Full text of Economic Indicators : March 1968
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
90th Congress, 2nd Session
Economic Indicators
March 1968
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1968
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
ARTHUR M. OKUN, Chairman
JAMES S. DUESENBERRY
MERTON J. PECK
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $5.40 per year.
The 1967 revised edition of the Historical and Descriptive Supplement to
Economic Indicators, which describes each series and gives annual data for years
not shown in the monthly issues, is available at 70 cents a copy from the
Superintendent of Documents, Government Printing Office.
11
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that gross national product rose by $16 billion (seasonally adjusted annual rate) in the
fourth quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Period
Total i
1960
1961_
_ 1962___ ._
1963
1964 __
1965 _.
1966
1967 »
1966: I
!!___
III..
IV
1967: I
II— _
III__.
IV "_
350.0
364 4
385. 3
404. 6
438. 1
472.2
508. 8
544.7
497. 5
503. 3
512.4
522. 0
532. 7
540. 0
548.2
557.9
PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
paid and excludPuror
and
tion
fers,
fers,
nontax interest,
transfer
ing
expend- interest,
disexpendNet
chases
interest
payreceipts itures
of goods
itures saving receipts
and
and
and
or
ments
and
(-)
subsubto fortransaccruals sidies 2
2
services
sidies
eigners
fers
7.8
8. 1
8.6
9.7
10.7
11. 9
13. 1
14.2
12. 6
13. 0
13. 1
13. 5
13.8
14.3
14, 3
14.5
342. 3
356.3
376. 6
394. 9
427.4
460.3
495.7
530.5
484. 9
490. 3
499.3
508. 5
518. 9
525. 7
533. 9
543.4
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
491.7
458. 2
461. 6
470. 1
473.8
480. 2
489.7
495. 3
501.8
139.8
144.6
157.0
168. 8
174. 1
188.8
213. 0
227.6
204. 3
210. 6
216. 3
220.9
222.8
223. 2
229.3
235.3
17. 0
21. 2
21. 6
19. 9
26.2
27. 2
29. 8
38.7
26. 6
28. 7
29. 2
34. 6
38.8
36. 0
38. 5
41.6
Business
Period
Expenditures
Net receipts
Disposable personal income
36. 5
41. 3
42.8
44. 4
46. 7
49. 7
55. 5
63. 7
53.4
53. 1
56. 1
59.4
63. 2
63. 1
64, 4
64. 2
103.3
103.3
114. 2
124. 3
127.3
139. 1
157. 5
163. 9
150. 9
157. 5
160. 2
161. 5
159.6
160. 1
164. 9
171. 1
136. 1
149. 0
159.9
166. 9
175.4
186. 1
209.8
240.0
199. 8
204.4
213. 7
221.2
233. 6
238. 1
242. 6
245.9
36.5
41.3
42. 8
44. 4
46.7
49. 7
55. 5
63.7
53.4
53. 1
56. 1
59.4
63. 2
63. 1
64.4
64.2
99.6
107.6
117. 1
122. 5
128.7
136.4
154. 3
176.3
146.5
151. 2
157.7
161. 7
170.4
175. 0
178. 2
181.7
III.
IV _
1967: !___
II_.
IV
56. 8
58. 7
66. 3
68. 8
76. 2
83. 7
89. 7
90. 6
87. 6
88.4
89. 5
93. 6
88. 9
89. 1
90. 4
94. 1
74 8
71. 7
83. 0
87. 1
94. 0
107.4
118. 0
112. 1
115. 2
118. 5
116. 4
122. 2
110. 4
105. 1
112. 2
120. 8
-18. 0
-13. 0
-16. 8
-18. 4
-17.8
-23. 8
-28. 3
-21.5
-27. 6
-30. 1
- 26. 9
-28. (5
-21. 5
-10. 0
— 21. <S
-26. 7
2. 4
i 6
2. 7
2. 8
2.8
2. 8
2. 9
2.9
;;. 4
2. 9
2. 8
2. 5
2. 9
3. 1
3. 1
2. 7
27. 2
28. 6
30. 3
32. 3
37. 1
39. 1
43. 0
45. 3
42. 0
42. 5
43. 7
44. 0
45. 3
45. 1
45. G
45. 4
Personal income (p. f>) less personal tax and nontax payments (lin es, penalties,
etc.).
2
Government truusK'r payments to persons, loreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
3. 7
-43
-2.9
1.8
-1.4
2.7
3.2
-12.4
4. 6
6. 1
2. 6
-. 3
-10.8
-15. 0
-13. 3
-10.7
International
Net
Net exports of goods
Total
Statisand services
Excess of income
[transfers
tical
Gross
Gross
Excess to fortransfers
or
discrepprivate
retained domestic
or
of
eigners
receipts
ancy
earn-3
invest- by perof net
investEquals:
ings
ment sons and Exports Less:
exports
ment 4
Net
GovernImports exports
ment
1960..__
1961.__
1962_._
1963_._
1964...
1965___
1966___
1967 *>__
1966: I_
Surplus
or
deficit
(-),
income
and
product
accounts
23. 2
23. 0
25. 1
26. 4
28. 6
32. 2
37. 9
40. 6
of). (.)
:\7. I
39. 0
39. 7
39. 9
39. 8
40. 2
42.4
40
5. 6
5. 1
5. 9
8. 5
0. 9
5. 1
4.8
(>. 1
f>. 4
4. 6
4. 3
5. o
5.3
5. 4
3.0
-1. 7
-3. 0
-2. 5
-3. 1
-5. 7
-4 1
-2. 2
-1. 8
-2. 7
-2. 5
-1. 8
-1. 8
-2.5
-2.3
-2. 3
-. 3
504 8
520. 8
559. 8
590. 8
633. 7
685. 8
745. 9
787. 9
726. 8
738. 8
751. 9
765.9
770. 3
777.9
792. 4
811. 3
-1.0
-. 8
.5
o
"~~~. O
-1.3
-2. 0
-2. 6
-3.0
g
— 2.2
-3. 2
-3. 8
-4 0
-2.8
-1.2
-3.8
Gross
national
product
or
expenditure
503. 7
520. 1
560. 3
590. 5
632.4
683.9
743.3
785.0
725. 9
736. 7
748. 8
762. 1
766.3
775. 1
791. 2
807.3
< Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) continued to advance at an annual rate of 8% percent in the fourtli"
quarter, according to current estimates. Over half of the increase represented a rise in physical output and the
rest higher prices.
BILLIC)NS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
800
800
_
GROSS NATIONAL PRODUCT
\*
700
'
----'
^-^1—^
700
600
600
.
-
---^
"""
500
500
i •*
PE RSONAL CONSUMPTICDN
«---"""""""""
EXPENDITURES
-
^^^l—
-
^•*^*"*^
400
400
-
-.••••'•"•*B"*l-il"
--
G(3VERNMENT PURCHA<>ES
OF GOODS AND SERVK:ES
200
200
-
-
—.„—
11
,U1
100
iiiiitiHiHMmii""1""*""*11*"!""*1"""""""""
...••••I""""
SOURCE:
1
I
1962
1
1963
1
|
1
1
1
1
I
1964
t
1
1965
1
1
_
I
i
1966
i
i
I
i
1957 __
1958
1959
1960
1961
1962
1963
1964
1965_
1966
1967
1966: I
II
III
IV. .
1967: I
II
0
i
1
1967
. _._
IV..
452.5
447.3
475.9
487.7
497. 2
529.8
551. 0
581. 1
616. 7
652. 6
669. 3
645.4
649. 3
654. 8
661. 1
660. 7
664. 7
672. 0
679.6
441. 1
447. 3
483.7
503.7
520. 1
560. 3
590. 5
632. 4
683.9
743. 3
785.0
725. 9
736. 7
748. 8
762. 1
766. 3
775. 1
791. 2
807.3
281. 4
290. 1
311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
491.7
458. 2
461. 6
470. 1
473. 8
480. 2
489. 7
495. 3
501. 8
67. 8
60. 9
75. 3
74 8
71.7
83. 0
87. 1
94. 0
107. 4
118. 0
112. 1
115.2
118. 5
116.4
122.2
110.4
105. 1
112. 2
120.8
This category corresponds closely with budget expenditures for national
2
Gross national product in current prices divided by gross national product
in 1958 prices.
t
1968
Government purchases of goods
Total
Personal Gross
Net
services
congross
Total
private exports
national gross
sump- domestic of goods
Federal
tion
product national
investand
Total
in 1958 product expend- ment
services
Total National
defense1 Other
prices
itures
Billions of dollars; quarterly data at seasonally adjusted annual rates
___
1
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE
Period
1
1
100
GROSS PRIVATE DOMESTIC
INVESTMENT
\
0
/
"""
""""
NET EXPORTS OF GOODS
AND SERVICES
1
•v
5.7
2. 2
.1
40
5. 6
5. 1
5. 9
8.5
6.9
5. 1
4.8
6. 1
5.4
4. 6
4. 3
5.3
5. 3
5.4
3.0
86. 1
94 2
97. 0
99. 6
107. 6
117. 1
122. 5
128. 7
136.4
154.3
176. 3
146. 5
151. 2
157. 7
161. 7
170.4
175. 0
i7a 2
181.7
49. 5
53. 6
53. 7
53. 5
57. 4
63. 4
64 2
65. 2
66. 8
77. 0
89.9
72. 1
74. 9
79. 5
81. 5
87. 1
89.5
90. 9
92.2
44 2
45. 9
46. 0
44 9
47. 8
51. 6
50. 8
50. 0
50. 1
60. 5
72.5
55. 1
58.4
63. 0
65. 6
70. 2
72. 5
73. 3
742
5.3
7.7
7. 6
8. 6
9. 6
11. 8
13. 5
15. 2
16. 7
16. 5
17.4
17. 1
16. 6
16. 6
15. 9
16. 8
17.0
17. 6
18.0
and
State
and
local
36. 6
40. 6
43. 3
46. 1
50.2
53.7
58. 2
63. 5
69. 6
77. 2
86. 4
74. 3
76. 2
78. 1
80. 2
83.3
85. 4
87. 4
89. 5
NOTE.— Data for Alaska and Hawaii included beginning 1960.
Source:
Department of Commerce.
Implicit
price
deflator
for total
GNP,
1958= 1002
97.5
100.0
101. 6
103.3
104 6
105.8
107.2
108. 8
110. 9
113. 9
117.3
112. 5
113. 5
114.4
115. 3
116. 0
116. 6
117. 7
118.8
NATIONAL INCOME
National income rose $16 billion (seasonally adjusted annual rate) in the fourth quarter, according to preliminary
2stimates. Employee compensation increased $11 billion, and corporate profits before taxes advanced almost $51A
oillion to a record $85Vz billion.
i
BILLIONS OF DOLLARS
700
'
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS
1 700
600
600
v
TOTAL NATIONAL INCOME
500
500
• COMPENSATION OF EMPLOYEES
400
400
300
300
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100
1962
1963
100
1964
1965
1967
1968
J/PRELIMINARY.
SOURCE: DEPARTMENT OE COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Period
1958
1959 _ _ _ _ _ _ _ _ _ _ _ _
1960
__ _ __ _
1961
1962___
1963
1964
1965
1966
1967 » _ __
_ ___ _
1966: ! _ _ _
_ _
II
III
IV_
1967- I
II_
III
_
IV » _ _
3
In eludes employer
2
Total
national
income
367. 8
400. 0
414. 5
427.3
457. 7
481. 9
518. 1
562.4
616.7
650. 3
600.3
610.4
622. 1
634. 1
636.4
641. (•)
653. A
669. 6
Compensation
of employees 1
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.9
435.7
469. 7
420.8
430.7
441. 2
450. 2
459. 1
463.4
472. 6
483. 6
Proprietors' income
Farm 2
33. 2
35. 1
34. 2
35.6
37. 1
37. 9
40.2
41.9
43. 2
43. 6
42.8
43. 3
43. 3
43. 4
43.2
43.4
43. 8
44. 1
15. 4
15. 6
15. 8
16. 0
16.7
17. 1
18.0
19.0
19.4
20. 1
19.2
19.3
19. 4
19.6
19.8
20.0
20. 2
20. 4
13. 4
11. 4
12. 0
12. 8
13. 0
13. 1
12. 1
14.8
16. 1
14. 8
17. 1
16.0
15.9
15. 1
14.6
14.3
15. 0
15.2
contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Rental
income
of
persons
3
Net
interest
6. 8
7. 1
8. 4
10. 0
11. 6
13.8
15.8
17.9
20.2
22. 4
19.3
19.8
20.4
21. 1
21. 6
22. 1
22. 7
23. 3
Corporate profits and inventory valuation adjustment 3
Total
41. 1
51. 7
49. 9
50. 3
55. 7
58. 9
66.3
74.9
82.2
79.7
81.1
81.3
81.9
84.6
78.1
78. 3
79. 2
80. 3
Profits Inventory
before valuation
taxes 3 adjustment
41. 4
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
76.6
83.8
80.8
83.7
83.6
84.0
83.9
79.0
78. 9
80. 0
85.4
See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0. 3
.o
.2
I
.3
5
.o
-1.7
-1.6
-1. 2
-2.6
-2.3
-2.2
.7
8
7
-'.S
-2.3
SOURCES OF PERSONAL INCOME
In February, personal income registered its biggest advance since September 1965, increasing $7% billion (seasonal!
adjusted annual rate). Wages and salaries increased $6Vs billion, reflecting substantial employment gains and the
new minimum wage law.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
500
500
WAGE AND SALARY DISBURSEMENTS
400
400
300
300
OTHER INCOME
,
„„„„....••«.«-«*•—
.iitiiiimiiiniiiiiii"
100
100
TRANSFER PAYMENTS
1962
1963
1964
1965
SOURCE: DEPARTMENT OF COMMERCE
1966
1967
1968
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
Transfer
and
Other Proprietors' income income
Divi- Personal
Period
personal salary
Business
interest
labor 2
paydends
of
income disburseand pro- persons
income
ments
Farm
income
1
fessional
ments
1959 _
383. 5
11. 4
12. 6
35. 1
258. 2
15. 6
20. 7
26. 6
11. 3
1960
401. 0
23. 4
12. 0
12. 0
270. 8
34. 2
15. 8
13. 4
28. 5
1961
416.8
32.4
12.8
35.6
13.8
25.0
278. 1
12.7
16. 0
1962
442. 6
27. 7
296. 1
13. 0
37. 1
16. 7
15. 2
33. 3
13. 9
1963 _ _
465. 5
311. 1
31. 4
14 9
13. 1
37. 9
16. 5
35. 3
17. 1
1964
497. 5
12. 1
333. 7
40. 2
34. 9
18. 0
17. 8
36. 7
16. 6
537. 8
1965- _
14. 8
41. 9
38. 4
39. 7
359. 1
18. 6
19. 0
19. 8
2Q4
fi
584. 0
42. 4
1966
21. 5
19. 4
16. 1
43. 2
20. 8
43. 9
1967 _
626. 4
423 8
14. 8
22. 8
23. 2
43. 6
20. 1
46. 5
51. 9
1967: Jan
610. 4 ! 413. 8
22. 1
21. 8
15. 0
43. 3
19. 7
49. 7
45.0
612. 6
Feb
414. 2
22. 2
14. 6
19. 8
22. 3
43. 2
45. 2
51. 1
Mar
615. 6
22. 4
14. 3
43. 1
22. 6
51.7
416. 2
19. 9
45. 5
Apr
616.5
14. 4
22. 8
51. 0
22. 6
43. 3
20. 0
45. 8
416. 7
May
618. 2
417. 2
22. 8
14, 4
43. 4
20. 0
46. 0
51. 5
23. 1
622. 6
'20. 1
23. ;;
June
14. 3
46. 1
51. 6
23. 1
43. 6
420. 9
52. 2
July ___ 627. 0
14.7
46. 4
43. 7
423. 4
20. 2
23. f>
23. 3
Aug
52. 4
631.6
43. 8
23. r>
23. 6
15. 0
20. 2
46. 9
426. 7
634. 4
Sept
43. 9
20. 3
23. 4
47.3
428.5
23. 8
15. 3
52.5
635. 9
Oct
52. 8
44. 0
47. 6
429. 4
24. 0
23. 2
15. 1
20. 3
642. 4
Nov
44. 1
52. 8
435. 3
24. 3
15.2
23. 1
48.0
20. 4
649. 3
Dec
44, 2
21. 0
48. 5
53. 1
24. 6
15. 3
20. 4
443. 1
1968: Jan
650. 9
24. 9
22.9
54. 0
442. 4
48. 9
15.3
44.3
20.5
Feb *__ 658.4
15.2
54.4
25.2
44.4
23. 1
49.3
448.7
20.5
* Compensation of employees (see p. .3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; commsation
for injuries; directors' fees; military
..._.
;ary re:
reserve pay; and' a "few other minor
items.
Less: Personal contributions
for social
insurance
7. 9
9. 3
9.6
10. 3
11. 8
12. 5
13. 4
17. 9
20. 4
20. 0
20.0
20. 1
20. 1
20. 1
20. 3
20. 4
20.6
20. 6
20. 6
20. 8
21. 1
22. 3
22.6
Nonagricultural
personal
income 3
368.5
385.2
400.0
425. 5
448. 1
480. 9
518. 4
563. 1
606. 5
590. 2
593. 0
596. 2
596. 9
598.8
603. 2
607. 2
611. 4
614.0
615.7
622.0
628.8
630.3
637.8
s
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Current data indicate that personal income advanced $111/2 billion (seasonally adjusted annual rate) in the fourth
quarter and disposable income increased $9% billion. Personal outlays rose $6% billion and the saving rate jumped
from 7.0 to 7.5 percent.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
550
550
500 -
450 -
2,200
2,000
1,800
1962
|
1963
SOURCE: DEPARTMENT OF COMMERCE
Period
1959
1960
1961
1962
1963
1964
1965
1966
1967
Less:
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per capita disLess: Personal outlays
posable personal
Equals:
Personal consumption
Equals:
income
Disexpenditures 2
Personal
Total
posable
saving
Current
1958
personal personall Durable Nondurable
Services
prices
prices
income outlays
goods
goods
_ _ 383.5
401.0
416.8
442.6
465. 5
497.5
537. 8
584. 0
626.4
46.2
50.9
52.4
57.4
60. 9
59. 4
65. 6
75. 2
81.7
337.3
350.0
364.4
385.3
404. 6
438. 1
472. 2
508. 8
544.7
567. 8
577. 3
589. 3
601. 6
612. 9
619. 1
631. 0
642. 5
70. 4
74 1
76.9
79. 6
80. 2
79. 1
82.8
84. 7
497. 5
503. 3
512. 4
522. 0
532. 7
540. 0
548. 2
557. 9
1966: !____
!!___
III__
IV. _
1967: I
II.. _
III _
IV._.
Billions of dollars
44. 3
146.6
120.3
318.3
128.7
333. 0
151.3
45.3
155.9
44.2
135. 1
343. 3
162.6
143.0
49.5
363. 7
152. 4
53. 9
168. 0
384. 7
163. 3
178. 7
59. 2
411. 9
191.2
175.9
66. 0
445. 0
207.5
188. 1
479. 0
70. 3
202. 1
217. 5
72.1
505.9
Seasonally adjusted annual rates
203. 2
183. 5
470. 9
71. 6
207. 1
186. 3
474. 6
68. 2
209. 5
189. 8
483. 2
70. 9
192. 9
210. 3
70. 6
487. 4
214. 2
196. 6
69. 4
493.9
200. 0
217. 2
72.5
504. 0
204. 1
218. 5
72. 7
509. 6
207. 7
220. 3
73. 8
516.2
JIncludes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
3
Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
Saving
as percent of Populadistion
posable
(thou-3
personal sands)
income
(percent)
19. 1
17.0
21.2
21.6
19. 9
26. 2
27. 2
29. 8
38.7
Dollars
1,881
1,905
1,937
1,883
1,983
1,909
2,064
1, 968
2,136
2,013
2, 280
2, 123
2, 427
2, 232
2, 584
2, 317
2,393
2,736
5.6
4.9
5.8
5.6
4.9
6. 0
5.8
5.9
7. 1
177, 073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, 118
26. 6
28. 7
29. 2
34. 6
38.8
36.0
38. 5
41.6
2, 537
2, 560
2, 598
2,639
2, 686
2,716
2,749
2,789
2, 304
2, 302
2, 324
2, 341
2, 373
2, 388
2,394
2,413
5. 3
5. 7
5. 7
6. 6
7. 3
6.7
7.0
7.5
196,
196,
197,
197,
198,
198,
199,
200,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
096
629
216
834
356
852
425
006
FARM INCOME
Net farm income including inventory change (seasonally adjusted) rose slightly in the fourth quarter, according td
current estimates. Excluding inventory change, there was a decline of about 6 percent.
B1LLIONS Or DOLLARS
60
BILLIONS OF DOLL*RS
60
SEASONALLY ADJUSTED ANNUAL RATES
s-
50
REALIZED GROSS
FARM INCOME
50
A
^S
40
40
30
30
NET FARM INCOME
INC1UDING NET INVENTCDRY
CHANGE
20
x
•*
20
Ar
•"•"""I
10
10
0
I
t
1
I
SOUtCE: DEPARTMENT Of
1
!
1963
1962
1
1
1964
(
1
I
1965
!
AGRICULTURE
!
1966
1
!
i
1967
t
!
1
1968
1
0
COUNCIL OF ECONOMIC ADVISERS
Personal income received by
total farm population
Income received from farming
Realized gross
Period
1
From
all
sources
From
farm
sources
From
nonfarm
sources
Net to farm
operators
Net income per
farm including net
inventory change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total !
ventory ventory
prices
prices 4
marketchange change 2
ings
Dollars
Billions of dollars
3, 106
37.5
1959
2,795
11.4
7.0
26. 1
33. 5
18. 1
11. 0
11. 5
3,381
3,043
18.7
26.2
1960
37.9
34. 0
12.0
7. 2
11.7
11.4
3,724
3,389
12.9
12. 6
34.9
1961
19. 0
39. 6
27. 0
12. 1
6.9
3,872
3,562
1962
13. 1
12.5
36. 2
19. 2
12.2
41. 1
28. 5
7.0
3,947
37.2
3,671
42. 1
29.6
13. 1
1963
12.5
12. 0
18. 7
6.7
3,774
3, 510
29.4
13.0
12. 2
42.4
37. 1
18.0
1964
11.2
6.8
4, 413
4, 645
30.9
13.9
14. 9
39. 1
44.8
20.3
13.4
1965--.
6.9
5, 090
4, 988
16. 4
16. 2
49. 7
43. 2
33. 3
1966
21. 3
14. 4
6.9
4,705
14. 5
14. 9
4,705
42. 5
34. 4
48. 9
20. 1
13. 2
6. 9
1967
Seasonally adjusted annual rates
5,480
5, 320
17. 3
32. 6
16. 9
43. 3
49. 5
1966: I
_
II
_ _
5,080
4, 980
16. 4
16. 2
43. 1
33. 1
49. 5
5,000
4, 950
16. 5
16. 1
III
33. 5
43. 3
50. 0
4,
710
4,
760
15. 9
15. 3
43. 2
34. 0
IV
49. 9
4, 670
4,720
14. 8
42. 6
34.3
15. 0
1967: I
49. 3
II
4, 580
4, 580
42. 4
14. 6
14. 5
34. 5
49. 1
4,750
4, 800
34. 4
14. 8
15. 2
42." 9
49. 2
III.
4,810
42. 1
34.2
13.9
4,860
15. 4
IV
48. 1
4
1
Income in current prices divided by the index of prices paid by farmers for
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
family living items on a 1967 base.
2
Inventory of crops and livestock valued at the average price for the year.
Source: Department of Agriculture.
Also,
see footnote 2, p. 3.
3
Based on 1959 Census of Agriculture definition of a farm. The number oi
farms is held constant within a year.
CORPORATE PROFITS
Corporate profits before taxes (seasonally adjusted annual rate) jumped $51A billion in the fourth quarter, rising to
a record $851/2 billion, according to preliminary estimates. For the year 1967 as a whole, profits before taxes were
down $3 billion.
BILLIONS OF DOLLARS
90
BILLIONS OF DOLLARS
90
PROFITS AFTER TAXES
'
40
30
20
10
10
1962
J/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars: quarterly data at seasonally adjusted annual rates]
Corporate profits (before taxes) and inventory
Corporate profits
valuation adjustment
after taxes
Corporate
Trans1
CorpoCorpoManufacturin g
capital
portation,
rate
rate
conPeriod
comDiviUnprofits
tax
NonAll
Durable durable
All 1 before liabil- Total dend distrib- sumpmuniindustion
goods
other
payuted
taxes
Total indusity
goods cations,
! tries
and
ments profits allow-2
indusances
tries
public
tries
utilities
12. 7
26. 3
13. 6
1959
51. 7
52. 1
7. 0
18. 4
23. 7
28. 5
12. 6
15. 9
23. 5
12. 0
12. 4
24. 4
1960
49. 9
7. 5
17. 9
26. 7
49. 7
23. 0
13. 4
13. 2
24. 9
23. 3
11. 4
11. 9
1961
50. 3
7. 9
19. 1
50. 3
23. 1
27. 2
13. 8
13. 5
26. 2
14. 1
26. 6
12. 5
1962
55. 7
24 2
20. 5
31. 2
8. 5
55. 4
15. 2
16. 0
30. 1
28.
8
15.
8
13.
0
1963
58. 9
20. 6
59. 4
33. 1
9.5
26! 3
16. 5
16. 6
31.8
32.7
17.8
14.9
1964___ _
66.3
23.5
38.4
10.1
66.8
28.3
17.8
20.6
33.9
38.7
22.2
16.5
74.9
1965—
11.2
25.0
31.4
45.2
76.6
19.8
25.4
36.5
24.4
18.7
43. 1
82. 2
27 2 ' 83.8
1966—
11.9
34.5
49.3
21.5
27.8
39.0
39. 5
21. 3
18. 2
1967 v _
33.2
79.7
12. 0
28." 2
47. 6
22. 8
80.8
41. 4
24.8
1966: I.—
II—
III..
IV__
1967: !.___
!!___
III__
IV "_
81. 1
81.3
81.9
84.6
78.1
78.3
79.2
83.0
42.7
42.5
42.7
44.4
39.6
38. 9
38. 2
24.3
24.0
23.9
25.3
21. 1
21. 1
20. 5
18.3
18.5
18.8
19.2
18.4
17.8
17.7
11.7
12. 0
11.8
12.0
11.7
11. 9
12. 1
26.7
26.8
27.3
28.2
26.9
27. 5
28.9
1 Includes all other industries and financial institutions.
2
Includes depreciation, capital outlays charged to current account, and accidental damages.
s Corporate profits after taxes plus corporate capital consumption allowances.
91-457°— 6S-
83.7
83.6
84.0
83.9
79.0
78. 9
80. 0
85. 4
34. 5
34.5
34.6
34.6
32.5
32. 5
32. 9
35. 1
49.2
49.2
49. 4
49.3
46.5
46. 5
47. 1
50. 3
21.4
21. 6
21.6
21. 2
22! 2
23. 1
23. 4
22. 4
27.8
27.6
27.8
28.2
24.2
23. 4
23. 6
27. 8
38.3
38.7
39.2
39.8
40.3
40.9
41.8
42. 5
Profits
plus
capital
consumption
allow-3
ances
52. 0
51. 6
53. 5
61. 3
64. 8
72.3
81.7
88.3
89.0
87.5
87.9
88.6
89.1
86.7
87. 4
88.8
92.8
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines ($2H billion for 1962) and therefore not comparable with preceding data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment gained $81/2 billion (seasonally adjusted annual rate) in the fourth quarter, according to current estimates. Business fixed investment rose over $1 billion to reach a new record high. Residential
construction continued its recovery with a gain of $2 billion. Inventory investment increased $51A billion—the second
straight increase after two quarters of substantial decline.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
40
20
20 -TO
CHANGE IN BUSINESS
INVENTORIES
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Total
gross
private
domestic
investment
Total
Structures
Total
Total
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1966: I
II
III
IV
1967: I
II.
Ill
IV
67.8
60.9
75.3
74. 8
71. 7
83. 0
87. 1
940
107.4
118. 0
112. 1
115. 2
118. 5
116.4
122. 2
110. 4
105. 1
112. 2
120.8
66. 5
62. 4
70. 5
71.3
69.7
77.0
81.3
88.2
98. 0
104. 6
107. 0
105.3
1045
104 9
103. 7
103. 3
104 6
108. 4
111.6
46. 4
41. 6
45. 1
48.4
47.0
51.7
543
61. 1
71. 1
80.2
82.6
78.3
78. 7
81. 2
82.8
81. 9
81.5
82. 8
84.0
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Residential
structures
N onresidential
18.0
16.6
16.7
18. 1
18.4
19. 2
19.5
21.2
25.1
27.9
26.8
28.3
27.5
28.2
27.7
27.7
26.3
26. 6
26.7
Nonfarm
17.2
15.8
15. 9
17.4
17. 7
18. 5
18.8
20.5
24.4
27.2
26. 1
27.6
26.8
27.4
26.9
26.9
25.6
25. 9
25.9
Producers' durable equipment
Total
28.4
25. 0
28. 4
30.3
28. 6
32. 5
34 8
39.9
46. 0
52. 3
55.7
50. 0
51. 2
53. 1
55. 1
54 2
55. 2
56. 2
57.3
Nonfarm
25.9
22. 2
25. 4
27.7
25. 8
29. 4
31. 2
36.3
41.9
47.8
51.4
45.5
46.9
48.7
50.1
50.0
50.6
51. 9
53.0
Total
20. 2
20.8
25. 5
22. 8
22. 6
25.3
27. 0
27.1
27.0
24.4
244
27.0
25.8
23.7
20.9
21.4
23.1
25. 6
27.6
Nonfarm
19.5
20. 1
248
22. 2
22. 0
24 8
26. 4
26. 6
26. 4
23.8
23.9
26. 5
25. 3
23. 2
20. 4
20. 9
22. 5
25. 0
27.0
Source: Department of Commerce.
Change in business inventories
Total
1.3
-1. 5
48
3.6
2. 0
6. 0
5.9
5.8
9.4
13.4
5.2
9.9
14 0
11. 4
18.5
7. 1
.5
3. 8
9.2
Nonfarm
0. 8
-2.3
48
3.3
1.7
5.3
5.1
6. 4
8.4
13.7
48
9. 6
14 4
12. 0
19. 0
7.3
.6
3.4
7.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
lusiness expenditures for new plant and equipment totaled $61.7 billion in 1967, or about 2 percent above 1966.
ihe most recent survey shows a jump of 31/2 percent in the current quarter (seasonally adjusted) while an advance of
nearly 6 percent is expected for 1968 as a whole.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 70
70
SEASONALLY ADJUSTED ANNUAL RATES
60
TOTAL NEW PLANT AND EQUIPMENT
50
50
40
40
NONMANUFACTURING
30
30
20
20
-\
MANUFACTURING
10
10
V
I
1964
1963
1962
1965
1966
1967
J/
1968
-I/SEE NOTE 3 ON TABLE BELOW
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
\Billions of dollars; quarterly data at seasonally adjusted annual rates
Manufacturing
Period
Total i
Total
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
28. 32
26.83
28. 70
_.
_
___
35.08
36. 96
30. 53
32. 54
35. 68
34. 37
37. 31
39. 22
44, 90
51.96
60.63
1966__
1967 3
1968
1967- I
61.66
__
65.23
61. 65
61. 50
II
III
IV
1968: I 3 _3 _
II
60.90
62.70
_
2d half
_
_
3
1
2 Excludes agriculture.
_
64.80
64.30
66. 05
1L 91
11. 04
11.44
1495
15. 96
11. 43
12. 07
14. 48
13.68
14.68
15.69
18. 58
22.45
26.99
26.69
27.93
27. 85
27. 00
26. 15
26.00
28.00
28. 10
27.85
Durable
goods
Nondurable goods
5.65
5.09
5.44
7. 62
8. 02
5.47
5. 77
7. 18
6. 26
5.95
6.00
7.33
7. 94
5. 96
6.29
7. 30
7. 40
7.65
7. 84
9.16
11.05
13.00
13.00
13.54
13. 70
13. 25
12.65
12.55
13.40
13.55
13.60
a 27
7.03
7.85
9.43
11.40
13.99
13.70
14.39
14. 20
13. 75
13.50
13.50
14.60
14.55
14.25
Commercial and other includes trade, service, finance, communications, and
construction.
s Estimates based on anticipated capital expenditures as reported by business
in late January and February 1968. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $60 million.
Transportation
Railroads
Other
Public
utilities
1.31
. 85
. 92
1.23
1. 40
.75
. 92
1. 03
.67
. 85
1.10
1.41
1.73
1.98
1.53
1.27
1.80
1. 55
1.40
1.40
1.45
1.15
1.25
1.56
1.51
1. 60
1.71
1.77
1. 50
2. 02
1. 94
1.85
2.07
1.92
2.38
2.81
3.44
3.88
4.51
3.05
3. 90
4.10
4.45
4.00
3.90
5. 10
4.55
4.22
4.31
4. 90
6. 20
6. 09
5. 67
5.68
5.52
5.48
5.65
6. 22
6.94
8.41
9.88
10.88
9.20
9. 70
9.80
10.65
11.25
10.95
10.70
Mining
0.99
.98
.96
1,24
1.24
. 94
. 99
. 99
.98
1. 08
1. 04
1. 19
1.30
1.47
1.42
1.58
1. 40
1.30
1.45
1.50
1.55
1.60
1.60
Commercial and
other 2
8. 00
8.23
9.47
11.05
10. 40
9. 81
10.88
11. 57
11.68
13. 15
13. 82
15. 13
16.73
18.36
18.25
19.05
18. 30
18. 05
17.95
18.70
18.55
18.60
19.50
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 of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force, seasonally adjusted, rose by 749,000 in February. Total civilian employment increased by
564,000. As a result, unemployment rose by 185,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
UNEMPLOYMENT
SEASONALLY ADJUSTED
RATE
Tr n n T- --~* 1962
r-
-~jj-.
n
r~
r-^~1
1
1963
1964
1966
1965
1967
1968
*16 YEARS OF AGE AND OVER.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
labor
force
(including
armed
forces)
1963__
1964
1965
1966___
1967___
74, 571
75, 830
77, 178
78, 893
80, 793
1967:
Jan__ 78, 706
Feb__ 79, 107
Mar- 78, 949
79, 560
Apr
May, 79, 551
June. 82, 464
July. 82, 920
Aug_ 82, 571
Sept. 80, 982
Oct__ 81, 595
Nov_ 81, 582
Dec_ 81, 527
1968:
Jan__ 79, 811
Feb_ 80, 869
Civilian employment
Non- Unemployagriment
Total
cultural
Thousands of
67, 762 63, 076 4,070
69, 305 64, 782 3, 786
71, 088 66, 726 3, 366
72, 895 68, 915 2, 875
74, 372 70, 527 2,975
Unadjusted
Unemployment
Total
Civilian employment
rate (percent of
labor
civilian labor
force
Civilian
Non- Unemforce)
(includ- labor
ployi Agriagriing
Total
culment
force
culUnad- Seasonarmed
tural
adtural
justed ally
forces)
justed
persons 16 years of age and over
Percent
74, 571 71, 833 67, 762 4, 687 63, 076 4, 070
5. 7
75, 830 73, 091 69, 305 4, 523 64, 782 3, 786
5. 2
77, 178 74, 455 71, 088 4,361 66, 726 3,366
4. 5
78, 893 75, 770 72, 895 3, 979 68, 915 2,875
3. 8
80, 793 77, 347 74, 372 3, 844 70, 527 2, 975
3.8
Seasonally adjusted
72, 160
72, 506
72, 560
73, 445
73, 637
75, 391
76, 221
76, 170
74, 631
75, 181
75, 218
75, 338
68, 826
69, 225
69, 149
69, 724
69, 812
70, 996
71, 705
71, 792
70, 700
71, 148
71, 460
71, 793
3, 160
3, 183
2,954
2, 666
2, 457
3,628
3,250
2,942
2, 895
2,951
2,894
2, 719
80, 319
80, 839
73, 273
74, 114
69, 908
70, 653
3, 074
3,288
80, £63
79, 958
80, 658
80, 944
81, 057
81, £63
81, 535
81, 459
81, 94%
76, 933
76, 921
76, 676
76, 814
76, 502
77, 214
77, 495
77, 598
77, 807
78, 072
77, 989
78, 473
74, 094
74, 063
73, 822
73, 939
73, 550
74, 169
74, 478
74, 664
74, 638
74, 735
75, 005
75, 577
3,990
3, 876
3,858
3,843
3, 728
3, 739
3, 847
3, 956
3, 697
3, 718
3,839
4, 216
70, 104
70, 187
69, 964
70, 096
69, 822
70, 430
70, 631
70, 708
70, 941
71, 017
71, 166
71, 361
2, 839
2,858
2,854
2,875
2,952
3,045
3, 017
2, 934
3, 169
3, 337
2,984
2, 896
81, 386
82, 138
77, 923
78, 672
75, 167
75, 731
4,003
4, 127
71, 164
71, 604
2, 756
2,941
so, in
1
Total labor force as percent of noninstitutional population.
NOTE.—Seasonally adjusted series revised; see Employment and Earnings and
Monthly Rcpoit on the Labor Force, February 1968. Beginning 1960, data include
Alaska and Hawaii.
10
Source: Department of Labor.
Labor
force
participation
rate,
unadjusted *
59. 6
59. 6
59. 7
60. 1
60. 6
3.7
3.8
3. 5
3. 7
59. 5
59.7
59. 5
59. 9
59. 8
61. 9
62. 2
61. 8
60. 5
60.9
60.8
60. 7
4. 0
3.5
3.7
59. 3
60.0
4. 2
4.2
3. 9
3.5
3.2
4. 6
4. 1
3. 7
3.7
3. 8
4.2
3. 7
3. 7
3. 7
3. 7
3. 9
3. 9
3. 9
3.8
4-1
4.3
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
fhc seasonally adjusted unemployment rate, after declining to 3.5 percent in January, moved up to 3.7 percent in
February, the same as in December and a year earlier.
PERCENT
PERCENT
110
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
V
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
I
— UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
I
UNEMPLOYMENT RATE,
MARRIED MEN
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
Unemployment rate
(percent of civilian labor
force in group)
Period
Labor
force
time lost
through
ExperiMarried
unemenced
All
men
ployment Over 40
wage and
hours
(wife
workers
and partsalary
present)
time
workers
work J
Percent
1963
1964
1965
1966
1967
. __
5. 7
5.2
4. 5
.x 8
•;. s
1967: J a n . .
!<eb
MaiApr
May
June
July. _
Aug
Sept _
Get
Nov_
Dec
1968: Jan _
Feb
*.y
5. 7
>. /
*. 7
{.<)
3.9
3. 9
3.8
4. 1
4. 3
3.8
3. 7
3. 5
3. 7
5. 5
5. 0
4. 3
3. f>
3. 0
35-40
hours
H). 4
5.8
5. 0
4. 2
A. 2
19,271
20, 788
21, 334
20, 920
29,
30,
32,
32,
100
70S
088
010
ticaxo'ii a 11 a adjuxl cd
3. f>
M. -1
3. 5
3. 4
3.0
3. 7
3.7
3.6
3. 9
4. 1
3.7
3. 5
3. 3
3.5
Total
Part-time for
economic reasons
Part-time for
economic reasons
Usually
fulltime 3
Usually
fulltime 3
Usually
parttime 4
Usually
parttime 4
Thousands of persons 16 years of age and over
3.4
2.8
2. 4
1. 1)
1. S
1. 7
1. 7
I. 8
1. 9
1.9
].9
1. 8
1.9
1. 8
1. 9
1.7
1. 7
1. 6
1.7
13, 101
11, 818
12, 034
] 3, 290
1,069
986
897
871
1,060
1, 222
1, 151
1,031
793
853
1,
1,
1,
1,
765
830
765
730
568
1, 091
1, 226
1, 163
810
765
751
774
720
5
799
Unadjusted
-1. 1
•1. 1
•1. 1
4.0
;>. 8
4. -i
4. 2
4.3
4. 6
4. 7
4. 2
4. 1
4. 0
4.2
21, 317
20, <i2r>
20, -190
20, 7f>9
20, 077
20, ,r>77
22, 143
22, 485
22, 019
21, 411
21, 628
21, 954
19, 746
20, 557
1
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 196S, series reflects whether unemployed persons sought fullor 2part-time jobs.
Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
Persons at work in nonagri cultural industries
by hours worked per week 2
Under 35 hours
ML', 009
31, 050
32, 500
32, 858
33, 273
33, 082
32, COS
33, 390
33, 145
31, 641
33, 413
33, 628
32, 031
32, 383
13, 215
15, 243
13, 777
13, 791
13, 473
12, 323
12, 477
12, 066
12, 219
15, 246
13, 952
14, 026
14, 753
15, 081
Seasonally adjusted
143
171
213
179
885
1, 133
997
1, 012
1,073
922
1, 078
911
805
5
942
1,035
1, 178
1, 229
1, 181
910
1, 072
1, 058
992
1,094
976
1, 108
944
729
915
872
899
843
827
629
867
953
863
873
890
842
863
808
860
3
Includes persons who worked part-time because of slack work, material
shortages
or repairs, new job started, or job terminated.
4
Primarily includes persons who could find only part-time work.
• Average hours worked: usually full-time. 23.8;* usually part-time, 17.7.
NOTE.—See Note, p. 10.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In February, insured unemployment under State programs averaged 27,000 lower than in February 1967. The insure
unemployment rate, seasonally adjusted, remained at 2.3 percent.
MILLIONS OF PERSONS
1 3
MILLIONS OF PERSONS
3
WEEKLY INSURED UNEMPLOYMENT
{STATE PROGRAMS)
1966
JAN.
FEB.
MAR.
I i i
APRIL
MAY
JUNE
JULY
AUG.
1964
1965
1966
1967 *
1967: Jan
Feb
Mar
Apr
May
June
July- _
__
Aug
Sept
Oct
Nov
Dec__ _ _ _
1968: Jan_ p
Feb
Week ended:
1968: Feb 3 _ _
10_
17
24
Mar 2 "
9"
All programs
Insured Total
unem- benefits
Covered
ploypaid
employ- ment
(milment
(weekly
lions
averof dolage)
lars)
Insured
unem-
Thousands
49, 637
1, 753
51, 580
1, 450
54, 739
1, 129
1,270
1,631
» 54, 768
"54, 659
1, 654
"55, 097
1, 603
1, 423
"55, 591
"55,985
1, 197
"57,017
1, 071
1, 245
1, 123
956
953
1, 068
1,339
1,719
1,640
Weekly average, thousands
1, 605
26
268
232
21
1,328
1, 061
203
15
226
17
1,205
1,558
300
15
16
1, 583
267
1,533
239
17
244
1,360
20
1, 142
19
188
1, 019
186
19
1, 184
17
288
17
1, 060
187
894
15
158
889
15
180
997
15
208
1,259
16
278
1,624
316
19
1, 556
227
18
1, 686
1, 666
1, 637
1,675
1, 610
2, 749. 2
2, 360. 4
1, 890. 9
2, 220. 1
235.8
230.9
270.1
210. 5
193. 1
165.4
155.3
184. 0
132. 3
133. 0
146. 5
171.8
264.8
235.0
State programs
pioyment
1, 591
1,572
1, 541
1, 575
1,513
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF LABOR
Period
NOV.
OCT.
SEPT.
Initial
claims
Exhaustions
Insured unemployment as percent of covered
employment
Unad- Seasonadjusted ally
justed
309
257
214
200
199
208
Source: Department of Labor.
Percent
3.8
3.0
2.3
2. 5
3.3
3. 4
3.3
2.9
2.4
2. 1
2. 4
2.2
1. 8
1. 8
2. 0
2.6
3.3
3.2
3. 3
3.2
3.2
3.2
3. 1
2.3
2.5
2.6
2. 7
2.7
2.6
2 8
2.6
2.4
2.4
2. 3
2.3
2.3
2.3
Benefits paid
Total
Average
weekly
check
lions of
dollars) (dollars)
(mil-
2, 522. 1
2, 166. 0
1, 771. 3
2, 101. 0
224.8
219. 5
257.5
200. 6
183.6
156. 1
147. 3
172. 8
122. 6
122. 1
1349
159.2
248.5
220.0
35. 92
37. 19
39.75
41.25
41.70
41.97
42.07
41. 81
40.99
39. 99
40. 10
41.08
40. 10
40. 70
41. 19
41.85
42.59
42.75
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment, seasonally adjusted, rose sharply in February (nearly 550,000) following
almost no change in January. The gains were widespread with the largest increases occurring in contract construction
(251,000), trade (97,000), manufacturing (66,000), State and local government (55,000), and service industries
(45,000).
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS ISEASONAU.Y ADJUSTED)
(ENLARGED SCALE)
14 -
12
SERVICE AND
MISCELLANEOUS
\
10
NONMANUFACTURING
(PRIVATE)
DURABLE
MANUFACTURING
10
NONDURABLE
MANUFACTURING
MANUFACTURING
==^^~
CONTRACT
CONSTRUCTION
GOVERNMENT
1965
1966
1967
1968
1965
1966
SOURCE: DEPARTMENT OF LABOR
1968
1967
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
Manufacturing (private)
Period
Total
1961
1962 _ _ _
1963
1964
1965
1966
1967 "__ __
1967: Jan__
Feb_
Mar.
Apr_
MayJuneJulyAug_
Sept_
Oet__
Nov _
Dec1968: Jan"_
Feb"_
54, 042
55, 596
56, 702
58, 332
60, 832
63, 982
66, 066
65, 564
65, 692
65, 749
65, 653
65, 639
65, 903
65, 939
66, 190
66, 055
66, 243
66, 918
67, 126
67, 146
67, 694
NonTotal Durable
goods durable
goods
16, 326
16, 853
16, 995
17, 274
18, 062
19, 186
19, 336
19, 558
19, 507
19, 445
19, 331
19, 238
19, 285
19, 169
19, 318
19, 142
19, 169
19, 422
19, 491
19, 501
19, 567
9,070 7,256
9, 480 7,373
9,616 7,380
9, 816 7, 458
10, 406 7, 656
11,256 7, 930
11, 325 8, 012
11,507 8, 051
11, 482 8, 025
11, 434 8,011
11, 322 8, 009
11, 283 7,955
11,285 8,000
11, 218 7,951
11, 351 7,967
11, 149 7,993
11, 143 8,026
11, 364 8,058
11, 399 8,092
11, 443 8,058
11,464 8, 103
Nonmanufacturing (private)
Total
29, 122
29, 853
30, 481
31, 461
32, 678
33, 925
35, 114
34, 685
34, 812
34, 865
34, 847
34, 877
34, 982
35, 101
35, 159
35, 245
35, 329
35, 660
35, 747
35, 711
36, 135
Con- TransWhole- Finance,
insur- Service
tract portasale
tion
ance,
and
Mining conand
and
and miscelstrue- public
retail
real laneous
tion utilities trade estate
672 2, 816 3,903 11, 337 2,731 7, 664
650 2,902 3,906 11, 566 2,800 8,028
635 2,963 3,903 11, 778 2,877 8,325
634 3, 050 3,951 12, 160 2, 957 8,709
632 3, 186 4, 036 12, 716 3, 023 9, 087
625 3,292 4, 151 13,211 3, 102 9, 545
613 3,265 4,262 13, 676 3, 228 10, 072
625 3,311 4,242 13, 515 3, 152 9,840
624 3,352 4,247 13, 541 3, 165 9,883
624 3,313 4, 246 13, 557 3, 179 9,946
620 3,276 4,212 13, 572 3,194 9,973
617 3, 192 4,267 13, 609 3,205 9,987
619 3, 187 4,266 13, 648 3,227 10, 035
623 3, 231 4, 292 13, 647 3, 234 10, 074
606 3, 223 4,283 13, 664 3,253 10, 130
001 3,238 4,262 13, 719 3,264 10, 161
597 3, 236 4,251 13, 776 3,270 10, 199
597 3, 289 4,287 13, 900 3,290 10, 297
598 3,353 4,290 13, 870 3,304 10, 332
596 3,216 4,301 13, 919 3,310 10, 369
600 3,467 4,317 14, 016 3,321 10, 414
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagrieultural 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
are not at work because of industrial disputes; anpl which are based on an enu-
Government
Federal
2,279
2,340
2,358
2,348
2,378
2,564
2,719
2,667
2,673
2,685
2,688
2,698
2,747
2,759
2,746
2,715
2,712
2,698
2,708
2,721
2,724
State
and
local
6,315
6,550
6,868
7,249
7 714
8,307
8,897
8,654
8,700
8,754
8,787
8,826
8,889
8,910
8,967
8,953
9,033
9, 138
9,180
9,213
9,268
meration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The seasonally adjusted workweek in manufacturing rose by 0.5 hours in February to 40.7 hours, the same level
registered in December. Weekly hours in contract construction, after declining sharply in January, rose by an even
larger amount in February.
HCHJRS
46
HOIJRS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
44
42
~~*~-**s-*
42
a
"~-llte
^"*t^^j
^
^^
^•
>
40
40
38
38
36
36
34
A) . 1 ! 1 1 1 1 I 1 I
v
t ti ii1 ii iii
1967
1 1 1 1 1 I 1 1 I 1 1
1966
1965
1 1 1 1 1 1 1 1 1 1 iN
N
—s^——^
V
\s*~*~s\/
,.,,.1.11..
1 , , , ,,
1966
1965
1967
I . , , , I « , , , ,K
N
1968
42
RETAIL TRADE
CONTRACT CONSTRUaiON
40
40
±
-N^y*'
^
^
-yv^
36
A A .
V
v
38
/
-^~^_
34
32
32
At
v
1
| I
!
1
I 1
!
1 I
I
I
(
1
1
1
1966
1965
1
1
1
!
1
1
!
!
1
1
1
1
1
1967
!
1 1
. . . . . 1 . . . . ih
30
1968
...^— -^^
r™^»ii«i
36
34
30
.»
.**'
34 Ai i i . i 1 . . . . ,
1968
42
38
PER WEEK (SEASONALLY ADJUSTED)
••nr>1_
^^x---X^ *•
, , . , , 1 . . i i ,k
4, i . . , 1 i . . , ,
V
1965
i
1967
1966
1968
N
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT C)f LABOR
l
[Average hours per week; seasonally adjusted]
Manufacturing industries
Period
1958
1959
I960—- _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
1961
1962
_
1963
1964
_ _
1965 .. - _ _
_ __ ___
_ _
1966
_ _
1967 *
1967: Jan _
_ _
Feb
Mar
Apr
May
June
___
__ __
July_ _ _ _ _ _ _ _ _ _ _ _
Aug
Sept . _ _
__ __
Oct.
Nov Dee
1968: Jan *
Feb*
Durable
goods
All
39. 2
40. 3
39. 7
39. 8
40. 4
40.5
40. 7
41.2
41. 3
40. 6
41. 0
40.3
40. 4
40. 5
40. 3
40. 3
40.4
40.7
40. 8
40.7
40. 8
40. 7
40. 2
40.7
1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
14
39. 5
40.7
40. 1
40.3
40. 9
41. 1
41. 4
42. 0
42. 1
41.2
41.7
41. 0
41. 1
41. 0
41. 0
40. 9
41.0
41.3
41. 6
41. 3
41. 2
41. 4
40.9
41.3
Nondurable
goods
Contract construction
38.8
39.7
39.2
39. 3
39.6
39. 6
39. 7
40. 1
40. 2
39. 7
40. 0
39. 5
39. 5
39. 8
39. 5
39. 5
39.6
39.7
39. 9
39.7
40. 1
39. 8
39. 1
40.0
2 Includes eating and drinking places.
Source: Department of Labor.
36. 8
37.0
36.7
36. 9
37.0
37. 3
37. 2
37. 4
37. 6
37. 6
38. 2
37. 6
37.4
37. 4
36. 4
37.4
37. 5
37.5
38. 3
37. 1
39. 4
37. 3
36. 0
38. 3
Retail trade 2
38.1
38. 2
38.0
37.6
37.4
37.3
37.0
36. 6
35. 9
35. 3
35. 5
35. 3
35. 3
35. 1
35. 2
35.4
35.4
35.5
35. 4
35. 1
35. 2
35. 1
34, 9
34.9
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Weekly earnings in manufacturing averaged $119.48 in February for a $1.48 gain for the month and a $7.60 gain
Dver a year earlier. Even larger increases occurred in construction—$3.98 and $11.58 respectively.
DOLLARS
DOLLARS
3.25
3.00
2.75
2.50
2.25
1965
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF LABOR
[For production workers or nonsupervisory employees]
Average hourly earnings— current prices
Period
1958
_ _
1959
1960
1961
1962
1963
1964
1965__
1966 _
1967 *
1967: Jan
Feb___
Mar _ _
Apr
May__
Jime _ JulyAug__
Sept-_
Oct—
Nov__
Dec-_
1968: Jan*.
Feb*_
Manufacturing industries Contract
Retaill
conNonDurable durable
trade
strucAll
goods
tion
poods
2. 11
2. 19
2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2. 72
2. 83
2.78
2. 79
2. 79 |
2. 80
2. 81
2. 82
2.82
2. 82
2.85
2. 85
2.88
2.91
2.95
2.95
2. 26
2. 36
2. 43
2. 49
2. 56
2. 63
2. 71
2. 79
2. 90
3. 00
2.96
2.96
2. 96
2. 97
2. 99
2. 99
3. 00
3. 00
3. 03
3.03
3. 06
3.10
3.13
3.13
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2. 45
2. 57
2. 51
2. 53
2. 54
2. 55
2. 55
2. 56
2. 57
2. 57
2. 61
2. 61
2. 62
2.64
2.67
2.67
2. 82
2. 93
3. 08
3. 20
3. 31
3. 41
3. 55
3. 70
3.88
4. 09
4. 02
4. 00
3. 99
3. 99
4. 02
4. 02
4.08
4. 10
4. 18
4.21
4.21
4.24
4.32
4.24
1. 42
1. 47
1. 52
1. 56
1. 63
1. 68
1. 75
1. 82
1. 91
2. 01
1. 97
1. 98
1. 98
2.00
2. 00
2. 01
2. 01
2. 01
2.03
2.05
2. 05
2.04
2.09
2.11
Average weekly earnings— current prices
Manufacturing industries Contrac
conNonDurable durable
strucAll
goods
tion
goods
82. 71
88. 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
113. 42
111. 88
112. 44
112. 56
113. 52
114. 49
113. 65
114. 77
116. 57
116. 28
117. 50
119.31
118. 00
119.48
1
Includes eating and drinking places.
2
Earnings in current prices, adjusted to exclude over time and interindustry shifts.
3
Earnings in current prices divided by the consumer price index.
91-457°—68-
89. 27
96. 05
97. 44
100. 35
104. 70
108. 09
112 19
117. 18
122. 09
123. 60
122. 84
120. 77
121. 36
121. 18
122. 89
123. 19
122. 40
123. 30
126. 05
125. 44
126. 07
129. 58
127. 39
128. 64
74. 11
78. 61
80. 36
82. 92
85. 93
87. 91
90. 91
94. 64
98. 49
102. 03
99. 65
99. 18
100. 08
100. 22
100. 73
101. 63
102. 03
102. 80
104. 66
104. 14
105. 06
105. 60
103. 60
106. 00
103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 38
145. 89
153. 78
149. 14
143. 60
146. 83
147. 23
149. 54
153. 56
157. 90
159. 08
162. 60
160. 40
161. 24
154. 76
151.20
155. 18
Retail1
trade
54. 10
56. 15
57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
69. 15
69. 10
69. 30
69. 80
69. 80
71.56
72. 96
72. 96
71.66
71. 55
71. 34
72.22
72.11
72.80
Manufacturing
industries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59=
1957-59
100 2
prices 3
100. 2
103. 5
106. 6
109. 6
112. 3
115. 2
118. 0
*121. 1
125. 1
130. 9
128. 4
129. 0
129. 4
129. 9
130. 2
130. 5
130.8
131. 1
131. 9
132. 4
133.4
134.3
135.7
82. 14
86. 96
87. 02
88. 62
91. 61
93. 37
95. 25
97. 84
99. 33
98. 80
98. 88
97. 46
97. 77
97. 62
98. 20
98. 7097. 55
98. 18
99. 55
98. 96
99.75
100. 94
99. 49
*Based on the new benchmark beginning 1965.
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production (seasonally adjusted) was virtually unchanged in February but was 3 percent above a year
earlier. Increased output of some consumer goods was offset by declines in industrial materials.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
TOTAL
180
180
160
160
140
140
..i...
MINING
120
120
100
100
1966
1965
1967
1968
1965
1966
1967
1968
1967
1963
180
MARKET GROUPS
160
160
140
140
120
120
. MATERIALS.
100
1965
1966
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCEs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1958
1959
... _
1960
1961
1962
1963
..
1964
1965
1966
.. ___ ..
1967 ^
1967: Jan
Feb
Mar
Apr
May.
June
Julv
Aug
« _
Sept
...
Oct
Nov
Dec
1968: Jan
Feb »
-
_
.
93. 7
105. 6
108. 7
109. 7
118. 3
124 3
132.3
143.4
156. 3
158.0
158.2
156.6
156.4
156.5
155.6
155.6
156. 6
158. 1
156. 8
156. 9
159.5
162.0
161.2
161.3
[1957-59 = 100, seasonally adjusted]
Industry
Manufacturing
Mining Utilities
NonTotal Durable durable
93. 2
106. 0
108.9
109. 6
118. 7
124, 9
133. 1
145.0
158. 6
159.6
160. 1
158.5
158.2
158.2
157.2
157.0
157.6
159. 4
158. 1
158. 3
161.1
163.9
163.0
162.8
Source: Board of Governors of the Federal Reserve System.
16
90. 3
105. 6
108. 5
107. 0
117. 9
124. 5
133.5
148.4
164. 8
163.8
165.5
162.9
162.6
162.5
162.2
161.5
162.5
163. 6
161. 1
160. 7
164. 1
168.1
167.2
166.8
96.8
106. 5
109.5
112. 9
119. 8
125. 3
132.6
140.8
150. 8
154.4
153.4
152.9
152.6
152.8
151. 1
151.4
151.5
154, 0
154. 2
155. 2
157.2
158.7
157.7
157.8
95. 6
99.7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123.5
123. 2
122.4
121.5
122.0
120.2
123.8
128.0
127. 8
124. 3
122. 4
123.6
123.1
122. 6
125. 1
98. 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.4
180.6
180.5
181.9
182.7
182.7
183.2
184. 1
184. 8
184. 8
187. 6
190.5
191.8
192.0
194.0
Market
Final products
ConTotal
sumer Equipment
goods
94. 8
105. 7
109.9
111. 2
119. 7
124. 9
131.8
142.5
155. 5
158.3
158. 1
157.0
157. 1
157.3
156.3
156.8
157. 1
158. 2
157. 0
156. 9
160.0
161.9
161.0
161.6
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.4
148.0
146. 1
146.6
147. 1
146.0
146. 9
147. 1
148. 6
147. 0
147. 9
150. 1
152.8
151.3
151.9
91. 3
104. 1
107. 6
108. 3
119. 6
124. 2
132.0
147.0
172.6
179.6
179.9
180.3
179.6
179.2
178.5
178.1
178.4
178. 9
178. 6
176. 1
181. 1
181.5
181.7
182.4
Materials
92.7
105.4
107.6
108.4
117.0
123.7
132.8
144.2
157. 0
157.7
157.9
155.8
155.5
156.0
154.6
154.9
156. 1
157. 9
156. 7
157. 4
159.5
161.8
161.6
161.0
PRODUCTION OF SELECTED MANUFACTURES
In February, increases in production (seasonally adjusted) of fabricated metal products, aircraft, and iron and steel
were more than offset by declines in other durable manufactures. Paper and printing was the only nondurable group
to register an increase.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
CHEMICALS, PETROLEUM
AND RUBBER
180
160 *
FOODS, BEVERAGES
AND TOBACCO
140
1965
1968
SOURCE: BOARD OF GOVERNORS OF. THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
1958
1959 . .
1960
1961
1962
1963
1964
1965
1966 _ _ _ _
1967 *
1967' Jan
Feb
Mar
Apr_
May
June
July
Aug
_
Sept .
Oct.
Nov
Dec
1968: Jan_
Feb »
Primary
metals
.__
_>. _ _
_
_ _ _ _
__ _ _
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated
Machin- tation
and
and
apparel,
petrobevermetal
ery
and
prodprint- leum, and ages, and
equipproducts
ing
rubber
leather
ment
tobacco
ucts
87. 5
100. 4
101. 3
98.9
104. 6
113. 3
129.1
137.6
142.7
132.5
132.6
131.9
129. 2
129. 1
128.9
129. 0
129. 6
129.3
129.2
131.7
135.0
140.7
137.6
137
Source: Board of Governors of the Federal Reserve System.
92.9
105. 5
107. 6
106. 5
117. 1
123. 4
132.7
147.8
163. 0
162.0
166.7
165. 0
162. 9
161. 0
160.8
160. 8
159. 8
159. 1
158.1
158.2
159.8
162.5
163.6
165
88. 8
107. 1
110.8
110. 4
123. 5
129. 2
141.4
160.5
183.8
183.4
190.3
186.8
184. 5
182. 1
180.5
177.5
180. 0
182.8
182.2
179.6
183.2
182.2
183.3
183
89. 5
104,0
108. 2
103. 6
118. 3
127. 0
130.7
149.2
166. 9
166.0
162. 6
157. 5
162.6
165.7
167. 5
169. 3
170. 8
171.9
159. 2
159.2
165.6
177.5
175.7
176
95.6
108.5
102. 1
101. 3
106. 1
108.9
112.6
117.4
119.4
116.5
113.7
115. 2
117. 3
119. 1
115. 6
114. 9
115. 5
109.2
114.3
117.0
120.6
125.7
114.4
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141.6
139.6
140.3
137. 6
135.5
135.5
135. 3
134. 8
135. 3
137.6
139. 1
140.4
143.0
146.0
142.9
142
97. 0
105. 2
109.0
112.4
116.7
120. 1
127.5
135.3
146.4
149.6
148.4
148.7
149.5
149.9
149. 1
149. 4
148.6
150.3
148.5
148.6
149.9
149.5
147.7
149
95.5
108.9
113.9
118. 9
131. 2
141. 8
152.5
164.6
181.9
189.5
187. 1
186. 5
186.8
186.4
182. 2
183. 0
184. 0
189.5
191.2
192.8
195.8
198.1
198.8
199
99.4
103.9
106.6
110. 2
113.3
116. 8
120.8
123.4
128. 1
131.5
131. 0
131. 5
131. 1
131.8
130. 9
131. 3
130.9
131.0
130.4
131. 1
132.2
133.2
132.3
132
17
WEEKLY INDICATORS OF PRODUCTION
!n February, weekly indicators of production increased on a seasonally unadjusted basis. Steel production registered'
a 5 percent increase and auto assemblies recovered somewhat from their depressed January level.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
2.5
3.5
20
M
SOURCES: AMERICAN IRON AND STEEL INSTITUTE. DEPARTMENT OF THE INTERIOR.
EDISON ELECTRIC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS
Electric
Bituminous Freight Paperboard
Steel" produced
Cars and trucks
power
coal mined
produced assembled (thousands)
loaded
Index
distributed (thousands (thousands
Thousands
(thousands
of net
of short
(1957-59= (millions of
Total
Cars Trucks
of tons)
of cars)
tons
100)
kilowatt>-hours) tons) l
Period
Weekly average:
1961
1962
1963
1964
1965
1966
1967
1967: Jan.
Feb
Mar
Apr
May
.
June__ _
July
Aug
Sept.
Oct
Nov
Dec
1968: Jan
Feb *
Week ended:
1968: Feb 17
24 ___
Mar 2 v
9
16 »
1
'
1,880
1, 88,6
2,096
2,431
2,521
2,572
2,434
2,400
2,510
2,475
2,412
2, 388
2, 232
2,176
2, 325
2,439
2, 522
2, 634
2,704
2,712
2,851
134.8
132.8
129.5
128.2
119.8
116. 8
124.8
130. 9
135.4
141.4
145.2
145. 6
153.0
2, 826
2,828
2,862
2,883
2, 854
151.7
151.8
153.6
154.8
153.2
Dally average. Includes data for Alaska.
18
COUNCIL OF ECONOMIC ADVISERS
100. 9
101. 2
112. 5
130. 5
135.3
138. 1
130.7
i2as
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
23, 054
23, 268
22, 465
21, 953
21, 841
23, 938
23, 747
24, 400
22, 871
22, 662
23, 533
24, 405
25, 365
25, 338
1,353
1,414
1,535
1,630
1,735
1,798
1,863
1, 900
1,785
1,786
1,844
1, 904
1,939
2,015
1,885
1,819
1,873
1,923
1, 727
1,697
1,715
550
552
555
558
562
570
539
512
513
532
555
558
555
492
558
551
586
552
496
487
514
322
343
358
384
410
446
444
406
457
448
455
451
458
377
452
419
468
463
438
424
491
127.8
157. 5
175. 0
178.8
213.7
199. 3
172.9
191.8
168.9
175.9
19R4
198.8
207.4
119.0
86.5
160.4
171. 2
190.1
219.8
207. 3
211.0
106. 1
133. 4
146. 9
148.8
179.4
165. 4
142. 4
157. 2
134.2
142. 8
164. 4
164 5
172. 8
95. 4
64. 4
135.3
146.7
158.6
185. 0
172. 9
174.5
21. 7
24. 1
28. 1
30. 0
34.3
33.9
30.5
34. 5
34.7
33. 0
34.0
34 2
34. 6
23. 7
22. 1
25.0
246
31.4
347
34 4
36.5
25,
25,
25,
24,
1,791
1,752
1,838
1,894
517
500
534
532
482
484
492
486
223.7
215.8
224.4
223.6
230.8
187.5
180.4
184.6
181.5
191.3
36.2
35.4
39.8
42.1
39.4
783
484
061
513
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
According to preliminary estimates, total spending for new construction (seasonally adjusted) increased 2.7 percent in January. Homebujlding and public construction remained at their December levels, but a substantial increase
was registered in commercial and industrial construction.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS
20
10
10
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF CO/AMERCE
Total new
construction
expenditures
Period
1962
1963
1964
1965
1966
1967 9
59.7
63. 4
66.2
71. 9
74.4
74.7
Total
41. 8
44. 1
45. 8
49. 8
50.4
49. 6
Private
Residential nonfarm
CommerNew
cial and
Total 1
housing industrial
units
Billions of dollars
24. 3
18. 6
8. 0
26. 2
7. 9
20. 4
26. 3
20. 4
9.0
11. 9
26. 3
20. 4
23. 8
13.6
18. 0
23.6
13. 1
17.9
Other
9. 5
10. 0
10. 6
11. 7
13. 0
12. 9
Federal,
State,
and
local
17. 9
19.4
20.4
22. 1
23. 9
25. 2
Feb
Mar
Apr
May__
June
July
Aug_
Sept
Oct..
A
Nov
Dec
...
1968; Jan *
72.2
74.8
75.0
73.1
72.0
73.9
72.4
73.4
74. 4
76.3
76.9
77.8
77.9
80.0
46.4
48.3
48.0
46.9
46.0
47.8
48. 1
49. 2
50.2
51.7
52.2
52. 6
52.4
54.5
19. 8
19.9
20.3
20. 8
21. 1
22. 1
22.9
23.7
24. 6
25.3
26.0
26. 6
26.9
26.9
14.2
14.0
14.3
15.0
15.5
16.5
17.3
18.0
18. 9
19.6
20.3
21. 0
21.2
21.0
1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 Compiled by F. W. Dodge Company and relates to 48 States.
13.5
15.1
14.8
13. 3
12. 5
13.1
12. 6
12.9
12.4
13.3
13.2
12. 8
12.6
13.8
119.7
132.0
137.0
142. 8
145. 3
153.3
Seasonally
adjusted
Seasonally adjusted annual rates
1966: Dec
1967- Jan .
Construction contracts2
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)
13. 1
13.4
12.9
12.8
12.4
12.6
12.6
12.6
13. 1
13.1
13.0
13. 2
12.9
13.8
25.8
26.5
27.0
26.2
25.9
26. 1
24.3
24.2
24. 2
24.6
24.7
25. 2
25.6
25.6
133
126
143
149
138
154
164
149
165
168
171
168
166
159
500
534
599
680
769
694
Seasonally
adjusted
annual
rates
723
589
694
674
699
657
748
681
740
725
701
758
769
774
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts rose 7 percent in February to a seasonally adjusted annual rate of 1.53 million units,
35 percent above a year earlier and the second highest monthly level since December 1965. Permits for future housing
starts increased nearly 25 percent.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
1.0
1.0
1962
SOURCES:
1968
DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
Period
1962
1963
1964
1965
1966
1967 *
1967: Jan_
FebMar.Apr-.
May.
June.
July..
Aug..
Sept._
Oet—
Nov
Dec..
1968: Jan*.
Feb*.
Total
private
and
public
(including
farm)
1, 492. 4
1, 642. 0
1, 561. 6
1, 509. 6
1, 196. 2
1, 321. 9
1, 462. 7
1, 610. 3
1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6
61.7
63.2
92.9
115.9
134.2
131.6
126. 1
130. 2
125. 8
137.0
120. 2
83.1
82.5
89.2
59.1
61.4
91.5
113.7
132.0
125.4
125. 3
127. 4
121.9
135. 4
118. 4
80.1
80.4
86.7
Total
private
(including
farm)
[Thousands of units]
Housing starts
Private nonfarm
Private nonfarm
Total
private
Government
Two or (includOnemore
home
programs
ing
Total
Total
family famifarm)
FHA
VA
lies
1, 439. 0
967.8 471.2 1, 462. 7 1, 439. 0 197.3
77. 8
993.2 589.7 1,610.3 1,582.9 166. 2
1,582.9
71.0
944.5 557.8 1,529.3 1,502.3 154.0
59.2
1, 502.3
1, 450. 6
49.4
941. 4 509. 2 1, 472. 9 1, 450. 6 159.9
1, 141.5
36. 8
755.3 386.2 1, 165.0 1, 141.5 129. 1
1, 268. 3
820.4 447.5 1, 291. 6 1, 268. 3 141.9
52.5
Seasonally adjusted
57.7
50
18.9
38.8
1, 111
146
1,079
60.2
21.1
134
39.1
1, 132
47
1, 149
89.2
64.3
49
24.9
126
1,067
1,094
112.0
50
33.9
78.1
1, 116
1,099
125
44. 7
49
129.7
85.0
1, 274
1,254
143
123.4
85.6
1, 214
51
1, 233
144
37.8
124,0
42.9
81. 1
1,369
1,356
53
140
123. 6
80.0
43. 6
141
1,407
57
1,381
119. 5
75.8
43.7
56
150
1,445
1, 415
79. 4
133. 1
53.7
155
58
1,478
1,496
116. 8
67.4
49.4
1, 590
154
54
1,567
79.1
55
1,250
1,235
149
79.7
52
1,453
1,427
157
84.8
63
1, 566
1,528
146
^Authorized by Issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
s Units represented by mortgage applications for new home construction.
20
COUNCIL OF ECONOMIC ADVISERS
Proposed home
construction
New
private Applicahousing
for Requests
units tions
for VA
FHA
authorapprais1
commitized
als 2
ments 2
221. 1
171.2
1, 186. 6
190. 2
1, 334. 7
139.3
182. 1
113.6
1, 285. 8
188.9
1, 239. 8
102.1
153. 0
971. 9
99.2
167.2
1, 078. 7
124.3
annual rates
942
153
109
894
137
107
151
103
928
159
122
1,028
162
1, 033
109
1,109
169
135
1,093
155
146
122
1, 127
180
176
1, 159
131
1,212
185
151
1, 158
189
136
162
1,323
125
1, 102
163
122
153
141
1,373
NOTE.—Seasonally adjusted data for VA and FHA series revised beginning
1960. Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
Preliminary estimates indicate that retail sales (seasonally adjusted) rose $400 million/ or 11/2 percent, in February,
following a near record increase of $570 million in January. Total business sales increased $395 million in January,
while business inventories increased $870 million.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED!
RETAIL TRADE (ENLARGED SCALE)
BUSINESS SALES AND INVENTORIES
DURABLE GOODS STORES
- WHOLESALE TRADE (ENLARGED SCALE)
12 M
1965
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business
l
Wholesale 4
Retail 5
Sales 2
I Vriod
Hairs 2
Inventories 3
Sales 2
Inventories 3
Total
Inventories 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
26, 813
26, 238
27, 938
29, 383
31, 130
34, 607
36, 961
36, 682
36, 961
36, 924
36, 644
36, 526
36, 236
36, 263
36, 087
35, 997
36, 028
36, 143
36, 217
36, 474
36, 682
37, 130
11,923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
15, 977
16, 536
16, 491
16, 315
16, 142
16, 033
15, 904
15, 661
15, 549
15, 503
15, 711
15, 681
15, 728
15, 977
16, 238
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
60, 746
61, 106
65, 594
196'J
68, 692
1963
73, 459
1964
1965
79, 528
6
86, 254
1966
_._
88, 137
1967 *_
87, 690
1966: Dec
87, 182
1967: Jan
Feb
86, 138
Mar
87, 255
Apr. _ _ _
86, 656
87, 358
Mav
June
„ _ 88, 368
July
88, 759
89, 067
Aug
88, 633
Sept. «
87, 517
Oct
Nov
89, 938
Dec
92, 453
92, 848
1968: Jan *_
Feb v
11)00
J96i
.
___
__ __
94, 747
95, 813
100, 627
105, 578
111, 051
120, 896
6
135, 233
140, 742
135, 233
136, 304
136, 491
136, 815
137, 080
137, 191
136, 805
137, 111
137, 850
137, 794
138, 268
139, 331
140, 742
141, 612
11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
16, 996
17, 239
16, 897
16, 853
16, 972
16, 769
17, 117
17, 145
17, 198
17, 330
17, 195
17, 419
17, 641
17, 751
1
The term "business" also includes manufacturing (see page 22).
2 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
* Beginning 1961, data include Alaska and Hawaii.
3
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 635
20, 691
20, 780
20, 742
20, 859
20, 785
20, 587
20, 599
20, 511
20, 789
20, 810
20, 945
21, 061
21, 635
21, 624
18, 294
18, 234
19, 613
20, 536
21, 802
23, 654
25, 306
26, 125
25, 368
25, 687
25, 470
25, 739
25, 918
25, 897
26, 544
26, 444
26, 422
26, 732
26, 089
26, 411
26, 470
27, 039
27, 433
5, 880
5, 581
6, 210
6, 627
7, 014
7,810
8, 151
8,306
8, 156
8, 200
7, 955
8, 150
8, 104
8, 187
8, 546
8, 592
8,508
8,743
8,235
8,221
8,327
8, 511
8,691
12, 414
12, 654
13, 402
13, 909
14, 788
15, 844
17, 155
17, 820
17,212
17, 487
17, 515
17, 589
17, 814
17, 710
17, 998
17, 852
17, 914
17, 989
17, 854
18, 190
18, 143
18, 528
18, 742
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
20, 705
20, 425
20, 433
20, 329
20, 384
20, 203
20, 359
20, 426
20, 448
20, 525
20, 432
20, 536
20, 746
20, 705
20, 892
«6 Beginning 1960, data include Alaska and Hawaii.
Series revised beginning 1966.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 new orders (seasonally adjusted) dropped 41/2 percent in January, following three straight months of
increase. With shipments dropping $285 million and inventories rising $435 million, the inventory-shipments ratio
rose slightly to 1.72.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
90
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
MANUFACTURERS7 INVENTORIES
MANUFACTURERS' SHIPMENTS
50
80
TOTAL
40
\
70
30
DURABLE GOODS
60
DURABLE GOODS
20
\
NONDURABLE GOODS
^50
10
40
MANUFACTURERS' NEW ORDERS
NONDURABLE GOODS
'30
„...»»"""
20
.illillliitiiiilnii""
20
1965
1968
1968
1966
1965
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1 Manufacturers' inventories
Period
Total
NonDurable durable
goods
goods
Total
2
NonDurable durable
goods
goods
Manufacturers' new orders 1
Durable goods
Total
Total
NonMachinery durable
and
goods
equipment
Manufacturers'
inventory shipments3
ratio
Millions of dollars, seasonally adjusted
1960
1961
1962
1963
1964
1965
1966
1967 v
1966: Nov
Dec
1967: Jan
30, 796 15, 817
30, 884 15, 532
33, 308 17, 184
34, 774 18, 071
37, 129 19, 231
40, 279 21, 020
4
43, 969 23, 006
44, 912 23, 123
44, 222 23, 237
45, 326 23, 715
44, 256 23, 060
Feb
43, 771 22, 622
44, 663 23, 137
Mar
Apr
43, 766 22, 269
44, 692 22, 900
May
44, 707 23, 052
June
July
45, 170 23, 192
. J
Aug
45, 447 23, 633
44, 571 22, 949
Sept
Oct _. __ 44, 233 22, 311
Nov v
46, 108 23, 487
48, 342 25, 290
Dec
1968: Jan *
48, 058 25, 219
*24, 516
Feb v
JL
<* J
1
2 Monthly
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
4
20, 963
21, 789
20, 985
21, 611
21, 196
21, 149
21, 526
21, 497
21, 792
21, 655
21, 978
21, 814
21, 622
21, 922
22, 621
23, 052
22, 839
53, 814
55, 087
57, 753
60, 147
62, 944
68, 015
4
77, 581
82, 425
76, 621
77, 581
78, 600
79, 105
79, 430
80, 059
80, 341
80, 119
80, 603
81, 033
80, 841
81, 106
81, 796
82, 425
82, 858
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
50, 037
53, 930
49, 310
50, 037
50, 620
51, 079
51, 216
51, 593
51, 784
51, 809
52, 346
52, 784
52, 572
52, 918
53, 506
53, 930
54, 041
average for year and total for month.
* Not charted.
Book value, end of period, seasonally adjusted.
3 For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
22
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
4
27, 544
28, 495
27,311
27, 544
27, 980
28, 026
28, 214
28, 466
28, 557
28, 310
28, 257
28, 249
28, 269
28, 188
28, 290
28, 495
28, 817
4
30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
4
45, 106
45, 166
43, 805
45, 610
43, 205
43, 390
43, 516
43, 689
45, 546
45, 881
45, 786
45, 621
45, 128
45, 296
46, 208
49, 660
47, 376
15, 223
15, 664
17, 085
18, 300
19, 803
21, 72S
24, 153
23, 378
23, 027
23, 960
22, 072
22, 329
22, 065
22, 226
23, 857
24, 263
23, 715
23, 726
23, 416
23, 381
23, 545
26, 492
24, 614
*25, 003
2, 791
2, 854
3, 090
3, 326
3, 706
4, 140
4, 731
4, 641
4, 647
4, 603
4, 545
4, 242
4, 315
4, 443
4, 607
4, 794
4,853
5, 058
4, 665
4, 614
4, 791
4,827
4,876
4,474
14, 892
15, 397
10, 082
16, 736
17, 895
19, 295
4
20, 953
21, 789
20, 778
21, 650
21, 133
21, 061
21, 451
21, 463
21, 689
21, 618
22, 071
21, 895
21,712
21,915
22, 663
23, 168
22, 762
Series revised, beginning 1966.
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
1. 76
1. 74
1. 70
1. 69
1.64
1.61
1. 64
1. 79
1.73
1.71
1. 78
1. 81
1. 78
1. 83
1. SO
1.79
1.78
1.78
1.81
1. 83
1.77
1. 71
1.72
MERCHANDISE EXPORTS AND IMPORTS
phc U.S. merchandise trade surplus (seasonally adjusted) increased in January to $169 million/ but remained well
below the average of recent years.
BILLIONS OF DOLLARS
3.5
BILLIONS OF DOLLARS
3.5
3.0
1.5
1.0
i i \ i i I i i i i i
1966
i i i i i I i I ii
1967
MEENOTE i BELOW.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
Merchandise exports
Total (includ-1
Domestic
ing reexports)
Food,
Season- Unad- Total i 3 beverages,
ally ad- justed
and tojusted
bacco
Monthly average :
1959
1960 _ _
1961 _ _
1962
1963
1964
1965
1966
1967
1966: Dec. 2,409
1967: Jan__ 2,616
Feb__ 2, 607
Mar_ 2,551
Apr__ 2,654
May. 2,547
June. 2, 576
July_ 2, 584
Aug_ 2, 548
Sept. 2, 643
Oct__ 2 392
Nov. 2, 692
Dec_ 2, 604
1968: Jan__ 2, 785
1,368
1, 636
1, 682
1, 748
1, 869
2, 141
2, 225
2, 448
2,578
2, 646
2,470
2, 418
2, 797
2, 666
2, 683
2, 618
2, 376
2, 395
2, 505
2, 440
2, 761
2, 813
2, 674
239
1, 353
1, 620
264
1, 662
289
312
1, 725
1, 845
349
2, 111
387
2, 196
377
2, 412
432
2,546
393
Unadjusted
431
2,619
372
2,437
2,389
350
2, 762
406
2, 630
387
2, 650
388
2, 586
382
363
2, 347
2, 358
366
2, 473
404
2,411
390
2, 730
481
2, 782
425
2, 645
398
Crude
materials
and
fuel
Total 3
Manufactured SeasonUnadad- justed
goods ally
justed
252
329
32?
280
315
361
356
367
394
897
1,047
1,062
1, 138
1, 188
1, 366
1, 449
1, 592
1,729
419
367
394
398
377
^117
409
380
384
364
408
452
373
379
1, 754
1,678
1, 617
1, 904
1, 835
1 , S30
1, 789
1, 589
1,559
1, 688
1, 595
1,767
1,935
1,828
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
-Total arrivals of imported goods other than intransit shipments.
Merchandise imports
General imports 2
exports
1, 302
1,251
1, 226
1, 366
1, 428
1, 557
1, 780
2 129
2', 235
0
0)0) K
2, 256
2, 229
2,203
2, 226
2, 140
2, 227
2, 208
2, 125
2, 208
2, 202
2, §76
2, 526
2,615
2, 240
2, 261
2, 004
2, 355
2, 091
2, 222
2, 270
2, 127
2, 166
2, 112
2,342
2,435
2,431
2,735
Food, Crude
bever- mateages,
rials
and to- and
bacco
fuels
298
382
283
365
288
359
306
387
322
391
335
415
334
449
382
473
392
445
Unadjusted
384
446
415
495
364
412
433
478
385
428
352
454
389
465
366
396
372
444
362
413
417
444
409
437
439
478
441
506
Grossmerchandise
trade
Manusurplus,
facseasontured
ally adgoods
justed
591
571
544
636
672
758
936
1,201
1, 310
66
385
456
382
441
584
444
320
344
1, 331
1,282
1, 164
1,366
1,182
1,330
1, 334
1,273
1,263
1, 245
1, 367
1, 482
1,431
1, 692
184
360
378
348
428
407
349
376
423
434
191
316
79
169
3
Total includes eommodities and transactions not classified according to kind.
NOTE.—Series revised beginning 1966. Because of revisions, subgroups do not
include all data in totals. Data include uranium ore and thorium.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus in the balance on goods and services declined sharply to a level of $2.9 billion (seasonally adjuste
annual rate) in the fourth quarter. For the year 1967 as a whole, a surplus of $4.8 billion is estimated.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
EXPORTS OF GOODS AND SERVICES
30
IMPORTS OF GOODS AND SERVICES
20
20
L_AJ10
10
1962
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Exports of goods and services
Imports of goods and services
Income on
investments
Period
Total
1963 _ _ _ _ _ ^
1964 .
1965
1966
1967 »
32, 426
37, 099
39, 147
43, 039
45, 692
Merchan-1
dise
Military
sales
22, 071
657
25, 297
747
844
26, 244
29, 168
847
30, 463 1,273
Private
4,
4,
5,
5,
6,
151
929
376
650
162
Government
498
460
512
595
621
Other
services
5,049
5, 666
6, 171
6, 779
7, 173
Total
26,
28,
32,
37,
40,
573
637
203
937
894
Merchandise 1
16, 992
18, 621
21, 472
25, 510
26, 980
Balance
on
Mili- Other goods
tary
and
expend- services servitures
ices
2, 936
2, 861
2, 921
3, 694
4,319
6, 645
7, 155
7,810
8,733
9, 592
5, 853
8, 462
6, 944
5, 102
4,798
Seasonally adjusted annual rates
1966: I
II
III
IV
1967: I
II
III
IV »_
_
42,
42,
43,
43,
044
472
652
988
28,
28,
29,
29,
812
724
528
608
836
888
824
840
5,264
5,528
5, 776
6,032
612
612
572
584
6,520
6, 720
6,952
6, 924
35, 988
37, 060
39, 048
39, 652
24,
24,
26,
26,
100
900
320
720
3,
3,
3,
3,
444
644
812
876
8, 444
8, 516
8, 916
9,056
6,056
5, 412
4, 604
4, 336
45,
45,
46,
45,
408
412
120
832
30,
30,
30,
29,
684 1,356
848 1,344
948
504
816 1,440
5,680
5,536
6,720
6,716
620
644
648
576
7,068
7,040
7,300
7,284
39,
40,
40,
42,
26,
26,
26,
28,
648
232
196
844
4, 180
4,280
4, 376
4,440
9, 168
9,620
9,916
9,672
5, 412
5, 280
5,632
2,876
'Adjusted from customs data for differences in timing and coverage.
24
996
132
488
956
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on the liquidity basis increased markedly to a $7.4 billion level (seasonally adjusted annual rate)
in the fourth quarter. For the year 1967, a $3.6 billion liquidity deficit is indicated. On the official reserve transactions
basis, the fourth quarter deficit was at a $4.8 billion level and the year as a whole recorded a $3.4 billion deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
10
10
BALANCE ON GOODS AND SERVICES
/\
V
s'
x
\/
7
,—~~\
——~r~
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-5
-5
-10
-10
1962
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. private capital, net
U.S.
Government
Period grants
and
capital,
net i
1963___
1964___
1965___
1966___
1967 *__
-3, 581
-3, 560
-3,375
-3,446
Direct
investment
Other
longterm
Shortterm
-1,976 — 1, 695
-785
-2, 435 -1,961 -2, 146
753
-3,418 -1, 078
-413
-257
-3, 543
Balance
Errors
Foreign and uncapital,
recorded Liquidnet l
transity
actions basis 2
689
685
278
2, 512
-285
— 949
-415
-302
-2, 671
-2, 800
— 1, 335
-1, 357
-3, 575
Official
reserve
transactions
basis 3
-2, 044
-1,549
- 1, 304
225
-3,398
Seasonally adjusted annual rates
1966:
I_
— 3, 900
II—- -3, 952
III... -3, 036
IV. _. -2,896
1967:
I
-4, 804
II... -4,052
-3,892
Ill
IV»__
1
Includes
2
— 2, 536 -1, 008
-4, 024
-276
-20
— 3, 600
— 4, 012
276
-380
-240
-108
-924
-724
-2, 488
-616
-2, 592
— 688 -1,268
-3, 576 -2,020 — 1, 184
1,
4,
1,
3,
060
364
504
120
-932 -2, 604 -1,772
-792
— 700
-488
1, 108
3,444
— 660
-592 — 1, 676
-72
3,292 -1,148 -2, 132 -7, 268
4,908 -2,212 -2, 212 -3,328
3,492
616 -2, 552
1,824
-7,404 -4, 820
certain special Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies,
and the U.S. eold tranche position in the IMF.
3
Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and
4 the U.S. gold tranche position hi the IMF.
Includes short-term official and banking liabilities and foreign holdings of
U.S.
6 Government bonds and notes.
Central banks governments, and U.S. liabilities to the IMF arising from
reversible -old sales to, and <?old deposits with, the U.S.
Changes
in gold,
convertible currenTo foreign official
cies, and
5
holders
To other IMF gold
foreign tranche
holders 6 position
Liquid
Non(increase
liquid
[-])
1, 673
—7
620
378
1, 075
303
1, 554
171
-18
100
131
1,222
802
-1, 595
2,384
568
2,072
1,274
1,451
52
Quarterly totals, unadjusted
Changes in sel ected
i\ *
4
liabilities (decrea -,~
56 r1 J)
-852
54
— 598
— 199
25
263
111
403
475
27
1,211
671
424
68
82
—6
-80
546
282
1,324
333
562
132
247
-709
96
1,304
760
1,027
— 419
-375
7
-181
6
Private holders; includes banks and international and regional organizations;
excludes
IMF.
7
On December 31, U.S. reserve assets consisted of gold stock, $12,065 million
(down $1,012 million from September 30); IMF position including gold portion of
increased U.S. subscription, $420 million; convertible currencies, $2,345 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
The consumer price index rose by 0.3 percent in January, led by increases of 0.7 percent for food prices and 0.6 percent for services other than rent. Nonfood commodities prices usually decline in January but increased slightly this
year. The all items index was 3.4 percent above January 1967.
Index, 1957-59=100
135
Index, 1957-59=100
135
110
105
105
100
1963
1962
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1957-59=100]
All
items
Period
1958
1959
1960
1961
1962
1963
1964
1965 _ _ _
_
1966
1967
1966: Dec. _
1967: Jan _
Feb
Mar_ _
Apr
May
June
Julv
Aug_
Sept
Oct
_ _
Nov___
Dec
1968: Jan
Source: Department oi Labor.
26
_
100.7
101. 5
103. 1
104, 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
114. 7
114. 7
114.8
115.0
115. 3
115.6
116. 0
116. 5
116. 9
117. 1
117.5
117. 8
118. 2
118.6
All commodities
100. 8
100. 9
101.7
102. 3
103. 1>
104. 1
105. 2
106. 4
109. 2
111. 2
110. 1
109. 9
109.9
110.0
110.2
110.5
111. 0
111. 5
111. 9
112. 0
112.4
112. 6
112. 9
113.2
Services
Commodities
Commodities less food
Services
All
Food
Rent
less
Nonservices
All
Durable durable
rent
i)9. \>
100.0
99. 8
101. 9
100. 2
100. 3
100. 1
101. 2
101. 5
101. 0
103. 2
100. 3
103. 6
101. 6
102.
0
101.
7
100.
9
107. 4
106. 0
101. 4
103. 1
102.
0
100.
S
103.
L»
110. 0
102. 0
108. S
1 04. 4
103. S
102.8
101. S
105. 7
112. 1
1 03. 6
1 1 0. 9
103. 5
102. 1
KM. S
1 13. 0
105. 1
IOC). S
114. 5
103. 0
104. 4
1 05. 7
117. 0
106. 4
1 1 5. 12
1 07. 8
107.2
105. 1
102.0
10S. 9
117. S
120. 0
108. 8
100. 5
102. 7
109. 7
114. 2
1 22. 3
10. 1
1 25. 0
'? A J
104. 3
113. I
109. 2
131. 1
115. 2
1 27. 7
1 1 1. !
107. 7
103. 1
1 25. 2
1 2S. 3
114. 8
1. 3
107. 3
102. 7
111. 0
1 28. S
114. 7
1 2f>. f>
1. -1
107.6
129 2
114.2
102.8
111. 5
125. 9
1. 7
l.S
107. 8
111.8
102.9
1 29. f>
126. 3
114. 2
112. 4
108.4
130.0
113.7
103.4
126. 0
1. 9
108. 7
103. 9
112.7
2. 1
1 30. 4
127.0
113.9
108. 9
04. 1
112. 7
1 1 2. 'J
127. <<
1 30. S
115. 1
104. 4
112. S
109. 1
112. 4
116. 0
127. 7
131. 2
113.
2
109. 4
104. 7
112. 6
131. 7
128. 2
116. 6
114. 1
110. 0
104. 8
132. 3
128. 7
1 1 2. 8
115. 9
110.6
105.7
132.7
114.5
115.7
129. 1
113.0
111. 1
113. 2
106. 0
129. 6
133. 2
115. 6
115. 2
111. 1
130. 1
113. 5
133. 8
116. 2
106. 1
115. 2
111.2
130. 8
113.7
134. 6
117.0
106.3
115. 1
WHOLESALE PRICES
According to preliminary estimates, the wholesale price index rose by 0.6 percent in February. Farm product prices
increased 2.0 percent and were 4.8 percent above their November low. Processed foods and feeds rose by 0.6 percent,
industrial commodities by 0.4 percent.
Index, 1957-59=100
120
Index, 1957-59=100
120
115
115
85
85
1968.
1962
COUNCH. Of ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF IASOR
11957-59=^100]
Period
All
commodities
1958-.
- ...
100. 4
1959-.
- 100. 6
1960 .
..
100. 7
100. 3
1961
1962
100. 6
1963
_
100. 3
1964 .
. ... ... ..
100.5
102.5
1965 .
105.9
1966
106. 1
1967
106. 2
1967: Jan
...
106.0
Feb
105.7
Mar
Apr
105. 3
105. S
May
June. . _
106. 3
Julv
. . . 106. 5
106. 1
Aug
. . _
106. 2
Sept
106.1
Oct
106.2
Nov. .
...
106.8
Dec .
...
..
107.2
1968: Jan
107.8
Peb "
Farm
products
103. 6
97.2
96. 9
96. 0
97. 7
95.7
94. 3
98.4
105. 6
99. 7
102. 6
101.0
99.6
97.6
100.7
102. 4
102. 8
99. 2
98. 4
97.1
96. 4
98. 9
99.0
101.0
Processed
foods
and
feeds
102. 5
99. 9
100. 0
101. 6
102. 7
ioa s
103. 1
106. 7
113. 0
111. 7
112. 8
111.7
110.6
110.0
110.7
112. 6
113. 1
112. 1
112. 7
111.7
110. 9
111. 5
112.4
113. 1
1
Coverage of the subgroups does act correspond exactly to coverage of this
Index.
1
Excludes intermediate materials for load manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Industrial commodities
All industrials1
99.5
101. 3
101. 3
100.8
100. 8
100.7
101. 2
102. 5
104.7
106. 3
105. 8
106.0
106.0
106.0
106.0
106. 0
106.0
106. 3
106. 5
106.8
107. 1
107. 4
107. S
108.2
Crude
materials
96.9
102.3
9&3
97.2
95. 6
94.3
97. 1
100.9
104.5
100. 0
101. 4
101.1
100.2
99.3
99.4
99. 4
99. 0
99. 0
99. 5
99.4
100. 6
101. 3
101.4
Inter- Producfinmediate er
ished
mate-2
goods
rials
100.2
99. 4
102. 1
101. 0
101.4
102.3
100.1
102. 5
99. 9
102. 9
99. 6
103. 1
100. 2
104. 1
101.5
105.4
103. 6
108.0
104.8
111. 5
104. 4
110. 5
104.6
110.6
104.6
110.7
104.7
110.8
104.6
111.1
104. 5
111. 2
104. 5
111. 2
104. 6
111. 4
104, 9
111. 6
105.0
112.6
105. 3
113. 0
105. 7
113. 4
106.1
114.0
Consumer finished goods excluding food
DurNonable
durable
100.1
99. 3
10L 3
100. 8
100. 9
101. 5
100. 5
101. 5
100. 0
101. 6
99. 5
101.9
99. 9
101. 6
99.6
102.8
100. 2
104. 8
101. 7
107. 2
101. 3
105. 8
101.3
106.3
101.3
106.4
101.3
106.4
101.3
106.9
101. 0
107. 2
101. 1
107. 4
101. 2
108. 0
101. 4
108. 0
102.8
107.8
103. 0
107. 9
103. 0
108.0
103.5
108.0
NOTE.—Beginning January 1967, the indexes incorporate a revised weighting
structure reflecting 1963 values of shipments. The classification structure also
Source: Department of Labor.
27
PRICES RECEIVED AMD PAID BY FARMERS
During the month ended February 1 5, prices received by farmers rose 2 percent while prices paid rose by 1 percent.
The parity ratio remained at 74.
Index, 1957-59=100
Index, 1957-59=100
120
PRICES PAID,
INTEREST, TAXES, AND
PRICES RECEIVED
(ALL FARM PRODUCTS)
90
RATioJ/
100
RATI 0^
100
90
90
PARITY RATIO
80
''*"**,. „<•>***
'?"•%.
*
—V""
%<"«.,„,
X
%»"•"«,
80
,/
"'*"**
"\X"U"*
70
I
1 1 1
1 I I
1
1 I 1
I 1 I 1 1 1 1
1962
1 1 1
1
1 1 I
1963
1 1 I
I 1 !
1964
1 1
1
1 1
1 1 1
|
1965
1
1
1
1 1
. i i t i 1 . i i i i
1966
Sum****1!""1
1 I1 I I I 1 11 1 I 1 1 I 11 1 11) 1 11
1967
| 1968
70
-I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF AGRICULTURE
Prices received by farmers
Period
All farm
products
1958___
1959
1960
1961
1962
1963
1964
1965
1966 _ _
1967
1967: Jan 15__
Feb 15
Mar 15
Apr 15
May 15
June 15 _
July 15
Aug 15
Sept 15
Oct 15
Nov 15 __
Dec 15
1968: Jan 15
Feb 15
_
_ __
__
..
._
-,
__
Crops
104
100
99
99
101
100
98
103
110
104
100
99
99
102
104
107
107
105
105
100
105
104
103
101
104
105
106
106
104
104
103
105
105
107
101
100
100
100
99
102
101
100
97
100
102
104
104
103
Livestock All items,
interest,
and
products taxes, and
wage rates
Index, 1957-59=100
106
100
102
100
102
98
103
98
99
105
107
95
107
91
110
101
114
113
107
117
109
107
105
102
108
108
110
110
110
107
104
105
106
109
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 ratio1
Prices paid by farmers
116
116
116
116
117
117
118
117
117
118
117
117
118
119
Family
living
items
Production
items
Actual
Adjusted2
100
101
102
102
103
104
105
107
110
112
100
102
101
101
103
104
103
105
108
110
85
81
80
80
80
78
76
77
80
74
88
82
81
83
83
81
80
82
86
79
111
111
111
111
112
112
113
113
113
113
114
114
115
115
110
110
110
110
110
111
111
110
110
110
109
109
110
111
75
74
74
72
74
74
74
75
73
73
73
74
74
74
80
80
79
77
79
80
80
80
78
78
78
79
79
80
2
The adjusted parity ratio reflects Government payments made directly
to farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The seasonally adjusted money supply rose $0.2 billion in February and time deposits rose $1.3 billion. The srowth
of both the money supply and time deposits has slowed in the past 3 months.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY
ADJUSTED
180
180
140
140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
100
100
60
60
1963
1962
^To
i i i i i I i i i i i
M i l l !
0 I I I I I I I I I I II
1964
1966
1965
1967
1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTFM
COUNCH Of IC0HOMJC
[Averages of daily figures, billions of dollars 1
Money s u p p l y
Money supply
Period
Total
Currency
outside
banks
Time
deposits 1
Demand
deposits
( lir
'
-
Tuy
Tot,,
!
tank.
Seasonally adjusted
1962:
19631964:
1965:
1966:
1967:
Dec
Dec
Dec
Dec
Dec
Dec
_
__
.-
1967' Jan
Feb
_
Mar
Apr
May
June
_
July
Auc
Sept
Oct
_
Nov
Dec
1968: Jan
Feb * ___ _ __
.
_
_-
__
147.4
153.0
159.3
166.8
170.4
181.5
30.6
32.5
34.2
36.3
38.3
40. 4
116.8
120.5
125. 1
130.5
132. 1
141. 1
97.8
112.2
126.6
146.9
158.6
183. 8
151.6
157.3
164.0
172.0
175.8
187. 2
31.2
33. 1
35.0
37.1
39. 1
41. 2
170.3
171.5
173.1
172.7
174.5
176.2
177.9
179.1
179.2
180.3
181.2
181.5
182.4
182.6
38.5
38.7
38.9
39. 1
39.2
39.3
39.5
39.6
39.8
39.9
40.0
40. 4
40.5
40.7
131.8
132.8
134.2
133.6
135.3
136.8
138.4
139.6
139.5
140.3
141.2
141. 1
141.9
141.9
160.8
163.5
166.1
168. 1
170.0
172.4
174.6
177.2
178.9
180.8
182.5
183.8
183. 7
185.0
175.3
170.6
171.9
173.6
171. 1
174.3
175.8
175.9
178.4
180.6
182.5
187.2
187.8
181.7
38.5
38.3
38.5
38.7
38.9
39.3
39.6
39.6
39.8
40.0
40.4
41. 2
40.5
40.3
deposits at all commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at
all commercial banks.
i
\
| )t ,.
i Timr
•'-'" ! ,-± •
136.8
132.3
133.4
134.9
132.2
135. 1
136.2
136.2
138.6
140.6
142.1
146. 0
147.3
141.4
merit
demand
di-
"""«« |
Unadjusted
120.3
124. 1
129. 1
134.9
136.7
146. 0
I'.S.
(lovrrn
; posits '
96.7
111.0
125.2
145.2
156.9
181.8
5. (>
5. 1
5.5
4.6
3.4
5.0
160.7
164.0
166.7
168.8
170.8
173.0
175.1
177.7
178.9
180.3
181.1
181.8
183. 5
185.5
4. 1
5.0
4.9
4.8
6.5
3.9
5.6
4.3
5.0
6.2
5.2
5.0
4. 9
7.1
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Keserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of demand deposits and currency (seasonally adjusted) declined another $1.4 billion in February,
following a January decline of $1.2 billion. Time deposits and savings and loan shares outstanding increased only
moderately.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
600
200
100 M
*
100
1962
I
1968
1963
I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted]
End of period
1961___
_
1962__.
1963 __ ___ _
1964 .
1965
1966
1967 »
_ _
1967: Jan__
Feb __
Mar _
Apr
Mav
June _
July
Aug__
Sept »
Oct pp
]SJov p
Dec
1968: Jan *> __
Feb 9
Total
selected
liquid
assets
424. 6
459.0
495. 4
530. 5
573.0
601.5
649.3
605. 1
604. 7
615. 1
613. 2
619.7
620.6
623. 0
630. 2
635. 4
638. 1
645. 7
649.3
654. 7
655.2
Demand
deposits
and
currency l
142. 6
144. 8
149. 6
156. 7
164. 0
168. 6
180. 3
166. 9
165. 8
171. 0
168. 6
172. 9
173.7
171. 9
174. 1
176. 2
175.7
177. 8
180. 3
179. 1
177.7
Time deposits
Commercial
banks
82.5
98. 1
112. 9
127. 1
147. 1
159.3
182. 6
163. 6
165. 3
167. 6
168. 6
170. 7
172. 4
174. 7
177. 2
178. 1
180. 1
183. 7
182. 6
185. 9
186.9
1
Agrees In concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for2 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
30
Mutual
savings
banks
3
38.3
41. 4
44. 5
49. 0
52.6
55. 2
60. 1
55. 5
55. 9
56.3
56. 8
57.4
57. 8
58. 4
58. 7
58. 9
59. 5
59. 9
60. 1
60. 6
61.0
Postal
Savings
System
Savings
and loan
shares
U.S. Government
savings2
bonds
70. 5
79. 8
90. 9
101. 4
109.8
113.4
123. 9
113. 7
114.8
116.3
117. 1
118.0
118. 9
119. 9
121. 0
122.5
123. 0
123. 7
123.9
123. 7
124.6
47. 4
47. 6
49. 0
49. 9
50.5
50.9
51. 9
51. 0
50.9
51.0
51. 1
51. 1
51.2
51. 3
51.3
51. 4
51. 4
51. 5
51.9
51. 9
51.8
0.6
.5
.5
.4
.3
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
3
U.S. Government
securities
maturing
within
one
year 2
42. 6
46. 8
48. 1
46. 1
48. 6
53. 9
50. 5
54, 2
51.7
52.9
50.9
49.5
46. 5
46. 7
47.8
48. 2
48. 3
49. 1
50. 5
53. 6
53.2
February
1960, savings and loan associations.
3
Reflects conversion of a savings and loan association with share capital of
about $175 million to a mutual savings bank.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Pofal bank loans and investments, seasonally adjusted, rose $4 billion in February, with holdings of U.S. Government
securities showing the largest increase. Free reserves fell to the lowest level since February 1967.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
400
ALL COMMERCIAL BANKS
100
100
50
50
1962
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
large com- outside
mercial New York
Total
Investments
City (232
banks
Loans,
End of period
loans excluding
centers) ,
and
seasonally
Other
interU.S.
GovCommercial
investbank
ernment securi- and indus- adjusted
ments
annual1
securities
ties
trial loans
rates
Billions of dollars
65.2
1,832
120. 5
23. 9
32. 9
1961__
... 209.6
64. 5
29. 2
134. I
35.2
1962_
227.9
2,021
246.2
35. 0
2, 199
149. 7
61. 5
1963
_
38. 8
1
38. 7
42. 1
2, 706
1964
267. 2
60. 7
167. 7
3
3,013
294.4
192.4
57.3
44.8
53.
1
1965- _ _ _ _ _
53.7
207.8
48. 7
3, 421
310. 2
60.7
1966
1967 v
_ _ 344. 4
3, 897
224. 0
60. 0
60. 4
65. 8
54. 2
3,562
49. 9
314. 4
210. 4
60. 3
1967: Jan___
55. 9
51. 1
60.4
3, 670
318. 0
211. 0
Feb
57. 8
321. 4
211. 3
52. 3
3,669
62. 0
Mar56. 1
3, 690
323. 2
53. 6
62. 3
213. 5
Apr
55. 0
61.8
324. 6
213. 5
56. 1
May
3,614
55. 4
5', 733
213. 9
56. 3
325. 6
63. 8
June
56. 5
332. 4
3, 832
217. 1
58. 8
July
63. 7
62. 2
3, 882
218. 2
337. 3
61. 8
57. 3
Aug v
57. 7
3, 847
339. 5
63. 4
220. 2
61. 6
Sept
62. 3
58. 6
342. 6
63. 1
221. 8
3,891
Get *v
3, 897
60.2
222. 3
61.8
63.7
344.3
Nov v
60. 4
224. 0
3, 897
344. 4
60. 0
65. 8
Dec
62.
1
348.
4
4,
046
59. 1
227. 2
65. 0
1968: Jan "
352. 4
228.3
61.8
62.3
65. 1
Feb "
4,047
All commercial banks
(seasonally adjusted data)
1
Deb its during period to demand deposit accounts except interbank and
U.S.
Government. New series beginning January 1964.
2
Averages
of daily figures. Annual data are for December.
5
New series; see Federal Reserve Bulletin, March 1967.
NOTE.—Effective June 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
All member banks
Total
reserves
20, 118
20, 040
20, 746
21,609
22, 719
23, 830
25, 260
24, 075
23, 709
23, 405
23, 362
23, 284
23, 518
23, 907
23, 791
24, 200
24, 608
24, 740
25, 260
25, 834
25, 610
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
568
149
304
572
327
536
411
243
452
454
392
557
345
238
389
373
362
358
435
199
309
134
101
370
420
123
359
87
387
89
90
358
286
126
403
133
345
238
381
237
390
361
419
268
209
168
-2
-165
107
-16
4.
236
175
269
297
272
298
268
160
270
107
144
29
certain certificates oi CCC and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and
Hawaii.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
The $1 billion decline in total consumer credit outstanding during January was less than seasonal. Instalment crec
outstanding, seasonally adjusted, increased by $400 million, slightly more than the December increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1968
1962
SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Millions of dollars]
Consumer credit outstanding (end of period;
unadjusted)
Instalment
NonAutomoTotal
instal-2
Personal
Total *
bile
ment
paper
loans
Period
1958 _
1959
1960 .
1961
1962
1963
1964
1965
1966
1967
1967: Jan
COUNCIL OF ECONOMIC ADVISERS
_
Feb
Mar
Apr
May
June
July _
Aus;
Sept
Get
Nov
Dec
1968: Jan
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94,786
99, 228
93, 479
92, 517
92, 519
93, 089
93, 917
94, 813
95, 115
95, 684
95, 886
96, 094
96, 802
99, 228
98, 225
33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
74, 656
77, 946
74, 015
73, 598
73, 591
73, 840
74, 290
75, 051
75, 348
75, 889
76, 039
76, 223
76, 680
77, 946
77, 467
14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
30, 961
31, 197
30, 689
30, 530
30, 527
30, 635
30, 852
31, 208
31, 364
31, 455
31, 296
31, 237
31,217
31, 197
31, 061
8, 116
9,386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
20, 110
21, 690
19, 974
19, 976
20, 047
20, 193
20, 326
20, 567
20, 666
20, 936
21, 087
21, 198
21, 375
21, 690
21, 631
1
Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
'End of period, unadjusted.
32
11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
20, 130
21, 282
19, 464
18, 919
18, 928
19, 249
19, 627
19, 762
19, 767
19, 795
19, 847
19, 871
20, 122
21, 282
20, 758
Consumer instalment credit extended
and repaid (seasonally adjusted)
Automobile paper
Total
Extended
40, 119
48, 052
49, 560
48, 396
55, 126
61,295
67, 505
75, 508
78, 896
81, 263
6,501
6,497
6,510
6,606
6, 554
6, 823
6,776
6,929
6, 973
6, 942
7,032
7, 035
7,089
Repaid
40, 344
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
72, 805
77, 973
6,221
6,281
6,246
6,393
6, 361
6, 531
6, 551
6,585
6,689
6, 631
6,614
6, 652
6,691
Extended
14, 226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
28, 491
27, 221
2,240
2, 177
2, 199
2, 217
2,238
2, 338
2,266
2,285
2,322
2,321
2,305
2,306
2,437
Repaid
15, 415
15, 579
16, 384
16, 472
17, 478
19, 400
21, 676
24, 267
26, 373
26, 985
2,202
2, 217
2, 193
2, 235
2,219
2,281
2,228
2,240
2,280
2,301
2,240
2,250
2,302
Mortgage
debt outstanding
nonfarm.
1- to 4family
houses 3
117, 700
130, 900
141, 300
153, 100
166, 500
182,200
197,700
213, 200
223, 700
235, 600
225, 200
228, 200
231, 900
235, 600
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
The February Treasury bili rate averaged slightly lower than January, while most bond yields showed little change.
On a weekly basis, most yields were rising in late February and early March.
PERCENT PER ANNUM
7
PERCENT PER ANNUM
7
1962
1968
SOURCE: SEE TABLE BEIOW
Period
1961
1962
1963
1964
1965_ __
1966
1967
1967: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept __ _ _ _
Get
Nov
Dec
1968: Jan
Feb_
Week ended:
1908: Fcb 17
24___
Mar 2___
9___
16___
23_._
COUNCIL OF ECcNOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
2
3
(Standard
&
issues
bonds
bills i
Poor's) *
2. 378
3.90
3. 60
3.46
2. 778
3. 57
3. 95
3. 18
3. 157
3.72
4.00
3.23
3. 549
4. 06
4. 15
3.22
3. 954
4.22
4. 21
3.27
4.881
3.82
5. 16
4. 65
4, 321
5.07
4.85
3.96
4.759
4. 71
4. 40
3. 58
4.554
4.73
4.47
3.56
4. 288
4. 52
4. 45
3. 60
3. 852
4. 46
4. 51
3. 66
3.640
4.76
4.68
:5.92
3. 480
4.96
4.86
3.99
4. 308
4. 86
4. Of)
5. 17
4. 275
5. 28
1. 95
A. 03
4. 451
5. 40
-1. 99
4. 15
4. 588
5. 52
"). 19
4. 31
4.762
5. 73
f>. 44
4.36
5. 012
5. 72
5. 36
4 49
5. 081
5. 53
5. 18
4. 36
4. 969
5. 59
5.16
4.39
f>. 040
4. 940
5. 063
5. 000
5. 107
*5. 285
5. 56
5.57
5.60
5.68
5.89
1
2
Rate on new issues witbin period.
Selected note and bond
3
April 1953 to date, bonds due or callable 10 years and after.
4
Weekly
data
are
Wednesday
figures.
*Not charted.
5
5. 13
5.14
5.19
5.27
5.49
issues.
Data for first of the month, based on the maximum permissible interest rate
(6 percent beginning October 1966) and 30-year mortgages paid in 15 years.
4.36
4.43
4.48
4.53
4.61
Corporate bonds
( Moody 's)
Aaa
Baa
4. 35
4. 33
4. 26
4. 40
4.49
5. 13
5. 51
5. 20
5. 03
f>. 13
5. 11
5.24
5. 44
"). 58
r>. 62
r>. 65
5. 82
6.07
6. 19
6. 17
6. 10
5. 08
5. 02
4.86
4. 83
4. 87
5.67
6. 23
5. 97
5. 82
5. 85
5.83
5.96
6.15
6. 26
6. 33
6.40
6. 52
6.72
6. 93
6. 84
6.80
6. 10
6.09
6.09
6.07
6.08
6.79
6.79
6.80
6.81
6.81
Prime
commercial
paper,
4-6
months
2. 97
3. 26
3.55
3. 97
4. 38
5. 55
5. 10
5. 73
5.38
5. 24
4. 83
4.67
4.65
4. 92
r>. oo
5.00
5. 07
5.28
5. 56
5.60
5.50
FHA
new home
mortgage
yields 6
5. 80
5. 61
5.47
5.45
5.46
6.29
6.55
6. 77
6.62
6. 46
6.35
6.29
6.44
6. 51
6.53
6. 60
6. 63
6.65
6.77
6.81
6.81
5.50
5.50
5.50
5.50
5.55
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The common stock price index continued to fall during February, reaching the lowest monthly average level since
March 1967. The decline extended in to early March.
Index, 194T-43 = 10
100
Index, 1941-43=10
100
90
90
80
80
COMPOSITE PRICE INDEX FOfT
500 COMMON STOCKS
70
70
60
60
RATIO
RATIO
25
25
PRICE/EARNINGS RATIO ON COMMON STOCKS
20
15
10 A
*
-^J^__
—
\
__—•"*'—•—.
1'
i
.
I
i
1962
i
i
i
i
r^ • -—-^
15
,
i
1964
1963
20
,
1966
1 965
1967
,
1968
,
[X
10
^
COUNCIL OF ECONOMIC ADVISERS
SOURCE: STANDARD & ROOK'S CORPORATION
1
Period
Total
1962
1963
1964
1965__
1966___
1967
1967: Feb_
Mar
Apr
May
JuneJuly
Aue;_
Sept..
Oct
Nov
__
Dec
1968: Jan
_
Feb
Week ended:
1968: Feb 2 _
9
16
23___
M a r !___ _ _ _
8___
15___
_ _
Total
62. 38
69. 87
81. 37
88.17
85. 26
91. 93
87.36
89. 42
90.96
92.59
91.43
93. 01
94. 49
95. 81
95. 66
92.66
95. 30
95. 04
90.75
65. 54
73.39
86. 19
93.48
91. 09
99. 18
93.35
95. 86
97. 54
99.59
98.61
100. 38
102. 11
103. 84
104. 16
100. 90
103. 91
103. 11
98.33
92. 66
91. 32
89.87
90.82
89. 85
88.61
89.56
100. 45
98. 91
97. 33
98.44
97. 36
96.06
97.27
Price index
Industrials
Capital Consumers'
goods
goods
1941-43=10
54. 96
58. 15
63. 30
62. 28
76. 34
73. 84
85. 26
81. 94
84. 86
74. 10
96. 96
79. 18
86. 72
73. 78
90. 08
75. 10
92.37
77. 53
79. 13
95. 10
96.34
78.94
81. 27
98. 35
101. 01
83. 88
104. 17
84. 62
106. 64
83. 60
103. 58
80.47
106. 41
81. 92
102. 87
81. 06
98. 13
77.99
99. 46
99. 39
97. 79
98.56
96.78
96.06
96.79
'Includes SOU common stocks: 425 are industrials; 55 are public utilities; and 20
are railroads. Weekly indexes >or capital and consumer goods are Wednesday
figures;
all other weekly indexes are averages of daily figures.
1
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
34
79. 11
78. 91
77. 09
78.29
77.67
77.40
78. 17
Railroads
Dividend
yield 2
(percent)
59. 16
64. 99
69. 91
76. 08
(IS. 21
68. 10
70. 45
70. 03
71.70
70.70
67.39
67. 77
68. 03
67. 45
64. 93
63.48
64. 61
68. 02
65.61
30. 56
37. 58
45. 46
46.78
46. 34
46. 72
46. 13
46. 78
45. 80
47.00
48. 19
49. 91
50. 43
49. 27
46. 28
42.95
43. 46
43. 38
42.35
3. 37
3. 17
3. 01
3.00
3. 40
3. 20
3.36
3. 29
3.24
3.19
3. 19
3. 15
3. 11
3. 07
3.07
3.18
3. 09
3. 13
3. 28
66. 75
66. 26
65. 27
65.29
64.88
63.70
63. 19
42. 85
42. 56
41. 87
42.54
41.94
41.09
41. 51
3. 22
3. 23
3.30
3.27
3.31
3.35
3.32
Public
utilities
Price/
earnings
ratio 3
16. 68
17. 62
18. 08
17.08
14. 92
17. 54
17.86
17. 01
17. 81
17.48
~
are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annuaJ rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the receipt-expenditure account, the increase in receipts in fiscal 1968 is estimated at $6.2 billion and the increase
in expenditures at $16.7 billion. The increase in expenditures and net lending is expected to be $17.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
- -20
-20 1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968-2/
1969^
FISCAL YEARS
J/RECEIPTS LESS EXPENDITURES AND NET LENDING.
j/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year:
1958
1959
1960 _ _ _
_ _ __
1961
_ _ _ _ _
1962
1963
1964
1965_
_
_
1966_ _
1967_1 _
_
_
1968 l
1969
Cumulative total, first 7 months of
fiscal 1968
Budget receipts, expenditures, and net lending
Loan
Receipt-expenditure account
Total
account
surplus or
ExpendiSurplus or
Net
deficit ( — )
Receipts
tures
deficit (-)
lending
20.4
2.3
-22.8
81.2
89.7
90.4
96.7
104. 7
111. 5
118. 1
116. 7
130. 7
153. 2
169. 9
182. 8
-1.6
-10.6
2. 1
-2.3
— 5.0
-4.9
— 5.4
.1
79. 5
100. 0
1
Estimate.
NOTE.—Budget receipts and expenditures, net lending, and the public debt
are based on The Budget of the United Mates Government, 1969, which shows data
on the basis of budget concepts adopted pursuant to the recommendations of the
-3. 1
-13.3
2
-3^5
-7.4
-4.7
-6.0
— 1. 1
-3.' 6
-14.0
-4.7
1.5
2.7
1.9
1.2
2.4
— .1
.5
1.2
3.8
5.2
5.8
3.3
79.6
79.0
92.5
94.4
99.7
106.6
112.7
116.9
130.9
149.6
155.8
178. 1
"~~~ o. /
-8.8
-19.8
-8.0
Public debt
(end of
period)
279. 1
286.7
289.2
291.0
301. 1
308.5
314.4
320.8
329.5
341.3
370.0
387.2
President's Commission on Budget Concepts. As soon as all of the data are
available on a monthly basis, the table will be expanded to include them.
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1968, individual income taxes are estimated to increase by $6.2 billion, corporation income taxes to decline
by $2.7 billion, and other receipts to increase by $2.7 billion. National defense outlays are estimated to increase by
$6.4 billion and nondefense outlays by $10.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20 -
- 20
—•
CORPORATION INCOME TAXES
I
f
I
I
120
120
EXPENDITURES AND NET LENDING
100
100
80
80
60
60
40
40
NATIONAL DEFENSE -
20
1958
1959
1960
1961
1962
J/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
1963
1964
FISCAL YEARS
1965
1966
1967
1968-^
1969-^l
20
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Period
Total
Fiscal year:
1958
1959
1960 _
1961__
1962
1963_
1964
1965 _ _
1966 _ _
1967_2
1968
19692
79.6
79.0
92.5
94.4
99.7
106. 6
112.7
116. 9
130. 9
149.6
155. 8
178. 1
Individual
income
taxes
34.7
36.7
40. 7
41.3
45.6
47.6
48.7
48.8
55.4
61.5
67.7
80.9
Expenditures and net lending
Corporate
income
taxes
20 1
17.3
21.5
21.0
20.5
21. 6
23. 5
25.5
30. 1
34. 0
31. 3
34. 3
Other
National
defense
International
affairs
and
finance
24- 8
25.0
30. 3
32. 1
33.6
37 4
40.5
42. 6
45. 4
54. 1
56 8
62. 9
1
Includes undistributed adjustments to amounts for all functions and special
allowances
for 1968 and 1969.
2
Estimate.
NOTE.—Receipts and outlays in this table are based on The Budget of the
United States Government, 1969, which shows data on the basis of budget concepts
36
Total
82 7
92.4
92 3
97 9
107.0
111 3
118.7
118.0
134. 6
158 4
175 6
186. 1
44 5
46. 7
45. 8
47 5
51.2
52 2
53. 7
49 6
56. 8
70 1
76 5
79.8
3 3
3.2
3. 1
;L 4
4.6
4 2
4 2
4.2
4. 4
4. 6
5. 0
5 2
Health,
labor,
and
welfare
15 8
18. 0
19. 1
22 4
24.0
25 7
27 2
28.2
33. 2
40. 1
46. 4
51.4
Other i
19 2
24. 5
24.2
24.7
27.3
29 2
00.7
36. 0
40. 1
43. 6
47. 7
49. 7
adopted pursuant to the recommendations of the President's Commission on
Budget Concepts. As soon as all of the data are available on a monthly basis,
the table will be expanded to include them.
Sources: Treasury Department and Bureau of the Budget.
^EDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
"the fourth quarter, Federal receipts rose by about $4% billion (seasonally adjusted annual rate) and expenditures
rose by $2 billion, yielding a deficit of $101/2 billion, the lowest during 1967.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
180
180
100
+20
+20
SEASO NALLY ADJUSTED ANNUAL RATES
SURPLUS
n P!
m m
I P
DEFICIT
1
-20
!
1962
I
1
1
(
1963
!
!
1964
i
!
i
i
1
1
1
1966
1965
^1967
1
I
1968
I
-20
CALENDAR YEARS
J/PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Federal Government expenditures
i
Period
Fiscal year:
1964
1 905
1900
3 967
1968 »
1969 i
Calendar
year:
' 1964
1965
1966
1967 " _ _ _
1966:I__
II__
IIIIV1967:I__
II_III.
1
Personal Corporate
and
Total tax
nontax profits
tax
receipts accruals
Indirect
business
tax and
n on ta x
accruals
Contributions
for
social insurance
Total
Surplus
or
GrantsSubsidies deficit
Purin-aid
less
chases Trans- to State
current . (-)>
Net
of goods fer payand
interest surplus income
and
men ts
local
and
paid
of Govt. product
services
enter- accounts
governments
prises
120. (>
132. 9
147. 6
161. 1
182. 5
1 1 r>. 5
50. 7
51. 3
57. 5
64. 6
71. 0
83.8
25. 7
27. 8
31. 0
31. 4
34. 3
37. 2
15. 6
16. 9
15. 8
15. 9
17. 1
18. 1
23. 5
24. 5
28.6
35. 7
38.7
43. 4
116. 9
118. 3
131. 9
155. 1
171. 1
185. 0
65. 7
64. 3
71. 7
84. 5
92. 8
99. 4
29. 5
30. 4
34. 1
39. 8
44. 9
49.9
9. 8
10. 9
12. 7
15. 4
18. 0
20. 0
8. 1
8. 5
9.0
10. 1
10.7
11.2
3.8
4. 1
4. 5
5.3
4. 5
4. 5
— 1.4
2. 3
.9
-7. 5
— 10.0
-2.5
115. 0
124. 8
143. 2
151.8
137.0
141. 6
145. 6
148. 6
149. 1
148. 1
152.7
IV" 157. 4
48. 6
53. 8
61. 7
66.5
57.7
60. 9
63. 1
65. 2
65. 5
64.0
67.5
69. 1
26. 4
29. 3
32. 3
31. 0
32. 2
32. 2
32. 4
32. 3
30. 3
30. 3
30.6
32. 6
16. 1
16. 5
15. 9
16.6
15.2
15. 9
16. 2
16. 3
16. 2
16.5
16.7
17.0
23. 8
25. 2
33. 3
37.7
31.9
32. 5
34. 0
34. 7
37. 0
37. 2
38.0
38.7
118. 1
123. 4
142. 9
164. 3
134. 8
138. 4
146. 3
151. 9
160. 9
162.8
165.9
167.9
65. 2
66. 8
77. 0
89.9
72. 1
74. 9
79. 5
81. 5
87. 1
89. 5
90.9
92.2
29. 9
32. 4
36. 0
42. 9
35. 2
34. 1
35. 9
38. 8
42. 2
42.4
43.5
43.3
10. 4
11. 2
14. 8
16.0
13.8
14. 6
15. 3
15. 6
15. 6
15.3
16.0
17.1
8. 3
8. 7
9. 5
10.5
9. 1
9. 4
9. 6
10. 0
10. 4
10.4
10.5
10.7
4. 2
4. 3
5. 4
5. 1
4. 6
5. 3
6. 0
5.9
5. 6
5.3
5.0
4.6
— 3. 0
1. 4
.3
-12.5
2. 2
3. 2
Estimates,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
—.7
-3.3
— 11. 9
-14.7
-13. 2
— 10.5
O"7
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND F EES PAID
U.S GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL
BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
1
2
3
4
5
6
7
8
9
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employmjent
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Wreekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
26
27
28
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
29
30
31
32
33
34
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
35
36
37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and . . . . not available.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C., 20402
Price 25 cents per copy; $2.50 per year: $3.50 foreign
38
U.S. GOVERNMENT PRINTING OFFICE: !9«8
@FedFRASER