26. 3 11.9 20. 4 24. 0 18. 0 13.6 23.7 17. 9 13. 1 28. 8 22. 4 13. 9 Total l Other 10. 0 10. 6 12.1 13. 6 13.7 14.2 Federal, State, and local 19.4 20. 4 22. 1 24. 0 25. 6 27. 7 ___ Mav June Julv AU£T Sept _ Oct Nov Dec 1969: Jan Fob _ Mar Apr _ M'avp_ 85. 3 85. 7 82. 0 81. 7 83. 7 85. 3 •S7. 8 87. 8 88. 1 in. s 1H. 7 01. 3 01. 9 91. 6 57. 4 57. 3 55. 0 55. 0 56. 7 57. 4 59. 3 59. 0 58. 9 62. 7 62. 2 61. 9 62. 1 61. 8 29. 3 29. 6 28. 2 27. 8 2<s. ;; 29. 4 29. 8 *0. 2 30. 9 ](). 9 31. 1 31. 5 32. 0 31. 6 22 ^5 21. 5 21. J 21.1) 22. 8 *J3. 6 24. 1 25. 0 25. 0 25. 5 25. 5 25. 0 24.3 i Includes nonhousekeeping residential construction and additions and altera*ons, not shown separately. 1 Compiled by F. W. Dodge Company and relates to 48 States. :i 4, o 33. 4 13. 0 13. 0 14.2 14. 0 15. 0 14. 5 14. 0 16. 8 16. 3 15. 8 14. 9 14.8 Construction contracts 2 CommerTotal value cial and (index, industrial 1957-59= floor space 100) (millions of square feet) 132. 0 137.0 142. 8 145.3 153.3 173.4 Seasonally adjusted Seasonally adjusted annual rates 1968: Apr 1969 14. 1 1 4. 2 1 3. 8 14. 2 14. 1 14. 1 14.4 14. 3 14.0 15. 0 14. 9 14. 6 15. 1 15. 3 27. S 28.4 27.1 26. 7 27.1 27.8 28.5 28. 8 29. 2 29. 1 29.5 29.4 29. 8 29. 8 164 172 160 187 192 183 200 183 179 191 205 177 183 210 534 599 680 769 694 779 Seasonally adjusted annual rates 565 804 796 860 794 739 956 836 858 1, 133 840 762 790 1,027 NOTE.—Data for Alaska and Hawaii included beginning 1959. Sources: Department of Commerce and F. W. Dodge Company. 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING in June, private nonfarm housing starts, seasonally adjusted, declined for the fifth consecutive month. At an annual rate of 1.4 million units, starts were 4% percent below the May level and 23 percent below the January level. Permits for future starts were up slightly in June. MILLIONS OF UNITS 2.5 MILLIONS OF UNITS 23 PRIVATE NONFARM HOUSING STARTS 1.0 1.0 1963 1969 SOURCES. DEPARTMENT OF COMMERCE. FEDERAL HOUSING ADMINISTRATION IfHAj. AND VETERANS ADMINISTRATION (VAJ COUNCJt OF ECONOMIC ADVISERS [Thousands of units] Period 1963 1964 1965 1966 1967 1968 1968: May. June_ July_. Aug__ Sept. Oet__ Nov.. Dec__ 1969: Jan__ F<>b__ M.«ir__ Apr...J Muv JllMt' r Total private and public (including farm) 1, 642. 0 1, 561. 6 1, 509. 6 1, 196. 2 1, 321. 9 1, 547. 7 1,610. 3 1, 529. 3 1, 472. 9 1, 165. 0 1, 291. 6 1, 507. 7 1, 582.9 1 502 3 1, 450. 6 1, 141.5 1, 268. 4 1, 483. 6 145. 1 142. 9 142. 5 141. 0 139.8 143.3 129. 5 99. 8 105. 8 94. 8 135. 6 159. 9 157. 3 MS. 6 140. 9 137. 9 139. 8 136. 6 134.3 140. 8 127.1 96. 4 101. 5 90. 1 131. 9 159.0 155. 2 145. 0 139. 0 136. 0 137. 3 134. 5 132. 4 138. 1 125. 1 95. 5 100. 2 89. 2 130. 6 157.4 153. 6 142. 6 Total private Private non(includfarm ing farm) Total One unit 1,610.3 1,020.7 1 529.3 971. 5 1, 472. 9 963. 8 1, 165.0 778. 5 1, 291. 6 843. 9 1, 507. 7 899. 5 1,364 1,365 1, 531 1, 518 1, 592 1, 570 1,733 1, 507 1, 878 1,686 1,584 1,563 1, 505 1,446 838 790 904 867 944 965 905 922 1,066 975 828 797 880 786 by Issuance of hx-al building permit; in 13,000 permit-issuing l%7; IL'.OOO for l'HL'M.6; and 10,000 prior to 1963. . - n i i M l by inoi I j ' U ( T apj>lications for new home construction. 20 Proposed home construction New Private nonfarm private Applicahousing for Requests Government units tions for VA Two or FHA appraismore Total home programs author1 commitized als 2 units ments 2 FHA VA 589.6 1, 582.9 166. 2 139.3 190. 2 71. 0 1, 334. 7 182. 1 113. 6 557.8 1 502 3 154. 0 59. 2 1 285 8 49.4 1, 239. 8 102. 1 188. 9 509. 1 1, 450. 6 159. 9 386.5 1, 141.5 129. 1 971. 9 153. 0 99. 2 36. 8 124. 3 447. 7 1, 268. 4 141. 9 52. 5 1, 141. 0 167. 2 608. 2 1, 483. 6 147.7 131. 7 168. 8 56. 0 1, 341. 4 Seasonally adjusted annual rates 52b 110 161 57 1,345 133 1,280 575 157 120 54 1,281 1,348 137 627 135 49 1,289 146 1,507 134 651 167 127 144 1,496 1,290 51 125 648 54 1,570 1,393 168 145 605 147 1,541 55 153 1,378 198 828 211 172 1, 705 158 53 1,425 1,492 585 187 136 158 1,463 65 812 1,845 57 189 1,403 148 137 1,664 132 52 138 1,477 180 711 1,421 174 53 756 1,567 136 157 124 1,502 179 766 1,548 166 48 182 122 625 1,323 1,491 134 47 660 147 191 1,423 48 1, 326 126 Housing starts Private (including farm) 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, retail sales (seasonally adjusted) declined 1 percent in June—the second consecutive monthly decrease. In May, total business sales rose about 1 percent while inventories were up more than $900 million. BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 22 BILLIONS OF DOLLARS {SEASONALLY ADJUSTED) BUSINESS SALES AND INVENTORIES RETAIL TRADE (ENLARGED SCALE) 160 20 h DURABLE GOODS STORES INVENTORIES 140 120 SALES 100 80 .Ill 24 WHOLESALE TRADE (ENLARGED SCALE) INVENTORIES 22 20 SALES 18 16 14 1966 1967 1968 1969 1969 1966 COUNCIL OF ECONOMIC ADVISiRS SOURCfi D1PARTMENT OF COMMERCE Total business 1 Retail5 Wholesale 4 Sales2 Period Sales2 Inventories s Inventories 3 Sales 2 Total Inventories3 NonDurable durable goods goods stores stores Total Durable goods stores 26, 297 28, 001 29, 450 31, 201 34, 687 38, 368 39, 318 42, 657 40, 242 40, 606 40, 842 41, 065 41, 010 41, 424 42, 220 42, 488 42, 657 42, 740 43, 014 43, 004 43, 118 43, 025 11,009 11,703 12, 436 13, 189 15, 255 17, 309 17, 403 19, 461 18, 113 18, 248 18, 440 18, 475 18, 501 18, 622 19, 165 19, 361 19, 461 19, 622 19, 487 19, 542 19, 567 19, 044 Nondurable goods stores Millions of dollars, seasonally adjusted 61, 133 65, 417 68, 969 73, 685 80, 276 87, 184 88, 962 96, 948 94, 552 96, 069 _ __ 97, 423 June98, 368 July 97, 083 Aus 99, 135 Sept 99, 675 Oct 100, 142 Nov 98, 671 Dec 100, 137 1969: Jan 101, 390 Feb Mar 101, 510 102, 352 Apr 103, 108 May v _. 1961 _ _ -_ 1962 1963 1964 1965 1966 _ 1967 1968 1968: Apr May__ 95, 728 101, 149 105, 525 111, 548 121, 140 137, 184 143, 772 153, 860 146, 487 147, 808 148, 522 149, 063 149, 923 150, 725 152, 122 152, 936 153, 860 154, 180 155, 432 156, 492 157, 568 158, 498 11, 988 12, 674 13, 382 14, 527 15, 595 16, 979 17, 099 18, 329 18, 006 17, 897 18, 374 18, 269 18, 498 18, 792 18,418 18, 788 18, 830 18, 347 1 8, 791) 19, 516 19, 61 '2 120, 080 June v 1 The term "business" also includes 2 Monthly average for year and total 3 manufacturing (see page 22). for month. Book value, end of period, seasonally adjusted. 14, 488 14, 936 16, 048 16, 977 18, 274 20, 691 21, 635 22, 624 21, 863 21, 924 22, 098 22, 169 22, 200 22, 192 22, 336 22, 501 22, 624 22, 53f> 22, 862 23, 171 23, 432 23, 475 18, 249 19, 630 20, 556 21, 823 23, 677 25, 330 26, 151 28, 309 27, 791 28, 158 28, 320 28, 074 28, 700 28, 902 28, 097 28, 800 28, 347 28, 989 29, 289 28, 916 29, 442 29, 164 28, 935 ( 12, 641 13, 389 13, 895 14, 773 15, 828 17, 138 17, 803 19, 122 18, 810 19, 020 J9, ( 123 «.), 377 9, 087 9, 342 0, 314 9, 238 9, 446 9, 597 9, 377 9, 575 9, 481 9, 381 19, 383 19, 215 19, 355 19, 492 19, 109 19, 543 19, 692 19, 539 19, 867 19, 683 19, 554 5,609 6, 241 6, 661 7,049 7, 849 8, 192 8, 348 9, 187 8, 975 9, 1.T2 !), 197 ) olo i ) :HU 15, 288 16, 298 17, 014 18, 012 19, 432 21, 059 21, 915 23, 196 22, 129 22, 358 22, 402 22, 590 22, 509 22, 802 23, 055 23, 127 23, 196 23, 118 23, 527 23, 462 23, 551 23, 981 * Beginning 1961, data include Alaska and Hawaii. * Beginning 1960, data include Alaska and Hawaii Source: Department of Commerce, 21 MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS Manufacturers' shipments (seasonally adjusted) are estimated to have increased 1 percent in May, surpassing the previous high in February. All of the increase was in nondurable goods. Manufacturers' inventories rose almost $1 billion while new orders declined about 1 percent. BILLIONS OF DOLLARS {SEASONALLY ADJUSTED) BILLIONS OF DOLLARS 60 (SEASONALLY ADJUSTED) 100 MANUFACTURERS' INVENTORIES MANUFACTURERS' SHIPMENTS 50 90 TOTAL BO 70 20 .60 DURABLE GOODS 50 .40 MANUFACTURERS' NEW ORDERS -jk. y*v 30 DLJRABLE GOODS A NONDURABLE GOODS •OniMHl*** ,»»„.,.,..,..««•"»«""' 1 ^*= 30 \ NONDL RABLE GOODS 10 ijr M t i I i » i i i * 1 t I ! 11! ! 1! ! 1966 t 1 f f 1 t 1 1 t 1 1 1967 1968 1 t 1 1 1 I ! 1 1 1 IN 20 1967 1966 1969 1968 SOURCE. DEPARTMENT OF COMMERCE 1969 COUNCIL OF ECONOMIC ADVISERS Manufacturers' shipments l Manufacturers' inventories 2 Manufacturers' new orders 1 Durable goods Period Total NonDurable durable goods goods Total Durable goods Nondurable goods Total Total NonMachinery durable and goods equipment Manufacturers' inventory shipments ratio 3 Millions of dollars, seasonally adjusted 1961. _ 1962 1963 1964 1965___ _ 1966___ _ 1967. _ .1968. _ 1968: Apr May June Julv Aug. Sept. _-. Ocfc Nov 1 )(•<•. I'M'.')- Jan 1'Vb Mar AprMay " 30, 896 33, 113 35, 032 37, 335 41, 003 44, 876 45, 712 50, 310 48, 755 50, 014 50, 729 51, 425 49, 825 51, 441 52, 560 52, 548 51, 494 f>2, 801 f>:5, 302 f>: , 078 r,; , L*.)S :>; , sr,-i 15, 544 17, 103 18, 247 19, 634 22, 216 24, 635 24, 973 27, 579 26, 888 27, 509 27, 633 28, 211 26, 837 27, 985 28, 960 28, 786 27, 742 29, 325 29, 914 29, 530 1/J, G43 ' 9, (>07 15, 352 16, 010 16, 786 17, 701 18, 788 20, 240 20, 739 22, 731 21, 867 22, 505 23, 096 23, 214 22, 988 23, 456 23, 600 23, 762 23, 752 23, 476 23, 388 23, 548 23, 655 24, 257 54, 943 58, 212 60, 027 63, 370 68, 179 78, 125 82, 819 88, 579 84, 382 85, 278 85, 582 85, 829 86, 713 87, 109 87, 566 87, 947 88, 579 88, 905 89, 556 90, 317 91, 018 91, 998 32, 518 34, 609 35, 807 38, 433 42, 204 49, 797 53, 540 57, 422 54, 724 55, 234 55, 442 55, 461 56, 069 56, 458 56, 657 56, 953 57, 422 57, 879 58, 282 58, 978 59, 426 60, 169 . Y.MI m u l ( < (a fur inout • | ! . « 4 «, ' i i l l r ( M i l l Of I H - I I O . I , ,'.,.;t-< n: Iv mlju.s < .("l « I ,.i ..,.„, ,:',.".,,.!- , t n f l o ( ,f w r i • I . r.'l uv.-nir • i n v e n t o r i e s if, avoraRc monthly (> i m r l l l n l ! •:. ut c i u i of n n n t l i to shipments 22, 425 23, 603 24, 220 24, 937 25, 975 28, 328 29, 279 31, 157 29, 658 30, 044 30, 140 30, 368 30, 644 30, 651 30, 909 30, 994 31, 157 31, 026 31, 274 31, 339 31, 592 31, 829 31, 085 33, 005 35, 322 37, 952 41, 803 45, 938 45, 928 50, 597 49, 237 49, 650 49, 850 50, 181 50, 201 51, 877 53, 931 53, 100 53, 101 53, 119 53, 901 53, 283 54, 635 54, 144 15, 698 17, 026 18, 522 20, 258 22, 986 25, 710 25, 189 27, 868 27, 373 27, 172 26, 701 26, 925 27, 329 28, 381 30, 280 29, 325 29, 380 29, 684 30, 482 29, 697 30, 944 29, 933 2,854 3,090 3,412 3, 935 4, 435 5, 268 5, 250 5, 804 5,492 5,447 5,968 5, 714 6,027 5, 916 6, 550 6, 089 6, 237 6, 204 6, 511 6,414 7,099 6,333 15, 387 15, 979 16, 800 17, 694 18, 817 20, 228 20, 739 22, 728 21, 864 22, 478 23, 149 23, 256 22, 872 23, 496 23, 651 23, 775 23, 721 23, 435 23, 419 23, 586 23, 691 24, 211 NOTE. — Data for Alaska and Hawaii included beginning 1958. Source: Department of Commerce. 1.74 1.72 1. 69 1. 64 1. 60 1. 62 1. 77 1.70 1.73 1.71 1. 69 1. 67 1. 74 1. 69 1.67 1.67 1. 72 1. 68 1. 68 1. 70 1.71 1. 71 MERCHANDISE EXPORTS AND IMPORTS In May, there was a small surplus of $16 million in the merchandise trade balance (seasonally adjusted). BILLIONS OF DOLLARS 4.0 BILLIONS OF DOLLARS 4.0 3.5 2.0 15 1.0 1969 1963 T/SEE NOTE 1 BELOW. SOURCE: DEPARTMENT OF COMMERCE Poricd COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Merchandise exports Merchandise i nporls Total (includ-l J ) o n i e s t i e exports ( ieneral import s 2 :! ing reexports) , /~i 1 i .1 i •n To' "i L/rucle ( rude 1\1 a n u bevermatebevermateSeasonfac3 Xcaxotiages, rials rials ally ad- Unad- Total » t ured all i/ (id- \ i lad- a ages, and and tojusted ncl to- and justed justed goods jitxtcd bacco fuel bacco fuels Monthly average : 1960 _ _ 1961 1962 1963 1964 1965 1966 __ _ 1967 1968 1, 636 1, 682 1 748 1, 869 2, 141 2, 225 2, 448 2 578 2, 841 1968: Apr__ May_ Jime_ Julv.Aug__ Sept__ Oct Nov.. Dec__ 2, 856 2, 742 2, 871 2, 859 2, 949 3, 225 2,684 2, 974 2, 979 2, 961 2, 962 2, 784 2, 676 2,804 2, 960 2, 735 3, 136 3, 048 264 1, 620 1, 662 289 312 1, 725 1, 845 349 2, 111 387 2, 196 377 2, 412 432 392 2 546 2,805 383 Unadjusted 2, 925 381 2, 925 366 2, 750 343 2, 640 346 2,765 399 2, 926 378 2, 689 324 3, 102 419 442 3,007 1969: Jan__ Feb.. Mar— Apr__ May. 2, 093 2, 297 3, 196 3,355 3, 292 2, 057 2, 145 3, 367 3, 507 3,543 2, 017 2, 112 3, 322 3,458 3,499 \ \ 251 1 226 1 366 1 . 428 1, 557 1, 780 2, 129 2 234 2, 771 280 315 361 356 367 393 402 1 047 1 062 1 138 1, 188 1, 366 1 449 1 592 1 729 ], 1)70 420 417 362 382 387 398 380 461 436 2, 2, 1, 1, 1, 2, 1, 2, 2, 072 070 1)73 866 938 095 926 201 060 2, (>'0/f 2, 755 2, 792 2, 726 2, 871 2, 954 2, 738 2,886 2, 925 2, 754 2, 841 2, 661 2,827 2, 750 2, 882 2, 938 2,806 3, 028 365 283 288 359 306 387 322 391 335 415 334 449 382 473 392 445 447 499 Unadjusted 455 466 451 488 401 500 533 458 484 484 489 538 532 435 459 470 474 538 1. 1, 2, 2, 2, 627 656 491 534 547 2, 018 2, 655 2,981 3, 177 3, 276 2, 026 2,401 2, 993 3,334 3, 236 194 316 503 506 486 o^2 227 253 397 511 479 1 Total excludes Department of Defense shipments of grant-aid military supplies 2 and equipment under the Military Assistance Program. Total arrivals of imported goods other than intransit shipments. 143 181 375 396 437 329 ' ! 457 476 546 589 537 G rossmerchandise trade Manusurplus, facseasontured ally adgoods justed 571 544 636 672 758 936 1 201 1 309 1, 712 385 456 382 441 584 444 320 344 70 1,719 1, 785 1, 655 1, 712 1,673 1, 737 1, 851 1, 759 1, 875 252 -13 79 78 271 -104 89 54 1,286 1, 523 1, 847 2, 129 2, 102 — 359 215 178 16 184 1 i) 3 Total includes commodities and transactions not classified according to kind. Source: Department of Commerce. 23 U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES The surplus on goods and services increased to $1,460 million in the first quarter (seasonally adjusted annual rate). Merchandise exports and imports both declined as a result of the east coast dock strike. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 50 50 40 30 30 — IMPORTS OF GOODS AND SERVICES 20 J 10 1963 J L J J964 1965 1966 1967 I . 1968 _L L SOURCE: DEPARTMENT OF COMMERCE 10 1949 V COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Exports of goods and services Imports of goods and services Income on investments Period Total 37, 271 39, 399 43, 360 46, 188 50, 594 ( 1 ( f> < <; < 7 ( S Merchan-1 dise 25, 26, 29, 30, 33, Military sales 478 747 447 830 389 829 681 1, 240 598 1, 427 Private 4, 5, 5, 6, 6, 930 384 659 234 934 Government 456 509 593 638 765 Other services 5, 6, 6, 7, 7, 659 230 891 394 871 Total Merchan-l dise 28, 691 32, 278 38, 081 41, Oil 48, 078 18, 647 21, 496 25, 463 26, 821 32, 972 Balance on Mili- Other goods tary and expend- services servitures ices 1 2,880 7, 164; 8, 2,952 7, 831! 7, 3, 764 8, 854| 5, 4, 378 9, 813J 5, 4, 530 10, 577 2, 580 121 279 177 516 Seasonally adjusted annual rates . --- __ - --- j 47,736 50,672 53 376 ! 50, 012 •17, :><>() | 31,764 1,220 | 33,580 1,412 j 35 516 ;1 694 ! 33, 532 l' 456 29, 896 jl, 664 6, 248 7, 072 7 312 7,108 836 820 848 560 7, 668 7 788 8 076 7,956 45, 852 47, 308 49 740 49, 408 31, 268 32, 524 34 264 33, 832 4, 4, 4 4, 10,176 10,320 10 904 10^900 1, 884 3 364 7,364 936 7, 700 46, 100 30, 308 4, 792 11,000 1,460 Source: Department of Commerce. 24 408 464 579 676 1, 204 "I.S. BALANCE OF INTERNATIONAL PAYMENTS ,,< the first quarter, the balance of payments on the liquidity basis showed a deficit of $6.8 billion and on the official reserve transactions basis a surplus of $4.6 billion (seasonally adjusted annual rates). The very great difference between the two balances was a reflection of the large increase in liquid liabilities to foreign accounts other than official agencies. BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE, OFFICIAL RESERVE TRANSACTIONS BASIS -10 SOURCE: DEPARTMENT OF COMMERCE COUNCB. OF ECONOMIC ADVISERS [Millions of dollars] U.S. private capital, net Period U.S. Government grants and capital, net 1 Direct investment Shortterm Other longterm Errors Foreign and uncapital, recorded Liquidtransnet 1 ity actions basis 2 -3, 564 -2,328 -2, 103 -2, 147 689 — 1, 118 - 3, 406 -3,468 - 1, 079 753 270 — 576 - 3, 444 - 3, 639 -256 2, 531 — 489 -415 -4, 223 — 3, 154 -1,292 — 1, 209 3, 360 -1, 007 -717 — 3, 955 -3, 025 -1, 082 — 1, 049 8, 565 oeasoimlly adjusted annual rates 1968: j I 6, 220 — 1, 640 — 548 i -788 -4, 388 |-1, SS8 — 588 :-l, 524 10, 068 — 2, 100 if— -4, 220 I — 4, 036 7, 220 1, 144 III___ - 3, 872|-5, 048 — 916 I— 1, 508 IV__J-3, 340 j-1, 132 - 2, 280j - 376 30, 752 — 2 OS ! 1969: i 6, 396 5, 592 I — 3, 132!-3, 104 -1, 108 -502 1904. .. 1965___ 196G___ 1967___ 1968- _ I 1 Includes 1 certain special Government transactions. Equals changes in liquid liabilities to foreign official holders, other foreign holders, and changes in official reserve assets consisting of gold, convertible currencies, and the U.S. gold tranche position in Hie I M F . 3 Equals changes in liquid arid nonliquid liabilities to foreign official holders and changes in official reserve assets consisting of gold, convertible currencies, and the U.S. gold tranche position in the I M F . — 4 Includes short-term otlicial and banking liabilities and foreign holdings of 3. Government bonds and notes. Central banks, governments, and U.S. liabilities to the IMF arising from rsible gold sales to, and gold deposits with, the U.S. Official reserve transactions basis 3 -2, 800 — 1, -1, 335 -1, -1, 357 — 3, 544 -3, <>."> ], Changes in gold, convertible currenTo foreign official cies, and \ holders 5 To other IMF gold foreign tranche holders 6 position NonLiquid (increase liquid f-1) 1, 075 318 1, 554 171 j _ls 85 131 1, 222 j — 1, 595 761 2, 384 568 2, 020 1, 346 1, 472 52 — ;>, 100 2, 341 3, 887 -880 yuai Quarterly totals, unadjusted Changes in selected liabilities (decrease [ — ]) 4 Balance 564 289 260 418 639 2, 256 ; 1, 516 -1, 358 i — 204 i 6, 212 -2, 190 ! -04S ! -:*s 1 388 486 i o, 480 ; 1, 472 i l 6, 816 : 4, 604 1-1, 706 ! il i i 363 777 537 664 721 2, 282 1, 040 -156 43 3, 070 904 — 137 -571 - 1, 076 7 -48 6 Private holders; includes banks and international and regional organizations; excludes IMF. ? On Mar. 31, U.S. reserve assets consisted of gold stock, $10,836 million (down $56 million from Dec. 31); IMF position including gold portion of increased U.S. subscription, $1,321 million; convertible currencies, $3,601 million. NOTE.— Data exclude military grant-aid and U.S. subscriptions to DIF. Source: Department of Commerce. 25 PRICES CONSUMER PRICES Consumer prices increased 0.3 percent in May, considerably less than in the previous 2 months. The over-the-year increase was 5.4 percent. Hi$her prices for food, apparel, and consumer services of all kinds were largely responsible for the May rise. index, 1957-59=100 Index, 1957-59=100 110 100 1963 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1957-59 = 100] Services Commodities All items Period 1959 1960 1961 1962 . 1963 _ 1964 1965 1966 1967 1968 1968: Apr 101. 5 103. 1 104. 2 105. 4 106. 7 108. 1 109.9 113. 1 116. 3 121.2 119. 9 120. 3 120.9 121.5 121. 9 122.2 122. 9 123.4 123. 7 124. 1 124. 6 195 fi _ _ _ „__ May June Julv A up; Sept Oc.t _ Nov Dec I'.ii.U: Jan 1'Vb , . _ . _ _ Mnr Apr Mnv 26 . . .. ! 126. 4 126. S All commodities 100.9 101.7 102. 3 103. 2 104. 1 105. 2 106.4 109. 2 111. 2 115.3 114. 3 114. 7 115. 1 115. 5 115. 9 116. 1 116. 8 117. 1 117. 2 117. 4 117. 8 118. 7 119. 3 119. 6 Commodities less food Food 100. 3 101. 4 102. 6 103. 6 105. 1 106. 4 108.8 114. 2 115. 2 119.3 118. 3 118. 8 119. 1 120. 0 120. 5 120.4 120. 9 120.5 121. 2 122. 0 121. 9 122. 4 123. 2 123. 7 All 101. 2 101.7 102. 0 102. 8 103. 5 104.4 105. 1 106. 5 109.2 113.2 112. 2 112. 5 113.0 113. 2 113. 5 113.9 114, 7 115. 3 115. 2 115. 0 115. 7 116. 8 117. 2 117. 5 NonDurable durable 101.0 101. 5 102.6 100.9 103.2 100. 8 103. 8 101. 8 102. 1 104. 8 103. 0 105. 7 107.2 102,6 102. 7 109. 7 104. 3 113. 1 117.7 107.5 106. 9 116. 4 117. 0 106. 9 107.4 117.5 117. 6 107. 6 107. 7 118. 1 118.9 107.6 119. 7 108. 5 120.2 109.3 120. 3 108. 7 120. 1 108. 6 109.7 120. 5 121. 4 111. 1 121. 9 111. 4 122. 4 111. 3 All services Rent 103. 2 106. 6 108. 8 110. 9 113. 0 115. 2 117.8 122. 3 127. 7 134.3 132. 5 133. 0 133.9 134. 9 135. 5 136. 0 136. 6 137.4 138. 1 139. 0 139. 7 140. 9 142. 0 142. 7 101.6 103. 1 104. 4 105. 7 106. 8 107. 8 108.9 110. 4 112. 4 115. 1 114. 4 114. 6 114.9 115. 1 115. 4 115. 7 116. 0 116.3 116. 7 116. 9 117. 2 117. 5 117. 8 118. 1 Services less rent 103. G 107. 4 110. 0 112. 1 114. 5 117. 0 120. 0 125. 0 131. 1 138.6 136. 6 137. 1 138. 1 139. 3 140. 0 140.5 141. 2 142.0 142. 9 143. 9 144. 6 146. 1 147. 4 148. 1 7HOLESALE PRICES nolesale prices rose 0.4 percent in June or about half as much as in May. Price increases of 0.6 percent for farm products and 1.7 percent for processed foods and feeds accounted for the rise. Industrial commodity prices were unchanged. Index, 1957-59=100 Index, 1957-59=100 80 1969 1963 SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS 11957-59=100! All commodities Farm products Processed foods and feeds 1959 1960 1961 1962 1963__ _ _ _ _ _ _ _ ___ 1964_ 1965 1966 1967 1968 __ 1968: May June July Aug Sept__ _ Oct __ Nov Dec 100. 6 100. 7 100. 3 100. 6 100. 3 100. 5 102. 5 105. 9 106. 1 108.7 108. 5 108.7 109. 1 108. 7 109. 1 109. 1 109.6 109.8 97. 2 96. 9 96. 0 97. 7 95. 7 94. 3 98.4 105. 0 99. 7 102. 2 1 03. 6 102.5 103. 9 101. 4 102. S 101.2 103. 1 103.3 1969: Jan Feb Mar _ Apr May June 110. 7 111. 1 111. 7 111. 9 112.8 113.2 104. 9 105. 0 106. 5 105. 6 110. 5 111. 2 Period _ __ _ _ _ All industrials 1 Crude materials 99. 9 100. 0 101. (i 102. 7 103. 3 103. 1 106. 7 1 3. 0 111. 7 1 4. 1 1 3. (i 1 4. (\ 115.9 114. 9 115. 3 114.4 114.7 114.7 101. 3 101. 3 100. 8 100. 8 1 00. 7 101. 2 102. 5 104. 7 106. 3 109. 0 108.6 108. S 108.8 108. 9 109. 2 109.7 109. 9 110.2 102. 3 98. 3 97. 2 95. (> 94. 3 97. 1 100. 9 104. 5 100. 0 101.8 100. 5 100.6 100. 9 101. 0 101. 5 102. 2 103.0 103.8 116. 116. 116. 117. 119. 121. 110. 111. 112. 112. 112. 112. 105. 0 105. 5 107.2 109. 0 109. 7 110. 2 1 Coverage of the subgroups does not correspond exactly to coverage of this ndex. 2 Excludes intermediate materials for food manufacturing and manufactured rnimal feeds; includes, in part, grain products for further processing. Irid us trial c ommoditi es 0 3 4 3 4 4 9 4 0 1 2 2 Inter- Producmediate er finished rialsgoods 101. 0 102. 1 101. 4 102. 3 100. 1 102. 5 99. 9 102. 9 99. C> 103. 1 100. 2 104. 1 101. 5 105.4 103. G 108. 0 104. 8 111. 5 107. 5 1 1 5. 3 107.3 114. 9 107. 2 115. 1 107. 3 115. 2 107. 4 115.4 107.8 115.7 108. 1 116.4 108.2 116.9 108. 8 117. 1 109. 110. 111. 111. 111. 110. 7 4 1 0 1 8 117.6 117. 8 118. 0 118. 1 118. 5 118. 7 Consumer finished goods excluding food DurNondurable able 101. 3 100. 8 100. 9 101. 5 100. 5 101. 5 100. 0 101. 6 99. 5 101. 9 99. 9 101. 6 99.6 102.8 100. 2 104.8 101. 7 107.2 103.9 109.4 103.5 109.1 103.5 109.8 103.3 110. 0 103. 6 109.7 103.4 109.9 104. 9 110. 0 105.0 110.2 105. 0 110.2 105. 105. 105. 105. 105. 105. 1 1 3 4 4 5 110.4 110. 7 111. 2 111. 5 111. 4 112. 2 NOTE.—Beginning 1967, the indexes incorporate a revised weighting structure reflecting 1963 values of shipments. The classification structure also changed, „, .„ , , , , Source: Department of TLabor. 27 PRICES RECEIVED AND PAID BY FARMERS Duting the month ended June 15, both prices received and prices paid by farmers were unchanged. The adjuste parity ratio remained at 82. Indoc. Index, 1957-59 == 100 130 1957-59 = 100 130 120 f*"*' \^ ^ 100 ^*^S^*^' ^ ^V^S^ ! 1 1 1 1 1 1 1 ! 1 1 / jf 1 1 1 ! ! [ l i l t 120 <rv/\~"~ /i ^ \ >wi no 90 <X"" PRICES PAID, INTEREST, TAXES, AND WAGE RAIbb ^~**/ pR|CES RECE|VED f A s >/ no fvv 100 (ALL FARM PRODUCTS) 1 ! 1 1 1 I I ! 1 ! 1 1 1 I 1 I ! ! I 1 1 1 f 1 1 ! I I 1 1 1 ! t ! | f 1 ! ! ! | 1 1 J J J l_l 1 ! 1 _I » 90 RAT O-l/ RAT! O-l/ 100 100 90 90 PARITY RATIO ,»***% 80 ""*''«,„ .»»"••'», "x »»** \ '*«•*•>* 80 \f «"•"""'-,„., ^-..X 'T'""', x •',., -,--•-.,.,--\.... », „.,.„/ 70 60 70 i 1 ! ! 1 1 ! ! 1963 ! ! 1 ! 1 ! 1 I ! ! f ! 1 I 1 I I 1964 1 1 ! 1 1 1 1 ! 1965 1 f 1 ! I ! 1 I I I 1 1 I 1 1966 ! t ! ! 1 1 I 1967 ! 1 1 ! 1 1 \ 1 I 1 ! ! i f l ' 1I I 60 1969 1968 J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. INTEREST, TAXES, AND WAGE RATES, ON 1910-14 - 100 BASE. cowNCIl SOURCE. DEPARTMENT OF AGRICUITURE Prices received by farmers All farm All products Period Crops Crops Parity ratio l Prices paid by farmers A11 All items, items, interest, interest, taxes, and wage rates Livestock and and products Family Family living living items OF ECONOMIC ADVtSEJlS Production items Actual Adjusted Adjiistec 2 Index, 1957-59=100 1959_ 1960 1961 1962 1 963 1964_ 1965. 1966 1907 190S190S- .Mav 15 June 15 J u l v 15 _ Aug 15 _ ._ Sept 15 ( >rt, 15 Nov 15 !)<•(• I.V ._ HHi'.i: Jan I.". . . _.. 99 99 99 101 100 98 103 110 105 108 108 108 108 108 111 108 109 108 109 1 10 112 1 11! i 1 17 1 17 99 100 102 104 107 107 104 106 101 103 106 103 100 101 103 102 103 100 99 101 1 02 102 100 i \(Y.-, ! 1 Percent ape rut io of I n d e x of ]n Icrs nn-cu <-d by f a n n c i • t o i n d e x of | triers paid. interest., taxes, m i d w aj-e r a t e 1 on M » | n 14 H H ) hasi*. 28 102 102 103 105 107 107 110 114 116 121 121 121 121 121 122 122 123 123 124 125 100 98 98 99 95 91 101 113 107 112 109 111 114 113 116 113 113 115 116 17 19 20 24 2S : V26 127 12S 128 101 102 102 103 104 105 107 110 113 117 117 117 118 118 118 119 119 119 120 120 122 122 123 123 102 101 i 101 81 80 79 104 103 78 76 105 108 109 111 112 112 112 111 111 111 112 113 113 114 115 116 117 117 77 80 74 74 73 73 74 74 75 73 73 73 72 73 10:-; so 73 73 75 76 82 81 S3 83 81 80 82 86 80 79 79 79 79 79 81 79 79 79 78 79 79 79 S2 S2 " The a<i justed parity ratio reflects Government payments made directly to aruH'TS. Source: I > e p a r t m e n t of Agriculture. MONEY, CREDIT, AND SECURITY MARKETS MONEY SUPPLY The seasonally adjusted money supply rose only $0.1 billion in June, while time deposits fell $0.9 billion. BILLIONS OF DOLLARS 250 BILLIONS OF DOLLARS 225 200' 100 1963 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADV1SE8S [Averages of daily figures, billions of dollars] Money supply Money supply Period Total Currency outside banks Demand deposits Time deposits l Total Currency outside banks Demand deposits Time deposits l Seasonally ' a (i jus tec Unadjusted {2. ~> 1 20. 5 112.2 111.0 124. 1 33. 1 157.3 M. 2 125.2 125. 1 120. 0 129. 1 35.0 164.0 145.2 130. 5 140. 0 134. 9 172.0 37. 1 132. 1 158. 1 156.9 39. 1 175.8 136.7 40. 4 140. 9 182. 0 183. 5 41. 2 145. 9 187. 1 43.4 149.6 204. 3 199.2 44.3 202.5 154.9 1908: M a v _ 41. 0 144. 5 187.0 188.4 41. 3 141. 1 182. 5 42. () Junc 145. 4 188. 2 188.6 41. 9 143. 6 185. 6 42. 2 147.2 Julv 187.2 190. 4 42.4 144.8 190.8 42.0 Aug 147.6 193.8 186.9 194.4 42.7 144.2 42.7 Sept___ _ _ _ _ 146.7 196.2 196.6 188.6 42.7 145.8 42. 8 147.4 199. 5 42. 9 147. 7 199. 1 190. 6 43. 2 Nov _ 201. 9 148. 7 43.7 149. 7 200.7 193. 4 43.4 Dec 149.6 204.3 199. 2 44.3 154.9 202.5 1909: Jan 43. 6 150. 1 202. 5 202. 1 199. 5 43. 5 155. 9 Feb 43. 9 149. 9 201. 0 192. 4 43.4 149. 0 201. 6 Mar 44. 2 201. 0 149. 8 192. 6 148. 8 43.8 202.0 Apr 44. 2 151. 5 200. 8 196. 7 43. 9 152. 8 201. 6 May 44.6 150.7 200. 1 191.6 44.3 200. 9 147.3 June v _ _ _ _ 44. 9 150.4 199. 2 193. 4 44.8 148. 6 199.6 1 Deposits at all commercial banks. Data include Alaska and Hawaii. NOTE.— Effective June 9, 1966, balances accumulated for payment of personal Source: Board of Governors of the Federal Reserve System. loans (about $1.1 billion) are excluded from time deposits and from loans at all commercial banks. 1903: 1904 1905 1900 1907 1908 D e c _ _ _ ... _ _ Dec Dec Dec Dec Dec 153. 0 159 3 100.8 170. 4 181. 3 193. 1 180. 1 1 87. 4 189.4 190. 3 189. 5 190. 2 191. 9 193. 1 193. 7 193.8 194.0 195.7 195. 2 195. 3 U.S. Government demand deposits l i ! 1 ! ! 5. 1 5.5 4.6 3.4 5. 0 4.8 6. 4 5.4 5.7 5.5 5.9 6. 1 4. 2 4.8 4. 7 6. 6 4.5 5.1 8. 8 5. 8 OQ "v SELECTED LIQUID ASSETS HELD BY THE PUBLIC Public holdings of demand deposits and currency increased by $3 billion in June, the largest increase since December 1968. Holdings of short-term Government securities, on the other hand, were down $31A billion—the sharpest decline since the end of 1950. Time deposits also declined. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 800 800 700 600 400 300 200 200 100 100 * 1963 I 1964 1965 1969 I/ASSETS OTHER THAN DEMAND DEP05JTS AND CURRENCY. SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted] End of period 1962 . 1963 1964 1965 1966 1967 1968 1968: May __ June July ___ Aug Sept Get __ Nov __ Dec 1969: Jan " ___ Fob "___ M:ir "_ Apr " M:iv "v Juno 1 Total selected liquid assets 459. 0 495. 4 530. 5 573. 1 601.5 650.4 709. 5 667. 8 670. 8 676. 5 679. 6 684.9 693. 1 699. 4 709. 5 4 703. 7 705. 6 713. 1 709.7 710.7 708.0 Demand deposits and currency 1 144. 8 149. 6 156. 7 164. 1 168. 6 180. 7 3 199. 1 183. 9 186. 7 186. 2 185.9 186.4 188. 0 190. 6 3 199. 1 188. 7 189. 8 192.4 190. 5 190.9 193.9 Time deposits Commercial banks 98. 1 112. 9 127. 1 147. 1 159. 3 183. 1 203. 8 187. 7 187.9 191. 5 194. 0 196. 2 200. 4 204. 7 203. 8 203. 4 202. 9 201. 9 200. 6 199.6 197.3 Agrees n concept with money supply, p. 29, except for deduction of demand Id by mutual savings banks and savings and loan associations. Data for2 liusi Wo .nesday of month. Kxdml $, holdings of Government agencies and trust funds, domestic commrndul :i l Tiuil.mil savings banks, Federal Reserve Banks, and beginning February %(), savings and loan associations. 30 Mutual savings banks 41. 4 44 5 49. 0 52.6 55.2 60. 3 64.7 62. 1 62. 6 62. 8 63.0 63.4 63.8 64.3 64.7 64.8 65. 2 65.5 65.7 66.1 66.3 Postal Savings System 0.5 .5 .4 .3 .1 Savings and loan shares 79.8 90. 9 101.4 109.8 113.4 123. 9 131.0 126.4 126. 8 127. 2 128. 1 129.5 130. 0 130.8 131.0 131. 0 132. 0 133.4 133.3 133.6 133.7 U.S. Government U.S. Gov- securities ernment maturing savings2 within bonds one year 2 47. 6 49. 0 49. 9 50.5 50. 9 51.9 52.5 51. 8 51. 9 51. 9 52. 0 52.0 52.0 52. 1 52.5 52.5 52. 3 52.2 52. 2 52.2 52.2 46. 8 48. 1 46. 1 48. 6 53. 9 50. 5 58.5 55. 9 54. 9 56. 9 56.6 57.4 58. 9 57.0 58.5 4 63. 4 63.4 67.7 67. 5 68.3 64.7 3 Estimates for Dec. 31. * Beginning 1969 figures have been adjusted to conform to the new budget concept. NOTE.—See Note, p. 29. Source: Board of Governors of the Federal Reserve System. BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES Total bank credit declined by almost $% billion (seasonally adjusted) in June, as both loans and investments fell. Free reserves rose slightly, but remained near the May level. BILLIONS OF DOLLARS 1 500 BILLIONS OF DOLLARS 500 ALL COMMERCIAL SEASONALLY ADJUSTED, END OF MONTH BANKS 400 400 300 300 BANK LOANS 200 200 INVESTMENTS IN ' U.S. GOVERNMENT SECURITIES" 100 100 \ INVESTMENTS IN OTHER SECURITIES I ! 1 1 I . | ! 1 1 ! I I ! ! 11 I M I 1I ! ! I ! I 1963 1964 1965 1966 1967 I f I I t I I 1 ! 1968 SOURCE: BOABD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Bank Weekly debits reporting outside large commercial New York Total Investments City (232 banks End of period Loans, loans excluding centers) , and seasonally interOther U.S. GovCommercial investbank securi- and indus- adjusted ernment ments annual1 securities ties trial loans rates Billions of dollars 1962 134. 0 227. 9 64. 6 29. 2 2,021 35. 2 1963 246.2 ] 49. 6 61.7 35.' 0 2, 199 38. 8 1 1964 _ _ „ 267. 2 167. 7 42. 1 60. 7 38. 7 2, 706 3 192. 6 3,013 294. 4 57. 1 1965 44. 8 53. 1 208.2 310. 5 s, 421 1966 48. 7 60.7 53. 6 1967 225. 4 346. 5 59. 7 61. 4 5, 740 65. 8 384.6 251.6 1968 _ _ 61.5 4,367 71.5 73.1 232. 6 61.0 66.9 4,243 1968: Mav . _ _ . 357.3 63. 6 357. 8 233. 5 June 60. 4 63. 9 69. 0 4, 354 J 238.4 365. 9 63. 1 04. 4 4,437 J.u l y _ _ _ 69. 0 Aug 370.4 241. 1 65. 5 63. 9 68.0 4, 442 Sept 374. 6 243.6 64.0 69. 3 4,511 67. 0 Oct 246.7 64.2 379. 4 08. r> 09. 7 4,646 Nov 70. 2 71. 2 250. 4 381. 6 61. 0 4,614 4, 676 384.6 251.6 61.5 Dec 71. 5 73. 1 4,837 71. 4 72. 9 1969: Jan 253. 7 60. S 385. 9 4, 90S 387.9 71. 5 Feb 58. 1 73. 7 258. 4 Mar 386. 8 257. 5 57. 4 71. 9 75. 0 4,841 Apr " p 260. 6 57. 6 71. 7 389. 9 76. 7 4, 982 263. 3 May p 390. 8 76. 6 56. 0 71. 5 5, 05 J 390. 4 263. 1 71. 4 78.4 55. 9 June — All commercial banks (seasonally adjusted data) 1 Debits during period to demand deposit accounts except interbank and U.S. Government. New series beginning January 1964. 2 Averages of daily figures. Annual data are lor December. 2 New series; see Federal Reserve Bulletin, March 1967. NOTE.—Effective June 1966, balances accumulated for payment of personal All member banks Total reserves 20, 040 20, 746 21,609 22, 719 23, 830 25, 260 27, 221 25, 505 25, 713 26, 001 26, 069 26, 077 26, 653 26, 785 27, 221 28, 063 27, 291 26, 754 27, 079 27, 903 27, 288 2 Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions of dollars 304 572 327 536 411 243 452 454 392 557 345 238 455 765 420 746 351 692 299 525 375 565 383 515 427 260 324 569 455 765 217 697 824 228 217 918 152 996 1,402 300 312 1,408 268 209 168 -2 -165 107 -310 -326 -341 -226 -190 -132 -167 -245 -310 -480 -596 -701 -844 —1, 102 -1,096 loans (about $1.1 billion) are excluded from loans at all commercial banks, and certain certificates of CCC and Export-Import Bank totaling about $1 billion are included in other securities rather than in loans. Data include Alaska and Hawaii. Source: Board of Governors of the Federal Reserve System. 31 CONSUMER AND REAL ESTATE CREDIT Total consumer credit increased $1.5 billion in May. Seasonally adjusted instalment credit-outstanding rose $845 million. The rise was up nearly $100 million from April, and represented the largest monthly increase since October 1968. BILLIONS OF DOLLARS BILLIONS OF DOLLARS I I I I I I I I I ! I SEASONALLY I 1 I I I I 1 I t I I ADJUSTED (ENLARGED SCALE) INSTALMENT CREDIT EXTENDED 1969 1963 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1960 1961 1962 1963 _ _ 1964 _ 1965 1966 1967 1968 1968: Apr Mav June July Aug Sept <>ct_ _ Nov__ COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Consumer instalment credit extended Consumer credit outstanding (end of period; unadjusted) and repaid (seasonally adjusted) Instalment Total Automobile paper NonAutomoTotal instal- Extended Repaid Extended Repaid Total ' Personal bile ment 2 loans paper 56, 141 57, 982 63, 821 71, 739 80, 268 90, 314 97, 543 102, 132 113, 191 102, 257 103,411 104, 620 105, 680 107, 090 107, 636 108, 643 110, 035 113, 191 112,117 111, (569 1 1 1 , .)50 113, 2:U 1 14, 750 42, 968 43, 891 48, 720 55, 486 62, 692 71, 324 77, 539 80, 926 89, 890 81, 328 82, 312 83, 433 84, 448 85, 684 86, 184 87, 058 87, 953 89, 890 89, 492 89, 380 89, 672 90, 663 91, 813 17, 658 17, 135 19, 381 22, 254 24, 934 28, 619 30, 556 30, 724 34. 130 31, 331 31, 818 32, 364 32, 874 33, 325 33, 336 33, 698 33, 925 34, 130 34, 013 34, 053 34, 262 34, 733 35, 230 10, 617 11, 673 13, 414 15, 618 17, 848 20, 412 22, 187 24, 018 26, 936 24, 459 24, 737 25, 052 25, 314 25, 725 25, 979 26, 202 26, 429 26, 936 26, 911 27, 048 27, 230 27, 628 27, 983 ! )ec Jan 1'Vb.. _ Mar Apr... May ' A l s o includes other consumer j^oods paper, and repair and modernization loans, not shown separately. 2 : Consists of sin^le-payriH'nf loans, charge accounts, and service credit. ICnd of period, unadjusted. ]!><>!): 32 13, 173 14, 091 15, 101 16, 253 17, 576 18, 990 20, 004 21, 206 23, 301 20, 929 21, 099 21, 187 21, 232 21, 406 21, 452 21, 585 22, 082 23, 301 22, 625 22, 189 22, 278 22, 568 22, 937 49, 793 49, 048 56, 191 63, 591 70, 670 78, 586 82, 335 84, 693 97, 053 7, 863 8,033 8,003 8, 247 8, 187 8,416 8, 533 8, 288 8, 277 8, 371 8, 414 8, 381 8,720 8, 680 46, 073 ""177657" 16, 029 48, 124 19, 694 51, 360 22, 126 56, 825 63, 470 24, 046 27, 227 69, 957 27, 341 76, 120 26, 667 81, 306 31, 424 88, 089 7, 222 2, 509 7, 301 2, 590 7, 287 2, 570 2, 673 7, 390 2, 684 7, 253 2, 783 7, 701 2, 782 7, 586 7, 454 2, 681 7, 502 2, 592 7, 730 2, 661 2, 716 7,616 2,730 7, 735 2,772 7,960 7,834 2,757 16, 419 16, 552 17, 447 19, 254 21, 369 23, 543 25, 404 26, 499 28, 018 2,297 2, 327 2, 289 2, 352 2,327 2,482 2,391 2,363 2, 357 2,467 2, 468 2,501 2,519 2,488 Mortgage debt outstanding nonfarm, 1- to 4family houses 3 141, 300 153, 100 166, 500 182, 200 197, 600 212, 900 223, 600 236, 100 251, 200 243, 200 247, 000 251, 200 254, 800 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 rhc Treasury bill rate fluctuated during June, but rose in mid-July to new all-time highs. Yields on corporate and Treasury bonds were slightly higher in June than in May, and the rise continued into July. High-grade municipal yields receded somewhat in July from the historic highs reached in June. PERCENT PER ANNUM ' 110 PERCENT PER ANNUM 10 PRIME COMMERCIAL PAPER \ SOURCE, set TABLE Period 196 J „ 1962 1963 1964 _ COUNCIL OF ECONOMIC ADVISERS i Percent per annum J High-grade U.S. < ;<>v( »rmne.nt seem* i t y yields municipal :>-monlh bonds Taxable 3 5 year Treasury 3 3 (Standard ^ bonds issues bills > * Poor's) < . _- - 19(><5 1967 196S 1968: Mav •June Julv Aug_ Sept. . Oct Kov Dec _ __ _ 19C9: Jan Feh "VI fl T Apr _ _ JNfav June Week ended: 1969: June 13.. 20 27_. July 3._ isV! •j. :>7S 2. 778 ;;. 157 ;;. 549 4." SSI 4. 321 5. 339 5. 621 5. 544 5.3S2 5. 095 5. 202 5. 334 5.492 5. 916 6. 177 6. 156 6. 080 6. 150 6. 077 6. 493 4. 00 4. 15 -i. 21 4. 65 4. 85 5.26 5. 40 5. 23 5.09 5. 04 5. 09 5. 24 5. 36 5.66 5. 74 5. 86 6. 05 5. 84 5.85 6. 05 6. 6. 0. 6. 7. 7. 6. 60 6. 57 6. 77 7. 00 7.04 6.94 6. 05 6. 03 6. 04 6. OS 6. 12 *6. 05 2 I31 Rate on new issues within period. Selected note and bond issues. April 1953 to date, bonds due or callable 10 years and after. *6 Weekly data are Wednesday figures. * Not charted. Data for first of the month, based on the maximum permissible interest rate <7H percent beginning late January 1069} and 30-year mortgages paid in 15 years. 5.87 5.87 5.79 5.77 5. 76 5. 74 6. 96 7. 03 7. 03 7.03 7. 08 *7. 10 7. 66 7. 74 7. 77 7.77 7. 83 7.88 8. 20 8. 40 8. 55 8.66 8. 75 *S. 75 :;. 90 ;;. 95 :L 57 :j. 72 4. 06 4. 22 5. 10 5. 07 5.59 5. 95 5. 71 5.44 5. 32 5. 30 5. 42 5.47 5. 99 6. 04 6. 16 6. 33 6. 15 6. 33 6. 64 591 666 524 456 069 105 3. 96 4.51 4. 56 4. 56 4.36 4. 31 4. 47 4. 56 4. 6S 4. 91 4. 95 5. 10 5. 34 5. 29 5. 47 5. 83 •1. 2(> 1. 40 •1. 49 5. 1 •> 5. 51 (i. IS (i. 27 (>. 2S 6. 24 G. 02 5. 97 (>. 09 6. 19 0. 45 6. 59 G. 66 6. 85 6. 89 6. 79 6. 98 5. 08 5. 02 4. 86 4. 83 4. S7 5. 07 6. 23 6. 94 7. 03 7. 07 6. 98 6. 82 6. 79 6. 84 7.01 7. 23 7. 32 7. 30 7. 51 7.54 7. 52 7.70 Prime commercial paper, 4-6 months 2. 97 3. 26 3. 55 3. 97 4. 38 5. 55 5. 10 5.90 6. IS 0. 25 6. 19 5. 88 5. 82 5. 80 5. 92 6. 17 6. 53 6. 62 6. 82 7. 04 7. 35 8. 23 Corporate bonds (Moody's) A aa •i. ;<:< :!' ;?. :L :i 23 22 27 82 Baa FHA new home mortgage yields 5 5.80 5. 61 5.47 5. 45 5. 46 6. 29 6.55 7. 13 6.94 7.52 7. 42 7. 35 7.28 7. 29 7. 36 7. 50 7. 99 8.05 8. 06 8. 06 Sources: Treasury Department, Board of Governors of the Federal Reserve System, Federal Housing Administration, Standard & Poor's Corporation, and Moody's Investors Service. OO OO COMMON STOCK PRICES, YIELD, AND EARNINGS The common stock price index continued to fall during the latter part of June and early July. On a monthly avercK basis, I he index in June showed a decline of 5 percent from the May average. Index, 1941-43-10 Index, 1941-43=10 MONTHLY WEEKLY 120 120 no 110 COMPOSITE PRICE INDEX FOR 500 CO MMON STOCKS 100 V, 90 ~r~^ _/-^i^ 80 70 60 ! ! ! PERCENT 1 1 1 f ! 1 1 1 _ s-^\S S H/\ ^ V 100 ^^] 90 \J^ 80 70 f f TI 11 I ! I ! I f 1I 1 f ! ! 1 ! ! 1 1 ! 1 ! t f f 1 f 1I I 1 ! 11 1t ! ! ! 1 1 ! 1 ! 111 f ! 11 f T t T ? f f ! T f 1 PERCENT I t I t T ? I t > t M I t I t T I I I T f I t I t Tt t I I I I I t I I f I T! 1 I I f t I I I I I t » I I I t I t I I I t t t m 2 25 25 PRICE/EARNINGS RATIO ON COMMON STOCKS / 20 15 10 \ V ? T ! t 1963 ? t ~"^T ! 1964 ! ? ' 1 1965 ? 20 /~~^~-*^ ? ! 1 ^^ •*»-«•"••"•""" 15 \ 1966 \ \ ! ! 1963 1964 1965 _ _ ... _-._ _ _ 1966 _ _ _ _ _ _ _ _ _ 1967 1968 1968: June Julv Aug _ Sept _ _ _ Get Nov Dcc_ _ _ 1969: Jan Feb Max Apr May June Week ended: 1969: June 13 20 27 Julv 3 _ l l - . _ -_.. _ IS 34 f K 10 X COUNCIL OF ECONOMIC ADVISERS Price index Industrials 1 Consumers' goods Total Total 69. 87 81. 37 88. 17 85. 26 91. 93 98. 70 100. 53 100. 30 OS. 11 101. 34 103. 76 105. 40 106. 48 102. 04 101. 46 99. 30 101. 26 104. 62 99. 14 73. 39 86. 19 93.48 91. 08 99. 18 107. 49 109. 73 109. 16 106. 77 110. 53 113. 29 114. 77 116.01 110. 97 110. 15 108. 20 110. 68 114. 53 108. 59 1941-43=10 63. 30 62. 28 76. 35 73. 84 85. 26 81. 94 84.86 74. 10 96. 98 79. 18 105. 77 86.33 89. 04 110. 65 108. 12 88. 38 104. 92 85. 73 107. 57 88. 46 108. 48 91. 36 92. 04 109. 75 91. 91 111.44 87. 69 106. 56 87. 93 105. 47 86. 69 103. 76 SS. 21 105. 54 91. 57 108. 66 102. 68 88. 12 99. 97. 97. 98. 96. 4 94. 109. 106. 106. 108. 106. 103. 102. 101. 101. 105. 102. 100. 62 60 03 59 94 94 O.S 92 32 09 23 89 Capital goods 'Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures; all2 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 T 1969 SOURCE: STANDARD & POOR'S CORPORATION Period f 1 1968 1967 14 46 49 19 04 82 88. 87. 86. 87. 85. 84. 73 13 29 40 81 20 Railroads Dividend yield 2 (percent) 64. 99 69. 91 76.08 68. 21 68. 10 66.42 65. 21 67.55 66. 60 66. 77 66. 93 70. 59 70. 54 68. 65 69. 24 66. 07 65. 63 66. 91 63.29 37. 58 45. 46 46.78 46. 34 46.72 48.84 51. 72 51. 01 48. SO 51. 11 54. 26 53. 74 55. 19 54. 11 54. 78 50. 46 49. 53 49. 97 46. 43 3. 17 3.01 3.00 3.40 3.20 3.07 3. 00 3.00 3. 09 3. 01 2. 94 2." 92 2, 93 3. 06 3. 10 3. 17 3. 11 3. 02 3. 18 63. 69 62. 23 61. 85 62. 55 61.88 61. 72 47 45. 44. 45. 44. 42. 3. 3. 3. 3. 3. 3. Public utilities 01 46 86 00 27 99 4 Price/ earnings ratio 3 17.62 18. 08 17. 08 14. 92 17. 52 17. 15 17. 23 17. 61 17. 54 17. 02 17 22 27 20 27 33 arc 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. *Not charted. Source: Standard & Poor's Corporation. FEDERAL FINANCE FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING In the first 11 months of the current fiscal year, the total deficit was $7.0 billion/ a year earlier it was $29.2 billion. BILLIONS OF DOLLARS 200 BILLIONS OF DOLLARS 200 20 1959 1960 1961 1962 1963 J/RECE1PTS LESS EXPENDITURES AND NET LENDING. ^/ESTIMATE. SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET 1964 1965 FISCAL YEARS 1966 1969COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Budget receipts, expenditures, and net lending Period Receipt-expenditure account Loan account Expenditures Net lending Receipts Fiscal year: 1959 1960 1961 1962 1963 . 1964 .. 1965 1966 1967 1968___ __ 1969 22_ 1970 Cumulative totals, first 11 months: Fiscal year 1968 Fiscal year 1969 1 2 Excludes Gross Federal debt (end of period) Total1 Held by the public 79.2 92. 5 94. 4 99. 7 106. 6 112. 7 116. 8 130. 9 149. 6 153. 7 186. 5 199. 2 89. 5 90. 3 96. 6 104 5 111. 5 118. 0 117. 2 130. 8 153. 3 172. 8 183.6 192.1 -10.3 2. 1 '* 2 4 8 4. 9 -5. 4 4 * 37 -19." 2 2.9 7. 1 2. 7 1.9 1.2 2.4 — .1 .5 1.2 3.8 5. 1 6.0 1.3 .8 -12. 9 .2 -3.4 — 7.2 -4. 7 -5.9 -1.6 -3.8 -8.8 -25.2 1.6 6.3 287. 7 290.8 292. 9 303. 2 310.8 316. 7 323. 1 329. 4 341.3 369. 7 366.4 369. 1 235. 0 237. 1 238. 6 248.3 254. 4 257. 5 261. 6 264. 6 267. 5 290. 6 277.6 268. 6 134. 1 164. 0 158. 4 169.2 -24.3 -5.2 5.0 1.8 -29. 2 -7.0 373. 2 373. 7 294. 4 288. 1 non-interest-bearing public debt securities held by IMF. Kevised estimates, May 1969. Surplus or deficit ( — ) Total surplus or deficit ( — ) Sources: Treasury Department and Bureau of the Budget. 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION in the first 11 months of the current fiscal year, receipts were $29.9 billion over a year earlier while expenditures and net lendins were up $7.7 billion. BILLIONS OF DOLLARS 100 RECEIPTS BILLIONS OF DOLLARS 100 80 60 —-^^..un ••""• »»H." ' OTHER RECEIPTS """" 40 20 / CORPORATION INCOME TAXES I ! I L 120 120 EXPENDITURES AND NET LENDING 100 100 -NONDEFENSE- 80 \ 80 .. 60 60 40 -NATIONAL DEFENSE ~ 1959 1960 1961 1963 1962 1964 1965 1966 1967 1968 19701/l 1969-" 20 FISCAL YEARS i/ESTIMATE. SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET. COUNCIL Of ECONOMIC ADVISERS [Billions of dollars] Expenditures and net lending Receipts National defense Period Fiscal vear: 1959 1960 1961 1962 1963 1964 1965 1966 1967___ ___ _ 1968 2 1969 2 _ _ _ 1970 Cumulative totals, first 11 months: Fiscal j-ear 1968 Fiscal year 1969 1 5 Expenditure account. Kevised estimates May 1969. 36 Total Individual Corporation income income taxes taxes Other Total Total Department of Defence,l military International affairs and finance Health and welfare Other 79.2 92. 5 94. 4 99. 7 106. 6 112.7 116. 8 130. 9 149.6 153.7 186.5 199. 2 36.7 40. 7 41.3 45. 6 47.6 48.7 48.8 55. 4 61.5 68.7 85. 5 91.0 17.3 21.5 21.0 20. 5 21.6 23. 5 25. 5 30. 1 34.0 28. 7 37. 3 39.0 25.2 30.3 32. 1 33. 6 37. 4 40.5 42.6 45. 3 54. 1 56.3 63.7 69.2 92. 1 92. 2 97.8 106.8 111. 3 118.6 118.4 134. 7 158.4 178.9 184. 9 192. 9 46.6 45.9 47.4 51. 1 52.3 53.6 49.6 56.8 70. 1 80.5 81.0 80.4 41.5 41.5 43.3 46.9 48.1 49.6 46.0 54. 2 67. 5 77. 4 77. 8 77. 3 3.4 4.5 4. 1 4. 1 4.3 4.5 4.5 4.6 3. 9 3. 5 17.7 18.7 21.8 23.4 25.3 26.6 27.2 31.3 37.6 43.5 48.6 5o . / 24.5 24.5 25.2 27.9 29.7 34.3 37.3 42. 1 46.1 50. 2 51.4 55. 3 134. 1 164. 0 61. 1 77. 1 21. 4 28. 1 51. 6 58. 8 163. 3 171. 0 72. 9 73. 6 70. 1 70. 6 4. 4 3.7 39. 5 45. 0 46. 6 48. 7 3. 3 0. 1 Sources: Treasury Department and Bureau of the Budget. FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS According to revised estimates for the first quarter, Federal receipts rose almost $11 billion (seasonally adjusted annual rate) and expenditures increased about $11A billion, resulting in a surplus of over $9 billion —the largest since the first quarter of 1951. In the second quarter, expenditures again rose billion, according to preliminary estimates. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 200 i 200 180 180 160 160 140 120 SURPLUS t—i nT"! m m F~1 ^ r~~i u [I [I J DEFICIT ! -70 ! ! ! 1963 t 1964 ! ! 1 I I 1965 i F^ 1 ^ 1966 I 1967 SI" ! ' ! 1 1 1968 , 1969 ! -70 CALENDAR YEARS J/PRELIMINARY. SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, quarterly data at seasonally adjusted annual rates] Federal Government receipts Period Fiscal 3Tear: 1965 1966 1967 1968 1969 1 Calendar year : 1965 1966 1967 1968 196S: I__J II_. 111. Federal Government expenditures Indirect Contribusiness butions for tax and nontax social inaccruals surance Personal Corporate and profits Total tax nontax tax receipts accruals Total i1 Surohis GrantsSubsidies! tit; ^j^ ncit Purin-aid less (-), chases Trans- to State Net curren t income of goods fer payand in terest surplus and and ments local paid of Govt. product governservices enter- accounts ments prises 120. 5 132.8 147. 3 160. 9 51.3 57.6 64. 4 71. 3 90. 1 27.7 31. 0 31. 1 34. 3 16.9 15. 7 16. 1 17. 2 18. 5 24. 6 28. 5 35. 8 38. 0 43. 6 118. 131. 154. 172. 187. 5 9 6 4 8 64.4 71. 7 85. 3 95. 3 101. 2 124. 142. l. r >]. 176. 53. 8 61. 7 67. 5 79. 5 72. 1 74. 7 29. 3 32. 1 K). 6 38. 3 >7. 0 >8. 1 >X. 4 J9. S 40. 7 16. 5 15. 7 16. 3 IS. 0 17. 4 1 7. 9 25. 1 33. 0 36. 7 40. 5 39. 3 40. 1 40. 9 41. 7 45. 6 46. 3 123. 142. 163. 181. 174. 180. 184. 187. 189. il). 190. 10. 5 8 i 8 5 1 3 2 4 0 i 5 ! G6. 9 77. 8 90. 7 99. 5 96. 3 119. 0 100. 9 101. 'J 101. 6 100. 100. 6 30.5 34. 2 39. 4 44. 5 50. 4 10.9 12. 7 14. 8 17. 6 19. 2 8.5 9. 0 9. 9 10. 8 12. 4 4. 1 4. 5 5. 1 4. 1 4. 6 32. 5 j 35. 7 42. 2 47. 8 45. 1 47. 0 48. 7 50. 0 50. 8 52. 2 11. 1 14. 4 1 5. 9 IS. 3 17. 7 18. 2 18. 4 19. 0 19. 5 19.5 20. 0 S. 7 9. 5 10. 3 11. 6 11. 0 11. 4 11. 7 12, 2 12. 5 13. 0 4. 3 1. 2 5. 4 -.2 4.7 -12.7 4.2 —5.2 4. 0 - S. 4 4. 1 — 9. 5 4.6 -2.8 4. 4 -. 1 4. 6 9. 1 4. 6 ._ 4.6 2. 0 .9 — 7. 2 — 11. 5 i 7 5 1 3 105. 7 170. X 1X1.4 1V_ is7. :; I960: !___ 198. 1 II" 5 83. 7 87. 4 < > ; ; ;.» 96. I PreliTin'nary, based on seasonally a d j u s t * ' preceding data. ix. :; 1 8. 5 ; 1 8. r> 1 8. 6 ; i 1 1 ! NOTI:. Series revised beginning: 1000. For detail, see Survey of Current Business, J u l y I'JOU. Data for Alaska and Hawaii included beginning 1900. Source: T>epart men! of Commerce. 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U.S. GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 2O4O2 OFFICIAL BUSINESS First-Class Mail Contents TOTAL OUTPUT, INCOME, AND SPENDING Page 1 2 3 4 5 6 7 8 9 The Nation's Income, Expenditure, and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part-Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work—Selected Industries Average Hourly and Weekly Earnings—Selected Industries r ^ 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 Budget Receipts, Expenditures, and Net Lending Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 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. * Indicates less than $50 million. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Price 25 cents per copy, $3 per year ; $4 foreign. Domestic air mail, $6.10 additional per year. 38 r i H G OFFICE:1909