Full text of Economic Indicators : May 1969
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91st Congress, 1st Session
Economic Indicators
May 1969
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1969
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 500 °f Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
BARBER B. CONABLE, Jr. (New York)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIB1COFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
PAUL W. McCRACKEN, Chairman
HENDRIK S. HOUTHAKKER
HERBERT STEIN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
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Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
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TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Revised estimates indicate that gross national product advanced about $16 billion (seasonally adjusted annual rate)
in the first quarter, $1/2 billion less than the fourth quarter rise and $5% billion less than the record increase in the
second quarter of last year.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Net receipts
Disposable personal income
Period
1961
1962
1963
1964
1965
1966
1967
1968
1968: !__
IV. __
1969:
364. 4
385. 3
404. 6
438. 1
473.2
511. 6
546. 3
589. 0
574. 4
586.3
592. 7
602. 4
609. 2
8. 1
8. 6
9. 7
10. 7
12. 0
13. 1
13. 9
14.4
14. 1
14.4
14. 5
14. 7
14. 9
356. 3
376. 6
394, 9
427.4
461. 3
498. 4
532, 4
574. 6
560. 3
571.9
578. 2
587. 7
594. 3
335. 2
355. 1
375. 0
401. 2
432. 8
465. 5
492. 2
533. 8
519. 4
527.9
541. 1
546. 8
557. 4
21. 2
21. 6
19. 9
26. 2
28. 4
32. 9
40. 2
40. 7
40. 8
44.0
37. 1
40. 9
36. 9
144. 6
157. 0
168.8
174. 1
189. 1
213. 2
227. 4
260. 9
246. 6
254.2
267.2
275. 4
288. 4
Business
Period
Expenditures
PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
or
tion
Purpaid and excludand
fers,
fers,
nontax interest,
ing
expenddisNet
expend- interest,
chases
Total' transfer
interest itures saving receipts
of goods
receipts itures
payand
and
and
or
ments
and
subsubto foraccruals sidies 2
trans2
sidies
eigners
fers
41. 3
42. 8
44. 4
46. 7
49. 9
55. 3
62. 9
70. 3
66. 4
69.8
71. 8
72. 8
74. 7
103. 3
114, 2
124. 3
127.3
139.2
157. 9
164. 6
190. 6
180. 3
184.4
195.4
202. 6
213.7
149. 0
159.9
166.9
175.4
186.9
211. 5
241. 3
267. 4
256. 9
265.5
271. 3
275.9
281. 5
41.3
42.8
44,4
46.7
49. 9
55. 3
62. 9
70.3
66.4
69.8
71.8
72. 8
74.7
107. 6
117. 1
122.5
128. 7
137.0
156. 2
178.4
197.2
190. 5
195.7
199. 6
203. 0
206.9
Ill
1969:
58. 7
66. 3
68. 8
76. 2
84. 7
91. 6
93. 1
97.5
92. 8
97.4
99.9
99. 9
99. 3
71. 7
83. 0
87. 1
94. 0
108. 1
120. 8
114. 3
127. 7
119. 7
127.3
127. 1
136. 6
139. 0
-13. 0
-16. 8
-18.4
-17. 8
— 23. 4
-29. 2
-21. 1
-30.2
-26. 9
-29.9
-27.2
-36.7
-39. 7
2. 6
2. 7
2. 8
2.8
2,8
2. 9
3. 1
2.7
2. 6
2.8
2. S
2. 8
2. 4
28. 6
30. 3
32. 3
37. 1
39. 2
43. 1
45. 8
50.0
47. 5
49.9
52. 6
50. 1
46. 6
1
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
2 etc.).
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government
enterprises.
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.
(-),
income
and
product
accounts
— 4.3
-2.9
1.8
-1.4
2.2
1. 7
-13. 8
-6.6
-10. 3
-11.3
-4. 1
-.4
6.9
International
Net
Net exports of goods
Total
Statistransfers
and services
Excess of income
tical
Gross
Gross private Excess to foror
transfers
discrepretained domestic
of
eigners
or
receipts ancy
earn-3
invest- by perof net
investEquals:
ment Isons and Exports Less:
ings
exports
ment 4
Net
GovernImports exports
ment
1961
1962
1963
1964
1965
1966
1967
1968
1968: I
Surplus
or
deficit
23. 0
25. 1
26. 4
28. 6
32. 3
38. 1
41. 0
48. 1
46. 0
47.9
49. 4
49. 1
46. 6
5. 6
5. 1
5. 9
8. 5
6. 9
5. 1
4.8
2.0
1. 5
2.0
3.3
1. 0
.0
-3. 0
-2. 5
-3. 1
-5. 7
-4. 1
-2. 2
-I. 7
.8
1. 1
.8
-. 5
1. 8
2. 4
520. 8
559.8
590. 8
633. 7
688. 0
750. 9
793. 2
865.4
835. 9
856.5
876.3
893. 0
909. 7
-0.8
.5
o
-l". 3
-3. 1
-3.3
-3.5
-4. 8
-4. 7
-3.6
-5.3
-5. 5
-6. 4
Gross
national
product
or
expenditure
520. 1
560. 3
590. 5
632.4
684. 9
747. 6
789. 7
860. 6
831. 2
852.9
871.0
887.4
903. 3
4
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
4
Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Drpartmont of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) increased at an annual rate of about 71/3 percent in the first quarter,
according to revised estimates. The rise in physical output was at a rate of about 3 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000 I
1 1,000
SEASONALLY ADJUSTED ANNUAL RATES
900
900 }
ACROSS NATIONAL PRODUCT.
800
800
700
700
600
600
PERSONAL CONSUMPTION
.EXPENDITURES
500
500
400
400
GOVERNMENT PURCHASES
_OF GOODS AND SERVICES.
200
200
100
100
NET EXPORTS OF GOODS
AND SERVICES.
J
L
J
1963
L
1964
1965
GROSS PRIVATE DOMESTIC
INVESTMENT
J
1966
J
L
L
SOURCEi DEPARTMENT OF COMMERCE
Period
1958
1959
1960
1961
1962
1963
1964_
1965_ _
1966
1967
1968
1968: I
II
III. _
IV
1969: !___
475.9
487.7
497. 2
529.8
551. 0
581. 1
617. 8
657.1
673. 1
706. 7
692. 7
703.4
712. S
718. 4
723.5
447.3
483.7
503.7
520. 1
560. 3
590. 5
632. 4
684. 9
747.6
789. 7
860. 6
831. 2
852.9
871. 0
887.4
903. 3
290. 1
311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
432. 8
465. 5
492. 2
533. 8
519. 4
527.9
541. 1
546.8
557. 4
Government
Net
exports
of goods
and
Total
Total
services
data at seasonally
2.2
60. 9
94, 2
. 1 97.0
75. 3
4.0
74. 8
99.6
5. 6 107.6
71. 7
5.
1
83. 0
117. 1
5. 9 122.5
87. 1
8.5 128. 7
94. 0
6. 9 137.0
108. 1
5. 1 156.2
120. 8
4. 8 178. 4
114. 3
2.0 197.2
127.7
1. 5 190. 5
119.7
2.0 195.7
127.3
3. 3 199. 6
127. 1
1.0 203. 0
136.6
139.0
. 0 206. 9
ir
This category corresponds closely with budget expenditures for national
defense, shown on p. 36.
2 Gross national product in current prices divided by gross national product
in 1958 prices.
'
1969
COUNCIL OF ECONOMIC ADVISERS
Total
Personal Gross
gross
Total
conprivate
national gross
sump- domestic
product national tion
investin 1958 product expend- ment
prices
itures
Billions of dollars; quarterly
447. 3
»
1968
1967
purchases of goods
services
Federal
National1 Other
defense
and
State
and
local
Implicit
price
deflator
for total
GNP,
1958=1002
40. 6
43.3
46. 1
50. 2
53. 7
58. 2
63. 5
70. 1
78. 8
87. 8
97.2
93. 4
95.6
98. 4
101. 2
104.5
100.0
101. 6
103. 3
104. 6
105. 8
107.2
108.8
110. 9
113. 8
117. 3
121.8
120. 0
121.2
122. 3
123.5
124. 9
adjusted annual rates
53. 6
53.7
53. 5
57.4
63. 4
64. 2
65. 2
66.9
77.4
90. 6
100. 0
97. 1
100. 0
101.2
101. 7
102. 4
45. 9
46. 0
44. 9
47.8
51. 6
50. 8
50. 0
50. 1
60. 6
72. 4
78.9
76. 8
79.0
79. 6
80.0
80.2
7. 7
7. 6
8.6
9.6
11.8
13. 5
15. 2
16.8
16. 8
18. 2
21.1
20. 3
21.0
21. 5
21.7
22. 2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
_
Source: Department of Commerce,
c,
NATIONAL INCOME
income rose $13% billion (seasonally adjusted annual rate) in the first quarter, according to preliminary
estimates. There were rises of $14% billion in compensation of employees and about $1 billion in net interest and
a decline of $1 % billion in corporate profits (before taxes) and inventory valuation adjustment. Other forms of income
ecorded little change.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
\
1963
'
1964
1969
J/PRELIMINARY.
SOURCE: DEPARTMENT 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
1968
1968: I
_ _ _
II
III
IV
1969: I p —
1
Includes employer
1
Total
national
income
367. 8
400. 0
414. 5
427. 3
457. 7
481. 9
518. 1
564.3
620.8
652.9
712.8
688. 1
705. 4
722.5
735. 1
748. 7
Compensation
of em- 1
ployees
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.8
435.6
468.2
513. 6
496.8
507. 1
519. 7
530. 7
545.2
Proprietors' income
Farm 2
13. 4
11. 4
12. 0
12. 8
13. 0
13. 1
12.1
14.8
15.9
14.4
15. 1
14.6
14.8
15. 4
15. 5
15.2
contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Rental
income
of
persons
33. 2
35. 1
34.2
35. 6
37. 1
37. 9
40.2
42.4
44.8
46.3
47.8
47.2
47.8
48. 0
48.2
48. 3
15. 4
15. 6
15. 8
16. 0
16. 7
17. 1
18.0
19.0
19.8
20.3
21. 0
20.7
20.9
21. 0
21. 2
21. 4
Net
interest
6. 8
7. 1
8. 4
10. 0
11. 6
13. 8
15.8
18.2
20.8
23.3
26. 3
25.0
25.8
26. 7
27. 6
28. 4
Corporate profits and inventory valuation adjustment 3
Total
41. 1
51.7
49. 9
50. 3
55.7
58. 9
66.3
76. 1
83.9
80.4
89.1
83.8
89.2
91.6
91. 8
90. 1
Profits Inventory
before valuation
taxes 3 adjustment
41.4
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
77.8
85.6
81.6
92.3
88.9
91. 8
92.7
95. 7
96. 0
3
See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
0 3
— 5
.2
. i
.*3
-. 5
-.5
-1.7
1 7
1 2
-3. 1
-5. 1
-2.7
— 1.0
-3.8
-5. 9
SOURCES OF PERSONAL INCOME
The April increase in personal income was abouf $2% billion (seasonally adjusted annual rate), down sharply fix
the revised increase of $6% billion in March. A slow-down in the April increase in wages and salaries to $1 % billioi
from $5^/3 billion in the preceding month accounted for most of the change.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
100
100
1963
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1960
1961 _ _
1962
1963 „
_ _ !
1964__
1965 _
1966
1967
i
1968__ _ _ _ _ !
1968: Mar...
Apr
May...
June
Julv....
Aug.._
Sept...
Oct
Nov....
Dec
1969: Jan
Feb
Mar...
Apr*>__
401.0
416.8
442. 6
465. 5
497. 5
538. 9
586. 8
628. 8
685. 8
670.0
672.6
678.2
683. 7
689. 2
694.1
699. 7
703. 2
708.0
713. 5
716. 1
721. 2
727.7
730.5
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Proprietors' income Rental
Transfer
and
Other
Divi- Personal
salary
Business income
labor 2
interest
payof
dends
and pro- persons
disburseFarm
income
income ments
J
ments
fessional
12. 0
12.0
34. 2
270. 8
13. 4
15. 8
23. 4
28. 5
12. 8
12. 7
35. 6
25. 0
32. 4
278. 1
16. 0
13. 8
296. 1
13.9
13.0
37. 1
27.7
16. 7
15. 2
33. 3
27 P,
14. 9 i
13. 1
311. 1
17. 1
16. 5
31. 4
35. 3
16. 6
121
40 2
333. 7
18. 0
17. 8
34. 9
36. 7
258. 9
14.
s
42.
4
1Q 8
18. 7
19. 0
38. 7
39. 9
2Q4 8
20. 8
15. 9
44. 8
19. 8 i 21. 7
43. 9
43. 1
22 2
51 7
4fi 8
423. 4
14. 4
20. 3
22. 9
46. 3
21.
0
24.
fi
52
1
58*
463. 5 !
26. 1
15. 1
47. 8
452.2
25.2
14.8
47.5 l! 20.7 l
23.9 ! 50.2
57.8 i
453.2
14.8
25.5
47. 6
20.8
24. 3
50. 8
58. 1
457.5
25.7
14.8
47.8
20.9 ! 24.7
58. 2
51. 3
462. 2
14.8
26.0
47. 9
58. 5
24. 3
20. 9
51. 9
465. 4
26. 3
15. 1
21. 0
52. 4
48. 0
59. 1
25. 0
468.7
15.4
21.0
59.6
26.5
48.0
25. 2
52.9
472. 8
26. 8
15. 7
48. 0
21. 1
53. 4
25. 3
59. 9
474. 9
27. 0
54. 0
15. 6
21. 2
48. 1
60. 4
25. 3
478.9
15.5
48.2
21.2
27.3
54.3
25.4
60.8
483. 3
21. 3
15. 5
48. 3
27.6
25. 5
54. 7
61. 0
486. 5
27. 8
15. 4
61.7
48. 4
21. 3
25. 3
55. 1
490. 4
28. 0
15. 2
21.4
48. 4
25. 4
55. 5
62. 4
495. 7
28. 3
15. 1
21. 5
56. 1
62. 9
48. 3
25. 5
497. 4
28. 5
15. 1
63. 4
48. 4
25. 6
21. 5
56. 5
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
COUNCIL OF ECONOMIC ADVISERS
Less: Personal contributions
for social
insurance
9.3
9. 6
10. 3
11. 8
12. 5
12 4
17. 8
20 4
fi
22. 9
22.4 j
22. 6
22. 8 i
22. 9 !
23. 1
23. 2
23. 3
23. 4
23.5
23. 5
25. 4
25. 5
25. 6
25. 7
Nonagricultural
personal
income 3
385.2
400.0
425. 5
448. 1
480. 9
519. 5
566. 1
609. 3
665. 4
649. 9
652.4
658. 0
663. 4
668. 7
673. 3
678. 6
682. 2
687.0
692. 5
695. 1
700. 3
707. G
709. 9
5
Personal income exclusive of net income of unincorporated farm enterprises,
fann wages, agricultural net interest, and net dividends paid by agricultural
corporations.
^
_ , , ., ,
, .
. . . . , , , . .
NOTE. — Data for Alaska and TTHawaii Included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
^vised dafa indicate fhat persona! income rose $1 31A billion (seasonally adjusted annual rate) in the first quarter.
With a gain of $6% billion in disposable income and $10% billion in personal outlays, the saving rate dropped from
6.8 percent to 6.1 percent.
BILLIONS OF DOLLAR:
700
BILLIONS OF DOLLARS
700
600 r
600
500 -
400 •—
DOLLARS
3,200
400
PER CAPITA DISPOSABLE PERSONAL INCOME
DOLLARS
3,200
SEASONALLY ADJUSTED ANNUAL RATES
3,000
2,800
IN CURRENT PRICES
2,600
2,400
2,200
2,000
1963
1964
1965
1969
SOURCE: DEPARTMENT OF COMMERCE
Less :
PerPersonal
sonal tax and
income nontax
payments
Period
COUNCIL OF ECONOMIC ADVISERS
Per capita disLess: Personal outlays
posable personal
Equals:
Personal consumption
Equals:
income
Disexpenditures 2
Personal
posable Total
saving
personal personal Durable NonCurrent
1958
prices
income outlays * goods durable Services
prices
goods
i
1960
1961
1962
1963
1964
1965
1966_
1967
1968
401.0
416.8
442.6
465. 5
497. 5
538.9
.: 586.8
_ _ 628.8
' 685. 8
1
1968: !___ 662.7
II. J 678. 1
IIL.j 6943
IV.. j 708.2
i
1969: I— .1 721.7
1
17.0
21.2
21. 6
19. 9
26. 2
28.4
32.9
40.2
40. 7
Dollars
1, 937
1,883
1,983
1,909
2,064
1, 968
2,136
2,013
2, 280
2, 123
2,432
2,235
2, 332
2, 598
2,744
2,401
2,928
2 ; 473 |
4.9
5.8
5.6
4. 9
6.0
6.0
6.4
7.4
6.9
574.4
586.3
592. 7
602. 4
Billions of dollars
333. 0
45. 3
128. 7
151. 3
44.2
135. 1
343. 3
155.9
143.0
49.5
162.6
363. 7
152. 4
168. 6
384. 7
53. 9
59. 2
163. 3
411. 9
178. 7
191. 1
175. 5
66.3
444.8
206.7
188.3
478.6
70.5
506.2
72.6
215.8
203.8
221. 0
82. 5
230. 3
548. 2
Seasonally adjusted annual rates
79.0
226. 5
213.9
533. 5
228.2
218.7
81.0
542.3
232.
7
223. 4
85. 1
555. 6
233.
7
228.
0
561. 6
85. 1
40.8
44.0
37. 1
40. 9
2,866
2, 918
2, 942
2, 982
2,454
2,474
2, 478
2,483
7.1 1 200, 425
7.5 1 200, 899
6. 3 201, 450
6. 8 202; 015
609. 2
572. 3
232. 5
36. 9
3, 009
2,483
6. 1
50. 9
52. 4
57.4
60, 9
59. 4
65.7
75.3
82.5
96. 9
350. 0
364. 4
385.3
404. 6
438. 1
473.2
511.6
546. 3
589. 0
88.3
91. 9
101. 6
105. 8
112. 5
86. 8
238. 1
Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
28 See p. 2 for total personal consumption expenditures.
Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
Saving
as percent of Populadistion
posable
(thoupersonal sands) 3
income
(percent)
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
!
ISO, 684
183,756
186, 656
189,417
192, 120
194, 592
196, 907
199, 114
201, 152
202, 472
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) was unchanged in the first quarter, according
current estimates. Including inventory change there was a 2 percent decline.
BILLIONS OF DOLLARS
60 I
BILLIONS OF DOLLARS
60
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
\
40 h
40
30
30
i
NET FARM INCOME
. INCLUDING NET INVENTORY .
CHANGE
20
20
\
10
10
J
L
J
1963
1964
1965
1966
1967
L
SOURCEi DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVSSERS
Personal income received by
total farm population
Income received from farming
Net to farm
operators
Realized gross
From
all
sources
Period
I960
1961
1962
1963
1964
1965
1966
1967
1968
_
_
1968: I
II _
III
IV
18.7
19.7
20.4
20.6
20.6
23.6
24.8
23.7
24.4
_
_
_
From
From
nonfarm
farm
sources sources
7.2
7.5
8.2
8.5
9.3
10.0
10.5
10.7
10.9
11.5
12.2
12. 3
12. 1
11.3
13.5
14.3
13.0
13.5
._:_"~ "
.
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
= Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
* Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
Net income per
farm including net
inventory change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1968
from
Total i
ventory ventory2 prices prices 4
marketchange change
ings
Dollars
Billions of dollars
12. 1
11.7
34.2
26.4
3, 505
38. 1
3,049
27. 1
12.6
3,907
13.0
3, 399
39.8
35. 1
12. 6
13.2
28.6
4, 075
41.3
36.4
3, 586
29.7
4, 166
37.4
13. 2
12.6
42.3
3, 708
37.2
29.5
13.1
12. 3
3, 960
3,564
42.6
30.9
44.9
4,487
39.3
14.0
15.0
4,931
16.2
43.2
33.4
4, 967
5, 284
16. 1
49.6
14.2
14. 6
4, 654
4, 848
49.1
34.8
42.8
14.9
5, 035
44. 1
35.9
15.4
5, 035
50.8
Seasonally adjusted annual rates
35.4
14.4
43.2
4, 940
14.8
4,840
49.8
35.9
4, 940
4, 940
14.8
15. 1
50.7
44.0
36. 2
5, 130
5,080
15. 4
15. 7
44. 9
51. 6
5, 120
36.3
14.8
15.8
5,170
44.3
51.1
1969: I
1
196?
1965
51. 8
45. 0
37.0
14.8
15. 5
5, 210
5,060
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1968 base.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Agriculture.
pORPORATE PROFITS
According to preliminary estimates, corporate profits (both before and after tax and seasonally adjusted) increased
slightly in the first quarter but after inventory valuation adjustment profits declined. Profits before tax were $7 billion
above a year earlier and profits after tax about $4 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
20
20
1969
^PRELIMINARY.
SOURCE: DEPARTMENT Of COMMERCE
Period
1960
1961__ __
1962
1963
1964___ __
1965_
1966.
1967
1968
1968: I
II ___
III__
IV—
1969" I p
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
i
Corporate profits (before taxes) and inventory
Corporate profits
valuation adjustment
after taxes
Corpo- Profits
plus
rate
TransCorpo- CorpoManufacturing
capital capital
portation ,
rate
rate
conconcomDiviUntax
profits
NonAll
Durable durable
muniAll 1 before liabil- Total dend distrib- sump- sumpindustion
tion
goods
s, other
payuted
taxes
ity
goods cation
tries Total indusand
ments profits allow-2 allow-3
indusan
ces
an
ces
tries
public
tries
utilities
49. 9
50.3
55. 7
58. 9
66.3
76. 1
83. 9
80. 4
89. 1
83. 8
89.2
91.6
91. 8
90. 1
12.4
11. 9
12. 5
13.0
14.9
16. 6
18. 8
18. 0
19.8
19. 0
19.7
20.3
20. 2
12.0
11. 4
14, 1
15.8
17.8
22. 8
24. 1
21. 2
24.7
22. 3
25.2
25.0
26.3
24. 4
23.3
26. 6
28.8
32.7
39. 3
42. 8
39. 2
44.5
41.3
44.9
45.3
46. 5
!
7.5
7. 9
8. 5
9.5
10. 1
11. 1
12. 0
11. 8
12.6
12.5
12.5
13.0
12. 3
17. 9
19. 1
20. 5
20. 6
23.5
25. 6
29. 0
29. 4
32.1
30. 0
31.8
33.3
33. 1
i
»Includes all other industries and financial institutions.
depreciation and accidental damages.
Corporate profits after taxes plus corporate capital consumption allowances.
2
Includes
3
29-190 °—69-
49. 7
50. 3
55. 4
59.4
66.8
77.8
85. 6
81.6
92.3
88. 9
91.8
92.7
95. 7
96. 0
23.0
23. 1
24. 2
26. 3
28.3
31.3
34.6
33. 5
41.3
39.8
41. 1
41.5
42. 8
43. 0
26. 7
27. 2
31. 2
33. 1
38.4
46.5
51.0
48. i
51.0
49. 1
50.7
51.2
52. 8
53.0
13.4
13. 8
15. 2
16. 5
17.8
19. 8
21. 7
22. 9
24.6
23. 6
24.4
25.2
25.4
25.4
13. 2
13. 5
16. 0
16. 6
20.6
26. 7
29. 3
25. 2
26.3
25. 5
26.3
26.0
27. 5
27. 7
24. 9
26. 2
30. 1
31.8
33.9
36. 4
39. 7
43. 4
47.1
45.7
46.7
47.6
48. 5
49.3
51. 6
53. 5
61. 3
64. 8
72.3
82. 9
90.7
91. 5
98. 1
94. 8
97.4
98. 8
101. 3
102.3
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
The $21/2 billion (seasonally adjusted annual rate) increase in gross private domestic investment in the first quartet
was considerably below the $91/2 billion rise in the preceding quarter, according to revised estimates. A rise of $51/3
billion in business fixed investment and almost $1 billion in residential construction was partially offset by a decline
of $3% billion in inventory accumulation.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
1 160
SEASONALLY ADJUSTED ANNUAL RATES
140
GROSS PRIVATE DOMESTIC
INVESTMENT
120
120
100
100
80
80
PRODUCERS'
DURABLE EQUIPMENT
60
60
\—-
40
^••--•'"'"l "*
DCCinCKITIAI CTDI I/~TI I
RESIDENTIAL
STRUCTURES
\
•*^^
40
NONRESIDENTIAL STRUCTURES
w.m'm-m
•-k'Wk^'^mm
.^•wcf nKTf
t,,,t..._
I
\
J-<*^«k
«vNk~ •>.'*'*>*f«il14illtt>^
n
^*k-»-»»7ft7R^*^-
20
20
CHANGE IN BUSINESS
INVENTORIES
1964
1963
SOURCEi
1965
1966
1967
1969
1968
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Total
gross
private
domestic
investment
Total
II
III
IV
1969: I
60.9
75.3
74.8
71.7
83.0
87. 1
94. 0
108. 1
120. 8
114. 3
127.7
119. 7
127.3
127.1
136.6
139. 0
Total
62. 4
70. 5
71.3
69. 7
77. 0
81.3
88. 2
98. 5
106. 1
108.2
119.9
117. 6
116.5
119.6
126.0
132. 1
41. 6
45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71. 3
81. 3
83.6
90.0
88. 6
87.0
90.1
94.3
99. 6
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Producers' durable equipment
Structures
Total
1958
1959
196CL_
1961__
__
1962
1963
1964
. _ _ _.
1965
1966
1967
1968 1968: I
Residential
structures
N onresidential
16. 6
16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25.5
28.5
27. 9
29.2
29. 6
28.5
28.8
29.9
32. 2
Nonfarm
15. 8
15. 9
17. 4
17.7
18. 5
18. 8
20.5
24. 9
27. 8
27. 1
28.4
28. 8
27.7
28. 0
29. 1
31.4
Total
25. 0
28. 4
30.3
28. 6
32. 5
34. 8
39. 9
45.8
52. 8
55. 7
60.8
59. 0
58.5
61.3
64.5
67.4
Nonfarm
22. 0
25. 4
27. 7
25. 8
29. 4
31. 2
36.3
41. 6
48. 1
51. 0
55.9
54. 3
53.6
56.4
59.3
63.0
Total
20. 8
25. 5
22.8
22. 6
25. 3
27. 0
27.1
27.2
24. 8
24. 6
29.9
29. 1
29.5
29.5
31.6
32. 5
Source: Department of Commerce.
Nonfarm
20. 1
24.8
22. 2
22! o
24.8
26. 4
26.6
26. 7
24. 3
24. 0
29.3
28.5
28.9
28.9
31.0
31. 8
Change in business inventories
Total
-1. 5
4.8
3. 6
2. 0
6. 0
5. 9
5. 8
9. 6
14. 7
6. 1
7.7
2. 1
10.8
7.5
10.6
6. 9
Nonfarm
-2.3
4. 8
3.3
1.7
5.3
5. 1
6. 4
8.6
14. 9
5. 6
7.3
1.6
10.4
7.3
9.7
6.2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the latest survey of investment intentions, expenditures for new plant and equipment in 1969 are projected to increase sharply—by 14 percent over 1968. Actual expenditures for the fourth quarter of 1968 were $11/3
billion (seasonally adjusted annual rate) below earlier anticipations. There was nevertheless a substantial increase
of $2.7 billion over the third quarter level.
BILLIONS OF DOLLARS
1 80
BILLIONS OF DOLLARS
80 I
SEASONALLY ADJUSTED ANNUAL RATES
70
70
60
60
50
50
40
NONMANUFACTURING
30
- 30
MANUFACTURING
I
20
I
1
I
1963
I
1
I
20
t
1964
f
t
1967
1966
1965
!
I
f
1968
1969
y JK>
-I/SEE NOTE 3 ON TABLE BELOW
SOURCESi 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 i
Total
1956
1957
1958
-- -1959
-_
I960
_
1961
1962
1963
1964
1965
1966
1967
_
_ --1968 3 _
_ _ _
1969
1968- I
II
III
IV
1969: I 3 _3
_ - _ __ _.
II
3
2nd h a l f
35. 08
36. 96
30. 53
32. 54
35. 68
34.37
37. 31
39. 22
44. 90
51.96
60.63
61.66
64. 08
72. 96
64. 75
62.60
63. 20
65. 90
71. 65
70. 85
74. 70
14.95
15.96
11.43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 58
22.45
26. 99
26.69
26.44
30. 65
26.35
25.80
26. 65
26.85
29. 50
29. 95
31. 45
Durable Nonduragoods
ble goods
7. 62
8.02
5.47
5. 77
7. 18
6. 27
7. 03
7. 85
9. 43
11.40
13.99
13.70
13. 51
15. 48
13. 65
12.80
13. 65
13. 90
15. 30
15. 15
15. 70
1
Excludes agriculture.
2 Commercial and other includes trade, service, finance, communications, and
construction.
i s Estimates based on anticipated capital expenditures as reported by business
MI late January and February 1969. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data arc rounded (o nearest $50 million.
Transportation
7.33
7. 94
5. 96
6.29
7. 30
7. 40
7. 65
7. 84
9. 16
11.05
13.00
13.00
12. 93
15. 17
12. 70
13.00
13. 05
12. 95
14, 20
14. 80
15. 75
Railroads
Other
Public
utilities
1. 23
1. 40
. 75
. 92
1. 03
.67
. 85
1. 10
1.41
1.73
1.98
1.53
1.34
1.73
1. 65
1.40
1. 20
1. 15
1. 45
1. 60
1. 95
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. 31
4. 83
4. 35
3.65
4. 60
4.80
5.00
4. 05
5. 25
4. 90
6. 20
6. 09
5. 67
5. 68
5.52
5. 48
5.65
6. 22
6.94
8.41
9.88
11. 54
13. 16
11. 60
11.65
10. 90
12. 00
13.40
13.35
13.00
Mining
1. 24
1. 24
. 94
.99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.47
1.42
1.42
1.60
I. 55
1.40
1. 35
1. 35
L 65
1. 60
1. 55
Commercial and
other 2
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. 04
21.00
19.20
18.70
18. 50
19. 75
20. 70
20. 35
21. 40
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In April, the civilian labor force (seasonally adjusted) declined for the first time since October 1968. Employment
decreased by 162,000 while unemployment rose by 117,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
yu
SEASONALLY ADJUSTED
_
85
on
85
Qrt
CIVILIAN LABOR FORCE
_
-—***)f
^——~^r
75
"
.>' •»•
(•*•—"
_-—-—'—1
7A
1
11
.,,,.,,,,...'«"" """" ""
.,....,.^r-
.,„„,
"'""'
^
\|
,»%»""'«•
'
,,'
_
^
---1
7/\
mil"""'**
EMPLOYMENT
65 _
f
—
{
in''
UNEMPLOYMENT
5
\
1 ! ! ! ! 1 1 1 ! 1 1
!
! 1 1 1
I 1 ! 1 !
t ! I ! 1 ! 1 1 1 1 t
! f ! 1 ! ! ? ! 1 ! I
I ! ! ! I ! ! 11 I !
1 ! 1 1 1 1 1 1 1 1 1
PERCENT OF CIVILIAN LABOR FORCE
_
_,
~n
1966
1965
1967
COUNCIL OF ECONOMIC ADVISERS
Unemployment Labor
Civilian emTotal
Civilian employment
rate (percent of force
ployment
labor
force Civilian
Unem- civilian labor particiJNon- UnemNonpation
force)
(includ- labor
ployAgriployagriagrirate,
ing
Total
ment
force
Total
culment
SeasonculculUnad- ally ad- unadarmed
tural
tural
tural
justed justed justed l
forces)
Thousands of persons 16 years of age and over
Percent
75, 830 73, 091 69, 305 4,523 64, 782 3,786
69, 305 64, 782 3, 786
59. 6
5. 2
77, 178 74, 455 71, 088 4,361 66, 726 3,366
71, 088 66, 726 3, 366
59. 7
4. 5
72, 895 68, 915 2,875 78, 893 75, 770 72, 895 3,979 68, 915 2,875
60. 1
3. 8
74, 372 70, 527 2, 975 80, 793 77, 347 74, 372 3,844 70, 527 2,975
60. 6
3. 8
75, 920 72, 103 2,817 82, 272 78, 737 75, 920 3,817 72, 103 2,817
60. 7
3.6
Unadjusted
Seasonally adjusted
| Total
labor
force
Period (including
armed
forces)
1968:
Mar_
Apr,
MayJuneJuly.
Aug.
Sept.
Oct__
Nov.
Dec_.
1969:
Jan__
Feb_Mar_
Apr.
1969
1968
* 16 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
1964___
19651966___
1967___
1968_._
0
SEASONALLY ADJUSTED
1964
1963
! ! 1 1 ! ! ? 1 ! ! 1
PERCENT OF CIVILIAN LABOR FORCE
UNEMPLOYMENT RATE
-,~
65
N^
5
0
75
XT
75, 830
77, 178
78, 893
80, 793
82, 272
80, 938
81, 141
81, 770
84, 454
84, 550
83, 792
82, 137
82, 477
82, 702
82, 618
74, 517
75, 143
75, 931
77, 273
77, 746
77, 432
75, 939
76, 364
76, 609
76, 700
70, 980
71, 292
71, 935
72, 757
73, 270
73, 325
72, 103
72, 596
73, 001
73, 421
2,929
2, 491
2,303
3, 614
3,217
2,772
2,606
2, 511
2, 577
2,419
82, 137
81, 938
82, 278
82, 486
82, 504
82, 388
82, 438
82, 408
82, 559
82, 868
78, 645
78, 427
78, 742
78, 919
78, 917
78, 749
78, 847
78, 800
79, 042
79, 868
75, 764
75, 653
75, 932
76, 005
76, 020
75, 973
76, 000
76, 002
76, 388
76, 765
3,978
8,916
3, 905
3,849
3,825
8, 751
3, 651
3, 525
3, 706
3,842
71, 786
71, 787
72, 027
72, 156
72, 195
72, 222
72, 849
72, 477
72, 682
72, 923
2,881
2,774
2,810
2, 914
2,897
2, 776
2,847
2, 798
2, 654
2, 603
81,711
82, 579
82, 770
83, 137
75,
76,
76,
77,
72,
72,
73,
73,
2, 876
2,923
2, 746
2, 542
83, 351
83, 831
83, 999
83, 966
79, 874
80, 356
80, 495
80, 450
77, 229
77, 729
77, 767
77, 605
3, 752
3,881
3, 782
3,664
73, 477
73, 848
74, 035
73, 941
2,645
2, 627
2, 728
2,845
358
181
520
079
192
896
193
471
1
Total labor force as percent of noninstitutional population.
NOTE.—Seasonally adjusted series revised; see Employment and Earnings and
Monthly Report on the Labor Force, February 1969. Beginning 1960, data include
Alaska and Hawaii.
10
Source: Department of Labor.
3.8
3. 2
2. 9
4.5
4.0
3. 5
3. 3
3. 2
3.3
3. 1
3. 7
3.7
3. 5
3. 2
3. 7
8. 5
8. 6
3. 7
3. 7
3. 5
8. 6
3. 6
3. 4
3. 3
60. 0
60. 1
60. 5
62. 4
62. 3
61.7
60.4
60. 5
60. 6
60. 5
3. 3
3. 3
3. 4
59.7
60. 3
60.4
60. 5
8.5
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
|h April the seasonally adjusted unemployment rate was 3.5 percent, up slightly from the preceding month. Most of
the increase was attributable to women.
PERCENT
10
PERCENT
SEASONALLY ADJUSTED
...... vy
/""I
""
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
••-,----7,
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
I j t I t I I ! 1
1964
1963
1965
1966
SOURCE: DEPARTMENT Of LABOR
1964
1965
1966
1967
1968
.
1968- Mar
Apr
May
June _
July___ __
Aug
Sept _
Oct
Nov
Dec
1969: Jan
_ ~
Feb
Mar__ _ _
Apr__
Experi- Married Labor
force
enced
All
men
time lost J
wage
and
(wife
workers salary
workers present)
5.2
4.5
3.8
3.8
3.6
3. 7
3. 5
3. 6
3. 7
3. 7
Q *
0.
O
b. 6
3. 6
3.4
3.3
3. 3
3. 3
3. 4
3. 5
1968
t i l t ! I I l i l t
1969
Percent
5.0
2.8
2. 4
4.3
3. 5
1. 9
1. 8
3. 6
3.4
1.6
Seasonally adjusted
3.4
1. 7
3. 3
1. 6
3.2
1. 6
1. 7
3.5
1. 6
3.5
3.3
1. 6
3.4
1.6
3. 3
1. 6
3.2
1.6
1.4
3.1
3. 1
1. 4
1. 4
3. 0
1. 4
3. 1
3. 2
1. 5
5.8
5.0
4. 2
4. 2
4.0
4. 0
3.8
3.7
4. 1
4. 2
4. 0
4.0
3. 9
3.8
3.6
3.6
3.6
3. 7
3. 7
Persons at work in nonagri cultural industries
by hours worked per week 2
Under 35 hours
Part-time for
Part-time for
economic reasons economic reasons
Over 40 35-40
Total
hours
hours
Usually Usually Usually Usually
partfullfullparttime 3
time 4
time 3
time 4
Thousands of persons 16 years of age and over
19,271 29, 100 13, 101
1, 151
986
20, 788 30, 768 11,818
897
1,031
21, 334 32, 088 12, 034
871
793
20, 920 32, 616 13, 290
1,060
853
20, 600 32, 658 14, 785
895
820
Unadjusted
Seasonally adjusted
20, 912 33, 566 13, 976
804
866
877
868
17, 651 28, 705 21, 414
828
665
863
782
21, 170 34, 005 14, 182
790
679
845
798
20, 748 33, 981 12, 986
1, 079
1, 120
1, 009
845
19, 616 32, 965 11,686
1,159
924
819
945
20, 134 33, 115 11, 392
995
974
1, 103
836
22, 081 33, 773 12, 992
972
974
689
769
22, 303 33, 380 14, 135
852
671
907
780
20, 472 30, 101 19, 844
852
814
753
859
21, 810 33, 898 14, 987
723
872
835
801
20, 463 34, 316 14, 400
707
898
805
800
19, 519 32, 002 18, 433
730
900
870
768
977
754
21, 155 34, 757 14, 689
979
822
5
5
! 20, 128 34, 370 15, 650
823
690
858
812
1
Man-hours lost by the unemployed and persons on part time for economic
reasons as a percent of potentially available labor force man-hours.
2 Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and
industrial disputes.
3
Includes persons who worked part-time because of slack work, material
shortagos or repairs, new job started, or job terminated.
i i Ii
1967
COUNCIL OF ECONOMIC ADVISERS
Unemployment rate
(percent of civilian labor
force in £roup)
Period
i i \_{ ] i j 1 1
* Primarily includes persons who could find only part-time work.
'»Average hours worked: usually full-time, 24.0; usually part-time, 17.9.
NOTE.—See Note, p. 10.
Source: Department of Labor.
II
UNEMPLOYMENT INSURANCE PROGRAMS
In April, insured unemployment under Stafe programs averaged 52,000 lower than a year earlier. The seasonally)
adjusted insured unemployment rate declined from 2.1 percent to 2.0 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1968
t
JAN.
FEB.
i
l
l
MAR.
i
APRIL
l
l
MAY
!
1
JUNE
JULY
AUG.
SEPT.
I
I
OCT.
SOURCE: DEPARTMENT OF UBO*
Period
1965
__
1966
_
1967
1968
1968: Feb
Mar
AprMay- _ _ __
_ _
June
July
Aug__
Sept.
Oct.
Nov_
Dec
1969: Jan __
Feb
Mar p—
Apr _
Week ended:
1969: Apr 5_
___ _
12
19
26 p
May 3
10 "„__
12
DEC
COUNCIL OF ECONOMIC ADVISERS
All programs
Total
Insured
unem- benefits
Insured
Covered ploypaid
unememploy- ment
(milployment
(weekly
Lions
ment
averof dolage)
lars)
Thousands
51, 580
1, 450
54, 739
1, 129
1,270
"56, 341
1,187
"55, 912
1, 653
"56, 381
1,480
1, 216
1, 026
944
1,058
1, 024
868
861
985
1,253
1,585
1,550
1, 385
I, 162
2, 360. 4
1, 890. 9
2, 220. 0
2, 191. 3
259. 4
247. 5
207.2
170.2
139. 3
156. 9
162, 8
133.4
138.7
134. 8
185.4
264.6
250. 8
242. 6
195. 0
State programs
Initial
claims
Benefits paid
Insured unemployment as perTotal Average
Exhaus- cent of covered
employment
tions
(milweekly
check
Season- lions of
Unad- ally
ad- dollars) (dollars)
justed
justed
Weekly average, thousands
1,328
232
21
1, 061
203
15
17
1,205
226
1, 111
201
16
1,556
18
227
19
1,390
183
1, 142
183
20
964
156
18
883
157
17
991
240
15
174
955
15
802
141
13
14
794
154
913
189
13
1, 172
261
14
1,491
16
275
1,459
17
219
17
1,300
173
1,090
167
17
1, 274
1,218
1, 161
1, 090
1, 043
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.
NOV.
1, 197
1, 145
1, 089
1, 019
*974
171
187
168
152
150
158
* Not charted.
Source: Department of Labor.
Percent
3. 0
2.3
2. 5
2.2
3. 2
2. 8
2.3
2.0
1. 8
2. 0
1.9
1.6
1. 6
1. 8
2. 3
3. 0
2. 9
2. 6
2. 2
2 4
2 3
2. 2
2. 0
1.9
G)
0
Z. O
2. 3
2. 1
9 &
9
&.
q> ®
&. &
2. 3
2. 3
2.2
2. 1
2. 1
2.0
2 1
2. 1
2. 1
2. 0
2, 166. 0
1, 771. 3
2, 101. 0
2, 031. 9
243. 7
231. 1
195. 1
159. 1
129. 1
145. 6
150. 0
121.8
126. 0
122. 5
170. 3
246. 1
234. 2
226. 5
181. 2
37. 19
39.75
41. 25
43. 43
43. 58
43. 64
43. 12
42. 42
42. 26
42. 39
43. 73
43.78
44. 37
44. 72
45. 34
46. 16
46. 80
46.40
46. 30
1
NONAGRICULTURAL EMPLOYMENT
Total nonagricultura! payroll employment (seasonally adjusted) rose in April for the fifteenth consecutive month
to a new high of 70.2 million, up 34,000 from March. State and local government recorded the largest increase,
30,000, followed by a rise of 26,000 in transportation and public utilities. Employment declined 24,000 in contract
construction, 11,000 in nondurable manufacturing, and 9,000 in services.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
16 f
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
72
"
-
~^r~'
/!
'"*"""I
NONDURABLE
MANUFACTURING
\
i
1969
1966
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
1
[Thousands of wage and salary workers; seasonally adjusted]
M anuf acturing (private)
Period
] 963
1964
1965
3966
_
1967 __ _
1968
1968: M a r _
AprMay.
June_
July.
Aug.,
Sept.
Oct—
NovDec__
1969: Jan —
FebMar*_
Apr p _
Total
56, 702
58, 332
60, 832
64, 034
66, 030
68, 146
67, 656
67, 755
67, 792
68, 039
68, 170
68, 314
68, 382
68, 701
68, 955
69, 310
69, 620
69, 983
70, ISO
70, 214
Total
16, 995
17, 274
18, 062
19, 214
19, 434
19, 740
19, 807
19, 657
19. 693
19, 777
19, 776
19, 748
19, 755
19, 807
19, 871
19, 974
20, 005
20, 067
20, 128
20, 131
NonDurable durable
goods goods
9,616
9, 816
10, 406
11, 284
11, 422
11, 578
11,495
11,533
11,545
11, 571
11, 619
11, 563
11, 577
11, 603
11, 661
11, 724
11, 803
11,823
11,862
11,876
7, 380
7, 458
7, 656
7,930
8, 012
8, 162
8, 112
8, 124
8, 148
8, 206
8, 157
8, 185
8, 178
8,204
8, 210
8. 250
8,202
8, 244
8, 266
8, 255
Nonmanufacturing (private)
Total
f—\
Contract
Mining construclon
30, 481
31, 461
32, 678
33, 949
34, 980
36, 204
35, 996
36, 010
35, 965
36, 030
36, 138
36, 296
36, 410
36, 569
36, 762
36, 893
37, 110
37, 368
37, 466
37, 477
Includes all full- and part-time wage and salary workers in nonagricultur
establishments who worked during or received pay for any purl of the pay perio
which includes the 12th of the month. Excludes proprietors, self-ernpl<
sons, domestic servants, and personnel of the armed forces. Total deri >.d froi
tiiis table not comparable with estimates of nonagricultural employ me it of tl
civilian labor force, shown on p. 10, which include proprietors, sell'-e nploye
persons, and domestic servants; which count persons as employed vv'
635
634
632
627
616
625
609
632
631
632
638
638
639
591
637
638
644
646
645
646
2, 963
3, 050
3, 186
3, 275
3, 203
3, 259
3, 330
3, 313
3,245
3, 174
3, 189
3, 195
3, 252
3,285
3, 279
3, 387
3, 380
3, 501
3, 440
3,416
r=n
Transportation
and
public
utilities
3, 903
3, 951
4, 036
4, 151
4, 271
4,348
4, 332
4, 331
4,281
4, 336
4, 346
4, 358
4, 365
4, 374
4, 392
4, 400
4, 390
4, 420
4, 449
4,475
Government
'
VV nole- Finance,
insursale
ance, Services
and
and
retail
real
traoie
estate
11,778 2, 877 8, 325
12, 160 2, 957 8, 709
12,716 3, 023 9, 087
13, 245 3, 100 9, 551
13, 613 3, 217 10, 060
14, 111 3, 357 10, 504
13, 999 3,311 10, 415
14, 009 3, 323 10, 402
14, 049 3,334 10, 425
14, 086 3, 335 10, 467
14, 117 I 3, 350 10, 498
14, 181 3, 376 10, 548
14, 222 3, 387 10, 545
14, 298 3, 411 10, 610
14, 326 3, 426 10, 702
14, 271 3, 442 10, 755
14, 442 3,462 10, 792
14, 475 3,474 10, 852
14, 536 3,485 10, 911
14, 537 3, 501 10, 902
•tTT-l
1
Federal
2,358
2, 348
2, 378
2, 564
2, 719
2,737
2,718
2, 717
2,721
2, 795
2, 788
2,751
2,716
2,705
2, 696
2,715
2,760
2, 764
2,756
2,746
State
and
local
6, 868
7, 249
7, 714
8, 307
8, 897
9, 465
9, 335
9, 371
9,41o
9, 437
9, 468
9, 519
9, 501
9, 620
9, 626
9,728
9, 745
9, 784
9,830
9,860
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek for private nonfarm production workers in April was 37.8 hours (seasonally adjusted), unchangei
from March. It fell in manufacturing and retail trade, but rose in construction.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
TOTAL NONAGRICULTURAL PRIVATE
MANUFACTURING
44
42
42
40
40
38
—
^^
—
38
tX
*"**X'*~""VV-r]*M^"
36
36
34
M \ \ 1 1 I ! 1 I 11
v
1 1 1 1 11 ! t 1 I !
1 I 1 I 11 1 1 1 1|
1967
1968
1966
1 ! 1 1 I 1 1 t 1 1 IJS
34
1966
1969
1967
1968
1967
1968
1969
42
RETAIL TRADE
CONTRACT CONSTRUaiON
40
38
36
34
32
30^
1966
1967
1968
30^
1969
1966
1969
COUNCIL OF ECONOMIC "ADVISERS
SOURCE.- DEPARTMENT OF LABOR
[Average hours per week1]
Total
n onagricultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagricultural
private 2
Unadjusted
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1968-
_ _
_ _ _ _ _
_ _ _
_ _ _ _ _
_ _
_
_
_
Mar
Apr__
_ _
May - _ _
June
July
Aucc
Sept
Oct.
_
Nov
A
1969:
___ __ _ _ _ _ _
_ _ _ _ _ _ _
_ _
J
-
_ _
-
_
_
Dec
Jan
Feb v
Mar p
Apr _
_
__
_ _ _ _
39. 0
38.6
38. 6
38.7
38. 8
38. 7
38. 8
38. 6
38. 0
37. 8
37. 6
37. 3
37. 7
38. 1
38. 2
38. 3
38. 1
37. 8
37. 5
37. 7
37. 4
37. 2
37. 6
37. 5
40. 3
39. 7
39. 8
40. 4
40. 5
40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
40. 9
41. 1
40. 7
40. 7
41. 2
41. 1
40. 9
41. 1
40.4
40. 0
40. 7
40. 4
Retail
trade 3
Seasonally adjusted
37. 0
36.7
36. 9
37. 0
37. 3
37. 2
37. 4
37. 6
37. 7
37.4
36. 2
37. 3
37. 6
38. 4
38. 6
38. 8
38. 7
38. 4
35. 0
37. 1
36.6
36. 6
37. 2
37. 7
1 Data relate to production workers or nonsupervisory employees. Data for
Alaska
and Hawaii included beginning 1959.
2
Also includes other private industry groups shown on p. 13.
14
Contract
construction
Manufacturing
38. 2
38. 0
37. 6
37.4
37. 3
37. 0
36. 6
35. 9
35. 3
34. 7
34. 4
34. 5
34. 3
35. 1
35. 8
35. 8
34. 7
34. 3
34. 1
34. 6 1
34. 0
33. S
34. 0
33. 9
1
_
i
37. 8
37. 6
37. 8
37. 9
37. 9
37. 9
38. 0
37. 7
37. 5
37. 5
37. 7
37. 5
37.8
37. 8
s Includes eating and drinking places.
Source: Department of Labor.
40. 7
40. 1
40. 9
40. 9
40. 9
40. 7
4L1
4LO
40. 8
40. 7
40. 6
40. 2
40.8
40. 7
36. 8
37. 8
37. 2
37. 6
37. 3
37.5
37. 9
37. 5
36. 0
37.8
37. 7
38. 3
37. 8
38.2
34. 7
34- 8
34.6
34.9
34.9
34.9
34.7
34^5
34.5
34.3
34.3
34. 2
34-3
34.2
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of nonagricuitural production workers rose 1 cent in April. Average weekly earnings rose
8 cents to a record $112.1 3, up 7.4 percent from a year earlier.
DOLLARS
DOLLARS
5.00
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
180
4.50
CONTRACT CONSTRUCTION f
\
4.00
i
,*~'
*•"*
140 —
MANUFACTURING
\
i
- TOTAL NONAGR1CULTURAL _.
PRIVATE
V
"../'"
W'-"-""
^x-
^=k^
^—
100
J."""^
f ,»**''''••/'
„.%»•"••»"*
V«Mii««»
„., "— »°
»
|
120
2.50
/
r \• J
f~'\
*
>
'
"
/ VlV
160
3.00
f
VM
s
f
**J
\t
**\\
\
TOTAL NONAGRICULTURAL
PRIVATE
80
2.00
/"•*•-*
RETAIL TRADE
X-*..-<U—RETAIL TRADE
60 q , , , , ! , , , , ,
1.50 l/Ji
1967
1966
1966
1969
1968
1
, .
. •
! .
,
,
1967
! .
1
! 1 . 1 1
.
.
. . ,
1969
1968
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
Average hourly earnings— current prices
Average weekly earnings— current prices
Total
nonagricuitural
private 1
Total
nonagricuitural
private •
Manufacturing
Contract
construction
Retail
trade 2
$78. 78
80. 67
82. 60
85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107. 73
104, 90
104. 44
106. 69
108. 59
109. 25
109. 54
110. 87
110. 38
109. 88
110. 46
110. 33
110. 4S
112. 05
112. 13
$88. 26
89.72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
120. 18
118. 21
122. 29
123. 30
122. 10
121. 69
125. 66
125. 77
125. 97
127. 82
126. 05
124. SO
127. 39
126. 86
$108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
13S. 38
146. 26
154. 95
163. 81
154. 94
159. 27
162. 43
164. 74
167. 52
169. 94
172. 99
172. 80
158. 20
16S. 06
166. 90
166. 16
170. 75
173. 80
$56. 15
57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68.57
70. 95
74. 95
72. 93
73. 49
73. 40
75. 82
77. 33
77. 33
75. 99
75. 46
75. 36
76. 47
76. 16
76. 39
76. 84
76. 95
1959 _ _
1960
1961
.__ _
1962
..
1963
___
1964 1965 _ _ „
1966
1967
._
1968
1968: Mar
Apr
May__ _
June__
July
Aug _
Sept
Oct _
NovDec >
1969: Jan
Feb_._ _ _
Mar v
Apr p
$2. 02
2. 09
2. 14
2 22
2. 28
2. 36
2. 45
2. 56
2. 68
2. 85
2. 79
2. SO
2. 83
2. 85
2. 86
2. 86
2. 91
2. 92
2! 93
2. 93
2, 95
2. 97
2, 98
2. 99
Manufacturing
$2. 19
2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2. 72
2! 83
3. 01
2. 96
2. 97
2. 99
3. 00
3. 00
2. 99
3. 05
3. 06
3. OS
3. 11
3. 12
3. 12
3. 13
3. 14
Contract
construction
$2. 93
3. 08
3. 20
3.31
3. 41
3. 55
3. 70
3. 89
4. 11
4. 38
4. 28
4. 27
4, 32
4. 29
4. 34
4. 38
4. 47
4. 50
4, 52
4. 53
4. 56
4. 54
4. 59
4. 61
Retail
trade 2
$1. 47
1. 52
1. 56
1. 63
1. 68
1.75
1. 82
1. 91
2. 01
2. 16
2. 12
2. 13
2. 14
2. 16
2. 16
2. 16
2. 19
2. 20
2. 21
2." 21
2. 24
2.' 26
2. 26
2. 27
1 Also includes other private industry groups shown on p. 13.
2 Includes eating and drinking places.
2 Earnings in current prices, adjusted to exclude the effects of overtime and
interindustry shifts.
< Earnings in current prices divided by the consume! price index.
29-100 °—CO
3
Manufacturing
industries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1957-59=
1957-59
100s
prices 4
103.4
106. 8
109. 9
112, 7
115. 5
118. 4
121. 5
125. 6
131. 5
139. 5
137. 5
138. 2
138.6
138. 8
139. 1
139. 8
141. 2
141. 7
142. 6
143. 6
144.4
144. 9
145. 3
$86. 96
87. 02
88. 62
91. 61
93. 37
95. 25
97. 84
99. 33
98. 80
101. 08
100. 57
98. 59
101. 65
101. 99
100. 49
99. 83
102. 83
102. 34
102. 08
103. 33
101. 57
100. 16
101.43
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production, seasonally adjusted, increased again in April—0.3 percent following a rise of 0.6 percent in
March. The April index was 5.5 percent above a year earlier.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
240 |
'200
TOTAL
UTILITIES AND MINING
180
220
+*~
i _—
160
-*
200
UTILITIES
140
180
120
160
140
100
1 ! 1 ! ! I ! 1! ! !
1966
1 M ! 1I I I I 1 1
MINING
! ! ! I! ! ! ! 1 !! 1 ! I 1 1 1 1 ! 1 ! !
1967
1969
1968
120
1966
180
1969
1968
1967
__ MARKET G ROUPS
160
r**
p^-1
FINAL PRODUCTS
160
140
\
^^
-XI
/
MATERIALS
140
.. . . . I . . . . .
1966
1968
I
I
1 1 ! 1 I 1 1 1 ! !
1966
1969
1967
Period
1G59
___ __
1960
_ _ _ _
1961
1962
1963
1964
1965
1966
1967 v_ _ _ _ _
„ _ _
1968
196S: Mar_
_
Apr
_ _ _
May__ _ _ _ _ _ _
June
Julv
Aug
Sept
Oct_ __
Nov
Dec
1969: Jan__
Feb __
Mar»_
Apr v
_
__
105. 6
108. 7
109. 7
118. 3
124. 3
132.3
143.4
156. 3
158.1
165.3
163.0
162. 5
164.2
165.8
166.0
164.6
165. 1
166.0
167. 5
168. 7
169. 1
170. 0
171. 0
171. 5
1969
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100, seasonally adjusted]
Industry
Manufacturing
Mining Utilities
NonTotal Durable durable
Final products
ConTotal
sumer Equipment
goods
106. 0
108. 9
109. 6
118. 7
124. 9
133. 1
145.0
158. 6
159.7
166.8
164.6
163. 7
165. 8
167.3
167.4
165.7
166.4
167.8
169. 1
170. 2
170. 2
171. 5
172. 5
172.8
105. 7
109. 9
111. 2
119. 7
124. 9
131.8
142.5
155. f>
158.3
165.0
163. 5
161. 7
163. 0
165.2
164.7
164. 8
165.7
167.0
167. 9
168. 1
168. 2
169. 6
170. 5
170. 9
Source: Board of Governors of the Federal Reserve System.
16
! 1 I | ! 1 ! 1 1 ! !
1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
I , , . , I , 1 ! , ,
105.6
108.5
107.0
117.9
124. 5
133.5
148.4
164. 8
163.7
169.9
168.2
167. 2
169. 8
171.0
170.8
167. 8
168.7
169. 3
171. 3
172. 4
173. 0
174. 3
175.4
175. 7
106. 5
109. 5
112. 9
119. 8
125. 3
132.6
140.8
150. 8
154.6
162.8
160.0
159. 5
160.8
162.7
163.0
163.0
163.6
165.9
166. 3
167. 4
166. 7
167. 9
168. 8
169. 3
99.7
101. 6
102. 0
105. 0
107. 9
111.5
114.8
120. 5
123. 8
126.3
126.2
127. 1
126.9
129.2
130.0
129.4
127.0
120.7
126. 4
127. 4
125. 8
124. 7
126. 5
128. 9
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.9
202. 1
198.0
196.5
196. 1
197.9
199.3
202. 1
204.8
208.9
206. 9
210. 1
215. 1
214. 9
215. 1
216. 0
Market
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.5
156.6
155.0
153. 5
154. 6
156.8
156.4
156.8
157.3
159.6
159.2
160. 1
161. 0
161. 9
162. 3
161. 7
104.1
107.6
108.3
119.6
124. 2
132.0
147.0
172.6
179.4
182.9
181.8
179. 4
181. 1
183.2
182.6
181.9
183.6
183.0
186. 5
185. 3
183. 5
186. 0
188. 2
190. 6
Materials
105.4
107. 6
108. 4
117. 0
123. 7
132.8
144.2
157. 0
157. 8
165.7
162.8
163. 1
165. 2
166.7
167.4
164.2
165.1
165. 7
167.6
169. 3
169. 6
170. 2
171. 7
172. 6
PRODUCTION OF SELECTED MANUFACTURES
Production of most manufactures, seasonally adjusted, continued to increase in April. The largest changes were a 2.3
percent rise in iron and steel and a 3.7 percent decline in motor vehicles.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
240
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
FOODS, BEVERAGES,
AND TOBACCO
160
140
1966
1969
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1957-59 = 100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
Primary
metals
FabriTranspor- Lumber Textiles,
cated
Machin- tation
and
apparel,
ery
metal
equipand
prodproducts
ment
leather
ucts
Paper Chemicals, Foods,
and
petrobeverprint- leum, and ages, and
rubber tobacco
ing
101. 3
98. 9
104. 6
113. 3
129. 1
137.6
142. 7
132.5
137.1
107. 6
106. 5
117. 1
123. 4
132.7
147.8
163. 0
161.9
168.2
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183.4
184.5
108.2
103. 6
118. 3
127. 0
130.7
149.2
166.9
165.7
179.6
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
116.9
121. 7
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.4
145.2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149.6
155. 4
113. 9
118. 9
131. 2
141. 8
152. 5
164.6
181. 9
190.0
207.2
106. 6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131.7
134. 1
1968: M a r _ _
_ _ _ _ _ _ _ _
Apr_
_ _
_ _ _ _ _
May _
_
June
July
Aug_
____
Sept
_
Oct _
Nov__ __
___
Dec
_
140. 2
143.3
148.5
148.6
145.8
122.8
120. 6
123.1
129. 3
135. 4
166.6
161.4
165.0
166. 1
166.2
166.3
167.6
172.2
173. 5
175. 6
183. 3
179.4
179.9
181.7
182.7
183.8
186.4
186.1
187.4
188. 6
177.6
175.3
180.4
182.6
183.2
181.7
180.5
180.4
180. 2
176.4
125.0
123.9
122.7
123.4
120.6
114.7
119.4
119.4
126. 1
132. 3
143.9
142.9
144. 1
145.2
144.2
144. 1
144.8
146.8
147. 5
145. 0
152.0
151.6
154.5
155.2
155.6
156.5
156.8
157. 7
159. 8
159. 7
201.6
200.9
203. 1
206.6
208.2
207.6
208.8
212. 8
213. 6
216. 8
133.7
133.6
132. 9
134.5
134.2
134.4
134.5
136. I
134.9
137. 0
1969: Jan
Feb
Mar _
Apr v
139. 5
142. 8
146. 0
147
176. 4
177. 4
191.8
192. 7
194. 0
195
171. 2
173. 1
174. 0
172
122. 5
126. 7
127. 3
143. 6
142. 9
143. 7
145
160. 2
161. 1
161. 8
162
214. 1
216. 6
218.5
219
138. 0
139. 5
139.5
140
1960
1961
1962
1963
1964
1965
1966
1967 J
1968 >
_
_ _ _ _ _ _
_ __ _
_
_
_ __
_
178. 8
179
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
In April, weekly indicators of production were mixed, on a seasonally unadjusted basis. Production increases were
recorded by steel, bituminous coal, and freight carloadings while decreases occurred in cars and trucks, electric power,
and paperboard.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
2.5
3.5
J
F
M
A
M
J
BILLIONS OF KILOWATT HOURS
35
M
J
O
N
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Bituminous Freight Paperboard
Electric
Cars and trucks
Steel produced
power
coal mined
produced assembled (thousands)
loaded
Index
Thousands
distributed (thousands (thousands
(thousands
of net
(1957-59= (millions of
of short
Total
Cars Trucks
of tons)
of cars)
tons
100)
kilowatt-hours) tons) 1
Period
Weekly average:
1962
1963
1964
1965
- 1966
__1967
1968
__
1968: Mar_
Apr
Mav
June_
July
Aug__
Sept
Oct_
Nov~
Dec _
1969: Jan
Feb
Mar__
Apr p
Week ended:
1969- Apr 12
19
26 v
May 3
10 v
J
T
_ _
__ _ - -_ _-
1,886
2,096
2,431
2, 521
2, 572
2, 440
2, 515
2, 872
2, 902
2, 867
2,775
2, 591
2, 022
1, 889
2, 033
2, 235
2, 358
2, 502
2, 729
2, 799
2,821
101. 2
112. 5
130. 5
135.3
138. 1
131. 0
135.0
154. 1
155. 8
153. 9
149.0
139. 1
108. 5
101.4
109. 1
120. 0
126.6
134. 3
146. 5
150. 3
151. 4
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
25, 244
24, 081
23, 344
23, 560
25, 772
26, 632
27, 562
24, 785
24, 579
25, 319
26, 806
27, 484
27, 241
26, 584
25, 291
2,821
2,800
2,817
2,842
2,784
151.
150.
151.
152.
149.
24,
25,
25,
25,
25,
1
Daily average. Includes data for Alaska.
sNot charted.
18
COUNCIL OF ECONOMIC ADVISERS
4
3
2
6
4
967
335
464
163
501
1,414
1, 535
1,630
1,735
1, 798
1,868
1, 826
1, 827
1,887
1,871
1,875
2,005
1,835
1, 971
1,390
1, 826
1,799
1,766
1, 666
1, 632
1,853
552
555
558
562
570
540
543
537
549
571
578
536
555
563
574
556
499
490
512
530
552
343
358
384
410
446
439
479
476
479
485
486
438
498
468
513
505
457
474
516
527
516
157. 5
175. 0
178. 8
213.7
199. 3
172.9
207.6
229. 5
215.4
244. 0
246.8
152.6
71.2
199.4
248. 2
243.8
204.7
213. 4
218.3
222. 4
199. 3
133. 4
146.9
148.8
179.4
165. 4
142.4
170.1
189. 2
177.7
200. 4
202.2
122. 6
46. 7
160.7
205. 3
203.5
169.7
176. 1
177.7
181.3
161. 9
24. 1
28. 1
30.0
34.3
33.9
30. 5
37.5
40.2
37.6
43. 6
44.6
29. 9
24. 6
38.7
43.0
40.3
35.1
37. 3
40.5
41. 1
37.3
1, 783
1,862
1, 892
1,921
2
1, 858
528
546
569
583
570
499
512
511
545
r>32
202. 1
205. 4
219. 5
194. 6
197. 8
160.
166.
180.
160.
164.
41. 9
38. 6
39. 5
34. 2
32. 8
2
7
1
5
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
In March, the value of new construction (seasonally adjusted) rose slightly. Private construction was down fractionally
despite a rise of 11/3 percent in residential nonfarm construction. Government construction increased 1 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100 [
TOTAL NEW CONSTRUCTION
PRIVATE RESIDENTIAL (NONFARM)
20
1963
SOURCE:
DEPARTMENT OF CO/AMERCE
Total new
construction
expenditures
Period
1963
1964
1965
1966
1967
1968
_. _
__ _ _ _.
-_
63. 4
66. 2
72. 3
75. 1
76. 2
84.7
COUNCIL OF ECONOMIC ADVISERS
Private
Residential nonfarm
Total
44. 1
45. 8
50. 3
51. 1
50. 6
57. 0
CommerNew
cial and
housing
industrial
units
Billions of dollars
26. 2
7. 9
20. 4
26. 3
20. 4
9. 0
26. 3
20. 4
11.9
24. 0
18. 0
13. 6
23. 7
17. 9
13. 1
22. 4
28. 8
13. 9
Total l
Other
10. 0
10. 6
12. 1
13. 6
13.7
14.2
Federal,
State,
and
local
19. 4
20. 4
22. 1
24. 0
25.6
27.7
_ _
Get
Nov
Dec
1969: Jan _
Feb _ _
Mar r
_
83.9
83.6
85.3
85. 7
82.0
81.7
83.7
86. 0
85. 9
89. 1
85.9
91. 7
90. 9
91. 1
55. 4
56. 1
57.4
57.3
55. 0
55.0
56.7
57. 4
59.3
59. 0
58. 9
62. 7
62. 1
62. 0
26.8
27. 7
29.3
29.6
28. 2
27. 8
28.3
29. 4
29. 8
30.2
30. 9
30. 9
31. 0
31. 4
21. 3
21. 7
22. 3
22. 3
21. 4
21. 2
21. 9
22. 8
23.6
24. 1
25. 0
25. 0
25. 5
25. 4
'Includes mmhonsekeepiny; residential construction and additions and alterations, not. shown separately.
^Compiled by F. W. Dodge Company and relates to 4S States.
14. 1
13. 8
14. 0
13. 4
13. 0
13. 0
14.2
14. 0
15.0
14. 5
14. 0
16. 8
16. 3
16. 1
132.0
137.0
142. 8
145. 3
153. 3
173.4
Seasonally
adjusted
Seasonally adjusted annual rates
1968: Feb
Mar
Apr_
Mav
June
Julv
Aug
Sept
Construction contracts 2
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)
14. 6
14. 6
14. 1
14. 2
13. 8
14. 2
14. 1
14. 1
14.4
14. 3
14.0
15.0
14. 9
14. 5
28. 5
27.5
27.9
28.4
27. 1
26. 7
27.1
28. 5
26.7
30. 1
27.0
29. 0
28.8
29. 1
152
169
164
172
160
187
192
183
200
183
179
191
205
177
534
599
680
769
694
779
Seasonally
adjusted
annual
rates
737
799
565
804
796
860
794
739
956
836
858
1, 133
840
762
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
In April, private nonfarm housing starts, seasonally adjusted, declined for the third consecutive month. At an annua.
rate of 1.5 million units, starts were about 2 percent below the March level but 3 percent above the 1968 average level.
Permits for future starts increased 2 percent in April.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
1.0
1.0
1969
1963
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION !VA!
Period
1963
1964
1965.
1966
1967
1968 "
1968: Mar_
Apr__
May_
June.
July..
Aug.Sept_
Oct..
Nov..
Dec__
1969: Jan__
Feb__
Mar *_
Apr "_
Total
private
and
public
(including
farm)
1, 642. 0
1, 561. 6
1, 509. 6
1, 196. 2
1, 321. 9
1, 547. 7
128. 6
165.2
145. 1
142. 9
142. 5
141. 0
139.8
143.3
129. 5
99. 8
105.8
94.8
135. 2
157. 8
Total
private Private
non(includfarm
ing
farm)
1, 610. 3 1, 582.9
1, 529. 3 1, 502.3
1, 472. 9 1, 450. 6
1, 165. 0 1, 141.5
1, 291. 6 1, 268. 4
1, 507. 7 1, 483. 6
126. 6
162. 0
140. 9
137. 9
139. 8
136. 6
134. 3
140. 8
127. 1
96. 4
101. 5
90. 1
131.5
157. 0
123.9
159. 1
139. 0
136. 0
137. 3
134. 5
132.4
138. 1
125. 1
95. 5
100. 2
89. 2
130. 2
155.4
[Thousands of units]
Housing starts
Private (including farm)
Private nonfarm
Total
One
unit
1, 610.3 1,020.7
1, 529.3 971. 5
1, 472. 9 963. 8
1, 165.0 778. 5
1, 291. 6 843. 9
1, 507. 7 899. 5
1, 511
1,591
1,364
1,365
1, 531
1,518
1, 592
1, 570
1,733
1,507
1,878
1,686
1,580
1,543
920
922
838
790
904
867
944
965
905
922
1, 066
975
826
785
1
Authorized by issuance of local building permit; in 13,000 permit-issuing
places
beginning 1967; 12,000 for 1963-66; and 10,000 prior to 1963.
2
"Units represented by mortgage applications for new home construction.
20
COUNCIL OF ECONOMIC ADVISERS
Proposed home
construction
New
private
Applicahousing
Requests
Government
units tions for for VA
Two or
FHA
home
programs
authormore
appraisTotal
ized l commit-2
units
als 2
ments
FHA
VA
589.6 1, 582.9 166. 2
71. 0 1 334 7
190 2
139. 3
59.2 1 285 S
557.8 1. 502.2 154. 0
182. 1
113 6
509. 1 1 1 - 450. fi 159. 9
49. 4 1 239. 8
188 9
102 1
386.5 1, 141.5 129. 1
36. 8
971. 9
153. 0
99. 2
52 5 1 141 0
447. 7 1, 268. 4 141 9
167 2
124 3
608. 2 1, 483. 6 147. 7
56. 0 1, 330. 3 168.8
131. 7
Seasonally adjusted annual rates
591
1,479
63
1,416
149
160
127
669
1, 562
147
59
1, 340
144
126
526
1, 345
133
57
1, 280
161
110
575
54
1,348
137
1, 281
157
120
627
1,507
134
49
1,289
146
135
651
144
1,496
"167
51
1,290
127
648
54
1, 570
145
1,393
"168
125
605
1, 541
55
153
1, 378
147
"198
828
1, 705
53
"211
158
1,425
172
1,492
585
65
1,463
158
"187
136
812
57
1, 845
137
1, 403
189
148
1,664
52
711
138
1,477
180
132
754
1,421
53
157
174
1,563
136
758
1,528
48
1,449
179
166
124
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
According to preliminary estimates, retail sales (seasonally adjusted) rose almost 1% percent in April. In March
total business inventories were up about $1 billion and total sales were about the same as in February.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BUSINESS SALES AND
INVENTORIES
RETAIL TRADE (ENLARGED SCALE)
160
[-DURABLE GOODS STORES
INVENTORIES
140
120
SALES
100
80
24
WHOLESALE TRADE (ENLARGED SCALE) INVENTORIES
22
\
20
SALES
18
16
14
IIP-
i i i i i I ' i
1966
1967
1968
1969
1969
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Total business 1
Wholesale
Retail 5
4
Sales 2
Period
Sales
2
Inventories 3
Sales
95, 728
101, 149
105, 525
111, 548
121, 140
137, 184
143, 772
153, 860
144, 819
145, 153
146, 487
147, SOS
148, 522
149, 063
149, 923
150, 725
152, 122
152, 936
153, 860
154, ISO
155, 432
156, 415
11,988
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
18, 329
17, 953
18, 021
18, 006
17, 897
18, 374
18, 269
18, 498
18, 792
18, 418
18, 788
18, 830
18, 347
18, 799
19, 605
2
Inventories 3
Total
Inventories
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
26, 297
28, 001
29, 450
31, 201
34, 687
38, 368
39, 318
42, 657
39, 788
39, 776
40, 242
40, 606
40, 842
41, 065
41, 010
41, 424
42, 220
42, 488
42, 657
42, 740
43, 014
43, 004
11, 009
11, 703
12, 436
13, 189
15, 255
17, 309
17, 403
19, 461
17, 709
17, 723
18, 113
18, 248
18, 440
18, 475
18, 501
18, 622
19, 165
19, 361
19, 461
19, 622
19, 487
19, 542
3
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1961_
__
_ _ __ 61, 133
1962
___ _
65, 417
1963
68, 969
1964
73, 685
1965
80, 276
1966__ _ _ _ __ _ _ 87, 184
1967
88, 962
1968
96, 948
1968: Feb 93, 758
94, 463
Mar
94, 552
Apr
96, 069
Mar
97, 423
June
98, 368
July
97, 083
Aug
Sept
99, 135
99, 675
Oct
100, 142
N en98, 671
Dec
100, 137
1969: Jan—
Feb—J
101, 390
Mar '_
101, 532
Apr *
_ _
1
The term "business" also includes manufacturing
1
Monthly average for year and total for month.
:
Book value, end of period, seasonally adjusted.
(sec page 22).
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 635
22, 624
21, 623
21, 618
21, 863
21, 924
22, 098
22, 169
22, 200
22, 192
22, 336
22, 501
22, 624
22, 535
22, 862
23, 149
18, 249
19, 630
20, 556
21, 823
23, 677
25, 330
26, 151
28, 309
27, 449
27, 996
27, 791
28, 158
28, 320
28, 674
28, 760
28, 902
28, 697
28, 806
28, 347
28, 989
29, 289
28, 998
29, 419
5, 609
6, 241
6, 661
7, 049
7,849
8, 192
8, 348
9, 187
8, 828
9, 018
8, 975
9, 132
9, 197
9,313
9, 377
9,687
9, 342
9,314
9,238
9, 446
9, 597
9,407
9,467
12, 641
13, 389
13, 895
14, 773
15, 828
17, 138
17, 803
19, 122
18, 621
18, 978
18, 816
19, 026
19, 123
19, 361
19, 383
19, 215
19, 355
19, 492
19, 109
19, 543
19, 692
19, 591
19, 952
15, 288
16, 298
17, 014
18, 012
19, 432
21, 059
21,915
23, 196
22, 079
22, 053
22, 129
22, 358
22, 402
22, 590
22, 509
22, 802
23, 055
23, 127
23, 196
23, 118
23, 527
23, 462
4
Beginning 1961,
6
data include Alaska and Hawaii.
Beginning 1960, data include Alaska and Hawaii.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments (seasonally adjusted) declined % percent in March/ a drop in durable goods was on!^j
partially offset by a rise in nondurables. Inventories gained nearly $% billion. New orders for durable goods decreased
9.Vz percent—the first decline since last November.
BILLIONS OF DOLLARS
60
{SEASONALLY ADJUSTED)-
MANUFACTURERS'
BILLIONS OF DOLLARS
100
(SEASONALLY ADJUSTED)
MANUFACTURERS' INVENTORIES
SHIPMENTS
TOTAL
90
50
TOTAL
80
40
DURABLE GOODS
70
30
60
LUU'JLJ »M«»iM"'_»»«|
20
NDUR
NONDURABLE
GOODS
DURABLE GOODS
ii I i l i i i i i Ij i i t i 1i i i t
50
NONDURABLE GOODS
30
20
20
10
1966
1969
I I I I I I I I 1
I
I I ! 1 I 1 1 ' 1 1!
1967
1966
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Manufacturers' shipmentsl Manufacturers' inventories2
Durable goods
Period
Total
1961
1962___
1963
_
1964 __
1965___
1966
1967
1968
1968: Feb
Mar
Apr
Mav_ _
June
July-Aug
Sept
Get
Nov
Dec___
1969: Jan __
Feb
Mar »
Manufacturers' new orders l
30, 896
33, 113
35, 032
37, 335
41, 003
44, 876
45, 712
50, 310
48, 356
48, 446
48, 755
50, 014
50, 729
51, 425
49, 825
51, 441
52, 560
52, 548
51, 494
52, 801
53, 302
52, 929
NonDurable durable
goods
goods
15, 544
17, 103
18, 247
19, 634
22, 216
24, 635
24, 973
27, 579
26, 711
26, 844
26, 888
27, 509
27, 633
28, 211
26, 837
27, 985
28, 960
28, 786
27, 742
29, 325
29, 914
29, 468
15, 352
16, 010
16, 786
17, 701
18, 788
20, 240
20, 739
22, 731
21, 645
21, 602
21, 867
22, 505
23, 096
23, 214
22, 988
23, 456
23, 600
23, 762
233 752
23, 476
23, 388
23, 461
Total
NonDurable durable
goods
goods
Total
Total
Millions of dollars, seasonally adjusted
54, 943 32, 518 22, 425 31, 085 15, 698
58, 212 34, 609 23, 603 33, 005 17, 026
60, 027 35, 807 24, 220 35, 322 18, 522
63, 370 38, 433 24, 937 37, 952 20, 258
68, 179 42, 204 25, 975 41, 803 22, 986
78, 125 49, 797 28, 328 45, 938 25, 710
82, 819 53, 540 29, 279 45, 928 25, 189
88, 579 57, 422 31, 157 50, 597 27, 868
83, 408 54, 009 29, 399 48, 453 26, 814
83, 759 54, 295 29, 464 49, 566 28, 005
84, 382 54, 724 29, 658 49, 237 27, 373
85, 278 55, 234 30, 044 49, 650 27, 172
85, 582 55, 442 30, 140 49, 850 26, 701
85, 829 55, 461 30, 368 50, 181 26, 925
86, 713 56, 069 30, 644 50, 201 27, 329
87, 109 56, 458 30, 651 51, 877 28, 381
87, 566 56, 657 30, 909 53, 931 30, 280
87, 947 56, 953 30, 994 53, 100 29, 325
88, 579 57, 422 31, 157 53, 101 29, 380
88, 905 57, 879 31, 026 53, 119 29, 684
89, 556 58, 282 31, 274 53, 901 30, 482
90, 262 58, 943 31, 319 53, 248 29, 723
NonMachinery durable
and
goods
equipment
2, 854
3, 090
3, 412
3, 935
4, 435
5, 268
5,250
5,804
5, 380
5,382
5,492
5,447
5, 968
5, 714
6, 027
5, 916
6, 550
6, 089
6, 237
6, 204
6, 511
6,325
15, 387
15, 979
16, 800
17, 694
18, 817
20, 228
20, 739
22, 728
21, 639
21, 561 i
21, 864
22, 478
23, 149
23, 256
22, 872
23, 496
23, 651
23, 775
23, 721 j
23. 435 i
23; 419 !
23, 525
1
Monthly average for year and total for month.
-Book value, end of period, seasonally adjusted.
For annual period?, ratio of weighted average inventories to average monthly
shipments; for anonthly data, ratio of inventories at end of month to shipments
for month.
3
22
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
Manufacturers'
inventoryshipments
ratio 3
1. 74
1.72
1. 69
1. 64
1. 60
1. 62
1.77
1. 70
1. 72
1. 73
1.73
1. 71
1. 69
1. 67
1. 74
1. 69
1. 67
1. 67
i. 72
1. 68
1. 68
1. 71
MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade balance improved markedly in March, registering a surplus of $21 5 million (seasonally
adjusted). Caution is required in interpreting the one month change, as February figures were affected by the east
coast dock strike.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
r\'**f\,
f *
/•ftv
i
MERCHANDISE IMPORTS
1.0 *
1.0
1963
1969
J/SEE NOTE 1 BELOW.
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
Merchandise exports
Total (includ-l
Domestic
ing reexports)
Food,
Season- Unad- Total i 8 beverages,
ally ad- justed
and tojusted
bacco
M onthly average :
1960
1961
1962_
1963. _ _
1964
1965
1966
19671968
2, 775
2,439
2, 866
2, 742
2,871
2, 859
2,949
3, 225
2,634
2,974
2, 979
2,690
2,647
2, 961
2,962
2,784
2, 676
2,804
2,960
2, 735
3, 136
3, 048
1, 620
264
289
1, 662
312
1, 725
1, 845
349
2, 111
387
2, 196
377
432
2, 412
392
2, 546
2,805
383
Unadjusted
2, 659
406
2, 608
391
2, 925
381
2, 925
366
343
2, 750
2, 640
346
399
2,765
2,926
378
324
2, 689
3, 102
419
442
3,007
1969: Jan.. 2} 093
Feb.. 2, 297
Mar__ 3, 196
2,057
2, 145
3, 367
2,017
2, 112
3, 322
1968: Feb__
Mar..
Apr _
May.
June_
July__
Aug_
Sept_
Oct__
Nov_
Dec..
1, 636
1, 682
1, 748
1, 869
2, 141
2, 225
2, 448
2, 578
2,841
143
181
375
Merchandise imports
General imports 2
exports
Crude
materials
and
fuel
Manufactured
goods
Total 3
Season- Unadally ad- justed
justed
1, 251
1, 226
1, 366
1, 428
1, 557
1, 780
2. 129
2\ 234
2, 771
387
412
426
417
362
382
387
398
380
461
436
047
062
138
188
366
449
592
\
729
970 _ _ . 1
i
1,833 2, 592 i
1,766 2, 589
2, 072 2,604
2, 076 2, 755
1, 973 2, 792
1, 866 2, 726
1,938 2, 871 ;
2,095 2, 954 :
1, 926 2, 738 i
2, 201 2, 586 i
2, 060 2, 925 \
2, 456
2, 570
2, 754
2, 841
2, 661
2, 827
2, 750
2, 882
2, 938
2, 806
3, 028
283
365
288
359
306
387
322
391
335
415
334
449
382
473
392
445
447
499
Unadjusted
421
444
487
395
455
466
451
488
401
500
458
533
484
484
489
538
532
435
459
470
474
538
227
253
397
1,627
1, 656
2,491
2, 026
2, 401
2, 993
194
316
503
329
322
280
315
361
356
367
393
402
1,
1,
1,
1,
1,
1,
1,
1,
1,
Food, Crude
bever- mateages,
rials
and to- and
bacco fuels
2, 018
2, 655
2, 981
457
476
546
Grossmerchandise
trade
Manusurplus,
facseasontured
ally adgoods
justed
571
544
636
672
758
936
1, 201
1, 309
1,712
1,495
1, 596
1,719
1,785
1, 655
1, 712
1,673
1, 737
1, 851
1,759
1, 875
1, 286
1,523
1,847
385
456
382
441
584
444
320
344
70
184
-150
252
-13
79
134
78
271
-104
89
54
75
-359
215
s Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The merchandise trade deficit in the first quarter increased to $1.2 billion (seasonally adjusted annual rate). Date
for other components of the balance on goods and services are not yet available.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
50
EXPORTS OF GOODS AND SERVICES
\
40
40
30
30
IMPORTS OF GOODS AND SERVICES
20
10 I
J
1963
1964
1967
1966
1965
I
10
I
1969
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Exports of goods and services
Imports of goods and services
Income on
investments
Period
Total
1964
1965
3966
1967__
1968-
_ _
_
_ _
37,
39,
43,
45,
50,
098
196
142
756
199
Merchan-l
dise
25,
26,
29,
30,
33,
Military
sales
297
747
244
S30
174
829
463 1, 240
373 1, 423
Government
Private
4,
5,
5,
0,
6,
930
384
659
235
911
456
509
593
624
774
Other
services
5, 60S
6, 22!)
6, 885
7, 189
7, 715
Total
28,
32,
38,
40,
48,
688
295
063
989
234
Merchan-l
dise
18,
21,
25,
26,
33,
0-1 S
516
539
983
273
Balance
on
Miligoods
Other
tary
and
expend- servservices
itures
ices
2,
2,
3,
4,
4,
876 7,
945 7,
735 8,
340 9,
561 10.
364
834
787
658
400
8,
6,
5,
4,
1,
409
901
080
768
965
lly adjusted annual rates
1968: I _
II.
III
IV
1969: I »
47, 400
50 428
53 128
49! 852
31 524 1 "4
33 340 1 440
35 296 1 619
o •->
ooo
OO. OoZi
l' 420
29, 504
NOTE.—Merchandise exports and imports (p. 24) have been revised beginning
1966; the balance on liquidity basis and on official reserve transaction basis (p. 25)
as well as some of the data shown on an unadjusted basis (p. 25) have been revised
beginning 1968. Other data for these periods shown on these pages will be revised
in June. See the forthcoming issue of Survey of Current Business, June 1969, for
further details.
24
792
884
820
604
6 172
6 908
7 396
7, 172
1
7 556
7 680
7 960
7' 664
46 908
47 940
49 712
49 080
31 528
32 828
34 548
34, 188
30, 716
4 440
4? 492
4 580
4 732
10 959 1 192
10 108 2 488
10 764 3 416
10 480 ' 772
Adjusted from customs data for differences in timing and coverage.
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
In the first quarter, the balance of payments on the liquidity basis showed a deficit of $7.1 billion and on the official
reserve transactions basis a surplus of $4.5 billion (seasonally adjusted annual rates). The very great difference between
the two balances was a reflection of the large increase in liquid liabilities to foreign accounts other than official agencies.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
1963
1969
^PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Balance
U.S. private capital, net
Period
U.S.
Government
grants
and
capital,
net i
1964- _ _
1965___
1966___
1967- _ _
1968.--
-3, 564
-3,370
— 3, 444
— 4, 211
-3, 975
I96S:
I
II
III___
IV_ _ _
1969:
I"
Direct
investment
-2,328
-3,468
— 3, 623
-3, 020
-2, 743
Other
longterm
Errors
Foreign and uncapital,
recorded
Liquidtransnet l
ity
actions basis 2
Shortterm
— 2, 103 -2, 147
689
-1,079
753
270
-418
— 256
2, 531
-1,270 -1,214
3, 185
8, 385
-1, 050 - 1, 067
Seasonally adjusted annual
-860
-315
-210
-532
-199
rates
Official
reserve
transactions3
basis
-2, 800 -1, 564
-1,335 -1, 289
266
-1, 357
-3,571 -3,405
156
1, 639
-532
5, 640 -1, 104 - 2, 408 -1,692
-800
-4, 656 -1,496
6,072
9,940 - 1, 932 -284
-4, 288 -4, 140 -228 -1,424
956
-92
-692 -1, 828 7,332
1,676
-3,752 -4,672
1,220
580
3,408
-668 -2, 480 — 484 10, 624
-3, 212
i
1
Includes certain special Government transactions.
- Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies,
and the U.S. gold tranche position in the IMP.
3
Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and
the U.S. gold tranche position in the IMF.
4
Includes short-term official arid banking liabilities and foreign holdings of
U.S.
Government bonds and notes.
5
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
7, 112
4, 504
Changes
in gold,
convertible currenTo foreign official
cies, and
To other IMF gold
holders 5
foreign 6 tranche
Non- holders position
Liquid
(increase
liquid
[-])
1, 075
318
1, 554
171
— 18
85
131
1,222
-1, 595
761
2,384
568
2, 062
1, 291
1,457
52
— 3, 099
2, 373
3, 823
-880
Quarterly totals, unadjusted
Changes in selected
liabilities (decrease [ — ])4
— 1, 363
-2, 190
— 37
491
-1, 707
369
775
535
694
721
2, 265
1, 041
-204
3, 120
904
-137
-571
-1, 076
7
-48
c
Private holders; includes banks and international and regional organizations;
excludes
IMF.
7
On Mar. 31, U.S. reserve assets consisted of gold stock, $10,836 million (down
$56 million from Dec. 31); IMF position including gold portion of increased U.S.
subscription, $1,321 million; convertible currencies, $3,601 million.
NOTE.— See Note, p. 24. Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
The rise of 0.8 percent in consumer prices in March was the largest since February 1 951. The most significant increases
were in homeownership costs and used car prices/ however, there were substantial increases abo for food, clothing,
and gasoline.
index, 1957-59=100
Index, 1957-59=100
140
130
120
110
\
COMMODITIES
j
M 1M I ! 11M
111 1 I I M 1M
1964
1965
1966
1963
SOURCE:
LESS FOOD
1 1 I I ! I I I I I, I
DEPARTMENT OF LABOR
100
1968
1969
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100]
Period
1959
_
___ _ _ . .
___
1960
1961. _
__ _
1962_
_ _ _
1963 _ > . _ _ _
1964
1965
1966
1967__ _ _ _ _
___ _ .
1968_ _1968: Feb
Mar__
Apr
_ _ _
_ _
Mav__ _ _
_
June. _
_ _ _ _ _
Julv
Aug
Sept_
Oct_
Nov
Dec
1969: Jan
Feb__
Mar
Source: Department of Labor.
26
All
items
101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
109. 9
113 1
116. 3
121.2
119. 0
119. 5
119. 9
120. 3
120.9
121. 5
121. 9
122.2
122. 9
123.4
123. 7
124. 1
124.6
125. 6
All commodities
100.9
101.7
102. 3
103.2
104. 1
105. 2
106.4
109. 2
111. 2
115.3
113. 5
113. 9
114. 3
114. 7
115. 1
115. 5
115. 9
116. 1
116. 8
117. 1
117. 2
117. 4
117. 8
118. 7
Services
Commodities
Commodities less food
Services
All
Food
Rent
less
Nonservices
All
Durable durable
rent
103. 6
103. 2
101.2
100. 3
101. 6
101. 0
101. 5
107. 4
106. 6
102.6
103. 1
101.7
100.9
101. 4
110. 0
102. 6
108. 8
102. 0
103. 2
]04 4
300. 8
105. 7
112. 1
110. 9
103. 6
102. 8
103. 8
101.8
106.8
102. 1
113. 0
114. 5
104. 8
103. 5
105. 1
117. 0
115. 2
107.8
106. 4
104. 4
103. 0
105. 7
108.9
120.0
107.2
117.8
102.6
105. 1
108.8
122. 3
110. 4
102. 7
125. 0
114. 2
106. 5
109. 7
112.
4
127. 7
104. 3
131. 1
109. 2
113. 1
115. 2
113.2
134.3
115.1
138.6
117.7
119.3
107.5
113.9
135. 2
115. 6
117. 4
106. 4
131. 3
111. 5
132. 1
114. 2
136. 1
116. 1
106. 6
117. 9
111. 9
132. 5
114. 4
136. 6
112. 2
106. 9
116. 4
118. 3
114. 6
137. 1
117. 0
133. 0
118.8
106. 9
112.5
114.9
133. 9
138.1
119. 1
113.0
107.4
117.5
134. 9
115. 1
139. 3
117. 6
120. 0
113. 2
107. 6
140. 0
115. 4
135. 5
107. 7
120. 5
113. 5
118. 1
136.0
115. 7
140. 5
118.9
120.4
107.6
113.9
116. 0
141. 2
136. 6
119. 7
114. 7
108. 5
120. 9
137.4
116.3
120.2
142.0
120, 5
115.3
109. 3
142. 9
116. 7
120. 3
138. 1
121. 2
108. 7
115. 2
116. 9
139. 0
143. 9
122. 0
108. 6
120. 1
115. 0
117.2
144. 6
139. 7
115.7
120. 5
109. 7
121. 9
117. 5
140. 9
146. 1
122. 4
121. 4
111. 1
116. 8
WHOLESALE PRICES
Preliminary estimates for April indicate that wholesale prices increased 0.2 percent. Industrial prices were up 0.1
percent, substantially less than in recent months. Prices of processed foods and feeds rose 0.9 percent while farm
prices fell by 0.8 percent.
Index, 1957-59=100
Index, 1957-59=100
PROCESSED FOODS AND FEEDS
100
90
80
80
1969
1963
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
Period
1959
1960
1961
1962
_
1963
.
1964
1965
1966
1967__
1968
1968: Mar
Apr
_ __
May-June.
July___
___
_
_
Aug
Sept
Oct
Nov
Dec
1969: Jan
Feb
Mar
A p r *__
1
__
All
commodities
Farm
products
100. 6
100.7
100. 3
100. 6
100. 3
100. 5
102.5
105. 9
106. 1
108.7
108. 2
108. 3
108. 5
108.7
109. 1
108.7
109. 1
109.1
109.6
109.8
97. 2
96.9
96.0
97. 7
95.7
94. 3
98.4
105. 6
99. 7
102.2
102. 1
102. 1
103. 6
102.5
103.9
101. 4
102.8
101.2
103. 1
103.3
110. 7
111. 1
111. 7
111. 9
104. 9
105. 0
106. 5
105. 6
Processed
foods
and
feeds
All industrials 1
Crude
materials
106.7
113. 0
111. 7
114.1
112. 9
112. 8
113. 6
114.6
115.9
114. 9
115.3
114.4
114.7
114.7
101.3
101.3
100.8
100. 8
100.7
101. 2
102. 5
104. 7
106. 3
109.0
108. 6
108.8
108. 6
108.8
108.8
108. 9
109.2
109.7
109.9
110.2
102. 3
98. 3
97. 2
95. 6
94. 3
97. 1
100.9
104. 5
100. 0
101.8
103. 1
101. 7
100. 5
100.6
100. 9
101. 0
101.5
102.2
103.0
103.8
116.0
116. 3
116.4
117.5
110. 9
111. 4
112. 0
112. 1
105.0
105. 5
107.2
99. 9
100. 0
101. 6
102. 7
103. 3
ioa i
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
Inter- Producmediate er finmate-2
ished
rials
goods
102. 1
101. 0
101. 4
102.3
100. 1
102. 5
99. 9
102. 9
99.6
103. 1
100.2
104. 1
101.5
105.4
103. 6
108. 0
104. 8
111. 5
107.5
115.3
107. 3
114. 4
107.5
114.8
107.3
114.9
107.2
115.1
107. 3
115. 2
107.4
115. 4
107.8
115.7
116.4
108. 1
108.2
116.9
108. 8
117. 1
109.7
110. 4
111. 1
117. 6
117. 8
118. 0
Consumer finished goods excluding food
NonDurable
durable
101. 3
100. 8
100. 9
101. 5
100. 5
101. 5
100. 0
101. 6
99. 5
101. 9
99. 9
101. 6
99.6
102.8
100. 2
104. 8
101. 7
107. 2
103.9
109.4
103. 6
108. 6
103. 5
109. 0
103.5
109. 1
103.5
109.8
103. 3
110. 0
103.6
109.7
103.4
109.9
104.9
110. 0
105.0
110.2
105.0
110. 2
105. 1
105. 1
105. 3
110. 4
110. 7
111. 2
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 about 1 percent.
The adjusted parity ratio was down 2 points to 78.
Index, 1957-59 = 100
i 130
Index, 1957-59 = 100
130 I
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
""
"
120
~
.A .—<-"
f
no
L 1 ; T I ! I ! l I I I I i i I i I I I i 1 I I f I T I I I I \ I I I I I I I I I I I ! ! I I I I I M 1 ! I T ! ' ' I 90
PARITY RATIO
\
QA
80
'""""""
/'"""""•^
**•••%.,.„
60 , ' i i i ' I f i 1 I !
I I
t
i
1963
l
l
I
I
I
!
!
1
1964
I ! r |
I t ! ! !
f i ' l i i i l ,i i i f ! 1 1 I I 1 1 1 1 1
1966
1965
„"..
•xv.-—-
70
f
!
I 1
1 1 r
1
1
!
!
I
I 1
1
!
1 I
I
i
f I
1969
1968
1967
J/RAT10 OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES. AND WAGE RATES, ON 1910-14 - 100 BASE.
SOURCEi DEPARTMENT OF AGRICULTURE
COUNCH OF ECONOMIC ADYIScP-S
Prices received by farmers
Period
1959
1960 ...
1961
1962
_ _ __
1963
1964
1965
1966
1967
196S
1968: Mar 15
Apr 1 5 _ _ _
May 15
June 15
July 15
Aug 15_ _
Sept 15_
_ _Oct 15
Nov 15__
... .
Dec 15 _
1969: Jan 15
Feb 15
__
Mar 15
Apr 15
All farm
products
99
99
99
101
100
98
103
110
104
108
107
107
108
107
108
108
110
108
108
108
109
110
112
112
Crops
99
100
102
104
107
107
104
106
H)0
102
103
104
105
103
99
101
103
102
102
99
99
101
103
101
All items,
interest,
taxes, and
wage rates
Index, 1957-59=100
102
100
102
98
103
OS
105
09
(
107
J5
91
107
101
110
113
114
107
116
112
121
109
120
109
121
~ 01
109
121
111
114
121
121
113
121
116
122
113
123
113
115
123
124
116
117
125
119
126
120
127
Livestock
and
products
i 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
101
102
102
103
104
105
107
110
113
117
116
117
117
117
118
118
118
119
119
119
120
120
122
122
Production
items
102
101
101
103
104
103
105
108
109
in
111
111
112
112
112
111
111
111
112
113
113
114
115
116
Actual
81
80
79
80
78
76
77
SO
74
73
74
73
73
73
73
74
75
73
73
73
72
73
74
73
Adjusted 2
82
81
S3
83
81
80
82
86
79
79
79
79
79
79
79
79
81
79
79
79
78
79
80
78
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
Source: Department of Agriculture.
(VIONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The seasonally adjusted money supply increased $1.8 billion in April, reflecting in part technical factors. Time
deposits fell $0.2 billion.
biLLIONS OF DOLLARS
250
BILLIONS OF DOLLARS
250
225
225
200
200
1963
1969
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
Money supply
Money supply
CurCurTime
DeDerency
rency
de- 1
mand
mand
Total
outoutTotal
posits
dedeside
side
posits
posits
banks
banks
Period
1963:
1964:
1965:
1966:
1967:
1968:
1968:
Dec
Dec
Dec
Dec.
Dec
Dec
Mar
___
Apr
MayJune—
July
Aug
Sept
Oct
Nov
Dec
1969: Jan
__
Feb
Mar p
Apr
1
COUNCIL OF ECONOMIC ADVISERS
153. 0
159.3
166.8
170.4
181. 3
193.1
183. 4
184. 3
186. 1
187. 4
189.4
190.3
189. 5
190. 2
191. 9
193. 1
193. 7
193. 8
194. 0
1 95. 8
Seasonally adjusted
32.5
120.5
34.2
125. 1
36.3
130.5
132. 1
38.3
140. 9
40. 4
43.4
149.6
41. 1
142. 2
41. 4
143. 0
41. 6
144. 5
42. 0
145. 4
42.2
147.2
42.6
147.6
146.7
42.7
42 8
147. 4
43! 2
148. 7
43. 4
149. 6
43. (>
150. 1
43. 9
149. 9
44. 2
149. 8
151. 5
44. 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.
112.2
126.6
146. 6
158. 1
183. 5
204.3
186.7
187. 1
187. 6
188. 2
190.4
193.8
196. 6
199. 5
201. 9
204. 3
202. 5
20L 0
201. 0
200. 8
157.3
164.0
172.0
175.8
187. 1
199.2
182. 0
185. 6
182. 5
185. 6
187.2
186.9
188.6
190. 6
193. 4
199.2
199. 5
192. 4
192. 6
196. 8
33. 1
35.0
37.1
39. 1
41.2
44.3
40. 7
41. 1
41.3
41. 9
42.4
42.7
42.7
42. 9
43.7
44.3
43. 5
43. 4
43.8
43. 9
Unadjusted
124. 1
129. 1
134.9
136.7
145. 9
154.9
141. 2
144. 5
141. 1
143. 6
144.8
144.2
145.8
147. 7
149. 7
154.9
155. 9
149. 0
148. 8
152. 9
U.S.
Government
demand
deposits l
Time
deposits 1
111.0
125.2
145.2
156.9
182. 0
202.5
187.7
187.9
188.4
188. 6
190.8
194.4
196.2
199. 1
200. 7
202.5
202. 1
201. 6
202. 0
201. 6
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
1
i
|
!
;
5. 1
5.5
4.6
3. 4
5. 0
4.8
6. 6
4. 2
6. 4
5. 4
5.7
5.5
5.9
6. 1
4. 2
4.8
4. 7
6. 6
4. 5
5. 1
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
In April, selected liquid assets held by the public declined $2% billion (seasonally adjusted). Decreases of $2 billion
in demand deposits and currency and $1 billion in time deposits were partially offset by a $% billion rise in short-term
Government securities.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800 j
(800
SEASONALLY ADJUSTED, END OF MONTH
700
700
TOTAL SELECTED
LIQUID ASSETS
600
600
500
500
- SAVING TYPE ASSETS U
400
400
300
300
DEMAND DEPOSITS AND
CURRENCY
200
200
i
HIOO
100 I
*
1963
i
1964
|
1965
1968
1967
1966
J/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
End of period
1962
. ___
1963
1964
1965.
1966
1967 _
1968
1968: Mar
Apr
May
JuneJuly . .
Aug
Sept
_ _ _
Oct
Nov _
Dec
1969: Jan *_
_ _ _ _
Feb *>_p
_ _.
Mar
Apr *> _ _ _
Total
selected
liquid
assets
459.0
495. 4
530. 5
573. 1
601. 5
650.4
707. 6
665. 6
664. 6
667. 8
670. 8
676. 5
679. 6
684.4
692.2
697. 8
707.6
702. )
704. 3
711. )
709. J
Demand
deposits
and
currency 1
144. 8
149. 6
156. 7
164. 1
168. 6
180. 7
*197. 8
181. 7
181. 1
183. 9
186. 7
186. 2
185. 9
186.3
187. f>
189. 3
*197. 8
188. 1
189. 1
191. 7
1S9. 8
Time deposits
Commercial
banks
98. 1
112. 9
127. 1
147. 1
159.3
183. 1
203. 1
187. 9
187. 6
187.7
187.9
191. 5
194. 0
195.9
200. 0
204.4
203. 1
202.8
202. 3
201. 4
200. 0
1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for2 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.
30
Mutual
savings
banks
41. 4
44. 5
49. 0
52.6
55.2
60. 3
64.7
61. 4
61.7
62. 1
62. 6
62. 8
63.0
63.4
63. 8
64. 3
64.7
64. 8
65. 2
65. 5
65. 9
3
Postal
Savings
System
0. 5
.5
.4
.3
.1
Savings
and loan
shares
U.S. Government
savings2
bonds
79.8
90. 9
101.4
109.8
113.4
123.9
131.0
125. 8
125. 9
126.4
3
126. 8
127. 2
128. 1
129.5
130.0
130. 8
131.0
131. 0
132. 0
133.4
133. 2
47. 6
49. 0
49. 9
50.5
50. 9
51.9
52.5
51. 8
51. 8
51. 8
51. 9
51. 9
52. 0
52.0
52.0
52. 1
52.5
52.5
52. 3
52.2
52. 2
U.S. Government
securities
maturing
within
one
year 2
46. 8
48. 1
46. I
48. 6
53. 9
50. 5
58.5
57. 0
56. 5
55. 9
54. 9
56. 9
56. 6
57.4
58.9
57.0
58.5
4
63. 4
63.4
67. 7
68. 1
Reflects liquidation of two savings and loan associations.
* Beginning 1969 figures have been adjusted to conform to the new budget
concept.
NOTE.—See Note, p. 29.
'Estimates for Dec. 31.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Tofa! bank credit expanded by $2% billion (seasonally adjusted) in April due to a rise in loans. Free reserves continued
10 decline, reaching a net borrowed position of $865 million.
BILLIONS OF DOLLARS
1 500
BILLIONS OF DOLLARS
500
ALL COMMERCIAL
SEASONALLY ADJUSTED, END OF MONTH
BANKS
- 400
400
300
200
100
U.S.
INVESTMENTS IN
GOVERNMENT SECURITIES
INVESTMENTS IN OTHER SECURITIES
I
! 1 I I 1I I I 1 I I I I ! I I I I I ! 1
1
1963
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Bank
Weekly
All member banks 2
debits \
reporting
outside
large comNew York
mercial
BorrowTotal
Investments
City (232
banks
ings at
Loans,
Free
Total
Excess Federal
loans excluding
centers) ,
reserves
reserves
reserves
and
seasonally
Reserve
inter- U.S. Gov- Other Commercial adjusted
investBanks
bank
securi- and indusernment
ments
annual
ties
securities
trial loans
rates 1
Billions of dollars
j
Millions of dollars
304
572
268
20, 040
64. 6
134.0
29.2
227.9
35. 2
2,081
327
209
20, 746
536
149. 6
61.7
246.2
38.8
2,
199
35. 0
1
411
243
168
21,609
167. 7
42. 1
2, 706 i
267. 2
38. 7
60. 7
3
22, 719
454
—2
452
294.4
192. 6
3,013
53. 1
57. 1
44. 8
392
-165
23, 830
557
208.2
48.7
310. 5
60.7
3,421
53. 6
25, 260
238
345
107
225. 4
346. 5
8, 740
59. 7
65. 8
61. 4
— 310
27, 221
765
455
384.6
251.6
61.5
73.1
4,S67
71.5
671
25, 580
-315
356
4,021
352. 5
229.0
66.4
59. 9
63. 6
25, 546
270
683
-413
355.2
231.4
60. 3
67. 4
4,215 i
63. 4
746
-326
25, 505
420
232. 6
61.0
4,243 i
357.3
63. 6
66.9
-341
351
692
25, 713
357. 8
233. 5
63. 9
69.0
60. 4
4,354 i
-226
299
525
26, 001
4,437
238.4
64.4
63. 1
69.0
365.9
565
375
— 190
26, 069
241.1
63.9
68.0
370.4
65. 5
4,442
-132
515
26, 077
383
243.6
64.0
67.0
69.3
4, 511 |
374.6
427
-167
26, 653
260
69.7
64.2
68.5
246.7
4,646
379.4
324
569
!
26,
785
-245
71. 2
250. 4
70. 2
61. 0
381. 6
4, 614
27, 221
455
-310
765
4, 676 i
251.6
73. 1
61.5
384.6
71.5
697
217
-480
28,
063
4,
837
71. 4
72. 9
253. 7
385. 9
60.8
824
-596
22S
27, 291
4, 90S
73. 7
388. 0
258. 4
58. 1
71. 5
217
-701
26, 754
918
/, 841
71.9
387. 1
75. 0
257. 8
57. 4
996
-865
131
27, 056
76.7
260. 6
71.7
57. 6
389. 9
All commercial banks
(seasonally adjusted data)
End of period
1962
1963
1964
1965
1966
1967
1968 __
1968: Mar
Apr
May _
June
July_ _ _
Aug _
Sept .
Get
Nov
Dec
1969: Jan "v
Feb p
Mar _
Apr »
1 Debits during period to demand deposit accounts except interbank and
U.S.
Government. New series beginning January 1964.
2
Averages of daily figures. Annual data are for December.
3
New series; see Federal Reserve Bulletin, March 1967.
NOTE.—Effective June 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
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 Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit increased $380 million in March. Seasonally adjusted instalment credit outstanding rose $650
million. The rise was about the same as in January but considerably below the $800 million expansion in February.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
- 20
20 -
10
SEASONALLY
10
ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
_ ^^ -" — t
\
^..
..„.,.••»"•««.»"
41 ( 1 I I 1 1 I ! I f
V
1963
',,„„.•"•••"•"
^-1
•«•••'""
t 1 ! ! 1 1 1 1 I 1 1
8
.M...-***"*-"*'
/
/
INSTALMEh T CREDIT REPAID
*•>
"1"M
•
1 1 ! I 1 1 ! t 1 1 1
1964
1 ! ! I 1 1 ! ! ! 1 1
1965
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1966
!
1 1 I 1 1 1 1 1 1 1
1967
6
1 1 1 1 1 1 ! 1 1 1 1
1968
1 1 1 I 1 1 I 1 1 I 1 IS 4
1969
N
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Mortgage
Consumer instalment credit extended
Consumer credit outstanding (end of period;
debt outand repaid (seasonally adjusted)
unadjusted)
Instalment
Automobile paper standing
Total
Period
nonfarm,
NonAutomo1- to 4Total
instal-2 Extended Repaid Extended Repaid
Total l
Personal
bile
family
ment
paper
loans
houses 3
1960
56, 141
42, 968
17, 658
141, 300
10, 617
13, 173
49, 793
46, 073
17, 657
16, 419
1961
57, 982
43, 891
16, 552
17, 135
11, 673
14, 091
16, 029
153, 100
49, 048
48, 124
1962
63, 821
48, 720
19, 381
13, 414
51, 360
15, 101
56, 191
19, 694
17, 447
166, 500
1963
71, 739
55, 486
22, 254
182, 200
15, 618
16, 253
63, 591
56, 825
22, 126
19, 254
1964_ . _
62, 692
SO, 268
24, 934
63, 470
197, 600
17, 848
17, 576
70, 670
24, 046
21, 369
1965 _
90, 314
71, 324
28, 619
20, 412
69, 957
27, 227
23, 543
212, 900
18, 990
78, 586
1966
97, 543
77, 539
30, 556
22, 187
20, 004
82, 335
76, 120
25, 404
27, 341
223, 600
1967
102, 132
80, 926
30, 724
21, 206
24, 018
84, 693
26, 667
26, 499
236, 100
81, 306
196S
113, 191
89, 890
34, 130
97, 053
26, 936
23, 301
88, 089
28, 018
251, 500
31, 424
1968: Feb
100, 771
80, 233
30, 682
7,847
7,111
2, 275
20, 538
24, 076
2,559
Mar
100, 981
80, 474
30, 942
24, 200
20, 507
2, 316 ~~239,~300
7, 903
7,281
2,605
Apr. _ _ _ 102, 257
81, 328
31, 331
7, 222
24, 459
20, 929
7, 863
2, 509
2,297
103,
411
82,
312
24, 737
2, 327
31, 818
21, 099
8, 033
7,301
2, 590
May - - 104, 620
June
83, 433
32, 364
25, 052
21, 187
7, 287
2, 570
8, 003
243, 300
2,289
Julv_
105, 680
84, 448
32, 874
2, 352
8, 247
7, 390
25, 314
21, 232
2,673
107, 090
Aug
85, 684
7, 253
33, 325
21, 406
8, 187
2,684
25, 725
2, 327
107, 636
Sept86, 184
33, 336
21, 452
8,416
7, 701
2, 783
2,482
25, 979
247, 300
Get
108, 643
87, 058
33, 698
21, 585
7,586
2, 782
26, 202
8, 533
2,391
110, 035
Nov
87, 953
22, 082
7,454
33, 925
8, 288
26, 429
2, 681
2,363
Dec
113, 191
89, 890
34, 130
7, 502
8, 277
2, 592
2, 357
26, 936
23, 301
251, 500
1969: Jan
112, 117
89, 492
7,730
34, 013
8, 371
26, 911
22, 625
2,661
2,467
Feb
111, 569
89, 380
34, 053
8,414
7,616
22, 189
2, 716
2,468
27, 048
Mar
111, 950
89, 672
34, 262
22, 278
7, 735
2,501
27, 230
8, 381
2, 730
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.
z
End of period, unadjusted.
32
NOTE.—Data for Alaska and Hawaii included 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
During the first part of April the Treasury bill rate rose, but it declined in the latter part of the month resulting in a
small increase for the month. Yields on corporate bonds averaged higher in April than in March while high-grade
municipal and Treasury bonds declined.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
V7
/
X TAXABLE GOVERNMENT
BONDS
r"
3 -
1 I ' I ! I I I !
1963
1965
1966
1968
1967
SOURCE, SEE TABLE BELOW
Period
1961
1962
1963
1964
1965
1966
1967
1968
1968:
_
_
__-
_.
- -_
_
Mar
Apr __
May
June
Julv _ _ _
Aug
Sept_
Oct _ Nov _
Dec
1969: Jan
Feb
Mar _
Apr
Week ended:
1969: Apr ] ! _ _ _
18—
2f>
Mnv 2 _ _ _
9 __
16"__
1
3
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5
year
Taxable
2
Treasury
3
(Standard4 &
issues
bonds
bills i
Poor's)
2. 378
3. 60
3.90
3. 46
2.778
3. 57
3. 95
;i 18
3. 157
3.72
4.00
3. 23
3. 549
4. 06
4. 15
3. 22
3. 954
4.22
4. 21
3.27
4. 881
4. 65
3. 82
5. 16
4, 321
4. 85
5. 07
3. 96
5.339
5.59
5.26
4.51
5. 144
5. 77
5. 39
4. 56
5. 365
5.69
5.28
4. 41
f>. 621
5. 95
5. 40
4. 56
5. 544
5. 71
5. 23
4. 56
5. 382
5.44
5. 09
4.36
5. 095
5. 32
5. 04
4. 31
5. 202
5.
09
5. 30
4. 47
5. 334
5. 42
5. 24
4. 56
5. 492
r>. 36
5. 47
4. 68
5. 916
r>. 66
5. 99
4. 91
6. 177
6. 04
5. 74
4. 95
5. 86
6. 156
6. 16
5. 10
6. 080
6. 33
C>. 05
5. 34
6. 150
f>. 84
5. 29
6. 15
6.
6.
6.
6.
5.
*6.
167
195
175
053
978
084
0. 19
f>. 1 0
6. 11
6. 17
6.21
r». ao i
r,. 9:;
r>. 79
o. 75
f>. 77
."). 70
*.->. 77
Kate on new issues within period.
- Selected note, and bond issues.
April 1953 to date, bonds du» or callable 10 years and after.
*6 Weekly data are Wednesday figures.
"Not charted.
Data for first of the month, based on the maximum permissible interest rate
(?K> percent beginning late January 1 «»{><)) and 30-year mortgages paid in 15 years.
1969
r>. :>>s
r,. 26
;~>.
5.
f>.
~>.
22
24
26
39
5. 08
5. 02
4.86
4. 83
4. 87
5. 67
6. 23
6. 94
6. 85
6.97
7. 03
7.07
6.98
6. 82
6. 79
6. 84
7. 01
7.23
7. 32
7.30
7. 51
7.54
Prime
commercial
paper,
4-6
months
2. 97
3. 26
3. 55
3. 97
4. 38
5. 55
5. 10
5.90
5. 64
5. 81
(I 18
6. 25
6. 19
5. 88
5. 82
5. 80
5. 92
6.17
6. 53
6. 62
6. 82
7. 04
7. 59
7. 55
7. 50
7. 50
7. 49
7. 48
7. 00
7.03
7. 13
7. 18
7. 25
*7. 25
Corporate bonds
( MoodyJs)
Baa
Aaa
4. 35
4. 33
4. 26
4. 40
4. 49
5. 13
5. 51
6. IS
6. 11
6. 21
6.27
6. 28
6.24
6. 02
5. 97
6. 09
6. 19
6.45
6. 59
6. 66
6. 85
6. 89
0.
6.
6.
6.
6.
*6.
97
88
81
80
79
75
FHA
new home
mortgage
yields 5
5.80
5. 61
5.47
5. 45
5. 40
6. 29
6. 55
7. 13
6. 78
6.83
6. 94
7.52
7. 42
7. 35
7. 28
7. 29
7. 36
7. 50
7. 99
8. 05
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
MootVy's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The common stock price index rose during most of April and early May. On a monthly average basis, the April
increase was the first this year.
Index, 1941-43=10
Index, 1941-43=10
MONTHLY
WEEKLY
120
120
110
110
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
100
90
vx
80
/
H/
VA
100
90
r^
_s-^~
_
V/"
/
80
^
_^-^
70
60 i i i i i 1 i i i i i
PE RCENT
5
70
1 !
1 ! 1
!
I I 1 I 1 I I 1 1 1!
t i l l !
\
1 ! 1 ! 1 1 I 1 t !
\
1 1 1 I ! !
! 1 t
!
I 1 1 1 1 1 t ! 11
1 1 1 I t
WEEKLY
MONTHLY
60
PERCE NT
5
! 1 1 ! I 1
4
4
DIVIDEND YIELD ON COMMON S T O C K S ^ x —-^
3
3
2 \\
V
RAT IO
25
\
1 1 1 1 1 1 1 1 !
f
1
1
t
1
i i i i i
I ! ! ! 1 ! ( 1 ! ! !
I 1 I I
f
!
1 » t 1 I 1 ! ! 1 1
f 1 !
1 1 1 1 ! ! 1
2
RATIO
1 1 I 1 1 1 ! I I 1 IN
PRICE/EARNINGS RATIO ON COMMON STOCKS
/
20
p^^-
15
10
1 I ! ! 1 1 t
t
!
'
1963
'
/
1964
•—
n^^
—•———-~
!
I
20
,/*-—-^_^-—
_L
!
1
1
1966
1965
1
!
1967
1
15
1
!
I
SOURCE: STAND""" 5, POOR'S CORPORATION
!
1969
1968
!
N
10
N
COUNCIL OF ECONOMIC ADVISERS
1
Period
1963 _ _ _
1964
1965
1966
1967
1968
1968: Apr
May__ _ _
June
Julv
Aug
Sept
Oct_
Nov
Dec__ _ ___
1969: Jan.
Feb..
Mar
Apr
Week ended:
1969: Apr 11
18
25
May 2
9__ _
16
1
4
Total
Total
69.87
81.37
88. 17
85. 26
91.93
98.70
95,67
97. 87
100. 53
100. 30
98. 11
101. 34
103. 76
105. 40
106. 48
102. 04
101. 46
99. 30
101. 26
73.39
86. 19
93.48
91. 08
99. 18
107. 49
104. 42
107. 02
109. 73
109. 16
106. 77
110. 53
113. 29
114. 77
116.01
110. 97
110. 15
108. 20
110. 68
100. 85
101. 15
101. 03
103. 20
104. 81
105. 64
110.
110.
110.
112.
114.
115.
21
55
40
95
77
64
Price index
Industrials
Capital Consumers'
goods
goods
1941-43=10
63. 30
62. 28
76. 35
73. 84
85. 26
81. 94
84. 86
74. 10
96. 96
79. 18
105. 77
86.33
104.08
84.79
87. 75
106. 86
89. 04
110. 65
108. 12
88.38
104. 92
85. 73
107. 57
88. 46
108. 48
91. 36
92. 04
109. 75
111.44
91.91
87. 69
106. 56
105. 47
87.93
103. 76
86. 69
88. 21
105. 54
105.
104.
103.
108.
109.
110.
Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
34
30
59
92
76
28
45
87. 88
87. 50
87. 85
90.25
91. 32
92. 45
Railroads
Dividend
yield 2
(percent)
64.99
69. 91
76.08
68. 21
68.10
66.42
63. 66
62. 92
65. 21
67.55
66. 60
66. 77
66.93
70. 59
70.54
68. 65
69. 24
66. 07
65. 63
37. 58
45.46
46.78
46. 34
46.72
48.84
44.79
48. 00
51. 72
51. 01
48. 80
51. 11
54. 26
53.74
55. 19
54. 11
54.78
50.46
49. 53
3.17
3. 01
3.00
3. 40
3.20
3.07
3. 12
3. 07
3. 00
3.00
3. 09
3. 01
2. 94
2. 92
2.93
3.06
3. 10
3. 17
3. 11
65.27
65. 65
65. 76
66. 12
66. 81
67. 52
49. 92
49. 29
48.92
49. 50
50. 00
50. 58
Public
utilities
3.
3.
3.
3.
3.
4
2.
Price/
earnings
ratio 3
17. 62
18. 08
17. 08
14. 92
17. 52
17. 15
17. 23
17.61
17.37
4
17. 47
11
13
13
05
03
98
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.
< Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the first 9 months of the current fiscal year, the total deficit was $12.3 billion/ a year eariier it was $28.1 biiiicr
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
1959
1960
1961
1962
1963
J/RECEIPTS LESS EXPENDITURES AND NET LENDING.
^/ESTIMATE.
SOURCES; TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
1964
1965
FISCAL YEARS
1966
1967
1968
1969 -^
1970z/
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget receipts, expenditures, and net lending
Period
Receipt-expenditure account
Loan
account
Expenditures
Net
lending
Receipts
Fiscal vear:
1959
1960
1961
1962
1963
1964 _ _ _ _ _ _
1965
__ _ _
1966
_
1967
1968 2
1969
1970 2 _ __
_ __
Cumulative totals, first
9 months:
Fiscal vear 1968- _ _
Fiscal vear 1969-
Surplus or
deficit (-)
79. 2
92. 5
94 4
99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
186. 1
198.7
89. 5
90.3
96. 6
104. 5
111. 5
118.0
117.2
130. 8
153.3
172.8
183. 6
192. 1
-10.3
2. 1
-2.2
-4.8
-4. 9
-5. 4
—.4
*
-3.7
-19.2
2.5
6.6
2.7
1. 9
1.2 '
2.4
— .1
.5
1.2
3.8
5. 1
6.0
1.3
.8
-12. 9
.2
-3.4
— 7. 2
— 4, 7
—5.9
— 1.6
—3.8
-8. 8
-25.2
1.2
5. 8
103.3
127. 0
127. 8
138.0
-24. 5
— 10. 9
3.6
1. 3
-12. 3
i Excludes non-interest-bearing public debt securities held by IMF.
3 Estimates; see Review of the 1970 Budget, Bureau of the Budget, April 15,1969.
Total
surplus or
deficit (-)
"
00
4JO.
-1
JL
Gross Federal debt
(end of period)
Total1
Held by
the public
287. 7
290.8
292.9
303.2
310.8
316.7
323. 1
329.4
341.3
369. 7
366.4
369. 1
235. 0
237. 1
238.6
248. 3
254.4
257. 5
261. 6
264.6
267. 5
290.6
277. 6
268. 6
368. 9
373.9
293. 2
292. 0
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the frrst 9 months of the current fiscal year, receipts were $23.7 billion over a year earlier while expenditures were
up $7.9 billion.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
120
120
EXPENDITURES AND NET LENDING
100
100
-NONDEFENSE
80
80
60
60
40
40
NATIONAL DEFENSE ~
_L
20
1959
I960
1961
1962
1963
1964
1965
FISCAL YEARS
1966
1967
1968
J/ESTIMATE.
SOURCES. TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
1969 ^
1970-^ l
20
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Expenditures and net lending
National defense
Period
Fiscal year:
1959
1960
1961
_
1962
1963_
1964_
19651966_
1967
1968
1969 22 __ _
1970
Cumulative totals,
first 9 months:
Fiscal year 1968- _ _
Fiscal year 1969
Individual
income
taxes
Corporation
income
taxes
79.2
92. 5
94.4
99. 7
106.6
112.7
116.8
130.9
149. 6
153.7
186. 1
198.7
36.7
40. 7
41.3
45.6
47. 6
48.7
48. S
55. 4
61.5
68.7
84.4
90. 4
17.3
21.5
21.0
20.5
21. 6
23.5
25. 5
30. 1
34.0
28.7
38. 1
37.9
25.2
30.3
32. 1
33.6
37.4
40. 5
42. 6
45. 3
54. 1
56.3
63.6
70.4
92. 1
92.2
97.8
106.8
111. 3
118. 6
118. 4
134.7
158. 4
178. 9
184.9
192.9
103. 3
127. 0
47. 9
60. 3
16. 5
22. 0
38. 9
44. S
131.4
139. 3
Total
Other
* Expenditure account.
s Estimates; see Review of the 1970 Budget, Bureau of the Budget, April 15,1969.
36
Total
Total
46.6
45. 9
47. 4
51 . 1
52. 3
53. 6
49. 6
56. 8
70. 1
80.5
81.0
80.4
Department of
Defense,1
military
41. 5
41. 5
43. 3
46.9
48.1
49. 6
46. 0
54. 2
67.5
77.4
77.8
77.3
56. 4
57. 5
InternaHealth
tional
and
affairs
welfare
and
finance
17.7
18. 7
21.8
23.4
25. 3
26.6
27. 2
31.3
37.6
43.5
48.6
53.7
". 3
.1
.4
4.5
4.1
4. 1
4.3
4.5
4.5
4.6
3. 9
3. 5
i
Sources: Treasury Department and Bureau of the Budget.
Other
24. 5
24.5
25. 2
27. 9
29.7
34. 3
37. 3
42.1
46. 1
50.2
51.4
55. 3
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for the first quarter, Federal receipts rose nearly $10 billion (seasonally adjusted
annua! rate) and expenditures increased about $3 billion, resulting in a surplus of $7% billion—the largest since
the second quarter of 1951.
BILLIC)NS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
200
/
^~&r^'
#
180
f
-
--"1
S'
160
^
s* _^^
-
RECEIPTS ^^£—
UO
140
*
^
120
'^^tfsg^^S!^'^'^
120
<^^
1
100
EXPENDITURES
-f^*^
!
!
f
i
I
'
I'
1
!
!
f
1
\
\
-1' !
\
t
!
K 100
M
+20
SURPLUS
r-.
m m
m
r-r
tm
1
fil
0
YZA
DEFICIT
I
-20
!
i
f
1963
.I/PRELIMINARY.
f
(
1964
f
!
[
\
1
1
f
1966
CALENDAR YEARS
1965
I
f
1967
\
\
1968
SOURCE: DEPARTMENT OF COMMERCE
f
1
i
I
i
-20
1969
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
reaera i
r euerai vjovermue in receipt S
Period
Fiscal rear:
1965
1966
1967
196S
1969 1!
1970
Calendar
rear:
1965
1966
1967 _
196S
1968: I _ _
II _
III
IV_
19G9: I p_
Personal Corporate
and
Total tax
nontax profits
tax
receipts accruals
120. 5
133. 0
147.7
161. 1
190.0
202.3
51.3
57.6
64.5
71.6
88. 6
94. 0
27. 7
31.2
31.4
34. 5
39. 3
40. 2
124.7
143. 0
151.2
176.9
166.6
171. S
182. 1
187. 0
196. 9
53.8
61.7
67. 3
79.3
72.0
74.9
83. 7
86.8
92. 4
29.3
32. 4
30. 1)
38. 4
37.0
38. 2
38. 6
39. 8
:•$<). 9
Indirect
business
tax and
nontax
accruals
Contributions
for
social insuran ce
24. (»
28. 5
35. S
118. 5
131. 5)
154..1
172. 4
44. 0
4S. <)
188. :{
IT). I
33. I
.'.>(>. 8
123. 5
142. 4
163. (>
1X2. 2
16. 9
15. 7
16. 0
17. 1
:;7. <>
is. l
19. 2
16.5
15. 8
10. 2
17. G
.17. 0
.17. 5
J7. S
18. 1
i s. :*
-1 1 . 5
40. 5
-11.2
42. 0
42. 4
4(>. ;;
i Estimates based on Review o the 1970 Hii<l<:f!, Murom: ( f ( l i e
April lf», im
Total
1 '.)(•>. 1
175. 1
181. <J
184. 9
186. 1)
18<>. 7
vjoverm rieiiu expe nauures
Surplus
or
GrantsSubsidies clencrt
J J2 rt-I-4Purin-aid
less
(-),
Net
chases Trans- to State
current
of goods fer p&y~
and
interest surplus income
and
local
and
ments
paid
of Govt. product
governservices
enter- accounts
ments
prises
'.K'). 6
102. i)
JOI. 2
30. 5
34. 2
39.4
44. 5
49. 9
53. 0
10.9
12. 7
14. S
17. 4
19. 8
22. 4
S. 5
9. 0
9. 9
10. 8
12. 3
12. 7
4. 1
4. 5
5. 3
4. 1
4. 3
3. 5
2.0
1. 0
— 6. 7
— 11.3
1. 7
5. 9
«i(.i. '.)
:;2. 5
77. -1
IKK it
100. 0
97. 1
100. 0
101. 2
101. 7
102. 4
35. 7
42. 3
47. S
45. i
47.7
48. 7
49. 5
50. 5
11. 1
14. 4
15. 7
8. 7
9. 5
10. 3
11.9
11. 3
11.8
12. 1
12.3
12. 6
4.3
1.2
.7
— 12. 4
-5.4
-8.6
-10.2
-2. 8
2
64. 4
71. 7
S4. 9
18. 4:
17.7
18.3
18.5
19. 2
19. 8
5. 4
4.8
4. 1
3.9
4. 1
4. 4
4. 1
4. 4
T Q
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PA!D
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
Page
1
2
3
4
5
6
7
8
9
t_
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
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
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.
* Indicates less than $50 million.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 25 cents per copy, $3 per year ; $4 foreign. Domestic air mail $6.10 additional per year.
38
U.S. G O V E R N M E N T P R I N T I N G O F F I C E - 19(39