Full text of Economic Indicators : July 1973
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93d Congress, 1st Session
Economic Indicators
July 1973
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1973
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)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
HUGH L. CAREY (New York)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
RICHARD S. SCHWEIKER (Pennsylvania)
JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
COUNCIL OF
ADVISERS
HERBERT STEIN, Chairman
GARY L. SEEVERS
MARINA v. N. WHITMAN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—Isr SESSION]
JOINT
[SJ. Res. 551
To print the monthly publication entitled "Economic Indicators"
'Kesolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
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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
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Approved June 235 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce*
Economic Indicators, published monthly, is available at 5 5 cents a single copy
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11
TOTAL OUTPUT, INCOME,
'HE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $28.5 billion in the second quarter to a seasonally adjusted annual rate of $1,271,0
billion/ according to preliminary estimates. The revised increase for the first quarter is $43.3 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Net receipts
Disposable personal income
Period
Total l
PerLess: Equals:
sonal
Interest Total Personal
consump- saving
paid and excludor
tion
ing
transfer
disinterest expendpayitures saving
and
ments
transto forfers
eigners
Expenditures
Surplus
or
Less:
Less:
Tax
Equals:
deficit
TransTransand
Purfers,
Equals: Total
fers,
nontax interest,
chases
income
expendNet
interest,
of goods
receipts
and
and
itures
receipts
and
or
and
product
subsubaccruals sidies 2
accounts
sidies 2
c—),
1966.
1967.
1968_
1969_
1970_
1971_
1972_
511.9
546. 3
591. 0
634. 4
691.7
746. 0
797. 0
13. 0
13. 9
15. 1
16.7
17. 9
18. 7
20.7
498. 9
532. 4
575. 9
617. 7
673.8
727.3
776. 2
466. 3
492. 1
536. 2
579. 5
617. 6
667. 2
726. 5
32. 5
40. 4
39. 8
38. 2
56.2
60. 2
49. 7
213. 3
228. 9
263. 5
296. 7
302. 5
322. 0
368. 2
55.5
62. 8
70. 7
77.9
93. 2
105. 9
115.9
157.9
166. 2
192.7
218.8
209.4
216.2
252. 2
212.
242.
270.
287.
312.
340.
370.
3
9
3
9
7
2
9
55.5
62.8
70. 7
77.9
93. 2
105. 9
115.9
156. 8
180. 1
199. 6
210.0
219.5
234. 3
255.0
1972: I
772. 8
785. 4
800. 9
828. 7
19. 8
20. 3
21. 0
21.8
753. 0
765. 1
779.9
806. 9
700. 2
719. 2
734. 1
752. 6
52. 9
45. 9
45. 8
54. 4
356.
363.
370.
382.
111.
113.
114.
125.
8
0
0
1
245. 1
250. 3
256. 5
256. 9
362.
367.
368.
385.
2
2
5
8
111.
113.
114.
125.
250.
254.
254.
260.
1973: I
851. 5
870. 4
22. 1
22. 9
829. 4
847. 5
779.4
795. 1
50. 0
52. 4
402. 7
125. 3
128. 4
277.4
393. 9
403. 3
8
0
0
1
125. 3
128.4
3
2
7
7
-5.4
-3. 9s
2. O
-3.8-
268. 6
275. 0
8. £
International
Business
Period
9
3
5
0
1. 1
-13. 9>
-6.8
8. &
-10. 1
-18. 1
-2.8.
Net
Net exports of goods
and services
Excess of Total
StatisExcess transfers
Gross
to fortransfers income
Gross private
tical
of
or
retained domestic invest- eigners
or
discrepby
perearnof net
receipts
ancy
ment sons and Exports
invest-4
Less: Equals:
Net
ings 3
exports
ment
Imports exports
Government
Gross
national
product
or
expenditure
91. 3
93. 0
95. 4
97. 0
97. 0
111. 8
124. 4
121. 4
116. 6
126. 0
139.0
136.3
153. 2
178. 3
-30. 1
-23. 5
-30. 6
-42. 0
-39. 3
-41.4
-53. 9
2. 8
3. 0
2. 9
2. 9
3. 2
3. 6
3. 7
43. 4
46. 2
50. 6
55.5
62. 9
66. 3
73. 5
38. 1
41. 0
48. 1
53. 6
59. 3
65. 5
78. 1
5.3
5.2
2.5
1.9
3.6
.8
-4. 6
2.4
750. 9
2.2
794 6
.4
866. 9
1. 0
936. 3
4
983. 5
2! 8 1, 058. 8
8.4 1, 156. 6
-1.0
-.7
— 2. 7
-e! i
-6. 4
-3.4
-15
749. 9
793.9
864. 2
930. 3
977. 1
1, 055. 5
1, 155. 2
1972: !___
II__
III.
117.
124.
124.
131.
167.
174.
181.
189.
5
7
5
4
-50. 2
-50. 6
-57. 0
-57.8
3. 9
3. 8
3. 8
3.5
70. 3
69. 9
74. 0
79. 7
75. 8
75. 6
77.7
83. 2
-5. 5
-5.7
-3. 8
-3.5
9.4
9. 4
7. 6
7. 0
1, 119. 3
1, 143. 3
164. 7
1, 198. 9
-6.7
-10
1.6
.2
1,
1,
1,
1,
1973: !__
II»
131. 5
194. 5
199. 2
-63. 0
3.0
3. 3
89. 7
95. 1
89. 7
93. 4
3.0
1. 6
, 241. 3
1966_
1967_
1968_
196919701971_
1972_
1
3
1
5
6
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government enterprises, and disbursements less wage accruals.
3 Capital consumption allowances, corporate inventory valuation adjustment,
undistributed corporate profits, and private wage accruals less disbursements.
Does not include retained earnings of unincorporated business, which are included
in disposable personal income.
.0
1 7
4
112.
142.
166.
199.
5
4
5
2
1 1 1, 242. 5
1, 271 0
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment less capital grants received by United States with
sign changed.
NOTE.—Series revised beginning 1970.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the second quarter, gross national product (seasonally adjusted) rose at an annual rate of 9.5 percent, reflecting
an inflation rate of 6.8 percent and an expansion of 2.6 percent in real GNP, The rise in real GNP is substantially
lower and the price rise somewhat higher than those in the first quarter.
BILLIONS OF DOLLARS
1,400
BILLIONS OF DOLLARS
1,400 |
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
GROSS NATIONAL PRODUCT
1,000
1,000
800
800
PERSONAL CONSUMPTION
EXPENDITURES
600
600
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
1971
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COA/iMERCE
Total
Personal Gross
congross
Total
private
sump- domestic
national gross
tion
product national
investin 1958 product expend- ment
itures
dollars
Billions Df dollars; quarterly
Period
1963
1964
...
1965
1966
1967
1968
1969
1970
1971.
1972
1972: I
II
III
IV
1973: I
n>
3
...
..
_
___
551.0
581. 1
617. 8
658. 1
675.2
706. 6
725.6
722.5
745.4
790.7
768.0
785. 6
796. 7
812. S
829. 3
834. 6
590.5
632.4
684. 9
749. 9
793. 9
864. 2
930. 3
977. 1
1, 055. 5
1, 155. 2
1, 112. 5
1, 142. 4
1? 166. 5
1? 199. 2
1, 242. 5
1, 271. 0
375.0
401.2
432, 8
466.3
492. 1
536. 2
579.5
617.6
667. 2
726.5
700.2
719. 2
734. 1
752.6
779.4
795. 1
87.1
94.0
108. 1
121.4
116. 6
126. 0
139.0
136.3
153. 2
178. 3
167.5
174.7
181. 5
189. 4
194. 5
199.2
This category corresponds closely with budget outlays for national defense,
shown
on p. 36.
2
Gross national product in current dollars divided by gross national product
in 1958 dollars.
1973
1972
Government
Net
exports
of goods
Total
and
Total
services
3urchases of good s and
Implicit
services
price
Federal
State deflator
for total
and
National
GNP,
defense1 Other local 1958- 1002
data at s easonall y adjust*;d annual rates
122. 5
128. 7
6.9 137.0
5.3 156. 8
5. 2 180. 1
2.5 199. 6
1.9 210. 0
3. 6 219.5
. 8 234. 3
-4. 6 255. 0
-5.5 250. 3
-5. 7 254. 2
-3. 8 254. 7
-3.5 260.7
. 0 268. 6
1. 7 275.0
5.9
8. 5
64 2
65.2
66. 9
77.8
90. 7
98. 8
98.8
96. 2
98. 1
104.4
106.0
106.7
102. 3
102. 7
105. 5
106.5
50.8
50.0
50. 1
60.7
72. 4
78. 3
78.4
74. 6
71.6
74. 4
76. 5
76. 6
71.9
72. 4
74.3
74.5
13.5
15.2
16. 8
17. 1
18.4
20. 5
20. 4
21. 6
26. 5
30. 1
29. 5
30. 1
30.4
30. 3
31.2
32. 0
58.2
63. 5
70. 1
79.0
89.4
100. 8
111. 2
123.3
136.2
150. 5
144. 3
147.5
152.4
158. 0
163.0
168. 5
107. 17
108. 85
110. 86
113. 95
117. 59
122. 30
128. 20
135. 24
141. 60
146. 10
144. 85
145. 42
146. 42
147. 63
149. 81
152. 30
NOTE.—Series revised beginning 1970. For details, see Survey of Current Business, July 1973.
Source: Department of Commerce.
NATIONAL
Employee compensation rose $17.3 billion (seasonally adjusted annual rate) in the second quarter because of rising
manhours and rates of pay.
BILLIONS OF DOLLARS
1,100
BILLIONS OF DOLLARS1100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
900
900
TOTAL NATIONAL INCOME
800
800
700
700
600
600
500
500
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND,
RENTAL INCOME
100
.100
I
1967
1968
1972
SOURCE: DEPARTMENT OF COMMERCE
1973.
COUHCIL OF ECONOMIC ADV1SE8S
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
....
1972: I _
II ___
III
IV
1973: I__
II " _ _ _
_
Compensation
of em- 1
ployees
Proprieto rs' income
Farm 2
Business
and professional
Rental
income
of
persons
Net
interest
Corpora fee profitsand inventory va luation acIjustment
Total
Profits Inventory
before valuation
taxes adjustment
481. 9
518.1
564.3
620. 6
653. 6
711. 1
766. 0
800. 5
859.4
941. 8
341. 0
365.7
393.8
435. 5
467. 2
514. 6
566. 0
603. 9
644. 1
707. 1
13. 1
12.1
14.8
16. 1
14 8
14. 7
16. 7
16.9
16, 8
20. 2
37. 9
40.2
42.4
45. 2
47. 3
49. 5
50.5
50. 0
51. 9
54.0
17. 1
18.0
19.0
20. 0
21. 1
21. 2
22.6
23. 9
24. 5
24. 1
13.8
15,8
18.2
21. 4
24. 4
26. 9
30.5
36.5
42. 0
45.2
58.9
66.3
76.1
82. 4
78.7
84. 3
79.8
69.2
80. 1
91. 1
59. 4
66.8
77.8
84. 2
79. 8
87. 6
84.9
74.0
85. 1
98.0
-0.5
— .5
-1.7
-1.8
-1. 1
-3.3
-5.1
-4.8
-4.9
-6.9
911. 0
928.3
949. 2
978. 6
684.3
699. 6
713. 1
731. 2
19. 5
19.9
19.8
21. 8
53. 1
53.3
54. 3
55. 3
24. 1
22. 6
24. 9
24. 9
43. 9
44. 8
45. 7
46.6
86. 2
88. 0
91. 5
98.8
92.8
94.8
98.4
106. 1
-6. 6
-6. 7
-6.9
-7.3
1, 015. 0
757.4
774.7
24. 3
24. 4
56.3
57.1
24.7
24. 6
47. 9
49. 4
104. 3
119.6
entory change) on p. 6 which includes
NOTE.—Series revised beginning 1970.
Source: Department of Commerce.
-15.4
— 21. 1
SOURCES OF PERSONAL INCOME
Personal income rose $8% billion (seasonally adjusted annual rate) in June, following a revised increase of $7 billion
in May. Wage and salary disbursements were up $6 billion in June, compared with $4% billion in May.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
1,000
1,000
- 200
200
TRANSFER PAYMENTS
1973
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1965
1966
1967
1968
1969
1970
1971
1972
1972: M a y _ _ _
June
July__._
Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb
Mar
Apr
May p
June __
538.9
587. 2
629. 3
688. 9
750. 9
808. 3
863. 5
939. 2
927. 7
927. 0
935. 2
944. 4
951. 3
967.0
977.6
983.6
989. 1
997.4
1, 003. 3
1, Oil. 6
1, 018. 7
1, 027. 1
'The total of wage and salary disbursements and other labor income differs
from
m compensation of employees (see p. '6)
3) in mar,
that n
it excludes
excludes employer contributions
disbursetions for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
and
Other Propriet<Drs' income income
Transfer
Divi- Personal
labor 1 2
salary
Business
interest
paydends
of
disburseincome
and pro- persons
Farm
income ments
l
fessional
ments
18.7
42.4
19.8
38.7
358.9
14.8
19.0
39.9
394. 5
45. 2
20. 8
44. 1
20. 7
16. 1
20. 0
43. 6
22. 3
21. 4
14. 8
423. 1
47.3
48. 0
51. 8
21. 1
49. 5
464. 9
25. 4
14.7
23. 6
52. 9
21. 2
59. 6
16.7
24. 3
50. 5
509. 7
28. 4
22.6
59. 3
65. 8
32. 2
24. 7
542. 0
50.0
23. 9
16. 9
67. 5
79 1
573. 3
36. 6
24. 5
25. 1
73. 0
16. 8
93. 2
51. 9
20.2
24. 1
627. 8
40. 7
54.0
26. 0
103.0
78. 0
40. 2
19. 9
53. 9
24. 1
620. 4
77.4
26. 0
100. 1
624. 6
40. 6
52.4
19. 6
78.2
19. 8
100.2
25. 9
40. 9
54. 0
627. 0
19. 3
24. 4
26. 1
78.3
100. 6
41. 3
632. 6
19. 8
54. 5
25. 2
26. 3
101. 3
78.5
41. 6
54. 3
20. 3
638. 7
101.4
26. 2
25. 1
78. 9
42. 0
643. 8
20. 8
55. 1
25. 1
26. 3
79.6
109. 7
648.4
42. 3
22.4
55. 1
24. 7
80.4
26. 3
113. 7
654. 0
42. 7
22. 3
55.6
24. 9
112. 6
26. 5
81. 1
43. 0
24. 0
56. 1
661. 7
24. 8
112. 5
26. 8
81. 9
43. 3
24. 3
667. 2
56. 3
24. 8
26. 9
82.6
113. 8
24. 6
671. 1
43. 6
56. 4
24. 6
83.4
114. 5
27. 0
43. 9
24. 2
677.6
56.8
24. 3
27. 3
84. 5
115. 3
44. 2
24.4
682. 0
57. 1
27. 3
24. 6
85.7
115. 9
44. 5
24. 6
57.4
687. 9
27.4
24. 9
116.4
86. 8
Less: Personal contributions
for social
insurance
13.4
17.7
20. 5
22. 8
26.3
28. 0
30. 9
34. 7
34.2
34. 4
35.4
35. 0
35.2
35.4
35. 7
35. 9
41.7
41.9
42. 0
42. 4
42. 5
42. 7
N onagricultural
personal
income 3
519.5
566. 3
609. 4
668. 8
728. 3
784. 8
839. 8
911.5
900. 3
900. 1
908. 6
917.3
923. 6
938. 8
947. 7
953. 6
957.4
965. 3
970. 9
979.5
986.4
994. 6
a personal income exclusive of net Income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
corporations.
NOTE.—Series revised beginning 1970.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Because of the sharp price rise/ real per capita disposable income was little changed in the second quarter but was
still 5% percent above a year ago.
BILLIONS OF DOLLARS
1,000
BILLIONS OF DOLLARS
1,000
900
900
800
PER CAPITA DISPOSABLE PERSONAL INCOME
2,000
2,000
1973
1967
SOURCE:
Period
DEPARTMENT OF COMMERCE
Less *
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per caj:)ita disLess: Persemal outla ys
posable personal
Equals:
Persoilal consurnption
Equals:
inc(Dme
Disex penditure s 2
Personal
posable Total
saving Current
personal personall Durable Non1958
durable
Services
income outlays
dollars dollars
goods
goods
Billions of dollars
1965
538.9
587. 2
1966
1967
629. 3
1968. _ __ 688. 9
1969
750.9
1970
808.3
1971
863. 5
1972
939. 2
65.7
75. 4
83. 0
97. 9
116. 5
116. 6
117. 5
142. 2
473.2
511. 9
546. 3
591. 0
634. 4
691.7
746. 0
797. 0
444. 8
479. 3
506. 0
551. 2
596. 2
635. 5
685. 8
747. 2
66.3
70. 8
73. 1
84. 0
90.8
91. 3
103. 6
117. 4
Saving
as percent of Population
disposable (thou-3
personal sands)
income
( percent)
Dol lars
191. 1
206. 9
215. 0
230. 8
245. 9
263. 8
278. 7
299. 9
175.5
188. 6
204. 0
221. 3
242. 7
262. 6
284. 9
309. 2
28.4
32. 5
40. 4
39. 8
38. 2
56. 2
60. 2
49. 7
2,436
2,604
2,749
2,945
3, 130
3,376
3,603
3, 816
2,239
2,335
2,403
2,486
2,534
2,610
2, 680
2,767
6.0
6.4
7.4
6.7
6.0
194, 303
196, 560
198, 712
200, 706
202, 677
204, 879
207, 045
208, 842
6. 8
8. 1
8. 1
6. 2
Seaso nally adji* sted annu al rates
910. 8
926. 1
943. 7
976. 1
138.0
140. 7
142. 8
147. 4
772.
785.
800.
828.
8
4
9
7
720. 0
739. 5
755. 1
774.3
111. 5
115. 1
120. 2
122. 9
288. 8
297. 9
302. 3
310. 7
300.0
306. 2
311. 6
319. 0
52. 9
45. 9
45. 8
54. 4
3, 711
3, 765
3, 831
3,955
2, 716
2, 740
2,771
2, 841
5.8
5.7
208, 259
208, 634
209, 058
209, 514
1973:1.— 996. 6
II *_ 1,019.1
145. 1
148.8
851. 5
870.4
801. 5
818. 0
132. 2
133. 1
322. 2
329. 8
325. 0
332.2
50.0
52.4
4,057
4, 140
2, 878
2,884
5. 9
209, 871
210, 221
1972:1.—
II..
IIIIV__
1
Includes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
6. 6
6.0
3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
NOTE.—Series revised beginning 1970.
Source: Department of Commerce.
FARM INCOME
In the second quarter, net farm income excluding inventory change (seasonally adjusted) rose about 2 percent and
including inventory change about 1 percent. Real net income per farm was 14 percent higher than a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
SO
80
60
6Q
40
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
it
20
j
I
f
1967
J
f
1969
1968
1970
20
f
J
1971
1972
Personal income re eeived by
total f arm popu lation
f
]income re ceived fro m farming
Net tcj farm
oper.ators
Realize d gross
1965
1966
1967
1968
1969
1970
1971
1972
j
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Period
I
From
all
sources
From
farm
sources
23. 6
24. 9
24 0
25. 1
27. 6
28.3
29.2
34. 0
13. 5
14. 4
13. 1
13. 2
14. 9
15. 1
15. 2
18. 1
From
nonfarm
sources
Net inc ome per
farm incl uding net3
inventorjr change
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total *
ventory ventory dollars dollars *
2
marketchange change
ings
Billions ()f dollars
Dol lars
10.0
10. 5
10.9
11. 9
12. 7
13.2
14. 0
15.9
44. 9
49. 7
49.0
50.9
55.6
57.8
59. 7
68.9
39.3
43. 3
42. 7
44. 1
48. 1
50.5
52. 8
60. 7
30. 9
33.4
34.8
36.2
38. 8
41.0
44. 5
49.2
14. 0
16. 3
14.2
14.7
16. 8
16. 8
15. 2
19. 7
15. 0
16.3
14.9
14. 8
16.9
16. 9
16.9
20. 3
4,465
4,990
4,707
4, 828
5, 620
5, 725
5,817
7,089
4,700
5,092
4,707
4,642
5,156
5,022
4, 888
5,717
19.6
20. 0
19. 9
21. 9
24.4
24. 7
6
6
6
7
8
8
5,600
5,620
5, 540
6,060
6,580
6,410
Seaso naily adjttisted annuat rates
1972: I
II...
III
IV...
1973: I
II >..
1
Cash receipts from marketings, Government payments, and nonmoney Income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2. p. 3.
» Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
65.8
68. 1
68.7
72.8
79. 8
82.5
57.8
59. 8
60. 5
64. 6
72.4
75.5
47.0
48. 8
49.4
51.5
55. 8
58.0
18.8
19. 3
19. 3
21. 3
24. 0
24.5
830
970
930
630
620
720
< Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
NOTE.—Series revised beginning 1970 (per farm beginning 1960). See Farm
Income Situation, July 1973.
Source: Department of Agriculture.
CORPORATE PROFITS
Revised estimates put corporate profits before taxes at $119.6 billion (seasonally adjusted annual rate) in the first
quarter, $13=5 billion above the fourth quarter. The correspond ing increase in profits Including inventory valuation
adjustment was $5.5 billion.
BILLIONS OF DOLLARS
125
BILLIONS OF DOLLARS
125
50
25
25
P72
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corjsorate pi•ofits
(befc>re taxes) and inveritory
tfter taxejs
Corpovaluation adjustme nt
rate
TransCorpoCorpoM anufaetur ing
capital
portation.
rate
rate
conDiviUncomtax
profits
NonDurable durable
All ] before liabil- Total dend distrib- sumpmunition
uted
goods
payother
ity
taxes
goods cations,
Total indusments profits allow-2
and
ances
tries
public
tries
utilities
Con) or ate pr ofits
£
Profits
plus
capital
consumption
allowances *
Period
All
industries
1965
1966
1967
1968
1969_ _ _ _
1970.
1971.
1972 _ _ „ _
76. 1
82. 4
78.7
84. 3
79.8
69.2
80. 1
91. 1
39.3
42. 6
38. 7
41. 7
36.6
27. 8
32. 5
40. 1
22. 8
24. 0
20. 7
22. 4
18.8
10.5
14.7
20. 2
16. 6
18. 6
IS. 0
19. 3
17. 7
17.3
17. 8
20. 0
1 1. 1
11. 9
10. 8
10. 6
10. 1
7. 8
8.6
9.3
25. 6
27.9
29. 1
32. 0
33. 1
33.7
39. 1
41. 7
77. 8
84. 2
79. 8
87. 6
84.9
74. 0
85. 1
98. 0
31. 3
34.3
33. 2
39. 9
40. 1
34. 8
37. 4
42. 7
46. 5
49. 9
46.6
47. 8
44. 8
39.3
47. 6
55. 4
19. 8
20. 8
21. 4
23. 6
24. 3
24. 7
25. 1
26. 0
26. 7
29. 1
25. 3
24 2
20.5
14. 6
22. 5
29. 3
36. 4
39. 5
43. 0
46. 8
51. 9
56. 0
60. 4
65. 9
82. 9
89. 5
89. 6
94. 6
96.8
95.2
108.0
121. 3
1972:1
86. 2
88. 0
91.5
98.8
37. 3
38. 7
39.9
44.7
18. 7
20. 2
19. 5
22. 3
18. 6
18. 5
20.4
22.4
8. 5
8. 9
9. 8
9. 9
40. 4
40.4
41. 7
44. 3
92. 8
94. 8
98. 4
106. 1
40. 6
41. 4
42. 9
45. 9
52. 2
53. 4
55. 6
60. 3
25. 7
25.9
26. 2
26.4
28. 5
27. 5
29,4
33. 9
63. 4
66. 2
66. 0
68. 0
115. 6
119. 6
121. 6
128. 3
104. 3
49. 7
26. 9
22. 8
9. 2
45. 4
119, 6
52. 7
66. 9
26. 9
27. 3
40. 0
69. 3
70. 8
136.2
II
III...
IV...
1973:1
II"..
i3 Includes ail other industries and financial institutions.
Includes depreciation and accidental damages.
i Corporate profits aftei taxes plus corporate capital consumption allowances.
NOTE.—Series revised beginning 1970.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose again in the second quarter, with most of the increase attributable to nonresidential investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
PRODUCERS'
DURABLE EQUIPMENT
50
50
1967
SOURCES: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed im/estment
Period
Total
gross
private
domestic Total
investment
Resid ential
struc tures
N<anresidenl ial
Struc tures
Total
Total
Nonfarm
Produce rs' durable equ ipment
Total
Nonfarm
Total
Nonfarm
Change in business inv entories
Total
Nonfarm
108. 1
121.4
116. 6
126. 0
139.0
136. 3
153. 2
178.3
81. 3
88.2
98. 5
106. 6
108.4
118. 9
131. 1
131. 7
147. 1
172. 3
54. 3
61. 1
71.3
8L 6
83. 3
88. 8
98. 5
100. 6
104.4
118. 2
19.5
21.2
25. 5
28. 5
28. 0
30. 3
34. 2
36. 1
37. 9
41.7
18.8
20.5
24. 9
27. 8
27. 3
29. 6
33. 5
35.3
37.0
40. 8
34.8
39. 9
45. 8
53. 1
55. 3
58. 5
64. 3
64. 4
66. 5
76. 5
31.2
36.3
41. 6
48.4
50. 0
53. 6
59.2
58. 9
60. 9
69. 8
27.0
27. 1
27. 2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 7
54. 0
26. 4
26. 6
26. 7
24. 5
24. 5
29. 5
32. 0
30. 7
42. 2
53. 5
1972:1
II
III
IV
167.5
174. 7
181. 5
189. 4
165.8
169. 2
172. 9
181. 2
114. 0
116. 3
118. 3
124. 3
41. 0
41. 5
41.3
43. 0
40. 1
40. 6
40. 4
42. 1
73. 1
74.9
77. 0
81. 2
67. 3
68.9
69. 8
73. 4
51. 8
52.8
54. 5
56. 9
51. 2
52. 3
53. 9
56. 4
5.5
8.7
8.2
4. 8
1973:1
II*
194.5
199.2
189. 9
194.0
130. 9
134.4
45. 3
47.2
44.4
46.2
85.5
87. 3
77. 8
78.8
59. 0
59. 5
58.4
59.0
4.6
4.4
5.1
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
87. I
940
Note.—Series revised beginning 1970.
Source: Department of Commerce.
8
5.9
5. 8
9. 6
14. 8
8. 2
7. 1
7.8
4. 5
6. 1
6. 0
1. 7
5. 3
5. 1
6. 4
8.6
15.0
7. 5
6.9
7.7
4. 3
4.5
5. 6
1.4
8.4
7.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen in April-May were projecting a large rise in plant and equipment expenditures from 1972 to 1973,
The strong increase of $41A billion (seasonally adjusted annual rate) from the fourth quarter of 1972 to the first quarter
of 1973 fell slightly short of expectations.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
100
100
TOTAL NEW PLANT AND EQUIPMENT
80.
80
60
NONMANUFACTURING
40
40
MANUFACTURING
j
20
L
J
1968
1967
L
I
J
I . I
1970
1969
I
20
1972
1971
1973
J/ SEE FOOTNOTE 3 BELOW,
.SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
IS oilman ufaeturir ^g
M aiiufactur ing
Period
Trarisportat ion
Total *
Total
54.42
1965
1966
1967
1968
1969
1970
1971
1972
63.51
65. 47
67. 76
75.56
19733
1972: I
II
III
IV
1973: I
II 3
III 3
IV
3
1
79. 71
81. 21
88. 44
100. 12
86. 79
87. 12
87.67
91. 94
96. 19
98. 57
101. 80
103. 44
23. 44
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
37. 16
30. 09
30. 37
30. 98
33. 64
35. 51
37.05
38. 01
37. 78
Dur-
Non-
able
goods
durable
goods
Total
11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 64
19. 03
15. 06
14. 77
15. 67
16. 86
17. 88
19. 14
19. 68
19. 27
11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18. 13
15. 02
15. 60
15. 31
16.78
17. 63
17. 91
18.34
18. 50
30. 98
35. 32
36. 96
39. 40
43. 88
47. 76
51. 22
57. 09
62. 96
56. 70
56.75
56. 70
58. 30
60.68
61. 52
63.79
65.66
Excludes agricultural business; real estate operators; medical, legal? educational, and cultural service; and nonprofit organizations.
3- Includes trade, service, construction, finance, and insurance.
Estimates based on expected capital expenditures as reported by business
in late April and May 1973. Includes adjustments when necessary for systematic
[tendencies in expectations data.
Mining
1.46
1. 62
1.65
1. 63
1. 86
1. 89
2. 16
2. 42
2.74
2. 42
2. 38
2.40
2, 46
2. 59
2.68
2.90
Railroad
Air
1. 99
2. 37
1. 86
1. 45
1. 86
1.78
1. 67
1. 80
2. 01
2. 10
1. 88
1. 50
1.71
2. 11
1. 75
2. 05
1, 22
1.74
2. 29
2. 56
2. 51
3.03
1. 88
2. 46
2. 21
1. 96
2. 89
2. 67
2.33
2, 21
2. 58
2. 03
Other
1. 68
1. 64
1. 48
1.59
1.68
1. 23
1. 38
1.46
154
1.48
1. 53
1. 41
1.42
1. 53
1. 58
1.61
Com-
Public
muniutilities
cation
6. 13
7.43
8. 74
10. 20
11. 61
13. 14
15. 30
17. 00
19. 66
16.92
16. 60
17. 01
17.53
18. 38
18. 68
20. 18
Commercial
other 2
5. 30
13. 19
6. 02
14. 4S
6. 34
14. 59
6. 83
15. 14
8. 30
16. 05
10. 10
16. 59
10. 77
18. 05
20. 07
11. 89
13. 14
21.65
20. 10
11. 71
11.59
19. 88
20. 16
11. 56
12. 63
20. 21
12. 34
21.53
34. 25
35. 03
NOTE.—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, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
Source: Department of Commerce.
9
EMPLOYMENT
STATUS OF THE LABOR FORCE
In June, employment (seasonally adjusted) showed an exceptionally large increase of 650,000 and unemploymer
edged down. Over the past year employment has risen by almost 3 million.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
90
SEASONALLY ADJUSTED
85
85
CIVILIAN LABOR FORCE
80
80
75
75
EMPLOYMENT
70
70
65
65
hio
icfl
UNEMPLOYMENT
0 M
J I f !
M f f i
? t ! t I
f ) > ! I
f J t i I
! ! t I I I ! LJL I .1 L.,! ? I, I ! ! i I i I I i i f » ! 1 M t ! I I 0
? f f ! I I I I "f J
'PERCENT OF CIVILIAN LABOR FORCE
PERCENT" OF CIVILIAN LABOR FORCE
1967
1973
#16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1969
1970...
1971...
1972*..
1972:
May*
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec__
1973:
Jan._
Feb..
Mar*.
Apr__
May_
June_
Total
labor
force
(including
Armed
Forces)
84, 240
85, 903
86, 929
88, 991
COUNCIL OF ECONOMIC ADVISERS
Civili^m employ ment
NonagriTotal
cul-
Total
labor
Unemforce
ploy- (includment
ing
Armed
Forces)
Thous ands of ]aersons 16
74, 296 2,832 84, 240
75, 165 4,088 85, 903
75, 732 4,993 86, 929
78, 230 4,840 88, 991
|
usted
Civilijin emplcsyment
Civilian
labor
force
Total
•frlTTQ 1
77, 902
78, 627
79, 120
81, 702
Unadj
Agricultural
years of age and o ver
80, 734 77, 902 3,606
82, 715 78, 627 3,462
84, 113 79, 120 3,387
86, 542 81, 702 3, 472
sSeasonally
N onagricultural
Labor
Unem- Unemp] oyment force
rate
(pe
rcent
of
ployparticicivilia Q labor pation
ment
for ce)
rate1
Percent
74, 296
75, 165
75, 732
78, 230
2,832
4,088
4,993
4,840
adjusteo i
3. 5
4, 9
5. 9
5.6
Unadjusted
61. 1
61. 3
61. 0
61.0
Seaso nally
adju sted
87, 986
90, 448
91, 005
90S 758
89? 098
89, 591
89, 400
893 437
81, 223
82, 629
83, 443
83, 505
82, 034
82, 707
82, 703
82, 881
77? 692
78, 653
79, 383
79, 475
78, 376
78, 986
79? 340
79, 719
4,344
5,426
5, 173
4,857
4,658
4 3 470
4, 266
4, 116
88, 850
88, 947
88, 985
89, S37
89, 471
89, 651
89, 454
89, 707
86, 481
86, 554
86, 597
86, 941
87, 066
87, 236
87, 023
87, 267
81, 458
81, 752
81, 782
82, 061
82, 256
82, 397
82, 525
82, 780
3, 338
3,331
3, 443
3, 610
3,579
3, 658
3,556
3, 650
78, 120
78, 421
78, 339
78, 451
78, 677
78, 739
78, 969
79, 130
4, 973
4,802
4, 815
4,880
4,810
4, 839
4, 498
5. 1
6. 2
5. 8
5. 5
4.9
4.7
5. 5
5. 2
5, 1
88, 122
89, 075
89, 686
89, 823
89, 891
92, 729
81, 043
81, 838
82, 814
83, 299
83, 758
85, 567
78, 088
78, 882
79, 683
80? 004
80, 291
81, 514
4,675
4,845
4,512
45 174
3,799
4, 847 1
89, 825
89, 961
90, 629
90, 700
90, 739
91, 247
86, 921
87, 569
88, 268
88, 350
88, 405
88, 932
82, 555
83, 127
83, 889
83, 917
84, 024
84, 674
3, 501
3,424
3,480
3, 311
3, 275
3, 403
79, 054
79, 703
80, 409
80, 606
80, 749
81, 271
4,366
4*442
4,379 \
4, 433
4,381 j
4,268 \
5.5
5. 6
5.0
6,1
4. 3
5. 4
4.8
1
Total labor force as percent of noninstitutional population.
Source: Department of Labor.
10
4,487
5.4
5. 1
5.2
4.8
5. 8
5. 5
5. 6
5. 6
5,5
5. 0
5. 0
5. 0
61. 1
61. 1
61.0
61. 2
61. 2
61. 2
61.0
61. 1
60, 7
61. 1
61. 4
61. 4
61.8
61. 6
*Data beginning January 1972 not strictly comparable with prior data because
of adjustment to 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment. A further adjustment in March 1973
added 60,000 to the labor force and to employment.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
In June, the unemployment rate (seasonally adjusted) fell to 4.8 percent, after staying af 5.1 or 5,0 percent for 6
months. This was the first time since June 1970 that the rate had been below 5.0 percent.
PERCENT
PERCENT
j to
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
/ A'
^-Oy
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
I i l l I I i i f ii
1968
1 1 i ! 1 i ! I ! I L
! f ! \ I i M M i
1971
1970
1969
Unernploymen t rate
(percec t of civil i an labor
foi ee in grotIP)
Experi- Married Labor
force
enced
men
All jwage
time lost l
and
workers salary
(wife
workers present)
Per cent
1969
1970
1971
1972
3.5
4.9
5.9
5.6
1972: Mav
June
July
Au^_ __
Sept
5. 8
5. 5
Get
Nov_ „
Dec
1973: Jan
Feb
Mar
Apr _
Mav_ -_
June1
5.6
5. 6
5.5
5. 5
5, 2
5. 1
5. 0
5,1
5. 0
5. 0
5. 0
4.8
1972
1973
a3
4. 8
5. 7
1.5 j
2. 6 1
3. 2
2 . 0o
Seasonall ?/ adjusted
2, 8 1
6,4
2, 9 i
5. 1
5. 3
2. 7
2. 8
5. 3
5. 2
2.8
2. 8
5, 2
2.5
4.9
4,8
2.4
4.6
2.4
5.3
4.7
4*6
4. 7
4.6
fj
(L>
2.4
2. 5
(£} I
6.
4
2. 3
2.8
3. 9
5. 3
6. 4
6. 0
6. 2
5. 9
6. 0
8, 1
5. 8
5. 8
5.4
5. 3
5. 3
5. 4
5. 2
5. 8
5. 3
5. 1
Persons at work i n nonagn cultural ir
idustries
by hours worked \>er week 2
Uiader 35 ho urs
Part-to me for
Part-ti me for
economi c reasons economi B reasons
Over 40 35-40
hours
Total
hours
Usually Usually Usually Usually
fullfullpartparttime 3 i time 4
time 3
time 4
Thousan ds of pers ons 16 ye ars ot age and over
20, 608 34, 201 15. 210
955
855
18, 925 33, 537 18, 222
1, 201
995
1, 184
19, 095 35, 752 16, 298
1 ? 256
20, 320 36, 794 16, 549
1,081
1, 327
I Jnadjustec i
Seasonal^ ./ adjusted
20, 478 37? 468 16, 700
996
1,098
1, 117
1,816
1, 177
19, 989 37, 608 15, 169
1,878
1, 066
1, 508
1,034
2, 140
18, 824 36, 143 14, 046
1,091
1,885
1, 190
1, 927
19, 626 36, 103 13, 869
1, 076
1,363
21, 881 37, 409 15, 176
1, 107
1, 136
1,070
1,277
980
20, 735 33, 864 20, 979
1,086
1, 027
1,287
21, 404 37, 566 17, 379
946
1, 025
1, 065
1, 192
917
21, 740 37, 483 17, 543
1,073
968
1,218
951
19, 527 35, 819 18, 557
948
893
1, 180
1, 020
20, 311 35, 844 19, 305
1?068
1,020
1,254
967
1, 096
21, 485 37, 537 17, 378
940
1,258
962
20, 968 37, 983 18, 000
966 ,
987
1,149
21, 966 37, 904 17, 239 5 949 | 5 1, 031
1,042
1, 216
1, 195
21,467 38, 306 15, 714
I, 772
1,088
1,4*0
Man-hours lost by the unemployed and persons on part-time for economic
reasons
as a percent of potentially available labor force man-hours.
2
Differs from total rionagricultural 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,
shortages or repairs, new job started, or job terminated.
S II I 1 M I IS I
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
Period
vX^x.
UNEMPLOYMENT RATE,
MARRIED MEN
1 1 I I I I t ! I I I
1967
^~\x
4
Primarily
5
Includes
Average hours worked:
Source: Department of
who could
©nly part-time work.
full-time, 22.7; usually part-time, 18.9.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In June, insured unemployment under State programs averaged 253,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate was 2.7 percent for the third month in a row.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
JSTATE PROGRAMS)
FEB.
JAN.
MAR.
APRIL
JUNE
MAY
JULY
AUG.
SEPT.
OCT.
SOURCE: DEPARTMENT OF LABOR
Insured
unemCovered ployemploy- ment
ment
(weekly
average)
Period
Thou sands
59, 999
1969
1, 177
59, 526
2,070
1970- .
1971 *>_ _
_ _ _ 59, 375
2, 313
1972"
2, 185
1972: May *
2, 105
June v
1,951
July v
2, 087
p
Aug _ _ _
1, 763
Sept *___
1, 554
O c tp * > _ _ _ _ _
1, 511
Nov
1, 691
Dec13 _
1, 993
1973: Jan "
2, 332
Feb* p
2, 250
Mar
__ _. _ _
2, 077
Apr" _ _
_ _ _ _ _ _
1, 828
M a y p*
_ _ _ __
1, 610
June _ _
I, 522
Week ended:
1973: June 16
1,541
23
1,528
1,480
30
July 7 *
1,629
9
Total
benefits
paid
(millions
of dollars)
2, 298. 6
4, 179. 1
5, 498. 2
5, 000. 0
472.7
423. 0
402. 0
405. 3
313. 5
311. 4
338.7
372. 1
425. 3
432. 9
481. 6
402. 9
368. 3
334. 7
Sfe ite progra ms
Insured
unemployment
Initial
claims
Insurec . unemploymen t as percent
of covered
Exhausemplo yment
tions
Unad- Seasonadjusted ally
justed
Weekly iiverage, t housands
16
1, 101
200
296
25
1, 805
2, 150
38
295
1, 850
265
37
1, 740
39
216
250
1, 636
36
321
1, 823
35
213
1, 564
33
29
1, 388
190
1, 357
214
26
1, 507
253
28
324
1, 801
29
2, 124
331
31
2, 069
247
29
1,898
31
213
1, 669
29
216
193
31
1, 465
1, 383
206
29
Per cent
2. 1
3. 4
4. 1
3.5
3. 3
3. 1
3. 4
2. 9
2.6
2.5
2.7
3.3
3. 8
3.7
3.4
2.9
2. 5
2. 4
1,400
1,390
1, 344
1 1, 495
2.4
2.4
2,3
_
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators,
12
DEC
COUNCIL OF ECONOMIC ADVISERS
A 11 progranis
14
NOV.
1
199
207
215
309
270
Not charted.
Source: Department of Labor.
as
3, 7
3. 6
3. 7
3.4
3.4
3.4
3. 3
3. 0
2. 7
2. 7
2. 8
2. 7
2. 7
2. 7
Benefi ts paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 127. 9
3, 848. 5
4, 957. 0
4, 550. 0
429. 2
382. 1
364. 3
363.0
280. 1
280.3
307. 2
342. 2
392. 7
399. 1
438. 9
374. 5
341. 4
316. 9
46. 17
50. 34
54.02
57. 00
56. 32
55. 23
55. 75
55. 53
60. 16
56. 95
57.59
58. 10
57. 09
57. 13
57. 16
57. 21
57. 23
57. 26
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose by 195,000 (seasonally adjusted) to 75.5 million in June. Employment In
contract construction rose 46,000 to a record level of almost 3.7 million. Job gains also occurred in manufacturing
(59,000), services (50,000), and State and local government (35,000).
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS {SEASONALLY ADJUSTED)
76
16
(ENLARGED SCALE)
72
14
WHOLESALE AND RETAfL TRADE
-ALL NONAGRICULTURAL ESTABLISHMENTS
I
I
68
4-
4-
44
12
SERVICES
NONMANUFACTUR1NG
(PRIVATE)
40
DURABLE
MANUFACTURING
12
36
10
241
NONDURABLE
MANUFACTURING
MANUFACTURING
20
16
GOVERNMENT
CONTRACT
CONSTRUCTION-.
12
1970
1971
1972
1973
1970
1971
1972
SOURCEs DEPARTMENT OF LABOR
1973
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
Manufac sturing ( private)
Total
Period
1967
1968
1969
1970
1971
1972
1972:
1973:
May.
June.
JulyAug__
Sept.
Oct._
Nov_
Dec__
Jan. _
Feb._
Mar_
Apr__
May*
June p
65, 857
67, 915
70, 284
70, 593
70, 645
72, 764
72, 534
72, 705
72, 694
73, 016
73, 268
73, 584
73, 835
74, 002
74, 252
74, 715
74, 914
75, 105
75, 269
75, 464
Total
19, 447
19, 781
20, 167
19, 349
18, 529
18, 933
18, 864
18, 931
18, 893
18, 975
19, 069
19, 210
19, 312
19, 402
19, 463
19, 586
19, 643
19, 727
19, 763
19, 822
NonT"\
1^1
Durable
goods durable
goods
11, 439
11, 626
11, 895
11, 195
10, 565
10, 884
10, 821
10, 857
10, 867
10, 933
11, 003
11, 112
11, 194
11, 270
11, 326
11, 421
11, 463
11, 534
11, 591
11, 635
8,008
8, 155
8, 272
8, 154
7,964
8,049
8, 043
8, 074
8,026
8, 042
8, 066
8, 098
8, 118
8, 132
8, 137
8, 165
8, 180
8, 193
8, 172
8, 187
N onmanu facturin g (private)
Total
Trans- Whole- Finance
Coninsursale
tract portation
ance, Services Federal State
Mining conand
and
and
and
strue- public retail
local
real
t/ion utilities trade
estate
35, 012
36, 288
37, 915
38, 709
39, 261
40, 541
40, 407
40, 547
40, 530
40, 718
40, 814
40, 968
41, 070
41, 098
41, 311
41, 596
41, 697
41, 764
41, 869
41, 987
1
Includes all full- and part-time wage and salary workers in nonagrieultural
3Stablishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
ihis table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Cover nment
613
606
619
623
602
607
605
601
601
603
606
608
608
607
610
612
610
608
609
612
3, 208
3, 285
3,435
3, 381
3,411
3,521
3, 532
3, 540
3,499
3, 544
3, 551
3, 561
3, 524
3, 459
3, 498
3, 594
3, 604
3, 571
3, 606
3, 652
4,261
4,310
4, 429
4,493
4,442
4,495
4,481
4,486
4,477
4, 487
4,507
4, 540
4, 549
4, 558
4, 574
4, 580
4, 580
4, 591
4,592
4,606
13, 606
14, 084
14, 639
14, 914
15, 142
15, 683
15, 624
15, 678
15, 685
15, 762
15, 794
15, 839
15, 911
15, 946
16, 013
16, 114
16, 163
16, 217
16, 243
16, 251
3, 225
3,382
3,564
3,688
3,796
3, 927
3, 913
3, 927
3, 927
3, 940
3, 953
3, 969
3,981
3, 991
3, 995
4,014
4,024
4,031
4,044
4, 041
10, 099
10, 623
11, 229
11, 612
11, 869
12, 309
12, 252
12, 315
12, 341
12, 382
12, 403
12, 451
12, 497
12, 537
12, 621
12, 682
12, 716
12, 746
12, 775
12, 825
2,719
2,737
2,758
2,705
2,664
2,650
2,665
2,639
2,613
2,624
2,633
2,639
2,644
2, 650
2,634
2,628
2,631
2, 628
2,641
2,624
8,679
9, 109
9, 444
9,830
10, 191
10, 640
10, 598
10, 588
10, 658
10, 699
10, 752
10, 767
10, 809
10, 852
10, 844
10, 905
10, 943
10, 986
10, 996
11, 031
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from, employing establishments.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek (seasonally adjusted) for production workers in the private nonFarm sector was unchanged in
June while the factory workweek declined slightly.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK SEASONALLY ADJUSTED;
46,
TOTAL NONAGRICULTURAL PRIVATE
44
46
MANUFACHJRING
42
A*>
40
Af)
38
•553
36
•5^
/-*
<
34
?4
, M I I I I I t. M
1970
1971
1972
***«^,^ ^*«^
^***^\^*** fogma^*^^^^
/il M I « 1 1 I.I 1 1
! t M ! 1 1 1 I 11
1970
1973
-^—
1 1 1 1 1 1 M
1971
1972
1971
1972
1 1.!
M t i f 1 i i i TIN
s
1973
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
38
36
34
32
30
1970
1971
1972
1970
1973
"SOURCE* DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week
Total
nonagriciiltural
private 2
Period
Manufacturing
Contract
cons true-
1
Retail
trade 3
Total
nonagricultural
private 2
Unad justed
1964
1965
1966
1967
1968
1969
1970
1971
1972
„___
Mav
June__
July
Aug
Sept
Oct
Nov..
Dec
Jan
Feb _ _
Mar _
Apr
Mav vv
.
_ _
~_ _ ~ _ _
_ _
_ ___ .
1
Data
to production
2
Also includes other private
8
Includes eating
1 1973
38.7
38. 8
38. 6
38. 0
37, 8
37.7
37. 1
37.0
37.2
36. 9
37. 4
37. 0
37.6
37, 4
37. 3
37. 1
37,2
36. 6
36. 8
36.9
36. 9
37.0
37, 5
40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
40.6
40. 5
40. 9
40. 4
40,6
41. 0
40.8
41. 0
41.2
40. 0
40. 6
40. 8
40. 7
40.8
41. 0
workers or nonsupervtsory
industry groups shown on p. 13.
drinking places.
Manufacturing
Reta
SStmc-
°
1
Seas on all]7 adjusted
37. 2
37. 4
37. 6
37. 7
37.4
37. 9
37. 4
37. 3
37.0
36. 8
37. 6
37. 9
38. 2
38. 2
38.2
36. 0
35. 2
34. 8
34. 9
36. 6
36.8
37.4
38.2
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33.6
33. 3
34. I
34. 7
34. 7
33. 6
33. 3
33. 2
33. 9
32. 9
32. 9
32. 9
33. 0
33.0 I
33. 7
J
i
i
i
37. 1
37. 1
37. 2
37. 1
37. 3
37. 3
37. 2
37. 0
36, 9
37. 2
37.1
37. 2
37.2
37.2
Source: Department of Labor.
40. 5
40. 6
40. 6
40. 6
40. 8
40. 7
40. 3
40. 7
40, S
41. o
40. 9
40. 9
40.8
40.7
30. 8
r/. o
;7. 0 i
36. 9
37. J-
33. 7
33. 8
33. 6
S3. 6
S3. 6
33. 5
-'-<?. 9
33. 5
3-J 8
36. 1 '
36. ,C ,
37. 0 '
37. C
33.
S3.
33.
33
33.
37. 5
S3, 4
6
4
5
4
4
AVERAGE HOURLY AND WEEKLY EARNINGS - SEI^CTED INDUSTRIES
Average hourly earnings of private nonfarm production workers increased 2 cents in June to $3.87 (not seasonally
adjusted) to a level 6.6 percent above a year earlier. Average weekly earnings rose by $2.68 to $145,1 3
were
6-9 pe rccnt higher fhan a year earlier.
DOLl.ARS
DOLLARS
AVERAGE HOURLY EARhIINGS
^i^^i
6.00
x
X"
/
/^W ^^
.*S
^""*
AVERAGE WEEKLY EARhsISNGS
\
_
CONTRACT
CONSTRUCTION
V
j&*
^^^ ^ '^
120
3.00
___^^ ^^^^
TOTAL NO NAGRSCULTURALPRIVATE
„„** *--H
«B^
SO
t ! I ! I ! I ! 1 !! f f 1 ! I 1! 1 f 1I
n M i ! 1 1 1 1 if
1973
1972
1971
"*
-r'^
/
^a**********
^*—***
^""^•SH*^
RETAIL TRADE
200
1970
MANUFACTUR NG
^ /"** ^*
,^" »
^,J,./
^^"
A, f , , , I , 1 I . ,
/
**'
CONTRACT
CONSTRUCTION
iMt v
TOTA . NONAGR1CULT JRAL
PRIVATE
********^
^^^^
/•A
& A A
WO
^
+*«>***
MAN UFACTURING
A
4
\
f\ K A
200
5,00
4.00
f
240
M 1 f i f 1 J i l ! J_
*
1970
|
-r'~-"
'
|
RETAIL TRADE
f ? ! ! !.f
1 1 1 I1
1971
t it i i 1 i i i ii
M ! ! 1 1 f ! ! MN
1972
SOURCEs DEPARTMENT OF LABOR
1973
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervlsory employees]
Average h ourly earni ngs— curre nt dollars Average ^weekly earn ings— curr ent dollars
Total
nonagricultural
private 1
Period
1964
......
1965
1966
1967
1968
1969
1970...
___
1971..
1972.
1972: May
June
July
Aug
Sept
Oct
Nov
Dec .. _
1973: Jan
Feb_
Mar......
Apr v
May
June *
1
2
$2. 36
2. 45
2. 56
2. 68
2.85
3. 04
3. 22
3. 43
3.65
3.62
3.63
3. 64
3. 66
3.72
3.74
3.74
3.74
3.77
3. 78
3. 80
3. 83
3. 85
3. 87
Manufacturing
$2. 53
2. 61
2. 72
2.83
3. 01
3. 19
3. 36
3. 66
3.81
3.78
3. 79
3.78
3. 80
3.86
3.86
3.89
3. 95
3.98
3.97
3.98
4. 01
4.03
4. 04
Contract
construction
$3. 55
3. 70
3. 89
4. 11
4.41
4. 79
5. 24
5.69
6.06
6.01
5. 94
5.96
6.03
6.15
6.22
6. 23
6.32
6.42
6.31
6.28
6.31
6.33
6. 32
Retail
trade 2
$1. 75
1. 82
1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2.70
2. 69
2. 69
2.70
2. 70
2.73
2. 74
2.75
2.75
2.78
2. 80
2. 81
2. 83
2. 84
2. 85
Also includes other private industry groups shown on p. 13.
Includes eating and drinking places.
s Adjusted to exclude the effects of overtime and interindustry shifts.
98-788°—73
3
Total
nonagricuitural
private 1
Manufacturing
Contract
construction
Retail
trade 2
$91. 33
95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
133. 58
135. 76
136. 86
137. 62
139. 13
139. 50
138. 75
139. 13
137. 98
139. 10
140. 22
14], 33
142. 45
145. 13
$102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
153. 09
155. 01
152. 71
154. 28
158. 26
157. 49
159. 49
162. 74
159. 20
161. 18
162. 38
163. 21
164. 42
165. 64
$132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
221. 17
223. 34
225. 88
230. 35
234. 93
237. 60
224. 28
222. 46
223. 42
220. 22
229. 85
232. 21
236. 74
241. 42
$64. 75
66.61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90. 72
89.58
91. 73
93.69
93. 69
91.73
91.24
91. 30
93.23
91.46
92. 12
92.45
93.39
93.72
96.05
Manufc icturing
indu stries
Adjusted Average
weekly
hourly
earnearnings.
ings.
1967=
1967
100 3
dollars 4
90. 3
92. 6
95. 7
100. 0
106. 2
112. 6
119. 6
127. 5
135.4
134. 6
134. 7
135. 0
135.5
136. 7
137.0
137.7
139.2
140. 1
140. 1
140. 7
141.4
142.0
142. 5
$110. 84
113. 79
115. 58
114. 90
117. 57
117. 95
114. 99
117. 10
123. 46
122 77
124- 01
121 68
122 74
125 40
124 40
195 68
127. 84
124 67
195 33
125 10
124 87
1 2^ 0*3
125. 11
«Earnings in current dollars divided by the consumer price index.
Source: Department of Labor.
15
PRODUCTION AND
ACTIVITY
INDUSTRIAL PRODUCTION
production (seasonally adjusted) rose 0.3 percent in June to a levei 9,3 percent above a
earlier. The
June Increase was the smallest monthly rise in a year. Output of business equipment and industrial materials advanced
while production of consumer goods declined.
Index, 1967=100 {SEASONALLY ADJUSTED)
140
Index, 1967=100 (SEASONALLY ADJUSTED)
160
130
FINAL PRODUCTS
90
1970
SOURCE:
1972
1971
1973
J M M I ' M M ,1.1 M I I M t M
1970
1971
BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
Period
1964
1965
1966
1967____
1968
1969
1970
1971
1972"
1972: Mav
—
June
July
Aug
Sept
Oct..
Nov
_
Dec
1973: Jan
Feb
Mar..
Apr._v _ ___
May
June v
Total
industrial
production
81.7
89.2
97.9
100. 0
105. 7
110. 7
106. 6
106. 8
114.4
113. 2
113.4
113. 9
115. 1
116. 1
117. 5
118. 5
119. 2
119. 8
121. 1
122.0
122.7
123.5
123.9
1973
COUNCIL OF ECONOMIC ADVISERS
[1967=100, seasonally adjusted]
Industry
Market
Mimufacturi ng
FIaal produ cts
InterConmediate MateNon- Mining Utilities
rials
Total Durable durable
sumer EquipTotal
products
ment
goods
81. 2
89. 1
98. 3
100. 0
105. 7
110. 5
105. 2
105. 2
113. 2
112. 3
112. 5
113. 2
114. 1
115.2
116. 6
117. 4
118. 5
118. 8
120.5
121. 8
122. 1
123. 1
123.3
79. 0
88. 5
99. 0
100.0
105.5
110. 0
101.4
99. 4
107.4
106. 3
106.8
107.7
108.4
109.7
111.4
112. 4
114. 1
114. 3
116.2
117. 7
118. 3
119. 1
119. 7
Source: Board of Governors of the Federal Reserve System.
16
1972
84. 4
90. 0
97. 3
100. 0
106. 0
111. 1
110. 6
113. 5
121. 5
120.8
121.3
121. 0
122. 6
123. 3
124. 3
124. 7
124. 9
125.4
126.6
127.8
127.7
128.8
128.4
91. 1
93. 9
98.4
100. 0
103. 9
107. 2
109. 7
107. 0
108. 2
107.9
108. 2
107. 9
107. 7
110. 2
110.0
110. 1
108. 3
108.4
109.2
108. 5
107.9
108.4
108.4
81. 9
86. 9
93. 6
100. 0
109. 4
119. 5
128. 3
133. 9
143. 5
141. 1
141.0
142.5
144. 1
145. 6
146. 6
148. 7
148. 5
151. 9
150. 4
149. 6
148.5
150. 6
150.0
79. 6
86.8
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111. 2
110. 2
110. 1
110. 2
111. 3
112. 4
113.9
115. 0
115. 3
116. 4
117. 3
118.4
118.7
119. 6
119.2
86.8
93. 0
98.6
100. 0
106. 6
111. 1
110. 3
115.7
123. 1
122. 2
122. 1
122. 0
123. 1
124.4
125.5
126. 8
126. 7
127.5
128. 3
130, 0
129.7
130.6
129.7
70. 1
78.7
93. 0
100. 0
104. 7
106. 1
96. 3
89. 4
94. 6
93. 4
93.3
93. 4
94. 8
95.8
97. 3
98. 5
99. 4
101. 0
102.0
102. 4
103. 3
104.3
104. 4
87. 3
93. 0
99. 2
100. 0
105. 7
112. 0
111. 7
112. 5
120. 4
119. 3
119. 1
120. 5
121. 2
121. 7
123. 4
125. 9
125. 7
126. 5
127.4
127. 7
127. 5
129.6
129. 7
82. 6
91. 0
99. 8
100.0
105.7
112. 4
107.7
107.4
116.5
115. 6
116. 1
116.8
117.4
119. 1
120. 3
120. 6
122. 0
121. 7
124. 0
125.0
126.4
126.6
127. 8
PRODUCTION OF SELECTED MANUFACTURES
Production of most durable manufactures (seasonally adjusted) increased in June while most nondurables declined.
Index, 1967=100 (SEASONALLY ADJUSTED?
Index, 1967=100 {SEASONALLY ADJUSTED]
TRANSPORTATION
EQUIPMENT
I t ? I I I I •! 1 I I
! I ! I 1i I ! !
1973
1970
SOURCE: BOARD OF GOVERNORS OF WE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Durat >le manuff ictures
Period
Primary
metals
1964
1965
1966
1967
1968
1969
1970
1971
1972*
_
__
1972: Mav
June.- _
Julv__
Aus
Sept _
Oct
Nov
Dec
1973: Jan
Feb
Mar
Apr»^_
May*_
June *
_
__
_
__
Ncmdurable manufactu res
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods
cated Machin- tation
and
apparel,
and
petroery
prodand
metal
equipprint- leum, and tobacco
products
ment
ing
leather
ucts
rubber
95.7
104. 0
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
113. 1
83. 3
92. 6
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
113.4
74.3
84. 1
98. 6
100. 0
101. 9
106.8
100. 3
96. 2
105.3
79. 6
91. 3
101. 2
100. 0
109. 7
107. 6
90.4
92. 9
98.8
91. 0
94. 7
98. 4
100.0
104. 8
108. 6
106. 3
113. 9
122. 2
91. 9
97. 8
101.7
100. 0
104. 9
105. 9
100. 2
100. 7
106.4
84. 5
90. 5
98.9
100. 0
104. 2
109. 1
107. 8
107. 8
115.4
75.9
83. 8
94. 1
100. 0
109. 6
118. 4
118. 2
124. 7
137.6
90. 6
92. 6
97. 0
100. 0
103. 6
107.5
110. 8
113. 7
117. 4
113. 5
111. 9
114. 9
113. 6
117. 4
119. 3
120.2
126. 6
111. 9
112. 3
114. 1
114. 4
115. 2
117.5
118.8
118. 6
103.0
104. 8
104.8
107. 1
108. 3
109. 6
110.4
113. 1
98.9
97.4
98.2
98. 4
99.8
102. 1
105. 0
105.9
119. 1
121.8
121. 5
121. 1
122. 8
128. 1
128.2
124. 3
104.9
105.9
104. 8
106. 8
108.0
109. 1
109. 1
110.7
114. 1
115. 1
115. 2
116. 4
115.3
118.6
120. 9
120. 6
137. 5
137. 1
137.4
139. 9
141. 1
141. 6
140.6
141. 5
117. 1
117. 6
116. 8
117. 6
118. 8
117. 8
118.9
118. 3
120.6
123. 1
123.9
123.6
121. 2
122. 6
119.
122.
124.
125.
126.
126.
113. 7
114. 5
117.1
119.2
121.0
122. 1
106.7
110. 0
110. 3
109.3
109.7
111. 3
126. 8
128.3
129. 3
129. 7
133.1
107. 7
109. 8
112. 6
112. 1
111.8
110. 1
119. 9
121. 9
122. 6
121.2
122.4
121. 8
145. 2
144.3
145. 7
147.4
149. 1
149. 3
118. 2
120. 9
120. 7
119.8
121.2
120. 9
9
1
1
2
1
9
Source.- Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
The weekly Indicators of production posting gains in June were electric power, cars, and trucks.
MILLIONS OF TONS
MILLIONS OF SHORT TONS
16
M
SOURCES:
M
M
AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1966__
1967
____
1968_
1969
1970
1971
1972 *
1972: May
June
July
Aug
Sept
Oct.
Nov
Dec
1973: Jan
Feb
Mar _
Apr
May
....
Junep
Week ended:
1973: June 9.
16
23
30
July 7
14*
21 ». ___
Includes data for Alaska
2 Not
18
Steel piroduced
Thousands Index
(1967=
of net
tons
100)
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car s and tnicks
power
coal mined
loaded
produced assembled (thoiisands)
distributed (thousands (thousands
(thousands
of short
(millions of
Total
Cars Trucks
of cars)
of tons)
kilowatt-hours) tons) l
2, 572
2, 440
2,515
2,709
2,522
2,310
2,549
2,694
2,559
2, 340
2,447
2,550
2, 631
2, 657
2, 687
2,793
2,906
2, 954
2,981
2,974
2,914
105.4
100. 0
103. 1
111. 0
103.4
94. 7
104.5
110.4
104. 9
95.9
100.3
104. 5
107.9
108.9
110.2
114. 5
119. 1
121. 1
122. 2
121.9
119. 4
21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
31, 402
34, 174
35, 905
36, 374
34, 360
32, 547
33, 674
35, 264
35, 861
35, 800
33, 643
33, 164
33,543
38, 061
10, 267
10, 627
10, 485
10, 779
11, 595
10, 619
11, 346
11, 961
10, 878
9,428
11, 582
11, 404
11,498
11,211
9, 964
10, 598
11, 059
11, 116
10, 945
11,493
10, 498
570
540
543
543
522
486
501
516
515
459
521
524
551
524
471
491
509
515
518
543
545
446
439
479
507
489
501
548
569
558
517
566
529
576
564
498
512
583
593
584
589
583
199.3
172.9
207.6
195.8
158. 9
204.8
217. 2
238.4
230. 7
120. 5
152. 8
225.5
257. 6
257. 1
202. 5
261. 3
277. 6
276. 1
262. 0
269. 9
280. 1
165. 4
142.4
170.1
158. 1
125. 9
165.0
169.6
185. 5
180. 9
93. 1
116. 9
180.9
203. 1
200. 9
157.7
201. 5
213. 3
212. 1
200. 8
207.3
216. 7
33.9
30.5
37.5
37. 8
33.0
39. 8
47. 5
52. 9
49.8
27.4
35. 9
44.6
54. 5
56. 3
44. 7
59.8
64. 3
64. 1
61.2
62.6
63. 3
2,915
2,932
2,881
2,897
2,790
2, 766
119. 5
120. 2
118. 1
118. 7
114. 4
113.4
37, 165
38, 724
38, 075
38, 281
38, 262
40, 284
11, 565
12, 225
12, 100
6, 100
4, 535
2
10, 395
558
553
554
515
428
523
565
592
591
585
465
479
285.7
278.8
285. 2
270. 5
195. 6
228. 6
2
236. 7
221. 6
216. 7
220, 7
208. 0
149.9
173.6
180. 2
64. 1
62. 1
64. 5
62. 5
45. 7
55. 1
56. 5
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
According to preliminary estimates, expenditures for new construction (seasonally adjusted) rose
Both private and public construction increased at about the same rate.
percent In May
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
20
1967
I
1973
1968
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMENCE
Total new
construction
expenditures
Period
1967.....
1968
......
1969
.
1970.....
1971
1972 9
77. 5
86.6
93.4
94 2
109. 2
123. 8
Private
Total
52.0
59.0
65.4
66. 1
79.4
93.6
Resid ential
CommerNew
cial and
Other
Total i
housing
industrial
units
Bi llions of dol ars
25. 6
19.0
2€>.4
30. 6
240
14 7
13. 8
33.2
25.9
16. 2
16. 0
31.9
24 3
16. 3
17.9
43. 3
19. 1
17.0
35, 1
54.2
447
18.1
21. 3
Federal,
State,
and
local
25. 5
27. 6
28. 0
28. 1
29.9
30.2
Seasonall y adjusted ai inual rates
1972: Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb
Mar.
Apr ^
May2*
..
1
123,0
120. 8
122. 5
121. 6
121. 6
123. 0
125. 1
128. 5
126.8
131. 6
134 1
134 3
136. 6
135. 2
137. 1
92, 6
91. 7
92.7
92. 6
92. 4
93.9
94 5
96.2
97.5
98. 5
100.4
102.0
103.0
102. 7
104 0
53, 3
52,9
52. 7
53. 3
53. 8
54, 5
55.5
56.4
57.2
57.5
57. 8
59. 4
59. 8
59.2
59. 6
440
43. 6
43. 4
43. 8
44 1
44 7
45. 9
46. 9
47. 8
48. 0
48. 1
49. 4
49. 6
48. 9
49. 1
'Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series.
to
50 States beginning 1969 for value index and
beginning 1971 for floor space.
17.9
18.0
18. 8
18. 2
17. 8
18. 1
18. 0
18. 1
18. 2
18. 6
20. 3
20. 1
20.6
20.8
21. 6
21.4
20.9
21. 2
21. 1
20. 8
21. 3
21. 0
21. 8
22. 1
22. 3
22. 3
22.5
22. 6
22.7
22.8
30.4
29.0
29.8
29.0
29.2
29.2
30. 6
32. 3
29. 3
33. 1
33. 7
32. 3
33.6
32.6
33. 1
Constructio n contracts 2
CommerTotal value cial and
index?
industrial
(1967= floor space
100)
(millions of
square feet)
100. 0
113. 2
123.7
123. 1
145.4
165.3
694
779
883
743
727
858
Seasonally
Seasonally adjusted
adjusted
annual
rates
159
167
165
154
155
180
187
171
177
163
181
191
193
177
173
800
786
983
846
813
908
896
895
992
946
1,031
1,037
1,012
1,006
915
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts (seasonally adjusted) declined 1 2 percent in June after a sharp rise In May. Starts for
quarter were at an annual rate of 2.22 million units, a decline of 8 percent from the 2.40 million rate in the
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
3.0
Total
Total
private
and
private
public (including
ii (including
farm)
farm)
Period
1, 321. 9
1, 545. 4
1, 499. 5
1, 469. 0
2, 084. 5
2, 378, 5
1967
1968
1969
1970__ _
1971.
1972 *__
_
_ _
Nov
Dec
1973: Jan.
Feb
1
2
_
_
227 9
226. 2
207. 5
231. 0
204. 4
218. 2
187. 1
152. 7
147, 3
139. 5
201. 1
205.4
233. 9
202. 8
1
[Thotisands of units]
Hou sing star ts
Private
Total ( including; farm)
Total
1, 291. 6 1, 291. 6
1, 507. 6 1, 507. 6
1, 466. 8 1, 466. 8
1, 433. 6 1, 433. 6
2, 052. 2 2, 052. 2
2, 356. 6 2, 356. 6
225. 8
223. I
206. 5
228. 6
203. 0
216. 5
185. 7
150. 5
146. 6
138. 0
200. 0
205.0
233. 8
202. 0 1
2, 318
2, 315
2, 244
2,424
2, 426
2,446
2, 395
2, 369
2, 497
2, 456
2,260
2, 123
2,417
2, 119
New
Gover nment
home p rograms
(nonif arm)
private
housing
units
authorized 2
unit
Units are for 1- to 4-family housing.
Authorized by issuance of local building permit: in 14,000 permit-issuing
places beginning 1973; 13,000 for 1967-72; 12,000 for 1963-66; and 10,000 prior to 1963.
20
Propos ed home
constniction 3
Two or
FHA i
VA
more
units
843. 9 447. 7
52. 5
141. 9
899.4 608. 2 147. 7
56. 1
810. 6 656. 2 153. 6
51. 2
812. 9 620. 7 I 233. 5
61. 0
1, 151. 0 901. 2 I 301. 2
94. 0
1, 309. 2 1, 047. 2 I 198. 4 104. 0 i
Seasona lly ad jus ted annu al
1, 308
1,011
197
100
1,032
182
1, 283
99
1,319
925
176
107
1,373
1, 051
179
103
1, 382
1,045
175
106
1, 131
149
1, 315
98
1, 071
1, 324
125
92
1, 162
1, 207
106
86
I, 450
1,047
87
96
1, 084
1, 372
111
105
92
1,245
1, 015
101
921
74
1,202
100
1,272
1, 145
81
111
990
1, 129
80
90
OriA
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
Mar__
Apr
May *>_
June v - -
I
1972
1967
1972: May
June
July
Aug____
Sept
Oct_ _
second
quarter
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 130. 4
rates
1, 955
2, 121
2, 108
2 237
2, 265
2, 216
2, 139
2, 377
2, 254
2, 221
2, 102
1, 882
1, 842
2, 032
Applica- Requests
tions for for VA
FHA appraiscommitals
ments!
167. 2
168. 9
187. 6
315. 0
366. 8
225. 2
124. 3
131. 7
138.2
143. 7
217. 9
209.4
222
198
219
200
202
192
189
207
194
222
217
201
169
161
166
221 •
224
207
166
147
162
131
124
100
93
68
89
103
3
Units represented by mortgage applications or appraisal requests for new
home construction.
Sources: Department of Commerce, Department of Housing and Urban
Development, and Veterans Administration.
AND
In
business Inventories (seasonally adjusted) rose $2 billion or 1.1 percent, while
Retail sales fell in June, according to advance reports.
Increased by 0.8 percent*
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED}
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
200
25 -DURABLE GOODS STORES'
RETAIL TRADE (ENLARGED SCALE)
20
15
SALES
\\ X-XW'
^
10
35
NONDURABLE GOODS STORES
30
25
20
20
1970
1972
|
1970
1973
1973
SOURCE: DEPARTMENT OF COMMERCE
Total bmsiness l
Rtstall
Wfaolesale
Sales2
Period
1965
1966
1967
1968
1969
1970
1971__
1972
1972: Apr
Mav
June....,
Julv
Aug..
Sept
Oet
Nov.Dec
1973: Jan.»
Feb....
Mar
Apr
May »
June v
21 The
Sales 2
..
„__
_-
„
_.__
__
805 276
87, 178
89, 698
97, 100
103, 104
104; 708
112, 267
124, 680
121, 352
122, 673
122, 347
122, 783
126, 792
127, 656
130, 336
131, 918
133, 483
136, 863
138, 910
141, 010
141, 274
142, 401
Inventories 3
Sales 2
120, 900
136, 729
145, 164
155, 376
166, 813
174, 875
183, 622
194, 151
185, 655
186, 816
187, 194
187, 681
189, 093
190, 486
191, 583
192, 921
194, 151
196, 295
198, 172
199, 525
200, 787
202, 908
j\Millions of
15, 595
18, 274
16, 979
20, 691
17, 099
21, 557
18, 329
22, 528
19, 726
24, 363
20, 554
26, 604
22, 280
28, 916
24, 850
31, 732
24, 170
29, 574
24, 260
29, 729
24, 230
29, 641
24, 394
30, 056
30, 164
25, 137
25, 407
30, 657
31, 032
25, 779
26, 212
31, 289
26, 962
31, 732
32, 582
27, 755
28, 423
33, 051
29, 312
33, 245
29, 621
33, 574
29, 548
33, 998
term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month.
«Book value, end of period, seasonally adjusted.
Inventories 3
NonDurable durable
goods
Total
oroods
stores
dollars, se asonally a djusted
23, 677
7, 849 15, 828
8, 192 17, 138
25, 330
26, 151
8, 348 17, 803
28, 490
9, 268 19, 222
29, 824
9, 626 20, 197
9, 524 21, 770
31, 294
34, 071 10, 985 23, 086
37, 365 12, 472 24, 893
36, 296 11, 976 24, 320
37, 141 12, 280 24, 861
36, 822 12, 253 24, 569
37, 342 12, 468 24, 874
37, 969 12, 842 25, 127
37, 746 12, 614 25, 132
39, 106 13, 168 25, 938
38, 713 13, 173 25, 540
39, 417 13, 640 25, 777
40, 707 14, 234 26, 473
41, 242 14, 405 26, 837
41, 979 14, 612 27, 367
41, 185 14, 339 26, 846
41, 569 14, 241 27, 328
41, 253 13, 858 27, 395
Inventories
Total
34? 405
38, 073
38, 952
41, 973
45, 376
46, 626
52, 261
54, 700
52, 814
53, 402
53, 293
52, 940
53, 107
53, 661
53, 934
54, 658
54, 700
55, 526
56, 039
56, 106
56, 636
57, 285
Durable
goods
stores
Nondurable
15, 253
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
24, 442
23, 740
23, 915
23, 665
23, 194
23, 037
23, 608
23, 675
24, 235
24, 442
24, 472
24, 638
24, 538
24, 624
25, 094
stores
19, 152
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 258
29, 074
29, 487
29, 628
29, 746
30, 070
30, 053
30, 259
30, 423
30, 258
31, 054
31, 401
31, 568
32, 012
32, 191
NOTE.—Total business (and manufacturing) revised beginning 1967.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Shipments of durable goods manufacturers (seasonally adjusted) rose about 1 percent In June while new orders were
about unchanged. Orders received by capital goods producers rose sharply.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED?
MANUFACTURERS' SHIPMENTS
110
MANUFACTURERS' INVENTORIES
100
TOTAL
90
80
DURABLE GOODS
70
NONDURABLE GOODS
60
t i M .1 ! J I 1 1 1 I 1 I I 1 1 1 I 1 1 1 ! I I I ! I ! 1 I i ! ! 1
MANUFACTURERS' NEW ORDERS
50
NONDURABLE GOODS
30
40
20
30
1970
1973
1970
1971
SOURCEs DEPARTMENT OF COMMERCE
Total
1973
COUNCIL OF ECOhSOMiC ADVISERS
Manufac tillers' sh ipments l Manufad turers' inv entories 2
Period
1972
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Ma nufacture rs' new orde rs l
Total
Durat>le goods
NonCapital durable
goods
Total industries, goods
nondefense
Manufacturers'
inventoryshipments3
ratio
Millions of dollars seasonal y ad juste d
1966
44, 869
46, 449
1967
50, 282
1968
53, 555
1969
52, 860
1970
1971
55, 917
1972
62, 466
1972: Apr
60, 886
May
61, 272
June.
61, 295
61, 047
July
63, 686
Aug
Sept., _ _ 64, 503
Oct
65, 451
Nov
66, 993
Dec—- _ 67, 104
1973: Jan
68, 401
Feb
69, 245
Mar
69, 719
Apr
70, 468
May v»
71, 284
June
1
Monthly
2
24, 633
25, 212
27, 694
29, 459
28, 231
29, 948
33, 892
33, 003
33, 241
32, 919
32, 803
34, 687
35, 249
36, 302
36, 870
36, 614
37, 773
38, 122
38, 064
38, 651
39, 284
39, 584
20, 236
21, 236
22, 588
24, 096
24, 629
25, 969
28, 573
27, 883
28, 031
28, 376
28, 244
28, 999
29, 254
29, 149
30, 123
30, 490
30, 628
31, 123
31, 655
31, 817
32, 000
77, 965
84, 655
90, 875
97, 074
101, 645
102, 445
107, 719
103, 267
103, 685
104, 260
104, 685
105, 822
106, 168
106, 617
106, 974
107, 719
108, 187
109, 082
110, 174
110, 577
111, 625
49, 818
54, 931
59, 112
63, 371
66, 768
66, 050
70, 218
66, 725
67, 161
67, 502
67, 734
68, 568
68, 875
69, 308
69, 613
70, 218
70, 590
71, 136
71, 873
72, 213
72, 867
average for year and total for month.
Book value, end of period, seasonally adjusted.
8 For annual periods, ratio of weighted average inventories to average monthly
22
28, 147
29, 724
31, 763
33, 703
34, 877
36, 395
37, 501
36, 542
36, 524
36, 758
36, 951
37, 254
37, 293
37, 309
37, 361
37, 501
37, 597
37, 946
38, 301
38, 364
38, 758
45, 944
46, 763
50, 243
53, 646
52, 063
55, 732
63, 514
61, 747
62, 051
63, 817
61, 486
64, 809
66, 620
66, 355
67, 726
68, 908
70, 016
71, 022
72, 806
73, 325
74, 535
25, 720
25, 526
27, 666
29, 549
27, 431
29, 751
34, 867
33, 803
33, 992
35, 396
33, 207
35, 772
37, 292
37, 127
37, 462
38, 325
39, 218
39, 765
41, 021
41, 341
42, 449
42, 434
6, 971
7,694
7,021
7, 339
8, 983
8,700
8, 932
8, 981
8,954
8,899
9, 727
9,625
9,699
9,991
10, 277
10, 105
10, 572
10, 619
10, 919
11,483
20, 224
21, 238
22, 577
24, 097
24, 632
25, 981
28, 648
27, 944
28, 059
28, 421
28, 279
29, 037
29, 328
29, 228
30, 264
30, 583
30, 798
31, 257
31, 785
31, 984 I
32, 086 !
i
1
1. 62
1.76
1. 74
1.76
1. 89
1. 82
1. 67
1.70
1. 69
1. 70
1.71
1. 66
1. 65
1. 63
1, 60
1.61
1. 58
1. 58
1. 58
1. 57
1.57
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
NOTE.—Series revised beginning 1987.
Source: Department of Commerce.
MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade balance was in deficit by $158 million in May, on a seasonally adjusted basis. The shift
from a surplus of $196 million in April to a deficit of $1 58 million in May was due to a substantial increase in imports.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1967
1968
1973
I/SEE NOTE BELOW.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total (including reex ports) l
Period
1
Season- Unadally ad- justed
justed
M on till v average :
1964
1965 ___ _
1966___ _ _
1967
1968
1969
1970
1971
1972
2,
2,
2,
2,
2,
3,
3,
3,
4,
153
229
458
586
839
111
555
629
101
[Millions of dollars]
H/lerchandi se exponbs
Merellandise iioaports
Domesti c exports3
Gen eral imp arts 3
2
Food, Crude
Food, 1 Crude
To tal
bever- mate- Manubever- ! mate2
Total i
facages,
rials
Seasonages, 1 rials
and to- and
tured ally ad- Unad- and to- and
justed
bacco fuels
goods justed
bacco i fuels
2S 123 i
2, 201
2, 421
2, 554
2, 802
3,066
35 502
3,576
4, 034
386
377
432
392
383
370
422
423
548
361
356
367
394
405
417
558
537
591
1,562
1, 786
2, 135
2, 241
2, 769
3, 004
3,329
3,797
4, 630
1,377
1, 453
1, 602
1, 737
1, 985
2, 232
2,445
2, 537
2, 812
3,817
3,885
3,971
4,052
4 ,$00
4,177
4,318
4,473
4,561
4, 977
5, 06-5
5. 380
5,487
o, 60S
3, 885
4,141
4,015
3, 657
3, 937
3, 964
4, 443
4, 583
4, 693
4, 747
4, 864
5, 923
5, 561
6, 023
3, 810
4, 075
3, 942
3, 599
3, 867
3, 894
4, 381
4,497
4,620
4, 678
4, 795
5,826
5,456
5,927
396
508
528
498
539
594
637
710
750
752
744
881
843
903
419
453
476
447
503
533
545
606
737
759
937
1,204
1, 313
1, 719
1, 918
2, 159
2,535
3, 146
590
444
323
345
70
107
226
-168
— 529
2,918
3,254
3, 305
2, 928
3. 232
2,969
3, 393
3, 574
3, 190
33 604
3, 318
3, 737
3, 535
3, 996
-596
— 597
— 497
— 513
— 527
-428
Unad justed
U Q ad juste i
1972: Apr.. _ _
May___ _.
June__
July _ _
Aug
Sept.
Oct _
Nov
Dec
1973: Jan
Feb
Mar_
Apr
Mav _
335
334
382
392
447
442
519
534
614
Grossmerchandise trade
Manu- surplus,
seasonfacally adtured
justed
goods
567
565
557
509
548
478
672
760
731
736
815
1,023
898
975
2,753
2, 917
2, 762
2, 540
2, 710
2, 745
3, 009
2, 928
3,040
3, 114
3, 140
3, 829
3, 583
3, 943 !
4,413
4,482
4,468
4,585
4,728
4,606
4,738
5,136
5,002
5,281
5,541
5, 432
5, 291
5, 761
4,248
4, 722
4,766
4, 314
4,727
4, 485
5, 007
5, 190
4, 795
5, 423
4/945
5, 596
5, 347
6, 032
544
604
614
548
632
628
692
662
639
726
645
714
757
835
659
731
715
712
728
756
775
810
822
930
853
994
914
1, 070
— 418
— 664
-441
-304
— 4/0
— 53
196
— 158
/ 'V/?
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
23
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The balance on goods and services improved significantly from a deficit of $870 million (seasonally adjusted) IL
the fourth quarter of 1972 to an approximate balance in the first quarter of 1973. This improvement was due to a
sharp decline in the trade deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON CURRENT ACCOUNT
1973
1967
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
M erchandis*
Period
Exports
1967
1968
1969
1970
1971
1972 v
30, 666
33, 626
36, 400
41, 964
42, 768
48, 769
Imports
Netiiwestment i ncome
Milit£iry trans actions
Net
balance
Direct
expenditures
-26, 866 3,800 4,378
-32,991
635 -4, 535
-35,807
593 -4, 856
-39,788 2, 176 -4, 852
-45, 466-2, 698 4, 829
-55,681 -6, 912 -4, 724
Sales
Net
balance
1,240
1, 392
1, 512
1,478
1,912
1, 166
-3, 138
-3, 143
-3,344
-3,374
-2, 918
-3, 558
Private 3
U.S.
Government
Remittances,
pensions,
and
other
unilateral
transfers 1
5, 132 -3,081
2,465 -2, 909
1,891 -2, 941
3,630 -3,214
807 -3,598
-4, 609-3, 744
Net
Baltravel
Other ance
and
on
trans- servporta- ices, goods
and
tion
net
servexpendices l 4
itures
5,848
40 -1,751
6, 157
63 -1, 548
5,820
155 -1,782
6,374
-115 -2, 013
8,929
-957 -2, 288
9,751 - 1, 889-2, 853
335
302
449
581
739
850
Balance
on
current
account
2,051
—443
-1,050
416
-2, 790
-8, 353
Seaso nally ad; listed
1971: III...
IV. __
1972: I
II
III...
11, 522 -11,907 -385 -1,204
9,583 -11, 108 -1,525 -1,237
11, 655 -13,475 -1,820 -1,222
11, 539 -13,313 -1,774 -1,242
12, 362 -13,935 — 1, 573 -1, 108
IV____ 13, 213 -14,958 -1,745 -1, 151
1973: !»_.. 15, 320 -16,280 -960 -1,167
1
Excludes
2
Adjusted
3
489
419
328
288
262
287
343
-715
— 818
-894
—954
-846
-864
-824
military grants.
from Census data for differences in timing and coverage.
Includes fees and royalties from U.S. direct investments abroad or from
foreign direct investments in the United States.
24
2,051
2,577
2,290
2,252
2,447
2,763
2,893
-306
-360
-399
-461
-497
-531
-646
-550
-626
755
-691
-679
-730
-699
280
185
192
-560
204 -1,374
202 - 1, 426
209
-939
237
-870
237
1
-958
-978
-969
-938
-954
-881
-751
— 678
-1,538
-2, 343
—2, 364
-1,893
-1,751
-750
4
Equal to net exports of goods and services in the national income and product
accounts of the United States when converted to an annual rates basis.
Source: Department of Commerce.
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
(The U.S. balance of payments on an official reserve transactions basis was in deficit by $101A billion (seasonally
adjusted) in the first quarter, compared to a deficit of $1 % billion in the fourth quarter. This large increase in the overall
payments deficit reflected massive dollar outflows during the international monetary turmoil of February and March.
BILLIONS OF DOLLARS
5
BILLIONS OF DOLLARS
5
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
-15
19.67
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1967
1968
1969
1970
1971
1972 *
NonLong-ter m capital Balance liquid
flows3, net
on
shortcurrent term
account private
U.S.
and long- capital
GovernPrivate 2 term
l
ment
capital flows
net 2
— 2, 423 — 2, 932
-2, 158
1, 191
-70
-1,926
-2, 018 -1,429
-2, 359 -4,401
-151
— 1, 339
Allocations
of
special
drawing
rights
-3,304 -522
-1,411
231
-3,046 -640
-3,031 -482
-9, 550 -2, 347
-9, 842-1,637
Errors
and
omissions,
net
-857
-431
-2,395
867 -1,205
717 -10,784
710 -3, 112
Net
liquidity
balance
Liquid
private
capital
flows,
net 2
Changes
in liaOfficial
reserve bilities
to
transactions foreign
official
balance agencies,
net 3
Changes
in U.S.
official
reserve
assets,
net4
-4, 683
1,265 -3,418
3,366
52
-1, 611
1,641
3, 252
-761
-880
-6,081
8,820
2,739 -1, 552 -1, 187
-3,851 -5, 988 -9,839
7, 362
2,477
-21, 965 -7, 788 -29, 753 27, 405
2,348
-13, 882 3, 542 -10, 340 10, 308
32
U.S.
official
reserve
assets,
net
(end of
period)
14,
15,
16,
14,
6
12,
13,
5
Unadjusted
Sea*sonally ad justed
1971:111—
IV--1972: I
II—
III—
IV-.1973:1 "
1
2
-598 -2, 018 -3,294 -822
-544
201 -1,881 -516
-289 - 1, 143 -3, 775 -535
604 — 1, 855
-95
310
-366
-393 -2, 652 -430
-586
781 -1,556 -982
-344
-120 -1,214 - 1, 420 _ _
179
179
178
178
177
177
-5,511
-1, 933
944
-940
-1, 626
- 1, 490
-4, 237
Excludes liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other international and
regional organizations.
s Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
, and gold deposits with, the United States.
< Official reserve assets include gold, special drawing rights, convertible curncies, and the U.S. gold tranche position in the IMF.
5 Includes gain of $67 million resulting from revaluation of the German mark
In October 1969.
-9,448 -2,434 -11,882
10, 688
— 4, 151 - 1, 749 -5,900
6,087
-3, 188 -288 -3,476
3, 047
-2,307
1,456
-851
1,082
-4, 531
7 -4, 524
4,579
-3,851
2, 367 - 1, 484 1, 595
-6,871
3,631 -10,502
10, 282
830
710
964
487
167
151
1, 194
-187
429
-231
-55
-111
220
12,
12,
12,
7
13,
13,
13,
8
12,
6
131
167
270
339
217
151
931
6
Includes $28 million increase in dollar value of foreign currencies revalued to
reflect
market exchange rates as of Dec. 31,1971.
7
Includes increase of $1,016 million resulting from change in par value of the
U.S.
dollar
on May 8.
8
Dollar equivalents not revalued to reflect de facto conversion rates.
Sources: Department of Commerce and Treasury Department.
25
PRICES
CONSUMER PRICES
In June, the consumer price Index rose 0.7 percent (0.6 percent seasonally adjusted). Food prices rose 1.4 percent
(0.9 percent adjusted). Nonfood commodity prices increased 0.6 percent (0.5 percent adjusted), while services prices
rose 0.4 percent.
Index, 1967=10a
Index, 1967=100
140
110
100
100
1973
1967
SOUXCF: DEPARTMENT OF LABOR
COUNCH OF ECONOMIC ADVISERS
[1967-100]
|
Period
1964
1965
1966
1967
1968.. _
1969
1970_
1971
1972
1972: Mav
June _
July
Aug
Sept_
._
___.
Oct
Nov_
Dec_
1973: Jan
Feb.,
Mar
ADI
May
June_
.
.
Source: Department of Labor.
26
~ i
All
items
92. 9
94. 5
97. 2
100. 0
104. 2
109. 8
116. 3
121. 3
125. 3
124. 7
125. 0
125. 5
125. 7
126. 2
126. 6
126. 9
127. 3
127. 7
128. 6
129. 8
130. 7
131. 5
132. 4
All commodities
94.6
95.7
98. 2
100. 0
loa 7
108. 4
113. 5
117. 4
120. 9
120. M
120. 7
121. 2
121. 4
122. 0
122. 3
122. 7
122. 9
123. 4
124. 5
126. 1
127. 4
128. 3
129. 4
Co mnioditie 3
Services
i
Comm odities letss food
Services
All
Food
Rent
less
Nonservices
All
Durable durable
rent
92.4
94. 4
99. 1
100.0
103. 6
108. 9
114. 9
118. 4
123. 5
122. ?,
123. 0
124. 2
124, G
124. 8
124. 9
125. 4
126. 0
128. 6
131. 1
134. 5
136. 5
137. 9
139. 8
95. 6
96. 2
97. 5
100. 0
103. 7
108. 1
112. 5
116. 8
119. 4
110.2
119. 4
119. 4
119. 5
120. 3
120. 8
121. 0
121. 1
120. 5
120. 9
121. 5
122. 3
123. 0
123. 7
98. 8
98.4
98. 5
100. 0
103. i
107. 0
111. 8
116. 5
118. 9
118. 4
119. 2
119. 6
119 7
119. 8
120. 1
120. 3
120. 3
119. 9
119. 9
120. 2
121.0
121. 8
122. 3
93.5
94. 8
97. 0
100. 0
104. 1
108. 8
113. 1
117. 0
119. 8
119. 7
119. 5
119. 3
119. 4
120. 8
121. 3
121. 7
121. 7
120. 9
121. 6
122. 4
123. 3
124. 0
124. 7
90. 2
92. 2
95. 8
100. 0
105. 2
112. 5
121. 6
128. 4
133. 3
132. 7
133. 1
133. 5
133. 8
134. 1
134. 6
134. 9
135. 4
135. 7
136. 2
136. 6
137. 0
137. 5
138. 1
95. 9
96. 9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119. 2
11 ,S. 6
119. 0
119. 2
119. r>
IIP, 0
120. 3
89. 2
91. 5
95. 3
100. 0
105. 7
113. 8
123. 7
::>.'). 8
135. 0
i.J;. :*:
-<Vj.
7
1
1
XT,
::; •. 4
!•>'». 7
! '» 7
120. :>
121. 0
121.5
122. I
122. i>
12;j. 0
123. 5
123. 9
0
1 '-> . . ' '
!>'. 0
I
!
!
i
i
13 x 3
j. j <'" . i
loi* 2
]:-v.-\ :^
140. 1
140. 7
WHOLESALE PRICES
The wholesale price Index rose 2.4 percent in June (2.3 percent after adjustment for seasonal factors). Industrial
commodity prices rose 0.9 percent (1.0 percent adjusted)/ somewhat more than half the rise was attributable to fuels,
particularly gasoline and fuel oil. Farm product prices increased 7.0 percent (6.3 percent adjusted). Prices of
processed foods and feeds rose 4.1 percent (4.3 percent adjusted).
Index, 1967=10!
180
130
120
110
110
100
100
90
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
[1967=100]
Period
1964 __
1965
_„
1967_ __
1968
1969
1970
1971
1972
1972: Mav
June
July
__
Aug
Sept
Oct .
Nov
Dec
Jan.
Feb
Mar
Apr
May
June _
_ _ _
__
„
_ _
All
commodities
94.7
96. 6
99. 8
100. 0
102. 5
106. 5
110. 4
113. 9
119. 1
118.2
118.8
119. 7
119. 9
120. 2
120. 0
120. 7
122. 9
124. 5
126. 9
129. 7
130. 7
133. 5
136.7
Farm
products
All Industrials1
Crude
mate-2
rials
94. 6
98. 7
105. 9
100. 0
102.5
109. 1
111. 0
112. 9
125. 0
] 22. 2
124. 0
128. 0
128. 2
128. 6
125. 5
128. 8
137. 5
144. 2
150. 9
160.9
160. 6
170. 4
182.3
92. 3
95. 5
101. 2
100. 0
102. 2
107. 3
112. 0
114. 3
120. 8
118. 6
119. 6
121. 5
121. 0
121. 8
121. 8
123. 1
129. 4
132.4
137.0
141.4
139. 8
145. 0
151. 8
95.2
96.4
98. 5
100.0
102. 5
106. 0
110. 0
114. 0
117. 9
117. 6
117. 9
118. 1
118. 5
118. 7
118. 8
119. 1
119.4
120. 0
121. 3
122.7
124. 4
125.8
126. 9
97. 1
100. 9
104. 5
100. 0
102. 0
110. 6
118.8
122. 7
131. 1
129. 9
129. 8
130. 2
132. 3
132. 6
133. 8
136. 3
136. 8
139. 1
142. 3
142.5
146. 8
149. 6
152. 8
1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
2
Excludes crude foodstuffs and ieedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
Iridustrial csommoditi es
Processed
foods
and
feeds
Inter- Producmediate er finmate-3
ished
rials
goods
95. 6
96. 9
98. 9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
118. G
119. 0
119. 2
119. 5
119. 8
120. 1
120. 3
120. 5
121. 2
122. 6
124.8
126. 6
128. 0
128.9
93.3
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
119. 4
119. 6
119. 7
119. 8
119. 9
119. 7
119. 9
120. 3
120. 6
121. 2
121.7
122. 3
123. 1
123.4
Consur aer finisfaed gcjods exeludingl foods
NonDurdurable
able
94. 8
98. 2
95. 9
97. 9
98.5
97. 8
100.0
100.0
102. 2
102. 2
104, 0
105. 0
108. 2
107. 1
110. 9
111. 3
113, 2
113. 6
113. 1
113. 1
113. 2
113. 5
113. 5
113.8
114. 2
113. 6
113. 7
114. 5
112. 7
114. 7
112. 8
115. 0
113. 7
115.2
115. 4
113. 8
114. 0
117. 4
114.5
117.8
115. 3
119. 8
115.7
121. 6
124. 7
115. 9
3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
PRICES RECEIVED AND PAID BY FARMERS
In the month ended June 15, prices received by farmers rose 5% percent while prices paid increased 2 percent. Both
the actual and adjusted parity ratios rose 3 points.
Index, 1967=100
Index, 1967=100
190
190
180
180
170
17C
160
160
150
150
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
140
140
130
130
120
120
110
110
PRICES RECEIVED
(ALL FARM PRODUCTS)
100
100
90
90
RATIO J/
RATIO J/
90
80
''''•'••.»«»*""'"''•>»•.,*»«,v,.u«'»n,.M,,s»i»»""t%..M,,,, ...,...x-""-—60
I
1 1 1 1 I 1 1 ! I 1
1 1! I 1 f ! ? ! 1I
1967
I 1 ! ! ! 1 ! ! \ 1 !
1969
1968
niiiiiV
%,..m»»XBl|t
«"V,*-
| I ?I ! I ! 1 1 1!
1
1970
*
fmii
f I I ! ! 1 1f 1I !
90
^
/%/
%»*
P/^RITY RATIO (ACTUAL)
80
*'*
vn
f ! 1 1 1 II 1 1 f f
i ! f i f I r i •'( f f
1972
1973
1971
60
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE:
DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by ?armers
Period
1964
1965_
1966__
19671968^ _
1969
1970
1971
1972
1972: May 15
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1973: Jan 15
Febl5_
Mar 15
Apr 15 __
May 15
June 15
All farm
products
93
98
105
100
103
108
110
112
126
123
125
127
128
129
130
131
137
144
149
159
157
163
172
Crops
106
103
105
100
101
97
100
107
115
114
116
115
117
117
117
120
127
131
133
140
143
154
170
itemSj
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 1967=100
85
94
105
100
104
117
118
116
134
130
132
136
135
138
139
138
145
153
161
174
168
169
173
1
Percentage ratio of index of prices received by farmers to index oi prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio l
Prices paid by far mers
92
94
98
100
104
109
114
120
127
125
126
127
127
128
129
130
131
134
136
138
140
143
146
Family
living
items
Production
items
Actual
93
95
98
100
104
109
114
119
124
94
96
99
100
102
106
110
115
122
76
77
80
74
73
74
72
69
74
124
124
125
125
126
125
127
127
129
131
132
134
136
137
120
121
122
122
124
125
126
129
132
134
138
139
143
149
73
74
75
75
75
75
75
78
80
82
86
83
85
88
Adjusted 2
80
82
86
79
79
80
77
74
79
78
79
80
80
80
80
80
83
83
85
89
87
89
92
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
(MONEY STOCK
In June, the seasonally adjusted money stock rose at a 13.7 percent annual rate, up from an 11.2 percent rate of
growth in May. In the past 1 2 months it has grown at a 1,4 percent annual rate.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
350
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
300
300
TIME AND SAVINGS
DEPOSITS
/]
S
r
250
250
200
200
150
150
1967
1968
1973
SOURCE: BOARD OF GOVERNORS OF THE FEDEI
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
IVloney stoc k
Time
Time
CurCurand
and
DeDerency
rency
savings
savings
mand
mand
outoutTotal
dede- l
dedeside
side
posits 1
posits1 posits
posits l
banks
banks
Seasonally7 adjusted
Unadjustec i
40.4
146. 6
41.2
183. 1
192.7
151. 4
182. 1
43. 4
158. 2
204. 2
44. 3
207.7
163. 4
203.2
162. 7
46. 1
194. 4
214. 9
46.9
167. 9
193. 2
172. 2
49. 1
229. 2
227.7
50.0
177. 8
228. 1
183.4
52. 6
270. 9
53. 5
189.2
242.8
269.8
198.7
56. 8
312. 8
262. 9
57.8
205. 0
311.7
54. 2
239.5
189. 6
288. 6
53.9
185. 6
288. 6
54.4
190. 7
243.2
54.4
291. 7
188.8
291.4
54.6
193. 1
295. 0
55. 1
246. 6
191. 5
294.0
193.8
54.8
298.9
55.1
245. 5
190.5
299.5
55. 3
194. 8
55.2
301. 9
248. 7
193. 5
302.7
195.9
304. 8
251.2
55. 7
55.7
195. 5
305.9
56.2
196.5
308. 4
56.7
254.3
197. 7
307.7
198.7
56,8
262.9
57.8
205.0
312.8
311.7
57. 0
316. 9
198. 4
262. 6
56.7
205. 9
316. 6
57. 5
199. 3
322. 6
56.7
197. 3
254.0
322. 5
57. 9
198.7
254. 1
57.3
330. 9
196. 7
331. 4
58.7
199.5
58.2
259.5
336. 7
201. 3
336.1
59.0
341. 8
58. 7
197. 3
201.6
256.0
340. 9
59.4
203. 9
59.4
344. 0
201.9
342.7
261.3
2Aonev stoc k
Period
1967:
1968:
1969:
1970:
1971:
1972:
1972:
Dec
Dec__
Dec
Dec
Dec
Dec
Mav
June _
July
Aug
_
Sept
_
Oct
Nov
Dec
1973: Jan
Feb
Mar_.
Apr
May v
June *_..
1
Total
_.
_.
__
__
Deposits at commercial banks.
187. 0
201. 6
208.8
221. 3
236.0
255. 5
243. 8
245. 1
247. 7
248. 6
250. 1
251.6
252.7
255.5
255. 4
256.7
256, 6
258. 2
260. 5
263. 3
U.S.
Government
demand
deposits 1
5.0
5.0
5.6
7.3
6. 9
7.3
10.5
6. 9
7.3
5.3
5. 9
6.6
6.2
7.3
8.0
9. 6
10. 1
8.2
8.4
6. 9
Source: Board of Governors of the Federal Reserve System.
29
Seasonally adjusted liquid asset holdings of private nonfinancia! investors increased by $8.7 billion in Jurse. All
categories rose except negotiable certificates of deposit and commercial paper.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1100
1,100
1,000
1,000
900
500
400
400
300
300
1973
1967
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr<3ncv and deposits
Total
liquid
assets
Period
Time cieposits
Total
Currency
Demand
deposits
mercial
banks
1966:
1967:
1968:
1969:
1970:
1971:
1972:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1972: May
June
July Aug.
Sept
Oct
Nov
Dec..
1973: Jan
Feb
Mar
Apr _ _
May v
June
.
.
ShortNonbank
term
Savings
thrift
marketinstitubonds able setions
curities
Negotiable
certificates of
deposit
Commercial
paper
590. 6
640.7
699. 1
730.9
781.5
865. 7
975. 8
473.7
520.4
563. 2
582. 2
630.7
719. 3
814. 6
38.3
40. 4
43. 4
46. 1
49. 1
52. 6
56. 8
121. 1
129.4
139.4
143. 6
151. 5
161.3
174.7
136.9
156. 3
174.4
177. 2
198.7
233. 4
264.8
177.3
194. 2
205. 9
215.4
231.4
272. 0
318.2
50. 1
51. 0
51. 4
51. 1
51. 3
53. 7
57.0
43. 6
39.9
47. 2
65. 3
53.8
41.5
43.4
23. 0
29. 8
39. 2
910. 4
918. 1
927. 3
935. 9
944. 4
953.3
963.8
975. 8
760. 3
767. 1
775.7
783.3
790.9
799. 1
805.9
814. 6
54. 2
54.4
54. 6
54. 8
55. 3
55. 7
56. 2
56.8
167. 1
167.8
169. 5
170. 2
171. 2
172. 1
172. 7
174.7
247.0
249. 4
251. 9
254. 9
257. 0
259.8
262. 2
264.8
292.0
295.6
299. 6
303. 4
307.4
311. 5
314. 9
318. 2
55. 1
55. 3
55. 6
55. 9
56. 1
56.4
56. 7
57.0
39.7
39.4
38.9
39. 1
39.4
40. 2
42. 1
43. 4
33. 6
34. 3
35. 2
36, 1
36. 7
36. 6
37.5
39. 2
21,8
21,9
21,9
21.5
21.3
21. 0
821. 2
827. 5
832. 6
838.9
845. 6
853.0
57. 0
57. 5
57.9
58.7
59.0
59.4
173. 9
174. 6
174. 2
175.2
177. 3
179. 7
267. 6
268.9
271. 0
272. 8
274. 8
276.7
322. 7
326. 6
329. 5
332.3
334.5
337.2
57. 2
57. 6
57. 9
58. 2
58. 5
58. 8
41.5
41. 1
42. 2
42.6
44. 4
45.4
39.9
21. 6
20. 5
19. 4
18. 8
18.5
18. 5
981.4
990. 7
1, 002. 0
1, 012. 2
„_ 1, 023. 5
.
1, 032. 2
Source: Board of Governors of the Federal Reserve System..
30
U.S. CSrovernment scjcurities
14. 5
19. 1
22. 4
9.0
440
49. 8
53. 6
56. 4
56.4
8.8
10. 4
14. 9
23.4
22. 6
21. 5
21. 6
215
21. 6
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
lommerclcil bank loans and investments (seasonally adjusted) increased only slishtly in June, following a large
increase in May. Net borrowed reserves rose $68 million to an average level of $1,736 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
500
500
TOTAL
LOANS AND INVESTMENTS
400
400
'300
300
200
200
INVESTMENTS IN OTHER SECURITIES
INVESTMENTS IN
US. GOVERNMENT SECURITIES
100
100
I t I 1I I I 1 I ! I
I I I f I M 1 M I.
1967
1969
1968
1970
1971
t I I, t I I t I M I
SOURCEs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
All commercial banks
(seaso nally adjust ed data)
End of period
Loans
Investrnents
Total
loans
Total,
Comand
U.S. Gov- Other
mercial
invest- excludernment
securiing
interand
indus- securities
ments
ties
bank
trial
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual
rates 1
PLil member banks ^
Total
reserves
Billions of dollars
1967
1968
1969__
_.__
1970
1971
1972.
„__
1972: June
July
Aug___
Sept
Oct.
Nov
Dec
..
Jan*'
Feb^
Mar 1?*
Apr __ _
May *»
June v
3
352. 0
390.6
402. 1
435. 9
485.7
557. 5
517. 5
521. 3
529. 1
535.6
540.5
549.8
557. 5
564. 6
573.7
582. 6
585. 3
596.4
596. 6
231.3
258. 2
279. 4
292. 0
4
320. 6
378. 2
343. 7
347.8
355.3
360. 1
366.9
373.6
378.2
385. 5
396. 2
404. 9
408.0
418. 1
417. 8
3
86.2
95. 9
105. 7
109. 6
115. 5
129. 3
6
120. 7
121.5
123.9
124. 6
126. 7
128.2
129. 3
133.2
138. 1
141. 8
144. 1
147. 2
148. 9
3
3
59.3
61. 0
51. 5
58. 0
60.7
62.4
63.2
62.3
61.4
62. 0
59.9
60.6
62.4
61.9
60.2
60. 6
60. 6
59. 6
60. 8
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages of daily figures. Annual data are for December.
s Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries; earlier data include eomiQercial
banks only.
V 4 As of June 1971, Farmers Home Administration notes totaling about $0.7
billion are classified as other securities rather than as loans.
1973
1972
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions o f dollars
61.4
71.4
71. 2
85.9
104. 5
116.9
110.6
111. 3
112. 5
113. 5
113.6
115.6
116.9
117. 1
117.2
117. 2
116. 6
118. 7
118.0
3
4
3,755
4,360
5,150
5,717
6,443
7,530
7,500
7,361
7,818
7,738
7,748
8,175
8,179
8,617
8,822
9,087
9,073
9,257
25, 260
27, 221
28, 031
29, 265
31, 329
g
31, 353
32, 539
33, 021
33, 148
33, 003
33, 803
5
31, 774
31, 353
32, 962
31, 742
31, 973
32, 277
32, 393
32, 021
345
455
257
272
165
5
238
765
1,086
321
107
219
1,049
204
147
255
162
247
5
94
202
438
514
574
606
314
219
342
205
295
152
118
52
1, 049
1,165
1,593
1, 858
1,721
1,786
1,788
107
-310
-829
-49
58
s-830
110
-55
-183
-352
-327
5
-292
-830
-823
-1,388
-1,563
— 1, 569
-1,668
-1, 736
5
Beginning November 9, 1972 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection with
adaptation
to Regulation J.
6
Excludes $0.4 billion due to loan reclassifieation at a large bank.
Source: Board of Governors of the Federal Beserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Seasonally unadjusted consumer credit rose $2.8 billion in May compared with an increase of $2.0 billion a ye
earlier. Consumer instalment credit (seasonally adjusted) rose by $2,0 billion in May.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
100
80
80
20
20
•14
j~~S***S
14
SEASON <ULY
ADJUSTED (ENLARGED
SCALE)
1O
INST>\LMENT CF EDIT EXTEENDED
^—-~S**~\
^-—S^
t——-^crO—^xi&£~~ •*'
•in
_^«==^C^ -— ^ —'•""'
8
</ /vX^ ~^'
•>
""
«/s*xX^^ ^
^— — *•*"""
in
\
.8
INSTALMENT C REDIT REPAID
4
A 1 ! 1 1 1 1 ! f 1 ! 1
_L, , , l J , , l J _ L _
1967
1968
. . .. , 1
1 ! 1 I 1
1 1 1 ! I I. I t ! I 1
1970
19d>9
1 I I ! I I t ! f 1 1
! f
I ! 1 1 1 ! 1 ! f
1972
1971
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1964
1965
1966
1967
1968
1969
1970
1971
1972
1972:
62, 692
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
112, 439
114, 183
116, 365
117, 702
119, 911
121, 193
122, 505
124, 325
127, 332
127, 368
127, 959
129, 375
131, 022
133, 531
24, 934
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
39, 348
40, 063
41, 019
41, 603
42, 323
42, 644
43, 162
43, 674
44, 129
44, 353
44, 817
45, 610
46, 478
47, 518
COUNCIL OF ECONOMIC ADVISERS
17, 848
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
33, 606
34, 077
34, 588
34, 832
35, 450
35, 755
36, 003
36, 413
36, 922
36, 870
37, 108
37, 486
37, 695
38, 376
^iso includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
4
1973
[Millions of dollars]
Consum er instalme nt credit e x tended
Consu mer credit outs tan din g (end of p eriod;
imad justed)
and r epaid (seas onally adjtisted)
Total
Instalment
Automob ile paper
NonAutomoTotal
instalTotal »
bile
Personal
Extended Repaid Extended Repaid
ment 2
paper
loans
80, 268
89, 883
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
Apr
139, 410
May__ -_ 141, 450
June
143, 812
July
145, 214
Aug___ _. 147, 631
Sept.__
148, 976
Oct_
150, 576
Nov
152, 968
Dec
157, 564
1973: Jan
157, 227
Feb__ _ 157, 582
Mar__
159, 320
Apr
161, 491
May
164, 277
32
1 I f 1 1 I f 1 f ! 1 N
N
17, 576
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
26, 971
27, 267
27, 447
27, 512
27, 720
27, 783
28, 071
28, 643
30, 232
29, 859
29, 623
29, 945
30, 469
30, 746
3
70, 670
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
11, 374
11, 687
12, 057
11, 687
12, 484
11, 953
12, 404
12, 846
12, 627
13, 304
13, 434
13, 852
13, 465
13, 932
63, 470
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
10, 384
10, 355
10, 671
10, 593
10, 841
10, 667
10, 908
11, 128
10, 964
11, 355
11, 437
11, 808
12, 061
11, 941
24, 046
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
3,162
3,274
3,412
3,298
3,491
3,368
3,504
3,620
3,763
4, 006
3,972
4, 001
3,822
3,989
21, 369
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
2,867
2,819
2,922
2,917
2,896
2,873
3,041
3,023
2,977
3,097
3, 145
3,225
3,218
3,261
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
Mortgage
debt outstanding.
nonfarm,
1- to 4family
houses 3
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800
280, 200
307, 800
» 346, 100
324, 600
335, 800
» 346, 100
» 353, 900
BOND YIELDS AND INTEREST RATES
Market Interest rates jumped very sharply in late June and early July. The increases occurred in all maturities but
were particularly large in short-term rates.
PERCENT PER ANNUM
PERCENT PER ANNUM
10 |
PRIME
COMMERCIAL
PAPER
, -
CORPORATE Aaa BONDS
(MOODY'S)
TAXABLE GOVERNMENT
BONDS
TREASURY BILLS
1 ! I- \ \ I I I ! I f
! S; ! ! I I t ! \ 1
1967
1968
1969
1971
1970
SOURCE: SEE TABLE BELOW
Period
1967_
1968
1969
1970__
1971
1972
1972: June
July
Aug
Sept
Oct
Nov. _
Dec1973: Jan
Feb
Mar_ _
Apr
May
_
June
July
Week ended:
1973: June 15—
22___
29—
July 6___
13_._
20___
(
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Gov srnment seenrity yields
municipal
3-month
bonds
3-5 year
Taxable3
2
Treasury
(Standard
&
issues
bonds
bills *
Poor's) 4
4. 321
3. 98
4. 85
5.07
5. 339
4.51
5.59
5.26
6.677
5. 81
6. 85
6. 12
6. 458
6. 51
7. 37
6. 58
4. 348
5. 70
5.77
5.74
4.071
5.
27
5. 64
5.85
3.874
5.37
5.77
5. 59
4. 059
5.39
5. 86
5. 59
4. 014
5. 29
5. 92
5. 59
4. 651
5. 36
6. 16
5. 70
4. 719
5.20
6. 11
5.69
4. 774
5. 03
6. 03
5. 51
5. 061
5. 03
6.07
5.63
5.307
5. 06
6. 29
5. 96
5. 558
5. 12
6. 14
6.61
6. 054
5. 30
6. 85
6. 20
6. 289
5. 16
6. 74
6. 11
5. 12
6. 348
6. 78
6. 25
5.
15
7. 188
6.32
6. 76
7.
7.
7.
7.
7.
7.
129
263
228
987
991
967
6. 70
6. 74
6. 89
7. 15
7. 29
7.48
1
2
Rate on new issues within period.
Selected note and
3
April 1953 to date, bonds due or callable 10 years and after.
4
Weekly
data
are
Wednesday
figures.
5
6. 29
6. 32
6. 35
6. 44
6. 43
6
6. 50
bond issues.
Data for first of the month, based on the maximum permissible interest rate
(7 percent beginning February 18, 1971) and 30-year mortgages paid in 15 years;
1973
1972
5. 10
5. 17
5. 22
5. 30
5. 39
5.37
Corpora te bonds
(Moc>dy's)
Aaa
Baa
Prime
commercial
paper,
4-6
months
5. 51
6. 18
7. 03
8. 04
7. 39
7.21
7. 23
7. 21
7. 19
7. 22
7.21
7. 12
7.08
7. 15
7. 22
7. 29
7. 26
7. 29
7.37
6. 23
6.94
7. 81
9. 11
8. 56
8. 16
8.20
8.23
8. 19
8. 09
8.06
7. 99
7. 93
7. 90
7.97
8.03
8. 09
8.06
8. 13
5.10
5.90
7.83
7. 72
5. 11
4. 69
4. 64
4. 85
4. 82
5. 14
5.30
5.25
5.45
5.78
6.22
6. 85
7. 14
7.27
7.99
7. 36
7. 38
7.40
7.41
7. 44
6
7. 45
8. 14
8. 13
8.14
8.17
8.22
8.25
7.90
8.03
8.28
8. 75
8. 90
6
9. 15
FHA
new home
mortgage
yields 5
6.55
7.13
8. 19
9.05
7.78
7. 53
7. 53
7. 54
7.54
7.55
7.56
7.57
7.57
7. 56
7.55
7. 56
7. 63
7. 73
7.79
7,89
COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market continued to decline in all sectors from mid-June to early July, However, it advanced later in Juli
Index, 1941-43=10
120
Index, 1941-43=10
120
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
110
100
100
90
80
70
*n I ? i i s i I
I
t.l
I I I I I I 1i I
i l l | _ 1 I I \ I I ! i 1 I I I t I I I 8 1 1 I I 1 1 I I l i t I t I ! I .!.. I I t
PERCENT
. 1 . 1
60
PERCENT
RATIO
WLQ
2b
25
PRICE/ EARN1N GS RATIO ON COMMON STOCKS
\
•1C
^^^—^
*^<^-^*""^"
—^_
10
I
1967
!
*-Sv
1
\
\
!
\
1970
1969
1968
r*
<?r
!
I
I
f
!
SOURCE: STANDARD g, POOR'S CORPORATION
Period
1967
„_
1968
.
1969
1970
1971
_
1972
1972: June _
July
„
Aug
Sept
Oct__
Nov
>__
Dec
_ _ ___
1973: Jan
Feb
Mar __
Apr
May
June
_ _ _ _ __
Week ended:
1973: June 3
_„_
15
22
29
July 6
„__
13
20
I
1
K
in
1973
COUNCIL OF ECONOMIC ADVISERS
Price i ndex 1
Industrials
Total
Total
91.93
98.69
97.84
83.22
98.29
109. 20
108. 01
107. 21
111. 01
109. 39
109. 56
115. 05
117. 50
118. 42
114. 16
112. 42
110. 27
107. 22
104. 75
99.18
107. 49
107. 13
91. 29
108. 35
121. 79
120. 84
119. 98
124. 35
122. 33
122. 39
128. 29
131. 08
132. 55
127. 87
126. 05
123. 56
119. 95
117. 20
104. 95
106. 82
103. 79
103. 62
101. 96
104. 21
4
106. 29
117. 41
119. 54
116. 10
115. 97
114. 01
116. 64
119. 16
Public
utilities
Railroads
Dividend
yield 2
(percent)
1941-'13=10
96. 96
79. 18
105. 77
86.33
103. 75
87.06
80. 22
87. 87
102. 80
99.78
119. 39
113. 91
120. 92
113.43
119. 13
112. 57
124. 47
116. 17
121. 63
113. 19
119. 50
112. 94
122. 11
119. 51
124. 57
122. 26
127. 04
122. 57
125. 56
117. 54
124. 53
116. 41
120. 38
111. 24
116. 48
107. 44
114. 75
104. 83
68. 10
66.42
62. 64
54. 48
59.33
56. 90
53.73
53.47
54.66
55.36
56. 66
61. 16
61.73
60. 01
57.52
55. 94
55. 34
55.43
54. 37
46.72
48.84
45. 95
32. 13
41.94
4411
43. 66
42. 00
43.28
42.37
41.20
42.41
44.62
42.87
40.61
39. 29
38. 88
36. 14
34.35
3.20
3.07
3. 24
3.83
3. 14
2.84
2. 87
2. 90
2. 80
2.83
2.82
2. 73
2.70
2. 69
2.80
2. 83
2. 90
3.01
3.06
113. 51
118. 02
114. 29
113. 16
110. 21
116. 75
117.37
54.67
55. 18
53. 96
53. 60
53. 18
53. 53
53. 41
34.09
35. 32
34. 24
33, 83
33. 98
35. 14
35.60
3. 07
2.98
3. 07
3. 11
3. 15
3.
03
4
3. 03
Capital
goods
'includes 6uu 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
34
i
1972
1971
fC
Consumers'
goods
104. 56
108. 00
104. 20
102. 57
100. 79
105. 12
107. 00
Price/
earnings
ratio 3
17.48
17.66
16.48
15.69
18.50
18. 18
17.95
18.00
18.30
16.45
averages of monthly data. Weekly data are Wednesday figures.
° Eatio of price index for last day of quarter to earnings for 12 months ending
with that quarter. Annual ratios are averages of quarterly data.
* Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the fiscal year 1973 there was a deficit of $14.4 billion or $8.8 billion less than in fiscal 1972.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
260
260
220
-20
-40
-40
1963
1964
1965
1966
1967
1968
1972
SOURCES* TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
1973
1974
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ( end of period)
Period
Fiscal year:
1962
1963
1964
1965
1966.
1967
1968
1969
1970
1971
1972
1973 2v
1974
Receipts
_„
.
_._
„
Total i
Held by
the public
99.7
106.6
112. 7
106. 8
111. 3
118. 6
-7. 1
-4.8
-5.9
303. 3
310. 8
316.8
248.4
254. 5
257. 6
116.8
130.9
149.6
153.7
187. 8
118.4
134. 7
158. 3
178. 8
184. 5
-1.6
-3.8
-8.7
— 25. 2
3. 2
323.2
329. 5
341.3
369.8
367. 1
261.6
264. 7
267. 5
290.6
279.5
193.7
188.4
208. 6
232.2
266.0
196. 6
211. 4
231.9
246.6
268.7
-2. 8
-23.0
— 23. 2
-14.4
-2.7
382. 6
409. 5
437. 3
468.4
490.5
284. 9
304. 3
323. 8
343.0
348.5
1 Excludes non-interest-bearing public debt securities held by IMF,
2 Estimates as revised June 1,1973.
Outlays
Surplus or
deficit (— )
Sources: Treasury Department and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the fiscal year 1973 receipts were $23.6 billion higher than in fiscal 1972 and expenditures were $14.7 billion
higher.
BILLIONS OF DOLLARS
120
BILLIONS OF DOLLARS
120
RECEIPTS
100
100
80
80
.......-•••••••"•"'""T
INDIVIDUAL INCOME TAXES
60
60
OTHER RECEIPTS
40
40
20
20
CORPORATION INCOME TAXES
!
0
180
I
I
0
180
OUTLAYS
160
160
140
140
120
120
NONDEFENSE
100
100
\
80
80
NATIONAL DEFENSE
60
!
_L
40
1963
1964
1965
1966
1967
1968
1969
60
I
1970
40
1971
1972
1973
1974
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
liecei]DtB
Period
Fiscal year:
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972_.
1973*
1974 i
1
Total
99. 7
106.6
112.7
116. 8
130. 9
149. 6
153.7
187. 8
193. 7
188.4
208. 6
232.2
266.0
Estimates as revised June 1,1973.
36
—
Individual Corporation
income
income
taxes
taxes
45.6
47.6
48. 7
48.8
55.4
61. 5
68. 7
87. 2
90.4
86.2
94. 7
103,3
116.0
20. 5
21.6
23. 5
25. 5
30. 1
34. 0
28.7
36. 7
32. 8
26.8
32. 2
36. 1
41.5
—
Other
Total
33. 6
37. 4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75. 4
81. 7
92,8
108.5
106.8
111. 3
118. 6
118. 4
134. 7
158.3
178. 8
184. 5
196.6
211. 4
231. 9
246. 6
268. 7
(Jutlays
Natio nal defense
Total
Department of
Defense,
military
51. 1
52.3
53. 6
49. 6
56. 8
70. 1
80. 5
81. 2
80. 3
77.7
78. 3
76.1
81. 1
46. 9
48. 1
49. 6
46.0
54.2
67. 5
77.4
77. 9
77.2
74.5
75. 2
73. 3
78.2
Interna- Health
tional
and
Inaffairs income
terest Other
and
finance security
4. 5
4. 1
4. 1
4.3
4. 5
4. 5
4. 6
3.8
3. 6
3. 1
3. 7
3.2
3.8
23. 7
25. 5
26. 8
27.4
31. 5
37. 8
43.7
49.3
56. 7
70. 6
82. 0
91. 2
103. 7
8. 3
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20. 6
22. 8
24.7
Sources: Treasury Department and Office of Management and Budget.
19. 2
20.3
24. 2
26. 7
30.6
33.2
36. 2
34.4
37.7
40.5
47.2
53.4
55.4
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
l^ccordins to revised estimates for the first quarter Federal receipts rose $16.7 billion (seasonally adjusted annual
Bite) and expenditures fell $1*7 billion/ as a result the deficit declined sharply to $5.0 billion. Preliminary data for
fne second quarter indicate a rise of $3,4 billion in expenditures/ receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
140
120
120
+20
+20
SURPLUS
n n n r-,
Q
I M n ii™
11ii i
i
I i
-20
DEFICIT
1
-40
!
!
!
!
1967
!
1968
!
1
J
1
!
1
1
1970
CALENDAR YEA RS
1969
1
\
19;i
!
!
|
!
-20
!
i972
f
1
-40
1973
cou NCIL
SOURCE: DEPARTMENT OF CC>MMERCE
OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jovernm ent receip ts
Period
Fiscal year :
1969
1970_ __
1971
1972
1973 »
Calendar
vear :
1969
1970
1971
1972
Personal
and
Total tax
nontax
receipts
190. 4
195.2
192. 6
213.7
Fe ieral Go-^ernmen ; expend itures
GrantsPurCorpo- Indirect Contriin-aid
rate business butions
chases Trans- to State Net
for
profits tax and
Total of goods fer pay- and interest
tax
nontax social inand
paid
ments
local
accruals accruals surance
governservices
ments
Surplus
or
Subsidies Less:
less
Wage deficit
current accruals income
surplus of less
and
Governdisproduct
ment en- burse- accounts
terprises ments
90. 0
93.6
87. 4
100. 1
107.7
37. 4
33. 3
32. 2
34.7
18. 6
19. 2
20. 1
19. 9
20,5
44. 4
49. 1
52. 9
59. 0
69.6
185. 7 99. 4
195.9 98.0
212. 6 95. 9
233. 2 103. 2
254. 5 104.3
50. 7
56. 8
69.7
78. 6
89. 4
19. 2
22. 6
26.8
32. 9
40. 5
12. 3
14. 0
14. 3
13.4
14. 4
4. 1
4. 7
5. 8
5. 2
5.9
0.0
.1
-j
.'o
-19*. 9
-19.5
197. 3
192. 0
198. 9
228. 7
94. 8
92. 2
89. 9
107. 9
36. 6
31. 0
33.3
37. 8
19. 0
19. 3
20. 4
19.9
46. 9
49. 5
55. 2
63. 0
189. 2 98.8
203. 9 96. 2
221. 0 98. 1
244. 6 104. 4
52. 4
63.2
74. 9
82. 9
20.3
24. 4
29. 1
37. 7
13. 1
14. 6
13. 6
13. 5
4.6
5. 5
5.3
6. 1
.0
.0
.0
80
8. 1
— 11. 9
-22. 2
-15. 9
1972: I
II
III-.
IV___
222. 9
225. 4
229. 6
236. 9
105. 6
106. 6
108. 1
111. 3
36. 0
36.7
38. 0
40. 7
19. 7
19. 7
19. 9
20. 3
61. 5
62. 4
63.6
64. 6
236. 6
244. 4
237. 0
260. 3
106. 0
106.7
102. 3
102. 7
79. 7
80. 1
80. 8
91. 0
32. 2
38. 0
34. 4
46. 1
13. 1
13.6
13.4
13. 7
5.5
5. 9
6.2
6.7
.0
!o
.0
- 13. 8
-19. 0
-7. 4
-23. 4
1973: I
II*.
253. 6
108.5
111. 0
46.6
20. 7
21. 1
77. 8
79. 0
258. 6 105. 5
262. 0 106.5
91.8
93.9
41. 1
40. 5
14. 7
15.8
5.5
5.3
.0
-5. 0
X
i Preliminary; based on seasonally adjusted quarterly data, except for personal
T,X receipts and contributions, which have been adjusted for changes in the tax
V.
.0
1
.1
4.7
n
Note.—Series revised beginning 1970.
Source: Department of Commerce.
37
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