Full text of Economic Indicators : May 1973
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93d Congress, 1st Session
Economic Indicators
May 1973
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1973
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
HUGH L. CAREY (New York)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
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)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
RICHARD S. SCHWEIKER (Pennsylvania)
JOHN R. STARK, Executive Director
LOUGHLIN F, McHuGH, Senior Economist
COUNCIL OF
HERBERT STEIN, Chairman
MARINA v. N. WHITMAN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—Isr SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators'"
"Resolved by the Senate and House of Representatives of the United States of America in Congress assembled^ That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch^ Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 5 5 cents a single copy
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TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose by an extraordinary $43 billion (seasonally adjusted annual rate) to $1,238 billion
in the first quarter, according to revised estimates. There was a huge rise of $28 billion in consumer expenditures.
The excess of imports over exports improved somewhat while business investment and government purchases at all
levels increased.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
(jovernme nt
E xpenditur es
N et receipts
PerLess: Equals:
Less:
Less:
sonal
Tax
Interest Total Personal
saving
TransTrans- Equals:
and
Purpaid and exclud- consumpfers,
fers, Equals: Total
or
tion
nontax interest,
chases
ing
expendinterest,
expendNet
disTotal * transfer
of goods
interest itures saving receipts and receipts itures
payand
or
and
and
ments
SUD—
SUD—
2
2
accruals sidies
services
to for- transsidies
fers
eigners
Disposab le personsil income
Period
Surplus
or
deficit
income
and
product
accounts
1966
1967_ _
1968__ . _
1969
1970
1971
1972
511. 9
546. 3
591. 0
634.4
689. 5
744.4
795. 1
13. 0
13. 9
15. 1
16. 7
17.9
18. 5
19. 3
498. 9
532. 4
575. 9
617. 7
671. 6
725. 8
775.9
466. 3
492. 1
536. 2
579. 5
616. 8
664. 9
721.0
32. 5
40. 4
39. 8
38. 2
54. 9
60. 9
54. 8
213.3
228. 9
263. 5
296. 7
302. 0
321. 6
366. 1
55. 5
62. 8
70. 7
77. 9
93. 0
105. 7
117. 1
157.9
166. 2
192. 7
218. 8
209. 0
215. 9
249.0
212. 3
242. 9
270.3
287.9
312. 1
338. 5
371. 6
55. 5
62.8
70.7
77. 9
93. 0
105. 7
117. 1
156. 8
180. 1
199. 6
210. 0
219. 0
232. 8
254. 6
1. 1
-13. 9
-6. 8
8. 8
-10. 1
-16. 9
-5.4
1971: III...
IV___
750. 4
758. 5
18. 7
18. 8
731. 7
739. 7
670. 7
680. 5
61. 0
59. 3
323. 3
330.7
106. 5
108.4
216.8
222. 3
340. 2
349.4
106. 5
108. 4
233.6
240. 9
-16.9
-18. 7
1972: I
II
III___
IV___
770. 5
782. 6
798. 8
828. 2
18.8
19. 1
19.4
19. 8
751. 7
763.5
779.4
808. 4
696. 1
713. 4
728. 6
745.7
55. 7
50. 1
50.8
62.8
353. 8
361.4
368.8
380.7
112. 1
114. 1
115.7
126. 2
241.7
247. 3
253. 1
254.5
361. 6
368. 3
371. 2
385.5
112. 1
114. 1
115. 7
126.2
249.4
254. 1
255. 6
259. 3
-7. 7
-6. 9
-2.4
-4.8
1973: !*___
850.4
20. 2
830. 2
773. 6
56. 5
399. 6
125. 8
273. 8
392. 6
125. 8
266. 8
7. 0
Net
Net exports of goods
and service s
Excess of Total
transfers
StatisGross
Excess
Gross private
to fortransfers income
tical
of
retained domestic invest- eigners
or
or
discrepearnby perof net receipts ancy
ment sons
Less: Equals:
and Exports Imports
Net
ings 3 investexports
ment 4
(-)
Governexports ( _ _ ) 5
ment
Gross
national
product
or
expenditure
Iiiternation al
Business
Period
91. 3
93. 0
95. 4
97. 0
97. 3
109. 9
124. 1
121. 4
116. 6
126. 0
139. 0
137. 1
152. 0
180.4
-30. 1
-23. 5
-30. 6
-42. 0
-39.7
-42.1
-56. 3
2. 8
3. 0
2. 9
2. 9
3. 2
1971: III
IV
110. 5
117. 2
152.2
158. 8
-41. 7
-41. 6
1972:1
II
III...
IV
115. 9
124. 8
125. 1
130. 1
168. 1
177. 0
183.2
193.4
-52. 2
-52. 2
-58. 1
-63.3
128. 2
199. 7
-71. 5
1966
1967
1968
1969
1970
1971
1972
___
1973:1 "
1
43. 4
46. 2
50. 6
55. 5
62. 9
66. 1
73. 7
38. 1
41. 0
48. 1
53. 6
59. 3
65. 4
77.9
3.8
68. 5
63. 0
3. 8
3. 8
.7
-4.2
-2.4
750. 9
794. 6
-2. 2
.4
866. 9
1. 0
936. 3
4
981. 1
2. 8 1, 055. 2
7.8 1, 152. 7
-1.0
—.7
-2. 7
-6. 1
-4.7
-4.8
-.8
749. 9
793. 9
864 2
930. 3
976.4
1, 050. 4
1, 151. 8
68. 2
65. 1
.4
-2. 1
3. 4 1, 062. 8
6. 1 1, 083. 2
-5,9
-5. 2
1, 056. 9
1, 078. 1
3. 3
70.7
70. 0
74.4
79.6
75.3
75. 2
77.8
83. 1
-4. 6
-5.2
-3.4
-3.5
8. 4
9. 0
7.2
6.8
1, 113. 1
1, 139. 4
1, 161. 6
1, 196.3
-4.1
_ i
2. 3
-1.5
1, 109. 1
1, 139. 4
1, 164. 0
1, 194. 9
3.2
87. 6
89. 8
-2. 2
5. 5
1, 235. 4
2.5
1, 237. 9
3.6
3.7
4. 0
3.8
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government enterprises, and disbursements less wage accruals,
s Capital consumption allowances, corporate inventory valuation adjustment,
undistributed corporate profits, and private wage accruals less disbursements.
Does not include retained earnings of unincorporated business, which are included
5. 3
5. 2
2. 5
1. 9
3.6
in4disposable personal income.
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce,
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 15.2 percent in the first quarter. Real
rose at an 8.0 percent rate while prices increased at a 6.6 percent rate.
BILLIONS OF DOLLARS
1,400
BILLIONS OF DOLLARS
11,400
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
1,000
1,000
800
800
PERSONAL CONSUMPTION
EXPENDITURES
600
600
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
J_
I
i_
UIIIIIIIMIIIIIIIII
200
IIIII.HilMM'"""""""'
NET" EXPORTS "OF GOODS
AND SERVICES
GROSS PRIVATE DOMESTIC
INVESTMENT
\
I
1967
1968
1969
1970
1971
I
1972
SOURCE: DEPARTMENT OF COMMERCE
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1971: III
IV
1972: I
II
Ill
IV...
1973: I
561.0
581. 1
617.8
658. 1
675.2
706.6
725.6
722. 1
741. 7
789.5
742. 5
754.5
.
766. 5
783. 9
796.1
811.6
827. 3
590. 5
632.4
684. 9
749. 9
793. 9
864. 2
930. 3
976.4
1, 050. 4
1, 151. 8
1, 056. 9
1, 078. 1
1, 109. 1
1, 139. 4
1, 164. 0
1, 194. 9
1, 237. 9
375.0
401.2
432. 8
466. 3
492. 1
536. 2
579.5
616. 8
664.9
721.0
670.7
680. 5
696. 1
713.4
728.6
745.7
773.6
87. 1
94.0
108. 1
121.4
116. 6
126. 0
139.0
137. 1
152. 0
180.4
152. 2
158. 8
168. 1
177.0
183.2
193.4
199.7
1
This category corresponds closely with budget outlays for national defense,
shown on p. 36.
1973
COUNCIL OF ECONOMIC ADVISERS
Total
Personal Gross
congross
Total
private
sump- domestic
national gross
tion
product national
investin 1958 product expendment
itures
dollars
Billions (3f dollars; quarterly
Period
I
Gove rnment ] Durchases of good s and
Net
services
exports
Federal
of goods
State
Total
and
and
National
Total defense1 Other local
services
Implicit
price
deflator
for total
GNP,
1958 -1002
data at s easonall; y ad juste;d annual rates
5.9
8. 5
6.9
5.3
5.2
2. 5
1.9
3.6
.7
-4.2
.4
-2. 1
-4. 6
-5.2
-3.4
-3.5
-2.2
122. 5
128. 7
137.0
156. 8
180. 1
199. 6
210. 0
219. 0
232.8
254.6
233. 6
240. 9
249.4
254. 1
255. 6
259. 3
266. 8
64. 2
65.2
66. 9
77.8
90.7
98. 8
98. 8
96.5
97.8
105.8
97.9
100.7
105. 7
108. 1
105.4
104.0
106. 6
50. 8
50.0
50. 1
60.7
72. 4
78. 3
78.4
75.1
71.4
75. 9
70. 1
71. 9
76. 7
78. 6
75. 1
73.2
75. 0
13. 5
15.2
16. 8
17. 1
ia4
20. 5
20.4
21.5
26. 3
29.9
27. 8
28. 7
28. 9
29. 6
30.2
30.8
31.6
58.2
63. 5
70. 1
79.0
89.4
100. 8
111.2
122. 5
135. 0
148.8
135. 7
140. 2
143. 7
146.0
150.2
155.2
160. 1
107. 17
108. 85
110. 86
113. 95
117. 59
122. 30
128. 20
135. 23
141. 61
145. 89
142. 35
142. 88
144. 68
145. 34
146. 21
147. 23
149. 62
3
Gross national product in current dollars divided by gross national product
in 1958 dollars.
Source: Department of Commerce.
NATIONAL INCOME
According to preliminary estimates, national income rose $33 billion (seasonally adjusted annual rate) in the first
quarter following a rise of $31 billion in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1000
1,000
900
800
700
600
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
1973
SOURC& 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
Proprieto rs' income
Farm 2
Business
and professional
Rental
income
of
per-
Net
Corporal ',Q profits and inventory va luation ac [justment
interest
Total
Profits Inventory
before valuation
taxes adjustment
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
481. 9
518.1
564.3
620. 6
653. 6
711. 1
766. 0
798.6
855. 7
935.6
341.0
365.7
393.8
435. 5
467. 2
514. 6
566. 0
603. 8
644. 1
705.3
13. 1
12.1
14.8
16. 1
14. 8
14.7
16. 7
16.9
17.3
19. 6
37. 9
40.2
42.4
45. 2
47.3
49. 5
50.5
49. 9
52. 6
55. 6
17. 1
18.0
19.0
20. 0
21. 1
21. 2
22.6
23.3
24.5
25.6
13. 8
15.8
18.2
21. 4
24 4
26. 9
30.5
34.8
38. 5
41. 3
58. 9
66.3
76. 1
82. 4
78. 7
84. 3
79. 8
69.9
78.6
88.2
59. 4
66.8
77.8
84. 2
79. 8
87. 6
84. 9
74. 3
83.3
94. 3
-0.5
.o
— 1.7
-1. 8
— 1.1
-3. 3
-5. 1
-4.4
-4. 7
-6.0
1971: III
IV__
860.8
876. 2
648. 0
660.4
17.6
18.1
53. 1
53. 8
24.8
25. 0
39. 1
39. 7
78.3
79. 4
84. 1
83. 2
-5. 8
-3.9
903. 1
922. 1
943. 0
974.2
1, 007. 1
682. 7
697. 8
710.2
730. 3
757. 0
19. 1
18. 7
19. 1
21. 6
22. 5
54. 3
54. 4
56.2
57.4
58. 7
25. 2
24.2
26. 2
26. 9
26. 5
40. 1
40. 9
41.7
42.5
43. 4
81. 8
86. 1
89. 6
95.6
99. 0
88. 2
91.6
95. 7
101.5
113. 1
-6.5
-5.5
-6. 1
-5.9
-14. 1
1972: I
II
III
IV
1973: I»
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.
SOURCES OF PERSONAL INCOME
Personal income rose in April at a seasonally adjusted annual rate of $7% billion, about the same as the averase
rise in the 2 preceding months. With employment and average weekly earnings high, wages and salaries increased
$6 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
1,000
1,000
800
800
600
1967
1973
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1965
538.9
1966
587. 2
1967
629. 3
1968
688. 9
1969
750.9
1970
806. 3
1971
861.4
1972
935.9
1972: Mar
913. 6
Apr
919.4
May
924. 0
June
922. 9
July____ 932. 9
Aug
940. 0
Sept
946.8
Oct
964.8
Nov
976.2
Dec
982.9
1973: Jan
986. 0
Feb
994. 5
Marv
1, 001. 3
Apr
1, 008. 9
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
;
Wage
Rental
and
Other Propriet<3rs income income
Transfer
Divi- Personal
salary
labor 1 2
Business
interest
payof
dends
disburseand pro- persons
income ments
income
Farm
l
fessional
ments
18.7
19.0
38.7
358.9
14.8
42.4
19.8
39. 9
394.5
20. 0
44. 1
20.7
16. 1
45. 2
43. 6
20.8
21. 1
21. 4
22. 3
14. 8
47. 3
423. 1
48. 0
51. 8
21. 2
464. 9
14.7
25. 4
49. 5
23. 6
52. 9
59. 6
24. 3
28.4
50. 5
22. 6
509. 7
16. 7
59. 3
65. 8
541. 9
32. 1
23.3
49.9
24. 8
65. 8
16, 9
79.5
572. 9
24. 5
17.3
52. 6
25. 4
36. 5
69. 6
93. 6
627.0
104. 0
40. 3
19.6
55. 6
25. 6
26. 4
72.9
612.4
39.1
19.5
54.7
25. 3
71.3
100. 1
26. 0
617. 6
54. 9
25. 5
72. 0
39. 5
19. 1
26. 1
99. 7
619. 9
39. 8
25. 6
72.7
55. 3
100. 9
26. 3
1&7
624. 0
21. 5
73.4
40. 1
18. 4
53. 2
26. 3
101. 3
40. 5
18. 6
102. 2
625. 7
25. 8
73. 5
55. 7
26. 4
630. 6
102. 8
40. 8
73.4
19. 1
56. 3
26. 3
26.6
636.0
41. 1
26.5
19. 5
56. 7
26. 5
73. 3
103. 2
643.0
41.4
20.7
27.0
57.0
26.7
73.7
111. 6
41. 8
648.5
26.7
74. 5
22. 1
57.4
26. 6
115.2
654. 9
42. 1
22.0
57. 8
26. 9
26. 8
113. 6
75.4
42, 4
22. 2
58.2
26.6
662.7
27. 1
75. 9
113. 3
668. 4
42. 7
22. 5
27. 3
58. 7
26. 6
114. 8
76. 2
43.0
22. 8
673. 1
59. 1
27.4
26. 3
76. 8
115. 5
22. 5
26.4
679. 0
43. 3
27. 6
77. 3
59.5
116. 5
Less: Personal contributions
for social
insurance
13.4
17. 7
20. 5
22. 8
26. 3
28. 0
31. 2
35. 5
34. 8
35. 0
35. 1
35. 3
35. 5
35. 8
36. 0
36.4
36. 5
36.6
42. 4
42. 7
42. 8
43. 2
Nonagricultural
personal
income 3
519. 5
566. 3
609. 4
668. 8
728. 3
782. 8
837. 2
909.3
887. 1
893. 4
898.3
897. 5
907. 3
914. 0
920. 3
937. 1
947.2
953.9
956. 6
964. 6
971. 1
979. 1
8
Personal income exclusive of net income of unincorporated farm enterprises.
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income (seasonally adjusted) rose again in the first quarter and was 6 percent above a
year earlier.
BILLIONS OF DOLLARS
1,000
BILLIONS OF DOLLARS
1,000
900
DISPOSABLE PERSONAL INCOME
DOLLARS
4,500
PER CAPITA DISPOSABLE PERSONAL INCOME
SEASONALLY ADJUSTED ANNUAL RATES
4000
3,500
3,000
2,500
2,000
1967
1968
1972
1973
SOURCE! DEPARTMENT OF CO/AMERCE
Period
Less:
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Less: Perse>nal outla ys
Equals:
Persoilal consulnption
Equals:
Disex penditure s 2
Personal
Total
posable
saving
personal personall Durable NonServices
income outlays
goods durable
goods
Billions of dollars
538.9
1965
587. 2
1966
629. 3
1967
688. 9
1968
750. 9
1969
1970_ _ __ 806. 3
861. 4
1971
1972.
935.9
65.7
75. 4
83. 0
97.9
116. 5
116. 7
117. 0
140. 8
473.2
511. 9
546. 3
591. 0
634. 4
689. 5
744. 4
795. 1
444.8
479. 3
506. 0
551. 2
596. 2
634.7
683. 4
740.2
66.3
70. 8
73. 1
84.0
90. 8
90.5
103. 5
116. 1
Per caj)ita disposable personal
inc<3me
Current
dollars
1958
dollars
Saving
as percent of Populadistion
posable (thou-3
personal sands)
income
(percent)
Dol lars
191. 1
206. 9
215. 0
230. 8
245. 9
264.4
278. 1
299.5
175.5
188. 6
204.0
221. 3
242. 7
261. 8
283. 3
305.4
28.4
32.5
40. 4
39.8
38. 2
54.9
60. 9
54.8
2,436
2,604
2,749
2,945
3, 130
3,366
3, 595
3, 807
2,239
2,335
2,403
2,486
2,534
2,603
2,679
2, 770
6.0
6. 4
7. 4
6,7
6. 0
8. 0
8. 2
6.9
194, 303
196, 560
198, 712
200, 706
202, 677
204, 879
207, 049
208, 837
Seasc naily adjiisted annu al rates
1971:111. 867.9
IV__ 881. 5
117. 5
123. 0
750.4
758. 5
689.4
699.2
106. 1
106. 1
278. 5
283. 4
286. 1
290. 9
61. 0
59.3
3,620
3,649
2,684
2,698
8. 1
7.8
207, 312
207, 856
907. 0
922. 1
939.9
974.6
136. 5
139. 5
141. 1
146.4
770.5
782. 6
798.8
828.2
714.9
732. 5
748.0
765.5
111. 0
113. 9
118.6
120.8
288. 3
297. 2
302.0
310.4
296. 7
302.4
308.0
314.5
55.7
50. 1
50.8
62.8
3, 700
3,751
3,821
3, 953
2, 716
2,739
2,773
2,851
7.2
6.4
6.4
7.6
208,
208,
209,
209,
1973: I—- 993. 9
143.5
850. 4
793.9
130.4
322. 6
320. 6
56.5
4,052
2?882
6.6
209, 866
1972: I - _ II__
IIIIV. _
1
Includes personal consumption expenditures, interest paid by consumers,
ind
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
255
628
053
509
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
In the first quarter, net farm income (seasonally adjusted) rose by about 4 percent. Net income from farming in
constant dollars per farm was 10 percent above a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
SO
80
70
70
50
50
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
10
10
J
f
J
J
!
1968
1967
J
I
I
J
1970
1969
I
f
1971
t
1972
Personal rincome re ceived by
total 1 arm popu lation
[ncome re ceived fro m farmingI
Net t o farm
oper ators
Realizejd gross
1965
1966
1967
1968
1969
1970.
1971
1972
_
f
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCES DEPARTMENT OF AGRICULTURE
Period
J
From
all
sources
From
farm
sources
23.6
24. 9
24.0
25. 1
27. 6
28. 2
29.5
33.2
13.5
14. 4
13. 1
13. 2
14. 9
15. 0
15. 6
17. 7
From
nonfarm
sources
Net inc ome per
farm inci uding net3
inventor}r change
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total *
ventory ventory dollars dollars 4
2
marketchange change
ings
Billions <>f dollars
Doi lars
10.0
10. 5
10. 9
11. 9
12. 7
13. 2
13. 9
15.5
44.9
49. 7
49. 0
50. 9
55. 6
57. 9
60. 1
66.4
39.3
43. 3
42. 7
44. 1
48. 1
50. 5
53. 1
58.5
30.9
33. 4
34. 8
36. 2
38. 8
41. 1
44. 0
47. 2
14.0
16. 3
14. 2
14.7
16. 8
16.8
16. 1
19.2
15.0
16. 3
14.9
14.8
16. 9
16. 8
17. 4
19.8
4, 487
5,019
4,730
4, 854
5, 674
5,754
6,049
7,000
4,723
5, 121
4,730
4,667
5,206
5,047
5,083
5,645
17.7
18. 2
19. 3
18. 9
19. 2
21. 7
22.6
6, 150
6, 330
6,820
6, 680
6, 780
7, 660
8,070
5,130
5,280
5,590
5,390
5,420
6, 080
6,160
Seaso nalty adj'uisted annual rates
1971:
III
IV
1972: I
II
III
IV
1973: I
.
1
Cash receipts from marketings, Government payments, and nomnoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
* Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
60. 4
61.8
64. 1
64. 8
66. 1
70. 6
75.6
53. 4
54 9
56. 5
56. 9
58. 1
62.5
68. 5
44. 3
44. 9
45. 6
46. 5
47. 3
49. 4
53.5
16. 1
16. 9
18. 5
18. 3
18.8
21. 2
22. 1
* 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
Corporate profits before taxes including inventory valuation adjustment rose $3.4 billion (seasonally adjusted annual
rate) in the first quarter. The sharp rise in wholesale prices brought about a pronounced increase in inventory gains,
so that book profits (excluding inventory valuation adjustment) rose $11.6 billion.
BILLIONS OF DOLLARS
40
40
20
20
-I/
1967
1973
If PRELIMINARY
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISES
[Billions of dollars; quarterly data at seasonally
CorjDerate pi ofits (bef(Dre taxes) and inveritory
valuation adjustme Dt
TransCorpoM anufaetui -ing
portation,
rate
Period
comprofits
NonAll
Durable
All
munibefore
indusgoods durable
other 1 taxes
goods cations,
tries Total indusand
indus- public
tries
tries
utilities
22. 8
39.3
16. 6
76. 1
1965
25. 6
77. 8
11. 1
24. 0
42.6
82. 4
18. 6
1966
27. 9
84.2
11. 9
38. 7
20.7
18. 0
78. 7
1967
29. 1
79.8
10.8
22.
4
41.
7
84. 3
19. 3
32. 0
1968
87. 6
10. 6
36. 6
18.8
17.7
79. 8
1969
33. 1
84.9
10. 1
27.7
11.0
16.7
69.
9
1970
34.6
74.3
7. 6
14. 1
30.9
16. 8
1971___ _ _ 78.6
8. 2
39.5
83. 3
37.9
1972
18.9
88.2
19.0
94.3
41.3
9.0
adjusted annual rates]
Cor] Derate pi'ofits
$tfter taxcJS
Corporate
DiviUntax
liabil- Total dend distribpayuted
ity
ments profits
Corporate
capital
consumption
allow-2
ances
Profits
plus
capital
consumption
allow-3
ances
31. 3
34.3
33.2
39.9
40. 1
34. 1
37.3
41.3
46. 5
49. 9
46. 6
47.8
44. 8
40. 2
45.9
53.0
19. 8
20. 8
21. 4
23. 6
24.3
24.8
25.4
26.4
26. 7
29. 1
25. 3
24. 2
20. 5
15.4
20.5
26.6
36. 4
39. 5
43. 0
46. 8
51. 9
55. 2
60.3
67.7
82.9
89. 5
89. 6
94, 6
96.8
95.3
106. 2
120.7
1971: IIL._
IV. „
78.3
79. 4
30. 1
31. 2
13. 3
14. 3
16. 9
16. 9
8.5
7.6
39. 6
40.6
84. 1
83. 2
37. 5
35. 3
46. 6
48. 0
25.5
25. 2
21.0
22.7
61. 2
63. 0
107.8
110.9
1972: I
II...
III..
IV. _
81.8
86. 1
89. 6
95. 6
35. 4
37. 0
37. 9
41. 3
17. 7
19.4
18.4
19.9
17. 7
17. 6
19.5
21. 3
8. 8
7.8
38. 5
40. 3
42. 1
44.4
88. 2
91. 6
95.7
101.5
38. 8
40. 1
41.8
44. 3
49. 5
51.5
53.9
57.2
26.0
26.2
26. 5
26. 7
23.5
25.3
27.3
30.5
64.8
68. 0
68.4
69.5
114. 3
119. 5
122.2
126.7
1973: I"
99. 0
113.1
50.8
62.3
27.3
35.0
70.6
132.9
9.6
9. 9
i8 Includes all other industries and financial institutions.
Includes depreciation and accidental damages.
s Corporate profits after taxes plus corporate capital consumption allowances.
95-482°—73
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose $6 billion (seasonally adjusted annual rate) in the first quarter. Increases in
fixed investment were partly offset by a decline in the rate of inventory accumulation.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
200
50
50.
1967
SOURCES! DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed knvestment
Period
Total
gross
private
domestic Total
investment
Resid ential
struc tures
N<president ial
Struc tures
Total
Total
Nonfarm
Produce rs7 durable equdpment
Total
Nonfarm
Total
Nonfarm
Change in business inv entories
Total
Nonfarm
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
87. 1
94 0
108. 1
121. 4
116.6
126. 0
139. 0
137. 1
152. 0
180.4
81. 3
88. 2
98. 5
106.6
108. 4
118. 9
131. 1
132. 2
148. 3
174.5
54 3
61. 1
71. 3
81. 6
83.3
88. 8
98.5
100.9
105. 8
120.6
19. 5
21.2
25. 5
28.5
28. 0
30. 3
34.2
36. 0
38.4
42. 2
18.8
20.5
24. 9
27. 8
27. 3
29. 6
33. 5
35. 2
37. 5
41. 4
34.8
39. 9
45. 8
53. 1
55. 3
58. 5
64. 3
64. 9
67.4
78.3
31.2
36,3
41. 6
48. 4
50. 0
53. 6
59.2
59. 2
60. 9
70.5
27.0
27.1
27.2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 6
54.0
24 5
29. 5
32. 0
30. 7
42. 0
53. 2
1971:111
IV
152.2
158. 8
150. 9
157. 2
106. 3
109. 8
38. 7
38.8
37. 9
38. 0
67. 6
71.0
60. 8
64. 2
44. 5
47. 3
43. 9
46. 7
1.3
1. 7
.8
1972:1
II
III
IV
168. 1
177.0
183.2
193.4
167.7
172. 0
175.2
183.1
116. 1
119. 2
120.7
126. 1
41. 3
42. 0
41.8
43.7
40. 5
41. 2
40.9
42.9
74.8
77.2
79.0
82.3
67. 7
69. 6
71.0
73.5
51. 6
52.8
544
57.0
51. 0
52. 1
53.7
56. 1
.4
5.0
8.0
10.3
43
7.9
10.1
1973:1
199.7
192.9
133.5
46. 7
45.8
86.8
78.0
59. 4
58. 4
6.8
6.5
Source: Department of Commerce.
8
26. 4
26.6
26. 7
245
5.9
5. 8
9. 6
14 8
8. 2
7. 1
7.8
49
3. 6
5.9
5. 1
6.4
8.6
15.0
7.5
6. 9
7. 7
48
2.4
5.6
o
.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen expect to Increase their expenditures for new plant and equipment by 14 percent from 1972 to 1973.
Manufacturers expect a rise of 18 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
100
100
TOTAL NEW PLANT AND EQUIPMENT
80.
80
60
60
NONMANUFACTURING
40
40
MANUFACTURING
j
20
I
J
L
I
1968
1967
1969
J
I
I
1970
V
I
L
1972
1971
20
1973
\f SEE FOOTNOTE 3 BELOW.
SOURCE' DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M r anufactu rlno:
Period
Total
1963. .
1964
1965
1966
1967
1968__.
1969
1970
1971
1972__
1973 3
1972: I _
TI
III
IV
1973: I 3
113
2d half
3
1
1
l
Durable
goods
Nondurable
goods
Mining
Total
40. 77
46,97
54. 42
63. 51
65. 47
67. 76
75. 56
79. 71
81.21
88. 44
100. 62
16. 22
19. 34
23. 44
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
37. 01
7. 53
9. 28
11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 64
18. 70
86. 79
87. 12
87. 67
91. 94
96. 74
100. 13
102. 63
30. 09
30. 37
30. 98
33. 64
35. 98
37. 13
37. 43
15. 06
14. 77
15. 67
16. 86
17.88
18. 70
19. 07
8. 70
10.07
11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18. 31
15. 02
15. 60
15. 31
16. 78
18. 10
18. 43
18. 36
1. 27
1.34
1. 46
1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 42
2. 64
2. 42
2. 38
2. 40
2. 46
2. 54
2. 62
2. 69
Excludes agricultural business; real estate operators; medical, legal? educational,
and cultural service; and nonprofit organizations.
2
Includes
trade, service, construction, finance, and insurance.
3
Estimates based on expected capital expenditures as reported by business
in late January and February 1973. Includes adjustments when necessary for
systemc tic tendencies in expectations data.
Transportat ion
Railroad
1. 26
1. 66
1. 99
2. 37
1. 86
1. 45
1. 86
1. 78
1. 67
1. 80
1. 68
2. 10
1. 88
1. 50
1. 71
2. 08
1. 79
1. 45
Commercial
and
other 2
Other
Public
utilities
Communication
0. 40
1. 02
1. 22
1. 74
2. 29
2. 56
2. 51
3. 03
1. 88
2. 46
2. 38
1. 58
1. 50
1. 68
1. 64
1.48
1. 59
1. 68
1. 23
1. 38
1. 46
1. 52
4. 98
5. 49
6. 13
7. 43
8. 74
10. 20
11. 61
13. 14
15. 30
17. 00
19. 82
4.06
4.61
5. 30
6. 02
6. 34
6. 83
8. 30
10. 10
10. 77
11.89
13. 40
10. 99
12. 02
13. 19
14.48
14.59
15. 14
16. 05
16. 59
18. 05
20.07
22. 16
1. 96
2. 89
2. 67
2. 33
2. 12
2. 94
2. 22
1.
1.
1.
1.
1.
1.
1.
16. 92
16. 60
17. 01
17. 53
18. 36
18. 56
21. 06
11.71
11. 59
11.56
12. 63
20. 10
19. 88
20. 16
20. 21
Air
48
53
41
42
66
70
38
33. 98
35. 38
36. 39
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
necessarily coincide with the average of seasonally adjusted figures.
These figures donot agree with the totals included in the gross national product
estimates, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
Source: Department of Commerce.
EMPLOYMENT,UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In April, both the labor force and employment grew by small amounts on a seasonally adjusted basis, following the
exceptionally large gains recorded during February and March. An increase in nonagricultural employment (197,000)
was almost offset by a decline (169,000) in agricultural employment during April.
MILLIONS OF PERSONS
90
MILLIONS OF PERSONS*
90
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
SEASONALLY ADJUSTED
1969
1967
1970
1971
1972
*16 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
Total
labor
force
(includAlng^
Armed
Forces)
1969___
1970___
1971
1972*._
84, 240
85, 903
86, 929
88, 991
1972:
Mar* 87, 914
Apr_ 87, 787
May- 87, 986
June . 90, 448
July_ 91, 005
Aug_ 90, 758
Sept. 89, 098
Oct_. 89, 591
Nov_ 89, 400
Dec__ 89, 437
1973:
Jan__ 88, 122
Feb_. 89, 075
Mar*. 89, 686
Apr__ 89, 823
1
COUNCIL OF ECONOMIC ADVISERS
Civilisin employ ment
Total
Total
labor
Unemforce
Nonploy- (includagriment
ing
eulArmed
tural
Forces)
Thousands of T:>ersons 16
74, 296 2, 832 84, 240
75, 165 4,088 85, 903
75, 732 4, 993 86, 929
78, 230 4, 840 88, 991
77, 902
78, 627
79, 120
81, 702
Unadj- isted
Civili*in emplc yment
Civilian
labor
force
Total
Agricultural
years of age and o ver
80, 734 77, 902 3, 606
82, 715 78, 627 3, 462
84, 113 79, 120 3, 387
86, 542 81, 702 3,472
Nonagricultural
Labor
Unem- Unemp] oyment force
rate
(pe
rcent
of
ployparticicivilia n labor pation
ment
for ce)
rate1
Percent
74, 296
75, 165
75, 732
78, 230
2,832
4, 088
4,993
4, 840
5, 048
4,975
4,973
4,802
4,815
4,880
4,810
4, 839
4, 498
£Seasonally adjusted
3. 5
4. 9
5.9
5. 6
Unadjusted
80, 195
80, 627
81, 223
82, 629
83, 443
83, 505
82, 034
82, 707
82, 703
82, 881
77, 101
77, 339
77, 692
78, 653
79, 383
79, 475
78, 376
78, 986
79, 340
79, 719
5, 215
4, 697
4,344
5, 426
5, 173
4, 857
4,658
4,470
4, 266
4, 116
88, 768
88, 647
88, 850
88, 947
88, 985
89, 337
89, 471
89, 651
89, 454
89, 707
86, 264
86, 184
86, 431
86, 554
86, 597
86, 941
87, 066
87, 236
87, 023
87, 267
81
81
81
81
81
82
82
82
82
82
216
209
458
752
782
061
256
397
525
780
3
3
3
3
3
3
3
3
3
3
460
313
338
331
443
610
579
658
556
650
77, 766
77, 896
78, 120
78, 421
78, 339
78, 451
78, 677
78, 739
78, 969
79, 130
4,487
5. 1
4. 9
4. 7
81, 043
81, 838
82, 814
83, 299
78, 088
78, 882
79, 683
80, 004
4,
4,
4,
4,
89, 325
89, 961
90, 629
90, 700
86, 921
87, 569
88, 268
88, 350
S2
83
83
83
555
127
889
917
3
3
3
3
501
424
480
311
79, 054
79, 703
80, 409
80, 606
4, 366
4,442
4, 379
/
4,1 4$o
5.5
675
845
512
174
Total labor force as percent of noninstitutional population.
Source: Department of Labor.
10
1973
QG>
6. 1
5. 5
5. 1
6. 2
5. 8
5. 5
5.4
5. 6
5.2
4. 8
61. 1
61. 3
61. 0
61.0
Seaso nally
adju sted
5. 9
5.8
5. 8
5.5
5. 6
5. 6
5.5
5. 5
5.2
5.1
5.0
5. 1
5. 0
5. 0
61. 2
61. 0
61. 1
61. 1
61. 0
61. 2
61. 2
61. 2
61. 0
61. 1
60. 7
61.1
61. 4
61. 4
•Data beginning January 1972 not strictly comparable with prior data because
of adjustment to 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment. A further adjustment in March 1973
added 60,000 to the labor force and to employment.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The unemployment rate (seasonally adjusted) remained at 5.0 percent in April and was well below the 5.8 percent
of a year earlier.
PERCENT
10
PERCENT
SEASONALLY ADJUSTED
•\
IABOR FORCE TIME LOST
/
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1967
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
UneEaploymen t rate
(percen t of civiliiin labor
for ce in groLip)
Period
1969
1970
1971
1972
1972: Mar
Apr
May
June__July
Aug
Sept
Oct.
Nov
Dec
1973: Jan
Feb
Mar
Apr
1
Persons at work in nonagn cultural ir
idustries
by hours worked i>er week 2
Uiider 35 ho UTS
Labor
Experi- Married
force
enced
All
men
time lost J Over 40
wage
and
hours
workers salary
(wife
workers present)
3.5
4. 9
5.9
Per cent
3.3
1. 5
4.8
2.6
5. 7
3. 2
5.3
2.8
Seasonall y adjusted
5.5
2. 8
6.9
5.S
2. 9
5.8
2.8
5. 8
5.4
5.5
5. 1
2. 9
5. 6
5. 6
5. 6
5. 5
5. 3
5.3
5.2
5.5
5. 2
5.0
5.1
4.8
4.6
4.7
4.6
5. 2
5. 1
5. 0
5. 0
4.9
4.7
2. 7
2. 6
2. 8
2. 8
2.5
2.4
2.4
2. 4
2. 5
2.4
3.9
5. 3
6. 4
6.0
20, 608
18, 925
19, 095
20, 320
6. 2 1 21, 876
6. 1 20,239
6. 2 20, 478
19, 989
5.9
18, 824
6.0
19, 626
6.1
21, 881
5.8
5. 8 20, 735
5.4 21, 404
5.3 21, 740
5. 3 19, 527
6.4 20, 311
5.2 21, 485
5. 3 20, 968
Man-hours lost by the unemployed and persons on part-time for economic
reasons
as a percent of potentially available labor force man-hours.
2
Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
s Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
35-40
hours
Part-ti me for
economi c reasons
Total
Part-ti me for
economi c reasons
Usually Usually Usually
fullfullparttime 3
time 3
time 4
Thousan ds of pers ons 16 ye ars of age and over
34, 201 15, 210
855
955
1, 201
995
33, 537 18, 222
35, 752 16, 298
1, 184
1, 256
36, 794 16, 549
1, 327
1,081
I Jnadjusteo
Seasonall y
37, 517 17, 774
1, 172
1, 140
1,138
37, 592 16, 571
1, 081
1, 170
1, 103
37, 468 16, 700
1,093
996
1, 117
37, 608 15, 169
1, 177
1,878
1,066
1,034
2, 140
36, 143 14, 046
1, 091
36, 103 13, 869
1, 190
1, 927
1,076
37, 409 15, 176
1, 107
1, 136
1,070
33, 864 20, 979
980
1, 086
1,027
37, 566 17, 379
946
1, 065
1,025
37, 483 17, 543
1, 073
917
968
35, 819 18, 557
951
893
948
35, 844 19, 305
1, 020
1,068
1, 020
37, 537 17, 378
967
1,096
940
5
5
37, 983 18, 000
962
987
966
Usually
parttime 4
adjusted
1,308
1,396
1,316
1,503
1,385
1,363
1, 277
1, 237
1, 192
1, 213
1, 130
1,254
1,258
1,149
4
Primarily
6
includes persons who could find only part-time work.
Average hours worked: usually full-time, 23.5; usually part-time, 18.6.
Source: Department ©f Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In April, insured unemployment under State programs averaged 328,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate declined slightly to 2.7 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
tSTATE PROGRAMS}
1971
I
1972
JAN.
FEB.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
SOURCE: DEPARTMENT OF LABOR
Period
A 11 programas
Total
Insured
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milploy(weekly
ment
lions
ment
averof dolage)
lars)
2, 298. 6
4, 179. 1
5, 498. 2
5, 000. 0
683.2
516.4
472.7
423.0
402. 0
405. 3
313.5
311.4
338.7
372. 1
425. 3
432. 9
481. 6
402. 9
Stiite progra ms
Initial
claims
Exhaustions
Insurec1 unemploymen t as percent of covered
employment
SeasonUnad- ally
adjusted
justed
Weekly iiverage, t lousands
200
16
1, 101
296
25
1,805
2, 150
295
38
265
37
1, 850
242
2,279
40
2,005
237
43
1,740
216
39
250
1, 636
36
321
1,823
35
1,564
213
33
29
1, 388
190
1,357
214
26
1,507
253
28
324
1, 801
29
2, 124
331
31
2,069
247
29
1,900
31
213
216
29
1, 677
1,743
1,686
1, 682
1,597
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators.
DEC
COUNCIL OF ECONOMIC ADVISERS
Thou sands
1969
595 999
1, 177
1970
59, 526
2,070
1971 *>
59, 375
2, 313
1972 "
2, 185
1972: Mar*p
2,922
Apr
2,430
May v
2, 105
June *>__ __ _
1,951
July*__
2, 087
Aug"
_ __
1,763
Sept*
1,554
Oct *
1,511
Nov*
„__ .
1,691
Dec*
1, 993
1973: Jan »
.„
2, 332
Feb"
2,250
Mar v *
2,077
Apr
1, 836
Week ended:
1973: Apr 7
1,907
14
1,846
21
1, 840
28 v*> _
1, 754
May 5 __
12
NOV.
244
213
211
195
214
Source: Department of Labor.
Per<sent
2. 1
3.4
4. 1
3.5
4. 3
3. 8
3.3
3. 1
3. 4
2.9
2.6
2.5
2.7
3. 3
3.8
3.7
3.4
2. 9
3.0
2.9
2.9
2.7
Benefi ts paid
Total
Average
weekly
lions of
check
dollars) (dollars)
(mil-
2, 127. 9
3, 848. 5
4, 957. 0
4, 550. 0
3.5
628. 9
3. 6
3. 7
3. 6
3. 7
3.4
472.9
3. 4
280.3
3.4
3.3
3. 0
2. 7
2. 7
2.8
2. 7
429. 2
382. 1
364.3
363.0
280. 1
307. 2
342.2
392. 7
399. 1
438. 9
374. 5
46.17
50. 34
54.02
57.00
57. 21
56.90
56.32
55.23
55. 75
55.53
60. 16
56.95
57.59
58. 10
57. 09
57. 13
57. 16
57. 21
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose by 109,000 (seasonally adjusted) In April, following increases of 208,000
in March and 480,000 in February. Since April 1972, the number of payroll jobs has grown by 2.8 million, with
factory employment accounting for nearly 1 million of the increase.
MILLIONS OF WAGE
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
AND SALARY WORKERS (SEASONALLY ADJUSTED!
(ENLARGED SCALE)
72
S*~
—^1
^^
~~** —WlP—*~—
-
-*"1
ALL NONAGRICULTURAL
ESTABLISHMENTS
68
14
WHOLESALE AND RETAIL TRADE
12
;
44
^
NONMANUFACTUR ING
(PRIVATE)
^"""
^ -.•"«*"*"""*'"""
-
40
SERVICES
"
DURABLE
MANUFACTURING
36
10
f"
AMANUFACTURING
20
\
""""x**"
NONDURABLE
MANUFACTURING
fc
^
|
•tnim^
iWlli
ra,,,..u««'«.«.«'«
"
cGOVERNMENT
CONTRACT
CONSTRUCTION
12
, , , . ,1 , i , ii
1970
1971
1 1 ! 1 ! 1 I 1 1 ! 1
t 1 ! i i 1 I 1 ! ! IK
1972
1973
"
1970
1972
1971
SOURCE: DEPARTMENT OF LABOR
1973
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;l seasonally adjusted]
N onmanufacturini ? (private)
Manufa( sturing (]private)
Period
Total
Total
1967
1968
1969
1970
1971
1972
1972: Mar _ _
Apr— _
May__
June-July..
Aug.Sept—
Oct
Nov..
Dec__
1973: Jan__
Feb—
Mar3 p.
Apr *-
65, 857
67, 915
70, 284
70, 593
70, 645
72, 764
72, Oil
72, 246
72, 592
72, 699
72, 661
72, 984
73, 176
73, 589
73, 899
74, 026
74, 245
74, 725
74, 933
75, 042
19, 447
19, 781
20, 167
19, 349
18, 529
18, 933
18, 685
18, 790
18, 892
18, 931
18, 861
18, 930
19, 029
19, 219
19, 324
19, 419
19, 469
19, 578
19, 627
19, 740
NonDurable durable
goods goods
11, 439
11, 626
11, 895
11, 195
10, 565
10, 884
10, 673
10, 755
10, 837
10, 857
10, 843
10, 897
10, 970
11, 127
11, 203
11, 281
11, 326
11,413
11, 448
11, 547
8 008
8 155
8 272
8 154
7 964
8 049
8 012
8 035
8 055
8 074
8 018
8 033
8 059
8 092
8 121
8 138
8 143
8 165
8 179
8 193
Total
Con- Trans- Whole- Finance,
insursale
tract portation
ance, Services Federal State
Mining conand
and
and
and
retail
strue- public
local
real
tion utilities trade estate
35, 012
36, 288
37, 915
38, 709
39, 261
40, 541
40, 145
40, 238
40, 426
40, 544
40, 521
40, 737
40, 782
40, 973
41, 114
41, 103
41, 295
41,610
41, 743
41, 689
5
Includes ail full- and part-time wage and salary workers in nonagricultural
•establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Gover nment
613
606
619
623
602
607
614
605
604
600
599
602
606
610
609
607
610
613
611
603
3, 208
3,285
3,435
3, 381
3,411
3,521
3, 512
3,493
3, 535
3, 550
3,489
3, 544
3, 551
3,568
3, 524
3, 452
3,502
3; 594
3, 609
3,550
4, 261
4,310
4, 429
4,493
4, 442
4, 495
4,487
4, 481
4, 490
4, 491
4, 473
4,478
4, 499
4,540
4, 549
4, 558
4, 574
4, 580
4,589
4, 591
13, 606
14, 084
14,639
14, 914
15, 142
15, 683
15, 508
15, 561
15, 632
15, 682
15, 692
15, 758
15, 794
15, 835
15, 954
15, 946
15, 989
16, 127
16, 215
16, 188
3, 225
3,382
3, 564
3, 688
3, 796
3,927
3, 885
3,892
3, 913
3,931
3,927
3,936
3, 953
3,969
3, 981
3, 991
3, 999
4, 014
4,024
4,031
10, 099
10, 623
11, 229
11, 612
11, 869
12, 309
12, 139
12, 206
12, 252
12, 290
12, 341
12, 419
12, 379
12, 451
12, 497
12, 549
12, 621
12, 682
12, 695
12, 726
2,719
2,737
2, 758
2,705
2,664
2,650
2, 667
2, 664
2, 665
2,646
2,621
2,618
2,624
2, 630
2, 642
2,652
2,637
2,632
2,634
2,626
8,679
9, 109
9,444
9,830
10, 191
10, 640
10, 514
10, 554
10, 609
10, 578
10, 658
10, 699
10, 741
10, 767
10, 819
10, 852
10, 844
10, 905
10, 929
10, 987
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.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek (seasonally adjusted) for production workers in both the private nonfarm sector as a whole and
the manufacturing subsector increased by 0.2 hour in April. The factory workweek was at its highest level since 1966.
HOURS PER WEEK {SEASONALLY ADJUSTED)
HOURS PER WEEK {SEASONALLY ADJUSTED)
46
46
MANUFACTIJR1NG
TOTAL NONAGRICULTURAL PRIVATE
AA
44
A*)
42
40
40
38
•^P
r
^—~^i
^~*^~
"—^
1A
36
1 1 11 1 i?1
34
1970
1972
1971
34 /y t i i i I i i.f t !
42
42
40
Af\
38
*3Q
Jo
36
•}£
34
•3*
32
•>•)
1 1 !
1970
1971
30
1,1 f t I
/ H I l.t 1 I I.I | I.I
V
1972
1971
i t i r i 1 i i i i.i
1972
1 t 1 H t 1 t I t IK
I - ! I. f . I.I.I 1 1 1 1
I . f . f . 1 . 1 . f . 1 , 1 , ! < 1 IK
H
"
1973
RETAIL TRAC)E
CONTRACT CONSTRUCTION
30
1 ! I.I 1 1 1 I I t 1
1970
1973
1970
. . . ... I . , .1 i ..
1972
1971
SOURCE: DEPARTMENT OF IABOR
1973
"
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Period
Total
nonagricultural2
private
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagricultural2
private
Unad justed
1964
1965___
1966
1967
1968
1969
1970
1971
1972
1972: Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov—
Dec
1973: Jan
Feb
Mar*v
Apr _ _ _
1
38.7
38. 8
38. 6
38. 0
37. 8
37.7
37. 1
37.0
37.2
36.9
37.0
36. 9
37.4
37. 6
37.6
37.4
37.3
37.1
37.2
36.6
36.8
37.0
37. 1
40. 7
41. 2
41. 3
40.6
40.7
40. 6
39. 8
39.9
40.6
40. 3
40. 5
40. 5
40.9
40. 4
40.6
41. 0
40.8
41. 0
41.2
40. 0
40. 6
40.8
40.8
Data relate to production workers or nonsupervisory employees.
*Also includes other private industry groups shown on p. 13.
14
Manufacturing
Contract
construction
Retail
trade 3
Seasonally7 adjusted
37. 0
36. 6
35. 9
35. 3
37. 2
37. 4
37. 6
37.7
37.4
37. 9
37.4
37. 3
37.0
36. 8
36. 6
36. 8
37.6
37.9
38.2
38. 2
38.2
36.0
35. 2
34.8
34.9
36.6
37.0
347
34. 2
33.8
33. 7
33.6
33.2
33.3
33.3
34. 1
34.7
34. 7
33.6
33. 3
33.2
33.9
32.9
32.9
33.0
33. 1
8
37. 1
37.3
37.0
37. 1
37. 2
37. 1
37. 3
37. S
37.2
37.0
36. 9
37.2
37.2
37.4
Includes eating and drinking places.
Source: Department of Labor.
40. 4
40.8
40.5
40.7
40.6
40.6
40. 8
40. 7
40. 9
40. 7
40. 3
40.9
40.9
4L1
37.2
36. 7
36. 7
36.9
37.0
37. 1
37. 1
37.6
37.0
35.6
36. 1
36. 1
37.0
37. 1
33.6
S3.
7r-t
00
oo. t
33.8
33.7
S3. 6
33. 5
33.5
33.5
33. 7
38.4
33. 5
33.4
S3. 5
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers increased 2 cents in April to $3.82 (not seasonally
adjusted) and were 5.8 percent above a year earlier. In manufacturing, the rise over the year amounted to 6.6 percent,
but after adjusting for overtime and interindustry employment shifts the increase was 5.4 percent. Average weekly
earnings rose by $1.1 2 to $141.72 and were 6.1 percent above a year earlier.
DOLLARS
DOLLARS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
240
6.00
,
CONTRACT
CONSTRUCTION
5.00
200
4.00
160
TOTAL NONAGRICULTURAL
PRIVATE
120
3.00
-TOTAL NONAGRICULTURALPRIVATE
-.—*— T
RETAIL TRADE
-2.00
80
RETAIL TRADE
RETv
1970
1973
1972
1971
1970
1971
1972
SOURCE: DEPARTMENT OF LABOR
1973
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average h ourly earni ngs— curre nt dollars Average ^weekly earalings— curr ent dollars
Period
1964
1965
1966
1967
1968
1969
1970
1971
1972
1972: Mar
Apr__ _ _
May
June__ _ _
July
Aug
_
Sept
Oct
Nov _
Dec
1973: Jan
Feb
Mar »
Apr v
1
Also includes other
2
Includes eating and
3
Total
nonagricultural
private 1
$2. 36
2.45
2. 56
2.68
2. 85
3. 04
3. 22
3. 43
3.65
3.58
3. 61
3. 62
3. 63
3. 64
3. 66
3. 72
3.74
3.74
3.74
3.77
3. 78
3. 80
3. 82
Manufacturing
$2. 53
2. 61
2. 72
2. 83
3.01
3. 19
3. 36
3. 56
3.81
3. 74
3. 76
3. 78
3. 79
3.78
3.80
3. 86
3.86
3.89
3. 95
3.98
3.97
3. 98
4. 01
Contract
construction
$3. 55
3. 70
3. 89
4. 11
4.41
4. 79
5. 24
5. 69
6.06
5. 94
5. 96
6. 01
5. 94
5.96
6.03
6. 15
6.22
6. 23
6.32
6.42
6. 31
6.28
6. 30
Retail
trade 2
$1. 75
1. 82
1. 91
2. 01
2. 16
2.30
2. 44
2.57
2.70
2. 67
2.68
2. 69
2. 69
2. 70
2. 70
2. 73
2. 74
2. 75
2. 75
2. 78
2. 80
2. 81
2. 82
private industry groups shown on p. 13.
drinking places.
Adjusted to exclude the effects of overtime and interindustry shifts.
95-462°—73-
Total
nonagricultural
private l
Manufacturing
Contract
construction
Retail
trade 2
$91. 33
95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
132. 10
133. 57
133. 58
135. 76
136. 86
137. 62
139. 13
139. 50
138. 75
139. 13
137. 98
139. 10
140. 60
141. 72
$102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
150. 72
152. 28
153. 09
155, 01
152. 71
154. 28
158. 26
157. 49
159. 49
162. 74
159. 20
161. 18
162. 38
163. 61
$132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
218. 59
218. 14
221. 17
223. 34
225. 88
230. 35
234. 93
237. 60
224. 28
222. 46
223. 42
220. 22
229. 85
233. 10
$64. 75
66.61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90.72
88. 64
89.24
89. 58
91.73
93. 69
93. 69
91.73
91. 24
91. 30
93.23
91.46
92. 12
92.73
93. 34
Manufe icturing
indu stries
Adjusted Average
weekly
hourly
earnearnings,
ings,
ilyo?
n^T —
1967
i nn s
dollars 4
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. 6
114. 99
127.5
117. 10
135.4
123. 46
133. 5
121. 55
134. 1
122. 51
134. 6
122. 77
134. 7
124. 01
135. 0
121. 68
135. 5
122. 74
136. 7
125. 40
137. 0
124. 40
137.8
125. 68
139.2
127. 84
140. 1
124. 67
140. 1
125. 33
140. 6
1258 10
141. 3
125. 18
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) increased 1.0 percent further in April following a 0.6 percent rise in March.
The April index was 9.0 percent above a year earlier.
Index, 1967=100 (SEASONALLY ADJUSTED)
160
Index, 1967=100 (SEASONALLY ADJUSTED)
140
1970
1973
SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total
industrial
production
1964
1965
1966
1967
1968
1969
1970
1971
1972"
1972: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov._
Dec
1973: Jan
Feb
Mar p*
Apr
81.7
89. 2
97. 9
100. 0
105. 7
110.7
106. 6
106. 8
114.4
111. 2
112. 8
113. 2
113.4
113. 9
115. 1
116. 1
117. 5
118. 5
119. 2
119. 9
121. 1
121. 8
123. 0
[1967= 100, seasonally adjusted]
Industry
Market
Final produ cts
Mimufacturi *g
InterConMining Utilities
mediate MateEquipNonrials
Durable
Total
Total
sumer
durable
ment products
goods
81. 2
89. 1
98. 3
100. 0
105.7
110. 5
105. 2
105. 2
113.2
109. 7
111. 8
112. 3
112. 5
113. 2
114. 1
115.2
116. 6
117. 4
118. 5
118. 9
120. 6
121. 5
122. 8
79. 0
88. 5
99. 0
100. 0
105. 5
110.0
101.4
99. 4
107.4
103.4
105. 8
106. 3
106.8
107.7
108.4
109. 7
111.4
112. 4
114. 1
114. 3
116.2
116. 9
118.6
Source: Board of Governors of the Federal Reserve System.
16
COUNCIL OF ECONOMIC ADVISERS
84 4
90. 0
97. 3
100.0
106. 0
111. 1
110. 6
113. 5
121.5
118. 8
120. 3
120.8
121.3
121. 0
122. 6
123.3
124. 3
124. 7
125. 0
125.4
126.9
128. 2
128. 8
91. 1
93.9
98. 4
100. 0
103. 9
107. 2
109.7
107. 0
108.2
108.5
109. 0
107.9
108.2
107. 9
107. 7
110. 2
110.0
110. 1
108.3
108.4
109. 1
107.8
107. 1
81. 9
86.9
93. 6
100. 0
109. 4
119. 5
128. 3
133. 9
143.5
139.7
140. 2
141. 1
141. 0
142. 5
144. 1
145.6
146. 6
148.7
148. 6
151.9
150.4
150.9
153. 0
79. 6
86. 8
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111.2
108.2
109. 8
110.2
110. 1
110.2
111. 3
112. 4
113.9
115. 0
115. 3
116.4
117. 3
117.9
119.2
86. 8
93. 0
98. 6
100.0
106.6
111. 1
110. 3
115. 7
123. 1
119. 6
122. 0
122.2
122.1
122.0
123. 1
124.4
125. 5
126. 8
126. 7
127.5
128.2
129. 1
130.4
70. 1
78. 7
93. 0
100.0
104. 7
106. 1
96. 3
89.4
94.6
92.4
92.7
93.4
93. 3
93.4
94.8
95.8
97. 3
98. 5
99. 4
101. 0
102. 2
102. 3
103. 5
87.3
93. 0
99. 2
100. 0
105. 7
112. 0
111. 7
112. 5
120.4
117.3
117.3
119. 3
119. 1
120. 5
121. 2
121. 7
123.4
125.9
125. 7
126.5
127.7
127.5
128.3
82.6
91. 0
99.8
100. 0
105. 7
112. 4
107. 7
107.4
116.5
113. 1
115. 0
115.6
116. 1
116.8
117.4
119. 1
120.3
120. 6
122.0
121. 7
123.9
124. 7
126. 3
PRODUCTION OF SELECTED MANUFACTURES
Production gains in April were widespread among durable and nondurable manufactures (seasonally adjusted).
Index, 1967=100 (SEASONALLY ADJUSTED)
140
Index, 1967=100 (SEASONALLY ADJUSTED}
130
1C A
160
/
^^4
LUMBER AND PRODUCTS
120
1 AC\
110
•son
100
120
CHEMICALS, PETROLEU M, ^/
f
AND RUBBER
\
ff
/^^^
90
80
\I
+*v"+**+^
TRANSPORTATION
EQUIPMENT
I } II I I I 1 I I f I I I II I I M I I I I II ! I I I M I I
100
! Tf 1 11M M 1
PAPER AND
PRINTING
^^/
^<-*S
\
^
*\ ^ *— ^
1 1 f t li! | M.I
1970
1970
^
X^^^S^/^A^*
1973
1
1971
i M ii1 i r f ff
1972
1970
s~
1 ( f M 1 f f f M
1973
1973
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Durafc>le manufoictures
Period
Primary
metals
Ncm durable manufactu res
FabriTranspor- Lumber Textiles, Paper
cated
Machin- tation
and
apparel,
and
ery
metal
and
equipprodprintproducts
ing
ment
leather
ucts
Chemicals, Foods
petroleum, and tobacco
rubber
1964
1965
1966
1967
1968
1969
1970
1971
95. 7
104 0
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
113. 1
83. 3
92. 6
100. 5
100.0
106. 3
113. 6
109. 4
107. 4
113.4
74. 3
84. 1
98. 6
100. 0
101. 9
106.8
100. 3
96. 2
105.3
79. 6
91. 3
101. 2
100.0
109.7
107. 6
90.4
92. 9
98.8
91. 0
94 7
98. 4
100.0
104. 8
108. 6
106. 3
113. 9
122. 2
91. 9
97. 8
101. 7
100. 0
104. 9
105. 9
100. 2
100. 7
106.4
84 5
90. 5
98. 9
100. 0
104 2
109. 1
107. 8
107. 8
115.4
75.9
83.8
94 1
100. 0
109. 6
118. 4
118. 2
124 7
137. 6
90. 6
92. 6
97. 0
100. 0
103. 6
107. 5
110. 8
113. 7
117. 4
1972: Mar
Apr_ _
May
105.
110.
113.
111.
114.
113.6
117. 4
119. 3
120. 2
126. 6
110. 1
110. 8
111. 9
112. 3
114. 1
114. 4
115. 2
117. 5
118.8
118. 6
100.3
102. 6
103. 0
104.8
104. 8
107. 1
108.3
109. 6
110.4
113. 1
95.9
100.4
98.9
97.4
98. 2
98. 4
99.8
102. 1
105.0
105.9
119. 6
119. 9
119. 1
121. 8
121. 5
121. 1
122. 8
128. 1
128. 2
124. 3
103. 7
106. 1
104. 9
105. Q
104. 8
106. 8
108.0
109. 1
109. 1
110.7
112. 6
112. 3
114. 1
115. 1
115. 2
116. 4
115. 3
118.6
120.9
120.6
133.4
136. 1
137.5
137. 1
137.4
139. 9
141. 1
141.6
140.6
141. 5
116. 3
117. 6
117. 1
117. 6
116.8
117. 6
118. 8
117. 8
118.9
118. 3
120. 6
122.4
122. 7
125. 7
119. 9
122. 5
123. 6
125.0
113.
114.
115.
117.
106. 7
110. 0
110. 3
111.2
126. 8
128. 5
128. 7
107. 7
109. 7
111. 5
113. 2
119.
121.
121.
121.
145. 2
145. 6
148. 6
149. 8
118. 2
120. 3
119. 7
120. 3
1972*>
June__
_
July
Aug.__ _.
Sept
_
Oct__
Nov__
Dec_
1973: Jan__
Feb
Mar v_
Apr v _ _
_
_ _ __
_ _ _
_ _ _ _ _ _ _
1
2
5
9
9
7
3
9
7
9
9
8
3
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Production of steel rose in April. Most other weekly indicators of production declined.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
STEEL
1971
n
1972
,< i i I i ! i I i .1 1 1 I j i i I i i i i i 1 1 ! i M i ly i i I i i i i I i i i I i i i I i i i
J
F
M
A
M
J
J ~ A
S
O
N
D
BILLIONS OF KILOWATT HOURS
40
ELECTRIC POWER
6 1/y i l l I I I 1 i i i 1 I |ii ! i i t 1 t i i illli i t l i i i I i i t i B i t i I i ill I i i i
J
F
M
A
M
J
J
A
S
O
K
D
THOUSANDS
CARS AND TRUCKS
30
n l t . i f . i i 1 1 1 1 t I r i i I 1 1 1 1 11 i i f i t i I . i i ! . 1 1 . I 1 1 . I . i . 1
25
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Steel p roduced
Index
Thousands
(1967=
of net
tons
100)
Period
Weekly average:
1966
1967
1968
1969
1970
1971
1972 9
1972: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec___ _
1973: Jan
Feb
Mar
Apr 9 _
Week ended:
1973: Apr
7
14
21
28 _
May 5
12
9
19 *
includes data for Alaska.
Not charted.
2
18
_ _
A
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboarc
Car s and tnicks
power
coal mined
loaded
produced assemb led (thoiisands)
distributed (thousands (thousands
(thousands
of short
(millions of
Total
Cars Trucks
of tons)
of cars)
kilowattr-hours) tons) l
2, 572
2,440
2, 515
2,709
2,522
2, 310
2, 549
2,616
2, 701
2,694
2, 559
2, 340
2,447
2,550
2,631
2,657
2, 687
2, 793
2,906
2, 954
2, 978
105. 4
100.0
103. 1
111. 0
103. 4
94. 7
104.5
107.2
110.7
110. 4
104. 9
95. 9
100. 3
104.5
107.9
108.9
110. 2
114. 5
119. 1
121. 1
122. 0
21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
31, 692
31, 372
31, 402
34, 174
35, 905
36, 374
34, 360
32, 547
33, 674
35, 264
35, 861
35, 800
33, 643
33, 164
10, 267
10, 627
10, 485
10, 779
11, 595
10, 619
11, 346
11, 546
11, 651
11, 961
10, 878
9,428
11, 582
11, 404
11, 498
11, 211
9, 964
10, 598
11, 059
11, 116
10, 945
570
540
543
543
522
486
501
495
507
515
514
459
521
524
551
524
471
491
509
515
518
446
439
479
507
489
501
548
558
549
569
558
517
566
529
576
564
498
512
583
593
584
199. 3
172.9
207.6
195. 8
158. 9
204. 8
217. 2
225. 1
249. 5
238.4
230. 7
120. 5
152. 8
225. 5
257.6
257. 1
202. 5
261. 3
277. 6
276. 1
262. 0
165.4
142. 4
170.1
158. 1
125. 9
165. 0
169.6
175.4
194. 3
185. 5
180. 9
93. 1
116. 9
180.9
203. 1
200. 9
157. 7
201. 5
213. 3
212. 1
200. 8
33.9
30. 5
37.5
37. 8
33. 0
39. 8
47.5
49. 7
55. 1
52. 9
49. 8
27.4
35. 9
44. 6
54. 5
56. 3
44. 7
59. 8
64. 3
64. 1
61. 2
2, 967
3, 002
2, 995
2,987
2,981
2, 929
2
3, 015
121. 6
123. 0
122. 8
122.4
122. 2
120. 1
123. 6
33, 479
33, 957
32, 425
32, 793
32, 857
33, 495
10, 050
11, 110
11, 075
11, 545
11, 520
2
11.515
511
521
511
528
546
547
584
576
601
575
583
572
274. 8
279.9
211. 5
281. 7
274. 1
281. 8
210. 8
215. 5
161. 6
215. 3
210. 7
215. 0
63.9
64.4
49. 9
66.4
63. 5
66. 7
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) rose 2 percent in March.
Both public and private construction contributed to the gain.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
20
20
60
60
40
40
20
20
1967
1973
SOURCE: DEPARTMENT OF COMMERCE
Period
1967
1968
1969
1970
1971 _
1972 9
Total new
construction
expenditures
77.5
86. 6
93. 4
94. 0
109.4
123.5
COUNCIL OF ECONOMIC ADVISERS
TD '
4Jrrivate
Total
52. 0
59.0
65.4
65. 9
79.5
93.3
Resic ential
CommerNew
cial and
Other
housing
Total l
industrial
units
Bi lions of dol ars
19. 0
25.6
2e . 4
24. 0
13. 8
147
30.6
33. 2
25.9
16. 2
16.0
24
3
16.3
17. 8
31. 9
34. 9
43. 1
19.4
17.0
54.0
18.1
21.2
44.6
Federal,
State,
and
local
25. 5
27. 6
28. 0
28. 1
29.9
30.2
Feb *__ __
Mar *L_
120. 8
121. 8
122. 9
120.4
122. 1
121.0
119. 8
122. 9
124.8
128.9
126.3
132. 0
135. 7
135. 5
138. 2
88.6
90. 9
92.5
91. 5
92. 3
92.4
91. 6
93. 7
94.2
96.0
97.1
97. 9
101. 1
102. 7
103.6
49. 6
51. 9
53. 1
52. 7
52. 3
52. 9
53.5
54. 3
55.5
56.3
57. 1
57.4
58. 0
59. 7
60. 1
40.4
42. 8
44. 0
43. 6
43. 3
43.7
44. 0
44 7
45. 9
46.7
47.5
47. 6
48. 3
49. 8
50. 0
'Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value Index and
beginning 1971 for floor space.
18. 2
17. 9
18. 0
18. 1
18. 9
18.4
17.6
18. 2
17. 9
18. 1
17.9
18. 5
20. 4
20. 0
20. 6
100. 0
113. 2
123. 7
123. 1
145.4
165.3
Seasonally
adjusted
Seasonally / adjusted atinual rates
1972: Jan
Feb
Mar
Apr
May
June __ __
July
Aug
Sept
Oct
Nov
Dec
_
1973: Jan
Constructio n contracts 2
CommerTotal value cial and
index,
industrial
(1967 =
floor space
100)
(millions of
square feet)
20.8
21. 0
21.4
20.7
21. 1
21. 1
20.5
21. 1
20.8
21.6
22.0
22. 0
22. 6
22. 9
22.9
32. 2
30. 9
30.4
28. 9
29. 8
28.6
28.3
29. 2
30. 6
32. 8
29. 3
34. 1
34 6
32. 9
34. 6
160
155
159
167
165
154
155
180
187
171
177
163
181
191
193
694
779
883
743
727
858
Seasonally
adjusted
annual
rates
716
801
800
786
983
846
813
908
896
895
992
946
1S031
1,037
1,012
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts fell 6.5 percent in April on a seasonally adjusted basis. Starts had dipped slightly in February
and declined 8.5 percent in March.
MILLIONS OF UNITS
MILLIONS OF UNITS
3.0
3.0
1.0
1967
1968
1969
1970
1973
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
[Thousands of units]
Hou sing star ts
Total
private
Total
and
private
public (includ(including
ing
farm)
farm)
Period
1, 321. 9
1, 545. 4
1, 499. 5
1, 469. 0
2, 084. 5
2, 378. 5
1967
1968
1969
1970
1971
1972*>
1972: Mar
Apr
May
June__ _ _
July
Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb___
Mar 9
Apr » __
1
2
_
205.
213.
227.
226.
207.
231.
204.
218.
187.
152.
147.
139.
200.
203.
8
2
9
2
5
0
4
2
1
7
3
5
0
2
Private
Total (includingI farm)
Total
1, 291. 6 1, 291. 6
1, 507. 6 1, 507. 6
1, 466. 8 1, 466. 8
1, 433. 6 1, 433. 6
2, 052. 2 2, 052. 2
2, 356. 6 2, 356. 6
203. 9
211. 6
225. 8
223. 1
206. 5
228. 6
203. 0
216. 5
185.7
150. 5
146. 6
138. 0
199. 0
202. 9
2, 313
2, 204
2, 318
2, 315
2,244
2,424
2,426
2,446
2,395
2, 369
2,497
2, 456
2,248
2, 103
Gover nment
home p rograms
(noni"arm)
Two or
FHA*
VA
more
units
141. 9
52. 5
843.9 447. 7
899.4 608. 2
147. 7
56. 1
810. 6 656. 2 153. 6
51. 2
812. 9 620. 7 233. 5
61. 0
94. 0
1, 151. 0 901. 2 301. 2
1, 309. 2 1, 047. 2 198.4 104. 0
Seasona lly ad jus ted annu al
1, 310
1,003
260
123
989
221
104
1, 215
197
1, 308
100
1,011
1,032
1,283
182
99
1,319
925
107
176
1,373
179
1,051
103
1, 382
1,045
175
106
1,315
1,131
149
98
1,324
92
1,071
125
1, 162
106
1,207
86
1,450
1,047
87
96
1,084
111
1, 372
105
92
101
1,247
1,001
912
74
100
1, 191
One
unit
Units are for 1- to 4-family housing
Authorized by issuance of local building pei•mit: in 14,0' iO permit-issijing
places beginning 1973; 13,000 for 1967-7 2; 12,000 for 1<)63-66; and 10 ,000 prior to 1963.
20
Propos sd home
constriiction s
New
private
housing
units
authorized 2
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 130. 4
rates
2, 007
1, 991
1,955
2, 121
2, 108
2,237
2,265
2,216
2, 139
2,377
2,254
2,221
2, 102
1, 827
Applica- Requests
tions for for VA
FHA appraiscommitals
ments 1
167. 2
168. 9
187. 6
315. 0
366. 8
225. 2
124. 3
131. 7
138.2
143. 7
217. 9
209.4
264
227
222
221
224
207
166
147
162
131
124
100
93
68
209
243
198
219
200
202
192
189
207
194
222
217
201
169
3 Units repres en ted by nlortgage ap plications or ap praisal requ ssts for new
hoine construct!on.
g ources: Dep artment of Commerce
, Department of Housing and Urban
De ^elopment, a nd Veterans Administr ation.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
The $1.4 billion (seasonally adjusted) rise in business inventories in March was smaller than the increases in January
and February. Retail sales fell in April according to advance reports, following four large monthly increases.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
RETAIL TRADE (ENLARGED SCALE)
25
-DURABLE GOODS STORES
20
INVENTORIES
15
SALES
V
^«* •»••*
10
120
100
NONDURABLE GOODS STORES
INVENTORIES
60
30
40
25
20
20
1973
1970
1970
1972
1971
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total Imsiness 1
R<3tail
Wholesale
Sales 2
Period
Sales 2
1965
80, 276
1966
87, 178
1967
89, 698
1968
97, 100
1969
103, 104
104, 407
1970
1971
111, 931
1972
124, 571
1972: Feb
118, 077
Mar
_ 120, 669
Apr
121, 685
Mav__ _
122, 814
June
_ 122, 283
July... _ . 123, 371
Aug
126, 458
Sept.
127, 056
Oct
129, 610
Nov
_ _ 131, 478
Dec
132, 766
1973: Jan
136, 761
Feb
138, 788
Mar »..
141, 135
Apr »„.
1
2 The
Inventories 3
Sales 2
120, 900
136, 729
145, 108
155, 336
166, 694
174, 942
182, 842
193, 479
183, 826
184, 263
184, 816
185, 953
186, 439
186, 884
188, 409
189, 759
190, 974
192, 318
193, 479
195, 657
197, 504
198, 886
__
15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
24,850
23, 533
23, 884
24, 170
24, 260
24, 230
24, 394
25, 137
25, 407
25, 779
26, 212
26, 962
27, 755
28, 423
29, 115
term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month,
s Book value, end of period, seasonally adjusted.
1973
Inventories 3
IMillions of
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
31, 732
29, 181
29, 174
29, 574
29, 729
29, 641
30, 056
30, 164
30, 657
31, 032
31, 289
31, 732
32, 582
33, 051
33, 101
NonDurable durable
goods
goods
stores
stores
dollars, seasonally a d justed
23, 677
7,849 15, 828
25, 330
8, 192 17, 138
26, 151
8,348 17, 803
28, 490
9, 268 19, 222
29, 824
9, 626 20, 197
9, 524 21, 770
31, 294
34,071 10, 985 23, 086
37, 365 12, 472 24, 893
35, 345 11, 457 23, 888
36, 450 12, 087 24, 363
36, 296 11, 976 24, 320
37, 141 12, 280 24, 861
36, 822 12, 253 24, 569
37, 342 12, 468 24, 874
37, 969 12, 842 25, 127
37, 746 12, 614 25, 132
39, 106 13, 168 25, 938
38, 713 13, 173 25, 540
39, 417 13, 640 25, 777
40, 707 14, 234 26, 473
41, 242 14, 405 26, 837
41, 939 14, 628 27, 311
41, 328 14, 356 26, 972
Total
Inventories> 3
Total
Durable
goods
stores
34, 405
38, 073
38, 952
41, 973
45, 376
46, 626
52, 261
54, 700
52, 484
52, 639
52, 814
53, 402
53, 293
52, 940
53, 107
53, 661
53, 934
54, 658
54, 700
55, 526
56, 039
56, 197
15, 253
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
24, 442
23, 679
23, 674
23, 740
23, 915
23, 665
23, 194
23, 037
23, 608
23, 675
24, 235
24, 442
24, 472
24, 638
24, 538
Nondurable
goods
stores
19, 152
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 258
28,805
28, 965
29, 074
29, 487
29, 628
29, 746
30, 070
30, 053
30, 259
30, 423
30, 258
31, 054
31, 401
31, 659
Source: Department of Commerce.
21
AND NEW ORDERS
MANUFACTURERS' SHIPMENTS,
Manufacturers' shipments, new orders, and inventories (seasonally adjusted) rose in March. The ratio of inventories
to shipments remained low. According to advance reports, new orders received by durable goods manufacturers fell
in April while shipments rose.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
MANUFACTURERS' SHIPMENTS
110
MANUFACTURERS' INVENTORIES
100
TOTAL
90
80
DURABLE GOODS
70
60
40
MANUFACTURERS' NEW ORDERS
50
NONDURABLE GOODS
30
40
20
30
1970
1973
1970
1971
SOURCE: DEPARTMENT OF COMMERCE
Total
1973
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments l Manufad burers' inv entories 2
Period
1972
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Ma nufacture rs' new orde;rs l
Total
Durat>le goods
NonCapital
durable
goods
Total industries, goods
nondefense
Manufacturers'
mventoryshipments3
ratio
Millions of dollars seasonal y ad juste d
1966
1967
1968
1969
1970
1971
1972__
1972: Feb
Mar
Apr
May
June
July_
Aug
Sept
Oct
44, 869
46, 449
50, 282
53, 555
52, 560
55, 580
62, 356
59, 199
60, 335
61, 219
61, 413
61, 231
_ _ 61, 635
63, 352
63, 903
64, 725
Nov
66, 553
Dec
66, 387
1973:Jan___ _ _ 68, 299
Feb
69, 123
Mar p^
70, 081
Apr
24, 633
25, 212
27, 694
29, 459
28, 061
29, 886
34, 106
32, 041
32, 683
33, 581
33, 705
33, 129
33, 825
34, 710
35, 037
36, 086
36, 750
36, 378
38, 056
38, 336
38, 614
39, 382
20, 236
21, 236
22, 588
24, 096
24, 499
25, 694
28, 250
27, 158
27, 652
27, 638
27, 708
28, 102
27, 810
28, 642
28, 866
28, 639
29, 803
30, 009
30, 243
30, 787
31, 467
1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
s
77, 965
84, 599
90, 835
96, 955
101, 712
101, 665
107, 047
102, 161
102, 450
102, 428
102, 822
103, 505
103, 888
105, 138
105, 441
106, 008
106, 371
107, 047
107, 549
108, 414
109, 588
49, 818
54, 893
59, 053
63, 254
66, 829
65, 874
70, 144
66, 422
66, 604
66, 575
67, 035
67, 427
67, 645
68, 542
68, 834
69, 330
69, 641
70, 144
70, 632
71, 117
71, 940
For annual periods, ratio of weighted average inventories to average monthly
22
28, 147
29, 706
31, 782
33, 701
34, 883
35, 791
36, 903
35, 739
35, 846
35, 853
35, 787
36, 078
36, 243
36, 596
36, 607
36, 678
36, 730
36, 903
36, 917
37, 297
37, 648
45, 944
46, 763
50, 267
53, 645
51, 683
55, 473
63, 368
59, 792
61, 097
61, 685
62, 012
63, 734
62, 270
64, 409
65, 776
65, 454
67, 587
67, 668
69, 838
71, 042
73, 993
25, 720
25, 526
27, 690
29, 548
27, 162
29, 768
35, 044
32, 466
33, 328
34, 005
34, 302
35, 613
34, 430
35, 727
36, 851
36, 759
37, 619
37, 562
39,414
40, 087
42, 342
41, 486
6,971
7,694
6,822
7,398
9, 096
8, 196
8, 528
8, 785
9,036
9, 228
9, 100
9, 211
9,519
9, 694
9,762
10, 072
10, 433
10, 036
10, 923
10, 594
20, 224
21, 238
22, 577
24, 097
24, 500
25, 705
28, 324
27, 326
27, 769
27, 680
27, 710
28, 121
27, 840
28, 682
28, 925
28, 695
29, 968
30, 106
30, 424
30, 955
31, 651
1.62
1.76
1.74
1.76
1.90
1.83
1. 67
1. 73
1. 70
1.67
1. 67
1. 69
1. 69
1.66
1.65
1. 64
1. 60
1. 61
1.57
1.57
1. 56
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce.
MERCHANDISE EXPORTS AND IMPORTS
As a result of a substantial increase in exports of agricultural commodities, the balance on U.S. merchandise trade
improved from a seasonally adjusted deficit of $476 million in February to a deficit of only $53 million in March.
BILLIONS OF DOLLARS
5.5
3.0
2.5
2.0
2.0
1973
]/ SEE NOTE BELOW.
SOURCE* DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
Total (including reexports) l
Season- Unadally ad- justed
justed
Monthly average:
1964
1965
1966
1967
1968
1969
1970
1971
1972
Millions
IN/lerehandi se expor ;s
Domesti c exports
Food, Crude
bever- mate2
Total i
rials
ages,
and to- and
bacco fuels
2, 153
2, 229
2,458
2,586
2, 839
3, 111
3, 555
3,629
4, 101
2, 123
2, 201
2, 421
2, 554
2, 802
3, 066
3,502
3,576
4,034
3,778
4,306
3,885
4, 141
4,015
3, 657
3,937
3, 964
4, 443
4, 583
4, 693
4, 747
4,864
5, 923
3,721
4,247
3,810
4, 075
3, 942
3, 599
3,867
3,894
4, 381
4, 497
4, 620
4,678
4, 795
5,826
386
377
432
392
383
370
422
423
548
of dollars J
Manufactured
goods
361
356
367
394
405
417
558
537
591
1, 377
1, 453
1, 602
1,737
1, 985
2,232
2,445
2, 537
2, 812
527
610
567
565
557
509
548
478
672
760
731
736
815
1,023
2,630
3, 116
2,753
2, 917
2,762
2, 540
2,710
2, 745
3,009
2, 928
3,040
3, 114
3, 140
3,829
Merch andise iinports
Gen eral impc3rts 3
2
Food, Crude
Total
bever- mateSeasonages,
rials
ally ad- Unad- and to- and
justed bacco
justed
fuels
1, 562
1, 786
2, 135
2, 241
2,769
3, 004
3, 329
3,797
4, 630
1
3,824
S,869
8,817
3,885
3,971
4,052
4,200
4,177
4,318
4,473
4,561
4,977
5,065
5,380
485
426
396
508
528
496
539
594
637
710
750
752
744
881
Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
* Total arrivals of imported goods other than intransit shipments.
419
453
476
447
503
533
545
606
737
759
937
1,204
1, 313
1, 719
1, 918
2, 159
2,535
3, 146
590
444
323
345
70
107
226
-168
-529
2,765
3,401
2,918
3,254
3, 305
2, 928
3,232
2,969
3, 393
3,574
3, 190
3,604
3,318
3,737
— 649
— 646
— 596
— 597
— 497
— 513
-527
— 428
-418
-664
Unad, usted
U n ad juste i
1972: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov_ _
Dec
1973: Jan __
Feb
Mar___
335
334
382
392
447
442
519
534
614
Grossmerchandise trade
Manu- surplus,
seasonfacally adtured
justed
goods
4,473
4,515
4,41S
4,482
4,468
4,565
4,726
4,606
4,736
5,136
5,002
5,281
5,541
5,432
4, 180
4, 844
4,248
4, 722
4, 766
4, 314
4,727
4,485
5, 007
5, 190
4, 795
5, 423
4,945
5, 596
626
554
544
604
614
548
632
628
692
662
639
726
645
714
673
756
659
731
715
712
728
756
775
810
822
930
853
994
-441
-304
— 476
-53
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 deficit on goods and services declined from $656 million (seasonally adjusted) in the fourth quarter of 1972 to
$350 million in the first quarter of 1973, This improvement was due to a sharp decline in the trade deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
-3
1973
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars]
ReM erchandis e 1 2
Period
Netiiavestment i ncome
Mili&iry transactions
Direct
expenditures
Sales
Net
balance
-4, 378
-4, 535
-4, 856
-4, 852
-4,816
-4, 707
1, 240
1,392
1, 512
1,478
1,922
1,166
-3, 138
-3, 143
-3, 344
-3, 374
-2,894
-3,541
1971: III... 11, 527 -11, 914 -387 -1, 198
I V _ _ _ 9,583 — 11, 117 -1,534 -1,230
1972: 1
11, 659 - 13, 490-1,831 -1, 218
11
11, 561 i-O, OOO -1, 777-1, 239
III—_ 12, 380 -13,905 — 1, 525 — 1, 101
IV.___ 13, 240 - 14, 923 - 1, 683-1, 149
1973: I * _
15, 343 -16, 261 -918
474
423
334
281
251
299
Exports
Imports
Net
balance
1967.. _
30, 638 -26,821 3,817
1968
612
33, 576 -32,964
1969
36, 417 -35,796
621
1970- _ ___ 41, 963 -39, 799 2, 164
1971
42, 787 -45,453 -2,666
1972"
48, 840 -55, 656 -6,816
1
Excludes
2
Adjusted
s
U.S.
Government
Other
and
trans- servporta- ices,
tion
net
expenditures
5,847
40 -1,763
6, 157
63 -1, 565
5,820
155 - 1, 784
6, 376
-115 -2,061
8,952
-957 -2,432
9,779 -1,878 -2, 583
Seaso nally ad; listed
-724
-807
-884
-958
-850
-850
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
Net
travel
2,038
2,663
2,249
2,214
2,477
2,838
-327
-368
-370
-426
-556
-525
-606
-703
-667
-645
-613
-660
334
302
442
574
748
819
mitBaltances,
ance
penon
sions,
goods
and
and
other
servuniices 1 4 lateral
transfers 1
5, 136 -3,081
2,425 -2, 909
1, 911 -2,946
3,563 -3, 208
750 -3, 574
-4, 219 -3, 764
182
176
172
-577
200 -1,303
192 - 1, 400
-864
203
224
-656
-946
-992
-990
-918
-906
-950
Balance
on
current
account
2,055
-484
-1,035
356
-2,824
-7, 983
-770
— 1, 569
-2, 293
-2, 318
-1,770
-1, 606
-350
4
Equal to net exports of goods and services in the national income and product
accounts of the United States when converted to an annual rates basis.
Source: Department of Commerce.
K
.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
e U.S. balance of payments on an official reserve transactions basis was in deficit by $10 billion (seasonally adjusted)
In the first quarter, compared to a deficit of $1% billion in the fourth quarter. This large increase in the overall payments
deficit reflected massive dollar outflows during the international monetary turmoil of February and March.
BiLLIONS OF DOLLARS
5
BILLIONS OF DOLLARS
5
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
1973
1972
1967
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1967
1968
1969
1970
1971
1972 9
NonLong-ter m capital Balance liquid
on
flows>, net
current shortterm
account private
U.S.
and
longcapital
GovernPrivate 2 term
ment 1
capital flows
net 2
-2,424 -2,912
-2, 159 1, 198
-50
-1, 926
-2,018 -1,398
-2,378 -4, 079
-L367
107
-3,280 -522
- 1, 444
230
-3,011 -640
-3,059 -482
-9, 281 -2, 386
-9,243 -1,634
Allocations
of
special
drawing
rights
Errors
and
omissions,
net
Net
liquidity
balance
Liquid
private
capital
flows,
net 2
Changes
in lia- Changes
Official
in U.S.
reserve bilities
to
official
transforeign
reserve
actions
official
assets,
balance agencies,
net 4
3
net
-4,683
1,265 -3,418
1, 641
-1,610
3,251
2, 702
8,824
-2,470 -6, 122
867 - 1, 174 -3,851 -5,988 -9,839
717 -11,054 -22,002 -7,763 -29, 765
710 -3,806 -13,909
3,578 -10,331
-881
OQQ
Oi7t7
U.S.
official
reserve
assets,
net
( end of
period)
52 14, 830
3,366
-761
-880 5 15, 710
-1,515 - 1, 187 16, 964
7,362
2,477 14, 487
27, 417
2,348 6 12, 167
32 13, 151
10, 299
Unadjusted
Sea*sonally ad justed
1971: III.__
IV___
1972: I
II
III___
IV____
1973: I ^
1
2
-558 -1,883 -3,211 -883
330 -1,772 -654
-533
-343 — 1, 081 -3, 717 -508
592
-95
750 - 1, 663
-322
-254 -2, 346 -507
-607
690 -1,523 — 1,211
179
179
178
178
177
177
-5,465
-2,082
942
— 1, 314
-1,825
-1,608
Excludes liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other international and
regional organizations.
a Includes liabilities to foreign official agencies reported by U.S. Government
id U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
,4 and gold deposits with, the United States.
Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position in the IMF.
« Includes gain of $67 million resulting from revaluation of the German mark
in October 1969.
F
-9, 380 -2,551 -11,931
-4, 329 -1,619 -5, 948
-3, 105
-119 -3, 224
-821
-2,207
1, 386
-4, 501
— 173 -4, 674
-4, 100
2, 484 -1,616
-6, 801 -3, 426 -10, 227
10, 737
6, 135
2,795
1,052
4, 729
1, 727
10, 007
1, 194
-187
429
-231
— 55
— 111
220
12, 131
12, 167
12,
270
7
13, 339
13, 217
13, 151
8
12, 931
6
6
Includes $28 million increase in dollar value of foreign currencies revalued to
reflect
market exchange rates as of Dec. 31,1971.
7
Includes increase of $1,016 million resulting from change in par value of the
U.S.
dollar on May 8.
8
Dollar equivalents not revalued to reflect de facto conversion rates.
Sources: Department of Commerce and Treasury Department.
25
PRICES
CONSUMER PRICES
In April, the consumer price index rose 0.7 percent (0.6 percent seasonally adjusted). Food prices rose 1.5 percent
(1.4 percent adjusted), the smallest rise for any month so far this year. Nonfood commodity prices increased 0.7
percent (0.4 percent adjusted), while services prices rose 0.3 percent.
Index, 1967=100
Index, 1967=100
120
110
110
100
100
1967
1973
SOURCE: DEPARTMENT Of IABO8
COUNCtt. OF ECONOMIC ADVISERS
[1967 = 100]
All
items
Period
1964__
1965
1966___
1967
1968
1969
1970
1971
1972
1972: Mar
Apr
May_
June
July
Aug
Sept
Oct
No v
Dec
1973: Jan
Feb
Mar
Apr
_
Source: Department of Labor.
26
__
__
92. 9
94. 5
97. 2
100.0
1042
109.8
116. 3
121. 3
125. 3
124.0
124.3
124.7
125.0
125.5
125. 7
126.2
126.6
126. 9
127. 3
127.7
128.6
129.8
130.7
All commodities
94. 6
95. 7
98. 2
100.0
103. 7
108.4
113. 5
117. 4
120. 9
119.7
119.9
120.3
120. 7
121. 2
121.4
122. 0
122.3
122.7
122.9
123.4
124.5
126. 1
127.4
Services
Commoditie 3
Comm odities leg58 food
Services
All
Food
Rent
less
Nonservices
All
Durable durable
rent
92.4
94.4
99. 1
100. 0
103.6
108. 9
114. 9
118. 4
123, 5
122. 4
122.4
122. 3
123. 0
124. 2
124. 6
124.8
124. 9
125.4
126. 0
128.6
131. 1
134. 5
136.5
95. 6
96. 2
97.5
100. 0
103.7
108. 1
112. 5
116. 8
119.4
118. 2
118.5
119.2
119.4
119. 4
119. 5
120. 3
120.8
121. 0
121. 1
120. 5
120.9
121.5
122. 3
98.8
98. 4
98.5
100. 0
103. 1
107.0
111. 8
116. 5
118. 9
117. 3
117. 7
118. 4
119. 2
119. 6
119. 7
119. 8
120. 1
120. 3
120. 3
119.9
119.9
120.2
121.0
93. 5
94. 8
97.0
100. 0
104. 1
108.8
113. 1
117.0
119.8
na 9
119. 1
119.7
119.5
119. 3
119.4
120.8
121.3
121.7
121. 7
120.9
121.6
122.4
123.3
90. 2
92. 2
95. 8
100. 0
105.2
112.5
121. 6
128. 4
133. 3
132. 1
132.4
132.7
133. 1
133.5
133. 8
134. 1
134.6
134.9
135.4
135. 7
136.2
136.6
137.0
95.9
96. 9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119.2
118.0
118.4
118. 6
119. 0
119.2
119.6
119. 9
120.3
120. 5
121.0
121. 5
122. 1
122.6
123.0
89.2
91. 5
95.3
100.0
105. 7
113.8
123. 7
130.8
135.9
134.6
135.0
135. 3
135. 7
136. 1
136. 4
136.7
137.2
137. 6
138.0
138.3
138.7
139.2
139.6
WHOLESALE PRICES
The wholesale price index rose 0.8 percent in April (1.0 percent after adjustment for seasonal factors). The increase
reflected mainly a 1.4 percent rise in industrial commodity prices (1.3 percent adjusted), the third consecutive
-monthly increase exceeding 1 percent. Farm products prices declined 0.2 percent but after seasonal adjustment were
up 1.1 percent. Processed foods and feeds prices declined 1.1 percent (0.6 percent adjusted), their first decline in 8
months.
Index, 1967=100
180
Index, 1967=100
180
130
PROCESSED FOODS AND FEEDS
120
110
110
100
100
90
90
1973
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[1967=100]
All
commodities
Period
1964
1965
1966
1967...
1968
1969
1970
1971
1972
1972: Mar
Apr
Mav _
June
July
Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb
Mar
Apr _ _ _
.
. __
94,7
96.6
99. 8
100. 0
102.5
106. 5
110. 4
113. 9
119. 1
117. 4
117. 5
118. 2
118.8
119.7
_ _ _ 119. 9
120.2
120. 0
120. 7
122. 9
124. 5
126.9
129.7
130. 7
Farm
products
Processed
foods
and
feeds
94. 6
98. 7
105. 9
100. 0
102.5
109. 1
111. 0
112. 9
125. 0
119. 7
119. 1
122. 2
124. 0
128.0
128. 2
128. 6
125. 5
128. 8
137. 5
144. 2
150. 9
160.9
160.6
92. 3
95.5
101.2
100. 0
102. 2
107. 3
112. 0
114. 3
120.8
118. 6
117.7
118. 6
119. 6
121. 5
121. 0
121. 8
121.8
123. 1
129.4
132.4
137. 0
141.4
139.8
1
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.
Iiidustrial c ommoditi es
All industrials1
95.2
96. 4
9R5
100.0
102. 5
106. 0
110. 0
114. 0
117.9
116. 8
117. 3
117. 6
117.9
118. 1
118. 5
118. 7
118. 8
119. 1
119.4
120. 0
121. 3
122.7
124. 4
Crude
mate-2
rials
97. 1
100. 9
104. 5
100. 0
102.0
110. 6
118. 8
122. 7
131. 1
129. 1
129.3
129. 9
129. 8
130. 2
132. 3
132. 6
133. 8
136. 3
136. 8
139. 1
142. 3
142.5
146. 8
Inter- Producmediate er finmate-3
ished
rials
goods
95.6
96. 9
9a 9
100. 0
102.6
106. 1
110. 0
114. 3
118. 9
117. 6
118. 2
118. 6
119. 0
119. 2
119. 5
119. 8
120. 1
120. 3
120. 5
121. 2
122. 6
124.8
126. 6
93.3
94, 4
96. 8
100. 0
103. 5
106. 9
111. 9
116.6
119.5
119. 0
119. 3
119.4
119. 6
119. 7
119. 8
119. 9
119. 7
119. 9
120. 3
120. 6
121. 2
121.7
122. 3
Consuiiner finished g<Dods exeluding5 foods
NonDurdurable
able
98.2
94 8
95. 9
97. 9
97. 8
9as
100.0
100.0
102. 2
102. 2
104. 0
105. 0
108. 2
107. 1
111. 3
110. 9
113.2
113.6
112. 4
113. 1
112. 7
113.2
113. 1
113. 1
113.2
113. 5
113. 8
113. 5
114. 2
113. 6
114.5
113. 7
114. 7
112. 7
112. 8
115. 0
115. 2
113. 7
115. 4
113. 8
117.4
114. 0
117.8
114.5
119. 8
115.3
3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
O*7
PRICES RECEIVED AND PAID BY FARMERS
In the month ended April 1 5, prices received by farmers declined 11/4 percent while prices paid rose 11A percen
The actual parity ratio fell 3 points while the adjusted ratio fell 2 points.
index, 1967=100
160
Index, 1967=100
160
150
150
F
PRICES PAID,
130
INTEREST, TAXES, AND
WAGE RATES
140
130
120
120
110
110
100
100
90
90
RATIO J/
90
RATION
90
P,^RITY RATIO (ACTUAL)
^..........y
80
***••*„.••**
\
**»••».«»»».
70
60
1 I
1 ! ! I 1 1 1 t
I I I 1 1 1 I !
1967
1968
1 ! 1
1 1 | | 1 1 ! 1 1 1 1
1969
1964
1965 _
1966_
1967 _
1968
1969_
1970
1971__
1972__
1972: Mar 15
Apr 15
Mav 15
June 15_
July 15
Aug 15
Sept 15_
Oct 15—Nov 15Dec 15
1973: Jan 15 __
Feb 15- _
Mar 15_
Apr 15
_
_
___
1 i i i i 1 i nI i I i l I I i Ii iIi
1970
|
1971
f r r ? if ? r r i ?
1972
Prices received by "armers
Prices paid by farmers
i
All
items,,
Family
Livestock interest,
ProducAll farm
and
living
tion
Crops
products
taxes,
and
products wage rates
items
items
Index, 1967=100
92
93
106
85
93
94
98
103
94
94
95
96
105
105
105
98
98
99
100
100
100
100
100
100
103
101
104
102
104
104
108
97
109
106
117
109
110
114
100
114
118
110
112
119
116
120
107
115
126
124
127
122
116
133
124
120
123
129
119
108
112
125
119
123
119
125
124
123
125
115
120
129
124
121
125
126
116
131
127
122
127
125
116
136
127
128
125
122
119
135
• 128
128
137
126
124
117
129
125
129
138
116
125
130
127
130
120
138
126
127
137
127
131
145
129
134
132
144
129
131
153
131
134
132
136
149
161
132
174
138
159
140
138
134
157
140
139
143
168
i Percentage ratio of Index oi prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
70
"**
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX Op PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
Period
80
»»»»*'»»«,, 4?**
\**
!
A
•»**
i r ( f r I ! i f i i
1973
60
COUNCIL OF ECONOMIC ADVISERS
Parity ratio1
Actual
76
77
80
74
73
74
72
70
74
72
71
73
74
75
75
75
75
75
78
80
82
86
83
Adjusted 2
80
82
86
79
79
80
77
74
79
77
76
78
79
80
80
80
80
80
83
83
85
89
87
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
Source: Department of Agriculture.-
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock grew at an 8.2 percent annual rate in April, Over the past 12 months It has
grown by 6.3 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
250
200
200
150
150
1967
1968
1
1969
1973
SOURCE) BOARD OF GOVERNORS OF THE FEBERAl RESERVE SYSTEM
Period
1967:
1968:
1969:
1970:
1971:
1972:
1972:
Dec
Dec
Dec
Dec
_ ___ ___
Dec _
Dec
Mar
Apr
_ _ _
May_
__
_ __
June _ _
July
Aug___
Sept
...
Get
Nov
Dec __
1973: Jan
_
Feb__
Mar* > _ _ _ _
Apr v __
1
Deposits at commercial banks.
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
Jvloney stoc k
*doney stock
Time
CurCurand
DeDerency
rency
savings
mand
mand
Total
outoutTotal
dededeside
side
posits 1
posits 1
posits1
banks
banks
187.0
201. 6
208. 8
221. 3
236. 0
255. 5
241. 4
243. 0
243. 8
245. I
247. 7
248. 6
250. 1
251.6
252.7
255.5
255.4
256. 7
256. 6
258. 3
Seasonal! 3r adjusted
40. 4
146. 6
43.4
158. 2
162. 7
46. 1
172.2
49. 1
52. 6
183.4
56.8
198.7
53.6
187.7
53.9
189. 1
54.2
189. 6
54.4
190. 7
54. 6
193. 1
54.8
193.8
55. 3
194.8
55. 7
195.9
56.2
196.5
56.8
198.7
57.0
198.4
57. 5
199. 3
57.9
198. 7
199. 7
58. 6
183. 1
204.2
194.4
229. 2
270.9
312. 8
281.3
284.3
288.6
291. 7
295.0
298.9
301.9
304.8
308.4
312. 8
316. 9
322. 6
330. 9
336. 7
192. 7
207. 7
214. 9
227. 7
242. 8
262. 9
239. 0
244. 3
239. 5
243. 2
246. 6
245. 5
248. 7
251. 2
254.3
262. 9
262. 6
254. 0
254. 1
259. 6
41.2
44. 3
46.9
50.0
53. 5
57.8
53.1
53. 5
53.9
54. 4
55. 1
55. 1
55.2
55. 7
56. 7
57.8
56.7
56. 7
57.3
58. 2
Unadjustec I
151.4
163.4
167.9
177. 8
189. 2
205. 0
185.9
190. 8
185. 6
188. 8
191. 5
190.5
193. 5
195.5
197. 7
205. 0
205. 9
197. 3
196. 7
201. 5
Time
and
savings
deposits l
182. 1
203. 2
193. 2
228. 1
269. 8
311. 7
282. 0
284.5
288. 6
291.4
294.0
299. 5
302. 7
305.9
307.7
311.7
316. 6
322. 5
331. 4
336. 1
U.S.
Government
demand
deposits l
5. 0
5. 0
5. 6
7.3
6. 9
7.3
7.9
7. 7
10.5
6. 9
7. 3
5. 3
5. 9
6.6
6.2
7.3
8.0
9. 6
10. 1
8. 2
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Seasonally adjusted liquid asset holdings of private nonfinanciai investors increased at a 13.3 percent annual rate in
April compared to a 16.7 percent rate in March. The largest increase was again in negotiable certificates of deposit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1100
1,100
1,000
1,000
900
300
300
1967
1973
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollarSj seasonally adjusted]
Curr sncy and deposits
Total
liquid
assets
Period
1966:
1967:
1968:
1969:
1970:
1971:
1972:
Dec
Dec
Dec _
Dec
Dec__ _
Dec
Dec
1972:
Mar
Apr. _
May
June
July
Aug
Sept..
Oct..
Nov
Dec___
1973: Jan__ __
Feb
Mar
Apr *
_
__
__
Time d eposits
Total
Currency
Commercial
banks
ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities
Negotiable
certificates of
deposit
Commercial
paper
590. 6
640. 7
699. 1
730.9
781. 5
865. 7
975. 8
473.7
520. 4
563. 2
582. 2
630. 7
719. 3
814. 6
38.3
40.4
43.4
46. 1
49. 1
52.6
56.8
121. 1
129.4
139.4
143. 6
151. 5
161. 3
174.7
136. 9
156. 3
174.4
177.2
198. 7
233. 4
264. 8
177. 3
194. 2
205.9
215.4
231.4
272. 0
318. 2
50. 1
51. 0
51.4
51. 1
51. 3
53. 7
57. 0
43. 6
39. 9
47. 2
65.3
53.8
41.5
43. 4
14. 5
19. 1
22. 4
9. 0
23. 0
29. 8
39.2
8.8
10.4
14. 9
23.4
22.6
21.5
21.6
893. 4
902. 6
910. 4
918. 1
927. 3
935. 9
944. 4
953.3
963. 8
975. 8
747.7
754. 4
760. 3
767. 1
775. 7
783.3
790.9
799. 1
805. 9
814. 6
53. 6
53. 9
54. 2
54. 4
54. 6
54. 8
55. 3
55. 7
56. 2
56.8
166. 1
167. 3
167. 1
167.8
169. 5
170. 2
171. 2
172. 1
172. 7
174.7
243. 0
244. 4
247.0
249. 4
251. 9
254. 9
257. 0
259.8
262. 2
264. 8
285.0
288.8
292.0
295. 6
299. 6
303. 4
307. 4
311. 5
314. 9
318. 2
54.5
54.8
55. 1
55. 3
55. 6
55.9
56. 1
56. 4
56. 7
57. 0
39. 2
39.7
39.7
39. 4
38. 9
39. 1
39.4
40. 2
42. 1
43. 4
30.6
32. 1
33. 6
34. 3
35. 2
36. 1
36.7
36. 6
37. 5
39. 2
21.5
21.6
21.8
21.9
21.9
21.5
21.3
21.0
21.5
21.6
981. 4
990. 7
1, 003. 5
1, 014 0
821. 2
827.5
832. 6
838. 8
57.0
57. 5
57. 9
58. 6
173.9
174. 6
174. 1
175. 3
267.
268.
271.
272.
322. 7
326. 6
329.5
332.0
57. 2
57. 6
57. 9
58. 2
41. 5
41. 1
43. 9
45. 0
39.9
44. 0
49.8
53.5
21. 6
20. 5
19. 3
18.6
Source: Board of Governors of the Federal Reserve System.
30
Demand
deposits
U.S. Crovernment se curities
6
9
1
9
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans and investments (seasonally adjusted) rose at a 5.5 percent annual rate in April after rising
at a 21.3 percent rate in March. Net borrowed reserves in April were virtually unchanged at one of the highest levels
in history.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
ALL COMMERCIAL BANKS
500
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
100
1967
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
All commercial banks
(seasonally adjust ed data)
L oans
Investraents
Total
loans
ComTotal,
and
Gov- Other
mercial U.S.
invest- excludernment
securiments ing inter- and indus- securities
ties
bank
trial
End of period
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual1
rates
Adl membe r banks 2
Total
reserves
Millions o r dollars
Billions of dollars
1967
1968
1969
1970
1971
1972
1972: Apr
May_
June
July
Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb
Mar v*>
Apr
1
3
__
352. 0
390.6
402. 1
435. 9
485. 7
554. 2
507.4
516. 1
517.5
521. 9
529. 8
535. 3
540.4
549.4
554. 2
562. 8
572. 6
581. 9
584.5
231.3
258.2
279. 4
292. 0
4
320. 6
376.6
335.9
341. 9
343. 7
348.4
356. 2
360. 0
367.2
373.6
376.6
384. 3
395. 7
404. 7
407. 9
3
86.2
95. 9
105. 7
109.6
115. 5
129. 1
119.9
121.2
* 120. 7
121.4
123. 9
124. 6
126. 7
128. 2
129. 1
133.0
137. 9
141. 6
143.9
3
3
59.3
61. 0
51.5
58.0
60.7
62. 0
62.6
63. 1
63. 2
62. 3
61.4
62. 0
59.9
60.6
62. 0
62. 0
60. 2
60. 6
60. 6
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages
of daily figures. Annual data are for December.
8
Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries; earlier data include commercial
banks only.
4
As of June 1971, Farmers Home Administration notes totaling about $0.7
billion are classified as other securities rather than as loans.
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
61. 4
71.4
71. 2
85. 9
104. 5
115. 6
108. 9
111. 1
110.6
111. 2
112. 3
113. 3
113. 3
115. 1
115. 6
116.5
116. 6
116. 6
116. 0
3
4
3,755
4,360
5, 150
5, 717
6,443
7,530
7,366
7,460
7,500
7,361
7,818
7, 738
7, 748
8,175
8,179
8, 649
8, 797
9,089
25, 260
27, 221
28, 031
29, 265
31, 329
5
31, 353
32, 565
32, 812
32, 539
33, 021
33, 148
33, 003
33, 803
5
31, 774
31, 353
32, 962
31, 742
31, 973
32, 284
345
455
257
272
165
5
219
136
104
204
147
255
162
247
5
314
219
342
205
295
156
238
765
1,086
321
107
1,049
109
119
94
202
438
514
574
606
1,049
1, 165
1,593
1,858
1,721
107
-310
-829
-49
58
5
-830
27
15
110
-55
-183
-352
-327
5
-292
— 830
-823
- 1, 388
-1,563
- 1, 565
6
Beginning November 9, 1972 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection with
adaptation
to Regulation J.
8
Excludes $0.4 billion due to loan reclassification at a large bank.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Seasonally unadjusted consumer credit increased $1,738 million in March compared with a $938 million rise a year
earlier. Consumer instalment credit (seasonally adjusted) rose by $2.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL CONSUMER CREDIT OUTSTANDING
100
100
INSTALMENT CREDIT
80
80
NONINSTALMENT
20
20
I ! I I i
I f I 1\
! I ! 1I
! I 1 11
I I ) I 1
I I ! I !
! I ?I I
I I I ! f
t I ! I f
! I I I I
I ! 11 I
! I f ! I
14
f I ! I I
I ! I I I
14
^-X'
SEASOMULY ADJUSTED CENLARGED SCALE)
1*?
>**s/
19
JNST>M.MENT CR EDIT EXll ENDED
1ft
xcr
8
—~
r^jr*^
--—•X**'-!
,x"- — x- *""'*'
- -1
-~"
*~^r
,.-*
in
^~—-^^
^£~
~-
8
INSTALMENT C REDIT REPAID
4
A ! ! I 1 1 \ \ \ I 1 1
. . . . i i . i . ..
1967
1968
, mil i i i i i
W>9
1 | ! 1 1 1 I ! i ! 1
1970
. ! . , I 1, * I i ,
I I I ! ! 1t ! 1 1 t
1971
1972
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1964
1965
1966
1967
1968
1969
1970
1971
1972
1972: Feb
Mar___
Apr _ _ _
May__ __
June.
July
Aug
Sept
Oct
Nov
Dec _ _
1973: Jan
Feb
Mar___
1973
[Millions of dollars]
Consu mer credit outstandin g (end of p eriod;
Consum er instalme nt credit e xtended
iinadjusted"
and r epaid (seasonally adjiisted)
Instalment
To tal
Automot>ile paper
NonAutomol
Total
bile
Personal instal-2 Extended Repaid Extended Repaid
Total
ment
paper
loans
80, 268
89, 883
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
136, 941
137, 879
139, 410
141, 450
143, 812
145, 214
147, 631
148, 976
150, 576
152, 968
157, 564
157, 227
157, 582
159, 320
62, 692
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
110, 510
111, 257
112, 439
114, 183
116, 365
117, 702
119, 911
121, 193
122, 505
124, 325
127, 332
127, 368
127, 959
129, 375
24, 934
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
38, 516
38, 853
39, 348
40, 063
41, 019
41, 603
42, 323
42, 644
43, 162
43, 674
44, 129
44, 353
44, 817
45, 610
4
N
COUNCIL OF ECONOMIC ADVISERS
17, 848
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
33, 012
33, 272
33, 606
34, 077
34, 588
34, 832
35, 450
35, 755
36, 003
36, 413
36, 922
36, 870
37, 108
37, 486
^iso includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
32
f ! I 1 1 1 i 1 1 1 ! f\
17, 576
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
26, 431
26, 622
26, 971
27, 267
27, 447
27, 512
27, 720
27, 783
28, 071
28, 643
30, 232
29, 859
29, 623
29, 945
3
70, 670
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
10, 952
11, 741
11, 374
11, 687
12, 057
11, 687
12, 484
11, 953
12, 404
12, 846
12, 627
13, 304
13, 434
13, 852
63, 470
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
10, 069
10, 427
10, 384
10, 355
10, 671
10, 593
10, 841
10, 667
10, 908
11, 128
10, 964
11, 355
11, 437
11, 808
24, 046
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
3, 100
3, 176
3, 162
3,274
3,412
3,298
3,491
3, 368
3, 504
3, 620
3, 763
4, 006
3,972
4,001
21, 369
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
2,776
2,831
2,867
2,819
2,922
2, 917
2,896
2,873
3, 041
3,023
2,977
3,097
3, 145
3,225
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
Mortgage
debt outstandings
nonfarm,
1- to 4houses 3
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800
280, 200
307, 800
» 346, 100
314, 100
324, 600
335, 800
» 346, 100
" 354, 200
BOND YIELDS AND INTEREST RATES
Yields on 3-month Treasury bills and municipal bonds declined slightly from late April to mid-May while yields on
long-term Government securities and the prime commercial paper rate rose. Yields on FHA new home mortgages
rose 10 basis points in April.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
PRIME
COMMERCIAL
PAPER
CORPORATE Aaa BONDS
(MOODY'S)
1967
SOURCE: SEE TABLE BELOW
Period
1967
1968
1969
1970
1971
1972
1972: Apr
Mav
June
July
Aug
—
Sept
Oct
Nov
Dec
1973: Jan
Feb. .
Mar
Apr_
May
Week ended:
1973: Apr 13___
20___
27
May 4___
11—
18___
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Gov ernment secu rity yields
municipal
3-month
bonds
3-5 year
Taxable3
2
Treasury
(Standard4 &
issues
bonds
bills l
Poor's)
4. 321
3. 98
5. 07
4.85
r>. 339 I
4.51
5. 59
5.26
6. 677
5. 81
6. 85
6. 12
6. 458
6. 51
7. 37
6. 58
4. 348
5. 70
5.77
5. 74
4. 071
5.27
5.85
5. 64
3. 723
5. 45
6. 01
5. 74
3.648
5. 26
5. 69
5.64
3. 874
5.37
5. 77
5. 59
4. 059
5. 39
5. 86
5. 59
4. 014
5. 29
5. 92
5. 59
4. 651
5. 36
6. 16
5. 70
4. 719
5. 20
6. 11
5.69
4. 774
5. 03
6. 03
5. 51
5. 061
5.03
6.07
5.63
5. 307
6. 29
5. 06
5. 96
5. 558
5. 12
6. 61
6. 14
6. 054
5. 30
6. 85
6. 20
6. 289
5. 16
6. 74
6. 11
6.
6.
6.
6.
6.
6.
187
187
251
278
136
179
6. 67
6. 73
6. 79
6. 79
6. 76
6. 76
1
2
Rate on new issues within period.
Selected note and
s
April 1953 to date, bonds due or callable 10 years and after.
4
Weekly data are Wednesday figures.
5
6. 09
6. 08
6. 10
6. 18
6.23
6
6. 24
bond issues.
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.
1973
1972
5. 11
5. 13
5. 14
5.08
5.08
5. 11
5. 51
6. 18
7.03
8. 04
7. 39
7. 21
7. 30
7. 30
7. 23
7. 21
7. 19
7. 22
7.21
7. 12
7.08
7. 15
7. 22
7. 29
7. 26
6. 23
6.94
7. 81
9. 11
8. 56
8. 16
8. 24
8. 23
8. 20
8.23
8. 19
8. 09
8. 06
7. 99
7. 93
7. 90
7.97
8. 03
8.09
Prime
commercial
paper,
4-6
months
5. 10
5.90
7. 83
7. 72
5. 11
4. 69
4. 58
4. 51
4. 64
4. 85
4. 82
5. 14
5. 30
5. 25
5.45
5.78
6. 22
6. 85
7. 14
7. 25
7. 25
7. 27
7.26
7. 26
6
7. 29
8. 10
8.10
8. 06
8. 03
8. 03
8.04
7.
7.
7.
7.
7.
6
7.
Corpora te bonds
(Moc dy's)
Aaa
Baa
FHA
new home
mortgage
yields 5
6. 55
7. 13
8. 19
9. 05
7.78
7.53
7.45
7. 50
7. 53
7. 54
7. 54
7. 55
7.56
7.57
7. 57
7. 56
7. 55
7. 56
7. 63
7. 73
13
13
13
13
13
28
o Not charted.
Sources: Department of Housing and Urban Development, Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors
Service, and Standard & Poor's Corporation.
013
COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market continued to decline in the second half of April and the first half of
May.
Index, 1941-4C =10
!nde>c, 1941-43=10
Mor^ITHLY
ion
WEEKLY
120
COMPOS ITE PRICE INDEX FO R
500 C OMMON STOCKS
110
-_/ \V,
/^^
iin
- -- f V
\ /n^ A
\/'"
-^^1
' ^
/
100
90
80
7n
60
1 1 1 11 1 ! 1 M 1
1
! ! ! 1! I 1 1 1 I
1 ! M
11 I ! 1 I !
/
^
/ ^V
100
on
v_y
^ ^
on
70
» ? ? i i Iii i ii
1 ! 1 I I I 1 ? 1 11
1 1 1 1 1 1 1 ! ? ! I
? !
I ! ,! I f
:RCENT
RATIO
25 —
RATIO
25
PRICE/EARNIN 3S RATIO ON COMMON STOCKS
\
20
_^—-I
^^
—
*
I
1
!
1967
^^-™_
SOURCE:
1
!
!
1968
~--»_
--~
__
15
10
60
PERCENT
f I ! 1
!
1
I
1969
20
,,
\^\
i
i
i
15
f
1970
?
!
!
!
!
1972
1971
STANDARD & POOR'S CORPORATION
Period
1967
1968
1969
1970
1971
1972
1972: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb
Mar
Apr
Week ended:
1973: Apr 6
13
20..
27
May 4 _ _
ll-
lS,
1
1
f
10
K
1973
COUNCIL OF ECONOMIC ADVISERS
Price index l
Industrials
Total
Total
91. 93
98.69
97. 84
83. 22
98. 29
109. 20
108. 81
107. 65
108. 01
107. 21
111. 01
109. 39
109. 56
115. 05
117. 50
118. 42
114. 16
112. 42
110. 27
99. 18
107. 49
107. 13
91. 29
108. 35
121. 79
121. 34
120. 16
120. 84
119. 98
124. 35
122. 33
122. 39
128. 29
131. 08
132. 55
127. 87
126. 05
123. 56
109. 20
112. 08
111.52
109. 20
108. 74
109. 99
4
105. 66
122. 31
125. 70
124. 99
122. 32
121. 77
123. 13
118. 07
Public
utilities
Railroads
j Dividend
yield 2
(percent)
1941-13 = 10
96. 96
79. 18
105. 77
86.33
103. 75
87.06
80. 22
87. 87
102. 80
99.78
113. 91
119. 39
120. 19
115. 05
112. 67
119. 65
120. 92
113. 43
112. 57
119. 13
124. 47
116. 17
121. 63
113. 19
112. 94
119. 50
122. 11
119. 51
124. 57
122. 26
122. 57
127. 04
117. 54
125. 56
124. 53
116. 41
120. 38
111. 24
68. 10
66.42
62. 64
54.48
59. 33
56.90
55. 70
54.94
53. 73
53.47
54. 66
55. 36
56. 66
61. 16
61.73
60. 01
57.52
55.94
55. 34
46.72
48.84
45. 95
32. 13
41. 94
44. 11
47.38
45. 06
43.66
42. 00
43. 28
42. 37
41. 20
42.41
44. 62
42.87
40. 61
39. 29
38. 88
3.20
3.07
3. 24
3. 83
3. 14
2.84
2. 83
2.88
2. 87
2. 90
2.80
2.83
2.82
2. 73
2. 70
2. 69
2.80
2.83
2. 90
119. 08
122. 93
122. 17
117. 33
118. 15
120. 58
115.42
54. 89
55.58
55. 82
55. 26
55. 30
56. 16
55.44
39. 18
39.56
39.26
37. 94
37. 60
37. 80
35. 78
2. 94
2.84
2.87
2. 96
2.96
2. 92
4
3. 03
Capital
goods
Includes 500 common stocks: 425 Industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures*
all2 other weekly indexes are averages of dally 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
!
Consumers'
goods
110. 35
114. 23
111. 85
108. 52
108. 96
110. 76
106. 56
Price/
earnings
ratio 3
17.48
17.66
16.48
15.69
18.50
18.18
17. 95
18. 00
18.30
are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day of quarter to earnings for 12 months ending
with that quarter. Annual ratios are averages of quarterly data.
«Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 9 months of fiscal 1973 there was a deficit of $22.0 billion/ a year earlier the deficit was $28.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
260
220
-20
-20
-40
-40
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
FISCAL YEARS
SOURCE& TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
i
Federal debt (send of period)
Period
Fiscal year:
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
19732
19742
Cumulative totals for
first 9 months:
Fiscal year 1972
Fiscal year 1973
Receipts
Total i
Held by
the public
99. 7
106. 6
112. 7
106.8
111. 3
118.6
-7. 1
-4.8
-5. 9
303. 3
310.8
316.8
248.4
254.5
257.6
116. 8
130.9
149.6
153.7
187.8
118.4
134.7
158. 3
178.8
184. 5
-1.6
-3.8
-8.7
-25. 2
3. 2
323.2
329.5
341. 3
369.8
367. I
261.6
264.7
267.5
290.6
279.5
193.7
188.4
208. 6
230.0
263.0
196. 6
211.4
231. 9
249.8
268. 7
-2. 8
-23. 0
-23.2
-19.8
-5.7
382.6
409.5
437.3
473. 3
505.5
284.9
304. 3
323.8
34R8
365.3
141.2
161.2
170. 1
183.2
-28.9
-22.0
437.6
469.6
329. 8
349.5
__
_
*8 Excludes non-interest-bearing public debt securities held by IMF.
Estimates as revised May 1,1973.
Outlays
Surplus or
deficit (-)
Sources: Treasury Department and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
fn the first 9 months of fiscal 1973 budget receipts were $20.0 billion higher than a year earlier while outlays were
$13.1 billion higher.
BILLIONS OF DOLLARS
120
BILLIONS OF DOLLARS
120
RECEIPTS
100
100
80
80
INDIVIDUAL INCOME TAXES
n.......---—
\
60
OTHER RECEIPTS
60
40
40
20
20
CORPORATION INCOME TAXES
I
I
!
0
180
180
OUTLAYS
160
140
140
120
120
NONDEFENSE
100
\—-
100
80
80
NATIONAL DEFENSE
60
I
40
1963
I
1
1964
1965
60
1
1966
1967
1968
1969
1970
1971
1972
1973
1974
^40
FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Outlays
Receipts
Natio nal defense
Period
Fiscal year:
1962___
1963___
1964___
1965_
1966_
1967_
1968_
1969_
1970 _
19711972_
1973
1974
Cumulative totals for
first 9 months:
Fiscal year 1972_
Fiscal year 1973_
Total
Other
Total
Department of
Total Defense,
military
99.7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187. 8
193. 7
188.4
208. 6
230. 0
263. 0
45. 6
47. 6
48.7
48. 8
55. 4
61. 5
68. 7
87. 2
90. 4
86.2
94. 7
101.4
115. 3
20.5
21. 6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
26.8
32. 2
35.5
40. 0
33.6
37. 4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70.5
75.4
81. 7
93. 1
107. 7
106. 8
111. 3
118. 6
118. 4
134. 7
158. 3
178. 8
184. 5
196.6
211. 4
231.9
249. 8
268. 7
51. 1
52.3
53. 6
49. 6
56. 8
70. 1
80. 5
81. 2
80. 3
77. 7
78. 3
76.4
81. 1
46. 9
48. 1
49. 6
46. 0
54. 2
67.5
77.4
77. 9
77.2
74.5
75.2
74.2
78.2
141.2
161.2
65.2
75.5
18.3
20.8
57.8
64.9
170. 1
183.2
55.4
55. 2
53. 5
53. 4
i Estimates as revised May 1,1973.
36
Individual Corporation
income
income
taxes
taxes
Interna- Health
tional
Inand
affairs income
terest Other
and
finance security
8.3
3. 8
23.7
25. 5
26. 8
27. 4
31.5
37.8
43. 7
49. 3
56. 7
70.6
82. 0
93. 9
103. 7
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20. 6
22. 8
24. 7
19. 2
20.3
24. 2
26. 7
30.6
33.2
36. 2
34.4
37.7
40.5
47.2
53.3
55.4
2. 8
2. 3
59. 0
66. 8
15. 3
16. 5
37.7
42.4
4.5
4. 1
4. 1
4. 3
4. 5
4. 5
4. 6
3. 8
3.6
3. 1
3.7
3.3
Sources: Treasury Department and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for the first quarter, Federal receipts rose $14.1 billion (seasonally adjusted annual
rate) and expenditures declined $2.7 billion. As a result the deficit declined sharply to $7.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
120
+20
+20
SURPLUS
• 111 m m
" i 1\
ii i1
iI ""
-20
-40
DEFICIT
1
!
f
1
!
f
1968
1967
1
f
f
1969
J/ PRELIMINARY
1
1
I
1970
CALENDAR YEA RS
1\
y
1 1
1
|
!
1P 11
^
-20
223
1
1
!
-^1
i972
1971
!
!
-40
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fe<ieral Go1vernmen b expend itures
Federal (aovernm ent receip ts
Period
Fiscal year :
1969
1970
1971
1972*>___
Calendar
year:
1969
1970
1971
1972
Indirect
Personal Corporate business
tax
and
Total nontax profits tax and
tax
nontax
receipts accruals
accruals
Grantsin-aid
ContriPurchases Trans- to State Net
butions
for
Total of goods fer pay- and interest
social inand
ments local
paid
services
governsurance
ments
Surplus
or
Subsidies Less:
less
Wage deficit
current accruals
income
surplus of less
and
Governdisproduct
ment en- burse- accounts
terprises ments
(-),
190. 4
195. 0
193. 0
211. 9
90. 0
93. 7
87. 1
100. 1
37. 4
33. 1
32. 0
33. 5
18.6
10. 2
20. 1
20. 1
44. 4
49. 0
53. 8
58. 3
185.
196.
212.
233.
7 99. 4
3 98. 3
8 95. 8
1 103. 1
50. 7
56. 8
69. 8
78. 6
19. 2
22. 6
27. 0
32. 7
12. 3
14. 0
14. 3
13. 5
4. 1
4. 7
5.8
5. 2
0. 0
.1
—.1
.0
4. 7
-1. 3
-19. 7
— 21. 1
197. 3
191. 6
199. 1
228.6
94. 8
92. 4
89. 6
109.0
36. 6
30. 4
33. 1
36.2
19. 0
19. 3
20. 5
20. 1
46. 9
49. 5
55. 9
63.4
189. 2 98. 8
204. 5 96. 5
220. 8 97. 8
246. 8 105.8
52.4
63. 3
75. 0
83.4
20. 3
24. 5
29. 3
37.9
13. 1
14.6
13. 6
13.6
4.6
5. 5
5.2
6. 1
.0
.0
8. 1
— 12. 9
— 21. 7
-18. 1
1971: III___ 199. 1
IV... 202. 8
89. 8
93. 8
33. 2
31. 1
20. 0
20. 8
56. 1
57. 0
222. 2 97. 9
227. 5 100. 7
76. 3
77.8
29. 8
30. 8
13. 6
13. 3
4. 6
5. 0
.0
-23. 1
-24. 7
221. 4
224. 9
229. 8
238. 4
105. 8
107. 3
109. 1
113. 6
34. 0
35.2
36.7
38.9
19.9
19.7
20.2
20. 6
61.7
62. 6
63.8
65.3
236. 3
246. 5
241.6
262.7
105. 7
108. 1
105.4
104.0
79. 4
80. 4
82.0
91.8
32. 4
38. 1
34.4
46. 5
13. 1
13. 8
13.6
13.7
5. 6
6. 0
6.2
6.7
.0
.0
rO
-14. 8
— 21. 6
-11.8
-24. 3
1973: I *___ 252.5
109. 6
44.5
20.8
77.6
260.0 106. 6
92. 3
41.8
14. 2
5. 0
.0
-7.5
1972:1
!!___
III__
IV___
i $39 million.
Source: Department of Commerce.
(1)
.0
.1
—.1
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
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U.S. GOVERNMENT PRINTING OFFICE
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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 Stock
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 and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
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U.S. G O V E R N M E N T P R I N T I N G O F F I C E : 1973
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