Full text of Economic Indicators : March 1972
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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. 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