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ttst Congress, 1st Session

Economic Indicators
November 1969
Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1969

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
W. E. BROCK 3d (Tennessee)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)

SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)

JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research

COUNCIL OF ECONOMIC ADVISERS
PAUL W. McCRACKEN, Chairman
HENDRIK S. HOUTHAKKER
HERBERT STEIN
Economic Indicators prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sx 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
Economic Committee be authorize to issue a monthly publication entitled "Economic Indicators," and that ;i
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $3.00 per year (foreign, $4.00) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $6.10 additional per year.
The 1967 edition of the Historical and Descriptive Supplement to Economic
Indicators, which describes each series and gives annual data for years not
shown in the monthly issues, is available at 70 cents a copy from the Superintendent of Documents, Government Printing Office.




TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that gross national product advanced $18 billion (seasonally adjusted annual rate) in the
third quarter, nearly $2 billion more than in the second quarter but $5% billion less than the record increase in the
second quarter 1968.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government

Persons
Net receipts

Disposable personal income
Period
Total1

364. 4
385. 3
404. 6
438. 1
473. 2
511. 9
546. 5
590.0
575. 0
587. 4
593.4
__. 604. 3
1969: I ____ 610.2
II__. 622. 0
III". 639. 0

1961 _______
1962 _______
1963 _______
1964 _______
1965 _______
1966 _______
1967 _______
1968 _______
1968: I ____

8. 1
8.6
9. 7
10.7
12. 0
13. 0
13. 9
15. 0
14.4
14.7
15. 2
15.4
15.7
15. 9
16. 2

356.3
376. 6
394 9
427.4
461. 3
498. 9
532. 6
575.0
560. 6
572.7
578.2
588.9
594. 5
606. 1
622.8

335.2
355. 1
375. 0
401.2
432.8
466.3
492.3
536. 6
520. 6
530.3
544. 9
550.7
562.0
572.8
579.8

21.2
21. 6
19. 9
26.2
28.4
32. 5
40. 4
38.4
39. 9
42. 3
33. 2
38. 0
32. 5
33.3
43. 1

Business

Period

1961
1962
1963
1964
1965
1966
1967
1968
1968: I
IV
1969: I
II
111 "_

Expenditures

PerEquals: Personal sonal
Less:
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
and
or
paid and excludtion
Purfers,
fers,
nontax interest, Net
ing
expend- interest, chases
expendtransfer
disinterest
receipts itures
itures saving receipts
payof goods
and
and
or
and
ments
and
sub- 2
sub- 2
to foraccruals sidies
transsidies
fers
eigners
144. 6
157.0
168. 8
174. 1
189. 1
213.3
228.4
264. 2
248. 5
257. 3
271. 0
279. 7
293. 6
301.5
303. 0

41.3
42. 8
4 .4
4
46.7
49. 9
55.5
62.8
70.6
66. 6
69. 8
72. 0
74. 0
75. 8
77.6
78. 8

103.3
114 2
124 3
127.3
139.2
157.9
165. 6
193. 6
181. 9
187. 5
199. 0
205.7
217.8
223.9
224. 2

149. 0
159. 9
166. 9
175.4
186. 9
212.3
242.9
270. 8
260. 0
268. 1
274. 5
280.6
285. 8
290. 5
296. 0

41. 3
42.8
444
46.7
49. 9
55. 5
62. 8
70.6
66. 6
69. 8
72. 0
740
75. 8
77. 6
78. 8

107.6
117. 1
122. 5
128.7
137. 0
156.8
180. 1
200.3
193.4
198.4
202. 5
206. 7
210. 0
212.9
217. 0

71.7
83.0
87. 1
94 0
108. 1
121.4
116. 0
126. 3
119.4
126. 6
125. 2
I
133. 9
135. 2
I
137. 4
98. 5
]()(). 0 I 143. 3

-13. 0
-16.8
-18.4
-17. 8
-23. 4
-30. 1
-22.7
-29. 6
-27. 3
-29. 4
— 26. 0
- 35. 7
- 37. 0
— 38. 9
— 43. 3

2. 6
2.7
2.8
2.8
2. 8
2. 8
3. 0
2. 9
2. 5

2. 8
3. 1

3. i

2. 4

'Personal income (p. f<) less personal tax and nontax payments ((men, penalties, etc.).
2
Government transfer payments to pe,rs< is, foreign "el transfer.* by ( < o v
merit, net interest, paid by t'ovurnmcnt, a id subsidies le.ss current surplti
government enterprises.
3
Undistributed corporate profits, eorpon to inventory valuation ad Justin
capital consumption allowance,1;, and WIIJM accruals le?;n diHburH<mien!,«;. 1
not include retained earning;! of unitieorpt rated bu.Hiiie.s.s, which are inclu
in disposable personal income.




(-),

income
and
product
accounts

-43
-2.9
1.8
-1.4
2.2
1. 1
-145
-6.7
-11.5
-10. 8
-3.5
— .9
7.8
10.9
7.0

International

Net
Net exports of goods
Total
Statistransfers
and services
Excess of income
tical
Gross
Gross private Excess to foror
transfers
discrepof
retained domestic
eigners
or
receipts
ancy
earnby
of net
invest- invest- sons per3
Equals: exports
ment
ings
and
Less:
ment 4
Net
Govern- Exports Imports exports
ment

58. 7
66. 3
68.8
76. 2
84 7
91.3
93.3
96.7
92. 1
97. 2
99. 2
98. 2
98. 2

Surplus
or
deficit

28. 6
30. 3
32.3
37.1
39. 2
43.4
46.2
50. 6
47. 7
50. 7
53. 4
50. (i
47. (J
57. 1
57. H

2a o

25. 1
26. 4
28. 6
32. 3
38. 1
41. 0
48. 1
45. 9
47. 3
49. 7
49. 4
46. 1

5. 6
5. 1
5.9
8. 5
6. 9
5.3
5.2
2. 5
1. 9
3. 4
3. 6
1. 2
1. 5
1. (i

-3. 0
-2.5
-3. 1
-5.7
-4 1
-2.4
-2.2
.3
.7
— . (j
—. 6

1. 9
1. 0
1. 2

520.8
559.8
590.8
633. 7
688. 0
750. 9
794 5
868. 2
837. 1
860. 2
879. 5
895. 9
912. 9
931. 3
949. 6

-0. 8
.5
-. 3
-1.3
-3. 1
-1.0
-1.0
-2. 5
-1. 8
-1. 6
-3. 3
-3. 4
-4. 2
-6.5
-6.7

Gross
national
product
or
expenditure

520. 1
560. 3
590. 5
632.4
684 9
749.9
793. 5
865.7
835.3
858.7
876.4
892. 5
90&7
924.8
942. 8

4
Private business investment, purchases of capital goods by private nonprofit
Institutions, and residential housing.
5
Net foreign investment with sign changed.
NOTE.- Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) increased at an annual rate of 8 percent in the third quarter, accordin
to current estimates. The rise in physical output was at a rate of over 2 percent.
BILLIONS OF DOLLARS
1,000

BILLIONS OF DOLLARS
1,000
SEASONALLY ADJUSTED ANNUAL RATES

900

900
_ GROSS NATIONAL PRODUCT

800

800

\

700

700

600

600
PERSONAL CONSUMPTION
EXPENDITURES

500

500

400

400
GOVERNMENT PURCHASES
_OF GOODS AND SERVICES.

200

200
II lUIIIIIIIMIIftllMI*!
M
I
"'"•«•""*"""
l ,,|llH"""
t

100

100
NET EXPORTS OF GOODS
AND SERVICES,

1963

1964

1965

SOURCfc DEPARTMENT OF COMMERCE

Period

1958
1959
1960
1961.
1962
1963_
1964
1965
1966. _
1967
1968
1968: I
II
III
IV__
1969: I
II
III

1966

1967

1968

1969
COUNCIL OF ECONOMIC ADVISERS

Government purchases of goods and
Total
Personal Gross
Implicit
Net
services
gross
Total
conprice
private exports
national gross
sump- domestic of goods
Federal
deflator
State
product national
tion
for total
investTotal
and
and
in 1958 product expend- ment services
GNP,
Total National Other local
defense1
prices
itures
1958= 1002
Billions of dollars; quarterly data at seasonally adjusted annual rates
2. 2
447.3
447. 3
290. 1
60. 9
94. 2
53. 6
40. 6
100. 0
45. 9
7.7
483.7
475.9
311. 2
.1
75.3
43.3
53. 7
7. 6
97.0
101. 6
46. 0
4.0
487.7
503.7
325. 2
74. 8
46. 1
103. 3
99.6
53. 5
44 9
8. 6
5.6 107. 6
497. 2
520. 1
335. 2
71. 7
57.4
50. 2
9. 6
104 6
47.8
5. 1 117. 1
560. 3
529.8
355. 1
83. 0
53. 7
105. 8
63. 4
51. 6 11.8
551. 0
590. 5
5.9 122. 5
375. 0
87. 1
64, 2
58. 2
107. 2
50.8 13. 5
581. 1
632.4
8. 5 128.7
401. 2
94.0
65.2
63. 5
108.8
50.0 15.2
684. 9
6.9 137.0
432. 8
617. 8
108. 1
66.9
70. 1
110.9
50. 1 16. 8
749. 9
658. 1
5.3 156.8
466. 3
121.4
113.9
77.8
60.7 17. 1
79.0
674. 6
793.5
492. 3
5. 2 180. 1
116. 0
72.4 18. 4
117. 6
90. 7
89. 3
865. 7
2. 5 200. 3
707. 6
536. 6
126.3
122. 3
99. 5
78. 0 21. 5 100. 7
693. 3
835. 3
520. 6
1. 9 193.4
119. 4
120. 5
96. 3
76. 1 20. 1
97. 1
3.4 198.4
705.8
858.7
530, 3
126.6
99.4
121.7
99.0
77.9 21. 1
125.2
712. 8
876. 4
544. 9
3. 6 202. 5 100. 9
122. 9
78. 8 22. 1 101. 7
892. 5
718.5
1. 2 206. 7 101. 9
550.7
133. 9
124. 2
79. 3 22. 5 104. 8
723. 1
562. 0
908. 7
135.2
1.5 210. 0 101. 6
125. 7
79. 0 22. 6 108.5
726. 7
137.4
1. 6 212. 9 100.6
924.8
572.8
127. 3
78.5 22. 1 112.3
942. 8
780. 6
2. 7 217. 0 103. 2
579.8
143. 3
129. 0
80. 3 22. 9 113. 8

1 This category corresponds closely with budget expenditures for national
defense, shown on p. 36.
2
Gross national product in current prices divided by gross national product
in 1958 prices.




GROSS PRIVATE DOMESTIC
INVESTMENT

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

NATIONAL INCOME
'reliminary estimates for the third quarter indicate that national income increased $143A billion (seasonally adjusted
annual rate). Compensation of employees was up $13% billion. Other types of noncorporate income rose while
corporate profits, before taxes and including inventory valuation adjustment, declined $1A billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
800

800

700

INVENTORY VALUATION ADJUSTMENT.

PROPRIETORS' AND
RENTAL INCOME

\

1963
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1968:

_ _
___ _ _

_ _
. _ -

___ _

I
II

m__

_

IV1969: I
II
III p

___

367. 8
400. 0
414. 5
427. 3
457. 7
481. 9
518. 1
564.3
620. 6
654. 0
714.4
688. 8
707.4
724. 1
737. 3
751. 3
765.7
780. 5

Compensation
of em- 1
ployees
257. 8
279. 1
294. 2
302. 6
323.6
341. 0
365.7
393.8
435. 5
467.4
513. 6
495. 1
507. 0
519. 8
532. 3
546. 0
558. 2
571.9

Proprietors' income
Farm 2
13.4
11. 4
12. 0
12. 8
13. 0
13. 1
12. 1
14.8
16. 1
14. 7
14. 6
14. 8
14. 3
14.8
14. 4
14. 9
16. 4
16.8

1
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.




Business
and professional

Rental
income
of
persons

33.2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
42.4
45. 2
47. 2
49. 2
48. 4
49. 2
49. 3
49. 7
49. 7
50. 1
50. 5

15.4
15. 6
15.8
16. 0
16.7
17. 1
18.0
19.0
20. 0
20. 8
21. 2
21. 1
21. 2
21. 2
21." 4
21. 5
21. 6
21. 7

Net
interest
6. 8
7. 1
8. 4
10. 0
11. 6
13.8
15.8
18.2
21. 4
24. 7
28*. 0
26. 7
27. 5
28. 4
29. 3
29. 8
30. 3
30. 9

Corporate profits and inventory valuation adjustment 3
Total
41. 1
51.7
49. 9
50. 3
55. 7
58. 9
66.3
76.1
82. 4
79. 2
87. 9
82. 5
88. 2
90. 6
90. 3
89.5
89. 2

sa7

Profits Inventory
before valuation
taxes 3 adjustment
41. 4
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
77.8
84. 2
80. 3
91. 1
87. 9
90. 7
91. 5
94. 5
95. 5
95.4
92.4

3 See Note p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

-0. 3
-. 5
.2
-. 1
.3
5
-.5
17
-1.8
— 1.1
-3.2
-5.3
-2. 6
Q

-4.' 2
-6. 1
-6. 2
-3. 7

SOURCES OF PERSONAL INCOME
Personal income rose almost $2% billion (seasonally adjusted annual rate) in October, about $% billion less tha.
in September. Wages and salaries accounted for $1% billion of the October rise. Interest income continued to advance with a rise of $1/2 billion.
BILLIONS OF DOLLARS
800

BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES

700

700

600

600

TOTAL PERSONAL INCOME

500

500

WAGE AND SALARY DISBURSEMENTS

V.U-—*

400

400

300

300

200'

200

OTHER-INCOME

100

100

TRANSFER PAYMENTS

i ' ' I t i

1963

1964

I I I I I

1965

1966

SOURCE: DEPARTMENT OF COMMERCE

Period

1960
_
1961
1962
1963
1964
1965
1966 _ _ _
1967
1968 _ _ _ _
1968: Sept___
Oct
Nov
Dec
1969: Jan
Feb
Mar
Apr
May
June___
July
Aug
Sept___
Oct p _ _

1967

I I I I I I I I I

1969

1968

COUNCIL OF ECONOMIC ADVISERS

(Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
Other Proprietors' income income
and
Divi- Personal Transfer
personal salary
labor 2
Business
payof
dends interest ments
income disburse- income
Farm
and pro- persons
income
l
fessional
ments
12.0
34.2
401. 0
12.0
15. 8
23.4
28.5
270. 8
13. 4
32.4
416.8
12.7
12.8
25.0
35. 6
16. 0
13. 8
278. 1
442. 6
33.3
13. 0
37. 1
27.7
296. 1
13. 9
16.7
15. 2
14. 9
13. 1
37. 9
465. 5
35. 3
31. 4
16. 5
17. 1
311. 1
222 7
12. 1
497. 5
34. 9
36. 7
40. 2
18. 0
16 6
17. 8
18.7
39.9
38.7
538. 9 i 35<S. 9
14.8
42.4
19.8
19.0
44. 1
394. 5
45. 2
587. 2
16. 1
20. 0
20. 8
43. 6
20. 7
14. 7
47. 2
52. 0
22. 1
21. 5
20. 8
629. 4
423. 5
48. 3
54. 1
49. 2
21. 2
59. 2
23. 1
687. 9
465. 0 1 24. 2 i 14. 6
:
55. 4
60.3
49.5
21. 3
23.7
474. 5
24. 7 ! 14. 7
701. 1
49. 5
21. 3
61. 2
478. 2
24. 8
14. 5
56. 0
23. 9
706. 2
21. 4
49. 7
24. 0
56. 7
61. 5
482. 2
25. 0 j 14. 3
711. 5
62. 1
21. 4
57.3
49. 8
23. 6
485. 8
25. 1
14. 4
716. 0
21. 4
63. 0
49. 5
23. 6
57. 4
718. 7
489. 3
25. 3
14. 5
21. 5
57. 6
63. 5
25. 5
14. 9
23.8
492. 6
49. 8
723. 9
64. 3
21. 5
24. 1 j 57. 9
25. 6
15. 3
49. 7
730. 7
497. 9
64. 7
21. 5
24. 2
58. 3
25. 8
15. 8
49.8
735. 3
500. 8
64. 9
24. 3
21. 6
16. 4
50. 1
58. 8
25. 9
740. 0
503. 8
59. 2
65. 2
16. 9
50. 4
21. 6
24. 5
26. 1
746. 1
508. 5
65.7
16. 8
24.6
59.5
512. 8
21.7
751.4
26. 3
50. 5
66. 1
21.7
24. 8
59.8
26.4
517.9
16. 8 i
50. 5
757.5
66. 4
21. 7
60. 2
25. 1
26. 6
16. 8
50. 5
760.7
519. 9
60. 6
66. 7
16. 7
50. 6
21. 8
25. 3
26. 8
521. 5
763. 1

i ('uin(HMisntion of employees (see p. 3) excluding employer contributions for
ftoeUU iiumrttnc4* and wage accruals less disbursements.
* Ktnploynr contribution.'* to private pension, health, and welfare funds; comtM'Mfmtinn for Injwinu; director:;' fees; military reserve pay; and a few other minor




Less: Personal contributions
for social
insurance
9.3
9.6

10.3
11. 8
12. 5
13.4
17. 7
20. 6
22. 6
23. 0
23. 2
23. 2
23. 4
25.3
25.3
25. 6
25.7
25. 8
26. 1
26.4
26. 6
26. 7
26. 8

Nonagricultural
personal
income 3
385.2
400.0
425. 5
448. 1
480. 9
519.5
566. 3
609.7
667. 9
680. 9
686. 1
691. 5
695. 9
698. 5
703. 1
709.5
713. 5
717.7
723.4
728. 8
734.9
738. 1
740. 6

3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

JISPOSITION OF PERSONAL INCOME

1

urrent estimates indicate personal income increased $16 billion (seasonally adjusted annual rate) in the third quarter,
and disposable personal income rose $17 billion. With personal outlays advancing about $7 billion the saving rate
rose from 5.3 percent to 6.7 percent.
BILLIONS' OF DOLLARS
700

BILLIONS OF DOLLARS
700

— 600

600

500

400

400

DOLLARS.
3,200

DOLLARS
3,200

1963
SOURCE: DEPARTMENT OF COMMERCE

Period

Less:
PerPersonal
tax and
sonal
income nontax
payments

I960
.
1961
1962
1963 __ _
1964__ _
1965
1966 _ _
1967__ _
1968

401.0
416.8
442.6
465. 5
497. 5
538.9
587.2
629.4
687. 9

50.9
52.4
57.4
60. 9
59. 4
65.7
75.4
82. 9
97.9

1968: I—
II__
III_
IV_

664. 3
680. 1
696. 1
711. 2

89. 3
92. 7
102. 6
107. 0

1969: !___ 724.4
II__ 740. 5
III_ 756. 5

114. 2
118. 5
117. 5

COUNCIL OF ECONOMIC ADVISERS

Per capita disSaving
Less: Personal outlays
posable personal as perEquals:
Personal consumption
Equals:
income
cent of PopulaDisexpenditures 2
Personal
distion
posable Total
saving Current
posable
(thoupersonal personal Durable Non1958 personal sands) 3
l
income outlays
prices
prices
goods durable Services
income
goods
(percent)
Billions of dollars
Dollars
4.9 180, 684
45.3
333. 0
151.3
128.7
1,937
1,883
350.0
17.0
5.8 183, 756
44.2
1,983
155.9
135.1
21.2
1,909
343. 3
364.4
5.6 186, 656
2,064
49.5
162.6
143.0
363.7
21.6
385.3
1,968
152. 4
4. 9 189,417
168. 6
53. 9
2,136
384.7
19. 9
404. 6
2,013
6. 0 192, 120
178.7
59. 2
163. 3
2, 280
411. 9
26. 2
2,123
438. 1
2, 432
6.0 194, 592
66.3
175.5
473.2
191. 1
28.4
2, 235
444.8
6.4 196, 907
206. 9
188. 6
32. 5
2, 599
479. 3
70.8
2, 331
511. 9
7.4 199, 114
204. 2
215. 1
40.4
2,745
73. 0
2, 399
506. 2
546. 5
222. 8
6. 5 201, 152
230. 6
2, 933
38.4
2,474
83. 3
590. 0
551. 6
Seasonally adjusted annual rates
215. 1
6. 9 200, 425
226. 1
39. 9
2, 869
535. 1
79. 5
2,455
575. 0
220. 0
2, 924
7. 2 200, 899
228. 5
42. 3
545. 1
81. 8
2,476
587. 4
225. 8
2, 946
5. 6 201, 450
85. 8
233. 3
33. 2
560. 2
2,477
593. 4
234. 3
230. 1
2, 991
6. 3 202, 015
604. 3
86. 3
38. 0
2, 485
566. 2

610. 2
622. 0
639. 0

577. 7
588. 8
596. 0

88. 4
90. 6
89. 8

238. 6
242. 1
245. 1

1 Includes persona! consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
a Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.




235. 0
240. 1
244. 9

32. 5
33. 3
43. 1

3, 014
3, 065
3, 140

2,482
2,494
2,526

5.3
5.3
6.7

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

202, 472
202, 964
203, 507

FARM INCOME
According to current estimates, net farm income excluding inventory change (seasonally adjusted) rose about
percent in the third quarter, including inventory change there was a rise of 2% percent.
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS
60

SEASONALLY ADJUSTED ANNUAL RATES

50

50
REALIZED GROSS
FARM INCOME

40

40.

30

30

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

20

\

20

J<*-

10

10

J

L

1

1963

I
1964

I

»

f
1966

1965

f

»

t
1967

r

I

Personal income received by
total farm population

|
From
all
sources

From
farm
sources

1960
_ _
1961
1962
1963___
_ __
1964 __
1965
1966
1967
1968

18.7
19.7
20.4
20.6
20.6
23.6
24. 9
23.9
24. 9

11.5
12.2
12.3
12. 1
11.3
13.5
14.4
13. 0
13. 1

1968: I
II _
III
IV__

__ _ ,

Income received from farming

From
nonfarm
sources

7.2
7.5
8.2
8.5
9.3
10.0
10. 5
10. 9
11. 8

Net income per
farm including net
inventory change 3

ProducCash
tion ex- Exclud- Includreceipts penses ingnetin- ing net in- Current
1968
from
Total *
ventory ventory2
prices prices 4
marketchange change
ings
Dollars
Billions of dollars
12. 1
34.2
11.7
38.1
3, 049
3, 505
26.4
3, 399
39.8
13.0
35. 1
12.6
3, 907
27. 1
41.3
36.4
3, 586
28.6
13. 2
4, 075
12.6
42.3
37.4
29.7
13. 2
3, 708
4, 166
12.6
37.2
42.6
12.3
3, 564
13. 1
29.5
3, 960
44.9
4, 487
39.3
30.9
15.0
4, 931
14.0
49. 7
43. 3
16.3
16. 2
5, 019
33. 4
5,339
14.2
49. 0
42. 7
14. 7
34. 8
4,683
4, 878
44. 4
51. 1
14. 8
14.7
4, 805
4, 805
36. 3
Seasonally adjusted annual rates
14. 4
4, 880
14. 9
4, 980
50. 0
43. 4
35. 6
14. 4
4, 710
44. 2
14. 8
4, 710
50. 9
36. 1
4, 880
14. 9
4, 830
15. 3
51. 8
45. 0
36. 5
14. 7
4, 750
14. 5
4, 700
45. 0
37. 2
51. 9

1969: I__ _
II
III
'Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
• I n v e n t o r y of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
h \ !''n)!rrmt ( \vliTln n' ^u-'011'1'"0 dcfinition of a farm' The number of farms is




Net to farm
operators

Realized gross

Period

_

r

COUNCIL OF ECONOMIC ADVISERS

SOURCE* DEPARTMENT OF AGRICULTURE

___ ___

r
1969

1968

52. 9
55. 1
55. 3

46. 0
48. 2
48. 0

37. 9
38. 8
38. 8

15. 0
16. 3
16.5

15. 0
16. 5
16. 9

5, 040
5, 540
5, 680

4, 890
5, 330
5,410

* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1968 base.
__
_. , , . , .
,
.. . , , , , . . ,ncr.
NOTE.— Data for Alaska and TT
Hawaii included beginning 1960.
Source: Department of Agriculture.

CORPORATE PROFITS
profits before taxes and including inventory valuation adjustment (seasonally adjusted) showed another dip in the
third quarter and were $2 billion below a year earlier. Compared with a year earlier, before tax profits excluding
inventory valuation adjustment were $1 billion higher, while after tax profits were unchanged.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

40

40

20

20

1969
SOURCE.- DEPARTMENT OF COMMERCE

Period

1960
1961_
1962
1963
1964
1965
1966 _ 1967
1968
1968: I
II__.
III..
IV...
1969: I
II—
III"

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits
Corporate profits (before taxes) and inventory
after taxes
Corpo- Profits
valuation adjustment
plus
rate
TransCorpo- CorpoManufacturin g
capital capital
portation ,
rate
rate
conconDiviUncomtax
profits
NonAll
Durable durable munidend distrib- sump- sumpAll 1 before liabil- Total
industion
tion
uted
goods
payity
taxes
Total
goods cation s, other
tries
indusments profits allow- allowand
2
indusances ances 3
tries
public
tries
utilities
24.4
12.4
12.0
26. 7
13. 4
23. 0
13. 2
49. 7
24. 9
17. 9
51. 6
49. 9
7. 5
23. 3
11. 4
27. 2
11. 9
13. 8
23. 1
13. 5
26. 2
50. 3
53. 5
19. 1
50.3
7. 9
26.6
14. 1
12. 5
24. 2
31. 2
15. 2
16. 0
55. 4
30. 1
61. 3
20. 5
55. 7
8. 5
33. 1
15. 8
28. 8
13. 0
26. 3
16. 5
16. 6
59. 4
20. 6
31. 8
64. 8
58.9
9. 5
14.9
32.7
17.8
38.4
28.3
20.6
23. 5
66.8
17.8
33.9
66.3
10. 1
72.3
22. 8
46. 5
1 6. G
19. 8
39.3
25. (>
77. S
31. 3
26. 7
36. 4
82. 9
76. 1
11. 1
42. 6
24. 0
49. 9
18. 6
84. 2
34. 3
20. 8
27. 9
82. 4
39.5
11. 9
29. 1
89. 5
20. 9
47. 3
39. 0
18. 1
29. r>
80. 3
33. 0
21.5
10. S
25. 9
42. 6
90. 0
79. 2
44. 4
24. 5
19. 9
n. (•> :->i. 9 91. 1 41. 3 49. 8 23. 1 26. 7 45. 9
87. 9
95. 7
82. 5
88. 2
90. 6
90. 3
89. 5
S9. 2
SS. 7

41. 1
44. 9
45. 4
46. 2
4f>. 1
44. 9

22.
2f>.
2f>.
25.
24.
2o.

()
1
0
S
7
9

19. 1
J9. S
20. 4
20. 4

11. 3

11. f,

12. 0
11. (i
11. S
11. 7

20. ;;

21. 0

30. 1

:;i. s

33. 1

;>2. (>

32. 6
32.6

i

'Includes all other industries and financial institutions.
2
Includes depreciation and accidental damages.
^Corporate profits n f l e t taxes plus corporate capital consumption allowances.




87. 9
90. 7
91. 5
94. f>
95. 5
95. 4
92. 4

39. 9
41. 1
41. 4
42. 9
43. 4
43.6
42. 4

47. 9
49. 7
50. 0
51. 6
52. 2
51. 8
50.0

22. 2
22. 9
23.6
23. 8
23. 8
24. 3
24. 9

25. 7
26. 7
26. 5
27. 8
28. 4
27.5
25. 1

44. 8
45. 8
46. 2
46. 7
47. 7
48. 6
49. 6

92. 7
95. 5
96.2
98.3
99.9
100.4
99.6

NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines ($2i-£ billion for 1962) and therefore not comparable with preceding data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

GROSS PRIVATE DOMESTIC INVESTMENT
According fo current estimates for the third quarter, gross private domestic investment rose $6 billion (seasonall
adjusted annual rate). Business fixed investment increased $31/3 billion and the rate of inventory accumulation ov<
$3% billion. Partially offsetting these increases was a $11/3 billion decline in residential construction.
BILLIONS OF DOLLARS
160

BILLIONS OF DOL1ARS
160

SEASONALLY ADJUSTED ANNUAL RATES

140

140

GROSS PRIVATE DOMESTIC
INVESTMENT

120

120

100

100

80

80
PRODUCERS'
. DURABLE EQUIPMENT .

60

-

40
......—•-""""""""*"

I
RESIDENTIAL STRUCTURES
RESIDEN
|
A

60

40

NONRESIDENTIAL STRUCTURES

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

20

20

CHANGE IN BUSINESS
INVENTORIES

1963

1964

1965

1966

1967

1969

1968

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

Total
gross
private
domestic
investment

Total

NOTK.

60.9
75.3
74.8
71.7
83.0
87. 1
94 0
108. 1
121. 4
116. 0
126. 3
119. 4
126. 6
125. 2
133. 9
135.2
137.4
143. 3

Total

Total

62.4
70.5
71.3
69. 7
77.0
81. 3
88. 2
98. 5
106. 6
108. 6
119. 0
117. 7
116. 7
118. 0
123. 4
128. 6
130. 5
132. 5

41. 6
45. 1
48. 4
47.0
51.7
54. 3
61. 1
71. 3
81.6
83.7
88. 8
89. 1
86. 4
88. 1
91. 5
95. 3
97. 8
101. 1

D a t a for Alaska and Hawaii included beginning 1960.

8



Producers7 durable equipment

Structures
Total

1958
1959
1960_
1961___ _ _ _ _ _ _ _
1962
1963
_ „
1964
1965
1966
1967 _ .
1968
1968: I
11
III
IV
1969: ! _ _ _ _ _ _
II _ III

Residential
structures

Nonresidential

16. 6
16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25. 5
28. 5
27. 9
29. 3
29. 8
28. 3
29. 0
30. 1
32.3
32. 1
34.7

Nonfarm

Total

15. 8
15. 9
17. 4
17.7
18. 5
18. 8
20.5
24. 9
27.8
27. 2
28. 6
29. 0
27. 6
28. 3
29. 3
31. 6
31.4
34. 0

25. 0
28. 4
30.3
28. 6
32. 5
34, S
39. 9
45. 8
53. 1
55. 7
59. 5
59. 4
58. 1
59. 1
61. 4
63. 0
65.7
66.4

Nonfarm
22. 0
25. 4
27. 7
25! 8
29.4
31. 2
36.3
41. 6
48.4
50. 9
54. 6
54. 2
53. 1
54. 3
56. 7
58.7
61.0
62.4

20.8
25.5
22.8
22. 6
25. 3
27.0
27. 1
27. 2
25. 0
25. 0
30.2
28. 6
30. 3
29. 9
31. 9
33. 3
32.7
31.4

Source: Department of Commerce.

Nonfarm
20. 1
24.8
22. 2
22. 0
24. 8
26. 4
26.6
26. 7
24. 5
24. 4
29. 6
28. 0
29.7
29. 4
31. 4
32. 8
32.2
30. 9

Change in business inventories

Total

— 1. 5
4.8
3. 6
2. 0
(>. 0
5. 9
5.8
9. 6
14. 8
7. 4
7. 3
1. 6
9.9
7. 2
10. 5
6. 6
6. 9
10.7

Nonfarm
-2. 3
4. 8
3. 3
1. 7
5. 3
5. 1
6. 4
S. 6
15. 0
6.8
7.4
1.3
10. 3
7.5
10.7
6. 6
6. 7
10.3

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
l"he July-August survey of investment anticipations reduced the increase in plant and equipment expenditures forl969
to 101/2 percent over 1968. Actual expenditures in the second quarter were about $2 billion (seasonally adjusted
annual rate) below anticipations in the previous survey, and anticipated expenditures for the third and fourth quarters
were also revised downward.
_
_
_
________ __
BILLIONS OF DOLLARS
80 I

BILLIONS OF DOLLARS

80

SEASONALLY ADJUSTED ANNUAL RATES

70

70
TOTAL NEW PLANT AND EQUIPMENT

60

50

50

40

40
NONMANUFACTURING

L**—'
30

30

MANUFACTURING

20

20

i

10
1963

1964

1966

1965

1967

1968

1969

J/SEE FOOTNOTE 3 BELOW
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE

-M" 10

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Trans port a tion

Manufacturing
Period

Total *
Total

1957
_
__
1958
.
1959
I960
_
_.
1961
1962
1963_
_ _
_
_
1964
1965
--- 1966
_- 1967
_
1968 3
-- 1969
1968- I
II
III
IV
_ ___
1969- I
II 3
III
_._ _ _
IV 3
1

36.96
30. 53
32. 54
35. 68
34. 37
37. 31
39. 22
44. 90
51.96
60.63
61.66
64. 08
70.85
64. 75
62.60
63. 20
65. 90
68. 90
70.20
72. 25
72. 10

15.96
11. 43
12. 07
14. 48
13.68
14. 68
15. 69
18. 58
22.45
26.99
26.69
26.44
29. 68
26. 35
25.80
26. 65
26. 85
28. 20
29. 30
30. 45
30. 55

Durable
goods

Nondurable goods

8.02
5.47
5. 77
7. 18
6. 27
7. 03
7.85
9. 43
11.40
13.99
13.70
13.51
15. 43
13. 65
12. 80
13. 65
13. 90
15. 00
15. 35
15. 80
15. 50

7. 94
5. 96
6.29
7. 30
7.40
7. 65
7. 84
9. 16
11.05
13.00
13.00
12. 93
14. 25
12. 70
13. 00
13. 05
12. 95
13. 20
13. 95
14. 60
If). 05

Excludes agriculture.
2 Commercial and other includes trade, service, Finance, communications, and
construction.
3 Estimates based on anticipated capital expenditures as reported by business
in late July and August 11)09. Includes adjustments when necessary for systematic
[tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data arc rounded to nearest $50 million.




Mining
Railroads

1.24
. 94
.99
.99
. 98
1.08
1. 04
1. 19
1.30
1.47
1.42
1. 42
1. 56
]. 55
1.40
1. 35
1. 35
1. 55
1. 65
1. 60
1. 45

Other

1.40
.75
. 92
1. 03
.67
. 85
1. 10
1. 41
1.73
1.98
1.53
1.34
1. 47
1. 65
1.40
1. 20
1. 15
1. 35
1. 35
1. 70
1. 50

1.77
1. 50
2. 02
1. 94
1. 85
2.07
1.92
2. 38
2.81
3.44
3.88
4. 31
4. 52
4.35
3.65
4. 60
4. 80
4. 80
4. 00
4. 65
4. 85

Public Commerutilities cial and
other 2
6. 20
6. 09
5. 67
5. 68
5.52
5. 48
5. 65
6. 22
6.94
8.41
9.88
11. 54
12. 74
11. 60
11.65
10. 90
12. 00
13. 05
13. 20
12. 70
12. 20

10. 40
9. 81
10.88
11. 57
11. 68
13. 15
13. 82
15. 13
16.73
18.36
18.25
19. 04
20. 88
19. 20
18.70
18. 50
19.75
19. 95
20. 70
21. 20
21. 55

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.

9

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force (seasonally adjusted) rose by 127,000 in October. Employment increased by 198,000 resulting in a decline in unemployment of 71,000. Agricultural employment declined (126,000), but nonagricultural
employment increased substantially (324,000).
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

-5
0 I i i i i i I i i i i i

i ! i i i I i i i i t I i i i t i i i i t i i I i » t t i I i t i i i I i r i t f I r t f f t I i t f t t i i i t t i 1 t t i i i I t i t t i I 0

PERCENT OF CIVILIAN LABOR FORCE

UNEMPLOYMENT

PERCENT OF CIVILIAN LABOR FORCE

*ATE

SEASONAtLY ADJUSTED
8

-f~

-,

n

1963-

r-

T-,

1964

1965

1968:
Sept_
Oct..
Nov_
Dec_.
1969:
Jan__
Feb..
Mar_
Apr_
May.
JuneJulv.
Aug..
Sept.
0(!t.

COUNCIL OF ECONOMIC ADVISERS

82, 137
82, 477
82, 702
82, 618

Unemployment Labor
Total
Civilian employment
force
rate (percent of
labor
civilian labor particiforce
UnemUnemCivilian
NonNonpation
force)
Agriploy- (includ- labor
ployagriagriing
Total
ment
force
Total
ment
culSeason- rate,
culculUnadunadarmed
tural
tural
tural
justed ally ad- justed l
forces)
justed
Thousands of persons 16 years of age and over
Percent
69, 305 64, 782 3,786 75, 830 73, 091 69, 305 4, 523 64, 782 3,786
II
59. 6
5. 2
\
59. 7
71, 088 66, 726 3, 366 77, 178 74, 455 71, 088 4, 361 66, 726 3,366
4. 5
72, 895 68, 915 2,875 78, 893 75, 770 72, 895 3,979 68, 915 2, 875
il
60.1
3. 0
o
74, 372 70, 527 2,975 80, 793 77, 347 74, 372 3,844 70, 527 2,975
60. 6
3. 8
75, 920 72, 103 2,817 82, 272 78, 737 75, 920 3,817 72, 103 2, 817
60. 7
3.6
Unadjusted
Seasonally adjusted
i
75, 939 72, 103 2, 606 82, 488 78, 847 76, 000 8, 651 72, 349 2,847
60. 4
3. 6
3. 3
76, 364 72, 596 2, 511 82, 408 78, 800 76, 002 3, 525 72, 477 2, 798
60.5
3. 2
3. 6
60. 6
76, 609 73, 001 2, 577 82, 559 79, 042 76, 388 8, 706 72, 682 2, 654
3. 3
3.4
60. 5
76, 700 73, 421 2,419 82, 868 79, 368 76, 765 3,842 72, 923 2, 603
3. 3
3. 1

81,711
82, 579
82, 770
83, 137
83, 085
85, 880
86, 318
86, 046
84, r>27
S5, 038

75, 358
76, 181
76, 520
77, 079
77, 264
78, 956
79, 616
79, 646
78, 026
78, 671

j Total
labor
force
Period (including
armed
forces)
1964__.
1965___
1966__.
1967__J
1968...

1969

1968

1967

1966

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

75, 830
77, 178
78. 893
8CX793
82, 272

Civilian employment

72, 192
72, 896
73, 193
73, 471
73, 370
74, 589
75, 460
75, 669
74, 397
75, 110

2,876
2, 923
2, 746
2, 542
2, 299
3, 400
3, 182
2, 869
2, 958
2, 839

83, 85 1
88, 881
83, 999
88, 966
88, 598
83, 957
84, 277
84, 584
84, 902
85, 014

nstitutional population.
e A l a s k a and Hawaii.

10



79, 874
80, 356
80, 495
80, 450
80, 071
80, 433
80, 756
81, 054
81, 859
81, 486

77, 229
77, 729
77, 767
77, 605
77, 265
77, 671
77, 874
78, 187
78, 127
78, 325

3, 752
3,881
3, 732
8,664
3,805
3, 705
3,551
8,684
3, 458
3, 332

78, 477
73, 848
74, 085
73, 941
73, 460
73, 966
74, 328
74, 553
74, 669
74, 993

Source: Department of Labor.

2,645
2,627
2, 728
2,845
2, 806
2, 762
2,882
2, 867
3, 232
3, 161

3.7
3.7
3.5

3. 8
3. 3

3.7

4.0

3.4

3. 2
2. 9
4. 1
3. 8
3. 5

8.5
3. 5
& i
8. 4
8. 6
8.5

3. 5

3. 9

59. 7
60. 3
60.4
60. 5
60. 4
62. 4
62. 6
62. 3
61. 1
61. 4

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
Jhe unemployment rate (seasonally adjusted) decreased slightly in October to 3.9 percent. Unemployment rates for
experienced wage and salary workers (3.8 percent) and married men (1.7 percent) remained steady at September
levels.
PERCENT

LABOR FORCE TIME LOST
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS

UNEMPLOYMENT RATE,
MARRIED MEN

1963

1969

SOURCE- DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

Unemployment rate
(percent of civilian labor
force in group)
Experi- Married Labor
force
enced
All
time lost J Over 40
wage and men
hours
(wife
workers salary
workers present)

Period

1964
_- _
1965
1966 . _ _ _ 1967 _ _
1968

5.2
4.5
3.8
3.8
3.6

1968: Sept -

3.6
3.6
3.4
3.3
3. 3
3. 3
3. 4
3. 5
3. 5
3. 4
3.6
3. 5
4. 0
3.9

Oct
Nov
Dec

1969: Jan _
Feb
Mar
Apr
May

June
Julv
Aug

Sept
Oct

..

1

Percent
5.0
2.8
2. 4
4.3
3. 5
1. 9
3. 6
1. 8
3.4
1.6
Seasonally adjusted
3.4
1.6
3. 3
1. 6
3.2
1.6
3.1
1.4
3. 1
1. 4
3. 0
1. 4
3. 1
1. 4
3.2
1. 5
3. 1
1. 5
3. 2
1. 5
1. 6
3.5
3.5
1. 5
1. 7
3.8
3.8
1.7

5.8
5.0
4. 2
4.2
4.0

19,271
20, 788
21, 334
20, 920
20, 600

4.0
3.9
3.8
3.6
3. 6
3. 6
3. 7
3. 7
3.5
3. 9
4. 1
4. 1
4. 4
4. 4

22, 081
22, 303
20, 472
21, 810
20, 463
19, 519
21, 155
20, 128
21, 185
20, 914
19, 352
20, 045
21, 651
21, 370

Man-hours lost by the unemployed and persons on part time lor economic
reasons as a percent ol potentially available labor force inan-hours.
^Differs from total nonagricultural employment (p. 10), which includes perons with jobs but not at work for such reasons as vacation, illness, bad weather,
Ind industrial disputes.
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.




Persons at work in nonagricultural industries
by hours worked per week 2
Under 35 hours
Part-time for
Part-time for
economic reasons economic reasons
35-40
hours
Total Usually
Usually Usually Usually
full- 3
partfullparttime
time 4
time 8
time 4
Thousands of persons 16 years of age and over
29, 100 13, 101
1, 151
986
30, 768 11,818
897
1,031
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
32, 658 14, 785
895
820
Unadjusted
Seasonally adjusted
33, 773 12, 992
972
689
974
769
33, 380 14, 135
852
671
907
780
30, 101 19, 844
814
753
852
859
33, 898 14, 987
835
723
872
801
34, 316 14, 400
707
898
805
800
32, 002 18, 433
900
730
870
768
34, 757 14, 689
977
754
979
822
34, 370 15, 650
690
823
858
812
34, 834 14, 620
806
703
862
826
35, 107 13, 420
1, 143
1,078
1, 030
844
33, 545 1 2, 533
862
1,294
881
914
34, 112 12, 222
1,088
1,235
1, 065
936
35, 350 13,' 668
1, 089
798
1, 091
891
5
5
34, 17;] 16, 462
950
790
1, 012
919

* Primarily includes persons who could find only part-time work.
Average hours worked: usually full-timi , 24.2; usually part-time,
NOTE.—See Note, p. 10.
Source: Department of Labor.
5

11

UNEMPLOYMENT INSURANCE PROGRAMS
In October, insured unemployment under State programs averaged 70,000 higher than a year earlier. The seasonally
adjusted insured unemployment rate remained at 2.2 percent.
MILLIONS.OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS

1967

1966

f

JAM

FEB.

MAR.

t

APRIL

\

t

MAY

JUNE

JULY

AUG.

SEPT.

OCT.

SOURCE DEPARTMENT OF IABOR

1965
1966
1967
1968
1968: Aug
Sept _
Oct

.

Nov
Dec

1969: Jan
Feb
Mar
Apr

May

June
July
Aug

Sept
___ _ _ _
Oct "
Week ended:
1969- Oct 11
18
25

Nov 1 "
8"

12

State programs
Insured unemployment as perInitial Exhaus- cent of covered
employment
tions
claims
Unad- Seasonjusted ally adjusted
Percent
Weekly average, thousands
3. 0
232
21
1, 328
2.3
203
15
1, 061
2. 5
17
226
1, 205
2. 2
201
16
1, 111
1. 9
2. 3
174
955
15
2.2
802
13
141
1.6
14
1. 6
2. 1
794
154
1.8
913
2. 1
189
13
2.3
14
2.0
1, 172
261
3. 0
2. 1
1, 491
16
275
2. 9
17
2. 1
1,459
219
2. 6
2. 1
17
1,300
173
2. 2
2. 0
167
19
1, 090
144
2.0
906
17
1.8
852
162
1.7
2. 1
18
6)
0
2. 0
&. 6
246
1, 021
15
9 9
172
&. &
15
1.8
948
840
2. 2
12
1. 6
146
864
2.2
167
13
1.6

Thousands
51,580
1,450
54, 739
1,129
1,270
56, 342
"58, 017
1,187
1,024
"59, 161
"59, 020
868
861
"58, 778
985
"58, 906
"59, 294
1,253
1,585
1,550
1,385
1, 162
970
912
1, 089
1,016
903
930

896
929
946

971

2, 360. 4
1, 890. 9
2, 220. 0
2, 191. 3
162.8
133.4
138. 7
134.8
185. 4
264.6
250. 8
242. 6
214. 9
164. 9
145. 7
171. 8
169.7
148. 3
153. 8

832
864
879
902

NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Hicu since January 1961.




f

'i

DEC

COUNCIL OF ECONOMIC ADVISERS

All programs
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milploy(weekly
ment
lions
ment
averof dolage)
lars)

Period

NOV.

169
155
172
175
206

1. 6
1.6
1.7
1.7

Source: Department of Labor.

Benefits paid
Total Average
(milweekly
lions of
check
dollars) (dollars)

2, 166. 0
1,771.3
2, 101. 0
2, 031. 9
150. 0
121.8
126. 0
122. 5
170. 3
246. 1
234. 2
226. 5
200. 1
153. 0
135. 0
159. 2
156.7
136.2
140. 9

37. 19
39.75
41. 25
43.43
43. 73
43.78
44. 37
44. 72
45. 34
46. 16
46. 80
46. 71
46. 03
45. 14
44. 88
45. 30
46. 16
45.70
46. 17

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment (seasonally adjusted) increased in October by 187,000 to almost 70.7
nillion. The major changes were increases that occurred in wholesale and retail trade (80,000), services (98,000)
and State and local government (29,000).
Mil.LIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
16
(ENLARGED SCALE)

MIL LIONS OF WAGE
AN 3 SALARY WORKERS- (SEASONALLY ADJUSTED}
72

S*~*~~~~ 68

^^"1

14

^~*~**^\

"

64

-

WHOLESALE AND RETAIL TRADE

ALL NONAGRICULTURAL
ESTABLISHMENTS

S*^

12

^

SERVICES

-

60
-

10
^.—- ^

36

.^""

-- -

-..,

32

——""""'"""""

'

-

_

NONMANUFA CTURING
(PRIVAT E)

-

12
"""••••ma,,,,%*»*f,,Mjl\'11"

-

-&***

J

-

DUR^te'LE?
MANUFA CTURING

10

24
~

NONDURABLE
MANUFACTURING
L
\
.

~

rtANUFACTURINC

20

8
-

-

16
_

CONTRAC T
CONSTRUCT ION

-

GOVERNMENT

4

12
Jt ..-•-'-'-

8

t ! 1 1 1I I 1 1I 1

1966

1 1 1 1 ! I1 f ! ! 1

1968

1967

2 A\ l r t i 1 l l \ i i

1 I! 1 1f 1 1 1 ! U

1969

^

f t 1 ! f ! 1 f t I 1

* 1966

1967

SOURCE: DEPARTMENT O F.IABOR

r r r r r! f r f f t
1968

f r r f if i » r i iK
H
1969

COUNCIL OF ECONOMIC ADVISERS

l

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

Total

1963
1964
1965_
_._
1966— -_
1967
1968
_ _
1968: Sept.
Oct__
Nov__
Dec__
1969: Jan__
Feb__
MarApr. _
May_
JuneJuly Aug.
Sept v
Get *_

56, 702
58, 331
60, 815
63, 955
65, 857
67, 860
68, 195
68, 427
68, 664
68, 875
69, 199
69, 487
69, 710
69, 789
70, 013
70, 300
70, 247
70, 500
70; 4SO
70, 673

Total

16, 995
17, 274
18, 062
19, 214
19, 447
19, 768
19, 820
19, 840
19, 897
19, 958
19, 999
20, 061
20, 122
20, 111
20, 118
20, 1 98
20, 164
20, 334
20, 201
20, 190

NonDurable durable
goods goods
9,616
9,816
10, 406
11, 284
11, 439
11, 624
11, 646
11, 649
11, 700
11, 744
11,819
11, 839
11, 881
11, 868
11, 874
11, 931
11, 912
12, 081
11, 905
11, 953

7,380
7,458
7,656
7,930
8,008
8, 144
8, 174
8, 191
8, 197
8, 214
8, 180
8, 222
8, 241
8, 243
8, 244
8, 267
8, 252
8, 253
8, 236
8, 237

Nonmanufacturing (private)

Total

Contract
Mining construe-

30, 481
31, 461
32, 679
33, 950
35, 012
36, 246
36, 488
36, 638
36, 818
36, 885
37, 110
37, 304
37, 456
37, 534
37, 68S
37, 843
37, 852
37, 928
38, 001
38, 178

'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 12t,h of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they




635
634
632
627
613
610
622
573
622
623
626
628
026
(524
022
022
029
031
631
633

2,963
3, 050
3, 186
3, 275
3, 208
3, 267
3, 286
3, 305
3, 313
3, 330
3, 338
3, 36G
3, 374
3, 363
3, 407
3, 406
3, 434
3, 410
3,414
3,406

Transportation
and
public
utilities
3, 903
3, 951
4,036
4, 151
4, 261
4, 313
4, 333
4, 341
4, 352
4, 300
4, 353
4, 373
4, 399
4,439
4, 444
4,467
4,483
4,484
4,482
4,476

Government

Whole- Finance,
insursale
ance, Services Federal State
and
and
and
retail
local
real
estate
11,778 2, 877 8, 325 2,358
6,868
12, 160 2, 957 8,709 2, 348
7, 248
12, 716 3,023 9, 087 2,378
7, 696
13, 245 3, 100 9,551 2, 564
8, 227
13, 606 3, 225 10, 099 2, 719
8, 679
14, 081 3, 383 10, 592 2, 737
9, 109
14, 198 3,414 10, 635 2,721
9, 166
14, 265 3,433 10, 721 2,708
9, 241
14, 291 3,453 10, 787 2,709
9,240
14, 271 3,463 10, 838 2,724
9,308
14, 412 3,490 10, 900 2,760
9,321
14, 468 3, 502 10, 967 2,767
9, 355
14, 508 3,515 11, 034 2,759
9, 373
14, 533 3,531 11, 044 2,758
9,386
14, 609 3,541 11, 065 2,754
9,453
14, 665 3,557 11, 066 2,790
9,469
14, 671 3, 568 11, 067 2,777
9,454
14, 702 3,581 11, 120 2,752
9,486
14, 731 3,590 11, 153 2,749
9,535
14, 811 3,601 11, 251 2,741
9,564

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.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.

13

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek for private nonfarm production workers declined in October from 37.8 to 37.5 hours (seasonally'
adjusted). Hours declined in each of the industry divisions shown—manufacturing, contract construction, and retail
trade.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46

HOURS PER WEEK'(SEASONALLY ADJUSTED)
46

TOTAL NONAGRICULTURAL PRIVATE

MANUFACTURING

44

42

40

38

^,%.

-~-

—•*"'*-

's- •V

V

36
34

ify 1 1 1 1 1 ! f t 1 1

1 I 1 f I I 11 1 1!

1 1 1 1 1 I 1 f 1 ! 1

1966

1967

i i i ri 1 i iit iN

1968

M

1969

1967

1968'

1969

1967

1966

196.8

1969

42

CONTRACT CONSTRUQION

RETAIL TRADE

40
38
36
34

32
30
1966

1967

1968

1966

1969

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

1

[Average hours per week ]
Total
nonagricultural
private 2

Period

Manufacturing

Contract
construction

Unadjusted
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1968' Sept
Oct
Nov
Dec
1969: Jan
Feb
Mar__
Apr
May
.1 line
.Julv

_
. -_

__ _

_ ___

__- _
_

A UK

*<M>t."
Or!, •'

.....__
workers

39. 0
40. 3
39. 7
38. 6
39. 8
38.6
40. 4
38.7
40. 5
38.8
40. 7
38.7
41. 2
38. 8
41. 3
38. 6
40. 6
38. 0
40. 7
37. 8
41. 2
38. 1
41. 1
37. 9
40. 9
37. 5
41. 1
37. 8
40.4
37.5
40. 0
37. 2
40.7
37. 6
40. 5
37. 5
40. 7
37. 7
40. 9
38.0
40. 5
38. 1
38.2
40. 6
41. 0
38. 0
37. 6
40.7
or nonsupervisory employees. Data

K l l l t l l l l j : 1!»/»'.».

I t x l i i ' . t r v croups shown on p. 13.

14



Retail
trade 3

Total
nonagricultural
private 2

Manufacturing

Contract
construction

Retail
trade 3

Seasonally adjusted

37. 0
38. 2
38.0
36. 7
36. 9
37.6
37. 0
37. 4
37. 3
37. 3
37. 2
37. 0
37. 4
36. 6
37. 6
35.9
i
37. 7
35. 3
i
37. 4
34. 7
38.7
34. 7
37. 9
38. 4
34. 3
37. 8
35. 1
34. 1
37. 6
37. 1
34. 6
37. 6
34. 0
36. 7
37. 8
37. 5
36. 6
33. 8
37.2
37. 8
33. 9
37. 8
37. 6
33.8
38. 2
37. 8
33. 9
34. 5
37. 8
38. 5
37. 8
38.8
35. 2
37.8
39. 2
35.3
34. 1 !
87. 8
39. 3
38. 3
33. 6 i
37. 5
for
5 Includes eating and drinking places.
Source: Department of Labor.

i
I
i

41. 0
40. 9
40. 8
40. 8
40. 6
40. 1
40. 9
40. 8
40. 7
40. 7
40. 7
40.6
40.8
40.5

37. 5
37. 5
36. 2
37. 6
38. 2
38. 0
37. 9
38. 0
38. i
SI. 6
37.5
37.9
38.1
37. 4

34.7
34.5
34-5
34-3

Q f
I
34. 4
34. 2
34. 3
34. 1
34- 3

or

Q

OJj.. <O

34.2

34. 3
34.1
33.8

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings ot private nonrarm production wor
average
of
nonfarm
workers increased by only 1 percent in October to $3.11
\verage weekly earnings declined by 86 cents to $116.94.
DOLLARS

DOLLARS
500

AVERAGE WEEKLY EARNINGS

AVERAGE HOURLY EARNINGS
180

4,50

CONTRACT

CONTRACT CONSTRUCTION

V-

,
CONSTRUCTION / \ . /

.

160

4.00

y

/

V *

/ V

140

MANUFACTURING

%

^^

-V—^—^-^-^—

120

3.00

\

. TOTAL NONAGRICULTURAL
PRIVATE

230

100

TOTAL NONAGRICULTURAL
PRIVATE

80

2.00

RETAIL TRADE
RETAIL TRADE

60

150
1966

1968

1967

1969

1966

1967

1968

SOURCE; DEPARTMENT OF LABOR

1969
COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees!
Average hourly earnings— current prices
Period

1959
1960_
_ _
1961
1962
1963
1964___
1965
_- _
1966___ _
_ _
1967
__
1968
__ _
1968: Sept
Oct
Nov
Dec

1969: Jan
Feb_
Mar__
Apr

May __
June
_
July.
Aug

Sept v
Oct ^. _ ..
1
2 Also includes other
Includes eating and
3

Average weekly earnings— current prices

Total
nonagricultural
private 1

Total
nonagricultural
private l

Manufacturing

Contract
construction

Retail
trade 2

$78. 78
80.67
82. 60
85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107. 73
110. 49
110. 29
109. 50
110. 38
110. 25
110. 11
111. 67
111. 75
113. 48
115. 14
115. 82
116. 51
117. 80
116. 94

$88. 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
125. 25
125. 77
125. 97
127. 82
126. 05
124. 80
127. 39
127. 58
128. 61
1 29. 65
129. 20
129. 51
132. 84
131. 87

$108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
164. 56
173. 76
173. 57
159. 35
168. 81
168. 09
166. 90
171. 86
174. 46
179. 92
181. 34
183. 91
187. 77
192. 57
189. 20

$56. 15
57.76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
74. 95
75. 99
75. 46
75. 70
76. 47
76. 16
76. 39
76.61
76. 73
77.63
79. 35
80. 96
81. 19
79. 45
78. 29

$2. 02
2. 09
2. 14
2. 22

a 28
2. 36
2. 45
2. 56
2.68
2.85
2.90
2. 91
2.92
2. 92
2. 94
2. 96
2. 97
2. 98
3.01
3. 03
3. 04
3.05
3. 10
3. 11

Manufacturing
$2. 19
2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2. 72
2. 83
3.01
3.04
3. 06
3. 08
3. 11
3. 12
3. 12
3. 13
3. 15
3. 16
3. 17
3. 19
3. 19
3. 24
3. 24

Contract
construction
$2. 93
3. 08
3. 20
3. 31
3. 41
3. 55
3. 70
3.89
4. 11
4.40
4. 49
4. 52
4. 54
4. 55
4. 58
4. 56
4. 62
4. 64
4. 71
4.71
4. 74
4. 79
4. 90
4. 94

Retail
trade 2
$1. 47
1. 52
1. 56
1. 63
1.68
1.75
1. 82
1.91
2. 01
2. 16
2. 19
2. 20
2. 22
2. 21
2. 24
2. 26
2. 26
2. 27
2. 29
2. 30
2. 30
2. 30
2. 33
2. 33

private industry groups shown on p. 13.
drinking places.
Earnings in current prices, adjusted to exclude the effects o( overtime and
interindustry shifts.
* Earnings in current prices divided by the consumer price index.




Manufacturing
industries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1957-59 = 1957-59
100 3
prices 4
103.4
$86. 96
106. 8
87. 02
109. 9
88. 62
112. 7
91. 61
115. 5
93. 37
118. 4
95. 25
121. 5
97. 84
125. 6
99. 33
131.5
98. 80
139. 5
101. 08
141. 2
102. 50
141. 7
102. 34
142.6
102. 08
143.6
103. 33
144.4
101. 57
144.9
100. 16
145. 2
101. 43
146.0
100. 93
146. 6
101. 43
146.9
101.61
147. 8
100. 78
148. 4
100. 63
149. 6
102. 74

NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production (seasonally adjusted) declined in October for the third consecutive month with a decrease of 0.3
percent. Among the major industry groups only utilities increased. All major market groups declined.
Index, 1957-59=100 [SEASONALLY ADJUSTEDJ
200

Index, 1957-59=100 (SEASONALLY ADJUSTED)
240

TOTAL

UTILITIES AND MINING

180

220

160

200
UTILITIES

140

180

120

160
140
MINING

100 I 1 I I M I \ f j I t
1966

1967

1969

1968

120

200

MANUFACTURING

1966

1967

1969

1968

180

180 _ MARKET GROUPS
J+**mm +
^^+*^~ _ _

160

=INAL PRODUCTS

160

NONDURABLE
140

^r~

-.jgj»^i**^

N*-is-X]

/
MATERIALS

140
120

1 T t II

M !I 1 I 1 II

1966

1967

1 1 1 I If t ! !1

1968

1969

\\\\\\\\\\\

. ,. . ,I. , t .t

1 1 t ! 1 1 1 1 I f 1

1966

1967

SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1959
1960
1961
1962
1963
._
1964
1965
1966 _ _ _
1967
1968- _
1968: Sept.
Oct._
Nov__
Dec
1969: Jan___
Feb_
Mar_
Apr
May
.Junc__
July-Aug.
Sept
Or.t *.

_ _

___ _
__ _
_
_

_ _

_
...

..

...

-- _ _

[1957-59 = 100, seasonally adjusted]
Industry

Total

105. 6
108. 7
109.7
118. 3
124. 3
132.3
143. 4
156. 3
158.1
165.4
165.1
166.0
167.5
168.7
169. 1
170. 1
171. 4
171. 7
172. 5
173.7
174. 6
174. 3
173. 9
173. 3

106. 0
108. 9
109. 6
118. 7
124. 9
133. 1
145.0
158. 6
159.7
166.8
166.4
167.8
169. 1
170. 2
170.2
171. 8
173. 1
173. 0
173. 8
174.8
175.6
175. 4
175. 1
174. 2

Manufacturing

Hounv: Hoard of (lovernor.s ol the 1'Ydrrnl Kcficrve System.

16



1969
COUNCIL OF ECONOMIC ADVISERS

Total
industrial
production

Period

r iifiIi i i ii

1968

NonDurable durable
105. 6
108. 5
107.0
117.9
1245
133.5
148.4
164.8
163.7
169.9
168.7
169.3
171. 3
172. 4
173. 0
174. 5
175. 9
175. 7
176. 7
178.3
178.7
178. 5
178. 5
177.5

106. 5
109.5
112.9
119.8
125. 3
132.6
140.8
150. 8
154.6
163.0
163.6
165. 9
166. 3
167. 4
166.7
168. 3
169. 5
169. 6
170. 3
170. 5
171.8
171. 6
170. 7
170. 2

Market
Final products

Mining

Utilities
Total

99. 7
101. 6
102. 6
105. 0
107.9
111.5
114.8
120. 5
123.8
126.4
127.0
120.7
126. 4
127. 4
125. 8
124.8
126. 7
128. 8
130. 3
134. 4
133. 2
131. 2
130. 7
130. 2

108.0
115. 6
122.3
131. 4
140. 0
151.3
160.9
173.9
184.9
201.6
204.8
208.9
206. 9
210. 1
215. 1
214. 9
215. 1
216. 3
213. 6
215. 6
222. 2
222. 6
222. 4
224. 5

105.7
109.9
111.2
119. 7
124. 9
131.8
142.5
155. 5
158.3
165. 0
165.7
167.0
167.9
168. 1
168. 2
169. 3
170. 8
170. 2
170. 0
170.7
172. 8
172.4
172. 1
171. 3

Consumer
goods
106. 6
111. 0
112. 6
119. 7
125.2
131.7
140.3
147. 5
148.5
156. 8
157.3
159.6
159. 2
160. 1
161. 0
161. 7
162. 8
161.8
160.7
161. 5
164. 4
164. 0
162. 7
161. 8

Equipment

104.1
107.6
108.3
119.6
124.2
132.0
147.0
172.6
179.4
182.8
183. 6
183.0
186.5
185. 3
183. 5
185. 5
187. 8
188. 4
190. 0
190. 4
190. 8
190.3
192. 3
191. 6

Materials

105.4
107.6
108.4
117.0
123.7
132.8
144.2
157.0
157.8
165.7
165.1
165.7
167.6
169. 3
169. 6
170. 8
172. 1
172. 9
174. 5
176.3
176. 5
176.0
175. 9
175. 7

PRODUCTION OF SELECTED MANUFACTURES
Production declines in October were widespread among durable and nondurable manufactures (seasonally adjusted).
Index, 1957-59=100 {SEASONALLY ADJUSTED)
240

Index, 1957-59=100 (SEASONALLY ADJUSTED]
200

220

CHEMICALS, PETROLEUM,
AND RUBBER
200

180

PAPER AMD
- PRINTING -

160

i I t t i

140
1967

1966

1968

i I I I M 1 II

1969

180

160

TEXTILES, APPAREL,
AND LEATHER \
180

140

160

120

100

140
1969

1966

1966

1969

SOURCEj BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISER^

[1957-59=100, seasonally adjusted]
Durable manufactures
Period

Primary
metals

Nondurable manufactures

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated Machin- tation
and
apparel,
and
petrobeverery
metal
equipprodand
print- leum, and ages, and
products
ment
leather
ucts
rubber tobacco
ing

101.3
98.9
104.6
113.3
129.1
137.6
142.7
132.5
137.3

107. 6
106. 5
117.1
123.4
132.7
147.8
163.0
161.9
168. 1

110. 8
110. 4
123. 5
129. 2
141.4
160.5
183.8
183.4
184.4

108.2
103.6
118.3
127.0
130.7
149.2
166.9
165.7
179.6

102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
116.9
121. 7

107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.4
145.3

109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149.6
155.6

113. 9
118.9
131. 2
141. 8
152.5
164.6
181. 9
190.0
207.1

106. 6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131.7
134.6

1968: Sept

120.6
123. 1
129. 3
135. 4

167.6
172.2
173. 5
175. 6

186.4
186. 1
187. 4
188. 6

180. 5
180.4
180. 2
176. 4

119.4
119.4
126. 1
132. 3

144.8
146.8
147. 5
145. 0

156.8
157.7
159. 8
159. 7

208.8
212.8
213.6
216. 8

134.5
136. 1
134.9
137. 0

1969: Jan

139. 5
143. 6
146. 2
147. 9
149. 3
153. 1
152. 4
151. 5
149. 6
150

176. 4
177. 6
178. 5
178. 3
179. 2
180. G
179. 1
ISO. 7
178. 0
179

191. 8
192. 7
194. 7
194, 6
196. 9
197. 2
198. 1
199. 1
200. 8
199

171. 2
173. 1
174, 1
172. 4
171. 8
176. 6
181. 1
179. 1
179. 0
178

122. 5
126. 7
130. 8
122.6
120. 7
115. 5
113. 4
108. 9
112. 2

143. 6
142. 6
144. 7
143.7
146.3
146. 0
145. 4
143.6
142. 5
142

160. 2
161. 2
162. 2
162.4
163. 8
164. 4
165. 9
166. 3
164. 7
163

214. 1
218. 0
219. 6
221.7
222. 7
223. 2
225. 2
223. 1
222. 1
223

138. 0
139. 5
139. 8
138.2
136.9
137.0
138.4
141. 0
141. 0
140

1960
1961
1962__
1963
1964
1965
1966
1967
1968

_ _ _ _ _ _

Oct
Nov
Dec

Feb

Mar_
Apr_- _
May_
June

July _

Aug
8c.pt
Oct "

_ _

__ _ _ _
_

_

-

.
-.

_-

Source: board of Governors of the Federal Reserve System.




17

WEEKLY INDICATORS OF PRODUCTION
Auto assemblies in October increased at a somewhat slower pace than in September. All other weekly indicators of
production except electric power posted gains in October.
MILLIONS OF SHORT TONS (DAILY AVERAGE)

MILLIONS OF TONS
STEEL

2.5
3.5

1968
\

2.5

1967

1.5 IMH l HI
ij I

V
M
A
M
J.
F
BILLIONS OF KILOWATT HOURS
35

J

J

N

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

Period
Weekly average:
1962
1963
1964
1965
1966
1967
1968
1968: Sept
Oct
Nov
Dec __
1969: Jan
Feb
MarApr
May
June
July
Aug
Sept
Octp_ _ _
Week ended:
1969: Oct 18
25
Nov 1_ _ _ _ _
8 »
15 9
1
2

Electric
Bituminous Freight Paperboard
Cars and trucks
Steel produced
power
coal mined
produced assembled (thousands)
loaded
Index
distributed (thousands (thousands (thousands
Thousands
of short
(1957-59= (millions of
of net
Total
Cars Trucks
of tons)
of cars)
kilowatt-hours) tons) l
100)
tons
1,886
2, 096
2,431
2, 521
2,572
2, 440
2, 515
1, 889
2,033
2, 235
2,358
2,502
2, 729
2, 799
2,830
2, 789
2, 753
2, 571
2,578
2, 692
2, 770

101. 2
112. 5
130. 5
135.3
138. 1
131. 0
135.0
101.4
109. 1
120. 0
126.6
134.3
146. 5
150. 3
151. 9
149. 7
147. 8
138. 0
138.4
144. 5
148. 7

16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
25, 244
24, 785
24, 579
25, 319
26, 806
27, 484
27, 241
26, 584
25, 291
25, 852
27, 897
30, 053
30, 071
27, 873
26, 917

1, 414
1, 535
1,630
1,735
1,798
1, 868
1, 827
1, 988
1,397
1, 836
1,809
1, 766
1, 666
1,632
1,853
1, 866
1, 764
2,040
1,832
1, 891
1, 911

552
555
558
562
570
540
543
563
574
556
499
490
512
530
552
568
570
514
568
567
595

343
358
384
410
446
439
479
468
513
505
457
474
516
527
516
534
529
474
514
489
528

2, 746
2,796
2,812
2,730
2
2, 769

147. 4
150. 1
150.9
146. 5
148.6

26,
26,
27,
27,

1,843
1,892
1, 893
1,838

584
601
597
581

532
527
542
521

Daily average. Includes data for Alaska.
Not charted.

18



COUNCIL OF ECONOMIC ADVISERS

712
900
028
059

157. 5
175. 0
178. 8
213.7
199. 3
172. 9
207.6
199.4
248.2
243.8
204.7
213. 4
218. 3
222.4
199. 3
194. 6
226. 2
125.7
122.8
208. 1
228. 4
226.
226.
234.
232.
2
227.

5
2
4
3
6

133.4
146.9
148. 8
179.4
165.4
142. 4
170.1
160.7
205.3
203.5
169.7
176. 1
177. 7
181. 3
161. 9
161. 9
187.7
93. 4
93.4
171. 6
185. 1

24. 1
28. 1
30.0
34.3
33.9
30.5
37.5
38.7
43. 0
40.3
35. 1
37. 3
40.5
41. 1
37.3
32. 7
38. 5
32. 3
29. 4
36. 5
43. 3

184.
183.
187.
186.
181.

42.2
42. 8
46. 6
45. 5
46. 3

3
4
9
8
3

Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.

NEW CONSTRUCTION
According to preliminary estimates, new construction (seasonally adjusted) rose V* percent in September. Gains
occurred in both the public and private sectors.
BILLIONS OF DOLLARS.
100

BILLIONS OF DOLLARS
100
SEASONALLY ADJUSTED ANNUAL RATES

90

90
. TOTAL NEW CONSTRUCTION .

80

\
70

70

60

60
PRIVATE

^~"-^

50

50

40

40

PUBLIC -

30

PRIVATE RESIDENTIAL NONFARM

20

20
1963

.

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Period

Total new
construction
expenditures

1963
1964
1965
1966
1967
1968

63. 4
66. 2
72. 3
75. 1
76. 2
84.7

Private
Total

44. 1
45. 8
50.3
51. 1
50. 6
57. 0

Residential nonfarm
CommerNew
cial and
Total i
housing industrial
units
Billions of dollars
26. 2
20. 4
7. 9
26. 3
20. 4
9. 0
26. 3
20. 4
11. 9
24. 0
18. 0
13. 6
17. 9
23. 7
13. 1
22. 4
28. 8
13. 9

Other

Federal,
State,
and
local

10. 0
10. 6
12. 1
13. 6
13. 7
14. 2

19. 4
20. 4
22. 1
24. 0
25. 6
27. 7

M. 1
14. 1
14. 4
14. 3
14. 0
15. 0
14. 9
14. 6
15. 1
15. 5
15. 3
16. 0
16.4
16. 3

27. 1
27. 8
28. 5
28. 8
29. 2
29. 1
29.5
28.7
29.4
29.2
29.3
29. 1
29.7
29.9

Seasonally adjusted annual rales
1968: Aug
Sept
Oct _
Nov
Dec
Jan
1969: Feb
Mar
Apr
May
June
July
Aug
So | > ( , " _ _ _
1

83. 7
85. 3
87. 8
87. 8
88. 1
92. 1
92. 1
91. 1
90. 7
90. 7
90. 9
91. C>
91. 9

92. ;;

56. 7
57. 4
59. 3
59. 0
58. 9
63. 0
(>2. 6
>2. 4
il. 3
)1. 5
il. 6
.2. 5
)2. 2
>2. 5

28. 3
29. 4
29. 8
30. 2
30. 9
31. 2

31. r>

32. 1
31. 3
30. S
30. 2
29. 6
29. 1
29. 2

21. 9
22. S
23. (')
1M. I
2f>. 0
1>.~>. 0
2f>. :")
25. f>
25. 0
24. 5
23. 9
23. 2
22. 6
22. 6

Includes nonliouKeUeepinj,'. resident lal coiitruct ion and additions and alterations, not shown separately.
2 Compiled by F. W. Dodge Company and relates to 48 States.




H. 2
H. 0
1 5. 0
M. f>
1-1. 0
16. 8
1 (>. 3

i r>. s

14. 9
1 5. 2
16. 1
16. 8
16. 7
17. 0

Construction contract s
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)

132.
137.
142.
145.
153.
173.

0
0
8
3
3
4

534
599
680
769
694
779
Seasonally
Seasonally adjusted
adjusted
annual
rates
192
794
183
739
200
956
183
836
179
858
204
1, 133
205
840
182
762
183
790
210
1,027
186
964
180
884
216
864
173
790

NOTE.—Data for Alaska and Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.

19

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In October, private nonfarm housing starts declined 12 percent to a seasonally adjusted annual rate of 1,329,000
units, the lowest rate for any month this year. Permits for future starts again declined with a drop of almost 7 percent.
MILLIONS OF UNITS

MILLIONS OF UNITS
2.5

2.5

1.0

1.0

1963
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF COMMcRCF., FEDERAL HOUSING ADMINISTRATION <FHA), AND VETERANS ADMINISTRATION <VA)

Total
private
Period
and
public
(including
farm)
1963
1, 642 0
1964___ _ _ 1, 561. 6
1965
_ 1, 509. 6
1966
1, 196. 2
1967
1, 321 9
1968
1, 547. 7
1968:Sept__
Oct___
Nov__
Dec__
1969: Jan.__
Feb__
Mar__
Apr__
May__
JuneJuly. _
Aug..
Sept".
<)ct^__

139. 8
143. 3
129.5
99. 8
105.8
94.8
135. 6
159. 9
157.7
150. 8
126. 5
127.6
132. 1
121. 1

Total
private Private
non(including
farm
farm)

1, 610 3
1, 529. 3
1, 472. 9
1, 165. 0
1, 291 6
1, 507. 7

1, 582 9
1, 502. 3
1, 450. 6
1, 141. 5
1, 268 4
1, 483. 6

134. 3
140. 8
127. 1
96. 4
101.5
90. 1
131.9
159. 0
155. 5
147. 3
125. 2
124.9
128. 6
118.7

132. 4
138. 1
125. 1
95. 5
100. 2
89.2
130. 6
157.4
154. 0
144.8
122. 9
123.5
126.9
117. 4

[Thousands of units]
Housing starts
Private (including farm)
Private nonfarm
Total

One
unit

1, 610 3 1 020 7
971. 5
1, 529. 3
1, 472. 9
963. 8
778. 5
1, 165. 0
1, 291. 6
843. 9
899.5
1, 507. 7
1, 592
1, 570
1, 733
1,507
1, 878
1, 686
1, 584
1, 563
1,509
1,469
1,371
1,384
1, 533
1,342

944
965
905
922

1, 066

975
828
797
883
808
765
723
843
765

by issuance of local building permit; in 13,000 permit-issuing
iK 1907; 12,000 for 1963-66; and 10,000 prior to 1963.
-cnli'ti by niortpnj-'o applications for new home construction.

20



Two or
more
units

Total

Proposed home
construction
New
private
Government housing Applica- Requests
home programs units tions for for VA
FHA
author- commit- appraisals 2
FHA
VA
ized l
ments 2

589 6 1, 582 9 166 2 71 0 1, 334 7
557. 8 1, 502. 3 154. 0 59. 2 1, 285. 8
509. 1 1, 450. 6 159. 9 49. 4 1, 239. 8
971. 9
386. 5 1, 141. 5 129. 1 36. 8
447. 7 1, 268. 4 141. 9 52. 5 1, 141. 0
608. 2 1, 483. 6 147. 7 56. 1 1, 341. 4
Seasonally adjusted annual rates
145
54
1, 393
1,570
648
1,378
153
55
605
1, 541
1,425
158
53
1,705
828
1,492
1,463
158
65
585
1,403
812
137
57
1, 845
52
1,477
711
1, 664
138
1,421
157
53
1,567
756
1,502
166
48
766
1, 548
1,323
134
47
1, 495
626
147
1,340
1, 446
48
661
137
46
1, 228
1, 349
606
47
143
1,370
1,245
661
54
152
1,201
1,513
690
52
163
1, 119
1,329
577

190. 2
182. 1
188. 9
153. 0
167. 2
168. 9

139 3
113. 6
102. 1
99. 2
124. 2
131. 7

169
199
212
187
178
168
160
165
167
174
174
169
192
230

125
147
172
136
148
132
136
124
122
126
145
151
127
131

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
According to advance reports, retail sales (seasonally adjusted) rose in October because of an increase in nondurables. In September, business sales rose more than 1 percent while inventory accumulation totaled $1 billion, the
same as the month before.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BUSINESS SALES AND

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
22

INVENTORIES

160

RETAIL TRADE (ENLARGED SCALE)

20 -DURABLE GOODS STORES

INVENTORIES
18

140

16

INVENTORIES

120

14

. SALES

100

12

SALES

10
80

L_LJ

8'

A\ 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 I I 1

24 -WHOLESALE TRADE (ENLARGED SCALE)-

24

INVENTORIES

\

22

22
20

20

SALES
18

18

16

16

-14

14

1966

1967

1968

1969

1966

1968

SOURCE; DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total business
Period

Sales

1969

2

1

Inventories 3

Wholesale
Sales 2

4

Retail

5

Sales2

Inventories 3

Total

Inventories

NonDurable durable
goods
goods
stores
stores

Total

Durable
goods
stores

26, 297
28, 001
29, 450
31, 201
34, 687
38, 368
39, 318
42, 657
41, 010
41, 424
42, 220
42, 488
42, 657
42, 740
43, 014
43, 004
43, 118
43, 025
43, 438
43, 874
44, 322
44, 806

11, 009
11, 703
12, 436
13, 189
15, 255
17, 309
17, 403
19, 461
18, 501
18, 622
19, 165
19, 361
19, 461
19, 622
19, 487
19, 542
19, 567
19, 044
19, 365
19, 358
19, 756
20, 079

3

Nondurable
goods
stores

Millions of dollars, seasonally adjusted
1961
_ __
1962
_ ._
1963
1964
1965
_ _ _ _
1966
_
__
1967_ _
1968
1968: Aug
Sept
Oct
Nov
Dec
1969: Jan
Fob
Mar
Apr___
May,..
JlllH'_ .

Julv .
Aiii-,

_ __

61, 133
65, 417
68, 969
73, 685
_ _ _ 80, 276
_ _ _ 87, 184
88, 962
96, 948
97, 083
98, 549
99, 675
100, 142
98, 671
100, 137
. . 101, 390
.
101, f i l O
102, 352
10:;, -J.TJ
101, 127
M M , 201
101, 044

S(>p{ '•
Oct ''

1
2

io;», s.v.i

95, 728
101, 149
105, 525
111, 548
121, 140
137, 184
6
143, 694
153, 764
149, 825
150, 652
152, 017
152, 830
f>3, 704
51, OSO
f>;», 339

;>o, 'ioi

57,
,">S,
59.
100,

-177
002
204
031

101, Of»9
1 02, 093

The term "bii:.ine;<-," ul.-io iuelude.-i iimiiulaeturinj: (.se
Monthly uvenu'e fot year and total for month.
3 Book value, end of period, ,-;ea,soi tally adjusted.
«Beginning mil, d a t a i n c l u d e Alaska and Hawaii.




11,988
12, 674
13, 382
14, 527
15, 595
10, 979
17, 099
1 S, 329
18, 498
18, 792
18, 418
18, 788
1 8, 830
IS, 347
IS, 799
19, 510
19, 012
20, 105
19, 970
.19, 719
20, Of>9
20, 204

14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
6
21, 557
22, 528
22, 102
22, 119
22, 231
22, 395
22, 528
22, 441
22, 709
23, 080
23, 34 1
23, 438
23, O i l
23, 591
23, 009
23, 078

18, 249
19, 630
20, 556
21, 823
23, 677
25, 330
26, 151
28, 309
28, 760
28, 316
28, 697
28, 806
28, 347
28, 989
29, 289
28, 910
29, 442
29, 3SO
29, 371
29, 090
29, 346
29, 249
29, 371

5, 609
6, 241
6, 661
7,049
7, 849
8, 192
8,348
9, 187
9, 377
9, 101
9, 342
9,314
9, 238
9, 446
9, 597
9, 377
9, 575
9, 481
9, 545
9, 141
9, 101
9, 373
9, 193

12, 641
13, 389
13, 895
14, 773
15, 828
17, 138
17, 803
19, 122
19, 383
19, 215
1.9, 355
19, 492
19, 109
19, 543
19, 692
19, 539
19, 867
19, 905
19, 826
19, 949
20, 185
19, 876
20, 178

15, 288
16, 298
17, 014
18, 012
19, 432
21, 059
21, 915
23, 196
22, 509
22, 802
23, 055
23, 127
23, 196
23, 118
23, 527
23, 462
23, 551
23, 981
24, 073
24, 516
24, 566
24, 727

£
6

Beginning 1900, data include Alaska and Hawaii.
Series revised beginning 1967.
Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
In September, manufacturers' shipments and orders (seasonally adjusted) spurted after declines the month before.
Inventories rose $0.5 billion, roughly the same as the August increase.
BILLIONS OF DOLLARS

(SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS
100

MANUFACTURERS' SHIPMENTS

(SEASONALLY ADJUSTED)

MANUFACTURERS' INVENTORIES

TOTAL

90
TOTAL

80

70

60
DURABLE GOODS

50

MANUFACTURERS' NEW ORDERS
40
NONDURABLE GOODS

20

30

20

10

1966
SOURCE:

1969

. . I , , ..
1966

1967

1968

DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments
Period
Total

1969

1

NonDurable durable
goods
goods

Manufacturers' inventories

Total

2

NonD urable durable
goods
goods

Manufacturers' new orders l
Durable goods
Total

Total

NonMachinery durable
and
goods
equipment

Manufacturers'
inventor yshipments
ratio 3

Millions of dollars, seasonally adjusted

1961
1962
1963
__
1964_ _
1965
1966
1967
1968
1968: Aug
Sept_ _
Oct
Nov
Dec
Jan

1969- Feb

Mar

Apr
Mav_ _ _
»Juil('-_

July
A UK
Srpt. "

_

30, 896
33, 113
35, 032
37, 335
41, 003
44, 876
45, 712
50, 310
49, 825
51, 441
52, 560
52, 548
51, 494
52, 801
53, 302
53, 078
53, 298
53, 741
54, 786
55, 392
r>5, 239
Mi, 400

15, 544
17, 103
18, 247
19, 634
22, 216
24, 635
24, 973
27, 579
26, 837
27, 985
28, 960
28, 786
27, 742
29, 325
29, 914
29, 530
29, 643
29, 573
30, 136
30, 605
30, 868

;n, 707

54, 943
58, 212
60, 027
63, 370
68, 179
78, 125
82, 819
88, 579
86, 713
87, 109
87, 566
87, 947
88, 579
88, 905
89, 556
90, 317
91, 018
92, 139
92, 215
93, 166
93, 728
94, 209

32, 518
34, 609
35, 807
38, 433
42, 204
49, 797
53, 540
57, 422
56, 069
56, 458
56, 657
56, 953
57, 422
57, 879
58, 282
58, 978
59, 426
60, 222
60, 479
61, 441
61, 724
62, 006

for ittout
' M o n t h l y itM<i:tp> («
Hook v , » t u < r i i - l <>f i H - | i U « l , H , . U M « imlly u.l)usl .'/I
' t - i . i t u . l i U . i l f * - r » o . l - , « .iHo «.f v\, H •hii-l uv«'iur r h,v«..itori.'.s to average monthly
n»i|.m«'i«i»- f..i f.. t - H , <, « 1 . d n , 1 .it 1, ol i i u « n f t i j i «••• tit i-ml c.l m o n t h to shipments




\ < M U :tn<l t < >!ul

15, 352
16, 010
16, 786
17, 701
18, 788
20, 240
20, 739
22, 731
22, 988
23, 456
23, 600
23, 762
23, 752
23, 476
23, 388
23, 548
23, 655
24, 168
24, 650
24, 787
24, 371
24, 699

22, 425
23, 603
24, 220
24, 937
25, 975
28, 328
29, 279
31, 157
30, 644
30, 651
30, 909
30, 994
31, 157
31, 026
31, 274
31, 339
31, 592
31, 917
31, 736
31, 725
32, 004
32, 203

31, 085
33, 005
35, 322
37, 952
41, 803
45, 938
45, 928
50, 597
50, 201
51, 877
5?, 931
53, 100
53, 101
53, 119
53, 901
53, 283
54, 635
54, 133
53, 861
55, 793
54, 799
56, 887

15, 698
17, 026
18, 522
20, 258
22, 986
25, 710
25, 189
27, 868
27, 329
28, 381
30, 280
29, 325
29, 380
29, 684
30, 482
29, 697
30, 944
29, 998
29, 171
31, 069
30, 482
32, 194

2,854
3, 090
3,412
3, 935
4, 435
5,268
5,250
5,804
6,027
5,916
6, 550
6, 089
6,237
6,204
6,511
6,414
7,099
6, 428
6, 528
6, 346
6, 245
7, 326

15, 387
15, 979
16, 800
17, 694
18, 817
20, 228
20, 739
22, 728
22, 872
23, 496
23, 651
23, 775
23, 721
23, 435
23, 419
23, 586
23, 691
24, 135
24, 690
24, 724
24, 317
24, 693

NOTE.— Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.

1.74
1.72
1. 69
1. 64
1. 60
1. 62
1.77
1.70
1.74
1. 69
1. 67
1. 67
1. 72
1. 68
1.68
1.70
1. 71
1. 71
1. 68
1. 68
1.70
1. 67

MERCHANDISE EXPORTS AND IMPORTS
In September, the merchandise trade surplus increased to $271 million (seasonally adjusted). This was the greatest
monthly surplus in almost two years.
_____
BILLIONS OF DOLLARS
4.0

BILLIONS OF DOLLARS
4.0

3.5

1.0

1963

1969

J/SEE NOTE 1 BELOW.
SOURCE: DEPARTMENT OF COMMERCE

Period

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Merchandise exports
|
Merchandise imports
Total (includ-l
General imports 2
Domestic exports
ing reexports)
3
Total
Food, Crude
Food, Crude Manubever- mateSeason- Unad- Total * 3 bever- matefacages,
rials
rials
ages,
ally ad- justed
tured Season- Unadand
and
and tojusted
goods ally ad- justed and to- fuels
fuel
bacco
bacco
justed

Monthly average :
1960
1961
1962
1
1963
i
1964
!
1965
1966 _ _ _ .
1967_
1
1968
!

1, 636
1, 682
1, 748
1, 869
2. 141
i 2, 225
_ _ _ i 2. 448
2,578
2,839

1968: Aug__
Sept__
Oct___
Nov..
Dec._|

2
8
2
2
2

950
211
631
972
977 \

2,804
2,947
2, 732
3, 134
3, 046

1, 620
264
1, 662
289
312
1, 725
1, 845
349
2, 111
387
377
2, 196
2, 412
432
392
2,546
2,802
383
Unadjusted
2, 765
399
2,912
378
2, 686
324
3, 100
419
442
3,007

1969: Jan __
Feb__
Mar...
Apr__
May.
June_
July__
Aug__
Sept-

2
2
3
3
3
3
3
3
3

093
297
196
355
292
213
172
385
326

2,
2,
3,
3,
3,
3,
2,
3,
3,

2, 017
2, 112
3, 322
3,458
3, 499
3,052
2,956
3, 112
3,069

057
145
367
507
543
100
998
165
113

143
181
375
396
437
424
386
370
392

329
322
280
315
361
356
367
393
405

1,047
1,062
1, 138
1, 188
1, 366
1, 449
1, 592
1,729
1, 985

390
400
385
465
444

1,951
2, 107
1,938
2, 206
2, 073

2,872
2,951
2, 736
2,883
2,908

227
253
397
511
479
400
422
418
397

1, 627
1, 656
2, 491
2, 534
2,547
2, 184
2, 115
2, 276
2, 222

2,018
2, 655
2, 981
3, 177
3, 276
8, 188
3,066
3, 180
3,055

»Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
2
Total arrivals of imported goods other than intransit shipments.




Grossmerchandise
trade
Manusurplus,
facseasontured
ally adgoods
justed
571
544
636
672
758
936
1,201
1,309
1,719

2,751
2,880
2, 936
2, 804 i
3, 010 \

365
283
359
288
387
306
322
391
335
415
334
449
382
473
392
445
447
503
Unadjusted
484
489
542
489
43:1
539
459
471
474
545

1, 680
1,743
1, 855
1, 767
1, 877

-105

2, 026
2, 401
2, 993
3, 334
3, 236 '
3, 216
3, 154
2, 910
3, 132

194
316
503
506
486
486
477
418
436

1, 286
1, 523 |

-359

1,251
1,226
1, 366
1, 428
1,557
1, 780
2, 129
2,234
2,769

457
476
546
589
537
515
526
529
528

385
456
382
441
584
444
320
344
70

!
78
260

89

70
75

1, 847 i

215

2, 129 !
2, 102
2, 096
2, 030
1, 855
2,046

178
16

25
105
205
271

3

Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.

23

U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
During the third quarter, merchandise imports fell by more than $1.4 billion, while merchandise exports decreased
less than $100 million (seasonally adjusted annual rates).
BILLIONS OF DOLLARS

IMPORTS OF GOODS AND SERVICES

20

10
1969
JL^RELIMIHARY.
SOURCE* DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

Total

1964
1965
1966___
1967
1968

_

37, 271
39, 399
43, 360
46, 188
50, 594

Exports of goods and services
Income on
investments
MerMilichantary
Govl
Pridise
sales
ernvate ment

25, 478
747
26, 447
830
29, 389
829
30, 681 1,240
33, 598 1,427

4, 930
5,384
5,659
6,234
6, 934

456
509
593
638
765

Imports of goods and services
Other
services

Total

Merchandise l

5, 659
6,230
6, 891
7,394
7,871

28, 691
32, 278
38, 081
41,011
48, 078

18, 647
21, 496
25, 463
26, 821
32, 972

Balance
on
Mili- Other goods
tary
and
expend- serv- services
itures
ices
2,880 7, 164
2,952 7,831
3,764 8,854
4,378 9,813
4,530 10, 577

8,580
7, 121
5,279
5, 177
2,516

Seasonally adjusted annual rates
1968: II
III
IV
1969: I
II
III 9
1
Adjusted
2

_

50, 672
53, 376
50, 612

33, 580 1, 412
35, 516 1, 624
33, 532 1, 456

7, 072
7, 312
7, 108

820
848
560

7, 788
8 076
7, 956

47, 308
49, 740
49, 408

47, 652
56, 736

29, 876 1, 672
38, 352 1, 324
38, 268

7, 544
7, 596

936
944

7, 624
8, 520

46, 200
55, 604

from customs data for differences in timing and coverage.
Revised. Other detail for second quarter will be revised in December.

24



Source: Department of Commerce.

32, 524
34, 264
33, 832

4, 464 10,320 3, 364
4, 572 10,904 3 636
4, 676 10,900 1, 204

30, 288
38, 360
36, 924

4, 816 11, 096 1,452
4, 868 12, 356 1, 132

2

U.S. BALANCE OF INTERNATIONAL PAYMENTS
In the third quarter, the balance of payments on the liquidity basis showed a deficit of $10.1 billion, down from the
extraordinary deficit of $1 5.4 billion in the second quarter (seasonally adjusted annual rates). The official reserve
transactions balance shifted from a surplus of $4.9 billion in the second quarter to a deficit of $3.7 billion in the third
quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BALANCE ON GOODS AND SERVICES

BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS

-20
1963
J/^RELIMINARY.
SOURCE: DEPARTMENT OF CO/AMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Changes
in gold,
U.S.
convertiGovernErrors
ble currenment
Foreign and unOfficial To foreign official
cies, and
5
Direct
grants
Other
Short- capital, recorded Liquid- reserve
holders
To other IMF gold
1
and
investlongterm
net
transforeign 6 tranche
transity
capital,
ment
term
actions basis 2 actions
Non- holders position
net 1
Liquid
basis 3
(increase
liquid
(-])
— 3, 564 -2, 328 -2, 103 -2, 147
689 — 1, 118 -2, 800 - 1, 564
1, 075
318
1, 554
171
- 3, 406 -3,468 - 1, 079
753
270
-18
— 576 - 1, 335 — 1, 289
85
131
1, 222
— 3, 444 - 3, 639 -256
-415
2, 531
— 489 — 1, 357
761
266 - 1, 595
2, 384
568
-4,223 -3, 154 -1, 292 -1, 209
1, 346
3, 360 - 1, 007- 3, 544 -3, 418
2, 020
1, 472
52
-3,955 -3,025 — 1, 082 -1,049
168
8, 565
— 642
3, 811
1, 638 - 3, 099 2, 341
-880
Seasonally adjusted annual rates
Quarterly totals, unadjusted

U.S. private capital, net

Period

1964___
1965___
1966_>_
1967_ _ _
1968 _ _ _
1968:
II

Balance

— 4, 220 -4, 036
-588 — 1, 524 10, 068 -1, 920
6, 212
36
- 5, 048 — 916 — 1, 508
7, 220
- 556
1, 236
388
I V _ _ _ — 3, 340 -1, 132 - 2, 280 - 376 10, 752
— 240
3, 448
1, 468
1969:
I
— 3, 172 -3,712 — 1, 024
-644
6, 532 — 4, 9f>6 — 6, 672
4, 572
I I _ _ _ -4, 412 — 4, 404 -J, 700 -1, 780
812 -3,352 — 15,400
4,936
III *>_
— 10,132 -3,732

m___ -3, 872

..
and notes.
B
Central banks, governments, arid U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.




Changes in selected
liabilities (decrease [ — ]) 4

— 27 190
-38
487
- 1, 707
- 545
2, 238

777
537
664

2, 222
1,017
— 149

45
-359

3,028
4, 630
1, 336

-137
-571
-1,076

7

-48
-299
-686

0
Private holders; includes banks and international and regional organizations;
excludes IMF.
7
On Sept. 30, U.S. reserve assets consisted of gold stock, $11,164 million (up $11
million from June 30); IMF position including gold portion of increased U.S.
subscription, $1,782 million; convertible currencies, $3,797 million.
NOTE.—The two balances have been revised beginning with first quarter 1969,
reflecting revisions in the capital account items (to be published in Survey of
Current Business, November 1969). Data exclude military grant-aid and U.S.
subscriptions to IMF.
Source: Department of Commerce.

25

PRICES

CONSUMER PRICES

Consumer prices continued to advance in September, with a rise of 0.5 percent. The increase resulted from higher
prices for apparel, home-ownership costs, and all kinds of consumer services. The rise thus far this year is 4.5 percent,
compared with 3.4 percent in the first 9 months of 1968.
Index, 1957-59=100

110

100

100
1963
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1957-59 = 100]

Period
1959 _______
1960 _______
1961 _______
1962 _______
1963 _______
1964 _______
1965 _______
1966 _______
1967 _______
1968 _______
1968: Aug_.
Sept_
Oct..
Nov_
Dec_.
1969: Jan..
Feb..
Mar..
Apr..
.July

AUK.
Sept
: I )('p!irtmerit of Labor.




All
items

101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
121.2
121. 9
122.2
122. 9
123.4
123. 7
124. 1
124. 6
125. 6
126. 4
126. 8
127. 6
128. 2
128. 7
129. 3

All commodities

100.9
101.7
102. 3
103. 2
104. 1
105. 2
106.4
109. 2
111. 2
115.3
115. 9
116. 1
116. 8
117. 1
117. 2
117. 4
117. 8
118. 7
119.3
119. 6
120. 5
121. 0
121. 4
121. 7

Services
Commodities
Commodities less food
Services
All
Food
less
Non- services Rent
All
Durable durable
rent
103.6
103. 2
101.6
101.2
101.0
101.5
100. 3
107.4
102.6
106. 6
103. 1
101.7
101.4
100.9
110.0
104. 4
108.8
102. 0
103. 2
102. 6
100.8
112. 1
110.9
105. 7
102. 8
103. 8
101.8
103. 6
106.8
114. 5
102. 1
103. 5
113. 0
104.8
105. 1
117.0
107.8
115. 2
104. 4
103. 0
105. 7
106.4
108.9
107.2
120.0
102.6
105.1
117.8
108.8
122. 3
125.0
102. 7
110. 4
109.7
114. 2
106. 5
112. 4
131. 1
104. 3
127.7
113. 1
115. 2
109. 2
113.2
134.3
138.6
115.1
117.7
119.3
107.5
115.4
135. 5
140. 0
107. 7
118. 1
113.5
120.5
115.7
118.9
136. 0
140.5
113.9
107.6
120.4
141. 2
116. 0
136. 6
114. 7
119. 7
108. 5
120. 9
120.2
137.4
116.3
142.0
115.3
109.3
120.5
142. 9
120. 3
116. 7
138. 1
121. 2
108. 7
115. 2
116.9
139. 0
120. 1
143. 9
108. 6
122. 0
115. 0
144. 6
117. 2
109.7
120. 5
139. 7
121. 9
115. 7
121. 4
117. 5
140. 9
146. 1
111. 1
122. 4
116. 8
117. 8
142. 0
147. 4
121. 9
117. 2
111. 4
123. 2
118. 1
142. 7
122. 4
148. 1
111. 3
117. 5
123.7
123. 0
118. 5
143. 3
148. 8
111. 7
118. 0
125. 5
144. 0
149. 6
123. 1
118. 8
126. 7
118. 1
111. 9
119.3
150.7
123. 3
118.2
145. 0
127. 4
111. 9
146. 0
124. 4
119. 7
111. 6
151. 7
118. 7
127. 5

WHOLESALE PRICES
Wholesale prices rose 0.4 percent in October. Price increases of 0.5 percent in industrial commodities and 0.2 percent in processed foods and feeds were partially offset by a decline of 0.5 percent in farm products prices.
Index, 1957-59=100

Index, 1957-59=100

90

80
1969
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1957-59 = 100]
All
com-

Period
1959
1960
1961
1962
1963 ... _ _ _ _
1964
1965
1966
1967
1968-

1968: Sept
Oct
Nov
Dec

1969: Jan__

_ _ _

_

_ _ _ _ _ _ _ _ _

Feb
Mar
Apr

Ma}r__
June_
July —
. J
Aug

Sept

Oct
1

- _

Processed
foods
and
feeds

100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102 5
105. 9
106. 1
108. 7
109. 1
109. 1
109 6
109. 8

97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
98.4
1 05. 0
99. 7
102. 2
102. 8
101.2
103. 1

103.;;

99.9
100. 0
101.6
102. 7
103. 3
103. 1
106. 7
113. 0
111. 7
114. 1
115.3
114.4
114.7
114. 7

110. 7
111. 1
111. 7
111. 9
112. 8
113. 2
113. 3
113.4
113. 6
114. 0

104. 9
105. 0
106. 5
105. 6
110. 5
111. 2
110. 5
108. 9
108.4
107. 9

116. 0
116. 3
116. 4
117.3
119. 4
121.4
122. 0
121. 5
121. 3
121. 6

modities

_ _

_

Farm
products

_

Coverage of the subgroups does not correspond exactly to coverage of this
Index.
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.




Industrial commodities

101. 3
101. 3
100. 8
100. 8
100. 7
101. 2
102. 5
104. 7
106. 3
109. 0
109. 2
109.7
109.9
110.2

Inter- Producmediate er finmateished
rials 2
goods
102.3
101. 0
102. 1
98.3
101. 4
102. 3
97. 2
100. 1
102. 5
95. 6
99. 9
102.9
94. 3
99. 6
103. 1
97. 1
100. 2
104. 1
100.9
101.5
105.4
104. 5
103. 6
108. 0
100. 0
104. 8
111. 5
101.8
107.5
115.3
101.5
107.8
115.7
102. 2
108. 1
116.4
103.0
108.2
116.9
103.8
108.8
117. 1

Consumer finished goods excluding food
DurNondurable
able
101. 3
100. 8
100. 9
101. 5
100. 5
101. 5
100.0
101. 6
99. 5
101. 9
99. 9
101. 6
99.6
102.8
100. 2
104. 8
101.7
107.2
103.9
109.4
103.4
109.9
104.9
110.0
105.0
110.2
105.0
110. 2

110. 9
111. 4
112. 0
112. 1
112. 2
112. 2
112. 4
112. 8
113. 2
113. 8

105. 0
105. 5
107. 2
109. 0
109. 7
110. 2
110. 7
112.5
113. 9
113. 7

105. 1
105. 1
105. 3
105. 4
105. 4
105. 5
105. 6
105. 2
105. 3
106. 9

All industrials1

Crude
materials

109.7
110. 4
111. 1
111. 0
111. 1
110. 8
110. 9
111.3
111. 8
112. 2

117. 6
117. 8
118. 0
118. 1
118. 5
118. 7
119.3
119. 3
119.9
120. 8

110. 4
110. 7
111. 2
111. 5
111. 4
112. 2
112. 6
113. 0
113. 3
113. 6

NOTE.—Beginning 1967, the indexes incorporate a revised weighting structure
reflecting 1963 values of shipments. The classification structure also changed.
Source: Department of Labor.

27

PRICES RECEIVED AND PAID BY FARMERS
During the month ended October 1 5, prices received by farmers increased about 1 percent/ important changes were
higher prices for milk and cotton and lower prices for beef cattle. Prices paid were stable. The adjusted parity ratio
rose 1 point to 80.
Inde;c, 1957-59=100
130

Index, 1957-59==100
130
PRICES PAID,
INTEREST, TAXES, AND
WAGb KATES

120

>
<..-«^" ""*

120

'«*>*""

_A-™1

f

A

110

/I

<^"^

100

90

V
,

s~^J\

^
^\^

, , , I 1 1 , , , ,

I 1

/
JT

! 1 t

i

1 I

1 1 !

^\

110

/—^

V

\

^^^^

i

S*

PRICES RECEIVED \^—^
(ALL FARM PRODUCTS>)

1 1 1 I t

I 1

1 1 !

1

( 1 t 1 t

!

1

1 t

!

1

i i i t i L t i ! ri

100

I r I l I 1f t I i i

\ ifi i I i i \ ii

RATI OJ/
100

90

RAT OJ/
100

90

90

PARITY RATIO
80

"'-—'—

80
/*gm''*~W?

*" M ,
'H ,
%,,,,^ "
..,,. " %,
,,

Xx-x^^»«»«"», ^%«"^ \

W,X

4ll

utmtt

,«ftm^

70

60

70

! ! ! ! 1! l i l t !

1 f t I ! 1 I ! 1 t t

1963

I f ! I t I I f | | |

1964

( t 1 I ! I f 1 » i i

1 1 ( 1 1

1 6
9 5 1 6
9 6

1967

J/RATIO OF INDEX OF PRICE.> RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14 = 100 BASE.
SOURCE DEPARTMENT OF AC5RICUITURE

Prices received by farmers
Period

All farm
products

1959_
1960
___
_ __ .
.
1961
1962
1963
1964
1965
_
1966
1967
1968
1968: Sept 15_ _
Oct 15
Nov 15__
Dec 15___
_ __ _
I960: Jan 15
_
Fob 15
__
Mar 15
A pr 15
May 15
.June 15
.iulv 15
An- 15. _ _
Sept 15
< )r i, 15

_ __

99
99
99
101
100
98
103
110
105
108
111
108
109
108
109
110
112
112
117
117
117
115
114
115

Crops

99
100
102
104
107
107
104
106
101
103
103
102
103
100
99
101
102
102
106
103
100
99
96
97

28



i i ir1 I f i i !i

1

!

1 1

!

1 1

!

!

1 1

60

1969

1968

couNCIL

Prices paid by farmers
All items, Family
Livestock
Producinterest,
tion
living
and
taxes, and
items
items
products
wage rates
Index, 1957-59=100
102
102
101
100
102
102
101
98
102
103
101
98
103
99
105
103
104
104
107
95
91
107
105
103
107
105
110
101
114
108
113
110
109
116
107
113
121
117
111
112
111
122
118
116
122
119
111
113
112
119
123
113
119
113
123
115
113
120
124
116
114
120
125
117
122
115
126
119
122
116
127
120
117
123
128
124
117
123
128
128
116
123
128
129
123
116
127
128
116
124
128
127
124
116
128
127

lex < » ( i>rU'«»s received by farmers to index of prices paid,
r u l e ; on I t ' l l ) M - UK) biiKe.

I

M i l l

OF ECONOMIC ADVISERS

Parity ratio 1
Actual

81
80
79
80
78
76
77
80
74
74
75
73
73
73
72
73
73
73
75
76
75
75
74
74

Adjusted 2

82
81
83
83
81
80
82
86
80
79
81
79
79
79
78
79
79
79
82
82
82
81
79
80

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

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply, seasonally adjusted, has remained virtually constant since June. The decline in time deposits
continued in October.
BILLIONS OF DOLLARS
250

BILLIONS OF DOLLARS
250

AVERAGES OF DAILY FIGURES. SEASONALLY ADJUSTED

225

225

200

200

175

175

TIME DEPOSITS AT ALL
COMMERCIAL BANKS

150

150

125

125

100

100

1963

1964

1965

1966

1967

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1963:
1964:
1965:
1966:
1967:
1968:
1968:

Au<>Sept

Get » _ _ _
1

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, billions of dollars]
Money supply
Money supply
CurCurTime
DeDerency
rency
de- 1
mand
mand
outoutTotal
Total
posits
dedeside
side
posits
posits
banks
banks

Period

Dec
___ „ _ _ _ _ _
Dec
Dec
Dec__ _ _ _ _ _ _ _ _
Dec
„
__
__ _
Dec
Sept
Oct__ _ _
_ _
Nov .. _ _
Dec
1969' Jan
Feb_
Mar
Apr
Mav1
June
July- .

..

153.0
159.3
166.7
170.4
181. 7
194. 8
191.4
191. 8
193. 6
194. 8
195 8
196. 3
196. 8
198 1
198 3
199 0
199. 3
199 0
199. 0
199. 2

Seasonally adjusted
32.5
120.5
34.2
125. 1
36.3
130.4
132. 1
38.3
40.4
141. 3
43. 4
151. 4
42.7
148.8
149. 1
42. 8
150. 5
43. 2
43. 4
151. 4
152. 3
43.5
152. 5
43. 8
152. 7
44. 1
54. 0
44. 2
44! 5
53. 8
54, 2
44. 8
54, 4
45. 0

45. :j
45. 2
45. G

r>3. 8

153. 7
1 53. G

Deposits at all commercial banks.
NOTE.—Series revised; for detail see Federal Reserve Bulletin, October 1909.
Effective June, 9, 196(5, balances accumulated for payment of personal loans
(about $1.1 billion) are excluded from time deposits and from loans at all commercial banks.




1969

1968

112.2
126.6
146.7
158.5
183. 7
204.9
196. 4
199. 4
202. 1
204, 9
203. 2
202. 4
202. 3
202. 3
201. 7
200. 8
1 97. 7
194, 5
194. 1
193. 5

157.3
164.0
172. 0
175.8
187. 5
201. 0
190. 1
192. 0
195. 3
201. 0
201. 7
194. 8
195. 0
199. 2
194. 4
197. 0
197. 8
195. 9
197. 6
199. 4

33. 1
35.0
37. 1
39. 1
41. 2
44. 3
42. 7
42. 8
43. 6
44. 3
43. 5
43. 4
43. 7
43. 8
44. 2
44. 7
45. 2
45. 4
45. 2
45. 6

Unadjusted
124.1
129. 1
134.9
136.7
146. 2
156. 7
147.4
149. 2
151. 7
156.7
158. 2
151. 4
151. 3
155. 3
150. 3
152. 2
152. 7
150. 5
152.4
153. 8

Time
deposits 1

111.0
125.2
145.2
156.9
182. 0
203. 1
196. 6
199. 6
201.3
203. 1
202.8
202. 4
202. 9
202. 7
202. 2
201. 0
197. 7
195. 5
194.3
193.7

U.S.
Government
demand
deposits 1
5. 1
5.5
4.6
3.4
5. 0
5.0
6. 1
6.3
4. 5
5. 0
4. 9
6.9
4.8
5. 4
9. 2
6.0
5.6
4.3
5. 3
4. 2

Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.

29

SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of selected liquid assets decreased almost $5 billion (seasonally adjusted) in October. Holdings of
short term Government securities, savings and loan shares, and demand deposits and currency decreased while time
deposits rose.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
800

800

200

200

100

100
1963

1969

1964

I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted]
Total
selected
liquid
assets

End of period

1962
1963
1964 _
1965
1966___
1967__ _
1968 _
1968: Sept _
Oct ___ _
Nov
Dec... _
1969: Jan__

_ ___

Feb

]Mar
Apr p _ _
May *_
June v
Julv p
"

_ _

Aus;

Sept v

Oct. *
hold by m

144.8
149. 6
156. 7
164. 1
168.6
180. 7
3
199. 1
186.4
188. 0
190. 6
3
199. 1
188. 7
189. S
192. 4
190. 5
190.9
194. 0
1
190. 2
192.3
193. 3
193. 1

Time deposits

Commercial
banks




Mutual
savings
banks

98. 1
112. 9
127. 1
147. 1
159.3
183. 1
203. 8
196. 2
200. 4
204. 7
203. 8
203. 4
202. 9
201. 9
200. 6
199.6
197. 3
193.9
192.2
191.8
193. 9

tli money supply, p. 29, except for deduction of demand
1 savings banks and savings and loan associations. Data
o n t h . Data beginning J u l y I960 have not been revised to
ip

30

459. 0
495.4
530.5
573.1
601.5
650.4
709. 5
684.9
693. 1
699. 4
709.5
* 703. 7
705. 6
713. 1
709. 7
710.7
710. 6
1
704. 2
708.8
713.5
708.7

Demand
deposits
and
currency l

i dust funds, domestic cqmt- c i v c P.anks, and beginning

41. 4
44 5
49. 0
52.6
55.2
60. 3
64.7
63.4
63.8
64.3
64.7
64.8
65. 2
65.5
65. 7
66. 1
66. 2
66. 3
66.4
66.6
66.9

Postal
Savings
System

0.5
.5
.4
.3
.1

Savings
and loan
shares

79. 8
90. 9
101.4
109.8
113.4
123.9
131.0
129.5
130.0
130. 8
131.0
131. 0
132. 0
133.4
133. 3
133.6
133.7
133.6
134. 1
135. 2
134.8

U.S. Government
U.S. Gov- securities
ernment iiiaturing
savings
within
bonds 2
one
year 2
47. 6
49.0
49.9
50.5
50.9
51. 9
52.5
52.0
52.0
52. 1
52.5
52.5
52. 3
52.2
52. 2
52.2
52.2
52. 2
52.1
52.0
52. 0

3

46. 8
48. 1
46. 1
48. 6
53. 9
50. 5
58.5
57.4
58. 9
57.0
58.5
4
63. 4
63.4
67.7
67. 5
68.3
67.3
68.1
71.6
74.6
68.0

Estimates for Dec. 31.
* Beginning 1969 figures have been adjusted to conform to the new budget
concept.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total bank credit (seasonally adjusted) was practically unchanged in October. Loans rose $1.8 billion and total
investments fell by the same amount. Total reserves rose slightly, as did borrowings at Federal Reserve Banks.
BILLIONS OF DOLLARS
!500

BILLIONS OF DOLLARS
500
SEASONALLY ADJUSTED, END OF MONTH

ALL COMMERCIAL BANKS

400

400

TOTAL
LOANS AND INVESTMENTS
300

300

,—

BANK LOANS
1

200

^-».—••.•————•

200

•»•»•""*""

INVESTMENTS IN
" U.S. GOVERNMENT SECURITIES "

100

100

\
HIIIIIIIIIIIIH """

01 I I M T I I M M
1963

1964

INVESTMENTS IN OTHEI SECURITIES
i l I I I I I i t ?I I i i i i i I i t i i i i i i i i I i i i i
1965
1966
1967

' » ' '

> ' ' » »

•SEE FOOTNOTE 4 BELOW
SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Bank
Weekly
debits
reporting
outside
large commercial New York
Total
Investments
City (232
banks
End of period
Loans,
loans excluding
centers) ,
and
seasonally
inter- U.S. Gov- Other Commercial adjusted
investbank
securi- and indusernment
ments
annual
securities
ties
trial loans
rates l
Billions of dollars
1962
227. 9
29.2
134.0
64. 6
35.2
2,021
1963
246.2
61.7
38.8
2, 199
149.6
35. 0
1
1964
267. 2
38. 7
42. 1
2, 706
60. 7
167.7
3
294.4
192.6
1965_ _ _ _ _
3,018
57. 1
53. 1
44.8
208.2
48.7
1966
_ _ _ 310. 5
60.7
8,421
53. 6
1967 __
346. 5
3, 740
225. 4
59. 7
65. 8
61. 4
384.6
4, S67
1968
251.6
61.5
73. 1
71.5
379.4
69.7
1968: Oct
64.2
68.5
246.7
4,648
71. 2
Nov
381. 6
70. 2
4, 616
250. 4
61. 0
4, 679
384.6
251.6
Dec
61.5
71. 5
73. 1
1969: Jan
71. 4
72. 9
4,888
385. 9
253. 7
60. 8
4, 908
387. 9
Feb
71. 5
73. 7
58. 1
258. 4
Marv
386. 8
257. 5
57. 4
71.9
75. 0
4, 841
260. (J
4, 982
Apr
389. 9
57. 6
71. 7
76. 7
May J"
76. 6
390. 8
56. 0
71. 5
5,050
263. 3
390. 4
263. 0
56. 0
71. 4
5,230
78. 4
J u n o '_ .
4
' 395. 2 4 208. 0
56. 0
4 71. 2
June p
July J) _
"_
395. 7
70. 3
77.6
56. 6
208. 8
5,334
5, 282
395. 4
69. 6
76. 6
Aug Jl. _
269. 2
56. 6
5, 426
Sept
394. 7
270. 4
54. 5
78. 1
69.8
272. 2
Oct p. . _ 394. 8
77. 6
69. 1
53. 4




1969
COUNCIL OF ECONOMIC ADVISERS

All member banks

All commercial banks
(seasonally adjusted data)

1
Debits during period to demand deposit accounts except interbank and
U.S. Government. New series beginning January 1964.
2
Averages of daily figures. Annual data are for December.
3
New series; see Federal Reserve Bulletin, March 1967.
* New series; for detail see Federal Reserve Bulletin, August 1969.

M I M I I I M I

1968

Total
reserves

20, 040
20, 746
21,609
22, 719
23, 830
25, 260
27, 221
26, 653
26, 785
27, 221
28, 063
27,291
26, 754
27, 079
27, 903
27, 317
26,
27,
26,
27,

980
079
971
335

2

Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
304
572
327
536
243
411
452
454
392
557
238
345
455
765
427
260
324
569
455
765
217
697
824
228
217
918
152
996
1,402
300
1,407
343
116
303
236
134

1, 190
1, 249
1,067
1, 136

268
209
168
-2
-165
107
-310
-167
-245
-310
-480
-596
-701
-844
—1, 102
- 1, 064
- 1, 074
-946
-831
-1, 002

NOTE.—Effective June 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
certain certificates of CCC and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.

31

CONSUMER AND REAL ESTATE CREDIT
Total consumer credit increased over $600 million in September. Seasonally adjusted instalment credit rose almost
$700 million.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

SEASONALLY ADJUSTED (ENLARGED SCALE)

INSTALMENT CREDIT EXTENDED

1963

1969
COUNCIL OF ECONOMIC ADVISERS

SOURCEs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1960
1961
1962___
1963
1964
1965
1966
1967 .
1968
1968- Aug
Sept

[Millions of dollars]
Consumer instalment credit extended
Consumer credit outstanding (end of period;
and repaid (seasonally adjusted)
unadjusted)
Instalment
Automobile paper
Total
NonAutomoTotal
Total *
bile
Personal instal- Extended Repaid Extended Repaid
ment 2
paper
loans

56, 141
57, 982
63, 821
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
107, 090
107, 636
Oct
108, 643
110, 035
Nov
Dec_ _ „ _ 113, 191
1969: Jan
112,117
Feb
111, 569
Mar__
111, 950
Apr
113, 231
114, 750
May
June
115, 995
116, 597
Julv
Aug
117,380
Sept
118, 008

42, 968
43, 891
48, 720
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
85, 684
86, 184
87, 058
87, 953
89, 890
89, 492
89, 380
89, 672
90, 663
91,813
93, 087
93, 833
94, 732
95, 356

17, 658
17, 135
19, 381
22, 254
24, 934
28, 619
30, 556
30, 724
34. 130
33, 325
33, 336
33, 698
33, 925
34, 130
34, 013
34, 053
34, 262
34, 733
35, 230
35, 804
36, 081
36, 245
36, 321

10, 617
11, 673
13, 414
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
25, 725
25, 979
26, 202
26, 429
26, 936
26, 911
27, 048
27, 230
27, 628
27, 983
28, 305
28, 541
28, 957
29, 207

»Also includes other consumer goods paper, and repair and modernization
loans, not shown separately.
• Consists of slni/Uvpiiyimmt loans, charge accounts, and service credit.
' Knd of period, unadjusted.

32



13, 173
14, 091
15, 101
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
21, 406
21, 452
21, 585
22, 082
23, 301
22, 625
22, 189
22, 278
22, 568
22, 937
22, 908
22, 764
22, 648
22, 652

49, 793
49, 048
56, 191
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
8, 187
8,416
8, 533
8, 288
8, 277
8,371
8,414
8,381
8,720
8, 680
8,705
8, 521
8, 680
8,669

46, 073
48, 124
51, 360
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
7,253
7,701
7,586
7,454
7,502
7,730
7,616
7,735
7,960
7,834
7,910
7,899
8, 080
7,971

17, 657
16, 029
19, 694
22, 126
24, 046
27, 227
27, 341
26, 667
31, 424
2,684
2,783
2,782
2,681
2, 592
2,661
2,716
2,730
2,772
2, 757
2,725
2,582
2,634
2, 794

16, 419
16, 552
17, 447
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
2,327
2,482
2,391
2,363
2,357
2,467
2,468
2,501
2,519
2, 488
2,460
2,471
2,562
2,498

Mortgage
debt outstanding
noni'arm,
1- to 4fainily
houses 3
141, 300
153, 100
166, 500
182, 200
197, 600
212, 900
223, 600
236, 100
251, 200

247, 000
251, 200
254, 800
259, 500

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
interest rates were mixed in October. They fell on Government securities, but rose on corporate bonds, commercial
paper, and mortgages. In early November, Government rates rose.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

1963

1969

1964

SOURCE* SEE TABLE BELOW

Period
1961
1962
1963__ _._
1964
1965
1966
1967
1968 _
1968: Sept.
Oct.
Nov
Dec
1969: Jan
Feb
Mar
Apr
Mav_
JuneJuly
Aug___
Sept.
Oct
Week ended:
1969: Oct

_ __
___

17__
24. _
31__
Nov 7
14 _
21__

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5 year
Taxable
Treasurv
2
3
(Standard4 &
issues
bonds
bills i "
Poor's)
2. 378
3.60
3.90
3. 46
2. 778
3.95
3.57
3. 18
3. 157
4.00
3.72
3. 23
3. 549
4. 15
4. 06
3. 22
3. 954
4.21
4.22
3. 27
4. 881
4. 65
3. 82
5. 16
4.321
4. 85
3. 96
5.07
5. 339
5. 26
5.59
4. 51
5. 202
f>. 09
5. 30
4. 47
5. 334
5.42
5. 24
4. 56
5. 492
5. 36
5.47
4. 68
T>. 916
5. 66
5.99
4.91
6. 177
5. 74
6. 04
4. 95
(>. 156
r>. 86
6. 16
5. 10
fi. 080
6. 05
r>. 34
6. 33
C». 150
5. 84
6. 15
5. 29
6. 077
6. 33
5. 85
5. 47
(x 493
6. 05
6. 64
r>. 83
7. 004
7. 02
(). 07
r>. 84
7. 007
(i. 02
7. 08
6. 07
7. 129
7. 58
6. 32
6. 35
7. 040
6. 27
7.47
6. 21
7.
6.
7.
6.
7.
6
7.

042
975
030
998
157
141

7. 36
7. 12
7. 35
7.45
7. 54

6.
6.
6.
6.
6.

16
07
32
34
46

1
2
Rate on now issues within period.
Selected note and bond issues.
3
April 1953 to date, bonds due or callable 10 years and after.
6
* Weekly data are Wednesday
figures.
Not charted.
6
Data for first of the month, based on the maximum permissible interest rate
(7J^ percent beginning late January 1969) and 30-year mortgages paid in 15 years.




6.
6.
6.
6.
6.

11
19
23
19
20

4. 35
4. 33
4. 26
4, 40
4.49
5. 13
5. 51
6. 18
5. 97
6. 09
6. 19
6.45
6. 59
6. 66
6. 85
6. 89
6. 79
6. 98
7. 08
6. 97
7. 14
7. 33

5.08
5. 02
4.86
4. 83
4. 87
5.67
6.23
6.94
6.79
6. 84
7.01
7.23
7. 32
7. 30
7.51
7. 54
7. 52
7.70
7. 84
7.86
8. 05
8. 22

Prime
commercial
paper,
4^6
months
2. 97
3. 26
3. 55
3. 97
4.38
5.55
5. 10
5.90
5. 82
5. 80
5. 92
6.17
6. 53
6.62
6. 82
7. 04
7. 35
8.23
8. 65
8. 33
8.48
8. 57

7.
7.
7.
7.
7.

8.26
8. 21
8. 17
8. 19
8. 19

8. 63
8.50
8.23
8. 19
8.41

Corporate bonds
( Moody 's)
Aaa

Baa

39
31
25
26
29

FHA
new home
mortgage
yields 5

5.80
5.61
5.47
5.45
5.46
6.29
6.55
7.13
7.35
7.28
7. 29
7.36
7. 50
7. 99
8. 05
8. 06
8. 06
8.35
8. 36
8.36
8.40

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
The common stock price index rose somewhat during the latter part of October and in early November.
Index, 1941-43=10

Index, 1941-43=10

120

120

110

110

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

100

100

90

90

80

80

70

70
i i.l 1 1 t > i I 60

PERCENT

PERCENT
WEEKLY

MONTHLY

DIVIDEND YIELD ON COMMON STOCKS /"""^

^^^^

^^~~^T"^
A\ 1 I I 1 1 ! 1 ! 1 1

!

1 I ! 1 I

1 1 1 1 1

1 1 1 1 1 1 I 1 1 1 1

I 1 ! ! ! 1 1

I 1 I 1

I 1 I I I 1 1 I 1 _L L f 1 t 1 1 I ! 1 1 1 t

1 I 1 . 1 1 I i 1 1 1 IK

RATIO
25

RATIO
2b
PRICE/ EARNINGS RATIO ON COMMON STOCKS
/

20
15
10 i
V

'

'
1963

'

I

f

i

i

1964

i

i

S

\

1965

20

s ^—

/
1 ""^•^

^\^-

\

—*-^_——'-^-

15
i

i

i

i

1963
1964
1965
. ___
196(i
1967
1968
_ _
1968:
Oct__
Nov_
_
_
_ _ _
Dec
1969:
Jan
_ _ _ _
Feb
Mar
Apr
May __
June _
Julv
_ _ _ _ _Aug
Sept
Oct_
Week ended:
1969:
Oct 10
17
24 _
31
Nov 7
H

34

i

i

1

1

1969

!

K

10

^

COUNCIL OF ECONOMIC ADVISERS

Price index 1
Industrials
Total

Total

69. 87
81. 37
88.17
85. 26
91.93
98.70
103. 76
105. 40
106. 48
102. 04
101. 46
99. 30
101. 26
104. 62
99. 14
94. 71
94. 18
94. 51
95. 52

73.39
86. 19
93.48
91. 08
99. 18
107. 49
113. 29
114. 77
116.01
110. 97
110. 15
108. 20
110. 68
114. 53
108. 59
103. 68
103. 39
103. 97
105. 07

1941-43 = 10
63. 30
62. 28
76. 35
73. 84
85. 26
81. 94
84. 86
74. 10
96. 96
79. 18
105. 77
86.33
108. 48
91. 36
92. 04
109. 75
111.44
91.91
87. 69
106. 56
87. 93
105. 47
103. 76
86. 69
88. 21
105. 54
91. 57
108. 66
102. 68
88. 12
83.04
100. 55
83.44
100. 90
102. 27
85. 26
87. 28
103. 67

102. 58
105. 31
107. 04
106. 94
107. 26
107. 50

100.
104.
107.
105.
105.
106.

93. 14
95.72
97.41
97. 32 •
97. 59
97. 76

Consumers'
goods

Capital
goods

mmion Murks: -ILTi industrials, 55 public utilities, and 20 railI r x r ; f«ii n i p i t u l and con.suinor ^oods are Wednesday figures;
i.|«-x«"i HI.' uvr?up'-'- <»i d a i l y ft^uivs.
i < U \ i « l » tid'. n.uM-d <m l-th'sl K n o w n a n n u a l rate) divided by
t t . U ) i i » i , r l » t \ i h i < - «.f i I K - Mocks i n the j'roup. A n n u a l yields




\
1968

1967

1966

SOURCE: STANDARD & POOR'S CORPORATION

Period

_^.

49
82
03
26
98
57

84.40
87. 06
90. 35
90. 07
91. 03
91. 10

Railroads

Dividend
yield 2
(percent)

64. 99
69. 91
76.08
68. 21
68. 10
66.42
66. 93
70. 59
70.54
68. 65
69. 24
66. 07
65.63
66. 91
63. 29
61. 32
59. 20
57. 84
58. 80

37.58
45. 46
46.78
46. 34
46. 72
48.84
54. 26
53. 74
55. 19
54. 11
54.78
50. 46
49.53
49. 97
46. 43
43. 00
42. 04
42. 03
41. 75

3. 17
3. 01
3.00
3. 40
3. 20
3.07
2. 94
2. 92
2.93
3.06
3. 10
3. 17
3. 11
3. 02
3. 18
3. 34
3. 37
3. 33
3.33

56. 19
58. 72
61. 00
60.82
60. 96
60. 95

41.39
41. 96
41. 82
41. 95
41. 80
41. 10

Price/
earnings
ratio 3

3.41
3. 31
3. 24
3. 27
3. 25
3. 24

Public
utilities

17. 62
18. 08
17. 08
14. 92
17.52
17. 20
17. 54

17.68
16. 59

are averages of monthly data. Weekly data are Wednesday figures.
3 Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
For fiscal year 1969, there was a total surplus of just over $3 billion. Current estimates indicate a surplus of almost $6
billion for fiscal year 1970. In the first 3 months of fiscal 1970 there was a deficit of $2.5 billion/ a year earlier the
deficit was $3.2 billion.
SILLIONS OF DOLLARS
200

BILLIONS OF DOLLARS
200

80

80

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

(ENLARGED SCALE)
*20

*10

+10

RECEIPT-EXPENDITURE ACCOUNT

\

0

0
-10
20

-20 -

_L

_L
1959

1960

1961

1962

1963

1964

1965

1967

1966

1968

J

1969

1970-^

FISCAL YEARS

J/PRELIMINARY.
J/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Budget receipts, expenditures, and net lending
Period

Receipts
Fiscal year:
1959
1960
1961 _
_ _ _ _ _
1962 _
_ __
1963
1964
1965
1966
1967
1968
__. _
1969 *>_
_
1970 2
Cumulative totals for first
3 months:
Fiscal 3' ear 1969 _ _ _ _
Fiscal vear 1970

Expenditures

Surplus or
deficit (-)

Net
lending

Total
surplus or
deficit (-)

Gross Federal debt
(end of period)
Total1

Held by
the public

79. 2
92. 5
94 4
99. 7
106. 6
112. 7
116. 8
130. 9
149.6
153. 7
187.8
198. 8

89. 5
90.3
96.6
104.5
111. 5
118. 0
117.2
130.8
153.3
172. 8
183. 3
191.9

-10.3
2. 1
-2.2
-4.8
— 4. 9
-5. 4
—.4
*
. 37
-19." 1
4. 6
6.9

2. 7
1. 9
3. 2
2. 4
.1
.5
1. 2
3.8
5. 1
6. 0
1. 5
1.0

-12.9
.2
-3.4
-7.2
-4. 7
-5.9
-1.6
-3.8
-8.8
-25.2
3. 1
5.9

287.7
290.8
292.9
303.2
310.8
316.7
323. 1
329.4
341.3
369.8
367. 2

235.0
237. 1
238.6
248.3
254.4
257.5
261. 6
264.6
267.5
290.6
279. 5

43. 6
47. 9

46. 1
49. 5

-2. 5
-1. 6

.7
.9

-3.2
-2.5

372.6
374.0

293. 0
2842

1
Excludes rion-interest-boaring public debt securities hold by IMF.
"Estimates, see Summer Review of the 1970 Budget, Sept. 17, 1969.




Loan
account

Receipt-expenditure account

Sources: Treasury Department and Bureau of the Budget.

35

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1969, receipts were $34 billion over a year earlier while expenditures and net lending were up $6
billion, in fiscal year 1970, current estimates show increases over fiscal year 1969 of $11 billion for receipts and about
$8 billion for expenditures and net lending. In the first 3 months of fiscal 1970 receipts were $4.3 billion over a year
earlier while expenditures and net lending were $3.6 billion higher.
BILLIONS OF DOLLARS
100

BILLIONS OF, DOLLARS
100

- 20

120

120

EXPENDITURES AND NET LENDING
100

100

-NONDEFENSE-

80

80

60

60
40

40

"NATIONAL DEFENSE"
I

20

*

1959

I

I

I960

196V

1963

1962

1964
1965
FISCAL YEARS

I/PRELIMINARY.
J/ESTIMATE.
SOURCES* TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

1966

1967

1968

1969 -*/

20
19704/ '

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Receipts

Period

Total

Fiscal year:
1959

1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 *>_

_.
_

_

1970 2 _
Cumulative totals for
first 3 months:
Fiscal year 1969
Fiscal year 1970___

Individual Corporation
income
income
taxes
taxes

36

Total

Other

79.2
92.5
94.4
99.7
106.6
112.7
116.8
130.9
149.6
153.7
187.8
198. 8

36.7
40.7
41.3
45.6
47.6
48.7
48.8
55.4
61. 5
68.7
87.2
91. 1

17.3
21.5
21.0
20.5
21.6
23.5
25.5
30.1
34.0
28.7
36.7
38. 5

25.2
30.3
32.1
33.6
37.4
40.5
42.6
45.3
54. 1
56.3
63.9
69. 2

92.1
92.2
97.8
106.8
111.3
118.6
118.4
134.7
158.4
178.8
184.8
192. 9

46.6
45.9
47.4
51.1
52.3
53.6
49.6
56.8
70.1
80.5
81.3
3
77. 4

41.5
41.5
43.3
46.9
48.1
49.6
46.0
54.2
67.5
77.4
77.9
3
74. 4

3.3
3.1
3.4
4.5
4. 1
4. 1
4.3
4.5
4.5
4.9
4.1
3
3. 6

17.7
18.7
21.8
23.4
25.3
26.6
27.2
31.3
37.6
43.5
49.0
3
54. 8

24.5
24.5
25.2
27.9
29.7
34.3
37.3
42.1
46.1
49.9
50.4
4
57. 1

43. 6
47. 9

20. 6
23.4

7. 7
7.2

15. 3
17. 3

46. 8
50. 4

19. 2
20. 2

18. 3
19.4

.9
1. 0

11. 9
12. 9

14. 8
16. 4

» Expenditure account.
sJ Kstlinntos, sco Summer Review of the 1970 Budget, September 17, 1969.
Hc»e footnote 4.




Other

Expenditures and net lending
National defense International Health
Departand
affairs
ment of
Total
welfare
and
Defense,
military * finance

«Includes allowances of $3 billion for comparability pay raise effective July 1,
1969, for military and civilian personnel. This allowance will eventually be distributed to the appropriate function but no estimate of the distribution is available.
Sources: Treasury Department and Bureau of the Budget.

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for the third quarter, Federal receipts declined $1% billion (seasonally adjusted
annual rate) and expenditures increased $41/3 billion, resulting in a surplus of $71/3 billion, or nearly $6 billion less
than in the second quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

200

200

180

180

160

160
RECEIPTS

140

140
EXPENDITURES

120

120

J

100
+20

1

i

L

i

i

I

i

i

f

I

i

I N 100

i

+20

SURPLUS

nHn -

Pi HI

£23

DEFICIT

I

-20

I

1

I

1963

1

f

1964

i

t

i

1

1965

1

1

1

1966

1

f

1967

I

I

f

t

1

1

-20

1969

1968

CALENDAR YEARS
SOURCt, DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period

Fiscal year:
1965___
1966
1967
1968 l
1969
Calendar
year :
1965
1966
1967
1968
1Q6-S: I II _
III.
1V_
1969: !___
II_
III>

Personal Corporate
Total tax and profits
nontax
tax
receipts accruals

Indirect
busin ess
tax and
nontax
accruals

Federal Government expenditures

Contributions
for
Total
social insurance

GrantsSubsidies
Purin-aid
less
chases Trans- to State
current
Net
of goods fer payand
interest surplus
and
local
of Govt.
ments
paid
enterservices
governments
prises

Surplus
or
deficit
(-),
income
and
product
accounts

120.5
132. 8
147. 3
160. 9
192. 3

51.3
57. 6
64.4
71. 3
90. 4

27.7
31. 0
31. 1
34. 3
39. 7

16.9
15. 7
16. 1
17. 2
18. 5

24.6
28. 5
35. 8
38. 0
43. 6

118. 5
131. 9
154. 6
172. 4
187.4

64.4
71. 7
85.3
95. 3
101. 2

30.5
34. 2
39. 4
44. 5
50. 4

10.9
12. 7
14.8
17. 6
IS. 9

8.5
9. 0
9. 9
10. 8
12. 3

4. 1
4. 5
5. 1
4. 1
4.5

2. 0
.9
-7. 2
— 11. 5
4.9

124. 7
142. 5
151. 1
176. 3
165. 7
170.8
181. 4
187. 3
198. 1
202. 3
200. 9

53. 8
61. 7
67. 5
79. 5
72. 1
74.7
83. 7
87. 4
93. 8
96. 9
95. 0

29. 3
32. 1
30. 6
38. 3
37.0
38. 1
38. 4
39. 8
40. 2
40. 5
39. 4

16. 5
15. 7
16. 3
18. 0
17.4
17. 9
18. 3
18. 5
18. 5
18. 6
19. 1

25. 1
33. 0
36. 7
40. 5
39. 3
40. 1
40. 9
41. 7
45. 6
46. 4
47. 5

123. 5
142. 8
163. 8
181. 5
174. 1

66. 9
77. 8
90. 7
99. 5
96. 3
99. 0
100. 9
J01. 9
101. 6
100. 6
103. 2

32. 5
35. 7
42. 2
47. 8

11. 1
14. 4
15. 9
18. 3
17. 7
1 S. 2
18. 4
19. 0
19. 0
19. 3
19. 8

8. 7
9. 5
10. 3
11. 6
11. 0
11.4
11. 7
12.2
12.5
12. 9
13. 1

4. 3
5. 4
4. 7
4. 3
4. 0
4. 1
4. 6
4, 4
4. 6
4. 4
4. 6

1. 2
—. 2
— 12. 7
— 5. 2
-8.4
-9.5
-2. 8
—.1
9. 6
13. 0
7.3

1

180. :;

19:>. c>

Preliminary, base*! on seasonally adjusted data; not strictly comparable with
preceding data.




184. 2
187. 4
1 SS. r>
1S9. 3

4f>. 1

47. (>

-IS. 7
50. 0
50. 8
52. 1
52. 7

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

37

UNITED STATES
JOVERNMENT 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 Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
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.
P Indicates preliminary and
not available.
* Indicates less than $50 million.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 25 cents per copy, $3 per year ; $4 foreign. Domestic air mail, $3.60 additional per year.

38




U.S. G O V E R N M E N T P R I N T I N G O F F I C E : 1969