Full text of Economic Indicators : June 1966
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Congress, 2nd Session
Economic Indicators
June 1966
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1966
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
ROBERT F. ELLSWORTH (Kansas)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
HERMAN E. TALMADGE (Georgia)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
JAMES W. KNOWLES, Executive Director
JOHN R. STARK, Deputy Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk
COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
JAMES S. DUESENBERRY
ARTHUR M. OKUN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
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Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
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Approved June 23, 1949.
Charts draum by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
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The 1964 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is available
at 65 cents a copy.
n
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that gross national product rose sharply by nearly $17 billion in the first quarter to
a seasonally adjusted annual rate of $714 billion. Major sector increases were $11 billion in personal consumption expenditures, $5 billion in government purchases, and $1% billion in gross private domestic investment. Net
exports declined by $% billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Disposable personal income
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: I .
..
Ilf."
1965: I-I~
_
IV.
1966: I
Total
excluding
interest
and
transfers
Total ]
302.2
312.4
330.3
342.3
356.3
376.7
394.3
425.2
453. 6
412.5
423.3
429.6
435.4
440. 2
446. 9
459. 3
468. 1
476. 2
308.5
318.8
337.3
350.0
364.4
385.3
403.8
435.8
465. 3
422. 6
433. 6
440.3
446.4
451.4
458. 5
471. 2
480. 3
488.7
Net receipts
Expenditures
PerInterest Personal sonal
TransTax and fers,
paid and consump- saving
PurTranstion
(+) or
transfer expendi- disinter- chases
nontax
Total
fers,
Net
est,
payof goods expendi- interest,
saving receipts receipts
tures
or
and
ments
and
tures and subto foraccruals sub- 2 services
sidies 2
eigners
sidies
6.3
6.5
7.0
7.8
8.1
8.6
9.6
10.5
11.7
10. 1
10.4
10.7
11.0
11. 2
11.6
11.9
12. 2
12.5
281.4
290.1
311.2
325.2
335.2
355.1
373.8
398.9
428. 7
389. 1
396. 0
404.6
405.9
416. 9
424. 5
432. 5
441.0
451.8
20.8
22.3
19.1
17.0
21.2
21.6
20.4
26.3
24. 9
23. 3
27. 3
25.0
29.5
23. 3
22.4
26. 8
27. 1
24.4
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: !_
IV _
1965: !__
II.
IV.
1966: I—
115.6
114.7
128.9
139.8
144.6
157.0
168.3
172.7
187.0
171.4
169.6
173.5
176.5
184. 8
186. 6
186.4
190.0
200. 1
28.7
33.0
34.0
36.5
41.3
42.8
44.5
46.8
49. 7
46.7
46.4
46.8
47.1
48. 8
48.2
51. 7
50. 1
52.6
Transfers
Net exports of goods
Gross
Excess to forand services
Gross
eigners
private
of
retained domestic invest- by perearninvestment sons and
ExImNet
ings 3
Government 4
ports
ports
exports
ment
49.8
49.4
56.8
56.8
58.7
86.3
69.1
75.4
82. 8
74. 2
75.2
76.5
75.8
82. 0
82. 0
83. 2
84. 1
85. 6
67.8
60.9
75. 3
74.8
71.7
83.0
86.9
92.9
105. 7
89.7
90. 9
92.6
97.7
103. 4
102. 8
106. 2
110. 3
111. 7
-18. 1
-11.5
-18.5
-18.0
-13.0
-16.8
-17.8
-17.5
-22. 9
— 15. 5
-15.7
-16. 1
— 21.9
-21.4
-20. 8
— 23. 0
— 28. 2
-26. 1
2.3
2.3
2.4
2.3
2.6
2.7
2.8
2.7
2. 8
2. 7
2. 9
2.7
2.7
2. 6
3. 1
2.8
2 7
2.7
1
Personal income (p. 5) less personal taxes and nontax payments (fines, penalties, etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
-Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business which are included
in disposable personal income.
86.1
94.2
97.0
99.6
107.6
117. 1
122.6
128.4
134.8
126. 3
129.7
128.7
128.6
131. 3
133.5
135.4
139.0
144.0
114.9
127.2
131.0
136.1
149.0
159.9
167. 1
175. 1
184. 5
173. 0
176. 1
175.5
175.7
180.1
181.7
187.1
189. 1
196.4
28.7
33.0
34.0
36.5
41.3
42.8
44.5
46.8
49. 7
46. 7
46. 4
46.8
47.1
48. 8
48.2
51. 7
50. 1
52.6
0.7
-12.5
-2.1
3.7
-4.3
-2.9
1.2
-2.4
2.5
-1.6
-6.4
-2. 1
.8
4. 7
4.9
_. 7
.8
3.7
StatisExcess of Total
tical
transfers income discrepor
( + ) o r receipts
ancy
of net
exports
Gross
national
product
or
expenditure
International
Business
Period
86.8
81.6
95.0
103.3
103.3
114.2
123.8
125.9
137. 3
124. 6
123.2
126.7
129.4
136. 0
138.4
134. 7
139. 9
147.5
Surplus
(+)or
deficit
(-)on
income
and
product
account
5.7
2.2
.1
4. 1
5.6
5.1
5.9
8.6
7. 1
8. 8
7.7
8.8
8.9
6. 0
8. 0
7. 4
6.9
6.4
26.5
23.1
23.5
27.2
28.6
30.3
32.4
37.0
39. 0
36.3
36.0
37.3
38.4
34.7
40. 4
40. 1
40. 8
41. 7
20.8
20.9
23.3
23.2
22.9
25. 1
26.4
28.5
31. 9
27. 5
28. 2
28.5
29.5
28. 6
32. 4
32. 7
33. 9
35. 3
-3.4
.1
2.3
-1.7
-3.1
-2.5
-3.2
-5.8
-4. 3
-6. 1
-4. 8
-6. 1
-6.2
-3. 4
-5. 0
-4. 7
-4. 1
-3. 7
441.1
445.8
484.5
504.8
520.8
559.8
589.9
629.2
676. 5
614. 0
624. 5
635.4
643.3
660.7
670. 2
680. 1
694. 8
712.0
1.6
-.8
-1.0
-.7
.5
-.7
-.5
—. 2
(6)
-. 3
-.7
-2.2
-3.1
-1.4
1.4
2. 4
1.8
441.1
447.3
483.6
503.8
520.1
560.3
589.2
628.7
676.3
614. 0
624.2
634.8
641. 1
657. 6
668. 8
681. 5
697. 2
713.9
* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
5
Net foreign investment with sign changed.
fi
Less than $50 million.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product on a seasonally adjusted basis increased about 2% percent in the first quarter, according to
current estimates. After adjustment for price changes, the increase was 1% percent.
BILLIONS OF DOLLARS
'BILLIONS OF"DOLlARS
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS NATIONAL PRODUCT
600
600
500
500
PERSONAL CONSUMPTION
EXPENDITURES^
400
400
300
300
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
L^_!^_.—
100
100
„,„.,„.....«»•»"""
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES^
1960
1961
1962
1963
1965
1964
SOURCE, DEPARTMENT OF COMMERCE
Ill
IV.__
1965: I
II
Ill
IV
1966: I
COUNCIL OF ECONOMIC ADVISERS
Goveirnment i>urchases of good s
Total
Personal Gross
Net
services
congross
Total
private exports
sump- domestic of goods
national gross
Federal
tion
product national
investTotal
and
in 1958 product expend- ment services
Total National Other
defense1
prices
itures
Billions <3f dollars; quarterly r data at g>easonall;y adjust*?d annual rates
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963__
1964_.
1965
1964: I
II
438. 0
446.1
. 452. 5
__
...
447. s
475.9
487.8
497. 3
530. 0
550.0
577. 6
609.6
567. 1
575.9
582.6
584.7
597. 7
608.5
613. 0
624.4
688.6
398. 0
419. 2
441. 1
447. 3
483.6
503. 8
520. 1
560. 3
589.2
628.7
676.3
614. 0
624.2
634. 8
641. 1
657. 6
668.8
681.5
697.2
713.9
254. 4
266. 7
281.4
290. 1
311.2
325. 2
335.2
355. 1
373. 8
398. 9
428.7
389. 1
396. 0
404.6
405. 9
416.9
424. 5
432. 5
441. 0
451.8
67. 4
70. 0
67.8
60.9
75.3
74. 8
71.7
83. 0
86. 9
92. 9
105. 7
89. 7
90. 9
92. 6
97.7
103.4
102.8
106.2
110.3
111. 7
category corresponds closely with budget expenditures for national
defense, shown on p. 35.
2
Gross national product in current prices divided by gross national product
I in 1958 prices.
1966
74.2
78.6
86. 1
94.2
. 1 97.0
4. 1
99. 6
5. 6 107. 6
5. 1 117. 1
5.9 122. 6
8.6 128.4
7. 1 134.8
8. 8 126. 3
7. 7 129. 7
8.8 128.7
8.9 128. 6
6. 0 131. 3
8. 0 133. 5
7.4 135.4
6. 9 139.0
6.4 144.0
2.0
4.0
5.7
2.2
44, 1
45. 6
49.5
53.6
53.7
53. 5
57.4
63.4
64. 4
65.3
66.6
65.0
67. 0
64.9
64.3
64.9
65.7
66.5
69.2
72.5
38.6
40.3
44.2
45. 9
46. 0
44.9
47. 8
51. 6
50.8
49. 9
49.9
49. 8
51. 7
49. 5
48.8
48.8
49. 2
49.8
52. 0
55. 0
5.5
5.3
5.3
7.7
7.6
8. 6
9.6
11. 8
13. 6
15.4
16.7
15. 2
15.3
15.4
15. 5
16.1
16. 5
16.7
17.2
17.5
and
State
and
local
Implicit
price
deflator
for total
GNP,
1958= 1002
30. 1
33.0
36.6
40. 6
43.3
46. 1
50. 2
53.7
58.3
63.1
68. 2
61.3
62.7
63.8
64. 3
66.4
67. 8
68.9
69.8
71.5
90. 9
94. 0
97.5
100. 0
101. 6
103. 3
104. 6
105.7
107. 1
108. 9
110.9
108.3
108.4
109.0
109.6
110.0
110.8
111.2
111.7
112. 7
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
NATIONAL INCOME
National income in the first quarter scored a very strong rise of $17 billion (seasonally adjusted annual rate).
Employee compensation rose by $121/s billion and corporate profits plus inventory valuation adjustment by $3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
\
500
500
400
400
COMPENSATION OF EMPLOYEES
300
300
PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
100
NET INTEREST
1961
1960
1963
1962
SOURCE. DEPARTMENT OF COMMERCE
1965
1964
1966
*SEE NOTE, PAGE 7.
COUNCIL OF ECONOMIC ADVISERS
(Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1955
1950
1957
1958
1959
1900 - _ _ _
_._
1901
1902 _ _ _ _ _ _ _
1903
1904
1905
1904: I
11
III
IV
1905: I
II
III
IV
1900: I
5
:Includes
- __
_ _
_ _
_ _
_..
331. 0
350. 8
360. 1
307. 8
400. 0
-114. 5
427. 3
457. 7
481. 1
514. 4
554. 7
501. 0
510. 5
519. 5
526. 3
540.0
549.5
557. 9
570. 8
587.7
Compensation
of em- 1
ployees
224. 5
243. 1
250. 0
257. 8
279. 1
294. 2
302. 0
323. 6
341. 0
305. 3
391.9
355. 1
361. 9
369. 0
375. 4
382.4
387. 9
393.7
403. 6
410. 2
Proprietoirs' income
Farm 2
11. 4
11. 4
11. 3
13.4
11. 4
12. 0
12.8
13. 0
13. 0
12. 0
14.3
11. 9
12. 0
12. 0
12. 2
12. 0
14. 5
15.0
15. 5
15. 9
employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
3
See Note, p. 7.
Business
and professional
30. 3
31. 3
32. 8
33. 2
35. 1
34. 2
35.6
37. 1
37.8
39. 1
40. 3
38. 5
39. 0
39. 4
39. 6
39. 9
40. 1
40. 4
40. 7
41. 0
Rental
income
of
per-
13. 9
14.3
14.8
15. 4
15. 6
15.8
16.0
16.7
17.6
18. 2
18. 6
17.9
18. 1
18. 3
18.5
18.5
18. 6
18. 6
18. 7
18.8
Net
interest
4. 1
4. 6
5. 6
6.8
7. 1
8.4
10. 0
11. 6
13. 6
15. 2
16. 5
14. 5
15. 0
15. 4
15. 7
16. 1
16. 4
16.7
17. 1
17. 6
Corporal ,e profits and inventory va uation ad justment 3
Total
46. 9
46. 1
45.6
41. 1
51.7
49. 9
50.3
55. 7
58. 1
64. 5
73. 1
63.6
64. 5
65. 5
64.9
71.7
72.0
73.5
75. 2
78. 1
Profits Inventory
valuation
before
taxes 3 adjustment
48.6
48. 8
47.2
41.4
52. 1
49.7
50. 3
55.4
58.6
64.8
74.7
64. 0
64.5
65.3
65. 9
73. 1
73.9
74.6
77.0
80.9
* Less than $50 million.
NOTE.—-Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
— 1.7
27
— 1. 5
3
-.5
.2
-. 1
.3
A
3
— 1.6
-.4
(4)
.2
— 1.0
— 1. 4
-1.8
— 1.2
— 1. 8
-2.8
SOURCES OF PERSONAL INCOME
Personal income advanced $2.4 billion (seasonally adjusfed annual rate) in May, somewhat more than the April
increase. Wages and salaries were up $2.2 billion and interest income rose $0.3 billion.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
SEASONALIY ADJUSTED ANNUAL RATES
500
500
TOTAL PERSONAL INCOME
400
400
WAGE AND SALARY DISBURSEMENTS
U
300
30O
OTHER INCOME
MlHuJmMMMItMMlMHIMMIIHI
nnnni •••«•«••••""<
100
100
TRANSFER PAYMENTS
\
1961
1960
1963
1962
1964
1965
qo.UNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965
1965: Apr
May
1966
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Proprietc5rs' income Rental
Total
Other
and
Personal Transfer
income
DiviBusiness
personal salary
labor
interest
paydends
of
2
Farm
and pro- persons
income disburse- income
income
ments
1
fessional
ments
32.8
351. 1
238.7
21.4
11.3
14.8
11.7
17.6
9.5
361.2
13.4
15.4
239.9
33. 2
25.7
18.9
9.9
11.6
11.4
383.5
258.2
35. 1
12.6
11.3
20.7
26.6
15. 6
34.2
401.0
12.0
12.0
13.4
23.4
270.8
15.8
28.5
416.8
442.6
464.8
495.0
530.
520.
525.
528.
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
A p r _ _5_ _
May __
1
7
5
0
5
530.4
4
532. 1
545. 4
541.3
546. 1
550. 9
552. 5
557.4
561.4
563. 1
565. 5
278. 1
296.1
311.2
333.5
357.4
351. 5
353. 9
355. 4
357. 4
358.8
360. 8
364. 7
368. 3
371.3
373. 8
377. 3
379. 9
381.6
383. 8
12.7
13.9
14.8
16.5
18. 2
18. 0
18. 1
18. 2
18. 3
18.4
18.4
18. 6
18. 9
19.0
19. 2
19. 3
19. 5
19.6
19.7
12.8
13.0
13.0
12.0
14. 3
12. 9
14. 7
15. 9
15. 2
14.9
14.9
15.3
15.5
15.7
15. 7
15. 9
16. 1
15. 7
15. 5
35.6
37. 1
37.8
39.1
40. 3
40. 0
40. 1
40. 1
40.3
40. 4
40. 5
40. 6
40. 7
40. 8
40. 9
41. 0
41. 2
41. 3
41. 4
Compensation of employees (see p. 3) excluding employer contributions for
social insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest and net dividends paid by agricultural
corporations.
16.0
16.7
17.6
18.2
18. 6
18. 6
18. 6
18.6
18.6
18.6
18.6
18.7
18.7
18. 7
18. 8
18. 8
18. 9
18. 9
19. 0
13.8
15.2
15.8
17.2
18. 9
18. 2
18. 5
19. 1
19.0
19. 2
19. 5
19. 7
19. 9
20. 2
20. 4
20. 6
20. 6
20. 7
20. 7
25.0
27.7
31.1
34.3
37. 1
36. 5
36. 7
37.0
37. 2
37.5
37.7
37.9
38. 2
38. 5
38. 9
39. 4
40. 0
40. 4
40. 7
32.4
33.3
35.2
36.6
39. 2
37. 8
37. 4
37. 2
37.6
37.7
4
48. 4
39.3
39. 6
40.3
41.4
41.8
42. 0
41. 9
41.8
Less: Per- Nonagrisonal con- cultural
tributions personal
for social
income 3
insurance
6.7
336.6
344.3
6.9
7.9
368.5
385.2
9.3
400.0
9.6
10.3
425.5
447.4
11.8
12.4
478.7
13. 2
12. 9
13. 0
13. 1
13.2
13.3
13.4
13. 5
13.6
13.7
16. 6
16. 8
16.9
16. 9
17. 0
512. 1
503. 2
505. 8
508.2
4
510. 8
512. 9
526. 2
521.7
526. 3
530. 7
532. 5
537.2
540. 9
543. 0
545. 6
4
Includes retroactive social security benefits of $885 million or $10.6 billion at
annual rate.
5 Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Despite the increase in social security taxes and an increase in personal tax payments, disposable personal income
advanced by almost $81/2 billion (seasonally adjusted annual rate) in the first quarter. Outlays, however, increased
faster and the saving rate dropped sharply to 5.0 percent, according to current estimates.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
550
500
500
450
450
400
2,200
2,000
1,800
1966
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Per capdta disSaving
L ess: Perso nal outla]rs
posable personal as perEquals:
Persorlal consunaption
Less:
Equals:
incc>me
cent of
PopulaPerDisex penditure 3 2
PerPersonal
distion
sonal
posable
Total
Period
saving Current
posable
(thouincome sonal personal personal Durable
Non1958
taxes
income outlays l
durable Services
prices personal sands)
prices
goods
income
iioods
(percent)
Billions of dollars
Dol lars
;;»;;. u
950 . ,
3D. S
272. 6
168, 221
2<)3. 2
129.3
7.0
38. 9
98.5
20.6
1, 838
1,743
ms. 5
171, 274
1)57 .
42. 0
;:>L i
287. 8
135.6
6.7
40.8
105.0
20.8
1,801
1,844
958 _
;o i . 2
318. s
42. 3
296. 5
174, 141
37.9
140. 2
7.0
112.0
22.3
1,831
1,831
»s:;. r>
46. 2
337. 3
44. 3
177, 073
951).
318. 2
146.6
5.7
120.3
19. 1
1,905
1, 881
401. n
960. .
50. 9
350. 0
333. 0
45.3
151.3
180, 684
128. 7
4.9
17.0
1,937
1,883
901.
_
343.2
416. 8
44.2
52. 4
364. 4
183, 756
155.9
135. 1
21.2
5.8
1,983
1,909
442. 6
962 „
57. 4
385. 3
363. 7
186, 656
49.5
162.6
143. 0
5.6
21.6
2,064
1,970
464. 8
403. 8
383. 4
53.4
168.0
152.3
189, 417
00. 9
5.1
20.4
2, 132
19032,009
1964^
. 495. 0
59. 2
58.7
192, 120
435. 8
409. 5
177.5
162.6
6.0
26.3
2, 116
2,268
196")
5P>0. 7
65.0
194, 572
65. 4
465. 3
440. 5
189.0
174.7
24. 9
5.4
2, 391
2, 198
Seaso nally adjiisted anniial rates
422. 6
1964: I... 4 So. 0
399. 3
57.4
173.7
60. 4
158. 0
23. 3
2,211
5. 5
2,070
191, 163
433. 6
59. 1
56. 9
406. 3
175. 7
J I — 490. 6
161. 2
2, 111
27.3
6.3
2, 261
191, 781
TIL. 499. 1
440.3
58. S
415.3
60.5
179.8
192, 492
164.3
25.0
2,287
2,134
5.7
446. 4
I V _ . 507. 1
60.7
416.9
57.9
180.9
167. 1
29.5
193, 196
2,145
6.6
2,311
451.4
64. S
1965: I _ _ . 516.2
428.1
182.8
64.6
169. 5
5.2
23.3
2, 330
2, 157
193, 731
63.5
66.2
458. 5
436. 1
173. 1
187.9
22.4
2, 360
194, 268
II— 524.7
2, 171
4.9
471.2
444.4
536.0
64.8
65.4
III..
190.5
176.7
26.8
2, 418
2, 218
194, 898
5.7
IV_. 546.0
480.3
66. 4
65.7
453. 2
195. 0
27. 1
179.6
2, 247
5. 6
2, 456
195, 543
464.4
68.7
68.3
1966: !_-- 557. 1
488. 7
200. 1
183.0
24.4
2,492
2, 260
5.0
196, 082
^ Includes personal consumption expenditures, interest paid by consumers,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
and personal transfer payments to foreigners.
Sources: Department of Commerce and Council of Economic Advisers.
2 See p. 2 for total personal consumption expenditures.
FARM INCOME
In the first quarter 1966 seasonally adjusted net farm income, including net inventory change, rose 3 percent from the
fourth quarter 1965. Net income per farm was up 6 percent to an all-time peak.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
\
10
10
1960
1962
1961
1963
SOURCEt DEPARTMENT Of AGRICULTURE
From
sources
From
farm
sources
From
nonfarm
sources
17.7
19. 5
18. 1
18.7
19. 0
19.2
18.7
17.9
20.0
11.0
12.8
11.0
11. 4
12.1
12.2
12. 0
11. 1
13.2
6.6
6.7
7.0
all
1964: I
II
III
IV___
1965: I
II
III
IV
1966: I
7. 2
6.9
7.0
6.7
6. 8
6.8
Net t<3 farm
oper,a-tors
Net inc ome per
farm incl tiding net
inventory change 3
Produc—
Cash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1965
from
Total »
ventory ventory
prices prices 4
2
marketchange change
ings
Billions (>f dollars
Dol lars
2,786
34. 0
23.3
10.7
11.3
29.7
2,590
3,429
25.2
12.7
37.9
13. 5
3, 189
33. 5
2, 973
11. 4
37. 5
26. 1
2,795
33. 5
11. 5
3,203
26.2
11. 7
12. 0
37. 9
34. 0
3, 043
3,567
12.6
39.6
34.9
12.9
3,389
27. 0
12. 5
3,710
41. 0
13. 1
3, 562
36. 2
28. 5
3,785
42. 1
12. 5
37.3
29.6
13.1
3,671
29.3
12. 9
12.1
3, 558
42.2
36.9
3,486
14.1
38.9
14.4
4, 280
4, 280
44.4
30.3
Seas onally ad. usted anrlual rates
42. 1
12. 0
12. 6
3,460
3,530
36.9
29. 5
12. 1
29.3
3,480
42.3
37.0
13. 0
3,550
12. 1
3,550
13. 1
37. 0
29. 2
3,480
42.3
3,610
12.3
3, 540
42. 1
29. 0
13. 1
36.7
29.7
12.5
12. 1
3,630
3, 590
42.2
36. 7
30.2
14.8
4, 330
4,330
14.6
45.0
39.5
30. 3
14. 5
4,480
15.1
4,480
44.8
39.3
14.4
4, 620
15.6
4,620
40.0
45.5
31.1
4,880
40. 8
31. 7
15. 3
16.0
4,780
47. 0
1
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
3
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.
1966
] ncome re ceived fro m farming
Realize d gross
1957
1958
1959
1960
1961
1962
1963
1964
1965
1965
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total i arm popu lation
Period
1964
« Income in current prices divided by the index of prices paid by farmers for
family living items on a 1965 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Despite the large increase in payroll levies, corporate profits before taxes set a new record by rising $4 billion
(seasonally adjusted annual rate) or more than 5 percent in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
20
20
10
1960
I
1961
1966
J/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE* DEPARTMENT OF COMMERCE
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: I
II.__
III__
IV__
1965: I
!!___
III..
IV..
1966: I
f
[Billions of dollars; quarterly data at seasonally adjusted
Corr>orate pr ofits (befc>re taxes) and inven tory
valuation adjustmei it
TransCorpo- CorpoM anufactur ing
portation,
rate
rate
comAll
tax
profits
All
Nonother before liabilDurable durable muniindusgoods
cations, indus- taxes
ity
tries
Total
goods
and
tries
indusindustries
public
tries
utilities
24. 0
13. 3
10. 7
47. 2
21. 2
45. 6
5. 8
15. 8
41. 4
19. 3
10. 0
5. 9
15. 9
9. 3
19. 0
41. 1
12. 7
26. 3
13. 6
7. 0
52. 1
51. 7
23. 7
18. 4
24. 4
12. 0
7. 5
17. 9
49. 9
12. 4
49. 7
23. 0
23. 3
11. 4
7. 9
50. 3
50. 3
19. 1
23. 1
11. 9
12. 5
26. 6
14. 1
24. 2
55. 7
8. 5
20. 5
55. 4
13. 2
28. 7
1 5. 4
9. 2
20. 2
58. 6
58. 1
26. 0
32. 1
14. 9
22.4
64. 5
17. 2
10. 0
64. 8
27. 6
37.5
20.7
24.8
74.7
16. 8
10.8
73. 1
30.1
17. 5
14. 4
9. 9
21.9
64. 0
27.3
63. 6
31. 9
32. 1
17. 1
15. 0
10. 1
22. 3
64.5
27.5
64. 5
32. 5
17. 5
10. 2
22. 8
27. 8
65. 5
65. 3
15. 0
32. 3
17. 1
64. 9
10. 1
22. 5
15. 3
65. 9
28. 1
71.7
37.3
20. 8
16.6
10.5
23.8
73. 1
29.5
36.7
72.0
20.1
10.5
29.8
16.6
24.9
73.9
37.3
25.2
20.7
16.6
73.5
74.6
30.1
11.0
21. 3
38. 8
17. 4
10. 9
25. 5
75. 2
77. 0
31. 1
23.2
32. 6
41.6
25.6
78.1
18. 5
10.9
80.9
1
Includes depreciation, capital outlays charged to current account, and accidental damages.
2 Corporate profits after taxes plus corporate capital consumption allowances.
64-351°
COUNCIL OF ECONOMIC ADVISERS
SEE NOTE ON TABLE BELOW.
annual rates]
CorjDerate pr ofits
a fter taxe s
Total
26. 0
22. 3
28. 5
26. 7
27. 2
31. 2
32. 6
37. 2
44.5
36.7
37.0
37. 5
37. 8
43.6
44. 1
44.5
45. 9
48.3
DiviUndend distribpayuted
ments profits
11.7
11. 6
12. 6
13. 4
13. 8
15. 2
15.8
17. 2
18.9
16.7
17. 1
17.4
17. 7
18.0
18.6
19.2
19.9
20. 6
14.2
10. 8
15. 9
13. 2
13. 5
16.0
16.8
19.9
25.6
20.0
19.9
20. 1
20. 0
25.7
25.5
25.3
26.0
27.7
Corporate
capital
consumption
allowances 1
20. 8
22. 0
23. 5
24.9
26.2
30. 1
32.0
34. 0
36.1
33.2
33. 6
34. 3
34 8
35.4
35.8
36.3
36.8
37.3
Profits
plus
capital
consumption
allow-2
ances
46. 8
44. 3
52.0
51.6
53. 5
61.3
64. 5
71. 2
80.5
69.9
70.7
71. 8
72. 6
79.1
79.8
80.8
82.7
85.6
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines
($2^ billion for 1962) and therefore not comparable with previous data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
With inventory accumulation $2 billion less than in the fourth quarter, gross private domestic investment increased
by only $11/s billion (seasonally adjusted annual rate) in the first quarter. Fixed investment gained almost $3%
billion with $2% billion in nonresidential.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
120
SEASONALLY ADJUSTED ANNUAL RATES
100
100
GROSS PRIVATE DOMESTIC
INVESTMENT
\
80
80
60
60
.PRODUCERS'
DURABLE EQUIPMENT
40
40
RESIDENTIAL STRUCTURES
............i'"-""""""""11"11"""""""""""""
Utlllt IIMMltl
l llll HII
I
il ii
20
20
NONRESIDENTIAL STRUCTURES
X,
CHANGE IN BUSINESS INVENTORIES
J
L
J
1
11
1961
1960
I
I
I
I
|
[
J
L
1963
1962
L
_J
L
1966
1965
1964
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Period
Total
gross
private
domestic
investment
Total
Struc tares
Total
Total
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: I
II
III
IV
1965: I
II
III
IV
1966: I
67. 4
70. 0
67. 8
60.9
75. 3
74.8
71. 7
83. 0
86. 9
92. 9
105.7
89.7
90. 9
92. 6
97.7
103.4
102. S
106. 2
110. 3
111.7
61. 4
65. 3
66. 5
62. 4
70. 5
71.3
69. 7
77. 0
81. 2
88. 1
97. 4
86. 5
86.8
88.8
90. 2
94. 6
96. 4
98. 6
100. 2
103. 6
38. 1
43.7
46. 4
41. 6
45. 1
48. 4
47. 0
51. 7
54. 3
60. 5
69. 8
58. 1
58. 9
61. 6
63. 5
66.9
68. 4
70. 9
73. 0
75. 5
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Resid ential
struc tures
Nc^resident ial
14. 3
17. 2
18. 0
16. 6
16.7
18. 1
18.4
19. 2
19. 7
21. 1
24. 3
20.7
21. 1
21. 1
21. 5
23. 2
24. 5
24. 2
25. 4
26. 9
Nonfarm
13. 6
16. 5
17. 2
15. 8
15. 9
17. 4
17. 7
18. 5
19. 0
20. 4
23. 7
20. 0
20.4
20. 5
20. 8
22. 5
23. 8
23. 6
24. 7
26. 3
Produce rs' durable equ ipment
Total
23. 8
26. 5
28. 4
25. 0
28.4
30.3
28. 6
32. 5
34. 6
39. 4
45. 5
37. 5
37.9
40. 5
42, 0
43. 7
43. 9
46. 7
47. 6
48.5
Total
Nonfarm
21. 2
24. 2
25. 9
22. 0
25. 4
27. 7
25. 8
29. 4
31. 2
35.8
41.3
33. 9
34. 4
36. 8
38. 3
40. 1
40. 2
42. 2
42, 7
44.4
23.3
21. 6
20. 2
20. 8
25. 5
22. 8
22. 6
25. 3
26.9
27. 5
27.6
28. 4
27. 9
27. 2
26. 7
27.7
28. 0
27.7
27. 2
28.2
Nonfarm
22. 7
20. 9
19. 5
20. 1
24. 8
22. 2
22. 0
24. 8
26. 3
27. 0
27. 1
27.8
27. 3
26. 6
26.2
27. 1
27. 5
27. 1
26. 7
27.6
Source: Department of Commerce.
Change in business inv entories
Total
6. 0
4. 7
1. 3
-1. 5
4. 8
3. 6
2. 0
6. 0
5. 7
4.8
8.2
3. 3
4. 1
3.8
7. 5
8.8
6. 4
7. 6
10. 1
8. 1
Nonfarm
5.5
5. 1
.8
2.3
4.8
3.3
1. 7
5.3
4.9
5.4
7.9
3.6
5. 1
4. 6
7. 8
9. 2
6.6
7.0
8.9
7.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment in 1966 are now expected to rise 17 percent above 1965, to
$60.8 billion. This is 1 percent more than reported in February. Outlays in the last half of 1966, seasonally adjusted, are expected to maintain a steady advance.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
SEASONALLY ADJUSTED ANNUAL RATES
60
60
50
50
TOTAL
40
40
30
\
30
„«•""""
„„,.»«'•«"
NONMANUFACTURING
.....
•.,,..„...-•»""
20
20
MANUFACTURING
10
10
t
I
i -I/ i -l/i -IS
I
T
I960
1961
1962
1964
1963
1966
1965
-I/SEE NOTE 3 ON TABLE BELOW
SOURCE SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
fBillions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi ng
Period
Total i
Total
1953
1954
1955
1956
1957
1958
1959
1960
1961
_ _ __
28.
26.
28.
35.
32
83
70
08
36.96
_ ___
1962
1963
1964
1965 3
1966
1965: I
II
III
IV
1966: I s
II 3
III
IV3
_ _ _ _ _ _ _
_
1
2 Excludes agriculture.
30. 53
32. 54
35. 68
34. 37
37. 31
39. 22
44. 90
51.96
60. 78
49. 00
50. 35
52. 75
55.35
58.
59.
61.
63.
00
60
65
55
11. 91
11. 04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 58
22.45
27. 02
20. 75
21. 55
23. 00
24. 15
25.60
26.60
27. 55
28. 10
Durable
goods
5. 65
5. 09
5. 44
7. 62
8. 02
5. 47
5. 77
7. 18
6. 27
7. 03
7.85
9. 43
11.40
13.78
10.40
10. 80
11. 75
12.45
13. 15
13. 55
14. 00
14. 30
Commercial and other includes trade, service, finance, communications, and
construction.
s Estimates based on anticipated capital expenditures as reported by business
in late April and May 1966. Includes adjustments when necessary for systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Trans po rtation
Nondurable goods
6. 26
5. 95
6. 00
7. 33
7. 94
5. 96
6. 29
7. 30
7.40
7. 65
7. 84
9. 16
11.05
13.24
10.40
10. 70
11. 25
11.70
12.45
13. 05
13. 50
13. 75
Mining
Railroads
0. 99
. 98
.96
1. 24
1. 24
. 94
. 99
.99
. 98
1. 08
1. 04
1. 19
1.30
1.42
1.25
1. 30
1. 25
1.35
1.40
1.40
1.40
Other
1.31
.85
. 92
1. 23
1.40
. 75
. 92
1. 03
.67
. 85
1. 10
1.41
1.73
2. 05
1.75
1. 55
1. 70
1.95
1.75
1. 85
2. 10
1. 56
1. 51
1. 60
1.71
1. 77
1. 50
2. 02
1. 94
1. 85
2.07
1. 92
2.38
2.81
3.49
2. 55
2. 70
3. 00
3.00
3.30
3.40
3. 65
35. 50
Public
utilities
4.55
4.22
4.31
4. 90
6. 20
6. 09
5. 67
5.68
5. 52
5. 48
5. 65
6. 22
6.94
7.99
6.80
6. 85
6. 75
7.30
8.25
7. 80
8. 10
Commercial and
other 2
8.00
8.23
9.47
11.05
10. 40
9. 81
10. 88
11. 57
11. 68
13. 15
13. 82
15. 13
16.73
18.80
15. 85
16. 40
17. 00
17.55
17. 70
18.50
18.85
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Employment, seasonally adjusted, fell by 568,000 in May while the civilian labor force declined by 398,000.
Agricultural employment fell by 406,000 and nonagricultural employment by 162,000, according to the household
survey.
MILLIONS OF PERSONS*
90
MILLIONS OF PERSONS*
90
SEASONALLY ADJUSTED
85
85
80
80
-TOTAL-LABOR FORCE-
75
75
70
65
10
PERCENT OF CIVILIAN LABOR FORCE
I \EIv\ PL0YAAE NT
Jh
r
-:
. PERCENT OF CIVILIAN LABOR FORCE
SE tsOl^A 11 r AC JLIS FEC>
R ATE
~~ -r- -
r
-- -
—
-
In „
n-i - -j
R
:,
19 6C)
1961
9 6C
952
1
96i
964
SOURCE, DEPARTMENT OF COMMERCE
Period
armed
forces)
1961—
19622 .
1963...
1964_._
1965___
1965:
Mar_
AprMay.
JuneJuly.
Aug.
Sept.
Oct..
Nov.
Dec.
1966:
Jan..
Feb..
Mar.
AprMa v.
74, 175
74, 681
75, 712
76, 971
78, 357
Civilia\,n employiinent
Total
labor
force
UnemNon(includployagriing
ment
Total
cularmed
tural
forces)
Thous ands of {>ersons 14
66, 796 61, 333 4, 806 74, 175
67, 846 62, 657 4, 007 74, 681
68, 809 63, 863 4, 106 75, 712
70, 357 65, 596 3,876 76, 971
72, 179 67, 594 3,456 78, 357
Unadji usted
Civilisin emplo yment
Civilian
labor
force
Total
Agricultural
Nonagncultural
years of age and o ver
71, 603 66, 796 5, 463 61, 333
71, 854 67, 846 5. 190 62, 657
72, 975 68, 809 4, 946 63, 863
74, 233 70, 357 4,761 65, 596
75, 635 72, 179 4, 585 67, 594
Seasonally adjustec 1
70, 169
71, 070
72, 407
73, 716
74, 854
74, 212
72, 446
73, 196
72, 837
72, 749
06, ISO
66, 597
67, 278
68, 094
69, 228
69, 077
67, 668
68, 242
68, 709
69, 103
3,740
3, 552
3,335
4,287
3,602
3, 258
2,875
2,757
2,966
2, 888
77, 722
77, 988
77, 990
78, 332
78, 747
78, 465
78, 334
78, 606
78, 906
79, 408
75, 019
75, 302
75, 306
75, 652
76, 064
75, 772
75, 611
75, 846
76, 111
76, 667
77, 409
77, 632
78, 034
78, 914
79, 751
71, 229
71, 551
72, 023
73, 105
73, 764
67, 652
67, 939
68, 244
68, 900
69, 472
3,290
3,158
3,037
2,802
2, 942
79, 644
79, 279
79, 315
79, 674
79, 318
76, 754
76, 356
76, 341
76, 666
76, 268
1 Total labor force as percent of noninstitutional population.
2
Not strictly comparable with preceding data. See Employment and Earnings, May 1962, p. XIV.
10
i966
COUNCIL OF ECONOMIC ADVISERS
76, 612
77, 307
78, 425
80, 683
81, 150
80, 163
78, 044
78, 713
78, 598
78, 477
T
*
"14 YEARS OF AGE AND OVER.
Total
labor
force
(includ-
S3
Unemployment
rate (percentof
Unem- civiliaia labor
for ce)
ployment
Unad- Seasonjusted ally adjusted
Percent
4,806
4,007
4, 166
3,876
3,456
78, 441
4, 486
66, 895
66, 919
66, 947
67, 484
67, 979
67, 815
67, 879
68, 010
68, 641
68, 955
8,536
3,614
3,490
3,567
3,486
8,885
3,814
8,285
3,197
8, 126
5.1
4. 8
4.4
5.5
4.6
42
3.8
3.6
3.9
3.8
73, 715
73, 521
73, 435
73, 799
73, 281
4,4^9
4,442
69, 286
69, 079
69, 072
69,317
69, 155
8, 089
2,834
2,906
2, 867
3, 037
4.4
4.2
40
3.7
3. 8
4,363
4,482
4.076
58.0
57.4
57.3
57.4
57.5
6. 7
5. 6
5. 7
5.2
4.6
4,588
4,769
4,869
4,651
4,639
4,572
4,418
4,551
4,273
71, 483
71, 688
71, 816
72, 085
72, 618
72, 387
72, 297
72, 561
72, 914
Labor
force
participation
rate,
unad- 1
justed
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
4.7
4.8
4.6
4.7
4.6
4.5
4.4
4.8
4.2
4.1
4.0
8.7
8. 8
8. 7
4.0
56.5
56.9
57.7
59.3
59.6
58. 7
57. 1
57.5
57.4
57.2
56. 3
56.4
56.7
57. 2
57.7
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate rose to 4.0 percent in May.
and teenagers.
The rise was concentrated among women
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
••.„••».
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
4.0
UNEMPLOYMENT RATE,
MARRIED MEN
2.0
2.0
1966
1960
SOURCEi DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Uneniploymemb rate
(percen t of civilkin labor
for ce in Rrou P)
Period
Labor
force
time lost
through
Experi- Married unemenced
All
men
ployment Over 40
hours
workers wage and (wife
salary present) and parttime
workers
1961
1962
1963
1964
1965
6. 7
5. <i
5. 7
5.2
4. 6
1965: Apr
May
Jime__
July
Aug _ _ _ _
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr _ _ _
Mav
4. S
4.6
4.7
4. f>
4. 5
4.4
4. 3
4. 2
4. 1
4. 0
3.7
3. 8
3.7
4. 0
Per cent
•I. 0
(i. 8
r>. r>
3. 6
5. f)
:;. 4
2. S
5. 0
4. 2
2. 4
Season all v adjuste<
2. 5
4. 5
4. -1
2. 5
4. f>
2.4
4. 1
2. 3
4. 2
2. 6
4. 0
2.2
2. 1
4. 0
3. 8
2. 0
3. 7
1. 8
3. 5
1. 9
3.3
1.9
3. 5
1. 9
3. 4
1.8
3. 7
1. S
1
8. 0
6. 7
6. 4
f>. S
5. 0
18, 210
19,025
19, 257
19, 294
20, 808
5. 3
5 2
5. 3
5. 2
5. 1
4.7
4. 6
4. 5
4. 4
4. 3
4.0
4. 1
4. 1
4. 4
18, 499
21,354
20, 856
20, 244
20, 424
22, 040
21, 900
21, 006
22, 477
20, 851
20, 690
21, 288
20, 926
21. 440
1
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent oi total man-hours potentially available to the civilian labor
force. Beginnimz 1963, series reflects whether unemployed persons sought fullor 2part-time jobs.
Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
Persons at work i n nonagri cultural iridustries
by hours worked p>er week 2
Uiider 35 ho urs
3,5-40
hours
Part-ti me for
economi c reasons
Total
Part-ti me for
economi c reasons
Usually Usually Usually
fullpartfulltime 3
time 4
time 3
Thousan ds of persons 14 ye<irs of age and over
29, 047 11, 132
1, 297
1, 516
28, 853 11, 675
1,049
I, 288
29, 422 11, 856
1,219
1,070
29, 127 13, 850
985
1, 151
30, 802 12, 618
897
1, 031
IJnad juste d
Seasonalh/
29, 187 16, 117
862
921
840
31, 654 11,966
892
936
947
32,011 11,462
1,292
944
948
30, 295 10, 778
874
1, 466
961
30, 684 10, 408
932
959
1,358
31,626 11, 159
851
854
843
30, 846 13, 052
829
853
848
28, 341 17, 195
830
916
817
32, 330 12, 447
761
866
766
32, 125 12, 408
972
794
902
32, 389 12, 555
871
732
899
32, 543 12, 156
826
743
820
32, 263 12, 825
111
796
776
6
5
32, 951 12, 772
829
716
839 1
Usuallyparttime 4
adjusted1
1,030
957
1, 035
1, 127
1,038
937
973
1, 002
979
917
782
802
795
768
3
Includes persons who worked part-time because of siack work, material
shortages or repairs, new job started, or job terminated.
4
Primarily includes persons who could find only part-time work.
* Average hours worked: usually full-time, 23,7: usually part-time. 18.4
NOTE.—Beginning 19CC, data include Alaska and Hawaii.
Source: Department of Labor.
J "I
UNEMPLOYMENT INSURANCE PROGRAMS
In May, insured unemployment under State programs averaged 319,000 less than in May 1965.
employment rate on a seasonally adjusted basis again was 2.1 percent.
^
MILLIONS OF PERSONS
The insured un-
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1963
J
JAN.
FEB.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
DEC
NOV.
II SEE NOTE 1 OH TABLE BELOW."
SOURCE, DEPARTMENT OF LABOR
Period
1962
1963__
1964
1965
1965: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr__z
May
Week ended:
1966: May
7
14
21
28 2
June 4 2
II
COUNCIL OF ECONOMIC ADVISERS
A 11 prograrjas
Insured
Total
unem- benefits
Covered
ploypaid
(milemploy- ment
lions
ment
(weekly
averof dollars)
age)
Thou sands
47, 776 1 1,946
48, 434
1, 973
49, 635
1, 753
1,450
1, 622
50, 641
1,316
51, 186
1,182
52, 088
2
1, 262
52, 277
2
52, 618
1, 235
2
1, 089
52, 718
1,030
1, 133
1, 396
1,739
1,679
1,381
1, 112
915
3, 160. 0
3, 025. 9
2, 749. 2
2, 434. 7
242.7
179. 2
169. 3
160. 6
160. 7
150. 3
128. 2
143. 0
184. 7
226. 5
230. 2
240. 0
166. 4
142.0
Stjite progra ms
Insured
unemployment
Exhaustions
Weekly jiverage, t aousands
302
32
1, 783
1
*298
30
1, 806
1,605
268
26
232
21
1,328
1,470
27
220
24
1, 179
186
22
1,059
191
252
1, 139
19
1, 120
215
18
981
173
17
933
189
16
225
1,042
15
17
290
1, 308
1,644
19
329
19
1, 590
238
171
1,301
18
1, 044
166
19
152
17
860
977
938
906
865
868
1
Programs include Puerto Rican sugarcane workers for initial claims and
insured unemployment beginning July 1963.
• Preliminary.
* Not charted.
12
Initial
claims
917
882
853
814
*S16
164
151
147
151
142
149
Insurec 1 unemploymen t as percent of covered
employment
Unad- Seasonjusted ally adjusted
Per<sent
4. 4
4. 3
3. 8
3.0
3.4
2.7
2.4
2. 6
2. 5
2. 2
2.0
2.3
3.0
3.7
3.6
2.9
2.3
1.9
Benefi bs paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
2,
2,
2,
2,
3.2
3.0
8.0
8. 0
3. 1
2. 9
2. 7
2. 7
2. 7
2.7
2.6
2. 3
2 1
2.1
675. 4
774. 7
522. 1
166. 0
224. 9
165. 7
156.3
149. 5
148. 0
138.6
117. 8
132. 2
172. 1
212.7
217. 2
225.5
155.5
132.0
34. 56
35. 28
35. 96
37. 19
37. 16
36. 40
36.07
36. 40
36. 58
37.23
37.32
38. 08
38. 81
39.36
39.66
39. 83
39.38
38.71
2. 0
2. 0
1. 9
1. S
1.8
NOTE.—For definitions and coverage, see the 1964 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Eico since January 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Nonagricultural payroll employment increased by 166,000 (seasonally adjusted) in May.
A large decline in
contract construction, partly attributable to strikes, was more than offset by large gains in manufacturing, mining, and
government.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED DATA)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED DATA)
66
22
ALL NONAGRiCULTURAL ESTABLISHMENTS
MANUFACTURING
20
TOTAL
18
^
DURABLE GOODS
INDUSTRIES
16
U
10
•—
^
^
g
—
***•*
m^~
L,\
NONDURABLE GOODS INDUSTRIES
\
Q
i
>
1 111 . . U . . l l
.
«..l t
iiiiiiiiiiiiiiiiiiiiiiiuiiiiiiii iniiuMMiiinmiiiiii"'"1"!"'". "™1""""""ll""tt""
n
6
4.5
T
' ' '
''' '
^
13.5
CONTRACT CONSTRUCTION
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
(ENLARGED SCA LE)
4.0
13.0
3.5
12.5
3.0
12.0
s
^^
r^
-^1
r
.^
-
11.5 li . . i . I . . i i i
1963
2.5
1963
. , . . .1 , . i i .K
1965
1964
SOURCE: DEPARTMENT OF LABOR
1966
"
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
N onmanu ^acturin^5 (private )
Manufac turing (]Drivate)
ConPeriod
Non-
Total
Total
Durable
durable
goods
goods
tract
Total
Mining
construc-
Transportation
and
lon
1959
1960
1961
1962
1963
1964
1965
1965:
AprMay.
June.
July _
AUK..
Sept.
53, 297
54, 203
53, 989
55, 515
56, 602
58, 156
60, 444
59, S46
60, 032
00, 290
00, 50.1
00, 021
00, 750
01, 001
01, 472
Oct.
Nov_
Dec.. 61,884
1966: Jim__ 02, 148
Keb_. 62, 501
62, 918
MiiiApr 2 . 62, 933
2
M n v 63', 099
16,
16,
16,
16,
675
796
326
853
16,995
17,259
17, 984
17, 803
17, 835
17, 943
18, 032
IS, 072
18, 098
18, 163
18, 321
18, 429
18, 522
18, 691
18, 780
18, 860
18, 918
< , 373
1 , 459
(
. , 070
i , 480
(
. , 01 6
< ,813
10, 379
10, 241
10, 266
10, 345
10, 424
10, 476
10, 494
10, 523
10, 615
10, 707
10, 805
10, 919
10, 996
11, 053
11, 094
7,
7,
7,
7,
7,
7,
7,
7,
7,
7,
7,
7,
7,
7,
7,
303
330
250
373
380
440
004
562
509
598
608
596
604
640
706
7,722
7,717
7,772
7,784
7,807
7,824
28,
29,
29,
29,
539
054
069
772
30,381
31,301
32, 409
32, 119
32, 242
32, 333
32,415
32, 464
32, 539
32, 667
32, 882
33, 127
33, 236
33, 338
33, 567
33, 437
33, 461
'Includes all lull- and part-time wage and salary workers in nonagricultural
establishment;- w ho worked during or received pay for any part of the pay period,
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civiJian labor forces, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants: which count persons as employed when they
are not at work because of industrial disputes; and which are b'ased on an enu-
732
712
672
650
635
633
628
629
627
626
633
627
617
622
627
630
632
631
632
592
625
public
utilities
2, 960
2, 885
2, 816
2, 902
2, 963
3, 056
3,211
3, 145
3, 188
3, 195
3, 154
3, 189
3, 186
3, 202
3, 267
4,011
4, 004
3, 903
3, 906
3, 903
11,
11,
11,
11,
127
391
337
566
11,778
4,020
4,034
4,031
12,619
4,049
4,067
12, 600
12, 641
12, 684
12, 754
12, 822
12, 909
12, 942
13, 015
12, 992
13, Oil
4,031
4,013
4,071
4, 079
4,079
3, 383
4, 090
4, 104
4, 107
4, 114
4,125
3, 375
3, 317
and
retail
trade
12, 132
12, 588
12, 494
12, 532
12, 580
3,947
3,386
3,374
3,462
Wholesale
Gover nment
Finance,
insur- Service
ance,
and Federal
misceland
real
laneous
estate
2,594
2,669
7, 115
2,731
7,610
2,800
2,877
2,964
3,044
3,024
3,032
7,947
8,226
8,569
8,907
7,392
8,814
2,233
2,270
2,279
2,340
2,358
2,348
2,378
2,344
2,345
2,355
2,376
2,379
2,379
2,386
2,400
2,395
2,425
3,061
8,843
8,857
8,929
8,946
8,967
3,069
3,074
3,082
3,080
9,019
9,081
9,128
9, 142
3, 082
3,100
3, 102
3, 102
9,205
2,451
9, 251
2,477
3,041
3,049
3,053
9,262
2,501
9,281
2,528
State
and
local
5,850
6,083
6,315
6,550
6,868
7,248
7,673
7,580
7,610
7,659
7,678
7,706
7,740
7,785
7,869
7,933
7,965
8, 021
8,094
8, 135
8, 192
meration ot population, whereas the estimates in this table are based on reports
from employing establishments.
2
Preliminary.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek in manufacturing, seasonally adjusted, fell slightly in May to 41.4 hours. In construction,
the average workweek dropped by 1.1 hours to 36.2 hours.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK ( SEASONALLY ADJUSTED)
46
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
44
42
40
34
1964
1965
1966
1964
1963
1965
1966
44
RETAIL TRADE
CONTRACT CONSTRUCTION
42
40
38
36
34
34
32
32
1963
1966
1963
SEE TABLE BELOW.
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
jAverage hours per week; seasonally adjusted)
Man ufacturing Industries
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1965: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr 22
May
Durable
goods
All
40. 7
40. 4
39. 8
39. 2
40. 3
39. 7
39. 8
40. 4
40.5
40. 7
41.2
41. 0
41. 1
41.0
41. 0
41. 0
40. 9
41. 2
41. 4
41.4
41.5
41. 6
41.5
41. 5
41. 4
* Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginnine 1959.
2
Preliminary.
14
41.3
41. 0
40. 3
39.5
40.7
40. 1
40. 3
40. 9
41. 1
41. 4
42. 0
41.9
42. 0
41.8
41. 7
41.7
41. 6
42. 0
42. 2
42. 2
42. 4
42. 4
42. 3
42. 4
42. 2
Nondurable
goods
39.9
39. 6
39. 2
38. 8
39. 7
39.2
39. 3
39.6
39. 6
39.7
40. 1
39.9
40.0
39.9
40. 0
40. 0
40. 1
40. 1
40. 3
40.2
40.2
40. 6
40. 4
40. 3
40. 3
Contract construction
37. 1
37. 5
37. 0
36.8
37.0
36.7
36. 9
37. 0
37. 3
37. ?
37.4
37. 0
37.5
37.1
37. 4
37.3
36.2
37. 0
37. 1
39.2
37.8
38. 2
38. 5
37.3
36. 2
* Beginning 1964, includes eating and drinking places.
Source: Department of Labor.
Retail trade
39. 6
39. 1
38. 7
38.7
38. 7
38.5
38. 1
37.9
37.8
*37. 0
36. 6
36. 9
36. 8
36. 6
36. 8
36.7
36. 5
36. 4
36. 3
36. 4
36.2
36. 1
36. 0
35. 9
36. 0
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing were $112.05 in May—$4.52 above May
1965.
DOLLARS
130
DOLLARS
3.00
AVERAGE HOURLY EARNINGS
2.80
DURABLE GOODS
INDUSTRIES
.
AVERAGE WEEKLY EARNINGS
120
%^«
DURABLE GOODS
INDUSTRIES
/'**
2.60
110
2.40
100
ALL MANUFACTURING
INDUSTRIES
2.20
90
-A
2.00
80^
1966
1963
NONDURABLE
GOODS INDUSTRIES
1963
1964
1965
SOURCE. DEPARTMENT OF LABOR
1966
iJJ^
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Averaige hourly earnings-— current prices
Period
Aver,a,ge weekl y earnings — currenl prices
Manuf*icturing iiidustries Contract
conRetail
NonDurable durable structrade
All
goods
tion
goods
Manufsicturing iiidustries Contract
Retail
conNonDurable durable structrade
All
goods
tion
goods
$2. 08
2. 19
2. 26
2. 36
2. 43
2. 49
2. 56
2. 63
2. 71
2. 79
2. 78
2. 79
2. 79
2.79
2. 77
2. 81
2. 82
2. 83
2.84
2. 85
2.86
2.86
2.88
2.88
$1. 95
1956
2.05
1957
2. 11
1958
2. 19
1959
2.26
1960.
2.32
1961
2.39
1962
2. 46
1963
2. 53
1964
2. 61
1965
1965: A p r _ _ 2. 60
May__ 2. 61
2. 61
June
July.. 2. 61
Aug__ 2. 59
Sept.. 2. 63
O c t _ _ 2. 63
Nov _ 2. 65
2. 66
Dec__
1966: Jan__ 2. 67
Feb.. 2.67
Mar__ 2.68
Apr 3_ 2. 70
May 3 2.70
1
Earnings in current prices, adjusted
2
$1. 77
1. 85
1. 91
1.98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2. 34
2. 35
2. 35
2. 36
2. 36
2.38
2. 38
2. 39
2. 40
2. 40
2. 40
2. 41
2. 43
2.43
$2.57
2.71
2. 82
2. 03
3.08
3. 20
3. 31
3. 41
3. 55
3. 69
3. 61
3. 65
3. 66
3. 64
3. 68
3.74
3.76
3. 74
3. 76
3.78
3.81
3.79
3. 80
3.81
$1. 40
1. 47
1. 52
1. 57
1. 62
1. 68
1.74
1. 80
*1. 75
1.82
1. 80
1. 82
1. 82
1. 82
1. 82
1.85
1. 86
1.87
1. 85
1.88
1.88
1.89
1.89
1.90
$78. 78
81. 59
82.71
88. 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
105. 82
107. 53
107. 79
107. 01
106. 45
107. 83
108. 62
109. 71
110. 92
110.00
110. 27
110. 95
111. 24
112. 05
to exclude overtime and interindustry shifts.
Earnings in current prices divided by the consumer price index on a 1957-59
>ase.
* Preliminary.
04-351°—66
3
$85. 28
88.26
89.27
96. 05
97. 44
100. 35
104. 70
108. 09
112. 19
117. 18
115. 93
117. 46
117. 74
116. 06
115. 51
117. 18
118. 72
119. 43
120. 98
119. 99
120. 41
120. 69
121. 54
121. 82
$70. 09
72.52
74. 11
78. 61
80.36
82. 92
85. 93
87. 91
90. 91
94. 64
92. 20
94. 00
94 47
94. 87
95. 11
95. 68
95. 68
96.32
96. 96
95.52
96. 48
96. 88
96.71
97. 93
$96. 38
100. 27
103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 01
132. 49
140. 16
139. 08
140. 50
143. 15
138. 75
14401
136. 14
139. 50
137. 97
138. 30
142. 88
140. 60
141. 35
$54 74
56. 89
58. 82
60.76
62.37
64 01
65. 95
68.04
*6475
66. 61
66.06
66.43
67. 16
68.25
68.07
67. 53
67. 33
67. 13
67.90
67.49
67. 30
67. 47
67. 47
67.83
Manufac jturing
indusi /ries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59= 1957-59
100 * prices 2
91. 5
96.2
100. 2
103.5
106.6
109. 6
112. 3
115.2
nao
121. 0
120.4
120.6
120.8
120.9
120. 7
121. 7
121. 8
122.3
122. 7
123.2
123.4
123. 5
1242
$83. 19
83.26
82. 14
86.96
87.02
88.62
91. 61
93. 37
95. 25
97.84
96.82
98. 11
97. 90
97. 11
96. 77
97.85
98.39
99.20
99.93
99.10
98.81
99. 06
98.88
'Beginning 1964, includes eating and drinking places.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production, seasonally adjusted, rose about 1 percent further in May. Output of consumer goods, largely
autos, declined while production of equipment and materials registered large increases.
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
180
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
100
1966
SOURCEt BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL Of ECONOMIC ADVISERS
[1957-59 = 100, seasonally adjusted]
Period
1956
1957
1958
1959
1960
1961
1962
1963
1964 1
1965
1965: Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1900: Jan
Fob
Mar _.
Apr 1
Mav
1
Preliminary.
16
Total
industrial
production
99. 9
100. 7
93. 7
105. 6
108.7
109. 7
118. 3
124. 3
132. 3
143. 3
140.9
141. 6
142. 7
144. 2
144.5
143. 5
145. 1
146.4
148.7
150.2
151.9
153. 3
153. 6
154. 8
Mai*ket
Industry
Fiilal produc;ts
M,Miufacturi Jig
-11 yT
Total
100. 2
100. 8
93. 2
106.0
108.9
109. 6
118.7
124.9
133. 1
144. 9
142. 4
143. 1
144. 1
145. 7
146.0
145. 2
146.7
148.2
150.6
152.4
154. 1
155. 6
156. 3
157. 1
NonDurable durable
104. 0
104.0
90.3
105. 6
108. 5
107. 0
117. 9
124. 5
133. 5
148.4
145. 5
146. 4
148. 1
150. 0
150.5
148. 2
150.3
151.3
155.0
157.6
159.7
161. 6
162.8
163. 7
Mining
Utilities
Total
Consumer
goods
Equipment
103. 7
95.5
98. 1
99.4
104 6
97.0
91. 3
96. 4
94 8
104 1
106. 6
105. 7
107. 6
111. 0
109. 9
112. 6
111. 2
108. 3
119. 6
119. 7
119. 7
125. 2
124 2
1249
132. 0
131. 7
131. 8
140.2
142.4
146.9
141. 2
139.4
138. 5
140.2
143. 7
138. 6
1449
140.7
138.7
147. 0
141.7
139. 3
148.4
142.3
139.5
149. 0
143. 3
140. 7
154.3
145.7
141.7
157.3
147.4
142.8
158.8
144. 1
148.8
161.3
144. 1
149. 5
151.4
164 1
145. 5
152. 6
146.3
166. 2
167.3
146. 5
153. 1
170. 3
154. 0
146. 3
Scmrce: Board of Governor softheFedei al Reserve S vstem.
95. 4
96.7
96.8
106. 5
109. 5
112. 9
119. 8
125. 3
132. 6
140.7
138. 5
138.8
139.0
140.4
140.4
141. 3
142. 1
144.2
145.1
146.0
147.0
148. 0
148.2
148.9
104.8
104. 6
95. 6
99.7
101. 6
102. 6
105. 0
107.9
111. 3
114.4
113. 0
114. 0
115.3
116. 0
117.0
112. 6
115.8
116.0
117.9
117. 2
117.7
120. 0
115. 0
120.4
87.9
93. 9
98. 1
108.0
115. 6
122.3
131.4
140. 0
151. 3
161.0
159.2
159.7
161. 9
161.2
161.6
165. 3
165.8
165.3
165.7
164. 9
168. 9
168. 8
170. 0
170. 5
j.
rials
101. 6
101.9
92. 7
105. 4
107. 6
108.4
117.0
123. 7
132.8
144 1
142. 6
142. 6
144 5
146.4
146.1
143.7
144.3
145.6
148.7
150.4
152. 0
154 1
1542
156. 0
PRODUCTION OF SELECTED MANUFACTURES
Among major manufactures, the largest production gain (seasonally adjusted) in May was 3Vz percent in primary
metals/ the largest decline was 1% percent in transportation equipment, concentrated in autos.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
180
180
120
100
1963
CHEMICALS, PETROLEUM,
AND RUBBER \
1966
TEXTILES, APPAR EL,
AND LEATHER
140
w^*je
jC*^*^i S~ —^-~-*- -*— -
120
FOODS, BEVERAGES,
AND TOBA CCO
140
100
120
80
t i l l . ! . . ! . ,
1963
1963
1965
1964
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1966
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted!
Ncmdurable manufactu res
Durab le manufeictures
Period
1956
1957
--_
1958
1959
1960
1961_
_ _- _ - - ... _
1962__
__ _ _ - _ _ _
1963__ . _ _ ._ _ _ _ _
_. _ - _ 1964
_ -__
1965 i
1965: Apr
May
_
June__
_
_ _
July
Ang _
_ _ _ _
Sept
_ _ _ _ _ _
Oct
_ _ __ _ _ _ _ _ _
Nov '
_ _
Dec
1966: Jan
_
Feb
Mar
Apr 1
May .
^Preliminary.
Primary
metals
116. 4
112. 2
87. 5
100. 4
101. 3
98. 9
104. 6
113. 3
129. 1
137.5
141. 4
140. 2
143. 0
148.7
146.5
131. 2
123.7
119.4
126.5
130.8
133.6
141.4
143. 0
148
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
and
apparel,
petrobeverand
cated
Machin- tation
and
print- leum, and ages, and
prodery
metal
equipleather
ing
rubber tobacco
ucts
ment
products
98. 8
101. 5
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
132. 7
147.8
147. 4
146. 0
146. 4
148. 0
147.5
147. 0
150.9
153.6
156.3
157. 0
160. 7
160. 7
160. 9
162
107. 1
104. 2
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
141. 4
160.4
155. 4
156. 9
159. 0
160.6
161,4
162. 3
166.0
167.5
170.7
174. 3
176.7
176.2
178. 1
180
97. 4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130. 7
149.2
144.6
147. 3
149. 5
149. 8
151.5
149. 4
155.0
157.3
160.7
163. 1
163. 2
165.8
166.2
164
105.4
95.9
95.6
108. 5
102. 1
101.3
106. 1
108. 9
112. 6
117.4
114. 2
117. 1
112. 8
115.4
117.2
116. 2
118.3
119. 1
125.4
125. 6
126.5
126. 6
129. 4
98.0
96. 9
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
125. 2
135.7
133.9
135. 0
134.5
134.7
134. 1
135. 5
137.3
138.8
140.3
139. 1
139. 8
140. 2
141. 2
97. 1
97.8
97.0
105. 2
109. 0
112. 4
116. 7
120. 1
127. 5
135.3
133. 2
134. 2
134.0
135.9
136.4
135.4
136.4
139.2
139.9
141. 1
142. 5
145.0
143.3
91. 4
95. 6
95. 5
108. 9
113. 9
118. 9
131. 2
141. 8
152. 5
164.6
160. 8
161. 2
161.6
164. 1
164.9
166. 9
167.7
170. 1
171.7
173.6
174. 1
174. 9
176. 3
141
145
177
96. 6
96. 7
99. 4
103. 9
106.6
110. 2
113.3
116. 8
120. 8
123.1
122. 4
121. 5
122. 3
122. 9
122.3
123. 1
123.0
124.5
124.7
125.5
127. 0
127. 6
127. 5
128
Source: Board of Governors of tbe Federal Eeserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production increased on a seasonally unadjusted basis in
MILLIONS OF TONS
May.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
STEEL
BITUMINOUS COAL
2.5
*j C
1965
1964
^
•f) JC
*^^Nf ^^.^^_^.^
X
fi9o6]^»X ^
^"V
*-•••..
'""
2.0
....— •^...-......— •..
^ ^ N
- ^
Z O
^
•-•k"*"**
*
.V--"
-....X"*" ^s^
X
.•*****
-vV^V-^^ X
.1.5
15
/I, 1 1 t i l l i l l 1 1 I l l l l , 1 1
K
J
F
M
A
M
BttllC>NS OF KILOWATT HOURS
I ! I I i 1 i i I I I I I i 1i I 1 1 i I i i 1 i I I 1 i i t K
J
J
A
S
0
N
DN
THOUSANDS
300
ELECTRIC POWER
22
20
<l I I » 1 1 I I 1 1 I 1 1 1 I III i II I I 1 1 I i I I I I 1 1 1 I I 1 1 I I 1 1 I I 1 1 1 1 1 1 1 I 1 1 h
K
J
F
J
F
M
A
M
J
J
A S
O N
DH
l\
/„•,
v/
,
--
" v .A/ \
_^
18
-
1964
i.,,, i,,. i , , . i,,, i . , , , | , , . i , , . , i , . . i . , . i , , , . i , , . i , , ,
*
F
M
A
M
J
SOURCES! AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT
J
A
S
O
N
ET
M
A
M
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
O
N
D,
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car s and tnicks
Steel pi*oduced
power
coal mined
produced
loaded
distributed (thousands (thousands (thousands assemb ied (thoiisands)
Thousands Index
(1957-59= (millions of
of net
of short
Total Cars Trucks
of cars)
of tons)
kilowatt>-hours) tons) 1
tons
100)
Period
Weekly average:
1959
1960
1961
1962
1963
1964
1965
1965: Apr
May
June__
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr 2
May
Week ended:
1966: May 7
14
21
28
June 4 2
11 2
1
2
S
OF THE INTERIOR,
1,792
1,899
1,880
1, 886
2, 096
2,431
2, 521
2,789
2,712
2,702
2, 613
2, 556
2, 325
2,098
2,056
2, 178
2,388
2, 562
2,728
2, 697
2, 751
96.2
101.9
100. 9
101. 2
112. 5
130.5
135.3
149.7
145.6
145. 1
140. 3
137. 2
124.8
112. 6
110.4
116.9
128.2
137. 5
146. 4
144. 8
147.7
13,297
14, 424
15, 139
16, 325
17, 490
18, 728
20, 169
18, 896
19, 314
19, 842
20, 833
21, 395
20, 414
19, 741
20, 027
21,010
22, 138
21, 969
21, 051
20, 542
20, 826
1,380
1,390
1,353
1,414
1, 535
1,630
1,728
1,635
1,669
1,802
1, 811
1,778
1,734
1,792
1,900
1,901
1,677
1,675
1,785
1,207
1,803
596
585
550
552
555
550
563
567
596
578
550
588
573
620
581
524
526
524
558
557
609
307
306
322
343
358
384
410
409
424
404
360
416
414
441
443
401
421
446
453
450
466
129.5
151.8
127.8
157. 5
175. 0
178.8
213.7
231.5
244, 2
233.3
199.9
98.4
142.6
240. 1
242.3
224.0
233.8
228.7
234.6
230.7
229. 7
107.6
128.8
106. 1
133. 4
146.9
148. 8
179.4
195.4
206. 5
196.1
171. 2
73. 1
109.7
203.6
207.6
189.0
196.0
190.2
197. 5
192. 8
190.2
21. 9
23. 0
21.7
24 1
28. 1
30.0
34.3
36. 1
37.7
37.2
28.7
25.2
32.9
36. 6
34.7
35.0
37.7
38.5
37. 2
37. 9
39.4
2, 765
2,776
2,765
2,744
2,726
2, 660
148.4
149. 0
148.4
147. 3
146. 3
142. 8
20, 443
20, 726
21, 004
21, 131
20, 237
*21, 863
1,717
1,778
1,793
1,867
1,878
*1, 882
602
611
609
612
548
621
470
457
465
472
442
233. 3
229. 0
234. 9
221. 4
179.2
229. 8
194.6
189. 1
194.3
182. 9
146.8
189.6
38.7
39.9
40. 6
38. 5
32.3
40.2
Daily average. Includes data for Alaska.
Preliminary.
* Not charted.
18
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Kailroads, American Paper Institute, and Ward's Automotive Keports.
NEW CONSTRUCTION
With construction still plagued by strikes, seasonally adjusted expenditures only rose % percent in May from April's
low level. Both private and public construction had small gains.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
TOTAL NEW CONSTRUCTION
\ _
60
50
60
50
PRIVATE
*«*•
40
40
30
30
PUBLIC
\
20
10 v\} ' ' ' ' I ' 1 1 1 1
20
t i i i t I t i i
PRIVATE RESIDENTIAL (NONFARM)"
10
10
1960
SOURCEi DEPARTMENT OP COMMERCE
Period
1960 _
1961
1962
1963
1964
1965
Total new
construction
expenditures
f 3. «J
f 5. 4
ft). 7
( 3. 0
( 6. 2
71. ()
COUNCIL OF ECONOMIC ADVISERS
Private
llesideriti;:il nonfarm
Total
;>s. i
3S. 3
41. 8
43. G
45. 9
50. 0
Commercial and
industrial
New
housing
units
Bil lions of doll ars
21.7
16. 4
21.7
1C). 2
24. 3
18. 6
25. 8
20. 1
26. 5
20. 6
26.7
20.8
Total »
7.0
7.5
8.0
7. 9
9. 0
11.8
Federal,
State,
Other
9.3
9.2
9. 5
9.9
10.4
11.5
and
local
15.9
17.1
17.9
19. 3
20.3
21.6
Scasonallii adjusted an nual rates
1965:
Apr
May_ _
June__
July
Aug
Sept
Oct.
Nov
Dec__ __
1966: Jan
Feb
Mar
Apr
May 3
71. 4
72. 0
71.8
70. 4
70. 9
72.8
72.7
74. 0
76. 0
76. 1
77. 0
78. 1
75.8
76.2
49. 7
50. 1
50. 3
•19. 1
49. 2
50. 2
50. 1
51.2
53. 4
53. 3
54. 3
55. 1
53. 3
53. 6
26. 7
27. 1
27 2
27.0
26. 6
26.4
26. 3
26.2
26.7
27. 5
27. 5
27. 3
27.4
27.8
20. 8
21. 1
21.2
21. 0
20. 7
20. 5
20.4
20.3
20.8
21. 6
21.6
21.4
21.6
21. 9
1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 Compiled by F. W. Dodge Corporation and relates to 48 States,
a Preliminary.
11.5
11.5
11.6
10. 8
11.2
12.3
12. 1
13.0
14.3
13.8
13. 9
14. 7
13.3
25. 8
11.6
11.6
11.5
11.4
11.4
11. 5
11. 6
12.0
12.5
12. 0
12. 9
13. 0
12.6
21.7
21. 8
21.4
21.2
21.6
22.7
22. 6
22.8
22. 6
22. 8
22. 7
23. 1
22. 5
22. 6 1
Constructio n contracts 2
CommerTotal value cial and
(index,
industrial
1957-59= floor space
100)
(millions of
square feet)
105.2
107.6
119. 7
132.0
137.0
142. 8
461
443
500
534
599
680
Seasonally
Seasonally adjusted
adjusted
annual
rates
152
771
145
674
139
663
671
149
139
595
762
147
147
726
141
724
772
153
152
720
157
810
158
829
161
860
NOTE.-—Data for Alaska and Hawaii Included beginning January 1959.
Sources: Department of Commerce and F. W. Dodge Corporation.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
With mortgage money becoming scarce, private nonfarm housing starts in May tumbled 14 percent to a seasonally
adjusted annual rate of 1.3 million units. Permits continued their downward drift.
MILLIONS OF UNITS
MILLIONS OF UNITS
2.5
2.5
1.0
I960
1966
SOURCES" DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Houising star ts
Tntal
Period
1960
1961
1962
1963
1964
19653
1965: Apr__
May.
June_
July._
Aug..
Sept..
Oct..
Nov..
Dec__
1966: Jan__
Feb..
Mar__
Apr 3 _
May 3
Total
private
(including
farm)
Pri\rate nonf a rm
private
and
public
(including
farm)
1, 296. 0
1, 365. 0
1, 492. 4
1,641.0
1, 590. 7
1, 542. 7
1, 252. 1
1, 313. 0
1, 462. 7
1, 609. 2
1, 557. 4
1, 505. 0
1, 230. 1
1, 284. 8
1, 439. 0
1, 581. 7
1, 530. 4
1, 482. 7
972.9
946.2
967. 8
993. 2
944.5
940.0
Two or
more
families
257. 2
338.6
471.2
588. 5
585.9
542.7
154.9
162. 1
162. 3
143. 9
138.0
125.9
135. 7
118.3
103.2
87.3
81.0
130. 9
148.8
137.8
152.2
157. 5
155. 5
141. 3
134.7
124.3
133. 6
116. 1
102.3
84. 6
78.2
126. 3
146.7
133. 9
150.1
155. 2
152. 8
139. 0
132.8
122.7
130.9
114.9
100.8
83.7
76.7
124. 1
144.5
130.6
97. 7
99. 9
97.0
91.8
86.5
78. 4
84.4
70.2
58.3
47.2
45.3
78.6
94. 8
52. 4
55. 3
55.8
47.2
46.3
44.3
46.5
44.7
42.5
36.5
31.4
45.0
49. 3
Total
Onefamily
Total
private
(including
farm)
1, 252. 1
1, 313. 0
1, 462. 7
1, 609. 2
1, 557. 4
1, 505. 0
Authorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
2
Units represented by mortgage applications for new home construction.
3
Preliminary; data for May not charted.
20
1, 552
1, 516
1, 566
1,473
1,427
1,453
1, 411
1,547
1,769
1,611
1,374
1,569
1,499
1,306
Priv ate nonf*irm
Total
Gover nment
home pi-ograms
FHA
VA
225.7
74. 6
83.3
198. 8
197. 3
77.8
166. 2
71.0
59.2
154.0
159.9
52.5
Se asonally adj listed
1,532
50
146
54
1, 501
155
154
54
1, 539
52
1,447
151
1, 409
48
148
47
1, 436
160
1, 380
49
167
1, 531
54
173
189
48
1,735
1, 585
53
181
40
1, 349
177
45
1,538
187
37
151
1,478
1,275
128
38
1, 230. 1
1, 284. 8
1, 439. 0
1, 581. 7
1, 530. 4
1, 482. 7
Proposeid home
constr uction
New
private
Applica- Requests
housing
units tions for for VA
FHA appraisauthorized l commitals 2
ments 2
242. 4
998. 0
243. 8
1, 064. 2
221. 1
1, 186. 6
190. 2
1, 334. 7
182.1
1, 285. 8
188.9
1,241.6
annual ra tes
187
1, 187
1,240
180
154
1,254
1,243
165
1, 217
186
189
1, 180
1,259
192
1,282
222
219
1,325
1,262
214
1, 191
179
160
1,293
168
1, 169
3
133
1,091
142. 9
177. 8
171.2
139.3
113.6
102.1
100
113
100
95
95
97
94
100
105
89
72
92
111
3
98
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (PHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
Feeling the effects of the slowdown in new car sales, total retail sales declined 2% percent (seasonally adjusted)
in May.
Durables dropped 6Vz percent while nondurables slipped Vz percent.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
130
BUSINESS SALES AND INVENTORIES
RETAIL TRADE (ENLARGED SCALE)
18
120
INVENTORIES
\
no
DURABLE GOODS STORES
16
INVENTORIES
\
14
100
12
90
10
SALES
80
SALES
70
22
60
NONDURABLE GOODS STORES
20
20
WHOLESALE TRADE (ENLARGED SCALE)
18
INVENTORIES
INVENTORIES
18
'
16
16
14
14
12
12
SALES
1963
1966
1963
1964
1965
1966
* SEE TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE
OF ECONOMIC ADVISERS
Total bi isincss
Period
Sales 2
l
Inventories 3
Whole'.sale
4
Sales 2
Sales 2
Inventories 3
Total
Re tail
5
]inventories 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Millions (Df dollars, seasonall y adjustec1
1958.
1959
1960
1961
1962
1963
1964 _
_ _ _ _ _ _
1965__ _
1965: Mar
Apr
May
June
_ _ _ _
July
Aug.. _ _ _
Sept___ __ _ __ _
Oct
Nov
Dec
1966: Jan
Feb 7
___
Mar
Apr 7 7
Mav _ _
54, 23,3
59, 583
60, 530
60, 748
65, 078
68, 002
72, 647
78, 740
77, 866
77, 513
77, 849
78, 001
79, 948
78, 932
78, 862
79, 737
81, 555
82, 810
6
84, 669
84, 744
86, 852
86, 922
91, 964
94, 610
95, 576
100, 271
105, 127
110, 535
119, 847
113,032
113,761
114,542
115,049
116,012
116, 683
116,967
117,653
118, 500
119,847
6
120, 663
121, 940
122, 675
10, 257
11,413
11, 440
11, 629
12, 158
12, 692
13,715
14, 799
14, 725
14, 620
14,718
14, 736
14, 828
14, 829
14, 936
14, 995
15, 505
15,372
0
16, 981
16, 779
17, 195
12, 739
13, 952
13, 983
14, 251
14, 580
15, 597
16, 461
17, 875
17, 064
17,216
17, 450
17,410
17, 530
17, 535
17, 655
17,715
17, 775
17, 875
6
17, 956
18, 473
18, 471
1
The term "business"hereincludes wholesale and retail trade, and manufacturing (see page 22).
2
Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
* Beginning 1961, data include Alaska and Hawaii.
1(), (it Hi
17, 951
18,294
18, 234
19,613
20, 536
21, 802
23, 662
22, 856
22, 849
23, 317
23, 322
23, 66S
23, 585
23, 753
24, 194
24, 647
24, 816
25, 023
25, 263
25, 536
25, 020
24, 424
f), 284
r>, <)(>7
5, 880
5, 581
6,210
(i, 627
7,014
7, 810
7, 581
7, 454
7, 616
7, 665
7, 827
7, 755
7, 768
7, 865
8, 092
8, 252
8, 324
8,399
8, 649
8, 001
7,479
11,412
1 1 , 984
12, 414
12, 654
13, 402
13, 909
14,788
15, 853
15, 275
15, 395
15, 701
15, 657
15, 841
15, 830
15, 985
16, 329
16, 555
16, 564
16, 699
16, 864
16, 887
17, 019
16, 945
24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
31, 130
33, 957
32, 260
32, 546
32, 823
33, 014
33, 088
33, 360
33, 045
33, 296
33, 533
33, 957
34, 113
34, 427
34, 556
34, 737
10, 526
11,029
11,923
10, 965
11,656
12, 386
13, 136
14, 782
14, 082
14, 298
14, 566
14, 546
14, 592
14, 819
14, 621
14, 782
14, 774
14, 782
14, 949
15, 113
15, 201
15, 336
13, 587
14, 276
14, 890
15, 273
16, 282
16, 997
17, 994
19, 175
18, 178
18, 248
18, 257
18, 468
18, 496
18, 541
18, 424
18, 514
18, 759
19, 175
19, 164
19, 314
19, 355
19, 401
5
Beginning 1960, data include Alaska and Hawaii.
G New sample; not comparable with preceding data.
? Preliminary.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers maintained their inventory accumulation at $600 million in April (seasonally adjusted). But with
shipments declining, the inventory-shipments ratio rose to 1.61.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
80
MANUFACTURERS' INVENTORIES
BILLIONS OF DOLLARS (SEASONAU.Y ADJUSTED)
MANUFACTURERS' SHIPMENTS
•50
40
DURABLE GOODS
20
NONDURABLE GOODS
. . . . i I ...... i
10
MANUFACTURERS'
NEW ORDERS
DURABLE GOODS
K) hi i n i I
¥
10JL
1963
1963
1966
1966
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments * Manufacl ,urers7 inv entories 2
Porirkrl
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Ma nufacture rs' new orde rs i
Durah>le goods
Total
Total
NonMachinery durable
and
goods
equipment
Manufacturers'
toryshipratio *
Millions of dollars seasonal y ad juste d
1958___
_
1959
1960
1961
1962
1963
1964
1965
„__
1965: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr 44
May
27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
37, 129
40, 279
38, 693
40, 285
40, 044
39, 814
39, 943
41, 452
40, 518
40, 173
40, 548
41, 403
42, 622
42, 665
42, 702
44, 121
43, 656
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
20, 374
21, 284
20, 915
20, 513
20, 652
21, 820
21, 191
20, 924
21, 146
21, 606
22, 316
22, 307
22, 433
23, 238
22, 746
23, 085
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
18, 319
19, 001
19, 129
19, 301
19, 291
19, 632
19, 327
19, 249
19, 402
19, 797
20, 306
20, 358
20, 269
20, 883
20, 910
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
68? 015
63, 382
63, 708
63, 999
64, 269
64, 625
65, 394
65, 788
66, 267
66, 642
67, 192
68, 015
68, 594
69, 040
69, 648
70, 273
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
38, 692
38, 972
39, 233
39, 475
39, 951
40, 600
40, 814
41, 300
41, 523
41, 869
42, 324
42, 589
42, 884
43, 273
43, 724
i Monthly average for year and total for month.
* Book value, end of period, seasonally adjusted.
3
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
22
19, 975
20, 868
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
24, 690
24, 736
24, 766
24, 794
24, 674
24, 794
24, 974
24, 967
25, 119
25, 323
25, 691
26, 005
26, 156
26, 375
26, 549
26, 901
30, 679
30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
39, 469
40, 712
41, 120
40, 181
40, 689
41, 846
40, 926
41, 483
41, 843
42, 234
43, 868
43, 986
44, 129
45, 833
45, 099
13, 170
15, 951
15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
21, 130
21, 714
22, 043
20, 992
21,310
22, 195
21, 509
22, 163
22, 425
22, 389
23, 403
23, 578
23, 741
24, 888
24, 164
24, 105
* Preliminary; May not charted.
Source; Department of Commerce.
2, 354
2,878
2,791
2,854
3,090
3,326
3,706
4, 140
3,799
4,024
4,078
4, 069
4,091
4,348
4, 159
4, 153
4,249
4,325
4,583
4,450
4,584
4,587
4,815
4, 850
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
18, 339
18, 998
19, 077
19, 189
19, 379
19, 651
19, 417
19, 320
19, 418
19, 845
20, 465
20, 408
20, 388
20, 945
20, 935
1. 84
1.70
1.76
1.74
1.70
1. 69
1.64
1.61
1.64
1.58
1.60
1. 61
1. 62
1.58
1. 62
1. 65
1.64
1.62
1.60
1.61
1. 62
1.58
1.61
MERCHANDISE EXPORTS AND IMPORTS
In April the seasonally adjusted trade surplus declined sharply to $193 million, primarily because of a 10 percent
drop in exports.
BILLIONS OF DOLLARS
3.0
BILLIONS OF DOLLARS
3.0
1.0
1966
1960
J/SEE NOTE i BELOW.
SOURCE DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
M erehandi se expo rts
M erchandise imports
MerchanGener al 2imTotal ( includIDomest: c expor ts
Impo rts for eonsum ption 3
dise
por ts
ing reex.ports) *
trade
Food, Crude ManuFood, Crude Manusurplus,
bever- matebever- mateSeason4
facSeason- UnadfacseasonUnadages,
ages,
tured ally ad- justed Total and to- rials
ally ad- justed Total » « and to- rials
tured
ally adand
and
justed
goods justed
goods
justed
bacco fuel
bacco fuel
Monthly average :
1958
1959
1960
1961
1962
1963
1964
1965
1 , 364
1 , 367
1 , 634
1,679
1 , 745
1,869
2, 139
2,214
1965: Mar
2 755
Apr
2 880
May
2 260
June
2 230
July
2 256
2 838
Aug
Sept
2 824
O c t _ _ _ _ 2 842
Nov
2 408
2 856
Dec
1966: Jan
2 249
Feb_
2 885
Mar
2 594
ADF-__
2 881
2,891
2,528
2,381
2,219
2, 172
2, 124
2, 140
2,420
2,440
2,551
2, 133
2,210
2,747
2, 465
254
224
1,351
1 , 352
250
238
324
1,617
263
286
318
1 , 659
1 , 723
307
277
342
311
1,846
362
3S7
2, 110
377
356
2, 185
U mdjust ed
2, 859
484
461
2, 501
410
389
2,351
392
378
382
2, 191
382
362
2, 139
414
322
2,096
363
303
2, 110
401
2,387
383
431
2,407
459
403
444
2,520
416
2, 105
374
324
332
2, 177
396
2, 708
486
366
2, 422
437
339
962
1)31
1,072
1 , 083
1, 157
1,218
, 3(>4
, 438
, 888
,708
1,555
, 455
1, 343
1,393
1,371
1,530
1,525
1, 614
1, 359
1, 468
1,822
1,624
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
1
Total arrivals of imported goods other than intransit shipments.
3
Imported merchandise released from Customs custody for entry into U.S.
1, 105
1,302
1,251
1,226
1,366
1,429
1,557
1,781
1,861
1 , 833
1, 789
1,830
1,663
1,764
1,807
2,006
1,908
2,035
1,936
1, 993
2, 073
2, 138
2,034
1,857
1,723
1,907
1,633
1,716
1,798
1,997
1,967
2, 160
1, 829
1,822
2, 246
2, 071
342
1, 101
296
382
1,285
296
1,251
283
379
1,221
286
361
1,354
381
306
1,417
386
320
332
413
1,550
1,773
448
335
U nadjust ed
1,992
386
508
454
1,823
331
332
1,719
409
474
1,878
349
410
1,635
261
1,727
449
315
431
1,795
353
2,004
462
409
424
1,953
417
494
2, 130
429
1,801
461
325
352
1, 806
419
2,232
414
523
2, Oil
452
378
433
575
556
539
630
666
756
933
259
65
383
453
379
440
582
433
1,041
963
913
989
902
909
946
1,061
1,034
1, 140
974
956
1,225
1, 111
894
547
471
400
598
569
517
836
506
821
318
842
522
198
consumption channels, entries into bonded manufacturing warehouses, and ores
and crude metals (after smelting and refining) in bonded warehouses.
4
Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.
>O
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The U.S. balance on goods and services in the first quarter of 1966 amounted to $6 billion (seasonally adjusted annual
rate)—down slightly from the previous quarter and more than $900 million below the full-year rate in 1965.
A
decline of $600 million in the trade surplus together with larger military and other service payments more than offset
a $1.1 billion gain in investment income.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50
50
SEASONALLY ADJUSTED ANNUAL RATES
40
40
EXPORTS OF GOODS AND SERVICES
30
30
IMPORTS OF GOODS AND SERVICES
20
20
10
10
1960
1961
1965
1964
1963
1962
1966
J.
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
[Millions of dollars]
Impor ts of good s and ser\aces
Exports of good s and sei-vices
Ineorrle on
in vest r nents
Period
1959
1960
1961
1962
1963
1964
1965
Total
23,
27,
28,
30,
32,
36,
38,
489
244
575
278
339
958
993
Merchandise 1
Military
sales
16, 295
19, 489
19, 954
20, 604
22, 071
25, 297
26, 276
302
335
402
656
657
747
844
Private
2,
3,
3,
3,
4,
4,
5,
694
001
561
954
156
932
389
Government
;>49
349
380
471
498
460
512
Other
services
3,
4,
4,
4,
4,
5,
5,
849
070
278
593
957
522
972
Total
23,
23,
22,
25,
26,
28,
32,
342
198
954
148
442
468
036
Merchandise »
15, 310
14, 732
14, 510
16, 187
16, 992
18, 621
21, 488
Balance
on
Mili- Other goods
tary
and
expend- serv- services
itures
ices
3, 107
3, 069
2, 981
3, 083
2, 936
2,834
2, 881
4, 925
5, 397
5, 463
5,878
6, 514
7,013
7,667
4,
5,
5,
5,
8,
6,
147
046
621
130
897
490
957
Seas on ally «id justed annual ra tes
1964: III
IV
37, 232
38, 148
25, 556
26, 640
648
804
4,940
4,764
532
248
5, 556
5, 692
28, 784
29, 560
19, 008
19, 604
2, 744 7,032
2, 732 7,224
8,448
8,588
1965: I
II
III
IV
35,
40,
40,
40,
22,
27,
27,
28,
500
192
304
108
800
916
796
864
5,688
5,880
5,284
4, 704
556
584
596
312
5,560
5, 972
6, 084
6,272
28,
32,
32,
34,
18,
21,
22,
23,
2, 656
2, 804
2, 980
3,084
7,376
7, 620
7,620
8, 052
6,448
8, 196
7, 084
6, 100
28, 484
776
5, 532
596
6,276
35, 632
3,348 8,272
6,032
1966: I
1
104
544
064
260
__ 41, 664
Adjusted from customs data for differences in timing and coverage.
24
656
348
980
160
Source: Department of Commerce.
624
924
380
024
24, 012
U.S. BALANCE OF INTERNATIONAL PAYMENTS
In the first quarter of 1966 the U.S. deficit on the liquidity balance was $2.3 billion (seasonally adjusted annual rate)
compared to $1.4 billion in 1965. By contrast, the deficit on the official reserve balance declined to an annual
rate of almost $1 billion from $1.3 billion in 1965.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS AND SERVICES
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-10
1966
1960
SOURCE: DEPARTMENT OF COMMERCE
COUNCIl OF ECONOMIC ADVISERS
[Millions of dollars)
U.S. pr ivate capi tal, net
U.S.
Period
Government
grants
and
capital,
l
net
1959 _ _ _
1960
1961
1962
1963
1964
1965
Direct
investment
— I, 986 -1,372
-2, 769 - 1, 674
-2, 780 - 1, 599
-3, 013 -1,654
-3, 581 -1,976
-3, 560 -2,416
-3, 375 -3, 371
Other
longterm
Shortterm
423
736
-941
366
-1,025 -1,556
707 -1,006
-1,227
— 544
1, 021 — 1, 159
-352
— 1, 695
-785
689
-1,961 - 2, 146
685 -1, Oil
-1, 080
761
176
-429
Season ally ad jus ted annusil rates
III____ -3, 540 -2,488 -2,408 - 1, 460
9 ^ftS
-4, 236 -3, 116 -3,252
Zi, OOO
IV
1965:
I_ -__
II
III
IV
1966:
I
-3, 208 -4,848 -2, 656
404
-3, 796 -3,436
-2,972 -2, 276 -1,452
-616
-3, 524 -2,924
-3, 820 -2, 520
1
2
Errors
Foreign and uncapital, recorded
transnet *
actions
-926
-77
-863 - 1, 348
1964:
-976
389
869
222
91
562
651
70
-151
0 - 2, 788 -2,472
952
-436
904
-960 -2, 136
944
— 320 — 1, 400 -4,632
-860
— 107
253
697
-23
-15
-22
157
203
— 150
712
-615
842
68
41
271
-912
— 833
29
487
956
Includes certain special Government, transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies, and the U.S. gold tranche position in the IMF.
j
Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and the U.S. gold tranche position in the IMF.
Includes short-term official and banking liabilities and foreign holdings of
U.S. Government bonds and notes.
5
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
Chan ges in sel acted
liabilitie s (decreasse (-))«
-812 -2,468
-924
688
1, 240 - 1, 440 - 5, 524 -3,380
1, 084
1, 300
— 524
1, 648
420 -1, 004
932
-103
-56
Changes
in gold,
convertible currenOfficial To foreig n official
cies and
Liquid- reserve
To other IMF gold
hold ers 5
transforeign tranche
ity
basis 2 actions
holders 6 position
3
Noribasis
Liquid
(increase
liquid
(-))
-3, 870
1, 035
7
-3,881 -3,402
1, 449
289
2, 143
7
-2, 370 - 1, 347
681
1, 083
606
7
-2, 203 -2,706
457
254
213
1, 533
—7
-2,670 -2, 044
1, 673
619
378
1, 073
302
-2,798 - 1, 546
1,554
171
-1, 355 -1,302
-17
97
150
1, 222
Quairterly totsils, unadjiisted
Bakince
- 2, 252
-980
8
424
6
Private holders; includes banks and international and regional organizations;
excludes IMF.
7
Includes change in Treasury liabilities to certain foreign military agencies;
excluding these changes, data ($ millions) are 1,259 (1660), 741 (1961), and 919
(1962).
fi On Mar. 31, U.S. reserve assets consisted of gold stock, $13,738 million (down
$68 million from Dec. 31); IMF position including gold portion of increased
U.S. subscription, $729 million; convertible currencies, $559 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
The consumer price index rose by only 0.1 percent in May after three straight months of large increases. Increases
of 0.2 percent in durable commodities and 0.3 percent in nondurable commodities were offset by a 0.4 percent decline in food prices—the first decline in 8 months. Service prices continued to climb, rising by 0.3 percent.
Index, 1957-59=100
Index, 1957-59 = 100
125
105
100
1960
1966
J/SEE NOTE PELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
[1957-59 = 100]
Co mmoditie 5
All
items
Period
1955
1956
1957
1958
1959
1900
IDGl
1962
1963 1
1964
1965
1965: Mar
Apr
May
June _ .
Julv
Aug
IScpt
Get
Nov
Dec
1966: J a n
Feb
Mar
Apr
May*
1
___
_ _ _ ___ _
_ _-__
__
__
1
93. 3
94. 7
98. 0
100. 7
101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
109.9
109. 0
109. 3
109. 6
110. 1
110. 2
110.0
110. 2
110. 4
110.6
111.0
111.0
111. 6
1 1 2. 0
112. 5
1 12. G
All commodities
94.6
95. 5
98. 5
100. 8
100. 9
101. 7
102. 3
103. 2
104. 1
105. 2
106.4
105.6
105. 9
106.2
106.9
106. 9
106.6
106. 6
106. 9
107.1
107.4
107.4
108. 0
1 0S. 4
108. S
1 08. 8
See Note. * Not charted
NOTE. — Prior to January 1964, indexes reviscd to re Hoc transfer of ho "° from services to 'durable commodities.
ownership
26
Services
Comm odities lesjs food
Food
94. 0
94, 7
97.8
101.9
100. 3
101. 4
102. 6
103. 6
105. 1
106.4
108.8
106.9
107. 3
107.9
110. 1
110. 9
110. 1
109.7
109. 7
109.7
110.6
111.4
113. 1
113. 9
114. 0
113. 5
All
NonDurable durable services
All
90. 5
95.3
94, 4
94,9
95.4
92.8
96.5
95. 9
96. 6
98.5
98. 8
99. 1
100. 0
100. 3
99. 8
99. 9
103. 2
101. 0
101. 5
101. 2
102. 6
101.7
106. 6
100. 9
108.8
102.0
103. 2
100.8
110. 9
101.8
103. 8
102.8
102. 1
104. 8
103. 5
113. 0
103. 0
105.7
104.4
115. 2
107.2
102.6
105. 1
117.8
103.2
106. 2
117. 0
104.8
103. 0
117. 3
105. 0
106. 8
107.2
102.9
105.2
117.5
107.3
117.6
102.6
105. 1
102. 3
104. 7
117.8
106. 9
117.9
101.8
107.1
104.7
107. 7
101. 7
104.9
118. 5
102. 1
108. 0
118. 7
105. 3
119.0
102.4
108.3
105.6
119.3
108.4
102.4
105.7
119.5
101.9
108.0
105.3
101. 8
119. 7
105.4
108. 3
102. 0
120. 1
105. 6
108. 6
121. 1
102. 3
109. 0
106. 0
121.5
106. 3
102.5
109. 3
Rent
94. 8
96. 5
98.3
100. 1
101. 6
103. 1
104. 4
105. 7
106.8
107.8
108.9
108. 7
108. 8
108. 8
108.8
108. 9
109.0
109. 1
109. 2
109.3
109.5
109.7
109. 8
109. 9
110. 1
110.2
Services
less
rent
89. 4
91.9
96. 1
100. 2
103. 6
107.4
110. 0
112. 1
114. 5
117. 0
120. 0
119. 1
119. 3
119. 5
119.7
120. 0
120.0
120.7
121.0
121.3
121.6
121.8
122. 0
122. 5
123.6
124. 1
Be?Tinning with January 1964, new index with revise d weight?, co verage, and
samp line procedu res. For de tails, see D epartment of Labor rel jase, Major
Changes in the Cotisumer Price Index, Marc h 3, 1964.
SOL rce: Departinent of Labc r.
WHOLESALE PRICES
The wholesale price index was unchanged in May. A sizable increase of 0.4 percent in industrial prices was offset
by declines of 1.8 percent in farm products and 0.1 percent in processed foods. Since February, wholesale prices
have increased only 0.1 percent as large declines in farm and processed food prices have almost offset the upward
movement in industrial prices.
Index, 1957-59=100
Index, 1957-59 = 100
115
115
/X
110
110
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
105
105'
100
100
95
95
90
1960
1961
1966
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
All
commodities
Period
1958
1959
1960
1961
1962
1963
1964
1965 :5
1965: Apr
May
.June- . _
.Julv_
_
Aug. _ ___
Sept.
___
__ __
_
_ _
(K-t
Nov
Dec
1966: Jan
Feb
Mar
Apr
May 3
Week ended: 4
1966: June 7 3
14
_ _
Farm
products
Processed
foods
100. 4
100. 6
100. 7
100. 3
J 00. ()
100. 3
100. 5
102.5
101. 7
102. 1
102.8
102. 9
102.9
103.0
103. 1
103. 5
104. 1
104.6
105. 4
105. 4
105. 5
105.5
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
98.4
97.6
98. 4
100.3
100.0
99.1
99.5
99.4
100. 3
103.0
104.5
107. 4
106. 8
106. 4
104.5
102. 9
99. 2
100. 0
101. 2
101. 1
101.0
105.1
102.3
103. 3
106.1
106.6
106.7
106.7
106.9
107.6
109.4
110.3
111. 8
111. 5
110. 6
110.5
105.5
105.6
103.5
103.8
Commodit ies other t han farm products aind foods (iiidustrials)
Consurner SnIndusIndusished g oods extrial in- ProducAll intrial
cludin g food
dustricrude termedi- er finished
als1
mateate ma- goods
DurNonrials
terials 2
able
durable
99. 5
96. 9
99. 4
100. 2
99.3
100. 1
102. 3
101. 3
102. 1
101. 0
101. 3
100.8
101. 3
98. 3
102. 3
101. 4
100. 9
101. 5
100.8
97. 2
102. 5
100. 1
100. 5
101. 5
100. 8
95. 6
102. 9
99.9
101.6
100. 0
100. 7
94. 3
99. 6
103. 1
99. 5
101.9
101. 2
100.2
97. 1
104. 1
99. 9
101. 6
100.9
102.5
101.5
105.4
99.6
102.8
102.1
100. I
101. 1
105. 3
102.2
99.7
102. 3
101. 0
105. 3
101. 4
102. 5
99.6
102.5
100. 5
101. 5
105.4
99. 7
102.6
100.4
102.5
101.5
105.4
99.6
102.7
102.7
101.7
101.7
105.5
99.5
102.8
102.7
101.8
101.3
105.5
99.5
103.0
102. 8
102. 0
101. 9
105.6
99.5
103. 3
103.2
102. 7
102. 1
105. 9
103. 6
99.6
103.2
102.6
102.2
106.0
99.6
103.7
103.5
102.4
106.2
104.0
99.7
103.9
102. 6
103. 8
105. 7
106. 6
99. 7
104.0
104. 0
102. 9
106. 6
106. 8
99. 7
104.1
104. 3
106. 1
103. 4
107.0
99. 8
104.3
104. 7
103.8
105.9
107. 6
100. 2
104. 5
111. 1
110.5
ioa7
1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
2Excludes intermediate materials for food manufacturing and manufactured
animal
feeds; includes, in part, grain products for further processing.
104.7
104.8
3
Preliminary.
< Weekly series based on smaller sample than monthly series.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
A third consecutive decline of 1 point lowered the parity ratio to 79 in the month ended May 15, but the ratio remained higher than last May and higher than the 1965 average. Prices paid by farmers were unchanged, but prices
received by farmers fell 1 percent because of a 3 percent drop in livestock prices.
Index, 1957-59 = 100
Index, 1957-59 = 100
ion
120
PRICES PAID,
INTEREST, It \XES, AND
WAGE RATES
\
^x
110
/^^\
^^
i i i i i Ii i i t t
I 1 I 1 I 1 1 1 1 11
f
r-J
100
^^^^ys^ *s
PRICES RECEIVED
(ALL
90
'~
^
,
cC~/^ Nv^
'^xlx/VwiJ
110
j^^^
%
^
-«*""">—s,—
/^\**/
*
+,m
~j£
FARA\ PRODUCTS)
1 ! ! 1 I 1 1 1 1 1 1
i i i t i 1 i i I ii
1 ! 1 I 1 I1 1 1 I 1
1 1 1I f 1 1 1 1 1 1
I
1 1 1 1 1 1 1 1 1 t
RAT o*J
90
RATI0^
IUO
100
on
90
PARITY RATIO
-.
,.
80
^'""V,
/
V
**^\—^^
''"'^^""'"•iiinmjj,
/^
v»,,
- . - . .r
x- .,
^ f'*»»»tttn/
*
80
*'••
A
70
1
1 1 I 1
1 1
!
1 1 1
.,..,!,.,..
1960
1961
i i . ii 1 , i i ii
. . , . , 1 , , . i i
1963
1962
*
. I i I , 1 i i . ,,
1964
1965
70
1966
]/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices i•eceived by 'armers
Period
1956
1957
1958_
1959
1960
1961
1962.
1963
1964
1965
1965: Apr 15
May 15
June 15
Julv 15
Aug 15
Sept 15
Get 15
Nov 15
Dec 15
1966: Jan 15_
Feb 15
Mar 15
Apr 15.
Mav 15
All farm
products
_ _
Crops
95
97
104
99
98
99
101
100
98
102
101
104
105
104
103
103
103
103
107
108
112
111
110
109
i Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
105
101
100
99
99
102
104
107
107
104
109
111
108
104
100
100
99
98
100
102
104
104
106
107
rmers
Prices3 paid by fa]
Livestock All items,
interest,
and
taxes, and
products wage rates
Index, 1957-59 = 100
88
95
94
98
106
100
102
100
102
98
98
103
99
105
95
107
91
107
101
110
95
109
99
110
103
110
110
104
110
105
105
110
110
106
107
110
112
111
112
114
112
118
113
118
113
114
114
110
Family
living
items
96
99
100
101
102
102
103
104
105
107
106
107
107
107
107
107
107
107
108
108
109
110
110
110
Source: Department of Agriculture.
Production
items
95
98
100
102
101
101
103
104
103
105
105
106
106
106
106
106
105
105
106
107
108
108
108
108
Parity
ratio *
83
82
85
81
80
79
80
78
76
77
76
78
79
78
78
78
77
77
80
SO
82
81
80
79
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The daily average money supply (seasonally adjusted) declined substantially in May.
However, a continued rise
in time deposits held the total of money supply plus time deposits about unchanged. U.S. Government deposits
showed a strong seasonal rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
180
180
MONEY SUPPLY
140
140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
100
100
60
60
I960
1961
1963
1962
1964
1966
1965
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily (inures, billions of dollars]
M oney supp ly
M oney supi >iy
Period
Total
Currencv
outside
banks
Demand
deposits
Time
deposits 1
Total
Dec
Dec
__.
Dec
Dec
Dec
Dec
Apr
Mav
June
_
Julv
Aug
Sept__ _ _ _ _ _ _ _ _ _ _
Oct.
Nov
Dec
_ _ _ _
1966: Jan__
Feb
Mar__
__
Apr 2
May
1
Deposits at all commercial banks.
* Prelnnijnary.
Ml. J
145. 5
147. 5
28. 9
29. 0
W. 6
15'.). 7
167. '1
101. 1
Mil). 0
101. S
162. 5
162. 7
164.3
165. (>
3 05. 7
167.4
168. 4
168. 0
169. 2
171. 1
169. 5
M. 2
JO. 3
M. 7
M. 9
i5. 0
:J5. 2
^r). 4
35. 6
35. 9
15:;. i
_
;2. 5
36. 1
36.3
36.7
36.8
36. 9
37. 1
37.3
112. I
116. 0
1 1 6. 9
120. 0
1 25. 4
131.2
1 26. 4
125. 1
1 26. 8
127. 3
127. X
128.7
129. 7
129. 6
131.2
131.8
131.2
132. 3
134. 0
132. 2
Demand
deposits
Time
deposits 1
IJnad justed
Seasonally/ adjuster
1960:
1961:
1962:
1963:
1964:
1965:
1965:
Currency
outside
banks
U.S.
Government
demand
deposits *
72. 9
82. 7
97. 8
112. 2
126. 6
147. 0
133. 5
134. 6
135. 9
137. 0
140. 1
141.6
143. 6
145. 5
147. 0
148.0
148.8
149. 6
151. 6
152. 9
144. 7
149. 4
151. 6
157. 3
164. 0
172.0
161. 6
157. 6
159. 6
160. 9
160. 5
163.2
165. 8
167.4
172. 0
173.0
167.8
167. 8
171. 6
166. 9
115. 2
29. 6
30. 2
119. 2
120. 3
31. 2
124. 1
33. 1
129. 1
35. 0
37.0
135.0
34. 5
127. 1
34. 6
123. 0
124. 6
34. 9
35. 4
125. 6
125. 0
35. 5
35.6
127.5
129. 8
36.0
36. 5
130. 9
37.0 ' 135.0
136.5
36.5
131.5
36.3
36. 5
131. 3
134. 8
36. 8
37. 0
129. 9
72. 1
81. 8
96. 7
111. 0
125. 2
145.3
134. 0
135. 4
136. 6
138. 3
140. 2
141.4
143. 5 !
144. 4 !
145.3
147.4
148.7
150. 2
152. 2
153. 9
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.
4.7
4.9
5. 6
5. 1
5. 5
4.5
5.6
9.7
9.3
9. 1
7. 4
5.6
5.0
4.0
4.5
3.7
5. 1
4. 6
3. 0
7.2
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Nonbank public holdings of liquid assets (seasonally adjusted) declined in May, following a normal rise in April
according to the revised data. A decline in demand deposits and currency was only partially offset by the rise in
time deposits at commercial banks. Changes in other holdings were insignificant.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
500
500
400
400
300
300
200
200
1960
1966
1961
J/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
I Billions of dollars, seasonally adjusted!
End of period
1959
1960
1961
1962
1963
1964
1965
1965: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb 3
Mar
Apr 3 3
May
4
Total
selected
liquid
assets
393. 9
399.2
424. 6
459.0
495.4
530. 5
572.8
543. 4
543. 0
550.2
550.9
555. 7
560. 7
565. 1
568.3
572. 8
578. 5
577. 5
585. 5
587. 1
585. 8
Demand
deposits
and
currency l
139. 7
138.4
142. 6
144. 8
149. 6
156. 7
164. 0
156. 3
155. 4
159. 7
157.7
157. 8
160.6
161. 1
160.4
164. 0
164. 8
162.8
167. 1
166. 6
164.3
Time d eposits
Commercial
banks
67.4
73. 1
82.5
98. 1
112. 9
127. 1
147. 1
134 1
134. 9
136. 3
138.3
139. 8
141. 6
144. 0
146.5
147. 1
149. 2
149.4
151. 1
152. 3
153.2
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month.
'Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1060, savings and loan associations.
30
Mutual
savings
banks
34.9
36.2
38.3
41.4
44. 5
49. 0
52.5
50. 1
50. 4
50. 8
51.1
51. 3
51. 6
52.0
52.3
52.5
52. 8
53.0
53. 1
53. 1
53.3
Postal
Savings
System
0.9
.8
.6
.5
.5
.4
.3
.4
.4
.4
.4
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
Savings
and loan
shares
54. 3
61. 8
70. 5
79.8
90. 9
101. 4
109. 7
103. 9
104. 5
105.1
105.5
106. 5
107.8
108.4
109.3
109.7
109.8
110.6
111.4
111. 0
111. 1
U S Government
U.S. Gov- securities
ernment maturing
savings
within
bonds 2
one
year 2
47.9
47.0
47. 4
47. 6
49.0
49.9
50.5
49. 9
49. 9
50.0
50.1
50. 1
50. 1
50. 1
50.1
50.5
50.5
50.3
50.3
50. 4
50.4
3 Preliminary.
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.
48.8
41. 9
42. 6
46. 8
48. 1
46. 1
48.6
48.6
47. 6
48.0
47.9
49.8
48.7
49. 1
49.4
48.6
51.2
51.0
52.1
53.3
53.3
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total commercial bank credit (seasonally adjusted) rose by $1.3 billion in May—a substantially smaller rise than
in March or April. Loan expansion matched the preceding month but investments declined on balance as bank
reserve positions were tightened.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
ALL COMMERCIAL BANKS
300
300
250
250
200
200
50
50
INVESTMENTS IN OTHER SECURITIES
1966
1960
SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
All comnlercial bank <*
(s easonally adjusted da ta)
End of period
1959
1960
1961
1962
1963
1964
1965
1965: Apr
May
June _ __ _
July
Aii£___ _ _
Sept
Get
Nov
J)ec_
1966: Jan
Feb
Mar __
Apr 6 .B _
May _
Total
Invcsti lents
Loans,
loans excluding
and
interU.S. Gov- Gther
investbank
securiernment
ments
ties
securities
185. 9
194. 5
209. 8
228. 3
246. 5
267. 2
294. 4
277. 3
279. 4
282. S
2S1. 5
286. J
286. 2
288.8
291. 5
294. 4
297. 4
297. 5
300. 3
303. 0
304.3
107. 6
113. 8
120. 5
133. 9
1 49. 4
167. 1
191.6
177. 1
179. 5
183. 0
182.7
185. 8
186.2
187.9
189. 6
191.6
194.7
195.2
199.2
200. 7
202. 2
Business
loans 2
Billions of dollars
20. 5
57. 8
20. 8
59. 9
05. 4
23. 9
05. 2
29. 2
62. 1
35. 0
38. 7
61. 4
44.8
58. 0
41. 1
59. 1
41.3
58. 6
42.1
57. 7
56.4
42.4
43.3
57.0
43.5
56.5
43. 9
57.0
44, 2
57.7
44.8
58.0
44.9
57.8
56.8
45.5
45.2
55. 9
46. 1
56. 2
47. 2
54. 9
1
Member banks are all national banks and those State banks which have taken
membership in the Federal Reserve System.
2
Commercial and industrial loans.
2
Debits during period to demand deposit accounts except interbank and
U.S. Government. New series; see Bank Debits and Deposit Turnover, G.6
FRB, February 19, 1965.
* Averages ol daily figures. Annual data are for December.
Weekly
reporting
member
banks 1
30. 7
32. 2
32. 9
35. 2
38. 8
42. 1
50. 6
44.6
45.2
46. 8
46.3
46. 9
48. 1
48. 2
49. 0
50. 6
50. 3
51. 1
52. 6
52. 5
53. 5
6
Bank
J _ l_ -x-,
debits
outside
New York
City (224
centers) ,
seasonally
adjusted
annual
rates 3
1, tide
1, 736
1, 832
S, 021
2, 199
3
2, 696
2,997
2,962
2, 872
3, 019
8,021
3, 019
3,028
3, 069
8,179
3,250
3, 198
3,264
3, 397
8, 390
3,848
A U member banks l 4
Total
reserves
18, 932
19, 283
20, 118
20, 040
20, 746
21,609
22, 719
21,511
21, 472
21, 709
21,863
21,617
21, 740
21, 958
21, 958
22, 719
22, 750
22, 233
22, 160
22, 536
22, 484
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
]Millions o f dollars
482
906
756
87
568
149
304
572
327
536
411
243
452
454
366
471
325
505
346
528
350
524
564
430
384
528
344
490
369
452
452
454
358
402
371
478
551
305
363
626
722
367
-424
669
419
268
209
168
2
-105
— 180
-182
-174
-134
-144
-146
-83
—2
-44
-107
-246
-263
— 355
Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.
O "I
CONSUMER AND REAL ESTATE CREDIT
Consumer credit outstanding rose less rapidly this past April than a year earlier. Most of the slowdown was accounted
for by automobile instalment loans which increased, on a seasonally adjusted basis, by $157 million compared with
$324 million a year earlier.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
100
TOTAL CONSUMER CREDIT OUTSTANDING
NONINSTALMENT CREDIT
I 1 1
I I I I I I I 1 I ! I II I
I t i l l !
1960
1966
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1956
1957
1958
1959
1960
1961
1962
1963*
1964*
1965*
1965*: Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec
1966*: Jan
Feb
Mar
Apr
Coiisu mer credit outstandin 5 (end of period;
u nad justed)
J[nstalment
NonAutomoTotal
instalTotal l
Personal
bile
ment a
paper
loans
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
77, 796
79, 237
80, 469
81, 717
82, 539
83, 319
S3, 801
84, 465
85, 291
87, 884
87, 027
86, 565
87, 059
88, 184
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
60, 861
61, 886
62, 807
63, 850
64, 704
65, 508
65, 979
66, 511
67, 168
68, 565
68, 314
68, 279
68, 827
69, 543
14, 420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
25, 691
26, 235
26, 717
27, 280
27,779
28, 111
28, 175
28, 393
28, 612
28, 843
28, 789
28, 894
29, 248
29, 597
6, 789
7, 582
8, 116
9, 386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
16, 515
16, 871
17, 098
17, 346
17, 503
17, 753
17, 911
17, 950
18, 070
18, 354
18, 325
18, 396
18, 532
18, 747
lAlso includes other consumer goods paper, and repair and modernization
loans, not shown separately.
2Consists of single-payment loans, charge accounts, and service credit,
s End of period, unadjusted. * Beginning July 1963, data have been revised.
32
10, 614
11, 103
11,487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
16, 935
17, 351
17, 662
17, 867
17, 835
17,811
17, 822
17, 954
18, 123
19,319
18, 713
18,286
18, 232
18, 641
Consum er instalme nt credit e ^tended
and njpaid (seas<Dnally adju sted)
Automobile paper
To bal
Extended
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
61, 295
67, 505
75, 508
6, 107
6,245
6,167
6, 196
6, 383
6,385
6,434
6,425
6,530
6,489
6, 544
6,492
6,673
6,505
Repaid
37, 054
39, 868
40, 344
4'J, 003
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
5,465
5, 500
5,511
5,601
5,659
5,729
5,748
5,805
5,831
5,855
5,947
5,954
6,024
5,974
Extended
15, 51f»
10, 405
14, 220
17, 779
17, 054
10, 007
19, 79(5
22, 292
24, 435
27, 914
2, 268
2,299
2,249
2,285
2,355
2,372
2,385
2,338
2,480
2,443
2,340
2,340
2,479
2,302
Repaid
14, 555
15, 54 5
15, 415
15, 571)
10, 384
10, 47'.?
17, 478
11), 400
21, 070
24, 207
1 , 970
1 , 975
1, 987
2,007
2,007
2,068
2,056
2,080
2, 148
2, 107
2, 115
2, 135
2,216
2, 145
Mortgage
debt outstanding,
nonfarm
1- to 1fainily
houses 3
91), 000
107, 000
117, 700
130, 900
141, 300
153, KM)
1(5(5, 500
1S2, 200
1 1)7, (500
213, 000
200, 500
204, 800
209, 000
213, 000
216, 100
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board (except as noted).
BOND YIELDS AND INTEREST RATES
Yields on long-term Treasury bonds and other securities and on short-term commercial paper rose during late May and
Treasury bill rates, however, were about unchanged.
'—ly June.
ear
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1966
SOURCES: SEE TABLE BELOW
[Percent
U.S. Gov€jrnment seeui*ity yields
3-month
3-5 year
Taxable
Treasury
issues 2
bonds 3
bills i
Period
1959
1960
1961
1962
1963_
1964
1965
1965: Apr
May
June__
July
A u g _ _ _ -_ _ Sept
Oct
Nov
Dec
1966: Jan.
COUNCIL OF ECONOMIC ADVISE*
_
_ _
Feb
Mar___ ._ _
Apr__ _ _
Mav
Week ended:
1966: May 14__
21__
28__
June 4__
11__
18__
1
3. 405
2. 928
2.378
2.778
3. 157
3. 549
3. 954
3.932
3. 895
3. 810
3. 831
3. 836
3. 912
4. 032
4. 082
4.362
4. 596
4.670
4. 626
4. 611
4. 642
4. 33
3.99
3.60
3.57
3.72
4.06
4.22
4.12
4. 11
4.09
4. 10
4. 19
4.24
4. 33
4. 46
4. 77
4.89
5.02
4. 94
4. 86
4. 94
4. 08
4.02
3.90
3.95
4.00
4. 15
4.21
4.15
4. 14
4.14
4.15
4. 19
4.25
4.28
4, 34
4.43
4.43
4.61
4. 63
4. 55
4. 57
4.
4.
4.
4.
4.
4.
4.88
4.90
5. 02
5. 02
5. 02
4. 54
4. 55
4. 60
4.62
4.63
630
626
638
641
573
575
:
Bate on new issues within period.
Selected note and bond issues.
3 Series includes: April 1953 to date, bonds due or callable 10 years and after.
4
Weekly data are Wednesday figures.
* Data for first of the month, based on the maximum permissible interest rate
(6H percent for April 1966) and 30-year mortgages paid in 15 years.
per annum]
High-grade
municipal
bonds
(Standard 4 &
Poor's)
3.95
3.73
3.46
3. 18
3.23
3.22
3.27
3.17
3. 19
3.26
3.26
3. 25
3.36
3.42
3. 47
3.56
3.52
3.63
3. 72
3. 59
3. 68
3. 60
3. 66
3. 72
3. 78
:*. so
3. 80
Prime
commercial
paper,
Corpora :e bonds
(Moo dy's)
Aaa
Baa
4. 38
4.41
4.35
4. 33
4.26
4,40
4.49
4.43
4. 44
4.46
4.48
5.05
5. 19
5, 08
5. 02
4.86
4. 83
4.87
4.80
•1 SI
4 . sr>
< . r>x
-1 , SS
•1. SS
•1.91
•1. 93
4. 95
5. 02
• . "4
- . 78
* . )2
•' . Hi
• . )8
f>.
5.
5.
5.
4.
4.
4.
4.
49
52
56
(")()
4. 95
5. 01
r>. 02
5. 04
5. 06
r>. 06
12
32
41
48
5. 46
5. 49
5.52
5. 54
5. 56
4-(»
mon Mis
i U7
I 85
2, 97
I 2ft
i. 55
1. 97
4.38
4.38
4. 38
4.38
4.38
4. 38
4.38
4. 38
4. 38
4. 65
4.82
4.88
5.21
5. 38
5.39
5.
5.
5.
5.
5.
I'll A
new homo
inorl M.tM't'
virM**
5. 77
6. 16
5.78
5.60
5.46
5. 45
5.46
5.45
5. 45
5.45
5.44
5. 44
5.45
5.46
5.49
5. 51
5.62
5.70
6.00
38
38
40
50
50
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices continued to fluctuate with no apparent trend in late May and early June.
Index, 1941-43 = 10
Index, 1941-43 = 10
^Vf
90
90
_ COMPOSITE PRICE INDEX FOR _
500 COMMON STOCKS
80
80
70
60
60
50
1 1 1 1 1
111
1 1 ! 1 1
PERCENT
50
PERCENT
MONTHLY
WEEKLY
DIVIC END YIELD ON COMMON STOCKS
^-^—
•
....'.!.....
, , . , , i , , , i i
,
, . , . . ! , i . i i
K
RATIO
RATIO
25
20 ' "~-
— ~—f
x\_
PRICE/EARNING S RATIO ON COMMC)N STOCKS
—-sr
\
^
15
10
"
A
Y
>
20
—.——•*. -»_
—
-——-
^^^^— 15
1
1
1
1960
1
1
I
i
|
t
1962
1961
!
i
I
i
i
i
1960
1961
1962
1963
1964
1965
1965:
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr
May
Week ended:
1966: May 6
13
20
27
June 3
10
Total
Total
55.85
66.27
62. 38
69.87
81. 37
88.17
89. 28
85.04
84.91
86. 49
89.38
91. 39
92. 15
91.73
93.32
92.69
88. 88
91. 60
86.78
59. 43
69. 99
65. 54
73.39
86. 19
93.48
94. 69
90. 19
89.92
91. 68
94.93
97. 20
98. 02
97.66
99. 56
99.11
95. 04
98. 17
92.85
89. 18
86.47
84.72
86. 89
86. 06
85. 42
95. 50
92.48
90. 56
93. 01
92. 10
91.40
Price i ndex !
Industrials
Capital Consumers'
goods
goods
1941-^13=10
47. 21
59. 75
57. 01
67.33
54. 96
58. 15
63.30
62. 28
76. 34
73. 84
81.94
85. 26
85. 21
86. 35
81.62
80.04
80.54
78. 80
80. 23
83. 25
82.34
86.91
90. 28
83. 90
91. 62
83. 75
91.42
83.31
93.35
84.28
93.69
83.48
90. 28
78. 96
93. 54
79.28
75. 12
88. 78
91.39
88.71
86. 14
88.86
87.42
85. 79
1
Includes 500 common stock, 425 are industrials; 5U are public utilities; and 25
are railroads. Weekly indexes for capital and consumer goods are Wednesday
.
figures; all other weekly indexes are averages of daily figures.
2
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
are averages of monthly data. Weekly data are Wednesday figures.
34
i
i
I
i
I
K 10
1966
COUNCIL OF ECONOMIC ADVlSfRS
SOURCEs STANDARD AND POOR'S CORPORATION
Period
i
1965
1964
1963
76. 78
75.22
73. 60
74.89
74. 10
73. 73
Public
utilities
Railroads
40. 80
00. 20
59. 16
64. 99
69. 91
76.08
77.50
74.19
74.63
74.71
76.10
76. 69
76.72
75.39
74.50
71.87
69.21
70. 06
68.49
30. 31
32. 83
30. 56
37. 58
45. 40
46.78
45. 53
42.52
43.31
46. 13
46.96
48.46
50. 23
51.03
53.68
54. 78
51. 52
52. 33
47. 00
69. 59
68.46
67. 68
68. 31
67.84
67. 54
49. 02
47. 01
45.39
46.73
46. 18
45. 75
Dividend
yield *
(percent)
;i 47
2. 9S
3. 37
3. 17
,'{. 0 1
:*. 00
2. 92
3.07
3. 09
3. 00
2.98
2. 91
2. 96
3.05
3.02
3.06
3.23
3. 15
3. 30
Price/
earnings
ratio 3
17. 09
21.
10.
1 7.
1 S.
17.
00
68
02
08
11
1 5. 93
17. 10
17. 71
3.23
3.29
3.38
3.31
3.35
3.39
3
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data,
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit in the first 11 months of fiscal 1966 amounted to $10.0 billion.
1965 the deficit was $7.8 billion.
In the corresponding period of fiscal
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
100
100
75
75
50
25
25
0
1961
1962
1963
1964
1965
1961
1966
•HO
NATIONAL DEFENSE
FIRST ff iMONTHS
75 -
1962
1964
1963
1965
1966
BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)
45
0
50 -
25
-10
-15
1961
* ESTIMATE.
1962
1963
1964
1965
1966
1961
1962
1963
1964
Period
Fiscal year 1960
Fiscal year 1961
Fiscal year 1962
Fiscal year 1963
_ ___
Fiscal year 1964
Fiscal year 1965 3
Fiscal year 19663
Fiscal year 1967
___
1965: Apr
May
June
July
Aug
Sept
Oct
Nov
_
Dec «
_
1966: Jan
Feb
Mar
Apr
May
Cumulative totals, first 11 months:
Fiscal year 1965
Fiscal year 1966
Net
budget
receipts
77. 8
77. 7
81. 4
86. 4
89. 5
93. 1
100.0
111.0
8. 5
7.3
13.4
3.8
7.4
11.0
3.3
8. 1
9.6
[ Billions of dollars]
Net budget expenditu res
l
N ational defeiuse
DepartTotal
ment of
Military
Total
Defense, assistance
military
76. 5
41.2
45.7
1.6
81. 5
43.2
47.5
1.4
87.8
46. 8
51. 1
1.4
92. 6
52. 8
48. 3
1.7
97.7
54.2
49.8
1.5
96. 5
50.2
46.2
1.2
106. 4
52.9
56.6
1.3
112.8
57.2
60.5
1.2
4. 3
4. 1
8. 3
.1
8. 1
4.3
.2
as
9. 1
4.3
5.0
.4
4
7. 2
3.6
3.8
(4)
4.4
9.0
4. 1
()
9. 5
4.5
4.3
.1
4. 3
8. 8
4.5
(4)
4.2
9. 1
4, 5
.1
9.4
6. 5
8. 8
11.3
10.2
8.3
5.1
4.6
4.8
4. 4
(4)
4. 8
4
8.2
4. 5
8.4
4.6
41.9
48.5
5.6
9.9
8.5
9. 1
5. 0
4. 9
79.7
87.6
87.4
97. 5
45.2
51.4
1 In addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
1965
1966
COUNCIL OF ECONOMIC ADVISERS
SOURCES.TREASURY DEPARTMENT AND RUREAU Of THE iUDGCT
4.2
5.2
()
Budget
surplus
or
deficit (-)
1. 2
—3. 9
—6.4
-6.3
-8.2
-3.4
-6.4
-1.8
Public
debt
(end of2
period)
.2
1. 1
.1
1.6
-.6
286. 5
289. 2
298.6
306. 5
312.5
317.9
320.0
321.7
317.2
319.8
317.9
317. 1
318.7
317. 3
319.4
322. 2
321.4
322.4
323.7
321. 5
320. 1
322. 8
.8
— 7. 8
-10.0
319.8
322.8
.1
.8 1
.3
—.8
4.3
-3.4
-1.6
1.5
— 5. 5
— 1.0
.1
-2.4
.2
8
Estimates.
* Less than $50 million.
NOTE.—Total budget receipts and expenditures exclude certain intragovern
mental transactions.
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter, cash payments exceeded cash receipts by $1.3 billion/ on a seasonally adjusted basis, however,
the excess of payments was $4.2 billion, according to recent revisions.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25
25
20
SEASONALLY ADJUSTED
EXCESS OF 0i^SH RECEIPTS
n*
P!
1
m
•|
• ••• • • • «
|"-|
EXCESS OF 0«6H PAYMENTS
1
!
1
1960
i
i
i
?
1961
i
i
T
!
{
t
1963
1962
!
I
t
1
1965
1964
!
I
i
i
1966
t
-5
CALENDAR YEARS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year:
1961
1962
1963
1964
1965 1
1966
1967 *
Calendar year:
1960
1961
1962
1963
1964
1965
Quarterly total (calendar years):
1964: I.
II
III
IV
1965: I
II
III
IV -_
1966: I
1
Estimates.
36
Cash receipts
from the
public
Cash payments to
the public
Excess of
receipts or
payments
'(-)
97. 2
101. 9
109.7
115.5
119.7
128.2
145.5
99. 5
107. 7
J13. 8
120. 3
122.4
135.0
145.0
94. 7
104. 7
111. 9
117. 2
120. 3
127.9
Unadjusted
Cash payments to
the public
Excess of
receipts or
payments
(-)
-2. 3
-5. 8
-4. 0
-4. 8
-2.7
-6.9
.5
98. 3
97.9
106. 2
112. 6
115.0
123.4
Cash receipts
from the
public
3. 6
30.3
33.4
27.0
24.3
30. 7
37.7
29.2
25.8
33. 3
28. 7
30.1
30.9
30.6
28. 3
32.6
33. 1
34.0
34.6
.; 0
U. O
-5. 7
-4. 0
-5. 2
— 4.5
Sef isonally adjus ted
1.6
3.3
-3. 9
-6. 3
2.4
5. 1
-3. 9
-8. 1
-1. 3
29.3
28. 6
28.4
28.8
29.7
2
32.6
30.6
30.7
32.7
2
30. 6
29. 8
30. 0
29.8
30.2
32.4
32. 1
33. 1
36. 9
1.3
-1.2
-1.6
— 1.0
-.4
.3
-1.5
-2.4
-4.2
2 Seasonally adjusted data include accelerated corporate tax payments of about
$0.3 billion in 1964 and $0.9 billion in 1965.
Sources: Treasury Department and Bureau of the Budget.
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, Federal expenditures rose over $6Vi billion (seasonally adjusted annual rate) and receipts increased
$8% billion. As a result, there was a small surplus.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
140
140
RECEIPTS
\
120
120
EXPENDITURES
100
100
80|/_J
I
L
1
I
1
I
I
-420
1
I
I
I
I
I
I
I
I
I
i
I
1
K
80
+20
SEASONALLY ADJUSTED ANNUAL RATES-
SURPLUS
!•„
Fttl
m
M
• ••-
• •-•
•|H-
EI m
-
DEFICIT
!
1
1
1
1960
1
1
t
1
1
1
I
1
1963
1962
1961
1
1
1
1964
\
Y
1
!
1965
I
1
.-20
1966
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jovernme nt receipt s
Period
Fiscal year :
1962
1963
1964
1965
1966 i
1967 i
Calendar
year :
1962
1963
1964
1965
1964: !___
II..
III.
IV-
1965:I___
II—
IIL_
IV..
1966: ! _ _ _
Fed era 1 Governnaent expe nditures
Personal Corpo- Indirect ContriTotal tax and
rate business bution s
for
nontax profits tax and
Total
receipts
tax
nontax social inaccruals accruals suran ce
Subsidies Surplus
GrantsPurless
in-aid
or
chases Trans- to State
Net
current A £i-fi «i4of goods fer payinterest surplus (1/elicit
and
\
\— )
and
paid
ments
local
of Govt.
enterservices
governments
prises
104.2
110.2
115.1
119.6
128.8
142.2
47.3
49.6
50.7
51.2
54.8
60.5
22.9
23.6
25.3
27.0
29.3
31.1
14.2
15.0
15.6
16.8
15.9
16. 5
19.9
22. 1
23.6
24.6
28.8
34. 1
106.4
111.4
117. 1
118.3
131.0
142.7
60.9
63.4
65. 8
64. 5
70.7
74.4
27.2
28.6
29.6
30.3
34.2
39.2
106.4
114.3
114. 5
124.1
114.8
112.0
114. 6
116.8
123.7
124.4
122.7
125.3
133. 8
48.6
51. 5
48.6
53.9
50.2
46. 5
48. 1
49. 8
53. 5
54.8
53.2
54.0
56.2
22.7
24. 5
26. 0
28.3
25. 7
25. 9
26.2
26.5
27.7
28.0
28.3
29. 2
30. 7
14. 6
15. 3
16. 1
16.7
15. 6
16. 0
16. 4
16. 4
17.7
16.7
16. 1
16.3
14.8
20. 5
23. 0
23.7
25.2
23. 3
23. 5
23. 9
24.2
24. 7
24.9
25.2
25.8
32. 1
110.3
114. 0
118.3
123.3
117. 5
119. 6
118.2
117.9
120.1
120. 6
125.6
127.0
133.6
63. 4
64.4
65. 3
66.6
65. 0
67. 0
64. 9
64.3
64. 9
65.7
66.5
69.2
72. 5
27.7
29.2
29.9
32.1
30.3
29.8
29. 7
29. 8
31.2
30.6
34.1
32.5
34 0
i Estimates.
7.6
8.4
9.8
10.9
12.8
14.7
6.8
7.5
8.1
8.6
9.0
9.7
3.8
3.6
3.8
4.1
4.3
4.7
-2. 1
-1.2
-1. 9
1. 2
8.0
7.2
4. 0
-3. 8
.3
-3.8
.7
— 2. 6
-7. 6
-3.6
-1. 1
3.6
3.8
-2.9
-1. 8
.2
9. 1
10.4
11.4
9.9
10.3
10. 6
10.8
10.8
11. 0
11.7
12.0
13.5
7. 8
8.4
8.8
8.3
8.2
8.5
8.4
8.6
8.7
8.8
8.9
9.3
3.6
4.3
4.5
3.9
4. 2
4.4
4. 7
4. 6
4.5
4.5
4.4
44
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-2.2
-.5
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
„
1
2
3
4
5
6
7
8
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
_
Wholesale Prices
_
__
26
III...IIIIIIII.III..II
27
Prices Received and Paid by Farmers
28
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
29
30
31
32
33
34
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
35
36
37
NOTE.— Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C., 20402
Price 25 cents per copy: $2.50 per year; $3.50 foreign
38
U.S. GOVERNMENT PRINTING OFF1C£:1966