Full text of Economic Indicators : May 1966
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89th Congress, 2nd Session
JUN 7 .fASf
Economic Indicators
May
1966
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1966
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. W. FULBRIGHT (Arkansas)
WILLIAM 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
JAMES S. DUESENBERRY
ARTHUR M. OKUN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
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Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
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The 1964 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is available
at 65 cents a copy.
ii
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Revised £sti mates indicate that sross national product rose sharply by nearly $17 billion in the first quarter to
a seasonally adjusted annual rate of $714 billion. Major sector increases were $11 billion in personal consumption expenditures/ $5 billion in government purchases, and $1% billion in gross private domestic investment. Net
exports declined by $% billion.
. [Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Net receipts
Expenditures
Personal
Interest Personal saving
TransTotal
Tax and fers,
Purpaid amQj consumpTransexcludtion
(+)
or
nontax inter- chases
transfer expendi- disTotal
ing
fers,
1
Net
receipts est, of goods expendi- interest,
payinterest Total
receipts
saving
tures
or
and
and
ments
and
tures and subaccruals sub- 2 services
to fortranssidies 2
eigners
sidies
fers
115.6
302. 2 308.5
281.4
20.8
6.3
86.8
28.7
114.9
86.1
28.7
Disposable personal income
Period
1957
1958
1959.....
1960
1961
1962
1963
1964 .
1965
1964: I.__.
II...
III...
IV...
1965: I
II...
III..
IV...
1966: I*...
312.4
330.3
342. 3
356.3
376.7
394.3
425.2
453. 6
412.5
423. 3
429.6
435.4
440. 2
446.9
459. 3
468. 1
476.2
318.8
337.3
350. 0
364.4
385. 3
403. 8
435.8
465.3
422.6
433. 6
440.3
446.4
451.4
458. 5
471.2
480. 3
488.7
6.5
7.0
7.8
8.1
8.6
9.6
10.5
11.7
10.1
10.4
10.7
11.0
11.2
11.6
11.9
12.2
12. 5
290.1
311.2
325. 2
335.2
355.1
373.8
398.9
428. 7
389. 1
396.0
404.6
405. 9
416.9
424.5
432. 5
441. 0
451.8
22.3
19.1
17.0
21.2
21.6
20.4
26.3
24.9
23.3
27.3
25.0
29.5
23.3
22.4
26.8
27. 1
24.4
1957
1958
1959
1960-.
1961
1962
1963
1964
1965
1964: !_
1965:
III.
IV.
III.
IV.
1966: I*..
33.0
34.0
36.5
41.3
42.8
44.5
46.8
49.7
46.7
46.4
46.8
47. 1
48.8
48.2
51.7
50.1
52.6
Transfers
Net exports of goods
Gross Excess to forand services
Gross private
eigners
of
retained domestic invest- by perearnment sons and Net
ExImings 3 investGovernment 4
ports
ment exports ports
49.8
49.4
56.8
56.8
58.7
66.3
69. 1
75.4
82. 8
74.2
75.2
76.5
75.8
82.0
82.0
83.2
84.1
85.7
67.8
60.9
75.3
74.8
71.7
83.0
86.9
92.9
105. 7
89.7
90.9
92.6
97.7
103.4
102.8
106. 2
110.3
111. 7
— 18.1
— 11.5
— 18.5
-18.0
-13.0
-16.8
-17.8
-17.5
-22. 9
-15.5
-15.7
-16. 1
-21.9
-21.4
-20.8
-23. 0
-26.2
-26.0
2.3
2.3
2.4
2.3
2.6
2.7
2.8
2.7
2.8
2.7
2. 9
2.7
2.7
2.6
3. 1
2.8
2.7
2.7
1
Personal income (p. 5) less personal taxes and nontax payments (fines, penalties,
2 etc.).
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
* Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business which are included
in disposable personal income.
114.7
128.9
139.8
144.6
157.0
168.3
172.7
187.0
171.4
169.6
173. 5
176.5
184.8
186.6
186.4
190.0
200.2
94. 2
97.0
99.6
107.6
117.1
122. 6
128.4
134.8
126. 3
129.7
128. 7
128. 6
131. 3
133.5
135. 4
139. t)
144.0
127.2
131.0
136.1
149.0
159.9
167.1
175.1
184. 5
173. 0
176. 1
175.5
175.7
180. 1
181. 7
187. 1
189. 1
196.4
33.0
34.0
36.5
41.3
42.8
44.5
46.8
49.7
46. 7
46.4
46.8
47.1
48.8
48.2
51. 7
50. 1
52.6
0.7
-12.5
— 2.1
3.7
-4.3
-2.9
1.2
-2.4
2.5
-1.6
— 6.4
— 2.1
.8
4.7
4.9
-.7
.8
3.6
International
Business
Period
81.6
95.0
103.3
103.3
114.2
123.8
125.9
137. 3
124.6
123.2
126.7
129. 4
136.0
138. 4
134. 7
139. 9
147.6
Surplus
<+)or
deficit
•(-) on
income
and
product
account
5.7
2.2
.1
4.1
5.6
5,1
5.9
8.6
7. 1
8.8
7.7
8.8
8.9
6.0
8.0
7.4
6. 9
6.4
26.5
23.1
23.5
27.2
28.6
30.3
32.4
37.0
39.0
36.3
36.0
37.3
38.4
34.7
40.4
40. 1
40. 8
41.7
20.8
20.9
23.3
23.2
22.9
25.1
26.4
28.5
31. 9
27.5
28.2
28.5
29.5
28.6
32.4
32.7
33.9
35.3
Gross
Total
Statis- national
Excess of income
tical
product
transfers
or
discrepor
(+) or receipts
expendiancy
of net
ture
exports
-3.4
.1
2.3
-1.7
-3.1
-2.5
-3.2
-5.8
-4. 3
-6. 1
-4.8
-6. 1
-6.2
-3.4
-5. 0
-4. 7
-4. 1
-3.7
441.1
445.8
484.5
504.8
520.8
559.8
589.9
629. 2
676. 5
614. 0
624.5
635.4
643.3
660.7
670.2
680.1
694.8
712. 2
1.6
-.8
-1.0
-.7.
.5
-.7
— .5
—.2
(6)
-.3
— .7
— 2.2
-3.1
-1.4
1.4
2.4
1.5
441.1
447.3
483.6
503. 8
520.1
560.3
589. 2
628. 7
676. 3
614. 0
624. 2
634.8
641.1
657.6
668.8
681.5
697.2
713.9
< Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
*6 Net foreign investment with sign changed.
Less than $50 million.
•Preliminary estimates.
NoTE.-^Data for Alaska and Hawaii included beginning 19601
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product on a seasonally adjusted basis increased about 2% percent in the first quarter, according to
revised estimates. After adjustment for price changes, the increase was 1% percent.
MILLIONS OF"DOLURS
BILLIONS OP DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS NATIONAL PRODUCT
600
600
500
PERSONAL CONSUMPTION
EXPENDITURES
400
300
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
100
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES
1966
1960
SOURCE, DEPARTMENT OF COMMERCE
Gove rnment j.>urchases of good s and
Total
Personal Gross
Net
services
congross
Total
private exports
national gross
sump- domestic of goods
Federal
State
tion
product national
investTotal
and
and
National
in 1958 product expend- ment services
Total defense1 Other local
prices
itures
Billions of dollars; quarterlyT data at £seasonall y ad juste jd annual rates
Period
1955.
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965.
1964: I
II
III
IV
1965: I
II
III..
IV
1966: I
COUNCIL OF ECONOMIC ADVISERS
438.0
446.1
._
452.5
447. 8
475.9
487.8
497. 3
530.0
550.0
577.6
609.6
567. 1
575.9
582. 6
584. 7
597. 7
603.5
613.0
624.4
633.6
398. 0
419. 2
441. 1
447.3
483.6
503. 8
520. 1
560. 3
589.2
628.7
676.3
614.0
624.2
634. 8
641. 1
657.6
668. 8
681. 5
697.2
713.9
254.4
266.7
281.4
290. 1
311. 2
325. 2
335. 2
355. 1
373.8
398.9
428.7
389.1
396.0
404. 6
405. 9
416.9
424. 5
432. 5
441.0
451.8
67.4
70.0
67.8
60. 9
75.3
74. 8
71.7
83.0
86.9
92.9
105.7
89.7
90.9
92. 6
97. 7
103.4
102.8
106.2
110.3
111.7
iThis category corresponds closely with budget expenditures for national
defense,
shown on p. 35.
a
Gross national product in current prices divided by gross national product
in 1958 prices.
2.0
4. 0
5.7
2. 2
.1
4. 1
5.6
5. 1
5.9
8. 6
7.1
8.8
7.7
8. 8
8. 9
6. 0
8. 0
7.4
6.9
6.4
74.2
78.6
86. 1
94. 2
97.0
99. 6
107. 6
117. 1
122.6
128.4
134.8
126.3
129. 7
128. 7
128. 6
131.3
133. 5
135.4
139.0
144.0
44. 1
45. 6
49. 5
53. 6
53.7
53.5
57.4
63.4
64.4
65.3
66.6
65.0
67.0
64. 9
64. 3
64.9
65. 7
66.5
69.2
72.5
38. 6
40.3
44. 2
45. 9
46. 0
44. 9
47.8
51.6
50. 8
49.9
49.9
49.8
51.7
49. 5
48.8
48.8
49.2
49.8
52.0
55. 0
5.5
5.3
5.3
7.7
7. 6
8. 6
9. 6
11.8
13.6
15.4
16.7
15.2
15.3
15. 4
15.5
16.1
16.5
16.7
17.2
17.5
30. 1
33.0
36. 6
40. 6
43. 3
46. 1
50.2
53.7
58. 3
63. 1
68.2
61.3
62. 7
63.8
64.3
66.4
67.8
68.9
69.8
71.5
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
Implicit
price
deflator
for total
GNP,
1958= 1002
90. 9
94. 0
97. 5
100. 0
101. 6
103.3
104. 6
105.7
107. 1
108. 9
110.9
108.3
108.4
109. 0
109.6
110. 0
110.8
111.2
111. 7
112.7
NATIONAL INCOME
National income in the first quarter scored a very strong rise of $17 billion (seasonally adjusted annual rate).
Employee compensation rose by $12%-billion and corporate profits plus inventory valuation adjustment by $3 billion.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
1 600
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
V
500
500
400
400
COMPENSATION OF EMPLOYEES
\
300
300
100
PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
NET INTEREST
1960
1961
1963
1962
1965
1964
1966
J/PRELIMINARY ESTIMATES.
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
*SEENOTE.PAGE7.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1955
1956
1957
1958___
1959
1960
1961
1962
1963
1964
1965
1964: I
II
III
IV
1965: I
II
Ill
IV
1966: I 5
._
.
.
__
._
_
.
1
2 Includes employer
.
331.0
350.8
366. 1
367.8
4t30. 0
414.5
427.3
457.7
481. 1
514. 4
554.7
501. 6
510.5
519. 5
526.3
540.6
549.5
557.9
570.8
587.9
Compensation
of en>ployees *
224. 5
243. 1
256. 0
257. 8
279. 1
294.2
302. 6
323. 6
341.0
365. 3
391.9
355. 1
361.9
369. 0
375.4
382.4
387.9
393.7
403.6
416. 2
Proprieto] rs' income
Farm2
11.4
11.4
11. 3
13.4
11.4
12.0
12. 8
13.0
13.0
12. 0
14.3
11.9
12. 0
12. 0
12.2
12.0
14.5
15.0
15.5
15. 9
contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits. • See Note, p. 7.
Business
and professional
30. 3
31.3
32.8
33.2
35. 1
34.2
35.6
37. 1
37.8
39. 1
40.3
38.5
39. 0
39.4
39. 6
39. 9
40. 1
40.4
40.7
41. 0
Rental
income
of
per-
13.9
14.3
14.8
15.4
15. 6
15.8
16. 0
16.7
17. 6
18. 2
18. 6
17.9
18.1
18.3
18.5
18.5
18.6
18. 6
18.7
18.8
Net
inter-
est
4. 1
4. 6
5. 6
6.8
7. 1
8.4
10.0
11.6
13.6
15.2
16.5
14.5
15.0
15.4
15.7
16. 1
16.4
16.7
17.1
17.6
Corpora ie profits and inventory val uation ad justment 3
Total
46.9
46. 1
45.6
41. 1
51.7
49.9
50.3
55.7
58. 1
64.5
73.1
63.6
64.5
65.5
64.9
71.7
72.0
73.5
75.2
78.3
Profits Inventory
before valuation
taxes 3 adjustment
48. 6
48.8
47. 2
41.4
52. 1
49. 7
50.3
55.4
58. 6
64. 8
74.7
64.0
64.5
65.3
65.9
73. 1
73.9
74.6
77.0
81. 1
< Less than $60 million.
* Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-1.7
-2.7
— 1.5
-.3
-.5
.2
-. 1
.3
-.4
— ^?
-1.6
—.4
(4)
.2
— 1.0
-1.4
-1.8
-1.2
-1.8
-2.8
SOURCES OF PERSONAL INCOME
Personal income had a modest increase of $1.7 billion (seasonally adjusted annual rate) in April,
were up $1.2 billion and interest income advanced $0.5 billion.
BILLIONS OF DOLLARS
600
Wages and salaries
BILLIONS OF DOLLARS
600
500
400
300
100
1966
1960
SOURCE, DEPARTMENT OF COMMERCE
Period
Total
personal
income
1957
1958
1959
1960
1961
1962
1963
1964
1965
1965: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr 5 ___
351.1
361.2
383.5
401.0
416.8
442.6
464.8
495.0
530.7
517.8
520. 5
525. 0
528. 5
530.4
532.1
545.4
541.3
546.1
550. 9
552. 5
557.4
561.4
563. 1
[Billions of dollars; monthly data at seasonally adjusted annual rates]
j
Wage
Rental
Transfer
Other Proprietc>rs income income
and
Divi- Personal
paysalary
labor 2
Business
interest
of
dends
Farm
and pro- persons
income ments
disburseincome
1
ments
fessional
21.4
11.3
238.7
9.5
14.8
11.7
17.6
32.8
33.2
13.4
15.4
18.9
25.7
9.9
11.6
239.9
11.4
258.2
11.3
15.6
26.6
35. 1
12.6
20.7
34.2
12.0
12.0
23.4
13.4
28.5
15.8
270.8
32.4
12.7
12.8
16.0
25.0
35. 6
13.8
278.1
15.2
33.3
37.1
13.9
13.0
16.7
27.7
296. 1
35.2
37.8
311.2
13.0
17.6
15.8
31. 1
14.8
18.2
17.2
39. 1
34.3
36.6
12.0
16.5
333.5
39.2
18.6
18.2
37.1
40. 3
18.9
357.4
14.3
37. 6
40. 1
11.7
36. 2
17.6
18. 5
18. 0
351. 1
18.2
36. 5
37. 8
40. 0
12.9
18. 6
18.0
351. 5
40. 1
37. 4
18.6
36. 7
14.7
18.5
18.1
353. 9
37. 2
40. 1
18.6
37. 0
18.2
355.4
15.9
19.1
37.2
40. 3
37. 6
15.2
19. 0
18. 6
357. 4
18. 3
37.7
40. 4
18.4
37.5
14.9
19. 2
18. 6
358. 8
« 48. 4
14. 9
40. 5
37.7
19. 5
18.4
18. 6
360.8
40. 6
19.7
37.9
18.7
39.3
364. 7
18. 6
15. 3
39. 6
15. 5
40. 7
38. 2
18.7
19. 9
18.9
368.3
40. 8
20. 2
40.3
15.7
38. 5
19.0
18. 7
371.3
41.4
38. 9
20. 4
19. 2
15. 7
18.8
373.8
40. 9
39.4
20. 6
41.8
19. 3
15.9
41. 0
18. 8
377. 3
42. 0
40. 0
20.6
19. 5
16. 1
41.2
18. 9
379. 9
42. 0
20.7
40.5
19.6
15. 9
41.3
18.9
381. 1
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less 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.
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest .and net dividends paid by agricultural
corporations*
COUNCIL OF ECONOMIC ADVISERS
Less: Personal contributions
for social
insurance
6.7
6.9
7.9
9.3
9.6
10.3
11.8
12.4
13. 2
13. 0
12.9
13. 0
13. 1
13. 2
13. 3
13.4
13. 5
13. 6
13.7
16. 6
16.8
16.9
16. 9
Nonagricultural
personal
income 3
336.6
344.3
368.5
385.2
400.0
425.5
447.4
478.7
512. 1
502. 2
503. 2
505. 8
508. 2
510. 8
512. 9
526. 2
521. 7
526.3
530.7
532. 5
537.2
540. 9
542. 8
< Includes retroactive social security benefits of $885 million or $10.6 billion at
annual rate.
8 Preliminary estimates.
NOTE.—'Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Despite the increase in social security taxes and an increase in personal tax payments, disposable personal income
advanced by almost $8% billion (seasonally adjusted annual rate) in the first quarter. Outlays, however, increased
faster and the saving fate dropped sharply to 5.0 percent, according to revised estimates.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
550
500
500
450
400
350
300 |/_L_L_1
DOLLARS
2,600
DOLLARS
2,600
2,400
2,400
2,200
2,200
2,000
2,000
1,800
1,800
1966
1960
SOURCE, DEPARTMENT OF COMMERCE
Period
Personal
income
1956
1957
1958
1959
1960
1961
1962
1963_
1964_.____
1965.
333.0
351.1
361.2
383. 5
401.0
416.8
442.6
464.8
495.0
530.7
1964: !.__ 483. 0
II— 490. 6
IIL. 499.1
IV__ 507. 1
1965: ! _ _ _ 516.2
II... 524.7
III.. 536. 0
IV_. 546.0
1966: !___ 557. 1
COUNCIL OF ECONOMIC ADVISERS
Per capdta dis- Saving
L ess: Perse nal outlawfs
posable personal as perPersoilal consuiinption
Less: Equals:
Equals:
incc>me
cent of PopulaDisexpenditure s 2
Per- posable
Personal
distion
Total
sonal personal personal
saving Current
(thouposable
Non1958
taxes income outlays 1 Durable durable Services
sands)
prices
prices personal
goods
income
goods
(percent)
Billions of dollars
Dol Lars
168, 221
7.0
293.2
38.9
39.8
272.6
129.3
98.5
20.6
1,743
1, 838
171, 274
6.7
42.6
308.5
40.8
135.6
287.8
105.0
1,844
20.8
1,801
174, 141
7.0
140.2
37.9
42.3
318.8
296.5
112.0
1,831
22.3
1,831
177, 073
5.7
46.2
318.2
44.3
337.3
146.6
120.3
1,881
1,905
19.1
180, 684
4.9
45.3
50.9
350.0
333.0
151.3
128.7
17.0
1,883
1,937
44.2
5.8
183, 756
343.2
364. 4
52.4
155.9
21.2
135.1
1,983
1,909
186, 656
5.6
385.3
49.5
57.4
363.7
162.6
143.0
2,064
21.6
1,970
189, 417
53.4
5.1
60.9
383.4
168.0
403.8
152.3
2, 132
20.4
2,009
192, 120
59.2
58.7
6.0
409.5
435.8
177.5
162.6
26.3
2,268
2,116
194, 572
65.0
5.4
65.4
440.5
189.0
465.3
174.7
24. 9
2,391
2, 198
Seaso nally adjiisted annilal rates
399. 3
57.4
60. 4
422.6
5.5 191, 163
173. 7
2,211
158. 0
23.3
2,070
56. 9
433.6
406. 3
59. 1
6.3 191, 781
175. 7
2, 111
161. 2
27.3
2,261
192, 492
58.8
440.3
415.3
60.5
179.8
5.7
164.3
2,134
25.0
2,287
60.7
446.4
57.9
6.6
193, 196
416.9
180.9
2, 31L
2,145
167. 1
29.5
64.8
451.4
428.1
64.6
5.2
193, 731
182.8
169.5
2,330
2, 157
23.3
66.2
63.5
458.5
436.1
194, 268
187.9
4.9
173.1
22.4
2,360
2, 171
64.8
471.2
65.4
444.4
194, 898
5.7
190.5
176.7
26.8
2,418
2,218
66.4
65.7
480.3
453. 2
195.0
5.6
195, 543
179.6
27. 1
2,247
2,456
68.3
464.4
68.7
5.0
200. 1
196, 082
488. 7
183.0
24.4
2,492
2,260
1 Includes personal consumption expenditures, interest paid by consumers,
and
2 personal transfer payments to foreigners.
See p. 2 for total personal consumption expenditures.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
In the first quarter 1966 seasonally adjusted net farm income, including net inventory change, rose 3 percent from the
fourth quarter 1965. Net income per farm was up 6 percent to an all-time peak.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
REALIZED GROSS
FARM INCOME
\
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
\
10
10
1960
1962
1961
1963
1964
1965
SOURCE, DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total i arm popu lation
I ncome re eeived fro m farming
Realize d gross
From
all
sources
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965---
._
1964: I_
EL...
Ill
IV
1965: III
III.
IV.
1966: I
17.7
19.5
18.1
ia7
19.0
19.2
18.7
17.9
20.0
From
From
farm
nonfarm
sources sources
11.0
12.8
11.0
11.4
12.1
12.2
12.0
11. 1
13.2
6.6
6.7
7.0
7.2
6.9
7.0
6. 7
6.8
6.8
Cash
receipts
from
Total >
marketings
Billions <>f dollars
34.0
29.7
37.9
33.5
37. 5
33.5
37.9
34.0
39.6
34.9
36.2
41. 0
42. 1
37.3
42.2
36.9
44.4
38.9
Seas onally ad
42. 1
36.9
42.3
37.0
42.3
37.0
42.1
36.7
42.2
36.7
45.0
39.5
44.8
39.3
45.5
40.0
47.0
40.8
* 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.
Also, see footnote 2, p. 3.
a Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.
1966
Net t(:> farm
operjators
Net inc ome per
farm incl uding net
inventory change1
Produc—
tion ex- Exclud- Includpenses ingnetin- ing net in^ Current
1965
ventory ventory2 prices prices 4
change change
23.3
10.7
25.2
12.7
11.4
26.1
26.2
11.7
12.6
27.0
12.5
28. 5
12.5
29.6
29.3
12.9
14.1
30.3
usted amlual rates
29.5
12.6
29.3
13.0
29.2
13.1
13.1
29.0
29.7
12.5
30.2
14.8
30.3
14.5
31.1
14.4
31.7
15.3
11.3
13.5
11.5
12.0
12.9
13.1
13. 1
12.1
14.4
Dol lars
2,786
2,590
3, 189
3,429
2,973
2,795
3,203
3,043
3,567
3,389
3, 710
3,562
3, 785
3, 671
3,558
3,486
4,280
4, 280
12.0
12. 1
12.1
12.3
12. 1
14.6
15.1
15.6
16.0
3,460
3,480
3,480
3,540
3, 590
4,330
4,480
4,620
4, 880
3,530
3,550
3,550
3,610
3,630
4,330
4,480
4,620
4,780
4
Income in current prices divided by the index of prices paid by f irmers for
family living items on a 1965 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Despite the large increase in payroll levies, corporate profits before taxes set a new record by rising $4 billion
(seasonally adjusted annual rate) or more than 5 percent in the first quarter.
BILLIONS OF DOLLARS
90
BILLIONS OF DOLLARS
90
30
20
10
1960
I
1961
i
1962
1963
T
1964
1965
1966
-I/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE. DEPARTMENT OF COMMERCE
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: !____
!!___
III__
IV__
1965: I
!!___
III-
IV. _
1966: I 3 _ _ _
[Billions of dollars; quarterly data at seasonally
Corp>orate pr ofits (befc>re taxes) and inven tory
ivaluation adjust meiit
TransCorpoM anufactur ing
portation,
rate
comAll
profits
NonAll
muniother
Durable
before
indusgoods durable
indus- taxes
goods cations,
tries Total indusand
tries
induspublic
tries
tries
utilities
24 0
19. 3
26. 3
24. 4
23. 3
26.6
28. 7
32. 1
37.5
31. 9
32. 1
32. 5
32. 3
37.3
36.7
37.3
38.8
45.6
41. 1
51. 7
49.9
50.3
55. 7
58. 1
64. 5
73.1
63. 6
64. 5
65. 5
64. 9
71.7
72.0
73.5
75.2
78.3
(4)
3
13. 3
9.3
13. 6
12. 0
11. 4
14. 1
15. 4
17.2
20.7
17.5
17. 1
17. 5
17. 1
20.8
20. 1
20.7
21. 3
(4)
10.7
10. 0
12. 7
12. 4
11.9
12. 5
13. 2
16.8
14. 4
15. 0
15. 0
15. 3
16.6
16.6
16.6
17.4
8. 5
9. 2
10. 0
10.8
9. 9
10. 1
10. 2
10. 1
10.5
10.5
11.0
10.9
15. 8
15. 9
18. 4
17.9
19. 1
20. 5
20. 2
22.4
24.8
21.9
22. 3
22. 8
22. 5
23.8
24.9
25.2
25.5
(4)
(4)
(4)
149
5.8
5.9
7. 0
7.5
7.9
Includes depreciation, capital outlays charged to current account, and accidental damages.
2 Corporate profits after taxes plus corporate capital consumption allowances,
a Preliminary estimates.
< Not available.
63-050°—66
2
COUNCIL OF ECONOMIC ADVISERS
* SEE NOTE ON TABLE BELOW.
47. 2
41. 4
52. 1
49. 7
50. 3
55. 4
58. 6
64 8
74.7
64 0
64 5
65. 3
65. 9
73.1
73.9
74.6
77. 0
81. 1
adjusted annual rates!
CorjDerate pr ofits
a fter taxe s
Corporate
DiviUntax
liabil- Total dend distribpayuted
ity
ments profits
21. 2
19. 0
23.7
23. 0
23. 1
24. 2
26. 0
27. 6
30.1
27.3
27. 5
27. 8
28. 1
29.5
29.8
30. 1
31. 1
32.7
26.0
22. 3
28. 5
26. 7
27.2
31. 2
32. 6
37. 2
44.5
36. 7
37. 0
37. 5
37. 8
43.6
44.1
44.5
45. 9
48.4
11.7
11. 6
12. 6
13.4
13. 8
15. 2
15. 8
17. 2
18.9
16. 7
17. 1
17.4
17.7
18.0
18.6
19.2
19.9
20. 6
142
10. 8
15. 9
13. 2
13. 5
16. 0
16. 8
19.9
25.6
20. 0
19. 9
20. 1
20.0
25.7
25.5
25.3
26.0
27.8
Corporate
capital
consumption
allow-1
ances
20. 8
22.0
23. 5
249
26.2
30. 1
32.0
340
36.1
33.2
33.6
34 3
34 8
35.4
35.8
36.3
36.8
37.3
Profits
plus
capital
consumption
allow-2
ances
46.8
443
52.0
51.6
53.5
61.3
64 5
71.2
80.5
69. 9
70.7
71. 8
72. 6
79.1
79.8
80.8
82. 7
85.7
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines
($2M billion for 1962) and therefore not comparable with previous data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
With inventory accumulation $2 billion less than in the fourth quarter, gross private domestic investment increased
by only $11/2 billion (seasonally adjusted annual rate) in the first quarter. Fixed investment gained almost $3%
billion with $21A billion in nonresidential.
BILLIONS OF DOLLARS
120
BILLIONS OF DOLLARS
120
100
40
20 -
20
1960
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Total
gross
private
domestic
investment
Period
Total
Struc tures
Total
Total
1955
1956...
1957.
1958
1959
1960
1961
1962
1963
1964
1965
1964: I
II
III
IV
1965: I
II
III
IV
1966: I
_-.
_
_..
_
__
_
_._
-_.
67. 4
70. 0
67. 8
60. 9
75. 3
74. 8
71. 7
83.0
86.9
92. 9
105. 7
89.7
90.9
92.6
97.7
103.4
102. 8
106. 2
110.3
111.7
61. 4
65.3
66.5
62. 4
70.5
71.3
69.7
77. 0
81. 2
88. 1
97. 4
86. 5
86.8
88.8
90. 2
94. 6
96. 4
98. 6
100.2
103.6
38. 1
43. 7
46. 4
41. 6
45. 1
48.4
47.0
51.7
54.3
60. 5
69. 8
58. 1
58.9
61.6
63. 5
66.9
68. 4
70. 9
73.0
75.5
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Resid ential
structures
N<:>nresident ial
14.3
17.2
18. 0
16. 6
16. 7
18. 1
18. 4
19. 2
19.7
21. 1
24.3
20. 7
21. 1
21. 1
21.5
23. 2
24. 5
24. 2
25.4
26. 9
Nonfarm
13. 6
16. 5
17. 2
15. 8
15. 9
17. 4
17.7
18. 5
19. 0
20. 4
23. 7
20. 0
20. 4
20. 5
20. 8
22. 5
23.8
23.6
24.7
26.3
Produceirsj durable eqilipment
Total
23. 8
26. 5
28. 4
25. 0
28. 4
30.3
28.6
32. 5
34. 6
39. 4
45. 5
37.5
37. 9
40. 5
42. 0
43. 7
43. 9
46.7
47. 6
48.5
Nonfarm
21.2
24. 2
25. 9
22. 0
25. 4
27.7
25. 8
29. 4
31. 2
35.8
41.3
33.9
34.4
36. 8
38.3
40. 1
40.2
42.2
42. 7
44.4
Total
23.3
21. 6
20.2
20.8
25.5
22. 8
22. 6
25. 3
26. 9
27. 5
27. 6
28.4
27.9
27.2
26. 7
27. 7
28. 0
27. 7
27. 2
28.2
Nonfarm
22. 7
20.9
19. 5
20. 1
24. 8
22. 2
22. 0
24.8
26.3
27.0
27. 1
27.8
27.3
26. 6
26. 2
27. 1
27.5
27. 1
26. 7
27.6
Source: Department of Commerce.
Change in business inv entories
Total
6.0
4.7
1.3
— 1. 5
4. 8
3. 6
2. 0
6.0
5. 7
4.8
8.2
3.3
4. 1
3. 8
7.5
8.8
6.4
7. 6
10. 1
8. 1
Nonfarm
5. 5
5. 1
.8
-2.3
4.8
3.3
1.7
5.3
4.9
5.4
7.9
3.6
5. 1
4. 6
7. 8
9.2
6.6
7.0
8.9
7.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment are expected to rise 16 percent to $60.2 billion in 1966.
strong increase of $8.3 billion is spread evenly throu3hout the year.
BILLIONS OF DOLLARS
70
The
BILLIONS' OF DOLLARS
~
'
1 70
.SEASONALLY ADJUSTED ANNUAL .RATES
60
60
50
50
40
40
30
30
NON MANUFACTURING
\
20
20
MANUFACTURING
10
10
1
1
I
I960
I
I
I
1961
i
i
i
1962
1963
1964
1965
1966
I/ SEE NOTE 3 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi]Qg
Period
1953
1954
1955
1956
1957_
1958.
1959
1960
1961
1962
1963.
1964
1965 3
1966
1965: I
II
III
IV
1966: I 33
II
2dhalf 3
1
Total1
-
.
28. 32
26. 83
28. 70
35.08
36.96
30. 53
32. 54
35. 68
34.37
37. 31
39. 22
44. 90
51.96
60.23
49.00
50. 35
52. 75
55.35
57.20
58.90
62.20
Total
11. 91
11. 04
11. 44
14.95
15.96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 58
22.45
26.75
20.75
21. 55
23. 00
24. 15
25.15
25.80
27.90
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
11.40
13.50
10.40
10. 80
11. 75
12.45
12.80
12.90
14. 10
Excludes agriculture.
* Commercial and other includes trade, service, finance, communications, and
construction.
3 Estimates based on anticipated capital expenditures as reported by business
in late January and February 1966. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Transpoirtation
6. 26
5. 95
6. 00
7. 33
7. 94
5. 96
6. 29
7. 30
7. 40
7. 65
7. 84
9. 16
11.05
13.25
10.40
10. 70
11. 25
11.70
12.35
12.90
13. 80
Mining
Railroads Other
0.99
.98
.96
1.24
1.24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.51
1.25
1. 30
1. 25
1.35
1.45
1.55
1.50
1.31
. 85
. 92
1.23
1. 40
.75
. 92
1. 03
.67
. 85
1. 10
1. 41
1.73
1.83
1.75
1. 55
1.70
1.95
1.65
1.80
1.95
1. 56
1. 51
1. 60
1. 71
1.77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 92
2.38
2.81
3.15
2.55
2.70
3.00
3.00
3.30
3.20
3.10
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
6.94
8.04
6.80
6.85
6.75
7.30
7.65
7.95
8.25
8. 00
8.23
9.47
11. 05
10.40
9.81
10.88
11.57
11.68
13. 15
13.82
15. 13
16.73
18.95
15.85
16.40
17.00
17.55
18.05
18.65
19.50
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates ol the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Employment, seasonally adjusted, increased by 364,000 in April while the civilian labor force rose by 325,000.
Nonasricultural employment rose by 245,000 and agricultural employment by 119,000 according to the household
survey.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
90
SEASONALLY ADJUSTS)
85
60
80
-TOTAL LABOR FORCE-
•75
75
70
70
65
65
•10
10
5
0
PERCENT OF CIVILIAN LABOR FORCE
rrn
r
'
[5! 1
n
|! | :j:
•:•
: : :•
: : •:
j
|
\
| !! |
|
!•
f:
|
•:
:
:•:
19<SCI
n
|j :•:
Ff
1961
•:
ii ^
: i=
ji
m
:: : :•
::
:• •
:•
•:
•: :•:
j : : ':':
li
;:•
:•:
PERCENT OF CIVILIAN LABOR FORCE
>
5E*S01MALIY AC>JlJS1m
IJN EJ\A >L 0nAENT nMre
?6:)
] 9M
n
•
j: !:!
:
| ii
:• •::
-I :"l
••
|
1
:• :•:
:• •:; '•':''
96i
19 6^I
1<
•:
;j
|1
|
11:": 1 ji! "i; •:• |
•:*•: :• •:• •:• :j :: :j: :::: :• :•:
:•:•: ":
::|:- •:: '•':'• :J r^: •:
1966
*14 YEARS OF AGE AND OVER.
SOURCfc KPARTMB4T OF COMMBtCf
Period
Total
labor
force
(including
armed
forces)
1961—
19622__
1963...
1964...
1965___
74,175
74, 681
75,712
76,971
78, 357
1965;
Feb..
Mar.
Apr.
May.
' . JuneJuly.
Aug.
Sept.
Oct..
Nov.
Dec.
1966:
Jan..
Feb_.
Mar.
Apr.
COUNCIL OF ECONOMIC ADVISERS
Civilisyn emTotal
ployiment
labor
force
UnemAT
Non(includployagriing
Total
ment
cularmed
tural
forces)
Thousands of jpersons 14
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
72, 179 67, 594 3,456 78, 357
Unadji listed
76,418
76, 612
77, 307
78, 425
80, 683
81, 150
80, 163
78, 044
78, 713
78, 598
78, 477
69, 496
70, 169
71, 070
72, 407
73, 716
74, 854
74, 212
72, 446
73, 196
72,837
72, 749
65, 694
66, 180
66, 597
67, 278
68, 094
69, 228
69, 077
67, 668
68, 242
68, 709
69, 103
4,218
3,740
3,552
3,335
4,287
3,602
3,258
2,875
2,757
2,966
2,888
77, 770
77, 722
77, 988
77, 990
77,409
77, 632
78, 034
78,914
71, 229
71, 551
72, 023
73, 105
67, 652
67, 939
68, 244
68,900
3, 290
3,158
3, 037
2,802
Civilian
labor
force
10
Total
Agricultural
years of age and over
71, 603 66, 796 5,463
71, 854 67, 846 5, 190
72, 975 68,809 4,946
74, 233 70, 357 4,761
75, 635 72, 179 4, 585
Seasonally adjustec 1
78, 382
78, 747
78, 465
78, 384
78, 606
78, 906
79,408
75, 066
75, 019
75, 302
75, 806
75, 662
76, 054
75, 772
75,611
75, 846
76, 111
76, 567
71, 826
71, 483
71, 688
71, 816
72, 085
72, 618
72, 887
72, 297
72, 561
72, 914
78, 441
4,608
4,588
4,769
4,869
4,651
4,639
4,572
4,418
4,551
4,278
4,486
8,740
3,536
3,614
8,490
8,567
S,4S6
8,385
8,814
3,285
8,197
3, 126
5.7
5.1
4.8
4.4
5.5
4.6
4.2
3.8
3.6
3. 9
3.8
79, 644
79, 279
79, 815
79, 674
76, 754
76, 855
76, 841
76, 666
73, 715
78, 521
78, 435
78, 799
4,429 69, 286 8,089
4,44^ 69, 079 2,884
4.4
4.2
40
3.7
*3 Total labor force as percent of noninstitutional population.
Not strictly comparable with preceding data. See Employment and Earn
ings, May 1962, p. XIV.
Unemp]oy ment
rate (pe reent of
Unem- civiliaiQ labor
XT —.
JNonfor ce)
ployagriment Unad- Seasonculadtural
justed ally
justed
Percent
61, 333 4,806
6.7
62, 657 4,007
5. 6
63, 863 4, 166
5.7
65, 596 3,876
5.2
67, 594 3,456
4.6
Civilisin emplo yment
4,863
4, 482
66, 718
66, 895
66, 919
66, 947
67, 484
67, 979
67, 815
67, 879
68, 010
68, 641
68, 955
69, 072
69, 317
2,906
2, 867
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
5.0
4.7
4.8
4.6
4.7
4.5
4.5
4.4
4.8
4.2
4.1
4.0
8.7
3.8
8.7
Labor
force
participation
rate,
unadjusted »
58.0
57.4
57. 3
57.4
57.5
56.4
56.5
56.9
57.7
59. 3
59.6
58.7
57.1
57.5
57.4
57.2
56.3
56.4
56.7
57.2
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate returned to 3.7 percent in April, equaling the rate in February and the
lowest rate since 1953.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMB^T
AND PART-TIME WORK
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
4.0
UNEMPLOYMENT
MARRIED MEN
2.0
2.0
1960
1966
SOURCE* DEPARTMENT Of IA6OR
COUNCIL OF ECONOMIC ADVISERS
Uneniploymemb rate
(pereent of civilijin labor
for ce in grou P)
Period
Persons at work in- nonagri cultural 2iridustries
by hours worked p>er week
Urider 35 hours
Part-time for
Part-ti me for
economi B reasons economic3 reasons
35-40
hours
Total
Usually Usually Usually Usually
fullfullpartparttime 3
time 4
time 4
time 8
Thousan ds of persons 14 yeiirs of age and over
18,210 29, 047 11, 132
1, 297
1 516
19, 025 28, 853 11,675
1, 049
1 288
19, 257 29, 422 11, 856
1 219
1,070
19, 294 29, 127 13, 850
1 151
985
20, 808 30, 802 12, 618
897
1 031
I Jnadjuste d
Seasonal!^7 adjusted
20, 612 31,371 11,981
910
998
904
1, 078
862
18, 499 29, 187 16, 117
921
840
1,030
21, 354 31,654 11, 966
892
936
947
957
20, 856 32,011 11,462
1,292
944
948
1,035
20, 244 30,295 10, 778
874
1,466
961
1, 127
20, 424 30, 684 10, 408
932
959
1,358
1, 038
22, 040 31, 626 11, 159
851
854
843
937
21, 900 30, 846 13, 052
829
853
848
973
21, 006 28, 341 17, 195
830
916
817
1, 002
22, 477 32, 330 12, 447
866
761
766
979
20, 851 32, 125 12, 408
972
794
902
917
20, 690 32,389 12, 555
732
871
782
899
21, 288 32, 543 12, 156
743
826
820
802
6
6
20, 926 32, 263 12, 825
711
796
776
795
Labor
force
time lost
through
Experi- Married unemenced
All
ployment Over 40
and men
workers wage
(wife and part- hours
salary present)
time
workers
_v-._i_
work *i
Per cent
1962...... ......
1963
1964.
1965..
-._.._
6.7
5.6
5.7
5.2
4.6
1965: Mar._..__
Apr .
May
June
July..:.....
Aug — .__.
Sept
Oct
_.
Nov
Dec
.1966: Jan
Feb
Mar
Apr
4.7
48
4.6
4.7
4.5
4.5
4.4
4.3
4. 2
4. 1
4.0
3.7
3.8
3. 7
1961™.;.
as
46
5.5
3.6
3,4
5.5
5.0
2.8
2.4
4.2
Seasonall:y adjusted
4.4
2.5
2. 5
45
4.4
2.5
4.5
2.4
4.1
2.3
42
2.6
40
2.2
40
2. 1
3.8
2.0
3.7
1.8
3. 5
1.9
3.3
1.9
3.5
1.9
3.4
1.8
J
8.0
6.7
6. 4
5.8
5.0
5.2
5. 3
5.2
5.3
5.2
5. 1
4.7
46
45
44
43
4.0
41
41
i Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1963, series reflects whether unemployed persons sought fullor 8part-time jobs.
Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
3 Includes persons who worked part-time because of slack work, material
shortages
or repairs, new job started, or job terminated.
4
Primarily includes persons who could find only part-time work.
* Average hours worked: usually full-time, 23.7; usually part-time, 18.0.
NOTE.—Beginning 1960, data include Alaska and Hawaii
Source: Department of Labor.
IT
UNEMPLOYMENT INSURANCE PROGRAMS
In April, insured unemployment under State programs averaged 426,000 less than in April 1965.
unemployment rate on a seasonally adjusted basis continued to drop, reaching 2.1 percent.
MILLIONS OF PERSONS
The insured
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1963
•j
t I
JAN.
FEB.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
-OCT.
J/ SEE NOTE I ON TABLE BELOW.
SOURC6 DEPARTMENT OF UKXt
1
A11 prograras
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment
(weekly
lions
ment
averof dolage)
lars)
Thou sands
47, 776 1 1,946
48, 434
1, 973
49, 635
1,753
1,450
49, 837
1,863
2
50, 683
1, 622
2
51, 336
1,316
2
1,182
52,
125
2
1,262
52, 277
2
52, 618
1,235
2
52, 718
1, 089
1, 030
._
1, 133
1,396
1,739
1,679
1,381
1, 112
_
1,224
1,182
1,136
1,080
1, 027
Stiite progra ms
Insurec1 unemploymeEit as perInitial Exhaus- cent of covered
emplo yment
tions
claims
Unad- Seasonadjusted ally
justed
Per cent
Weekly iaverage, t lousands
3,160.0 1 1, 783
302
32
4. 4
*298
3, 025. 9
1, 806
30
4.3
2, 749. 2
1,605
268
3.8
26
2, 434. 7
232
21
1,328
3. 0
294. 9
222
25
4. 0
1, 718
3. 2
242.7
3.4
1,470
220
27
3. 2
179.2
1, 179
24
186
2.7
3.0
169.3
22
1,059
191
2.4
3. 0
252
160. 6
1,139
2.6
19
3.0
160.7
1, 120
215
18
2.5
3. 1
2.2
150.3
981
173
17
2. 9
128. 2
933
189
2.0
16
2. 7
143.0
1,042
225
15
2.7
2.3
184.7
290
17
2. 7
3. 0
1,308
226.5
1,644
329
19
3.7
2.7
230.2
1,590
19
238
3.6
2.6
240. 0
1,301
171
18
2.9
2.3
170.0
1,044
166
19
2.1
2.3
1,153
1, 112
1, 067
1,015
Programs include Puerto Rican sugarcane workers for initial claims and
insured unemployment beginning July 1963.
2 Preliminary.
12
DEC
COUNCIL OF ECONOMIC ADVtttftS
Period
1962
1963-..
1964
1965
1965: Mar
Apr
May
June
July
Aug
Sept
Oct
_
Nov.
Dec
1966: Jan___
Feb
Mar
Apr ^
Week ended:
1966: Apr 2
9
16
23
30 *
May 7«.
NOV.
964
161
196
161
157
153
164
Benefi ts paid
Total Average
(milweekly
lions of check
dollars) (dollars)
2,675.4
2, 774. 7
2,522. 1
2, 166. 0
273.4
224.9
165.7
156.3
149. 5
148. 0
138.6
117.8
132.2
172. 1
212.7
217.2
225. 5
155. 0
34. 56
35. 28
35. 96
37.19
37.41
37. 16
36.40
36.07
36. 40
36. 58
37.23
37.32
38.08
38.81
39.36
39.66
39.83
39.58
2.6
2.5
2.4
2.3
2.1
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 increased by 6,000 (seasonally adjusted) in April. Large declines in contract
construction, trade, and mining, were offset by gains in manufacturing, government, and services.
MILIJONS OF WAGE
ANl5 SALARY WORK ERS
66
MIL JONS OF WAGE
AN 5 SALARY WORKERS
22
(SEASONALLY A DJUSTED DATA)
ALL NONA<3RICULTURAL ESTABLISHMEf ^TS
MANUFACTlJRING
20
64
—*-X!
62
60
58
^^^\
56
54
^*~~*^
F""
1
x—
TOTAL
\
18
S^
sS~^
^/1
\
10
'
^""j
i
NONDURA BLE GOODS INDU
\
8
'
^**
*-^*
.
DURABLE GOODS
INDU 5TRIES
16
4.5
^
j-«-*
«
5TRIES
„...„„.
6
'""'"'"J
13.5
CONTRACT CONSTRUCTK3N.
WHOLESALE AND RETAIL TRADE
(ENLARGED SCA LE)
(ENLARGED SCA -E)
4.0
13,0
3.5
3.0
(SEASONALLY AC>JUSTED DATA)
12.5
p/V
r
--v^-^
'-X-"
^~
12.0
S
2.5 fr i MI 1 M ,n i
1963
,f*
,
1964
^
1965
—-^
^—
Ilifi'
1966
^
11.5 iM . » > I . . . f .
1963
1964
,
,
1966
1965
SOURCE, DEPARTMEMT OF tABOR
COUNOI Of ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
N onmanu facturing r (private )
Manufac sturing (]private)
Period
Total
Total
NonDurable durable
goods goods
Total
Contract
Mining construc-
Transportation
and
public
utilities
4,011
4,004
3,903
3,906
3,903
3,947
4,031
4,017
4,013
4,020
4,034
4,031
4,049
4,067
4,071
4,079
4,079
4,090
4, 104
4, 108
4, 115
Wholesale
and
retail
trade
53, 297 16, 675 9,373 7,303 28, 539
1959
732 2,960
11, 127
54, 203 16, 796 9,459 7,336 29, 054
712 2,885
1960
11, 391
53,
989
16, 326 9,070 7,256 29, 069
672 2,816
1961
11, 337
55, 515 16, 853 9,480 7,373 29, 772
1962
650 2,902
11, 566
56,
602
1963
16, 995 9,616 7,380 30, 381
635 2,963
11,778
58, 156 17, 259 9,813 7, 446 31,301
1964
633 3,056
12, 132
60, 444 17, 984 10, 379 7,604 32, 409
1965
628 3, 211
12, 588
632 3,238
1965: Mar. 59, 814 17, 762 10, 194 7,568 32, 164
12, 460
Apr_> 59, 846 17, 803 10, 241 7,562 32, 119
629 3,145
12, 494
May_ 60, 032 17, 835 10, 266 7,569 32, 242
627 3, 188
12, 532
626 3,195
June- 60, 290 17, 943 10, 345 7,598 32, 333
12, 580
633 3, 154
July. 60, 501 18, 032 10, 424 7,608 32,415
12,619
627 3, 189
Aug.. 60, 621 18, 072 10, 476 7,596 32, 464
12, 600
617 3, 186
Sept. 60, 756 18, 098 10, 494 7,604 32, 539
12, 641
622 3,202
Oct__ 61, 001 18, 163 10, 523 7, 640 32, 667
12, 684
Nov. 61, 472 18, 321 10, 615 7,706 32, 882
627 3,267
12, 754
Dec._ 61, 884 18, 429 10, 707 7,722 33, 127
630 3,386
12, 822
1966: Jan.. 62, 148 18, 522 10, 805 7,717 33, 236
632 3,383
12, 909
62,
501
Feb..
18, 691 10, 919 7,772 33, 338
631 3,374
12, 942
3,462
,Mar22. 62, 881 ' 18, 763 10, 987 7,776 33, 550
633
13, 006
Apr . 62, 887 18, 825 11, 040 7,785 33, 407
596 3,377
12, 955
1
Includes all full- and part-time wage and salary workers in nonagricultural meration of population, whereas the
establishments who worked during or received pay for any part of the pay period from
2 employing establishments.
which includes the 12th of the month. Excludes proprietors, self-employed perPreliminary.
sons, domestic servants, and personnel of the armed, forces. Total derived from
NOTE.—Beginning 1959, data include Alaska and Hawaii.
this table not comparable with estimates of nonagricultural employment of the
civilian labor forces, shown on p. 10, which include proprietors, self-employed
Source: Department of Labor.
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu
Gover nment
Finance,
insur- Service
State
ance,
and
and
and miscel- Federal local
real laneous
estate
2,594 7, 115 2,233
5,850
2, 669 7,392 2,270
6,083
2,731 7,610 2,279
6,315
2,800 7,947 2,340
6,550
2,877 8,226 2,358
6,868
2,964 8,569 2,348
7,248
3,044 8,907 2,378
7,673
3,023 8,794 2,342
7,546
3,024 8,814 2,344
7,580
3,032 8,843 2,345
7,610
3,041 8,857 2,355
7,659
3,049 8,929 2,376
7,678
3,053 8, 946 2,379
7,706
3,061 8,967 2,379
7,740
3,069 9,019 2,386
7,785
3,074 9,081 2,400
7,869
3,082 9,128 2,395
7,933
3,080 9, 142 2,425
7, 965
3,082 9,205 2,451
8,021
3,099 9,242 2,477
8,091
3,103 9,261 2,508
8, 147
estimates in this table are based on reports
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek in manufacturing, seasonally adjusted/remained constant at 41.5 hours in April,
struction, the average workweek dropped by 1.2 hours to 37.3 hours.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK {SEASONALLY ADJUSTED)
46
46
DURABLE MANUFAQURING
In con-
NONDURABLE MANUFACTURING
44
42
42
40
40
38
38
36
36
34
34
1964
1963
1965
1966
1963
44
1964
1965
1966
1964
1965
: 1966
44
RETAIL TRADE
CONTRACT CONSTRUCTION
42
42
40
40
38
38
36
36
34
34
32
32
1963
1964
1965
1966
1963
*SEE TABLE BELOW.
COUNCIL Of ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
1
[Average hours per week; seasonally adjusted]
Marmfacturing Indus tries
Period
1955 .
1956
1957
1958.
_
^.
1959... _ . _ . _ . . . _ _ _ _ ; _ .
Durable
goods
All
All
-_
1960_.._._
..
1961-.. _.__._...._
....
1962
__:
.....
1963....
1964
1965
______
1965: Mar .
Apr. — '.
,._
May.
June
...
.
July........
Aug
_
Sept...
Oct......
_
Nov__
_.
Dec
.___
1966: Jan____...
.
....^.
:..
Feb 2
.._...
_
Mar2
Apr
40. 7
40. 4
39.8
39.-2
40. 3
39. 7
39. 8
40.4
40.5
40. 7
41.2
41.3
41. 0
41. 1
41.0
41. 0
41. 0
40.9
41.2
41.4
41.4
41.5
41. 6
41.5
41.5
1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii Included beginning 1959.
* Preliminary.
14
41. 3
41.0
40. 3
39.5
40.7
40. 1
40.3
40.9
41. 1
41.4
42.0
42. 2
41.9
42.0
41. 8
41.7
41.7
41.6
42. 0
42.2
42.2
42.4
42.4
42. 3
42. 4
Nondurable
goods
39.9
39. 6
39. 2
38.8
39. 7
39.2
39.3
39.6
39.6
39.7
40.1
40.2
39.9
40.0
39.9
40.0
40.0
40. 1
40. 1
40. 3
40. 2
40. 2
40. 6
40.4
40. 4
Contract construction
37. 1
37. 5
37.0
36.8
37.0
36.7
36.9
37.0
37. 3
37. 2
37.4
37.5
37. 0
37.5
37.1
37. 4
37.3
36.2
37. 0
37. 1
39. 2
37.8
38. 2
38.5
37.3
* Beginning 1964, includes eating and drinking places.
Source: Department of Labor.
Retail trade
39.6
39. 1
38.7
38. 7
38.7
38. 5
38. 1
37.9
37.8
* 37. 0
36. 6
36. 8
36.9
36. 8
36. 6
36. 8
36. 7
36. 5
36. 4
36.3
36. 4
36. 2
36. 1
36. 1
35. 9
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing were $110.83 in April—$5.01 above April 1965.
DOLLARS
DOLLARS
3.00
AVERAGE HOURLY EARNINGS
2.80
DURABLE GOODS
INDUSTRIES '
AVERAGE WEEKLY EARNINGS
^.m*"""V
../f
2.60
ALL MANUFACTURING
INDUSTRIES
2.40
ALL MANUFACTURING
INDUSTRIES
2.20
NONDURABLE
GOODS INDUSTRIES
2.00
1965
1963
1966
1963
1966
SOURCE, DEPARTMENT Of LABOR
COUNCH. OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Averstge hourly earnings-— current prices
Period
Manufc icturing iiadustries Contract
conRetail
NonDurable durable
trade
strucAll
goods
tion
goods
$1. 95
1956
1957........ 2.05
2. 11
1958
2.19
1959
2.26
1960
2.32
1961
2.39
1962_
2.46
1963
2.53
1964.
2. 61
1965
1965: Mar.. 2.59
Apr__ 2. 60
May__ 2. 61
June__ 2. 61
July- 2. 61
Aug__ 2. 59
Sept.. 2. 63
Oct.. 2.63
Nov._ 2.65
Dec.. 2.66
1966: Jan.. 2.67
2.67
Feb_.
Mar3. 2.68
Apr 3. 2.69
$2.08
2. 19
2. 26
2.36
2.43
2.49
2.56
2. 63
2.71
2.79
2.78
2.78
2.79
2. 79
2. 79
2.77
2. 81
2.82
2. 83
2.84
2.85
2. 86
2. 86
2.87
$1. 77
1.85
1.91
1.98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2. 33
2. 34
2.35
2. 35
2. 36
2. 36
2. 38
2. 38
2.39
2.40
2.40
2. 40
2.41
2. 43
$2.57
2.71
2. 82
2.93
3. 08
3. 20
3. 31
3. 41
3.55
3. 69
3.65
3.61
3.65
3. 66
3. 64
3. 68
3.74
3.76
3.74
3.76
3.78
3. 81
3. 79
3.80
$1.40
1.47
1.52
1.57
1. 62
1.68
1.74
1.80
*1. 75
1. 82
1.79
1. 80
1. 82
1. 82
1. 82
1. 82
1.85
1.86
1.87
1.85
1.88
1.88
1.89
1.89
Aver age weekl y earnings i-—current > prices
Manufz icturing iiidustries Contract
conNonDurable durable
strucAll
goods
tion
goods
$78. 78
81.59
82.71
88.26
89. 72
92. 34
96. 56
99.63
102. 97
107. 53
106. 71
105. 82
107. 53
107. 79
107. 01
106. 45
107. 83
108. 62
109.71
110. 92
110. 00
110. 27
110. 95
110. 83
1
Earnings in current prices, adjusted to exclude overtime and Interindustry shifts.
* Earnings in current prices divided by the consumer price Index on a 1957-59
3 Preliminary.
63-0500-
$85. 28
88.26
89.27
96.05
97.44
100. 35
104. 70
10&09
112. 19
117. 18
117. 04
115. 93
117. 46
117. 74
116. 06
115. 51
117. 18
118. 72
119. 43
120. 98
119. 99
120. 41
120. 69
121. 11
$70. 09
72.52
74. 11
78.61
80.36
82.92
85.93
87.91
90. 91
94.64
93.20
92. 20
9400
9447
9487
95. 11
95. 68
95. 68
96. 32
96.96
95.52
96.48
96.88
96. 96
$96. 38
100. 27
103. 78
108.41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 01
133. 96
132. 49
140. 16
139. 08
140. 50
143. 15
13a 75
144 01
136. 14
139. 50
137. 97
138. 30
142. 88
140. 60
Retail
trade
$5474
56.89
58.82
60.76
62.37
6401
65.95
eao4
*64 75
66. 61
65.34
66.06
66.43
67. 16
6R25
68. 07
67. 53
67.33
67.13
67. 90
67. 49
67.30
67. 66
67. 47
Manufac1jturing
indus ;ries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59= 1957-59
100 i prices 2
91. 5 $83. 19
96.2
83.26
100. 2
82.14
103.5
86.96
87.02
106.6
88.62
109.6
112. 3
91.61
115.2
93.37
118.0
95.25
97.84
121.0
120.1
97.90
120.4
96.82
120.6
98. 11
120.8
97.90
120.9
97.11
120.7
96.77
121.7
97.85
121. 8
98.39
122.3
99.20
122.7
99.93
123. 2
99.10
123.4
98.81
123. 6
99. 06
*Beginning 1964, includes eating and drinking places.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production, seasonally adjusted, continued to rise in April but at a somewhat slower pace than in recent
months. The over-all index was 0.3 percent above March and 9 percent higher than a year earlier. Output of final
products and durable materials increased while production of nondurable materials declined because of a coal strike.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
180
200
120
100
1963
1966
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1956
1957___
1958
1959___
1960
1961___.
1962
1963
1964
1965 i
1965: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr*
1
Preliminary.
16
_
_
_
._
99.9
100. 7
93. 7
105. 6
108.7
109.7
118.3
124.3
132.3
143.3
140. 7
140.9
141. 6
142. 7
144. 2
144.5
143.5
145.1
146.4
148.7
150.2
151.6
153.0
153.4
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100, seasonally adjusted]
Industry
M anufactur]ing
Mining Utilities
NonTotal Durable durable
100. 2
100. 8
93. 2
106. 0
108.9
109. 6
118.7
124.9
133. 1
144.9
142. 3
142. 4
143. 1
144. 1
145.7
146.0
145.2
146.7
148.2
150.6
152.4
153. 9
155. 1
156. 1
1040
104.0
90.3
105.6
108. 5
107.0
117.9
124. 5
133. 5
148.4
144. 8
145. 5
146. 4
148. 1
150.0
150.5
148.2
150.3
151.3
155.0
157.6
159.6
161.4
162. 5
95.4
96.7
96.8
106. 5
109. 5
112.9
119. 8
125.3
132.6
140.7
139. 1
138. 5
138. 8
139.0
140.4
140.4
141.3
142.1
144.2
145. 1
146.0
146.8
147.3
148.0
104. 8
104. 6
95. 6
99. 7
101. 6
102. 6
105.0
107.9
111.3
1144
112. 5
113. 0
114 0
115.3
116.0
117.0
112.6
115.8
116.0
117.9
117.2
117.7
120.3
115.3
87.9
93.9
98. 1
108. 0
115. 6
122. 3
131. 4
140.0
151.3
161.0
158. 5
159. 9
160. 4
162. 5
161.3
161.4
165.3
165.7
165.1
165.5
1649
166.5
168.5
170.0
Ma rket
Fi]aal produ cts
ConTotal
sumer Equipment
goods
98. 1
99. 4
94 8
105. 7
109.9
111. 2
119.7
1249
131.8
142.4
140. 1
139.4
140. 2
140.7
141. 7
142.3
143.3
145.7
147.4
148.8
149.5
151.0
152.2
153.1
95.5
97.0
96. 4
106. 6
111. 0
112. 6
119. 7
125.2
131. 7
140.2
140.0
138. 5
138. 6
138.7
139.3
139.5
140.7
141. 7
142.8
144.1
144. 1
145.0
145.8
146.3
103.7
1046
91.3
104 1
107.6
108. 3
119. 6
124 2
132.0
146.9
140.4
141.2
143. 7
144 9
147.0
148.4
149.0
154.3
157.3
158.8
161. 3
163.9
165. 7
167.7
Source: Board of Governors of the Federal Reserve System.
-]»yr
.
rials
101. 6
101.9
92. 7
105. 4
107.6
108.4
117.0
123.7
132.8
1441
141. 7
142. 6
142. 6
144 5
146.4
146.1
143.7
144.3
145.6
148.7
150.4
151.9
1540
153.9
PRODUCTION OF SELECTED MANUFACTURES
Increased output of transportation equipment (seasonally adjusted) in April was concentrated in aircraft; auto assemblies were down about 2 percent. Production of primary metals continued to increase but less rapidly than in
recent:>;itipnths. Other major groups again registered gains.
•
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTS))
180
CHEMICALS, PETROLEUM,
AND RUBBER
FOODS, BEVERAGES,
AND TOBACCO
120
1963
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Period
1956__.
1.....
1957
1958
1959
1960
1961
1962
1963____.
1964
1965 i
1965: Mar
Apr
May
June
July
Aug...
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar_.__
Apr 1
i Preliminary.
Nc>ndurable manufactu res
Durab le manufsictures
Textiles,
Paper Chemicals, Foods,
Lumber
FabriTransporapparel,
and
Primary cated Machin- tation
and
petrobeverand
print- leum, and ages, and
ery
prodmetal
metals
equipleather
rubber tobacco
products
ucts
ment
ing
97. 1
98.0
105.4
91.4
116. 4
98.8
107. 1
96.6
97.4
97.8
95.9
96.9
95. 6
112.2
104. 2
101.5
106.4
96.7
95.0
97.0
95.6
95. 5
88.8
99.4
87.5
92.9
89.5
108.9
100.4
108.5 108.1 105.2
107. 1
103.9
105.5
1040
102. 1 107.5
109.0
113.9
106. 6
101.3
107.6
110.8
108.2
112.4
110.4
101.3 108.4
118.9
110.2
103.6
98.9
106.5
106. 1 115. 1 116.7
131. 2
1046
117. 1 123.5
113. 3
118.3
120.1
118.5
141.8
123.4
129.2
108.9
116. 8
113.3
127. 0
125.
2
141.
4
112.6
127.5
152.5
132.7
120.8
130. 7
129. 1
135.7
149.2
135.3
164.6
117. 4
137.5
160.4
123. 1
147.8
145.2
133.7
132.9
153.9
120.5
162.0
140. 4
1444
123. 7
133. 9
133.2
155.4
1142
141.4
147. 4
160.8
144.6
122.4
135. 0
1342
146. 0
117. 1
161.2
140. 2
156.9
121. 5
147.3
1340
146.4
159.0
112.8
1345
143.0
161.6
149.5
122.3
135.9
115.4
148.0
160. 6
134.7
164.1
149. 8
148.7
122.9
134.1 136.4
161.4
164.9
146.5
147.5
151.5 117.2
122.3
131.2
147. 0
135.4
162.3
116.2
149.4
135.5
166. 9
123.1
118.3
137.3
150.9
166.0
136. 4
167.7
123.7
155.0
123.0
167.5
119.1 138.8
139.2
157.3
153.6
170.1
_ _ _ 119.4
124.5
125. 4
156.3 170.7
139.9
126.5
140.3
171.7
160.7
124.7
174.3
125.6
139.1 141.1
157.0
163.1
130.8
173. 6
125.5
163.2
160. 6
176.7
126.5
142.5
132.5
139.6
1741
126.5
142.4
161.4
127.
5
165.6
140.5
175.2
176. 2
126. 4
139.7
141
162
178
167
141
143
177
127
Source: Board of Governors of the Federal Beserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production declined on a seasonally unadjusted basis in April,
small except for bituminous coal mined, which was down sharply because of a strike.
Declines were generally
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
STEEL
BITUMINOUS COAL
2,5
3.5
1964
2.0
^.^•'Sw'
2.5
.1.5
1 l M 1 1 I I ' l I I 1 I I I I I I I/I I I ! I 1 M I i i i i I < t'i I i t i I t i i i l'i 'i i I i t
¥
T j F
J • F
M
A
M
BILLIONS O? KILOWATT HOURS
M
M
J
J
A
S
O
N
M
A
M
J.
A
S
O
N D .
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Weekly average:
1959
1960
1961
1962
1963
1964
1965
1965: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
.
Feb
Mar
Apr 2
Week ended:
1966: Apr 9
16
23
30 2
May 7 2
14
___
__
1,792
1,899
1,880
1,886
2, 096
2,431
2,521
2,787
2,789
2,712
2,702
2,613
2, 556
2,325
2,098
2,056
2, 178
2,388
2,562
2,728
2,695
96.2
101. 9
100. 9
101. 2
112. 5
130.5
135.3
149.6
149.7
145.6
145.1
140. 3
137. 2
124.8
112. 6
110.4
116.9
128.2
137.5
146.4
144. 7
2,686
2,686
2,720
2, 682
2,765
*2, 776
144. 2
144. 2
146. 0
144. 0
148.4
149. 0
1
Dally average. Includes data for Alaska.
2 Preliminary.
* Not charted.
18
COUNCIL .OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Steel pireduced
power
coal mined
loaded
produced
Index
Thousands
distributed (thousands (thousands
(thousands
of net
(1957-59= (millions of
of short
of cars)
of tons)
100)
tons
kilowatt-hours) tons) l
Period
£
THOUSANDS
30Q
13, 297
14, 424
15, 139
16, 325
17, 490
18, 728
20, 169
19, 728
18, 896
19, 314
19, 842
20, 833
21, 395
20, 414
19, 741
20, 027
21,010
22, 138
21, 969
21, 051
20, 542
20,
20,
20,
20,
20,
*20,
598
556
499
515
443
726
Car s and triicks
assemb led (thoiisands)
Total
Cars
Trucks
1,380
1,390
1,353
1, 414
1, 535
1,630
1,728
1,579
1, 635
1,669
1,802
1,811
1,778
1,734
1,792
1,900
1,901
1,677
1,675
1,776
1,207
596
585
550
552
555
550
563
540
567
597
578
550
588
573
620
581
524
526
524
558
557
307
306
322
343
358
384
410
415
409
424
404
360
416
414
441
443
401
421
446
453
450
129. 5
151. 8
127. 8
157. 5
175. 0
178. 8
213.7
248. 5
231. 5
244. 3
233.3
199.9
98.4
142.6
240. 1
242.3
224.0
233.8
228.7
234.6
230. 7
107. 0
128. 8
106. 1
133. 4
146. 9
148. 8
179. 4
210. 5
195. 4
206. 6
196. 1
171. 2
73. 1
109.7
203. 6
207.6
189.0
196.0
190.2
197. 5
192. 8
21. 9
23. 0
21.7
24. 1
28. 1
30. 0
34.3
37. 9
36. 1
37.7
37.2
28.7
25.2
32.9
36. 6
34.7
35.0
37.7
38.5
37.2
37.9
1,714
1,026
929
1, 195
1,703
568
543
544
574
602
467
421
455
457
470
170. 9
251.8
251. 2
249. 0
233. 3
228.4
142. 3
211. 6
210.4
206. 9
194.6
188.7
28.6
40.2
40.8
42. 1
38.7
39.7
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Eailroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
In April, new construction (seasonally adjusted) remained about the same as in March which was revised upward.
A small gain in the private sector was offset by a decline in government outlays.
BILLIONS OF DOLLARS
BO
BILLIONS OF DOLLARS
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
TOTAL NEW CONSTRUCTION
60
60
>••'
50
PRIVATE
40
40
30
30
PUBLIC
\
20
20
10 ID
-jJLjLL-LJLJN 10
10
10
1966
1960
SOURCE. DEPARTMENT OF COMMERCE
Period
1960
1961
1962
1963
1964
1965
Total new
construction
expenditures
53.9
55.4
59.7
63.0
66.2
71.6
COUNCIL OF ECONOMIC ADVISERS
Total
38.1
38.3
41.8
43. 6
45. 9
50.0
Private
il
nonfarm
Residentu
CommerNew
cial and
Total i
housing industrial
units
Bi] lions of doll ars
21.7
16.4
7.0
21.7
16.2
7.5
24. 3
18.6
8.0
25. 8
20. 1
7.9
26. 5
20. 6
9.0
26.7
20.8
11.8
Other
9.3
9.2
9.5
9.9
10.4
11.5
Federal
State,
and
local
15.9
17.1
17. 9
19.3
20.3
21.6
1
71,2
71.4
72. 0
71.8
70.4
70.9
72.8
72. 7
74. 0
76. 0
76. 1
77.0
77. 5
77.4
49. 4
49. 7
50. 1
50.3
49. 1
49. 2
50. 2
50. 1
51.2
53. 4
53. 3
54.3
54. 4
54. 6
26. 6
26.7
27. 1
27. 2
27.0
26. 6
26.4
26. 3
26.2
26.7
27.5
27.5
27. 2
27. 3
20.7
20.8
21. 1
21.2
21. 0
20. 7
20. 5
20.4
20.3
20.8
21. 6
21.6
21. 3
21.4
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 Compiled by F. W. Dodge Corporation and relates to 48 States.
* Preliminary.
11. 6
11. 5
11. 5
11. 6
10.8
11.2
12.3
12.1
13.0
14.3
13. 8
13.9
14. 2
27. 3
105.2
107.6
119.7
132.0
137. 0
142.8
Seasonally
adjusted
Seasonallil adjusted an nual rates
1965: Mar
Apr__
Mav
June _ _ _
July
Aug
Sept
Oct
Nov
Dec
1966: Jan___
Feb
Mar
Aprs
Constructioii contracts 2
CommerTotal value cial and
(index,
industrial
1957-59= floor space
100)
(millions of
square feet)
11.2
11.6
11.6
11.5
11.4
11.4
11. 5
11.6
12.0
12.5
12.0
12. 9
13. 1
21.8
21.7
21.8
21.4
21.2
21.6
22.7
22.6
22.8
22. 6
22. 8
22. 7
23.0
22.8
461
443
500
534
599
680
Seasonally
adjusted
annual
rates
141
152
145
139
149
139
147
147
141
153
152
157
158
648
771
674
663
671
595
762
726
724
772
720
810
829
NOTE.—Data for Alaska and Hawaii included beginning January 1959.
Sources: Department of Commerce and F. W. Dodge Corporation.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts dropped 4 percent in Aprilto a seasonally adjusted annual rate of 1.5 million units,
slightly below the 1965 level. Units authorized were 9 percent lower than in March.
MiUIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
JWATE NONFARM
HOUSING STARTS
I960
1966
SOURCES' DEPARTMENT OF COMMERCE. FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Hotising star ts
r
Period
1960
1961
1962..
1963...
1964 3
1965 _
private
and
public
(including
farm)
1, 296. 0
_ 1,365.0
1, 492. 4
1, 641. 0
1, 590. 7
1, 542. 7
1965: Mar.
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec..
1966: Jan__
Feb__
Mar ».
Apr3.
124.9
154.9
162. 1
162.3
143. 9
138.0
125.9
135.7
118.3
103.2
87.3
81.0
130. 4
148.4
Total
private
(including
farm)
Prh ate nonf a rm
Total
1, 252. 1 1, 230. 1
1, 313. 0 1, 284. 8
1, 462. 7 1, 439. 0
1, 609. 2 1, 581. 7
1, 557. 4 1, 530. 4
1, 505. 0 1, 482. 7
120.7
152.2
157. 5
155. 5
141.3
134.7
124.3
133.6
116.1
102. 3
84. 6
78.2
125.8
146.3
118.8
150.1
155. 2
152. 8
139.0
132.8
122.7
130. 9
114.9
100.8
83.7
76.7
123.6
144. 1
Onefamily
972.9
946.2
967. 8
993.2
944. 5
940.0
74.8
97. 7
99.9
97.0
91.8
86.5
78.4
84.4
70.2
58.3
47.2
45.0
79.2
Total
private
Two or (includmore
ing
famifarm)
lies
257.2 1, 252. 1
338.6 1, 313. 0
471.2 1, 462. 7
588. 5 1, 609. 2
585.9 1, 557. 4
542.7 1, 505. 0
44.0
52.4
55. 3
55.8
47.2
46.3
44.3
46.5
44.7
42.5
36.5
31.3
42.7
1
Authorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
* Units represented by mortgage applications for new home construction.
* Preliminary.
20
1,489
1,552
1, 516
1,566
1,473
1,427
1,453
1, 411
1,547
1,769
1,611
1,374
1,561
1,495
Private nonf iirm
New
Propose<i home
constr uction
Applica- Requests
tions for for VA
FHA appraiscommitals *
ments 2
242. 4
142.9
243. 8
177.8
221. 1
171. 2
190.2
139.3
182.1
113.6
102.1
188. 9
private
housing
Gover nment
units
Total home pi'ograms authorized l
FHA
VA
998.0
1, 230. 1 225.7
74.6
83.3 1, 064. 2
1, 284. 8 198.8
1, 439. 0 197. 3
77.8 1, 186. 6
71.0 1, 334, 7
1, 581. 7 166.2
59.2 1, 285. 8
1, 530. 4 154.0
1, 482. 7 159.9
52.5 1,241.6
Seiasonally adjusted annual ra tes
56
163
1,269
1,465
1,532
50
146
1,187
54
1, 240
1, 501
155
1,254
154
54
1,539
52
1,243
1,447
151
1,217
1, 409
48
148
47
1,180
1,436
160
49
1, 259
1,380
167
1,282
54
1,531
173
189
48
1,325
1,735
1,262
1,585
53
181
1,349
40
1,191
177
1,293
1,530
45
187
1,474
151
37
1, 176
175
187
180
154
165
186
189
192
222
219
214
179
160
168
106
100
113
100
95
95
97
94
100
105
89
72
92
111
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VAJ
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
Retail sales in April declined 1% percent (seasonally adjusted) from March but were 10% percent above a year
ago. April durable sales were down 614 percent for the month while nondurables rose 1 percent.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
130
RETAIL TRADE (ENLARGED SCALE)
DURABLE GOODS STORES
16
INVENTORIES
14
12
10
SALES
8
6
22
NONDURABLE GOODS STORES
20
INVENTORIES
18
?6
•\
14
SALES
12
1964
1963
1965
SOURCE DOAITMeNT OF COMMERCE
COUNCIL OF ECONOMIC AOVlSf RS
Total biisiness
Period
1966
Sales 2
l
Inventories 3
Wholesale
Sales2
4
Sales 2
Inventories 3
Total
Re taiP
[nventories 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Millions Df dollars, seasonall y adjustec1
1958
54, 233 86, 922
1959
59, 583 91, 964
1960
60, 530 94, 610
1961
60, 748 95, 576
1962
65, 078 100, 271
1963
68, 002 105, 127
1964 6
72, 647 110, 535
1965
78, 740 119,847
1965: Feb
75, 901 111,884
Mar
77, 866 113,032
Apr
77, 513 113,761
May
77, 849 114,542
June. _ _ _ _ .. _ _ 78, 001 115,049
July
79, 948 116,012
Aug__ . _ _
78, 932 116,683
Sept_ _ ._
78, 862 116,967
Oct
79, 737 117,653
Nov__
81, 555 118,500
6
Dec
82, 810 119,847
1966: Jan •6
83, 742 120,617
Feb 6
(7)
(7)
Mar6
Apr ___
10, 257
11,413
11,440
11,629
12, 158
12, 692
13,715
14,799
13, 946
14, 725
14,620
14,718
14,736
14,828
14, 829
14, 936
14, 995
15, 505
15, 372
16, 054
(7)
12, 739
13, 952
13, 983
14, 251
14, 580
15, 597
16, 461
17,875
16,867
17, 064
17,216
17,450
17,410
17, 530
17, 535
17,655
17,715
17,775
17, 875
17,910
(7)
1
The term "business" here includes wholesale and retail t rade, and ma nufacturing (see page 22) .
2 Monthly average for year and tc)tal for mont h.
3 Book value, end of period, seaso aally adjuste d.
< Beginning 1961, data include Altiska and Haiyaii.
16, 696
17,951
18, 294
18, 234
19,613
20, 536
21,802
23, 662
23, 262
22, 856
22, 849
23, 317
23, 322
23, 668
23, 585
23, 753
24, 194
24, 647
24, 816
25, 023
25, 281
25, 597
25, 227
5,284
5,967
5,880
5, 581
6,210
6,627
7,014
7,810
7,909
7,581
7,454
7,616
7,665
7, 827
7,755
7,768
7,865
8,092
8,252
8,324
8,399
8,620
8,045
11,412
11, 984
12, 414
12, 654
13, 402
13, 909
14, 788
15, 853
15, 353
15, 275
15, 395
15, 701
15, 657
15, 841
15, 830
15, 985
16, 329
16, 555
16, 564
16, 699
16, 882
16, 977
17, 182
24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
31, 130
33, 957
31,635
32, 260
32, 546
32, 823
33, 014
33, 088
33, 360
33, 045
33, 296
33, 533
33, 957
34, 113
34, 427
34, 556
10, 526
11, 029
11,923
10, 965
11,656
12, 386
13, 136
14, 782
13, 655
14, 082
14, 298
14, 566
14, 546
14, 592
14, 819
14, 621
14, 782
14, 774
14, 782
14, 949
15, 113
15, 201
13, 587
14, 276
14, 890
15, 273
16, 282
16, 997
17, 994
19, 175
17, 980
18, 178
18, 248
18, 257
18, 468
18, 496
18, 541
18, 424
18,514
18, 759
19, 175
19, 164
19, 314
19, 355
19€ 0, data inclu de Alaska aiid Hawaii.
5 1Jeginning
«] >reliminary.
71)ata not ava liable because of forthconling revision
Source: Dep artment of C ommerce.
21
MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 inventories rose $650 million (seasonally adjusted) in March bringing the gain since December to
$1,7 billion. New orders and shipments registered sizable gains.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
80
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SHIPMENTS
30
20
40
10
30
30
MANUFACTURERS' NEW ORDERS
DURABLE GOODS
.n.,.«*witr
20
NONDURABLE GOODS
10
10
1963
J964
1965
1966
1963
1966
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments * Manufac' ,urers' inventories *
Poi-irkrl
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Manufaeture rs' new orders 1
Durat>le goods
Total
Total
NonMachinery durable
and
goods
equipment
Manufacturers'
inventory
shipratio 3
Millions of dollars seasonal y adjuste d
1958-__
1959
1960
1961
__
1962___
1963
1964 4
1965 ._
_>
1965: Jan
Feb
Mar
Apr
May
June.July™ —
Aug
Sept
Oet~.
Nov
Dec1966: Jan
Feb 4
Mar4
Apr
27, 280 . A3, 572
30, 219 M5, 544
30, 796 15,817
30, 884 15, 532
33, 308 17, 184
34, 774 18, 071
37, 129 19, 231
40, 279 21, 020
38, 885 20, 415
38, 693 20, 374
40, 285 21, 284
40, 044 20, 915
39, 814 20, 513
39, 943 20, 652
41, 452 21, 820
40, 518 21, 191
40, 173 20, 924
40, 548 21, 146
41, 403 21, 606
42, 622 22, 316
42, 665 22, 307
42, 702 22, 433
43, 972 23, 167
22, 697
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
19, £58
18, 470
18, 319
19, 001
19,129
19, 301
19, 291
19, 632
19, 327
19, 249
19, 402
19, 797
20, 306
20, 358
20, 269
20, 805
1
Monthly average for year and total for month.
a
Book value, end of period, seasonally adjusted.
3
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
68, 015
63, 213
63, 382
63, 708
63, 999
64, 269
64, 625
65, 394
65, 788
66, 267
66, 642
67, 192
68, 015
68, 594
69, 040
69, 679
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
38, 495
38, 692
38, 972
39, 233
39, 475
39, 951
40, 600
40, 814
41, 300
41, 523
41, 869
42, 324
42, 589
42, 884
43, 298
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
formonth.
22
19, 975
20, 868
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
24, 718
24, 690
24, 736
24, 766
24, 794
24, 674
24, 794
24, 974
24, 967
25, 119
25, 323
25, 691
26, 005
26, 156
26, 381
26, 901
30, 679
30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
39, 704
39, 469
40, 712
41, 120
40, 181
40, 689
41, 846
40, 926
41, 483
41, 843
42, 234
43, 868
43, 986
44, 129
45, 495
13, 170
15, 951
15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
21,271
21, 130
21, 714
22, 043
20, 992
21,310
22, 195
21, 509
22, 163
22, 425
22, 389
23, 403
23, 578
23, 741
24,629
23, 868
< Preliminary; April not charted.
Source: Department of Commerce.
2,354
2, 878
2,791
2,854
3,090
3,326
3,706
4,140
3,958
3,799
4,024
4,078
4, 069
4,091
4,348
4,159
4, 153
4,249
4,325
4,583
4,450
4,584
4, 534
4,778
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
18, 433
18, 339
18, 998
19, 077
19, 189
19, 379
19, 651
19, 417
19, 320
19, 418
19, 845
20, 465
20, 408
20, 388
20, 866
1. 84
1.70
1.76
1.74
1. 70
1.69
1.64
1.61
1.63
1.64
1.58
1.60
1.61
1. 62
1.58
1.62
1.65
1.64
1.62
1.60
1.61
1. 62
1.58
MERCHANDISE EXPORTS AND IMPORTS
The merchandise trade surplus (seasonally adjusted) rose to $522 million in March, as exports jumped by $259
million while imports increased a modest $80 million. The first quarters trade surplus was at an annual rate of $4.7
billion, compared to a 1965 total of $5.2 billion.
BILLIONS OF. DOLLARS
3.0
BILLIONS OF DOLLARS
3.0
tQ
1.0
1966
I960
I/SEE NOTE j BELOW.
SOURCE, DEPARTMENT OF COMMERCE
Period
[Millions of dollars]
M erchandise imports
..,. Merchandise expo rts
Merchan, ] Domest ic expor ts
dise
Total ( includGenei al 2in*Impo rts for Bonsum ption 3
ing rees:ports) *
trade
por ts
Food, Crude ManuFood, Crude Manusurplus,
bever- matemateSeasonfacSeason- Unad- Total " beverfacseasonages, rials
ally ad- Unad- Total < ages, rials
tured
tured
ally ad- justed
ally adand to- and
and to- and
justed justed
goods
justed
goods
justed
bacco fuel
bacco fuel
Monthly average :
1958
1959
1960
1961...—
1962
1963......
1964.. ....
1965.. ....
1965: Feb
Mar
Apr..
May
June
July
Aug
Sept.....
Oct.
Nov
Dec
1966: Jan
Feb
Mar__
COUNCIL Of ECONOMIC ADVISERS
1,364
1, 367
1, 634
1, 679
1, 745
1, 869
2, 139
2, 214
1,599
2, 755
2, 380
2,260
2,230
2,256
2,838
2,824
2, 342
2,408
2,856
2,249
2,885
2,594
1,514
2,891
2,528
2,381
2,219
2,172
2,124
2, 140
2,420
2,440
2,551
2, 133
2,210
2,747
224
254
1,351
1, 352
250
238
1, 617
324
263
1, 659
286
318
1,723
307
277
342
1, 846
311
362
2, 110
387
2, 185
377
356
U nadjust ed
1,491
246
225
2,859
484
461
2, 501
389
410
392
2, 351
378
382
382
2, 191
362
2,139
414
322
2, 096
363
2,110
401
303
2,387
431
383
2,407
403
459
444
2, 520
416
374
324
2,105
332
2,177
396
2,708
486
366
962
931
1,072
1, 083
1, 157
1,218
1,364
1,438
1,052
1,888
1,708
1,555
1, 455
1,343
1,393
1, 371
1,530
1,525
1,614
1,359
1,468
1,822
1
Total excludes Department of Defense shipments of grant-aid military supplies
1 and equipment under the Military Assistance Program.
Total arrivals of imported goods other than intransit shipments.
3
Imported merchandise released from Customs custody for entry into U.S.
1,105
1,302
1,251
1,226
1, 366
1,429
1, 557
1,781
1,600
1,861
1,838
1,789
1,830
1,663
1,764
1,807
2,006
1,903
2,085
1,936
1, 998
2,073
1,463
2, 034
1, 857
1,723
1,907
1, 633
1,716
1, 798
1,997
1,967
2,160
1,829
1,822
2,246
342
296
1,101
382
1,285
296
283
1,251
379
1, 221
286
361
1, 354
306
381
320
1, 417
386
332
413
1,550
335
1,773
448
U nadjust ed
264
416
1,488
1,992
386
508
454
331
1, 823
1,719
332
409
474
349
1,878
261
1, 635
410
449
1,727
315
353
431
1,795
462
2,004
409
424
1, 953
417
494
429
2,130
325
461
1,801
352
1, 806
419
2,232
414
523
433
575
556
539
630
666
756
933
259
65
383
453
379
440
582
433
759
1,041
963
913
989
902
909
946
1, 061
1,034
1, 140
974
956
1,225
894
547
471
400
593
569
517
386
505
321
SIS
842
522
__jf
consumption channels, entries into bonded manufacturing warehouses, and ores
and
crude metals (after smelting and refining) in bonded warehouses.
4
Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.
OO
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
In the first quarter of 1966 the balance on goods and services was $6.1 billion (seasonally adjusted annual rate),
down from the $7.1 billion recorded in 1965. The balance on merchandise trade declined to $4.4 billion as import
growth continued to exceed gains in exports.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50
50
SEASONALLY ADJUSTED ANNUAL RATES
40
.40
EXPORTS OF GOODS AND SERVICES
30
30
IMPORTS OF GOODS AND SERVICES
20
20
10
0 l
i
t
?
!
1960
1961
4963
1962
1965
1964
SOUICEi DEPA*TM«NT Of COMMERCf
f
l
Io
1966
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1959
1960
1961
1962_.
1963
1964
1965
Total
Exports of good s and sei-vices
I neonle on
investinents
MerMilichan-l
tary
PriGovdise
sales
vate
ernment
Impor ts of good s and senrices
Other
services
23, 476
27, 244
28, 557
__ 30, 278
__ 32, 353
37, 017
39, 060
16, 282
19, 489
19, 936
20, 604
22, 069
25, 288
26, 285
302
335
402
656
659
762
815
1964: III
IV
37, 340
38, 428
25, 528
26, 760
672
836
2,694
349 3,849
3,001
349 4,070
3,561
380 4,278
3,954
471 4,593
4, 156
498 4, 971
454 5,510
5,003
5,557
497 5,906
Seas>onally <adjusted
5,040
528 5,572
4, 856
240 5, 736
1965: I
II
III
IV
34, 844
40, 576
40, 152
40, 668
22, 508
27, 200
27, 316
28, 116
696
916
796
852
5,664
6,024
5,452
5,088
1966: I*
41, 620
28, 452
1
Adjusted from customs data for differences in timing and coverage.
'Preliminary estimates.
24
556
568
568
296
5, 420
5,868
6,020
6,316
Total
Merchan-l
dise
23, 342 15, 310
23, 177 14, 732
22, 924 14, 507
25, 129 16, 173
26, 436 16, 992
28, 457 18, 619
31, 980 21, 492
annual ra tes
Balance
on
MiliOther goods
tary
expend- serv- and
ices
itures
ices
3,107
3,048
2,954
3,078
2,929
2,824
2,838
4,925
5,397
5,463
5,878
6,515
7,014
7,650
134
4,067
5,633
5, 149
5,917
8,560
7,080
28, 544
29, 528
18, 836
19, 604
2,764 6,944
2,724 7,200
8 796
8 900
28, 620
32, 424
32, 876
34, 000
18, 652
21, 920
22, 376
23, 020
2,648
2,808
2,880
3,016
6
8
7
6
35, 560
24, 028
Source: Department of Commerce.
7,320
7,696
7,620
7,964
224
152
276
668
6,060
U.S. BALANCE OF INTERNATIONAL PAYMENTS
In the first quarter of 1966 the United States recorded deficits on both the liquidity and official reserve bases. The
deficit on the liquidity balance was $2.3 billion (seasonally adjusted annual rate), compared to $1.3 billion in 1965.
The deficit rate on the offical reserve balance was only $1.0 billion, however, down slishtly from the $1.3 billion
of 1965.
PILLIONS OF. DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS. AND SERVICES
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
1960
1966
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OP ECONOMIC ADVISEtS
[Millions of dollars]
U.S. private capi tal, net
Bakince
U.S.
Period
Government
grants
and
capital,
net 1
1959
1960
1961
1962
1963
1964
1965
Direct
investment
Other
longterm
Shortterm
-926
-77
-1,986 -1,372
-2, 769 -1,674
-863 -1,348
-2,780 -1,599 -1,025 -1,556
— 544
-3,013 -1,654 -1,227
-3,581 -1,976 -1,695
-785
-3, 563 -2, 376 -1,975 __2, 111
-3, 390 -3, 266
-988
728
Errors
Foreign and uncapital, recorded Liquidtransnet 1
ity
basis 2
actions
Official
reserve
transactions
basis 3
412 -3, 743 -2, 283
863
-988 -3, 881 -3,592
366
707 -1,045 -2, 370 -1,287
1,021 -1, 197 -2, 203 -2, 241
688
-401 -2,670 -1,977
667 — 1, 161 -2, 798 -1,342
172
-659 -1,301 -1,299
Season ally ad jus ted annusil rates
1964:
III_.._ -3, 580 -2,204 -2, 448 -1,624
-4, 100 -3,284 -3,332 -2,272
IV
1965:
I
II
-3, 100
-3, 836
III—. -2, 900
IV— -3, 724
1966:
!*__ _
1
2
-4,636 -2,716
-3, 564
636
-2, 060 -1,428
-2, 804 -444
1,196
1,668
212
— 164
112
680 -1,164 -2, 372
1,224 -1,720 -5,464 -3,376
— 40 -2,632 -2, 256
1,336
1, 032
-324
988
-532
976
-988 -1,264 -2,068
872 -1,008 -1,536 -4,904
Includes certain special Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies, and the U.S. gold tranche position in the IMF.
* Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and
4 the U.S. gold tranche position in the IMF.
Includes short-term official and banking liabilities and foreign holdings of
U.S. Government bonds and notes.
* Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
Changes
Chan ges in sel<scted
in gold,
liabilitie s (decreas* (-))*
convertible currenTo foreig n official
cies
and
5
To other IMF gold
hold ers
foreign tranche
holders 7 position
NonLiquid
(increase
liquid 6
(-))
1,248
1,449
681
457
1,673
1,073
-50
1,460
2, 143
213
619
1,533
129
1,222
1,083
251
-74
98
127
1,035
289
1,554
606
378
171
Quai-terly totails, unadjiisted
389
869
18
91
562
651
-860
-107
253
664
-23
-15
-22
187
-150
203
677
-601
70
-151
842
68
41
271
8
-2, 328 -1,048
-833
30
490
424
•7 Provisional.
Private holders; includes banks and international and regional organizations;
excludes IMF.
s On Mar. 31, U.S. reserve assets consisted of gold stock, $13,738 million (down
$68 million from Dec. 31); IMF position including gold portion of increased
U.S. subscription, $729 million; convertible currencies, $559 million.
•Preliminary estimates.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
OC
PRICES
CONSUMER PRICES
The consumer price index rose by 0.4 percent in April for the third big increase in a row. Food prices increased by
only 0.1 percent—the smallest rise since last November—but other commodity prices rose 0.4 percent. Service
prices increased sharply by 0.8 percent.
Index, 1957-59=100
Index, 1957-59=100
105
100
100
1960
1966
I/SEE NOTE PELOW.
SOURCE. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
Co mmoditiei3
All
items
Period
1955____
1956_.__
1957.
1958
__
1959.
_____
1960
1961
_
1962___
1963 1
1964
1965
__.
1965: Mar
Apr
May
June
July____
Aug__
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr
___
-___
..
___„
_
93. 3
947
98.0
100. 7
101. 5
103. 1
104. 2
105. 4
106.7
108. 1
109.9
109.0
109.3
109.6
110. 1
110. 2
110.0
110. 2
110. 4
110.6
111.0
111.0
111.6
112.0
112.5
All commodities
94.6
95.5
98.5
100.8
100. 9
101.7
102.3
103. 2
104. 1
105. 2
106.4
105.6
105. 9
106.2
106.9
106. ,9
106.6
106.6
106.9
107.1
107. 4
107. 4
108. 0
108.4
108. 8
Food
94. 0
94. 7
97.8
101.9
100. 3
101. 4
102. 6
103. 6
105. 1
106.4
108.8
106.9
107.3
107.9
110.1
110.9
110.1
109. 7
109.7
109.7
110.6
111.4
113. 1
113. 9
114.0
* See Note.
NOTE.— Prior to January 1964. Indexes revised to reflect transfer of ho mefrom services to durable commodities
Digitized forownership
FRASER
26
Services
Comnatodities les;s food
All
services
Durable dura
j Non__LI
_
Die
90. 5
949
94. 4
95. 3
92.8
95.4
95.9
96.5
96. 6
9& 8
98. 5
99. 1
100. 0
99. 9
100. 3
99. 8
101. 5
103. 2
101. 2
101.0
102. 6
101. 7
100. 9
106. 6
102. 0
108. 8
103. 2
100.8
102. 8
101.8
103. 8
110.9
103. 5
102. 1
104. 8
113. 0
104.4
103. 0
115. 2
105. 7
107.2
105. 1
102.6
117.8
106.2
103.2
104. 8
117.0
103.0
105. 0
106. 8
117.3
105.2
102.9
107.2
117.5
105. 1
102.6
107.3
117.6
104.7
102.3
106. 9
117. 8
117.9
104.7
101.8
107.1
104. 9
107. 7
101. 7
118. 5
102. 1
118. 7
105.3
108.0
102.4
119.0
105.6
108.3
102.4
108.4
105.7
119.3
105.3
101.9
108.0
119.5
105. 4
101.8
108. 3
119.7
102. 0
108.6
105.6
120. 1
102. 3
121. 1
106.0
109. 0
All
Rent
94. 8
96. 5
9a 3
100. 1
101. 6
103. 1
104 4
105. 7
106.8
107.8
108.9
108.7
108.8
108.8
108. 8
108.9
109.0
109. 1
109. 2
109.3
109.5
109. 7
109. 8
109. 9
110.1
Services
less ]
rent
89.4
91.9
96. 1
100. 2
103.6
107.4
110. 0
112. 1
114. 5
117. 0
120.0
119. 1
119. 3
119, 5
119.7
120. 0
120.0
120.7
121. 0
121. 3
121.6
121.8
122. 0
122. 5
123.6
Be Binning with January 196 4, new indei: with revised weights, cc>verage, and
sampling procedtires. For d«stalls, see D epartment of Labor release, Major
Changes in the Cmisumer Price Index, March 3, 1964.
Sotirce: Depart]ment of Lab<>r.
WHOLESALE PRICES
The wholesale price index rose by 0.1 percent in April, Declines of 0.4 percent in farm products and 0.9 percent
in processed foods were tr.ore than offset by a 0.3 percent rise in industrial prices.
Index, 1957-59=100
Irtdex, 1957-59=100
115
A
110
110
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
105
105
(INDUSTRIALS)
100
100
95
95
90
90
1966
I960
SOURCE, DEPARTMENT. OF
UK*
COUNCIL Of ECONOMIC ADVISERS
100. 4
100. 6
100.7
100. 3
100. 6
100. 3
100. 5
102.5
101.3
101.7
102. 1
102. 8
102.9
102. 9
103.0
103. 1
103. 5
104.1
104.6
105.4
105.4
105. 5
105. 1
105. 4
103.7
105. 1
All
commodities
Period
1958
1959_
1960
1961- ——..
_
1962 _.
1963
1964
1965 3
1965: Mar
Apr
May
June
July
Aug__
Sept
Oct
Nov
Dec.
1966: Jan
Feb
Mar3
Apr
Week ended: 4
1966: May 3 3
10 _..__
[1957-59=100]
Commodilties other t ban farm aroducts a adfoods(ii idustrials)
Consurner finIndus- Indus- ProducFarm
Procished girods exAll intrial in- er fintrial
prodessed
cludin gfood
dustricrude termedi- ished
ucts
foods
als1
mate- ate ma-2 goods
DurNonterials
rials
able
durable
103. 6
102.9
99. 5
96.9
99. 4
100. 2
99.3
100.1
97. 2
99. 2
101. 3
102.3
101.0
102. 1
100.8
101.3
100.0
96.9
101.3
9R3
102. 3
101. 4
100. 9
101. 5
96.0
100.7
100.8
97.2
100. 1
102.5
100. 5
101. 5
101.2
97. 7
100. 8
95. 6
102. 9
100.0
99. 9
101. 6
101.1
95. 7
100.7
94.3
99.6
103. 1
99. 5
101.9
101.2
94 3
101.0
100. 2
97. 1
104. 1
99. 9
101.6
105.1
98. 4
102.5
100.9
101.5
105.4
99. 6
102. 8
95.4
101. 8
102. 0
99.7
100.9
99, 7
105. 1
102. 2
102.1
97.6
102.3
100.1
101.1
105.3
99.7
102. 2
103. 3
98. 4
102.3
101.0
101. 4
105.3
102. 5
99.6
106. 1
102.5
100.3
100. 5
101. 5
105.4
99.7
102. 6
100.0
102.5
106.6
100.4
101.5
105. 4
102. 7
99. 6
99. 1
106.7
102.7
101.7
101.7
99. 5
105.5
102.8
99.5
106.7
102.7
101.3
101.8
105.5
99. 5
103.0
99.4
106.9
102. 8
102.0
101. 9
105.6
99.5
103. 3
100.3
107.6
103. 2
102. 7
102. 1
105.9
103.6
99.6
109.4
103.2
103.0
102.6
102. 2
106.0
99.6
103. 7
110.3
104.5
103.5
104.0
102.4
106.2
99.7
103.9
111. 8
107. 4
103. 8
105. 7
102.6
106. 6
99.7
104.0
106. 8
104. 0
111.5
102.9
106. 6
106.8
99.7
104.1
104. 3
106. 4
110. 5
106. 1
103. 5
106.9
100. 0
104.3
-_
_
-
__
!
109. 9
110. 7
1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
'Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
104. 3
104.3 1
a Preliminary.
«Weekly series based on smaller sample than monthly series.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
The parity ratio fell by 2 points in the month ended April 15; as prices received by farmers fell 2 percent while prices
paid by farmers rose 1 percent. A 3 percent rise in crop prices was more than offset by a 4 percent decline in livestock prices.
Index, 1957-59=100
Index, 1957-59=100
100
100
90
90
RAT OJ/
RATI0^
100
IUU
90
Of)
PARITY RATIO
70
\
J
80
,
1 1 1 1 1 .
\.../-*'- '
--x./
x^...*,,,./
-i--,...v,..—^
"X'«"»^%^/
A
80
<*^
"—»'
. . . . . I . i . i . 70
1 . I .
1960
1963
1962
1961
1964
1966
1965
I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE) DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
Prices Deceived by 'armers
Period
1956____.__
1957
1958
1959
1960
1961
1962
1963
1964
1965
1965: Mar 15
Apr 15..
May 15
June 15
July 15
AuglS
Sept 15
Oct 15
Nov 15_
Dec 15.
1966: Jan 15
Feb 15_
Mar 15
Apr 15
..
All farm
products
.
.
.
.
._
__
.-
__
.
95
97
104
99
98
99
101
100
98
102
99
101
104
106
105
103
103
103
103
107
109
113
112
110
Crops
105
101
100
99
99
102
104
106
106
104
106
109
111
109
106
100
100
99
98
100
102
106
104
107
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Prices3 paid by fa rmers
All items,
interest,
taxes, and
wage rates
Index, 1957-59=100
95
88
98
94
106
100
102
100
102
98
103
98
105
99
95
107
91
107
110
101
109
93
109
95
110
99
110
103
110
104
110
105
110
105
110
106
110
106
111
112
112
114
112
117
113
118
114
113
Livestock
and products
Family
living
items
96
99
100
101
102
102
103
104
105
107
106
106
108
107
107
107
107
107
107
108
108
109
110
110
Source: Department of Agriculture.
Production
items
95
98
100
102
101
101
103
104
103
105
104
105
106
106
106
106
106
105
105
106
107
108
108
108
Parity
ratio *
83
82
85
81
80
79
80
78
76
77
75
76
78
79
78
78
78
77
77
80
80
83
82
80
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The daily average money supply (seasonally adjusted) registered an exceptionally large increase in April. Time
deposit growth accelerated and Treasury deposits declined unusually sharply.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
180
180
\
MONEY. SUPPLY
140
140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
\
100
100
60
60
n i i i i i i
i i i i i I f i i \ i In
1962
1961
1960
1964
1963
1966
1965
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars)
M oney supj>iy
M oney supf >iy
Period
1960:
1961:
1962:
1963:
1964:
1965:
1965:
Dec
Dec
Dec.
Dec
Dec
Dec
Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb_
Mar
Apr 2
Total
_
_._
__
_
_
;
1
Deposits at all commercial banks.
» Preliminary.
_
_..
141. 1
145.5
147.5
153. 1
159.7
167.4
160. 3
161. 1
160.0
161.8
162.5
162. 7
164.3
165.6
165.7
167.4
168.4
168.0
169.2
171. 1
Currency
outside
banks
Seasonal!]7
28. 9
29.6
30.6
32.5
34. 2
36.3
347
34. 7
34 9
35.0
35. 2
35. 4
35.6
35. 9
36. 1
36.3
36.7
36.8
36. 9
37. 1
Demand
deposits
Time
deposits l
adjusted
112. 1
72.9
116. 0
82. 7
116. 9
97. 8
112. 2
120.6
125.4
126.6
131.2
147.0
125. 6
132. 1
126. 4
133. 5
125. 1
134 6
135. 9
126.8
127. 3
137. 6
140. 1
127.3
128.7
141.6
129. 7
143.6
129.6
145. 5
131.2
147.0
148.0
131.8
131.2
148.8
132. 3
149.6
134 0
151. 6
Total
144 7
149. 4
151.6
157.3
164 0
172.0
159. 0
161. 6
157. 6
159. 6
160. 9
160. 5
163.2
165. 8
167. 4
172.0
173.0
167.8
167.8
171. 6
Currency
outside
banks
29.6
30. 2
31. 2
33. 1
35. 0
37.0
34 3
34 5
34 6
34.9
35.4
35.5
35.6
36. 0
36. 5
37.0
36.5
36.3
36.5
36.8
Demand
deposits
Qnadjuste d
115.2
119. 2
120.3
124 1
129. 1
135.0
124 6
127. 1
123. 0
1246
125. 6
125. 0
127.5
129. 8
130.9
135.0
136.5
131.5
131. 3
1348
Time
deposits 1
72.1
81.8
96. 7
111. 0
125. 2
145.3
132. 7
1340
135.4
136.6
138. 3
140. 2
141.4
143.5
1444
145.3
147.4
148.7
150.2
152. 2
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.
U.S.
Government
demand
deposits 1
47
49
5.6
5. 1
5.5
4.5
6.7
5.6
9.7
9.3
9. 1
7.4
5.6
5.0
40
4.5
3.7
5.1
46
3. 0
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Nonbank holdings of liquid assets, seasonally adjusted, showed a small increase of $0.6 billion in April. Demand
deposits and currency declined following the large March increase and the volume of savings and loan shares fell
reflecting intensified competition from commercial banks.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
500
400
300
300
200
200
100
100^
1960
1966
1961
J/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted!
Total
selected
liquid
assets
End of period
1959
1960
1961
1962
1963
1964 ._3
1965
1965: Mar
Apr
May
June
July
Aug
Sept3
Get
Nov33
Dec
1966: Jan 33
Feb 3
Mar
Apr 3
1
.___
_._
393. 9
399. 2
424. 6
459.0
495.4
530.4
572.4
542.8
543. 3
543.0
550.2
550.9
555. 6
560. 6
565.0
568.2
572.4
577.7
576. 6
584. 5
585. 1
Demand
deposits
and
currency l
139.7
138.4
142. 6
1448
149. 6
156. 7
163. 7
158. 6
156. 3
155. 4
159. 6
157.7
157. 8
160.6
161. 1
160.3
163. 7
164.0
162.0
166.2
165. 8
Time d eposits
Commercial
banks
67.4
73. 1
82.5
98. 1
112. 9
127. 1
147. 1
133. 0
134 1
134 9
136.3
138.3
139. 8
141. 6
144 0
146.5
147. 1
149. 2
149.4
151.0
152. 3
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
for2 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Keserve Banks, and beginning
February 1060, savings and loan associations.
30
Mutual
savings
banks
349
36.2
38.3
41.4
44 5
49. 0
52.5
49. 8
50. 1
50. 4
50.8
51. 1
51. 3
51.6
52.0
52.3
52.5
52.8
53.0
53.1
53. 1
Postal
Savings
System
0. 9
.8
.6
.5
.5
.4
.3
.4
.4
.4
.4
.4
.3
.3
.3
.3
.3
.3
.3
.3
.3
Savings
and loan
shares
54.3
61. 8
70. 5
79.8
90.9
101. 3
109.7
103.6
103. 9
104 4
105.1
105.5
106. 5
107.7
108.3
109.2
109.7
109. 8
110.3
111.5
111. 2
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
year 2
47.9
47.0
47. 4
47. 6
49.0
49.9
50.5
49. 9
49.9
49. 9
50.0
50.1
50. 1
50. 1
50. 1
50.1
50. 5
50.5
50.3
50.3
50. 4
a Preliminary.
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.
48.8
41.9
42.6
46. 8
48. 1
46. 1
48.6
47.6
48.6
47.6
48.0
47.9
49. 8
48. 7
49. 1
49.4
48. 6
51.2
51.0
52.1
52.2
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total commercial bank credit (seasonally adjusted) rose by $2.8 billion in April, just matching the March rise. The
rise in loans was more moderate than in the preceding month while investments increased somewhat following the
previous declines.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
350
ALL COMMERCIAL BANKS
SEASONALLY ADJUSTfD, END OF MONTH
300
300
250
200
50
50
INVESTMENTS IN OTHER SECURITIES
1966
1960
SOURCi* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
All comnaereial bank s
(s easonally adjusted daLta)
End of period
1959
1960
1961
1962
1963
1964
1965 5
1965: Mar
Apr
May
June
July
Aug
Sept5
Oct
Nov 55_
Dec
1966: Jan 5
Feb*5
Mar .
Apr 6
....
---.
...
...
...
__
Total Loans,
Investr nents
loans excluding
and
U.S. Gov- Other
invest- interbank
ernment
securiments
securities
ties
185. 9
194. 5
209. 8
22a 3
246. 5
267.2
294. 0
275.5
277.3
279. 4
282.8
281.5
286. 1
286.2
288.9
291. 5
294. 0
297.0
297,1
299.9
302. 7
107. 6
113.8
120. 5
133. 9
149. 4
167. 1
191.8
175. 8
177. 1
179.5
183.0
182.7
185. 8
186.2
188. 0
189. 8
191.8
195.0
195. 5
199.3
201.0
Billions of dollarsr
57.8
20.5
20. 8
59.9
65.4
23. 9
29.2
65. 2
62. 1
35. 0
38.7
61. 4
44.6
57.6
59.6
40.1
41. 1
59. 1
58.6
41.3
57.7
42.1
56.4
42.4
43.3
57.0
56.5
43.5
57.0
43.9
57.6
44 1
44.6
57.6
57.4
44.6
45.3
56.3
55.6
45.0
55.9
45.8
* Member banks are all national banks and those State banks which have taken
membership in the Federal Reserve System.
2 Commercial and industrial loans.
* Debits during period to demand deposit accounts except interbank and
U.S. Government. New series; see Bank Debits and Deposit Turnover, G.6
FRB,
February 19.1965.
4
Averages of daily figures. Annual data are for December.
Weekly
reporting
member
banks l
Business
loans 2
30.7
32. 2
32.9
35.2
38.8
42. 1
50.6
44.6
44.6
45. 2
46.8
46.3
46.9
48.1
48. 2
49. 0
50. 6
50.3
51. 1
52.6
52. 5
jBank
_i_ij.
debits
outside
New York
City (224
centers) ,
seasonally
adjusted
annual
rates 8
1,666
1, 736
1,882
2, 021
2,
199
8
2, 696
2,997
2,924
2, 962
2,872
8,019
3,021
3,019
S, 02S
S, 069
8,179
8,250
S, 198
3,264
3,397
3,890
A U member banks * 4
Total
reserves
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
•
]Millions oif dollars
18, 932
482
906
19, 283
756
87
20,118
149
568
572
304
20, 040
327
20, 746
536
21,609
411
243
22, 719
452
454
341
21,246
416
21,511
366
471
21, 472
325
505
21, 709
346
528
21,863
350
524
21, 617
430
564
384
21, 740
528
344
21, 958
490
21, 958
369
452
22,719
452
454
358
22,750
402
371
22,233
478
305
22,160
551
22, 532
363
626
-424
669
419
268
209
168
-2
-75
-105
— 180
— 182
-174
-134
— 144
-146
-83
—2
—44
-107
— 246
-263
8 Preliminary.
NOTE.—-Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.
Of
CONSUMER AND REAL ESTATE CREDIT
Consumer credit outstanding rose in March primarily owing to the increase in automobile instalment lodns.' On a
seasonally adjusted basis, the rise in instalment credit ($649 million) about equaled the 1965 monthly average.
BILLIONS OF .DOLLARS
100
BILLIONS OF DOLLARS
TOTAL CONSUMER CREDIT OUTSTANDING
1966
1960
COUNCIL OF ECONOMIC ADVISERS
'SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1956
1957
1958....
_
1959... ...
I960..
1961..
1962
1963*
1964*...,
1965*
1965*: Feb
Mar_.___
Apr ....
May.....
June.....
July.....
Aug_.___
Sept
Oct
Nov
Dec
1966*: Jan
_
Feb_
Mar
f Millions of dollars]
Consu mer credit outstandin g (end of F>eriod ;
Consum er instalme>nt credit e xtended
imad justed}
and r epaid (seas onally adjuisted)
[nstalment
Automob ile paper
To tal
NonAutomoTotal
Total i
Personal instal-2 Extended Repaid Extended Repaid
bile
ment
paper
loans
42, 334
44,970
45, 129
51, 542
56, 028
57, 678
63,164
70, 461
78, 442
87, 884
77, 406
77, 796
79, 237
80, 469
81, 717
82, 539
83,319
83, 801
84, 465
85, 291
87, 884
87, 027
86, 565
87, 059
31, 720
33, 867
33,642
39, 245
42, 832
43, 527
48,034
54, 158
60, 548
68, 565
60, 436
60, 861
61, 886
62, 807
63, 850
64, 704
65, 508
65, 979
66, 511
67, 168
68, 565
68, 314
68, 279
68, 827
14,420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
25, 383
25, 691
26, 235
26, 717
27, 280
27, 779
28, 111
28, 175
28, 393
28, 612
28, 843
28, 789
28, 894
29, 248
6,789
7,582
8, 116
9,386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
16,356
16, 515
16, 871
17, 098
17, 346
17, 503
17, 753
17, 911
17, 950
18, 070
18, 354
18, 325
18, 396
18, 532
1
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.
* End of period, unadjusted. * Beginning July 1963, data have been revised.
32
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
16, 970
16, 935
17, 351
17, 662
17, 867
17, 835
17,811
17, 822
17, 954
18, 123
19,319
18, 713
18, 286
18, 232
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
61, 295
67, 505
75, 508
6,082
6, 107
6,245
6, 167
6,196
6, 383
6,385
6, 434
6,425
6,530
6,489
6,544
6,492
6,673
37, 054
39, 868
40, 344
42, 603
45,972
47, 700
50, 620
55, 171
61, 121
67, 495
5,485
5,465
5,500
5,511
5,601
5,659
5,729
5,748
5,805
5,831
5,855
5,947
5,954
6,024
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
2,249
2,268
2,299
2,249
2,285
2,355
2,372
2,385
2, 338
2,480
2,443
2,340
2, 340
2, 479
14,555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19, 400
21, 676
24, 267
1, 947
1,970
1,975
1,987
2,007
2,007
2,068
2,056
2,080
2,148
2, 107
2, 115
2,135
2,216
Mortgage
debt outstanding,
nonfarm
1- to 4family
houses 3
99, 000
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197,600
212, 900
200, 500
204, 800
209, 000
213, 000
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Eeserve System and Federal Home
Loan Bank Board (except as noted).
BOND YIELDS AND INTEREST RATES
Yields on most securities turned up in April from their early month lows but remained below their early March peaks.
Yields on FHA mortgages jumped sharply reflecting the rise in the maximum permissible rate.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'SJ
1960
1966
SOURCES, SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
municipal
bonds
Taxable
(Standard &
bonds 3
Poor's) 4
U.S. Gov(jrnment secuirity yields
3-month
Treasury
bills i
Period
3. 405
2. 928
1959__
1960
1961
1962
1963
1964
1965
1965: Mar
Apr
May
2.378
2.778
3. 157
3. 549
3.954
3. 942
3.932
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr
_
3. 895
3.810
3.831
3. 836
3. 912
4. 032
4. 082
4. 362
4. 596
4.670
4. 626
4.611
3-5 year
issues 2
4.33
3.99
3.60
3.57
3.72
4.06
4.22
4. 12
4. 12
4. 11
4.09
4. 10
4. 19
4.24
4. 33
4. 46
4. 77
4. 89
5. 02
4.94
4. 86
4.08
4. 02
3.90
3.95
4.00
4. 15
4.21
4. 15
4.15
4. 14
4. 14
4. 15
4. 19
4.25
4. 28
4. 34
4. 43
4.43
4.61
4. 63
4. 55
4.85
4.87
4. 90
4.92
4. 88
4.55
4.57
4. 58
4. 59
4. 54
Corpora ie bonds
(Moo dy's)
Aaa
4.618
4.664
4. 630
4. 674
4.630
4.626
on new issues within period.
'* Selected note and bond issues.
Series includes: April 1953 to date, bonds due or caDable 10 years and after.
*8 Weekly data are Wednesday figures.
Data for first of the month, based on the maximum permissible interest rate
(5>i percent for April 1966) and 30-year mortgages paid in 15 years.
1
Rate
3
4-6
months
3. 25
3.36
3. 42
3.47
3. 56
3. 52
3.63
3. 72
3. 59
4. 38
4. 41
4. 35
4. 33
4.26
4. 40
4.49
4. 42
4.43
4. 44
4.46
4. 48
4. 49
4.52
4. 56
4. 60
4. 68
4.74
4.78
4. 92
4. 96
5. 05
5. 19
5. 08
5. 02
4.86
4.83
4.87
4. 78
4.80
4. 81
4.85
4.88
4.88
4.91
4. 93
4. 95
5. 02
5.06
5.12
5.32
5. 41
3.97
3.85
2.97
3. 26
3. 55
3.97
4.38
4.38
4.38
4. 38
4.38
4.38
4. 38
4.38
4.38
4.38
4. 65
4.82
4.88
5. 21
5.38
3. 54
3.59
3.65
3.68
3. 66
4.95
4. 95
4. 95
4. 94
4. 95
5.40
5.41
5. 41
5.45
5.46
5.38
5.38
5. 38
5.38
5.38
3. 95
3. 73
3.46
3. 18
3. 23
3.22
3.27
3. 18
3. 17
3. 19
3.26
;;. 26
Week ended:
1966: Apr 16__
23__
30__
Mav 7__
14__
21 «_
Baa
Prime
commercial
paper,
FHA
new home
mortgage
yields 5
5. 77
6. 16
5.78
5. 60
5.46
5. 45
5.46
5. 45
5.45
5.45
5.45
5.44
5. 44
5.45
5.46
5.49
5.51
5.62
5.70
6.00
e 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.
OQ
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices fluctuated sharply in late April and early May.
Fluctuations were associated with uncertainties regarding
economic policy and modifications of automobile production schedules.
Index, 1941-43 = 10
Index, 1941-43=10
WEEKIY
90
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
80
80
70
70
60
60
50
1 1 1 1
I I I
PERCENT
PERCENT'
DIVIDEND YIELD ON COMMON STOCKS
PRICE/EARNINGS RATIO ON COMMON STOCKS
1966
1960
COUNCIL OF ECONOMIC ADVISERS
SOURCE, STANDARD AND POORS CORPORATION
Period
1960
1961
1962
1963.
__>
1964
1965_
1965: Apr
May
June
July
Aug
Sept
Oct
Nov
.
Dec
1966: Jan
Feb
Mar
Apr
Week ended:
1966: Apr 8— —
15
22
29
May 6_
13
Total
..
_
_
Total
55. 85
66.27
62.38
69.87
81. 37
88. 17
87. 97
89.28
85.04
84.91
86. 49
89.38
91. 39
92. 15
91.73
93.32
92. 69
88.88
91. 60
59. 43
69. 99
65. 54
73. 39
86. 19
93.48
93. 08
94. 69
90. 19
89.92
91. 68
94.93
97. 20
98. 02
97.66
99. 56
99.11
95.04
98.17
91. 35
91. 73
91. 98
91. 60
89. 18
86.47
97.92
98.31
98.58
98. 18
95. 50
92.48
Price index l
Industrials
Capital Consumers'
goods
goods
1941-^13=10
59. 75
47. 21
67. 33
57. 01
58. 15
54. 96
63. 30
62.28
76. 34
73. 84
85. 26
81.94
83.78
84.85
85. 21
86. 35
81.62
80.04
80.54
78.80
83. 25
80. 23
82. 34
86. 91
90. 28
83. 90
91. 62
83.75
91.42
83. 31
93. 35
84.28
93. 69
83.48
78. 96
90.28
93. 54
79.28
92.63
93.23
94.28
94. 03
91.39
88.71
79. 52
79. 50
79. 44
78. 65
76. 78
75. 22
Railroads
Dividend
yield 2
(percent)
46. 86
60.20
59. 16
64. 99
69. 91
76.08
77. 24
77. 50
74.19
74.63
74. 71
76. 10
76. 69
76. 72
75.39
74,50
71.87
69.21
70.06
30. 31
32.83
30. 56
37. 58
45.46
46.78
46.63
45.53
42.52
43.31
46. 13
46.96
48.46
50. 23
51.03
53.68
54.78
51. 52
52. 33
3. 47
2. 98
3. 37
3. 17
3. 01
3.00
2.95
2.92
3.07
3.09
3. 06
2.98
2. 91
2.96
3.05
3.02
3.06
3. 23
3.15
69.71
69.97
70. 24
70.38
69. 59
68. 46
52. 23
52. 74
52.89
51. 70
49. 02
47. 01
3. 15
3. 15
3.13
3. 15
3.23
3.29
Public
utilities
Price/
earnings
ratio 3
17.09
21.06
16. 68
17. 62
18. 08
17. 11
15.93
17.10
17.71
3
Ratio of price index for last day in quarter to quarterly earnings (seasonally
Includes 500 common stock, 425 are industrials; 5U are public utilities; and 25
adjusted annual rate). Annual ratios are averages of quarterly data.
are railroads. Weekly indexes for capital and consumer goods are Wednesday
figures; aU other weekly indexes are averages of daily figures.
Source: Standard & Poor's Corporation.
'Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
we averages of monthly data. Weekly data are Wednesday figures.
1
Digitized for34
FRASER
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit in the first 10 months of fiscal 1966 amounted to $9.4 billion.
1965 the deficit was $6 9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
100
100
75
75
50
50
25
25
1961
1962
In the corresponding period of fiscal
1963
1964
1965
1966
1961
+10
1962
1963
1964
1965
1966
BUDGET SURPLUS (+} OR DEFICIT (-)
(ENLARGED SCALE)
+5
0
-5
25 -30
-15
1961
1962
1963
1964
1965
1966
1961
1962
1963
1964
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
1966
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget expenditu res
N ational defe use *
Period
Fiscal year 1960
Fiscal year 1961
Fiscal year 1962
Fiscal year 1963
Fiscal year 1964
Fiscal year 19653
Fiscal year 1966
Fiscal year 19673
1965: Mar
Apr
__.
May —
June
July
Aug
Sept
Oct
__
Nov
Dec
1966: Jan
Feb
._
Mar
Apr
Cumulative totals, first 10 months:
Fiscal year 1965
Fiscal year 1966
Net
budget
receipts
Total
77.8
77. 7
81. 4
86.4
89.5
93.1
100.0
111.0
11.2
8. 5
7.3
13.4
3.8
7.4
11.0
3.3
8.1
9.6
6.5
8.3
11.3
9.9
76. 5
81. 5
87.8
92. 6
97.7
96.5
106.4
112.8
8. 1
8. 3
8. 1
9. 1
7.2
9.0
9.5
8.8
9. 1
9.4
8. 8
8.2
10.2
8.4
72.4
79.1
79.3
88.5
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 subject to statutory debt limitation.
1965
FISCAL YEARS
* ESTIMATE.
Total
Department of
Defense,
military
45.7
47. 5
51. 1
52. 8
54.2
50.2
56.6
60.5
4.5
4. 3
4. 3
5.0
3.8
4.4
4.5
4,5
4,5
5.1
4. 6
4.5
5.6
5.0
Military
assistance
41. 2
43. 2
46. 8
48. 3
49.8
46.2
52.9
57.2
4. 2
41
1.6
1. 4
1. 4
1.7
1.5
1.2
1.3
1.2
.1
.1
.2
.4
as
4.3
3.6
4. 1
4.3
4.3
4.2
4.8
4.4
4.2
5.2
4.8
38.0
43.9
40.9
46.5
8
Budget
surplus
(44)
()
(4)
.1
.1
.1
« .1
(4)
.2
or
deficit ( — )
1. 2
-3.9
-6.4
-6.3
-8.2
-3.4
— 6.4
-1.8
3.0
.3
—.8
4.3
—3.4
-1.6
1.5
-5.5
-1.0
.1
-2.4
.2
1. 1
1.6
.6
.7
-6.9
-9.4
Public
debt
(end of
period) 2
286. 5
289. 2
298.6
306. 5
312. 5
317.9
320.0
321.7
318. 4
317.2
319.8
317.9
317. 1
318.7
317.3
319.4
322. 2
321.4
322.4
323.7
321. 5
320;
1
317.2
320. 1
4
Estimates.
Less than $50 million.
NOTE.—Total budget receipts and expenditures exclude certain intragoverninental transactions.
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter, cash payments exceeded cash receipts by $1.3 billion/ on a seasonally adjusted basis, however,
the excess of payments was $4.2 billion/ according to recent revisions.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
35
30
25
20
A
1
i
i
i
i
t
f
t
t
•f-5
SEASONALLY ADJUSTED
EXCESS OF G kSH RECEIPTS
** 1 • m
•
111
m M *** n 1
i i t
EXCESS OF 0\SH PAYMENTS
i
t
t
i
1960
t
i
1961
J962
m
M Jl M 1 ff~|;*
f
f
f
t
1963
t
1
t
nM %
1
t t
i
1965
1964
}
?
-5
1966
CALENDAR YEARS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE iUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars
Cash receipts
from the
public
Period
Fiscal year:
1961..
1962
1963.
1964.
1965
1966 i
1967 '
....
Calendar year:
1960.
1961
1962
1963
.
.
___
_
_
1964....
1965
Cash payments to
the public
Excess of
receipts or
payments
97. 2
101. 9
109.7
115.5
119.7
128.2
145.5
99. 5
107.7
113.8
120. 3
122.4
135. 0
145.0
-2.3
-5.8
-4.0
—4. 8
-2.7
— 6.9
.5
98. 3
97.9
106.2
112.6
115.0
123.4
94. 7
104.7
111. 9
117. 2
120.3
127.9
Unadjusted
3. 6
— 6. 8
-5.7
—4. 6
-5.2
-4.5
2a7
30. 1
30.9
30. 6
2a 3
32.6
33.1
34.0
34. 6
1.6
3.3
-3.9
-6.3
2.4
5.1
-3.9
-8.1
-1.3
Cash receipts
from the
public
Cash payments to
the public
Excess of
receipts or
payments
(-)
Set tsonally adjusited
Quarterly total (calendar years):
1964: I
II_...
Ill
IV
1965: III.
III
IV
1966: I*
i Estimates.
36
.
.
30.3
33.4
27.0
24.3
30.7
37.7
29.. 2
25. 8
33.3
29.3
28. 6
28.4
28.8
29.7
232.6
30.6
30.7
32.7
2
30.6
29.8
30.0
29.8
30.2
32.4
32. 1
33. 1
36.9
-1.3
-1.2
— 1. 6
— 1.0
__.4
.3
-1.5
-2.4
-4.2
2 Seasonally adjusted data include accelerated corporate tax payments of about
$0.3 billion in 1964 and $0.9 billion in 1965.
Sources: Treasury Department and Bureau of the Budget.
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, Federal expenditures rose over $6% billion (seasonally adjusted annual rate) and receipts increased
$81A billion. As a result, there was a small surplus.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
120
100
J
•420
SEASONAU.Y ADJUSTED ANNUAL
1
L_*j80
+20
„
RATES-
SURPLUS
S n_
u n ^ y&
^
^
•
™
P?fl
_
r*7*
^
m m n^
11 11
m
w
DEFICIT
1
T
1
!
1
1
1
I
I
I
!
1
!
1963
1962
1961
1960
1
1964
I
\
\
\
I
1965
1
1966
I
CALENDAR YEARS
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (aovernment receipt s
Period
Fiscal year:
1962
1963
1964
1965
1966 1i
1967
Calendar
year:
1962
1963
1964
1965
1964: I
II
Total
Fed era 1 Governrnent expe aditures
Subsidies OSurplus
Grants1
Personal Corpo- Indirect ContriPurless
in-aid
or
tax and
business butions
rate
chases Trans- to State
Net
current deficit
for
nontax profits tax and
Total of goods fer payinterest surplus
and
' )
tax
receipts
nontax social inand
local
paid
ments
of Govt.
accruals accruals surance
enterservices
governments
prises
104.2
110.2
115. 1
119.6
128.8
142.2
47.3
49.6
50.7
51.2
54.8
60.5
22.9
23.6
25.3
27.0
29.3
31.1
14.2
15.0
15.6
16.8
15.9
16.5
19.9
22. 1
23.6
24.6
28.8
34. 1
106.4
111.4
117. 1
118. 3
131.0
142.7
60.9
63.4
65. 8
64. 5
70.7
74.4
27.2
28.6
29.6
30.3
34.2
39. 2
7.6
8.4
9.8
10.9
12.8
14. 7
6.8
7.5
8. 1
8.6
9.0
9.7
3.8
3.6
3.8
4.1
4.3
4.7
106.4
114.3
114.5
124.1
114. 8
112. 0
114. 6
IV. 116. 8
123.7
1965' I
iil_ 124.4
in__ 122.7
IV
125.3
1966: 1 2I_" 133.9
48.6
51. 5
48. 6
53.9
50.2
46. 5
48. 1
49. 8
53. 5
54.8
53.2
54.0
56. 2
22. 7
24. 5
26. 0
28.3
25. 7
25. 9
26.2
26. 5
27.7
28.0
28.3
29. 2
30.7
14. 6
15. 3
16. 1
16.7
15. 6
16. 0
16. 4
16. 4
17.7
16.7
16. 1
16.3
14 8
20. 5
23. 0
23. 7
25.2
23. 3
23. 5
23. 9
24.2
24.7
24.9
25.2
25.8
32. 1
110. 3
114. 0
118. 3
123.3
117. 5
119. 6
118. 2
117. 9
120. 1
120. 6
125.6
127.0
133.6
63. 4
64. 4
65. 3
66.6
65. 0
67. 0
64. 9
64. 3
64. 9
65. 7
66.5
69.2
72. 5
27. 7
29.2
29. 9
32. 1
30.3
29.8
29. 7
29. 8
31.2
30.6
34.1
32.5
34. 0
8. 0
9. 1
10.4
11.4
9. 9
10.3
10. 6
10. 8
10. 8
11. 0
11.7
12.0
13. 5
7.2
7.8
8.4
8.8
8.3
8.2
8.5
8.4
8.6
8.7
8.8
8.9
9.3
4.0
3.6
4.3
4.5
3. 9
4.2
4.4
4. 7
4.6
4.5
4.5
4.4
4.4
in"
1 Estimates.
Preliminary estimates
2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-2.1
— 1.2
-1.9
1.2
-2.2
-.5
-3.8
.3
-3.8
.7
-2.6
-7.6
-3.6
— 1.1
3.6
3.8
-2.9
-1.8
.3
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
Page
.
_
.
1
2
3
4
5
6
7
8
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
:
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
„
26
27
28
MONEY, CREDIT, AND SECURITY MARKETS
Money 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
-
29
30
31
32
33
34
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
35
36
37
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, all dollar figures are in current prices.
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Price 25 cents per copy; $2.60 per year; $3.50 foreign
38
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