Full text of Economic Indicators : March 1974
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\)3d Congress, 2d Session
Economic Indicators
March 1974
Prepared for the joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1974
(Created pursuant to Sec. 5(a) of Public Law 304, 79th
PATMAN, Texas, Chairman
Wisconsin, Vice Chairman
WILLIAM
SENATE
01 REPRESENTATIVES
(Missouri)
HENRY S. REUSS (Wisconsin)
W.
S.
(Pennsylvania)
L. CAREY (New York)
B. WIDNALL (New Jersey)
B. CONABLE, jr. (New York)
J.
(Ohio)
BEN B.
(Georgia)
(Alabama)
(Arkansas)
(Connecticut)
J. W.
H.
M.
Jr. (Texas)
JACOB K. JAVTTS (New York)
H.
B.
(Kansas)
S.
JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
RICHARD F. KAUFMAN, General Counsel
OF
Chairman
WILLIAM J.
GARY L.
Economic Indicators prepared under supervision of
LAW 120—
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23? — IST
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23? 1949.
of
in
assembled,
"Economic
and
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of Congress; the
the
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copies to
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TOTAL OUTPUT, INCOME,
NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product Increased $33.0 billion In the fourth quarter of 1973 to a seasonally
of $1,337.5 billion, according to current estimates. The Increase for the third quarter was $32.5 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1Jrovernine at
Persons
Disposab le personsii income
Period
Surplus
or
Less : Equals: deficit
Less:
Tax
TransTransand
PurEquals: Total
fers,
fers,
nontax
expend- interest, ofchases income
Net
receipts interest^
and
receipts itures
and
and
or
and
product
SUD—
SUD—
accruals
2
si dies 2 services accounts
56. 2
60. 2
49. 7
548
263. 5
296.7
302.5
322. 0
368. 2
418. 6
700. 2
719. 2
734 1
752. 6
52. 9
45. 9
45. 8
54 4
779. 4
795. 6
816, 0
816.
825. 2
50. 0
51. (03
51.
51. 1I
67. 1I
1968
1969_
1970
1971
1972
1973^
591. 0
634 4
691. 7
746. 0
797. 0
882.5
15. 1
16. 7
17. 9
18. 7
20. 7
23. 7
575. 9
617.7
673. 8
727. 3
776. 2
858.8
536, 2
579. 5
617. 6
667. 2
726. 5
804 0
1972: I
II
Hill
IV...
772.8
785.4
800. 9
828. 7
19. 8
20. 3
21. 0
21. 7
753. 1
765. 1
779. 9
807. 0
1973: I
II
nil"
III—
851. 5
869. 7
1
891. 1
917.
8
917.8
22. 1
23. 11
1
24 1
24
25. 6
829. 4
846. 6
846.
867. 0
867.
892. 2
iv*__
rv—
39.8
sa 2
Business
Period
E xpenditur es
N et receipts
PerEquals:
Less:
sonal
Interest Total Personal
saving
paid and exclud- consumpor
tion
ing
transfer
i
disinterest expendpayitures saving
and
ments
(— )
transto forfers
eigners
70. 7
77.9
93. 2
105. 9
115. 9
129. 9
192.7
218.8
209. 4
216. 2
252. 2
288.7
270.3
287.9
312. 7
340. 2
370. 9
407. 1
70.7
77. 9
93. 2
105. 9
115. 9
129. 9
199,6
210. 0
219. 5
234 3
255.0
277. 1
356. 8
363.4
370. 6
381. 9
111. 9
113. 0
113. 9
125. 0
244 9
250. 4
256. 7
256. 9
362.
367.
368.
385.
2
2
5
7
111. 9
113. 0
113.9
125. 0
250. 3
254 2
254 7
260.7
-5.4
-3.9
2,0
402. 7
414 77
414
425. 03
432. 03
125. 2
127.'
127. 8
131. 7
135. 3
277. 5
286. 9
293. 3
296.7
393. 8
403. 2
410. 7
420. 9
125.2
127. 8
131. 7
135.3
268, 6
275. 3
279.0
285.6
1L 6
14 S
11.1
a8
-10. 1
-18, 1
-2.8
11; 5
-as
a§
Iiiternation al
Net
Net e xports of goods
and service s
Excess of
transfers
Gross
Excess
to
fortransfers
Gross
of
private
retained domestic
eigners
or
investearn-3
by perEquals: of net
ment
investLess:
ings
sons and Exports Imports
Net
exports
ment 4
(-)
Governexports
ment
1968
19691970
1971
1972
1973"
95. 4
97. 0
97. 0
111. 8
124 4
135.2
126. 0
139. 0
136. 3
153. 2
178. 3
202. 1
— 30. 6
-42. 0
-39.3
— 41. 4
-53. 9
-66. 9
2 9
2.9
3. 2
3.6
3. 7
3. 6
50. 6
55.5
82. 9
66. 3
73.5
102. 0
48. 1
53. 6
59. 3
65. 5
78. 1
96. 2
2. 5
1. 9
3. 6
.8
-4 6
5. 8
0. 4
1. 0
—.4
2. 8
8. 4
-2.2
1972: I
II
III
IV
_
117. 4
124 1
124 5
131. 6
167. 5
174 7
181. 5
189. 4
-50. 1
— 50. 5
-57.0
-57.8
3. 9
3. 8
3. 8
3. 5
70. 3
69. 9
74 0
79. 7
75. 8
75, 6
77.7
83.2
5. 5
-5. 7
-3.8
-3. 5
9.4
9. 4
7. 6
7. 0
1973: I
II
III—
IV
131. 5
132. 0
136.9
140.5
194 5
198.2
202. 0
213.9
-63.0
— 66. 2
— 65. 1
-73.4
3. 0
3. 3
3. 5
45
89.7
97. 2
104 5
116. 4
89. 7
94 4
97.0
103.6
.0
2. 8
7.6
12. 8
3. 0
.5
-4 0
-8. 3
1
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government
enterprises, and disbursements less wage accruals.
3
Capital consumption allowances, corporate inventory valuation adjustment,
undistributed corporate profits, and private wage accruals less disbursements.
Does not include retained earnings of unincorporated business, which are included
in disposable personal income.
— G. 8
_ Total
income
or
866. 9
936.3
983. 5
1, 058. 8
1, 156. 6
1, 286. 3
1,
1,
1,
1,
119.
143.
164
199.
2
4
9
1
1, 241. 4
1, 268. 9
1, 300, 8
1, 333. 9
Gross
S tails- | national
1 product
discrep- j
or
ancy
expenditure
~~2. 7
—6 1
-6.4
-3.4
— 1. 5
2, 8
864 2
930.3
977. 1
1, 055. 5
1, 155. 2
1, 2S9. 1
— 6. 7
1, 112. 5
-1.0 1 1, 142, 4
1.6
1, 166. 5
. 2 ! 1, 199. 2
1. 1
3.2
a 71
3.4
* Private business investment, purchases of capital goods by
institutions, and residential housing.
^ Net foreign investment less capital grants received by United
sign changed.
Source: Department of Commerce.
1, 242. 5
1, 272. 0
1, 304 5
1, 337. 5
nonprofit
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the fourth quarter of 1973, gross national product (seasonally adjusted) rose at an annual rate of 10.5 pera
reflecting an inflation rate of 8.8 percent and an increase of 1.6 percent in real GNP.
BILLIONS OF DOLLARS
] 1,400
BILLIONS OF DOLLARS
1,400
1,200
1,000
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
200
NET EXPORTS OF GOODS
AND SERVICES
I
I
GROSS PRIVATE DOMESTIC
INVESTMENT
J
I
1967
I
I
I
J
I
1970
1969
1968
Government ]Durchases of gooc s and
Total
Persona] Gross
Net
services
conTotal
gross
private exports
sump- domestic of goods
national gross
Federal
State
product national tion
investand
Total
and
National
in 1958 product expend- ment services
1
Total defense Other local
itures
dollars
Billions <if dollars; quarterlyr data at £seasonall y adjust*id annual rates
Period
_
.
581. 1
617.8
658. 1
675.2
706.6
725.6
722.5
745.4
790. 7
837.4
768. 0
785. 6
796. 7
812. 3
829. 3
834. 3
841.3
844- 6
632.4
684. 9
749. 9
793.9
864. 2
930. 3
977. 1
1, 055. 5
1, 155. 2
1, 289. 1
1, 112. 5
1, 142. 4
1, 166. 5
1, 199. 2
1, 242. 5
1, 272. 0
1, 304. 5
1, 337. 5
401.2
432.8
466. 3
492. 1
536. 2
579.5
617. 6
667. 2
726. 5
804.0
700. 2
719. 2
734. 1
752.6
779. 4
795.6
816.0
825. 2
94.0
108. 1
121. 4
116. 6
126. 0
139.0
136. 3
153. 2
178. 3
202. 1
167. 5
174.7
181. 5
189.4
194. 5
198.2
202.0
213.9
1
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.
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE.- DEPARTMENT OF CO/AMERCE
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1972: I
II.
III
IV
1973: I
II
III
IV
I
1972
1971
128.7
137.0
5. 3 156. 8
5.2 180. 1
2. 5 199. 6
1. 9 210. 0
3. 6 219. 5
. 8 234. 3
-4. 6 255. 0
5.8 277. 1
-5. 5 250. 3
-5. 7 254. 2
-3.8 254. 7
-3. 5 260. 7
. 0 268. 6
2.8 275. 3
7. 6 279.0
12. 8 285. 6
8.5
6.9
65.2
66.9
77. 8
90. 7
98. 8
98. 8
96. 2
98. 1
104. 4
106. 6
106. 0
106. 7
102.3
102. 7
105. 5
107.3
106.8
106. 8
50. 0
50. 1
60. 7
72.4
78. 3
78. 4
74. 6
71. 6
74. 4
73. 9
76. 5
76. 6
71. 9
72. 4
74. 3
74, 2
74.2
73. 0
Source: Department of Commerce.
15.2
16. 8
17. 1
18. 4
20. 5
20. 4
21. 6
26. 5
30. 1
32. 7
29. 5
30. 1
30. 4
30. 3
31. 2
33. 1
32. 7
33. 8
63.5
70.1
79. 0
89. 4
100. 8
111.2
123. 3
136. 2
150. 5
170. 5
144. 3
147. 5
152. 4
158. 0
163. 0
168. 0
172.2
178. 8
Implicit
price
deflator
for total
GNP,
1958= 1002
108. 85
110. 86
113. 94
117. 59
122. 30
128. 20
135. 24
141. 60
146. 10
153. 94
144. 85
145. 42
146. 42
147. 63
149. 81
152. 46
155. 06
158. 36
"1TIONAL INCOME
idHonal income increase of $28% billion (seasonally adjusted annual rate) in the fourth quarter reflectedsizable
-reases in compensation of employees, farm proprietors' income, and net interest. Other major sources of national income recorded in small gains.
BILLIONS OF DOLLARS
1,100
BILLIONS OF DOLLARS
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
900
900
800
800
700
700
COMPENSATION OF EMPLOYEES
\
600
600
500
500
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100
100
NET INTEREST
J
1967
L
J
1968
1969
1970
L
J
1972
1971
L
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1964
1965
1966
1967
1968__ _
1969
1970
1971
1972
1973"
518. 1
564. 3
620. 6
653. 6
711. 1
766. 0
800.5
859.4
941.8
1, 054. 1
1972: I
II
III
IV
911.
928.
949.
978.
___
1973: I
IL__
III
IV*
1
2 Includes
_ _
0
3
2
6
1, 015. 0
1, 038. 2
1, 067. 4
1} 095. 8
Compensation
of employees 1
Proprieto rs' income
Farm 2
Net
interest
Corporal ;e profits and inventory va luation ac [justment
Total
Profits
before
taxes
Inventory
valuation
adjustment
365.7
393.8
435. 5
467. 2
514. 6
566. 0
603.9
644. 1
707. 1
785.2
12. 1
14.8
16. 1
14. 8
14.7
16. 7
16. 9
16. 8
20. 2
26.8
40.2
42.4
45. 2
47.3
49. 5
50. 5
50. 0
51. 9
54. 0
57. 5
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 9
24. 5
24. 1
25. 1
15.8
18.2
21. 4
24. 4
26. 9
30.5
36. 5
42. 0
45. 2
50.4
66.3
76. 1
82. 4
78.7
84. 3
79. 8
69. 2
80. 1
91. 1
109. 2
66.8
77.8
84. 2
79. 8
87. 6
84. 9
74. 0
85. 1
98. 0
126. 4
-0.5
-1.7
-1.8
-1. I
-3.3
-5.1
-4. 8
-4.9
-6.9
-17. 3
684.
699.
713.
731.
3
6
1
2
19. 5
19. 9
19. 8
21. 8
53. 1
53. 3
54. 3
55. 3
24. 1
22. 6
24. 9
24. 9
43. 9
44. 8
45.7
46. 6
86.2
88.0
91. 5
98. 8
92. 8
94. 8
98. 4
106. 1
-6.6
-6. 7
-6. 9
-7. 3
757. 4
774. 9
794.0
814 7
24. 3
24. 4
27. 1
31. 3
56. 3
57. 1
57.9
58. 5
24. 7
24. 6
25.3
25. 7
47. 9
49. 4
51. 1
53. 0
104. 3
107. 9
112. 0
112. 6
119. 6
128. 9
129. 0
128, 1
-15.4
-21. 1
— 17.0
— 15. 5
employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Hental
income
of
per-
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
Personal income rose $6.6 billion (seasonally adjusted annual rate) in February after a decline in January. Tl
February rise reflected higher payrolls/ interest payments, and transfer payments, which were partly offset by a drot
in farm income.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
1,000
1,000
WAGE AND SALARY DISBURSEMENTS
400
200
200
1968
1974
SOURCE: DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1969
1970
1971
1972
1973
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
Other Propriet<Drs' income income
and
Transfer
Divi- Personal
personal salary
labor 1 2
Business
interest
payof
dends
income disburseincome
Farm
and pro- persons
income ments
1
fessional
ments
Less: Peronagrisonal con- N
cultural
tributions personal
for social
3
insurance income
587. 2
629. 3
688. 9
750. 9
808. 3
863. 5
939. 2
1,035. 4
394.5
423. 1
464. 9
509. 7
542. 0
573. 3
627. 8
691.5
20. 7
22. 3
25. 4
28.4
32. 2
36. 6
40. 7
44. 9
16. 1
14. 8
14. 7
16. 7
16. 9
16. 8
20.2
26.8
45. 2
47. 3
49. 5
50.5
50. 0
51. 9
54. 0
57. 5
20. 0
21. 1
21. 2
22. 6
23. 9
24. 5
24. 1
25. 1
20. 8
21. 4
23. 6
24. 3
24. 7
25. 1
26. 0
27. 8
43. 6
48. 0
52. 9
59. 3
67. 5
73. 0
78. 0
87. 5
44. 1
51. 8
59. 6
65. 8
79.1
93. 2
103. 0
117. 5
17. 7
20. 5
22.8
26.3
28. 0
30. 9
34. 7
43. 1
566. 3
609. 4
668. 8
728. 3
784. 8
839. 8
911. 5
1, 000. 5
989. 1
997. 4
1, 003. 3
1, Oil. 6
1, 018. 7
1, 026. 6
1, 035. 6
1. 047. 3
1, 058. 5
I, 068. 5
Oct
.1 , 079. 4
Nov
Dec
1, 089. 0
1974: Jan
1, 087. 0
Feb'_- 1, 093. 6
661. 7
667. 2
671. 1
677. 6
682. 0
688. 2
693. 2
698. 9
706.0
711. 2
717. 8
722. 6
721. 8
725. 8
43. 0
43. 3
43.6
43. 9
44. 2
44. 5
44. 8
45. 3
45. 8
46. 2
46. 7
47. 1
47. 5
47. 9
24. 0
24. 3
24. 6
24. 2
24. 4
24. 6
25. 9
27. 1
28. 3
29. 9
31. 6
32. 4
29. 6
28. 9
56. 1
56.3
56. 4
56. 8
57. 1
57. 3
57. 8
58. 0
58. 1
58. 5
58. 7
58. 6
58. 6
58. 8
24. 8
24. 8
24. 6
24. 3
24. 6
24. 9
25. 0
25. 3
25. 5
25. 6
25. 7
25. 7
25. 8
25. 8
26. 8
26. 9
27. 0
27.3
27. 3
27. 4
27. 6
28. 2
28.3
28. 5
28. 7
29.8
29. 5
29. 4
81. 9
82. 6
83.4
84. 5
85. 7
86. 5
87. 8
89.0
90. 3
91. 5
92. 6
94. 0
95. 3
96. 4
112. 5
113. 8
114. 5
115. 3
115. 9
116. 0
116. 9
119. 0
120. 2
121. 1
121. 9
123. 0
125. 9
127. 6
41.7
41. 9
42. 0
42. 4
42. 5
42. 8
43. 4
43. 6
43. 9
44. 0
44. 3
44. 3
47. 0
47. 1
957. 4
965. 3
970. 9
979. 5
986. 4
994. 2
1, 001. 8
1, 012. 1
1, 021. 8
1, 030. 0
1, 039. 0
1, 047. 5
1, 048. 1
1, 055. 4
1973: Jan
Feb
Mar
Apr
May...
June
Julv
Aug
Sept
* The total of wage and salary disbursements and other labor income difl'ers
from compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.
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.
^POSITION OF PERSONAL INCOME
he fourth quarter of 1973, disposable personal income (seasonally adjusted) rose two and a half times as much
** personal outlays, resulting in a sharp rise in the saving rate to 7.3 percent. Real per capita disposable income rose
only about 1A percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 000
1,000
900
800
DISPOSABLE PERSONAL INCOME
PER CAPITA DISPOSABLE PERSONAL INCOME
1973
1967
SOURCEi DEPARTMENT OF COMMERCE
Period
Less "
PerPersonal
sonal tax and
Income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per cap>ita disL ess: Perse nal outlayfS
posable personal
Equals:
Persorlal consul]nption
Equals:
incc>me
Disexpenditure 3 2
Personal
posable
Total
saving
personal personal Durable NonCurrent
1958
income outlays * goods durable Services
dollars dollars
°"oods
Billions of dollars
587. 2
1967
629. 3
1968 _ __ 688. 9
1969
750. 9
1970
808. 3
1971
863.5
939.2
1973
1,035.4
75.4
83. 0
97. 9
116. 5
116. 6
117. 5
142. 2
152. 9
511. 9
546. 3
591. 0
634. 4
691. 7
746. 0
797. 0
882. 5
479. 3
soa o
551.
596.
635.
685.
747.
827.
2
2
5
8
2
8
70. 8
73. 1
84. 0
90. 8
91. 3
103. 6
117. 4
130. 8
Saving
as percent of Population
disposable (thou-3
personal sands)
income
(percent)
Dollars
206.9
215. 0
230. 8
245. 9
263. 8
278. 7
299. 9
335. 9
32. 5
40. 4
39.8
38. 2
56. 2
60. 2
49. 7
54.8
2,604
2,749
2,945
3, 130
3,376
3,603
3, 816
4, 195
2,335
2,403
2,486
2, 534
2,610
2, 680
2, 767
2, 889
6. 4
7. 4
6. 7
6. 0
8. 1
8. 1
6.2
6. 2
196,
198,
200,
202,
204,
207,
208,
210,
560
712
706
677
879
045
842
404
0
2
6
0
52.9
45. 9
45. 8
54. 4
3,711
3, 765
3,831
3,955
2,
2,
2,
2,
716
740
771
841
6. 8
5. 8
5.7
6. 6
208,
208,
209,
209,
259
634
058
514
325. 0
332. 6
341.6
350. 0
50. 0
51. 0
51. 1
67. 1
4, 057
4, 137
4,231
4, 349
2,878
2, 877
2, 894
2,906
5. 9
5. 9
5.7
7.3
209,
210,
210,
211,
871
221
618
036
188. 6
204.0
221. 3
242. 7
262. 6
284.9
309. 2
337.3
Seasc natty adjiisted annu al rates
1972: I... 910. 8
II-- 926. 1
III- 943. 7
rv_. 976. 1
138.
140.
142.
147.
0
7
8
4
772.
785.
800.
828.
8
4
9
7
720.0
739. 5
755. 1
774. 3
111. 5
115. 1
120. 2
122. 9
288.
297.
302.
310.
1973: !-__ 996. 6
II.- 1,019.0
III _ 1,047.1
IV- 1,078.9
145.
149.
156.
161.
1
3
0
1
851.
869.
891.
917.
5
7
1
8
801. 5
818.7
840. 1
850. 8
132. 2
132. 8
132. 8
125.6
322. 2
330.3
341. 6
349. 6
includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
^ See p. 2 for total personal consumption expenditures.
8
9
3
7
300.
306.
311.
319.
8
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
In the fourth quarter of 1973, net farm income excluding inventory change (seasonally adjusted) rose 19 percei
and including inventory change 1 5 percent. Real net income per farm was 26 percent higher than a year earlier.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
100
80
REALIZED GROSS
FARM INCOME
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
\
20
20
1
I
J
I
1968
1970
1969
L
1973
1972
1971
SOURCE: DEPARTMB4T OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total \"arm popu 1 at ion
[ncome re ceived fro m farminc
3
Net t(D farm
oper ators
Realizejd gross
Period
1966
1967
1968
1969
1970
1971
1972
1973
1972: I
II. _
III
IV
1973: I
II
III
IV _
From
all
sources
From
farm
sources
24. 9
24. 0
25. 1
27. 6
28. 3
29. 2
34. 0
41. 3
14. 4
13. 1
13. 2
14. 9
15. 1
15. 2
18. 1
23. 8
From
nonfarm
sources
Net inc ome per
farm incl uding netg
inventor}r change
ProducCash
tion ex- Exclud- Includreceipts
penses ingnetin- ing net in- Current
1967
l
from
Total
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions (}f dollars
Dol iars
33. 4
49. 7
43. 3
34. 8
49. 0
42. 7
44. 1
50. 9
36. 2
38. 8
55. 6
48. 1
41. 0
57. 8
50.5
44. 5
59. 7
52. 8
68.9
49. 2
60.7
64. 4
83. 4
90. 5
Seaso natty adj^ isted annu al
10. 5
10. 9
11. 9
12. 7
13. 2
14. 0
15. 9
17. 5
65. 8
68. 1
68. 7
72. 8
79. 8
82. 5
91.4
108.3
1
Cash receipts irom marketings, Government payments, and nonmoney income
furnished by farms.
'2 Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
s Based on Census of Agriculture definition of a farm. The number of farms is
held constant witbin a year.
1974
57. 8
59. 8
60. 5
64. 6
72. 4
75.5
84. 5
101. 2
47. 0
48. 8
49. 4
51. 5
55. 8
58. 0
65. 9
77. 9
16. 3
14. 2
14. 7
16. 8
16. 8
15. 2
19.7
26. 1
rates
16. 3
14. 9
14. 8
16. 9
16. 9
16. 9
20. 3
26.9
4, 990
4, 707
4, 828
5, 620
5, 725
5, 817
7, 089
9, 469
5, 092
4, 707
4,642
5, 156
5,022
4,888
5, 717
6, 862
18. 8
19. 3
19. 3
21. 3
24. 0
24. 5
25. 5
30. 4
19. 6
20. 0
19. 9
21. 9
24. 4
24. 7
27. 2
31. 4
6, 830
6, 970
6, 930
7 ? 630
8, 620
8, 720
9,610
11, 090
5, 600
5,620
5, 540
6, 060
6, 580
6, 410
6, 860
7,650
4
Income in current dollars divided by the index of prices paid by fanners for
family living items on a 19(57 base.
Source: Department of Agriculture.
ORPORATE PROFITS
Drporate profits (before taxes) including inventory valuation adjustment rose 20 percent from 1972 to 1973, according to revised estimates. Excluding inventory valuation adjustment the rise was 29 percent.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
140
40
20
20
1968
I
1969
1971
1970
1973
1972
SOURCEs DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally
Corj>orate pr ofits (befc>re taxes) and in veri tory
valuation adjustmei it
TransCorpoM anufactui ing
portation,
rate
comprofits
NonAll
Durable durable muniAll
before
indusgoods
other 1 taxes
goods cation,
Total industries
and
industries
public
tries
utilities
82.4
78.7
_ _ ^ 84. 3
79. 8
69. 2
80. 1
91. 1
109. 2
42.6
38.7
41.7
36.6
27. 8
32. 5
40. 1
51. 1
24. 0
20,7
22. 4
18.8
10.5
14.7
20.2
26. 9
18. 6
18.0
19. 3
17.7
17.3
17.8
20.0
24.2
11.9
10. 8
10. 6
10. 1
86.2
88.0
91.5
9& 8
37. 3
38.7
39.9
44.7
18.7
20.2
19. 5
22. 3
18.6
18.5
20.4
22. 4
8. 5
8. 9
104. 3
II
107. 9
III.. 112.0
iv*_ 112.6
49.7
52.4
51.9
26. 9
28.5
26. 6
22. 8
23. 9
25.3
1966
1967
1968_
1969
1970
1971
1972
1973 »
1972: I
II__
III_
IY__
1973: I
adjusted annual rates]
ConDerate pr ofits
a fter taxe s
Corpo- Profits
rate
plus
Corpocapital capital
rate
conconDiviUntax
sumpliabil- Total dend distrib- sumption
tion
payuted
ity
ments profits allow-2 allow-3
ances ances
27. 9
29. 1
32. 0
33. 1
33. 7
39. 1
41. 7
48. 8
84. 2
79.8
87. 6
84. 9
74. 0
85. 1
98. 0
126.4
34. 3
33. 2
39. 9
40. 1
34. 8
37. 4
42. 7
55. 9
49. 9
46. 6
47. 8
44. 8
39. 3
47. 6
55. 4
70.5
20.8
21.4
23. 6
24. 3
24. 7
25. 1
26.0
27. 8
29. 1
25. 3
24. 2
20.5
14. 6
22. 5
29. 3
42. 7
39. 5
43. 0
46. 8
51. 9
56. 0
60. 4
65. 9
71. 3
89. 5
89. 6
94. 6
96.8
95. 2
108. 0
121. 3
141. 8
9. 9
40. 4
40.4
41. 7
44. 2
92. 8
94. 8
98.4
106. 1
40. 6
41. 4
42. 9
45. 9
52. 2
53.4
55. 6
60. 3
25. 7
25. 9
26. 2
26. 4
26. 5
27. 5
29. 4
33. 9
63. 4
66. 2
66. 0
68. 0
115. 6
119. 5
121. 6
128. 3
9. 2
8. 5
10. 3
45. 4
47. 0
49. 8
119. 6
128. 9
129.0
128. 1
52. 7
57. 4
57. 6
56. 0
66. 9
71. 6
71. 5
72. 0
26. 9
27. 3
28. I
29. 0
40. 0
44. 2
43. 4
43. 0
69. 3
70. 5
71. 7
73. 7
136.
142.
143.
145.
7.8
8. 6
9. 3
9.3
9.8
i Includes all other industries and financial institutions.
* Includes depreciation and accidental damages.
' Corporate profits after taxes plus corporate capital consumption allowances.
1974
Source: Department of Commerce.
2
0
2
7
GROSS PRIVATE DOMESTIC INVESTMENT
Nonresiderttlal fixed investment (seasonally adjusted) rose again In the fourth quarter of 1973, but residential c^.
siruction fell sharply. Inventory investment rose sharply, partly because of the backing up of automobile stocks hel<
by dealers.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
200
200
GROSS PRIVATE DOMESTIC
INVESTMENT
150
100
50
.^-^--J)---"-^'"-"
r:
f
RESIDENTIAL STRUCTURES
1967
SOURCE
1
1968
1970
1969
-CHANGE IN BUSINESS
INVENTORIES
/
,_,.../**
1973
1972
1971
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADViSERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed m\vestment
Period
Total
gross
private
domestic
investment
Struc tures
Total
Total
Total
1964
1965
1966
1967_
1968
1969
1970
1971
1972
1973
1972: I
II__
III
IV
1973: I
II
III
IV
sa2
Nonfarm
Producers; durable equlipment
Total
Nonfarm
Total
Nonfarm
94 0
108. 1
121.4
116.6
126. 0
139. 0
136. 3
153. 2
178. 3
202. 1
98.5
106. 6
108. 4
118. 9
131. 1
131. 7
147. 1
172.3
194. 2
61. 1
71.3
81. 6
83. 3
88. 8
98. 5
100. 6
104. 4
118. 2
136. 2
21.2
25. 5
28.5
28. 0
30. 3
34. 2
36. 1
37. 9
41. 7
48. 4
20.5
24.9
27.8
27. 3
29. 6
33. 5
35. 3
37. 0
40. 8
47.5
39. 9
45. 8
53. 1
55. 3
58. 5
64. 3
64. 4
66.5
76.5
87.8
36.3
41. 6
48. 4
50. 0
53. 6
59. 2
58. 9
60. 9
69. 8
79. 3
27.1
27. 2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 7
54. 0
58. 0
26.6
26. 7
24.5
24. 5
29. 5
32. 0
30. 7
42. 2
53. 5
57. 4
167. 5
174. 7
181. 5
189. 4
165.
169.
172.
181.
8
2
9
2
114. 0
116. 3
118. 3
124. 3
41. 0
41.5
41.3
43. 0
40. 1
40. 6
40. 4
42. 1
73. 1
74. 9
77.0
81. 2
67. 3
68. 9
69. 8
73.4
51. 8
52. 8
54. 5
56. 9
51. 2
52. 3
53. 9
56. 4
194.
198.
202.
213.
189.
193.
197.
195.
9
7
3
9
130. 9
134. 1
138. 0
141.8
45. 3
47. 2
49. 5
51. 7
44. 4
46. 3
48. 5
50. 7
85. 5
86. 9
88. 6
90. 1
77. 8
78. 4
80.0
81.0
59. 0
59. 6
59. 2
54.0
58. 4
59. 1
58. 6
53. 4
5
2
0
9
Source: Department of Commerce.
8
Resic ential
struc tures
N<president ial
Change in business in"V entories
Total
5. 8
9. 6
14. 8
8. 2
7. 1
7.8
4. 5
6. 1
6. 0
8. 0
1. 7
5.5
8. 7
8. 2
4. 6
4. 5
4.7
18. 0
Nonfarm
6. 4
8. 6
15.0
7. 5
6. 9
7. 7
4. 3
4. 5
5. 6
7. 3
1. 4
4. 8
8. 4
7. 9
4. 4
4. 4
3. 2
17. 3
PENDITURES FOR NEW PLANT AND EQUIPMENT
icssmen anticipate a 1 3 percent rise In their plant and equipment expenditures this year, according to the survey
In January and February.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1120
120
IQIAl NEW FiANT AND EQUIPMENT
1968
J/SEE FOOTNOTE 3 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
CQUNCIl OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Is onman ufaeturir ^g
M inufactur ing
Period
Total i
Total
1966
1967
1968
1969
1970
1971
1972
1973 s
1974
1973: I
II
III
IV _
1974: Is 3
63. 51
65. 47
67. 76
75.56
79.71
81. 21
88. 44
99. 74
112. 72
96. 19
97. 76
100. 90
103. 74
107. 18
II
109. 96
3
2nd half ____ 116. 43
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
38. 01
45. 37
35. 51
36. 58
38. 81
40. 61
42. 74
44. 47
46.87
Trarisportal ion
Durable
goods
Nondurable
goods
Total
14.06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 64
19. 25
22. 64
17. 88
18. 64
19.73
20. 48
22. 12
22. 18
23. 09
14. 14
14.45
14. 25
15. 72
16. 15
15. 84
15. 72
18.76
22. 72
17. 63
17. 94
19.08
20. 13
20. 62
22. 29
23. 78
35. 32
36. 96
39. 40
43. 88
47. 76
51. 22
57. 09
61. 73
67.36
60. 68
61. 18
62. 09
63. 12
64. 44
65.49
69. 56
1
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations.
reported by business
necessary for
systematic tendencies in expectations data.
Mining
1.62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 42
2. 74
3. 20
2. 59
2. 77
2. 82
2. 76
3. 10
3. 14
3.28
Railroad
Air
2.37
1. 86
1. 45
1. 86
1. 78
1. 67
1. 80
1. 96
2. 38
2. 11
1.75
1. 95
2. 05
2.26
2. 32
2.47
1. 74
2.29
2. 56
2. 51
3. 03
1. 88
2.46
2.41
2. 11
2. 21
2. 72
2. 49
2.20
2. 03
2.44
1. 96
Source: Department of Commerce.
ComCom- mercial
Public muniutilities cation
and
Other
other 2
L64
1.48
1. 59
1. 68
1. 23
1. 38
1.46
1. 66
1. 61
1. 53
1. 62
1.79
1. 73
1. 78
1. 57
1. 55
7.43
& 74
10. 20
11. 61
13. 14
15.30
17. 00
18. 71
22. 20
18. 38
18.08
18. 58
19. 80
21. 00
21. 20
23. 14
6.02
6.34
6. 83
8. 30
10. 10
10. 77
11.89
12. 85
14 15
12. 34
12. 70
13. 12
13.24
14.48
14. 59
15. 14
16.05
16.59
i&os
20.07
21.40
21. 71
21. 53
21.55
21. 36
21.35
34. 27
34. 82
37. 16
EMPLOYMENT, UNEMPLOYMENT, AND WAGE
STATUS OF THE LABOR FORCE
The seasonally adjusted civilian labor force was virtually unchanged in February. A relatively small decline in nonagricultural employment (66,000) was largely offset by increased employment in agriculture (58,000). There was
no significant change in the number of unemployed persons.
MILLIONS OF PERSONS*
95
MILLIONS OF PERSONS*
95
5 -
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
S&«kS DhIA Li.1r
INEM PL OV N\ENT R ATE
^
r- -
[T 1
j,
196 8
w
196 ?
T
/\c JL SI EC)
r
n
n^
^
KJ
IS 70
i
i9 71
i<?7 3
97 2
*lfi Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF I.ABOR
Period
1970...
1971___
1972*__
1973...
Total
labor
force
(including
Armed
Forces)
85,
86,
88,
91,
903
929
991
040
COUNCIL OF ECONOMIC ADVISERS
Civiliiin e raiploy ment
NonagriTotal
eultural
78, 627
79, 120
81, 702
84, 409
Unemployment
Thous ands of
75, 165 4, 088
75, 732 4, 993
78, 230 4, 840
80, 957 4, 304
Total
labor
force
(including
Armed
Forces)
jDersons 1C
85, 903
86, 929
88, 991
91, 040
Civilisin emplc yment
Civilian
labor
force
Total
Agricultural
years of age and o ver
82, 715 78, 627 3,462
84, 113 79, 120 3,387
86, 542 81, 702 3, 472
88, 714 84, 409 3,452
Unadj usted
1973:
Jan__
Feb__
Mar*
Apr__
May.
June_
July.
Aug_
Sept..
Oet__
Nov_
Dec.
1974:
Jan__
Feb_
Nonagricultural
165
732
230
957
4,088
4,993
4, 840
4, 304
4. 9
5. 9
5. 6
4. 9
Unadjusted
4,381
4,486
4,380
4,364
5.5
5.6
5.2
4. 8
4. 3
5.4
5. 0
4. 7
4. 7
4.2
4. 5
4. 5
4, 732
4, 753
5.6
5.7
tSeasonally adjuster I
81, 043
81, 838
82, 814
83, 299
83, 758
85, 567
86, 367
85, 921
84, 841
85, 994
85, 828
85, 643
78, 088
78, 882
79, 683
80, 004
80, 291
81, 514
82, 201
82, 095
81, 406
82, 469
82, 409
82, 441
4, 675
4, 845
4,512
4, 174
3,799
4, 847
4, 550
4,208
4, 165
3, 763
4, 056
4,058
89, 404
90, 108
90, 523
90, 622
90, 597
91, 138
91, 139
91, Oil
91, 664
92, 038
92, 186
92, 315
87, 000
87, 716
88, 162
88, 272
88, 263
88, 818
88, 828
88, 704
89, 373
89, 749
89, 903
90, 033
82, 619
83, 230
83, 782
83, 854
83, 950
84, 518
84, 621
84, 513
85, 133
85, 649
85, 649
85, 669
3,469
3,356
3, 320
3,430
3, 512
3,425
3, 376
3,455
3,561
3, 643
79, 130
79, 784
80, 313
80, 498
80, 630
81, 088
81, 109
81, 088
81, 757
82, 194
82, 088
82, 026
91, 354
91, 692
84, 088
84, 294
80, 891
81, Oil
5,008
5, 140
92, 801
92, 814
90, 543
90, 556
85, 811
85, 803
8,794
3,852
82, 017
81, 951
*Data beginning January 1972 not strictly comparable with prior data because
of adjustment to 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment. A further adjustment in March 1973
added 60,000 to the labor force and to employment.
Ija» ''OF
Unem- Unempl oyinent force
rate
(pe
rcent
of
ployparticici villa a labor pation
ment
for ce)
rate 1
Percent
75,
75,
78,
80,
88, 122
89, 075
89, 686
89, 823
89, 891
92, 729
93, 227
92, 436
91, 298
92, 046
92, 168
91, 983
10
1974
3,489
3,446
4,418
4,313
4,300
4, 207
4,191
4,240
4,100
4, 254
61. 3
61. 0
61. 0
61. 4
Seaso nally
adju sted
5.0
5.1
5. 0
5. 0
4.9
4. 8
4. 7
4. 7
Jh 7
4*6
60. 8
61. 2
61. 4
61. 3
61. 2
61. 5
61. 4
4, 7
4.8
61. 3
61. 6
61. 8
61. 8
61. 8
5. 2
5.2
62. 0
61. 9
1
Total labor force as percent of noninstitutional population 16 years of ;
and over.
Seurce: Department of Labor.
•"bECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
seasonally adjusted unemployment rate in February was 5.2 percent, the same as in January. There was a noticeable
>ase (168,000) in the number of workers who were employed part-time for economic reasons but who usually
work full-time.
PERCENT
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
>
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1968
1974
SOURCE: DIPARTMENT OF IA8OR
COUNCH. OF ECONOMIC ADVISERS
UneEaploymen t rate
(perceD t of civili an labor
for ce in groi
•P)
Period
1970
1971
1972
1973
1973: Jan
Feb
Mar
Apr _
May
June.
July
Aug _ _ _
Sept _ ._
Oct
Nov
Dec
1974: Jan
Feb_ _
1
Experi- Married Labor
force
enced
All
men
time lost J Over 40
wage
and
hours
workers salary
(wife
present)
workers
4.9
5. 9
5. 6
4. 9
5.0
5.1
5. 0
5. 0
4.9
4.8
4.7
4.7
4.7
4.6
4.7
4.8
5. 2
5. 2
Per cent
2. 6
4.8
5.3
5.3
6.0
5. 7
3. 2
2. 8
2.3
4. 5
Seas on all y adjusted
4.6
4-7
4.6
4.7
4.5
4.4
4*4
4-4
4.4
4.2
4.5
4.6
4.8
4.9
2.4
2.4
2. 5
2.4
2. 3
2. 3
2. 1
2. 1
2. 1
2. 1
2. 1
2. 2
2. 3
2.4
6. 4
5. 2
5.8
5.4
5. 3
5. 3
5. 2
6. 2
5. 1
5. 1
5.1
5. 1
5. 2
5.4
5.7
5. 7
18, 925
19, 095
20, 320
21, 284
19, 527
20, 311
21, 485
20, 968
21, 966
21,467
20, 424
20, 503
22, 631
21, 797
22, 099
22, 225
19, 913
19, 730
Man-hours lost by the unemployed and persons on part-time for economic
reasons
as a percent of potentially available labor force man-hours.
2
Differs from total nonagricultural employment (p. 10), which includes per^° with jobs but not at work for such reasons as vacation, illness, bad weather,
ndustrial disputes.
deludes persons who worked part-time because of slack work, material
ages or repairs, new job started, or job terminated.
Persons at work in nonagri cultural ir
idustries
by hours worked i>er week 2
Uiider 35 ho urs
Part-ti me for
Part~ti me for
economi c reasons economi s reasons
35-40
hours
Total
Usually Usually Usually Usually
partfullpartfulltime 4
time 3
time 4
time 3
Thousan ds of pers ons 16 ye ars of age and over
1, 201
995
33, 537 18, 222
35, 752 16, 298
1, 256
1, 184
36, 794 16, 549
1, 327
1,081
37, 426 17, 473
1,074
1,237
I Jnadjustec I
Seasonal! / adjusted
35, 819 18, 557
905
951
948
1, 172
35, 844 19, 305
1, 020
1, 068
1, 200
1}024
37, 537 17, 378
967
1, 096
958
1, 255
37, 983 18, 000
962
966
989
1, 169
37, 904 17, 239
1, 031
949
1; 211
1,043
38, 306 15, 714
1,772
1, 195
1, 099 J
1,374
37, 040 14, 283
1, 129
1, 208
1,886
1, 161
37, 125 14, 326
1, 567
1, 315
1, 167
1, 120
38, 451 16, 172
1, 126
1, 092
1, 106
1} 247
34, 956 22, 136
1, 108
1, 103
1, 046
1, 274
1, 104
38, 566 18, 630
1,083
1, 143
1, 262
39, 574 17, 934
1, 192
1,210
1, 140
1, 370
38, 579 18, 682 8 1,274
1, 213
1, 111
1, 373
38, 275 19, 629
1,381
1, 375 s 1, 222
1, 373
4
Primarily
1
includes persons who could find only part-time work.
Average hours worked: usually full-time, 24.4; usually part-time, 19.0.
Source: Department ®f Lab@r.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In Februaryf insured unemployment under State programs averaged 568,000 more than a year earlier. The season
adjusted insured unemployment rate increased from 3.0 to 3.2 percent.
MILLIONS OF PERSONS
MitUONS OF PERSONS
INSURED UNEMPLOYAWT
MAR,
APRIL
MAY
JULY
JUNE
AUG.
SEPT.
OCT.
OF IABQR
Insured
unemployCovered
employment
ment
(weekly
average)
Total
benefits
paid
(millions
of dollars) s
Thou sands
59, 526
2,070
59, 375
2,313
_
.
„„
2,185
„ _ „ _ _ _
1,783
*_.__
___
2,333
»
2,250
»
2, 075
^_ _ _ „
„_
1,828
» „
_. _
1, 610
" „ _ _
1, 523
» _
1,640
»
1, 572
»
1,441
Oct »
... .
1,452
»
1, 667
»..
2, 093
Jan » _ _
2,741
Feb 9 _„
2,800
4, 179, 1
5, 498. 2
5, 491. 1
4, 441. 8
528. 6
460. 6
488, 3
406. 3
379. 4
315. 6
326, 9
353. 5
287. 8
322. 9
332. 5
378. 2
550, 0
800, 0
Period
Feb
__
_
2
9
i
16............ 1
!
2*
i*
^_B€gi3K3*-n5i •Tl--j. T&3 iary
mo
Steite progra ms
Insured
unemployment
Initial
claims
Weekly i
1, 805
2, 150
1,848
1,
2, 124
23 062
1,898
1,669
1,
1, 384
1, 505
1,436
1,299
1,299
1, 503
1, 922
2, 562
2, 630
Exhaustions
t housands
296
295
261
246
331
249
213
216
193
206
275
212
186
210
266
395
446
359
25
38
35
29
33
32
33
33
31
28
27
27
25
24
25
27
30
30
Insurec1 unemploymenit as perof eovered
employment
Unad- Seasonadjusted
Benefi ts paid
Total Average
weekly
(milcheck
lions 01
dollars) (dollars)
Per cent
3. 4
4. 1
3. 5
2. 7
as
a7
3.4
2. 8
2. 5
2. 4
2, 5
2. 4
2. 1
2. 1
2. 4
a "*
4. 1
4. 2
2. 7
2, 8
i. 8
S. 7
£7
2, 7
H 6"
8.7
S. 8
£ Q
B, 8
I, 9
3. G
^2
3, 848. 5
4, 957. 0
4, 471. 0
4, 007. 6
473. 4
418. 4
441. 0
365. 7
339. 2
286.6
286. 3
<u> 1 0, cS
24a S
280. 7
289 -'*•
335,8
500, 0
750, 0
50. 34
54.02
56, 03
58.73
5a 69
59. 08
59. 09
59. 41
58. 44
sa 12
57. 42
57. 46
58. 13
5a 97
59L §1
60, 40
ea 75
6L 00
|
23
(
DEC
COUNCIt OF ECONOMIC ADVISERS
A 11 programas
1970... _
1971
1972....
»._
1973: Jan
Feb
NOV.
i
2, 732
2, 776
2 ? 828
2, 887
2, 804
to lr
2,
2,
2,
2,
2,
led
561
604
649
673
587
381
459
352
296
313
310
/e:
4. 1
41
42
42 1
4. 1
— „nt of
ONAGRICULTURAL EMPLOYMENT
bnagrsculturai payroll employment (seasonally adjusted) Increased by 175,000 in February. There was a large
Celine in employment in durable manufacturing (1 34,000), but either no significant change or increased employment
in the other sectors.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED?
8U
_^n
a^»
<^
r
76
ALL NONIAGRICULTURAL '
JESTAf3LISHMENTS ^
•70
\^^^^
^^
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
18
(ENLARGED SCALE)
WHOLESALE AND RETAIL TRAD5
14
-
——^
XA
-4
I-
4/1
NONA UNUFAaURING
(PRIVATE)
-
\
12
mm
SERVICES
^*»»**«**** '
DURABLE"
MANUFACTURING
^\-~^^
if}
12
asiBS^
Ou
vv
s
10
-9^
\
20
NONDURABLE
MANUFACTURING
_
MAr-IUFACTURING
<ti,,,t,.,HUiin»»n»""
A,
"««
^*«fHUUNi(|n,tll(lll.ii
^
GOVERNMENT
CONTRACT
CONSTRUCTION
......1.—.
8 rfl f f f 1 I ! f ? f !
! ! ! 1 1 ! ! ! 1 1 !! ! 1 ! 1 1 ! I 1 1 1
1972
1971
1973
! ! ! ? t f ? 1 ? f.l|
I \ tJ LI ?... Lt.._t 11
1974
1972
1971
1973
1974
COUNCIL OF ECONOMIC ADVISERS
SOURC& DEPARTMENT OF IABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
1s-lonmanuifacturln g
Manufa cturing ( private)
i
Period
Total
Total
19, 781
20, 167
19, 349
I
_ _ _ _ 70, 645 18, 529
72, 764 18, 933
1972
75, 567 19, 820
1973: Jan.. 74, 252 19, 483
Feb.. 74, 715 19, 588
Mar_ 74, 914 19, 643
Apr__ 75, 105 19, 727
May. 75, 321 19, 782
June. 75, 526 | 1% 856
July__ 75, 478 19, 304
Aug.. 75, 747 19, 861
Sept— 75, 961 19, 882
Oct.. 76, 363 20, 016
Nov. 76, 679 20, 095
Dec__ 76, 620 20, 090
76, 520 20, Oil
Feb * 76, 695 197 860
1968
1969
67, 915
70, 284
NonDurable durable
goods goods
11, 626
11, 895
11, 195
10, 565
10, 884
11, 633
11, 320
11, 421
11, 463
11, 534
11,602
11, 654
11, 646
11, 692
11, 708
11, 802
11, 859
11, 859
11, 774
11, 640
8, 155
8,272
8, 154
7,984
8,049
8, 186
8, 137
8, 185
8, 180
8, 193
8, 180
8,202
8, 158
8, 169
8, 174
85 214
8, 236
8, 231
8, 237
8, 220
Total
f~\
Gon- Transtract portation
Mining conand
strue™ public
tion utilities
36, 288
37, 915
38, 709
39, 261
40, 541
42, 089
41, 311
41, 59S
41, 697
41, 764
41, 897
42, Oil
42, 079
42, 249
42, 423
42; 601
42, 746
42, 649
42, 611
42, 887
all fullpart-time
and salary
in nqnagricultural
"•^bllstnnents who worked during or received pay for any part of the
period
h
the 12th of the month. Excludes proprietors,, self-employed perservants,
personnel of the Armed Forces. Total derived from
with estimates of nonagriculturaJ employment of the
an
shown on p. 10,
include proprietors, self-employed
>ns,
servants; which count persons as employed when they
806
619
623
802
607
625
610
312
610
608
508
629
631
634
633
639
644
646
651
658
3, 285
3, 435
3, 381
3; 411
3,521
3,648
3, 498
3, 594
3, 604
3, 571
3, 620
3, 654
3, 680
3, 676
3, 700
3, 694
3, 711
3, 732
3, 629
3, 730 i
Source:
4,310
4, 429
4,493
4, 442
4, 495
4, 611
4, 574
4, 580
4, 580
4, 591
4, 593
4, 597
4, 598
4, 617
4, 629
4, 671
4, 654
4? 644
4, 684
4, 679
Gover nment
)
VV iiole- Finance^
insursaie
ance, Services Federal State
and
and
and
retail
local
real
trSidf
estate
\TT-I
I
14, 084
14, 639
14, 914
15, 142
15, 683
16, 288
16, 013
16, 114
16, 163
16, 217
16, 256
16, 262
16, 294
16, 352
16, 388
16, 465
16, 520
16, 398
16, 419
16, 484
of Labor.
3, 382
35 564
3,688
3, 796
3, 927
4, 053
3, 995
4, 014
4, 024
4, 031
4,044
4, 049
4, 048
47 064
4, 078
4, 088
45 095
4, 101
4, 105
4, 123
10, 623
11, 229
11, 612
11, 869
12, 309
12, 866
12, 621
12, 682
12, 716
12, 746
12, 776
12, 820
12, 828
12, 906
12, 995
13. 044
13', 12213, 128
13, 123
13, 213
2,737
2,758
2,705
2, 664
2; 650
2,627
2, 634
2,628
2,631
2,628
2,641
2, 613
2,588
2, 599
2, 613
2, 626
2, 638
2, 654
2, 658
2, 658
9, 109
9,444
9,830
10, 191
10, 640
11, 031
10, 844
10, 905
10, 943
10, 988
11, 001
11, 046
11, 007
11, 038
11, 043
11, 120
11, 200
11, 233
11, 240
11 290
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
in February the average workweek in the private nonfarm sector experienced a seasonally adjusted increase of 0.
hour to 36.9 hours. Increases occurred in manufacturing, construction, and trade.
HOURS PER WEEK {SEASONALLY ADJUSTED)
46
HOURS PER WEEK (SEASONALLY ADJUSTED}
46
MANUFACTIJR1NG
TOTAL NONAGRICULTURAL PRIVATE
A A
44
A')
40
40
y^"****-****"-^
^
^^^^ f^
H
•50
38
•sx
36
36
M /[f I I t 1 1 I f M f
*
1971
34
1972
1971
1973
1974
t f f 1 ! 1 f f t f f
( f t f t I i t i it
1972
1973
1972
1973
f I f f 1 ! ( t f t IK
1974
42
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
38
36
36
34
32
30
I 1 I I ! I I t ! If
1971
1972
i ii i i I t f i i i
1973
30
1974
^u 1971
SOURCE: DEPARTMENT OF LABOR
i
1974
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Total
n onagricultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagricultural
private 2
Unad justed
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Jan
Feb
Mar
Apr
38.8
sae
. _ _
May__ _
June__
July
Aug _ _ _
Sept
_
Oct
Nov
Dec
1974: Jan "__
Feb*
1
D ata relate to production
2
Als® includes other private
8
_ _
_ _
38. 0
37. 8
37.7
37.1
37.0
37.2
37. 1
36.6
36.8
36.9
36.9
37,0
37.4
37.6
37. 5
37.3
37.0
37.0
37.2
36.4
36.5
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
40.6
40.7
40. 0
40. 6
40. 8
40. 7
40.7
40. 9
40.5
40. 5
41.0
40. 7
40.8
41.2
39. 9
40. 1
workers or nonsupervisory employees.
industry groups shown ©n p. 13.
Includes eating and drinking places!
14
37.4
37. 6
37.7
37.4
37. 9
37. 4
37.3
37.0
37.2
34. 8
34.9
36.6
36.8
37. 5
38.1
38. 4
38. 3
37.9
37. 7
37. 5
36.6
34.9
36.2
Manufacturing
Contract
construction
Retail
trade s
Seasonallyy adjusted
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33.6
33.2
32.9
32.9
32. 9
33.0
33.0
33. 8
34, 3
34. 1
33. 2
32. 8
32.8
33. 2
32. 2
32. 3
36. 9
37.2
37.1
27.2
87.2
37.1
37. 2
37. 0
37. 2
37; 0
37. 1
37. 0
36.7
36.9
Source: Department of Labor.
40. 3
41.0
40.9
40. 9
40. 7
40.6
40. 7
40.5
40.8
40. 6
40.6
40.7
40. 2
40.6
36. 1
36. 2
37.0
37. 0
37.5
37. 4
37. 6
37. 1
36. 7
36. 9
38. S
37. 2
36. 2
37. 5
S3. 4
33.5
33.4
S3. 4
•?<? 4/
oo.
33. 5
33. 2
33. 0
33. 2
S3. 0
00 i
OO. I
32. 9
32. 7
32. 9
ERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
>rage hourly earnings (not seasonally adjusted) in private nonfarm production and nonsupervisory jobs increased
^y 1 cent (3.0 percent annual rate) to $4.03 in February, in spite of a 1 cent decline in manufacturing. Average
weekly earnings increased by 77 cents (6.5 percent annual rate) to $147.10.
DOLLARS
DOLLARS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
280
7.00
CONTRACT:
CONSTRUCTION
240
6.00
X\X "1
200
5.0.0
MANUFACTURING
160
4.00
TOTAL NONAGRICULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
120
3.00
R'ETAIL TRADE
RETAIL TRADE
80
ZOO
..1 » .
T»71
1972
1974
1973
1971
1972
1973
: »IF/«TMENT OF LABOR
1974
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average h ourly earnings— current dollars Average Tweekly earntings— curr ent dollars
Peri®ci
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Jan
Fcb_
Mar
Apr_
Mav
June
July
Aug
Sept _ __.
Oet
Nov
D^c
1974: Jam -»
Feb *
Total
nonagricultural
private 1
Manufacturing
Contract
construction
Retail
trade 2
Manufacturing
Contract
construction
Retail
trade 2
$138.
146.
154.
164.
181.
195.
212.
224.
240.
223.
220.
229.
232.
237.
241.
245.
247.
251.
251.
250.
245.
38
26
95
93
54
98
24
22
68
42
22
85
21
75
94
76
42
66
08
13
22
$66. 61
68. 57
70. 95
74.95
78. 66
82.47
86. 61
90. 72
95. 28
91. 46
92. 12
92. 45
93. 39
93.72
96. 67
98. 10
97. 87
96. 94
96. 10
96. 43
97. 61
234. 88
243. 63
96. 28
96. 58
$2. 45
2. 56
2. 68
2. 85
3. 04
3. 22
3. 43
3.65
3. 89
3.77
3. 78
3. 80
3.83
3. 85
3. 87
3. 90
3. 91
3. 99
3. 99
4. 00
4. 01
$2. 61
2. 72
2. 83
3. 01
3. 19
3. 36
3. 56
3. 81
4. 07
3.98
3. 97
3. 98
4. 01
4. 02
4. 04
4. 06
4. 06
4. 13
4. 14
4. 16
4.21
$3. 70
3. 89
4. 11
4. 41
4.79
5. 24
5.69
6.06
6.47
6.42
6. 31
6.28
6. 31
6.34
6. 35
6. 40
6. 46
6. 64
6. 66
6. 67
6.70
$1. 82
1.91
2. 01
2. 16
2. 30
2. 44
2.57
2.70
2. 87
2. 78
2. 80
2. 81
2.83
2. 84
2. 86
2. 86
2. 87
2. 92
2. 93
2. 94
2. 94
$95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
144. 32
137. 98
139. 10
140. 22
141. 33
142. 45
144. 74
146. 64
146. 63
148. 83
147. 63
148. 00
149. 17
$107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
165. 65
159. 20
161. 18
162. 38
163. 21
163. 61
165. 24
164. 43
164. 43
169. 33
168. 50
169. 73
173. 45
4. 02
4. 03
4.21
4.20
6. 73
6. 73
2. 99
2. 99
146. 33
147. 10
167. 98
168. 42
Also includes other private industry groups shown on p. 13.
Includes eating and drinking places.
ft.d]Tistefll t« exclude the effects of overtime and interindustry shifts.
3@-225 °—74-
Total
nonagricultural
private 1
Manufe icturing
indu gtries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967=
1967
i on s
dollars 4
92. 6
$113. 79
95. 7
115. 58
114. 90
100.0
117. 57
106. 2
112. 6
117. 95
114. 99
119. 6
127. 5
117. 10
123. 46
135.4
143.3
124. 15
140. 1
124. 67
140. 1
125. 33
140. 7
125. 10
141. 4
124. 87
124. 42
142.0
142. 4
124. 80
143. 3
123. 91
143. 9
121.71
145. 2
124. 97
145.9
123. 35
146.8
123. 35
148. 3
125. 23
149. 1
149. 6
* Earnings in current dollars divided by the consumer price index.
Source: Department of Labor.
120. 24
119. 02
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production, seasonally adjusted, declined again in February—0.6 percent—bringing the reduction since
November 1973 to 2.1 percent and the rise over the year to 1.1 percent. About half of the February decline was
attributable to additional curtailments of output in the auto and automotive-supplying industries.
Index, 1967 =100 (SEASONALLY ADJUSTED)
Index, 1967 = 100 (SEASONALLY ADJUSTED)
100 1 i i f i i 1 i. i \ti
\ t i i i I i i i 11
197]
1974
SOURCEj BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1966
1967
1968_
1969
1970
1971
1972
1973
1973: Jan_
Feb
Mar
Apr_
May
_ _
June.- _ _
July
Aug __ _
Sept
Get
Nov
Dec
1974: Jan »
Feb*
Total
industrial
production
97.9
100. 0
105. 7
110. 7
106.6
106.8
115. 2
125. 6
122. 2
123. 4
123. 7
124. 1
124. 9
125. 6
126.7
126. 4
126. 8
127. 0
127. 5
126. 5
125. 6
124.8
[1967= 100, seasonally adjusted]
Market
Industry
Fiiml producJts
Mi mufacturi ng
InterUtilities
Conmediate
Mining
NonEquipsumer
Total Durable durable
Total
ment products
goods
98.3
100. 0
105. 7
110. 5
105. 2
105. 2
114. 0
125. 2
121. 4
122. 7
123. 4
123. 8
124. 9
125. 6
126. 5
126. 1
126. 3
126. 4
127.4
126. 7
125. 5
124.7
99.0
100. 0
105. 5
110. 0
101.4
99.4
108. 4
122. 1
117. 5
118. 7
119.9
120. 6
121. 9
123.0
123. 8
122. 6
123. 3
123. 6
124. 3
123. 5
122. 0
120. 6
Source: Board of Governors of the Federal Reserve System.
16
COUNCIL OF ECONOMIC ADVISEES
97. 3
100. 0
106. 0
111. 1
110. 6
113. 5
122. 1
129. 6
127. 0
128. 4
128. 6
128. 4
129.2
129. 3
130. 6
130. 9
130. 7
130. 4
131. 3
131. 1
130.7
130.4
98. 4
100. 0
103. 9
107. 2
109. 7
107.0
108. 8
110. 3
108. 5
110. 2
109. 5
109. 0
109. 1
109. 5
111. 0
111. 5
111. 8
111. 9
111. 3
110. 7
111.6
110.7
93. 6
100. 0
109. 4
119. 5
128. 3
133.9
143. 4
152. 3
151. 0
150. 5
149.6
148. 7
149. 5
151. 6
154. 8
154. 8
155. 8
156. 2
154. 6
146. 0
142. 2
141. 6
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111. 9
121.3
118. 6
119. 3
119. 6
120. 0
120. 8
121.3
122. 1
121. 4
122. 4
122. 7
123. 7
122. 1
120.8
120. 1
98. 6
100. 0
106. 6
111. 1
110. 3
115.7
123. 6
131.7
129. 8
130. 2
130. 8
130. 9
131. 7
131.9
132. 9
131. 2
132. 3
132. 6
133. 5
130. 7
128. 9
128.0
93. 0
100. 0
104. 7
106. 1
96. 3
89. 4
95. 5
106.7
102. 9
104. 1
104. 1
104. 7
105. 7
106. 6
107. 3
107. 6
108. 5
108. 9
110. 1
110. 3
109. 3
109.2
99. 2
100. 0
105. 7
112. 0
111. 7
112. 5
121. 1
131. 1
128. 4
129. 5
129. 4
129. 3
130. 5
132. 0
132. 5
132. 1
131. 0
130. 6
131. 1
130. 7
130.5
130. 8
-KIT
,
rials
99.8
100. 0
105. 7
112. 4
107. 7
107. 4
117. 4
129. 2
124. 5
126. 7
127. 0
127.7
128. 3
129. 0
130. 9
130. 9
131. 3
131. 1
131. 5
130. 9
130. 1
129.0
EDUCTION OF SELECTED MANUFACTURES
\ durable and nondurable manufactures (seasonally adjusted) declined in February. Largest declines were in
cated metal products, transportation equipment, and machinery.
Index, 1967 =100 (SEASONALLY ADJUSTED?
Index, 1967 =100 (SEASONALLY ADJUSTED}
140
LUMBER AND PRODUCTS
CHEMICALS, PETROLEUM,
AND RUBBER
120
100
TRANSPORTATION
EQUIPMENT
1 I II II t I t tI
80
f t t f t I It I If
! I! 1 1 1 1 1 1 ! 1
120
100
TEXTILES, APPAREL,
AND LEATHER
100
80
1971
1971
1974
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Durafc le manufgtctures
Nc>ndurable manufactu res
Primary
metals
Fabricated
metal
products
Machinery
1966
1967__
1968
1969
1970
1971
1972
1973
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
113. 1
127. 1
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
114. 8
130. 6
98. 6
100. 0
101. 9
106. 8
100. 3
96. 2
107.5
125. 9
101. 2
100. 0
109.7
107. 6
90.4
92.9
99.0
109. 1
98.4
100. 0
104. 8
108. 6
106. 3
113. 9
122. 4
128. 3
101. 7
100. 0
104. 9
105. 9
100.2
100. 7
108. 1
114.7
98. 9
100. 0
104. 2
109. 1
107. 8
107.8
116. 1
122.2
94. 1
100. 0
109. 6
118. 4
118. 2
124. 7
137. 8
149. 3
97.0
100. 0
103. 6
107. 5
110.8
113. 7
117. 6
121. 9
1973:
123. 1
124. 7
123. 5
125. 8
126. 1
124. 5
128. 1
125. 6
127. 8
128.7
128.9
131. 4
125. 7
126.2
128. 4
128. 9
130. 3
133. 4
133. 5
133. 8
131. 5
132.4
133. 1
131. 5
118. 4
119. 1
121. 4
122. 6
124. 7
126. 9
127. 6
128. 5
130. 0
129. 3
130. 4
130.7
107. 6
110. 0
110. 3
110.0
111. 0
112. 2
112. 1
105. 7
107. 3
108.8
109. 8
103. 0
125. 8
128. 5
129. 5
129. 1
127. 5
126. 6
125. 4
128.4
128. 9
127.4
127. 3
132. 0
113. 4
114. 4
114. 6
114. 0
113. 3
115.0
114. 5
115.4
117.5
116.8
116. 7
117. 4
120. 0
121. 5
122. 4
120. 8
121.9
122. 8
123. 8
124.5
122. 1
121. 3
121. 9
121. 2
145. 5
146. 3
146. 3
147.9
150. 2
149. 8
151. 8
151. 0
150. 9
151. 1
151. 6
151. 6
119.6
122. 0
121. 5
120. 7
121. 5
119. 5
121. 3
122. 0
122. 2
121. 7
124. 7
123.4
131. 6
131. 6
133.2
130.3
128.7
126. 6
95. 8
94. 1
133. 0
116.0
114.9
120.9
121. 1
150.5
149. 9
124. 9
125. 0
Period
Jan_
___
_ _ _ _
Feb
Mar— __ _
Apr _
May
June__
_
Julv_.
Aug _
_
Sept_ _ _
_ _ _ _ _ _
Oct.
Nov
Dec
1974: Jan *
Feb »
___
Transpor- Lumber Textiles, Paper Chemicals, Foods
tation
and
and
petroapparel,
equipprodand
print- leum, and tobacco
ment
ing
rubber
leather
ucts
?e: Board of Governors ol the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Weekly indicators of production (not seasonally adjusted) increased in February.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
16
STEEL
1972
6
1 ,....l...l.r..l...!...I«t..l.
J
F
M
A
M
J
fy
i i Ii t I I t I! i ! t i I I t > i 1
J
I
THOUSANDS
BILLIONS OF KILOWATT HOURS
50
CARS AND TRUCKS
ELECTRIC POWER
300
200
30
100
(19741
1972
20 ly M 1 1 M I m f 1 1 M t m I f ? M
M
I t , 1 , ,, It It t It , I I I I t I I I . . I . I t I t t II hi t I t. I I . H . t f I
M
J
F
M
A
M
J
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Steel pi"oduced
Index
Thousands
(1967=
of net
tons
100)
Period
Weekly average:
1967
1968
1969
1970
1971
1972
1973 »
1973: Jan
Feb
Mar
Apr _
May _
June_
July
Aug__
Sept
Oct
Nov
Dec
1974: Jan
Feb »
Week ended:
1974: Feb 2
9
16
23
Mar 2_
9 »
16 »
1
Includes
2
data for Alaska.'
Not charted.
18
___
A
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car s and tnicks
power
coal mined
loaded
produced assemb led (thoiisands^
distributed (thousands (thousands
(thousands
(millions of
of short
of tons)
of cars)
Total
Cars Trucks
kilowatt>-hours) tons) l
2,440
2,515
2,709
2,522
2,310
2,549
2,892
2,793
2, 906
2,954
2, 981
2,974
2, 911
2,781
2,750
2,857
2, 906
2, 934
2,878
2,873
2,896
111. 0
103. 4
94. 7
104.5
118.5
114. 5
119. 1
121. 1
122.2
121.9
119. 3
114.0
112.7
117. 1
119. 1
120. 3
118. 0
117.8
118. 7
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
35, 861
35, 800
33, 643
33, 164
33,543
38, 061
39, 417
39, 783
36, 572
34, 762
34, 336
34, 911
35, 150
35, 617
10, 627
10, 485
10, 779
11, 595
10, 619
11,450
11, 346
10, 659
11, 124
11, 116
10, 945
11,493
10, 498
9,621
12, 090
12, 054
12, 175
11, 530
11, 111
11, 348
12, 201
540
543
543
522
486
502
525
492
509
515
518
543
545
504
543
543
564
536
487
491
524
439
479
507
489
501
548
571
512
582
593
584
589
583
518
591
548
589
581
575
581
588
172.9
207.6
195.8
158. 9
204. 8
217.3
243. 5
261. 3
277. 6
276. 1
262. 0
269.9
280. 1
216. 6
151. 5
234.3
269. 2
257. 4
177. 0
189. 1
200. 1
142. 4
170.1
158. 1
125. 9
165. 0
169. 6
185. 8
201. 5
213. 3
212. 1
200. 8
207. 3
216.7
164. 4
106. 5
179. 0
208. 8
198. 5
129. 0
133. 1
141. 1
30. 5
37.5
37.8
33. 0
39. 8
47.6
57.7
59. 8
64. 3
64. 1
61. 2
62. 6
63.3
52. 2
45. 0
55. 3
60. 5
58.9
48.0
56. 0
59. 0
2,900
2,838
2,906
2,887
2,891
2,896
2, 839
118.9
116.3
119. 1
118. 3
118. 5
118.7
116.4
34, 363
36, 343
35, 673
34, 794
35, 657
33, 443
234,314
12, 475
11, 810
12, 385
12, 970
11, 640
11, 345
532
522
527
519
527
525
586
592
586
582
591
578
212. 0
168.2
199. 4
221. 3
211. 5
202. 3
179. 8
152.4
112. 8
138. 8
161. 6
151. 1
144. 5
126.2
59. 6
55.4
60. 5
59. 6
60. 4
57. 8
53. 7
100. 0
loa i
Sources: American Iron and Steel Institute, Edison Electric Institute, Dep
ment of the Interior, Association of American Railroads, American Paper I
tute, and Ward's Automotive Reports.
CONSTRUCTION
ccording to preliminary estimates, expenditures for new construction (seasonally adjusted) declined about 2 percent
January. Both private residential and public construction were down 4 percent.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160 I
SEASONALLY ADJUSTED ANNUAL RATES
140
140
120
120
100
100
PRIVATE
80
80
60
60
. PUBLIC-
40
..„..."»"""" I.....--
f-^-
20
\
••«'
40
,.„<»"'"««>""»»«,
i i ; I i I I Ir
20
40
20
20
1968
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
1968
1969
1970
1971
1972
1973*
Total new
construction
expenditures
86. 6
93.4
94. 2
109. 2
123. 8
135. 6
Total
59. 0
65.4
66. 1
79.4
93.6
103. 0
Resic ential
CommerNew
cial and
Total i
housing industrial
units
Bi lions of dol ars
30.6
24. 0
13. 8
33.2
25.9
16. 2
31.9
24. 3
16. 3
43.3
17.0
35. 1
54.2
18.1
44.7
57. 9
21. 6
47.7
Other
Federal,
State,
and
local
16. 0
17.9
19. 1
21.3
23. 5
27. 6
28.0
28. 1
29.9
30.2
32.6
22. 1
22. 3
22. 4
22. 6
22. 5
22. 4
22. 9
23. 0
23. 5
23.5
23. 3
24. 6
25. 4
25.0
25. 1
29. 3
33.1
33. 7
32.3
33.6
32. 6
32. 3
31.0
31. 5
31. 1
33. 2
33. 5
32. 9
35.8
34. 3
147
Seasonally / adjusted atinual rates
1972: Nov
Dec_ _ _
1973: Jan
Feb
Mar_
Apr_
May
June
July
Aug __ __
Sept
Oet____ _
Nov
Dec *
1974: Jan*
126. 8
131.6
135.7
136.4
137.5
133. 8
134. 1
133. 8
136. 9
136.9
136. 9
136. 5
135. 9
136. 3
133.2
97. 5
98. 5
102.0
104. 1
103.8
101. 2
101. 8
102. 8
105. 4
105. 8
103. 7
103. 0
103. 0
100.5
98. 8
57. 2
57. 5
59. 4
61. 5
60.7
58. 0
57. 5
58. 2
59. 4
59.8
59. 0
56. 3
54. 7
52.7
50. 5
47. 8
48. 0
48. 1
49. 4
49. 6
48. 9
49. 2
49.5
49. 5
49. 3
48. 2
46.0
44. 1
42.0
39. 7
1
Includes nonhousekeeping residential construction and additions and alterapns,
not shown separately.
2
' P. W. Dodge series. Relates to 50 States beginning 1969 for value index and
^ginning 1971 for floor space.
18. 2
18. 6
20. 3
20. 1
20. 6
20. 8
21. 5
21. 6
22. 5
22. 5
21. 4
22. 1
22. 9
22. 7
23. 2
Constructio n contracts 2
CommerTotal value cial and
index,
industrial
(1967= floor space
100)
(millions of
square feet)
113. 2
123. 7
12a 1
145.4
165.3
181. 3
779
883
743
727
854
177
163
181
191
193
177
173
183
175
199
182
191
194
161
155
959
953
1, 021
Seasonally
Seasonally adjusted
adjusted
annual
rates
1,022
1,029
993
1,012
988
1,027
1,161
1, 118
1,029
1, 106
1,047
815
886
NOTE.—Seasonally adjusted floor space series revised.
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts rose 22 percent in February to a seasonally adjusted annual rate of 1.8 million units—the high<
since September 1973. February permits for future housing were about the same as in January.
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
3.0
SEASONALLY ADJUSTED ANNUAL RATES
25
2.5
TOTAL PRIVATE
HOUSING STARTS
2.0
ZO
t5
10
1.0
FHA APPLICATIONS
1968
1974
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
1968
1969
1970
1971
1972 _ _ _
1973
1973 : Jan .
_ _ _
Feb_
_ _ _
Mar
Apr__
May___
June
July
Aug___
_ _
Sept. _
Oct____
Nov. _
Dec.
1974: Jan *>___
_ _
Feb*
Private
Total
private
and
public
(including
farm)
Total
private
(including
farm)
1, 545. 4
1, 499. 5
1? 469. 0
2, 084. 5
2, 378. 5
2, 057. 5
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
147. 3
139. 5
201. 1
205. 4
234.2
203. 4
20.3. 2
199. 9
148. 9
149. 5
134.6
90. 6
86. 7
104. 3
146.6
138. 0
200. 0
205. 0
234.0
202. 6
202. 6
197. 2
148.4
147. 1
133. 3
90. 4
84. 9
104. 1
Total ( neluding5 farm)
Total
One
unit
899.4
1, 507. 6
810. 6
1, 466. 8
812. 9
1, 433. 6
2, 052. 2 1, 151. 0
2, 356. 6 1, 309. 2
2, 045. 3 1, 132. 0
2, 472
2, 423
2,283
2, 153
2, 330
2, 152
2, 152
2,030
1,844
1, 674
1,675
1,403
1,470
1,800
1,418
1,363
1,244
1,231
1, 243
1, 140
1,232
1, 108
990
957
938
767
794
1, 041
1
Units are for 1- to 4-family housing.
2
Authorized by issuance of local building permit: in 14,000 permit-issuing
places beginning 1972; 13,000 for 1967-71; 12,000 for 1963-66; and 10,000 prior to 1963.
20
Propos sd home
constriiction 3
Gover nment
home p rograms
(nonj arm)
Two or
more
VA
FHA 1
units
608. 2
147. 7
56. 1
656. 2
153. 6
51. 2
233. 5
620. 7
61. 0
901. 2
301. 2
94. 0
198. 4 104. 0
1, 047. 5
913. 3
73. 6
86. 1
Seasona lly ad jus ted annu ai
1,054
89
96
1,060
110
105
92
1,040
100
922
98
75
82
1,088
109
1,013
89
79
920
88
81
921
69
92
854
66
71
718
52
62
737
57
57
636
68
37
676
61
39
64
759
48
New
private
housing
units
authorized 2
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 795. 5
rates
2, 233
2, 209
2, 129
1,939
1, 838
2, 030
1, 780
1, 750
1, 596
1, 316
1, 314
1, 237
1,301
1, 304
Applications for Requests
forVA
FHA
appraiscommitals
ments 1
168. 9
187. 6
315. 0
366. 8
225. 2
83. 2
131. 7
138.2
143. 7
217. 9
209. 4
161. 9
124
102
94
71
91
99
92
69
94
51
56
30
46
4
62
217
216
200
168
166
166
136
141
137
142
134
124
124
156
s Units represented by mortgage applications or appraisal requests for new
home construction.
«Not charted
Sources: Department of Commerce, Department of Housing and Ur
Development, and Veterans Administration.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
jsiness sales rose 2.4 percent (seasonally adjusted) in January after declining in December. The $2.9 billion
crease in inventories during January fell short of the $3.7 billion increase in December and the $3.4 billion increase
,n November.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED}
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
240
RETAIL TRADE (ENLARGED SCALE)
30 —DURABLE GOODS STORES
INVENTORIES
20
15
^--'-'
10
SALES
A
NONDURABLE GOODS STORES;
100
35
80
3.0
60
25
40
20
20
1971
1972
1974
1972
1971
1973
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total tmsiness l
ReJtail
Wholesale
Sales2
Period
1966
1967
1968
1969
1970
1971
1972
1973
1972: Dec
1973: Jan
Feb__
Mar _
Apr
May
June_
July___ _
Aug
Sept
Oct
Nov
Dec
1974: Jan »
Feb *
1
Sales 2
87, 178
89, 698
97, 100
103, 104
104, 708
112, 267
124, 680
144, 541
133, 483
136, 863
138, 910
141, 010
141, 274
142, 682
142, 311
__ 146, 458
146, 068
146, 235
150, 157
153, 096
151, 381
154, 974
Inventories 3
Sales2
136, 729
145, 164
155, 376
166, 813
174, 875
183, 622
196, 002
221, 357
196, 002
198, 157
199, 956
201, 317
202, 529
204, 623
206, 961
208, 776
210, 548
212, 227
214, 284
217, 637
221, 357
224, 214
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
24, 850
30, 405
26, 962
27, 755
28, 423
29, 312
29, 621
29, 675
29, 528
30, 443
30, 692
30, 646
31, 918
33, 101
33, 910
34, 885
The term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
1974
Inventories 3
A/lillions of
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
31, 732
36, 926
31, 732
32, 582
33, 051
33, 245
33, 574
33, 986
34, 148
34, 653
34, 964
35, 266
35, 379
36, 265
36, 926
37, 940
NonDurable durable
goods
goods
stores
stores
<dollars, se asonally a djusted
8, 192 17, 138
25, 330
8,348 17, 803
26, 151
9, 268 19, 222
28, 490
29, 824
9, 626 20, 197
31, 294
9, 524 21, 770
34, 071 10, 985 23, 086
37, 365 12, 472 24, 893
41, 943 14, 190 27, 754
39, 417 13, 640 25, 777
40, 707 14, 234 26, 473
41, 242 14, 405 26, 837
41, 979 14, 612 27, 367
41, 185 14, 339 26, 846
41, 723 14, 299 27, 424
41, 167 13, 731 27, 436
42, 767 14, 409 28, 358
42, 355 14, 481 27, 874
42, 529 14, 267 28, 262
42, 970 14, 331 28, 639
42, 976 14, 090 28, 886
42, 116 13, 270 28, 846
42, 902 13, 496 29, 406
42, 602 13, 057 29, 545
Total
[nventories 3
Total
38, 073
38, 952
41, 973
45, 376
46, 626
52, 261
56, 551
63, 561
56, 551
57, 388
57, 823
57, 898
58, 378
59, 012
59, 788
60, 213
60, 677
60, 847
61, 681
62, 937
63, 561
63, 704
Durable
goods
stores
Nondurable
goods
stores
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
26, 034
28, 778
26, 034
26, 144
26, 234
26, 146
26, 356
26, 661
27, 051
27, 494
27, 563
27, 507
27, 926
28, 662
28, 778
28, 852
NOTE.—Total business and retail inventories revised beginning 1972.
Source: Deportment of Commerce.
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 517
34, 783
30, 517
31, 244
31, 589
31, 752
32, 022
32, 351
32, 737
32, 719
33, 114
33, 340
33, 755
34, 275
34, 783
34, 852
&* 1
MANUFACTURERS" SHIPMENTS, INVENTORIES, AND NEW ORDERS
New orders recieved by durable goods manufacturers rose 2.3 percent in February according ro advance repo
Shipments were slightly higher than in January.
BILLIONS OF DOLLARS (SEASONAUY Awusm
B1UJONS OF DOLLARS (SEASONALLY ADJUSTED)
INVENTORIES
120
100
DURABLE GOODS
80
NONDURABLE GOODS
i i t t i l t t t i t l i t t i i l t. t
60
40
\
NONDURABLE GOODS
60
20
its
RATIO
2.00
INVENTORY-SHIPMENTS RATIO
40
20
1.40
1971
1974
1971
1974
•SOURCE*DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers* sh ipments * Manufad;urers' inventories2
Manufacturers' new orde rs1
Durafc>le goods
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Total
NonCapital durable
goods
industries, goods
nondefense
Manufacturers'
inventoryshipments
ratio3
Millions of dollars seasonal y ad justed
1967
1968
1969
1970
1971
1972
1973
1973: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1974: Jan *
Feb »
46, 449
50, 282
53, 555
52, 860
55, 917
62, 466
72, 193
68, 401
69, 245
69, 719
_ 70, 468
71, 284
_ 71, 616
73, 248
73, 021
73, 060
75, 269
77, 019
75, 355
77, 187
25, 212
27, 694
29, 459
28, 231
29, 948
33, 892
39, 519
37, 773
38, 122
38, 064
38, 651
39, 284
39, 257
40, 779
39, 633
40, 162
41, 567
41, 896
40, 203
40, 792
40, 913
21, 236
22, 588
24, 096
24, 629
25, 969
28, 573
32, 674
30, 628
31, 123
31, 655
31, 817
32, 000
32, 359
32, 469
33, 388
32, 898
33, 702
35, 123
35, 152
36, 395
84, 655
90, 875
97, 074
101, 645
102, 445
107, 719
120, 870
108, 187
109, 082
110, 174
110, 577
111, 625
113, 025
113, 910
114, 907
116, 114
117, 224
118, 435
120, 870
122, 570
54, 931
59, 112
63, 371
66, 768
66, 050
70, 218
79, 441
70, 590
71, 136
71, 873
72, 213
72, 867
73, 801
74, 278
75, 213
76, 249
76, 951
77, 645
79, 441
80, 541
1
Monthly average for year and total for month.
2 Book value, end of period, seasonally adjusted.
*For annual periods, ratio of weighted average inventories to average monthly
22
29, 724
31, 763
33, 703
34, 877
36, 395
37, 501
41, 429
37, 597
37, 946
38, 301
38, 364
38, 758
39, 224
39, 632
39, 694
39, 865
40, 273
40, 790
41, 429
42, 029
46, 763
50, 243
53, 646
52, 063
55, 732
63, 514
74, 636
70, 016
71, 022
72, 806
73, 325
74, 535
75, 361
75, 145
76, 113
75, 129
77, 758
79, 441
76,811
79, 077
25, 526
27, 666
29, 549
27, 431
29, 751
34, 867
41, 897
39, 218
39, 765
41, 021
41, 341
42, 449
43, 016
42, 697
42, 689
42, 259
44, 037
44, 315
41, 546
42, 453
43, 439
6, 971
7,694
7, 021
7, 339
8, 983
11, 037
10, 277
10, 105
10, 572
10, 619
10, 919
11,415
11, 404
11, 032
11, 267
11, 595
11, 970
11, 569
11, 7
12, 549
21, 238
22, 577
24, 097
24, 632
25, 981
28, 648
32, 738
30, 798
31, 257
31, 785
31, 984
32, 086
32, 345
32, 448
33, 424
32, 870
33, 721
35, 126
35, 265
36, 624
1. 76
1. 74
1.76
1. 89
1. 82
1. 67
1. 57
1. 58
1. 58
1. 58
1. 57
1. 57
1. 58
1. 56
1. 57
1. 59
1. 56
1. 54
1.60
1. 59
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce.
'^RCHANDISE EXPORTS AND IMPORTS
U.S. merchandise trade balance (seasonally adjusted) continued in surplus in January/ with record high exports
7.1 billion and rising imports of $6.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1968
1974
I/SEE N©TE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BEPARTMENT OF COMMERCE
Period
[Millions of dollars]
Merch andise iinports
/terchandise exporluS
Total (includ-l ^
Gen<3ral impc>rts 3
Domesti c exports
2
ing ree xports)
Food, Crude
Food, Crude
Total
bever- matebever- mate- Manu2
facSeasonages,
Season- Unad- Total i
rials
rials
ages,
ally ad- justed
tured ally ad- Unad- and to- and
and to- and
justed
goods justed justed bacco fuels
bacco fuels
Monthly average:
1966
1967
1968
1969
1970
1971
1972
1973
2,458
2, 586
2, 839
3, 111
3, 555
3,629
4, 102
5,900
2, 421
2, 554
2, 802
3,066
3, 502
3, 576
4, 035
5,809
432
392
383
370
422
423
547
1,078
367
394
405
417
558
537
591
895
1, 602
1,737
1, 985
2, 232
2, 445
2, 537
2, 813
3,725
730
734
815
3,040
3, 098
3, 139
3, 828
3,583
3, 942
3,725
3, 383
3, 523
3, 811
4, 192
4,236
4, 244
4,248
2,
2,
2,
3,
3,
3,
4,
135
241
769
004
329
797
632
5,760
U nadjuste d
1972: Dec
1973: Jan ___
Feb
Mar
Apr
May
June _
July
Aug
Sept
Oct
Nov
Dec
1974: J a n _ _ _
1
4,558
4,955
5,071
5, 309
5,492
5,557
5, 726
5, 860
6, 044
6, 414
6, 584
6,871
6,954
7, 111
4, 691
4, 732
4,866
5, 922
5, 561
6, 021
5, 858
5, 326
5, 787
5, 959
6, 749
7, 091
6,926
6,832
4, 617
4, 662
4, 797
5,827
5, 457
5, 925
5, 754
5, 244
5, 684
5,880
6,634
7,001
6,842
6,750
749
753
747
884
843
903
1, 023
980
1,294
1, 284
1,327
1, 514
1,387
1,289
1, 023
897
974
873
755
773
694
986
1, 110
1, 105
1,072
Total excludes Department of Defense shipments of grant-aid military supand equipment under the Military Assistance Program,
btal includes commodities and transactions not classified according to kind,
ptal arrivals ol imported goods other than intransit shipments.
5,002
5,244
5, 482
5, 411
5,356
5, 700
5, 765
5, 821
5,991
5, 621
5, 969
6, 628
6,084
6, 467
4, 796
5, 407
4, 958
5, 601
5, 349
6, 033
5,901
5, 652
5, 997
5, 286
6, 373
6,787
5,777
6, 650
382
392
447
442
519
534
615
767
476
447
503
533
545
606
737
1, 112
Unad usted
639
726
645
714
757
835
724
693
788
707
835
936
839
881
822
930
854
994
915
1,070
1, 077
1, 005
1, 209
1, 103
1, 311
1,424
1,452
1, 742
Grossmerchandiee trade
Manu- balance,
seasonfactured ally adjusted
goods
1,204
1,313
1, 719
1, 918
2, 159
2,535
3, 147
3,732
3, 190
3,588
3, 331
3, 742
3,534
3,996
3, 938
3, 800
3, 845
3, 332
4, 067
4,283
3,331
3,882
323
345
70
107
225
-168
-530
140
-444
-289
-412
— 102
136
-143
-40
39
53
792
615
243
870
644
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 record high surplus of $4.0 billion (seasonally adjusted) in the balance on goods and services in the fen
quarter of 1973 contributed to a large surplus of $6.9 billion in that account for the year 1973 as a whole.
BILLIONS OF DOLLARS
4
BILLIONS OF DOLLARS
BALANCE ON GOODS
AND SERVICES
-3
1974
COUNCIL OF ICONOMJC ADVISERS
[Millions of dollars]
M erchandisia
12
Netiiavestment i ncome
Militixry trans actions
Re-
Net
travel
and
Period
Exports
Imports
Net
balance
Direct
expenditures
Net
balance
Sales
_ _
__,
._
1971__
__.
33, 626 -32, 991
635 -4, 535 1,392
36, 400 -35, 807
593 -4, 856 1, 512
41, 964 -39, 788 2, 176 — 4, 852 1,478
42, 763 -45,466 -2, 698 -4, 829 1,912
48, 769 -55,681 -6, 912-4, 724 1, 166
1973 »..__. 70, 255 -69, 567
688 -4, 536 2,365
1969
Private 3
3, 143
-3, 344
3,374
-2, 918
-3, 558
-2, 171
U.S.
Government
transportation
expenditures
6, 157
63 — 1, 548
5,820
155 -1, 782
6, 374
-115 -2, 013
8, 929
— 957 -2, 288
9, 751 - 1, 889-2,853
12, 746 — 3, 023 -2, 312
Other
services,
net
Balance
on
goods
and
services l 4
302
2,465
449
1,891
581
3,630
739
807
851 -4,610
972
6, 900
mitBaltances,
penance
on
sions,
and
curother
rent
uniaclateral count
transfers l
-2, 909
— 443
-2, 941 - 1, 050
-3,214
416
— 3, 598 -2, 790
— 3, 744 -8,353
3,041
-3,859
Seasonally adjusted
I
11
III..
11, 655 -13,475 -1,820 - 1, 222 328
11, 539 -13, 313— 1, 774- 1, 242 288
12, 362 -13, 935 -1,573 -1, 108 262
IV.._. 13, 213 — 14, 958 - 1, 745-1, 151 287
1973:1... 15, 229 -16, 174 -945 -1,168
.343
II_- 16, 672 -17, 009 -337 — 1, 185 455
III.. _ 18, 143 -17, 531
612 — 1, 073 532
IV'.. 20, 211 -18, 853 1, 358 -1,110 1,035
1
3
24
grants.
Census
for differences in timing
from "U.S. direct investments abroad or
in the United
-894
-954
-846
-864
-825
-730
-541
-75
2, 290
2,252
2, 447
2, 763
2, 977
2, 911
3, 135
3,723
-399 — 755
— 461 -691
-497 -679
-531 -730
-647 -608
-778 -703
— 802 — 476
-796 -525
204 -1,374 -969 — 2, 343
202 -1,426 -938 ~2} 364
209
-939 — 954 -1, 893
237
-870 -881 — 1, 751
742
232
184
— 558
238
601 -1, 041 -440
221
2, 149 -903
1,246
280
3, 965 — 1, 174 2, 791
4
Equal to net
of goods and services in the national income
product
accounts ol the United
converted to an
basis.
Department of Commerce,
S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
! net liquidity balance and the official reserve transactions balance, while still in deficit by $7,8 billion and $5.3
^mion respectively, improved sharply in 1973 over 1972, reflecting a favorable shift in the balance on goods and
services.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
1968
SOURCEs
1974
OF COMMERCE
COUNCIL Of ECONOMIC ADVISEES
[Millions of dollars]
NonLoiig-ter m capital Balance liquid
on
flOWfc3? net
current shortterm
1
account private
U.S.
and
longcapital
GovernPrivate 2 term
ment 1
capital flows
net 2
Period
1968
1971
1972
1973 9
-2, 158 1,191 — 1,411
231
- 1, 926
-70 -3,046 -640
-2,018 -1 7 429 — 3, 031
482
-2, 359 -4, 401 -9, 550-2, 347
— 152 -9,843 -1,637
— 1, 339
-357
1,214 -4, 210
— 1, 470
___
Allocations
of
special
drawing
rights
Errors
and
omissionSj
net
Net
liquidity
balance
Liquid
private
capital
flows2 5
net
Official
reserve
transactions
balance
— 431 — 1,611
3,252
1,641
-2, 395 -6, 081
8, 820
2, 739
867 -1,205 -3,851 — 5, 988 -9, 839
717 -10, 784 -21, 965 -7, 788 -29, 753
710 -3, 112-13, 882 3, 542 -10, 340
-4, 793 -7, 789 2, 503 -5, 286!
Changes
in liabilities
to
foreign
official
agencies
5
net 3
Changes
in U.S.
official
reserve
assets,
net 4
-761
-880 15,
1,552 -1, 187 16,
7, 362
2,477 14,
27, 405
2, 348 12,
10, 308
32 13,
5, 077
209 14,
ad justed
I
!
II
|
IIL.-.J
IY^_!
I_____
II— _ '
IIT
IV
* ,!
1
2
-289 - 1, 143 -3, 775 -535
604 - 1, 855
-95
310
-366
-393 -2,652 -430
-586
781 — 1, 556 -9821
8
-336
— 886 -1,765
75
— 303
-668 -15426
— 333
1, 666
2, 549
46
— 846 -1, 731
214 - 1, 065
944
178
178
-940
177 — 1, 626
177 -1,490
-3, 898
477
- 1, 097
-275
Excludes iiabi itle? -o i'orei^n oQIeial icfprvo agencies,
Private foreigners Delude the PvfP, but include other international
organisations.
2
Includes liabilltieb to foreign official agencies
by U.S. Government
U.S. banks and U.S. liabilities to the IMi' arising from"reversible gold
,
deposits "iih,: tne United Stales.
Official reserve e,ssetF «iiciu<3e gold, special drawing rights, convertible curies, and £hs U.S. gold ir> nche position in the IMF.
U.S.
official
reserve
assets,
net
(end of 5
period)
— 3, 188
-288 -3,476!
3, 047
-2, 307 1,456
— 8511
1,082
— 4, 531
7 -4, 5241
< 579
2, 367 - 1, 484 |
-3, 851
1, 595
-6, 549 -3, 927 -10,476
10, 256
-1, 617 1, 972
-372
355 1
6321
1, 498
2, 130 -2, 117
3, 826
— 1, 126
2, 700 -2} 685
710
964
487
167
151
378
Unadjusted
429 12, 270
-231 13, 339
gg 13, 217
— 111 13, 151
220 12, 931
17 12, 914
13 12, 927
-15 14, 378
6
Includes increases as follows: for 1969, $67 million
of the German mark in Oct. 1969; for 1971, $28 million in
value of
revalued to reflect market exchange
as of Dec. 31,1971; for
and year 1972, $1,016 million resulting from
in par
of the
on May 8,1972; and for fourth
and year 1973,
million resulting
from change in par value of the dollar on Oct. 18,1973.
Sources: Department of Commerce
Department of the
25
PRICES
CONSUMER PRICES
In February, the consumer price index rose 1.3 percent (also 1.3 percent seasonally adjusted). Higher food and
energy prices accounted for about 70 percent of the rise. Food prices were up 2.5 percent (also 2.5 percent
seasonally adjusted). Nonfood commodity prices increased 1.0 percent (also 1.0 percent seasonally adjusted)
and services prices rose 0.7 percent.
Index, 1967 =100
Index, 1967 =100
120
110
10©
100
1968
1974
SOURCE! DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All
items
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Jan_ _ _ _
Feb
Mar
Apr
May _
June.
July__
Aug _
Sept. _
Oct
Nov
Dee _
1974: Jan
Feb
_ _ _ _ _ _ _ _
__ __
_
Source: Department of Labor.
26
94 5
97.2
100.0
104. 2
109. 8
116. 3
121. 3
125. 3
133. 1
127. 7
128.6
129. 8
130.7
131. 5
132. 4
132.7
135. 1
135.5
136. 6
137. 6
138. 5
139. 7
141. 5
[1967 = 100]
Services
Co mmoditie,3
Comm odities les3S food
Services
All
All com- Food
less
Non- services Bent
modities
All
Durable durable
rent
98.4
91. 5
§4.4
94. 8
92. 2
95. 7
96.2
96. 9
95. 8
98.2
95.3
99. 1
98. 5
97. 0
98. 2
97.5
100.0
100. 0
100. 0
100. 0
100. 0
100.0
100. 0
100. 0
104. 1
105.2
103. 7
103. 1
102.4
103. 7
105. 7
103. 6
112.
5
108. 4
107. 0
108. 8
105.7
108. 9
108. 1
113. 8
121. 6
112. 5
111. 8
113. 1
110. 1
113. 5
114. 9
123. 7
128. 4
117. 4
116. 8
116. 5
115. 2
118. 4
117.0
130.8
133. 3
123. 5
119.4
119. 8
119.2
120. 9
118. 9
135. 9
124. 2
141. 4
121. 9
124. 8
141. 8
123. 5
139. 1
129. 9
121. 8
119. 9
135.7
120. 5
120. 9
123. 4
128. 6
138. 3
136.2
122. 3
119. 9
121. 6
120. 9
138.7
124.5
131. 1
122. 4
134. 5
121. 5
120. 2
136.6
126. 1
122.8
139. 2
121.0
127.4
136.5
122. 3
137. 1
123.2
123. 3
139.6
121. 8
124. 0
123. 7
123.0
137.6
128. 3
140. 1
137. 9
122. 3
124. 7
124.0
138. 1
129. 4
139. 8
123. 7
140. 7
122.4
138.4
124. 4
124. 4
140. 9
129. 7
141.0
123. 5
124. 7
122. 6
139.3
132. 8
123. 8
125.0
149. 4
141.9
122. 6
124. 3
125.5
125.4
132. 8
148. 3
140.6
143. 4
142. 2
123. 2
127.0
133. 5
148. 4
125. 4
125.9
145. 2
143. 0
134. 7
123. 3
126.3
150.0
128. 5
126. 3
146. 1
126. 9
143.8
123. 2
130. 0
135. 7
151. 3
127. 1
146.9
144.8
131. 3
127.3
148.0
123. 3
137. 0
153.7
127.9
145. 8
149. 1
128.0
157.6
123.4
133. 5
139.3
129. 2
'HOLESALE PRICES
e wholesale price index rose 1.5 percent in February (1.2 percent after adjustment for seasonal factors). Prices
w, farm products and processed foods and feeds increased 1.6 percent (0.7 percent seasonally adjusted). Industrial
commodity prices were up 1.4 percent (1.3 percent seasonally adjusted), about one-third of which reflected a
continued rise in prices of fuels and power.
Index, 1967 =1-00
hdex, 1967=100
200
200
180
180
160
140
140
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
120
120
100
100
1974
1968
SOURCE;
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF LABOR
All
commodities
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Jan
_
Peb
Mar
Apr
May
June__
July
Aug
Sept..
Oct _
Nov
.Dee _
1974: Jan
Feb
_ _
96. 6
99.8
100. 0
102. 5
106. 5
110. 4
113. 9
119. 1
135. 5
124. 5
126.9
129. 7
130. 7
133. 5
136. 7
134. 9
142. 7
140. 2
139. 5
141. 8
145. 3
150. 4
152.7
[1967—100]
Farni product3 and
process^;d foods a nd feeds
Processed
All inFarm
dustriTotal
foods
prodals1
ucts
and
feeds
97. 1
103. 5
100. 0
102. 4
108. 0
111. 7
113.8
122. 4
159. 1
137. 0
142. 4
149. 0
147. 9
154. 9
163. 6
156. 9
184. 5
173. 5
166. 8
164. 4
168.0
177. 8
180. 6
98. 7
105. 9
100. 0
102. 5
109. 1
111. 0
112. 9
125. 0
176. 3
144. 2
150. 9
160.9
160. 6
170. 4
182. 3
173. 3
213. 3
200. 4
188. 4
184. 0
187. 2
202. 6
205.6
95. 5
101. 2
100. 0
102. 2
107. 3
112. 1
114. 3
120. 8
148. 1
132. 4
137. 0
141. 4
139. 8
145. 0
151. 8
146. 5
166. 2
156. 3
153. 1
151. 9
155. 7
162. 1
164.7
1
Coverage of the subgroups does not correspond exactly to coverage of this
dex.
!
Excludes crude foodstuffs and feedstufis, plant and animal fibers, oilseeds, and
' leaf tobacco.
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
117. 9
127. 0
120. 0
121. 3
122. 7
124. 4
125. 8
126. 9
126. 9
127. 4
128. 1
129. 6
133. 5
137. 1
140. 5
142. 5
Iridus trial c ommoditi es
Crude
mate-2
rials
100. 9
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
131. 1
155. 2
139. 1
142. 3
142. 5
146. 8
149. 6
152. 8
153.5
156. 0
161. 0
164. 7
174. 2
179. 8
188. 2
202. 7
Inter- Producmediate er finmate-3
ished
rials
goods
96. 9
98. 9
100. 0
102. 6
106. 1
110. 0
114. 3
118.9
128.4
121.2
122. 6
124.8
126. 6
128. 0
128. 9
128. 7
129. 5
130. 3
131. 2
133. 5
135. 9
139.8
142. 2
94. 4
96. 8
100.0
103. 5
106. 9
111. 9
116. 6
119. 5
123. 5
120. 6
121. 2
121.7
122.3
123. 1
123. 4
123.5
123. 9
124. 2
125. 1
125. 7
126. 7
128. 3
129. 3
Consurner finished g<3ods exeluding5 foods
DurNonable
durable
97. 9
98.5
100. 0
102. 2
104. 0
107. 1
110. 9
113.2
115. 8
113. 8
114. 0
114.5
115. 3
115. 7
115. 9
116. 1
116. 3
115. 8
116. 7
117. 0
117. 9
119. 6
120. 2
95. 9
97. 8
100.0
102.2
105. 0
108. 2
111. 3
113. 6
125. 9
115. 4
117. 4
117.8
119.8
121. 6
124. 7
124. 5
124. 5
124.8
128. 2
140. 9
151. 1
154. 6
155. 2
a Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
O*7
PRICES RECEIVED AND PAID BY FARMERS
In the month ended February 15, prices received by farmers increased 1% percent. Higher prices for potatoes/ wh
corn, dry beans, and lettuce were partially offset by lower prices for cattle, hogs, and eggs. Prices paid were also
about 1% percent. The actual parity ratio was up 1 point and the adjusted ratio was unchanged.
1967=100
Index, 1967 =100
220
200
PRICES RECEIVED
CALL FARM PRODUCTS)
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
120
100
RATIO J/
120
100
RATIO J/
120
PARITY RATIO (ACTUAL)
100
A, .f
90
*
on
»',
60
-
'/mm***"***
70
.»<»*
„
1 1 I I I ! I I I I
1968
!
|
1 1 I !
1 1 I 1 t 1 i
1
1969 1
1
1 !
1
!
!
1
!
t
I
i
1970
!
1 II
I
!
I
t
!
1971 I
1 1
!
»«**
t
1
!
1965___
1966
1967
1968 _
1969___
1970 __
1971
1972
1973
1973: J a n 1 5 _ _
Febl5___ _
Mar 15 _
Apr 15
May 15
June 15
July 15
Aug 15- _
Sept 15
Oct 15
Nov 15
Dec 15
1974: Jan 15
Feb 15_
98
105
100
103
108
110
112
126
172
144
149
159
157
163
172
172
207
191
184
181
184
200
203
Crops
103
105
100
101
97
100
107
115
164
131
133
140
143
154
170
164
195
183
182
181
193
211
223
'Percentage ratio of Index of prices received by farmers to index oi prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
!
!
1
!
! !
i i t i i 1i i r i i
1973
t i i i t I i r i T i
70
60
1974
COWOl OF ECONOMIC ADVISERS
Prices paid by farmers
items, Family
Livestock All
Producinterest,
and
living
tion
taxes,
and
products wage rates
items
items
Index, 1967=100
94
94
96
95
105
98
99
98
100
100
100
100
102
104
104
104
117
106
109
109
114
118
114
110
116
119
120
115
122
124
134
127
178
145
138
146
132
134
153
129
134
131
161
136
174
132
138
138
134
139
168
140
143
143
136
169
173
138
149
146
148
179
146
138
141
217
157
151
142
154
150
198
142
153
187
150
182
152
153
146
178
154
156
147
192
149
161
157
190
153
161
159
Prices i"eeeived by i armers
All farm
products
!
1972
J/ RATIO OF INDEX OF PRICES RECEIVED TO IHDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE* DEPARTMENT OF AGRiCUlTURE
Period
80
..tfllllUlltllsV^
•«.»******»••»
[
1
90
«X*
.XV**
Parity ratio 1
Actual
77
80
74
73
74
72
69
74
88
80
82
86
83
85
87
88
102
95
91
88
89
94
95
Adjusted2
82
86
79
79
80
77
74
79
91
82
84
88
86
87
90
90
105
98
94
91
92
95
95
2
The adjusted parity ratio reflects Government payments made directly p^farmers.
Source: Department of Agriculture.
MONEY,
SECURITY
STOCK
The seasonally adjusted money stock increased at an annual rate of 14.2 percent in February. From February 1973
to February 1974 it grew 5.7 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
360
320
280
240
200
160
1973
1968
SOURCE* BOARD Of GOVERNORS OF THE FEDEBAl RESERVE SYSTEM
1974
.COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
Ivloney stoc k
Time
Time
CurCurand
and
DeDerency
rency
savings
savings
mand
mand
outoutTotal
dedededeside
side
posits 1
posits 1
posits l
positsl
banks
banks
Seasonal!}j adjusted
Unadjustec I
43. 4
158. 1
204. 2
44. 3
207.6
163.3
203. 2
162. 5
46. 1
194. 4
167.7
46.9
214.7
193. 2
172. 2
49. 1
50.0
229. 2
227.6
228. 1
177.7
52. 6
182. 6
53. 5
241. 9
188.4
270. 9
269. 8
56. 9
198. 7
313.3
263.0
57.9
205. 1
311.8
208. 8
363. 1
62.6
61. 6
278. 1
215. 5
361. 8
57. 1
199.6
206. 8
263. 5
317. 6
56. 8
316. 9
200. 4
57. 5
323. 5
255. 2
56. 8
198. 4
323. 3
200. 1
58. 0
332. 6
331. 1
57. 4
198. 1
255. 5
58. 6
200. 8
202. 6
260. 9
337. 3
58. 3
337.6
203. 4
342. 6
58. 9
257. 9
58. 7
199. 2
342.6
59. 4
206. 2
263.
6
204.
1
345. 8
59. 4
344. 5
59. 5
207. 0
349. 4
59. 9
205. 7
347.6
265.7
59. 8
206. 4
262. 9
202. 9
355. 0
60. 0
356. 6
205. 2
60. 2
357. 9
263. 9
203. 8
359.2
60. 1
60. 4
206. 1
266. 0
358. 9
60. 4
205. 6
360. 2
207. 9
359. 9
270. 5
61. 4
00. 9
209. 1
358. 7
208. 8
62. 6
61. 6
363. 1
278. 1
215. 5
361. 8
207. 8
276.8
369. 6
215. 3
61. 8
61. 5
368. 9
210. 0
374. 1
62. 6
269. 7
61. 8
207. 9
373. 8
Pvloney stoc k
Period
Total
1968: Dec
1969: Dec
1970: Dec
1971 : Dec
1972: Dec__
1973: Dec _
1973: Jan
Feb
Mar
Apr
May
June_
July
Aug__
Sept
Oct
Nov
Dec
1974: Jan
Feb »
deposits at commercial banks.
__
201. 5
208. 6
221. 2
235. 2
255. 7
270. 4
256. 7
257. 9
258. 1
259. 4
262. 4
265. 5
266. 4
266. 2
265. 4
266. 5
268. 8
270. 4
269. 6
272. 6
U.S.
Government
demand
deposits 1
5. 0
5. 6
7. 3
6. 9
7.4
6.3
8. 1
9. 9
10. 4
8. 3
8. 7
7. 1
6.5
4. 1
5. 3
6. 0
4. 3
6. 3
8. 0
6. 5
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID ASSET HOLDINGS - NONFINAKCIAL INVESTORS
Private nonfinancial investors increased their holdings of liquid assets in February by $8.6 billion (seasonally
justed). Most of the change was due to increases in deposits at financial institutions, reflecting generally declining
short-term open market interest rates in February.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
1,100
1,100
1,000
1,000
900
900
800
800
700
700
CURRENCY AND DEPOSITS
600
600
500
500
400
M 1 I I I 1 1M
t I M I I I 1I I I
I M M I I f f I I
1969
1970
1968
I ?M f M I t M
f t M I M T f II 400
I M f M M IM
1971
1972
1974
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currtjncy and deposits
Total
liquid
assets
Period
Time d eposits
TVk+al
Currency
Demand
deposits
Cf\m
mercial
banks
1967:
1968:
1969:
1970:
1971:
1972:
1973:
Dec___
Dec_ _
Dec_
Dec _
Dee_
Dec
Dec
1973: Jan_
Feb_
Mar __ __
Apr
May...
June _
July
Aug_
Sept.
Get
Nov
Dec
1974: Jan"
Feb » _
_ _ _
ShortNonbank
term
Savings marketthrift
bonds
instituable setions
curities
Negotiable
certificates of
deposit
643. 3
704. 4
737. 3
785. 1
867. 1
977. 4
1, 089. 5
521. 0
564. 8
583. 3
632. 8
720. 1
814. 7
883. 3
40. 4
43. 4
46. 1
49. 1
52. 6
56. 9
61. 6
130.0
140. 0
144 5
153. 1
161. 7
175.0
180. 6
156. 4
174. 5
177. 3
199.2
233.8
264.8
294. 1
1942
206. 9
215. 4
231. 4
272.0
318. 1
347. 0
51. 0
51.4
51. 1
51. 3
53.7
57.0
59.9
39. 5
46. 8
64. 9
53. 3
39. 6
39. 1
53. 8
987. 0
995. 9
1, 008. 2
1, 020. 0
1, 032. 4
1, 043. 5
1, 051. 7
1, 060. 9
1, 067. 5
1, 072. 6
1, 080. 0
1, 089. 5
822. 9
829. 0
834. 3
839. 9
846. 9
855. 7
859. 9
862. 2
865.0
871.0
877.4
883. 3
57. 1
57.5
58. 0
58. 6
58. 9
59. 4
59. 5
59. 8
60.2
60.4
60. 9
61. 6
175.4
175. 7
175. 4
175. 6
177. 7
180.2
180.7
179.7
178.6
178.9
180. 3
180. 6
267. 7
269. 2
271. 4
273.4
275. 7
278. 3
280.0
283. 1
285.6
289.3
291. 8
294 1
322. 7
326. 6
329. 5
332. 3
334 6
337.8
339.7
339.7
340.5
342.4
344 5
347. 0
57. 3
57. 6
57. 9
58.2
58. 5
58. 8
59. 0
59.2
59.4
59.5
59.7
59.9
39.2
38. 1
40. 3
42. 6
44 6
45.4
45. 9
48.4
50. 1
50. 8
52.2
53. 8
49.6
53.3
56. 0
56.4
58.4
60.8
61s 1
58. 0
56.3
57.2
1, 097. 9
1, 106. 5
888. 0
896. 0
61. 8
62. 6
179. 0
180.8
297. 7
301.0
349. 4
351. 6
60. 0
60. 2
54 1
53.3
59.9
61; 1
Source: Board of Governors of the Federal Reserve System.
30
U.S. G overnment se curities
19. 1
22.4
9.0
Commercial
paper
12. 8
18.9
29.1
23. 0
29,7
39. 3
57.2
247
40.3
27. 4
26.9
26.2
26. 1
26.4
27.3
28. 5
30.2
32.0
443
23. 9
27; 3
35. 3
3&4
344
35.3
35.9
35.8
RANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
I loans and investments (seasonally adjusted) at all commercial banks increased at an annual rate of 15.0
. _ ^nt in February, down from a 16.9 percent annual rate in January. Net borrowed reserves increased by $238
million during the month.
BILLIONS OF DOLLARS
1 700
BILLIONS OF DOLLARS
700
ALL COMMERCIAL BANKS
SEASONALLY ADJUSTED, END OF MONTH
600
600
500
500
TOTAL
LOANS AND INVESTMENTS
400
400
300
300
200
200
INVESTAvAENT IN
U.S. GOVERNMENT SECURITIES
100
I f I I! I I M II
1968
I f ! f I I I I II I
1969
i it i I i i t fi
1970
! f I I ! I I t I ! I
t t t I 1 I t TI 1.
1972
1971
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All commercial banks
(seaso nally adjust ed data)
End of period
L Dans
Investrnents
Total
loans
ComTotal,
and
U.S. Gov- Other
mercial
invest- excludernment
securiing
interand
indus- securities
ments
ties
bank
trial
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annualx
rates
AJl membe r banks 2
Total
reserves
Billions of dollars
1968
1969
1970
1971
1972
1973*
1973: Feb
Mar _
Apr _
May__
June— __
July v"_
Aug
Sept" _ _
Oct *v
Nov
Dec v
1974: Jan*>
Feb *
1
3
390. 2
401. 7
435. 5
484. 8
556. 4
625.4
575.4
583. 6
589. 6
597. 7
602. 0
608. 2
616. 0
618. 2
621. 7
624. 6
625. 4
633. 6
641. 0
258. 2
279. 1
291. 7
4
320. 3
377. 8
444. 5
397. 2
405. 8
411. 1
417. 4
420. 3
427. 3
435. 3
438. 1
440. 0
443. 6
444. 5
450. 2
454. 7
3
3
95. 9
105. 7
110. 0
115. 9
129. 7
156. 3
138. 1
141. 8
143. 9
146. 8
148. 2
151. 4
153. 6
154. 0
154. 0
155. 5
156. 3
158. 5
159. 7
3
60. 7
51. 5
57. 9
60. 1
61. 9
53. 2
60. 6
60. 4
61. 0
61. 0
61. 6
59. 6
57. 7
56. 3
54. 9
54. 5
53. 2
53. 9
55. 7
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages of daily figures. Annual data are for December.
Tinning June 1§69, data include all bank-premises subsidiaries and other
ant majority-owned domestic subsidiaries; earlier data include coml banks ©nly.
of Jume 1971, Farmers Home Administration notes totaling about $0.7
are classified as other securities rather than as loans.
1974
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions o t dollars
71. 3
71. 1
85. 9
104. 4
116. 7
127.7
117. 6
117. 4
117. 5
119. 3
120. 1
121. 3
123. 0
123. 8
126. 8
120. 5
127. 7
129. 5
130. 0
3
4
4,360
5, 150
5, 717
6,443
7,580
9, 632
8, 848
9, 114
9, 044
9, 275
y,4i4
9, 8 A3
w, 144
9, 893
10, 257
10, 612
10, 544
10, 739
27, 221
28, 031
29, 265
31, 329
5
31, 353
35, 068
31, 742
31,973
32, 277
32, 393
32, 028
33, 542
33, 785
M, 019
34, 912
34, 727
35, 068
36, 655
35, 190
455
257
272
165
5
219
262
205
295
152
118
59
343
246
237
200
204
262
236
141
765
1, 086
321
107
1, 049
1,298
1,593
1,858
6
1, 721
1,786
1, 789
2,051
2, 143
1, 861
1,467
1, 399
1, 298
1, 044
1, 187
-310
Q9Q
-49
58
s -830
-1,036
— 1, 388
-1,563
-I, 569
-1, 668
-1, 730
-1. 708
-1,897
- 1, 624
-1, 267
- 3 , 1 95
— 1, 036
-808
-1, 046
5
Beginning November '.», 11)72 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection with
adaptation
to Regulation J.
8
Beginning April 1973, includes seasonal borrowings.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Consumer credit (seasonally unadjusted) decreased $1.8 billion during January. The decrease a year earlier '
$0.3 billion. Seasonally adjusted consumer instalment credit rose $0.9 billion in January.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL CONSUMER CREDIT OUTSTANDING
20
IB
iz
SEASON.MVf ADJUSTED (ENLARGEE) SCALE)
y**v ,—\
INS' tALMENT CREDIT EX TENDED
r
j
^f ^^*^ ^^
r>~-——••"— \
—.'
—
•*•!
_ :r~"^*
^_^~^1
x*O^^—— — --— ~"
|if
-^^V"^
.^A
^
17
10
INSTALMENT CREDIT REPAID
8
/If
I ! 1 ( 1 ! I ! !F
V
1 M I f I M f M
? ! f ! I 1 '1 F ? f 1
1969
1968
F f F ! f 1 f f 1 F f
1970
1971
f F f I f ! F ? ! f F
F F J F f f F f f F 1
1972
1973
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1974
_
_
89, 883
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
180, 486
157, 564
157, 227
157, 582
159, 320
161, 491
164, 277
167, 083
169, 148
171, 978
173, 035
174, 840
176, 969
180, 486
178, 686
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
147, 437
127, 332
127, 368
127, 959
129, 375
131, 022
133, 531
136, 018
138, 212
140, 810
142, 093
143, 610
145, 400
147, 437
146, 575
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 130
44, 129
44, 353
44, 817
45, 610
46, 478
47, 518
48, 549
49, 352
50, 232
50, 557
51, 092
51, 371
51, 130
50, 617
H
COUNCIL OF ECONOMIC ADVISEES
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425
36, 922
36, 870
37, 108
37, 486
37, 695
38, 376
38, 928
39, 440
40, 064
40, 397
40, 651
41, 116
41, 425
41, 352
1
Also Includes other consumer goods paper, and home improvement loans,
not2 shown separately.
Consists of single-payment loans, charge accounts, and service credit,
32
J f 1 I 1 1 1 1 lK 6
[Millions of dollars]
Consum er instalme nt credit e xtended
Consu mer credit outstandin g (end of p eriod;
and r epaid (seas on ally adjiisted)
Lmad justed)
To tal
[nstalment
Automofc ile paper
NonAutornoTotal
instal- Extended Repaid Extended Repaid
Total l
Personal
bile
ment 2
paper
loans
Period
1965
1966
1967
1968
1969
1970
1971
1972 _
1973
1972: Dec
1973: Jan
Feb
Mar__
Apr
Mav
June_
July
Aug_
Sept
Oct
Nov
Dec _
1974: Jan
M
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049
30, 232
29, 859
29, 623
29, 945
30, 469
30, 746
31, 065
30, 936
31, 168
30, 942
31, 230
31, 569
33, 049
32, 111
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
165, 083
12, 627
13, 304
13, 434
13, 852
13, 465
13, 932
13, 646
14, 542
14,294
13, 691
14, 149
14, 275
12, 677
13, 714
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
144, 978
10, 964
11, 355
11, 437
11, 808
12, 061
11, 941
12, 034
12, 544
12, 399
12, 332
12, 449
12, 549
12, 267
12, 797
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 453
3,763
4,006
3,972
4,001
3,822
3, 989
3, 762
3,930
3,968
3, 939
3, 912
3, 819
3, 315
3, 492
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452
2, 977
3,097
3, 145
3,225
3,218
3,261
3, 253
3,334
3, 293
3,406
3, 427
3, 471
3, 338
3,433
2
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
Mortgage
debt outstanding,
nonfarm,
1- to 4family
houses 3
212,
223,
236,
251,
266,
280,
307,
346,
* 383,
346,
900
600
100
200
800
200
800
100
600
100
» 353, 900
» 365, 700
" 376, 600
*>383, 600
ND YIELDS AND INTEREST RATES
i the end of February to mid-March, interest rates generally increased.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1968
1974
SOURCEs SEE TABLE BiLOW
[Percent per annum ]
High-grade
U.S. Gov srnment secu pity yields
municipal
3-month
bonds
3-5 year
Taxable3
2
Treasury
(Standard
&
issues
bonds
bills i
Poor's) 4
5.339
4.51
5.59
5.25
6. 677
5. 81
6. 85
6. 10
6. 458
6. 51
7. 37
6. 59
4. 348
5.74
5.77
5. 70
4. 071
5. 27
5.85
5. 63
7. 041
5.
18
6. 92
6. 30
Period
1968
1969
1970
1971
1972
1973
1973: Feb
_ __
Mar
ADF _ _ _
May
June
July
Aug. _
Sept
Oct
Nov.
Dec
1974: Jan
Feb
Mar
Week ended:
1974: Feb 15—
Mar
22—
1__
8__
15__
22__
1
COUNCIL OF ECONOMIC ADVISERS
Aaa
6.18
7. 03
8. 04
7.39
7.21
7. 44
5. 558
6. 054
6. 289
6. 348
7. 188
8.015
8. 672
8. 478
7. 155
7.866
7. 364
7. 755
7. 060
6. 61
6. 85
6. 74
6. 78
6. 76
7. 49
7. 75
7. 16
6. 81
6. 96
6. 80
6.94
6.77
6. 14
6. 20
6. 11
6. 22
6. 32
6. 53
6. 81
6. 42
6. 26
6.31
6. 35
6. 56
6. 54
5. 12
5. 30
5. 16
5. 12
5. 15
5. 39
5. 47
5. 11
5.05
5. 17
5. 12
5.20
5. 19
7. 22
7. 29
7. 26
7. 29
7. 37
7. 45
7. 68
7. 63
7. 60
7. 67
7.68
7.83
7.85
7. 97
8.03
8. 09
8. 06
8. 13
8. 24
8. 53
8.63
8.41
8.42
8.48
8. 58
8. 59
7.081
7. 018
7. 188
7. 675
7. 920
8. 047
6.70
6. 76
6. 93
7. 06
7. 16
6. 50
6. 56
6.62
6.71
6. 75
5. 16
5. 21
5. 24
5. 24
5. 28
7. 85
7. 87
7.87
7. 92
7. 99
8. 59
8.61
8. 59
8. 60
8.63
6. 22
6. 85
7. 14
7.27
7.99
9. 18
10. 21
10. 23
8. 92
8. 94
9. 08
8.66
7. 82
FHA
new home
mortgage
yields 5
7.13
a 19
9. 05
7.78
7.53
8. 08
7. 55
7. 56
7. 63
7.73
7. 79
7.89
8. 19
9. 18
8. 97
8. 86
8. 78
8 54
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.
Data for first of the month, based ©n the maximum permissible interest rate
percent beginning January 22, 1974) and 30-year mortgages paid in ISyears.
Prime
commercial
paper,
4-6
Baa
months
6.94
5.90
7.83
7.81
7.72
9. 11
8. 56
5. 11
8. 16
4. 69
8. 24
8. 15
Corpora te bonds
(Moc>dy's)
7.75
7. 69
7. 88
8. 00
8. 18
Sources: Department of Housing and Urban Development, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard
& Poor's Corporation.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices increased 9 percent from mid-February to mid-March.
Index, 194t-43=1t
Index, 1941-43=10
120
120
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
110
100
90
110
100
V
\
90
80
70
70
f ! ! f 1
60
PERCENT
1 f ! 1 !
I 1f ! 11 \ ! ! I1
j it r i
111
60
PERCENT
DIVIDEND YIELD ON COMMON STOCKS
RATIO
^b
RATIO
25
PRICE/EARNIN 3S RATIO ON COMMON STOCKS
on
\
'
—
—
—
\
^^\
_
OA
,
'
r
10 A
\
!
!
1968
'
i
,
i
i
\
\
!
\
1970
1969
\
\
.
—
x^
^•v^
t
1
!
!
f
f
1973
1972
1971
15
SOURCE: STANDARD &. POOR'S CORPORATION
Period
1968_._
1969
1970
...
1971
1972_ _
1973
1973: Feb
Mar __
Apr
May
June__
July
Aug _ _ _ _ _
Sept _ _ _ _ _ _ _ _ _
Oct
Nov
_ _
Dec
1974: Jan
Feb
Week ended:
1974: Feb 1
8
15
22
Mar 1
8
15
!
!
K 10
1974
COUNCIL OF ECONOMIC ADVISERS
Price ndex
Industrials
1
Total
Total
98.70
97. 84
83.22
98.29
109. 20
107. 43
114. 16
112. 42
110. 27
107. 22
104. 75
105. 83
103. 80
105. 61
109. 84
102. 03
94. 78
96. 11
93. 45
107. 49
107. 13
91.29
108. 35
121. 79
120. 44
127. 87
126. 05
123. 56
119. 95
117. 20
118. 65
116. 75
118. 52
123. 42
114. 64
106. 16
107. 18
104. 13
1941-^43 = 10
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
119. 39
113. 91
118. 58
107. 13
125. 56
117. 54
124. 53
116. 41
120. 38
111. 24
116. 48
107. 44
114. 75
104. 83
116. 31
105. 94
115. 98
104. 35
116. 60
105. 16
122. 30
106. 58
115. 48
96. 97
107. 44
86. 57
108. 06
87. 63
104. 31
86. 85
107.
103.
101.
104.
106.
108.
111.
108.66
104. 11
100. 58
104. 15
108. 41
109. 22
111. 33
96.21
93. 04
91. 16
93. 92
95. 84
97. 11
99. 34
39
67
43
68
89
48
18
Consumers'
goods
Capital
goods
1
includes 500 common stocks: 426 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks Jr. the group. Annual yields
34
1
90. 41
86. 54
84. 55
86.91
89. 39
91. 75
93. 92
Public
utilities
Railroads
Dividend
yield 2
(percent)
66.42
62. 64
54. 48
59. 33
56.90
53. 47
57. 52
55. 94
55. 34
55. 43
54. 37
53. 31
50. 14
52. 31
53. 22
48. 30
45. 74
48.60
48. 13
48.84
45. 95
32. 13
41. 94
44. 11
38.05
40.61
39. 29
38. 88
36. 14
34.35
35. 22
33. 76
35. 49
38. 24
39. 74
41. 48
44.37
41. 89
3.07
3. 24
3. 83
3. 14
2. 84
3. 06
2. 80
2.83
2. 90
3. 01
3. 06
3. 04
3. 16
3. 13
3. 05
3.36
3. 70
3.64
3. 81
48. 56
47. 93
47.85
48. 19
48. 56
48. 39
48. 49 1
42. 59
41. 58
40. 81
41. 96
43.48
43. 19
43. 25
3.65
3. 81
3.92
3. 82
3. 70
3. 64
3. 58
Price/
earnings
ratio a
are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day of quarter to earnings for 12 months
with that quarter. Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
17.66
16.48
15.69
18.50
18. 20
16. 40
14. 42
14. 12
FEDERAL FINANCE
* ^DERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 7 months of fiscal 1974 there was a deficit of $6.3 billion/ a year earlier the deficit was $15.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
260 -
260
220
220
180
180
140
140
100
Y
(ENLARGED SCALE)
+20
(ENLARGED SCALE)
+20
SURPLUS (+) OR DEFICIT (-}
-20
-20
JL
-40
1964
_L
1965
1967
_L
JL
I
1966
1968
1969
1970
FISCAL YEARS
1971
-40
1972
SOURCES) TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
1973
1974
1975
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ( end of period)
Period
Receipts
Outlays
Surplus or
deficit (— )
Total !
Fiscal year:
1963
1964
Held by
the public
106.6
112. 7
111. 3
118.6
-4.8
-5.9
310.8
316.8
254.5
257.6
1965
1966_
1967
1968
1969
116. 8
130. 9
149. 6
153. 7
187.8
118.4
134. 7
158. 3
17&8
184. 5
-1.6
-3.8
-8.7
-25. 2
3.2
323. 2
329.5
341.3
369.8
367.1
261.6
264.7
267.5
290.6
279.5
1970
1971
1972
1973
19742
1975 2
193. 7
188.4
208.6
232.2
270.0
295. 0
196. 6
211.4
231.9
246.5
274. 7
304.4
-2. 8
-23.0
-23.2
-14.3
-4.7
-9.4
382.6
409. 5
437.3
468. 4
486.4
508.0
284.9
304. 3
323.8
343.0
346. 5
359.0
127.2
147.7
142.2
154.0
-15. 1
-6.3
461.0
479.0
342. 7
348.3
Cumulative totals for first 7 months:
Fiscal year 1973
__ _
Fiscal year 1974
_
_
1
Excludes non-interest-bearing public debt securities held by IMF;
2 Estimates from the Budget of the United States Government, Fiscal Year 1975.
Sources: Department of the Treasury and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
For the first 7 months of fiscal 1974 budget receipts were $20,5 billion higher than a year earlier and budget outlays
$11.8 billion higher.
OF DOLLARS
OF DOLLARS
120
120
I
_J
OUTLAYS
200
200
160
160
120
120
80
I
1964
1965
1967
I
1969
1963
I 40
1970
1971
1972
1973
1974
1975
FISCAL
SOURCES: TREASURY WPARTMENT AND OFFICE OF
AND
€QUMC!i. OF ECONOMIC ADVISEES
[Billions of dollars]
(Outlays
Recei]3>tS
Nationa 1
Period
1963
1984
1965
1966 .
1967
1968
Total
....
„__„_
..
1970
19711972
1973_____.
i
1975 i
Cumulative totals for
first 7 months:
Fiscal year 1973— .
Fiscal year 1974
1
Individual Corporation
income
income
taxes
taxes
Other
Total
106.0
112.7
116. 8
130. 9
149. 6
153.7
187. 8
193. 7
188.4
208. 6
232. 2
270.0
295.0
47. 6
48. 7
48. 8
55. 4
61. 5
68. 7
87. 2
90, 4
86.2
94. 7
103. 2
118.0
129.0
21. 6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
26.8
32. 2
36. 2
43.0
48.0
37. 4
40. 5
42. 6
45, 3
54. 1
56. 3
63. 9
70. 5
75.4
81. 7
92.8
109.0
118,0
111. 3
118.6
118. 4
134. 7
158. 3
178. 8
184. 5
196.6
211.4
231. 9
246. 5
274.7
304. 4
52. 3
53.6
49. 6
56. 8
70. 1
80. 5
81. 2
80. 3
77.7
78. 3
76.0
80.6
87.7
48. 1
49. 6
46. 0
54. 2
67. 5
77.4
77.9
77. 2
74. 5
75. 2
73. 3
78.4
84. 6
127.2
147.7
64.1
72.5
15.2
16.7
47.9
58.6
142.2
154.0
42.0
44. 1
40.7
43.7
Estimates from the Budget of the United States Government, Fiscal Year 1975.
36
Total
Department of
Defense?
military
Interna- Health
tional
and
Inaffairs
income terest Other
and
security
4. 1
4. 1
4.3
4.5
4. 5
4. 6
3. 8
3. 6
3. 1
3.7
3.0
3.9
4. 1
1.7
2. 0
9^ 4.
S. 2
26.9
27. 4
31.4
37. 8
43.7
49.4
56. 6
70. 6
82. 0
91. 5
108. 3
126. 4
20. G
22.8
27. 8
29. 1
20.3
24. 2
26. 7
30. 7
33. 2
36. 2
34. 4
37. 8
40.5
47. 2
53. 2
54. 2
57. 1
51. 3
58. 0
12.4
15.8
34.8
34. 1
as
10. 4
11 3
12. 6
13. 7
15. 8
18.3
19. 6
Sources: Department of the Treasury and Office of Management and Budget,
1DERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
cording fo revised estimates for calendar year 1973, there was a surplus of $1 billion. In 1972
,out $16 billion.
was a deficit of
BILLIONS OF
BILLIONS OF DOLLARS
300
1300
140
120
120
+20
-20
-40
JSSL ill HI PfiL
n n nn n n ^
DEFICIT
I
!
1967
+20
'
SURPLUS
1
1
1
1H
%
v&
1
1968
1
!
1969
1
|
|
|
!%j
lil
as-M-1
4*
!
1970
CALENDAR YEARS
%
%
1
HI
&&
\
-20
,___JL-_J-_=JL-
\
1972
1971
OF ECONOMIC ADVISERS
[Billions of dollars^ quarterly data at seasonally adjusted
Federal (jrovernm ent receip ts
fiscal year :
1971
1972
1973 ^ _
1974 * _ _ _
1975 i _ _ _
Calendar
year:
1970
1971
1972
^___
Fee
rates]
Go1/ernmenlb expend itures
Surplus
or
Subsidies Less:
Grantsdeficit
Contriless
CorpoIndirect
Purin-aid
Wage
-,
i
i.-p ersonai
_ 1 )>
current accruals income
rate business butions
chases Trans- to
Net
and profits
less
and
surplus
of
Total tax
for
Total
of
goods
fer
p&yand
interest
nontax
and
tax
nontax social inGovernlocal
disand
ments
paid
receipts accruals
product
accruals surance
services
government en- burse- accounts
terprises ments
ments
192.6
213. 7
243. 3
280. 5
304 8
87.4
100. 1
107. 2
123.7
135. 3
32.2
34.7
43. 8
50. 3
50. 2
20. 1
19.9
20. 9
23. 3
27. 5
52. 9
59.0
71. 4
83. 2
91. 8
212. 6
233. 2
255. 1
285. 2
313. 4
95.9
103. 2
104 5
11L 5
121. 6
69.7
78. 6
89.4
107,2
123. 5
26.8
32. 9
40.4
44.1
46.6
143
13.4
144
18.2
19.6
5. 8
5, 2
6.4
42
2. 1
0. 1
.0
,0
.0
.0
-19.9
-19. 5
— 11. 8
-47
-8.6
192. 0
198. 9
228. 7
265.0
92. 2
89. 9
107, 9
114.5
31. 0
33. 3
37. 8
49.5
19. 3
20.4
19. 9
21.0
49. 5
55. 2
63.0
80. 1
203. 9 96. 2
221. 0 98. 1
244 6 104 4
2640 106.6
63. 2
749
82.9
95. 4
244
29. 1
37.7
40. 9
14 6
13.6
13. 5
15. 9
5.5
5.3
6. 1
5. 1
.0
.0
.0
,0
-11.9
— 22. 2
-15. 9
1.0
III__ 229. 6
!¥___ 236.9
108. 1
111. 3
38.0
40.7
19.9
20. 3
63. 6
64 6
237. 0 102. 3
260. 3 102. 7
80. 8
91. 0
34 4
46. 1
13. 4
13. 7
6. 2
8.7
• .0
.0
-7. 4
-23. 4
253.6
262.4
269. 5
274.6
108. 5
111.4
116.9
121.0
46. 6
50.8
51.0
49.7
20. 7
21.2
20.8
21. 5
77.8
79. 1
80. 8
82. 5
258. 6
262.4
265. 6
269. 6
105. 5
107.3
106.8
106.8
91. 8
93. 8
96.6
99.6
41. 1
40. 5
40. 5
41.6
14 7
15. 6
16. 2
17.0
5. 5
5. 1
5.3
4.6
.0
-5. 0
.0
4.0
5.0
1973: I
II
III.IV *_
1
-40
1973
QF CQMMERCS
reriod
0
m
pi
^
I
!
mi Hi
^n
Estimates.
—.1
.0
.0
Sources: Department of Commerce and Office of Management
Budget.
37
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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 Stock
Private Liquid Asset Holdings—Nonfinancial 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 and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
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 may not add to totals because of rounding. Unless otherwise stated, all dollar figures are current dollars.
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