Full text of Economic Indicators : March 1970
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'91st Congress, 2nd Session
Economic Indicators
March 1970
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1970
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.^
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
W. E. BROCK 3d (Tennessee)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
PAUL W. McCRACKEN, Chairman
HENDRIK S. HOUTHAKKER
HERBERT STEIN
Economic Indicators -prefared 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
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libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 2 5 cents a single copy
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The 1967 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.
ii
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that gross national product advanced about $91/2 billion (seasonally adjusted annual rate)
in the fourth quarter, about $8/2 billion less than in the third quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
C•Jovernme at
Persons
Period
Total l
1962
1963
1964
1965
1966
1967
1968
1969 '
1968: III..
IV...
1969: I
II ...
1II__
IV ^
385. 3
404. 6
438. 1
473.2
511.9
546.5
590.0
629. 7
593.4
604. 3
610.2
622. 0
639.0
647. 5
PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals : Total
Trans- Equals:
or
and
tion
Purpaid and excludfers,
fers,
nontax interest,
expend- interest,
Net
expenddising
transfer
chases
receipts itures
interest itures saving receipts
of goods
payand
and
or
and
ments
and
(-)
subsubaccruals sidies 2
to for3
transservices
sidies
fers
eigners
8.6
9. 7
10.7
12. 0
13. 0
13. 9
15. 0
16. 1
15. 2
15.5
15.7
15.9
16. 1
16. 3
376. 6
394. 9
427.4
461. 3
498. 9
532. 6
575.0
613. 6
578.2
588.8
594.5
606. 1
622.9
631. 2
355. 1
375. 0
401. 2
432. 8
466. 3
492. 3
536. 6
576. 0
544. 9
550.7
562. 0
572.8
579.8
589. 5
157.0
168. 8
174. 1
189. 1
213.3
228.4
264. 2
301. 8
271.0
279.7
294. 1
302. 0
303.4
307.8
21. 6
19. 9
26.2
28. 4
32. 5
40. 4
38.4
37. 6
33.2
38. 0
32.5
33. 3
43. 1
41. 7
1962
1963
1964
1965
1966
1967
1968
1969 *
1968: III.
rv_
1969:
I...
II _
III.
IV »
7a s
72.0
73. 9
75. 8
77.6
78.9
81. 2
114. 2
124. 3
127. 3
139. 2
157.9
165. 6
193. 6
223. 3
199.1
205.8
218. 3
224. 4
224.4
226.6
159. 9
166. 9
175.4
186. 9
212. 3
242. 9
270. 8
293.0
274.5
280. 6
285.9
290. 6
296. 0
299. 6
42. 8
44. 4
46.7
49. 9
55. 5
62. 8
70.6
78. 5
72. 0
73. 9
75. 8
77. 6
78.9
81.2
117. 1
122.5
128.7
137.0
156.8
180. 1
200.3
214. 6
202. 5
206. 7
210.0
212. 9
217.0
218. 3
Net
Net exports of goods
Total
Statisand services
transfers
Excess of income
tical
Gross
Excess to foror
Gross private
transfers
discrepretained domestic
of
eigners
or
receipts
ancy
earnby perof net
invest-4 investEquals: exports
ment
ings 3
sons
and
Less:
ment
Net
Govern- Exports Imports exports
ment
66. 3
68. 8
76.2
84. 7
91. 3
93. 3
96. 7
98. 3
99.3
98.3
97.7
98.0
99. 7
97.7
83. 0
87. 1
94. 0
108. 1
121.4
116. 0
126. 3
139. 4
125.2
133. 9
135. 2
137.4
143. 3
141. 8
-16. 8
-18. 4
-17. 8
-23. 4
-30. 1
-22. 7
-29. 6
-41. 1
-26. 0
-35. 7
-37.5
-39. 4
-43.6
-44. 1
2.7
2. 8
2. 8
2. 8
2. 8
3. 0
2. 9
2. 7 I
3. 1
3. 1
2. 4
2. 8
2. 6
3. 0
30. 3
32. 3
37. 1
39. 2
43. 4
46. 2
50. 6
55. 3
53. 4
50. 6
47. 6
57. 1
57. S
58. 6
'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.
s 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
in disposable personal income.
42.8
44. 4
46. 7
49. 9
55.5
62.8
70.6
Surplus
or
deficit
(-),
income
and
product
accounts
-2.9
1. 8
-1.4
2. 2
1. 1
-14. 5
-6. 7
8. 8
-3. 5
—.9
8.3
11. 4
7. 4
8.3
International
Business
Period
E xpenditur BS
N et receipts
Disposab le personsil income
25. 1
26. 4
28. 6
32. 3
38. 1
41. 0 I
48. 1 I
53. 2 |
49. 7
49. 4
46. 1
55. 5
55. 2
55. 9
5. 1
5.9
8.5
6. 9
5. 3
5.2
2. 5
2. 1
3. 6
1. 2
1. 5
1. 6
2. 7
2. 7
-2. 5
-3. 1
-5.7
-4. 1
-2. 4
-2. 2
1. 9
1. 0
1. 2
.0
.3
559. 8
590.8
633. 7
688. 0
750. 9
794. 5
868.2
937. 9
879. 6
895. 9
012. 9
931. 3
949. 7
958. 5
ti
0.5
_ o
-1*. 3
-3. 1
-1. 0
— 1.0
-2. 5
-6. 0
-3. 3
4. 2
6.5
6. 9
6. 2
Gross
national
product
or
expenditure
560. 3
590. 5
632. 4
684.9
749. 9
793. 5
865. 7
932. 1
876. 4
892. 5
908. 7
924. 8
942. 8
952. 2
4
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
6
Net foreign investment with sign changed.
NOTE.—Corporate profits tax and related items for 1969 reflect repeal of investment tax credit. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) increased at a somewhat slower pace in the fourth quarter than in the
third quarter—an annual rate of about 4 percent compared with an 8 percent rate. There was a slight decline in
physical output in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
900
900
800
800
700
700
600
600
PERSONAL CONSUMPTION
EXPENDITURES
500
500
400
400
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
200
.,„„„,.„..,....""
HUIIIItllllllllllll"""""/
-V
100
NET EXPORTS OF GOODS
AND SERVICES
1964
1965
1966
1967
SOURCE: DEPARTMENT OF COMMERCE
Period
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1968: III
IV
1969: I
II
III
IV
,
1968
1969
1970
COUNCIL OF ECONOMIC ADVISERS
Gove rnment f >ur chases of good s and
Total
Personal Gross
Implicit
Net
services
gross
conTotal
price
private exports
sump- domestic of goods
national gross
Federal
deflator
State
tion
product national
for total
Total
investand
and
in 1958 product expend- ment services
GNP,
1 Other
Total National
local
defense
prices
itures
1958= 1002
Billions ()f dollars; quarterly data at s easonall y ad juste;d annual rates
0. 1
311. 2
43.3
475.9
483.7
46. 0
7. 6
_
97.0
53.7
101. 6
75. 3
4.0
44. 9
487.7
503.7
46. 1
103. 3
53. 5
8.6
74. 8
99. 6
325. 2
5. 6 107. 6
50.2
335.2
9.6
104. 6
497. 2
520. 1
47. 8
57. 4
71.7
5. 1 117. 1
53. 7
105. 8
560. 3
529. 8
63. 4
83. 0
51. 6 11.8
355. 1
5.9 122. 5
551. 0
58. 2
107.2
590. 5
64. 2
375. 0
87. 1
50. 8 13. 5
581. 1
632. 4
8.5 128. 7
108.8
401. 2
50.0 15. 2
63.5
65. 2
94.0
6.9 137. 0
70. 1
684. 9
432. 8
108. 1
50. 1 16. 8
110. 9
617. 8
66. 9
5. 3 156. 8
79. 0
113.9
658. 1
749.9
60.7 17. 1
466. 3
77. 8
121. 4
5. 2 180. 1
72.4 18. 4
89.3
793. 5
492. 3
117. 6
116. 0
90. 7
674. 6
2. 5 200. 3
865. 7
78. 0 21. 5 100.7
122. 3
707. 6
536. 6
126. 3
99. 5
932. 1
2. 1 214. 6 101. 9
576. 0
79. 2 22. 7 112. 7
727. 5
128. 1
139. 4
3.6 202. 5 100. 9
122. 9
876.4
544. 9
712. 8
125. 2
78. 8 22. 1 101. 7
124. 2
1. 2 206. 7 101. 9
718. 5
892. 5
550. 7
79. 3 22. 5 104. 8
133. 9
1. 5 210. 0 101. 6
562. 0
135. 2
79.0 22.6 108. 5
125.7
723. 1
908. 7
924. 8
572. 8
726. 7
137. 4
1. 6 212. 9 100. 6
127. 3
78. 5 22. 1 112. 3
942. 8
80. 3 22.9 113. 8
2. 7 217. 0 103. 2
579. 8
129. 0
143. 3
730. 6
79.2 23. 1 116.0
2. 7 218. 3 102. 3
141. 8
130.5
952. 2
729. 8
589. 5
1
This category corresponds closely with budget expenditures for national
defense,
shown on p. 36.
2
Gross national product in current prices divided by gross national product
in 1958 prices.
!00
GROSS PRIVATE DOMESTIC
INVESTMENT
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
NATIONAL INCOME
National income rose $6 billion (seasonally adjusted annual rate) in the fourlh quarter, according to preliminary estimates. Compensation of employees increased $9 billion while corporate profits before taxes and including inventory
valuation adjustment declined $3% billion. Changes in other types of income were small.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
(900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
700
700
TOTAL NATIONAL INCOME
600
600
COMPENSATION OF EMPLOYEES
500
500
400
400
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100'
100
NET INTEREST
-r1964
1965
1966
1968
1967
1969
1970
J-'PRELIMINARY.
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 "
1968: III
IV
1969: I_
II
III
IV *
1
2
__ _
400. 0
414. 5
427. 3
457.7
481.9
518.1
564.3
620. 6
654. 0
714.4
771. 1
724. 1
737. 3
751. 3
765.7
780.6
786.7
Compen-
Proprieto]rs' income
of employees l
Farm 2
279. 1
294. 2
302. 6
323.6
341. 0
365.7
393.8
435. 5
467. 4
513. 6
564. 3
519. 8
532. 3
546. 0
558. 2
571.9
581. 1
11.4
12. 0
12.8
13. 0
13. 1
12. 1
14.8
16. 1
14. 7
14. 6
16. 1
14.8
14. 4
14. 9
16. 4
16.8
16.3
Includes employer contributions for social Insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in fanning and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
35. 1
34. 2
35.6
37. 1
37. 9
40.2
42.4
45. 2
47. 2
49. 2
50.2
49. 3
49. 7
49. 7
50. 1
50.5
50.4
Rental
income
of
per-
15.6
15.8
16. 0
16.7
17. 1
18.0
19.0
20. 0
20. 8
21. 2
21. 6
21. 2
21. 4
21. 5
21. 6
21.7
21. 8
Net
interest
7. 1
8.4
10.0
11. 6
13. 8
15.8
18.2
21. 4
24. 7
28. 0
30. 6
28.4
29. 3
29. 8
30. 3
30. 9
31. 6
Corpora te profits and inventory va nation ad justment 3
Total
51.7
49. 9
50.3
55.7
58. 9
66.3
76.1
82.4
79. 2
87.9
88. 2
90.6
90. 3
89.5
89.2
88.8
85.4
Profits Inventory
before valuation
taxes 3 adjustment
52. 1
49.7
50. 3
55. 4
59. 4
66.8
77.8
84. 2
80.3
91. 1
93. 8
91. 5
94.5
95.5
95. 4
92. 5
91. 6
s See Note p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0. 5
.2
-. 1
.3
-. 5
~~~ . o
-1.7
-1. 8
— 1. 1
-3.2
-5.6
g
-4.2
-6. 1
-6. 2
-3.7
-6. 2
SOURCES OF PERSONAL INCOME
Personal income rose $3.3 billion (seasonally adjusted annual rate) in February. The rise was about the same as the
average monthly increase since September.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
WAGE AND SALARY DISBURSEMENTS
300
200
200
100
100
1964
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1961
1962
1963 _
1964
1965
1966
1967
1968
1969
1969: Jan
Feb
Mar___
Apr
May—
June.—
July...
Aug
Sept
Oct
Nov...
Dec
1970: Jan
Feb v - _
416.8
442.6
465. 5
497.5
538.9
587.2
629. 4
687. 9
747. 2
718. 7
723. 9
730. 7
735. 3
740. 0
746. 1
751.4
757. 5
760. 7
763. 9
767. 6
770. 6
774. 3
777. 6
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Other Propriety^Ts' income income
and
Transfer
Divi- Personal
Business
salary
labor 2
interest
payof
dends
disburseincome
and pro- persons
Farm
income ments
ments l
fessional
12.7
12.8
35.6
16.0
32.4
278. 1
25.0
13.8
13.0
37. 1
15.2
13.9
16.7
296. 1
27.7
33.3
13. 1
311. 1
17. 1
31.4
14.9
37. 9
16. 5
35. 3
12. 1
16. 6
40. 2
18. 0
17.8
34,9
36.7
333. 7
18.7
42. 4
358.9
14.8
19.0
38.7
39.9
19.8
394. 5
45. 2
20. 0
44. 1
20. 7
16. 1
43. 6
20.8
22. 1
423. 5
47. 2
52. 0
20.8
21.5
48. 3
14.7
24.
2
21.
2
14.6
54. 1
465. 0
49. 2
23. 1
59. 2
26. 2
16. 1
50. 2
21. 6
24. 6
509. 9
59. 4
65.5
21.4
25. 3
14.5
57.4
489. 3
49. 5
23. 6
63. 0
21. 5
492. 6
14. 9
25. 5
57. 6
49. 8
23. 8
63. 5
21. 5
497. 9
25. 6
24. 1
15. 3
49.7
57. 9
64.3
21. 5
49. 8
24. 2
64.7
500.8
25.8
15.8
58. 3
16.4
25. 9
21. 6
64. 9
503. 8
50. 1
24. 3
58. 8
50.4
16.9
21.6
26. 1
508. 5
24. 5
59. 2
65. 2
512. 8
26. 3
21. 7
16. 8
24. 6
50. 5
59. 5
65. 7
517.9
21.7
16. 8
26.4
50. 5
24. 8
59.8
66. 1
21. 7
26. 6
16. 8
519. 9
50. 5
25. 1
60. 2
66. 4
21. 8
26. 8
16. 7
522. 2
50. 6
25. 3
66. 7
60.8
21. 8
26. 9
50. 4
67. 2
16. 3
525. 1
25. 4
61. 3
21. 9
27. 1
50. 3
25.0
527. 8
15. 9
61. 8
67.8
62. 1
27. 3
16. 0
21.9
25. 2
50. 3
530.1
68.9
22. 0
16. 2
62.4
531. 8
27. 5
50. 3
70. 0
25. 2
1
Compensation oi employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
1
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
COUNCIL OF ECONOMIC ADVISERS
Less: Personal contributions
for social
insurance
9.6
10.3
11.8
12.5
13.4
17. 7
20.6
22. 6
26. 2
25. 3
25. 3
25.6
25.7
25. 8
26. 1
26. 4
26.6
26. 7
26.9
26.9
27. 1
27.5
27. 6
Nonagricultural
personal
income s
400.0
425.5
448. 1
480. 9
519.5
566. 3
609. 7
667. 9
725. 2
698. 5
703. 1
709. 5
713.5
717.7
723.4
728. 8
734. 9
738. 1
741. 5
745. 3
748. 6
752. 2
755. 3
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
Disposable income rose $81A billion (seasonally adjusted annual rate) in the fourth quarter after a very large rise in
the third quarter. With personal outlays up $9% billion, the saving rate edged down.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
600
DISPOSABLE PERSONAL INCOME
400
400
DOLLARS
3,500
PER CAPITA DISPOSABLE PERSONAL INCOME
DOLLARS
3,500
SEASONALLY ADJUSTED ANNUAL RATES
—IN CURRENT PRICES-
3,000
3,000
2,500
2,500
2,000
2,000
1964
1965
1970
SOURCEi DEPARTMENT OF COMMERCE
Period
1969:
COUNCIL OF ECONOMIC ADVlSEftS
Per cap>ita disL ess: Perse>nal outlaifs
posable personal
Equals:
Persoilal consurnption
Equals:
incc)me
Disex penditure s 2
Personal
posable Total
saving Current
personal personal1 Durable Non1958
income outlays
durable
Services
prices
prices
goods
goods
442.6
465. r>
497. 5
538.9
587. 2
629. 4
687.9
747. 2
52. 4
57.4
60. 9
59. 4
65.7
75. 4
82. 9
97. 9
117. 5
364.4
385.3
404 6
438. 1
473.2
511. 9
546. 5
590. 0
629. 7
III. 696. 1
102. 6
107.0
593. 4
604.3
Billions of dollars
343. 3
44.2
155.9
135. 1
363.7
49.5
162.6
143.0
152. 4
53. 9
384.7
168. 6
411. 9
59. 2
178.7
163. 3
444.8
66.3
191. 1
175.5
479.3
206.9
188.6
70.8
204. 2
215. 1
506. 2
73. 0
230. 6
551. 6
83. 3
222. 8
592. 0
243. 6
242. 6
89. 8
Seascmally adjiisted annu al rates
560. 2
233. 3
225. 8
85.8
234. 3
566. 2
86. 3
230. 1
I... 724. 4
114.2
118.5
117.5
119. 9
610.2
622. 0
639.0
647. 5
577.7
588.8
596.0
605. 8
1961
1962
1963___ _
1964
1965. _ _
1966
1967
1968
1969
1968:
Less :
Personal
Personal tax and
income nontax
payments
416.8
IV. 711. 2
II- 740. 5
III. 756. 5
IV.. 767. 4
88.4
90. 6
89. 8
90. 4
238. 6
242. 1
245.1
248. 7
1
Includes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
3
Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
*
235.0
240. 1
244.9
250. 3
Saving
as percent of Populadistion
posable
(thou-3
personal sands)
income
(percent)
Dollars
183, 756
186, 656
189,417
192, 120
194, 592
196, 907
199, 114
201, 152
203, 216
21.2
21.6
19. 9
26. 2
28.4
32.5
40. 4
38.4
37. 6
1,983
2,064
2,136
2,280
2, 432
2,599
2,745
2,933
3, 099
1,909
1,968
2,013
2, 123
2, 235
2,331
2, 399
2,474
2,507
5.8
5.6
4.9
33. 2
38. 0
2, 946
2, 991
2,477
2, 485
5.6
201, 450
202, 015
32. 5
33. 3
43. 1
41. 7
3, 014
3,065
3, 140
3, 172
2,482
2,494
2,526
2, 522
5. 3
5.3
6.7
6.4
202, 472
202, 964
203, 507
204, 093
6. 0
6.0
6.4
7.4
6. 5
6. 0
6. 3
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
FARM INCOME
According to current estimates, net farm income excluding inventory change (seasonally adjusted) declined about 2
percent in the fourth quarter. Including inventory change there was a decline of 3 percent.
BILLIONS OF DOLLARS
601
BILLIONS OF DOLLARS
60
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
•40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
\
10
10
J
1
J
1964
1965
I
J
J
!
1966
1
J
I
J
1968
1967
SOURCEi DEPARTMENT OF AGRICULTURE
] "neome re ceived fro m farming •
Netto farm
oper ators
Realizeid gross
sources
From
farm
sources
19.7
20.4
20.6
20.6
23.6
24. 9
23. 9
24.9
27. 1
12.2
12.3
12. 1
11.3
13.5
14. 4
13. 0
13. 1
14. 5
From
all
1961
1962
1963
1964
1965
1966
1967
1968
1969
1968: III
IV
1969:
From
nonfarm
sources
7.5
8.2
8.5
9.3
10.0
10. 5
10. 9
11.8
12. 6
Net inc ome per
net
farm incl uding
inventory-r change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current 1957-59
from
Total i
ventory ventory2 prices prices 4
marketchange change
ings
Billions ()f dollars
Dol lars
3,399
39.8
35.1
27.1
12.6
3,332
13.0
13.2
3,482
41.3
36.4
28.6
12.6
3, 586
13.2
42.3
37.4
29.7
3,708
12.6
3, 565
37.2
42.6
29.5
13. 1
3, 564
3, 394
12.3
30.9
44.9
39.3
15.0
4,487
14.0
4, 193
33.4
49.7
43.3
16. 3
16.3
5, 019
4,563
14.2
1.4. 7
49. 0
42. 7
34. 8
4,683
4, 144
14. 7
44. 4
36. 3
4, 107
51. 1
14.8
4,805
47.4
5,468
4, 446
16. 2
54.6
38.6
16.0
Seasimally adjiisted annnMl rates
14. 9
4,880
15.3
4, 140
45. 0
36. 5
51. 8
14. 5
37. 2
14. 7
4,750
3, 990
51. 9
45. 0
I
II
III
IV
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
s Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
I
1970
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total i"arm popuilation
Period
J
!
1969
52.9
55. 1
55. 3
55. 1
46. 0
48.2
48. 0
47. 5
37. 9
38. 8
38. 8
38. 9
15. 0
16. 3
16.5
16. 2
15. 0
16. 5
16.9
16.4
5, 050
5,550
5, 690
5,520
4, 170
4,510
4,630
4,420
4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1957-59 base.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Agriculture.
pORPORATE PROFITS
Profits before taxes and including inventory valuation adjustment (seasonally adjusted) declined sharply in the fourth
quarter and were about $5 billion below a year earlier. The third to fourth quarter decline in profits excluding inventory valuation adjustment was less pronounced.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
100
100
PROFITS BEFORE TAXES
PROFITS AFTER TAXES
80
80
60
60
40
40
20
20
1964
1970
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
!
Cor]porate pi*ofits
Cor]3 orate pi*ofits (bef ore taxes) and inveiitory
gifter tax€JS
Corpo- Profits
valuation adjustrne nt
plus
rate
Trans1
Corpo- CorpoIV. !anufactu ring
capital capital
portation
rate
rate
conconDiviUnPeriod
comtax
profits
NonAll
Durable durable
dend distrib- sump- sumpmuniAll 1 before liabil- Total
industion
tion
goods
uted
payother
taxes
ity
Total
goods cations,
tries
indusand
ments profits allow-2 allowances ances *
tries
public
utilities
23.3
11. 4
11. 9
27. 2
13. 8
13. 5
50. 3
23. 1
26. 2
53. 5
1961
50. 3
7. 9
19. 1
14. 1
12. 5
26. 6
31.2
1962_
15. 2
16. 0
55. 7
24. 2
30. 1
20. 5
55. 4
61. 3
8. 5
13.0
28.
8
15.
8
33.
1
16.
5
16.
6
58.
9
59.4
26.
3
31.
8
1963
20. 6
64 8
9. 5
14.9
32.7
17.8
23.5
17.8
38. 4
1964
66.3
28.3
20.6
33.9
72.3
66.8
10. 1
22. 8
39.3
16. 6
46. 5
26. 7
82. 9
1965_ _. _ _ 76. 1
19. 8
36. 4
25. 6
77.8
31. 3
11. 1
42. 6
24. 0
82. 4
18. 6
49. 9
20. 8
84. 2
34. 3
89. 5
1966
29. 1
39. 5
11. 9
27. 9
39. 0
20. 9
18. 1
47. 3
21. 5
90. 0
1967
79. 2
25. 9
42. 6
29. 4
33, 0
80. 3
10. 8
44. 4
24. 5
19. 9
23. 1
87. 9
49. 8
26. 7
45. 9
31. 9
95.7
1968
11. 6
41.3
91. 1
43. 8
23. 4
20. 4
50. 5
24. 6
88.2
43. 3
25. 9
32. S
93. 8
49. 1
99. 6
1969 *
11. 8
1968: III_.
IV—
90. 6
90. 3
45. 4
46. 2
25. 0
25. 8
20. 4
20. 4
12. 0
11. 6
33. 1
32. 6
91. 5
94. 5
41. 4
42. 9
50. 0
51. 6
23.6
23. 8
26. 5
27. 8
46. 2
46. 7
96. 3
98. 4
1969: I
II...
III..
IV *
89. 5
89.2
88. 8
85. 4
45. 1
44. 9
43. 8
24. 7
23. 9
23. 8
20. 3
21.0
20. 0
11. 8
11. 7
11.9
32.6
32.6
33. 1
95. 5
95.4
92. 5
91. 6
43. 9
44.1
42. 8
42, 5
51.7
51. 3
49. 7
49. 1
23. 8
24. 3
24. 9
25. 2
27. 9
27.0
24. 9
23. 9
47. 7
48. 6
49. 6
50. 5
99.4
100.0
99.3
99. 6
1
Includes
2
Includes
i
all other industries and financial institutions.
depreciation and accidental damages,
Corporate profits after taxes plus corporate capital consumption allowances.
42-. 167°—70-
NOTE.—Corporate profits tax and related items for 1969 reflect repeal of investment tax credit.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) edged down in the fourth quarter as a decline in the rate of
inventory accumulation more than offset a rise in business fixed investment.
BULKDNS OF DOLLARS
BILLIONS OF DOLl.ARS
160
160
SEASO NALLY ADJUSTED ANNUAL RATES
c.ROSS
,/-^
x
^-^
140
1O A
120
nAA
Of)
PRIVATE DO/V\ESTIC
INVESTMENT
140
-^
10rt
1QA
-~~^ ^^
fiO
PR ODUCERS'
DURAB1.E EQUIPMENT
«
«
«.*.--""*"
L
RE SIDENTIAL STRUCTUFvES
NONR ESIDENTIAL STRUCTL RES
«"»W5.~~^~~~~
**•*""
~
_
20
40
*«— '*a=
^
CHANGE
IN^
BUS NESS
INVENTORY
20
^^
!
t
1964
!
\
f
1965
f
\
\
f
\
1966
I
1967
i
!
i i
1968
f
!
1969
SOURCE. DEPARTMENT Of COMMERCE
f
!
f
1970
!
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed in^vestment
r> • i
Total
gross
private
domestic Total
investment
rv _
1969: I
II
III
IV
75.3
74.8
71. 7
83. 0
87. 1
940
108.1
121.4
116.0
126.3
139. 4
125. 2
133.9
135.2
137.4
143.3
141.8
70.5
71.3
69. 7
77.0
81. 3
88. 2
98. 5
106.6
108.6
119. 0
131. 4
118. 0
123.4
128. 6
130. 5
132.5
134. 0
Total
45. 1
48. 4
47.0
51.7
54.3
61. 1
71. 3
81. 6
83.7
88.8
99. 2
88. 1
91. 5
95. 3
97. 8
101. 1
102. 5
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Produce rsj durable equ ipment
Struc tures
Total
1959
1960._
1961
1962
1963
1964
1965
1966
1967
1968
1969
1968: IIIT
Resid ential
struc tures
N<president ial
16.7
18. 1
18.4
19. 2
19. 5
21.2
25. 5
28.5
27.9
29. 3
33. 4
29.0
30. 1
32. 3
32. 1
34.7
34.5
Nonfarm
Total
15.9
17.4
17.7
18.5
18.8
20.5
24. 9
27. 8
27. 2
28.6
32.7
28. 3
29. 3
31. 6
31.4
34. 0
33. 8
28. 4
30.3
28. 6
32. 5
34.8
39.9
45. 8
53. 1
55.7
59.5
65.8
59. 1
61. 4
63.0
65.7
66.4
68. 0
Nonfarm
25.4
27.7
25.8
29.4
31.2
36.3
41. 6
48. 4
50.9
54. 6
61.4
54. 3
56. 7
58. 7
61.0
62.4
63. 6
Total
25.5
22.8
22.6
25. 3
27.0
27.1
27.2
25. 0
25. 0
30.2
32. 2
29. 9
31. 9
33.3
32.7
31.4
31. 6
Source: Department of Commerce.
Nonfarm
24.8
22. 2
22. 0
24 8
26. 4
26.6
26. 7
24 5
244
29. 6
31.7
29. 4
31.4
32.8
32.2
30.9
31. 0
Change in business mv entories
Total
Nonfarm
48
3.6
4.8
3.3
5.9
5.8
5.3
5.1
6.4
8.6
2. 0
6. 0
9. 6
1. 7
148
7.4
7.3
15.0
10. 5
7.2
7. 5
10.7
6.6
6.9
6.6
6.7
8. 0
10.7
7.7
6.8
7.4
7.8
10.3
7.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen expect a 10% percent increase in plant and equipment expenditures from 1969 to 1970, with outlays
rising throughout 1970.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
100
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW PLANT AND EQUIPMENT
\
60
NONMANUFACTURING
"•**..,«••«•«««•"
MANUFACTURING
20
20
1
I
1
1964
1
1965
1966
1967
!
1968
J/
1
I
1969
J/
I
L_
1970
J/SEE FOOTNOTE 3 BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi]ng
Period
Total i
Total
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 3
1970
37. 94
31. 89
33.55
36.75
35. 91
38. 39
40.77
46.97
54.42
63. 51
65.47
67.76
75.56
83. 58
1970:
I 33
II
3
23.44
28. 20
28. 51
28. 37
31. 68
34. 80
Other
C om m c r ~
cial and
other 2
1. 69
1.43
1. 36
1. 30
1. 29
1.40
1. 27
1.34
1.46
1. 62
1. 65
1. 63
1. 86
1. 94
1.58
.86
1. 02
1. 16
. 82
1. 02
1.26
1. 66
1. 99
2. 37
1. 86
1.45
1. 86
2.36
1.71
1.43
2. 10
1. 97
1. 96
2. 17
1.98
2. 52
2.91
3. 39
3.77
4. 15
4. 19
4. 55
5.67
5.52
5. 14
5.24
5.00
4.90
4.98
5.49
6. 13
7.43
8.74
10. 20
11. 61
13.73
10. 79
10.27
11. 16
11.99
12. 52
13. 84
15. 06
16.63
18.49
14. 52
15. 18
16. 52
16. 50
1.83
1. 88
1. 89
1. 85
1. 68
1.76
2. 06
1. 94
4. 76
3.88
3.88
4. 43
11.52
11.68
11. 48
11. 80
22. 74
23.59
25.49
16. 05
16. 34
18. 11
1.77
1. 82
2. 07
1. 94
2. 19
2. 63
4. 74
4. 12
4. 72
12. 80
13. 74
14. 08
25. 77
26. 16
26. 43
32. 39
15. 47
15. 98
16.53
15. 88
80. 00
81. 78
86. 06
32. 97
33. 74
36. 12
16. 92
17. 39
18. 02
2d half
Excludes agricultural business; real estate operator 3; medical, leg al, educational,
and cultural service; and nonprofit organizations,
2
Includes trade, service, finance, conirnunications, i nsurance, and eonstruetion.
3
k Estimates based on anticipated capita expenditures as reported b?7 business
li late January and February 1970. Incl udes adjustnu,nts when neeessary for
systematic tendencies in anticipatory da ta.
NOTE. — Revised series beginning 1947. Tor
'. detail, see Survey of Cur rent Business, January 1970.
1
Railroads
Public
utilities
8. 68
6. 77
6.95
7.85
8.02
8.26
8. 70
10. 07
11.94
14. 14
14.45
14. 25
15. 72
17. 19
29. 99
31. 16
33.05
Nondurable goods
7. 84
5. 61
5.81
7. 23
6.31
6. 79
7. 53
9. 28
11.50
14. 06
14.96
14. 12
15. 96
17. 61
52
94
84
84
72.
73.
77.
77.
1969: I
II
III
IV
16. 51
12. 38
12. 77
15. 09
14.33
15. 06
16. 22
19. 34
Durable
goods
Trans po rtation
Mining
20.50
20.94
21.97
24.35
26. 19
25. 44
Annual tots 1 is the sum of unadjuste d expenditiires; it does n ot necessarily
coincide with the average (>f seasonally acIjusted figures.
These figures do not agre<3 with the tota Is included n the gross na ional product
estimates of tt10 Departme nt of Commer ce, principsilly because ttle latter cover
agricultural in vestment arid also certairL equipmen t and constru ction outlays
charged to curirent expense
Sources: Securities and E xchange Com nission ant Department of Commerce;
/•>
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force (seasonally adjusted) increased by only 36,000 in February. Employment fell by 219,000 and
unemployment increased by 255,000. The decline in employment was concentrated in nonagricultural industries,
where employment fell by 292,000.
MILLIONS OF PERSONS*
90
MILLIONS OF PERSONS*
90
SEASONALLY ADJUSTED
85
85
80
75
EMPLOYMENT
70
65
UNEMPLOYMENT
•1
! I I I I M I I I
1 M I I I 1 I II
I
» I M I I I I I II
I I I M I I I 1 II
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
uNE/v\ L OY/\A EhJT i */^TE
3
1
--i
1
~ -,
1
s E/^S DhJA mr
AC JL SIFED
ri~i
r
w» :
''•
i
] 9( >4
19 5<f
196*
ii
i96JJ
19<b7
¥!i
196$
t
>
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1965...
1966...
1967...
1968_._
1969___
1969:
Jan—
Feb.
MarApr.
MayJune.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1970:
Jan..
Feb._
1
Total
labor
force
(including
armed
forces)
77, 178
78, 893
80, 793
82, 272
84, 239
COUNCIL OF ECONOMIC ADVISERS
Ci villa n employinent
Total
labor
force
UnemNon(includployagning
Total
ment
cularmed
tural
forces)
Thousands of I)ersons 16
71, 088 66, 726 3,366 77, 178
72, 895 68, 915 2,875 78, 893
74, 372 70, 527 2,975 80, 793
75, 920 72, 103 2,817 82, 272
77, 902 74, 296 2, 831 84, 239
Unadji tsted
Civilia in emplo yment
Civilian
labor
force
Total
Agricultural
Nonagricultural
66, 726
68, 915
70, 527
72, 103
74, 296
3,366
2,875
2,975
4, 5
3. 8
2, 675
2, 675
2, 729
2,845
2, 809
2, 763
2,858
2, 845
3, 181
8,078
2,851
2,846
3. 7
3. 7
3. 3
3. 2
3.4
3.5
3.5
3, 172
3, 427
72, 192
72, 896
73, 193
73, 471
73, 374
74, 589
75, 460
75, 669
74, 397
75, 110
75, 395
75, 805
2,876
2,923
2,746
2, 542
2, 299
3,400
3, 182
2,869
2,958
2, 839
2,710
2,628
O0 &OO
®QQ
OO,
83, 674
88, 883
83, 950
83, 652
84, 028
84, 310
84, 517
84, 868
85, 051
84, 872
85, 023
79, 756
80, 199
80, 379
80, 434
80, 130
80, 504
80, 789
80, 987
81, 325
81, 523
81, 379
81, 583
77, 081
77, 524
77, 650
77, 589
77, 321
77, 741
77, 931
78, 142
78, 194
78, 445
78, 528
78, 737
3, 717
3,836
3, 710
3, 661
3, 777
3, 683
3, 561
8,614
3,498
3, 484
3,435
73, 364
73, 688
73, 940
78, 928
73, 544
74, 058
74, 370
74, 528
74, 696
74, 999
75, 094
75, 302
84, 105
84, 625
77, 313
77, 489
74, 398
74, 495
3,406
3,794
85, 599
85, 590
82, 213
82, 249
79, 041
78, 822
3, 426
3,499
75, 615
75, 323
3,446
Labor
force
participation
rate,
unad-l
justed
Percent
75, 358
76, 181
76, 520
77, 079
77, 264
78, 956
79, 616
79, 646
78, 026
78, 671
78, 716
78, 788
Total labor force as percent of noninstitutional population.
Unempl Dyment
rate (pe rcent of
Unem- civiliaiQ labor
for ce)
ployment
Unad- Seasonadjusted ally
justed
years of age and o ver
74, 455 71, 088 4,361
75, 770 72, 895 3,979
77, 347 74, 372 3,844
78, 737 75, 920 3,817
80, 733 77, 902 3, 606
Seasonally adjusted
81,711
82, 579
82, 770
83, 137
83, 085
85, 880
86, 318
86, 046
84, 527
85, 038
84, 920
84, 856
10
1970
2,817
2,831
59.7
60. 1
60. 6
60. 7
61. 1
3.8
3.6
3.5
3.5
2.9
4. 1
3. 8
3. 5
3.7
3.5
3.3
3.2
4. 2
4.7
3.4
3.4
3.5
8.5
3. 8
8. 8
3.5
3.5
3. 9
4.2
59. 7
60. 3
60.4
60. 5
60. 4
62. 4
62. 6
62. 3
61. 1
61. 4
61. 2
61. 1
60. 5
60. 8
NOTE.—Kevlsed seasonally adjusted series; see Employment and Earnings,
February 1970. Beginning 1960, data include .:'. laska and Hawaii.
Source: Department of Labor.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate increased from 3.9 in January to 4.2 percent in February. The February
rate was the highest since October 1965. The unemployment rate for married men rose from 1.8 to 2.0 percent.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DCPARTMENT OF LABOR
Persons at work in nonagri cultural ir
idustries
by hours worked p>er week 2
Uiider 35 ho urs
Unen iploymen t rate
(percen t of civili?in labor
for ce m grou P)
Period
1965
1966
1967
1968
1969
1969: Jan
Feb
Mar
Apr
May
June__
July
Aug
Sept
Oct>__ _ _
Nov
Dec
1970: Jan
Feb
Experi- Married Labor
force
enced
All
men
time lost l
wage
and
workers salary
(wife
workers present)
4.5
3.8
3.8
3.6
3.5
Per cent
2. 4
4.3
3. 5
1. 9
3.6
3.4
1.8
1.6
1. 5
3. 3
Seasonall y adjusted
3.4
3. 2
1. 4
1. 4
3. 3
3. 1
1. 4
3.4
3. 1
3. 5
1. 5
3.3
3. 5
3. 2
1. 5
3.4
3. 2
1. 5
3.5
3.3
1. 6
3.5
3.3
1. 5
3.6
1. 7
3.8
3.8
3.5
3. 5
3. 9
4. 2
3.6
3.4
3.4
3. 6
3.9
1.6
1. 5
1.7
1. 8
2. 0
5. 0
4.2
4. 2
4.0
3.9
3. 7
3.7
3.7
3.8
3.8
3. 8
4.0
4.0
4.3
4. 3
4. 0
3. 9
4. 2
4. 5
Over 40
hours
20, 788
21, 334
20, 920
20, 600
20, 608
20, 463
19, 519
21, 155
20, 128
21, 185
20, 914
19, 352
20, 045
21, 651
21, 370
20, 097
21, 415
19, 939
19, 456
1
Man-hours lost by the unemployed and persons on part time for economic
reasons
as a percent of potentially available labor force nian-hpurs.
a
Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
s Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
35-40
hours
Part-ti me for
economi c reasons
Part-ti me for
economi<3 reasons
Total
Usually Usually Usually Usually
fullfullpartparttime 3
time 4
time s
time 4
Thousan ds of pers ons 16 ye ars of age and over
30, 768 11,818
897
1,031
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
32, 658 14, 785
820
895
34, 201 15, 210
955
855
?
1Jnadjusteo
Seasonally / adjusted
34, 316 14, 400
898
707
839
809
32, 002 18, 433
900
730
864
785
34, 757 14, 689
977
754
953
828
34, 370 15, 650
823
690
881
829
34, 834 14, 620
806
703
839
905
35, 107 13, 42C
1, 143
1,078
974
844
862
1,294
33, 545 12,533
888
901
34, 112 12, 222
1,088
1,235
1,040
915
35, 350 13, 668
1,089
798
1, 046
887
34, 173 16, 462
950
790
1,017
928
31, 868 20, 633
742
937
1, 005
825
35, 974 15, 785
986
733
812
1,046
35, 325 16, 139 5 1, 108
768
1,036
879
5
34, 249 17, 562
723
1, 088
1, 044
777
4
6
Primarily includes persons who could find only part-time work.
Average hours worked: usually full-time, 24.5; usually part-time, 17.8.
NOTE.—See Note, p. 10.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAM
In February, insured unemployment under State programs averaged 41 5,000 higher than a year earlier. The seasonally
adjusted insured unemployment rate rose to 2.6 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE
PROGRAMS)
1967
1969
_f
JAN.
FEB.
MAR.
I I
APRIL
MAY
JULY
JUNE
AUG.
SEPT.
SOURCE* WACTMTW OP IA8OX
1966
1967
1968
1969 »
1969: Jan
Feb
Mar
Apr
Mav
June
July
Aug.
Sept
Oct
Nov *
Dec "
1970: Jan "
Feb »
Week ended:
1970: Feb
7
14
21
28
Mar 7
Staite progra ms
Insured Total
unem- benefits Insured
paid
Covered ployunem(milemploy- ment
ploylions
ment
(weekly
ment
averof dolage)
lars)
Thou sands
54, 739
1, 129
1,270
"56,342
1, 187
"57, 969
1, 175
1,585
"57, 909
"57, 927
1, 551
*58, 513
1, 385
"59, 268
1, 163
"59, 862
970
912
"60, 965
1, 089
1, 016
903
930
1, 106
1,465
1,958
1,987
1,938
2,037
1,982
1,986
1, 890. 9
2, 220. 0
2, 191. 3
2, 265. 0
264. 6
250.8
242. 6
214. 9
164.9
145. 7
171.8
169.7
148. 3
153. 8
147. 7
208.5
250. 7
328. 7
Initial
claims
Exhaustions
Benefit s paid
Insured I unemploymen t as percent of covered
Total Average
emplo yment
weekly
(milcheck
Season- lions of
Unad- ally
ad- dollars) (dollars)
justed
justed
Weekly iiverage, t lousands
15
203
1,061
17
226
1,205
16
201
1, 111
15
197
1,098
16
1,491
275
17
1,459
219
17
1,300
173
19
1,090
167
906
852
1, 021
948
840
864
1,030
1,375
1, 854
1, 874
1,827
1, 922
1,868
1,869
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included and for Puerto Rico since 1963.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
A 11 progranis
Period
NOV.
OCT.
144
162
246
172
146
167
213
289
355
290
17
17
15
14
13
13
12
13
18
17
324
308
284
241
271
Source: Department of Labor.
Per<sent
2.3
2. 5
2.2
2. 2
3. 0
2. 9
2.6
2. 2
1. 8
1. 7
2. 0
1.8
1. 6
1.6
2. 0
2.7
3. 6
3. 6
3.5
3.7
3. 6
3.6
2. 1
2. 1
2 1
2 0
2 0
2 1
2 2
<&& &&
2 2
2 2
2 3
2 3
2 5
2 6
1, 771. 3
2, 101. 0
2, 031. 9
2, 099. 5
246. 1
234. 2
226. 5
200. 1
153.0
135. 0
159. 2
156.7
136.2
140. 9
134. 7
194. 8
236. 5
308. 2
39.75
41. 25
43.43
46. 10
46. 16
46.80
46.70
46. 03
45. 14
44.88
45. 30
46. 16
45.70
46. 17
46. 91
47.25
4a 03
47.95
NONAGRICULTURAL EMPLOYMENT
Total nonagriculfural payroll employment (seasonally adjusted) decreased by 1 2,000 in February. A pronounced
decline in employment occurred in the manufacturing sector, with decreases of 120,000 in durable goods manufacturing and 38,000 in nondurables. These decreases were partially offset by increases in contract construction (81,000)
and trade (65,000).
MIL JONS OF WAGE
AMI5 SALARY WORKERS (SEASONALLY ADJ LISTED)
76
-
72
MILLIONS OF WAGE
AND SALARY WORKE RS {SEASONALLY AD. USTEDJ
16
(ENLARGED S(:ALE)
•M
_^*^-*"*-*"™1
i
"
WHOL :SALE AND
^^\
68
^T~~^
J^
.X-""^ ALL NOh^AGRICULTURAL
^X*1
EST/ <BLiSHMENTS
'
—
• i|^
-
H
14
•
RET>fl-IL TRADE
12
SERVICES
-
„
"
-
-
40
1
- NONMANUFACITURING
(PRIVATE )
„—
11 0
-\
*»«* ** """"
36
-
10 T^—'
*"
**~
12
.
,
-.^^WIT-"""*"*1"
\
-•r4
""wuiHm,,,,^^" ..M..I..""""'""" " *"'*
1 1
--- -*""""** "
*"
DURABLE
MANUFAaURIh4G
"»"
"
^i»
"*•
—
-.
24
10
1
1
NONDURABLE
AMANUFACTURING
MANUFACTURE^G
\
20
8 '-i*.^.^«
'*
W
~-'-"-'Mi"
•
\
-
r
'
16
-
GOVERNMENT
4
72
*
^
^.
—
8 41 I 1 1 t 1 1 1 1 1 I
! 1 1 I ! ! ! 1 ! 1 !I ! ! ! 1 ! ! f 1 1 1
1967
1968
* ,
COh4TRACT
CONS!rRUCTION
\
-
',M ! t 1 H M IK
1969
2
.If
K
1970
_
\
f t ! ! 1 » t 1 t »
1 ! t ! ! ! 1! ! 1 1 ! 1 1 1 1 1 ! t t t 1
1967
1968
SOURCE: DEPARTMENT OF LABOR
1969
1 1 ! 1 t ! t f f 1 IK
1970
COUNCIL OF ECONOMIC ACVISEtS
1
[Thousands of wage and salary workers; seasonally adjusted)
Manufac turing (]private)
Period
1964
1965
1966
1967
1968_
_
1969
1969: Jan__
Feb__
MarApr. _
May_
JuneJuly.
Aug_
Sept_
Oct__
Nov_
Dec__
1970: Jan *>_
Feb*_
Total
58, 331
60, 815
63, 955
65, 857
67, 860
70, 141
69, 199
69, 487
69, 710
69, 789
70, 013
70, 300
70, 247
70, 500
70, 390
70, 651
70, 635
70, 679
70, 778
70, 766
Total
17, 274
18, 062
19, 214
19, 447
19, 768
20, 121
19, 999
20, 061
20, 122
20, 111
20, 118
20, 198
20, 164
20, 334
20, 197
20, 156
20, 004
20, 007
19, 964
19, 806
NonDurable durable
goods goods
9,816
10, 406
11, 284
11, 439
11, 624
11, 880
11, 819
11, 839
11, 881
11, 868
11, 874
11,931
11, 912
12, 081
11, 965
11, 932
11, 740
11, 738
11, 664
11, 544
7,458
7,656
7,930
8, 008
8, 144
8,241
8, 180
8 222
8 241
8 243
8 244
8 267
8 252
8 253
8 232
8 224
8 264
8 269
8 300
8 262
N onmanu facturinj I (private )
Total
31, 461
32, 679
33, 950
35, 012
36, 246
37, 794
37, 119
37, 304
37, 456
37, 534
37, 688
37, 843
37, 852
37, 928
37, 983
38, 177
38, 290
38, 276
38, 390
38, 535
Con- Transtract portation
Mining conand
strue- public
t/ion utilities
634 3,050 3,951
632 3,186 4,036
627 3,275 4, 151
613 3,208 4,261
610 3,267 4,313
628 3,411 4,448
626 3, 338 4,353
628 3,366 4,373
626 3,374 4, 399
624 3, 363 4,439
622 3, 407 4,444
622 3,466 4,467
629 3,434 4,483
631 3,410 4,484
631 3,420 4,480
631 3,418 4,480
632 3, 461 4,484
635 3, 459 4,489
632 3, 328 4, 518
632 3, 409 4, 502
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Gover nment
Whole- Finance,
insursale
ance, Services Federal State
and
and
and
retail
local
real
trade
estate
12, 160 2,957 8,709 2,348
7,248
7,696
12, 716 3,023 9,087 2,378
13, 245 3,100 9,551 2,564
8,227
8,679
13, 606 3,225 10, 099 2,719
2,737
14, 081 3,383 10, 592
9, 109
14, 644 3,559 11, 103 2,757
9,469
14, 412 3,490 10, 900 2,760
9, 321
14, 468 3,502 10, 967 2,767
9,355
14, 508 3, 515 11, 034 2,759
9,373
14, 533 3, 531 11,044 2,758
9,386
14, 609 3, 541 11, 065 2,754
9,453
14, 665 3, 557 11,066 2,790
9,469
14, 671 3, 568 11, 067 2,777
9,454
14, 702 3, 581 11, 120 2,752
9,486
14, 716 3, 586 11, 150 2, 749
9,461
14, 809 3, 595 11, 244 2,729
9,589
14, 836 3, 613 11,264 2,721
9,620
14, 773 3, 623 11, 297 2,720
9, 676
14, 913 3, 647 11, 352 2,714
9,710
14, 978 3, 654 11, 360 2,723
9,702
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek for private nonfarm production workers increased slightly in February to 37.5 hours (seasonally
adjusted). Hours declined substantially in manufacturing (from 40.3 to 39.9), increased in contract construction, ana
remained almost steady in retail trade.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK {SEASONALLY ADJUSTED)
46
46
TOTAL NO^AGRICULTURE^L PRIVATE
MANUFACTlJRING
44
11
A*)
1°
Af\
40
38
%
-^Np —
"5Z
"?A
34
^^
N/~
38
**—.•^
•V
^
V—^—n^•v-^-i
4; i t i i I i t i i i
*
! 1 1 I I 1 1 I 1 1 1
I 1 1 ! 1 1 1 1 1 1 1
1968
1967
1969
I I t I i 1 i i i t iN
1970
34 > h , , , , ! , , , , ,
1967
CONTRACT CONSTRUCTION
.,,,.!,....
1968
i i ,,, ! i . « ,i
1969
. . . . . 1 . ...
,K
^
1970
RETAIL TRADE
32
30
1967
1968
1969
1970
1967
1968
1969
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
1
[Average hours per week ]
Total
nonagricultural
private 2
Period
Manufacturing
Contract
construction
Total
nonagricultural
private 2
Retail
trade 3
Manufacturing
Contract
construction
Retail
trade 3
i
Seasonall}T adjusted
Unad lusted
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov ___
Dec._
1970: Jan *
Feb »
38.8
38.7
38. 8
38. 6
38. 0
37.8
37. 7
39. 7
39. 8
40. 4
40. 5
40. 7
41. 2
41. 3
40.6
40.7
40. 6
36.7
36. 9
37. 0
37. 3
37. 2
37. 4
37. 6
37.7
37.4
38. 0
38. 0
37. 6
37.4
37. 3
37. 0
36. 6
35.9
35. 3
34. 7
34. 2
37. 5
37. 2
37. 6
37. 5
37.7
38. 0
38. 1
38.2
38. 0
37. 7
37. 5
37. 7
37. 1
37.2
40.4
40. 0
40. 7
40. 5
40. 7
40. 9
40. 5
40. 6
41. 0
40. 7
40. 6
41. 0
40. 1
39.8
36. 7
36. 6
37. 2
37. 6
38.2
38. 5
38. 8
39. 2
39. 3
38.4
37. 1
37. 7
35.6
36. 7
34. 0
33. 8
33. 9
33.8
33. 9
34. 5
35. 2
35. 3
34. 2
33.7
33. 6
34. 1
33. 5
33.4
38. 6
38. 6
3R7
_ _
l
Data relate to production workers or nonsupervlsory employees. Data for
Alaska
and Hawaii included beginning 1959.
2
Also includes other private industry groups shown on p. 13.
14
S7. 8
37. 5
87. 8
37. 8
37.8
87. 8
37. 8
37.8
37.8
37. 6
37. 6
37.5
37.4
37.5
3
Includes eating and drinking places.
Source: Department of Labor.
40. 6
40. 1
40. 9
40. 8
40. 7
40. 7
40. 7
40.6
40.8
40.5
40.5
40. 7
40.3
39. 9
38. 2
38. 0
37.9
38. 0
38. 1
37. 6
37.5
37.9
38.1
37.5
38. 2
38.2
37.1
38. 1
84.4
34. 2
84. 3
34. 1
34. 3
34. 2
34.2
34.3
34.2
33.9
84.0
38.8
33. 9
S3. 8
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers increased in February from $3.13 to $3.15. Average
weekly earnings increased by $1.06 to $117.18.
DOLLARS
DOLLARS
6.00
AVERAGE WEEKLY EARhJINGS
AVERAGE HOURLY EARNINGS
-
nnn
5.00
CONTRACT CONSTRUCTION
A V*
CONTRACT CONSTRL CTION^y
V
x'Vi
^*r
4.00
160
y*
f*
\
-
MANURE.CTURING
MANUFACTURING
»*'*,.»»**
\J
120
3.00
%v
,.«'*« ,.» *""*
TOTAL NONAGRICULTURAL
PRIVATE
^
RETAIL TRADE
2.00
^>**~~~~* ^^
*-*^\
f
~*-s^TOTAL
~*~'NONAGRICULTURA L
'
PRIVATE
^—\___^
CT.
80
:~~~
1.00 fy l M I I i l l l
1967
40
I I I! I I I I I l I
1968
RETAIL • "RADE
A\ ! 1 ! 1 ! 1 1 ! 1 !
1970
1969
~
V
1967
J ( !
1 ! [ ! 1 t 1 1
1968
-
1 ] 1 ! J ! 1 1 1 I 1
1969
SOURCE: DCPARTMEN! OF LABOR
1 !!
I I 1 1 I ! 1 IN
\
1970
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Jan
Feb
Mar
Apr.
May
June
July
Aug__
Sept
Oct
Nov__
Dec
1970: Jan "
Feb "
__
_
Average ] lourly earn ings— cum3nt prices
Average \veekly earrtings— current prices
Total
nonagricultural
private 1
Total
nonagricultural
private l
$2. 09
2. 14
2. 22
2. 28
2.36
2. 45
2. 56
2. 68
2.85
3. 04
2.94
2. 96
2.97
2. 98
3. 01
3. 03
3. 04
3. 05
3. 10
3. 11
3. 12
3. 11
3. 13
3. 15
Manufacturing
$2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2.72
2. 83
3. 01
3. 19
3. 12
3. 12
3. 13
3. 15
3. 16
3. 17
3. 19
3. 19
3. 24
3. 24
3. 26
3. 29
3. 29
3. 28
Contract
construction
$3. 08
3. 20
3. 31
3. 41
3. 55
3. 70
3. 89
4. 11
4. 40
4. 78
4.58
4. 56
4. 62
4. 64
4.71
4. 71
4. 74
4. 79
4. 91
4. 95
4. 96
5. 02
5. 05
5. 02
Retail
trade 2
$1. 52
1. 56
1. 63
1. 68
1.75
1. 82
1.91
2. 01
2. 16
2. 30
2. 24
2. 26
2. 26
2. 27
2. 29
2. 30
2. 30
2. 30
2. 33
2. 35
2. 36
2. 34
2.38
2. 40
i Also includes other private indus u ry groups shown on p. 13.
Includes eating and drinking plac es.
Earnings in current prices, adjus ,ed to exclude the effects o overtime anc
interindustry shifts.
* Earnings in current prices dividec1 by the consu mer price hide X.
2
3
42-107°—70
$80. 67
82. 60
85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107. 73
114. 61
110. 25
110. 11
111. 67
111. 75
113. 48
115. 14
115. 82
116. 51
117. 80
117. 25
117. 00
117. 25
116. 12
117. 18
Manufacturing
Contract
construction
Retail
trade 2
$89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
126. 05
124. 80
127. 39
127. 58
128. 61
129. 65
129. 20
129. 51
132. 84
131. 87
132. 36
134, 89
131. 93
130. 54
$113.
118.
122.
127.
132.
138.
146.
154.
164.
181.
168.
166.
171.
174.
179.
181.
183.
187.
192.
190.
184.
189.
179.
184.
$57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
74. 95
78. 66
76. 16
76. 39
76. 61
76. 73
77.63
79. 35
80.96
81. 19
79. 69
79. 20
79. 30
79. 79
79. 73
80. 16
04
08
47
19
06
38
26
95
56
64
09
90
86
46
92
34
91
77
96
08
02
25
78
23
Manufa icturing
indus3 tries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1957-59
= 1957-59
3
100
prices 4
$87. 02
106. 8
109. 9
88. 62
112. 7
91. 61
115. 5
93. 37
118. 4
95. 25
121. 5
97. 84
125. 6
99. 33
131.5
98. 80
139. 5
101. 08
147. 7
101. 42
144. 4
101. 57
144. 9
100. 16
145. 2
101.43
146.0
100. 93
101. 43
146. 6
101.61
146.9
147. 8
100. 78
148. 4
100. 63
149. 5
102. 74
150. 2
101. 59
151.0
101.43
152. 0
102. 73
152, 7
100. 10
98. 52
NOTE.--Data for Ala ska and Haw iii included b eginning 1959.
Source: Department c f Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In February, industrial production (seasonally adjusted) declined for the seventh consecutive month. The index was
down 1/2 percent from January. In the major industry groups, declines were concentrated in the manufacturing sector.
In the market groups, consumer goods and materials declined.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
TOTAL
Index, 1957-59=100 (SEASONALLY ADJUSTED)
260
UTILITIES Ah^D MINING
180
240
^s\^~-1
160
V
•^
x220
UTILITIES
140
200
^S\'
120
y^\
^
180
1 ! 1 1 ! I 1I 1 I 1
I 1 1 1 1 1 t 1 ! 1 !
1967
1 ! I ! 1 1 I 1 ! 1 1 1 1 1 1 1 1 1 I!
1968
1969
MINING
1970
200
120
MANUFACTURING
180
DURABLE
-
1 1
\ ^
/*v*-"»^
.
S*
*-*•
\
'*
/X v +f\ i i i 1 i i i%f I i i i I I 1 i i i i I
1967
1969
1968
•^
1 1 1 1 1 i M
I I 1
1970
200
160
160
140
120
140
1967
1967
1970
1970
SOURCE: BOARD OF GOVERNORS
Total
industrial
production
Period
1960 __
1961
1962
1963
1964
1965
1966
1967
1968
1969"
1969: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept_
Oct
Nov
Dec
1970: Jan
Feb ^
COUNCIL OF ECONOMIC ADVISERS
_
108. 7
109.7
118. 3
124. 3
132.3
143.4
156. 3
158.1
165. 5
172. 7
169. 1
170. 1
171.4
171.7
172. 5
173.7
174. 6
174.3
173.9
173. 1
171. 4
171. 1
170. 2
169.4
[1957-59 = 100, seasonally adjusted]
Industry
M anufactun ng
Mining Utilities
NonTotal Durable durable
108. 9
109.6
118. 7
124. 9
133.1
145.0
158. 6
159.7
166.9
173. 8
170.2
171. 8
173. 1
173. 0
173. 8
174.8
175. 6
175.4
175. 2
173. 9
171. 8
171.2
170.0
169. 0
Source: Board of Governors ol the Federal Reserve System.
16
108.5
107.0
117.9
124. 5
133.5
148.4
164. 8
163.7
169.8
176. 4
173. 0
m. 5
175. 9
175. 7
176. 7
178. 3
178.7
178.8
178. 7
177. 3
172. 1
171. 1
169. 6
169. 1
109.5
112.9
119.8
125. 3
13-2.6
140.8
150. 8
154.6
163.3
170. 5
166. 7
168. 3
169. 5
169. 6
170. 3
170.5
171.8
171.3
170. 9
169. 5
171. 5
171. 4
170. 6
169. 0
101. 6
102. 6
105. 0
107.9
111.5
114.8
120. 5
123.8
126.6
130. 2
125. 8
124.8
126. 7
128. 8
130. 3
134. 4
133. 2
131.2
131. 6
130. 2
132. 6
133. 8
133. 2
134. 3
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.9
202. 5
221. 3
215. 1
214. 9
215. 1
216. 3
213. 6
215. 6
222. 2
222. 6
222. 5
226. 0
226. 0
227. 9
230.6
231. 0
Mai-ket
Fiilal produc3tS
Total
109.9
111.2
119. 7
124,9
131.8
142.5
155. 5
158.3
165.1
170. 8
168. 2
169. 3
170. 8
170. 2
170. 0
170.7
172. 8
172.7
172. 2
170. 9
168.4
168.4
168. 2
168. 2
Consumer
goods
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.5
156.9
162. 4
161. 0
161. 7
162. 8
161. 8
160. 7
161. 5
164. 4
164. 2
162. 8
161. 2
160. 5
160. 7
161. 0
160. 2
Equipment
107.6
108.3
119.6
124.2
132.0
147.0
172.6
179.4
182.6
188.6
183. 5
185. 5
187.8
188.4
190. 0
190. 4
190. 8
190. 3
192. 4
191. 9
185- 6
185. 1
183. 1
185. 6
Materials
107. 6
108.4
117.0
123. 7
132. 8
144.2
157.0
157.8
165.8
174. 6
169. 6
170. 8
172. 1
172. 9
174.5
176.3
176. 5
175. 9
176.0
175. 4
174. 6
173.9
172. 5
170.4
PRODUCTION OF SELECTED MANUFACTURES
Production of most manufactures (seasonally adjusted) declined again in February. An exception was the machinery
group with an increase of 2% percent.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
240
CHEMICALS, PETROLEUM,
AND RUBBER
220
200
180
PAPER AND
PRINTING \
160
140 I I I I I I I I I I I I
I I I ! I I ! ! I !
1967
1968
1969
1970
180
160
TEXTILES, APPAREL,
AND LEATHER
180
140
160
120
.FOODS, BEVERAGES,.
AND TOBACCO
100
140
1970
1967
1969
1968
1967
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
1970
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Durab le manufstctures
Period
Primary
metals
No ndurable manufactu res
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated Machin- tation
and
apparel,
and
petrobevermetal
ery
and
prodequipprint- leum, and ages, and
products
ment
leather
ing
rubber tobacco
ucts
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 * > _ _ _ _ _ _ _ _ _ _
101.3
98. 9
104. 6
113.3
129.1
137.6
142.7
132.5
137.0
149. 2
107.6
106. 5
117. 1
123.4
132.7
147.8
163.0
161.9
167.9
179. 8
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183.4
184.3
195. 6
108.2
103.6
118.3
127.0
130.7
149.2
166.9
165.7
179.5
174. 6
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
116.9
122. 3
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.4
144.8
143. 9
109. 0
112. 4
116.7
120. 1
127.5
135.3
146. 4
149.6
155.5
164. 7
113.9
118. 9
131. 2
141. 8
152.5
164.6
181.9
190.0
207.7
222. 4
106.6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131.7
135.3
138. 9
1969: Jan _ _ _ _ _
_ _ _
Feb
Mar
Apr
_
May
_ _ __ _ _ __ _
June
_
July--_ __Aug__ _
_
Sept___ _ _ _ _ _ _ _ _
Get
Nov. _
_ _
Dec__ _ _ _
__ _
139. 5
143. 6
146. 2
147. 9
149. 3
153. 1
152. 4
151.3
149. 3
150. 4
150. 3
148.9
176.4
177. 6
178. 5
178.3
179. 2
180. 6
179. 1
180. 6
179. 1
179. 4
179. 2
178. 5
191. 8
192.7
194. 7
194.6
196. 9
197. 2
198. 1
199. 4
201. 2
199. 0
187.4
188. 4
171. 2
173. 1
174. 1
172.4
171. 8
176. 6
181. 1
179. 1
178.8
175. 7
168.3
163.9
122.5
126. 7
130. 8
122.6
120. 7
115. 5
113. 4
114. 1
111. 1
113. 8
114. 1
109. 7
143. 6
142. 6
144. 7
143.7
146.3
146. 0
145. 4
143. 3
141. 1
142. 0
142. 9
141. 3
160. 2
161. 2
162. 2
162.4
163. 8
164. 4
165. 9
166. 3
165. 8
165. 3
166. 1
166. 0
214. 1
218. 0
219. 6
221.7
222. 7
223. 2
225. 2
222. 4
223. 3
222. 7
225. 3
224. 7
138. 0
139. 5
139.8
138.2
136. 9
137. 0
138. 4
141. 0
140. 4
136. 2
139. 2
140. 5
1970: Jan
Feb ^
143. 6
179.5
190.3
158. 3
138
_
_
177
195
156
140.3
139
163. 1
161
223. 6
221
141. 7
141
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Production of steel increased about 3 percent in February while output of cars and trucks declined 81/2 percent. Other
weekly indicators of production were mixed.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
STEEL
BITUMINOUS COAL
2.5
3.5
1968
/
2.0
2.5
\ /
1.5
1969
1.0
1.5 IA|_! ' • ! ; ! i
" J
F
. h, . I . u_L
M
A
M
J
1_ _ !
...... i. . . .I 1 .......
N
J
BILLIONS CF KILOWATT HOURS
. il
I 1 1 1 1 1
• ' ' "Pi y'
M
N
O
D
300'
ELECTRIC POWER
CARS AND TRUCKS
250
EZQ]
/-•> *^ ;.. *••£; -• n\
;-..••:
,\^
!
?
": / ^ *" T:
•**«•
«_
i ; *.
-/
'^
l..VI *
^-'.l/rl*
-^>>•. -"—
—•'
1 V<->°
200
A"
/ ^V
/,
X
l.'\v /
25
1
THOUSANDS
35 J-
30
1 I ! ! 1 I f .1
F
/^'
--',
—f
%
A
\
/
r' /vv\ N-..-A'
1969
A .-..^.-____i^
„ K...W_ M__
V'** t.
1968^ X.
.\
!•• ::
c.
:
V/
l
\f\l
\
150
:
/^
if
\/
l|:
—u
1
____^ —j_|
^/
•
'•
_^__ r A______ % i__V
1969^l':
__
100
^r—
.....
^-[19701
••/
//
/^ /•'
i^.\
*
"•*
/ /
1:
' -
__^
M
U
1
1
'
l
—h
_...
^\ / /
50
20 A . r . . l M , f M . ! M . I , M
v
J
F
M
A
M
0
i I 1 1I 1 i I 1 1 1 M I ! 1 1 1 I i . i I 1 I I I I i 1 iN
J
J
A
S
O
N
_1 1 II
J
D'
1 M
1 1 1 M
F
M
1 I 1 1 1 1 ! ! 1 I i 1 « 1 1 1 • I 1 1 ! r | , , , | , . •
A
M
J
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THc INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1963
1964
1965
_
1966
1967
1968
1969.
_-_ _
1969: Jan
Feb
Mar
Apr
May
June_
July
Aug
Sept
Oct _
Nov..
I)ec-_
_
1970: Jan .
Feb '•
Week ended:
1970: Feb 14_
_ _
21
28
Mar 7
14 v _ _
1
2
i>
,
0
• ! ! ! ! :
N
f out;, u <.ii r
1)
CONOM!.'. A
Bituminous
ric
B
Electric
tuminous Frei
o-ht p
Cars
aperboard
Paperboard
Freight
Car ai id true
Steel produced
1 Elect
pi'oduced
power
coal mined
produced assemb
loaded
Index
distributed (thousands (thousands (thousands
Thousands
(1957-59= (millions of
of short
of net
Total
of tons)
of cars)
kilowatt-hours) tons) l
tons
100)
2, 096
2,431
2, 521
2, 572
2, 440
2, 515
2,706
2, 502
2, 729
2, 799
2,830
2,789
2, 753
2, 571
2,578
2, 692
2, 782
2, 778
2, 672
2, 538
2, 610
112. 5
130. 5
135.3
138. 1
131. 0
135. 0
145. 2
134. 3
146. 5
150. 3
151. 9
149.7
147. 8
138. 0
138.4
144. 5
149. 3
149. 1
143. 5
136. 2
140. 1
2,
2,
2,
2,
2,
135. 8
141. 7
144. 4
143. 5
142. 7
Daily average. Includes data for Alaska.
Not charted.
18
A
530
640
690
674
658
17, 490
18, 728
20, 169
21, 971
23, 169
25, 244
27, 588
27, 484
27, 241
26, 584
25, 291
25, 852
27, 897
30, 053
30, 071
27, 873
26, 917
27, 308
28, 426
30, 060
28, 995
29,
28,
28,
28,
2 28
006
968
487
170
245
.1 MS
5
1, 535
1,630
1,735
1, 798
1, 868
1, 827
1,879
1,832
1, 750
1,708
1,852
1, 889
1, 791
2,076
1,844
1, 952
1, 983
1,946
1, 987
1,654
1, 829
555
558
562
570
540
543
544
486
508
530
552
568
570
514
568
567
595
562
483
489
509
358
384
410
446
439
479
510
473
517
527
516
534
529
474
514
489
528
526
492
522
521
175. 0
178. 8
213.7
199. 3
172. 9
207.6
195. 7
213. 6
218. 2
222. 4
199. 3
194. 6
226. 2
125. 7
122.8
208. 1
228. 4
211. 5
155. 5
188. 9
172. 8
146. 9
148. 8
179.4
165. 4
142. 4
170. 1
158. 1
176. 3
177. 7
181. 3
161. 9
161. 9
187. 7
93. 4
93.4
171. 6
185. 1
167. 9
122. 7
150. 0
137. 6
28. 1
30. 0
34.3
33. 9
30. 5
37.5
37. 6
37. 3
40. 5
41. 1
37.3
32. 7
38. 5
32. 3
29. 4
36. 5
43. 3
43. 6
32. 7
38. 9
35. 2
1,
1,
1,
1,
508
514
513
512
512
526
520
521
124. 2
200. 2
198. 3
182. 4
2
202. 4
95. 4
162. 8
158. 9
146. 1
163. 6
28. 9
37. 4
39. 5
36. 4
38. 8
846
820
923
773
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) declined 1 percent further
in January. Private nonfarm residential building accounted for the decline.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
40
ALL OTH ER PRIVATE
-—•——
^-^~—•——-ts^*"
•"
"
«,,^""".,,,,
^<>~W*** "^^^^^Nfc-^---^
-%]
30
1
•i '
•• •
• •
' : • ii i
c
; /6-1
i • •
i : i
I
"""""N^ ,^*—-^
! ! 1 I
!
1965
i
1 1 ! I
I I ! ! !
19 66
1
I ! 1
1 1 1
PRIVATE RESIDENTIAL (NONFARM)
! M 1
!
I 1 1 1
1967
I 1 1 !
1
1
1 I !?
70
1
I I I I I
1969
1968
NT OF COMMERCE
-
Period
1964
1965
1966
1967
1968
1969
66. 2
72. 3
75. 1
76. 2
84.7
91. 0
Private
Total
45. 8
50. 3
51. 1
50. 6
57. 0
63. 0
Residentiail nonfarm
CommerNew
cial and
Total i
housing industrial
units
Bi lions of doll ars
26. 3
20.4
9. 0
26. 3
20.4
11. 9
24. 0
18. 0
13. 6
17. 9
23. 7
13. 1
22. 4
28. 8
13. 9
30. 8
23. 7
16. 5
Other
10.6
12. 1
13. 6
13. 7
14. 2
15. 7
Federal,
State,
and
local
20. 4
22. 1
24. 0
25. 6
27.7
28. 1
87. 8
88. 1
<)2, 0
92. 1
1)1. 7
92. 8
92. 4
91. 5
90. 8
89. S
91. 2
91.3
89. 8
89.3
88. 5
59. 0
58. 9
62. 9
62. 6
62. 8
63. 0
63. 7
63. 0
63. I
62. 4
63.8
64. 3
62. 8
62. 3
61. 5
30. 2
30. 9
31. 1
31. 4
32. 4
33. 0
33. 0
31. 6
30. 3
29. 2
29.3
30. 0
29. 8
29. 4
28. 4
24. 1
25. 0
25. 0
25. 5
25. 5
25. 0
24. 5
23. 9
23. 2
22. 6
22. 6
23. 0
22. 8
22.4
21. 4
1 Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
Compiled by F. W. Dodge Company and relates to 48 States.
I I ! !|\
19 70
^
14. 5
14. 0
16. 8
16. 3
15. 8
14. 9
15. 2
16. 1
16. 8
16. 8
17.8
17. 8
16. 7
16. 8
16.7
Constructio n contracts 2
CommerTotal value cial and
industrial
(index,
1957-59 = floor space
100)
(millions of
square feet)
137. 0
142.8
145. 3
153. 3
173. 4
189. 4
! Seasonally
adjusted
Seasonally / adjusted armual rales
1968: Nov
Dec
1969: Jar.
Fob
Mar
Apr
Mav
June_ _
Julv
Aug
Sept
Oct.
Nov _
Dec
1970: Jan *
1
COUNCIL OF ECONOMIC ADVISERS
——
Total new
construction
expenditures
i i i ii
14. 3
14. 0
15. 0
14. 9
14. 6
15. 1
15. 5
15. 3
16. 0
16. 4
16. 7
16. 5
16. 3
16.2
16. 3
28.8
29. 2
29. 1
29. 5
29.0
29. 7
28. 7
28. 4
27. 6
27. 5
27. 3
27. 1
27. 1
27.0
27. 0
183
179
204
205
182
183
210
186
180
216
173
195
178
218
205
599
680
769
694
779
883
Seasonally
adjusted
annual
rates
836
858
1, 133
840
762
790
1, 027
964
884
864
827
960
772
1,043
1,066
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
In February, private housing starts (seasonally adjusted) increased 10% percent to an annual rate of 1.3 million units.
Permits increased 1 3 percent.
MILLIONS OF UNITS
MILLIONS OF UNITS
2.51
2.5
1964
1970
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA!
Period
1964
1965
1966
1967
1968
1969 v
1969: Jan___
Feb__
Mar__
Apr_ _
May__
June__
July__
Aug_ _
Sept_ _
Oct__
Nov__
Dec__
1970: Jan»_
Feb*>_
Total
private
and
public
(including
farm)
1, 561. 6
1, 509. 6
1, 196. 2
1, 321. 9
1, 547. 7
1, 500. 2
105. 8
94.8
135. 6
159. 9
157.7
150. 8
126.5
127.6
132. 9
125. 8
97. 4
85. 3
69.0
76. 5
Total
private
(including
farm)
1, 529.
1, 472.
1, 165.
1, 291.
1, 507.
1, 466.
3
9
0
6
7
7
101. 5
90. 1
131. 9
159. 0
155. 5
147. 3
125. 2
124.9
129. 3
123. 4
94. 6
84. 1
66. 2
73. 8
ND VETERANS ADMINISTRATION (VA)
[Thousands of units]
Hou sing start s
Privaite nonfa rm
Private (mcludin g farm)
Private
nonfarm
1, 502.
1, 450.
1, 141.
1, 268.
1, 483.
1, 449.
3
6
5
4
6
1
100. 2
89.2
130.6
157. 4
154. 0
144. 8
122. 9
123.5
127.6
122. 1
93. 1
83. 8
(3)
Total
1, 529.
1, 472.
1, 165.
1, 291.
1, 507.
1, 466.
One
unit
3
9
0
6
7
7
971. 5
963. 8
778.5
843. 9
899. 5
810.5
1, 878
1,686
1, 584
1, 563
1, 509
1, 469
1, 371
1, 384
1, 542
1, 392
1, 295
1,299
1, 197
1, 321
1, 066
975
828
797
883
808
765
723
846
777
772
729
692
801
1
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.
2 Units represented by mortgage applications for new home construction,
s Series discontinued; see Housing Start?, C-20-70-01, January 1670.
20
COUNCIL OF ECONOMIC ADVISERS
Two or
more
units
Total
Proposeid home
constr uction
New
private
Goverriment housing Applica- Requests
home pr ograms units tions for for VA
FHA appraisauthorVA
FHA
ized 1 commitals 2
ments 2
557. 8 1, 502. 3 154. 0 59. 2 1 285. 8
509. 1 1, 450. 6 159. 9 49. 4 1 239. 8
971. 9
386. 5 1, 141. 5 129. 1 36. 8
447. 7 1, 268. 4 141. 9 52. 5 1 141. 0
608. 2 1, 483. 6 147.7 56. 1 1 341. 4
656.2 1, 449. 1 153. 6 51. 2 1 299. 6
Sea sonally ac [justed a nnual r ates
57
812
1,845
1, 403
138
52
1,664
711
1, 477
139
1, 421
1, 567
53
156
756
1,502
48
1,548
164
766
47
1,495
137
1, 323
626
1,446
48
661
149
1, 340
46
138
1, 349
1, 228
606
142
47
1,370
661
1, 245
54
1,522
696
151
1, 201
52
1, 183
1, 379
160
615
53
178
1, 191
523
1, 275
191
59
1,294
1,239
570
3
54
170
1, 013
505
()
182
58
520
1, 147
182.
188.
153.
167.
168.
186.
1
9
0
2
9
5
113. 6
102. 1
99. 2
124.3
131. 7
138. 2
180
171
162
169
169
178
176
169
193
224
230
210
251
250
148
132
136
124
122
126
145
151
127
130
184
147
141
142
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 advance reports, retail sales (seasonally adjusted) rose in February. In January, business sales were unchanged from December while inventories declined because of a reduction in retail trade stocks.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
180
RETAIL TRADE (ENLARGED SCALE)
25 h-DURABLE GOODS STORES
TOTAL BUSINESS
INVENTORIES
160
140
120
TOTAL BUSINESS
SALES
100
,«••*"
RETAIL INVENTORIES
40
20
*•*•••
20
-RETAIL SALES-
i n i t I . nn
1968
1970
1969
1970
1967
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total Ijustness *
5
Reitail
Wholesale *
Sales2
Period
Sales 2
Inventories 3
Sales 2
Inventories 3
Total
[nventories 3
NonDurable durable
goods
goods
stores
Total
Durable
goods
stores
28, 001
29, 450
31, 201
34, 687
38, 368
39, 318
42, 657
45, 838
42, 657
42, 740
43, 014
43, 004
43, 118
43, 025
43, 438
43, 874
44, 322
44, 806
45, 378
45, 537
45, 838
45, 157
11, 703
12, 436
13, 189
15, 255
17, 309
17, 403
19, 461
20, 597
19, 461
19, 622
19, 487
19, 542
19, 567
19, 044
19, 365
19, 358
19, 756
20, 079
20, 564
20, 602
20, 597
20, 075
Nondurable
goods
stores
IMillions of dollars, seasonally aid justed
1962
1963
1964
1965
1966
1967
1968__
... _ _ _
1969
1968: Dec
1969: Jan
Feb
Mar
_ __ .
Apr_ _
Mav
June
July
Aug ___
Sept- _ _ _
Get
Nov
Dec
„
1970: Jan *
Feb *
1
65, 417
68, 969
73, 685
80, 276
87, 184
88, 962
96, 915
103, 640
98, 787
100, 103
101, 358
101, 475
102, 319
103, 232
104, 127
104, 201
104, 644
105, 903
106, 907
105, 666
104, 758
104, 666
101, 149
105, 525
111, 548
121, 140
137, 184
143, 694
153, 764
166, 106
153, 764
154, 086
155, 339
156, 401
157, 477
158, 602
159, 264
160, 631
161, 659
162, 733
164, 250
164, 974
166, 106
165, 630
1
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
18, 830
18, 347
18, 799
19, 516
19, 612
20, 105
19, 970
19, 719
20, 059
20, 210
20, 288
20, 207
20, 062
20, 177
The term "business" also includes manufacturing (see page 22).
- Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
* Beginning 1961, data include Alaska and Hawaii.
19, 630
20, 556
21, 823
23, 677
25, 330
26, 151
28, 277
29, 303
28, 463
28, 955
29, 257
28, 881
29, 409
29, 386
29, 371
29, 090
29, 346
29, 259
29, 620
29, 471
29, 419
29, 304
29, 418
14, 936
16, 048
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
22, 528
22, 441
22, 769
23, 080
23, 341
23, 438
23, 611
23, 591
23, 609
23, 716
23, 956
24, 021
24, 363
24, 308
6, 241
6, 661
7,049
7, 849
8, 192
8,348
9, 187
9, 398
9,388
9, 446
9, 597
9, 377
9, 575
9,481
9, 545
9, 141
9, 161
9, 384
9, 354
9, 229
9, 275
8,852
8, 790
13, 389
13, 895
14, 773
15, 828
17, 138
17, 803
19, 090
19, 904
19, 075
19, 509
19, 660
19, 504
19, 834
19, 905
19, 826
19, 949
20, 185
19, 875
20, 266
20, 242
20, 144
20, 452
20, 628
16, 298
17, 014
18, 012
19, 432
21, 059
21, 915
23, 196
25, 241
23, 196
23, 118
23, 527
23, 462
23, 551
23, 981
24, 073
24, 516
24, 566
24, 727
24, 814
24, 935
25, 241
25, 082
6
Beginning 1960, data include Alaska and Hawaii.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
In January, manufacturers' inventories rose only $1/i billion (seasonally adjusted). Shipments changed very little whik
new orders declined.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
70
MANUFACTURERS' SHIPMENTS
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
110
MANUFACTURERS' INVENTORIES
60
100
50
40
DURABLE GOODS
30
- rt"'
20
-NONDURABLE GOODS| i. i ! i i i i.. i
50
40
MANUFACTlJRERS' NEW (DRDERS
DURAB LE GOODS y.^.
30
40
,
^^^.
-^x^^^7
20
10
,,11,lt,i,.,,,I,1ll»t«Mi"
•11 1 1 M 1 1 1 1 I 1
„,.•"
„..•»,.,»»""""
\
\
NONDURABLE GOODS
1 1 I t ! 1 I 1 ! ! !
1967
'""" •
1 I ! t ! 1 ! ! 1 1 1
1969
1968
30
! ! ! 1 J f 1 ! 1 ! 1N
1970
*
20
1967
1970
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments 1 Manufact ,urers' inv entories 2
Period
Total
1962
1963
1964
1965
1966
1967
1968
1969
1968: Dec
1969: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov..
Dec
1970: Jan *
33, 113
35, 032
37, 335
41, 003
44, 876
45, 712
50, 310
54, 611
51, 494
52, 801
53, 302
53, 078
53, 298
53, 741
54, 786
55, 392
55, 239
56, 434
56, 999
55, 988
55, 277
55, 185
NonDurable durable
goods
goods
17, 103
18, 247
19, 634
22, 216
24, 635
24, 973
27, 579
30, 300
27, 742
29, 325
29, 914
29, 530
29, 643
29, 573
30, 136
30, 605
30, 868
31, 742
31, 889
30, 944
30, 201
30, 012
16, 010
16, 786
17, 701
18, 788
20, 240
20, 739
22, 731
24, 311
23, 752
23, 476
23, 388
23, 548
23, 655
24, 168
24, 650
24, 787
24, 371
24, 692
25, 110
25, 044
25, 076
25, 173
Total
NonDurable durable
goods
goods
l
Durat>le goods
Total
Total
Millions of dollars seasonal y ad juste d
58, 212 34, 609 23, 603 33, 005 17, 026
60, 027 35, 807 24, 220 35, 322 18, 522
63, 370 38, 433 24, 937 37, 952 20, 258
68, 179 42, 204 25, 975 41, 803 22, 986
78, 125 49, 797 28, 328 45, 938 25, 710
82, 819 53, 540 29, 279 45, 928 25, 189
88, 579 57, 422 31, 157 50, 597 27, 868
95, 905 63, 550 32, 355 54, 815 30, 504
88, 579 57, 422 31, 157 53, 101 29, 380
88, 905 57, 879 31, 026 53, 119 29, 684
89, 556 58, 282 31, 274 53, 901 30, 482
90, 317 58, 978 31, 339 53, 283 29, 697
91, 018 59, 426 31, 592 54, 635 30, 944
92, 139 60, 222 31, 917 54, 133 29, 998
92, 215 60, 479 31, 736 53, 861 29, 171
93, 166 61, 441 31, 725 55, 793 31, 069
93, 728 61, 724 32, 004 54, 799 30, 482
94, 211 62, 036 32, 175 56, 829 32, 135
94, 916 62, 631 32, 285 56, 917 31, 795
95, 416 63, 076 32, 340 56, 242 31, 188
95, 905 63, 550 32, 355 55, 362 30, 295
96, 165 63, 984 32, 181 53, 826 28, 727
1
Monthly average for year and total for month.
-Book
value, end of period, seasonally adjusted.
3
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio oi inventories at end of month to shipments
or month.
22
Manufacture rs' new orde rs
NonMachinery durable
goods
and
equipment
3,090
3,412
3,935
4,435
5, 268
5,250
5, 804
6,553
6,237
6, 204
6, 511
6,414
7,099
6, 428
6, 528
6,346
6, 245
7,352
6,450
6,696
6,490
6, 379
15, 979
16, 800
17, 694
18, 817
20, 228
20, 739
22, 728
24, 310
23, 721
23, 435
23, 419
23, 586
23, 691
24, 135
24, 690
24, 724
24,317
24, 694
25, 122
25, 054
25, 067
25, 099
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
Manufacturers'
inveiitoryshipratio 3
1.72
1. 69
1. 64
1. 60
1. 62
1. 77
1. 70
1. 69
L 72
1. 68
1. 68
1. 70
1. 71
1. 71
1. 68
1. 68
1. 70
1. 67
L 67
1. 70
1. 73
1. 74
MERCHANDISE EXPORTS AND IMPORTS
In January, the merchandise trade balance decreased to $56 million (seasonally adjusted), as imports grew more
rapidly than exports.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1.0
1.0
1970
1964
I/SEE NOTE 1 BELOW.
SOURCEi DEPARTMENT -OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
[Millions
Me rchandise exports
Total ^includDomesti 3 exports
ing ree xports) *
Food, Crude
mateSeason- Unad- Total * 8 beverages,
rials
ally ad- justed
and toand
justed
bacco
fuel
Monthly average :
1961
1962
1963
1964
1965
1966
1967. _ _
1968
1969
1968: Dec— 2, 977
1969: Jan — 2, 086
Feb_. 2, 295
Mar__ 8, 197
Apr__ 8,353
May- 8,296
June- 8,211
July.. 3,168
Aug.. 8,873
Sept. 8,826
Oct.. 8,862
Nov. 8,867
Dec.. 3,289
1970: Jan__ 8,305
1, 686
1, 749
1,872
2,153
2, 229
2, 458
2,586
2, 839
3, 110
3, 046
2,049
2, 143
3,368
3,505
3, 548
3, 098
2,995
3,154
3, 113
3,563
3,415
3,363
3, 238
289
1, 665
312
1, 726
349
1,848
2, 123
386
2, 201
377
2, 421
432
392
2, 554
2,802
383
3,064
370
U n ad juste d
442
3,007
143
2,010
2, 111
181
375
3, 323
3,456
396
437
3, 503
424
3, 051
2,953
386
370
3, 101
392
3,069
452
3,519
462
3,364
3,312
427
3, 196
356
Mercl:landise i mports
Gen gral impc>rts 2
Manufactured
goods
322
280
315
361
356
367
394
405
417
1,065
1, 139
1, 191
1,377
1, 453
1, 602
1,737
1, 985
2, 230
444
227
253
397
510
479
399
419
418
397
523
508
476
466
2, 073
1,619
1, 655
2, 492
2, 533
2,551
2, 182
2, 115
2,264
2, 222
2,479
2,294
2,357
2,310
i Total excludes Department of Defense shipments of grant-aid military sopplies
5 and equipment under the Military Assistance Program.
Total arrivals of imported goods other than intransit shipments.
8
Total includes commodities and transactions not classified according to kind.
of dollars]
To tal 3
Season- Unadally ad- justed
justed
1,230
1,372
1,434
1,562
1, 786
2, 135
2,241
2,769
3,004
2,908
2,014
2,653
2, 976
3, 178
3, 276
3, 186
3,066
8,180
8,055
8,222
3,214
3,007
3,250
3, 010
2,022
2, 399
2,988
3,330
3,237
3,214
3,154
2,909
3, 132
3,430
2,989
3,247
3,126
Food, Crude
bever- materials
ages,
and to- and
fuels
bacco
361
288
391
306
322
396
419
335
334
453
382
476
392
447
503
447
442
533
Unad usted
475
545
194
457
316
475
544
503
587
506
537
486
486
515
477
526
418
529
436
528
582
523
442
488
522
622
500
556
Grossmerchandise
trade
Manusurplus,
facseasontured
ally adgoods
justed
545
637
672
759
937
1,204
1,313
1,719
1,918
455
377
438
590
444
323
345
70
105
1, 877
1,282
1,522
1,843
2,127
2,101
2,096
2, 030
1,855
2,046
2,198
1,945
1,976
2,281
70
72
-358
221
180
20
26
102
193
271
140
163
232
56
Note.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
ow
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The balance on goods and services increased slightly in the fourth quarter to $2.9 billion (seasonally adjusted annual
rate). Merchandise exports rose more than merchandise imports.
BILLIONS OF DOLLARS.
BILLIONS OF DOLLARS
70
70
EXPORTS OF GOODS AND SERVICES
20
1970
JVlPRELIMINARY.
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1964
1965
1966
1967
1968
1969"
Total
37, 271
39, 399
43, 360
46, 188
50, 594
55, 387
Exports of good s and seir vices
Inconle on
investinents
Mer- Milichan-1
tary
GovPridise
ernsales vate
ment
25, 478
747
830
26, 447
829
29, 389
30, 681 1,240
33, 598 1,427
36, 487 1,504
4,930
5,384
5,659
6,234
6,934
7,965
456
509
593
638
765
931
Impor ts of good s and senrices
Balance
on
Other
services
Total
Merchan-1
dise
5,659
6,230
6,891
7,394
7,871
8,500
28, 691
32, 278
38, 081
41, Oil
48, 078
53, 314
18, 647
21, 496
25, 463
26, 821
32, 972
35, 797
Mili- Other goods
and
tary
servexpend- services
ices
itures
2,880 7,164
2,952 7,831
3,764 8,854
4,378 9,813
4, 530 10, 577
4,882 12, 636
8,580
7, 121
5, 279
5,177
2,516
2,073
Sea sonally adjustec annual r ates
1968: II
III
IV
50, 672
53, 376
50, 612
33, 580 1,412
35, 516 1, 624
33, 532 1,456
7,072
7,312
7,108
820
848
560
7,788
8,076
7,956
47, 308
49, 740
49, 408
32, 524
34, 264
33, 832
4,464 10,320 3,364
4, 572 10,904 3,636
4,676 10,900 1,204
1969: I
II
III
IV »
47, 676
57, 016
58, 212
58, 644
29, 912
38, 396
38, 324
39, 316
1,656
1,324
1,668
3,164
7,540
7,668
8,468
8,184
928
924
980
896
7,640
8,704
8,772
8,884
46, 284
55, 856
55, 388
55, 728
30, 316
38, 396
36, 972
37, 504
4,816
4,832
4,880
4, 996
1
Adjusted from customs data for differences in timing and coverage.
24
Source: Department of Commerce.
11, 152
12, 628
13, 536
13, 228
1,392
1, 160
2,824
2,916
U.S. BALANCE OF INTERNATIONAL PAYMENTS
In spite of a sizable surplus in the fourth quarter, there was a record deficit of $7.1 billion in the balance of payments
on the liquidity basis during 1969. On the official reserve transactions basis, there was a surplus of $2.7 billion for
the year.
BILLIONS OF DOLLARS
15
BILLIONS OF DOLLARS
15
BALANCE ON GOODS AND SERVICES
BALANCE OFFICIAL RESERVE
TRANSACTIONS BASIS
-20
1970
1964
.1/{>REL1MINARY.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Changes
in gold,
convertiErrors
ble currenOfficial To foreig n official
Foreign and uncies, and
hold ers 5
To other IMF gold
Direct
Other
Short- capital,
reserve
recorded
Liquidforeign
longterm
net 1
transtransinvesttranche
ity
term
holders e position
ment
actions basis 2 actions
Nnn
3
Liquid
basis
(increase
liquid
[-])
1, 075
318
1,554
-2,328 -2, 103 -2, 147
689 -1, 118 -2, 800- 1, 564
171
-18
85
131
753
-3,468 - 1, 079
270
-576 -1, 335- 1, 289
1,222
761
266 - 1, 595
2, 384
- 3, 639 -256
2, 531
-415
-489 -1,357
568
2, 020
1,346
1,472
-3, 154 -1,292 -1,209
3, 360 -1,007 -3, 544-3,418
52
-3,025 - 1, 082 -1,049
8, 565
-642
3,811
168 1,638 -3, 099 2, 341
— 880
-527
8,772
-998
-7,058 2,712
-1, 187
Quarterly tot<ils, unadj usted
Season ally adjus ted anmnil rates
U.S. pr ivate capi tal, net
U.S.
Government
Period grants
and
capital,
net 1
1964___
1965...
1966___
1967_._
1968--..
1969___
1968:
II____
III___
IV___
1969:
I
!!___
III___
IV »__
-3, 564
-3,406
-3,444
-4,223
-3,955
Bakince
6, 212
388
1, 468
-2, 190
-38
487
777
537
664
2, 222
1, 017
-149
-137
-571
-1,076
6, 532 -5, 040 -6, 700 4, 528
1, 420 -4, 352 -15, 552 4, 904
1, 164 -3, 564 -10,432 -3, 708
4, 452 5, 124
-17 708
-538
2, 239
— 520
45
-368
-510
-165
3,024
4, 653
1,419
-324
-48
-299
-686
-154
-4, 220 -4,036
-588 -1, 524 10, 068 — 1, 920
-3,872 - 5, 048 -916 - 1, 508 7, 220
1, 236
-240
— 3, 340 -1, 132 -2,280
-376 10, 752
-3, 172 — 3, 712 - 1, 024
— 628
-4, 620 — 4, 228 -1, 708 -2, 072
832
— 4, 208 -4, 380 - 1, 784
1
2
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 oflicial holders
and changes in official reserve assets consisting of gold, convertible currencies,
and
the U.S. gold tranche position in the IMF.
4
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.
Chan ges in sel ected
liabiliticjs (decrea se[-]) 4
36
-556
3,448
7
6
Private holders; includes banks and international and regional organizations;
excludes IMF.
' On Dec. 31, U.S. reserve assets consisted of gold stock, $11,859 million (up $695
million from Sept. 30); IMF position including gold portion of increased U.S.
subscription, $2,324 million; convertible currencies, $2,781 million.
NOTE.—The two balances have been revised beginning with first quarter 1969,
reflecting revisions in the capital account items (to be published in Survey of
Current Business, March 1970). Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
Consumer prices advanced again in February, with a rise of 0.5 percent. Food prices were up 0.6 percent. Nonfood
commodities increased slightly because of higher prices for nondurables. Services prices rose 0.7 percent.
Index, 1957-59=100
Index. 1957-59=100
160
1160
150
150
140
140
SERVICES
^
130
130
ALL ITEMS
120
120
FOOD
110
110
'«<
\
COMMODITIES
LESS FOOD
100
100
1964
1965
1968
1967
1966
1969
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
11957-59 = 100]
Co mmodities5
All
items
Period
1960
1961
1962_
1963
1964
1965
1966
1967
1968
1969
1969: Jan
Feb
Mar
Apr
May
June
July
Aug__
Sept
Oct
Nov
Dec
1970: Jan
Feb
Source: Department of Labor.
26
_
JL
J
J_
__ _ - U _
__ A
i^_
_^r
.. L
jl_
.ij_
i _
103. 1
104. 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
121.2
127. 7
124. 1
124. 6
125. 6
126. 4
126. 8
127. 6
128. 2
128. 7
129. 3
129. 8
130. 5
131. 3
131.8
132. 5
All commodities
101.7
102. 3
103.2
104, 1
105. 2
106.4
109. 2
111. 2
115.3
120. 5
117. 4
117. 8
118. 7
119. 3
119. 6
120. 5
121. 0
121. 4
121. 7
122. 4
122.9
123. 6
123.7
124. 2
Services
Comm odities lee>s food
Food
101.4
102. 6
103. 6
105. 1
106. 4
108.8
114. 2
115. 2
119.3
125. 5
122. 0
121. 9
122. 4
123. 2
123. 7
125. 5
126. 7
127. 4
127. 5
127. 2
128. 1
129. 9
130.7
131. 5
All
NonAll
Durable durable services
106.6
102.6
101.7
100.9
108.8
100.8
102.0
103. 2
110.9
103.
8
102. 8
101. 8
113. 0
102. 1
103. 5
104. 8
115. 2
104. 4
103. 0
105. 7
117.8
107.2
102. 6
105. 1
122, 3
102. 7
106. 5
109. 7
127. 7
104. 3
113. 1
109. 2
134.3
113.2
107. 5
117.7
143. 7
123. 0
111. 6
118. 0
139. 0
108. 6
120. 1
115. 0
139. 7
120. 5
109. 7
115. 7
140. 9
121. 4
111. 1
116. 8
142. 0
121.
9
117. 2
111. 4
142. 7
122. 4
111. 3
117. 5
143. 3
123. 0
111. 7
118. 0
144. 0
111. 9
123. 1
118. 1
145. 0
118. 2
123. 3
111. 9
146. 0
124. 4
111. 6
118. 7
146. 5
113.2
125. 1
119.8
147.2
125.5
120.2
113. 5
148. 3
120. 3
125. 7
113. 6
149.6
120. 1
113.7
125. 2
150.7
120. 4
113. 7
125. 8
Rent
103. 1
104. 4
105. 7
106. 8
107. 8
108.9
110. 4
112. 4
115.1
118. 8
116. 9
117. 2
117. 5
117. 8
118. 1
118. 5
118. 8
119. 3
119. 7
120. 1
120. 5
121. 0
121.3
121. 8
Services
less
rent
107. 4
110. 0
112. 1
114. 5
117. 0
120.0
125. 0
131. 1
138.6
149. 2
143. 9
144. 6
146. 1
147. 4
148. 1
148. 8
149. 6
150. 7
151. 7
152. 3
153. 1
154. 3
155.8
157. 1
WHOLESALE PRICES
Wholesale prices rose 0.3 percent in February, or less than half as much as in January. Prices of farm products were up
1.1 percent, industrial commodities 0.3 percent, and processed foods and feeds 0.1 percent.
Index, 1957-59=100
140
Index, 1957-59=100
140
100
90
80
1964
1970
SOURCE.- DEPARTMENT OF IABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100]
All
commodities
Farm
products
Processed
foods
and
feeds
100. 7
100. 3
100. 6
100. 3
100. 5
102.5
105. 9
106. 1
108.7
113.0
96. 9
96. 0
97. 7
95. 7
94.3
98.4
105. 6
99. 7
102.2
108. 5
1968: Dec. „
109.8
1969: Jan
Feb
Mar
Apr
May__.
June__
July
Aug
Sept
Oct.
Nov
Dec
Period
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970: Jan
Feb
_
___
Inter- Producmediate er finmate-2
ished
rials
goods
101.4
102. 3
100. 1
102. 5
99.9
102. 9
99.6
103. 1
100.2
104. 1
101.5
105.4
103. 6
108.0
104 8
111. 5
107.5
115.3
111.3
119. 3
Consuiiaer finished g<x>ds excludin g food
DurNonable
durable
100. 9
101. 5
100. 5
101. 5
100.0
101. 6
99. 5
101.9
99. 9
101.6
99.6
102.8
100. 2
104. 8
101. 7
107. 2
103.9
109.4
105.8
112. 3
All industrials1
Crude
materials
100. 0
101.6
102.7
103. 3
103. 1
106. 7
113. 0
111. 7
114. 1
119. 8
101. 3
100. 8
100. 8
100. 7
101.2
102. 5
104. 7
106. 3
109. 0
112. 7
98. 3
97. 2
95. 6
94. 3
97. 1
100.9
104. 5
100. 0
101.8
110. 5
103.3
114.7
110.2
103.8
108. 8
117. 1
105.0
110. 2
110.7
111. 1
111. 7
111. 9
112. 8
113. 2
113. 3
113. 4
113. 6
114. 0
114.7
115. 1
104. 9
105. 0
106. 5
105. 6
110. 5
111. 2
110. 5
108.9
108. 4
107. 9
111. 1
111. 7
116. 0
116. 3
116. 4
117.3
119. 4
121. 4
122. 0
121. 5
121.3
121. 6
121.8
122. 6
110. 9
111. 4
112. 0
112. 1
112. 2
112. 2
112. 4
112. 8
113. 2
113. 8
114. 2
114. 6
105.0
105. 5
107.2
109. 0
109.7
110.2
110. 7
112. 5
113. 9
113. 7
114. 1
114. 5
109. 7
110. 4
111. 1
111. 0
111. 1
110. 8
110. 9
111.3
111. 8
112. 2
112. 6
112. 9
117.6
117. 8
118.0
118. 1
118. 5
118. 7
119. 3
119. 3
119. 9
120. 8
121. 5
122. 3
105. 1
105. 1
105. 3
105.4
105.4
105.5
105. 6
105. 2
105. 3
106. 9
107. 1
107. 2
110. 4
110. 7
111. 2
111. 5
111. 4
112. 2
112. 6
113. 0
113. 3
113. 6
113. 8
114. 1
116. 0
116. 4
112. 5
113. 7
125. 1
125. 2
115. 1
115. 5
116. 0
118. 5
113. 5
113. 9
122. 9
123. 1
107.4
107. 6
114. 2
114. 6
1
Coverage of the subgroups does not correspom1 exactly to coverage of this
index.
2
Excludes intermediate materials for food manu facturing an d manufactu red
animal feeds; includes, in part, grain products for fiirther proces sing.
Iridustrial c ommoditi es
No TE. — Beginn ing 1967, the indexes inco rporate a re's*ised weight!ng structure
reflec ting 1963 va lues of ship nents. The j.lussifi cation structure al so changed.
„,
Soiirce: De parti nent of Lain r.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended February 15, both the index of prices received and the index of prices paid by farmers rose
again. The adjusted parity ratio was unchanged.
index, 1957-59=100
140
Index, 1957-59-tOO
130
130
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
mm*,***"
120
110
PRICES RECEIVED
(ALL FARM PRODUCTS)
100
90
RATIOV
BO
80
~ PARITY RATIO -
*'*"%.
s.
,,../ ""^
\
^'%.,,HH«,U«A«,H,
70
*-S**^\
'MM
70
60 . 1 1 . . ( . . . 1 .
1964
1966
1965
1967
1968
1969
1970
J/RATK) OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES. AND WAGE RATES, ON 1910-14-100 BASE.
SOURCIi DEPARTMENT OF AGRICULTURE
CQUNCII OF ECONOMIC ADVISERS
Prices ]received by farmers
Period
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15
July 15 _ _
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1970: Jan 15
Feb 15
All farm
products
99
99
101
100
98
103
110
105
108
114
109
110
112
112
117
117
117
115
114
115
118
118
119
120
Crops
100
102
104
107
107
104
106
101
103
100
99
101
102
102
106
103
100
99
96
97
102
99
98
99
items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 19,37-59=100
102
98
98
103
99
105
107
95
107
91
110
101
114
113
117
107
121
112
127
125
124
116
117
125
119
126
120
127
124
128
128
128
129
128
128
128
127
128
127
128
129
127
133
129
134
131
132
135
1
Percentage ratio of index of prices received by fanners to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio l
Prices paid by farmers
Family
living
items
102
102
103
104
105
107
110
113
117
123
120
120
122
122
123
123
123
123
124
124
125
125
126
127
Production
items
101
101
103
104
103
105
108
109
111
116
113
114
115
116
117
117
116
116
116
116
117
117
118
119
Actual
80
80
80
78
76
77
80
74
73
74
72
73
73
73
75
76
75
75
73
74
75
76
75
75
Adjusted2
82
83
83
81
80
82
86
79
79
80
78
79
79
79
81
82
82
80
79
80
81
82
81
81
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
In February, the money supply (seasonally adjusfed) was $1.7 billion below the January level and about the same as
in December. Time deposits showed little change in February.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
125
100
100
1964
SOURCEi BOARD OF GOVERNORS Of THE FfDERAl RESERVE SYSTEM
Period
1964:
1965:
1966:
1967:
1968:
1969:
1969:
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar
Apr
May- _ _ _
June.
July
Aug...
Sept__
Oct
Nov__
Dec
1970: Jan
Feb »_ _
1
__
_
_ _
___
_
_
[Averages of daily figures, billions of dollars]
M oney supp>iy
M oney supp>iy
CurCurTime
Time
DeDerency
rency
de- l
demand
mand
outTotal
outTotal
posits
posits l
dede•
_i_
side
posits
banks posits
banks
Seasonallyr adjusted
IJnadjuste d
34.2
125.2
159.3
125. 1
35.0
129. 1
126.6
164.0
145.2
166.7
36.3
130.4
134.9
146.7
37. 1
172.0
170.4
132. 1
156.9
38.3
39. 1
136.7
158.5
175.8
40. 4
141. 3
182.0
181. 7
41. 2
183.7
146. 2
187. 5
43.4
194. 8
151.4
203. 1
204. 9
44. 3
156. 7
201.0
192.4
199. 6
153.7
194. 1
45. 9
206.0
46. 9
159. 1
202. 8
203.2
195. 8
43. 5
158.2
152.3
43. 5
201. 7
202.4
196. 3
152. 5
43. 8
202. 4
43.4
151. 4
194.8
152.
6
202.9
44.
1
196. 8
202. 3
43.7
195.0
151. 3
202.7
44. 2
202. 3
198. 1
154.0
155.
3
43.8
199. 2
202.2
44. 5
44.2
198. 3
153.8
194.4
150. 3
201.7
44.8
154.2
152. 3
201.0
199. 0
200.8
44.7
197. 0
154. 4
152. 7
45.0
197.7
197.7
197.8
45. 2
199. 3
45.3
199. 0
153. 8
194. 5
45. 4
150. 5
195. 5
195. 9
152. 4
194. 3
194. 1
45. 2
153. 7
199. 0
45. 2
197. 6
153. 6
199.1
45. 6
193. 5
153. 7
45. 6
193. 7
199.3
192. 6
193.4
153.4
201. 0
46.4
45.9
199.3
154.7
194. 1
192.4
159. 1
153.7
199. 6
45. 9
206. 0
46. 9
192. 1
155. 1
191. 7
46. 1
46. 0
161. 1
201. 2
207. 2
192. 0
152. 0
192. 0
46. 4
153. 1
45. 9
199. 5
198. 0
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.
COUNCIL OF ECONOMIC ADVISERS
U.S.
Government
demand
deposits l
5.5
4.6
3.4
5.0
5.0
5. 5
4.9
6.9
4.8
5.4
9.2
6. 0
5.6
4. 3
5.3
4. 2
5. 1
5.5
4.8
7. 1
Data include Alaska and Hawaii.
Source: Board ol Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of selected liquid assets (seasonally adjusted) rose slightly in February following a sharp decline in
January. Changes in most types of asset holdings were small.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
300
200
200
100
100
J/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCK. Of ECO.NO,V,!C ADVJSERS
[Billions of dollars, seasonally adjusted]
End of period
1963 .. _. _
1964..
1965
1966
1967
1968
1969
1969: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct 9
Nov *>__
Dec p __
1970: J a n " _ _
Feb"
Total
selected
liquid
assets
495. 4
530. 5
573.1
601.5
650.4
709.6
729. 1
4
703. 7
705.7
713.2
711. 2
714. 3
713.8
i 709. 5
713. 1
718. 0
714. 3
720. 6
729. 1
718.3
718.7
Demand
deposits
and
currency l
149. 6
156. 7
164. 1
168.6
180. 7
3
199. 2
205. 7
188.8
189. 8
192.4
190.8
191. 5
194. 1
i 191. 8
193. 2
194. 1
193. 6
195. 0
205. 7
194. 5
194. 2
Time d eposits
Commercial
banks
30
44. 5
49. 0
52.6
55.2
60. 3
64.7
67.0
64.8
65.2
65.5
65.7
66. 1
66. 3
66. 3
66.4
66. 6
66.7
67.0
67. 0
67. 1
67.2
112. 9
127. 1
147. 1
159.3
183. 1
203. 8
195.9
203.4
202. 9
201. 9
201.8
202.7
200. 4
197. 5
195. 7
195. 6
195. 4
197. 1
195.9
194.6
195.4
1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month. Data prior to July 1969 have not been revised to
conform
to the money supply revision.
2
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.
Mutual
savings
banks
3
4
Postal
Savings
System
0.5
.4
.3
.1
Savings
and loan
shares
90. 9
101.4
109.8
113.4
123.9
131.0
134. 8
131. 0
132. 0
133.4
133. 3
133. 5
133. 6
133.6
134. 1
135.3
134.9
135. 3
134. 8
133.6
134.2
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
one
year 2
49. 0
49. 9
50.5
50. 9
51. 9
52.5
52.4
52. 5
52. 3
52.2
52.2
52. 2
52. 2
52. 2
52.1
52.0
52.0
52.0
52.4
52.2
52. 1
48. 1
46. 1
48. 6
53. 9
50. 5
58.5
73.2
*63. 4
63.4
67.7
67. 5
68. 3
67. 3
68.1
71.6
74.6
71. 7
74. 2
73.2
76.3
75.6
Estimates for Dec. 31.
Beginning 1969 series have been adjusted to conform to the new budget
concept.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total bank credit (seasonally adjusted) rose $1.1 billion in February. Loans increased by $1.8 billion while investments declined $0.6 billion.
BILLIONS OF DOLLARS
500
ALL COMMERCIAL
BILLIONS OF DOLLARS
1 500
SEASONALLY ADJUSTED, END OF MONTH
BANKS
400
400
TOTAL
LOANS AND INVESTMENTS
300
300
BANK LOANS
200
200.
100
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
100
INVESTMENTS IN OTHER SECURITIES
I M M I I M II {I II II i t f f I I I I I I t I I I I I F I
1965
1964
1966
1967
t t I M t I I I
t i i ii
1968
*SEE FOOTNOTE 4BELOW
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
Investrnents
Loans,
excluding
and
U.S. Gov- Other
interinvestsecuribank
ernment
ments
securities
ties
Bank
Weekly
debits
reporting
outside
large comNew York
mercial
City (232
banks
centers) ,
seasonally
Commercial
adjusted
and indusannual
trial loans
rates *
June.June
July.
_.
. J
Auff
Sept
Oct 9
Nov »
Dec 9
1970: Jan 9
Feb *
246. 2
267.2
294.4
310. 5
346. 5
149. 6
167.7
192.6
208.2
225. 4
251.6
276. 2
387.9
258. 4
386.6
257. 3
390.7
261. 0
264. 1
392. 2
264.
3
392. 5
4
4
269.
2
397. 3
397. 7
269. 9
270.3
397. 5
271.3
396. 5
396.8
273. 3
275. 5
399.7
276. 2
398.6
275.3
396. 1
277. 1
397. 2
384.6
398.6
4
61.7
60.7
57.1
53. 6
59. 7
61.5
51. 8
58. 1
57. 4
57.7
56. 1
56. 2
56. 3
56. 8
56.9
54. 7
53. 4
53. 2
51. 8
49. 9
49. 4
35. 0
38. 7
44.8
48.7
61. 4
71.5
70.5
71. 5
71. 9
72. 1
72. 0
72. 0
* 71. 8
71. 0
70. 3
70.5
70. 1
71. 0
70. 5
70. 9
70.8
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government. New series beginning January 1964.
2
Averages of daily figures. Annual data are for December.
'New series; see Federal Reserve Bulletin, March 1967.
< New series; for detail see Federal Reserve Bulletin, August 1969.
1970
A11 membe r banks
Total
reserves
Billions of dollars
1963
1964
1965
1966
1967
1968
1969 ^
1969: Feb
Mar
Apr
May_-
I I I ! I f M I t
COUNCIL OF ECONOMIC ADVISERS
All comntiercial bank s
(s easonally adjusted da ta)
End of period
i
1969
38. 8
42. 1
3
53. 1
60.7
65. 8
73.1
81. 6
73.7
75. 0
76. 7
76. 6
78. 4
2,199
1
2, 706
3,013
3,421
8, 740
77. 6
76. 6
78. 1
77. 6
78.0
81. 6
78. 1
78. 2
5,334
5,282
5,426
5,899
5,277
5,362
4,854
5, 160
4,903
4,841
4, 982
5,050
5,230
5,483
20, 746
21,609
22, 719
23, 830
25, 260
27, 221
28, 031
27, 291
26, 754
27, 079
27, 903
27, 317
26,
27,
26,
27,
27,
28,
28,
27,
980
079
971
340
764
031
838
943
Excess
reserves
2
Borrowings at
Free
Federal
reserves
Reserve
Banks
]Vfillions of dollars
327
536
411
243
452
454
392
557
238
345
455
765
257
1,086
824
228
217
918
152
996
1,402
300
1,407
343
116
303
236
143
253
257
146
231
1, 190
1,249
1,067
1, 135
1, 241
1, 086
964
1, 091
209
168
-2
-165
107
— 310
-829
-596
-701
— 844
-1, 102
- 1, 064
- 1, 074
— 946
-831
-992
-988
-829
-818
-860
NOTE.—Effective June 1966, balances accumulated for payment of personal
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.
QJ
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit outstanding declined $1.4 billion in January/ a year earlier the decline was $1.1 billion.
Seasonally adjusted instalment credit rose $380 million, the smallest increase since December 1967.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
END OF MONTH
120
120
TOTAL CONSUMER CREDIT OUTSTANDING
100
100
80
80
INSTALMENT CREDIT
L_
60
NONINSTALMENT CREDIT
I
20
.....M'^'V"""
20
t
1 I I t I I I 1 1If
_1_ULJ_L
I t I »
I t t
» 1
I t
t I ' t
10
SEASOhIALLY ADJUSTED (ENLARGE D SCALE)
.IbISTALMENT CREDIT E XTFNDED
*
3
* ——
«r i/*"™^- — """ '- ^
\
/ri i t i i I I i i | r
K
1964
1 ! ! ! 1 1 ! t 1! !
i .. i . Y . . . > i
I 1 ! ! 1 1! ! ! I1
1 ! ! ! ! f ! r 1 1 t
f ! t ! I 1I 1 f ?I
1967
1968
1969
1966
1965
f f I ! f I f ! 1 t 114
1970
[Millions of dollars]
Consum er instalme nt credit e:^tended
Consu mer credit outstandin g (end of p eriod;
and r<*paid (seas onally adju sted)
imadjusted]
Automobile paper
[nstalment
To tal
NonTotal
instal-2 Extended Repaid Extended Repaid
Personal
Total *
bile
ment
Period
57, 982
63, 821
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
113, 191
_ _ _ 112,117
111,569
111,950
113, 231
114, 750
115, 995
116, 597
117, 380
118, 008
118, 515
119, 378
122, 469
121, 074
43, 891
48, 720
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
89, 890
89, 492
89, 380
89, 672
90, 663
91, 813
93, 087
93, 833
94, 732
95, 356
95, 850
96, 478
98, 169
97, 402
17, 135
19, 381
22, 254
24, 934
28, 619
30, 556
30, 724
34. 130
36, 602
34, 130
34, 013
34, 053
34, 262
34, 733
35, 230
35, 804
36, 081
36, 245
36, 321
36, 599
36, 650
36, 602
36, 291
11, 673
13, 414
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
26, 936
26, 911
27, 048
27, 230
27, 628
27, 983
28, 305
28, 541
28, 957
29, 207
29, 312
29, 529
29, 918
29, 774
1
Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists
of single-payment loans, charge accounts, and service credit.
s
End of period, unadjusted.
32
H
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1961
1962
1963
1964
1965
1966
1967
1968
1969
1968: Dec
1969: Jan.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1970: Jan
6
INSTALMENT C REDIT REPAID
„,, ^ ,» -. -• «•"»••'»••
14, 091
15, 101
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 300
23, 301
22, 625
22, 189
22, 278
22, 568
22, 937
22, 908
22, 764
22, 648
22, 652
22, 665
22, 900
24, 300
23, 672
49, 048
56, 191
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 888
8,277
8,371
8, 414
8,381
8, 720
8,680
8, 705
8,521
8,680
8, 669
8,661
8, 632
8, 344
8,521
48, 124
51, 360
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 609
7, 502
7,730
7,616
7,735
7,960
7,834
7,910
7,899
8,080
7, 971
7,992
8,012
7, 929
8, 141
16, 029
19, 694
22, 126
24, 046
27, 227
27, 341
26, 667
31, 424
32, 354
2, 592
2,661
2,716
2,730
2,772
2, 757
2,725
2,582
2,634
2, 794
2,808
2, 683
2,472
2,479
16, 552
17, 447
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 882
2,357
2,467
2,468
2,501
2, 519
2,488
2,460
2,471
2,562
2,498
2,463
2,503
2,499
2,469
Mortgage
debt outstanding
nonfarm,
1- to 4f amilv
houses 3
153, 000
166, 500
182, 200
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800
251, 200
254, 800
259, 500
263, 400
266, 800
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
Most interest rates, after reaching new highs in January, declined somewhat in February and early March.
PERCENT PER ANNUM
10
PERCENT PER ANNUM
10
CORPORATE Aaa BONDS
(MOODY'S) »
TAXABLE GOVERNMENT
BONDS
1964
SOURCE, SEE TABLE BftOW
Period
1962
1963___
1964
1965
1966
1967
1968
1969
1969: J a n _ _ _
Feb
Mar
Apr
_
lyfay
June
July
Aug___
Sept.__ _ _ _
Oct
Nov
Dec
_ ___ _
1970: Jan
Feb
Week ended:
1970: Feb 20 _
27.
Mar 6 _ _ _
13
20___
8
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Govejrnment secuiity yields
municipal
3-month
bonds
3-5 year
Taxable
2
Treasury
3
(Standard
&
issues
bonds
bills *
Poor's) 4
2. 778
3.95
3.57
3. 18
3. 157
3.72
4.00
3.23
3. 549
4.06
4 15
3.22
3.954
4.21
4. 22
3.27
4.881
4 65
3.82
5. 16
4321
5.07
485
3.96
5.339
5.59
5.26
4.51
6. 677
6.85
6. 12
5.81
6. 177
6. 04
5. 74
4 95
6. 156
5. 86
6. 16
5. 10
6.080
6. 33
6.05
5. 34
6. 150
6. 15
5. 84
5. 29
6.077
6. 33
5. 85
5. 47
6. 493
6. 64
6. 05
5. 83
7. 004
7. 02
6. 07
5. 84
7. 007
6. 02
7. 08
6. 07
7. 129
7. 58
6. 32
6. 35
7. 040
7. 47
6. 27
6. 21
7. 193
7. 57
6. 52
6. 37
7. 720
7. 98
6. 81
6. 91
7. 914
S. 14
6. 86
6. 80
7. 164
(>.
44
7. 80
6. 57
6. 777
(1 812
6. 80S
6. 876
6
6. 836
7.
7.
7.
7.
66
45
24
15
6.
(k
6.
6.
30
25
28
44
Bate on new issues within period.
" Selected note and bond issues.
April 1953 to date, bonds due or callable
10 years and after.
Weekly data are Wednesday figures. fl Not charted.
Data for first of the month, based on the maximum permissible interest rate
ercent beginning January 5, 1970) and 30-year mortgages paid in 15 years.
6.
6.
6.
6.
5,3
36
18
07
Corporalbe bonds
(Moo dy's)
Aaa
Baa
4. 33
4 26
4. 40
4.49
5. 13
5. 51
6. 18
7.03
6. 59
6.66
6. 85
6.89
6. 79
6. 98
7. 08
6. 97
7. 14
7. 33
7. 35
7. 72
7. 91
7.93
5.02
4.86
4 83
4. 87
5.67
6.23
6.94
7.81
7. 32
7. 30
7. 51
7.54
7. 52
7.70
7. 84
7. 86
8. 05
8. 22
8. 25
8. 65
8.86
8. 78
7. 93
7.83
7.79
7. 80
8.
8.
8.
8.
79
73
62
59
Prime
commercial
paper,
4-6
months
3. 26
3. 55
3.97
4.38
5.55
5. 10
5.90
7.83
6. 53
6.62
6. 82
7.04
7.35
8. 23
8.65
8. 33
8.48
8. 56
8.46
8. 84
8.78
8. 55
FHA
new home
mortgage
yields 5
5. 61
5.47
5.45
5.46
6.29
6. 55
7.13
a 19
7. 50
7.99
8.05
8.06
8. 06
8.35
8. 36
8.36
8. 40
8.48
8. 48
8. 62
8. 55
8. 50
8. 50
8.50
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 in February averaged 31A percent below the January level. However, it increased in late
February and early March.
Index, 1941-43=10
Index, 1941-43=10.
120
120
no
110
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
100
100
90
90
80
80
70
60 U
PERCENT
PERCENT
MONTHLY
DIVIDEND YIELD ON COMMON STOCKS
RATIO
RATIO
PRICE/ EARNINGS RA TIO ON COMMON STOCKS
20
r~^
_——-^ "^-^^
^\^--—
15
10
/
1
V
1
1
"-—-"•
/f
\
!
1965
1964
1966
90
\
' """"—•—f
\
1968
1967
I
i
_ _
_
_ ___
f
K
10
N
COUNCIL OF ECONOMIC ADVISERS
Total
Total
81. 37
88. 17
85. 26
91. 93
98.70
97. 84
101. 46
99. 30
101. 26
104. 62
99. 14
94. 71
94. 18
94. 51
95. 52
96. 21
91. 11
90. 31
87. 16
86. 19
93.48
91. 08
99. 18
107. 49
107. 13
110. 15
108. 20
110. 68
114. 53
108. 59
103. 68
103. 39
103. 97
105. 07
105. 86
100. 48
99.40
95. 73
86. 20
86. 66
87. 21
88.94
89. 88
88.43
94. 74
95. 23
95. 81
97. 50
98. 28
96. 67
Consumers'
goods
Capital
goods
Public
utilities
Railroads
Dividend
yield 2
(percent)
1941-^13=10
76. 35
73. 84
85. 26
81. 94
84.86
74. 10
96.96
79. 18
105. 77
86.33
103. 75
87. 06
105. 47
87. 93
103. 76
86. 69
105. 54
88. 21
91. 57
108. 66
102. 68
88. 12
100. 55
83. 04
100. 90
83. 44
102. 27
85. 26
103. 67
87. 29
104. 68
89. 84
100. 31
85. 62
85.42
99. 70
83.74
96.55
69. 91
76.08
68. 21
68. 10
66.42
62. 64
69. 24
66. 07
65. 63
66. 91
63. 29
61. 32
59. 20
57. 84
58. 80
59. 46
55. 28
55. 72
55.24
45. 46
46.78
46. 34
46.72
48.84
45.95
54. 78
50.46
49.53
49.97
46. 43
43. 00
42. 04
42. 03
41. 75
40. 63
36. 69
37. 62
36. 53
3. 01
3.00
3. 40
3. 20
3.07
3. 24
3. 10
3. 17
3. 11
3. 02
3. 18
3. 34
3. 37
3. 33
3.33
3. 31
3. 52
3. 56
3. 68
82.81
83. 18
83.82
85. 14
86. 47
84. 68
54. 13
54.51
55. 15
57.63
59. 97
59. 04
36. 29
36.45
36. 44
37.03
38. 07
37. 57
3.73
3. 71
3. 67
3. 59
3. 56
3. 62
94.93
97. 01
97. 04
97.20
96. 83
95. 70
i Includes 500 common stocks: 425 in dustrials, 55 pu 3lic utilities, an d 20 railroads. Weekly indexes for capital and consumer good 5 are Wednesda y figures;
all 2 other weekly indexes are averages of daily figures,
Aggregate cash dividends (based ori latest known annual rate) di vdded by
the aggregate monthly market value oi the stocks in t he group. Annu al yields
34
1
1970
Price index
Industrials
Period
I
1969
SOURCE: STANDARD & POOR'S CORPORATION
1964
1965_ .. ___
1966_
1967__
1968
1969
1969: Feb
Mar
Apr
May
June
July
Aug
Sept..
Get
Nov. _
Dec
1970: Jan
Feb
Week ended:
1970: Feb 6
13
20
27
Mar 6
13
15
Price/
earnings
ratio 3
18. 08
17. 08
14. 92
17. 52
17.20
16. 59
17.68
16. 59
15. 42
4
16. 68
ar e averages of me nthly data. We(ikly data are W<idnesday figures
Ratio of price index for last da y in quarter to quarterly earni ngs (seasonally
ad usted annual nite) . Annual rat ios are averages of quarterly da ta.
* Not charted.
•.Source: Standar d & Poor's Corf oration.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
For fiscal 1970 and 1971, there are projected surpluses of $1.5 billion and $1.3 billion respectively. In the first
7 months of fiscal 1970 there was a deficit of $8.2 billion/ a year earlier, the deficit was $10.2 billion.
BILLIONS OF DOLLARS
2001
RECEIPTS AND OUTLAYS
200
160
160
OUTLAYS
(EXPENDITURES AND NET LENDING)
120
120
RECEIPTS
80
8Q
_L
(ENLARGED SCALE)
I960
(ENLARGED SCALE)
1961
1962
J?63
3964
1965
1966
fISCAL YEARS
J/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
1967
1968
1969
1970^
1971J/
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
B udget receipts, expenditures, and net lendiiig
Period
Receipts
Fiscal year:
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
197033
1971
Cumulative totals for first
7 months:
Fiscal year 1969
Fiscal year 1970
Expenditures
Surplus or
deficit (-)
92. 5
94 4
99.7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187.8
90. 3
96. 6
104 5
111. 5
118. 0
117.2
130. 8
153. 2
172. 8
183. 1
2. 2
— 2. 2
-4.8
-4 9
-5. 4
-.3
(2)
-3.6
— 19. 1
4. 7
199.4
202. 1
195. 0
200. 1
98. 7
107. 1
108. 0
114 1
'Excludes non-interest-bearing public debt securities held by IMF.
Surplus of $36 million.
Estimates.
2
3
Loan
account
Reeeip t-expenditure ^ic count
Net
Total
surplus or
deficit (-)
lending
1. 9
1. 2
2.4
-. 1
.5
0.3
-3.4
-7. 1
-48
Gross Fee eral debt
(end of period)
Total1
290. 9
292.9
303. 3
310. 8
316.8
323. 2
329. 5
341.3
Held by
the public
237.2
238.6
248.4
254 5
257. 6
261. 6
264 7
267. 5
290. 6
3. 8
5. 1
6. 0
1. 5
-5.9
-1.6
-3.8
-8.7
-25.2
3. 2
4. 4
2. 0
2. 9
.7
1. 5
1. 3
374 7
382. 5
278.5
-9.3
-7. 0
1.2
.9
-10.2
373. 6
380. 5
293. 5
289. 1
1.2
Q ^
0
___ Q^
369.8
367. 1
279.5
277. 3
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
in fiscal 1970, receipts are estimated to be $11.6 billion over a year earlier while outlays are expected to be
$13.3 billion higher. In fiscal 1971, the estimated increases are $2.7 billion for receipts and $2.9 billion for
outlays. In the first 7 months of fiscal 1970, receipts were up $8.4 billion over a year earlier and outlays were
up $6.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
- 20
CORPORATION INCOME TAXES
I
f
f
!
120
120
OUTLAYS
(EXPENDITURES AND NET LENDING)
100
100
80
-NONDEFENSE
80
60
40
40
NATIONAL DEFENSE -
20
20
1960
1961
1962
1963
1964
1965
1966
FISCAL YEARS
ESTIMATE.
1967
1968
1969
SOURCESi TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
1970-^
19711/V
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
(Outlays
Recei pts
Natio nal defense
Period
Fiscal year:
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
19702
1971 2
Cumulative totals for
first 7 months:
Fiscal year 1969___
Fiscal year 1970___
1
Expenditure
2
Estimates.
account.
36
Individual
income
taxes
Corporation
income
taxes
Other
92.5
94.4
99. 7
106.6
112.7
116. 8
130. 9
149. 6
153. 7
187.8
199. 4
202. 1
40. 7
41. 3
45. 6
47.6
48. 7
48.8
55. 4
61. 5
68.7
87.2
92. 2
91.0
21. 5
21. 0
20. 5
21. 6
23. 5
25. 5
30. 1
34.0
28.7
36. 7
37. 0
35. 0
30.3
32. 1
33. 6
37.4
40. 5
42. 6
45.3
54. 1
56. 3
63.9
70. 2
76. 1
98.7
107. 1
49. 0
54. 7
16. 3
15. 3
33. 4
37.1
Total
Interna- Health
tional
and
Inaffairs
income terest Other
and
finance security
Total
Department of
Defense,
military l
92. 2
97. 8
106. 8
111. 3
118.6
118.4
134.7
158.3
178. 8
184.6
197.9
200. 8
45. 9
47.4
51. 1
52. 3
53.6
49. 6
56.8
70. 1
80. 5
81. 2
79.4
73.6
41. 5
43. 3
46.9
48. 1
49. 6
46. 0
54.2
67. 5
77. 4
77.9
76. 5
71.2
3. 1
3.4
4. 5
4. 1
4. 1
4. 3
4.5
4. 5
4. 6
3.8
4. 1
3.6
18. 7
21. 8
23. 3
25. 2
26.6
27. 2
31.3
37.6
43. 5
49. 1
57. 1
65.3
8.3
8. 1
8.3
9.2
9. 8
10.4
11.3
12.6
13.7
15.8
17.8
17.8
16.2
17. 1
19.6
20.5
24.5
27. 0
30. 8
33. 4
36.4
34. 6
39.4
40.5
108.9
115.3
46.7
47.2
44.7
45. 5
2. 2
2. 1
28.0
30. 7
8.9
10.2
23. 2
25. 1
Total
Sources: Treasury Department and Bureau of the Budget.
SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates, Federal receipts rose $2 billion (seasonally adjusted annual rate) in the fourth
quarter and expenditures increased $3 billion, yielding a surplus of about $6% billion.
BULKDNS OF DOLLARS
220
BILUONS OF DOUARS
220
SEASCttUU.Y ADJUSTED ANNUAL RATES
~
-
C----^
-xl
-
ifto
''
140
120
100 /
f
i
l
l
V
i
i
r
i ? i
f/rt
lov
^^
r^
—
iflrt
rx
E5(PEND1TURES
-
.
.140
RECEIPTS
•.
f
1
!
f
I
f
f
!
! J/
f
!
1
K 100
H
+20
SURPLUS
.
M •
~ DEFICIT
I
!
-20
1964
!
f
— w
f
!
!
1
1
11""
ii i
i
1
1966
1965
t
I
1
!
»
1
i
\y
!
1969
1968
1967
i
I
1970
f
-20
CALENDAR YEARS
J^-RELIMIMARY
cowMCH OF
SOURCE: DEPARTMENT OF CC)MMERCE
ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federa I Governtnent expeiaditures
Federal (jrovemmeiat receipt s
Period
Total
Fiscal year:
1966
1967
1968
1969 1
mo ....
1971 1
Calendar
year:
1966
1967
1968
1969*
1968: III.
IV.
1969: I
II__
III_
IV*
Indirect ContriPersonal Corporate business butions
tax and profits
for
Total
tax and
nontax
tax
nontax social inreceipts accruals
accruals surance
Subsidies
Grantsless
Purin-aid
Net
current
chases Trans- to State
interest surplus
of goods fer payand
local
paid
of Govt.
and
ments
entergovernservices
ments
prises
Surplus
or
deficit
(-),
income
and
product
accounts
132.8
147.3
160.9
192.7
201.8
205.4
57. 6
64.4
71. 3
90. 5
95.5
93.6
31. 0
31. 1
34. 3
40.0
38. 8
38.4
15.7
16. 1
17. 2
18.6
19. 1
20. 5
28.5
35.8
38. 0
43. 6
48. 3
52. 9
131.9
154.6
172.4
186. 7
198. 1
203. 8
71.7
85.3
95.3
101. 1
100.8
96. 6
34. 2
39.4
44. 5
50.3
56.9
65. 0
12.7
14. 8
17. 6
18. 9
22.4
24. 8
9.0
9. 9
10.8
12. 3
13.6
13.3
4.5
5.1
4. 1
4.1
4,5
4. 1
0.9
-7. 2
-11.5
6,0
3.6
1.6
142. 5
151. 1
176.3
201.5
181. 4
187.3
198.6
202.8
201. 3
203.3
61.7
67.5
79.5
95. 6
83. 7
87.4
93.8
96.9
95. 0
96.7
32. 1
30.6
38.3
40.2
38. 4
39. 8
40.7
41. 0
39.8
39.4
15.7
16.3
18. 0
18. 8
18.3
18.5
18. 5
18.6
19. 1
19. 1
33. 0
36. 7
40. 5
46.9
40. 9
41.7
45.6
46. 4
47. 5
48. 1
142. 8
163. 8
181.5
192. 0
184. 2
187.4
188. 5
189. 3
193. 6
196. 7
77.8
90. 7
99. 5
101. 9
100. 9
101. 9
101.6
100. 6
103. 2
102.3
35. 7
42. 2
47.8
52.4
48.7
50. 0
50. 8
52. 1
52.7
53.9
14. 4
15. 9
18. 3
20. 0
18.4
19. 0
19. 0
19.3
19. 8
22.0
9.5
10. 3
11.6
13. 1
11.7
12. 2
12.5
12.9
13. 1
13.7
5.4
4.7
4.3
4. 6
4. 6
4,4
4.6
4.4
4. 6
4, 8
—. 2
— 12.7
— 5. 2
9.5
-2.8
— .1
10.1
13.5
7.7
6.7
1
Estimates.
NOTE: Receipts for 1969 reflect repeal of investment tax credit. Data for Alaska
md 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 Mall
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
1
2
3
4
5
6
7
8
9
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
_
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. 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
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and
not available.
* Indicates less than $50 million.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 25 cents per copy, $3 per year ; $4 foreign. Domestic air mail, $3.60 additional per year.
38
U . S . G O V E R N M E N T P R I N T I N G O F F I C E : 1970