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
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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
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