Full text of Economic Indicators : March 1975
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94th Congress, 1st Session
Economic Indicators
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1975
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
WRIGHT PATMAN, Texas, Vies Chairman
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNIN (Arizona)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
JOHN R. STARK, Executive Director
LOUGHLIN F. McHuoH, Senior Economist
RICHARD F. KAUFMAN, General Counsel
COUNCIL OF ECONOMIC
ALAN GREENSPAN, Chairman
GARY L. SEEVERS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—Isr SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
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WASHINGTON, B.C. 20402
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THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $14.6 billion in the fourth quarter to an annual rate of $1,430.9 billion, according
to revised estimates. The increase for the preceding quarter was $32.5 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Disposable personal income
Period
Expenditures
Net receipts
PerEquals:
Less:
Less:
Less:
sonal
Tax
Interest Total Personal
Trans- Equals:
saving
Transand
paid and exclud- consumpPurtion
or
fers,
Equals: Total
fers,
nontax interest,
ing
chases
interest,
expendNet
expenddisTotal' transfer
interest itures saving receipts
payof goods
and
and receipts itures
and
or
ments
and
subsubtransaccruals sidies 2
to fora
services
sidies
fers
eigners
634.4
1969—
1970—
691. 7
746.4
1971—
16. 7
17. 9
18.8
20. 9
24. 1
26. 0
617.7
673. 8
727. 6
781.6
879. 6
953. 7
579. 5
617. 6
667. 1
729.0
805. 2
876.7
38. 2
56.2
60. 5
52. 6
74.4
77.0
296. 7
302. 5
321. 6
367. 0
411. 5
455. 2
77. 9
93. 2
105. 9
116. 5
131. 6
152.0
218.8
209. 4
215. 7
250. 5
279. 9
303. 2
287. 9
312.7
340. 2
372. 1
408. 0
461.2
77. 9
93.2
105. 9
116. 5
131. 6
152.0
210. 0
219. 5
234. 2
255,7
276.4
309.2
Surplus
or
deficit
(-).
income
and
product
accounts
8.8
—10. 1
-18.5
-5.1
3.5
— 6.0
1972__.
1973__.
1974 »_
802. 5
903. 7
1973: I
II-™
III_
IV
869. 5
892. 1
913. 9
22. 5
23. 5
24. 3
26. 2
847.0
868. 6
889. 6
913. 2
781.7
799. 0
816. 3
823. 9
65. 3
69. 6
73. 2
89.3
398.1
406. 9
416. 5
424. 6
127. 2
130. 7
133. 0
135.9
271. 0
276.2
283. 6
288.7
396. 1
403.9
409. 8
422. 3
127. 2
130. 7
133. 0
135. 9
269. 0
273. 3
276. 9
286. 4
2.1
3.0
6.7
2. 3
1974: I
950. 6
968. 5
993. 1
25.6
925. 0
940.7
966. 9
982.4
840.6
869. 1
901. 3
895.8
84. 4
71. 5
65. 5
86. 5
435.9
450. 7
470. 3
464. 1
139. 3
147. 4
157. 8
164. 0
296. 5
303. 3
312.4
300. 1
435. 5
451. 7
470. 0
487.8
139. 3
147. 4
157. 8
164.0
296. 3
304. 4
312. 3
323. 8
-1;0
;2
979.7
939.4
II...
III...
1, 008. 8
25. 8
26. 2
26.4
Business
Period
110. 2
125. 9
136. 5
137. 1
-42. 0
— 39. 3
-43. 5
-53. 5
-72. 9
-72. 3
2. 9
3. 2
3.6
3.8
3. 9
3. 6
1973: I—
II—
IIIIV-
133. 7
135. 3
137. 1
140. 0
199. 0
205. 1
209. 0
224. 5
-65. 3
-69. 8
— 71. 9
-84. 5
3. 0
4. 2
3. 6
4. 7
1974: I
II—
III-.
IV".
139.7
135. 7
130. 6
142.2
210. 5
211. 8
205. 8
209. 4
-70. 8
-76. 1
-75. 2
-67.2
3.7
3. 7
3. 3
3. 6
97. 0
97.0
55.5
62. 9
65. 4
53. 6
59. 3
65. 6
78. 4
96. 4
138. 1
-e! o
95. 4
103. 7
113. 6
89. 5
94. 9
96. 9
104.3
.5
6. 7
9. 3
131. 2
138. 5
143. 6
147. 5
119. 9
140. 0
146.7
145.7
11.3
— 1. 5
-3. 1
1. 9
72. 4
100. 4
140.2
88. 8
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
disposable persona] income.
-23.6
International
Net
Net exports of goods
Excess of Total
transfers
and services
StatisExcess
Gross
Gross
to fortransfers income
tical
of
private
retained domestic invest- eigners
or
or
discrepearnEquals: of net
by perancy
receipts
ment sons
investLess:
Net
exports
ings 3
and Exports Imports
ment *
Governexports
ment
139. 0
136. 3
153. 7
179.3
209. 4
209.4
1969_
19701971.
1972_
1973_
1974
;4
1. 9
3. 6
2
3.9
2. 1
Gross
national
product
or
expenditure
1. 0
936. 3 I
983. 5
—. 4
3. 8 1, 057. 2
9.8 1, 161. 8
—. 1 1, 299. 9
1.5 1, 397. 6
-6. 1
-6. 4
-2. 3
-3. 8
-5. 0
—. 1
930. 3
977. 1
1, 054. 9
1, 158. 0
1, 294. 9
1, 397. 4
3. 8 1, 254. 7
-5.9
-6. 5
-4. 9
-2. 6
1, 248.
1, 277.
1, 308.
1, 344.
1, 365. 1
1, 383. 5
1, 413. 3
1, 428. 3
-6.3
;3
1, 358. 8
1, 383. 8
1, 416. 3
1, 430. 9
1, 284. 4
-3. 1 1, 313. 8
-4.7 1, 346. 6
3. 7
-7.7
5.2
6. 5
1.8
3.0
2.6
9
9
9
0
4
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing,
£
Net foreign investment less capital grants received by United States, with
sign changed.
Source; Department of Commerce, Bureau
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the fourth quarter gross national product rose at an annual rate of 4.2 percent reflecting an inflation rate of
percent and a decline of 9.0 percent in real GNP.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS.
SEASONALLY ADJUSTED ANNUAL RATES
1/400
1,400
1,200
1,200
1,000
1,000
PERSONAL CONSUMPTION
. EXPENDITURES -
800
800
600
600
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
200
\
NET EXPORTS OF GOODS
AND SERVICES
1968
GROSS PRIVATE DOMESTIC
INVESTMENT
1970
1969
1971
1972
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
Period
Persona) Gross
Total
congross
Total
private
sump- domestic
national gross
tion
product national
investin 1958 product expend- ment
itures
dollars
Billions 3f dollars quarterlj
Net
exports
of goods
and
services
684. 9
749. 9
793. 9
864.2
930. 3
977. 1
1, 054. 9
1, 158. 0
1, 294. 9
1, 397. 4
432. 8
466. 3
492. 1
536. 2
579.5
617.6
667. 1
729. 0
805. 2
876. 7
136. 3
153. 7
179.3
209. 4
209. 4
III
1, 248. 9
1, 277. 9
1, 308. 9
1, 344. 0
781. 7
799. 0
816.3
823. 9
199. 0
205. 1
209. 0
224.5
—.8
IV
8SS. 8
837.4
840.8
845.7
1974: I
II
III
IV
8SO. 5
827. 1
823. 1
804.0
1, 358. 8
1, 383. 8
1, 416. 3
1, 430. 9
840. 6
869. 1
901.3
895.8
210. 5
211. 8
205.8
209.4
_.
__
1973: I _ .
II
108. 1
121. 4
116. 6
126.0
139.0
1
This category corresponds closely with budget outlays for national defense,
shown
on p. 36.
1
Gross national product In current dollars divided by gross national product
In 1868 dollars.
Government purchases of gooc s and
services
Federal
State
Total
and
Total National
1 Other
local
defense
Implicit
price
deflator
for total
GNP,
1958= 1002
data at t easonall y adjuste :d annual rates
617.8
658. 1
675. S
708. 6
725. 6
722. 5
746. 3
79%. 5
839. S
8S1. S
1965
1966_
1967
1968
1969
1970
1971
1972
1973
1974
1974
137.0
156.8
180. 1
199. 6
210.0
255. 7
276.4
309.2
66.9
77.8
90. 7
98.8
98. 8
96. 2
97.6
104. 9
106. 6
116.9
;5
6.7
9.3
269. 0
273. 3
276.9
286.4
106.4
106.2
105.3
108.4
75.0
74. 0
73.3
75.3
31. 4
32.2
32. 0
33. 1
162. 6
167. 1
171. 6
177. 9
149.
152.
155.
158.
95
61
67
93
11.3
— 1. 5
-3.1
L9
296. 3
304. 4
312. 3
32318
111. 5
114. 3
117. 2
124.5
75. 8
76. 6
78.4
84.0
35. 7
37. 7
38.8
40.6
184.8
WO. 1
195. 1
199.3
163.
167.
172.
177.
61
31
07
97
6.9
5.3
5. 2
2.5
1. 9
3.6
—; 2
--6.0
3.9
2. 1
219. 5
234. 2
50.1
60. 7
72. 4
78.3
78. 4
74. 6
71.2
74.8
16.8
17. 1
70.1
79. 0
89. 4
100. 8
78.7
18.4
20. 5
20. 4
21. 6
26. 5
30. 1
32. 2
38.2
123. 3
136. 6
150. 8
169. 8
192. 3
110. 86
113. 94
117. 59
122. 30
128. 20
135. 24
141. 35
146. 12
154. 31
170. 18
74. 4
111.2
Source: Department of Commerce, Bureau of Economic Analysis.
NATIONAL INCOME
cause of cutbacks in employment and the length of the workweek, employee compensation showed only a small
i in the fourth quarter. Other sources of national income showed little or no change.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,100
1,100
1,000
1,000
900
900
800
800
700
700
600
600
500
500
200
200
PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
100
1970
1969
1968
1971
1973
1972
1974
SOURCE, DEPARTMENT OF COMMESCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1965...
1966
1967
1968
1969
1970
1971
1972
1973
1974"
_
._
1973: I..
II
III....
IV
1974: I
II
m___
IV '
Proprieto rs' income
Total
national
income
Compensation
of em- 1
ployees
564.3
620. 6
653. 6
711. 1
766. 0
800. 5
857. 7
946. 5
1, 065. 6
1, 143. 0
393.8
435. 5
467. 2
514. 6
566. 0
603. 9
643. 1
707. 1
786. 0
855. 8
14.8
16. 1
14. 8
14.7
16. 7
16. 9
17. 2
21. 0
38. 5
31. 8
42.4
45. 2
1, 027.
1, 051.
1, 077.
1, 106.
6
2
3
3
759. 1
776. 7
793. 3
814. 8
1, 118.
1, 130.
1, 155.
1, 167.
8
2
5
6
828. S
848. 3
868. 2
877.7
Farm 2
Net
interest
Corpora ;e profits and inventory va luation acIjustment
Total
Profits Inventory
before
valuation
taxes adjustment
49. 5
50.5
50. 0
52. 0
54. 9
57. 6
61. 2
19.0
20. 0
21. 1
21. 2
22. 6
23. 9
25. 2
25. 9
26. 1
26. 5
18.2
21. 4
24. 4
26. 9
30. 5
36. 5
41. 6
45. 6
52. 3
61. 6
76.1
82. 4
78.7
84. 3
79. 8
69. 2
78. 7
92. 2
105. 1
100. 2
77.8
84. 2
79. 8
87. 6
84. 9
74. 0
83.6
99. 2
122. 7
141.4
— 3. 3
-5. 1
-4.8
— 4. 9
-7. 0
-17. 6
-35. 2
32. 1
35. 6
41. 5
44. 9
57. 0
57. 1
57.7
58. 4
26. 3
25. 7
26. 2
26. 4
49. 2
51. 1
53. 2
55. 5
103.
105.
105.
106.
120.
124.
122.
122.
4
9
7
7
-16. 5
-20. 0
-17. 5
-16. 3
39. 1
29. 1
29. 8
29. 1
59. 3
60. 7
62. 3
62. 5
26. 4
26. 3
26. 6
26. 8
57.5
60. 1
62. 8
65. 9
107. 7
105. 6
105.8
105.6
135. 4
139. 0
157.0
134.1
-27.7
-33.4
— 51.2
— 28.5
1
2 Includes employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Rental
income
of
per-
47.3
9
0
2
4
Source: Department of Commerce, Bureau of Economic Analysis.
— 1.7
-1.8
I 1
SOURCES OF PERSONAL INCOME
Personal income increased $2.9 billion (annual rate) in February, following almost no change in January accord
to revised data. Private payrolls declined $3.2 billion in February, compared with a $2.0 billion decline in Januc
Transfer payments rose $6.7 billion in February, of which about $1.9 billion resulted from a speedup in veterans lire
insurance dividends and $2.7 billion from unemployment insurance benefits.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,000
1,000
400
200
1969
SOURCE: DEPARTMENT Of COMMKCc
COUNd OF ECONOMIC ADVJSEgS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1.968
1969
1970
1971
1972
3973
1974
1974: Jan
Wage
Other Propriet srs' income
Total
and
personal salary
labor
Business
income disburse- income 12 Farm
and proments '
fessional
688. 9
750. 9
808. 3
864. 0
944. 9
1, 055. 0
1, 150. 5
1, 107. 0
Feb
I, 113. 4
Mar... 1, 117. 1
Apr
1, 125. 2
May— 1, 135. 2
June
1, 143. 5
July. - - 1, 159. 5
1, 167. 2
Aug
Sept
1, 178. 0
1, 1 85. 0
Get
1, 3 84. 5
Nov
Dec
1, 191. 0
1975: Jan-.. ], 191. 1
Feb "__ 1, 194. 0
464. 9
509. 7
542. 0
573. 0
626. 8
691. 7
751. 2
722. 5
728. 3
732. 1
737. 1
745. 3
753. 2
759. 7
761. 6
767. 7
773. 0
767. 8
766. 6
765.7
763. 7
25. 4
28.4
32. 2
36.4
41. 7
46. 0
51. 4
48. 5
48. 9
49. 4
49. 9
50. 5
51. 1
51. 7
52. 3
52. 9
53. 5
54.0
54. 5
54. 9
55.3
14. 7
16. 7
16. 9
17. 2
21. 0
38. 5
31. 8
42. 1
39. 1
36. 1
32. 6
29. 1
25. 7
28. 1
30. 6
30. 7
29. 2
29. 1
29. 0
26. 0
23. 0
49. 5
50. 5
50. 0
52. 0
54. 9
57. 6
61. 2
58. 7
59. 4
59. 9
60. 2
60. 8
61. 2
61. 9
62. 5
62. 5
62. 5
62. 5
62. 5
62. 7
62. 6
1
The total of-wage and salary disbursements and other labor income differs
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
Rental
income
of
Dividends
21. 2
22. 6
23 9
25. 2
25. 9
26. 1
26. 5
26. 4
26. 4
26. 4
25. 5
26. 7
26. 7
26. C
26. 6
26. 6
26. 7
26. S
26. 9
27. 0
27. 0
23. 6
24. 3
24. 7
25. 0
27. 3
29. 6
32. 7
31. 4
31. 6
31. 9
32. 1
32. 5
33. 0
33. 1
33. 2
33. 4
33. 5
33. 6
32. 7
33. 9
33.9
Less: PerPersonal Transfer sonal con- N onagriinterest
paytributions cultural
income
ments for social personal3
insurance income
52. 9
59. 3
G7. 5
72. 8
78. 6
90. 6
103. 8
97. 5
98. 3
99. 0
100. 4
102. 0
103. 5
104. 4
105. 3
106. 9
108. 0
109. 5
111. 1
111. 9
112. 5
59. 6
65.8
79.1
93. 3
103. 2
117. 8
139. 8
126. 7
128. 4
129. 5
134. 6
135. 8
137. 0
142. 5
143. 6
146. 0
147. 6
149. 8
156. 1
158. 6
165. 3
22. 8
26. 3
28. 0
30. 7
34 5
42, 8
47. 9
46. 7
46. 8
47. 0
47. 2
47. 6
47. 9
48. 5
48. 4
48. 6
48. 9
48. 5
48.4
49. 5
49. 3
668. 8
728. 3
784. 8
840. 0
916. 5
1, 008. 0
1, 109. 0
1, 055. 5
1. 064. 9
1, 071. 6
1, 083. 1
1, 096. 0
1, 108. 2
1, 121. 7
1, 126. 8
1, 137. 4
1, 145. 7
1, 145. 2
1, 15 1. 4
1, 1 54. 3
1, 160. 0
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, aad net dividends paid by agricultujai
corporations.
Source: Department of Commerce, Bureau of Economic Analysis,
DISPOSITION OF PERSONAL INCOME
al per capita disposable personal income fell 3.4 percent from 1973 to 1974.
BILLIONS OF DOLLARS
_.JJONS OF DOLLARS
3,000
2,000
1968
I
1969
1974
SOURCE; DEPARTMENT OF COMMERCE
Ie
PerPersonal
Period 1 son a! tax and
income nontax
Daymen ts
COUNCIL OF ECONOMIC ADVISERS
Per caf )ita disLess : Perse>nal outla ys
posable personal
Equals:
Persoiml consuroption
Equals:
inc<>me
Disex penditures 2
Personal
Total
posable
savin g Current
personal personal] Durable Non1958
income outlays
durable
Services
dollars dollars
goods
goods
Do!iars
Billions of dollars
1967
629. 3
1968.. __ 688. 9
1969
750.9
1970.. .. 808. 3
864. 0
1971
1972. ... 944. 9
1973
1, 055. 0
1974
1, 150. 5
83. 0
97. 9
116. 5
116. 6
117. 6
142. 4
151. 3
170.8
546. 3
591. 0
634. 4
691. 7
746. 4
802. 5
903. 7
979.7
506. 0
551. 2
596. 2
635. 5
685. 9
749. 9
829. 4
902.7
73. 1
84 0
90. 8
91. 3
103. 9
118. 4
130. 3
127, 5
Saving
as percent of Populadistion
posable
(thou-3
personal sands)
income
(percent)
215. 0
230. 8
245. 9
263. 8
278. 4
299. 7
338. 0
380.2
204. 0
221. 3
242. 7
262. 6
284. 8
310. 9
336. 9
3S9. 0
40. 4
39. 8
38. 2
56. 2
60. 5
52. 6
74. 4
77.0
2,749
2,945
3, 130
3, 376
3, 605
3,843
4, 295
4,623
2,403
2,486
2, 534
2, 610
2, 683
2, 779
2,945
2, 845
7. 4
6. 7
6. 0
8. 1
8. 1
6. 6
8. 2
7.9
198, 712
200, 706
202, 677
204, 875
207, 045
208, 842
210, 396
211, 909
Seasc natty adjiisted annu al rates
1973: I... 1, 013. 6
IL. 1, 039. 2
III. 1, 068. 0
IV. 1, 099. 3
144. 1
147. 2
154. 2
159. 9
869. 5
892. 1
913. 9
939. 4
804 2
822. 5
840. 7
850. 1
132. 4
132. 1
132. 4
124. 3
323. 3
332. 7
343. 8
352. 1
325. 9
334.2
340. 1
347.4
65. 3
69. 6
73. 2
89.3
4, 143
4,244
4, 339
4, 452
2,
2,
2,
2,
931
941
952
952
7. 5
7. 8
8. 0
9. 5
209,
210,
210,
211,
852
205
610
030
1974:
161. 9
168. 2
175. 1
178. 1 1,
950. 6
966. 5
993. 1
008. 8
866. 2
894. 9
927. 6
922. 3
123. 9
129. 5
136. 1
120. 7
364. 4
375. 8
389. 0
391.7
352. 4
363. 8
376. 2
383. 5
84 4
71. 5
65. 5
86. 5
4,497
4, 565
4, 681
4, 745
2,887
2, 850
2,842
2, 798
8.9
7. 4
6. 6
8. 6
211,
211,
212,
212,
381
721
139
600
I... 1,
II.. 1,
III. 1,
IV- 1,
112. 5
134. 6
168. 2
186. 9
5
i
Includes personal consumption expenditures, intereet paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
- Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
Farm income including net inventory change declined slightly in the fourth quarter,- excluding net inventory cha
there was a small rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1120
120
SEASONALLY ADJUSTED ANNUAL RATES
100
100
80
REALIZED GROSS
FARM INCOME
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
I
1968
1969
1970
I
J
1972
1971
SOURCEi DEPARTMENT OF AGRICULTURE
.ncome re ceived fro m farmingr
Net t 3 farm
oper ators
Realize d gross
From
all
sources
1967
1968
1969
1970
1971
1972
1973
1974.. _
I
1974
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total i arm popu lation
Period
I
I
1973
22. 6
23. 9
26. 6
27. 1
28. 2
33.7
50. 4
46. 7
From
From
nonfarm
farm
sources sources
11. 0
11. 3
12. 9
12. 9
13. 2
16. 5
31. 3
25.8
11. 6
12.7
13. 7
14. 2
15. 0
17. 2
19.0
20.9
Net inc ome per
farm incl tiding net
inventor T change *
Cash
tion ex- Exclud- Includreceipts penses ingnetin- ing net in- Current
1967
from
Total '
ventory ventory dollars dollars *
2
marketchange change
ings
Billions ()f dollars
Dol lars
49. 9
51.7
56. 3
58. 6
60. 6
69. 9
97. 0
102.0
42. 8
44. 2
48. 2
50. 5
52. 9
61. 0
88. 6
95. 0
38. 3
39. 5
42. 2
44 6
47. 6
52.4
64 7
74 8
11. 6
12. 2
14 2
14 0
13. 0
17. 5
32. 2
27. 2
12. 3
12. 3
14 3
14 0
14 4
18. 4
36. 2
29. 6
3,877
4, 018
4, 753
4,752
4, 957
6, 410
12, 744
10, 460
3,877
3, 863
4,361
4, 168
4, 166
5, 169
9,235
6,500
Seaso nally adjiisted annu al rates
1973: I
II
III
IV
86. 2
93. 2
101. 8
1974: I
105. 0
106.7
77. 5
84. 8
93. 6
98. 5
60. 1
62. 9
67. 0
69. 0
26. 1
30. 3
34 8
37. 7
98. 0
72. 1
32. 9
98. 4
91. 3
74 5
23. 9
III
94. 5
25. 6
102. 1
76. 5
IV
102. 5
96. 2
76. 1
26. 4
1
Cash receipts from marketings, Government payments, and nonmoney in* Income in current dollars divided by the
come
family living items on a 1967 base.
2 furnished by farms.
Inventory of crops and livestock valued at the average price for the year.
Source: Department of Agriculture.
Also,
see footnote 2, p. 3.
s
Based on Census of Agriculture definition of a farm. The number of farms Is
held constant within a year.
II
29. 6
33. 3
39. 3
42. 7
36. 9
26. 9
27. 6
26. 9
10,
11,
13,
15,
410
710
820
010
7,950
8,610
9,870
10, 350
8, 580
13, 040
9, 500
5,970
9,750
5, 950
9,500
5,590
index of prices paid by farmers for
CORPORATE PROFITS
ik profits declined substantially in the fourth quarter but profits plus inventory valuation adjustment were about
longed.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
160
40
40
20
20
1974
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally
Corj3 orate pi ofits (bef<)re taxes) and inveritory
valuation adjustme nt
TransCorpoM anufactui ing
portation,
rate
Period
comprofits
NonAll
Durable durable
All
munibefore
indusgoods
cation, other 1 taxes
Total indusgoods
tries
and
tries
public
utilities
38. 7
20. 7
18. 0
78. 7
79. 8
1967
29. 1
10. 8
22. 4
41. 7
84. 3
19. 3
32. 0
1968
10. 6
87.6
36.
6
18.
8
17.
7
79.
8
84. 9
33.
1
1969_-- ..
10. 1
27. 8
10. 5
17. 3
69. 2
74. 0
7. 8
33. 7
1970
32. 3
14.5
17. 8
78. 7
83. 6
1971
8. 3
38. 1
21. 8
40. 8
19. 0
92. 2
42. 2
99.2
1972
9. 2
47. 6
26. 1
21. 5
48. 3 122. 7
9. 2
1973- . _- 105. 1
47.3
30. 5
16. 9
106. 2
51. 0 141. 4
1974 "
7.8
1973: I.... 103. 9
II— 105. 0
III.. 105. 2
IV— 106. 4
1974: I— - 107. 7
II— 105. 6
III- 105.8
IV"- 105. 6
1
48. 6
48.4
47.1
46. 4
46. 2
46. 8
48. 6
27. 6
26. 9
25. 7
24. 3
20. 9
21. 5
21. 4
22. 1
19. 3
17. 1
26. 9
15. 3
29. 7
33. 3
9. 4
8. 8
9. 5
9. 2
7. 1
8. 0
8.6
33. 2
39. 9
40. 1
34. 8
37. 5
41. 5
49. 8
56. 0
46. 6
47.8
44. 8
39. 3
46. 1
57.7
72. 9
85.4
21. 4
23. 6
24. 3
24. 7
25. 0
27. 3
29. 6
32.7
28. 7
45. 9
47. 8
48. 6
50. 8
120. 4
124. 9
122. 7
122. 7
48. 9
50. 9
49. 9
49. 5
71.6
74. 0
72. 9
73. 2
29. 1
29. 8
30. 7
54. 5
50. 8
48.7
135. 4
139. 0
157. 0
134. 1
52. 2
55. 9
62. 7
53. 0
83. 2
83. 1
94. 3
81.1
31. 6
32.5
33. 2
Includes all other industries and financial institutions.
2£ Includes depreciation and accidental damages.
Corporate profits after taxes plus corporate capital consumption allowances.
49-364'
adjusted annual rates
Cor porate pi ofits
Corpo- Profits
f rfter taxe s
rate
plus
Corpocapital capital
rate
conconDiviUntax
sumpliabil- Total dend distrib- sumption
tion
uted
payity
ments profits allow-2 allow-s
ances ances
33.3
25. 3
24. 2
20. 5
14. 6
21. 1
30. 3
43. 0
46. 8
51.9
56. 0
60. 4
89. 6
94.6
96.8
95. 2
106. 5
66. 3
71.2
124. 0
144. 1
42. 8
44. 9
43. 1
42. 5
69. 2
140.7
144. 8
51. 6
74. 1
75. 7
77. 6
79.3
43. 3
52. 8
50. 5
61. 1
47.8
76.7
70. 8
71. 6
73. 1
Source: Department of Commerce,Bureau of Economic Analysis.
162. 1
144. 5
146. 3
157. 3
158.8
171.8
160.4
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose in the fourth quarter as a large increase in inventory investment more t
offset a decline in residential investment. Nonresidential fixed investment was unchansed.
BILLIONS OF DOLLARS
250
BILLIONS OF DOLLARS
250
SEASONALLY ADJUSTED ANNUAL RATES
200
200
GROSS PRIVATE DOMESTIC
INVESTMENT
150
150
100
100
PRODUCERS'
DURABLE EQUIPMENT
NONRESIDENTIAL STRUCTURES
50
„_, i.^.
50
CHANGE IN BUSINESS
INVENTORIES
RESIDENTIAL STRUCTURES
\ ......
I
1968
1970
1969
1972
1971
1973
SOURCE, DEPARTMENT OF COMMERCE
I
I
1974
COUNCIL OF ECONOMIC ADVISE2S
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed im/estment
Total
gross
private
domestic Total
investment
Period
Resid ential
struc tures
Nc>nresidential
Struo tures
Total
Total
Nonfarm
Produce rs' durable equ ipment
Total
Nonfarm
Total
Nonfarm
Change in business mv entories
Total
Nonfarm
__
..
108. 1
121. 4
116. 6
126. 0
139. 0
136. 3
153. 7
179. 3
209.4
209. 4
98. 5
106. 6
108. 4
118. 9
131. 1
131. 7
147. 4
170. 8
194. 0
195. 2
71. 3
81. 6
83. 3
88. 8
98.5
100. 6
104.6
116. 8
136.8
149.2
25.5
28. 5
28.0
30.3
34 2
36. 1
37.9
41. 1
47. 0
52. 0
24. 9
27.8
27. 3
29. 6
33.5
35.3
37.1
40.4
45. 7
50.2
45.8
53. 1
55. 3
58. 5
64. 3
64. 4
66.6
75. 7
89. 8
97. 1
41. 6
48. 4
50. 0
53. 6
59. 2
58. 9
61. 1
69.4
81. 4
86. 5
27.2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 8
54. 0
57. 2
46. 0
26.7
24.5
24. 5
29. 5
32. 0
30.7
42. 3
53. 4
56. 7
45.2
15.4
14. 2
11.4
11. 9
1973: I
II
III
IV . .. ..
199. 0
205. 1
209. 0
224. 5
189. 0
194. 4
197. 1
195. 5
130. 5
135. 6
139.0
141. 9
44.6
46. 2
47. 9
49. 3
43.6
44. 9
46. 4
47. 8
85.9
89.4
91. 1
92. 6
78. 5
81. 1
82. 6
83. 5
58. 5
58. 7
58. 1
53. 6
58.0
58.4
57. 6
53. 0
10. 0
10. 7
11. 8
28.9
6.5
1974: I
II
III ._
IV
210. 5
211. 8
205. 8
209.4
193. 6
198. 3
197. 1
191. 6
145. 2
149. 4
150. 9
151. 2
51.3
52.2
51.0
53. 7
49.5
50. 4
49. 2
51. 7
93. 9
84.6
86. 9
89. 2
85.4
48. 4
48. 8
46. 2
40.4
47. 8
48. 0
45. 4
39. 7
16. 9
13. 5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
..
_
Source: Department of Commerce, Bureau of Economic Analysis.
8
97. 2
99. 9
97. 5
9. 6
14.8
8.2
7. 1
7.8
4. 5
6. 3
8.5
8.7
17.8
8.6
15.0
7. 5
6. 9
7.7
4. 3
4.9
7.8
7. 7
7. 4
24. 0
13. 1
10. 4
6. 6
17.5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
On the basis of the regular annual survey conducted in January and February, businessmen are projecfins a rise of
4 percent in plant and equipment outlays from 1974 to 1975. This implies a sizable decrease in real terms.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
140
TOTAL NEW PLANT AND EQUIPMENT
40
20
•20
1969
V
1975
1970
SEE FOOTNOTE 3 BELOW.
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Js onman ufacturir >S
M anufactur ng
Period
Total i
Total
Trar isporta' ion
Durable
goods
Nondurable
goods
Total
Mining
Railroad
Air
Com- ComPublic muni- mercial
and
utilities cation
Other
other a
1967_
1968_
1969_
197CL
1971.
1972.
1973_
65.47
67. 76
75. 56
79. 71
81. 21
88. 44
99. 74
112. 40
116. 06
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
38. 01
46. 01
49. 30
14. 06
14. 12
15. 96
15. 80
14. 15
15. 64
19. 25
22. 62
22. 62
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18. 76
23. 39
26. 68
36. 96
39. 40
43. 88
47. 76
51. 22
57. 09
61.73
66. 39
66. 77
1. 65
1. 63
1. 86
1. 89
2. 16
2. 42
2. 74
3. 18
3. 90
1. 86
1. 45
1.86
1. 78
1. 67
1. 80
1. 96
2. 54
2. 89
2. 29
2. 56
2. 51
3. 03
1. 88
2. 46
2.41
2. 00
1. 89
1. 48
1. 59
1. 68
1.23
1. 38
1. 46
1. 66
2. 12
2. 69
8.74
10. 20
11. 61
13. 14
15. 30
17. 00
18. 71
20. 55
20. 56
1974: I...
II-.
III.
IV1975: I s3
II
_ __
2nd half s
107. 27
111. 40
113. 99
116. 22
113.22
113. 83
118. 49
42. 96
45. 32
47. 04
48. 08
47. 55
47. 76
50. 73
21. 43
22. 50
23. 08
23. 28
22. 04
21. 44
23. 40
21. 53
22. 82
23. 96
24. 80
25. 51
26. 32
27. 33
64. 31
66. 08
66. 94
68. 14
65. 67
66. 07
67. 75
2. 80
3. 07
3. 27
3. 56
3. 59
3. 64
4. 17
2. 10
2. 42
2. 68
2. 13
2. 21
1. 84
1.81
2. 06
2. 15
1. 66
1. 63
1. 84
2. 16
2. 71
2. 67
2. 63
2. 82
20. 12 13. 83
21. 69
20. 97 13. 94
21. 63
20. 16 14. 01
22.84
20. 93 ^ 14. 04
22. 04
20. 14
34. "38
'
20. 10
34. 50
20. 98
35. 24
1
Excludes agricultural "business; real estate operators; medical, legal, educational,
and cultural service; and nonprofit organizations.
3
Includes trade, service, construction, finance, and insurance.
3
Estimates based on expected capital expenditures as reported by business
In late January and February 1975. Includes adjustments when necessary for
"^^•L~matic tendencies in expectations data.
3.05
2. 83
3. 05
2. 87
6. 34
6. 83
8. 30
10. 10
10. 77
11. 89
12. 85
13. 96
13. 57
14. 59
15. 14
16. 05
16. 59
18. 05
20. 07
21. 40
22.05
21. 28
NOTE,—Annual total is the sum of unadjusted expenditures; it does not
necessarily coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
Source: Department of Commerce, Bureau of Economic Analysis.
9
STATUS OF THE LABOR FORCE
The seasonally adjusted civilian labor force declined by 580,000 in February to 91.5 million. Nearly proporfior
declines in civilian employment and unemployment left the unemployment rate unchanged (8.2 percent).
MILLIONS OF PERSONS*
MILLIONS OF PERSONS"
SEASONALLY ADJUSTED
90
80
80
X"'""
70
10'
UNEMPLOYMENT
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
vt •KMPL OY W
NT RATE
;
T
T
"
-ri
19 if 9
i
•"
EX£ >)A IY
ADJUSTED
-~
_,
Tfl
T il
I
I
t
19 70
97:
97
*}& YEARS Or AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
Total
labor
force
(including
Armed
Forces)
1971___
1972*..
1973*__
1974___
86,
88,
91,
93,
929
991
040
240
79,
81,
84,
85,
120
702
409
936
Unadj
1974:
Jan__ 91,354
Feb.. 91, 692
Mar- 91, 884
Apr— 91, 736
May- 92, 158
June. 94, 758
July- 95, 496
Aug_ 94, 679
Sept_ 93, 661
Oct.. 94,105
Nov. 93, 822
Deo. 93, 538
1975:
Jan_ 93, 342
Feb_ 93,111
COUNCIL OF ECONOMIC ADVISERS
CiviliEin employ ment
Total
84, 088
84, 294
84, 878
85, 192
85, 785
Total
labor
Unem- i force
Nonploy- (includagriment
ing
culArmed
Forces)
Thous ands of jaersons 16
75, 732 4, 993 86, 929
78, 230 4,840 88, 991
80, 957 4, 304 91, 040
82, 443 5, 076 93, 240
usted
86, 242
86,847
85, 924
85, 220
82, 700
82, 261
5,008
5, 140
4,755
4, 301
4, 144
5, 380
5, 260
4, 885
5, 202
5,044
5, 6S5
6, 106
82, 969
82,604
80, 082
79,714
8, 180
8,309
87, 167
88, 015
87, 575
80, 891
81, Oil
81, 544
81, 756
82, 181
83, 272
83, 991
83, 724
82, 679
83,312
Civili an emplc yment
Civilian
labor
force
Total
Agricultural
years of age and o ver
84, 113 79, 120 3,387
86, 542 81, 702 3,472
88, 714 84, 409 3, 452
91, Oil 85, 936 3, 492
seasonally adjuster
^
92, 723
92, 809
92, 63S
92, 567
92, 982
93, 069
93, 503
93, 419
93, 92%
94, 058
93, 921
94, 01 5
90, 465
90, 551
90, 381
90, 324
90, 753
90, 857
91, 283
91, 199
91, 705
91, 844
91, 708
91, 803
85, 800
86, 861
85, 779
85, 787
88, 062
86, 088
86, 40S
86, 274
86, 402
86, 304
85, 689
85, 202
94, 284
93,709
92, 091
91,511
84, 562
84,027
•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.
10
1975
974
97C
1
f
8, 749
3, 811
3, 653
3, 515
3,497
3,333
3, 433
Nonagricul-
Unempl oyment Labor
Unem- rate
force
(percent of participloycivilta
n
labor
ment
pation1
for ce)
rate
Percent
75,
78,
80,
82,
732
230
957
443
4,993
4, 840
4, 304
5, 076
5.9
5. 6
4. 9
5. 6
Unadjusted
4,665
4, 690
4, 602
4, 537
4, 691
4,769
4,880
4,925
5,303
5,540
6, 019
6, 601
4.8
4.6
5.8
5. 6
5. 3
3,375
S, 339
82, OBI
82, 050
82, 126
82, 272
82, 565
82, 765
82, 970
82, 823
82, 913
82, 864
82, 314
81, 863
3, 383
3,826
81, 179
80,701
7,529
7,484
s, 451
S, 489
3,440
61.0
61. 0
61. 4
61. 8
Seaso nally
adju sted
6. 2
6. 7
5. S
5. 2
5. 1
5. 0
6. 2
5. 2
6.3
5.4
6. 8
6.0
6. 6
7 2
62. 0
61.9
61. 7
61. 6
61. 8
61. 8
62.0
61. 8
62. 0
62.0
61.9
61.8
9. 0
9. 1
8. S
8. S
61.9
61.6
5. 6
5. 7
5. 3
5. 7
5. 5
i Total labor force as percent of nom'nstitutional population 16 years of age
and over.
Source: Department of Labor, Bureau of Labor Statistics;
OF
2 seasonally adjusted unemployment rate remained at 8.2 percent in February. The rate for married men, wife
:sent, continued to increase.
PERCENT
PERCENT
!
!
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
"-.j
''"'
UNEMPLOYMENT RATE,
MARRIED MEN
1969
1975
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Unernploymen : rate
(percen t of civili.in labor
for ce in grou P)
Labor
Experi- Married
force
enced
men
All
time lost * Over 40
wage
and
hours
workers salary
(wife
workers present)
Period
1971
1972
1973
1974
Persons at work i n nonagri cultural ir
idustries
2
by hours worked j)er week
Uiider 35 ho urs
_
.- ..
1974: Jan
Fcb
Mar
Apr
May
June
July-- - .
Aug
Sept
Oct
Nov
Dec
1975: Jan
Feb
Per cent
3. 2
5. 7
5. 3
2. 8
4. 5
2. 3
2. 7
4.9
Seasonall y adjusted
5. 2
2. S
4- 7
5. 9
5. 6
4. 9
5. 6
5. 2
6. 1
5. 0
6. 2
S. S
5. 3
6.4
5. 8
6.0
6. 6
7. 2
Q
S)
8. S
4.9
2.40
4.9
4.9
2.4
4.8
6.0
S. 1
5. S
5. 5
5. 7
6. S
6. 9
7. 8
7. 9
ff)
2. 6
2 7
& y
6. 4
6. 0
5. 2
6. 1
19, 095
20, 320
21, 284
20, 241
5.6
S. 6
S. 8
5. 7
5. 7
5. 6
5.8
19, 913
19, 730
20, 854
17, 153
21, 323
20, 938
19, 702
19, 842
21, 653
21, 737
20, 257
19, 787
18, 583
17,802
B. 8
2. 8
3. 0
6.4
6.6
S. S
'V
S. 8
7. 9
4.5
4-7
8.9
8.9
O)
1
Man-hours tost by the unemployed and persons on part-time for economic
reasons as a percent of potentially available labor force man-hours.
ifters from total nonagricultural employment (p. 10), which includes perwith jobs but not at work for such reasons as vacation, illness, bad weather,
ndustrial disputes.
icludes persons who worked part-time because of slack work, material
. tages or repairs, new job started, or job terminated.
35-40
hours
Part-ti me for
economi c reasons
Total
Part-time for
economi s reasons
Usually Usually Usually
partfullfulltime 3
time *
time 3
Thousan ds of pers ons 16 ye ars of age and over
35, 752 16, 298
1, 184
1, 256
1,327
36, 794 16, 549
1, 081
37, 426 17, 473
1, 074
1, 237
38, 767 18, 275
1,401
1,308
f Jnadjustec I
Seasonall I
1, 274
1, 222
38, 579 18, 682
1, 111
1,360
1. 222
38, 275 19, 629
1, 375
1, 127
39, 416 17, 927
1, 261
1,248
34, 544 25, 026
1, 052
1,080
1, 086
1,265
39, 775 17, 638
1, 147
1 249
1, 645
39, 734 16, 325
1, 314
1,195
1, 992
1, 158
38, 028 15, 123
1, 124
1, 871
38, 476 14, 815
1, 323
1, 180
1, 370
39, 905 16, 737
1, 280
1, 269
39, 877 17, 769
1, 368
1, 283
1,377
1,
412
39, 345 19, 851
1,575
1, 516
1, 351
39, 247 19, 768
1,746
1,847
39, 379 18, 758 5 2, 123 5 1, 474
2,087
37,821 20,653
1,516
2,047
2, 086
Usually
parttime 4
adjusted
1,356
1, 369
1, 287
1, 306
1,491
i, see
1,292
1, 377
1,539
1,553
1,605
1,528
1,800
1,700
'Primarily
1
Includes persons who could find only part-time work.
Average hours worked: usually full-time, 24.9; usually part-time, 18.3.
Source: Department of Labor, Bureau of Labor Statistics;
11
UNEMPLOYMENT INSURANCE PROGRAMS
In February, insured unemployment under State programs averaged 2.5 million more than a year earlier. The seasoi
adjusted insured unemployment rate rose from 5.5 percent in January to 6.0 percent in February.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1974
1973
JAN.
FEB.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
1971
1972
1973 '
1974»_.
1974: Jan
Feb
Mar .. .
Apr _ _
May
June
. _
July
Aug
Sept
Oct »
.
Nov p» .
Dee
1975: Jan '
Feb "
.
Week ended:
1975: Feb 815
22
Mar 1
8 »..
15 7J
St ite progra ms
Insurec1 unemploymen t as perInitial Exhaus- cent of covered
employment
tions
claims
Unad- Seasonadjusted ally
justed
Per cent
Thou sands
Weekly iiverage, t lousands
4. 1
2, 313 6, 214. 9
2, 150
295
38
59, 375
3. 5
261
35
66, 900
2, 185 5, 510. 5
1,848
2. 7
1,632
29
70, 379
1, 783 4, 527. 0
246
...
39
3.6
2, 578 6, 987. 9
2,269
361
4. 1
622. 7
32
3. 1
2,561
446
2, 740
4.2
599. 3
32
3. 2
2,824
2,630
359
652.4
2, 502
4. 0
2, 751
293
35
3. 3
639. 3
3. 5
263
38
3. 3
_ _
2, 564
2, 217
2, 278
584.5
39
3.0
1, 934
237
3. 3
472.
4
1,834
40
2.9
3. 8
2, 161
269
541. 6
41
3. 1
1, 989
o* o
2, 290
340
522. 3
2. 9
1,874
283
2, 153
40
3. 3
2. 7
478. 1
274
2, 081
1, 783
35
3. 6
...
<? o
R
530.2
34
1, 947
348
3.0
o.
2,246
3. 8
480
43
4-3
2, 825
561. 3
2, 499
5. 4
3, 552
781. 8
703
45
5. 0
3, 910
7. 2
795
989. 4
4,750
46
5. 5
__
5, 209
7. 8
6. 0
5,106
609
40
5,745 1,103.6
A 11 progranis
Insured Total
unem- benefits Insured
paid
Covered ployunememploy- ment
(milployment
(weekly
lions
ment
averof dol-J
lars)
age)
0
..
..
.
5, 549
5, 65'9
5 , 885
5 , 892
5, 953
4, 987
5, 039
5,218
5,180
2
5, 210
Beginning with January 1973, monthly data include extended benefits.
DEC.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
Period
•NOV.
693
609
508
569
569
496
7. 6
7. 7
7. 9
7. 9
7.9
0
Benefi ts paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
4, 957. 0
4, 471. 0
4, 007. 6
4, 521. 1
570. 8
553. 3
593. 9
552.7
486. 4
383. 4
459. 1
444. 9
381. 0
442. 0
489. 7
675.3
881. 2
995. 4
..
2
Not charted.
Source: Department of Labor, Manpower Administration.
54.02
56. 76
59. 00
63. 97
62. 28
63.35
63. 85
63. 62
62. 69
62. 50
62. 93
64. 14
64.23
65. 19
65. 46
65. 51
65. 57
65. 61
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment fell by 608,000 in February to 76.6 million, the lowest level since May 1973.
iployment fell by 61 3,000 in the private goods producing sectors.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
(SEASONALLY ADJUSTED)
(SEASONALLY ADJUSTED)
(ENLARGED SCALE)
80
18
ALL NONAGRICULTURAL
ESTABLISHMENTS
76
16
WHOLESALE AND RETAIL TRADE
72
14
NONMANUFACTURING
(PRIVATE)
SERVICES
44
40
DURABLE I \
MANUFACTURING
10
24
NONDURABLE
MANUFACTURING
MANUFACTURING
20
N
CONTRACT
CONSTRUCTION
16
12
GOVERNMENT
1972
1973
1974
1975
J^J
1972
1973
1974
SOURCE: DEPARTMENT OF LABOR
1975
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
N onmanufacturing ; (private)
Manufa( :turing ( orivate)
Period
Total
70, 442
70, 920
71, 216
73, 711
76, 833
78, 334
77, 925
78, 053
78, 089
78, 226
78, 357
78, 421
78, 479
78, 661
78, 844
78, 865
78, 404
77, 690
1975: Jan»- 77, 166
Feb'_ 76,55-8
1969___ .1970
1971..- -1972
1973-.. ..
1974
1974: JanFebMarApr_MayJune_
July_
Aug__
Sept.
Oct_.
Nov—
Dec-.
Total
20, 167
19, 349
18, 572
19, 090
20, 054
20, 016
20, 253
20, 155
20, 116
20, 147
20, 151
20, 184
20, 169
20, 112
20, 112
19, 982
19, 633
19, 146
18, 709
18,282
NonDurable durable
goods goods
11, 895
11, 195
10, 597
11, 006
11, 814
11, 837
11, 968
11, 883
11, 862
11, 913
11, 908
11, 959
11, 959
11,899
11, 906
11, 841
11, 611
11, 291
11, 000
10,725
8,272
8,154
7, 975
8, 084
8, 240
8, 179
8,285
8,272
8, 254
8, 234
8, 243
8, 225
8, 210
8, 213
8, 206
8, 141
8, 022
7, 855
7, 709
7,557
Total
Con- Trans- Whole- Finance,
insurState
tract portasale
tion
ance, Services Federal and
Mining conand
and
and
local
strue- public retail
real
tiou utilities trade
estate
38, 073
39, 010
39, 756
41, 281
43, 037
44, 034
43, 685
43, 831
43, 870
43, 922
44, 019
44, 036
44, 068
44, 223
44, 289
44, 352
44, 203
43, 956
43, 835
43,608
i Includes all full- arid part-time wage and salary workers in nonagricul.turai
•establishments
who worked during or received pay for any part of the pay period
!
ch includes the 12th of the month. Excludes proprietors, self-employeci per. domestic servants, and personnel of the Armed Forces. Total derived i'rom
.able not comparable with estimates oi nonagriculturaJ employment oi the
an labor force, shown on p. 10. which inelude proprietors, self-employed
ins, and domestic servants; which count persons as employed when they
Gover nment
619
623
603
622
638
672
658
661
662
665
668
669
675
676
682
692
693
662
702
710
3, 525
3, 536
3, 639
3,831
4, 028
3, 985
4, 098
4, 127
4, 102
4, 087
4, 066
3, 994
?-, 920
3, 965
3, 939
3, 911
3, 861
3, 798
3, 781
3,587
4,435
4,504
4, 457
4, 517
4, 646
4, 699
4, 710
4, 717
4, 708
4, 704
4, 701
4, 698
4, 693
4, 701
4, 679
4, 699
4, 697
4, 668
4, 607
4,583
14, 704 3, 562
15, 040 3, 687
15, 352 3, 802
15, 975 3, 943
16, 665 4,075
17, Oil 4, 161
16, 851 4, 132
16, 871 4, 142
16, 914 4, 145
16, 945 4, 154
16, 994 4, 161
17, 031 4, 156
17, 107 4, 157
17, 140 4, 168
17; 166 4, 176
17, 160 4, 185
17, 048 4, 183
16, 912 4, 182
10, 838 4, 174
16,813 4,162
11, 228
11, 621
11, 903
12, 392
12, 986
13, 506
13, 236
13, 313
13, 339
13, 367
13, 429
13, 488
13, 516
13, 573
13, 647
13, 705
13, 721
13, 734
13, 733
13,753
2,758
2, 731
2, 696
2, 684
2,663
2,724
2, 680
2, 666
2, 699
2,705
2,711
2, 715
2, 735
2, 740
2, 747
2,748
2, 746
2, 738
2,731
2,727
9,444
9,830
10, 192
10, 656
11, 079
11, 560
11,307
11, 371
11, 404
11, 452
11, 476
11, 486
11, 507
11, 586
11, 696
11, 783
11, 822
11,850
11, 891
11,941
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are "based on
reports from employing establishments.
Source: Department of Labor, Bureau of Labor Statistics.
WEEKLY
OF WORK -SELECTED INDUSTRIES
The seasonally adjusted workweek of private nonfarm payroll workers declined by 0.1 hour in February to 36,1 hours.
The decline was 0.4 hour in manufacturing.
HOURS PER WEEK. (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
MANUFACHJRING
TOTAL NONAGR1CULTURAL PRIVATE
44
i^
42
^^"^^SiiSWS^SW^ESESSj
^^^^-^
40
~a*y***~^'v%S
38
•>—»•«——^*s*.
36
34
I I
1972
1
! !
1 I ! t 1
1 M
1973
M
1 ! M
1974
! t
MM!
I M
lH
1975
M /li i i i i I i i i M
1 M
M
1 1 1 M
1
1 1 1 1 1 1 M
! I 1
1973
1974
! I 1 1 I ! I 1 1 1 t
i i t t i I t i i i i
1 I ! t 1 I I I 1 1 f
1972
1973
1974
"
1972
M M ! ! M M'fjJ
1975
N
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
38
36
34
32
30
1972
SOURCE:
1973
1974
1975
i - ' i i ii
1975
i i
DEPARTMENT OF LABOR
[Average hours per week 1
Period
Total
nonagrieultural
private 2
Manufacturing
Contract
construe-
Retail
trade 3
Total
nonagricuitural
private 2
1966
1967
. . 1968
1969
197CL__ . .
1971
1972
1973
1974
.
38. 6
38. 0
37. S
37. 7
37. 1
37.0
37.1
37. 1
36. 6
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
40.6
40. 7
40. 0
37. 6
37. 7
37. 3
37. 9
37. 3
37.2
36. 9
37. 0
36. 9
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33.7
33. 3
32.7
1974: Jan
Feb
Mar... __
Apr
_ _
36. 3
36. 5
36. 5
36.3
36. 6
37. 0
37. 1
37. 1
36.8
36.6
36.2
36. 5
35.8
35. 8
39.9
40. 1
40. 2
39. 1
40. 3
40. 4
40. 0
40. 1
40.3
40. 1
39. 7
39. 9
38.7
38.5
34. 8
36. 2
36. 5
35. 9
36. 7
37. 6
37. 9
37. 6
37. 5
37.9
36.5
36.8
35.4
35.3
32. 3
32.4
32.4
32. 7
32. 5
33. 1
33. 7
33. 6
32. 6
32. 2
32. 1
32. 7
31.8
31.8
1
2
Data relate to production workers or nonsupervlsory employees;
Also Includes other private industry groups shown on p. 13.
* Includes eating and drinking places.
14
Contract
construc-
Retail
trade 3
Seasonally7 adjusted
Unad usted
May
__ .
June . _
July
._
Aug .
__
Sept
Got . . _
Nov
__
Dec . .
1975: Jan"
Feb * ._
Manufacturing
36. 7
36. 8
36. 7
36. 6
36. 7
36. 7
36. 7
36. 7
36. 7
36. 6
36. S
36. 4
36. 2
36. 1
40.4
40.4
40.3
39. 3
40. 3
40. 1
40. 2
40. s
40. o
40. 1
39. 5
39. 4
39. S
38. 8
36. 4
37.6
36. 7
36. 3
36. 7
36. 9
36. 9
36. 4
36.5
37. S
37. 1
37.5
37. 1
36. 6
Source: Department of Labor, Bureau of Labor Statistics.
30. 9
3®. 9
32. 9
33. 0
32. 9
32. 7
32. 6
32. 6
32.6
32.4
32. 4
32. 4
32. 3
3$. S
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
srage hourly earnings of private nonfarm payroll workers increased by 1 cent (2.8 percent annual rate) to $4.41
ebruary, and were 34 cents (8.4 percent) above a year earlier. The adjusted hourly earnings index for manufacturing increased at an annual rate of 8.3 percent in February.
DOLLARS
DOLLARS
AVERAGE HOURLY EARNINGS
AVERAGE V/EEKLY EARNINGS
28.0
7.00
CONT RACT
CONSTRL aioN
-
vrV
240
6.00
CONTRACT
CONSTRUCTION
/\
^
>"'
^A
,/ VAk
/
^
S*
200
5.00
MANUFAaUR NS
„„„«•.
««*
^-'-•f''
\,
•«..•»>, /
MANUFACTURING
J
,*»
16Q
4.00
,„.--'"""•*'''"*
TOTAL NONAGRIOJLTURAL
PRIVATE
""
^-/^"^
-S~~\~f"
1
^\
FAL NONAGRICULTURAL
PRIVATE
~
^^^l^"^1^^
120
3.00
RETAIL T RADE
RETAIL TRADE
-*.
2.0.0
»• ...-'*--
80
, , , , I, , , ,,
1 I ; I 1I I I I I
1972
1973
'
1975
1974
197.2
, , ! . ! , , , , ,
1973
i i i i i 1i i i i t
1974
SOURCE: DEPARTMENT OF LABOR
, , , , , 1 , , , , IK
1975
"•
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average h jurly earni ngs— curre nt dollars
Total
nonagricultural
private l
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
_ .
...
1974:Jan__
Feb
Mar . ..
Apr__
May _ —
June July
Aug
Sept
Oct
Nov
Dec
1975: Jan"
Feb"
Manufacturing
Contract
construction
Retail
trade 2
Manufactur-
Contract
construction
Retail
trade 2
$112. 34
114. 90
122. 51
129. 51
133. 73
142. 44
154. 69
] 65. 65
176. 00
$146.
154.
164.
181.
195.
211.
222.
236.
249.
26
95
49
54
45
67
51
06
44
$68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90. 99
95. 57
101. 37
95. 6
100. 0
106. 1
112. 4
119. 4
127. 3
135. 1
143. 6
156. 0
$115. 58
114. 90
117. 57
117. 95
114. 99
117. 43
123. 46
] 24. 46
119. 16
2. 99
2. 99
3.01
3. 01
3.08
3. 10
3. 11
3. 12
3. 10
3. 18
3. 18
3. 18
147. 02
148. 56
149. 29
148. 83
152. 62
155. 77
156. 56
158. 05
160. 08
159. 94
157. 83
159. 87
168. 38
169. 22
170. 45
166. 18
174. 50
176. 95
176. 80
178. 04
182. 56
182. 86
181. 83
185. 54
220.
236.
238.
235.
242.
250.
253.
257.
262.
264.
255.
259.
90
75
35
50
22
04
17
94
88
92
50
44
96. 58
96. 88
97. 52
98. 43
100. 10
102. 61
104. 81
1 04. 83
103. 02
102. 40
102. 08
103. 99
149. 3
149. 9
150. 6
152. 0
153. 7
155. 2
156. 3
157. 6
159. 6
160. 9
162. 2
164. 2
120. 53
119. 59
119. 11
115. 48
119. 93
120. 46
119.46
118. 77
120. 34
119. 52
117. 84
119. 40
3. 24
3. 26
157. 52
157. 88
179. 96
179. 80
250. 63
249. 22
103. 03
103. 67
165. 3
166. 4
115. 29
114. 38
$2. 72
2. 83
3. 01
3. 19
3. 36
3.57
3.81
4. 07
4. 40
$3. 89
4. 11
4. 41
4. 79
5. 24
5. 69
6.03
6. 38
6.76
$1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2. 70
2. 87
3. 10
4. 05
4. 07
4. 09
4. 10
4. 17
4.21
4. 22
4. 26
4. 35
4.37
4. 36
4. 38
4. 22
4.22
4. 24
4. 25
4. 33
4. 38
4. 42
4. 44
4. 53
4. 56
4. 58
4. 65
6. 52
6. 54
6. 53
6. 56
6.60
6. 65
6. 68
0. 86
7. 01
6. 99
7. 00
7. 05
4. 40
4. 41
4. 65
4. 67
7. 08
7. 06
3
Total
nonagricultural
private '
Manut'ticturing
indu stries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967
100 3
dollars 4
82
84
73
61
46
28
16
43
45
$2. .56
2. 68
2. 85
3. 04
3. 22
3. 44
3.67
3. 92
4. 22
iso includes other private industry groups shown on p. 13.
*3 includes eating and drinking places.
Adjusted to exclude the effects of overtime and interindustry shifts.
49-364 *—75
Average vreekly earn ings— curr snt dollars
$98.
101.
107.
114.
119.
127.
136.
14.5.
154.
* Earnings in current dollars divided by the consumer price indes.
Source: Department of Labor, Bureau of Labor Statistics.
15
Industrial production declined for the fifth consecutive month in February with a drop of 3.0 percent. The 5-mo.-.
decline—September 1974 to February 1975—was 12.2 percent. February cutbacks in output continued to be widespread among consumer goods, equipment, construction products, and industrial materials.
Index, 1967 = 100 [SEASONALLY ADJUSTED]
index, 1967 =100
{SEASONALLY ADJUSTED)
140
80 I i i i i i I i i i i i I i M i i I i i i i i
1972
i
1973
i i i i i I i i ii i
1974
i i i i i Ii i ii
1975
100
1972
1975
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967
1968
1969.- _ _
1970
1971
1972
1973
1974
1974: Jan_
Feb
Mar._ _ _
Apr
MayJune July
Aug
Sept
,
Oet . ...
Nov
Dec
1975: Jan "_
Feb "
Total
industrial
production
100. 0
105. 7
110. 7
106. 6
106. 8
115. 2
125. 6
124. 7
125. 4
124. 6
124. 7
124. 9
125. 7
125. 8
125. 5
125. 2
125. 6
124. 8
121. 7
117. 7
113. 7
110. 3
[1967=100, seasonally adjusted]
Industry
Mi inufacturi tig
Total
100. 0
105. 7
110. 5
105. 2
105. 2
114. 0
125. 1
124. 3
125. 3
124. 5
124. 6
124. 8
125. 7
125. 6
125. 2
125. 2
125. 5
124. 6
120. 0
116. 3
112.2
108. 9
Mining Utilities
NonDurable durable
100. 0
105. 5
110. 0
101. 4
99. 4
108. 4
122. 0
120. 6
121. 0
119. 4
120. 4
120. 7
122. 1
122. 1
121. 6
121. 0
122. 1
321. 0
117. 9
112. 3
108. 1
104. 1
Source: Board of Governors of the Federal Reserve System.
16
COUNCIL OF ECONOMIC ADVISERS
100. 0
106. 0
111. 1
110. 6
113. 5
122. 1
129. 7
129. 6
131. 4
131. 5
131. 0
1 30. 4
130. 9
130. 7
130. 8
130. 4
130. 5
128. 9
125. 4
122. 0
118. 3
116. 0
100. 0
103. 9
107. 2
109. 7
107. 0
108. 8
110. 3
109. 4
109. 9
111. 7
112. 2
111.3
111. 0
1 ] 0. 2
110. 2
107. 3
109. 2
110. 5
105. 0
105. 1
108. 9
108. 0
100. 0
109. 4
119. 5
128. 3
133. 9
143. 4
] 52. 6
149. 6
144. 9
146. 1
146. 5
148. 7
149. 1
150. 6
152. 4
152. 7
153. 1
151. 2
152. 3
150. 7
145. 7
145.8
Market
Fiilal produc5ts
InterConmediate MateEquiprials
Total
sumer
ment products
goods
100. 0
105. 8
109. 0
104. 5
104. 7
111. 9
121. 3
121. 7
121. 3
120. 6
121. 0
120. 7
122. 4
122. 5
122. 8
122. 1
122. 6
122. 3
120. 9
1 18. 1
115. 0
112. 5
100. 0
106. 6
111. 1
110. 3
155. 7
123. 6
131. 7
128. 8
129 2
128. 3
1 28. 5
128. 5
129. 6
130. 3
] 30. 0
129. 8
128. 8
128. 2
126. 3
123. 2
120. 1
117. 9
100. 0
104. 7
106. 1
96. 3
89. 4
95. 5
106. 7
111. 7
109. 8
109. 9
110. 1
110. 1
112. 2
112. 0
113. 0
111. 4
] 1 3. 8
114. 0
113. 2
110. 8
108. 0
105. 2
100. 0
105. 7
112. 0
111. 7
112. r,
121. 1
131.0
128. 2
129. 2
129. 1
128. 1
129. 4
J29. 2
128. 9
127. 8
128. 6
127. G
125. 3
123. 0
120. 1
118.4
115. 1
100. 0
105. 7
112. 4
107.7
107. 4
117. 4
129.3
127. 3
129. 7
128. 3
128. 9
128. 7
129. 1
128. 8
128. 0
1 28. 5
129. 3
128. 1
122. 1
116. 3
110.4
106. 2
OF
ucfion continued to fall sharply in all durable and nondurable manufactures in February.
INDEX, 1967=100 (SEASONALLY ADJUSTED)
160
INDEX, 1967=100 (SEASONALLY ADJUSTED)
140
CHEMICALS, PETROLEUM,
AND RUBBER
[1967 = 100, seasonally adjusted]
Ncmdurable manufactu res
Durab le rjaanufotctures
Period
Primary
metals
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods
and
petrocated
Machin- tation
and
apparel,
ery
prodand
equipprint- leum, and tobacco
metal
products
rubber
ment
ucts
leather
ing
1967
1968
1969
1970
1971
1972
1973
1974
100. 0
103. 2
114. 1
106. 9
100. 9
113. 1
127. 0
124. 1
100. 0
106. 3
113. 6
109. 4
107. 4
114. 8
130. 5
131.4
100. 0
101. 9
106. 8
100. 3
96. 2
107.5
125. 8
129. 7
100.0
109.7
107. 6
90. 4
92. 9
99. 0
109. 1
96.9
100. 0
104. 8
108. 6
106. 3
113. 9
122. 4
127. 9
119.8
100. 0
104. 9
105. 9
100. 2
100. 7
108. 1
115.0
108. 8
100. 0
104. 2
109. 1
107. 8
107. 8
116. 1
122. 2
120. 9
100. 0
109. 6
118. 4
118. 2
124. 7
137. 8
149. 3
151. 6
100. 0
103. 6
107. 5
110. 8
113. 7
117. 6
121. 9
124. 6
1974: Jan
Feb
Mar
Apr
- __
May . _ _ _ _
June . .
.
July
Aug
Sept
Oet
__ _
Nov
Dec _
129.5
125. 0
125. 3
124. 0
124. 6
124. 7
123. 2
121. 9
123. 0
126. 0
121. 0
109. 8
131.4
130.6
131. 6
131. 3
131. 9
132. 5
131. 1
13]. 6
132. 0
129. 6
128. 2
124. 1
128. 6
127. 2
128.4
128. 2
129. 7
130. 4
129. 9
130. 5
132. 5
131. 1
128. 9
124. 6
95. 7
93. 9
95. 0
97. 8
100. 6
99. 4
98.7
126. 1
127. 1
126. 1
126. 8
126.8
125. 6
121. 6
121. 5
116. 6
109. 3
105. 2
101. 0
116. 2
115. 3
112. 4
109. 3
109. 8
108. 5
108. 1
107. 4
106. 5
105. 1
101. 9
96. 4
121. 7
122. 2
122. 5
121. 2
121. 3
122. 3
122. 4
121. 0
122. 7
120. 8
115. 7
112. 4
151. 5
151. 2
151. 2
153. 5
153. 0
153.8
153. 9
154. 4
1 54. 7
152. 4
146. 5
141.8
125.4
126. 2
125. 3
124. 3
126. 5
125. 3
124. 8
124. 8
124. 3
123. 7
123. 8
123. 6
1975: Jan"
Feb ». _
105. 0
101. 4
119. 7
113. 9
119.4
114. 8
79. 6
76. 0
95.6
89. 9
87. 7
108. 6
105.8
137.7
133. 9
123. 0
122. 4
_. .
..
. . _
99. 9
100.4
102. 1
93. 7
83. 6
airce: Board of Governors of the Federal Heserve System.
11
WEEKLY INDICATORS OF PRODUCTION
Weekly indicators of production (not seasonally adjusted) rose in February. Cars and trucks assembled increased
for the first time since October 1974.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
16
STEEL
1973-
J
F
M
A
O
M
N
BILLIONS OF KILOWATT HOURS
50 |
ELECTRIC POWER
1973
40
30
20 •
0 I ! 'i ' I ''
J
1I I 1 I I I I I T
F
M
I I M I I 1 1 I I I I I f I 1 I I I I 1 I I I I 1 I I I I 1 I I 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 oduoed
Index
Thousands
of net
(1967=
tons
100)
Period
Weekly average:
1968
1969
1970
1971
1972
1973
1974 »
1974: Jan
Feb
Mar
Apr— .
May
June.
July ..
Aug _ _
Sept—
Oct.
Nov
Deo
__
_ __
__ _
1975: Jan- .. _ _
Feb' .
Week ended:
1975: Feb 8 _ . _
15 22 _
Mar 1
8
15 "
22"
x
lncludes
3
data for Alaska.
Not charted.
18
2
2, 515
2, 709
2, 522
2, 310
2, 549
2, 892
2, 790
2, 873
2,900
2, 880
2, 900
2, 879
2, 840
2, 750
2, 672
2, 768
2, 848
2, 707
2, 480
2, 615
2,719
103. 1
111. 0
103. 4
94. 7
104. 5
118.5
114. 4
117. 8
118. 8
118. 0
118. 9
118. 0
116. 4
112. 7
109. 5
113. 5
116. 7
111. 0
101. 6
2, 721
2,675
2,710
2,723
2,785
111. 5
2,718
2, 669
107. 2
111. 4
109. 6
111. 1
111. 6
114. 2
111.4
109.4
A
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Bituminous Freight Paperboard
Electric
Car B and tri.icks
coal mined
power
loaded
produced assembled (thoiisands)
distributed (thousands (thousands
(thousands
of short
(millions of
of tons)
Total
Cars Trucks
of cars)
kilowatt-hours) tons) *
25, 244
27, 588
. 29, 317
30, 923
33, 540
35, 834
35, 839
35, 150
35, 617
34, 224
33, 248
34, 612
37, Oil
39, 982
39, 269
35, 692
34, 233
34, 839
36, 039
36, 360
36,423
10, 485
10, 779
11, 595
10, 619
11, 450
11, 380
11, 439
10, 963
12, 201
12, 078
12, 305
12, 579
11, 759
11, 051
11, 606
1 2, 623
13, 269
7, 676
8,631
11,929
12,261
543
543
522
486
502
526
508
491
522
529
520
535
542
500
510
514
546
464
413
433
442
479
507
489
501
548
569
552
505
586
595
587
597
589
536
573
524
556
522
437
427
466
207.6
195. 8
158.9
204. 8
217.3
243. 6
192. 0
189. 1
200. 1
196. 1
207. 7
216. 6
220. 3
166. 6
137. 9
208. 6
239. 7
196.5
126. 1
122. 7
131.8
170.1
158. 1
125. 9
165.0
169. 6
185.8
140. 2
133. 1
141. 1
139. 2
152. 6
159. 1
163. 2
115. 9
103. 3
159. 1
181. 7
142. 4
88. 8
88. 2
92. 5
37.5
37. 8
33. fi
39. 8
47.6
57. 8
51. 8
56. 0
59. 0
56. 8
55. 1
57. 5
57. 1
50. 6
34. 5
49. 5
58. 0
54. 1
37. 3
34. 5
39. 3
37, 424
37, 291
35, 585
35,392
36,206
36,199
11, 950
12, 040
12, 185
12,870
12,885
11, 720
436
442
430
458
448
433
452
479
477
455
430
444
115. 0
141. 9
132.4
137. 8
130. 1
166. 7
81. 3
101. 0
90. 9
96. 7
101. 4
125. 5
33. 7
40. 8
41. 5
41. 1
28. 7
41. 2
2
Sources: American Iron and Steel Institute, Edison Electric Institute, Df
ment of the Interior, Association of American Railroads, American Paper
tute, and Ward's Automotive Reports.
NEW CONSTRUCTION
A
ccording to preliminary estimates, expenditures for new construction declined almost 3 percent in January. Both
vate residential and public construction contributed to the decline.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
•SEASONALLY ADJUSTED ANNUAL KATES
140
140
TOTAL NEW CONSTRUCTION
120
120
100
100
PRIVATE
80
80
»«•*
60
60
- PUBLIC-
20
«.„,••"""•"""*•„.•.,„,
I I I I I I I 11
40
...„.».„....-"'"•"•••»-••"
i i i i I i i i i i
20
60
60
40
40
20
20
1975
1969
COUNCIL OF ECOKQW1C AOV1SE£S
SOURCE: DEPARTMENT OF COMMERCE
Period
1969
1970
1971
1972
1973
1974
.
Total new
construction
expenditures
93. 9
94. 9
110. 0
124. 1
135. 5
134. 5
Private
Total
66. 0
66. 8
80. 1
93. 9
102. 9
96. 1
Hesic ential
CommerNew
cial and
housing industrial
Total '
units
Bi llions of dol ars
33. 2
25. 9
16. 2
31. 9
24. 3
16. 3
43. 3
17. 0
35. 1
54. 3
44.9
18.1
57. 6
47. 8
21. 7
46. 5
37.0
23. 8
Other
Federal,
State,
and
local
16. 6
18. 6
19. 8
21.5
23. 6
25. 9
28. 0
28. 1
29. 9
30.2
32. 6
38.4
24. 6
24. 5
25. 5
25. 4
25. 8
26. 1
25. 9
25. 7
25.9
25. 4
25. 4
26. 3
26. 5
26.8
27. 4
33.4
33. 1
34. 8
37. 5
36. 4
39. 0
40.3
38. 5
40. 0
38. 2
38. 3
38. 9
37. 6
41. 6
39.7
Seasonall j adjusted ai mual rates
1973: Nov
Dec
1974: Jan
Feb
Mar
Apr
May
June _
July.. ..
Aug
_
Sept
Oct _
Nov
Dec _
1975 : Jan » .
135. 7
133. 2
132.6
136. 3
135. 1
136. 4
138. 2
136.9
137.9
134. 5
132. 9
133. 0
129. 7
131. 6
128. 1
102. 3
100. 1
97. 8
98. 8
98. 6
97. 4
97. 9
98. 4
98. 0
96. 3
94. 6
94 2
92. 1
90. 0
88. 4
54. 5
52. 4
49.7
48.9
48.6
48. 2
48.0
48. 3
48. 9
48. 3
45. 9
43.3
41.0
39. 0
37. 2
44. 2
42. 1
39. 8
38. 9
39. 1
39. 3
39. 7
39. 5
38. 9
37.5
35. 5
33. 7
31. 8
29. 7
27. 8
icludes noniiousefceeping residential construction and additions and altera-, not shown separately.
- W. Dodge series. Relates to 50 States beginning 1969 for value Index and
beginning 1971 for floor space.
23. 1
23. 2
22 6
24. 5
24. 2
23. 2
24. 0
24. 5
23. 1
22. 7
23. 3
24. 6
24. 7
24. 1
23. 9
Construction contracts 2
CommerTotal value cial and
index,
industrial
(1967 = floor space
100)
(millions of
square feet)
123.
123.
145.
165.
179.
168.
7
1
4
3
9
6
883
743
727
854
1, 021
860
Seasonally
Seasonally adjusted
adjusted
annual
rates
194
1,050
834
161
918
155
187
968
181
901
167
993
188
936
166
910
177
920
170
986
187
884
148
750
154
681
176
651
135
653
Note—Seasonally adjusted floor space series revised beginning 1973.
Sources: Department of Commerce (Bureau of the Census) and McGraw- 1AQ
Hill Information Systems Company, F. W. Dodge Division.
v
Housing starts declined 2 percent in February to an annua! rate of 977,000. Permits for future housing also declined
slightly.
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
3.0
2.5
1.0
1969
1975
SOURCES; DEPARTMENT OF CO/AMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
COUNCIL OF ECONOMIC ADViSERS
[Thousands of units]
Hou sing star ts
Total
private
and
public
(including
farm)
Period
1969
1970
1971
1972...
5 1, 466. 8
0 1, 433. 0
5 2, 052. 2
5 2, 356. 6
5 2, 045. 3
1, 352. 5 1, 337. 7
1974
1974: Jan
_
Fob . Mar
Aur
May June _
July_
Aug
Scpt_.
Oct
Nov _
Dec
1975: Jan
Private
Total
private
(including
farm)
1, 499.
1, 469.
2, 084.
2, 378.
2, 057.
1973
P
Fob "
86. 2
109. 6
127. 2
160. 9
149. 9
149. 5
127. 2
114. 0
99. 6 i
97. 2
75. 6
55. 4
56. 6
54. 9
84. o
109. 4
124. 8
159. 5
149. 0
147. 6
126. 6
111. 1
98. 3
96. 7
75. 1
55. 1
55. 8
53. 4
Total ( ineiudin 3 farm)
Total
One
810. 6
1, 466. 8
812. 9
1, 433. 0
2. 052. 2 1, 151. 0
2, 356. 6 1, 309. 2
2, 045. 3 1, 132. 0
888. 1
1, 337. 7
1, 437
1, 881
1, 511
I, 580
1,407
1, 533
1, 314
1. 156
1, 157
1, 106
1, 017
880
996
977
803
1, 046
969
975
925
1, 000
920
826
845
792
802
682
742
718
1
For 1- to 4-uriit structures.
2 Authorized by issuance of local building permit: in 14,000 permit-issuing
places beginning 1972; 13,000 for 1967-71; 12,000 tor 1963-66; and 10,000 prior to 1963.
20
Propos ed home
constniction 3
i Govei nment
i borne p rograms
(non farm)
Two or !
more
F H A 1 VA !
units
656. 2
153. 6
51. 2
233. 5
61. 0
620. 7
901. 2 i 301. 2
94. 0 1
198. 4 104. 0
1, 047. 5
913. 3
73. 6
86. 1
449. 7
56. 8
72. 8 i
Seasona lly adjus ted annu a!
634
62
39
836
48
63
542
48
71
606
42
72
54.2
60
77
534
O->
76
«}4
53
71
329
57
68
313
67
76
314
81
73
215
69
74
198
69
78
254
71
68
259 i
64
New
private
housing
units
authorized 2
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 065. 9
rates
1, 282
1, 325
1. 410
1, 296
I, 120
1. 106
I, 017
900
823
7S2
730
822
682
673
Applications for Requests
for VA
FHA
commit- appraisals
ments l
187. 6
315. 0
366. 8
225. 2
83. 2
87. 1
48
65
72
74
89
90
103
85
95
133
111
79
72
138. '2
143. 7
217. 9
209.4
161. 9
160. 1
125
157
144
153
159
ISO
160
185
169
185
157
132
126
144
3
Units represented by mortgage applications or appraisal requests for new
home construction.
Sources: Department of Commerce (Bureau of the Census), Departmen
Housing and Urban Development, and Veterans Administration.
INVENTORIES—TOTAL AND TRADE
;iness inventories were unchanged in January following an average monthly increase of $4.4 billion in fhe fourth
of 1974.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED;
280 f
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35
RETAIL TRADE (ENLARGED SCALE)
DURABLE GOODS STORES
40
1972
1975
COUNCIL OF ECONOMIC ADVISERS
Total business
Wholesale
Sales
Period
Total
Durable
goods
stores
18, 366
19, 756
20, 583
22, 327
24, 862
30, 400
37, 344
22, 997
24, 910
27, 290
29, 695
32, 817
38, 302
46, 564
28, 490
29, 824
31, 294
34, 07 1
37, 365
41, 943
44, 815
9, 268
9, 626
9, 524
10, 985
12, 472
14, 190
13, 943
224, 004
33, 978
38, 302
42, 116
13, 270
154, 064
156, 098
159, 239
160, 675
162, 924
163, 052
168, 824
171, 644
170, 862
171, 647
168, 335
161, 809
226, 918
230, 140
233, 120
235, 216
239. 217
243, 831
248, 775
253, 308
258, 622
264, 612
267, 047
271, 84.0
34, 743
35, 986
37, 170
37, 342
36, 913
37, 293
38, 449
38, 828
38, 748
37, 751
37, 714
37, 501
38, 986
39, 640
40, 425
40, 423
41, 203
42, 347
43, 171
43, 704
44, 500
45, 642
45, 976
46, 564
42, 932
43, 134
43, 872
44, 283
44, 894
44, 593
46, 356
47, 056
46, 1 77
45, 803
44, 469
44, 821
161,867
271,839
36,849
46,191
45 , 894 14,026
46, 105 14,150
Sales "-
163, 882
155, 845
167, 360
175, 561
184, 401
197, 087
224, 004
271, 840
1973: Dec
_ ... 150, 711
1974: Jan
__
Sales -
97, 138
103, 134
104, 736
. 112, 315
124, 244
143, 742
Feb
Mar
Apr
May -
June
July
Aug.
Sept
Oct..
Nov
Dec
1975: Jan"
Feb"
^le term "business" also include? mamifac luring (sec page 22).
lonthly average for year and total for month.
Retail
Inventories
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
Inventories '<•
Inventories 3
1968
1969_
1970
1971
1972
1973
1974
2
3
Nondurable
goods
stores
Total
Durable
goods
stores
19, 222
20, 197
21, 770
23, 086
24, 893
27, 754
30, 872
41, 973
45, 376
46, 626
52, 261
56, 551
64, 832
74, 872
19, 167
20, 647
20, 345
23, 808
26, 034
29, 646
34, 605
22, 806
24, 729
26, 281
28, 453
30, 517
35, 186
40, 267
28, 846
64, 832
29, 648
35, 186
13, 525 29, 407
13, 327 29, 807
13, 660 30, 212
13, 941 30, 342
14, 289 30, 605
] 4, 049 30, 544
14, 963 31, 393
15, 381 31, 675
14, 419 31, 758
13, 645 32, 158
12, 975 31, 494
13, 266 31, 555
65, 362
65, 669
66, 195
66, 355
67. 078
67, 943
68, 873
69, 877
71, 147
73. 908
74, 836
74, 872
29, 731
29, 786
29, 733
29, 638
29, 708
30, 002
10, 069
30, 806
33, 390
34, 376
J4, 605
35, 631
35, 883
36, 462
36, 717
37, 370
37, 941
38, 804
39, 071
39, 793
40, 518
40, 460
40, 267
31,868
31,955
74,024
34,192
39,832
}], 354
s Book value, end of period, seasonally adjusted.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
According to advance reports, new orders of durable soods manufacturers rose in February after decreasing
5 straight months. Shipments declined.
BILLIONS OF DOLLARS [SEASONALLY ADJUSTED)
100
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
INVENTORIES
140
TOTAL
120
100
3URABLE GOODS
80
60
NONDURABLE GOODS
40
INVENTORY-SHIPMENTS RATIO
20
1.40
1972
1975
1972
1975
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufac •turers' sh ipments 1 Manufac turers' im> entories 2
Ma nufacture rs' new orde rs '
Durat)le goods
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Total
NonCapital
durable
goods
industries, goods
nondefense
Manufacturers'
inventory—
shipments3
ratio
Millions of dollars , seasonal ly adjustc d
1969
1970
1971
1972
1973
1974
1974: Jan.
Feb.
Mar
Apr..
.
May
June
July. _.
Aug.. _ _
Sept-. ..
Oct
Nov
Dec
1975: Jan »
Feb '
53, 555 29, 459
52, 859 28, 229
55, 917 29, 948
62, 017 33, 443
71, 398 38, 724
81, 723 42, 635
76, 389 39, 994
76, 978 40, 073
78, 197 40, 635
79, 050 41, 232
81, 117 42, 538
81, 166 42, 785
84, 019 44, 122
85, 760 44, 825
85, 937 45, 016
88, 093 46, 548
86, 152 44, 752
79, 487 40, 549
79, 124 40, 137
39, 393
24, 096
24, 629
25, 969
28, 573
32, 674
39, 089
36, 395
36, 905
37, 562
37, 818
38, 579
38, 381
39, 897
40, 935
40, 921
41, 545
41, 400
38, 938
38, 987
97, 074
101, 645
102, 445
107, 719
120, 870
150, 404
122, 570
124, 831
126, 500
128, 438
130, 936
133, 541
136, 731
139, 727
142, 975
145, 062
147, 135
150, 404
151, 624
63, 371 33, 703
66, 768 34, 877
66, 050 36, 395
70, 218 37, 501
79, 441 41, 429
97, 967 52, 437
80, 541 42, 029
81, 925 42, 906
83, 014 43, 486
84, 108 44, 330
85, 715 45, 221
87, 366 46, 175
89, 286 47, 445
91, 004 48, 723
93, 184 49, 791
94, 680 50, 382
95, 787 51, 348
97, 967 52, 437
99, 124 52, 500
1 Monthly average tor 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
53, 646
52, 118
55, 726
62, 922
73, 836
83, 297
78, 139
79, 127
79, 547
82, 059
85, 264
85, 176
87, 517
90, 393
87, 147
86, 369
84, 282
76, 454
74, 958
29, 549
27, 486
29, 745
34, 274
41, 098
44, 289
41, 515
42, 267
41, 974
44, 124
46, 730
46, 848
47, 709
49, 463
46, 402
45, 084
43, 182
37, 842
36, 062
36, 766
7, 694
7, 055
7, 324
8, 487
10, 310
11, 494
11,003
11,415
11, 300
11, 925
11, 804
12, Oil
12, 800
11, 805
11, 832
11, 383
10, 623
10, 459
10, 077
9, 698
24, 097
24, 632
25, 981
28, 648
32, 738
39, 009
36, 624
36, 860
37, 573
37, 935
38, 534
38, 328
39, 808
40, 930
40, 745
41, 285
41, 100
38, 612
38, 896
1. 76
1. 89
1.82
1. 69
1. 58
1. 65
1. 60
1. 62
1. 62
1. 62
1. 61
1. 65
1.63
1. 63
1. 66
1. 65
1.71
1. 89
1. 92
shipments; for monthly data, ratio of inventories at end of month to snipm
for month.
Source: Department of Commerce, Bureau of the Census.
Tkr> merchandise trade deficit (as reported by the Bureau of the Census on three bases) improved from December 1974
anuary 1975.
BILLIONS OF DOLLARS
12
BILLIONS OF DOLLARS
12
JO
1969
1975
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports
Merchandise imports
Gerleral imp orts 3
Domesti c exports
Period
Total
(including To tali 2
reexports)
Food, Crude
bever- materials
ages,
and to- and
bacco fuels
Food, Crude
bever- mateManufacTotal 2 ages,
rials
tured
and to- and
goods
bacco fuels
Manufactured
goods
Total
(c.i.f. 4
value)
Merchandise trade
balance
Exports
ExExports
(f.a.s.) ports (f.a.s.)
less
(f.a.s.)
less
imless
imports
ports
im(c.i.f.)
ports
(customs (f.a.s.)
value)
6
Customs value
F.a.s. valu e 5
Monthly
1970 _ . . 3,
3,
4,
5,
8,
555
1971
1972
1973
1974
629
100
902
159
1974
8, 159
7, 150
7, 549
7, 625
8, 108
7,652
1974: Jan
Feb
Mar__
Apr
May__
June- _
8,317
July.— 8,308
Aug
Sept _
8,380
8, 396
8, 673
Oct
Nov _ _ 8, 974
Dec— . 8,862
5: Jan ... 9,412
3, 502
3, 576
4, 033
5,811
8, 045
422
423
547
1,078
1, 269
8, 045
1, 269
1,299
1,329
1, 308
1, 326
1, 199
1,231
1, 236
1, 182
1,099
1, 250
1, 397
1, 378
1,735
558
537
591
895
1, 317
2, 445
2, 537
2,812
3,728
5, 294
1,317
5, 294
4, 499
1,096
1, 269
1, 238
1, 330
1, 328
1, 374
1, 381
1, 318
1, 223
1,265
1,560
1, 332
1, 595
4,718
4, 796
5, 138
4, 962
5, 407
5, 388
5, 603
5,660
5, 890
5,845
5,812
5,747
3, 329
3, 797
4, 632
5, 790
8,414
8,352
6,497
7, 317
7,742
8,025
8, 265
8,573
8, 918
9,262
8,698
8, 769
8, 965
9,250
9,622
,_ ^otai excludes Department oi Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
'Total includes commodities and transactions aot classified according to kind.
'Total arrivals of imported eoods other than intranslt shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States.
519
545
534
606
737
615
770 1, 120
892 2, 651
F.a.s. value 5
892 2, 669
836 1, 694
896 2, 066
1, 055 2, 204
881 2,880
931 2, 739
923 2,837
942 2, 946
899 3, 098
s
783
716
940
943
2, 856
3, 003
2, 995
2,978
796
3, 589
2,
2,
3,
3,
4,
159
535
147
750
684
4, 602
3, 748
4, 028
4, 222
4, 214
4, 452
4, 678
4, 833
5, 091
4, 958
4,961
5, 042
5, 062
4, 793
9, 000
225
-168
-532
112
-255
9, 000
7,019
7, 882
-255
614
175
8, 311
8, 639
8, 921
9, 256
9, 611
9, 999
9, 378
9,451
9, 653
9,942
10, 365
— 160
44
-674
-313
-655
-959
-384
-189
-91
-453
-247
-193
-841
-193
653
232
-116
83
— 612
-257
-611
-882
-302
-96
9
-388
-211
-841
131
-333
-685
-531
— 1, 269
-940
-1,303
-1, 619
-982
-778
— 680
-1,080
-953
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
• See Note.
NOTE.—Customs value imports have been discontinued. For 197-1 monthly
data on this basis, see Economic Indicators, February 1975.
'Source: Department of Commerce, Bureau of the Census.
23
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The fourth quarter current account deficit of $0.3 billion represented a $1.2 billion improvement over the third qua
deficit. The merchandise trade balance (adjusted to the balance of payments basis) was in deficit by $1.6 bill
in the fourth quarter. For 1974 as a whole, the trade balance swung from a surplus of $0.5 billion to a deficit of $->
billion, as the deficit in petroleum and products increased sharply in 1974.
BILLIONS OF DOLLARS
4
BILLIONS OF DOLLARS
4
BALANCE ON CURRENT ACCOUNT
-3
1968
1973
SOURCE: DEPARTMENT OF COMMERCE"
1974
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars)
Re-
M erchandise
Period
Ex-
ports
1969
1970
1971.
1972
1973
1974" _ _ _
Imports
1 2
Net
balance
Militsiry trans actions
Direct
expenditures
Sales
607 -4,856 1, 512
36, 414 -35,807
41, 947 -39,788 2, 159 -4, 855 1,478
42, 754 -45,476 -2, 722 -4,819 1, 912
48, 768 -55,754 — 6, 986 -4, 759 1, 154
70, 277 -69,806
471 -4, 620 2, 354
97, 081 -102,962 -5, 881 -5, 065 2,966
Net
balance
Net iiivestment i ncome
Private 3
U.S.
Government
Net
travel
and
Other
trans- servporta- ices,3
tion
net
expenditures
-3,344 3, 655
156 — 1, 763 2, 034
-111 -2, 023 2, 388
-3, 377 3,895
-2, 908 5,976
-955 -2,341 2, 781
-3, 604 6, 413 -1,887 -3,055 3, 110
-2, 266 8,298 -3, 008 -2,710 3, 540
-2, 099 12, 916 -3, 238 -2,435 3,926
mitBaltances,
ance
penon
sions,
goods
and
and
other
serv-J
uniices
lateral
transfers 1
1,344 -2, 978
2,932 -3, 256
-170 -3,647
-6, 010 -3, 797
4,327 -3,876
3, 191 -7, 215
Balance
on
current
account
-1, 633
-324
-3,817
-9,807
450
-4, 025
Seasoilally adjusted
342
15, 230 -16, 184 -954 -1, 175
16, 679 - 17, 042 — 363 -1, 209
446
18, 152 -17, 574
578 - 1, 067 520
20, 216 - 19, 006 1, 210 -1,169 I, 046
22, 212 oo 3g7 -175 - 1, 166 666
1974: I
II-. 23, 921 -25, 595 — 1, 674 -1, 319 651
IIL. 24, 731 -27, 205 — 2, 474- 1, 278 805
IV'- 26, 217 — 27, 775-1, 558-i; 302 844
1973:1
II-.
III.
IV-_
1
Excludes
2
Adjusted
3
-833
-763
-547
-123
2.081
1, 968
2, 052
2, 197
-500
— 668
-473
— 458
3,872
2, 662
3, 081
3, 301
"military grantsfrom Census data for differences in timing and coverage.
Fees and; royalties from U.S. direct investments abroad or froin foreign direct
investments in the United States are excluded from net Investment income and
included In other services, net.
24
-634
-760
-795
-819
-768
-792
-799
-879
841
-686
— 781
815
984
-613
901
-630
-531
918
— 726 992
984
— 566
-612 1, 032
-185 -761
— 946
116 -1, 056 - 940
1, 659 -897
762
1, 572
2, 736 -1, 164
2, 816 -2, 951
-135
-206 — 1, 902 -2, 108
-247 -1,228 -1,475
826 -1, 136
-310
Note.—Series revised beginning 1974.
Source; Department oi Commerce, Bureau ol Economic Analysis
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
jased placement of surplus funds in the
Dr cause of the increase in the official
T9/4. The net liquidity deficit, influenced
deficit and U.S. bank lending abroad, rose
United States by the official agencies of the oil-exporting nations was the
reserve transactions deficit from $5.3 billion in 1973 to $8.1 billion in
in addition to the above by the oil-related increases in the U.S. trade
to $18.3 billion in 1974.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
NonLong-ter m capital Balance liquid
on
flow:3, net
shortcurrent term
account private
U.S.
and long- capital
Govern- Private 2 term
ment *
capital flows
net 2
-70 -3, 637 -640
— I , 933
-2, 025 -1,429 -3, 778 -482
-2, 362 -4, 381 - 10, 559-2, 347
-98 -11,235 -1,541
— 1, 330
62 - 1, 026 -4, 276
-1,539
t } oyo -10, 580 -12,955
1, 042
1969
1970
1971
1972
1973
1974 »
Allocations
of
special
drawing
rights
(SDR)
Errors
and
omissions,
net
Net
liquidity
balance
Changes
in lia- Changes
Liquid Official
bilities in U.S.
private reserve
to
official
capital
transforeign reserve
flows,
actions
official
assets,
net 2
balance agencies,
net 4
3
net
8, 820
-1,805 -6, 081
2, 739 — 1, 552 — 1, 187 16, 964
7, 362
867
-458 -3,851 — 5, 988 -9,839
2,477 14, 487
717 -9, 776 — 21, 965 — 7, 788 -29, 753 27, 405
2, 348 12, 167
32 13, 151
710 -1, 790— 13, 856
3, 502 - 10, 354 10, 322
-2, 303 -7, 606 2, 302 -5,304
209 14, 378
5, 095
5, 197 — 18, 338
10, 268 -8, 070
Seas onally ad iusted
1973: T
II
III...
IV—.
1974: I
II_._j
III.J
IV -"„!
-371
309 -1,008 -1,663
— 324 — 1, 170 -1,457
1,527
1,891
-398
97
-862 — 1, 451
-741 -1, 253
94
9, 504 - 1, 434 15, 883
Unadjusted
-3, 943 -6, 614 — 3, 581 -10, 195
9, 975
850 -1,777
2, 063
-303
286
1,652
1,942 — 1,929
-336
290
1, 125
-869
3, 530
2,661 -2, 646
504J
1, 719 -3, 994
58? - 1, 039 — 2, 563 — 5, 296
3 — 2, 402 -3,874 - 1, 427
-895) -4, 661 -5,866 -2,238
1, 350,
' Excludes liabi ities to fore!311 official res erve agencle
Private foreigners exclude the IMF, but include other inte national aad
regional
organisations.
3
Includes liabilities to foreign official agencies reported by U.S. Government
U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
id gold deposits with, the United States.
onsists of gold, special drawing rights (SDK), convertible currencies, and
J.S. gold tranche position in the IMF. Minus sign indicates increase.
° includes increases (in millions) as follows: 1989, $87 due to revaluation 01 the
German mark in Oct. 1969; 1971, $28 clue to dollar value of foreign currencies
revalued to reflect market exchange rates as of Dec. 31, 19-71; 1972, S13G16 due to
s
U.S.
official
reserve
assets,
net
(end of 5
period)
1, 305
-970
1, 463 — 6, 396
838 -4, 463
1, 592 -6, 512
2,
1,
4,
2,
016
i, 046
874 -4, 522
143
-320
235 -4, 2771
220
17
— 13
— 15
12, 931
12, 914
12, 927
14, 378
-836
— 210 14, 588
4, 880
-358 14, 946
1, 323 — 1, 003 15, 893
4, 140
137 15, 883
chang 3 in par yahle of the do] ar on May s , 1972; and f Mirth quarte r and year
1973, $ 1,436 due to hange in par value of the dollar on Oet 18 1973.
;ed on new
memou 01 vaiuauun. un a pre-Juiy oasis, reserve assets lor Be
. 1974 are
$15,949 million and for Dec. 31,1974 $13,812 million.
Note.—Series revised beginning 1974,
Sources: Department of Commerce (Bureau of Economic Analysis) and
Department of the Treasury.
In February, the consumer price index rose 0.7 percent (0.6 percent seasonally adjusted). Food prices increas*
0.4 percent (0.1 percent seasonally adjusted). Nonfood commodity prices rose 0.7 percent (0.8 percent seasonally
adjusted) and: servicesprices rose 0.8 percent.
INDEX, 1967=100
180
INDEX, 1967=100
180
170
130
120
120
110
100
100
1969
1975
SOURCE: DEPARTMENT OF LABOR
Period
COUNCIL OF ECONOMIC ADVISERS
All
items
(1967 = 1001
Co mmoditie
Services
Comra odities les s food
Services
All
All comFood
Rent
less
Nonservices
modities
All
Durable durable
rent
1966
1967
196S
_
1969
1970
1971
1972
.
1973_. _ ^ _
1974
1974: Jan
Feb...
Alar
Apr
May
June
Julv
Aug _ _ _ _ _ _ _
Sept
Oct___
Nov
Dec ..
97. 2
100. 0
104. 2
109. 8
116. 3
121. 3
125. 3
133. 1
147. 7
139. 7
141. 5
143. 1
143.9
145. 5
146. 9
148. 0
149. 9
151. 7
153.0
154. 3
155.4
98. 2
100. 0
103. 7
108. 4
113. 5
117. 4
120. 9
129. 9
145. 5
137. 0
139.3
141. 0
141. 8
143.4
144. 8
145. 6
147. 6
149.4
150.7
152. 0
153. 0
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
123. 5
141. 4
161. 7
153. 7
157. 6
159. 1
158. 6
159.7
160. 3
160. 5
162. 8
165. 0
166. 1
167. 8
169. 7
97. 5
100. 0
103. 7
108. 1
112. 5
116. 8
119. 4
123. 5
136. 6
127. 9
129. 2
131. 1
132. 6
134.5
136.2
137. 5
139.3
140. 9
142. 2
143. 3
143. 9
98. 5
100. 0
103. 1
107. 0
111. 8
116. 5
118. 9
121. 9
130. 6
123. 3
123.4
124. 3
125. 6
127. 5
129. 7
131. 5
133. 2
134. 8
136. 8
138.0
138.8
97. 0
100.0
104. 1
108. 8
113. 1
117. 0
119. 8
124. 8
140.9
131.3
133. 5
136. 1
137. 7
139. 5
141. 0
141. 8
143. 7
145. 3
146. 1
147.2
147. 7
95. 8
100. 0
105. 2
112. 5
121. 6
128. 4
133. 3
139. 1
152. 0
144.8
145. 8
147.0
147. 9
149. 4
150. 9
152. 5
154. 2
155. 9
157. 3
158. 6
160. 0
127. 3
128. 0
128. 4
128. 8
129. 3
129. 8
130. 3
130. 9
131. 4
132. 2
132. 8
133. 5
95. 3
100. 0
105. 7
113. 8
123. 7
130. 8
135. 9141. 8
156.0
148. 0
149. 1
150. 4
151. 4
153. 1
154. 7
156. 6
158. 4
160. 3
161. 9
163. 3
164. 8
1975: Jan
Feb. .
156. 1
157.2
153.4
154.4
170.9
171.6
143.9
144.9
139. 3
140. 3
147. 2
148. 2
161. 3
162. 6
134. 0
135. 1
166. 2
167. 5
Source: Department of Labor, Bureau of Labor Statistics.
26
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119. 2
124. 3
130. 2
WHOLESALE
wholesale price index declined 0.3 percent in February (0.8 percent after seasonal adjustment). Prices of farm
Jucts and processed foods and feeds declined 2.3 percent (3.4 percent seasonally adjusted). Industrial commodity
puces were up 0.5 percent (also up 0.5 percent seasonally adjusted).
INDEX, 1967=100
INDEX, 1967=100
200
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
/
1969
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF' ECONOMIC ADVISEES
99. 8
100. 0
102. 5
106. 5
110. 4
113. 9
119. 1
134. 7
160. 1
[1967 = 100]
Farni product 3 and
processe d foods and feeds
ProcAll inFarm
essed
dustriTotal
prodfoods
als1
and
ucts
feeds
98. 5
105. 9
103. 5
101. 2
100. 0
100. 0
100. 0
100. 0
102. 5
102. 4
102. 5
102. 2
106. 0
108. 0
107. 3
109. 1
110. 0
112. 1
111. 0
111. 7
114. 0
113. 8
112. 9
114. 3
122. 4
117.
9
125. 0
120. 8
125.
9
176. 3
159. 1
148. 1
153. 8
177.4
187. 7
170. 9
146. 6
149. 5
151. 4
1 52. 7
155. 0
155. 7
161. 7
167. 4
167. 2
170. 2
171. 9
171. 5
171. 8
171. 3
177. 8
180. 6
176. 2
169. 6
167. 4
161. 7
172. 7
183. 4
179. 1
185. 1
189. 0
186. 5
183. 8
179. 5
All
commodities
Period
1906
1967
1968
1969
1970
1971
1972
1973
1974
- -
-
...
.
. -_
1974: Jan
Feb
Mar
Apr
May.
June_
July
Aug
Sept
Oct
Nov
Deo
1975: Jan
Feb
_- _
-- _.
202. 6
205. 6
197. 0
186. 2
180. 8
168. 6
180. 8
189. 2
182. 7
187. 5
187. 8
183.7
179. 7
174. 6
162. 1
164, 7
163. 0
159. 1
158. 9
157. 4
167. 8
179. 7
176. 8
183. 5
189. 7
188.2
186. 4
182. 6
overage of the subgroups does not correspond exactly to coverage of this
tobacco.5 cmdefco(lstuflsandteedstaffs. Plant and animalfibers,oilseeds, and
135. 3
138. 2
142. 4
146. 8
150. 5
153. 6
157. 8
161. 6
162. 9
164. 8
165. 8
166. 1
167. 5
168. 4
Iiidustrial t ornmodit es
Crude
mate-2
rials
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
Inter- Producmediate er finmate-s
ished
rials
goods
Consul aer finished g<jods exeluding5 foods
DurNonable
durable
155. 2
219. 1
98. 9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
128. 1
159. 5
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
123. 5
141. 0
98. 5
100. 0
102. 2
104. 0
107. 0
110. 9
113. 2
115. 8
126. 3
97. 8
100. 0
102. 2
105. 0
108. 3
111. 3
113. 6
120. 5
146.8
188.2
202. 7
212. 2
224. 8
216. 5
217. 5
228. 9
229. 5
229. 8
229. 0
228. 7
221. 2
219. 4
221. 0
137. 9
140. 6
145. 8
150. 8
156. 1
159. 6
164-. 5
169. 6
170. 6
172. 1
173. 0
173. 2
175. 0
175. 9
128. 3
129. 3
130. 9
132. 4
135. 9
138. 7
141. 5
145. 2
148. 0
151. 9
154. 1
155. 3
157. 4
158. 3
119. 6
120. 2
120. 9
122. 0
123. 7
125. 0
126. 8
127. 3
128.4
133. 1
133. 8
135. 3
135. 9
136. 3
130. 2
134. 0
137. 8
141. 2
144. 3
147.7
150. 6
153. 0
154. 2
155. 7
156. 2
156. 9
158. 2
158. 8
131. I
s Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes in part, grain products for further processing.
^^ Department of LabOT; Bureau ot Labor statlsttes.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined 3 percent in the month ended February 15, Contributing most to the decre
were lower prices for cotton, corn, soybeans, cattle, wheat, and eggs. Prices paid were unchanged. The actual c
adjusted parity ratios each declined 2 points.
INDEX, 1967=100
INDEX, 1967=100
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
140
120
120
100
100
RATIO J/
RATIO y
110
100
110
100
PARITY RATIO (ACTUAL)
- '•'.
90
_
80
70
60 i i i t M t t i i *
"'"""'-.-.....,.•».,„,„.
„,„,
...i'""*".....""*'""
'''•''i.,.*1'' w'"«mnnui^S"'11
i i ; i !! t 1 I i I
1969
1970
__A^____™
-
"
i I 1 t t t I i 1 t 1
i I t i i 1 i I I i 1
1971
1972
I
90
'•V
Arf_
i it i t I i i iti
1973
i t i i ^—
11i11iiN
I i 1 1 i i i t 1 1—
11
1
1974
80
70
60
1975
T/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE; DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by armers
Period
1966__
1967
... _ _
1968
...
1969
1970
... .
1971.
1972.
1973
1974
1974: Jan 15
Feb 15 _ _
Mar 15
Apr 15 ..
May 15. .. .
June 15
July 15___
Aug 15__
Sept 15
Oct 15
Nov 15
Deo 15
.
1975: Jan 15.
Feb 15
All farm
products
105
100
103
108
110
112
126
172
183
198
202
194
183
175
165
175
181
178
185
182
177
174
168
Crops
105
100
101
97
100
107
115
164
212
208
220
216
205
201
199
204
214
211
228
224
212
204
192
Prices paid by farmers
All
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
products wage rates
items
items
Index, 1 967=100
105
98
98
99
100
100
100
100
104
104
104
102
117
109
109
106
114
118
114
110
116
119
120
115
124
134
122
127
179
138
145
146
163
169
161
172
193
149
158
161
190
153
161
162
179
162
162
155
169
164
157
167
158
159
165
166
142
166
160
168
155
161
168
170
164
160
173
178
154
166
182
175
167
155
183
177
153
171
183
179
173
153
184
180
173
153
182
180
151
175
180
180
1
Percentage ratio of index of prices received by farmers to index of prices paid,
Interest, tases, and wage rates on 3910-14=300 base.
28
Parity ratio '
Actual
Adjusted3
80
74
73
74
72
69
74
88
80
93
93
89
83
79
74
77
78
75
78
75
73
71
69
!
The adjusted parity ratio reflects Government payments made direct!
farmers.
Source: Department of Agriculture.
86
79
79
80
77
74
79
91
81
94
94
89
83
79
74
78
78
76
78
76
73
72
70
MOMEY, CREDIT, AND SECURITY MARKETS
ONEY STOCK
. ••«.• seasonally adjusted money stock grew at an annual rate of only 2.4 percent in the latest 6 months, August to
February, compared to the 5.6 percent rate of the preceding 6 months.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
420
420
380
380
340
340
300
300
260
220
1969
1970
SOURCE, BOARD OF'GOYERNORS OF THE'fEDERAl RESERVE SYSTEM
Period
1969:
1970:
1971:
1972:
1973:
1974:
1974:
Dec
Dec
Dec
Dec
Dec
Dec"
Jan
Feb
Mar
Apr_ _
May
June
July
Aug
Sept
Oct
Nov
Dec
1975: Jan"
Feb "
_ _ _- _
-_
._ _
, _
___ . -
posits at commercial banks.
1971
1975
COUNCa OF ECONOMIC ADVEEBS
[Averages oi daily figures, billions of dollars]
IVloney stoc k
1vloney stoc k
Time
Time
CurCurand
and
DeDerency
rency
savings
savings
mand
mand
outoutTotal
Total
dedede- l
de- 1
side
side
posits '
posits '
posits
posits
banks
banks
Unadjuste;i
Seasonallyf adjusted
167.7
162. 7
193.2
46. 1
194. 5
208.7
46. 9
214.7
177. 7
221. 4
172. 3
228. 1
49. 1
50. 0
229. 3
227.6
188.4
52. 6
182. 7
235. 3
53. 5
269. 8
241.9
271. 2
205. 1
56.9
198.9
311.8
255. 8
57. 9
313. 8
263.0
362. 2
271. 5
216. 4
209. 9
62. 7
279. 1
61. 6
364. 5
223. 3
284. 3
417. 6
67.8
216. 6
292. 2
68.9
420. 3
216. 2
369. 4
277. 8
270. 9
62.0
208.9
61. 6
371.0
208. 3
374. 4
62. 7
210.4
273. 1
270. 2
61. 9
376. 0
209.8
62. 7
63. 3
379. 1
211. 9
378. 3
272. 5
275. 2
214. 7
387. 1
63. 5
276. 6
386.7
278. 2
63.9
212.8
393. 9
64. 1
208. 8
64. 3
272. 9
213. 3
392. 5
277.6
213. 5
64.8
64. 6
215. 4
397.9
398.4
278. 2
280. 0
214. 8
402. 0
65. 3
402. 8
280. 1
280. 5
64.8
215. 7
211. 9
408. 2
65.7
65. 5
215. 3
405. 2
277. 5
280. 7
213. 6
410. 1
407. 5
65.8
215. 3
65. 9
279. 4
281. 1
215. 3
412. 1
413. 3
66. 4
282. 2
66. 5
215. 7
281. 7
217. 5
412. 9
67.8
414. 7
216. 5
285. 3
67. 3
283. 8
223.3
417. 6
292. 2
420. 3
68. 9
284. 3
67.8
216. 6
221; 6
424. 7
67.7
214. 1
289. 3
68.1
426. 7
282.2
213. 1
427. 1
67. 8
68.7
215. 3
429. 4
280. 9
284. 0
Source: Board of Governors of the Federal Reserve System.
U.S.
Government
demand
deposits l
5.6
7. 3
6.9
7.4
6. 3
4. 8
8. 1
6. 6
0.4
6. 0
7.6
6. 1
5. 4
4. 0
5. 5
3. 7
3. 3
4.8
4. 0
3. 3
29
PRIVATE LIQUID
HOLDINGS - NONFINANCIAL INVESTORS
Private nonfinancial investors increased their holdings of liquid assets by $8.7 billion in February. Currency orad
deposits increased by $8.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLAR
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
900
800
600
500
1969
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr jncy and deposits
Total
liquid
assets
Period
U.S. Ctoverncurities
mp.Tit Rf
Time cieposits
Tr»tn1
Currency
Demand
deposits
Pnm
banks
ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities
Negotiable
certificates of
deposit
Commercial
paper
1968: Dec^_ _
1969: Dec _
1970: Dee
1971: Dec
1972: Dec
1973: Dec...
1974: Dec
704. 1
737. 1
786. 7
868. 7
980. 2
1, 093. 5
1, 188. 7
564. 5
583. 0
834.4
721. 1
816. 0
885. 3
942. 6
43. 4
46. 1
49. 1
52. 6
56. 9
61. 6
67. 8
140. 1
144. 7
153.2
161. 7
175. 2
181. 5
183. 5
174. 3
177. 3
199. 2
233. 6
264, 7
294. 8
323. 0
206. 7
215. 0
232. 9
273. 2
319. 1
347.4
368. 3
51. 4
51. 1
51. 3
53. 7
57. 0
59. 9
62.8
46. 8
64. 9
53. 2
39. 6
39. 8
52, 1
60.7
22. 5
9. 1
23. 1
30.3
39. 9
58. 1
79. 8
18.8
28. 9
24 7
24. 0
27. 6
38. 3
42.7
1973: Dec
1, 093. 5
885. 3
61. 6
181. 5
294. 8
347. 4
59. 9
52. 1
58. 1
38. 3
1974:
1, 102. 5
1, 112. 8
1, 121. 9
1, 135. 9
1, 143. 6
1, 153. 7
1, 161. 0
1, 165. 5
1, 169. 7
1, 176. 9
i, 183. 0
1, 188. 7
890. 5
897. 4
910. 0
912. 1
918. 7
922. 2
924. 8
926. 9
931. 7
939.8
942. 6
62.0
62. 7
63. 3
63. 9
64. 3
64. 6
64. 8
65. 5
65. 9
66. 5
67. 3
67. 8
180. 2
181. 5
182. 6
183. 1
183. 0
184.6
184. 8
184. 3
184, 0
183. 5
184. 4
183. 5
298. 7
301. 7
304. 2
306. 5
307. 7
310. 8
312. 4
314. 3
315. 4
318. 6
322. 1
323. 0
349. 7
351. 6
354. 6
356. 5
357. 1
358. 7
360. 2
360. 7
361. 7
363. 1
366. 0
368. 3
60. 0
60. 3
60. 5
60. 8
61. 0
61. 2
61. 5
61. 7
62. 0
62. 3
62. 5
62. 8
52. 2
52. 7
53. 7
55. 7
56. 2
56. 7
57. 9
58. 8
59. 4
60,8
60. 7
60. 7
60.6
62. 4
62. 3
68. 2
72. 6
75. 0
76. 4
75. 9
76. 2
77. 1
75. 9
79.8
39. 1
39 9
40. 7
41. 3
41. 6
42. 1
42. 9
44. 3
45. 2
45. 1
44. 0
42. 7
1, 195. 4
1, 204. 1
946. 6
955. 0
68. 1
68.7
180. 9
182. 3
326. 1
329. 1
371. 5
374. 9
63. 2
61.5
61.9
82. 6
82. 3
41. 6
41. 4
Jaa
Feb
Mar
Apr
May
June. _
July
AUK _
Sept
Oct
Nov..
Dec
1975: Jan"
Feb *
_ .
.
Note.—Series revised beginning 1970.
30
904.7
63.5
Source: Board of Governors of the federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
T
' I loans and investments of all commercial banks rose $1.8 billion from January to February, but remained below
evel reached in August 1974.
dILUONS OF DOLLARS
800
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
700
TOTAL
LOANS AND INVESTMENTS
200
200
100
100
1969
1975
SOURCEi BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
All commercial banks
(seaso nally adjusted data)
End of period
L oans
Investruents
Total
loans
Total,
Comand
U.S. Gov- Other
mercial
invest- excludsecuriernment
ments ing inter- and indus- securities
ties
bank
trial
Bank
debits
outside
New York
City (232
centers),
seasonally
adjusted
annual
rates *
A 11 membe r banks 2
Total
reserves
Billions of dollars
1969
1970
1971
1972
1973
1974"
1974: Feb
Mar
Apr
May.
June
Julyp "_ _ _ _
Aug
Sept "
Oot '
_
Nov "__..
Dec ' _
1975: Jan "p
Feb
3
401j 7
435. 5
484. 8
556. 4
630. 3
681. 2
647. 4
657. 5
666. 9
673.
4
7
677. 5
686. 6
692. 0
687. 0
687. 1
7
688. 5
681. 2
686. 1
687. 9
3
4
279. 1
291. 7
320. 3
377. 8
447. 3
494. 1
458. 3
468. 2
476. 3
481.4
484. 5
494. 3
500. 2
498.2
499. 5
500.9
494. 1
498. 3
495. 1
3
105. 7
110. 0
115. 9
129. 7
155. 8
180. 5
159. 5
165. 1
169. 5
172.9
174. 6
177.9
180. 7
180.8
182. 5
183. 0
180. 5
181. 7
180. 0
3
51. 5
57. 9
60. 1
61. 9
52.8
48.8
56. 4
56.4
57. 1
57.2
56.4
55.8
55. 3
52. 2
49. 7
49. 3
48.8
48. 9
53. 4
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages
of daily figures. Annual data are for December.
s
^ginning
June 1969, data include all bank-premises subsidiaries and other
;
cant majority-owned domestic subsidiaries; earlier data include com\l banks only.
of June 1971, Farmers Home Administration notes totaling about $0.7
ere classified as other securities rather than as loans.
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
]Millions o ' dollars
3
4
71. 1
85. 9
104. 4
116. 7
130. 2
138. 3
132.7
132. 9
133. 5
134. 8
136. 6
136. 5
136.5
136. 6
137. 9
138. 3
138. 3
138. 9
139. 4
6, ISO
5, 717
6, 443
7, 530
9, ess
11, 673
10, 918
11,253
11, 4%4
11, 696
11, SOS
11, 769
IS, S38
IS, 047
12, 078
IS, S80
I S , 261
11, 69S
28, 031
29, 265
31, 329
s 31, 353
35, 068
36, 941
35, 242
34, 966
35, 929
36, 519
36, 390
37, 338
37, 029
37, 076
36, 796
36, 837
36, 941
37, 492
35, 409
339
1, 086
321
107
1, 049
6
1, 298
703
1, 186
1, 352
1, 714
2, 580
3, 000
3, 308
3, 351
3,287
1, 793
1, 285
703
61
390
147
257
272
5
165
219
262
339
189
176
158
194
131
177
178
191
91
258
-64
-829
-49
58
s -830
-1,036
-364
-997
— 1, 176
— 1, 556
-2, 386
-2,869
-3, 131
-3, 173
-3, 096
-1, 702
-1,027
-364
-454
-86
* Beginning November 9, 1972 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection with
adaptation
to Regulation J.
6
Beginning April 1973, includes seasonal borrowings.
7
Beginning June 1974, a bank merger increased total loans and investments
by $0.6 billion, and beginning November 1974, liquidation of a large bank reduced
total loans and investments by $1.5 billion. For effect on other categories, see
federal Reserve Bulletin.
Source; Board of Governors of the Federal Eeserve System.
31
CONSUMER AND
CREDIT
Consumer credit (seasonally unadjusted) declined by $3.0 billion during January. A year earlier there was a
of $1.8 billion. Seasonally adjusted consumer instaiment credit declined $0.4 billion in January.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
200
200
180
180
160
140
120
100
I
f40
NONINSTALMENT CREDIT
I
V
20
18
SEASONALLY ADJUSTED (ENLARGED SCALE)
14
NSTAtMENT CREDIT EXTENDED
s^s*-* f
^_s~~*^ ^^
\
_^
12
/i, , , , , 1 , , , , ,
V
^"•~ \
\
IN STALMENT
•—Trrrr^-a
f,
_^=__-i.^^==-^
1 i 1 1 I
! 1 ! 11
i i i i i
i ii ii
i i i t i I i i i ii
AID
i i i i i 1 i i l l i l i l i i I i l l l i
1973
1972
197!
1970
1969
CREDIT REF
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
[Millions of dollars
Consum er instalme nt credit e xtended
Consu mer credit outstandin s, (end of r eriod;
i nadjusted)
and T epaid (seas onally adjiisted)
Total
Automot ile paper
instalment
NonAutomoTotal
Persona! instal- Extended Repaid Extended Repaid
bile
Total '
Nov
Dec _
1975: Jan.
96, 239
100, 783
110, 770
121, 148
127, 163
138, 394
157, 564
180, 486
190, 121
180, 486
178, 686
177, 522
177, 572
179, 495
181, 680
183, 425
184, 805
187, 369
187, 906
188, 023
188, 084
190, 121
187,080
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
147, 437
156, 124
147, 43?
146, 575
145, 927
145, 768
147, 047
148, 852
150, 615
152, 142
154, 472
155, 139
155, 328
155, 166
156, 124
153,952
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 130
51, 689
51, 130
50, 617
50, 386
50, 310
50, 606
51, 076
51, 641
52, 082
52, 772
52, 848
52, 736
52, 325
51, 689
50,947
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425
44, 264
41, 425
41, 352
41, 417
41, 492
41, 851
42, 402
42, 945
43, 400
44, 164
44, 375
44, 319
44, 180
44,264
43,815
1
Also includes other consumer go ods paper, an d home impr Dvement loan
it2 shown separately.
Consists of single-payment loans, charge accounts, and service credit.
32
^
COUNCIL OF ECONOMIC ADVISERS
TTtP.Tlt
1986
1967
1968
1969
1970
1971
1972
1973
1974
1973: Dec
1974: Jail
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
M 1 1 1 I I 1 I 1 iK
1975
1974
2
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049
33, 997
33, 049
32, 111
31, 595
31, 804
32, 448
32, 828
32, 810
32, 663
32, 897
32, 767
32, 695
32, 918
33, 997
33,128
3
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
165, 083
166, 478
12, 677
13, 714
13, 541
13, 823
14, 179
14, 669
14, 387
14, 635
14, 394
14, 089
13, 626
12, 609
12, 702
12,859
77. 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
144, 978
157, 791
12, 267
12, 797
12, 870
13, 206
13, 026
13, 407
13, 301
13, 310
12, 882
13, 412
13, 224
13, 009
13, 516
13,260
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 453
42, 756
3,315
3,492
3, 389
3,484
3, 545
3, 769
3, 731
3,812
3,887
3,835
3,369
3, 062
3,205
3,348
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452
42, 197
3,338
3,433
3,394
3, 544
3, 498
3,601
3, 577
3, 563
3,443
3, 604
3.470
3, 423
3, 668
3,534
End )f period, unac justed.
Source: Board of Governors of the Federal Eeserve System-
Mortgage
debt outstanding,
nonfarm,
1- to 4family
houses 3
223, 645
236, 060
251, 241
266, 823
280, 175
307, 200
345, 384
386, 241
1414, 344
386, 241
391,770
402, 165
409, 725
"414, 344
BOND YIELDS AND INTEREST RATES
yield on FHA new home mortgages was 8.84 percent in March, down from the record high of 10.38 percent in
r 1974.
PERCENT PER ANNUM
PERCENT PER ANNUM
12
CORPORATE Aaa BONDS
(MOODY'S)
-I 4
1969
ieriod
1969_
1970_
1971
1972
1973
1974
1974: Mar
_ _
Apr
May
June
July
Aug
Sept.Oct
-.
Nov
Deo .. _ ..
1975: Jan
Feb__
1975
[Percent per annum]
High-grade
U.S. Gov jrnment secu rity yields
municipal
3-moath
bonds
3-5 year
Taxable
2
Treasury
3
(Standard
&
issues
bonds
bills '
Poor's) 4
6.677
5. 81
6. 85
6. 10
6. 458
6. 51
7. 37
6. 59
4. 348
5. 70
5. 77
5. 74
4. 071
5.27
5. 85
5. 63
7. 041
5. 18
6. 92
6. 30
7. 886
6. 09
7. 81
6. 99
7. 98G
8. 229
8. 430
8. 145
7. 752
8. 744
8. 363
7. 244
7. 585
7. 179
C. 493
5. 583
Mar
Week ended:
1975: Feb 7_ _ _ _
14 . . _
21
28
Mar 7
14
21
5.
5.
5.
.'>.
5.
5.
5.
669
800
408
455
637
622
376
7. 33
7. 99
8. 24
8. 14
8. 39
8. 64
8. 38
7. 98
7. 65
7. 22
7.29
6.85
6.
6.
6.
6.
6.
6.
7.
91
92
71
83
86
88
05
6. 81
7. 04
7.07
7. 03
7. 18
7. 33
7. 30
7. 22
6. 93
6. 78
6. 68
6. 61
6.
6.
6.
6.
6.
6.
6
59
58
63
64
67
67
6. 75
£
.Rate on new issues within period.
Selected note and bond issues;
|..pril 1953 to date, bonds due or callable 10 years and after.
Weekly data are Wednesday figures.
Data for first of the month, based on the maximum permissible interest rate
(8H percent beginning January 21,1975) and 30-year mortgages paid in 15 years.
Coroora te bonds
(Moc dy's)
Aaa
Baa
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
7. 83
8. 19
7. 72
9. 05
5. 11
7. 78
4. 69
7.53
8. 15
8.08
9.87
9. 47
7. 03
8. 04
7. 39
7. 21
7.44
8. 57
7. 81
9. 11
8. 56
8. 16
8. 24
9. 50
5. 36
5. 67
5. 96
6. 08
6. 54
6. 58
6. 65
6. 46
6. 47
6. 93
6. 66
6. 30
8. 01
8. 25
8. 37
8. 47
8. 72
9. 00
9. 24
9. 27
8. 90
8. 89
8. 83
8. 62
8. 65
8. 88
9. 10
9. 34
9. 55
9. 77
10. 12
10. 41
10. 50
10. 55
10. 62
10. 43
8. 42
9. 79
10.62
10. 96
11. 72
11. 65
11. 23
9. 36
8. 81
8. 98
7. 30
6. 33
6. 24
6. 19
6. 30
6. 45
6. 43
6. 55
6. 67
8. 68
8. 63
8.58
8.57
8. 59
8. 61
6
10. 52
10. 46
10. 39
10. 32
10. 31
10. 28
10. 28
6. 45
6. 34
6. 28
6. 25
6. 25
6. 08
6
5. 95
8. 54
8. 66
9.17
9. 46
9. 46
9. 85
10.30
10. 38
10. 13
9. 51
8. 99
8. 84
8. 69
"Not charted.
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 continued to rise in March.
INDEX, 1941-43=10
INDEX, 1941-43WEEKLY
120
120
110
110
COMPOSITE PRICE INDEX FOR
500 COMMON- STOCKS
100
100
90
90
\
80
70
80
70
60
I T I I . I I I .1
50
PERCENT
WEEKLY
MOKIHLY
JIVIDEND YIELD ON C OMMON !TOCKS
C
/—^K
^X
/I i
I ! i 1I t
I ' M
1 1I I !
I
I
^/
1 1 1 I 1 ] t 1 ! 1 !
1 I 1
I I i f i
iTTTT-r-T"Tir i 1 i i i f t
6
/^s N
V
y
~^*s^
1 1111 1 111 11
I 1 1 1 I I 1 1 J- I IK
RA no
RA1 1O
—__
-
i' '
'
1969
p7—
-
x^l
'
,
!
'
[\
PRICE/EARNINGS RATIO ON COWiMON STO CKS
\^
S
19 70
!
!
1
1971
i
"
^x^_^
!
I
19 72
!
~-—
t
!
1
1
1974
1973
SOURCE: STANDARD & POOR'S CORPORATION
1969
1970
1971
1972
1973
1974
1974: Feb
Mar
_
Apr
May
June.
July
Aug^
Sept _ .
Oct___ _ _
Nov
Dec
1975: Jan
Feb
Week ended:
1975: Feb 7_
14 _ _
21
28 _ _
7.
1421.
__ . . _ _ _
__
.
___ .
Total
f
!
Ki
H
1975
Total
97. 84
83. 22
98. 29
109. 20
107. 43
82. 85
93. 45
97. 44
92. 46
89. 67
89. 79
82. 82
76. 03
68. 12
69. 44
71. 74
67.07
72. 56
80. 10
107. 13
91. 29
108. 35
121. 79
120. 44
92. 91
104. 13
108. 98
103. 66
101. 17
78.31
79. 87
81. 80
80. 74
83. 50
84. 28
4
84. 50
87. 16
88. 98
91. 28
90. 15
93. 41
94. 41
94.79
101. 62
93. 54
85. 51
76. 54
77. 57
80. 17
74.80
80. 50
89. 29
Public
utilities
Railroads
Dividend
yield 2
(percent)
1941-^13=10
87. 06
103. 75
80. 22
87. 87
102. 80
99. 78
113. 91
119. 39
118. 57
107. 13
92. 84
78. 08
104. 31
86.85
92. 24
109. 22
104. 19
87. 73
100. 69
87. 34
90. 07
100. 10
93. 64
80. 34
86. 99
70. 14
63. 51
76. 03
62. 79
77. 49
79. 35
65. 84
62. 51
74.06
67. 91
77. 10
88. 50
75. 06
62. 64
54. 48
59. 33
56. 90
53. 47
38. 91
48. 13
47. 90
44. 03
39. 35
37. 46
35. 37
34. 00
30. 93
33. 80
34. 45
32. 85
38. 19
40. 37
45. 95
32. 13
41.94
44. 11
38. 01
37. 53
41. 85
42. 80
40. 26
37. 04
37. 31
35. 63
35. 06
31. 55
33. 70
35.95
34.81
37. 31
37. 80
3. 24
3. 83
3. 14
2. 84
3.06
4.47
3. 81
3. 65
3. 86
4. 00
4. 02
4. 42
4. 90
5.45
5. 38
5. 13
5.43
5. 07
4. 61
73. 76
74. 85
76. 45
75. 17
79. 34
80. 31
81. 24
40. 29
40. 62
40. 80
39. 84
40. 33
40. 02
39.45
37. 28
37. 71
38. 12
38. 14
38. 68
38. 66
38.42
4. 68
4. 63
4. 54
4. 58
4. 45
4. 42
4
4. 39
Consumers'
goods
Capital
goods
86. 25
88. 06
90. 57
89. 11
91. 79
92. 19
93.69
1
Includes 500 common stocks: 425 Industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
ail3 other weekly Indeses are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
34
1
COUNCIL OF ECONOMIC ADVISERS
Price i ndex '
Industrials
Period
Mar
50
I-I
PERCENT
Price/
earnings
ratio 3
are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day of quarter to quarterly earnings
adjusted annual rate). Annual ratios are averages of quarterly data.
* Not charted.
Source: Standard & Poor's Corporation.
16.48
15.69
18.50
18.20
14. 22
11. 16
9.71
6.84
FEDERAL
>ERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
^stimated budget deficits for fiscal years 1975 and 1976 as revised recently are $37.6 billion and $55.5 billion,
respectively.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
400
350
350
300
250
200
200
150
100
50
50
SURPLUS (*) OR DEFICIT (-)
-50
-50
_L
-100
1965
1966
-100
1967
1968
1969
1970
1972
1971
1973
1974
1975
1976
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADV5SHS
[Billions of dollars]
Federal debt ( end of period)
Period
Fiscal year:
1964
Receipts
Outlays
Surplus or
deficit (-)
Total i
Held by
the public
112. 7
118.6
-5. 9
316. 8
257.6
1965
1966
1967
1968
1969
116.8
130. 9
149. 6
153. 7
187. 8
118. 4
— 1. 6
— 3. 8
-8.7
OK 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
1974
1975 22
1976
193. 7
188.4
208. 6
232.2
264. 9
278.8
297. 5
316. 6
353. 1
— 2. 8
-23. 0
— 23. 2
-14. 3
-3.5
— 37. 6
-55.5
382. 6
409. 5
437. 3
468. 4
486. 2
541. 7
612. 8
284. 9
304. 3
323. 8
343.0
346. 1
392. 7
459. 9
154.0
182. 3
— 6. 3
-17.5
479. 0
505. 5
348. 3
364. 5
Cumulative totals for first 7 months:
Fiscal year 1974.
._
Fiscal year 1975. ..
.
147.7
164.8
1
Excludes non-interest-beartaK public debt securities held by IMF.
• ~ "mates as of March 12,1975.
134.7
158. 3
178. 8
184. 5
196. 6
211. 4
231. 9
246.5
268. 4
Sources: Department of the Treasury and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
Fiscal 1975 budget receipts are estimated at $278.8 billion and budget outlays at $316.6 billion (revised),
corresponding figures for fiscal 1976 are $297.5 billion and $353.1 billion (revised), respectively.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
OUTLAYS
250
250
200
200
150
150
NONDEFENSE
100
100
NATIONAL DEFENSE
50
1965
1966
1967
1968
1969
50
1970
1971
FISCAL YEARS
1972
1973
1974
SOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1975
1976
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
(3utlays
Receij3ts
Nationa ! defense
Period
Total
Fiscal year:
1964
Individual Corporation
income
income
taxes
taxes
Other
Total
Total
Health
Depart- InternaInand
tional
ment of affairs
income terest Other
Defense,
security
military
112. 7
48. 7
23. 5
40.5
118.6
52. 7
49. 6
3. 7
26.9
9.8
25. 4
116. 8
130. 9
149. 6
153. 7
187. 8
48. 8
55.4
61. 5
68. 7
87. 2
25. 5
30. 1
34. 0
28.7
36. 7
42. 6
45. 3
54 1
56. 3
63.9
118. 4
134. 7
158. 3
178. 8
184. 5
48.6
55.9
69. 1
79.4
80.2
4-6. 9
54. 2
67. 5
77.4
77.9
4. 1
4. 6
4. 7
4. 6
3. 8
27. 5
31. 5
37. 6
43. 4
49. 0
10. 4
11. 3
12. 5
13. 8
15. 8
27. 8
31. 4
34. 3
37.7
35. 7
1970
1971
1972
1973
1974
193. 7
188.4
208. 6
232. 2
264. 9
90.4
86. 2
94.7
103. 2
119. 0
32. 8
26. 8
32. 2
36. 2
38.6
70. 5
75.4
81. 7
92.8
107.4
196.6
211. 4
231. 9
246. 5
268. 4
79. 3
76.8
77. 4
75. 1
78. 6
77.2
74. 5
75. 2
73. 3
77.6
3.6
3. 1
3. 7
3. 0
3. 6
56. 1
70. 1
81. 4
91. 8
106. 5
18. 3
19. 6
20. 6
22. 8
28. 1
39. 3
41.8
48. 8
53. 9
51. 7
1975 !
1976 1 _
278. 8
297. 5
117. 7
106. 3
38. 5
47. 7
122. 6
143. 5
316. 6
353. 1
85. 4
94. 1
83. 1
89. 9
4. 9
6. 4
133.4
147. 4
31. 3
34 4
61. 6
70. 8
147.7
164, 8
72.5
82. 9
16.7
17.4
58. 6
64.5
154. 0
182. 3
44. 1
49. 9
43. 7
49.2
2. 1
1.9
58. 0
73. 9
15. 8
17.9
34 1
3£L7
1965
1966
1967
1968
1969
._
Cumulative totals for
first 7 months:
Fiscal year 1974
Fiscal year 1975
* Estimates as of March 12,197£
36
Sources: Department of the Treasury and Office of Management and B1
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS
In the fourth quarter of 1974, an increase of $14.6 billion in Federal expenditures and a decline of $7.2 billion in
pts resulted in a substantial increase in the Federal Government deficit to $23.7 billion (all annual rates).
oiLLlONS OF DOLLARS
320
BILLIONS OF DOLLARS
160
160
140
140
20
*20
SURPLUS
^
Hi
m
^
~^*~
n R n n """
20
40
J
i^ fH
m %&
-
DEFICIT
I . I
1968
i i
1
I
1969
i
I
I
in
'tfr
V
—ir
-
i
W
K2
l&j
W ~~ ""
%ZA
"-*""
- -20
^
f^~
1
1971
CALENC AR YEARS
1970
t%
i i
1972
I I I
!
1973
SOURCEi DEPARTMENT OF COMMERCE
I . I
1974
-40
COUNCIL Of ECONOMIC ADVISEES
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (Jovernm ent receipts
Period
Feeleral Goi/ernmenlj expend] tures
GrantsIndirect Contriin-aid
PurPersonal Corporate
business
butions
chases
Transto
State Net
tax
and
for
Total of goods fer pay- and interest
Total nontax profits tax and
paid
tax
nontax social inand
ments local
receipts accruals
accruals surance
services
governments
Fiscal vear:
1972'.... 213. 2
1973
240. 4
1974
273. 6
1975 '_ . 287. 6
1976 '--- 305. 1
Calendar
year:
1970
192. 0
1971
198. 5
1972 .. 227. 2
1973
258. 5
1974 "... 291. 3
Surplus
or
Subsidies Less: UclJClL
rlpfi r>if
Wage
less
(-),
current accruals income
surplus of less
and
Govern- dis- product
ment en- burse- accounts
terprises ments
34. 1
41. 2
45. 6
41. 0
39.9
20.0
20. 7
21. 6
33. 1
54.7
58. 5
71.7
83. 3
91. 4
99.4
232. 9
255. 4
278. 3
324.2
364. 7
103. 2
105. 3
110. 3
121. 1
136. 1
78. 6
89. 4
104. 2
132.0
147. 8
32. 6
40.2
41. 5
47.2
53.7
13.4
14. 5
17. 4
19. 8
23. 0
5. 3
89. 9
108. 2
114. 1
131.3
31. 0
33. 4
36. 6
43. 7
49. 3
19.3
20. 4
20. 0
21. 2
22. 0
49. 5
54. 6
62. 5
79.5
88. 7
203. 9
220. 3
244. 7
264.2
299. 1
96. 2
97.6
104, 9
106. 6
116. 9
63. 2
74. 9
82.8
95. 5
117. 0
24. 4
29. 0
37.4
40. 5
43. 8
146
1973: III.. 261. 8
IV— 268. 3
116. 7
121. 8
43. 8
43. 5
21. 0
21. 3
80. 2 263. 4
81. 8 270. 6
105. 3
108. 4
96. 5
98. 8
39. 8
41. 0
16. 8
17. 6
1974: I
278. 1
II--- 288. 6
III._ 302. 8
IV ». 295. 6
124. 1
129. 4
134. 8
136. 8
45. 9
49. 2
55. 4
46. 6
21. 5
21. 9
22. 5
22. 2
86. 7
88. 1
90. 0
90. 0
281. 0
291. 6
304. 7
319. 3
111. 5
114. 3
117. 2
124. 5
106. 5
113. 6
120. 8
127. 2
42. 9
43. 2
43. 4
45. 5
17. 9
18. 7
19. 1
19. 7
100. 7
106. 8
123. 1
122. 1
111. 1
92.2
s as of March 12, 1975.
13. 6
13. 5
16.3
18.8
-19. 7
-15. 0
-4.7
-36. 6
6.7
0. 0
.5
3.7
4. 1
—.2
—. 4
.0
-59. 6
5. 5
.• 0
— 11. 9
4. 7
5.2
6.6
5. 3
2. 1
;0
-.5
-.0
-21. 9
-17.5
-5. 6
-. 5
-7.8
5. 0
4. 8
; 0
— 1. 7
2.2
1.3
.0
-.6
-1.5
.0
-2. 8
-3. 0
2. 7
2. 3
-.0
Source: Department of Commerce, Bureau of Eeonomic Analysis,
-2. 3
— 1. 9
-23. 7
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
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
^
1
2
3
4
5
6
7
8
9
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
10
11
12
13
14
15
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
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
,
Wholesale Prices
Prices Received and Paid by Farmers
26
27
28
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
29
30
31
32
33
34
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
35
36
37
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