Full text of Economic Indicators : June 1974
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Congress, 2d Session
June
1974
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1974
(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. JAVITS (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 J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
RICHARD F. KAUFMAN, General Counsel
OF
HERBERT STEIN, Chairman
WILLIAM J. FELLNER
GARY L. SEEVERS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—-Slsr Congress; CHAPTER 237—IST SESSION]
|S J. Res. 58]
To print the monthly publication entitled "Economic Indicators"
T^esolved 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
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the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
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11
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $14.7 billion in the first quarter of 1974 to a seasonally adjusted annual rate of
$1,352.2 billion, according to current estimates. The increase for the preceding quarter was $33.0 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
(jrovernme nt
Persons
E xpenditur es
N et receip ts
PerLess:
Equals:
Less:
Less:
sonal
Tax
Interest Total Personal
TransTrans- Equals:
saving
Purand
paid and exclud- consumpor
fers,
Equals: Total
tion
fers,
nontax interest,
chases
transfer
ing
Net
interest,
expendexpenddisof goods
interest itures saving receipts
payand
receipts itures
and
or
and
and
ments
( \
subtransservices
accruals sidies 2
to for2
sidies
fers
eigners
Disposafc le person?il income
Period
Total J
Surplus
or
deficit
(-),
income
and
product
accounts
1968
1969
1970
1971
1972
1973
591. 0
634. 4
691. 7
746.0
797. 0
882. 5
15. 1
16.7
17.9
18. 7
20. 7
23. 7
575. 9
617.7
673.8
727. 3
776.2
858.8
536. 2
579. 5
617. 6
667. 2
726. 5
804.0
39.8
38.2
56. 2
60.2
49. 7
54.8
263. 5
296.7
302. 5
322.0
368. 2
418.6
70. 7
77.9
93. 2
105. 9
115.9
129.9
192. 7
218.8
209. 4
216. 2
252.2
288.7
270.3
287. 9
312. 7
340. 2
370. 9
407. 1
70. 7
77. 9
93.2
105. 9
115.9
129.9
199. 6
210.0
219. 5
234. 3
255. 0
277. 1
-6.8
8.8
-10. 1
-18. 1
-2.8
11.4
1972: I I I _ _
IV___
800.9
828.7
21. 0
21.7
779.9
807.0
734. 1
752.6
45.8
54. 4
370.6
381. 9
113.9
125. 0
256.7
256. 9
368. 5
385.7
113.9
125. 0
254. 7
260.7
2.0
-3.8
1973: I
!!____
Ill—
IV___
851.5
869.7
891. 1
917. 8
22. 1
23. 1
24. 1
25.6
829.
846.
867.
892.
4
6
0
2
779.4
795.6
816. 0
825. 2
50.0
51.0
51. 1
67. 1
402. 7
414. 7
425.0
431.6
125. 2
127.8
131. 7
135. 3
277.5
286. 9
293.3
296.3
393. 8
403. 2
410.7
420.9
125. 2
127.8
131.7
135.3
268.6
275. 3
279.0
285.6
8.9
11. 6
14.3
10.8
1974: !*___
931.4
25. 3
906. 1
844. 6
61. 5
443.8
139.0
304.8
436. 7
139.0
297. 8
7. 1
Iiiternation al
Business
Period
Net exports of goods
Net
Excess of Total
and service s
Statistransfers
Gross
Excess
transfers income
to forGross
tical
of
private
or
or
retained domestic invest- eigners
discrepEquals: of net
by perearnreceipts
ancy
ment sons
Less:
invest-4
Net
exports
and Exports Imports
ings 3
ment
5
(-)
exports
Govern(-)
ment
1968
1969
1970
1971
1972_
1973
95.4
97.0
97. 0
111.8
124.4
135.2
126. 0
139.0
136. 3
153.2
178. 3
202. 1
-30. 6
-42. 0
-39. 3
-41. 4
-53.9
-66.9
2. 9
2.9
3. 2
3. 6
3. 7
3.6
50. 6
55. 5
62.9
66.3
73. 5
102. 0
48. 1
53. 6
59. 3
65.5
78. 1
96. 2
2. 5
1. 9
3. 6
.8
-4. 6
5.8
1972: III
IV
124. 5
131. 6
181. 5
189.4
-57. 0
-57. 8
3. 8
3. 5
74. 0
79. 7
77. 7
83.2
-3.8
-3. 5
7. 6
7. 0
1973: I
II
III
IV
131. 5
132. 0
136.9
140.6
194. 5
198. 2
202. 0
213. 9
-63. 0
-66. 2
-65. 1
-73.3
3. 0
3. 3
3.5
4.5
89. 7
97. 2
104. 5
116. 4
89.7
94.4
97. 0
103. 6
.0
2.8
7. 6
12. 8
3.0
.5
-4. 0
-8.3
1974: I"
134. 7
198. 9
-64. 2
3.4
130. 4
119. 4
10. 9
1
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by GovernTnp.nt, net interest paid by government, subsidies less current surplus of governenterprises, and disbursements less wage accruals.
jpital consumption allowances, corporate inventory valuation adjustment,
;ribute.d corporate profits, and private wage accruals less disbursements,
lot include retained earnings of unincorporated business, which are included
)osable personal income.
4
0. 4
866. 9
1.0
936. 3
-. 4
983. 5
2.8 1, 058. 8
8.4 1, 156. 6
-2. 2 1, 286. 3
Gross
national
product
or
expenditure
-2.7
-6. 1
-6.4
-3.4
-1.5
2.9
864. 2
930. 3
977. 1
1, 055. 5
1, 155. 2
1, 289. 1
1, 164. 9
1, 199. 1
1. 6
.2
1, 166. 5
1, 199. 2
1, 241. 4
11, 268. 9
1, 300. 8
1, 333. 6
1. 1
3. 2
3.7
3.7
1, 242. 5
1, 272. 0
1, 304. 5
1, 337. 5
-7.5 1, 349. 0
3. 1
1, 352. 2
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the first quarter of 1974, gross national product (seasonally adjusted) rose at an annual rate of 4.5 pero
reflecting an inflation rate of 11.5 percent and a decline of 6.3 percent in real GNP.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
1,400
1,200
1,200
1,000
1,000
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
0 ~
1968
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
1964
1965
1966
1967
S1968
1969
1970
1971
1972
1973
1972: III
IV
1973: I
II
III
IV
1974: I
1
Total
gross
national
Personal Gross
conTotal
private
sump- domestic
gross
tion
product national
investin 1958 product expend- ment
itures
dollars
Billions 3f dollars; quarterlyr
581.1
617.8
658. 1
675.2
706.6
725.6
722.5
745.4
790. 7
837.4
796. 7
812. 8
829. 3
834. 3
841. S
844-6
831.0
632.4
684. 9
749.9
793. 9
864. 2
930.3
977. 1
1, 055. 5
1, 155. 2
1, 289. 1
1, 166. 5
1, 199. 2
1, 242. 5
1, 272. 0
1, 304. 5
1, 337. 5
1, 352. 2
401.2
432.8
466. 3
492. 1
536. 2
579.5
617.6
667.2
726. 5
804. 0
734. 1
752.6
779.4
795.6
816.0
825. 2
844.6
94.0
108. 1
121. 4
116. 6
126. 0
139.0
136.3
153. 2
178. 3
202. 1
181. 5
189.4
194. 5
198. 2
202.0
213.9
198. 9
This category corresponds cJosely with budget outlays for national defense,
shown
36. "
2own on p. 36.
Gross natta
national product in current dollars divided by gross national product
inco dollars.
^^n«^r,
in 1958
Net
exports
of goods
and
services
Government purchases of gooc s
services
Federal
Total
National
Total defense1 Other
and
State
and
local
Implicit
price
deflator
for total
GNP,
1958 =1002
data at s>easonall y adjust?3d annual rates
8.5
6.9
5.3
5. 2
2. 5
1.9
3. 6
.8
-4. 6
5. 8
3.8
-3.5
.0
2.8
7.6
12. 8
10. 9
128. 7
137.0
156.8
180. 1
199. 6
210. 0
219. 5
234. 3
255. 0
277. 1
254. 7
260. 7
268. 6
275.3
279.0
285. 6
297. 8
65.2
66.9
77.8
90. 7
98.8
98.8 •
96. 2
98. 1
104.4
106. 6
102.3
102.7
105. 5
107.3
106.8
106.8
112. 1
Source: Department of Commerce.
50.0
50. 1
60.7
72. 4
78.3
78.4
74. 6
71.6
74. 4
73. 9
71.9
72.4
74. 3
74.2
74. 2
73.0
76.3
15.2
16.8
17. 1
18.4
20.5
20.4
21. 6
26. 5
30. 1
32. 7
30.4
30.3
31. 2
33. 1
32.7
33.8
35.8
63. 5
70. 1
79.0
89. 4
100.8
111.2
123. 3
136. 2
150. 5
170. 5
152.4
158.0
163. 0
168.0
172.2
178.8
185. 7
108. 85
110. 86
113. 94
117. 59
122. 30
128. 20
135. 24
141. 60
146. 10
153. 94
146. 42
147. 63
149. 81
152. 46
155. 06
158. 36
162, 73
ioncsl income rose less than $10 billion (seasonally adjusted annual rate) in the first quarter. Employee comr^.isation rose only $12 billion while farm proprietors5 income and corporate profits plus' inventory valuation
adjustment fell.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,100
1,100
1000
1,000
900
900
800
800
700
700
600
600
500
200
PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
1973
1968
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
^Billions of <iollars; quai teriy data a t seasonally adjusted annual ra tes]
Total
national
income
Period
Compensation
of em- 1
ployees
Proprieto rsj income
Farm 2
Business
professional
Rental
income
of
per-
Net
interest
Corpora ;e profits and inventory va luation acijust men t
Total
Profits- Inventory
before valuation
taxes adjustment
518.1
564.3
620. 6
653. 6
711. 1
766.0
800.5
859.4
941.8
1, 053. 9
365.7
393.8
435. 5
467.2
514 6
566.0
603.9
644. 1
707. 1
785. 2
12. 1
14.8
16. 1
14. 8
14.7
16.7
16. 9
16. 8
, 20. 2
26.8
40.2
42.4
45. 2
47.3
49. 5
50.5
50.0
51. 9
54.0
57.5
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23.9
24. 5
24. 1
25. 1
15.8
18.2
21. 4
24 4
26. 9
30. 5
36.5
42. 0
45.2
50, 4
66.3
76.1
82. 4
78.7
84 3
79.8
69.2
80. 1
91. 1
109.0
85. 1
98.0
126.3
740
— 1. 8
-1. 1
-3. 3
-5. 1
48
-49
-6.9
-17.3
IV
949.2
978. 6
713. 1
731. 2
19.8
21. 8
54.3
55. 3
24.9
24. 9
45.7
46.6
91.5
98. 8
98.4
106. 1
-6. 9
-7. 3
I
II
III
IV
1, 015. 0
1, 038. 2
1, 067. 4
1, 095. 1
757.4
774.9
794.0
814.7
24. 3
24.4
27. 1
31.3
56.3
57. 1
57.9
58. 5
24. 7
24. 6
25.3
25.7
47. 9
49.4
51. 1
53.0
1043
107.9
112. 0
111.9
119. 6
128.9
129. 0
127.4
-15.4
— 21. 1
17.0
-15. 5
I®
1, 104. 8
826.8
29. 1
59. 3
25. 8
55. 0
108.9
140. 1
-31. 2
1964
1965
1966
1967
.
1969
1970
1971
1973
III
T
___
nclutles employer contributions for social insurance. (See also p. 4.)
Deludes farm profits of corporations
in farming
therefore differs
•net
income (including net inYentory change) on p. 6 which includes
profits.
Source: Department of Commerce.
66.8
77.8
84. 2
79. 8
87.6
84 9
-0,5
-1.7
OF
INCOME
Personal income rose $10.6 billion (seasonally adjusted annual rate) in May. The rise was dominated by an increase
of $8.6 billion in wage and salary disbursements, the largest since December 1971. Farm income fell $2.3 billion
because of declining farm prices and rising production expenses.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS.
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
800
800
600
60Q
400
400
OTHER INCOME
,„,,,«,,,,«..»•«•«»"• •»»«'»»'>ll"nil1'1
200
"'""
2005
TRANSFER PAYMENTS
i i i i i I i ii i
I } ! I I I ? f I I 1
1968
1969
1970
I 1 I I I I 1
1971
I 1
1972
1973
SOURCE: DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1969
1970
1971
1972
1973
1973: Apr
May
June. _ _
July____
Aug
Sept
Oct
Nov
Dec
1974: J a n _ _ _ _
Feb
Mar
Apr
May v
1974
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Other Propriet ors' income income
Total
and
Transfer
Divi- Persona]
Business
labor 1 2
personal salary
interest
payof
dends
and pro- persons
Farm
income
income disburseincome ments
1
fessional
ments
587.2
629.3
688.9
750.9
808. 3
863.5
939.2
1,035.4
1, OIL 6
1, 018. 7
I, 026. 6
1, 035. 6
1, 047. 3
1, 058. 5
1, 068. 5
1, 079. 4
1, 089. 0
1, 087. 0
1, 094. 8
1, 101. 4
1, 110. 5
1, 121. 1
394.5
423. 1
464.9
509. 7
542. 0
573.3
627.8
691.5
677.6
682.0
688.2
693.2
698. 9
706.0
711.2
717. 8
722.6
721.8
726.5
730. 2
735. 5
744. 1
20. 7
22. 3
25. 4
28.4
32.2
36.6
40.7
44. 9 .
43. 9
44.2
44.5
44. 8
45.3
45.8
46. 2
46.7
47. 1
47.5
47.9
48.3
48.8
49. 3
16. 1
14.8
14. 7
16.7
16.9
16.8
20.2
26.8
24. 2
24.4
24. 6
25. 9
27. 1
28.3
29. 9
31. 6
32.4
29.6
29. 1
28.6
26. 2
23.9
45. 2
47. 3
49. 5
50.5
50. 0
51.9
54. 0
57.5
56.8
57. 1
57.3
57.8
58.0
58. 1
58.5
58.7
58. 6
58.6
59.3
59. 9
60.0
60.3
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.
20. 0
21. 1
21. 2
22. 6
23. 9
24.5
24. 1
25. 1
24.3
24. 6
24. 9
25.0
25. 3
25. 5
25.6
25. 7
25. 7
25.8
25.8
25. 8
25. 0
26. 2
20.8
21. 4
23. 6
24. 3
24. 7
25. 1
26. 0
27. 8
27. 3
27.3
27. 4
27. 6
28. 2
28.3
28.5
28. 7
29.8
29. 5
29.4
29. 6
29. 9
30.2
43.6
48.0
52. 9
59.3
67.5
73. 0
78. 0
87.5
84.5
85.7
86.5
87. 8
89.0
90.3
91. 5
92.6
94. 0
95. 3
96. 3
97. 5
98.9
100.3
44. 1
51. 8
59. 6
65.8
79.1
93.2
103. 0
117.5
115.3
115.9
116.0
116.9
119. 0
120.2
121. 1
121. 9
123.0
125.9
127. 6
128.9
133. 8
134.8
Less: Personal con- N onagricultural
tributions personal
for social
3
insurance income
17. 7
20. 5
22. 8
26.3
28.0
30.9
34.7
43. 1
42. 4
42. 5
42.8
43. 4
43. 6
43.9
44.0
44.3
44. 3
47. 0
47.2
47. 4
47.6
48. 1
566.3
609.4
668. 8
' 728. 3
784. 8
839.8
911. 5
1, 000. 5
979.5
986.4
994. 2
1, 001. 8
1, 012. 1
1, 021. 8
1, 030. 0
1, 039. 0
1, 047. 5
1, 048. 1
1, 056. 4
1, 063. 3
1, 074. 6
1, 087. 2
2
Consists oi employer contributions to private pension, health, and w<
funds; compensation for injuries; directors' fees; military reserve pay; and :
other
minor items.
3
Personal income exclusive of net income of unincorporated farm enterp
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce.
3POSITION OF PERSONAL INCOME
pite the reduction in automobile purchases, consumer expenditures (seasonally adjusted) showed a sizable
icrease in the first quarter and the saving rate fell. Real per capita disposable income fell below its year-earlier
level.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
- 1,000
1,000
900
800
3,000
3,000
2,000
2,000
1974
1968
SOURCE: DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1970
1971
1972
1973
Less:
PerPersona!
sonal tax and
income nontax
payments
587.2
629. 3
688. 9
_ _ _ 750. 9
808.3
863. 5
939.2
1,035.4
75.4
83. 0
97. 9
116. 5
116.6
117. 5
142.2
152. 9
COUNCIL OF ECONOMIC ADVISERS
Saving
Per cap)ita disL ess: Perse nal outlayfS
posable perse nal as perEquals:
Persorlal consuEaption
Equals:
inc(>me
cent of PopulaDisex penditure 3 2
Personal
distion
posable Total
saving Current
posable '(thou-3
personal personal1 Durable Non1958
sands)
Services
income outlays
dollars dollars personal
goods durable
income
goods
( percent)
Billions of dollars
Dol lars
511. 9
546.3
591. 0
634. 4
691. 7
746. 0
797. 0882.5
479. 3
506. 0
551. 2
596. 2
635.5
685. 8
747.2
827.8
70. 8
73. 1
84. 0
90. 8
91. 3
103. 6
117.4
130.8
206. 9
215. 0
230. 8
245.9
263. 8
278.7
299. 9
335.9
188. 6
204. 0
221. 3
242. 7
.262. 6
284.9
309. 2
337. 3
32. 5
40. 4
39. 8
38.2
56.2
60. 2
49.7
54.8
2,604
2,749
2,945
3, 130
3,376
3,603
3,816
4, 195
2,335
2,403
2,486
2,534
2,610
2,680
2, 767
2,889
6.2
6.2
196, 560
198, 712
200, 706
202, 677
204, 879
207, 045
208, 842
210, 404
209, 058
209, 514
6.4
7.4
6.7
6.0
8. 1
8. 1
Seascmally adjiisted annu al rates
1972: III.. 943. 7
IV__ 976. 1
142. 8
147.4
800.9
828.7
755. 1
774.3
120. 2
122.9
302. 3
310.7
311.6
319.0
45.8
54.4
3,831
3,955
2,771
2, 841
5.7
6.6
1973:1—. 996.6
II... 1,019.0
III_ 1,047.1
IV- 1,078.9
145. 1
149. 3
156.0
161. 1
851.5
869.7
891. 1
917. 8
801.5
818. 7
840. 1
850. 8
132.2
132. 8
132.8
125. 6
322.2
330.3
341.6
349. 6
325. 0
332. 6
341.6
350.0
50.0
51.0
51. 1
67. 1
4,057
4, 137
4,231
4, 349
2,878
2, 877
2,894
2,906
5.9
1Q74: ! _ _ _ 1,094.4
163.0
931.4
869.8
125.0
362.3
357. 3
61. 5
4,406
2,855
6.6
neludes personal consumption expenditures, interest paid by consumers,
personal transfer payments to foreigners.
See p. 2 for total personal consumption expenditures.
209, 871
5. 9 1 210, 221
5.7 210, 618
7.3 211, 036
211, 387
3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
in the first quarter of 1974, net farm income (both excluding and including inventory change) fell 7 percent season
adjusted. Although real net income per farm fell sharply in the first quarter it was 4 percent higher than a year earii*
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
I 120
120
SEASONALLY ADJUSTED ANNUAL RATES
100
100
60
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
1968
1970
1969
1972
1971
1973
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total f arm popu lation
income re ceived fro m farming
T
Net t o farm
oper ators
Realize d gross
Period
From
ail
sources
1967
1968
1970
1971
1972
_ _
_
III
IV
I
II
III.
IV
!______..
24. 9
24. 0
25. 1
27. 6
28. 3
29. 2
34. 0
41.3
From
From
nonfarm
farm
sources sources
14.4
13. 1
13. 2
14. 9
15. 1
15.2
18. 1
23. 8
10. 5
10.9
11.9
12. 7
13. 2
14.0
15. 9
17.5
Net inc ome per
farm incl uding net3
inventor}r change
ProducCash
tion ex- Exeiud- Includreceipts
penses ingnetin- ing net in- Current
1967 4
from
Total 1
ventory ventory2 dollars
marketchange change
ings Billions ()f dollars
Dol lars
33.4
43. 3
49. 7
16. 3
16. 3
4,990
5,092
42. 7
14.2
49.0
34.8
14. 9
4, 707
4,707
44. 1
36. 2
50. 9
14.7
14.8
4, 828
4, 642
38. 8
48. 1
55. 6
16.8
16.9
5,620
5, 156
41. 0
57.8
50. 5
16. 8
5, 725
16. 9
5,022
44. 5
15.2
59. 7
52.8
5,817
16. 9
4,888
49.2
68.9
60. 7
19. 7
20.3
7,089
5,717
64. 4
83.4
90. 5
26. 1
9,469
26.9
6, 862
Seaso natty adjiisted annu al rates
88.7
72. 8
79. 8
82.5
91. 4
108.3
108.2
1
Cash
marketings, Government payments, and nonmoney income
by farms.
2
Inventory of crops
livestock valued at the
price for the year.
Also, see footnote 2, p. 3.
s
on
of
definition of a
The
of
is
held
within a year.
1974
60.5
64. 6
72.4
75.5
84. 5
101.2
103.0
49.4
51.5
55. 8
58.0
65.9
77.9
80. 0
19. 3
21.3
24. 0
24. 5
25.5
30. 4
28.2
19. 9
21. 9
24.4
24. 7
27. 2
31.4
29. 2
< Income in current
divided by the index of
family living items on a 1967 base.
Source: Department of Agriculture.
6,930
7,630
8,580
8,690
9, 560
11, 040
10, 350
6, 060
6, 550
6,390
6,830
7, 610
6,810
by
$12% billion
inventory valuation adjustment, corporate profits fell $3 billion.
in the first
the
OF
OF
1160
160
20
20
1974
1968
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC
of dollars; quarterly
at
inYeiitory
(bef<3te taxes)
valuation adjustme at
TransM ^annfactiu ing
portation
comNonDurable durable
All
munigoods
other 1
Total Indusgoods cation,,
and
tries
public
tries
utilities
42,6
24 0
18.6
27,9
11. 9
38. 7
20, 7
18. 0
10,8
29. 1
22. 4
41. 7
19. 3
32. 0
10. 6
36,6
17. 7
18.8
33. 1
10. 1
17.3
27.8
10. 5
33. 7
7. 8
32. 5
17. 8
14. 7
39. 1
8. 6
40. 1
20. 2
20. 0
41. 7
9. 3
50.8
24. 2
26. 6
9.3
49.0
adjusted
Con3 orate piofits
i
Period
All
industries
32.4
78.7
84. 3
79. 8
1970— — — 69. 2
80. 1
1971
1972
91. 1
109.0
1966--.—
l967---___
1968
1909
III-.
rV-_
Corpo- Corporate
rate
tax
profits
before liabiltaxes
ity
Total
Corpo- Profits
rate
plus
capita! capital
con- | conUnDividend distrib- sump- sumption
tion
payuted
ments profits allow-2 allow-3
ances
84,2
79.8
87. 6
84. 9
74.0
85. 1
98. 0
126.3
34.3
33.2
39.9
40. 1
34.8
37. 4
42. 7
55.8
49.9
46. 6
47, 8
44. 8
39. 3
47. 6
55.4
70.4
20. 8
21.4
23. 6
24. 3
24. 7
25. 1
26.0
27.8
29. 1
25. 3
24, 2
20. 5
14.6
22. 5
29. 3
42. 6
39.5
43, 0
46, 8
51.9
56. 0
60. 4
65. 9
71. 4
89.5
89. 6
94,6
96.8
95.2
108.0
121. 3
141.8
91.5
98. 8
39. 9
44.7
19. 5
22.3
20, 4
22. 4
9. 8
9. 9
41 7
44. 2
98. 4
108. I
42. 9
45. 9
55. 6
60.3
26.2
26.4
29.4
33. 9
66, 0
68.0
121. 6
128.3
104, 3
I
II— 107. 9
III— 112. 0
IV___ 111.9
49. 7
52. 4
51.9
49. 2
26. 9
28. 5
26, 6
24. 4
22. 8
23. 9
25. 3
24. 9
8. 5
10. 3
9. 1
9.2
45. 4
47. 0
49. 8
53.6
119.6
128. 9 i
129. 0
127.4
52.7
57. 4
57. 6
55.7
66. 9
71. 6
71. 5
71.6
26. 9
27. 3
28. 1
29.0
40. 0
44. 2
43.4
42. 6
69.3
70. 5
71,7
74.2
136. 2
142. 0
143. 2
145.8
140. 1
59. 8
80.2
29.5
50.7
75. 2
155. 4
I>
f
pi'ofits
rifter taxc3S
Cor
108.9
'udes all other industries and financial institutions,
tides depreciation and accidental damages.
porate profits after taxes plus corporate capita! consumption allowances.
35-219°—74-
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
,
Gross private domestic investment (seasonally adjusted) in the first quarter fell back to its level 3 quarters earl
Declines in inventory investment and residential construction more than offset a rise in nonresidential fixed irsve:*
ment.
BILLIONS OF DOLLARS
250
BILLIONS OF DOLLARS
250
SEASONALLY ADJUSTED ANNUAL RATES
200
200
GROSS PRIVATE DOMESTIC
INVESTMENT
150
150
100
100
PRODUCERS'
DURABLE EQUIPMENT
NONRESIDENTIAL STRUCTURES
50
50
•—^
5
f^^
....««« «**n
CHANGE IN BUSINESS
INVENTORIES
RESIDENTIAL STRUCTURES
1970
1969
1968
1972
1971
1973
SOURCE: DEPARTMENT OF COMMERCE
1974
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed in1vestment
Total
gross
private
domestic
investment
Period
Struc tures
Total
Total
Total
1964
1965
1966
1967
19681969
1970
1971
1972
1973
„___
1972: III
IV
1973: !___
II
• III
IV
1974: I
Nonfarm
Produce rs' durable eqtlipment
Total
Nonfarm
Total
Nonfarm
94. 0
108. 1
121, 4 .
116. 6
126. 0
139.0
136. 3
153. 2
178:3
201 1
88. 2
98. 5
106. 6
108. 4
118.9
131. 1
131. 7
147. 1
172.3
194. 2
61. 1
71. 3
81.6
83.3
88.8
98.5
100.6
104. 4
118. 2
136. 2
21.2
25.5
28.5
28. 0
30. 3
34. 2
36. 1
37. 9
41. 7
48. 4
20.5
24.9
27. 8
27.3
29.6
33.5
35.3
37.0
40. 8
47.5
39. 9
45.8
53. 1
55. 3
58. 5
64. 3
64. 4
66. 5
76.5
87.8
36.3
41. 6
48.4
50. 0
53. 6
59.2
58.9
60.9
69. 8
79. 3
27. 1
27.2
25. 0
25. 1
30. 1
32.6
31. 2
42.7
54.0
58. 0
26.6
26. 7
24.5
24. 5
29. 5
32. 0
30. 7
42. 2
53. 5
57.4
181.5
189. 4
172. 9
181. 2
118.3
124.3
41.3
43.0
40. 4
42. 1
77.0
81. 2
69. 8
73.4
54.5
56.9
194. 5
198.2
202.0
213.9
189. 9
193.7
197.3
195.9
130.9
134. 1
138.0
141. 8
45.3
47. 2
49. 5
51.7
44.4
46. 3
48.5
50.7
85.5
86.9
88.6
90. 1
77. 8
78.4
80.0
81. 0
1 198. 9
193. 4
144. 1
53. 9
52. 9
90. 2
80. 9
Source: Department of Commerce.
8
Resid ential
struc tures
N anresident,ial
Change in business in\rentories
Total
5.8
9. 6
148
8. 2
7. 1
Nonfarm
6.4
8.6
15.0
7. 5
6. 9
6. 1
6.0
8.0
7.7
4.3
4.5
5.6
7.3
53. 9
56.4
8.7
8.2
8.4
7.9
59.0
59.6
59. 2
54.0
58.4
59. 1
58.6
53. 4
4.6
4.7
4.4
4.4
18. 0
3. 2
17. 3
49. 3
48.6
5. 5
5.0
7.8
4.5
4. 5
compared fo the Commerce Department survey conducted in January-February, businessmen made small downward
revisions in tneir 1974 investment programs, affecting spending in the second half.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
120
SEASONALLY ADJUSTED ANNUAL RATES
100
100
TOTAL NEW PLANT AND EQUIPMENT
80
80
NONMANUFACTURiNG
60
60
40
40
MANUFACTURING
20 M.
I
I
1968
I
I
I
1969
I
I
I
I
i
1970
1971
1972
1973
J/SEE FOOTNOTE 3 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
J/ J/ J/
i
\
A\ 20
1974
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1> fonman ufacturir *g
M anufactur ing
Period
Total i
Total
1966
1967
1968
1969
1970
1971
1972
1973
19743
1973: I
II
III
IV
1974: I
113
III3
IV 3
63.51
65.47
67. 76
75. 56
79.71
81. 21
88. 44
99.74
111. 96
96. 19
97. 76
100. 90
103. 74
107. 27
110. 58
113. 16
116. 04
28.20
28. 51
28.37
31.68
31.95
29. 99
31.35
38. 01
45. 52
35. 51
36. 58
38.81
40.61
42. 96
45. 22
46. 00
47.40
Traiisportal ion
Durable
goods
Nondurable
goods
Total
14.06
14. 06
14. 12
15.96
15. 80
14. 15
15.64
19.25
22. 49
17.88
18. 64
19.73
20.48
21. 43
22. 60
23.25
22. 61
14. 14
14.45
14. 25
15. 72
16. 15
15.84
15. 72
18. 76
23.03
17.63
17.94
19. 08
20. 13
21.53
22. 61
22.76
24.80
35. 32
36.96
39. 40
43.88
47.76
51. 22
57.09
61.73
66. 44
60. 68
61. 18
62.09
63. 12
64. 31
65. 36
67. 15
68. 64
:cludes agricultural business; real estate operators; medical, legal, educa, and cultural service; and nonprofit organizations.
sludes trade, service, construction, finance, and insurance.
timates based on expected capital expenditures as reported by business
*« «*„<} April and May 1974. Includes adjustments when necessary for systematic
tendencies in expectations data.
Mining
1. 62
1. 65
1.63
1. 86
1. 89
2. 16
2. 42
2. 74
2. 98
2.59
2. 77
2. 82
2.76
2. 80
2.97
3.06
Railroad
Air
2.37
1. 86
1. 45
1.86
1. 78
1. 67
1.80
1.96
2. 54
2. 11
1. 75
1.95
2. 05
2. 10
2. 48
2. 70
1.74
2.29
2.56
2. 51
3.03
1.88
2. 46
2.41
2. 09
2.21
2. 72
2.49
2.20
2. 13
2.26
2. 16
ComCom- mercial
Public muniand
utilities cation
Other
other 2
7.43
1. 64
8.74
1.48
1.59 10. 20
1. 68 . 11. 61
1.23 13. 14
1. 38 15.30
1. 46 17. 00
1.66 18.71
1.99 21. 36
1. 53 18.38
1.62 18. 08
1.79 18.58
1.73 19. 80
1. 63 20. 12
1. 93 20.73
2. 17 21.53
14.48
6. 02
6.34
14.59
6.83
15. 14
16.05
8.30
10. 10
16.59
10. 77
18. 05
11. 89
20.07
21.40
12.85
13.80
21.66
12.34
21.53
21. 55
12. 70
21. 36
13. 12
21. 35
13. 24
21. 69
13. 83
35. 00
35. 54
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
necessarily coincide with the average oi seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
Source: Department of Commerce.
OF
The
There
civilian labor
by 366,000 in
the
in the
in nonagricultural employment (250,000)
in unemployment (170,000), and
(54,000) for the
consecutive month.
OF PERSONS*
MILLIONS OF PERSONS*
OF
uNE
VIPl
m^
11til
:Sf>S
S3 »;
A
|
|
i:£*;*
OF
s EA S<DhJA in' t\D JL S" EC
C>Y A/IE NIftV"E
&
T"^!
:¥: •XTO S:
r-rjwi
:::;:
"TT4
m
pi
m1
Si:
:>x
W
n
vX
1!iiiiii 1iii
islfe]
:«
S:i:fS
S'i: 1
1
Si
:;:i: :-x: :>:: x>:
:$•:
:S:
!=S
Si:
mW-™
;Sj
S:<
ii^
i Si i l 1 i || 1
i1 $x ii iii ii iii 1ii iii
11 1 i
w s; :w|;:;: Si: •'s fi:: Si :S: Si: •'s Sx S: W: s; $•: Si; :;S ••••/,
W:
i;S. & |:S5 :S:| si S : W-l S; •s|sf:S
:s|:S
Si ::x •>:•-. Si|s :i-i S?;
;i
s
isi ii Ii liii
ii is; i i i
iS
iii I
Si: 1 1
1
i
11i
iiiiijiiiii;
1
Si: iii
1IIiili 1
11It Si
11
19 7 2
191jg
19 6 ?
19 7"
IS 70
s'ls; :S
ii
:
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l
l
:
^
-~!
'•:•:•
i&liiiiii
; lips
iiiiii ilip!
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w
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iiiii
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iiiiii Ii
r/
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3
1974
16.YEARS OF AGE AND OVER.'
SOURCE;
Period
DEPARTMENT Of
Total
labor
force
(including
Armed
Forces)
1970___ 85, 903
1971 __ 86, 929
88, 991
1973*- 91, 040
LABOR
COUNCIL CF ECONOAAIC ADVISERS
Civilein employ inent
Total
78,
79,
81,
84,
627
120
702
409
Nonagricul-
Unemployment
Thoug
75, 165
75, 732
78, 230
80, 957
of
4, 088
4,993
4,840
4, 304
Total
labor
force
(including
Armed
Forces)
1C)
85, 903
86, 929
88, 991
91, 040
Civilijin
Civilian
labor
force
715
113
542
714
Agricultural
N onagricul- •
tural
0 ver
Of
82,
84,
86,
88,
78, 627
79, 120
81, 702
84, 409
3,462
3,387
3,472
3,452
75, 165
75, 732
78, 230
80, 957
(Seasonally adjusted
Unadji
1973:
Apr__
MayJune _
July.
Aug_
Sept..
Oct__
Nov.
Dec__
1974:
Jan_»
Feb..
Mar_
Apr__
May-
Total
yment
Unempl oyment Labor
Unem- rate
force
(pe
of particiployD
civilia
ment
pation1
for ce)
rate
i
Percent
4, 088
4. 9
61. 3
4.993
5. 9
61. 0
4 ? 840
5. 6
61. 0
4, 304
61.4
4.9
nally
Unadadju
justed
893 823
89S 891
92? 729
93, 227
92, 436
91, 298
92, 046
92, 168
91, 983
83? 299
83, 758
85, 567
86, 367
85, 921
84, 841
85, 994
85, 828
85, 643
80; 004
80, 291
81,514
82, 201
82, 095
81, 406
82, 469
82, 409
82, 441
4S 174
3, 799
4, 847
4,550
4,208
4, 165
3,763
4, 056
4, 058
90, 622
90, 597
91, 133
91, 139
91, Oil
91, 664
92, 038
92, 188
92, 315
88, 272
88, 263
88, 818
88, 828
88, 704
89, 373
89, 749
89, 90S
90, 033
83, 854
83, 950
84, 518
84, 621
84, 513
85, 133
85, 649
85, 649
85, 669
3, 356
3, 320
3,430
3, 512
3,425
3,376
3, 455
3, 561
3,643
80, 498
80, 630
81, 088
81,109
81, 088
81, 757
82, 194
82, 088
82, 026
4, 313
4,300
4, 207
4, 191
4, 240
4, 100
4, 254
9.1, 354
91, 692
91, 884
91, 736
92, 158
84, 088
84, 294
84, 878
85, 192
85, 785
80, 891
81, Oil
81, 544
81, 756
82, 181
5,008
5, 140
4, 755
4 ; 301
4, 144
92, 801
92, 814
92, 747
92, 556
92, 909
90, 543
90, 556
90, 496
90, 313
90, 679
85, 811
85, 803
85, 863
85, 775
85, 971
3, 794
3,852
3, 699
3, 511
3, 457
82, 017
81, 951
82, 164
82, 264
82, 514
4,732
4,753
4,633
4,538
®Data beginning
1972 not strictly comparable
prior
of adjustment to 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to ciYilian employment. A further adjustment in March 1973
added
to the labor force
to employment.
10
1
4,418
4,364
4, 705
4.8
4.3
5.4
5. 0
4. 7
4. 7
4. 2
45
4. 5
5, 0
4.9
4.8
4. 7
4- 7
4.8
61.3
61. 2
61. 6
81. 4
61. 3
61. 6
61. 8
61. 8
61. 8
5.6
5.7
5. 3
4. 8
4. 6
5. 2
5, 2
5. 1
5. 0
5. 2
62. 0
61.9
61. 8
61. fi
61. 7
4.7
4*&
4. 7
Total labor force as percent of noninstitutional population 16 years of
and over.
Source: Department of Labor.
• seasonally
unemployment rate for
unemployment rate
to 5.2 percent in May, returning to the first quarter level. The
(spouse present) declined to 2.2 percent/ the lowest level since December 1973.
PERCENT
10
PERCENT
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
\
r1*~
1
//
\/~v^T\.
UNEMPLOYMENT RATE, EXPERIENCED
UNEMPLOYMENT RATE
ALL CIVILIAN WORKERS
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
Uneinploymen t rate
(percerit of civili an labor
foi *ce in groi
IP)
Period
1970
1971
1972
1973
Experi- Married Labor
force
enced
men
All
time
wage
anc
workers salary
(wife
workers present)
4. 9
5. 9
5.6
4.9
Apr
May . _
June
July
Aug_
Sept
Oct.
Nov
Dec _ __
Jan
Feb _ _ _
Mar
Apr _
May
5.0
4.9
4.8
4.7
4.7
4.7
4.6
4.7
4.8
5. 2
5.2'
5. 1
5,0
5. 2
Pei cent
2. 6
4.8
3. 2
5. 7
5.3
2.8
2. 3
4.5
Seasonall y adjusted
4.7
4.5
4.4
4.4
4.4
4.4
4.2
4.5
4. 6
4.8
4.9
4.8
4.9
4.9
2.4
& &o
<</.
2.8
2. 1
2. t
2. 1
2. 1
2. 1
2. 2
5.3
6.4
6.0
5. 2
5.3
5. 2
5. 2
5. 1
5. 1
5.1
5. 1
5. 2
5.4
@
&.
o0
5.7
2.4
2.4
5. 7
5. 6
5. 7
5. 7
<j> K
&.
o
9 &
0
&.
1
Persons at work J n nonagri cultural ii2 idustries
by hours5 worked \3er week
Uinder 35 helurs
Part-t [me for
Part-t] me for
economi c reasons economi c reasons
Over 40 35-40
hours
Total
hours
Usually Usually Usually Usually
fullpart• full-3
parttime 3
time 4
time
time 4
Thousan ds of persons 16 ye ars of age and over
1, 201
995
18, 925 33, 537 18, 222
1, 184
19, 095 35, 752 16, 298
1,256
20, 320 36, 794 16, 549
1,327
1, 081
21, 284 37, 426 17, 473 • 1, 074
1, 237
I Jnadjustec I
Seasonall y adjusted
962
' 966
20, 968 37, 983 18, 000
989
1,169
1, 031
• 949
21, 966 37, 904 17, 239
1,043
1, 211
1, 772
1,195
21, 467 38, 306 15, 714
1, 099
1,374
1,886
20, 424 37, 040 14, 283
1, 129
1,161
1, 208
1, 567
20, 503 37, 125 14, 326
1, 315
1, 167
1, 120
1,092
1, 126
22, 631 38, 451 16, 172
1, 106
1,247
1, 108
1, 046
21, 797 34, 956 22, 136
1,103
1, 274
1, 104
1, 083
225 099 38, 566 18, 630
1, 143
1,262
1,210
22, 225 39, 574 17, 934
1, 140
1, 192
1,370
1,111
1,274
18,
682
38,
579
1,
218
19, 913
1, 373
1,222
1,881
1,375
19, 730 38, 275 19, 629
1,373
1, 127
1,261
20, 854 39, 416 17, 927
1,249
1, 291
1, 078
17, 153 34, 544 25, 026 5 1,052 5 1,080
1,812
1, 265
1, 147
21, 323 39, 775 17, 638
1, 260
1, 486
.n-hours lost by the unemployed and persons on part-time for economic
s as a percent of potentially available labor force man-hours.
ffers from total nonagrieultural employment (p. 10), which includes per1th jobs but not at
for
reasons as vacation, illness, bad weather,
dusttial disputes.
- Deludes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
4
Primarily
6
includes persons who could find only part-time work.
Average hours worked: usually full-time, 23.8; usually part-time, 18.8.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In May/ insured unemployment under State programs averaged 470,000 more than a year earlier. The seasonal
adjusted insured unemployment rate was unchanged at 3.3 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
{STATE PROGRAMS)
fl974l
1973
JAN.
FEB.
MAR.
APRIL
MAY
JULY
JUNE
AUG.
SEPT.
OCT.
SOURCE: DEPARTMENT OF LABOR
Period
1970
1971
1972
1973 *
1973: Apr »p _
_
May v
June v
July
Aug * _ _ •
_
Sept *
Oct * v
N o vv
__
Dec
_ _ _•
1974: Jan *
__ _ „
Feb vv
Mar
_ ^
Apr p v _
May
_ __ _
Week ended:
1974: May 11
18 _ _ _
25
June 1 v_ _ .._
8
15 v
DEC.
COUNCIL OF ECONOMIC ADVISERS
A 11 progranis
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment
(weekly
lions
ment
averof dol-l
age)
lars)
Thou sands
59, 526
2,070
59, 375
2,313
66, 900
2, 185
1,783
1, 828
1,610
1,523
1,640
1,572
1,441
1,452
1,667
2,093
2,740
2,824
2,751
2 ; 560
2,279
2,323
2,299
2, 179
2,244
2, 197
4, 179. 1
5, 498. 2
5, 491. 1
4, 441. 8
406. 3
379.4
315. 6
326. 9
353.5
287.8
322. 9
332.5
378.2
606.9
597.8
635. 6
594. 9
550.0
Steite progra ms
Initial
claims
Insurec1 unemploymeiJ t as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonadjusted ally
justed
Weekly tiverage, t icusands
296
25
1,805
2, 150
38
295
1,848
35
261
1, 632
29
246
1,669
216
33
193
1,465
31
1,384
206
28
1, 505
275
27
212
1,436
27
1,299
186
25
24
1,299
210
266
1,503
25
1,922
395
27
32
2, 561
446
359
33
2,630
2,502
293
35
263
2,217
35
237
1, 935
33
2
i Beginning with January 1973, monthly data include extended benefits.
12
NOV..
1,977
1,943
1,853
1, 905
1, 863
249
238
247
209
267
255
2 Not charted.
Source: Department of Labor.
Per cent
3.4
.4. 1
3.5
2.7
2. 8
2.5
• 2. 4
2. 5
2.4
2. 1
2. 1
2.4
3. 1
4. 1
4. 2
4. 0
3.5
3.0
3. 1
3.0
2.9
3.0
2.9
2. 7
2. 7
2. 7
2. 7
2. 6
2.6
2.6
2. 7
2. 8
3.1
3.3
3.4
3. 3
3. 3
Benefi ts paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
3, 848. 5
4? 957. 0
4, 471. 0
4, 007. 6
365. 7
339. 2
286. 6
296. 3
316. 3
248.3
280. 7
289. 4
335.8
558. 0
551.2
577. 3
546. 0
508. 0
50. 34
54.02
56. 03
58.73
59.41
58.44
58. 12
57.42
57.46
58. 13
58.97
59.61
60.40
62. 07
63. 10
63.28
63. 50
63. 50
iasricultural payroll employment (seasonally adjusted) increased by 182,000 in May. Employment increased
., all major sectors, except for a decline in contract construction (16,000) and an insignificant decline in durable
manufacturing (8,000).
Mil LIONS OF WAGE
AND SAURY WORK :RS
80
_
76
.^^^
^*-^~^^
16
-
^^~
rr
^^^&&
-*•
^
^**
.
^
^=^-
_
NONAAANUFACTURING
(PRIVATE)
\
.
— . 8—
\\
14
"**"•*'*
-
44 C
"1
WHOLESALE: AND RETAIL TR
ADE
6B
40
{SEASONALLY A DJUSTEDJ
(ENLARGED SOME)
_
ALL NOblAGRlCULTURALr
ESTA BLISHMENTS ^
72
MIL LIONS OF WAGE
AND SALARY WORKE RS
18
(SEASONALLY AC)JUSTED)
r 12
^
^»*
^^»xu
^.-—^~-
,»»»«»
"
101 «J
\
,„ B,S»****"*"**
SERVICES
^
- *<•
D JRABLE
MANLJFACTURING
12
UIHIItt"'*1'*""'
7,
36
r-w.,
-
i
10
24
\
20
NONDURABLE
MAhFRACTURING
-
MAI*slUFACTURING
8
•funnim
-
...^.-SJ^KL
1 11
|ll,,UHHUUI«» * " "
|>itn...>.iu,,,,,.mu..H
__
x- /
16
3
GOVERNMENT
-
CO NTRACT
CONS TRUCTION
x
4
12
^^
8 -f 1 1 1 I 1 1 I i I 1 !
_J I i ! ! 1 I 1 I ! 1
1972
1971
\ I 1 1 1 1 1 I i ! |
,
2
1 1 f ! ! 1 1 1 I MK
1973
1974
|
I I 1 i ! 1 i I 1 1_J_
1971
1972
, , , , , ! , , , .,,j
1973
SOURCE; DEPARTMENT OF LABOR
1974
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
Manufa cturing ( private)
Period
Total
1968
1969
1970
1971
1972
1973
1973: Apr__
MayJune.
July__
Aug—
Sept__
Oct__
Nov_
Dec._
1974: Jan__
Feb__
Mar__v
Apr
Mayp
67, 915
70, 284
70, 593
70, 645
72, 764
75, 567
75, 105
75, 321
75, 526
75, 478
75, 747
75, 961
76, 363
76, 679
76, 626
76, 526
76, 813
76, 804
76, 928
77, 110
Total
19, 781
20S 167
19, 349
18, 529
18, 933
19, 820
19, 727
19, 782
19, 856
19, 804
19, 861
19, 882
20, 016
20,095
20, 090
20, 006
19, 904
19, 851
19, 911
19, 924
NonDurable durable
goods goods
11, 626
11, 895
11, 195
10, 565
10, 884
11, 633
11, 534
11,602
11, 654
11, 646
11, 692
11, 708
11,802
11, 859
11, 859
11, 774
11,683
11, 644
11, 725
11,717
^
Total
Mining
8, 155 36, 288
8,272 37, 915
8, 154 38, 709
7, 964 39, 261
8, 049 40, 541
8, 186 42, 089
8, 193 41, 764
8, 180 41, 897
8,202 42, Oil
8, 158 42, 079
8, 169 42, 249
8, 174 42, 423
8,214 42, 601
8, 236 42, 746
8, 231 42, 649
8, 232 42, 636
8, 221 42, 915
8,207 42, 910
8, 186 42, 913
8,207 43, 024
eludes all full- and part-time wage and salary workers in nonagricultural
.ishments who worked during or received pay for any part of the pay period
i includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
fonmanu ifaeturin g (private)
Gover nment
Con- Trans- Whole- Finance
insursale
tract portation
ance, Services Federal State
conand
and
and
and
retail
strue- public
local
i
real
tion utilities trade estate
606 3,285 4,310
619 3, 435 4 S 429
623 3,381 4,493
602 3,411 4,442
607 3, 521 4, 495
625 3,648 4, 611
608 3, 571 4,591
608 3, 620 43 593
629 3,654 4,597
631 3, 680 4, 598
634 3, 676 4,617
633 3,700 4, 629
• 639 3, 694 4,671
644 3, 711 4,654
646 3, 732 4, 644
654 3, 636 4, 684
656 3, 757 4, 691
655 3,725 4,676
657 3, 656 4, 663
660 3, 640 4, 667
14, 084
14, 639
14, 914
15, 142
15, 683
16, 288
16, 217
16, 256
16, 262
16, 294
16, 352
16, 388
16, 465
16, 520
16, 398
16, 417
16, 472
16, 487
16, 542
16, 581
3, 382
3, 564
3,688
3, 796
3, 927
4,053
4,031
4,044
4, 049
4,048
4,064
4, 078
4,088
4,095
4, 101
4, 109
4, 124
4, 127
4, 135
4, 151
10, 623
11, 229
11, 612
11, 869
12, 309
12, 866
12, 746
12, 776
12, 820
12, 828
12, 906
12, 995
13, 044
13, 122
13, 128
13, 136
13, 215
13, 240
13, 260
13, 325
2,737
.2, 758
2,705
2,664
2,650
2,627
2,628
2,641
•2, 613
2,588
2,599
2, 613
2, 626
2,638
2,654
2, 651
2, 670
2,675
2, 681
2, 695
9,109
9 S 444
9,830
10, 191
10, 640
11, 031
10, 986
11, 001
11, 046
11, 007
11, 038
11-, 043
11, 120
11, 200
11, 233
11, 233
11, 324
11, 368
11, 423
11, 467
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
Source: Department of Labor.
13
OF
workweek of nonfarm
as in the first quarter.
the
HO JRS
46
(seasonally
HO URS
46
PER WEEK (SE^ SONALLY ADJUSTED}
TOTAL
by 0.2
to
in M
PER WEEK <SE>\SONALLY ADJUSTED)
MANUFACRJRING
NOJAGRIC ULTUR/a PRIVATE
44
44
42
42
40
40
38
38
^m^^^^^^
FV-
«^—
s*^!^^
•X^
36
34
36
A 1 I 1 1 1 1 1 1 I 1 1
i i i ii
" 1971
1 1 1 1 1
,,,,,!
1973
19 72
-LI I i i 1 i i : ' U
1974
42
34
/H 1 1
V
1 1 1 1 1 I
1 1
M i l l
1 1 1 i 1
19 72
1971
I i i 1 1 I I i ! 1 1
M i l l
1973
1 i i I i l>
19 74
42
RETAIL TRAC)E
CONTRACT CONSTRUCTION
40
An
38
"3Q
36
•)£
34
-}A
32
00
-~-~^™,
30
30
1971
1972
1973
1974
L_i_l^_Ll_lJ^l_
1971
I i i i .1 1 i I I I |.
1 M ' ' -1 ' ! 1 M
1972
1973
SOURCE: DEPARTMENT OF LABOR
i i i•i ' • '-M 1 1 1h
1974 N
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Total
n onagricultural
private 2
Period
Manufacturing
Contract
construe-
Retail3
Total
nonagricultural
private 2
Unad justed
1965
1966
1967
1968
1969
1970
1971
38. 8
38. 6
38. 0
37. 8
37.7
37. 1
37.0
37.2
37. 1
1973
Apr_ _
May
June___
July
Qct
__
Nov
Dec
Feb
Mar
•Apr vv
May
_
_ _
1
Data relate to production
2
Also includes other private
3
37.0
37. 4
37. 6
37.5
37. 3
37.0
37.0
37. 2
36.4
36.6
36.6
36.3
36. 6
41. 2
41. 3
40. 6
40. 7
40.6
39. 8
39.9
40.6
40. 7
40. 7
40.7
40.9
40. 5
40. 5
41.0
40. 7
40.8
41. 2
40,0
40, 1
40.3
39. 2
40.3
workers or nonsupervisory employees.
industry groups shown on p. 13. .
Includes eating and drinking places.
37.4
37. 6
37. 7
37.4
37.9
37.4
37. 3
37.0
37. 2
36. 8
37.5
38. 1
38. 4
38. 3
37.9
37.7
37. 5
36.6
34. 9
36.4
36.7
36. 1
36. 9
Manufacturing
Contract
eonstrue-
Retail
trade 3
Seasonal!]f
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33.6
33. 2
33.0
33.0
33.8
34. 3
34. 1
33. 2
32.8
32.8
33.2
32.3
32.4
32.4
32.7
32.5
37. 2
37. 2
37. 1
37. 2
37. 0
37. 2
37. 0
37. 1
37.0
36.7
37. 0
36.8
36. 6
36, 8
Source: Department of Labor.
40. 9
40.7
40.6
40. 7
40.5
40. 8
40.6
40.6
40. 7
40.3
40. 5
40.4
39. 4
40.3
37. 0
37.6
37. 4
37. 5
37. 1
36. 7
36. 9
38.5
37. 2
36. 2
37. 7
37. 1
36. 3
36.9
33. 4
33. 4
33. 5
33. 2
33. 0
33. 2
33. 0
33. 1
32. 9
32. 8
33. 0
32. 9
33. 1
32. 9
VERAGE HOURLY
WEEKLY
- SELECTED INDUSTRIES
Average hourly earnings (not seasonally adjusted) of private nonfarm payroll workers increased by 7 cents (22.7
percent annual rate) to $4.14 in May. This is an increase of 29 cents (7.5 percent) over the previous May.
COLLARS.
.DOLLARS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
280
7.00
CONTRACT
CONSTRUCTION
240
____r?^_i^
6.00
^A7
CONTRACT
CONSTRUCTION
200
5.0.0
MANUFACTURING
160
4.00
TOTAL NONAGRICULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
120
3.00
RETAIL TRADE
RETAIL TRADE
80
2.00
1971
1972
1974
1973
1971
1972
1974
1973
.SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average h ourly earni ngs— curre nt dollars Average ^weekly earn ings— curr ent dollars
Total
nonagriculturai
private l
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Apr
May __
June
July
Aug
Sept __
Oct
Nov
_
Dec_ _
.
$2.45
2.56
2. 68
2.85
__
__
3. 22
3. 43
3.65
3.89
3.83
3.85
3.87
3.90
3. 91
3.99
3. 99
4. 00
4. 01
$2. 61
2.72
2.83
3.01
3. 19
3. 36
3.56
3.81
4.07
4.01
4. 02
4. 04
4.06
4. 06
4. 13
4. 14
4. 16
4.21
4. 02
4. 04
4. 06
4.07
4. 14
4.21
4. 21
4. 24
4.24
4. 32
_
_
1974: Jan
Feb
Mar__p _ _
Apr _.
May v
3
Manufacturing
a 04
Contract
construction
Retail
trade 2
3
Manufacturing
Contract
construction
Retail
trade 2
$107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
165. 65
163. 21
163. 61
165. 24
164. 43
164. 43
169. 33
168. 50
169. 73
173. 45
$138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
240. 68
232. 21
237. 75
241. 94
245. 76
247. 42
251. 66
251. 08
250. 13
245. 22
$66. 61
68.57
70.95
74. 95
78. 66
82.47
86. 61
90.72
95. 28
93. 39
93. 72
96.67
98. 10
97.87
96. 94
96. 10
96.43
97.61
235. 23
245. 34
247. 73
244. 76
251. 29
96. 58
96.88
97.52
98. 43
99. 78
$3. 70
3. 89
4. 11
4.41
4. 79
5. 24
5.69
6.06
6. 47
6.31
6. 34
6.35
6.40
6. 46
6.-64
6.66
6.67
6.70
$1. 82
1.91
2. 01
2. 16
2.30
2. 44
2. 57
2.70
2. 87
2.83
2. 84
2.86
2. 86
2.87
2. 92
2. 93
2. 94
2. 94
$95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
144. 32
141. 33
142. 45
144. 74
146. 64
146. 63
148. 83
147. 63
148. 00
149. 17
6.74
6.74
6.75
6. 78
6.81
2. 99
2.99
3.01
3. 01
3. 07
146. 33
147. 86
148. 60
147. 74
151. 52
Also includes other private industry groups shown on p. 13.
Includes eating and drinking places.
Adjusted to exclude the effects of overtime and interindustry shifts.
33-510°—74
Total
nonagricultural
private 1
168.
168.
170.
166.
174.
40
82
87
21
10
Manufr icturing
indu stries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967=
1967
i nn s
dollars 4
92. 6
$113. 79
115. 58
95.7
114. 90
100. 0
106. 2
117. 57
112. 6
117. 95
119. 6
114. 99
117. 10
127.5
135.4
123. 46
143.4
124. 15
141. 3
124. 87
142. 0
124. 42
142. 4
124. 80
143. 2
123. 91
143. 9
121.71
145.2
124. 97
145. 9
123. 35
146. 7
123. 35
148.3
125. 23
149. 1
149. 7
150. 4
151.7
153.4
120. 54
119. 31
119. 41
115. 42
119. 57
* Earnings in current dollars divided by the consumer price index.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production (seasonally adjusted) registered its second consecutive monthly increase in May with a rise of
0.4 percent. The rise was again centered in durable goods manufacturing.
Index, 1967 =100 (SEASONALLY ADJUSTED)
Index, 1967 = 100 (SEASONALLY ADJUSTED)
T40
1974
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1966
1967
1968
1969
1970
1971
1972
1973
1973: Apr
May_ _
June
July
Aug
_ __
Sept__. _ _ Oct
Nov_
Dec
1974: Jan _
Feb
Mar__
Apr »_v ___
May - _ _
Total
industrial
production
97.9
100.0
105. 7
110.7
106.6
106.8
115. 2
125.6
124. 1
124.9
125.6
126.7
126.4
126.8
127.0
127.5
126.5
125.4
124.6
124.5
124. 9
125.4
[1967= 100, seasonally adjusted]
Industry
Mamufacturi Q
Total
98.3
100. 0
105.7
110. 5
105.2
105.2
114.0
125. 1
123.8
124. 9
125.6
126.5
126. 1
126. 3
126.4
127. 4
126.4
125.3
124.5
124. 5
124.8
125.7
Source: Board of Governors of the Federal Reserve System.
16
Fiilal producits
g
NonDurable durable
99.0
100. 0
105.5
110. 0
101.4
99.4
108.4
122.0
120.6
121. 9
123.0
123.8
122. 6
123. 3
123.6
124. 3
123. 1
121.1
119.4
120. 2
120.5
121.9
Market
97. 3
100.0
106. 0
111. 1
110. 6
113.5
122. 1
129. 7
128.4
129.2
129. 3
130.6
130. 9
130.7
130. 4
131.3
131.2
131. 4
131. 5
130.9
131.0
131. 1
Mining Utilities
98.4
100.0
103. 9
107. 2
109. 7
107.0
108. 8
110. 3
109. 0
109. 1
109.5
111. 0
111.5
111. 8
111. 9
111. 3
110.4
109.9
111.7
112.5
111. 7
111. 6
93.6
100.0
109.4
119.5
128. 3
133.9
143.4
152.6
148. 7
149. 5
151. 6
154.8
154. 8
155.8
156. 2
154.6
147.6
144. 9
146. 1
146.3
146. 0
145.6
Total
96. 1
100. 0
105.8
109.0
104.5
104.7
111.9
121.3
120.0
120. 8
121.3
122. 1
121.4
122.4
122. 7
123.6
122. 6
121.2
120.6
120.4
121. 0
122.0
Consumer
goods
98. 6
100.0
106. 6
111. 1
110. 3
115. 7
123.6
131.7
130. 9
131.7
131.9
132.9
131. 2
132.3
132. 6
133. 5
131.3
129.2
128. 3
127.9
128.6
129. 5
-r
•
Intermediate
Equip- products
ment
93.0
100.0
104. 7
106. 1
96. 3
89.4
95. 5
106.7
104. 7
105. 7
106.6
107.3
107. 6
108. 5
108.9
110. 1
110. 1
109.8
109.9
110. 0
110.4
111.6
99. 2
100. 0
105.7
112. 0
111. 7
112.5
121. 1
131.0
129.3
130. 5
132.0
132.5
132. 1
131.0
130. 6
131. 1
129. 1
129.2
129. 1
127. 6
127.9
128.1
TV/T 4-
rials
99.8
100.0
105. 7
112. 4
107.7
107.4
117. 4
129.3
127.7
128.3
129. 0
130-9
130. 9
131.3
131. 1
131.5
130.6
129.7
128. 3
128.4
128.9
128. 9
RODUCTION OF SELECTED MANUFACTURES
,iost durable manufactures (seasonally adjusted) rose in May
was in transportation equipment.
Index, 1967 =100 (SEASONALLY ADJUSTED)
while most nondurables declined. The sharpest rise
Index, 1967 =100 (SEASONALLY ADJUSTED)
160
CHEMICALS, PETROLEUM,
AND RUBBER
140
PAPER AND
PRINTING
120
80
100
1971
1973
1972
1974
140
140
FOODS AND TOBACCO
-V
120
TEXTILES, APPAREL,
AND LEATHER
100
1974
1971
1971
1974
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Nc ndurable manufactu res
Durat >le manufsictures
Period
Primary
metals
FabriTranspor- Lumber Textiles,
cated
Machin- tation
and
apparel,
metal
and
equipery
prodproducts
ment
leather
ucts
Paper
and
printing
Chemicals, Foods
petroleum, and tobacco
rubber
1966
1967
1968
1969
1970
1971
1972. __
1973
108.8
100.0
103. 2
114. 1
106.9
100. 9
113. 1
127.0
100.5
100. 0
106. 3
113. 6
109. 4
107.4
114.8
130.5
98. 6
100. 0
101.9
106.8
100. 3
96.2
107.5
125.8
101. 2
100.0
109.7
107. 6
90.4
92.9
99.0
109. 1
98.4
100. 0
104.8
108. 6
106. 3
113.9
122.4
127.9
101.7
100. 0
104. 9
105.9
100. 2
100.7
108. 1
115.0
98. 9
100. 0
104. 2
109. 1
107. 8
107.8
116. 1
122.2
94. 1
100.0
109.6
118. 4
118. 2
124. 7
137. 8
149.3
97. 0
100.0
103. 6
107. 5
110.8
113. 7
117.6
121. 9
1973: Apr
May
June_
_
July
Aug
Sept
Oct
Nov
Dec _ __ _
125.8
126. 1
124. 5
128. 1
125.6
127.8
128. 7
128.9
130.7
128.9
130. 3
133. 4
133.5
133.8
131.5
132.4
133. 1
130.0
122.6
124. 7
126. 9
127. 6
128. 5
130.0
129.3
130.4
130.9
110.0
111.0
112. 2
112. 1
105. 7
107.3
108.8
109. 8
103.0
129. 1
127. 5
126. 6
125.4
128.4
128.9
127.4
127. 3
126.3
114.0
113. 3
115. 0
114. 5
115. 4
117.5
116.8
116. 7
118.8
120.8
121.9
122. 8
123.8
124.5
122. 1
121. 3
121. 9
121. 2
147.9
150. 2
149.8
151. 8
151.0
150.9
151. 1
151.6
151. 6
120. 7
121. 5
119.5
121. 3
122.0
122. 2
121. 7
124.7
123.0
129.5
125.0
126. 1
124.4
126. 0
131.4
130. 6
131.5
131.7
132. 0
128.6
127.2
128. 0
127.9
129. 2
95.7
93. 9
94. 7
97.3
99.9
126. 1
127. 1
126. 1
127.0
116.2
115.3
113. 2
111.7
111. 6
121. 7
122. 2
122. 5
122. 1
121. 5
151.5
151.2
151.3
152.8
153. 3
125.4
126. 2
125. 1
124. 8
125. 1
1974: Jan
Feb
Mar _
Apr »v _
May
_
_
_ _
_
__ _
_ _
I
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production (not seasonally adjusted) increased in May.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
BITUMINOUS COAL
2
J
F
M
A
M
J
J
A
S
O
N
J
D
F
M
A
M
J
J
J
J
A
S
O
N
D
N
D
BILLIONS OF KILOWATT HOURS
ELECTRIC POWER
CARS AND TRUCKS
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
\V eekly average :
1967
1968
1969
1970
1971
1972__
1973 ^
1973: Apr___
_ __
• MayJune July
Aug__
Sept
Oct
Nov
Dec
1974: Jan
Feb
M a r _ _ _ „Apr _
May p
- Week ended:
1974: Mavll
18
25 _
June 1
8
15 »
22 *
'Includes data for Alaska.
Net charted.
2
18
Steel p roduced
Index
Thousands
of net
(1967=
tons
100)
2, 440
2,515
2, 709
2, 522
2, 310
2,549
2,892
2,981
2,974
2, 911
2, 781
2, 750
2, 857
2, 906
2, 934
2,878
2, 873
2, 900
2, 880
2, 900
2,881
2, 915
2, 871
2, 840
2, 901
2,862
2, 808
2
2, 842
S
O
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboaro
Car s and triicks
power
coal mined
loaded
produced assemb led (thoiisands)
distributed (thousands (thousands
(thousands
(millions of
of short
of cars)
of tons)
Total
Cars
Trucks
kilowatt-hours) tons) l
100. 0
103. 1
111. 0
103. 4
94. 7
104. 5
118. 5
122. 2
121. 9
119. 3
114. 0
112. 7
1 17. 1
119. 1
120. 3
118. 0
117. 8
118. 8
118. 0
118. 9
118. 1
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
33, 164
33,543
38, 061
39, 417
39, 783
36, 572
34, 762
34, 336
34, 911
35, 150
35, 617
34, 224
33, 302
34, 885
10, 627
10, 485
10, 779
11, 595
10, 619
11,450
11, 346
11,214
11,562
10, 498
9, 621
12, 090
12, 054
12, 175
11, 530
11, 111
11, 348
12, 201
12, 078
12, 396
12, 534
540
543
543
522
486
502
525
519
543
545
504
543
543
564
536
487
491
524
529
525
532
439
479
507
489
501
548
569
582
589
582
525
586
543
590
577
512
505
584
595
594
590
172. 9
207.6
195. 8
158. 9
204. 8
217. 3
243. 5
262. 0
269. 7
280. 1
216. 6
151. 5
234. 3
269. 2
257. 4
177. 0
189. 1
200. 1
196. 1
208. 9
217. 4
142. 4
170.1
158. 1
125. 9
165. 0
169. 6
185. 8
200. 8
207. 2
216. 7
164. 4
106. 5
179. 0
208. 8
198. 5
129. 0
133. 1
141. 1
139. 2
153. 1
160. 1
30.5
37.5
37. 8
33. 0
39. 8
47.6
57. 7
61. 2
62.5
63.3
52. 2
45. 0
55. 3
60. 5
58. 9
48. 0
56. 0
59. 0
56. 8
55. 8
57. 2
119.
117.
116.
118.
33,
35,
35,
34,
36,
37,
12,
12,
12,
11,
12,
13,
544
541
550
492
540
552
595
597
583
588
594
595
228. 7
222. 2
222. 7
195. 8
231. 7
228.0
2
179. 8
172. 0
162. 7
163. 3
142. 6
170. 5
173. 6
135. 4
56. 8
59. 6
59. 4
53. 2
61. 2
54.4
44.4
5
7
4
9
117.3
115. 1
116.5
769
237
792
743
481
152
2
945
900
750
540
705
195
Sources: American Iron and Steel Institute, Edison Electric Institute, Depart
meiit of the Interior, Association of American Railroads, American Paper Instr
lute, and Ward's Automotive Reports.
I?
rding to preliminary esfimates/ expenditures for new construction (seasonally adjusted) rose 1 percent in April.
rivate nonressdential and public construction contributed to the rise.
BILLIONS OF DOLLARS
760
BILLIONS OF DOLLARS
160
SEASONALLY ADJUSTED ANNUAL RATES
140
140
TOTAL NEW
CONSTRUCTION
120
120
100
100
PRIVATE
60
60
- PUBLIC _
\
40
S8 5 BISS !l S8 001
,,Bi».ISB8HM» * '
20
I
" « *
I I 1 1 I I T t
1 1
'
40
,„
t
IIIIIIUIIIff4Y""fimt* '"'""i
! t ! ! I ! F | [ 1
,»%»«*%/
20
| J 1 ! |!
20
20
1968
1969
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Total new
construetion
expenditures
86. 6
93.4
94. 2
109. 2
123. 8
135. 1
1968
1969
1970
1971
1972
1973
Total
59. 0
65.4
66. 1
79.4
93.6
102.6
Private
Residlential
CommerNew
l
housing
Total
industrial
units
Billions of doll ars
30.6
24. 0
13. 8
33.2
25.9
16. 2
16.3
24. 3
31. 9
43. 3
17.0
35. 1
54.2
18. 1
44.7
57.7
47.7
21. 6
Other
Federal^
State,
and
local
147
16.0
17. 9
19. 1
21.3
23.2
27.6
28.0
28. 1
29.9
30.2
32.5
22. 6
22. 5
22. 4
22. 9
23.0
23. 6
23.6
23. 1
23. 8
24. 4
24. 1
25.0
24.8
25.0
25. 2
32.3
33. 6
32.6
32. 3
31.0
31.5
31. 1
33.2
33.5
32.9
33.8
35.4
37.8
36. 1
36.6
Seasonall y adjusted at inual rates
Feb
Mar_
Apr _
May _
JuneJuly
Aug _ __
Sept___
Oct____
Nov _
Dec
JanFeb__
_ _
p
v
Apr
136. 4
137. 5
133. 9
134. 2
133. 7
136.5
136.4
136.2
135.9
134.8
133. 4
134.0
137.0
134.8
136. 2
104. 1
103. 8
101.3
101.8
102. 7
105.0
105. 3
103.0
102.4
101. 9
99.6
98.6
99.2
98.7
99. 7
61. 5
60.7
58. 1
57. 5
58. 1
59. 0
59.2
58.5
56. 5
54.7
52.7
50.4
50.0
50.0
49. 8
49. 4
49. 6
48. 9
49. 2
49. 5
49.5
49. 3
48. 2
46. 0
44. 1
42. 0
39.7
39.3
39.4
39. 4
"Andes nonliousekeeping residential construction and additions and alterations, not shown separately.
2 F. W.
series.
to 50
1969 for value
and
1971 for
space.
20. 1
20.6
20.8
21. 5
21.6
22. 5
22.5
21.4
22. 1
22. 9
22. 7
23. 2
24. 5
23.7
24. 6
Construction contracts 2
CommerTotal value cial
index?
industrial
(1967= floor space
100)
(millions of
square
113.2
123.7
123. 1
145. 4
165. 3
181.3
779
883
743
727
854
1,021
Seasonally
Seasonally adjusted
adjusted
annual
rates
191
I , 029
193
993
177
1, 012
173
988
183
1,027
175
1, 161
199
1, 118
182
1, 029
191
1, 106
194
1, 047
161
815
885
155
968
187
878
181
1 ? 003
179
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
After rising in April, housing starts fell 11 percent in May to a seasonally adjusted annual rate of 1,450,000
the average for the first 5 months to 1,593,000. Permits for future housing units fell much more than starts in May.
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
10
1.0
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. AND VETERANS' ADMINISTRATION
[Thousands of units]
Hou sing star ts
Period
1968
1969
1970
1971
1972___
1973 _
1973: Apr
May__
_
__ _
June_
_
_
July
Aug
_ _ __ _
Sept
__ _
_ _
Oct.Nov
Dec _
1974: Jan
Feb
Mar v _ _
Apr .p _
May
1
2
Total
private
Total
and
private
public (includ(including
ing
farm)
farm)
Private
Total ( including5 farm)
Total
1, 545. 4
1, 499. 5
1, 469. 0
2S 084. 5
2, 378. 5
2, 057. 5
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
205.4
234. 2
203. 4
203.2
199.9
148.9
149.5
134. 6
90.6
86. 2
109.6
127. 2
161. 0
147.9
205. 0
234.0
202.6
202. 6
197.2
148. 4
147. 1
133.3
90.4
84. 5
109. 4
124. 8
159. 6
147. 0
2, 153
2,330
2, 152
2, 152
2 ? 030
1,844
1,674
1,675
1, 403
1,464
1, 922
1,499
1, 631
1,450
Cover nment
home p rograms
(non] "arm)
New
private
housing
units
authorized 2
Applications for Requests
for VA
FHA
commit- appraisals
ments 1
Two or
FHA 1
VA
more
units
899.4 608. 2
147. 7
56. 1
1, 353. 4
168.9
51. 2
153. 6
810. 6 656. 2
187. 6
1, 323. 7
61. 0
315.
0
812.9 620. 7 233. 5
1, 351. 5
901.
2
301.
2
94.
0
366.8
1, 151. 0
1, 924. 6
2, 218. 9
225. 2
1, 309. 2 1, 047. 5 198.4 104. 0
83.2
73. 6
86. 1
1, 795. 5
1, 132. 0 913.3
Seasona lly ad justed annu al rates
922
71
75
98
1,939
1,231
82
91
1,088
1, 838
1,243
109
1,013
99
1, 140
79
89
2,030
92
920
1,232
88
81
1,780
921
69
92
69
1,108
1,750
854
94
66
1,596
990
71
718
52
62
1,316
51
957
737
56
57
57
938
1, 314
636
30
37
68
767
1,237
671
39
46
793
1, 301
61
62
866
48
64
1,056
1,333
72
48
537
962
1,461
71
635
41
74
996
1, 300
71
521
79
1,055
929
a Units repres en ted by nlortgage applications or appraisal requ ssts
One
unit
U nits are for 1- to 4-family housing
Authorized by issuance of local building per mit: in 14,0 )0 permit-issiling
places beginning 1972; 13,000 for 1967-71; 12,000 for!963-66; and 1(),000 prior to I 963.
20
Propose^d home
constniction 3
131. 7
138. 2
143. 7
217.9
209. 4
161. 9
168
166
166
136
141
137
142
134
124
124
163
144
150.
157
for
hoine construed on.
g
ources: Dep artment of Commerce , Department of Housing and Urban
Development, a nd Veterans3 Administr ation.
>TT
SINESS SALES AND INVENTORIES—TOTAL AND TRADE
x>ol< value of manufacturing and trade inventories rose by $2% billion (seasonally adjusted) in April as comumcd to an average monthly rise of about $3 billion in the first quarter of 1974.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS' (SEASONALLY ADJUSTED)
240
(SEASONALLY ADJUSTED)
RETAIL TRADE (ENLARGED SCALE)
30
DURABLE GOODS STORES
25
INVENTORIES
20
15
\
SALES
10
NONDURABLE GOODS STORES
35
30
25
40
20
20
1971
1971
1974
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total hmsiness 1
Re tail
Whol esale
Sales2
Period
Sales 2
Inventories 3
Sales 2
Inventories 3
*Millions of
1966
1967
1968
1969
1970
1971
1972
1973
1973: Mar
Apr_
May
June
July
Aug
Sept
Oct
Nov
Dec
1974: Jan
Feb_ _ _ _ _
MarD
Apr _D
May __ __
87, 178
89, 698
97, 100
103, 104
104, 708
112, 267
124, 680
144, 541
141, 010
141, 274
142, 682
142, 311
146, 458
146, 068
146, 235
150, 157
153, 096
151, 381
155,
015
4
156, 203
4
159, 584
4
160, 704
136,
145,
155,
166,
174,
183,
196,
221,
729
164
376
813
875
622
002
357
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
24, 850
30, 405
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
31, 732
36, 926
201, 317
202, 529
204, 623
206, 961
208, 776
210, 548
212, 227
214, 284
217, 637
221, 357
224, 657
227, 726
230, 590
233, 135
29, 312
29, 621
29, 675
29, 528
30, 443
30, 692
30, 646
31, 918
33, 101
33, 910
34, 896
36, 091
37, 515
37, 696
33, 245
33, 574
33, 986
34, 148
34, 653
34, 964
35, 266
35, 379
36, 265
36, 926
37, 826
38, 501
39, 347
39, 581
ie term "business" also includes manufacturing (see page 22).
mthly average for year and total for month.
Inventories 3
NonDurable durable
goods
goods
stores
stores
dollars, se asonally a d justed
8, 192 17, 138
25, 330
8,348 17, 803
26, 151
9,268 19, 222
28, 490
29, 824
9,626 20, 197
9, 524 21, 770
31, 294
34,071 10, 985 23, 086
37, 365 12, 472 24, 893
41, 943 14, 190 27, 754
Total
41, 979
41, 185
41, 723
41, 167
42, 767
42, 355
42, 529
42, 970
42, 976
42, 116
42, 932
43, 134
43, 872
43, 958
44, 383
3
4
14, 612
14, 339
14, 299
13, 731
14, 409
14, 481
14, 267
14, 331
14, 090
13, 270
13, 525
13, 327
13, 660
13, 818
14, 126
27, 367
26, 846
27, 424
27, 436
28, 358
27, 874
28, 262
28, 639
28, 886
28, 846
29, 407
29, 807
30, 212
30, 140
30, 257
Total
Durable
goods
stores
Nondurable
goods
stores
38, 073
38, 952
41, 973
45, 376
46, 626
52, 261
56, 551
63, 561
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
26, 034
28, 778
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 517
34, 783
57, 898
58, 378
59, 012
59, 788
60, 213
60, 677
60, 847
61, 681
62, 937
63, 561
64, 261
64, 394
64, 743
64, 748
26, 146
26, 356
26, 661
27, 051
27, 494
27, 563
27, 507
27, 926
28, 662
28, 778
28, 852
28, 789
28, 578
28, 388
31, 752
32, 022
32, 351
32, 737
32, 719
33, 114
33, 340
33, 755
34, 275
34, 783
35, 409
35, 605
36, 165
36, 360
T*ook value, end of period, seasonally adjusted.
Revised series; not comparable with prior data.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Shipments, orders, and inventories of manufacturers (seasonally adjusted) rose in April. The ratio of inventor!
shipments from February through April was somewhat higher than in 1973 but was low compared to earlier yeai.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
NONDURABLE GOODS
t
t I t t I I I 1I 1 I I I I
I 1 I 1 1 t I1
INVENTORY-SHIPMENTS RATIO
1974
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Manufac turers' sh ipments 1 Manufad burers' inv entories 2
Ma nufacture rs' new orde rs l
Durat>le goods
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Total
NonCapital
durable
goods
industries, goods
nondefense
Manufacturers'
inventory—
shipments3
ratio
Millions of dollars seasonal y ad juste d
1968
1969
1970
1971
1972
1973
1973: Apr
May__ _ _
June
July
Aug__
Sept—
Oct
Nov_ __
Dec
1974: Jan 4
Feb 4
Mar
A p r 44
May _
1
2
3
50, 282
53, 555
52, 860
55, 917
62, 466
72, 193
70, 468
71, 284
71, 616
73, 248
73, 021
73, 060
75, 269
77, 019
75, 355
77, 187
76, 978
78, 197
79, 050
27, 694
29, 459
28, 231
29, 948
33, 892
39, 519
38, 651
39, 284
39, 257
40, 779
39, 633
40, 162
41, 567
41, 896
40, 203
40, 792
40, 073
40, 635
41, 232
42, 608
22, 588
24, 096
24, 629
25, 969
28, 573
32, 674
31,817
32, 000
32, 359
32, 469
33, 388
32, 898
33, 702
35, 123
35, 152
36, 395
36, 905
37, 562
37, 818
90, 875
97, 074
101, 645
102, 445
107, 719
120, 870
110, 577
111, 625
113, 025
113, 910
114, 907
116, 114
117,224
118, 435
120, 870
122, 570
124, 831
126, 500
128, 806
59, 112
63, 371
66, 768
66, 050
70, 218
79, 441
72, 213
72, 867
73, 801
74, 278
75, 213
76, 249
76, 951
77, 645
79, 441
80, 541
81, 925
83, 014
84, 476
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
22
31, 763
33, 703
34, 877
36, 395
37, 501
41, 429
38, 364
38, 758
39, 224
39, 632
39, 694
39, 865
40, 273
40, 790
41, 429
42, 029
42, 906
43, 486
44, 330
50, 243 27, 666
53, 646 29, 549
52, 063 27, 431
55, 732 29, 751
63, 514 34, 867
74, 636 41, 897
73, 325 41, 341
74, 535 42, 449
75, 361 43, 016
75, 145 42, 697
76, 113 42, 689
75, 129 42, 259
77, 758 44, 037
79, 441 44, 315
76r811 _ 41, 546
79, 077 42, 453
79, 128 42, 268
79, 547 41, 974
82, 059 44, 124
46, 731
6, 971
7,694
7, 021
7,339
8,983
11, 037
10, 619
10, 919
11,415
11, 404
11, 032
11,267
11, 595
11,970
11, 569
11, 746
11,415
11, 300
11, 925
11, 771
22, 577
24, 097
24, 632
25, 981
28, 648
32, 738
31, 984
32, 086
32, 345
32, 448
33, 424
32, 870
33, 721
35, 126
35, 265
36, 624
36, 860
37, 573
37, 935
shipments; for monthly data, ratio of inventories at end of month to shi
for4 month.
Revised series for all except inventories; not comparable with prior di
Source: Department of Commerce.
1.74
1.76
1.89
1. 82
1. 67
1. 57
1.57
1.57
1.58
1. 56
1. 57
1. 59
1. 56
1. 54
1.60
1.59
1. 62
1. 62
1. 63
IRGHANBISE EXPORTS AND IMPORTS
large rise in imports and the sharp decline in exports—the first decline since September 1972—yielded a merchandise trade deficit of $777 million, on a seasonally adjusted basis, in May.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1968
1974
SOURCE; DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
expor bs
Merch andise irnports
Gem3ral impc>rts 3
Domesti c exports
2
Food, Crude ManuFood, Crude
To tal
bever- matefacbever- mate2
Total i
tured Season- Unadages,
rials
ages,
rials
goods ally ad- justed and to- and
and to- and
justed
bacco
bacco fuels
fuels
Ivlerchandi se
Period
Total (including ree xports) l
Seasonally ad- Unadjusted
justed
Monthly average:
1966
1967
_
1968
• 1969
1970 _
1971
1972
1973
2,
2,
2,
3,
3,
3,
4,
5,
458
586
839
111
555
629
102
900
2, 421
2,554
2, 802
3, 066
3,502
3, 576
4, 035
5,809
432
392
383
370
422
423
547
1, 078
367
394
405
417
558
537
591
895
1, 602
1,737
1 ? 985
2, 232
2, 445
2, 537
2, 813
3,725
2, 135
2, 241
2, 769
3, 004
3, 329
3,797
4, 632
5, 760
5,492
5, 557
5, 726
5, 860
6, 044
6, 414
6, 584
6, 871
6, 954
7,111
7, 606
7, 674
8, 234
7 , 630
5, 561
6, 021
5, 858
5, 326
5, 787
5, 959
6, 749
7, 091
6,926
6, 832
7, 298
8, 520
8, 381
8, 427
5, 457
5, 925
5, 754
5, 244
5, 684
5, 880
6, 634
7,001
6,842
6, 750
7, 207
8, 406
8, 256
843
903
1, 023
980
1, 294
1, 284
1,327
1, 514
1, 387
1, 289
1, 244
1, 336
1, 277
1,
1,
1,
1,
1,
1,
897
974
873
755
773
694
986
110
105
072
268
376
427
-ocai excludes Dep>artment ol Defense shi pments of gr ant-aid mi itary supi;nes
and equipment u nder the M ilitary Assist ance Prograrn..
2
Total includes commodities and transactions not classified according to kind.
3
Total
arrivals of imported goods other than intransit shipments.
4
Not charted.
476
447
503
533
545
606
737
1, 112
1, 204
1, 313
1, 719
1, 918
2, 159
2,535
3, 147
3,732
323
345
70
107
225
-168
-530
140
3,
3,
3,
3,
3,
3,
4,
4,
3,
3,
3,
4,
4,
136
-143
-40
39
53
792
615
243
870
Unad, 'usted
U nadjuste d
1973: Apr
Mav June
July
Aug
Sept.
Oct
Nov
Dec _ __
1974: Jan
Feb
Mar
Apr 4
Mav
382
392
447
•
442
519
534
615
767
Merchandise
trade
Manubalance,
facseasontured
goods ally adjusted
3,
3,
3,
3,
3,
3,
4,
4,
4,
4,
4,
5,
5,
583
942
725
383
523
811
192
236
244
248
563
523
381
5, 356
5, 700
5, 765
5, 821
5, 991
5, 621
5, 969
6, 628
6,084
6,
7,
7,
8,
467
392
845
141
8,407
5, 349
6, 033
5, 901
5, 652
5, 997
5, 286
6, 373
6, 787
5,777
6, 650
6, 692
7, 823
83 371
8,899
757
835
724
693
788
707
835
936
839
881
830
1, 015
937
915
1, 070
1, 077
1, 005
1, 209
1, 103
1, 311
1,424
1, 452
1,742
1, 989
2, 343
2, 811
534
996
938
800
845
332
067
283
331
882
718
295
444
644
213
-171
93
— 777
NOTE.--Data adjtisted to incliide silver c>re and bu lion reportecI separately
prior to K )69.
Source: Department of Commerce.
013
UDS.
ON
The current account on a seasonally adjusted basis was in approximate balance in the first quarter of 1974. This svs
from a surplus recorded in the last quarter of 1973 reflects largely the decline in the merchandise trade surplus due to a
higher cost of oil imports.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
4
4
-3
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars]
Period
Exports
1968
1969
1970
1971
1972
1973
33,
36,
41,
42,
48,
70,
626
414
947
754
768
252
Imports
N e t i javestment i ncome
Milit.iry trans actions
M erchandis e l 2
Net
balance
-32,991
635
-35, 807
607
-39, 788 2, 159
-45,476 -2, 722
-55, 754 -6,986
-69, 629
623
Direct
expenditures
Sales
Net
balance
-4, 535
-4, 856
-4, 855
-4, 819
-4, 759
-4, 555
1, 392
1,512
1, 478
1, 912
1, 154
2,354
-3, 143
-3,344
-3, 377
-2, 908
- 3, 604
-2,201
Private 3
U.S.
Government
63
4,207
3,655
156
-111
3, 895
-955
5, 976
6, 413 — 1, 887
8,298 -3,008
Remittances,
pensions,
and
other
unilateral
transfers 1
1, 980 -2, 943
1, 344 -2,978
2, 932 -3,256
-170 -3,647
-6, 009-3,797
4,543 -3,876
Net
Baltravel
Other ance
and
on
serv- goods
transportaices,3
and
tion
net
servexpendices 1 4
itures
-1, 548
-1,763
-2, 023
-2, 341
-3, 055
-2,710
1, 766
2,034
2,388
2,781
3, 110
3,540
Balance
on
current
account
-962
-1, 633
-324
-3,817
-9,807
667
Seaso nally adj listed
-16,190 -962
-17, 030 -360
-17,541
602
-18, 868 1,343
1973:1
II
III___
IV
15, 228
16, 670
18, 143
20,211
1974: I »
22, 299 -22, 198
1
2
3
342
-1,175
446
-1, 209
520
-1,067
-1, 104 1,046
-833
-763
-547
-58
2, 081
1, 968
2,052
2, 197
-634
-760
-795
-819
-686
-781
-613
-630
841
815
984
901
-193 -761
119 -1,056
1, 683 -897
2, 934 -1, 164
-954
-937
786
1,770
672
-466
3,662
-761
-529
895
2, 902 -2,930
-28
101 — 1, 138
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
24
4
Equal to net exports ol goods and services in the national income and product
accounts oi the United States when converted to an annual rates basis.
Note.—Series revised beginning 1962.
Source: Department of Commerce.
S. OVERALL BALANCES ON INTERNATIONAL
TRANSACTIONS
net liquidity balance showed a deficit of $869 million (seasonally adjusted) during the first quarter of 1974,
largely unchanged from the last quarter of 1973. The official reserve transactions balance was in surplus by$1,044
million as U.S. liabilities to foreign official agencies declined and U.S. official reserve assets rose.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1968
1969
1970
1971
1972_ _ _
1973
NonLong-ter m capital Balance liquid
Alloon
cations
flows>, net
shortof
current term
special
account private
U.S.
and longdrawGovernPrivate 2 term capital
ing
1
flows
2
rights
ment
capital
net
-2, 164
231
1, 191 -1, 935
-1,933
-70 -3,637 -640
-2, 025 -1, 429 -3, 778 -482
-2,362 -4, 381 -10, 559 -2, 347
-1,330
-98 -11,235 -1,541
-744 -4,276
127
-1,539
Errors
and
omissions,
net
Net
liquidity
balance
Liquid
private
capital
flows,
net 2
Changes
in liaOfficial
reserve bilities
to
transactions foreign
official
balance agencies,
net 3
Changes
in U.S.
official
reserve
assets,
net 4
94 -1,611
1,641
3,252
-761
-880 15, 710
-1, 805 -6, 081
8, 820
2, 739 -1,552 -1, 187 16, 964
867
-458 -3, 851 -5, 988 -9, 839
7,362
2,477 14, 487
717 -9, 776 -21,965 -7,788 -29, 753 27, 405
2, 348 12, 167
10,
354
710 -1,790 -13,856
3, 502
10, 322
32 13, 151
2,492
-2, 776 -7, 796
-5, 304
209 14, 378
5,095
Unadjusted
Seas onally ad justed
1973: I
II
III
IV____
-398
-862
1974: IP
1,351
1
2
-371
94
319 -1,006 -1,663
-315 -1, 158 -1, 457
1, 917
97
1, 529
-498 -1, 253
-1, 406
742
-4, 085 -6, 754 -3, 441 -10, 195
9, 975
904 -1,711
286
1, 997
-303
-387
1,627
316
1, 943 -1,930
792
-959
3, 620
2,661 -2, 646
2,065 -3,224
Excludes liabilities to fore ign official reserve agencie s.
Private forei ?ners exclud e the IMF, but include other inte mational £ind
regional organiza tions.
' Tncludes liabi lities to forei gn official ag encies report ed by U.S Governm 3nt
'.S. banks £ind U.S. liab ilities to the IMF arising from revers ible gold sa les
1 gold depcsits with, th 3 United Sta tes.
nsists of gc Id, special di•awing rights , convertible currencies and the U S
„ , - .ranche position in the I MF. Minus s ign indicates increase.
U.S.
official
reserve
assets,
net *
( end of 5
period)
290
-869
1, 913
1, 044
-834
220
17
-13
-15
-210
12, 931
12, 914
12, 927
14, 378
14, 588
S I licludes
incre ases as follow?s: for 1969, $ 37 million resulting from i evaluation
of th 3 German m ark in Oct. 1969; for 1971, $28 million i n dollar valu 3 of foreign
curre ncies revalue d to reflect n larket exchan ge rates as of Dec. 31, 1971 for second
quar ter and year 1972, $1,016 million result ing from cha nge in par v alue of the
dolla r on May 8, 1 372; and for fo urth quarter and year 1973, $1,436 million resulting
from change in pa r value of th 3 dollar on O 3t. 18, 1973.
N ;e. — Series revised beginn ing 1962.
°
SOL rces: Deparl ment of C on-imerce and I)epartment o f the Treasury.
25
CONSUMER PRICES
In May, the consumer price
1.1
0.7
(0.9
seasonally
Nonfood
ally adjusted)
services prices rose 1.0 percent.
1.1
prices
1.6
(1.3
index, 1967 =100
160
seasonIndex, 1967 =100
160
120
110
100 I t i i i i I i i i i I
i .i .1 i
1969
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All
items
Period
1965
_
1967
1968
1971
_
___
'
__
1973
1973: Apr
May _
June
July
_ _
__
_
_ _ _ _ _ _
Aug
Sept
Oct
Nov
_
Dec
1974: Jan_ „ _ _ _ __ __
Feb___
Mar
Apr_
_
May
Source: Department of Labor.
26
_
94. 5
97.2
100.0
104 2
109. 8
116. 3
121. 3
125, 3
133. 1
__ 130. 7
131.5
132.4
132.7
135. 1
. 135.5
136. 6
137.6
138. 5
_ _ 139.7
141. 5
143. 1
144. 0
145.6
[1967 = 100]
Services
Co mmoditie 3
leg>s food
Comm
Services
All
All comFood
less
Non- services Rent
modities
Durable durable
Ail
rent
94.4
95.7
99. 1
98.2
100. 0
100. 0
103.7
103. 6
108.9
108.4
113. 5 . 114. 9
118. 4
117. 4
123. 5
120. 9
141.4
129. 9
136.5
127.4
137.9
128.3
139. 8
129.4
140.9
129.7
149.4
132. 8
148.3
132. 8
148. 4
133. 5
150.0
134.7
151.3
135.7
153.7
137.0
157.6
139.3
159.1
141.0
158. 6
141. 9
159.7
143. 7
96.2
97.5
100. 0
103.7
108. 1
112. 5
116. 8
119.4
123. 5
122.3
123. 0
123. 7
123.5
123.8124.3
125.4
126. 3
127. 1
127.9
129. 2
131. 1
132.8
134.9
98. 4
98. 5
100. 0
103. 1
107. 0
111. 8
116. 5
118.9
121. 9
121.0
121.8
122. 3
122. 4
122. 6
122. 6
123. 2
123.3
123. 2
123. 3
123.4
124.3
126. 1
128. 5
94. 8
97. 0
100. 0
104. 1
108. 8
113. 1
117. 0
119.8
124. 8
123.3
124.0
124.7
124.4
124.7
125.5
127.0
128.5
130. 0
131.3
133.5
136. 1
137.7
139. 5
92. 2
95. 8
100.0
105.2
112. 5
121.6
128. 4
133. 3
139. 1
137. 1
137.6
138. 1
138.4
139.3
140.6
142.2
143.0
143.8
144.8
145. 8
147.0
147.9
149.4
96. 9
98.2
100. 0
102. 4
105. 7
110. 1
115. 2
119.2
124. 2
123. 2
123. 7
124.0
124. 4
125.0
125.4
125.9
126.3
126.9
127. 3
128.0
128.4
128. 8
129. 3
91.5
95.3
100. 0
105.7
113. 8
123.7
130.8
135. 9
141.8
139.6
140. 1
140. 7
141.0
141. 9
143.4
145. 2
146. 1
146, 9
148.0
149. 1
150.4
151.4
153. 1
SOLESALE
1.5
products
five
the
in
(1.3
1.3
in a
of
for
(2.2
up 2.7
for
2.7
of the
for
Index, 1967 =100
Index, 1967 =100
200
200
180
180
160
160
140
140
AMD
AND
120
100
1968
SOURCE:
1974
COUNCIL CP ECONOMIC ADVISERS
O?
All
commodities
Period
96.6
99.8
100. 0
102. 5
1985
1966_—
_.
ioa 5
1970
1971
1972
Apr
May
July
-
_ _
Oct
Nov
_
Dec..
Jan
Feb
Mar
Apr_
May
„__
_ _
' _
110.4
113. 9
119. 1
134.7
130. 5
133. 2
136.0
134, 3
142. 1
139.7
138.7
139. 2
141. 8
146. 6
149. 5
151. 4
152. 7
155. 0
[1967=100]
i products3
processe d
a nd
D
ProcAll InFarm
essed
Total
dustriprodfoods
als l
ucts
feeds
96.4
97. 1
95. 5
98. 7
98. 5
•103. 5
105. 9
101. 2
100. 0
109. 0
100. 0
100.0
102. 5
102. 4
102. 5
102. 2
106.0
109. 1
107. 3
108. 0
112. 1
110. 0
111. 0
111.7
114. 0
114. 3
113. 8
112. 9
122. 4
120. 8
125. 0
117. 9
148. 1
159. 1
176. 3
125.9
147. 9
124 2
139. 8
160.6
154. 9
125.3
170.4
145. 0
126.. 0
163. 6
182.3
151.8
156. 9
126. 1
173.3
146. 5
184. 5
126. 7
213. 3
166. 2
127. 4
173,5
200.4
156. 3
128. 5
166. 8
188. 4
153. 1
164. 4
130. 1
184. 0
151. 9
132. 2
168. 0
155, 7
187. 2
162. 1
135. 3
177.8
202.6
138. 2
180. 6
205.6 . 164. 7
142. 4
176. 2
163.0
197.0
159. 1
169. 6
186. 2
146. 6
167.4
150. 5
180. 8
158. 9
- CoYerage of the subgroups does not correspond
to
of this
ladex.
' 2 Excludes crude foodstuffs
feedstufls,
and animal fibers, oilseeds,
leaf tobacco.
Ir
Crude
mate-2
100. 9
104. 5
100.0
102.0
110. 6
118.8
122. 7
131. 1
155. 2
146. 8
149. 6
152. 8
153.5
156.0
161. 0
164.7
174. 2
179. 8
188.2
202. 7
212. 2
224 8
216. 5
c
Intermate-3
96. 9
98.9
100.0
102.6
106. 1
110. 0
114. 3
118.9
128. 1
126. 4
127. 9
128.6
128.5
129. 3
130. 1
131.0
132. 4
134. 8
137.9
140.6
145. 8
150. 8
156. 1
es
Producer
goods
94.4
96. 8
100. 0
103. 5
106. 9
111.9
116. 6
119.5
123.5
122.3
123. 1
123. 4
123.5
123.9
124. 2
125. 1
125. 7
126. 7
128. 3
129.3
130. 9
132.4
135.9
Consurner
exgi
eludin,5
DurNonable
97. 9
95. 9
98. 5
97.8
100. 0
100.0
102. 2
102. 2
104.0
105.0
107. 1
108, 2
110. 9
111. 3
113.2
113. 6
115.8
120. 5
115. 3
118. 8
115. 7
119.5
115.9
120. 2
120. 5
116. 1
120.9
116.3
121. 2
115.8
122. 6
116. 7
124.4
117.0
117. 9
126.6
119.6
130. 2
120. 2
134. 0
120. 9
137.8
122. 0
141. 2
123.7
144. 3
3
Excludes
for
includes, in
for
Note.—Series revised beginning March 1973.
Source:
processing.
"^^
PRICES RECEIVED AND PAID BY FARMERS
In the month ended May 15, prices received by farmers declined 4 percent. Contributing most to the decrease w^
lower prices for cotton, hogs, cattle, wheat, eggs, and calves. Prices paid rose % percent. Both the actual and adjusted
parity ratios dropped 4 points.
Index, 1967 =100
Index, 1967 =100
220
200
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
120
120
PARITY RATIO (ACTUAL)
inn
100
A,
.90
70 /if)
]
>«"""^ *
! M ! I I 1! 1!
"""'%
1
1
1
1
1968
T
1
1
1
1
1
""*%,„,,.,
rf,.;.rj
70
. , i . t 1 i i i . t
1970
1
on
...v-X""-..,*^11****'""1"""1
1
1969
90
"i
\
.,*»*'**»****
QA
1971
1
1972
1973
. , i . , 1 , . .
(
.
60
1974
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices iDeceived by 1 armers
Period
All farm
products
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Apr 15
May 15 _
June 15_ _
July 15
AuglS
Sept 15
Oct 15
Nov 15
Dec 15
1974: Jan 15
Feb 15
Mar 15
Apr 15 _
May 15
•
__ _ _
98
105
100
103
108
110
112
126
172
158
163
172
173
208
191
184
181
185
198
202
194
183
• 175
Prices paid by farmers
items, Family
Livestock All
Producinterest,
and
tion
living
Crops
taxes,
and
products wage rates
items
items
Index, 1967=100
94
94
96
103
95
105
105
98
98
99
100
100
100
100
100
102
104
104
104
101
117
106
109
109
97
114
114
110
118
100
116
119
120
107
115
124
122
134
127
115
179
164
145
138
146
169
134
141
139
143
170
154
143
136
143
174
138
149
146
170
181
162
148
138
146
218
141
157
196
151
142
154
182
150
198
142
153
180
188
150
152
183
146
153
181
179
154
147
156
195
149
193
157
161
208
153
159
161
190
220
162
161
179
216
155
164
157
167
169
205
165
159
158
166
201
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14 = 100 base.
28
Parity ratio l
Actual
77
80
74
' 73
74
72
69
74
88
83
85
87
88
102
95
91
89
90
94
94
90
83
79
Adjusted 2
82
86
79
79
80
77
74
79
91
86
88
90
91
105
97
94
92
92
94
94
90
83
79
2 The adjusted i arity ratio reflects government payments made directl}
farmers.
Note.—Series revised beginning 1970.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
TftONEY STOCK
The seasonally adjusted money stock increased at an annual rate of 5.3 percent in May. From May 1973 to May
1974, it grew 6.4 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
360
240
200
200
160
160
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE; BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
I^Loney stoc k
I^onev stock
Time
CurCurand
DeDerency
rency
savings
mand
mand
outTotal
outTotal
dededeside
side
posits l
posits l
posits l
banks
banks
Period
SeasonallyT adjusted
1968:
1969:
1970:
1971:
1972:
1973:
1973:
Dec
Dec
Dec
Dec
Dec
Dec
Apr____
May _
June
July
Aug__
Sept.
Oct.Nov_ _
Dec
1974: Jan
Feb
Mar p
Apr
May v
_
__ _ .
_ _
._,.. .
__ _
Deposits at commercial banks.
Note.—Series revised beginning 1973.
201. 5
208. 6
221. 2
235. 2
255. 7
271. 4
259.4
262. 4
265. 5
266. 4
266. 3
265.5
266.6
269. 2
271.4
270.8
273.7
276.2
278. 1
279.3
43.4
46. 1
49. 1
52. 6
56. 9
61.7
58. 6
58. 9
59. 4
59. 5
59.8
60. 2
60.5
61. 0
61.7
61. 9
62. 7
63.4
64.0
64. 5
158. 1
162. 5
172. 2
182. 6
198. 7
209.7
200.8
203.4
206. 2
206. 9
206.4
205. 3
206. 1
208.2
209.7
208. 9
211. 1
212.9
214. 1
214. 8
204. 2
194.4
229. 2
270. 9
313. 3
363. 5
337.4
342. 7
345.9
349. 6
355. 1
358. 0
359. 1
360. 1
363. 5
370. 1
374.8
377.7
387. 4
394. 8
207.6
214. 7
227.6
241.9
263.0
279.1
260.9
257. 9
263. 6
265. 7
263. 0
264.0
266. 1
' 270.9
279. 1
278. 1
270.8
273. 5
279. 6
274. 6
44.3
46.9
50.0
53. 5
57.9
62.7
58.3
58. 7
59. 4
60.0
60. 0
60. 1
60.4
61.5
62.7
61.6
61. 9
62. 7
63.6
64. 3
Unadjustec i
163.3
167.7
177. 7
188.4
205. 1
216. 4
202. 6
199. 2
204. 1
205.7
202. 9
203.8
205.7
209. 5
216.4
216.5
209. 0
210. 8
216. 1
210. 3
Time
and
savings
deposits 1
203. 2
193.2
228. 1
269. 8
311.8
362. 2
337.6
342. 7
344. 7
347.8
356. 7
359. 3
360. 3
359.0
362. 2
369. 4
374.4
379. 2
387. 3
394. 2
U.S.
Government
demand
deposits l
5.0
5.6
7.- 3
6. 9
7.4
6.3
8.3
8.7
7. 1
6.5
4. 1
5. 3
6.0
4.3
6. 3
8. 0
6. 6
6. 3
6. 0
7. 5
Source: Board of Governors of the Federal Reserve System.
29
Private
investors
their holdings of
assets in
by $9.9 billion
Three-fifths of the increase is accounted for by negotiable certificates of deposit
commercial paper.
OF
BILLIONS OF DOLLARS
1,200
1,200
1,100
1/000
900
600
500
500
400
400
1974
SOURCE.-
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
of daily figiires; billio ns of doll a ro, season a.ly adjuste3d]
[A^
Curi>3iicy and de osits
Total
liquid
assets
Period
Dec
Dec__
Dec__
Dec
Dec
Dec
Dec
_
__
Apr
July
Oct. Nov
Dee____
Jan
Feb
Mar_ _ _
Apr v
May * _
__
cleposits
Total
Currency
Demand
deposits
Commercial
banks
ShortNonbank
term
Savings marketthrift
bonds
institusetions
curities
Negotiable
certifiof
deposit
Commercial
paper
643. 2
704. 2
736.9
780. 5
868. 1
978. 1
1, 091. 0
520. 9
564. 6
582.9
634. 2
721. 1
815.4
884.8
40, 4
43.4
46. 1
49= 1
52. 6
56.9
61.7
130. 0
140.0
144. 5
153. 1
161. 7
175. 0
181. 5
156.4
174. 5
177. 3
199, 2
233.8
264. 8
294. 4
194. 1
206. 7
215. 0
232. 8
273. 0
318. 8
347. 2
51 0
51. 4
51. 1
51. 3
53. 7
57. 0
59. 9
39. 5
46. 8
64. 9
53. 3
39. 6
39. 1
53.8
19. 1
22. 4
9.0
23.0
29.7
39. 3
57. 2
12. 8
18. 9
29. 1
24.7
i1 23. 9
27. 3
35. 3
1, 018. 6
1, 031. 5
1, 042. 5
1, 050. 8
1, 060. 7
1, 067. 9
1, 073. 1
1, 080. 9
1, 091. 0
838.5
846.0
854. 7
859. 0
862. 0
865.4
871. 5
878. 3
884.8
58. 6
58. 9
59.4
59. 5
59. 8
60. 2
60.5
61. 0
617
175. 6
177. 7
180.2
180. 6
179. 7
178. 7
178. 9
180. 6
181. 5
273. 4
275. 8
278.4
280. 1
283. 2
285. 8
289. 5
292. 1
294. 4
330. 9
333. 6
336. 7
338.8
339. 4
340. 6
342. 6
344. 7
347. 2
58. 2
58. 5
58. 8
59. 0
59. 2
59.4
59. 5
59. 7
59. 9
42.6
44. 6
45. 4
45. 9
48.4
50. 1
50. 8
52.2
53. 8
53. 3
56. 0
56.4
58. 4
60.8
61. 1
58. 0
56. 3
57. 2
26. 1
26. 4
27. 3
28.5
30.2
32. 0
33. 4
34.4
35. 3
1, 097. 8
1, 107. 1
1, 118. 2
1, 133. 4
1, 143. 3
890. 0
898.5
905.0
910. 7
914. 0
61. 9
62. 7
63. 4
64.0
64. 5
180. 1
182. 1
183. 3
184. 2
184.7
298. 2
301. 6
303. 4
305. 5
306.9
349.
352.
354.
357.
357.
59. 9
60.2
60.5
60. 8
61. 0
52. 0
50. 2
51. 4
51. 7
52. 2
- - -59. 9
61. 1
62. 4
70. 1
75. 8
35.9
37. 0
38.8
40.0
40. 3
Note.—Series revised beginning 1959.
30
U.S. Grovernmerit se curities
7
1
9
1
9
Source: Board of Governors of the Federal Reserve System.
NK LOANS, INVESTMENTS, DEBITS, AND RESERVES
! loans and investments (seasonally adjusted) at all commercial banks increased at an annual rate of 10.2 percent .
May/ down from a 16.3 percent annual rate in April. Net borrowed reserves increased by $862 million during
ie month. '
BILLIONS OF DOLLARS
BILLIONS OE DOLLARS
700
700
ALL COMMERCIAL BANKS
SEASONALLY ADJUSTED, END OF MONTH
600
600
500
500
TOTAL
LOANS AND INVESTMENTS
400
400
300
200
INVESTMENT IN
U.S. GOVERNMENT SECURITIES
100
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS .OF THE FEDERAL RESERVE SYSTEM
All commercial banks
(seaso nally adjust ed data)
End of period
L oans
Investrnents
Total
loans
ComTotal,
and
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 l
£ill membe r banks ^
Total
reserves
Billions of dollars
1968
1969
1970
1971
1972
1973^
1973: Mav
June
July
Aug..
Sept
Oct
Nov
Dec__
1974: J a n * > _ _ _
Feb vv
Mar
Apr p
May v
390. 2
3
401. 7
435. 5
484.8
556. 4
630. 3
597.7
602.0
608. 8
617. 4
620. 2
_ _ 624. 2
628. 4
630. 3
638. 0
645. 7
654. 9
663. 2
668. 6
258. 2
3
279. 1
291. 7
4
320. 3
377. 8
447.3
417.4
420. 3
427. 5
435. 9
439. 1
441. 1
445. 5
447. 3
452. 3
457. 1
466. 3
473. 7
478. 0
95. 9
3
105. 7
110.0
115. 9
129. 7
155. 8
146.8
148. 2
151. 2
153. 4
153. 7
153. 6
155. 0
155. 8
157. 8
158. 9
164. 4
168. 9
171. 9
60. 7
3
51. 5
57. 9
60. 1
61. 9
52. 8
61. 0
61. 6
59.8
57. 9
56. 4
55. 1
55. 0
52.8
54. 4
56. 2
56. 2
56. 7
56. 7
Debits during period to demand deposit accounts except interbank and
Government.
verages of daily figures. Annual data are for December.
eginning June 1969,
include all bank-premises subsidiaries and other
..„ -ficant majority-owned domestic subsidiaries; earlier data include commercial
banks
only.
4
As of June 1971, Fanners Home Administration notes totaling about $0.7
billion are classified as other securities rather than as loans.
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions o f dollars
71.3
3
71. 1
85. 9
4
104. 4
116.7
130. 2
119. 3
120. 1
121. 5
123. 6
124. 7
128. 0
127. 9
130. 2
131. 3
132. 4
132.4
132. 8
133. 9
4,360
5.150
5, 717
6,443
7,530
9, 832
9,275
9,4U
9,843
10, 145
9,894
10, 258
10, 812
10, 544
10, 735
10, 917
11,253
11,447
27, 221
28, 031
29, 265
31, 329
5
31, 353
35, 068
32, 336
32, 029
33, 590
33, 783
34, 020
34, 913
34, 725
35, 068
36, 655
35, 242
34, 966
35, 929
36, 486
455
257
272
165
5
219
262
59
59
391
243
245
223
182
262
236
189
176
158
161
765
1, 086
321
107
1, 049
6
1, 298
1, 786
1,788
2, 050
2, 144
1, 861
1,465
1,399
1,298
1,044
1, 186
1, 352
1, 714
2, 579
— 310
-829
-49
58
s-830
— 1, 036
-1,727
-1,729
— 1, 659
-1,901
-1, 616
-1,242
— 1, 217
— 1, 036
-808
-997
— 1, 176
— 1, 556
-2,418
5
Beginning November 9, 1972 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection with
adaptation
to Regulation J.
6
Beginning April 1973, includes seasonal borrowings.
Note.—Commercial bank data revised beginning July 1973.
Source: Board of Governors of the Federal Reserve System.
CONSUMER AND REAL ESTATE CREDIT
Consumer credit (seasonally unadjusted) increased $1.9 billion during April. A year earlier there was an increas
$2.2 billion. Seasonally adjusted consumer instalment credit rose $1.2 billion in April.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
180
20
20
18
,
SEASON <ULY ADJUSTED (ENLARGEE) SCALE)
14
INS FALMENT
CREDIT EX TENDED
\
,
I ,
•-
^r^**^^*^
/] j ' ! i I 1 1 1 I 1 1 1
1968
^
*s?Z-
,—-„.._,
_
-•
„, ~r —- -- — ""* "" "*"" """ """"
' i i i i i i i I i i i
1969
s~^\
! 1 1 ! 1 1 1 I i 1
1 1 1 1 ! 1 1 I i
1970
1 !
1 ! 1 1 1 I 1 1 1 I !
1 1 i 1 1 1 1 ! ! 1 1
1972
1973
1971
fMillions of dollars]
Consum er instalmcint credit e xtended
Consu mer credit outstandin g (end of p>eriod;
and T epaid (seas onally adjiisted)
imadjusted]
To tal
Instalment
Auto mot>ile paper
NonAutomoinstal- Extended Repaid Extended Repaid
Total
bile
Personal
Total 1
ment 2
paper
loans
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
147, 437
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 130
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049
1973: Mar
Apr_ _ _
May
June
July
Aug___
Sept______
Oct
159, 320
161, 491
164, 277
167, 083
169, 148
171, 978
173, 035
174, 840
176, 969
180, 486
178, 686
177, 522
177, 572
179, 495
129,
131,
133,
136,
138,
140,
142,
143,
145,
147,
146,
145,
145,
147,
45, 610
46, 478
47, 518
48, 549
49, 352
50, 232
50, 557
51, 092
51, 371
51, 130
50, 617
50, 386
50, 310
50, 607
37, 486
37, 695
38, 376
38, 928
39, 440
40, 064
40, 397
40, 651
41, 116
41, 425
41, 352
41, 417
41, 492
41, 851
29, 945
30, 469
30, 746
31, 065
30, 936
31, 168
30, 942
31, 230
31, 569
33, 049
32, 111
31, 595
31, 804
32, 448
375
022
531
018
212
810
093
610
400
437
575
927
768
047
1
Also Includes other consumer goods paper, and home improvement loans,
not2 shown separately.
Consists of single-payment loans, charge accounts, and service credit.
32
i i i i i 1i i i i iN 6
N
1974
COUNCIL OF ECONOMIC ADVISERS
89, 883
96, 239
100, 783
110, 770
121, 146127, 163
138, 394
157, 564
180, 486
Nov
10
8
I
1965
1966
1967
1968
1969
1970
1971
1972
1973
Dec
1974: Jan
Feb
Mar _
Apr_
12
^/^^^^.^^
^ s
— — "— H
INSTALMENT CREDIT REPAID
^^
-~'
—
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
*"*'*"•
_^.m ^
3
661
832
171
984
146
158
281
951
083
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115,050
126, 914
144, 978
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 453
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452
13, 852
13, 465
13, 932
13, 646
14, 542
14, 294
13, 691
14, 149
14, 275
12, 677
13, 714
13, 541
13, 823
14, 179
11, 808
12, 061
11, 941
12, 034
12, 544
12, 399
12, 332
12, 449
12, 549
12, 267
12, 797
12, 870
13, 206
13, 026
4,001
3, 822
3, 989
3,762
3, 930
3,968
3,939
3, 912
3, 819
3,315
3, 492
3, 389
3,484
3,545
3,225
3,218
3,261
3,253
3,334
3,293
3,406
3,427
3,471
3,338
3, 433
3, 394
3, 544
3,498
78,
82,
87,
99,
109,
112,
124,
142,
165,
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
Mortgage
debt outstanding,
nonfarm,
1- to 4houses
212,
223,
236,
251,
266,
280,
307,
345,
" 386,
3
900
600
100
200
800
200
200
500
500
» 354, 000
» 366, 200
' 378; 400
*> 386, 500
» 392, 100
)ND YIELDS AND INTEREST RATES
ing the first 3 weeks of June, interest rates generally increased.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S) .
1968
1974
SOURCE: SEE TABLE BELOW
[Percent
U.S. Govc3rnment secu rity yields
3-month
3-5 year
Taxable
Treasury
issues 2
bonds 3
bills i
Period
1968
1969-_1970
1971
1972
1973
5.339
6. 677
6. 458
4. 348
4. 071
7. 041
5.59
6.85
7. 37
5.77
5. 85
6. 92
5.25
6. 10
6. 59
5.74
5.63
6.30
1973: May
June
July
Aug_
Sept
Oct
6.348
7. 188
8.015
8.672
8.478
7. 155
7.866
7.364
7. 755
7. 060
7. 986
8. 229
8.430
6.78
6.76
7. 49
7. 75
7. 16
6.81
6.96
6.80
6.94
6.77
7.33
7.99
8. 24
6.22
6.32
6. 53
6.81
6. 42
6.26
6.31
6.35
6.56
6.54
6. 81
7. 04
7. 07
8.023
8.197
7. 983
8.300
8.260
8. 177
8. 20
8. 09
8.07
8. 06
8. 06
8.09
7. 02
7. 08
7.06
7. 04
6. 99
6
7. 00
Nov
___
Dec
1974: Jan
Feb
Mar
Apr
May
June _
Week ended:
1974: May 17
24
i
31.
June 7_
14
21
_
per annum]
High-grade
municipal
bonds
(Standard 4 &
Poor's)
4.51
5. 81
6. 51
5.70
5. 27
5. 18
2
late on new issues within period.
Selected note and bond issues.
-4 April 1953 to date, bonds due or callable 10 years
and after.
6
Weekly data are Wednesday
figures.
Not charted.
* Data for first of the month, based on the maximum permissible interest rate
8% percent beginning May 13, 1974) and 30-year mortgages paid in 15years.
6.18
7. 03
8. 04
7. 39
7.21
7.44
6.94
7.81
9. 11
8. 56
8. 16
8. 24
Prime
commercial
paper,
4-6
months
5.90
7.83
7. 72
5. 11
4. 69
8. 15
5. 12
5. 15
5. 39
5.47
5. 11
5.05
5.17
5. 12
5.20
5. 19
5. 36
5. 67
5.96
7.29
7. 37
7.45
7. 68
7.63
7.60
7. 67
7. 68
7.83
7. 85
8.01
8. 25
8.37
8.06
8. 13
8. 24
8. 53
8. 63
8.41
8.42
8.48
8.58
8.59
8.65
8.88
9. 10
7.27
7. 99
9. 18
10. 21
10. 23
8. 92
8.94
9.08
8.66
7.82
8.42
9. 79
10. 62
5. 98
6. 00
5.98
5. 98
5. 98
6.08
8.36
8. 38
8.39
8. 40
8. 40
6
8. 49
9.07
9. 16
9.23
9.26
9.29
9. 36
10.80
10. 38
10.31
10.53
10. 75
11. 10
Corpora te bonds
(Moo dy's)
Aaa
Baa
FHA
new home
mortgage
yields 5
7.13
8. 19
9. 05
7.78
7. 53
8.08
7.73
7. 79
7.89
8. 19
9. 18
8. 97
8.86
8. 78
8. 54
8.66
9. 17
9.46
Sources: Department of Housing and Urban Development, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard
& Poor's Corporation.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Although stock prices declined in the third week of June/ they were slightly above their end-of-May level.
Index, 1941-43=10
Index, 1941-43=10
120
120
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
110
110
100
100
90
90
80
80
70
70
I [ ! 1 1 I t
60
f
t
60
I 1
PERCENT
PERCENT
PRICE/EARNINGS
RATIO ON COMMON STOCKS
1974
COUNCIL Of ECONOMIC ADVISERS
SOURCE: STANDARD & POOR'S CORPORATION
!
Period
Total
Total
98.70
97.84
83.22
98. 29
109. 20
107. 43
107. 22
104. 75
105. 83
103. 80
105. 61
109.84
102. 03
94. 78
.96. 11
93. 45
97. 44
92.46
89.67
107. 49
107. 13
91.29
108. 35
121. 79
120. 44
119. 95
117. 20
118. 65
116. 75
118. 52
123. 42
114. 64
106. 16
107. 18
104. 13
108. 98
103. 66
101. 17
91.73
89.95
87. 75
87.49
90.81
92.22
88. 80
103. 41
101. 53
99.04
98.83
102. 61
104. 33
9
1968
1969 _ . _
1970__
_
1971
1973
1973: May
June
July
Aug
Get
Nov
Dec
Jan
Feb
Mar_
Apr
May—
Week ended:
May 10
17
24
31
June 7
14
21
1
___
_
4
Price j ndex
Industrials
Capital Consumers1
goods
goods
43=10
1941-'
86.33
105. 77
87. 06
103. 75
80. 22
87. 87
102. 80
99. 78
113. 91
119. 39
118. 58
107. 13
107. 44
116. 48
104. 83
114. 75
105. 94
116. 31
115. 98
104. 35
105. 16
116. 60
122. 30
106. 58
96.97
115.48
107. 44
86.57
87.63
108. 06
104. 31
86. 85
109. 22
92. 24
104. 19
87. 73
87. 34
100. 69
103.
102.
97.
96.
100.
102.
99.
500 common stocks: 425 indostrials, 55 pu blic utilities, an d 20 railroads. Weekly indexes for
5 are
y figures;
all2 other
indexes are
of daily
di Tided bj
Aggregate
dividends
01i
in t he group. Annilai
the aggregate
ol the
36
24
34
56
33
23
30
88.08
87.82
85. 60
87. 00
90.34
92.37
89.61
Railroads
Dividend
yield 2
(percent)
66.42
62. 64
54. 48
59. 33
56. 90
53.47
55. 43
54.37
53.31
50. 14
52.31
53. 22
48,30
45. 73
48.60
48. 13
47. 90
44.03
39. 35
48.84
45.95
32. 13
41.94
44. 11
38,01
36. 14
34. 35
35. 22
33. 76
35.49
38. 24
39. 74
41. 48
44.37
41.85
42.80
40. 26
37.04
3.07
3. 24
3. 83
3. 14
2. 84
3.06
3.01
3.06
3. 04
3. 16
3. 13
3. 05
3.36
3.70
3.64
3. 81
3. 65
3.86
4. 00
40.68
39. 18
38. 46
37.99
39. 00
38. 64
36. 45
38. 40
37.39
35.56
35. 24
37. 46
38.43
37. 11
3.90
3.96
4. 12
4. 13
3.98
3.91
4. 06
Public
utilities
4
Price/
earnings
ratio 3
17.66
16.48
15.69
18.50
18.20
» 14. 22
14. 42
14. 10
»11. 95
ar s3 averages of monthly
We ekly
are W ednesday figure s.
Ratio of price
for last d ly of quarter to earnings for 12 months en
w 4th that quarter Annual ratios are
of q uarterly data.
Not charted.
Source: Standar d & Poor's Cori)oration.
•
In the first 10 months of fiscal 19'74 there was a deficit of $5.8 billion/ a year earlier the deficit was $18.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS
300
300
260
260
220
220
OUTLAYS
180
180
.V*
RECEIPTS
140
140
100
(ENLARGED SCALE)
+20
(ENLARGED SCALE)
SURPLUS (+) OR DEFICIT (-)
-20
-20
I
-40
1964
_|
1965
1966
-40
1967
1968
1969
1970
FISCAL YEARS
1971
1972
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
1973
1974
1975
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ( end of period)
Period
Fiscal year:
1963
1964
Receipts
Outlays
Surplus or
deficit (-)
Total J
Held by
the public
106.6
112. 7
111. 3
118.6
-4. 8
-5. 9
310. 8
316.8
254. 5
257.6
1965
1966
1967
1968
1969
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
1970
1971
1972
1973 2
1974
1975 2
193.7
188.4
208. 6
232.2
266.0
294. 0
196. 6
211. 4
231. 9
246.5
269.5
305. 4
-2.8
-23.0
-23. 2
-14.3
-3.5
-11.4
• 382. 6
409. 5
437.3
468.4
484. 3
509. 1
284.9
304. 3
323.8
343.0
344.3
359.8
187. 1
214. 4
205.5
220. 2
-18.3
-5.8
467. 3
483. 1
347. 4
349. 9
.
_ _
Cumulative totals for first 10 months:
Fiscal year 1973 _ _
Fiscal year 1974_
Excludes non-interest-bearing public debt securities held by IMF.
estimates as revised June 12,1974.
Sources: Department of the Treasury and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
For the first 10 months of fiscal 1974 budget receipts were $27.3 billion higher than a year earlier and budget outlays
were $14.7 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS
120
120
80
80
8
^a***- ^^
„„«*«"»'"""""""""""""'
it****
OTHER RECEIPTS
40
40
CORPORATION INCOME TAXES
J
|
1
L
OUTLAYS
200
200
NONDEFENSE
160
160
120
120
80
30
NATIONAL DEFENSE
I
40
K
1964
1965
1966
I
1967
40
1968
1969
1970
1971
1972
1973
1974
1975
FISCAL YEARS
SOURCE& TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
(Dutlays
Recei pts
Nationa 1 defense
Period
Fiscal year:
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972___
_
1973
1974 *
19751
Cumulative totals for
first 10 months:
Fiscal year 1973. _ _
Fiscal year 1974___
1
Total
Other
Total
Total
Department of
Defense,
military
106.6
112. 7
116. 8
130.9
149.6
153. 7
187. 8
193. 7
188.4
208. 6
232. 2
266. 0
294.0
47.6
48.7
48. 8
55. 4
61. 5
68. 7
87. 2
90. 4
86.2
94.7
103.2
118. 0
131. 0
21.6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
26. 8
32.2
36. 2
39. 7
44. 5
37.4
40.5
42. 6
45. 3
54. 1
56.3
63. 9
70. 5
75.4
81. 7
92.8
108. 3
118. 5
111. 3
118. 6
118.4
134. 7
158.3
178. 8
184. 5
196. 6
211. 4
231.9
246.5
269. 5
305. 4
52. 3
53. 6
49. 6
56. 8
70. 1
80. 5
81. 2
80. 3
77.7
78.3
76.0
79.5
87. 9
48. 1
49. 6
46. 0
54. 2
67.5
77.4
77. 9
77. 2
74.5
75. 2
73. 3
77. 4
84. 5
187. 1
214.4
87. 1
99. 1
26.4
28.5
73. 6
86.9
205.5
220. 2
61. 5
64. 1
59.5
63.4
Estimates as revised June 12, 1974.
36
Individual Corporation
income
income
taxes
taxes
Interna- Health
tional
and
Inaffairs income
terest Other
and
security
4. 1
4. 1
4. 4
25.4
26.9
27. 4
31. 4
37.8
43.7
49.4
56.6
70. 6
82.0
91. 5
106. 0
128. 4
10. 4
11.3
12.6
13. 7
15. 8
18.3
19. 6
20.6
22. 8
28.0
30. 0
20.3
24. 2
26. 7
30.7
33. 2
36. 2
34.4
37.8
40.5
47. 2
53.2
52. 1
54.7
2.5
2.8
74. 9
85.8
18.7
23.3
47. 8
44. 2
4.3
4.5
4. 5
4.6
3.8
3.6
3. 1
3.7
3.0
3.9
9. 2
9.8
Sources: Department of the Treasury and Office of Management and Bud
JDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
cording to preliminary estimates for the first quarter, Federal receipts increased $10.6 billion (seasonally adjusted
jnnual rate) and expenditures rose $12.7 billion, yielding a surplus of $2.6 billion.
BILLIONS OF DOLLARS
320
su RPLUS
i1
BILLIONS OF DOLLARS
pa m
m m
U m
ra
11P
1jj I1 1 | ^
-20
DEF ICIT
i
-40
I
19 68
1
197 1
CALENDAR YEARS
i
19 69
1970
0
fWJS
1
I
1
111
^
-20
I
I
!
I
1973
972
1
-40
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jrovernm ent receip ts
Period
Fiscal year:
1971 _ _
1972
1973 *>___
1974 L _ _
1975 L _ _
Calendar
year:
1970
1971
1972
1973 p _ _ _
-P
JL ersonaii
and
Total tax
nontax
receipts
Fe ieral Go ^ernmen t expend itures
GrantsCorpo- Indirect ContriPurin-aid
chases Trans- to State Net
rate business butions
profits tax and
for
Total of goods fer pay- and interest
tax
nontax social inments local
paid
and
accruals accruals surance
services
governments
Surplus
or
Subsidies Less: deficit
less
Wage
1 ;>
current accruals income
surplus of less
and
Govern- disment en- burse- product
terprises ments
192. 6
213. 7
243.3
278. 2
304.3
87.4
100. 1
107.2
122. 4
135. 4
32. 2
34.7
43.8
51. 1
51. 9
20. 1
19.9
20. 9
21. 5
24. 0
52.9
59.0
71. 4
83.2
93. 0
212. 6
233. 2
255. 1
278.8
317. 1
95. 9
103. 2
104. 5
109.8
121. 2
69. 7
78. 6
89.4
104. 5
125. 8
26.8
32. 9
40. 4
'42.6
48. 0
14.3
13. 4
14.4
17.6
19. 6
192. 0
198.9
228. 7
265. 0
92. 2
89. 9
107.9
114. 5
31. 0
33. 3
37. 8
49.4
19.3
20. 4
19. 9
21. 0
49.5
55.2
63. 0
80. 1
203. 9 96. 2
221. 0 98. 1
244. 6 104. 4
264.0 106. 6
63.2
74. 9
82.9
95.4
24.4
29. 1
37. 7
40. 9
14.6
13. 6
13. 5
15. 9
1972: I I I _ _ 229. 6
IV... 236. 9
108. 1
111.3
38.0
40. 7
19.9
20.3
63.6
64.6
237.0 102.3
260.3 102. 7
80.8
91. 0
34. 4
. 46. 1
13. 4
13. 7
253.6
262.4
nL~. 269.5
IV __ 274.3
108. 5
111.4
116. 9
121.0
46.6
50. 8
51.0
49.4
20. 7
21. 2
20.8
21.5
77.8
79. 1
80.8
82.5
258.6
262. 4
265.6
269. 6
105.5
107. 3
106.8
106.8
91. 8
93.8
96.6
99.6
41. 1
40. 5
40. 5
41.6
14. 7
15. 6
16. 2
17.0
5.3
4.6
284. 9
123.3
53.0
21.5
87. 1
282. 3 112. 1
107.0
43.3
18.0
2.0
1973: I
II
74: 1*.^
Estimates as revised June 12, 1974.
5.8
0. 1
6.4
4.2
-. 1
.0
-19. 9
-19.5
-11.8
—. 4
—.6
-12. 8
.0
.0
. 0
.0
-11.9
-22. 2
-15. 9
.9
.0
.0
-7.4
-23.4
.0
.0
.0
-5.0
.0
4. 0
4. 7
.0
2.6
5. 2
.0
2. 1
5.5
5.3
6. 1
5. 1
6.2
6. 7
5.5
5. 1
•
-. 1
Sources: Department of Commerce and Office of Management and Budget.
37
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.
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Weekly Hours of Work—Selected Industries
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3
4
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6
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9
10
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12
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15
AND
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23
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Money Stock
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31
32
33
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Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts- by Source and Outlays by Function
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