Full text of Economic Indicators : March 1969
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91st Congress, 1st Session
Economic Indicators
March 1969
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1969
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
BARBER B. CONABLE, Jr. (New York)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE f Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIB1COFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H.,PERCY (Illinois)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of TLe search
COUNCIL OF ECONOMIC ADVISERS
PAUL W. McCRACKEN, Chairman
_UENDRIK S. HOUTHAKKER
HERBERT STEIN
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx 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 draum 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 $3.00 per year (foreign, $4.00) from:
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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 advanced $16% billion (seasonally adjusted annual rate)
in the fourth quarter, $1% billion less than the third quarter rise and over $5 billion less than the record increase
in the second quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Net receipts
Disposable personal income
Period
Total l
1961
1962
|
1963
1964
i
1965
!
1966
1967
1968"
1967: III__
IV...1
1968: I
II...1
Ill—,
364. 4
385. 3
404. 6
438. 1
473.2
511.6
546. 3
589.0
550. 0
559.6
574. 4
586.3
592.7
602.4
PerLess:
Equals: Personal sonal
Interest Total consump- saving
or
paid and excludtion
expenddistransfer
ing
saving
interest
itures
payments
and
to fortranseigners
fers
8. 1
8.6
9.7
Id 7
12. 0
13. 1
13. 9
14.4
14.0
13.9
14. 1
14.4
14, 5
14.7
356.3
376. 6
394 9
427.4
461. 3
498. 4
532. 4
574, 6
536. 1
545.7
560. 3
571.9
578. 2
587.7
335.2
355. 1
375.0
401. 2
432.8
465.5
492. 2
533.8
495. 5
502.2
519. 4
527.9
541. 1
546.8
Surplus
or
Less:
Less:
deficit
Tax
Equals:
Trans- Equals:
Trans(-),
and
PurTotal
fers,
fers,
nontax interest,
expend- interest,
Net
chases income
and
receipts
receipts itures
of goods product
and
and
or
and
subsubaccounts
accruals sidies 2
sidies 2
21. 2
21. 6
19. 9
26. 2
28. 4
32. 9
40. 2
40. 7
40. 5
43. 4
40. 8
44.0
37. 1
40. 9
144. 6
157. 0
168. 8
174. 1
189. 1
213. 2
227. 4
260.9
229.0
234. 8
246. 6
254.2
267.2
275.5
1961
1962
1963
1964
1965
1966
1967
1968"
1967:
1968: I
III.
103. 3
114. 2
124 3
127.3
139.2
157. 9
1646
190.6
165.7
171.0
180.3
184.4
195.4
202.7
149. 0
159. 9
166.9
175.4
186.9
211. 5
241.3
267.4
243.0
247. 4
256. 9
265.5
271. 3
275.9
41.3
42. 8
44 4
40,7
49. 9
55. 3
62. 9
70. 3
63. 4
63.8
66.4
69.8
71. 8
72. 8
107. 6
117. 1
122. 5
128.7
137.0
156.2
178.4
197. 2
179.6
183. 5
190. 5
195.7
199. 6
203. 0
Net
Net exports of goods
Total
Statisand services
transfers
Excess of income
tical
Gross
Gross
Excess to fortransfers
or
discrepretained private
of
eigners
or
receipts
ancy
earn- domestic
invest- by perof net
invest-4
Equals: exports
ment
sons
and
ings 3
Less:
ment
Net
Govern- Exports Imports
exports
ment
58. 7
66. 3
68. 8
76. 2
84 7
91. 6
93. 1
97. 6
93. 5
95. 9
92.8
97.4
99.9
100. 0
71. 7
83.0
87. 1
94 0
108. 1
120.8
114 3
127. 7
114 7
121. 8
119. 7
127.3
127. 1
136. 6
-13. 0
— 16. 8
-18.4
-17. 8
-23. 4
-29. 2
— 21. 1
— 30. 1
— 21. 2
-25. 9
-26. 9
—29. 9
-27.2
-36. 6
2. 6
2. 7
2.8
2. OQ
2. 8
2. 9
3. 1
2,7
3. 4
2. 6
2. 6
2.8
2.8
9, «
28.6
30.3
32.3
37. 1
39. 2
43. 1
45. 8
50.0
46. 1
46. 0
47.5
49.9
52. 6
50. 1
1
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government
enterprises.
3
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business, which are included
1
in disposable personal income.
41. 3
42. 8
44. 4
46. 7
49. 9
55. 3
62. 9
70. 3
63. 4
63.8
66.4
69.8
71. 8
72. 8
-4 3
-2.9
1.8
-1.4
2.2
1.7
-13.8
-6.5
— 14 0
— 12. 5
-10.3
-11.3
-4. 1
-.4
International
Business
Period
Expenditures
23. 0
25. 1
26. 4
28. 6
32. 3
38. 1
41. 0
48. 1
40. 6
42. 6
46. 0
47.9
49. 4
49. 1
5. 6
5. I
5.9
8.5
6. 9
5. 1
4. 8
2.0
5. 4
3. 4
1. 5
2.0
3.3
1.0
-3. 0
-2. 5
-3. 1
-5. 7
-4 1
-2. 2
— 1. 7
.8
-2. 1
—. 8
1. 1
.8
-. 5
1.8
520. 8
559. 8
590.8
633. 7
688.0
750. 9
793.2
865.5
798. 6
815.2
835.9
856.5
876.3
893. 2
-0. 8
.5
—. 3
-1. 3
-3. 1
-3.3
-3. 5
-4 8
-3. 4
-42
-47
-3.6
-5.3
-5.6
Gross
national
product
or
expenditure
520. 1
560.3
590. 5
632.4
684 9
747. 6
789. 7
860.6
795.3
811.0
831.2
852.9
871.0
887.4
4
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 I960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) increased at an annual rate of nearly 8 percent in the fourth quarter,
according to current estimates. The rise in physical output was at a rate of about 3Vi percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
800
800
700
700
600
500
400
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
1962
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF CO/AMERCE
Period
1958
1959
1960
1961
1962
1963 _
1964_
1965_
1966
1967
1968
1967: III
IV
1968: I
II
III.
IV
Total
Personal Gross
congross
Total
private
sump- domestic
national gross
tion
product national
investin 1958 product expend- ment
prices
itures
Billions of dollars; quarterly
447.3
475.9
487.7
497. 2
529.8
551. 0
581. 1
617. 8
657.1
673. 1
706. 7
675. 6
681. 8
692. 7
703.4
712. 3
718. 4
447. 3
483.7
503.7
520. 1
560. 3
590. 5
632. 4
684. 9
747.6
789. 7
860. 6
795. 3
811. 0
831. 2
852.9
871. 0
887. 4
290. 1
311. 2
325.2
335. 2
355. 1
375. 0
401. 2
432. 8
465. 5
492. 2
533. 8
495. 5
502. 2
519. 4
527.9
541. 1
546. 8
60. 9
75. 3
74. 8
71. 7
83. 0
87. 1
94. 0
108. 1
120. 8
114. 3
127. 7
114. 7
121.8
119. 7
127.3
127. 1
136.6
i This category corresponds closely with budget expenditures for national
defense, shown on p. 36.
'-' (<ross
national product in current prices divided by gross national product
in l9,r>H prices.
1968
Net
exports
of goods
and
services
Government purchases of goods
services
Federal
Total
National
Total defense1 Other
and
State
and
local
Implicit
price
deflator
for total
GNP,
1958 =1002
data at seasonally adjusted annual rates
2. 2
.1
4. 0
5. 6
5. 1
5. 9
8. 5
6. 9
5. 1
4. 8
2. 0
5. 4
3.4
1. 5
2.0
3. 3
1.0
94. 2
97. 0
99. 6
107. 6
117. 1
122. 5
128. 7
137. 0
156. 2
178. 4
197. 2
179. 6
183. 5
190. 5
195.7
199. 6
203.0
53. 6
53. 7
53. 5
57.4
63. 4
64. 2
65. 2
66. 9
77.4
90. 6
100.0
91. 3
93. 5
97. 1
100. 0
101. 2
101. 7
45. 9
46. 0
44. 9
47. 8
51. 6
50. 8
50. 0
50. 1
60. 6
72. 4
78.9
72. 9
74. 6
76. 8
79.0
79. 6
80. 0
7.7
7. 6
8. 6
9. 6
11. 8
13. 5
15. 2
16. 8
16. 8
18. 2
21. 1
18.4
19.0
20.3
21. 0
21. 5
21.7
40. 6
43. 3
46. 1
50. 2
53.7
58. 2
S3. 5
70. 1
78. 8
87. 8
97. 2
88. 4
90. 0
93. 4
95. 6
98.4
101.2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
100. 0
101. 6
103. 3
104. 6
105. 8
107. 2
108. 8
110. 9
113. 8
117. 3
121. 8
117. 7
118. 9
120. 0
121.2
122. 3
123. 5
NATIONAL INCOME
National income rose $1 2% billion (seasonally adjusted annual rate) in the fourth quarter, according to preliminary
estimates. All types of income contributed to the increase, with rises of $11 billion in employee compensation and
$1 billion in interest accounting for most of it.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
700
700
j600
600
TOTAL NATIONAL INCOME
V
500
500
COMPENSATION OF EMPLOYEES
400
400
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT^
300
PROPRIETORS' AND
RENTAL INCOME
100
300
TOO
NET INTEREST
~i—r
1963
1964
1965
1968
1967
1966
^PRELIMINARY.
SOURCE. DEPARTMENT OF COMMERCE
OXJNOL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968 " _
1967: 111
IV
1968: I
II
III
IV*
_
_
_ _
_
1
2
_
_ -
367. 8
400. 0
414. 5
427.3
457. 7
481. 9
518. 1
564.3
620.8
652.9
712. 8
656.9
670.9
688. 1
705.4
722. 5
735.2
Compensation
of em- 1
ployees
257.8
279. 1
294. 2
302.6
323. 6
341. 0
365.7
393.8
435.6
468.2
513. 6
471.5
482.7
496.8
507.1
519. 7
530.7
Proprietors' income
Farm 2
13. 4
11. 4
12. 0
12. 8
13. 0
13. 1
12. 1
14.8
15.9
14.4
15. 1
14.6
14.3
14.6
14.8
15. 4
15. 5
Includes employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Rental
income
of
persons
33. 2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
42.4
44.8
46.3
47. 8
46.6
46.8
47.2
47.8
48. 0
48. 2
15. 4
15. 6
15. 8
16. 0
16. 7
17. 1
18.0
19.0
19.8
20.3
21. 0
20.4
20.5
20.7
20.9
21. 0
21. 2
Net
interest
6. 8
7. 1
8. 4
10. 0
11. 6
13. 8
15.8
18.2
20.8
23.3
26. 3
23.6
24.3
25.0
25.8
26. 7
27. 6
Corporate profits and inventory valuation adjustment 3
Total
41. 1
51.7
49. 9
50.3
55. 7
58. 9
66.3
76. 1
83.9
80.4
89.2
80.2
82.3
83.8
89.2
91. 6
92.0
Profits Inventory
before valuation
taxes 3 adjustment
41. 4
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
77.8
85.6
81.6
92. 3
80.8
85.4
88.9
91. 8
92. 7
95.8
3
See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0. 3
.5
.2
—.1
.3
-.5
-.5
-1.7
-1.7
— 1.2
-3. 1
-.6
-3.1
-5.1
-2.7
-1.0
-3.8
SOURCES OF PERSONAL INCOME
In February, personal income increased by $51/3 billion (seasonally adjusted annual rate), somewhat more than the
January increase of $21/2 billion which was depressed by higher contributions for social insurance. All types of
income rose in February except farm/ wages and salaries accounted for most of the increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
I 800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
600
600
TOTAL PERSONAL INCOME
500
500
WAGE AND SALARY DISBURSEMENTS
\
I
-JU
400
400
300
300
200
200
OTHER INCOME
\
,.,..,.,..,.„»•«•••
100
100
TRANSFER PAYMENTS
1964
1963
1965
1966
SOURCEj DEPARTMENT OF COMMERCE
Period
1960
1961
1962
1963
1964
1965
1966
1967 .
1968
1968: Jan
Feb
Mar
Apr
May—
June
July____
Aug —
Sept__.
Oct
Nov
Dec
1969: Jan
Feb»___
Total
personal
income
401. 0
416.8
442. 6
465. 5
497. 5
538.9
586. 8
628. 8
685. 8
654.9
663.0
670.0
672.6
678.2
683. 7
689. 2
694.1
699. 7
7oa 2
708.0
713.5
716. 1
721.4
1969
1968
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
and
Other Proprietors' income income
Transfer
Divi- Personal
salary
labor 2
Business
interest
payof
dends
disburseincome
Farm
and pro- persons
income
ments
l
ments
fessional
12. 0
12. 0
270. 8
34. 2
15. 8
23. 4
13. 4
28. 5
12.7
278. 1
12.8
35. 6
25] o
32! 4
16. 0
13. 8
296. 1
13. 9
13. 0
37. 1
27. 7
16. 7
15. 2
33. 3
13. 1
14 9
311. 1
37. 9
17. 1
16. 5
31. 4
35. 3
12. 1
333. 7
16. 6
40. 2
18. 0
17. 8
34 9
36. 7
42. 4
18. 7
14. 8
358. 9
19. 0
19. 8
38. 7
39. 9
394. 6
20. 8
15. 9
44. 8
19. 8
21. 7
43. 1
43. 9
423. 4
23. 3
14. 4
22. 9
46. 3
20. 3
46. 8
51. 7
463. 5
15. 1
26. 1
21. 0
24. 6
52. 1
47 8
58. 6
24.7
14.4
443.0
47.1
23'. 2
20.6
49*. 4
54*. 5
449.7
25.0
14.6
47.2
20.7
23.6
49.8
54.9
452.2
25.2
14.8
50.2
47.5
20.7
23.9
57.8
453.2
25.5
14.8
47.6
50.8
20.8
24.3
58.1
25.7
457.5
14.8
58.2
24.7
47.8
20.9
51.3
462. 2
26.0
14.8
47. 9
20.9
24. 3
58.5
51.9
465. 4
26. 3
15.1
48. 0
21. 0
25. 0
52.4
59. 1
468.7
15.4
26.5
21.0
25.2
52.9
59.6
48.0
472. 8
26. 8
15.7
21. 1
4ao
53. 4
59. 9
25. 3
474. 9
27. 0
21. 2
15. 6
54 0
48. 1
60. 4
25. 3
478.9
27.3
21.2
15.5
48.2
25.4
54.3
60.8
483.3
27. 6
15.5
48.3
21.3
54 7
25. 5
61.0
486.5
27.8
15.4
48.4
55. 1
25.3
61.7
21. 3
490. 7
28. 0
15. 2
21.4
48. 5
25.4
62. 2
55. 6
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
1967
Less: Personal con- Nonagritributions cultural
for social personal3
insurance income
9. 3
385. 2
400* 0
9. 6
425. 5
10. 3
448. 1
11. 8
12. 5
480. 9
13. 4
519. 5
17. 8
566. 1
2o! 4
609! 3
22. 9
665 4
22*. 1
635*. 1
22.4
643.1
22.4
649.9
22.6
652.4
22.8
658.0
22. 9
663. 4
23. 1
668. 7
23.2
673.3
23.3
67a6
682. 2
23. 4
687.0
23.5
692. 5
23.5
25.4
695. 1
25. 6
700. 6
3
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 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Current data indicate that persona! income rose $14 billion (seasonally adjusted annual rate) in the fourth quarter.
The first full quarter of the tax surcharge held the gain in disposable income to $10 billion. With personal outlays up
only $6 billion, the saving rate increased from 6.3 to 6.8 percent.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
550
550
500
DISPOSABLE PERSONAL INCOME
450
350
N
DOLLARS
3,000
PER CAPITA DISPOSABLE PERSONAL INCOME
300
DOLLARS
3,000
SEASONALLY ADJUSTED ANNUAL RATES
2,800
2,800
2,600
2,600
2,400
2,200
2,000
1,800
1962
1
1963
1968
SOURCE: DEPARTMENT OF COMMERCE
Period
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
posable
Total
saving Current
Nonpersonal personall Durable
1958
income outlays
durable
Services
prices
prices
goods
goods
1960
1961...
1962
1963
1964
1965
1966. _ _
1967
1968
401.0
416.8
442.6
465. f>
497. 5
538.9
586.8
628.8
685.8
50.9
52.4
57.4
60. 9
59. 4
65.7
75.3
82.5
96. 9
350. 0
364.4
385.3
404 6
438. 1
473.2
511.6
546.3
589. 0
1967:
633.7
645.2
662.7
678.1
694. 3
708.2
83.6
85.6
88.3
91.9
101. 6
105.8
550.0
559.6
574.4
586.3
592. 7
602. 4
III.
IV..
1968:
I...
II...
III.
IV.
Billions of dollars
333. 0
151. 3
45. 3
128. 7
44.2
343. 3
155.9
135. 1
363.7
49. 5
162.6
143.0
152. 4
384. 7
53. 9
168. 6
411. 9
59. 2
178. 7
163. 3
191. 1
444.8
66.3
175.5
478.6
70.5
206.7
188.3
506.2
72. 6
215.8
203.8
221. 0
82. 5
230. 3
548.2
Seasonally adjusted annual rates
216.4
509. 5
73. 1
205.9
74.2
218.4
516. 1
209. 6
79.0
533.5
226.5
213.9
228. 2
218.7
542.3
81.0
232. 7
223. 4
555. 6
85. 1
233. 7
228. 0
561.6
85. 1
i Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
'3- See p. 2 for total personal consumption expenditures.
Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
Saving
as perPopulacent of
tion
disposable
(thou-3
personal sands)
income
(percent)
17.0
21.2
21.6
19. 9
26. 2
28.4
32.9
40.2
40. 7
Dollars
1,883
1,937
1,983
1,909
2,064
1,968
2,136
2,013
2, 123
2, 280
2,432
2,235
2,332
2,598
2,744
2,401
2, 928
2,473
4.9
5.8
5.6
4. 9
6. 0
6.0
6.4
7.4
6. 9
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, 118
201, 166
40. 5
43.4
40.8
44.0
37. 1
40. 9
2,758
2,798
2, 866
2, 918
2, 942
2,982
2,404
2,418
2,454
2,474
2,478
2,483
7.4
7.8
7.1
7.5
6. 3
6. 8
199,
200,
200,
200,
201,
202,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
425
006
433
911
462
025
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) declined about 4 percent in the fourth
quarter/ however, including inventory change, it was about the same as in the third quarter. For the year 1968,
net farm income excluding inventory change was 5 percent above the 1967 level; including inventory change
the increase was about 514 percent.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
\
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
\
10
10
I
1962
1963
I
I
J
1964
1965
SOURCE: DEPARTMENT OF AGRICULTURE
L967: III__
IV .
1968: I
II
III
IV .
_ _
From
all
sources
From
farm
sources
18.7
19.7
20.4
20.6
20.6
23.6
24.8
23.7
24.4
11.5
12.2
12.3
12.1
11.3
13.5
14.3
13.0
13.5
1
From
nonfarm
sources
7.2
7.5
8.2
8.5
9.3
10.0
10.5
10.7
10.9
!
i
i
J
•
'
1
i
!
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
1968
Total i
from
ventory ventory2
prices prices *
marketchange change
ings
Billions of dollars
Dollars
12.1
34.2
11.7
3,049
38.1
26.4
3, 505
3,399
39.8
12.6
13.0
3, 907
27. 1
35. 1
13.2
41.3
28.6
36.4
12.6
3, 586
4, 075
13.2
42.3
37.4
3,708
29.7
12.6
4, 166
37.2
3, 564
13.1
42.6
12.3
3, 960
29.5
4,487
44.9
39.3
30.9
4, 931
14.0
15.0
43.2
16.2
4, 967
49.6
16. 1
5, 284
33.4
14.2
4, 654
49. 1
14.6
4, 848
42.8
34.8
50.8
14.9
15.4
5, 035
5, 035
44. 1
35.9
Seasonally adjusted annual rates
14. 2
i
49. 2
14. 8 4, 700 ! 4, 900
43 0
35 0
!
4, 610 ;
4, 750
14 5
42 7
13. 9
48 9
35 0
4, 840 ! 4, 940
14. 4
i 49.8
43. 2
14.8
35. 4
14
8
15.
1
4,
940
!
4,
940
44 0
35 9
' 50 7
5, 130 ! 5, 080
44 9
36 2
15. 4
15. 7
i 51. 6
5. 170 i 5, 120
i 51.1
15.8
36.3
14.8
44.3
» Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
2 Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
» Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
1968
Income received from farming
Realized gross
1960
1961
1962
1963___ _ _ _ _ _ _
1964__ _ _ _
1965___ _ _
1966_ _ _ _
1967_ _ „ _ _
1968
i
3967
COUNCIL OF ECONOMIC ADVISERS
Personal income received by
total farm population
Period
J
L
1966
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1968 base.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Agriculture.
pORPORATE PROFITS
According to preliminary estimates, corporate profits (before tax) increased $3 billion (seasonally adjusted annual
rate) in the fourtfi quarter to nearly $96 billion. For the year 1968 profits were $10% billion higher than in 1967, a
gain of 1 3 percent.
BILLIONS OF DOLLARS
BILLIONS OF'DOLLARS
40
40
,m #% DIVIDEND PAYMENTS W/>.
20
20
1962
1963
1964
-I/PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE
Period
1960 .
1961 _ .
1962 „ _ _
1963_. „ _
1964™..
3965_
1966.
1967.
1968s1
1967: ILL..
IV.
1968: I
II —
m__
IV»__
1968
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
TransCorpoCorpoManufacturing
portation,
rate
rate
comDiviUnprofits
tax
NonAll
Durable
muniAll
dend distribbefore liabil- Total
durable
indus1
goods
uted
paytaxes
ity
Total
goods cations, other
tries
indusand
ments profits
industries
public
tries
utilities
24.4
12.4
12.0
49. 9
17. 9
49. 7
23. 0
26. 7
7. 5
13. 4
13. 2
23. 3
11. 4
11. 9
50. 3
19. 1
7. 9
50. 3
23. 1
27. 2
13. 8
13. 5
14.
1
26.
6
12.
5
55. 7
24. 2
20. 5
31. 2
8. 5
55. 4
15. 2
16. 0
28. 8
15. 8
13. 0
58. 9
33. 1
20.6
59. 4
26. 3
9.5
16. 5
16. 6
32.7
14.9
17,8
23.5
66.3
10.1
28.3
38.4
66.8
17.8
20.6
22. 8
39. 3
16. 6
76. 1
77. 8
25. 6
31. 3
46. 5
11. 1
26. 7
19. 8
42. 8
24. 1
18. 8
83. 9
12. 0
85. 6
34. 6
29. 0
51. 0
21.7
29.3
39. 2
21. 2
18. 0
80. 4
29. 4
81. 6
33. 5
48. 1
11. 8
22. 9
25. 2
24.4
44". 3
19.9
89.2
32. 1
92.3
51.0
41.3
12.8
24.6
26.4
38. 5
20. 6
17. 9
80. 2
33.2
12. 0
29. 7
80. 8
47. 6
23. 5
24. 1
21. 9
39. 9
18. 0
S2. 3
30. 6
85. 4
11.9
35. 1
50.3
22. 5
27. 9
22. 3
41. 3
83. 8
19. 0
39. 8
49. 1
12.5
30. 0
88. 9
23. 6
25, 5
44.9
89.2
25.2
19.7
31.8
41. 1
91.8
50.7
12.5
24.4
26. 3
45.3
25.0
91.6
20.3
13.0
92.7
51.2
33.3
41.5
25.2
26.0
92. 0
52. 9
95. 8
42, 9
25.4
27. 6
i
1
Includes
3
Includes
3
all other industries and financial institutions.
depreciation and accidental damages.
Corporate profits after taxes plus corporate capital consumption allowances.
J/
Corporate
capital
consumption
allow-2
an ces
24. 9
26. 2
30. 1
31.8
33.9
36. 4
39. 7
43. 4
47. 1
44. 1
44. 9
45. 7
46.7
47. 6
4.8. 5
Profits
plus
capital
consumption
allow-3
ances
51. 6
53. 5
61. 3
64. 8
72.3
82. 9
90. 7
91. 5
98.1
91. 7
95, 2
94. 8
97.4
98.8
101. 4
NOTE.—-Data beginning 1962 adjusted for effects of new depreciation guidelines ($2^ 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 increased a substantial $91/2 billion (seasonally adjusted annual rate) in the fourth^
quarter, according to current estimates. Business fixed investment was up $4 billion/ residential construction rose $2
billion; and inventory accumulation increased to over $101/2 billion.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
20
20 —s?
1962
1968
SOURCE: DEPARTMENT Of
COUNCIL OF ECONOMIC AD.VISERS
COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Total
gross
private
domestic
investment
Total
60. 9
75.3
74.8
71.7
83. 0
87. 1
94. 0
108. 1
120. 8
114. 3
127.7
114. 7
121. 8
119. 7
127.3
127.1
136.6
Total
62. 4
70. 5
71.3
69.7
77.0
81.3
88. 2
98. 5
106. 1
108. 2
119.9
109. 3
113.5
117.6
116.5
119.6
126.0
41. 6
45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71. 3
81. 3
83. 6
90.0
83.3
85.0
88.6
87.0
90.1
94.3
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Producers' durable equipment
Structures
Total
1958
1959___
1960
„
1961
1962
1963
1964
1965 __ _ _ _ _ . _
1966
1967
_ _ _ _
1968
1967: III
IV
1968: I
II
III
IV
Residential
structures
Nonresidential
16. 6
16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25. 5
28. 5
27. 9
29.2
27.7
27.7
29.6
28.5
28.8
29.9
Nonfarm
15. 8
15. 9
17.4
17.7
18.5
18.8
20.5
24. 9
27. 8
27. 1
28.4
27. 0
26. 9
28.8
27.7
28.0
29.1
Total
25. 0
28. 4
30.3
28. 6
32.5
34. 8
39.9
45. 8
52. 8
55. 7
60.8
55.6
57. 3
59. 0
58.5
61.3
64.5
Nonfarm
22.0
25. 4
27. 7
25.8
29. 4
31. 2
36.3
41. 6
48. 1
51. 0
55.9
50.9
52.6
54. 3
53.6
56.4
59.3
Total
20. 8
25. 5
22. 8
22. 6
25.3
27.0
27.1
27.2
24.8
24. 6
29.9
26. 0
28. 5
29. 1
29.5
29.5
31.6
Source: Department of Commerce.
Nonfarm
20. 1
248
22. 2
22.0
24.8
26. 4
26.6
26. 7
24.3
24. 0
29.3
25. 4
27. 9
28. 5
28.9
28.9
31.0
Change in business inventories
Total
-1. 5
4.8
3.6
2.0
6. 0
5.9
5.8
9.6
14.7
6. 1
7.7
5. 3
8.3
2. 1
10.8
7.5
10.6
Nonfarm
— 2. 3
4. 8
3.3
1. 7
5.3
5. 1
6. 4
8.6
14. 9
5.6
7.3
4.8
7. 1
1. 6
10.4
7.3
9.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the latest survey of investment intentions, expenditures for new plant and equipment in 1969 should
increase sharply—by 14 percent over 1968. Actual expenditures for the fourth quarter of 1968 were $11/3 billion
(seasonally adjusted annual rate) below earlier anticipations. There was nevertheless a substantial increase of $2.7
billion over the third quarter level.
BILLIONS OF DOLLARS
1 80
BILLIONS OF DOLLARS
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
60
60
50
50
40
40
NONMANUFACTURING
...Ai«»»""'
30
30
MANUFACTURING
20
20
10
I
I
I
I
1
\
1
1964
1963
I
\
i
I
1966
1965
1967
I
1968
1
1969
-I/SEE NOTE 3 ON TABLE BELOW
SOURCES; SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
I Billions of dollars; quarterly data at seasonally adjusted annual rates]
Transportation
Manufacturing
Period
1956
1957
1958
1959
I960
_
1961
1962 _ _
1963 _ _ _
„
1964
1965
_
__1966 - . _ _ .
1967
1968 3
1969
1968: I- . _
II
III
IV__
1969: I 33 _ _
II
_
2nd half 3 1
Total
l
35. 08
36.96
30. 53
32. 54
35. 68
_.
34.37
.
37. 31
. __ 39.22
44 90
51.96
.__
60.63
.._
61.66
64.08
72.96
64.75
... _ - _
62.60
63. 20
65.90
71. 65
70. 85
74.70
Total
14.95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 58
22.45
26.99
26.69
26.44
30.65
26.35
25.80
26.65
26. 85
29. 50
29. 95
31.45
Durable Nonduragoods ble goods
7. 62
8. 02
5.47
5.77
7. 18
6. 27
7. 03
7. 85
9.43
11.40
13.99
13.70
13. 51
15.48
13. 65
12.80
13. 65
13. 90
15. 30
15. 15
15.70
Excludes agriculture.
2 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 1969. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
7.33
7. 94
5. 96
6.29
7.30
7. 40
7. 65
7. 84
9. 16
11.05
13.00
13.00
12. 93
15. 17
12.70
13.00
13. 05
12.95
14. 20
14. 80
15. 75
Mining
Railroads Other
1.24
1.24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.47
1.42
1.42
1. 60
1. 55
1.40
1. 35
1. 35
1. 65
1.60
1. 55
1.23
1. 40
.75
. 92
1. 03
.67
. 85
1.10
1. 41
1.73
1.98
1.53
1. 34
1. 73
1. 65
1.40
1. 20
1. 15
1. 45
1.60
1. 95
1.71
1.77
1. 50
2.02
L 94
1. 85
2.07
1. 92
2.38
2.81
3.44
3.88
4. 31
4. 83
4.35
3.65
4. 60
4. 80
5. 00
4.05
5.25
Public Commerand
utilities cial
other 2
4. 90
6.20
6.09
5. 67
5. 68
5.52
5. 48
5. 65
6.22
6.94
8.41
9.88
11. 54
13. 16
11.60
11.65
10. 90
12. 00
13.40
13.35
13.00
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. 04
21.00
19.20
18.70
18. 50
19. 75
20. 70
20. 35
21.40
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force (seasonally adjusted) rose in February to an all-time hish of 80.4 million. Employment rose
500,000 while unemployment declined slightly.
MILLIONS OF PERSONS*
90
MILLIONS OF PERSONS*
90
/
r
SEASONALLY ADJUSTED
85
85
80
CIVILIAN LABOR FORCE
75
70
EMPLOYMENT
UNEMPLOYMENT
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
1963
* 16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT O LABOR
Period
1964___
1965___
1966___
1967___
1968___
1968:
Jan
Feb_
Mar_
Apr _
I\ lavJune.
July.
Aug_
Sept_
Oct__
Nov_
Dec_.
1969:
Jan__
Feb__
Total
labor
force
(including
armed
forces)
COUNCIL OF ECONOMIC ADVISERS
Civilian employment
Total
iNonagricultural
Unemployment
Unemployment
Total
Civilian employment
rate (percent of
labor
force
Unem- civilian labor
Civilian
Nonforce)
(includ- labor
Agriployagriing
force
Total
culment
culUnad- Seasonarmed
tural
adtural
justed ally
forces)
justed
persons 16 years of age and over
Percent
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
82, 272 78, 737 75, 920 3,817 72, 103 2,817
3.6
Seasonally adjusted
Labor
force
participation
rate,
unadjusted i
75, 830
77, 178
78, 893
80, 793
82, 272
Thousands of
69, 305 64, 782 3,786
71, 088 66, 726 3,366
72, 895 68, 915 2, 875
74, 372 70, 527 2,975
75, 920 72, 103 2,817
Unadjusted
79, 811
80, 869
80, 938
81, 141
81, 770
84, 454
84, 550
83, 792
82, 137
82, 477
82, 702
82, 618
73, 273
74, 114
74, 517
75, 143
75, 931
77, 273
77, 746
77, 432
75, 939
76, 364
76, 609
76, 700
69, 908
70, 653
70, 980
71, 292
71, 935
72, 757
73, 270
73, 325
72, 103
72, 596
73, 001
73, 421
3, 074
3,288
2,929
2, 491
2,303
3, 614
3,217
2,772
2,606
2,511
2,577
2,419
81, 844
82, 085
82, 187
81, 938
82, 278
82, 486
82, 504
82, 838
82, 488
82, 408
82, 559
82, 868
77, 881
78, 569
78, 645
78, 427
78, 742
78, 919
78, 917
78, 749
78, 847
78, 800
79, 042
79, 368
75, 086
75, 640
75, 764
75, 653
75, 982
76, 005
76, 020
75, 973
76, 000
76, 002
76, 388
76, 765
3, 962
4,074
3,978
8,916
3, 905
3, 849
3,825
8, 751
8, 651
3, 525
3, 706
3,842
71, 124
71, 566
71, 786
71, 737
72, 027
72, 156
72, 195
72, 222
72, 349
72, 477
72, 682
72, 923
2, 795
2,929
2,881
2, 774
2,810
2, 914
2, 897
2, 776
2,847
2, 798
2, 654
2, 603
4.0
4.2
3. 8
3. 2
2. 9
4. 5
4. 0
3.5
3.3
3.2
3.3
3. 1
3. 6
3. 7
3. 7
3.5
3. 6
3. 7
3. 7
3. 5
3. 6
3. 6
& 4/
J.
O. <->
59. 3
60. 0
60. 0
60. 1
60.5
62. 4
62.3
61. 7
60. 4
60. 5
60. 6
60.5
81, 711
82, 579
75, 358
76, 181
72, 192
72, 896
2, 876
2, 923
88, 851
83, 831
79, 874
80, 356
77, 229
77, 729
3, 752
3,881
73, 477
78, 848
2,645
2,627
3.7
3.7
q
O.
&
o.
59. 7
60.7
1
Total labor force as percent of noninstitutional population.
NOTE.—Seasonally adjusted series revised; see Employment and Earnings and
Monthly Report on the Labor Force, February 1969. Beginning 1960, data include
Alaska and Hawaii.
10
Source: Department of Labor.
&
0
&
o
&
o
59.6
59. 7
60. 1
60. 6
60.7
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
For the third consecutive month, the seasonally adjusted unemployment rate was 3.3 percent in February. Other
measures of unemployment showed little or no change.
PERCENT
110
PERCENT
10
SEASONALLY ADJUSTED
N
v"\
X'
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
i i i i i I i iii
i i Ii i t ii
1964
1963
i t t i i l i t ti i
1965
I i
1967
1966
SOURCE: DEPARTMENT OF LABOR
Persons at work in nonagri cultural industries
by hours worked per week 2
Under 35 hours
Experi- Married Labor
force
enced
men
All
time lost 1 Over 40
wage
and
hours
(wife
workers salary
workers present)
5.2
4.5
3.8
3. 8
3.6
1964
1965
1966
1967
1968
1968: Jan
Feb
Mar
Apr
Mav_
June
Julv_
Aug
Sept_
Oct___ _
Nov
Dec
1969: Jan
Feb
3. 6
3.7
3. 7
3. 5
3.6
3. 7
3. 7
3. 5
3.6
3. 6
3.4
3. 3
3. 3
3. 3
Percent
5.0
2.8
2. 4
4.3
3. 5
1. 9
1. 8
3. 6
3.4
1.6
Seasonally adjusted
1.7
3. 3
3.5
1.7
3. 4
1. 7
3. 2
1. 6
3. 1
1. 6
3. 6
1. 7
3. 6
1. 6
3.4
1. 6
3.4
1.6
3. 4
1. 6
3.2
1.6
3.0
1.4
3. 1
1. 4
1. 4
3. 0
5.8
5. 0
4.2
4. 2
4.0
19,271
20, 788
21, 334
20, 920
20, 600
4. 1
4.2
4. 0
3.7
3. 6
4. 3
4. 3
4. 0
4.0
3. 9
3.8
3.6
3. 6
3. 6
19, 746
20, 557
20, 912
17, 651
21, 170
20, 748
19,616
20, 134
22, 081
22, 303
20, 472
21, 810
20, 463
19, 519
1
Man-hours lost by the unemployed and persons on part time for economic
reasons as a percent of potentially available labor force man-hours.
- DiilV.rs from total nonagricultural employment (p. 10), which includes persons wii.h jobs but not at work for such reasons as vacation, illness, bad weather,
and
industrial disputes.
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
1969
COUNCIL OF ECONOMIC ADVISERS
Unemployment rate
(percent of civilian labor
force in group)
Period
1968
35-40
hours
Part-time for
economic reasons
Part-time for
economic reasons
Total
Usually Usually Usually Usually
partfuOfullparttime 4
time s
time s
time 4
Thousands of persons 16 years of age and over
29, 100 13, 101
986
1,151
30, 768 11,818
897
1,031
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
32, 658 14, 785
895
820
Unadjusted
Seasonally adjusted
32, 031 14, 753
805
814
722
720
32, 383 15, 081
942
910
840
799
33, 566 13, 976
866
877
804
868
828
782
28, 705 21, 414
665
863
34, 005 14, 182
790
798
679
845
33, 981 12, 986
1, 120
1, 079
1. 009
S45
32, 965 11,686
924
1, 159
819
945
33, 115 11, 392
974
995
1, 103
836
972
974
33, 773 12, 992
769
689
852
33, 380 14, 135
907
671
780
852
30, 101 19, 844
814
859
753
872
33, 898 14, 987
835
723
801
34, 316 14, 400
707
898
800
805
5
5
32, 002 18, 433
900
730
870
768
5
5
Primarily includes persons who could find only part-time work.
Average hours worked: usually full-time, 24.4; usually part-time, 17.7.
NOTE.—Pee Note, p. 10.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In February, insured unemployment under State programs averaged 97,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate remained at 2.1 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1967
,-..
/
1968
1966
JAM
FEB.
MAR.
APRIL
MAY
JULY
JUNE
AUG.
SEPT.
SOURCE: DEPARTMENT OF LABOR
COUNCIl Of ECONOMIC ADVISERS
All programs
Insured Total
unem- benefits Insured
Covered
ploypaid
unem(milemploy- ment
ployment
(weekly
lions
ment
averof dolage)
lars)
Period
1965
1966
1967
1968
1967: Dec
>_
1968: Jan
Feb
Mar
AprMay
June
_
July. . _
Aug
Sept
Oct
Nov__
_ _ _
Dec
_ __
1969: Jan
__
Feb ".__
Week ended:
1969: Feb 1
8
15
22
Mar 1" _ _
SP
Thousands
51, 580
1,450
54, 739
1, 129
"56, 341
1,270
1, 187
'57, 577
1,339
"55, 716
1,719
"55, 912
1,653
"56, 381
1,480
1,216
1, 026
944
1,058
1,024
868
861
985
1,253
1,585
1,551
!
1. 580
1, 533
1.589
1,549
1,527
2,
1,
2,
2,
360. 4
890. 9
220. 0
191. 3
171.8
264.8
259.4
247. 5
207.2
170.2
139.3
156. 9
162. 8
133. 4
138. 7
134. 9
185.4
264.6
258. 0
12
State programs
Initial
claims
Insured unemployment as perExhaus- cent of covered
employment
tions
Unad- Seasonadjusted ally
justed
Weekly average, thousands
232
21
1, 328
203
15
1, 061
17
226
1,205
201
16
1, 111
278
1,259
16
1, 624
316
18
227
18
1, 556
19
183
1,390
1, 142
183
20
18
156
964
157
883
17
15
991
240
174
955
15
802
13
141
14
794
154
189
913
13
1,172
14
261
1, 491
16
275
1,459
219
15
1, 487
1, 440
1,498
1,459
1,438
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.
DEC
NOV.
OCT.
250
248
220
199
207
195
Percent
3. 0
2.3
2. 5
2.2
2.6
3.3
3.2
2.8
2.3
2. 0
1.8
2.0
1.9
1.6
1. 6
1.8
2. 3
3. 0
2.9
3. 0
2. 9
3. 0
2. 9
2.9
Source: Department of Labor.
& o
<O. d>
2.4
ff>
£. O<Z?
2. 3
2. 1
<?> &p
&,
& &p
&,
2.3
2. 3
2.2
2. 1
2. 1
2.0
2. 1
2.1
Benefits paid
Total Average
weekly
(milcheck
lions of
dollars) (dollars)
2,
1,
2,
2,
37. 19
39.75
41. 25
43.43
41.85
42.60
43. 58
43. 64
43. 12
42.42
42. 26
42. 39
43.73
43.78
44. 37
44.72
45. 34
46. 16
46. 25
166. 0
771.3
101. 0
031. 9
159.2
248.5
243. 7
231. 1
195. 1
159. 1
129. 1
145. 6
150. 0
121.8
126. 0
122. 5
170. 3
246. 1
240. 0
i
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment (seasonally adjusted) rose in February for the thirteenth consecutive month
to a new high of 70 million—380,000 above the January level. The rise was broadly based, with the largest increase
occurring in contract construction (110,000).
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED!
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
72
16
(ENLARGED SCALE)
68
1^*
14
— - —i
T
I
-
WHOLESALE AND RETAIL TRADE
64
ALL NONAGRICULTURAL
ESTABLISHMENTS
12
60
SERVICES
r-
_.!-
10
-
1
—
— iw^ " *^
36
—
NONMANUFACTUR1NG
(PRIVATE)
32
12
"••""••••.,,,,,,,«t,,,tn»<""
i»«iu«»n»»«'"»itM»Ml1"
DUR/ \BLE
*
MANUFA CTURING
10
24
NONDURABLE
M ANUFACTURING
"~
MANUFACTURING
20
,
8
_\
,
• !•
-
16
GOVERNMENT
12
2
1967
1966
CONTRAC T
CONSTRUCT I^N
4
1968
A, . . . . ! , . . . .
¥
1969
i ., ,,| , , i .,
1966
1967
SOURCE: DEPARTMENT OF LABOR
. . . i , I , , i i,
1968
. . . . .
1 ....
1969
.k
^
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted)
Nonmanufacturing (private)
Manufacturing (private)
Period
Total
1962
1963
1964
1965
J966
1967
1968
1968: Jan__
Feb__
Mar.
Apr__
May_
June.
July.
Aug..
Sept.
Oct__
N ov _
Dec__
1969: ,)an"_
.Fob"_
55, 596
56, 702
58, 332
60, 832
64, 034
66, 030
68, 146
67, 058
67, 600
67, 656
67, 755
67, 792
68, 039
68, 170
68, 314
68, 382
68, 701
68, 955
69, 310
69, 618
69, 997
Total
16, 853
16, 995
17, 274
18, 062
19, 214
19, 434
19, 740
19, 612
19, 612
19, 607
19, 657
19,693
19, 777
19, 776
19, 748
19, 755
19, 807
19, 871
19, 974
19, 988
20, 063
NonDurable durable
§OO QS
goods
9, 480
9,616
9, 816
10, 406
11, 284
11, 422
11, 578
11, 541
11, 514
11, 495
11,533
11, 545
11, 571
11, 619
11, 563
11, 577
11, 603
11,661
11, 724
11, 789
11, 818
7, 373
7,380
7, 458
7, 656
7, 930
8, 012
8, 162
8,071
8,098
8, 112
8, 124
8, 148
8, 206
8, 157
8, 185
8, 178
8,204
8, 210
8, 250
8, 199
8, 245
Total
29, 853
30, 481
31, 461
32, 678
33, 949
34, 980
36, 204
35, 468
35, 967
35, 996
36, 010
35, 965
36, 030
36, 138
36, 296
36, 410
36, 569
36, 762
36, 893
37, 106
37, 354
Con- Transtract portation
Mining conand
strue- public
tion utilities
650 2, 902 3, 906
635 2,963 3,903
634 3, 050 3, 951
632 3, 186 4, 036
627 3, 275 4, 151
616 3, 203 4, 271
625 3,259 4,348
604 3, 107 4,317
608 3,388 4,342
609 3,330 4,332
632 3, 313 4,331
631 3,245 4,281
632 3, 174 4, 336
638 3, 189 4, 346
638 3, 195 4,358
639 3, 252 4, 365
591 3,285 4,374
637 3, 279 4, 392
638 3, 387 4,400
643 3, 369 4, 394
642 3,480 4,422
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and. personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when tiiey
W noie- Finance,
insursale
ance, Services
and
and
retail
reali
traoie
estate
11, 566 2, 800 8, 028
11,778 2,877 8, 325
12, 160 2, 957 8, 709
12, 716 3, 023 9,087
13, 245 3, 100 9, 551
13, 613 3, 217 10, 060
14, 111 3,357 10, 504
13, 818 3,291 10, 331
13, 920 3, 304 10, 405
13, 999 3,311 10,415
14, 009 3, 323 10, 402
14, 049 3,334 10, 425
14, 086 3, 335 10, 467
14, 117 3, 350 10, 498
14, 181 3, 376 10, 548
14, 222 3, 387 10, 545
14, 298 3,411 10, 610
14, 326 3,426 10, 702
14, 271 3,442 10, 755
14, 449 3, 460 10, 791
14, 489 3,475 10, 846
•IXT-l
Government
1
Federal
2, 340
2,358
2, 348
2, 378
2, 564
2,719
2,737
2,721
2,721
2,718
2,717
2,721
2,795
2,788
2,751
2,716
2,705
2,696
2,715
2,760
2, 766
State
and
local
6, 550
6,868
7, 249
7,714
8, 307
8, 897
9,465
9,257
9,300
9, 335
9,371
9,413
9,437
9, 468
9, 519
9,501
9,620
9, 626
9, 728
9, 764
9, 814
are not at work because of industrial disputes; and which are based on an enu 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
In February, the workweek (seasonally adjusted) for nona3ricultural payroll workers was unchanged at 37.8 hours
The workweek rose in contract construction and in retail trade, but declined slightly in manufacturing to the lowest
level in about a year.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
TOTAL NONAGRICULTURAL PRIVATE
MANUFACTURING
44
42
40
38
36
34 Mi i i i i 1 i i i i i
1966
1968
1967
i i t t i 1i i i i i
1966
1969
i t i tt t i i ti
1967
1968
i t i i i i » i i -i i
1969
1967
1968
1969
42
CONTRACT CONSTRUaiON
RETAIL TRADE
40
38
36
34
32
30
I
1966
1967
1968
1969
1966
SOURCE. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Total
n onagricultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagricultural
private 2
1964
1965
- -
39.0
38.6
_ _ _
_ _
_ _ ___
_ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _
1966
1967
1968
_ _
_ _
- -
-_
1968* Jan
Feb__
Mar_
Apr
tMay
.J
_
__
_ _
- -
June
July
Aug
Sept
Oct
_ _ _ _
Nov
Dec—
1969: Jan
Feb"
___
_
_
3ae
3a?
38.8
38.7
38.8
38.6
38. 0
37. 8
37. 3
37.6
37.6
37. 3
37. 7
38. 1
38. 2
38. 3
38. 1
37. 8
37. 5
37.7
37. 5
37. 5
40. 3
39. 7
39.8
40. 4
40. 5
40. 7
41. 2
41. 3
40. 6
40. 7
40. 0
40. 6
40. 6
39. 8
40. 9
41. 1
40. 7
40. 7
41. 2
41. 1
40. 9
41. 1
40.4
40. 3
37. 0
36. 7
36.9
37. 0
37. 3
37. 2
37. 4
37. 6
37. 7
37.4
35. 0
36. 2
36. 2
37. 3
37. 6
38.4
38. 6
38. 8
38. 7
38. 4
35. 0
37. 1
36. 6
36. 4
*Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
2 Also includes other private industry groups shown on p. 13.
14
Retail
trade 3
Seasonally adjusted
Unadjusted
1959
1960
1961
1962 _
1963
Contract
construction
Manufacturing
38. 2
38. 0
37. 6
37.4
37. 3
37. 0
36. 6
35.9
35. 3
34.7
34. 5
34. 5
34, 4
34. 5
34. 3
35. 1
35. 8
35. 8
34. 7
34. 3
34. 1
34. 6
34. 0
34. 0
I
37. 6
37. 9
37. 8
37. 6
87. 8
37. 9
37.9
37.9
38. 0
37. 7
37. 5
37. 5
37. 8
37. 8
s Includes eating and drinking places.
Source: Department of Labor.
40.2
40. 8
40. 7
40. 1
40. 9
40. 9
40. 9
40. 7
4L1
41. 0
40. 8
40. 7
40. 6
40.5
_ _ _
36.0
37. 9
36. 8
37. 8
37. 2
87. 6
87. S
37. 5
37. 9
37. 5
36. 0
37. 8
87. 7
88. 1
34. 8
34. 9
34. 7
34. 8
34. 6
34-9
34-9
84-9
34-7
84-5
34-5
& / &&
o484.8
34.4
aVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of nonagricultura! payroll workers were up 1 cenf in February. Average weekly earnings
rose 37 cents to a new high of $111.00; the over-the-year rise was $6.47 or 6.2 percent.
DOLl.ARS
DOLL ARS
5.00
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
180
-i
. . .....
4.50
CONTRACT CONSTRUC[ION
. -»*'*'!
J
\,~-
r\^^»/
160
i
X
^^ ^+*
*****
4.00
4?
140
CONTRACT CONSTRUCTION / \ *
v,s / V
^ /
/ VlV
s
VX
i*"'
1
X
f
1
"^
MANUFACTURING
MANUFACTURING
3.00
\—
,
2.50
1
^Illl""*
.."-""^
_^——
—--T
r
^>-
TOTAL NONAGRICULTURAL
PRIV ATE
^"'"••"^
_
»•»
100
TOTAL NONAGRICULTURAL
PRIVATE
!»•»>
80
.-.-— - <*"**„ — - ^
RETAIL tRADE
1.50
/1 1 1 ! 1 1 ! !
\
, , , . . 1 , , . . ,
1 i 1 1
1966
.
^.."^ .....
9^*
2.00
,
120
60 /i i i i i i ! i i i i i
1969
1968
1967
1 1 1 1 I 1 1 ! 1 ! IN
N
1966
1 1 !
X""8**'
MIB
RE TAIL TRADE
i i i i \ i i i i i_
1 i 1 1 1 1 I i
1967
1 1 1 I I ! ! 1 ! ! iK
1969
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT O F LABOR
[For production workers or nonsupervisory employees]
Period
1959 _ _
1960
1961
_ -_
1962
1963
1964 _
1965 _
1966 _
- _
1967
196S
1968: Jan
Feb
Mar
Apr _
May
June
July_
Auaj
Sept
Oefc
Nov
!)oc__
J < ) ( ' » 9 : J.-ui
Kob "
Average hourly earnings— current prices
Average weekly earnings — current prices
Total
nonagricultural
private 1
Total
nonagricultural
private l
Manufacturing
Contract
construction
Retail
trade 2
$78. 78
80. 67
82. 60
85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107. 73
102. 95
104. 53
104. 90
104. 44
106. 69
108. 59
109. 25
109. 54
110. 87
110. 38
109. 88
110. 46
110. 63
111. 00
$88. 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
117. 60
119. 36
120. 18
118. 21
122. 29
123. 30
122. 10
121. 69
125. 66
125. 77
125. 97
127. 82
126. 05
125. 74
$108. 41
113. 04
118. OS
122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
163. 81
151. 90
154. 57
154. 94
159. 27
162. 43
164. 74
167. 52
169. 94
172. 99
172. SO
158. 20
168. 06
166. 53
165. 26
$56. 15
57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
74. 95
72. 11
72. 80
72. 93
73. 49
73. 40
75. 82
77. 33
77. 33
75. 99
75. 46
75. 36
76. 47
76. 16
76. 50
$2. 02
2. 09
2. 14
2. 22
2. 28
2. 36
2. 45
2. 56
2. 68
2. 85
2. 76
2. 78
2. 79
2. 80
2. 83
2. 85
2. 86
2. 86
2. 91
2. 92
2. 93
2. 93
2. 95
2. 96
Manufacturing
$2. 19
2. 26
2.32
2. 39
2. 46
2. 53
2. 61
2. 72
2. 83
3. 01
2. 94
2. 94
2. 96
2. 97
2. 99
3. 00
3. 00
2. 99
3. 05
3. 06
3. 08
3. 11
3. 12
3. 12
Contract
construction
$2. 93
3.08
3. 20
3. 31
3. 41
3. 55
3. 70
3.89
4. 11
4.38
4. 34
4. 27
4 28
4.27
4. 32
4. 29
4. 34
4.38
4. 47
4. 50
4. 52
4. 53
4. 55
4. 54
Retail
trade 2
$1. 47
1.52
1. 56
1. 63
1. 68
1. 75
1. 82
1.91
2. 01
2. 16
2.09
2. 11
2. 12
2. 13
2. 14
2. 16
2. 16
2. 16
2. 19
2. 20
2. 21
2.' 21
2. 24
2. 25
i) includes other private industry groups shown on p. 13.
h n l r s eating and drinking places.
• i l i i i ^ s in current prices, adjusted to exclude the effects of overtime and
(iustry shifts.
•niir.'.s in current prices divided by the consumer price index.
Manufacturing
industries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1957-59 = 1957-59
100 3
prices 4
103. 4
$86. 96
87. 02
106. 8
109. 9
88. 62
112.7
91. 61
115. 5
93. 37
118. 4
95. 25
121. 5
97. 84
99. 33
125. 6
98. 80
131. 5
139. 5
101. 08
99. 16
136. 1
100. 30
136. 9
100. 57
137. 5
138. 2
98. 59
138. 6
101. 65
138. 8
101. 99
100. 49
139. 1
99. 83
139. 8
102. 83
141. 2
102. 34
141. 7
142. 6
102. 08
103.
33
143. 3
101.
57
143.8
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The increase in industrial production, seasonally adjusted, continued in February at a rate of 0.2 percent. The overthe-year gain was 4.6 percent.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED)
240 |
TOTAL
UTILITIES AND MINING
180
220
160
200
UTILITIES
140
180
120
160
140
MINING
100
1966
1967
1969
120
200
MANUFACTURING
1966
1968
1967
1969
180
DURABLE
\
180
MARKET GROUPS
160
FINAL PRODUCTS
.160
NONDURABLE
^^fȣ&&&^
•*»
l
-^-r^S^W*****^
^
140
MATERIALS
140
120 LL
1966
1967
I
1111,1.11,1
1968
1966
1969
. . , , , 1 , . i • i
1967
1959
1960
_ _ __ _
1961
1962
1963
1964
1965
1966
1967
1968 " _ _ _ _ _
___
1968: Jan
Feb
Mar
Apr
Mav
_ ~
June
July_
Aug
Sept- - _
_
Oct__
__ __
Nov_
Dec
1969: Jan.
Feb *_
COUNCIL OF ECONOMIC ADVISERS
f 1957-59 = 100, seasonally adjusted]
Industry
Total
industrial
production
Total
105. 6
108. 7
109. 7
118. 3
124. 3
132.3
143.4
156. 3
158.1
165.3
161. 2
162. 0
163.0
162. 5
164.2
165.8
166.0
164.6
165. 1
166.0
167. 5
168. 7
169. 1
169.5
106. 0
108.9
109.6
118.7
124.9
133. 1
145.0
158. 6
159.7
166.8
162. 7
163.6
164.6
163.7
165.8
167.3
167.4
165.7
166.4
167.8
169. 1
170. 1
170. 4
170. 9
NonDurable durable
105.6
108.5
107.0
117.9
124. 5
133.5
148.4
164.8
163.7
169.9
167.2
167. 6
168.2
167. 2
169. 8
171.0
170.8
167.8
168.7
169.3
171. 3
172. 4
172. 7
173.7
106. 5
109. 5
112. 9
119. 8
125. 3
132.6
140.8
150. 8
154.6
162.8
157. 1
158. 6
160.0
159. 5
160.8
162.7
163.0
163.0
163.6
165.9
166. 3
167. 3
167.4
167. 4
Market
Final produets
Manufacturing
Source: Board of Governors of the Federal Reserve System.
16
1969
1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
!! 1 1I I I 1I 1 1
I , 1 ! 1 I 1 ! 1 1 I
Mining Utilities
99. 7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123.8
126.3
121. 6
123. 9
126.2
127. 1
126.9
129.2
130.0
129.4
127.0
120.7
126. 4
127.9
127. 5
126. 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.9
202.1
196.7
199.0
198.0
196.5
196. 1
197.9
199.3
202. 1
204.8
208.9
206. 9
210. 1
211. 0
214. 5
Total
105.7
109.9
111.2
119. 7
124. 9
131.8
142.5
155. 5
158.3
165.0
160.8
162. 0
163.5
161.7
163. 0
165.2
164.7
164.8
165.7
167.0
167. 9
168. 3
168. 1
169. 4
Consumer
goods
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.5
156.6
151. 3
152. 9
155.0
153. 5
154. 6
156.8
156. 4
156.8
157.3
159.6
159. 2
160. 1
160. 6
161. 0
Equipment
104. 1
107.6
108.3
119.6
124.2
132.0
147.0
172. 6
179.4
182.9
181. 4
181. 6
181.8
179. 4
181. 1
183.2
182.6
181.9
183.6
183.0
186. 5
186. 0
184. 3
187. 1
Materials
105.4
107.6
108.4
117. 0
123. 7
132.8
144.2
157. 0
157.8
165.7
161. 7
161. 8
162.8
163. 1
165. 2
166.7
167.4
164.2
165.1
165.7
167.6
168. 7
169.4
169. 1
PRODUCTION OF SELECTED MANUFACTURES
Production of most manufactures (seasonally adjusted) increased in February. The largest gains were more than
percent in aircraft and 1 percent in nonelectrical machinery.
dex, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
240
220
CHEMICALS, PETROLEUM,
^ •**
AND RUBBER \
^»»*/^
onn
<^
^T^S
•JO A
PAPER AND
PRINTING
160
. \, ... ^—s'""
140
"f°M
1 1 1 ! I 1 1 I
! 1 ! 1 ! 1 1 ! 1 1 I
1967
1966
I 1 ! 1 i ! I ! I ! I
! 1 1 ! ) 1 1 1 1 ! I
|
1968
1969
180
160
140 LL
1966
1966
1969
SOURCE.- BOARD OF GOVERNORS OF IHE FEDERAl RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Durable manufactures
Period
1960
_
1961
1962
1963
1964
1965
1966 _ _ _
1967 v
196S
196S: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1969: Jan _ _ __
Feb^
Nondurable manufactures
FabriTranspor- Lumber Textiles,
Primary
cated
Machin- tation
apparel,
and
metals
ery
metal
equipand
prodment
products
leather
ucts
-_
_
_
_
.!
__J
i
!
'
i
i
!
;
'
101.3
98. 9
104. 6
113.3
129. 1
137. 6
142.7
132.5
137. 1
136. 3
139. 3
140. 2
143. 3
148.5
148. 6
145. 8
122. 8
120. 6
123. 1
129. 3
136. 0
138.0
139
107. 6
106. 5
117. 1
123. 4
132.7
147.8
163.0
161.9
168.2
163. 9
165. 7
166.6
161.4
165.0
166. 1
166.2
166.3
167.6
172.2
173. 5
175. 1
176. 6
178
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183.4
184.5
183. 4
183. 2
183. 3
179. 4
179. 9
181.7
182.7
183.8
186. 4
186. 1
187.4
188. 5
190. 5
192
108.2
103.6
118.3
127. 0
130.7
149.2
166. 9
165.7
179. 6
175. 6
175. 1
177.6
175.3
180.4
182.6
183.2
181.7
180. 5
180. 4
180. 2
177. 4
173. 0
175
102. 1
101. 3
106. 1
108. S
112.6
117.4
119. 4
116.9
121. 7
118. 1
119. 3
125.0
123. 9
122. 7
123. 4
120. 6
114.7
119.4
119.4
126. 1
126. 1
124. 0
107. 5
108. 4
115. 1
118. 5
125.2
135. 8
141. 6
139.4
145. 2
141. 0
141. 9
143. 9
142. 9
144. 1
145. 2
144. 2
144. 1
144. 8
146. S
147. 5
145. 7
144. 4
144
Paper Chemicals, Foods,
and
petrobeverprint- leum, and ages, and
ing
rubber tobacco
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149.6
155.4
148. 6
150. 6
152. 0
151. 6
154. 5
155.2
155. 6
156.5
156.8
157. 7
159. 8
159. 8
159. 9
160
113. 9
118. 9
131. 2
141. 8
152.5
164.6
181. 9
190.0
207.2
197. 7
200. 2
201.6
200. 9
203. 1
206.6
208.2
207.6
208.8
212. 8
213. 6
215. 9
216. 0
217
106. 6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131.7
134. 1
132. 0
133. 1
133. 7
133.6
132. 9
134. 5
134. 2
134.4
134.5
136. 1
134. 9
137. 0
138. 2
137
Source: Board of Governors of the Federal Reserve System.
17
OF
In February, most weekly indicators of production Increased on a seasonally unadjusted basis.
a^
MILLIONS OF TONS
SOURCES:
AMERICAN IRON AND
MILLIONS OF SHORT TONS (DAILY AVERAGE)
STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND
Electric
Bituminous Freight Paperboard
Steel produced
Cars and trucks
power
coal mined
produced assembled (thousands)
loaded
Thousands
distributed (thousands (thousands
Index
(thousands
of net
of short
(1957-59 = (millions of
Cars
Total
of tons)
Trucks
of cars)
tons
100)
kilowatt-hours) tons) !
Period
Weeklv average:
1962
1963
1964
1985
1966
1967
1968
1968: Jan. _
Feb _
Mar.
Apr
May
June
July
Aug.
Sept
Oct
Nov
Dec
1969: Jan ;
Feb ' _
Week ended:
1969: Feb 15 _
COUNCIL OF ECONOMIC ADVISERS
WARD'S AUTOMOTIVE REPORTS
1,886
2, 096
2,431
2, 521
2, 572
2,440
2, 508
2, 712
2, 849
2, 872
2, 902
2, 867
2, 775
2,591
2, 022
1, 889
2, 033
2, 235
2, 358
2, 502
2, 722
101. 2
112. 5
130. 5
135.3
138. 1
131. 0
134.6
145. 6
152.9
154. 1
155. 8
153. 9
149.0
139. 1
108. 5
101.4
109. 1
120. 0
126.6
134.3
146. 1
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
25, 244
25, 365
25, 338
24, 081
23, 344
23, 560
25, 772
26, 632
27, 562
24, 785
24, 579
25, 319
26, 806
27, 484
27, 241
2, 697
2, 755
2,750
Mar 1 _
2, 750
8*
2
15 *
2, 800
1
Daily
average.
Includes
data
for
Alaska.
J
Not charted.
144. 8
147. 9
147. 6
147. 6
150. 3
27,
27,
27,
26,
92
18
_
375
269
005
879
1,414
1, 535
1,630
1, 735
1, 798
1,868
1, 826
1,738
1,753
1, 827
1,887
1,871
1,875
2, 005
1, 835
1, 971
1, 390
1, 826
1, 799
1, 766
1, 666
552
555
558
562
570
540
543
489
515
535
548
571
578
536
555
563
574
556
499
490
512
343
358
384
410
446
439
480
421
484
480
480
488
489
437
497
469
512
502
479
453
515
157. 5
175. 0
178. 8
213.7
199. 3
172. 9
207.6
207. 3
210.8
229. 5
215. 4
244. 0
246.8
152. 6
71. 2
199. 4
248. 2
243.8
204.7
213. 4
218. 3
133. 4
146. 9
148. 8
179. 4
165. *
142. 4
170. 1
172. 9
174.3
189. 2
177. 7
200. 4
202.2
122. 6
46.7
160.7
205. 3
203. 5
169.7
176. 1
177.7
24. 1
28 1
30." 6
34.3
33. 9
30. 5
37.5
34. 4
36. 5
40. 2
37. 0
43. 6
44.6
29. 9
24. 6
38.7
43. 0
40.3
35.1
37. 3
40. 5
39. 5
210. 5 171. 0
215. 1 175. 1
40. 0
42. 5
223. 3 180. 8
221. 2 181. 7
39. 5
2
219. 8 179. 8
40.0
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
1,
1,
1,
2
1,
768
703
423
303
516
510
511
501
508
516
524
524
NEW CONSTRUCTION
In January, the value of new construction (seasonally adjusted) ross sharply after a temporary decline in December.
A smai! decline in hcnisbuildinq was mere than offset by a spurt in commercial, industrial, and government construction.
BSLUONS Oi- DOLLARS
100
•SiilONS OF DOLLARS
100
COUNCIL OF ECONOMIC ADVISERS
Total new
construction
expenditures
Period
1963
1004
1965
_
I960 .
_ _ _
19G7_
196S
- _
63. 4
00. 2
72. 3
75. i.
70. 2
84, 0
Private
Residential nonfarm
Total
44. 1
•\r>. s
r>o. 3
51. 1
50. 0
57. 1
Commercial and
housing
industrial
units
Billions of dollars
20. 2
20. 4
7. 9
20. 4
26. 3
<). 0
20. 3
11. 9
20. 4
24. 0
18. 0
13. 6
23. 7
17. 9
13. 1
28. 9
22. 4
13. 9
Total-
Other
10. 0
10. 6
12. 1
13. 6
13. 7
14.2
Construction contracts 2
Commerr eel era! ,
Total value cial and
State,
industrial
j (index,
and
1 1957-59 = floor space
local
(millions of
100)
square feet)
19. 4
20. 4
22. 1
24. 0
25. 6
27. 5 !
Seasonally
adjusted
Seasonally adjusted annual rates
1967: Dec
1968: Jan
_
Feh
_
A -or
May
June
Juiv
A '. i y;
Sei)t
Oct.
Nov
Dec
1969: Jan *
81. 2
82.9
83.9
S3. 6
85. 3
85. 7
82. 0
81. 7
S3. 7
86. 0
86. 1
89. 6
84. 0
89.0
54. 0
55. 3
55. 4
56. 1
57.4
57. 3
55. 0
55.0
56. 7
57. 4
59. 5
59. 4
59. 4
61. 3
27. 6
27.0
28.8
27. 7
29. 3
29. 6
28. 2
27. 8
2S.3
29. 4
30.0
30. 6
31. 4
30. 8
21. 8
21. 2
21. 3
21. 7
22. 3
22. 3
21.4
21. 2
21.9
22. 8
23.6
24, 1
24. 9
24. 8
1
Includes noniiousekeeping residential construction and additions and alterations, not shown separately.
2Compiled by F. W. Dodge Company and relates to 48 States.
12.5
14. 1
14. 1
13. 8
14. 0
13. 4
13. 0
13. 0
14.2
14. 0
15.0
14. 5
14. 0
15. 9
1 32. 0
137. 0
142. 8
145. 3
153. 3
173. 4
13. 8
14. 3
14. 6
14. 6
14. 1
14. 2
13. 8
14. 2
14. 1
14. 1
14.4
14. 3
14. 0
14. 6
27. 2
27. 6
28. 5
27. 5
27.9
28.4
27.1 ! 1
26. 7
27.1 1 1
28. 5
26.7
30. 1
O I
I-T
4-±. I
27. 6
166
166
152
169
164
172
160
187
192
183
200
183
179
191
534
599
680
769
694
779
Seasonally
adjusted
annual
rates
769
774
737
799
565
804
796
860
794
739
956
836
858
1, 133
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
Although private nonfarm housing starts declined 7 percent in February to a seasonally adjusted annual rate of
almost 1.7 million units, they were 1 3 percent above the level for 1 968 as a whole. The decline followed the unusually
sharp increase in January to the highest level in nearly 5 years. Permits for future starts rose 7 percent in February.
MILLIONS OF UNITS
MILLIONS OF UNITS
1963
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION
Total
private
and
Period
public
(including
farm)
1963
_ 1, 642. 0
1964
1, 561. 6
1, 509. 6
1965
1966
1, 196. 2
1. 321. 9
1967
1968 *
h, 547. 6
1, 610. 3
1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6
1, 507. 5
1, 582.9
1, 502.3
1, 450. 6
1, 141.5
1, 268. 4
1, 483. 5
82.7
87. 2
128. 6
165. 2
145. 1
142. 9
142. 5
141. 0
139. 8
143.3
129. 5
99. 8
104. 3
95. 4
80.5
84. 6
1 26. 6
162. 0
140. 9
137. 9
139. 8
136. 6
134. 3
140. 8
127. 1
96. 4
100. 0
90. 7
79.8
82. 8
123. 9
159. 1
139. 0
136. 0
137. 3
134. 5
132. 4
138. 1
125. 1
95. 5
98. 6
89. 8
1968: Jan—
Feb__
Mar _
Apr_May.
June
July _
Aug__
Sept_
Oct__
Nov.-!
Dec__!
1969: Jan ^_j
Feb »J
1
Total
private Private
(includ- I1O11fann
ing
farm)
(FHA), AND VETERANS ADMINISTRATION (VAI
[Thousands of units]
Housing starts
Private (including farm)
Private nonfarm
Total
One
unit
1, 610.3 1,020.7
1, 529.3 971. 5
1, 472. 9 963. 8
1, 165.0 778. 5
1, 291. 6 843. 9
1, 507. 5 899. 4
1,456
1, 537
1, 511
1,591
1,364
1, 365
1, 531
1, 518
1, 592
1, 570
1,733
1, 507
1, 842
1, 700
912
1, 075
920
922
838
790
904
867
944
965
905
922
1, 053
982
Authorized by issuance of local building permit; in 13,000 permit-issuing
places beginning 1967; 12,000 for 1963-66; and 10,000 prior to 1963.
- Units represented by mortgage applications for new home construction.
20
COUNCIL OF ECONOMIC ADVISERS
Proposed home
construction
New
private
Applicahousing
Requests
Government
units tions for for VA
Two or
FHA
appraismore
Total home programs authorized 1 commit- *als 2
units
ments FHA
VA
589.6 1. 582.9 1 KHx 2
71. 0 1, 334 7
190. 2
139. 3
182. 1
59. 2 1, 285. 8
557.8 1, 502.3 154. 0
113. 6
49.4 1, 239. 8
509. 1 1, 450. 6 159. 9
102. 1
188. 9
386.5 1, 141.5 129. 1
36. 8
97J. 9
153. 0
99 2
52. 5 1 141 0
447. 7 1, 268. 4 141 9
124 3
167 2
608. 1 1, 483. 5 147. 7
56. 0 1, 330. 3
131. 7
168. 8
Seasonal!}7 adjusted annual rates
544
52
1, 430
157
1, 148
163
122
462
164
152
63
1, 394
141
1, 499
591
1, 479
63
1, 416
149
127
160
669
1, 562
59
1, 340
144
126
147
520 ! 1, 345
57
133
1,280
161
110
575
137
54
1, 348
157
120
1, 281
627
134
4.9
1!
1,
289
I, 507
146
135
144
51 1 1, 290
651
1, 496
» 167
127
648
1, 570
145
54 i l 1, 393
"168
125
605
147
I, 541
153
55 I 1, 378
*19S
1, 705
158
53
828
172
1,425
"211
1, 492 | 158
1, 463
187
585
65
136
1, 809
142
1, 403
191
789
148
59
142
5G
1. 678
1, 506
180
139
718
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce. Federal Housing Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
According to preliminary figures, retail sales (seasonally adjusted) remained practically unchanged in February. In
January, total business inventories increased less than $0.1 billion and total sales by 11/3 percent.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
22
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
BUSINESS SALES AND
INVENTORIES
RETAIL TRADE (ENLARGED SCALE)
20
INVENTORIES
\
140
120
. SALES
100
80
24 -WHOLESALE TRADE (ENLARGED
22
20
SALES
18
16
14
1966
1968
1969
1966
1969
SOURCE: DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business 1
Retail 5
Wholesale 4
Sales
Period
Sales
2
Inventories 3
Sales 2
Inventories 3
Total
2
Inventories 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
26, 297
28, 001
29, 450
31, 201
34, 687
38, 368
39, 318
42, 657
39, 318
39, 575
39, 788
39, 776
40, 242
40, 606
40, 842
41, 065
41, 010
41, 424
42, 220
42, 488
42, 657
42, 740
11,009
11, 703
12, 436
13, 189
15, 255
17, 309
17, 403
19, 461
17, 403
17, 566
17, 709
17, 723
18, 113
18, 248
18, 440
18, 475
18, 501
18, 622
19, 165
19, 361
19, 461
19, 622
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1961
1962_
1963
1964
1965
1966
1967
1968
1967:
1968:
__
_
_ _
__ __ _
__
DecJan
Feb_ _
Mar_
Apr
Mav_
June
July
Aug
Sept_ _
Oct
Nov_
Decp
1969: Jan p
Feb
61, 133
65, 417
68, 969
73, 685
80, 276
87, 184
_ _ 88, 962
96, 948
91, 970
93, 184
93, 758
94, 463
94, 552
96, 069
97, 423
98, 368
97, 083
99, 135
99, 675
100, 142
98, 671
100, 016
1
95, 728
101, 149
105, 525
111, 548
121, 140
137, 184
143, 772
153, 860
143, 772
144, 106
144, 819
145, 153
146, 487
147, 808
148, 522
149, 063
149, 923
150, 725
152, 122
152, 936
153, 860
153, 881
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
18, 329
17, 641
17, 694
17, 953
18, 021
18, 006
17, 897
18, 374
18, 269
18, 498
18, 792
18, 418
18, 788
18, 830
18, 234
The term "business" also includes manufacturing (see page 22).
^Monthly average for year and total for month.
••Book value, end of period, seasonally adjusted.
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 635
22, 624
21, 635
21, 641
21, 623
21, 618
21, 863
21, 924
22, 098
22, 169
22, 200
22, 192
22, 336
22, 501
22, 624
22, 497
18, 249
19, 630
20, 556
21, 823
23, 677
25, 330
26, 151
28, 309
26, 368
27, 043
27, 449
27, 996
27, 791
28, 158
28, 320
28, 647
28, 760
28, 902
28, 697
28, 806
28, 347
29, 031
29, 021
5, 609
6, 241
6, 661
7, 049
7, 849
8, 192
8,348
9, 187
8,422
8, 580
8, 828
9, 018
8,975
9, 132
9, 197
9, 313
9, 377
9, 687
9,342
9,314
9,238
9,483
9, 355
12, 641
13, 389
13, 895
14, 773
15, 828
17, 138
17, 803
19, 122
17, 946
18, 463
18, 621
18, 978
18, 816
19, 026
19, 123
19, 361
19, 383
19, 215
19, 355
19, 492
19, 109
19, 548
19, 666
15, 288
16, 298
17, 014
18, 012
19, 432
21, 059
21, 915
23, 196
21, 915
22, 009
22, 079
22, 053
22, 129
22, 358
22, 402
22, 590
22, 509
22, 802
23, 055
23, 127
23, 196
23, 118
* Beginning 1961, data include Alaska and Hawaii.
s Beginning I960, data include Alaska and Hawaii.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments (seasonally adjusted) increased 2% percent in January after a 2 percent decline in December.
An increase in shipments of durable goods of 51/3 percent accounted for the gain, inventories showed little change.
New orders declined slightly.
BILLIONS OF DOLLARS
60
(SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS
100
(SEASONALLY ADJUSTED)
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SHIPMENTS
TOTAL
50
90
TOTAL
40
80
30
70
20
60
NONDURABLE GOODS
DURABLE GOODS
\
I | [ | | | | | j I I I I I I I I I I ! I I I I I I I I I I I ll
50
40
MANUFACTURERS'
NEW ORDERS
40
NONDURABLE GOODS
30
20
1967
1967
1969
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufacturers' shipments1 Manufacturers' inventories2
Total
30, 896
1961
1962
33, 113
1963 _ _ _ . _35, 032
37, 335
1964 _ _
41, 003
1965 _
44, 876
1966
45, 712
1967
1968
50, 310
46, 955
1967: Nov
Dec_
47, 961
48, 447
1968: Jan__
48, 356
Feb.
Mar_
48, 446
May_
June.
Julv
Aug__
Sept.
Oet
Nov
i ><>(•
1 <)(>'.»: -Inn
Manufacturers' new orders l
Durable goods
Period
Apr
1969
1968
48, 755
50, 014
50, 729
51, 425
49, 825
51, 441
52, 560
52, 548
51, 494
f>2. 751
NonDurable durable
goods
goods
15, 544 15, 352
17, 103 16, 010
18, 247 16, 786
19, 634 17, 701
22, 216 18, 788
24, 635 20, 240
24, 973 20, 739
27, 579 22, 731
25, 538 21, 417
26, 610 21, 351
26, 925 21, 522
26, 711 21, 645
26, 844 21, 602
26, 888 21, 867
27, 509 22, 505
27, 633 23, 096
28, 211 23, 214
26, 837 22, 988
27, 985 23, 456
28, 960 23, 600
28, 786 23, 762
27, 742 23, 752
29, 210 23, 541
Total
Millions
54, 943
58, 212
60, 027
63, 370
68, 179
78, 125
82, 819
88, 579
82, 389
82, 819
82, 890
83, 408
83, 759
84, 382
85, 278
85, 582
85, 829
86, 713
87, 109
87, 566
87, 947
88, 579
88, 644
NonDurable durable
goods
goods
Total
Total
NonMachinerj7 durable
and
goods
equipment
of dollars, seasonall}7" adjusted
32, 518
34, 609
35, 807
38, 433
42, 204
49, 797
53, 540
57, 422
53, 283
53, 540
53, 525
54, 009
54, 295
54, 724
55, 234
55, 442
55, 461
56, 069
56, 458
56, 657
56, 953
57, 422
57, 626
22, 425
23, 603
24, 220
24, 937
25, 975
28, 328
29, 279
31, 157
29, 106
29, 279
29, 365
29, 399
29, 464
29, 658
30, 044
30, 140
30, 368
30, 644
30, 651
30, 909
30, 994
31, 157
31, 018
31, 085
33, 005
35, 322
37, 952
41, 803
45, 938
45, 928
50, 597
47, 320
49, 463
48, 353
48, 453
49, 566
49, 237
49, 650
49, 850
50, 181
50, 201
51, 877
53, 931
53, 100
53, 101
52, 939
15, 698
17, 026
18, 522
20, 258
22, 986
25, 710
25, 189
27, 868
25, 852
28, 056
26, 837
26, 814
28, 005
27, 373
27, 172
26, 701
26, 925
27, 329
28, 381
30, 280
29, 325
29, 380
29, 455
2,854
3, 090
3,412
3, 935
4, 435
5, 268
5, 250
5,804
5,372
5, 495
5,466
5, 380
5,382
5,492
5,447
5, 968
5, 714
6, 027
5, 916
6, 550
6, 089
6, 237
6, 085
15, 387 1
15, 979
16, 800
17, 694
18, 817
20, 228
20, 739
22, 728
21, 468
21, 407
21, 516
21, 639
21, 561
21, 864
22, 478
23, 149
23, 256
22; 872
23, 496
23, 651
23, 775
23, 721
23, 484
1
Monthly avrrar.r for year and total for month.
*JU)ok value, end of period, seasonally adjusted.
For a n n u a l pi-rinds, ml io of weighted average inventories to average monthly
shipments; for m o n t h l y dal:i, r a t i o of inventories at end of month to shipments
for month.
2
22
Manufacturers'
inventory shipments
ratio 3
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
1. 74
1. 72
1. 69
1. 64
1. 60
1. 62
1. 77
1. 70
1. 75
1. 73
1.71
1. 72
1. 73
L 73
1. 71
1. 69
1. 67
1. 74
1. 69
1. 67
1. 67
1. 72
1. 68
MERCHANDISE EXPORTS AND IMPORTS
Both exports and imports were depressed in January by the east coast dock strike. The merchandise trade balance
registered a surplus of $116 million (seasonally adjusted).
BILLIONS OF DOLLARS
4.0
BILLIONS OF DOLLARS
4.0
3.5
1.0
1.0
r
1 I I 1 I N .5
o
-N
1963
J/SEE NOTE 1 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Merchandise exports
Merchandise imports
Total (includ-l
Domestic exports
General imports 2
ing reexports)
Total3
Food, Crude
Food, Crude M anubever- matebevermateSeason- Unad- Total * 8 ages,
facSeason- Unadages,
rials
rials
ally ad- justed
tured ally
ad- justed and to- and
and to- and
justed
goods
justed
fuel
bacco
bacco
fuels
Monthly average :
1960
1961
1962. ___
1963
1964
1965
3966
1967
1968
1967: Dec__ 2,603
1968: Jan__ 2, 796
Feb._ 2, 797
Mar__ 2,462
Apr__ 2, 905
May_ 2, 736
Jime_ 2, 865
July__ 2, 841
Aug_ 2, 933
Sept. 3,266
Oct.. 2,614
Nov_ 3,000
Dec— 2, 886
3969: J a n _ _ 2,082
1, 636
1, 682
1,748
1,869
2, 141
2,225
2,448
2,578
2, 841
2,812
2,685
2,690
2,647
2, 961
2, 962
2, 784
2,676
2,804
2,960
2,735
3, 136
3,048
2,057
1, 620
264
1, 662
289
312
1,725
1,845
349
2, 111
387
2,196
377
2, 412
432
2,546
392
2,805
383
Unadjusted
2,782
425
2,656
397
2,659
406
2,608
391
2, 925
381
2,925
366
2,750
343
2, 640
346
2,765
399
2,926
378
2, 689
324
3, 102
419
442
3,007
2, 017
143
329
322
280
315
361
356
367
393
402
1,047
1, 062
1, 138
1, 188
1, 366
1, 449
1, 592
1,729
1,970
373
377
387
412
426
417
362
382
387
398
380
461
436
227
1,934
1,827
1, 833
1,766
2,072
2,076
1,973
1, 866
1,938
2,095
1,926
2,201
2, 060
1,627
»Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total arrivals of imported goods other than intransit shipments.
1, 251
1, 226
1, 366
1,428
1,557
1, 780
2, 129
2,234
2,771
2
2
2
2
2
2
2
2
2
2
2
2
2
1
525
619
610
624
640
777
852
679
838
977
670
830
957
967
2,431
2,739
2,456
2, 570
2, 754
2, 841
2,661
2, 827
2,750
2, 882
2,938
2,806
3, 028
2, 026
283
365
359
288
306
387
322
391
335
415
334
449
382
473
392
445
447
499
Unadjusted
478
439
441
506
421
444
395
487
455
466
451
488
401
500
458
513
484
484
489
538
435
531
459
470
474
538
194
457
Grossmerchandise
trade
Manusurplus,
facseasontured
ally adgoods
justed
571
544
636
672
758
936
1,201
1,309
1,712
385
456
382
441
584
444
320
344
70
1,431
1,689
1,495
1,596
1,719
1,785
1,655
1,712
1,673
1,737
15 851
1,759
1, 875
1,286
78
178
187
— 162
266
-41
12
162
95
288
-57
170
-70
116
3
Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus on goods and services declined sharply in the fourth quarter to a $772 million level (seasonally adjusted
annual rate), mainly as a result of a merchandise trade deficit of $876 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
20
10
1962
1968
SOURCE* DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Imports of goods and services
Exports of goods and services
Income on
investments
Period
Total
1964
1965
1966
1967 _
1968*.
37, 098
39, 196
43, 142
45, 756
50, 199
Merchan-l
dise
Military
sales
25, 297
747
26, 244
830
29, 176
829
30, 468 1, 240
33, 376 1,423
Private
Government
4,930
5,384
5,659
6, 235
6, 911
456
509
593
624
774
Other
services
Total
Merchan-1
dise
5,668
6, 229
6,885
7, 189
7,715
28, 688
32, 295
38, 063
40, 989
48, 234
18, 648
21,516
25, 541
26, 991
33, 273
Balance
on
Miligoods
Other
tary
and
expend- services servitures
ices
2,876 7, 164
2,945 7,834
3,735 8,787
4, 340 9,658
4, 561 10, 400
8,409
6, 901
5,080
4,768
1,965
Seasonally adjusted annual rates
1967:
III
IV
1968: I
II
III
IV *
1
46, 052
45, 984
30, 504
980
29, 912 1, 292
47, 400
50, 428
53, 128
49, 852
31,
33,
35,
32,
656
516
340
992
1, 224
1,440
1,612
1,420
6,684
6,916
624
612
7,260
7, 252
40, 616
42, 592
26, 164
28, 636
4,392 10, 060 5, 436
4,416 9,540 3,392
6,
6,
7,
7,
792
884
820
604
7, 556
7,680
7,960
7, 664
46,
47,
49,
49,
31,
33,
34,
33,
4,440
4,492
4,580
4, 732
Adjusted from customs data for differences in timing and coverage.
NOTE.—All of the data on this page and balance on liquidity basis and official
reserve transactions basis (p. 25), as well as data shown on an unadjusted basis
24
172
908
396
172
208
940
712
080
516
340
368
868
10,
10,
10,
10,
252 1, 192
108 2,488
764 3,416
480
772
(p. 25) have been revised for the first 3 quarters of 1968. Other data for these
quarters shown on these pages will be revised in April.
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
A balance of payments surplus of $3.8 billion (seasonally adjusted annual rate) was recorded in the fourth quarter,
and a $187 million surplus for the year 1968, as measured on the liquidity basis. The official reserve transactions
basis showed a surplus of $876 million for the fourth quarter and $1.6 billion for the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
10
10
BALANCE ON GOODS AND SERVICES
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-5
J
-10
L
1962
I
I
1965
I
I
I
1966
J
I
L
-10
1968
SOURCE, DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADV4SERS
[Millions of dollars!
Period
U.S. private capital, net
U.S.
Government
grants
Other
Direct
Shortlongand
investterm
term
capital,
ment
net l
1964___
1965. _ _
1966___
1967. _.
1968 "_„
-3, 564
-3, 370
-3, 444
-4, 211
1967:
III—
IV...
1968:
I
!!____
III___
IV»
-2,328 — 2, 103 -2, 147
753
-3,468 -1,079
-418
-3, 623
-256
-3, 020 -1,270 -1,214
Errors
Foreign and uncapital,
recorded Liquidnet l
transity
actions basis 2
-532
-800
-228 - 1, 424
-780 -1,884
689
270
2, 531
3, 185
Changes
in gold,
convertible currenTo foreign official
cies, and
To other IMF gold
holders 5
foreign
tranche
holders 6 position
NonLiquid
(increase
liquid
"h\)
Lr
1,075
318
1, 554
171
-18
85
131
1,222
-1,595
761
2,384
568
2, 062
1,457
1, 291
52
-3, 136
3, 829
-880
Quarterly totals, unadjusted
Changes in selected
liabilities (decrease [ — ])4
828 -3, 208
988
-136 -6,968 -4,328
281
1,317
119
260
1,306
765
-181
-972 -2, 748 -2,224
5,468
6, 112
9, 916 — 1, 716
-656
320
1,700
1,776
6,960
3, 832
876
— 1, 363
-2, 198
-60
485
369
772
524
718
2, 263
1, 042
— 194
904
-137
-571
- 1, 076
3, 064
1,412
i Includes certain special Government transactions.
* Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies,
and the U.S. gold tranche position in the IMF.
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 in the IMF.
Includes short-term official and banking liabilities and foreign holdings of
U.S.
Government bonds and notes.
6
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
Official
reserve
transactions
basis 3
-860 -2,800 — 1, 564
-315 -1,335 -1,289
266
-210 -1,357
-532 -3, 571 -3, 405
187
1,616
Seasonally adjusted annual rates
-3, 952 -3, 608 -2,024 - 1, 520
-4, 032 -3, 260 -1,636 -1,656
-4, 656 -1,496
-4, 288 -4, 140
-3, 812 -4,408
Balance
7
6
Private holders; includes banks and international and regional organizations;
excludes
IMF.
7
On Dec. 31, U.S. reserve assets consisted of gold stock, $10,892 million (up $137
million from Sept. 30); IMF position including gold portion of increased U.S.
subscription, $1,290 million; convertible currencies, $3,528 million.
NOTE.—See Note, p. 24. Data exclude military grant-aid and U.S. subscriptions
to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
V^ V/J-* I*? VJ ATJUJ-IAV.
A J-VAN^l I*. »
Consumer prices rose 0.3 percent in January. Prices of food and consumer services each increased by 0.7 percent
while nonfood commodities declined 0.2 percent.
Index, 1957-59=100
Index, 1957-59=100
140
140
100
100
1963
1969
SOURCE: DEPARTMENT OF IABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100]
All
items
Period
1959
1960
1961
1962 _ _
1963
1964
1965
..__.. _ _ _ _ _
1966
- ._1967
1968
-_
-1967: Dec
1968: Jan
_ _ _
__
Feb
_Mar
- - __
Apr__
_ __ __
May
June _ _ _
July
AUK
Sept
Oct
Nov
Dec
1969: Jan
__
Source: Department of Labor.
26
_ _
_
-
__
-__ _
101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
121.2
118. 2
118.6
119. 0
119. 5
119.9
120. 3
120.9
121. 5
121. 9
122.2
122. 9
123.4
123. 7
124. 1
All commodities
100. 9
101.7
102. 3
103.2
104. 1
105. 2
106.4
109. 2
111. 2
115.3
112. 9
113.2
113.5
113. 9
114. 3
114. 7
115. 1
115. 5
115. 9
116. 1
116. 8
117.1
117. 2
117. 4
Commodities
Services
Commodities less food
Services
All
Food
Rent
less
Nonservices
All
Durable durable
rent
100. 3
103. 2
101. 2
101. 5
103. 6
101. 6
101. 0
101. 4
102. 6
101. 7
106. 6
107. 4
100. 9
103. 1
102. 6
102. 0
103. 2
108. 8
104 4
110. 0
100. 8
103. 6
102. 8
101. 8
110.9
112. 1
105. 7
103. 8
102. 1
103. 5
105. 1
113. 0
106.8
114. 5
104.8
106. 4
104. 4
103. 0
115. 2
117. 0
105. 7
107.8
108.8
105. 1
107.2
102.6
117.8
108.9
120.0
114. 2
106. 5
102. 7
122. 3
110. 4
109. 7
125. 0
115. 2
109. 2
112. 4
104. 3
127. 7
113. 1
131. 1
113.2
119.3
107.5
134.3
138.6
117.7
115.1
111. 1
116. 2
115. 2
130. 1
106. 1
113. 5
133. 8
117.0
111.2
130.8
113.7
134.6
106.3
115. 1
117.4
113.9
106.4
115. 6
135. 2
111. 5
131. 3
117. 9
132.
1
111. 9
114.
2
116. 1
136. 1
106. 6
118.3
112. 2
132.
5
116. 4
136. 6
106. 9
114. 4
118.8
112. 5
137. 1
117. 0
114. 6
106. 9
133. 0
119. 1
113.0
107.4
133.9
114.9
138. 1
117.5
120. 0
113. 2
134. 9
139. 3
107. 6
115. 1
117. 6
120. 5
113. 5
140. 0
107.7
118. 1
135. 5
115. 4
115.7
120.4
113.9
140. 5
107.6
136.0
118.9
141. 2
114. 7
116. 0
120. 9
136. 6
119. 7
108. 5
120.2
137.4
116.3
142.0
120.5
115.3
109.3
142. 9
116. 7
121. 2
115. 2
120. 3
138. 1
108. 7
122. 0
139. 0
116. 9
143. 9
115. 0
120. 1
108. 6
WHOLESALE PRICES
Preliminary estimates for February indicate that wholesale prices increased 0.3 percent, following a rise of 0.8 percent
in January. Industrial commodity prices continued to advance but also at a more moderate rate than in January.
Prices of farm products declined slightly while processed foods and feeds registered a small increase.
Index, 1957-59=100
Index, 1957-59=100
90
80
1969
1963
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
All
commodities
Period
1959__
__
1960
___
.
1961
1962__ _
1963 _ _ _ _ _ _
. __
1964 _
1965
1966
1967
1968
1968: Jan_
Feb
Mar
Apr
Mav_. _
June__ _
July
Aug
Sept_ _
Oct___
Nov
Dec
1969: Jan..
Feb "
.
1
_
_ _
Farm
products
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102.5
105. 9
106. 1
108.7
107.2
108.0
108. 2
108. 3
108. 5
108.7
109. 1
108.7
109. 1
109. 1
109.6
109.8
97. 2
96.9
96.0
97. 7
95. 7
94. 3
98.4
105. 6
99. 7
102.2
99.0
101. 3
102. 1
102. 1
103. 6
102.5
103.9
101. 4
102.8
101.2
103.1
103.3
110.7
111. 0
104. 9
104. 8
Processed
foods
and
feeds
All in-
dustri1
als
Crude
materials
Inter- Producmediate er finmate-2
ished
rials
goods
Consumer finished goods excluding food
Dur-
Non-
able
durable
103. 1
106.7
113. 0
111. 7
114. 1
112.4
113. 3
112. 9
112. 8
113.6
114.6
115.9
114. 9
115.3
114.4
114.7
114.7
101. 3
101. 3
100. 8
100. 8
100. 7
101. 2
102. 5
104. 7
106. 3
109.0
107.8
108. 3
108. 6
108. 8
108.6
108.8
108.8
108. 9
109. 2
109.7
109.9
110.2
102.3
98.3
97.2
95. 6
94. 3
97. 1
100.9
104. 5
100. 0
101.8
101.4
102. 4
103. 1
101. 7
100. 5
100.6
100. 9
101. 0
101.5
102. 2
103.0
103.8
101. 0
101. 4
100. 1
99. 9
99.6
100. 2
101.5
103. 6
104 8
107.5
106.3
107.0
107.3
107. 5
107.3
107.2
107.3
107.4
107.8
108. 1
108.2
108.8
102. 1
102. 3
102. 5
102. 9
103. 1
104. 1
105.4
108. 0
111. 5
115.3
114.0
114. 2
114. 4
114. 8
114.9
115.1
115. 2
115.4
115.7
116.4
116.9
117.1
101. 3
100. 9
100. 5
100. 0
99.5
99. 9
99.6
100.2
101. 7
103.9
103.5
103. 5
103. 6
103. 5
103.5
103.5
103. 3
103. 6
103.4
104. 9
105.0
105. 0
100.8
101.5
101.5
101. 6
101.9
101. 6
102.8
104. 8
107. 2
109.4
108.0
108. 4
108. 6
109. 0
109. 1
109.8
110. 0
109.7
109.9
110. 0
110.2
110.2
116. 0
116. 1
110. 9
111. 3
105. 0
109. 7
117. 6
105. 1
110. 4
99. 9
100. 0
101.6
102. 7
ioa 3
Coverage of the subgroups does not correspond exactly to coverage of this
index.
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Industrial commodities
NOTE.—Beginning January 1967, the indexes incorporate a revised weighting
structure rellecting 1963 values of shipments. The classification structure also
changed.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended February 1 5, prices received and prices paid by farmers continued to increase about 1 percent.
The adjusted parity ratio rose 1 point to 79.
Index, 1957-59=100
Index, 1957-59= =100
130
1301
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
120
120
110
PRICES RECEIVED
(ALL FARM PRODUCTS)
100
90
90
RATI O-l/
RAT OJ/
100
100
90
90
PARITY RATIO
80
s~**-*s
""''•"X**""*"""""""^
}
./'\
''4111*
80
'%
\f
'''>,
X/^\,,,X'v'-"v'.«.,,,,.,,X\..,.,,,,
H**
70
70
60
1
1964
1963
1965
!
t
1
1
1
1
1966
1
1
1
60
1
1967
1968
1969
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES. ON 1910-14 » 100 BASE.
SOURCE^ DEPARTMENT Of AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Period
All farm
products
1959
1960 ...
1961
1962 _
...
1963
_
1964
1965
1966
1967
1968
1968- Jan 15
Feb 15
Mar 15___
Apr 15
May 15
June 15 _
July 15
Aug 15
Sept 15
Oct 15_
Nov 15
Dec 15
1969: Jan 15
Feb 15
99
99
99
101
100
98
103
110
104
108
105
106
107
107
108
107
108
108
110
108
108
108
109
110
_.
__ __
_
Crops
99
100
102
104
107
107
104
106
100
102
103
102
103
104
105
103
99
101
103
102
102
99
99
101
All items,
interest,
taxes, and
wage rates
Index, 1957-59=100
102
100
102
98
103
98
99
105
107
95
107
91
110
101
114
113
107
116
112
121
107
118
109
119
109
120
121
109
121
109
121
111
121
114
121
113
121
116
122
113
113
123
123
115
124
116
117
125
Livestock
and
products
> Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio 1
Prices paid by farmers
Prices received by farmers
Family
living
items
101
102
102
103
104
105
107
110
113
117
115
116
116
117
117
117
118
118
118
119
119
119
120
120
Production
items
102
101
101
103
104
103
105
108
109
111
110
111
111
111
112
112
112
111
111
111
112
113
113
114
Actual
81
80
79
80
78
76
77
80
74
73
73
74
74
73
73
73
73
74
75
73
73
73
72
73
Adjusted 2
82
81
83
83
81
80
82
86
79
79
79
79
79
79
79
79
79
79
81
79
79
79
78
79
* 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 increased $% billion in February, the smallest increase since September.
Time deposits fell $1% billion in February making the decline in the first 2 months of 1969 over $3 billion.
BILLIONS OF DOLLARS
250 I
AVERAGES OF DAILY FIGURES, SEASONALLY
BILLIONS OF DOLLARS
250
ADJUSTED
225
225
200
200
175
175
^
150
f
. TIME DEPOSITS AT ALL
COMMERCIAL BANKS
150
.
125
125
^^
100
100
i ii i ii ii i ii
0 Ii i i i
i i \ \ ( i i i i i I 0
1964
1963
1965
1966
1967
SOURCE^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1968
1969
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
Period
1963:
1964:
1965:
1966:
1967:
1968:
1967:
1968:
Dec
Dec
Dec
Dec
Dec>__
Dec
Dec.
Jan.
_
Feb
Mar
_
_
..
Apr
May
June
July
Aug
Sept _ _
Oct_
Nov
__
Dec
1969: Jan
Feb»
__
__.
_
_
__
Money supply
CurTime
Derency
demand
Total
outposits *
deside
banks posits
Seasonally adjusted
153.0
32.5
112.2
120.5
34.2
159.3
125.1
126.6
166.8
36.3
130.5
146.6
170.4
132.1
38.3
158. 1
40. 4
181. 3
140. 9
183. 5
43.4
193.1
149.6
204.3
40. 4
181. 3
140. 9
183. 5
40. 6
182.3
141. 7
184. 1
182.7
40.7
141.9
185.2
183.4
41. 1
142. 2
186.7
41. 4
184.3
143. 0
187. 1
186. 1
41.6
144. 5
187.6
187. 4
42. 0
145. 4
188. 2
42.2
189.4
147.2
190.4
190.3
42.6
147.6
193.8
189.5
42.7
146.7
196.6
190.2
42. 8
147.4
199. 5
191. 9
43. 2
148. 7
201. 9
193.1
43.4
149.6
204.3
193. 6
43. 6
150. 1
202. 5
193.8
43. 9
149. 9
201. 0
1
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.
Money supply
CurTime
Derency
demand
outTotal
posits 1
deside
posits
banks
Unadjusted
111.0
124. 1
33. 1
157.3
125.2
35.0
129. 1
164.0
145.2
134.9
37. 1
172.0
156.9
136.7
39.
1
175.8
182. 0
41. 2
145. 9
187. 1
202.5
154.9
199.2
44.3
182. 0
41. 2
145. 9
187. 1
183.7
40. 5
147. 1
187.6
185.8
141. 1
40.3
181.4
187.7
141. 2
182.0
40. 7
187. 9
41. 1
144. 5
185.6
188.4
41.3
141. 1
182.5
188. 6
41. 9
143. 6
185. 6
144.8
187.2
42.4
190.8
194.4
144.2
42.7
186.9
196.2
42.7
145.8
188.6
42.
9
199. 1
147.
7
190.6
200. 7
43.7
149. 7
193.4
199.2
154.9
202.5
44.3
202. 1
199.4
43.5
155.9
43.4
201.6
192. 5
149. 0
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
U.S.
Government
demand
deposits l
5. 1
5.5
4.6
3.4
5.0
4.8
5.0
5.0
7.2
6.6
4.2
6.4
5.4
5.7
5.5
5.9
6. 1
4.2
4.8
4. 7
6. 6
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Demand deposits and currency held by the public (seasonally adjusted) rose about $1 billion during February. Time
and savings deposits showed a small increase while other types of liquid assets declined.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
700
700
300
200
100 li
100
1963
1969
1964
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]
U.S. Gov-
Time deposits
Total
selected
liquid
assets
End of period
1962
1963
1964 _ _ _
1965.
1966
1967
459.0
495. 4
530. 5
573.1
601. 5
650. 5
1968*
1968: Jan
Feb
Mar__
Apr
__
May
M- J
_
June
July v
.
v
Aug
Sept
p
_
Get v
Nov v
Dec
707.0
.
p
1969: Jan P"
Feb
_
655. 9
658. 7
665. 7
664. 6
667. 9
670. 9
676. 6
679. 7
684.5
692. 6
697. 9
707. 3
700. 5
701. 3
Demand
deposits
and
currency
1
144. 8
149. 6
156. 7
164. 1
168. 6
180. 7
*197. 8
179. 6
178. 3
181. 8
181. 1
183. 9
186. 8
186. 2
186. 0
186.3
187.6
189.4
*197. 8
188. 1
1S9. 2 1
Com-
98. 1
112. 9
127. 1
147. 1
159.3
183. 1
203. 1
186. 5
187. 6
187. 9
187. 6
187. 7
187.9
191. 5
194. 0
195.9
200. 0
204.4
203. 1
202. 8
202. 3
1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for2 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.
30
Mutual
savings
banks
mercial
banks
41. 4
44. 5
49.0
52.6
55. 2
60. 3
64.5
3
60. 6
61. 1
61. 4
61. 7
62. 1
62. 6
62. 8
63. 0
63.4
63. 8
64. 3
64.5
64. 8
65. 0
Postal
Savings
System
Savings
and loan
shares
U.S. Government
savings
bonds 2
ernment
securities
maturing
within
one 2
year
0.5
.5
.4
.3
.1
79.8
90. 9
101. 4
109. 8
113.4
123. 9
130.9
3
123. 6
124.6
125. 9
126. 0
126. 5
4
126. 8
127. 2
128. 1
129.5
130. 0
130. 8
130.9
131. 0
132. 0
47. 6
49.0
49. 9
50. 5
50. 9
51. 9
52.5
51. 9
51.8
51. 8
51. 8
51. 8
51. 9
51. 9
52. 0
52. 0
52. 0
52. 1
52.5
52. 5
52. 3
46. 8
48. 1
46. 1
48. 6
53. 9
50. 5
58.2
53. 6
55. 4
57. 0
56. 5
55. 9
54. 9
56. 9
56. 6
57.4
59.2
57.0
58.5
61. 3
60. 5
3
Reflects conversion of a savings and loan association with share capital of
about $175 million to a mutual savings bank.
* Reflects liquidation of two savings and loan associations.
NOTE.—See Note, p. 29.
'Estimates for Dec. 31.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total bank credit outstanding rose $1% billion (seasonally adjusted) in February. Loans rose $4 biiiion while
investments fell by $21/2 billion. Free reserves fell to the largest net borrowed position since early 1953.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500 I
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
400
400 h
TOTAL
LOANS AND INVESTMENTS
300
300
200
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES "
100 |
\
0 Ii
INVESTMENTS IN OTHER SECURITIES
_L i i
1963
i i ii
1964
i i i 11
1965
I I I I I I I ! I I
1966
I ! I ! I I0
1967
1968
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
inter- U.S. Gov- Other Commercial adjusted
investbank
ernment
securi- and indus- annual
ments
securities
ties
trial loans
rates 1
Billions of dollars
134. 0
64. 6
1962
227. 9
29. 2
35. 2
#, 021
246.2
1963
61.7
38. 8
149. 6
2, 199
35. 0
1
267. 2
42.
1
1964
167. 7
38. 7
2, 706
60. 7
3
192. 6
3,013
57. 1
44. 8
53. 1
1965_
_ _ _ _ ___ 294. 4
310. 5
3,421
208. 2
48. 7
53. 6
1966
60. 7
3, 740
346. 5
225. 4
59. 7
65. 8
1967
61. 4
61. 7
384.5
252.3
74.0
1968 " _
70.5
4,354
60. 0
349. 9
227. 5
62. 4
1968: Jan
65. 0
4,046
229.2
62.0
353.9
62.7
65. 1
Feb
4,047
4,021
229.0
Mar
_ _ 352. 5
59. 9
63. 6
66. 5
355.2
60. 3
231.4
4,215
Apr
67. 6
63. 4
67. 1
357.3
232. 6
61.0
63. 6
4,243
May _
357. 8
69.2
233. 5
60. 4
63. 9
June
_
4,354
69.2
Julv
365.9
238.4
63. 1
64.4
4,43?
370.4
241.
1
65. 5
68. 1
63. 9
Aug v
4,442
4,
511
69.4
64.0
243.8
67.0
Sept
374.8
69.7
64. 2
68.5
Get * F
379.6
246.9
4,646
71. 2
61. 0
70. 2
Nov
381. 6
250. 4
4,614
4, 676
61.7
74.0
252.3
70.5
Dec *— _ _ _ 384.5
4, 837
71. 0
72. 9
60. 4
253. 8
I960: Jari "
_ 385. 3
4,903
Fob »__
57. 8
73. 7
257. 9
71. 0
386. 7
All commercial banks
(seasonally adjusted data)
1
Debits d u r i n g period to demand deposit accounts except interbank and
i.S.
(ioyernment. New series beginning January 1904.
r
Averages
of dally figures. Annual data are for December.
:
' New series; see Federal Reserve Bulletin, March 19G7.
NOTI:.— KUVctive J u n e !%(>, balances accumulated for payment of personal
1969
All member banks
Total
reserves
20, 040
20, 746
21,609
22, 719
23, 830
25, 260
27, 221
25, 834
25, 610
25, 580
25, 546
25, 505
25, 713
26, 001
26, 069
26, 077
26, 653
26, 785
27, 221
28, 063
27, 264
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
304
572
327
536
411
243
452
454
392
557
238
345
765
455
237
381
361
399
671
356
683
270
746
420
351
692
525
299
375
565
515
383
427
260
324
569
455
765
217
697
824
197
268
209
168
-2
-165
107
-310
144
38
— 315
-413
-326
— 341
— 226
-190
-132
-167
-245
-310
-480
-627
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
certain certificates of 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
Total consumer credit outstanding showed a large seasonal decrease in January. The seasonally adjusted $640
million increase in instalment credit outstanding was the smallest since last April, reflecting the record volume of
repayments.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20 -
- 20
10
10
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
_^^~****f^^n
1
1
1
...••••«"»» """"""" """" '
_-—-^—T—
—-
;^£Z^^£p-»»
J^mm...-?"'"*""""*""1
A\
1 | 1 ! 1 1 1 1 1 1
1963
1
/
i
1 ! 1 I ! 1 1 1 ! '1 1 I 1 1 ! 1 | 1 1 1 1 1 !
1964
j
^••••••»*'
»»
"/.,
INSTALMEh T CREDIT REPAID
1 I i 1 11 1 I I i i
1965
SOURCE. BOARD Of GOVERNORS OF"THE FEDERAL RESERVE SYSTEM
1966
I i 1 I I 1 I I I I I
1967
1 1 1 1 I 1 t 1 t 1 !
1968
t I L [ ! 1 1 1 | I 1 tsl
1969
N
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Mortgage
Consumer instalment credit extended
Consumer credit outstanding (end of period;
debt outand repaid (seasonally adjusted)
unadjusted)
Instalment
Automobile paper standing
Total
nonfarai,
Period
NonAutomo1- to 4Total
Total l
bile
Personal instal-2 Extended Repaid Extended Repaid
family
ment
paper
loans
houses 3
1960
56, 141
42, 968
16, 419
141, 300
17, 658
46, 073
17, 657
10, 617
13, 173
49, 793
57, 982
1961_
16, 552
43, 891
16, 029
153, 100
17, 135
11, 673
49, 048
48, 124
14, 091
1962
63, 821
48, 720
17, 447
19, 694
166, 500
19, 381
13, 414
56, 191
51, 360
15, 101
1963 ._ _
182, 200
55, 486
22, 254
22, 126
19, 254
71, 739
15, 618
63, 591
56, 825
16, 253
1964__
62, 692
80, 268
24, 934
24, 046
21, 369
17, 848
197, 600
17, 576
70, 670
63, 470
1965
90, 314
71, 324
23, 543
27, 227
212, 900
28, 619
20, 412
78, 586
69, 957
18, 990
97, 543
1966
77, 539
27, 341
22, 187
25, 404
223, 600
30, 556
82, 335
76, 120
20, 004
102, 132
1967
80, 926
26, 667
26, 499
30, 724
24, 018
21, 206
236, 100
84, 693
81, 306
113, 191
89, 890
1968
34, 130
31, 424
28, 018
97, 053
88, 089
251, 300
26, 936
23, 301
102, 132
1967: Dec
80, 926
7,001
2,
233
30, 724
7,360
2, 205
24, 018
236, 100
21, 206
2, 254
1968: Jan
101, 260
80, 379
7, 054
2,385
30, 579
7,453
23, 949
20, 881
100, 771
80, 233
Feb
30, 682
2, 559
2,275
24, 076
7, 847
7, 111
20, 538
Mar
100, 981
80, 474
30, 942
2, 605
2, ST16
24, 200
7, 281
239, 300
20, 507
7, 903
102, 257
Apr
81, 328
7,222
2, 509
2, 297
31,331
24, 459
20, 929
7, 863
82, 312
May
103, 411
2, 590
2,327
24, 737
7, 301
31, 818
21, 099
8, 033
104, 620
83, 433
2, 570
June
32, 364
25, 052
2, 289
21, 187
7, 287
243, 300
8, 003
84, 448
2, 352
July
105, 680
32, 874
2, 673
25, 314
21, 232
8, 247
7, 390
107, 090
2, 684
Aug
85, 684
2, 327
33, 325
8, 187
7, 253
25, 725
21, 406
86, 184
2,482
107, 636
21, 452
2, 783
Sept
33, 336
7,701
247, 300
25, 979
8, 416
Oct
2, 782
108, 643
87, 058
2, 391
33, 698
26, 202
8, 533
7, 586
21, 585
2, 363
Nov
87, 953
7,454
110, 035
2,681
33, 925
26, 429
22, 082
8, 288
2, 592
113, 191
89, 890
34, 130
7, 502
Dec
2,357
8,277
26, 936
23, 301
251, 300
1969: Jan__ _ _ _ . 112,117
89, 492
8, 371
7,730
2,661
2,467
34, 013
26, 911
22, 625
1
Also includes other consumer goods paper, and repair and modernization
loans, not shown separately.
23 Consists of single-payment loans, charge accounts, and service credit.
End of period, unadjusted.
32
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
During February the Treasury bill rate continued to fluctuate near the peak reached in late December, ending the
month with an average slightly lower than in January. Other interest rates and bond yields rose to new peaks during
February and early March.
PERCENT PER ANNUM
PERCENT PER ANNUM
1963
SOURCE,
1969
SEE TABLE BELOW
Period
1961
1962
1963
1964
1965 _ -_ _
1966
1967
1968
1968: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
_ __
_
___
Dec
1969: Jan_
_ _
Feb__
Week ended:
1969: Feb 14___
21___
28___
Mar 7___
14___
21___
1
a
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5
year
Taxable
2
3
Treasury
(Standard4 &
issues
bonds
bills »
Poor's)
2. 378
3.60
3. 90
3. 46
2. 778
3. 57
3. 95
3. 18
3. 157
3. 72
4. 00
3.23
3. 549
4, 15
4. 06
3. 22
3. 954
4. 22
4.21
3. 27
4.881
5. 16
3.82
4. 65
4. 321
5.07
4.85
3. 96
5.339
5.59
5.26
4.51
5. 081
5.53
5. 18
4. 34
4.969
5.59
5. 16
4.39
5. 144
5.77
5. 39
4.56
5. 365
5.69
5. 28
4.41
5. 621
5. 95
5.40
4. 56
5. 544
5.71
5. 23
4. 56
5. 382
5.44
5.09
4.36
5. 095
5. 32
5. 04
4. 31
5. 202
5.30
5. 09
4.47
5. 334
5.42
5. 24
4. 56
5.492
5.47
5.36
4.68
5. 916
5.99
5.66
4.91
6. 177
6. 04
5. 74
4. 95
6. 156
6. 16
5.86
5. 10
6.
6.
6.
6.
6.
*6.
199
092
080
215
049
108
6.07
6. 18
6. 29
6. 37
6. 34
5. 76
5. 86
5. 93
5. 95
6.06
Kate on new issues within period.
April 1953 to date, bonds due or callable 10 years and after.
*5 Weekly data are Wednesday
figures.
*Npt charted.
Data for first of the month, based on the maximum permissible interest rate
6-^ percent beginning early May 1968) and 30-year mortgages paid in 15 years.
5.07
5. 07
5. 17
5.26
5.30
Corporate bonds
( Moody 's)
Aaa
Baa
4. 35
4. 33
4. 26
4. 40
4.49
5. 13
5.51
6.18
6. 17
6.10
6. 11
6. 21
6. 27
6.28
6.24
6. 02
5. 97
6.09
6. 19
6.45
6. 59
6. 66
5. 08
5. 02
4.86
4. 83
4.87
5.67
6.23
6.94
6. 84
6.80
6. 85
6. 97
7.03
7. 07
6.98
6. 82
6. 79
6. 84
7.01
7.23
7. 32
7.30
6. 66
6. 66
6.68
6. 72
6.75
7.31
7.28
7. 30
7. 39
7.46
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
5. 80
2. 97
3.26
5. 61
3. 55
5. 47
5. 45
3. 97
4.38
5.46
5.55
6. 29
5.10
6.55
5.90
7.13
5. 60
6.81
5.50
6.81
5.64
6. 78
5. 81
6.83
6. 18
6.94
6.25
7.52
6.19
7.42
5. 88
5.82
7.35
5.80
7.28
5.92
7. 29
6.17
7.36
6. 53
7. 50
6. 61
6.50
6.70
6.75
6. 75
6.75
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 fluctuated near the December high in January and early February, and then declined
sharply in late February and early March.
lnde> , 1941-43=10
Index, 1941-43=10
MONTHLY
WEEKLY
120
120
110
110
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
100
90
80
r"
^s~^\r^^
,-rV.
_/_^
70
,
! 1 1 1 I I 1 1 ! 1 1
_
1 1 ii1111 11i
/
100
N
^x^|
'^A S
,
,
90
80
70
I 1 1 ! I I 1 1 ! 1 t
60
PERCENT
I 1 I f 1 1 1 1 1 I1
PERCENT
RAT IO
25
RA TIO
25
PRICE/ EARNINGS RATIO ON COMMON STOCKS
20
—
•15
(
10 I
f
!
1963
1
!
20
———-*,
f
^"""'**^i^
/
f
1
1964
\
i
I
1965
!
y/
t
/*
*-*^
15
t
!
1966
t
I
t
1963
1964
_
1965 _
1966__
_ -__
1967
1968
1968: Feb
Mar
Apr
May
, jJune
July
j
Aug
Sept
Oct
Nov
Dec_ __
1969: Jan
Feb_ _ _
Week ended:
1969: Feb 7
14
21
28
Mar 7
14
I
I
N 10
1969
1
Consumers'
goods
Total
Total
69.87
81.37
88.17
85. 26
91. 93
98.70
90.75
89. 09
95. 67
97. 87
100. 53
100. 30
98. 11
101. 34
103. 76
105. 40
106. 48
102. 04
101. 46
73. 39
86. 19
93.48
91. 08
99. 18
107. 49
98.33
96.77
104, 42
107. 02
109. 73
109. 16
106. 77
110. 53
113. 29
114. 77
116.01
110. 97
110. 15
1941-43=10
63. 30
62. 28
73. 84
76. 35
81.94
85.26
84. 86
74. 10
96. 96
79. 18
86.33
105. 77
98. 13
77.99
77.49
96. 32
104. 08
84,79
106. 86
87. 75
110. 65
89. 04
108. 12
88.38
104. 92
85. 73
107. 57
88. 46
108. 48
91. 36
92. 04
109. 75
111.44
91.91
87. 69
106. 56
105. 47
87.93
103. 22
103. 65
101. 07
98. 26
98. 95
98. 75
111.
112.
109.
106.
107.
107.
106.
108.
104.
102.
103.
103.
98
57
75
71
66
53
Capital
goods
1
Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
34
1
!
COUNCIL OF ECONOMIC AD-VISERS
Price index
Industrials
~~
1
1968
1967
SOURCE, STANDARD & POOR'S CORPORATION
Period
"
^— r-~—
81
04
34
68
95
00
89. 19
89. 40
87.44
85. 69
86. 72
86. 28
Railroads
Dividend
yield 2
(percent)
64. 99
69. 91
76.08
68. 21
68. 10
66.42
65.61
62. 62
63.66
62. 92
65. 21
67.55
66. 60
66. 77
66.93
70. 59
70.54
68.65
69. 24
37. 58
45. 46
46.78
46. 34
46. 72
48.84
42.35
41. 68
44. 79
48. 00
51. 72
51.01
48. 80
51. 11
54. 26
53. 74
55. 19
54. 11
54.78
3. 17
3. 01
3.00
3. 40
3. 20
3.07
3.28
3. 34
3. 12
3. 07
?,. 00
3.00
3.09
3. 01
2. 94
2. 92
2.93
3. 06
3. 10
70.
70.
69.
67.
66.
66.
56.76
56. 48
53. 94
52. 12
51. 34
50. 09
3.
3.
3.
3.
3.
3.
Public
utilities
64
29
04
16
66
23
Price/
earnings
ratio 3
17. 62
18. 08
17. 08
14. 92
17. 52
17. 15
16.40
17.23
17. 61
*17. 37
04
03
12
19
16
18
are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
*Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the first 7 months of the current fiscal year, the total deficit was $10.2 billion; a year earlier it was $22.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
160
120
80
(ENLARGED SCALE)
+20
SURPLUS {+) OR DEFICIT
(ENLARGED SCALE)
+20
[-)
+10
RECEIPT-EXPENDITURE ACCOUNT
0
-10
- -20
-20 -
1959
I960
1961
1962
1963
1964
J/kECEIPTS LESS EXPENDITURES AND HET LENDING.
J/ESTIMATE.
SOURCES. TREASURY DEPARTMENT AND BUREAU OF TH6 BUDGET
1965
1966
1967
1968
1969^
27
1970
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget receipts, expenditures, and net lending
Period
Receipt-expenditure account
Loan
account
Expenditures
Net
lending
Receipts
Fiscal year:
1959
1960
1961
1962
1963
1964
1965
1966 _ _ _ _ _
1967
196S___
_ _ _ _ _
1969 22 _
_ __
1970
Cumulative totals, first
7 months:
Fiscal vear 1968
Fiscal vear 1969
Held by
the public
6. 0
1. 4
.9
235.0
237. 1
238.6
248. 3
254.4
257. 5
261. 6
264. 6
267. 5
290. 6
276. 6
272. 6
2.3
.0
-22. 7
-10. 2
365. 0
373. 6
290.4
293. 5
-10.3
2. 1
— 2. 2
-4.8
-4. 9
-5. 4
—. 4
*
2.7
1. 9
1.2
2. 4
-. 1
.5
1. 2
-19.2
3.8
4. 3
79. 4
98. 7
99. 7
108. 0
-20. 4
-a.
Total1
287.7
290.8
292. 9
303.2
310.8
316. 7
323. 1
329. 4
341. 3
369. 7
365. 2
371. 5
89. 5
90.3
96. 6
104. 5
111. 5
118.0
117. 2
130.8
153. 3
172. 8
182. 3
194. 4
-3. 7
Gross Federal debt
(end of period)
-12. 9
2
-3! 4
— 7. 2
-4.7
-5.9
— 1.6
-3.8
-8. 8
-25.2
2.4
3.4
79. 2
92. 5
94. 4
99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
186. 1
198. 7
1
Excludes non-intcrest-bearing public debt securities held by IMF.
2 Estimates.
Surplus or
deficit (-)
Total
surplus or
deficit (-)
:\. 8
r>. i
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of the current fiscal year, receipts were $19.3 billion over a year earlier while expenditures ana
net lending were up $6.8 billion.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
,
.«•*•"""
.
r
OTHER RECEIPTS
120
120
EXPENDITURES AND NET LENDING
100
100
-NONDEFENSE-
80
80
60
60
40
40
NATIONAL DEFENSE -
20
20
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969-^
1970-L/ *
FISCAL YEARS
J/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Period
Fiscal year:
1959
1960
1961
1962 _
1963
1964
1965
1966
1967
1968
1969 22
1970
Cumulative totals,
first 7 months:
Fiscal year 1968
Fiscal year 1969
1
Expenditure
1
Estimates.
account.
36
Total
Individual Corporation
income
income
taxes
taxes
Other
Total
79.2
92.5
94.4
99.7
106.6
112.7
116.8
130.9
149.6
153.7
186.1
198.7
36.7
40.7
41.3
45.6
47.6
48.7
48.8
55.4
61.5
68.7
84.4
90.4
17.3
21.5
21.0
20.5
21.6
23.5
25.5
30.1
34.0
28.7
38.1
37.9
25.2
30.3
32. 1
33.6
37.4
40.5
42.6
45.3
54.1
56.3
63.6
70.4
92.1
92.2
97.8
106.8
111.3
118.6
118.4
134.7
158.4
178.9
183.7
195.3
79.4
98.7
38.9
49.0
11.5
16.3
28.9
33.4
102.1
108.9
Expenditures and net lending
National defense
InternaHealth
tional
Departand
affairs
ment
of
Total
welfare
and
Defense,l
finance
military
46.6
45.9
47.4
51.1
52.3
53.6
49.6
56.8
70.1
80.5
81.0
81.5
41.5
41.5
43.3
46.9
48.1
49.6
46.0
54.2
67.5
77.4
77.8
78.5
3.3
3.1
3.4
4.5
4.1
4. 1
4.3
4.5
4.5
4.6
3.9
3.8
17.7
18.7
21.8
23.4
25.3
26.6
27.2
31.3
37.6
43.5
48.8
55.0
44.1
44.7
Sources: Treasury Department and Bureau of the Budget.
Other
24.5
24.5
25.2
27.9
29.7
34.3
37.3
42.1
46.1
50.2
49.9
55.0
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to current estimates, Federal receipts rose $5 billion (seasonally adjusted annual rate) in the fourth quarter
and expenditures increased by $2 billion, yielding a small surplus, the first since the first half of 1966.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
200
SEASONALLY ADJUSTED ANNUAL RATES
180
180
160
160
140
140
RECEIPTS
120
120
EXPENDITURES
.100 k
I
L
I
I
I
i
I
100
+20
+20
SURPLUS
_
-20
DEFICIT
I
I
1962
I
1
f
1963
il •
r^
1
1
1
1964
1
tm
i
1
i
1965
CALENDAR YEARS
•
1
I
1966
—- 0
1
!
i
I
1
1
1967
SOURCE: DEPARTMENT OF COMMERCE
I
1 J/
-20
1968
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Fiscal year:
1965
1966
1967
1968 l
1969
1970 i
Calendar
year:
1965
1966
1967
1968 * _ _ _
1967: ITI_
IV_
1968: I__
II_.
IIL
IV*
1
Federal Government expenditures
Indirect ContriPersonal Corporate
business butions
tax
and
for
Total nontax profits tax and
Total
tax
nontax socialinreceipts accruals
accruals suran ce
Surplus
or
Subsidies deficit
GrantsPurless
in-aid
(-),
current
Net
chases
Trans- to State
and
interest surplus income
of goods fer payand
local
paid
of Govt. product
and
ments
enter- accounts
services
governments
prises
120.5
133.0
147.7
161. 1
190.0
202.3
51.3
57.6
64. 5
71. 6
88.6
94.0
27.7
31.2
31.4
34.5
39.3
40.2
16.9
15.7
16.0
17. 1
18.1
19.2
24. 6
28. 5
35. 8
37.9
44.0
48.9
118. 5
131. 9
154. 4
172.4
187.3
199.6
64. 4
71. 7
84. 9
95. 6
101.5
105.6
30. 5
34. 2
39. 4
44. 5
50.1
54.9
10. 9
12. 7
14. 8
17.4
19.6
23.0
8. 5
9. 0
9. 9
10.8
12.0
12.2
4. 1
4. 5
5. 3
4. 1
4.1
3.9
2. 0
1. 0
— 6. 7
— 11. 3
2.7
2.7
124.7
143. 0
151. 2
176.9
152.2
156.4
166.6
171. 8
182. 1
187. 1
53.8
61. 7
67. 3
79.3
68.2
69.7
72.0
74.9
83.7
86.8
29.3
32. 4
30. 9
38.4
30.6
32.4
37.0
38.2
38.6
39.9
16.5
15.8
16.2
17.6
16.3
16.4
17.0
17.5
17.8
18.1
25. 1
33. 1
36.8
41.5
37. 0
37.9
40.5
41.2
42. 0
42.4
123.5
142. 4
163. 6
182.2
165. 1
168.6
175. 1
181. 9
184. 9
186.9
66. 9
77.4
90. 6
100.0
91.3
93.5
97.1
100.0
101. 2
101.7
32.5
35.7
42. 3
47.8
42.9
42.7
45.1
47.7
48. 7
49.5
11. 1
14. 4
15. 7
18.4
15.9
17.0
17.7
18.3
18. 5
19.2
8.7
9. 5
10. 3
11.9
10.2
10.7
11.3
11.8
12. 1
12.3
4.3
5. 4
4. 8
4. 1
4.8
4.6
3.9
4. 1
4.4
4. 1
1. 2
" .7
— 12. 4
-5.3
-12.9
-12.2
-8.6
-10.2
-2.8
.2
Estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
38
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18
19
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22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail In these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and
not available.
* Indicates less than $50 million.
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