Full text of Economic Indicators : June 1973

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Congress, 1st Session

Economic Indicators
June 1973
Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1913

(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVTTS (New York)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
RICHARD S. SCHWEIKER (Pennsylvania)

HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
HUGH L. CAREY (New York)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CONABLE, Jr. (New York)
CLARENCE }. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)

JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist

OF
HERBERT STEIN, Chairman
MARINA v. N. WHITMAN
Economic Indicators prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—1st SESSION]
[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 Aft Production Branch, Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, Is available at 55 cents a single copy
or by subscription at $6.50 per year ($1.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
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Gross national product rose by an extraordinary $43 billion (seasonally adjusted annua! rate) to $1,238 billion
in the first quarter, according to current estimates. There was a huge rise of $28 biiiion in consumer expenditures.
The excess of imports over exports improved somewhat while business investment and government purchases at aii
ievels increased.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
(.iovernme nt

Persons
Disposab le personsil income
Period
Total 5

Less:
Interest
paid and
transfer
payments
to foreigners

Surplus
or
Equals : Personal sonal
Less:
Less:
Tax
Equals: deficit
Total consump- saving
TransTransPurexcludand
fers,
Equate: Total
or
fers,
tion
ing
nontax interest,
chases income
interest,
expendNet
expenddisof goods
interest itures saving receipts
and
and
receipts itures
and
and
and
or
product
S13.D™
SUD""
transaccruals sidies 2
sidies 2 services accounts
fers

731. 7
670. 7
61. 0
'TQO V
RCA K
KC\ 9
739.
7 i 680.
5 I 59.
3

323. 3 106. 5
1 f\Q A
Q Q A *7
330.
7 j 108.
4

216. 8
OOO Q
222.
3

^.in 4
A
349.

1 AQ 4
A
108.

751. 7

13. 0
13. 9
15. 1
16. 7
17. 9
18. 5
19. 3

498. 9
532. 4
575. 9
617. 7
671. 6
725.8

1971: III.
TV..

750. 4
*7KQ K
758.
5

18.7
1 Q 8
Q
18.

1972:

770.
782.
798.
828

18. cS

I

775. 9

466.
492.
536.
579.

3
1
2
5

616. 8

664. 9
721. 0

32. 5
40. 4
39. 8
38. 2
54. 9
60. 9

213.
228.
263.
296.
302.
321.
366.

54.8

1971:III.
IV..
1972: I
II
III

_

IV

1973:1
1

|

233. 6

-16. 9

ojn n

i Q rr

62. 3

241.7
247.3
253. 1
254. 5

361.
368.
371.
385.

6
3
2
5

112. 1
114. 1
115.7
126. 2

249. 4
254. 1
255. 6
259.3

-7.7
-6.9
-2.4

830. •2

773 6

56. 5

399. i | 125. 8

273. 6

392. 6

125.8

266.8

6.8

Net
Net exports of goods
transfers
Excess of _ Total
and services
StatisGross
Excess
Gross private
to fortransfers income
tical
of
retained domestic invest- eigners
or
or
discrepearnby perof net
receipts
ancy
investment sons
Less: Equals:
ings 3
Net
and Exports Imports
exports
ment *
(-)
5
Governexports
(-)
ment

Gross
national
product
or
expenditure

20. 2

121.4
116. 6
126. 0

139. 0
137. 1

112.
114.
115.
126.

-30. 1
— 23. 5

— 30. 6
-42. 0
— 39. 7
-42. 1

2. 8
3. 0

43.4
46. 2
50. 6
55. 5

3. 7

62. 9
66. 1
73.7

38. 1
41. 0
48. 1
53. 6
59. 3
65. 4
77. 9

5. 3
5. 2
2. 5
1. 9
3. 6
.7
-4.2

2. 9
2. 9
3. 2
3. 6

124. 1

152. 0
180.4

110. 5
117. 2

152. 2 i -41. 7
158. S i —41. 6

3. 8
4. 0

68. 5
63. 0

68. 2
65. 1

.4
2 i

168. 1
177. 0
183.2
193.4

3. 8
3. 8
3. 8
3. 3

70. 7
70. 0
74.4
79.6

75. 3
75. 2
77. 8
83. 1

-4. 6
-5. 2
-3. 4
-3.5

87. 6

89. 8 i

— 2. 2

130. 1

-4. 8

Iiiternation al

— 56. 3

-52. 2
— 52. 2
-58. 1

— 63. 3

Personal incoiao (p. 5) less personal tax and nontax payments (fines, penalties,
etc.)- G overnment transfer payments to persons, foreign net transfers "by Government, net interest paid by government, subsidies less current surplus of government
enterprises, and disbursements less wage accruals,
3
Capital consumption allowances, corporate inventory valuation adjustment,
undistributed corporate profits, and private wage accruals less disbursements.
Does not include retained earnings of unincorporated business, which are included




106. 5

93. 0

1
1
7
2

! 115. 9
i 124.8
! 125.1

:

340. 2

105. 7
117. 1

1. 1
— 13. 9
-6. 8
8. 8
— 10. 1
-16.9
-5.4

353. 8
361. 4
368. 8
380. 1 |

91. 3
93. 0
95. 4
97. 0
97. 3
109.9

. ...

312. 1
338. 5
371. 6

156. 8
180. 1
199. 6
210. 0
219. 0
232. 8
254.6

55.7
50. 1
50. 8

Business

1966 ._
1967
1968.
1969
1970_
1971.
1972_

242. 9
270. 3
287.9

696. 1
713.4
728. 6
745 7

2

Period

3
9
5
7
0
6
1

763. 5
19. 1
779.4
19.4
19 8 | 808 4

5
6
8

\ 850. 4

1973: I

55. 5
62.8
70.7
77.9

157. 9
166. 2
192. 7
218. 8
209. 0
215. 9
249.0

511. 9
546. 3
591. 0
634. 4
689. 5
744. 4
795. 1

II
Til.
IV___|

212, 3

55. 5
62. 8
70. 7
77. 9
93. 0
105. 7
117. 1

1967
1968
1969
1970
1971
1972

1966

E xpenditur es

N et receipts
P

— 2. 4
-2. 2
4.
1. 0

750, 9
794. 6
866. 9
936. 3
981. 1

-. 4
2. 8 1, 055. 2
7.8 1, 152. 7

3.4 11, 062. 8
6. 1 1, 083. 2

-L 0
—.7
-2. 7
-6. I
— 4, 7
— 4. 8
Q
—,o

-5.
-5. 2

-4. 1

749.9
793. 9
864. 2
930.3
976.4
1, 050. 4
1, 151. 8
1, 056. 9
1;

078.

1

7. 2
6. 8

1, 113. 1
1, 139. 4
1, 16L 6
1, 196. 3

-1.5

is

1, 109. 1
1, 139. 4
1, 164. 0
1,194.9

5.5

1,236.6

13

1,237.9

9. 0

-j

in4 disposable personal income.
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment less capital grants received by Umlted States, with
sign changed.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 15.2 percent in the first quarter. Real GNP
at an 8.0 percent rate while prices increased at a 6.6 percent rate.

r ose

B1LUONS OF DOLLARS
1,400

BILLIONS OF DOLLARS
1,400

1,200

1,200

1,000

1,000

800

600
GOVERNMENT PURCHASES
OF GOODS AND SERVICES

200

200

,.„„, „„..•••«•'
!«»"•"" n
NET EXPORTS OF GOODS
AND SERVICES
\

GROSS PRIVATE DOMESTIC
INVESTMENT

1969

1968

SOURCE;

DEPARTMENT

Period

OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total
Personal Gross
congross
Total
private
sump- domestic
national gross
product national
tion
investin 1958 product expendment
dollars
itures
iiillions 3f dollars quarterly

1963_
1964.
1965.
1966.
1967_
1968.
1969.
1970_
1971.
1972

551. 0

5
4
9
9
9
2
3
4
4
8

375. 0
401.2
432. 8
466. 3
492. 1
536. 2
579. 5
616. 8
664. 9
721. 0

87. 1
U4. 0
108. 1
121. 4
116. 6
126. 0
139. 0
137. 1
152. 0
180. 4

1971: III.
IV..

742. 5 1, 056. 9
754. 5 1, 078. 1

670. 7
680. 5

1972: I...
II.
IIL.
IV..
1973: I...

766. S
783. 9
796.1
811. 6

1
4
0
9

827, 3 1, 237. 9

1

581. 1

en. s

658. 1
67B.S
70S. 6
7S5. 6
7S2. 1

741. 7
789.6

590.
032.
884.
749.
793.
864.
930.
976.
1, 050.
1, 151.

1,
1,
1,
1,

109.
139.
164.
194.

Net
exports
of goods
and
services

Gove rnment purchases of good s
services
Federal
Total
National
Total defense1 Other

and

Implicit
price
deflator
State
for total
and
GNP,
local
1958= 1002

data at s easonall v adjusts>d annual rates
5.9
8. 5
6.9
5. 3
5. 2
2. 5

122. 5

-4.2

128.
137.
156.
180.
199.
210.
219.
232.
254.

7
0
8
1
t>
0
0
8
6

152.2
158. 8

.4
-2. 1

233. 6
240. 9

696. 1
713.4
728. 6
745. 7

168. 1
177.0
183. 2
193. 4

773.6

199.7

-4. 6
— 5. 2
— 3. 4
-3.5
-2. 2

249.
254.
255.
259.
266.

This category corresponds closely with budget outlays for national defense,
shown on p. 36.




1973

1972

1971

1970

1. 9
3. 6

.7

3

4
1
6
3
8

64. 2
65. 2
66. 9

13. 5

58. 2

15.2
16. 8

63. 5

105. 8

50. 8
50.0
50. 1
60.7
72. 4
78. 3
78. 4
75. 1
71. 4
75. 9

18. 4
20. 5
20. 4
21. 5
26. 3
29. 9

100.
111.
122.
135.
148.

97. 9
100. 7

70. 1
71. 9

27. 8
28. 7

105. 7
108. 1
105. 4
104.0
106. 6

76. 7

28. 9
29. 6
30. 2
30. 8
31. 6

77. 8
90. 7
98. 8
98. 8
96. 5
97. 8

78. 6
75. 1
73. 2
75. 0

17. 1

70. 1
79. 0
89. 4
8
2
5
0
8

107. 17
108. 85
110. 86
113. 95
117. 59
30
20
23
61
89

135. 7
140. 2

122.
128.
135.
141.
145.
142.
142.

143.
146.
150.
155.
160.

144.
145.
146.
147.
149.

68
34
21
23
62

7
0
2
2
1

35
88

Gross national product in current dollars divided by gross national product
in 1968 dollars.
Source: Department of Commerce.

NATIONAL INCOME
According to revised estimates, national income rose $34 billion (seasonally adjusted annual rate) in the first quarter
following a rise of $31 billion in the fourth quarter.
BILLIONS OF DOLLARS
1,200

BILLIONS OF DOLLARS
1,200

- 1,000

tjOOO

800

1967

1973

SOURCE; DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVJ5ERS

(Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income

Period

1963
1964
1965
1966
1967
1968
1969
1970 ...
1971
1972

.

_
..

1971: III
IV

1972: I
II
IIL
IV .
1973: I
1
2

.

Cornpen-

of emplovees l

Propricto rs' income
Farm 2

Net
inter-

est

481. 9
518. 1
564. a
620. 6
653. 6
711. 1
766. 0
798. 6
855. 7

935. 6

341. 0
365.7
393. 8
435. 5
467. 2
514. 6
566. 0
603. 8
644. 1
705. 3

13. 1
12. 1
14.8
16. 1
14. 8
14. 7
16. 7
16. 9
17. 3
19. 6

37. 9
40.2
42.4
45. 2
47. 3
49. 5
50. 5
49. 9
52. 6
55. 6

17. 1
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 5
25. 6

21. 4
24. 4
26. 9
30. 5
34. 8
38. 5
41.3

860. 8
876. 2

648. 0
660. 4

17. 6
18. 1

53. 1
53. 8

24. 8
25. 0

903. 1
922. 1
943. 0
974. 2
1, 008. 3

682. 7
697. 8
710. 2
730. 3
757. 0

19. 1
18. 7
19. 1
21.6

54. 3
54. 4
56. 2
57. 4
58.7

25. 2
24. 2
26. 2

22. 5

Includes employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.




Business
and professional

Rental
income
of
per-

26. 9
26.5

13. 8
15.8
18.2

Corpora ;e profits and inventory va luation acijustment
Total

58. 9
66.3
76. 1

Profits Inventory
before valuation
taxes adjustment

-0. 5

79. 8
69. 9
78. 6
88.2

59. 4
66.8
77.8
84. 2
79. 8
87. 6
84. 9
74. 3
83. 3
94. 3

39. 1
39. 7

78.3
79. 4

84. 1
83. 2

-5. 8
-3. 9

40. 1
40. 9
41. 7
42. 5
43. 4

81. 8
86. 1

88. 2
91. 6
95. 7
101.5
114. 3

— 5. 5
-6. 1
-5. 9
— 14. 1

Source: Department of Commerce.

82. 4

78.7

84. 3

89. 6

95.6
100. 2

K
.O

— 1. 7

— 1. 8
— 1.1
0

0

-5. 1

-4. 4
— 4. 7
-6. 0

-G. 5

or
Personal income rose in May at a seasonally adjusted annual rate of $4.8 billion, somewhat less than in the 3 preceding months. Most of the slowdown was in wage and salary disbursements, which increased $3.1 billion compared
to an average monthly rise of $5.3 billion for the 3 months ending in April.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1,000

1,000

900

— 800

700

600

500

PROPRIETORS' AND
RENTAL INCOME

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

100

100

NET INTEREST
sjp-isEs^i

1967

SOURCE;

I

1968

1969

DEPA37MENT Of COMMERCE

Period

Total
personal
income

1985
538. 9
1966
587.2
1967
629. 3
1988
688. 9
1969
750.9
1970 .
806.3
1971
861. 4
1972
935. 9
1972: Apr
919. 4
May
924. 0
June
922. 9
July.-.. 932. 9
Aug
940. 0
Sept
946.8
Oct
964. 8
Nov
976. 2
Dec
982.9
1973: Jan
986. 0
994 5
Feb
Mar
1, 001. 3
Apr
1, 007. 4
May * 1, 012. 2

197!

1972

1973
COUNCIL OF ECONOMIC ADVISEBS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
and
Other Propriet ars' income income
Transfer
Divi- Persona;
salary
labor 1 2
interest
Business
paydends
of
and pro- persons
disburse- Income
Farm
income ments
ments '
fessional
18.7
19.0
19.8
38.7
358.9
14.8
42.4
39. 9
45. 2
20. 8
394. 5
20.7
16. 1
20. 0
43. 6
44. 1
22. 3
21. 4
14. 8
47. 3
48. 0
51. 8
423. 1
21. 1
23. 6
464. 9
25.4
49. 5
21. 2
52. 9
59. 6
14. 7
24. 3
509,7
22. 6
59. 3
2a4
16. 7
50.5
65. 8
24. 8
54L 9
32. 1
49. 9
65. 8
79. 5
16. S
23. 3
17. 3
25. 4
572.9
36.5
52. 6
69. 6
aa 6
24. 5
72. 9
627. 0
40. 3
55. 6
26. 4
104. 0
19.6
25. 6
617. 6
39. 5
54. 9
26. 1
72. 0
19.1
25. 5
99. 7
55. 3
100. 9
619. 9
39. 8
18.7
25. 6
26. 3
72. 7
624. 0
40. 1
53. 2
26. 3
18.4
21. 5
73. 4
101. 3
40. 5
26. 4
102. 2
625.7
18. 6
55.7
25. 8
73. 5
102. 8
40. 8
26. 6
73.4
630. 6
19. 1
56. 3
26. 3
41. 1
26. 5
103. 2
636. 0
19. 5
56. 7
26. 5
73. 3
643.0
4L4
20.7
26.
7
57.0
27. 0
73. 7
111. 6
57.4
26.7
26. 6
74. 5
648.5
22. 1
115. 2
41.8
42.1
22.0
5 /„ 8
26. 9
26. 8
75.4
113.6
654.9
42. 4
27. 1
662. 7
22. 2
58. 2
113. 3
26. 6
75. 9
42. 7
22. 5
27. 3
114. 8
668. 4
53. 7
26. 6
76. 2
43. 0
27. 4
673. 1
22. 8
59. 1
76. 8
115. 5
28. 3
27. 6
678. 7
43. 3
21. 9
59. 5
77. 5
116. 0
26. 0
27. 6
43. 6
21. 5
59. 7
26. 2
78. 4
116. 7
681. 8

1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 3) in that It excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
s Consists of employer contributions to private pension, health, and welfare
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.




1970

Less: Personai contributions
for social
insurance
13.4
17.7
20. 5
22. 8
26. 3
28.0
31. 2
35.5

35.0
35.1
35. 3
35. 5
35. 8
36. 0
36. 4
36. 5
36. 6
42. 4
4-2. 7
42. 8
43. 2
43.4

Nonagricultural
personal
income z
519. 5
566. 3
609. 4
668. 8
728. 3
782.8
837. 2
909. 3
893. 4
898. 3
897. 5
907. 3
914. 0
920. 3
937. 1
947. 2
953. 9
956. 6
964. 6
97L 1
978. 2
983. 4

3
Personal income exclusive of net income of unincorporated farm enterprises.
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce,

OF
Real per capita disposable income (seasonally adjusted) rose again in the first quarter and was 6 percent above a
year earlier.
BILLIONS OF DOLLARS
1,000

BILLIONS OF DOLLARS

900

PER CAPITA DISPOSABLE PERSONAL INCOME

2,000
1973
SOURCEi DEPASTMENT OF COMMERCE

Period

COUNCil OF ECONOMIC ADVISERS

Per cajjita disSaving
L ess : Perse>nai outla ys
Less :
posable personai
as perPer- Equals:
Perso lal consulnption
Equals:
ino 3tne
cent of PopulaPersonal
Dtsex penditures 2
Personal
distion
1 sona! tax anc | posable Total
saving
posable (thou-8
! income nontax personal persona!1 Durable NonCurrent
1958
personal
sands)
pay- income outlays
durable Services
dollars dollars
goods
1 income
ments
goods
(percent)

Billions of dollars

538.9
587. 2
1967
629. 3
1968
688. 9
1969
750. 9
1970
806. 3
1971
861. 4
1972.. ._ 935.9
1965_ _ _ _
1966

65.7
75. 4
83. 0
97. 9
116.5
116. 7
117. 0
140. 8

473.2
511. 9
546. 3
591. 0
634. 4
689.5
744. 4
795.1

444.8

479.3
506. 0
551. 2
596. 2
634.7
683. 4
740. 2

66. 3
70. 8
73. 1
84. 0
90. 8
90. 5
103. 5

116. 1

Do lars

191.
206.
215.
230.
245.
264.
278.
299.

1
9
0
8
9
4
1
5

175.5

isa 6

204. 0
221.
242.
261.
283.

3
7
8
3

305. 4

28.4
32. 5
40. 4
39. 8
38. 2
54. 9
60. 9
54. 8

2,436
2, 604
2, 749
2, 945

3, 130
3, 366
3,595
3, 807

2,239

2, 335
2, 4-03
2, 486
2, 534
2,603
2, 679
2, 770

6. 0
8. 0
8. 2
6.9

194, 303
196, 560
198. 712
200, 706
202, 677
204, 879
207, 0-15
208, 842

6.0
6.4
7. 4

a7

•Sease nally adjt isted annu al rales

1971: III. 887. 9
IV__ 881. 5

117. 5
123. 0

750. 4
758. 5

689. 4
699. 2

106. 1

278. 5

106. 1

283. 4

1972:1- — 907. 0
II_. 922. 1
III.. 939. 9

770. 5
782. 6
798. 8
828. 2

714. 9
732. 5
748. 0

111. 0

IV-. 974.6

136. 5
139. 5
141. 1
146.4

1973:1—. 993. 9

143. 5

850. 4

288. 3

61. 0

3, 620
3, 649

2, 684

59. 3

2,698

&1
7.8

207, 313
207, 862

765. 5

113. 9
118. 6
120. 8

297. 2
302. 0
310.4

296. 7
302. 4
308.0
314.5

55. 7
50. 1
50.8
62. 8

3, 700
3,751
3,821
3, 953

2, 716
2, 739
2,773
2,851

7.2
6.4
6.4
7.6

208,
208,
209,
209,

793. 9

130. 4

322. 6

320. 6

66. 5

4,052

2,882

6. 6

209, 871

1
Includes personal consumption expenditures^ interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total persona] consumption expenditures.




286. 1
290. 9

259
634
058
514

g
Includes Armed J^ces abroad. Annual data are for July 1; quarterly data ars
for middle of period, interpolated from monthly data.
: Department of Commerce.

FARM INCOME
In the first quarter, net farm income (seasonally adjusted) rose by about 4 percent. Nef income from farming in
constant dollars per farm was 10 percent above a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

80

80

70

70
REALIZED GROSS
FARM INCOME

(50

50

50

40

40

30

30

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

20

20

10

10

J

I

r

1967

L

j

1968

l

I

I

1

1970

1969

Personal income re ceived by
total "arm popu lation
From
all

sources

23.6
24. 9
24. 0
25. 1
27. 6
28. 2
29. 5
33.2

1971: III
IV
1972: I
II
III

IV—

1973: I

I

J

I
1973

T

From
From
nonfarm
farm
sources sources

13.5
14, 4

13. 1
13. 2

14. 9
15. 0

15. 6
17. 7

10.0
10. 5
10. 9
11. 9
12. 7
13. 2
13. 9
15.5

Net t D farm
oper ators

Net inc ome per
farm incl uding net3
inventor]T change

Cash
tion ex- Exclud- Includreceipts penses ingnetin- ing net in- Current
1967
from
Total
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions 3i" dollars
Do lars
44.9
39.3
30.9
14.0
15.0
4, 487
4, 723
49. 7
43. 3
33. 4
16. 3
5, 019
16. 3
5, 121
42. 7
49. 0
34. 8
14. 2
14. 9
4, 730
4,730
44, 1
50. 9
36. 2
14.7
4, 854
14.8
4, 667
55. 6
48. 1
38. 8
16. 8
16. 9
5, 674
5,206
57. 9
50. 5
41. 1
16. 8
5, 754
16. 8
5,047
60. 1
53. 1
44. 0
6, 049
16. 1
17. 4
5, 083
66.4
58. 5
47. 2
19. 2
7, 000
19.8
5, 645
Seaso natly adjii fted annu at rates
60. 4
53. 4
44. 3
16. 1
17.7
6, 150
5, 130
54. 9
44. 9
61. 8
16. 9
18. 2
6, 330
5, 280
64. 1
56. 5
45. 6
6, 820
18. 5
19. 3
5, 590
64. 8
56. 9
46. 5
6, 680
18.3
IS. 9
5, 390
58. 1
66. 1
47. 3
18. 8
6, 780
19. 2
5.420
70. 6
62.5
49. 4
21. 2
7, 660
21. 7
6, 080
22. 1
75. 6
68. 5
53. 5
22. 6
8,070
6, 160

1
Cash receipts from marketings, Government payments, and nonmoney Income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2. p. 3.
' Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.




J
1972

income received fro m farming
Realize d gross

1965..
1966..
1967..
1968
1969
1970
1971
1972

I

COUNCIL OF ECONOMIC ADVISEES

SOURCE, DEPARTMENT OF AGRICULTURE

Period

j
197!

1

4
Income in current dollars divided by the index of prices paid by farmers for
'amily living Items on a 1967 base.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits before taxes including inventory valuation adjustment rose $4.6 billion (seasonally adjusted annual
rate) in the first quarter. The sharp rise in wholesale prices brought about a pronounced increase in inventory gains,
so that book profits (excluding inventory valuation adjustment) rose $12.8 billion.
BILLIONS OF DOLLARS

40

20

20 —,

1967

I

1973

1968

SOURCE; DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1
Cor porate pi ofits
Cor p orate pi ofits (bef Dre taxes) and inveiitory
'cifter taxcig
Corpo- Profits
valuation adjustme nt
rate
plus
TransCorpo- Corpo3V anufactu •ing
capital capital
portation
rate
rate
conconUnDivicomPeriod
tax
profits
NonAll
Durable durable
dend distrib- sump- sumpAll ! before liabil- Total
muniindustion
tion
goods
uted
payother
taxes
ity
Total indusgoods cations,
tries
ments profits allow-2 allow-3
and
ances ances
tries
public
utilities
39. 3
22. 8
16. 6
76. 1
25. 6
31. 3
46. 5
26. 7
1965.
36. 4
11. 1
77.8
19. 8
82.9
42. 6
24. 0
34. 3
29. 1
82. 4
18. 6
49. 9
1966. _ _
20. 8
39.5
11. 9
27. 9
84. 2
89.5
38. 7
20. 7
25. 3
18. 0
46. 6
21. 4
1967.
78. 7
33. 2
43. 0
29. 1
79. 8
10. 8
89. 6
41.
7
22.
4
24.
2
19.
3
47. 8
1968
32. 0
87. 6
39. 9
23. 6
46. 8
84. 3
10. 6
94, 6
36. 6
18. 8
17.7
44. 8
20. 5
1969- _ _ 79. 8
33. 1
84. 9
40. 1
24. 3
51. 9
10. 1
96.8
27. 7
11. 0
16. 7
34.
1
40.
2
24.
8
15.
4
1970- - _. 69. 9
34.
6
74.
3
55. 2
7.6
95.3
30. 9
14. 1
16. 8
37. 3
45. 9
20. 5
1971- . 78. 6
25. 4
60. 3
8. 2
39.5
83. 3
106. 2
37.9
1972
94. 3
41. 3
18.9
41. 3
53.0
88. 2
19.0
67.7
9.0
26.4
26.6
120.7

30. 1

13. 3

16. 9
16. 9

8.5
7. 6

39.6
40.6

84. 1
83. 2

37.5
35. 3

46. 6
48. 0

25. 5
25. 2

21. 0
22. 7

61. 2
63.0

107.8
110. 9

19. 4
18.4
19. 9

17.7

17. 7
17. 6
19. 5
21. 3

7. 8
8. 8
9.6
9.9

38. 5
40. 3
42. 1
44. 4

88. 2
91. 6
95. 7

101. 5

38. 8
40. 1
41.8
44. 3

49.5
51. 5
53. 9

57.2

26. 0
26. 2
26. 5
26.7

23. 5
25. 3
27.3
30.5

64. 8
68. 0
68.4
69.5

114.3
119. 5
122.2
126.7

21.3

25.0

9.2

44.8

114.3

50.6

63.7

27. 3

36.4

70.6

134. 3

1971 : III...
IV...

78. 3
79. 4

31. 2

14. 3

1972: I
II
III-.

81. 8
86. 1
89. 6
95. 6

35.4
37. 0
37.9
41. 3

100. 2

46. 2

IV. _

1973: I

12 Includes all other industries and financial institutions.
Includes depreciation and accidental damages.
8
Corporate profits after taxes plus corporate capital consumption allowances.

97-231c -73-




Source: ^Department of Commerce.

Gross private domestic investment rose $6 billion (seasonally adjusted annual rate) in the first quarter. Increases in
fixed investment were partly offset by a decline in the rate of inventory accumulation.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

200

200

GROSS PRIVATE DOMESTIC
INVESTMENT
150

100

50

1967

1972

1968

SOURCES; DEPARTMENT Of COMMERCE

1973
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment

13

Total
gross
private
domestic Total
invest^
ment

' J

Struc tures
Total
Total

1963
1964

1965
1966
1967
1968
1969
1970

.

1971

1972

1971: III
IV

1972: I
il

_

Til
IV

1973: I

8




54. 3

87. 1
94. 0
108. 1
121. 4
116. 6
126. 0
139. 0
137. 1
152. 0
180. 4

81. 3
88.2
98. 5
106. 6
108. 4

118. 9
131. 1
132. 2
148. 3
174. 5

98. 5
100. 9

152. 2
158. 8

iea i

61. 1
71. 3
81. 6
83. 3
88. 8

19. 5
21.2
25. 5

Nonfarm
18.8
20.5

120.6

30. 3
34. 2
36. 0
38. 4
42. 2

24. 9
27. 8
27. 3
29. 6
33. 5
35. 2
37.5
41.4

150. 9
157.2

106. 3
109. 8

38. 7
38. 8

37. 9
38. 0

177.0
183.2
193.4

167. 7
172.0
175.2
183. 1

116. 1
119. 2
120. 7
126. 1

41. 3

40. 5

199.7

192. 9

133. 5

Source: Department of Commerce.

Kesld ential
struc tures

N snresideni ial

105. 8

28. 5
28. 0

Produce rs' durable equ ipment
Total
34.8
39. 9

45. 8
53. 1
55. 3

58. 5

64. 3

64. 9
67.4

78. 3

67. 6
71. 0
74. 8

Nonrarm

Tota!

26. 4
26. 6
26. 7
24.5
24. 5
29. 5
32. 0

Total

Nonfarm

60. 9
70.5

42. 6
54.0

42. 0
53. 2

5.9
5. 8
9. 6
14, 8
8. 2
7. 1
7.8
4. 9
3. 6
5.9

60. 8

64. 2

44. 5
47. 3

43. 9
46. 7

1. 3
1. 7

-.2
.8

67. 7

51. 6

51. 0
52. 1

53. 7
58. 1

.4
5.0
8.0
10.3

4. 3

10. 1

58. 4

6.8

6.5

31. 2

36.3
41. 6
48.4
50. 0
53. 6
59.2
59.2

27.0
27. 1

27. 2

25. 0

25. 1
30. 1
32. 6
31. 2

41.8
43.7

41. 2
40. 9
42.9

77. 2
79.0
82.3

69. 6
71.0

73.5

54.4
57.0

46. 7

45.8

86. 8

78. 0

59.4

42.0

Nonfarm

Change in fousiness m\'entories

52.8

30. 7

5. 1
6.4
8.6
15.0
7.5
6. 9
7. 7
4. 8
2.4
5.6

.1

7.9

Businessmen continue *o project a large rise in plant and equipment expenditures from 1972 to 1973. The strong
increase of $41/i billion (seasonally adjusted annual rate) from the fourth quarter of 1972 to the first quarter of 1973
fell slightly short of expectations.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONAU.Y ADJUSTED ANNUAL RATES

100

TOO

TOTAL NEW PLANT AND EQUIPMENT

80. h

80

<50
NONMANUFACTURING

.„.•"""'
»„.»»»••'

MANUFACTURING

20 H_L_l__L

J
1968

1967

I
I

1969

1

,1

J

1

1970

L

20
1973

1972

1971

y SEE FOOTNOTE 3 BELOW.
. SOUHC£« DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Is onman ufaoturk 'g

M anufactur ing

Traiisportai ion
Period

Total'

54. 42
1965
1966
- 63. 51
1967 . . _ _ -- 65. 47
67. 76
1968
_
75. 56
1969
._
79.71
1970
. -.
81. 21
1971 .
S& 44
1972 3
. _
100. 12
1973
86. 79
1972: I
87. 12
TI
Til.
87. 67
91. 94
IV
1973: I
.. 96. 19
113
98. 57
III
101. 80
3
103. 44
IV
3

Total

Durable
goods

Nondurable
goods

23. 44
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
37. 16
30. 09
30. 37
30. 98
33. 64
35. 51
37. 05
38. 01
37. 78

11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 64
19. 03
15. 06
14. 77
15. 67
16. 86
17. 88
19. 14
19. 68
19. 27

11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18. 13
15. 02
15. 60
15. 31
16. 78
17. 63
17.91
18. 34
18. 50

Total
30.98

35. 32
36. 96
39. 40
43. 88
47. 76
51. 22
57. 09
62. 96
56. 70
56. 75
56. 70
58. 30
60.68
61. 52
63. 79
65. 66

1
Excludes agricultural business; real estate operators; medical? legal, educational, and cultural service; and nonprofit organizations.
-3 Includes trade, service, construction, finance, and insurance.
Estimates based on expected capital expenditures as reported by business
in late April and May 1973. Includes adjustments when necessary for systematic
tendencies in expectations data.




Mining
1. 46
1. 62
1. 65
1. 63
1. 86
1.89
2. 16
2. 42
2.74
2. 42
2. 38
2. 40
2. 46
2. 59
2. 68
2. 90

Railroad

Air

1. 99
2. 37
1. 86
1. 45
1. 86
1. 78
1. 67
1. 80
2. 01
2. 10
1. 88
1. 50
1. 71
2. 11
1. 75
2. 05

1. 22
1. 74
2. 29
2. 56
2. 51
3. 03
1. 88
2. 46
2. 21
1. 96
2. 89
2. 67
2. 33
2.21
2. 58
2. 03

ComPublic Comutilities muni- mercial
cation other 2
Otter
1.68
1. 64
1. 48
1. 59
1. 68
1. 23
1. 38
1. 46
1. 54
1. 48
1. 53
1.41
1. 42
1. 53
1. 58
1.61

6. 13
7. 43
8.74
10. 20
11. 61
13. 14
15. 30
17. 00
19. 66
16. 92
16. 60
17. 01
17. 53
18. 38
18. 68
20. 18

5. 30
13, 19
14. 48
6. 02
14. 59
6. 34
6. 83
15. 14
8.30
16.05
10. 10
16. 59
10. 77
laos
11. 89
20. 07
13. 14
21. 65
20. 10
11. 71
19. 88
11. 59
20. 16
11. 56
12. 63
20. 21
12. 34
21. 53
34 25
35 03

NOTE.—Annual total is the sum of unadjusted expenditures: it does not
necessarily coincide with the average of seasonally adjusted figures.
These figures donot agree with the totals included in the gross national product
estimates, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
Source: Department of Commerce,,

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE

May marked the second consecutive month of small increases (seasonally adjusted) in the labor force and employment which followed the exceptionally large gains recorded during February and March. Over the past year, the
labor force has grown by 1.9 million, employment has risen by 2.5 million, and the level of unemployment has declined by 600,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

, _ _ _ _ . _ — ___..„__.__.
I

1 t

t

I t

t

I

1 f

I

t

I

I

I

I

? I

1 t

PERCENT OF CIVILIAN LABOR FORCE

uNEW PLOY V* Eh•IT

PERCENT OF CIVILIAN LABOR FORCE
EAS Of-JA uf AC Jt;STE

WaE

'
-,

—rl
j

"T
1
i

|

ii
19 5£

1967

I

1 II
19 59

|

"1 -1_,_

-

j

,,.

19;'0

- __,

-,—l~1

™]

97;>

9 71

*16 Y E A R S OF AGE AND OVER.
SOURCE: DEPASTMENT OF LABOR

Period

1969—
1970—
1971
1972*—

1972:
Apr*
May.
June.
July.
Aug.
Sept.
Oct..
Nov_
Dec..
1973:
Jan__
Feb..
Mar*.
Apr-May-

Total
labor
force
(including
Armed
Forces)

COUNCIL OF ECONOMIC ADVISERS

Civili in employ ment
Total

Nonagricul-

Unemployment

Total
labor
force
(including
Armed
Forces)
persons It
84, 240
85, 903
86, 929
88, 991

84, 240
85, 903
88, 929
88, 991

Thous ands of
77, 902 74, 296 2, 832
78, 627 75, 165 4,088
79, 120 75, 732 4, 993
81, 702 78, 230 4, 840
Unadj usted

87, 787
87, 986
90, 448
91, 005
90, 758
89, 098
89, 591
89, 400
89, 437

80, 627
81, 223
82, 629
83, 443
83, 505
82, 034
82, 707
82, 703
82, 881

77, 339
77, 692
78, 653
79, 383
79, 475
78, 376
78, 986
79, 340
79, 719

4,697
4, 344
5, 426
5, 173
4, 857
4, 658
4, 470
4, 266
4, 116

88, 647
88, 850
88, 947
88, 985
89, S37
89, 471
89, 651
89, 454
89, 707

88, 122
89, 075
89, 686
89, 823
89, 891

81, 043
81, 838
82, 814
83, 299
83, 758

78, 088
78, 882
79, 683
80, 004
80, 291

4, 675
4, 845
4,512
4, 174
3, 799

89, 325
89, 961
90, 629
90, 700
90, 739

1

Total labor force as percent of nonlnstitutional population.
Source: Department ol Labor.




1973

Civili in emplc yment
Civilian
labor
force

Total

Agricultural

years of age and o ver
80, 734 77, 902 3, 606
82, 715 78, 627 3, 462
84, 113 79, 120 3, 387
86, 542 81, 702 3, 472
Seasonally adjusted

86, 184

88, 431
86, 654
86, 597
86, 941

87, 066
87, 236
87, 023
87, 267
86, 921
87, 569

88, 268

88, 350
88, 405

81, 209
81, 468
81, 752
81, 782

82, 061
82, 256
82, 397
82, 625
82, 780
S3, 555
83, 127
83, 889
83, 917

84, 024
S

Nonagricul-

oyment Labor
Unem- Unemp;
force
rcent of particirate
(pe
ployn
labor
civilia
ment
pation1
for ce)
rate
Percent

74, 296
75, 165
75, 732
78, 230

2,832
4, 088
4,993
4, 840

77, 896
78, 120
78, 4S1

4, 975
4, 973
4, 802
4, 815
4, 880
4,810
4, 839
4, 498

5. 5
5. 1
6. 2
5. 8
5. 5
5. 1
4. 9

5.2

4, 487

4.7

5. 1

4, see

5.5
5.6

5.1

3, 313
3, 338
3, 331
3, 443
3, 610
3, 679
3, 658
3, 556
3, 650

78, 339
78, 451
78, 677
78, 739
78, 969
79, 130

3, 501
3, 424
3, 480
3, 311
3, 275

79, 054
79, 70S
SO, 409
80, 606
80, 749

4, 442 \

4, 379
4,433
4, 381

3. 5
4.9

5. 9
5. 6
Unadjusted

5.4

5. 2
4. 8
4. 3

61. 1
61. 3
61. 0
61.0
Sense natty
adjv sted
_

5. 8
5. 8
5. 6
5. 6
5. 6
5. 5
5. 5

5. 0
5. 0
5. 0

5.0

61. 0
61. 1
61. 1
61. 0
61. 2
61. 2
61. 2
61. 0
61. 1
60. 7
61. 1
61.4
61.4
61. S

13ata beginning January 1972 not strictly comparable with prior data because
ol adjustment to 1970 Census data, which added 333,000 to the civilian labor
iorce and 301,000 to civilian employment. A further adjustment in March 1973
added 60,000 to the labor force and to employment.

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The unemployment rate (seasonally adjusteo!) remained at 5.0 percent in May, about the same as during the preceding;
5 months, but well below the 5.8 percent of a year earlier.
PERCENT

PERCENT

110

10
SEASONALLY ADJUSTED

LABOR FORCE TiME LOST

UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS

UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS

UNEMPLOYMENT RATE,
MARRIED MEN

1967

1972

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

Uneuaploymen t rate
(percen t of oivili an labor
for ce m groi. P)
Period

a5

1972: Apr

5.8
5. 8
5. 5
6. 6

May
June..
July
Aug
Sept
Oct.
Nov
Deo
1973: Jan
..
Feb
Mar
Apr
May

Persons at work in nonagn cultural ir
idustries
by hours worked i>er week 2
Uiider 35 ho urs

Experi- Married Labor
force
enced
All
men
time lost ' Over 40
wage
and
hours
workers salary
(wife
workers present)

1969
1970
1971
1972

4. 9
5.9
5. 6

5. 6

5.5

5. 5
5. 2
5. 1
5. 0
5. 1
B. 0

5. 0
5. 0

Per cent
3. 3
1.5
2. 6
4.8
3
2
5. 7
5.3
2.8
/SeasoraaW y adjusted
B. 3
2. 9
2. 8
5.4
5. 1
2. 9
5. 3
5. 3
5. 2
5. 2
A. 9

4.8
4.6

4-7
A. 6
/,.. 7

4.8

a. 7
a. e

2. 8
2. 8
3. 5
2.4
'-2• 1,
*t
2.4
2. B

2.4

2. S

3. 9

5. 3

6. 4
6. 0
6. 1

20, 608
18, 925
19, 095
20, 320

6. 2
5. 9
6. 0
6. 1
B. 8
6. 8
5.4
5. S
5. 3

20, 239
20, 478
19, 989
18, 824
19, 626
21, 881
20, 735
21, 404
21, 740
19, 527

B. S
5. S
B. S

21, 485
20, 968
21, 968

5. 4

20, 311

1
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,
and
industrial disputes.
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.




1973

35-40
hours

Part-ti me for
economi c reasons
Total

Part-ti me for
economi c reasons

Usually Usually Usually
fullpartfulltime 3
time 3
time *
Thousan ds of pers ons 16 ye ars of age and over
34, 201 15, 210
955
855
33, 537 18, 222
1, 201
995
35, 752 16, 298
1, 184
1, 256
36, 794 16, 549
1, 081
1, 327
I Jnadjustei I
Seasonall j
37, 592 16, 571
1, 081
1, 170
1, 103
37, 468 16, 700
996
1, 117
1, 093
37, 608 15, 1.69
1, 177
1,878
1, 066
36, 143 14, 046
1, 034
2, 140
1, 091
38, 103 13, 869
1, 190
1, 927
1, 076
37, 409 15, 176
1, 107
1, 136
1, 070
33, 864 20, 979
980
1, 086
1, 027
37, 566 17, 379
946
1, 065
1, 02B
37, 483 17, 543
917
1, 073
968
35, 819 18, 557
951
948
893
35, 844 19, 305
1, 020
1, 068
1, 020
37, 537 17, 378
967
1, 096
940
37, 983 18, 000
966 5 962
987
5
37, 904 17, 239
949
1, 031
1, 042

4
£ Primarily

Usually
parttime *

adjusted
1, 396
1,316
1, 603
1,385
1,363
1,277
1,237
1, 192
1, 21S
1, ISO
1, 2B4
1,253
1, 149
1, SIS

Includes persons who could find only part-time work.
Average hours worked: usually full-time, 23.9; usually part-time, 19.3.
Source: Department of Labor.

In May, insured unemployment under State programs averaged 282,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate remained at 2.7 percent.
MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
iSTATE PROGRAMS)

1971

"X,--..

•••-,.,
1972

JAN.

FEB.

MAR.

MAY

APRIL

JUNE

JULY

AUG

SEPT

OCT.

SOURCE. DEPARTMENT OF LA8OS

1972: Apr *

Aug "_
Sept "
Oct "

.
.

Nov
Dec"

1973: Jan " .

Feb"_

Mar "
Apr 31
May =>
Week ended:
1973: May 12
19
26
June 2 "_ _

9»

Initial
claims

.

_

2, 185 5, 000. 0
2,430
516.4
2, 105
472,7
1, 951
423. 0
2, 087
402. 0
>, 763
405. 3
I , 554
313. 5
1, 511
311. 4
338.7
1, 691
1, 993
372. 1
2, 332
425. 3
2, 250
432. 9
2, 077
481. 6
402. 9
1, 828
1, 811
368. 3

1, 850
2.005
1,740
1, 636
1,823
1, 564
1,388
1,357
1, 507
1, 801
2, 124
2,069
I, 898
1, 66S
1, 458

265
237
216
250
321
213
190
214
253
324
331
247
213
216
193

1,
1,
1,
1,

1, 497
1, 485
1,406
1,427

198
190
190
174
210

645
610
547
56S

NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators,




State programs
Benefi ts paid

Insurer1 unemploymerit as perExhaus- cent of oovered
emplo yment
tions
Unad- Seasonadjusted ally
justed

Thou sands
Weekly <average, t lousands
59, 999
1, 177 2, 298. 6
200
16
1, 101
59, 526
2,070 4, 179. 1
296
25
1,805
2, 313 5, 498. 2
59, 375
38
2,150
295

1989
1970
1971 *_ _ _ _
1972"
May "
June "_
Julv ".

COUNCIL OF ECONOMIC ADVISERS

All programs
Total
Insured
unem- benefits Insured
Covered
ploypaid
unem(milemploy- ment
ployment
(weekly
lions
ment
averof dolage)
lars)

Period

DEC

37
43
39
36
35
33
29
26
28
29
31
29
31
29
31

Source- Department of Labor

Per cent
2. 1
3. 4
4. 1
3.5

3. 8
3. 3
3. 1
3. 4
2.9
2.6
2.5

2 7
3. 3
3, 8

3. 7
3.4

2 9
2.5

3. 6
S. 7
S.6

3. 7

8.4
S. 4
3.4

S. S
S. 0
S. 7
S. 7
H. 8
S. 7
S. 7

Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 127. 9
3, 848. 5
4, 957. 0
4, 550. 0
472.9
429. 2
382. 1
364. 3
363.0
280. 1
280. 3
307. 2
342. 2
392. 7
399. 1
438. 9
374. 5
341. 4

2.6
2. 5
2. 4
2.5
_

- _|

46. 17
50. 34
54.02
57.00
56. 90
56.32
55.23
55. 75
55. 53
60. 16
56. 95
57.59
58. 10
57. 09
57. 13
57. 16
57. 21
57. 23

Total nonfarm payroll employment rose by 148,000 (seasonally adjusted) in May, bringing the rise over the past
12 months to 2.7 million. Employment in contract construction rebounded sharply during the month to hit a record
levei. Factory employment snowed little change during the month (up 16,000), but was 0.9 million higher than a
year earlier iargeiy because of the growth in durable goods employment.
MILLIONS OF WAGE
AND SALARY WORKERS CEASONAUY ADJUSTED:

MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED!

76

72

- ALL NONAGRICULTURAL ESTABLISHMENTS

!

I

NONMANUFACTURING
(PRIVATE)
40

36
241

NONDURABLE
MANUFACTURING

MANUFACTURING

/I

20

.,.„»••"•'"'»""""

"X,,,.
GOVERNMENT

12

1970

1972

1971

1970

1973

1973

1972

SCUHCE; 'DEPARTMENT OF IABO3

COUNOl OF ECONOMIC ADV1SESS

[Thousands of wage and salary workers;* seasonally adjusted]
i

Period

1967
1968
1969
1970
1971
1972
1972: AprMay.
June_
Julv_
A^Sent.
Oct..
Nov.
I)ec__
1973: Jan_.
Feb..
Mar _
Anr p.
May*

Manufa during ( private)
Total

65, 857
67, 915
70, 284
70, 593
70, 645
72, 764
72, 224
72, 534
72, 705
72, 694
73, 016
73, 268
73, 584
73, 835
74, 002
74, 252
74, 715
74, 914
75, 074
75, 222

Total

19, 447
19, 781
20, 167
19, 349
18, 529
18, 933
18, 780
18, 864
18, 931
18, 893
18, 975
19, 069
19, 210
19, 312
19, 402
19, 463
19, 586
19, 643
19, 724
19, 740

NonDurable durable
§oocis goods
11, 439
11, 626
11, 895
11, 195
10, 565
10, 884
10, 750
10, 821
10, 857
10, 867
10, S33
11, 003
11, 112
11, 194
11, 270
11, 326
11, 421
11, 463
11, 528
11, 558

8, 008
8, 155
8. 272
8, 154
7, 964
8, 049
8, 030
8, 043
8, 074
8, 026
8, 042
8, 066
8, 098
8, 118
8, 132
S, 137
8, 165
8, 180
8, 196
8, 182

IS onmanu facturic g (private )

Total
1

Con- Trans- Whole- Finance
insurtract portasale
tion
ance, Services Federal State
Mining conand
and
ana
aoo
struc- public retail
local
real
tion utilities trade
estate

35, 012
36, 288
37, 915
38, 709
39, 261
40, 541
40, 228
40, 407
40, 547
40, 530
40, 718
40, 814
40, 968
41, 070
41, 098
41, 311
41, 596
41, 697
41, 737
41, 836

1
Includes all full- and part-time wage and salary workers in noiiagr! cult Lira i
establishments who worked during or received pay for any parr, of the pay period
which includes the 12th oi the month. Excludes proprietors, self-employed persons, domestic servants, and personnel oi the Armed "Forces.'Tola! derived from
this table not comparable with estimates of noaagricuitura! 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




Gover nmeat

613
606
619
623
602

607
605
605
601
601
603
606
608
608
607
610

612
610
604
600

3, 208
3, 285
3, 435
3, 381
3, 411
3, 521
3, 500
3, 532
3, 540
3, 499
3, 544
3, 551
3, 561
3, 524
3, 459
3. 498
3, 594
3, 604
3, 567
3, 617

4, 261
4, 310
4, 429
4,493
4, 442
4) 495
4, 476
4, 4S1
4, 486
4, 477
4, 487
4, 507
4, 540
4, 549
4, 558
4, 574
4, 580
4, 580
4, 592
4, 603

13, 606
14, 084
14, 639
14, 914
15, 142
15, 683
15, 561
15, 624
15, 678
15, 685
15, 762
15, 794
15, 839
15, 911
15, 946
16, 013
16, 114
16, 163
16, 201
16, 217

3, 225
3, 382
3, 564
3,688
3, 796
3, 927
3, 892
3, 913
3. 927
3, 927
3, 940
3, 953
3, 969
3, 981
3, 991
3, 995
4, 014
4, 024
4, 030
4, 040

10, 099
10, 623
11, 229
11, 612
11, 869
12, 309
12, 194
12, 252
12, 315
12, 341
12, 382
12, 403
12, 451
12, 497
12, 537
12, 821
12, 682
12, 716
12, 743
12, 759

NOTE.—Seasonally adjusted data, revised beginning 1988.
Source: Department of Labor.

2,719
2,737
2,758
2, 705
2, 664
2,650
2, 662
2, 665
2, 639
2,613
2,624
2. 633
2, 639
2, 644
2, 650
2, 634
2,628
2, 631
2, 628
2, 631

8, 679
9, 109
9,444
9,830
10, 191
10, 640
10, 554
10, 598
10, 588
10, 658
10, 699
10, 752
10, 767
10, 809
10, 852
10, 844
10, 905
10, 943
10, 985
11,015

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek (seasonally adjusted) for production workers in the private nonfarm sector was unchanged
during May, while the workweek in the manufacturing subsector declined by 0.2 hour.
HOIJRS PER WEEK ISE* SONALLY
46

HOURS PER WEEK ISE 4SONAILY
46

ADJUSTED)

TOTAL NOh^AGRICULTUREa

ADJUSTED)

MANUFACT JRING

PRIVATE

44

44

42

42

40

40

38

38

/•"*

^"•V^i

fa^S"**^*^

^— —
^#«o«"

36
34

36

11. 1 1 1 1 1 1 1 1. 1 1 .1 i i i i 1 i i i i i 1 1 1 1 1 1 1 i 1 1 1
1970

1972

1971

1 1 P 1 1 1 1 1 1 1 IK

i i i i i ! i i i I-IK
1973

t

1 1 I.I 1 ll M H|

40

7**Kr/lVs/-i/V
y-x^-y

— V-

38

**""V_«»—oAk

~^
\J—

36
34

32
30

I I I I i I I i i i.i
1972

RETAIL TRAE)E

CONSTRUCTIC>N

40

34

1 1 1 1 1 1 1

1975

42

CONTRACT

36

1 1 I.I

Jl\ 1 1 T i I 1 1 1 1 1

1970

42

38

34

1973

**-^—*»*~^

32
r

,„!,,,,,
1970

! i r t i f i ii ii

p p 1 p p 1 p p 1 , p

1972

1971

,,,,,!,,,,,,,

30

!

" 1970

1973

f t 1 1 ( I I 1 1 i 1.
1971

I 1 1 1 1 r 1 1 t 1

1973

1972

SOURCE: DEPARTMENT OF IABOR

COUNCIL OF ECONOMJC ADVISERS

[Average hours per week1
Total
nonagricultural
private 2

Period

Manufacturing

Contract
construction

Retail
trade 3

Total
nonagricultural
private 2

_.

...

1
Data relate to production
2
Also includes other private
s

38.7
38.8
38. 6
38. 0
37. 8
37. 7
37.1
37. 0
37. 2
37. 0
36. 9
37. 4
37. 6
37. 6
37. 4
37. 3
37. 1
37. 2
36. 6
36. 8
36. 9
37. 0
37. 1

40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
40. 6
40. 5
40. 5
40. 9
40. 4
40. 6
41. 0
40. 8
41. 0
41. 2
40. 0
40. 6
40.8
40. 8
40.8

workers or nonsupervisory employees;
industry groups shown on p. 33.
Includes eating and drinking places.

14



Contract
construction

Retail
trade 3

Seasonallyr adjusted

Unad usted

1964
1965
1966
1967.
1968
1969
1970_.
1971
1972
1972: Apr.
May
June
July
Aug
Sept.
Oct
Nov.. _
Dec
1973: Jan
Feb
Mar .
Apr "
May »

Manufacturing

37. 2
37. 4
37. 6
37. 7
37.4
37. 9
37. 4
37. 3
37.0
36. 6
36. 8
37. 6
37. 9
38. 2
38. 2
38. 2
36. 0
35. 2
34. 8
34. 9
36.6
36. 9
37. 5

37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33. 6
33. 3
33. 3
34. 1
34. 7
34. 7
33. 6
33. 3
33. 2
33. 9
32. 9
32. 9
32. 9
33. 0 i
33. 1

37. S
37.1
37. 1
37. %
37. 1
37. S
37. 3
37. 2
37. 0
38. 9
37. 2
37. 1
ST. 3
37. 8

40. 7

40. 5

36. 8
36. 8

40. e

36. 9
37. 0
37. 0

40. 6

40. 6
40. 8
40. 7
40. 8

40. 7
40. S

41. o

40.9
41.0
40.8

36. 9

37. A
36. 9
35. 8
36. 1
36. g
37.0
37. 1
87. S

NOTE.—Seasonally adjusted data revised beginning 1968.
Source: Department of Labor.

S3. 7

33. 7
33. 8
33. 8
33. 6
33. 6
S3. G
33. o
33. 6
S3. 4
S3. S
33. 4
S3. 4
33.5

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers increased 2 cents in May to $3.84 (not seasonally
adjusted) to a level 6.1 percent above a year earlier. Average weekly earnings rose by $1.12 to $142.46 and were
6.6 percent higher than a year before.
DOLLARS

DOLLARS

AVERAGE HOURLY EARNINGS

AVERAGE WEEKLY EARNINGS

6.00

240

A

xvX

CONTRACT
CONSTRUCTION

5.00

200

4.00

160

CONTRACT
CONSTRUCTION

MANUFACTUR NG
...»•'"
„,.,•••"•"••

TOTAL NONAGRICULTURAL
PRIVATE
3.00

120

-TOTAL NONAGRICULTURAL
PRIVATE

„,#"

RETAIL TRADE

*•—*'

80

2.00

RETAIL TRADE

1970

1971

1972

1973

1970

1971

1972

SOURCE; DEPARTMENT OF LABOR

1973
COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Average h 3urly earni tigs — current dollars Average vreekly earn ings— curr 3nt dollars
Total
nonagricultural
private '

Period

1964
1965
1966_
1967.
1968
1969-.- ___
1970
1971
1972
1972: Apr

___
__
.....

May
June
Julv
Aug__ —
Sept
Oct
Nov - _-.
Dec
1973: Jan
Feb
MarApr » May "
1
2 Also includes other
Includes eating and
3

$2. 36
2. 45
2. 56
2. 68
2. 85
3. 04
3. 22
3. 43
3.65
3. 61
3. 62
3. 63
i. 64
3. 66
i 72
3.74
3.74
3. 74
3.77
!. 78
',. 80
3. 82
3. 84

Manufacturing

$2. 53
2. 61
2. 72
2. 83
3. 01
3. 19
3. 36
3. 56
3. 81
3. 76
3. 78
3. 79
3. 78
3. 80
3. 86
3. 86
3. 89
3. 95
3. 98
3. 97
3. 98
4. 01
4. 02

Contract
construction

$3. 55
3. 70
3. 89
4. 11
4. 41
4. 79
5. 24
5. 69

6.06

5. 96
6. 01
5. 94
5. 96
6. 03
6. 15
6. 22
6. 23
6. 32
6. 42
6. 31
6. 28
6. 30
6. 33

Retail
trade 2

$1. 75
1. 82
1. 91
2. 01
2. 16
2. 30
2. 44
2.57
2.70
2. 68
2. 69
2. 69
2. 70
2. 70
2. 73
2. 74
2. 75
2.75
2. 78
2. 80
2. 81
2. 83
2. 84

private industry groups shown on p. 13.
drinking places.
Ad]usted to exclude the eilects oi overtime and interindustry shifts.




Total
nonagrieultural
private '

Manufacturing

Contract
construction

Retail
trade 2

$91. 33
95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
133. 57
133. 58
135. 76
136. 86
137. 62
139. 13
139. 50
138. 75
139. 13
137. 98
139. 10
140. 22
141. 34
142. 46

$102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
152. 28
153. 09
155. 01
152. 71
154. 28
158. 26
157. 49
159. 49
162. 74
159. 20
161. 18
162. 38
163. 61
164. 02

$132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
218. 14
221. 17
223. 34
225. 88
230. 35
234. 93
237. 60
224. 28
222. 46
223. 42
220. 22
229. 85
232. 47
237. 38

$64. 75
66. 61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90. 72
89. 24
89. 58
91. 73
93. 69
93. 69
91. 73
91. 24
91. 30
93. 23
91.46
92. 12
92. 45
93. 39
94. 00

Manufsicturing
indu stries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967
3
100
dollars 4

90. 3
92. 6
95. 7
100. 0
106. 2
112. 6
119. 6
127. 5
135. 4
134. 1
134. 6
134. 7
135. 0
135. 5
136. 7
137. 0

137.7

139.
140.
140.
140.
141.
141.

2
1
1
7
3
9

$110. 84
113. 79
115. 58
114. 90
117. 57
117. 95
114. 99
117. 10
123. 46
122. 51
122. 77
124. 01
121. 68
122. 74
125. 40
124. 40
125. 68
127.84
124. 67
125. 33
125. 10
125. 18
124. 73

* Earnings in current dollars divided by the consumer price index.
Source: Department oi Labor.

15

PRODUCTION
industrial production (seasonally adjusted) rose 1/2 percent in May, somewhat less than in April. The May
was 9 percent above the level a year earlier.

index

Index, 1967=100 (SEASONALLY .ADJUSTED)

Index, 1967=100 (SEASONALLY ADJUSTED)
140

INTERMEDIATE PRODUCTS, Wi «,."•».

1973

1970

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total
industrial
production

Period

1964
1965 _
1966
1967.
19681969
___
1970
1971
1972*
1972: Apr
May
June _
Juiv
Aug:
Sept
Oot-

_

Nov

Dec
1973: Jan
Feb
Mar p
Apr _
May *

-

81.7
89. 2
97. 9
100. 0
105.7
110. 7
106. 6
106. 8
114.4
112. 8
113. 2
113. 4
113. 9
115. 1
116. 1
117. 5
118. 5
119. 2
120. 0
121. 1
122. 0
122. 8
123. 4

[1967=100, seasonally adjusted]
Industry
Market
Mjmufaoturi np
Final produ ote
InterConmediate MateMining
Utilities
NonEquiprials
Total Durable durable
Total
sumer
ment products
goods
81. 2
89. 1
98. 3
100. 0
105. 7
110. 5
105. 2
105. 2
113.2
111. 8
112.3
112. 5
113. 2
114. 1
115. 2
116. 6
117. 4
118. 5
118. 8
120. 4
121. 8
122. 3
123. 2

79.0
88. 5
99. 0
100. 0
105. 5
110. 0
101.4
99. 4
107.4
105. 8
106. 3
106. 8
107. 7
108. 4
109. 7
111.4
112. 4
114. 1
114. 3
116. 2
117.5
118. 4
119.3

Source: Board of Governors ol the Federal Koserve System.

16




COUNCIL OF ECONOMIC ADVISERS

84. 4
90. 0
97. 3
100. 0
106. 0
111. 1
110. 6
113. 5
121. 5
120. 3
120.8
121. 3
121. 0
122. 6
123. 3
124. 3
124. 7
124. 9
125. 4
126. 6
128. 0
128. 1
128. 9

91. 1
93. 9
98. 4
100. 0
103.9
107. 2
109.7
107.0
108. 2
109. 0
107. 9
108. 2
107. 9
107. 7
110. 2
110.0
110. 1
108. 3
108. 4
109.2
106. 3
106. 0
106. 1

81. 9
86. 9
93. 6
100. 0
109. 4
119. 5
128. 3
133.9
143. 5
140. 2
141. 1
141.0
142. 5
144. 1
145. 6
146.6
148.7
148. 5
151. 9
150. 4
149. 6
151. 4
151. 1

79. 6
86. 8
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111. 2
109. 8
110. 2
110. 1
110. 2
111. 3
112. 4
113. 9
115. 0
115. 3
116. 4
117. 3
118. 1
118. 7
119. 4

86. 8
93. 0
98. 6
100. 0
106. 6
111. 1
110. 3
115. 7
123. 1
122. 0
122. 2
122. 1
122. 0
123. 1
124.4
125. 5
126. 8
126. 7
127. 5
128. 3
129. 4
129. 6
130. 5

70. 1
78. 7
93. 0
100. 0
104. 7
106. 1
96. 3
89. 4
94.6
92. 7
93. 4
93.3
93. 4
94. 8
95. 8
97. 3
98. 5
99. 4
101. 0
102. 0
102. 3
103. 4
103. 8

87. 3
93. 0
99. 2
100. 0
105. 7
112. 0
111. 7
112. 5
120.4
117. 3
119. 3
119. 1
120. 5
121. 2
121. 7
1 23. 4
125. 9
125. 7
126. 5
127.4
127. 6
127. 9
129. 2

82. 6
91. 0
99. 8
100. 0
105. 7
112. 4
107. 7
107. 4
116. 5
115. 0
115. 6
116. 1
116. 8
117. 4
119. 1
120. 3
120. 6
122. 0
121. 7
124. 0
125. 0
126. 5
126. 8

PRODUCTION OF SELECTED
Most durable and nondurable manufactures (seasonally adjusted) contributed to the May sain in indusfriai production.
Index, 1967=100 (SEASONALLY ADJUSTED]
140

Index, 1967=100 [SEASONALLY ADJUSTED)

160

.<?•».«.-A
7^
^* ^ ^>«
^*

LUMBER A MD PRODUCTS
120

/1

\

110

MAC HINERY

0s,

&*

x^—*v

k*v s»-**
^^i

V*' , V,
%

90
RO

^^

\.fS*^

>C£v
100
x<1

**
120

£

L> /

".^-^^-"^
TRA NSPORTATION
E QU1PMENT
i! i i i i i 1 i i i l i l 1 l l i 1 i l l l i
1972
1971

110

\1 «!

i , i , , 1 , ,«
1970

11111111111

100

1973

1970

\

1973

100

1970
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[1967^100, seasonally adjusted]
Nc ndurable manufactu res

Durab le manufEictures
Period

1964
1965
1966
1967
1968 ..
1969
1970
1971
1972»

Primary
metals

... . . _ _ __
.

1972: Apr
May
June _
July,
Aug
Sept
Oct..
Kov
Dec
1973: Jan
Feb
Mar
Apr "
May r

. . ..
. __

^ ^
__ _ . .

...

.

-

.

_.

_
.
... .._

_
.

_ .

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods
and
cated
Machin- tation
apparel,
petroand
ery
and
metal
equipprodprint- leum, and
leather
ing
rubber
products
ment
ucts

95. 7
104. 0
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
113. 1

83. 3
92. 6
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
113. 4

74. 3
84. 1
98. 6
100. 0
101. 9
106. 8
100. 3
96. 2
105. 3

79. 6
91. 3
101. 2
100. 0
109. 7
107. 6
90. 4
92. 9
98. 8

91. 0
94. 7
98. 4
100. 0
104. 8
108. 6
106. 3
113. 9
122. 2

91. 9
97. 8
101. 7
100. 0
104. 9
105. 9
100. 2
100. 7
106.4

84. 5
90. 5
98. 9
100. 0
104. 2
109. 1
107. 8
107. 8
115. 4

75. 9
83. 8
94. 1
100. 0
109. 6
118. 4
118. 2
124, 7
137. 6

90. 6
92. 6
97. 0
100. 0
103. 6
107. 5
110. 8
113. 7
117. 4

110. 2
113.5
111. 9
114. 9
113. 6
117. 4
119.3
120.2
126. 6

110. 8
111. 9
112. 3
114. 1
114. 4
115. 2
117. 5
118. 8
118. 6

102. 6
103. 0
104.8
104. 8
107. 1
108. 3
109. 6
110. 4
113. 1

100. 4
98. 9
97. 4
98. 2
98. 4
99. 8
102. 1
105. 0
105. 9

119. 9
119. 1
121. 8
121. 5
121. 1
122. 8
128. 1
128. 2
124. 3

106. 1
104. 9
105. 9
104. 8
106. 8
108. 0
109. 1
109. 1
110. 7

112. 3
114. 1
115. 1
115. 2
116. 4
115. 3
118. 6
120. 9
120. 6

136. 1
137. 5
137. 1
137. 4
139. 9
141. 1
141. 6
140. 8
141. 5

117. 6
117. 1
117. 6
116. 8
117. 6
118. 8
117. 8
118. 9
118. 3

120. 6
123. 1
122. 5
123.4
124. 4

119. 9
122. 1
124. 1
125. 0
126. 3

113.
114.
117.
119.
121.

106. 7
110. 0
110. 3
109. 4
109. 5

126. 8
128. 3
129. 3
129. 0

107. 7
109. 8
111. 4
112. 6
113. 5

119. 9
121. 9
122. 6
122.0
123. 0

145. 2
144. 3
147. 2
148. 4
147. 8

118. 2
120. 9
120. 4
119. 3
121. 1

7
5
1
6
0

Source: Board of Governors of the Federal Reserve System.




17

WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production rose in May.
MILLIONS OF SHORT TONS

MILLIONS OF TONS

25
SOURCES:

AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE 1NTER1C
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS

Steel p reduced
Index
Thousands
(1967=
of net
tons
100)

Period
Weekly average:
1966
1967,__
1968
1969. . . _ _
1970
1971
1972 »
1972: Apr
May

JuneJuly
Aug
Sept
Oct
Nov...
Dec., _
1973: Jan... _
Feb
Mar
Anr

Mav "
Week ended:
1973: Mav 5
12.

19
Jane

26

2
9 " ..
16 "

includes data for Alaska
Not charted.

2




.

2, 572
2,440
2, 515
2,709
2, 522
2, 310
2, 549
2, 701
2, 694
2, 559
2, 340
2,447
2, 550
2, 631
2, 657
2, 687
2, 793
2, 906
2, 954
2, 981
2,970

2,981
2,929
3,015
3,010
2,948
2,915
2
2, 932

105. 4
100. 0
103. 1
111. 0
103. 4
94. 7
104.5

COUNCIL OF ECONOMIC ADVISERS

Electric
Bituminous Freight Paperboarc
Car s and tnicks
power
coal mined
loaded
produced assemb led (thoiisands)
distributed (thousands (thousands
(thousands
(millions of
of short
Total
of cars)
of toas)
Cars Trucks
kilowatt-hours) tons) '

110. 4
104. 9
95. 9
100. 3
104. 5
107. 9
108.9
110. 2
114. 5
119. 1
121. 1
122. 2
121. 7

23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
31, 372
31, 402
34, 174
35, 905
36, 374
34, 360
32, 547
33, 674
35, 264
35, 861
35, 800
33, 643
33, 164
33,543

10, 267
10, 627
10, 485
10, 779
11, 595
10, 619
11, 346
11, 651
11, 961
10, 878
9, 428
11, 582
11, 404
11, 498
11, 211
9, 964
10, 598
11, 059
11, 116
10, 945
11,493

570
540
543
543
522
486
501
507
515
514
459
521
524
551
524
471
491
509
515
518
543

122. 2
120. 1
123. 6
123. 4
120. 8
119. 5
120. 2

32,857
33,495
33,258
34,237
33,869
37,165
2
38, 724

11,520
11,505
11,880
11,810
10,750
11,570

546
547
552
563
506
558

110. 7

21, 971

446
439
479

507

489
501
548
549
569
558
517
566
529

576
564
498
512

583
593
584

589
583
572
587
609
592
565

199. 3
172.9
207.6
195. 8
158. 9
204. 8
217. 2
249. 5
238. 4
230. 7
120. 5
152. 8
225. 5
257. 6
257. 1
202. 5
261. 3
277. 6
276. 1
262. 0
269. 9

165.4
142. 4
170.1
158. 1
125. 9
165. 0
169. 6
194. 3
185. 5
180. 9
93. 1
116. 9
180. 9
203. 1
200. 9
157. 7
201. 5
213. 3
212. 1
200. 8
207. 3

33. 9
30. 5
37.5
37. 8
33. 0
39. 8
47. 5
55. 1
52. 9
49. 8
27. 4
35. 9
44. 6
54. 5
56. 3
44. 7
59. 8
64. 3
64. 1
61. 2
62. 6

274. 1
280. 5
284.3
272. 7
238. 1
285. 7
289. 3

210. 7
214. 5
218. 2
210. 6
182. 9
221. 6
222. 4

63. 5
66. 1
66. 1
62. 1
55. 3
64. 1
67. 0

Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.

NTEW CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) declined in April. The
decline in public construction was somewhat more than that in the private sector.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
160

60

40

20
1967

1973

SOURCE: DEPARTMENT OF COMMERCE

Total new
construction
expenditures

Period

1967
1968
1969
1970
19711972 v „

!

77. 5
86. 6
93. 4
94. 2
109. 2
123. 8

COUNCa OF ECONOMIC ADVISERS

Total

52. 0
59. 0
65. 4
66. 1
79.4
93.6

Private
Resic ential
CommerNew
cial and
Other
housing industrial
Total !
units
Billions of dol ars
25. 6
2t . 4
19. 0
30. 6
24. 0
14.7
13. 8
33. 2
16. 0
25. 9
16. 2
24. 3
31. 9
16. 3
17.9
43. 3
19. 1
17. 0
35. 1
54.2
44. 7
21. 3
18. 1

| Constructio n contracts

Federal,
State,
and
local

25. 5
27. 6
28. 0
28. 1
29. 9
30.2

Seasonall y adjusted at inual rates

1972: Feb
MaiApr

MavJune _ _
July
Aug
Sept-__ .
Oct- --_
Nov

Dec
1973: Jan.
_ _
Feb
Mar v
Apr "

121. 5
123. 0
120. 8
122. 5
121. 6
121. 6
123. 0
125. 1
128. 5
126. 8
131. 6
134. 4
134. 7
136. 9
135. 4

91. 1
92. 6
91. 7
92. 7
92. 6
92. 4
93.9
94. 5
96. 2
97. 5
98. 5
100. 7
102. 4
103. 3
102. 7

52. 0
53. 3
52. 9
52. 7
53. 3
53. 8
54. 5
55. 5
56. 4
57. 2
57. 5
57. 8

59.4

59. 8
59. 2

42. 8
44. 0
43. 6
43. 4
43. 8
44. 1
44. 7
45. 9
46. 9
47. 8
48.0
48. 1
49. 4
49. 6
48. 8

'Includes nonliousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.




17. 9
17. 9
18. 0
18. 8
18. 2
17. 8
18. 1
18. 0
18. 1
18. 2
18.6
20. 3
20. 1
20. 6
20. 5

21 2
21. 4
20. 9
21. 2
21. 1
20. 8
21. 3
21. 0
21. 8
22. 1
22. 3
22. 6
23. 0
23. 0
23.0

30. 4
30. 4
29. 0
29. 8
29. 0
29. 2
29. 2
30. 6
32. 3
29. 3
33. 1
33. 7
32. 3
33. 6
32. 6

2

CommerTotal value cial and
index,
industrial
(1967 = floor space
(millions of
100)
square feet)

100. 0
113. 2
123. 7
123. 1
145. 4
165. 3

883

155
159
167

801
800
786

694
779
743

727
858
Seasonally
Seasonally adjusted
adjusted
annual
rates

165
154
155
180

187
171
177
163
181
191
193
177

983
846
813
908
896
895
992
946

1,031
1,037
1,012
1,006

NOTE.—Expenditures series revised beginning 1969.
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division-

19

NEW HOUSING

APPLICATIONS

FINANCING

Private housing starts (seasonally adjusted) rose 1 51/2 percent in May, following 3 consecutive months of decline.
Starts for April-May were at an annual rate of 2.27 million units, down slightly from the 2.40 million rate in the
first quarter.
MILLIONS OF UNITS
3.0

MILLIONS OF UNITS
3.0

1967

1968

1969

I

1970

1971

COUNCIL OF ECONOMIC ADVISERS

.SOt&CES: DEPARTMENT Of. COMMERCE, DEPARTMENT OEl HOUSING AND URBAN DEVELOPMENT,, AND VETERANS ADMINISTRATION

Total
private Total
and
private
public (includ(including
farm)
ing
farm)

Period

1967
1968 .__
1969
1970 ._
1971
1972 5.
1972: Apr
May
June.
July
Aug
Sept..
Oct
Nov
Dec
1973: Jan .
Feb
Mar..
Ar>r»
May
l
2n

1, 321. 9
1, 545. 4
1, 499. 5
1, 469. 0
2, 084. 5
2, 378. 5

._
_ _
.

___
...

213. 2
227. 9
226. 2
207. 5
231. 0
204. 4
218. 2
187. 1
152. 7
147. 3
139. 5
201. 1
203. 5
235. 3

[Thousands of units]
Hou sing star ts
Private
Total ( ncludinj:' farm)
Total

1, 291. 6 1, 291. 6
1, 507. 6 1, 507. 6
1, 466. 8 1, 466. 8
1, 433. 6 1, 433. 6
2, 052. 2 2, 052. 2
2, 356. 6 2, 356. 6

211. 6
225. 8
223. 1
206. 5
228. 6
203. 0
216. 5
185. 7
150. 5
146. 6
138. 0
200. 0
203. 1
235. 2

2, 204
2, 318
2. 315
2, 244
2, 424
2, 426
2, 446
2, 395
2, 369
2, 497
2, 456
2, 260
2, 104
2, 430

Cover nment
home p rograms
(non arm)

Two or
FHA i
VA
more
units
52. 5
843. 9 447. 7
141. 9
899. 4 608. 2 147. 7
56. 1
810. 6 656. 2
51. 2
153. 6
812. 9 620. 7 233. 5
61. 0
1, 151. 0 901. 2 301. 2
94. 0
1, 309. 2 1, 047. 2
198. 4 104. 0
Seasona liy ad jus ted annu al
221
104
1,215
989
100
1, 308
197
1,011
1,032
1, 283
182
99
107
1, 319
925
176
103
1, 373
1, 051
179
1, 382
1, 045
175
106
1, 315
1, 131
149
98
92
1, 324
1,071
125
1, 207
1, 162
86
106
1, 450
96
1, 047
87
1, 372
1, 084
111
105
92
1, 245
1, 015
101
100
1, 197
907
74
1, 162
109
1, 268
One
unit

Units are lor 1- to -1-fomily housing.
Authorized by issuance of local building permit: in 14,000 permit-issuing
places beginning 1973;' 13.000
' for 1967-72;' 12,000
' for 1963-66; and 10,000
iu,uuu vprior to
u 1963.
OA




Propos ed home
constniction 3
New
private
housing
units
authorized 2
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 130. 4
rates
1, 991
1, 955
2, 121
2, 108
2, 237
2, 265
2,216
2, 139
2,377
2, 254
2, 221
2, 102
1,882
1, 906

Applica- Requests
tions for for VA
FIT A
commit- appraisals
ments '
167. 2
168. 9
187. 6
315. 0
366. 8
225. 2

124. 3
131. 7
138. 2
143. 7
217. 9
209. 4

227
222
221
224
207
166
147
162
131
124
100
93
68

243
198
219
200
202
192
189
207
194
222
217
201
169
162

a
Units represented by mortgage applications or appraisal requests for new
home construction.
„
_
.
. o!, Commerce,
_
_
„
„
Sources: Department
Department
of, Housing
and. Urban
Development, and Veterans Administration.

INVENTORIES—TOTAL AND TRADE
Business inventories rose $1.1 billion (seasonally adjusted) in April after an average monthly rise of $1.8 billion in
fhe first quarter. According to advance reports retail sales rose in May after declining in April.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED]

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

200

25

RETAIL TRADE (ENLARGED SCALE)
-DURABLE GOODS STORES

20
INVENTORIES

15
SALES

10

35
NONDURABLE GOODS STORES

INVENTORIES

30

25

20

20
1973

1970

1970

1971

1973

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total Irasinessl

|

Wholesale

R(;tail

Sales 2
Period

1965___
1966—
1987
19681969
1970
1971
1972
1972: Mar
Apr
Alav
June
July—
Aug.—
Sept

Get
Nov

Dec
1973: Jan __
Feb
Mar
A~or v

Sales 2

80, 276
87, 178
89, 698
97, 100
103, 104
104, 708
112, 267
124, 647
120, 237
121, 348
122, 668
122, 353
. _ _ 122, 774
126, 779
127, 646
130, 349
131, 398
133, 487
136, 850
_ 138, 911
141, 006
141, 003

Inventories s

Sales 2

120, 900
136, 729
145, 164
155, 376
166, 813
174, 875
183, 622
194, 151
184, 856
185, 655
186, 816
187, 194
187, 681
189, 093
190, 486
191, 583
192, 921
194, 151
196, 295
198, 172
199, 617
200, 738

15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
24, 850
23, 884
24, 170
24, 260
24, 230
24, 394
25, 137
25, 407
25, 779
26, 212
26, 962
27, 755
28, 423
29, 312
29, 563

May >
1
2 The

term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month.
k value, end of period, seasonally adjusted.




Inventories 3

^lillions of
18, 274
20, 691
21, 557
22, 528

24, 363
26, 604
28, 916
31, 732
29, 174
29, 574
29, 729
29, 641
30, 056
30, 164
30, 657
31, 032
31, 289
31, 732
32, 582
33, 051
33, 245
33, 456

NonDurable durable
goods
Total
goods
stores
dollars, seasonally a d justed
23, 677
7, 849 15, 828 34, 405
25, 330
8, 192 17, 138 38, 073
26, 151
8, 348 17, 803 38, 952
9, 268 19, 222 41, 973
28, 490
29, 824
9, 626 20, 197 45, 376
9, 524 21, 770 46, 626
31, 294
34, 071 10, 985 23, 086 52, 261
37, 365 12, 472 24, 893 54, 700
36, 450 12, OS7 24, 363 52, 639
36, 296 11, 976 24, 320 52, 814
37, 141 12, 280 24, 861 53, 402
36, 822 12, 253 24, 569 53, 293
37, 342 12, 468 24, 874 52, 940
37, 969 12, 842 25, 127 53, 107
37, 746 12, 614 25, 132 53, 661
39, 106 13, 168 25, 938 53, 934
38, 713 13, 173 25, 540 54, 658
39, 417 13, 640 25, 777 54, 700
40, 707 14, 234 26, 473 55, 526
41, 242 14, 405 26, 837 56, 039
41, 979 14, 612 27, 367 56, 197
40, 978 14, 262 26, 716 56, 705
41, 562 14, 495 27, 067
Total

[nventories 3
Durable
goods

Nondurable
goods
stores

15, 253
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
24, 442
23, 674
23, 740
23, 915
23, 685
23, 194
23, 037
23, 608
23, 675
24, 235
24, 442
24, 472
24, 638
24, 538
24, 624

19, 152
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 258
28, 965
29, 074
29, 487
29, 628
29, 746
30, 070
30, 053
30, 259
30, 423
30, 258
31, 054
31, 401
31, 659
32, 081

NOTE.—Total business (and manufacturing) revised beginning 1967.
Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments, new orders, and inventories (seasonally adjusted) rose in April, according to revised
figures.
BILLIONS OF DOLLARS [SEASONALLY ADJUSTED!

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

110

MANUFACTURERS' INVENTORIES

100

TOTAL
90

80

DURABLE GOODS
70

20 -

60

40

•MANUFACTURERS' NEW ORDERS

50

DURABLE GOODS

\
30

„„„,„„......•»""'•'

„.«<•"

NONDURABLE GOODS
40

,.

ilillllH'""^ i

NONDURABLE GOODS

20

,...,...^..-"°'

30

i I.i
1970

SOURCE:

1971

1972

1973

1970

1971

Manufae turers' st> ipments '
Manufae turers' inv entories2

Total

NonDurable durable
goods
goods

Total

44, 869
46, 449
50, 282
53, 555
52, 860
55, 917
62, 432
59, 903
60, 882
61, 267
61, 301
61, 038
63, 673
64, 493
65, 464
66, 473
67, 108
68, 388
69, 246
69, 715
70, 462

24, 633
25, 212
27, 694
29, 459
28, 231
29, 948
33, 859
32, 186
32, 999
33, 236
32, 925
32, 794
34, 674
35, 239
36, 315
36, 350
36, 618
37, 760
38, 123
38, 060
38, 645

20, 236
21, 236
22, 588
24, 096
24, 629
25, 969
28, 573
27, 717
27, 883
28, 031
28, 376
28, 244
28, 999
29, 254
29, 149
30, 123
30, 490
30, 628
31, 123
31, 655
31, 817

1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
s

77, 965
84, 655
90, 875
97, 074
101, 645
102, 445
107, 719
103, 043
103, 267
103, 685
104, 260
104, 685
105, 822
106, 168
106, 617
106, 974
107, 719
108, 187
109, 082
110, 175
110, 577

NonDurable durable
goods
goods

49, 818
54, 931
59, 112
63, 371
66, 768
66, 050
70, 218
66, 569
66, 725
67, 161
67, 502
67, 734
68, 568
68, 875
69, 308
69, 613
70, 218
70, 590
71, 136
71, 873
72, 213

For annual periods, ratio of weighted average inventories to average monthly

22




28, 147
29, 724
31, 763
33, 703
34, 877
36, 395
37, 501
36, 474
36, 542
36, 524
36, 758
36, 951
37, 254
37, 293
37, 309
37, 361
37, 501
37. 597
37, 946
38, 302
38, 364

i Manufacturers'
Durat)le goods
invenNonCapital durable
torygoods
shipTotal industries,
goods
ments3
nondefense
ratio

Manufacturers' new ordc rs '

Total

Millions of dollars, seasonal y
1966
1967
.
1968
1969
1970
1971. _
1972__.
1972: Mar
Apr
May
June
July
Aug
_
Sept
Oct
Nov.
Dec
1973: Jan
Peb
Mar. ...
Apr "

1973
COUNCIL OF ECONOMIC ADVISERS

DEPARTMENT OF COMMERCE

Period

1972

adjusted

45, 944

46, 763
50, 243
53, 646
52, 063
55, 732
63, 481
60, 258
61, 743
62, 046
63, 823
61, 477
64, 796
66, 610
66, 368
67, 206
68, 912
70, 003
71, 023
72, 802
73, 319

25, 720
25, 526
27, 666
29, 549
27, 431
29, 751
34, 833
32, 451
33, 799
33, 987
35, 402
33, 198
35, 759
37, 282
37, 140
36, 942
38, 329
39, 205
39, 766
41, 017
41, 335

6, 971
7, 694
1, 021

7, 339
8, 983
8, 304
8, 700
8, 932
8, 981
8, 954
8, 89S
9, 727
9, 625
9, 696
9, 991
10, 277
10, 105
10, 572
10, 619

20, 224
21, 238
22, 577
24, 097
24, 632
25, 981
28, 648
27, 807
27, 944
28, 059
28, 421
28, 279
29, 037
29, 328
29, 228
30, 264
30, 583
30, 798
31, 257
31, 785
31, 984

;

i. 62
1. 76
1. 741. 76
1. 89
1. 82
1. 68
1. 72
1. 70
1. 6»
1. 70'
1. 72
1. 63
1. 65
1. 63
1. 61
3. 61
1. 58
1. 58
I. 58
1. 57

shipments; for monthly data, ratio of inventories at end of month to shipments
for month,
NOTE.—Series revised "beginning 1987.
Source: Department of Commerce.

MERCHANDISE EXPORTS AND IMPORTS
U.S. merchandise exports exceeded imports by $196 million in April, on a seasonally adjusted basis. This turnaround
in the trade balance From a deficit to a surplus position was the result of across-the-board reductions of imports and
increases in exports.
BILLIONS OF DOLLARS
5.5

3.0

2.5

2.0

i I i I I i i

i l i l l I i l i l nJ 2.0

1967

1973

]/ SEE NOTE BELOW.
SOURCE: DEPARTMENT OF COMMERCE

Period

COUNCIL OF ECONOMIC ADViSERS

[Millions
Brferchandi se expor A
Total (ineludDornesti e exports
ing ree xports) *
Food, Crude
bever- mate2
Season- Unad- Total »
rials
ages,
ally ad- justed
and to- and
justed
fuels
bacco

Monthly average:
1964
1965
1966
1967
.
1968
1969
1970
1971 . _ _
1972

2, 153
2, 229
2, 458
2,586
2, 839
3, 111
3, 555
3,629
4, 101

2, 123
2, 201
2, 421
2, 554
2, 802
3, 066
3,502
3,576
4, 034

386
377

432
392

383
370

422
423
548

361
356
367
394
405
417
558
537
591

of dollars]

Manufactured
goods

Merch andise iinports
Gen eral impiarts 3
2
Food, Crude
Total
bever- mateSeasonages,
rials
ally ad- Unad- and to- and
justed
justed
bacco
fuels

1, 562
1, 786
2, 135
2, 241
2, 769
3, 004
3, 329
3,797
4, 630

1, 377
1,453
1, 602
1, 737
1, 985
2,232
2, 445
2,537
2, 812

U nadjuste i

1972: Mar
Apr
May___
June. _ _
July
Aug _
Sept
Oct
Nov

Dec
1973: Jan
Feb...
Mar _
Apr

3,869
3,817
3,885
3,971
4,05%
4,200
4,177
4,318
4,473
4,561
4,977
5, 065
5, 380
5, 487

4, 306
3,885
4, 141
4, 015
3, 657
3, 937
3,964
4, 443
4, 583
4,693
4, 747
4,864
5, 923
5, 561

4, 247
3,810
4,075
3,942
3, 599
3,867
3, 894
4, 381
4, 497
4,620
4, 678
4, 795
5, 826
5,456

426
396
508

528

496

539

594
637
710

750
752

744
881

843

334
382

392

447
442
519
534
614

419
453
476
447
503

533
545
606

737

759
937
1, 204
1, 313
1, 719
1, 918
2, 159
2,535
3, 146

590
444
323
345

70
107

226

-168
-529

Unad usted
610
567

565
557
509
548

478
672

760
731
736
815
1, 023
898

\ Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
B
Total arrivals of imported goods other than intransit shipments.




335

Grossmerehandise trade
Manu- surplus,
seasonfactured ally adjusted
goods

3, 116
2, 753
2, 917
2, 762
2, 540
2,710
2, 745
3,009
2, 928
3,040
3, 114
3, 140
3, 829
3, 583

4,515
4,413

4,48%

4,468
4,565
4,7S6
4,606
4,736
5,136

5,002
5, 281
5, 641
5, 4S2
5, SOI

4,844
4, 248
4, 722
4, 766
4, 314
4, 727
4, 485
5, 007
5, 190
4, 795
5, 423
4, 945
5, 596
5, 347

554
544
604
614
548
632
628
692
662
639
726
645

714
757

756
659
731
715
712
728

756
775
810
822
930
853
994
914

3, 401
2, 918
3, 254
3, 305
2, 928
3, 232
2, 969
3, 393
3, 574
3, 190
3, 604
3, 318
3, 737
3, 535

— 646
-596
-597
-497
— 513
— 527
— 428
— 418
— 664

-441
— 304
— 476
— 53
196

NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
23

U.S.

OM

The balance on goods and services improved sisnificanfly from a deficit of $870 million (seasonally adjusted) i.,
the fourth quarter of 1972 to an approximate balance In the first quarter of 1973. This improvement was due to a
sharp decline in the trade deficit.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

-3
1973

1967
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
M erchandis

Period
Exports

1987 .
1968__
1989 _

30, 666
33, 620
36, 400
41, 964
1970
1971— _ — 42, 768
1972 "
48, 7G9

Imports

B

12

Net
balance

Neti ivestmerit i ncome

Milikxry trans actions

Direct
expenditures

-26, 866 3, 800 -4, 378
-32, 991
635 — 4, 535
-35, 807
593 -4, 856
-39, 788 2, 176 -4,852
— 45, 466 -2,698 -4, 829
— 55, 681 -G, 912 -4, 724

Sales

1, 240
1, 392
I , 512
1, 478
1. 912
1, 166

Net
balance

Private 3

-3, 138 5,
— 3, 143 6,
-'A, 344 5,
-3, 374 6,
-2, 918 8,
— 3, 558 9,

U.S.
Government

Re-

Net
Baltravel
Other ance
and
on
trans- serv- goods
portaices,
and
tion
net
serv- 4
expendices *
itures

848
40 -1, 751
157
63 — i, 548
820
155 -1,782
374
-115 -2, 013
929
-957 -2, 288
751 - 1, 889 -2, 853

335

5, 132

302
2, 465
449
1, 891
581
3,630
739
807
850 — 4, 609

mittances,
pensions,
and
other
unilateral
transfers J
-3, 081
-2, 909
-2, 941
-3, 214
-3. 598
-3, 744

Balance
on
current
account
2,051
-443
- 1, 050
416

-2, 790
— 8, 353

489
419

197S
III—.
IV
1, 167|
1

343

-894
- 954
-846
-864
-824

Excludes military grants.
in timingc, and coverage.
.'Adjusted
...
,from Census
- - data
— for
- differences
„-.
"Includes fees and royalties from U.S. direct investments abroad or from
foreign direct investments in the United States.

24



2, 893
4

Equal to net exports ol goods and services in the national income and product
accounts of the United States when converted to an annual rates basis,
NOTE.—Series revised beginning 1380,
Source: Department oi Commerce.

5.

ON

.'he U.S. balance of payments on an official reserve transactions basis was in deficit by $10% billion (seasonally
adjusted) in the first quarter, compared to a deficit of $1 % billion in the fourth quarter. This iarge increase in the overall
payments deficit reflected massive dollar outflows during the international monetary turmoil of February and March.
BILLIONS OF DOLLARS
SI

BILLIONS OF DOLLARS
IS
SEASONALLY ADJUSTED

BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL

-5

-10

-15

1973

19.67
SOUSC& DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

1967
1968
1969
1970
1971.
1972 »

NonLong-term capital Balance liquid
on
flows, net
current shortterm
account private
U.S.
and
longcapital
GovernPrivate 2 term
flows
ment l
capital
net 2
— 2, 423 —2, 932 -3, 304 — 522
-2, 158
1, 191 -1,411
231
-1,926
-70 -3,046 -640
-2,018 -1,429 -3, 031 -482
— 2, 359 —4, 401 — 9, 550 -2, 347
-1,339
-151 — 9, 842 — 1, 637

Allocations
of
special
drawing
rights

Errors

and

omissions,

net

Net
liquidity
balance

Liquid
private
capital
flows,
net -

Changes
in liaOfficial
bilities
reserve
to
transactions foreign
official
balance agencies,
net3

Changes
in U.S.
official
reserve
assets,
net 4

U.S.

official
reserve
assets,
net
(end of

period)

-857 -4, 683
1, 265 -3,418
52 14, 830
3, 366
-431 -1, 611 3, 252
1, 641
-761
-880 15, 710
-2, 395 — 6, 08]
8, 820
2, 739 - 1, 552 -1, 1875 16, 964
867 — 1, 205 -3,851 -5,988 -9,839
7, 362
2, 477 14, 487
717 -10, 784 -21, 965 — 7, 788 -29, 753 27, 405
2, 348 6 12, 167
710 — 3, 112 -13, 882 3, 542 - 10, 340 10, 308
32 13, 151
Unadjusted

Sea tonally ac justed
1971:111—
IV. ..
1972: !_....
EL—
III...
IV
1973:1 '
1
2

-598 -2,018 -3, 294 -822
— 544:
201 — 1, 881 -516
OOO
-289! — 1, 143 — 3, 775
— 951
604 — 1, 855
310
-366!
—393 -2, 652 -430
— 586'
781 — 1, 556 -982
— 344;
—120 — 1, 214 — 1, 420

179
179
178
178
177
177

-5,511
-1, 933
944
-940
- 1, 626
- 1, 490
-4, 237

Excludes liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other international and
regional organizations.




0

-9,448 -2. 434 — 11, 882
-4, 151 — 1, 749 — 5, 900
-3, 188
-288 -3, 476
-2, 307
1. 456
— 851
— 4, 531
7 — 4, 524
— 3, 851
2, 367 -1, 484|
-6,871 -3,631 -10, 502;

10,
6,
3,
1,
4,
1,
10,

688
087
047
082
579
595
282

1, 194
-187

429
— 231
— 55
-111

220

12, 131
12, 167
12, 270
" 13, 339
13, 217
13, 151
S
12, 931
6

Includes $28 million increase in dollar value 01 foreign currencies revalued to
reflect
market, exchange rates as of Dec. 31, 1971.
7
Includes increase of $1,010 raillion resulting from change in par value of i.he
U.S.
dollar
on May 8.
8
Dollar equivalents not revalued to reflect de facto conversion rates.

PRICES

CONSUMER PRICES

In May, the consumer price index rose 0.6 percent both unadjusted and seasonally adjusted. Food prices rose 1.0
percent (1.1 percent adjusted), the smallest rise for any month so far this year. Nonfood commodity prices increased
0.6 percent (0.4 percent adjusted), while services prices rose 0.4 percent.
Index, 1967=100

Index, 1967=100

110

100

100

1967

1973

SOURCE: DEPARTMENT OF IABOR

Period

1964
1965
1966
1967
1968
1969. .
1970
1971
1972
1972: Apr _._
May
.
June
July...

Aug
Sept .
Oet.
Nov
Dec
1973: Jan
Feb
Mar
Apr
May

__

Source: Department of Labor.

26



COUNCIL OF ECONOMIC ADVISERS

All
items
92. 9
94. 5
97. 2
100. 0
104.2
109. 8
116. 3
121. 3
125. 3
124. 3
124. 7
125. 0
125. 5
125. 7
126. 2
126. 6
126. 9
127. 3
127. 7
128. 6
129. 8
130. 7
131. 5

[] 967 = 100 ]
Co mmoditie 3
Services
Comm odities lei s food
Services
All comAll
Food
Rent
less
Nonmodities
services
All
Durable durable
rent

94. 6
95. 7
98. 2
100. 0
103. 7
108. 4
113. 5
117. 4
120. 9
119. 9
120. 3
120. 7
121. 2
121.4
122. 0
122. 3
122. 7
122. 9
123. 4
124. 5
126. 1
127. 4
128. 3

92. 4
94. 4
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
123. 5
122.4
122. 3
123. 0
124. 2
124. 6
124. 8
124. 9
125.4
126. 0
128. 6
131. 1
134. 5
136.5
137.9

95. 6
96. 2
97. 5
100. 0
103. 7
108. 1
112. 5
116. 8
119. 4
118. 5
119.2
119. 4
119. 4
119. 5
120. 3
120.8
121. 0
121. 1
120. 5
120. 9
121. 5
122. 3
123. 0

98.8
98. 4
98. 5
100. 0
103. 1
107. 0
111. 8
116. 5
118. 9
117. 7
118. 4
119. 2
119. 6
119. 7
119. 8
120. 1
120. 3
120. 3
119. 9
119. 9
120. 2
121. 0
121. 8

93. 5
94. 8
97. 0
100. 0
104 1
108. 8
113. 1
117. 0
119. 8
119. 1
119.7
119. 5
119.3
119. 4
120. 8
121. 3
121. 7
121. 7
120. 9
121. 6
122.4
123.3
124. 0

90. 2
92. 2
95. 8
100. 0
105. 2
112. 5
121. 6
128. 4
133. 3
132. 4
132. 7
133. 1
133.5
133. 8
134. 1
134. 6
134.9
135. 4
135. 7
136. 2
136. 6
137. 0
137. 5

95. 9
96. 9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119.2
118. 4
118. 6
119. 0
119. 2
119.6
119. 9
120. 3
120. 5
121. 0
121. 5
122. 1
122.6
123. 0
123.5

89. 2
91. 5
95. 3
100. 0
105. 7
113. 8
123. 7
130. 8
135. 9
135. 0
135. 3
135. 7
136. 1
136. 4
136. 7
137. 2
137. 6
138. 0
138. 3
138. 7
139. 2
139. 6
140. 1

WHOLESALE PRICES
Jhe wholesale price index rose 2.1 percent in May (2.0 percent after adjustment for seasonal factors), industrial
commodity prices rose 1.1 percent (1.2 percent adjusted), the fourth consecutive monthly increase exceeding 1 percent. Farm product prices increased 6.1 percent (4.8 percent adjusted) after declining in April. Prices of processed
foods and feeds, which also fell in April, rose 3.7 percent (3.4 percent adjusted) in May.
Index, 1967=100
180

Index, 1967=100
180

120

110

100

100

90

90

1967
SOUrtCE, DEPARTMENT OF IAKM

COUNCIL OF ECONOMIC ADVISERS

[ 1967 = 10 3]
Ail
commodities

Period

1964
1965
1966
1967_-_
1968
1969-.

1970
1971
1972
1972: Api\
Mav
June
July
Aua;
Sept
Oct_
Nov
Dec
1973: Jan_
Feb
Mar
Anr
May

.

..

_

__

~

_

...

94.7
96. 6
99. 8
100. 0

102. 5
106. 5
110. 4
113. 9
119. 1
117. 5
118. 2
118. 8
119. 7
119. 9
120. 2
120. 0
120. 7
122. 9
124. 5
126. 9
129. 7
130. 7

133. 5

Farm
products
94. 6

98. 7
105. 9
100. 0
102. 5
109. 1
111.
112.
125.
119.
122
124.
128.
328.

0
9
0
1
2
0
0
2

128.6
125. 5
128. 8

137. 5

144. 2
150. 9
160.9
160. 6
170. 4

All industrials1

92. 3
95. 5
101. 2
100. 0
102. 2
107. 3
112. 0
114. 3
120. 8
117. 7
1 1 8. 6

119.6

121.
121.
121.
121.
123.
129.
132.
137.
141.
139.
145.

I 1 Coverage of the subgroups does not correspond exactly to coverage oi tills
Index.
2
Excludes crude foodstuffs and leedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.




Iridustrial c ommoditi es

Processed
foods
and
feeds

5
0
8
8
1
4
4
0
4
8
0
3

95. 2
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
117. 9
117. 3
117. 6
117. 9
118. 1
118. 5
118. 7
118. 8
119. 1
119. 4
120. 0
121. 3
122. 7
124. 4
125. 8

Crude
mate-2
rials

97. 1

100. 9

104 5
100. 0
102. 0
110. 6

118. 8

122. 7
131. 1
129. 3
129. 9
129. 8
130. 2
132. 3
132. 6
133. 8
1 36. 3
136. 8
139. 1
142. 3
142.5
146. 8
149. 6

Inter- Producmediate er finmate-3
ished
rials
goods
95. 6
96. 9
98. 9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
118. 2
118. 6
119. 0
119. 2
119. 5
119. 8
120. 1
120. 3
120. 5
121. 2
322. 6
124. 8
126. 6
128. 0

93. 3
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
119. 3
119. 4
119. 6
119. 7
119. 8
119. 9
119. 7
119. 9
120. 3
120. 6
121. 2
121. 7
122. 3
123. 1

Consuraer finished g jods excludin;5 foods
DurNonable
durable
98.2
97. 9

98. 5

100. 0
102. 2
104. 0

107. 1

110. 9
113. 2
113.2
113. 1
113. 2
113. 5
113. 6

113. 7
112. 7

112. 8
113. 7

113. 8

114. 0
114. 5
115. 3

115. 7

94. 8
95. 9
97. 8
100. 0
102. 2
105. 0
108. 2
111. 3
113. 6
112. 7
113. 1
113. 5
113. 8
114. 2
114. 5
114. 7
115. 0
115.2
115. 4
117. 4
117.8
119. 8
121. 7

Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
0*7

BY
In the month ended May 1 5, prices received by farmers rose 33/4 percent while prices paid rose 2 percent. Both
actual and adjusted parity ratios rose 2 points,
Index, 1967=100
160

130

120

110

100

90
RATIO J/
90

a)

P ARITY RATIO (ACTIW

"—-r— -^

70

rfO

1 1 1 M

M i l l

1967

I I 1 1 1 1 II M

1

,..^~~—,
M i l l

1968

M i l l

A
t ^*

^asMm**'*^

—-^«5

M i l l

M i l l

1 1 M

1970

1969

1 1 M
1971

1

M

^

J^^

70

\ \ ^ ^ \\ \ \ \ \'\
1972

J/RATIO OF INDEX OF PRICES RECEIVED TO 1MDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE.
SOURCE. DEPARTMENT OF AGRICULTURE

1964___
19651966 _ _
19671968
1969
1970
1971
1972

1972: Aor 15, May 15 ..
- _June 15
_ - _ __
July 15
Aug 15
Sept 15 Oct 15
- - ..Nov 15
Dec 15
1973: Jan 15
..
Feb 15
...
Mar 15
- _.. _ _
Apr 15 -May 15-_
. _.

All farm
products

93
98

Crops

106

100

103
105
100
101

108

97
100

105
103
110
112
126

120
123
125
127
128
129

130

131

137

144
149
159
157

163

107
115
112
114
116

Prices paid by far mers
All
items,
Family
ProducLivestock interest,
tion
living
and
taxes,
and
items
items
products wage rates
Index, 1967=100
94
92
93
85
96
94
95
94
98
99
98
105
100
100
100
100
102
104
104
104
106
109
117
109
110
114
114
118
115
119
116
120
122
124
127
134

115
117
117
117
120
127
131

133
140
143

154

126

130

132
136
135

138
139
138
145
153
161
174
168
169

1
Percentage ratio of Indes of prices received by fanners to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.

28




125
125
126
127
127
128
129

130

131
134
136
138
140
143

M

1 M

1 11 M

1

1973

COUNCIL OF ECONOMIC ADVISERS

Prices received by armers
Period

80

/

^S>SW&SS88&

123
124
124
125
125
126
125
127
127

119

129

132
134

132
134

138
139
143

131

136

120
121
122
122
124
125
126
129

Parity ratio l
Actual

76
77

80
74

73
74
72
69
74
71
73
74
75
75
75
75
75
78
80
82
86
83
85

Adjusted 2

80
82
86
79
79
80
77
74
79
76
78
79
80
80
80
80
80
83
83
85
89

87
89

2
The adjusted parity ratio reflects Government payments made directly t©
farmers.
Source: Department of Agriculture:

IT
A A,
The seasonally adjusted money stock grew at an 11.7 percent annual rate in May, up from a 7.7 percent rate in
April. In the past 1 2 months if has risen by 6.9 percent.
BILLIONS OF DOLLARS
350

BILLIONS OF DOLLARS

350

300

250

150
1967

1968

SOURCEt BOARD OF GOVERNORS Of THf FEOEWl 8ESESVE SYSTEM

Period

1967:
1968:
1969:
1970:
1971:
1972:
1972:

Deo
Dec
Dec.
Dec
Dec
Dec-..Apr
Mav
June.July_
Aug
Sent
Oct

...
.._
__

--

__-

Nov

Dec _.
1973: Jan . _
Feb
Mar. - _
Apr "
May »__ _ _
1

. __

Deposits at commercial banks.




1969

1973

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, billions of dollars]
Iilonev stoc k
Monev stoc K
Time
Time
CurCurand
and
DeDerency
j reney
savings
savings
mand
mand
outTotal j outTotai
dedededeside
I side
posits '
posits!
posits1
posits l
banks
1 banks
Seasonally adjusted
Unadjusted
41. 2
187. 0
40. 4
146. 6
151. 4
183. 1
192. 7
182. 1
158.2
44. 3
201. 6
43. 4
163.4
204. 2
203.2
207. 7
162. 7
208. 8
46. 1
46. 9
194. 4
214. 9
167. 9
193. 2
221. 3
172. 2
50. 0
49. 1
177.8
229. 2
227. 7
228. 1
236. 0
52. 6
53. 5
183. 4
242. 8
270. 9 1
189. 2
269. 8
255. 5
56. 8
198. 7
312. 8
57. 8
262. 9
205. 0
311. 7
53. 5
243. 0
53. 9
284. 3
189. 1
244. 3
190. 8
284.5
243.8
54. 2
189.6
53.9
288. 6
185. 6
288.6
239. 5
245. 1
54. 4
190. 7
54.4
291.4
291. 7
243. 2
188. 8
54. 6
55. 1
247. 7
193. 1
295. 0
246. 6
191. 5
294. 0
54. 8
193.8
55. 1
248. 6
190.5
298. 9
245. 5
299. 5
250. 1
194. 8
55. 3
55. 2
301. 9
248. 7
193. 5
302. 7
55.7
195. 9
304. 8
55. 7
251. 6
251. 2
195. 5
305. 9
252. 7
56. 2
56. 7
196. 5
308. 4
197. 7
254. 3
307.7
255. 5
57. 8
56. 8
198. 7
312. 8
262. 9
205. 0
311. 7
57. 0
198. 4
316. 9
262. 6
255.4
56. 7
205. 9
316. 6
57. 5
199. 3
56. 7
256. 7
322. 6
254. 0
197. 3
322. 5
57. 9
57. 3
198. 7
330. 9
254. 1
256. 6
196. 7
331. 4
199. 5
258.2
58. 7
58. 2
336. 7
259. 5
201. 3
336. 1
59.0
201. 6
341. 8
58. 7
260. 6
256. 0
197. 3
340. 9

U.S.
Government
demand
deposits 1

5.0
5.0
5.6
7.3
6.9
7.3
7.7
10. 5
6.9
7.3
5.3
5.9
6.6
6.2
7.3

8. 0
9. 6
10. 1
8. 2
8.4

Source: Board of Governors of the Federal Keserve System.

29

PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Seasonally adjusted liquid asset holdings of private nonfinancia! investors increased by $11.2 billion in May.
categories rose except commercial paper.

All

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1100

1,100

1,000

1,000

600

500

500

400

400

300 ML

300

1973
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr sncy and deposits
Total
liquid
assets

Period

1966:
1967:
1968:
1969:
1970:
1971:
1972:

Dec
Dec
Dee_
Dec
Dec
Dec
Dec

1972: Apr .
May —
June
Julv
Aug_
Sept
Oct.—
Nov

Dec.
1973: Jan..
Feb
Mar .
Apr

Mav "

...

_.

Time c .eposits
Total

Currency




Demand
deposits

Commercial
banks

ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities

Negotiable
certificates of
deposit

Commercial
paper

590. 6
640. 7
699. 1
730. 9
781. 5
865. 7
975. 8

473. 7
520. 4
563. 2
582. 2
630. 7
719. 3
814. 6

38. 3
40.4
43. 4
46. 1
49. 1
52. 6
56. 8

121. 1
129. 4
139. 4
143. 6
151. 5
161. 3
174. 7

136. 9
156. 3
174. 4
177. 2
198. 7
233. 4
264. 8

177. 3
194. 2
205. 9
215. 4
231. 4
272. 0
318. 2

50. 1
51. 0
51. 4
51. 1
51. 3
53. 7
57. 0

43. 6
39. 9
47. 2
65. 3
53. 8
41. 5
43. 4

14. 5
19. 1
22.4
9. 0
23. 0
29. 8
39. 2

8. 8
10. 4
14. 9
23. 4
22. 6
21. 5
21. 6

902. 6
910. 4
918. 1
927. 3
935. 9
944. 4
953. 3
963. 8
975. 8

754. 4
760. 3
767. 1
775. 7
783. 3
790. 9
799. 1
805. 9
814. 6

53. 9
54. 2
54. 4
54. 6
54. 8
55. 3
55. 7
56. 2
56. 8

167. 3
167. 1
167. 8
169. 5
170. 2
171. 2
172. 1
172. 7
174. 7

244. 4
247. 0
249. 4
251. 9
254. 9
257. 0
259. 8
262. 2
264. 8

288. 8
292. 0
295. 6
299. 6
303. 4
307. 4
311. 5
314. 9
318. 2

54. 8
55. 1
55. 3
55. 6
55. 9
56. 1
56. 4
56. 7
57. 0

39. 7
39. 4
38. 9
39. 1
39. 4
40. 2
42. 1
43. 4

32. 1
33. 6
34. 3
35. 2
36. 1
36. 7
36.6
37. 5
39. 2

21. 6
21. 8
21. 9
21. 9
21. 5
21.3
21. 0
21. 5
21. 6

981. 4
990. 7
1, 002. 0
1,011. 6
1, 022. 8

821. 2
827. 5
832. 6
838. 5
845. 0

57. 0
57. 5
57. 9
58. 7
59. 0

173. 9
174. 6
174, 2
175. 2
177. 3

267.
268.
271.
272.
274.

322.
326.
329.
331.
334.

57. 2
57. 6
57. 9
58. 2
58. 5

41. 5
41. 1
42. 2
42. 6
44. 2

39.9
44. 0
49. 8
53. 6
56.7

21. 6
20. 5
19. 4
18. 7
18. 4

Source: Board of Governors of the Federa! Reserve System.

30

U.S. Ciovernment sc;curities

6
9
0
8
5

7
6
5
9
2

39.7

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans and investments (seasonally adjusted) rose at a 25.3 percent annual rate in May, following
a 5.7 percent increase in April. Net borrowed reserves rose $105 million to an average level of $1,674 million.
BILLIONS OF DOLLARS
600

BILLIONS Of DOLLARS
600
SEASONALLY ADJUSTED. END OF MONTH

ALL COMMERCIAL BANKS

500

500
TOTAL
IOANS AND INVESTMENTS

400

400

300

300

200

200
INVESTMENTS IN OTHER SECURITIES
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES

100

100

„.„„.

1967

1968

1969

...•••""

1970

1971

SOUflCL BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

All commercial banks
(seaso nally adjust ed data)
End of period

L Dans
Investrnents
Total
loans
Total,
Comand
U.S. Gov- Other
mercial
invest- excludernment
securiing
interand
indusments
securities
ties
bank
trial

Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual
rates '

AJl membe r banks 2

Total
reserves

Billions of dollars
1967
1968
1969
1970
1971
1972

3

352. 0
390. 6
402. 1
435. 9
485. 7
557. 5

1972: May _ ._
June
__ _
July
Aug .
Sept
Oct

Nov

Dec
1973: Jan *
Feb » _
Mar *>

Apr ". __
May "_

1

516. 1
517. o

521. 3
529. 1
535. 6
540. 5
549. 8
557. 5
564. 6
573. 7
582. 6
585. 3

596. 4

231. 3
258. 2
279. 4
292. 0
4
320. 6
378. 2
341. 9
343. 7
347. 8
355. 3
360. 1
366. 9
373. 6
378. 2
385. 5
396. 2
404. 9
408. 0
418. 1
3

86. 2
95. 9
105. 7
109. 6
115. 5
129. 3
121. 2
6
120. 7
121. 5
123. 9
124. 6
126. 7
128. 2
129. 3
133. 2
138. 1
141. 8
144. 1
147. 2

3

3

59. 3
61. 0
51. 5
58. 0
60. 7
62. 4
63. 1
63. 2
62. 3
61. 4
62. 0
59. 9
60. 6
62. 4
61. 9
60. 2
60. 6
60. 6
59. 6

Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages of daily figures. Annual data are for December.
3
Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries; earlier data include commercial
banks only.
4
As oi'Juno 1971, Farmers Home Administration notes totaling about $0.7
billion are classified as other securities rather than as loans.




1973

1972

Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions o ' dollars

61. 4
71. 4
71. 2
85. 9
104. 5
116. 9
111. 1

3
4

110. 6
111. 3

112. 5
113. 5
113. 6
115. 6
116. 9
117. 1
117. 2
117. 2
116. 6
118. 7

3, 755
4, 360
5, ISO
o, 717
6, 443
7, 530
7,460
?', 500
7, 381
7, 818
7, 788
7, 748
8, 175
8, 179
8, 618
S, 822
9, 090
9, 073

25, 260
27, 221
28, 031
29, 265
31, 329
5
31, 353
32, 812
32, 539
33, 021
33, 148
33, 003
33, 803
5
31, 774
31, 353
32, 962
31, 742
31, 973
32, 277
32, 386

345
455
257
272
165
5

219

104
204
147
255
162
247
5

314

219
342
205
295
152

113

238
765

107
-310
-829

1, 086

321
107

1, 049
119
94
202
438
514
574
606

1,
1,
1,
1,
1,

049
165
593
858
721

1, 787

5

-49
58

-830
-15
110
-55

5

-183
-352
-327
-292

-830
-823
-1,388
-1,563
- 1, 569
-1, 674

5

Beginning November 9, 1972 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection with
adaptation
to Regulation J.
5
Excludes $0.4 billion duo to loan reclassification at a large bank.
Note.—Commercial bank data revised beginning July 1972.
Source: Board o' Governors of the Federal JSeserve System.

31

Seasonally unadjusted consumer credit increased $2.2 billion in April compared with a $1.5 billion rise a year
earlier. Consumer instalment credit (seasonally adjusted) rose by $1.4 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
END OF" MONTH

160 I

160

140

140

TOTAL CONSUMER CREDIT OUTSTANDING

120

120

100

100

INSTALMENT CREDIT

80

80
NONINSTALMENT CREDIT

3

20

20

^ sn^.

14
JNST>W.MENT CR EDIT EXT ENDED

^~^*~-

rrrr^•^^s^sz-?^:?*^.

__ —•-^-~~1
'
-^-^^-^nj•£.,—.—

^~~~^^

14

/ tlt
/^^x,*»_» .-<•'

SEASON MLY ADJUSTED SNLARGEC SCAIE1

/^^^

^~"~~***~

I

INSTALMENT C REDIT REPAID
£

4

A\

^

\

I 1

!

1 1

I

1

!

1

1 I 1 1 I 1 1 ! 1 1 !

1967

1 ! 11 1 !

J J

| 1 !

1 1 1 ! I i 1 1 1 I1

i i 1 1 i ! i 1 1 ii

1 ! 1 ! 1 1I 1 ! ! |

1970

1971

1972

19t 9

1968

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1964
1965
1966
1967
1968
1969
1970
1971
1972
1972: Mar

62, 692
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
111, 257
112, 439
114, 183
116, 365
117, 702
119, 911
121, 193
122, 505
124, 325
127, 332
127, 368
127, 959
129, 375
131, 022

24, 934
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
38, 853
39, 348
40, 063
41, 019
41, 603
42, 323
42, 644
43, 162
43, 674
44, 129
44, 353
44, 817
45, 610
46, 478

N

CQUHCB. OF-SCONOMSC ASSESS

17, 848
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
33, 272
33, 606
34, 077
34, 588
34, 832
35, 450
35, 755
36, 003
36, 413
36, 922
36, 870
37, 108
37, 486
37, 695

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.




1973

[Millions of dollars]
Consum er instalme nt credit extended
Consu mer credit outstandin g (end of i>eriod;
imadjusted
and repaid (seasonaily adjiisted)
Automob ile paper
Tota!
Instalment
NonTotal
Total »
bile
Personal instal-2 Extended Repaid Extended Repaid
ment
paper
loans

80, 268
89, 883
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
137, 879
Apr
139, 410
M a y _ _ _ 141, 450
143, 812
June
July. _ _ _ 145, 214
Aug
147, 631
Sept
148, 976
Oct. _. 150, 576
152, 968
Kov
Dec
157, 564
1973: Jan. _ ^ _ 157, 227
157, 582
Feb
Mar
159, 320
Apr
_ _ 161, 491

32

1 1 1 1 1 I 1 1 1 1 IJ- 4

17, 576
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
26, 622
26, 971
27, 267
27, 447
27, 512
27, 720
27, 783
28, 071
28, 643
30, 232
29, 859
29, 623
29, 945
30, 469
3

70, 670
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
11, 741
11, 374
11, 687
12, 057
11, 687
12. 484
11, 953
12, 404
12, 848
12, 627
13, 304
13, 434
13, 852
13, 465

63, 470
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
10, 427
10, 384
10, 355
10, 671
10, 593
10, 841
10, 667
10, 908
11, 128
10, 964
11, 355
11,437
11, 808
12, 061

24, 046
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
3,176
3, 162
3, 274
3,412
3, 298
3, 491
3, 368
3,504
3, 620
3, 763
4,006
3, 972
4, 001
3, 822

21, 369
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34,729
2,831
2,867
2,819
2, 922
2, 917
2, 896
2, 873
3,041
3, 023
2,977
3, 097
3, 145
3,225
3,218

End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System-

Mortgage
debt outstanding,
iionfarm,
i- to 4family
houses 3
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800
280, 200
307, 800
* 346, 100
314, 100
324, 600
335, 800
" 346, 100
» 354, 200

Short-term interest rates rose very sharply in late May and ear!y June. For the 3-month Treasury bill rate the rise was
nearly a full percentage point. Long-term rates aiso experienced sizable increases.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

1967

1973

SOURCE: SEE TABLE BELOW

Period
1967
1988
1969 __
1970__
1971 . ...
1972
1972: Ivlav
June- . .
July

Aug
Sept
Oct

Nov
Dec

1973: Jan

Feb

Mar
Apr
Mav. June
Week ended:

_

1973: May 18—

25. _
June 1 _ _
8

15. _
22 _
i

COUNCIL OF ECONOMIC ADVISEES

[Percent per annum]
High-grade
U.S. Gov arnment seenrity yields
municipal
3-month
bonds
3-5 year
Taxable
2
s
Treasury
(Standard &
issues
bonds
bills l
Poor's) *
4, 321
3. 98
5. 07
4. 85
5.339
4.51
5.59
5.26
6. 677
5. 81
6. 85
6. 12
6. 51
6. 458
7. 37
6. 58
5. 70
4. 348
5.77
5. 74
5. 27
4. 071
5.85
5. 64
5. 26
3.648
5. 69
5. 64
3. 874
5.37
5.77
5. 59
4. 059
5. 38
5. 86
5. 59
4. 014
5. 29
5.92
5. 59
4. 651
5. 36
6. 16
5. 70
4. 719
5. 20
6. 11
5. 69
4. 774
5.
03
6. 03
5. 51
5. 03
5. 061
6. 07
5.63
5. 06
5.307
6. 29
5. 96
5. 12
5. 558
6. 61
6. 14
6. 054
5. 30
6. 85
6. 20
5. 16
6. 289
6. 74
6. 11
6. 348
5. 12
6. 78
6.25

6. 179
6. 452
6. 694
7. 133
7. 129
6
7. 263

6. 76
6. 82

6. 79
6. 72
6. 70

1
£
Rate on new issues within period.
Selected note and
8
April 1953 to date, bonds due or callable 10 years and after.
4
Weekly data are Wednesday figures.
s

6. 24
6. 31
6. 31

6. 31

6. 29
bond issues.

Data for first of the month, based on the maximum permissible interest rate
(7 percent beginning February 18, 1971) and 30-year mortgages paid in 15 years.




5. 11
5. 17
5. 17

5. 11
5. 10

Corpora te bonds
(Moc dy's)
Aaa
5. 51
6. 18
7. 03
8. 04
7. 39
7. 21
7. 30

7. 23
7. 21
7. 19
7. 22
7. 21
7. 12
7.08
7. 15
7. 22
7. 29
7. 26
7. 29

7.29
7. 32
7.35
7. 36
7. 36

Baa

6. 23
6.94
7. 81
9. 11
8. 56
8. 16

8. 23
8. 20

8.23

8. 19

8. 09

8. 06

7. 99
7. 93
7. 90
7.97
8. 03

8. 09
8.06

8. 04
S. 08
8. 12
8. 13
8. 14

Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 6
months
5. 10
6. 55
5. 90
7. 13
7. 83
8. 19
7. 72
9. 05
5. 11
7.78
7. 53
4. 69
7. 50
4. 51
4. 64
7. 53
4. 85
7. 54
4. 82
7. 54
5. 14
7.55
7.56
5.30
5. 25
7. 57
5. 45
7. 57
5. 78
7. 56
6.22
7. 55
6. 85
7. 56
7. 14
7. 63
7.27
7.73
7.79

7.28

7.38
7. 53
7.83
7.90

6
Not charted.
Sources: Department of Housing and Urban Development, Treasury Department, Board of Governors of the Federal Reserve System, Moody's "investors
Service, and Standard & Poor's Corporation.
Q,O

COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market was down sharply in late May and early June. All sectors participated in the decline.
Index, 1941-43=10

Index, 1941-43=10

120

120

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

110

110

.A.

100

100

90

90

80

80

70

70

60 I l i i I i 1 l i

l I l l I I i i l l i I r l I l l I l l i i l I l I I l l I l l l l i I I I l l l I l l . l l l I I i i i i I l l r T l I i i i i i I r l i i l I 60

PERCENT

PERCENT

RAT 10
/b

RA TIO
2b

PRICE/EARNIN GS RATIO ON COMMON STOCKS
\

°0

-i'—.—--

'

"~-^

15

in ,

,

1

1

1

!

1967
SOURCE:

1

1

1968

l

I
1969

15
l

"^^\
i
i
i
1970

i

1

i

1971

,

,

,

STANDARD & POOR'S CORPORATION

1967
1968
1969
1970__ . -1971
1972
, .1972: May
June
_
_
July

_

,

Aug

Sept
Oct

Nov __
Dec
... ......
1973: Jan
Feb ,
Mar
Apr _
May
Week ended:
1973: May 4
11.
18
25__ ..
June 1
_
^ .. _. ...
15
1

Capital
goods




Consumers'
goods

Total

Total

91.93
98.69
97. 84
83. 22
98. 29
109. 20
107. 65
108. 01
107. 21
111. 01
109. 39
109. 56
115. 05
117. 50
118. 42
114. 16
112. 42
HO. 27
107. 22

99. 18
107. 49
107. 13
91. 29
108. 35
121. 79
120. 16
120. 84
119. 98
124. 35
122. 33
122. 39
128. 29
131. 08
132. 55
127. 87
126. 05
123. 56
119. 95

1941-4 3 = 10
96. 96
79. 18
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
119. 39
113. 91
119. 65
112. 67
120. 92
113. 43
119. 13
112. 57
124. 47
116. 17
121. 63
113. 19
119. 50
112. 94
122. 11
119. 51
124. 57
122. 26
127. 04
122. 57
125. 56
117. 54
124. 53
116. 41
120. 38
111. 24
116. 48
107. 44

108. 74
109. 99
105. 66
105. 09
105. 58
104. 95
106. 82

121. 77
123. 13
118.07
117. 52
118. 09
117. 41
119. 54

118. 15
120. 58
115. 42
112. 80
115. 45
113. 51
118. 02

Includes 500 common stocks: 425 industrials, 66 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly indeses are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the ag^rejrate monthly market value of the stocks in the group. Annual yields

34

1

1

K

in

1973
COUNCIL Or ECONOMIC ADVISERS

Price i ndex ]
Industrials
Period

I

1972

108. 96
110. 76
106. 56
104. 55
106. 37
104. 56
108. 00

Railroads

Dividend
yield 2
(percent)

68. 10
66.42
62. 64
54. 48
59. 33
56. 90
54. 94
53. 73
53. 47
54. 66
55. 36
56. 66
61. 16
61. 73
60. 01
57. 52
55. 94
55. 34
55. 43

46. 72
48. 84
45. 95
32. 13
41. 94
44. 11
45. 06
43. 66
42. 00
43. 28
42. 37
41. 20
42. 41
44. 62
42. 87
40. 61
39. 29
38. 88
36. 14

3. 20
3.07
3. 24
3. 83
3. 14
2. 84
2. 88
2. 87
2. 90
2. 80
2. 83
2. 82
2. 73
2. 70
2. 69
2. 80
2. 83
2. 90
3. 01

55. 30
56. 16
55. 44
54. 90
55. 01
54. 67
55. 18

37. 60
37. 80
35. 78
34. 52
34. 41
34. 09
35. 32

2. 96
2. 92

Public
utilities

Price/
earnings
ratio J

17. 48
17. 66
16.48
15. 69

18. 50
18. 18
17. 95
18. 00
18.30

::. 03
3.
3.
3.
2.

10
02 .
07
98

are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day of quarter to earnings for 12 months endin?
with that quarter. Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 10 months of fiscal 1973 there was a deficit of $18.5 billion; a year earlier the deficit was $22.9 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS

(ENLARGED SCALE)

(ENLARGED SCALE)

•20

SURPLUS + OR DEFICIT (-

-20

-20

-40

-40
1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

1973

1974
COUNCIL OF ECONOMIC ADVISFRS

[Billio is of dollars]
Federal debt ( end of period)
Period

Receipts

Fiscal vear:
1962
1963
1964

1965
1966
1967
1968
1969

-.

.._
-.

1970
1971
1972__2
19732
1974
Cumulative totals for
first 10 months:
Fiscal vear 1972
Fiscal year 1973
1
a

..

.

Total i

Held by
the public

99. 7
106. 6
112. 7

106. 8
111. 3
118. 6

— 4. 8
— 5. 9

303. 3
310. 8
316. 8

248. 4
254. 5
257. 6

116. 8
130. 9
149. 6
153. 7
187. 8

118.4
134.7
158.3
178. 8
184. 5

— 1. 6
— 3. 8
— 8. 7
-25. 2
3. 2

323. 2
329. 5
341. 3
369. 8
367. 1

261. 6
264. 7
267. 5
290. 6
279. 5

193.7
188.4
208.6
232.0
266.0

196. 6
211. 4
231.9
249. 8
268. 7

-2. 8
-23. 0
— 23. 2
-17. 8
-2.7

382. 6
409. 5
437. 3
470.0
490.5

284. 9
304.3
323.8
343.0
348.5

165. 8
187.1

188.7
205. 6

-22. 9
-18.5

435. 5
467.3

327. 8
347.4

Excludes non-interest-bearing public debt securities held by IMF.
Estimates as revised June t, 1973.




Outlays

Surplus or
deficit (-)

-7. 1

Sources: Treasury Department and Office of Management and Budget.

35

BY
BY
In the first 10 months of fiscal 1973 budget receipts were $21.3 biiiion higher than a year earlier while outlays were
$16.9 billion higher.
BJLUONS OF DOLLARS

BILLIONS OF DOLLARS

INDIVIDUAL INCOME TAXES

,.,..•""""

18U

180

8
rf.* "

OUTLAYS
*>«*

160

160
140

140
^'*

NONDEFENSE

&*»<*'*

^ — -~~*~

100

100

RO

SO

60 -

. — —""

40 A

1
!963

^^a^^^^
1

1964

1
1965

I
1966

NATIONAL DEFENSE
I

1967

1

1968

I

1969

60
!

1970

1971

!
1972

I
1973'

f

K

.-in

1974

FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
(Outlays

ReceijDtS
Natio nal defense
Period

Fiscal year:
1962
..
1963
1964
1965
. ___
1966
1967
1968. .
1969- . _
1970
1971
1972
1973 '
1974 '
Cumulative totals for
first 10 months:
Fiscal year 1972_
Fiscal year 1973_
3

Total




Other

33.6
37.4
40.5
42. 6
45.3
54. 1
56. 3
63. 9
70. 5
75. 4
81.7
92. 9
108. 5

178. 8
184.5
196.6
211. 4
231. 9
249. 8
268.7

65. 5
73. 6

188. 7
205. 6

99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153.7
187. 8
193. 7
188.4
208. 6
232. 0
266. 0

86. 2
94. 7
103. 0
116. 0

20. 5
21. 6
23. 5
25.5
30. 1
34. 0
28. 7
36. 7
32. 8
26. 8
32. 2
36. 0
41. 5

165. 8
187. 1

77.1
87.1

23. 2
26.4

Estimates as revised June 1,1973.

38

Individual Corporation
income
income
taxes
taxes

45. 6
47. 6
48.7

4as
55.4
61. 5
68. 7
87. 2
90.4

Total

106.8
111. 3
118. 6
118.4
134.7

isa 3

Department of
Total Defense,
military

Internar Health
tional
and
Inaffairs income terest Other
and
security
finance

76.4
81. 1

46. 9
48. 1
49. 6
46. 0
54. 2
67.5
77. 4
77. 9
77.2
74. 5
75. 2
74. 2
78. 2

4. 5
4. 1
4. 1
4.3
4. 5
4. 5
4. 6
3. 8
3.6
3. 1
3. 7
3. 3
3. 8

23. 7
25. 5
26. 8
27. 4
31. 5
37. 8
43.7
49. 3
56. 7
70. 6
82. 0
93. 9
103. 7

8.3
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20. 6
22. 8
24 7

19. 2
20.3
24. 2
26. 7
30. 6
33. 2
36. 2
34.4
37. 7
40.5
47. 2
53. 3
55. 4

62. 2
61. 6

60. 0
59. 6

3. 0
2.6

65. 9
74. 9

17.1

40.5
47. 9

51.1
52, 3
53.6
46. 6
56. 8
70.1
80. 5
81. 2
80.3
77.7
78.3

iae

Sources: Treasury Department and Office of Management and Budget.

According to revised estimates for the first quarter, Federal receipts rose $13.9 billion (seasonally adjusted annua!
rate) and expenditures declined $2.7 billion. As a result the deficit declined sharply to $7.7 biilion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

140
120
+20

su .PLUS

il

n nn

i
l
lHi""

%
^x

™ 1 1
|
J.

//,
%

-

11

i1

i-

J

^

DEF ICiT
1

I

1

1967

I

\

!

1968

!

1

1

I

1970
CALENDAR YEARS

1969

1

!

]

I

n
\

f

1972

197 1

SOURCE DEPARTMENT Of COMMERCE

-20

\

-40

1973
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jovernm ent reeeip ts
Period

Indirect
Personal Corporate business
tax
and
Total nontax profits tax and
tax
nontax
receipts accruals
accruals

Fe ieral Go irernmen ; expend tures

Surplus
or
Subsidies Less:
GrantsContriPurless
in-aid
Wage deficit
(-),
butions
chases Trans- to State Net
current accruals income
for
Total of goods fer pay- and interest surplus of less
and
social inand
ments local
paid Govern- disproduct
surance
services
government en- burse- accounts
ments
terprises ments

Fiscal year :

1069 __ 190. 4
1970 _ 195. 0
1971
193. 0
1972"
211.9

Calendar
vear:
1969
1970

1971
1972

197. 3
191. 6
199. 1

90.0
93. 7
87. 1
100. 1

37. 4
33. 1
32.0
33.5

18. 6
19. 2
20. 1
20. 1

44. 4
49. 0
53. 8
58. 3

185. 7 99. 4
196. 3 98. 3
212. 8 95. 8
233. 1 103. 1

50. 7
56. 8
69. 8
78. 6

19. 2
22. 6
27. 0
32. 7

12. 3
14. 0
14. 3
13. 5

4. 1
4. 7
5.8
5. 2

0. 0
.1
_. i

94. 8
92. 4
89. 6

36.6
30. 4
33. 1
36.2

19. 0
19. 3
20. 5
20. 1

46. 9
49. 5
55. 9
63.4

189. 2 98.8
204, 5 96. 5
220. 8 97. 8
246.8 105.8

52. 4
63. 3
75. 0
83.4

20.3
24. 5
29. 3
37. 9

13. 1
14. 6
13. 6
13. 6

4.6
5. 5
5. 2
6. 1

.0
.0
1

C)

8. 1
— 12. 9
-21. 7
-18. 1

.0

-23. 1
— 24. 7

—.1

.0

,0
.0

-14. 8
-21.6
-11. 8
— 24. 3

.0

-7. 7

228.6

109.0

1971: III... 199. 1
rv___ 202. 8

89. 8

93. 8

33.2
31. 1

20. 0
20. S

56. i
57. 0

222. 2 97. 9
227. 5 100. 7

76. 3
77. 8

29. 8
30. S

13. 6
13. 3

4. 6
5. 0

1972: T
221. 4
II_. _ 224. 9
III.. 229.8
238. 4

105.8
107. 3
109. 1
113. 6

34. 0
35.2
36.7
38. 9

19. 9
19. 7
20.2
20. 6

61.7
62. 6
63.8
65.3

236. 3
246. 5
241.6
262.7

105. 7
108. 1
105. 4
104. 0

79. 4
80. 4
82. 0
91. 8

32. 4
38. 1
34.4
46. 5

13. 1
13. 8
13. 6
13. 7

5. 6
6. 0
6. 2
6.7

1973: I

252. 3

109. 6

44.3

20.8

77.6

260. 0 106.6

92. 3

41. 8

14. 2

5. 0

rv.._

* $39 million.




'. 0

.0

.1

4.7
— 1. 3
-19. 7
-21. 1

Source: Department of Commerce,

31

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Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page
1
2
3
4
5
6
7
8
9

The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
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. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions

10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
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 and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

26
27
28
29
30
31
32
33
34
35
36
37

NOTE.—Detail in these tables may not add to totals because of rounding. Unless otherwise stated, all dollar figures are current dollars.
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