View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

92d Congress, 2d Session

Economic Indicators
March 1972

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1972

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

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)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)

JOHN R . STARK, Executive Director
JAMES W. KNOWLES, Director of Research
LOUGHLIN F. McHuGH, Senior Economist

COUNCIL OF ECONOMIC ADVISERS
HERBERT STEIN, Chairman
EZRA SOLOMON
MARINA v. N. WHITMAN
Economic Indicators prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States oj America in Congress assembled, Th.i i t h e J o i n t
Economic Committee be authorized to issue a monthly publication e n t i t l e d "Economic I n d i c a t o r s , " and t h a i a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and t h e Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the 1 louse of Representatives, two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $3.00 per year (foreign, $4.00) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.
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.
11



TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose $191/2 billion in the fourth quarter to a seasonally adjusted annual rate of $1,073 billion.
For the year 1971, gross national product totaled $1,047 billion, an increase of $72% billion from 1970.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Cjovernme Dt

Persons
N et receipts

Disposat le personsil income
Period
Total 1

PerLess : Equals:
sonal
Interest Total Personal saving
consumppaid and excludor
tion
ing
transfer
expenddisinterest
payitures saving
and
ments
(\ /
•)
transto forfers
eigners

Surplus

or
Less:
Less:
Tax
TransTrans- Equals: deficit
and
Pur(— ),
fers,
Equals: Total
fers,
nontax
chases
income
Net
receipts interest, receipts expend- interest, of goods
and
and
itures
and
or
and
product
sub—
SUu—
accruals sidies 2
services accounts
2
sidies

1964
1965
1966
1967
1968 _ _ _
1969
_ _
1970
1971 "

438. 1
473. 2
511. 9
546. 3
591. 0
634. 2
687. 8
741. 3

10. 7
12. 0
13. 0
13. 9
15. 1
16. 7
17. 9
18. (>

427.4
461. 3
498. 9
532. 4
575. 9
617. 5
069. 9
722. 7

401. 2
432. 8
466. 3
492. 1
536. 2
579. 0
615. 8
662. 1

26. 2
28. 4
32. 5
40. 4
39. 8
37. 9
54. 1
60. 5

174. 1
189. 1
213.3
228. 9
263. 5
295. 6
300. 5
320.9

46. 7
49. 9
55. 5
62. 8
70. 7
78.4
94. 2
108. 2

3970: 1
II
III —
IV. ,_

667. (')
685. 7
696. 2
701. 5

17. 5
17. 8
18. 0
18. o

650.
667.
678.
683.

1
9
2
2

604.
613.
620.
624.

0
8
9
7

46. 2
54. 2
57. 4
58. 5

296. 6
301. 8
301. 7
301. 9

197J: 1
It
III___
IV"__

722, 0
739. 6
748. 5
755. 0

18. 4
18. 6
18. 8
18. 8

703. 6
721. 0
729. 7
736.2

644.
657.
668.
677.

9
4
8
2

58. 6
63. 6
61. 0
59. 0

312. 3
317.8
322. 0
331.0

127. 3
139. 2
157.9
166. 2
192. 7
217. 2
206. 3
212. 7

175.4
186. 9
212.3
242.9
270. 3
288.2
313.6
341.2

82. 7
97. 5
96. 8
99. 8

213.
204.
204.
202.

9
3
9
1

300.
314.
316.
323.

101. 4
109. 1
110. 3
110.9

210.
208.
211.
220.

9
7
7
1

-1.4

46.7
49. 9
55. 5
62. 8
70.7
78. 4
94. 2
108.2

128. 7
137. 0
156. 8
180. 1
199. 6
209. 7
219. 4
233.0

2. 2
1. 1
— 13. 9
-6.8
7. 4
-13. 1
-20.2

0
0
9
7

82.7
97. 5
96. 8
99. 8

217.3
216. 5
220. 1
223. 7

-3.4
— 12. 2
— 15. 2
-21.7

329. 3
338.7
344. 1
351.8

101. 4
109. 1
110. 3
110.9

227.
229.
233.
240.

-17. 1
-20. 9
— 22. 2
-20.8

9
6
8
8

Iiiternation al

B usiness

Period

E xpenditur es

Net
Net exports of goods
and service,s
Excess of
Total
Excess transfers
Gross
to forGross
transfers income
of
private
retained domestic invest- eigners
or
or
earnby
Equals: of net
receipts
ment sons per- Exports
investLess:
and
ings 3
Net
4
exports
ment
Imports exports
(-)
Govern(~)5
ment

Statistical
discrepancy

Gross
national
product
or
expenditure

1964
1965.
1966
1967
1968
1969
1970
1971 »

76. 2
84. 7
91. 3
93. 0
95. 4
95. 6
99. 3
112. 9

94. 0
108. 1
121. 4
116. 6
126. 0
137. 8
135. 3
151. 6

-17.8
-23. 4
-30. 1
-23. 5
-30. 6
-42. 1
-36.0
-38. 7

2. 8
2. 8
2. 8
3.0
2.9
2. 9
3. 1
3. 4

37. 1
39. 2
43. 4
46. 2
50.6
55. 6
62. 9
65. 3

28. 6
32. 3
38. 1
41. 0
48. 1
53. 6
59. 3
65. 3

8. 5
6. 9
5. 3
5. 2
2. 5
2. 0
3. 6
.0

-5.7
— 4. 1
— 2. 4
— 2. 2
.4
.9
-. 4
3.4

633. 7
688. 0
750.9
794. 6
866. 9
933. 2
978. 6
1, 051. 7

-1. 3
-3. 1
-1. 0
—.7
-2.7
-4. 1
— 4. 5
-5. 0

632.4
684. 9
749. 9
793. &
864. 2
929. 1
974. 1
1, 046. 8

1970: I
II
III
IV.

96. 2
99. 1
100. 4
101. 5

131.
134.
138.
137.

2
1
6
3

-35. 0
-35. 0
-38. 2
-35. 8

3. 0
3. 0
3. 2
3. 3

61. 5
63. 2
63. 7
63. 2

58. 0
59. 0
59. 7
60. 5

3.
4.
4.
2.

__ 5
— 1. 1

963.
974.
986.
990.

2
3
7
1

-7. 3
— 5. 8
-3. 2
-1.6

956.0
968.5
983.5
988.4

1971: I
II
III
IV"

107. 6
111. 9
113.0
119. 1

143. 3
152.9
150. 8
159.4

-35. 7
— 41. 0
— 37. 8
-40.3

3. 1
3. 4
3. 7
3. 5

66.2
66.5
68.2
60. 4

61. 5
66. 4
68. 2
65.0

4. 7
.1
.0
-4. 6

— 1. 6 1, 025. 2
3. 3 1, 044. 9
3. 7 1, 058. 1
8. I 1, 078. 9

-4. 3
-4. 9
— 4. 7
-6. 0

1, 020. 8
1, 040. 0
1, 053. 4
1, 072. 9

1
Personal income (p. 5) less personal tax and nontax payments (fines, penalties, etc.).
net transfers by Govern-

,
,
pital consumption allowances, and private wage accruals less disbursements.
oes not include retained earnings of unincorporated business, which are included in disposable personal income.




5
2
0
7

n

.7

- Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
6
Net foreign investment less capital grants received by U.S., with sign
changed.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 7.6 percent in the fourth quarter, according
to current estimates. When adjusted for price changes, the rate was 5.8 percent. For 1971 as a whole, gross
national product increased by 71A percent, real gross national product by 2% percent, and prices by 4% percent.
BILLIONS OF DOLLARS

BILLIC>NS OF DOLLARS
1,100

1,100
SEASO ^ALLY ADJUSTED ANNUAL RATES

1 AAA

-—

GROSS N4 TIONAL PRODUCT

\

9 0
0

'

~

^**

^^

1 AAA

^
^—

.

OAA

r~~^^
^~*~

700

Ann

*"

^^

7AA

^*****\

—^

PE RSONAL CONSUMP" ION

„,»—-**

EXPENDITURES

600

600

CAA

nmt*****1* ********

GC3VERNMENT PURCH>^SES
OF GOODS AND SER\'ICES

400
£s

v

\

300

.—-~~~^
i

l

l

200

-

„ ........,..•» '.
„ . . . . . . . . . . . . ».

100

;

1

1

1965

1966

NE1f EXPORTS OF GOO DS
AND SERVICES
\
1
1
i
I
^
1
1967

,..„,„„,..»

1961..
1962.
..
..
1963
1964
1965
1966
1967
1968
1969
1970
1971
1970:1
II
III
IV..
1971: I.
II
III
IV

inn

\

1
1968

1

J

J

1

!

f

_

520. 1
560.3
590. 5
632.4
684. 9
749. 9
793.9
864. 2
929. 1
974, 1
1, 046. 8
956. 0
968. 5
983. 5
988. 4
1, 020. 8
1, 040. 0
1, 053. 4
1, 072. 9

335.2
355. 1
375.0
401.2
432. 8
466. 3
492. 1
536.2
579. 6
615. 8
662. 1
604. 0
613. 8
620. 9
624.7
644. 9
657. 4
668.8
677.2

71.7
83. 0
87. 1
94.0
108. 1
121.4
116. 6
126. 0
137.8
135. 3
151.6
131. 2
134. 1
138. 6
137.3
143. 3
152. 9
150. 8
159.4

* This category corresponds closely with budget outlays for national defense,
shown on p. 36.
3
Gross national product in current dollars divided by gross national product
In 1958 dollars.




1

1

1970

1969

!

0

1

1971
COUNCIL OF ECONOMIC ADVISERS

Total
Personal Gross
congross
Total
private
national gross
sump- domestic
tion
product national
investin 1958 product expend- ment
itures
dollars
Billions <sf dollars; quarterly
497.2
529.8
551.0
581. 1
617. S
658. 1
675. 2
706.6
724. 7
720.0
739.4
719. 8
721. 1
723.3
715.9
729.7
735.8
740. 7
751.3

... • '
. . - ""

GROSS PRIVATE DOMESTIC
INVESTME ^T

SOURC& DEPARTMENT OF COMMERCE

Period

400

Gove niment
Net
exports
of goods
Total
and
Total
services
data at & easonall^y
5. 6 107. 6
5. 1 117. 1
5.9 122. 5
8.5 128. 7
6.9 137.0
5.3 156. 8
5.2 180. 1
2. 5 199. 6
2. 0 209. 7
3. 6 219. 4
.0 233.0
3. 5 217. 3
4. 2 216. 5
4. 0 220. 1
2.7 223.7
4, 7 227. 9
. 1 229. 6
. 0 233. 8
-4.6 240.8

] mrchases of good s
services
Federal
National Other
defense l

and
State
and
local

Implicit
price
deflator
for total
GNP,
I958=100a

ad juste d annual rates
57. 4
63. 4
64. 2
65. 2
66.9

77.8
90. 7
98. 8
99. 2
97. 2
97.6
100. 2
96. 8
96. 1
95.9
96. 4
96. 0
97. 6
100.3

47.8
51. 6
50.8
50.0
50. 1
60. 7
72. 4
78. 3
78. 4
75.4
71.4
78. 9
75. 1
74. 2
73. 2
72. 6
71. 4
70. 2
71.4

Source: Department of Commerce.

9. 6
11.8
13. 5
15.2
16. 8
17. 1
18. 4
20. 5
20.7
21.9
26.2
21. 3
21. 6
21. 9
22. 7
23. 7
24. 6
27.4
28.9

50.2
53. 7
58. 2
63. 5
70. 1
79. 0
89. 4
100. 8
110. 6
122. 2
135.5
117. 1
119. 7
124. 0
127. 9
131. 6
133. 6
136. 2
140.5

104. 62
105. 78
107. 17
108. 85
110. 86
113. 94
117. 59
122. 30
128. 21
135. 29
141. 57
132. 82
134. 32
135. 97
138. 07
139. 88
141. 34
142. 21
142. 80

NATIONAL INCOME
National income rose $15 billion (seasonally adjusted annual rate) in the fourth quarter following an $8 billion
rise in the third.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

900

900

800

500

400 —
CORPORATi: PROFITS AND
INVfNlORY VALUATION ADJUSTMENT
100

SOURCEj DEPARTMENT OF COMMtRCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual ratesj

Proprieto rs' income

Rental
income
of
per-

Corporalbe profits and inventory va luation acIjustment

Total
national
income

Compensation
of employees *

427. 3
457. 7
481. 9
518.1
564. 3
620. 6
653. 6
711. 1
763. 7
795. 9
851. 1

302. 6
323. 6
341. 0
365.7
393. 8
435. 5
467. 2
514. 6
565. 5
601. 9
641.9

12. 8
13. 0
13. 1
12.1
14.8
16. 1
14. 8
14.7
16. 8
15. 8
16. 3

35. 6
37. 1
37. 9
40.2
42.4
45. 2
47. 3
49.5
50. 3
51. 0
52. 1

16. 0
16.7
17. 1
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 3

10. 0
11. 6
13.8
15.8
18.2
21. 4
24. 4
26. 9
29.9
33. 0
35. 6

50. 3
55. 7
58. 9
66.3
76. 1
82.4
78. 7
84. 3
78.6
70. 8
81. 0

50.3
55. 4
59. 4
66.8
77.8
84. 2
79.8
87.6
84. 2
75. 4
85.5

— 1. 8
— 1. 1
-3. 3
— 5. 5
-4. 5
— 4. 4

1970: I
II

785.8
793. 4
802. 2
802. 1

593. 2
598. 5
606. 5
609. 3

17.8
16. 6
14. 5
14. 4

50. 2
51. 0
51. 4
51. 5

23. 0
23. 2
23. 4
23. 7

31. 8
32. 6
33. 4
34. 2

69. 8
71. 5
73. 0
69.0

75. 6
75. 8
78.5
71. 6

— 5. 8
-4. 2
— 5. 5
-2.6

1971: I
II
III
IV*

831. 7
847. 3
855. 2
S70. 3

627. 3
638. 0
645. 6
656. 6

14. 8
15.2
17.0
18. 1

51. 6
51. 9
52. 3
52.5

23. 8
24. 2
24. 5
24. 6

34. 8
35. 4
35. 9
36.4

79. 5
82.5
80.0
82.2

83. 0
86. 9
85.8
86.2

-3.5
-4.4
-5.8
-4.0

Period

1961
1962
1963
1964
1965
19B6
1967. _ _ _
1968
1969
1970
1971 »

__ __

III
IV

1
3

_.

Farm 2

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




Business
and professional

Net

interest

Source: Department of Commerce.

Total

Profits Inventory
before valuation
taxes adjustment
-0. 1
.3
-. 5
-.5

— 1.7

SOURCES OF PERSONAL INCOME
Personal income rose $5 billion in February to a seasonally adjusted annual rate of $897 billion. Wage and salary
disbursements accounted for $3% billion of the rise. Since November personal income has risen at an annual rate of
10% percent, considerably more than the 6% percent rise from 1970 to 1971.
BILLIONS OF DOLLARS
1,000

BILLIONS OF DOLLARS
1 1 000
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL PERSONAL INCOME

800

800

600

600

400

400

OTHER INCOME

200

200

HIMIIIMH"*""*"

TRANSFER PAYMENTS

I I I I I I II
1967

1966

1971

1970

1968

SOURCE: DEPARTMENT OF COMMERCE

Period

1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Jan
Feb____
Mar
Apr
May___
June
July___
Aug
Sept
Oct
Nov
Dec_..__
1972: Jan
Feb»_..

1972
COUNCIL OF ECONOMIC ADVISERS

(Billions of dollars; monthly data at seasonally adjusted annual rates)
Wage
Rental
Total
Other Proprietc>rs' income income
Personal Transfer
and
Divipersonal salary
labor 2
Business
paydends interest ments
of
income disburse- income
and pro- persons
income
Farm
l
ments
fessional

465. 5
497. 5
538.9
587. 2
629. 3
688. 9
750. 3
803. 6
857. 0
829. 9
832. 4
838. 3
843. 0
848. 6
868. 6
857. 7
866. 1
869. 9
871.2
874. 9
883. 9
892. 0
896.9

311. 1
333. 7
358.9
394. 5
423. 1
464. 9
509. 6
541. 4
574. 2
558. 7
560. 6
564. 8
567. 7
572. 0
573. 2
572. 9
579. 2
579. 8
581. 3
584. <S
594. 8
602. 1
605. 8

14.9
16. 6

18.7
20.7
22. 3
25. 4
28. 2
30. 8
33. 7
32. 4
32. 6
32. 8
33. 1
33. 4
33. 7
33. 9
34. 1
34. 3
34. 4
34. 6
34. 8
35. 0
35.2

13. 1
12. 1
14.8
16. 1
14. 8
14. 7
16. 8
15. 8
16. 3
14. 7
14. 8
14. 9
15. 1
15. 2
15. 3
16. 1
17.0
17.8
18. 0
18. 1
18. 1
18. 3
18.5

37. 9
40. 2
42.4
45. 2
47. 3
49. 5
50. 3
51. 0
52. 1
51. 6
51. 5
51. 7
51. 8
51. 9
52. 1
52.2
52. 3
52. 3
52.4
52.5
52. 6
52. 5
52.6

1
Compensation of employees (see p. 3) excluding employer contributions for
social insurance and wage accruals less disbursements.
Employer contributions to private pension, health, and welfare funds: compenss
isation for injuries; directors' fees; military reserve pay ;and a few other minor
items.




17. 1
18. 0
19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 3
23. 9
23. 5
24. 0
24. 1
24. 2
24. 3
24. 4
24. 5
24. 5
24. 5
24. 6
24. 6
24. 7
24. 8

16.5
17. 8
19.8
20. 8
21. 4
23. 6
24. 4
25. 0
25.5
25. 6
25. 7
25. 5
25. 5
25. 6
25. 2
25.6
25. 7
25. 7
25. 7
25. 7
24. 3
25. 8
25. 9

31.4
34.9
38.7
43. 6
48. 0
52. 9
58. 8
64. 7
67. 5
66. 7
66. 6
66. 4
66. 6
66. 7
66. 9
67. 4
68. 1
68. 8
68. 7
68. 6
68.4
68. 7
68.9

35. 3
36. 7
39.9
44. 1
51. 8
59. 6
65. 9
79. 6
94. 7
86. 8
87. 8
89. 1
89.8
90. 5
109. 0
96. 2
96. 5
97. 9
97. 4
97. 6
98.2
98. 7
99.2

Less: Personal con- Nonagritributions cultural
3
for social personal
insurance income

11.8
12. 5
13.4
17. 7
20. 5
22. 8
26. 3
28. 0
31. 2
30. 5
30. 7
30. 9
30.9
31.0
31. 1
31. 1
31.4
31. 4
31. 4
31. 6
32.0
33. 9
34.0

448. 1
480. 9
519. 5
566. 3
609. 4
668. 8
727. 7
781.4
834. 0
808. 6
810. 8
816. 6
821. 1
826.5

846. 5
834. 8
842.4

845. 3
846. 4
850. 1
859. 2
867. 1
871.7

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

DISPOSITION OF PERSONAL INCOME
Ihe saving rate declined in the fourth quarter, in large part because acceleration of estate and gift tax payments
remporarily held down disposable personal income.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

700

<500

DOLLARS
4,000

3,500

3,000

2,500

2,000

COUNCIL OF ECONOMIC ADVISERS

Period

L
PerPersonal
sonal tax and
income nontax
payments

Per cap>ita disL ess : Persemal outla ys
posable personal
Equals:
Persoilal consurnption
Equals:
incc)me
Disex penditure s 2
Personal
Total
posable
saving
Nonpersonal personal Durable
Current
1958
dollars dollars
income outlays l goods durable Services
goods

Billions of dollars

1963
1964
1965
1966
1967
1968
1969
1970
1971

465. 5
497. 5
538.9
587. 2
629. 3
688. 9
750. 3
803. 6
857. 0

60. 9
59. 4
65.7
75.4
83. 0
97. 9
116. 2
115. 9
115. 8

404. 6
438. 1
473.2
511. 9
546. 3
591. 0
634. 2
687. 8
741. 3

384. 7
411. 9
444.8
479. 3
506. 0
551. 2
596. 3
633. 7
680. 7

53. 9
59. 2
66. 3
70. 8
73. 1
84. 0
89. 9
88. 6
100.5

Saving
as percent of
Populadistion
posable
(thou-3
personal sands)
income
(percent)

Dol lars

168. 6
178.7
191. 1
206. 9
215. 0
230. 8
247. 6
264. 7
278. 6

19. 9
26. 2
28.4
32. 5
40. 4
39. 8
37. 9
54. 1
60. 5

2,139
2,284
2,436
2, 605
2,751
2, 946
3, 130
3,358
3, 581

2,016
2, 126
2, 239
2,336
2, 404
2,487
2,535
2,595
2,660

4. 9
6.0
6.0
6. 4
7. 4
6.7
6.0
7.9
8.2

189,
191,
194,
196,
198,
200,
202,
204,
207,

197
833
237
485
629
619
599
800
006

1
2
0
9

46. 2
54 2
57. 4
58. 5

3, 272
3, 353
3,395
3,410

2,570
2, 606
2,613
2,588

6. 9
7. 9
8. 2
8. 3

204,
204,
205,
205,

012
526
107
729

275.0
280. 5
285. 8
290. 3

58. 6
63. 6
61. 0
59.0

3, 500
3,577
3, 611
3, 633

2, 631
2,663
2, 669
2,676

8. 1
8. 6
8. 1
7.8

206,
206,
207,
207,

259
760
276
824

152. 4
163. 3
175.5
188. 6
204. 0
221. 3
242. 1
262. 5
282. 9

SeasG nally adji isted annu al rates
1970: I— _
II__
III_
IV__

784. 3
803.8
809. 8
816. 7

116.
118.
113.
115.

7
0
5
2

667.
685.
696.
701.

1971: !___
II—
III.
IV..

833. 5
853. 4
864. 6
876. 7

111.
113.
116.
121.

6
8
0
7

722. 0
739. 6
748. 5
755. 0

6
7
2
5

621.
631.
638.
643.

5
5
9
0

88. 6
90. 7
90. 4
84. 9

663. 3
676. 0
687. 6
696.0

96. 6
99. 1
102. 8
103. 6

259.
262.
265.
270.

273. 2
277. 8
280. 2
283. 3

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




4
9
5
9

256.
260.
265.
268.

3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.

FARM INCOME
Net farm income excluding and including inventory change (seasonally adjusted) increased about 6 percent in
fourth quarter.
BILUONS OF DOLLARS
70

BILLIONS OF DOLLARS
70

SEASONALLY ADJUSTED ANNUAL RATES

60

60

50

50

40

30

30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

20

20

\
10

10

J

1965

1966

L

1967

1969

1971

SOURCEi DEPARTMENT OF AGRICULTURE

•••~

Personal income re ceived by
total f arm popu lation

•

•• "•

J ncome re C ' ( ' i v < ' ( i ! r < > in l . ' i n i m i 1

Net t(j farm
oper ators

Realize d gross
Period

1963
1964
1965
1966
1967
1968
1969
1970
1971__

_

1970: I

II

III
IV

From
all
sources

_

20.6
20.6
23.6
24. 9
24.0
25. 1
27. 7
27.5
28.0

From
From
nonfarm
farm
sources sources

12. 1
11.3
13.5
14. 4
13. 1
13. 2
14.9
14.2
14. 5

ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total i
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions c)f dollars
Dol iars
13.2
4,030
42.3
37.4
8.5
12.6
29.7
3, 708
37.2
9.3
12.3
3, 832
42.6
29. 5
13.1
3, 564
44.9
10.0
30.9
14.0
15.0
4, 487
4, 723
39.3
16. 3
10. 5
16. 3
5, 121
49. 7
33. 4
5, 019
43. 3
14. 2
42. 7
14. 9
4, 730
49. 0
10. 9
34. 8
4,730
14. 7
14. 8
50. 9
44. 1
4, 854
36. 2
11. 9
4, 667
12, 8
55. 5
16. 8
16. 9
5,685
48. 1
38. 7
5, 216
56. 6
15. 7
15. 9
13. 3
40. 9
5, 451
4, 782
49. 2
42. 9
16. 3
13. 5
58. 6
15. 7
5, 676
51. 6
4,770
Seaso naiiy adji tsted annu at rates
17. 7
17. 9
57. 9
6, 120
50. 5
40. 2
5, 460
16. 4
57. 1
16. 6
5, 680
5, 030
49. 7
40. 7
14. 6
14. 5
41. 2
4, 990
55. 7
4, 380
48. 4
14. 2
14. 5
55. 6
41. 4
4, 960
4, 310
48. 3

1971: I
II
III

IV.

3

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

6



i\c(. inr. omr per
farm incl i n l i n e nut
inventoryr change 8

56. 8
57. 6
59. 3
60. 9

49. 7
50. 6
52. 3
53. 8

42. 2
42. 8
43. 0
43. 6

14. 6
14. 8
16. 3
17. 3

14. 9
15. 3
17. 1
18. 2

5,
5,
5,
6,

180
320
950
330

4, 430
4, 510
4,960
5,280

4
Income in current dollars divided by the index of prices paid by fanners for
family living items on a 1967 base.
Source: Department of Agriculture.

CORPORATE PROFITS
(Corporate profits including inventory valuation adjustment rose $2.2 billion (seasonally adjusted annual rate) in
the fourth quarter and regained most of the third quarter drop.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

100

100

PROFITS BEFORE TAXES

80

40

20

20

1966

1972

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
CorjDorate pi ofits
(befc>re taxes) and inveritory
a fter taxe 8
valuation adjustme tit
TransCorpo- CorpoM anufactui ing
portation,
rate
rate
DiviUncomtax
profits
NonDurable durable muniAll l before liabil- Total dend distribgoods
uted
paytaxes
ity
Total indusgoods cations, other
ments profits
and
tries
public
tries
utilities
15. 8
28. 8
13.0
16. 5
20.6
16.6
59.4
26. 3 33. 1
9. 5
32.7
17.8
14.9
23.5
38.4
20.6
17,8
66.8
28.3
10. 1
22. 8
46. 5
39,3
16. 6
26.7
19. 8
25. 6
77. 8
31. 3
11. 1
42. 6
18.6
49. 9
24 0
27. 9
20. 8
29. 1
84. 2
34 3
11. 9
38. 7
20. 7
46, 6
18. 0
33. 2
21.4
25. 3
79. 8
29. 1
10. 8
22. 4
19. 3
47. 8
41. 7
23.6
32. 0
39.9
24 2
87. 6
10. 6
36. 0
18. 4
17. 5
32. 7
44 5
39.7
24 4
20.0
84 2
10. 0
29. 5
13, 0
16. 6
41. 2
16.2
25. 0
33. 3
75. 4
34 1
8.0
34.4
16.4
47. 6
22. 1
18. 0
38. 1
37.8
85. 5
25.5
8. 5

Con3orate pr ofits
Period

All
industries

1963
1964.
1965__ ..
1966
1967
1968
1969
1970
1971*

58.9
66.3
76. 1
82.4
78.7
84,3
78.6
70.8
81. 0

1970: I
II...
III,.
IV...

69.8
71.5
73.0
69. 0

31. 1
31. 5
30, 6
25. 0

14 3

1971: I....

79. 5
82. 5
80. 0
82. 2

34.4
35. 0
33.0

li-

ra..

IV ».

1
8 Includes

72.3
82.9
89.5
89.6
94 6
95. 8
97. 4
109,5

648

75. 6
75. 8
78. 5
71. 6

34 1
34 5
35. 6
32. 3

41. 5
41. 3
42. 9
39. 2

25. 0
24 9
25. 2
25. 0

16. 6
16. 4
17.7
14 3

54 4
55. 7
56. 7
58. 0

95.9
96.9
99. 6
97. 2

8. 4

36. 7
39. 0
38. 6

83, 0
86. 9
85. 8
86.2

38. 3
39. 1
37. 5
36. 4

47.8
48. 2
49. 8

448

25. 6
25. 4
25. 7
25. 3

19. 2
22.4
22.5

59. 4
61.0
62. 7

104 2
108. 7
110. 9

8.8

17. 2
17.0
14 8

17. 2
18, 1
18. 1

8.5
8.5

all other industries and financial institutions.
Includes depreciation and accidental damages.
* Corporate profits after taxes pins corporate capital consumption allowances.




31.8
33. 9
36. 4
39. 5
43. 0
46. 8
51. 3
56. 2
61. 9

30. 5
32. 2
34 5
35, 9

7. 9
8. 1

13. 8

Profits
plus
capital
consumption
allow-3
ances

8.2
7.8

16. 7
16. 5
16. 8
16. 2

149

Corporate
capital
consumption
allow-2
ances

Source: Department of Commerce.

245

644

1142

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) rose sharply in the fourth quarter as fixed investment rose1
and inventory investment turned positive after a decrease in the third quarter.
BILLIONS OF DOLLARS
160

BILLIONS OF DOLLARS
160

140

20

20

1965
SOURCE. DEPARTMENT OF CO/AMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed knvestment
Total
gross
private
domestic
investment

P*>rinH

Total

Struc tures
Total
Total

1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1970: I
II
III
IV
1971: I
II
III
IV.

71. 7
83. 0
87. 1
940

_

108.1
121. 4
116. 6
126. 0
137. 8
135. 3
151.6
131. 2
134. 1
138. 6
137. 3
143. 3
152. 9
150. 8
159.4

Source: Department of Commerce.

8



Resid ential
struc tures

N<Dnresident ial

69. 7
77.0
81. 3
88. 2
98. 5
106. 6
108. 4
118. 9
130. 4
132. 5
149. 3
130.8
132. 1
133. 5
133. 6
140. 2
148. 3
152. 0
157.0

47.0
51. 7
54.3
61. 1
71. 3
81.6
83. 3
88.8
98. 6
102. 1
108.7
100. 8
102. 1
104. 8
100. 8
104. 7
108. 3
109. 3
112. 6

18. 4
19. 2
19. 5
21.2
25.5
28. 5
28. 0
30. 3
34. 5
36. 8
38.2
36. 1
36. 6
37. 3
37. 1
36. 7
38. 5
38. 7
39.0

Nonfarm
17. 7
18. 5
18. 8
20.5
24. 9
27.8
27. 3
29.6
33. 7
35. 9
37.3
35. 3
35. 7
36. 5
36. 3
35.8
37. 6
37. 7
38. 1

Produce rs' durable equ ipment
Total

28.6
32. 5
34.8
39.9
45. 8
53. 1
55. 3
58. 5
64. 1
65. 4
70.5
64. 7
65. 6
67. 5
63.7
68. 1
69. 8
70. 6
73. 6

Nonfarm
25.8
29.4
31. 2
36.3
41.6
48. 4
50. 0
53.6
59. 2
60. 0
63. 1
59. 7
60. 6
61. 6
58. 1
61. 0
62. 4
62. 7
66.3

Total
22. 6
25. 3
27.0
27. 1
27. 2
25. 0
25. 1
30. 1
31. 8
30. 4
40. 6
30. 0
29. 9
28. 7
32. 8
35. 4
40. 0
42. 7
44.4

Nonfarm
22.0
24.8
26. 4
26.6
26. 7
24. 5
24.5
29. 5
31. 2
29. 7
40. 1
29. 4
29. 3
28. 1
32. 2
35.0
39. 5
42. 1
43. 8

Change in business mv entories

Total
2.0

6. 0
5. 9
5.8

9. 6
14.8
8. 2
7. 1
7.4
2.8
2.2
.4

Nonfarm
1.7
5.3

5. 1
6.4

8. 6
15.0
7. 5
6.9

7. 3
2. 5
1.7

3.7

.1
1. 8
4. 7
3. 3

3. 1
4. 6
-1. 2

4. 1
-2.0

2. 1
5. 1

2.4

2.9

2.0

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen have projected a 10% percent rise in plant and equipment expenditures from 1971 to 1972. Two months
ago they projected a 9-percent increase over the same period.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1 100

100
SEASONALLY ADJUSTED ANNUAL RATES

80

80

TOTAL NEW PLANT AND EQUIPMENT

<50

60

NONMANUFACTURING

„.«••""""

..»»»**

"'""".„

40

....

MANUFACTURING

20

20

J

J7 ; J/

L

1966

1967

1968

1969

1970

J/

t

1972

1971

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]
Tra nsportat ion

M anufactui "ing

Period

Total i

Other

Public
utilities

Communication

Commercial
and
other 2

Durable
goods

Nondurable
goods

Mining

Total
38.39
40.77
46. 97
54. 42
63. 51
65. 47
67. 76
75. 56
79. 71
81.21
89.77

15. 06
16. 22
19. 34
23. 44
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
32. 61

6. 79
7. 53
9. 28
11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
16. 11

8. 26
8. 70
10. 07
11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
16. 50

1. 40
1. 27
1. 34
1. 46
1. 62
1. 65
1. 63
1. 86
1. 89
2.16
2.20

1. 02
1. 26
1. 66
1. 99
2. 37
1. 86
1. 45
1.86
1. 78
1.67
1.75

0. 52
. 40
1. 02
1. 22
1. 74
2. 29
2.56
2.51
3. 03
1. 88
2. 42

1. 65
1. 58
1. 50
1. 68
1. 64
1.48
1. 59
1. 68
1. 23
1. 38
1. 55

4. 90
4. 98
5. 49
6. 13
7. 43
8. 74
10. 20
11. 61
13. 14
15. 30
17. 44

3. 85
4. 06
4. 61
5. 30
6. 02
6. 34
6.83
8. 30
10. 10
10. 77
12. 30

9. 99
10. 99
12. 02
13. 19
14.48
14. 59
15. 14
16.05
16.59
18.05
19. 51

1971: I
II
III
IV

79. 32
81. 61
80. 75
83. 18

30.
30.
29.
30.

46
12
19
35

14. 21
14. 06
13. 76
14. 61

16. 25
16. 06
15.43
15. 74

2.
2.
2.
2.

04
08
23
30

1. 46
1.88
1. 72
1. 64

1. 29
2. 28
1.68
2. 26

1. 33
1. 40
1.48
1. 33

14. 64
14. 91
15. 87
15. 74

10. 70
11. 21
10.73
10. 44

17.39
17.72
17.85
19. 10

1972: I 3 3 _ _
II
2d half 3

87. 54
89. 09
91. 08

31. 92
32. 52
32. 96

15. 62
15. 98
16. 38

16. 30
16. 54
16. 58

2. 22
2. 12
2. 23

1. 90
1. 67
1. 71

2. 02
2. 96
2. 33

1.67
1. 35
1. 60

16. 90
16. 78
17. 96

1962
1963
1964_
1965
1966
1967
1968
1969
1970
1971 s
1972

_.

_

._

1
Excludes agricultural business; real estate operators; medical,
tional, and cultural service; and nonprofit organizations.
-Includes trade, service, construction, finance, and insurance.
3
Estimates based on expected capital expenditures as reported
in late January and February 1972. Includes adjustments when
systematic tendencies in expectations data.
NOTE.—Annual total is the sum of unadjusted expenditures;




legal, educaby business
necessary for
it does not

Railroad

Air

30 . 90
31.70
32. 30

necessarily coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce:

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE

The civilian labor force declined by 172,000 (seasonally adjusted) in February with the bulk of the net reduction
occurring among the unemployed. Total employment was about the same in February as in January but up sharply
from 1971.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*
1 90

90
SEASONALLY ADJUSTED

85

85

CIVILIAN LABOR FORCE

80

80

75

75

70

70

65

65

UNEMPLOYMENT

\
I » I I I I I I ! » I I I I I I

i i i i i I i » i i i

i i i i i i t t t ii
PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE

uNE/sAf>LOY/v\ EhJT

ir

s E/^S Oh<IAIL /

*/VT E

\;

• - ]"

j\
19 67r

1?<>6

196?J

AC JL SI ED

(
1 W
9<

!

-ir—

^ -:

-

-

1

1

197

97()

*16 YEARS OF AGE AND OVER.
SOURCE,- DEPARTMENT OF IABOR

1

1972
COUNCIL OF ECONOMIC ADVISERS

Unempl oyment
Total
Civiliain employment
rate (percent of
labor
civilia n labor
Unemforce Civilian
JNonJNon- Unemfor ce)
Period
Agriployploy- (includ- labor
agriagnTotal
ment
force
Total
ment
ing
culculculUnad- SeasonArmed
tural
tural
tural
justed ally adjusted
Forces)
Thous ands of f >ersons 16 years of age and o ver
Percent
1967
80, 793 74, 372 70, 527 2,975 80, 793 77, 347 74, 372 3,844 70, 527 2,975
3.8
82, 272 75, 920 72, 103 2,817 82, 272 78, 737 75, 920 3,817 72, 103 2,817
1968
3.6
1969.._ 84, 239 77, 902 74, 296 2,831 84, 239 80, 733 77, 902 3,606 74, 296 2,831
3. 5
1970_._ 85, 903 78, 627 75, 165 4,088 85, 903 82, 715 78, 627 3,462 75, 165 4,088
4. 9
1971___ 86, 929 79, 120 75, 732 4,993 86, 929 84, 113 79, 120 3,387 75, 732 4,993
5.9
Unadji tsted
*Seasonally adjusteo I
1971:
Jan.. 85, 628 77, 238 74, 361 5,414 86, 706 88, 780 78, 718 3,406 75, 312 5,012
6.0
6.6
Feb_ 85, 653 77, 262 74, 415 5,442 86, 811 88, 861 78, 475 8, 285 75, 190 4, 886
5.9
6. 6
Mar. 85, 598 77, 493 74, 452 5,175 86, 385 88, 455 78, 446 3, 887 75, 059 5, 009
6.0
6.3
Apr._ 85, 780 78, 204 74, 699 4, 694 86, 670 88, 788 78, 732 3,540 75, 192 5,056
5. 7
6. 0
May- 85, 954 78, 709 75, 111 4, 394 86, 836 83, 986 78, 830 3,412 75, 418 5, 156
6. 1
5. 3
June. 87, 784 79, 478 75, 559 5, 490 86, 217 83, 401 78, 600 3,301 75, 299 4,801
6. 5
5. 8
July. 88, 808 80, 681 76, 710 5, 330 86, 727 83, 980 79, 014 3,374 75, 640 4,916
6.2
o. 9
Aug_ 88, 453 80, 618 76, 853 5,061 87, 088 84, 313 79, 199 8,407 75, 792 5, 114
6.1
5.9
Sept. 86, 884 79, 295 75, 851 4, 840 87, 240 84, 491 79, 451 8,863 76, 088 5,040
6. 0
5.8
Oct.. 87, 352 80, 065 76, 595 4,570 87, 467 84, 750 79, 832 3,416 76, 416 4,918
5.4
5. 8
Nov_ 87, 715 80, 204 76, 942 4,815 87, 812 85, 116 80, 020 3,419 76, 601 5,096
5. 7
6.0
Dec_ 87, 541 80, 188 77, 240 4,695 87, 888 85, 225 80, 098 3,400 76, 698 5,127
6.0
5.5
1972:
Jan*> 87, 147 79, 106 76, 237 5,447 88, 801 85, 707 80, 636 8,893 77, 243 5,071
6. 4
5. 9
Feb__ 87, 318 79, 366 76, 458 5,412 88, 075 85, 585 80, 628 8,357 77, 266 4,912
6. 4
5. 7
Total
labor
force
(including
Armed
Forces)

Civilia\,n employinent
XT

i Total labor force as percent of noninstitutional population,
Source: Department of Labor.

10



XT

Labor
force
participation
rate,
unad-l
justed
60. 6
60.7
61. 1
61. 3
61. 0

60.5
60. 5
60. 3
60.4
60.4
61. 6
62.2
61. 9
60.7
60. 9
61. 1
60. 9
60. 2
60.3

*Data beginning January 1972 not strictly comparable with prior data because
of adjustment to the 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment.

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
'At 5.7 percent (seasonally adjusted) the overall unemployment rate in February was down by 0.2 percentage point
from January. The jobless rate for married men, at 2.8 percent, was at its lowest point since August 1970.
PERCENT
10 [

UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS

UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS

1966

1972
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

Unen iploymen t rate
(percen t of civili*in labor
for ce in grou P)
Period

.

Persons at work in nonagn cultural inidustries
by hours worked p>er week 2
Urider 35 hours

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

_

Per cent

1967
1968
1969
1970
1971

3.8
3.6
3.5
4.9

3. 6

3.4
3.3

1.8
1.6

1. 5
2.6
4. 8
3. 2
5. 9
5. 7
Seasonall ?/ adjusted

1971: Jan
Feb
Mar
Apr
Mav
June
Julv
Aug
Sept
Get
Nov

Dec
1972: Jan. _ ._.
Fob

6. 1

5. 8
5. 6
5. 8
5. 7
5. 9

5.8

5.5

5. 9
6. 1

5. 6
5. 7
5. 7

6.0

5. 9
6.0
6.0

6.0

5. 8
6. 0
6. 0
/>. 9

5.5

5. 7
5.8
5.6

&
O.
&
O.

G>
O
&
&

S. 2
S. 2
3.2

S. 1
3. 1

at q>
o. <&

s.s

3. 0
3.8
3. 2
3.0
2. 8

4. 2
4.0

3. 9

5.3

6. 4
6.6
6.4

6. 5
6. 5
6. 6
5. 6
6. 3
6. 5
6. 3
6. 5

6.4
6.4
6.4

20, 920
20, 600
20, 608
18, 925
19, 095
19, 070
18, 463
19, 448
18, 207
19, 505
19, 069
17, 805
17, 949
19, 964
19, 169
20, 249
20, 239
19, 176
19, 362

5. 6
6. 1
fy. 7
» Man-hours lost, by tlio unemployed and persons oil part-time for economic
reasons as a percent of potentially available labor force man-hours,
t "Differs from total noiumricuitural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
arid industrial disputes.




35-40
hours

Part-ti me for
economics reasons

Part-ti me for
economi<3 reasons

Total

Usually Usually Usually Usually
fullpartfullparttime 3
time 4
time 3
time 4
Thousan cle of pers ons 16 yejire of age and over
32, 616 13, 290
1,060
853
32, 658 14, 785
820
895
34, 201 15, 210
955
855
1,201
33, 537 18, 222
995
35, 752 16, 298
1,184
1,256
I Jnadjustec i
Seasonall y adjusted
35, 687 16, 576
1, 442
973
1,354
l,l$4
33, 881 18, 966
1,267
1, 123
1, 245
1,$16
35, 830 16, 267
1,284
1,093
1,266
1,209
1,242
35, 767 16, 650
1,299
1,205
988
36, 540 16, 041
1,276
1, 102
1,219
1,081
1, 142
36, 723 14, 646
991
1,515
1,209
34, 528 13, 898
1,094
1,939
1,S90
1,148
1, 262
35, 307 13, 329
1,752
1,278
1,147
1,126
36, 888 15, 081
1,094
It076
1,236
32, 957 21, 039
1,080
1, 166
1,148
1,354
37, 495 16, 294
1, 120
1, 191
1,263
1,841
37, 428 16, 799
1, 153
1, 045
1,084
1,304
36, 820 17, 008 5 1,220 8 1, 101
1,283
1,146
1, 147
36, 460 17, 360
1,127
1, 087
1,176

3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
4
Primarily includes persons who could find only part-time work.
5
Average hours worked: usually full-time, 24.4; usually part-time, 18.S.
Source: Department of Labor.

11

UNEMPLOYMENT INSURANCE PROGRAMS
In February, insured unemployment under Stare programs averaged 256,000 lower than a year earlier. The seasonal!
adjusted insured unemployment rate at 3.5 percent was little changed from the January rate.
MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

1971

\

1970

JAN.

FEB.

MAR.

APRIL

MAY

JUNE

JULY

AUG.

SEPT.

1968
1969
1970
1971 "
1971: Jan
Feb

A 11 progranis
Total
Insured
unem- benefits
Covered
ploypaid
employ- ment
(mil(weekly
ment
lions
averof dollars)
age)

Thou sands
57, 977
1, 187
59, 999
1, 177
59, 526
2,070
2, 313
3, 194
3, 216
3,091
2,756
2,443
2,332
2,431
2, 349
___ >
2, 174
2, 129
__- _ _
_ _
2,311
_ _
2,666
3,097
3, 186

Mar
Apr___
May
June
July
Aug
Sept
Oct»- _
Nov*
Dec"
1972: Jan*__
Feb*_
Week ended
1972: Feb
5
12___
19
26 P
Mar 4
11*
i Not charted.

_

__ _

Source: Department of Labor.

12



DEC

COUNCIL OF ECONOMIC ADVISERS

SOURCE; DEPARTMENT OF LABOR

Period

! f f
NOV.

OCT.

3, 116
3, 181
3, 161
3, 118
3,057

2,
2,
4,
4,

191. 0
298. 6
170. 1
963. 3
568. 1
599. 3
683.7
586. 0
470. 8
494.8
467.7
483. 1
418.5
388. 5
430.7
514.6
481. 8
492. 1

St«ite progra ms

Insured
unemployment

Initial
claims

Insurec unemploymen t as perExhaus- cent of covered
emplo yment
tions
SeasonUnad- ally adjusted
justed

Weekly tiverage, t housands
16
201
1, 111
16
200
1, 101
25
296
1, 805
37
2, 150
295
427
2,799
39
39
321
2,751
41
2,577
275
44
257
2,283
42
2,001
238
250
43
1,893
342
37
1, 993
282
35
1, 912
33
236
1,739
252
31
1, 716
31
298
1, 879
32
2, 221
358
37
385
2,524
2, 495
293
38

2, 506
2, 551
2,468
2,474
*2, 411

342
319
279
252
264
257

Benefit s paid
Total Average
(milweekly
lions of
check
dollars) (dollars)

Pensent

2. 2
2. 1
3. 4
4. 1
5. 2
5. 2

4.8

4. 3
3. 8
3. 6
3. 8
3. 6
3.3

3. 2
3. 5
4. 2
4. 8
4. 7

3. 8
3. 8
3. 9

4.0
4.2
4.2
4.1
4.2
4.3
4.4
4.2

3. 8

3.4
3.6

2, 031. 6
2, 127. 9
3, 848. 5
4, 694. 5
527. 2
557.9
635. 4
541.9
433. 0
452. 7
425.4
433.6
377.8
348. 3
387.0
467. 9
449. 6
461. 3

43. 43
46. 17
50. 34
55. 49
52. 83
53. 12
53. 00
52. 71
52. 32
52. 09
55.23
56. 08
56. 25
53.07
53.31
57.85
57.40
57. 16

4.7

4. 8
4. 7

4.7
4.6

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

NONAGRICULTURAL EMPLOYMENT
Rotal nonfarm payroll employment rose by 83,000 (seasonally adjusted) in February. Job increases were concentrated
in the service-producing industries. Manufacturing employment was little changed in February.
MILL IONS OF WAGE
ANC> SALARY WORKERS
76

MILLIONS OF WAGE
AN D SALARY WORKE RS

(SEASONALLY ADJ JSTED)

(SEASONALLY ADJLISTED)

(ENLARGED SCXVLE)
*~

~

16
00

72

*••

•^

^

r

14

ALL NONAGR1CULTURAL
ESTABLISHMENTS

68

—•
i •*,

..
-

1

~~~" —,

^

WH( )LESALE AND RE "AIL TRADE
-

1

64

/
-^

12

NONMANUFACT URING
(PRIVATE)

V.

^

I

40

W***"1"""1

_

_

12
36

24"

>-

SERVICES

;

5 •*

-=CT«— -«*

****i*"*"r

MANUFACTURING
HM'""11""""""*^

-\

•««»^

_

w

-

^^

10

/MANUFACTURING
20

.

\

"•'•ntHuiu^^naun, •It

NONDLJRABLE
MANUFAC:TURING

_

"""•"^-x..-I

-

,..,«*iB.im,.,

8

„
.

'•

^

•I
I

"~

;;

16

C3OVERNMENT

x

-

....A...-

~*
12

r,.

-

DU RABLE

CONTRACT
CONSTRL CTION

4

-

/

8 ,,,,,,!,,,,,
1969

I 1 1I 1 t I ! 1 f !

1970

t 1 ! 1 1I ! ! 1! I

2

t 1 1 ! I ! 1 I t t IK

1971

/|l 1 ! 1 1 ! 1 t ! t !

K

1972

1 6
9 9

i i , i i 1 . i , .i
1970

I 1 1I t 1 1 ! 1 1!

COUNCIL

SOURCE: DEPARTMENT C)F LABOR

1 ! t I1 ( 1 t t 1 | K

1972

1971

OF ECONOMIC ADVISER!

"
J

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

Period

Total

1966
1967
1968
1969
1970
1971
1971: Jan..
Feb__
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
1972: Jan*_
Feb".

63, 955
65, 857
67, 915
70, 284
70, 616
70, 699
70, 454
70, 391
70, 480
70, 599
70, 769
70, 657
70, 531
70, 529
70, 853
70, 848
71, 042
71, 185
71, 603
71, 686

NonTotal Durable durable Total
goods goods
19, 214
19, 447
19, 781
20, 167
19, 369
18, 610
18, 747
18, 684
18, 609
18, 639
18, 702
18, 608
18, 533
18, 457
18, 616
18, 560
18, 603
18, 566
18, 611
18, 627

11, 284
11, 439
11, 626
11, 895
11, 198
10, 590
10, 697
10, 642
10, 571
10, 598
10, 651
10, 598
10, 552
10, 485
10, 597
10, 561
10, 572
10, 548
10, 573
10, 588

7, 930
8,008
8, 155
8,272
8, 171
8, 020
8,050
8, 042
8, 038
8, 041
8,051
8,010
7, 981
7, 972
8,019
7,999
8,031
8,018
8, 038
8,039

Con- Trans- Whole- Finance,
insursale
tract portation
ance, Services Federal State
Mining conand
and
and
and
struc- public retail
local
real
tion utilities trade estate

33, 950
35, 012
36, 288
37, 915
38, 712
39, 231
38, 988
38, 963
39, 079
39, 129
39, 209
39, 211
39, 186
39, 229
39, 382
39, 353
39, 452
39, 581
39, 906
39, 929

»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




Gover ament

N onmanu faeturing 5 (private)

Manufa( jturing (]private)

627
613
606
619
622
601
625
622
622
623
622
619
597
609
616
521
525
607
615
613

3, 275
3, 208
3, 285
3,435
3, 345
3,259
3,271
3, 198
3,264
3, 282
3, 275
3, 255
3, 228
3,219
3, 250
3,290
3, 320
3,245
3,318
3,236

4, 151
4,261
4,310
4,429
4,504
4,481
4, 507
4, 526
4, 520
4, 505
4,518
4, 500
4, 476
4,428
4,460
4,442
4, 434
4,465
4, 511
4,499

13, 245
13, 606
14, 084
14, 639
14, 922
15, 174
15, 039
15, 059
15, 074
15, 107
15, 148
15, 135
15, 158
15, 223
15, 273
15, 270
15, 278
15, 315
15, 451
15, 514

3, 100
3, 225
3,382
3,564
3, 690
3,800
3,746
3, 749
3, 758
3, 769
3, 788
3, 807
3, 806
3, 804
3, 821
3, 834
3,851
3,860
3,876
3,882

9,551
10, 099
10, 623
11, 229
11, 630
11, 917
11, 800
11, 809
11, 841
11, 843
11, 858
11, 895
11, 921
11, 946
11, 962
11, 996
12, 044
12, 089
12, 135
12, 185

2, 564
2,719
2,737
2,758
2,705
2, 664
2,661
2, 662
2, 662
2,667
2, 667
2, 640
2,643
2, 650
2. 674
2,675
2,669
2,669
2,667
2,667

8,227
8, 679
9, 109
9,444
9, 830
10, 194
10, 058
10, 082
10, 130
10, 164
10, 191
10, 198
10, 169
10, 193
10, 181
10, 260
10, 318
10, 369
10, 419
10, 463

persons, and domestic servants; which count persons as employed when they
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.
Source: Department of Labor.

13

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek of production workers in private nonfarm industries rose 0.2 hour (seasonally adjusted) ir
February. The workweek of factory workers rose 0.4 hour over the month.
HOIJRS PER WEEK (SEA SONALLY
46

HO JRS PER WEEK <SE>TONALLY
46

ADJUSTED)

TOTAL NOlAGRICULTUR^vL

ADJUSTED)

MANUFACTlJRING

PRIVATE

44

44

42

42

40

40 V

38

1

.

*

38

•——*-*^^^-*-l ^^

36

36
34 <jj, 1 1 1 1 1 1 M,I i
1969-

..l...l.f..T.t

I 1 1 1 1 I ! I 1 ! I 1 1 I 1 1 I 1 1 1 1 IK

1970

1971

34

A\ 1 t I 1 1 I I 1 1 1

1969

1972

42

r^^
1 1 1 1 1 1 1 1 1 11

*l
p--xX1

I 1 I1 1 1 I1 M 1

1 ! 1 1 1 I 1 I I 1 IK

1970

1971

1972

1970

1971

1972

"

42

RETAIL TRADE

CONTRACT CONSTRUCTION
40

40

38

38

36

36

34

34

32

32

30

tin t i
1969

30
1970

1971

1972

1969

SOURCE, DEPARTMENT OP tABOR

COUNCIL OF ECONOMIC ADVISERS

1

[Average hours per week ]
Total
nonagricultural
private 2

Period

Manufacturing

Contract
construction

Retail
trade 3

Total
nonagri- Manufaccultural i turing
private 2 i

Unad Justed

1962
1963
1964
.
1965
1966.,.
1967
1968
1969
1970
1971.
1971: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1972: Jan *
Feb 9

3a7

.
..
.

38. 8
38.7
38.8
38. 6
38. 0
37. 8
37.7
37. 1
37.0
36.6
36.6
36.8
36. 7
36.8
37.3
37.3
37.4
37.0
37.0
37.0
37.3
36. 7
36.8

40. 4
40.5
40. 7
41. 2
41. 3
40. 6
40.7
40. 6
39.8
39. 9
39.6
39.4
39. 7
39. 5
40. 0
40. 2
39.8
39.8
39.8
40.0
40.2
40.7
39.8
40.0

*Data relate to production workers or nonsupervisory employees.
•Ala) Includes other private Industry groups shown on p. 13.
Includes eating and drinking places.
8

14



37. 0
37. 3
37. 2
37.4
37. 6
37.7
37. 4
37.9
37. 4
37.3
36. 0
35. 5
37. 1
37.0
37.0
38.0
38.1
38. 3
36. 9
38.2
37.9
36. 5
35. 8
36.0

Contract
construction

Retail
trade 3

Seasonail}7 adjusted

37. 4
37. 3
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33.8
33. 7
33. 1
33. 1
33.1
33. 3
33. 3
34.0
34. 8
34. 7
33. 7
33. 5
33.4
34. 1
33. 2
33.2

36. 9
87.0
87. 0
87. 0
86. 9
87.1
86. 9
86. 9
86. 7
87. 0
87. 1
87. 2
37. 0
87. 2

Source: Department of Labor.

39. 8
89. 8
89.8
89. 8
40. 0
40. 0
40. 0
39.8
89.5
89.8

40.1

40.8
40.0

40.4

87. 6
86. 8
87. S
87. 1
86. 8
37.2
87. 1
37.1
35. 7
37.6
89. 0
86.8
87.4
37. 3

83.6
S3. 6
83. 5
33. 7

Q<2? *y
OO. 4

S3. 7
88.8
S3. 6
S3. 6
00 0
OO. O

83. 7
83.9
e>& iy
OO. i

<z?e? fy
oo. i

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers were unchanged between January and February
at $3.54. Weekly earnings rose slightly, reflecting a longer workweek.
DOLLARS

DOLLARS

AVERAGE WEEKLY EARNINGS

AVERAGE HOURLY EARNINGS
6.00

240

/"I
1 \

'V V

CONTRACT
CONSTRUCTION

200

5.00

CONTRACT
CONSTRUCTION

160

4.00

MANUFACTURING
MANUFACTURING

120

3.00

TOTAL NONAGRICULTURAL
PRIVATE

TOTAL NONAGRICULTURAL
PRIVATE

RETAIL TRADE

--\RETAIL

80

2.00

TRADE

,!,,,,,

i i i i I t t i ij
1969

1972

1971

1970

1969

1970

1971

SOURCE* DEPARTMENT OF UBOR

1 1 I 1

I 1 I 1 I

1972
COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Average \lourly earn ings— curr<3nt dollars Average vweekly earn ings— curr 3nt dollars
Period

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Jan
Feb
Mar
Apr
May_ _
June
July
Aug
Sept
Oct
Nov—_ _
Dec
1972: Jan "
Feb"

Total
nonagricultural
private 1

$2. 22
2. 28
2.36
2. 45
2. 56
2. 68
2, 85
3. 04
3. 22
3. 43
3. 33
3. 35
3. 36
3. 38
3. 41
3. 42
3.43
3. 45
3. 49
3. 49
3. 48
3. 51
3. 54
3. 54

Manufacturing

$2. 39
2.46
2.53
2. 61
2. 72
2. 83
3. 01
3. 19
3. 36
3. 57
3. 50
3. 51
3. 52
3. 54
3. 55
3. 57
3. 57
3. 56
3. 60
3.60
3. 60
3. 69
3. 70
3.71

Contract
construction

$3. 31
3.41
3.55
3.70
3. 89
4. 11
4.41
4. 79
5. 25
5. 72
5. 53
5. 56
5.54
5. 55
5.65
5. 63
5. 68
5. 75
5. 86
5. 90

r>. 90

5. 93
5. 98
5. 98

Retail
trade 2

$1. 63
1. 68
1.75
1.82
1.91
2.01
2. 16
2. 30
2. 44
2.57
2.52
2. 54
2. 55
2. 56
2. 57
2. 58
2.58
2. 57
2. 60
2. 60
2. 60
2. 61
2. 65
2. 66

1
Also includes other private Industry groups shown on p. 13.
2 Includes eating and drinking places.
a Earnings in current dollars adjusted to exclude the effects of overtime and
Interindustry shifts.


74-920°—72

Total
nonagricultural
private 1

$85. 91
88. 46
91.33
95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
121. 88
122. 61
123. 65
124. 05
125. 49
127. 57
127. 94
129. 03
129. 13
129. 13
128. 76
130. 92
129. 92
130. 27

Manufacturing

$96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 44
138. 60
138. 29
139. 74
139. 83
142. 00
143. 51
142. 09
141. 69
143. 28
144. 00
144. 72
150. 18
147. 26
148. 40

Contract
construction

Retail
trade 2

$122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
196. 35
213. 36
199. 08
197. 38
205. 53
205. 35
209. 05
213. 94
216. 41
220. 23
216. 23
225. 38
223. 61
216. 45
214. 08
215. 28

$60. 96
62. 66
6475
66.61
68.57
70.95
74.95
78. 66
82.47
86. 61
83.41
84.07
84.41
85.25
85.58
87.72
89.78
89. 18
87.62
87. 10
86.84
89.00
87. 98
88.31

Manufsicturing
indu,Btries
Adjusted Average
weekly
hourly
earnearnings.
ings,
1 QA7
1967
i on s
dollars 4
85.7
$106. 58
87. 8
108. 65
90. 3
110. 84
92. 6
113. 79
95. 7
115. 58
100. 0
114. 90
106. 2
117. 57
112.6
117. 95
119. 7
114. 99
127. 7
117. 43
124. 8
116. 28
125. 3
115. 82
125. 8
116. 64
126. 5
116. 33
126. 9
117.55
127. 3
118. 12
127. 8
116.66
128. 3
116. 04
129. 1
117. 25
128.9
117. 65
129.0
118. 04
131.7
122. 00
132.8
119. 53
132.7

1

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

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In February, industrial production (seasonally adjusted) rose 0.7 percent, following a revised 0.6 percent rise in
January. The annual rate of increase since the 1971 low of August was 7.2 percent.
Index, 1967=100 (SEASONALLY ADJUSTED)
150

Index, 1967=100 (SEASONALLY ADJUSTED)
130

120

100

90
1969
COUNCIL OF ECONOMIC ADVISERS

SOURCEr BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1962
1963
1964
1965
1966
1967
1968
1969
1970_
1971"
_-_
1971: Jan
Feb
Mar
__
Apr
May
June
July.
Aug
Sept
Oct.-- ._Nov
Dec.1972: Jan*.
Feb"

[1967=100, seasonally adjusted]
Industry

Total
industrial
production

Total

72.2
76. 5
81.7
89.2
97.9
100. 0
105. 7
110. 7
106. 7
106.4
105.3
105.7
105. 5
106. 2
107. 0
107.2
106. 1
105. 3
106.2
106.4
107. 0
107.6
108. 2
109.0

71.4
75.8
81. 2
89. 1
98. 3
100. 0
105. 7
110. 5
105. 2
104.8
103. 3
103.9
103. 2
104. 4
105. 7
105. 6
104. 9
103. 6
104.9
105.4
105.3
105.7
106. 4
107. 2

M,anufaetur ng

NonDurable durable
69. 0
73. 5
79. 0
88.5
99.0
100.0
105. 5
110. 0
101. 5
98. 9
98. 1
98. 6
98.3
99. 1
100. 5
100. 1
99. 4
96.6
98. 5
99. 1
98.0
98.4
99. 4
100.4

Source: Board of Governors of the Federal Reserve System.

16



75. 1
79. 2
84. 4
90. 0
97. 3
100.0
106. 0
111. 1
110. 6
113. 3
110. 9
111. 7
110. 4
112. 1
113. 3
113. 7
113. 0
113.8
114. 2
114. 6
115.9
116. 2
116. 5
117. 1

Market
Fiaal produ cts

Mining

Utilities

85.6
89.0
91. 1
93.9
98. 4
100. 0
103. 9
107. 2
109.7
107. 0
111. 1
110. I
111. 4
110. 4
108. 6
108.9
105. 7
106. 5
106.0
97.7
102.3
107.7
107. 8
108. 1

70. 2
75. 1
81.9
86. 9
93. 6
100. 0
109. 4
119. 5
128. 5
135. 4
129. 6
132. 2
131. 5
133. 2
132. 1
135.6
138. 7
137.0
138.4
139.3
139.6
136.5
138.3
139.5

Total
70. 8
74. 9
79. 6
86. 8
96. 1
100. 0
105. 8
109. 0
104. 4
1044
102. 9
103. 0
102. 5
103. 6
103. 9
104.5
104. 9
105.0
104.6
105.3
105.9
105. 6
106. 0
106. 7

Consumer
goods
77.7
82. 0
86. 8
93. 0
98. 6
100. 0
106. 6
111. 1
110. 3
115.6
112. 8
112.9
112.7
114. 6
115. 7
116. 1
116. 0
116. 0
115.0
116. 9
118.2
117.7
118.3
119. 0

T

.

Intermediate
Equip- products
ment
61. 9
65. 6
70. 1
78.7
93.0
100. 0
104. 7
106. 1
96. 1
88.9
88. 9
89. 3
88. 4
88. 1
87.8
88.2
89. 3
89.6
90.2
89.0
88.8
88.6
88.8
89. 5

76.9
81. 1
87. 3
93. 0
99. 2
100.0
105.7
112.0
111. 9
112. 8
110. 9
112. 5
112. 0
112.4
113.5
112.4
113. 8
110. 7
112. 5
113.0
114.0
114.9
115.5
116. 1

TV,'I o f o

rials

72.4
77. 0
82. 6
91.0
99.8
100.0
105. 7
112. 4
107.8
106. 8
106. 5
106. 8
107. 1
107. 5
108.9
109.0
105. 3
104.0
106.2
105.6
106.0
107.5
108.4
109.7

PRODUCTION OF SELECTED MANUFACTURES
Production of most durable and nondurable manufactures (seasonally adjusted) rose in February. The largest gains
were in transportation equipment and primary metals—about 2 percent each.
Index, 1967=100 (SEASONALLY ADJUSTED),
130

Index, 1967=100 (SEASONALLY ADJUSTED)

CHEMICALS, PETROLEUM,
AND RUBBER

100

1972

1969
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[1967 = 100, seasonally adjusted]
Durab le manufcictures
Period

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 v
1971: Jan
Feb
Mar_
___
Apr_ _
_
May
June _ _ _
-. July
A u g _ _ _ - _ _ __ _ .
Sept
Oct
Nov
_ ..
^
Dec__
1972: Jan *
Fcb"__ _. _

Ncmdurable manufactu res

FabriTranspor- Lumber Textiles,
Primary
cated
Machin- tation
and
apparel,
metals
ery
metal
equipprodand
products
ment
ucts
leather

78.2
84. 3
95. 7
104. 0
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
108. 1
105. 5
106. 6
108. 7
1 14. 3
10S. 1
98. 2
81. 0
93. 9
95. 7
91.4
94. 4
101. 3
102. 8

75. 9
78.4
83. 3
92. 6
100. 5
100. 0
106. 3
113. 6
109. 4
107. 3
105. 4
106. 6
104. 9
108. 5
108. 5
108. 5
110. 8
108. 0
105. 7
106. 9
106. 9
107. 7
106. 4
107.7

64.8
67.9
74. 3
84. 1
98. 6
100. 0
101. 9
106. 8
100.4
95.5
93.4
94. 2
94. 0
94. 2
95. 3
95.2
97.4
95. 6
96. 3
97.0
96.3
96. 7
97. 1
97. 0

69.3
75. 9
79. 6
91. 3
101. 2
100. 0
109. 7
107. 6
90. 3
91. 3
91. 1
92. 6
91. 3
89. 5
90. 9
91.7
88. 5
91. 1
91.7
92.4
91. 6
89. 8
89. 3
91. 1

82.0
85. 8
91. 0
94. 7
98. 4
100. 0
104. 8
108. 6
106. 3
113.4
109. 7
110. 8
110. 3
112. 5
110. 0
111. 0
115. 4
113. 1
113. 9
117. 3
117. 9
119.4
123.2

84. 3
86. 9
91. 9
97. 8
101. 7
100. 0
104. 9
105. 9
100. 2
100. 7
98. 6
98.0
97. 3
99.8
101. 5
102.4
100. 2
100. 1
102. 5
102. 2
101.6
103. 9
102. 2
102.4

Paper
and
printing

74.3
78.4
84. 5
90. 5
98. 9
100. 0
104. 2
109. 1
107. 8
107. 8
107. 1
108. 1
104. 6
106. 9
106. 9
106.0
106. 8
108. 2
108.3
109.0
110.6
110.8
112. 3
112.7

Chemicals, Foods
petroleum, and tobacco
rubber

64.5
70.0
75.9
83. 8
94. 1
100. 0
109. 6
118. 4
118. 2
124.3
118. 2
120. 9
120. 5
122. 4
124. 2
125. 3
124. 0
126. 2
127.3
126. 5
127.8
127.8
128.4
129. 2

84. 0
87. 0
90. 6
92. 6
97.0
100. 0
103. 6
107. 5
110. 8
113. 4
113. 9
113. 1
112. 2
112.9
113. 6
113. 7
113. 8
112. 8
111. 1
113.2
115. 6
115. 0
115. 6
115. 9

Source: Board of Governors of the Federal Reserve System.




17

WEEKLY INDICATORS OF PRODUCTION
Production of steel, autos, and trucks increased during February and early March.
MILLIONS OF TONS

MILLIONS OF SHORT TONS

STEEL

1 \l I l I I i I l I i I I I I I | I _ _I i | I i i I I
III I I
-_
y .
-

.

_

I I I I I I i I I I I i I I I I 1 I I I.
"

*

~

BILLIONS OF KILOWATT HOURS
40

200

100

25
SOURCES: AMERICAN IRON AND STEEl INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ElECTRIC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS

Period
Weekly average:
1965
_.
1966
1967
1968
1969
1970
1971 »
1971: Jan
Feb
Mar
_ __
Apr
_ _
May
June
July
Aug___
Sept
Oct —
Nov
Dec.__
1972: Jan
Feb*___
.
Week ended:
1972: Feb 12
19
26
Mar 4
11"
1

Steel pi'oduced
Thousands Index
(1967=
of net
tons
100)
2,521
2,572
2,440
2,515
2,709
2,522
2,306
2, 545
2, 719
2,854
2,929
2, 917
2, 678
2, 249
1, 303
1,794
1,853
1,877
1,987
2,258
2,412
2, 362
2,416
2,439
2,487
2, 553

Daily average. Includes data for Alaska.
2 Not charted.

18




103. 3
105. 4
100.0
103. 1
111. 0
103. 4

COUNCIL OF ECONOMIC ADVISERS

Electric
Bituminous Freight Paperboard
Car s and triicks
power
coal mined
produced
loaded
distributed (thousands (thousands (thousands assembled (thoiisands)
(millions of
of short
Total Cars Trucks
of tons)
of cars)
kilowatt-hours) tons) 1

1, 763
2, 118
1,901
1, 808

562
570
540
543
543
522
486
490
486
506
523
526
525
424
493
502
445
441
449
456
465

410
446
439
479
507
489
501
482
502
516
508
513
510
467
522
510
531
521
478
499
535

213.7
199. 3
172.9
207.6
195. 8
158. 9
204.8
220. 3
231. 0
230. 2
211. 6
232. 4
212. 3
131.8
145.7
215.6
233.6
218. 6
171. 7
216. 3
226. 1

179.4
165. 4
142.4
170.1
158. 1
125. 9
165.0
181. 7
188. 8
188. 1
170. 6
190. 6
169. 7
106.5
110. 2
172. 5
186. 8
175. 1
136. 9
169. 8
176. 5

34.3
33. 9
30. 5
37.5
37. 8
33.0
39.9
38. 5
42. 2
42. 1
40. 9
41.7
42.6
25.3
35.5
43.2
46. 7
43.5
34.9
46. 5
49. 6

1,807
1,862
1,775
1,765
2
1, 898

457
474
462
488
487

545
545
534
550

223.8
228.6
226. 1
236. 1
229. 4

174.5
178.3
175.8
184. 6
178.0

49. 3
50. 3
50.4
51.5
51.4

104.3
111.4
117. 0
120. 0
119. 5
109. 8
92.2
53.4
73.5
76.0
76.9
81.5
92. 5
98.9

20, 169
21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
31, 200
30, 864
29, 993
28, 570
28, 921
32, 551
32, 781
32, 786
31, 887
29, 590
30, 227
31, 218
32, 655
33, 323

1,735
1,798
1,868
1, 827
1,884
2,012
1,984
2,058
1,954
2,102
2, 197
2,026
1, 963
1,829
2, 118
2, 129

96. 8
99.0
100.0
101. 9
104.6

33, 806
32, 705
32, 627
31, 868
32, 421

945

906

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
P\ccording to preliminary estimates, expenditures for new construction (seasonally adjusted) rose about 2 percent in
January. Both private and public construction increased.
.
• •.'
- .
. ••
BILLIONS OF DOLLARS
140

BILLIONS OF DOLLARS
140

20
1972

1966
SOURCE:

DEPARTMENT OF COMMERCE

Total new
construction
expenditures

Period

76. 0
77. 5
86.6
93.3
94, 3
108.7

1966
1967
1968
1969
1970
1971

COUNCIL OF ECONOMIC ADVISERS

Total

52.0
52.0
59.0
65. 4
66. 1
78. 8

Private
Resid ential
CommerNew
cial and
Other
A
Total
housing industrial
units
Bi llions of dol lars
25, 7 1
19.4
26 3
25. 6
19.0
26. 4
30.6
24. 0
14.7
13. 8
33.2
25.9
16. 2
16. 0
24. 2
31.7
16. 3
18. 1
42. 1
34. 2
17.0
19.7

Federal,
State,
and

local

24. 0
25. 5
27. 6
28. 0
28. 1
29.9

.
-

.

98.3
102. 6
100. 6
102. 3
103. 0
105. 9
107.6
109. 2
110. 0
111. 9
110. 0
113.7
113.6
115. 6
118.3

69.2
70.7
70. 6
70. 7
73. 0
76. 3
77.9
79. 9
80. 5
82. 1
81.4
81.8
83. 2
84. 6
86.8

34. 1
35. 1
35.6
36. 5
37. 7
39. 6
41. 5
42. 3
42. 7
43. 9
44. 7
45. 1
45. 3
46. 3
48. 5

25. 6
26. 7
27. 6
28. 5
29. 6
31. 0
32. 9
34. 0
35. 0
36.6
37.4
37. 5
37. 6
38.5
40. 6

1 i Includes nonhousek<ieping resident! il construction and additions a nd alterations, not shown separa tely.
3
F. W. Dodge series. Kelates to 50 S tates beginning 1970 for value index and
beginning 1971 for floor 5space.




15. 6
16. 1
16.4
16. 4
16. 8
17. 4
16.8
17. 3
18. 1
17.9
16. 3
16.5
17. 1
17.3
18. 1

94.8
100. 0
113. 2
123. 7
123. 1
144. 3
Seasonally
adjusted

Seasonall y adjusted at inual rales
1970: Nov
Dec
1971: Jan
Feb
Mar
Apr
May__
June
July
Aug
Sept
Oct
Nov
Dec
1972: Jan*

Construct! c contracts2
>n
CommerTotal value cial and
index,
industrial
(1967 = floor space
100)
(millions of
square feet)

19. 5
19. 5
18.6
17.9
18. 5
19. 3
19. 6
20. 3
19.7
20. 2
20.4
20. 3
20. 9
20.9
20. 2

29. 0
31. 9
30.0
31. 6
30. 1
29. 6
29. 7
29.3
29.5
29.8
28.6
31.8
30.4
31.0
31. 5

130
132
117
126
142
161
141
147
151
153
154
137
155
160
165

769
694
779
883
743
730

Seasonally
adjusted
annual
rates
648
656
652
600
785
658
761
754
728
658
849
741
824
807
728

Sources: Depai"tnient of Com.merce and McG raw-Hill Inforaaation Systems
C ompany, F. W. Dodge Divisiori.

i f\

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In February, private housing starts rose about 8% percent to a seasonally adjusted annual rate of 2,678,000 unitsanother all-time high. Permits for future starts were about the same as in January.
MILLIONS OF UNITS
3.0

MILLIONS OF UNITS
3.0

1.0

1.0

1972

1966

COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF COMMERCE. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION

[Thousands of units]
Hou sing star ts

Period

1966
1967.
1968.
1969
1970
1971"

_ _ .

1971: Jan
Feb
___ _
Mar _ _
Apr
__
_ _
Mav
June
Julv
Aug
_ _
_ __
Sept
Oct
_
Nov
Dec _
1972: Jan*
Feb*>__

Total
private
Total
and
private
public (includ(including
ing
farm)
farm)
1, 195.
1, 321.
1, 545.
1, 499.
1, 469.
2, 084.

9
9
5
6
0
5

114. 8
104. 6
169. 3
203. 6
203. 5
196. 8
197.0
205. 9
175. 6
181.7
176. 4
155.3
150. 2
152. 9

Private
Total ( includingI farm)
Total

1, 165. 0 1, 165.
1, 291. 6 1, 291.
1, 507. 7 1, 507.
1, 466. 8 1, 466.
1, 433. 6 1, 433.
2, 052. 2 2, 052.

110. 6
102. 2
167. 9
201. 1
198.5
193. 8
194. 3
204. 5
173. 8
179. 7
173. 7
152. 1
148.4
151. 5

One
unit

0
778.
6
843.
899.
7
8
810.
812.
6
2 1, 151.

1,810
1, 793
1, 938
1,951
2, 046
2,008
2,091
2, 219
2,029
2,038
2,228
2,457
2,471
2,678

1,007
1, 005
1,080
1, 122
1, 152
1, 150
1, 162
1, 198
1, 172
1, 155
1, 242
1,347
1,410
1, 315

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 or appraisal requests for new
home construction.

20




5
9
5
6
9
0

Cover nment
home p rograms
(noni'arm)

Two or
VA
more
FHA
units
386. 4
129. 1
36. 8
52. 5
141. 9
447.7
608.2
147. 7
56. 1
153. 6
656. 2
51. 2
233. 5
620. 7
61. 0
301. 2
901. 2
94.0
Seasona lly ad jus ted annu al
803
788
858
829
894
858
929
1,021
857
882
985
1, 110
1, 062
1,363

384
286
266
280
271
290
288
325
294
299
293
399

378

75
73
82
93
96
91
99
103
98
98
105
104
116
118

New
private
housing
units
authorized 1

971. y

1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 907. 4

._

Propose d home
constr uction

Applications tor Requests
for VA
FHA
commit- appraisals 2
ments -

153. 0
167. 2
168. 9
187. 6
315. 0
366. 8

99. 2
124. 3
131. 7
138. 2
143. 7
217. 9

366
349
344
348
375
378
392
359
343
351
291
472
333

189
175
186
206
221
250
234
218
253
231
207
228
232
224

rates

1, 635
1, 563
1, 627
1, 638
1, 927
1, 849
2, 052
2,006

1,900
2, 173
1, 952
2, 292
2, 105
2, 112

Sources: Department of Commerce, Department of Housing and Urbaii
1
Development, and Veterans Administration.

BUSINESS SALES AND INVENTORIES-TOTAL AND TRADE

t

sincss sales (seasonally adjusted) rose by a very sharp 3.1 percent from December to January/ while inventory
cumulation remained moderate. According to the advance survey, retail sales were about unchanged in February.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
200

RETAIL .TRADE (ENLARGED SCALE)
25 -DURABLE GOODS STORES-

TOTAL BUSINESS
INVENTORIES
180

20

INVENTORIES

160

140

10

JTOTAL BUSINESS
SALES

120

\

^w

SALES

^-^-^-x^/
100

NONDURABLE GOODS STORES
INVENTORIES

60

RETAIL INVENTORIES

40

RETAIL SALES

20
1969

1970

1972

1971

1970

1969

1972

1971

SOURCE' DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total tmsiness 1

Rejtail

Wholesale
Sales2

Period

1964
1965
1966
1967
1968
1969
1970
1971"
1970: Dec
1971: Jan
Feb
Mar
Apr
May
June
July
Aug ___
Sept
Oct
Nov_._
Dec *
1972: Jan"_
Feb v

Sales 2

73, 685
80, 276
87, 172
89, 708
97, 105
103, 178
106, 276
114,257
106, 943
109, 346
111, 166
__ 112, 740
113, 155
114, 303
115, 531
114, 727
_ _ 115, 064
115, 660
114, 687
117, 374
116, 964
120, 625

Inventories 3

Sales 2

111, 457
120, 900
136, 714
145, 072
155, 238
166, 412
173, 635
179, 939
173, 635
174, 412
174, 834
175, 536
176, 275
177, 046
177, 403
177, 652
178, 157
178, 924
179, 468
179, 407
179, 939
180, 391

14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 275
20, 718
21, 338
21, 334
21, 676
21, 897
22, 449
22, 716
22, 621
22, 605
22, 549
22, 284
22, 739
22, 994
24, 213

' The term "business" also includes manufacturing (see page 22).
[Monthly average for year and total for month.
|3ook value, end of period, seasonally adjusted.




Inventories 3

Ivlillions of
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
26, 604
26, 646
26, 806
26, 788
27, 046
27, 140
27, 333
27, 866
27, 795
27, 814
27, 928
28, 237
28, 916
29, 167

NonDurable durable
goods
Total
goods
stores
stores
dollars, seasonally £id justed
7, 049 14, 773
21, 823
7,849 15, 828
23, 677
8, 192 17, 138
25, 330
26, 151
8,348 17, 803
28, 490
9, 268 19, 222
29, 824
9, 626 20, 197
31, 294
9, 524 21, 770
34,071 10, 985 23, 086
31, 761
9, 185 22, 576
32, 290 10, 003 22, 287
32, 850 10, 240 22, 610
33, 274 10, 613 22, 661
33, 578 10, 747 22, 831
33, 502 10, 576 22, 926
33, 827 10, 782 23, 045
33, 688 10, 747 22, 941
34, 655 11, 298 23, 357
35, 219 11, 833 23, 386
34, 964 11, 695 23, 269
35, 574 11,885 23, 689
34, 896 11, 334 23, 562
34, 958 11, 490 23, 468
34, 904 11, 263 23, 641

[nventories 3
Total

Durable
goods
stores

31, 094
34, 405
38, 073
38, 952
41, 973
45, 376
46, 555
50, 474
46, 555
46, 888
47, 426
48, 246
48, 809
49, 259
49, 534
49, 592
50, 299
50, 844
50, 800
50, 377
50, 474
50, 472

13, 318
15, 253
17, 258
17, 277
19, 167
20, 647
20, 490
23, 124
20, 490
20, 689
21, 232
21, 704
22, 056
22, 509
22, 679
22, 707
23, 313
23, 769
23, 652
23, 306
23, 124
22, 892

Nondurable
goods
stores
17, 776
19, 152
20, 815
21, 675
22, 806
24, 729
26, 065
27, 350
26, 065
26, 199
26, 194
26, 542
26, 753
26, 750
26, 855
26, 885
26, 986
27, 075
27, 148
27, 071
27, 350
27, 580

Source: Department oi Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND

ORDERS

Mamifacturers' shi pments and new orders ( seasonally a djustec ) rose substantially in lailuary. Durab le goods inv
tories r which decl ned during 1 971, rose by $350 mill ion in January but nondurable stocks fell b y $150 milliC..
BILL ONS OF DOLLARS>
70

BILLI ONS OF DOLLARS
110

ISEASONAILY ADJUSTED}

MANUFACTlJRERS' INVEN1•QRIES

MANUFACTlJRERS' SHIPME NTS
TOTAL

60

^

^f^

100

^-r^
\

^^^^

—^^|—' V

50

(SEASONALLY ADJUS1
FEDJ

TOTAL
90

40

^

80
DL RABLE GOODS

30

^

nr-.

V

^

^—*^~^
„ .,.-....., » *
„... .,....* •

-DURABLE GOOD s

70

*

\

,1 » » M» ' "MH « » *
, » * < , »" I I « 1 »

^. «** " """

Wll " * " " * " * *
il" * * " " " * "

NON DURABLE GOOD 5

20

ymilnm

I i I I I1 i i i ii r i i i i I i i i i i

:

^-

60
Ml I l l l l l l ^

50

MANUFACTlJRERS'

40

NEW

CDRDERS

DURABLE GOODS
j~^/-J

30 ff^*~*^/**s**+^im

\

r*—^"~*\/ ^""^"—'-^
,..
.,.
»*•»
„.,...„,...,.......««• •*~~*y— «•

20

NO NDURABLE GOO£>s
i ii i i1 i i i ii 1
1970

A\ | 1 1 1 1 ! 1 1 1 1

1969

NONDURA 5LE GOODS

40

J

1 1.111 .1 11
1971

30

1 1 1 1 1 !

1 1 |

1972

|

iKl

20

M

/jl 1 I 1 1 1 I ! 1 1 1

V

1 ! I 1 1 1 1 1 1 1 1

1 6
9 9

1970

SOURC& DEPARTMENT OF COMMERCE

Total

NonDurable durable
goods
goods

Total

Millions
63, 386
68, 221
77, 950
84, 563
90, 737
96, 673
100, 476
100, 549
100, 476
100, 878
100, 602
100, 502
100, 420
100, 647
100, 536
100, 194
100, 063
100, 266
100, 740
100, 793
100, 549

1964
37, 335
1965
41, 003
44, 863
1966
46, 458
1967
50, 287
1968
1969
53, 629
54, 429
1970
1971
57, 911
1970: Dec__ .. 54, 464
55, 718
1971: Jan
56, 982
Feb
Mar
57, 790
Apr
57, 680
58, 352
May
June
58, 988
July
58, 418
Aug
57, 804
Sept
57, 892
Oct
57, 439
Nov
59, 061
59, 074
Dec

19, 634
22, 216
24, 629
25, 220
27, 695
29, 539
29, 349
31, 550
29, 185
30, 166
30, 856
31, 616
31, 308
31, 850
32, 650
32, 123
31, 464
31, 543
31, 166
32, 106
31, 858

17, 701
18, 788
20, 233
21, 237
22, 592
24, 090
25, 080
26, 361
25, 279
25, 552
26, 126
26, 174
26, 372
26, 502
26, 338
26, 295
26, 340
26, 349
26, 273
26, 955
27, 216

1972: Jan"

33, 725

27, 729 100, 752

1
Monthly
2

61, 454

NonDurable durable
goods
goods

of dollars
38, 436
42, 227
49, 793
54, 888
58, 969
63, 160
65, 152
64, 242
65, 152
65, 308
65, 090
65, 082
65, 033
65, 079
64, 825
64, 692
64, 523
64, 563
64, 494
64, 399
64, 242

seasonal
24, 950
25, 994
28, 157
29, 675
31, 768
33, 513
35, 324
36, 307
35, 324
35, 570
35, 512
35, 420
35, 387
35, 568
35, 711
35, 502
35, 540
35, 703
36, 246
36, 394
36, 307

64, 591

36, 161

average for year and total for month.
Book value, end of period, seasonally adjusted.
8 For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.

22



i i i i i I ti iii
1971

t 1 1 1 1 I ! I 1 1 IK

1972

"

COUNCIL OF ECONOMIC ADVISERS

Manufac turers' shi pments l Manufac ^urers' inv en tories 2
Period

. «.

....WHMMWM""**"*"*""

Ma nufacture rs' new ord€srs 1

Total

Durat >le goods
NonProducers' durable
capital
Total
goods
goods
industries

Manufacturers'
mventoryshipments
ratio 3

y adjuste d
37, 952 20, 258
41, 803 22, 986
45, 912 25, 690
46, 707 25, 468
50, 505 27, 919
53, 768 29, 681
53, 866 28, 778
57, 724 31, 353
55, 468 30, 140
57, 255 31, 666
57, 165 31, 071
57, 699 31, 472
56, 597 30, 228
57, 028 30, 601
57, 009 30, 666
58, 255 31, 955
58, 085 31, 758
57, 322 31, 026
57, 490 31, 126
59, 576 32, 564
59, 408 32, 138

3, 935
4,435
5,265
4, 958
5,307
6, 074
5,794
6,390
5,925
6, 442
6, 617
6,219
5,677
6, 193
6,237
6, 146
6,551
6,425
6,806
6,565
6,835

17, 694
18, 817
20, 222
21, 239
22, 585
24, 087
25, 088
26,371
25, 328
25, 589
26, 094
26, 227
26, 369
26, 427
26, 343
26, 300
26, 327
26, 296
26, 364
27, 012
27, 270

1. 64
1.60
1. 62
1.76
1.74
1.75
1.82
1.74
1.84
1.81
1.77
1.74
1.74
1.72
1.70
1. 72
1.73
1.73
1.75
1.71
1.70

35, 256

8,055

27, 843

1.64

63, 099

Source: Department of Commerce.

MERCHANDISE EXPORTS AND IMPORTS
Exports and imports in January continued to be disturbed by actual and potential dockstrikes. The deficit, seasonally
adjusted, was $319 million.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

3.0

2.5

25

ZO

2.0

1972

1966
y SEE NOTE BfLOW.
SOUUCf. DfPAHTMENT OF COMMERCE

Period

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
I\ lerchandise export:s
Merch andise irn ports
Total (melud-l
Gen eral impc>rts 3
Domesti c exports
2
mg reexports)
Food, Crude
Food, Crude
Total
bever- mate- Manubever- mate12
Season- Unad- Total
facrials
ages,
rials
ages,
Seasonally ad- justed
tured ally ad- Unad- and to- and
and to- and
justed
justed bacco
goods justed
bacco fuels
fuels

Monthly average:
1963
1964
1965
1966
1967
1968
1969 . _
1970
197J

1, 869
2, 153
2, 229
2,458
2, 586
2, 839
3, 111
3, 555
3,630

1,845
2, 123
2,201
2,421
2,554
2, 802
3,066
3, 502
3, 576

349
386
377
432
392
383
370
422
423

315
361
356
367
394
405
417
558
537

1,428
1,562
1,786
2, 135
2,241
2,769
3, 004
3,329
3,800

1, 191
1,377
1,453
1, 602
1, 737
1, 985
2,232
2,445
2,537

3,684
3, 480
3, 528
4, 108
3, 806
3, 914
3,686
3, 338
3, 367
4, 225
2, 828
3, 221
4,057
3, 815

3,633
3, 432
3, 472
4,059
3, 742
3, 854
3, 625
3, 293
3, 319
4, 170
2,776
3, 176
4,000
3, 766

485
438
402
455
401
423
395
385
383
568
294
394
537
506

667
555
537
596
578
550
544
468
515
586
394
471
644
567

1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
2Total includes commodities and transactions not classified according to kind.
*Total arrivals of imported goods other than intransit shipments.




396
419
453
476
447
503
533
545
606

672
759
937

1,204
1, 313
1,719
1,918
2,159
2,537

441
590
444
323
345
70
107
226
— 171

2,265
2, 268
2, 163
2,619
2,611
2, 586
2,895
2, 363
2,467
2, 767
2,423
2,462
2,825
2,820

168
50
141
250
— 232
-201
— 858
— 297
— 256
265
-821
—227
— 274
—819

Unad justed

U nadjuste d

1970: Dec__ 3, 569
1971: Jan.. 3, 738
Feb.. 8, 691
Mar. 3,815
Apr. _ 3,521
Mav_ 3, 783
June 3,661
Julv- 8,493
Aug._ 3,678
Sept_ 4, 511
Oct.. 2, 710
Nov. 3,160
Dec.. 3, 859
i <P<J) i
1972: Jan.. 4, <o<&J.

322
335
334
382
392
447
442
519
534

Grossmerchandise trade
Manu- surplus,
seasonfactured ally adjusted
goods

2, 378
2, 351
2, 449
2,938
2, 651
2, 792
2,605
2, 363
2,353
2,935
2, 028
2,248
2,737
2, 601

3,402
8,683
8,550
8,565
3, 754
3, 988
4,019
8, 790
8,984
4,245
8,531
8,387
4,132
4,540

3,553
3,419
3, 191
3,907
3,893
3, 841
4,278
3, 690
3,844
4, 254
3,472
3,531
4,283
4, 280

575
523
442
528
593
521
593
565
616
715
352
353
606
631

597
511
477
638
564
607
665
630
640
659
571
598
712
702

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

U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The current account of the balance of payments was in deficit by $5.8 billion (seasonally adjusted annual rate)
the fourth quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1966

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
M erchandis<3

12

Period
Exports

1966
1967
1968
1969
1970
1971*___ __

29,
30,
33,
36,
41,
42,

390
680
588
490
980
769

Imports

Net
balance

— 25, 463 3, 927
-26, 821 3,859
-32, 964
624
-35, 830
660
-39, 870 2, 110
-45, 648-2, 879

Militetry trans actions

Netiiwestment i ncome

Direct
expenditures

Sales

Net
balance

Private 3

-3, 764
-4, 378
-4, 535
-4, 856
-4, 851
-4, 796

829
1, 240
1, 395
1, 515
1,480
1,942

-2,935
— 3, 138
— 3, 140
-3, 341
-3, 370
-2, 854

5, 331
5,848
6, 157
5, 820
6, 360
8,925

U.S.
Government

Net.
travel
Other
and
transservporta- ices,
tion
net
expenditures

44 — 1, 382
40 — 1,752
63 — 1, 558
155 -1,780
-118 -1,979
-975 -2, 246

315
365
344
497
587
728

Balance
on
goods
and
services 1
5,300
5,220
2,489
2, Oil
3, 592
699

Remittances,
Curpenrent
sions,
acand
count
other
baluniance
lateral
transfers 1
-2,890
2,410
2, 139
-3, 081
-2, 875
-386
-2,910
— 899
-3, 148
443
-3,473 -2, 774

Se asonally a djusted annual r«a,tes
40, 964
1970: I
II
42, 328
III___ 42, 784
IV.... 41, 844
1971:1
44, 064
II
42, 824
III... 45, 900
IV" 38, 288

-38, 912 2,052 -4,728 1,096
-39, 324 3, 004 -5, 020 1, 788
-39,968 2, 816 -4, 844 1, 308
-41, 276
568 -4, 812 1, 732
-43, 072
992 -4, 696 2, 040
-47, 068-4, 244-4, 856 2, 188
-48, 060-2, 160 -4, 760 1,872
-44, 392 -6, 104 -4, 872 1,668

1
Excludes military grants.
2
Adjusted from Census data
3

-3, 632
-3, 232
-3, 536
-3, 080
-2, 656
-2, 668
-2, 888
-3,204

for differences in timing and coverage.
Includes fees and royalties from U.S. direct investments abroad or from
foreign direct investments in the United States.

24



6, 184
124 -1,792
— 12 — 2, 000
5, 888
6, 540
— 256 -2, 212
-324 — 1, 912
6, 828
— 452 — 1,736
7,608
— 636 -2, 468
9,340
8, 164 -1,356 -2, 236
10, 580 — 1,456 -2,544
Source: Department of Commerce.

3, 524
588
532
4, 180
3, 980
628
2, 680
600
844
4,600
24
700
224
700
672 -2,056

— 3, 024
500
-3, 012
1, 168
-3, 212
768
-3, 344 -664
-3, 080
1,520
-3, 352 -3, 328
-3,708 -3,484
-3, 756 -5, 812

U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
Revised estimates indicate that the U.S. balance of payments in the fourth quarter was in deficit at a seasonally adjusted
annual rate of $17.4 billion on the net liquidity basis and $25.1 billion on the official reserve transactions basis.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1 20

20 I

SEASONALLY ADJUSTED ANNUAL RATES

10

10

BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL

BALANCE ON OFFICIAL
RESERVE TRANSACTIONS

-10

-10

-20

-20

-30

-30

-40

-40

-50

-50

-60

-60
1967

1966

1972

SOURCEi DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Long-ter m capital Balance Nonflows net
liquid
>,
Period

1966
1967
1968
1969
1970
1971 *

U.S.
Govern- Private
ment 1
— 1, 469
-2,423
-2, 161
-1, 930
— 2, 029
-2, 382

2

Allo-

shortnf
term
account private special
and long- capital drawing
flows
capital
rights
net 2

— 2, 555 -1,614 — 102
-2,912 — 3, 196 — 505
231
1, 198 — 1, 349
-50 -2,879 -602
- 1, 454 -3, 039 — 545
-4, 128 -9,284 -2,529

Errors
and
omissions,
net

Changes
Balance, Liquid Balance, in liaprivate official
net
bilities
liquid- capital reserve
to
transflows,
foreign
ity
2
basis
actions
official
net
basis
agencies,
net 3

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

-431 -2, 148 2, 367
219
-787
568 14,
1, 267 -3,418
-985 -4, 685
52 14,
3, 366
-493 — 1, 610
3,251
1, 641
-761
-880 15,
— 2, 603 -6, 084 8,786
2, 702 — 1, 515 -1, 1875 16,
867 — 1, 104 -3, 821 -6, 000 -9, 821
7, 344
2,477 14,
717 - 10, 878
-21, 973 — 7, 794 -29, 767 27, 419
2, 348 6 12,

-1, 812
-2,360
-1, 248
-2, 692
-2, 732
-2, 528
-2, 092
— 2, 168

1
Excludes
2

-3,876 -5, 188 -460
-1,088 -2, 280 -560
-880 — 1, 360 — 460
28 — 3, 328 — 700
-4,036 -5, 248- 1, 524
-7, 172 - 1 3, 028 1, 636
—
-7, 188 - 12, 764 — 4, 032
1, 888 -6, 092— 2, 924

868
868
868
864
720
716
716
716

-236 -5, 016 — 6,440 — 11,456
- 1, 500 -3, 472 -2, 144 — 5, 616
— 1, 748 -2, 700 -5,600 -8, 300
-932 -4, 096 -9, 816 -13,912
-4, 048 - 10, 100
-12, 100 -22, 200
-9, 252 -23, 200
212 —22, 988
— 21, 132 -37,212 -11,528 -48, 740
— 9, 080 -17, 380 -7, 760-25, 140

liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other international and
regional organizations.
a Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
to, and gold deposits with, the United States.
1
Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position in the IMF.




882
830
710
964
487
167

Unadjusted

Sciasonally adjusted annual ra tes

1970: I
II
III___
IV--1971:1
II _ _ .
III.-.
IV v

U.S.
official
reserve
assets,
net
(end of
period)

10, 400
2,396
5,964
10, 616
19, 472
20, 352
43, 964
25, 888

1,056
3, 220
2, 336
3, 296
2,728
2,636
4,776
-748

17,
16,
15,
14,
14,
13,
12,
6
12,

350
328
527
487
342
504
131
167

6
Includes gain of $67 million resulting from revaluation of the German mark
in 6October 1969.
On Dec. 31, U.S. reserve assets consisted of gold stock, $10,206 million, special
drawing rights, $1,100 million; convertible currencies, $276 million; gold tranche
position, $585 million.
Sources: Department of Commerce and Treasury Department.

25

PRICES

CONSUMER PRICES

In January the consumer price index rose 0.1 percent; seasonally adjusted the increase was 0.3 percent. Food prices
were unchanged unadjusted and down 0.2 percent seasonally adjusted. Nonfood commodities declined 0.3 percent;
seasonally adjusted they rose 0.2 percent. Service prices increased 0.5 percent reflecting mostly higher taxes and
public utility and transportation rates.
Index, 1967=100
140

Index, 1967=100
140

100

100

90

90
1972
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

(1967 = 1001

Period

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1970: Dec
1971: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1972: Jan
Source: Department of Labor.

26




All
items

90.6
91.7
92.9
94. 5
97.2
100. 0
104.2
109. 8
116. 3
121. 3
119. 1
119. 2
119. 4
119. 8
120. 2
120.8
121. 5
121. 8
122. 1
122. 2
122.4
122. 6
123, 1
123.2

All commodities
92. 8
93.6
94.6
95. 7
98. 2
100. 0
103.7
108. 4
113. 5
117. 4
115. 6
115.4
115.5
116. 1
116.6
117. 2
117.9
118. 1
118.2
118. 1
118.4
118. 5
118. 9
118. 7

Services
Commodities
Comm odities lee s food
Services
All
Food
Rent
less
NonAll
Durable durable services
rent
94.0
85. 5
89. 9
97.6
91. 8
86.8
94 1
95.0
87.3
91.2
97.9
94. 8
92.7
88. 5
92. 4
89. 2
90.2
95. 9
98. 8
93. 5
95. 6
94. 4
98.4
92. 2
91. 5
96.2
94. 8
96. 9
97.0
95. 3
99. 1
97. 5
98.5
95. 8
98.2
100. 0
100. 0
100. 0
100. 0
100. 0
100.0
100.0
104. 1
102. 4
103. 1
105. 2
105. 7
103. 6
103. 7
112. 5
105. 7
113. 8
107. 0
108. 8
108. 9
108. 1
121. 6
112. 5
111. 8
123. 7
114. 9
113. 1
110. 1
130. 9
118.4
117. 0
128. 4
115. 2
116.8
116.5
112.6
128. 0
115.3
115.7
115.5
115. 2
125. 6
112. 9
126. 3
115.2
115. 2
128. 7
115.5
115. 3
129. 0
115. 0
115. 4
113. 6
115.9
126. 6
115. 2
117. 0
115. 2
126. 6
128. 9
115. 7
113. 9
115. 5
114. 4
129. 1
126. 8
117.8
115.8
115. 7
116.0
127. 5
114. 7
129. 8
116. 6
116. 6
116. 6
118. 2
119.2
117. 4
115. 2
130, 6
128. 2
117. 1
116. 9
115. 4
131. 2
117. 5
128.8
117.0
116.7
119.8
116. 9
117.2
129. 4
131. 9
115. 8
120. 0
117. 1
182. ;;
116. 4
116. 1
129. 8
119. 1
117. 4
118.2
116.4
Io2. 5
117. 1
ISO. 0
118.0
118. 7
118. 9
132. <J
130.4
116. G
117. 4
118.7
119. 0
118. 1
116. 9
] ;j;j. 3
117.2
130. 8
120. 3
118. 8
118. 1
134. 1
117.3
131. 5
117. 1
120. 3
117.7
118. 1

WHOLESALE PRICES
lie wholesale price index rose 0.9 percent in February/ seasonally adjusted it was up 0.7 percent. Industrial comnodities increased 0.5 percent unadjusted and 0.4 percent adjusted, the same as in January. Farm products and
Drocessed foods and feeds together were up 1.9 percent unadjusted and 1.8 percent seasonally adjusted.
Index, 1967=100

Index, 1967=100
120

100

100

95

95
1966

1971

1972
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1967=100]
All

Period

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Jan
Feb
Mar
Apr
_
Mav
_
June
July
Aug
Sept
..
Oct _ _ _ _ _ _ _
Nov _ _ _
Dec
1972: Jan
Feb

commodities

Farm
products

essed
foods
and
feeds

94. 8
94. 5
94.7
96.6
99. 8
100. 0
102. 5
106.5
110. 4
113. 9
111. 8
112. 8
113. 0
113. 3
113. 8
114. 3
114. 6
114. 9
114. 5
114. 4
114. 5
115. 4
116. 3
117.3

98.0
96. 0
94.6
98. 7
105. 9
100. 0
102. 5
109. 1
111. 0
112. 9
108. 9
113. 9
113. 0
113. 0
114. 0
116. 0
113. 4
113. 2
110. 5
111. 3
112. 2
115. 8
117. 8
120. 7

91. 9
92.5
92. 3
95. 5
101. 2
100. 0
102. 2
107. 3
112. 0
114. 3
111. 8
113. 3
113. 7
113. 5
114. 5
114. 9
116. 0
115. 4
114. 6
114. 1
114. 4
115. 9
117.2
118. 8

1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
s
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.




Industrial commodities

±TOC-

All industrials1

Crude
materials 2

94, 8
94, 7
95. 2
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
112. 2
112.5
112.8
113. 3
113. 7
113. 9
114. 5
115. 1
115. 0
115. 0
114. 9
115. 3
115. 9
116. 5

95. 6
94, 3
97. 1
100. 9
104.5
100. 0
102. 0
110. 6
118.8
122. 7
121. 4
121. 8
121. 4
124. 1
123.5
122. 8
122. 7
122. 3
123. 0
122. 9
122. 6
123. 4
125. 6
127.0

Inter- Producmediate er finmateished
rials 3
goods

95.3
95. 0
95. 6
96. 9
98.9
100. 0
102. 6
106. 2
110.0
114. 3
111. 5
112. 0
112. 7
113.3
113.8
114. 1
114, 9
115. 9
115.9
115. 7
115. 6
115. 8
116. 4
117.2

92. 2
92. 4
93. 3
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
115. 6
115. 9
116. 0
116. 1
118. 3
116. 5
116. 8
117. 1
116. 9
117. 1
117.0
117. 8
118. 4
118. 8

ConsuEtier finished g<x>ds excludin g food
NonDurdurable
able
98.3
94. 8
97.8
95. 1
98. 2
94.8
97. 9
95. 9
98.5
97. 8
100. 0
100, 0
102. 2
102. 2
104. 0
105. 0
108.2
107. 1
110. 9
111. 3
110. 5
110. 9
110. 8
110. 8
110. 4
110. 7
110. 5
110.5
110. 7
111.0
110. 7
111. 2
111. 0
111. 6
111. 1
111. 8
110.4
111.9
111. 3
111. 7
111.3
111. 7
112.6
111. 8
112. 9
112. 0
113.2
112. 1

3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products, for further processing.
Source: Department of Labor.
p"7

PRICES RECEIVED AND PAID BY FARMERS
In the month ended February 15, prices received by farmers rose 2 percent while prices paid were up 1 percent. Th<
actual and adjusted parity ratios were up 1 point each.
Index, 1967=100

index, 1967=100

130

130

90 -

RA110 y

RATI DO/

yo

on

/S

yo

'*'.»...»*

cm

\

PARITY RATIO (ACTUAL)

X,

"-"

•^~,,--,...,

70

..
.M
*

\

,-,/"

.„..,,

X

,»

70

\x

V"
*0

!

t ! 1 1

!

! t I !

1 L t 1 1 I 1 ! 1 1 !

19C36

i i l M

r i t i i

1968

1967

(

I I 1 !

( I I I !

[

! ! ! !

19 69

! ! ! 1 !

l i l t !

i ii ij

19 71

1970

All farm
products

Period

1962
1963 _
1964 _
1965__
1966 _
1967 .
1968
1969197CL _ _
1971.
1971: Jan 15
Feb 15
Mar 15__
Apr 15
Mav 15
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1972: Jan 15
Feb 15

__ _ ___

_ _

> _ „__

96
96
93
98
105
100
103
108
110
112
106
112
111
111
113
113
113
113
111
113
114
116
120
122

Crops

103
106
106
103
105
100
101
97
100
108
102
105
107
108
111
114
111
108
104
106
108
109
111
111

All items,
interest,
taxes, and
wage rates
Index, 1967=100

92
89
85
94
105
100
104
116
118
116
110
117
114
114
114
113
114
117
117
118
119
121
126
131

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.
2
The adjusted parity ratio reflects Government payments made directly to
farmers.

28



90
91
92
94
98
100
104
109
114
120
117
118
118
119
120
120
120
120
121
121
121
122
123
124

<^0

COUNCIL OF ECONOMIC ADVISERS

Parity ratio l
~

Prices paid by far mers

Livestock
and
products

1| ! ! I 1 i I i i

1972

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

Prices iDeceived by t armers

1

Family
living
items

Production
items

91
92
93
95
98
100
104
109
114
119
116
117
117
117
118
119
119
120
120
120
120
121
121
123

Source: Department of Agriculture.

94
95
94
96
99
100
102
106
110
115
112
113
114
115
115
116
116
116
116
116
117
117
118
118

Actual

80
78
76
77
80
74
73
74
72
70
68
70
70
69
70
70
70
70
68
69
70
71
72
73

Adjusted 2

83
81
80
82
86
79
79
79
77
74
72
75
74
73
74
74
74
74
72
74
74
75
78
79

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock grew at a 6.7 percent annual rate in the 3-month period ended in February.
In the preceding 3-month period there was a small decline. Time and savings deposits continued to increase sharply.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY

ADJUSTED

300

300

250

250

TIME AND SAVINGS
/
DEPOSITS
/

200

200

150

150

1966

1972

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

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

Dec
Dec
Dec
Dec
_
Dec_
Dec
Jan
Feb
Mar
_
Apr
__
May
June
_
July
Aua:
_
Sept__ _ _ _

__ _ _

Nov.
Dec
1972: Jan
Feb *_

_ __ _

1

_

_

_

Oct

_

_

_

__
__ _

__

[Averages of daily figures, billions of dollars]
JVlonev sto<3k
JV [onev sto(;k
Time
Time
CurCurand
and
DeDerency
rency
savings
savings
mand
mand
Total
outoutTotal
de- 1
dededeside
side
posits l posits
posits1 posits *
banks
banks
1[Jnadjuste d
SeasonallyT adjusted
171. 7
39. 1
38. 3
133. 4
137. 8
156. 9
158. 1
176. 9
142. 7
40. 4
41. 2
182. 1
183. 1
147. 4
183. 4
188.6
197. 4
154. 0
43. 4
44. 3
159. 1
204. 2
203.4
203. 2
157. 7
46. 0
162. 9
203. 7
194. 1
46. 9
193. 2
209. 8
214. 8
165. 8
50. 0
49. 0
221. 2
171. 3
228. 1
228. 9
52. 5
228. 2
175. 7
269. 9
53. 5
181. 5
269. 0
235. 1
49. 1
172. 3
221. 4
234.4
233. 8
166.0
49. 3
215. 3
166. 5
239. 6
49. 1
217. 7
215. 6
168. 0
240. 2
49. 7
169. 7
49. 5
217. 5
246. 2
168. 0
50. 0
245. 4
219. 7
172. 3
222. 3
50. 1
170. 7
248. 5
221. 2
50. 5
248. 1
251.4
173. 0
251. 3
50. 5
169. 4
219. 9
223. 8
50. 8
51. 0
172. 7
174. 5
254. 4
253. 8
223. 7
51. 1
225. 5
51. 9
174. 1
255. 5
175. 8
256.4
226. 0
227.4
51.6
176. 3
51. 9
173.0
224.9
258. 1
257. 3
51. 7
228.0
51. 9
174. 3
175. 7
260. 3
259. 6
226. 2
227. 6
51. 9
52. 2
264. 1
175. 3
52. 2
175. 5
263. 3
227. 5
227. 7
52. 8
176. 9
265. 5
175. 5
229. 6
265. 3
52. 2
227. 7
269. 0
53. 5
181. 5
269. 9
175. 7
52. 5
235. 1
228. 2
52. 6
182. 7
273. 7
274. 4
176. 0
235. 3
52. 8
228. 8
277.3
52. 6
178.2
176. 6
278. 1
229. 3
53. 2
231.4

Deposits at 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 1
3. 4
5. 0
5. 0
5. 6
7. 3

6.7
6.8

8. 4

5.5

5. 5

7.8
5.3
6.8
6.8

7. 5
5. 3
3. 9
6. 7
7. 2
7.2

Source: Board of Governors of the Federal Reserve System.

29

PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Liquid asset holdings of private nonfinancial investors rose $8.5 billion (seasonally adjusted) in February, accordi
to a new Federal Reserve series. Currency and deposits increased $9.3 billion while other types of liquid assets feu
slightly on balance.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

900

900

800

800

700

700

600

600
CURRENCY
AND DEPOSITS

500

500

400

400

300

300

200

200

100 i. t i t i 1 i t i 1 1

1 I

1967

1966

1968

1970

1969

1971

100

1972

SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr<3ncy and deposits
Total
liquid
assets

Period

1965:
1966:
1967:
1968:
1969:
1970:
1971:
1971:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar_
Apr
May
June
July
Aug__
Sept
Oct
Nov
Dec
1972: Jan »
Feb "

_
_.

557.7
588.2
637. 5
694.6
719.7
770.6
850. 5
776. 2
784 2
792. 8
800.0
808.6
816. 8
823. 3
827.6
831. 6
838. 3
842. 8
850. 5
858. 7
867.2

Time d eposits
Total

447.4
469.6
516. 0
559.6
576. 2
623.6
709.8
631. 8
643. 0
653.6
662. 5
671. 5
678.6
684. 8
688. 7
692.6
698. 1
703.0
709. 8
719. 3
728.6

NOTE.—New series.
Source: Board of Governors of the Federal Beserve System.

30




Currency

36.3
38. 3
40.4
43.4
46.0
49.0
52. 5
49. 3
49. 7
50.0
50.5
50.8
51. 1
51.6
51.7
51. 9
52.2
52. 2
52. 5
52. 8
53.2

Demand
deposits

115.5
117.3
125. 2
135.2
138.1

1447
153.4
144.5
146. 2
147. 8
148. 8
151.2
152. 8
153. 9
154 1
153. 5
153. 3
153.0
153.4
153.6
155.8

Commercial
banks
125.2
136.8
156. 2
174.2
177.0
198. 8
232. 2
203.3
208.3
213. 0
216.0
218. 5
220. 7
221.7
222. 4
224. 0
226. 5
228. 9
232.2
237.1
240.1

U.S. G overnment se curities

Nonbank
Savings
thrift
institu- bonds
tions
170.4
177. 3
194.2
206. 8
215.2
231.1
271. 7
2347
238. 8
242. 9
247.3
251. 0
2541
257.5
260. 5
263.1
266. 1
268.9
271.7
275.8
279.6

49. 5
50. 1
51.0
51.4
51.1
51. 3
53.7
51.4
51.6
51. 8
52.0
52. 2
52.5
52.7
52. 9
53.1
53. 3
53.5
53.7
540
542

Other

38.2
43. 3
39. 5
46. 8
62.5
53.0
39.2
49.7
46. 1
43.9
42. 8
42. 0
42. 7
42. 7
43.0
41.7
41. 0
40.6
39. 2
37.4
36.3

Negotiable
certificates of
deposit

15. 5
15.0
19.5
22. 7
9. 1
23.2
30.2
245

25.6
26.2
25.8
26.1
26.7
27.3
27.5
28. 1
29. 2
28. 9
30.2
30. 1
30.7

Commercial
paper

7. 1
10. 9
11.

R

14^
20. o
19.!

18. 8
18.0
17.2
16. 9
16. 8
16. 4
15. 8
15. 6
16.1
16. 7
16. 8
17.7
17.9
17. 4

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
• February, seasonally adjusted bank loans and investments rose $5.2 billion or at an annual rate of 14 percent.
Dank loans increased at an annual rate of 11 percent. Free reserves were positive in February for the third month
in a row.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END OF MONTH

ALL COMMERCIAL BANKS

50C

500

TOTAL
LOANS AND INVESTMENTS

400

400

300

300

200

200

100

100

INVESTMENTS IN OTHER SECURITIES
nuiiitx"
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
I I 1 1 I ! I I I 1

1966

I 1 1 1 ! I I ! I I ! 1 I 1 I I I 1 I I 1 I I 1

1968

1969

1970

1971

1972
COUNCIL OF ECONOMIC ADVISERS

Bank
Weekly
debits
reporting
outside
large commercial New York
Total
Investrnents
City (232
banks
End of period
Loans,
loans excluding
centers) ,
and
inter- U.S. Gov- Other Commercial seasonally
investbank
securi- and indus- adjusted
ernment
ments
annual
securities
ties
trial loans
rates 1
Billions of dollars
3
3
316. 1 3 213. 9
1966
53. 5
60.7
48. 7
3,421
352. 0
231. 3
1967
59.3
61.4
3, 740
65. 8
390.6
258. 2
61. 0
71.4
1968
73.1
4,354
4
4
4
402. 1 4 279. 4
1969
5, 163
51. 5
71. 2
81. 5
435. 9 5 292. 0
1970
81.7
58. 0
85. 9
o, 744
482.9
318. 6
6,436
1971 »
83.8
60. 3 5 103. 9
446. 1
295. 7
6, 032
1971: Feb
80. 8
89.6
60.8
449. 5
Mar
296. 5
91.9
6, 116
61. 1
81. 2
452, 5
298. 2
6,302
Apr
93. 5
60. 7
81. 1
456. 1
Mav
300. 7
81.4
60.4
6,215
95. 1
5
461. 1 ' 301. 7
6,613
June
96. 6
82. 3
62. 8
463.7
304. 1
July
6. 623
61. 6
98. 0
81. 6
Aug__p _ _ _ 468. 4
6, 665
309. 7
97. 8
82.4
60. 9
472. 4
313. 0
6,697
59. 9
99. 5
83. 5
Sept .
476. 5
Oct *
316. 4
83. 1
6,494
59. 1
101. 0
478. 4
102. 0
Nov pr
317. 5
82. 6
6,839
58. 9
482. 9
318. 6
Dec
6,776
103. 9
83. 8
60. 3
324. 3
489. 8
105. 7
1972: Jan»_
59. 8
81. 8
327. 1
495. 0
Feb "___
61. 1
82. 5
106. 8

Aill membe r banks 2

All con 11 icrcial bank s
(s ciisonally adjusted datta)

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.
P Effective June 1966, balances accumulated for payment of personal loans
[bout $1.1 billion) are excluded from loans at all commercial banks, and certain
- vertificates of CCC and Export-Import Bank totaling about $1 billion are included
in other securities rather than in loans.




Total
reserves

23, 830
25, 260
27, 221
28, 031
29, 265
31, 329
29, 880
29, 686
29, 885
30, 419
30, 023
30, 547
30, 455
30, 802
30, 860
30, 953
31, 329
32, 865
31, 953

Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions o : dollars
392
557
345
238
455
765
257
1,086
272
321
107
165
328
201
199
319
140
148
312
330
131
453
821
162
198
804
206
501
207
360
263
407
107
165
20
173
34
163

-165
107
-310
-829
— 49
58
— 127
— 120
-8
-18
-322
-658
-606
-295
— 153
-144
58
153
129

* Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries: earlier data include commercial banks only.
5
As of June 1971, Farmers Home Administration notes totaling about SO.7
billion are classified as "other securities" rather than as "loans."
Source: Board of Governors of the Federal Reserve System.

31

CONSUMER AND REAL ESTATE CREDIT
Toial consumer credit fell $1.4 billion in January/ a year earlier fhe drop was $1.7 billion. Consumer insralme
credit (seasonally adjusted) rose about $650 million in January.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

160

160

20

SEASONALLY ADJUSTED (ENLARGED SCALEJ

INSTALMENT CREDIT EXTENDED

4 v\ i i i t i I i i
1966

1967

SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

|Millions of dollar.Consu mer credit outstandin g (end of i eriod;
(.'Onsuin er instiilmt n t c r e d i t e x t e n d e i l
i mad justed^
and n 'paid (seas u m l l v a d j i s l e d )
A n to mob ilr paper
Instalment
——— To till
—
N on—
Automol
Total
Total
Personal instal-2 Extended Repaid Extended Repaid
bile
ment
paper
loans

1963
1964
1965
1966
1967
1968
1969
1970
1971
1970: Dec

71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
126, 802
137, 237
126, 802

55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
101, 161
109, 545
101, 161

22, 254
24, 934
28, 619
30, 556
30, 724
34. 130
36, 602
35, 490
38, 310
35, 490

15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
31, 612
34, 432
31,612

16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 300
25, 641
27, 692
25, 641

63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 888
104, 130
117, 638
8,536

56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 609
101, 138
109, 254
8, 515

1971: Jan
Feb
Mar
Apr
May_ _ _
June
July
Aug
Sept
Oct
Nov
Dec

125,
123,
123,
125,
126,
127,
128,
129,
130,
131,
133,
137,

100, 101
99, 244
99, 168
100, 028
100, 692
101, 862
102, 848
104, 060
104, 973
105, 763
107, 097
109, 545

35, 004
34, 869
35, 028
35, 496
35, 819
36, 349
36, 763
37, 154
37, 383
37, 759
38, 164
38, 310

31, 455
31, 396
31, 504
31, 773
32, 041
32, 351
32, 680
33, 134
33, 420
33, 575
33, 977
34, 432

24, 976
24, 571
24, 436
25, 019
25, 333
25, 526
25, 506
25, 644
25, 671
25, 843
26, 166
27, 692

8,916
9,081
9,533
9, 751
9, 690
9, 715
9, 675
10, 049
10, 156
10, 031
10, 572
10, 130
10, 184

1972: Jan

077
815
604
047
025
388
354
704
644
606
263
237

135, 830

108, 826

38, 111

34, 300

^Iso includes other consumer goods paper, and repair and modernization
loans, not shown separately.
2
3 Consists of single-payment loans, charge accounts, and service credit.
End of period, unadjusted.

32



27, 004

22,
24,
27,
27,
26,
31,
32,
29,
34,
2,

126
046
227
341
667
424
354
831
638
170

19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 882
30, 943
31, 818
2,618

8, 829
8,979
9,038
9, 088
9, 197
9, 190
8, 914
9, 222
9, 157
9, 107
9, 306
9,230

2,461
2, 687
2, 897
2, 872
2,756
2, 838
2,773
3,004
3, 147
2, 992
3, 162
2, 973

2, 623
2, 636
2, 696
2, 566
2,640
2, 678
2, 565
2,697
2, 732
2,634
2,662
2,696

9,547

2,978

M or t ^,a j.'.e
debt, o i i t sL'mdinu;
iioniurm,
1- to -1-

houses :;

2, 761

182,
197,
212,
223,
236,
251,
266,
280,
307,
280,

200
600
900
600
100
200
800
200
500
200

283, 600
290, 900
299, 500
307, 500

Sources: Board oi Governors of the Federal Keserve System and Federal Honv
Loan Bank Board.

BOND YIELDS AND INTEREST RATES
a 3-month Treasury bill rate rose from mid-February to mid-March while long-term Government bonds were about
unchanged. Yields on high-grade corporate bonds declined.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

CORPORATE Aaa BONDS
(MOODY'S)

1966
SOUUCf. SK TABU HlOW

Period

1964
1965
1966
1967
1968-.
1969__
1970
1971
1971: Jan
Feb.
Mar

Apr
May
June
_
July
Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb »
Week ended :
1972: Feb 4__
11—
18—

25__
Mar 3—
10..
I7p.
1
8

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
High-grade
U.S. Goveirnment secui"ity yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
issues 2
bonds 3 (Standard4 &
bills »
Poor's)
3. 549
4. 06
3.22
4. 15
3. 954
4.22
4.21
3.27
4.881
5. 16
4. 65
3. 82
4, 321
5.07
4.85
3.98
5.339
5.59
5.26
4.51
6. 677
6. 85
6. 12
5. 81
6. 458
7.37
6. 58
6. 51
4. 348
5.77
5.74
5.70
4. 494
5. 72
5.92
5.70
3. 773
5. 31
5. 84
5. 55
3. 323
4. 74
5. 71
5.44
3. 780
5. 42
5. 75
5. 65
4. 139
6. 02
6. 14
5. 96
4. 699
6. 36
5. 94
6. 22
5. 405
6.77
5.91
6. 31
5. 078
6. 39
5. 78
5. 95
4.668
5. 96
5. 52
5. 56
4.489
5. 68
5. 24
5. 46
4. 191
5. 50
5. 48
5. 30
4. 023
5.42
5. 62
5. 36
3. 403
5. 33
5. 62
5. 25
3. 180
5. 67
5. 51
5. 33
3.
3.
3.
3.
3.
3.
3.

367
141
066
145
446
553
845

5. 55
5. 51
5.47
5. 50
5. 50
5. 57
5.84

5. 70
5. 71
5.65
5. 63
5. 62
5. 62
6
5. 67

2
Rate 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.
fi
Data for first of the month, based on the maximum permissible interest rate
(7 percent beginning February 18, 1971) and 30-year mortgages paid in 15 years.




5. 46
5. 29
5.27
5. 30
5. 31
5. 19
5. 28

Corpora ie bonds
(Moo dy's)
Aaa

Baa

Prime
FHA
commercial new home
paper,
mortgage
4r-6
yields 5
months

4.40
4.49
5. 13
5. 51
6.18
7. 03
8. 04
7.39
7.36
7. 08
7. 21
7. 25
7. 53
7. 64
7. 64
7. 59
7.44
7. 39
7. 26
7.25
7. 19
7.27

4. 83
4.87
5. 67
6.23
6.94
7. 81
9. 11
8. 56
8.74
8. 39
8.46
8. 45
8. 62
8. 75
8. 76
8. 76
8. 59
8.48
8. 38
8. 38
8.23
8. 23

3.97
4.38
5. 55
5. 10
5.90
7. 83
7. 72
5. 11
5. 11
4. 47
4. 19
4. 57
5. 10
5. 45
5. 75
5. 73
5. 75
5. 54
4. 92
4. 74
4. 08
3. 93

7.25
7. 29
7.28
7. 26
7.25
7.24
6
7. 22

8. 26
8. 25
8.23
8. 21
8. 21
8. 22
8. 24

3.98
4. 00
3.93
3. 88
3. 90
4. 00
6
4. 23

5. 45
5.46
6.29
6.55
7.13
8. 19
9.05
7.78
8.40
7. 32
7.37
7.75
7. 89
7.97
7.92
7. 84
7. 75
7.62
7.59
7. 49

e Not charted.
Sources: Department of Housing and Urban Development, Treasury Department, Board of Governors of the Federal Reserve System, Standard & Poor's
Corporation, and Moody's Investors Service.

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market continued to move generally upward in February and early March.
Index, 1941-43=10

Index, 1941-43=10

WEEKLY

120

120

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

110
100

100

90

90
80

60 I t i l l 1 I I I ! I I I I I I I I I ! I I I 1 I t

I I LJ l i l t

1 t

I I 1 I 11I I I I I I I I I I t 1 I I I I t

I I I 1 1

I II I I 1

I I 1

PERCENT

PERCENT
MONTHLY

DIVIDEND YIELD ON COMMON STOCKS

PRICE/EARNINGS RATIO ON COMMON STOCKS

10
1966

SOURCE: STANDARD & POOR'S CORPORATION

Price i ndex
Industrials

Period

Total

1966
1967
1968
1969_
1970
1971
1971: Feb
Mar
Apr
Mav
June
Julv
Aug
Sept
Oct
Nov
Dec

1972: Jan

_ _ _
___ .

_ _

Feb
Week ended :

1972: Feb 4
11
18
25
Mar 3
10___
17...

5

_

4

Total

85. 26
91.93
98.70
97. 84
83.22
98. 29
97. 11
99. 60
103. 04
101. 64
99. 72
99. 00
97. 24
99.40
97. 29
92. 78
99. 17
103. 30
105. 24

__

_

91.08
99. 18
107. 49
107. 13
91. 29
108. 35
106. 62
109. 59
113. 68
112. 41
110. 26
109. 09
107. 26
109. 85
107. 28
102. 21
109. 67
114. 12
116. 86

1941-^13=10
84. 86
74. 10
96. 96
79. 18
105. 77
86.33
103. 75
87. 06
87. 87
80. 22
102. 83
99.76
101. 58
95. 38
104. 69
98. 54
109. 38
102. 41
108. 61
101. 96
105. 46
100. 96
102. 48
100. 55
100. 90
99. 82
104. 55
103. 34
100. 66
101. 31
95. 51
97. 47
103. 78
103. 92
109. 69
106. 45
113. 90
109. 42

104. 43
105. 10
105. 22
105. 58
107. 07
108. 78
107. 62

115. 69
116. 67
116. 93
117. 30
119. 08
120. 99
119. 57

113. 49
114. 17
114. 20
113. 75
115. 73
118. 68
117. 10




Consumers'
goods

Capital
goods

Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly Indexes for capital and consumer goods are Wednesday figures;
all other weekly indexes are averages of dally figures.
'Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields

34

1

107. 90
109. 67
110. 25
109. 84
112. 96
114. 35
112. 95

Railroads

Dividend
yield 2
(percent)

68. 21
68. 10
66.42
62. 64
54.48
59. 33
62. 49
62. 42
62. 06
59. 20
57. 90
60. 08
57. 51
56.48
57.41
55. 86
57. 07
60. 19
57. 41

46. 34
46.72
48.84
45. 95
32. 13
41.94
38. 78
39. 70
42. 29
42. 05
42. 12
42. 05
43. 55
47. 18
44. 58
41. 19
43. 17
45. 16
45. 66

3. 40
3. 20
3.07
3. 24
3. 83
3. 14
3. 18
3. 10
2. 99
3.04
3. 10
3. 13
3. 18
3. 09
3. 16
3. 31
3. 10
2. 96
2. 92

58. 52
57. 48
56.75
57. 21
57. 37
58. 11
58. 11

45. 94
45. 76
45. 66
45. 34
45. 61
46.61
47. 15

Public
utilities

2.
2.
2.
2.
2.
2.
4
2.

Price/
earnings
ratio 3

14. 92
17.52
17.20
16.57
15. 91
18. 11

17.43
17. 69

93
91
91
92
86
82
85

are averages of monthly data. Weekly data are Wednesday figures.
s
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
4
Not charted*
Source: Standard & Poor's Corporation.

FEDERAL FINANCE
BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the first 7 months of the current fiscal year there was a deficit of $20.2 billion/ a year earlier there was a deficit of
$18.0 billion.
BILLIONS OF DOLLARS
260

BILLIONS OF DOLLARS
260

220

-20

-20

-40

-40
1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

\972^

1973^

FISCAL YEARS

J/ESTIMATE
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
B udget receipts, expenditures, and net lendiiag

Period

Keceip Uexpenditure iccount

Loan
account

Expenditures

Net
lending

Receipts
Fiscal year:
1961
1902
1963
1964
1965
1966
1967
1968
1969
1970
1971
19723
1973»._

94.4
99. 7
106. 6
112.7
116.8
130. 9
149. 6
153. 7
187. 8
193.7
188.4
197.8
220. 8

96.6
104.5
111. 5
118. 0
117. 2
130. 8
153. 2
172. 8
183. 1
194.5
210. 3
235.6
246. 5

Cumulative totals for
first 7 months:
Fiscal year 1971
Fiscal year 1972

103.4
110.8

121.0
129.8

Excludes non-interest-bearing public debt securities held by IMF.
Surplus of $36 million.
»Estimates.




Surplus or
deficit (— )

Total
surplus or
deficit (— )

Feder il debt
(end of period)
Total 1

Held by
the public

—.3
(2)
—3.6
-19.1
4,7
-.7
-21.9
-37.8
— 25.7

1.2
2. 4
— .1
.5
1. 2
3. 8
5. 1
6.0
1.5
2. 1
1. 1
1. 0
— .2

-3.4
— 7. 1
-4.8
—5. 9
— 1.6
-3.8
-8.7
-25.2
3. 2
— 2. 8
-23.0
— 38. 8
-25. 5

292.9
303. 3
310. 8
316.8
323. 2
329.5
341.3
369. 8
367. 1
382.6
409. 5
455. 8
493. 2

238.6
248.4
254. 5
257. 6
261. G
264. 7
267. 5
290. 6
279. 5
284.9
304. 3
343. 8
371.3

-17.6
— 19. 1

.4
1.2

-18. 0
-20. 2

401. 0
432. 6

301. 8
326. 0

— 2.2
—4.8
— 4. 9
-5.4

Sources: Treasury Department and Office of Management and Budget.

35

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
in the first 7 months of the current fiscal year receipts were $7.4 billion above a year earlier while outlays were $9.7
billion higher.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

- 20

20 -

180

180

OUTLAYS
(EXPENDITURES AND NET LENDING)

«••"***

/X"

140
120
100.

140

^++*

NONDEFENSE
Y *.*•"""""""""*
^^

-

ion

*****
100

^**

80

80

_,.....•-'
60 -

..^ -«.-—"-"**"*""

40 ^

I
1962

I
1963

I
1964

*"~
^
_^^^^^
I

1965

\
NATIONAL DEFENSE

I

1966

I

1967

' FISCAL

VEST.MATE

I

1968

60

t

1969

1970

I
1 7
9 1

I
1972 J/

j^ 40

I
1973 J/

YEARS

SOURCES. TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
()utlays

Recei]pts
Natio nal defense
Period

Fiscal year:
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
19722
19732
Cumulative totals for
first 7 months:
Fiscal year 1971
Fiscal year 1972___
1
Expenditure account.
* Estimates.

36



Total

Individual Corporation
income
income
taxes
taxes

Other

Total

Total

Department of
Defense,
military 1

94. 4
99. 7
106. 6
112. 7
116.8
130. 9
149. 6
153. 7
187. 8
193. 7
188.4
197.8
220. 8

41. 3
45. 6
47. 6
48.7
48.8
55. 4
61. 5
68. 7
87. 2
90. 4
86. 2
86. 5
93. 9

21. 0
20. 5
21. 6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
26. 8
30. 1
35. 7

32. 1
33. 6
37.4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75.4
81. 2
91. 2

97. 8
106. 8
111. 3
118. 6
118.4
134.7
158. 3
178. 8
184. 5
196. 6
211.4
236. 6
246. 3

47. 4
51. 1
52. 3
53. 6
49. 6
56.8
70. 1
80. 5
81. 2
80. 3
77.7
78.0
78.3

43.3
46. 9
48. 1
49. 6
46. 0
54. 2
67. 5
77. 4
77.9
77. 2
74.5
75. 0
75. 9

103. 4
110. 8

53.0
54.4

11.8
12. 9

38.5
43. 5

121. 3
131. 0

44. 7
41. 9

43. 1
40. 5

Interna- Health
tional
and
Inaffairs income terest Other
and
security

4. 5
4. 5
4. 6
3. 8
3. 6
3. 1
4. 0
3. 8

22. 1
23. 7
25. 5
26.8
27.4
31. 5
37. 8
43. 7
49. 3
56. 7
70.2
82. 2
87.8

8. 1
8. 3
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19.6
20. 1
21. 2

16. 8
19. 2
20. 3
24. 2
26. 7
30.6
33. 2
36. 2
34.4
37.7
40.9
52. 3
55. 2

1. 6
2. 1

38. 6
44. 9

11. 2
11. 8

25. 2
30.3

3.4

4. 5
4. 1
4. 1
4.3

Sources: Treasury Department and Office of Management and Budget.

;DERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
-recording to current estimates for the fourth quarter, Federal receipts rose $51/3 billion (seasonally adjusted annual
rate) and expenditures increased $4 billion, yielding a deficit of $251/2 billion.
BILLIONS OF DOLLARS
260

BILLIONS OF DOLLARS

240

220

180

160

140

140

120

120

+20

+20

•

SURPLUS

Finn,,

Q

H i "*

_nri

l|l I

88

^^^
~ DEFICIT

i

-40

^

I

I

\

\

! .

\

1967

1 .
1968

I

!

1
1
1969
CALENDAR YEARS

-

I 1 |
!

\

I

\

1970

^

*5A

W

1

I
1971

I
1972

1

-40

cot NCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF CCDMMERCE

I Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal ( J o v c r m n ( M i l ,

iVn.ni
Tola!

( 'orpo
rale
pro!,ls
lax
err, a p i s
accruals

1 'i • r s i > 1 1 ;i
lax Mini

Feeleral Go^ /eminent, expend]tures

reeeip ts

1 n d i r e c i ( 'milri1 > u s i n ess 1 ) i j l ions
lax and
r
n o n t a x .social ina c c r u a l s surance

r,,

Surplus
or
Subsidies Less:
denciij
Purless
Wage
. (~~)'
chases
Net
current accruals income
T o t a l ol ^oods fer pay- and interest surplus of less
anol
ments local
and
paid Governdisproduct
services
ment en- burse- accounts
governterprises ments
ments
( iranisin-aid
Trans- to State

Fiscal y e a r :

M7. '2
<M. f>
100. 0
71. 4
90. 0
190. 3
194. 6
93. 8
194. 0
87. 7
1972 i _ _ _ 202. 8
91. 3
1973 * _ _ _ 227. 9
98. 3
Dalendar
year:
151. 2
67. 5
1967
79. 7
175. 0
1968
196. 9
94. 9
1969
92. 2
191. 5
1970
89. 0
1971 *>___ 198. 8
93. 8
1970:I___ 191. 6
94. 5
IT__ 193. 8
III_ 191. 3
89. 7
91. 0
IV.. 189. 3
1971:I___ 196. 5
86. 6
II__ 197. 7
87. 6
88. 8
III_ 197. 8
'
IV" 203. 1
93. 0
1
Estimates.
Source: Department of Commerce.
I1H17

I'.M-.X
1 !)(><>
]«)70
1971 *>_„




17. 1
18. 6
19. 2
20. 3
19.8
20. 7

38. 3
44. 3
48. 8
53. 5
58. 7
68. 2

154. 5 85. 3
172.5 94. 9
185. 9 99. 3
197. 2 99. 2
212. 4 95. 3
237. 8 103. 0
255. 9 107. 0

44. 8
50. 7
56. 9
69. 9
79. 8
87. 4

14. 8
17.8
19. 4
22. 6
27. 0
36. 2
40. 6

9. 9
10. 9
12. 3
14. 0
14. 2
13.4
14.8

5. 1
4. 1
4. 1
4. 6
5. 9
5. 4

0.0

>>. 7
37. 3
32. 8
32. 5
33. 0
40. 7

6.0

.0

-7.3
-11.9
4. 4
-2. 7
-18.4
— 35. 0
-28.0

30. 7
36. 7
36. 3
30. 6
33. 6
30. 6
30. 9
31. 9
29. 0
34. 1
34. 8
33. 2
32.1

16. 3
18. 0
19. 0
19. 3
20.3
19. 0
19. 1
19.7
19. 4
20. 7
19.9
19.7
20. 7

36. 7
40. 7
46. 8
49. 3
56. 0
48. 2
49. 2
50. 0
49. 8
55. 1
55.5
56. 1
57.2

163. 6 90. 7
181. 5 98. 8
189. 5 99. 2
205. 3 97. 2
221. 9 97. 6
196. 1 100. 2
207. 9 96. 8
206. 7 96. 1
209. 8 95. 9
212. 7 96. 4
221. 4 96. 0
224. 6 97.6
228. 7 100. 3

42. 2
48. 2
52. 4
63. 4
75. 9
56. 1
65. 3
64. 6
67. 5
69. 6
77. 8
78. 0
78. 1

15. 8
18. 7
20. 3
24. 4
29. 6
23. 0
23. 9
24. 9
25. 9
27. 0
29. 5
30. 2
31.6

10. 2
11. 7
13. 1
14. 6
13.7
14.3
14. 3
15. 0
14.8
14. 0
13.3
13. 9
13. 8

4. 6
4. 1
4. 6
5. 5
5. 1
5. 0
5. 5

.0
.0

-12.4
— 6. 5

5 1 . 1>

Jf>. 8

35. 7

39. 4

5.8
5.7

5. 8
4. 8
4.8

4. 9

.0
.0

.1
.1
.0

.0

.0
.0

2. 5
-2. 1
4
.' 0
.0
.0
.0

.0

7.3

— 13. 6
-23. 1
-4. 5
-14. 1
-15. 4
-20. 5
-16. 2
-23. 7
-26.7
-25.6

37

POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE

UNITED STATES
GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS

WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS

First-Class Mail

Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
.
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
.
$
Private Liquid Asset Holdings—Nofinancial Investors
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

Page
1
2
3
4
5
6
7
8
9
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.
Unless otherwise stated, all dollar figures are current dollars.
P Indicates preliminary and
not available.
i

For sale by the Superintendent of Documents. U.S. Government Printing Office. Washington, D.C. 20402
Price 25 cents per copy, $3 per year ; S4 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 : 1 9 7 2


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102