Full text of Economic Indicators : November 1965
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89th Congress, 1st Session
, Aa,. , an o n p p,
996r 5 030
smo'i is
Economic Indicators
November 1965
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1965
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
ROBERT F. ELLSWORTH (Kansas)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
HERMAN E. TALMADGE (Georgia)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
JAMES W. KNOWLES, Executive Director
JOHN R. STARK, Deputy Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk
COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
OTTO ECKSTEIN
ARTHUR M. OKUN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
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sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
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price is $5.40 per year.
The 1964 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is available
at 65 cents a copy.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
According to current estimates, gross national product rose $11.6 billion to a seasonally adjusted annual rate of
$677.5 billion in the third quarter. Consumer spending accounted for two-thirds of the rise.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Net receipts
Expenditures
Personal
Interest Personal saving
TransPurTax and fers,
paid and consumpTranstion
(+)
or
nontax inter- chases
transfer expendi- disfers,
Total
Net
est,
of goods expendi- interest,
receipts
TotalJ
paysaving
receipts
tures
or
and
and
ments
tures and subaccruals sub- 2 services
to forsidies 2
sidies
eigners
Disposable personal income
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: I
IV.
1965: I
Total
excluding
interest
and
transfers
270.2
287.3
302.2
312.4
330.3
342.3
356.3
376.7
394.3
425.2
412.4
423.3
429.6
435.4
440.7
447.3
459. 4
275.3
293.2
308.5
318.8
337.3
350.0
364.4
385.3
403.8
435.8
422.6
433. 6
440.3
446.4
451.9
458.9
471.3
5. 1
5.9
6.3
6.5
7.0
7.8
8.1
8.6
9.6
10.5
10.2
10.3
10.7
11.0
11.2
11.6
11.9
254.4
266.7
281.4
290.1
311.2
325.2
335.2
355.1
373.8
398.9
389. 1
396.0
404.6
405.9
416.9
424.4
432.2
15.8
20.6
20.8
22.3
19. 1
17.0
21.2
21.6
20.4
26.3
23.3
27.3
25.0
29.5
23.8
23.0
27. 2
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: !_
IV _
1965: !__
III.
23.4
25.5
28.7
33.0
34.0
36.5
41.3
42.8
44.5
46.8
46.7
46.4
46.8
47.2
48.8
48.3
51.7
Transfers
Net exports of goods
Gross
Excess to forand services
Gross private
eigners
of
retained domestic invest- by perearninvest-4
ment sons and
ExNet
Imings 3
Government
ports
exports
ports
ment
46.3
47.3
49.8
49.4
56.8
56.8
58.7
66.3
69.1
75.4
74.2
75. 1
76.5
75.8
82.5
82. 7
84.2
67.4
70.0
67.8
60.9
75.3
74.8
71.7
83.0
86.9
92.9
89. 7
90. 9
92.6
97.7
102.4
101. 1
102. 0
-21. 1
-22.8
-18.1
-11.5
-18.5
-18.0
-13.0
-16.8
-17.8
-17.5
-15. 5
-15. 8
-16. 1
— 21. 9
— 19.9
— IS. 4
-17.8
2.5
2.4
2.3
2.3
2.4
2.3
2.6
2.7
2.8
2.7
2. 7
2. 9
2.7
2.7
2.6
2.9
2. 8
1 Personal income (p. 5) less personal taxes and nontax payments (fines, penalties,
2 etc.).
Government transfer payments to persons, foreign net transfers by Government, net Interest paid by Government, and subsidies less current surplus of
Government
enterprises.
8
Undistributed corporate profits, corporate Inventory valuation adjustment,
capital consumption allowances, and excess of wape accruals over disbursements.
Does not include retained earninRs of unincorporated business which are included in disposable personal Income.
100.4
109.0
115.6
114.7
128.9
139.8
144.6
157.0
168.3
172.7
171.3
169.7
173.5
176.5
183.7
185.8
185.7
74.2
78.6
86. 1
94.2
97.0
99.6
107.6
117. 1
122.6
128.4
126.3
129.7
128.7
128.6
130.9
132.9
135.2
97.6
104. 1
114.9
127.2
131.0
136.1
149.0
159.9
167. 1
175.1
173. 0
176. 1
175.5
175.7
179.8
181. 1
186.8
23.4
25.5
28.7
33.0
34.0
36.5
41.3
42.8
44.5
46.8
46. 7
46.4
46.8
47.2
48.8
48.3
51.7
2.7
4.9
.7
— 12.5
-2.1
3.7
-4.3
— 2.9
1.2
-2.4
-1.6
-6.4
— 2.1
.8
3.9
4.7
-1.2
Total
Excess of income
transfers
or
(+) or receipts
of net
exports
Statistical
discrepancy
Gross
national
product
or
expenditure
2. 1
1. 1
398.0
International
Business
Period
76.9
83.5
86.8
81.6
95.0
103.3
103.3
114.2
123.8
125.9
124.6
123.3
126.7
129.3
134.9
137.5
134.0
Surplus
(+)or
deficit
(-)on
income
and
product
account
2.0
4.0
5.7
2.2
.1
4.1
5.6
5.1
5.9
8.6
8.8
7.7
8.8
8.9
6.2
7.5
8. 1
19.8
23.6
26.5
23. 1
23.5
27.2
28.6
30.3
32.4
37.0
36.3
36. 0
37.3
38.4
34.8
39.8
40. 0
17.8
19.6
20.8
20.9
23.3
23.2
22.9
25.1
26.4
28.5
27.5
28.2
28.5
29.5
28.6
32.3
31.8
0.5
-1.6
-3.4
.1
2.3
-1.7
-3.1
-2.5
-3.2
-5.8
-6. 1
-4.8
-6.1
-6.2
-3.6
-4.7
-5.3
395.9
420.4
441.1
445.8
484.5
504.8
520.8
559.8
589.9
629.2
614, 0
624. 5
635.5
643.3
660.6
670.5
680.3
-1
419.2
441.1
447.3
483.6
503.8
520.1
560.3
589.2
628.7
-.3
— .7
-2,2
-4.2
-4.6
-2.8
614.0
624.2
634.8
641.1
656.4
665.9
677.5
* Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment with sign changed.
• Less than $50 million.
NOTE.—Eevised series beginning 1929. For details, see Survey of Current
Business, August 1965. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
According to current estimates, sross national product on a seasonally adjusted basis increased 1.7 percent in the
third quarter/ after adjustment for price changes, it increased 1.4 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
700
700
600
600
GROSS NATIONAL PRODUCT
500
500
PERSONAL CONSUMPTION
EXPENDITURES
400
400
300
300
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
\
100
100
i
I
,M..»«"..«,,,,,,,,,M...»»""""»»«..,.,,if,,,..M|toM
n
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES
^v
1959
1961
1960
1962
1964
1963
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCi
Govei"nment j:mrchases of good s
Personal Gross
Total
Net
services
conTotal
gross
private exports
Federal
sump- domestic of goods
national gross
product national tion
investTotal
and
National
in 1958 product expend- ment services
Total defense1 Other
itures
prices
Billions <Df dollars; quarterlyr data at £ easonall;y adjust*id annual rates
Period
1953
1954
1955
1956
1957
1958
1959
1960
1961
.
1962
1963____
1964._>
1964: I
II
III____
IV.....
1965: III
IIL.
...
418.8
407. 0
438.0
446.1
452.5
447. 3
475. 9
487. 8
497. 3
530. 0
550.0
577.6
667. 1
575.9
582. 6
. 584.7
597.5
601.4
609.7
364. 6
364.8
398. 0
419. 2
441. 1
447. 3
483. 6
503.8
520. 1
560.3
589. 2
628. 7
614. 0
624.2
634. 8
641. 1
656.4
665. 9
677. 5
230. 0
236.5
254.4
266.7
281. 4
290. 1
311. 2
325. 2
335. 2
355. 1
373. 8
398. 9
389.1
396.0
404. 6
405. 9
416. 9
424. 4
432.2
52. 6
51.7
67.4
70. 0
67.8
60.9
75.3
74.8
71. 7
83.0,
86.9
92.9
89.7
90.9
92.6
97. 7
102. 4
101. 1
102. 0
i This category corresponds closely with budget expenditures for national
defense, shown on p. 35.
a Gross national product in current prices divided by gross national product
In 1968 prices.
1965
0.4
1.8
2.0
40
5.7
2.2
.1
4. 1
5. 6
5. 1
5.9
8.6
8.8
7.7
8. 8
8. 9
6. 2
7.5
8.1
81. 6
74.8
74.2
78.6
86. 1
94.2
97.0
99.6
107. 6
117. 1
122. 6
128. 4
126. 3
129.7
128.7
128. 6
130. 9
132. 9
135.2
57. 0
47.4
44. 1
45. 6
49.5
53.6
53.7
53. 5
57.4
63. 4
64. 4
65. 3
65.0
67.0
64.9
64. 3
64. 9
65. 9
67.1
48.7
41.2
38. 6
40. 3
44. 2
45. 9
46.0
44. 9
47.8
51. 6
50. 8
49. 9
49. 8
51.7
49. 5
48. 8
48. 9
49. 4
50. 8
8.4
6.2
5. 5
5.3
5.3
7. 7
7. 6
8.6
9.6
11. 8
13. 6
15. 4
15.2
15.3
15.4
15. 5
16. 0
16. 5
16. 3
and
State
and
local
24.6
27.4
30. 1
33.0
36. 6
40. 6
43. 3
46. 1
50.2
53.7
58. 3
63. 1
61.3
62.7
63.8
64.3
66.0
67. 0
68. 1
Implicit
price
deflator
for total
GNP,
1958 -1002
88.3
89.6
90. 9
94 0
97.5
100.0
101.6
103.3
104 6
105.7
107. 1
108. 9
108.3
108.4
109. 0
109.6
109.8
110. 7
111. 1
NOTE.—Revised series beginning 1929. For details, see Survey of Current
Business, August 1966. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
NATIONAL INCOME
National income in the third quarter rose $8.1 billion to a seasonally adjusted annual rate of $558.4 billion. All
major sectors contributed to the increase except farm income which fell slightly from its unusually high level in the
second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
TOTAL NATIONAL INCOME
500
500
-
400
400
300
300
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
1965
1959
*Se* Note, page 7.
SOURCE, DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compen-
Proprietoirs' income
of employees 1
Farm2
Business
and professional
Rental
income
of
per-
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
304. 7
303. 1
331. 0
350.8
366. 1
367.8
400.0
414. 5
427. 3
457. 7
481. 1
514. 4
209. 1
208. 0
224. 5
243. 1
256. 0
257.8
279. 1
294. 2
302. 6
323. 6
341. 0
365. 3
13. 0
12.4
11. 4
11.4
11. 3
13. 4
11.4
12. 0
12. 8
13. 0
13. 0
12. 0
27.5
27.6
30.3
31.3
32.8
33.2
35. 1
34. 2
35. 6
37. 1
37. 8
39. 1
12.7
13. 6
13. 9
14. 3
14. 8
15. 4
15. 6
15. 8
16. 0
16. 7
17. 6
18. 2
1964: I
II
III
IV
501. 6
510. 5
519. 5
526. 3
355. 1
361. 9
369. 0
375. 4
11.9
12. 0
12. 0
12.2
38. 5
39. 0
39. 4
39.6
1965: I
II
III
541. 4
550. 3
558. 4
383. 1
388.7
395.2
12. 0
14. 5
14. 2
39.9
40. 1
40.4
* Includes employer contributions for social insurance. (See also p. 4.)
2
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
* See Note, page 7.
4
Net
interest
2. 8
Corporal >e profits and inventory va- uation ad justment 3
Total
Profits Inventory
before valuation
taxes 3 adjustment
10. 0
11.6
13. 6
15. 2
39. 6
38. 0
46. 9
46. 1
45. 6
41. 1
51.7
49. 9
50.3
55. 7
58. 1
64. 5
40.6
38.3
48.6
48.8
47. 2
41. 4
52. 1
49.7
50.3
55.4
58. 6
64.8
17.9
18. 1
18. 3
18.5
14.5
15. 0
15. 4
15.7
63.6
64. 5
65. 5
64. 9
64. 0
64.5
65.3
65.9
18.5
18. 6
18. 6
16. 1
16. 4
16. 7
71.7
72.0
73. 3
73. 1
73.7
74.4
3.6
4. 1
4. 6
5. 6
6. 8
7. 1
8.4
-1.0
-.3
-1.7
-2.7
-1.5
-.3
-.5
.2
—.1
.3
-.4
3
(4)
-.4
.2
-1. 0
— 1.4
— 1.7
-1.1
Less than 50 million dollars.
N OTE.—Revised series beginning 1929. For details, see Survey of Current Business, August 1965. Data, for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
In October, personal income dropped $51/2 billion to a seasonally adjusted annual rate of $540 billion. The drop
resulted from a nonrecurring payment for retroactive social security benefits in September. Excluding this special
payment, there was a rise of about $5 billion. Wage and salary disbursements rose $3.2 billion.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
550
500
500
TOTAL PERSONAL INCOME
— 450
— 400
DIVIDENDS AND
PERSONAL INTEREST
BUSINESS, PROFESSIONAL,
AND RENTAL INCOME
50
1959
1965
1960
SOURCE. ^DEPARTMENT Of COMMERCE
Period
Total
personal
income
1956
1957..
1958
1959
1960
1961
1962
1963
1964
1964: Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July....
Aug....
Sept5
Oct _ _ _
333.0
351.1
361.2
383.5
401.0
416.8
442.6
464.8
495.0
499.5
501.7
502.8
506.6
512.0
515.8
515.7
518.4
520.7
525.3
528.8
530. 5
532. 0
545.7
540.2
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Other Propriet( Drs' income income
and
Divi- Personal Transfer
salary
labor 2
Business
paydends interest
of
Farm
disburseincome
and
proincome ments
fessional persons
ments 1
11.4
227. 8
8.4
31.3
11.3
14.3
15.7
18.5
11.3
238.7
9.5
11.7
32.8
21.4
14.8
17.6
13.4
33.2
239.9
9.9
11.6
18.9
15.4
25.7
258.2
11.4
11.3
35. 1
12.6
20.7
15.6
26.6
34.2
12.0
12.0
13.4
23.4
270.8
15.8
28.5
12.7
12.8
35.6
16.0
13.8
25.0
32.4
278. 1
13.0
15.2
13.9
37. 1
296.1
16.7
27.7
33.3
311.2
13.0
35.2
14.8
37.8
15.8
31.1
17.6
12.0
18.2
17.2
16.5
39.1
333.5
34.3
36.6
12.0
337. 1
16.7
17.3
36.4
34.8
18.3
39.3
12.1
16.8
17.4
36.4
338.7
35.0
18.4
39.4
12.0
17.0
17.5
339.4
18.4
35. 1
36.6
39.4
12.2
35.2
17.1
17.7
36.5
342.6
18.5
39.6
12.4
346.2
17. 1
35.5
18.1
37.0
18.5
39.9
347.2
17.2
12.4
17.8
35.7
MO. 1
18.5
39.8
12.0
17.3
36.0
37.4
349.8
17.8
39.9
18.5
352. 2
36.2
17.4
11.7
37.6
18.5
17.8
40. 1
17.4
12.9
18.0
352.7
36.5
37.8
18.6
40.0
355.2
14.7
17.5
18.1
36.7
37.4
18.6
40. 1
15.9
37.2
17.6
18.6
37.0
356.9
18.6
40. 1
37.2
17. 7
14, 6
359. 2
18. 6
18. 5
37. 6
40. 3
14. 0
360. 7
37.5
17.7
18. 6
18.6
37.7
40.4
14. 0
17. 7
37. 7
363.3
18. 8
*48. 4
40.5
18. 6
17.8
14. 4
18.9
39. 0
18.7
37. 9
366.5
40. 6
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and the excess of wage accruals over disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
s
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
COUNCIL OF ECONOMIC ADVISERS
4
5
Less: Personal contributions
for social
insurance
5.8
6.7
6.9
7.9
9.3
9.6
10.3
11.8
12.4
12.5
12.6
12.6
12.7
12.8
13.0
13.0
13.1
13.1
13.1
13.2
13. 3
13.4
13.4
13. 5
Nonagricultural
personal
income 3
318.5
336.6
344.3
368.5
385.2
400.0
425.5
447.4
478.7
483.1
485.5
486.5
490.4
495.3
499.1
499.5
502.7
503.4
506.1
508.5
511. 4
513. 6
527.5
521. 5
Reflects stepped-up payments for veterans' insurance.
Preliminary.
"Includes retroactive social security benefits of $885 million or $10.6 billion at
annual rate.
NOTE.—Revised series beginning 1929. For details, see Survey of Current
Business, August 1965. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Disposable personal income soared by $121A billion (seasonally adjusted annual rate) in the third quarter, the biggest
quarter to quarter change since early 1950. Despite the $8 billion increase in personal outlays, the saving rate went
from 5.0 percent to 5.8 percent in the third quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
450
450
DISPOSABLE PERSONAL INCOME
\
400
400
350
300
DOLLARS
PER CAPITA DISPOSABLE PERSONAL INCOME
2,400
2,400
2,200
2,200
2,000
2,000
1,800
1,800
1959
1960
1961
1962
SOURCE: DEPARTMENT OF COMMERCE
Personal
income
Less:
Personal
taxes
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
290. 1
310.9
333.0
351.1
361.2
383.5
401.0
416.8
442.6
464.8
495.0
32.7
35.5
39.8
42.6
42.3
46.2
50.9
52.4
57.4
60.9
59.2
1964: ! _ _ _
IL._
IIL_
IV__
1965: ! _ - _
II__
I1I__
483. 0
490. 6
499.1
507.1
516. 6
524.9
535. 9
60. 4
56. 9
58.8
60.7
64.8
66.0
64. 6
Period
1964
1965
COUNCIL OF ECONOMIC ADVISERS
Per cap>ita disSaving
L 3ss: Perso nal outla^fS
posable personal as perEquals:
Persorml consurnption
Equals:
incc>me
cent of PopulaDisex penditures 2
Personal
distion
posable Total
saving Current
posable
(thoupersonal personall Durable Non1958
income outlays
Services
prices
prices personal sands)
goods durable
income
crond^
(percent)
Billions of dollars
Dol lars
241.0
6.4
32.8
118.3
162, 388
257.4
85.4
1,714
16.4
1,585
275.3
259.5
39.6
123.3
91.4
5.7
165, 276
1,666
1,795
15.8
293.2
272.6
38.9
129.3
7.0
168, 225
98.5
1,743
20.6
1,838
308.5
40.8
287,8
135.6
6.7
105.0
171,278
1,801
1,844
20.8
140.2
296.5
37.9
7.0
318.8
112.0
174, 154
22.3
1, 831
1,831
318.2
44.3
337.3
146.6
5.7
120.3
177, 080
1,
905
19.1
1,880
45.3
350.0
333.0
151.3
128.7
4.9
180, 684
1,937
1,883
17. 0
343.2
44.2
364.4
155.9
135. 1
5.8
21.2
1,983
1,909
183, 756
49.5
363.7
385.3
162.6
143.0
21. 0
2, 064
5.6
186, 656
1,970
53.4
383.4
168.0
403.8
152.3
20. 4
2, 132
5. 1
189, 417
2, 009
58. 7
409.5
435.8
162.6
177.5
2, 268
6.0
192, 119
26. 3
2, 116
Sea so nally adji lSt(3(l i l l l l l l lal rates
399. 3
57. 4
422. 6
173. 7
1 5S. 0
23. 3
2,211
2, 070
5. 5 191, 160
59. 1
406. 3
175. 7
433.6
161. 2
27.3
2, 111
2,261
6.3 191, 780
60. 5
179. 8
440.3
415.3
164.3
25. 0
2, 134
2, 288
5.7
192, 478
446. 4
1«HO. 9
416.9
57. 9
167. 1
29.5
2,311
2, 146
6.6
193, 182
42S. 1
451.9
63. 9
1X3. 0
170.0
2, 332
23.8
2,159
5.3
193, 762
63. 7
436.0
458. 9
187.6
173. 1
23.0
2, 362
2,173
5.0
194, 298
444. 1
191. 1
471. 3
65.0
176. 1
27. 2
2,418
2,218
5. 8
194, 910
1
Includes personal consumption expendItures, Interest paid by consumers
and personal transfer payments to foreigners.
2 See p. 2 for total personal consumption expenditures.
1963
NOTE.—Revised series beginning 1929. For details, see Survey of Current Business, August 1965. Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Following a sharp rise in the second quarter, net farm income fell somewhat in the third quarter on a seasonally adjusted
basis. However, the over-the-year gain was at an annual rate of about $1 billion excluding inventory change and
more than $2 billion including inventory change.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
\
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
\
10
1959
1962
1961
1960
1963
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Personal income re ceived by
total i arm popu lation
]rncome re ceived fro m farming
Realize d gross
Period
From
all
sources
17. 8
17.7
19. 5
18. 1
18. 7
19. 0
19. 2
18. 7
17.9
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: I
II
III
IV
1965: I
II
III
From
From
farm
nonfarm
sources sources
11. 2
11.0
12. 8
11. 0
11.4
12. 1
12. 2
12. 0
11. 1
6.6
6.6
6.7
7.1
7.2
6. 9
7. 0
6. 7
6.8
Cash
receipts
Total i
from
marketings
Billions c)f dollars
34.3
30.4
34.0
29. 7
37.9
33. 5
37. 5
33. 5
37.9
34. 0
39.6
34.9
41. 0
36.2
42. 1
37. 3
42. 2
36. 9
Seas onallv ad
42. 1
36.9
42.3
37. 0
42. 3
37. 0
42. 1
36. 7
42.2
36.7
45. 0
39. 5
44. 5
39.0
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also,
see
footnote 2, p. 3.
3
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.
1965
1964
Net t<) farm
open itors
Net inc sme per
farm incl tiding net
inventory change 3
Production ex- Exclud- Includpenses ing net in- ing net in- Current 1964
ventory ventory2 prices prices
change change
4
Dol lars
22.4
11.9
23.3
10. 7
25.2
12.7
11.4
26. 1
26. 2
11.7
27. 0
12.6
28. 5
12.5
29. 6
12.5
12. 9
29.3
listed amlual rates
12. 6
29. 5
29.3
13. 0
13. 1
29. 2
29. 0
13. 1
29.6
12.6
15. 0
30. 0
30. 3
14. 2
11.4
11.3
13. 5
11. 5
12. 0
12.9
13. 1
13. 1
12. 1
2, 535
2,590
3, 189
2,795
3,043
3,389
3, 562
3,671
3,486
2, 786
2,755
3,357
2,911
3, 137
3,494
3,635
3,708
3, 486
12. 0
12. 1
12. 1
12. 3
12. 1
14.6
14.3
3,460
3,480
3,480
3, 540
3,580
4,320
4,236
3,460
3,480
3,480
3, 540
3,540
4, 240
4, 153
4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1964 base.
NOTE.—Revised data; see Farm Income Situation, July 1965.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits rose to record highs in the third quarter, according to preliminary estimates. Profits before taxes
were at a seasonally adjusted annual rate of $74.4 billion, and after taxes at $44.8 billion, Increases over a year
earlier were 14 percent and 19% percent, respectively.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS
80
40
30
20
10
1961
-I/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
'
I
'
'
1962
1963
1965
•SEE NOTE ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963-_
1964
1964: I
II —
III..
IV..
1965: !_._.
II...
III..
Corp>orate pr ofits (befo re taxes) and inven tory
^valuation adjust meiit
TransManufaetur ing
portation,
comAll
All
Nonother
muniDurable durable
indusindusgoods
tries
goods cations,
Total
tries
and
induspublic
tries
utilities
11.8
15. 2
26. 0
5. 6
46. 9
14. 3
11.9
15. 6
24. 7
12. 8
5. 9
46. 1
10.7
15. 8
5. 8
24 0
13. 3
45. 6
5. 9
15. 9
41. 1
10. 0
19. 3
9.3
18.4
12. 7
7. 0
51. 7
26. 3
13. 6
12. 4
17.9
24. 4
7. 5
12. 0
49. 9
11. 9
19. 1
11.4
7.9
23. 3
50. 3
12. 5
20. 5
26.6
14. 1
8. 5
55. 7
9. 2
20. 2
13. 2
58. 1
28. 7
15. 4
22. 3
32. 1
14.9
10. 0
64. 5
17.2
22. 0
14. 4
9. 9
31.9
63. 6
17.5
22. 3
32. 1
10. 1
15. 0
64. 5
17. 1
22. 8
32. 5
15. 0
10. 2
65. 5
17. 5
22. 5
10. 1
32. 3
15. 3
64. 9
17. 1
23. 8
16.6
10. 5
71. 7
37. 3
20. 8
16. 6
10. 5
24.9
72. 0
36. 7
20. 1
73.3
1 Includes depreciation, capital outlays charged to current accounts and accidental damages.
2 Corporate profits after taxes plus corporate capital consumption allowances.
NOTE.—Revised series beginning 1929. For details, see Survey of Current
Business, August 1965.
55-706°—65-
CorjDerate pr ofits
a fter taxe s
Corpo- Corporate
rate
profits
tax
before liabiltaxes
ity
48. 6
48.8
47.2
41. 4
52. 1
49. 7
50. 3
55.4
58. 6
64. 8
64. 0
64.5
65. 3
65. 9
73. 1
73. 7
74. 4
21.6
21.7
21. 2
19. 0
23. 7
23. 0
23. 1
24. 2
26. 0
27. 6
27.3
27.5
27.8
28. 1
29. 1
29. 4
29. 6
Total
27.0
27. 2
26. 0
22. 3
28. 5
26. 7
27. 2
31. 2
32. 6
37.2
36.7
37.0
37. 5
37.8
44. 0
44 4
44. 8
Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allow-l
ances
10. 5
11. 3
11. 7
11. 6
12. 6
13. 4
13.8
15. 2
15.8
17.2
16.7
17.1
17.4
17. 7
17. 8
18. 2
18.6
16. 5
15. 9
14 2
10. 8
15. 9
13. 2
13. 5
16. 0
16. 8
19. 9
20.0
19. 9
20. 1
20. 0
26. 2
26. 1
26.2
17.4
18. 9
20. 8
22. 0
23. 5
24 9
26. 2
30. 1
32.0
34 0
33.2
33. 6
34 3
34 8
35. 4
35.8
36.3
Profits
plus
capital
consumption
allow-2
ances
44 4
46. 1
46. 8
44 3
52.0
51. 6
53. 5
61.3
64 5
71.2
69. 9
70.6
71.8
72. 6
79.4
80. 2
81. 1
Data beginning 1962 adjusted for effects of new depreciation guidelines ($2H
billion for 1962) and therefore not comparable with previous data. Data for
Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
The increase in gross private domestic investment of almost $1 billion (seasonally adjusted annual rate) in the third
quarter was made up of an increase in fixed investment of $1.5 billion partially offset by a decrease in inventory
investment of $0.6 billion. Inventory investment is still markedly above the 1964 average.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
100
100
80
GROSS PRIVATE
DOMESTIC INVESTMENT
60
60
40
40
PRODUCERS' DURABLE EQUIPMENT
\
RESIDENTIAL STRUCTURES
20
20
STRUC
NONRESIDENTIAL STRUCTURES
CHANGE IN BUSINESS INVENTORIES
I
1960
1959
1
1
I
I
1
I
1
I
I
1
1
I
1
1965
1964
1963
1962
1961
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Total
gross
private
domestic
investment
Period
1953
1954
1955
-_
1956
1957
1958
1959
1960 _ _ _ _ _ _
1961
1962
1963
1964
1964: I
II
III
IV_
1965: ! _ _ _ _ _ _
II
III
...
.
_
52. 6
51.7
67.4
70.0
67. 8
60. 9
75. 3
74.8
71. 7
83.0
86.9
92. 9
89.7
90.9
92. 6
97.7
102.4
101. 1
102.0
Total
Total
52. 1
53.3
61.4
65.3
66.5
62.4
70. 5
71.3
69. 7
77. 0
81.2
88. 1
86.5
86.8
88. 8
90. 2
93. 7
94.4
95.9
NOTE.—Eevised series beginning 1929. For details, see Survey of Current
Business, August 1965. Data for Alaska and Hawaii included beginning 1960.
8
Resid ential
struc tures
Ncmresident ial
34. 2
33. 6
38. 1
43.7
46. 4
41. 6
45. 1
48. 4
47. 0
51.7
54. 3
60. 5
58. 1
58.9
61. 6
63. 5
66. 0
66.4
68.3
Structures
Producers'
durable
equipment
12. 7
13. 1
14. 3
17.2
18.0
16. 6
16.7
18. 1
18.4
19. 2
19.7
21. 1
20. 7
21. 1
21. 1
21. 5
21. 8
22. 7
23.2
21.5
20. 6
23. 8
26.5
28. 4
25. 0
28. 4
30.3
28. 6
32. 5
34.6
39.4
37.5
37.9
40.5
42. 0
44. 2
43. 7
45.1
Total
18.0
19.7
23.3
21. 6
20. 2
20. 8
25. 5
22. 8
22.6
25. 3
26. 9
27. 5
28. 4
27.9
27. 2
26.7
27.7
28. 0
27.6
Source: Department of Commerce.
Nonfarm
17.2
19. 0
22.7
20. 9
19. 5
20. 1
24. 8
22.2
22. 0
24. 8
26.3
27. 0
27. 8
27.3
26.6
26. 2
27. 1
27.5
27. 1
Change in business inventories
Total
0.4
-1.5
6.0
4.7
1.3
-1.5
4.8
3. 6
2.0
6.0
5.7
4. 8
3.3
4. 1
3.8
7.5
8.7
6.7
6.1
Nonfarm
1. 1
-2.1
5.5
5. 1
.8
-2.3
4.8
3.3
1.7
5.3
4.9
5.4
3.6
5. 1
4.6
7.8
9.3
7. 1
6.0
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment in 1965 are expected to total $50.9 billion, almost 13% percent
above the 1964 total, according to the August survey. This represents the second upward revision in 1965 spending
plans since the initial survey earlier this year—capital spending plans for 1965 of $50.2 billion in February were
increased to $50.4 billion in May.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
50
40
40
TOTAL
30
30
20
20
MANUFACTURING
\
COMMERCIAL
" AND OTHER "
10
PUBLIC UTILITIES
-
\
^TRANSPORTATION
J/ . J/
f
1959
1964
1963
1962
1961
1960
1965
JJ SEE NOTE 3 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE, SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Trans poi•tation
M anufaeturii ag
Period
1953
.
1954
1955
1956
1957
1958
1959
1960
1961-__1962
1963
1964 3
1965
1964: III
IV
1965: I
II 3
III
IV3
Total 1
._
28.32
26.83
28.70
35. 08
36.96
30. 53
32. 54
35. 68
34.37
37.31
39. 22
44.90
50.92
45. 65
47.75
49.00
50.35
51. 15
52.95
Total
11. 91
11.04
11. 44
14.95
15.96
11. 43
12. 07
14. 48
13. 68
14.68
15.69
18.58
21. 88
18. 85
20.15
20.75
21. 55
22.00
23.00
Durable Nonduragoods ble goods
5.65
5.09
5.44
7.62
8.02
5.47
5.77
7. 18
6. 27
7. 03
7. 85
9.43
10.96
9. 60
10. 15
10.40
10. 80
10. 90
11.60
1 Excludes agriculture.
2 Commercial and other includes trade, service, finance, communications, and
construction.
a Estimates based on anticipated capital expenditures as reported by business
In late July and August 1965. Includes adjustments when necessary for systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
6.26
5.95
6.00
7.33
7. 94
5. 96
6. 29
7. 30
7. 40
7. 65
7. 84
9. 16
10. 92
9. 20
10. 00
10. 40
10. 70
11. 05
11. 40
Mining
Railroads
Other
0.99
1.31
1.24
1.24
. 94
1.23
1.40
. 98
1. 08
1.04
1.19
1. 31
1.20
1. 30
1.25
1. 30
1.30
1.35
. 85
1.10
1.41
1. 62
1. 50
1. 55
1.75
1.55
1.55
1.65
1. 56
1.51
1. 60
1.71
1.77
1.50
2. 02
1.94
1.85
2.07
1. 92
2.38
2.79
2.40
2. 60
2.55
2. 70
2.90
3.00
.98
.96
.99
.99
.85
.92
.75
. 92
1. 03
.67
Public Commerand
utilities cial
other *
4.55
4.22
4.31
4. 90
6.20
6.09
5.67
5.68
5. 52
5.48
5.65
6. 22
6.69
6. 30
6.35
6.80
6. 85
6. 55
6. 65
8.00
8.23
9.47
1L05
1(X40
9.81
10.88
11.57
11.68
13.15
13.82
15. 13
16.63
15.40
15.80
15.85
16.40
16. 90
17.25
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLO YMENT, AND WAGES
STATUS OF THE LABOR FORCE
Employment, seasonally adjusted, rose by 304,000 in October with the gain about evenly divided between agricultural and nonagricultural employment. The civilian labor force increased by 295,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY
ADJUSTED
TOTAL LABOR FORCED
- 5
5 UNEMPLOYMENT
. . . . . • i ..... i ...
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
UNEAAF>L y r'AAE NT
-.
1
0
SE/s SC:>hIAJLL\
RA TE
n
--i
1
195S>
1
-1
-j
"*
>\D JL SI EC)
_
*~1
q
961
19 63
_
_
-
1
n
Tl
nn
196:3
19 6 2
Period
1960___
1961___
1962 2 __
1.963—
1964.__
1964:
Aug.
; Sept.
Oct..
Nov.
Dec.
1965:
Jan..
Feb.
Mar_
Apr.
May.
JuneJuly.
Aug_
Sept.
OcLj
Total
labor
force
UnemJNonploy- (includagriing
Total
ment
eularmed
tural
forces)
Thous ands of I)ersons 14
66, 681 60, 958 3,931 73, 126
66, 796 61. 333 4,806 74, 175
67, 846 62, 657 4,007 74, 681
68, 809 63, 863 4, 166 75, 712
70, 357 65, 596 3,876 76, 971
Unadj usted
years of age and o ver
70, 612 66, 681 5,723
71, 603 66, 796 5,463
71, 854 67, 846 5, 190
72, 975 68, 809 4, 946
74, 233 70, 357 4,761
S easonally adjustec I
78, 509
76, 865
77, 112
76, 897
76, 567
72, 104
70, 805
71, 123
70, 793
70, 375
66, 704
65, 575
65, 997
66,248
66, 590
3,654
3,317
3,252
3,373
3,466
77, 006
77, 023
74, 255
74, 280
74, 259
74, 409
74, 706
70, 458
70, 465
70, 379
70,755
71,004
4,817
4,815
4,721
4,671
4,541
65, 641
65, 650
65, 658
66, 084
66, 468
75, 699
76, 418
76, 612
77, 307
78, 425
80, 683
81, 150
80, 163
78, 044
78, 713
68, 996
69, 496
70, 169
71, 070
72, 407
73, 716
74, 854
74, 212
72, 446
73, 196
65, 257
65, 694
66, 180
66, 597
67, 278
68, 094
69, 228
69, 077
67, 668
68, 242
3,996
4, 218
3,740
3, 552
3,335
4,287
3,602
3,258
2,875
2, 757
77, 681
77, 755
77, 647
78, 068
78, 127
78, 356
78, 874
78, 465
78, 206
78, 588
74, 914
71, 284
71, 304
4,518
71, 717
71, 937
72, 118
72, 766
72, 397
72, 182
72, 486
4,848
66, 771
66, 709
66, 890
66, 874
66, 979
67, 459
68, 092
67, 821
67, 777
67, 935
73, 126
74, 175
74, 681
75, 712
76, 971
•\T
76, 996
77, 140
77, 482
Civilistn emplo yment
Civilian
labor
force
75, 051
74, 944
75, 877
75, 448
75, 676
76, 181
75, 772
75, 483
75, 778
i3 Total labor force as percent of noninstitutional population.
Not strictly comparable with preceding data. See Employment and Earning*, May 1962, p. XIV.
10
XT
Total
71, 440
Agricultural
4,595
4,550
4,958
4, 659
4 674
4,576
4,405
4,551
JNonagricultural
- ,
1965
'
Civilhin employ ment
-r
ITS
1964
*14 rE AR s DF A(5E AJ<D 0 /ER.
scHI «c DE P/OITME•Jt*r 3F U<&<DR
Total
labor
force
(including
armed
forces)
-r-
H
4
0
COUNCIL C f EIcc N<DMI C ADV1SERS
Unemployment
rate (percent of
Unem- civiliaii labor
for ce)
ployment
Unad- Seasonadjusted ally
justed
Labor
force
participation
rate,
unad- 1
justed
Percent
60, 958
61, 333
62, 657
63, 863
65, 596
3,931
4,806
4,007
4, 166
3,876
5.6
6.7
5.6
5.7
5.2
8,797
4. 8
4. 5
4. 4
4. 5
4.7
8,815
3,880
8,654
8,702
3,630
8, 747
3,504
8, 660
8,506
8,558
8,415
3,875
8,801
8,292
5.5
5.7
5. 1
4. 8
4.4
5.5
4.6
4. 2
3.8
3.6
NOTE .—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
58.3
5&0
57.4
57.3
57.4
5. 1
5. 1
5. 2
4. 9
5.0
4.8
5. 0
4. 7
4. 9
4.6
4- 7
4.5
4^5
4-4
4.8
58.4
57. 1
57.2
57.0
56.7
55.9
56.4
56.5
56. 9
57.7
59.3
59.6
58.7
57. 1
57.5
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate fell to 4.3 percent in October-*—thelowest rate since August 1957.
4.0
2.0
2.0
1959
1965'
SOURCE DEPARTAAENT OF LABOR
COUNCIL' OF ECONOMIC ADVISERS
Unerriployment rate
(percen / of civilia n labor
for ce in grou P)
Period
i960
1961
1962
1963
1964
1964: Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June.- —
Julv
Aug
-Sept
Oct_
Labor
force
time lost
through
Experi- Married unemenced
All
ployment Over 40
and men
(wife and part- hours
workers wage
salary present)
time
workers
work 1
5. 6
6.7
5. 6
5.7
5.2
5. 1
5.2
4.9
5.0
4.8
5.0
4.7
4. 9
4.6
4.7
4.5
4.5
4.4
4.3
Per cent
5.7
3.7
6. 8
5. 5
5. 5
4. 6
3. 6
3. 4
5.0
2.8
Seasonal!^Y adjusted
4. 9
2.8
5.0
2.9
2.4
4.7
4.5
2.6
4.5
2.7
2.6
4.6
4.3
2.5
4.5
2.5
4.2
2.5
4.7
2.4
4.2
2.3
4. 2
2.6
4.0
2.2
2. 1
4.0
6.7
8.0
6.7
J
6. 4
5.8
5.7
5.7
5.2
5.3
5.3
5.4
5.1
5.3
5.1
5.5
5.2
5. 1
4.7
4.6
17, 664
18, 210
19, 025
19, 257
19, 294
15, 079
20, 284
19,358
21, 251
20, 264
20, 018
20, 612
18, 499
21, 354
20, 856
20, 244
20, 424
22, 040
21, 900
1 Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1963, series reflects whether unemployed persons sought fullor2part-time jobs.
Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
Persons at work i]Q nonagrKmltural in
dustries
by hours worked per week 2
Un der 35 ho urs
35-40
hours
Part-ti]me for
economic reasons
Total
Part-time for
economit3 reasons
Usually Usually Usually
fullfullparttime 3
time 4
time 3
Thousan is of pers<3ns 14 yesirs of age and over
28, 724 11, 528
1, 243
1, 317
29, 047 11, 132
1, 516
1,297
28, 853 11, 675
1,049
1, 288
29, 422 11, 856
1,219
1, 070
29, 127 13, 850
985
1, 151
IJnadjuste i
Seasonall}r
18, 907 28, 157
1,056
965
953
29, 065 13, 857
935
988
961
27,757 16,913
926
975
897
1,021
31, 066 12, 298
968
1,044
31, 166 11,681
1,078
979
1,000
30,110 13, 165
982
952
927
31,371 11,981
910
998
877
29, 187 16, 117
862
921
818
31, 654 11,966
892
936
950
32, Oil 11, 462
1,292
944
966
30, 295 10, 778
1,466
874
977
30, 684 10, 408
959
1,358
955
31, 626 11, 159
854
851
840
5
5
30, 846 13, 052
852
829
853
Usually
parttime 4
adjusted
1,155
1,137
1,052
1,088
1,128
1,045
1,082
1,007
945
1,036
1,139
1,063
934
982
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
< Primarily includes persons who could find only part-time work.
« Average hours worked: usually full-time, 23.6; usually part-time, 17.8.
NOTE.—See Note, p. 10. Beginning 1960, data include Alaska and Hawaii
Source: Department of Labor.
1 1
UNEMPLOYMENT INSURANCE PROGRAMS
In October, insured unemployment under State programs averaged 222,000 less than in October 1964.
unemployment rate decreasea to 2.7 percent on a seasonally adjusted basis.
MILLIONS OF PERSONS
The insured
;
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
JAN.
FEB.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
-^SEE NOTE 2 OH TABLE BELOW.
SOURCE, DEPAKTMB4T OP LABOR
1961
1962
1963..
1964
1964: Sept
Oct
Nov
Dec..
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct i
Week ended:
1965: Oct
2
9
16
23
30 1*
Nov 6
Thou sands
46, 264
2,994
47, 766
1,924
2
48, 435
1, 973
1
1,753
49, 637
50, 767
1,256
1
50, 412 1,264
1
1,417
50, 485
1
50, 897 1,801
2,135
2,066
1,863
1, 622
1,316
1,182
1,256
1,218
1,067
1,013
_
__.
_
._
4, 358. 2
3, 160. 0
3, 025. 9
2, 749. 2
163. 7
157.8
162.0
230. 4
273.0
265. 8
294. 9
242.7
179.2
169. 1
160. 6
160.7
150. 3
130.0
Sta te progra ms
Insured
unemployment
Initial
claims
InsurecI unemploymen t as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonadjusted ally
justed
Weekly jiverage, t lousands
46
350
2,290
32
302
1,783
2
2
294
30
1, 806
26
1,605
268
21
194
1, 125
20
225
1, 138
20
276
1,293
22
348
1,675
25
355
1,996
25
1, 932
269
222
25
1,718
27
220
1, 470
24
1, 179
186
22
191
1,059
252
19
1, 132
1, 102
18
215
17
173
959
16
189
916
1,006
1,002
1,021
1,018
1,014
i1Preliminary.
Programs include Puerto Rlean sugarcane workers for initial claims and
insured unemployment beginning July 1963.
12
DEC
COUNCIL OP ECONOMIC ADVISERS
A11 progranis
Insured Total
unem- benefits
Covered ploypaid
(milemploy- ment
lions
ment
(weekly
averof dollars)
age)
Period
NOV.
OCT.
901
899
923
923
922
177
200
178
193
188
205
Per<sent
5.6
4. 4
4. 3
3.8
2.5
2.6
3.0
3.9
4. 6
4. 5
4. 0
3.4
2.7
2.4
2.6
2. 5
2.2
2.0
3.5
3.5
3.4
8. 6
0
o.
4/
3. 8
3. 2
3. 2
3.0
8.0
8. 0
3. 1
2.9
2. 7
Benefil ;s paid
Total
(mil-
lions of
dollars)
Average
weekly
check
(dollars)
3, 422. 7
2, 675. 4
2, 774. 7
2, 522. 1
148. 4
143.2
147. 0
211. 4
252. 1
33. 80
34. 56
273. 4
37.41
37. 16
245.7
224.9
165. 7
156. 3
149. 5
148.0
138. 6
120.0
35.27
35.96
35.40
35.92
36. 38
36.81
37. 18
37.39
36.40
36.07
36.40
36.58
37. 23
37. 55
2.0
2.0
2. 1
2. 1
2.1
NOTE.—For definitions and coverage, see the 1964 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Nonagricultural payroll employment rose by 223,000 (seasonally adjusted) in October^
distributed with trade and State and local government showing the largest increases.
The gains were widely
MILLIONS OF WAGE
AND SALARY WORKERS {SEASONALLY ADJUSTCD DATA)
20
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED DATA)
MANUFACfURlNG
ALL NONAGRICULTURAL ESTABLISHMENTS
TOTAL
18
V
-.^
^•—**•"-
16
•
TO
DURABLE
GOODs
INDUSTflJES
-%,-
-*——-—-—'
^ 5 INDUSTRIES
NONDURABLE GOOD<
\
521,
.,...!.,,,,
1962
1963
1964
,
1 1 1 1 1 1
1962
1965
4.0
niiiiinMiinuiiimn
i i i i i i i i i ii
1964
I 1 1!
1963
***"***"**
l l l1 1 1 1 1 1 1 I,
1965
13.0
3.5
CONTRAQ CONSTRUaiON
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
(ENLARGED SCALE)
1Z5
12.0
3.0
2.5
2.0 U
1962
1963
11.0
1964
1965
1965
1962
SOURCE. DEPAKTMeff OF LABOR
COUNCIL OP ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Manufac turing (i)rivate)
N onmanu :acturingI (private )
Hrvn-. Transtract portation
Mining conand
strue- public
tion utilities
751 2,778 3,976
732 2,960 4,011
712 2,885 4,004
672 2,816 3,903
650 2,902 3,906
635 2,983 3,914
635 3, 106 3,976
634 3,080 4,005
638 3, 106 3,996
639 3, 162 3,997
637 3,244 4,020
633 3,235 3,939
635 3,281 3,997
633 3,304 4,042
629 3,186 4,044
629 3, 207 4,057
630 3,220 4,068
638 3,178 4,074
631 3,214 4,092
620 3,201 4, 110
626 3,207 4, 105
V-'UIl—
Period
Total
1958
1959
.
1960
1961
1962_- _ _ _
1963
1964
1964: Sept_.
Oct__
Nov__
Dec._
1965: Jan__
Feb__
Mar_
Apr
May.
June.
July_
Aug..2
Sept2 .
Oct _
51, 368
53,297
54, 203
53, 989
55, 515
56,643
58, 188
58, 458
58, 382
58, 878
59, 206
59, 334
59, 676
59, 992
59,913
60, 110
60, 382
60, 602
60, 685
60, 796
61,019
NonTotal Durable
goods durable
goods
Total
8,830
9,373
9, 459
9,070
9,481
9,625
9,848
9,986
9,702
9,992
10, 088
10, 150
10, 210
10, 259
10, 311
10, 320
10, 426
10, 524
10, 539
10, 564
10, 585
27, 584
28, 539
29,054
29,069
29, 772
30, 439
31, 382
31,500
31, 615
31, 713
31, 892
31, 922
32, 162
32, 352
32, 182
32, 331
32, 418
32, 504
32, 568
32, 617
32, 734
15, 945
16, 675
16, 796
16, 326
16, 853
17, 005
17, 303
17, 449
17, 171
17, 505
17, 622
17, 705
17, 772
17, 849
17, 896
17, 915
18, 045
18, 156
18, 158
18, 177
18, 215
7, 116
7,303
7,336
7,256
7,372
7,380
7,455
7,463
7,469
7,513
7,534
7,555
7,562
7, 590
7,585
7, 595
7,619
7,632
7,619
7,613
7,630
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servents, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor forces, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
WVinlATT lHJi-tT"
sale
and
retail
trade
10, 750
11, 127
11, 391
11, 337
11, 566
11, 803
12, 188
12, 229
12, 278
12, 311
12, 362
12, 447
12, 532
12, 622
12, 563
12, 636
12, 673
12, 710
12, 706
12, 731
12, 792
Finance,
insurance,
and
real
estate
2,519
2,594
2,669
2,731
2,800
2,873
2,944
2,960
2,964
2,970
2,975
2,979
2,987
2,997
2,997
3,005
3,013
3,018
3,024
3,028
3,031
Gover nment
Service
State
and
and
miscel- Federal local
laneous
6,811
7,115
7,392
7,610
7,947
8,230
8,533
8,592
8,633
8,634
8, 654
8,689
8,730
8,754
8,763
8,797
8,814
8,886
8,901
8,927
8,973
2,191
2,233
2,270
2,279
2,340
2,358
2,348
2,320
2,331
2,354
2,352
2,342
2,335
2,340
2,344
2,345
2,352
2,374
2,379
2,377
2,381
5,648
5,850
6,083
5,315
6,550
6, 841
7,155
7,189
7,265
7,306
7,340
7,365
7,407
7,451
7,491
7,519
7,567
7,568
7,580
7,625
7,689
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from
employing establishments.
2
Preliminary.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek in manufacturing, seasonally adjusted, rose slightly in October to 41.0 hours.
construction, the average workweek increased by 0.9 hours after a sharp decline in September.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
DURABLE N\ANUFACTUR ING
In contract
NONDURABLE MANUFACTURING
44
44
"^V*-*.
A")
x**^—"VS
^mi^^^^^t^^*^
^
42
/
40
40
*1Q
38
1A
36
34
nj
1 I I 1 1 (
1 1 t 1
1 1t l l 1 t I I i l
i i i i i ! » i i ii
1963
1962
1964
1 I1 11 1 1 11 .K
34
1962
1965
42
1963
1965
1964
44
RETAIL TR^JDE
CONTRACT CONSTRUCTION
40
42
38
40
36
38 «i«M"i" "•'"•i^
'*"*•*•
!
~
K-—""^V-N"***^**
34
36
32
34
30
32
1962
1964
1963
1965
^
1 1 1 f t
I
. 1 I !
1
1963
1962
SOURCE, DEPARTMENT OF LABOR
1 I
I
!
!
1 1 1 1 1
1
!
1 1 I
1 1
1 1 1 \f
1965
1964
COUNCIL C F
ECONOMIC ADVISERS
l
[Average hours per week; seasonally adjusted]
Man ufacturing Industries
Period
1954_
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar__
„_
__
_._
__
__ _
_ _
__ _ .
_
__ .
__
Apr
May
June
Julv
Aug
Sept 2
Oct 2
Durable
goods
A 11
All
_
_ _ _ _ _ _
39.6
40.7
40. 4
39. 8
39. 2
40. 3
39. 7
39.8
40.4
40.5
40. 7
40.5
40.5
40. 9
41. 2
41. 4
41.3
41. 4
40.9
41. 1
41.0
40.9
40. 9
40.8
41.0
1
Data relate to production workers or nonsupervlsory employees. Data for
Alaska and Hawaii included beginning 1959.
14
40. 1
41.3
41.0
40. 3
39. 5
40.7
40. 1
40.3
40. 9
41. 1
41.4
41. 4
41.2
41.6
42.0
42.2
42. 0
42. 3
41. 7
41.9
41.9
41. 6
41. 6
41.6
41.9
Nondurable
goods
39.0
39.9
39. 6
39.2
38.8
39.7
39. 2
39. 3
39.6
39.6
39.7
39. 4
39.9
40.0
40.0
40. 1
40. 2
40.2
39.8
40.0
39.8
39. 8
39. 9
40.0
40.0
2
Preliminary.
Source: Department of Labor.
Contract construction
37. 2
37. 1
37. 5
37. 0
36.8
37.0
36. 7
36. 9
37. 0
37. 3
37. 2
35.6
37. 1
37.7
39.0
37. 5
37. 4
37.5
36.9
37.7
37.1
37.3
37.3
36.0
36. 9
Retail trade
39.7
39.6
39.1
38.7
38.7
38. 7
38. 5
38. 1
37. 9
37.8
37.4
37.3
37. 5
37.3
37. 3
37. 1
37. 2
37. 1
37.3
37. 1
37.1
37.3
37.1
37.0
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing climbed to $108.77 in October—$5.80 above October 1964.
DOLLARS
130 !
AVERAGE WEEKLY EARNINGS
120
DURABLE GOODS
INDUSTRIES
110
Z40
100
ALL MANUFACTURING
INDUSTRIES
2,20
90
NONDURABLE GOODS
INDUSTRIES
80 ((i
2.00 I^JL
1965
1962
1,1 1 1 1 1 1 1 i i t i i i i i i t t i i
1962
1963
i 1 1 t t i1
1964
SOURCE DEPARTMENT OF LABOR
i t t t it r
1965
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
1955
1956
1957
1958
1959.
1960
1961
1962
1963
1964
1964: Sept__
Oct..
Nov..
Dec__
1965: Jan__.
Feb..
Mar_ Apr__
May._
June __
JulyAug__
Septs_
Oct 3__
A vena ge hourly earnings-— current prices
Aver age weekl 7 earnings3— currenl: prices
Manufg icturing iiidustries Contract
conRetail
NonDurable durable
structrade
All
goods
tion
goods
Manuff icturing iiadustries
Contract
conRetail
NonDurable durable structrade
All
goods
tion
goods
1.99
2.08
2. 19
2. 26
2.36
2. 43
2. 49
2. 56
2.64
2.71
2. 75
2. 70
2.73
2.77
2.77
2.77
2.78
2.78
2.80
2.80
2. 79
2.77
2. 81
2. 82
1. 86
1. 95
2.05
2. 11
2. 19
2. 26
2. 32
2. 39
2.46
2.53
2. 57
2. 53
2. 56
2. 58
2.59
2.59
2.60
2.60
2.61
2.62
2. 61
2. 60
2. 63
2. 64
1.67
1.77
1.85
1.91
1. 98
2. 05
2. 11
2. 17
2. 22
2.29
2. 32
2. 30
2. 31
2. 32
2.33
2.33
2.34
2.34
2.35
2.35
2. 36
2. 36
2.38
2.38
2. 45
2. 57
2. 71
2. 82
2. 93
3. 08
3. 20
3. 31
3.41
3. 55
3. 58
3. 61
3. 56
3. 62
3.62
3. 68
3.65
3.60
3.65
3.65
3.64
3. 68
3. 73
1. 34
1. 40
1.47
1. 52
1. 57
1. 62
1. 68
1. 74
1. 80
1.87
1. 89
1. 89
1.89
1.87
1.92
1. 92
1. 92
1.93
1. 95
1.95
1. 96
1. 95
1. 97
1
Earnings in current prices, adjusted to exclude overtime and interindustry
2
Earnings in current prices divided by the consumer price index on a 1964
s
Preliminary.
55-706°—65-
-3
75.70
78.78
81. 59
82.71
88. 26
89. 72
92. 34
96.56
99.63
102. 97
104. 60
102. 97
104. 70
106. 81
105. 93
105. 93
107. 12
105. 82
107. 53
108. 21
107. 01
106. 60
107. 83
108. 77
shifts.
base.
82. 19
85. 28
88. 26
89. 27
96.05
97. 44
100. 35
104. 70
108. 50
112. 19
114. 13
111. 51
113. 57
117. 17
115. 51
115. 51
117. 04
115.65
117.88
118.16
116. 06
115. 23
117. 18
118.44
66. 63
70.09
72. 52
74. 11
78. 61
80. 36
82. 92
85. 93
87. 91
90. 91
91. 87
92.00
92. 17
93. 26
92.50
92. 73
93. 60
92.20
94. 00
94. 24
94. 64
95. 11
95.68
95.44
90. 90
96. 38
100. 27
103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
131. 03
138. 62
131. 36
133. 22
131.41
131. 01
133. 59
132. 12
139. 80
138. 70
140. 50
143. 15
138. 01
Manufa< sturing |
indusl;ries
Adjusted Average
hourly weekly
earnings, earn1957-59= ings, !
1964 ?
100 »
prices *
53.06
54. 74
56. 89
58.82
60. 76
62. 37
64. 01
65. 95
68. 04
69.94
70.50
70. 31
69. 74
70. 31
70.85
70.85
70. 66
71.60
71. 96
72.74
74. 28
73.71
72.89
sa9
91.5
96.2
100.2
103. 5
106. 6
109. 6
112. 3
115.2
118.3
119. 1
118. 4
119.0
119.6
120.0
120.2
120. 4
120.7
120. 9
121.0
121. 2
120.9
121. 9
$87. 72
£9. $3
89.96
88.74
93.99
94.05
95. 79
99.04
100. 94
102. 97
104. 29
102. 56
104.08
106. 17
105. 19
105. 19
106. 27^
104. 67
106. 05
106. 19
105. 01
104. 72
105. 82
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In October, the industrial production index (seasonally adjusted) rose 0.4 percent, despite a further sharp drop in
iron and steel. The index is not yet back to its July-August peak.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
160
Index, 1957-59=100 (SEASONALLY ADJUSTED)
170
TOTAL
150
160
140
130
120
110
100
1 I I I I I I I I I
1962
I 1 t 1I t M I 1I
1 111 1 I I I M \
1963
1 I I ! 11 1 I I 1 I
1964
1965
1964
1965
160
MANUFACTURING
150
140
130
120
DURABLE
110
100
100
1962
1963
1965
1962
COUNCIL OF ECONOMIC ADVISERS
SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1957-59 = 100, seasonally adjusted]
Industry
Total •M anufaetur Ing
industrial
Mining Utilities
producNonTotal Durable durable
tion
Period
1955__
1956
1957
1958
1959_
1960
1961__
1962
1963
1964
1964: Sept
Oct
Nov
Dec
1965: Jan
Feb__
Mar
Apr
May
June
July
Aug
Sept1
Oct
1
Preliminary.
16
„
_>_
.._
.
_„_
96. 6
99.9
100. 7
93. 7
105. 6
108.7
109. 7
118. 3
124. 3
132. 3
134. 0
131. 6
135.4
138. 1
138. 6
139. 2
140. 7
140.9
141. 6
142.7
144. 2
144. 4
143.0
143. 6
97. 3
100. 2
100. 8
93. 2
106. 0
108.9
109. 6
118. 7
1249
133. 1
134. 8
132.0
136.4
139. 4
140. 2
140. 8
142. 3
142. 4
143. 1
144. 1
145. 7
146.0
144. 6
145. 0
NOTE.—Series revised beginning 1964.
101.9
104. 0
104. 0
90. 3
105.6
108. 5
107.0
117.9
124 5
133. 5
135. 3
129.9
137.0
140. 9
142. 0
142. 7
144 8
145. 5
146. 4
148. 1
150. 0
150. 3
147. 8
148.4
91. 6
95. 4
96.7
96. 8
106. 5
109. 5
112. 9
119.8
125. 3
132. 6
134 2
134 6
135.6
137.6
137. 9
138. 4
139. 1
138. 5
138.8
139.0
140.4
140. 5
140. 6
140.7
99. 2
104 8
104 6
95. 6
99.7
101. 6
102. 6
105. 0
107. 9
111. 3
112. 2
112. 0
112. 8
112. 5
111.8
111. 8
112. 5
113. 0
1140
115.3
116. 0
117.2
113.4
116.0
80.2
87.9
93.9
98. 1
108.0
115. 6
122. 3
131.4
140. 0
151. 3
155. 0
154 9
155. 4
157. 1
154.9
156. 1
158. 5
159. 9
160.4
162. 5
161. 6
161. 9
163.0
164. 0
Mairket
Fiiaal produt3tS
Total
93.9
98. 1
99. 4
94 8
105. 7
109. 9
111. 2
119. 7
1249
131.8
132.8
130. 5
135. 2
138. 1
138.4
138. 5
140. 1
139. 4
140. 2
140.7
141. 7
142. 3
142. 6
144. 1
Source: Board of Governors of the Federal Keserve System.
Consumer
goods
93. 3
95. 5
97. 0
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131. 7
132. 5
129. 5
134. 5
138. 0
138. 4
138.0
140.0
138. 5
138. 6
138.7
139.3
139. 7
139. 7
140.3
Equipment
95. 0
103. 7
104 6
91. 3
104 1
107. 6
108.3
119. 6
124 2
132. 0
133. 5
132. 5
136.7
138.4
138.2
139. 4
140. 4
141. 2
143.7
1449
147.0
148.0
148. 9
152.2
Materials
99. 0
101. 6
101. 9
92. 7
105. 4
107. 6
108.4
117. 0
123. 7
132. 8
135. 6
132. 6
135.9
138.0
138. 8
139. 7
141. 7
142. 6
142. 6
144 5
146.4
145. 9
143. 0
143. 2
PRODUCTION OF SELECTED MANUFACTURES
Oufpuf of most durable manufactures (seasonally adjusted) increased in October/ an exception was primary metals,
down about 6 percent. Production of nondurables averaged about the same as in September.
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
180
Index, 1957-59=100 (SEASONALLY ADJUSTED)
180
160
140
120
100
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
•"
Durat>le manuftictures
Period
1955
1956
1957. _ ___
1958
1959
1960
___•
1961
1962
1963
1964
1964: Sept
Oct
Nov_
Dec
1965: J a n _ _ _
Feb
Mar ___
Apr
_
_ _ _ _
May
June
July
Aug
._
Sept
Octi
1
Preliminary.
NOTE.—Series revised beginning 1964.
Primary
metals
118.4
116. 4
112.2
87. 5
100. 4
101. 3
98.9
104.6
113.3
129. 1
132.9
133. 6
136. 1
138. 6
139. 6
136.9
140. 4
_ _ _ _141.4
140. 2
143. 0
148.7
145.0
129.9
122
Ncmdurable manufactu res
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
and
petrocated
Machin- tation
apparel,
beverand
ery
print- leum, anc ages, and
metal
and
prodequiping
rubber tobacco
products
leather
ment
ucts
98.3
98.8
101. 5
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
132. 7
134. 3
130. 7
136. 9
139. 7
140. 6
145. 0
145. 2
147. 4
146. 0
146.4
148. 0
147. 6
146. 4
149
96. 5
107. 1
104.2
88.8
107. 1
110. 8
110. 4
123. 5
129. 2
141. 4
144. 4
145. 2
147. 7
150. 1
150.7
152. 5
153. 9
155. 4
156.9
159.0
160.6
161.4
161.7
164
102. 0
97. 4
106. 4
89. 5
104. 0
108.2
103. 6
118. 3
127. 0
130. 7
131. 3
105. 3
129. 2
140. 3
141. 4
139. 7
144. 4
144. 6
147. 3
149. 5
149. 8
151.5
149.4
151
109. 5
105. 4
95.9
95. 6
108. 5
102. 1
101. 3
106. 1
108. 9
112. 6
109. 7
110. 8
109. 2
105. 5
111. 9
115.6
120. 5
114. 2
117. 1
112. 8
115.4
117.2
115. 9
95. 5
98. 0
96.9
95.0
108. 1
107.5
108.4
115. 1
118. 5
125. 2
127. 0
128.9
130. 2
131. 5
133. 3
133. 8
133.7
133. 9
135. 0
134.5
134.7
134.3
134. 8
135
92. 5
97. 1
97. 8
97.0
105.2
109.0
112. 4
116. 7
120. 1
127. 5
127. 4
128. 8
128. 2
132. 1
132.0
131. 8
132.9
133. 2
134.2
134.0
135.9
136.4
134. 8
134
86.8
91.4
95.6
95. 5
108.9
113.9
118. 9
131. 2
141. 8
152. 5
157. 1
156. 2
156. 2
158. 5
158. 2
160. 4
162. 0
160.8
161. 2
161.6
164.1
165. 0
165. 9
167
93. 1
96. 6
96.7
99.4
103.9
106. 6
110.2
113. 3
116. 8
120. 8
120. 4
120. 5
123.3
123.9
124,2
123.41
123.71
122. 4;
121. 5
122.31
122.9
122.4
122.4
123
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Auto and truck assemblies again increased sharply in October.
Steel output continued to decline.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
STEEL
A.....
1963
1 14l I I H I t I I I I 1 1 I I I I I I I I I I I 1 I I 1 I I I I I I I M I I M M I I I I I 1 I IJ
J'
^
F
~
M
A*
M
N
^
BILLIONS OF KILOWATT HOURS
20.0
18.0
F
M
A
M
M
M
A
SOURCES. AMERICAN IRON AND STEEL INSTITUTE. DEPARTMENT OF THE INTERIOR.
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
N
D
...
_
1,635
1,792
1,899
1,880
1,886
2,096
2,431
2,493
2,611
2,632
2, 627
2,671
2,716
2,787
2,789
2,712
2,702
2,613
2, 556
2,325
2,098
87. 8
96. 2
101. 9
100. 9
101. 2
112. 5
130.5
133. 8
140. 2
141. 3
141. 0
143.4
145.8
149. 6
149.7
145. 6
145. 1
140.3
137.2
124.8
112. 6
12, 082
13, 297
14, 424
15, 139
16, 325
17, 490
18, 728
18, 867
18,268
18, 685
19, 536
20, 348
20, 160
19, 728
18, 896
19, 314
19, 842
20, 833
21, 395
20, 414
19, 741
1,380
1,380
1,390
1,353
1, 414
1,535
1,630
1,750
1,701
1,752
1,668
1, 576
1,554
1,598
1,647
1,649
1,791
1,802
1,781
1,717
1, 792
581
596
585
550
552
555
566
596
635
594
510
535
519
547
575
604
594
554
595
579
626
274
307
306
322
343
358
384
380
405
391
358
375
409
421
410
423
406
367
416
413
441
98. 4
129. 5
151.8
127.8
157. 5
175. 0
178.8
152. 8
112. 1
189. 1
211. 5
243. 1
225. 7
248. 5
231. 5
244. 3
233.3
199.9
98.4
142.6
240. 1
81. 6
107. 6
128.8
106. 1
133. 4
146. 9
148.8
126. 6
93. 5
160. 7
180.7
206.8
192. 8
210.5
195.4
206. 6
196.1
171.2
73. 1
109.7
203. 6
16.8
21.9
23. 0
21.7
24. 1
28. 1
30. 0
26.2
18. 5
28.5
30.8
36.3
33. 0
37. 9
36. 1
37. 7
37.2
28.7
25.2
32.9
36. 6
2,173
2, 141
2, 032
2,065
2,021
3
2, 030
116. 6
114. 9
109. 1
110. 8
108.5
109.0
19, 549
19, 695
19, 838
19, 882
19, 891
3
20, 006
1,793
1,849
1,842
1,845
1,790
614
633
623
635
619
439
439
445
442
454
445
218. 7
241.4
247.6
252.8
254. 8
257. 1
184. 1
204. 6
210. 7
214. 8
219. 2
220.3
34. 6
36. 8
36.8
38.0
35.6
36.8
i Daily average. Includes data for Alaska.
'Preliminary.
s Not charted.
18
O
Klectric Bituminous Freight Paperboard
Car s and triicks
Steel pi'oduced
power
coal mined
loaded
produced assembled (thoiisands)
Thousands Index
distributed (thousands (thousands
(thousands
of net
(1957-59= (millions of
of short
Total
Cars Trucks
of tons)
of cars)
100)
tons
kilowatt-hours) tons) l
Period
Weekly average:
1958
1959..
1960
1961
1962
1963
1964
1964: Sept
Oct
Nov
Dec
1965: Jan
. Feb
Mar
Apr
May
June
July
Aug
Sept2
Oct
Week ended:
1965: Oct 9
16
23
30 2
Nov 62
13
S
COUNCIL OF ECONOMIC ADVISERS
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
New construction outlays (seasonally adjusted) declined about 11A percent in October from the revised September
total. Public outlays were down about 3 percent and private about 1 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
80
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
TOTAL NEW CONSTRUCTION
60
50
50
PRIVATE
A-
40
40
30
30
PUBLIC
\
20
20
1959
1965
SOUKCb DEPARTMENT OF COMMERCE
Total new
construction
expenditures
Period
55.3
53.9
55.4
59.6
62.8
65.8
1959
1960
1961
1962
1963
1964
COUNCIL OF ECONOMIC ADVISERS
TJ
Jrr
vate
Total
39. 2
38. 1
38.3
41.7
43.9
45.9
Resi dential noiifarm
CommerNew
Additions cial and
and al- industrial
Total * housing
units terations 2
Billions of dollars
19.2
4.3
24.3
6. 0
16. 4
21.7
7.0
16. 2
7.5
21.7
18.6
7.9
24.3
20. 1
8. 2
25. 8
9. 0
26.5
20.6
Other
8.9
9.3
9. 2
9.5
9.9
10.4
Constructori contracts3
Federal, Total value Commercial and
State,
(index,
industrial
and
1957-59
=
floor space
local
100)
(millions of
square feet)
16. 1
15.9
17.1
17.9
18.9
19.9
Seasonally
adjusted
Sea sonally adjiisted annucd rates
1964: Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug 4_
Sept4
Oct
_
66. 0
64. 9
65. 2
66. 2
66. 1
66. 9
67.6
67. 6
67. 6
69. 0
68.6
68.0
69. 2
68. 2
45.6
45. 3
45. 4
45.7
46. 3
46. 8
47. 2
47. 5
48. 0
48. 6
48.6
48. 2
48. 0
47. 6
25. 9
25. 7
25. 6
26. 0
26.7
26. 7
26. 6
26. 7
27. 1
27. 2
27.0
26. 6
26. 3
26. 1
20. 0
19. 8
19. 8
20. 2
20. 8
20. 9
20. 7
20.8
21. 1
21. 2
21.0
20.7
20.4
20. 2
ia Includes nonhousekeeping residential construction, not shown separately.
Not available for revised series beginning 1960.
> Compiled by F. W. Dodge Corporation and relates to 48 States.
* Preliminary.
9.0
9. 1
9.2
9.3
9. 5
9.6
9.8
10. 1
10.3
10. 6
10.9
10. 9
10. 9
10. 6
105. 1
105. 2
107.6
119. 7
132. 0
137. 0
10.6
10. 5
10.5
10. 5
10. 2
10. 6
10.7
10.8
10.6
10. 8
10.7
10. 7
10.9
10. 9
20.4
19. 6
19. 8
20. 5
19.7
20. 0
20.4
20. 0
19. 6
20.3
20.0
19.8
21.2
20. 6
440
461
443
500
534
598
Seasonally
adjusted
annual
rates
131
136
143
154
137
140
141
152
145
139
149
139
147
617
645
595
707
638
697
648
771
674
663
671
595
762
NOTE.—Data for Alaska and Hawaii included beginning January 1959.
Sources: Department of Commerce and F. W, Dodge Corporation.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts in October (seasonally adjusted) declined 4 percent from September, and were 8 percent lowerthan a year earlier. Units authorized in permits rose/,hpwever/ and were about the same as in October 1964.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
SEASONALLY ADJUSTED ANNUAL RATES
2.0
2.0
PRIVATE NONFARM
HOUSING STARTS
X
1.5
1.5
1.0
1.0
1965
1959
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FH*l VETERANS ADMINISTRATION (VA)
[Thousands of units]
Hoiising star ts
Period
1959
1960
1961
1962
1963
1964.
1964: Sept.
Oct..
•Nov.
Dec_.
1965: Jan..
Feb__
Mar.
Apr__
May.
June _
July__
Aug__3
Sept
Gets.
Total
private
and
public
(including
farm)
1, 553. 5
1, 296. 0
1, 365. 0
1, 492. 4
1, 640. 9
1, 590. 8
1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 609. 2
1, 557. 4
127.4
146. 1
114. 6
98.3
85.6
87.9
124.9
154.9
162. 1
162. 3
143. 9
138.0
125.5
135.2
124.0
144.0
112.0
96. 7
81. 5
85.4
120.7
152.2
157. 5
155. 5
141. 3
134.6
123.9
132. 6
r
Total
private
(including
farm)
Pri\ ate nonfa rm
Total
Onefamily
1,494. 6 1, 211. 9
1, 230. 1
972. 3
946. 4
1, 284. 8
1, 439. 1
967. 8
1, 581. 7
993. 2
1, 530. 4
944.5
121.9
141.4
109. 9
94.8
80. 1
84.7
118.8
150. 1
155.2
152.8
139.0
132.8
122. 3
129. 9
77. 0
89.3
67. 3
56. 7
50.4
50. 7
74.8
97.7
99. 9
97.0
91.8
86.1
79. 8
Two or
more
families
282. 7
257. 8
338.4
471. 3
588.5
585. 9
Total
private
(including
farm)
1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 609. 2
1,557.4
44.9
52. 1
42. 6
38. 1
29. 7
34.0
44.0
52.4
55.3
55.8
47.2
46.1
40.3
1
Authorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
2 Units represented by mortgage applications for new home construction.
s Preliminary.
20
1,445
1, 522
1, 505
1,610
1,442
1,482
1,489
1, 552
1, 516
1, 566
1,473
1,427
1, 449
1,402
Priv ate nonf arm
Total
Gover nment
home p rograms
FHA
VA
1, 494. 6 307.0 109. 3
1, 230. 1 225. 7
74. 6
1, 284. 8 198. 8
83.3
77. 8
1> 439. 1 197.3
71. 0
1,581.7 166.2
59.2
1, 530. 4 154.0
Se;isonally adj usted
1,422
136
52
50
1,495
146
152
1,480
57
1, 576
151
53
1,417
69
168
171
69
1,468
166
59
1,465
1,532
147
51
1, 501
160
56
154
54
1, 539
1,447
151
51
1, 409
146
46
1,432
154
44
164
1, 371
46
Propose id home
constr uction
New
private
Applicahousing
Requests
units tions for for VA
FHA appraisauthorized l commitals 2
ments 2
369.7
1, 208. 3
234.0
242. 4
998. 0
142. 9
1, 064. 2
243.8
177. 8
221. 1
171.2
1, 186. 6
1, 334. 7
190. 2
139. 3
182.1
1, 285. 8
113.6
annual ra tes
1,243
174
121
1, 236
183
112
1,256
194
118
1, 195
193
118
1,280
202
113
1,224
203
124
1,269
184
110
1, 187
190
95
1,240
183
109
1,254
155
93
1,243
168
92
1,217
184
89
1, 180
187
98
1,239
192
97
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES—Total and Trade
Preliminary retail sales figures rose about 1 percent in October to $24.0 billion (seasonally adjusted).
and nondurables were up 1 percent.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
120
•s-
BUSINESS SALES AND INVENTORIES
RETAIL TRADE (ENLARGED SCALE)
16
11.4
108
-
mo
^^
^
INVENTORIES
Both durables
-
DURABLE GOODS STORES
14
12
+**~*
p/t
62
^
6
jT
SALES
64
SALES-
8
-
76
70
10
v.^«^^
20
^""•"*
- NONDURABLE GOODS STORES
, , , , ,,
ia _ WHOLESA LE TRADE
(ENLARGED S(:ALE)
18
|N VENTORIES
16
^~
16
*r —
^
• "
14
4
-^^"V
_
SALES
14
12
10
0 ' i i i i i i i i i ii
1962
1 I 1 1 1 1 II \ ! 1
1963
i i i i t i i i i ii
1964
i
1965
<
0
1964
1962
SOURCii DEPARTMENT OF COMMERCE
Total biiisiness l
Period
Sales 2
I
1965
COUNCIL OF ECONOMIC ADVISERS
Whol(3sale*
Sales 2
Inventories 3
Sales 2
89, 052
86, 922
91, 964
94, 610
95, 576
100, 271
105, 127
110,535
107, 613
108, 504
108, 539
109, 320
110, 535
111,465
111, 884
113, 032
113, 761
114, 542
115, 049
116, 012
116, 683
116, 739
10, 475
10, 257
11,413
11, 440
11,629
12, 158
12, 692
13, 715
13, 770
13, 792
13, 937
14, 196
14, 178
14, 128
13, 946
14, 725
14, 620
14, 718
14, 736
14, 828
14, 829
14, 864
Inventories 3
Total
Re tail 5
Inventories 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
31, 130
30, 864
31, 263
30, 486
30, 559
31, 130
31, 478
31, 635
32, 260
32, 546
32, 823
33, 014
33, 088
33, 360
33, 045
11, 283
10, 526
11, 044
11, 951
11, 019
11, 728
12, 509
13, 282
13, 363
13, 738
12, 894
12, 874
13, 282
13, 635
13, 799
14, 220
14, 440
14, 707
14, 692
14, 744
14, 965
14, 761
Nondurable
goods
stores
Millions of dollars, seasonall y adjustec 1
1957
_-_.
1958
1959
1960
1961
1962
1963—_
1964
1964: Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr_
May
June
July
Aug
Sept 6
Oct e
55, 878
54, 232
59, 583
60, 530
60, 747
65, 078
68, 002
72, 647
73, 204
73, 358
72, 131
73, 371
76, 277
75, 913
75, 956
77, 815
77, 529
77, 884
78, 010
80, 023
78, 891
78, 753
12, 730
12, 739
13, 952
13, 983
14, 251
14, 580
15, 597
16, 461
15, 986
16, 222
16, 276
16, 384
16, 461
16, 774
16, 867
17, 064
17, 216
17, 450
17, 410
17, 530
17, 535
17, 459
1
The term "business" here includes wholesale, retail, and manufacturing trade
(see page 22).
2 Monthly average for year and total for month.
* Book value, end of period, seasonally adjusted.
4
Beginning 1961, data include Alaska and Hawaii.
16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
21, 802
22, 266
22, 254
21, 383
21, 661
22, 781
22, 900
23, 317
22, 805
22, 865
23, 352
23, 331
23, 743
23, 544
23, 774
23, 959
5, 696
5, 284
5,972
5,894
5,608
6,245
6, 675
7, 093
7,324
7, 541
6,496
6, 695
7,645
7, 855
7,966
7, 669
7, 550
7,703
7,760
7,922
7,837
7, 789
7,838
10, 971
11,412
11,979
12, 400
12, 626
13, 367
13, 861
14, 709
14, 942
14, 713
14, 887
14, 966
15, 136
15, 045
15, 351
15, 136
15, 315
15, 649
15, 571
15, 821
15, 707
15, 985
16, 121
13, 168
13, 587
14, 261
14, 862
15, 219
16, 210
16, 874
17, 848
17, 501
17, 525
17, 592
17, 685
17, 848
17, 843
17,836
18, 040
18, 106
18, 116
18, 322
18, 344
18, 395
18, 284
fi
6 Beginning 1960, data include Alaska and Hawaii.
Preliminary.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS,INVENTORIES, AND NEW ORDERS
Manufacturers' seasonally adjusted shipments in September declined by 1 percent. This second straight month of
decline coupled with the 1 percent rise in inventories had the inventory-shipments ratio rising to 1.65, its highest level
since November 1964. All these categories were affected by the prior anticipation and settlement of the steel
negotiations.
BILLIONS OF DOLLARS. (SEASONALLY ADJUSTED)
MANUFACTURERS'
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
70
SHIPMENTS
MANUFACTURERS' INVENTORIES
40
60
30
50
DURABLE GOODS
20
40
MANUFACTURERS' NEW ORDERS
DURABLE GOODS
20
/vV\
/f
30
NONDURABLE GOODS
_
10
1962
1964
1963
20
1965
NONDURABLE GOODS
11 i i i t J....I.I i »
1963
1962
Manufac turers* sh ipments1 Manufact ,urers' inv entories 2
Period
Total
1964
1965
COUNCIL OF ECONOMIC ADVISERS
SOURC6 DEPARTMENT OF COMMERCE
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Ma nufacture rs' new orde rs 1
Durat)le goods
Total
Total
NonMachinery durable
goods
and
equipment
Manufacturers'
inventoryshipments3
ratio
Millions of dollars seasonal y ad juste d
1957___
1958
1959
1960
1961
1962
1963
1964
1964: Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept 4
Oct « *____
28, 736
27, 280
30,219
30,796
30, 884
33, 308
34, 774
37, 129
37, 168
37, 312
36,811
37, 514
39,318
38, 885
38, 693
40, 285
40, 044
39, 814
39, 943
41, 452
40, 518
40, 115
15, 237
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
19, 231
19, 164
19, 284
18, 633
19, 291
20, 559
20, 415
20, 374
21, 284
20, 915
20, 513
20, 652
21, 820
21, 191
20, 889
21,018
13, 499
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
18, 004
18, 028
18, 178
18, 223
18, 759
18, 470
18,319
19, 001
19, 129
19, 301
19, 291
19, 632
19, 327
19, 226
51, 871
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
60, 763
61,019
61,777
62, 377
62, 944
63, 213
63, 382
63, 708
63, 999
64, 269
64, 625
65, 394
65, 788
66, 235
31, 728
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
36, 790
37, 037
37, 517
38, 040
38, 412
38, 495
38, 692
38, 972
39, 233
39, 475
39, 951
40, 600
40, 814
41, 296
i 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
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
22
20, 143
19, 975
20, 868
21, 454
22, 441
23, 427
24, 119
24, 532
23, 973
23, 982
24, 260
24, 337
24, 532
24, 718
24, 690
24, 736
24, 766
24, 794
24, 674
24, 794
24, 974
24, 939
27, 514
26, 901
30, 679
30, 115
31, 061
33, 167
35, 036
37, 697
37, 509
38, 018
37, 846
37, 720
39, 590
39, 704
39, 469
40, 712
41, 120
40, 181
40, 689
41, 846
40, 926
41, 205
14, 073
13, 170
15, 951
15, 223
15, 664
17, 085
18, 300
19, 803
19, 342
19, 907
19, 623
19,454
20, 720
21, 271
21, 130
21, 714
22, 043
20, 992
21,310
22, 195
21, 509
21, 897
21, 807
4
Preliminary.
«Not charted.
Source: Department of Commerce.
2, 566
2,354
2, 878
2,791
2,854
3,090
3,326
3, 706
3,772
3,686
3, 786
3,882
3,917
3,958
3,799
4, 024
4,078
4,069
4, 091
4,348
4, 159
4,092
4, 277
13, 441
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
18, 167
18, 111
18, 223
18, 266
18, 870
18, 433
18,339
18, 998
19, 077
19, 189
19, 379
19, 651
19,417
19, 308
1.80
1. 84
1. 70
1. 76
1. 74
1.70
1. 69
1.64
1. 63
1. 64
1.68
1. 66
1.60
1. 63
1.64
1. 58
1. 60
1.61
1. 62
1.58
1. 62
1. 65
MERCHANDISE EXPORTS AND IMPORTS
The trade surplus in September dropped somewhat to $511 million (seasonally adjusted) as exports were off slightly
while imports rose. The surplus for the third quarter reached an average rate that approximately matched the high
1964 rate. Total foreign trade was at a level 8 percent higher than a year earlier.
BILLIONS OF DOLLARS
3.0
BILLIONS OF DOLLARS
3.0
1.0
1.0
1965
JL/SEE NOTE 1 BELOW.
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
M erchandi se expo rts
Period
Total ( ineluding ree>[ports)1
Season- Unadally ad- justed
justed
Monthly average :
1957__ _ _ _
1958
1959
1960
1961
1962
1963
1964
1964: Aug
Sept
Oct
2, 109
2,285
8, 155
Nov
2, 197
Dec
2,430
1965: Jan
1,217
Feb
1,598
Mar
2,753
Apr
2,380
May
2, 278
June_ „ _ 2, 185
Julv
2,268
Aug
2,S46
Sept
2, 298
1,625
1,364
1,366
1, 633
1,679
1, 745
1,869
2, 135
1,900
2,085
2,259
2,183
2,561
1,188
1, 514
2,892
2,529
2,381
2,219
2, 172
2, 124
2, 141
M erchandisse impo rts
Gener al 2i ra]Domesti c expor ts
por ts
Indus- Finished
SeasonFoodtrial
manuTotal i stuffs mateally ad- Unadfacrials
tures l justed justed
Merchandise
trade
Impo rts for consum ption
Indus- Finished surplus,
trial manu- seasonTotal 4 Foodally adstuffs matefacjusted
rials
tures
1, 611
1,351
1,352
1,617
1,659
1, 723
1,845
2, 106
1, 102
1, 101
1,284
1,251
1,221
1, 354
1,417
1,550
530
208
198
368
366
210
230
510
254
486
281
440
314
493
352
580
U nadjust ed
1,871
515
308
2,058
348
569
2,230
367
638
390
2,158
615
2,526
399
738
1, 171
1,491
2,860
2,502
2,351
2, 191
2, 140
2, 096
2, 111
872
784
776
877
919
1,002
1,038
1,173
1, 045
1, 141
1,221
1, 154
1,389
1
Total exports less Department of Defense shipments of grant-aid military
supplies
and equipment under the Military Assistance Program.
2
Imports
for Immediate consumption plus entries Into bonded warehouses.
8
Imports for Immediate consumption plus withdrawals for consumption from
bonded warehouses.
1, 105
1,105
1,302
1,251
1, 226
1, 366
1,428
1,557
1,575
1,546
1,548
1,698
1,642
1,206
1,600
1,869
1,885
1, 799
1,885
1,670
1, 725
1, 787
1,491
1,562
1,613
1,672
1,755
1, 113
1,464
2,040
1,855
1,724
1,907
1,633
1,718
1,798
3
534
274
489
288
569
285
274
539
522
277
297
561
575
310
320
619
U nadjust ed
1,490
280
625
614
1,568
320
1,644
628
351
620
1,655
379
1,720
366
671
553
1, 138
156
1,489
1,999
1,821
1,720
1,878
1,636
1,729
1,795
294
326
431
438
423
496
532
610
520
259
64
382
453
379
440
578
585
634
665
656
684
429
584
689
607
499
788
11
o
884
546
479
850
598
620
511
* Data through 1960 have been adjusted to include imports of uranium ore.
NOTE.—Series revised beginning 1963. Because of revisions, subgroups do not
include all data in totals.
Source: Department of Commerce.
OO
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The U.S. surplus on goods and services increased in the third quarter to $8.6 billion (seasonally adjusted annual rate),
slightly exceeding the high averaqe recorded in 1964. This improvement is attributable to the surplus on merchandise
trade which rose to $6.2 billion from $5.2 billion in the second quarter as exports increased and imports declined.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
IMPORTS OF GOODS AND SERVICES
10
1965
1959
COUNCIL OF ECONOMIC ADVISERS
SOURC6 DEPARTMENT OF COMMERCE
[Millions of dollars]
Impor ts of gooda and sersrices
Exports o1f goods a nd services
Incom e on
investrnents
Period
1957
1958
1959
1961X
1961
1962
1963
1964
Total
Merchan-l
dise
26, 481
23, 067
23, 476
27, 244
28, 557
30, 278
32, 353
37, 017
19, 390
16, 264
16, 282
19, 489
19, 936
20,604
22, 069
25, 288
375
300
302
335
402
656
659
762
2,612
2,538
2,694
3,001
3,561
3,954
4, 156
5,003
Military
sales
Private
1964:
I
II
III
IV
36, 336
35, 964
37, 340
38, 428
24, 596
24, 268
25, 528
26, 760
776
764
672
836
5,064
5,052
5,040
4,856
1965:
I
34, 680
40, 336
40, 456
22, 344
27, 048
27, 428
696
924
5,652
6,036
II
III 3
1 Adjusted from customs data for differences in timing and coverage.
Not available.
2
24
Addendum:
Goods and
Other services
Gov- servfinanced
by Govt.
ernices
grants and
ment
capital
205 3,899
(22)
307 3,658
(2)
349 3,849
()
2,239
349 4,070
380 4,278
2,687
471 4,593
2,928
498 4,971
3,420
454 5,510
3,390
Seaso nally adj usted annua I
520 5,380
3,248
528 5,352
3, 380
528 5,572
3,496
240 5,736
3,436
556
584
5,432
5,744
3,048
3,720
Total
Merchan-1
dise
Balance
MiliOther on
tary
expend- serv- goods
itures
ices services
20, 752
20, 861
23, 342
23, 177
22, 924
25, 129
26, 436
28, 457
rates
27, 512
28, 244
28, 544
29, 528
13, 291
12, 952
15, 310
14, 732
14, 507
16, 173
16, 992
18, 619
3,216
3,435
3,107
3,048
2,954
3,078
2,929
2,824
4,245
4, 474
4,925
5,397
5,463
5,878
6,515
7,014
5,729
2,206
17, 640
18, 396
18,836
19, 604
2,928
2,880
2,764
2,724
6,944
6,968
6,944
7,200
8,824
7,720
8,796
8, 900
28, 608
32, 312
31, 840
18, 652
21, 876
21, 228
2,648 7,308
2,772 7,664
6,072
8,024
8,616
a Preliminary.
Source: Department of Commerce.
134
4,067
5,633
5,149
5,917
8,560
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The United States recorded a deficit on regular transactions of $2.5 billion (seasonally adjusted annual rate) in the
third quarter, but had a surplus of $1.0 billion in the "official" settlements balance. The regular transactions deficit
is primarily attributable to the fact that the second quarter surplus contained many favorable but nonrecurrent private
capital inflows. The "official" settlements surplus was slightly higher than that of the second quarter.
BILLIONS OF DOLLARS
BIUJONS OF DOLLARS
20
SEASONALLY ADJUSTED ANNUAL RATES
BALANCE ON GOODS AND SERVICES
BALANCE ON OTHER
REGULAR TRANSACTIONS
-20
I
I
I
I
I
!
I
I
!
I
l
I
l
(
I
f
I
10
10
BALANCE ON REGULAR TRANSACT ONS [SURPLUS OR I>€FtaT HI
-
1
OU
-^ uu D y id
LJUL) ULJUU u^Ujj irij[]
U
-10
!
I
I
1
I
I
I
1960
1959
I
i i
1
I
i
1962
1961
I
I
1
1
U _
1
1
1964
1963
SOURCE, DEPARTMENT Of COMMERCE
I
1965
1
-10
COUNOL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. pr ivate caprtal, net
U.S.
Government
grants
Period
and
capital,
Errors
Direct
investment
net
1957
1958
1959
1960
1961
1962
1963
1964
1964:
I
II
-2, 574 -2, 442
-859
-2, 587 -1, 181 — 1, 444
-2, 421 -1,372
-926
-2,781
-3,396
-3,547
-3,813
-3,636
-3,252
-3,552
I I I _ _ _ -3,684
IV
-4,056
1965:
I
II
Longterm
portfolio
-3,220
-3,816
Foreign
capital,
Shortterm
net
and
on
unrecorded
transactions
regular
transactions 1
-276
-311
487
1, 157
520
22
488 -3, 529
-77
412 -4, 178
863
-1,674
-863 - 1, 348
341
-988 -3,918
622 -1,045 -3,071
- 1, 599 -1,025 - 1, 556
-1,654 - 1, 227
-544
153 -1,197 -3,605
303
- 1, 976 -1,695
-785
-401 -3,287
432 — 1, 161 -3, 106
-2,376 -1,975 -2, 111
S(^asonally Jid justed $tnnual rat es
56 -1, 152 - 1, 668
- 1, 856 - 1, 096 -2,356
-2, 160 - 1, 024 -2, 192
448
-608 -2, 180
-1,624
784
-2,204 -2,448
— 1, 164 -2,372
-3,284 -3,332 -2,272
440 - 1, 720 -6,204
-4, 636 -2, 752
-3,528
460
1,256
2,012
1,096
-860
-40 -3, 120
468
—664
III* __
1 The balance, as measured by "official" settlements (changes in U.S. official
reserve assets and in liquid and certain nonliquid liabilities to foreign official
agencies) for several recent periods was as follows (in $ millions): —1,977 (1963),
-1,224 (1964), and -2,536, +840. +1,040 (1965, first 3 quarters, respectively, at
seasonally adjusted annual rates). More complete data will appear in December 1966 issues of Economic Indicators and Survey of Current Business.
2 Includes official debt prepayment, advances on military exports, and net
sales of those nonmarketable, medium-term, nonconvertible securities not
Included under foreign capital.
»Includes short-term official and banking liabilities and foreign holdings of
U.S. Govt. bonds and notes (other than nonmarketable, nonconvertible).
Balance
-2, 460
Change?s in selec bed liabilities (decrease (-)) 3
To f oreig n official
Selected
hold ers ^
special
Govern- Special
To
nonother
ment
foreign
trans- marketactions 2 able, con- Other holders 5
vertible
bonds
and notes
20
735
1,248
1,449
435
37
701
1,402
617
308
703
375
681
457
970
698
625
502
1, 460
289
1,083
213
619
1,554
Changes
in gold,
con-
vertible
currencies, and
IMF
gold
tranche
position
(increase
(-))
-1, 165
2,292
1,035
2,143
606
1,533
378
171
Quarterly , totals uiiad justed
160
-37
185
79
130
130
122
203
50
51
-400
93
186
819
-912
-107
252
227
114
562
651
199
-161
683
-51
303
70
-151
842
68
40
6
* Central banks and governments.
5 Private holders; includes banks and international and regional organizations.
Excludes liabilities to IMF relevant to U.S. gold tranche position.
c On Sept. 30, U.S. reserve assets consisted of gold stock, $13,926 million (down
$123 million from June 30); IMF position, $578 million; convertible currencies,
$959 million.
* Preliminary.
NOTE.—Data exclude military grant aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
Th<2 over-all index of consumer prices increased by 0.2 percent in September, reversing the August decline. Food
prices fell by 0,4 percent but other nondurable goods prices increased by 0.6 percent, and service prices rose sharply.
The prices of durable goods declined for the eighth straight month.
Index, 1957-59 = 100
120
Index, 1957-59=100
120
100
95
95
1959
I/SEE NOTE BELOW.
SOURCE. DEPARTMENT OP 1ABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
Services
Co mmoditiej3
All
items
Period
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963 1
1964
1964: Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.
.
_
—
93.6
93. 3
94. 7
98.0
100. 7
101. 5
103. 1
104, 2
105. 4
106. 7
108. 1
108.2
108. 4
108. 5
108.7
108. 8
108.9
108. 9
109.0
109. 3
109.6
110. 1
110. 2
110.0
110. 2
All commodities
95.5
94.6
95.5
9a5
100.8
100.9
101.7
102.3
103. 2
104. 1
105.2
105.2
105. 4
105. 5
105.6
105.7
105.6
105. 5
105.6
105. 9
106.2
106.9
106. 9
106.6
106. 6
Comm odities les>s food
Food
95.4
94 0
94 7
97.8
101.9
100. 3
101.4
102. 6
103.6
105. 1
106.4
106.9
107. 2
106. 9
106.8
106. 9
106.6
106.6
106.9
107. 3
107.9
110.1
110. 9
110.1
109. 7
* See Note.
NOTE.—Prior to January 1964. indexes revised to reflect transfer of homeownership from services to durable commodities.
26
All
95. 6
949
95.9
98. 8
99. 9
101.2
101. 7
102. 0
102.8
103. 5
104.4
104 2
104 3
104. 6
104 8
104. 9
104.9
104 7
104.8
105. 0
105.2
105. 1
104 7
104.7
104. 9
All
Nonservices
Durable durable
88.7
94 4
97.1
90. 5
94 4
95.3
95.4
92.8
96. 5
96. 6
99. 1
98. 5
100. 0
99. 8
100. 3
103. 2
101. 5
101. 0
102. 6
100.9
106. 6
103. 2
108.8
100.8
103. 8
110.9
101. 8
102. 1
113.0
1048
115. 2
105.7
103.0
105. 6
115. 4
102. 8
105. 8
102. 8
115. 5
115. 7
106. 0
103. 1
106. 1
116. 0
103.5
116.2
106.3
103.4
106.1
103.6
116.6
106. 1
103.3
116.9
103.2
106.2
117.0
106. 8
103.0
117.3
107.2
102.9
117.5
107.3
102.6
117.6
106. 9
117. 8
102.3
107.1
117.9
101.8
107.7
101.7
118. 5
Rent
93. 5
94 8
96. 5
9R3
100. 1
101. 6
103. 1
104 4
105.7
106.8
107.8
107.9
107. 9
108. 2
108.3
108.4
108.4
108. 5
108.7
108. 8
108. 8
108.8
108. 9
109.0
109. 1
Services
less
rent
87.4
89.4
91.9
96. 1
100. 2
103. 6
107. 4
110.0
112. 1
1145
117.0
117.2
117. 4
117.6
117.9
118.2
118.6
118.9
119.1
119.3
119. 5
119.7
120. 0
120.0
120.7
Beginning with January 1964, new index with revised weights, coverage, and
sampling procedures. For details, see Department of Labor release, Major
Changes in the Consumer Price Index, March 3, 1964.
Source: Department of Labor
WHOLESALE PRICES
The wholesale price index inched upward by 0.1 percent in October. Farm product prices were stable, but the prices
of processed foods increased by 0.3 percent. Industrial prices increased slightly, mainly because of a very sharp
rise in the prices of crude materials.
Index, 1957-59=100
Index, 1957-59 = 100
115
115
110
110
PROCESSED FOODS
V
COMMODITIES OTHER THAN FARM
PRODUaS AND FOODS
105
105
(INDUSTRIALS)
100
100
V
Y
\
ALL COMMODITIES
95
95
FARM PRODUCTS
90
90
1959
I960
1961
1962
1963
SOURCE. DEPARTMENT OF LABOR
*1964
1965
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
Period
1957
1958
1959
1960
1961__ _
1962
1963
1964
1964: June
July
Aug
Sept
Oct___
Nov
_
_ _ __
Dec
1965: Jan___
Feb
Mar
Apr
May
June
July
Aug
Sept3
Oct
___
_
_ _
__
All
commodities
Farm
products
Processed
foods
99. 0
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
100.0
100.4
100. 3
100. 7
100. 8
100.7
100. 7
101.0
101.2
101.3
101.7
102. 1
102.8
102. 9
102.9
103.0
103. 1
99. 2
103. 6
97. 2
96.9
96.0
97. 7
95. 7
94. 3
93. 2
94. 1
93. 6
95. 7
93.8
94. 0
92. 7
93.0
94.5
95.4
97.6
98. 4
100.3
100.0
99.1
99.5
99. 5
97. 9
102. 9
99. 2
100. 0
100.7
101. 2
101. 1
101. 0
100. 2
101. 2
101. 0
102. 2
101.7
100. 9
100. 8
102. 2
102. 1
101. 8
102.3
103. 3
106. 1
106.6
106.7
106.7
107.0
» Coverage of the subgroups does not correspond exactly to coverage of this
Index.
'Excludes intermediate materials for food manufacturing and manufactured
Commodr jies other t han farm products a nd foods (ii idustrials)
Indus- Indus- Produc- Consurner iiriished g oods exAll intrial intrial
cludin g food
dustricrude termedi- er fin1
mate- ate ma-2 goods
Durals
Nonrials
terials
able
durable
99. 2
100. 9
99. 6
97.7
9a 7
99. 9
99. 5
96.9
100. 2
99. 4
100. 1
99.3
102. 3
101.3
102. 1
101. 0
101. 3
100.8
101.3
102. 3
101. 4
9a 3
100.9
101. 5
100. 8
97. 2
102. 5
100. 1
100.5
101.5
100. 8
95. 6
102. 9
99. 9
100.0
101. 6
100. 7
94. 3
99.6
103. 1
99. 5
101.9
101. 2
100.2
104. 1
97. 1
99. 9
101. 6
100. 9
95. 9
99. 9
100.0
101. 2
104 1
101. 1
96.6
104. 3
100. 0
100. 1
101. 5
101. 1
104. 3
98.3
100. 0
99.9
101.4
101. 1
98. 1
104. 2
99.9
99.9
101. 0
101.5
99. 1
100.4
104.3
100. 0
101. 6
101. 6
99.8
100. 5
104. 6
99. 9
101. 9
101. 8
100. 6
104. 5
100. 6
99.9
102. 1
101.9
99.0
100.8
104.9
99.8
102.3
101. 9
99. 4
100. 8
105. 0
99.7
102.2
102. 0
99.7
100.9
99. 7
105. 1
102.2
102.1
100.1
101. 1
105. 3
99.7
102.2
102.3
101. 0
101. 4
105.3
99.6
102.5
102.5
100. 5
101.5
105.4
99.7
102.6
102.5
100.4
101.5
105.4
99.6
102.7
102.7
101.7
101.7
105.5
99.5
102.8
102.7
101.3
101.8
105.5
99.5
103.0
102. 8
102.0
101.9
99.4
105. 6
103. 3
animal feeds; includes, in part, grain products for further processing.
s Preliminary.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended October 15, prices received and prices paid by farmers were stable.
Index, 1957-59=100
Index, 1957-59=100
PRICES PAID,
1NTEREST, TAXES,
ANC)
WAGE RATES
110
inn
\/~
.
90
OA
r xs s _x>»-. ^^ '
'^""^t
X/^S
i i ' i i 1 ' ' i' '
1 1 1 1 1 1 1 11 1 1
t
-
» .1 _l. i t
*_—_.-
.(
\
PRICES RECEIVED
ML FARM PRODUCTS
t i l l !
» t i t t » ii « i t
110
^"^
/\—
jXVX^^k.
/
J^
100
^^v^- ^
)
90
1 1 1 1 1 1 1 1 t 1 1
1 1 1 1 1I1 1 111
...I.I.....
80
RATIoJJ
RATI0^
100
90
Oft
PARITY RATIO
miHMiiimir,
\
1
«Vfe.
80
jS*""" ^^' **.
4ii|
^'**
1
il %
«n»^
j
%
***»¥J,»*' '
. ^H«ilt>g»»* *
^...^
^
**
\
* »'S,,V,,,,«.
.
**+ »
1 1 1 1 ! |
I J 1 1 I
1 1
t
1
1959
1 I
1 1 1 1 1
i
1960
1 I !
! 1 1 1 !
I
1961
1
1 1 1 1 1 1
80
X"li,r
*****iji^
1 1 1 1 1
I 1 1 1 1 1 1 t 1 1 1
1963
1962
t
•f* **tt
m
i i i iii i i iii
1964
,,.x
1 I 1 I ] 1 1 1 I 11
1965
70
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID,
INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE.
COUN<:il OF ECONOMIC
SOURCE: DEPARTMENT OF AGRICULTURE
Prices i•eceived by J farmers
Period
1955
1956..
1957
—
1958
1959
1960
1961
1962
1963_
1964
.
1964: Sept 15..
Oct 15
Nov 15
Dec 15
1965: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Oct 15
All farm
products
.
.
.
.
.
.
96
95
97
104
99
99
99
101
100
98
98
98
97
97
98
98
99
101
104
106
105
103
103
103
Crops
104
105
101
100
99
99
102
104
107
106
103
104
105
105
105
105
106
109
111
109
106
100
100
99
i 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
Prices3 paid by fa]raaers
items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 1957-59 = 100
90
88
94
106
100
98
98
99
95
91
95
93
91
91
92
93
93
95
99
103
104
105
105
106
ADVISERS
94
95
98
100
102
102
103
105
107
107
107
107
107
107
108
109
109
109
110
110
110
110
110
110
Family
living
items
95
96
99
100
101
102
102
103
104
105
105
105
105
105
106
106
106
106
108
107
107
107
107
107
Source: Department of Agriculture.
Production
items
96
95
98
100
102
101
101
103
104
103
103
103
103
103
104
104
104
105
106
106
106
106
106
105
Parityl
ratio
84
83
82
85
82
80
79
80
78
76
76
76
75
75
74
75
75
76
78
79
78
78
78
77
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The daily avera3e money supply registered a second substantial increase in October, rising $1.3 billion (seasonally
adjusted) to a level 4.3 percent above a year earlier. Commercial bank time deposits in October were 16.3 percent
above a year earlier.
,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
160
160
120
120
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
"80
80
40
.40
1959
1961
1960
1963
1962
1965
1964
COUNCIL OF ECONOMIC ADVISERS
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
M oney supp>iy
M oney supp>iy
Period
Total
1959:
1960:
1961:
1962:
1963:
1964:
1964:
Dec
Dec
Dec
Dec
Dec__
Dec
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May__
June
July
Aug
Sept
Oct 2
1
3 Deposits at
all commercial banks.
Preliminary.
_
___
_
___
141. 9
141. 1
145. 5
147. 5
153. 1
159. 7
158. 2
158. 8
159. 1
159. 7
160. 0
159. 7
160.3
161. 1
160. 0
161. 8
162. 5
162. 7
164.3
165. 6
Currency
outside
banks
Seasonally7
28. 9
28. 9
29. 6
30. 6
32.5
342
33.9
34. 0
34. 2
34. 2
34. 5
34. 7
34.7
34.7
34. 9
35. 0
35. 2
35. 4
35.6
35. 9
De-
Time
de-
posits
mand
de-
posits
adjusted
113. 1
112. 1
116.0
116.9
120. 6
125.4
124. 3
124.8
124.8
125. 4
125.5
125. 1
125. 6
126. 4
125. 1
126.8
127. 3
127. 3
128.7
129. 7
Total
Currency
outside
banks
De-
Time
de-
posits
mand
posits
de-
l
U.S.
Government
de-
mand
de-
posits l
1LTnad justed
67. 4
72. 9
82. 7
97. 8
112. 2
126.6
122. 1
123.5
125. 1
126. 6
128.8
131. 0
132. 1
133. 5
134. 6
135. 9
137. 6
140. 1
141.6
143. 6
145.6
1447
149.4
151.6
157.3
164 0
157. 1
159. 0
160.7
1640
1644
159.5
159. 0
161. 6
157. 6
159. 6
160. 9
160.5
163.2
165.8
29. 5
29. 6
30. 2
31. 2
33. 1
35.0
33.9
34 1
34 6
35. 0
344
342
34.3
34 5
34 6
34 9
35. 4
35. 5
35.6
36. 0
116. 1
115. 2
119. 2
120.3
124 1
129. 1
123. 2
124 9
126. 1
129. 1
130. 1
125.3
1246
127. 1
123. 0
1246
125. 6
125. 0
127.5
129. 8
66.6
72. 1
81.8
96.7
111.0
125.2
122. 0
123.4
124 1
125. 2
128.3
130.8
132.7
134 0
135. 4
136.6
138.3
140. 2
141.4
143.5
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.
49
47
49
5. 6
5. 1
5.5
6.5
5.5
5.8
5.5
42
5.7
6.7
5.6
9. 7
9. 3
9. 1
7. 4
5.6
5.0
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Nonbank public holdings of liquid assets (seasonally adjusted) rose substantially in October. Increases occurred in
most types of liquid assets but assets held at commercial banks (or as currency) accounted for a growing share of the
total.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
500
500
400
400
300
300
200
200
j 100
100
1959
I960
1961
1965
1963
1962
I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
COUNCIL OF ECONOMIC ADVISERS
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted]
Total
selected
liquid
assets
End of period
1956
1957
1958
1959
1960
1961
1962
1963
1964_
1964: Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July 33
Aug 3
Sept3
Oct
_
343.2
356.0
373. 1
393.9
399. 2
424. 6
459.0
495.4
530.4
523. 4
526.9
530. 4
534. 9
536. 4
542. 8
543. 3
543. 0
550. 2
550.9
555. 6
560. 6
565. 1
Demand
deposits
and
currency 1
134.6
133.5
138.8
139. 7
138.4
142.6
144. 8
149. 6
156. 7
155.0
155.0
156. 7
156. 1
154.8
158. 6
156. 3
155. 4
159. 6
157.7
157. 8
160.6
161. 2
Time d eposits
Commercial
banks
52.0
57. 5
65. 4
67. 4
73. 1
82. 5
98. 1
112. 9
127. 1
123. 8
125. 9
127. 1
130. 6
131. 9
133. 0
134. 1
134. 9
136. 3
138.3
139. 8
141.6
144. 0
i Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month.
* Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February
1960, savings and loan associations.
http://fraser.stlouisfed.org/
30
Federal Reserve Bank of St. Louis
Mutual
savings
banks
30.0
31. 6
33. 9
34. 9
36.2
38. 3
41.4
44 5
49. 0
48. 3
48. 6
49.0
49. 4
49. 6
49. 8
50. 1
50.4
50.8
51.1
51. 3
51. 6
52.0
Postal
Savings
System
1. 6
1.3
1. 1
.9
.8
.6
.5
.5
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.3
.3
.3
Savings
and loan
shares
37.0
41.7
47.7
54.3
61.8
70.5
79.8
90.9
101. 3
99. 8
100. 8
101. 3
101.7
102.6
103.6
103. 9
104. 4
105. 1
105.5
106. 5
107.7
108.4
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
year 2
54.8
51.6
50. 5
47.9
47. 0
47. 4
47. 6
49.0
49. 9
49. 4
49. 5
49. 9
50.0
49. 9
49.9
49. 9
49. 9
50.0
50.1
50.1
50.1
50. 1
s Preliminary.
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.
33.2
38.8
35.6
48.8
41. 9
42. 6
46. 8
48. 1
46. 1
46.8
46.7
46. 1
46. 8
47. 3
47.6
48. 6
47. 6
48.0
47.9
49.8
48. 7
49.0
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total commercial bank credit (seasonally adjusted) rose by $2.7 billion in October. Total loans accounted for most
of the increase but there was also a rise in banks' holdings of U.S. Government securities that was associated with
Treasury financings.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
250
250
TOTAL
LOANS AND INVESTMENTS
200
200
150
150
BANK LOANS
100
100
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
50
50
1959
1960
1961
1962
1963
1964
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All conm lercial bank s
(s easonally adjusted datta)
Total
Invest!nents
Loans,
loans excluding
and
interU.S. Gov- Gther
investsecuribank
ernment
ments
ties
securities
End of period
1957
1958
1959
1960
1961 5
1962 6
1963
1964
1964: Get
Nov
.
.
Dec ___ _ _ _
1965: Jan
Feb
Mar
Apr
May__ _ _
June6
J u l y6
Aug 6___ -_
Sept .
Get «_ __
166. 4
181. 2
185. 9
194. 5
209. 8
228. 3
246. 5
267. 2
261. 1
265. 5
267. 2
269. 6
272. 1
275. 5
277. 3
279. 4
282.8
281.5
286. 1
286.2
288. 9
91. 4
95. 6
107. 6
113. 8
120. 5
133. 9
149. 4
167. 1
163. 2
165. 4
167. 1
170. 2
171. 9
175.8
177. 1
179.5
183.0
182.7
185. 8
186.2
188.0
Billions of dollars
17. 9
57. 1
20. 5
65. 1
20. 5
57. 8
20. 8
59. 9
65. 4
23. 9
29. 2
65. 2
62. 1
35. 0
38. 7
61. 4
37. 9
60. 0
38. 5
61. 6
38. 7
61. 4
59.9
39.5
40.0
60. 2
40. 1
59. 6
41. 1
59. 1
41. 3
58.6
42. 1
57.7
56.4
42.4
43. 3
57.0
56.5
43.5
57. 0
43. 9
1
Member banks are all national banks and those State banks which have taken
membership
in the Federal Reserve System.
2
Commercial and industrial loans.
2
Debits during period to demand deposit accounts except interbank and
U.S. tJiovernment. New series; see Bank Debits and Deposit Turnover, Q.6
FRB, February 19, 1965.
* Averages of daily figures. Annual data are for December.
1965
"COUNCIL OF ECONOMtC ADVISERS;
Weekly
reporting
member1
banks
Business
loans 2
31. 8
31. 7
30.7
32. 2
32. 9
35. 2
38. 8
42. 1
39. 9
40. 5
42. 1
41.8
43. 0
44. 6
44.6
45. 2
46. 8
46.3
46. 9
48.1
48. 2
Bank
debits
outside
New York
City (343
centers) ,
seasonally
adjusted
annual3
rates
1, 468
1, 481
1, 656
1, 7S6
1, 832
2, 021
2, 199
3
2, 696
2, 772
2, 780
2, 804
2, 803
2,845
2,924
2, 962
2, 872
3,019
3,021
S, 019
3,023
3,069
A 1 member banks l 4
Total
reserves
19, 420
18, 899
18, 932
19, 283
20, 118
20, 040
20, 746
21,609
21, 033
21,159
21,609
21,619
21, 227
21, 248
21, 505
21, 476
21, 709
21,865
21, 620
21, 729
21, 959
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Vlillions o f dollars
710
577
516
557
482
906
756
87
149
568
572
304
327
536
411
243
415
309
430
396
411
243
402
299
437
405
340
416
359
471
327
505
343
528
349
524
564
428
528
373
341
490
-133
-41
-424
669
419
268
209
168
106
-34
168
103
32
-76
-112
-178
-185
-175
— 136
-155
— 149
5
6
Estimates as of December 31.
Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.
Ol
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit rose by $470 million in September, approximately in line with the $426 million increase last
September 1964 but substantially larger than the September increases in the three preceding years. Automobile
credit accounted for an unusually small part of the increase owing to the model changeover period.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL CONSUMER CREDIT OUTSTANDING
1959
I
1960
I
1962
1961
1964
1963
1
1
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
__
[Millions of dollars)
Consu]tner credit outstandin g (end of period;
u nad justed)
: nstalment
NonAiitonioTotal
Total *
bile
Personal instal-2
ment
paper
loans
38, 830
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
69, 890
76, 810
73, 069
73, 495
73, 928
74, 371
76, 810
76, 145
75, 741
76, 085
77, 483
78, 687
79, 887
80, 686
81, 454
81, 924
28, 906
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
53, 745
59, 397
57, 055
57, 446
57, 826
58, 085
59, 397
59, 342
59, 363
59, 788
60, 803
61, 739
62, 790
63, 609
64, 393
64, 846
13, 460
14, 420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 199
24, 521
24, 251
24, 295
24, 423
24, 367
24, 521
24, 574
24, 743
25, 063
25, 615
26, 109
26, 685
27, 171
27, 493
27, 555
6, 112
6,789
7, 582
8, 116
9, 386
10, 480
11, 256
12, 643
14, 391
16, 071
15, 415
15, 612
15, 672
15, 771
16, 071
16, 091
16, 190
16, 341
16, 693
16,917
17, 159
17, 312
17, 565
17, 724
i Also includes other consumer goods paper, and repair and modernization
toons, not shown separately.
» Consists of single-payment loans, charge accounts, and service credit.
> End of period, unadjusted.
32
1965
COUNCH. OF ECONOMIC ADVISERS
SOURCE. BOARD OF GOVERNORS OF THf FEDERAL RESERVE SYSTEM
9, 924
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 145
17, 413
16, 014
16,049
16, 102
16, 286
17, 413
16, 803
16, 378
16, 297
16, 680
16, 948
17, 097
17, 077
17, 061
17, 078
Consum<3r instalme nt credit e xtended
and T( spaid (seas onally adjtis ted)
Automob ile paper
To bal
Extended
38, 972
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
60, 822
66, 070
5,529
5, 617
5, 507
5,456
5,816
5,883
6,022
6,030
6, 189
6, 105
6, 139
6,278
6,288
6,331
Repaid
33, 634
37, 054
39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
55, 111
60, 418
5,094
5, 104
5,097
5, 155
5,256
5,213
-5, 381
5,393
5,445
5,435
5,537
5, 612
5, 679
5,648
Extended
16, 734
15, 515
16, 465
14,226
17, 779
17, 654
16, 007
19, 796
22, 013
23, 565
2,017
2,024
1,924
1,858
2,043
2, 120
2,228
2,229
2,272
2,215
2,250
2,301
2,313
2,324
Repaid
13, 082
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19, 354
21, 243
1,789
1,802
1,788
1,818
1,864
1,830
1,897
1,924
1,936
1,940
1,960
1,972
2,030
1,996
Mortgage
debt outstanding,
nonfarm
1- to 4family
houses 3
88, 200
99, 000
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197, 600
193, 900
197, 600
200, 500
204, 800
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
Most interest rates increased during October and early November as the calendar of new security offerings grew
rapidly and money markets remained firm.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(Mooors)
1959
1960
1961
1962
1964
1963
SOURCES. SEE TABLE BELOW
Period
1958
1959
1960
1961
1962
1963
1964
1964: Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
„
Sept
Oct__
Week ended:
1965: Oct 16 _
23__
30__
Nov 6 _ _
13__
20__
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
jrnment
seem
ity
yields
U.S. Govc
municipal
3-month
bonds
3-5 year
Taxable
a
8
Treasury
(Standard4 &
issues
bonds
bills1
Poor's)
2.90
1. 839
3.43
3.56
3.405
4.33
4.08
3.95
3.99
4.02
2.928
3.73
3. 60
2. 378
3. 90
3.46
2. 778
3. 57
3. 95
3. 18
3.72
3. 157
4.00
3.23
4. 06
4 15
3. 549
3.22
3.527
4.03
4. 16
3.25
4, 04
4. 16
3.575
3. 26
4. 04
4. 12
3. 624
3. 18
4. 07
4. 14
3.856
3. 15
4.06
4.14
3.828
3.06
4. 08
4. 16
3. 929
3. 10
4 12
3. 942
4 15
3. 18
4.12
3.932
4.15
3.17
4. 11
4 14
3. 895
3. 19
4.09
4. 14
3.810
3.26
4.10
4. 15
3.831
3.26
4 19
3. 836
4 19
3. 25
4.24
3.912
4.25
3.36
4. 33
4.032
4 28
3.42
4. 006
4.034
4. 040
4.082
4.045
*4 097
4.30
4.34
4.37
4.44
4.49
4 26
4 27
4 29
4 34
4 35
2
*8 Rate on new issues within period.
Selected note and bond issues.
Series includes: 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
(6J4 percent since May 1961) and 30-year mortgages paid in 15 years.
1965
3.41
3.42
3.43
3.45
3.45
Corporal be bonds
(Moo dy's)
3.79
438
441
435
433
4 26
440
442
4 42
443
4 44
4.43
4 41
4 42
4.43
444
4.46
4.48
4 49
4.52
4 56
473
5. 05
5. 19
5.08
5.02
4.86
483
482
481
4 81
4.81
4.80
4 78
4 78
4.80
481
4.85
4.88
489
4.91
4 93
Prime
commercial
paper,
4-6
months
2. 46
3.97
3.85
2. 97
3. 26
3. 55
3. 97
3.89
4 00
402
4 17
4.25
4 27
438
4.38
438
4.38
4.38
4 38
4.38
438
457
457
457
458
460
492
4 93
493
4 93
495
4 38
4 38
438
438
438
Aaa
Baa
FHA
new home
mortgage
yields 5
5.49
5.77
6. 16
5.78
5.60
5.46
5.45
5.46
5.46
5. 45
5. 45
5.45
5. 45
5. 45
5.45
5. 45
5.45
5.44
5.44
5.45
5.46
*Not charted.
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Sfock prices rose further in.October and early November.
Index, 1941-43 = 10
Index, 1941-43 = 10
90
90
80
80
-COMPOSITE PRICE INDEX FOR '
500 COMMON STOCKS
70
70
60
60
50 K,t .1 i i
..i i i A 50
PERCENT
PERCENT
DIVIDEND YIELD ON COMMON STOCKS
2 ka.i t-i i 1 i i i i i I i i i i i l i i i i i I i i i i i I
i 1 1 1 i i I i i i i i I i i i i i I i i i i i I i i i i i I 1 1 i i i I i i i i i./J 2
PRICE/EARNINGS RATIO ON COMMON STOCKS
10
yd 10
1959
1960
1961
1962
1963
dOUNCn. OF ECONOMIC ADVISERS
SOURCE. STANDARD AND POOR'S CORPORATION
*
Price i ndex *
Industrials
Period
1959
1960
1961
1962
1963
1964
1964: Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Week ended:
1965: Oct
8
15
22
29
Nov 5
12
1
Total
_
__ __
_ _ _ __ _ _
__ _
_
1965
1964
_ _ _ __
„__
__
_.
Total
Capital
goods
Consumers'
goods
Public
utilities
Railroads
Dividend
yield *
(percent)
57. 38
55. 85
66. 27
62.38
69.87
81.37
84. 85
85.44
83. 96
86. 12
86.75
86.83
87.97
89.28
85.04
84.91
86.49
89.38
91.39
61. 45
59. 43
69. 99
65. 54
73. 39
86. 19
89. 75
90. 36
88. 71
91. 04
91. 64
91. 75
93.08
94. 69
90.19
89.92
91. 68
94. 93
97.20
1941-^13 = 10
63. 93
47.35
47. 21
59. 75
57. 01
67. 33
54. 96
58. 15
63. 30
62. 28
73. 84
76. 34
79. 08
79. 13
79. 18
78. 97
77. 24
77.58
80. 19
79. 69
80.74
82. 52
83.62
81. 50
84.85
83.78
85.21
86. 35
81.62
80.04
80.54
78.80
80. 23
83. 25
82.34
86.91
90. 28
83.90
44. 15
46.86
60. 20
59. 16
64. 99
69. 91
73.37
74. 39
74.24
75.87
77.04
76. 92
77.24
77.50
74.19
74.63
74.71
76.10
76. 69
35. 09
30. 31
32. 83
30. 56
37. 58
45. 46
48. 69
48.01
45. 75
46. 79
46.76
46. 98
46.63
45. 53
42.52
43.31
46. 13
46.96
48.46
3. 23
3.47
2. 98
3. 37
3. 17
3.01
2. 95
2. 96
3.05
2. 99
2. 99
2. 99
2.95
2. 92
3.07
3.09
3. 06
2.98
2. 91
90.51
91.33
91. 84
92. 20
92.34
92. 13
96. 23
97. 11
97. 69
98. 12
98. 22
97.96
88. 96
90. 12
90. 51
91. 54
92. 01
91.30
83.09
83. 63
83. 89
84.98
84. 51
83. 20
76.35
76. 83
76. 92
76. 77
76.99
77.09
47. 61
48.28
48.88
49. 31
50. 10
50.07
2. 94
2.92
2. 90
2.88
2.91
2.98
Price/
earnings
ratio 3
17. 05
17. 09
21.06
16. 68
17.62
18.08
18. 67
17. 69
16.02
3
Includes 500 common stock, 425 are Industrials; 50 are public utilities; and 25
Ratio of price index for last day in quarter to quarterly earnings (seasonally
are railroads. Weekly indexes for capital and consumer goods are Wednesday
adjusted annual rate). Annual ratios are averages of quarterly data.
figures:
all
other
weekly
indexes
are
averages
of
daily
figures.
2
Source: Standard and Poor's Corporation.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
are averages of monthly data. Weekly data are Wednesday figures.
34
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit in the first 4 months of fiscal 1966 amounted to $9.0 billion.
1965 the deficit was $8.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
100 -
100
75 -
75
50 -
50
25 -
25
1962
In the corresponding period of fiscal
1963
1964
1965
1961
1966
+10
1962
1964
1963
1965
1966
1965
1966
BUDGET SURPLUS (+) OR DEFICIT (-}
NATIONAL DEFENSE
(ENLARGED SCALE)
75
-f5
50
FIRST 4 MONTHS
25
1961
1962
1963
1964
1965
1966
1962
1963
1964
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
[Billions of dollars]
Net budg et expenditu res
N ational defe Qse 1
Period
Fiscal year 1959
Fiscal year 1960___
Fiscal year 1961_ _ _ _
_ _ _ _ _ _ _ _
Fiscal year 1962
_ _
___
Fiscal year 1963
Fiscal year 1964
Fiscal year 1965 3
1964: Sept
Oct
_
Nov__
Dec
_
1965: Jan
_
Feb
Mar
Apr__
May
June
_ _ _
July
Aug__
_ _ _ _ _
Sept
_ _
Oct
Cumulative totals, first 4 months:
Fiscal year 1965
Fiscal year 1966
1
Net
budget
receipts
Total
67. 9
77. 8
77.7
81. 4
86. 4
89.5
93.0
10. 1
3.4
7.0
8. 9
5. 6
7. 5
11. 2
8.5
7.3
13.4
3. 8
7.4
11.0
80. 3
76. 5
81. 5
87.8
92. 6
97.7
96.5
8. 4
8.3
7. 1
8. 8
7.7
7. 1
8. 1
8. 3
8. 1
9. 1
7. 2
9.0
9.5
46. 5
45. 7
47. 5
51. 1
52. 8
54.2
50. 1
4.2
4.2
4.0
4. 5
4.0
3.8
4. 5
4. 3
4. 3
4.9
3.8
4.4
4. 5
41.2
41. 2
43. 2
46. 8
48. 3
49.8
46.2
3.9
3.9
3.7
4. 2
3.7
3. 6
4. 2
4. 1
3.8
4.3
3.6
4. 1
4.3
23.6
25.5
32.3
34.4
15.8
17.2
14.6
16.3
In addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
Total
Department of
Defense,
military
Military
assistance
2. 3
1. 6
1. 4
1.4
1. 7
1.5
1.2
.1
(4)
.1
.1
.1
.1
.1
.2
.4
(44)
()
Budget
surplus
or
deficit (-)
-12.4
1. 2
-3.9
-6.4
— 6.3
-8.2
-3.5
1.6
-4.9
5
()
.1
-2.0
.4
3. 0
.3
-.8
4.3
-3.4
-1.6
1. 5
.2
.2
-8.7
-9.0
Public
debt
(end of2
period)
284.8
286.5
289.2
29&6
306. 5
312.5
317.9
316. 5
316.5
319.3
318. 8
318.6
320. 6
318.4
317.2
319. 8
317.9
317.1
318.7
317.3
319. 4
316.5
319.4
s Preliminary.
< Less than $50 million.
8 Deficit of $15 million.
NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the third quarter, cash payments exceeded cash receipts by $3.9 billion/ on a seasonally adjusted basis, however,
the excess of payments was $1.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF
DOLLARS
35
35
20
-f5
RECEIPTS
Q
|""1H H | H
o
HH|H
•
EXCESS OF C ASH PAYMENTS
^
-5
+5
SEASONALLY ADJUSTED
EXCESS OF < 'ASH
i
i
i
1959
i-
i
i
1
1960-
f
T
1
1
f
i
1962
1961
)
1 -
1
1
1
1964
1963
I
I
I
-5
1965
CALENDAR YEARS
!>OUR<lESi TREASURY DEPART/KENT AND BUREAU OF THE
1UDGET
I
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year:
1959
1960
1961
1962
1963
1964
1965
Calendar year:
1959
1960
1961
1962
1963
1964
Quarterly total (calendar years):
1964: I
II
III
IV
1965: I
II
III 2
Cash receipts
from the
public
81.7
95. 1
97. 2
101.9
109.7
115.5
119.7
94.8
94. 3
99. 5
107.7
113. 8
120. 3
122.4
-13. 1
.8
-2.3
-5.8
-4.0
-4. 8
— 2.7
87.6
98.3
97.9
106.2
112.6
115.0
95.6
94. 7
104. 7
111. 9
117. 2
120. 3
Unadjusted
-8.0
3.6
-6.8
-5.7
—4. 6
-5.2
28. 7
30. 1
30.9
30. 6
28. 3
32.6
33. 1
1. 6
3. 3
-3.9
-6.3
2.4
5. 1
-3.9
30.3
33.4
27.0
24. 3
30. 7
37.7
29.2
1
Seasonally adjusted data include accelerated corporate tax payments of about
$0.3 billion in 1964 and $0.9 billion in 1965.
36
Excess of
receipts or
payments
(-)
Cash payments to
the public
2
Cash receipts
from the
public
Cash payments to
the public
Excess of
receipts or
payments
(-)
Se£isonally adjus bed
29. 5
28. 7
28.2
28. 7
29.9
*32. 7
30.5
J
30. 5
29. 7
30.2
29.8
30. 1
32.3
32.3
Prp.lirriino.Ty.
Sources: Treasury Department and Bureau of the Budget.
— 1.1
-1. 1
-2. 0
— 1.1
2
.5
-1.8
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
Federal expenditures Increased nearly $5% billion (seasonally adjusted annual rate) in the third quarter, largely as a
result of the retroactive transfer payments for OASI. Receipts declined about $1% billion, resulting in a deficit of
$4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
140
i—i—i—i—i—I—i—i
SEASOI- lALtY ADJUSTED ANNUAL RATES
SURPLUS
-
Un
*| H ~
HH «
"^
DEROT
i
i
1959
i
r
T
T
1960
\
1
t
\
f
I
I
1962
1961
t
f
r
f
t
r
r
t
1965
1964
1963
CALENDAR YEARS
SOURCE DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jrovernment receipt s
Period
Fiscal year :
1961
1962
1963
1964
1965 *
Calendar
year:
1959
1960
1961
1962
1963
1964
1964:I___
II__
III.
IV.
1965:I__-
II-
III i_
Federa 1 Governrnent expenditures
Persona] Corpo- Indirect ContriTotal tax and
rate business butions
nontax profits tax and to social Total
receipts
tax
nontax insuraccruals accruals ance
GrantsSubsidies Surplus
Purin-aid
less
or
chases Trans- to State f Net
current deficit
of goods fer payand
interest surplus
/ \
I— )
and
ments
local
paid of Govt.
services
governenterments
prises
J _.C
95.3
104.2
110.2
115.1
119.6
43.6
47.3
49.6
50.7
51.2
20.3
22.9
23.6
25.3
27.0
13.3
14.2
15.0
15.6
16.8
18.1
19.9
22.1
23.6
24.6
98.0
106.4
111.4
117. 1
118.3
55.5
60.9
63.4
65.8
64.5
25.6
27.2
28.6
29.6
30.3
89.7
96. 5
98.3
106.4
114.3
114.5
114. 8
112. 0
114.6
116.8
122. 7
123.7
122.1
39.9
43.6
44.7
48.6
51.5
48.6
50.2
46. 5
48.1
49. 8
53.5
54.6
53.0
22. 5
21.7
21.8
22. 7
24. 5
26. 0
25.7
25.9
26.2
26.5
27.4
27.6
27.9
12. 5
13. 5
13.6
14.6
15.3
16.1
15. 6
16. 0
16.4
16.4
16. 8
16.3
15.7
14.8
17. 7
18.2
20.5
23.0
23. 7
23.3
23.5
23.9
24.2
24.9
25. 1
25.5
91. 0
93. 0
102. 1
110.3
114.0
118.3
117.5
119.6
118. 2
117.9
120.2
120.8
126.2
53.7
53.5
57.4
63.4
64.4
65. 3
65.0
67.0
64.9
64.3
64. 9
65.9
67.1
21.9
23.4
27.0
27.7
29.2
29.9
30.3
29.8
29.7
29. 8
31.2
30. 5
34.1
* Preliminary.
NOTE.—Revised series beginning 1929. For details, see Survey of Current
Business, August 1965. Data for Alaska and Hawaii included beginning 1960.
• J.
6.9
7.6
8.4
9.8
6.8
6.8
7.5
8.1
8.6
3.2
3.8
3.6
3.8
4.1
-2.7
-2.1
— 1.2
— 1.9
1.2
6.8
6.5
7.2
8.0
9.1
6.4
7.1
6.6
7.2
7.8
8.4
8.3
8.2
8.5
8.4
8.6
2. 1
— 1.2
3.5
— 3.8
— 3.8
.3
—3.8
—2.6
— 7. 6
— 3.6
— 1. 1
2. 5
2.8
-4.1
10.9
10.4
9.9
10.3
10.6
10.8
10.8
11. 0
11.7
8. 7
8.8
2.5
3.8
4. 0
3.6
4.3
3.9
4. 2
4.4
4. 7
4. 7
4. 7
4.5
Source: Department of Commerce.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries.
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
.
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
Page
_
__
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
1
29
30
31
32
33
34
35
36
37
NOTE.— Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C., 20402
Price 25 cents per copy; $2.50 per year; $3.50 foreign
38
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