Full text of Economic Indicators : June 1970
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91st Congress, 2nd Session
Economic Indicators
June 1970
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1970
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
W. E. BROCK 3d (Tennessee)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
PAUL W. McCRACKEN, Chairman
HENDRIK S. HOUTHAKKER
HERBERT STEIN
Economic Indicators f refared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—Slsx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S J. 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
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
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The 1967 edition of the Historical and Descriptive Supplement to Economic
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TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that gross national product advanced about $71/2 billion (seasonally adjusted annual
rate) in the first quarter, $2 billion less than in the fourth quarter of 1969.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Ci overtime]at
Persons
N et receip ts
Disposab le personail income
Period
Total l
1962
1963
1964
1965
1966
1967
1968
1969
1969: I
II_._
III__
IV_
1970: I
385.3
404. 6
438. 1
473. 2
511. 9
546. 5
590. 0
629. 7
610. 2
622. 0
639. 0
647. 5
660. 4
PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
tion
and
or
Purpaid and excludfers,
fers,
nontax interest,
expend- interest,
ing
expenddisNet
transfer
chases
interest itures saving receipts
receipts
itures
payof goods
and
and
or
and
and
ments
(-)
subsubaccruals sidies 2
to fortrans2
services
sidies
fers
eigners
8. 6
9. 7
10. 7
12. 0
13. 0
13. 9
15. 0
16. 1
15.7
15. 9
16. 1
16. 3
16.5
376.6
394 9
427.4
461. 3
498.9
532. 6
575. 0
613.6
594. 5
606. 1
622. 9
631. 2
643. 9
355. 1
375. 0
401. 2
432. 8
466. 3
492. 3
536. 6
576. 0
562. 0
572. 8
579.8
589. 5
600. 4
157.0
168. 8
174. 1
189. 1
213.3
228.4
264.2
301. 8
294. 1
302. 0
303.4
307.8
305. 6
21. 6
19. 9
26.2
28. 4
32.5
40.4
38. 4
37. 6
32. 5
33. 3
43. 1
41. 7
43. 5
42. 8
44. 4
46. 7
49. 9
55. 5
62.8
70.6
78. 5
75.8
77.6
78.9
81. 2
82. 0
114. 2
124 3
127.3
139. 2
157.9
165.6
193. 6
223. 3
218. 3
224.4
224.4
226.6
223. 6
159. 9
166. 9
175.4
186. 9
212.3
242. 9
270.8
293. 0
285.9
290. 6
296. 0
299. 6
303. 2
42.8
44 4
46. 7
49. 9
55.5
62. 8
70.6
78. 5
75. 8
77. 6
78.9
81. 2
82. 0
117. 1
122.5
128.7
137.0
156. 8
180. 1
200. 3
214. 6
210.0
212.9
217. 0
218. 3
221. 2
Net exports of goods
Net
Total
Statisand service s
transfers
Excess of income
tical
Gross
Gross
Excess to foror
transfers
discrepprivate
retained domestic
of
or
eigners
receipts
ancy
earn-3
invest- by perof net
investEquals:
ment sons and Exports Less:
ings
exports
ment 4
Net
GovernImports exports
(-)
(~)5
ment
1962
1963
1964
1965
1966
1967_
1968
1969
1969: I
II
III
IV
1970: I
66.3
68. 8
76.2
84. 7
91. 3
93. 3
96. 7
98. 3
97.7
98.0
99.7
97. 6
96.7
83.0
87. 1
94. 0
108. 1
121.4
116. 0
126. 3
139. 4
135. 2
137.4
143. 3
141. 8
135.0
— 16. 8
-18. 4
-17. 8
— 23. 4
-30. 1
-22.7
-29. 6
-41. 1
-37.5
-39.4
-43. 6
-44. 2
38. 3
2.7
2.8
2. 8
2.8
2. 8
3.0
2. 9
2. 7
2 4
2.8
2. 6
3. 0
2.7
30.3
32.3
37. 1
39.2
43.4
46.2
50. 6
55. 3
47. 6
57. 1
57. 8
58. 6
60.8
1
Personal income (p. 5) less personal tax and nontax payments (lines, penalties,
2 etc.).
Government transfer payments to persons, foreign net transfers by Government, net Interest paid by government, subsidies less current surplus of government
enterprises, and disbursements less wage accruals.
3
Undistributed corporate profits, corporate inventory valuation adjustment,
Capital consumption allowance!, and wage accruals less disbursements. Does
ncorporated business, which are included
\at include retained earnings of uninc
disposable personal income.
Surplus
or
deficit
(-),
income
and
product
accounts
-2.9
1.8
-1.4
2.2"
1. 1
-14.5
-6.7
8.S
8.3
11.4
7.4
8.2
2. 4
I]iternation al
Business
Period
E.spenditur ss
25. 1
26.4
28. 6
32. 3
38. 1
41. 0
48. 1
53. 2
46. 1
55.5
55. 2
55. 9
57.8
5. 1
5.9
8.5
6.9
5. 3
5.2
2. 5
2. 1
1. 5
1. 6
2. 7
2. 7
3.0
-2. 5
-3. 1
-5.7
— 4. 1
-2.4
-2.2
.3
.6
1.0
1.2
.0
.3
0
559. 8
590. 8
633.7
688. 0
750.9
794. 5
868. 2
937. 9
912. 9
931. 3
949. 7
958. 4
966. 9
0.5
-.3
-1. 3
-3. 1
-1. 0
-1. 0
-2.5
-5. 9
-4. 2
-6.5
-6.9
-6. 0
-7.3
Gross
national
product
or
expenditure
560. 3
590. 5
632.4
6849
749. 9
793.5
865.7
932. 1
908.7
924.8
942.8
952. 2
959. 6
4
Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
* Net foreign investment less capital grants received by U.S., with sign
changed.
NOTE.—Corporate profits tax and related items for 1969 reflect repeal of investirent tax credit. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) increased at an annual rate of 3 percent in the first quarter, according
to current estimates. Adjusted for price changes, there was a decline of 3 percent (annual rate).
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
900
900
GROSS NATIONAL PRODUCT
800
800
700
700
600
600
PERSONAL CONSUMPTION
EXPENDITURES
500
500
400
400
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
200
minim
,...„.•.««••"«•»»•«•»•"""•*•.«
100
100
NET EXPORTS.OF GOODS
AND SERVICES
1
I
GROSS PRIVATE DOMESTIC
INVESTMENT
I
I
1964
1965
1966
1967
SOURCES DEPARTMENT OF COMMERCE
Period
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: I
II
III
IV
1970: I
1969
I
1
1970
COUNCIL OF ECONOMIC ADVISERS
Gove rnment ipurchases of good s and
Total
Personal Gross
Implicit
Net
services
congross
Total
price
private exports
Federal
sump- domestic of goods
national gross
deflator
State for
product national tion
total
Total
investand
and
in 1958 product expend- ment services
GNP,
Total National
defense1 Other local 1958= 1002
prices
itures
Billions <if dollars; quarterlyr data at £seasonall.y ad justejd annual rates
0. 1
43.3
311. 2
75.3
101. 63
475.9
483.7
46. 0
7.6
97.0
53.7
4.0
487.7
46. 1
103. 29
503.7
74, 8
44 9
99. 6
53. 5
8.6
325. 2
5.6 107. 6
50.2
104.62
497.2
47.8
520. 1
9.6
335. 2
71.7
57. 4
5. 1 117. 1
105. 76
560. 3
83. 0
63. 4
53.7
529.8
51. 6 11.8
355. 1
5.9 122. 5
58.2
590. 5
107. 17
551.0
64. 2
375. 0
87. 1
50.8 13.5
8.5 128.7
581. 1
632.4
50.0 15.2
108. 84
401. 2
94.0
65. 2
63.5
6.9
70.1
432. 8
617.8
684. 9
137.0
66.9
110.86
108.1
50. 1 16. 8
5.3
121.4
79.
0
658. 1
749.9
60.7
113. 94
466.3
77.8
17. 1
156. 8
5.2 180. 1
72.4 18.4
674*6
793.5
492.3
116.0
117. 63
90.7
89.3
2. 5 200. 3
707.6
865.7
122. 34
536. 6
126. 3
78.0 21. 5 100.7
99. 5
2. 1 214. 6 101. 9
932. 1
576.0
727. 5
139. 4
79. 2 22. 7 112. 7
128. 12
1. 5 210. 0 101. 6
723. 1
908.7
562. 0
135. 2
79.0 22. 6 108. 5
125. 68
137.4
1. 6 212.9 100. 6
572. 8
924.8
78.5 22. 1 112. 3
726.7
127. 26
942. 8
2. 7 217. 0 103. 2
730. 6
579. 8
80.3 22. 9 113.8
143. 3
129. 05
952. 2
2. 7 218. 3 102. 3
729. 8
79. 2 23. 1 116. 0
589. 5
141. 8
130. 48
600. 4
135. 0
3.0 221. 2 102. 3
132. 50
724.3
959. 6
78. 9 23.3 118. 9
J
Tliis category corresponds closely with budget expenditures for national
defense,
shown on p. 36.
2
Gross national product in current prices divided by gross national product
in 1968 prices.
1968
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
NATIONAL INCOME
National income rose only $6 billion (seasonally adjusted annual rate) in the first quarter, according to current estimates. A large increase in employee compensation was partly offset by a sharp decline in corporate profits.
BILLIONS OF DOLLARS
1900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
700
700
TOTAL NATIONAL INCOME
600
600
COMPENSATION OF EMPLOYEES
500
500
400
400
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100'
1964
1966
1965
1967
1970
1969
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compenof employees l
Proprieto]rs' income
Farm 2
Business
and professional
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: I_
II
III
IV __
400, 0
414. 5
427. 3
457. 7
481. 9
518. 1
564.3
620. 6
654. 0
714. 4
771. 0
751. 3
765. 7
780. 6
786. 5
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.8
435. 5
467.4
513. 6
564. 3
546. 0
558. 2
571. 9
581. 1
11. 4
12. 0
12. 8
13. 0
13. 1
12.1
14.8
16. 1
14. 7
14. 6
16. 1
14.9
16. 4
16. 8
16. 3
35. 1
34. 2
35. 6
37. 1
37.9
40.2
42.4
45. 2
47. 2
49. 2
50. 2
49. 7
1970: I
792. 6
592.0
16. 5
1
2
Includes employer contributions for social insurance. (See nlso p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. G which includes
such profits.
Rental
income
of
per-
Net
interest
Corpora jQ profits and inventory va] uatlon ad justment 3
Total
Profits Inventory
before valuation
taxes 3 adjustment
50. 5
50. 4
15. 6
15. 8
16.0
16.7
17. 1
18.0
19.0
20. 0
20. 8
21. 2
21. 6
21. 5
21. 6
21. 7
21. 8
7.1
8.4
10.0
11. 6
13. 8
15.8
18.2
21.4
24. 7
28. 0
30. 6
29. R
30. 3
30. 9
31. 6
51.7
49. 9
50.3
55. 7
58. 9
66.3
76.1
82. 4
79. 2
87.9
88. 2
SO. 5
89. 2
88.8
85. 2
52.1
49.7
50.3
55.4
59. 4
66.8
77.8
84. 2
80. 3
91. 1
93. 7
95.5
95. 4
92. 5
91.4
50. 1
22. 0
32. 3
79. 7
85.6
r>o. i
» See Note p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
__0. 5
.2
-. 1
.3
—.o
CJ
-1.7
-1. 8
__ L i
-3.2
-5.6
-6. 1
6.2
-3.7
-6. 2
-5.9
SOURCES OF PERSONAL INCOME
Personal income (seasonally adjusted), which had increased sharply in April because of the rise in Federal pay and
social security benefits, declined in May. Apart from these special influences, personal income increased $1A billion
(annual rate) in April and declined $1A billion in May.
BILLIONS OF DOLLARS
:900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES*
BOO
800
700
700
TOTAL PERSONAL INCOME
£00
600-
500
500
I r., *
WAGE AND SALARY DISBURSEMENTS
400
400
300
300
OTHER INCOME
200
200
TRANSFER PAYMENTS
100
1964
1965
1966
100
1968
1967
SOURCEs DEPARTMENT OF COMMERCE
Period
1961
1962
1963
1964
1965
1966
1967
1968 _
1969
1969: Apr
May
June___
July—
Aug
Sept__.
Oct
Nov___
Dec
1970: Jan
Feb
Mar
Apr p
May __
1969
1969
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
and
Transfer
Other Propriet<ITS' income income
Divi- Personal
personal salary
labor 2
Business
interest
paydends
of
income disburseand pro- persons
income
ments
income
Farm
1
ments
fessional
416.8
442.6
465. 5
497.5
538. 9
587.2
629. 4
687.9
747. 2
735. 3
740. 0
746. 1
751.4
757. 5
760. 7
763. 9
767. 6
770. 6
774.3
778. 3
783. 3
801.3
793.5
278. 1
296. 1
311. 1
333. 7
358.9
394. 5
423. 5
465. 0
509. 9
500. 8
503. 8
508. 5
512. 8
517. 9
519. 9
522.2
525. 1
527. 8
530.0
532. 2
535. 1
540. 3
539. 9
12.7
13.9
14,9
16.6
18.7
20.7
22. 1
24. 2
26. 2
25. 8
25. 9
26. 1
26. 3
26.4
26. 6
26. 8
26. 9
27. 1
27. 3
27. 5
27. 7
27. 8
27. 9
12.8
13.0
13. 1
12. 1
14.8
16. 1
14.7
14. 6
16. 1
15.8
16. 4
16.9
16. 8
16. 8
16. 8
16. 7
16. 3
15. 9
16. 2
16. 5
16. 8
16. 7
16. 5
35.6
37. 1
37. 9
40.2
42.4
45. 2
47. 2
49. 2
50. 2
49.8
50. 1
50. 4
50. 5
50. 5
50. 5
50. 6
50. 4
50. 3
50.2
50. 1
50. 1
50. 0
50. 0
» 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; compensa
msation for injuries; directors' fees; military reserve pay; and a few other minor
items.
16.0
16.7
17. 1
18. 0
19.0
20. 0
20.8
21.2
21. 6
21. 5
21. 6
21. 6
21. 7
21.7
21. 7
21. 8
21. 8
21. 9
21. 9
22. 0
22. 0
22. 1
22. 2
13.8
15.2
16.5
17. 8
19.8
20.8
21.5
23. 1
24. 6
24. 2
24. 3
24. 5
24. 6
24. 8
25. 1
25. 3
25.4
25. 0
25. 2
25. 2
25. 2
25. 3
25. 3
25.0
27.7
31.4
349
38.7
43. 6
48. 3
54. 1
59. 4
58. 3
58. 8
59. 2
59. 5
59.8
60. 2
60.8
61. 3
61. 8
62. 1
62. 5
62. 9
63. 3
63. 7
32.4
33.3
35.3
36.7
39.9
44. 1
52. 0
59. 2
65. 5
64. 7
64. 9
65. 2
65. 7
66. 1
66. 4
66. 7
67. 2
67.8
68.9
70. 0
71. 3
84. 0
76. 1
Less: Personal con- Nonagritributions cultural
for social personal
3
insurance income
9.6
10.3
11.8
12.5
13.4
17.7
20.6
22. 6
26. 2
25. 7
25. 8
26. 1
26. 4
26.6
26. 7
26. 9
26. 9
27. 1
27.5
27. 6
27. 8
28. 1
28. 1
400.0
425.5
448. 1
480. 9
519.5
566. 3
609. 7
667. S
725. 2
713. 5
717.7
723.4
728. 8
734. 9
738. 1
741. 5
745. 3
748.6
752. 0
755. 6
760.4
778. 4
770. 8
3
Personal income exclusive of net income of unincorporated farm enterprisesfarm wages, agricultural net interest, and net dividends paid by agriculti'
corporations.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $1 3 billion (seasonally adjusted annual rate) in the first quarter, or about
billion more than in the fourth quarter of 1969. With first quarter personal outlays up $11 billion, the saving rate
rose to 6.6 percent.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
DISPOSABLE PERSONAL INCOME
500
500
PERSONAL OUTLAYS
1
1
1
I
I
!
I
PER CAPITA DISPOSABLE PERSONAL INCOME
l
l
I
I
I
I
I
I
I
I
I
I
I
!
SEASONALLY ADJUSTED ANNUAL RATES
IN CURRENT PRICES
2,500
2,500
2,000
2,000
1964
1970
SOURCE! DEPARTMENT OF COMMERCE
Period
Less *
Personal
Personal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per cap>ita disLess: Perse nal outla PS
posable personal
Equals:
Persoilal consurnption
Equals:
incc)me
Disex penditures 2
Personal
Total
posable
saving Current
Nonpersonal personall Durable
1958
income outlays
Services
prices
prices
goods durable
goods
1961
1962
1963
1964
1965
1966
1967
1968
1969
416.8
442.6
_ 465. 5
497.5
538.9
587. 2
629. 4
687.9
747. 2
52.4
57.4
60. 9
59.4
65.7
75.4
82. 9
97. 9
117.5
364.4
385.3
404. 6
438. 1
473.2
511. 9
546. 5
590. 0
629. 7
1969:
!_._ 724. 4
II__ 740. 5
III. 756. 5
IV__ 767. 4
114.2
118. 5
117. 5
119. 9
610.
622.
639.
647.
!___ 778. 6
118. 2
660. 4
1970:
2
0
0
5
Billions of dollars
343. 3
44.2
155.9
135.1
363.7
49.5
162.6
143.0
152. 4
168. 6
384. 7
53. 9
411. 9
59. 2
178.7
163. 3
444.8
175.5
66.3
191. 1
479.3
188. 6
206. 9
70.8
204. 2
506.2
73. 0
215. 1
222. 8
83.3
230.6
551. 6
592. 0
243. 6
242. 6
89. 8
Seascmally adjiisted anni lat rates
577. 7
235. 0
88. 4.
238. 6
242. 1
588. 8
90. 6
240. 1
244. 9
596. 0
89. 8
245. 1
605. 8
250. 3
90. 4
248. 7
616. 9
89.4
255. 4
Includes personal consumption expe nditures, interest paid by consumers,
lartorly data
255. 6
Saving
as percent of
Populadistion
posable
(thou-3
personal sands)
income
(percent)
21.2
21.6
19. 9
26. 2
28.4
32. 5
40. 4
38. 4
37. 6
Dollars
1,983
1,909
2,064
1,968
2,136
2,013
2, 280
2, 123
2, 432
2, 235
2, 599
2, 331
2,745
2, 399
2,474
2, 933
3, 099
2,507
5.8
5.6
4. 9
6. 0
6.0
6.4
7.4
6. 5
6.0
183, 756
186, 656
189,417
192, 120
194, 592
196, 907
199, 119
201, 177
203, 213
32. 5
33.3
43. 1
41. 7
3,
3,
3,
3,
014
065
140
172
2, 482
2,494
2,526
2, 522
5. 3
5.3
6.7
6.4
202,
202,
203,
204,
43. 5
3,228
2,536
6.6
204, 586
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department oi Commerce.
475
953
505
091
FARM INCOME
According to current estimates, net farm income including and excluding inventory change (seasonally adjusted) rose
slightly in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
10
J
J
L
1964
1966
J
L
L
SOURCEi DEPARTMENT OF AGRICULTURE
[ncome re ceived frc m farmingf
Realizeid gross
From
all
sources
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: I__
II
III
IV
_
19.7
20.4
20.6
20.6
23.6
24. 9
23.9
24. 9
27. 1
From
From
farm nonfarm
sources sources
12.2
12.3
12. 1
11.3
13. 5
14. 4
13. 0
13. 1
14.5
7.5
8.2
8.5
9.3
10.0
10. 5
10. 9
11.8
12. 6
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.
s Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
1
Nett o farm
oper ators
Net incomeper
farm inclruding net3
inventory change
Cash Produc—
ex- Exclud- Includreceipts tion
penses ingnetin- ing net in- Current 1957-594
from
Total i
ventory ventory2 | prices prices
marketchange change
ings
Billions c)f dollars
Do Jars
27. 1 1
12.6
3,332
39.8
35.1
13.0 i 3, 399
13.2
3,482
41.3
28.6
36.4
12.6
3, 586
29.7
13.2
42.3
37.4
12.6
3, 708
3, 565
37.2
29.5
3,564
42.6
13. 1
12.3
3,394
4, 487
44.9
30.9
14.0
39.3
15.0
4, 193
33.4
43. 3
4,563
49. 7
16. 3
16. 3 ! 5, 019
14.2
42.7
34. 8
4, 144
14. 7
4, 683
49. 0
14. 8
36. 3
14. 7
4, 107
4, 805
51. 1
44. 4
16. 0
5, 468
54. 6
47.4
4,446
38. 6
16. 2
Seasc nally adjiisted annu o.l rates
4, 170
52.9
46. 0
37. 9
15. 0
15. 0 i 5, 050
4, 510
5,550
16. 3
16. 5
55. 1
38. 8
48. 2
5, 690
38. 8
16. 5
16. 9
4, 630
55. 3
48. 0
16. 2
16. 4 ! 5,520
4,420
47. 5
38. 9
55. 1
1970: ! _ _ _
1
1970
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total J 'arm popi.ilation
Period
1
1969
1968
1967
56. 0
4
48.8
39. 7
16. 3
16. 6
5, 730
4, 510
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1957-59 base.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Agriculture.
CORPORATE PROFITS
Current estimates indicate that profits before taxes and including inventory valuation adjustment declined $5%
billion (seasonally adjusted annual rate) in the first quarter and were about $10 billion below those of a year earlier. The cut in the surcharge helped to cushion the decrease in after-tax profits.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
20
20
1964
1970
SOURCE: DEPARTMENT Or COMMERCE
Period
1961
1962
1963
1964
1965
1966_
1967_ _ „ „
1968_
1969
COUNCIL OF ECONOMIC ADVISERS
0Millions of dollars: c uarterly ciata at s<3a son ally adjuste< i annual rates]
CoriDerate pr ofits
Corj)orate pr ofits (befc>re taxes) and inveiitory
a fter taxe 8
Corpo- Profits
valuation adjustme nt
plus
rate
TransCorpoCorpoM anufactur ing
capital capital
portation
rate
rate
conconDiviUncomtax
profits
NonAll
Durable durable
dend distrib- sump- sumpmuniAll 1 before liabil- Total
industion
tion
goods
uted
paySj other
taxes
ity
Total
goods cation
tries
indusments profits allow-2 allow-3
and
ances ances
tries
public
tries
utilities
11. 4
27. 2
13. 8
23.3
11. 9
23. 1
13. 5
50.3
50. 3
7. 9
19. 1
53. 5
26. 2
12. 5
26. 6
14. 1
31. 2
24. 2
15. 2
16. 0
55. 7
20. 5
55. 4
30. 1
8. 5
61. 3
28. 8
15. 8
13. 0
33. 1
16. 5
59.4
26. 3
16. 6
58. 9
20.6
9. 5
31.8
64. 8
14.9
32.7
17.8
38.4
23.5
17.8
66.3
28.3
20.6
66.8
33.9
10. 1
72.3
39. 3
16. 6
46.
5
19.
8
22. 8
76. 1
77.
8
31.3
26.7
25. 6
36. 4
82.9
11. 1
42. 6
24. 0
18.6
49.
9
34.
3
82.4
84.
2
20.8
29.
1
27.
9
11. 9
39. 5
89. 5
39. 0
20. 9
18. 1
47. 3
21. 5
29.4
79, 2
80. 3
33. 0
25. 9
10. 8
42. 6
90. 0
24. 5
44. 4
19. 9
49. 8
41. 3
23. 1
87. 9
91. 1
26. 7
31. 9
45. 9
95.7
11. 6
20. 4
43. 9
23.5
50. 5
24. 6
93. 7
43. 3
32. 6
88. 2
11. 7
25.9
49. 1
99. 6
1969: !___.
II...
I1I__
IV...
89. 5
89.2
88. 8
85. 2
45. 1
44. 9
43. 8
41. 7
24. 7
23. 9
23. 8
21. 6
20. 3
21. 0
20. 0
20. 1
11. 8
11. 7
11. 9
11. 4
32.6
32.6
33. 1
32. 1
95. 5
95. 4
92. 5
91. 4
43. 9
44. 1
42. 8
42. 4
51. 7
51. 3
49. 7
49. 0
23. 8
24. 3
24. 9
25. 2
27.9
27.0
24.9
23. 8
47. 7
48.6
49. 6
50. 5
99.4
100.0
99.3
99. 5
1970:1
79, 7
37.4
17.7 !
!
19.7
10. 7
31. 6
85. 6
39. 1
46.5
25. 2
21. 3
51. 5
98.0
12 Includes ail other industries and financial institutions.
Includes depreciation and accidental damages.
1
Corporr.U- profits after tim-s plus corporate capital consumption allowances.
46-368°—70—2
NOTE.—Corporate profits tax and related items for 1969 reflect repeal of investment tax credit.
Data for Alaska and Hawaii included beginning 1960,
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC
INVESTMENT
Gross private domestic investment was down $6% bfllion (seasonally adjusted annual rate) in the first quarter. This
was due chiefly to a decline of almost $7 billion in the rate of inventory investment.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
1 160
SEASONALLY ADJUSTED ANNUAL RATES
GROSS PRIVATE DOMESTIC_
INVESTMENT
140
140
120
120
100
100
80
80
40
20
20
1964
1970
SOURCE* DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed urvestment
D
•
Total
gross
private
domestic
investment
1
Total
__
75.3
74.8
71.7
83. 0
87. 1
94. 0
108. 1
121.4
116.0
126.3
139. 4
135. 2
137.4
143. 3
141.8
135.0
Total
70.5
71. 3
69. 7
77. 0
81. 3
88. 2
98. 5
106. 6
108. 6
119. 0
131.4
128. 6
130. 5
132. 5
134. 0
134. 2
45. 1
48. 4
47.0
51.7
54, 3
61. 1
71.3
81. 6
83.7
88.8
99.2
95.3
97.8
101. 1
102. 5
104. 0
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Producere' durable equ ipment
Struc;tures
Total
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: I
II
IIL
IV
1970: I
Resid[ential
struc tures
N<coresident ial
16.7
18. 1
18.4
19. 2
19.5
21.2
25.5
28. 5
27. 9
29. 3
33. 4
32. 3
32. 1
34. 7
34.5
35. 6
Nonfarm
Total
15. 9
17.4
17.7
18. 5
18.8
20.5
24.9
27. 8
27.2
28.6
32.7
31. 6
31.4
34. 0
33. 8
34. 8
28.4
30.3
28. 6
32.5
34.8
39. 9
45. 8
53. 1
55.7
59.5
65.8
63. 0
65.7
66. 4
68.0
68. 5
Nonfarm
25.4
27.7
25. 8
29.4
31. 2
36.3
41. 6
48.4
50. 9
54. 6
61. 4
58. 7
61.0
62. 4
63. 6
64. 3
Total
25.5
22.8
22.6
25. 3
27.0
27. 1
27.2
25. 0
25.0
30.2
32. 2
33. 3
32. 7
31.4
31. 6
30. 2
Source: Department oi Commerce.
Nonfarm
24.8
22. 2
22.0
24.8
26.4
26.6
26. 7
24. 5
24.4
29. 6
31.7
32. 8
32.2
30. 9 !
31. 0
29. 7
Change in business in\rentories
Total
4.8
3.6
2. 0
6. 0
5.9
5.8
9. 6
14.8
7.4
7.3
8. 0
6.6
6. 9
10.7
7. 7
.8
Nonfarm
4.8
3.3
1.7
5.3
5.1
6.4
8. 6
15. 0
6.8
7.4
7.8
6.6
6.7
10.3
7.4
.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen have scaled down projected increases in their investment programs for 1970 and now expect an 8 percent rise over 1969.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
100
TOTAL NEW PLANT AND EQUIPMENT
20
1964
1970
J/SEE FOOTNOTE 3 BELOVL
SOURCE& SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi ng
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 3
1969: III
IV
1970: I s
II 3
III
IV 3
Total i
37. 94
31.89
33.55
36.75
35. 91
38. 39
40. 77
46. 97
54.42
63. 51
65.47
67. 76
75. 56
81.45
77. 84
77.84
78. 22
80. 66
83.28
83. 12
Total
16. 51
12. 38
12.77
15. 09
14.33
15. 06
16. 22
19. 34
23.44
28. 20
28.51
28.37
31. 68
32.85
33. 05
32. 39
32. 44
32. 88
33. 25
32.80
Durable Nonduragoods ble goods
7.84
5.61
5. 81
7.23
6.31
6. 79
7. 53
9. 28
11. 50
14. 06
14. 96
14. 12
15. 96
16. 44
16. 53
15. 88
16.40
16. 69
16. 89
15. 81
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations.
2 Includes trade, service, finance, communications, insurance, and construction.
s Estimates based on anticipated capital expenditures as reported by business
In late April and May 1970. Includes adjustments when necessary for systematic
tendencies in anticipatory data.
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
Transpo rtation
8. 68
6.77
6. 95
7. 85
8. 02
8.26
8. 70
10. 07
11.94
14. 14
14. 45
14. 25
15. 72
16. 42
16. 52
16. 50
16. 05
16. 18
16. 36
17.00
Mining
1. 69
1.43
1. 36
1. 30
1. 29
1.40
1. 27
1. 34
1.46
1. 62
1. 65
1.63
1. 86
1. 88
1. 89
1. 85
1.92
1.80
1. 90
Railroads
Other
1. 58
. 86
1. 02
1. 16
1.71
1.43
2. 10
1.97
1.96
2. 17
1. 98
2. 52
2. 91
3. 39
3. 77
4. 15
4. 19
4. 67
3.88
4. 43
4.31
4.46
4.82
50. 31
.82
1. 02
1. 26
1.66
1. 99
2.37
1. 86
1.45
1. 86
1. 99
2. 06
1. 94
1.74
1.97
2. 22
Public Commerand
utilities cial
other 2
5. 67
5.52
5. 14
5.24
5.00
4. 90
4. 98
5.49
6. 13
7. 43
8.74
10. 20
11. 61
13. 58
11. 48
11. 80
12. 14
13. 48
14. 68 I
10.79
10. 27
11. 16
11.99
12. 52
13.84
15.06
16. 63
18.49
20. 50
20. 94
21. 97
24. 35
26.47
25.49
25. 44
25. 66
26. 06
26.40
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;
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force (seasonally adjusted) declined by 317,000 in May. Employment fell by 475,000 and unemployment increased by 1 58,000. Employment in nonagricultural industries decreased by 502,000,
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
0 I ! 1 I M i M I M I I ! M 1 I M M I I I I M I i I I I I I I I I II
I I I I!
I I I I 1 M f I M t f I I I M M I I f I II
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
uNEl vA >L OYJvVEf<•JT
T
- \r
rr^
VaE
„
£ E>kS DhJA li( AC JlJS1ret)
~\
hTT
1
-
;
19<!>4
i9 5*
19<56
Civilisin emTotal
ploy ment
labor
force
UnemXT w
JNonploy- (includagriing
Total
ment
cularmed
tural
forces)
Thousands of ' Dersons 16
1965___ 77, 178 71, 088 66, 726 3,366 77, 178
1966... 78, 893 72, 895 68, 915 2, 875 78, 893
1967
80, 793 74, 372 70, 527 2,975 80, 793
1968___ 82, 272 75, 920 72, 103 2,817 82, 272
1969___ 84, 239 77, 902 74, 296 2, 831 84, 239
Unadji isted
1969:
Apr_ 83, 137 77, 079 73, 471 2,542 88, 950
May- 83, 085 77, 264 73, 374 2, 299 83, 652
June- 85, 880 78, 956 74, 589 3,400 84, 028
July_ 86, 318 79, 616 75, 460 3, 182 84, 810
Aug_ 86, 046 79, 646 75, 669 2,869 84, 517
Sept_ 84, 527 78, 026 74, 397 2,958 84, 868
Oct__ 85, 038 78, 671 75, 110 2,839 85, 051
Nov. 84, 920 78, 716 75, 395 2,710 84, 872
Dec_ 84, 856 78, 788 75, 805 2,628 85, 028
1970:
Jan.. 84, 105 77, 313 74, 398 3,406 85, 599
Feb_. 84, 625 77, 489 74, 495 3,794 85, 590
Mar. 85, 008 77, 957 74, 786 3,733 86, 087
Apr.r 85, 231 78, 408 74, 877 3, 552 86, 148
May. 84, 968 78, 357 74, 632 3,384 85, 788
| Total
labor
force
Period (including
armed
forces)
Total labor force as percent oi noninstitutional population.
10
•')
1970
19 5S>
196£
*
19<57
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
1
I t I f M I ! M I I !0
COUNCIL Or ECONOMIC ADVISERS
years of age and o ver
74, 455 71, 088 4,361
75, 770 72, 895 3,979
77, 347 74, 372 3,844
78, 737 75, 920 3, 817
80, 733 77, 902 3, 606
<Seasonally adjusted
66, 726
68, 915
70, 527
72, 103
74, 296
Unempl oyment
rate (percent of
Unem- civilia n labor
for ce)
ployment Unad- Seasonadjusted ally
justed
Percent
3,366
4.5
2,875
3. 8
2,975
3.8
2,817
3.6
2,831
3.5
80, 484
80, 180
80, 504
80, 789
80, 987
81, 825
81, 528
81, 879
81, 588
77, 589
77, 321
77, 741
77, 981
78, 142
78, 194
78, 445
78, 528
78, 787
8,661
8, 777
8, 683
3,561
3, 614
8,498
3,446
3,434
3,435
78, 928
78, 544
74, 058
74, 370
74, 528
74, 696
74, 999
75, 094
75, 302
2,845
2, 809
2, 768
2,858
2,845
3,181
3, 078
2,851
2,846
82, 218
82, 249
82, 769
82, 872
82, 555
79, 041
78, 822
79, 112
78, 924
78, 449
8,426
8,499
8,550
8,686
8,613
75, 615
75, 323
75, 562
75, 888
74,886
8,172
8,427
3,657
8,948
4,106
Civili*in emplo yment
Civilian
labor
force
Total
Agricultural
Nonagricultural
3.2
2. 9
4. 1
3. 8
3.5
3.7
3.5
3.3
3. 2
3.5
8.5
8.4
8.5
3.5
3. 8
3.8
8.5
3.5
4. 7
3. 9
4. 2
4. 1
5.0
4,2
4.6
4.3
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
4*4
4-8
Labor
force
participation
rate,
unadjusted *
59. 7
60. 1
60.6
60.7
61. 1
60. 5
60.4
62. 4
62. 6
62. 3
61. 1
61.4
61. 2
61. 1
60. 5
60.8
60. 9
61. 0
60. 7
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate increased from 4.8 percent in April to 5.0 percent in May, the highest
rate since February 1965. The unemployment rate for married men rose from 2.4 to 2.6 percent.
PERCENT
10
PERCENT
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
/
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
\
UNEMPLOYMENT RATEv EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
I , ,,
1968
t 1I ! t I t 11II
1966
1965
1964
1967
SOURCEi DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
linennploymen b rate
(percen t of civili*in labor
for ce in grou P)
Period
1965
1966
1967
1968
1969
1969: Apr
Mav _ . _ _
June
July
Aug
Sept
Oct
Nov_
Dec
1970: Jan
Feb
Mar
Apr
Mav
1
Persons at work in nonagri cultural ic
idustries
by hours worked p)&T week 2
Uiider 35 hours
Labor
Experi- Married
force
enced
All
men
time lost l Over 40
wage
and
hours
(wife
workers salary
present)
workers
4.5
3.8
3.8
3.6
3. 5
3.5
3. 5
3. 4
3.5
3. 5
3.8
3.8
3. 5
3. 5
3. 9
4. 2
4.4
4. 8
5. 0
Per cent
2.4
4.3
3. 5
3. 6
3.4
1. 9
1. 8
1.6
1. 5
3. 3
Seasonall y adjusted
1.5
3.3
3. 2
1. 5
3. 2
1. 5
3. 3
1. 6
3. 3
1. 5
3.6
1. 7
3. 6
1.6
1. 5
3.4
3. 4
1. 7
3. 6
1.8
2. 0
3.9
4.2
2.2
4. 2
2. 4
4.7
2.6
5.0
4. 2
4.2
4.0
3. 9
3. 8
3.8
3. 8
4.0
4.0
4.3
4. 3
4. 0
3. 9
4. 2
4. 5
4. 8
5. 1
5. 4
20, 788
21, 334
20, 920
20, 600
20, 608
20, 128
21, 185
20, 914
19, 352
20, 045
21, 651
21, 370
20, 097
21, 415
19, 939
19, 456
20, 321
19, 818
19, 928
Man-hours lost by the unemployed and persons on part-time for economic
reasons
as a percent of potentially available labor force man-hours.
2
Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
ind
industrial disputes.
2
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
1970
1969
35-40
hours
Part-ti me for
economi c reasons
Total
Part-time for
economi G reasons
Usually Usually Usually
fullpartfulltime 8
time 4
time *
Thousan ds of pers ons 16 ye<u*s of age and over
30, 768 11, 818
897
1,031
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
32. 658 14, 785
895
820
34, 201 15, 210
955
855
1Jnadjustec 1
Seasonall' j
34, 370 15, 650
823
690
881
34, 834 14, 620
806
703
905
35, 107 13, 42C
1, 143
1, 078
974
33, 545 12, 533
862
1,294
888
34, 112 12, 222
1,088
1,235
1,040
35, 350 13, 668
1,089
798
1,046
34, 173 16, 462
950
790
1,017
31, 868 20, 633
742
937
1,005
35, 974 15, 785
986
733
1,046
35, 325 16, 139
1,108
768
1,036
34, 249 17, 562
1, 088
723
1, 044
35, 857 15, 807
1, 120
768
1,093
36, 110 16, 019
799
1, 308
1,400
6
35, 898 15, 737 * 1, 116
835
1,253
Usually
parttime 4
adjusted
829
839
844
901
915
887
928
825
812
879
777
843
960
996
4
Primarily includes persons who could find only part-time work.
«Average hours worked: usually full-time, 24.6; usually part-time, 18
NOTE.—See Note, p. 10.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAM
In May, insured unemployment under State programs averaged 761,000 higher than a year earlier. The seasonally
adjusted insured unemployment rate rose from 3.2 to 3.6 percent.
MltllONS OF WRSONS
MfLUONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS}
1969
T
JAN.
FEB.
MAR.
APRIL
f
I
MAY
f f '! I
f
JUNE
JULY
AUG.
SEPT.
OCT.
A 11 progranas
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment
(weekly
lions
ment
averof dolage)
lars)
Thou sands
54, 739
1, 129
» 56, 342
1,270
"57, 969
1, 187
1, 175
"59, 268
1, 163
'59, 862
970
"60, 965
912
1, 089
1,016
1966
1967
1968
1969
1969: Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1970: Jan
Feb___ __
Mar
Apr__p
May
Week ended:
1970: Mav 1 G _ _
903
930
1, 106
1,465
1,958
1,987
1,917
1, 885
1,778
23
30
June 6 v
13 *
1
_
1, 801
1,749
1,686
1,692
1, 890. 9
2, 220. 0
2, 191. 3
2, 265. 0
214. 9
164. 9
145. 7
171.8
169.7
148.3
153.8
147.7
208.5
250. 7
328. 7
355. 5
344.2
322. 8
t
!.. I T
DEC.
Steite progra ms
Initial
claims
Insurec unemploymen t as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonadjusted ally
justed
Weekly jiverage, t lousands
203
15
1,061
17
226
1,205
201
16
1,111
197
1,098
15
19
167
1, 090
906
144
17
852
162
17
1,021
246
15
172
14
948
840
146
13
864
167
13
1,030
213
12
289
1, 375
13
1,847
355
18
1,874
17
290
245
1,798
20
22
1,770
298
1, 667
249
25
1, 689
1,639
1, 579
1
1, 582
ixiot charted.
NOTE.—For definitions and coverape, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included and for Puerto Rico since 1963.
12
f
NQY
COUNCIL OF ECONOMIC ADVISERS
SOUXCEt DEPARTMENT OF IABO*
Period
T
242
231
224
234
242
Source: Department of Labor,
Per<sent
2.3
2. 5
2.2
2.2
2. 2
1.8
1. 7
2. 0
1. 8
1. 6
1.6
2. 0
2. 0
2. 1
2. 2
6> 6)
<G. &
9 &
9
&.
<Q 6)
&. &
6) O
<Z?
6.
2. 0
2. 7
2. 8
3.6
3.6
2.5
2.6
3. 5
3. 4
3. 2
3.2
3. 1
3. 0
3.0
2. 7
S.2
S. 6
Benefit s paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
1,771.3
2, 101. 0
2, 031. 9
2, 099. 5
200. 1
153. 0
135. 0
159. 2
156.7
136.2
139.5
136. 6
214.3
299.4
310. 8
331. 1
320. 2
298. 1
39.75
41. 25
43.43
46. 10
46. 03
45. 14
44. 88
45. 30
46.16
45.70
46. 25
46.47
47. 42
48.49
49. 11
48. 50
47. 94
48.63
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment (seasonally adjusted) decreased by 269,000 in May. Most of the decline
occurred in manufacturing (225,000). A substantial decline also occurred in contract construction (79,000).
Mill.IONS OF WAGE
ANE) SALARY WORKERS
76
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONAllY
16
(ENLARGED S(:ALEJ
{SEASONALLY ADJ JSTED)
72
14
•••"•^
5
,/^ALL NOt^AGRICULTURAL
^*
EST/^BLISHMENTS
-——^
'
-
- NONMANUFACJURING
(PRIVATE )
V-
£
-.1
"~
-.--
10 -^P^—**'*"""'
DURABLE
MANUFACTURIhIG
1
„ *.«-"*""""
-
12
-....,,.ww^^»
^
MANUFAaURU^IG
\
f
10
u
"*"**,,
*••—"""
1
piiittitt,,iHHltU»BllH«** ^
"^
NONDURABLE
AMANUFACTURING
\
8
^
—
:-
16
-
-
COhiTRACT
CONS1fRUCTION
-
GOVERNMENT
4
12
8
—
«.„••» .- —
.i""*"*"^*"
^•*^
1
20
SERVICES
-.
J
*-
—^
12
*~
64
36
"
WHOL ESALE AND RET* IL TRADE
\
^**
• ^^^^^
40
^——
" 1
^-^•""""^""1
68
ADJIUSTEDJ
J
ill 1 I 1 1 I t ! 1 1 I
! 1 1 f 1 I 1 ! I I! I 1 1 J 1 ! f t f ! I
1968
1967
2
I 1 1 1 ! I f 1 1 I IK
1969
1970
(ii i i t i 1 i i i i i
1967
1
1 1
1
! !
1
!
1
I I
1968
SOURCE, DEPARTMENT CX IABOR
,
1 ! ! 1 1 1 ! ! 1f !
1969
! » t t I I f f t I IK
1970
"
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted)
Manufac turing (]Drivate)
Period
1964
1965
1966
1967
1968
1969
1969: Apr__
May _
June_
JulyAug—
Sept__
Oct..
Nov.Dec__
1970: Jan. _
Feb_.
Mar__
Apr p _
May"
Total
58, 331
60, 815
63, 955
65, 857
67, 915
70, 275
69, 992
70, 172
70, 348
70, 400
70, 498
70, 568
70, 838
70, 810
70, 845
70, 992
71, 139
71, 256
71, 124
70, 855
Total
17, 274
18, 062
19, 214
19, 447
19, 781
20, 169
20, 182
20, 195
20, 248
20, 247
20, 246
20, 252
20, 233
20, 082
20, 083
20, 018
19, 937
19, 944
19, 787
19, 562
NonDurable durable
goods goods
9,816
10, 406
11, 284
11, 439
11, 626
11, 893
11, 903
11, 915
11, 957
11, 955
11, 950
11, 968
11, 965
11, 782
11,774
11, 679
11, 625
11, 648
11, 525
11, 394
7,458
7,656
7,930
8,008
8,155
8,277
8,279
8,280
8,291
8,292
8,296
8,284
8,268
8,300
8,309
8,339
8,312
8,296
8, 262
8, 168
N onmanu facturinj 5 (private)
Total
Contract
Mining construetion
31, 461
32, 679
33, 950
35, 012
36, 288
37, 902
37, 675
37, 791
37, 879
37, 956
38, 040
38, 131
38, 313
38, 405
38, 401
38, 584
38, 761
38, 795
38, 713
38, 640
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
634
632
627
613
606
619
615
614
614
618
621
623
622
624
627
625
626
626
622
620
3, 050
3,186
3,275
3,208
3,285
3,437
3,425
3,441
3,442
3,439
3,420
3,436
3,445
3,473
3,496
3,394
3,466
3,481
3, 424
3, 345
Transportation
and
public
utilities
3,951
4,036
4, 151
4,261
4,310
4,431
4,414
4, 420
4,445
4,454
4,457
4,459
4,463
4,464
4,470
4,504
4, 497
4, 502
4,464
4,473
Whole- Finance,
insursale
ance, Services
and
and
retail
real
i"TA.Hf*
I/I cLUt>
estate
12, 160 2,957 8,709
12, 716 3,023 9,087
13, 245 3, 100 9,551
13, 606 3, 225 10, 099
14, 084 3,382 10, 623
14, 645 3,557 11, 212
14, 546 3,529 11, 146
14, 606 3,540 11, 170
14, 647 3, 556 11, 175
14, 672 3,567 11, 206
14, 712 3,580 11,250
14, 738 3,584 11, 291
14, 824 3,596 11, 363
14, 847 3,611 11, 386
14, 749 3,626 11, 433
14, 937 3,648 11, 476
14, 987 3, 652 11, 533
14, 984 3,665 11, 537
14, 975 3,676 11, 552
14, 958 3, 683 11,561
Gover nment
Federal
State
and
local ,
2,348
2,378
2,564
2,719
2,737
2,758
2,761
2,757
2,782
2,765
2,749
2,747
2,739
2,730
2,721
2,717
2,718
2,780
2,851
2,840
7,248
7,696
8,227
8,679
9,109
9,446
9,374
9,429
9,439
9,432
9,463
9,438
9,553
9,593
9,640
9,673
9,723
9,737
9,773
9,813
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Series revised beginning 1968; see note, p. 14. Beginning 1959, data Include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek for private nonfarm production workers decreased in May to 37.2 hours (seasonally adjusted).
Hours declined in manufacturing (from 40.0 to 39.9) and in contract construction (from 38.3 to 38.2), and increased
in retail trade (from 33.7 to 33.8).
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46 I
MANUFACTURING
TOTAL NONAGR1CULTURAL PRIVATE
44
44 'r~
42
42
40
38
38
36
36
34
34
1968
1967
1969
-LJLJ-fs
1967
1970
42 j
1968
1969
1970
1968
1969
1970
42
CONTRACT CONSTRUCTIC)N
RETAIL TRADE
40
x^^r~v
38
38
36
34
34
32
32
30
At } 1 1 1 1 ! 1 f 1 1
v
1968
30
i r i i t l _ i .1 i i iN
' f M f t I ' ' i'
1967
1969
1970
N
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF IABOR
1
[Average hours per week ]
Total
nonagricultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
] nonagricultural
private 2
38. 6
38.6
38.7
38. 8
38.7
38. 8
38. 6
38. 0
37. 8
37. 7
Unad [usted
39. 7
36. 7
36. 9
39. 8
37. 0
40. 4
37. 3
40. 5
40. 7
37. 2
41. 2
37. 4
37. 6
41. 3
37. 7
40. 6
37. 4
40. 7
40. 6
38. 0
38. 0
37. 6
37. 4
37. 3
37. 0
36. 6
35. 9
35. 3
34.7
34. 2
1969: Apr
Ivlay
June
July
Aug _
Sept___
Oct
Nov.
Dec
1970: Jan
Feb
37.5
37.7
38. 0
38. 1
38.2
38. 0
37. 7
37. 5
37. 7
37. 1
37. 1
37. 2
37. 0
37. 1
40. 5
40. 7
40. 9
40. 4
40. 6
41. 0
40. 7
40. 6
41. 0
40. 1
39. 8
40. 0
39. 7
39. 9
33. 8
33. 9
34. 6
35. 2
35. 3
34.2
33.7
33. 6
34. 1
33. 4
33. 3
33.4 I
33. 3
33. 4
_
_
_
__
__ _ __ _
Mar p
Apr _p
Mav
_ _ __
37. 5
38. 2
38. 4
38. 7
39. 1
39. 3
38. 3
37. 1
37. 6
35. 7
36.8
37. 2
37. 9
38. 2
'Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
^Also includes other private industry groups shown on p. IS.
14
Contract
construction
Retail
trade 3
Seasonally T adjusted
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969__
__
Manufacturing
3
37. 8
37. 8
87. 8
37. 8
37.8
37. 8
37. 6
37.6
37. 5
37. 4
37.4
37. 4
37. 5
37. 2
40. 5
40. 7
AO. 7
40. 7
40. 6
40.7
40. 5
40.5
40.7
40. 5
39.9
40. 2
40.0
39. 9
37. 9
38. 2
37. 6
37. 6
37. 9
38. 1
37. 6
38. 1
38. 2
36. 7
38. 2
38.0
38. 8
38. 2
34. 2
34. 3
34. 3
34. 2
34.2
34. 1
34. o
34. 0
33. 5
33. 8
S3. 7
S3. S
33. 7
S3. 8
Includes eating and drinking places.
NOTE.—Series revised to March 1969 benchmark beginning 1968. For detail, see
Employment and Earnings, June 1970.
Source: Department of Labor.
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers increased in May from $3.18 to $3.20. Average
weekly earnings increased by $1.06 to $118.72.
DOLLARS
DOLlARS
6.00
240
AVERAGE n WEEKLY EARhJINGS
AVERAGE HOURLY EARNINGS
5.00
CONTRACT CONSTRUCTION
X
CONTRACT
1/n
4.00
f*
V
y
MANUFACTURING
CONSTRlJCT10N
/V
v" .
-V
-
MANUF/^TURING
••••••«***
%»,i»»«^
<11,M»»^
120
TOTAL NONAGRICULTURAL
PRIVATE
RETAIL TRADE
2.00
./ \^
80
*~~~>~*
_^^~—
..-' —•
11
••„ ^M*****"*^*"
*
^ i '••
~*~^ TOTAL NONAGRICULTURA I
PRIVATE
*,m^
+«-*mm*
m
RETAIL " ^ADE
—
1 ! t ! I
1.00
1967
1
40
{ I 1 M
^1 1 1 1 1 1 1 1 1 1 1
1967
1970
1969
1968
1 1 T ! 1 ! 1 1 ! ! 1
! ! 1 1! 1 I ! 1 ! 1
1968
1969
SOURCEi DEPARTMENT OF UBOR
i r t f i I t M t IK
1970
V
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969.—
1969: Apr
May
June. _ _
July
Aug_ _ _ _
Sept__ _ _ _
Oct
Nov..
Dec
1970: Jan
Feb
Mar
Apr "
May ''.
Average lourly earn ings— curr ent prices
Average ^veekly earrdngs— current prices
Total
nonagricultural
private l
Total
nonagricultural
private 1
$2. 09
2. 14
2. 22
2. 28
2. 36
2. 45
2. 56
2. 68
2.85
3. 04
2. 98
3. 01
3. 03
3. 04
3. 05
3. 10
:i 11
3.
3.
3.
3.
3.
3.
3.
12
11
13
15
17
18
20
Manufacturing
$2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2. 72
2. 83
3. 01
3. 19
3. 15
3. 16
3. 18
3. 19
3.20
3. 24
3. 25
3. 2G
3. 29
3. 29
3. 29
3. 31
3. 32
3. 35
Contract
construction
$3. 08
3. 20
3. 31
3. 41
3. 55
3. 70
3. 89
4. 11
4. 41
4. 78
4. 65
4. 72
4. 70
4. 76
4. 80
4. 92
4. ()(>
4. 97
f>. 03
5. 07
5. 06
5. 06
5. 08
5. 09
Retail
trade 2
$1. 52
1. 56
1. 63
1. 68
1. 75
1. 82
1. 91
2. 01
2. 16
2. 30
2. 28
2. 29
2. 30
2. 30
2. 30
2. 33
2. 35
2. 36
2. 35
2. 38
2. 40
2, 41
2. 42
2.42
1
Also includes other private industry groups shown on p. 13.
2 Includes eating and drinking places.
2 Earnings in current prices, adjusted to exclude the effects of overtime and
interindustry shifts.
* Earnings in current prices divided by the consumer price index.
46-368°—70
3
$80. 67
82. 60
85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107. 73
114. 61
111. 75
113. 48
115. 14
115. 82
116. 51
117. 80
117. 25
117. 00
117. 25
116. 12
116. 87
117. 92
117. 66
118. 72
Manufacturing
Contract
construction
Retail
trade 2
$89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
127. 58
128. 61
130. 06
128. 88
129. 92
132. 84
132. 28
132. 36
134. 89
131. 93
130. 94
132. 40
131. 80
133. 67
$113.
118.
122.
127.
132.
138.
146.
154.
164.
181.
174.
180.
180.
184.
187.
193.
189.
184.
189.
181.
186.
188.
192.
194.
$57. 76
58. 66
60. 96
62. 66
64.75
66.61
68.57
70.95
74. 95
78. 66
77. 06
77.63
79. 58
80. 96
81. 19
79. 69
79. 20
79. 30
80. 14
79.49
79. 92
80. 49
80.59
80. 83
04
08
47
19
06
38
26
95
93
16
38
30
48
21
68
36
97
39
13
00
21
23
53
44
Manufa icturing
indu.3 tries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1957-59=
1957-59
100 3
prices 4
106. 8
109.9
112. 7
115. 5
118. 4
121. 5
125. 6
131.5
139. 5
147.7
146.0
146.6
146.9
147.8
148. 4
149. 5
150. 2
151.0
152. 0
152. 9
153.4
154. 4
155. 3
$87. 02
88.62
91. 61
93.37
95. 25
97. 84
99. 33
98. 80
101. 08
101. 42
100. 93
101. 43
101. 93
100. 53
100. 95
102. 74
101. 91
101. 43
102. 73
100. 10
98. 82
99. 40
98. 36
99.31
NOTE.—Series revised beginning 1968, see note, p. 14. Data for Alaska and
Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) declined nearly 1 percent in May to a level about 3 percent
below the July 1969 peak.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED}
260 I
UTILITIES AND MINING
TOTAL
180
240
160
220
y^
UTILITIES
140
200
120
180
100
I t I I II I t t t I
I I I I I M I t II
1968
.1967
I I I 1I ll I I I1
1969
140
MINING
1970
200
1 111 11 1111I
120
MANUFACTURING
1967
180
1968
1 11 ! I
t 1 I ! 1
1970
1969
200
—^ ^^•i-*'1—\
*«
""NONDURABLE'
^-—•\
160
140
160
120
1967
t ii i iI i i i ii
1968
! IM
1969
II I IM I
140
1970
1970
1967
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1960
1961
1962
1963
1964
1965
1966 _ _ _ _
1967
1968
1969
1969: Apr
May
June
July
Aug_
Sept
Oct
Nov
Dec _
1970: Jan
Feb
Mar
Apr__
May »
_
_ _ .
__
108.7
109. 7
118.3
124. 3
132.3
143.4
156. 3
158.1
165.5
172.8
171.7
172. 5
173.7
174. 6
174. 3
173. 9
173. 1
171.4
171. 1
170.4
170. 5
171. 1
170.4
169.0
1
[1957-59 = 100, seasonally adjusted]
Industry
M anufaetur ing
Non- Mining Utilities
Total Durable durable
Total
Consumer
goods
Equipment
108. 9
109. 6
118.7
1249
133.1
145.0
158. 6
159.7
166.9
173.9
173. 0
173. 8
174.8
175. 6
175.4
175. 2
173. 9
171.8
171.3
170. 2
170. 3
170. 9
170.0
168.4
109.9
111.2
119. 7
124. 9
131.8
142.5
155. 5
158.3
165.1
170. 8
170. 2
170. 0
170.7
172. 8
172.7
172. 2
170.9
168. 4
168.5
168. 5
169.9
170.0
168.7
167.7
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.5
156.9
162. 5
161. 8
160. 7
161. 5
164.4
164. 2
162. 8
161. 2
160. 5
160. 7
161. 5
162. 4
162.6
162. 9
163. 4
107.6
108.3
119.6
124.2
132.0
147.0
172.6
179.4
182.6
188. 6
188.4
190. 0
190. 4
190. 8
190. 3
192. 4
191. 9
185.6
185. 2
183. 6
186.2
185. 7
181. 0
177.0
Source: Board of Governors of the Federal Keserve System.
16
COUHOL OF ECONOMIC ADVISERS
108.5
107.0
117.9
124.5
133.5
148.4
164, 8
163.7
169.8
176.5
175. 7
176.7
178.3
178. 7
178.8
178. 7
177. 3
172. 1
171. 1
169.7
169. 6
170.6
168. 6
166.9
109.5
112.9
119.8
125. 3
132.6
140.8
150. 8
154.6
163.3
170. 6
169. 6
170.3
170. 5
171.8
171. 3
170. 9
169. 5
171. 5
171.5
171. 0
171. 3
171. 2
171.7
170. 2
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123.8
126.6
130. 2
128. 8
130. 3
134.4
133. 2
131.2
131.6
130. 2
132. 6
134. 4
131.7
134. 2
135.8
134.5
134.7
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.9
202.5
221. 2
216. 3
213. 6
215. 6
222. 2
222. 6
222. 5
226. 0
226. 0
227. 9
230. 1
232.7
230. 3
231. 5
231.5
Ma rket
Final produ cts
TVT 4-
rials
107.6
108.4
117.0
123.7
132.8
144.2
157. 0
157.8
165.8
174. 6
172. 9
174. 5
176.3
176. 5
175. 9
176.0
175.4
174.6
173. 9
172. 5
171. 5
172. 1
172. 0
170.5
PRODUCTION OF SELECTED MANUFACTURES
Production of most major groups of manufactures (seasonally adjusted) declined in May. An exception was transportation equipment which increased because of a sharp rise in motor vehicles and parts.
Index, 1957-59=100 {SEASONALLY ADJUSTED)
240
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
FABRICAT FD MFTAI
PROD
180
-^iSi^W-^ii
N
>UCTS
\/1
s^/^
160
~
MET;
**""«.
"
s
•••«•
140
7P
^
"X,
.......uX'
/,
120
=
s
. \ A\*
^v^r
k
i i ti i i I i f ii
1967
100
/i
180
PAPER AND.
. PRINTING N^
LUMBER AlMD PRODUCTS
V
k—
%
1 1 ! I I 11 1 I I !
1 ! 11 I 1 1 I 1! 1
I 1 111 ! 1 | 1 f !
1969
1970
1968
140
i f i... t t t M
I f t. . . I t M I I I 1
1967
I I 1 ! t I I II I I
1969
1968
1970
180
22U
vy\
*5AA
r^
MACHINERY
1RH
160
^v%
V
'^-V'
200
Hs <**..
\X ""—,.
\v>^.
^
' '*'*
,^
""1 PRIMARY
CHEMICALS, PETROLEUM,
AND RUBBER
220
v ^
• *
160 ~\f
140
\mf-/
1 1 ! 1! I 1 I ! !1
^^jv*t»
140
*^
-" FOODS,
\ BEV
1ERAGE.%
\
^
TRANSPORTATI ON
EQUIPMENT
1 1 ! 1 ! f ! f | 1 !
1968
1967
TEXTILE*>, APPAREL,
AND LEATHER \
/ ""v
r^^
"\
'
! 1 1 ! ! 1 1 ! 1 I !
160
v-*x
120
1 1 I 1 1 1 I I ! I 1
100
1969
AND TOB ACCO
1 ! ! ! 1 ( I I 1 !I
1970
, , , , , ! , « , , ,
,,,,,[,,,,,
i t f . i Ii i M '
1968
1969
1970
1967
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100, seasonally adjusted]
Durat>le manufeictures
Period
Primary
metals
Ncmdurable manufactu res
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated Machin- tation
and
apparel,
and
petrobevermetal
ery
equipprodand
print- leum, and ages, and
products
ment
leather
ing
ucts
rubber tobacco
1960
1961
1962
1963
1964
1965
1966
1967
1968 _
1969
101.3
98. 9
104. 6
113.3
129.1
137.6
142.7
132.5
137.0
149. 1
107.6
106. 5
117. 1
123.4
132.7
147.8
163. 0
161.9
167.9
179. 8
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183.4
184.3
195.7
108.2
103.6
118.3
127. 0
130.7
149.2
166.9
165.7
179.5
174. 6
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
116.9
122. 3
119.1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.4
144.8
144. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149.6
155.5
164. 4
113.9
118.9
131. 2
141. 8
152.5
164.6
181.9
190.0
207.7
222.6
106. 6
110. 2
113. 3
116. 8
120.8
123.4
128.1
131.7
135.3
139. 0
1969: Apr
147. 9
149. 3
153. 1
152.4
151, 3
149. 3
150. 4
150. 3
147. 7
178.3
179. 2
180. 6
179. 1
180. 6
179. 1
179. 4
179. 2
178. 4
194.6
196. 9
197. 2
198. 1
199. 4
201. 2
199. 0
187.4
188.7
172.4
171. 8
176. 6
181. 1
179. 1
178. 8
175. 7
168. 3
163. 9
122.6
120. 7
115. 5
113. 4
114. 1
111. 1
113. 8
114. 1
109. 7
143.7
146. 3
146. 0
145. 4
143. 3
141. 1
142. 0
142.9
141. 5
162.4
163. 8
164.4
165. 9
166. 3
165.8
165. 3
166.1
166.8
221.7
222. 7
223. 2
225.2
222. 4
223. 3
222. 7
225. 3
224. 8
138.2
136. 9
137. 0
138. 4
141. 0
140.4
136. 2
139.2
140.1
143.
139.
142.
139.
180. 0
178. 9
178. 3
175. 1
189. 7
195. 8
198. 3
193. 9
191
159. 6
154. 3
156. 1
155. 2
118. 0
117.5
113. 2
141. 3
138. 8
137.7
137. 6
164. 6
164. 6
164. 6
165. 3
222.
224.
226.
226.
142.7
143. 5
142. 8
142. 7
May
June
July
Aug_
Sept__
Get
Nov__
Dec
1970: Jan
Feb
Mar_ _
Apr
May "
_ _ _
_
_ _
__
_
_
-
_ _
.
_ .__ -
138
1
2
0
9
171
i
159
137
166
223
1
1
0
5
142
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Output of most weekly indicators of production increased on a seasonally unadjusted basis in May.
MILLIONS Of SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
STEEL
3.5
25
1.5
w
J
F
M
A
M
J
BILLIONS OF KILOWATT HOURS
S
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1963
1964
1965
1966
1967
1968
1969
1969: Apr
May.
June
July
Aug
SeptOct
Nov
Dec
1970: Jan
Feb
Mar
Apr.. p
May . ... _
Week ended:
1970: May 16
23
30
June 6
13 *
1
N
D
COUNCIl OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car 3 and truicks
Steel p]reduced
power
coal mined
produced assemb ed (thoLisands)
loaded
distributed (thousands (thousands
Index
Thousands
(thousands
of short
of net (1957-59= (millions of
Total
Cars Trucks
of tons)
of cars)
tons
kilowatt-hours) tons) 1
100)
2,096
2,431
2,521
2,572
2,440
2,515
2,709
2,830
2, 789
2, 753
2, 571
2,578
2, 692
2,782
2,778
2, 672
2, 538
2, 625
2,683
2,654
2, 615
112. 5
130.5
135.3
138.1
131. 0
135.0
145.4
151. 9
149.7
147. 8
138. 0
138.4
144. 5
149.3
149. 1
143. 5
136.2
140. 9
144. 0
142. 5
140.4
17, 490
18, 728
20, 169
21, 971
23, 169
25, 244
27, 588
25, 291
25, 852
27, 897
30, 053
30, 071
27, 873
26, 917
27, 308
28, 426
30, 060
28, 995
28, 116
27, 508
27, 875
1,535
1,630
1,735
1,798
1,868
1,827
1,879
1,852
1,889
1,791
2,076
1,844
1,952
1,983
1,946
1,987
1,751
1,912
1,952
1,950
1, 948
555
558
562
570
540
543
544
550
568
570
514
568
567
595
562
483
489
509
518
536
566
358
384
410
446
439
479
507
515
532
526
475
518
489
525
524
470
479
518
513
508
513
175. 0
178.8
213.7
199.3
172.9
207.6
195.7
199.2
194. 6
226.2
125. 7
122.8
208. 1
228.4
211. 5
155.5
188. 9
172. 8
184. 6
177.9
212. 6
146.9
148.8
179.4
165.4
142.4
170.1
158. 1
161. 9
161.9
187.7
93.4
93.4
171. 6
185. 1
167.9
122. 7
150. 0
137. 6
14R6
145. 5
171. 9
28.1
30. 0
34.3
33. 9
30. 5
37.5
37. 6
37.3
32. 7
38. 5
32. 3
29.4
36. 5
43. 3
43.6
32. 7
38. 9
35. 2
36.0
32. 4
40.7
2,625
2,609
2,670
2,658
2,637
140. 9
140.0
143.3
142.7
141. 6
28, 352
28, 318
27, 851
28, 094
2
29, 583
1,922
1,953
2,276
1,940
569
575
558
537
567
506
508
516
499
208. 3
225.9
212.5
226.7
228.6
167.7
182.3
172. 5
183.4
186. 3 1
40.6
43.5
40. 1
43. 3
42. 3
Daily average. Includes data for Alaska.
2Not charted.
18
O
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Id'
stitute, and Ward's Automotive Reports.
NEW CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) decreased more than 1
percent in April. All major types of private construction declined with the largest drop occurring in commercial and
industrial building. Public construction rose about 1% percent.
BILLIONS OF DOLLARS
1 100
BILLIONS OF DOLLARS
100
SEASONALLY ADJUSTED ANNUAL RATES
.TOTAL NEW CONSTRUCTION.
PRIVATE
M M 1I M M f I I M M I I M
PRIVATE RESIDENTIAL (NONFARM)
'1970
1964
SOURCE: DEPARTMENT OF COMMERCE
Period
Total new
construction
expenditures
COUNCIL OF ECONOMIC ADVISERS
•
Jrrivate
Total
Residentisil nonfarm
New
Total i
housing
Commercial and
industrial
Other
Federal,
State,
and
local
Bi [lions of dolJ ars
1964
1965
1966
1967.
1968
1969
66. 2
72.3
75. 1
76. 2
84. 7
90.9
45. 8
50. 3
51. 1
50. 6
57. 0
62.8
26. 3
26. 3
24. 0
23. 7
28. 8
30.6
20. 4
20. 4
18. 0
17.9
22.4
23.7
9. 0
11. 9
13. 6
13. 1
13.9
16.5
10. 6
12. 1
13. 6
13.7
14.2
15. 7
20. 4
22. 1
24. 0
25.6
27.7
28. 1
14. 9
14. 6
15. 1
15. 5
15. 3
16. 0
16. 4
16.7
16. 5
16. 3
16. 2
16. 6
17.0
16.8
16. 4
29.5
29.0
29.7
28. 7
28. 4
27. 6
27.5
27.4
27. 1
27.0
27.9
28.1
28.6
28. 0
28.4
Seasonalh/ adjusted arinual rates
1969: Feb
Mar
Apr
May___ _ _
June.
July.
Aug.
Sept
Oct
Nov_ _ _
Dec
1970: Jan
Feb
Mar_
Apr *_ ._
92. 1
91.7
92. 8
92. 4
91.5
90.8
89. 9
91. 1
90. 8
88. 9
89. 5
89. 9
90. 7
90. 3
89. 1
62. 6
62.8
63. 0
63. 7
63. 0
63. 2
62. 4
63. 7
63.7
61. 9
61. 6
61.8
62. 1
62. 3
60. 7
31.4
32. 4
33. 0
33. 0
31. 6
30. 3
29. 3
29 2
29.4
28. 9
28. 6
27. 8
27.4
27. 7
27. 6
i Includes nonhousekeepinp residential construction and additions and alte
tlons, not shown separately.
2Compiled by F. W. Dodge Company and relates to 48 States
25. 5
25. 5
25. 0
24. 5
23. 9
23. 2
22. 6
22. 6
23. 0
22. 8
22. 5
21.7
21. 2
21. 4
21. 2
16. 3
15. 8
14. 9
15. 2
16. 1
16. 8
16.8
17.8
17.8
16.7
16.8
17. 5
17.7
17.7
16. 6
Constructio n contracts2
CommerTotal value cial and
(index,
industrial
1957-59= floor space
100)
(millions of
square feet)
137.
142.
145.
153.
173.
189.
0
8
3
3
4
4
599
680
769
694
779
883
Seasonally
Seasonally adjusted
adjusted
annual
rates
205
840
182
762
183
790
210
1, 027
186
964
180
884
216
864
173
827
195
960
178
772
218
1,043
205
1, 066
215
971
208
805
203
768
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts (seasonally adjusted) changed little in May, following a sharp drop in April. Permits increased for the second consecutive month with a rise of 7 percent.
MILLIONS OF UNITS
MILLIONS OF UNITS
2.5
2.5
1.0
1.0
>«^^^
1964
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Hou sing star ts
Period
1964
1965
1966
1967___
1968__
1969
1969: Apr
May
June
July
Aug
Sept
Oct
.
Nov
Dec
1970: Jan
Feb
Mar
Apr »„
May p _ __
_
___
_
Total
private
and
public
(including
farm)
Total
private
(including
farm)
1, 561.0
1, 509. 6
1, 196. 2
1, 321. 9
1, 545. 5
1, 499. 9
159. 9
157. 7
150. 8
126. 5
127. 6
132. 9
125. 8
97. 4
85. 3
69. 2
77. 0
117. 8
129. 0
123. 2
Total (includingI farm)
Total
One
unit
1, 528. 8
1, 472. 9
1, 165. 0
1, 291. 6
1, 507. 7
1, 466. 8
1, 528. 8
1, 472. 9
1, 165. 0
1, 291. 6
1, 507. 7
1, 466. 8
970. 5
963. 8
778. 5
843. 9
899. 5
810. 6
159. 0
155. 5
147. 3
125. 2
124. 9
129. 3
123. 4
94. 6
84. 1
66.4
74. 3
114. 7
127. 2
120. 9
1,505
1,533
1,507
1,429
1,376
1,481
1,390
1, 280
1,402
1,059
1, 306
1,392
1, 215
797
877
826
803
752
828
766
762
776
577
725
708
691
715
-ir-eeo
'Authorized by issuance of local building pe rmit; in 13, 300 permit-issuing
places
beginning 1967; 12,000 for 1963--66; and 10,00 0 prior to 1965 .
2
Units represented by mortgage aj)plications fo r new home construction.
20
1
Private
Gover nment
home p rograms
(noni"arm)
Two or
FHA
VA
more
units
154. 0
558.3
59. 2
509. 1 159. 9
49. 4
386. 5 129. 1
36. 8
ia. 9 52. 5
447. 7
608. 2 147. 7
56. 1
656. 2 153. 6
51. 2
SeasoiiaJly adjus ted annu al
708
656
681
626
624
653
624
518
626
482
581
684
524
485
164
137
149
138
142
151
160
178
191
170
182
187
205
194
48
47
48
46
47
54
52
53
59
54
58
62
60
57
New
private
housing
units
authorized l
1, 285. 8
1, 239. 8
971. 9
1, 141. 0
1, 353. 4
1, 299. 6
rates
1,502
1, 323
1, 340
1, 228
1, 245
1, 201
1, 183
1, 191
1, 239
1,013
1, 137
1,099
1,263
-*r%5T"
Propose d home
constr uction
Applica- Requests
tions for forVA
FHA
appraiscommitals 2
ments 2
182. 1
188. 9
153. 0
167.2
168. 9
186. 5
113. 6
102. 1
99. 2
124.3
131.7
138. 2
169
169
178
176
169
193
224
230
210
251
250
258
282
269
124
122
126
145
151
127
130
184
147
141
142
142
134
131
NOTE.— Datei include Alaska and H awaii.
Sources: Dep artment of Commerce, Federal Housin U Administra tion (FHA),
an d Veterans A dministrati on (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
Manufacturing and trade firms added $500 million (seasonally adjusted) to their stocks in April, up from an average
monthly increase of $400 million in the first quarter.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20
1967
SEE^BELOW.
SOURCE: DEPARTMENT OF COMMERCF
COUNCIL OF ECONOMIC ADVISERS
Total t>usiness l
Period
Sales 2
Whol esale *
Inventories 3
Sales 2
101, 149
105, 525
111, 548
121, 140
137, 184
143, 694
153, 764
166, 106
156, 401
157, 477
158, 602
159, 264
160, 631
161, 659
162, 733
164, 250
164, 974
166, 106
165, 816
166, 793
167, 283
167, 779
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
19, 516
19, 612
20, 105
19, 970
19, 719
20, 059
20, 210
20, 288
20, 207
20, 062
20, 292
20,571
20, 463
19, 900
Inventories 3
Sales 2
Total
Reitail 5
[nventories
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
28, 001
29, 450
31, 201
34, 687
38, 368
39, 318
42, 657
45, 838
43, 004
43, 118
43, 025
43, 438
43, 874
44, 322
44, 806
45, 378
45, 537
45, 838
45, 270
45, 337
45, 525
45, 493
11, 703
12, 436
13, 189
15, 255
17,309
17, 403
19, 461
20, 597
19, 542
19, 567
19, 044
19, 365
19, 358
19, 756
20, 079
20, 564
20, 602
20, 597
20, 103
19, 936
20, 022
19, 960
3
Nondurable
goods
stores
IMillions of dollars, seasonally aAdjusted
1962
1963
1964
1965
1966
1967
1968
1969
1969: Mar _
Apr
May_
June
July
Aug
Sept
Oct _ _
Nov_
Dec
1970: Jan
Feb
Mar_
A p r "v_ _ _
May
65, 417
68, 969
73, 685
80, 276
87, 184
88, 962
96, 915
103, 640
101, 475
102, 319
_ _ 103, 232
104, 127
104, 201
104, 644
105, 903
106, 907
105, 666
104, 758
104, 961
106, 139
105, 218
104, 798
1
The terra "business" also includes manufacturing (see page 22).
* Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
< Beginning 1961, data include Alaska and Hawaii.
3
14, 936
16, 048
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
23, 080
23, 341
23, 438
23, 611
23, 591
23, 609
23, 716
23, 956
24, 021
24, 363
24, 484
24, 853
24, 842
24, 682
19, 630
20, 556
21, 823
23, 677
25, 330
26, 151
28, 277
29, 303
28, 881
29, 409
29, 386
29, 371
29, 090
29, 346
29, 259
29, 620
29, 471
29, 419
29, 570
29, 980
29, 801
30, 387
• 30, 220
6,241
6,661
7,049
7,849
8,192
8,348
9, 187
9,398
9,377
9,575
9,481
9, 545
9, 141
9, 161
9,384
9,354
9,229
9,275
8,886
9, 143
9, 134
9,295
6
9, 166
13, 389
13, 895
14, 773
15, 828
17, 138
17, 803
19, 090
19, 904
19, 504
19, 834
19, 905
19, 826
19, 949
20, 1 85
19, 875
20, 266
20, 242
20, 144
20, 684
20, 837
20, 667
21, 092
6
21, 054
16, 298
17, 014
18, 012
19, 432
21, 059
21, 915
23, 196
25, 241
23, 462
23, 551
23, 981
24, 073
24, 516
24, 566
24, 727
24, 814
24, 935
25, 241
25, 167
25, 401
25, 503
25, 533
6
Beginning
fi
1960, data include Alaska and Hawaii.
Unofficial estimates.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Shipments of manufacturers (seasonally adjusted) dipped in April but new orders received by durable goods companies were about the same as the March level.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
70
110
MANUFACTURERS'
MANUFACTURERS' SHIPMENTS
INVENTORIES
100
60
TOTAL
TOTAL
50
90
40
80
DURABLE GOODS
70
30
DURABLE GOODS
20
NONDURABLE GOODS'
y i i M 11 M i i
50
40
MANUFACTlJRERS' NEW
CDRDERS
DURAB LE GOODS ,
30
40
^
NONDURABLE GOODS
\a>n
mm.""1*1*"""11*"""'1"'
30
20
NONDURABLE GOODS
10 4 1 j i i i ! i i i i i
V
1967
1 1 1 I ! ! 1 1 1 ! 1
i i ri i 1 i i i ii
1968
1969
! ! ! ! 1 ! 1 1 I f IN
1970
H
20
1967
1968
Manufac turers' sh ipments l Manufact Airers' inv entories 2
Total
1962
1963
1964
1965
1966
1967
1968
1969
1969: Mar
Apr- _ _ _
Mav_ _ _
June
~
Julv
Aug
Sept
Oct_ _ _ _
Nov
Dec _ _
1970: Jan__ _
Feb
Mar
Apr
33, 113
35, 032
37, 335
41, 003
44, 876
45, 712
50, 310
54, 611
53, 078
53, 298
53, 741
54, 786
55, 392
55, 239
56, 434
56, 999
55, 988
55, 277
55, 099
55, 588
54, 954
54, 270
NonDurable durable
goods
goods
17, 103
18, 247
19, 634
22, 216
24, 635
24, 973
27, 579
30, 300
29, 530
29, 643
29, 573
30, 136
30, 605
30, 868
31, 742
31, 889
30, 944
30, 201
30, 042
30, 402
29, 711
29, 535
Total
Millions
16, 010 58, 212
16, 786 60, 027
17, 701 63, 370
18, 788 68, 179
20, 240 78, 125
20, 739 82, 819
22, 731 88, 579
24, 311 95, 905
23, 548 90, 317
23, 655 91, 018
24, 168 92, 139
24, 650 92, 215
24, 787 93, 166
24, 371 93, 728
24, 692 94, 211
25, 110 94, 916
25, 044 95, 416
25, 076 95, 905
25, 057 96, 062
25, 186 96, 603
25, 243 96, 916
24, 735 97, 775
NonDurable durable
goods
goods
22
Manufacturers'
Durafc le goods
• i invenNontoryMachinery durable
shipTotal
and
goods
equipment
ratio 3
Ma nufacture rs' new orde rs
Total
of dollars seasonal y ad juste d
34, 609 23, 603 33, 005 17, 026
35, 807 24, 220 35, 322 18, 522
38, 433 24, 937 37, 952 20, 258
42, 204 25, 975 41, 803 22, 986
49, 797 28, 328 45, 938 25, 710
53, 540 29, 279 45, 928 25, 189
57, 422 31, 157 50, 597 27, 868
63, 550 32, 355 54, 815 30, 504
58, 978 31, 339 53, 283 29, 697
59, 426 31, 592 54, 635 30, 944
60, 222 31,917 54, 133 29, 998
60, 479 31, 736 53, 861 29, 171
61, 441 31, 725 55, 793 31, 069
61, 724 32, 004 54, 799 30, 482
62, 036 32, 175 56, 829 32, 135
62, 631 32, 285 56, 917 31, 795
63, 076 32, 340 56, 242 31, 188
63, 550 32, 355 55, 362 30, 295
63, 835 32, 227 53, 868 28, 909
63, 969 32, 634 54, 854 29, 657
64, 266 32, 650 53, 881 28, 632
64, 690 33, 085 53, 405 28, 652
1 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 ol inventories at end of month to shipments
for month.
2
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
Porl/M-I
1969
3, 090
3,412
3,935
4,435
5,268
5, 250
5,804
6,553
6,414
7,099
6,428
6, 528
6, 346
6, 245
7,352
6,450
6,696
6,490
6,414
6,603
5,981
6,081
1
15, 979
16, 800
17, 694
18, 817
20, 228
20, 739
22, 728
24, 310
23, 586
23, 691
24, 135
24, 690
24, 724
24, 317
24, 694
25, 122
25, 054
25, 067
24, 959
25, 197
25, 249
24, 753
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
1.72
1. 69
1. 64
1. 60
1. 62
1. 77
1. 70
1. 69
1.70
1.71
1. 71
1.68
1.68
1.70
1. 67
1. 67
1.70
1.73
1.74
1. 74
1.76
1. 80
MERCHANDISE EXPORTS AND IMPORTS
In April, the merchandise trade balance was $202 million (seasonally adjusted). For the first 4 months of 1970, the
balance averaged $199 million, almost double the average in 1969.
BILLIONS OF DOLLARS
4.0
BILLIONS OF DOLLARS
4.0
1.5
1.0
1.0
1970
1964
}/SEE NOTE 1 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
Period
[Millions
Me]•chandise exports
Total (incliidDomesti 3 exports
ing ree:tports) l
Food, Crude
mateSeason- Unad- Total > » beverages,
rials
ally ad- j listed
and to- and
justed
fuel
bacco
Monthly average:
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Mar__
Apr__
May_
June_
Juty__
Aug..
Sept.
Oct__
Nov_
Dec__
1970: Jan__
Feb__
Mar.
Apr..
COUNCIL OF ECONOMIC ADVISERS
1, 686
1, 749
1,872
2, 153
2, 229
2, 458
2,586
2, 839
3, 110
8, 197
3,858
3, 296
8,211
S, 168
8.373
3,326
3,362
3,367
8, 289
3,305
3,628
8, 379
3,450
1
3, 368
3, 505
3, 548
3, 098
2,995
3, 154
3, 113
3,563
3, 415
3, 363
3, 238
3, 388
3, 581
3, 599
1, 665
1, 726
1, 848
2, 123
2, 201
2, 421
2,554
2,802
37 064
289
312
349
386
377
432
392
383
370
U nadjuste d
375
3,323
396
3,456
437
3, 503
424
3, 051
386
2,953
370
3, 101
392
3, 069
452
3,519
462
3,364
427
3, 312
356
3, 196
390
3, 336
371
3,542
3,544
367
Mercl landise i mports
Gen 3ral impc>rts 2
To tal 3
ManufacSeason- Unadtured
goods ally ad- justed
justed
Food, Crude
bever- mateages,
rials
and to- and
bacco
fuels
1, 230
1, 372
1, 434
1, 562
1,786
2, 135
2,241
2,769
3,004
288
361
306
391
322
396
335
419
334
453
382
476
392
447
447
503
442
533
Unad iusted
503
544
587
506
486
537
486
515
477
526
418
529
436
528
523
582
442
488
522
622
500
556
475
533
538
580
560
516
322
280
315
361
356
367
394
405
417
1,065
1, 139
1, 191
1,377
1, 453
1, 602
1,737
1, 985
2,230
397
510
479
399
419
418
397
523
508
476
466
485
539
557
2,492
2, 533
2,551
2, 182
2, 115
2,264
2, 222
2, 479
2, 294
2, 357
2,310
2,391
2, 558
2,553
Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total arrivals of imported goods other than intransit shipments.
* Total Includes commodities and transactions not classified according to kind.
of dollars]
2, 976
3,178
8, 276
8, 186
8,066
3, 180
8,055
3, 222
8,214
3,007
3,250
3,256
8,214
3,248
2,988
3,330
3,237
3, 214
3, 154
2, 909
3, 132
3,430
2,989
3,247
3, 126
2,944
3,386
3,391
Grossmerchandise
trade
Manusurplus,
facseasontured
goods ally adjusted
545
637
672
759
937
1, 204
1, 313
1,719
1,918
455
377
438
590
444
323
345
70
105
1,843
2. 127
2, 101
2, 096
2,030
1, 855
2,046
2, 198
1, 945
1,976
1,981
1,847
2, 162
2,208
221
180
20
26
102
198
271
140
153
232
56
872
165
202
Note.—Data adjusted to include silver ere and bullion reported separately
prior to 1969.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The merchandise trade surplus increased to $2.1 billion in the first quarter of 1970 (seasonally adjusted annual rate).
Data for other components of the balance on goods and services are not yet available.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
30
20
J/^RELIMINARY.
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Exports of good s and sei•vices
Impor ts of gooc s and senrices
Ineoirle on
investinents
Period
Total
1964
1965
1966
1967
1968
1969*
37, 271
39, 399
43, 360
46, 188
50, 594
55, 387
Merchandise i
Military
sales
Private
Government
25, 478
747
26, 447
830
29, 389
829
30, 681 1,240
33, 598 1,427
36, 469 1, 504
4,930
5,384
5, 659
6, 234
6, 934
7,965
456
509
593
638
765
931
Other
services
Total
Merchandise l
5,659
6, 230
6,891
7,394
7,871
8,500
28, 691
32, 278
38, 081
41, Oil
48, 078
53, 314
18, 647
21, 496
25, 463
26, 821
32, 964
35, 837
Balance
on
Miligoods
Other
tary
and
expend- servservices
itures
ices
2,880 7,164
2, 952 7, 831
3, 764 8, 854
4,378 9,813
4, 530 10, 577
4,882 12, 636
8, 580
7, 121
5,279
5,177
2,516
2,073
Seasonally adjusted annual rates
1968: III
IV
53, 376
50, 612
35, 516 1, 624
33, 532 1,456
1969: I
II_
III
IV *
1970: I ^
47,
57,
58,
58,
29, 888
38, 332
38, 320
39, 336
40, 872
676
016
212
644
1,656
1,324
1,668
1,364
7 312
7 108
848
560
8,076
7,956
49, 740
49, 408
34, 264
33, 832
4, 572 10,904
4,676 10,900
3,636
1,204
7
7
8
8
928
924
980
896
7,640
8, 704
8,772
8, 884
46,
55,
55,
55,
30, 300
38, 432
37, 048
37, 568
38, 796
4,816
4, 832
4,880
4,996
1,392
1, 160
2,824
2,916
1
Adjusted from customs data for differences in timing and coverage.
Source: Department of Commerce.
NOTE.—Merchandise exports and imports (p. 24) have been revised beginning
1969; the balance on liquidity basis and on official reserve transaction basis (p. 25)
24
540
668
468
184
284
856
388
728
11,
12,
13,
13,
152
628
536
228
as well as some of the data shown on an unadjusted basis (p. 25) have been revised
beginning 1969. Other data for these periods shown oni these pages will be revised
in June. See the forthcoming issue of Survey of Current
ent Business, June 1970, for
further details.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
During the first quarter of 1970, there were balance of payments deficits of $6.9 billion on the liquidity basis and of
$12.4 billion on official settlements (seasonally adjusted annual rates). Both these figures include the initial U.S.
allocation of $0.9 billion of Special Drawing Rights.
BILLIONS OF DOLLARS
15
BILLIONS OF DOLLARS
15
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-20
1970
1964
J/^RELIMINARY; INCLUDES ALLOCATION OF SPECIAL DRAWING RIGHTS.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Bakince
U.S. pr ivate capi tal, net
Period
1964___
1965___
1966...
1967___
1968_ _ _
1969 »__
1968:
III___
IV. __
1969:
I
II...
III...
IV *>__
1970:
!"___
U.S.
Government
grants
and
capital,
net 1
Direct
investment
— 3, 564 -2, 328
- 3, 406 -3,468
— 3, 444 -3,639
— 4, 223 -3, 154
-3,955 -3,025
-3,866 -3,060
Other
longterm
Shortterm
Errors
Foreign and uncapital,
recorded Liquidnet 1
transity
actions basis 2
537
664
1,017
— 149
-571
- 1, 076
6,552 -4, 956 -6,452 4,768
1,404 -4, 156 -15,272 5, 196
1,364 -4, 136 -9, 236 -2, 460
1,392
6, 160
2, 128 3, 348
-1,708
-538
2, 239
-521
45
-368
-510
-165
3, 024
4,653
1, 419
-173
-48
-299
-686
-154
•' Centra! banks, governments, arid U.S. liabilities to the IMF arising from
reversible irokl sales to. and gold deposits with, the U.S.
1,075
318
1,554
171
-18
85
131
1,222
761
-1,595
2, 384
568
2,020
1,346
1,472
52
-3,099
2,341
3,811
-880
-528
— 998
8,923
-1, 187
Qua rterly totsais, unadj listed
-38
487
-556
3,448
1,236
-240
certain special Government transactions..
reign official
holders, other foreign
Equals changes in liquid liabilities to foreign
off
V . 1 U V f l i U U t 5 l . l t U U U U S lUlU. l i U l L ' O .
Changes
in U.S.
To foreigrn official
official
5
hold ers
To other reserve
foreign 8
assets
N"on— holders (increase
Liquid
[-])
liquid
388
1,468
— 3, 872 - 5, 048 -916 - 1, 508 7,220
-376 10, 752
- 3, 340 — 1, 132 -2,280
1
Includes
2
U.O.
-2,800 -1,564
-1,335 -1,289
266
- 1, 357
-3, 544-3,418
168 1,638
-7,208 2,713
-2, 103 -2, 147
689 — 1, 118
270
- 1, 079
753
— 576
2, 531
-256
-415
— 489
-1,292 -1,209
3, 360 - 1, 007
-1,082 -1,049
— 642
8, 565
-552
3, 870 — 2,963
-1,397
Season ally adjus ted annujil rates
-628
— 3, 17 J -3,712 -1,088
-4,620 -4,228 -1,908 -2,068
1, 156
-4, 148 -4, 536 -1,736
232
-860
-668
-3, 520
Official
reserve
transactions
basis 3
Chariges in sel ected
liabiliti<3S (decrea se[-]) 4
7
7
6, 908 -12,384
2, 742
-1, 621
8
-386
6
Private holders; includes banks arid international and regional organizations;
excludes
IMF.
7
Includes allocations of $307 million of Special Drawing Rights.
8
On Mar. 31, U.S. reserve assets consisted of gold stock, $11,903 million (up $44
million from Dec. 31); Special Drawing Rights, $920 million: IMF position including gold portion of increased U.S. subscription, $2,577 million; convertible
currencies, $1,950 million.
NOTE.—See note, p. 2-1. Data exclude military grant-aid and U.S. subscriptions
to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
Consumer prices rose 0.4 percent in May, less than the 0.6 percent in April. Smaller price increases for most services
and nonfood commodities accounted for the slower rate. Prices of food and consumer durable goods accelerated
from April's pace.
Index, 1957-59=100
160
Index, 1957-59=100
160
no
110
100
100
1964
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF lABOR
[1957-59 = 1<30]
All
items
Period
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Apr
Mav
June
Julv
Aug
Sept
Oct. .
Nov___
Dec
1970: Jan
Feb
Mar
Apr
Mav *___
1
Not charted
26
_
103. 1
104 2
105. 4
106. 7
108. 1
109.9
113. 1
:-_
116. 3
121.2
127. 7
126. 4
.__ _
126. 8
127. 6
128. 2
__
128. 7
129. 3
129. 8
130. 5
131. 3
_ _ __ _
131.8
132. 5
<• 133. 2
134.0
134. i
All commodities
101.7
102. 3
103.2
104. 1
105. 2
106.4
109. 2
111. 2
115.3
120. 5
119. 3
119. 6
120. 5
121. 0
121. 4
121. 7
122. 4
122.9
123. 6
123.7
124. 2
124. 5
125. 2
125.8
Services
Co mmoditie 3
Comm odities le£53 food
Services
All
Rent
Food
less
Nonservices
All
Durable durable
rent
107. 4
102. 6
101.4
106. 6
103. 1
101.7
100.9
110. 0
104. 4
108. 8
102. 6
102. 0
100.8
103. 2
112. 1
110. 9
105. 7
103. 6
102. 8
103. 8
101. 8
106. 8
113. 0
114. 5
102. 1
103. 5
104. 8
105. 1
117.0
115. 2
107. 8
106.4
105.7
104. 4
103.0
120.0
107.2
117.8
108. 9
105. 1
102.6
108.8
122. 3
110. 4
125. 0
102. 7
114. 2
106. 5
109. 7
112. 4
109.2
127. 7
104. 3
113. 1
115. 2
131. 1
113.2
134.3
138.6
119.3
117.7
115. 1
107.5
143. 7
123. 0
149. 2
111. 6
118. 8
125. 5
118. 0
142. 0 \ 117. S
121. 9
147. 4
123. 2
117. 2
111. 4
142. 7
122. 4
118. 1
148. 1
123. 7
117. 5
111. 3
143. 3
148. 8
123. 0
118. 5
111. 7
125. 5
118. 0
144. 0
123. 1
118. 8
149. 6
126. 7
111. 9
118. 1
150. 7
145. 0
119. 3
123. 3
127. 4
118. 2
111. 9
146. 0
124. 4
151. 7
119. 7
127. 5
118. 7
111. 6
152. 3
120. 1
127. 2
125. 1
146. 5
113. 2
119. 8
147. 2
120. 5
153. 1
120.2
125. 5
128. 1
113. 5
154, 3
148. 3
121. 0
120. 3
113. 6
125. 7
129. 9
121.3
149. 6
155. 8
113.7
125. 2
130.7
120. 1
121. 8
157. 1
150. 7
125. 8
120. 4
113. 7
131. 5
122.
3
152.
3
114. 1
126. 1
120. 8
158. 9
131. 6
122.
6
153.
4
160.
1
127.
0
121. 6
114. 8
132. 0
154. 1
123. 0
161.0
127. 5
122. 3
132.4
115. 9
Sotirce: Depart ment of Labc>r.
WHOLESALE PRICES
Wholesale prices rose 0.2 percent in May. Industrial commodity prices again increased 0.3 percent. Prices of farm
products and processed foods and feeds declined 0.3 percent and 0.6 percent respectively.
Index, 1957-59=100
140
Index, 1957-59=100
T40
100
90
90
80
80
1964
SOURCE:
1970
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100]
All
commodities
Farm
products
Processed
foods
and
feeds
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
100. 7
100.3
100. 6
100. 3
100. 5
102. 5
1 05. 9
106. 1
108.8
113. 0
96. 9
96. 0
97. 7
95. 7
94. ;}
98. 4
105. 6
99. 7
102. 2
108. 5
100.
101.
102.
103.
103.
106.
113.
111.
114.
119.
1969: Apr
May
June__
July
Aug
Sept
Oct
Nov
Dec
111. 9
105. 6
110. 5
112. 8
111.
2
113. 2
113. 3
110. 5
113. 4 , 108. 9
113. 6
108. 4
114. 0
107. 9
114.7
111. 1
111. 7
115. 1
Period
1970: Jan
FebMar
Apr
May
>>
_
_
_ _ _ _ _ _
116. 0
116. 4
116. 6
116.6
116. 8 ,
112.
113.
114.
111.
111.
5
7
3
3
0
Inter- Producmediate er finmate-2
ished
rials
goods
101. 4
102.3
102. 5
100. 1
99. 9
102.9
99.6
103. 1
100. 2
104. 1
101.5
105.4
103. 6
108. 0
104. 8
111. 6
107. 5
115.5
111. 3
119. 3
All industrials 1
Crude
materials
0
6
7
3
1
7
0
7
2
8
101. 3
100. 8
100. 8
100. 7
101. 2
102. 5
104. 7
106. 3
109. 0
112. 7
98. 3
97. 2
95. 6
94. 3
97. 1
100. 9
104. 5
100. 0
101.8
110. 5
117.
119.
121.
122.
121.
121.
121.
121.
122.
3
4
4
0
5
3
6
8
6
112.
112.
112.
112.
112.
113.
113.
114.
114.
1
2
2
4
8,
2
8
2
6
109.
109.
110.
110.
112.
113.
113.
114.
114.
0
7
2
7
5
9
7
1
5
111. 0
111. 1
110. 8
110. 9
111.3
111. 8
112. 2
112. 6
112. 9
118.
118.
118.
119.
119.
119.
120.
121.
122.
125.
125.
124.
124.
124.
1
2
9
9
1
115.
115.
115.
116.
116.
1
5
8
2
6
116. 0
118. 5
118. 5
120.3
120.0
113. 5
113. 9
114. 2
114,7
115. 2
122. 9
123. 1
123. 5
123.7
124. 0
l
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
a
Excludes intermediate materials for food manufacturing and manufactured
mlmal feeds; includes, in part, grain products for further processing.
Iri dust rial commodities
1
5
7
3
3
9
8
5,
3
Consunaer finished g(>ods excludin gfood
NonDurdurable
able
100.9
10L5
100.5
10L5
100. 0
101. 6
99. 5
101.9
99. 9
101.6
99.6
102.8
100. 2
104, 8
101. 7
107.2
103.9
109.6
105.8
112.3
105.
105.
105.
105.
105.
105.
106.
107.
107.
4
4
5
6
2
3
9
1
2
107. 4
107. 6
107.8
107. 8
108.0
111. 5
111. 4
112. 2
112. 6
113.0
113.3
113. 6
113. 8
114. 1
r
114. 2
114. 6
114.7
114. 9
115. 6
NOTE.—Beginning 1967, the indexes incorporate a revised weighting structure
reflecting 1963 values of shipments. The classification structure also changed.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended May 1 5, the index of prices received by farmers increased 1 percent while the index of prices
paid was unchanged. The adjusted parity ratio also was unchanged.
Index, 1957-59==100
140
lnde>c, 1957-59=100
140
•ion
130
120
.^—'"'
'/C/x
r~"—~1\/^f \ S/^^Hs-*r^~
\
110
100
"""'
PRIG ES PAID,
INTEREST TAXES, AND
WA<3E RATES
r-J
\
•*
^-
•
S
^^-~
110
f
100
s)
f
,i
f
,,
, . . , i 1 , , . i , 90
RATI DJ/
90
RA110 J/
90
80
^—/i
^—^*
*•*' *"
"*'*
***<«.****
, ., . , t , ,,.,
1964
i . i t . I, . i ii
1965
'N^X*
. i i i i ! i . .i,
1966
80
— PARITY RATIO '"-^
7fl
60
120
^
PRICES RECEIVED
ALL FARM PRODUC
, ,,,, f , , ,,,
f
90
^
• i.. i1 . . .i.
1967
^"x^.x-'Vu,,,...s/^-^ "V
I
! I 1
I ! .
1
,
7f)
60
. I
1968
1970
1969
.J/RATIO OF INDEX OF PRICES RECEIVED TO M>EX OF PRICES PAID, IHTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOUftCEi DEPARTMENT OF AGRICULTURE
Prices received by Banners
Period
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1970: Jan 15
Feb 15
Mar 15
Apr 15
May 15
All farm
products
99
99
101
100
98
103
110
105
108
114
112
115
116
116
115
114
115
117
117
119
120
120
116
117
Crops
100
102
104
107
107
104
106
101
101
99
100
102
101
99
97
95
96
99
96
97
99
99
99
104
items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 19.57-59=100
102
98
103
98
105
99
107
95
91
107
110
101
114
113
117
107
121
112
127
125
121
127
124
128
128
128
128
129
128
128
128
128
128
128
127
130
133
129
134
131
132
135
131
134
132
129
132
126
1
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
Prices paid by farmers
Family
living
items
102
102
103
104
105
107
110
113
117
123
122
123
123
123
123
124
124
125
125
126
127
127
127
128
Parity ratio *
Production
items
101
101
103
104
103
105
108
109
111
116
116
117
117
116
116
116
116
117
117
118
119
119
119
119
Actual
80
79
80
78
76
77
80
74
73
74
72
74
75
75
74
73
74
75
75
75
75
75
72
73
Adjusted2
82
83
83
81
80
82
86
79
79
80
78
80
81
81
80
79
80
81
81
81
81
81
78
78
* The adjusted parity ratio reflects Government payments made directly t
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply (seasonally adjusted) rose $0.7 billion in May, less than the April increase. Time deposits also
continued to rise.
BILLIONS OF DOLLARS
250
BILLIONS OF DOLLARS
250
125
125
100
100
ot
1970
1964
SOURCE.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1964: Dec
1965: Dec
1966: Dec
1967: Dec
1968: Dec
1969: Dec
1969: Apr
May
June
July _ _
Aug . _
Sept
Oct
Nov___ _ _
Dec
1970: Jan
Feb
Mar
Apr p
May
__
__
__
__
1
_
_ . ___
Deposits at ail commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
ins (about $1.1 billion) are excluded from time deposits and from loans at all
mmercial banks.
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
M oney supf >iy
M oney supf >iy
CurCurTime
Time
DeDerency
rency
de- l
demand
mand
Total
outoutTotal
posits
posits 1
dedeposits
banks posits
banks
Seasonall}r adjusted
1Jnad juste d
34.2
125.2
159.3
125. 1
126.6
129. 1
164.0
35.0
145.2
36.3
130.4
166.7
37. 1
134.9
146.7
172.0
170.4
38.3
132. 1
156.9
158.5
39. 1
175.8
136.7
141. 3
182. 0
40. 4
41. 2
146.2
183.7
181. 7
187. 5
194. 8
204. 9
43. 4
44. 3
203. 1
151. 4
156. 7
201. 0
192. 4
153. 7
194. 1
199. 6
45. 9
159. 1
46. 9
206. 0
44. 2
202. 7
198. 1
154.0
155. 3
202. 3
43. 8
199. 2
44. 5
202. 2
153.8
150. 3
198. 3
44. 2
201. 7
194. 4
44. 8
154.2
44. 7
152. 3
201.0
200. 8
199. 0
197.0
154. 4
152. 7
45. 0
197. 7
45. 2
197. 7
199. 3
197. 8
45. 3
153. 8
194. 5
45. 4
195. 5
199. 0
195.9
150. 5
194.
1
194.
3
45.
2
152.4
45. 2
199. 0
153. 7
197. 6
45. 6
199. 1
153. 6
193. 5
45. 6
153. 7
193. 7
199. 3
192. 6
153. 4
45. 9
193. 4
201. 0
46. 4
199. 3
154. 7
194. 1
192. 4
153. 7
159. 1
199. 6
45. 9
206. 0
46. 9
46. 1
46. 1
192. 1
161. 1
191. 7
201. 1
155. 0
207. 1
192. 0
46. 4
151.9
153. 0
197.8
45. 9
192. 0
199. 3
46.7
154. 8
46. 3
153. 4
194. 9
201. 5
199. 7
194.3
156.2
46.6
47. 0
197.9
204. 2
157. 6
203.3
198. 3
152. 9
47. 6
200. 0
156. 5
199. 6
47. 2
204. 0
200. 1
U.S.
Government
demand
deposits l
5.5
4.6
3.4
5.0
5.0
5.5
5.4
9. 2
6. 0
5.6
4. 3
5.3
4. 2
5. 1
5.5
4.7
7. 1
6. 9
5.3
6. 4
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Keserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of selected liquid assets (seasonally adjusted) rose in May, reflecting increases in most components.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
700
600
500
400
300
DEMAND DEPOSITS AND
CURRENCY
\
\
200
200
100
100
1965
1966
1963
1967
1969
-I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
I
1970
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
Total
selected
liquid
assets
End of period
1963
1964
1965
1966
1967
1968
1969
1969: Apr
May
June __
Julv
Aug
_
Sept— -_
Oct "_ _ __
Nov *>__
Dec p __
1970: Jan *
Feb*>
___
Mar v*
Apr
_
Mav p _-
___
495. 4
530. 5
573.1
601.5
650.4
709.6
729. 1
711. 2
714. 3
713.8
i 709. 5
713. 1
718. 0
714. 3
720. 6
729. 1
718. 3
719.6
731. 2
729. 6
730.7
Demand
deposits
and
currency l
149. 6
156. 7
164. 1
168. 6
180.7
3
199. 2
205. 7
190. 8
191. 5
194. 1
i 191. 8
193. 2
194. 1
193. 6
195. 0
205. 7
194. 5
193. 9
198. 5
195. 5
196.8
Time dleposits
30
44. 5
49. 0
52.6
55.2
60.3
64.7
67. 0
65.7
66. 1
86. 3
66. 3
66.4
66. 6
66.7
67.0
67. 0
67. 1
67. 5
67. 5
68. 8
68.2
112. 9
127. 1
147. 1
159.3
183. 1
203. 8
195. 9
201. 8
202. 7
200. 4
197. 5
195. 7
195. 6
195.4
197. 1
195.9
194.6
195. 4
197. 4
200. 1
200. 3
1
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. Data prior to July 1969 have not been revised to
conform
to the money supply revision.
2
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.
Mutual
savings
banks
Commercial
banks
Postal
Savings
System
3
0. 5
.4
.3
.1
Savings
and loan
shares
90. 9
101.4
109. 8
113.4
123. 9
131.0
134. 8
133. 3
133. 5
133. 6
133. 6
134. 1
135. 3
134. 9
135. 3
134. 8
133.6
134. 1
135. 7
136. 4
137.0
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
year 2
49.0
49. 9
50.5
50. 9
51.9
52.5
52. 4
52. 2
52. 2
52. 2
52. 2
52.1
52. 0
52. 0
52. 0
52. 4
52.2
52. 1
52.0
52. 0
52,0
Estimates for Dec. 31.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
48. 1
46. 1
48. 6
53. 9
50. 5
58.5
7a2
67. 5
68. 3
67. 3
68. 1
71.6
74.6
71. 7
74.2
73. 2
76. 3
76.6
80. 1
76.8
76.4
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total bank credit (seasonally adjusted) rose $2.0 billion in May. Loans rose $0.6 billion and investments $1.4 billion.
Borrowings at Reserve Banks rose and total reserves of member banks declined.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
I 500
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
400
400
TOTAL
LOANS AND INVESTMENTS
300
300
BANK LOANS
200
200
^—**
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
100
100
iiiiiimiu"4'»»,.••11111*11"""'!
\
INVESTMENTS IN OTHER SECURITIES
I \ 1t 1 I ! I
1964
I f t I I I I t !1
1965
1966
1967
1968
*SEE FOOTNOTE 4 BELOW
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1969
1970
COUNCIL OF ECONOMIC ADVISERS
Bank
debits
Weekly
A 11 membe-r banks 2
reporting
large comNew York
mercial
Borrow*
Total
Investn
dents
City (232
banks
ings at
Loans,
End of period
Free
Excess Federal
Total
loans excluding
centers) ,
reserves reserves Reserve reserves
and
seasonally
interU.S.
GovOther
Commercial
investBanks
securi- and indus- adjusted
bank
ernment
ments
annual
securities
ties
trial loans
rates *
Millions o ! dollars
Billions of dollars
327
209
536
20, 746
61.7
1963
246.2
149.6
35. 0
38. 8
2,199
1
411
243
168
21,609
1964
267. 2
167. 7
38. 7
42. 1
60. 7
S, 706
3
2
452
454
22, 719
192. 6
8,018
294. 4
57. 1
53. 1
44. 8
1965
392
557
-165
23, 830
208.2
48.7
310. 5
53.6
60.7
1966
8,421
238
25, 260
345
107
346. 5
225. 4
59. 7
65.8
s, 740
61. 4
1967 >._
— 310
27, 221
455
765
4, 35 A
384.6
251.6
61.5
71.5
73.1
1968
-829
257
1,086
28, 031
276. 2
70. 5
5, 160
398. 6
51. 8
81. 6
1969 *
1,402 - 1, 102
300
27, 903
264. 1
392. 2
72.0
5,050
56. 1
76. 6
1969: Mav
1,407 - 1, 064
343
27, 317
264. 3
56. 2
72. 0
392. 5
June
78. 4
6,229
4
4 71. 8
« 397. 3 * 269. 2
56. 3
June _ _
116
1, 190 - 1, 074
26, 980
56.8
71. 0
397. 7
269. 9
5, 334
July _ _
77. 6
1, 249
-946
27, 079
303
270. 3
397. 5
56. 9
70. 3
Aug _
76. 7
5, 282
1,067
236
-831
26, 971
54. 7
271. 3
70. 5
5, 426
396. 5
Sept
78. 1
— 992
143
1, 135
27, 340
5,399
273. 3
70. 1
77. 6
396. 8
53. 4
Oct»
253
1, 241
27, 764
-988
53. 2
78. 0
275. 5
71. 0
399. 7
•1 27 7
Nov "
257
-829
1,086
28, 031
276. 2
o, 362
70. 5
81. 6
Dec * _ _
398. 6
51. 8
-799
166
965
28, 858
49. 9
275. 3
70. 9
1970: Jan *
396. 1
78. 1
5, 49A
1, 092
27, 976
273
-819
70. S
5, 561
277. 1
49. 4
78. 2
397. 2
Feb " ___
896
-781
27, 473
115
49. 8
72. 4
5,506
398. 4
276. 2
Mar "
78. 9
s>
822
-704
118
28, 096
5, 742
400. 4
275. 2
51. 9
73. 4
78. 9
Apr
162
977
-815
27, 890
52. 9
402. 4
73. 8
77. S
275. 8
May". _ _
NOTE.—Effective June 1966, balances z ccumnlated for paymentc of personal
* Debits during period to demand deposit ace ounts except ii iterbank an I
loans (abo at $1.1 billion) f ire excluded froin loans at a] 1 commercia banks, and
U.S.
Government. New s eries beginni ng January 3 964.
2
certain
cer tificatesofCCC and Export-InnDort Bank to taling about $1 billion are
ata
are
for
D
ecember.
Averages
of
daily
figur
es.
Annual
c
2
included iri other securities rather than in k ans. Data in :lude Alaska and Hawaii.
New series; see Federal Reserve Bui letin, March 1967.
*New series; see Federal Reserve Bui din , August 1969.
Source: 13oard of Govern ors of the Feder al Reserve S ystem.
All comnicrcial bank S
(s easonally adjusted da ta)
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit outstanding rose $700 million in April. Seasonally adjusted instalment credit rose $300 million,
repeating the slow growth of March.
BILLIONS OF DOLLARS
140
BILL1QNS OF DOLLARS
ua
END OF MONTH
120
120
TOTAL CONSUMER CREDIT OUTSTANDING
100
100
80
80
INSTALMENT CREDIT
60
60
NONJNSTALMENT CREDIT
llltMUltllUMIItlttft*'
1
20
20
im.mtmM"""""
f
I 1 t
ll
SEASONALLY ADJUSTED (ENLARGED SCALE)
.INSTALMENT CREDIT EXTENDED
1964
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1961
1962
1963
1964
1965
1966
1967
196S
1969
1969: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1970: Jan
Feb
Mar
Apr
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consum er instalme nt credit e xtended
Consu mer credit outstandin g (end of p eriod;
and r spaid (seas onally adjuisted)
imad justed)
Auto mob ile paper
To tal
Instalment
NonAutomoinstal- Extended Repaid Extended Repaid
Total
Personal
Total i
bile
ment 2
paper
loans
57, 982
63, 821
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
111, 950
113, 231
114, 750
115, 995
116, 597
117, 380
118, 008
118, 515
119, 378
122, 469
121, 074
120, 077
119, 698
120, 402
43, 891
48, 720
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
89, 672
90, 663
91, 813
93, 087
93, 833
94, 732
95, 356
95, 850
96, 478
98, 169
97, 402
96, 892
96, 662
97, 104
17, 135
19, 381
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 602
34, 262
34, 733
35, 230
35, 804
36, 081
36, 245
36, 321
36, 599
36, 650
36, 602
36, 291
36; 119
36, 088
36, 264
11, 673
13, 414
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
27, 230
27, 628
27, 983
28, 305
28, 541
28, 957
29, 207
29, 312
29, 529
29, 918
29, 774
29, 816
29, 809
30, 030
1
Aiso includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
* End of period, unadjusted.
32
14, 091
15, 101
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 300
22, 278
22, 568
22, 937
22, 908
22, 764
22, 648
22, 652
22, 665
22, 900
24, 300
23, 672
23, 185
23, 036
23, 298
49, 048
56, 191
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 888
8,381
8,720
8,680
8, 705
8,521
8, 680
8,669
8,661
8,632
8, 344
8, 521
8, 625
8, 392
8,491
48, 124
51, 360
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 609
7,735
7, 960
7,834
7, 910
7, 899
8,080
7, 971
7,992
8,012
7,929
8, 141
8,207
8, 194
8, 195
16, 029
19, 694
22, 126
24, 046
27, 227
27, 341
26, 667
31, 424
32, 354
2,730
2,772
2, 757
2,725
2, 582
2,634
2, 794
2,808
2,683
2,472
2,479
2, 536
2,496
2,571
16, 552
17, 447
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 882
2,501
2, 519
2,488
2,460
2, 471
2,562
2,498
2,463
2,503
2,499
2,469
2,550
2,501
2, 527
Mortgage
debt outstanding
n on farm,
1— to 4fam.il v
houses 3
153, 000
166, 500
182, 200
197, 600
212, 900
223, 600
236, 100
251, 200
267, 100
254, 800
259, 500
263, 500
267, 100
268, 800
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Ho:
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
Interest rates rose in May with the exception of mortgage rates. Corporate bond yields reached new highs and continued
rising in the first weeks of June.
PERCENT PER ANNUM
10
PERCfNT PER ANNUM
10
CORPORATE Aaa BONDS
(MOODY'S) »
TAXABLE GOVERNMENT
BONDS
1964
1970
SOURCE, SEE TABLE BELOW
Period
1962
1963
1964
1965
1966._
1967
1968
1969
1969: Apr
May
June
July
Ausj
Sept
Oct
Nov
Dec
1970: Jan.
Feb
Mar___
Apr
May
Week ended:
1970: Mav 15__
22__
29
June 5 _ _
12
19__
1
3
COUNCIL OF ECONOMIC ADV1SEBS
[Percent per annum]
High-grade
U.S. Gov(3rnment secuirity yields
municipal
3-month
bonds
3-5
year
Taxable
3
3
Treasury
(Standard4 &
issues
bonds
bills i
Poor's)
2. 778
3.57
3.95
3. 18
3. 157
3.72
4.00
3.23
3. 549
4.06
4. 15
3.22
3.954
4.22
4.21
3.27
4.881
5. 16
4. 65
3.82
4.321
5.07
4.85
3.96
5.339
5.59
5.26
4.51
6.677
6. 12
6. 85
5. 81
6. 150
6. 15
5. 84
5,29
6. 077
6.33
5. 85
5. 47
6.493
6. 64
6. 05
5. 83
7. 004
7. 02
6. 07
5. 84
7. 007
6.02
7. 08
6. 07
7. 129
7.58
6. 32
6. 35
7. 040
7.47
6. 27
6. 21
7. 193
7.57
6. 52
6.37
7.720
7.98
6. 81
6. 91
7. 914
8. 14
6. 86
6. 80
7. 164
7. 80
6. 44
6. 57
6. 710
7. 20
6. 39
6. 14
6. 480
7. 49
6. 53
a 55
7. 035
7. 97
a 94
7. 02
a 994
6. 828
7. 133
(>. 824
6. 785
6. 733
7.
7.
7.
7.
7.
98
97
98
76
86
a 83
6. 88
7. 22
7. 00
7. 09
2
Rate on new issues within period.
Selected note and bond issues.
April 1963 to date, bonds due or callable 10 years and after.
*8 Weekly data are Wednesday figures.
Data for first of the month, based on the maximum permissible interest rate
(8>6 percent beginning January 5,1970) and 30-year mortgages paid in 15 years.
a 98
7.
7.
7.
7.
06
14
03
11
Corpora be bonds
(Moo dy's)
Aaa
Baa
7. 14
7. 33
7. 35
7. 72
7. 91
7.93
7.84
7. 83
8. 11
5. 02
4.86
4. 83
4.87
5.67
6.23
6.94
7.81
7.54
7. 52
7. 70
7. 84
7. 86
8. 05
8. 22
8. 25
8. 65
8.86
8.78
8.63
8. 70
8. 98
8. 09
8. 16
8.21
8.30
8. 42
8.
9.
9.
9.
9.
4,33
4.26
4.40
4.49
5. 13
5. 51
6.18
7.03
6. 89
6.79
6.98
7.08
a 97
95
02
10
13
18
Prime
FHA
commercial new
home
paper,
mortgage
4r-6
yields 5
months
3.26
5. 61
5.47
3.55
5.45
3.97
5.46
4.38
6.29
5. 55
6. 55
5. 10
7. 13
5.90
7.83
8. 19
7. 04
8. 05
8. 06
7. 35
8. 23
8. 06
8. 65
8.35
8. 33
8. 36
8.48
8. 36
8.40
8. 56
8.48
8. 46
8. 84
8.48
8.62
8.78
8. 55
8. 33
9. 29
8. 06
9. 20
8. 23
9. 10
8.30
8. 18
8. 13
8. 13
8. 13
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
The common stock price index dropped sharply in May and recovered somewhat in early June.
Index , 1941-43=10
Index, 1941-43 — 1CX
MON FHLY
ion
WEEKLY
no
110
COMPOSIT E PRICE INDEX FOR
500 COMMON STOCKS
100
s^^/
^
W'^'
r\ *
s~^\
on
^vA^
r.
X
\/
^~**~\
100'
A
on
Qf\
Vi
^
~7C\
60
f 1 ! F»I M
1
M
I f f f ?! ?! M I
I I M 11 F! ! !?
on
VAX
\ vy^/
1 f 1 ! I I I I ?! 1
1 f 1 t » 1 1 T, M
1
I I f 1 I 1 1 T1 1 1
7A
i r i i i li i M H
60
PERCENT
PERCENT
MONTHLY
DIVIDEND YIELD ON COMMON STOCKS
RATIO
25
20
PRICE/EARNINGS RA TIO ON COMMON STOCKS
—.
.——-—--x.
1
-——^
^v^^-^ ""-^•x^
•15
/ f i l l
1
1964
1
]
!
1965
*
!
1
^N*H^^*-*»--^!
——
!
!
1
1
!
!
1968
1967
1966
1
I
!
1969
SOURCE: STANDARD 8, POOR'S CORPORATION
1964
1965
1966 _
1967__
1968
1969
1969: May- __ .
June
_
July
Aug
Sept _ _ „ _
Oct___
No\ 7
Dec
1970: J a n _ _
Feb
_ __
Mar
Apr _ _ _
May— Week ended:
1970: May 8
15
22
29
June 5
12
_ „__
... _ _
__
_
_
Total
!
f\
N
Total
81.37
88. 17
85. 26
91. 93
98.69
97. 84
104. 62
99. 14
94. 71
94. 18
94. 51
95. 52
96. 21
91. 11
90. 31
87. 16
88. 65
85. 95
76. 06
86. 19
93.48
91. 08
99. 18
107. 49
107. 13
114. 53
108. 59
103. 68
103. 39
103. 97
105. 07
105. 86
100. 48
99. 40
95. 73
96. 95
94, 01
83. 16
79.
77.
74.
72.
77.
75.
34
06
07
69
55
34
86. 81 :
84. 29
80. 93
79. 42 |
84.98
82. 60
l
Consumers'
goods
Capital
goods
1941-43 = 10
76. 35
73. 84
85. 26
81. 94
84. 86
74. 10
96. 96
79. 18
105. 77
86.33
103. 75
87. 06
108. 66
91. 57
102. 68
88. 12
100. 55
83. 04
100. 90
83. 44
102. 27
85. 26
103. 67
87. 29
104. 68
89. 84
100. 31
85.62
99. 70
85. 42
96. 55
83. 74
95. 97
85. 09
82. 28
93. 18
80. 47
71. 65
85. 59
82. 02
77. 39
76. 87
83. 89
80. 04
5
Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes lor capital and consumer goods are Wednesday figures;
all2other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
are averages ol monthly data. Weekly data are Wednesday figures.
34
!
1970
COUNCIL OF iCONOMIC ADVISERS
Price i ndex
Industrials
Period
1
75.77
72. 41
69. 75
68. 67
74. 89
72.85
Railroads
Dividend
yield 2
(percent)
69. 91
76.08
68. 21
68.10
66.42
62. 64
66. 91
63. 29
61. 32
59. 20
57. 84
58. 80
59. 46
55. 28
55. 72
55. 24
59. 04
57. 19
51. 15
45. 46
46.78
46. 34
46. 72
48.84
45. 95
49. 97
46. 43
43. 00
42. 04
42. 03
41. 75
40. 63
36. 69
37. 62
36. 5-S
37. 33
36. 05
31. 10
3. 01
3.00
3. 40
3.20
3.07
3. 24
3. 02
3. 18
3. 34
3. 37
3. 33
3. 33
3.31
3. 52
3. 56
3. 68
3. 60
3. 70
4. 20
52. 75
51. 70
50. 20
49. 41
50. 94
49. 32
32. 83
31. 33
30. 30
29. 43
30. 97
29.79
3. 98
4. 14
4.31
4. 35
4. 03
4. 19
Public
utilities
Price/
earnings
ratio 3
18. 08
17. 08
14. 92
17. 52
17.20
16. 59
16. 59
15. 42
16. 58
4
17. 31
3
Ratio of price index for last day in quarter to Quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
* Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the first 10 months of fiscal 1970 there was a deficit of $7.6 billion/ a year earlier, the deficit was $4.6 billion.
BILLIONS OF DOLLARS
200
RECEIPTS AND OUTLAYS
200
160
160
OUTLAYS
(EXPENDITURES AND NET LENDING)
120
120
RECEIPTS
80
80
t
(ENLARGED SCALE)
(ENLARGED SCALE)
-20 I960
1961
1962
1963
1964
-I/ESTIMATE.
SOURCES. TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
1965
1966
FISCAL YEARS
1967
1968
1969
1970 J/
1971J/
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget receipts, expenditures, and net lending
Period
Receip fc-expenditure iccount
Loan
account
Expenditures
Net
lending
Receipts
Fiscal year:
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 33
1971
Cumulative totals for first
10 months:
Fiscal year 1969
Fiscal year 1970
1
Excludes non-interest-bearing public
2
Surplus of $36 million.
3
92. 5
94. 4
99. 7
106.6
112. 7
116. 8
130. 9
149. 6
153. 7
187.8
196. 4
204.3
150.7
157. 2
Surplus or
deficit ( — )
90.3
96.6
104.5
111. 5
118.0
117.2
130. 8
153.2
172. 8
183. 1
(44)
()
1. 9
2.2
-2.2
-4.8
— 4. 9
-5. 4
1.2
2. 4
-. 1
.5
0
1.2
3.8
-19.1
6.0
(2) 3.6
5. 1
1. 5
4.7
(55)
153. 9
163.3
debt securities held by IMF.
()
-3.2
-6. 1
0.3
-3.4
-7. 1
-4.8
-5.9
-1.6
-3.8
-8.7
-25.2
3.2
-1.8
-1.3
(4)
4
()
Total
surplus or
deficit (-)
1. 4
1. 5
-4.6
-7.6
Gross Feeleral debt
(end of period)
Total1
290. 9
292. 9
303. 3
310. 8
316.8
323. 2
329.5
341.3
369. 8
367. 1
C55)
()
372.2
379. 3
Held by
the public
237.2
238. 6
248.4
254.5
257.6
261. 6
264.7
267. 5
290.6
279. 5
C55)
()
289. 6
286. 6
Sources: Treasury Department and Bureau of the Budget.
Estimates.
* Not available. Budget outlays (expenditures plus net lending) are estimated
at $198.2 billion in fiscal 1970 and $205.6 billion in fiscal 1971.
• Not available.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1970, receipts were up $6.5 billion over a year earlier and outlays wree up $9.5
billion.
BILLIONS OF DOLLARS
100
RECEIPTS
.BILLIONS OF DOLLARS
100
80
INDIVIDUAL INCOME TAXES
60
40
20
CORPORATION INCOME TAXES
J
I
I
!
120
120
/ OUTLAYS
(EXPENDITURES
AND NET IEND1NG)
100
10Q
80
80
60
60
\
NATIONAL DEFENSE -
40
I
20
1
I960
40
_L
1961
20
J962
1963
1965
1966
FISCAL* YEARS
1964
J^ESTIMATE.
SOURCESi TREASURY DEPARTMENT AND pUREAU OF THE BUDGET.
1967
196&
1969
1970V
1971 ^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
()utlays
Recei]DtB
Natio nal defense
Period
Fiscal year:
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
19702
1971 2
Cumulative totals for
first 10 months:
Fiscal year 1969___
Fiscal year 1970__.
1
1
Kxp«ml!tim<
KMttimt**:.,
36
Total
Individual Corporation
income
income
taxes
taxes
Other
Total
Total
Department of
Defense,1
military
92. 5
94.4
99.7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187. 8
196. 4
204. 3
40. 7
41. 3
45. 6
47.6
48.7
48. 8
55. 4
61. 5
68. 7
87.2
92. 2
90.5
21. 5
21. 0
20. 5
21. 6
23. 5
25. 5
30. 1
34. 0
28.7
36.7
34. 0
34.0
30. 3
32. 1
33.6
37.4
40. 5
42. 6
45. 3
54. 1
56.3
63. 9
70. 2
79. 8
92. 2
97. 8
106. 8
111. 3
118.6
118. 4
134. 7
158.3
178.8
184.6
198.2
205. 6
45. 9
47.4
51. 1
52. 3
53.6
49. 6
56. 8
70. 1
80.5
81. 2
(33)
()
41. 5
43. 3
46. 9
48. 1
49. 6
46. 0
54. 2
67.5
77.4
77.9
76. 5
71. 2
150.7
157. 2
72.4
75.8
27.3
24. 8
51.0
56.6
155. 3
164. 8
66.9
66.9
64. 2
64. 3
Interna- Health
tional
and
Inaffairs income
terest Other
and
security
finance
3. 1
3. 4
4. 5
4. 1
4. 1
4.3
4. 5
4. 5
4. 6
3.8
(33)
()
3. 2
3.0
18.7
21. 8
23.3
25. 2
26. 6
27. 2
31. 3
37. 6
43. 5
49. 1
(3)
(3)
40.8
46. 3
Sources: Treasury Department and Bureau of the Budget.
8.3
8. 1
8. 3
9. 2
9.8
10.4
11. 3
12. 6
13. 7
15.8
(33)
()
13. 3
15. 3
16. 2
17. 1
19.6
20.5
24.5
27.0
30. 8
33. 4
36. 4
34. 6
(3)
(3)
31. 1
33. 3
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to current estimates, Federal receipts declined $4% billion (seasonally adjusted annual rate) in the
first quarter and expenditures increased $1% billion, reducing the surplus to $1/3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
220
200
140
120
120
100
100
+20
SURPLUS
U/A
v//\
f//4
""""
HI If
IT
UlA
t^f
mVA mn wm wm II"
""* M
'"^
~ DEFICIT
!
-20
I
!
1
1964
1
1965
1
1
I
1966
!
!
1
1
f
1967
CALENDAR YEARS
El 0 W fi _
4
1
1
!
I
1968
f
1
1969
SOURCEj DEPARTMENT OF COMMERCE
f
t
-20
1970
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fee .eral Go^rernment expend!tures
Federal Cxovernm snt receiptbs
Period
Fiscal year:
1966
1967
1968
1969
Calendar
year:
1966
1967
1968
1969
1969 :!__
II_
III
IV_
1970: I _ _
Surplus
or
deficit
GraiitsSubsidies Less :
Purin-aid
less
Wage
Indirect ContriPersonal Corpochases Trans- to State Net
current accruals income
rate business butions
tax
and
less
Total of goods fer pay- and interest surplus
Total nontax profits tax and
for
and
local
and
ments
paid of Govt. disproduct
tax
nontax social inreceipts accruals
services
governenter- burse- accounts
accruals surance
ments
prises ments
.<-)•
132.8
147.3
160. 9
192.7
57. 6
64.4
71.3
90. 5
31. 0
31. 1
34. 3
40. 0
15. 7
16. 1
17. 2
18. 6
28.5
35. 8
38. 0
43. 6
131. 9 71. 7
154.6 85. 3
172.4 95. 3
186. 7 101. 1
34. 2
39.4
44. 5
50.3
12. 7
14.8
17. 6
18.9
9. 0
9. 9
10. 8
12. 3
4. 5
5. 1
4. 1
4. 1
142. 5
151. 1
176. 3
201.5
198. 6
202.8
201. 3
203. 3
198. 7
61.7
67. 5
79. 5
95. 6
93.8
96. 9
95. 0
96.7
94. 4
32. 1
30. 6
38. 3
40. 2
40.7
41. 0
39.8
39.3
36. 2
15. 7
16. 3
18. 0
18. 8
18. 5
18. 6
19. 1
19. 1
19. 1
33. 0
36.7
40. 5
46. 9
45. 6
46. 4
47. 5
48. 1
49. 0
142. 8
163. 8
181. 5
192. 0
188. 5
189. 3
193. 6
196. 7
198. 4
35. 7
42. 2
47. 8
52. 4
50. 8
52. 1
52. 7
53. 9
55. 8
14. 4
15. 9
18. 3
20. 0
19.0
19. 3
19. 8
22. 0
23.6
9.5
10. 3
11. 6
13. 1
12.5
12. 9
13. 1
13.7
14. 0
5. 4
4. 7
4. 3
4. 6
4. 6
4. 4
4. 6
4.8
5.3
NOTE: Receipts for 1969 reflect repeal of investment tox credit. Data for Alaska
and Hawaii included beginning 1960.
77.8
90.7
99. 5
101. 9
101. 6
100. (>
103. 2
102. 3
102. 3
0.9
-7.2
— 11. 5
6.0
0.0
.0
.0
.0
.0
.0
.0
.0
2. 5
-.2
-12.7
-5.2
9.5
10. 1
13.5
7. 7
6.6
.3
Source: Department of Commerce.
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
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
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
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
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
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
!
P Indicates preliminary and
not available.
j
* Indicates less than $50 million.
For sale by the Superintendent of Documents. U.S. Government Printing Office, Washington, D.C. 20402
Price 25 cents per copy, $3 per year ; $4 foreign. Domestic air mail, $3.60 additional per year.
38
U.S
GOVFRNWENT PRINTING OFFICE:1970
@FedFRASER