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Congress, 1st Session

Prepared <Jfor the ^
JL




Economic Committee by the
*J
of

uniTEI

Advisers

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 3045 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPAUKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNIN (Arizona)

HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)

JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
RICHARD F. KAUFMAN, General Counsel

OF
ALAN GREENSPAN, Chairman
Economic Indicators -prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sr Congress; CHAPTER 237—Isr SESSION]
JOINT RESOLUTION fSJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Jiesolwd by the Senate and House &f 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 85 cents a single copy
or by subscription at $10.10 per year ($2.55 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.

3

*

IE NATION'S INCOME, EXPENDITURE, JLND SAVING
^ross national product dropped $13.8 billion in the first quarter to an annual rate of $1,417.1 billion, according
to revised estimates, in the preceding quarter there was an increase of $14.6 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Disposal: le persons:.1 income
Period
Total 1

E spenditur BS

N et receip ts

.

Surplus
Equals: Personal sonal
Less:
or
Less:
Less : Equals:
Tax
Interest- Total consump- savin g
deficit
TransTransand
paid and excludPur(— ),
fers,
or
fers,
Total
tion
nontax interest, Equals: expend- interest, chases income
ing
transfer
Net
disexpendof goods
interest
and
payand
and
receipts itures
itures saving receipts
or
and
and
ments
«nh
(\ — })
sub- 2 services product
QU.tJ2
transaccruals sidies
to foraccounts
sidies
fers
eigners
PATJL el —

1969
1970
1971
1972
1973
1974

634.
691.
746.
802.
903.
979.

4
7
4
5
7
7

16. 7
17. 9
18. 8
20. 9
24. 1
26. 0

617. 7
673. 8
727. 6
781.6
879. 6
953. 7

579. 5
617. 6
667. 1
729. 0
805. 2
876.7

38. 2
56. 2
60. 5
52. 0
74. 4
77.0

296. 7
302, 5
321. 6
367. 0
411. 5
455. 0

77. 9
93. 2
105. 9
116. 5
131. 0
152. 0

218. 8
209. 4
215. 7
250. 5
279. 9
303. 0

287. 9
312. 7
340. 2
372. 1
408. 0
461. 2

77. 9
93. 2
105. 9
116.5
131.6
152. 0

210. 0
219. 5
234. 2
255. 7
276. 4
309.2

8. 8
-10." 1
-18.5
-5. 1
3.5
-6.3

1973: I I I . .
IV—

913. 9
939. 4

24. 3
26. 2

889. 6
913. 2

816. 3
823. 9

73. 2
89. 3

416. 5
424. 6

133. 0
135.9

283. 6
288. 7

409. 8
422. 3

133. 0
135. 9

276.9
286. 4

6. 7

950. 6
1974: I
966. 5
II...
III... 993. 1
IV____ 1, 008. 8

25. 6
25. 8
26. 2
26. 4

925. 0
940. 7
966. 9
982.4

840. 6
869. 1
901. 3
895. 8

84. 4
71. 5
65. 5
86. 5

435. 9
450. 7
470. 3
463. 1

139. 3
147. 4
157. 8
164. 0

296. 5
303. 3
312. 4
299. 1

435. 5
451. 7
470. 0
487.8

139. 3
147. 4
157. 8
164. 0

296. 3
304. 4
312.3
323.8

.4
— 1.0
.2
-24. 6

1975: I * _ _ _ 1, 015. 5

26. 3

989. 2

913. 2

75. 9

453. 4

178. 1

275. 3

509. 8

178. 1

331. 6

-56.4

Business

Period

97. 0 I
97. 0
110. 2
125. 9
136. 5
1 136. 8

1969_
1970_
1971.
1972_
1973_
1974
1973: III
IV
1974:

,
Net
Excess transfers
Gross
I Gross private
to forof
' retained domestic invest- eigners
earnby iper- |
~«/
ment
investings 3
ment 4
(-) S£"ld

I...
II..
III.
IV..

1975: I *>_.
1

International
Net exports of goods
and services

EXP rtS

°

55. 5
62. 9
65. 4
72. 4
100. 4
140.2

210. 5
211.8

146. 2

Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by Govern,
ment, 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.




Excess of Total
Statistransfers income
tical
or
or
discrepof net
ancy
IjPSS*
Less: ! Equals: exports receipts
Net
Imports exports
53. 6
59. 3
65. 6
78.4
96. 4
138. 1

-a o

96. 9
104. 3

137. I
140. 0
139. 7 i
135.7
130. 6
141. 0

9 O
xw. Q

1. 0

Gross
national
product
or
expenditure

936. 3
983. 5
1, 057. 2
1, 161. 8
1, 299. 9
1, 397. 1

-6. 1
-6. 4
-2.3
-3.8
-5. 0
.4

1,
1,
1,
1,

6.7
9. 3

-3. 1 1, 313. 8
-4.7 1, 346. 6

-4. 9
-2.6

1, 308. 9
I) 344. 0

119. 9
140. 0
146. 7
145. 7

11. 3
-1. 5

-7.7 1, 365. 1

1.9

5.2
6. 5
1.8

1, 383. 5
1, 413. 3
1, 426. 1

-6. 3
.3
3.0
4.8

1, 358.
1, 383.
1, 416.
1, 430.

134. 1

9. 3

— 5. 7

1, 414. 3

3.0

1.9 !
3. 6
3. 9
2. 1

-3. 1

A

a8

9.8
—.1
l! 5

930. 3
977. 1
054. 9
158. 0
294. 9
397. 4

8
8
3
9

1, 417. 1

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

GROSS NATIONAL PRODUCT OR EXPENDITURE
In the first quarter, gross national product (revised) declined at an annual rate of 3.8 percent, reflecting an inflat^»
rate of 8.5 percent and a decline of 11.3 percent in real GNP.
BILLIONS OF DOLLARS
1,600 I

BILLIONS Of DOLLARS

1 1,600
SEASOHAU.Y ADJUSTED ANNUAL SATES

t400
GROSS NATIONAL PRODUCT

1,200

1,000
PERSONAL CONSUMPTON
EXPENDITURES

800

800

200

Noa

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

r

====««.«—-

200
GROSS PRIVATE DOMESTIC
INVESTMENT

NET EXPORTS OF GOODS
AND SERVICES

i

i
1969

1
!

!

1

f

I

1972

1971

1970

1973

1974

Government ]purchases of good s and
Total
Personal Gross
Net
services
congross
Total
private exports
sump- domestic of goods
national gross
Federal
State
product national
tion
and
Total
investand
National Other
in 1958 product expend- ment
services
Total defense1
local
dollars
itures
Billions <3f dollars; quarterlyr data at £ easonall y ad juste ?d annual rates

Period

617.8
658, 1
67 5. B
706.6
7$6. 8
722.5
746: 3
792.5
839. 2
821, 2

684.9
749.9
793. 9
864.2
930. 3
977. 1
1, 054j 9
1, 158. 0
1, 294. 9
1, 397. 4

ioa i

432,8
466.3
492. 1
536.2
579. 5
617. 8
667. 1
729. 0
805. 2
876. 7

121.4
116. 6
126.0
139.0
136.3
153. 7
179.3
209. 4
209. 4

340.8 1, 308. 9
845. 7 1, 344 0

816. 3
823. 9

IV

830. 5
827, 1
828. 1
804. 0

i...............

780, £ 1, 417. 1

1965....—
1966_
...
..
1967...........
1968..
1969...
...
..
1970....
.....
....
1971.
...
...
..
1972......... . . . .
...
1973.. . . . . . . . .
.......
1974
...
..

rv.......
i
„____
ii _
in

f

COUNCIL OF ECONOMIC ADVISERS

5OURC& DEPMtTMENt OF COMMERCE

III...

?

1 7
9 5

1, 358. 8
1, 383. 8
1, 418. 3
1, 430, 9

6.9
5.3
5,2
2.5
L9
3.6

66.9
77.8
90.7
98.8
98,8
96. 2
97:6
104' 9
106, 6
116. 9

50. 1

16.8

3. 9
2, 1

137.0
156. 8
180. 1
199,6
210,0
219.5
234-2
255. 7
276. 4
309.2

72.4
78.3
78.4
746
71; 2
748
74 4
78. 7

209. 0
224. 5

6. 7
9. 3

276. 9
286. 4

105. 3
108. 4

840. 6
869, 1
901. 3
895.8

210. 5
211. 8
205. 3
209. 4

11.3
j.. »i
-3,1
1.9

296. 3
304. 4
312. 3
323.8

913, 2

163, 1

9. 3

331. 6

—32

—a- o

Implicit
price
deflator
for total
GNP,
1958 =1003

20.5
20.4
21. 6
26. 5
30. 1
32. 2
38. 2

70.1
79.0
89.4
100.8
111.2
123. 3
136.- 6
150. 8
169, 8
192. 3

110. 86
113. 94
117. 59
122. 30
128. 20
135.24
141.' 35

73. 3
75. 3

32. 0
33. 1

171. 6
177. 9

155. 87
158. 93

111. 5
114 3
117, 2
124. 5

75. 8
76. 6
78.4
84. 0

35. 7
37. 7
38.8
40. 6

1848
190. 1
195. 1
199. 3 |

163; 61
167; 31

126.5

84 7

41.8

205. 1

181. 65

ea7

17.1

ia*

Source: Department of Commerce, Bureau of Economic Analysis,

2




146; 12

154 31
170, 18

172; 07
177, 97

NATIONAL INCOME
>cause of further cutbacks in employment and the length of the workweek, employee compensation declined In
e first quarter. Farm income and corporate profits also fell while net interest rose.
BriLKDNS OF DOLLARS

BlUfONS OF DOLLARS
1,200

1,200

1,100

1,000

CORPORATE PROFITS AND
INVBMTORY VALUATION ADJUSTMENT

PROPRIETORS' AND
RENTAL INCOME

10S

1969

1975

SOURCE* DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

1965
1966
1967
1968
1969 _ _
1970__ _
1971
1972
1973_
1974

__

Proprieto rs* income
Farm 2

Business
and professional

Rental
income
of
per-

interest

Net

.

„_

1975: I »

564.3
620. 6
653. 6
711. 1
766. 0
800. 5
857. 7
946. 5
1, 065. 6
1, 142. 5

393.8
435. 5
467. 2
514. 6
566. 0
603. 9
643. 1
707. 1
786. 0
855.8

14.8
16. 1
14. 8
14.7
16. 7
16. 9
17.2
21. 0
38. 5
31.8

42.4
45. 2
47. 3
49. 5
50.5
50. 0
52. 0
54. 9
57. 6
61. 2

19.0
20. 0
21. 1
21. 2
22. 6
23. 9
25. 2
25. 9
26. 1
26. 5

18.2
21. 4
24.4
26. 9
30. 5
36. 5
41. 6
45. 6
52. 3
61. 6

1, 077. 3
1, 106. 3

.

1973: III
!V__
1974: I
II
III
IV _ _

Compensation
of employees l

793. 3
814. 8

41. 5
44. 9

57. 7
58. 4

26.2
26. 4

1, 118. 8
1, 130. 2
1, 155. 5
1, 165. 4

828. 8
848. 3
868. 2
877.7

39. 1
29. 1
29. 8
29. 1

59. 3
60. 7
62. 3
62. 5

1, 149. 8

875. 6

22. 2

62. 7

* Includes employer contributions for social insurance. (See also p. 4.)
2
Excludes farm profits of corporations engaged in fanning and therefore differs
from net. farm income (including- net inventory chance) on p. 6 which includes
such profits.




Corpora te profits and inventory va luation ac1just men t
Total

76. 1

Profits Inventory
before valuation
taxes adjustment

84. 3
79. 8
69. 2
78.7
92. 2
105. 1
105. 6

77.8
84. 2
79. 8
87.6
84. 9
74. 0
83. 6
99.2
122. 7
140.7

-7. 0
-17. 6
-35. 1

53. 2
55.5

105. 2
106. 4

122. 7
122. 7

-17. 5
-16. 3

26. 4
26. 3
26.6
26. 8

57.5
60. 1
62. 8
65. 9

107.7
105. 6
105. 8
103.4

135. 4
139. 0
157.0
131. 5

-27. 7
-33.4
-51.2
-28. 1

27.0

68. 9

93.4

100.3

7.0

82. 4

7a 7

Source: Department of Commerce, Bureau of Economic Analysis.

— 1.7
1 R
— 1. 1
-3. 3
— 5. 1
— 4. 8
4.9

SOURCES OF PERSONAL INCOME
Persona! Income rose 5)6.7 billion (annual rate) in April. Private payrolls were unchanged, v/hi!e government" pa
advanced Si.3 billion. Perm income, interest income, and transfers were the remaining major sources of increase.

}._..! .1 1 ! I ._L_j ...!_..! ...J

1 |

! | |

!

I

t

!

!

t 1

1975

1969

COUNCIL OF ECONOMIC ADViSERS

SOURCE: DEPARTMENT Of COMMERCE

Total
personal
income

Period
196S___

1970
1971
1972
1973- _ _
1974__
1974: M a r _ _ _
Apr
May
June
July...
Aug__._
8ept___
Oct
Nov _Dec
1975: Jan
Feb Mar___
Apr p _ _

688. 9
750. 9
808, 3
864. 0
944. 9
1, 055. 0
1, 150. 5
1, 117. 1
1, 125. 2
1, 135. 2
1, 143. 5
1, 159. 5
1, 167. 2
1, 178. 0
I, 185. 0
1, 184. 5
1, 191. 0
1, 191. 1
1, 193. 4
1, 195. 7
1, 202. 4

[Billions of dollars; monthly data at seasonally adjusted
Wage
Propriet ors' Income Rental
Other !—
and
Divilabor 12
salary
Business income
of
disburse- income
Farm
and pro- persons dends
ments l
fessional
464, 9
21. 2
25. 4
49. 5
14. 7
23. 6
28.4
509. 7
16. 7
50. 5
22. 6
24. 3
542. 0
32. 2
16, 9
50. 0
24. 7
23. 9
36.4
573. 0
52. 0
17. 2
25. 2
25. 0
41. 7
21. 0
54. 9
626, 8
25. 9
27. 3
69 L 7
46. 0
38. 5
57. 6
26. 1
29. 6
751. 2
51. 4
32. 7
31. 8
61. 2
26. 5
732. 1
49. 4
36. 1
59. 9
26. 4
31. 9
737. 1
32. 6
32. 1
49. 9
60. 2
25. 5
745. 3
50. 5
29. 1
60.8
32. 5
26. 7
753. 2
25. 7
61.2
33. 0
51. 1
26. 7
28. 1
33. 1
759. 7
51. 7
26. 6
61. 9
52. 3
62. 5
30. 6
26. 6
33. 2
761. 6
52. 9
767. 7
62. 5
30. 7
26. 6
33. 4
29.2
62. 5
53. 5
773. 0
26. 7
33. 5
54. 0
62. 5
767.8
29. 1
26.8
33. 6
54. 5
766. 6
29. 0
62. 5
26. 9
32. 7
54. 9
765. 7
62. 7
26. 0
27. 0
33. 9
22. 2
763. 6
62. 8
27. 0
55.3
33. 8
62. 5
766. 0
55. 7
18. 4
27. 0
33. 7
56.2
62. 7
20. 1
767. 3
27. 1
33. 9

* 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.
2Consists of employer contributions to private pension, health, and welfare




annual rutes]
Less: PerPersona] Transfer sonal coninterest
paytributions
income ments for social
insurance
52. 9
59. 6
22. 8
59. 3
65. 8
26. 3
67. 5
79. 1
28. 0
72. 8
93. 3
30. 7
78.6
103. 2
34. 5
90. 6
117. 8
42. 8
103. 8
139. 8
47. 9
99. 0
129. 5
47. 6
100. 4
47.2
134.6
102. 0
135.8
47, 6
103. 5
137. 0
47.9
104. 4
142. 5
48. 5
105. 3
143. 6
48. 4
106. 9
146. 0
48. 6
108. 0
48. 9
147. 6
109. 5
149. 8
48. 5
111. 1
48.4
156. 1
111. 9
158. 6
49. 5
112. 5
165. 5
49. 2
113.3
168. 3
49. 3
114. 6
169. 9
49. 3

N onagricultural
personal3
income

668. 8
728. 3
784. S
840. 0
916. 5
1, 008. 0
1, 109. 0
1, 071. 6
1, 083. 1
1, 096. 6
1, 108. 2
1, 121. 7
1, 126. 8
1, 137. 4
1, 145. 7
1, 145. 2
1, 151. 4
1, 154. 3
1, 160. 1
1, 166. 2
1, 171. 0

funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.
* Personal income exclusive of net income of unincorporated farm enterprises
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
n

il per capita disposable personal income fell 0.8 percent in the first quarter.
.LIONS OF DOLLARS

OF DOLLARS

1,100

1,000

S0G
M
DOLLARS
5,000

4,000

4,000

3,000

1000
Y

1969

I

1975

1970

SOURCE.- DEPARTMENT OF COMMERCE

Le*^s *
PerPersonal
sona! tax and
income nontax
payments

Period

COUNCil OF ECONOMIC ADVISERS

Per cap>ita clisL ess: Perse ii al outla 7S
posable personal
Equals:
Persoiml consurnption
Equals:
incc>me
Disex penditures 2
Personal
Total
posable
saving Current
personal personal Durable Non1958
income outlays 1 goods durable Services
dollars dollars
goods

Billions of dollars

!

1967

629. 3
688. 9
1969
750. 9
1970
808. 3
1971
864 0
1972. _ _ _ _ 944. 9
1, 055. 0
1974
1, 150. 5

83. 0
97, 9
116. 5
116, 6
117. 6
142. 4
151. 3
170.8

546. 3
591. 0
634. 4
691. 7
746. 4
802. 5
903. 7
979. 7

506. 0
551. 2
596. 2
635. 5
685. 9
749. 9
829. 4
902.7

73. 1
84. 0
90. 8
91. 3
103. 9
118. 4
130. 3
127. 5

Saving
as percent of Populadistion
posable (thou-3
personal sands)
income
( percent)

Dol iars

215. 0
230. 8
245. 9
263. 8
27a4
299. 7
338. 0
380.2

i

204.0
221. 3
242. 7
262. 6
284. 8
310. 9
336. 9
369. 0

40. 4
39. 8
3&2
56.2
60. 5
52.6
74.4
77.0

2 ? 749
2, 945
3, 130
3}376
3,605
3,843
4,295
4, 623

2,403
2,486
2,534
2,610
2,683
2,779
2,945
2,845

7. 4
6, 7
6. 0
8. 1
8. 1
6.6
8.2
7.9

198,
200,
202,
204,
207,
208,
210,
211,

712
706
677
875
045
842
396
909

Seasc nally adjitsted annu al rates
913.9
939. 4

840. 7
850. 1

132. 4
124. 3

343. 8
352. 1

340. 1
347. 4

73.2
89. 3

4,339
4,452

2,952
2, 952

8.0
9. 5

210, 610
211, 030

950. 6
161. 9
168. 2
966. 5
175. 1
993. 1
178. 1 1, 008. 8

866. 2
894. 9
927,6
922. 3

123. 9
129. 5
136. 1
120. 7

364. 4
375. 8
389. 0
391. 7

352. 4
363. 8
376.2
383. 5

84.4
71. 5
65. 5
86.5

4,497
4, 565
4, 681
4, 745

2,887
2,850
2,842
2,798

8.9
7. 4
6.6
8.6

211,
211,
212,
212,

I... 1, 193. 4 178,0 1, 015. 5
1

939.5

124. 9

398.8

389.5

75.9

4, 768

2,775

7.5

212, 970

III. 1, 068. 0 154. 2
IV. 1, 099. 3 159. 9
L__ 1,
II.. 1,
ni_ 1,
IV. 1,

i

1975:

112. 5
134. 61
168. 2
186. 9

1
Includes personal consumption expenditures, interest paid by consumers,
and persons! transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.




381
721
139
600

3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
Farm Income continued to decline In the first quarter.
BILLIONS OF DOLLA,,

BILLIONS OF DOLLARS
120

SEASONALLY ADJUSTED ANNUAL RATES

100

100

REALIZED GROSS
FARM INCOME

so

80

60

60

40

40

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

20

20

I
1969

!

J

L
1974

1973

1972

1971

1970

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

Personal income re ceived by
total 1 arm popu lation

income re ceived fro in farmingT

i

Net t<3 farm
oper ators

Realize d gross
Period

L
1975

1 From
all
sources

1967___ _
_„_
1968
.
_ _ _ _ _
1970 _ _ _ _ _
1971
__
_ _ _ _ _ _ __ _
1972 _ _
__ _
I973___ ___ _
_ _
1974..

22.6
23.9
26. 6
27. 1
28. 2
33. 7
50. 4
46. 7

From
From
farm
nonfarm
sources sources

11. 0
11.3
12. 9
12. 9
13. 2
16.5
31.3
25. 8

11.6
12.7
13. 7
14. 2
15. 0
17. 2
19. 0
20. 9

Net inc ome per
farm incl uding net
inventoryT change 3

jProduC"
Cash
tion ex- Exelud- Includreceipts penses ingnetin- ing net in- Current
1967
from
Total J
ventory ventory dollars dollars 4
2
marketchange change
ings
Billions c>f dollars
Do!iars
49. 9
51.7
56. 3
58. 6
60. 6
69. 9
97. 0
102. 0

42.8
44.2
48. 2
50. 5
52. 9
61. 0
88. 6
95. 0

38.3
39. 5
42. 2
44.6
47.6
52.4
647
74. 8

11.6
12.2
14.2
14. 0
13. 0
17. 5
32. 2
27. 2

12. 3
12. 3
14.3
14. 0
14. 4
18. 4
36.2
29. 6

3,877
4,018
4,753
4, 752
4, 957
6,410
12, 744
10, 460

3,877
3,863
4,361
4, 168
4, 166
5, 169
9, 235
6, 500

$eas0 natty adjt>isted annu at rates
1973:111
IV
1974: I
11
III
IV

__

_

101. 8
106. 7

93. 6
98. 5

67. 0
69. 0

34. 8
37. 7

39.3
42. 7

13, 820
15, 010

9, 870
10, 350

105. 0
98. 4
102. 1
102. 5

98. 0
91. 3
94. 5
96. 2

72. 1
745
76. 5
76. 1

32.9
23.9
25.6
26.4

36. 9
26. 9
27. 6
26.9

13, 040
9,500
9,750
9,500

8,520
5,970
5,950
5,590

98. 0

90. 6

76. 5

21. 5

20. 0

7,100

4,080

1975: I
1

Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
2
Inventory of crops and livestock valued at the average price lor the year.
Also, see footnote 2, p. 3.
s
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.




4

income in current dollars divided by th e index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.

CORPORATE PROFITS
pk profits declined substantially again in the first quarter. Profits plus inventory valuation adjustment also declined
• not as sharply as book profits.
BILLIONS OF DOLLARS

BILLIONS OF

P69

1975

SOUSCEs DEPART'AFNT Or COMMEfiCF

COUNCIL OF ECONOMIC ADVISERS

sf:^ " -*smii.-4Jf:£L"iiJ2

Period

1967......
1968
_ _
1970.
....
1971
1973......

"Billions of dollars; quarterly data at seasonally adjusted
CoriDerate pi ofits fbefc>re taxes) ano inveritory
valuation adjustme nt
TransCorpo- CorpoK"anufactui ing
portation,
rate
rate
comtax
profits
NonAll
Durable durable muniAll
before liabilIndusgoods
cation, other 1 taxes
ity
Total Indusgoods
tries
and
Indus™
tries
public
tries
utilities
i ._._
78. 7
38.7
20. 7
18. 0
29. 1 I 79. 8
10.8
33. 2
22. 4
41. 7
19.3
•84 3
32. 0
87. 6
10. 6
39. 9
36.6
18, 8
17. 7
79. 8
40. 1
10.1
84. 9
33L 1
27. 8
10. 5
69. 2
17.3
33.7
74. 0
34. 8
7. 8
32. 3
14,5
7&7
17s 8
38. 1
83. 6
37. 5
a- 3
40. 8
92.2
21.8
19, 0
42.2
41, 5
9,2
99. 2
26. 1
105. 1
47.6
213.5
9,' 2
4a-3 122. 7 49.8
105. 6
47. 0
17.0
30. 0
50.9 140. 7
7.8
55.7

annual rote?]
Cor]3orace pi ofits
arfter taxe s

Total

Corporate
capital
conDiviUndend distrib- sumption
uted
payments profits allowances 2

Profits
plus
capital
consumption
allowances *

46, 6
47. 8
44. 8
39. 3
46. 1
57. 7
72. 9
85. 0

21. 4
23. 6
24, 3
24. 7
25. 0
27. 3
29. 6
32. 7

25. 3
24 2
20. 5
14. 6
21. 1
30. 3
43. 3
52. 4

43. 0
46. 8
51.9
56. 0
80. 4
66.3
7L-2
76. 7

89. 5
94. 6
96, 8
95.2
106. 5
124, 0
144.- 1
161,7

1973: III.. 105.2
IV... 106. 4

47. 1
40. 4

24; 3

21.- 4
22.- 1

9.5
9.2

48.6
50. 8

122. 7
122. 7

49.9
49. 5

72. 9
73.2

29. 8
30.7

43. 1
42.5

71,6
73. 1

144 5
146.3

!____
II
III..
IV..

107. 7
105. 8
105. 8
103. 4

46. 2
46. 3
48.6
46. 3

19. 3
17. 1
15. 3
16. 2

26.- 9
29.7
33. 3
30. 1

7.-1
8. 0

54' 5
50.8
48.7
49. 6

135. 4
139. 0
157.0
131. 5

52. 2
55. 9
62.7
52. 0

83. 2
83. 1
94,3
79. 5

31. 6
32.5
33.2
33. 3

51. 6
50. 5
61. 1
46, 2

74. 1
75.7
77. 6
79. 3

157.
158.
171.
158.

1975:1 ^ _ _ _

93.4

100. 3

38. 6

61. 8

33. 8

28.0

81.2

143. 0

25.- 7

a6
7.5

Source: Department of Commerce, Bureau of Economic Analysis.

52-748° 75-




3
8
s
8

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment declined sharply in the first quarter. A drop of $37.0 billion in inventory investm*
accounted for most of the decline.
BILLIONS OF DOLLARS
250

BILLIONS OF DOLLARS

200

50

1969

1975

SOURCE, DEPARTMENT Of COMMERCE

COUNCIL OF ECONOMIC AOVS5CRS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed im/estment
Total
gross
private
domestic Total
investment

Period

N(mresident ial

Struc tures
Total
Total

100. 6
104. 6
116. 8
136. 8
149.2

41. 6
48.4
50.0
53. 6
59.2
58.9
61. 1
69.4
81.4
86. 5

27.2
25.0
25. 1
30. 1
32.6
31. 2
42. 8
54.0
57.2
46. 0

26. 7
24. 5
24. 5
29. 5
32. 0
30. 7
42. 3
53. 4
56. 7
45. 2

197. 1
195. 5

139. 0
141. 9

47.9
49. 3

46. 4
47.8

91. 1
92. 6

82. 6
83. 5

58. 1
53. 6

210.5
211. 8
205. 8
209. 4

193.6
198.3
197. 1
191. 6

145.2
149.4
150. 9
151. 2

51. 3
52.2
51.0
53.7

49. 5
50. 4
49.2
51.7

93.9
97. 2
99. 9
97.5

84.6
86.9
89. 2
85.4

163. 1

182.2

146. 9

52. 8

50.8

94. 2

82.9

1973: III
IV

209. 0
224 5

1974: I
II
III
IV

71.3
81. 6
83. 3
88.8
9&5

Source: Department of Commerce, Bureau of Economic Analysis.




Nonfarm

45.8
53. 1
55. 3
58.5
64.3
64. 4
66. 6
75. 7
89. 8
97. 1

98.5
106. 6
108. 4
118. 9
131. 1
131. 7
147. 4
170. 8
194. 0
195. 2

8

Total

24. 9
27. 8
27. 3
29. 6
33.5
35. 3
37. 1
40.4
45. 7
50.2

108. 1
121. 4
116. 6
126. 0
139.0
136. 3
153.7
179. 3
209.4
209.4

1975: I

Total

Nonfarm

25. 5
28. 5
28.0
30. 3
34.2
36. 1
37. 9
41. 1
47. 0
52. 0

1965
1966
1967
1968_
1969
1970
1971
1972
1973
1974__

___

Nonfarm

Produce rs? durable equ ipment

Ilesid ential
struc tures
|

Change in business in\'entories

Total
§.i

14. 8

a2

7. 1

Nonfarm
8. 6
15.0
7. 5
6.9

142

7. 7
43
49
7. 8
11.4
11. 9

57. 6
53. 0

11. 8
28. 9

7. 4
24. 0

48. 4
48.8
46.2
40.4

47. 8
48.0
45. 4
39. 7

16.9
13. 5
8.7

17.8

13. 1
10.4
6. 6
17. 5

35. 3

34 8

-19.2

-17. 8

7,8

4. 5

6.3
8.5

15. 4:

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Dn the basis of the regular annua! survey conducted in January and February, businessmen are projecting a rise of
31/4 percent in plant and equipment outlays from 1974 to 1975. This implies a sizable decrease in real terms.

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

Manufacturing

I

Nonmanufacturing

!

:

.

!

Period

TotaP
Total

2£
goods
__

1967
1968
1969
1970
1971
1972
1973
1974
1975 3
1974: I _ _
II
III
IV
1975: I 33
II
2nd half

doable
goods
-

Total

_

^
m
«
_____

Ran-

-

Com_

Z&
utllltles
Air

-

|
j

Qther

-

^ "ST
cation Q «£,

|

|

.

6. 34 j
6.831
8. 30 I
10.10!
10. 77 |
11.891
12.85!
13.961
13. 57 '

14.59
1514
16.05
16.59
18.05
20.07
21.40
22.05
21. 28

65.47
67.76
75.56
79.71
81.21
88.44
99.74
112.40
116. 06

3

28.51
28.37
31.68
31.95
29.99
31.35
38.01
46.01
49. 30

14.06
14.45
14.12
14.25
15.96
15.72
15.80
16.15
14.15
15,84
15.64
15,72
19. 25 | 18.76
22. 62 | 23.39
22. 62 : 26. 68 j

36.96
39.40
43.88
47.76
51.22
57.09
61.73
66.39
66. 77

1.65
1.63
1.86
1.89
2.16
2.42
2.74
3.18
3. 90

1.86
L 45
1.86
1.78
1.67
1.80
1.96
2.54
2. 89

2.29
2.56
2.51
3.03
1.88
2.46
2.41
2.00
1. 89

1.48
1.59
1.68
1.23
1.38
1.46
1.66
2.12
2. 69 j

8.74
10.20
11.61
13.14
15.30
17.00
18.71
20.55
20. 56 |

107.27
111.40
113.99
116.22
113.22
113. 83
118. 49 I
I
I

42.96
45.32
47.04
48.08
47.55
47. 76
50. 73

21. 43 I 21.53
22.50
22.82
23.08
23.96
23.28
24.80
22.04
25.51
21. 44
26. 32
23. 40
27. 33

64.31
66.08
66.94
68.14
65.67
66. 07
67. 75

2.80
3.07
3.27
3.56
3.59
3. 64
4. 17

2.10
2.42
2.68
3.05
2.83
3. 05
2. 87

2.13
2.21
1.84
1.81
2.06
2. 15
1. 66

1.63
1.84
2.16
2.71
2.67
2. 63
2. 82

20.12 13. 83 i 21.69
20.97 13.94! 21.63
20.16 14.01; 22.84
20. 93 [ JL4. 04 j 22.04
20.14 %
34~38'
20. 10
;]4. 50
20. 98 I
35. 24
j

1
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations.
2
Includes trade, service, construction, finance, and insurance.
3
Estimates based on expected capital expenditures as reported by business
i late January and February 1975. Includes adjustments when necessary for
"stematic tendencies in expectations data.




—

I "
!
Transportation

NOTE.—Annual total is the sum of unadjusted expenditures; it do**? not
necessarily coincide with the average of seasonally adjusted figures'.
These figures do not agree with the totals included hi the gross national product
estimates, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
„
_
,
, ._
_
Source: Department of Commerce, Bureau of Economic Analysis,

9

STATUS OF

FORCE

I

'The seasonally adjusted civilian labor force increased by 433,000 to 92.3 million In April. Civilian empfoymer
f\Jti>\Jt IVfl 1 j
\A^MJ W3i «&v* V » I T I I I V I I I »v^wwi IVXIN>*» si iv.1 <e»5»4,3^c,\*i w y -T^/^/^NSW t\ji
x A, • «* t t i i i i i w i s ill ^ %j-»iii.
>»IYIIIV«I
rose b y 237,000—the first increase since September 1974—and unemployment increased by 196,000.
MILLIONS OF PERSONS9

MILLIONS OF PERSONS*

90

OF CIVILIAN

OF CIVILIAN

8

Jo
1975

1969
16 YEARS OF AGE AND OVER.
SOURCEs DEPARTMENT OF LABOR

Period

1971 _„
1972*^ 1
1973*1974...

Civilijm employ inent

Total
labor
force
(Including
Armed
Forces)
86,
88,
91,
93,

929
991
040
240

COUNCIL OF ECONOMIC ADVISERS

Total

1

Nonagricul-

Unemployment

79, 120
81, 702
84, 409
85, 936

Thoug
75, 732
78, 230
80? 957
82, 443

of
4, 993
4,840
4,304
5,076

1 Total
j labor
force
(including
Armed
Forces)
persons 1€
j 86,929
| 88,991
91,040
93, 240

Civili an einplc>yment
Civilian
labor
force

Agricultural

i

years of
84, 113
86, 542
88, 714
91, Oil

and c ver
79? 120 3,387
81, 702 3,472
84, 409 3,452
85, 936 3,492

Percent
75, 732
78, 230
80, 957
82, 443

4,993
4,840
4. 304
5,076

5.9
5. 6
4-9
5. 6
Unadjusted

4,602
4} 537
4,691
4, 769
4,880
4,925
5,803
6,540
6,019
6, 601

5.3
4. 8
4. 6
5. 8
5,6
5. 3
5.7
5.5
6,2
6,7

5,1
5. 0
5, 2
5,2 \
6t 3
5,8
6,0
6.6 1
7,2 \

61. 7
61, 6
61. 8
81. 8
62. 0
61. 8
62. 0
62.0
61.9
61. 8

7,484

7,529

9.0
9. 1
9, 1
8. 6

8. 2
8. 2
8. 7 \
8. 9 \

61.9
61. 5
61. 6
61.8

<Seasonally adjuster ?

Unadj usted
1974:
Mar.
Apr..
MayJune.
July.
Aug.
Sept_
Oct__
Nov.
Dee_
1975:
Jan.
Feb.)
Mar.!
Apr. !

Total

91, 884
91, 736
92; 158
94, 758
95, 496
94, 679
93, 661
94,105
93, 822
93, 538

84, 878
85, 192
85, 785
87, 167
88, 015
87, 575
86, 242
86,847
85, 924
85, 220

81, 544
81, 756
82, 181
83, 272
83, 991
83, 724
82, 679
83,312
82, 700
82, 261

4,755
4,301
4, 144
5, 380
5,260
4,885
5,202
5,044
5,685
6, 106

92, 632
92, 687
92, 983
93, 068
98, 503
93, 419
93, 922
94, 057
93, 921
94, 016

90, 881
90, 324
90, 763
90, 867
91, 283
91, 199
91, 706
91, 844
91, 708
91, 803

85, 779
85, 787
86, 062
86, 088
86, 403
86, 274
86, 402
86, 304
85, 689
85, 202

3,375
3,339

82, 126
82, 272
82, 565
82, 755
82, 970
82, 823
82, 913
82, 864
82, 314
81, 863

93, 342
93,111
93, 593
93, 564

82, 969
82,604
83, 036
83, 549

80, 082
79,714
80, 048
80, 377

8, 180
8,309
8, 359
7, 820

94, 284
93,709
94, 027
94, 457

92, 091 84, 562
91,511 84,027
91, 829 1 83, 849
92, 262 \ 84, 086

3, 383
3,326
3, 265
S, 238

81, 179
80,701
80, 584
80, 848

""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 801,000 to civilian employment. A further adjustment in March 1973
added 60,000 to the labor force and to employment.

10




Labor
Unempl
Unem- rate (peoyment force
rcent of participloycivilia n labor pation
ment
for ce)
rate1

Nonagricul-

3, 653
3,515
8,497
S, 333
3, 433
3,451
3, 489

3,440

7, 980 \
8, 176

81. 0
61, 0
61. 4
1
61. 8
Seasc nally
adji> Med

5,4

1
Total labor force as percent oi noninstitutional population 16 years of age
and over.

Source: Department of Labor, Bureau of Labor Statistics.

OF
T

he seasonally adjusted unemployment rate increased by 0.2 percentage point in April to 8.9 percent, The rate
married men, wife present^ increased to 5.6 percent.
PERCENT

PERCENT

UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS

UNEMPLOYMENT RATE,
MARRIED MEM

1969

1975

SOUKC& DEPARTMENT OF 1A1OR

COUNCil OF ECOHCMC ADVISEES

Persons at work in nonagn cultural iridustries
by hours worked j3er week 2
Uiider 35 ho urs

linenaploymen t rate
(percen t of civilijm labor
for ce in grou.p)
Period

1971
1972
1973
1974

-„.._„

1974: Mar......
Apr__ .
May«.
..
June .
July
Aug
Sept
Oct.
Nov., „_„.._
Dec
1075: Jan
Feb..
„
Mar_
Apr_ _ _ _, _

Labor
Experi- Married
force
enced
time lost l Over 40
All
wage and men
hours
(wife
workers salary
present)
workers
Per cent
3. 2
5.7
2.8
5. 3
2.3
4.5
2.7
5.- 3
Seasonall y adjusted
2. 5
4*8
5. 1
5. 0
2.4
4*9
2. 2
4*9
5,2
2. 6
5,2
5.0
5.1
2 7
5.8
5. 2
2. 7
5.4
5. 5
2.8
5.8
5. 7
S. 0
6. 0
& &
O. O
6. 2
6.6
6. 9
7.2
3.8
7, 8
8.2
4.5
7.9
4.7
8. 2
5. 2
8.7
8.4
8.8
5.6
8.9
5. 9
5.6
4-9
5.- 6

6. 4
6.0
5. 2
6. 1
5. 6
5.7
5. 7
5.8
5.8
6. 8

6.4

6.6
7. 2
7. 9
8.9
8.9
9.6
9. 7

Part-t] me for
economl c reasons
Total

Usually Usually
fullparttime s
time 4
Thousan ds of pers ons 16 ye ars of age
1, 184
1, 256
19, 095 35, 752 16, 298
1,327
20, 320 36, 794 16, 549
1,081
21, 284 37, 426 17, 473
1,074
1,237
20, 241 38, 767 18, 275
1, 401
1, 308
(Jnadjustec I
1, 127
20, 854 39, 416 17, 927
1,261
1,052
17, 153 34, 544 25, 026
1,080
1,265
21, 323 39, 775 17, 638
1, 147
1,314
1,645
20, 938 39, 734 16, 325
1,992
19, 702 38, 028 15, 123
1, 124
1,871
19, 842 38, 476 14, 815
1,323
1, 370
21, 653 39, 905 16, 737
1,280
21, 737 39, 877 17, 769
1,283
1, 368
1, 412
20, 257 39, 345 19, 851
1, 516
1,351
19, 787 39, 247 19, 768
1,746
1,474
18, 583 39, 379 18, 758
2, 123
17,802 37,821 20,653
2,086
1,516
18, 481 39, 131 19, 009
1,906 5 1, 777
1, 655
18, 461 40, 313 18, 486 s 1, 825

1
Man-hours lost by the unemployed and persons on part-time for economic
reasons as a percent of potentially available labor force man-hoiirs.
2 Differs from total nonagricoltural employment (p. 10), which includes peris with jobs but not at work for such reasons as vacation, illness, bad weather,
lindus trial disputes.
Includes persons who worked part-time because of slack work, material
rtages or repairs, new job started, or job terminated.




35-40
hours

Part-ti me for
eeonomi s reasons
Usually
fulltime 3
and over

Usually
parttime 4

__

.

_
„
Seasonal! 4 adjusted
1,248
1, 287
1, 086
1,806
1,249
1,491
1,195
1,266
1, 158
1, 292
1, 180
1,877
1, 269
1,589
1, 877
1,552
1,575
1,605
1,847
1, 528
2,037
1,800
2,047
1,700
1,887
1,885
2,001

4
Primarily
6

includes persons who could find only part-time work:
Average hours worked: usually full-time, 21.5; usually part-time,
Source: 'Department of Labor, Bureau of Labor Statistics^

II

UNEMPLOYMENT INSURANCE PROGRAMS

In April, insured unemployment under State programs averaged 2.6 million more than a year earlier. The seasoned1
adjusted insured unemployment rate rose from 6.4 percent in March to 6.8 percent in April.
MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

1974

2r

1973

j0
JAN.

FES.

MAR.

APRIL

MAY

JUNE

JULY

AUG.

SEPT.

OCT.

SOURCE DEPARTMENT OF IABOS

Insured Total
unem- benefits
Covered
ploypaid
(milemploy- ment
ment
(weekly
lions
averof dollars) 1
age)

Thou sands
1971
59, 375
2, 313
1972_ ...
.
66, 900
2, 185
1973 "._ ... .
. 70, 561
1, 783
1974 *
2, 578
1974: Mar
2, 751
Apr
.
2, 564
2,278
Mav
-__ _ _
2, 161
June
2,290
July-_
2, 153
Aug_
_.
2, 081
Sept_
2,246
Oct^
2, 825
Nov *—
3, 910
Dec *__ - _
5,213
1975: Jan ?v_ _ „ _ _
5,751
Feb
Mar *
5,886
Apr »
_ _
5, 679
Week ended:
5, 833
1975: Apr 5 _ _ _ _
_
12____
5,729
5, 663
19.
--•
5, 554
26
5,450
May 3 * _ _ _
10 *>__

Stiite progra ms

Insured
unemployment

6, 214. 9
5, 510. 5
4, 527. 0
6, 933. 9
652. 4
639. 3
584. 5
472. 4
541. 6
525. 3
478. 1
530. 3
561. 3
848. 3
1, 243. 8
1,211. 2
1, 219. 4
1, 213. 7

i Beginning with January 1973, monthly data include extended benefits.

12




DEC

COUNCtt OF ECONOMIC ADVISERS

A 11 progranis

Period

NOV.

Initial
claims

Exhaustions

Weekly iiverage, t lousands
2, 150
295
38
1, 848
261
35
246
29
1, 632
2, 262
363
37
2, 502
35
293
2, 217
263
38
39
1, 934
237
40
1,834
269
41
340
1, 989
1, 874
283
40
274
35
1, 783
34
1, 947
348
2, 499
480
36
703
42
3, 550
4, 752
795
49
54
5,108
609
510
41
5,091
463
4, 779
47
4, 973
43 870
4,790
47 674
4, 559

506
496
456
430
421
433

Beneti ts paid
Insurec * unempioymeD t as percent of covered
Total Average
emplo yment
(milweekly
check
Unad- Season- lions of (dollars)
justed ally ad- dollars)
justed
Per Dent
4. 1
3. 5
2.7
3. 5
4, 0
3. 5
3. 0
2. 9
3. 1
2. 9
2. 7
3. 0
3.8
5. 4
7. 2
7.8
7. 7
7.2

_

8.S
3, 3
3.3
3. 3
3. 3
3.3
3.5
3.8

4.3

5.0
5. 5
6. 0

6.4
6.8

4, 957. 0
4, 471. 0
4, 007. 6
5, 974. 9
593. 9
552. 7
486. 4
383. 4
459. 1
444. 9
381. 0
442.0
485. 0
745. 9
1, 116. 3
1,088. 1
1, 087. 6
1, 091. 8

7. 6
T

<~>

i , O

_

7. 2
7.0
6.9
__.

Source: Department of Labor, Manpower Administration,

54.02
56. 76
59. 00
64. 25
63. 85
63. 62
62. 69
62.50
62. 93
64. 14
64.23
65. 20
65. 49
67. 22
67. 71
68. 19
68.29
68. 34

NONAGRICULTURAL EMPLOYMENT
T

^ta! nonfarm payroll employment held steady in Aprs! at 76.3 million. There was a continued drop in manufacturing
ployment and a small rise in the service sector.
MILLIONS OF WAGE
AND SALARY WORKERS

MILLIONS OF WAGE
AND SALARY WORKERS

(SEASONALLY ADJUSTED)

(SEASONALLY ADJUSTED)

(ENLARGED SCA LE)

76

16

—r~—-~^

-^
X*^

^

WHOLE5AL E AND

_
1O

n

m^~~~~~~~

.— — -

RETAIL TR/I
^DE

'

""V"

SERVICES

'

^

"»^,,.MWW"«n«.wt(.

\

«**°***

\*

%
DURABLE
"^
MANUFACTURE G ^

1A

NONDURABLE
MANUFACTURING

-

1
j

\

8

h^.
-

d

CONTRACT
CONSTRUCTION

:
4

^

fv.
^w

^^^^^^

1
I
I
I
1 I I..I I » 1 I I I I I I t I I > 1 t I I^J

1975

1972

1972

1973

1975

1974

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; l seasonally adjusted]
Manufa< during ( 3rivate)
Period

1969
1970
1971
1972
1973
1974
1974: Mitr.
Apr__
May.
JuneJuly.
Aug..
j^ept.
Oet__
^\Tr,V

j -'^C

1975: Jan..
Feb..
IM^r*.
Apr ^

Total

70, 442
70, 920
71, 216
73, 711
76, 833
78, 334
78, 089
78, 226
78', 357
78, 421
78, 479
78? 661
78, 844
78, 865
78, 404
77, 690
77, 227
76, 708
76, 346
76, 293

Total

20, 167
19, 349
18, 572
19, 090
20, 054
20, 016
20, 116
20, 147
20, 151
20, 184
20, 169
20, 112
20, 112
19, 982
19, 633
19, 146
1.8, 718
IS, 297
18, 154
18, 058

N onmami factoring I (private )

NonDurable durable
goods goods

Total

8,272
8, 154
7, 975
8, 084
8, 240
8, 179
8, 254
8, 234
8, 243
8,225
8,210
8,213
8,206
8, 141
n; 611 8,022
11, 291 7, 855
11, 010 7,708
10, 722 7, 575
10, 641 7, 513
10, 534 7, 524

38, 073
39, 010
39, 756
41, 281
43, 037
44, 034
43, 870
43, 922
44, 019
44, 036
44, 068
44, 223
44, 289
44, 352
44, 203
43, 956
43, 879
43, 626
43, 391
43, 392

11, 895
11, 195
10, 597
11, 006
11, 814
11, 837
11, 862
11, 913
11, 908
11, 959
11, 959
11, 899
11, 906
11, 841

Con- Trans- Whole- Finance,
insursale
tract portation
ance, Services Federal
Mining conand
and
and
strue- public
retail
real
tion utilities trade
estate
. . .,.,.
619 3, 525 4, 435 14, 704 3, 562 11, 228 2,758
623 3, 536 4, 504 15, 040 3,687 11, 621 2,731
603 3,639 4, 457 15, 352 3, 802 11, 903 2, 696
622 3,831 4, 517 15, 975 3. 943 12, 392 2, 684
638 4, 028 4, 646 16, 665 4, 075 12, 986 2, 663
672 3, 985 4, 699 17, Oil 4, 161 13, 506 2, 724
662 4, 102 4, 708 16, 914 4, 145 13, 339 2, 699
665 4,087 4,704 16, 945 4, 154 13, 367 2, 705
668 4, 066 4, 701 16, 994 4, 161 13, 429 2,711
669 3,994 4, 698 17, 031 4, 156 13, 488 2,715
675 3, 920 4, 693 17, 107 4, 157 13, 516 2, 735
676 3,965 4, 701 17, 140 4, 168 13, 573 2, 740
682 3,939 4, 679 17, 166 4, 176 13, 647 2,747
692 3, 911 4, 699 17, 160 4, 185 13, 705 2,748
693 3, 861 4, 697 17, 048 4, 183 13, 721 2,746
662 3, 798 4, 668 16, 912 4, 182 13, 734 2,738
700 3, 789 4, 607 16, 803 4, 173 13, 747 2, 733
702 3, 596 4, 561 16; 832 4, 164 13, 771 2, 733
706 3,478 4, 511 16, 788 4, 156 13, 752 2, 732
700 3; 462 4,499 16. 794 4, 164 13, 773 2,734

1
Includes ail fuJl- and part-time wage and salary workers in nonagriculturai
establishments who worked during or received payl'or any part 01 the pay period
\\hichincludes the 12th oi the month. Excludes proprietors, self-employed per">as, domestic servants, and personnel oi the Armed Forces. Total derived from
TS table not comparable with estimates oi nonagricultural employment, oi the
ilian labor force, shown on p. 10, which include proprietors, self-employed
sons,
domestic servants; which count persons as employed wnen iney




Gover nment
State
and
local
9,444
9, 830
10, 192
10, 656
11, 079
11, 560
11, 404
11, 452
11, 476
11, 486
11, 507
11, 586
11, 696
11, 783
11, 822
11, 850
11, 897
12, 052
12, 069
12, 109

Source: Department of Labor, Bureau of Labor Statistics.

13

OF
The seasonally adjusted workweek of private nortfarm payroll workers rose by 0.1 hour in April to 36*0 hours. Hoors
of work increased by 0.2 hour in manufacturing and 2=0 hours in contract construction.
HOIJRS PER WEEK ISEASGNAtlY
46

HO URS PER WEEK |S&ISOWLVf
46

ADJUSTED!

ADJUSTED!

MANUFACTlJRiNG

TOTAL NOhIAGR1CULTUR/0. PRIVATE
44

44

42

42

40

40

38

38

^^^M^*-^
=:
^^—1

VM!Stex

*%.__^8

36
34

36

^"Hau^

*

f ? f f 1 f f ! I 1f

>,,ft!tffft

f f It t 1 t t f t U

1973

A\ f f 1 ! 1 f 1 1 ? !

1974

1975

1972

34

i ? 1 1? ! f if i?f

1972

42

42

CONTRACT CONSTRUCTIC>N

i f r Ti f f f r r t K

? f f f f ? f f M

1975

1974

1973

RETAIL TRAC>E

40

40
38

""s^

38

A
+s\
^-^A/V^x/^ ^

^*sA

36

V—

^\
34

36
34 L^ww*,^

At t f 1 f f f f f | |
JJJJ_LLULJ1_L
r

1972

1973

i f j \ \ f f f f ?i
1974

1 | i | f } i f | n i »,

30

r^^ .i_i_f..i.i.bu.uj.
s»^

32

32
30

A\ t 1 ! 1 1 1 t.I t I

yjoj-ilu^u.. .^LLJ-l l-LiJ-LLJ^

1975^

1972

! f f . f ?f f | j \ |

1973

1975

1974

SOOSCE: DEPARTMENT OflASOE

COUNCIL OF ECONOMIC ADVISERS

Total
nonagricultural
private 2

Period

[Average hours per week1]
l
Contract
Manufac- construcRetail
turing
trade z
tion

Total
nonagricultural2
private

Unad justed

Manufacturing

Contract
construction

Retail
trade 3

Seasonal!]f adjusted

_„.

38. 6
38. 0
37. 8
37. 7
37. 1
37.0
37.- 1
37. 1
36. 6

41. 3
40. 6
40.7
40. 6
39.8
39.9
40.6
40. 7
40. 0

37. 6
37. 7
37.3
37. 9
37. 3
37.2
36.9
37. 0
36. 9

35. 9
35. 3
34. 7
34. 2
33. 8
33.7
33. 7
33. 3
32. 7

Mar
..
Apr-..
.
May
.
June
_. _
July
...
Aug_
Sept__»__
_.
Oct_._~
...
Nov _ _ _ _ „ _ „ „ « _ _ ,
Dec ..
Jan
....
....
Feb 9
Mar
....
Apr »__.

36. 5
36. 3
36.6
37.0
37. 1
37. 1
36.8
36.6
36.2
36. 5
35.8
35. 7
35. 7
35.7

40.2
39. 1
40.3
40.4
40. 0
40. 1
40,3
40. 1
39.7
39.9
38.7
38.5
3R7
38.8

36.5
35.9
36.7
37.6
37.9
37.6
37.5
37.9
36.5
36. 8
35.4
35. 3
34.7
36. 5

32.4
32. 7
32.5
33. 1
33. 7
33. 6
32. 6
32.2
32. 1
32. 7
31. 8

1966...
1967.,
1968..
1969—
1970
1971...
1972
1973-__
1974

.
.
.

>

.

„.
....

1
Data relate to production workers or nocsupervisory employees.
2
Also includes other private industry groups shown on p. 13.
8

Includes eating and drinking places.

14




*>1
Q
Oi. O

31,9
31.9
Source:

!

se. ?

S6.6
$6.7
38.7
S8.7
36, 7
36. 7
36. 6
36.2
86.4
S6. £
36. 0
35.9
36. 0

of Labor,

40.5
39. 3

40. s

40. 1

40.2

40. 2
40,0
40. t
39. 5
89. 4
39. S

se. 7

36.3
36. 7
36.9
36.9
36.4
36. 5

57. 2

38; 8

37, 1
37.5
S7« I
36.6

§8.8
39.0

36.9

of

32. 9
S3. 0

&<a Q

O&, if

32. 7
32. 6
32. 6
82.5
32.4
32. 4
32. 4
32. 3

s& s
S2. 4
32. 2

AVERAGE HOURLY

EARNINGS - SELECTED INDUSTRIES

brage hourly earnings of private nonfarm payroll workers increased by 1 cent (2.7 percent annual rate) to $4.44
^pril, and were 34 cents (8.3 percent) above a year earlier. The adjusted hourly earnings index for manufacturing
/eased at an annual rate of 7.4 percent in April.
DOLLARS

DOLLARS

1

AVERAGE HOURLY

AVERAGE WEEKLY EARNINGS
280

7.00

240

400
CONTRACT
CONSTRUCTION

200

5.0.0
*******

4.00

160
TOTAL NONAGRICULTURAL
PRIVATE

3.00

TOTAL NONAGRICULTURAL
PRIVATE

120

—\1

RETAIL TRADE

RETAIL TRADE

^ *«**'*'

2.00

80
I M I IM IM

1972

1973

1972

1975

1974

!

t I I I I I i i I '

1973

1974

JSOURCE: DEPARTMENT OF UBOR

1975
COUNCIL OF ECONOMIC ADVISERS

[Fo r productio n workers or nonsupervisory em ployees]

Average hexiriy earni ngs— curre nt dollars

Average vweekly earn ings— curr snt dollars

M an uf a c t ur i n g
industries
|

Period

Total
nonagricultural
private l

Manufacturing

Contract
construction

Retail
trade 2

Total
nonagricultural
private 1

A vpr- »(>•(»

Manufacturing

Contract
construction

Retail
trade 2

$112.
114.
122.
129.
133.
142.
154.
165.
176.

34
90
51
51
73
44
69
65
00

$146. 26
154. 95
164. 49
181. 54
195. 45
211. 67
222. 51
236. 06
249. 44

$68. 57
70.95
74. 95
78. 66
82. 47
86. 61
90. 99
95. 57
101. 37

95. 6
100. 0
106.1
112.4
119. 4
127.3
135. 1
143. 6
156. 0

$115. 58
1 14. 90
117.57
117.95
114. 99
117.43
123. 46
124. 46
119. 16

earnings,
i OAT —
lyO/
i no 3
1UU

?arn-'
ines.
1QA7
iJui
dollars 4

$2. 56
2. 68
2. 85
3. 04
3. 22
3. 44
3.67
3. 92
4. 22

$2. 72
2. 83
3. 01
3. 19
3. 36
3. 57
3.81
4. 07
4.40

$3. 89
4. 11
4.41
4. 79
5. 24
5.69
6.03
6.38
6. 76

$1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2. 70
2. 87
3. 10

$98.
101.
107.
114.
119.
127.
136.
145.
154.

82
84
73
61
46
28
16
43
45

1974: Mar— .Apr_
May
June
July
Aug
Sept__
Oct___ __.
Nov
Dec

4. 09
4. 10
4. 17
4.21
4.22
4. 26
4. 35
4. 37
4.36
4. 38

4.24
4.25
4.33
4. 38
4.42
4.44
4. 53
4. 56
4. 58
4. 65

6.53
6. 56
6.60
6. 65
6.68
6. 86
7. 01
6. 99
7.00
7.05

3.01
3.01
3.08
3. 10
3. 11
3. 12
3. 16
3. 18
3. 18
3. 18

149.
148.
152.
155.
156.
158.
160.
159.
157.
159.

29
83
62
77
56
05
08
94
83
87

170. 45
166. 18
174. 50
176. 95
176. 80
178. 04
182. 56
182. 86
181. 83
185. 54

238. 35
235. 50
242. 22
250. 04
253. 17
257. 94
262. 88
264. 92
255. 50
259. 44

97. 52
98. 43
100. 10
102. 61
104. 81
104. 83
103. 02
102. 40
102. 08
103. 99

150.6
152.0
153. 7
155. 2
156.3
157.6
159. 6
160. 9
162.2
164. 2

119.11
115.48
119. 93
120. 46
119.46
118.77
120. 34
119. 52
117.84
119. 40

1975: Jan_
Feb
Mar"
Apr* _

4.39
4. 41
4. 43
4.44

4. 65
4.67
4. 71
4. 72

7.07
6. 99
7. 11
7. 12

3. 24
3.27
3. 27
3.28

157.
157.
158.
158.

16
44
15
51

179.
179.
182.
183.

250.
246.
246.
259.

103.
103.
104.
104.

165.
166.
167.
168.

115.
114.
115.
115.

1966
1967
1968
1969
1970
1971
1972
1973
1974

1
Also includes other private industry
2
Includes eating and drinking places.
2

groups shown on p. 13.

Adjusted to exclude the effects of overtime and interindustry shifts.

52-748° 75



3

96
80
28
14

28
75
72
88

03
99
31
63

3
2 1
6 1
6 i

29
38
51
51

* Earnings in current dollars divided by the consumer price inclei.
Source: Department of Labor, Bureau of Labor Statistics.

15

PRODUCTION

ACTIVITY

INDUSTRIAL PRODUCTION

Industrial production declined 0.4 percent in April, much less than the 1.3 percent drop in March and the 2-3%
percent monthly drops in the November-February period. In April, an upturn in output of consumer goods was offset
by further declines in business equipment and durable goods materials.
Index, 1967 =100 (SEASONALLY ADJUSTED)

Index, 1967 = 100 (SEASONALLY ADJUSTED)

1972

1975

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

P cried

1967
1968
1969
_ _ __
1970
1971____
1972
_ _ ___
1978
1974
1974: Mar ___ _
Apr _
M ay
June
July
Aug
Sept
Get _ _ _ _ _
Nov
Dec
1975: Jan
Feb _ __ _
Mar »
Apr p _

Total
industrial
production

100. 0
105. 7
110. 7
106. 6
106. 8
115. 2
125. 6
124. 8
124. 7
124. 9
125. 7
125. 8
125. 5
125. 2
125. 6
124. 8
121. 7
117.4
113. 7
111. 2
109. 8
109.4

COUNCIL OF ECONOMIC ADVISERS

[1967=100, seasonally adjusted]
Industry
MEinufacturi np

Total

100. 0
105. 7
110. 5
105. 2
105. 2
114. 0
125. 1
124.4
124. 6
124.8
125. 7
125. 6
125. 2
125. 2
125. 5
124. 6
120. 9
116. 1
111.7
109. 3
107. 8
107. 7

Source: Board of Governors of the Federal Reserve System.

16




Fiiml produc3tS
_

NonDurable durable
100. 0
105. 5
110. 0
101. 4
99. 4
108. 4
122. 0
120. 7
120. 4
120. 7
122. 1
122. 1
121. 6
121. 6
122. 1
121. 6
117. 9
112.2
108. 2
104.8
103. 0
102.8

Market

100. 0
106. 0
111. 1
110. 6
113. 5
122. 1
129. 7
129.7
131. 0
130. 4
130. 9
130. 7
130. 8
130. 4
130. 5
128. 9
125. 4
121. 9
117.0
115. 8
114.8
114.8

Mining Utilities
Total

100. 0
103. 9
107. 2
109. 7
107. 0
108.8
110. 3
109. 3
112. 2
111. 3
111.0
110. 2
110. 2
107. 3
109. 2
110. 5
105. 0
104.4
107. 0
107. 0
106.4
105. 9

100. 0
109. 4
119. 5
128. 3
133. 9
143. 4
152. 6
149. 9
146. 5
148. 7
149. 1
150. 6
152. 4
152. 7
153. 1
151. 2
152. 3
152. 6
153. 0
150. 5
150. 2
150.4

100. 0
105. 8
109. 0
104. 5
104. 7
111. 9
121. 3
121. 7
121. 0
120.7
122.4
122. 5
122. 8
122. 1
122. 6
122. 3
120. 9
118.2
114.9
113. 1
112.4
112. 5

Consumer
goods
100. 0
106. 6
111. 1
110. 3
115. 7
123. 6
131.7
128. 8
128. 5
128. 5
129. 6
130. 3
130. 0
129. 8
128. 8
128. 2
126. 3
123.4
120. 1
118. 8
118.4
119. 6

Equipment
100.0
104. 7
106. 1
96. 3
89. 4
95. 5
106. 7
111. 7
110. 1
110. 1
112.2
112. 0
113. 0
111. 4
113. 8
114.0
113. 2
110. 7
107. 8
105. 1
104. 0
102. 9

Intermediate
products

100. 0
105. 7
112. 0
111. 7
112. 5
121. 1
131.0
128. 3
128. 1
129. 4
129. 2
128. 9
127. 8
128. 6
127. 6
125. 3
123. 0
120. 5
117.6
116. 0
113. 9
113.8

TVTa+£k

rials

100. 0
105. 7
112. 4
107. 7
107. 4
117. 4
129. 3
127.4
128. 9
128. 7
129. 1
128. 8
128. 0
128. 5
129. 3
128. 1
122. 1
114.8
110. 5
107. 4
105.4
103. J3

PRODUCTION OF SELECTED MANUFACTURES
nductlon of transportation equipment rose again in April reflecting a sharp rise in auto assemblies. The textile,
barel, and leather group increased somewhat. Output of primary metals continued to decline.
INDEX, 1967=100 (SEASONALLY ADJUSTED)
160

INDEX, 1967=100 (SEASONALLY ADJUSTED)
140

140

^\~ - \V

f*r

CHEMICALS, P iTROLEUM,
AND RUBBER

s
120

«B^"*"

^

\
\
PAPER AND V
PRINTING

4?%*^
—

N

~i
!

100

|
1 t ! t ! 1 i I I I1 ! I 1 t ! I ! ! ! 1 t ! 1 1 f ! I 1 1 I I 1

1972

1973

1972

1975

1974

1974

1973

! t 1 1 1 ! r ! t M1

1975

120

100

1975

1972
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[1967 = 100, seasonally adjusted]
Durab le manufiictures
Period

Primary
metals

1967
1968
1969
1970
1971
1972 _
1973
1974

_

1974: Mar
Apr__
May

June
July
Aug _ _ _ _ _ _
Sept
Oct
Nov
Dec

1975: Jan
Feb
Mar v *>__
Apr -

_ _

_

Ncmdurable manufactu res

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods
cated
Machin- tation
and
and
apparel,
petrometal
ery
prodand
equipprint- leum, and tobacco
products
ment
leather
rubber
ucts
ing

100. 0
103. 2
114. 1
106. 9
100. 9
113. 1
127.0
124. 1

100.0
106. 3
113. 6
109. 4
107. 4
114. 8
130.5
131.4

100.0
101.9
106. 8
100.3
96. 2
107.5
125.8
128. 1

100. 0
109.7
107. 6
90.4
92. 9
99.0
109. 1
96.9

100. 0
104. 8
108. 6
106. 3
113. 9
122. 4
127.9
120. 1

100. 0
104. 9
105.9
100. 2
100. 7
108. 1
115. 0
108.9

100. 0
104. 2
109. 1
107. 8
107.8
116. 1
122.2
121.0

100. 0
109.6
118. 4
118. 2
124.7
137. 8
149. 3
151. 7

100.0
103. 6
107. 5
110.8
113. 7
117. 6
121. 9
124.8

125. 3
124. 0
124. 6
124.7
123.2
121.9
123. 0
126. 0
121. 0
108. 6

131. 6
131.3
131. 9
132. 5
131. 1
131. 6
132.0
129.6
128.2
124. 1

128.4
128. 2
129.7
130.4
129.9
130.5
132.5
131. 1
128.9
124.8

95. 0
97. 8
100.6
99.4
98.7
99. 9
100.4
102. 1
93.7
83. 6

126. 1
126.8
126.8
125. 6
121. 6
121. 5
116. 6
109. 3
105.2
101. 3

112. 4
109. 3
109.8
108. 5
108. 1
107.4
106. 5
105. 1
101. 9
96. 3

122. 5
121. 2
121.3
122.3
122.4
121. 0
122. 7
120.8
115. 7
112. 3

151.2
153.5
153.0
153.8
153.9
154.4
154. 7
152.4
146. 5
141.6

125.3
124. 3
126. 5
125. 3
124. 8
124. 8
124. 3
123. 7
123. 8
123. 5

107. 2
102.0
97.9
94. 0

118.2
113.2
111.2
111. 3

119. 6
115. 9
113.3
112.3

78.9
77.1
77.6
81.9

99.9
99.4
97.5

88.9
89. 9
88. 8
91.2

108.2
106. 6
105.7
103.9

136.5
132.5
13L 3
131.1

120.0
121. 6
120.6
120.7

irce: Board of Governors of the Federal Keserve System.




17

WEEKLY

OF PRODUCTION

Most weekly indicators of production (not seasonally adjusted) increased in April. Exceptions were steel and
electric power.
MH.LIONS OF SHORT TONS

MILLIONS OF TONS

16

1 1/y Mit t t I t , t t I i n f i t i f f t T t l i i t li t n I t T t f f ft f f f r t I n ^

J

F

M

A

M

J

J

A

S

O

N

D

J

F

M

A

M

J

J

A

S

O

N

D

BILLIONS OF KILOWATT HOURS

50

ELECTRIC POWER

30

20

JAJ I T 1 I f 1 1.1 t 1 t t I t It t I I l i t t i t j t I t i l T t 1 I t f ij f f t f f \ > I.!.. T _ ! . . t

J

F

M

A

M

J

J

A

S

O

N

D

SQURCESj AMERICAN IRON AND STEEl INSTITUTE, DEPARTMENT OF THE INTERIOR,
iWSON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS

Electric Bituminous Freight Paperboarc
Car B 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
kilowatt-hours) tons) *

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

Period
Weekly average:

2,709
2,522
2, 310
2,549
2,892
2, 790
2,880
2,900
2,879
2,840
2,750
2,672
2,768
2,848
2,707
2,480
2, 615
2,715
2,704
2,485

111. 0
103. 4
94. 7
104.5
118. 5
114; 4
118.0
118. 9
118.0
116.4
112.7
109.5
113.5
116.7
111. 0
101.6
107. 2
111. 3
110.8
101. 8

25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
35, 839
34, 224
33, 248
34, 612
37, Oil
39, 982
39, 269
35, 692
34, 233
34, 839
36, 039
36, 360
36,423
35, 260
33, 912

10, 485
10, 779
11, 595
10, 619
11,450
11, 380
11, 558
11,916
12, 333
12, 996
11, 301
10, 908
11, 568
12,511
13, 179
7,588
9, 995
11, 929
12,261
12, 198
12, 684

543
543
522
486
502
526
508
527
515
535
542
500
510
514
546
464
413
433
442
435
445

479
507
489
501
548
569
556
601
589
601
596
546
586
531
562
525
395
356
471
427
439

207.6
195.8
158. 9
204.8
217.3
243.6
192. 0
196. 1
207.7
216.6
220.3
166.6
137.9
208. 6
239. 7
196.5
126. 1
122.7
131.8
151. 9
177.2

170.1
158. 1
125.9
165.0
169.6
185. 8
140. 2
139. 2
152. 6
159. 1
163. 2
115. 9
103. 3
159. 1
181. 7
142.4
88.8
88.2
92. 5
115. 7
134. 5

51.8
56. 8
55. 1
57.5
57. 1
50.6
34.5
49. 5
58. 0
54. 1
37. 3
34. 5
39. 3
36.2
42. 7

2,563
2,541
2,491
2,488
2,436
2,319
2,227

105. 1
104. 2
102. 1
102. 0
99.8
95. 1
91. 3

34, 684
34, 346
33, 502
33, 327
33, 702
33, 660
233,512

11, 250
12, 520
13, 405
13, 205
13, 040
13, 235

425
442
447
454
457
456

402
450
451
431
460
478

152. 6
175. 1
180. 3
184. 6
193.4
191. 1
192. 5

118. 5
131.4
140. 1
137.5
145. 0
148.8
146.3

34. 1
43. 7
40.2
47. 1
48.4
42. 4
46. 2

Zi, tJAU

1970 _
1971
1972

„ _ _

1974_
Mar
Apr__
May__
June
July
Aug___
Sept
Oct_
Nov
Dec
1975: Jan__
Feb__
Mar _
Apr ? _
Week ended:
1975: Apr 5
12
19..
26_
May 3
10 »
17 *>
ilncledes data for Alaska.
2 Not charted.

18




__

COUNCH OF ECONOMIC ADVISEES

JLUO.

i

37.5
37.8
33. 0
39.8
47.6
57; 8

Sources: American Iron and Steel Institute, Edison Electric Institute, Dep^
ment of the Interior, Association of American Railroads, American Paper IT
tute, and Ward's Automotive Reports.

According to preliminary estimates, expenditures for new construction were about the same in March as in February.
& decline in private construction was offset by a rise in public construction.
B1LUONS-OF DOLLARS

BILLIONS OF DOLLARS
160

40

20 I

20

1969

1970

1975

SOURCEs DEPARTMENT OF COMMERCE

COUNCH O? ECONOMIC ADVISERS

|

Period

1969
1970
1971__
1972
1973
1974

Total new
construction
expenditures
93. 9
94. 9
110.0
124.1
135; 5
134.8

Total

66.0
66.8
80.1
93.9
102. 9
96.4

Private
Resic ential
CommerNew
cial and
J
housing industrial
Total
units
Bi lions of dolj ars
25. 9
33. 2
16. 2
24. 3
16. 3
31. 9
43.3
17.0
35. 1
54.3
18; 1
44.9
57.6
47.8
21. 7
46.8
37.0
23.8

Other

1&6
1&6

19.8
21; 5
23.6
25.8

Federal,
State,
and
local

2ao

28. 1
29.9
30.2
32. 6
38.4

Apr

Mav... ___
June _
July
Aug _ _
Sept
Get _
Nov

Dec
1975: Jan_.
Feb

Mar *

132. 6
136.3
135. 1
136.4
138,2
136. 9
137. 9
134.4
133. 0
134.0
131. 1
132.8
130. 3
125.6
125. 8

97. 8
98.8
98. 6
97.4
97. 9
98. 4
97.9
96.2
94.7
95. 2
93. 5
90. 9
88.5
86.6
84.4

49. 7
48. 9
48.6
48. 2
48.0
48. 3
48. 9
48.2
46; 0

44. 3
42. 3
40. 1
37,7
36. 2
35.7

39.8
38.9
39. 1
39.3
39.7
39.5
38. 9
37.5
35. 5
33. 7
31.8
29.8
27. 9
26. 7
26. 3

l
includes nonliousekeeping residential construction and additions and alterakras, not shown separately.
|Fi W. Dodge series. Relates to 50 States beginning 1989 for value Index and
pnning 1971 for floor space.




22,6
24.5
24.2
23.2
24.0
24.5
23. 1
22.7
23.3
24. 6
24. 7
24. 1
23. 6
24. 0
21. 6

123. 7
123. 1
145. 4
165.3
179. 9
168.6

883
743
727
854

1,021
860

Seasonally
Seasonally adjusted
adjusted
annual
rates

Seasonally / adjusted arinual rates
1974: JanFeb _
Mar __

Constructio n contracts2
CommerTotal value cial and
index,
industrial
(1967= floor space
100)
(millions of
square feet)

25.5
25.4
25.8
26. 1
25. 9
25. 7
25.9
25. 3
25. 4
26. 3
26. 5
26.6
27. 2
26.4
27. 1

34.8
37.5
36.4
39. 0
40.3
38.5
40. 0
38.2
38. 3
38. 9
37.6
41.9
41.8
38.9
41.3

155
187
181
167
188
166
177
170
187
148
154
176
135
135
153

918
968
901
993
936
910
920
986
884
750
681
651
653
558
476

Sources: Department of Commerce (Bureau of th© Census) and McGrawHill Information Systems Company, P. W. Dodge Division.

19

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts in April were at an annual rate of 990,000 units, slightly above the March rate. However,
permits for future housing rose sharply by 27 percent.
MILLIONS OF UNITS
3.0

MILLIONS OF UNITS
3.0

1,0

1975

1969
SOURCES* DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION

[Thousands of units]
Hou sing star ts
Private

i

Total
private
and
public
(including
farm)

Period

1969
1970
1971
1972
1973
1974
1974: Mar _
Apr__ _
May.
June,
July
Aug
Sept
Oct__
Nov _
Dec
1975: Jan
Feb
Mar p
Apr *

1, 499. 5
1, 469. 0
2, 084. 5
2, 378. 5
2, 057. 5
1, 352. 5
__ _

_
_
_
_

__ _

127. 2
160. 9
149.9
149.5
127.2
114. 0
99.6
97.2
75.6
55.4
56. 9
56.2
80.0
99.1

Total
private
(including
farm)

Total (includingf farm)
Total

1, 466. 8 1, 466. 8
1, 433. 6 1, 433. 6
2, 052. 2 2, 052. 2
2, 356. 6 2, 356. 6
2, 045. 3 2, 045. 3
1, 337. 7 1, 337. 7

124. 8
159. 5
149. 0
147.6
126.6
111. 1
98. 3
96.7
75. 1
55. 1
56. 1
54. 7
79. 1
98. 6

1, 511
1,580
1,467
1,533
1,314
1, 156
1, 157
1, 106
1, 017




Propos<3d home
constriiction 3
New

Gover nment
home pirograms
(nonf arm)

Two or
more
FHA* VA
units
51. 2
810.6 656. 2 153. 6
812. 9 620. 7 233. 5
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
7-2. 8 I
888. 1 449.7
56.8
Seasonally adjuslbed annu al
969
542
48
71 I
One
unit

975
925

1,000

880
999

1,000

974
990

iFor 1- to 4-unit structures.
2 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.

20

COUNCIL OF ECONOMIC ADVISERS

920
826
845
792
802
682
739
733
757
754

606
542
534
394
329
313
314
215
198
260
267
217
236

42
60
55
53
57
67
73
69
69
71
62
57

72
77
76
71
68
76
81
74
78
68
64
63
73

private
housing
units
authorized 2
I, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 065. 9
rates
1,410
1,296
], 120
1, 106
1,017
900
823
782
730
822
682
714
706
897

Applica- Requests
tions for for VA
FHA
commit- appraisals
ments l

187. 6
315.0
366.8
225.2
83, 2
87. 1

138.2
143.7
217.9
209.4
161: 9
160. 1

72
74
89
90
103
85
95
133
111
79
72
64
72

144
153
159
180
160
185
169
185
157
132
126
144
128
131

3
Units represented by mortgage applications or appraisal requests for ne"
home construction.
Sources: Department of Commerce (Bureau of the Census), Department/
Housing and Urban Development, and Veterans Administration.
I

BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
sSrtess inventories declined $2.0 billion in March. The decline was distributed evenly between wholesalers; retailers^
d manufacturers. Business sales declined to their lowest level since February 1974.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
280

RETAIL TRADE (ENLARGED SCALE)
DURABLE GOODS STORES

260

40
1972

1975

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL Of ECONOMIC ADVISERS

Total tmsiness 1
Period

Sales

2

Inventories 3

Whol esale

1974:

97,
103,
104,
112,
124,
143,
163,

Sales 2

222
197
770
086
893
754
872

41, 973
45, 376
46, 626
52, 261
56, 551
64, 832
74, 872

19, 167
20, 647
20, 345
23, 808
26, 034
29, 646
34, 605

22, 806
24, 729
26, 281
28, 453
30, 517
35, 186
40, 267

39, 640
40, 425
40, 423
41, 203
42, 347
43, 171
43, 704
44, 500
45, 642
45, 976
46, 564

43,
43,
44,
44,
44,
46,
47,
46,
45,
44,
44,

134
872
283
894
593
356
056
177
803
469
821

13, 327
13, 660
13, 941
14, 289
14, 049
14, 963
15, 381
14,419
13, 645
12, 975
13, 266

29,
30,
30,
30,
30,
31,
31,
31,
32,
31,
31,

807
212
342
605
544
393
675
758
158
494
555

65,
66,
66,
67,
67,
68,
69,
71,
73,
74,
74,

669
195
355
078
943
873
877
147
908
836
872

29, 786
29, 733
29, 638
29, 708
30, 002
30, 069
30, 806
31, 354
33, 390
34, 376
34, 605

35, 883
36, 462
36, 717
37, 370
37, 941
38, 804
39, 071
39, 793
40, 518
40, 460
40, 267

46, 197
45,951
45,357

45, 955
46,819
45,937
46,584

14, 075
14,569
13,326
13,665

31, 880
32,250
32,611
32,919

74, 024
72,918
72,273

34, 192
32,790
32,315

39, 832
40,128
39,958

18, 366
19, 756
20, 583
22, 327
24, 862
30, 400
37, 344

22,
24,
27,
29,
32,
38,
46,

156, 098
Feb
Mar
159, 239
160, 675
Apr
162, 924
May
163, 052
June_
168, 824
July
171, 644
Aug.. _ _
Sept _. _ _ _ 170, 862
Oct
171, 647
168, 335
Nov
161, 809
Dec

230,
233,
235,
239,
243,
248,
253,
258,
264,
267,
271,

140
120
216
217
831
775
308
622
612
947
840

35, 986
37, 170
37, 342
36, 913
37, 293
38, 449
38, 828
38, 748
37, 751
37, 714
37, 501

271, 845
270,862
268,824

36, 675
37,120
35,888




Nondurable
goods
stores

19,
20,
21,
23,
24,
27,
30,

845
360
561
401
087
004
840

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

Durable
goods
stores

9, 268
9, 626
9, 524
10, 985
12, 472
14, 190
13, 943

155,
167,
175,
184,
197,
224,
271,

161, 754
162,814
158,853

Total

3

28, 490
29, 824
31, 294
34, 071
37, 365
41, 943
44, 815

138
134
736
315
244
742
882

1975: Jan
Feb v
Mar _
Apr *>_ _

[nventories

Durable NonTotal
goods durable
goods
stores
stores
/[illions of (iollars, se asonally a d justed
Inventories 3

^
1968
1969
1970
1971
1972
1973
1974

R(itail

Sales 2

997
910
290
695
817
302
564

3

Book value, end of period, seasonally adjusted.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

21

MANUFACTURERS8 SHIPMENTS, INVENTORIES,
Manufacturers* inventories began to fall in March, with declines of $203 million in durable goods and $596 rrtilli
in nondurable goods. New orders declined 3 percent. Shipments fell 2% percent with most industries reporting decreases.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTEDJ
160

BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
100

INVENTORIES
140

TOTAL
120

100

DURABLE GOODS

80

NONDURABLE GOODS

40

RATIO

2.00

40

INVENTORY-SHIPMENTS RATIO

1.80
1.60
1.40

20
1972

1975

1972

1975

COUNCIL OF ECONOMIC ADVISERS

SOURCE.- DEPARTMENT OF COMMERCE

Manufac turers' sh ipments * Manufac burers' inv entories 2
Period

Total

NonDurable durable
goods
goods

Total

NonDurable durable
goods
goods

1 ManufacDural)le goods
| turers'
| invenNonCapital durable j tory —
goods
shipTotal
industries, goods
ments
nondefense
ratio 3

Ma nufacture rs' new ordeTS 1

Total

Millions of dollars , seasonal ly adjust*jd
1969
1970
1971
1972
1973
1974
1974: Mar
Apr_ _ _
May
June
July
Aug__
Sept _ _ _
Oct__ _ _ „
Nov. _
Dec.
1975: Jan
Feb
Mar *
Apr *

53, 555
52, 859
55, 917
62, 017
71, 398
81, 723
78, 197
79, 050
81, 117
81, 166
84, 019
85, 760
85, 937
88, 093
86, 152
79, 487
79, 124
78, 875
77,028

29, 459
28, 229
29, 948
33, 443
38, 724
42, 635
40, 635
41, 232
42, 538
42, 785
44, 122
44, 825
45, 016
46, 548
44, 752
40, 549
40, 137
39, 653
38,643
40, 758

24, 096
24, 629
25, 969
28, 573
32, 674
39, 089
37, 562
37, 818
38, 579
38, 381
39, 897
40, 935
40, 921
41, 545
41, 400
38, 938
38, 987
39, 222
38,385

97, 074 63, 371
101, 645 66, 768
102, 445 66. 050
107, 719 70, 218
120, 870 79, 441
150, 404 97, 967
126, 500 83, 014
128, 438 84, 108
130, 936 85, 715
133, 541 87, 366
136,731 89, 286
139, 727 91, 004
142, 975 93, 184
145, 062 94, 680
147, 135 95, 787
150, 404 97, 967
151, 624 99, 124
151, 993 100, 082
151,194 99,879

* Monthly average for year and total for month.
^ Book value, end of period, seasonally adjusted.
*;For annual periods, ratio of weighted average inventories to average monthly

22



33, 703
34, 877
36, 395
37, 501
41, 429
52, 437
43, 486
44, 330
45, 221
46, 175
47, 445
48, 723
49, 791
50, 382
51, 348
52, 437
52, 500
51,911
51,315

53, 646
52, 118
55, 726
62, 922
73, 836
83, 297
79, 547
82, 059
85, 264
85, 176
87, 517
90, 393
87, 147
86, 369
84, 282
76, 454
74, 958
76, 139
73,882

29, 549
27, 486
29, 745
34, 274
41, 098
44, 289
41, 974
44, 124
46, 730
46, 848
47, 709
49, 463
46, 402
45, 084
43, 182
37, 842
36, 062
37, 023
35,492
38, 977

7,694
7, 055
7, 324
8,487
10, 310
11, 494
11, 300
11, 925
11, 804
12,011
12, 800
11, 805
11, 832
11, 383
10, 623
10, 459
10, 077
9, 970
9,522
10, 500

24, 097
24, 632
25, 981
28, 648
32, 738
39, 009
37, 573
37, 935
38, 534
38, 328
39, 808
40, 930
40, 745
41, 285
41, 100
38, 612
38, 896
39, 116
38,390

1
!
i
1

]

1. 76
1. 89
1. 82
1. 69
1. 58
1. 65
1. 62
1. 62
1. 61
1. 65
1. 63
1. 63
1. 66
1. 65
1.71
1. 89
1. 92
1. 93
1. 96

r

shipments; lor monthly data, ratio of inventories at end of month to shipn
for month.
Source: Department of Commerce, Bureau of the Censes.

EXPORTS

IMPORTS

A merchandise trade surplus for the second consecutive month was recorded in March; imports continued to decline
tnd exports fell slightly from the previous month.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
12

12

1975

1969
SOURCE; DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; monthly data seasonally adjusted]
Mercllandise e xports

Mercl landise i mports
Geileral imp*orts

Domesti c exportsj
Total
(ineluding Total12
reexports)

Period

Monthly
average :
1970 ...
1971 __
1972
1973
1974____
1974__._
1974: Mar__.
Apr
Mav
June
July...
Aug___
Sept—
Oet__,__
Nov...
Dec....
1975: Jan
Feb
Mar,

Food, Crude
Food, j Crude
bever- mate- Manubever- mate- Manu2
facfac- Total
ages,
rials
ages,
rials
tured
tured
and to- and
and to- and
goods
goods
bacco fuels
bacco fuels

3,502
3,576
4,033
5,811
8,045

8, 159 8,045
7,625
8, 108
75 652
8,317
8,308
8, 380
8,396
8, 673
8,974 _„_,_
8,862
9,412
8,789
8,716

1

422
423
547

1,078
1,269
1}269
1,308
1,326
1, 199
1,231
1,236
1, 182
1,099
1,250
1,397
1,378
1, 735
1, 526
1,388

558
537
591
895

1,317

1,317
1,238
1, 330
1,328
1,374
1,381
1, 318
1,223
1,265
1, 560
1,332
1,595
1,319
1,356

2,445
2, 537
2,812
3,728
5,294
5,294
4,796
5, 138
4,962
5,407
5, 388
5, 603
5,660
5,890
5, 845
5,812
5,747
5,658
5,573

3,329
3,797
4,632
5,790
8,414

519
534
615
770
892

8,352
7,742
8,025
8,265
8,573
8,918
9,262
8,698
8,769
8,965
9,250
9,622
7,872
7,336

F.a.s.
892
1,055
881
931
923
942
899
783
716
940
943
796
794
821

Total excludes Department of Defense shipments of grant-aid military sup~
.es and equipment under the Military Assistance Program.
1* Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
!
GJ.f. (cost, insurance, and freight) import value at first port of entry in the
United States.
75




Total
(c.Lf. 4
value)

Mer<shandise trade
balance
ExExports
Exports
(f.a.s.) ports (f.a.s.)
less
(f.a.s.) less
imless
imports
imports
(c.i.f.)
ports
(customs Cf.a.s.)
value)

Customs3 value 6

F.a.s. valu

3,555
3,629
4, 100
5,902
8, 159

3

545
606
737

1, 120
2,651
8
-value
2,669
2, 204
2,880
2, 739
2,837
2,946
3,098
2,856
3, 003
2,995
2, 978
3, 589
2, 417
1,864

2, 159
2,535
3, 147
3,750
4,684
4,602
4, 222
4,214
4,452
4,678
4,833
5,091
4,958
4,961
5,042
5,062
4, 793
4,286
4,441

9,000
9,000

8,311
8, 639
8,921
9,256

9,611
9, 999
9, 378
9, 451
9,653
9,942

10, 365
8,441
7,894

225
-168
-532
112
-255

-255
-160
44
-674
-313
— 655
-959
— 384
-189
-91
-453
-247

-193

-841

-193
-116
83
-612
-257
-611
-882
-302
-96
9
-388
— 211
917
1,380

-841
-685
-531
-1,269
— 940
-1,303
-1,619
-982
-778
-680
— 1,080
-953
348
822

5

F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
« See Note,
NOTE.—Customs value imports have been discontinued. For 1974 monthlydata on this basis, see Economic Indicators, February 1975.
Source: Department of Commerce, Bureau of the Census.

23

U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The first quarter 1975 merchandise trade surplus, after the deficit in 1974, resulted from slightly higher exports and
sharply declining imports. A higher volume of agricultural sales abroad was primarily responsible for the export
rise. The fail in imports came largely from lower oil purchases from overseas, which fe!! 1 2 percent from the previ
quarter.
'
BILLIONS OF DOLLARS
4

BILLIONS OF DOLLARS
4

BALANCE ON GOODS
AND SERVICES

\

MERCHANDISE TRADE BALANCE

BALANCE ON CURRENT ACCOUNT

-3

-3

1969

1975

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECOHOMIC ADVISERS

[Millions of dollars]
M erehandise

I 2

Period
Exports

Imports

Net
balance

Militeiry trans actions
|
Direct
Net
exbalpendi- Sales
ance
tures

607 -4, 856
36, 414 -35,807
1970___ _ _ 41, 947 -39,788 2, 159 -4, 855
42, 754 -45,476 -2, 722 -4, 819
1971.
1972
48, 768 -55,754 -6,986 -4, 759
1973
70, 277 — 69,806
471 — 4, 620
1974
97, 081 -102,872 -5,791 — 5, 065

1,
1,
1,
1,
2,
2,

512
478
912
154
354
966

Net ijivestment i ncomc

Private 3

U.S.
Government

i
Net
i! Baltravel
and
Other !ii ance
„.on
trans- servporta- ices,3 goods
and
tion
net
servexpendices l
itures

-3,344 3, 655
156 — 1, 763
-3, 377 3, 895
-111 -2, 023
-2, 908 5, 976
-955 -2,341
- 3, 604 6, 413 - ] , 887 055
-3,
-2,266 8,298 -3,008 -2,710
-2, 099 12, 916 — 3, 238 -2, 435

2, 034
1, 344
2, 932
2, 388
2,781
-170
3, 110 -6, 010
4, 327
3, 540
3. 926
3, 191

Remittances,
pensions,
and
other
unilateral
transfers 1
-2, 978
-3,256
-3,647
-3, 797
-3,876
-7, 215

Balance
on
current
account

-1,633
— 324
-3,817
-9,807
450
-4,025

Seasonally adjusted

578 -1, 067
520
1973:111.. 18, 152 -17, 574
IV___ 20, 216 - 19, 006 1, 210 -1, 169 1, 046

-547
-123

666
1974: !____ 22? 212 -22,401 -189 -1, 166
651
!!___ 23, 921 -25,576 — 1,655 -1,319
Til 24, 731 -27,206 — 2 , 475-1, 278 805
I . . 26, 217 -27,689 -1,472 - 1, 302 844
V.

-500
-668
-473
-458

1975: I * . 26,822 -25,482
.
1
2
s




-795
-613
984
-819
-630
901
-768
-531
918
— 792 -726
992
-799
984
-566
— 612 1, 032
-879

1, 659 -897
762
2, 736 -1,164
1,572
2, 816 -2, 951
-135
-206 - 1, 902 -2, 108
-247 -1,228 - 1, 475
826 — 1, 136 -310

1 , 340

Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.

24

2,052
2, 197
3, 872
2, 662
3, 081
3, 301

Source: Department of Commerce, Bureau of Economic Analysis,

U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
T

he reduction In the official reserve transactions deficit in the first quarter of 1975 was related fo the shift to surplus
the trade account and reduced bank outflows/ although U.S. purchases of foreign securities increased, this was
re than offset by foreign purchases of U.S. securities. The net liquidity balance moved to a surplus from a deficit
•he previous quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM

CAPITAL
0

OFFICIAL RESERVE
TRANSACTIONS BALANCE

1975
OURCE: DEPARTMENT Or COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

NonLong-tei m capital Balance liquid
flow 3, net
on
! current shortaccount term
U.S.
and long- private
capital
Govern- Private 2 term
flows
ment l
capital
net 2
I

Allocations
of
special
drawing
rights
(SDR)

1969
- 1, 933
70 — 3, 637 -640
1970
-2, 025 i - 1, 429 — 3. 778 -482
— 2, 382 — 4, 381 -10, 559 -2, 347
1971
1972
-98 — 11, 235 -1,541
— 1, 330
1973
62 -1,026 -4, 276
-1,539
1974. ... _ _
1, 042 -7,598 -10,580 -12,955

Errors
and
omissions,
net

Net
liquidity
balance

Liquid
private
capital
flows,
net 2

Official
reserve
transactions
balance

8, 820
2, 739
-1, 805 -6,081
867
— 458 -3, 851 — 5, 988 -9,839
717 -9,776 — 21, 965 -7, 788 — 29, 753
3, 502 -10, 354
710 -1, 790 -13, 856
-2, 303 -7, 606 2, 302 -5, 304
5, 197 -19,233 10,909 -8,324

Changes
in liabilities
to
foreign
official
agencies,
net3
-1, 552
7, 362
27, 405
10, 322
5, 095
9,758

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

!
-1, 187
2,477
2, 348
32
209
- 1, 434

1
2

-398
-862
1, 350
584
3
-895

1, 527
1.891
97
— 1. 451
-741 -1,253
504
1, 719 - 3, 994
— 1, 039 — 2, 563 -5, 296
-2, 402 -3,874 - 1, 427
-4, 661 -5,866 -2, 238
1

Excmdes liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF. but include other international and
regional organizations.
5
Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from'reverstble gold sales
to, and gold deposits with, the United States.
< Consists of gold, special drawing rights (SDR), convertible currencies, and
•e U.S. gold tranche position in the IMF. Minus sign indicates increase.
Includes increases (in millions) as follows: 1969, $67 due to revaluation of the
man mark in Oct. 1969; 1971, $28 due to dollar value of foreign currencies
toed to reflect market exchange rates as of Dec. 31, 1971; 1972, $1,016 due to




1,942
1, 652
-336
290
1, 125
3, 530
2, 661
-869
1, 305
2, 016
-970
1, 046
1, 463 -6, 396
1, 874 -4, 522
838 -4, 463 4, 143
-320
1, 592 -7,407
2,876 -4,531
2,690 -5,495 -2,805
i

16,
14,
12,
13,
14,
15,

964
487
167
151
378
883

Unadjusted

Sea,gonally ad justed

1973: III...
IV...
1974: I
II... _
III
IV...
1975: I *>___

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

— 1, 929
-13
— 2, 646
-15
-836
-210
4,880
-358
1, 323 - 1, 003
4,394
137
3,131
— 326
'

12, 927
14, 378
14, 5SS
14, 940

15, sn:<

15, 883
16,256

change in par value of the dollar on May 8, 1972; and fourth quarter and year
1973, $1,436 due to change in par value of the dollar on Oct. 18, 1973.
Beginning July 1974, SDR and reserve position in the IMF based on new
method of valuation. On a pre-July basis, re-serve assets for Sept. 30, 1974 are
$15,949 million, for Dec. 31, 1974 $15,812 million, and for Mar. 31, 1975 $18,106
million.
Sources: Department of Commerce (Bureau of Economic Analysis) and
Department of the Treasury.

25

CONSUMER PRICES
in April, the consumer price Index rose 0.5 percent (0.6 percent seasonally adjusted). Food prices decreased
percent (increased 0.4 percent seasonally adjusted). Nonfood commodity prices rose 0.8 percent (also 0.8 percent
seasonally adjusted) and services prices rose 0.6 percent.
INDEX, 1967=100
180

INDEX, 1967-100
180

120

110

100

1969

1975

SOURCE. DEPARTMENT OF LABOR

COUNCil OF ECONOMIC ADVISERS

[1967 = 100]
All
items

Period

1966
1967
1968
1969
1970
1971
1972
1973
1974

_

...

_

..
._

_

.

...
..
.

.

„

.

1974: Mar
Apr
May.
,
__«_„_June
.
.
July _
Aug
..
Sept
.
..
Get .. .
.
Nov
.
Dec

_„_
.

.
.

Jan...
.
.....
.....
Feb
..........
.........
Mar
.......
>
Apr_
.
.




161. 7

97.5
100. 0
103. 7
108. 1
112. 5
116. 8
119.4
123.5
136. 6

98. 5
100. 0
103. 1
107. 0
111. 8
116. 5
118. 9
121. 9
130. 6

97.0
100. 0
104. 1
108. 8
113. 1
117.0
119. 8
124. 8
140. 9

95.8
100. 0
105.2
112.5
121. 6
128. 4
133. 3
139. 1
152. 0

98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119.2
124.3
130.2

95.3
100. 0
105. 7
113.8
123. 7
130. 8
135.9
141: 8
156, 0

159.1
158.6
159. 7
160. 3
160. 5
162.8
165.0
166. 1
167. 8
169.7

131. 1
132. 6
134.5
136.2
137. 5
139.3
140.9
142.2
143.3
143. 9

124.3
125. 6
127. 5
129.7
131. 5
133.2
134. 8
136. 8
138.0
138.8

136. 1
137.7
139. 5
141. 0
141. 8
143. 7
145. 3
146. 1
147.2
147. 7

147.0
147. 9
149.4
150. 9
152. 5
154. 2
155.9
157. 3
158. 6
160. 0

128.4
128. 8
129. 3
129. 8
130. 3
130. 9
131. 4
132, 2
132.8
133. 5

150.4
151.4
153. 1
154 7
156. 6
158.4
160. 3
161. 0
163.3
164.8

170.9
171. 6
171. 3
171.2

143. 9
144. 9
146.0
147.2

139. 3
140. 3
142.1
143.6

147.2
148. 2
148.8
149,8

161.3
162. 6
163. 2
164. 1

134. 0
135. 1
135.5
135.9

166. 2
167. 5
168. 3
169.2

97.2
100.0
104.2
109. 8
116.3
121. 3
125. 3
133. 1
147.7

98.2
100.0
103. 7
108. 4
113. 5
117. 4
120. 9
1.29. 9
145. 5

99. 1
100. 0
103.6
108.9
114. 9
118. 4
123.5

143.1
143.9
145. 5
146. 9
148. 0
149. 9
151.7
153. 0
154 3
155.4

141. 0
141. 8
143.4
144.8
145. 6
147. 6
149.4
150. 7
152. 0
153. 0

156. 1
157. 2
157.8
158.6

153.4
154. 4
155.0
155.7

Source: Department of Labor, Bureau of Labor Statistics.

26

All commodities

Services
Co mmoditiesi
Comm odities legm food
Services
All
Rent
Food
less
NonAll
Durable durable services
rent

141; 4

£ wholesale price index rose 1.0 percent in April (1.5 percent after seasonal adjustment). Prices of farm products and*
Dcessed foods and feeds Increased 2.2 percent (4.8 percent seasonally adjusted). Industrial commodity prices were
0.5 percent (0.1 percent seasonally adjusted).
INDEX, 1967=100

INDEX, 1967=100

200

180

PRODUCTS AND
PROCESSED FOODS'AND FEEDS

1969

1975

SOURCEi DEPARTMENT OF LASOg

COUNCIL OF ECONOMIC ADVISERS

All
commodities

1966
___ „

1
_ _ _ _ _ _

1974: Mar
Apr
Mav
J line
Julv
Ang
SeptGet
Nov
Dec
1975: Jan
Feb
Mar
Apr.




_ „

_

_.._ _ ___

__ _
_ _

Iiidustrial c.ommoditi es

<r>

rTOC-

Crude
materials2

Inter- Producmediate er finmateished
rials 3
goods

.
Consuraer finIsned g<3ods exeluding5 foods
DurNonable
durable

Total

Farm
products

eseed
foods
and
feeds

119. 1
lo i. 7
160. 1

Period

1971
1972
1973
1974

[1967=100]
Farni products; and
processcjd foods a ad feeds

103. 5
100. 0
102. 4
108. 0
111. 7
113. cS
122. 4
159. 1
177. 4

105. 9
100. 0
102. 5
109. 1
111. 0
112. 9
125. 0
176. 3
187.7

101.2
100. 0
102. 2
107. 3
112. 1
114. 3
120. 8
148. 1
170. 9

98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
117. 9
125. 9
153. 8

104, 5
100. 0
102. 0
110. 6
118. 8
122, 7
131. 1
155. 2
219. 1

98. 9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
128. 1
159.5

96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
123. 5
141.0

98. 5
100. 0
102. 2
104. 0
107. 0
110. 9
113. 2
115. 8
126. 3

97, 8
100. 0
102, 2
105. 0
108. 3
111. 3
113. 6
120.5
146, 8

151. 4
152. 7
155. 0
155. 7
161. 7
] 67. 4
167. 2
.1 70. 2
171. 9
171. 5
171. 8
171. 3
170. 4
172. 1

176. 2
169. 6
1G7. 4
161. 7
172. 7
183. 4
179. 1
185. 1
189. 0
186.5
183. 8
179. 5
174. 9
178. 8 i

197. 0
186. 2
180. 8
168, 6
180. 8
189. 2
182. 7
187. 5
187.8
183. 7
179. 7
174. 6
171. 1
177. 7

163.0
159. 1
158. 9
157. 4
167. 6
179. 7
176,8
183,5
189. 7
188. 2
186. 4
182. 6
177. 3
179, 4 i

142. 4
146.6
150. 5
153. 6
157. 8
161. 6
162.9
1648
165. 8
166. 1
167. 5
168. 4
168. 9
169.7

212. 2
224. 8
216. 5
217. 5
228. 9
229. 5
229. 8
229. 0
228.7
221. 2
219. 4
221. 0
218. 4
222. 7

145.8
150. 8
156. 1
159. 6
164. 5
169. 6
170.6
172. 1
173. 0
173. 2
175. 0
175. 9
176. 4
177. 3

130. 9
132. 4
135. 9
138.7
141. 5
145. 2
148. 0
151. 9
154, 1
155. 3
157. 4
158. 3
159. 7
160. 7

120. 9
122.0
123. 7
125. 0
126. 8
127.3
128. 4
133. 1
133.8
135.3
135. 9
136. 3
136. 9
137. 0

137. 8
141. 2
144. 3
147. 7
150. 6
153. 0
154. 2
155. 7
156. 2
156. 9
158. 2
158. 8
158. 9
159. 5

99. 8
100. 0
102. 5
108. 5
110. 4

i]:;. 5;

All industrials1

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

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers increased 4 percent in the month ended April 1 5. Contributing most to the increase w\
higher prices for cattle, hogs, cotton, soybeans, and calves. Prices paid were up 2 percent, reflecting higher productic
costs. The actual and adjusted parity ratios rose.
INDEX, 1967=100

SNDEX, 1967=100

220

220

200

200

PRICES RECEIVED
(ALL FARM PRODUCTS)

PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES

100

RATIO V
110

RATIO-I/
110

PARITY RATIO (ACTUAL)

inn

1 1 ! ! ! ! t | ! 1 !

1

! 1 1 1 ! 1

1969

.

.

\

""' """"-^ x--»- « ^^^'^^"^'""""H^

70

_

'^_

u x

80

60

100

/\

90

1 1 1 1

1970

1 | ! I ' I ! 1 1 f 1

I

1971

1

1 ! 1 I I 1 I ! t

I

1972

1

**

! 1 I 1J ! 1 1

I

1 1 I

1

1973

! *

90

__
*"%•.,.

1 ! I ! ! ! ! ! I ! 1 ! ! 1 1 ! I |

|

1974

! 5 -

1975

I/ RATIO OF INDEX OF PRICES RECEIVED TO iNDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, OH 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

Prices received by farmers
All farm
products

Period

1966
1967
„
1968
__ .
1969__
1970
1971
1972 .
1973
1974
1974: Mar 15
Apr 15
May 15
June 15
July 15
Aug 15 __
Sept 15
Oct 15
Nov 15___
Dec 15
1975: Jan 15_
Feb 15__
Mar 15
Apr 15

.

105
100
103
108
110
112
126
172
183
194
183
175
165
175
181
178
185
182
177
174
168
164
170

Crops

All items,
interest,
taxes, and
wage rates
Index, 1967=100

Livestock
and
products

105
100
101
97
100
107
115
164
212
216
205
201
199
204
214
211
228
224
212
204
192
183
188

* 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 ;

Prices paid by farmers

105
100
104
117
118
116
134
179
163
179
169
158
142
155
160
154
155
153
153
153
151
152
157

98
100
104
109
114
120
127
145
169
162
164
165
166
168
173
175
177
179
180
180
180
179
182

Family
living
items

98
100
104
109
114
119
124
138
161
156
157
159
160
161
164
166
167
171
173
173
175
173
173

Production
items

99
100
102
106
110
115
122
146
172
162
167
166
168
170
178
182
183
183
184
182
180
179
185

Actual

Adjusted2

80
74
73
74
72
69
74
88
80
89
83
79
74
77
78
75
78
75
73
71
69
68
69

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

86
7S
7£
8C
77
74
71
91
81
81
8£
7£
74
7£
7&
7C
7£

7e

7v
72
7C
68
76

MONEY, CREDIT, AND SECURITY MARKETS
ONEY STOCK
fhe seasonally adjusted money stock grew at an annual rate of 3.9 percent in the latest 6 months, October to April
The rate of the preceding 6 months was 3.6 percent.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

450

300

250

250

200

200

150
1969

.

1970

i

1971

1975

SOURCE; EOAKD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1969:
1970:
1971:
1972:
1973:
1974:
1974:

Total

Dec
Dec
Dec
Dec
Dec
Dec
Mar_ __. __ _ _ _
Apr
Mav
_ _
June
July
Aug _ _ _ _
_ _
Sept
Oct
__
Nov

Dec__
1975: Jan
Feb
Mar *
Apr »

_

__
__

Deposits at commercial banks.




208.7
221. 4
235. 3
255. 8
271. 5
284. 4
275. 2
276. 6
277. 6
280. 0
280.4
280. 5
280. 7
281. 6
283. 6
284. 4
282.2
283. 5
286. 1
287. 1

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, billions of dollars]
Ivloney stock
lonev stock
U.S.
Time i GovTime
CurCurand
and
ernDeDerency
rency
savings
savings
ment
mand
mand
outoutTotal
de- l i demand
de- 1
dedeside
side
posits
posits
deposits1
posits 1
banks
banks
posits l
Seasonallyj adjusted
Unadjustec I
46. 1
162. 7
193.2
194. 5
5. 6
214. 7
167. 7
46.9
49. 1
172. 3
50. 0
177. 7
7. 3
227. 6
228. 1
229. 3
182. 7
52. 6
271.2
53. 5
188.4
241. 9
269.8
6.9
56. 9
198. 9
311.8
263.0
205. 1
7. 4
313. 8
57.9
362.2
61. 6
364. 5
62. 7
216. 4
209. 9
6.3
279. 1
67. 9
216. 5
419.4
292. 3
223. 3
4. 9
69. 0
416. 8
211. 9
272. 5
62.7
63. 3
209. 8
6. 4
378. 3
379. 1
63. 9
212. 8
214.7
63. 5
386. 7
278. 2
387. 1
6. 0
64. 3
213. 3
64. 1
272. 9
208. 8
393. 9
392. 5
7.6
64. 6
215. 4
398.4
64.8
213. 5
397. 9
278. 2
6.1
64. 8
402.8
214. 7
215. 6
65. 3
402. 0
5. 4
280. 0
211. 6
65. 5
215. 0
405. 2
65.7
408. 2
4. 0
277. 3
214.8
65.9
65.8
213. 1
410. 1
407, 5
278. 9
5. 5
66. 5
215. 2
412. 1
214. 7
66. 4
3. 7
281. 2
413. 3 i
67.4
216. 2
413. 6
217. 3
4-11. 7 i i
285. 1
67. 9
3. 4
67. 9
419.4
292. 3
216. 5
69.0
223. 3
416. 8 |
4. 9
68.2
214.0
221. 5
424. 1
426. 0
67. 8
4. 0
289. 3
68.8
214.7
212. 6
67.9
3. 4
428. 9
280. 4
426. 6
69.5
216.6
214. 5
430. 6
430. 0
3. 9
68. 9
283. 3
217. 5
431.7
69.6
69.2
432. 0
219.5
4. 2
288.7
Note.—Series revised beginning June 1974.
Source: Board of Governors of the Federal Reserve System;

29

Private norsfinancia! Investors increased their holdings of liquid assets by $8,6 billion in April. Currency and depc
increased by $9.6 billion.
BILLIONS OF DOLLARS

1,300 r

OF DOLLAR
1,300

1,200 [•

1,200

1,100

1,100

1,000

1,000

L L li . . '..I 1.. . 1 - I - 1 -'I i-I...U U.-.J. JJJJLlJ-Ll-LJJ.
U LlJ .

SOURCEs SOARD OF GOVERNORS OF THE FEDERAL KEStRVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and deposits
Total
liquid
assets

Period

Time c .eposits
Tntft.1

Currency

Demand
deposits

ShortNonbank
term
bavin gs marketthrift
institubonds able setions
curities

Combanks

1968: Bee _ _
Dec
1970: Dec
.
1971: Dec
1972: Dec
1973: Dec _
1974: Dec

704.- 1
737. 1
786. 7
._ 868. 7
„
980. 2
1, 093. 5
I, 188. 7
.

564 5
583.0
634.4
721. 1
816, 0
885. 3
942.- 6

43, 4
46. 1
49. 1
52. 6
56, 9

140. 1
144. 7
153. 2
161. 7
175.2

61; 6

181; 5

67.8

U.S. Crovernment sejcurities

206, 7
215. 0
232.9
273.2

183. 5

174 3
177. 3
199. 2
233, 6
2647
2948
323. 0

Negotiable
certificates of
deposit

Commercia
paper

347.4
368.3

51.4
51. 1
51. 3
53.7
57; 0
59. 9
62.8

46. 8
64 9
53. 2
39. 6
39.8
52, 1
60. 7

22. 5
9. 1
23. 1
30.3
39. 9
58. 1
79. 8

18.
28.
24
24
27.
38.
42.

319; 1

1974: Feb__ _ _ _ _ _ _ . _
Mar
_
Apr
Mav
June_ _
Julv_____ _ _ _ _ _
Aug
_ __
Sept
__ _
Get _
Nov
Dec.

1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,

112. 8
121. 9
135. 9
143. 6
153. 7
161. 0
165. 5
169. 7
176. 9
183. 0
188. 7

897. 4
904.7
910. 0
912. 1
918. 7
922. 2
9248
926. 9
931. 7
939. 8
942. 6

62. 7
63.3
63.9
64. 3
64. 6
64.8
65.5
65. 9
66. 5
67. 3
67. 8

181. 5
182. 6
183. 1
183. 0
184.6
184.8
184.3
184. 0
183. 5
184 4
183. 5

301.
304
306.
307.
310.
312.
314
315.
318.
322.
323.

7
2
5
7
8
4
3
4
6
1
0

351. 6
3546
356. 5
357. 1
358. 7
360. 2
360. 7
361.7
363. 1
366. 0
368. 3

60. 3
60. 5
60.8
61.0
61. 2
61. 5
61. 7
62. 0
62. 3
62. 5
62. 8

52. 7
53, 7
55. 7
56. 2
56. 7
57. 9
58. 8
59. 4
60. 8
60. 7
60. 7

62, 4
62, 3
68. 2
72. 6
75. 0
76.4
75,9
76. 2
77. 1
75. 9
79.8

39.
40.
41.
41.
42.
42.
44
45.
45.
44
42.

1975: Jan
Feb
Mar ^ _ _ _ _ . _ _ _ . _ _ _
Apr*..

1,197. 2
1, 205. 2
1, 213. 3
1,221. 9

947.6
955. 8
966.7
976. 3

68. 1
68. 6
69. 4
69, 5

181.
182.
184.
186.

326. 3
329. I
331.6
334 0

371. 5
375. 2
380.8
386.6

63. 2
63. 5
63.8
64 1

62. 3
61.9
60.4
59.9

82. 4
82. 3
80.4
79. 4

41.
41.
42.
42.

Source: Board of Governors of the Federal Reserve System.

30




7
9
9
2

T

LOAMS,

DEBITS, AND

~ta! loans and investments of all commercial banks rose $1.4 biiiion from March to Aprs!.
BILLIONS OF DOLLARS
800

JILLSONS OF DOLLARS
300

ALL COMMERCIAL

SEASONALLY ADJUSTED, END OF MONTH

1700

TOTAL
LOANS AND INVESTMENTS

INVESTMENT IN OTHER SECURITIES
INVESTMENT IN
U.S. GOVERNMENT SECURITIES

I 1I 11i ! ! I i 1

1969

1975

SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

All commercial banks
(seasonally adjust ed data)
L oans

End of period

Investrnents

Total
loans
ComTotal,
and
mercial U.S. Govinvest- excludernment
ments ing inter- and indus- securities
bank
trial

Other
securities

Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual
rates 1

2
AJl membe r banks

i

Total
reserves 3

-Diiuons 01 QO liars
401.7
435. 5
484. 8
556. 4
630. 3
687. 0
_ _
666. 9
673. 4
5
June
677. 5
687. 5
July
693. 9
Aug
Sept _ _ _ 689. 9
690. 8
Oct
5
692, 5
Nov __
Dec __
687.0
1975: Jan "__
689. 3
Feb v _ _
691. 0
Max *>__
694. 7
Apr *__
696. 1

1969
1970
1971
1972
19731974_ __
1974: Apr.
May

1

279. 1
291. 7
320. 3

377.8

447. 3
498. 2

476.3
481.4
484. 5
494. 8
501. 5
500. 2
502. 0
503. 8

498.2
500.7

497. 6

496.4

492. 4

105.7
110. 0
115. 9
129.7
155.8
182. 6
169. 5
172. 9
174. 6
178.0
181. 0
181.4
183. 2
184. 3
182. 6
183. 9
182. 1
180. 4
179. 8

51. 5
57. 9
60. 1
61.9
52.8
48.7
57. 1
57.2
56.4
55. 9
55. 3
52. 3
49. 8
49. 1
48. 7
48. 8
53. 3
58.7
64. 4

Debits during period to demand deposit accounts except interbank and
U.S. Government.
2
Averages of daisy figures. Annual data are for December.
s Beginning November 1972, adjusted to include certain reserve deficiencies
on which penal ties could be waived for a transition period in connection with
ition to Regulation J. Transition period ended after June 1974.
eginning April 1973. includes seasonal borrowings.




71. 1
85. 9
104. 4
116. 7
130.2
140. 1
133.5
134.8
136.6
136.8
137. 1
137. 4
139. 0
139. 6
140.1
139.8
140. 1
139. 6
139. 3

5,160
5, 717
6, 443
7 ,580
9,632
11,673

ll,4&4

11, 595
11, 392
11,759
12,241
12,047
12,078
12,380
12,281
11,698
12,035
11,880

28,031
29, 265
31, 329

31,353
35, 068

36,941
35,929
36, 519
36, 390

37,338
37,029
37,076
36,796
36,837
36,941
37,492
35,565
34,779
35 , 245

1
Borrow- j
ings at
Excess Federal
reserves 3 Reserve j
Banks 4 j
i
LViimons o t dollars
257
272
165
219
262
339
158
194
131
177
178
191
91
258
339
-64
232
266
237

1,086
321
107
1,049
1, 298
703
1,714
2, 580

3,000
3,308
3,351

3,287

1,793
1,285
703
390
147
106
110

1^1 ,
3

-829
-49
58
-830

-1,036
-364

-1,556

-2, 386

-2,869
-3,131
-3,173
-3,096
-1,702
-1,027
-364
— 454
85
160
127

5

Beginning June 1974, a bank merger increased total loans and investments
by $0.6 billion, and beginning November 1974, liquidation of a large bank reduced
total loans and investments by $1.5 billion. For effect on other categories, see
Federal Reserve Bulletin.
Note.—Commercial bank data revised beginning July 1974.
Source: Board of Governors of the Federal Reserve System.

3!

CONSUMER AND REAL ESTATE CREDIT
Consumer credit (seasonally unadjusted) declined by $1.1 billion during March. A year earlier there was a rise
$0.1 billion. Seasonally adjusted consumer instalment credit fell $0.4 billion in March.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

200

180

20

18

SEASON ALLY ADJUSTED (ENLARGED SCALE)

i6

;*.

1Q

!
:

INSTALMENT CREDIT E KTENDED

|

\s^~

i
|

'

I

< i'1 : : : 1 1 1 f ! ! ! ?

f ! » ! ! 11 1 ! ! ! ] ! I ' ! ! I ' ' ' 1 1

1970

1969

^^f*^**^

-z=^- —r.'\

y"""^ ..j~*\
^ \^"r^^"—"^^\^S

r*

I

!

. i t i i ! i , . , , t t i i i 1 i i i i iI

1971

1972

1973

L-1 I

I

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1966
1967
1968
1971
1972
1973
1974:

1975:

96, 239
100, 783
110, 770
121, 146
_„„
127, 163
138, 394
_— _
157, 564
180, 486
190, 121
177, 522
Feb
177, 572
Mar
179, 495
Apr
May.
181, 680
183, 425
June
184, 805
July
187, 369
Aug
Sept
187, 906
188, 023
Get
188, 084
Nov
Dec
190, 121
Jan187,080
Feb
185, 381
184, 253
Mar

JN on—

Total i

bile
paper

76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
147, 437
156, 124
145, 927
145, 76S
147, 047
148, 852
150, 615
152, 142
154, 472
155, 139
155, 328
155, 166
156, 124
153,952
152, 712
151, 477

30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 130
51, 689
50, 386
50, 310
50, 606
51, 076
51, 641
52, 082
52, 772
52, 848
52, 736
52, 325
51, 689
50,947
50, 884
50, 452

Personal
loans
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425
44, 264
41,417
41, 492
41, 851
42, 402
42, 945
43, 400
44, 164
44, 375
44, 319
44, 180
44, 264
43,815
43, 726
43, 709

1
Also includes other consumer goods paper, and home improvement loans,
not shown separately.
* Consists of single-payment loans, charge accounts, and service credit.

32




10

1 1f 1111
1974

1 1 t 5 ? ! ! T ! 1 flS

1f75

4

/;

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Consu mer credit outstandin g (end of r erlod;
imad justed)
Instalment
Total

17

INSTALMENT CREDIT REPA ID

p=*r2?==^=^^
" \

IX

instalment 2
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049
33, 997
31, 595
31, 804
32, 448
32, 828
32, 810
32, 663
32, 897
32, 767
32, 695
32, 918
33, 997
33,128
32, 669
32, 776
3

Consum er instalme nt credit e xtended
and r epaid (seas onally adjiisted)
Total
Automotrile paper
Extended
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
165, 083
166, 478
13, 541
13, 823
14, 179
14, 669
14, 387
14, 635
14, 394
14, 089
13, 626
12, 609
12, 702
12,859
13, 465
12, 797

Mortgage
debt outstanding,
nonfarm,
1- to 4family
houses 3
223, 645
236, 060
251, 241
266, 823
280, 175
307, 200
345, 384
386, 241
414, 344

Repaid Extended

Repaid

77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
144, 978
157, 791
12, 870
13, 206
13, 026
13, 407
13, 301
13, 310
12, 882
13, 412
13, 224
13, 009
13, 516
13,260
13, 228
13, 234

25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452
42, 197
3, 394
3, 544 | 391, 770
3,498
3, 601
3, 577
402, 165
3, 563
3, 443
3, 604
409, 725
3, 470
3,423
3,668
414, 344
3,534
3,605
3,772 * 418, 036

27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 453
42, 756
3, 389
3, 484
3, 545
3, 769
3,731
3, 812
3, 887
3, 835
3, 369
3, 062
3,205
3 , 348
3, 856
3,419

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

BOND YIELDS AND INTEREST RATES
"*"" <> interest rate "risk premium'1 paid on Baa rated corporate bonds compared with the rate paid on safer Aaa rated
^ds widened further in early May.
PERCENT PER ANNUM

PERCENT PER ANNUM
MONTHLY

WEEKLY

/
/
J

\
\

n

-

1

/

\

/

!

10

CORPORATE Aaa BONDS
(MOODY'S)

1975

1949
SOURCE. SEE TABLE BELOW

[Percent per annum]
High-grade
U.S. Gov<3rnment secu rity yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
2
3
(Standard &
Issues
bonds
bills l
Poor's) 4
6. 677
5. 81
6. 85
6. 10
6. 458
6. 51
7. 37
6. 59
4. 348
5. 70
5.74
5. 77
4. 071
5. 27
5. 85
5. 63
7. 041
5. 18
6. 92
6. 30
7. 886
7. 81
6. 09
6. 99

Period
1969___
1970__
1971.
1972 _
1973
1974

1974: Mav. -June- __

_ _

Aus
SeiDt
uet___
Nov
Dec
1975: Jan _ _ __
Feb _ _ _ _ _
Mar.
Apr
Week ended:
1975: ADF 11
18 _ _ _
25
May 2
9_
16
23
1
8

8, 430
8. 145
7. 752
8, 744
8. 363
7. 244
7. 585
7. 179
6. 493
5. 583
5. 544
5.694

8. 24
8. 14
8. 39
8. 64
8. 38
7. 98
7. 65
7. 22
7. 29
6. 85
7. 00
7.76

7. 07
7.03
7. 18
7.33
7. 30
7. 22
6. 93
6. 78
6. 68
6. 61
6.73
7.03

6.
5.
5.
5.
5.
5.
5.

7.
7.
7.
7.
7.
7.

7. 05
7. 03
7. 08
7. 09
6.98
6. 94

021
538
653
716
356
182
115

74
75
90
87
64
45

Rate on new issues within period.
- Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
< Weekly data are Wednesday figures.
\Data for first of the month, based on the maximum permissible interest rate
Wcent beginning March 3, 1975 and 8H percent beginning April 28, 1975)
30-year mortgages paid in 15 years.




Coroora te bonds
(Moc dy's)

Baa

Aaa
7.
8.
7.
7.
7.
8.

03
04
39
21
44
57

7. 81
9. 11
8. 56
8. 16
8. 24
9. 50

Frin.-vcommercial
naper,
1
4-6
months
7. 83
7. 72
5. 11
4. 69
8. 15
9. 87

6. 54
6. 58
6.65
6. 46
6. 47
6. 93
6. 66
6. 30
6. 61
6.83

8. 37
8.47
8. 72
9. 00
9. 24
9. 27
8. 90
8. 89
8. 83
8.62
8. 67
8. 95

9. 77
10. 12
10. 41
10. 50
10. 55
10, 62
10. 43
10. 29
10. 34

10. 62
10. 96
11. 72
11. 65
11. 23
9. 36
8. 81
8. 98
7. 30
6. 33
6. 06
6. 15

6. 91
6. 69
6.83
6. 84
6. 74
6. 73

8. 94
8. 95
8.97
9. 01
8. 96
8. 88

10. 32
1 0. 34
10. 37
10.43
10. 45
10.47

F'IA
new home
mortgage
yields £
8.
9.
7.
7.
8.
9.

19
05
78
53
08
47

9.
9.
9.
9.
10.
10.
10.

17
46
46
85
30
38
13

9.
8.
8.
8.

51
99
84
69

6.23
6. 20
6.13
6. 15
6. 08
5. 93

5.96

a os

9. 10
9. 34

a 55

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

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices rose briskly in the first half of May.
INDEX, 1941-43=10

INDEX, 1941-43=10

120

tto

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

100

too

90

90

80

80

60
f t ? t i

r f f ?!

f I! f f

! t 1 f 1

? T !f ?

r ?! t !

1 1 T ? T

f f .» T f ! T ? f n 50
»

f i?! f

PERCENT

PERCENT
WEEKLY

MONTHLY

/^S
^

^ *—
\ 1 ! ! ! I I f 1! f 1

DIVIDEND YIELD ON COMMON STOCKS

"~~ >^l

! 1 1I t 1 f

^^v

/

s

-^~y\—^

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

iPT*! I I T~TTT"I T""fTTl ! 1 1 S 1 f ! i

V

f f f f f i f f 1 1 f

f i l l f 1 f •? f. \ IK

RATIO

MTIO

20

^

"«^^

—7—
^^^^^

F RICE/EARNINGS RATIC ON COMMON STC CKS ^^'^^v^

—-^

i

v

'

!

'

!

!

!

1970

1969

f

1

!

1971

r

i

i

!

1

?

1973

1972

?

!

1

1974

SOURCE: STANDARD & POOR'S CORPORATION

f

I

1975

?

K
M

COUNCIL OF ECONOMIC ADVISERS

1

Period

1969
1970
1971
1972
1973
1974
1974: Apr_
May
June
July
Aug.
Sept
Oct

„

Total

„-__„___

_ _ _ -_
„___
„

Nov

Dec
1975: Jan
Feb

Mar
Apr
Week ended:
1975: Apr 4_
11
18

25
May 2
Q

16.
1

Total

97. 84
83.22
98. 29
109. 20
107. 43
82.85
92.46
89.67
89. 79
82. 82
76. 03
68. 12
69.44
71. 74
67. 07
72.56
80. 10
83. 78
84. 72

107. 13
91. 29
103.35
121. 79
120. 44
92. 91
103. 66
101. 17
101. 62
93. 54
85.51
76. 54
77.57
80. 17
74.80
80.50
89. 29
93. 90
95.27

82. 16
82. 43
86. 41
86. 62
87. 30
89. 58
91.26

92. 15
92. 54
97. 26
97. 55
98. 39
101. 02
102. 87

Price i ndex
Industrials
Capital Consumers'
goods
goods
1941-'13=10
103. 75
87. 06
87. 87
80. 22
102. 80
99. 78
119. 39
113. 91
118. 57
107. 13
92. 84
78. 08
104. 19
87. 73
100. 69
87. 34
100, 10
90. 07
93. 64
80. 34
86. 99
70. 14
76.03
63. 51
77.49
62. 79
79. 35
65.84
74.06
62.51
77. 10
67.91
88. 50
75.06
92. 78
80. 42
96.76
80. 75
92. 02
94. 06
99.24
98.46
100. 00
101. 72
105. 04

79.21
78. 74
82. 34
81. 69
81. 79
84. 01
87. 59

Public
utilities

Railroads

Dividend
yield 2
(percent)

62. 64
54. 48
59. 33
56.90
53.47
38. 91
44. 03
39. 35
37; 46
35.37
34.00
30.93
33.80
34.45
32.85
38.19
40.37
39. 55
38. 19

45.95
32. 13
41.94
44. 11
38.01
37.53
40. 26
37. 04
37. 31
35. 63
35.06
31.55
33.70
35.95
34.81
37.31
37.80
38.35
38. 55

3. 24
3. 83
3. 14
2. 84
3.06
4.47
3.86
4.00
4.02
4.42
4. 90
5.45
5. 38
5. 13
5.43
5.07
4. 61
4. 42
4. 34

38. 39
37, 98
38. 46
38.22
38. 05
38. 99
40. 34

37. 63
37. 54
39. 08
39.30
39.64
39. 57
38. 90

Price/
earnings
ratio 3

4.49
4.47
4. 26
4.28
4.22
4. 13
3. 98

16.48
15.69
18.50
18.20
14.22
8.83
9. 71
6. 84
7. 61

Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 rail- are averages of monthly data. Weekly data are Wednesday figures.
3
Ratio of price Index for last day of quarter to quarterly earnings (seasonr
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
tile aggregate monthly market value of the stocks in the group. Annual yield's

34




JDERAL BUDGET RECEIPTS AND OUTLAYS AMD DEBT
budget deficits for fiscal years 1975
.pectively.

and 1976

as revised In April are $49,7 billion and $58.5 billion,

BILLIONS OF DOLLARS
400

BILLIONS OF DOLLARS
400

350

300

250

-50
-100

-100
)965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

.COUNCIL OF ECONOMIC ADViSESS

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

Fiscal year:
1965..— .
1966..
1967.....
1968__
.
.

Receipts

.....
....
...
... ..__„
...
.—_...„._
.......
.......
...
..
..

1975
1976

. ...

totals for
Fiscal year 1974
Fiscal vear 1975
1

Total 1

Held by
the public

9

.

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

193. 7
188.4
208.6
232. 2
264. 9

198. 6
211. 4
231. 9
246. 5
26R 4

— 2. 8
-23.0
— 23. 2
-14.- 3
0
K
O* <J

382. 6
409. 5
437. 3
468. 4
2

284 9
304.3
323. 8
343. 0
346. 1

324, 2
355. 3

—49. 7
— 58, 5

553.8
627.9

405. 7
476. 7

1848
204. 9

198.0
238. 5

-13.2
— 31. 6

485.7
520. 7

352.4
380. 3

non-interest-bearing public
by IMF.
2 Estimates as of April 18, 1975. Eeceipts estimates reflect changes from Feb^y Budget for effect of Tax Reduction Act of 1975 only. Fiscal 1975 receipts
wised in May to $282 billion; revisions in outlays and the deficit will be
bout June 1. All fiscal 1978 data will also bo revised then.




Outlays

274. 5
296.8

1971
1972...... - _ „ _ „ _ „ _ „ „ „ .
1973............
. . ..
..
1974...........
2
2

Surplus or
(— )

I

Department of the Treasury

Office of Management and Budget.

BY

BY

Pisco! 1975 budget receipts were revisedirs Aprii to $274.5 billion and budget outlays to $324.2 billion. The c
spending figures for fiscal 1976 were $296.8 billion and $355.3 billion, respectively*
BILLIONS C" DOLLARS

BILLIONS OF DOLLARS
150
RECEIPTS

^^z,,*^^^'

INDIVIDUAL INCOME TAXES

50

j------—-*-*«-«««,JBaBsa
*\,.«,,,.«««BB'"u'*

L-^-rrr^^^"1^

.

.,.»•"""

i 100
I

•

\

j 50

...— — —

\^
CORPORATION INCOME TAXES

I

!

t

I

!

!

I

1

, 1

H

!

J0

OUTLAYS
250

i 250

200

i

200

1
j 150

150

NONDEFENSE

! 100

100

NATIONAL DEFENSE

50

i
1965

1 6
9 6 1 6
9 7 1968

_L
1969

J_

1 7
9 0 1 7
9 1 1 7
9 2 1 7
9 3 1 7
9 41 7
9 5 1976

H

FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
(3utiays

Recei Dt8
Nationa I defense
Period

Total

Individual
income
taxes

Corporation
income
taxes

Other

Total
Total

Health
Depart- Internaand
Intional
ment of affairs
income terest Other
Defense,
security
military

Fiscal year:
1965
1966
1967
1968- _
1969

116.8
130. 9
149. 6
153. 7
187.8

48. 8
55.4
61. 5
68.7
87. 2

25. 5
30. 1
34. 0
28.7
36. 7

42. 6
45.3
54. 1
56. 3
63. 9

118.4
134.7
158. 3
178.8
184. 5

48. 6
55. 9
69. 1
79. 4
80. 2

46. 0
54. 2
67. 5
77.4
77.9

4. I
4. 6
4. 7
4. 6
3.8

27.5
31. 5
37. 6
43. 4
49. 0

10.4
11.3
12. 5
13.8
15. 8

27. 8
31.4
34. 3
37.7
35. 7

1970
1971
1972 __
1973
1974

193.7
188.4
208. 6
232. 2
264. 9

90.4
86. 2
94.7
103.2
119. 0

32. 8
26. 8
32. 2
36. 2
38.6

70. 5
75. 4
81. 7
92. 8
107.4

196. 6
211.4
231. 9
246. 5
268.4

79. 3
76.8
77.4
75. 1
78. 6

77. 2
74.5
75.2
73.3
77. 6

3.6
3. 1
3.7
3. 0
3, 6

56. 1
70. 1
81.4
91. 8
106. 5

18. 3
19. 6
20. 6
22. 8
28. 1

39. 3
41. 8
48. 8
53.9
51.7

1975 '
1976 *_

274. 5
296.8

113.2
105.4

38. 7
48.0

122. 6
143. 5

324. 2
355. 3

87. 1
94.4

84.5
89. 9

4.8
6. 3

137.4
149.5

31. 3
34, 4

63.6
70.7

184. 8
204.9

84. 3
94.8

23. 0
24. 8

77. 4
85.3

198.0
236. 5

57. 3
64. 8

56. 7
63. 6

2.5
3.0

75. 8
93. 9

20. 8
23. 2

41. 5
51. 7

Cumulative totals for
first 9 months:
Fiscal year 1974
Fiscal year 1975___

1
Estimates as of April 18,1975. Receipts estimates reflect changes from FebraaryBudget for effect of Tax Reduction Act of 1975 only. Fiscal 1975 receipts

36




were revised in May to $282 billion; revisions in outlays and the deficit will b©
made about June 1. All fiscal 1976 data will also be revised then,
Sources: Department of the Treasury and Office of Management and B

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
' * the first quarter, an Increase of $19.2 billion in Federal expenditures and a decline of $10.9 billion In receipts
(Lilted in a deficit of $54.7 billion (all annual rates).
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

340
i 320

200
180

80

J6Q

160

£0

+20

!

SURPLUS

H ia — • " " " " • I

11 i|

%
•^w
^

E
^

t^

£a

f^j

1%9

1970

1971

I

1S>72

1973

i
^
^
^

DIFICtT

4®

1974

CALENDAR YEARS

0

-40

1975

^

SOUIC& MPMTMENT Of COMMERCE

COUNOl OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fed eral Go\^eminent expend!tures

Federal C! overrun receip bs
ent

Period

Personal
Total tax and
nontax
receipts

GrantsPurin-aid
Corpo- Indirect Contrichases Trans- to State Net
rate business butions
Total of goods fer pay- and interest
profits tax and
for
paid
and
tax
nontax social inments local
governservices
accruals accruals surance
ments

Surplus
or
Subsidies Less:
deficit
less
Wage
current accruals income
surplus of less
and
Governdisproduct
ment en- burse- accounts
terprises ments

Fiscal vear:
1972
213.2
1973
240. 4
1974 1
273. 6
1975 J _ _ _ 283. 1
1976 _ _ _ 306.8
Calendar

100. 7
106. 8
123. 1
117.1
111.4

34. 1
41. 2
45.6
41. 5
41. 3

20. 0
20. 7
21. 6
33. 1
54.7

58. 5
71. 7
83.3
91.4
99. 4

232. 9
255. 4
278. 3
331. 3
368. 6

103.2
105. 3
110. 3
123.7
136.8

78. 6
89.4
104,2
134.9
150.9

32. 6
40.2
41. 5
48.8
53. 7

13.4
14. 5
17.4
19. 8
23.0

5. 3
6.7
4.7
3.7
4. 1

0. 0

197CL___ 192. 0
1971
198. 5
1972
227. 2
1973 .... 258. 5
1974 .... 291. 1

92. 2
89.9
108.2
114. 1
131. 3

31. 0
33. 4
36.6
43. 7
49. 1

19. 3
20.4
20. 0
21.2
22. 0

49. 5
54.6
62. 5
79. 5
88. 7

203. 9
220. 3
244.7
264. 2
299. 1

96. 2
97.6
104. 9
106. 6
116. 9

63.2
74.9
82. 8
95. 5
117. 0

24. 4
29. 0
37.4
40. 5
43.8

14. 6
13. 6
13.5
16. 3
18. 8

5. 5
5. 2
6.6
5. 3
2. 1

.0

1973: III.. 261.8
IV... 268. 3

116. 7
121. 6

43. 8
43.5

21. 0
21. 3

80.2 263. 4
81. 8 270. 6

105.3
108s 4

96.5
98.8

39. 8
41. 0

16. 8
17.6

5. 0
48

1974: I
278. 1
II
288. 6
III. I 302.8
IV .. 294. 7

124. 1
129. 4
134. 8
136. 8

45. 9
49.2
55.4
45. 7

21.5
21.9
22. 5
22.2

86. 7
88. 1
90. 0
90. 0

281. 0
291. 6
304. 7
319. 3

111. 5
114. 3
117.2
124.5

106.5
113. 6
120. 8
127.2

42. 9
43.2
43. 4
45.5

17.9
18.7
19.1
19.7

1975: !*___ 283. 8

136.2

33.8

22.9

90. 9 338.5

126.5

138. 5

50.2

19.7

festimates as of April 18,1975. Receipts estimates reflect changes from Febry Budget for effect of Tax Reduction Act of 1975 only. All estimates for
—a,l 1975 and 1976 will be revised again about June 1 to reflect the Budget revisions to be made then.




;5

2
A

'. 0

;0

.5
;0

-. 5

-19. 7

-15.0
-4. 7
-48.2
— 61. 8
-11.9
-21. 9
-17. 5
-5. 6
-8. 1

:0

-1.7
-2. 3

2.2
1.3
2.7
2.3

.0
—.6
-1.5
.0

-2.8
-3. 0
— 1.9
— 24. 5

3.5

.0

-54.7

e O

Source: Department of Commerce, Bureau of Economic Analysis,

37

UNITED STATES
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The Nation's Income, Expenditure, and Saving
.. „
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.-...._ — *,
. . _.- ^ -. -, ....
Gross National Product or Expenditure
_ . . . . . . . _ _. . . . . . . . ^ ._ ^ _ ^, _.._ ^ ^ _ .^ , .
National Income
.......-.,..-..,............. •.<.__.». — .~.....~. .~. — — ~. ^ _ .....
Sources of Personal Income
_ ._ ._..
.,„ _ _ .
. ._
_ ^. »„. _ ^ ._
Disposition of Personal Income
_,
.^
„ _.... ..,. ^ _ „,. _
..
_ ^ „.
Farm Income
.............,...
„. _. .^ M ..... ........... ..
„
Corporate Profits
_,
_ .„. _ _ _. _
^
Gross Private Domestic Investment
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........ ^,._. ^.
.^ ...... 9M. ^..
Expenditures for New Plant and Equipment
^a. ,
..
....
.

Page
1
2
3
4
5
6
7
8
9

Status of the Labor Force
_.
..
......._. ..„ ^ ^ , . a
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 I n d u s t r i e s . . . . . . . . .
...........
.
......... -.

10
11
12
13
14
15

Industrial Production
^s
.
Production of Selected Manufactures
-..-.»-..«. a~. -..-.... -.
-..... ^..... ^ *^
Weekly Indicators of Production
^
. ^ ^.. ^. ^
^, .... ^
. _. ^.. ^ ^ ^
New Construction
..,..... ^,. ^ ....._......_ .......... .„.._. ^. ^. .„.
New Housing Starts and Applications for Financing. ...................._,. ^
_ « . _ . . ........ *,..... ^......_ ..-.
Business Sales and Inventories—^Total and Trade.
^
.
a«....._ ... ^ .^
Manufacturers' Shipments, Inventories, and New Orders.
._ ......»
. .^ ^..»-.
.........
Merchandise Exports and Imports
..., *.-..... — ^ _.._.._.....................-...... ..,„ 8..,.
U.S. Balances on Goods, Services, and Transfers
. *«*.... ^9.....
.
........ ..„ ^ .....
U.S. Overall Balances on International Transactions..........
.«,,« ^ ^ ... *.. ^.............
a^ »,,.

16
17
18
19
20
21
22
23
24
25

Consumer Prices
^ .............. „„ . .
. „......
.„. ^
^
Wholesale Prices
......,., _ ,., _ _ ..... _ _ _ ... _ .... _ _ _ ...,.,
Prices Received and Paid by F a r m e r s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . _..............«
...... „,....,....._...

28
27
28

Money Stock
_ ^...., ^
_.
.... _
Private Liquid Asset Holdings—Nonfinancial Investors........ _ ......... .„. ^. ^. .„. ^ ......-. ^., ,..„.... „_,*.... ^. 9...a ^.
Bank Loans, Investments, Debits, and Reserves............... _. _. ^. ..^ .^.,.,. *„.* ^ ....................._. ^.. ..^ ^
Consumer and Real Estate Credit
_. ...
..... _ _ ^............
..... _ _ _ ^,
Yields and Interest R a t e s . . . . . . . . . . . . . . . . .
^ ....,.....
.
.-........»...... ^.. ^.. _fc.. _
Comnicn Stock Prices, Yield, and E a r n i n g s . . . . . . . . . . . . . . . . .„............. .^ ...»....... _...........................^

29
30
31
32
33
34

Federal Budget Receipts
Outlays
Debt. ............... _................,.....-.......... .^ ... ._ ^ .... _.
Budget Receipts by Source
Outlays by Function........,_..._, ,^ .._....... .^ ...a..,...._. ^..
Sector, National Income Accounts Basis. . . . . . . . . . . . . . . . . . . . . ^ ..............................

35
36
37




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