Full text of Economic Indicators : May 1972
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92d Congress, 2d Session
Economic Indicators
May 1972
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1972
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public La\v 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
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)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
LOUGHLIN F. McHuGH, Senior Economist
COUNCIL OF ECONOMIC ADVISERS
HERBERT STEIN, Chairman
EZRA SOLOMON
MARINA v. N. WHITMAN
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55}
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary^ Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $3.00 per year (foreign, $4.00) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.
11
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased almost $31 billion in the first quarter to a seasonally adjusted annual rate of
$1,1031/2 billion—the largest rise since the first quarter of 1971 when the economy was recovering from the GM strike.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
G overnment
Net receipts
Expenditures
PerEquals:
Less:
Less:
sonal
Less:
Tax
Interest Total Personal
saving
TransTrans- Equals:
and
paid and exclud- consumpPuror
tion
Equals: Total
fers,
fers,
nontax interest,
ing
chases
expendexpendNet
disinterest,
Total * transfer
interest
of goods
payreceipts itures
and
itures saving receipts
and
or
and
ments
and
subsubaccruals sidies 2
transto for2
sidies
fers
eigners
Disposable personal income
Period
Surplus
or
deficit
(—),
income
and
product
accounts
1964.
1965_
1966_
1967.
1968_
1969.
1970_
1971.
438. 1
473.2
511. 9
546. 3
591. 0
634. 2
687.8
741. 3
10. 7
12. 0
13. 0
13. 9
15. 1
16. 7
17. 9
18. 6
427.4
461. 3
498. 9
532. 4
575. 9
617. 5
669. 9
722.7
401. 2
432. 8
466. 3
492. 1
536. 2
579. 6
615. 8
662. 1
26.2
28. 4
32.5
40. 4
39. 8
37.9
54. 1
60. 5
174. 1
189. 1
213.3
228. 9
263. 5
295. 6
300. 5
320.9
46. 7
49. 9
55. 5
62. 8
70.7
78. 4
94. 2
108.2
127. 3
139. 2
157. 9
166. 2
192.7
217. 2
206. 3
212. 7
175.4
186, 9
212. 3
242. 9
270. 3
288. 2
313. 6
341.2
46.7
49. 9
55.5
62.8
70. 7
78.4
94. 2
108.2
128. 7
137. 0
156. 8
180. 1
199.6
209.7
219. 4
233.0
-1.4
2. 2
L1
-13. 9
-6. 8
7. 4
— 13. 1
-20. 3
1970: III.__
IV.. _
696. 2
701. 5
18.0
18. 3
678. 2
683. 2
620. 9
624. 7
57. 4
58.5
301. 7
301. 9
96. 8
99. 8
204. 9
202. 1
316. 9
323.7
96. 8
99. 8
220. 1
223. 7
-15. 2
-21.7
1971:1
II___.
Ill—
IV...
722. 0
739. 6
748. 5
755.0
18.4
18. 6
18. 8
18. 8
703.6
721.0
729. 7
736.2
644. 9
657.4
668. 8
677.2
58.6
63.6
61. 0
59.0
312. 8
317.8
322. 0
330.9
102.0
109. 1
110. 3
110.9
210.
208.
211.
220.
9
7
7
0
329.9
338. 7
344. 1
351.8
102.0
109. 1
110. 3
110. 9
227. 9
229. 6
233.8
240. 8
-17. 1
-20. 9
-22. 2
-20.9
764.3
19.0
745. 3
691. 8
53. 5
354. 4
113.7
240. 7
363.5
113. 7
249. 6
-9.0
Net
Net exports of goods
transfers
and services
Excess of Total
StatisGross
Excess
to forGross
transfers income
tical
of
private
retained domestic invest- eigners
or
or
discrepby perearnEquals: of net
receipts
ancy
invest-4
ment sons
Less:
and Exports Imports
ings 3
Net
exports
ment
Governexports
ment
Gross
national
product
Business
Period
International
or
expenditure
95. 4
95. 6
99. 3
112. 9
94. 0
108. 1
121. 4
116. 6
126. 0
137. 8
135. 3
151. 6
-17.8
— 23. 4
-30. 1
-23. 5
-30. 6
-42. 1
-36. 0
-38.7
2.8
2. 8
2. 8
3. 0
29
2. 9
3. 1
3.4
37. 1
39. 2
43.4
46. 2
50. 6
55. 6
62. 9
65. 3
28.
32.
38.
41.
48.
53.
59.
65.
6
3
1
0
1
6
3
3
8.5
6. 9
5. 3
5. 2
2. 5
2. 0
3. 6
.0
-5.7
633.7
— 4. 1 688. 0
-2. 4 750. 9
-2. 2 794. 6
.4
866. 9
.9
933. 2
-. 4 978. 6
3.3 L, 051. 7
1970: III.
IV.
100. 4
101. 5
138. 6
137. 3
-38. 2
-35. 8
3. 2
3. 3
63. 7
63.2
59. 7
60. 5
4. 0
2. 7
986. 7
990. 1
-3. 2
-1. 6
983. 5
988. 4
1971: !___
II..
III.
IV.
107. 6
111. 9
113.0
119. 0
143. 3
152. 9
150. 8
159. 4
-35. 7
-41. 0
-37.8
— 40.4
3. 1
3. 4
3. 7
3. 5
66.
66.
68.
60.
1, 025. 2
1, 044. 9
1, 058. 1
1, 078. 7
-4. 3
-4. 9
-4. 7
-5.8
1, 020. 8
1, 040. 0
1, 053. 4
1, 072. 9
1972:
121. 0
168. 3
-47.3
1964.
1965.
1966.
19671968196919701971.
76. 2
84. 7
91. 3
9ao
69.2
1
Personal income (p. 5) less persona] tax and nontax payments (fines, penalties,
2 etc.).
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government
enterprises, and disbursements less wage accruals.
3
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and private wage accruals loss disbursements.
Does not Include retained earnings of unincorporated business, which are included In disposable personal income.
2
5
2
4
61.
66.
68.
65.
5
4
2
0
75.4
4. 7
.1
.0
-4. 6
-6.2
-1. 6
3. 3
3. 7
8. 1
9.9 1, 110. 8
-1.3
632.4
684. 9
-3.1
-1. 0
749. 9
-. 7
793. 9
-2.7
864. 2
-4. 1
929. I
— 4. 5
974. 1
-4.9 1, 046. 8
-7. 2 1, 103. 6
* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
*Net foreign investment less capital grants received by U.S., with sign
changed.
Source: Department 01 Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 12.0 percent in the first quarter, according to
revised estimates. When adjusted for price changes, the rise was 5.6 percent.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
800
800
400
600
- GOVERNMENT PURCHASES OF GOODS AND SERVICES
-400
400
200
200
NET EXPORTS OF GOODS
AND SERVICES
I
1966
1967
GROSS PRIVATE DOMESTIC
INVESTMENT
1968
1969
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Goveirnment p>ur chases of good s
Total
Personal Gross
Net
services
gross
conTotal
private exports
Federal
national
sump- domestic of goods
gross
product national
tion
Total
investand
in 1958 product expend- ment
Total National
services
defense1 Other
dollars
itures
r
Billions <Df dollars; quarterly data at g easonall:y ad juste d annual rates
Period
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1970:111
IV
1971: I
II
III
IV..
1972: I
1972
1971
1970
.
1
_
...
497. 2
529.8
561. 0
581. 1
617. 8
668. 1
675. 2
706.6
724. 7
720. 0
7S9. 4
728.3
715.9
729. 7
785. 8
740. 7
751. S
761. 6
520. 1
560. 3
590. 5
632.4
684. 9
749. 9
793. 9
864, 2
929. 1
974, 1
1, 046. 8
983. 5
988. 4
1, 020. 8
1, 040. 0
1, 053. 4
1, 072. 9
1, 103. 6
335. 2
355. 1
375.0
401. 2
432. 8
466. 3
492. 1
536. 2
579. 6
615.8
662. 1
620. 9
624, 7
644. 9
657. 4
668. 8
677.2
691.8
71. 7
83. 0
87. 1
94.0
108. 1
121. 4
116. 6
126. 0
137. 8
135. 3
151.6
138. 6
137.3
143.3
152. 9
150. 8
159.4
168. 3
This category corresponds closely with budget outlays for national defense,
shown
on p. 36.
2
Gross national product in current dollars divided by gross national product
in 1958 dollars.
5. 6
5. 1
5.9
8.5
6.9
5.3
5. 2
2. 5
2. 0
3. 6
.0
4, 0
2.7
4.7
.1
.0
-4.6
107. 6
117. 1
122.5
128.7
137.0
156. 8
180. 1
199. 6
209. 7
219. 4
233.0
220. 1
223.7
227. 9
229. 6
233. 8
240.8
— 6. 2
249.6
57. 4
63. 4
64. 2
65.2
66.9
77.8
90. 7
98. 8
99. 2
97. 2
97. 6
96. 1
95. 9
96. 4
96. 0
97. 6
100.3
104. 9
47.8
51. 6
50.8
50.0
50. 1
60.7
72. 4
78. 3
78.4
75.4
71.4
74, 2
73. 2
72. 6
71.4
70. 2
71.4
9.6
11.8
13.5
15.2
16. 8
17. 1
18.4
20. 5
20.7
21. 9
26. 2
21. 9
22.7
23. 7
24. 6
27. 4
28.9
75.8
29.0
Source: Department of Commerce.
and
Implicit
price
deflator
State
for
total
and
GNP, 3
local
1958= 100
50.2
53. 7
58.2
63.5
70. 1
79. 0
89. 4
100. 8
110. 6
122. 2
135. 5
124, 0
127. 9
131. 6
133. 6
136. 2
140. 5
144.8
104. 62
105. 78
107. 17
108. 85
110. 86
113. 94
117. 59
122. 30
128. 21
135. 29
141. 57
135. 97
138. 07
139. 88
141. 34
142. 21
142. 80
144. 90
NATIONAL INCOME
National income rose $28.6 billion (seasonally adjusted annual rate) in the first quarter reflecting increases in all
major types of income. Employee compensation was up $23.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
900
900
800
800
700
700
COMPENSATION OF EMPLOYEES
600
600
500
500
400
400
•PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
100
NET INTEREST
\
f
1966
1967
1968
1969
1970
1971
{_
1972
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compensation
of em- 1
ployees
ProprietoiPS' income
Farm 2
Business
and professional
Rental
income
of
per-
Net
interest
Corporal ie profits and inventory va luation ac [just men t
Profits
before
taxes
Inventory
valuation
adjustment
-0. 1
66.3
76. 1
82. 4
78.7
84. 3
78. 6
70. 8
81. 0
50.3
55. 4
59. 4
66.8
77.8
84. 2
79. 8
87. 6
84. 2
75. 4
85.4
-1.7
— 1. 8
-1. 1
-3. 3
-5.5
— 4. 5
-4. 4
Total
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
427.3
457.7
481. 9
518. 1
564.3
620. 6
653. 6
711. 1
763.7
795. 9
851. 1
302. 6
323.6
341.0
365.7
393.8
435. 5
467. 2
514. 6
565. 5
601. 9
641. 9
12.8
13.0
13. 1
12.1
14.8
16. 1
14. 8
14.7
16. 8
15. 8
16. 3
35. 6
37. 1
37. 9
40.2
42.4
45. 2
47. 3
49. 5
50. 3
51. 0
52. 1
16. 0
16. 7
17. 1
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 3
10. 0
11. 6
13. 8
15.8
18.2
21. 4
24. 4
26. 9
29. 9
33. 0
35. 6
1970: III
IV
802. 2
802. 1
606. 5
609. 3
14. 5
14. 4
51. 4
51. 5
23. 4
23.7
33. 4
34. 2
73.0
69.0
78. 5
71. 6
-5. 5
-2. 6
1971: I
II
III
IV
831. 7
847. 3
855. 2
870. 1
627. 3
638. 0
645. 6
656. 6
14.8
15.2
17.0
18. 1
51. 6
51. 9
52. 3
52. 5
23. 8
24. 2
24.5
24. 6
34. 8
35. 4
35. 9
36. 4
79. 5
82. 5
80. 0
82.0
83.0
86. 9
85. 8
86.0
-3.5
— 4. 4
-5.8
-4.0
1972:1 f
898. 7
679. 9
18.7
52.6
24.8
36. 9
86.0
91.6
-5.6
1
3
Includes employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Source: Department of Commerce.
50.3
55. 7
sa 9
.3
-. 5
-.5
SOURCES OF PERSONAL INCOME
Personal income rose $4.1 billion (seasonally adjusted annual rate) in April following a revised increase of $3.8
billion in March. Excluding retroactive pay boosts approved by the Pay Board, the increase was $5.3 billion in
April and $5.8 billion in March. Wages and salaries, up $4.0 billion, were the main source of the April increase.
BILLIONS OF DOLLARS
1,000
BILLIONS OF DOLLARS
1,000
SEASONALLY ADJUSTED ANNUAL RATES
800
800
WAGE AND SALARY DISBURSEMENTS
I
600
\
600
400
400
OTHER INCOME
..minimum'
200
200
itiiiimtiiin in""""Il1illllMM"""" *"
1
TRANSFER PAYMENTS
1966
SOURCE:
1967
1968
1971
1970
1969
DEPARTMENT OF COMMERCE
Period
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: M a r _ _ _
Apr
May..June
July...
Aug
Sept...
Get
Nov___
Dec
1972: Jan
Feb
Mar...
Apr "...
1972
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Transfer
Total
and
Other Propriet()rs' income income
Divi- Personal
interest
payBusiness
personal salary
labor 2
dends
of
income ments
income disburseincome
Farm and pro- persons
l
fessional
ments
465. 5
497. 5
538.9
587. 2
629. 3
688. 9
750. 3
803. 6
857. 0
838. 3
843. 0
848. 6
868. 6
857. 7
866. 1
869. 9
871. 2
874. 9
883. 9
892. S
901. 8
905.6
909. 7
311. 1
333.7
358.9
394,5
423. 1
464. 9
509.6
541. 4
574. 2
564. 8
567. 7
572.0
573.2
572. 9
579.2
579. 8
581. 3
584.8
594. 8
60S. 0
610. 6
613.2
617.2
14.9
16.6
18.7
20.7
22. 3
25. 4
28.2
30. 8
33. 7
32.8
33. 1
33. 4
33. 7
33.9
34. 1
34, 3
34. 4
34. 6
34. 8
35.0
35. 2
35. 4
35. 7
13.1
12. 1
14.8
16. 1
14. 8
14.7
16.8
15. 8
16. 3
14, 9
15. 1
15.2
15. 3
16. 1
17. 0
17. 8
18.0
18. 1
18. 1
18. 3
18. 7
19.0
18. 6
37. 9
40.2
42.4
45. 2
47. 3
49. 5
50.3
51.0
52. 1
51.7
51. 8
51. 9
52. 1
52.2
52. 3
52.3
52. 4
52. 5
52. 6
52.5
52.6
52. 7
52.8
17.1
18. 0
19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 3
24. 0
24. 1
24. 2
24. 3
24, 4
24. 5
24. 5
24. 5
24. 6
24. 6
24. 7
24. 8
24.8
24. 9
16.5
17.8
19.8
20.8
21.4
23. 6
24. 4
25. 0
25. 5
25. 5
25.5
25. 6
25. 2
25. 6
25.7
25. 7
25. 7
25. 7
24. 3
25. 8
25. 9
25.8
25.9
31.4
34.9
38.7
43. 6
48. 0
52.9
58.8
64,7
67.5
66. 4
66. 6
66. 7
66.9
67.4
68. 1
68.8
68. 7
68. 6
68.4
68. 7
68. 8
68. 7
69. 1
35. 3
36.7
39.9
44. 1
51. 8
59. 6
65. 9
79. 6
94. 7
89. 1
89. 8
90. 5
109. 0
96. 2
96. 5
97. 9
97. 4
97. 6
98. 2
98. 7
99. 4
100. 3
100. 0
Less: Personal contributions
for social
insurance
11.8
12. 5
13.4
17.7
20.5
22. 8
26. 3
2a 0
31. 2
30.9
30. 9
31. 0
31. 1
31. 1
31. 4
31. 4
31.4
31. 6
32. 0
33. 9
34. 2
34. 4
34 5
Nonagricultural
personal
income 3
I
i
i
!
|
I
448. 1
480. 9
519.5
566. 3
609. 4
668.8
727.7
781.4
834, 0
816. 6
82L 1
826.5
846. 5
834. 8
842. 4
845. 3
846. 4
850. 1
859. 2
867. 9
876. 4
879. 8
884. 2
DISPOSITION OF PERSONAL INCOME
Personal income (seasonally adjusted) was up sharply in the first quarter but higher tax withholdings reduced the
rise in after-tax income.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
800
800
700
700
600
2,500
2,500
2,000
2,000
1966
1967
1
1971
SOURCEi DEPARTMENT OF COMMERCE
Period
Less"
Personal
Personal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per cap>ita disLess: Perse>nal outla ys
posable personal
Equals:
Persoilal consulnption
Equals:
incc>me
Disex penditure s 2
Personal
Total
posable
saving Current
personal personal Durable Non1958
income outlays * goods durable Services
dollars dollars
goods
Billions of dollars>
1963
465.5
497. 5
1964
1965_ _ __ 538.9
1966__ _ _ 587. 2
629. 3
1967
688. 9
1968
1969
750. 3
803. 6
1970
857.0
1971
60.9
59. 4
65.7
75.4
83. 0
97. 9
116. 2
115. 9
115. 8
1972
404. 6
438. 1
473.2
511. 9
546. 3
591. 0
634, 2
687. 8
741. 3
384. 7
411. 9
444.8
479. 3
506. 0
551. 2
596. 3
633. 7
680.7
53. 9
59.2
66.3
70. 8
73. 1
84, 0
89. 9
88. 6
100.5
Saving
as percent of Populadistion
posable
(thou-3
personal sands)
income
(percent)
Dollars
168. 6
178. 7
191. 1
206. 9
215. 0
230. 8
247. 6
264. 7
278.6
152. 4
163. 3
175.5
188. 6
204, 0
221. 3
242. 1
262. 5
282. 9
19. 9
26.2
28.4
32. 5
40. 4
39. 8
37. 9
54. 1
60.5
2, 139
2,284
2,436
2,605
2, 751
2, 946
3, 130
3,358
3, 581
2,016
2, 126
2, 239
2,336
2,404
2,487
2,535
2,595
2, 660
4. 9
6.0
6.0
6. 4
7.4
6. 7
6.0
7.9
8. 2
189,
191,
194,
196,
198,
200,
202,
204,
207,
242
889
303
560
712
706
677
879
049
Seascmally adjiisted anmt,al rates
1970: III_ 809.8
IV.. 816. 7
113. 5
115. 2
696. 2
701. 5
638. 9
643. 0
90. 4
84. 9
265. 5
270. 9
265. 0
268. 9
57. 4
58. 5
3,395
3, 410
2, 613
2,588
8. 2
8. 3
205, 186
205, 795
833. 5
853. 4
864. 6
876.7
900. 1
111. 6
113. 8
116. 0
121. 7
135. 7
722. 0
739. 6
748. 5
755.0
764.3
663. 3
676. 0
687. 6
696.0
710.8
96. 6
99. 1
102. 8
103.6
107.6
273. 2
277. 8
280. 2
283. 3
288.0
275. 0
280. 5
285.8
290. 3
296.2
58. 6
63. 6
61. 0
59.0
53. 5
3,500
3,577
3, 611
3, 633
3,670
2,631
2, 663
2, 669
2,676
2,679
8. 1
8.6
8. 1
7.8
7.0
206,
206,
207,
207,
208,
1971: !___
II .
III-I
IV I
1972: I...
I 1 Includes personal consumption expenditures, interest paid by consumers,
and2 personal transfer payments to foreigners.
See p. 2 for total personal consumption expenditures.
310
806
312
856
255
3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) rose about 6 percent in the first quarter. Including
inventory change, the increase was about 3 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
70
1 70
SEASONALLY ADJUSTED ANNUAL RATES
60
50
50
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
10
10
j
1967
1966
1968
1970
1969
I
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF AGRICULTURE
Personal income re ceived by
total f arm popu lation
]income re ceived fro m farming
Net t(D farm
oper itors
Realize d gross
From
Period
all
sources
1963
1964
1965
1966
1967_
1968
1969
1970
1971
_.
__
1970: III
IV
__
1972
1971
20.6
20.6
23.6
24 9
24 0
25. 1
27.7
27.5
28. 0
From
From
farm nonfarm
sources sources
12. 1
11.3
13. 5
14 4
13. 1
13. 2
14 9
14 2
145
8.5
9.3
10.0
10. 5
10. 9
11. 9
12.8
13. 3
13. 5
Net inc ome per
net
farm incl tiding
inventoryr change 3
Produc—
Cash tion ex- Exclud- Includreceipts penses ingnetin- ing net in- Current
1967
from
Total *
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions c)f dollars
Dol lars
29.7
13.2
4, 030
42.3
37.4
12.6
3, 708
37.2
3,832
29.5
12.3
13.1
42.6
3,564
30.9
44.9
39.3
14.0
4, 487
15.0
4,723
33. 4
49. 7
43. 3
16. 3
16.3
5, 121
5,019
14 2
49. 0
42. 7
34 8
14 9
4,730
4,730
147
50. 9
36. 2
4, 854
14 8
44 1
4,667
55. 5
16. 8
48. 1
38. 7
5,685
16.9
5,216
56. 6
49.2
40.9
15. 7
15. 9
5,451
4, 782
42. 9
16. 3
58.6
15. 7
51. 6
5, 676
4,770
Seaso nally adjtisted annu ai rates
55. 7
41. 2
14 5
4, 990
4, 380
48. 4
14 6
142
55. 6
41. 4
4, 960
14 5
4, 310
48. 3
1971: I
11
III_
IV
56.8
57. 6
59. 3
60. 9
49.7
50. 6
52. 3
53. 8
42. 2
42. 8
43. 0
43. 6
16. 3
17.3
148
14 9
15. 3
17. 1
18. 2
5, 180
5,320
5,950
6, 330
4,430
4, 510
4,960
5,280
1972: I
62.3
545
440
18. 3
18. 8
6,460
5, 300
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
a
Inventory of crops and livestock valued at the average price for the year.
Also,
see footnote 2, p. 3.
8
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
14 6
* Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.
CORPORATE PROFITS
In the first quorter, corporate profits including inventory valuation adjustment rose $4.0 billion (seasonally adjusted
annual rate). Excluding inventory valuation adjustment the rise was $5,6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
20
1972
1966
SOURCE,
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Corijorate pr ofits (befc)re taxes) and inveritory
valuation adjustmei it
TransM anufactui ing
portation,
comNonAll
Durable durable
Ail
muniindusgoods
other l
Total indusgoods cations,
tries
and
tries
public
tries
utilities
1963
1964
1965
1966_.
1967
1968_
...
1969
1970 . ._
1971
58. 9
66.3
76. 1
82.4
78. 7
84. 3
78. 6
70. 8
81. 0
28. 8
32.7
39. 3
42. 6
38. 7
41. 7
36. 0
29. 5
34. 2
15. 8
17.8
22. 8
24. 0
20. 7
22. 4
18.4
13. 0
16.3
13. 0
14.9
16. 6
18. 6
18. 0
19. 3
17. 5
16. 6
17. 9
9. 5
10. 1
11. 1
11. 9
10.8
10. 6
10. 0
8. 0
1970:
III_.
IV...
73.0
69. 0
30.6
25. 0
13. 8
8. 8
1971: I
11...
IIIIV__
79. 5
82.5
80. 0
82.0
34. 4
35. 0
33.0
34. 6
17. 2
17. 0
1972: I»_~
86.0
38. 4
1
3 Includes
Corpo- Corporate
rate
tax
profits
before liabil- Total
taxes
ity
Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allow-2
ances
Profits
plus
capital
consumption
allowances 3
8.5
20.6
23.5
25. 6
27. 9
29. 1
32. 0
32. 7
33. 3
38. 2
59. 4
66.8
77.8
84. 2
79. 8
87. 6
84, 2
75. 4
85.4
26. 3
28.3
31. 3
34. 3
33. 2
39.9
39. 7
34. 1
37. 8
33. 1
38.4
46. 5
49. 9
46. 6
47. 8
44. 5
41. 2
47. 6
16. 5
17. 8
19. 8
20. 8
21. 4
23. 6
24. 4
25. 0
25.5
16. 6
20. 6
26. 7
29. 1
25. 3
24 2
20. 0
16. 2
22. 1
31.8
33. 9
36.4
39. 5
43. 0
46.8
51. 3
56.2
61. 9
72.3
82.9
89. 5
89.6
94 6
95. 8
97. 4
109. 5
16. 8
16. 2
7. 9
8. 1
34. 5
35. 9
78.5
71.6
35. 6
32. 3
42. 9
39. 2
25. 2
25. 0
17. 7
143
56. 7
58.0
99. 6
97. 2
148
16. 2
17. 2
18. 1
18. 1
18. 3
8.4
8.5
8.5
8.8
36. 7
39.0
38. 6
38. 7
83.0
86. 9
85. 8
86. 0
38.3
39. 1
37.5
36. 4
44. 8
47. 8
48. 2
49. 7
25. 6
25. 4
25.7
25. 3
19. 2
22. 4
22. 5
244
59. 4
61. 0
62.7
64 4
104 2
108. 7
110. 9
114 1
19. 6
18. 8
8.6
39.0
91. 6
39.3
52. 3
25.8
26. 5
66.3
118. 6
all other industries and financial institutions.
Includes depreciation and accidental damages.
» Corporate profits after taxes plus corporate capital consumption allowances.
Corj3orate pi ofits
a fter taxeiS
Source: Department of Commerce.
648
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose by $9 billion (seasonally adjusted annual rate) in the first quarter as a result
of substantial increases in nonresidential fixed investment and housing. Inventory investment declined from the fourth
quarter rate.
BILLIONS OF DOLi.ARS
180
BULKDNS OF DOLLARS
180
SEASO MALLY ADJUSTED ANNUAL RATES
s
•JZA
1XA
GROSS PRIVA FE DOMESTIC
INVEST MENT
\
y^^
1 Xfi
1OA
^-^1
_—^s
140
^^
i?n
S
^^
1ATJ
1flA
PRO )UCERS'
DURABLE EQUIPMENT
80
^
"
^
60
*«*^
40
RESIDE?^ITIAL STRUCTURES
\ ' ^^
NONRESIDENT AL STRUCTURES
!-*__ vnMiaw
^^^^^ MIHSl*"" "*
"""""
^-r^^A^ 3E
1
20
^^.^^
I
f
f
40
IN BUSINESS'"""
IhWENTORIES
X
20
...\
'*
!
!
1967
1966
4+
-jj^alSi^LraKa^ ^.^
L............---
*»«*"«•*,
Q
I
80
f
f
1968
f
i
f
f
f
f
f
1970
1969
,•*»
g
f
f
f
!
1971
SOURCE: DEPARTMENT Of COMMERCE
f
r
1972
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Pc,r|nrj
Total
gross
private
domestic
investment
Total
Struc tures
Total
Total
1961
1962
1963
1964
1965
1966
1967
1968_
1969
1970
1971
1970: III__.
IV
1971: I
II
III
IV. _
1972: I__
71. 7
83. 0
87. 1
94. 0
108. 1
121. 4
116. 6
126. 0
137. 8
135. 3
151. 6
138. 6
137. 3
143. 3
152. 9
150. 8
159.4
168.3
Source: Department of Commerce.
8
Resid ential
struc tures
N(;mresident ial
69.7
77.0
81.3
88. 2
98. 5
106. 6
108.4
118. 9
130. 4
132. 5
149. 3
133.5
133. 6
140. 2
148. 3
152.0
157.0
167.7
47.0
51. 7
54, 3
61. 1
71. 3
81. 6
83. 3
88. 8
98. 6
102. 1
108.7
104.8
100. 8
104. 7
108. 3
109.3
112. 6
118. 7
18.4
19. 2
19. 5
21.2
25. 5
2&5
28. 0
30. 3
34. 5
36.8
38.2
37.3
37. 1
36. 7
38. 5
38. 7
39.0
39.8
Nonfarm
17.7
18. 5
18.8
20.5
24. 9
27.8
27.3
29.6
33.7
35. 9
37. 3
36. 5
36. 3
35.8
37. 6
37. 7
38. 1
38.9
Produce rs7 durable equ ipment
Total
28.6
32. 5
34.8
39.9
45. 8
53. 1
55. 3
58. 5
64. 1
65. 4
70.5
67.5
63.7
68. 1
69. 8
70. 6
73.6
78.9
Nonfarm
25.8
29.4
31.2
36.3
41. 6
48. 4
50. 0
53. 6
59. 2
60. 0
63. 1
61. 6
58. 1
61. 0
62. 4
62. 7
66.3
70.3
Total
22.6
25.3
27.0
27. 1
27. 2
25. 0
25. 1
30. 1
31. 8
30. 4
40. 6
28. 7
32. 8
35. 4
40. 0
42. 7
44.4
49. 0
Nonfarm
22.0
24.8
26. 4
26.6
26. 7
24. 5
24,5
29.5
31. 2
29.7
40. 1
28. 1
32. 2
35. 0
39. 5
42. 1
43.8
48.4
Change in business inv entories
Total
2.0
6. 0
5.9
5. 8
9. 6
14.8
8.2
7. 1
7.4
2.8
2.2
5. 1
3.7
3. 1
4. 6
-1.2
2. 4
.6
Nonfarm
1.7
5.3
5. 1
6. 4
8. 6
15.0
7.5
6.9
7.3
2, 5
1.7
4. 7
3. 3
2. 9
4. 1
-2.0
2.0
.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen have projected a 10%-percent rise in plant and equipment expenditures from 1971 to 1972.
end of 1971 they projected a 9-percent increase over the same period.
At the
BILLIONS OF DOLLARS
BILLIOMS OF DOLLARS
100
1100
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW PLANT AND EQUIPMENT
'60
NONMANUFACTURING
4Q
40
MANUFACTURING
20
!
!
?
1966
i
1968
1967
1
!
I
1
1969
J/
I/, J/,
!
1970
I
1971
J/SEE FOOTNOTE 3 BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
1972
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Transportat ion
M anufactui -ing
Period
Total i
Durable
goods
Nondurable
goods
Mining
Total
Railroad
Air
Other
Public
utilities
Communication
Commercial
and
other 2
1962
1963. _ _
1964
1965
1966
1967
1968
1969_
1970
1971
19723
38. 39
40. 77
46. 97
54. 42
63. 51
65. 47
67. 76
75. 56
79. 71
81.21
89.77
15. 06
16. 22
19. 34
23. 44
28. 20
28. 51
28.37
31. 68
31. 95
29. 99
32. 61
6. 79
7. 53
9. 28
11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
16. 11
8.26
8. 70
10. 07
11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
16. 50
1.40
1. 27
1. 34
1. 46
1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 20
1. 02
1. 26
1. 66
1. 99
2. 37
1. 86
1. 45
1. 86
1. 78
1. 67
1. 75
0.52
. 40
1. 02
1. 22
1. 74
2. 29
2. 56
2. 51
3. 03
1. 88
2.42
1. 65
1. 58
1. 50
1.68
1.64
1.48
1. 59
1. 68
1. 23
1. 38
1. 55
4. 90
4. 98
5. 49
6. 13
7. 43
8. 74
10.20
11. 61
13. 14
15. 30
17.44
3. 85
4. 06
4. 61
5.30
6. 02
6. 34
6. 83
8. 30
10. 10
10. 77
12. 30
9. 99
10. 99
12. 02
13. 19
14.48
14. 59
15. 14
16. 05
16. 59
18.05
19. 51
1971: I
II_
III
IV _
79. 32
81. 61
80.75
83. 18
30.
30.
29.
30.
46
12
19
35
14. 21
14. 06
13. 76
14. 61
16. 25
16. 06
15. 43
15. 74
2.
2.
2.
2.
04
08
23
30
1. 46
1. 88
1.72
1. 64
1. 29
2. 28
1.68
2. 26
1. 33
1. 40
1.48
1. 33
14. 64
14. 91
15.87
15. 74
10. 70
11. 21
10.73
10. 44
17. 39
17. 72
17.85
19. 10
87. 54
89. 09
91. 08
31.92
32. 52
32. 96
15. 62
15. 98
16. 38
16. 30
16. 54
16. 58
2. 22
2. 12
2. 23
1. 90
1. 67
1. 71
2. 02
2. 96
2. 33
1.67
1. 35
1. 60
16. 90
16. 78
17. 96
1972: I 3 _ _ _
113
3
2d half . __
i Excludes agricultural business; real estate operators; medical, leeal, educational, and cultural service; and. nonprofit organizations.
-Includes
trade, service, construction, finance, and insurance.
3
Estimates based on expected capital expenditures as reported by business
in late January and February 1972. Includes adjustments when necessary for
systematic tendencies in expectations data.
NOTE.—Annual total is the sum of unadjusted expenditures; It does not
30 . 90
31. 70
32 . 30
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 Conimerce;
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment, unemployment, and the civilian labor force were about unchanged (seasonally adjusted) from
March to April.
MILLIONS OF PERSONS*
90
MILLIONS OF PERSONS*
90
SEASONALLY ADJUSTED
85
85
CIVILIAN LABOR FORCE
80
80
""""»...„.•«...„•"«•..., »..„«..••-..••••"""""
EMPLOYMENT
75
75
70
70
65
ho
1CT
UNEMPLOYMENT
I I ' I I I I I I I !
I
I I I 1I I I I 1
I
i iii i Ii ii i i M i ii
i i ii i I i i i ii
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
uNE Mr>L O W n
^
sE;^s DhIA ITr
RAvT E
r
AC JlIS! ED
-
_,-~t'*
H
I
r
} 9<!>6
196>
HI
j
i9 6?5
*
-i
*«
197()
19<S9
197
*16 YEARS.OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOk
Period
1967___
1r
»6S___
•j9_._
iy7t"___
197l___
Total
labor
force
(including
Armed
Forces)
80, 793
82, 272
84, 239
85, 903
86, 929
COUNCIL OF ECONOMIC ADVISERS
Ci villam employiinent
Total
74, 372
75, 920
77, 902
78, 627
79, 120
Unadj"
Total
labor
Unemforce
"NT
JNonploy(includagnment
ing
culArmed
tural
Forces)
Thous ands of ] persons 16
70, 527 2,975 80, 793
72, 103 2,817 82, 272
74, 296 2,831 84, 239
75, 165 4,088 85, 903
75, 732 4, 993 86, 929
usted
1971:
Mar- 85, 598 77, 493 74, 452 5, 175 86, S85
Apr.. 85, 780 78, 204 74, 699 4, 694 86, 670
May. 85, 954 78, 709 75, 111 4,394 86, 886
June. 87, 784 79, 478 75, 559 5,490 86, 217
July. 88, 808 80, 681 76, 710 5,330 86, 727
Aug. 88, 453 80, 618 76, 853 5, 061 87, 088
Sept. 86, 884 79, 295 75, 851 4,840 87, 240
Oct.. 87, 352 80, 065 76, 595 4,570 87, 467
Nov. 87, 715 80, 204 76, 942 4, 815 87, 812
Dec. 87, 541 80, 188 77, 240 4, 695 87, 883
1972:
Jan*_ 87, 147 79, 106 76, 237 5,447 88, SOI
Feb__ 87, 318 79, 366 76, 458 5,412 88, 075
Mar__ 87, 914 80, 195 77, 101 5,215 88, 817
Apr_ 87, 787 80, 627 77, 339 4,697 88, 747
1
Total labor force as percent of noninstitutional population.
Source: Department of Labor.
10
1972
Civiliain emplo yment
Civilian
labor
force
Total
•NT
JNonagncultural
Agricultural
years of age and o ver
77, 347 74, 372 3,844
78, 737 75, 920 3, 817
80, 733 77, 902 3,606
82, 715 78, 627 3,462
84, 113 79, 120 3,387
(Seasonally adjusted
Unempl oyment
rate (pe rcent of
civilia D labor
Unemfor ce)
ployment
Unad- Seasonadjusted ally
justed
Labor
force
participation
rate,
unadjusted l
Percent
70,
72,
74,
75,
75,
527
103
296
165
732
2,975
2, 817
2,831
4,088
4,993
3. 8
3.6
3. 5
4,9
5. 9
i
60. 6
60.7
61. 1
61. 3
61. 0
84, 750
85, 116
85, 225
78, 446
78, 732
78, 880
78, 600
79, 014
79, 199
79, 451
79, 832
80, 020
80, 098
3,887
3,540
8,412
3,301
8,374
3,407
3, 363
3,416
8,419
8,400
75, 059
75, 192
75, 418
75, 299
75, 640
75, 792
76, 088
76, 416
76, 601
76, 698
5,009
5, 056
5, 156
4, 801
4, 916
5,114
5, 040
4,918
5,096
5, 127
6.3
5. 7
5. 3
6. 5
6.2
5.9
5. 8
5. 4
5. 7
5. 5
6.0
6. 0
6. 1
5.8
5. 9
6. 1
6. 0
5. 8
6.0
6. 0
60.3
60. 4
60.4
61. 6
62. 2
61. 9
60.7
60. 9
61. 1
60. 9
85, 707
85, 635
86, 313
86, 284
80, 686
80, 623
81, 241
81, 205
3,393
8, 857
3,482
8,824
77, 243
77, 266
77, 759
77, 881
5, 071
4,912
5, 072
5, 079
6.4
6. 4
6. 1
5.5
5. 9
5. 7
5. 9
5. 9
60. 2
60. 3
60. 6
60. 4
83, 455
83, 788
83, 986
88, 401
88, 930
84, 313
84, 491
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
Ihe overall unemployment rate was unchanged in April at 5.9 percent (seasonally adjusted). The unemployment
rate for married men, at 2.9 percent, was up by 0.1 percentage point but holding at a lower level than in 1971 when
it averaged 3.2 percent.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
vi
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
M I I I It II M I Q
1966
SOURCE DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Unerjnploymen t rate
(percen t of civilijin labor
for ce in grotip)
Experi- Married Labor
force
enced
All
men
time lost l Over 40
wage
and
hours
(wife
workers salary
workers present)
Period
1967
1968
1969
1970
1971
3.8
3.6
3.5
4,9
5.9
1971: Mar
Apr
May.
June
July
Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
6. 0
6. 0
6.1
5.8
5. 9
6.1
6. 0
5. 8
6.0
6. 0
5.9
5. 7
5.9
5.9
_
Per cent
3. 6
1.8
3.4
1.6
3. 3
1. 5
2. 6
4.8
3. 2
5.7
Seas on all y adjusted
5. 8
5.7
5. 9
5.6
5. 6
5. 7
5. 7
5.5
5. 7
5. 8
5.6
5.4
5. 5
5. 8
3.2
3.2
3.2
3.1
3. 1
G? 0
o.
&
3. 3
3. 0
3.8
3.2
3.0
2. 8
2.8
2.9
4.2
4.0
3. 9
5.3
6. 4
20, 920
20, 600
20, 608
18, 925
19, 095
6.5
6. 5
6. 6
5. 6
6. 3
6. 5
6.3
6.5
19, 448
18, 207
19, 505
19, 069
17, 805
17, 949
19, 964
19, 169
20, 249
20, 239
19, 176
19, 362
21, 876
20, 239
6.4
6.4
6.4
6. 1
6.3
6.3
1
Man-hours lost by the unemployed and persons on part-time for economic
easons
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.
Persons at work in nonagri cultural in
dustries
by hours worked p)er week 2
Uiider 35 hours
Part-ti me for
Part-ti me for
economi c reasons economi B reasons
35-40
Total
hours
Usually Usually Usually Usually
fullpartfullparttime 4
time 3
time 3
time 4
Thousan ds of persons 16 ye ars of age and over
32, 616 13, 290
1,060
853
32, 658 14, 785
895
820
34, 201 15, 210
955
855
33, 537 18, 222
1,201
995
35, 752 16, 298
1, 184
1,256
1Jnadjustec 1
Seasonall y adjusted
35, 830 16, 267
1,284
1,265
1, 093
1,209
35, 767 16, 650
1,205
1,242
1,299
988
1,276
36, 540 16, 041
1,102
1,219
1,081
36, 723 14, 646
1, 209
1, 142
991
1,515
34, 528 13, 898
1,094
1,290
1,939
1,148
35, 307 13, 329
1, 262
1,278
1,752
1,147
36, 888 15, 081
1,076
1,094
1,235
1, 126
32, 957 21, 039
1,080
1,166
1,148
1,354
37, 495 16, 294
1, 263
1,341
1, 120
1, 191
37, 428 16, 799
1, 304
1,045
1, 153
1,084
1,283
36, 820 17, 008
1,220
1, 101
1,146
1, 127
36, 460 17, 360
1, 147
1, 176
1,087
37, 517 17, 774 5 1, 172 5 1, 140
1,155
1,261
37, 592 16, 571
1,131
1,427
1, 081
1, 170
3 Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
*fi Primarily includes persons who could find only part-time work.
Average hours worked: usually full-time, 23.5; usually part-time, 18.4.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In April, insured unemployment under State programs averaged 277,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate edged up slightly to 3.6 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
{STATE PROGRAMS}
1971
N
,
1970
_!_
_I
JAR
I i f
FEB.
AMR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IASOR
A 11 progranis
Period
1968
1969
1970
1971 p
1971: Mar
Apr__
May
June__
July
Aug___
Sept
Oct»___
Nov v
Dec v
_ 1972: Jan "__
Feb*p
Mar
Apr *>_ _ _ _ _
Week ended:
1972: Apr 1
8___
15
22. _
29 »
May 6 »
Source: Department of Labor.
12
DEC
NOV.
Covered
employment
Sttite progra ms
Insured Total
unem- benefits Insured
ploypaid
unemment
(milploy(weekly
lions
ment
averof dollars)
age)
Thou sands
57, 977
1, 187
59, 999
1, 177
59, 526
2, 070
2, 313
3,091
_ _
2,756
2, 443
--__
2, 332
2, 431
2, 349
2, 174
2, 129
2,311
2,666
3,097
3, 186
2,987
.2, 706
2,814
2, 596
2,471
2, 374
2,286
2,
2,
4,
5,
191. 0
298. 6
170. 1
963. 3
683. 7
586. 0
470. 8
494. 8
467. 7
483. 1
418. 5
388. 5
430. 7
514.6
481. 8
492. 1
510. 7
487. 3
Initial
claims
Insurec : unemploymen t as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonadjusted ally
justed
Weekly *average, t tiousands
201
1, 111
16
16
1, 101
200
25
296
1, 805
2, 150
37
295
41
2, 577
275
257
44
2,283
42
2,001
238
250
43
1, 893
342
1,993
37
282
1, 912
35
33
1, 739
236
252
31
1, 716
31
1, 879
298
2, 221
32
358
37
2,524
385
2, 492
293
38
242
41
2, 280
2, 006
237
39
2, 176
2, 118
2,049
1, 967
1, 892
224
271
237
224
214
235
Per cent
2.2
2. 1
3. 4
4. 1
4.8
4. 3
3. 8
3. 6
3.8
3. 6
3.3
3.2
3. 9
4.0
4.2
4.2
4-1
4.2
4.8
4.4
4.2
3. 5
4. 2
3. 8
4.8
4.7
4.3
3.8
3.5
3.5
8.4
3. 6
Benefit s paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 031. 6
2, 127. 9
3, 848. 5
5, 694. 5
635. 4
541. 9
433. 0
452. 7
425.4
433.6
377.8
348. 3
387.0
467. 9
449. 6
461.3
484. 1
459.3
43. 43
46. 17
50. 34
55. 49
53. 00
52. 71
52. 32
52. 09
55. 23
56. 08
56. 25
53. 07
53. 31
57. 85
57. 40
57. 16
57.23
56. 94
4, 1
4.0
3.9
3.7
3.6
•
_
__
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators.
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose by 182,000 (seasonally adjusted) in April. Employment increases were
widely distributed among the industries, with a further increase of 78,000 in manufacturing.
MILLIONS OF WAGE
AND SALARY WORKERS {SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
76
(ENLARGED SO*.LE)
~
-
*-**
^**
5
14
ALL NONAGRICULTL RAL
68
"
' ^—
—1
—'
\
WHCXESALE AND RE" "AIL TRADE
ESTABLISHMENTS
'
12
Z^
NONMANUFACT URING
(PRIVATE)
h
—
•—-*"
12
h\
t
"""""*•
-
-
DU RABLE
MANUFACTURING
~
I
-
SERVICES
f*
,,
..*»*'•
V
10
1 MANUFACTURING
NONDLJRABLE
MANUFACCURING
-
-
(MOM***
;
•v
CGOVERNMENT
\
Ul ! • I | 1 1 1 j
*
1!
1 ! 1! ! 1 1! 1 1 !
1969
SOURCE:
1970
CONTRACT
CONSTRL CTION
..
1 ! ! ! I 1 1 1 1I1
! 1 I ! I 1 ! 1 \ I Its
1971
1972
41 1 1 1 ! 1 t 1 1 1 t
M
"
1969
,,,,,!,,.,,
1 1 1 1 1 1 1 1 ! 1 !
1970
DEPARTMENT OF LABOR
1 1 ! I 1 I I 1 1 1 IN
1972
1971
"
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
Manufac during (]orivate)
Period
1966
1967
1968
1969
1970
1971
1971: Mar__
Apr..
May.
June.
July..
Aug..
Sept__
Oct__
Nov..
Dec__
1972: Jan__
Feb__
Mar".
Apr*_
Total
63, 955
65, 857
67, 915
70, 284
70, 616
70, 699
70, 480
70, 599
70, 769
70, 657
70, 531
70, 529
70, 853
70, 848
71, 042
71, 185
71, 584
71, 729
71, 990
72, 172
Total
19, 214
19, 447
19, 781
20, 167
19, 369
18, 610
18, 609
18, 639
18, 702
18, 608
18, 533
18, 457
18, 616
18, 560
18, 603
18, 566
18, 609
18, 690
18, 777
18, 855
-p\
-i i Non1) arable
goods durable
goods
11, 284
11, 439
11, 626
11, 895
11, 198
10, 590
10, 571
10, 598
10, 651
10, 598
10, 552
10, 485
10, 597
10, 561
10, 572
10, 548
10, 574
10, 637
10, 695
10, 743
7,930
8, 008
8, 155
8,272
8, 171
8,020
8, 038
8, 041
8, 051
8, 010
7,981
7, 972
8,019
7,999
8, 031
8, 018
8, 035
8, 053
8, 082
8, 112
N onmanu facturint I (private)
Total
Con- Trans- Whole- Finance,
insursale
tract portation
ance, Services Federal State
Mining conand
and
and
and
retail
local
struc- public
real
tion utilities trade
estate
33, 950
35, 012
36, 288
37, 915
38, 712
39, 231
39, 079
39, 129
39, 209
39, 211
39, 186
39, 229
39, 382
39, 353
39, 452
39, 581
39, 877
39, 878
40, 020
40, 093
1
Includes all f u l l - a n d part-time wage and salary workers in nonagricultural
istablislmients who worked during or received pay for any part of the pay period
yhich includes the 12th of the month. Excludes proprietors, solf-cmplpyed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
Cover nment
627
613
606
619
622
601
622
623
622
619
597
609
616
521
525
607
616
612
611
603
3,
3,
3,
3,
3,
3,
3,
3,
3,
3,
3,
3,
33
3,
3,
3,
3,
3,
3,
3,
275
208
285
435
345
259
264
282
275
255
228
219
250
290
320
245
320
236
262
235
4, 151
4,261
4,310
4, 429
4,504
4, 481
4, 520
4, 505
4, 518
4, 500
4,476
4,428
4, 460
4, 442
4, 434
4, 465
4, 502
4, 479
4, 540
4, 536
13, 245
13, 606
14, 084
14, 639
14, 922
15, 174
15, 074
15, 107
15, 148
15, 135
15, 158
15, 223
15, 273
15, 270
15, 278
15, 315
15, 447
15, 495
15, 513
15, 606
3, 100
3, 225
3, 382
3, 564
3, 690
3, 800
3, 758
3, 769
3, 788
3,807
3, 806
3, 804
3, 821
3,834
3, 851
3, 860
3, 872
3, 879
3, 889
3, 902
9,551
10, 099
10, 623
11, 229
11, 630
11, 917
11, 841
11, 843
11, 858
11, 895
11, 921
11, 946
11, 962
11, 996
12, 044
12, 089
12, 120
12, 177
12, 205
12, 211
2,564
2,719
2,737
2,758
2,705
2, 664
2, 662
2, 667
2, 667
2, 640
2,643
2, 650
2, 674
2, 675
2,669
2,669
2,675
2, 672
2,669
2,669
8, 227
8, 679
9, 109
9,444
9,830
10, 194
10, 130
10, 164
10, 191
10, 198
10, 169
10, 193
10, 181
10, 260
10, 318
10, 369
10, 423
10, 489
10, 524
10, 555
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
Source: Department of Labor.
1O
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek of production workers in private nonfarm industries rose 0.2 hour (seasonally adjusted) I'L
April. The factory workweek rose 0.4 hour to 40.8 hours.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
MANUFACTURING
TOTAL NONAGR1CULTURAL PRIVATE
44
44
42
42
40
40
38
38
1969
1970
1971
1969
1972
42
1970
1971
1972
1970
1971
1972
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
40
38
38
36
36
34
34
32
32
30
30
1969
1970
1971
1972
1969
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Total
n onagricultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
non agricultural
private 2
Unad justed
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Mar
Apr
May
June
July
Aug
Sept..
Oct
Nov
Dec
1972: Jan
Feb v
Mar
Apr p
1
3 Data
3a 7
3&8
_
38.7
38. 8
38.6
38.0
37.8
37.7
37. 1
37.0
36.8
36.7
36. 8
37.3
37.3
37.4
37.0
37.0
37. 0
37.3
36.7
36.8
36. 9
37.0
40.4
40. 5
40.7
41. 2
41. 3
40.6
40.7
40. 6
39. 8
39.9
39.7
39. 5
40. 0
40. 2
39.8
39. 8
39. 8
40.0
40. 2
40. 7
39. 8
40. 1
40.3
40.5
relate to production workers or nonsupervisory employees.
Also includes other private industry groups shown on p. 13.
«Includes eating and drinking places.
14
Manufacturing
Contract
construction
Retail
trade 3
Seasonallyr adjusted
37. 0
37. 3
37. 2
37.4
37. 6
37.7
37.4
37.9
37.4
37. 3
37. 1
37. 0
37.0
38.0
38.1
38.3
36.9
38.2
37.9
36.5
35.8
36.0
36. 8
36.8
37.4
37. 3
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33.7
33.1
33. 3
33. 3
34.0
34. 8
34.7
33.7
33. 5
33.4
34. 1
33.2
33.0
33.2
33.2
87. 0
37.0
36. 9
37. 1
36. 9
36.9
36. 7
37.0
37. 1
37. 2
37. 0
37.2
37. 1
S7.S
Source: Department of Labor.
39. 8
39. 8
40. 0
40. 0
40. 0
39.8
39. 5
39.8
40. 1
40. 3
40. 0
40.6
40. 4
40.8
37. 8
37. 1
36.8
37. 2
37.1
37.1
35. 7
37.6
39. 0
36. 8
37. 4
37. 3
37.5
36.9
33.5
33.7
S3. 7
33. 7
33. 8
33.6
33. 6
33. 8
33.
7
00 Q
OO. t7
S3. 7
33.5
33.6
S3. 6
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers rose 2 cents in April to $3.59. Compared to a year
earlier, hourly earnings were up by 6.2 percent and weekly earnings were up by 7.1 percent.
DOLLARS
DOLLARS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
240
6.00
A/\
CONTRACT
CONSTRUCTION
200
5.00
_ yV
CONTRACT
CONSTRUCTION
160
4.00
MANUFACTURING
MANUFACTURING
120
3.00
TOTAL NONAGRICULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
RETAIL TRADE
80
2.00
RETAIL TRADE
1972
1971
1970
1969
1969
1970
1971
SOURCE: DEPARTMENT OF LABOR
1972
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
1962 __ _
1963
1964 __ _ _ _ _ _
196")
3966
1967 __ ___ _ _
196S_. _ _ _ __
1969
1970
1971
1971: Mar
Apr
May
June
July
Allg__
_._
Sept
Oct
Nov _
Dec
1972: Jan
Fel)
Mar "
A or V-
Average h oiirly earni ngs — curre nt dollars
Average ^ weekly earn ings— curr ent dollars
Total
no 11 agricultural
private ]
Total
nonagricultural
private l
$2 22
2. 28
2. 36
2. 45
2. 56
2. 68
2. 85
3. 04
3. 22
3. 43
3. 36
3. 38
3. 41
3. 42
3. 43
3. 45
3. 49
3. 49
3. 48
3. 51
3. 54
3. 55
3. 57
3. 59
Manufacturing
$2. 39
2. 46
2. 53
2. 6.1
2. 72
2. 83
3. 01
3. 19
3. 36
3. 57
3. 52
3. 54
3. 55
3. 57
3. 57
3. 56
3. 60
3.60
3. 60
3. 69
3. 71
3. 72
3. 75
3. 77
Contract
construction
$3.
3.
3.
3.
3.
4.
4.
4.
5.
5.
o.
5.
5.
5.
5.
5.
5.
o.
5.
5.
5.
5.
5.
5.
31
41
55
70
89
11
41
79
25
72
54
55
65
63
68
75
86
90
90
93
99
98
97
99
Retail
trade 2
$1. 63
1. 68
1.75
1. 82
1.91
2. 01
2. 16
2. 30
2. 44
2. 57
2. 55
2. 56
2. 57
2. 58
2. 58
2. 57
2. 60
2. 60
2. 60
2. 61
2. 66
2. 66
2. 67
2. 68
$85.
88.
91.
95.
98.
101.
107.
114.
119.
126.
123.
124.
125.
127.
127.
129.
129.
129.
128.
130.
129.
130.
131.
132.
91
46
33
06
82
84
73
61
46
91
65
05
49
57
94
03
13
13
76
92
92
64
73
S3
Manufacturing
Contract
construction
Retail
trade 2
$96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 44
139. 74
139. 83
142. 00
143. 51
142. 0!)
141. 69
143. 28
144. 00
144. 72
150. 18
147. 66
149. 17
151. 13
152, 69
$122.
127.
132.
138.
146.
154.
164,
181.
196.
213.
205.
205.
209.
213.
216.
220.
216.
225.
223.
216.
214.
215.
219.
220.
$60. 96
62. 66
64. 75
66. 61
68. 57
70.95
74. 95
78. 66
82. 47
86. 61
84. 41
85. 25
85. 58
87. 72
89. 78
89. 18
87. 62
87. 10
86.84
89. 00
88. 31
87. 78
88. 64
88. 98
47
19
06
38
26
95
93
54
35
36
53
35
05
94
41
23
23
38
61
45
44
28
70
43
Manufsicturing
indujBtries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967=
1967
i nn s
dollars 4
85. 7
$106. 58
87.8
108. 65
90. 3
110. 84
92. 6
113. 79
95. 7
115. 58
100. 0
114. 90
106. 2
117. 57
112. 6
117. 95
119. 7
114. 99
127. 7
117. 43
125. 8
116. 64
126. 5
116. 33
126. 9
117. 55
127. 3
118. 12
127. 8
116.66
128. 3
116. 04
129. 1
117. 25
128. 9
117. 65
129.0
118. 04
131. 7
122. 00
132. 7
119. 85
133. 2
120. 49
133. 7
121. 88
134. 3
122. 84
4
Earnings in current dollars divided by the consumer price index.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production (seasonally adjusted) rose 1 percent in April—the largest gain in more than 3 years, excluding
the recovery from the auto strike at the end of 1970. In April, most major industries showed increases, which were
most pronounced in durable goods manufacturing.
Index, 1967=100 (SEASONALLY ADJUSTED)
150
Index, 1967=100 (SEASONALLY ADJUSTED)
130
TOTAL
10fi
110
ilO
^^-^^
'—^I
1AA
120
on
80
110
I I I I IIl l ! M(
1969
f ( I I I I ! ( 1 I:
1 1 ! 11 I1 ! I f 1
1970
1971
i l Mt 1if1ti
100
1969
1972
1972
1971
1970
130
MARKET
120
GROUPS
MATERIALS
INTERMEDIATE PRODUCTS
X'"
iUl">%
110
110
100
100
90
**«illtl
90
1969
1969
1972
1970
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1962
1963_
1964_
1965
1966
1967
1968
1969 _
1970
1971*
1971: Mar
Apr
Mav
„
June
July
Aug. _ - -_
Sept _ _
Oct__
Nov.
Dec
1972: Jan
Feb v
Mar v
Apr
[1967=100, seasonally adjusted]
Industry
M anufactur ing
Total
industrial
production
Total
72.2
76. 5
81. 7
89. 2
97. 9
100. 0
105. 7
110. 7
106. 7
106.4
105. 5
106. 2
107. 0
107.2
106. 1
105. 3
106. 2
106.4
107. 0
107. 6
108.4
109. 2
109. 8
110. 9
71.4
75. 8
81. 2
89. 1
98. 3
100. 0
105.7
110. 5
105. 2
104. 8
103. 2
104. 4
105.7
105. 6
104. 9
103. 6
104. 9
105.4
105. 3
105. 4
106.6
107.8
108. 2
109. 3
NonDurable durable
69. 0
73. 5
79. 0
88. 5
99. 0
100. 0
105. 5
110. 0
101. 5
98. 8
98. 3
99. 1
100.5
100. 1
99. 4
96. 6
98. 5
99. 1
98.0
98. 2
99. 7
101.3
101. 5
103. 5
Source: Board of Governors of the Federal Reserve System.
16
1972
75. 1
79. 2
84. 4
90. 0
97. 3
100. 0
106. 0
111. 1
110. 6
113. 3
110. 4
112. 1
113.3
113. 7
113. 0
113. 8
114. 2
114. 6
115. 9
115. 9
116. 7
117. 5
117. 8
117.9
Mining
Utilities
85. 6
89. 0
91. 1
93. 9
98. 4
100. 0
103. 9
107. 2
109. 7
107. 0
111. 4
110. 4
108. 6
108. 9
105. 7
106. 5
106. 0
97.7
102. 3
107. 8
107. 3
106.8
107.6
109. 4
70. 2
75. 1
81. 9
86. 9
93. 6
100. 0
109. 4
119. 5
128. 5
135. 3
131. 5
133. 2
132. 1
135. 6
138. 7
137.0
13S. 4
139. 3
139. 6
138. 3
137.4
139. 6
139. 1
140. 1
Market
Firial produ cts
Total
Consumer
goods
70. 8
74. 9
79. 6
86. 8
96. 1
100. 0
105. 8
109. 0
104. 4
104. 4
102. 5
103. 6
103. 9
104. 5
104. 9
105. 0
104. 6
105. 3
105. 9
105. 6
105. 9
106. G
106. 5
107. 6
77. 7
82. 0
86. 8
93. 0
98. 6
100. 0
106. 6
111. 1
110. 3
115. 5
112. 7
114. 6
115. 7
116. 1
110. 0
116. 0
115. 0
116. 9
118. 2
117. 9
118. 3
118. 5
118. 3
119. 4
Intermediate
Equip- products
ment
61. 9
65. 6
70. 1
78. 7
93. 0
100. 0
104. 7
106. 1
96. 1
88. 9
88. 4
88. 1
87. 8
88. 2
89. 3
89. 6
90. 2
89.0
88. 8
88. 5
88. 5
89. 8
90. 1
91. 2
76. 9
81. 1
87. 3
93. 0
99. 2
100.0
105.7
112. 0
111. 9
112. 8
112. 0
112. 4
113. 5
112. 4
113. 8
110. 7
112. 5
113. 0
114. 0
114 7
115. 9
116. 7
117. 5
117. 2
TVTo-f-o
rials
72.4
77. 0
82.6
91. 0
99. 8
100. 0
105. 7
112. 4
107. 8
106. 8
107. 1
107. 5
108. 9
109.0
105. 3
104. 0
106.2
105. 6
106.0
107. 6
109. 0
110. 3 ,
111. 6
113. 1
PRODUCTION OF SELECTED MANUFACTURES
Production of most durable manufactures (seasonally adjusted) increased significantly in April. Most nondurables
also posted gains but somewhat smaller than in durables.
Index, 1967=100 (SEASONALLY ADJUSTED)
130
Index, 1967 = 100 (SEASONALLY ADJUSTED)
130
CHEMICALS, PETROLEUM,
AND RUBBER
110
100
1972
1969
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Durab le manufaictures
Period
Primary
metals
No ndurable manufactu res
FabriTranspor- Lumber Textiles,
cated
Machin- tation
and
apparel,
metal
ery
equipprodand
products
ment
leather
ucts
1962
78.2
1963
84. 3
1964
95.7
1965
104. 0
1966
108. 8
1967
100. 0
1968
103. 2
1969
114. 1
1970
106. 9
1971 v
100. 9
106. 6
1971: Mar
Apr
_ - 108. 7
114. 3
May- _ .108. 1
June
98.2
July
81. 0
Aug
__ _
93. 9
Sept_
_
_ _ _ _ _- 95.7
Oct
91.4
Nov
93. 6
Dec
102. 4
1972: Jan
101. 8
Feb
M a r »_
_ _ _
_ _ _ _ 104. 3
Apr "_..
_ _ 107.3
75.9
78. 4
83. 3
92. 6
100. 5
100. 0
106.3
113.6
109. 4
107. 3
104. 9
108. 5
108. 5
108. 5
110. 8
108. 0
105. 7
106. 9
106. 9
107. 1
105. 7
107. 7
108.7
111.5
64. 8
67. 9
74.3
84. 1
98. 6
100. 0
101. 9
106.8
100.4
95. 5
94.0
94.2
95. 3
95.2
97. 4
95. 6
96. 3
97. 0
96.3
96. 6
97.4
98. 6
98. 0
98.8
69. 3
75. 9
79. 6
91. 3
101. 2
100.0
109.7
107.6
90. 3
91. 3
91. 3
89. 5
90. 9
91. 7
88.5
91. 1
91.7
92.4
91.6
89.8
90.7
93.4
94. 4
97.6
82. 0
85. 8
91. 0
94. 7
98.4
100.0
104. 8
108. 6
106. 3
113.4
110. 3
112.5
110. 0
111. 0
115. 4
113. 1
113. 9
117. 3
117. 9
120. 7
121. 1
118. 7
119. 0
84. 3
86.9
91. 9
97.8
101.7
100. 0
104. 9
105. 9
100. 2
100.7
97.3
99. 8
101. 5
102.4
100. 2
100. 1
102. 5
102.2
101.6
102. 8
102.0
100. 9
101.4
102.3
Paper Chemicals, Foods
and
petroprint- leum, and tobacco
rubber
ing
74. 3
78.4
84. 5
90. 5
98. 9
100. 0
104. 2
109. 1
107. 8
107.8
104. 6
106. 9
106.9
106.0
106. 8
108.2
108.3
109.0
110.6
110. 8
111. 3
112. 5
112.4
111.8
64. 5
70. 0
75. 9
83.8
94. 1
100. 0
109. 6
118. 4
118. 2
124.3
120.5
122. 4
124. 2
125.3
124. 0
126. 2
127.3
126. 5
127.8
127.8
129.7
132. 1
132.9
133. 2
84.0
87.0
90. 6
92. 6
97.0
100.0
103. 6
107.5
110.8
113. 3
112.2
112.9
113.6
113.7
113.8
112. 8
111. 1
113.2
115.6
114. 3
115.6
115.4
115. 1
115.2
Source: Board of Governors of the Federal Reserve System;
17
WEEKLY INDICATORS OF PRODUCTION
Production of steel, cars and trucks assembled, freight loaded, and bituminous coal mined were higher in April than
in March. Other weekly indicators of production were lower than a month earlier.
MILLIONS OF TONS
MILLIONS OF SHORT TONS
STEEL
.1971
1 r\|I I I 1 I I 1 I I I I 1 M I 1 I 1 1 1 I M \ I M i \ 111 II I i < M I I 1.1 I ! 11 IJ 1 1.JA
J
F
M
A
M
J
J
A
S
O
N
BILLIONS OF KILOWATT HOURS
40
u I M I I I | I I I I 1 I 1 1 1 1 1 1 1 I 1 1 I I I I I i I I 1 1 I I I 1 I I M 1 1 1 1 1 I M 1...1A
J
D^
F
M
A
M
J
J
A
S
O
N
D
THOUSANDS
35
30
100
25
'
I
C
kl
M
A
li
M
I
I
A
r
<~k
O
KI
N
»^ *
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR.
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Steel p]reduced
Thousands Index
(1967=
of net
tons
100)
Period
Weekly average:
1965
1966
1967
1968
1969
1970
1971 v
1971: Mar
Apr__
May _ _
June __ _ __
July
Aug___
Sept
Oct
Nov
_ _
Dec
1972: Jan___ ___
Feb
Mar v
Apr
Week ended:
1972: Apr 15
22
29
May 6__
13 »
1
_
2, 521
2,572
2, 440
2,515
2,709
2,522
2, 310
2,854
2,929
2, 917
2,678
2,249
1, 303
1, 794
1,853
1,877
1,987
2,258
2,411
2, 616
2,702
103. 3
105. 4
100.0
103. 1
111. 0
103. 4
94,7
117. 0
120.0
119. 5
109. 8
92. 2
53.4
73. 5
76. 0
76. 9
81. 5
92. 5
98.8
107.2
110. 7
2, 722
2, 694
2,715
2,708
2,714
111.
110.
111.
111.
111.
Dally average. Includes data for Alaska.
'Not charted.
18
6
4
3
0
2
COUNCIL OF ECONOMIC ADVISERS
Electric Bituminous Freight Paperboard
Car s and triicks
power
coal mined
produced assembled (thoiisands)
loaded
distributed (thousands (thousands
(thousands
(millions of
of short
of tons)
Total Cars Trucks
of cars)
kilowatt-hours) tons) l
20, 169
21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
29, 993
28, 570
28, 921
32, 551
32, 781
32, 786
31, 887
29, 590
30, 227
31, 218
32, 655
33, 323
31, 692
31, 372
31, 742
31, 497
31, 064
30, 748
2
30, 886
1, 763
2, 118
1, 901
1, 853
1, 890
2, 066
562
570
540
543
543
522
486
507
523
526
525
424
493
502
445
441
449
456
465
494
507
410
446
439
479
507
489
501
509
502
511
506
463
516
503
528
517
475
505
539
562
552
213.7
199. 3
172. 9
207.6
195.8
158. 9
204.8
230. 2
211. 6
232. 4
212. 3
131.8
145. 7
215. 6
233. 6
218. 6
171. 7
216. 3
226. 1
225. 1
249. 5
179.4
165.4
142.4
170.1
158. 1
125. 9
165.0
188. 1
170. 6
190. 6
169. 7
106. 5
110. 2
172. 5
186.8
175. 1
136. 9
169. 8
176. 5
175. 4
194. 3
34.3
33.9
30. 5
37.5
37. 8
33.0
39.9
42. 1
40.9
41. 7
42. 6
25. 3
35. 5
43. 2
46. 7
43. 5
34. 9
46. 5
49. 6
49. 7
55. 1
1, 901
1,899
1,976
1,972
501
505
528
516
555
555
562
566
246. 6
251. 0
250. 1
252. 0
248. 6
192. 3
196. 3
192. 6
195. 9
192. 3
54.3
54.7
57. 6
56. 1
56. 3
1,735
1,798
1, 868
1, 827
1, 894
2,032
2,009
2, 102
2,197
2, 026
1,963
1, 829
2, 118
2, 129
906
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.
CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) rose 2 percent in March.
Private residential and nonresidential as well as public construction increased.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
120
40
20
20
60
60
40
40
20
20 lyju.
1966
1972
SOURCE: DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1969
1970
1971_
___ __
Total new
construction
expenditures
76. 0
77.5
86. 6
93. 3
94.3
109. 0
COUNCIL OF ECONOMIC ADVISERS
Private
Total
52. 0
52. 0
59. 0
65. 4
66. 1
79. 1
Resid ential
CommerNew
cial and
Other
housing industrial
Total l
units
Bi llions of doll ars
25. 7
19. 4
26 3
25. 6
19. 0
26 4
30. 6
24. 0
14.7
13. 8
33. 2
25.9
16. 0
16. 2
24. 2
31. 7
16. 3
18. 1
42.4
34. 2
17. 0
19.7
Federal,
State,
and
local
24. 0
25. 5
27. 6
28. 0
28. 1
29.9
100. 6
102. 3
103. 0
105. 9
107. 6
109. 2
109. 8
111. 8
110. 3
114. 7
115. 2
117.0
120. 2
121. 2
123. 8
70.6
70. 7
73.0
76. 3
77. 9
79. 9
80. 3
81. 9
81. 7
82.9
84.8
86. 0
88. 2
89. 2
91. 6
35. 6
36. 5
37. 7
39. 6
41. 5
42. 3
42. 5
43. 8
45. 0
46. 1
46. 8
47.7
49. 7
51. 8
53.0
27. 6
28. 5
29. 6
31. 0
32. 9
34. 0
35. 0
36. 6
37. 4
37. 5
37. 6
38. 5
40. 8
43. 0
44.2
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1970 for value index and
beginning 1971 for floor space.
16. 4
16.4
16.8
17.4
16. 8
17. 3
18. 1
17. 9
16.3
16. 5
17. 1
17.3
18. 2
17. 8
18. 2
94. 8
100. 0
113. 2
123. 7
123. 1
144. 3
Seasonally
adjusted
$easona?? y adjusted at inual rates
1971: Jan
Feb
Mar_ _ _ .
Apr_ _
May
JuneJuly
Aug_
Sept_
Get _ _ _ _
Nov
Dec _____
1972: Jan
Feb v_ -Mar
Constructio n contracts2
CommerTotal value cial and
index,
industrial
(1967 = floor space
100)
(millions of
square feet)
18.6
17. 9
18. 5
19.3
19. 6
20. 3
19. 7
20. 2
20. 4
20. 3
20.9
20. 9
20. 3
19. 6
20. 3
30. 0
31. 6
30. 1
29. 6
29. 7
29. 3
29. 5
29. 8
28. 6
31. 8
30. 4
31. 0
31. 9
32.0
32. 2
124
126
142
161
141
147
151
153
154
137
155
160
165
155
159
769
694
779
883
743
730
Seasonally
adjusted
annual
rates
652
600
785
658
761
754
728
658
849
741
824
800
716
801
800
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In April, private housing starts declined 10 percent to a seasonally adjusted annual rate of 2.1 million units but were
81A percent above a year earlier. Permits for future starts rose 3 percent in April.
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
3.0
1.0
1966
SOURCES:
1972
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. AND VETERANS ADMINISTRATION
[Thousands of unitsj
Hou sing star ts
Total
private
Total
and
private
public (includ(including
ing
farm)
farm)
Period
1966
1967
1968.
1969
1970
1971 v
1971: Mar
Apr _
May__
June
Julv
Aug
Sept.
Get
Nov
Dec
1972: Jan
Feb
Mar"
Apr *_
1, 195.
1, 321.
1, 545.
1, 499.
1, 469.
2, 084.
_ _
_
_
_ _ _ _
_
__
9
9
5
6
0
5
169. 3
203. 6
203. 5
196. 8
197.0
205. 9
175. 6
181. 7
176. 4
155. 3
150. 9
153. 6
204. 8
213. 6
1, 165.
1, 291.
1, 507.
1, 466.
1, 433.
2, 052.
Private
Total ( includingj farm)
Total
0 1, 165.
6 1, 291.
7 1, 507.
8 1, 466.
6 1, 433.
2 2, 052.
167. 9
201. 1
198.5
193. 8
194. 3
204. 5
173. 8
179. 7
173. 7
152. 1
149. 1
152.2
202. 9
212. 0
One
unit
0
778.
6
843.
7
899.
8
810.
812.
6
2 1, 151.
1,938
1,951
2,046
2,008
2,091
2,219
2,029
2,038
2,228
2, 457
2,487
2,682
2, 357
2,115
20
5
9
5
6
9
0
1,080
1, 122
1, 152
1, 150
1, 162
1, 198
1, 172
1, 155
1,242
1,347
1, 415
1, 325
1,298
1, 174
'Authorized by issuance of local building permit; in 13,OCO permit-issuing
places
beginning 1967; 12,000 for 1963-66, and 10,000 prior to 1963.
3
Units represented by mortgage applications or appraisal requests for new
home construction.
Propose d home
constr uction
Gover nment
home pirograms
(nonf arm)
Two or
VA
more
FHA
units
386.4
129. 1
36. 8
141. 9
52.5
447.7
608.2
56. 1
147. 7
51. 2
656. 2
153. 6
233. 5
61. 0
620. 7
901. 2
301. 2
94. 0
Seasons lly ad justed annu al
858
829
894
858
929
1,021
857
882
985
1, 110
1,071
1, 357
1,059
941
266
280
271
290
288
325
294
299
293
383
378
287
262
219
82
93
96
91
99
103
98
98
105
104
116
118
125
104
New
private
housing
units
authorized l
Applica- Requests
tions for forVA
FHA appraiscommitals 2
ments 2
971.9
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 907. 4
rates
153.0
167.2
168. 9
187. 6
315. 0
366. 8
99.2
124.3
131.7
188.2
143.7
217.9
1,627
1,638
1,927
1, 849
2,052
2,006
1,900
2, 173
1,952
2, 292
2, 105
2,078
1, 928
1,987
344
348
375
378
392
359
343
351
291
450
333
326
260
3
221
186
206
221
250
234
218
253
231
207
228
232
224
207
248
Not charted.
Sources: Department of Commerce, Department of Housing and Urban
Development, and Veterans Administration.
BUSINESS SALES AND INVENTORIES-TOTAL AND TRADE
m March, business sales (seasonally adjusted) rose 1.8 percent over February and were 9.0 percent above their level
a year earlier. Inventories during March continued to increase slowly.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
200
RETAIL TRADE (ENLARGED SCALE)
25 -DURABLE GOODS STORES
TOTAL BUSINESS
INVENTORIES
180
20
INVENTORIES
160
15
140
10
\ '
TOTAL BUSINESS
SALES
120
SALES
100
30 |
NONDURABLE GOODS STORES
INVENTORIES
RETAIL INVENTORIES
40
—r
20
SALES
RETAIL SALES
20
15 I]'. M
1969
1970
1972
1971
1 t I 1 I < 1 t
I .1 \ \ I I \ I I M
1 I 1 \ I 1 1 \ \ 1 I , 1 1 I I ! ! ! 1 1 1 I
1970
1969
1971
Total k>usiness l
Wholesale
R«itail
Sales 2
Sales 2
Inventories 3
Sales 2
111, 457
120, 900
136, 714
145, 072
155, 238
166, 412
173, 635
179, 939
174, 834
175, 536
176, 275
177, 046
177, 403
177, 652
178, 157
178, 924
179, 468
179, 407
179, 939
180, 467
180, 860
181, 240
14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
21, 334
21, 676
21, 897
22, 449
22, 716
22, 621
22, 605
22, 549
22, 284
22, 739
22, 994
24, 351
23, 533
23, 621
Inventories 3
*vlillions of
1964
1965 _ _ _ _
1966
1967 _
1968
1969
1970
1971
1971: Fob
Mar
Apr
May
June
July
Aug.
Sept
Get „
Nov _ _
Dec
1972: Jan__
Fcb »
Mar *__
Apr p
73, 685
80, 276
87, 172
89, 708
97, 105
103, 178
106, 276
114, 261
111, 166
112, 740
IIS, 155
114, 303
115, 531
114, 727
115, 064
... 115, 660
114, 687
117, 374
116, 964
120, 587
120, 743
122, 924
- 2l The term "business" also includes manufacturing (FCC- page 22).
Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCE" DEPARTMENT OF COMMERCE
Period
I
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
26, 806
26, 788
27, 046
27, 140
27, 333
27, 866
27, 795
27, 814
27, 928
28, 237
28, 916
29, 049
29, 181
29, 106
NonDurable durable
goods
goods
stores
stores
dollars, seasonally a d justed
7,049 14, 773
21, 823
23, 677
7, 849 15, 828
8, 192 17, 138
25, 330
26, 151
8, 348 17, 803
9, 268 19, 222
28, 490
29, 824
9, 626 20, 197
9, 524 21, 770
31, 294
34, 071 10, 985 23, 086
32, 850 10, 240 22, 610
33, 274 10, 613 22, 661
33, 578 10, 747 22, 831
33, 502 10, 576 22, 926
33, 827 10, 782 23, 045
33, 688 10, 747 22, 941
34, 655 11, 298 23, 357
35, 219 11, 833 23, 386
34, 964 11, 695 23, 269
35, 574 11, 885 23, 6S9
34, 896 11, 334 23, 562
34, 886 11, 475 23, 411
35, 345 11, 457 23, 888
36, 402 12, 044 24, 358
35, 853 11, 712 24, 141
Total
Inventories
Total
Durable
goods
stores
31, 094
34, 405
38, 073
38, 952
41, 973
45, 376
46, 555
50, 474
47, 426
48, 246
48, 809
49, 259
49, 534
49, 592
50, 299
50, 844
50, 800
50. 377
50, 474
50, 542
50, 646
50, 890
13, 318
15, 253
17, 258
17, 277
19, 167
20, 647
20, 490
23, 124
21, 232
21, 704
22, 056
22, 509
22, 679
22, 707
23, 313
23, 769
23, 652
23, 306
23, 124
22, 930
22, 958
23, 025
3
Nondurable
goods
stores
17, 776
19, 152
20, 815
21, 675
22, 806
24, 729
26, 065
27, 350
26, 194
26, 542
26, 753
26, 750
26, 855
26, 885
26, 986
27, 075
27, 148
27, 071
27, 350
27, 612
27, 688
27, 865
Source:Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 shipments and orders (seasonally adjusted) rose substantially in March while inventories were little
changed. Shipments and orders for durable goods rose in April, according to advance reports.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED!
110
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
70
MANUFACTlJRERS'
MANUFACTURERS' INVENTORIES
SHIPME NTS
?s
TOT AL
60
^-x/i/
100
'
.—-^—
TOTAL
90
50
80
DL RABLE GOODS
30 .
— -^
^~^^^ ^
V
—
, „••••••••
,,t,,,,,...«»""1"11""1"1
20
•
•««""*
„...
60
NON DURABLE GOOD 5
! 11 M 1 1 I 1 1I
Ul ! 1 1 ! ! | I t ! !
! I 1 I" 1 1 | 1 I 1 1
DURABLE GOODS-
70
I!
I f ! 1 M I I (h
50
MANUFACTl JRERS'
40
NEW
CDRDERS
DURABLE GOODS
NONDURABLE GOODS
40
^,-,
A, y»^
30 **~~^^+*/
~*
^^^\
•- ~^~—~S~^
/*
r^^—^
|It,HU,ail»«»«"l
20
1
. I .•••••......lint....****"
"«••••««
t,t»n«ti
""
H"»>%
linn
»»'"**
30
•*»(*•*<
NO MDURABLE GOOE)S
M f - l 1-1 1 1 1 I \ 1
Y
1969
1 ! ! t 1 1 \ \ ! 1 1
I 1 t t t I 1 I 1I 1
1971
1970
1 t f f 1 I I f I 1 IK
H
20 111 i t i f I i n i
1972
1969
1970
SOURCE, DEPARTMENT OF "COMMERCE
Total
37, 335
1964
41, 003
1965
44, 863
1966
46, 458
1967
50, 287
1968
53, 629
1969
54, 429
1970
57, 911
1971
56, 982
1971: Feb
Mar . _ 57, 790
57, 680
Apr _ 58, 352
Mav
June
Juiv _
Aug
Sept
Get
Nov
Dec
1972: Jan
Feb
Marp
Apr _ _
58, 988
58, 418
57, 804
57. 892
57, 439
59, 061
59, 074
61, 350
61, 865
62, 901
NonDurable durable
goods
goods
19, 634
22, 216
24, 629
25, 220
27, 695
29, 539
29, 349
31, 550
30, 856
31, 616
31, 308
31, 850
32, 650
32, 123
31, 464
31, 543
31, 166
32, 106
31, 858
33, 573
34, 013
34, 594
35, 231
17, 701
18, 788
20, 233
21, 237
22, 592
24, 090
25, 080
26, 361
26, 126
26, 174
26, 372
26 502
26, 338
26, 295
26, 340
26, 349
26, 273
26, 955
27, 216
27, 777
27, 852
28, 307
1
Monthly average for year and total ior month.
:
6Book value, end of period, seasonally adjusted.
Total
Millions
63, 386
68, 221
77, 950
84, 563
90, 737
96, 673
100, 476
100, 549
100, 602
100, 502
100, 420
100, 647
100, 536
100, 194
100, 063
100, 266
100, 740
100, 793
100, 549
100, 876
101, 033
101, 244
NonDurable durable
goods
goods
of dollars
38, 436
42, 227
49, 793
54, 888
58, 969
63, 160
65, 152
64, 242
65, 090
65, 082
65, 033
65, 079
64, 825
64, 692
64, 523
64, 563
64, 494
64, 399
64, 242
64, 722
64, 769
64, 950
' For annual periods, ratio of weighted average inventories to average monthly
shipments; lor monthly data, ratio of inventories at end of month to shipments
for month.
22
1972
COUNCIL OF ECONOMIC ADVISERS
Manufadburers' ship merits l Manufact,urers' inv entories2
Period
1971
Manuf act urers' new orde rs 1
Total
Durat le goods
NonProducers' durable
capital
Total
goods
goods
industries
seasonall y ad justed
24, 950 37, 952 20, 258
25, 994 41, 803 22, 986
28, 157 45, 912 25, 690
29, 675 46, 707 2f>, 46S
31, 768 50, 505 27, 919
33, 513 53, 768 29, 681
35, 324 53, 866 28, 778
36, 307 57, 724 31, 353
35, 512 57, 165 31, 071
35, 420 57, 699 31, 472
35, 387 56, 597 30, 228
35, 568 57, 028 30, 601
35, 711 57, 009 30, 666
35, 502 58, 255 31, 955
35, 540 58, 085 31, 758
35, 703 57, 322 31, 026
36, 246 57, 490 31, 126
36, 394 59, 576 32, 564
36, 307 59, 408 32, 138
36, 154 62, 996 35, 099
36, 264 62, 514 34, 505
36, 294 63, 541 35, 095
35, 415
Source: Department oi Commerce.
3, 935 1 7, 694
4, 435 18, 817
5, 26-) 20, 222
4, <)f>S 2J, 239
5, 307 22, 5S5
6, 074 24, 087
f>, 794 25, 088
0, 390 26, 371
6, 617 20, 094
6. 211) 26, 227
5, 677 26, 369
o, 19;-) 26, 427
6, 237 26, 343
6. 146 26, 300
6, 551 26, 327
6, 425 26, 296
G, S0(i 26, 364
G, 505 27, 012
6, 835 27, 270
8, 110 27, 897
7, 242 28, 009
7,238 28, 446
7, 252
Manufac-
turers'
mventoryshipments
ratio 3
1. 64
1. 60
.1. 62
1. 76
1. 74
1. 75
1. 82
J. 74
1. 77
1. 74
1. 74
1. 72
1. 70
1. 72
1. 73
1. 73
1. 75
3. 71
1. 70
1. 64
1. 63
1. 61
[MERCHANDISE EXPORTS AND IMPORTS
exports rose slightly more than imports in March, resulting in a small reduction in the trade deficit to $584 million,
seasonally adjusted.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3.0
2.5
2.5
2.0
2.0
19.72
1966
I/ SEE NOTE BELOff.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Millions of dollars J
Period
IN/Eerchandise exporlJS
Domesti c exports
Food, Crude
bever- mate- Manu2
Season- Unad- Total *
rials
facages,
ally ad- justed
and to- and
tured
justed
bacco fuels
goods
Total (includmg ree xports) l
Monthly average:
1963
1964
1965
1966
1967
1968
1969
1970
1971
1, 869
2, 153
2,229
2,458
2, 586
2, 839
3, 111
3,555
3, 630
1, 845
2, 123
2,201
2,421
2, 554
2, 802
3, 066
3,502
3,576
349
386
377
432
392
383
370
422
423
315
361
356
367
394
405
417
558
537
Hereto andise iinports
Gen eral impc)rts 3
2
Food, Crude
Total
bever- mateSeasonages,
rials
ally ad- Unad- and to- and
justed
justed
bacco
fuels
1,428
1, 562
1, 786
2, 135
2,241
2, 769
3, 004
3,329
3,800
1, 191
1, 377
1,453
1,602
1,737
1, 985
2,232
2,445
2,537
3,691
3,815
8,621
3, 783
3,661
3,493
3,678
4,511
2, 710
3,160
3,859
4,221
8,806
3,891
3, 528
4, 108
3,806
3, 914
3, 686
3, 338
3,367
4, 225
2, 828
3, 221
4,057
3, 815
3,780
4, 310
3, 472
4,059
3, 742
3, 854
3, 625
3, 293
3,319
4, 170
2,776
3, 176
4,000
3,766
3,723
4,250
402
455
401
423
395
385
383
568
294
394
537
506
485
426
537
596
578
550
544
468
515
586
394
471
644
567
527
611
1
Total excludes Department ol Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
3
Total
includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
396
419
453
476
447
503
533
545
606
672
759
937
1,204
1, 313
1, 719
1, 918
2, 159
2,537
441
590
444
323
345
70
107
226
-171
Unad lusted
U nad juste d
1971: Feb__
Mar_
Apr__
May_
June.
July__
Aug__
Sept.
Oct..
Nov.
Dec._
1972: Jan..
Feb..
Mar _
322
335
334
382
392
447
442
519
534
Grossmerchandise trade
Manu- surplus,
seasonfactured ally adjusted
goods
2, 449
2,938
2, 651
2,792
2,605
2, 363
2,353
2, 935
2, 028
2, 248
2,737
2,601
2,632
3, 119
3,550
8,565
8, 754
3,983
4,019
8, 790
3,934
4,245
3,531
3,887
4,182
4,540
4,403
4,475
8, 191
3,907
3,893
3, 841
4, 278
3, 690
3,844
4, 254
3,472
3, 531
4,283
4,280
4, 177
4, 844
442
528
593
521
593
565
616
715
352
353
606
631
626
554
477
638
564
607
665
630
640
659
571
598
712
702
673
756
2, 163
2, 619
2,611
2, 586
2,895
2, 363
2,467
2,767
2,423
2,462
2,825
2, 820
2,763
3,401
Ul
250
_ ®<8&
— iCt3<&
-201
— 358
-297
— 256
265
— 821
-227
-274
— 319
— 598
-584
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
23
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The merchandise trade deficit (balance of payments basis) was $6.5 billion (seasonally adjusted annual rate) in the
first quarter/ according to preliminary estimates. The balance on goods and services was at a negative rate of $3.6
billion.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
1966
SOURCE:
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
M erchandis(3 1 2
Period
Exports
1966
1967
1968
1969
1970
1971
Imports
Net
balance
29, 390 -25, 463 3,927
30, 680 -26, 821 3, 859
33, 588 -32, 964
624
36, 490 -35, 830
660
41, 980 - 39, 870 2, 110
42, 769 -45, 648-2, 879
Militeiry trans actions
Direct
expenditures
-3, 764
-4, 378
-4, 535
-4, 856
-4, 851
-4,796
Sales
Net
travel
-3, 536 6, 540
-256 -2, 212
-3, 080 6,828
-324 — 1, 912
-2, 656 7, 608
-452 -1,736
-2, 668 9, 340
-636 -2, 468
-2,888 8, 164 — 1, 356-2, 236
-3,204 10, 580 - 1, 456-2,544
military grants.
from Census data for differences in timing and coverage.
Includes fees and royalties from U.S. direct investments abroad or from
foreign direct investments in the United States.
24
Private 3
829 -2, 935 5, 331
1, 240 -3, 138 5,848
1, 395 -3, 140 6, 157
1, 515 -3, 341 5,820
1,480 -3, 371 6, 360
1,942 -2, 854 8,925
Seasonally adjusted
1970: III__. 42, 784 -39, 968 2,816 — 4, 844 1, 308
IV.... 41, 844 -41, 276
568 — 4, 812 1,732
44, 064 -43, 072
1971:1
992 -4,696 2, 040
II
42, 824 -47, 068— 4, 244-4, 856 2, 188
III___ 45, 900 -48, 060 -2, 160 -4, 760 1,872
IV.._. 38, 288 -44, 392 -6, 104 -4, 872 1,668
1972 :I 9
47, 240 -53, 780 -6, 540
1
Excludes
3
Adjusted
3
Net
balance
Re-
mitBal- tances,
CurpenOther ance
rent
and
on
sions,
trans- serv- goods
acand
ices,
portaU.S.
count
other
and
tion
net
Govbalserv-1
uniern- expendance
ices
lateral
ment
itures
trans-1
fers
5, 300 -2,890
44 - 1, 382 315
2,410
365
5, 220 -3, 081
2, 139
40 -1,752
2,489 -2, 875
63 -1, 558 344
-386
497
2,011 -2,910
155 -1,780
-899
3, 592 -3, 148
588
444
-118 -1,979
699 -3,473 -2, 774
728
-975 -2,246
annual rates
Net hivestment i ncome
Source: Department of Commerce,
3, 980 — 3, 212
628
768
2, 680 -3,344
600
-664
844
4,600 -3,080
1,520
24 -3, 352 -3, 328
700
224 -3, 708 — 3, 484
700
672 -2,056 -3, 756 -5, 812
-3, 600
I
.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
Vcliminary estimates indicate that the U.S. balance of payments in the first quarter was in deficit at a seasonally
adjusted annual rate of $12.9 billion on the net liquidity basis and $14.0 billion on the official reserve transactions
basis. Both rates were somewhat reduced from those in the fourth quarter of 1971.
BILLIONS OF DOLLARS
20
BILLIONS OF DOLLARS
20
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
BALANCE ON OFFICIAL
RESERVE TRANSACTIONS
-50
-60
-60
1966
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1966
1967
1968
1969
1970
1971
Long-ter in capital Balance Nonflows>, net
liquid
current shortterm
account private
U.S.
2 and longGovern- Private
capital
ment *
capital flows
net 2
-1,469
-102
j£j OOO -1, 614
-2,423 -2,912 -3, 196 -505
-2, 161
231
1, 198 - 1, 349
-1, 930
-50 -2,879 -602
-2, 029 - 1, 453 -3, 038 -545
-2, 382 -4, 128 -9,284 -2, 529
Alloof
special
drawing
rights
Errors
and
omissions,
net
Changes
Balance, Liquid Balance, in lianet
private official
bilities
liquid- capital reserve
to
ity
flows,
transforeign
2
basis
net
actions
official
basis
agencies,
net 3
Changes
in U.S.
official
reserve
assets,
net 4
-431 -2, 148 2, 367
219
-787
568 14, 882
-985 -4, 685 1, 267 -3,418
52 14, 830
3,366
-493 — 1, 610
3, 251
1,641
-761
-880 15, 710
-2, 603 -6, 084 8,786
2, 702 -1, 515 - 1, 1875 16, 964
867 - 1, 104 -3, 821 - 6, 000 -9, 821
7, 344
2,477 14, 487
717 - 10, 878-21, 973 -7,794 -29, 767 27, 419
2, 348 12, 167
Unadjusted
Scjasonally adjusted annual ra tes
1970:111.-..
IV
1971:1
II
III...
IV
1972: I »
-1,248
-880 -1,360 -460
-2, 692
28 -3,328 -700
-2, 732 -4,036 -5, 248 - 1, 524
-2, 528 -7, 172 -13,028 -1,636
-2, 092 -7, 188 -12,764 -4, 032
1,888 -6, 092 -2, 924
-2, 168
868
864
720
716
716
716
712
-1, 748 -2,700 -5, 600
— 932 -4, 096 -9,816
-4,048 - 10, 100-12, 100
-9, 252 -23, 200
212
-21, 132 -37,212 -11,528
-9, 080-17,380 -7,760
-12, 876 -1,100
1
Excludes liabilities to foreign official reserve agencies.
- Private foreigners exclude the IMF, but include other international and
regional
organizations.
3
Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
to,4 and gold deposits with, the United States.
Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position in the IMF.
U.S.
official
reserve
assets,
net
(end of
period)
-8, 300
-13, 912
-22,200
-22, 988
-48, 740
-25, 140
- 13, 976
5, 964
10, 616
19, 472
20, 352
43, 964
25, 888
12, 260
2, 336
3,296
2, 728
2,636
4, 776
-748
1,716
15, 527
14, 487
14, 342
13, 504
12, 131
12, 167
• 12, 270
5
Includes gain of $67 million resulting from revaluation of the German mark
in6October 1969.
On Mar. 31, U.S. reserve assets consisted of gold stock, $9,662 million, special
drawing rights, $1,810 million; convertible currencies, $212 million; gold tranche
position, $586 million.
Sources: Department of Commerce and Treasury Department.
25
PRICES
CONSUMER PRICES
In April, the consumer price index rose 0.2 percent both before and after seasonal adjustment. Food prices declined
0.1 percent after seasonal adjustment/ unadjusted there was no change. Nonfood commodity prices increased 0.2
percent seasonally adjusted and 0.3 percent unadjusted. Service prices were up 0.3 percent.
Index, 1967=100
140
Index, 1967=100
140
100
100
90
90
1966
SOURCE:
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All
items
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
Source: Department of Labor.
26
_.
.__
90.6
91. 7
92.9
94.5
97. 2
100. 0
104 2
109. 8
116. 3
121. 3
119. 8
120. 2
120. 8
121. 5
121; 8
122. 1
122. 2
122.4
122. 6
123. 1
123. 2
123.8
124.0
124.3
[1967 = 100]
Services
Co mmoditie,3
Comm odities lei->s food
Services
All
All com- Food
less
Non- services Rent
modities
All
Durable durable
rent
94,0
85.5
92. 8
89. 9
94. 1
86. 8
97.6
91.8
87.3
95.0
91. 2
88. 5
93. 6
97.9
94.8
92.7
89.2
90.
2
95.
9
92.4
94. 6
95. 6
93. 5
98. 8
92. 2
91. 5
96. 9
95. 7
94. 4
98.4
96. 2
94. 8
95.8
98.2
95.3
98. 2
99. 1
97.0
97.5
98. 5
100. 0
100.0
100. 0
100. 0
100. 0
100. 0
100.0
100. 0
102. 4
105. 2
105.7
103.7
103.7
104. 1
103.6
103. 1
112. 5
105. 7
113. 8
108. 4
108. 9
108. 1
107. 0
108. 8
121. 6
110. 1
123.7
112. 5
113. 5
114. 9
111. 8
113. 1
128. 4
115. 2
130. 9
117. 4
118. 4
117. 0
116.8
116. 5
126. 6
113. 9
128. 9
115.7
116. 1
115. 5
115. 2
117.0
114. 4
129. 1
126. 8
116. 6
117.8
115. 8
115. 7
116.0
114. 7
129. 8
127. 5
116. 6
116. 6
117.2
116. 6
118. 2
115. 2
130. 6
128. 2
117. 1
117. 4
116. 9
117. 9
119. 2
115. 4
131. 2
128. 8
117.5
116.7
119. 8
117.0
118. 1
129.4
131.9
115.
8
116.9
117.2
117. 1
118. 2
120. 0
132. 3
116. 1
129. 8
116. 4
119. 1
117. 4
118. 2
118. 1
116.4
132. 5
130. 0
117. 1
118.4
118.0
118. 7
118. 9
132. 9
116. 6
130. 4
117.4
119. 0
118. 1
118. 7
118. 5
116. 9
133. 3
130.8
117. 2
118. 8
118. 1
118.9
120. 3
131.5
134. 1
117.1
117. 3
118.7
120. 3
117.7
118. 1
134.4
117.5
131. 8
122.2
118.4
117. 8
117. 1
119. 4
134. 7
117.7
132. 0
117.3
118. 9
122. 4
118. 2
119. 7
132.4
135.0
118. 1
117.7
122.4
119. 1
119.9
118.5
WHOLESALE PRICES
The wholesale price index rose 0.1 percent in April; on a seasonally adjusted basis the rise was 0.3 percent. Industrial
commodity prices rose 0.3 both unadjusted and seasonally adjusted. Prices of farm products and processed foods and
feeds declined 0.7 percent unadjusted and 0.1 percent seasonally adjusted.
Index, 1967=100
100
100
95
95
1966
1972
SOURCEi DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100]
Period
1962
1963
__
1964.
1965
1966
1967
1968
1969
1970
1971
1971: Mar
Apr __
May__ _
June
July
Aug
Sept
Oct
_
Nov
__
Dec
1972: Jan
Feb
Mar
Apr
1
__ _
All
commodities
94.8
94.5
94. 7
96. 6
99. 8
100. 0
102. 5
106. 5
110. 4
113. 9
113. 0
113. 3
113.8
114. 3
114. 6
114. 9
114. 5
114. 4
114. 5
115. 4
116. 3
117. 3
117. 4
117.5
Farm
products
All industrials1
98.0
96. 0
94. 6
98. 7
105. 9
100. 0
102. 5
109. 1
111. 0
112. 9
113. 0
113. 0
114. 0
116. 0
113. 4
113. 2
110.5
111. 3
112. 2
115. 8
117. 8
120. 7
119. 7
119. 1
91. 9
92. 5
92. 3
95. 5
101.2
100. 0
102. 2
107. 3
112. 0
114. 3
113. 7
113. 5
114. 5
114. 9
116. 0
115. 4
114. 6
114. 1
114. 4
115. 9
117.2
118.8
118. 6
117. 7
94. 8
94. 7
95. 2
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
112.8
113. 3
113. 7
113. 9
114. 5
115. 1
115. 0
115. 0
114. 9
115. 3
115. 9
116. 5
116. 9
117. 3
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
2 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
Iridustrial c ommoditi es
Processed
foods
and
feeds
Crude
mate-2
rials
95. 6
94.3
97. 1
100. 9
104, 5
100. 0
102.0
110. 6
118. 8
122. 7
121. 4
124. 1
123. 5
122. 8
122. 7
122. 3
123. 0
122.9
122. 6
123. 4
125.6
127.0
129. 1
129. 3
Inter- Producmediate er finmate-3
ished
rials
goods
95. 3
95. 0
95. 6
96. 9
98. 9
100. 0
102. 6
106. 2
110. 0
114. 3
112. 7
113. 3
113. 8
114 1
114 9
115. 9
115. 9
115. 7
115. 6
115. 8
116. 4
117.2
117.6
118. 2
92. 2
92. 4
93. 3
944
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
116. 0
116. 1
116. 3
116. 5
116.8
117. 1
116. 9
117. 1
117.0
117.8
118. 4
118. 8
119. 0
119.3
Consunner finished g<x>ds excludin g food
NonDurdurable
able
98.3
94. 8
97.8
95. 1
98. 2
94 8
97. 9
95. 9
98.5
97. 8
100.0
100. 0
102. 2
102.2
104 0
105. 0
107. 1
108. 2
110.9
111. 3
110.4
110. 7
110. 5
110. 5
110. 7
111. 0
110.7
111. 2
111.0
111. 6
111. 1
111. 8
110. 4
111. 9
111. 3
111. 7
111. 3
111. 7
112. 6
111. 8
112. 9
112. 0
113.2
112. 1
112. 4
113. 2
112. 7
113.3
s Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products, for further processing.
Source: Department of Labor.
p*7
PRICES RECEIVED AND PAID BY FARMERS
In the month ended April 15, prices received by farmers were unchanged and prices paid increased about 1 percent.
The actual and adjusted parity ratios were down 1 point each.
Index, 1967=11
Index, 1967=100
130
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
PRICES RECEIVED
{ALL FARM PRODUCTS)
100
90
80
80
RATIO J/
901
RATIO J/
190
80
80
PARITY RATIO (ACTUAL)
...,
70
70
V
60
1966
1967
1968
1969
1971
1970
1972
_]/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
Prices received by farmers
Period
1962
1963
1964_ _
1965__
1966_ _
1967
1968_
1969.
1970
1971
1971: Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15 _
Dec 15
1972: Jan 15
Feb 15
Mar 15_
Apr 15
All farm
products
_
96
96
93
98
105
100
103
108
110
112
111
111
113
113
113
113
111
113
114
116
120
122
120
120
Crops
103
106
106
103
105
100
101
97
100
108
107
108
111
114
111
108
104
106
108
109
111
111
107
112
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest,
taxes, and wage rates on 1910-14= 100 base.
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
28
Parity ratio ]
Prices paid by farmers
items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 1967=100
92
89
85
94
105
100
104
116
118
116
114
114
114
113
114
117
117
118
119
121
126
131
129
125
COUNCIL OF ECONOMIC ADVISERS
90
91
92
94
98
100
104
109
114
120
118
119
120
120
120
120
121
121
121
122
123
124
124
125
Family
living
items
Production
items
91
92
93
95
98
100
104
109
114
119
117
117
118
119
119
120
120
120
120
121
121
123
123
123
Source: Department of Agriculture.
94
95
94
96
99
100
102
106
110
115
114
115
115
116
116
116
116
116
117
117
118
118
119
119
Actual
80
78
76
77
80
74
73
74
72
70
70
69
70
70
70
70
68
69
70
71
72
73
72
71
Adjusted2
83
81
80
82
86
79
79
79
77
74
74
73
74
74
74
74
72
74
74
75
78
79
78
77
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock grew at an 8.5 percent annual rate in April. From December to April if rose at
a 9.3 percent annual rate.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
250
1966
1972
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1966:
1967:
1968:
1969:
1970:
1971:
1971:
Dec _ _ _ _
Dec
Dec
Dec
___
Dec
Dec_
__ _
Mar
Apr
__
Mav
_
June
July
Aue
Sept
Oct ._
.
__
_
_
_ _
_ ___ ___
Nov
Dec
1972: Jan
Feb
Mar * _ _ . .
A p r" _ _
____
__
.
1
Deposits at commercial banks.
NOTE. — Eilective June 9, 1966, balances accumii la ted for pa1pment of personal
loans (about $].] billion) are excluded from time deposits and from loans at all
corGTDercial banks.
COUNCIL OF ECONOMIC ADVTSfRS
[Averages of daily figures, billions of dollars]
IVloney sto<3k
IVloney sto<3k
Time
Time
CurCurand
and
DeDerency
rency
mand savings
mand savings
outTotal
outTotal
dede- 1
de- 1
deside
side
posits 1
posits1 posits
banks posits
banks
1Jnad juste d
Seasonally7 adjusted
171.7
38. 3
133. 4
39. 1
137. 8
158. 1
156. 9
176. 9
142. 7
40. 4
183. 1
41. 2
147.4
182. 1
183. 4
188. 6
154. 0
197. 4
43. 4
204. 2
44. 3
159. 1
203. 2
203. 4
203.7
157. 7
46. 0
194. 1
162. 9
46. 9
209. 8
193. 2
214. 8
49. 0
165. 8
221. 2
50. 0
171. 3
228. 9
228. 1
52. 5
228. 2
175. 7
269. 9
53. 5
269. 0
181. 5
235. 1
169. 7
50.0
219. 7
217. 5
49.5
246.2
245. 4
168. 0
221. 2
170. 7
172. 3
222. 3
50. 5
248. 1
50. 1
248. 5
50.8
173. 0
251. 3
169. 4
223. 8
50. 5
251.4
219. 9
174. 5
172. 7
225. 5
254. 4
51. 1
223. 7
51.0
253. 8
256. 4
175. 8
174. 1
51. 6
227. 4
51. 9
226. 0
255. 5
176. 3
228. 0
173. 0
51. 7
257. 3
224.9
51. 9
258. 1
175. 7
174. 3
227. 6
51. 9
259. 6
51. 9
260. 3
226. 2
52. 2
52. 2
175. 5
263. 3
175. 3
264. 1
227. 7
227. 5
175. 5
176. 9
52. 8
52.2
227. 7
265. 3
229. 6
265. 5
22S 2
52. r> 175. 7 269. 9
53. 5
18]. 5
269. 0
235. 1
274. 4
182. 7
52. 6
176. 0
273.7
52. 8
228. 8
235. 3
52. 6
178. 0
278. 1
176. 4
277. 3
229. 0
53. 2
231. 2
179. 9
279. 9
53. 2
178. 1
231. 3
280.8
233. 5
f>3. 7
282. 8
182. 7
236.2
53.5
283. 1
54. 0
181. 1
235. 1
s<}urce: Board of
! U.S.
Govern| ment
! demand
1
de! posits *
!
i
3.4
5. 0
5. 0
5.6
7.3
6.7
5.5
5. 5
7.8
5.3
6.8
6.8
7.5
5. 3
3.9
6. 7
7.2
7.2
7. 7
7. 6
Governors of the Fede ral Keserve S ystem.
oa
PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Seasonally adjusted liquid asset holdings of private nonfinancial investors grew by $8.7 billion in April, or at a
1 2.6 percent annual rate. With the exception of commercial paper, holdings of each individual liquid asset category also rose. The largest increase was in time deposits at nonbank thrift institutions, which rose by $4.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
900
900
800
800
700
700
600
600
CURRENCY
AND DEPOSITS
500
500
400
400
300
300
200
200
100
100
1966
1967
1968
1970
1969
1972
1971
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr 3ncy and deposits
Total
liquid
assets
Period
1965: Dec
1966: Dec
1967: Dec
1968: Dec
1969: Dec
1970: Dec
1971: Dec
1971: Mar
Apr
May
June
July
Aug._
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar *
Apr v
___
_ _.
557.7
588. 2
637. 5
694.6
719.7
770. 6
850. 5
792.8
800.0
808.6
816. 8
823. 3
827.6
831. 6
838.3
842. 8
850. 5
858. 2
867.8
876.8
885.5
Time d eposits
Total
447. 4
469.6
516. 0
559. 6
576. 2
623. 6
709.8
653. 6
662. 5
671. 5
678. 6
684. 8
688.7
692. 6
698. 1
703. 0
709.8
719. 7
729. 6
738. 1
745. 1
Source: Board of Governors of the Federal Reserve System.
30
Currency
36.3
38.3
40.4
43.4
46. 0
49.0
52. 5
50.0
50.5
50. 8
51. 1
51. 6
51.7
51.9
52. 2
52. 2
52. 5
52. 8
53. 2
53. 7
54.0
Demand
deposits
115.5
117.3
125.2
135.2
138.1
144.7
153. 4
147.8
148. 8
151.2
152. 8
153.9
154. 1
153. 5
153.3
153. 0
153. 4
153. 8
155. 6
157.2
15&3
Commercial
banks
125.2
136.8
156.2
174. 2
177.0
198. 8
232.2
213.0
216.0
218.5
220. 7
221.7
222. 4
224.0
226. 5
228.9
232. 2
237. 2
240.2
242. 3
243.8
U.S. Grovernment se curities
Nonbank
Savings
thrift
institu- bonds
tions
170.4
177. 3
194.2
206. 8
215.2
231. 1
271. 7
242. 9
247. 3
251.0
254. 1
257. 5
260. 5
263. 1
266. 1
268.9
271. 7
275. 8
280.5
284. 9
289.0
49.5
50. 1
51.0
51.4
51.1
51.3
53. 7
51. 8
52.0
52.2
52. 5
52. 7
52. 9
53. 1
53. 3
53.5
53. 7
53. 9
54. 2
54.5
54.8
Other
38. 2
43.3
39.5
46. 8
62. 5
53. 0
39.2
43. 9
42. 8
42. 0
42.7
42. 7
43. 0
41.7
41. 0
40. 6
39. 2
36.6
35. 9
36.5
36.7
Negotiable
certificates of
deposit
15.5
15.0
19. 5
22.7
9. 1
23.2
30. 2
26.2
25.8
26. 1
26.7
27.3
27.5
28.1
29. 2
28.9
30.2
29.9
30. 5
30.2
31.5
Commercial
paper
7. 1
10. 2
11. 5
14. 2
20. 8
19. 5
17.7
17. 2
16.9
16. 8
16.4
15. 8
15.6
16. 1
16. 7
16.8
17.7
18. 1
17.7
17. 5
17.4
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans and investments grew at a 3.6 percent seasonally adjusted annual rate in April. From December to April, the rate was 12.9 percent. Virtually all of the growth in April was in loans.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
500
200 .-•«-
200
100
100
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
I I I I I I I I I I I
I ! I I I I ! I ! I
1966
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Bank
Weekly
debits
reporting
large com- outside
mercial New York
Total
Investr nents
City (232
banks
End of period
Loans,
loans excluding
centers) ,
and
seasonally
interOther
U.S.
GovCommercial
investbank
securi- and indus- adjusted
ernment
ments
securities
ties
trial loans annual
rates l
Billions of dollars
3
3
316. 1 3 213. 9
53. 5
48. 7
60.7
1966
3, 421
352.0
231. 3
59. 3
61.4
65.8
1967
s, 740
390.6
258. 2
71.4
61. 0
1968
73.1
4,354
4
4
4
402. 1 * 279. 4
51. 5
71. 2
1969
5,163
81. 5
435. 9 5 292. 0
81.7
1970.
58.0 5 85.9
5,744
1971
485.7
320. 6
83.8
60.7
104.5
6,443
298.2
452.5
93. 5
6,257
1971: Apr
60. 7
81. 1
81.4
456. 1
300.7
60.4 6 95. 1
6,283
May
82.2
461. 1
96. 6
June _
301. 7
6,487
62.8
304. 1
463.7
98. 0
61.6
81.5
July
6,494
468.4
309. 7
97. 8
6, 685
60.9
Aug
82.3
472.4
83.4
6, 632
313.0
99.5
Sept
59. 9
6,466
477. 2
317. 0
101. 1
83. 0
Oct
59. 1
82. 6
102.2
6,997
Nov
479. 8
318. 7
58.8
320. 6
83. 8
60. 7
6,860
104.5
Dec - -_ _ _ 485.7
81. 8
491.4
106.0
325. 7
59. 7
1972: Jan "_
6,844
p
82. 5
107.1
496. 6
328. 5
61. 0
Feb v
7,014
7, 157
504. 3
108. 7
83.9
333. 3
62. 2
Mar p
84.
9
334.
8
505.
8
108.
6
Apr __ _ _
62.4
All comnlercial bank s
(s easonally adjusted datta)
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government. Revised beginning 1971.
2
8 Averages of daily figures. Annual data are for December.
Effective June 1966, balances accumulated for payment of personal loans
about $1.1 billion) are excluded from loans at all commercial banks, and certain
ertificates of CCC and Export-Import Bank totaling about $1 billion are included
in other securities rather than in loans.
A11 membe r banks
2
B orr o w—
Total
reserves
ings at
Excess Federal
Free
reserves Reserve
reserves
Banks
23, 830
25, 260
27, 221
28, 031
29, 265
31, 329
29, 885
30, 419
30, 023
30, 547
30, 455
30, 802
30, 860
30, 953
31, 329
32, 865
31, 922
31, 921
32, 623
]Vlillions o ; dollars
392
557
345
238
455
765
257
1,086
321
272
165
107
140
148
312
330
131
453
162
820
198
804
206
501
207
360
263
407
107
165
173
20
124
33
233
99
207
109
-165
107
-310
— 829
-49
58
—g
-18
-322
-658
-606
-295
— 153
— 144
58
153
91
134
98
4
Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries; earlier data include commercial
banks only.
fi
As of June 1971, Farmers Home Administration notes totaling about $0.7
billion are classified as other securities rather than as loans.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit (seasonally unadjusted) rose by $882 million in March, while a year earlier it dropped by $211
million. Instalment credit (seasonally adjusted) rose by $1,364 million following arise of $966 million in February.
BILLIONS OF DOLLARS
160
BtUIONS OF DOLLARS
160
20
SEASONALLY ADJUSTED {ENLARGED SCALE)
.INSTALMENT CREDIT EXTENDED
1966
1972
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consu mer credit outstandin g (end of period;
Consum er instalme nt credit e x tended
i]inadjusted)
and r(jpaid (seas onally adjuisted)
tnstalment
Automob ile paper
To tal
NonTotal
instal- Extended Repaid Extended Repaid
Total 1
bile
Personal
ment 2
paper
loans
1963
1964
1965
1966__
1967
1968
1969
1970
1971
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
126, 802
137, 237
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
101, 161
109, 545
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 602
35, 490
38, 310
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
31, 612
34, 432
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 300
25, 641
27, 692
1971: Feb
Mar
Apr
Mav
June
July
Aug.
Sept
Oct_____
Nov.._
Dec
123, 815
123, 604
125, 047
126, 025
127, 388
128, 354
129, 704
130, 644
131, 606
133, 263
137, 237
99, 244
99, 168
100, 028
100, 692
101, 862
102, 848
104, 060
104, 973
105, 763
107, 097
109, 545
34, 869
35, 028
35, 496
35, 819
36, 349
36, 763
37, 154
37, 383
37, 759
38, 164
38, 310
31, 396
31, 504
31, 773
32, 041
32, 351
32, 680
33, 134
33, 420
33, 575
33, 977
34, 432
1972: Jan
Feb
Mar
135, 830
135, 253
136, 135
108, 826
108, 634
109, 481
38, 111
38, 239
38, 762
34, 300
34, 448
34, 683
1
Also includes other consumer goods paper, and repair and modernization
leans,
not shown separately.
2
Consists
of single-payment loans, charge accounts, and service credit.
3
End of period, unadjusted.
32
591
670
586
335
693
053
888
130
638
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 609
101, 138
109, 254
24, 571
24, 436
25, 019
25, 333
25, 526
25, 506
25, 644
25, 671
25, 843
26, 166
27, 692
9, 081
9, 533
9, 751
9,690
9, 715
9, 675
10,049
10, 156
10, 031
10, 572
10, 130
27, 004
26, 619
26, 654
10, 184
10, 339
10, 996
63,
70,
78,
82,
84,
97,
102,
104,
117,
22,
24,
27,
27,
26,
31,
32,
29,
34,
126
046
227
341
667
424
354
831
638
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 882
30, 943
31, 818
8,979
9, 038
9, 088
9, 197
9, 190
8,914
9,222
9, 157
9, 107
9,306
9,230
2, 687
2, 897
2,872
2,756
2,838
2, 773
3,004
3, 147
2, 992
3, 162
2,973
2, 636
2,696
2,566
2,640
2,678
2, 565
2,697
2,732
2, 634
2, 662
2, 696
9,547
9, 373
9, 632
2,978
3,046
3, 143
2,761
2,693
2, 693
Mortgage
debt outstanding
nonfarm,
1- to 4family
houses 3
182, 200
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800
280, 200
307, 800
283, 600
290, 900
299, 700
307, 800
313, 800
Sources: Board of Governors of the Federal Eeserve System and Federal Horn
Loan Bank Board.
pOND YIELDS AND INTEREST RATES
Most market interest rates fell from mid-April to mid-May. The declines were most pronounced for yields on short- and
intermediate-term obligations.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
TAXABLE GOVERNMENT
BONDS
1972
1966
SOURCE: SEE TABLE BEIOW
Period
1964
1965
1966
1967
1968
1969
1970
1971
1971: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1972: Jan
Fefo
Mar
Apr *r
May _
Week ended :
1972: Apr
14__
21
28__
JVUiv 5 _ _
12".
19*_!
1
3
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Govtjrnment seem~ity yields
municipal
3-month
bonds
3-5 year
Taxable
2
3
Treasury
(Standard4 &
issues
bonds
bills » "
Poor's)
3. 549
4. 06
4. 15
3. 22
3. 954
4. 22
4.21
3.27
4. 881
3.82
5. 16
4. 65
4. 321
5.07
4. 85
3. 98
5. 339
5.59
5.26
4.51
6.677
6.85
6. 12
5. 81
6. 458
7.37
6. 58
6. 51
4.348
5.77
5. 74
5. 70
3. 323
4.74
5. 71
5.44
3. 780
5. 42
5. 75
5. 65
4. 139
6. 02
6. 14
5. 96
4. 699
6. 36
5. 94
6. 22
5. 405
6. 77
5. 91
6. 31
5. 078
6. 39
5.78
5. 95
4.668
5. 96
5. 52
5. 56
4.489
5. 68
5. 46
5. 24
4. 191
5. 50
5. 48
5. 30
4. 023
5.42
5. 62
5. 36
3. 403
5. 62
5. 33
5. 25
3. 180
5. 67
5. 51
5. 33
3. 723
5.74
5.30
5. 66
3. 723
5. 74
6. 01
5. 45
3.731
a. 849
3. 513
:>. 604
:i. 462
:;. 099
6. 08
6. 02
5. 86
5. 72
5. 73
5. 76
5. 76
5.71
5. 69
5. 69
2
Bate on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
*s Weekly data are Wednesday figures.
Data for first of the month, based on the maximum permissible interest rate
(7 percent beginning February 18, 1971) and 30-year mortgages paid in 15 years.
5. 54
5. 48
5. 29
5. 33
5. 34
Corpora be bonds
(Moo dy's)
Aaa
Baa
4. 40
4.49
5. 13
5.51
6.18
7. 03
8. 04
7.39
7. 21
7. 25
7.53
7. 64
7. 64
7. 59
7. 44
7. 39
7. 26
7. 25
7. 19
7. 27
7.24
7.30
4.83
4.87
5. 67
6. 23
6.94
7. 81
9. 11
8.56
8.46
8.45
8. 62
8. 75
8. 76
8.76
8. 59
8. 48
8. 38
8. 38
8. 23
8. 23
8.24
8. 24
7. 28
7. 32
7. 36
7.34
7. 33
8.22
8. 26
8. 26
8. 22
8. 20
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
5. 45
3. 97
4.38
5.46
5.55
6. 29
5.10
6.55
5.90
7.13
7. 83
8. 19
7. 72
9. 05
5. 11
7. 78
4, 19
4.57
7. 32
5. 10
7.37
5. 45
7. 75
5.75
7.89
5. 73
7.97
5.75
7. 92
5. 54
7.84
4. 92
7. 75
4. 74
7. 62
4. 08
7.59
3. 93
7. 49
4. 17
7.48
4. 58
7.45
7. 50
4. 63
4. 63
4. 55
4. 55
4. 50
Sources: Department of Housing and Urban Development, Treasury Department, Board of Governors of the Federal Reserve System, Standard & Poor's
Corporation, and Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market rose above the March average in April but by mid-May drifted downward in most sectors.
Index, 1941-43=10
Index, 1941-43=10
WEEKLY
120
120
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
110
100
90
90
80
70
I t 1 I 1 1 1 ! 1
I ! 1 ! ! I I ! I ! 1
1 1 11 I
I 11 11
PERCENT
PERCENT
5
DIVIDEND YIELD ON COMMON STOCKS
4
2
5
WEEKLY
MONTHLY
-^/-"~^jr""—-—
-——_
~~—*~*~
,r^
\ ^
*,^~\^
arr^^^^
2 A\
RA116
I 1
1 I 1
1
1 !
1 1
1 1111111 111
1 1 1 1 1 I 1 I 1 1 !
t
1 1 1 1 1 1 I ! 1 1 1
^
1 1 1 1 1 ! 1 ! 1 1 1
^V"**^
I
1
7
m—""""""***—^^"^^
1 1
1
1
1
I 1
1
1
1 I ! f 1 ! 1 t I 1 IN
2
&TIO
PRICE/ EARNINGS RATIO ON COMMC3N STOCKS
on
20
^
•\c
10
1/
'
'
'
* 1966
/-———
i i i
-~._——
i
-X
i
I
1968
1967
f
!
I
s^~\
!
1969
/
I
1
1C
\
1970
1
I
I
SOURCEi STANDARD & POOR'S CORPORATION
!
1
Is 10
1972
1971
COUNCIL Of ECONOMIC ADVISERS
l
Period
1966
1967
1968
1969
1970
1971
1971: Apr
May
June-_
July
Aug
___ ___
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
Week ended :
1972: Mar 31
Apr 7
14
21
28
May 5
12 _
Total
Total
85. 26
91.93
98.70
97. 84
83. 22
98. 29
103. 04
101. 64
99. 72
99. 00
97. 24
99. 40
97. 29
92. 78
99. 17
103. 30
105. 24
107. 69
108. 81
91.08
99. 18
107. 49
107. 13
91. 29
108. 35
113. 68
112. 41
110. 26
109. 09
107. 26
109. 85
107. 28
102. 21
109. 67
114. 12
116. 86
119. 73
121. 34
107. 04
108. 73
109. 83
109. 28
107. 38
106. 33
105. 69
119. 08
121. 11
122. 50
121. 97
119. 80
118. 49
117. 79
Price index
Industrials
Capital Consumers'
goods
goods
1941-4L3=10
84.86
74. 10
96. 96
79. 18
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 83
99. 76
109. 38
102. 41
108. 61
101. 96
105. 46
100. 96
102. 48
100. 55
100. 90
99. 82
104. 55
103. 34
100. 66
101. 31
95. 51
97. 47
103. 78
103. 92
109. 69
106. 45
113. 90
109. 42
116. 89
113. 20
120. 19
115. 05
116. 72
120. 35
122. 10
120. 41
117. 88
116. 57
116. 58
1
Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekh^ indexes for capital and consumer goods are Wednesday figures;
all3 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
112.
114.
116.
115.
112.
111.
110.
97
82
79
94
64
40
75
Railroads
Dividend
yield 2
(percent)
68.21
68. 10
66.42
62. 64
54. 48
59. 33
62. 06
59. 20
57. 90
60.08
57. 51
56. 48
57. 41
55. 86
57.07
60. 19
57. 41
57. 73
55. 70
46.34
46.72
48.84
45. 95
32. 13
41.94
42. 29
42. 05
42. 12
42. 05
43. 55
47. 18
44. 58
41. 19
43. 17
45. 16
45. 66
46. 48
47.38
3.40
3.20
3.07
3. 24
3. 83
3. 14
2.99
3.04
3. 10
3. 13
3. 18
3.09
3. 16
3. 31
3. 10
2. 96
2. 92
2.86
2. 83
56. 95
56.70
56. 00
55. 23
54. 86
55.41
55. 02
46. 19
47. 34
48.09
47.78
46. 30
45. 13
44. 73
2. 89
2. 82
2. 79
2. 82
2. 88
2. 92
2. 94
Public
utilities
Price/
earnings
ratio 3
14. 92
17. 52
17.20
16. 57
15.91
18.45
17.43
17.69
*20. 58
are8 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the first 9 months of the current fiscal year there was a deficit of $28.9 billion/ a year earlier there was a deficit of
$24.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
260
+20
-20
-40
-40
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
\972^
1973^
FISCAL YEARS
J/ESTIMATE
SOURCES, TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Bindget receipts, expenditures, and net lendiiig
Period
Receiplk-expenditure iiccount
Loan
account
Expenditures
lending
Receipts
Fiscal year:
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
197233
1973
94. 4
99. 7
106. 6
112.7
116.8
130. 9
149. 6
153. 7
187. 8
193. 7
188.4
197. 8
220. 8
96.6
104.5
111. 5
118.0
117.2
130. 8
153. 2
172. 8
183. 1
194.5
210. 3
235. 6
246. 5
Cumulative totals for
first 9 months:
Fiscal year 1971
Fiscal vear 1972
131. 7
141.3
156.0
168.4
1
Excludes non-interest-bearing
3
Surplus of $36 million.
* Estimates.
public debt securities held by IMF.
Surplus or
deficit (-)
Net
Total
surplus or
deficit (-)
Federsil debt
(end of period)
Total1
Held by
the public
—.3
(2)
-3.6
-19. 1
4. 7
— .7
-21.9
-37.8
-25. 7
1. 2
2. 4
-. 1
.5
1. 2
3.8
5. 1
6. 0
1. 5
2. 1
1. I
1.0
2
-3.4
-7. 1
— 4,8
-5.9
-1.6
-3.8
-8.7
-25. 2
3. 2
-2. 8
-23.0
-38.8
-25.5
292. 9
303. 3
310.8
316.8
323. 2
329. 5
341.3
369. 8
367. 1
382. 6
409. 5
455.8
493. 2
238.6
248.4
254, 5
257.6
261.6
264.7
267. 5
290. 6
279. 5
284.9
3043
343. 8
371. 3
-24. 3
-27. 2
.5
1. 7
-24. 8
-28.9
403. 9
437.6
302. 7
329. 8
-2.2
-4.8
-4. 9
-5. 4
Sources: Treasury Department and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of the current fiscal year receipts were $9.6 billion above a year earlier while outlays were $1 3.6
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
180
180
OUTLAYS
(EXPENDITURES AND NET LENDING)
160
160
140
140
NONDEFENSE
100
100.
80
80
NATIONAL DEFENSE
60
60
40
40
1962
1963
1964
1965
1967
1966
1968
1969
1970
1971
1972 j/
1973J/
' FISCAL
J/ESTIMATE
SOURCES, TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
()utlays
Recei]ots
Natio nal defense
Period
Fiscal year:
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 2
19722
1973
Cumulative totals for
first 9 months:
Fiscal year 1971___
Fiscal year 1972___
1
Expenditure account.
2 Estimates.
36
Total
Individual Corporation
income
income
taxes
taxes
Other
Total
Total
94. 4
99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187. 8
193. 7
188.4
197. 8
220. 8
41. 3
45. 6
47.6
48.7
48. 8
55. 4
61. 5
68. 7
87. 2
90. 4
86.2
86. 5
93. 9
21. 0
20. 5
21. 6
23.5
25. 5
30. 1
34. 0
28.7
36. 7
32. 8
26.8
30. 1
35. 7
32. 1
33. 6
37.4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75.4
81. 2
91. 2
97. 8
106. 8
111. 3
118. 6
118. 4
134. 7
158. 3
178. 8
184. 5
196. 6
211. 4
236. 6
246. 3
47. 4
51. 1
52. 3
53. 6
49. 6
56. 8
70. 1
80.5
81. 2
131. 7
141. 3
62.9
65.2
15.7
18.3
53. 1
57.8
156.5
170. 1
Department of
Defense,
military 1
Interna- Health
tional
Inand
affairs
income terest Other
and
security
SO. 3
77.7
78. 0
78. 3
43. 3
46. 9
48. 1
49. 6
46. 0
54.2
67. 5
77. 4
77.9
77. 2
74. 5
75. 0
75. 9
3. 4
4. 5
4. 1
4. 1
4.3
4. 5
4. 5
4. 6
3. 8
3. 6
3. 1
4, 0
3.8
22. 1
23. 7
25. 5
26. 8
27. 4
31. 5
37. 8
43.7
49. 3
56. 7
70. 2
82. 2
87.8
8. 1
8.3
9.2
9.8
10. 4
11.3
12.6
13. 7
15. 8
18. 3
19. 6
20. 1
21. 2
16.8
19. 2
20. 3
24. 2
26. 7
30.6
33. 2
36. 2
34. 4
37.7
40.9
52. 3
55. 2
57.2
55.4
55. 1
53.5
2.2
2.8
50.7
59.0
14, 6
15.3
31.8
37.7
Sources: Treasury Department and Office of Management anc! BudgU.
TEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for the first quarter, Federal receipts, boasted by overwithholding of personal income taxes, rose $19 billion (seasonally adjusted annual rate) and expenditures nearly $7 billion, yielding a deficit
of $1 31/3 billion, the lowest since the first quarter of 1970.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
260
240
160
140
120
120
+20
*20
SURPLUS
n R nn
Hi
ii i
i•*
-
w
-20
"" DEFICIT
i
-40
r
f
f
f
1966
f
1967
r
f
f
1968
f
!
!
1969
CALENDAR YEARS
!
!
1970
i \
j
f
\1
iJ
1
|
•
197 I
SOURCE: DEPARTMENT OF COMMERCE
f
-20
t
1972
!
-40
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Feeleral Go^/ernmen ; expenditures
Federal (jovernm ent receip ts
Period
Fiscal year:
1968
1969
1970
1971 "___
1972 i _ _ _
1973 * _ _ _
Calendar
year:
1967
1968
1969
1970
1971 _ _ _ _
1970:111.
IV..
1971: !___
II..
III_
IV _
1972:1 »_
Surplus
or
Subsidies Less:
GrantsHA-R^HUcUvjlu
less
Wage
in-aid
ContriPurCorpoIndirect
Personal rate business butions
(-),
current accruals income
chases Trans- to State Net
and profits tax and
less
interest
surplus
of
and
Total tax
of
goods
for
Total
fer
payand
nontax
dispaid Governtax
and
ments
local
nontax social inreceipts accruals
ment en- burse- product
governservices
accruals surance
terprises ments
ments
160. 6
190. 3
194.6
194. 0
202. 8
227. 9
71. 4
90. 0
93.8
87. 7
91. 3
98. 3
33.7
37. 3
32. 8
32. 5
33. 0
40. 7
17. 1
18.6
19. 2
20. 3
19.8
20.7
38.3
44. 3
48. 8
53. 5
58.7
68. 2
172.5 94. 9
185.9 99. 3
197. 2 99. 2
212.4 95. 3
237. 8 103. 0
255.9 107.0
44. 8
50. 7
56. 9
69.9
79. 8
87.4
17.8
19. 4
22. 6
27.0
36. 2
40. 6
10. 9
12. 3
14. 0
14.2
13.4
14. 8
4. 1
4. 1
4.6
5. 9
5. 4
6. 0
0. 0
.0
.1
.1
.0
.0
-11. 9
4. 4
— 2. 7
-18. 4
— 35. 0
-28. 0
151. 2
175. 0
196. 9
191. 5
198.8
191. 3
189. 3
196. 5
197. 7
197. 8
203. 0
222. 1
67. 5
79.7
94. 9
92. 2
89. 0
89. 7
91. 0
86. 6
87. 6
88. 8
93. 0
105. 4
30.7
36.7
36. 3
30. 6
33.6
31. 9
29. 0
34. 1
34. 8
33. 2
32.1
34. 6
16. 3
18. 0
19.0
19.3
20.3
19. 7
19. 4
20. 7
19.9
19. 7
20. 7
20. 3
36. 7
40. 7
46. 8
49. 3
56. 0
50. 0
49. 8
55. 1
55. 5
56. 1
57. 2
61. 8
163. 6 90. 7
181. 5 98. 8
189. 5 99. 2
205. 1 97. 2
221. 9 97.6
206. 7 96. 1
209. 8 95. 9
212. 7 96. 4
221. 4 96. 0
224. 6 97. 6
228. 7 100. 3
235.5 104. 9
42. 2
48. 2
52, 4
63. 4
75. 9
64. 6
67. 5
69. 6
77. 8
78.0
78. 1
79. 4
15. 8
18.7
20. 3
24. 4
29. 6
24. 9
25. 9
27. 0
29. 5
30. 2
31.6
32. 2
10. 2
11. 7
13. 1
14. 6
13.7
15. 0
14. 8
14. 0
13. 3
13. 9
13.8
13.1
4. 6
4. 1
4. 6
5. 5
5. 1
5. 8
5. 7
5. 8
4.8
4.8
4.9
5.8
.0
.0
.0
.0
.0
—.4
.0
.0
.0
.0
.0
.0
-12. 4
-6. 5
7. 3
-13. 6
-23. 1
— 15. 4
— 20. 5
-16. 2
-23. 7
-26. 7
-25.7
-13. 3
1
Estimates.
Source: Department of Commerce.
37
UNITED STATES
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
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. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Private Liquid Asset Holdings—Nonfinancial Investors
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Unless otherwise stated, all dollar figures are current dollars.
p
Indicates preliminary and
not available.
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