Full text of Economic Indicators : May 1965

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* s.
89th Congress, 1st Session" '

EconomiS^lndicators
May

1965

Prepared for the Joint Economic Committee by the
Council of Economic Advisers
The 1964 revised edition of the Historical and Descriptive Supplement to Economic
Indicators, which describes each series and gives annual data for years not shown in
the monthly issues,»is now available at 65 cents a copy from the Superintendent of
Documents, Government Printing Office.




UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1965

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
ROBERT F. ELLSWORTH (Kansas)

SENATE
JOHN SPARKMAN (Alabama)
J. '$?'. FULBRIGHT (Arkansas)
WILJLIAM PROXMIRE (Wisconsin)
" HERMAN E. TALMADGE (Georgia)
, JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)

JAMES W. KNOWLES, Executive Director
JOHN R. STARK, Deputy Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk

COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
OTTO ECKSTEIN
ARTHUR M. OKUN
Economic Indicators -prepared under supervision of FRANCES M. JAMES

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TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
According to current estimates, gross national product rose $14 billion (seasonally adjusted annual rate) in the first
quarter, the largest quarterly gain in more than 3 years. Both personal consumption and gross private domestic
investment increased sharply and government purchases increased slightly while net exports declined.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

Personal
Disposable consumption
personall expendiincome
tures
274.4
292. 9
308. 8
317.9
337. 1
349. 9
364. 7
384. 6
402. 5
431. 8
404. 4
411. 2
419. 5
430. 2
435. 6
442. 1
448. 3

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1963: III
IV
1964: I
II
III
IV
1965: I

256.9
269. 9
285.2
293. 2
313. 5
328. 2
337. 3
356. 8
375.0
399.3
377. 4
381. 3
390. 0
396. 1
404. 6
406. 5
418. 1

Personal
Gross
Excess
Gross
saving
private
of
( + ) or retained domestic investearn-2
disinvestment
ings
saving
( \
ment ^
(-)
42. 1
43. 0
45. 6
44. 8
51. 3
50. 7
51. 2
57.5
59. 1
65. 0
60. 2
59. 7
64. 1
65.2
65. 9
65. 3
69. 4

17.5
23. 0
23. 6
24.7
23. 6
21.7
27. 3
27.8
27.5
32. 5
27. 0
29. 9
29. 5
34. 0
31. 0
35.5
30. 2

:_x,

G

63. 8
67. 4
66. 1
56.6
72. 7
71. 8
68.8
79. 1
82.0
87. 7
82. 8
87. 1
85. 9
87.2
87. 3
90. 4
94. 7

overnmerit

I

78.4
84. 2
87. 5
82.0
95. 7
103. 5
103. 8
114. 4
123. 4
125. 7
124. 5
128. 1
125. 2
124. 1
126. 6
127. 7
133. 2

101. 4
109. 5
116. 3
115. 1
130.2
140. 6
145. 6
157. 8
168.9
173. 3
169. 7
174. 0
172. 7
171. 1
173. 9
176. 1
182. 1

23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41, 8
43. 4
45. 4
47. 6
45. 2
45. 9
47. 5
47. 0
47. 3
48. 4
48. 9

75. 6
79. 0
86. 5
93. 5
97. 2
99. 6
108.0
116. 3
122. 6
128. 6
122. 8
124. 8
125. 2
129. 6
129. 5
130. 0
131. 0

Personal income (p. 5) less personal taxes and nontax payments (fines, penalties, etc.).
2 Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and excess of wage accruals over disbursements.
Does not include retained earnings of unincorporated business which are included
in disposable personal income.
3
Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.




-21. 8
-24. 3
-20. 5
-11. 9
21. 4
-21. 1
-17. 6
-21. 7
-22. 9
-22. 6
-22. 6
-27. 4
-21. 8
-22.0
21. 4
— 25. 1
25 3

1. 5
1. 5
1. 5
1.3
1. 5
1. 6
1.6
1.6
1. 6
1. 8
1. 6
1. 7
1. 5
1. 6
1.7
2. 2
1. 8

1. 1
2. 9
4. 9
1. 2
-. 8
3. 0
4. 6
4. 0
4. 4
7. 0
4.2
5. 8
7.7
5. 7
7.0
7.7
5. 0

4
5

19. 4
23. 1
26. 2
22. 7
22. 9
26. 3
27. 6
29. 2
30.7
35.2
31. 0
32. 6
34. 5
33.7
35. 7
37. 1
33. 7

18. 3
20. 2
21. 3
21. 5
23. 6
23. 3
23.0
25. 2
26. 3
28. 2
26. 8
26. 9
26. 8
27. 9
28. 7
29. 4
28. 7

0. 4
-1. 5
-3. 5
.1
2.3
-1. 4
-3. 0
-2. 4
-2.8
-5. 3
-2.6
-4. 1
-6. 2
— 4. 1
-5. 2
-5.5
-3.2

_.,.-•-

Surplus
( + ) or
deficit
Tax and TransPurTrans- (-) on
nontax
fers,
chases
XT i.
income
Total
fers,
JNet
interest, of goods expendi- interest,
and
receipts receipts
or
and suband
product
tures and sub5
5
accruals sidies
services
account
sidies

Period

1

Net e?cports of goods Excess of
Foreign
arid servic es
net
transfers
trans( + ) or
fers by
of net
ImGovern- Net
Exexports
exports
ports
ment
ports
(-) 4

Expenditur es

*Jet receiplts

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1963: III
IV
1964: ! _ _ _
II
III
IV
1965: I

In ternatior lal

Business

Persons

98. 6
104. 3
115. 3
126. 6
131. 6
136. 7
149. 8
159. 8
168. 0
176. 2
168. 0
170. 7
172. 7
176. 6
176. 9
178. 4
] 79. 9

23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41. 8
43. 4
45. 4
47. 6
45. 2
45. 9
47. 5
47. 0
47. 3
48. 4
48. 9

2. 9
5. 2
1. 0
-11. 4
-1. 5
3. 9
-4. 2
-1.9
.9
-2. 7
1.7
3. 3
(6)
-5. 5
-3. 0
-2.3
2. 2

Total
income
or
receipts

Statistical
discrepancy

396. 5
421. 6
443. 4
446. 0
485. 7
505. 6
521. 2
558. 0
586. 7
624. 4
590.7
600. 8
610. 4
621. 0
629. 8
637. 3
652. 7

1. 0
-2. 4
-. 6
— 1. 5
-3. 0
-3.0
-2. 6
-1. 8
-2. 7
-2.0
-3.5

-1. 8

-1. 6
-2.4
-1. 4
-2. 6
-40

Gross
national
product
or
expenditure

397. 5
419.2
442. 8
444. 5
482. 7
502. 6
518. 7
556.2
583. 9
622. 6
587. 2
599.0
608. 8
618. 6
628. 4
634. 6
648. 8

Net foreign investment with sign changed.
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government
enterprises.
6
Less than $50 million.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
In the first quarter, gross national product rose 214 percent on a seasonally adjusted basis/ after adjustment for price
changes, it rose 1% percent.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

600

600

GROSS NATIONAL PRODUCT
500

500

PERSONAL CONSUMPTION
EXPENDITURES

400

400

\
300

300

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

\
too
GROSS PRIVATE DOMESTIC
INVESTMENT

NET EXPORTS OF GOODS
AND SERVICES
V

J

1959

1960

L
1961

1962

1963

SOURCE, DERAILMENT OF COMMERCE

448.9

1953.
1954
1955
1956

1957..

1958
1959
1960
1961
1962
1963
1964
1963: III
IV
1964: I
II
III
IV
1965: I

.

489. 8
478.4
483. 5
493. 0
486. 0
518. 1
531. 2
541. 6
575. 7
595. 8
622.6
598. 0
606.2
612.9
620. 2
626. 6
630.6
641-5

Gove rnment pmrchases of good s and
services
Federal
State
and
Total Total i National
2 Other
local
defense

Billions of dollars5, quarter!y data at seasonal ly adjust,ed annua 1 rates
9. 0
49.3
58.0
232. 6
50. 3
82. 8
-0.4
365. 4
41.2
6. 7
75.3
47.5
48. 9
238. 0
363. 1
I/O
6.6
39. 1
1. 1
75.6
45. 3
256. 9
397.5
63. 8
5.7
45. 7
2. 9
40.4
79. 0
269.9
419.2
67.4
5. 7
44.4
285.2
86.5
49. 7
4.9
66. 1
442.8
8.3
1.2
52. 6
44. 8
56.6
93. 5
293. 2
444. 5
7.9
46. 2
53.6
482. 7
—.8
97. 2
313. 5
72.7
45.7
53. 1
8. 0
502. 6
71. 8
3. 0
99. 6
328. 2
8. 9
57.4
49.0
337. 3
4. 6 108. 0
68. 8
518. 7
53.6 10. 2
556.2
62.9
4. 0 116. 3
356. 8
79. 1
55.2 10.3
82. 0
64. 7
4,4 122.6
583.9
375. 0
55.4 11.2
65.5
87.7
7.0 128.6
399.3
622.6
4.2 122.8
9. 5
587.2
64. 4
55. 5
377.4
82.8
55. 3 10. 5
64.9
87. 1
5.8 124.8
599. 0
381.3
64. 3
54.0 11. 5
390. 0
85. 9
7.7 125.2
608. 8
57.0 11.0
396. 1
67. 1
87. 2
5.7 129.6
618.6
55.
2 11.2
404.
6
7.0
65.
5
628. 4
87.3
129.5
55.3 11.3
90.4
7.7 130.0
65.3
634.6
406.5
54.4 11.9
5.0 131.0
65. 1
418. 1
94.7
648.8

1
Less Government sales.
* Prior to 1959, this category corresponds closely with budget expenditures for
national defense, shown on p. 36. Beginning with 1959, they differ because of
inclusion of space program expenditures in this table; these expenditures, small
in 1959-61, amounted to $4.3 billion in 1964.




1965
COUNCR OF ECONOMIC ADVISERS

Total
Personal
Not
conTotal
gross
private exports
sump- domestic
national gross
of goods
tion
product national
and
in 1964 product expend- investment services
itures
prices

Period

1964

24. 9
27. 7
30.3
33. 2
36.8
40.8
43. 6
46. 5
50. 6
53. 5
57.9
63.0
58. 4
59. 9
60. 9
62. 5
64. 1
64.6
65.9

Implicit
price
deflator
for total
GNP,
1964= 1003
81.4
82.6
84.0
86.7
89. 8
91. 5
93. 2
94.6
95. 8
96.6
98. 1
100.0
98. 2
98.8
99.3
99.7
100.3
100.6
101. 1

* Gross national product in current prices divided by gross national product
In 1964 prices.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

NATIONAL INCOME
National income registered a strong gain of $13.7 billion (seasonally adjusted annual rate) in the first quarter.
Corporate profits and employee compensation both contributed substantially to the gain.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

600

600

SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME
500

500

400

400
COMPENSATION OF EMPLOYEES

30Q

300

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS' AND
RENTAL INCOME

1965

1959
JL/ PRELIMINARY
"See Nols, page 7.

SOURCE. DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]

Period

Total
national
income

Compensation
of employees 1

Proprieto rs' income
Farm

Business
and professional

Rental
income
of
per-

Corporalbe profits and inventory val uation ad justment 2
Net
interest

Total

Profits Inventory
valuation
before
taxes 2 adjustment

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

305. 6
301. 8
330. 2
350. 8
366. 9
367. 4
400. 5
414. 5
426. 9
455. 6
478. 5
510. 1

208.8
207. 6
223. 9
242. 5
255. 5
257. 1
278. 5
293. 6
302. 2
323. 1
340. 3
361. 7

13. 3
12. 7
11. 8
11. 6
11. 8
13. 5
11. 4
12. 0
12. 9
13. 2
13. 0
12. 7

27.4
27.8
30. 4
32. 1
32. 7
32. 5
35. 1
34. 2
35.3
36. 6
37. 6
39. 3

10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
11. 9
12. 1
12.2
12. 2
12. 3
12. 4

8.2
9. 1
10.4
11.7
13.4
14. 8
16. 4
18. 1
20. 1
22. 1
24.4
26. 8

37. 3
33. 7
43. 1
42. 0
41. 7
37.2
47. 2
44. 5
44. 1
48. 4
50. 8
57. 4

38. 3
34. 1
44.9
44. 7
43. 2
37. 4
47. 7
44. 3
44. 2
48. 2
51. 3
57. 6

-1. 0
—. 3
— 1. 7
-2. 7
-1.5
-.3
-. 5
.2
-%
.3
-.4

1963: III
IV

481. 9
490. 0

342.7
347. 7

12.9
13.2

37. 8
38. 3

12. 4
12. 4

24. 7
25. 4

51. 4
53. 1

51. 3
54. 3

.2
1. 2

1964: I
II
III
IV
1965: I 3

498. 4
507. 1
514. 5
520. 6
534. 3

352. 5
358. 6
364. 8
370. 6
378. 3

12.6
12. 6
12. 6
12. 9
12. 2

38. 6
39. 1
39. 6
39. 9
40. 4

12. 4
12. 4
12. 4
12. 5
12. 5

25. 9
26. 5
27. 1
27. 6
28. 2

56. 4
57. 9
58. 1
57. 0
62. 6

56. 6
57. 9
58. 0
57. 7
64.0

.2
i
.1
-.7
— 1. 4

1
Includes
2

employer contributions for social insurance. (See also p. 4.)
See Note, page 7.
s Preliminary.




NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

o

SOURCES OF PERSONAL INCOME
Personal income in April increased less than $1 billion (seasonally adjusted annual rate) to $514.5 billion.
and salaries declined fractionally while other sources of income were unchanged or increased slightly.
BILLIONS OF DOLLARS
550

Wages

BILLIONS OF DOLLARS
550

500

500

450

400

350

300

250 -

1959

1965

SOURCE-. DEPARTMENT OF COMMERCE

Period

1956
1957
1958
1959
1960
1961
1962
1963_
1964
1964: Feb
Mar
Apr
May
June__
July____
Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr 4 _ _ _

Total
personal
income

332. 9
351. 4
360. 3
383. 9
401. 3
417. 6
442. 4
464. 1
491. 4
480. 5
482. 9
486. 6
487. 8
489. 3
491. 4
494. 9
497. 9
498. 7
502. 3
505. 9
510. 2
511. 0
513. 8
514, 5

[Billions of dollars, monthly data at seasonally adjusted annual rates]
Wage
7
and
Other Propriet( 3rs income Rental
Personal Transfer
Divisalary
labor 2
Business income
payinterest
dends
of
Farm
disburseincome
and pro- persons
income ments
ments l
fessional
227. 6
8. 1
11. 6
32. 1
10. 9
12. 1
18. 8
17. 5
238. 5
9. 1
11. 8
32. 7
12. 6
11. 9
19. 6
21. 9 .
239. 8
9. 4
13. 5
12. 2
32. 5
12. 4
26. 3
21. 0
10. 4
11. 4
258. 5
35. 1
11. 9
13. 7
23. 5
27. 5
271. 3
11. 0
12. 0
34. 2
12. 1
14. 5
25. 8
29. 5
12. 9
278. 8
11.6
12. 2
35. 3
15. 2
27. 5
33. 6
12. 3
297. 1
13. 2
12. 2
36. 6
16. 5
34. 7
30. 0
312. 1
13. 1
13. 0
37. 6
12. 3
32.9
36. 7
18. 0
14. 1
12. 7
331. 6
12. 4
39. 3
36. 0
19. 8
38. 2
323. 6
13. 7
12. 6
12. 4
38. 7
19. 4
35.0
37. 5
12. 4
325. 1
13. 8
12. 4
38. 8
19.6
35.3
37.8
327. 7
13. 9
12.5
39.0
12.4
19. 8
35. 5
38. 2
14. 0
328. 7
12.6
12. 4
39. 1
19. 8
35. 7
38. 0
14. 1
12. 6
330. 1
39. 3
12. 4
19. 9
35. 9
37. 6
331. 8
14. 2
12. 4
39. 5
12. 4
20. 0
36. 0
37. 8
334. 6
12.
6
14. 2
12. 4
39. 6
20. 0
36. 2
38.0
337. 2
14. 3
12. 7
12. 4
39. 7
19. 9
36. 5
38.0
337. 3
14. 4
12. 7
39. 8
12. 5
19. 9
36. 7
38. 3
340. 4
14. 5
12. 9
39.9
12. 5
19. 9
36. 9
38. 4
342.6
14. 5
40. 1
13. 1
12. 5
20. 6
37. 2
38. 5
344. 7
14. 6
12. 7
12. 5
40. 3
20. 4
37. 4
*40. 8
347. 3
12.2
14. 7
40. 4
12. 5
20. 6
37. 6
38. 9
349. 6
14. 7
11. 9
12. 5
40. 5
20. 7
37. 8
39. 2
349. 5
14.8
12. 1
40. 6
12. 5
20. 9
39. 3
38. 0

1
Compensation oi employees (see p. 3) exchidinp: employer contributions for
social
insurance and the excess of wage accruals over disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries directors' fees; military reserve pay; and a few other
minor
items.
8
Personal income exclusive of net income of unincorrorated farm enterprises,




COUNCIL OF ECONOMIC ADVISERS

Less: Personal contributions
for social
insurance
5. 8
6. 7
6. 9
7. 9
9. 2
9. 6
10.3
11. 8
12. 7
12.3
12. 4
12. 5
12. 5
12. 6
12. 7
12. 8
12. 9
12. 9
13. 0
13. 1
13. 2
13. 2
13. 2
13. 2

Nonagricultural
personal3
income

317. 9
336. 1
343. 0
368. 6
385. 1
400. 4
424. 9
446. 6
474. 2
463. 5
466. 1
469. 7
470. 7
472. 1
474. 4
477. 8
480. 6
481. 4
485. 0
488.6
493. 2
494. 5
497.6
498. 1

farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
4
Preliminary.
* Reflects stepped-up payments for veterans' insurance.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

DISPOSITION OF PERSONAL INCOME
In the first quarter, disposable personal income rose $6.2 billion (seasonally adjusted annual rate). Consumption
increased $11.6 billion, while personal saving dropped $5.3 billion to a rate of 6.7 percent of disposable income.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500

500

450

400

1,800
1959

1965

SOURCE, DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Personal
income

Less:
Personal
taxes

Equals:
Disposable
personal
income

289. 8
310. 2
332. 9
351. 4
360. 3
383. 9
401. 3
417. 6
442. 4
464. 1
491. 4

32. 9
35. 7
40. 0
42. 6
42. 3
46. 8
51. 4
52. 9
57. 9
61. 6
59. 5

256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349.9
364. 7
384. 6
402. 5
431. 8

1963: III- 466. 3
I V _ _ 474. 5
1964: !____ 480.9

61. 9
63.3
61. 4
57. 7
58. 8
60. 2
63. 3

404. 4
411. 2
419. 5
430. 2
435. 6
442. 1
448. 3

Period

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

!!___
III__
IV___
1965:1

487.9
494. 5
502. 2
511. 6

Total

Equals :
Personal
Nonsaving
Durable durable
Current
Services
goods
prices

Billions of dollars3
o2. 4
119. 3
86. 3
23S. 0
124. 8
39. 6
92. 5
250. 0
38. 5
100. 0
269. 9
131. 4
137. 7
107. 1
40. 4
285. 2
141. 6
114. 3
37. 3
293. 2
122. 8
43. 6
147. 1
313. 5
44. 9
151. 8
328. 2
131. 5
155. 4
138. 3
337. 3
43. 7
162. 0
146. 4
48. 4
356. 8
52. 1
167. 5
155. 3
375.0
57. 0
165. 1
177.3
399. 3
Seaso nally adjiisted anmlal rates
52.2
168. 6
156. 6
377. 4
53. 6
168. 9
158. 8
381. 3
172. 9
390. 0
55. 9
161. 1
175. 3
57.0
396. 1
163.8
179. 5
166. 4
404. 6
58. 7
169.0
181. 3
56. 3
406. 5
62. 0
184. 3
171. 7
418. 1

1
Income in current prices divided by the implicit price deflator for personal
consumption
expenditures on a 1964 base.
2
Population of the United States including armed forces abroad. Annual
data as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures.




Per cap ita disposable personal
inco me

L ess:
Persona 1 consump>tion expe nditures

1964
prices

l

Saving as
percent Pop ul aof distion
posable (thoupersonal sands) 2
income
(percent)

18.9
17. 5
23. 0
23. 6
24, 7
23. 6
21.7
27. 3
27. 8
27. 5
32. 5

Dol lars
1,815
1, 582
1, 896
1, 661
1, 741
1,956
1,968
1, 803
1, 957
1, 826
2,015
1,904
2, 021
1,936
2,057
1, 985
2, 060
2, 116
2, 125
2, 155
2, 248
2, 248

7. 4
6. 4
7. 9
7. 6
7.8
7.0
6. 2
7. 5
7.2
6. 8
7. 5

162, 388
165, 276
168, 225
171, 278
174, 154
177, 080
180, 684
183, 756
186, 656
189,417
192, 119

27. 0
29. 9
29.5
34. 0
31. 0
35. 5
30. 2

2, 131
2, 158
2, 194
2,243
2, 263
2,289
2, 314

6. 7
7. 3
7. 0
7. 9
7. 1
8.0
6. 7

189, 809
190, 560
191, 160
191,780
192, 478
193, 182
193, 762

2, 159
2, 177
2, 204
2,245
2,260
2,278
2,291

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.

FARM INCOME
Net farm income, seasonally adjusted, dropped 6% percent in the first quarter excluding inventory change and 51/2
percent including the effects of changes in inventories.

BILLIONS OF DOLLARS

WLLIONS OF DOLLARS
SEASO NALLY ADJUSTED ANNUAI RATES

50

50
REALIZED GROSS
FARM INCOME

\
40

1

—***_.-x

•••

40

'

*

30

30

NET FARM INCC ME
INCLUDING NET INV ENTORY
CHANGE

20

20

\

"•*-«.

10

10

I

1
1959

1

i

i
i
I960

1

1

i

I

1961

i
1962

i

i

Personal income re ceived by
total i'arm popu lation

1963: III
IV
1964: I
II
III
IV
1965: I

From
all
sources

From
farm
sources

18. 6
IS. 8
20. 5
19. 0
19. 6
20. 1
20. 4
19. 9
19.6

12. u
12.2
13. 8
11. 8
12.3
13. 1
13. 3
13. 0
12.7

From
nonfarm
sources

i
1964

i

1

1

1

1965

(3. 0
6. 6
6. 7
7. 1
7. 2
7.0
7. 1
6. S
6.9

Net tc5 farm
open itors

i\et iuc ome per
farm incl tiding net
inventory change 3

ProducCash
tion ex- Exclud- Includreceipts penses ingnetin- ing net in- Current
1964
from
Total i'
ventory ventory2
prices prices 4
marketchange change
ings
Billions c)f dollars
Dol lars
34. 13
22. U
12. U
2, 574
11. (3
3U. 0
2,829
34. 4
23. 4
11. 0
2, 695
29. 8
11. 8
2,867
37. 9
25. 3
12. 6
3, 201
33. 4
13. 5
3,369
37. 5
26. 2
11. 3
2, 775
2, 891
33. 5
11. 4
26. 2
12. 0
37. 9
34. 0
11. 7
3, 044
3, 138
12. 6
39.6
27. 0
12. 9
34. 9
3, 389
3,494
12. 6
36. 1
13. 2
40.9
28. 3
3, 581
3,654
41. 7
12. 5
29. 2
36. 9
13. 0
3, 643
3,680
42.0
36. 7
29.4
12.7
12.6
3,658
3,658
Scab o n a i l v ad usted amitial rates
41. 6
12. 4
29. 2
12. 9
36. 8
3, 610
3,650
42. 0
29. 2
37. 2
12. 8
13. 2
3, 690
3,730
41. 9
36. 7
29. 6
12. 6
12. 3
3, 630
3,630
42. 0
12. 3
12. 6
29. 7
36. S
3, 630
3, 630
41. 6
36. 2
29. 1
12. 5
12. 6
3, 630
3,630
29.2
42.5
37.1
12.9
13.3
3,720
3,720
42. 1
12. 4
12. 2
36. 5
29. 7
3, 610
3, 570

1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory
of crops and livestock valued at the average price for the year.
3
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.




i

].ncome re ceived fro m farming

Realize d gross

1956
1957
1958
1959
1960
1961
1962
1963
1964

i

COUNCIL OF ECONOMIC ADVISERS

SOURCE. DEPARTMENT OF AGRICULTURE

Period

t
1963

4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1964 base.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits before taxes climbed $6.3 billion (seasonally adjusted annual rate) in the first quarter,
corporate profits rose $4.6 billion.

After taxes,

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60

10

10

1962

1959
J/EXCLUDING INVENTORY VALUATION ADJUSTMENT.

'

'

1963

1965

*SEE NOTE ON TABLE BELOW.

SOURCfc DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1963: III__
IV..
1964: T
II...

m__

I V __
1965: I 3 _ _ _

Cori)orate pr ofits (befc>re taxes) and inveE tory
valuation adjust meiit
TransCorpo- CorpoM anufactui ing
portation,
rate
rate
comAll
tax
profits
N
All
Durable durable muni- other before liabilindusgoods
indus- taxes
ity
tries
Total indusgoods cations,
and
tries
indus—
tries
public
utilities
43. 1
14.2
25. 0
10. 8
5. 4
12.8
44. 9
21. 8
42. 0
12. 6
23. 5
10. 9
12. 9
5. 6
44. 7
21. 2
41. 7
22. 9
13. 1
9.8
5. 5
13.3
43. 2
20. 9
37. 2
18.3
9. 0
9. 3
5.6
13.3
37. 4
18. 6
13.4
47. 2
25. 4
11. 9
6.7
15. 1
47.7
23. 2
44. 5
11. 6
23. 0
11. 4
7. 0
14. 4
22. 3
44. 3
44. 1
10. 8
21. 7
10. 9
15. 1
7.3
22. 3
44. 2
48. 4
13. 2
24. 7
11. 5
8.0
15.7
23. 2
48. 2
50. 8
12. 3
26. 7
14. 4
8.4
15. 7
24.6
51.3
57. 4
30. 9
16. 7
14.3
8. 9
17.5
57. 6
25. 8
51. 4
27. 8
14.7
13. 1
8.4
15. 2
24. 5
51. 3
12. 4
53. 1
27. 8
15. 4
8. 7
16. 6
54. 3
26. 0
56. 4
30. 6
16. 6
13, 9
8. 5
17.4
56. 6
25. 4
57. 9
17. 0
31.7
14.8
8. 8
17. 4
57. 9
26. 0
58. 1
14. 3
31. 2
16. 9
9. 3
17. 6
58. 0
26. 0
57. 0
30. 3
16. 2
14. 1
9.3
17.5
57. 7
25. 9
62. 6
64. 0
27. 5

1
Includes der.reciation, c apital outlgiys charged to current ac counts and accidental damages
2 Corporate p rofits after taxes plus (x>rporate cap ital consum] )tion allowaiices.
s Preliminary

47-749° —65




2

Con3orate pr ofits
a fter taxe s

Total

23.0
23. 5
22.3
18. 8
24. 5
22. 0
21. 9
25. 0
26. 7
31. 8
26. 7
28.3
31. 2
31.9
32.0
31. 9
36. 5

Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allow-1
ances
11. 2
12. 1
12.6
12.4
13.7
14. 5
15. 2
16. 5
18.0
19. 8
17.9
19. 1
19. 4
19. 8
20. 0
20.2
20. 5

11. 8
11. 3
9.7
6.4

10.8
7. 5
6. 7
8.5
8.7

11.9
8. 9
9. 2
11. 8
12. 1
12. 0
11.7
15. 9

18.4
20.0
21. 8
22. 7
24. 3
25. 6
26. 9
30. 5
31. 8
33.7
32. 1
32. 4
33.0
33. 4
33. 8
34. 4
34 7

Profits
plus
capital
consumption
allow-2
ances
41. 4
43. 5
44. 1
41.4
48.7
47. 6
48.8
55. 5
58. 5
65. 5
58. 8
60. 7
64. 2
65. 3
65. 8
66. 3
71.2

hJOTE.— Dal a beginning; 1962 have oeen adjust ed for effects of new d€ preciation
gui delines ($2] t billion fo r 1962) and t herefore no t com par a ble with prenrious data.
r>a ta for Alas] ta and Hav/ail include d beginnin g 1960.
o
Source:
Department of Commerce.

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment advanced $4.3 billion (seasonally adjusted annual rate) in the first quarter, according to current estimates. New construction, producers' durable equipment, and business inventory investment each
contributed to the rise.

BILLIONS OF DOLLARS
100

BILLIONS OF DOLLARS
100
SEASONALLY ADJUSTED ANNUAL RATES

80

80

GROSS PRIVATE
DOMESTIC INVESTMENT
60

60
NEW CONSTRUCTION

40

40

PRODUCERS'
DURABLE EQUIPMENT

,„„„„„....«»»'•'"»**

,.,„„„..-'••""""""""""•••••«,...1

20

20

CHANGE IN BUSINESS
/ INVENTORIES

\

,

V

I I
1959

1

1960

I

I

I

I

I

I
1963*

1962

1961

l

I

i

1964

1 . 1
1965

COUNCIL OF ECONOMIC ADVISERS

SOURCEi DEPARTMENT OF COMMERCE

[Billions of dollars, quarterly data at seasonally adjusted annual rates]

Period

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1963: III
IV
1964: I
II
III
IV
1965: I

Total
gross
private
domestic
investment
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72.7
71. 8
68. 8
79. 1
82. 0
87.7
82.8
87. 1
85. 9
87. 2
87. 3
90.4
94 7

New cons truction!
Total
Total
49. 9
50. 5
58. 1
62. 7
64.6
58. 6
66. 2
68. 3
66. 9
73. 3
77. 6
84.0
78. 6
80. 7
83. 4
83. 5
84.5
84.7
87. 8

Residential
nonfarm

27. 6
29. 7
34. 9
35. 5
36. 1
35. 5
40. 2
40. 7
41. 0
44. 2
46. 6
48.9
47.2
48. 3
49. 2
48. 9
48. 9
48.7
49. 9

1
Revisions in series on new construction shown on p. 19 have not vet been incorporated
into these series.
3
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.




Change in business inv entories

Fix(3d investnlent

13. 8
15. 4
18.7
17. 7
17.0
18.0
22. 3
21. 1
21. 1
23. 6
25. 2
26.0
25. 4
26. 2
26.9
26. 2
25. 7
25. 1
26. 2

Otrler

Total
13. 8
14. 3
16. 2
17. 8
19. 0
17. 4
17. 9
19. 7
19. 8
20. 6
21. 3
22. 9
21. 9
22. 1
22. 3
22. 7
23. 1
23.6
23. 7

Producejrs' durable eqilipment

2

Nonfarm
12. 1
12. 7
14. 6
16. 3
17.5
15. 9
16. 2
18. 0
18.2
19. 0
19. 8
21.4
20.3
20.6
20.8
21. 1
21. 6
22. 1
22. 2

Total
22. 3
20. 8
23. 1
27. 2
28. 5
23. 1
25. 9
27. C
25.9
29. 0
31. 0
35. 1
31.4
32. 4
34. 2
34. 6
35. 6
36.0
37. 9

Total

Nonfarm
19. 5
18. 5
20. 6
25. 0
26. 2
20. 3
23. 1
25. 1
23.3
26. 3
27.9
31.6
28.5
29. 1
30. 7
31.2
32. 1
32.3
34. 2

0.4
-1.6
5. 8
4.7
1. 6
-2. 0
6.6
3. 5
1.9
5. 9
4. 4
3.7
4.2
6. 4
2. 5
3.7
2.8
5.7
6. 8

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

Nonfarm
1. 1
-2. 1
5.5
5. 1
.8
-2.9
6.5
3. 2
1. 5
5. 3
3.9
3.6
3. 7
6. 0
2. 2
3.4
2.7
6. 1
7.0

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The February survey of plant and equipment expenditures indicated that total outlays in 1964 were 141A percent above
those in 1963. According to business plans reported in the survey, expenditures in 1965 will be about 12 percent
above the 1964 total.

BILLIONS OF

BILLIONS OF DOLLARS

DOLLARS

S£ASONM1Y ADJUSTED ANNUAL RATES

50

50

40

40

TOTAL
30

30

20

20
MANUFACTURING

10

10
TJLJBLIC UTILITIES

A..
TRANSPORTATION

J/ , U

195f

I960

1964

1962

1965

Jj SEE NOTE 3 ON 1T/ABlf£HB£kQW.
SOURCE SKWHllB AND EBOWANGE COMMISSION AND DEPARTMENT OF -COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufaeturi ng

Period

Total l
Total

1953
1954
1955
1956
1957
__
1958
1959
1960___ ___ _
1961
1962
1%3
__ __ _ _ _ __
1964 3
1965
1964: I
II
III
IV
1965: I 33
II
2d half 3
1
2

28. 32
26. 83
28. 70
35. 08
36.96
30. 53
32. 54
35. 68
34. 37
37. 31
39. 22
44. 90
50. 17
42. 55
43. 50
45. 65
47. 75
48. 85
49. 65
50. 95

11. 91
11. 04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 58
21. 53
17. 40
17. 80
18. 85
20. 15
20. 95
21. 30
21. 85

Durable Nonduragoods
ble goods
5. 65
5. 09
5. 44
7. 62
8. 02
5. 47
5. 77
7. 18
6. 27
7. 03
7. 85
9. 43
10. 71
8. 85
9. 00
9. 60
10. 15
10. 60
10. 60
10. 85

Excludes agriculture.
Commercial and other includes trade, service, finance, communications, and
construction.
s Estimates based on anticipated capital expenditures as reported by business
in February 1965. Includes adjustments when necessary for systematic tendencies in anticipatory data.
NOTE.—Beginning 1S59 all quarterly data are rounded to nearest $50 million.




Transpo rtation

6. 26
5. 95
6. 00
7. 33
7. 94
5. 96
6. 29
7. 30
7. 40
7. 65
7. 84
9. 16
10. 83
8. 55
8. 80
9. 20
10. 00
10. 40
10. 70
11. 00

Mining
0. 99
.98
.96
1.24
1.24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1. 31
1. 15
1. 15
1. 20
1. 30
1. 20
1.30
1. 35

Railroads

Other

1.31
. 85
. 92
1. 23
1. 40
. 75
. 92
1. 03
. 67
. 85
1. lu
1. 41
1. 62
1. 40
1. 25
1. 50
1. 55
1. 75
1. 45
1. 65

1. 56
1. 51
1. 60
1. 71
1. 77
1. 50
2. 02
1. 94
1.85
2. 07
1. 92
2.38
2. 57
2. 30
2. 25
2. 40
2. 60
2. 50
2. 75
2. 50

Public Commerand
utilities cial
other 2

4.55
4. 22
4. 31
4. 90
6. 20
6. 09
5. 67
5. 68
5. 52
5. 48
5. 65
6. 22
6. 56
5. 95
6. 30
6. 30
6. 35
6. 40
6. 45
6. 65

8. 00
8. 23
9. 47
11. 05
10. 40
9. 81
10. 88
11. 57
11. 68
13. 15
13. 82
15. 13
16. 58
14. 30
14. 75
15. 40
15. 80
16. 00
16. 40
16. 90

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

9

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In April, agricultural employment rose by 293,000 but nonagricultural employment dropped by 16,000 on a seasonally adjusted basis.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*
SEASONALLY

ADJUSTED

TOTAL LABOR FORCE -^
75

CIVILIAN LABOR FORCE

75

70

70

65

TOTAL
IVJIAL EMPLOYMENT
CWrlA^ IMCIN I

^S*—*—**

60

%

*

*"T

65

t«M"*i""*i

/i

60

" NONAGRICULTURAL "
EMPLOYMENT

55

55

10

10
AGRICULTURAL EMPLOYMENT

^UNEMPLOYMENT
PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE

sE/> S<>N A LU' *c jiJS1 ED

UNE/vM>L O ft AE NT RA TE
£

-I

n

r*

~

*
1

Ti

1

ri-

*"
q-

-

T-l

T~ n r

o
195S)

196 3

.
4

0

196^t

196:3

196 2

961

n

1965

*1nre &R s 3F A ;E A w o>ft R.
sc>U(*c Ei

Period

1960___
1961. „
1962»_
1963—
1964,__
1964:
Feb..
Mar.
Apr_
May.
June.
July.
Aug.
Sept.
Oct..
Nov_
Dec.
1965:
Jan..
Feb.
Mar.
Apr.

DI Pt IRT M :N

Total
labor
force
(including
armed
forces)
73, 126
74, 175
74, 681
75, 712
76, 971

r <3F

UIB

<:oUK c L

:>*

Civilkin emTotal
ploy ment
labor
force
JNon- Unemploy- (includagriing
Total
ment
cularmed
tural
forces)
Thousands of \aersons 14
66, 681 60, 958 3, 931 73, 126
66, 796 61, 333 4,806 74, 175
67, 846 62, 657 4, 007 74, 681
68, 809 63, 863 4, 166 75, 712
70. 357 65, 596 3,876 76, 971
Unadj listed
XT

Unempl oyment Labor
rate (pe rcent oi force
civiliaii labor particiNon- Unempation
for ce)
ployagrirate,
Seasonment
culUnadad- unad- 1
tural
justed ally
justed
justed
Percent
60, 958 3,931
5.6
58.3
61, 333 4,806
6. 7
58.0
62, 657 4,007
57.4
5. 6
63, 863 4, 166
5.7
57.3
65, 596 3, 876
5.2
57.4

Civilkin emplo yment
Civilian
labor
force

Total

Agricultural

years of age and o ver
70, 612 66, 681 5,723
71, 603 66, 796 5,463
71, 854 67, 846 5, 190
72, 975 68, 809 4, 946
74, 233 70, 357 4,761
Seasonally adjustec I

75, 259
75, 553
76, 544
77, 490
79, 389
78, 958
78, 509
76, 865
77, 112
76, 897
76, 567

68, 002
68, 517
69, 877
71, 101
71, 953
72, 405
72, 104
70, 805
71, 123
70, 793
70, 375

64, 071 4,524
64, 500 4, 293
65, 448 3, 921
66, 094 3, 640
66, 100 4,692
66, 586 3, 813
66, 704 3,654
65, 575 3, 317
65, 997 3,252
66,248 3,373
66, 590 3,466

76, 551
76, 541
77, 252
77, 225
77, 049
76, 928
77, 006
77, 028
76, 996
77, 140
77, 432

78, 819
78, 798
74, 507
74, 477
74, 805
74, 188
74, 255
74, 280
74, 259
74, 409
74, 706

75, 699
76,418
76, 612
77, 307

68, 996
69, 496
70, 169
71, 070

65, 257
65, 694
66, 180
66, 597

3,996
4,218
3, 740
3, 552

77, 621
77, 755
77, 647
78, 068

74, 914 71,284 4,513 66, 771 3,680
75, 051 71, 304 4,595 66, 709 8, 747
74, 944 71, 440 4,550 66, 890 8,504

3
Total
2

75, 877

labor force as percent of noninstitutional population.
Not strictly comparable with preceding data. See Employment and Earnings, May 1962, p. XIV.

10



OF E CONOMIC ADVISERS

69, 842
69, 812
70, 486
70, 639
70, 845
70, 496
70, 458
70, 465
70, 879
70, 755
71, 004

71, 717

4,791
4,687
4,791
4,849
4, 826

4,864

4,817
4,815
4, 721
4,671
4,541

4, 843

65. 051
65,175
65, 695
65, 790
65, 519
65, 682
65, 641
65, 650
65, 658
66, 084
66, 463

66, 874

3,977
8,986
4,021
8, 838
3,960
3,692
3,797
8,815
8,880
3,654
8,702

8, 660

5.0
4.8
4.5

5. 0
5. 1
5. 1
5. 2

4.7

5.0

56.4
56. 6
57. 3
57. 9
59.2
58.8
58. 4
57. 1
57. 2
57. 0
56.7

5.5

4.8
5. 0
4.7
4.9

55.9
56.4
56. 5
56. 9

6.2
5.9
5.3
4.9

6. 1

4. 4
4. 5

5. 7
5. 1
4. 8

NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.

6.4
5.4

5.4

5.2
5.8

4.9

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
As a result of large increases in teenage unemployment the seasonally adjusted unemployment rate rose to 4.9
percent in April.

2.0

2.0

1965

1959

COUNCIL OF ECONOMIC ADVISERS

SOURCE. DEPARTMENT OF LABOR

Unern ploy men t rate
(percen t of civilisin labor
for ce m gimip)

Period

Labor
force
time lost
Experi- Married through
unemenced
men
All
ployment Over 40
wage
and
(wife and part- hours
workers salary
time
workers present)

i960
1961...
1962
1963
1964
1964: Apr
May
June
July
Aug.
Sept
Oct.
Nov
Dec
1965: Jan
Feb
Mar
Apr
1

5.6
6.7
5.6
5.7
5.2

Per cent
3.7
5.7

6. 8
5. 5
5. 5

5.0

4. 6
3. 6

3.4
2.8

Season all 7 adjusted
2. 8
5.4
5. 1
2. 6
5.2
4.9
5.3
5.0

5. 1

5.3

4. 8

4.9

5.1

4. 9

4.9
5.0
4.8

5.0
4.7
4.5
4.5

4.7
4.9

4.3

5. 2

5. 0

4. 6

4. 5

2.8
2.7

2. 6
2. 8
2.9

6.7
8.0

6. 7
'6. 4
5.8
5.9
5.7

6. 1
5.7

5. 7
5. 7

5.7

2. 4

5. 2

2.6
2.7
2.6
2.5

5.3
5.3

2. 5

5. 4
5. 1
5. 3

17, 664
18, 210
19,025
19, 257
19, 294
20, 173
20, 450
19, 783
19, 195
19, 159
15, 079
20, 284
19,358
21,251
20, 264
20,018
20, 612
18, 499

Man-hours .ost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian ,abor
force. Beginning 1963, series reflects whether unemployed persons sought fullor2 part-time jobs.
DilTers from total nonajrricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.




Persons at work i n n onagri cultural 2iiidustries
by hours worked f >er week
Uiider 35 ho urs
Part-t me for
Part-ti me for
economi c reasons economi c reasons
35-40
hours
Total
Usually Usually Usually Usually
fullpartfullparttime 3
time 4
time 3
time 4
Thousan ds of pers ons 14 years of age and over
28, 724 11,528
1, 243
1,317
29,047 11, 132
1,297
1, 516
28 853 11, 675
1,049
1, 288
29, 422 11, 856
1,070
1, 219
29, 127 13, 850
985
1, 151
tJnadjuste d
Seasonally7 adjusted
31, 279 11,885
1,053
1,069
999
1, 168
31,055 12, 283
931
1, 137
945
1, 204
30, 994 11,320
1,088
1,431
1, 114
1, 148
29, 450 10, 476
878
1,510
981
1, 173
30, 053 10, 284
904
1, 503
900
1, 177
18. 907 28, 157
965
1,056
953
1, 155
29, 065 13,857
935
988
961
1, 137
27,757 16,913
975
926
897
1,052
31, 066 12, 298
1,021
968
1,044
1,088
31,166 11,681
1,078
979
1,000
1,128
30, 110 13, 165
927
982
952
1, 045
31,371 11,981
910
998
877
1,082
5
5
29, 187 16, 117
862
921
818
1,007

3
Includes persons who worked part-time because oi slack work, material
shortages or repairs, new iob started, or Job terminated.
* Primarily includes persons who could find only part-time work.
5
Average hours worked: usually full-time. 23.0; usually part-time, 18.3.
NOTE.—See Note, p. 10. Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor

11

UNEMPLOYMENT INSURANCE PROGRAMS
In April, insured unemployment under State programs averaged 285,000 less than in April 1964.
ployment rate declined to 3.1 percent, seasonally adjusted.

MILLIONS OF PERSONS

The insured unem-

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

[1965]

1964

I r .
JAN.

I i -i

_i I

FEB.

MAR.

APRIL

MAY

JUNE

JULY

AUG.

SEPT.

-^SEE NOTE 2 ON TABLE BELOW.
SOURCE: DEPARTMENT OF LABOR

Period

1961
1962
1963
1964
1964: Mar
Apr
_ _ __
May _
June__
July
Aug
_ _ __
Sept
Oct___
Nov_
Dec
_ _
1965: J a n _ _ _
__
Feb
Mar
_ _
_ _
Apr 1
_
__ .
\\eek ended:
1965: Apr 3
10
17
___
24

May 1
8

12

NOV.

DEC.

COUNCIL OF ECONOMIC ADVISERS

All programs
Insured
Total
unem- benefits
Covered ploypaid
employ- ment
(mil(weekly
ment
lions
averof dolage)
lars)
Thou sands
46, 264
2, 994
47, 766 2 1,924
48, 435
1, 973
1
49, 295
1, 753
48, 172
2,201
1
48, 844
1, 918
1
1, 605
49, 396
1
50,
146
1,448
1
50, 349
1,491
1
1,396
50, 678
1
50, 771
1,256
1,264
1,417
1, 801
2, 135
2, 066
1, 863
1, 622

4, 358. 2
3, 160. 0
3, 025. 9
2, 749. 2
315. 6
280. 9
218.3
199. 3
195. 6
180. 2
163. 7
157. 8
162. 0
230.4
273. 0
265. 8
294. 9
246. 0

State programs
Insured
unemployment

Initial
claims

Exhaustions

Weekly iiverage, t lousands
46
2, 290
350
32
302
1, 783
2
2
1, 806
294
30
1,605
26
268
2, 050
259
32
34
1, 755
246
1, 447
31
218
1,297
218
27
24
282
1,343
212
23
1,261
21
1, 125
194
225
20
1, 138
20
276
1,293
22
1, 675
348
355
25
1,996
1,932
25
269
222
1,718
25
28
1, 470
220

1, 756
1, 707
1, 652
1,584
1,494

'Preliminary.
2
Programs include Puerto Rican sugarcane workers for initial claims and
insured unemployment beginning July 1963.




i i I i i i I i i i

OCT.

1,599
1, 552
1,498
1,432
1, 344

227
262
215
203
197
210

Insurec I unemBenefil bs paid
ploymen t as percent of covered
Total Average
emplo yment
weekly
(milcheck
lions of
Unad- Seasonad- dollars) (dollars)
justed ally
justed
Per<3ent
5. 6
4. 4
4.3

3. 8
4. 9
4. 2
3. 4
3. 1
3. 1
2. 9
2. 5
2. 6
3. 0
3.9
4.6

4. 5
4. 0
3. 4

3. 8
S. 8
3. 6
3. 6
. 3. 6
3.6

<Z>
#.
4I

3.4
3.4

3. 6

3.4

3. 3
3. 2
3. 1

3,
2,
2,
2,

422. 7
675. 4
774. 7
522. 1
292. 6
258.0
201.5
183.1
180. 5
164. 5
148. 4
143. 2
147. 0
211. 4
252. 1
245. 7
273. 4
230. 0

33. 80
34. 56
35. 27
35. 96
36. 26
36.02
35. 50
35.27
35. 35
35. 60
35.40
35. 92
36.38
36.81
37. 18
37.39
37. 41
37. 25

3. 7
3. 6
3. 5
3.3

3. 1

NOTE.—For definitions and coverage, see the 1964 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor.

NONAGRICULTURAL EMPLOYMENT
Nonagricultural payroll employment, seasonally adjusted, fell by 51,000 in April due to declines of 108,000 in
contract construction and 51,000 in wholesale and retail trade. These declines were only partially offset by gains
in manufacturing and State and local government.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED DATA)

MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED DATA)
64

20

MANUFACFURING

ALL NONAGRICULTURAL ESTABLISHMENTS
62

18

60

16

TOTAL
*•"•"^
^f*\
'

DURAB LE
GOODs
INDUSTF 1ES

58

\

10

56

1
-^-

NON DURABLE GOOD''•> INDUSTRIES

54

,..,„..

.,

„„........,.,.,., ,»,,,i,,»

...,,.!,.,,.

52
1963

1965

1964

1962

4.O

,,,,,,

i i i i i i i i i i i , , ,, i i i i i i t .

1963

1964

1965

13.0

WHOLESALE AND

CONTRAC1 " CONSTRUCTION
(ENLARGED SC ALE)

35

RETAIL TRADE

(ENLARGED SCALE)
12.5

^\

,

1—r^k

s*

r —1

12.0

/

11.5

2.5

I

20
1962

1963

11.0

1 965

1964

1963

SOURCE: DEPARTMENT OF LABOR

1964

1965

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; J seasonally adjusted]
Manufac turing (iDrivate)
Period

1958_ _ _ _
1959
1960
1961
1962
1963
1964
1964: Mar__
Apr__
May.
June__
July__
Aug..
Sept__
Oct__
Nov._
Dec
1965: J a n _ _
Feb..
Mar2.
A pr 2 _

Total

51, 368
53, 297
54, 203
53,989
55, 515
56, 643
58, 188
57, 754
57, 827
57, 931
58, 104
58, 256
58, 301
58, 458
58, 382
58, 878
59, 206
59, 334
59, 676
59, 968
59, 917

Total

NonDurable durable
goods goods

15, 945
16, 675
16, 796
16, 326
16, 853
17, 005
17, 303
17, 208
17, 224
17, 225
17, 285
17, 344
17, 339
17, 449
17, 171
17, 505
17, 622
17,705
17, 772
17, 852
17, 888

8,830
9,373
9,459
9,070
9, 481
9,625
9, 848
9,784
9,798
9, 780
9, 826
9, 890
9, 886
9, 986
9, 702
9, 992
10, 088
10, 150
10,210
10, 264
10, 295

7, 116
7,303
7,336
7,256
7,372
7,380
7, 455
7,424
7, 426
7, 445
7, 459
7, 454
7, 453
7,463
7, 469
7, 513
7, 534
7,555
7, 562
7, 588
7, 593

N onmanu facturin.^ 5 (private )

Total

27, 584
28, 539
29, 054
29, 069
29, 772
30, 439
31, 382
31, 151
31, 166
31, 250
31, 349
31, 461
31, 491
31, 500
31,615
31, 713
31, 892
31,922
32, 162
32, 332
32, 181

(~^f\-n
Vyun- Transtract portation
Mining conand
struc- public
tion utilities
751 2,778 3, 976
732 2,960 4, Oil
712 2,885 4,004
672 2,816 3,903
650 2, 902 3, 906
635 2, 983 3,914
635 3, 106 3, 976
633 3, 122 3, 940
633 3, 081 3, 964
631 3, 093 3, 968
639 3, 106 3, 965
639 3, 107 3, 983
634 3, 103 3, 999
634 3, 080 4, 005
638 3, 106 3, 996
639 3, 162 3, 997
637 3, 244 4, 020
633 3, 235 3, 939
635 3, 281 3,997
633 3, 301 4, 042
633 3, 193 4, 041

1
Includes all full- and part-time wage and salary workers in nonagrieultural
establishments who worked during or reeved nav for any oart of the pay period
"which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of tne armed forces. Total derived from
this table not comparable with estimates oi nonagricultural employment of the
-civilian labor force, shown on p. 10, which include proprietors, self-ernployed
•persons, and domestic servants; which count persons as employed when they




Gover nment

vv noie- Finance,
insur- Service
sale
and Federal State
ance,
and
and
and
miscelretail
local
real laneous
trade
estate
10, 750 2, 519 6, 811 2, 191
5,648
11, 127 2, 594 7, 115 2,233
5, 850
11,391 2, 669 7, 392 2,270
6,083
11,337 2, 731 7,610 2,279
6,315
11,566 2,800 7, 947 2,340
6,550
11,803 2,873 8, 230 2,358
6,841
12, 188 2, 944 8, 533 2,348
7, 155
12, 077 2, 924 8,455 2,337
7,058
12, 096 2, 931 8,461 2,341
7,096
12, 135 2, 934 8, 489 2,339
7, 117
12, 187 2, 943 8, 509 2,323
7, 147
12,223 2, 948 8, 561 2,322
7, 129
12, 231 2, 951 8,573 2, 328
7, 143
12, 229 2, 960 8, 592 2,320
7, 189
12,278 2, 964 8, 633 2, 331
7,265
12, 311 2, 970 8, 634 2, 354
7, 306
12, 362 2,975 8, 654 2,352
7,340
12, 447 2,979 8,689 2,342
7,365
12, 532 2, 987 •8, 730 2, 335
7,407
12, 609 2, 995 8,752 2, 340
7,444
12, 558 2,997 8, 759 2,348
7, 500

\Wn~» la

are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from
employing establishments.
2
Preliminary.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.

13

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek in manufacturing, seasonally adjusted, declined about 1/2 hour to 40.8 hours in April.
HOURS PER WEEK (SEASONALLY ADJUSTED)

HOURS PER WEEK (SEASONALLY ADJUSTED)

46

46

DURABLE /v\ANUFACTUR ING

NONDURABLE MANUFACTURING

AA

44
fh

X\.

A*)

^~^S

<^\~-**S*

42

\

jf\

40

OQ

38

•O/t

36

34

^ 111111 11 *i

i i ii i ! i i i i i

l.| 1 L 1 1 t I.L t 1

1962

1963

1964

i i i i i I i i i » IA
1965

42

34
1962

1963

1965

1964

44

RETAIL TR*,DE

CONTRACT CONSTRUQION
40

42

38

40

36

38

34-

36

32

34

30

•^

32
1962 1963

1964

1965

.J

i H '%.

1 , , , t , • , . 1

•*"**

^
V-—•XS^**^

I I 1 I I 1 r i i ii

1963

1962

SOURCE, DEPARTMENT OF LABOR

i i ii i i iii ii
1964

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

1965

COUNCIL O F ECONOMIC ADVISERS

[Average hours per week; 1 seasonally adjusted]

Man ufacturing Industries
Period

1954
1955
1956
1957
1958
1959
1960
1961. _
1962
1963
1964
1964: Mar
Apr
May
June
July

Aug
Sept

Oct
Nov
Dec
1965: Jan
Feb 2
Mar
Apr2

...

___ __

Durable
goods

An

39.6
40.7
40. 4
39. 8
39. 2
40. 3
39. 7
39.8
40.4
40.5
40.7
40.6
40.7
40.6
40. 6
40.6
40.8
40.5
40. 5
40. 9
41.2
41. 4
41. 3
41.4
40. 8

» Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.

14



40. 1
41. 3
41. 0
40. 3
39. 5
40. 7
40. 1
40. 3
40. 9
41. 1
41. 4
41.2
41.4
41.3
41. 4
41.3
41.5
41. 4
41.2
41. 6
42. 0
42.2
42. 0
42. 3
41.6

Nondurable
goods

39.0
39. 9
39. 6
39. 2
38.8
39. 7
39. 2
39. 3
39.6
39. 6
39. 7
39.7
39. 8
39.7
39. 6
39. 5
39.7
39. 4
39. 9
40. 0
40. 0
40. 1
40.2
40. 2
39.8

2
Preliminary.
Source: Department of Labor.

Contract construction

37. 2
37. 1
37.5
37.0
36.8
37.0
36. 7
36. 9
37. 0
37. 3
37. 2
37.4
37. 2
37. 3
37.3
36. 8
37. 0
35.6
37. 1
37.7
39.0
37.5
37. 4
37.5
37.0

Retail trade

39.7
39. 6
39. 1
38. 7
38. 7
38. 7
38.5
38. 1
37. 9
37.8
37. 4
37.4
37.4
37. 5
37.5
37.7
37. 5
37. 3
37. 5
37. 3
37. 3
37. 1
37. 2
37. 1

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of $105.56 in April were $3.09 above average weekly earnings in April 1964. This is a
3 percent year-to-year gain.
DOLLARS

2.40

2.20

2.00
1962

1965
COUNCIL OF ECONOMIC ADVISERS

SOURCE, DEPARTMENT OF LABOR

[For production workers or nonsupervisory employees]
Avera ge hourly earnings-— current prices
Period

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: Mar__
Apr__
May__
June._
July..
Aug-_
Sept..
Oct__
Nov...
Dec__
1965: Jan...
Feb__
Mar 3.
Apr 3 .

Manufsicturing iiidustries Contract
conRetail
NonDurable durable
trade
strucAll
goods
tion
goods
1. 86
1. 95
2. 05
2. 11
2. 19
2. 26
2. 32
2. 39
2.46
2.53
2. 51
2. 53
2. 53
2. 53
2. 53
2. 52
2. 57
2.53
2. 56
2. 58
2.59
2,59
2. 60
2. 60

1. 99
2.08
2. 19
2.26
2. 36
2. 43
2. 49
2. 56
2. 64
2.71
2. 69
2. 70
2. 71
2. 71
2. 71
2. 71
2.75
2. 70
2. 73
2. 77
2.77
2. 77
2. 78
2.78

1. 67
1.77
1. 85
1. 91
1.98
2.05
2. 11
2. 17
2. 22
2.29
2. 27
2. 28
2. 29
2. 29
2. 29
2. 29
2. 32
2. 30
2. 31
2. 32
2.33
2. 33
2. 34
2, 34

2. 45
2. 57
2. 71
2. 82
2.93
3.08
3. 20
3. 31
3.41
3.55
3.51
3. 52
3. 50
3. 49
3. 53
3.54
3. 58
3. 61
3. 56
3.62
3.62
3.68
3.64

1. 34
1. 40
1. 47
1. 52
1. 57
1. 62
1. 68
1.74
1.80
1.87
1. 85
1.86
1.87
1.87
1.87
1.87
1. 89
1. 89
1. 89
1. 87
1.92
1. 92
1. 92

Manufac Jturing
indusltries
Manufj icturing iiidustries Contract
Adjusted Average
hourly weekly
Retail earnings.
conearnNonDurable durable structrade 1957-59= ings,
All
goods
tion
1964
goods
100 ! prices
*
Aver age weekl y earnings — current prices

75. 70
78. 78
81. 59
82. 71
88. 26
89. 72
92. 34
96. 56
99.63
102. 97
101. 40
102. 47
102. 97
103. 48
102. 97
103. 07
104. 60
102. 97
104. 70
106. 81
105. 93
105. 93
107. 12
105. 56

1
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
2 Earnings in current prices divided by the consumer price index on a 1964 base,
s Preliminary.
47-749—65
3




82. 19
85. 28
88. 26
89. 27
96. 05
97. 44
100. 35
104. 70
108. 50
112. 19
110. 29
111. 51
112. 47
113. 01
111. 92
112. 47
114. 13
111. 51
113. 57
117. 17
115.51
115. 51
117. 04
115. 37

66. 63
70. 09
72. 52
74. 11
78. 61
80. 36
82. 92
85. 93
87. 91
90. 91
89. 67
89. 83
90. 91
91. 37
91. 14
91. 83
91.87
92. 00
92. 17
93. 26
92.50
92. 73
93. 60
92. 20

90. 90
96. 38
100. 27
103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
128. 12
130. 24
132. 65
133. 32
134. 49
136. 64
131. 03
138. 62
131. 36
133. 22
131.41
131. 01
133. 22

53. 06
54. 74
56. 89
58. 82
60.76
62. 37
64. 01
65. 95
68. 04
69.94
68.64
69. 19
69. 75
70. 50
71. 62
71. 43
70. 50
70. 31
69. 74
70.31
70.85
70. 85
70. 66

86. 9
91. 5
96.2
100.2
103. 5
106. 8
109. 8
112. 5
115.4
118.4
117. 8
118. 1
118. 2
118. 3
118. 3
118. 3
119.3
118. 6
119. 2
119. 7
120.0
120.2
120.4

$87. 72
89. 93
89. 96
88. 74
93. 99
94.05
95.79
99.04
100. 94
102. 97
101. 81
102. 78
103. 28
103. 58
102. 76
102. 97
104. 29
102. 56
104. 08
106. 17
105. 19
105. 19
106. 27

NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

The industrial production index, seasonally adjusted, inched up to a new all-time high in April—0.2 percent above
March and 7.9 percent above a year earlier. Output of equipment and materials rose while production of consumer goods was unchanged.

Index, 1957-59=100 (SEASONALLY ADJUSTED)
160

Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
160

UTILITIES AND MINING

TOTAL
150

150

140

140

130

130

120

120

UTILITIES

MINING

110

110

100

100
15162

1964

1963

1962

1965

1962

1965

1962

i i 11 i l i i MI
1963

1964

1965
COUNCIL OF ECONOMIC ADVISERS

SOURCEt BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total
industrial
production

Period

1955
1956
1957
1958
1959
1960
1961
1962
1963
19641
1964: Mar
Apr
May
June
July.
Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr 1
1

Preliminary.

16



____

__

96. 6
99. 9
100.7
93.7
105.6
108. 7
109.7
118. 3
124. 3
132.0
129. 0
130. 5
131, 3
131. 6
132.9
133. 8
134.0
131.2
135.0
137. 7
138.4
139.2
140. 5
140. 8

1965

[1957-59 = 100, seasonally adjusted]
Industry
M anufactun ng
Non- Mining Utilities
Total Durable durable

Total

97.3
100.2
100.8
93.2
106.0
108.9
109.6
118. 7
124. 9
132. 9
129. 9
131. 4
132. 2
132. 4
133. 9
134.5
134. 9
131.7
136. 0
139.1
140. 0
140. 8
142.3
142. 5

93.9
98. 1
99. 4
94. 8
105. 7
109. 9
111. 2
119. 7
124.9
131. 5
128.7
130. 6
131. 1
131.7
132. 3
133. 3
132. 5
130. 3
134. 6
137.4
138. 0
138. 2
139.7
139.9

101.9
104.0
104.0
90.3
105.6
108.5
107.0
117. 9
124. 5
133. 2
130. 0
131. 6
132. 6
133. 2
135. 0
135.7
135.2
129.4
136. 7
140.6
141. 9
142.7
144. 7
144. 8

91. 6
95.4
96.7
96.8
106. 5
109.5
112.9
119. 8
125. 3
132.4
129.8
131. 1
131. 7
131. 5
132. 5
133. 1
134. 4
134. 5
135. 2
137.3
137.6
138. 4
139. 2
139. 7

99. 2
104. 8
104. 6
95. 6
99. 7
101. 6
102. 6
105.0
107.9
110. 9
108. 8
109. 9
111. 3
111. 4
110. 9
111. 9
111. 9
112. 0
112.7
112.3
112. 1
111. 8
112. 2
112. 5

80. 2
87. 9
93. 9
98. 1
108.0
115. 6
122.3
131.4
140. 0
150. 5
144. 8
147. 5
148.3
149.7
151. 4
154. 5
153. 2
153. 8
152.3
154. 7
155. 6
156.5
156.5
157. 5

Mai*ket
Fiiaal produc3tS

Consumer
goods
93.3
95. 5
97. 0
96. 4
106. 6
111. 0
112.6
119. 7
125. 2
131. 3
128. 8
130.8
131. 0
131. 5
132. 1
133. 1
132. 0
129. 2
133. 6
137.0
137. 9
137.6
139.4
139.4

IVTa-l-ck

Equipment

95.0
103.7
104. 6
91. 3
104. 1
107. 6
108.3
119. 6
124. 2
132.0
128. 8
130. 7
131. 3
132.0
132. 7
133.6
133. 7
132. 6
136.8
138.3
138.2
139.3
140.3
141.0

Source: Board of Governors of the Federal Reserve System.

rials

99.0
101.6
101.9
92. 7
105. 4
107. 6
108.4
117.0
123. 7
132. 5
129. 3
130.6
131. 3
131.8
133.6
134. 7
135. 6
132. 2
135.7
137.7
139. 1
140. 0
141.2
141. 8

PRODUCTION OF SELECTED MANUFACTURES
Seasonally adjusted outpuf of primary mefals and chemicals, petroleum, and rubber increased about 1 percent in
April while transportation equipment dropped about 1/2 percent below the March peak. Production of most other
manufactures remained near March levels.
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
180

Index, 1957-59=100 (SEASONALLY ADJUSTED)
180
"-"

160

CHEMICALS, PETROLEUM,
AND RUBBER

140

120

100

1962

1963

1964

1965
COUNCIL OF ECONOMIC ADVISERS

SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[1957-59=100, seasonally adjusted]

Durab le manuff ictures
Period

Primary
metals

118. 4
116. 4
112. 2
87. 5
100. 4
101. 3
98. 9
104. 6
113. 3
128.2
120. 9
123. 8
127. 1
126. 1
131.2

1955
1956
1957
1958
1959
1960
1961
1962 _ _
__ _
1963
19641
1964- Mar

Apr
May
June
July
Auo"
Sept

132.8
132.8
131.8
134. 6
137.9
139. 6
137. 4
139.5

Oct
Nov
Dec
1965- Jan

Feb
Mar
Apr i
i Preliminary.




__.

141

Ncmdurable manufactu res

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

98.3
98. 8
101. 5
92. 9
105. 5
107.6
106. 5
117. 1
123. 4
132. 6
129. 3
129. 5
130. 3
130. 6
133. 3
134. 8
134. 3
130. 7
136.9
139. 7
140.6
145. 1
145. 2
145

96. 5
107. 1
104. 2
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
141. 0
135. 9
137. 5
138.5
140. 1
141. 9
142. 8
144. 1
144. 7
147.4
149. 3
150.4
152. 3
153. 8
154

102. 0
97. 4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130. 7
130. 1
133. 0
134. 1
134. 9
134. 3
135. 3
130. 9
105. 3
129. 2
140. 3
141. 4
139. 7
144. 5
144

109. 5
105.4
95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
108.9
112. 7
116. 1
115.4
114.9
109. 0
116. 1
114. 1
109. 7
110.8
109.2
105. 5
111. 9
115.6
118.5

95. 5
98. 0
96. 9
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
124. 8
121. 7
121. 6
123. 5
122. 9
124. 9
126.0
126. 8
128. 4
130. 2
131.4
132. 7
133. 4
133. 1
134

Paper Chemicals, Foods,
and
petrobeverprint- leum, and ages, and
ing
rubber tobacco
92. 5
97. 1
97. 8
97. 0
105. 2
109. 0
112. 4
116. 7
120. 1
127. 5
125.4
127. 5
128. 2
126. 6
128.0
127.9
128.2
129. 2
128.0
131. 7
131. 2
131.8
133. 5
133

86. 8
91. 4
95. 6
95. 5
108. 9
113.9
118. 9
131. 2
141. 8
152. 2
147.4
149. 5
150. 0
152. 1
152. 3
153. 6
156. 9
155. 4
155. 5
158. 3
158.8
161, 0
162. 4
164

Source: Board of Governors of the Federal Keserve System.

93. 1
96. 6
96.7
99.4
103.9
106. 6
110. 2
113. 3
116.8
120. 6
120. 2
121. 2
120. 7
119. 5
120. 5
120. 5
120. 0
120. 9
122.7
123.7
123.5
123.2
123.5
124

17

INDICATORS OF PRODUCTION
Steel production in April was maintained at the March peak, on a weekly average basis/ however, it has declined
somewhat since the interim wage settlement in early May.
April assemblies of cars and trucks dropped 7 percent
below the all-time high in March.
MILLKDNS OF SHORT TONS (DAILY AVERAGE)

MILLIONS OF TONS

STEEL

BITUMINOUS COAL
9n
1964

$\ 1964

':

hnxcl

x-,x

i «;

-.

I

1A
\X5«
VJ?**
:

JL *>. \\
'•^^^ ><

t*^~
/*\* •*'»r" "•• •*'''

•

/

^

•-V-^—,^ VC\

1
•</%/>£
i /
y
.•
F1 „••***

\/ N\
5

^^^

1963

\

j^«

!

10
1 I 1 I 1 ! I t 1 11 I 1 1 K

J

F

M

A

M

J

J

:

A

S

O

N

BILLIONS OF KILOWATT HOURS

THOUSANDS

ELECTRIC POWER

250

CARS AND TRUCKS

119651

_O-

20.0
200

18.0

W

16.0

I I1 III I t 1 1 I I

F

M

N

M

D

F

M

A

M

J

A

SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT Of THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS

21

18

N

D

_ _

_

1,635
1,792
1,899
1,880
1,886
2, 096
2,431
2,370
2,462
2,497
2,374
2, 286
2,374
2, 493
2,611
2,632
2,627
2,671
2, 716
2,787
2,787

87. 8
96. 2
101. 9
100.9
101.2
112. 5
130. 5
127.2
132. 1
134.0
127.4
122. 7
127.4
133. 8
140. 2
141. 3
141.0
143.4
145.8
149. 6
149.6

12, 082
13, 297
14, 424
15, 139
16, 325
17, 490
18, 728
18, 144
17, 770
17, 914
18, 948
19, 546
19, 470
18, 867
18,268
18, 685
19, 536
20, 348
20, 160
19, 728
18, 896

1,380
1,380
1,390
1,353
1,414
1, 535
1,614
1,456
1,519
1,572
1, 678
1,720
1,613
1,731
1,683
1,735
1,652
1, 576
1,554
1,529
1,632

581
596
585
550
552
555
566
519
548
586
601
537
589
603
644
594
510
535
519
547
575

274
307
306
322
343
358
384
387
390
393
388
351
404
380
405
391
358
375
409
421
410

98.4
129. 5
151. 8
127.9
157. 5
175. 0
178. 8
196.6
214. 0
204. 9
213. 0
158.8
64.3
152. 8
112. 1
189. 1
211. 5
243. 1
225.7
248. 5
231. 5

81. 6
107. 6
128. 8
106. 1
133.4
146. 9
148. 8
164. 0
178. 5
171. 6
177. 0
131. 4
41. 5
126. 6
93.5
160.7
180. 7
206. 8
192.8
210. 5
195. 4

16. 8
21. 9
23. 0
21. 8
24. 1
28.1
30.0
32. 6
35.5
33.4
36. 0
27.5
22. 9
26. 2
18. 5
28. 5
30.8
36. 3
33. 0
37.9
36. 1

2,776
2,785
2,806
2,776
2, 715
8
2, 660

149. 0
149. 5
150. 6
149. 0
145. 7
142.8

19, 187
18. 879
18, 719
18, 798
18, 972

1,622
1,598
1, 643
1,642
3
1, 658

565
555
579
601
599

417
413
391
420
420

251. 5
183.9
246. 1
244. 5
250.5
3
246. 0

213. 3
155.5
207.8
205.0
211.3
207. 1

38. 3
28. 4
38. 3
39. 5
39.2
38.9

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




O

Electric Bituminous Freight Paperboard
Car s and tnicks
Steel pi-oduced
power
coal mined
produced assembled (thoiisands)
loaded
Thousands Index
distributed (thousands (thousands
(thousands
of net
(1957-59= (millions of
of short
Total Cars Trucks
of tons)
of cars)
100)
tons
kilowatt-hours) tons) J

Period
Weekly average:
1958
1959
1960
1961
1962
1963
1964
1964: Mar
Apr
May
June
July
Aug__
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr 2
Week ended:
1965: Apr 10
17
24
Mav 1 2
8
15 2

S

COUNCIL OF ECONOMIC ADVISERS

NEW CONSTRUCTION
Outlays for new construction (seasonally adjusted) declined 1 percent in April, with public construction accounting
for most of the drop.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

80

80
SEASONALLY ADJUSTED ANNUAL RATES

70

70

TOTAL NEW CONSTRUCTION

60

60

50

50

PRIVATE

.->

40

30

30
PUBLIC

\

20

20

30

30
PRIVATE RESIDENTIAL (NONFARM)

•—
1959

\

1,

1960

,.,„„«..«

r

1961

20

1962

1963

SOURCE. DEPARTMENT OF COMMERCE

Period

1959
1960
1961
1962
1963
1964

Total new
construction
expenditures

55.3
53.9
55. 4
59. 5
62.5
66.0

1965

1964

COUNCIL OF ECONOMIC ADVISERS

Pr ivate

Resi dential noiif arm
Total

39. 2
38. 1
38.3
41.7
43. 8
46.0

Total i

24.3
21.7
21.7
24. 3
25.8
26. 6

CommerNew
Additions cial and
housing
and al- 2 industrial
units terations
Billions of dollars
19. 2
4. 3
16. 4
16. 2
18. 6
20. 1
20.6

6. 0
7. 0
7.5
7.9

8. 2
9.0

Other

8.9
9.3

9. 2

9.5
9.8

10.4

Constructioii contracts3
Federal, Total value Commercial and
Qfat£»
(index,
industrial
and
1957-59 = floor space
local
100)
(millions of
square feet)

16. 1
15.9
17. 1
17. 8
18.7
20. 1

Seasonally
adjusted

Sea sonally adjitsted annuc[/ rates

1964: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1965: Jan _ ___
Feb 4
Mar
Apr4

66.5
66. 6
65. 0
66. 6
66.6
66.0
66. 5
65. 3
65.6
67. 3
66. 5
67. 0
68.2
67. 3

46. 9
46. 4
45.8
46. 0
46.3
45. 9
45. 9
45. 5
45.5
46. 2
46.3
46.9
47.2
47. 1

28. 1
27. 5
26. 7
26. 6
26. 7
26.3
26. 0
25. 7
25. 6
26.0
26.6
26. 9
27. 0
26. 8

1
a Includes nonhousekeeping residential construction, not
3 Not available for revised series beginning 1960.

shown separately.

Compiled by F. W. Dodge Corporation and relates to 48 States.
* Preliminary.




22. 3
21. 6
20. 7
20. 6
20. 7
20. 3
19. 9
19. 6
19.7
20. 1
20.8
21.0
21, 0
20. 8

8.7

8. 6

8.7

8. 8

8.9

9. 1
9. 3
9.3
9.4

9. 4
9.4
9.4

9. 7
9. 8

105. 1
105. 2
107. 6
119. 7
132. 0
137. 0

10. 1
10.3
10. 4
10. 6
10.6
10. 4
10. 6
10. 5
10. 4
10.7
10. 3
10. 6
10. 5
10. 5

19. 6
20. 2
19. 2
20. 6
20.4
20. 1
20. 6
19.8
20. 1
21.1
20.2
20. 1
20.9
20. 2

140
138
138
138
140
121
131
136
143
154
137
140
141

440
461
443
500
534
598
Seasonally
adjusted
annual
rates
581
642
555
574
631
573
617
645
595
707
638
697
648

NOTE.—Data for Alaska and Hawaii included beginning January 1959.
Sources: Department of Commerce and F. W. Dodge Corporation.

-i Q

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts rose about seasonally in April, continuing at a seasonally adjusted annual rate of
over 1.5 million. Units in permits declined about 4 percent.

MILLIONS OF UNITS
2.5

MILLIONS OF UNITS
2.5

1.0

1965

1959

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION (VA)

[Thousands of unite]
HOLising star ts
Trvfal

Period

1959
1960_
1961
1962
1963 3
1964

1964: Mar_
Apr__
MayJune _
July__
AugSept__
Oet__
Nov__
Dec__
1965: Jan___
Feb_.
Mar3.
Apr*.

private
and
public
(including
farm)
1, 553. 5
1, 296. 0
1, 365. 0
1, 492. 4
1, 640. 9
1, 584. 9
133. 3
152. 3
160. 5
164.0
145. 1
144. 8
126.0
143.1
113.8
100. 1
85. 6
87.9
123.3
155. 3

Total
private
(including
farm)
1
1
1
1
1
1

516.
252.
313.
462.
609.
552.

8
1
0
8
2
3

130. 1
148. 5
157. 5
158. 5
142.7
141. 6
122, 6
141.0
111.4
98.5
81. 5
85.4
119.1
152. 6

Prh'ate nonfa rm

1, 494. 6 1, 211. 9
1, 230. 1
972.3
1, 284. 8
946. 4
1, 439. 1
967. 8
1, 581. 7
993. 2
1,525.2
948. 6

Two or
more
families
282. 7
257. 8
338. 4
471. 3
588. 5
576. 6

80. 4
87. 8
98. 9
99. 2
89.4
87. 6
77.4
87.9
67. 4
57. 7
50.4
51.2
75.4

47. 9
57. 9
56. 3
56. 6
51. 0
51. 4
43. 1
50.6
41.8
38. 9
29.7
33.5
42.2

Total

128. 3
145. 7
155. 2
155. 8
140.4
139.0
120. 5
138.5
109.2
96.6
80. 1
84.7
117.3
150.4

Onefamily

Total
private
(including
farm)
1, 516. 8
1, 252. 1
1,313. 0
1, 462. 8
1, 609. 2
1, 552. 3

1
Authorized by issuance of local building permit; in 10,000 perm it-issuing
places
prior to 1963, and 12,000 or more thereafter.
2
Units represented by mortgage applications for new home construction.
^ Preliminary.

20



1,663
1,531
1,529
1, 611
1,505
1 , 430
1,457
1, 591
1,455
1, 646
1,462
1,418
1, 546
1,548

Propose,d home
constr uction
New
private
Applicahousing
Requests
Cover nment
units tions for for VA
FHA
home p rograms authorappraisized l commitals 2
ments 2
VA
FHA

Priv ate nonf arm
Total

6 307. 0 109. 3
74. 6
1 225, 7
83. 3
8 198. 8
77. 8
1 197. 3
71. 0
7 166. 2
59.2
2 154.0
Se*isonally adjusted
68
165
1,638
60
146
1,501
1,507
61
174
60
152
1, 585
56
145
1,483
52
1, 408
142
52
136
1, 433
50
146
1,559
57
152
1,429
53
1,609
151
09
168
1,430
69
1, 405
171
59
166
1,519
1,524
147
51

1, 494.
1, 230.
1, 284.
1, 439.
1, 581.
1, 525.

369. 7
1, 208. 3
242. 4
998. 0
243. 8
1, 064. 2
221. 1
1, 186. 6
190. 2
1, 334. 7
182.1
1, 274. 2
annual ra tes
190
1,357
190
1,280
1,271
173
177
1,306
1, 242
162
176
1,281
1.222
174
1,220
183
194
1 , 258
193
1 , 1 73
202
1, 312
1, 231
203
184
1, 256
1, 204
190

234. 0
142. 9
177. 8
171. 2
139. 3
113.6
124
111
99
103
109
88
121
112
118
118
113
124
110
95

NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).

BUSINESS SALES AND INVENTORIES—Total and Trade
According to the advance report, seasonally adjusted retail sales in April were 6% percent above a year earlier,
but fractionally below the total for March.
.
'
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS.(SEASONALLY ADJUSTED)

112

BUSINESS SALES AND

(SEASONALLY ADJUSTED)

INVENTORIES

108
INVENTORIES

104

80

i-.-r

76
72

SALES

68

18. _ WHOLESALE TRADE
(ENLARGED SCALE)

INvENTORIES

16
14
12
I

1962

1963

1964

1962

1965

1965

SOURCE. DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total biusiness 1

Period

Sales 2

Inventories 3

55, 878
54, 232
59, 583
60, 530
60, 747
65, 078
68, 002
72, 647
71, 013
70, 649
71, 787
72, 660
_ _ 72, 187
73, 693
73, 204
_ 73,358
72,131
73, 371
76, 277
75, 913
75, 956
77, 998

89, 052
86, 922
91, 964
94, 610
95, 576
100, 271
105, 127
109, 026
105, 428
105, 721
106, 371
106, 507
106, 621
106, 634
106, 716
107,323
107,367
108,093
109, 026
110, 012
110,329
111,228

Whol 3sale 4
Sales

2

Sales 2

Inventories 3

Total

Re tail

5

;

NonDurable durable
goods
goods
stores
stores

Total

1inventories 3
Durable
goods
stores

Nondurable
goods
stores

Millions of dollars, seasonall y adjustec1
1957
1958
1959
1960
1961
1962
1963
1964
1964: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

.

Nov

Dec
1965: Jan
Feb 6
Mar
Apr 8

'.

10, 475
10, 257
11, 413
11, 440
11, 629
12, 158
12, 692
13,715
13, 245
13, 204
13, 228
13, 697
13, 623
13, 795
13, 770
13,792
13,937
14, 196
14, 178
14, 128
13, 946
14, 760

12, 730
12, 739
13, 952
13, 983
14, 251
14, 580
15, 597
16, 461
15, 719
15, 734
15, 879
16, 053
16, 043
16, 017
15, 986
16,222
16,276
16, 384
16, 461
16, 774
16, 867
17, 014

1
The term "business" here includes wholesale, retail, and manufacturing trade
(see page 22).
28 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
<• Beginning 1961, data include Alaska and Hawaii.




6
6

16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
21, 802
21, 533
21, 223
21, 392
21, 777
21,773
21, 935
22, 266
22,254
21,383
21, 661
22, 781
22, 900
23, 317
22, 898
22, 812

5, 696
5,284
5,972
5, 894
5, 608
6, 245
6, 675
7,093
7, 262
6,939
7,010
7, 218
7, 002
7, 060
7, 324
7,541
6,496
6, 695
7,645
7, 855
7,966
7,727
7,613

10, 971
11,412
11, 979
12, 400
12, 626
13, 367
13, 861
14, 709
14, 271
14, 284
14, 382
14, 559
14, 771
14, 875
14, 942
14,713
14,887
14, 966
15, 136
15, 045
15, 351
15, 171
15, 199

24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
29, 621
29, 586
29, 661
29, 961
29, 926
30, 180
30, 129
29, 967
30,082
29,314
29, 332
29, 621
30, 025
30, 080
30, 551

11, 283
10, 526
11, 044
11, 951
11, 019
11, 728
12, 509
12, 220
12, 708
12, 913
13, 045
13, 024
13, 079
12, 924
12, 762
12,867
12,076
12, 066
12, 220
12, 583
12, 703
13, 076

13, 168
13, 587
14, 261
14, 862
15, 219
16, 210
16, 874
17, 401
16, 878
16, 748
16, 916
16, 902
17, 101
17, 205
17, 205
17,215
17, 238
17, 266
17, 401
17, 442
17, 377
17, 475

Beginning 1960, data include Alaska and Hawaii.
Preliminary.
Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
In March, manufacturers1 shipments and new orders each recorded strong seasonally adjusted gains of $1.6 billion
and $1.2 billion, respectively. Inventories rose by a moderate $280 million.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

70

MANUFACTURERS' SHIPMENTS

MANUFACTURERS' INVENTORIES

40

TOTAL
60

30

50
DURABLE GOODS

20

NONDURABLE
GOODSx

^i"****'*'
40
DURABLE GOODS

MANUFACfURERS' NEW ORDERS
^
r*J/sV\\s**sA

DURA BLE GOODS

20

\

"^-x^yvHKA^-N
,,„„..».«,...-•«.««**«

ti-i

„*"

30

-^

/

.NC NDURABLE GOO DS

NONDURABLE GOODS

i i i i i 1 i i r ii

10
1962

1963

20 VA
1964

1965

1962

1964

1963

Manufac turers' sh ipments l Manufad .urers' inv entories 2

Total

1957
1958
1959
1960
1961
1962
1963___
1964
1964: Mar
Apr
May.
June
July
Aug
Sept
Oct

28, 736
27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
37, 129
36, 222
37, 167
37, 186
36, 791
37, 963
37, 168
37, 312
36,811
Nov
37, 514
Dec
39,318
1965: Jan. _ __ 38, 885
Feb 4
38, 693
Mar4 5
40, 340
Apr

NonDurable durable
goods
goods

15, 237
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
19, 231
18, 887
19,359
19, 138
19, 023
19, 861
19, 164
19, 284
18, 633
19, 291
20, 559
20, 415
20, 374
21, 307
20, 894

13, 499
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
17, 335
17, 808
18, 048
17, 768
18, 102
18, 004
18,028
18, 178
18, 223
18, 759
18, 470
18,319
19, 033

Total

Millions
51, 871
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
60, 326
60, 531
60, 528
60, 398
60, 488
60, 763
61,019
61, 777
62, 377
62, 944
63, 213
63, 382
63, 663

NonDurable durable
goods
goods
of dollars
31, 728
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
36, 079
36, 277
36, 300
36, 492
36, 597
36, 790
37, 037
37, 517
38, 040
38, 412
38, 495
38, 692
38, 932

1 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
2
3

22




1965

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Ma nufacture rs' new orde rs 1

Durab)le goods
Total

Total

seasonal y ad juste d
20, 143 27, 514 14, 073
19, 975 26, 901 13, 170
20, 868 30, 679 15, 951
21, 454 30, 115 15, 223
22, 441 31, 061 15, 664
23, 427 33, 167 17, 085
24, 119 35, 036 18, 300
24, 532 37, 697 19, 803
24, 247 36, 547 19, 262
24, 254 38, 184 20, 461
24, 228 37, 893 19, 945
23, 906 37, 782 20, 016
23, 891 39, 315 21, 254
23, 973 37, 509 19, 342
23, 982 38, 018 19, 907
24, 260 37, 846 19, 623
24, 337 37, 720 19, 454
24, 532 39, 590 20, 720
24, 718 39, 704 21,271
24, 690 39, 469 21, 130
24, 731 40, 662 21, 647
22, 051
* Preliminary.
«Not charted.
Source: Department of Commerce.

NonMachinery durable
and
goods
equipment
2, 566
2, 354
2,878
2,791
2,854
3, 090
3, 326
3,706
3,455
3,610
3,929
3,916
3,774
3,772
3,686
3,786
3,882
3,917
3, 958
3,799
3,976
4, 106

13, 441
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
17, 285
17, 723
17, 948
17, 766
18, 061
18. 167
18, 111
18, 223
18, 266
18, 870
18, 433
18, 339
19, 015

Manufacturers'
inventoryshipTYl (±11 4-Q

ratio 3

1. 80
1.84
1.70
1.76
1.74
1.70
1. 69
1.64
1.67
1. 63
1. 63
1. 64
1. 59
1. 63
1. 64
1.68
1.66
1.60
1. 63
1.64
1.58

MERCHANDISE EXPORTS AND IMPORTS
Exports and imports soared to new highs in March following final settlement of the dock strike early in the month.
Despite a record export surplus in March, the first quarter trade balance was nearly $900 million below the level of a
year ago.
BILLIONS OF DOLLARS
3.0

BILLIONS OF DOLLARS
3.0

1.0

1959

1965

1964

O/SEE NOTE 1 BELOW.
SOURCE DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

Monthly average :
1957
1958
1959___ _ _
1960
1961
1962
1963
1964

1964: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar

1,625
1,364
1,366
1, 633
1,679
1, 745
1, 869
2,135
2, 046
2, 074
2,061
2,062
2, 034
2, 123
2, 109
2, 235
2, 155
2, 197
2, 480
1, 217
1, 593
2, 753

2, 006
2, 140
2, 138
2,221
2,047
2,046
1, 900
2,085
2,259
2, 183
2, 561
1, 188
1,514
2,892

530
208
368
198
366
210
230
510
254
486
440
281
314
488
352
576
U nadjust ed
527
347
1, 973
542
364
2, 108
367
531
2,093
552
2, 184
378
549
2, 008
308
294
2,020
586
308
515
1, 868
2,058
569
348
367
638
2, 226
390
2, 158
615
2, 526
399
738

1,611
1,351
1, 352
1,617
1, 659
1, 723
1,839
2,102

1, 171
1, 491
2,860

1, 105
1, 105
1, 302
1,251
1, 226
1, 366
1,428
1, 557

872
784
776
877
919

1,002
1,031
1, 170
1,092
1,193
1,186
1,243
1, 143
1, 134
1,045
1, 141
1,221
1, 154
1, 389

i Total exports less Department of Defense shipments of grant-aid military
supplies and equipment under the Military Assistance Program.
s Imports for immediate consumption plus entries into bonded warehouses.
8
Import? for immediate consumption plus withdrawals for consumption from
bonded warehouses.




Merchandise
trade
Impo rts for eonsum ption
Indus- Finished surplus,
trial
manu- seasonTotal 4 Foodally adfacstuffs matejusted
rials
tures

M erchandisse impo rts

M erchandi se expo rts

Gener al 2i raTotal ( inelud]3omesti c exports
por ts
ing ree>rports)1
Indus- Finished
Season- Unad- Total J Food- trial
manu- Season- Unadally ad- justed
ally ad- justed
facstuffs matejusted
justed
rials
tures l

1,460
1,520
1,541
1,589
1,518
1,578
1,575
1,546
1,548
1,698
1, 642
1, 206
1,600
1,869

1,337
1, 590
1,561
1,456
1, 594
1, 611
1, 491
1,562
1,613
1,672
1, 755
1, 113
1,464
2,040

3

1, 102
1, 101
1,284
1, 251
1,221
1,354
1,417
1,550

534
274
489
288
285
569
274
539
277
522
297
561
310
574
320
619
U nadjust ed
1,321
267
561
1, 565
353
613
1,554
342
611
1, 432
297
581
632
1,575
303
294
1,613
659
1,490
280
625
614
1,568
320
1,644
351
628
620
1,655
379
1, 720
671
366
156
553
1, 138

1,489
1,999

294
326
431
438
423
496
533
611

520
259
64
382
453
379
440
578

494
601
603
556
642
662
585
634
665
656
684
429

686
554
520
522
516
545
584
689
607
499
788
11
-8
884

* Data through 1960 have been adjusted to include imports of uranium ore.
NOTE.—Series have been revised beginning 1963. Because of revisions made
in series, subgroups do not include all data in totals.
Source: Department of Commerce.

23

U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The balance on goods and services fell almost $2.4 billion at a seasonally adjusted annual rate in the first quarter of
1965. The shipping strike led to a 16 percent drop in merchandise exports which was only partially offset by lower
imports. Net service earnings, however, were substantially larger.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

1959

1965

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

1957
1958
1959
1960
1961
1962
1963
1964

26, 481
23, 067
23, 476
27, 044
28, 438
30, 084
32, 020
36, 523

Ex ports o f goods amd serv ices
Inconle on
Addendum:
invest:nents
Goods and
MerOther
Miliservices
chan-l
Prifinanced
tary
servGovdise
sales
vate
ices
by Govt.
erngrants and
ment
capital
19, 390
375 2,612
205 3,899
(22)
16, 264
300 2, 538
307 3, 658
(2 )
16, 282
302 2, 694
349 3, 849
()
2,
911
19,459
349
3,
990
335
2, 239
402 3, 464
2, 687
19, 913
380 4, 279
20, 576
656 3, 850
471 4,531
2, 908
21, 989
659 3,969
498 4,905
3,338
3,402
456 5,384
25, 219
758 4,706

1964:* I
II
III
IV

35, 732
35, 588
37,016
37, 756

24, 432
24, 212
25, 488
26, 744

I3

34, 604

22, 522

Period

Total

Impor ts of good s and ser\dees
Military
expenditures

Balance
on
Other goods
services serv-

Total

Merchan-1
dise

20, 752
20, 861
23, 342
23, 193
22, 852
25,021
26, 335
28, 314

13, 291
12, 952
15,310
14, 723
14, 497
16, 134
16, 996
18, 638

3, 216
3, 435
3, 107
3, 048
2, 954
3,044
2, 897
2,807

4, 245
4, 474
4,925
5,422
5,401
5, 843
6, 442
6,869

5, 729
2, 206
134
3, 851
5, 586
5, 063
5, 685
8, 209

27, 240
28, 120
28, 520
29, 376

17, 664
18, 420
18, 864
19, 604

2,868
2,912
2,776
2,672

6, 708
6,788
6,880
7, 100

8, 492
7,468
8,496
8,380

28,612

18, 700

Seaso nally ad. listed annua 1 rates

1965:
1
2

772
756
672
832

4,808
4,800
4,888
4,328

Adjusted from customs data for differences
in timing and coverage.
3
Not available.
Preliminary.

24



524
524
524
252

5, 196
5,296
5,444
5,600

3, 048
3, 432
3, 572
3, 556

* Revised seasonal factors.
Source: Department of Commerce

5,992

U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on regular transactions dropped back to a seasonally adjusted annual rate of $3.1 billion in the first
quarter—equivalent to the 1964 rate, but down almost 50 percent from the previous quarter. This improvement,
stemming in part from special balance of payments measures adopted in mid-February, was limited by the temporary
decline in the merchandise surplus. The gold outflow during the quarter was the largest since the end of 1960.

BILLIONS OF DOLLARS
20

BILLIONS OF DOLLARS
20
SEASONALLY ADJUSTED ANNUAL RATES

BALANCE ON GOODS AND SERVICES
10

BALANCE ON OTHER
REGULAR TRANSACTIONS

-10

-10

-20

-20

1

I

I

I
10

10

BALANCE ON REGULAR TRANSACT ONS

[SURPLUS OR C)EFICIT (-)]
-

U

UULJ uuuu
-10

1

1

1

1

1959

!

uLJLjn
1

1

u u uy ULTU ^ u u 1 l U
i i

!

i

1962

1961

1960

1

1
1963

i 1964i i

1

1

1

!

-10

1965
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars]
Chang 3s in selec bed liabilities (decrease ( - ) ) 6
To f oreig;n official

U.S. pr ivate capital, net

Period

U.S.
Government
grants
Direct
investand
capital,
ment
net i

-2, 574
-2, 587
-2, 421
-2, 781
-3, 396
— 3, 547
-3, 785
-3,657

-2, 442
-1, 181
-1,372
-1, 674
-1,599
-1, 654
-1,888
-2,297

-3,208
-3,588
!!!____ -3,720
IV
-4, 112
1965:
9
I ___

-1,992
— 2,232
-2,360
-2,604

1957
1958
1959
1960
1961
1962
1963
1964
1 CtRA •*
I

II

Longterm
portfolio 2

-859
-1,444
-926
-863
-1,025
-1,227
-1, 685
-1,956
S€jasonally

-1,028
-1,012
-2,452
-3,332

Errors Balance Selected
VinlH
and
special
on
unreregular Govern- Special
nonShortcorded
transment
term
trans- actions 4
trans- 5 marketactions
actions able, convertible
bonds
and notes
-276
487
1, 157
520
22
488 -3, 529
-311
-77
412 -4, 178
435
863
341 • -772 -3, 918
37
-1, 348
622
-1, 556
-998 -3,071
701
162 -1, 111 -3, 605
1, 402
553
— 734
702
617
311
-339 -3,261
292
-2, 107
375
478
-893 -3,053
adjusted ainnual rat es
Quarterly ,
Foreign
capital,
net 3

-2,356
— 2, 228
-1,620
-2,224

104
520
812
476 —

-808
-284
-736
1,744

1
Includes associated Govt. liabilities and scheduled loan repayments.
2
Includes banking claims.
3
Other
than liquid funds; includes miscellaneous Govt. nonliquid liabilities.
4

Includes balance on goods and services (page 24) as well as net pensions and
remittance payments ($830 million in 1964).
s Includes official debt prepayment, advances on military exports, and net
sales of those nonmarketable, medium-term, nonconvertible securities not
included
under foreign capital.
6
Includes short-term official and banking liabilities and foreign holdings of
U.S. Govt. bonds and notes (other than nonmarketable, nonconvertible).




7
8

-1,584
-2, 180
-2,428
-6,020

148
-39
183

122
203
50

-3,068

58

51

v

Other

To
other
foreign
holders 8

20
625
735
502
1,248
1,460
1,449
289
681
1,083
457
213
970
594
698
1,517
totals uilad justed

-399
92
186
819
s ,, ...

>69
^

233
109
553
622
s

Changes
in gold,
convertible
currencies, and
IMF
gold
tranche
position
(increase
(-))
-1, 165
2, 292
1,035
2, 143
606
1,533
378
171
-51
303
70
-151
10

842

Central banks and governments.
Private holders; includes banks and international and regional organizations.
Excludes liabilities to IMF relevant to U.S. gold tranche position.
» Preliminary.
* Re vised seasonal factors.
1° Total at end of first quarter was $15,128 million, of which $14,638 million
was U.S. gold stock. The decrease in gold stock during quarter was $833 million.
NOTE.—Data exclude military grant aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25

PRICES

CONSUMER PRICES

The over-all index of consumer prices edged up by 0.1 percent in March, largely as a result of a 0.3 percent rise in
food prices. Prices of nonfood commodities also rose slightly despite a drop in new car prices. Service prices continued their long-term upward trend.

Index, 1957-59=100
120

Index, 1957-59=100
120

100

95

95
1959
J/SEE NOTE BELOW.
SOURCE, DEPARTMENT OF LABOR

COUNOl OF ECONOMIC ADVISERS

[1957-59=100]
Services

Co mmoditiej3
All
items

Period

1954
1955_._
1956
1957
1958
1959
1960
1961
1962
1963 1 _
1964
1964: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec..
1965: J a n _ _ _ _ .
Feb
Mar
1

....
_.

_
_
__
__.

93.6
93. 3
947
98.0
100. 7
101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
107. 6
107. 7
107. 8
107. 8

ioao

108. 3
108. 2
108. 4
108. 5
108. 7
108. 8
108.9
108.9
109.0

All commodities
95. 5
94. 6
95. 5
98. 5
100. 8
100. 9
101. 7
102.3
103. 2
104. 1
105. 2
104. 8
104. 8
104. 9
104.8
105.0
105. 3
105. 2
105. 4
105. 5
105. 6
105. 7
105. 6
105. 5
105.6

Co mm odities les s food

Food
All

95.4
94. 0
94. 7
97. 8
101. 9
100. 3
101. 4
102. 6
103. 6
105. 1
106.4
106. 0
105. 7
105. 7
105. 5
106. 2
107.2
106. 9
107. 2
106. 9
106. 8
106. 9
106.6
106. 6
106.9

See note.
NOTE.—Prior to January 1964. indexes revised to reflect transfer of homeownership from services to durable commodities.




26

95. (j
94.9
95. 9
98. 8
99. 9
101. 2
101.7
102. 0
102. 8
103. 5
104.4
104. 1
104.3
104. 3
104.3
104. 3
104. 3
104. 2
104. 3
104. 6
104. 8
104. 9
104.9
104. 7
104.8

All
Non- services
Durable durable
88. 7
94. 4
97. 1
90. 5
94, 4
95. 3
95.4
92.8
96. 5
96. 6
98. 5
99. 1
100. 0
100. 3
99. 8
103. 2
101. 5
101. 0
100.9
102. 6
106. 6
108. 8
100. 8
103. 2
no. 9
103. 8
101. 8
102. 1
113. 0
104. 8
115. 2
103. 0
105. 7
114. 3
102. 9
105. 3
114. 5
102.9
105. 6
114. 8
102. 9
105. 6
114. 9
102. 8
105. 7
102. 9
115. 1
105. 6
102. 9
105. 6
115. 3
102. 8
115. 4
105. 6
102. 8
115. 5
105. 8
115. 7
103. 1
106. 0
116. 0
106. 1
103. 5
106. 3
116. 2
103. 4
116.6
103.6
106.1
116.9
106.1
103. 3
106.2
103.2
117.0

Rent
93. 5
94. 8
96. 5
98. 3
100. 1
101. 6
103. 1
104. 4
105. 7
106. 8
107.8
107. 5
107. 5
107. 7
107.7
107.8
107. 8
107. 9
107. 9
108. 2
108.3
108. 4
108.4
108.5
108.7

Services
less
rent

87.4
89.4
91.9
96. 1
100.2
103. 6
107.4
110.0
112. 1
114. 5
117. 0
116. 0
116.3
116.5
116. 6
116. 8
117. 0
117. 2
117. 4
117. 6
117. 9
118. 2
118.6
118.9
119.1

BofrinninT with January 1964, new index with revised weights, coverage, and
sampline procedures. For details, see Department of Labor release, Major
Changes in the Consumer Price Index, March 3, 1964.
Source: Department of Labor.

WHOLESALE PRICES
The over-all index of wholesale prices rose 0.4 percent in April. All major commodity groups contributed to the
increase with price rises of 2.3 percent in farm products, 0.5 percent in processed foods, and 0.1 percent in industrial
commodities.

Index, 1957^ 59=100

Index, 1957-59=100

COMMODITIES OTHER THAN FARM
PRODUaS AND FOODS
(INDUSTRIALS)

95

90

90

1959

1965

SOURCE DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

11957-59=100]

Period

1957
1958
1959
1960
1961
1962
1963
1964
1964: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

_

_ _
__

_
__

_

Nov

Dec
1965: Jan
Feb
Mar
A p r 3 _ _4
Week ended:
1965: May 4
11

___

_

__

All
commodities

Farm
products

Processed
foods

99. 0
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
100. 5
100.4
100.3
100. 1
100.0
100.4
100. 3
100. 7
100. 8
100. 7
100. 7
101.0
101. 2
101. 3
101.7

99. 2
103. 6
97. 2
96. 9
96. 0
97. 7
95.7
94. 3
94. 5
95. 2
94.4
93. 7
93. 2
94. 1
93. 6
95. 7
93.8
94. 0
92. 7
93.0
94. 5
95.4
97.6

97. 9
102. 9
99. 2
100. 0
100. 7
101. 2
101. 1
101. 0
100.9
100. 5
100.4
99. 4
100. 2
101. 2
101. 0
102. 2
101. 7
100. 9
100. 8
102.2
102. 1
101. 8
102.3

101.8
102.0

97.2
98.8

102.8
103.2

1 Coverage of the subgroups does not correspond exactly to coverage of this
index.
2 Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.




Commodit,ies other t han farm products a nd foods (iiidustrials)
Consurner finIndusIndusished g<3ods extrial in- ProducAll intrial
er
fincludin g food
dustricrude termedi- ished
DurNonmate- ate ma-2
als1
goods
terials
able
durable
rials
99. 2
100. 9
9a 7
99. 6
97. 7
99. 9
99. 5
100. 2
96. 9
99. 4
100. 1
99. 3
102. 1
101. 3
102. 3
101. 0
101. 3
100. 8
102. 3
101. 3
101. 4
101. 5
100. 9
98. 3
102. 5
100. 8
97. 2
100. 1
100. 5
101. 5
100. 8
102. 9
100.0
95. 6
99. 9
101. 6
100. 7
99. 5
94. 3
99. 6
103. 1
101.9
104. 1
101. 2
99. 9
97. 1
100. 2
101. 6
101.2
94. 9
100.2
99. 6
102. 1
103. 7
99. 6
101. 1
100. 2
103. 8
95. 2
101.5
101. 1
100. 2
99. 7
101. 1
96. 2
103. 9
95. 6
104. 3
101. 3
101. 1
100. 1
100. 1
100. 9
100.0
104. 1
101. 2
95. 9
99. 9
104. 3
101. 1
96. 6
100. 0
100. 1
101. 5
101. 1
104. 3
99.9
100. 0
101. 4
98.3
104.
2
101. 1
98. 1
99. 9
99. P
101. 0
99. 1
101. 5
100.4
104. 3
100.0
101. 6
104. 6
99. 9
101. 6
99. 8
100. 5
101. 9
101. 8
104. 5
99. 9
100. 6
100. 6
102. 1
101.9
104.9
100.8
99.8
99.0
102.3
101. 9
99. 4
105. 0
99. 7
100.8
102. 2
102. 0
99. 7
99. 7
105. 1
100.9
102.2
102. 1
100.2
105.2
101.1
99.8
102. 1

102.2
102.2

3
Preliminary.
* Weekly series based on smaller sample than monthly series.
Source: Department of Labor.

27

PRICES RECEIVED AND PAID BY FARMERS
During the month ended April 1 5, prices received by farmers were up 2 percent from their levels in March, while prices
paid by farmers were unchanged. The parity ratio increased 1 percent.
Index, 1957-59 = 100

Index, 1957-59 = 100
PRICES PAID,

iNTEREST, TAXES,

110

\

_,

H

110

90

-^"*V

^^S*

1 1 ,i i 1 1 1 1 1 1 i

inn

\

X../^

^

1 I f ! I1 f I1 1 t

i ? i i r 1 i i i i i

-'

^

PRICES RECEIVED
(>ML FARM PRODUCTS )

1

1 1 1 1 1 1 ! 1 1 1 1

^ «•

^

/x*y

100

80

ANC)

WAGE RATES

~

90

1 ? 1 1 1 1 1 1 ! I I

1

| !

}

1 \

1

J

1

I 1 1

I !

I

1

1

I 1

an

I f !

RATI0^

RATI 0^
100

inn

on

90
PARITY RATIO

'"""""^-zrs^*" *»**'' in,

80

yn

1 1 1 1 1 ( 1 1 1 1 1

^

. .ii iii iiii i i i i i (i ii ii

1959

I960

1961

80

-^N=X^x.x1 \<\
i i t i i 1 i i i ir

11111111111

1962

1

1 !

1

1 1 !

1 !

1

!

I

1 1 !

1

1964

1963

f

1

1

1

1

70

1 1

1965

1/RATiO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID,
INTEREST, TAXES, AND WAGE RATES, ON 1910-14 = 100 BASE.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

Prices r eceived by i"armers
Period

All farm
products

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: Mar 15
Apr 15
May 15
June 15

July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15 _ ___
1965: Jan 15_
Feb 15
Mar 15
Apr 15

.

__

96
95
97
104
99
98
99
101
100
98
99
98
97
96
97
96
98
98
97
97
98
98
99
101

Crops

104
105
101
100
99
99
102
104
106
106
108
109
111
108
105
101
102
104
104
105
105
105
106
109

1
Percentage ratio of index of prices received by farmers to index of price? pak7,
interest, taxes, and wage rates, on 1910-14*= 100 base.

28




Prices3 paid by fairmers

items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 1957-59=100
94
90
95
88
98
94
106
100
102
100
102
98
103
98
105
99
106
95
107
91
92
107
89
107
107
87
107
87
107
91
92
107
107
95
107
93
92
107
107
91
92
108
109
93
93
109
95
109

Family
living
items

95
96
99
100
101
102
102
103
104
105
105
105
105
105
105
105
105
105
105
105
106
106
106
106

Source: Department of Agriculture.

Production
items

96
95
98
100
102
101
101
103
104
103
104
104
103
103
103
103
103
103
103
103
104
104
104
105

Parityl
ratio

84
83
82
85
81
80
79
79
78
75
76
75
75
74
75
74
75
76
75
75
74
75
75
76

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY

The daily average money supply (seasonally adjusted) rose to a new peak in April when it registered a second consecutive relatively sizeable increase of $0.7 billion. The rate of increase in time deposits slowed further, to $0.9
billion, after the first quarter spurt.
_^_____
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY

ADJUSTED

160

160

120

120

TIME DEPOSITS AT ALL
COMMERCIAL BANKS

80

80

i

40

40 —

1959

1960

1961

1963

1962

1965

1964

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Averages ot daily figures, billions ot dollars]
M oney supp>iy

Period

1959:
1960:
1961:
1962:
1963:
1964:
1964:

Dec
Dec
Dec
Dec
Dec
Dec
Apr

Total

_

___

May

June
July
Aug__ _ __
Sept
Oct. __

__ _
__

Nov

Dec
1965: Jan
_ _
Feb
Mar
_
Apr 2
First half
Second half

2

1
Deposits at all commercial banks.
'Preliminary.




_

—
_

__
__

142. 1
141. 1
145. 5
147. 6
153. 2
159. 4
154. 5
154. 5
155. 6
156. 7
157. 2
158. 0
158. 6
159. 1
159. 4
159. 8
159. 1
159. 8
160.5
160.7
160.4

Currency
outside
banks
JSeasonall;/
28. 9
28. 9
29. 6
30. 6
32. 4
34. 2
33. 0
33.3
33. 4
33. 5
33.7
33.8
33. 9
34. 2
34. 2
34. 5
34. 6
34. 6
34.7
34.7
34.7

M oney supp>ly
De-

Time

de-

posits

mand

de-

posits

]

Total

Currency
outside
banks

Time

de-

posits l

mand
posits

de-

U.S.
Government
de-

mand
de-

posits l
1Jnad justed

adjusted

113. 2
112. 1
116. 0
117. 1
120. 7
125. 2
121. 5
121. 3
122. 1
123. 3
123. 5
124. 2
124.7
124. 9
125. 2
125. 3
124. 5
125. 2
125.8
126.0
125.6

De-

67. 4
72. 9
82. 8
97. 9
112. 3
126. 5
116. 4
117. 4
118. 5
119. 4
120. 6
121. 7
123. 1
125. 1
126. 5
128. 9
131. 1
132. 4
133.3
133. 1
133.5

145. 6
144. 7
149. 4
151. 6
157. 2
163. 6
155. 0
152. 4
153. 6
155. 2
155. 1
156. 9
158. 8
160. 4
163. 6
163. 9
159. 0
158. 5
161. 1
160.6
161.6

29. 5
29. 0
30. 2
31. 2
33. 1
34. 9
32. 7
33. 0
33. 3
33. 7
33.8
33.8
34. 0
34. 5
34. 9
34. 3
34. 2
34. 3
34.4
34.6
34.2

116. 1
115. i
119. 2
120. 3
124. 1
128. 7
122. 3
119. 4
120. 3
121. 5
121. 3
123. 1
124. 8
125. 9
128. 7
129. 6
124. 9
124. 2
126.7
126.0
127.4

66.6
72. 1
81. 8
96. 7
111. 0
125. 0
116. 7
118. 1
119. 2
120. 1
121. 1
122. 0
123. 3
124. 1
125. 0
128. 1
130. 6
132. 4
133.7
133.5
133.9

NOTE.—See note. p. 31.
Source: Board of Governors of the Federal Reserve System.

4.9

4. 7
4. 9
5. 6
5. 2
5. 5
4. 2
6. 9
7. 8
7. 0
6. 4
6. 6
5. 6
5. 8
5. 5
4. 2
5. 8
6. 7
5.6
5.8
5.5

29

SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Nonbank public holdings of liquid assets (seasonally adjusted) rose moderately in April as demand deposits and
currency registered an erratic month-end decline. The total was 7.3 percent above a year earlier.

BILLIONS OF DOLLARS
600

BILLIONS OF DOLLARS
600
SEASONALLY ADJUSTED, END OF MONTH

500

500

400

400

SAVING TYPE
ASSETS -L/ N
300

300

200

200

DEMAND DEPOSITS AND
CURRENCY
\

100

100

1959

I960

1961

1965

1964

1963

1962

J/ ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
COUNCIL OF ECONOMIC ADVISERS

SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Billions of dollars, seasonally adjusted]
Total
selected
liquid
assets

End of period

1956
1957
1958
1959
1960
1961
1962
1963 3
1964
1964: Apr
Mav
June
July
Aug
Sept3 3
Oct 3
Nov
Dec 33
1965: J a n 3
Feb 3
Mar
Apr 3

.__
___ _ _ _ _

343. 2
356.0
373. 1
3<3. 9
319. 2
424.6
459. 0
495.4
529. 6
506.0
507. 6
511. 4
511. 8
514. 8
520. 8
522.9
526.3
529. 6
533. 9
535. 5
541. 8
543. 1

Demand
deposits
and
currency ]
134. 6
133. 5
138. 8
139 7
138. 4
142. 6
144. 8
149. 6
156. 1
149. 9
149. 6
151. 1
151.8
152. 1
154. 8
154. 6
154. 6
156. 1
155. 4
154. 2
153. 0
155. 6

Time d eposits
Commercial
banks
52.0
57. 5
65. 4
67. 4
73. 1
82.5
98. 1
112. 9
126. 9
117.0
117. 9
118. 6
119. 8
120. 6
121. 9
123. 7
125. 7
126. 9
130. 3
131. 6
132. 6
133.8

1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for5 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.

30



Mutual
savings
banks
30. 0
31. 6
33. 9
34. 9
36. 2
38. 3
41. 4
44. 5
48. 9
46. 0
46. 3
46. 8
47. 1
47. 5
47. 9
48. 3
48. 6
48. 9
49. 4
49. 6
49. 8
50.2
3

Postal
Savings
System

1.6
1.3
1. 1
.9
.8
.6
.5
.5
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4

Savings
and loan
shares

U.S. Government
savings2
bonds

37. 0
41.7
47.7
54.3
61. 8
70. 5
79.8
90. 9
101. 3
94. 1
94. 9
95. 8
96. 6
97.8
99. 1
99. 8
100. 8
101. 3
101. 7
102.6
103. 6
104. 3

54. 8
51. 6
50. 5
47. 9
47.0
47. 4
47. 6
49. 0
49. 9
41). 1
49. 1
49. 2
49. 3
49. 3
49. 4
49. 4
49. 5
49. 9
50. 0
49. 9
49. 9
49. 9

Preliminary.
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Eeserve System.

U S Government
securities
maturing
within
one
year 2

33.2
38.8
35. 6
48. 8
41.9
42. 6
46. 8
48. 1
46. 1
49. 5
49. 4
49. 4
46. 7
47. 1
47. 4
46.8
46. 7
46. 1
46. 8
47.3
47.6
48. 9

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total commercial bank credit (seasonally adjusted) rose by $1.8 billion in April, an increase closely matching the
monthly average in 1964. The advance of $1.3 billion in total loans was also near the 1964 average, following a
surge in the first quarter.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

300

300

SEASONALLY ADJUSTED, END OF MONTH

ALL COMMERCIAL BANKS

250

250
TOTAL
LOANS AND INVESTMENTS

200

200

150

150

BANK LOANS

100

100

INVESTMENTS IN
US. GOVERNMENT SECURITIES

50

50
INVESTMENTS IN OTHER SECURITIES
„„.„.„...»«••'•"""""

I
1960

I

1959

I
1961

1963

1962

1964

All comnnercial bank s
(s easonally adjusted daita)
End of period

1957
1958
1959
1960
1961
1962 55
1963
1964 «
1964: Apr
Mav
June _ _
July
Aug
Sept__
___ _
Oct r >_ _ ___
Nov « _ _ _ __
Dee o
1965: Jan °(! _ _ _ _
Fob _
Mar °
Apr 6
1

Total
Investrnents
Loans,
loans excluding
and
inter- U.S. Gov- Other
investbank
securiernment
ments
securities
ties

166. 4
181. 2
185. 9
194. 5
209. 8
228. 3
246. 5
266. 0
251. 8
253. 5
256. 3
254. 5
258. 7
261. 7
260. 8
264. 9
266. 0
268. 7
271. 1
274. 5
276. 3

91. 4
95. 6
107. 6
113. 8
120. 5
133. 9
149. 4
166. 7
155. 4
157. 3
160. 0
159. 7
161.5
163. 0
163. 1
165. 2
166. 7
169. 9
171. 6
1 75. 5
176.8

Billions of dollars
57. 1
17. 9
65. 1
20. 5
20. 5
57. 8
20. 8
59. 9
65. 4
23. 9
65. 2
29. 2
62. 1
35. 0
60. 9
38.4
60. 8
35. 6
60. 3
35. 9
36. 3
60. 0
36. 4
58. 4
60.2
37. 0
61. 2
37. 5
59. 9
37. 8
38. 4
61. 3
60. 9
38. 4
59.5
39.3
59. 6
39. 9
59. 0
40. 0
41. 0
58.5

Member minus arc all i nitionai bantcs and those I.?tate banks whi eh have takeri
membership
in the Feden U Reserve S]Astern.
2
Commercial
and indus trial loans,
3
Debits during period to demand deposit ace Dunts except ir terbank anc1
U.S. Government. N e w s cries begin n ng 1904; see /lank Debits and Deposit Turn
Offer, G.6 FRB, February I 9, 1965 at id I 'ederat Resen e Bulletin, Mar ch 1965.
* Averages of daily figure35. Annual data are for 3eceinber.




1965
COUNCIL OF ECONOMIC ADVISERS

SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Weekly
reporting
member
banks *
Business
loans 2

Bank
debits
outside
New York
City (343
centers),
seasonally
adjusted
annual3
rates

A U member banks l 4

Total
reserves

Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o dollars

31. »
31. 7
30. 7
32. 2
32. 9
35. 2
38.8
42. 1
38. 1
38.3
38.7
38. 5
38. 9
40. 0
39. 9
40. 5
42. 1
41.8
43. 0
44. 6
44. 6

1, 468
1, 481
1, 656
1, 736
1, 832
2, 021
2, 199
3 2, 696
2,694
2, 688
2, 607
2, 747
2, 682
2, 756
2, 772
2, 730
2, 804
2, 803
2, 845
2, 924
2 962

19, 420
18, 899
18, 932
19, 283
20, 118
20, 040
20, 746
21,609
20, 277
20, 220
20, 558
20, 665
20, 566
20, 928
21, 033
21,159
21,609
21,619
21, 227
21, 248
21,505

577
516
482
756
568
572
536
411
380
337
390
400
417
420
415
396
411
402
437
340
358

710
557
906
87
149
304
327
243
213
255
270
265
334
331
309
430
243
299
405
416
471

-133
__41
-424
669
419
268
209
168
167
82
120
135
83
89
106
-34
168
103
32
-76

-113

s

Hstima tes.
fi Preliininary.
NOTE. — Between Januai•y and August 1959. series or all co mm ercial banks
expanded to include data lor all banks ; n Alaska an d Hawaii. Data for all
member b-<inks include Ala ska and Hawaii becinnmg IS 54 and 1959, respectively.
Source: Board of Govenlors of the Fedei al Reserve S ystem.

31

CONSUMER AND REAL ESTATE CREDIT
Total outstanding consumer credit increased more strongly this March than a year earlier.
rise in instalment credit about equalled the preceding month.

The seasonally adjusted

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
END OF MONTH

80

TOTAL CONSUMER CREDIT OUTSTANDING

60

t"" /

INSTALMENT CREDIT

40

40

20

20

'

SEASONA LLY ADJUSTED (ENLARGEt> SCALE)

i
i_i_^^""

• '"••iiw^n„,.,„„

,...»•»«>"

r,, ,, , i , ,,,,j , , ,,, i , ,,,,
1959

i

tA,t»«*

6

'"""

INSTALAAENT CREDIT REPAID

f—

3
0

«*W"J~«~**^*~~~-*s.

\

0

'

^0m

INSTALMENT CREDIT EXTENDED

3
, , , , , , , , , , ,

1960

1961

1963

1962

1964

, . . , . 1 . . i i i1

0

1965
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Millions of dollars]

T>
* ^J
reriod

1955
1956
1957
1958
1959
1960
1961
1962
.
1963
1964
1964: Feb
Mar
Apr..
May_
June. _ _
July
Aug. _ _
Sept
Oct__ _
Nov __ __
Dec
1965: Jan__ _ _
Feb
Mar

1

Consu mer credit outstandin g (end of period;
iin ad justed)
[nstalment
Total

Total

38, 830
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
69, 890
76, 810
68, 786
68, 913
69, 816
70, 945
71, 907
72, 456
73, 069
73, 495
73, 928
74, 371
76, 810
76, 145
75, 741
76, 085

28, 906
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
53, 745
59, 397
53, 552
53, 795
54, 382
55, 120
55, 914
56, 496
57, 055
57, 446
57, 826
58, 085
59, 397
59, 342
59, 363
59, 788

J

bile
paper
13, 460
14, 420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 199
24, 521
22, 271
22, 471
22, 830
23, 255
23, 702
24, 024
24, 251
24, 295
24, 423
24, 367
24, 521
24, 574
24, 743
257 063

Personal
loans
6, 112
6, 789
7, 582
8, 116
9, 386
10, 480
11, 256
12, 643
14,391
16, 071
14, 479
14, 552
14, 748
14, 902
15, 087
15, 233
15, 415
15, 612
15, 672
15, 771
16, 071
16, 091
16, 190
16, 341

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

32



instalment 2
9, 924
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 145
17, 413
15, 234
15, 118
15, 434
15, 825
15, 993
15, 960
16, 014
16, 049
16, 102
16, 286
17,413
16, 803
16, 378
16, 297

Consum er instalme nt credit e x tended Mortgage
debt out and r epaid (seasonally adju sted)
Automob ile paper standing,
To tal
nonfarm
1- to 4Extended Repaid Extended Repaid
family
houses 3
13, 082
16, 734
33, 634
88, 200
38, 972
14, 555
99, 000
37, 054
15, 515
39, 868
15,
545
16, 465
107, 600
42, 016
39, 868
14,
226
15,
415
117,
700
40,
344
40, 119
15, 579
130, 900
42, 603
17, 779
48, 052
16, 384
45, 972
141, 300
17, 654
49, 560
16, 472
16, 007
47, 700
153, 100
48, 396
17, 478
50, 620
19, 796
166, 500
55, 126
19, 354
182, 200
22, 013
60, 822
55, 111
197, 700
21, 243
60, 418
23, 565
66, 070
1,716
1,953
4,842
5,421
1, 942
1, 735
185, 200
5, 480
4,956
1, 759
4, 959
1, 961
5, 371
1, 776
5, 552
5, 059
2, 023
1,962
1,768
5,029
5,399
189, 600
1,781
1,996
5, 541
5, 058
5,094
2, 017
1,789
5,529
1,802
2, 024
5, 104
5, 617
193, 900
1, 924
1, 788
5,097
5,507
1,858
1, 818
5, 155
5,456
1, 864
197, 700
2,043
5,256
5,816
2, 120
1, 830
5, 213
5, 883
1,897
6,022
5, 381
2, 228
1,924
5,393
6,030
2,229

NOTE.—Data,for Alaska and Hawaii included beginning January and August
1959, respectively4.
Sources: Board of Governors of the Federal Keserve System and Federal Home
Loan Bank Board.

BOND YIELDS AND INTEREST RATES
The 3-month Treasury bill rate edged slightly downward from late March through mid-May.
were essentially unchanged.

PERCENT PER ANNUM

Longer-term yields

PERCENT PER ANNUM

TAXABLE GOVERNMENT
BONDS

1959

1960

1961

1963

1962

1964

SOURCES: SEE TABLE BELOW

1965
COUNCIL OF ECONOMIC ADVISERS

(Percent per annumj
Period

1958
1959
1960
1961
1962
1963
1964
1964: Mar
Apr_
May__
June_ __ _ July
Aug
Sept
Oct
Nov
Dec_
1965: Jan __
Feb
Mar
Apr
Week ended:
1965: Apr

17_ _
24__
May 1__
8__

15__

22_

High-grade
U.S. Govfc rnment seem*itv vields
municipal
3-month
bonds
3-5 year
Taxable
2
3
Treasury
(Standard4 &
issues
bonds
bills * "
Poor's)
1. 839
2. 90
3. 43
3. 56
3. 405
4. 33
4. 08
3. 95
2. 928
3.99
4. 02
3. 73
2. 378
3. 60
3. 90
3.46
2. 778
3. 57
3. 95
3. 18
3. 157
3.72
4. 00
3.23
3. 549
4. 06
4. 15
3.22
3. 553
4. 15
4. 18
3. 32
3.484
4. 18
4. 20
3.29
3. 482
4. 07
4. 16
3. 21
3. 478
4. 03
4. 13
3. 20
3. 479
4. 13
3. 99
3. 18
3. 506
4. 14
3.99
3. 20
3. 527
4. 03
4. 16
3.25
3. 575
4. 04
4. 16
3. 26
3.624
4. 04
4. 12
3. 18
4. 07
3. 856
4. 14
3. 15
3.828
4.06
4. 14
3.06
3. 929
4. 08
4. 16
3. 10
3. 942
4. 12
4. 15
1 18
3.932
4.12
4. 15
*. 17

3. 937
3. 946
3. 916
3. 901
3. 893
6
3. 897

1
2
Rate on new issues within period.
Selected
1
4 Series includes: April 1953 to date, bonds due or
Weekly
data
are
Wednesday
figures.
5

4.
4.
4.
4.
4.

11
12
12
10
11

4.
4.
4.
4.
4.

14
15
15
14
15

note and bond issues.
callable 10 years and after.

Data for first of the month, based on the maximum permissible interest rate
«M percent since May 1961) and 30-year mortgages paid in 15 years.




3. 17
3. 17
3. 17
3. 17

o. 17
O

-11-7

Corpora be bonds
(Moo dy's)

3. 79
4. 38
4. 41
4. 35
4. 33
4. 26
4. 40
4. 38
4. 40
4. 41
4.41
4. 40
4.41
4. 42
4. 42
4. 43
4. 44
4.43
4. 41
4. 42
4.43

4. 73
5. 05
5. 19
5.08
5. 02
4. 86
4.83
4. 83
4.85
4. 85
4. 85
4. 83
4. 82
4. 82
4.81
4. 81
4. 81
4.80
4. 78
4. 78
4.80

Prime
commercial
paper,
4-6
months
2. 46
3.97
3. 85
2. 97
3. 26
3. 55
3. 97
4. 00
3. 91
3. 89
4. 00
3. 96
3.88
3.89
4. 00
4. 02
4. 17
4.25
4. 27
4. 38
4.38

4.43
4.43
4.43
4.43
4.45

4.80
4.80
4.80
4.80
4.80

4. 38
4.38
4.38
4.38
4.38

Aaa

Baa

FH A

new home
mortgage
yields 5

5. 49
5.77
6. 16
5. 78
5. 60
5. 46
5. 45
5. 45
5. 45
5. 45
5.45
5. 45
5. 46
5. 46
5. 46
5. 45
5. 45
5.45
5. 45
5. 45
5.45

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

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices in late April and early May rose substantially further from the mid-April peak.
Index, 1941-43 = 10

Index, 1941-43 = 10
90

90

80

80

'COMPOSITE PRICE INDEX FOR "
500 COMMON STOCKS

s~*

\
\

70

70

60

60

. i . . f J 50

50 l

PERCENT

PERCENT

DIVIDEND YIELD ON COMMON STOCKS

RATIO

25

25

^^

20

—/^^
10

1

!

1

i

1959

-

X

^
i

i

1960

PRICE/EARNINGS RAT O ON COMMON SI•oacs

!

1

1

1961

t

*

20

\

.

1959
1960
1961
1962
1963
1964
1964: Apr
May
June
July
Aug
Sept
Oct

Nov
Dec
1965: Jan
Feb
Mar
Apr
Week ended:
1965: Apr

9
16
23
30___ _ _ _
May 7
_
14 _ _ _ __

i
r
1962

r

i
1963

i

I

!

1

1

I

1

A

10

1965

1964

COUNCIL OF ECONOMIC ADVISERS

Price i ndex l
Industrials
Total

Total

Capital
goods

Consumers'
goods

Public
utilities

Railroads

Dividend
yield 2
(percent)

57. 38
55. 85
66. 27
62. 38
69. 87
81. 37
79. 94
80. 72
80. 24
83. 22
82. 00
83. 41
84. 85
85. 44
83. 96
86. 12
86. 75
86. 83
87.97

61. 45
59.43
69. 99
65. 54
73.39
86. 19
84. 92
85. 79
85. 13
88. 19
86. 70
88. 27
89. 75
90. 36
88. 71
91. 04
91. 64
91. 75
93.08

1941-"13 = 10
47. 35
63. 93
59. 75
47. 21
67. 33
57. 01
54. 96
58. 15
62. 28
63.30
76. 34
73. 84
76. 52
70. 93
72. 67
76. 50
72. 42
75. 85
77. 76
75. 47
75. 91
75. 40
77. 97
77. 74
79. 1 3
79. 08
78. 97
79. 18
77. 24
77. 58
80. 19
79. 69
82. 52
80. 74
81. 58
83. 83
84.43
83.25

44. 15
46. 86
60. 20
59. 16
64. 99
69. 91
67. 30
67. 29
67. 46
70. 35
71. 17
72. 07
73. 37
74. 39
74. 24
75. 87
77. 04
76. 92
77.24

35. 09
30. 31
32. 83
30. 56
37. 58
45. 46
43. 27
44. 86
46. 29
48. 93
47. 17
47. 14
48. 69
48. 01
45. 75
46. 79
46. 76
46. 98
46.63

3. 23
3.47
2. 98
3. 37
3. 17
3. 01
3. 00
3. 01
3. 05
2. 96
3. 03
3. 00
2. 95
2. 96
3. 05
2. 99
2. 99
2. 99
2.97

86.84
88.09
88.59
88.99
89.64
4
89. 90

91. 74
93. 21
93.81
94.32
95.05
95.36

83. 14
85. 29
85. 17
85.79
86.70
87. 09

77.03
77. 34
77.47
77.33
77.72
77.97

46. 64
46. 99
46.46
46.59
46.51
45.88

3. 00
2. 95
2.94
2.92
2.90
4
2. 90

1
Includes.500 common stock, 425 are industrials; 50 are public utilities; and 25
are railroads. Weekly indexes for capital and consumer goods are Wednesday
figures:
all other weekly indexes are averages o, daily figures.
2
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
are averages of monthly data. Weekly data are Wednesday figures.

34



~~

15

SOURCE STANDARD AND POOR'S CORPORATION

Period

^-

81. 87
84.01
83. 98
85.24
86.20
85. 93

Price/
earnings
ratio 3

3 Ratio of price index for last day in quarter to quarterly earnings
adjusted
annual rate). Annual ratios are averages of quarterly data.
4
Not charted.
Source: Standard and Poor's Corporation.

17. 05
17. 09
21. 06
16. 68
17.62
18.09
17. 61

17.87
18.71

FEDERAL FINANCE

FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first 10 months of fiscal 1965 amounted to $6.9 billion.
fiscal 1964 it was $9.7 billion.

In the corresponding period of

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES

100

100

75

75

50

50 -

25

25

0L
1960

1961

1962

1963

1964

1965

1960

1961

1963

1962

BUDGET SURPLUS (+) OR DEFICIT
(ENLARGED SCALE)

1964

1965

(-)

25 -

0 L

-15
1960

1961

1962

1963

1964

1965

1960

1961

1962

-1963

1964

1965

^ESTIMATE
SOURCE. TREASURY DEPARTMENT AND BUREAU OF THE BUDGET

Net
budget
receipts

Period

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1964:

year
year
year
year
year
year
year
year
Mar
Apr
May
June
July
Aug
Sept

1959
1960
1961
1962
1963
1964 3
1965
1966 3

Oct
Nov

Dec
__
1965: Jan
Feb
Mar
Apr.
Cumulative totals first 10 months:
Fiscal year 1964
Fiscal year 1965

COUNCIL OF ECONOMIC ADVISERS

._. _
___
___

67. 9
77. 8
77. 7
81.4
86.4
89.5
92. 6
95. 4
10. 1
6. 6
6. 1
12. 4
3. 5
6. 7
10. 1
3.4
7.0

8. 9
5. 6
7. 5
11. 2

[Billions of dollars]
Net bude et expenditi res
1
N ational defe nse
DepartTotal
ment of
Military
Total
Defense, assistance
military
80. 3
46. 5
41. 2
2. 3
76. 5
41. 2
1. 6
45. 7
43. 2
47. 5
81. 5
1.4
87. 8
46.8
51. 1
1. 4
92. 6
52.8
1.7
48. 3
54.2
97.7
49. 8
1.5
97. 0
(44)
(44)
(44)
99. 7
()
()
()
4.0
.1
4. 4
7. 9
4.2
4. 6
.1
7.9
.2
43
7.5
4.7
5. 1
9. 5
5.7
.3
(5)
3.2
7.4
3. 5
3. 5
3. 8
8. 1
( )
5

8.4

8. 3
7. 1
8. 8
7.7

8.5

7. 1
8. 1
8. 3

70. 9
72.4

80. 6
79. 3

1
In addition to items shown, also Includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is stibiect to statutory Hebt limitation.

• Estimates revised May 1965.
«Not available on revised basis.



4.2
4.2
4.0

4. 5
4.0
3.8
4.5

3.9
3.9
3.7
4.2
3.7
3.6

43

42
41

43. 8
40. 9

40. 4
38. 0

Budget
surplus
or
deficit (-)

-12.4
1. 2
-3. 9
-6. 4
-6.3
-8.2
-4. 4
-43
2.3

.1
.1
.1
.1
.1
.1

1.0
.6

(4)
(4)

284 8
286. 5
289. 2
29& 6
306. 5
312. 5

.4
3.0
.3

310. 4
308. 4
312. 3
312. 5
312.0
314 9
316. 5
316. 5
319. 3
318. 8
318.6
320. 6
318. 4
317.2

-9.7
-6.9

308.4
317.2

1

O

-1.' 4
2.9

-3.9
-1.4

.1

(5)

Public
debt
(end of2
period)

(6)

1.6
4.9

.1
-2.0

Less than $50 million.
« Deficit of $16 million.
NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.

35

FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter, cash receipts exceeded cash payments by $2.4 billion/ on a seasonally adjusted basis, however,
there was an excess of payments of $0.3 billion.

BILLIONS OF DOLLARS
35

BILLIONS OF DOLLARS
35

30

25

20
i

+5
EXCESS OF CIASH

ea 1 Pi _,

I

m
-5

EXCESS OF CASH
I

1

!

1959

PAYMENTS
\
i
i

t

+5

SEASONALLY ADJUSTED

RECEIPTS.

| •-

Q

;

mm^&W

I

I

I

\

1

\

1

1962

1961

1960

o

mw^m »• |i
\

i

1963

i

i

i

1964

I

I

-5

f

1965

CALENDAR YEARS

OUR :ESi TREASURY DEPART/AENT AND BUREAU OF THE JUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Period
Fiscal year:
1959
1960
1961
1962
1963
1964
1965 i
1966 *
Calendar year:
1959
1960
1961
1962
1963 .
1964
Quarterly total (calendar years):
1963: III
IV
1964: I
II
III
IV
1965: I

Cash receipts
from the
public

Cash payments to
the public

81. 7
95. 1
97. 2
101. 9
109.7
115. 5
117.4
123.5

94. 8
94. 3
99. 5
107. 7
113. 8
120. 3
121. 4
127. 4

13. 1
.8
-2. 3
-5. 8
-4. 0
—4. 8
— 4. 0
-3.9

87.6
98.3
97.9
106. 2
112. 6
115.0

95.6

-8.0
3.6
-6. 8
-5. 7
-4. 6
-5.3

94. 7

104. 7
111. 9
117. 2
120. 3
Unadjusted

27. 3
24. 5
30. 3
33.4
27. 0
24. 3
30. 7

1
XJnrevised; estimates not available reflecting revised administrative budget
receipts and expenditures shown on p. 35.




36

Excess of
receipts or
payments
"(-)

30. 9
30. 6
28. 6
30. 2
30.9
30. 6
28. 3

Cash receipts
from the
public

Cash payments to
the public

Excess of
receipts or
payments
(-)

Se£isonally adjus ted
-3. 6
-6. 1
1. 7
3.2
-3.9
-6. 3
2. 4

28.5
29.0
29. 5
28. 6
28. 2
28. 7
29. 8

30. 2
29. 9
30. 5
29. 9
30. 2
29.8
30. 1

Sources: Treasury Department and Bureau of the Budget.

-1. 7
-. 9
— 1.0
-1. 3
-2.0
— 1. 1
_ 3

FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, Federal receipts rose $5 billion (seasonally adjusted annual rate) while expenditures changed
little. As a result, the budget was approximately in balance.

BILLIONS OF DOLLARS
140

BILLIONS OF DOLLARS
140

80

0 r

i

i

i

|

i

i . i

1

420

+20

SEASON ALLY ADJUSTED ANNUAL RATES

SURPLUS

lMn

Q

• •••

nmm

^

-!••

W"~

Q

DEFICIT

i

-20

i

i

1

1959

1

1

1960

1

1

\

1

\

\

\

1962

1961

\

\

1

!

I

1

1964

1963

1

!

-20

1965

CALENDAR YEARS

SOURCEi DEPARTMENT OF C OMMERCE

COlJNCIL OF ECONOMIC ADVISE RS

[Billions of dollarsf quarterly data at seasonally adjusted annual rates]
Federal <3overnme nt receipt s
Period

Fiscal year:
1961
1962
1963
1964
1965 i
1966 *
Calendar
year:
1959
1960
1961
1962
1963
1964
1963:111IV.

1964: !_._
II__
IIIIV.

1965: I—

Federa 1 Governinent expe nditures
GrantsSubsidies Surplus
Purin-aid
less
or
Net
Trans- to State
chases
current deficit
and
interest surplus
of goods fer paypaid
and
local
ments
of Govt.
goverservices
enterments
prises

Indirect ContriPersonal Corporate
business butions
tax
and
Total nontax profits tax and to social
tax
insurnontax
receipts accruals
accruals ance

Total

95.4
104. 3
109. 6
114. 7
116. 0
121. 0

44. 2
47. 7
50. 1
51.4
50. 3
52. 2

19. 7
21. 9
22. 1
23. 5
23. 9
24. 7

13. 6
14. 9
15.2
16. 0
16. 8
16. 1

18. 0
19. 7
22. 1
23.8
25. 0
28. 0

97. 8
106. 2
112.3
118.5
121. 0
127. 0

54. 9
60. 0
63.6
66. 1
65. 9
66.7

25. 9
27. 8
29. 2
30.4
31. 8
35.2

90. 3
96. 6
98.3
106. 4
113. 6
114. 1
114. 2
117. 2
114.8
112. 3
114.0
115. 2
120. 2

40. 4
44. 0
45. 1
49. 1
51. 9
49. 0
52.2
53.4
51.2
47.3
48. 2
49. 3
52.0

22.0
21.0
20. 9
21. 8
23. 0
24. 2
23. 0
24. 4
23. 9
24. 4
24. 4
24. 3
25. 9

13.0
14. 0
14. 1
15. 1
15. 6
16. 4
15. 7
15. 9
15. 9
16. 4
16. 6
16. 6
17. 1

14.9
17. 6
18. 2
20. 5
23. 0
24. 4
23. 2
23. 5
23. 9
24. 2
24.7
25. 0
25. 2

91. 4
93. 1
102.6
110.4
115.2
119. 2
114. 9
116. 6
117.2
120. 2
119.2
120. 1
120.3

53.6
53.1
57.4
62. 9
64. 7
65. 5
64. 4
64.9
64.3
67. 1
65. 5
65. 3
65. 1

22. 2
23.8
27.4
28.3
29.9
31.0
29. 6
30.3
31. 1
30. 7
30. 8
31. 5
32. 2

1

Unrevised; estimates not available reflecting revised administrative budget
receipts and expenditures shown on p. 35.
NOTE.—Data for Alaska and Hawaii included beginning 1960.




6. 8
7. 6
8.3
9.8

10. 7
13.0

6.7
6.3
7.2
8.0
9.1

10.4

9.4
9.9
9.8

10. 4
10. 6
10. 7
10.6

6. 9
6. 8
7.4

3.3
4.0
3.8

8. 1
8. 5
8. 6

4. 1
4. 1
3. 5

6. 4
7. 1

2. 5
2. 8

6.7
7.1
7.7
8.4
7.8
7.9
8.3

3.8
3.9

8.4

3.6
3.9

8. 4

8. 4
8. 5

3.9

4. 2
3. 7

3.5

3. 7

4. 2
3.8

2. 4

— 1. 9
-2.8
3. 9
— 5. 0
— 6. 0
— 1. 1
3. 5
-4.3
-4. 1
— 1. 5
5. 1
-. 7
.6
-2.4
-7. 8
-5. 2
-5.0
—.1

Source: Department of Commerce.

37

UNITED STATES
GOVERNMENT PRINTING OFFICE

POSTAGE AND PEES PAID
U.S. GOVERNMENT PRINTING OFFICE

DIVISION OF PUBLIC DOCUMENTS

WASHINGTON, D.C. 2O4O2
OFFICIAL

BUSINESS

First-Class Mail

Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
NOTE.— Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, ail dollar figures are in current prices.

38




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