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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
Total
fers,
fers,
nontax interest, Equals: expending
chases
Net
disinterest, of goods
Total * transfer interest expendpayreceipts itures
and
itures saving receipts
and
or
and
ments
and
subsub- 2
accruals sidies 2
transto forsidies
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
and services
Excess of Total
StatisGross
Excess transfers
to forGross
transfers income
tical
of
private
retained domestic invest- eigners
or
or
discrepby
earnEquals: of net
receipts
ancy
investment sons per- Exports Less:
and
ings 3
Net
ment 4
Imports exports exports
Government

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: !___
I.
I.
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
-. 9
4
-4. 7
-5.8

1, 020. 8
1, 040. 0
1, 053. 4
1, 0 2 9
7.

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, etc.).
2
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
79 9
4.
- 7
.
793. 9
-2.7
84 2
6.
-4. 1
929. I
— 4. 5
94 1
7.
-4.9 1, 0 6 8
4.

-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 Other
services
defense1
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,
local
1958= 1003
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

Ii
l
itiiiimtiiin in""""1llllMM"""" *"
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
Total
and
Other Propriet()rs' income income
Divi- Personal Transfer
payBusiness
personal salary
labor 2
dends interest ments
of
income
income disburse- income
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,
and personal transfer payments to foreigners.
2
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
farm incl tiding net
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 muniAil l
indusgoods
Total indusgoods cations, other
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
1 ..
1.

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 allowances 2

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()

9<
1 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- Seasonjusted ally adjusted

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
time lost l Over 40
wage and men
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.
* Primarily includes persons who could find only part-time work.
fi
Average hours worked: usually full-time, 23.5; usually part-time, 18.4.
Source: Department of Labor.
1
1

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*
Mar p
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- Seasonjusted ally adjusted

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\ arable Non-i i
1)
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

1970

42

1971

1972

1970

1969

1972

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]
Average h oiirly earni ngs — curre nt dollars
Total
no 11 agricultural
private ]

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 ^ weekly earn ings— curr ent dollars
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

100

**«illtl

110

100

90

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 \ 1 1 II I i < M I I 1.1 I ! 11 IJ 1 1.JA
1

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
loaded
distributed (thousands (thousands (thousands assembled (thoiisands)
(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
commit- appraisals 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

l
- 2 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 " "
,, , , . « " 1 1 " 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
^,-,
y»^
30 **~~^^+*/A, ~*

^^
•- ~^~—~S~^ ^\

/*

r^^—^

U al « « l
, i» » "
|t H
I,

20

1

. I "«••••««
t,t»n«ti .•••••......lint....****"

""

H"»>%

linn

»»'"**

30

•*»(*•*<

NO MDURABLE GOOE)S
M f - l 1-1 1 1 1 I \ 1
Y

1 6
9 9

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
I . . 41, 844 -41, 276
V..
568 — 4, 812 1,732
44, 064 -43, 072
1971:1
992 -4,696 2, 040
II
42, 824 -47, 068— 4, 244 856 2, 188
-4,
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
Govbalservuniern- expendance
ices 1
lateral
ment
itures
transfers 1
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 5 15, 710
-2, 603 -6, 084 8,786
2, 702 -1, 515 - 1, 187 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, and gold deposits with, the United States.
4
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
Rent
less
Nonmodities
All
Durable durable services
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]
All
commodities

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

__ _

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
materials 2

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 finmateished
rials 3
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

Livestock All items,
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
inter- U.S. Gov- Other Commercial seasonally
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 (Standard &
2
3
Treasury
issues
bonds
bills » "
Poor's) 4
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.
* Weekly data are Wednesday figures.
s
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

Price/
earnings
ratio 3

2. 89
2. 82
2. 79
2. 82
2. 88
2. 92
2. 94

Public
utilities

14. 92
17. 52
17.20
16. 57
15.91
18.45

17.43
17.69
*20. 58

are averages of monthly data. Weekly data are Wednesday figures.
8
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 3
19723
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
J
i

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^Hless
Wage UcUvjlu
in-aid
PurCorpo- Indirect ContriPersonal rate business butions
(-),
current accruals income
chases Trans- to State Net
Total tax and profits tax and
for
Total of goods fer pay- and interest surplus of less
and
nontax
dispaid Governtax
and
ments
local
nontax
receipts accruals accruals social inment en- burse- product
governservices
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

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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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