Full text of Economic Indicators : July 1975
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
94th Congress, 1st Session
Economic Indicators
:t
.
.
:
July 1975
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1975
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNIN (Arizona)
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
JOHN R. STARK, Executive Director
LOUGHLIN F . M C H U G H , Senior Economist
RICHARD F. KAUFMAN, General Counsel
COUNCIL OF ECONOMIC ADVISERS
ALAN GREENSPAN, Chairman
PAUL W. MACAVOY
BURTON G. MALKIEL
Economic Indicators prepared under supervision of FRANCES M. JAMES
Congress; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S J. Res. 55]
[PUBLIC L A W 120—81ST
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Join
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that j
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant a
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies t(
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economii
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depositor;
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public
Approved June 23, 1949.
Charts drawn by Art "Production Branch, Office of the Secretary, Department of Commerce.
'Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.
http://fraser.stlouisfed.org/
li
Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $16.8 billion in the second quarter to an annual rate of $1,433.4 billion, according
to preliminary estimates. In the preceding quarter there was a decline of $14.3 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Disposable personal income
Period
Total 1
Net receipts
Expenditures
PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consumpsaving
TransTrans- Equals:
and
paid and excludPuror
tion
fers, Equals: Total
fers,
ing
nontax interest,
transfer
disNet
expend- interest, ofchases
interest expendreceipts
paygoods
itures saving
and receipts itures
and
and
or
ments
and
sub- 3
sub- 3 services
transaccruals sidies
to forsidies
fers
eigners
Surplus
or
deficit
(-).
mcomo
and
product
accounts
634.4
691.7
746.4
802.5
903.7
979.7
16.7
17.9
18.8
20.9
24. 1
26.0
617.7
673.8
727.6
781.6
879.6
953.7
579. 5
617.6
667.1
729.0
805.2
876.7
38.2
56.2
60.5
52.6
74.4
77.0
296.7
302.5
321.6
367.0
411.5
455.0
77.9
93.2
105. 9
116.5
131.6
152.0
218.8
209.4
215.7
250. 5
279.9
303.0
287.9
312.7
340.2
372.1
408.0
461.2
77.9
93.2
105.9
116.5
131.6
152.0
210.0
219.5
234.2
255.7
276.4
309.2
8.8
-10.1
-18.5
-5.1
3.5
-6.3
1974: I
950.6
II--966.5
III...
993.1
IV
1, 008. 8
25.6
25.8
26.2
26.4
925.0
940.7
966. 9
982.4
840.6
869.1
901; 3
895.8
84.4
71:5
65.5
80.5
435.9
450.7
470.3
463.1
139.3
147. 4
157. 8
164.0
296.5
303. 3
312.4
299.1
435.5
451.7
470.0
487.8
139. 3
147.4
157; 8
164.0
:4
-1:0
;2
-24.6
1 9 7 5 : 1 . . . . 1, 015. 5
II *— 1, 078. 8
989. 2
26.3
26.0 1, 052. 8
913.2
938.1
75.9
114.6
453.7
178.1
192.0
275.6
509.8
530.7
178.1
192.0
296. 3
304 4
312; 3
323.8
331.6
338.8
1969
1970
1971
1972
1973.
1974__
_
International
Business
Gross
Net exports of goods
Net '
Excess of Total
Statis- national
and services
transfers
Excess
Gross
transfers income
tical
product
to forGross private
of
discrepor
or
or
eigners
retained domestic
investexpendEquals: of net receipts ancy
by perearn-3
Less:
investment
iture
exports
Net
sons and Exports
ings
ment *
<-)
Imports exports
Government
Period
1.0
-.4
3.8
9.8
-;1
1.5
936.3
983.5
1,057.2
1, 161. 8
I, 299. 9
1, 397. 1
-6.1
-6.4
-2.3
-3.8
-5.0
.4
930.3
977. 1
1, 054. 9
1,158. 0
1, 294. 9
1, 397. 4
119.9
140.0
146. 7
145.7
1.9
3.6
. 2
-6*. 0
3.9
2.1
11.3
-1.5
-3.1
1.9
-7.7
5.2
6.5
1.8
1, 365. 1
1, 383. 5
1, 413. 3
1, 426. 1
-6.3
:3
3.0
4.8
1, 358. 8
1, 383. 8
1, 416. 3
1, 430. 9
133.4
121.7
8.8
9.2
-5.2
-5.5
1, 415.1
1.6
1, 416. 6
1, 433. 4
1969
1970..
1971...
1972..
1973.
1974....
97.0
97.0
110.2
125.9
136.5
13G. 8
139.0
136.3
153.7
179. 3
209.4
209. 4
-42.0
-39.3
-43.5
-53.5
-72.9
-72.6
2.9
3.2
3.6
3.8
3.9
3.6
55.5
62.9
65.4
72.4
100.4
140.2
53.6
59.3
65.6
78.4
96.4
138.1
1074: I .
139.7
135. 7
130.6
141.0
210. 5
211.8
205.8
209.4
-70.8
-76.1
-75.2
-68.4
3.7
3.7
3.3
3.6
131.2
138.5
143.6
147.5
146.7
163.1
147.3
16.4
3.6
3.6
142.2
130.9
HI.,.
IV
1975: I..
II*€t( ! ^
or
-56.0
. "
sonal Income (p. 5) less personal tax and nontax payments (fines, penalties,
nJiS 070 ?? I11011
* l r a n s f e r payments to persons, foreign net transfers by Government • n t . e r ^ t Paid by government, subsidies less current surplus ofgovernC pnscs a n d
* CF?K i
'
disbursements less wage accruals.
iinrti«t?iJi'"consumption
allowances, corporate inventory valuation adjustment,
D S ? i ? I U t e , d C O rI W
a
t
e
profits, and private wage accruals less disbursements.
etained
Ja dlspos £l
earnings of unincorporated business, which are included
«Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
»Net foreign Investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce, Bureau of Economic Analysis;
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the second quarter, gross national product rose at an annual rate of 4.8 percent, reflecting an inflation rate of 5^
percent and a rate of decline of 0.3 percent in real GNP.
*
BILLIONS OF COLLARS:
BILLIONS OF DOUARS
1,600
SEASONALLY ADJUSTS) ANNUAL RATES
1/400
1,200
1,000
PERSONAL CONSUMPTION
EXPENDITURES
800
600
400'
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES
1973
1969
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEFAKTMEHT O f COMMERCE
Government purchases of goods and
services
Federal _
State
Total
National Other I iand
ocai
Total
Personal Gross
Net
gross
Total
conprivate exports
national gross
sump- domestic of goods
and
product national
tion
investin 1958 product expend- ment services
dollars
itures
Period
1975
Implici
price
dellato
for tote
GXP,
1958-1C
Billions of dollars; quarterly d a t a a t seasonally adjusted annual rates
1965
1966.___
1967
1968
1969
1970
1971
1972
1973
1974
1974: I
II
III
IV
1975:
II
j 617.8
668. 1
676. 2
706.6
726. 6
722. 5
I 746. 8
I 792. C,
! 839. 2
j
821. 2
684. 9
749. 9
793. 9 !
864.2 j
930.3 !
(
J77. 1 :
1, 054. 9 i
1, 158. 0 i
1, 294. 9 ! I
1,397.4
432. 8 ! 108. 1
466.3
121. 4
492. 1
116. 6
f>3G. 2
120. 0
579. 5
139. 0
017. 6
136. 3
667. 1
153.7
729.0
179. 3
805. 2
209. 4
876.7
209. 4
j
1, 35S. 8
jl.38:*. 8
1,410. 3
1, 430. 9
840.6
869. 1
901. 3
895. 8
210.5
211. 8
205. 8
209. 4
780. 0 1,416.6
779. 4 1,433. 4
913. 2
938. 1
1G3. 1
147. 3
830.6
827. 1
823. 1
_ ' 80/,. 0
!
1
This category corresponds closely with budget outlays for national defense,
shown on p. 36.
* Gross national product iii current dollars divided by RTOSS national product
in 1958 dolJars.
6.9
5.3
5.2
2. 5
1.9
3. 6
o
-e!o
3.9
2. 1
11. 3
- 1 . f>
-3. 1
1. 9
I
I
137.0
156. 8
180. 1
199. 6
210.0
219. 5
234. 2
255. 7
97i 4
276.
309. 2
66.9
77. 8
90.7
98.8
98. 8
96. L»
97. 6
104. 9
106.6
116.9
j 296. 3 i 111. 5
I 304. 4 ;! 114. 'A
I 312.3 117.2
I 323. 8 ' 124. .'
S. 8 I 331. G : 120. f>
9. 2 i 338. 8 . 128. 0
50. 1
60.7
72.4
78.3
78.4
74.0
71. 2
74.8
74.4
78. 7
16.8
17.1
18.4
20.5
20.4
21.6
70.1
79.0
89.4
100.8
111.2
123.3
136.6
150. 8
169. 8
192. 3
110.
113.
117.
122.
128.
76. 0 j 37. 7
184.8
190. 1
195. 1
199.3
103.
107.
172.
177.
84. 7
So. 4
205. 1
210.2
181.
J s3.
2a 5
30. 1
32. 2
38.2
75. 8 I 35. 7
78. 4
84. 0
38.
40.
41.
43.
8
0
8
2
Source: Department of Commerce, Bureau of Economic Analysis.
K55.
141.
146.
154.
170.
NATIONAL INCOME
Compensation of employees rose $ 9 . 9 billion (annual rate) in the second quarter,- in the first quarter there was a small
decline. Other forms of noncorporate income also increased in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,100
1,000
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
1969
|
1974
1970
1975
C&MOL Of ECONOMIC ADVWWS
SOURCEi DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
;
Period
19G5
1966..
1967.
1068
I960,.
1970.
1971
1972.
1973
1974..
"
"
"
"
""""
1974: I
:
IV..
1975: I
Proprietors' income
Compensation
of employees 1
Farm *
Net
interest
16. 1
14.8
117
16.7
16. 9
17.2
21. 0
38.5
31.8
42.4,
45. 2
47. 3
49.5
50.5
50.0
52.0
54.9
57.6
61.2
• : 19.0
20. 0
- 21. 1
21. 2
22.6
23.9
25.2
25. 9
26.1
26.5
18.2
21.4
24.4
26. 9
30.5
36. ft
41. 6
45. 6
52.3
61.6
828.8
84a 3
868.2
877.7
39. 1
29. 1
29.8
29. 1
59.3
60.7
62. 3
62.5
26.4
26.3
26.6
26.8
57.5
60. 1
62.8
65.9
875. 6
SS5. 5
22.2
22.7
62.7
63.3
27. 0
27. 1
68.9
71.9
504. 3
G20. 0
653.0
711/1
766. 0
800. 5
857. 7
046. 5
1, 065. 0
1, 142. 5
393. S
435. 5
467.2
514. 6
566. 0
603.9
043. 1
707.1
786. 0
855. S
1, 118. S
1, 130. 2
1, 155. 5
1,165.4
1, 150. 7
.
• 14. 8
yer or oEcontributions
for social insurance. (Sec also p. 4.)
Et st s
from ni?? a i ?mn0P
P
corporationsonpaped
onpapedininfanning
fanningand
andtherefore
thereforediffers
differs
Ine
i o'
no'
c lcorporations
t i inventory
t
hchange)
) o on p.6 6which
Qch profit™ C 0 I n e<<incldi
odinc net
whichincludes
includes
fifrom
Business
and professional
Rental
income
of
per- :
sons
Corporate profits and inventory valuation adjustment
Total
76.1
82.4
7a 7
84.3
.79.8
69.2
' 7a 7
92.2
105. 1
105.0
107.7
105.6
105. 8
103.4
94.3
Profits
before
taxes
Inventory
valuation
adjustment
77. S
84. 2
79.8
87.6
84.9
74.0
83.6
99.2
122.7
140.7
— 1.7
-1.8
-1.1
-3.3
-5.1
-4.8
-4.9
-7.0
-17.6
-35. 1
135.4
139.0
157.0
131.5
-27.7
-33.4
-51.2
-28.1
101.2
-7.0
Source: Department of Commerce, Bureau of Economic Analysis
-7.9
SOURCES OF PERSONAL INCOME
Personal income increased sharply by $30.6 billion (annual rate) in June, following a revised increase of $1
billion in M a y . The $50 one-time special payment to recipients of social security, railroad retirement, and sup?
mental security income accounted for two-thirds of the June increase. Excluding this one-time payment, perse
income rose $10.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOW
1.200
1,000
WAGE AND SALARY DISBURSEMENTS
20
200
1969
SOUtCC: DEPARTMENT OF COMMERCE
1975
COUNC& O f ECONOMIC AOVMBK
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Total
Other Proprietors' income Rental
and
Personal Transfer
Divi- interest
Period
personal salary
labor 12
Business income
payof
dends
income disburse- income
and proincome ments
Farm
persons
fessional
ments *
1968_
688. 9
25.4
464. 9
14.7
21. 2
23.6
49. 5
52. 9
59. 6
1969_
750.9
28.4
509. 7
16.7
50.5
59.3
65.8
22.6
24.3
1970.
808. 3
32. 2
542. 0
50.0
67. 5
16. 9
79. 1
23.9
24.7
"I 864. 0
1971_
36.4
573. 0
52. 0
72.8
17. 2
93. 3
25.2
25. 0
1972.
944.9
41. 7
626. 8
54. 9
78. 6
21. 0
103. 2
25.9
27.3
1973.
1, 055. 0
46. 0
691. 7
57. 6
90. 0
38. 5
117. 8
26. 1
29.6
1974.
1, 150. 5
51. 4
751.2
61. 2
103. 8
31. 8
139.8
26. 5
32.7
I
1974:
y___il, 135.2
50. 5
29. 1
60.8 |
745.3
32. 5 | 102.0
26. 7
135.8
June. _. II, 143. 5
51. 1
25. 7
753.2
61. 2
33. 0
26. 7
103.5
137.0
July
h, 159. 5
51. 7
759.7
28. 1 !
61. 9 !
26. 6
33. 1
104.4
142. 5
52.3
Aug
jl, 167. 2
761.6
30. o :
62. 5 !
26. 0
33. 2
105. 3
143. 6
Sept...il, 178. 0
767.7
52. 9
30. 7 ;
62. 5 !
26.6
33.4
100. 9
146.0
773. 0
I, 185. 0
53. 5
0 2 . •> \
29. 2 !
20. 7
33. 5
147.6
108. 0
Oct
767.8
54. 0
62. 5 '
20. 8
29. 1 !
33.6
149.8
109. 5
Nov _.. 1, 184. 5
766.6
1,
191.
0
54.5
02.
5
20.
9
29.0 |
150. 1
32.7
111. 1
Dec._._
I
1975: J a n . . . . 1, 191. 1
26.0 !
765. 7
62. 7
54.9
27.0
33.9 ; 111. 9 , i r>s. 0
Fcb . . . I, 193. 4
763. G
22. 2
02. 8
55. 3
27. 0
33. 8 ! 1 1 2 . •">
ior>. T)
M a r . . . 1, 195.7
760. 0
02. f> '
18. 4
55. 7
27. 0
33. 7 ! 113. 3
108. 3
Apr..__ll, 203. 1
768.0
20.6
56. 2
03. 0 •
27. 1
33. 9 :! 114. 8
168. 9
May.-.ll, 214. 3
772.9
23.0
56. 7
63.4
27. 1
34. 0
110. 9
109. 9
June" 'l, 244. 9
778.3
24.5
57.2
03.6
27.2
33. 8 i 119.0
191. 3
>'] he totaJ of wage and salary disbursements and other labor income differs
from, compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
'Consists of employer contributions to private pension, health, and welfare
Less: Personal contributions
for social
insurance
22. 8
26.3
28. 0
30. 7
34. 5
42. 8
47.9
47.6
47.9
48. 5
48. 4
48.6
48. 9
48. 5
48.4
49. 5
49. 2
49. 3
49. 4
49.7
50.0
Nona
cultu
perso
incon
66
72
7a
84
91
1,00
1,10
1, 09'
1, 10.
1, 12
1,12
1,13
1, 14.
1, 14.
1,15
1, 151, 161
1, l()i
1,17
1, 17!
1,20!
funds; compensation for injuries; directors' fees; military reserve pay; and a
other
minor items.
3
Personal income uxelusive of net income of unincorporated farm ent«rpr
farm wapes, agricultural net interest, and net dividends paid by agricult
corporations.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Personal income rose in the second quarter but disposable personal income rose much more reflecting a decline in
taxes most of which was due to the rebate. The saving rate increased sharply to 10.6 percent.
BILUONS OF DOLLARS
1,100
BILLIONS OF DOLLARS
1,100
SEASONALLY ADJUSTED A N N U A L RATES
1,000
900
H
0
-
1,000
- I 900
800
800
PERSONAL OUTLAYS
700
700
600
600
11
500
II
i
i
i
i
i
i
i
1
1
1
?
1
f
DOLLARS
K
500
DOLLARS
SEASONALLY ADJUSTED A N N U A L RATES
PER CAPITA DISPOSABLE PERSONAL INCOME
5,000
5,000
4,000
4,000
1958 DOLLARS
3,000
3,000
1
2,000
¥
1
I
1969
1970
1972
1971
1973
C0WC1 Cf KONQIMC
SOURCE. DEPARTMENT OF COMMERCE
Period
Less:
PerPersonal
sonal tax and
income nontax
payments
Equals:
Disposable
personal
income
Per capita disLess: Personal outlays
posable personal
Personal consumption
income
Equals:
expenditures 3
Personal
Total
saving Current
1958
Nonpersonal
dollars dollars
durable
Services
outlays l Durable
goods
goods
629.3
688. 9
750.9
1 A T i ~ —— — —
808.3
iy/i_
864.0
1972.
944.9
^ 7 3 . : : : : 1, 055. 0
1, 150. 5
83.0
97. 9
116.5
116.6
117.6
142.4
151. 3
170.8
546.3
591. 0
634.4
691. 7
746.4
802. 5
903. 7
979.7
506. 0
551. 2
596.2
635. f>
685. 9
749.9
829.4
902.7
73. 1
84. 0
90.8
91.3
103.9
118.4
130. 3
127. 5
Saving
as percent of
Populadistion
posable (thoupersonal sands) *
income
(percent)
Dollars
Billions of dollars
1967._
1968
1969
2,000
1975
1974
215.0
230.8
245.9
263.8
278.4
299.7
338.0
380.2
204.0
221.3
242.7
262.6
284.8
310.9
336.9
369.0
40.4
39.8
38.2
56.2
60.5
52.6
74.4
77.0
2,749
2,945
3,130
3,376
3, 605
3,843
4,295
4,623
2,403
2,486
2,534
2,610
2, 683
2,779
2,945
2,845
7.4
6.7
6.0
8.1
8.1
6.6
8.2
7.9
198, 712
200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211,894
Seasonally adjusted annual rates
1974: I... 1, 112. 5
II— 1, 134. 6
t " 1, 168. 2
1 V
- 1, 186. 9
1975: I . . . 1,193.4
h 220. 8
161.9
950.6
168.2
966. 5
175. 1
993.1
178. 1 I, 008. 8
866.2
894.9
927.6
922.3
123.9
129.5
136.1
120.7
364.4
375. 8
389.0
391.7
352. 4
363.8
376.2
383.5
84.4
71.5
65. 5
86.5
4,497
4, 565
4, G81
4, 745
2,887
2,850
2,842
2,798
8.9
7.4
6.6
8.G
211,362
211,699
212, 123
212, 585
178.0 1, 015. 5
142.0 1, 078. S
939.5
964.1
124.9
130.0
398.8
408. 5
389.5
399.6
75.9
114. G
4, 76S
5,056
2, 775
2,908
7.5
10.6
212, 962
213, 362
to
<i Dersorml^IS consumption expenditures, interest paid by consumers,
• S e e n 2 f n / ? n ^ P a y m e n t s to foreigners.
« u- -:ior total personal consumption expenditures.
1
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
Form income excluding inventory change declined slightly in the second quarter. Including inventory change ther
was a small increase. _ _ _ _ _ M M E i i _ i B ^ ^ ^ ^ ^ i _ _ _ M
BILLIONS OF
BILLIONS OF DOLLARS
120
120
SEASONALLY ADJUSTED ANNUAL RATES
100
100
"REALIZED GROSS
FARM INCOME
80
so
60
60
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
\
20
J—•""""—
m>m
*
i
i
1969
1972
1971 ....
1970
\
1973
.
1974
COUNCIL OF ECONOMIC ADVISttS
SOUKCCi DEPARTMENT
Personal income received.by
total farm population
Income received from farming
Net to farm
operators
Realized gross
Period
1907.
1908.
1970.
1971.
'3972.
1973.
1974.
From
all
sources
From
farm
sources
22. C
23.7
20.4
20. 8
28.0
33. 5
47.7
44.0
n;o
n.i
12.7
32.6
13.0
10.3
28.7
23.1
From
nonfarm
sources
ll.fi
12.7
13.7
14.2
15.0
17.2
19.0
20.9
Total1
Billions
49.9
51.7
56. 3
58.6
60.6
70.1
95.3
101.1
1975: I.
i
_i
»Cnsn receipts Irom marketings. Government payments, and norunoney lneomo lumlshed by forms.
'Inventory of crops and livestock valued at the average price lor the year.
Also, see footnoto 2, p.
'6.
> Based on Census or Agriculture definition of a farm. The Dumber cf lanns Is
held constant within a year.
6
95. 0
90.1
Xet income per
farm including m
inventory change
ProducCash tion ex- Exclud- Includreceipts penses. [ingnetin-jingnetin-j Current 1907
from
ventory ' ventory1 dollars dollars
marketchange change"
ings
of dollars
Dollars^
38.3
12.2
. 42, 8
11.6
3, 807
3,8G
12. 1
3, 949
3,7S
44.2
39.7
12.0
14.0
4,072
4,26
48.2
42.4
13.9
4,007
4,09
"• 13. 8
13. 8
50. 5
44.8
4,1C
4, 879
14. 2
52. 9
47.8
12.8
5,1C
6, 302
18.2
01.2
52.8
•17.3
8,43
33. 1 11,639.
86.9
65.8
29.5
5,72
26. 1
9. 211
93.5
73.4
27.7
Seasonally adjusted annual
105. 8
72.6
98.4
97.6
73.2
00. 1
99.2
73.8
91.5
10J.9
94. 1
74.0
1974: I . , .
HIII.
IV.
II*.
1975
87.0
88.0
74.0
75.6
rates
33.2
24.4
25.4
27.9
34. 3
22.8
22. 3
25.0
12, 120
8,060
7,8S0
8,830
7,92
5,07
4,SC
5,19
21.0
20.5
19. 5
20. 0
6. 920
3,9S
4.0C
7, 100
* Income in current dollars divided by tho Index of prices paid by farmers f<
family ilvlnp items on a 19o7 base.
Note.—Series revised beginning 1959, except cash receipts from marketinj
revised beginning 1972. See Farm Income Statistics, July 1975.
Source: Department of Agriculture.
CORPORATE PROFITS
Book profits declined substantially again in the first quarter. Profits plus inventory valuation adjustment also declined
but not as sharply as book profits.
BILLIONS OF DOLLARS
BtLUONS OF DOLLARS
160
760
SEASOKAllY ADJUSTED ANNUAL KATES
140
uo:
120
100
60
20
20
196?
|
1970
1971
1973
1972
J L
1974
SOUSCE, DEPARTMENT OF COMMESCfi
1975
COUNCIL OF ECONOMIC ADVJSK4
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits
after taxes
Corporate profits (before taxes) and inventory
valuation adjustment
TransManufacturing
portation,
comNonDurable durable
All
munigoods
other l
Total indus- goods cation,
and
industries
public
tries
utilities
18.0
20.7
38.7
29. 1
10.8
41.7
22.4
19.3
10. 6
32.0
36.6
18.8
17.7
33.1
10.1
7.8
27.8
10. 5
17.3
33.7
8.3
32.3
14.5
17.8
38.1
9.2
40.8
21.8
19.0
42.2
9.2
47.6
26.1
21; 5
48. 3
47.0
17.0
30.0
7.8
50.9
•
Period
All
industries
196SI
1969.. -"""
W 0 _ "'"
1971.
W3_."i:
78.7
SI 3
79. 8
69.2
•78. 7
92.2
105. 1
105. 0
1974: !___ 107.7
1975: I
Corpo- Corporate
tax
profits
before liabil- Total
ity
taxes
Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allow-2
ances
Profits
plus
capital
con
sumption
allowances *
79.8
87.6
84.9
74.0
S3. 6
99.2
122.7
140.7
33.2
39.9
40.1
34.8
37.5
41:5
49.8
55.7
46.6
47.8
44.8
39.3
46.1
57.7
72.9
85.0
21.4
23.6
24.3
24.7
25.0
27.3
29.6
32.7
25. 3
24.2
20.5
14.6
21. 1
30.3
43.3
52.4
43.0
46.8
51.9
56. 0
60.4
66.3
71.2
76.7
89.6
94.6
96.8
95.2
106.5
124.0
144.1
161.7
105.6
105. 8
103.4
46.2
46.8
48. C
46. 3
19.3
17.1
15.3
16.2
26.9
29.7
33.3
30.1
8.0
&6
7.5
50.8
48.7
49.6
135.4
139.0
157.0
131.5
52.2
55.9
62.7
52.0
83.2
83. 1
94.3
79. 5
31.0
32.5
33.2
33.3
51. 6
50. 5
61. 1
46.2
74.1
75. 7
77.6
79.3
157.3
158.8
171.8
158. 8
04.3
41. 1
13.8
27.3
6.8
46.4
101.2
39.0
62.3
33. 8
33.9
28.5
81.2
83.0
143.5
—
7 1
54.5
_„
a Uoth r
ilnelSn^
i
? industries and financial institutions.
Inelnri
" depreciation and accidental damages.
e profits artor taxes plus corporate capital consumption allowances.
G5-S730—75
2
Fource: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment declined $15.8 billion (annual rate) in the second quarter. A drop in inventory
investment accounted for most of the decline.
BimONS.QF_DOiUp.
BILUONS OF DOLLARS
250
250
GROSS PRIVATE DOMESTIC
INVESTMENT
CHANGE IN BUSINESS
INVENTORIES
1969
1970
COUNOL or ECOHOMC Aovisas
Ei KFAITMENT Of COWWttCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Total
gross
private
domestic
investment
Period
Total
Structures
Total
Total
1965
1966
1967
1968
1969
1970
1971
1972.__
1973
1974
1974:
1975:
_
_
I
II
Ill
IV
I
II »
_
Total
Nonfarm
Total
Nonfarm
Total
Nonfarm
45.8
41.6
100.6
104.6
116.8
136.8
149.2
9a 5
24.9
27.8
27. 3
29.6
33.5
35. 3
37.1
40.4
45.7
50.2
55.3
58. 5
64.3
04. 4
66.6
75.7
89.8
97.1
50.0
53.6
59.2
58. 9
61.1
69.4
81.4
86.5
27.2
25.0
25.1
30. 1
32.6
31.2
42.8
54.0
57.2
46.0
26. 7
24.5
24. 5
29. 5
32.0
30.7
42.3
53.4
56.7
45.2
9.G
14.8
8.2
7. 1
7.8
4.5
6.3
8.5
15.4
14.2
8.6
15.0
7.5
6.9
7.7
4.3
4.9
7.8
11.4
11.9
103.6
198. 3
197. 1
191.6
145. 2
149.4
150. 9
151.2
51. 3
52.2
51.0
53.7
49.5
50. 4
49.2
51.7
93.9
97.2
99.9
97.5
84. 6
8G.9
89.2
85.4
48.4
48. S
46.2
40.4
47.8
48.0
45. 4
39.7
16.9
13. 5
8.7
17.8
13.1
10.4
6.0
17.5
182.2
181.0
146.9
144. 6
52.8
50.2
50.8
48.2
94.2
94.4
82.9
82. S
35.3
36.4
34.8
35.7
-19.2
33.7
-17.8
-33.4
98.5
106. 6
108.4
118.9
131. 1
131.7
147.4
170.8
1910
195.2
210.5
211.8
205.8
209.4
163. 1
147.3
71.3
81.6
83.3
sa s
Source: Department of Commerce, Bureau of Economic Analysis.
Nonfarm
Producers' durable equipment
Change in business inventories
25.5
2a 5
28.0
30. 3
34.2
36. 1
37.9
41. 1
47.0
52.0
108.1
121.4
116.6
126.0
139.0
136.3
153.7
179.3
209.4
209. 4
8
.Residential
structures
Nonresidential
5a 1
4a 4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen have revised their projected increase in plant and equipment outlays from 1974 to 1975 to 1.6 percent,
according to a survey conducted in late April and M a y ; the survey made 3 months earlier indicated a 3.3 percent
increase. The 1.6 percent rise implies a sizable decrease in real terms.
J/SEE FOOTNOTE « a O f .
SOUftCE. O&AITMMT Of COMMERCE
COUNOl OP ECONOMIC ABVBEU
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Nonmanufacturing
Manufacturing
Period
Traiisportat ion
Total 1
Total
196 7
196 8
1969
1970
197 1
197 2
1973
1974 3
1975
1974: I
II
I II
•
1975:
II3
III
IV a
65.47
67. 76
75.56
79. 71
81. 21
88. 44
99.74
112. 40
_ ll/h H
107.27
111. 40
113. 99
116. 22
114. 57
118.89
118. 87
115. 88
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
38.01
46. 01
48.47
42. 96
45.32
47.04
48. 08
49.05
47.64
48. 77
48.66
Durable
goods
Nondurable
goods
Total
14. 06
14. 12
15.96
15. 80
14. 15
15. 64
19.25
22. 62
22. 08
21. 43
22. 50
23.08
23. 28
22. 86
21.86
21. 81
21.94
14. 45
14.25
15.72
16. 15
15.84
15. 72
18.76
23.39
26.40
21. 53
22. 82
23. 96
24. 80
26. 20
25. 80
26. 96
26. 61
36.96
39.40
43.88
47.76
51. 22
57.09
61. 73
66. 39
66.77
64. 31
66.08
66.94
68.14
65.52
65. 74
66.10
66.82
business; real estate operators; medical, legal, educai w i n d l 0 ^ ^ ^ 0 6 1 ^ n o n p r o f i t organizations.
»EstS
insurance
In l a t f C ^
expenditures as reported by business
adjustoents wben
tendend?s in e^pectatiot^da?a.
necessary for systematic
Mining
1. 65
1. 63
1. 86
1. 89
2. 16
2.42
2.74
3.18
8.82
2.80
3.07
3.27
3.56
3.76
S. 66
8. 82
Railroad
1. 86
1. 45
1. 86
1. 78
1. 67
1. 80
1. 96
2. 54
2.84
2. 10
2. 42
2. 68
3. 05
2.39
8. 04
2. 97
Air
2.29
2.56
2.51
3. 03
1. 88
2.46
2.41
2. 00
1. 91
2. 13
2.21
1. 84
1. 81
2. 09
1. 88
2. 09
Other
1. 48
1. 59
1. 68
1. 23
1. 38
1. 46
1. 66
2. 12
2.68
1. 63
1. 84
2. 16
2. 71
2. 82
2.44
2.61
Com- ComPublic muni- mercial
and
utilities cation
other 1
8.74
10. 20
11. 61
13. 14
15. 30
17.00
18.71
20. 55
20.40
20. 12
20. 97
20. 16
20. 93
20. 28
20.27
20.87
6.34
6.83
8.30
10. 10
10. 77
11. 89
12.85
13.96
18.86
13. 83
13. 94
14. 01
14. 04
13.36
14.59
15. 14
16.05
16.59
i a 05
20.07
21. 40
22.05
20.87
21. 69
21. 63
22. 84
22.04
20. 82
84.60
88 .84
NOTE.—Annual total is the sum of unadjusted expenditures: it does not
0t
necessarily coincide with the average of seasonkUy V d h S l d
flgX
These figures do not agree with thS totals included in the gro& national product
estimates, principally because the latter cover agriculturafinvestment jmdabo
certain equipment and construction outlays charged to currentlxpense.
Source: Department of Commerce, Bureau of Economic Analysis.
Q
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Civilian employment (seasonally adjusted) rose in June for the third consecutive m o n l k but the increase was S m a ||
(42,000). A n increase in nonfarm employment ( 2 5 0 , 0 0 0 ) was nearly offset b y a relatively large decline in farrn
employment. :
MILLIONS OF PERSONS'
MILLIONS OF PERSONS'
i I t t t t i T t t.t ' '
i i I i i t i i 1 i i i i i—i
i * i t i I
I UNEMPLOYMENT RATE
I
1970
1971
1973
1972
1974
Total
L
1071 1
1972*..
1973*,.
1974...
86,
88,
91,
93,
029
991
040
240 '
79, 120
81, 702
84, 409
85, 936
Nonagricultural
Unemployment
Thousands of
75, 732 4, 99:3
78, 230 4,840
80, 957 4,304
82, 443 5, 076
Unadjusted
1974: i
MayJ
June.
July.j
Aug.
Sept,
Oct..
Nov.
Dec.
1975:
Jan,
Feb.
Mar.
Apr.
MayJune.
I
1975
COUNCIl OF ECONOMIC ADVISERS
Civilian employment
I Armed
! Forces)
i t . ,
SEASONALLY ADJUSTED
*1< YEARS OF ACE AND OVER.
L EX»AATMENT OF U » O *
j Total
j labor
I force
Period | (includ-
T
PERCENT OF "QVlUAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
1969
i r t i 1
Total
Civilian employment
labor
Labor
Civilian
Unem- Unemployment
force
Nonrate (percent of force
labor
(includAgriployparticiagricivilian labor
Total
force
ing
culment
pation
culforce)
Armed
tural
rate1
tural
Forces)
persons 16 years of age and over
Percent
86, 929 84, 113 79, 120 3, 387 75, 732 4, 993
5.9
F 61.0
88, 991 86, 542 81, 702 3, 472 78, 230 4,840
5.6
6i.o
91, 040 88, 714 84, 409 3, 452 SO, 957 4,304
4,9
61. 4
93, 240 91, 011 85, 936 3, 492' I 82, 443 5,076
5.6
61.8
Seasonally
UnadSeasonally adjusted
adjusted
\ justed
i!
92, 158
94, 758
95, 496
04, 679
93, 661
94,105
93, 822
93, 538
85, 785
87, 167
88, 015
87, 575
86, 242
86,847
85, 924
85, 220
93, 342 82, 969
93,111 82,604
93, 593 S3, 036
93, 564 83, 549
93, 949 84, 146
96, 191 85, 44-1
82, 181
83, 272
S3, 991
83, 724
82, 679
83,312
82, 700
82, 261
4,144
5,380
5, 260
4,885
5, 202
5,044
5, 085
6,106
92, 983
93, 068
93, SOS
93, 410
9St 022
94, 057
93, 921
9/u OU
90, 753
90, 857
91, 283
91, 199
91, 705
91, 844
91, 708
91, 803
86, 062
86, 088
86, 403
86, 274
86, 402
86, 304
85, 689
85, 202
3, 497
3, 333
3, 433
3, 451
3, 489
3, 440
3, 375
3, 339
82, 565 4,691
82, 755 4, 769
82, 970 4, 880
82, 823 4, 925
82,913 5, 303
82, 864 5,540
82, 314 6, 019
81, 860 6} 601
4.6
5.8
5.6
5. 3
5.7
80, 082
79,714
80, 048
SO, 377
50, 524
51, 575
8, 180 94, 284
8,309 93,709
8,359 94, 027
7,820 94, 4&1
7, 623 I 96, 121
8, 569 94, 518
92, 091
91,511
01, 829
02, 262
92, 940
92, 340
84, 562
84,027
83, 840
84, 080
84, 402
84, 444
3,383
3,326
3, 265
3, 238
8,512
3,304
81, 179
80,701
80, 584
80, 848
80, 890
81, 140
9.0
9. 1
9. 1
8.0
8.3
9. J
i.
r data because
mVlHP.n Innor
fld3u
™
10
0.2
6.7
61.8
61.8
62,0
61. S
62.0
62.0
61.9
61.8
5.2
5.2
5. 3
0.4
5,8
G. 0
6, 6
7.2
7,529
7,484
7, 980
8, 176
8,538
7, 896
8,2 \i
<?. 2 i1
8. 7 !i
8. 9 H
9.2 j|
8. 6 !
61. 9
61.5
61.6
61.8
62,1
01.7
1 Total hibor force as percent of nuriinstitutloual population 16 years 01
QTld 0V6F,
Source: Department of Labor, nurenu of Labor Statistics;
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate fell by 0.6 percentage point in June to 8.6 percent. However, in years,
of high unemployment, the seasonal adjustment procedure over-corrects for seasonally in June, and the "true1*
seasonally adjusted rate may not have changed from May to June.
PERCENT
PERCENT
UNEMPLOYMENT RATE, EXPERIENCED
W A G E A N D SALARY WORKERS
^UNEMPLOYMENT RATE,
MARRIED M E N
1
• 1969
1975
SOURCE: DEPARTMENT OF LABOR
COUNCIL OP ECONOMJC ADVISUS
Unemployment rate
(percent of civilian labor
force in group)
Period
197 L
1972.
Experi- Married Labor
force
enced
All
time lost }
and men
(wife
workers wage
salary
workers present)
Percent
3.2
5.7
2.8
5.3
4.5
2.3
5.3
2.7
Seasonally adjusted
2.2
6,2
4.9
5.2
2,6
5,0
o. a
5,1
2,7 1
2.7
5. A
a. 2
2.8
5.8
o. 5
5,7
6.0
3.0 1
6,2
6,6
3,3 1
6,9
7.2
8,8 j
S, 2
7, 8
4,5
8.2
7.9
4-7
8. 7
5,2
8,4
8, 0
8.8
5. 6 \
9.2
5,8
8,9
8.6
S.6
5.7
5.0
5.6
4.9
5.6
1974: 3
June
Julv"
Oct..
Nov..
W75: Jan
Feb.:
Mar.
Apr..
May.
^Minc.
0.4
6.0
5.2
6. 1
5.7
5, 6
5.8
5,8
6.4
6,6
7. 2
7.9
8,9
S.9
9.6
IK 7
0.9
8. 0
Persons at work in nonagricultural 8industries
by hours worked per week
Under 35 hours
Part-time for
Part-time for
economic reasons | economic reasons
Over 40 35-40
Total
hours
hours
Usually Usually Usually Usually
part-"
fullpartfulltime*
time 3
time 3
time 4
Thousands of persons 10 years of a%e and over
19, 095 35, 752 16, 298 1, 184 1, 250
1,327
20, 320 36*794 16, 549 1,081
21, 284 37> 426 17, 473 1, 074 1, 237
20, 241 38, 767 18, 275 1, 30S ! 1,401
Seasonally adjusted
Unadjusted
1, 205
1,249
1, 147
1401
21, 323 ! 39, 775 j 17, (338
1,314
1,645
1,195
1,266
20, 938 i 39, 734 I 10, 325
1,
124
15,
123
1,
992
lt158
1,292
19, 702 : 38,028
1.323
14,815
1,871
38,
476
1,377
1,180
19, 842
1,280
10,
737
1,370
39;
905
1,539
053
21,
1,269
1, 283
1,652
1,368
21, 737 39, 877 17, 769
1,377
1, 51B
1, 605
1,412
20, 257 39, 345 19, 851
1, 575
1,740
1,528
1, 351
19, 787 39, 247 19, 76S
J, 847
2,037
2,123
1, 474
1,800
18, 583 39, 379 j 18, 758
2M7
2,086
1,516
17, 802 37,821 20,653
1,700
1,887
1,906
1,777
18, 481 39, 131 I 19, 009
2,029
1,883
1, 825
1,655
18, 4G1 40, 313 18, 480
2,001
1,764
19, 051 39, 748 18, 195 5 1,619 5 1,792
2,118
2, 371
18, 438 39, 485 17, 710
1, 680
1, 681
1,824
0 1
reas'ons'as
'! ^? ™St b y l n e unemployed and persons on part-time for economic
1
DlfferairEE 5 n t ? f P° tc ntIaUy available labor forco man-hours.
6
<>n<; with ifvK.. K
fconagricultural
otnployment (p. 10), which includes perftGcl industrial di n o t Q a t w o r k toT s u c n reasons as vacation, Illness, bad weather,
persons who worked part-ilmo because of slack work, material
repairs, new job started, or Job terminated.
*1 Primarily Includes persons who could find only part-time work:
Aver&eo hours worked: osnally full-time, 24.4; usually part-time, 1S.3.
Source: Department of Labor, Bureau of Labor Statistics.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In June, insured unemployment undo'State programs averaged 2.1 ^
adjusted insured unemployment rate dropped from 7,0 percent in M a y
a
Cearlicr-
«n June.
Thc s
^onal|y
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
JAN.
SOURCE. DWAI7MCMT Of
COUNCIL O f ECONOMIC ADVtSEtt
U K *
Period
1971
1972
1974"
1974: Muy...,
Juno
July
Aug
Kept
Oct*
Nov *.__
Dec * „ .
1975: Jan » . . .
Fob *.._
Mnr "._
Apr *
may »„
June "._
Week ended:
1975: June 7.
14.
21.
8
July 5
12
State programs
Insured unemployment as perInitial Exhaus- cent of covered
employment
tions
claims
Unad- Seasonadjusted ally
justed
Weekly average, thousands
Percent
38
2,150
295
4.1
1,848
35
261
3.5
1,632
246
29
2.7
2,262
363
3.5
37
39
1,934
237
3.0
S.S
40
1,834
2.9
2G9
3.3
41
3.1
1, 989
340
S.S
2.9
40
1,874
283
3.3
2.7
35
1, 783
3.5
274
3.0
34
3.8
1,947
348
3.8
4.3
36
2,499
480
5.4
6.0
42
3,550
703
4,752
7.2
50
795
5.5
5,108
5S
7.8
609
6.0
5,091
03
7.7
510
6.4
4,779
GO
463
7.2
6.8
4,282
61
401
6.4
7iO
3,888
57
426
5.9
6.7
All programs
Insured Total
unem- benefits Insured
paid
Covered ployunemfrailemploy- ment
ployment (weekly lions
ment
of dolaverlars) »
age)
Thousands
59,375 i 2,313
66, 900
2,185
70, 561
1,783
2,578
2,278
2,161
2,290
2,153
2,081
2, 246
2,825
3,910
5,213
5,751
5, 886
5,679
4,714
4,895
6, 214. 9
5, 510. 5
4, 527. 0
6, 933. 9
584.5
472.4
541. G
525. 3
478.1
530.3
561.3
848.3
1, 256. 7
1, 313. 4
1, 418. 5
1, 413. 7
\, 301. 5
1, 199. 7
5, 064
5,043
4, 928
4,532
4, 918
Beginning with January 1973, monthly data include extended benefits.
12
4,074
4,019
3,891
3, 546
3,859
443
422
429
407
459
519
Benefits paid
Total Average
(millions of weekly
dollars) check
(dollars)
4, 957. 0
4, 471. 0
4, 007. 6
5, 974. 9
486.4
383. 4
459. 1
444.9
381.0
442.0
485. 0
745.9
1, 128. 2
1, 165. 1
1, 250. 4
1, 291. 8
1, 279. 1
1, 086. 3
G. 1
G. 1
5.9
5.3
5.8
Source: Department of Labor, Manpower Administration.
54.02
56.76
59. 00
G4.25
62. 69
62.50
62.93
64.14
64.23
65,20
65.49
67.22
67.83
68.75
68.81
68. 89
68,94
68.97
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment was 76.5 million in June, essentially unchanged since March, and again 2.4
million below the peak in October. Employment continued to decline in durable manufacturing and contract construction.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
(SEASONAiiY ADJUSTED)
A N D SALARY WORKERS
(SEASONAiiY ADJUSTED)
[EN1ARGEO SCALE)
80
ALL NONAGRJCULTURAL
ESTABLISHMENTS
-N.
^ ^ * ~ "
76
WHOLESALE A N D RETAIL TRADE
72
N O N M A N UFACTURJNG
-
\
(PRWATE}
44
SERVICES
>
40
"
-
:
DURABLE
MANUFACTURING
24'
NONDURABLE
MANUFACTURING
20
r
MANUFACTURING
-
"S
— - ~ ~
CONTRACT
16
CONSTRUCTION
12
GOVERNMENT
it m 11 MJ n
1972
1974
1973
1975
^
1972
1975
1974
1973
«OUtCE. DEPAITMEHT OF U S O t .
COUNOL OF ECONOMIC ADVSOS
[Thousands of wage and salary workers;* seasonally adjusted]
Manufacturing (private)
Period
1969.
1970.
1971.
1972.
1973.
1
1974: May..
June..
July..
Sept._
Oct._
Nov_
Dec...
:Ja n ..
Feb..
Mar."
AI ay ".
J
Total
70, 442
70, 920
71, 222
73, 714
7Gf 833
78, 334
78, 357
78, 421
78, 479
78, G61
78, 844
78, 865
78, 404
77, C90
77, 227
76, 708
76, 368
76, 349
76, 439
76, 464
NonTotal Durable
goods durable
goods
20, 167
19, 349
18, 572
19, 090
20, 054
20, 016
20, 151
20, 184
20, 169
20, 112
20, 112
19, 982
19, 633
19, 146
18, 718
18, 297
18, 146
18, 090
IS, 113
IS, 099
abUshi^n a A l f U i U " a n d p a r t * t l m e
wa
£e
11,895 8,272
11, 195 8,154
10, 597 7,975
11,006 8,084
11,814 8,240
11, 837 8, 179
11, 908 8,243
11,959 8,225
11, 959 8,210
11,899 8,213
11,906 8,206
11, 841 8,141
11,611 8,022
11, 291 7,855
11, 010 7,708
10, 722 7,575
10, 635 7,511
10, 554 7, 536
10, 521 7,592
10, 496 7,603
ami
Total
Whole- Finance,
Con- Transinsurportasale
tract
ance, services ederal State
tion
and
and
Mining conand
and
local
struc- public retail
real
tion utilities trade estate
38, 073
39, 010
39, 762
41, 284
43, 037
44, 034
44, 019
44, 036
44, 068
44, 223
44, 289
44, 352
44, 203
43, 956
43, 879
43, 626
43, 414
43, 400
43, 423
437 445
salary workers In
« V a u t l ' , a n d Personnel of the Armed W c o s . Total derived from
lahnJ ? o me#P asr ahboI o
with estimates of nonagrfcultural employment of the
anS rt^
i w n o n P' 10 - w h I c h include proprietors, self-employed
Digitized for
anaFRASER
domestic servants; which count persons as employed when they
civ
Government
Nonmanufacturing (private)
619
623
609
625
638
672
668
069
675
676
682
692
693
662
700
702
706
703
709
713
3,525
3,536
3,639
3, 831
4,028
3,985
4,066
3,994
3, 920
3,965
3,939
3,911
3,861
3,798
3,789
3,596
3,486
3, 475
3, 469
3,417
4,435
4,504
4,457
4,517
4,646
4,699
4,701
4,698
4,693
4,701
4,679
4, 699
4,697
4,668
4, 607
4,561
4,512
4,511
4,497
4,495
14, 704
15, 040
15, 352
15, 975
16,665
17, 011
16, 994
17,031
17,107
17, 140
17, 166
17, 160
17, 048
16, 912
16, 863
16, 832
16, 799
16, 794
16, 813
16, 858
3, 562
3,687
3, 802
3, 943
4,075
4,161
4,161
4,156
4,157
4,168
4,176
4,185
4,183
4, 182
4,173
4,164
4,157
4,163
4,160
4,104
11, 228
11, 621
11, 903
12, 392
12, 986
13, 506
13,429
13, 488
13, 516
13, 573
13, 647
13, 70c
13,72
13, 73
13, 741
13, 771
13, 754
13, 754
13, 775
13, 79!
2,758
2,731
2,696
2,684
2,663
2,724
2,711
2,715
2,735
2,740
2,747
2,748
2, 746
2,738
2,733
2,733
2,732
2,729
2,730
2,716
9,444
9,830
10,192
10, 656
11,079
11, 560
11, 476
11, 486
11, 507
11, 586
11, 696
11, 783
11, 822
11, 850
11, S97
12, 052
12, 076
12,130
12,173
12, 204
ore not at work because of industrial disputes; and which are based on & sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
Source: Department of Labor, Bureau of Labor Statistics;
13
WEEKLY HOURS OF WORK-SELECTED INDUSTRIES
The seasonally adjusted workweek of private nonfarm payroll workers was 36.0 hours in June, unchanged sine
February, the length of the workweek fell by 1.3 hours in contract construction.
HOURS PER WEEK (SEASONALLY ADJUSTED/
HOURS PER WEEK BEASONAUY ADJUSTED!
-46
46
MANUFACTURING
TOTAL NONAGRICULTURAL PRIVATE
44
44
42
42
40
40
38
38
36
36
34
i i i i i l t t i i i
\ t i i > ! i i i t i
1973 •
1972
42
i t i t \ I i p
1972
1975
1974
!
i t i i i I i i i i r
34
i i
42
CONTRACT CONSTRUCTION
40
40
38
38
36
36
34
34
32
32
1973
J_J
1LlJ_L
I I I I I t t
1972
|
1973
I I I t t t I I ? I
i i.i i i I r I l i i
1974
1975
30
JLUJ-U,LJJ_LlL
1974
1975
j
RETAIL TRADE
i
1
j
i
"
30
» i i
*
.
-*"--•
• 1111111 f.. i ,i j _
1972
1 1 1 ! 1 1 1 1 1 1 1 ii
1973
w
^
.
i t i ! i i j | ,
1974
50<*CEi DVAlTMfNT Of U K *
1975
^
COUNCIL CF ECC-NOMIC ACV!«?S
[Average hours per week1]
Period
Total
nonagricultural
private 2
Manufacturing
Contract
construction
I
1966.
1967.
196S.
1909.
1970..
1971.
1972.
1973.
3&6
3& 0
37.8
37.7
37.1
37.0
37.1
37.1
36.6
Unadjusted
41. 3
37.6
40. 6
37.7
40.7
37.3
40. 6
37.9
39.8
37.3
39.9
37.2
40.6
36.9
40.7
37.0
40.0
36.9
1974: M a y June...
July..,
Aug.,.
Sept.. .
Oct....
Nov _.
Dec...
1975; J a n . . .
Fcb . . .
Mar...
Apr....
May K.
36.6
37,0
37. 1
.S7. 1
30. 8
30. G
36.2
30. 5
35. 8
35. 7
35. 7
35. 7
35. 9
30. 3
40.3
40.4
40.0
40. 1
40. 3
40. 1
39. 7
39.9
38. 7
:)8. 5
US. 7
3S.9
39.0
39. 4
1974.
June p.,
1
Data relate to production workers or nonsupcrvlsory employees.
- Also includes other private industry groups shown on p. 13.
Inelut'es eating and drinking places.
:
14
Retail
trade 3
36.7
37.6
37.9
37.6
37. 5
37.9
36. 5
36,8
35.4
35.3
34.7
36.3
36.9
36.3
Total
nonagricultural
private. 2
Manufacturing
Contract
construction
Retail
trade3
Seasonally adjusted
35. 9
35. 3
34.7
34.2
33.8
33.7
33.7
33.3
32.7
32.5
33, 1
33.7
33.0
32.0
32.2
32. 1
32. 7
31.8
31. 8
31,9
31. 0
32.1
32.8
56?. 7
36,7
S6.7
36.7
36.7
36.6
36.2
36.4
36. 2
SO. 0
35.9
36.0
36.0
36. 0
40. S
40.1
40.2
40.2
40.0
40.1
39.5
39.4
39. 8
S8.8
38.8
39. 1
39.0
39.1
36.7 •
36.9
36.9
36.4$
36.5
37.2
37.1
37.5
37. J
36. 6
34-9
36. 7
36.9
35. 6
Source: Department of Labor, Bureau of Labor Statistics.
!
32.
St
32.
32.
32.
32.
32.
32.
32.
32,
32. i
32. i
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of nonfarm payroll workers increased by 2 cents (5.5 percent annual rate) to $4.49 in June
and were 28 cents (6.7 percent) above a year earlier. The adjusted average hourly earnings index for manufacturing
increased at an annual rate of 8.9 percent in June.
DOLLARS
DOLLARS
AVERAGE HOURLY EARNINGS
AVERAGE WEEKLY EARNINGS
7.00
280
CONTRACT
CONSTRUQION J
240
6.00
CONTRACT
CONSTRUCTION
5.00
f\
V
'V
A~7"^7
yv
200
MANUFACTURING
4.00
160
TOTAL NONAGRICULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
3.00
120
RETAIL TRADE
RETAIL TRADE
100
80
^U-L^L
1972
nml
LLLJ
1973
1974
1972
1975
1973
i i t r I
1974
SOURCE, DEFAKMENT Of 1AIC*
I'I
t
1975
COUfcfCA Of ECONOMIC AOVl&ClS
[For production workers or nonsupervisory employees]
Average hourly earnings—current dollars
Manufacturing
Contract
construction
$L91
2. 01
2. 16
2.30
2.44
2.57
2.70
2.87
3. 10
101. 84
107. 73
114.61
119. 46
127.28
130.16
145. 43
154.45
$112.34
114.90
122.51
129. 51
133. 73
142. 44
154. 69
165. 65
176. 00
26
154. 95
164.49
181. 54
195. 45
211.67
222.51
230. 06
249. 44
$68. 57
70. 95
74.95
78.66
82. 47
86. 61
90. 99
95. 57
101. 37
$115. 58
95.6
114. 90
100.0
117.57
106. 1 j
117. 95
112.4 j
114.99
119.4
117.43
127.3
123. 46
135.1
143. 6
124. 40
156. 0
119. 10
6.60
6.65
6.68
6.86
7.01
6.99
7.00
7.05
3.08
3. 10
3.11
3. 12
3. 16
3. 18
3. 18
3. 18
152. 62
155. 77
156. 56
158. 05
160. OS
159. 94
157. 83
159. 87
174.50
176. 95
176. 80
178. 04
182. 56
182. 86
181. 83
185. 54
242. 22
250. 04
253. 17
2f>7. 94
262. 88
264. 92
255. 50
259. 44
100. 10
102. 61
104.81
104.83
103. 02
102. 40
102. 08
103. 99
153.7
155. 2
156.3
157.6
159. 6
160.9
162.2
1G4.2
119. 93
120. 4G
119.40
118.77
120. 34
119. 52
117. 84
119. 40
7.07
6.99
7.14
7.12
7.09
7.16
3. 24
3.27
3.27
3.29
3.31
3.32
157. 10
157. 44
158. 15
158. 51
160. 47
162. 99
179. 96
179. 80
182. 28
183. 22
184.47
187. 54
250.
24(>.
247.
258.
261.
259.
103. 03
103. 99
104. 31
104. 95
106. 25
108. 90
165. 3
166.2
167.6
168.3
169.2
170.4
115.29
114. 38
115. 51
115. f>2
115.80
116.77
Manufacturing
Contract
construction
$2.56
2.68
2.85
3.04
3.22
3.44
3.67
3.92
4.22
$2.72
2.83
3.01
3. 19
3.36
3.57
3.81
4.07
4.40
$3.89
4. 11
4.41
4.79
f>. 24
5. 69
6.03
6.38
6.76
1974: M a y . .
June...
July...
Aug..
Sept..
4.17
4.21
4.22
4.26
4.35
4.37
4.36
4.38
4.33
4.38
4.42
4.44
4.53
4.56
4.58
4.65
1975:Jan..
Feb...
4.39
4.41
4.43
4.44
4.47
4.49
4. 65
4.67
4.71
4.71
4.73
4.76
1906.
1967..
G9,_
1970.
1071..
1972..
1973 _
1974 _
Ot
Nov..
Dec.
-Mar _,
Apr.._
June*
jgul»
Retail
trade3
*"ups - ™ - p. 13.
Adjusted to exclude the effects of overtime and interindustry shifts.
Manufacturing
industries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1907=
1967
100 >
dollars 4
Total
nonagricultural
private *
Total
nonagricultural
private *
Period
Average weekly earnings—current dollars
28
75
76
46
62
91
Retail
trade3
* Earnings in current dollars divided by the consumer price index.
Source: Department of Labor, Bureau of Labor Statistics.-
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production increased 0.4 percent in June following 8 consecutive months o j decline. Increased output of
consumer goods and nondurable industrial materials in June more than offset further declines in business equipment
and durable industrial materials.
••' Index, 1967 =100
Index, 1967 = 100 SEASONALLY ADJUSTED)
UTILITIES AND MINING
TOTAL
140
160
120
140
100
120
-•-•^S*
ao 1 f.t 111 i n i u m n' it i it • L I I . I I I
1975-.-
- ^ TIUTlES
\-
>^^
f ' ' f f 1 1 ' ' 11
1972
mi
1974
1973
<
MINING
—
1S72
{SEASONALLY ADJUSTED!
l ' M l l i l l | l
1 l.l 1 I 1 1 LLi.1
1973
1974
MMilllH,
1975
100
1972
1975
SOUKEi BQAXO OF GOVERNORS OF W E f E M R A t KSfltYC SYSTEM
Period
1967.
-_.19G8
1969
1970
197l..__
1972
__. — __
1973
1974- .
1974: May
June
Julv,
Aug.
_
Sept
Oct
Nov
Dec
1975: J a n Fob
Mar
Apr
May »__
Juno1'
Total
industrial :
production
100.0
105.7
110.7
106.6
100,8
115.2
125,6
324.8
125.7
125. 8
125. 5
125.2
125.6
124. 8
121.7
117.4
113.7
HI. 2
110.0
109.9
109.6
110.0
COUNCIL OP ECONOMIC ADVISERS
[1967=100, seasonally adjusted]
Industry
. Manufacturing
Total
100.0
105. 7
110.5
105.2
105.2
114.0.
125.1
124.4
125.7
125.6
125. 2
125. 2
125. 5
124.6
120. 0
116. 1
111. 8
109. 3
107.7
107.7
107.4
107.8
Non-Durable durable
Market
Final products'
Mining
Consumer
goods
Utilities
Total
100.0
100. 0
100. 0. .100.0
100. 6
106.0
105.5
,103.9 • 109.4 ,105.8
111. 1
110.0
119.5
107.2
109. 0
110.6 .. 109. 7
101.4
128. 3
104. 5
113. 5
99.4
133.9
107.0
104. 7
108.4 ! 122. 1
143. 4 ' 111. 9
108.8
129.7
122.0
152. 6
110.3
121. 3
129,7
120.7
149. 9
109. 3
121. 7
122.1
130.9
111.0
149. 1
122,4
122.1
130.7
110.2
150.6
122. 5
121. 6
130.8
110.2
152.4
122, 8
121.6
130,4
107. 3
152. 7
122.1
122. 1
130. 5
109.2
153. 1
122.6
121.0
128.9
110.5
J51.2
122. 3
117. 9
125.4
105.0
152.3 . 120, 9
112. 2
121.9
104.4
152.6 .U18.2.
108.2
117;2
107.0
152. 1 •" •114.9
10-18
115.6
108. 6 . 150.9
113. 4
103.5
113.7 1 108.9
154. 0 ••112.2103.1
114.3
108.5
153.0
"112.7
102.0
115.3 .107.7
151.7
113.1
101.7
116.6
107.4
153.9
113.2
Source: Hoard of Governors cf the FederaJ Reserve System."
16
••
!
100. 0
. 106. 6
. 111. 1
110. 3
. 115. 7
. 123.6
131.7
128. 8
129. 0
130. 3
.130.0
129.8
128, 8
. 128. 2
120. 3
. 123.4
120. 1
118.9
118.2
119. 3
120.7
.
Equipment
100. 0
104.7
106. 1
: 96. 3
89. 4
95.5
. 106. 7
111.7
112.2
112.0
.113. 0
111.4
113.8
. 114. 0
...113.2
;».":lia 7
107. 8
105. 3
103. 9
103.3
102.4
• 121.7
101.4
Intermediate Mateproducts rials
100. 0
105.7
112. 0
111.7
112.5
121. 1
131.0
128.3
129.2
128.9
127.8
128. 0
127.0
125. 3
123.0
. 120. 5
117.6
115. I
112.7
113.9
112; 4
112.5
100.0
105; 7
112:4
107. 7
107. 4
117.4
129. :i
127. 4
129. 1
128. 8
128.0
128. 5
129.3
128.1
122. I
114.8
110.5
107.4
105. 9
105.1
104.4
10"). 1
PRODUCTION OF SELECTED MANUFACTURES
Production of most durable manufactures declined further in June while most nondurables rose for the thirdconsecutive month.
"
INDEX, 1967=100 (SttSONAUY ADJUSTED)
140
LUMBK
INDEX, 1967=100 (SFASONAUY ADJUSTED)
160
-
120
\
<
^
CHEMICALS, Pi.TROIIUM,
AND RU 1BER
^
-
120
100
rcANSPORTATlON \+*
EQUIPMENT -
PAPER AND
PRINTING
80
\
100
^
IIMIII
1975
1973
1972
1972
1973
1974
140
FABRICATE) METAL
'
PRODUCTS
-
FOODS AND TOBACCO
120
100
t
.«*
\^m±mrmm
• —t •
too
80
V
-
TDO1LES, APf
AND LEATHER
80
1972
1975
197/
1S73
1S72
\
COCNCH OF KOiWWC ADYWTJ
SOURCE. KOAKD OF GOVERNORS OF W E KDERAl RESERVE SYSTEM
[1967 = 100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
Primary
metals
1907
19t)S
1009
1970
197]
1972
1973
1974
1974: May
June
Julv._
Sept
Oct
..
""".
• " " " "
N0V_
Dec.
1975: J'in ^. _
Feh
---;
"
Mar
Apr,
Mayp
June pfc_
'
~
Transpor- Lumber Textiles, Paper Chemicals,
FabriJc OUUH
and
and
cated Machin- tation
apparel,
pctroand
ery
and
metal
equipprint- eurn, and tohnPcn
proding
products
ment
rubber v \J \J Vm ^- v *J
ucts
leather
109.4
107.4
114.8
130.5
131.4
100.0 . 100.0
101.9
109.7
106. 8 . 107.6
100.3
90.4
96.2
92.9
99.0
107. 5
125.8
109.1
128.1
96.9
100.0
104.8
108.6
106. 3
113.9
122.4
127. 9
120.1
100.0
104.9
105.9
100.2
100.7
108. 1
115.0
108.9
100.0
104.2
109. 1
107.8
107.8
116.1
122.2
121.0
100.0
109.6
118.4
118.2
124. 7
137. 8
149. 3
151.7
100.0
103. t>
107. f>
110. S
113.7
117.0
121. 9
124. 8
124.6
124 7
123. 2
121.9
123.0
126.0
121.0
108. 0
131.9
132.5
131. 1
131. G
132.0
129.6
128.2
124.1
129.7
130.4
129.9
130. 5
132.5
131. 1
128.0
124.8
100.6
99.4
98.7
99.9
100. 4
.102. 1
93.7
83.6
126.8
125.6
121.6
121. f>
116.0
109. 3
105. 2
101. 3
109.8
96.3
121. 3
122. 3
122.4
121.0
122.7
120. 8
115.7
112.3 1
153. 0
153.8
153. 9
l.r>4.4
154.7
152. 4
146.5
HI. 6
126. f>
125. 3
124. 8
124. 8
124. 'A
123. 7
123.8
123. 5
107.2
102. 1
98.1
95.0
89.4
86. 1
118.2
113.7
112.9
112.3
111.3
111.3
119. C
115.6
112.2
110.3
109. 1 .
107. 5
88.9
89.6
S7. 5
90.2
93.9
90. 1
108.2
100. 6
104. 2
10L\ 4
102.9
103.6
130.5
132. 4
130. 2
129. 9
131. 6
132. 8
121. 1
121. :$
120. 0
122. 1
121.0
122. 0
100.0
103.2
114. 1
10G. 9
100.9
113. 1
127.0
124.1
100.0
106. 3
na 6
78.9
77. 1
81. 0
84.8
87:0
89. 7
99.9
99.6
99.8
102.0
106.9
108. ">
108. 1
107.4
106- 5
105. 1
101.9
Source: Board of Governors of tbe Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production (not seasonally adjusted) increased in June. However, steel output declined
again.
MILLIONS OF SHORT TONS
16
MILLIONS OF TONS
STEEL
\-^
J.
1
J
F
A
I I 1 1 f I f
LL
•J ! t i l l
M
M
J
J
A
,1,,,!,,,I.
O N
BILLIONS OF KILOWATT HOURS
501
100
SOURCE* AMWCAN tPON AND STCCl INSTITUTE, OEPARTMfNT OF THE NTBMOU
CDISON ELECTBC INSTITUTE AND WARD'S AUTOMOTIVE REPORTS
Steel produced
Thousand*! Index
of net
(1967=
tons
100)
Period
Weekly average:
1968
1969
1970
1971
1972
1973
1974__
1974: May.
June.
July,
SeptOct..
Nov..
Dec..
lO76:Jan-_
Feb..
Mar..
Apr
M y_
June «
Week ended:
1975: June
July
21,
28,.
5..
12 »,
19 »,
*Not charted.
18
C O U N O l OF ECONOMIC ADVISERS
Electric
Bituminous
Paperboard
Cars and trucks
power
coal mined Freight
loaded
produced assembled (thousands)
distributed (thousands
(thousands
(millions of
of short (thousands
of cars)
of tons) Total
Cars Trucks
kilowattrhours' tons) »
2,515
2,709
2,522
2,310
2,549
2,892
2,795
2,879
2,840
2, 750
2,672
2,768
2,848
2,707
2,480
2, 615
2,715
2,704
2,487
2,227
2,045
111.0
103.4
94.7
104.5
118.5
114.6
118.0
116.4
112.7
109. 5
113.5
116.7
111.0
101.6
107,2
111.3
110.8
101.9
91.3
83.8
25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
35, 839
34, 612
37, 011
39, 982
39, 269
35, 692
34, 233
34, 839
36, 039
30, 360
36,423
35, 260
33, 912
34, 714
37, 711
2,064
2,118
2,047
1,907
1,911
1,906
1,963
84.6
86.8
83.9
81.9
78.3
78.1
80. 5
35, 950
36, 082
39, 104
39, 709
38, 092
38, 798
2
38, 646
ioai
10, 485
10, 779
11, 595
10, 619
11,450
11, 380
11,558
12, 997
11,301
10, 908
11,568
12,511
13, 179
7,588
9, 995
11, 929
12,261
12,198
12, 684
13, 088
13, 579
13, 820
13, 760
13, 585
13, 150
6, 900
7,580
543
543
522
486
502
526
508
530
538
r>oo
510
514
->46
464
413
433
442
435
445
448
468
471
467
470
466
3f>2
406
479 207.6
507 195.8
489 158. 9
501 204.8
548 217.3
569 243. 5
556 192.0
(301 216. 6
"><)0 220. 3
5r4 6 160. 6
. )8G 137. 9
531 208. 6
562 239. 7
525 196. 5
395 126. 1
3<>G 122.7
471 131.8
427 151. 9
439 177.2
474 1G2. 7
482 200.6
467
484
509
470
360
288
196.2
201.8
200.7
203.6
152. 6
187.4
124. 9
170.1
158. 1
125.9
165. 0
169.6
185.8
140.2
159. 1
163.2
115.9
103. 3
159. 1
181.7
142.4
88.8
88.2
92.5
J lf>. 7
134. ;")
138.5
150. G
37.5
37.8
33. f)
39.8
47.6
")7. 7
51. 8
57,5
57.1
50. 6
34.5
49.5
58. 0
54.1
37.3
34.5
39.3
36. 2
42.7
44.2
50.0
148. 6
152. 7
149.7
151. 5
114. 6
140.4
95.8
47.0
49.2
51.0
52.0
38.0
47.0
29. 1
Sources: American Iron and Stool 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 increased about 1 percent in M a y . Both private
and public construction contributed to the increase.
BILLIONS OF DOLLARS
1969
BILLIONS OF DOLLARS
I
1970
1975
COUNCIL OF ECONOMIC ADVISERS
SOURC& DEPARTMENT OF COMMERCE
Period
Total new
construction
expenditures
1969..
1970..
197K
1972..
1973..
1974..
Private
Total
66.0
66.8
80.1
93.9
102.9
96.4
9a 9
94.9
110.0
124; 1
135.5
134.8
Residential
CommerNew
cial and
housing
TotaP
industrial
units
Billions of dollars
16.2
25.9
3a 2
16.3
24.3
31.9
17.0
35.1
43.3
18.1
44.9
54.3
21.7
47.8
57.6
23.8
37.0
46.8
Other
16.6
18.6
19.8
21.5
23.6
25.8
Federal,
State,
and
local
28. 0
28.1
29.9
30.2
32.6
38.4
1975: Jan
Mar __•
Apr,
May p.I
n ^ " t5iSSSi h se U5ek€eplllg
resldentIal
to
^
39.1
39.3
39.7
39.5
38.9
37.5
35.5
33.7
31.8
29.8
27.9
2a 8
26.4
2a 5
27.6
construction and additions and altera-
States h
48.6
48.2
48.0
48.3
48.9
48.2
46.0
44.1
42.2
40.5
38.9
38.2
37.3
36.7
37.4
9a 6
97.4
97.9
98.4
97.9
96.2
94.7
95.0
93.4
91.2
89.8
88.6
85.0
83.4
84.0
135.1
136.4
138. 2
136.9
137.9
134.4
133.0
133.9
131.0
133.1
131.6
128.9
124.4
121. 0
122.4
1 W 9 tor
lndex and
24.2
23.2
24.0
24.5
23.1
22.7
23.3
24.6
24.7
24.1
23.6
24.0
21.3
20. 1
21.0
123.7
123. 1
145.4
165.3
179.9
168.6
Seasonally
adjusted
Seasonally adjusted annual rates
1974: Mar
Apr
May...
JuneJuly
Aug
Sept..
Oct...
Nov..
ionstruction contracts3
Commerotal value cial and
industrial
index,
floor space
(1967=
(millions of
100)
square feet)
25.8
26. 1
25.9
25.7
25.9
25.3
25.4
26.3
26.5
26.6
27.3
26.5
26.5
26.6
25.6
36.4
39.0
40.3
38.5
40.0
38.2
38.3
38.9
37.6
41.9
41.8
40.3
39.3
37.6
38.5
181
107
188
166
177
170
187
148
154
176
135
135
153
189
182
883
743
727
854
1,021
860
Seasonally
adjusted
annual
rates
901
993
936
910
920
986
884
750
681
651
653
558
476
683
537
Sources: Department of Commerce (Bureau of the Census) and Me G raw
Hill Information Systems Company, F,. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts declined 5 percent in June to an annual rate of 1 £70,000 units. Starts for the first 6 months
of this year were at an average rate of 1,027,000 units compared with 1,568,000 for the comparable period in I97J
M11LIQNS_QF UNIT* •
3.0
MILUONS OF UNITS
3.0
1.0
1975
SOUtCES. CtPJUMENT OF CCWMEKF. WWWTMENT O f HOUKNO AND VFiAN PCVnOPMIMT. AN3 VITHANS ADMWSTSATION
COUNCIL O f ECONOMIC ADVlSHS
[Thousands of units]
Housing starts
Period
I960._._
1970....
1971_._.
1972___
1973 „,_
1974™.
1974: May.
June
July.
Aug.
Sept
Oct.-
Dec
1975: Jan .
FobApr
May »„
June »„
Total
private
and
public
(including
farm)
Total
private
(including
farm)
1, 499. 5
lf 469. 0
2, 084. 5
2, 378. 5
2, 057. 5
1, 352. 5
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1,337.7
149.9
149. 5
127.2
114.0
99.6
97.2
75.6
55,4
56.9
56. 2
81.1
98. 4
116.8
zL 108.8
149.0
147.6
126. 6
111.1
98.3
96.7
75. 1
55. 1
fi6. 1
54. 7
80.2
97.9
115.8
108. 2
Total (including farm)
Total
., 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1,337.7
1,467
1,533
1,314
1, 156
1,157
1,106
1,017
880
999
1,000
985
980
1, 129
1,070
Government
home programs
(nonfarm)
Two or
more
.VA
units
810.6 656.2 153. 0
51.2
812.9 620. 7 233.5
61.0
1, 151. 0 90L2 301. 2
94.0
1, 309. 2 1L, 047. 5 19a 4 104.0
86. 1
1, 132. 0 913.3
73.6
72,8
888.1 449.7
56.8
Seasonally adjusted annual
925
542
60
77
1,000
534
55
76
920
394
53
71
826
329
68
57
845
313
76
67
792
314
81
73
802
215
74
69
682
198
78
69
71
739
260
68
62
733
267
64
57
775
210
63
62
762
218
73
04
886
243
81
862
208
88
One
unit
1 For 1- to 4-unlt structures,
• Authorized by issuance of local building permit: in 14,000 pcrmlt-issuinc
places betfnninc 1972; 13,000 for IKJ7-71; 12,000 for 1963-C6; and 10,000 prior to 1963.
20.
Proposed home
construction 3
Private
New
private
housing
units
authorized 3
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 065. 9
rates
1,159
1,115
1, 040
928
853
811
770
837
689
701
677
837
912
926
Applications for Request*
for V A
FHA
commit- appraisals
ments '
187.6
315. 0
360. 8
225.2
83.2
87.1
138.2
143.7
217. 9
209.4
161.9
160.1
8!)
90
103
85
95
133
111
79
72
G4
72
86
142
159
180
160
185
169
185
157
132
126
144
12S
131
216
«120
1
Units represented by mortg&pe applications or appraisal requests for new
home construction:
* Not charted;
Sources: Department of Commerce (Bureau of tho Census), Department of
Housing and Urban Development, and Veterans Administration.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Inventory liquidation continued in M a y with a record decline of $2.8 billion in the book value of business inventories.
Total business sales were up 0.3 percent. Advance reports show a 0.7 percent increase in retail sales in June.
BILUONS OF DOLLARS (SEASONALLY ADJUSTED)
280 f
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35
A
260
RETAIL TRADE (ENLARGED SCALE)
/
DURABLE GOODS STORLS
^ ^ / "
30
/
240
TOTAL BUSINESS
INVENTORIES
25
y f
V ^
— • — — . ^
INVENTORIES
220
20
200
_..
15
180
j*w
5ALES
IO
TOTAL BUSINESS
SALES
"160
NONDURABLE < ^X)DS STORES
•
45
140
. 40
120
80
f '
INVENTORIES
-
1
35
DETAIL INYENTORJI
^
^
30
60
RETAIL SALES
** *
25 — -
40
IU-L1 » 1 J 11 11 i * i i * I r t i i |
1972
1973
SALES
' i i » ) i 1 | i i i i . r i t ! 1 i . • ! . 1 | t 1 I ! f I M 1 n i n 1 i i n 11
1974
1975
V
^
1973
1972
1975
1974
*
COUtOL OF ECONOMIC ADVJSOS
SOURCE, DEFASTMEW O f COMMERCE
Total business *
Retail
Wholesale
Period
Sales 3
Inventories 3
Total
NonDurable durable
goods
goods
stores
storca
Inventories s
Total
Durable
goods
stores
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1968..
1969.
1970.,
1971..
1972.
1973.
1974
97, 138
103,134
•104, 736
31 fj
244
742
882
155, 845
107,360
175, 561
184, 401
197, 087
224, 004
27l', 840
18,366
19, 756
20, 583
22, 327
24, 862
30, 400
37, 344
1974
1G0, G75
102,924
103, 052
168,824
171, G44
170, 802
171, 647
168, 335
161, 809
235, 216
239, 217
243, 831
248, 775
253, 308
258, 622
264, 612
267, 947
271, 840
,161, 754
162, 814
158, 544
162, 041
1G2, 523
.271, 845
•270, 862
268, 994
267, 490
264, 735
197.5
112,
124,
143,
163,
22, 997
24, 910
27, 290
29, 095
32, 817
38, 302
46, 5G4
28, 490
29, 824
31, 294
34,071
37,365
411 943
44,815
9,268
9, 626
9,524
10, 985
12, 472
14, 190
13, 943
19, 222
20, 197
21, 770
23, 086
24, 803
27f 754
30, 872
41, 973 I 19, 167
22, 800
45, 37G ! 20,647 1 24, 729
40, 620 i 20,345
26,281
52, 2G1 ! 23, SOS
28, 453
56, 551 26, 031
30,517
64,832 ! 29, 046
35, 180
74, 872 34, 605
40, 267
37, 342
36, 913
37, 293
38, 449
38, 828
38, 748
37, 751
37, 714
37,501
40, 423
41,203
42, 347
43, 171
43, 704
44, 500
45, 642
45, 976
46, 5G4
44, 283
44, 894
44, 593
46, 356
47, 056
46, 177
45, 803
44, 460
44, 821
13, 941
14, 289
14,049
14, 063
15, 381
14, 419
13, 045
12, 975
13, 266
30, 342
30, 605
30, 544
31,393
31, 07:>
31, 758
32, 158
31, 494
31, 555
G6, Son
67, 078
67, 943
68, 873
60, 877
71,147
73, 90S
.74, 83G
74, 872
29, 63<S
29, 708
30, 002
30, 069
30, 806
31,354
33, 390
34, 376
34, 605
,'JC>, 7 1 7
37, 370
37, 941
38, 80-1
39,071
39, 703
30,675"
37, 120
35, 590
35, 228
35, 392
46,197
45,951
45, 527
45,303
14,410
45,;-955
46,819
45, 926
46,712
47, 951
48, 285
14, 075
14, 509'
13, 353
14, 064
14, 582
15, 105
31,880 74,024
32, 250 72,918
32, 573 72, 273
32, 648 72, 003
33, 369 71, 374
33, 180
34, 192
32, 790
32, 315
32, 291
32, 016
30,
40,
39,
39,
30,
a "business" also Includes manufacturing (see page 22).
averago for year and total for month.
:
40, 51S
40, 400
40, 267
S32
128
958
712
358
»book value, end of period, seasonally adjusted.
Source: Deportment of Commerce (Bureau of Economic Analysis and Bureau
QitheCousus).
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' inventories fell in M a y for »he third consecutive month. Shipments also declined. New orders Were
about unchanged as a rise in durable orders was offset by a decline ,n nondurable ones Advance reports indiCQ
durable goods orders rose about 1 percent in June to a level 11 percent above the March low.
BILUONS OF DOLLARS (SEASONALLY APJUSTEDJ
BILUONS OF DOtlARS [SEASONAlLY ADJUSTED!
100
160
INVENTORIES
SHIPMENTS
140
80
TOTAL
TOTAL
120
HJRABLE GOODS
100
)URABLE GOODS
60
NONDURABLE GOODS
f I 1 1 1 1 1 1 1
RATIO
200
1.80
I I < i 1 t T 1 I rt
1.40
I 1 1 1 1 1
• 1 1 1 I,
#
TOTAL
>—3U-^
I
t 1 | r 1 1 | i I | i
i ri r|1 i tti i 1 rfi i i ! t i \ i i 1 ( i i i i 1 i f I !I
1972
]975
*I I I 1 1 1 1 1 1 1
INVENTORY-SHIPMENTS RATIO
-s^.,*^
1.60
» I t f I 1 t 1 » I I h
1 1 1 1 1 1 1 1
I
1973
I
1974
1975
COUNCIL O f ECONOMIC ADWSEK
SqUKEi DEPARTMENT OF COMMERCE
Manufacturers' shipments Manufacturers' inventories2
Manufacturers' new orders
l
Durable goods
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Total
NonCapital
durable
goods
industries, goods
nondefense
Manufacturers'
inventoryshipratio*
Millions of dollars, seasonally adjusted
1969
1970
1971
1972
_.
1973
1974
1974: May,.
June.,
July..
Aug...
Sopt-.
Oct...
Nov_.
Dec...
1975: Jan _„
Mar,..
Apr...
M a y *_
June 9.
S3, 55f3
52, 859
55, 917
62, 017
71, 398
81, 723
81,117
81, 1GG
84, 019
85, 760
85, 937
88, 093
8G, 152
79, 487
79, 124
78, 875
77,028
80, 101
79, 180
29, 459 24, 096 97, 074 63, 371
28, 229 24, 629 101, 645 66, 768
29, 948 25, 969 102, 445 66, 050
33, 443 28, 573 107, 719 70, 218
38, 724 32, 674
870 79, 441
42, 635 39, 089 120,
150, 404 97, 967
42, 538 38, 579 130, 936 85, 715
42, 785 38, 381 133, 541 87, 3G6
44,122 39, 897 130,731 89, 280
44,825 40, 935 139, 727 91, 004
45, 016 40, 921 142, 975 93, 184
46, 54S 41, 545 145, 062 94, 6S0
44, 752 41, 400 147, 135 95, 787
40, 549 38, 938 150, 404 97, 967
40, 137 38, 987 151, 624 99, 124
39, 653 39, 222 151, 993 100, 082
38,643 38,385 151,194 99,879
40, 619 39, 482 150, 184 99, 803
39, 940 39, 240 148, 951 99, 378
39, 793
» Monthly average for year and total for month.
* Hook value, end of period, seasonally adjusted.
* *or annual periods, ratio of weighted average Inventories to average monthly
22for FRASER
Digitized
33, 703
34, 877
3G, 395
37, 501
41, 429
52, 437
45, 221
46, 175
47, 445
48, 723
49, 791
50, 382
51, 348
52, 437
52, 500
51,911
51,315
50, 381
49, 573
53, 646
52,118
55, 726
62, 922
73, 836
83, 297
85, 2G4
85, 176
87, 517
90, 393
87, 147
86, 3G9
84, 282
76, 454
74, 958
76, 139
73,882
78, 368
78, 510
29, 549
27, 48fi
29, 745
34, 274
41, 098
44, 289
46, 730
46, 848
47, 709
49, 463
46, 402
45, 084
43, 182
37, 842
36, 0G2
37, 023
35,492
38, 751
39, 185
39, 542
7,694
7,055
7, 324
8,487
10, 310
11,494
] 1, 804
12,011
12,800
11, 805
11,832
11, 383
10, 623
10, 459
10,077
9,970
9,522
10, 309
10, 302
10, 303
24, 097
24, 632
25, 981
28, 648
32, 738
39, 009
38, 534
38, 328
39, 808
40, 930
40, 745
41, 285
41, 100
38, 612
38, 896
39, 116
38,390
39, 617
39, 325
1.76
1.89
1.82
1.69
. 5S
..65
1.61
.65
. 03
.63
.GO
. 65
.71
.89
.92
.93
.9G
.87
.88
shipments; for monthly data, ratio of inventories at end of month to shipment*
for month.
Source: Department of Commerce, Bureau of the Census.
MERCHANDISE EXPORTS AND IMPORTS
M a y witnessed the fourth monthly trade surplus in a row (with exports and imports both valued on a free alongside
ship basis). A larger surplus in M a y than in the previous month came primarily from lower imports, which more than
countered a lesser decline in exports.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
12
12
SEASONALLY ADJUSTED
MERCHANDISE IMPORTS
' ' 'I ' t t I ! I
1969
1970
1971
'I ' ' ' ' ' I I 1 1
1972
1973
I' t
I I I I 1 I 1 I I
1974
[Millions of dollars; monthly data seasonally adjusted]
-Merchandise exports.
Merchandise imports
Period
Domestic exports
Total |
(in- \
Food, Crude
eludbever- mateing
Total» '• ages,
facrials
reex! and to- j and turcd
ports)
! bacco i fuels goods
I
Monthly
average:
1970.
1971._
1972.
1973..
1974__
1974.
1974: May.
JuneJuly.
Aug.
Sept.
Oct.,
Nov
Dec"---I
1075: Jan.
Feb..
Mar.
A
Apr...
!
F.a.s. value
General imports
I.
• • I
Customs value
Merchandise track*
balance
J
Exports
tf.a.s.)
less
imports
i
.1
fl
j
S, 159 8,045
7, 652
S, 317
8, SOS
S, 380
S, 396
S, 673
8, 074
8, 862
9,412
8,789
S,716
8, 570
S, 145
1,269
1,199
1, 231
1,236
1,182
1,099
1,250
1, 397
1, 378
1, 735
1,52G
1,388
1, 36S
1, 140
1,317
1,328
1,374
1,381
1,318
1, 223
1, 2G5
1, 5C0
1, 332
1,595
1,319
1,356
1, 184
1, 197
2, 445
2, 537
2,812
3,728
5,294
5, 294
4, 962
5, 407
5,388
5,603
5, 660
5,890
5, 845
5, 812
5, 747
5, 658
5,573
5,732
5, 467
3,329
3, 797
4,632
5,790
8,414
8,352
8,265
8,573
S, 918
9,262
8,69S
8,769
8, 965
9,250
9,022
7,872
7,336
8, 013
7,093
excludes
le*?nH
department
of Defense shipments of grant-aid military sup1
111
undcr
H
OT^
ihc Military Assistance Program.
1
*TnS
l
.
™
^
commodities
and
transactions not classified according lo kind.
1
Ciif a r r l v a l s of imported cood? other than intrfinsit shipments.
http://fraser.stlouisfed.org/
UnitedI Stot S t ' i n s u r a n c c » a n < 1 height) import value at first port of entry in tho
Federal Reserve Bank of St. Louis
1975
Food, I Crude
bever- I mate- ManufacTotal 2 ages, ! rials
1 and to-1 and tured
bacco i fuels
5
3, ooo j 3, 502 j 422 ! 558
3, 629
423 i 537
4,100 4, 033 j 547 I 591
5,902 5,811
1, 07S i S95
S, 159 8, 045 1, 2G<J j 1,317
' ' 1 1 '
I
519
534
615
770
892
545
606
737
1, 120
051
F.a.s. values
S92 j 2, 669
931 2, 739
923 2, 837
942 2, 946
S99 3, 098
783 2, 856
710 3,003
940 2, 995
943 2, 978
790 3,589
794 2,417
821 1,864
777 2,951
728 2,441
I
2, 159
2,535
3, 147
3,750
4, 684
225
-108
-532
112
9, 000 -255
4,602
4, 452
4, 678
4, 833
5, 091
4, 958
4, 961
5, 042
5, 062
4, 793
4, 286
4,441
4,051
3, 828
9,000
S, 921
9, 256
9,611
9, 999
9,378
9, 451
9, 653
9, 942
10, 365
8,441
7,894
8,800
7, 631
-255
— 674
-313
— 655
-959
-384
-189
-91
-453
-247
-193
-841
-841
-1,269
-940
-1,303
-1,610
-982
-778
-6S0
9
- 3 S S ! -l,0S0
-953
-211
348
917
822
1,380
-230
557
514
1,052
-193
-612
-257
-611
-SS2
-302
»F.a.s. (free alongside ship) value basis: at U.S. port of cxportatioii lor exports
and
at foretell port of exiwrtation for imports.
8
Sec Note.
NOTE.—Customs value imports have been discontinued. For 1571 monthly
data on this basis, see Economic Indicators, February 1975.
Source: Department of Commerce, Bureau of the Census.
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The current account of the balance of payments moved to substantial surplus in the first quarter. A n important fact
was the $3.3 billion shift to surplus in the trade account during the quarter, although this was countered somewh [
by a fall in net investment income.
BILUONS
BILUONS OF DOLLARS
4
BALANCE O N GOODS
AND SERVICES
-2
1969
|
1975
1?70
SOUK& EeARTMENT OF COMMEftCE
COWOL OF ECONOMIC ADVBERS
[Millions of dollars]
Merchandise * *
Period
Net
Baltravel
and
Other ance
on
trans- servporta- ices,3 goods
and
tion
net
servexpendices *
itures
Sales
-35,807
607 - 4 , 856
-39,866 2, 603 - 4 , 855
-45,579 - 2 , 2 6 8 - 4 , 819
-55,797 - 6 , 4 0 9 - 4 , 784
-70,424
955 - 4 , 6 5 8
-103,790 - 5 , 5 2 8 - 5 , 103
1,528
1,501
1,926
1,163
2,342
2,944
451 -22,651 - 2 0 0 - 1 , 1 6 6
206 -25,743 -1,537 - 1 , 3 2 4
026 -27, 367 - 2 , 341 - 1 , 2 7 9
585 -28,035 - 1 , 4 5 0 - 1 , 3 3 5
663
678
766
837
-503
-646
-513
-498
4,014
2,745
3,161
3,431
-769
-781
-807
-872
-513
-717
-721
- 7 4 1 1,
948
-347
2,230
-905
- 5 0 7 1,032
36, 414
42, 469
43,311
49, 388
71, 379
98, 268
Imports
1974:
I__._
II,..
IllIV..
1975:
! * „ . 27, 222 -25, 381
22,
24,
25,
26,
Net investment income
Direct
expenditures
Exports
1969
1970
1971
1972
1973
1974
Military transactions
Net
balance
1,841 - 1 , 2 9 5
Net
balance
Private 3
U.S.
Government
- 3 , 328 3,471
156 - 1 , 7 6 3
- 3 , 355 3,631
-112 -2,023
- 2 , 8 9 3 5, 659
-956 -2,315
- 3 , 6 2 1 6,208 - 1 , 8 8 8 - 3 , 024
- 2 , 3 1 7 8, 188 - 3 , 009 - 2 , 862
- 2 , 158 13, 351 - 3 , 2 2 9 - 2 , 6 9 2
Seasonally adjusted
1,878
1,020
2,220
2,966
2,537
-237
2,803 - 5 , 9 3 0
3,222
4,177
3,830
3,574
886
936
960
049
Remittances,
pensions,
and
other
unilateral
transfers^
- 2 , 976
- 3 , 248
- 3 , 642
- 3 , 779
-3,841
- 7 , 182
24
-1,956
-281
- 3 , 879
-9,710
335
- 3 , 608
2,915 - 2 , 9G6
-51
- 1 , 8 6 5 -1,865
- 2 6 1 - 1 , 2 6 5 -1,526
919 - 1 , 0 8 8
-169
3,344 - 1 , 1 9 6
1
Excludes military grants,
* Adjusted from Census data for differences in timing and coverage.
1
Fees and royalties from U.8. direct Investments abroad or from foreign direct
Investments in tlio United States are excluded from net investment income- and
Included in other services, net.
Balance
on
current
account
Source: Department of Commerce, Bureau of Economic Analysis.
2,148
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
The deficit on current account and long-term capital fell sharply by $6.1 billion in the first quarter of 1975. Both
current and capital accounts showed improvement, the former due mainly to better merchandise trade performance.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASOKAILY ADJUSTED
BALANCE O N
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
NET
LIQUIDITY
—\
1
A
I
/
/A 5M
if
V
7
A
fV
\
\
/
u
OFRCIAL RESERVE
I
I TRANSAQIONS BALANCE
-10
If
f1
f
196?
f
\
1970
1971
I
T
t
T
-10
t
t
1?73
1972
f
SOURCE, DEPASTMENT Of COMMERCE
1
f
1975
1974
COgNCtL O f ECONOMIC ADYWStS
[Millions of dollars]
NonLong-term capital Balance liquid
flows, net
on
current shortterm
account private
U.S.
and
longcapital
GovernPrivate 3 term
flows
ment 1
capital net*
Period
1969.
1970.
1971.
1972.
1973.
1974.
-1,949
- 4 4 - 3 , 949
-2,045 - 1 , 4 3 4 - 3 , 700
-2, 376 - 4 , 383 - 1 0 , 6 3 7
-1,334
- 6 9 -11,113
-1,490
-977
177
1,118 - 8 , 437 - 1 0 , 9 2 7
Allocations
of
special
drawing
rights
(SDR)
-640
-482
-2, 347
-1,542
-4, 238
-12,949
Errors
and
omissions,
net
867
717
710
-1,492
-476
-9,698
-1,884
-2,436
4,834
Changes
in liaOfficial
Liquid
bilities
Net
reserve
private
to
liquid- capital transity
actions foreign
flows,
official
balance
balance agencies,
net*
net*
Changes
in U.S.
official
reserve
assets,
net 4
U.S.
official
reserve
assets,
net
(end of
period)*
2,739 - 1 , 5 5 2 - 1 , 1 8 7
8,820
- 6 , 081
7,362
2, 47
- 3 , 8 5 1 -5,988 - 9 , 839
2,348
- 2 1 , 965 -7,788 -29,753 27, 405
10, 322
32
3, 475 -10,354
-13,829
5,099
209
2, 343 - 5 ; 308
-7,651
9,808 - 1 , 4 3 4
-19,043 10,669 -8,374
16, 964
14, 487
12, 167
13, 151
14, 378
15, 883
Unadj us ted
Seasonally adjusted
1974: I
II—_
I II™
IV....
1975:
!
1,411
484
83
-800
-497
1,624
264
- 9 9 9 — 2, 380
-2, 157 - 3 , 600
-5, 544 - 6 , 573
- 2 , 12G
- 3 , 908
- 5 , 248
- 1 , 4G2
- 2 , 331
1,702
-475
p£ clu + des ,labilities to foreign official
6
8
e x d u d e t h e LMF
^
reserve agencies.
? ?"*
» b u t i n c l u d e o t n e r international and
es to foreign official agencies reported by U.S. Government
and u s
* * labilities to the IMF arising from reversible gold sales
^
the United States..
^creases
(\n
minions) as follows: 1909, 567 due to revaluaton 0
196y im
?
fln,OctI > $& due to dollar valno of foreign currencies
to reflect market exchange rates as of Dec. 31, 1971; W72, $1,016 duo to
1,085
1,416
1,153
1,179
1,844
552
1,751
-1,199
2,020 - 4 , 192
-6, 212
119
4,028
-3, 909
2,870 -4,855
- 7 , 725
3,071 -6,294 - 3 , 223
-342
-210
-35S
4, 550
884 - 1 , 0 0 !
13
4,718
3, 549
-326
14, 588
14, 946
15, 893
15, 883
16, 256
change In par value of the dollar on May 8, 1972; and fourth quarter and year
1973, £1,436 due to change in par value of the dollar on Oct. 18,1973.
Beginning July 1074, SDK and reserve position in the IMF based on new
mettiod of valuation. On ft pre-July basis, reserve assets for Sept. 30, 1974 are
$15,9-10 million, for Dec. 31, 1974 $15,812 million, and for Mar. 31, 1975 $16,106
million.
Sources: Department of Commerce (Bureau of Economic Analysis) and
Department of the Treasury.
25
PRICES
CONSUMER PRICES
In June the consumer price index rose 0.8 percent (also 0.8 percent seasonally adjusted). Food prices increased
2nt(also 1.5.percent seasonally adjusted), Nonfood commodity prices rose 0.5.percent. (0.5 percent so
1.5 percent
sonally adjusted) and services prices rose 0.7 percent.
INDEX, 1967=100
180 T
INDEX, 1967a ion
1180
170
170
160
160
150
150
140
140
130
130
120
no
110
) 1 I | ! |
100
l .
t
• i i
!
T
t i i f i r i i
1970
1969
I t f 1 I t t I I ! 1 i t I i ; 1 > 1 I
1972
1971
t i j i i I r t * r
1974
1973
DEFA2TMENT OF LAfcOR
'• i f > r ! •
.1975
100
COUNCIL OF ECONOMIC ADVUiSS
[1967 = 100]
Commodities
All
items
Period
May
June
Julv
Aui?
Sept
1975: Jan,
Mar.
Apr,.
MayJune -
26
All
Nonservices
durable
Rent
services
less
rent
97.5
100.0
103.7
10S. 1
112. 5
110. 8
119.4
123.5
136.6
98.5
100.0
103. 1
107.0
111.8
110. 5
118.9
121. 9
130.6
97.0
100.0
10i 1
108. 8
113. .1
117. 0
119.8
124.8
140.9
95. 8
100. 0
105. 2
112.5
121. 6
128. 4
133. 3
139. 1
152.0
98.2
100.0
102. 4
105. 7
110. 1
115. 2
119.2
124. 3
130.2
95.3
100. 0
105.7
113,8
123.7
130. S
135.9
141.8
156.0
.
145. n
140. 9
__ 0
MS.
!
149. 9
151. 7
143.4
144.8
145. G
147. 6
149, 4
150.7
152. 0
153. 0
159.7
160.3
160. 5
162.8
1G5. 0
106. 1
167.8
1G0. 7
131. 5
13G.2
137.5
139. 3
140.9
142.2
143. 3
143.9
127. n
129. 7
131. 5
133. 2
134. 8
130.8
138.0
13? S
139. 5
141.0
Ml. 8
143. 7
145.:;
14(3. 1
147.2
147. 7
149.
150.
152.
154.
ir,o.
157.
158.
160.
120. 6
130. 2
130. G
131. 2
131. S
132. r>
133. 3
133.77 |
153.1
154.7
150. (i
158. 4
15.1-1
15-1.4
155. 0
170.9
171. 0
171.3
171.2
171. S
174. 4
113. 9
M4. 0
146. 0
147.2
148. 1
148. 9
13 3
140. 3
142. 1
143. 0
144. 8
145.8
147. 2
J 4S. 2
US. S
149. 8
101.
162.
163.
104.
164.
165.
153.0
154. 3
155. 4
150. 1
157, 2
157. 8
15S.G
159. 3
160. 0
Source: Department of Labor, Bureau of Labor Statistics.
Durable
09. 1
100,0
103. 6
108. 9
114. 9
118. 4
123. 5
141.4
1G1.7
_._
Nov..
Pec.
All
98.2
100.0
103.7
108.4
113. 5
117. 4
120.9
129. 9
145.5
_.
OCT..
Food
97.2
100.0
104.2
109.8
116. 3
121. 3
125. 3
133. 1
147.7
1<JGG.
1907.
19081909.
1970.
1071.
1972,
1073.
1974.
1974:
All commodities
Services
Commodities less food
15.r>. 7
15G. r>
157. 9
!
150.5
15]. 2
f,
0
0
2
0
7
1 I
u
6
o
1
5
134.
135.
135.
1 :
5 i
9 :
w:>.
130. 4
136. 9
1G0. :§.
id. n
1GH.3
16-18
1G0. 2
107. r,
JHS.3
169.2
169. (i
170.!)
WHOLESALE PRICES
The wholesale price index rose 0.3 percent in June (declined 0.1 percent after seasonal adjustment). Prices of farm
products and processed foods and feeds increased 0.6 percent (declined 1.4 percent seasonally adjusted). Industrial
commodity prices were up 0.2 percent (0.4 percent seasonally adjusted).
INDEX, 19<?7«100
INDEX, 1967=100
200
200
180
180
160
160
" .. FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
140
140
ALL COMMODITIES
INDUSTRIAL
COMMODITIES
120
100
100
1969
|
1970
" 1974
1973
tOUPCE: DEPARTMENT OF IA»OR
commodities
Period
19GG
1967__
1968.
19G9._
1970.
1971.1
1972..
1973..
1974...
Jn.
M
June.
Ter&E0
iadex.°
^tobaeS
I
1
1
I
99.8
100.0
102. 5
100. 5
110. 4
113. 9
119. 1
134. 7
160.1
155. 0
155.7
161.7
167.4
167.2
170. 2
171.0
171.5
171.8
171. 3
I 70. 4
172.1
173.2
173.7
[1007=100]
Farm products and
processed foods and feeds
ProcAll inessed
Farm
dustrifoods
Total
prodals 1
and
ucts
feeds
98.5
101.2
103.5
105.9
100.0
100.0
100.0
100.0
102.5
102.2
102. 4
102.5
106.0
107.3
108.0
109. 1
110.0
112. 1
111.7
111.0
114.0
114. 3
113.8
112. 9
117.9
120.8
122. 4
125.0
125.9
148. 1
159. 1
176. 3
153.8
170.9
177.4
187.7
150.5
15& 9
167.4
180. 8
153.6
157.4
161.7
168.6
157.8
167.6
172.7
180.8
161.6
179.7
1S9. 2
183.4
162.9
176.8
182.7
179. 1
164. 8
183.5
187.5
185. 1
165.8
189.7
187.8
189.0
166.1
188.2
183.7
186.5
167.5
186.4
183. 8
179.7
168.4
182. 6
179. 5
174. 0
168.9
177.3
174.9
171. 1
169.7
179.4
178.8
177.7
170.3
179.0
181.2
184. 5
170.7
182.3
186. 2
179.7
°* ***• wbgroups does not correspond exactly to coverage of this
cru
^foodstulls and feedstnils, plant and animalfibers,oilseeds, and
1975
COUNCIL OF ECONOMIC ADY1$£RS
All
1974: May
June».r
J u]
. y
£US—
Oct..
Xov.
1975:
I
Industrial commodities
Crude
mate-2
rials
104.5
100.0
102.0
110.6
118.8
122. 7
131. 1
155. 2
219.1
216.5
217.5
228.9
229.5
229.8
229.0
228.7
221.2
219.4
221. 0
218. 4
222.7
225. S
226.3
Inter- Producmediate er finmate-8
ished
rials
goods
98.9
100.0
102.6
106. 1
110.0
114. ;j
118.9
128.1
159.5
156.1
159.6
164. 5
169.6
170.6
172. 1
173.0
173.2
175. 0
175. 9
176.4
177.3
177.7
177.8
96.8
100. 0
103.5
106.9
111.9
116.6
119.5
123. 5
141.0
135.0
138.7
141. 5
145. 2
148.0
151. 0
154. 1
155.3
157. 4
158. 3
159.7
160.7
161.2
161.7
Consumer tinished goods excluding foods
DurNonable
durable
98.5
97.8
100.0
100.0
102.2
102.2
104.0
105.0
107.0
108.3
110.9
111.3
113.2
113.6
115.8
120. 5
146.8
12a 3
123.7
144.3
125. 0
147.7
126.8
150. 6
127. 3
153. 0
128. 4
154.2
133. 1
155. 7
133.8
156.2
135.3
156.9
158. 2
135. 9
158.8
136. 3
136.9
158. 9
137.0
159. 5
137.0
160. 4
137.3
161.6
* Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for farther processing.
Source: Department of Labor, Bureau of Labor Statistics.
27
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers increased 2 percent in the month ended June 1 5 . Contributing most to the increase were
higher prices for cattle, potatoes, tomatoes, cantalopes, and peaches. Prices paid were up 1 percent. The actual a n j
adjusted parity ratios each increased 1 point.
INDEX, 1967=100
PRICES PAID,
NTERE5T, TAXES, AND
WAGE RATES
100
100
RATION
110
RATIO J /
110
PARITY RATIO (ACTUAL)
100
100
/V .
90
90
80
80
70
70
60
w
60
i
|
i
r
i
1 f
I
I
I
I
i i i «• L L L I I ' *
1969
2/
i i i t t t
1970
T
f r r r
i i r i • f i i t i i
i t f i i 1 i i i i i
1972
1973
1971
r
t i
i
i |
j
» t
| p
1974
1975
RATIO OF INDEX OF PRICES RECEIVED TO INDEX O f PRICES PAID, INTEREST. TAXES, A W VACE RATES, ON 1910-14*100 BASE.
S O U K L DCf AXTMENT Of AGUCU17URS
COUNCIL OP ECONOMIC ADVISERS
Prices received by farmers
All farm
products
Period
1967.
1968.
1969.
1970_
1971.
1972_
1973,
1974.
1974: May 15.
June 15,
July 15_
Aug 15..
Sept 15-.
Oct 15. _
Nov 15..
Dec 15..
1975: Jan 15..
Fcb 15..
Mar 1"K.
Apr 15. .
May 1">.
June 15.,
100
103
108
110
112
126
172
184
174
166
176
185
181
186
182
178
172
168
165
170
178
182
Crops
Prices paid by farmers
AH
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
products wage rates
items
items
Index, 1967-100
100
101
97
100
107
116
164
214
200
202
200
220
219
230
225
214
201
192
185
188
189
192
sfo^mO^H^IW b a s e a r m e " l ° i a d e i ° ' P r l C C S P a M f
100
104
117
118
116
134
179
164
156
142
156
161
156
156
153
153
153
151
152
157
171
170
100
104
109
114
120
126
145
169
165
166
168
173
175
177
179
180
180
180
179
182
183
185
'Th°
adjusted parit
100
104
109
114
119
124
138
1G1
160
1G0
161
164
166
167
171
173
173
175
173
173
175
176
y
ratio
refl
Actual
Adjustedi
74
73
74
72
70
74
88
81
79
74
78
80
77
7S
76
73
SO
79
80
77
74
79
91
SI
79
75
78
SO
77
78
76
74
71
70
69
69
72
73
71
70
69
70
72
73
ects Government payments made directly to
Source: Department ol Agriculture.
28
100
102
106
110
115
122
146
172
166
168
170
178
182
183
183
184
182
180
179
185
1S7
190
Parity ratio ]
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock grew at an annual rate of 6.9 percent in the latest 6 months, December to June
The rate of the preceding 6 months was 3.2 percent.
BIUiONS OF DOLLARS
BILLIONS Of DOLLARS
AVERAGES O F DAILY FIGURES SEASONALLY ADJUSTED
450
400
350
25a
200
150
1969
I
1970
1975
SOWCE. » 0 U D Of GOVERNORS Of THE FEDCKAl USCftVE SYSTEM
Period
1969: Dec
1970: Dec
1971: Dec
1072: Dec
1973: Dec""
1074: Dec.
1074: May.
June.
July..
Aug,
Sept.
Oct.
Nov..
Dec
197r>: j a n
Feb_
Mar
r _
May
*P
June
deposits at commercial banks.
[Averages
Money stock
Currency
Total
outside
banks
208.7
221.4
235. 3
255.8
271.5
284.4
277. C
280. 0
280.4
280. 5
280.7
281.6
283.6
284.4
282.2
283. 5
28G. 1
287.1
289.7
294.1
COUNOL OF ECONOMIC ADVBEKS
of daily figures, billions of dollars]
Money stock
Time
Curand
DeDerency
savings
mand
mand
outTotal
dededeside
posits *
posits*
posits l
banks
Seasonally adjusted
46. 1
162.7
49. 1
172.3
52.6
182.7
56.9
198. 0
61.6
209.9
67.9
216. 5
64.3
213.3
64.6
215. 4
64.8
215.6
65.5
215. 0
65.9
214.8
215.2
66.5
216.2
67.4
67.9
216. 5
68.2
214.0
68.8
214.7
69.5
216.6
69.6
217.5
70.3
219.4
71.1
222.9
194.5
229.3
271.2
313.8
364. 5
419.4
302.5
398.4
402.8
405. 2
407.5
412.1
413.6
419.4
426.0
428.9
430.0
431.7
433.1
437.3
214.7
227.6
241.9
263.0
279.1
292.3
272.9
278.2
280.0
277.3
278.9
281.2
285.1
292.3
289. 3
280.4
283.3
288.7
284.9
292.2
46.9
50.0
53. 5
57. 9
62.7
69.0
64.1
64. S
65.3
65.7
65.8
66.4
07.9
69.0
67.8
67.9
b'8. 9
69.2
70. 1
71.3
Unadjusted
167.7
177.7
188.4
205.1
216.4
223. 3
208. S
213. 5
214.7
211.6
213. 1
214.7
217.3
223. 3
221. ii
212. 6
214.4
219. 5
214. 8
220.9
Time
and
savings
deposits l
193.2
228.1
269.8
311.8
362.2
416.8
393.9
397.9
402.0
40S. 2
410.1
413. 3
411.7
410.8
424.1
426.6
430.6
432.0
434.7
436.9
Source: Board of Governors or the Federal Reserve System.
U.S.
Government
demand
deposits x
5.6
7.3
6.9
7.4
6.3
4.9
7.6
6.1
5.4
4.0
5. 5
3.7
3.4
4.9
4.0
3.4
3.9
4.2
4.2
4.2
29
PRIVATE LIQUID ASSET HOLDINGS -
NONFINANCIAL INVESTORS
Private nonfinancial investors increased their holdings of liquid assets^by $ 1 6 . 7 billion in June. Record inflows of
deposits at nonbank thrift institutions accounted for $ 6 . 4 billion of the increase.
BILL'ONS OF DOLLARS
lpQO
U00
AVRAGES OF DAILY HGURES, SEASONALLY ADJUSTED
7,200
1,200
1/00
TOTAL LIQUID A S S E T S ^ " ^
looo
1,000
>
900
900
800
, 800
+***" \
^
f
CURRENC AND DEPOSITS
700
700
600
600
*} ' ' ' ' • U ' ' L f I i r f 1 i f t l 1
^
1969
1970
l l l t l l l M t !
tl971
M i i i ! i f ri i
f ri I i I f M ri
1972
1973
f i r t i T r ! i
T T
1974
SOWtCFr BOARD OF OOVT»NO»S Of THE FEDEfAl K5OVE SYSTEM
f f 1 f 1 1 t r i r iK 500
1975
N
COUNCIL O f ECONOMIC ADVISEU
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and deposits
Total
liquid
assets
Period
Time deposits
Total
Currency
Demand
deposits
Commercial
banks
1968: Dec.
I960: Dec1970: Dec,
1971: Dec.
1972: Dec.
1973: Dec.
1974: Dec,
704.1
737.1
78G. 7
868.7
980.2
093. 5
184.3
564.5
583.0
634.4
721.1
810, 0
885. 3
941. 7
43.4
46.1
49. 1
52. 6
56.9
61.6
67.9
140.1
144,7
153. 2
161.7
175.2
181.5
183.4
174.3
177.3
199.2
233.6
264.7
294.8
322. 1
197-1: Anr_.
134.9
142.3
152.7
159. 8
1G4. 0
167. 8
175. 7
179.7
184.3
909.9
911.9
918.7
922.0
924.6
926. 5
932. 0
939.0
941. 7
63,9
64.3
04.6
04.8
05. 5
65.9
66.5
67.4
67.9
183.2
183.0
184.6
184.7
184. 1
183. 0
183.8
184. 8
183.4
306. 6
307.6
310. 8
312. 5
314. 3
315. 4
318. 6
320.8
322. 1
192. 2
199.9
208.4
218.3
228.3
1, 245. 0
946.4
054.5
965. 3
974.8
987.3
, 004. 0
68.2
68.8
69. 5
69.6
70.3
71.1
181. 1
J81. 9
183. 5
184.5
ISO. 0
189. 6
32*, 6
32R. 6
33 J. 4
333. 9
338. 6
344, 5
May.
JuneJuly..
Aug.,
Sept.
Oct..
Nov..
Dec,.
1975: Jan...
Ireb_._
Mar...
Apr
M a y *_,
June *_
Source: Board of Governors of tho Federal Reserve System.
30
U.S. Government securities
ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities
206.7
215.0
232.9
273. 2
319.1
347.4
368.3
51. 4
51. 1
51.3
53.7
57. 0
59. 9
62.8
356. 3
357. 0
60.8
61.0
01.2
61.5
61.7
62.0
62. 3
02. G
02. S
35a 6
360,0
360. 7
361. 7
363. 1
360. 0
36S. 3
371.
375.
380.
386.
392.
5
2
9
8
4
39a 8
63.2
63. 5
63.8
64. 1
614
04.7
46.8
64.9
53.2
39. 6
39. 8
52.1
GO. 3
Negotiable
certificates of
deposit
22.5
9.1
23.1
30.3
39.9
58.1
79.8
Commercial
paper
18.8
28.9
24.0
27.6
38.3
39. G
40.1
40. f>
55. 9
56. 3
57. 1
68.1
72.6
75.0
76.4
75.9
76.3
77.2
76. 0
79.8
40.7
41.5
42. G
43.3
43. 4
41.4
39. G
61. 1
82,4
S2. 2
80.4
79. 3
75.8
74,1
39.1
39.3
39.7
40.0
40.3
40.6
58.4
59. 1
59.7
00. 0
60. 8
60.3
(SO. 3
50. 2
60.2
60.5
61. 6
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank holdings of Government securities rose by $4.2 billion in June# continuing the rapid rises since January.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
800
ALL COMMERCIAL BANKS
SEASONALLY ADJUSTED, ENO OF M O N T H
700;
700
600
600
TOTAL
LOANS AND INVESTMENTS
500
400
300
203
200
INVESTMENT IN OTHER SECURITIES
INVESTMENT IN
U.S. GOVERNMENT SECURITIES
.,..,................••»••'"
100
.100
.1
1
'
' '
'
'
'
'
'
'
i
'
'
i
1969
;•
i !
'
•
• • i
• i
1970
T
i t I i i t i i I
T
» i • i I • t i i i
1972
1971
'i t i i i I t i i i i
i i i i ; I i i i l t
1973
1974
COUNCIL o f ECONOVK: ADVISERS
SOURCE, BOARD O f GOVERNORS OF THE FEDERAL WStPYE SYSTEM
All commercial banks
(seasonally adjusted data)
End of period
Investments
Loans
Total
loans
Total,
Comand
Gov- Other
mercial U.S.
invest- excludernment securiments ing inter- and indus- securities
ties
bank
trial
Bank
debits
outside
New York
City (232
centers),
seasonally
adjusted
annual
rates}
All member banks s
Total
reserves J
Millions of dollars
Billions of dollars
401.7
435. 5
484,8
,550. 4
630. 3
,687. 0
5
677. f>
687. 5
693. 9
689. 9
690.8
5
692. 5
687.0
6S9. 3
691. 0
094. 7
696. 2
698*. 8
pcrlod
t0 dem
105.7
110.0
115. 9
129.7
155. 8
182.6
174. C
178.0
181.0
181. 4
183.2
1S4. 3
182. 0
183. 9
182. 1
ISO. 4
179.8
178.2
175. 3
51.5
57.9
60. 1
61:9
52.8
48.7
56. 4
55.9
55. 3
52. 3
49. S
49. 1
48.7
48.8
53. 3
oS. 7
64. 5
6S. 8
73.0
a n d deposit accounts except interbank and
?
1
279. 1
29L7
320.3
377.8
447. 3
498. 2 ;
484. 5
494. 8
501. 5
500. 2
502. 0
503.8
49$. 2
500. 7
497. 6
496.4
492. 4
489. 6
484. Ti
daily figures. Annual data are for December.
g
N? v ember 1972, adjusted to include certain reserve deficiencies
* ^ 1 1 1 6 3 coxila b e waived for a transition period In connection with
J. Transition period ended after June 1974.
lucIudcs seasonal borrowings.
1975
71:1
85.9
104.4
116.7
130. 2
140. 1
136.6
136. S
137. 1
137.4
139. 0
139. 6
140.1
139.8
140. 1
139. 6
139. 3
130. 9
141. 3
5,150
5,717
6t US
7,530
9,682
11,673
11, 392
11,759
12,241
12,0/f7
12,07S
12,380
12,261
11,698
12,0X5 ;
11,942 !
11, 8S7
11, 022
i
28,031
29, 265
31,329
31,353
35, 068
36,941
3fi, 390
37,338
37,029
37,076
36,796
36,837
30,941
37,492
35,565
34,779
35,134
34, 492
35. 004
257
272
165
219
262
339
131
177
178
191
91
258
339
-64
232
266
120
-1
582
1,086
-829
1,019
1,298
-830
-1,036
-364
-2,869
-3,131
-3,173
-3,096
-1,702
-1,027
-364
-454
321
107
703
3, 000
3,30S
3,3f,l
3,287
1,793
1/285
703
390
147
106
110
CO !
217i
-49
08
85
160
10
-(il
307
* Beginning June 1974, a bank merger increased total loans and investments
by $0.0 billion, and beginning November 1OT4, liquidation of a large bank reduced
total loans and investments by $1.5 billion. For ellect on other categories, see
Federal Rtitne Bulletin.
Source: Board of Governors of the Federal Reserve System.
Q1
CONSUMER AND REAL ESTATE CREDIT
Consumer credit (seasonally unadjusted) increased by $0.7 billion during M a y . A year earlier there was a rise of $9 o
£ 1
billion. Seasonally adjusted consumer instalment credit fell $0.1 billion in M a y .
"
TOTAL CONSUMER CREDIT OUTSTANDING
20
!• ' 1 I ' 1 ' ' t ( » M t t > t I t t I I 1 I I I l I I I I I I t f 1 I I T.I I I t I f I T I I 1 I I I I I t 1 M I \ 1 I 1 ! I 1 1 1 I I I I 1 I . | | |
T n j
j
20
SEASONALLY ADJUSTED (ENLARGED SCALE)
I I i I I I i t 1
t < t t 1 1 I I I l 1
SOURCE. toMO or GOVERNORS or we rwmi
nsavc SYSTEM
COUNCX O f ECONOMIC /OVtSBtS
[Millions of dollars)
Coneuraer credit outstanding (end of period;
unadjusted)
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1974: Apr..
May.
June,.
July.,
Aug..
Sept.
Oct.,
Nov_.
Dcc_.
1975: J a n . .
Feb..
MarApr. _
Mflv.
oot rtloVn £ S £ t 8 J . W
l
Total
Total
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
180, 486
190, 121
179, 495
181, 680
183, 425
184, 805
187, 369
187, 906
188, 023
188, 084
190, 121
187,080
185, 381
184, 253
184, 344
1S5, 010
76, 245
79, 428
87, 745
97, 105
102, 064
111,295
127, 332
147, 437
156, 124
147, 047
148, 852
150,615
152, 142
154, 472
155, 139
155, 328
155, ICG
156, 124
153,952
152, 712
151, 477
151, 271
151,610
COnsumer E00ds pa er
P «
Instalment
Automobile
Personal
paper
loans
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51,130
51, 689
50, 606
51, 076
51, 641
52, 082
52, 772
52, 848
52, 736
52, 325
51, 689
50,947
50, 884
50, 452
50, 360
50, 465
andhomo
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425
44, 2G4
41, 851
42, 402
42, 945
43, 400
44, 164
44, 375
44, 319
44, 180
44,264
43,815
43, 726
43, 709
43, 784
43, 90S
improvement loans,
'Consists of single-payment loans, charge accounts, and service credit.
32
Noninstalment *
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049
33, 997
32, 448
32, 828
32,810
32, 663
32, 897
32, 767
32, 605
32, 918
33, 997
33,128
32, 669
32, 776
33, 073
33, 400
8
Consumer instalment credit extended
and repaid (seasonally adjusted)
Total
Automobile paper
Extended
Repaid
Extended
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
165, 083
166, 478
14,179
14, 669
14, 387
14, 635
14, 394
14, 089
13, C26
12, 009
12, 702
12,859
13, 405
12, 797
13, 181
13, 149
77, 480
83, 98S
91, 667
99, 786
107, 199
115,050
126, 914
144, 978
157, 791
13, 026
13, 407
13, 301
13, 310
12, 882
13, 412
13, 224
13, 009
13, 516
13,260
13, 228
13, 234
13, 123
13, 274
27,192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 453
42, 756
3,545
3,769
3, 731
3, 812
3,887
3,835
3,369
3, 062
3,205
3,348
3,850
3,419
3, 454
3,467
Repaid
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452
42, 197
3,498
3,601
3, 577
3,563
3,443
3, 604
3,470
3, 423
3, 008
3,534
3, 60')
3,772
3,719
3,025
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
Mortgage
debt outstanding,
nonfarm,
1- to 4family
houses'
223,645
236,060
251,241
260,823
280,175
307, 200
345, 384
386,240
414, 961
402,137
410,184
~414,"QG1
418,650
BOND YIELDS AND INTEREST RATES
The interest rate "risk premium11 paid on Baa-rated corporate bonds compared with the rate paid on safer Aaa-rated
bonds narrowed in early July, while short-term interest rates rose rather sharply.
FERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE A M BONDS
(MOODrS)
1975
196?
COUNCIL Of KOHOWC ADVISERS
SOWCL HI TAWC BEIOW
Period
1969.
1970.
1971.
1972.
1973.
1974.
1974: Aug..
Sept
Oct
Nov
Dec
1975: Jan.V.
F
Mar.
June
: June 13
20
27
July 4
1118.
25
[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
Taxable
3-5
year
Treasury
(Standard &
issues
*
bonds»
bills ^
Poor's) *
5.81
6.677
a 85
6. 10
a 51
6.458
6.59
7.37
5.70
4.348
5.74
5.77
5.27
5.63
4.071
5.85
5.18
6.30
7.041
6.92
6.09
6.99
7.886
7.81
8.744
8.363
7. 244
7.585
7. 179
a 493
5. 583
f>. 544
5.694
5.315
5. 193
8.64
8.38
7.98
7.65
7.22
7.29
6.85
7.00
7.76
7.49
7. 26
7.33
7.30
7.22
6.93
6.78
6.68
6.61
6.73
7.03
6.99
6.86
6.58
6.65
6.46
6.47
6.93
6. 66
6.30
6.61
6.83
6.81
6.76
5. 080
4.707
5. 665
G. 009
6.203
0. 045
6
G. 247
7.05
7.14
7.49
7. 62
7.65
7.67
6.81
6.82
6.85
6.89
6.89
6.87
6.63
6.71
6.82
6.83
6. 88
6.90
* Selected note and bond issues.
Corporate bonds
(Moody's)
Aaa
7.03
8.04
7.39
7.21
7.44
8.57
Baa
7.81
9.11
a 56
8.16
8.24
9.50
Prime
FHA
ommerciai new
home
paper,
mortgage
4—6
yields *
months
7.83
a 19
7.72
9.05
5.11
7.78
4.69
7.53
8. 15
8.08
9.87
9.47
a 90
8.89
8.83
8.62
8.67
8.95
8.90
8.77
0.77
10.12
10.41
10.50
10.55
10.62
10.43
10.29
10.34
10. 40
10.40
11.65
11.23
9.36
8.81
8.98
7.30
6.33
6.06
6.15
5. 82
5.79
8.76
8.73
8.75
8.82
8.84
8.82
10.42
10.37
10. 35
10.37
10. 35
10.33
5. 03
9.00
9.24
9.27
9.85
10.30
10.38
10.13
9.51
8.99
8.84
& 69
9. 16
9.06
T>. 65
6. 18
a 3-i
6.45
6.43
Sources: Department of Housing and Urban Development, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard
& Poor's Corporation.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices rose from the middle of June to the middle of July.
1NDF X, 1941-43-10
WEEKLr
MONTHLY
„r s
120
JIG
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
/*N.
"
120
110
-
100
\
100
90
90
\
80
!
80
\S
i
/O
70
60
60
'
50
1 1 1 1 1 •
U_LJ_
' ''' '1 ' ' ' ''
'
t t l t
Intii
» r t ?, t Ll.l .LI .!
r i f t
t 1 ! I 1 1 • 1 ' 3 i_
50
PERCENT
I
WEEKLY
PERCENT
DIVIDEND Y11D ON COMMON STOCKS
1 i i i 11 i t 11 11 i i i • 11 » i» i ' I i i i t i T T I t"i
i i t 11 i T i i-T1 T M i i I T 11 i |
RATJO
RATIO
20
20
-A-
15
15
PRICE/EARNINGS RATIO O N COMMON STOCKS
10
10
5 r
I
1969
I
1970
I
I
|
I
I
L
I
•
J
t
1972
1971
1
1973
L
-J
1909_
1970
1071
_
1972
1973
1974
1974: June...July,...
. Aug
Sept
Oct
Nov....
Dec
1975: Jan
Fob
Mar
Apr
May.,..
June
Week ended:
1075: June f>_
13.
20-
'11.
July 4 .
11.
18.
5
COUNCIL OF ECONOMIC ADYJSas
Price index l
Industrials
Capital Consumers'
goods
goods
Public
utilities
Total
Total
97.84
S3. 22
98. 29
109. 20
107. 43
82. So
89. 79
82. 82
70. 03
68.12
09.44
71. 74
67.07
72. 56
80. 10
83.78
84.72
90. 10
92.40
107. 13
91. 29
108. 35
121. 79
120. 44
92. 91
101. 62
93. 54
85. 51
70.54
77. 57
80. 17
74. SO
80.50
89. 29
93. 90
95. 27
101. 56
103. 68
1941-43=10
103. 75
87. 06
87.87
SO. 22
102. 80
99. 78
119. 39
113.91
118.57
107. 13
92. 84
. 78. OS
100. 10
90. 07
93. 64
80. 34
86. 99
70. 14
76.03
63. 51
77.49
62. 79
79.35
65. 84
74.06
62. 51
77.10
67.91
88.50
75.06
92. 78
. 80. 42
96. 76
SO. 75
101. 96
85. 15
101. 15
85. 98
62. 64
.54. 48
.59. 33
56. 90
53.47
38.91
37. 46
35. 37
34.00
30. 93
33. 80
34. 45
32. 85
38. 19
40.37
39. 5o
38. 19
39. 69
43.67
104.
101.
102.
105.
106.
105.
100.
102.
09.
98.
103.
103.
104.
103.
42.50
42. 55
43. 94
45. 35
44. 49
•14. 05
44.48
92. 65
90.50
91.41
94.41
94. 65
94. 24
94. 45
17
03
45
85
27
87
05
tnirf? S i S i S ^ « ? m rn s t o c k , s : , 425 i l l d u s t r i R l s ' £5 Public utilities, und 20 nilroads. Weekly indexes for capital and consumer goods are Wednesday flguroaall other weekly indexes are averages of dally
figures.
«u*»uay ligures,
•Aggregate cash dividends (based on latest known annnal rate) divided by
the arerepote monthly market value of the stoefcs in the group. Annual yields
34
L.
1975
SOfRCF: STANOAJtD & POCK'S CORPORATION
Period
I
80
43
48
78
29
25
14
SO. 49
84.63
84.44
88.34
SS. 12
89. 45
88. 33
Railroads
45.95
32. 13
41. 94
44. 11
38. 01
37. 53
37.31
35. 63
35. 06
31, 5ry
33.70
35. 95
34.81
37.31
37. 80
38. 35
38. 55
3S. 90
3S. 94
38.93
3U. 13
38. 56
30.00
39. 41
39.04
38. <)2
Dividend
yield •
(percent)
3.24
3.83
3.14
2.84
3. 06
4.47
4.02
4. 42
4. 90
5. 45
5.38
5.13
5.43
5. 07
4.61
4.42
4.34
4.08
4,02
Price/
earnings
ratio J
16.48
15.69
18.50
18.20
14.22
8.94
9.84
6.97
7.71
P9.S2
3.08
4.07
4. OS
3. 93
3. 95
3. 92
3. 93
aro8 averages of monthly data. Weekly data are Wednesday figures.
Ratio of prico index for last day ol quarter to quarterly earnings (sea$0E3lly
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 11 months of fiscal 1975 there was a deficif of $45.1 billion compared to a deficit of $10.5 billion a year
earlier..
BILUONS OF DOLLARS
400
BILLIONS OF DOLLARS
400
RECEIPTS AND OUTLAYS
350
350
300
300
^^It"
250
250
OUTLAYS
•"""^ . . RECEIPTS
200
200
^
~?
150
150
11
50
1
!
'-
"1
1
•
• 1
•
I
1
1
1
\
K
100
50
SURPLUS {•) OR DEFICIT (•}
0 ..
-50
-50
-100
J_
-100
1965
1966
1967
1968
1970
1969
1972
1971
1973
1974
1975
1976
FISCAL YEARS
COUNCIL O f ECONOMIC A3VBEKS
SOURCES, DE?AATMEMT OF THE TREASURY AND OFFICE OP MANAGEMENT AND ftUDGET
[Billions of dollars]
Federal debt (end of period)
Period
Receipts
Outlays
Surplus or
deficit ( - )
Total l
Held by
the public
-Fiscal year:
1065....
1966_.
1967....
1968....
1969
116.8
130.9
149.6
153. 7
187.8
11&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. 0
204. 7
207. 5
1*90. 0
279. 5
1970.
1071..
1972
1973. "
1974 "
193.7
188.4
208.6
232. 2
264.9
196.6
211.4
231. 9
246. 5
268. 4
-2.8
-23.0
-23.2
-14.3
-3. 5
3S2. 0
409. 5
437.3
46S. 4
486. 2
281.
304.
323.
343.
340.
1975 =
1976 K
281.0
299.0
323.6
35S. 9
-42.6
-59. 9
544. 5
617. 5
300. 9
470. 9
233.7
249.2
244.2
294. 3
485.8
539. 2
349. 9
390. 3
-emulative totals for first 11 months:
fiscal year 1974.__
-Fiscal year 197r>_.
orest-bearlnc public debt securities held by IMF.
-10.5 !
-45. 1 i
9
3
8
0
1
Sources: Department of the Treasury anU Oilice of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In thefirst11 months of fiscal 1975# there was an increase of $15.5 billion in receipts and $50.1 billion in
over a year earlier.
ouf |
____^_____^_w_a^^^_^_^^mm^^^^^^mm^^_^_^______
BILUQNs
BIUIONS Of DOUARS
50
CORPORATION INCOME TAXES
OUTIAYS
250
250
200
200
NONDEFENSE
150
150
100
100
NATIONAL DEFENSE
50
50
f
Y
1965
1966
1967
_L
1968
196?
1970
1971
FISCAL YEARS
1972
1973
1974
SOUtaS. MPAMWNIO* THE TKASWT AMD OfflCE Of MANAttWNT AND BUDGCT
J_
1975
\976 ^
COUNCIL O f ECONOMIC ADVBECJ
[Billions of dollars]
Receipts
Outlays
National defense
Period
Total
Fiscal year:
1065.„
1
1067.,.
1908—
1900..-
Other
Total
Total
Health
Depart- Internaand
Intional
ment of a flairs income terest
Defense,
security
military
Other
116. 8
130. 9
149. G
153. 7
1S7. 8
48.8
55.4
01. 5
68. 7
87. 2
25.5
30.1
34.0
28.7
36.7
42.6
45.3
54.1
56.3
G3. 9
US. 4
134.7
158.3
17S. 8
184. 5
48.6
55. 9
69. 1
70.4
80.2
46.0
54.2
07.5
77.4
77,9
4. 1
4.6
4.7
4.6
3.8
27.5
31.5
37. 6
43.4
49.0
10.4
11.3
12.5
13.8
15. S
27. S
31.4
34.3
37.7
35.7
1970.
1071.
1072.
1973.
1974.
193.7
188. 4
208. G
232.2
2G4. 0
90.4
80. 2
94.7
103.2
119. 0
32. S
2G. 8
32.2
36.2
38.6
70. 5
75. 4
81.7
92.8
107.4
196.6
211.4
231. 9
246.5
2G8.4
79.3
76.8
77.4
75.1
78.6
77.2
74.5
75.2
73.3
77.6
3.6
3. 1
3.7
3.0
3.6
56. 1
70.1
81. 4
91.8
106. 5
18. 3
19.6
20. 6
22,8
28.1
39.3
41.8
48.8
53.9
1075 »
1076 »
2S1.0
290. 0
121.6
121.3
41.0
37.8
118.4
139. 9
323.6
358. 9
87.4
94.1
85.9
91.1
5. 0
b.b
136.7
151.8
31.2
34.4
03.3
73.1
233.7
249. 2
1017
109.3
29. G 99.4
31.0 108.9
244. 2
294.3
71.3
80.4
70.5
78.2
3.1
3,6
96.0
122.2
25.8
28. 5
48.0
59.6
Cumulative totals for
first 11 months:
Fiscal year 1974. __
Fiscal year 1975.._
1
Individual Corporation
income
income
taxes
taxes
Estimates as of May 30,1075.
36
51.7
Sources: Department or the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, an increase of $19.2 billion in Federal expenditures and a decline of $10.6 billion in receipts
resulted in a deficit of $54.4 billion (all annual rates). Preliminary data for the second quarter indicate a rise of $16.8
billion in expenditures; receipts data are incomplete..
BILLIONS OF DOLLARS
360
BILLIONS OF DOLLARS
360
340
340
320
320
300
300
280
280
260
EXPfNDlTURES
260
/
240
240
220
220
200
200
180
180
+20
•20
El W E E
-20
-20
DEflOT
-40
-40
1970
1975
1974
1973
1972
1971
CALENDAR YEARS
SOURCE. DETAJtTMENT O f COMMERCE
COUNCIL Of ECONOMIC ADVISOR
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Indirect
Personal Corporate business
Total tax and profits tax and
nontax
nontax
tax
receipts accruals
accruals
fiscal vear:
1972"
213.2
1973
240.4
1974
273. C
1975i"" 280. 8
19701:: 312. 1
Calendar
year:
1970.
192. 0
1971/"" 108. 5
1 9 7 2 / " 227.2
1973 """ 258. 5
^74 / ; : 291.1
1974:1
nil" 278.1
288.6
HI." 302.8
294.7
Federal Government expenditures
Surplus
or
ubsidies Les3:
GrantsWage deficit
less
in-aid
PurContricurrent accruals income
chases Trans- to State Net
butions
for
Total of goods f<er pay- and interest surplus of less
and
paid Govern- disments local
and
social inproduct
bursement
engovernservices
surance
terprises ments accounts
ments
100.7
100. 8
123. 1
120.3
127.0
34.1
41.2
45. G
41.5
37.8
20.0
20.7
21. G
22.8
50.7
58.5
71.7
83.3
90.2
96. 8
232.9
255.4
278.3
330.9
371.4
103.2
105.3
110.3
124. 5
136.9
78.6
89.4
104.2
134.8
152.9
32.6
40.2
41.5
48.0
54.3
13.4
14.5
17.4
19.7
23.2
5.3
6.7
4.7
3.5
4.1
92.2
89.9
108. 2
114.1
131.3
31.0
33.4
36. 6
43.7
49. 1
19.3
20.4
20.0
21.2
22.0
49.5
54. G
62.5
79.5
88.7
203.9
220.3
244.7
264.2
209. 1
96.2
97.6
104.9
106. 6
116.9
63.2
74.9
82.8
95.5
117.0
24.4
29.0
37.4
40.5
43.8
14.6
13.6
13.5
16.3
18.8
5.5
5.2
6.6
5.3
2. 1
124. 1
129.4
134.8
136.8
45.9
49. 2
55.4
45.7
21.5
21.9
22.5
22.2
86.7
88. 1
90.0
90.0
281.0
291.6
304,7
319.3
111.5
114.3
117.2
124.5
106.5
113.6
120.8
127.2
42.0
43.2
43.4
45.5
17.0
18.7
19. 1
19.7
2. 2
1.3
2.7
2. 3
34.1
22.9
23.8
90.0 338. 5
91.3 355. 3
126.5
128.6
138.5
150.1
50.2
52.2
19.7
21.2
3.5
3.2
284.1
0.0
;5
o
-!4
.0
;0
;0
;5
;0
-.5
.0
-.6
-1.5
.0
.0
.0
I
-19.7
-15.0
-4.7
-50. 1
-50.3
-11.9
-21.0
-17.5
-5. 6
-8.1
-2.8
-3.0
-1.9
-24. 5
-54.4
'Estimates as of May 30,1975.
° u r c e : r)pPartmcnt of Commerce, Bureau of Economic Analysis.
37
UN.TED STATES
"
£W£F,Z£lg
GOVERNMENT PRINTING OFFICE
DIVISION OF PUBUC
"m<^<Hr,Na O P r i c t
DOCUMENTS
WASHINGTON, D.C.
20402
OFFICIAL BUSINESS
First-Class Mall
Contents
TOTAL OUTPUT, INCOME, A N D SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
: -Corporate Profits..
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
Pago
.~ .
— -
.......
".;•;•':
...
• —; • • • • •
.-
.-;..•-. ; ..
••
••
.
I
2
3
4
5
6
.7
"3
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
' Status of the Labor Force.
...;
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs..;
:
Nonagricultural Employment
Weekly Hours of Work—Selected Industries..'. . . . . Average Hourly and Weekly Earnings—Selected Industries
:
.••
.'
JQ
\\
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
:....."
Production of Selected Manufactures
Weekly Indicators of Production.
New Construction
New Housing Starts and Applications for Financing.
Business Sales and Inventories—Total and T r a d e .
Manufacturers 1 Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balances on Goods, Services, a n d Transfers
U.S. Overall Balances on International Transactions
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
.-?••••
.• •
16
17
18
19
20
21
22
23
24
25
"• • ..
26
27
28
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Bank Loans, Investments, Debits, a n d Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables may not add to totals because of rounding.
Unless otherwise stated, all dollar figures are current dollars.
P Indicates preliminary and
not available.
For sale hy the Superintendent of Documents, U.S. Government Printing OQIce, Washington, D.C. 20402
Price S5 cents (single copy). Subscription price: S10.10 per year; $2.55 additional
for foreign mailing.
38
U.S GOVtSNMEKT PRIHTIM <
@FedFRASER