Full text of Economic Indicators : May 1968
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'Oth Congress, 2nd Session
Economic Indicators
May 1968
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1968
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
ARTHUR M. OKUN, Chairman
JAMES S. DUESENBERRY
MERTON J. PECK
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT 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
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
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The 1967 revised edition of the Historical and Descriptive Supplement to
Economic Indicators, which describes each series and gives annual data for years
not shown in the monthly issues, is available at 70 cents a copy from the
Superintendent of Documents, Government Printing Office.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that gross national product advanced a record $19% billion (seasonally adjusted annual
rate) in the first quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Period
Total 1
1960 .
1961
1962 ___
1963_
1964
1965
1966
1967
1966: I
II
_
III_ _
IV
1967: !__""
II
III
IV
1968: ip.'II
350. 0
364. 4
385. 3
404. 6
438. 1
472. 2
508. 8
544. 7
497. 5
503. 3
512. 4
522. 0
532. 7
540. 0
548. 2
557.9
571. 5
Less:
Interest
paid and
transfer
payments
to foreigners
7. 8
8. 1
8. 6
9. 7
10. 7
11. 9
13. 1
14. 2
12. 6
13. 0
13. 1
13. 5
13. 8
14. 3
14, 3
14. 5
14. 8
PerEquals: Personal sonal
Less:
Less:
Tax
saving
Total consumpTrans- Equals: Total
Trans- Equals:
or
and
excludtion
Purfers,
fers,
nontax interest, Net
expend- interest,
ing
expendchases
disinterest
receipts itures
of goods
itures saving receipts
and
and
or
and
and
subsubaccruals sidies 2
2
transservices
sidies
fers
342. 3
356. 3
376. 6
394. 9
427. 4
460. 3
495. 7
530. 5
484. 9
490. 3
499. 3
508. 5
518. 9
525. 7
533. 9
543. 4
556. 7
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
491. 7
458. 2
461. 6
470. 1
473. 8
480. 2
489. 7
495. 3
501. 8
518. 7
139. i?
144 6
157. 0
168. *S
174. ]L
188. *5
213. 0
227.6
204. 3
210. (3
216. 3
220. 9
222. *5
223. 2
229.3
235.2
244.4
17. 0
21. 2
21. 6
19.9
26. 2
27. 2
29. 8
38.7
26.6
28.7
29. 2
34. 6
38. 8
36. 0
38. 5
41. 6
38. 0
Business
Period
II
III
IV
1967 I
II _
III
IV
1968: I*
56. 8
58. 7
74. S
71. 7
68. S
70. 2
S3. 7
SO. 7
90. f>
57. 6
SS. 4
SO. 5
1)3. 0
SS. 9
89. 1
90. 4
93. 9
93. 8
S7. I
04. 0
107. -i
1 IS. ()
112. 1
115. 2
I 18. f>
I 1 (). 4
122. 2
110. 4
105. 1
112. 2
120. 8
118. 0
GO.:;
s;i o
103. 3
103. 3
114. 2
124. 3
127. 3
139. 1
157. 5
163. 9
150. 9
157.5
160. 2
161. 5
159.6
160. 1
164. 9
171.0
177. 2
136. 1
149. 0
159. 9
166. 9
175.4
186. 1
209. 8
240.0
199.8
204.4
213.7
221. 2
233. 6
238. 1
242. 6
245.9
255. 4
36. 5
41. 3
42.8
44.4
46. 7
49. 7
55. 5
63.7
53.4
53. 1
56. 1
59.4
63. 2
63. 1
64. 4
64. 2
67. 2
99. 6
107. 6
117. 1
122. 5
128. 7
136.4
154. 3
176. 3
146. 5
151. 2
157. 7
161. 7
170. 4
175.0
178. 2
181.7
188. 3
— IS. 0
— 13. 0
- 1 (>. S
— IS. 4
-17. S
- 23. S
- 28. 3
-21.6
-27. 6
-30. 1
-26. 0
— 28. (5
-21. 5
— 16. 0
-21. 8
-26. 9
-24.2
2. 4
2. 6
2. 7
2. S
2. 8
2. 8
2. 9
2.9
3.4
2. 9
2. 8
2. 5
2. 9
3. 1
3. 1
2.7
2. 9
Net exports of goods
and services
Total
StatisSxcess of income
tical
1transfers
or
discrepor
receipts
ancy
of net
Equals:
Less:
exports
xr^4Imports exports
T
27. 2
28. 6
30. 3
32. 3
37. 1
39. 1
43. 0
45. 3
42. 0
42. 5
43. 7
44. 0
45. 3
45. 1
45. 6
45.4
47. 2
1
Personal income (p. 5) less personal tax and nontax payments (fines, penalties, etc.).
2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government
enterprises.
3
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.
36. 5
41. 3
42. 8
44. 4
46. 7
49. 7
55. 5
63.7
53.4
53. 1
56. 1
59.4
63. 2
63. 1
64. 4
64. 2
67. 2
Surplus
or
deficit
income
and
product
accounts
3. 7
— 4. 3
-2. 9
1. 8
-1.4
2. 7
3. 2
— 12. 4
4. 6
6. 1
2.6
-. 3
-10. 8
-15. 0
-13. 3
-10. 8
-11. 0
International
Net
transfers
n
vjTOSS
to forGross
private Excess
of
retained domestic
eigners
by perearninvest- investment sons and
ings 3
Government
1960
1961
1962
1963
1964
1965
1966
1967
1966: 1
Expenditures
Net receipts
Disposable personal income
23. 2
23. 0
25. 1
26. 4
28. 6
32. 2
37. 9
40.6
36. 0
37. 1
39. 0
39.7
39. 9
39.8
40. 2
42.4
45. 5
4. 0
5. 6
5. 1
5.9
8.5
6.9
5. 1
4.8
6. 1
5.4
4.6
4.3
5.3
5.3
5.4
3.0
1.7
-1. 7
-3. 0
-2.5
-3. 1
-5.7
-4. 1
-2.2
— 1. 8
-2. 7
-2. 5
-1.8
-1.8
-2. 5
-2.3
-2. 3
-.3
1. 2
504.8
520. 8
559. 8
590.8
633.7
685.8
745. 9
787.8
726. 8
738.8
751.9
765.9
770.3
777.9
792.4
811.0
830. 6
-1.0
—. 8
.5
-. 3
-1. 3
-2. 0
-2. 6
-3.0 i
-. 9
-2. 2
-3.2
-3.8
-4. 0
— 2. 8
-1. 2
-3. 5
-4. 0
Gross
national
product
or
expenditure
503. 7
520. 1
560.3
590. 5
632.4
683.9
743. 3
785.0
725. 9
736. 7
748.8
762. 1
766. 3
775. 1
791. 2
807. 3
826. 7
* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
* Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross nafional producf (seasonally adjusted) advanced at an annual rate of about 10 percent in the first quarte*.
according to current estimates. About three-fifths of the increase represented a rise in physical output and th«
rest higher prices.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
700
700
600
PERSONAL CONSUMPTION
EXPENDITURES
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
100
1962
SOURCE. DEPARTMENT OF
COUNCIL Of ECONOMIC ADVISERS
COMMERCE
Government purchases of goods and
Total
Personal Gross
Implicit
Net
services
gross
conTotal
price
private exports
national gross
sump- domestic of goods
Federal
deflator
State
product national tion
for total
investand
Total
and
National
in 1958 product expend- ment services
GNP,
Total defense1 Other local
prices
itures
1958=100*
Billions of dollars; quarterly data at seasonally adjusted annual rates
Period
1957
_ _
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1966: I__
II
III.
IV_.
1967: I
1968
1963
.
II
III____
IV..
1968: I-..
lf
458.6
447. S
475.9
487.7
497. 2
529.8
551. 0
581. 1
616. 7
652. 6
669.8
645. 4
649. 3
654, 8
661. 1
660. 7
664. 7
672. 0
679. 6
689. 7
44L 1
447.3
483.7
503.7
520. 1
560. 3
590. 5
632.4
683.9
743.3
785.0
725. 9
736. 7
748.8
762. 1
766.3
775. 1
791. 2
807.3
826. 7
281.4
290. 1
311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
491.7
458. 2
461.6
470. 1
473. 8
480. 2
489. 7
495. 3
501. 8
518. 7
67.8
60. 9
75. 3
74. 8
71. 7
83.0
87. 1
94. 0
107.4
118. 0
112. 1
115. 2
118. 5
116.4
122. 2
110.4
105. 1
112. 2
120. 8
118.0
This category corresponds closely with budget expenditures for national
defense,
shown on p. 35.
2
Gross national product in current prices divided by gross national product
in 1958 prices.
5.7
2. 2
.1
4.0
5.6
5. 1
5. 9
8.5
6. 9
5. 1
4.8
6. 1
5.4
4. 6
4. 3
5. 3
5. 3
5.4
3.0
L7
86. 1
94, 2
97. 0
99. 6
107. 6
117. 1
122. 5
128. 7
136. 4
154. 3
176.3
146. 5
151. 2
157. 7
161. 7
170.4
175. 0
178. 2
181.7
188.3
49.5
53. 6
53. 7
53. 5
57.4
63. 4
64. 2
65. 2
66. 8
77. 0
89.9
72. 1
74. 9
79. 5
81. 5
87. 1
89.5
90. 9
92. 2
96.2
44, 2
45. 9
46. 0
44. 9
47.8
51. 6
50. 8
50. 0
50. 1
60. 5
72.5
55. 1
58. 4
63. 0
65. 6
70. 2
72. 5
73. 3
74 2
76.7
5.3
7.7
7. 6
8.6
9.6
11. 8
13. 5
15. 2
16. 7
16. 5
17.4
17. 1
16. 6
16. 6
15. 9
16. 8
17.0
17. 6
18.0
19.5
36.6
40. 6
43. 3
46. 1
50.2
53.7
58. 2
63. 5
69. 6
77. 2
86. 4
74.3
76.2
78. 1
80. 2
83.3
85. 4
87.4
89. 5
92. 1
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
97.5
100. 0
101. 6
103. 3
104. 6
105. 8
107. 2
108. 8
na 9
113. 9
117.3
112.5
113. 5
114.4
115. 3
116. 0
116.6
117. 7
118.8
119. 9
NATIONAL INCOME
•climinary estimates indicate that national income rose $17 billion (seasonally adjusted annual rate) in the first
Htiarter, reflecting a record $14 billion advance in compensation of employees. Corporate profits (before taxes) and
inventory valuation adjustment increased $11A billion. Other types of income also increased.
BILLIONS OF DOLLARS
1700
BILLIONS OF DOLLARS
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
TOTAL NATIONAL INCOME
500
500
COMPENSATION OF EMPLOYEES
400
400
300
300
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100
1962
1963
1967
1968
J^SEtlMtNARY.
SOURC& DEPARWAENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1958
. _
1959 _ _
1960
1961
1962
1963
1964
1965
1966
1967
1966: I _ _ _
II
IlL _
IV
1967: I
IL. _
III
TV
1968: I *
1
Includes employer
2
Total
national
income
367. S
400. 0
414. 5
427. 3
457.7
481. 9
518. 1
562.4
616.7
650. 2
600. 3
610.4
622. 1
634. 1
036.
(541.
053.
GOD.
4
(5
i
3
6SG. 2
Compensation
of em-1
ployees
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365. 7
393. 9
435. 7
469. 7
420. <S
430. 7
441. 2
450. 2
459. 1
403.4
472. (>
483. 6
497. 6
Proprietors' income
Farm 2
33. 2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
41.9
43.2
43. 6
42.8
43. 3
43. 3
43.4
43. 2
43.4
43. 8
44. 1
44. 4
15. 4
15. 6
15. 8
16. 0
16. 7
17. 1
18.0
19.0
19.4
20. 1
19.2
19. 3
19. 4
19. 6
19.8
20. 0
20. 2
20. 4
20. 6
13.4
11. 4
12. 0
12. 8
13. 0
13. 1
12. 1
14.8
16. 1
14. S
17.1
16.0
15. 9
15. 1
14.6
14. 3
15. 0
15. 2
15. 5
contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in fanning and therefore differs
from, net farm Income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Rental
income
of
persons
3
Net
interest
6. 8
7. 1
8.4
10. 0
11. 6
13. 8
15.8
17.9
20. 2
22. 4
19. 3
19.8
20.4
21.1
21.6
22. 1
22. 7
23. 3
23.9
Corporate profits and inventory valuation adjustment 3
Total
41. 1
51.7
49. 9
50. 3
55. 7
58. 9
66.3
74.9
82. 2
79.6
81. 1
81.3
81.9
84.6
78. 1
78.3
79. 2
82. 7
84. 3
Profits Inventory
valuation
before
taxes 3 adjustment
41. 4
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
76.6
83.8
80.7
83.7
83.6
84.0
83.9
79.0
78. 9
80.0
85. 1
88.8
See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0. 3
.2
.1
.3
.5
-.5
-1.7
— 1.6
1. 2
-2.6
-2.3
-2.2
.7
-.7
-. 8
-2.3
-4. 5
SOURCES OF PERSONAL INCOME
In April, personal income rose more than $3% billion (seasonally adjusted annual rate), somewhat less than
revised increase of $7 billion in March. A large part of the March increase was due to higher Social Security benefits
which started then.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
1700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
500
500
WAGE AND SALARY DISBURSEMENTS
\
400
400
300
300
OTHER INCOME
HHIMIM""1*1*""
100
100
TRANSFER PAYMENTS
1963
1962
1964
1965
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1959 _
I960
1961
1962
1963
1964 _ _ _ _
1965
1966
_..
1967
1967: M a r _ _ _
Apr
May__Jmie
July ___
Aug...
Sept___l
Oct
Nov___
Dec
1968: Jan
Feb
Mar
Apr *>__
383. 5
401.0
416.8
442. 6
465. 5
497. 5
537. 8
584. 0
626.4
615. 6
616. 5
618. 2
622. 6
627. 0
631. 6
634.4
635. 9
642. 4
649. 3
650. 9
659.4
666. 5
670. 1
1967
1968
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Personal Transfer
and
Other Proprietors' income income
Divi- interest
salary
Business
labor 2
paydends
of
income ments
and pro- persons
income
disburseFarm
1
fessional
ments
26.6
11. 4
11.3
15. 6
12.6
20.7
258. 2
35. 1
12. 0
12. 0
13.4
23.4
28.5
34. 2
15. 8
270. 8
32.4
12. 8
16. 0
13. 8
25. 0
12.7
35. 6
278. 1
33.3
16. 7
27.7
37. 1
15. 2
13. 0
13. 9
296. 1
16. 5
31. 4
14. 9
13. 1
37. 9
17. 1
35. 3
311. 1
12. 1
18. 0
17. 8
34 9
36. 7
16. 6
40. 2
333. 7
14.
8
41.
9
19.
0
19.
8
38.
4
39. 7
18. 6
359. 1
42. 4
19. 4
21. 5
16. 1
20. 8
43. 9
43. 2
394. 6
22. 8
14. 8
20. 1
46. 5
51. 9
23. 2
43. 6
423. 8
22. 4
19. 9
22. 6
45. 5
51. 7
14 3
416. 2
43. 1
14. 4
45. 8
51. 0
22. 6
20. 0
22.8
416. 7
43. 3
22. 8
23. 1
46. 0
51. 5
14 4
20. 0
417. 2
43. 4
46. 1
51.6
20. 1
23. 3
14 3
23. 1
420. 9
43.6
46. 4
52.2
23. f>
147
20. 2
23. 3
423. 4
43. 7
52. 4
46. 9
20. 2
23. 5
23. 6
43.8
15. 0
426. 7
23.4
47.3
428.5
23. 8
20. 3
52.5
43.9
15. 3
52.8
24. 0
47. 6
20. 3
23. 2
429. 4
15. 1
44 0
52. 8
24. 3
23.1
48.0
15.2
20. 4
435. 3
44 1
48. 5
53. 1
44 2
20. 4
24. 6
15. 3
21.0
443. 1
54 0
22. 9
48. 9
24. 9
20. 5
15. 3
442. 4
44 3
15.4
23.2
49.5
54.7
25.2
44.4
20.5
449.0
50. 1
25. 5
44 5
58. 1
15. 6
451. 4
23. 6
20.6
58.
8
50.
6
44 5
20. 6
15.5
453. 1
25.8
24.0
1
Compensation oi employees (see p. 3) excluding employer contributions for
social insurance and wage accruals less disbursements.
- Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
4
1966
Less: Personal con- Nonagritributions cultural
3
for social personal
insurance income
368.5
7.9
385.2
9. 3
400.0
9. 6
425.5
10. 3
448. 1
11. 8
12. 5
480. 9
518.
4
13. 4
17. 9
563. 1
20. 4
606. 5
596.2
20. 1
596. 9
20. 1
20. 1
598. 8
603. 2
20. 3
20. 4
607. 2
20.6
611. 4
20. 6
6140
20. 6
615. 7
20. 8
622. 0
21. 1
628.8
22. 3
630. 3
22.6
638.7
22. 8
645. 6
22. 8
649. 3
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
IMPOSITION OF PERSONAL INCOME
Current estimates indicate that personal income advanced a record $16% billion (seasonally adjusted annual rate)
in the first quarter and disposable income rose $13% billion. With personal outlays surging ahead by a record $171/3
billion, the saving rate dropped sharply from 7.5 to 6.6 percent.
BILLIONS OF 'DOLLARS
600
BILLIONS OF DOLLARS
600
550
550
1,800
1967
1962
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per capita disLess: Personal outlays
posable personal
Equals:
Personal consumption
Equals:
income
Disexpenditures 2
Personal
posable Total
saving Current
Nonpersonal personal Durable
1958
income outlays ' goods durable Services
prices
prices
goods
1959
383.5
1960
401.0
1961
416.8
1962
_ 442.6
1963
465. f>
1964
497.5
1965
537.8
1966. 584. 0
1967
626.4
46.2
50.9
52.4
57.4
60. 9
59. 4
65.6
75.2
81.7
337.3
350.0
364.4
385.3
404, 6
438. 1
472. 2
508.8
544. 7
567. 8
577.3
589. 3
601. 6
612. 9
619.1
631.0
642. 5
659. 0
70. 4
74.1
76. 9
79. 6
80.2
79. 1
82. 8
84,7
87.5
497.5
503. 3
512. 4
522. 0
532. 7
540.0
548. 2
557.9
571.5
1966: I
II_III-_
IV..
1967: I
II—
III..
IV —
1968: I— .
Billions of dollars
44.3
318.3
146.6
120.3
333. 0
45.3
151.3
128.7
44.2
343. 3
155.9
135. 1
363.7
49.5
162.6
143.0
168. 6
152. 4
384. 7
53. 9
178. 7
411. 9
59. 2
163. 3
191, 2
175.9
445. 0
66. 0
207.5
479. 0
70. 3
188. 1
217. 5
202. 1
72.1
505.9
Seasonally adjusted annual rates
203. 2
183. 5
470. 9
71. 6
68.2
207. 1
474. 6
186. 3
209. 5
189.8
483. 2
70. 9
210.3
192.9
487. 4
70.6
214.2
493. 9
196. 6
69. 4
217.2
200.0
72.5
504.0
218. 5
204. 1
72.7
509. 6
220. 3
207.7
516. 2
73.8
228.1
212.1
78.4
533.5
1
Includes personal consumption expenditures, interest paid by consumers,
andS personal transfer payments to foreigners.
8ee p. 2 for total personal consumption expenditures.
'Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
1968'
Saving
as percent of
disposable
personal
income
(percent)
Population
(thou-3
sands)
19.1
17.0
21.2
21.6
19. 9
26. 2
27. 2
29.8
38.7
Dollars
1,881
1,905
1,883
1,937
1,983
1,909
2,064
1,968
2,013
2,136
2,280
2,123
2,232
2,427
2,584
2,317
2,393
2,736
5.6
4.9
5.8
5.6
4, 9
6.0
5.8
5.9
7. 1
177, 073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, 118
26.6
28.7
29. 2
34. 6
38.8
36.0
38. 5
41.6
38. 0
2,537
2, 560
2, 598
2,639
2,686
2, 716
2, 749
2,789
2,851
2, 304
2,302
2, 324
2, 341
2, 373
2,388
2,394
2,413
2, 445
5. 3
5.7
5.7
6. 6
7. 3
6.7
7.0
7.5
6.6
196,
196,
197,
197,
198,
198,
199,
200,
200,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
096
629
216
834
356
852
425
006
433
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) advanced 6Vz percent in the first quarter, according
to current estimates. Including inventory change, there was a rise of 2 percent.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
SEASONALLY ADJUSTED ANNUAL RATES
—_ _
50
REALIZED GRO<>S
FARM INCOM E
50
,^
—
A
^~*S
30
30
NET FARM INCOME
INC1UDING NET INVENTCDRY
CHANGE
20
..--'""
20
\.^k*"^
••«
*"—-"-
10
10
1
1
]
1
1962
!
!
1963
!
1
t
1964
1
I
!
1965
!
1966
1
!
1
!
\
!
]
1968
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCfc DEPARTMENT OF AGRICULTURE
Personal income received by
total farm population
Income received from farming
Realized gross
Period
I
From
From
farm
sources
From
nonfarm
sources
Net to farm
operators
'
Net income per
farm including net
inventory change 3 i
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
Total i
from
ventory ventory
prices
prices 4
2
marketchange change
ings
Billions of dollars
Dollars
1959
18. 1
7.0
37.5
11. 0
n. 4
3, 106
33. 5
2,795
20. 1
11. 5
1960
_
18.7
11.4
7. 2
2(>. 2
3,381
37. 9
34. 0
3, 043
11. 7
12. 0
1961.
_
19. 0
12. 1
12. (i
6. 9
27. 0
12. 0
39. 6
34. <)
3, 380
3, 724
1962
19. 2
12, 2
3,872
41. 1
7.0
36. 2
13. 1
28. f»
3, 562
12. 5
1963
12. 0
18. 7
42. 1
3,947
6. 7
12. f>
13. 1
29. (i
:;, 071
1964
18.0
11.2
42.4
6.8
13. 0
29. 4
3, 510
3, 774
12. 2
37.' 1
1965- _
20.3
13.4
6.9
30.9
44.8
13.9
4, 413
4, 645
39. 1
14. 9
1966
14. 4
21. 3
6. 9
4, 9SS
49. 7
16. 4
33. 3
5, 090
43. 2
16. 2
1967
20. 1
4,
705
13. 2
6. 9
48.9
34. 4
14. 5
42. 5
14. 9
4,705
Seasonally adjusted annual rates
1966: I
32. 6
49. 5
16. 9
5, 320
43. 3
17. 3
5, 480
II
49. 5
16.2
33. 1
43. 1
16. 4
4. 980
5, 080
1
III
50. 0
43. 3
33. 5
4, 950
16. 5
16. 1
5, 000
IV
34. 0
49. 9
43. 2
4, 710
15. 9
15. 3
4, 760
1967: I
34. 3
49. 3
42. 6
15. C
14. S
4, 670
4, 720
II
34. 5
42. 4
49. 1
14. 5
4, 580
14, 6
4, 580
III
34. 4
14. 8 I
49. 2
42. 9
15. 2
4, 800
4,750
IV
34.2
42, 1
15. 4
48. 1
13. 9 i
4, 860
4,810
1968: I
34. 9
14. 8
49. 7
5, 140
43. 3
15. 7
5, 040
1
Cash receipts from marketings, Government payments, and nomnonev in* Income in current prices divided by tiic index of prices paid by farmers for
come
furnished by farms.
family living items on a 1967 base.
2
Inventory of crops and livestock valued at the average price for the vear.
Source: Department of Agriculture.
Also,
see footnote 2, p. 3.
3
Based on 1959 Censns of Agriculture definition of a farm. The nu
farms is held constant within a year.
all
sources
CORPORATE PROFITS
>rporate profits before taxes increased $33>4 billion (seasonally adjusted annual rate) to a record of almost $90
Billion in the first quarter, according to preliminary estimates. Profits after taxes increased $2 billion and dividend
payments increased nearly $1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
J/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE DEPARTMENT OF COMMERCE
i
i
Period
!
!
i
1959
i
1960
i
1961
1962__ _ I
1963
!
1964
j
1965
1966
1967
1966: I
!!___
III__
IV..
1967: !____
II__.
m_
IV.
1968: !»._.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars: quarterly data at seasonally adjusted annual rates]
Corporate profits (before taxes) and inventory
Corporate profits
valuation adjustment
after taxes
TransCorpo- CorpoManufacturing
portation,
rate
rate
comDiviUnprofits
tax
Non_ All
Durable durable muniAll
before liabil- Total dend distribl
indusgoods
payuted
ity
taxes
Total indusgoods cations, other
tries
and
ments profits
industries
public
tries
utilities
12.7
26. 3
13. 6
51. 7
52. 1
18.4
23. 7
28. 5
12. 6
7.0
15. 9
12. 4
24. 4
12. 0
49. 9
17. 9
49. 7
23. 0
26. 7
7. 5
13.4
13. 2
11. 4
23. 3
11. 9
50. 3
50.
3
19.
1
27.
2
23.
1
13.
8
7.9
13.5
12. 5
14. 1
26. 6
24. 2
55. 7
20. 5
55. 4
31. 2
8. 5
15. 2
16. 0
13. 0
28. 8
15. 8
20.6
26. 3
58. 9
59.4
33. 1
16. 5
9.5
16. 6
14.9
32.7
17.8
23.5
10. 1
66.8
28.3
38.4
66. 3
17.8
20.6
22. 2
16.5
38.7
74. 9
25.0
31.4
45.2
76.6
11.2
19.8
25.4
24. 4
18. 7
43. 1
27.2
82 2
83.8
34.5
49.3
11.9
21.5
27.8
39. 3
21. 3
18. 0
79. (i
33.2
12. 0
28.3
47.5
22. 8
80.7
24.7
42.7
24. 3
38.3
SI. 1
n.7 26.7 83.7 34.5 49. 2 21.4 27.8
42. 5
24. 0
12. 0
81. 3
18. f>
26. 8 i 83.6
49.2
34.5
21.6
27.6
23. 9
42. 7
18. 8
81.9
27.3 i 84. 0
49.4
34.6
11.8
21.6
27.8
2f>.
3
4-1. -\
19. 2
84. ()
12. 0
28. 2
34.6
49.3
21.2
83. 9
28.2
21. ]
18.4
tt). (i
26.9 1 79.0
78. 1
22.2
32.5
46.5
11.7
24.2
J8. ',)
-1. I
17. S
78. ;>
27. 5
11. 9
32. 5
78. 9
46. 5
23.1
23. 4
.17.
7
20.
5
12.
1
58. 2
79. 2
80.0
32.9
28. 9
23. 4
47. 1
23.6
22. 4
40. 6
18. 3
82. 7
12. 3
29. 8
85. 1
35. 0
50. 1
22. 4
27.6
84. 3
88.8
52. 2
36. 6
23. 2
28.9
1
Includes all other
2
industries and financial institutions.
Includes depreciation, capital outlays charged to current account, and accidental damages.
'Corporate profits after taxes plus corporate capital consumption allowances.
93-920°—68-
Corporate
capital
consumption
allowances 2
23. 5
24.9
26. 2
30. 1
31.8
33.9
36.5
39.0
41. 4
38.3
38.7
39.2
39.8
40.3
40.9
41.8
42. 5
43. 1
Profits
plus
capital
consumption
allowan ces 3
52. 0
51. 6
53. 5
61. 3
64 8
72.3
81.7
88.3
88.9
87.5
87.9
88.6
89.1
86.7
87. 4
88.8
92.6
95.3
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines ($2H billion for 1962) and therefore not comparable with preceding data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Dominated by a $61/2 billion (seasonally adjusted annual rate) drop in inventory investment, gross private domes
investment fell almost $3 billion in the first quarter. Business fixed investment advanced over $3 billion to a new recora
high. Residential construction continued to rise with a gain of over $1/2 billion.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
40
40
20 —^
20
1968
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Total
gross
private
domestic
investment
Total
Structures
Total
Total
1957
„
1958
1959
1960
1961
1962
1963 _
1964
1965___ _ .
1966_ _ _ _
1967
1966: I
II
III
IV
1967: L _ _
II
III
IV
1968: L.
67. 8
60.9
75.3
74,8
71.7
83. 0
87. 1
94. 0
107. 4
118. 0
112. 1
115. 2
118. 5
116. 4
122. 2
110. 4
105. 1
112. 2
120.8
118. 0
66. 5
62. 4
70.5
71. 3
69. 7
77. 0
81. 3
88. 2
98.0
104. 6
107. 0
105. 3
104. 5
104. 9
103. 7
103. 3
104. 6
108. 4
111.6
115. 4
46. 4
41. 6
45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71. 1
80. 2
82.6
78.3
78. 7
81. 2
82. 8
81. 9
81. 5
82. 8
84.0
87.2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Residential
structures
Nonresidential
18. 0
16. 6
16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25. 1
27.9
26. 8
28.3
27.5
28.2
27.7
27.7
26.3
26. 6
26. 7
28. 5
Nonfarm
17. 2
15. 8
15.9
17.4
17. 7
18. 5
18.8
20.5
24.4
27.2
26. 1
27.6
26.8
27.4
26.9
26.9
25.6
25. 9
25. 9
27. 8
Producers' durable equipment
Total
28. 4
25. 0
28.4
30.3
28.6
32. 5
34. 8
39. 9
46. 0
52. 3
55.7
50. 0
51. 2
53. 1
55. 1
54. 2
55. 2
56. 2
57. 3
58. 7
Total
Nonfarm
25. 9
22. 2
25. 4
27.7
25. 8
29. 4
31. 2
36.3
41.9
47.8
51.4
45.5
46.9
48.7
50. 1
50.0
50.6
51. 9
53. 0
54. 3
20.2
20.8
25. 5
22. 8
22. 6
25. 3
27.0
27. 1
27.0
24.4
24.4
27.0
25.8
23.7
20.9
21.4
23.1
25. 6
27.6
28. 2
Nonfarm
19.5
20. 1
24.8
22. 2
22. 0
24. 8
26. 4
26. 6
26. 4
23.8
23. 9
26. 5
25. 3
23. 2
20. 4
20. 9
22. 5
25. 0
27.0
27. 6
Source: Department of Commerce.
Change in business inventories
Total
1.3
-1.5
4,8
3.6
2. 0
6. 0
5. 9
5. 8
9.4
13.4
5.2
9.9
14. 0
11. 4
18. 5
7. 1
.5
3. 8
9. 2
2 7
Nonfarm
0. 8
-2.3
4.8
3.3
1.7
5.3
5. 1
6. 4
8.4
13. 7
4.8
9. 6
14. 4
12. 0
19. 0
7.3
.6
3. 4
7.7
1.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment totaled $61.7 billion in 1967, or about 2 percent above 1966.
rhe most recent survey shows a jump of 3% percent in the first quarter (seasonally adjusted) while an advance of
jearly 6 percent is expected for 1968 as a whole.
BILLIONS OF DOLLARS
1 70
BILLIONS OF DOLLARS
70
SEASONALLY ADJUSTED ANNUAL RATES
60
60
TOTAL NEW PLANT AND EQUIPMENT
50
50
40
40
NONMANUFACTURING
30
30
,„„.....••"""
"
20
20
~-\
MANUFACTURING
10
\
\
I
1962
I
i
I
1963
(
i
1964
1965
1966
1967
1968
-I/SEE NOTE 3 ON TABLE BELOW
SOURCES-. SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Manufacturing
Period
Total
Total
1953
1954
1955
_ _ . ___
1956--
1957
1958 _
1959
1960
1961
1962
1963 _
1964
1965
1966
_
1967 3
1968
1967: I
_ _ - -_
_
_
_.. _ _ _
_
- -
II
III
IV
1968: I 3 3
II
2d half
__
3
Trans por t ation
l
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. 63
61. 66
65. 23
61. 65
(>i. r>o
GO. w)
62. 70
04. 80
04 ;>0
GO. 05
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. 99
26. 69
27. 93
27.85
27. 00
20.15
26.00
28.00
28. 10
27.85
Durable Nonduragoods
ble goods
5.65
5.09
5.44
7. 62
8. 02
5.47
5. 77
7. 18
6. 27
7.03
7.85
9. 43
11.40
13. 99
13. 70
14. 39
14. 20
13. 75
13.50
13. 50
14.60
14.55
14.25
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. 00
13. 00
13.54
13. 70
13. 25
12.05
12. 55
13.40
13.55
13.60
Railroads
Other
Public
utilities
1.31
. 85
. 92
1.23
1. 40
. 75
. 92
1. 03
.67
. 85
1. 10
1. 41
1.73
1.98
1.53
1.27
1.80
1. 55
1.40
1.40
1.45
1. 15
1. 25
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
3.44
3.88
4.51
3. 05
3. 90
4.10
4.45
4.00
3.90
5. 10
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
8.41
9.88
10.88
9. 20
9. 70
9.80
10.65
11.25
10.95
10.70
Mining
0. 99
.98
.96
1.24
1.24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.47
1.42
1.58
3. 40
1. 30
1.45
1.50
1.55
1.60
1.60
Commercial and
other 2
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
18.36
18.25
19.05
18. 30
18. 05
17.95
18.70
18.55
18.60
19.50
Annual total is the sum of unadjusted expenditures; it does not necessarily
i:Excludes agriculture.
Commercial and other includes trade, service,finance,communications, and coincide with the average oi seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
construction.
s Estimates based on anticipated capital expenditures as reported by business estimates of the Department of Commerce, principally because the latter cover
In late January and February 1968. Includes adjustments when necessary for
agricultural investment and also certain equipment and construction outlays
•ystematic tendencies in anticipatory data.
charged to current expense.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Sources: Securities and Exchange CommiBsion and Department of Commerce.
EMPLOYMENT,UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force, seasonally adjusted, declined 315,000 in April. Total civilian employment fell 166yOOt
As a result, unemployment was down 149,000.
MILLIONS Of PERSONS*
90
MILLIONS OF PERSONS*
85
80
80
75
75
70
70
EMPLOYMENT
65
UNEMPLOYMENT
_\
i I i i i i i
I I I I I I
0 I, I I ! I I I I I I ! I I I I ' I I I I I I I ...L
PERCENT OF CIVILIAN LABOR FORCE
SEASONALLY ADJUSTED
UNEMPLOYMENT R ME
-V,
_
pn
-:
41
v
j*
•%
T
x
-.--
£ -^
}i
$f|
•<>.:
si
?
-1
^
]
1962
-rr.
"
*
""•
>-<
'^
*
V
'
v
; ^<
*1
.-
1964
_
—i
__;
—
<
s'
-" V
^
1963
h"i
-1
-
\
~~"~n
V
" \'
v<:
*:
1966
1965
1968
1967
*16 YEARS OF AGE AND OVER.
COUNCIL Of ECONOMIC ADVISERS
SOURC& DEPARTMENT OF COMMERCE
1963___
1964___
1965...
1966___
1967___
1967:
i
MarApr.
May.!
June-!
JulyAug.
SeptOct__
Nov.
Dec_
1968:
Jan__!
Feb_|
Mar.
Apr _
Unemployment I
rate (percent of
Unem- civilian labor
force)
ployment
Unad- Seasonadjusted ally
justed
4, 070
3, 786
3,366
2, 875
2,975
5. 7
5. 2
4. 5
3. 8
3. 8
78, 949
79, 560
79, 551
82, 464
82, 920
82, 571
80, 982
81, 595
81, 582
81, 527
72,
73,
73,
75,
76,
76,
74,
75,
75,
75,
560
445
637
391
221
170
631
181
218
338
69, 149
69, 724
69, 812
70, 996
71, 705
71, 792
70, 700
71, 148
71, 460
71, 793
2,954
2,666
2, 457
3,628
3,250
2,942
2, 895
2, 951
2,894
2,719
80, 112
80, £63
79, 958
80, 658
80, 944
81, 057
81, £63
81, 535
81, 459
81, 942
76, 676
76, 814
76, 502
77, 814
77, 495
77, 598
77, 807
78, 072
77, 989
78, 4^3
73, 822
73, 939
73, 550
74,169
74,478
74,664
74,638
74, 785
75, 005
75, 577
3,858
3,843
3,728
3,739
8,847
3,956
3, 697
3, 718
3,839
4, 216 i
69, 964
70, 096
69, 822
70, 430
70, 631
70, 708
70, 941
71, 017
71, 166
71, 361
2,854
2,875
2,95%
3,045
3,017
2, 934
3, 169
3, 337
2,9S4
2, 896
3.9
3. 5
3.2
4. 6
4. 1
3. 7
3. 7
3. 8
3.7
3. 5
3. 7
8.7
3. 9
3. 9
3. 9
3.8
4.1
4. 3
3.8
3. 7
59. 5
59. 9
59. 8
61. 9
62. 2
61. 8
60. 5
60. 9
60.8
60.7
79,811
80,869
80, 938
81, 141
73,
74,
74,
75,
273
114
517
143
69,
70,
70,
71,
3,074
3,288
2,929
2, 491
81, 386
82, 138
82, 150
81, 849
77, 923
78, 672
78, 658
78, 34<~r
75, 167
75, 731
75, 802
75, 636
4,003
4, 127
4,014
3, 980
71, 164
71, 604
71, 788
71, 656
2, 756
2, 941
2,856
2, 707
40
4.2
3. 8
3.2
3. 5
3.7
3. 6
3. 5
59. 3
60.0
60. 0
59. 2
74, 571
75.830
77, 178
78, 893
80, 793
Civilian employment
908
653
980
292
J
Totai iabor force as percent of noninstitutional population.
NOTE.—Seasonally adjusted series revised; see Employment and Earnings and
Monthly Repent on the Labor Force, February 1968. Beginning 1960, data include
Alaska and Hawaii.
10
Labor
force
participation
rate,
unad- l
justed
Total
Civilian employment
labor
force
Civilian
UnemNonNoii(includ- labor
Agriploya ri
agriS
~
ing
force
Total
ment
Total
culculcularmed
tural
tural
tural
forces)
Thousands of persons 16 years of age and over
67, 762 63, 076 4,070 74, 571 71, 833 67, 762 4, 687 1 63. 076
69, 305 64, 782 3,786 75, 830 73, 091 69, 305 4,523 64, 782
71,088 66, 726 3,366 77, 178 74, 455 71, 088 4,361 66, 726
72, 895 68, 915 2,875 78, 893 75, 770 72, 895 3,979 68, 915
74, 372 70, 527 2,975 80, 793 77, 347 74, 372 3,844 70, 527
Unadjusted
Seasonally adjusted
Total
labor
force
Period j (includmg
armed
forces)
.,
Source: Department of Labor.
Percent
59.6
59.6
59. 7
60. 1
60. 6
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
n April, the seasonally adjusted unemployment rate edged down to 3.5 percent, matching the post-Korean low
reached in January. Most measures of unemployment showed improvement, with teenagers scoring the greatest gain.
PERCENT
PERCENT
10
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1962
1968
SOURCEt DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Unemployment rate
(percent of civilian labor
force in group)
Period
Labor
force
time lost
Experi- Married through
unemenced
All
ployment Over 40
men
wage
and
workers salary
(wife and part- hours
time
present)
workers
work 1
1963
1964
1965
1966
1967
5. 7
5.2
4.5
3.8
3. 8
1967: Mar
Apr
May
June_
July
Aug
Sept _
Oct
Nov
Dec
1968: Jan
Feb
Mar_ _ _
Apr _ _
3.7
3.7
3.9
3.9
3.9
3.8
4. 1
4. 3
3.8
:i 7
3. 5
3.7
3. 6
3. 5
Percent
3.4
5. 5
5.0
2.8
2.4
4.3
1.9
3.5
1. 8
3.6
Seasonally adjusted
1.8
3.5
3.4
1.9
3.6
1.9
3.7
1.9
3.7
1. 8
3.6
1.9
3. 9
1. 8
4. 1
1. 9
1.7
•3.7
3. 5
1. 7
3. 3
1. 6
1.7
3.5
3. 4
1. 7
3. 2
1. 5
*6. 4
5.8
5. 0
4. 2
4. 2
19,271
20, 788
21, 334
20, 920
4. 1
4.0
3.8
4.4
4. 2
4.3
4. 6
4. 7
4. 2
4. 1
4. 0
4.2
4.0
3. 7
20, 490
20, 759
20, 677
20, 577
22, 143
22, 485
22, 019
21, 411
21, 628
21, 954
19, 746
20, 557
20, 912
17, 651
1
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 2part-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.
Persons at work in nonagri cultural 2industries
by hours worked per week
Under 35 hours
35-40
hours
Part-time for
economic reasons
Part-time for
economic reasons
Total
Usually Usually Usually Usually
fullfullpartparttime 3
time 3
time 4
time 4
Thousands of persons 16 years of age and over
I
1,069
1, 222
1
29, 100 13, 101
1,151
986
30, 768 11, 818
897
1,031
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
Unadjusted
Seasonally adjusted
32, 506 13, 777
1, 213
1, 192
765
849
32, 858 13, 791
1, 179
730
839
1,178
33, 273 13, 473
885
568
903
638
33, 082 12, 323
1, 063
1,091
1, 133
869
32, 608 12, 477
997
1, 049
884
1, 226
33, 390 12, 066
1, 012
1, 163
1,023
893
33, 145 12, 219
810
1,073
1,094
873
922
976
31, 641 15, 246
890
765
751
33, 413 13, 952
1,078
1, 108
842
774
33, 628 14, 026
911
944
863
32, 031 14, 753
805
720
729
808
32, 383 15, 081
942
799
915
860
33, 566 13, 976
866
804
892
851
5
5
828
665
827
764
28, 705 21, 414
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.
s Average hours worked: usually full-time, 24.2; usually part-time, 17.8.
NOTE.—See Note, p. 10.
Source: Department of Labor.
1 "I
UNEMPLOYMENT INSURANCE PROGRAMS
In April, insured unemployment under State programs averaged 218,000 lower than in April 1967. The seasonal
adjusted insured unemployment rate declined to 2.2 percent after remaining at 2.3 percent for 5 months in a ro
MILLIONS OF PERSONS
3
MILLIONS OF PERSONS
1 3
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
-,
^
"""""'•«....,.,
,.,,-
...**
1966
i
FEB.
JAN,
MAR.
APRIL
l
l
!
MAY
!
1
JUNE
JULY
AUG.
SEPT.
OCT.
SOURCE: DEPARTMENT OF LABOR
1964
1965 ..
1966
1967
1967: Mar
Apr _
May
June
t»uujJuly
Aug
Sept_
Oct
Nov _
Dec
_
__ __
6
13
20
27:::
May 4
11"
State programs
Insured unemployment as perInitial Exhaus- cent of covered
employment
tions
claims
Unad- Seasonadjusted ally
justed
Percent
Weekly average, thousands
268
3. 8
1, 605
26
232
21
3. 0
1,328
203
2.3
15
1, 061
2. 5
17
226
1,205
2.6
3.3
239
17
1, 533
2. 7
244
20
2.9
1, 360
2.4
2.7
1, 142
19
188
2.1
2.6
186
19
1,019
2.4
17
1, 184
288
2.8
2.2
2.6
17
187
1,060
894
1.8
158
15
2.4
1.8
180
889
15
2.4
2. 0
997
15
2. 3
208
0 &
2.6
278
16
1,259
0 0
3.3
ij . O
316
19
1,624
ff)
S>
3.2
227
&.
o
19
1, 556
& o
183
2.8
<6. O
1, 390
18
O &tf)
183
2.3
6.
1, 142
18
Thousands
_ 49, 637
1,753
51,580
1,450
54, 739
1, 129
1,270
_ "55, 097
1, 603
1, 423
"55, 591
"55, 985
1, 197
"57, 017
1, 071
"56, 934
1,245
"57, 358
1, 123
"57, 201
956
953
1, 068
1,339
1,719
!
1, 653
1,480
1, 216
1, 277
1 253
1, 197
1, 178
1, 105
2, 749. 2
2, 360. 4
1, 890. 9
2, 220. 1
270. 1
210. 5
193. 1
165. 4
155. 3
184.0
132.3
133. 0
146. 5
171.8
264.8
259.4
246. 0
195. 0
#. 0
1, 200
1, 174
1, 123
1, 112
*1, 040
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
All programs
Insured Total
unem- benefits Insured
Covered ploypaid
unem(milemploy- ment
ploy(weekly
lions
ment
ment
averof dolage)
lars)
Period
1968: Jan
Feb
Mar "
Apr*
Week ended:
1968: Apr
NOV.
184
168
165
216
181
164
* Not Charted.
Source: Department of Labor.
2.4
2. 4
2. 3
2.3
2. 1
Benefits paid
Total Average
weekly
(millions of check
dollars) (dollars)
2, 522. 1
2, 166. 0
1,771.3
2, 101. 0
257.5
200. 6
183.6
156.1
147. 3
172. 8
122.6
122. 1
1349
159.2
248.5
243. 7
231. 1
180. 0
35. 92
37. 19
39.75
41. 25
42.07
41. 81
40.99
39.99
40. 10
41.08
40. 10
40. 70
41. 19
41.85
42.59
43. 58
43. 64
43. 00
VONAGRICULTURAL EMPLOYMENT
il nonagricultural payroll employment, seasonally adjusted, rose 108,000 in April. About two-thirds of the
aase occurred in manufacturing, mostly in durable goods. Employment increases were also registered in State
and local government, finance, and services.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTEDJ
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
(ENLARGED SCALE)
68
-
^^~*«'~*~*~S"
64
^^^X|ALL NONAGRK ZULTURAL ESTABL ISHMENTS
^
12
SERVICE AND
MISCELLANEOUS
60
-
-
-V
10
56
1
-
NONMANUFACTURING
(PRIVATE)
\
36
1
~~
""
-
„..--'*'
32
\ DURABLE
MANUFACTURING
.„•«'""
24
-
'
_
MANUFACTURING
u tt>u
TT,».«M»»"" "
NONDURABLE
MANUFACTURING
-
\
20
10
-
""
16
-
CONTRACT
CONSTRUCTION
-
GOVERNMENT
\
12
8
4l f
K
I 1 1 1 1 1 1 1 1
!
1 !
1 1 1 1 1 !
1965
1 !
1966
1967
1965
1968
1966
SOURCE: DEPARTMENT OF LABOR
1967
1968
COUNCIL OF ECONOMIC ADVISERS
l
[Thousands of wage and salary workers ; seasonally adjusted)
Nonmanufacturing (private)
Manufacturing (private)
Period
Total
1961
1962
1963
1964
1965
1966
1967
1967: Mar_
Apr_
MayJune^
July.
Aug_
Sept.
Oct__
Nov_
Dec-1968: Jan__
Feb
Mar v
Apr*L
54, 042
55, 596
56, 702
58, 332
60, 832
63, 982
66, 063
65, 749
65, 653
65, 639
65, 903
65, 939
06, 190
66, 055
66, 243
06, 918
67, 126
67, 137
67, 712
67, 813
67, 921
Total
16, 326
16, 853
16, 995
17, 274
18, 062
19, 186
19, 339
19, 445
19, 331
19, 238
19, 285
19, 169
19, 318
19, 142
19, 169
19, 422
19, 491
19, 511
19, 524
19, 512
19, 585
NonDurable durable
goods goods
9,070
9, 480
9,616
9, 816
10, 406
11, 256
11, 327
11, 434
11, 322
11, 283
11, 285
11, 218
11, 351
11, 149
11, 143
11, 364
11,399
11, 444
11,424
11, 406
11, 463
7, 256
7,373
7,380
7, 458
7, 656
7, 930
8, 012
8, Oil
8, 009
7, 955
8, 000
7, 951
7, 967
7, 993
8,026
8, 058
8,092
8, 067
8, 100
8, 106
8, 122
Total
29, 122
29, 853
30, 481
31, 461
32, 678
33, 925
35, 110
34, 865
34, 847
34, 877
34, 982
35, 101
35, 159
35, 245
35, 329
35, 660
35, 747
35, 648
36, 160
36, 249
36, 245
TransPnn
VvUIJ.—
tract portation
Mining conand
strue- public
tion utilities
672 2, 816 3, 903
650 2,902 3, 906
635 2,963 3,903
634 3, 050 3, 951
632 3,186 4,036
625 3,292 4, 151
613 3, 264 4, 262
624 3, 313 4, 246
620 3, 276 4, 212
617 3, 192 4, 267
619 3, 187 4, 266
623 3, 231 4,292
606 3, 223 4, 283
601 3, 238 4, 262
597 3, 236 4, 251
597 3, 289 4,287
598 3,353 4,290
598 3, 175 4,294
604 3,461 4, 318
603 3,439 4,316
621 3,425 4, 314
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
not at work because of industrial disputes; and which are based on an enuDigitized forarc
FRASER
Government
Whole- Finance,
insur- Service
sale
ance,
and Federal State
and
and
misceland
retail
local
real laneous
estate
11, 337 2,731 7,664 2,279
6,315
11, 566 2,800 8,028 2,340
6,550
11,778 2,877 8, 325 2,358
6,868
12, 160 2,957 8, 709 2,348
7,249
12,716 3,023 9,087 2,378
7,714
13,211 3, 102 9,545 2,564
8,307
13, 672 3, 228 10, 071 2,719
8,897
13, 557 3, 179 9,946 2,685
8,754
13, 572 3, 194 9,973 2,688
8,787
13, 609 3,205 9,987 2,698
8,826
13, 648 3,227 10, 035 2,747
8,889
13, 647 3,234 10, 074 2,759
8, 910
13, 664 3, 253 10, 130 2,746
8,967
13, 719 3, 264 10, 161 2,715
8,953
13, 776 3,270 10, 199 2,712
9,033
13, 900 3, 290 10, 297 2,698
9, 138
13, 870 3,304 10, 332 2,708
9, 180
13, 915 3, 308 10, 358 2,721
9,257
14, 049 3, 321 10, 407 2,719
9,309
14, 112 3,330 10, 449 2,715
9,337
14, 080 3, 343 10, 462 2, 718
9,373
meration of population, whereas the estimates in this table are based on reports
from employing establishments.
NoTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The seasonally adjusted factory workweek declined 0.3 hours in April to 40.4 hours. Weekly hours in retail track
also declined while construction increased. Part of the declines was attributable to religious observances and to civil
disturbances in a number of cities.
HOURS PER WEEK {SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
NONDURABLE MANUFACTURING
46
DURABLE MANUFACTURING
44
44
42
-"V*-*^^
^^v
%
40
42
*/-s
^
40
38
38
36
36
34
/fl ! 1 1 ! I I 1 1 1 1
v
11 11111 11I1
1 1 1 1 I 1 1 ! 1 t 1
1966
1965
1967
I 1 I I l 1 i i i t tK
N
1968
34
1965
1966
1967
1968
1966
1967
42
42
CONTRACT CONSTRUCTION
RETAIL TRADE
40
40
38
38
36
36
34
34
32
32
30
30
1965
1966
1967
1968
1965
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
[Average hours per week; 1 seasonally adjusted]
Manufacturing industries
Period
1958
1959
1960
1961
1962
1963______
1964
1965.
1966
1967
1967: Mar
Apr __ _
May - - _
June__
JulyJ _
\
Aug
Sept
_
_ ___
__
_
Oct
Nov
Dec__
1968: Jan.
Feb
Mar
_
p
Am* *
_ __
___
_ _
Durable
goods
All
_
39. 2
40. 3
39. 7
39. 8
40. 4
40.5
40. 7
41.2
41. 3
40.6
40. 4
40. 5
40. 3
40.3
40. 4
40. 7
40. 8
40. 7
40. 8
40. 7
40. 2
40.7
40. 7
40. 4
1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
14
39. 5
40.7
40. 1
40. 3
40. 9
41. 1
41. 4
42.0
42. 1
41.2
41. 1
41. 0
41. 0
40. 9
41. 0
41.3
41. 6
41.3
41. 2
41. 4
41. 0
41.4
41. 4
41. 0
Nondurable
goods
Contract construction
38. 8
39. 7
39.2
39.3
39.6
39. 6
39. 7
40. 1
40. 2
39. 7
39.5
39. 8
39. 5
39. 5
39.6
39.7
39. 9
39.7
40. 1
39. 8
39.2
40.0
39. 8
39. 5
2 Includes eating and drinking places,
Source: Department of Labor.
36. 8
37. 0
36. 7
36.9
37.0
37. 3
37. 2
37. 4
37.6
37.7
37. 4
37. 4
36. 4
37. 4
37. 5
37.5
38. 3
37. 1
39. 4
37.3
36. 0
37.9
36. 7
37.8
Retail trade 2
38. 1
38. 2
38.0
37. 6
37.4
37.3
37. 0
36. 6
35. 9
35. 3
35. 3
35. 1
35. 2
35. 4
35.4
35.5
35. 4
35. 1
35. 2
35. 1
34. 9
34.9
34.6
34. 2
WERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings in manufacturing were unchanged in April while weekly earnings declined $1.48 to $11 8.70le over-year-gains were 16 cents (5.7 percent) and $6.14 (5.5 percent) respectively.
DOLLARS
DOLLARS
AVERAGE HOURLY
AVERAGE WEEKLY EARNINGS
EARNINGS
130
3.25
DURABLE GOODS
INDUSTRIES
3.00
120
2.75
no
ALL MANUFACTURING
INDUSTRIES
2J50
A
^-v-*
•100
NONDURABLE GOODS
INDUSTRIES
2.25
90
1965
1967
1968
1965
1966
1968
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[For production workers or nonsupervisory employees]
Average hourly earnings — current prices
Period
1958_ _ _ _ _
1959
I960
1961 1962
1963 __
1964
1965
19 60
19671967: M ; i r _ _
Apr
May-..
,lu IK; -_
July - Auk-Sept-_
<)(!(-...-_
Nov__
Dec _ _
1968: Jan...!
Feb___
Mar *>_
Apr v _i
Average weekly earnings— current prices
Manufacturing industries Contract
Retail1
conNonDurable durable
trade
strucAll
goods
tion
goods
2. 11
2. 19
2. 26
2. 32
2. 39
2. 46
2. 53
2. til
2. 72
2. S.'!
2." 79
2.
2.
2.
2.
2.
2.
2.
SO
S.I
82
S2
82
85
85
2. 88
2.91
2. 94
2. 94
2. 96
2. 96
2. 26
2. 36
2. 43
2. 49
2. 56
2. 63
2. 71
2. 79
2. 90
?. 00
2. 96
2. 97
2. 1)1)
2. 99
;. oo
1 00
I 03
1 03
3. 06
3. 10
3. 13
3. 13
3. 14
3. 14
1.
1.
2.
2.
2.
2.
2.
91
98
05
11
17
22
29
2. ;>o
2. -15
2. 57
2. 5-1
2. f)f)
2. 55
2. 50
2. 57
2. 57
2. 01
2. 01
2. 02
2.64
2. 67
2. 68
2. 69
2. 70
2.
2.
3.
3.
3.
3.
3.
3.
82
93
08
20
31
41
55
70
3. SS
4. 01)
3. 1)1)
',). 1)0
•1. 02
4. 02
4. 08
4. 10
4. 18
4. 21
4. 21
4.24
4. 33
4. 26
4. 26
4. 26
1. 42
1. 47
1. 52
1. 56
1. 63
1. 08
1. 75
1. 82
1. 91
2. 01
1. OS
'J. 00
2. 00
2. 01
2. 01
2. 01
2. 03
2. 05
2. 05
2.04
2. 09
2. 11
2. 12
2. 13
1
Includes eating and drinking places.
2
Earnings in current prices, ad justed to exclude overtime and interindustry
3
Earnings in current prices divided by the consumer price index.
93-920°—68
Manufacturing industries Contract
conNonDurable durable
strucAll
goods
tion
goods
82. 71
88. 26
89. 72
92. 34
00. 50
00. 63
102. 07
107. 53
2. 34
4. 1)0
2. 44
2. 50
3. 52
14. 40
1 il 05
114. 77
110. 57
1 1 (i. 2S
117. 50
110.31
117.
119.
120.
118.
shifts.
60
07
18
70
89. 27
96. 05
97. 44
100. 35
104. 70
108. 09
112. 1 9
117. IS
122. 00
2;;. 60
21. 30
21. IS
22. SO
23. 10
22. 40
123. 30
1 20. 05
125. 44
120. 07
120. 58
127. 70
128. 96
129. 68
128. 11
74. 11
78. 61
80. 36
82. 92
85. 93
87. 91
90. 91
94. 04
OS. 40
102. 03
100. OS
100. 22
100. 7o
101. 03
102. 03
102. 80
104. 06
104. 14
105. 06
105. 60
103. 86
106. 40
106. 79
105. 30
103. 78
108. 41
113. 04
118. OS
122. 47
127. 19
132. 06
138. 38
145. 89
154. 19
146. 83
147. 23
140. 54
1 53. 56
157. 00
159. 08
162. 60
160. 40
161. 24
154. 76
151. 55
154. 21
153. 79
158. 90
Retail1
trade
54 10
56. 15
57. 76
58. 66
60. 96
62. 66
64 75
66. 61
68. 57
70. 95
69. 30
69. 80
69. 80
71. 56
72. 96
72. 96
71.66
71.55
71. 34
72.22
72. 11
72. 80
72.72
72. 42
Manufacturing
industries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59
= 1957-59
100 2
prices s
100. 2
103. 5
106. 6
109. 6
112. 3
115. 2
118. 0
*121. 1
125. 1
130. 9
129. 4
129. 9
130. 2
130.5
130. 8
131. 1
131. 9
132. 4
133. 4
134.3
135. 7
136. 5
137. 0
* Based on the new benchmark beginning 1965.
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
82. 14
86. 96
87. 02
88. 62
91. 61
93. 37
95. 25
97.84
99. 33
98.80
97. 77
97. 62
98. 20
98. 70
97. 55
98. 18
99. 55
98. 96
99.75
100. 94
99. 16
100. 06
100. 57
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
in April, the seasonally adjusted index of industrial production was maintained at the revised record level of March/
however, it was 4 percent above a year earlier. April production of manufacturing and utilities was unchanged while
mining gained a little.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200 r
180
160
140
120
1968
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967 "
1967: Mar
Apr
May
JuneJuly
Aug
Sept
Oct
Nov
Dec
1968: Jan__
Feb
Mar _
Apr *
_
.__
_
11957-59 = 100, seasonally adjusted]
Industry
Total
industrial
production
Total
93. 7
105. 6
108. 7
109. 7
118. 3
124. 3
132.3
143.4
156. 3
158.0
156.4
156.5
155.6
155.6
156.6
158. 1
156. 8
156. 9
159.5
162. 0
161. 2
161. 9
162. 7
162. 7
93. 2
106. 0
108. 9
109. 6
118. 7
124.9
133. 1
145.0
158. 6
159.6
158.2
158.2
157.2
157.0
157.6
159. 4
158. 1
158. 3
161. 1
164. 0
162. 7
163. 5
164. 2
164. 2
Manufacturing
Source: Board of Governors of the Federal Reserve System.
16
Final products
NonDurable durable
90. 3
105. 6
108. 5
107. 0
117. 9
124 5
133.5
148.4
164. 8
163.8
162.6
162.5
162.2
161.5
162.5
163. 6
161. 1
160. 7
164. 1
168. 1
167. 2
167. 7
168.4
168. 3
Market
96. 8
106. 5
109. 5
112. 9
119. 8
125. 3
132.6
140.8
150. 8
154.4
152.6
152.8
151. 1
151.4
151. 5
154. 0
154 2
155. 2
157.2
158. 9
157. 1
158. 2
158. 9
159. 0
Mining
95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123.5
121.5
122.0
120.2
123.8
128.0
127. 8
124 3
122. 4
123.6
122. 3
121. 6
124 7
126.5
126.7
Utilities
98. 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.4
181.8
183.0
183. 1
183.7
184.6
185.4
185.6
188. 7
191.5
192. 6
195. 9
197. 5
196. 5
196. 5
Total
94 8
105. 7
109. 9
111. 2
119. 7
124 9
131.8
142.5
155. 5
158.3
157. 1
157.3
156.3
156.8
157. 1
158. 2
157. 0
156. 9
160.0
161. 9
160. 8
162. 2
162. 8
162. 4
Consumer
goods
Equipment
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.4
146.6
147. 1
146. 0
146. 9
147. 1
148. 6
147. 0
147. 9
150. 1
152. 8
151. 3
153. 0
154 1
153. 9
91. 3
104 1
107. 6
108. 3
119. 6
124 2
132.0
147.0
172.6
179.6
179.6
179.2
178.5
178. 1
178.4
178. 9
178. 6
176. 1
181. 1
181.5
181.4
182.0
181.6
180. 8
Materials
92.7
105. 4
107. 6
108.4
117. 0
123. 7
132.8
144.2
157.0
157.7
155.5
156.0
154.6
154.9
156. 1
157. 9
156. 7
157. 4
159.5
162.2
161. 7
161. 8
162.5
163. 4
PRODUCTION OF SELECTED MANUFACTURES
in April, significant changes in the production of manufactures (seasonally adjusted) were a 5 percent rise in clay,
glass and lumber, a 3 percent rise in primary metals, and a 3 percent decline in fabricated metal products.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
180
160
1965
200
1966
I
1967
I
1968
1968
TEXTILE0
160
CHEMICALS, PETROLEUM,
AND RUBBER
APPAREL
AND. LEATHER
140
1-~\~"
^
«»^—
FO ODS, BEVERAGES/
/OMD TOBACCO
120
100
140
1965
.,.,.!.....
1965
1968
,
. i , . , 1 , , . .,
1966
SOURCE: BOARD OF GOVERNORS OF THE FED
,,,,',,
1968
1967
COUNCIL OF ECONOMIC ADVISERS
(1957-59=100, seasonally adjusted]
Durable manufactures
Period
1958_
_ _
1959
1960
1961
__ _ _
1962
1963
1964
_
1965
_ _ _
1966___ - _ _ _ _
_ _ _ _ _ __
1967 "_
_ - _ _____
1967: Mar
Apr
Mav
June
July
Aue
oept
Oct.
_ _
Nov
Dec
1968: Jan
Feb
Mar
Apr " _
Primary
metals
87. 5
100. 4
101. 3
98. 9
104. (i
113. 3
129. 1
137. 6
142. 7
132.5
129. 2
129. 1
128. 9
129. 0
129. 6
129.3
129.2
131.7
135.0
140. 9
136. 3
139. 3
140. 3
145
Source: Board of Governors of the Federal Reserve System.
Nondurable manufactures
FabriTranspor- Lumber Textiles,
cated
Machin- tation
and
apparel,
ery
metal
and
equipprodproducts
ment
leather
ucts
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
132. 7
147.8
163. 0
162.0
162. 9
161. 0
160. 8
160. 8
159. 8
159. 1
158. 1
158.2
159.8
162. 4
163. 9
165. 7
166. 8
162
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183.4
184. 5
182. 1
180. 5
177. 5
180. 0
182.8
182.2
179.6
183.2
182. 2
183. 4
183. 2
183. 9
181
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130.7
149.2
166. 9
166.0
162. 6
165. 7
167. 5
169. 3
170. 8
171.9
159.2
159.2
165.6
177. 5
175. 6
175. 1
177. 6
177
95. 6
108. 5
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
116.5
117. 3
119. 1
115. 6
114. 9
115. 5
109.2
114. 3
117.0
120.6
125. 7
118. 1
122. 3
125. 5
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.6
135. 5
135. 5
135. 3
134. 8
135. 3
137.6
139. 1
140.4
143. 0
145. 9
141. 0
142. 0
142. 9
144
Paper
and
printing
97. 0
105. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149.6
149. 5
149. 9
149. 1
149. 4
148. 6
150.3
148.5
148.6
149.9
149. 5
148. 6
150. 6
151. 3
152
Chemicals,
petroleum, and
rubber
95. 5
108. 9
113. 9
118. 9
131. 2
141. 8
152.5
164.6
181. 9
189.5
186. 8
186. 4
182. 2
183. 0
184. 0
189. 5
191. 2
192.8
195.8
199. 0
197. 7
198. 3
199. 0
199
Foods,
beverages, and
tobacco
99. 4
103. 9
106. 6
110. 2
113. 3
116. 8
120.8
123. 4
128. 1
131.5
131. 1
131. 8
130. 9
131. 3
130. 9
131.0
130. 4
131. 1
132.2
133. 1
132. 0
133. 3
133. 7
133
17
WEEKLY INDICATORS OF PRODUCTION
In April, production of steel increased about 1 percent on a seasonally unadjusted basis. Cars and trucks assemble
declined
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
2.5
24
22
\
1,1966
V
20
>-/*/
, lx/i i i . 1 1 i . I i i i i I . . i I . . .• I • . I i ! , i t
M
A
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Weekly average:
1961
1962
1963 _
1964
1965
1966
1967
1967: Mar_ _ _
Apr_
_
May
June
Julyj
Aug
Sept
Oct
__
Nov__
Dec__
1968: Jan
_ _
Feb
_ _
Mar p _ __
Apr __
Week ended:
1968: Apr 13
20
27 p
May 4
11 9
___
1, 880
1, 886
2, 096
2,431
2, 521
2, 572
2, 440
2, 475
2,412
2, 388
2, 232
2, 176
2, 325
2,439
2, 522
2,634
2, 704
2, 712
2, 849
2, 872
2, 899
100. 9
101. 2
112. 5
130. 5
135.3
138. 1
131. 0
132.8
129.5
128. 2
119. 8
116. 8
124. 8
130. 9
135. 4
141.4
145. 2
145. 6
152.9
154. 1
155. 6
2,
2,
2,
2,
2,
155.3
156. 5
156. 8
155. 9
155. 5
893
915
922
904
896
Daily average. Includes data for Alaska.
Not charted.
18
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Steel produced
Cars and trucks
power
coal mined
produced assembled (thousands)
loaded
Index
distributed (thousands (thousands
Thousands
(thousands
of net
of short
(1957-59 = (millions of
Total
Cars Trucks
of tons)
of cars)
tons
100)
kilowatt-hours) tons) l
Period
1
2
S
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
22, 465
21, 953
21, 841
23, 938
23, 747
24, 400
22, 871
22, 662
23, 533
24, 405
25, 365
25, 338
24, 081
23, 344
23,
23,
23,
23,
*23,
042
235
587
270
408
1,353
1, 414
1, 535
1,630
1,735
1, 798
1, 863
1, 786
1,844
1, 904
1, 939
2,015
1,885
1, 819
1,873
1,923
1, 727
1,738
1,753
1, 810
1, 910
550
552
555
558
562
570
539
532
557
558
555
492
558
551
586
552
496
487
514
535
548
322
343
358
384
410
446
439
444
454
452
454
376
448
413
463
458
421
421
486
480
480
127.8
157. 5
175. 0
178. 8
213.7
199. 3
172.9
175. 9
198. 4
198. 8
207. 4
119. 0
86. 5
160. 4
171. 2
190. 1
219. 8
207. 3
211.0
229. 5
215. 4
106. 1
133. 4
146. 9
148. 8
179.4
165.4
142. 4
142.8
164 4
164. 5
172. 8
95. 4
64. 4
135. 3
146. 7
158.6
185. 0
172. 9
174.5
189. 2
177. 7
21.7
24. 1
28. 1
30.0
34.3
33. 9
30. 5
33. 0
34.0
34.2
34.6
23. 7
22. 1
25. 0
24. 6
31.4
34. 7
34. 4
36.5
40. 2
37.6
1,907
1, 916
1, 923
1, 845
*1, 901
535
557
570
581
576
486
457
501
502
153.
242.
249.
256.
249.
126. 1
199. 8
205. 1
211. 5
206. 5
27. 1
42. 3
44.3
44. 5
43.5
3
1
4
0
9
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
'According to preliminary estimates, total spending for new construction (seasonally adjusted) decreased % percent
in March. Residential building rose 1% percent while private nonresidential building dropped 3 percent. Public
construction increased % percent.
BILLIONS OF DOLLARS
90
BILLIONS OF DOLLARS
90
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW CONSTRUCTION
70
70
60
60
PRIVATE
50
50
40
40
30
30
PUBLIC
20
_
—,^»mm.-^-»-mm^.-*«^
^m~<^-p~'-'**^ ^~m~
I I ! ! I
I I I I I
I I I I
.
I
I
I
I I
!
I I I
1968
SOURCE:
DEPARTMENT OF
COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total new
construction
expenditures
Period
1962
1963
1964
1965
1966
1967
59. 7
63. 4
66. 2
71. 9
74. 4
74 9
Total
41. 8
44. 1
45. 8
49. 8
50. 4
49. 6
Private
Residential nonfarm
CommerNew
cial and
Total l
housing industrial
units
Billions of dollars
24. 3
18. 6
8.0
7. 9
26. 2
20. 4
20. 4
26. 3
9. 0
20. 4
26. 3
11. 9
23. $
13. 6
18. 0
23. 6
17 9
13. 1
Other
9. 5
10. 0
10.6
11.7
13. 0
12. 9
Federal,
State,
and
local
17.9
19. 4
20.4
22. 1
23. 9
25.4
_ __
Apr___ _ _
May--
June. _
July
Aug _
Sept
Oct
Nov _
Dec__
1968: Jan—
Feb_
Mar *>
75. 0
73. 1
72.0
73. 9
72.4
73.4
74. 4
76.9
77.5
78. 4
78.4
80.5
81. 4
81. 0
48. 0
46. 9
46. 0
47.8
48. 1
49. 2
0.2
51.7
52.2
52. 6
52.4
54.5
55. 1
54. 6
20. 3
20.8
21. 1
22. 1
22. 9
23.7
24. 6
25.3
26.0
26. 6
26.9
26.9
27. 0
27. 4
14.3
1 5. 0
15. 5
16. 5
17. 3
18. 0
18. 9
19.6
20.3
21. 0
21.2
21.0
21. 0
21. 4
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
Compiled by F. W. Dodge Company and relates to 48 States.
14. 8
13. 3
12. 5
13. 1
12. 6
12. 9
12. 4
13.3
13.2
12. 8
12.6
14. 1
14.3
13. 7
119. 7
132. 0
137.0
142. 8
145. 3
153. 3
Seasonally
adjusted
Seasonally adjusted annual rates
1967- Feb
Mar
Construction contracts2
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)
12.9
12.8
12.4
12.6
12. 6
12. 6
13. 1
13.1
13.0
13. 2
12.9
13.5
13.7
13. 5
27. 0
26. 2
25. 9
26. 1
24. 3
24.2
24.2
25.2
25.3
25. 8
26.0
26.0
26. 3
26. 5
143
149
138
154
164
149
165
168
171
168
166
159
156
176
500
534
599
680
769
694
Seasonally
adjusted
annual
rates
694
674
699
657
748
681
740
725
701
758
769
774
737
799
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) increased more than 8 percent in April to a seasonally adjusted
annual rate of 1.6 million units. The over-the-year gain is 45 percent. However, permits for future starts dropped about
6 percent.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
1.0
1962
1967
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
Total
private
and
Period
public
(including
farm)
1962___ __ 1, 492. 4
1, 642. 0
1963
1964
1, 561. 6
1, 509. 6
19651966__
1, 196. 2
1967 v
1, 321. 9
1967: Mar..
Apr__
May_
June.
July..
Aug__
Sept__
Oct__
Nov__
Dec__
1968: Jan__
Feb*_
Mar p _
Apr"_
92.9
115.9
134.2
131.6
126. 1
130. 2
125. 8
137. 0
120. 2
83. 1
82.7
87.2
127. 8
167. 9
Total
private
(including
farm)
1, 462. 7
1, 610. 3
1, 529 3
1, 472. 9
1, 165. 0
1, 291. 6
91.5
113.7
132.0
125.4
125. 3
127. 4
121. 9
135. 4
118. 4
80.1
80.5
84. 6
125. 7
164. 4
[Thousands of units]
Housing starts
Private nonfarm
Private nonfarm
Total
private
Two or (includGovernment
Onemore
home programs
ing
Total
Total
f amity famifarm)
FHA
VA
lies
1, 439. 0 967. 8 471. 2 1, 462. 7 1 439. 0 197. 3
77. 8
993.2 589.7 1, 610.3 1, 582.9 166. 2
1, 582.9
71. 0
1, 502.3
944.5 557 8 1 529 3 1 502 3 154 0
59 2
1, 450. 6
941. 4 509. 2 1, 472. 9 1, 450. 6 159. 9
49.4
755.3 386.2 1, 165.0 1, 141.5 129. 1
36. 8
1, 1.41.5
820.
7
1, 268. 4
447. 7 1, 291. 6 1, 268. 4 141.9
52.5
Seasonally adjusted
89.2
64.3
24.9
126
1,067
49
1, 094
112.0
33.9
78.1
1, 099
125
50
1, 116
129.7
85. 0
44. 7
49
1, 274
1,254
143
123.4
85. 6
1, 214
144
51
37. 8
1, 233
124. 0
42. 9
1,369
1,356
140
81. 1
53
80.0
123. 6
43. 6
141
1,407
1,381
57
43.7
119. 5
75. 8
150
1,445
56
1,415
79. 4
133. 1
155
53.7
1,478
1, 496
58
67.4
116. 8
154
49.4
1, 590
54
1,567
79. 1
46. 1
33.0
1, 250
1,235
149
55
79.8
44.5
52
35. 3
1,456
157
1,430
82.8
53. 5
29. 3
164
1,537
1,499
63
76. 1
123. 0
46. 9
1,468
63
1, 500
149
161. 4 | 97. 4 64.0
1,620
147
59
1, 590
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.
20
1968
COUNCIL OF ECONOMIC ADVISERS
Proposed home
construction
New
private
AiDTDlicahousing
for Requests
units tions
for VA
FHA
authorappraisized l commitals 2
2
ments
221. 1
I 186 6
1 334. 7 190. 2
182 1
1 285 8
188.9
1, 239. 8
971. 9
153. 0
167.2
1, 078. 7
annual rates
171. 2
139. 3
113 6
102. 1
99. 2
124.3
151
159
162
169
155
180
176
185
189
162
163
152
160
144
103
122
109
135
146
122
131
151
136
125
122
141
127
125
928
1,028
1, 033
1, 109
1, 093
1, 127
1, 159
1, 212
1, 158
1,323
1, 102
1,360
1,376
1,297
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
Preliminary estimates indicate that retail sales dropped $489 million (seasonally adjusted) in April following increases
of $730 million in March and $334 million in February.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160 f
20
RETAIL TRADE (ENLARGED SCALE)
BUSINESS SALES AND INVENTORIES
18
DURABLE GOODS STORES
16
14
12
100
10
60
h WHOLESALE TRADE (ENLARGED SCALE)
INVENTORIES
*
L
•+^+S *^"*%^| S»^X"""
-••x*
——w
\
SALES
1965
SOURCE:
1966
1967
1968
1965
1967
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business 1
Period
1968
Sales
2
Inventories 3
\
Wholesale 4
Sales 2
Inventories 3
Sales 2
Total
Retail 5
NonDurable durable
goods
goods
stores
stores
Inventories 3
Total
Durable
goods
stores
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1960
1961
__ _ __
1962 _
1963 _
1964
1965
1966___ _ _
_ _ _
1967_
1967: Feb
Mar
Apr
May__
June__ __
July
Aue
Sept
Oct
Nov _
Dec._
1968: Jan _
Feb
Mar F
Apr p _
60, 746
61, 106
65, 594
68, 692
73, 459
79, 528
6
86, 254
7
87, 969
86, 133
87, 242
86, 643
87, 286
88, 244
88, 454
88, 768
88, 323
87, 196
89, 612
92, 057
92, 544
92, 595
94, 327
l
The term "business" also includes
2
Monthly average for year and total
2
94, 747
95, 813
100, 627
105, 578
111, 051
120, 896
6
135, 233
140, 742
136, 491
136, 815
137, 080
137, 191
136, 805
137, 111
137, 850
137, 794
138, 268
139, 331
140, 742
141, 342
141, 624
141, 814
11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
16, 897
16, 853
16, 972
16, 769
17, 117
17, 145
17, 198
17, 330
17, 195
17,419
17, 641
17, 694
17, 953
18, 043
manufacturing (see page 22).
tor month.
Book value, end of period, seasonally adjusted.
* Beginning 1961, data include Alaska and Hawaii.
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 635
20, 742
20, 859
20, 785
20, 587
20, 599
20, 511
20, 789
20, 810
20, 945
21, 061
21, 635
21, 641
21, 623
21, 572
18, 294
18, 234
19, 613
20, 536
21, 802
23, 654
25, 306
26, 125
25, 470
25, 739
25, 918
25, 897
26, 544
26, 444
26, 422
26, 732
26, 089
26, 411
26, 470
27, 065
27, 399
28, 129
27, 640
5,880
5, 581
6, 210
6, 627
7, 014
7,810
8, 151
8,306
7, 955
8, 150
8, 104
8, 187
8, 546
8, 592
8, 508
8, 743
8,235
8, 221
8,327
8, 523
8, 765
9,065
8, 750
12, 414
12, 654
13, 402
13, 909
14, 788
15, 844
17, 155
17, 820
17, 515
17, 589
17, 814
17, 710
17, 998
17, 852
17, 914
17, 989
17, 854
18, 190
18, 143
18, 542
18, 634
19, 064
18, 890
26, 813
26, 238
27, 938
29, 383
31, 130
34, 607
36, 961
36, 682
36, 644
36, 526
36, 236
36, 263
36, 087
35, 997
36, 028
36, 143
36, 217
36, 474
36, 682
37, 130
37, 082
37, 003
*6 Beginning 1960, data include Alaska and Hawaii.
Series revised beginning 1966.
? Series revised beginning 1967.
Source: Department of Commerce.
11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
15, 977
16, 315
16, 142
16, 033
15, 904
15, 661
15, 549
15, 503
15, 711
15, 681
15, 728
15, 977
16, 238
16, 268
16, 253
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
20, 705
20, 329
20, 384
20, 203
20, 359
20, 426
20, 448
20, 525
20, 432
20, 536
20, 746
20, 705
20, 892
20, 814
20, 750
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders increased 31/2 percent (seasonally adjusted) in March. With shipments increasing $91!
million, and inventories increasing $320 million, the inventory-shipments ratio dropped from 1.76 to 1.73.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
90
MANUFACTURERS SHIPMENTS
MANUFACTURERS' INVENTORIES
80
70
60
DURABLE GOODS
50
40
MANUFACTURERS'
NEW ORDERS
NONDURABLE GOODS
30
UMIII" 1 ""
20
20 h. , , ,
1965
SOURCE:
1966
DEPARTMENT
1967
1968
1967
OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1 Manufacturers' inventories2
Period
Total
1968
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Manufaci turers'
Durable goods
invenNontory Machinery durable
shipTotal
and
goods
ments3
equipment
ratio
Manufacturers' new orders 1
Total
Millions of dollars, seasonally adjusted
1960
__ _._
1961
1962
1963
1964
1965
1966
1967
1967: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct ___
Nov
Dec
1968: Jan_p
Feb p
Mar
30, 796
30, 884
33, 308
34, 774
37, 129
40, 279
4
43, 969
5
44, 745
44, 256
43, 766
44, 650
43, 753
44, 620
44, 583
44, 865
45, 148
44, 261
43, 912
45, 782
47, 946
47, 785
47, 243
48, 155
1
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
23, 006
23, 123
23, 060
22, 622
23, 137
22, 269
22, 900
23, 052
23, 192
23, 633
22, 949
22, 311
23, 487
25, 290
25, 227
24, 646
25, 169
14, 979 53, 814
15, 352 55, 087
16, 124 57, 753
16, 704 60, 147
17, 898 62, 944
19, 258 68, 015
4
20, 963 4 77, 581
5
21, 622 82, 425
21, 196 78, 600
21, 144 79, 105
21, 513 79, 430
21, 484 80, 059
21, 720 80, 341
21, 531 80, 119
21, 673 80, 603
21, 515 81, 033
21, 312 80, 841
21, 601 81, 106
22, 295 81, 796
22, 656 82, 425
22, 558 82, 571
22, 597 82, 919
22, 986 83, 239
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
50, 037
53, 930
50, 620
51, 079
51, 216
51, 593
51, 784
51, 809
52, 346
52, 784
52, 572
52, 918
53, 506
53, 930
53, 742
54, 136
54, 244
Monthly average for year and total tor month.
-Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
5
22
21, 454 30, 115
22, 441 31, 061
23, 427 33, 167
24, 119 35, 036
24, 532 37, 697
25, 691 4 41, 023
4
27, 544 45, 106
28, 495 5 44, 999
27, 980 43, 205
28, 026 43, 385
28, 214 43, 503
28, 466 43, 676
28, 557 45, 474
28, 310 45, 757
28, 257 45, 481
28, 249 45, 322
28, 269 44, 818
28, 188 44, 975
28, 290 45, 882
28, 495 49, 264
28, 829 47, 280
28, 783 47, 432
28, 995 49, 056
15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
24, 153
23, 378
22, 072
22, 329
22, 065
22, 226
23, 857
24, 263
23, 715
23, 726
23, 416
23, 381
23, 545
26, 492
24, 771
24, 829
26, 111
2,791
2, 854
3, 090
3, 326
3,706
4, 140
4, 731
4, 641
4, 545
4, 242
4, 315
4, 443
4, 607
4, 794
4, 85']
5, 058
4, 665
4, 614
4, 791
4, 827
4, 866
4, 41)4
4, 614
14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
4
20, 953
5
21, 621
21, 133
21, 050
21, 438
21, 450
21, 617
2 , 494
2 , 766
2 , 596
2 , 402
2 , 594
22, 337
22 772
22' 509
22, 603
22, 945
I
*5 Series revised beginning 1966.
Series revised beginning 1967.
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
1.76
1.74
1. 70
1. 69
1.64
1. (>1
1. 64
1. 79
1. 78
1. 81
1. 78
1. 83
1. 80
1. 80
1. 80
1. 79
1. 83
1. 85
1. 79
1. 72
1. 73
1. 76
1.73
MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade balance was in deficit in March by $158 million (seasonally adjusted), the first such
deficit in 5 years.
BILLIONS OF DOLLARS
35
BILLIONS OF DOLURS
35
1.0
1962
1968
MEE NOTE i BELOW.
SOURCE; DEPARTMENT OF COMMERCE
Period
COUNOl OF ECONOMIC ADVISERS
[Millions
Merchandise exports
Total (includDomestic exports
ing reexports) 1
Food, Crude
mateSeason- Unad- Total * 3 beverages,
rials
ally ad- justed
and
and tojusted
fuel
bacco
Monthly average :
1959
1960__ _
1961
1962_ _ _
1963
1964
1965
1966
__
1967_
239
252
1,353
264
1, 620
329
1, 662
32?
289
1, 725
312
280
1, 845
315
349
2, 111
361
387
2, 196
377
356
2, 412
432
367
2, 546
394
393
Unadjusted
1967: Fob _ 2, 607
349
2, 418
2, 389
394
M n r _ 2, 561
2, 797
2, 762
406
398
2, 666
2, 630
387
377
Apr.. 2, 654
May. 2, 547
2, 683
2, 650
388
417
2,
576
2, 618
2, 586
382
,] line.
409
July. 2, 584
2, 376
363
2,347
380
2, 395
Aug_ 2, 548
384
2,358
366
Sept. 2,643
2, 473
2,505
404
364
Oct__ 2,392
2,411
2,440
408
390
Nov_ 2,692
452
2, 761
2,730
481
2,782
Dec. 2,604
425
2,813
373
2,674
1968: Jan__ 2, 785
2,645
398
377
407
Feb__ 2,773
2,667
387
2,636
Mar_ 2,455
412
2,601
391
2,639
1
Total excludes Department of Defense shipments of grant-aid military supplies and eauipment under the Military Assistance Program.
2 Total arrivals of imported goods other than intransit shipments.
1,
1,
1,
1,
1,
2,
2,
2,
2,
368
636
682
748
869
141
225
448
578
of dollars]
Merchandise imports
General imports 2
Total 3
Manufactured
goods
Season- Unadally ad- justed
justed
897
047
062
138
188
366
449
592
729
1, 302
1, 251
1,226
1, 366
1, 428
1, 557
1, 780
2, 129
2, 235
1,
1,
1,
1,
1,
1,
1,
1,
Food,
beverages,
Crude
materials
bacco
fuels
and to298
283
288
306
322
335
334
382
392
and
382
365
359
387
391
415
449
473
445
GrcssmerchiinManu-
fac-
tured
goods
591
571
544
636
672
758
936
1, 201
1, 310
trude
surplus,
seasonally adjusted
66
385
456
382
441
584
444
320
344
Unadjusted
2, 004
1, (Uf> 2, 229
412
364
378
1, 164
], 902 2 203
2, 355
433
477
1, 365
348
1, 835 2 226
2, 091
1, 182
385
428
428
2
222
352
407
J , S30 2 140
454
1,330
1, 789 2 227
2* 270
1, 334
389
465
349
2
20S
366
376
1, 589
2, 127
396
1,273
2, 166
372
1, 559 2 125
444
1,263
423
2, 112
362
1, 688 2 208
1, 245
413
434
2,342
444
1, 595 2 202
417
1,367
191
1,482
2,435
409
437
316
1, 767 2 376
1,935 2 525
439
2,431
478
79
1, 431
441
1,692
2,735
1,828 2 615
506
169
421
1,833 2 602
2,448
444
1,496
171
487
1,767 2 612
2,558
395
— 158
1, 598
3
Total includes commodities and transactions not classified according to kind,
^T
_
, ..
,
,
., - , ^ -,-,-,. , ^ ^ ^ - r ^
. NoTE.-Because
of revisions subgroups do not include all data in totals. Data
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus in the merchandise balance declined sharply to a level of $0.4 billion (seasonally adjusted annual rate)
in the first quarter. Data for other components of the balance on goods and services are not yet available.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50 -
EXPORTS OF GOODS AND SERVICES
IMPORTS OF GOODS AND SERVICES
20
20
10
10
1962
1968
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1963
1964 _ _
1965 _
1966
1967 "__
__
___
Total
32, 426
_ __ _ 37, 099
39, 147
43, 039
45, 692
Exports of goods and services
Income on
investments
Mer- Milichan-1
tary
GovPridise
ernsales
vate ment
22, 071
657
25, 297
747
26, 244
844
29, 168
847
30, 463 1,273
4, 151
4, 929
5,376
5, 650
6, 162
498
460
512
595
621
Imports of goods and services
Other
services
Total
Merchan-1
dise
5,049
5,666
6, 171
6, 779
7, 173
26, 573
28, 637
32, 203
37, 937
40, 894
16, 992
18, 621
21, 472
25, 510
26, 980
Balance
on
Mili- Other goods
tary
and
expend- servservices
itures
ices
2,936
2,861
2,921
3, 694
4,319
6, 645
7, 155
7,810
8,733
9, 592
5, 853
8, 462
6, 944
5, 102
4,798
Seasonally adjusted annual rates
1966: III
IV
1967: !___
II_
III
__
IV*
1968: I *.
1
43, 652
43, 988
29, 528
29, 608
824
840
5,776
6,032
572
584
6,952
6, 924
39, 048
39, 652
26, 320
26, 720
3,812 8,916
3,876 9,056
4,604
4,336
45, 408
45, 412
46, 120
45, 832
30, 684 1,356
30, 848 1,344
30, 504
948
29, 816 1,440
31, 732
5,680
5, 536
6,720
6,716
620
644
648
576
7,068
7,040
7,300
7,284
39, 996
40, 132
40, 488
42, 956
26, 648
26, 232
26, 196
28, 844
31, 320
4, 180
4,280
4,376
4,440
9, 168
9, 620
9,916
9,672
5,412
5,280
5,632
2,876
Adjusted from customs data for differences in timing and coverage.
24
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
|Thc U.S. deficit on the liquidity basis was reduced markedly to a $2.4 billion level (seasonally adjusted annual rate)
in the first quarter. On the official reserve transactions basis, the first quarter deficit was at a $2.1 billion level, less than
half the deficit recorded in the fourth quarter of 1967.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS AND SERVICES
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-10
1962
1968
-I/PRELIMINARY.
'SOURCE* DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. private capital, net
U.S.
Government
Other
ShortPeriod grants Direct
term
longinvestand
term
capital,
ment
J
net
1963___
1964___
1965___
1966. _ _
1967 "__
1966:
III—
IV. __
1967:
I. ..
!!___
Ill
IV....
1968:
I"—
-3, 581
-3, 560
-3, 375
-3,446
-4,. 127
-1,976
-2,435
-3,418
-3, 543
-3, 026
-3, 036 -3, 600
-2, 896 -4, 012
-4,804
-4,052
-3, 864
-3,788
1
Includes
2
Errors
Foreign and uncapital, recorded
net »
transactions
-1,695
-785
689
-1,961 -2, 146
685
-1,078
753
278
2, 512
-257
-413
- 1, 268 — 1, 150
3, 076
Seasonally adjusted annual
-20
276
-108
-924
— 724
-2, 488
-724
-2, 592
-720 -1, 140
-3,756 -2,044 -1, 164
-3, 272 - 1, 588 - 1, 572
1, 504
3, 120
-285
— 949
-415
-302
-595
rates
1, 108
-660
-592 — 1, 676
3,444
-72
3,432 -1, 180 -2, 132 -7, 268
4,776 -2, 184 -2, 212 -3,328
3, 232
1,824
836 -2, 552
868
148 -7,404 -4, 820
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.
3
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.
Changes
in gold,
convertible currenOfficial To foreign official
cies, and
To other IMF gold
holders 5
Liquid- reserve
foreign
transtranche
ity
holders 6 position
basis 2 actions
3
NonLiquid
basis
(increase
liquid
[-])
rj
1,673
620
-2,671 -2, 044
378
1,075
303
1, 554
-2, 800 - 1, 549
171
100
-18
131
— 1, 335 - 1, 304
1,222
802
2,384
225 -1,595
-1,357
568
2,072
1,274
1,451
— 3, 575 — 3, 398
52
Quarterly totals, unadjusted
Balance
-2,400 -2, 080
Changes in selected
liabilities (decrease [— ]) 4
-598
-199
111
403
1,211
671
82
-6
-80
546
282
1,324
333
562
132
247
-709
96
1,304
760
1,027
— 419
-375
-181
-1,359
363
688
7
904
6
Private holders; includes banks and international and regional organizations;
excludes IMF.
? On March 31, U.S. reserve assets consisted of gold stock, $10,703 million
(down $1,362 million from December 31); IMF position including gold portion of
increased U.S. subscription, $477 million; convertible currencies, $2,746 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
The consumer price index rose by 0.4 percent in March, led by a 0.7 percent increase in prices of services other than
rent. There were increases in all major categories. Hiqher prices of services other than rent were also the principal
factor in a 3.9 percent rise above March 1967 in the all items index.
Index, 1957-59«100
135
Index, 1957-59=100
135
110 -•'
110
105
105
100
M M I I I M ?I
1962
t M I I M M M I 100
1968
COUNCIL Of ECONOMIC ADVKERS
SOURCEr DEPARTMENT OF LABOR
[1957-59=100]
Period
1958
1959. _
_
I960...
__ __
1961—1962
1963_
___
1964
1965
1966
1967__
1967: Feb._ _ _ _ _ _ _
Mar
Apr
_ _
Mav___
June.
July
Aug. _
Sept
Oct__
__ __
Nov
Dec___ _ _ _ _ _
196S: Jan..
Feb
Mar
_ _ __
Source: Department of Labor.
26
All
items
100.7
101.5
103. 1
104. 2
105.4
106. 7
108. 1
109.9
113. 1
116. 3
114.8
115. 0
115.3
115.6
116. 0
116. 5
116. 9
117. 1
117.5
117.8
118. 2
118.6
119. 0
119. 5
All commodities
100.8
100.9
101.7
102. 3
103.2
104. 1
105.2
106.4
109. 2
111. 2
109.9
110.0
110.2
110.5
111. 0
111. 5
111. 9
112. 0
112.4.
112. 6
112. 9
113.2
113. 5
113. 9
Services
Commodities
Commodities less food
Services
All
Food
Rent
less
Nonservices
Durable durable
All
rent
100.0
99. 9
99. 8
101.9
100.2
100.3
100. 1
101. 2
101. 0
101. 5
103.2
100. 3
103. 6
101.6
101.7
100.9
102. 6
101.4
107.4
106. 6
103. 1
102. 0
100.8
103. 2
102. 6
108. 8
110.0
104 4
102. 8
103. 8
101. 8
103. 6
110. 9
112. 1
105.7
102. 1
104. 8
103.5
113. 0
106.8
114. 5
105. 1
104. 4
103.0
105.7
106. 4
115. 2
107. 8
117.0
107.2
105.1
102. 6
108.8
117.8
108.9
120.0
106. 5
102. 7
109. 7
114. 2
122.3
110. 4
125. 0
109. 2
104. 3
113. 1
112. 4
115. 2
127.7
131. 1
107.6
102.8
114.2
111.5
129.2
125. 9
111.7
107.8
102. 9
114. 2
111.8
126. 3
111.8
129.5
108.4
103. 4
112. 4
113.7
126. 6
111. 9
130.0
112.
7
108.7
103. 9
112.
1
113.9
127.
0
130.
4
1 1 1> 7
104. 1
108. 9
112. 2
127. 4
115. 1
130. 8
104. 4
109. 1
112. 8
116. 0
112. 4
131. 2
127. 7
109. 4
104. 7
113. 2
112. 6
116. 6
128. 2
131. 7110. 0
114. 1
104.8
132. 3
115. 9
128. 7
112.8
110.6
114. 5
105. 7
115.7
132. 7
129. 1
113.0
111. 1
106. 0
115. 2
129. 6
133. 2
113. 2
115. 6
111. 1
106. 1
116. 2
115. 2
130. 1
133. 8
113. 5
111.2
106.3
117.0
115. 1
130. 8
113.7
134.6
106.4
111. 5
115. 6
117.4
131. 3
135. 2
113. 9
132. 1
106. 6
116. 1
114. 2
136. 1
117. 9
111. 9
WHOLESALE PRICES
According to preliminary estimates, the wholesale price index rose 0.2 percent in April. A 0.4 percent decline in
farm product prices was more than offset by a 0.4 percent increase in processed foods and feeds prices and a 0.2
percent rise for industrial commodities. The all items index was 2.9 percent above a year earlier.
Index, 1957-59=100
Index, 1957-59 100
120 I
1120
115
115
/
PROCESSED FOODS AND. FEEDS
\
/
A
"
110
85
1962
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF IABO8
[1957-59=100]
Period
1958__ _ . _
1959
1960
1961
1962
1963
1964
_
1965
1966
1967
1967: Mar
Apr
May
June
July
Aug
Sept
Oct_
Nov
Dec__ ___ __ _ __
1968: Jan...
Feb
Mar
Apr *_
C*J_
_
__ _
All
commodities
Farm
products
Processed
foods
and
feeds
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102.5
105. 9
106. 1
105.7
105.3
105.8
106. 3
106. 5
106. 1
106. 2
106. 1
106. 2
106. 8
107.2
108.0
108. 2
108. 4
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
98.4
105. 6
99. 7
99.6
97.6
100.7
102. 4
102. 8
99. 2
98. 4
97.1
96. 4
98. 9
99.0
101. 3
102. 1
101. 7
102. 5
99. 9
100. 0
101. 6
102. 7
103. 3
103. 1
106. 7
113. 0
111. 7
110.6
110.0
110.7
112. 6
113. 1
112. 1
112. 7
111.7
110. 9
111. 5
112.4
113. 3
112. 9
113. 3
1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Industrial commodities
All industrials 1
99. 5
101. 3
10L3
100. 8
100. 8
100. 7
101. 2
102. 5
104. 7
106. 3
106.0
106.0
106.0
106. 0
106. 0
106. 3
106. 5
106.8
107. 1
107. 4
107. 8
108. 3
108. 6
108. 8
Crude
materials
96.9
102. 3
9& 3
97. 2
95. 6
94. 3
97. 1
100.9
104. 5
100. 0
100.2
99.3
99. 4
99. 4
99. 0
99. 0
99. 5
99.4
100. 6
101. 3
101.4
102. 4
103. 1
Inter- Producmediate er finmate-2
ished
rials
goods
99. 4
101. 0
101.4
100. 1
99.9
99. 6
100.2
101.5
103. 6
104 8
104.6
104.7
104.6
104. 5
104. ,r>
104. 6
104, 9
105.0
105. 3
105. 7
106. 1
106. 8
107. 2
100.2
102. 1
102. 3
102. 5
102. 9
103. 1
104. 1
105.4
108. 0
111. 5
110.7
110.8
111.1
111. 2
111. 2
11L 4
111. 6
112.6
113.0
113. 4
114.0
114. 2
114. 4
Consumer finished goods excluding food
DurNonable
durable
100. 1
99. 3
101. 3
100. 8
100. 9
10L 5
100. 5
10L 5
101. 6
100. 0
99. 5
101. 9
99. 9
101. 6
99.6
102.8
100. 2
104. 8
101. 7
107. 2
101.3
106.4
101.3
106.4
101.3
106.9
107. 2
101. 0
101. 1
107. 4
101. 2
108. 0
101. 4
108. 0
102. 8
107.8
103. 0
107. 9
103. 0
108. 0
103.5
108.0
103.5
108. 4
103. 6
108. 6
NOTE.—Beginning January 1967, the indexes incorporate a revised weighting
structure reflecting 1963 values of shipments. The classification structure also
changed.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended April 1 5, prices received by farmers were unchanged while prices paid rose by almost 1
percent. The parity ratio declined to 73.
Index, 1957-59=100
Index, 1957-59=100
j+
ion
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES \
110
, —r"
-^ -
100
90
*»«-""•*•
-xyN/ V^
— >-
.
_ —f
*^^
...,,!..,,.
^^^S^
/
*V
. ^*^r
i i i r i 1 i t i i i
/rx
/
N^
110
\
\N
/
\/~^S
>/ ^^
NV
^•••a
/^
100
' Hklcfcs kkLtlvtD
(ALL FARM PRODUCTS)
^^V_
_^S
^^—X*%—'^"^
I i I i i 1 i i i i i
..— — «|
-
r^J
x~''
19fl
^.X>.Xx./
i i i i i 1i i i I i
i i i i i 1 i i i ii
1 1 1 1 1 i
1 I 1 1
1 1 1 ! 1
1 1 I 1 1 1 1
RATIO J/
90
RATIO ^
100
IUU
90
90
PARITY RATIO
Oft
-...,./ »»*""
•?"
%»%
x
""""" ""
70
1
r i i i . ! . . i . i
i i r ( i 1 i . . i i
1962
1963
%€il
X
.
t
.
I
v
l%%
* \
{&''•*
on
/" """'"v^
,,^ x..^ %%«.,.*
1
1
I
!
,
1
1964
1
I
.
1
*,„„,
1
1
1
.
1965
.
.
!
1
, i i . i 1 i i i i i
1966
^ ,
I I 1 f 1 1 ! I ! 1 1
I 1 ! 1 1 1 1 1 1 1 t
1
1967
70
1968
-3/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Prices received by farmers
Period
1958
1959
1960
1961
1962
1963.
_
1964 _
1965
19t>6_
1967
1967: Mar 15
Apr 15__
May 15__
June 15 _ _ __ _
July 15_ ___
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1968: Jan 15 __ _
Feb 15_
Mar 15
Apr 15
All farm
products
_
104
100
99
99
101
100
98
103
110
104
103
101
104
105
106
106
104
104
103
105
105
107
107
107
Crops
100
99
99
102
104
107
107
105
105
.100
100
100
99
102
101
100
97
100
102
104
104
103
104
104
Livestock All items,
interest,
and
products taxes, and
wage rates
Index, 1957-59=100
106
100
102
100
102
98
103
98
99
105
95
107
91
107
101
110
114
113
107
117
105
116
102
116
108
117
117
108
110
118
117
110
117
110
107
118
104
117
105
117
106
118
109
119
110
120
121
109
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
Parity ratio 1
Prices paid by farmers
Family
living
items
100
101
102
102
103
104
105
107
110
112
111
111
112
112
113
113
113
113
114
114
115
115
116
117
Production
items
100
102
101
101
103
104
103
105
108
110
110
110
110
111
111
110
110
110
109
109
110
111
111
111
Actual
85
81
80
80
80
78
76
77
80
74
74
72
74
75
75
75
73
73
73
74
74
74
74
73
Adjusted 2
88
82
81
83
83
81
80
82
86
79
79
77
79
80
80
80
79
78
78
79
79
80
80
79
2
The adjusted parity ratio reflects Government payments made directly
to farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The seasonally adjusted money supply rose $1.3 billion in April, while U.S. Government demand deposits declined
more than seasonally. Time deposits rose only $0.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
180
180
140
140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
100
100
60
60
J963
1962
1964
1966
1965
1967
1968
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
Money supply
Money supply
Period
1962:
1963:
1964:
1965:
1966:
1967:
1967:
Dec
_ _
_
_ _ _ _ _ _
Dec__
_ __ _
_ _ _ _ _
Dec
Dec
Dec
_
_ ___
Dec _
Feb
___ __
__ __ _.
MarApr
May
June
July
Aus
Sept
Oct
Nov. _ __
Dec __
1968: Jan_
Feb _
Mar.__
_
Apr p __
Total
147.4
153.0
159. 3
166.8
170.4
181. 5
171.5
173. 1
172.7
174. 5
176. 2
177. 9
179. 1
179. 2
180.3
181.2
181. 5
182. 5
182. 5
183. 4
184. 7
Currency
outside
banks
Seasonally adjusted
30.6
116.8
32. 5
120.5
34.2
125. 1
36.3
130.5
132. 1
38.3
40. 4
141. 1
132.8
38. 7
38. 9
134. 2
39. 1
133. (>
39. 2
135. 3
39.3
136. 8
39. 5
138. 4
139. 6
39.6
39.8
139. 5
39. 9
140.3
141.2
40.0
40. 4
141. 1
40. 5
141. 9
40.7
141.8
41. 1
142. 3
41. 4
143. 3
Deposits at all commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at
all commercial banks.
Time
deposits l
Demand
deposits
97.8
112.2
126.6
146.9
158.6
183.8
163.5
166. 1
168. 1
170. 0
172.4
174. 6
177. 2
178. 9
180. 8
182.5
183. 8
183. 7
185.0
186. 6
186. 9
Total
151.6
157.3
164.0
172.0
175.8
187. 2
170. 6
171.9
173.6
171. 1
174. 3
175. 8
175. 9
178.4
180.6
182. 5
187. 2
187.8
181.5
182. 1
185. 8
Currency
outside
banks
31.2
33. 1
35.0
37.1
39. 1
41. 2
38. 3
38. 5
38. 7
38.9
39. 3
39.6
39.6
39.8
40.0
40. 4
41. 2
40. 5
40.3
40. 7
41. 0
Demand
deposits
Unadjusted
120.3
124. 1
129. 1
134.9
136.7
146. 0
132.3
133.4
134. 9
132.2
135. 1
136.2
136.2
138.6
140.6
142. 1
146. 0
147. 3
141.3
141. 4
144. 8
Time
deposits 1
96.7
111.0
125.2
145.2
156.9
181.8
164.0
166.7
168.8
170.8
173.0
175. 1
177.7
178.9
180.3
181. 1
181. 8
183. 5
185.5
187.4
187. 6
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
U.S.
Government
demand
deposits 1
5.6
5. 1
5.5
4.6
3.4
5. 0
5.0
4.9
4.8
6.5
3.9
5.6
4.3
5. C
6.2
5.2
5.0
4. S
7.2
6.7
4. 2
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of demand deposits and currency (seasonally adjusted) declined $0.8 billion in April, following a
large increase in March. Time deposits and holdings of short-term Government securities also declined, while savings
and loan shares outstanding showed little change.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
600
200
100
100
'
1962
1963
1968
]/ASSETS OTHER THAH DEMAND DEPOSITS AND CURRENCY.
COUNCIL Of ECONOMIC ADVISERS
BOARD OF GOVERNORS Of THE FEDERAl RESERVE SYSTEM
[Billions of dollars, seasonally adjusted!
Total
selected
liquid
assets
End of period
1961
1962
1963
1964
1965
1966
1967
1967: Mar
Apr
May
JuneJuly _
Aug
Sept
Oct
Nov
Dec
_ _
1968: Jan *>_
p
Feb
Mar *
Apr *_
_
_
424. 6
459.0
495. 4
530. 5
573.0
601.5
650.2
615. 1
613. 2
619.7
620.6
623. 0
630. 2
635. 4
638. 1
645. 8
650. 2
655.8
658. 6
665. 1
663. 6
Demand
deposits
and
currency 1
142.6
144.8
149. 6
156. 7
164. 0
168. 6
180. 7
171. 0
168.6
172.9
173.7
171. 9
174. 1
176. 2
175. 7
177. 8
180. 7
179.5
178. 2
181. 5
180. 7
Time deposits
Commercial
banks
82.5
9ai
112. 9
127. 1
147. 1
159.3
183. 1
167. 6
168. 6
170.7
172. 4
174.7
177. 2
178. 1
180. 1
183.8
183. 1
186.5
187.6
187.8
187.2
1
A jrreos in concept with money supply, p. 29. except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
lor2 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Keserve Banks, and beginning
30
Mutual
savings
banks
3
38. 3
41. 4
44. 5
49. 0
52.6
55.2
60. 1
56.3
56. 8
57.4
57. 8
58. 4
58. 7
58. 9
59. 5
59. 9
60. 1
60. 6
61. 1
6L 4
61. 6
Postal
Savings
System
Savings
and loan
shares
0.6
.5
.5
.4
.3
.1
.1
.1
.1
.1
.1
.1
.1
3
70. 5
79.8
90. 9
101.4
109.8
113.4
123. 9
116.3
117. 1
118.0
118.9
119. 9
121. 0
122. 5
123. 0
123. 7
123. 9
123. 7
124.6
125. 9
126. 0
U.S. Government
U.S. Gov- securities
ernment
maturing
savings2
within
bonds
one
year 2
47. 4
47. 6
49.0
49. 9
50. 5
50.9
51. 9
51. 0
51. 1
51. 1
51.2
51. 3
51. 3
51. 4
51. 4
51. 5
51.9
51. 9
51.8
51.8
51. 8
42. 6
46. 8
48. 1
46. 1
48. 6
53.9
50. 5
52.9
50. 9
49.5
4a 5
46.7
47. 8
4a2
48.3
49. 1
50. 5
53.6
55. 4
56. 9
56. 3
February
1960, savings and loan association.
8
Reflects conversion of a savings and loan association -with, share capital of
about $175 million to a mutual savings bank.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
•BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans, seasonally adjusted, rose $3.6 billion in April, following a slight decline in March. Security
holdings fell $0.8 billion, and free reserves continued to fall, reaching an average net borrowed position of $400
million.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
400
ALL COMMERCIAL BANKS
350
TOTAL
LOANS AND INVESTMENTS
INVESTMENTS IN OTHER SECURITIES
1962
1963
1964
1968
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
outside
large comNew York
mercial
Total
Investments
City (232
banks
Loans,
loans excluding
centers) ,
and
seasonally
interU.S. Gov- Other Commercial adjusted
investsecuri- and indusbank
ernment
ments
annual
securities
ties
trial loans
rates 1
Billions of dollars
209. 6
120. 5
65. 2
23. 9
32. 9
1,882
134. 1
227.9
29. 2
2,021
64. 5
35. 2
246.2
149. 7
61. 5
35. 0
2,199
38. 8
1
267. 2
167. 7
38. 7
60.7
42. 1
2, 706
3
294.4
192.4
44.8
8,018
57. 3
53. 1
48.7
310. 2
53.7
207.8
60.7
S,4%1
59. 6
345. 9
224 9
8, 897
61. 4
65. 8
321.4
211. 3
52. 3
62. 0
57.8
8,559
56. 1
323. 2
213. 5
53.6
62. 3
8, 690
213. 5
324. 6
56. 1
55. 0
61.8
8,614
& iy G>®
55. 4
213.9
O, i OO
325. 6
56. 3
63. 8
& Q0®
332. 4
O, OOfj
217. 1
58. 8
56. 5
63. 7
3, 882
61. 8
218. 2
57. 3
62.2
337. 3
57. 7
8, 847
339. 5
61. 6
220. 2
63. 4
342. 6
221.8
62.3
58. 6
3, 891
63. 1
5,
897
344.4
222.3
63.7
61.8
60.3
224. 9
59. 6
8, 897
345. 9
65. 8
61. 4
227. 5
349. 0
59. 1
62.4
65. 0
4,048
228.7
62.6
353. 0
61.8
65. 1
4,047
4,021
351.8
59.9
63. 5
228. 5
66. 5
232. 1
354. 8
59. 2
63. 4
87. 6
4,215
All member banks
All commercial banks
(seasonally adjusted data)
End of period
1961__
1962
1963
1964
1965
1966
_ _-1967
1967: MarApr
May
- J - c *.yJ une
July___ _
Allff -
Sept
Oct
Nov
Dec
1968: Jan *
Feb *>
Mar p _ _
Apr *>_„
1
Deb its during period to demand deposit accounts except interbank and
U.S.
Government. New series beginning January 1984.
2
1 Averages of daily figures. Annual data are for December.
New series; see Federal Reserve Bulletin, March 1967.
NOTE.—Effective June 1968, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
Total
reserves
20, 118
20, 040
20, 746
21,609
22, 719
23, 830
25, 260
23, 405
23, 362
23, 284
23, 518
23, 907
23, 791
24, 200
24, 608
24, 740
25, 260
25, 834
25, 610
25, 580
25, 555
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
149
568
304
572
327
536
243
411
452
454
392
557
238
345
199
435
134
309
101
370
420
123
87
359
387
89
90
358
126
286
403
133
345
238
237
381
361
399
671
356
277
683
419
268
209
168
—2
-165
107
236
175
269
297
272
298
268
160
270
107
144
38
-315
-406
certain certificates of CCC and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and
Hawaii.
Source: Board of Governors of the Federal Eeserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Tota! consumer credit outstanding increased $200 million in March, following a less than seasonal decline in January
and February, instalment credit outstanding, seasonally adjusted, increased 3 570 million, just equaling the unusually
large February increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
40
20
20
NONINSTALMENT CREDIT
1 ! I I t 1I I I I I i I I ! I t I I I f t
SEASONALLY ADJUSTED ANNUAL RATES
INSTALMENT CREDIT EXTENDED
1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1958
1959
1960 _.
1961
1962 _
1963
1964_ _ _
1965
1966
1967
1967: Mar
Apr
Mav
June__
Julv
Auo;
Sept
Oct
Nov
Dec
1968: Jan _ _ _
Feb
Mar_
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consumer credit outstanding (end of period;
Consumer instalment credit extended
unadjusted)
and repaid (seasonally adjusted)
Instalment
Automobile paper
Total
NonAutomoTotal
Total »
bile
Personal instal-2 Extended Repaid Extended Repaid
ment
paper
loans
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94, 786
99, 228
92, 519
93, 089
93, 917
94, 813
95, 115
95, 684
95, 886
96, 094
96, 802
99, 228
98, 225
97, 672
97, 875
33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
74, 656
77, 946
73, 591
73, 840
74, 290
75, 051
75, 348
75, 889
76, 039
76, 223
76, 680
77, 946
77, 467
77, 327
77, 581
14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
30, 961
31, 197
30, 527
30, 635
30, 852
31, 208
31, 364
31, 455
31, 296
31, 237
31,217
31, 197
31, 061
31, 137
31, 380
8, 116
9,386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
20, 110
21, 690
20, 047
20, 193
20, 326
20, 567
20, 666
20, 936
21, 087
21, 198
21, 375
21, 690
21, 631
21, 752
21, 873
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.
3 End of period, unadjusted.
32
11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
20, 130
21, 282
IS, 928
19, 249
19, 627
19, 762
19, 767
19, 795
19, 847
19, 871
20, 122
21, 282
20, 758
20, 345
20, 294
40, 119
48, 052
49, 560
48, 396
55, 126
61,295
67, 505
75, 508
78, 896
81, 263
6, 510
6,606
6, 554
6, 823
6,776
6,929
6, 973
6, 942
7, 032
7, 035
7, 089
7,245
7, 380
40, 344
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
72, 805
77, 973
6, 246
6,393
6, 361
6, 531
6, 551
6,585
6, 689
6, 631
6, 614
6, 652
6,691
6,679
6,814
14,226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
28, 491
27, 221
2,199
2, 217
2, 238
2, 338
2, 266
2, 285
2, 322
2,321
2,305
2, 306
2,437
2,519
2,567
15, 415
15, 579
16, 384
16, 472
17, 478
19,400
21, 676
24, 267
26, 373
26, 985
2, 193
2, 235
2, 219
2, 281
2, 228
2, 240
2, 280
2,301
2,240
2, 250
2,302
2,308
2,330
Mortgage
debt outstanding
nonfarm.
1- to 4family
houses 3
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197, 700
213, 200
223, 700
235, 600
225, 200
228, 200
231, 900
235, 600
NOTE.—Data for Alaska and Hawaii in eluded beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
The Treasury bill rate continued to rise during April, reaching the highest monthly average since the October 1966
peak. Government bond yields declined slightly in early April, but rose again in late April and early May.
PERCENT PER ANNUM
7
PERCENT PER. ANNUM
7
CORPORATE Aaa BONDS
(MOODY'S)
1962
1968
SOURCE: SEE TABLE BEIOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
municipal
bonds
Taxable
3
(Standard
&
bonds
Poor's) 4
3. 90
3. 46
3. 95
3. 18
4. 00
3.23
4. 15
3.22
4.21
3.27
4.65
3. 82
4.85
3.96
4. 45
3. 60
4. 51
3. 66
4.76
3.92
4.86
3.99
4. 86
4. 05
4. 95
4. 03
4. 99
4. 15
5. 19
4.31
5.44
4.36
5. 36
4. 49
5. 18
4. 36
5. 16
4.39
5. 39
4. 56
4. 41
5.28
U.S. Government security yields
Period
3-month
Treasury
bills i
2. 378
2.778
3. 157
3. 549
3. 954
4. 881
4. 321
4. 288
3-5 year
issues 2
3. 60
1961
1962
3. 57
3. 72
1963
4. 06
1964
__ _
4. 22
J 965
___ .
5." 16
1 966
5.07
1967
.__ _
4. 52
1967: Mar. _ _ - _
:j. 852
4. 46
Apr _ _
3.640
4.68
May...
i}. 480
4.96
June
4. 30S
5. 17
July
4. 27.")
r>. 28
AUK
-4. 451
5. 40
Sopt
4. 588
5. 52
O c l _ _ _ _ _ _. _
4. 762
5. 73
Nov..
5. 012
5. 72
Pec
5. 081
5. 53
IOCS: Jan
4.
969
5.59
Feb
5. 144
5.77
Mar
5. 365
5. 69
Apr _
Week ended:
5. 21
5. 309
5. 48
1968: Apr 12__
5.463
5. 28
5. 70
19__
5. 542
5. 33
5. 88
26
5. 499
5. 32
5. 88
May 3__
5. 507
5.32
5. 88
10..
5. 558
17__
1
2
Rate on new issues within period.
Selected note and bond issues.
3
April 1953 to date, bonds due or callable 10 years and after.
« Weekly data are Wednesday figures.
* Data for first of the month, based on the maximum permissible interest rate
(6 percent beginning October 1966) and 30-year mortgages paid in 15 years.
4. 34
4.37
4. 47
4. 50
4. 43
Corporate bonds
( MoodyJs)
Aaa
Baa
4. 35
4. 33
4. 26
4. 40
4.49
5. 13
5. 51
5. 13
5. 11
5.24
5.44
5. 58
5. 62
5. 65
5.82
6.07
6. 19
6. 17
6. 10
6. 11
6. 21
5. 08
5.02
4.86
4.83
4.87
5. 67
6.23
5.85
5. 83
5.96
6.15
6.26
6.33
6.40
6. 52
6.72
6. 93
6. 84
6.80
6. 85
6. 97
6. 19
6. 20
6. 22
6. 25
6.25
6.98
6. 95
6. 96
7. 00
7. 01
Prime
commercial
paper,
4r-6
months
2.97
3.26
3. 55
3. 97
4.38
5.55
5.10
5. 24
4.83
4.67
4.65
4. 92
5. 00
5.00
5.07
5.28
5. 56
5. 60
5. 50
5. 64
5. 81
5.
5.
5.
6.
6.
FHA
new home
mortgage
yields 5
5.80
5. 61
5.47
5. 45
5. 46
6.29
6. 55
a 46
6.35
6.29
6.44
6. 51
6. 53
6. 60
6.63
6.65
6.77
6. 81
6.81
6.78
6.83
75
78
88
05
13
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The common stock price index rose sharply in April and early Mayf reaching a new high on a weekly average basi
Index,194f-43=lO
Index, T94t-43=fO
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
i i i f ivri i r/1 i
I f I I i I I i i i I
r f t t I I t i i i i
i ! i 1 i I i i i 1 i
i t t t f I i i Tr t
r I I ! f ! I I I ! I
I t t i I I f r t I (
RATIO
RATIO
25
25
PRICE/EARNINGS RATIO ON COMMON STOCKS
20
\
15
."
•\>—i"* **~*" "*^
X
%
f
i
1962
'
r
f
f
1963
t
f
(
1964
i
i
i
1965
15
^1
"-—
10 A
20
^-^
"""
r
\
1966
\
SOURCE: STANDARD'S, ROOK'S CORPORATION
_.
May
_ __
j une
July
Aug
Sept. _
Oct
Nov__
_
_ _
Dec
1968: Jan__
Feb_
Mar
Apr
Week ended:
196S:
Mar 29_
Apr 5
19
19
26
Ma}^ 3_
10.
1
Total
Capital
goods
Consumers'
goods
Public
utilities
Railroads
Dividend
yield 2
(percent)
62. 38
69. 87
81. 37
88.17
85. 26
91. 93
90.96
92.59
91.43
93. 01
94. 49
95. 81
95. 66
92.66
95. 30
95. 04
90.75
89. 09
95. 67
65. 54
73.39
86. 19
93.48
91. 09
99. 18
97. 54
99.59
98.61
100. 38
102. 11
103. 84
104. 16
100. 90
103. 91
103. 11
98. 33
96.77
104. 42
1941-43=10
54. 96
58. 15
63. 30
62. 28
76. 34
73. 84
81. 94
85. 26
74. 10
84. 86
79. 18
96. 96
92.37
77. 53
79.13
95.10
78.94
96.34
98. 35
81. 27
83.88
101. 01
84. 62
104. 17
106. 64
83. 60
80.47
103. 58
81. 92
106. 41
102. 87
81. 06
77.99
98. 13
96. 32
77. 49
84. 79
104. 08
59. 16
64.99
69. 91
76.08
68. 21
68. 10
71.70
70.70
67.39
67. 77
68. 03
67. 45
64. 93
63.48
64. 61
68. 02
65. 61
62. 62
63. 66
30. 56
37.58
45. 46
46.78
46. 34
46.72
45.80
47.00
48. 19
49. 91
50. 43
49. 27
46. 28
42.95
43. 46
43. 3S
42. 35
41. 68
44. 79
3.37
3.17
3. 01
3.00
3. 40
3.20
3.24
3.19
3.19
3. 15
3. 11
3. 07
3. 07
3.18
3. 09
3. 13
3. 28
1 34
3. 12
89.
93.
95.
96.
96.
98.
98.
97. 23
101. 56
104. 44
105. 38
105. 4-1
107. 26
107. 90
96.
101.
103.
105.
105.
107.
108.
77. 42
82. 20
84. 54
86. 19
86. 23
87. 23
88. 52
61. 35
62. 98
64. 01
64, 48
63. 41
63. 29
63. 50
42. 09
42. 76
44. 34
45. 47
45. 82
46. 53
46. 89
x 33
I 19
). 12
3. 08
1 09
3. 06
). 05
34
14
72
59
51
05
61
Includes 500 common stocks; 425 are industrials; 55 are public utilities, and 2U
are railroads. Weekly indexes ior capital and consumer goods are Wednesday
figures;
all other weekly indexes are averages of daily figures.
2
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
http://fraser.stlouisfed.org/
34
Federal Reserve Bank of St. Louis
f
N 10
M
COUNCIL OF ECONOMIC ADVISERS
Total
__
^
1968
Price index 1
Industrials
Period
1962 _
1963
1964 _ _ _
1965
1966
1967
1967: Apr
i
\
1967
50
29
74
73
54
52
03
Price/
earnings
ratio 3
16. 68
17. 62
18. 08
17.08
14. 92
17. 54
17. 01
17.81
:::::.
17.41
are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
r'EDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the receipt-expenditure account, the increase in receipts in fiscal 1968 is estimated at $6.2 billion and the increase
in expenditures at $16.7 billion. The increase in expenditures and net lending is expected to be $17.3 billion.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
200
EXPENDITURES AND NET LENDING
- -20
-20 1958
1959
1960
1961
1962
J/RECEIPTS LESS EXPENDITURES AND NET LENDING.
ESTIMATE.
1963
1964
FISCAL YEARS
1965
1966
1967
1968-2/
1969-2/
COUNCIL OF ECONOMIC ADVISERS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
[Billions of dollars]
Period
Fiscal year:
1958_ _ _ _
__
1959
1960
_._
1961_
_
_
1962
1963
1964
1965 _
1966
___
1967 1
1968
1969 »
Fiscal year 1968:
Mar
Cumulative total, first 9 months
Budget receipts, expenditures, and net lending
Loan
Receipt-expenditure account
Total
account
surplus or
ExpendiSurplus
or
Net
deficit (-)
Receipts
tures
deficit (— )
lending
79.6
79.0
92.5
94.4
99.7
106.6
112.7
116.9
130.9
149.6
155.8
178.1
81.2
89.7
90.4
96.7
104.7
111.5
118. 1
116.7
130.7
153.2
169.9
182.8
— 1.6
-10.6
2.1
-2.3
-5.0
— 4.9
-5.4
.1
.2
-3.6
-14.0
— 4.7
1.5
2.7
1.9
1.2
2.4
— .1
.5
1.2
3.8
5.2
5.8
3.3
-3.1
— 13.3
.2
— 3.5
-7.4
-4.7
-6.0
-1.1
-3.7
-8.8
— 19.8
-8.0
11.9
103. 6
14.3
128. 0
-2. 4
-24. 5
.6
3.6
-3. 0
-28. 1
1
Estimates in the 1969 Budget, submitted in January 1968.
NOTE.—Budget receipts and expenditures, net lending, and the public debt
are based on The Budget of the United States Government, 1969, which shows data
on the basis of budget concepts adopted pursuant to the recommendations of the
Public debt
(end of
period)
279.1
286.7
289.2
291.0
301.1
308.5
314.4
320.8
329.5
341.3
370.0
387.2
President's Commission on Budget Concepts. As soon as all of the data are
available on a monthly basis, the table will be expanded to include them.
Sources: Treasury Department and Bureau of the Budget
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1968, individual income taxes are estimated to increase by $6.2 billion, corporation income taxes to decline
by $2.7 billion, and other receipts to increase by $2.7 billion. National defense outlays are estimated to increase by
$6.4 billion and nondefense outlays by $10.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
120
120
EXPENDITURES AND NET LENDING
100
100
80
80
NONDEFENSE
60 -
.-^~~ZZZZZ£Z^
40
60
1—
T-
40
-NATIONAL DEFENSE'
20
1958
1959
1960
1962
1961
1963 1964
FISCAL YEARS
J/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
1965
1966
1967
1969 -^ l
1968-^
20
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Expenditures and net lending
National defense
Period
Fiscal year:
1958__
1959
1960
1961
1962
1963
1964_
1965
1966
1967 3
1968 3
1969 _
Individual
income
taxes
Corporation
income
taxes
79.6
79.0
92. 5
94. 4
99. 7
106. 6
112.7
116. 9
130. 9
149. 6
155. 8
178. 1
34. 7
36. 7
40. 7
41. 3
45. 6
47.6
48. 7
48. 8
55. 4
61. 5
67.7
80.9
20. 1
17. 3
21. 5
21. 0
20. 5
21. 6
23. 5
25. 5
30. 1
34.0
31.3
34. 3
24. 8
25. 0
30.3
32. 1
33. 6
37.4
40. 5
42. 6
45.4
54. 1
56. 8
62. 9
82.7
92.4
92. 3
97. 9
107.0
111. 3
118. 7
118. 0
134. 6
158.4
175.6
186. 1
11.9
3.4
4. 4
4.1
14. 9
Total
Other
Total
Total
44. 5
46.7
45. 8
47.5
51. 2
52. 2
53. 7
49. 6
56.8
70. 1
76. 5
79. 8
Department of
Defense,
military 1
39. 1
41. 2
41. 2
43.2
46. 8
48. 3
49. 8
46. 2
54.4
67. 5
73. 7
76. 7
InternaHealth,
tional
labor,
affairs
and
finance
3.3
3. 2
3. 1
3.4
4. 6
4.2
4. 2
4. 2
4. 4
4. 6
5. 0
5. 2
and
Other 2
welfare
15. 8
18. 0
19. 1
22. 4
24. 0
25. 7
27. 2
28. 2
33. 2
40. 1
46. 4
51.4
19. 2
24. 5
24. 2
24. 7
27. 3
29. 2
33. 7
36. 0
40. 3
43. 6
47. 7
49. 7
Fiscal year 1968:
Mar__
6. 1
Cumulative total,
first 9 months
103.6
47.9
39.2
131. 7
56.4
16.5
1
Expenditure account.
adopted pursuant to the recommendations of the President's Commission on
'- Includes undistributed adjustments to amounts for all functions and special
Budget Concepts. As soon as all of the data are available on a monthly basis,
allowances for 1968 and 1969.
the table will be expanded to include them.
* Estimates in the 1969 Budget, submitted in January 1968.
Sources: Treasury Department and Bureau of the Budget.
NOTE.—Receipts and outlays in this table are based on The Budget of the
United Stales Government, 1969, which shows data on the basis of budget concepts
36
^EDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
1 the first quarter, Federal receipts rose by over $7% billion (seasonally adjusted annual rate) and expenditures
oy about the same amount resulting in no change in the deficit from the fourth quarter level of $10% billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
180
120
100
100
-
'+20
mm
-20
DEFICIT
1
1
1962
+20
SEASO ^ALLY ADJUSTED ANNUAL RATES
SURPLUS
t
1
w
1
1963
m
1
-•-f
I
1964
n ra
f
!
J/PREL,M,NARY.
!
1965
ni F1
\
!
1
1
1
1966
w
w
VS
!
|l \
1
1967
1
X I
f
f
-20
1968
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Fiscal year:
1964
1965
1966
1967
19681
1969 *
Calendar
year:
1964
1965
1966
1967_
1966:1.IL_
IIIIV_
1967:I__
II_III.
IV__
1968: I *__
1
Federal Government expenditures
GrantsSubsidies
PurIndirect Contriin-aid
less
Personal Corpocurrent
business butions
chases Trans- to State
Net
rate
tax
and
for
Total nontax profits tax and
and
interest surplus
Total of goods fer paytax
local
nontax socialinand
paid
of Govt.
ments
receipts accruals
enterservices
accruals suran ce
governments
prises
Surplus
or
deficit
(-),
income
and
product
accounts
115. 5
120. 6
132. 9
147. 6
161. 1
182. 5
50. 7
51. 3
57. 5
64.6
71. 0
83.8
25. 7
27. 8
31. 0
31. 4
34. 3
37.2
15. 6
16. 9
15. 8
15.9
17.1
18.1
23. 5
24. 5
28. 6
35. 7
38.7
43. 4
116. 9
118. 3
131. 9
155. 1
171. 1
185.0
65. 7
64. 3
71. 7
84.5
92.8
99.4
29. 5
30.4
34. 1
39. 8
44.9
49. 9
9. 8
10. 9
12. 7
15.4
18. 0
20.0
8. 1
8. 5
9. 0
10. 1
10.7
11.2
3.8
4. 1
4. 5
5.3
4,5
4.5
-1. 4
2. 3
.9
-7.5
-10. 0
-2. 5
115. 0
124. 8
143. 2
151. 8
137. 0
141. 6
145. 6
148. 6
149. 1
148. 1
152. 7
157. 3
164.9
48. 6
53. 8
61. 7
66. 5
57.7
60. 9
63. 1
65. 2
65. 5
64.0
67.5
69. 1
71. 6
26. 4
29. 3
32. 3
31. 0
32. 2
32.2
32. 4
32. 3
30. 3
30. 3
30.6
32. 5
34. 0
16. 1
16. 5
15. 9
16.6
15. 2
15. 9
16. 2
16. 3
16. 2
16. 5
16. 7
17.0
17.4
23. 8
25. 2
33. 3
37.7
31.9
32.5
34. 0
34. 7
37. 0
37. 2
38.0
38.7
41. 8
118. 1
123. 4
142. 9
164. 3
134.8
138.4
146. 3
151. 9
160. 9
162. 8
165.9
167.9
175. 6
65. 2
66. 8
77. 0
89.9
72. 1
74. 9
79.5
81. 5
87. 1
89. 5
90.9
92.2
96. 2
29. 9
32. 4
36. 0
42. 9
35.2
34. 1
35. 9
38. 8
42. 2
42, 4
43. 5
43.3
45. 9
10. 4
11.2
14. 8
16.0
13. 8
14. 6
15.3
15. 6
15. 6
15.3
16. 0
17. 1
18. 2
8.3
8.7
9. 5
10.5
9. 1
9. 4
9. 6
10. 0
10.4
10. 4
10. 5
10.7
11. 1
4.2
4. 3
5. 4
5. 1
4. 6
5.3
6. 0
5. 9
5. 6
5.3
5.0
4.6
-3. 0
1. 4
.3
-12.5
2. 2
3. 2
Estimates.
A. "2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
.
n
-3! 3
-11.9
-14.7
-13. 2
-10. 7
-10. 7
O'J
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and .... not available.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C., 20402
Price 25 cents per copy; $2.50 per year; $3.50 foreign
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