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Economic Indicators
May 1974
Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1974

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
RICHARD F. KAUFMAN, General Counsel

COUNCIL OF ECONOMIC ADVISERS
HERBERT STEIN, Chairman
WILLIAM J. FELLNER
GARY L. SEEVERS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
~R.esolved 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 numbers 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
or by subscription at $6.50 per year ($1.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.

u




TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $14.7 billion in the first quarter of 1974 to a seasonally adjusted annual rate of
$1,352.2 billion, according to revised estimates. The increase for the preceding quarter was $33.0 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government

Persons

Net receipts
Expenditures
PerEquals: Personal sonal
Less:
Less:
Less:
Tax
Interest Total
TransTrans- Equals:
and
paid and exclud- consump- saving
Puror
tion
fers,
Equals: Total
fers,
nontax interest, Net
ing
transfer
chases
expendexpend- interest, of goods
disinterest
payand
receipts itures
itures saving receipts
and
or
and
ments
and
subsub- 2
accruals sidies 2
transto forsidies
fers
eigners

Disposable personal income
Period
Total 1

Surplus
or
deficit

(-),

income
and
product
accounts

1968_
1969.
1970_
1971_
1972_
1973_

591.0
634.4
691.7
746. 0
797. 0
882.5

15. 1
16.7
17.9
18.7
20.7
23. 7

575. 9
617. 7
673. 8
727. 3
776.2
858. 8

536. 2
579. 5
617. 6
667. 2
726. 5
8040

39.8
38. 2
56. 2
60.2
49.7
54 8

263. 5
296.7
302. 5
322. 0
368. 2
418.6

70.7
77.9
93. 2
105.9
115.9
129.9

192.7
218.8
209.4
216. 2
252. 2
288. 7

270.3
287. 9
312. 7
340. 2
370.9
407. 1

70. 7
77.9
9a 2
105. 9
115. 9
129.9

199.6
210. 0
219. 5
234 3
255. 0
277. 1

-6.8
8.8
-10. 1
-18. 1
-2.8
11.4

1972: III_
IV__

800.9
828.7

21.0
21.7

779. 9
807.0

734 1
752.6

45. 8
54 4

370. 6
381. 9

113.9
125.0

256.7
256. 9

368. 5
385. 7

113.9
125.0

2547
260. 7

2. 0
-3.8

1973: !___
II__.
IIL.

851.
869.
891.
917.

5
7
1
8

22. 1
23. 1
24 1
25.6

829.4
846. 6
867. 0
892. 2

779. 4
795. 6
816. 0
825. 2

50. 0
51. 0
51. 1
67. 1

402. 7
414 7
425. 0
431. 6

125.2
127. 8
131.7
135. 3

277.5
286. 9
293. 3
296.3

393.8
403. 2
410. 7
420. 9

125.2
127.8
131.7
135.3

6
275.3
279.0
285. 6

8.9
11. 6
14 3
10.8

931. 4

25. 3

906. 1

844 6

61. 5

443. 8

139. 0

304 8

436. 7

139.0

297. 8

7. 1

Business

Period

International

Net
Net exports of goods
Excess of Total
and services
StatisExcess transfers
Gross
to fortransfers income
Gross private
tical
of
eigners
retained domestic investor
or
discrepby perEquals: of net
earnreceipts
ancy
ment sons and Exports
Less:
investNet
ings 3
Imports exports exports
ment 4
Government
95. 4
97.0
97. 0
111. 8
124 4
135. 2

126. 0
139. 0
136. 3
153. 2
178. 3
202. 1

-30. 6
-42. 0
-39. 3
— 41. 4
-53. 9
-66. 9

2. 9
2. 9
3. 2
3. 6
3. 7
3.6

50. 6
55. 5
62. 9
66. 3
73. 5
102. 0

48. 1
53. 6
59. 3
65. 5
78. 1
96.2

2. 5
1. 9
3. 6
.8
-46
5. 8

124 5
131. 6

181. 5
189. 4

-57.0
-57. 8

3.8
3.5

740
79. 7

77.7
83.2

-3.8
-3.5

7.6
7. 0

1, 164 9
1, 199. 1

1973: !___
II__
III.

131. 5
132. 0
136. 9
140.6

194 5
198. 2
202. 0
213.9

-63. 0
— 66. 2
-65. 1
-73.3

3. 0
3.3
3.5
45

89. 7
97. 2
104 5
116. 4

89. 7
94 4
97.0
103. 6

.0
2.8
7.6
12. 8

3. 0
.5
-4 0
-8. 3

1, 241. 4
1, 268. 9
1, 300. 8
1, 333. 6

1974:

134 7

198. 9

— 64 2

3.4

130. 4

119. 4

10. 9

-7. 5 1, 349. 0

1968.
19691970_
1971_
1972_
1973_
1972:
IV.

1

Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
* Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government enterprises, and disbursements less wage accruals.
3
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
in disposable personal income.




4

0. 4
866. 9
1.0
936.3
_. 4
983.5
2.8 1, 058. 8
8.4 1, 156. 6
-2. 2 1, 286. 3

-2.7
-6. 1
-6. 4
-3. 4
-1. 5
2. 9

Gross
national
product
or
expenditure

864. 2
930. 3
977. 1
, 055. 5
, 155. 2
., 289. 1

1. 6

1, 166. 5
1, 199. 2

1. 1

3.7
3. 7

1, 242. 5
1, 272. 0
1, 304 5
1, 337. 5

3. 1

1, 352. 2

a2

Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
* Net foreign investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
In the first quarter of 1974, gross national product (seasonally adjusted) rose at an annual rate of 4.5 perce
reflecting an inflation rate of 11.5 percent and a decline of 6,3 percent in real GNP.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

1400

1,400

1200

1,200

1,000

1,000

PERSONAL CONSUMPTION
~ EXPENDITURES -

800

800

600

600
GOVERNMENT PURCHASES
OF GOODS AND SERVICES

200

200
„„,„••••«»•—'»»»""""*"

miHtmiHiJ""**"

NET EXPORTS OF GOODS
AND SERVICES
J

1968

GROSS PRIVATE DOMESTIC
INVESTMENT

I

1969

1970

1971

1973

1972

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Government aurchases of good s and
Personal Gross
Total
Implicit
Net
services
congross
Total
price
private exports
sump- domestic of goods
Federal
national gross
State deflator
tion
product national
for total
investTotal
and
and
in 1958 product expend- ment services
GNP,
Total National Other local
defense1
itures
dollars
1958=1002
r
Billions <3f dollars; quarterly data at s;easonall y adjust*;d annual rates

Period

1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1972: III
IV
1973: I
II ___ _
III___
IV.___
_
1974:1

__.

632.4
684.9
749.9
793.9
864. 2
930.3
977. 1
1 055. 5
1 155. 2
1 289, 1
1 166. 5
1 199. 2
1 242. 5
1 272. 0
1 304. 5
844- 6 1 337. 5
831. 0 1, 352. 2

581. 1
617. 8
658. 1
675.2
706.6
725. 6
722.5
745.4
790. 7
837. 4
796. 7
812. 3
829. 3
834. 3
841.3

401.2
432.8
466.3
492. 1
536. 2
579.5
617.6
667.2
726.5
804. 0
734. 1
752.6
779.4
795.6
816.0
825. 2
844. 6

94.0
108. 1
121.4
116. 6
126.0
139.0
136.3
153.2
178.3
202. 1
181. 5
189.4
194. 5
198.2
202.0
213.9
198.9

1
This category corresponds closely with budget outlays for national defense,
shown on p. 36.
2
Gross national product in current dollars divided by gross national product
in 1968 dollars.




1974

128.7
137.0
156.8
180. 1
199. 6
210. 0
219.5
234.3
-4. 6 255. 0
5.8 277. 1
-3.8 254. 7
-3. 5 260. 7
. 0 268. 6
2.8 275. 3
7.6 279. 0
12.8 285.6
10. 9 297. 8
8.5
6.9
5.3
5.2
2.5
1.9
3.6
.8

65.2
66.9
77. 8
90. 7
98. 8
98. 8
96. 2
98. 1
104.4
106. 6
102.3
102. 7
105. 5
107.3
106. 8
106.8
112. 1

50.0
50. 1
60.7
72. 4
78. 3
78.4
74. 6
71.6
74. 4
73. 9
71. 9
72. 4
74. 3
74.2
74.2
73.0
76. 3

Source: Department of Commerce.

15. 2
63.5
70. 1
16.8
17. 1 79.0
18.4
89.4
20.5 100. 8
20.4 111.2
21. 6 123. 3
26. 5 136. 2
30. 1 150. 5
32. 7 170.5
30.4 152.4
30. 3 158. 0
31. 2 163. 0
33. 1 168. 0
32.7 172.2
33.8 178. 8
35. 8 185. 7

108. 85
110. 86
113. 94
117. 59
122. 30
128. 20
135. 24
141. 60
146. 10
153. 94
146. 42
147. 63
149. 81
152. 46
155. 06
158. 36
162. 73

ATIONAL INCOME
jtional income rose less than $10 billion (seasonally adjusted annual rate) In the first quarter. Employee comxcnsation rose only $12 billion while farm proprietors' income and corporate profits plus inventory valuation
adjustment fell.
B1LUONS OF DOLLARS
1,200

BILLIONS OF DOLLARS

1,200
SEASONALLY ADJUSTED ANNUAL RATES

1,100

1,100

1,000

1,000

TOTAL NATIONAL INCOME
900

900

800

800

700

700

600

600

500

500

200

200

PROPRIETORS' AND
RENTAL INCOME

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

100

100

0
1968

1970

1969

1971

1973

1972

1974
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

Total
national
income

Compen-

Proprieto rs' income

of employees 1

Farm 2

Business
and professional

Rental
income
of
per-

Net

interest

Corpora te profits and inventory va luation ac Ijustment
Total

Profits Inventory
before valuation
taxes adjustment

518. 1
564.3
620. 6
653. 6
711. 1
766. 0
800. 5
859. 4
941. 8
1, 053. 9

365.7
393.8
435. 5
467. 2
514. 6
566. 0
603. 9
644. 1
707. 1
785.2

12.1
14.8
16. 1
14. 8
14. 7
16.7
16. 9
16. 8
20. 2
26. 8

40.2
42.4
45. 2
47. 3
49. 5
50. 5
50.0
51. 9
54. 0
57. 5

18.0
19.0
20. 0
21. 1
21. 2
22. 6
23.9
24. 5
24. 1
25. 1

15.8
18.2
21. 4
24. 4
26. 9
30. 5
36. 5
42. 0
45. 2
50. 4

66.3
76.1
82. 4
78.7
84. 3
79. 8
69.2
80. 1
91. 1
109.0

66.8
77.8
84. 2
79. 8
87.6
84. 9
74. 0
85. 1
98. 0
126.3

-0.5
-1.7
-1. 8
-1. 1
-3. 3
-5. 1
-4.8
-4. 9
-6.9
-17. 3

949. 2
978. 6

713. 1
731. 2

19. 8
21. 8

54. 3
55. 3

24. 9
24. 9

45. 7
46. 6

91.5
98. 8

98. 4
106. 1

-6.9
-7. 3

1973: I _
II
III
IV

1, 015. 0
1, 038. 2
1, 067. 4
1, 095. 1

757. 4
774. 9
794.0
814. 7

24. 3
24. 4
27. 1
31. 3

56. 3
57. 1
57.9
58. 5

24. 7
24. 6
25. 3
25. 7

47. 9
49. 4
51. 1
53. 0

104. 3
107. 9
112. 0
111. 9

119. 6
128.9
129. 0
127.4

-15. 4
-21. 1
-17.0
-15. 5

1974: I"

1, 104. 8

826.8

29. 1

59.3

25.8

55.0

108.9

140.1

-31.2

1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1972:

III
IV

1
Includes
2

"

employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
n net farm income (including net inventory change) on p. 6 which includes
profits.




Source: Department of Commerce.

SOURCES OF PERSONAL INCOME
Personal income rose $7.0 billion (seasonally adjusted annual rate) in April, about the same as the increase of the
preceding 2 months. Wage and salary disbursements increased $4.3 billion reflecting higher employment and hourly
earnings. Rental and proprietors1 income fell as a result of tornadoes. Farm income also declined. Transfer payments
increased largely because of the 7 percent increase in social security benefits.
BILLIONS OF DOLLARS
1,200

BILLIONS OF DOLLARS
1,200

1,000

1,000

800

WAGE AND SALARY DISBURSEMOMTS

600

400

200

1968

1974

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period

1966
„__
1967__
1968__
1969
1970
1971.
1972
1973
1973: Mar
Apr___.
May___
June
Jul3~
Aug
Sept
Get
Nov.
Dec....
1974: Jan
Feb
Mar....
Apr y

Wage
Rental
Total
and
Other Propriet ors' income income
Business
labor
personal salary
of
income disburse- income 1 2 Farm
and pro- persons
fessional
ments 1
587.2
629. 3
688. 9
750.9
808. 3
863. 5
939. 2
I, 035. 4
1, 003. 3
1, OIL 6
1, 018. 7
1, 026. 6
1, 035. 6
1, 047. 3
1, 058. 5
1, 068. 5
1 , 079. 4
1, 089. 0
1, 087. 0
1, 094. 8
1, 101. 4
1, 108. 4

394. 5
423. 1
464. 9
509. 7
542. 0
573. 3
627. 8
691. 5
671. 1
677. 6
682. 0
688. 2
693. 2
698. 9
706. 0
711. 2
717. 8
722. 6
721. 8
726. 5
730. 2
734. 5

20.7
22. 3
25. 4
28.4
32. 2
36. 6
40. 7
44. 9
43.6
43. 9
44. 2
44. 5
44. 8
45. 3
45. 8
46. 2
46. 7
47. 1
47. 5
47. 9
48. 3
48. 8

16. 1
14. 8
14. 7
16. 7
16. 9
16. 8
20. 2
26. 8
24. 6
24. 2
24. 4
24. 6
25. 9
27.1
28. 3
29. 9
31. 6
32. 4
29. 6
29. 1
28. 6
25. 2

45. 2
47. 3
49. 5
50.5
50. 0
51. 9
54. 0
57. 5
56. 4
56. 8
57. 1
57. 3
57.8
58. 0
58. 1
58. 5
58.7
58.6
58. 6
59. 3
59. 9
59. 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.




20.0
21. 1
21. 2
22.6
23. 9
24. 5
24. 1
25. 1
24. 6
24. 3
24. 6
24. 9
25. 0
25. 3
25. 5
25. 6
25. 7
25. 7
25. 8
25. 8
25. 8
25.0

Dividends
20. 8
21. 4
23. 6
24. 3
24. 7
25. 1
26. 0
27.8
27. 0
27. 3
27. 3
27." 4
27. 6
28. 2
28. 3
28.5
28. 7
29. 8
29. 5
29.4
29. 6
29. 9

Less: PerPersonal Transfer sonal con- N onagriinterest
paytributions cultural
income
ments for social personal
3
insurance income
43. 6
48. 0
52. 9
59. 3
67. 5
73. 0
78. 0
87. 5
83. 4
84. 5
85. 7
86. 5
87. 8
89. 0
90. 3
91. 5
92. 6
94. 0
95. 3
96. 3
97. 5
98. 7

44, 1
51. 8
59. 6
65. 8
79.1
93. 2
103. 0
117. 5
114. 5
115. 3
115. 9
116. 0
116. 9
119. 0
120. 2
121. 1
121. 9
123. 0
125. 9
127. 6
128. 9
133. 9

17.7
20. 5
22.8
26. 3
28. 0
30.9
34. 7
43. 1
42. 0
42. 4
42. 5
42. 8
43. 4
43. 6
43. 9
44. 0
44. 3
44. 3
47. 0
47. 2
47. 4
47. 5

566.
609.
668.
728.
784.
839.
911.
1, 000.
970.
979.
986.
994.
1, 001.
1, 012.
1, 021.
1, 030.
1, 039.
1, 047.
1, 048.
1, 056.
1, 063.
1, 073.

3
4
8
3
8
8
5
5
9
5
4
2
8
1
8
0
0
5
1
4
3
5

2
Consists oi employer contributions to private pension, health, and welfare
funds; compensation for injuries; directors' fees; military reserve pay; and a-£assr
other minor items.
3
Personal income exclusive of net income of unincorporated farm entei
farm wages, agricultural net interest, and net dividends paid by agricl
corporations.
Source: Department of Commerce.

msPOSITION OF PERSONAL INCOME
bite the reduction in automobile purchases, consumer expenditures (seasonally adjusted) showed a sizable
._. >ase in the first quarter and the saving rate fell. Real per capita disposable income fell below its year-earlier
level.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1,000 -

1,000

900

500

500

1V-J

1

L

DOLLARS
5,000

DOLLARS
5,000

4000

4,000

3,000

3,000

2,000

2,000
1974

1968
SOURCE: DEPARTMENT OF COMMERCE

Period

Less:
PerPersonal
sonal tax and
income nontax
payments

COUNCIL OF ECONOMIC ADVISERS

Per cap)ita disL ess: Perso nal outlayfS
posable personal
Equals:
Persor lal consuraption
Equals:
incc>me
Disex penditure 3 2
Personal
Total
posable
saving
Nonpersonal personal Durable
Current
1958
income outlays 1 goods durable Services
dollars dollars
goods

Billions of dollars

1966
1967
1968
1969_
1970
1971
19721973

___ 587.2
629. 3
_ _ 688. 9
_ _ _ 750.9
808. 3
- _ _ 863. 5
... 939. 2
1, 035.4

75. 4
83. 0
97. 9
116. 5
116. 6
117. 5
142. 2
152. 9

511. 9
546. 3
591. 0
634.4
691. 7
746. 0
797. 0
882. 5

479. 3
506. 0
551. 2
596. 2
635. 5
685. 8
747. 2
827. 8

70.8
73. 1
84. 0
90. 8
91. 3
103. 6
117. 4
130. 8

Saving
as percent of Populadistion
posable
(thoupersonal sands) 3
income
(percent)

Dol lars

206.9
215. 0
230. 8
245. 9
263. 8
278. 7
299. 9
335. 9

188. 6
204. 0
221. 3
242. 7
262. 6
284. 9
309. 2
337. 3

32. 5
40. 4
39.8
38.2
56.2
60. 2
49. 7
54. 8

2,604
2,749
2, 945
3, 130
3,376
3,603
3, 816
4, 195

2,335
2,403
2, 486
2, 534
2, 610
2, 680
2, 767
2, 889

6. 0
8, 1
8. 1
6. 2
6. 2

196,
198,
200,
202,
204,
207,
208,
210,

6. 4
7. 4

a7

560
712
706
677
879
045
842
404

Seasc nally adjitsted annu al rates
1972: III.. 943. 7
IV- 976. 1

142. 8
147. 4

800. 9
828. 7

755. 1
774. 3

120. 2
122. 9

302. 3
310. 7

311. 6
319. 0

45. 8
54. 4

3,831
3, 955

2, 771
2, 841 \

5.7
6.6

209, 058
209, 514

1973: !___.
II _
III.
IV..

996. 6
1,019.0
1,047.1
1,078.9

145. 1
149. 3
156.0
161. 1

851. 5
869. 7
891. 1
917. 8

801. 5
818. 7
840. 1
850. 8

132. 2
132. 8
132.8
125. 6

322. 2
330. 3
341. 6
349. 6

325. 0
332. 6
341.6
350. 0

50. 0
51. 0
51. 1
67. 1

4,057
4, 137
4,231
4,349

2,
2,
2,
2,

5.9
5. 9
5.7
7.3

209,
210,
210,
211,

1974: ! _ _ _ 1,094.4

163. 0

931. 4

869. 8

125. 0

362. 3

357. 3

61. 5

4,406

2,855

6. 6

211, 387




878
877
894
906
1

871
221
618
036

3
Includes Armed Forces'abroad. Annual data are lor July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.

FARM INCOME
In the first quarter of 1974, net farm income (both excluding and including inventory change) fell 7 percent seasc
adjusted. Although real net income per farm fell sharply in the first quarter it was 4 percent higher than a year e<
BILLIONS OF DOLLARS
120

BILLIONS OF DOLLARS
1120
SEASONALLY ADJUSTED ANNUAL RATES

100

100

80

80

60

60

40

40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

20

20

1968

1972

1971

1970

1969

1973

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

Personal income re ceived by
total f arm popu i at ion

Income re ceived fro m farming

Net t D farm
oper ators

Realize>d gross
Period

From
sources

From
farm
sources

24. 9
24. 0
25. 1
27.6
28. 3
29. 2
34. 0
41.3

14. 4
13. 1
13. 2
14. 9
15. 1
15.2
18. 1
23. 8

all

1966
1967
1968
1969
1970
1971
1972
1973
1972:

III
IV

1973: I
II
III
IV
1974: I

From
nonfarm
sources

Net inc ome per
farm incl uding net
inventor}T change s

ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
l
from
Total
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions <)f dollars
Dol lars

49. 7
43. 3
33. 4
49. 0
42. 7
34.8
50. 9
44. 1
36. 2
55. 6
48. 1
38. 8
41. 0
57.8
50. 5
59. 7
52. 8
44. 5
60. 7
68. 9
49. 2
90.5
83.4
64. 4
Seaso nally adjiisied annual

10. 5
10. 9
11. 9
12. 7
13. 2
14. 0
15. 9
17. 5

68.7
72.8
79.8
82. 5
91. 4
108. 3
108. 2

1
Cash receipts from marketings. Government payments, and nonmoney 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.




1974

60.5
64. 6
72. 4
75. 5
84.5
101. 2
103. 0

49. 4
51. 5
55. 8
58. 0
65. 9
77. 9
80.0

16. 3
14. 2
14. 7
16. 8
16. 8
15. 2
19. 7
26. 1
rales

16. 3
14. 9
14. 8
16. 9
16. 9
16.9
20. 3
26. 9

4,990
4,707
4,828
5,620
5, 725
5,817
7,089
9,469

5,092
4,707
4, 642
5, 156
5, 022
4, 888
5, 717
6, 862

19. 3
21. 3
24. 0
24. 5
25. 5
30. 4
28. 2

19. 9
21. 9
24. 4
24. 7
27. 2
31. 4
29.2

6,930
7, 630
8,580
8, 690
9, 560
11, 040
10, 350

5,540
6, 060
6, 550
6, 390
6,830
7, 610
6,810

* 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.

RPORATE PROFITS
jrporafe profits before taxes rose $12% billion (seasonally adjusted annual rate) in the first quarter. Including the
inventory valuation adjustment, corporate profits fell $3 billion.
BILLIONS OF DOLLARS
160

BILLIONS OF DOLLARS
160

40

40

20

20

1968

1

T969

SOURCE; DEPARTMENT Qf COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Cor] Dorate pi*ofits
Cor] oorate pi•ofits (bef :>re taxes) and inveiitory
akfter taxcJS
valuation adjustme nt
Corpo- Profits
rate
plus
TransCorpo- CorpoM anufaetui •ing
capital capital
portation,
rate
rate
conconPeriod
DiviUncomtax
profits
NonAH
Durable durable muniAll
before liabil- Total dend distrib- sump- sumpindus1
tion
tion
goods
cation, other
payuted
taxes
ity
Total indusgoods
tries
and
ments profits allow- allow2
indusances ances 3
tries
public
tries
utilities
42. 6
24. 0
18. 6
1966___ __ 82. 4
49. 9
27. 9
84. 2
34.3
20. 8
29. 1
11. 9
39. 5
89. 5
38. 7
20. 7
18. 0
78. 7
1967
46. 6
21. 4
10.8
29. 1
33.2
79. 8
25. 3
43. 0
89. 6
41. 7
22. 4
84. 3
19. 3
1968
32. 0
47.8
23. 6
87. 6
24. 2
10. 6
39. 9
46. 8
94. 6
18. 8
17.7
79. 8
36. 6
1969
84. 9
44. 8
24. 3
33. 1
40. 1
10. 1
20. 5
51. 9
96.8
27. 8
10. 5
17.3
69. 2
1970
33. 7
39.3
7. 8
74. 0
24. 7
34.8
14. 6
56. 0
95. 2
32. 5
14. 7
17.8
1971
80. 1
37.4
47.6
39. 1
8. 6
85. 1
25. 1
22.5
60.4
108. 0
40. 1
20. 2
20. 0
1972
91. 1
41. 7
42. 7
55. 4
9. 3
98. 0
26. 0
29. 3
65. 9
121. 3
50. 8
24. 2
26.6
109. 0
1973.
9.3
49.0
126.3
70.4
42. 6
27.8
55. 8
71.4
141. 8
91. 5
98. 8

39. 9
44. 7

19. 5
22. 3

20. 4
22. 4

9. 8
9. 9

41. 7
44. 2

98. 4
106. 1

42. 9
45. 9

55. 6
60. 3

26. 2
26. 4

29.4
33. 9

66. 0
68. 0

121. 6
128. 3

104. 3
1973: I
II_, _ 107.9
III__ 112. 0
IV___ 111. 9

49. 7
52. 4
51. 9
49, 2

26. 9
28. 5
26. 6
24. 4

22. 8
23. 9
25. 3
24. 9

9. 2
8. 5
10. 3
9. 1

45. 4
47. 0
49. 8
53. 6

119. 6
128. 9
129. 0
127. 4

52. 7
57. 4
57. 6
55-7

66. 9
71. 6
71. 5
71. 6

26. 9
27. 3
28. 1
29. 0

40. 0
44. 2
43. 4
42.6

69. 3
70. 5
71.7
74. 2

136. 2
142. 0
143. 2
145.8

140. 1

59.8

80.2

29. 5

50.7

75.2

155. 4

1972: III._
IV..

1974: I*___ 108. 9
i
1
2

Includes all other industries and financial institutions.
Includes depreciation and accidental damages.
^rporate profits after taxes plus corporate capital consumption allowances.




Source: Department of Commerce.

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) in the first quarter fell back to its level 3 quarters ea,
Declines in inventory investment and residential construction more than offset a rise in nonresidential fixed invest
ment.
BILLIONS OF DOLLARS
250

BILLIONS OF DOLLARS
1250
SEASONALLY ADJUSTED ANNUAL RATES

200

200

GROSS PRIVATE DOMESTIC
INVESTMENT

150

150

100

100

PRODUCERS'
DURABLE EQUIPMENT

^._^ ,

NONRESIDENTIAL STRUCTURES

50

ttftmtimi"

50

_,« '
,. •

CHANGE I
N BUSINESS
INVENTORIES
RESIDENTIAL STRUCTURES

I

!

t

I

1970

1969

1968

I
1971

I

J

L
1972

J

!

L
1973

SOURCEi DEPARTMENT OF COMMERCE

T

1974
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed in^/estment

Period

Total
gross
private
domestic
investment

Resid ential
struc tures

N president ial

Struc tures

Total
Total

Total

Nonfarm

Produce rs' durable eqi.jpment
Total

Nonfarm

Change in buslness m\rentories
I

Total

Nonfarm

Total 1

Nonfarm

1970
1971
1972
1973

94 0
108. 1
121. 4
116. 6
126. 0
139. 0
136. 3
153. 2
178. 3
202. 1

88. 2
98. 5
106. 6
108. 4
118. 9
131. 1
131. 7
147. 1
172. 3
194. 2

61. 1
71. 3
81. 6
83. 3
88. 8
98. 5
100. 6
104. 4
118. 2
136.2

21.2
25. 5
28,5
28. 0
30. 3
34. 2
36. 1
37. 9
4-1. 7
48. 4

20.5
24. 9
27. 8
27. 3
29. 6
33. 5
35. 3
37. 0
40. 8
47. 5

39. 9
45. 8
53. 1
55. 3
58. 5
64 3
64. 4
66. 5
76.5
87.8

36.3
41. 6
48. 4
50. 0
53. 6
59. 2
58. 9
60. 9
69. 8
79. 3

27. 1
27. 2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 7
54. 0
58. 0

26.6
26. 7
24 5
24. 5
29. 5
32. 0
30. 7
42. 2
53. 5
57.4

5.8
9. 6
14. 8
8. 2
7. 1
7. 8
4. 5
6. 1
6. 0
8. 0

6. 4
8. 6
15.0
7. 5
6. 9
7. 7
4. 3
4. 5
5. 6
7. 3

1972: III
IV

181. 5
189. 4

172. 9
181. 2

118. 3
124. 3

41. 3
43. 0

40. 4
42. 1

77.0
81. 2

69. 8
73.4

54. 5
56. 9

53. 9
56.4

8.7
8.2

8. 4
7. 9

1973:1
II
III
IV

194. 5
198. 2
202.0
213. 9

189.
193.
197.
195.

130.
134.
138.
141.

9
1
0
8

45. 3
47. 2
49. 5
51. 7

44. 4
46. 3
48. 5
50. 7

85.5
86. 9
88. 6
90. 1

77. 8
78. 4
80.0
81.0

59. 0
59. 6
59. 2
54. 0

58. 4
59. 1
58. 6
53. 4

4. 6
4. 5
47
18. 0

4. 4
4. 4
3. 2
17. 3

1974:1

198. 9

193. 4

144. 1

53. 9

52. 9

90. 2

80. 9

49. 3

48. 6

5. 5

5. 0

1965
1966
1967
1968

Source: Department of Commerce.

8




9
7
3
9

PENDITURES FOR NEW PLANT AND EQUIPMENT
1-roMnCssmen anticipate a 13 percent rise in their plant and equipment expenditures this year, according to the survey
conducted in January and February.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
120

120
•SEASONALLY ADJUSTED ANNUAL RATES

100

10©
TOTAL NEW PLANT AND EQUIPMENT

NONMANUFACTURING

40
MANUFACTURING

I/
20

1968

1969

1970

1971

1972

I

J/

T

J/
I

20

1974

1973

J/SEE FOOTNOTE 3 BELOW.
COUHCIl, OF ECONOMIC ADVISERS;

SOURCEs DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M,anufactur ing

Total l

Period

Total

1966
1967
1968
1969
1970
1971
1972
1973 s
1974
1973: I
II
III
IV
1974: I 3
113 _
2nd half




3

63. 51
65. 47
67. 76
75. 56
79. 71
81. 2J
88. 44
99. 74
112. 72
96. 19
97. 76
100. 90
103. 74
107. 18
109. 96
116. 43

28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
38. 01
45. 37
35. 51
36. 58
38. 81
40. 61
42. 74
44. 47
46. 87

Durable
goods

Nondurable
goods

14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 64
19. 25
22. 64
17. 88
18. 64
19. 73
20. 48
22. 12
22. 18
23. 09

14. 14
14. 45
14. 25
15. 72

IB. :5

15. 84
J5. 72
18. 76
22. 72
17. 63
17. 94
19. 08
20. 13
20. 62
22. 29
23. 78

IN onman ufacturin Lg

Traiisportaiion
Total

35. 32
36. 96
39. 40
43. 88
47. 76
51. 22
57. 09
61. 73
67. 36
60. 68
61. 18
62. 09
63. 12
64. 44
65. 49
69. 56

Mining

1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 42
2.74
3. 20
2. 59
2. 77
2. 82
2. 76
3. 10
3. 14
3. 28

Railroad

Air

2.37
1. 86
1. 45
1. 86
1. 78
1. 67
1. 80
1. 96
2. 38
2. 11
1. 75
1. 95
2. 05
2. 26
2. 32
2. 47

1. 74
2. 29
2. 56
2. 51
3. 03
1. 88
2. 46
2. 41
2. 11
2. 21
2. 72
2. 49
2. 20
2. 03
2. 44
1. 96

Com- ComPublic muni- mercial
and
utilities cation
Other
other 2
1. 64
1. 48
1. 59
1. 68
1. 23
1. 38
1. 46
1. 66
1. 61
1. 53
1. 62
1. 79
1. 73
1. 78
1. 57
1. 55

7. 43
8. 74
10. 20
11. 61
13. 14
15. 30
17. 00
18. 71
22. 20
18. 38
18. 08
18. 58
19. 80
21. 00
21.20
23. 14

6. 02
6. 34
6. 83
8. 30
10. 10
10. 77
11. 89
12. 85
14. 15
12. 34
12. 70
13. 12
13. 24

14. 48
14. 59
15. 14
16. 05
16. 59
18. 05
20. 07
21. 40
21. 71
21. 53
21. 55
21. 36
21. 35

34. 27
34. 82
37. 16

EMPLOYMENT, UNEMPLOYMENT, AND WAGE
STATUS OF THE LABOR FORCE
The seasonally adjusted civilian labor force decreased by 183,000 in April. Nonagricultural employment increased
(100,000), but agricultural employment decreased (188,000). Unemployment declined by 95,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*
SEASONALLY ADJUSTED

90

90
CIVILIAN LABOR FORCE

\
80

80
EMPLOYMENT

70
UNEMPLOYMENT

0 I I 1 I I I I I I I I I I I I ! I I 1 I I I I I I ! I I I I I I I I ! II

I ! f I I 1 I I I t 1 I t I 1 1 1 I ! I I I I I I I I I ! I I I I !!

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE
E/^S<> IP( \DJU SI ED
I SEASONALLY ADJUSTED
•JA

UN EMPl C)Y/\AE NT R A'FE

II n

"IT

-

8

_
rl

p.

I

4

-

I\

T-

^

196 9

19*>8

,

9 70

19 7]

1

_ -H

,

„

Period

1970___
1971___
1972*__
1973___

85,
86,
88,
91,

903
929
991
040

78, 627
79, 120
81, 702
84, 409

Nonagricultural

Unemployment

Thoug ands of
75, 165 4, 088
75, 732 4,993
78, 230 4, 840
80, 957 4, 304

Total
labor
force
(including
Armed
Forces)
persons 1C>
85, 903
86, 929
88, 991
91, 040

Civili*in emplo yment
Civilian
labor
force

Total

Agricultural

years of age and o ver
82, 715 78, 627 3,462
84, 113 79, 120 3,387
86, 542 81, 702 3,472
88; 714 84, 409 3,452

Unadj' jsted

1973:
Mar*
Apr__
MayJuneJuly.
Aug_
Sept__
Oct__
Nov.
Dec__
1974:
Jan__
Feb..
Mar_
Apr__

1974
COUNCIL OF ECONOMIC ADVISERS

Civilein employ tnent
Total

i

1<?7 3

97 2

*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR

Total
labor
force
(including
Armed
Forces)

I 1I I I I ( t I I I t IQ

Nonagricul-

Labor
Unem- Unempl oyment force
rate (pe rcent of participloycivilia Q labor
ment
pation
for ce)
rate 1
Percent

75,
75,
78,
80,

165
732
230
957

4, 088
4,993
4, 840
4, 304

4. 9
5. 9
5. 6
4.9
Unadjusted

4. 7

4. 7
4.7
4.6
4. 7
4.8

61. 4
61. 3
61.2
61. 5
61.4
61. 3
61. 6
61. 8
61. 8
61. 8

5. 2
5. 2
5. 1
5. 0

62. 0
61.9
61. 8
61. 6

Seasonally adjusted
^

89, 686
89, 823
89, 891
92, 729
93, 227
92, 436
91, 298
92, 046
92, 168
91, 983

82, 814
83, 299
83, 758
85, 567
86, 367
85, 921
84, 841
85, 994
85, 828
85, 643

79, 683
80, 004
80, 291
81, 514
82, 201
82, 095
81, 406
82, 469
82, 409
82, 441

4,512
4, 174
3, 799
4,847
4,550
4, 208
4, 165
3,763
4, 056
4, 058

90, 523
90, 622
90, 597
91, 138
91, 139
91, Oil
91, 664
92, 038
92, 186
92, 315

88, 162
88, 272
88, 263
88, 818
88, 828
88, 704
89, 373
89, 749
89, 903
90, 033

83, 782
83, 854
83, 950
84, 518
84, 621
84, 513
85, 133
85, 649
85, 649
85, 669

3,469
3,356
3, 320
3,430
3,512
3, 425
3, 376
3,455
3, 561
3, 643

80, 313
80, 498
80, 630
81, 088
81, 109
81, 088
81, 757
82, 194
82, 088
82, 026

4,380

4, 364

5.2
4. 8
4. 3
5. 4
5. 0
4. 7
4. 7
4. 2
4. 5
4. 5

91, 354
91, 692
91, 884
91, 736

84, 088
84, 294
84, 878
85, 192

80,891
81, Oil
81, 544
81, 756

5,008
5, 140
4, 755
4, 301

92, 801
92, 814
92, 747
92, 556

90, 543
90, 556
90, 496
90, 313

85, 811
85, 803
85, 863
85, 775

3, 794
3, 852
3, 699
3, 511

82, 017
81, 951
82, 164
82, 264

4, 732
4, 753
4, 633
4,538

5.6
5. 7
5. 3
4. 8

*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.

10




4,418

4, 313
4, 300
4, 207
4, 191
4, 240

4, 100

4, 254

61. 3
61. 0
61.0
61. 4
Seaso nally
adju ,sted
5. 0
5. 0

4.9
4. 8

* Total labor force as percent of noninstitutional population 16 years of P~
and over,
„
_
.
A ,_ ,
Source: Department of Labor.

LECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
seasonally adjusted unemployment rate decreased insignificantly for the second month in a row to 5.0 percent
in April. The unemployment rates for experienced workers and married men (spouse present) increased insignificantly
in April.

SEASONALLY ADJUSTED

LABOR FORCE TIME LOST

/ //
/_//

UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE
ALL CIVILIAN WORKERS

UNEMPLOYMENT RATE,
MARRIED MEN

I f IIIIIIIM 0
1974

1968
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

Unernploymen t rate
Cpercen t of civili an labor
for ce in grotip)
i
Experi- Married Labor
force
enced
All
time lost l Over 40
wage and men
hours
workers salary
(wife
present)
workers

Period

Per cent

1970
1971
1972
1973

4. 9
5. 9
5.6
4.9

1973: Mar
Apr
May
June
July
Aug
Sept
Oct

1974:

5. 0
5. 0
4.9
4.8

4.7
_. _

Nov
Dec.
Jan
Feb. „-_
Mar
__ _
Apr.

1

4.7
4.7

4.6
4.8
4.7

5. 2
5.2

5. 1
5. 0

4. 8
5. 7
5. 3

2. 6
3. 2

2.8
2.3
4.5
Seasonall y adjusted

4.6
4.7

4.5

4.4
4.4
4.4
4.4
4.2

4.5
4.6
4.8
4.9
4.8
4.9

2. 5
9 i
*?. 4
<Q
&
<&. O

2.8

2. 1
2. 1
2. 1
2. 1
2. 1
ff> 0)
&. fj

<r> &
%. o

2.4
2.4

2.5

5.3

6. 4

6.0

5. 2

18, 925
19, 095
20, 320
21, 284

21, 485
5.3 1 20, 968
5. 2 21, 966
5. 2 21, 467
5. 1 20, 424
5. 1 20, 503
22, 631
5.1
6. 1 21, 797
5. 2 22, 099
5.4 22, 225
5.7
19, 913
5. 7
19, 730
5. 6 20, 854
5. 7
17, 153
5. 3

Man-hours lost by the unemployed and persons on part-time for economic
reasons as a percent of potentially available labor force man-hours.
'J ™**ers from total nonagricultural employment (p. 10), which includes per*i jobs but not at work for such reasons as vacation, illness, bad weather,
strial disputes.
ies persons who worked part-time because of slack work, material
i or repairs, new job started, or job terminated.




Persons at work in nonagri cultural iridustries
by hours worked p)er week 2
Uiider 35 ho urs
35-40
hours

Part-ti me for
economi c reasons
Total

Part-ti me for
economi c reasons

Usually Usually Usually
fullpartfulltime 3
time 3
time 4
Thousan ds of pers ons 16 ye ars of age and over
1, 201
995
33, 537 18, 222
1, 184
35, 752 16, 298
1, 256
36, 794 16, 549
1, 327
1, 081
1, 074
37, 426 17, 473
1, 237
1Jnadjustec i
Seasonall y
1, 096
37, 537 17, 378
967
958
962
37, 983 18, 000
966
989
1, 031
37, 904 17, 239
949
1,043
1,772
38, 306 15, 714
1, 195
1, 099
1,886
37, 040 14, 283
1, 129
1, 161
1, 567
37, 125 14, 326
1, 315
1, 167
1, 092
1, 126
38, 451 16, 172
1, 106
1, 108
34, 956 22, 136
1, 046
1, 103
1, 104
38, 566 18, 630
1, 083
1, 143
1, 210
39, 574 17, 934
1, 140
1, 192
1, 111
1,274
38, 579 18, 682
1, 213
1, 222
1, 375
38, 275 19, 629
1, 381
39, 416 17, 927 5 1, 261 5 1, 127
1, 249
1, 080
34, 544 25, 026
1, 052
1, 078

Usually
parttime 4

adjusted
1,255
1, 169
1, 211
1, 374
1, 208
1, 120
1,247
1,274
1, 262
1,370
1, 373
1,373
1, 291
1, 312

4
Primarily
£

includes persons who could find only part-time work.
Average hours worked: usually full-tune, 23.8; usually part-time, 19.3.
Source: Department of Labor.

11

UNEMPLOYMENT INSURANCE PROGRAMS
In April, insured unemployment under State programs averaged 578,000 more than a year earlier. The season
adjusted insured unemployment rate was unchanged at 3.4 percent.
MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY (NSURED UNEMPLOYMENT
{STATE PROGRAMS)

H974]

1973

JAN,

FEB.

MAR.

APRIL

MAY

JUNE

JULY

AUG.

SEPT.

OCT.

A 11 progranas

1970
1971
1972
1973 ^
1973: Mar »
Apr »_ _
May p
__ _
June p
_ __ _ __
July » _
_
Aug " ___
3>
Sept __
Oct »v
Nov v
Dec
1974: Jan *
Feb "
Mar v
ADF p _ _
Week ended:
1974: Apr 6 _ _
13 _ _ _
20
27 __
Mav 4 v
11 ^
1

Covered
employment

Total
Insured
unem- benefits
ploypaid
(milment
(weekly
lions
averof dolage)
lars) *

Thou sands
59, 526
2, 070
2, 313
59, 375
2, 185
1, 783
2, 075
1, 828
1, 610
1, 523
1, 640
1, 572
1, 441
1, 452
1, 667
2, 093
2, 740
2,824
2, 749
2, 589

4, 179. 1
5, 498. 2
5, 491. 1
4, 441. 8
488. 3
406. 3
379. 4
315. 6
326. 9
353. 5
287. 8
322. 9
332. 5
378. 2
606. 9
597.8
600. 0
594 9

Sfe ite progra ms

Insured
unemployment




Initial
claims

Exhaustions

Weekly tiverage, t housands
296
25
1, 805
2, 150
295
38
1, 848
261
35
1, 632
29
246
213
33
1, 898
216
1, 669
33
193
1,465
31
1,384
206
28
1, 505
275
27
212
27
1, 436
1, 299
186
25
210
24
1, 299
266
1, 503
25
1, 922
395
27
32
2, 561
446
2, 630
359
34
2, 502
293
31
2, 247
263
30

2, 657
2, 585
2, 602
2,471
2, 400

Beginning with January 1973, monthly data include extended benefits.

12

DEC

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

Period

NOV.

2} 332
2,269
2,233
2, 114
2, 043

288
279
255
235
244
248

Source: Department of Labor.

Insurec1 unemploymerit as percent of covered
emplo yment
Unad- Seasonjusted ally adjusted
Per cent
3. 4
4. 1
3.5
2.7
3.4
2. 8
2. 5
2. 4
2. 5
2. 3
2. 1
2. 1
2. 4
3. 1
4. 1
4.2
4.0
3.5

18.9
2. 7
2. 7
2. 7
2. 7
2. 6
2.6
2.6
2. 7
2. 8
3. 1
8.3

3.4

3.4

Benefi ts paid
Total
(millions of
dollars)

Average
weekly
check
(dollars)

3, 848. 5
4, 957. 0
4, 471. 0
4, 007. 6
441. 0
365. 7
339. 2
286. 6
296. 3
316. 3
248. 3
280. 7
289. 4
335. 8
558.0
551. 2
550. 0
546. 0

50. 34
54.02
56. 03
58. 73
59. 09
59. 41
58. 44
58. 12
57. 42
57. 46
58. 13
58. 97
59. 61
60. 40
62. 04
63. 11
62. 00
63. 13

3.7
3.6
3.5
3.3
3. 2
(

^AGRICULTURAL EMPLOYMENT
ionally adjusted nonagriculturai payroll employment increased by 126,000 in April. There were large gains in
loyment in durable goods manufacturing (78,000), trade (38,000), services (31,000), and State and local governinent (63,000) and a large decline in contract construction (73,000).
MILLIONS OF WAGE
AND SALARY WORKE RS
80
_

76

..

-

^^~

68 p

., ^ *
.^ ^ 1

14

-

•*^^

-

.
NONA,AANUFACTURiNG
(PRIVATE)

44 I

^»*"***

. . •*—""*
*.

— -r
•»-»*• • •"••f.,1!!!*

12
***•»

—

IU

s>( £

""

'

.

SERVICES
~-i*>

DURABLE
MANLJFACTURING

*

12

_

....
....

p

f

>

24

10

•""'

p.

NONDURABLE
MAhslUFACTURINO

_

MAr^UFACTURING

-

\

\

\

20

*

^

WHOLESALE• AND RETAIL TRADE

'

m^^^^^**^

rr-—--"
r\

16

^^^^

\^^^^

72

(SEASONALLY A DUSTED)

••

_X*~*.*~—

NOh ^AGRICULTURAL
ESTA SLISHMENTS

"ALL

MILLIONS OF WAGE
AND SALARY WORKERS
18
(ENLARGED SO\LE)

(SEASONALLY AD JUSTED)

8

'..lltlM"*""""""'"""

""""

""""

"tM . I , , ! . , , , .
'l
IX.,,,,,,,.

J

16

GOVERNMENT
-

.,«,».\-" -•

. „ - - , , , , » -"
. '

4

12

8

/(I I t t 1 I 1 1 1 1 1

I 1 1 l_l I t 1 1 ( L

1972

1971

-^

CO vJTRACT
CONS TRUCTION

,—«•

1 I f f

1 h f 1 I 1

2 A\ \ \ \ 1 1 \ \ I 1 I

f f 1 ! I 1 f \ f f IfN

1973

1974

"

1971

i f i t i ! r i f ii

r i I1 r i f r f r f i

f t f 1 1 f 1 1 \ f 1K

1974

1973

1972

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT Of LABOR

l

[Thousands of wage and salary workers; seasonally adjusted]
Manufa sturing ( private)
Period

Total
Total

1968
1969
1970
1971
1972
1973
1973: Mar_
Apr__
MayJune.
July~
Aug—
Sept__
Oct__
Nov.
Dec..
1974: Jan__
Feb__
Mar»
Apr v

67, 915
70, 284
70, 593
70, 645
72, 764
75, 567
74, 914
75, 105
75, 321
75, 526
75, 478
75, 747
75, 961
76, 363
76, 679
76, 626
76, 526
76, 813
76, 785
76, 911

19, 781
20, 167
19, 349
18, 529
18, 933
19, 820
19, 643
19, 727
19, 782
19, 856
19, 804
19, 861
19, 882
20, 016
20, 095
20, 090
20, 006
19, 904
19, 854
19, 929

NonDurable durable
goods goods
11, 626
11, 895
11, 195
10, 565
10, 884
11, 633
11, 463
11, 534
11,602
11, 654
11, 646
11, 692
11, 708
11, 802
11, 859
11, 859
11, 774
11, 683
11, 644
11, 722

8, 155
8, 272
8, 154
7,964
8, 049
8, 186
8, 180
8, 193
8, 180
8,202
8, 158
8, 169
8, 174
8,214
8,236
8,231
8,232
8,221
8, 210
8, 207

]S

Total

Gover nment

Trans- Whole- Finance,
Coninsursale
tract portation
ance, Services Federal State
Mining conand
and
and
and
strue- public
retail
local
real
tion utilities trade
estate

36, 288
37, 915
38, 709
39, 261
40, 541
42, 089
41, 697
41, 764
41, 897
42, Oil
42, 079
42, 249
42, 423
42, 601
42, 746
42, 649
42, 636
42, 915
42, 892
42, 888

1
Includes all full-and part-time wage and salary workers in nonagriculturai
establishments who worked during or received pay for any part of the pay period
—>---^H includes the 12th of the month. Excludes proprietors, self-employed per"femestie servants, and personnel of the Armed Forces. Total derived from
le not comparable with estimates oi nonagriculturai employment of the
Flabor force, shown on p. 10, which include proprietors, self-employed
, and domestic servants; which count persons as employed when they




onmanu facturini y (private )

606
619
623
602
607
625
610
608
608
629
631
634
633
639
644
646
654
656
656
658

3, 285
3,435
3,381
3, 411
3, 521
3,648
3, 604
3, 571
3, 620
3, 654
3, 680
3, 676
3, 700
3, 694
3, 711
3,732
3, 636
3, 757
3, 717
3, 644

4,310
4, 429
4, 493
4,442
4,495
4,611
4, 580
4, 591
4, 593
4, 597
4, 598
4, 617
4, 629
4, 671
4, 654
4, 644
4, 684
4, 691
4, 675
4, 669

14, 084
14, 639
14, 914
15, 142
15, 683
16, 288
16, 163
16, 217
16, 256
16, 262
16, 294
16, 352
16, 388
16, 465
16, 520
16, 398
16, 417
16, 472
16, 480
16, 518

3, 382
3, 564
3, 688
3,796
3, 927
4,053
4, 024
4, 031
4, 044
4, 049
4,048
4,064
4, 078
4,088
4, 095
4, 101
4, 109
4, 124
4, 128
4, 132

10, 623
11, 229
11, 612
11, 869
12, 309
12, 866
12, 716
12, 746
12, 776
12, 820
12, 828
12, 906
12, 995
13, 044
13, 122
13, 128
13, 136
13, 215
13, 236
13, 267

2, 737
2, 758
2, 705
2, 664
2, 650
2, 627
2,631
2, 628
2, 641
2, 613
2, 588
2, 599
2, 613
2, 626
2, 638
2,654
2, 651
2, 670
2, 675
2, 667

9, 109
9, 444
9,830
10, 191
10, 640
11, 031
10, 943
10, 986
11, 001
11, 046
11, 007
11, 038
11, 043
11, 120
11, 200
11, 233
11, 233
11, 324
11, 364
11, 427

are not at work because of industrial disputes; and which are based on a sample
of the working-age 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 of private nonfarm payroll workers (seasonally adjusted) decreased by 0.2 hour to 3
hours in April. Of the 0.9 hour decline for manufacturing, 0.8 hour was due to a decline in overtime. The April declii,
may be largely due to the imperfect seasonal adjustment for the week which contained Good Friday.
HOIJRS PER WEEK (SEA SONAILY ADJUSTED}
46
TOTAL NOh4AGRICULTUR/vL
44

HOURS PER WEEK <SE,\SONALLY
46

ADJUSTED!

MANUFACTlJRING

PRIVATE
44

42

42

40

40

f^ —n

^^***«^*»—-s

^*

^\

38

38
f^V

36

36
^.M.ll.MM

1 f ! f t I 1 f 1 1I

1 11 1 1 !11 111

1971

34

1972

1973

I I I I i I i i i I IK

1974

34

"

1 1 1 1 1

1 1 1

I I I I.I I HIM

1972

1971

CONTRACT CONSTRUCTIC>N

1 1 1 1 I I 1 1 I l-l

1 1 I! ! I I 1 1 1 Us

1973

1974

RETAIL TRAE)E
40

40

36

1 1

42

42

38

Ml

A
>^y\

/S

*"N.

A
y^V\

38

f\

36

34

34

32

32

^^^

A1 I ( 1 1 1 1 1 1 1 1

1 1 . . . 1 . . . .i

. 1 . 1 I 1 . I 1 I !

1971

30

1972

1973

I I . ' I - ' I.I ! M U

1974

N

30 IM-'.i i 1, i.i. u.i
1971

,,,,,!,,,,,
1972

, , , ., ., 1 .,
1973

I.I

f . I. I.I.I

1974

I . I - 1 IK

N

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF lABOR

1

[Average hours per week ]
Total
n onagricultural
private 2

Period

Manufacturing

Contract
construction

Retail
trade 3

Total
nonagricultural
private 2

Unad justed

1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Mar
Apr _ .
Mav_ _
June.
July

_

-

Aug
Sept _ _ .
Oct
Nov
Dec
___ _
1974: Jan
Feb
Mar ^
Apr *> _
1
Data relate to production
2
Also includes other private
3

_

38. 8
38. 6
38. 0
37. 8
37. 7
37. 1
37. 0
37. 2
37. 1
36.9
36. 9
37.0
37.4
37. 6
37. 5
37. 3
37. 0
37.0
37. 2
36.4
36. 6
36.6
36. 3

41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
40.6
40. 7
40.8
40. 7
40.7
40. 9
40. 5
40. 5
41. 0
40. 7
40.8
41. 2
40.0
40. 1
40. 3
39. 3

workers or nonsupervisory employees.
industry groups shown on p. 13.
Includes eating and drinking places.

14




37. 4
37. 6
37. 7
37.4
37. 9
37. 4
37. 3
37.0
37. 2
36.6
36. 8
37. 5
38. 1
38. 4
38. 3
37. 9
37.7
37. 5
36.6
34.9
36.4
36. 8
35.9

Manufacturing

Contract
construction

Retail
trade 3

Seasonallyy adjusted

36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33.6
33. 2
32. 9
33. 0
33. 0
33. 8
34. 3
34. 1
33. 2
32.8
32. 8
33. 2
32.3
32.4
32.4
32.7

37.1
87. 2
37. 2
37. 1
37. 2
37. 0
37. 2
37. 0
37. 1
37. 0
36.7
37. 0
36.8
36. 6

Source: Department oi Labor.

40. 9
40. 9
40. 7
40.6
40. 7
40.5
40.8
40. 6
40. 6
40. 7
40.3
40.5
40.4
39. 5

37.0
37. 0
37.6
37. 4
37. 6
37. 1
36. 7
36. 9
38.5
37. 2
36. 2
37. 7
37.2
36. 1

38. 4
33. 4
33. 4
33. 5
33. 2
33. 0
33. 2
33. 0
33. 1
32. 9
32.8
33. 0
0fi> Q
<OK>. i?
00

1

OO. I

HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
erage hourly earnings (not seasonally adjusted) of private nonfarm payroll workers increased by 1 cent (3.0 pernt annual rate) in April to $4.07. This is an increase of 24 cents (6.3 percent) over the previous April.
DOLLARS

DOLLARS

AVERAGE WEEKLY EARNINGS

AVERAGE HOURLY EARNINGS
280

7.00

CONTRACT
CONSTRUCTION

.A

240

6.00

/\

CONTRACT
CONSTRUCTION

200

5.00

MANUFACTURING
^>..'**'M
4.00

TOTAL NONAGRiCULTURAL
PRIVATE
i

3.00

TOTAL NONAGRICULTURAL
PRIVATE
120

RETAIL TRADE

m*»m»T

RETAIL TRADE

80

2.00
1971

1972

1974

1973

1972

1971

1974

1973

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Average h ourly earni nog — cur re nt dollars
Period

1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Mar
Apr __
May
June
Julv
Aug
Sept
Oct
Nov
Dec_
1974: Jan
Feb
Mar vv
Apr
1

Total
nonagricultural
private l
$2.45
2. 56
2. 68
2. 85
3. 04
3. 22
3. 43
3. 65
3. 89
3. 80
3. 83
3. 85
3. 87
3.90
3. 91
3. 99
3. 99
4. 00
4. 01
4.
4.
4.
4.

02
04
06
07

Manufacturing
$2. 61
2. 72
2. 83
3. 01
3. 19
3. 36
3.56
3. 81
4. 07
3. 98
4. 01
4. 02
4. 04
4. 06
4. 06
4. 13
4. 14
4. 16
4. 21
4.
4.
4.
4.

21
21
23
24

Contract
construction
$3. 70
3. 89
4. 11
4. 41
4. 79
5. 24
5. 69
6.06
6.47
6. 28
6. 31
6. 34
6. 35
6. 40
6. 46
6. 64
6. 66
6. 67
6. 70
6. 74
6. 74
6. 75
(5.77

Retail
trade 2
$1. 82
1.91
2. 01
2. 16
2. 30
2. 44
2. 57
2. 70
2. 87
2. 81
2. 83
2. 84
2. 86
2. 86
2. 87
2. 92
2. 93
2. 94
2. 94
2.
2.
3.
3.

Also includes other private industry groups shown on p. 13.
Includes eatinp and drinking places,
diusted to exclude the effects of overtime and interindustry shifts.
33-510° — 74




3

99
99
01
01

Average vweekly earr ings— current dollars
Total
nonagricultural
private 1
$95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
144. 32
140. 22
141. 33
142. 45
144. 74
146. 64
146. 63
148. 83
147. 63
148. 00
149. 17
146.
147.
148.
147.

33
86
60
74

Manufacturing

Contract
construction

Retail
trade 2

$107.
112.
114.
122.
129.
133.
142.
154.
165.
162.
163.
163.
165.
164.
164.
169.
168.
169.
173.

$138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
240. 68
229. 85
232. 21
237. 75
241. 94
245. 76
247. 42
251. 66
251. 08
250. 13
245. 22

$66. 61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90.72
95. 28
92.45
93. 39
93. 72
96.67
98. 10
97. 87
96.94
96. 10
96. 43
97. 61

53
34
90
51
51
73
04
69
65
38
21
61
24
43
43
33
50
73
45

168. 40
168. 82
170. 47
166. 63

235.
245.
248.
243.

23
34
40
04

96. 58
96.88
97.52
98.43

Manufi icturiiig
indu stries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967=
1967
i nn s
dollars 4
$113. 79
92. 6
115. 58
95. 7
114. 90
100. 0
117. 57
106. 2
117. 95
112. 6
114. 99
119. 6
117. 10
127.5
135.4
123. 46
143.4
124. 15
140. 7
125. 10
141. 3
124. 87
142.0
124. 42
142. 4
124. 80
143. 2
123. 91
143.9
121. 71
124. 97
145. 2
145. 9
123. 35
146. 7
123. 35
148. 3
125. 23
149. 1
149. 7
150. 4
151.8

120.
119.
119.
115.

54
31
13
72

4

Earnings in current dollars divided by the consumer price index
Source: Department oi Labor.

IS

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

Industrial production (seasonally adjusted) rose 0.4 percent in April, following a 4-month decline. The rise was
centered in durable goods manufacturing.
Index, 1967 =100 (SEASONALLY ADJUSTED)

Index, 1967 = 100 (SEASONALLY ADJUSTED)

80

MANUFACTURING

MARKET GROUPS
140

140

INTERMEDIATE PRODUCTS

NONDURABLE
120

, i'
"i

120

\

DURABLE

100

100

1972

1971

1974

1971

1974

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total
industrial
production

Period

1966
1967_
1968
1969
1970
1971
1972
1973
1973: Mar_
Apr _ _
May
June.
July
Aug_ _
Sept
Oct
Nov
Dec
1974: Jan .__
Feb
Mar v
Apr ?

_

97.9
100. 0
105. 7
110. 7
106. 6
106. 8
115. 2
125. 6
123. 7
124. 1
124.9
125. 6
126.7
126. 5
126. 8
127. 0
127.5
126. 5
125.4
124. 6
124. 2
124. 7

COUNCIL OF ECONOMIC ADVISERS

[1967=100, seasonally adjusted]
Industry

Mimufacturi ng
Total

98. 3
100. 0
105. 7
110. 5
105. 2
105. 2
114. 0
125. 1
123. 4
123. 8
124. 9
125. 6
126. 5
126. 1
126. 3
126. 4
127. 4
1 26. 4
125. 3
124. 2
124. 2
124. 7

Source: Board of Governors of the Federal Reserve System.

16




Final produ cts

NonDurable durable
99. 0
100. 0
105. 5
110. 0
101. 4
99. 4
108.4
122. 0
119. 9
120. 6
121. 9
123.0
123. 8
122. 6
123. 3
123. 6
124. 3
123. 1
121. 1
119. 6
120.0
121. 1

M arket

97. 3
100. 0
106. 0
111. 1
110. 6
113. 5
122. 1
129. 7
128. 6
128. 4
129.2
129. 3
130. 6
130. 9
130. 7
1 30. 4
131. 3
131. 2
131. 4
131.0
130. 5
130. 2

Mining Utilities
Total

98. 4
100. 0
103. 9
107. 2
109. 7
107. 0
108.8
110. 3
109. 5
109. 0
109. 1
109. 5
111. 0
111. 5
111. 8
111. 9
111. 3
110. 4
109. 9
110. 5
111. 2
110. 8

93. 6
100. 0
109. 4
119. 5
128. 3
133. 9
143. 4
152. 6
149. 6
148. 7
149. 5
151. 6
154. 8
154. 8
155. 8
1 56. 2
154. (>
14.7. 6
144. 9
146. 1
144. 3
144. 9

96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111. 9
121. 3
119. 6
120. 0
120. 8
121. 3
122. 1
121. 4
122. 4
122. 7
123. 6
122. 6
121. 2
120. 3
120. 3
121. 0

Consumer
goods

Equipment

Intermediate
products

98. 6
100. 0
106. 6
111. 1
110. 3
115. 7
123. 6
131. 7
130. 8
130. 9
131. 7
131. 9
132. 9
131. 2
132. 3
132. 6
133. 5
131. 3
129. 2
127. 8
127. 4
128. 3

93. 0
100. 0
104. 7
106. 1
96. 3
89. 4
95.5
106. 7
104. 1
104. 7
105. 7
106. 6
107. 3
107. 6
108. 5
108. 9
110. 1
110, 1
109. 8
110. 0
110. 4
110. 7

99. 2
100. 0
105.7
112. 0
111. 7
112. 5
121. 1
131.0
129. 4
129. 3
130. 5
132. 0
132. 5
132. 1
131. 0
130. 6
131. 1
129. 1
129. 2
128. 7
127. 5
127. 2

Materials

99. 8
100. 0
105. 7
112. 4
107. 7
107.4
117. 4
129. 3
127. 0
127. 7
128. 3
129. 0
130. 9
130. 9
131. 3
131. 1
131. 5
130. 6
129. 7
128. 3
128. 2
128. 6

JODUCTION OF SELECTED MANUFACTURES
jst durable manufactures (seasonally adjusted) rose in April while most nondurables declined. The sharpest rise
was in transportation equipment, with automobile output increasing 1 3 percent.
Index, 1967 =100 (SEASONALLY ADJUSTED)

Index, 1967 =100 (SEASONALLY ADJUSTED)

120

TEXTILES, APPAREL,
AND LEATHER

100

1974

1971

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[1967 = 100, seasonally adjusted]
Durat le manufeictures
Period

1966
1967
1968
1969
1970
1971
1972
1973
1973: Mar
Apr
_ _
May _ _
June
_
Julv___ _
Aug _
Sept
Get
Nov___
Dec
1974: Jan
Feb _
Mar p _
Apr *

Nc ndurable manufactu res

FabriTranspor- Lumber Textiles,
Primary
Machin- tation
cated
and
apparel,
ery
equipmetals
metal
prodand
products
ment
leather
ucts

Paper Chemicals, Foods
and
petroprint- leum, and tobacco
ing
rubber

_ _

108. 8
100. 0
103.2
114. 1
106. 9
100. 9
113. 1
127.0

100. 5
100. 0
106. 3
113. 6
109.4
107. 4
114. 8
130.5

98. 6
100.0
101.9
106. 8
100. 3
96. 2
107. 5
125.8

101. 2
100. 0
109. 7
107. 6
90.4
92. 9
99.0
109. 1

98. 4
100. 0
104. 8
108. 6
106. 3
113. 9
122.4
127.9

101. 7
100. 0
104, 9
105. 9
100. 2
100.7
108. 1
115.0

98. 9
100. 0
104. 2
109. 1
107.8
107.8
116. 1
122. 2

94. 1
100. 0
109. 6
118. 4
118. 2
124. 7
137. 8
149. 3

97. 0
100. 0
103. 6
107. 5
110.8
113. 7
117.6
121. 9

_

123. 5
125.8
126. 1
124. 5
128. 1
125. 6
127. 8
128.7
128. 9
130. 7

128. 4
128. 9
130. 3
133. 4
133. 5
133. 8
131.5
132.4
133. 1
130.0

121.4
122. 6
124. 7
126. 9
127.6
128. 5
130. 0
129. 3
130. 4
130. 9

110. 3
110. 0
111. 0
112. 2
112. 1
105. 7
107.3
108.8
109.8
103. 0

129. 5
129. 1
127. 5
126. 6
125.4
128.4
128.9
127.4
127. 3
126. 3

114. 6
114. 0
113. 3
115. 0
114. 5
115. 4
117. 5
116.8
116. 7
118. 8

122. 4
120. 8
121. 9
122. 8
123. 8
124. 5
122. 1
121. 3
121. 9
121. 2

146.3
147. 9
150. 2
149. 8
151.8
151.0
150. 9
151. 1
151. 6
151. 6

121. 5
120. 7
121. 5
119. 5
121. 3
122. 0
122. 2
121. 7
124. 7
123.0

129.5
125. 6
125. 7
126. 3

131. 4
130.9
131. 8
132. 3

128. 6
127.4
128.4
129. 2

95. 7
93.4
93.9
97. 0

126. 1
127. 1
127. 2

116. 2
114. 5
112. 9
112. 0

121.7
120. 7
120.6
120. 1

151. 5
151. 1
151. 0
151. 0

125. 4
126.0
125. 6
126. 0

_

„ _ _ _

_

_ __

louree: Board of Governors of the Federal Reserve System.




17

WEEKLY INDICATORS OF PRODUCTION
Changes in weekly indicators of production (not seasonally adjusted) in April were mixed.
MILLIONS OF SHORT TONS

MILLIONS OF TONS

! ^, , , I , . , 1 , , , , | , , , I , , , 1 , , , , I , , , I , , i , I , , , f , . , I , , , , I , , ,yH
J

F

M

A

M

J

J

A

S

O

N

D

BILLIONS OF KILOWATT HOURS
50

J

F

M

A

M

J

J

A

S

O

N

D

THOUSANDS

CARS AND TRUCKS
300

200

100

nl , i i I , i i I , , , . 1 i , , I , , , I , , , , I, , , I , , i , I M , I , , , I , , , , I , ,
J
F
M
A
M
J
J
A
S
O
N
D

20 If
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS

Period
Weekly average:
1967___
1968
1969
1970
1971__ _ __
1972
1973 » _ _ _
1973: Mar_ _ _ _
Apr _
May
June
July
Aug
Sept
Oct ___
Nov
Dec
1974: Jan.
Feb
Mar
_ _ _
Apr *>
Week ended:
1974: Apr 6
13
20
27
May 4
11 v
18 9

2includes

data for Alaska.
Net charted.

18




Steel p reduced
Index
Thousands
(1967=
of net
tons
100)

COUNCIL OF ECONOMIC ADVISERS

Electric
Bituminous Freight Paperboarc
Car s and triicks
power
coal mined
loaded
produced
distributed (thousands (thousands (thousands assemb led (thoiisands)
of short
(millions of
of cars)
of tons)
Total
Cars Trucks
kilowat1>-hours
tons) 1

2,440
2,515
2,709
2,522
2, 310
2, 549
2, 892
2, 954
2,981
2,974
2, 911
2,781
2, 750
2,857
2, 906
2, 934
2,878
2,873
2,900
2,880
2, 900

100. 0
103. 1
111. 0
103. 4
94. 7
104.5
118. 5
121. 1
122. 2
121. 9
119. 3
114. 0
112. 7
117. 1
119. 1
120. 3
118. 0
117. 8
118. 8
118. 0
118. 9

23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
33, 643
33, 164
33,543
38, 061
39, 417
39, 783
36, 572
34, 762
34, 336
34, 911
35, 150
35, 617
34, 224
33; 302

10, 627
10, 485
10, 779
11, 595
10, 619
11, 450
11, 346
11, 330
11,214
11,493
10, 498
9, 621
12, 090
12, 054
12, 175
11, 530
11, 111
11, 348
12, 201
12, 078
12, 408

540
543
543
522
486
502
525
516
519
543
545
504
543
543
564
536
487
491
524
529
525

439
479
507
489
501
548
569
588
582
589
582
525
586
543
590
577
512
505
584
595
594

172. 9
207.6
195. 8
158. 9
204. 8
217.3
243. 5
276. 1
262. 0
269. 9
280. 1
216. 6
151. 5
234. 3
269. 2
257. 4
177. 0
189. 1
200. 1
196. 1
208. 9

142. 4
170. 1
158. 1
125. 9
165.0
169.6
185.8
212. 1
200. 8
207.3
216. 7
164. 4
106. 5
179. 0
208. 8
198. 5
129.0
133. 1
141. 1
139. 2
153. 1

30. 5
37.5
37.8
33. 0
39. 8
47. 6
57.7
64. 1
61. 2
62. 6
63. 3
52. 2
45. 0
55. 3
60. 5
58. 9
48. 0
56. 0
59. 0
56. 8
55. 8

2, 914
2, 904
2, 895
2, 907
2, 911
2, 915
2
2, 871

119. 4
119. 0
118. 7
119. 2
119. 3
119. 5
117,7

33, 849
33, 280
32, 654
33, 209
33, 520
33, 769

11,
12,
12,
12,
12,

511
504
520
542
545
544

589
586
580
593
623
595

201. 3
178. 6
218. 7
232. 2
213. 6
228. 7
231. 3

144. 7
133. 9
160. 2
171. 6
154. 9
172. 0
170.6

56. 5
44. 7
58. 5
60. 6
58. 7
56. 8
60. 7

255
170
965
830
820

Sources: American iron and Steel Institute, Edison Electric Institute, Der
ment of the Interior, Association of American Railroads, American Paper I:
tute, and Ward's Automotive Reports.

3W CONSTRUCTION
cording to preliminary estimates, expenditures for new construction (seasonally adjusted) declined 1 percent in
.arch. Both public and private construction contributed to the decline.
BILLIONS OF DOLLARS
160

BILLIONS OF DOLLARS
160
SEASONALLY ADJUSTED ANNUAL RATES

140

140

TOTAL NEW CONSTRUCTION
120

120

100

100
PRIVATE

.L-

80

60

60

_ PUBLIC-

40
"%..»..,„.,„„
l l i t i I I I I i i I i l I t I

20

40

> ' • . , „ . " " •••"•'
•• • . . , « "

I

I

I

I

I

II

'

i i i i

i i i i i

I I I I I

I I I I

I

I

I \

\

I

I

I I I I I I I I I I tl

I I I

20

40

20

20
1968

1974

SOURCE: DEPARTMENT OF COMMERCE

Total new
i constructjon
expendij
tures

Feriod

86. 6
93. 4
94. 2
109. 2
123. 8
135. 1

1968
1969
1970
1971.
1972___
1973

COUNCIL OF ECONOMIC ADVISERS

Total

59. 0
65. 4
66. 1
79. 4
93. 6
102. 6

Private
Resid ential
New
housing
Total i
units
30. 6
33. 2
31. 9
43. 3
54. 2
57. 7

Commercial and
industrial

24. 0
25. 9
24. 3
35. 1
44. 7
47. 7

13. 8
16. 2
16. 3
17. 0
18. 1
21. 6

Other

14. 7
16. 0
17.9
19. 1
21.3
23. 2

Construetio neon tracts 2
CommerTotal value cial and
index,
industrial
(1967 = floor space
100)
(millions of
square feet)

Federal,
State,
and
local

27. 6
28. 0
28. 1
29. 9
30. 2
32. 5

113. 2
123. 7
123. 1
145. 4
165. 3
181. 3

1

Seasonall y adjusted at inual rates

1973:

Jan
Feb
Mar

_ _

Apr

Mav
- June _ _
July _
Aug
Sept__ _
Oct

Nov

Dec_
1974: Jan
Feb *
Mar v

.i
_

135. 7
136. 4
137. 5
133. 9
134. 2
133. 7
136. 5
136. 4
136. 2
135. 9
134. 8
133. 4
134.0
134. 9
133. 6

102. 0
104. 1
103. 8
101. 3
101. 8
102. 7
105. 0
105. 3
103. 0
102. 4
101. 9
99. 6
98. 6
99. 2
98. 2

59. 4
61. 5
60. 7
58. 1
57. 5
58. 1
59. 0
59. 2
58. 5
56. 5
54. 7
52. 7
50.4
49. 9
49. 9

48. 1
49. 4
49. 6
48. 9
49. 2
49. 5
49. 5
49. 3
48. 2
46. 0
44. 1
42. 0
39. 7
39. 3
39. 3

'ides noiihouseKeeping residential construction and additions and aiteraot shown separately.
r
. Dodge series. Relates to 50 States beginning 1969 for value index and
ig 1971 for floor space.




20. 3
20. 1
20. 6
20. 8
21. 5
21. 6
22. 5
22. 5
21. 4
22. 1
22. 9
22. 7
23. 2
24. 5
23. 3

22. 4
22. 6
22. 5
22. 4
22. 9
23. 0
23. 6
23. 6
23. 1
23. 8
24. 4
24. 1
25. 0
24. 8
25. 0

33. 7
32. 3
33. 6
32. 6
32. 3
31. 0
31.5
31. 1
33. 2
33. 5
32. 9
33.8
35. 4
35. 7
35. 5

779
883
743
727
854

1, 021
Seasonally
Seasonally adjusted
adjusted
annual
rates
181
1, 022
191
1, 029
193
177
173
183
175
199
182
191
194
161
155
187
181

993

1, 012
1,
1,
1,
1,
1,
1,

988

027
161
118
029
106
047

815
885
968
878

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 (seasonally adjusted) rose 9.6 percent in April to an annual rate of 1,626,000, about trie SOL
as the first quarter rate. Permits for future housing units fell 9.6 percent.
MILLIONS OF UNITS
3.0

MILLIONS OF UNITS
3.0

1.0

1968

1974
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT Of COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATE•

[Thousands of units]
Hou sing star is

Period

1968_
1969
1970
1971.
1972__ _
1973
1973: Mar.. _
Apr
May
June
July .
Aug _
Sept ...
Oct___
Nov _
Dec „
1974: Jan
Feb_ _ _ _ _
Mar »
Apr v_

Total
Total
private
and
private
public (includ(including
ing
farm)
farm)
1, 545. 4 1, 507.
1, 499. 5 1, 466.
1, 469. 0 1, 433.
2, 084. 5 2, 052.
2, 378. 5 2, 356.
2, 057. 5 2, 045.

201. 1
205. 4
234.2
203. 4
203. 2
199. 9
148. 9
149. 5
134.6
90.6
86.2
109. 6
125. 9
160. 5

6
8
6
2
6
3

200. 0
205. 0
234. 0
202. 6
202. 6
197. 2
148. 4
147. 1
133. 3
90. 4
84. 5
109. 4
123. 5
159. 1

Private
Total ( including; farm)
Total
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
2, 283
2, 153
2, 330
2, 152
2, 152
2, 030
1,844
1, 674
1,675
1, 403
1, 464
1, 922
1, 484
1, 626

J Units are for i- to 4-family housing.
Authorized by issuance of local building permit: in 14,000 permit-issuing
places beginning 1972; 13,000 for 1967-71; 12,000 for 1963-66; and 10,000 prior to 1963.
2

20




Gover nment
home pirograms
(nonJ arm)

Two or
more
FHA 1
VA
units
899.4 608. 2
147. 7
56. 1
153. 6
51. 2
810.6 656. 2
233. 5
812.9 620. 7
61. 0
901. 2 301. 2
1, 151. 0
94. 0
1, 309. 21, 047. 5 198.4 104. 0
1, 132. 0 913.3
73. 6
86. 1
Seasona lly ad jus ted annu al
1,040
92
1, 244
100
922
1,231
75
98
1,088
82
1,243
109
1, 140
1,013
79
89
1,232
920
88
81
921
69
92
1, 108
854
990
66
71
62
957
52
718
938
737
57
57
767
636
37
68
793
671
39
61
64
1,056
866
48
521
72
963
35
983
643
74
One
unit

Propos 3d home
constriiction 3

||
New
private
housing
units
authorized 2
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 795. 5
rates
2, 129
1,939
1, 838
2, 030
1,780
1, 750
1,596
1, 316
1, 314
1, 237
1, 301
1, 333
1,461
1, 321

Applications for Requests
forVA
FHA
commit- appraisals
ments 1
168. \)
187. 6
315. 0
366.8
225. 2
83. 2

131. 7
138. 2
143. 7
217. 9
209.4
161. 9

94
71
91
99
92
69
94
51
56
30
46
62
45

200
168
166
166
136
141
137
142
134
124
124
163
144
150

8
Units represented by mortgage applications or appraisal requests for
home construction.
Sources: Department of Commerce, Department of Housing and 1
Development, and Veterans Administration.

"TTSINESS SALES AND INVENTORIES—TOTAL AND TRADE
book value of manufacturing and trade inventories (seasonally adjusted) rose by $2% billion in March, which
wus below the average monthly increase of the preceding 4 months.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

(SEASONALLY ADJUSTEDJ

240

RETAIL TRADE (ENLARGED SCALE)
220

40
20
1971
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total I>usiness

l

I

!
Period

Wholesale

Inventories 3

Sales 2

87, 178
89, 698
97, 100
103, 104
104, 708
112, 267
124, 680
144, 541

136,
145,
155,
166,
174,
183,
196,
221,

729
164
376
813
875
622
002
357

16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
24, 850
30, 405

20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
31, 732
36, 926

138, 910
141, 010
141, 274
142, 682
142, 311
146, 458
146, 068
146, 235
150, 157
153, 096
151, 381
155, 015
157, 104
159, 511

199, 956
201, 317
202, 529
204, 623
206, 961
208, 776
210, 548
212, 227
214, 284
217, 637
221, 357
224, 657
227, 726
230, 210

28, 423
29, 312
29, 621
29, 675
29, 528
30, 443
30, 692
30, 646
31, 918
33, 101
33, 910
34, 896
36, 091
37, 410

33, 051
33, 245
33, 574
33, 986
34, 148
34, 653
34, 964
35, 266
35, 379
36, 265
36, 926
37, 826
38, 501
39, 399

Sales 2

Inventories "

*Millions of
1966
1967
1968
1969.
1970
1971
1972
1973

1973: Feb

Mar
Apr_
May

June
Julv
Aug
Sept
Oct

Nov
Dec
1974: Jan
Feb
Mar »

Apr*
1
The term "business" also includes manufacturing (see page 22).
^Monthly average for year and total for month.




R«stall

Sales 2

[nventories

NonDurable durable
Total
goods
goods
stores
dollars, se asonally a d justed
25, 330
8, 192 17, 138
26, 151
8, 348 17, 803
9, 268 19, 222
28, 490
29, 824
9, 626 20, 197
31, 294
9, 524 21, 770
34, 071 10, 985 23, 086
37, 365 12, 472 24, 893
41, 943 14, 190 27, 754
41, 242
41, 979
41, 185
41, 723
41, 167
42, 767
42, 355
42, 529
42, 970
42, 976
42, 116
42, 932
43, 134
43, 792
44, 409

14, 405
14, 612
14, 339
14, 299
13, 731
14, 409
14, 481
14, 267
14, 331
14, 090
13, 270
13, 525
13, 327
13, 603
14, 019

26, 837
27, 367
26, 846
27, 424
27, 436
28, 358
27, 874
28, 262
28, 639
28, 886
28, 846
29, 407
29, 807
30, 189
30, 390

3

Nondurable
goods
stores

Total

Durable
goods
stores

38, 073
38, 952
41, 973
45, 376
46, 626
52, 261
56, 551
63, 561

17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
26, 034
28, 778

20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 517
34, 783

57, 823
57, 898
58, 378
59, 012
59, 788
60, 213
60, 677
60, 847
61, 681
62, 937
63, 561
64, 261
64, 394
64, 743

26, 234
26, 146
26, 356
26, 661
27, 051
27, 494
27, 563
27, 507
27, 926
28, 662
28, 778
28, 852
28, 789
28, 578

31, 589
31, 752
32, 022
32, 351
32, 737
32, 719
33, 114
33, 340
33, 755
34, 275
34, 783
35, 409
35, 605
36, 165

2
Book value, end of period, seasonally adjusted.
Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
New orders received by manufacturers (seasonally adjusted) edged down in March while shipments were hi
The rise in the book value of inventories was half as large as in February. Preliminary data for Aprs! indicate a
in both orders and shipments of durable goods.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

INVENTORIES
120
TOTAL

100

DURABLE GOODS

80

NONDURABLE GOODS
I i i ii I i i i I r I iJ Lit I i I I t I

40

NONDURABLE GOODS

20

INVENTORY-SHIPMENTS RATIO

1.60
1.40
1971

1972

1973

1974

1974

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufac turers' sh ipments 1 Manufad burers' inv entories 2
.—

Ma nufacture rs' new ordejrs l

Dural)le goods
Period

Total

NonDurable durable
goods
goods

NonDurable durable
goods
goods

Total

Total

Total

NonCapital durable
goods
industries, goods
nondefense

Manufacturers'
inventory—
shipments
ratio 3

Millions of dollars seasonal y adjuste d

1968
50, 282
1969
53, 555
1970
52, 860
1971_ _ _
55, 917
1972
62, 466
1973
72, 193
1973: Mar
69, 719
Apr
70, 468
May
71, 284
June
71,616
July
73, 248
Aug _ _
73, 021
Sept
_ 73, 060
Oct
75, 269
Nov__
77, 019
Dec
75, 355
1974: Jan
77, 187
Feb_ 4
77, 879
Mar 4
78, 382
Apr

27, 694
29, 459
28, 231
29, 948
33, 892
39, 519
38, 064
38, 651
39, 284
39, 257
40, 779
39, 633
40, 162
41, 567
41, 896
40, 203
40, 792
40, 974
40, 820
41, 136

22, 588
24, 096
24, 629
25, 969
28, 573
32, 674
31, 655
31,817
32, 000
32, 359
32, 469
33, 388
32, 898
33, 702
35, 123
35, 152
36, 395
36, 905
37, 562

1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
3

59, 112
63, 371
66, 768
66, 050
70, 218
79, 441
71, 873
72, 213
72, 867
73, 801
74, 278
75, 213
76, 249
76, 951
77, 645
79, 441
80, 541
81, 925

90, 875
97, 074
101, 645
102, 445
107, 719
120, 870
110, 174
110, 577
111, 625
113, 025
113, 910
114, 907
116, 114
117, 224
118, 435
120, 870
122, 570
124, 831
126, 500
i

For annual periods, ratio of weighted average inventories to average monthly

22




31, 763
33, 703
34, 877
36, 395
37, 501
41, 429
38, 301
38, 364
38, 758
39, 224
39, 632
39, 694
39, 865
40, 273
40, 790
41, 429
42, 029
42, 906

50, 243
53, 646
52, 063
55, 732
63, 514
74, 636
72, 806
73, 325
74, 535
75, 361
75, 145
76, 113
75, 129
77, 758
79, 441
76,811
79, 077
80, 017
79, 734

27, 666
29, 549
27, 431
29, 751
34, 867
41, 897
41, 021
41, 341
42, 449
43, 016
42, 697
42, 689
42, 259
44, 037
44, 315
41, 546
42, 453
43, 157
42, 161
43, 692

6, 971
7, 694
7, 021
7, 339
8, 983
11,037
10, 572
10, 619
10, 919
11, 415
11, 404
11, 032
11, 267
11, 595
11, 970
11, 569
11, 746
12, 210
11, 470
11, 384

22, 577
24, 097
24, 632
25, 981
28, 648
32, 738
31, 785
31, 984
32, 086
32, 345
32, 448
33, 424
32, 870
33, 721
35, 126
35, 265
36, 624
36, 860
37, 573

1. 74
1. 76
1. 89
1. 82
1. 67
1. 57
1. 58
1. 57
1. 57
1. 58
1. 56
1. 57
1. 59
1. 56
1. 54
1. 60
1.59
1. 60
1. 61

shipments; ior monthly data, ratio ol inventories at end oi month to shipments
for month.
4
Kevised series; not comparable with prior data; not charted.
Source: Department of Commerce.

*/[ERCHANDISE EXPORTS AND IMPORTS
iMarch, the seasonally adjusted merchandise trade balance swung into deficit by $171 million, reflecting a sharp
e in prices of oil imports.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1968

1974

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Millions of dollars )
J^erehandise exportDS

Period

Total (includmg reexports) l
Seasonally ad- Unadjusted
justed

Monthly average:
1966
1967
1968
1969
1970
1971_
1972
1973

2,458
2,586
2, 839
3, 111
3, 555
3,629
4, 102
5,900

Domesti c exports
Food, Crude Manufacbever- mate2
Total i
tured
rials
ages,
goods
and to- and
bacco fuels

2, 421
2, 554
2, 802
3,066
3,502
3, 576
4, 035
5,809

432
392
383
370
422
423
547

1,078

367
394
405
417
558
537
591
895

Merch andise irnports
Gen<*ral impc>rts 3
2
Food, Crude
Total
bever- mateSeason- Unadages,
rials
ally ad- justed and to- and
justed
bacco
fuels

1, 602
1, 737
1, 985
2,232
2,445
2,537
2,813
3,725

2, 135
2,241
2, 769
3, 004
3, 329
3,797
4, 632
5,760

U aadjuste i

1973: Feb
5,071
Mar
6, 309
Apr _
5,492
May
5, 557
June
5, 726
July
5, 860
Aug
6, 044
Sept_ _ _ 6,414
Oct
6, 584
6, 871
Nov
Dec.
6,954
7, 111
1974: Jan
7, 606
Feb
Mar
7, 6-74

4,866
5, 922
5, 561
6, 021
5, 858
5, 326
5, 787
5,959
6, 749
7, 091
6,926
6,832
7, 298
8, 520

4,797
5, 827
5, 457
5, 925
5, 754
5, 244
5, 684
5, 880
6, 634
7,001
6,842
6,750
7, 207
8, 406

747
884
843
903

1, 023
980

1,294
1,284
1, 327
1, 514
1,387
1,289
1, 244
1, 336

476
447
503
533
545
606
737
1, 112

1,204
1, 313
1, 719
1, 918
2, 159
2,535
3, 147
3,732

323
345
70
107
225
168

-530

140

Unad; usted
815

1, 023
897
974
873
755
773
694
986

1, 110
1,105
1,072
1,268
1,376

'-Total excludes Department of Defense shipments of grant-aid military sup*B and equipment under the Military Assistance Program,
votal includes commodities and transactions not classified according to kind.
Total arrivals of imported good? other than intransit shipments.




382
392
447
442
519
534
615
767

Merchandise
trade
Manubalance,
facseasontured
goods ally adjusted

3, 139
3, 828
3, 583
3,942
3,725
3,383
3,523
3, 811
4, 192
4,236
4,244
4,248
4,563
5, 523

5, 482
5y 411
5,856
5, 700
5, 765
5, 821
5, 991
5, 621
5, 969
6, 628
6,084
6,467
7, 392
7, 845

4,958
5, 601
5, 349
6,033
5, 901
5, 652
5, 997
5, 286
6, 373
6,787
5,777
6,650
6,692
7, 823

645
714
757
835
724
693
788
707
835
936
839
881
830
1,015

854
994
915
1,070
1, 077
1, 005
1, 209
1, 103
1,311
1,424
1,452
1,742
1, 989
2, 343

3, 331
3, 742
3, 534
3, 996
3, 938
3,800
3, 845
3, 332
4, 067
4,283
3, 331
3,882
3, 718
4, 295

— 412
— 102
136
-143
-40
39
53
792
615
243
870

644

213
— 171

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 record high surplus of $4.0 billion (seasonally adjusted) in the balance on goods and services in the foi
quarter of 1973 contributed to a large surplus of $6.9 billion in that account for the year 1973 as a whole.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BALANCE ON GOODS
AND SERVICES

BALANCE ON CURRENT ACCOUNT

-3

-3
1974

1968

COUNCIL OF ECONOMIC ADVISERS

SOURCEt DEPARTMENT OF COMMERCE

[Millions of dollars]

Period
Exports

1968
1969 __
1970
1971
1972
1973

33,
_ 36,
41,
42,
48,
70,

Imports

Net i]ivestment i ncome

Milifo iry transactions

M erchandis(, 1 2

Net
balance

Direct
expenditures

Sales

626 -32,991
635 -4, 535 1,392
400 -35,807
593 -4, 856 1, 512
964 -39,788 2, 176 -4, 852 1,478
768 -45,466 -2,698 -4, 829 1, 912
769 -55,681 -6, 912 — 4, 724 1, 166
255 -69, 567
688 -4, 536 2,365

Net
balance

Private 3

U.S.
Government

Remittances,
Balpenance
sions,
on
and
curother
rent
uniaclateral count
transfers l
2,465 -2, 909
— 443
1,891 -2, 941 -1,050
3,630 -3,214
416
807 -3, 598 -2,790
-4, 610 -3, 744 -8,353
6, 900 -3,859
3,041

Net
Baltravel
and
Other ance
on
trans- servporta- ices, goods
and
tion
net
serv-4
expendices 1
itures

-3, 143 6, 157
63 - 1, 548
-3,344 5, 820
155 - 1, 782
-3, 374 6, 374
-115 -2,013
-2, 918 8,929
-957 -2, 288
— 3, 558 9, 751 -1,889 -2, 853
-2, 171 12, 746 -3,023 -2, 312

302
449
581
739
851
972

Seaso nally ad; usted
1972: I I . . 12, 362 -13, 935- 1, 573
I..
-1, 108 262
IV
13, 213 - 14, 958 1, 745 151
-1,
287
1973:1
15, 229 -16, 174 -945 -1, 168
343
II
16, 672 -17, 009 -337 -1, 185
455
I I . 18, 143 -17, 531
I..
612 -1, 073
532
IV
20, 211 — 18, 853 1,358 -1, 110 1, 035
1974:1 9

22, 380 -22, 090

1
Excludes
2
Adjusted
3

-846
-864

2, 447
2, 763

-497
— 531

-825
— 730
-541
-75

2,977
2,911
3, 135
3, 723

-647
-778
-802
-796

290

military grants.
from Census data lor 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




-679
-730
-608
-703
-476
-525

209
237
232
238
221
280

-939 -954 - 1, 893
-870 -881 -1,751
184 -742
— 558
601 -1,041
-440
2, 149 -903
1,246
3,965 -1, 174
2, 791

"
4
Equal to net exports oi 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.

,S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
z net liquidity balance deficit of $544 million (seasonally adjusted) in the first quarter of 1974 reflected an improvement over the last quarter of 1973 due to a shift in capital flows. The official reserve transactions balance was in surplus
by $865 million as U.S. liabilities to foreign official agencies declined and U.S. official reserve assets rose.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM

CAPITAL

OFFICIAL RESERVE
TRANSACTIONS BALANCE

1968
SOURCE; DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
NonLong-ter m capital Balance liquid
on
flows , net
current shortterm
account private
U.S.
artel long- capital
2
Govern- Private
term
ment l
capital flows
net 2

Period

1968
1969
1970
1971
1972
1973

_

-2, 158
1, 191 — 1, 411
231
-1,926
-70 -3,046 -640
-2, 018 -1, 429 -3, 031 -482
-2, 359 -4, 401 -9, 550 -2, 347
-152
— 1, 339
— 9, 843 -1, 637
1,214 -4, 210
-1,470
— 357

Allocations
of
special
drawing
rights

Errors
and
omissions,
net

Net
liquidity
balance

Liquid
private
capital
flows,
net 2

Official
reserve
transactions
balance

Changes
in liabilities
to
foreign
official
agencies,
net 3

Changes
in U.S.
official
reserve
assets,
net 4

3,252
-431
-1,611
1,641
— 761
-880
15,
-2, 395 -6, 081
8, 820
2,739 -1,552 -1, 187 16,
867 -1,205 -3, 851 -5,988 -9,839
7,362
2,477 14,
717 - 10, 784-21, 965 -7, 788-29, 753 27, 405
2,348 12,
710 -3, 112 -13, 882 3, 542 - 10, 340 10, 308
32 13,
-4, 793 -7, 789
2, 503 -5, 286
5,077
209 14,

1
2

-366
-393
— 2, 652 -430
-586i
781 - 1, 556 -982
-336
8
-886 — 1, 765
75!
-303
-668 - 1, 426
-363i
1, 666!
2, 549
46
214 -1,065
-8461 — 1, 731'

177 -1, 626
177 -1,490
-3, 898
477
-1, 097
— 275

Excludes liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other international and
regional organizations.
1
Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
^o, and gold deposits with, the United States.
* Consists of gold, special drawing rights, convertible currencies, and the U.S.
>ld tranche position in the IMF. Minus sign indicates increase.




-4, 531
7 -4, 524 4, 579
2, 367 -1,484
-3, 851
1, 5951
-6, 549 -3, 927 -10,476 10, 256
1, 972
-372
355
— 1, 617
632
2, 117
1, 498
2, 130
-1, 126 3,826
2,685
2, 700
— 544
1, 409
— 655
865

710
964
487
167
151
378

Unadjusted

Seassonally ad justed
1972: III___
IV. __
1973: I
II—.
III...
IV___
1974: I v __

U.S.
official
reserve
assets,
net
(end of 5
period)

-55
-111
220
17
-13
-15
-210

13, 217
13, 151
12, 931
12, 914
12, 927
14, 378
14, 588

6
Includes increases as follows: for 1969, $67 milJion resulting from revaluation
of the German mark in Oct. 1969; for 1971, $28 million in dollar value of foreign
currencies revalued to reflect market exchange rates as of Dec. 31,1971; for second
quarter and year 1972, $1,016 million resulting from change in par value of the
dollar on May 8,1972; and for fourth quarter and year 1973, $1,436 million resulting
from change in par value of the dollar on Oct. 18, 1973.
Sources: Department of Commerce and Department of the Treasury.

25

PRICES

CONSUMER PRICES

In April, the consumer price index rose 0.6 percent (also 0.6 percent seasonally adjusted). Hisher energy prices
accounted for almost one quarter of the rise. Food prices declined 0.3 percent (0.4 percent seasonally adjusted).
Nonfood commodity prices increased 1.3 percent (1.1 percent seasonally adjusted) and services prices rose 0.6
percent.
Index, 1967 =100
160

InJex, 1967 =100
160

150

15Q

140

140

130

130

120

120

COMMODITIES
LESS FOOD

110

100

100
1968

196?

1970

1972

1971

1974

1973

SOURCE; DEPARTMENT OF LABOR

COUNCIl OF ECONOMIC ADVISERS

[1967 = 100]
Period

1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Mar
Apr
May

June
July

Aus:

___ _

_ _

_ _

Sept.. _ _ _ _ _ _ _ _ _

Oct__
Nov _ _
Dec__
1974: Jan
Feb
Mar
Apr

Source: Department of Labor.

26




All

items

94.5
97.2
100. 0
1042
109. 8
116. 3
121. 3
125. 3
133. 1
129. 8
130. 7
131. 5
132. 4
132.7
135. 1
135.5
136. 6
137. 6
138. 5
139. 7
141. 5
143. 1
144. 0

All com-

modities

95.7
98.2
100. 0
103. 7
108. 4
113. 5
117. 4
120. 9
129. 9
126. 1
127.4
128. 3
129. 4
129. 7
132. 8
132.8
133. 5
134. 7
135.7
137.0
139.3
141. 0
141. 9

Services
Co m modi tie 3
Commlodities les53 food
Services
All
Rent
Food
less
NonAll
Durable durable services
rent

94.4
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
123. 5
141. 4
134. 5
136. 5
137.9
139. 8
140. 9
149.4
148. 3
148. 4
150. 0
151. 3
153.7
157.6
159.1
158. 6

96. 2
97.5
100. 0
103. 7
108. 1
112. 5
116. 8
119. 4
123. 5
121. 5
122. 3
123. 0
123.7
123. 5
123. 8
124.3
125. 4
126. 3
127. 1
127.9
129.2
131.1
132. 8

98. 4
98.5
100. 0
103. 1
107.0
111. 8
116. 5
118.9
121. 9
120. 2
121.0
121.8
122. 3
122.4
122. 6
122. 6
123. 2
123. 3
123. 2
123. 3
123.4
124. 3
126. 1

94. 8
97. 0
100. 0
104. 1
108. 8
113. 1
117.0
119.8
124.8
122.4
123.3
124.0
124. 7
124. 4
124.7
125.5
127.0
128. 5
130.0
131.3
133. 5
136. 1
137. 7

92. 2
95. 8
100.0
105.2
112. 5
121.6
128. 4
133. 3
139. 1
136. 6
137. 1
137. 6
138. 1
138. 4
139.3
140.6
142. 2
143. 0
143.8
144.8
145.8
147.0
147. 9

96.9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119. 2
124. 2
122.8
123. 2
123.7
124.0
124. 4
125. 0
125.4
125. 9
126.3
126. 9
127. 3
128.0
128. 4
128. 8

91. 5
95. 3
100. 0
105. 7
113. 8.
123. 7
130. 8

135. 1>
141. &
139. 2
139. 6
140. 1
140. 7
141. a
141. 9
143. 4
145. 2
146. 1
146. £
148. 0149. 1
150. 4
151. 4

WHOLESALE PRICES
.he wholesale price index rose 0.5 percent in April (0.7 percent after adjustment for seasonal factors). Prices of farm
products and processed foods and feeds decreased 3.7 percent (3.0 percent seasonally adjusted). Industrial commodity
prices were up 2.4 percent (2.3 percent seasonally adjusted)/ for the second month in a row higher metal prices
accounted for one-third of the industrial price increase.
Index, 1967 =100

Index, 1967=100

200

200

180 !—

180

A

M

160

160

140

140

ALL COMMODITIES _ /_
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
120

120

100

100

1968

1973

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

All

commodities

Period

1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Mar
Apr_
May.
June__
July
Aug
Sept__
Oct

Nov

Dec

1974: Jan
Feb
Mar__
Apr

_ ___

96.6
99.8
100. 0
102. 5
106. 5
110. 4
113. 9
119. 1
135. 5
129. 7
130. 7
133. 5
136. 7
134. 9
142. 7
140. 2
139. 5
141. 8
145. 3
150. 4
152. 7
154. 5
155. 3

[1967=100]
Farn i product 3 and
processe;d foods a nd feeds
Processed
All inFarm
dustriTotal
prodfoods
als1
ucts
and
feeds
96. 4
95. 5
97. 1
98. 7
98. 5
103. 5
105. 9
101. 2
100. 0
100. 0
100. 0
100. 0
102. 4
102. 5
102. 5
102. 2
108. 0
106. 0
109. 1
107. 3
112. 1
111. 7
111. 0
110. 0
112. 9
113. 8
114. 3
114. 0
122. 4
117. 9
125. 0
120. 8
159. 1
176. 3
148. 1
127. 0
149. 0
160.9
122. 7
141. 4
147. 9
160. 6
124. 4
139. 8
154. 9
170. 4
125. 8
145. 0
163. 6
182. 3
151. 8
126. 9
156. 9
173. 3
126. 9
146.5
184. 5
213. 3
127. 4
166. 2
173. 5
200. 4
128. 1
156. 3
188.4
166. 8
129. 6
153. 1
164. 4
184. 0
133. 5
151. 9
168. 0
187. 2
137. 1
155. 7
202. 6
162. 1
177. 8
140. 5
142. 5
180.6
205. 6
164. 7
176. 2
197. 0
146. 6
163. 0
169.6
186. 2
159. 1
150. 1

k1 Coverage of the subgroups does not correspond exactly to coverage of this
lex.
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
if tobacco.




1974

Iridustrial c ommoditi es

Crude
materials 2
100. 9
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
131. 1
155. 2
142.5
146. 8
149. 6
152. 8
153. 5
156. 0
161. 0
164. 7
174. 2
179. 8
188. 2
202. 7
212. 2
224. 8

Inter- Producmediate er finmateished
rials 3
goods
96. 9
98. 9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
128. 4
124.8
126. 6
128. 0
128. 9
128. 7
129. 5
130. 3
131. 2
133. 5
135. 9
139. 8
142. 2
147. 3
152. 0

94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
123. 5
121.7
122. 3
123. 1
123. 4
123. 5
123. 9
124. 2
125. 1
125. 7
126. 7
128. 3
129. 3
130. 9
132. 4

Consuraer finished g<3ods excludini* foods
NonDurdurable
able
95. 9
97. 9
97. 8
98. 5
100. 0
100. 0
102. 2
102. 2
104. 0
105. 0
108. 2
107. 1
111. 3
110. 9
113.2
113. 6
125. 9
115. 8
114.5
117.8
119. 8
115. 3
121. 6
115. 7
124. 7
115. 9
124. 5
116. 1
124. 5
116. 3
124. 8
115. 8
116. 7
128. 2
117. 0
140. 9
151. 1
117. 9
154. 6
119.6
120. 2
155. 2
120. 9
158. 7
122. 0
159. 2

3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
0*7

PRICES RECEIVED AND PAID BY FARMERS
In the month ended April 1 5, prices received by farmers declined 6 percent. Contributing most to the decrease
lower prices for wheat, hogs, cattle, corn, soybeans, and eggs. Prices paid rose 2 percent, reflecting sharply higher
prices for fertilizer and seeds. Both the actual and adjusted parity ratios dropped 7 points.
Index, 1967 =10Q

Index, 1967 =100

220

200

180

PRICES RECEIVED
(ALL FARM PRODUCTS)
160

PRICES PAID,
- INTEREST, TAXES, AND
WAGE RATES

140

140

120

120

100

100

RATIO -I/
120
100

RATIOJ/
120

PARITY RATIO (ACTUAL)

100
>?**\

, M
A

90

70
60

90

av
< »»*%»*'*

QA

.««*
."•

I

...''....
.»«*„„..

1 ! I I I I ! I ! !

,, X " " • a ^ "
.
t f , " "•' «"j

1

S.^.
m.,^

^,,
,,^

^,,ai

t 1 1 1 1 1 t 1 1 1 1 > 1 | 1 1 1 1 t ] ! 1 1 1 t 11 1 . , , , ,

1968

1969

1

1 7
9 0

!

1971

1 , , , , 1

i

on

"
^
, ! , 1 ,

1972

... 1 1 1. 1 ... 1
1973

!

!

1 I

1

1

( 1

!! I

70
60

1974

J/ RATIO OF INDEX OF PRiCES'RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.|
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OP ECONOMIC ADVISERS

Prices received by farmers
Period

1965
1966
1967 _
1968
1969
.
1970
1971
1972
1973
_ _
1973: Mar 15
Aor 15
May 15
_ ___
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15_ _
__ ___
Dec 15
1974: Jan 15_
_
Feb 15
Mar 15
Apr 15

All farm
products

98
105
100
103
108
110
112

126
172
159
157
163
172
172
207
191
184
181
184
200
203
194
183

Prices paid by far mers
. AH items, Family
; Livestock interest,
Producand
Crops
living
tion
taxes, and
products wage rates
items
items
Index,, 1967=100
94
103
94
95
96
105
105
98
98
99
100
100
100
100
100
104
101
104
102
104
97
117
109
109
106
114
100
118
114
110
107
120
116
119
115
115
127
124
134
122
164
145
178
138
146
174
140
138
133
138
143
134
141
168
139
154
143
136
143
169
138
170
149
173
146
164
138
179
146
148
141
195
217
151
157
142
183
154
150
198
182
142
187
153
150
152
182
181
146
153
193
154
178
147
156
211
192
149
157
161
153
223
159
190
161
162
218
179
161
155
164
205
157
167
169

1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14 = 100 base.

28




Parity ratio 1
Actual

77
80
74
73
74
72
69
74
88
86
83
85
87
88
102
95
91
88
89
94
95
90
83

Adjusted 2

82
86
79
79
80
77
74
79
91
88
86
87
90
90
105
98
94
91
92
95
95
90
83

2 The adjusted parity ratio reflects Government payments made directly^
farmers.
I
Source: Department of Agriculture.

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock increased at an annual rate of 7.7 percent in April. From April 1973 to April
1974, it grew 6.6 percent.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

400

360

320

200

160

160
1974

1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, billions of dollars]
Ivlonev stoc k
Time
CurCurand
DeDerency
rency
savings
mand
mand
outoutTotal
dededeside
side
posits l
posits l
posits *
banks
banks

$donev stoc k

Period

1968:
1969:
1970:
1971:
1972:
1973:
1973:

Total

Dec
Dec___
Dec _
Dec
Dec.
Dec
MarApr _
May
June
July

_

Aus,

Sept- _ _
Oct
Nov_

_ _

Dec

1974: Jan__
Feb
Mar
Apr *
Deposits at commercial banks.




201. 5
208. 6
221. 2
235. 2
255. 7
270. 4
258. 1
259. 4
262. 4
265. 5
266. 4
266. 2
265. 4
266. 5
268. 8
270. 4
269.6
272. 5
274. 9
276. 6

Seasonally7 adjusted
43. 4
158. 1
162. 5
46. 1
49. 1
172. 2
52. 6
182. 6
56. 9
198. 7
208. 8
61. 6
58. 0
200. 1
58. 6
200. 8
58. 9
203. 4
59. 4
206. 2
59. 5
207. 0
59. 8
206. 4
60. 2
205. 2
60. 4
206. 1
60. 9
207. 9
208. 8
61. 6
61. 8
207.8
62. 6
210. 0
63. 3
211. 6
212. 8
63. 9

204. 2
194. 4
229. 2
270. 9
313. 3
363. 1
331. 1
337. 3
342. 6
345. 8
349. 4
355. 0
357. 9
358. 9
359. 9
363. 1
369. 6
374. 2
377. 0
386. 6

207.6
214. 7
227.6
241.9
263.0
278.1
255. 5
260. 9
257. 9
263. 6
265. 7
262. 9
263. 9
266. 0
270. 5
278. 1
276. 8
269. 7
272. 1
278s 1

44. 3
46. 9
50. 0
53. 5
57.9
62. 6
57. 4
58. 3
58. 7
59. 4
59. 9
60. 0
60. 1
60. 4
61. 4
62. 6
61. 5
61. 8
62.7
63. 5

Unadjustec I
163. 3
167. 7
177. 7
188.4
205. 1
215.5
198. 1
202. 6
199. 2
204. 1
205. 7
202. 9
203. 8
205. 6
209. 1
215. 5
215. 3
207. 9
209.5
214. 7

Time
and

savings
deposits 1

U.S.
Gov1 ernment
demand
deposits 1

203. 2
193. 2
228. 1
269. 8
311.8
361. 8
332. 6 !
337. 6
342. 6 1
344. 5
347. 6
356. 6
359. 2
360. 2
358. 7
361. 8
368. 9
373. 8
378. 5
386. 5

5.0

5. 6
7. 3
6. 9
7.4

6. 3
10. 4
8. 3
8. 7
7. 1
6.5

4. 1
5.3

6. 0
4. 3
6. 3
8. 0
6. 5
6.3

ao

Source: Board of Governors of the Federal Reserve System.

29

PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Private nonfinancial investors increased their holdings of liquid assets in April by $1 5.4 billion (seasonally adjusted).
More than half of the increase is accounted for by negotiable certificates of deposit and commercial paper.
BILLIONS OF DOLLARS
1,200

BILLIONS OF DOLLARS
1,200
AVERAGES OF DAJL? FIGURES, SEASONALLY ADJUSTED

1,100

1,100

1,000

1,000

600

500

400

400

1974

1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr 3nev and deposits
Period

1967: Dec _ _
1968: D e c _ _ _
1969: Dee
1970: Dec _
1971: Dec
1972: Dec
1973: Dec
1973: Mar
Apr

May.
June _ _
July
_
Aug
Sept___ _ _ _
Get
Nov
Dec

1974: Jan _ _
Feb____
Mar *_
Apr * _

Total
liquid
assets

Time cleposits
Total




Demand
deposits

Commercial
banks

ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities

Negotiable
certificates of
deposit

Commercial
paper

643. 3
704. 4
737. 3
785. 1
867. 1
977. 4
1, 089. 5

521. 0
564. 8
583. 3
632. 8
720. 1
814. 7
883. 3

40. 4
43. 4
46. 1
49. 1
52. 6
56. 9
61. 6

130. 0
140. 0
144. 5
153. 1
161. 7
175. 0
180. 6

156. 4
174. 5
177. 3
199. 2
233. 8
264, 8
294. 1

194.2
206. 9
215. 4
231. 4
272. 0
318. 1
347. 0

51.0
51. 4
51. 1
51. 3
53. 7
57. 0
59. 9

39. 5
46. 8
64. 9
53. 3
39. 6
39. 1
53. 8

23. 0
29. 7
39. 3
57. 2

12. 8
18. 9
29. 1
24. 7
23. 9
27. 3
35. 3

1, 008. 2
1, 020. 0
1, 032. 4
1, 043. 5
| 1, 051. 7
1, 060. 9
1, 067. 5
1, 072. 6
1, 080. 0
1, 089. 5

834. 3
839. 9
846. 9
855. 7
859. 9
862. 2
865. 0
871.0
877. 4
883. 3

58. 0
58. 6
58. 9
59. 4
59. 5
59.8
60. 2
60. 4
60. 9
61. 6

175. 4
175. 6
177. 7
180. 2
180. 7
179. 7
178. 6
178. 9
180. 3
180. 6

271. 4
273.4
275.7
278.3
280. 0
283. 1
285. 6
289. 3
291.8
294.1

329. 5
332. 3
334. 6
337. 8
339. 7
339. 7
340. 5
342. 4
344. 5
347. 0

57. 9
58. 2
58. 5
58. 8
59. 0
59. 2
59. 4
59. 5
59. 7
59. 9

40. 3
42. 6
44. 6
45. 4
45. 9
48. 4
50. 1
50. 8
52. 2
53. 8

49. 6
53. 3
56. 0
56. 4
58. 4
60. 8
61. 1
58. 0
56. 3
57. 2

26. 2
26. 1
26. 4
27. 3
28. 5
30. 2
32. 0
33. 4
34. 4
35. 3

1, 095. 8
1, 105. 1
1, 116. 3
1, 131. 7

888. 0
896. 5
902. 6
908. 1

61. 8
62. 6
63.3
63. 9

179.0
181.0
182. 0
182. 8

297. 7
301. 0
302.7
304. 6

349. 4
351. 9
354. 6
356. 8

59. 9
60. 2
60. 5
60. 8

52. 0
50. 2
51. 9
52. 6

59. 9
61. 1
62.4
70. 1

35. 9
37. 0
38. 8
40. 1

Source: Board 01 Governors of t]ie Federal K eserve Systeim.

30

Currency

U.S. Crovernme nt sejcurities

19. 1
22. 4
9.0

ANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
>tal loans and investments (seasonally adjusted) at all commercial banks increased at an annual rate of 16.9 percent
A April, down from an 18.9 percent annual rate in March. Net borrowed reserves increased by $388 million during
the month.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

700

700

ALL COMMERCIAL BANKS

SEASONALLY ADJUSTtCf, END OF MONTH

600

500

TOTAL
LOANS AND INVESTMENTS

,200

too

100

1974
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVF SYSTEM

All commercial banks
(seaso naliy adjust ed data)

End of period

L oans
Investr tients
Total
loans
Total,
Comand
Other
mercial U.S. Gov- securiinvest- excludernment
ments ing inter- and indus- securities
ties
bank
trial

Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual
rates l

A^11 membe r banks ^

Total
reserves

Billions of dollars

1968
1969
1970
1971
1972
1973"
1973: Apr
May
_
June
__
July* _ ...
p
A u g v_ _
Sept
__
Get"v
Nov
Dec p
1974: Jan*_
Feb v
Mar »
Apr »

390. 2
3
401. 7
435. 5
484. 8
556. 4
625.4
589. 6
597.7
602. 0
608. 2
616. 0
618. 2
621. 7
624. 6
625. 4
633. 6
641. 0
650. 3
658. 8

258. 2
3
279. 1
291. 7
4
320. 3
377.8
444. 5
411. 1
417. 4
420. 3
427. 3
435. 3
438. 1
440. 0
443. 6
444. 5
450.2
454. 7
464. 0
471. 6

3

95. 9
105. 7
110. 0
115. 9
129. 7
156. 3
143. 9
146. 8
148. 2
151. 4
153. 6
154. 0
154. 0
155. 5
156. 3
158. 5
159. 7
165. 3
169. 9 1

3

60. 7
51. 5
57. 9
60. 1
61. 9
53. 2
61. 0
61. 0
61. 6
59. 6
57. 7
56. 3
54. 9
54. 5
53. 2
53. 9
55. 7
55. 7
56. 1

1
Debits during period to demand deposit accounts except interbank and
U.S. Government.
2
Averages of daily figures. Annual data are for December.
3
Beginning June 1969, data include all bank-premises subsidiaries and other
gnifieant majority-owned domestic subsidiaries; earlier data include comtercial banks only.
4
As of June 1971, Farmers Home Administration notes totaling about $0.7
illion are classified as other securities rather than as loans.




Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
]Millions o : dollars

71. 3
71. 1
85. 9
104. 4
116. 7
127.7
117. 5
119. 3
120. 1
121. 3
123. 0
123. 8
126. 8
126. 5
127. 7
129. 5
130. 6
130. 6
131. 1

3
4

4,860
6, 150
5, 717

6, 443

7,530
9, 632
9,044
9, 275
9,414
9,843

10, 145

9, 89A
10, 258
10, 613

10, 544

10, 736
10, 918
11,262

27, 221
28, 031
29, 265
31, 329
5
31, 353
35, 068
32, 275
32, 336
32, 029
33, 590
33, 783
34, 020
34, 913
34, 725
35, 068
36, 655
35, 242
34, 966
35, 922

455
257
272
165
5
219
262
149
59
59
391
243
245
223
182
262
236
189
176
150

765
1,086
321
107
1,049
1,298
6
1, 721
1, 786
1, 788
2, 050
2, 144
1,861
1,465
1, 399
1,298
1,044
1, 186
1,352
1, 714

-310
-829
-49
58
5 _830
-1,036
-1,572
-1,727
-1, 729
— 1, 659
- 1, 901
-1, 616
— 1, 242
— 1, 217
— 1, 036
-808
— 997
— 1, 176
— 1, 564

s 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
Beginning April 1973, includes seasonal borrowings.
Source: Board of Governors of the Federal Eeserve System.

31

CONSUMER AND REAL ESTATE CREDIT
Consumer credit (seasonally unadjusted) increased $50 million during March. A year earlier there was an incre
of $1.7 billion. Seasonally adjusted consumer instalment credit rose $0.6 billion in March.
BILLIONS OF DOLLARS
200

BILLIONS OF DOLLARS

120

100

80

20

18
16

13
SEASON ALLY ADJUSTED (ENLARGEt) SCALE)

16

14
INS FALMENT CREDIT EX TENDED
\

12

-

10

, ,-

8 r^
6

— ^l^""*""**^!

—H

41 I f | t I ! I M 1

1968

_ ^s-i*^^*-

^

..x*-]-^~--~ ~~"~* — -*"""*"""

I

1965
1966
1967
1968
1969
1970
1971
1972
1973

1 1 ? ! 1 1 f

1970

f !

r f f f i I i t f r f

i f t f f F r i f ? f

1972

f f

1973

1971

Apr

May
June. _
July
Aug
Sept
Oct_
Nov
Dec
1974: Jan
Feb
Mar
1




H

1974

[Millions of dollars]
Consum er instalme nt credit e x tended
Consu mer credit outs tan din g (end of p eriod;
and r epaid (seas onally adJListed)
imadjusted)
[nstalment
Total
Automob ile paper
NonAutomoTotal
instal- Extended Repaid Extended Repaid
Total i
bile
Personal
ment 2
paper
loans

70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
147, 437

28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 130

20,237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425

18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049

157, 582
159, 320
161, 491
164, 277
167, 083
169, 148
171, 978
173, 035
174, 840
176, 969
180, 486
178, 686
177, 522
177, 572

127, 959
129, 375
131, 022
133, 531
136, 018
138, 212
140, 810
142, 093
143, 610
145, 400
147, 437
146, 575
145, 927
145, 768

44, 817
45, 610
46, 478
47, 518
48, 549
49, 352
50, 232
50, 557
51, 092
51, 371
51, 130
50, 617
50, 386
50, 310

37, 108
37, 486
37, 695
38, 376
38, 928
39, 440
40, 064
40, 397
40, 651
41, 116
41, 425
41, 352
41,417
41, 492

29, 623
29, 945
30, 469
30, 746
31, 065
30, 936
31, 168
30, 942
31,230
31, 569
33, 049
32, 111
31, 595
31, 804

Also includes other consumer goods paper, and home improvement loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.

32

I i i i i I f t i t th 6

COUNCIL OF ECONOMIC ADVISERS

89, 883
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
180, 486

1973: Feb
Mar__

12
10

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Period

11

~^I\\f~ —~~^

8

f I F 1 1 f 1 f f f 1 I f 1 1 f I f f 1 1 1 I

1969

;

r—-"*

INSTALMENT CREDIT REPAID

^_^.— -— -— -- — — 1

I

^^

/*•>, v-v

£

661
832
171
984
146
158
281
951
083

70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
144, 978

27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 453

23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452

13, 434
13, 852
13, 465
13, 932
13, 646
14, 542
14, 294
13, 691
14, 149
14, 275
12, 677
13, 714
13, 541
13, 823

11,437
11, 808
12, 061
11, 941
12, 034
12, 544
12, 399
12, 332
12, 449
12, 549
12, 267
12, 797
12, 870
13, 206

3,972
4,001
3, 822
3,989
3, 762
3, 930
3, 968
3,939
3, 912
3, 819
3,315
3,492
3,389
3,484

3, 145
3,225
3, 218
3, 261
3,253
3,334
3,293
3,406
3,427
3,471
3, 338
3,433
3, 394
3, 544

78,
82,
87,
99,
109,
112,
124,
142,
165,

End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.

Mortgage
debt outstanding,
nonfarm,
1- to 4family
houses 3

212, 900
223, 600
236, 100
251, 200
266, 800
280, 200
307, 200
345, 500
» 385, 770
9

354, 000

9

366, 200

9

378, 000

9

385, 770

9

391, 400

)ND YIELDS AND INTEREST RATES
m the end of April to mid-May, interest rates generally increased.
PERCENT PER ANNUM

PERCENT PER ANNUM

CORPORATE Aaa BONDS
(MOODY'S)

1968

1974

SOURCE: SEE TABLE BELOW

Period

1968
1969
1970
1971.
1972_
1973
1973: A p r _ . _
Mav
June
July
Aug _
Sept
. __
Oct
Nov
Dec
1974: Jan
Feb
Mar
ADI
May_-_
Week ended:
1974: Apr 19 _ _ _
26
Mav 3_
10
17
24
1
£

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
High-grade
U.S. Gov<arnment seenrity yields
municipal
3-month
bonds
3-5 year
Taxable
2
3
Treasury
(Standard4 &
issues
bonds
bills I
Poor's)
5. 339
4.51
5.59
5.25
6.677
5. 81
6. 85
6. 10
6. 458
6. 51
7. 37
6. 59
4. 348
5.70
5. 77
5.74
4.071
5.27
5.85
5.63
7.041
6.92
5. 18
6.30
6. 289
6. 348
7. 188
8. 015
8. 672
8. 478
7. 155
7. 866
7. 364
7.755
7.060
7. 986
8. 229
8.
7.
8.
9.
8.
6
8.

051
857
909
036
023
197

Aaa

Baa

8. 04
7. 39
7.21
7.44

6.94
7. 81
9. 11
8. 56
8. 16
8.24

6.18

7. 03

Prime
FHA
commercial new home
paper,
mortgage
4-6
yields 5
months
5.90
7.13
7.83
8. 19
7. 72
9. 05
5. 11
7.78
4. 69
7. 53
8. 15
8. 08

6. 74
6. 78
6. 76
7. 49
7.75
7. 16
6. 81
6.96
6. 80
6.94
6. 77
7. 33
7. 99

6. 11
6.22
6. 32
6. 53
6. 81
6. 42
6. 26
6. 31
6. 35
6. 56
6. 54
6. 81
7. 04

5. 16
5. 12
5. 15
5. 39
5. 47
5. 11
5.05
5. 17
5. 12
5.20
5. 19
5. 36
5. 67

7. 26
7.29
7. 37
7. 45
7.68
7.63
7. 60
7. 67
7. 68
7. 83
7. 85
8. 01
8. 25

8. 09
8. 06
8. 13
8. 24
8. 53
8. 63
8.41
8.42
8. 48
8. 58
8. 59
8. 65
8.88

7. 14
7.27
7.99
9. 18
10. 21
10. 23
8. 92
8.94
9. 08
8. 66
7. 82
8. 42
9. 79

7. 94
8. 04
8. 29
8. 51
8. 20

6. 99
7. 07
7. 11
7. 09
7.02

5.59
5. 75
5. 87
5. 98
5. 98

8.26
8. 28
8. 34
8.38
8.36

8.89
8.93
8. 99
9. 02
9. 07

9. 73
10. 13
10. 73
10. 83
10. 80

2
Rate on new Issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
6
•Weekly data are Wednesday
figures.
Not charted.
5
Data for first of the month, based on the maximum permissible interest rate
&Yz percent beginning April 15, 1974) and 30-year mortgages paid in 15years.




Corpora te bonds
(Moc dy's)

7. 63
7. 73
7. 79
7. 89
8. 19
9. 18
8. 97
8. 86
8. 78
8. 54
8.66
9. 17

Sources: Department of Housing and Urban Development, Board of Governors of the Federal Eeserve System, Moody's Investors Service, and Standard
<& Poor's Corporation.

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices decreased 2% percent from mid-April to mid-May.
Index, 1941-43=10

Index, 1941-43=10
120

120

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

110

110

5£

100

90

100

90
80

80
70

r r ' r f f r.. i i \ i I 60

60

PERCENT

PERCENT
WEEKLY

MONTHLY

DIVIDENI 5 YIELD ON COMMCDN STOCKS

X/~^^

/A/r

/

l \ ^ ————-^\

x--V

1J, 1 1 1 1

i i i i i I i i i i i

MM!

1

1 II ! 1 1 1 I 1 I 1

I I 1 ! ! ! I ! !

I 1 I t ! ! ! ! I f ! 1II 1 I 1I M I f ?

I 1

RATIO
25

f f ! i i 1 r F r rjts
RATIO

PRICE/EARNIN 3S RATIO ON COM MON STOCKS

.

10 jt

,

•

\

i

•——-^. Vr

-

[—-—_
i

i

i
1969

i

i

i
1970

f

I

!

on,

^
\
1

I

f

!

1972

1971

1

15

!

F

1973

SOURCE: STANDARD & POOR'S CORF

Price J ndex 1
Industrials

26

May 3
10
17

Total

_

__ __
_

___

_

Total

98.70
97. 84
83. 22
98. 29
109. 20
107. 43
110. 27
107. 22
104. 75
105. 83
103. 80
105. 61
109. 84
102. 03
94. 78
96. 11
93. 45
97. 44
92. 46

107. 49
107. 13
91.29
108. 35
121. 79
120. 44
123. 56
119. 95
117. 20
118. 65
116. 75
118. 52
123. 42
114. 64
106. 16
107. 18
104. 13
108. 98
103. 66

Consumers7
goods
13=10
1941-^
86.33
105. 77
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
113. 91
119. 39
118. 58
107. 13
120. 38
111. 24
107. 44
116. 48
114. 75
104. 83
116. 31
105. 94
115. 98
104. 35
116. 60
105. 16
122. 30
106. 58
115. 48
96. 97
107. 44
86.57
108. 06
87.63
104. 31
86. 85
92. 24
109. 22
104. 19
87. 73

104.
103.
105.
102.
102.
103.
101.

106.
103.
106.
101.
103.
103.
102.

93. 65
92. 29
93.72
91. 05
91. 18
91. 73
89. 95

77
30
05
27
75
41
53

Capital
goods

1
Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields

34




i

f

^

10

1974
COUNCIL OF ECONOMIC ADVISERS

Period

1968__
1969
1970
1971
1972
1973
1973: Apr
Mav_
June
July
Aug
__
Sept.
Oct
Nov
Dec_
1974: Jan
Feb
Mar_
Apr
Week ended :
1974: Apr 5
12
19

r

32
15
01
28
96
36
24

88. 67
87. 27
89. 37
85. 61
88.20
88. 08
87. 82

Public
utilities

P^ailroads

Dividend
yield 2
(percent)

66.42
62. 64
54. 48
59. 33
56. 90
53. 47
55. 34
55. 43
54. 37
53. 31
50. 14
52. 31
53. 22
48. 30
45. 73
48.60
48. 13
47. 90
44. 03

48.84
45. 95
32. 13
41. 94
44. 11
38.05
38. 88
36. 14
34.35
35. 22
33. 76
35. 49
38. 24
39. 74
41. 48
44.37
41. 85
42. 80
40. 26

3.07
3. 24
3. 83
3. 14
2. 84
3.06
2. 90
3. 01
3. 06
3. 04
3. 16
3. 13
3. 05
3. 36
3. 70
3.64
3.81
3. 65
3. 86

45. 85
44. 90
44. 76
42. 28
40. 53
40. 68
39. 18

41. 17
40. 56
40.75
39. 35
38.83
38.40
37.39

Price/
earnings
ratio 3

3.80
3. 88
3.80
3. 95
3. 90
3. 90
3. 96

17.66
16.48
15.69
18.50
18.20
» 14. 24
14. 42
14. 10
» 12. 03

are averages of monthly data. Weekly data are Wednesday figures.
3
Ratio of price index for last day of quarter to earnings for 12 months endir
with that quarter. Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 9 months of fiscal 1974 there was a deficit of $1 3.2 billion/ a year earlier the deficit was $22.0 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS

300

300

260

260

220

220
OUTLAYS

180

180
RECEIPTS

140

140

100

1

(ENLARGED SCALE)
+20
SURPLUS (+) OR DEFICIT (-)

-^100

(ENLARGED SCALE)
1+20

-20

-20

1964

i

JL

J_

-40

1965

1966

J_
1967

J_
1968

J_

J_

1969
1970
FISCAL YEARS

1971

1972

SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

I

J_
1973

1974

-40
1975

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Federal debt ( end of period)
Period

Receipts

Outlays

Surplus or
deficit (— )

Total *

Held by
the public

Fiscal year:
1963
1964

106.6
112.7

111. 3
118. 6

-4.8
-5.9

310.8
316.8

254. 5
257.6

1965
1966
1967
1968
1969

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. 1

261. 6
264.7
267. 5
290. 6
279.5

1970
1971
1972_._
1973 2
1974 2
1975

193. 7
188.4
208.6
232.2
266.0
294. 0

196. 6
211.4
231. 9
246.5
269.5
305.4

-2.8
-23.0
-23.2
-14. 3
-3.5
-11. 4

382.6
409. 5
437. 3
468.4
484. 3
509. 1

284. 9
304. 3
323. 8
343.0
344.3
359. 8

161. 2
184.8

183. 2
198. 0

-22. 0
13.2

469.6
485. 7

349. 5
352. 4

Cumulative totals for first 9 months:
Fiscal year 1973
Fiscal year 1974
_

__

'Excludes non-interest-bearing public debt securities held by IMF.
a Estimates as revised May 13, 1974.




Sources: Department of the Treasury and Office of Management and Budget.

35

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
For the first 9 months of fiscal 1974 budget receipts were $23.6 billion higher than a year earlier and budget outlays
were $14.8 billion higher.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

120

120

\

CORPORATION INCOME TAXES

OUTLAYS

/*

200

200

NONDEFENSE

-,

-^•"

V*

160

160

^"^"

120

120

-

_-—

80

»——"—•""
40 -1
'

1
1964

^^^*~~~ '
1

1965

1
1966

NATIONAL DEFENSE
1

1967

!

1

1968

1969

80

—

1

V
1971

1970

1
1972

f
1973

f
1974

N
1975 ^

FISCAL YEARS
SOURCESj TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
(3utlays

Recei pts
Nationa1 defense
Period

Fiscal year:
1963
1964
1965
1966
1967
1968
1969
1970
„
1971
1972
_ _ _
1973
1974 i
1975 i
Cumulative totals for
first 9 months:
Fiscal year 1973___
Fiscal year 1974___

Total




Other

Total
Total

Department of
Defense,
military

Interna- Health
tional
and
Inaffairs
income terest Other
and
security
finance

106. 6
112. 7
116. 8
130.9
149. 6
153. 7
187. 8
193.7
188.4
208. 6
232.2
266. 0
294.0

47.6
48.7
48. 8
55. 4
61. 5
68.7
87.2
90. 4
86. 2
94. 7
103.2
118. 0
131. 0

21. 6
23.5
25. 5
30. 1
34. 0
28. 7
36.7
32. 8
26. 8
32. 2
36.2
39. 7
44. 5

37.4
40.5
42. 6
45. 3
54. 1
56. 3
63.9
70. 5
75. 4
81. 7
92.8
108. 3
118. 5

111. 3
118. 6
118. 4
134. 7
158. 3
178.8
184. 5
196. 6
211. 4
231. 9
246. 5
269. 5
305.4

52.3
53. 6
49. 6
56.8
70. 1
80. 5
81. 2
80. 3
77.7
78. 3
76.0
79. 6
87. 9

48. 1
49. 6
46. 0
54. 2
67. 5
77. 4
77. 9
77.2
74.5
75.2
73. 3
77.4
84. 5

4. 1
4. 1
4.3
4.5
4.5
4. 6
3. 8
3. 6
3. 1
3.7
3.0
3.9
4.4

25.4
26.9
27.4
31.4
37. 8
43.7
49.4
56. 6
70. 6
82.0
91.5
106. 5
128. 3

9. 2
9.8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20. 6
22. 8
28. 0
30. 0

20.3
24.2
26.7
30. 7
33. 2
36. 2
34.4
37.8
40. 5
47. 2
53. 2
51. 5
54. 8

161. 2
184 8

75. 5
84.3

20. 8
23.0

64.9
77.4

183. 2
198. 0

55. 2
57.3

53.4
56. 7

2. 3
2. 5

66. 9
76. 3

16. 5
20. 8

42. 3
41. 0

i Estimates as revised May 13, 1974.

36

Individual Corporation
income
income
taxes
taxes

Sources: Department of the Treasury and Office of Management and Budget.

GDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for the first quarter, Federal receipts increased $10.6 billion (seasonally adjusted
annual rate) and expenditures rose $12.7 billion, yielding a surplus of $2.6 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
320
300

160

160

140

140

+20

+20

SURPLUS

•
I I *" ~

• • M

P II 1 1i
i

" I i

-20

d

I

|1
^

y

-k22

^

DEFICIT

-40

M M

!
1968

!

!

!
1969

!

(

!
1970

I

I

|

|

I

1971
CALEN }AR Y EARS

£2

!
1972

*5A
-20

!

!

!
1973

\

t

couNCIt

SOURCEs DEPARTMENT OF COMMERCE

f
1974

!

-46

i

OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]

Federal (jrovernm ent receip ts

Period

Fiscal year:
1971
1972
1973 *___
1974 i _ _ _
1975 ! _ _ _
Calendar
year:
1970
1971
1972
1973 *>___

Feeleral Go^yernmenlb expend itures

Surplus
or
GrantsSubsidies Less: deficit
ContriPurin-aid
less
Wage
Persona] Corpo- Indirect butions
(-),
chases Trans- to State Net
current accruals income
rate business
Total tax and profits tax and
for
Total of goods fer pay- and interest surplus of less
nontax
and
tax
nontax
and
ments local
paid Govern- dis- product
receipts accruals accruals social inservices
surance
government en- burse- accounts
ments
terprises ments

192. 6
213.7
243. 3
278.2
304.3

87.4
100. 1
107. 2
122.4
135.4

32.2
34.7
43. 8
51. 1
51. 9

20. 1
19.9
20. 9
21. 5
24. 0

52. 9
59. 0
71.4
83.2
93. 0

212. 6
233. 2
255. 1
278.8
317. 1

95. 9
103. 2
104. 5
109.8
121. 2

69.7
78. 6
89.4
104.5
125. 8

26. 8
32. 9
40.4
42. 6
48. 0

14. 3
13.4
14. 4
17.6
19. 6

192. 0
198.9
228.7
265.0

92. 2
89. 9
107. 9
114.5

31. 0
33. 3
37. 8
49.4

19. 3
20. 4
19.9
21. 0

49. 5
55. 2
63. 0
80. 1

203. 9 96.2
221. 0 98. 1
244. 6 104. 4
264.0 106.6

63.2
74. 9
82. 9
95.4

24. 4
29. 1
37. 7
40. 9

14 6
13. 6
13. 5
15. 9

5. 5

1972: HI.. 229. 6
IV___ 236. 9

108. 1
111. 3

38.0
40.7

19. 9
20. 3

63. 6
64.6

237. 0 102. 3
260. 3 102. 7

80.8
91.0

34.4
46. 1

1973: I
253. 6
!!___ 262. 4
III.. 269. 5

108. 5
111. 4
116. 9
121.0

46. 6
50.8
51.0
49. 4

20. 7
21. 2
20.8
21. 5

77.8
79. 1
80.8
82. 5

258.6
262.4
265. 6
269. 6

105.5
107. 3
106.8
106.8

91. 8
93. 8
96. 6
99.6

41. 1
40. 5
40.5
41.6

123. 3

53.0

21.5

87. 1

282. 3 112. 1

107. 0

43.3 1

IV __ 274.3

1974: I *»__ 284.9

i

stimates as revised May 13, 1974.




0. 1

6. 1
5.1

.0
.0
.0
,0

— 11. 9
-22. 2
-15. 9
.9

13.4
13.7

6.2
6.7

.0
.0

-7. 4
-23.4

14. 7
15. 6
16. 2
17.0
I

-.4

-19. 9
-19. 5
-11. 8
—.6
— 12. 8

5. 5
5. 1

.0

5.3
4.6

-. 1
.0
.0

— 5. 0
.0
4.0
4.7

18.0

2. 0

.0

2.6

5.8

5. 2

.0
.0

6.4

—.1

4. 2
2. 1
5.3

]

Sources: Department of Commerce and Office of Management and Budget.

37

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Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

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

1
2
3
4
5
6
7
8
9

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

10
11
12
13
14
15

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

16
17
18
19
20
21
22
23
24
25

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

26
27
28

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

29
30
31
32
33
34

FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

35
36
37

NOTE.—Detail in these tables may not add to totals because of rounding.
Unless otherwise stated., all dollar figures are current dollars.
v Indicates preliminary and
not available.

38

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