Full text of Economic Indicators : November 1970
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91st Congress, 2nd Session Economic Indicators November 1970 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES G O V E R N M E N T PRINTING OFFICE WASHINGTON : 1970 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 500 °f Public Law 304, 79th Cong.) WRIGHT P ATM AN, 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 LOUGHLIN F. McHuGH, Senior Economist 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—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" J\csolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required number of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved Tune 23, 1949. Charts dratvn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at 25 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 $3.60 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 Revised estimates for the third quarter indicate that gross national product advanced $141/2 billion (seasonally adjusted annual rate), $2% billion more than in the second quarter. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Government Persons Net receipts Disposable personal income Period Total [ 1962 1963 1964 1965 1966 1967 1968 1969 1969: I II--III__ IV... 1970: I II_ — Ill p. 385. 3 404. 6 438. 1 473. 2 511. 9 546. 3 591. 2 631. 6 612. 0 623. 0 640. 6 650. 6 665. 3 683. 6 693. 0 PerLess: Equals: Personal sonal Less: Less: Tax Interest Total consump- saving Trans- Equals: Total Trans- Equals: and or tion Purpaid and excludfers, fers, nontax interest, Net expend- interest, disexpendchases ing transfer receipts itures itures saving receipts interest of goods payand and or and and ments sub- 2 subaccruals 2 transto forsidies sidies fers eigners 8. 6 9. 7 10.7 12. 0 13. 0 13. 9 15. 0 16. 5 16.0 16. 4 16. 7 16. 9 17. 3 17. 8 18. 2 376. 6 394. 9 427. 4 461. 3 498. 9 532. 4 576. 2 615. 1 596. 0 606. 6 623. 9 633. 7 648. 0 665. 8 674. 8 355. 1 375. 0 401. 2 432. 8 466. 3 492. 1 535. 8 577. 5 561. 8 573. 3 582. 1 592. 6 603. 1 614. 4 622. 1 157.0 168. 8 174. 1 189. 1 213. 3 228. 9 263. 3 298. 7 291. 2 299. 2 300. 4 304. 1 300. 2 303. 6 304. 8 21. 6 19. 9 26. 2 28. 4 32. 5 40. 4 40. 4 37. 6 34. 3 33. 3 42. 0 41. 1 44. 8 51. 5 52.7 42.8 44. 4 46. 7 49. 9 55. 5 62. 8 70. 5 77. 9 75. 1 77.4 78. 3 80. 8 81.8 96. 1 94. 3 114 2 124. 3 127. 3 139. 2 157. 9 166. 2 192. 8 220. 8 216. 1 221. 8 222. 1 223. 3 218. 4 207. 4 210. 5 159. 9 166. 9 175.4 186. 9 212. 3 242. 9 270.7 290. 1 283. 5 287. 4 292. 3 297. 0 301. 5 314. 5 315. 3 42. 8 44. 4 46. 7 49. 9 55. 5 62. 8 70. 5 77.9 75. 1 77. 4 78. 3 80. 8 81. 8 96. 1 94. 3 117. 1 122.5 128.7 137. 0 156. 8 180. 1 200. 2 212. 2 208. 5 209. 9 214. 1 216. 3 219. 6 218. 4 221. 0 Net exports of goods Net Total Statisand services transfers Excess of income tical Gross transfers or Gross private Excess to fordiscrepof or eigners retained domestic receipts ancy earn-3 of net invest- by perEquals: investment sons and Exports Less: ings exports Net ment 4 Imports exports Government 1962 1963 1964 1965 1966 1967 1968 1969 1969: I II III IV 1970: I II III > • _ _ _ 66. 3 68. 8 76. 2 84. 7 91. 3 93. 0 95. 6 97. 3 96. 5 97. 4 <)9. J 96. 0 83. 0 87. 1 94. 0 108. 1 121. 4 116. 6 126. 5 139. 8 136. 0 139. 3 143. 8 140. 2 133. 2 134. 3 138. ;> ties, 1 etc.). Governi merit, not i eminent en 3 Undistr oapital con lot include retained earn ngs of unincorporati n disposable personal incc Surplus or deficit (-), income and product accounts -2.9 1.8-1. 4 2. 2' 1. 1 -13. 9 -7.3 8. 7 7.7 11. 8 8. 0 7. 1 -1. 2 -10. 9 -10. 5 International Business Period Expenditures -16. 8 -18. 4 -17.8 -23. 4 -30. 1 -23. 5 -31. 0 -42. 5 -39. 4 -41. 9 -44. 7 -44. 2 2. 7 2. 8 2. 8 2. 8 2. 8 3. 0 2. 8 2. 8 2. 4 3. 2 2. 8 2. 9 2. S :>. o 2. S net. IT:' 30. 3 32.3 37. 1 39.2 43. 4 46. 2 50. 6 55. 5 47. 8 57. 2 58. 3 58. 8 01. 1 ()2. S (>2. S I surplus of j. •nt. 25. 1 26. 4 28. 6 32. 3 38. 1 41. 0 48. 1 53. 6 46. 5 55. 9 55. 6 56. 2 5. 1 5. 9 8.5 6. 9 5. 3 5. 2 2. 5 1. 9 1. 3 1.3 2. 6 2. 6 15. 5 4. 1 -1 2 -2. 5 -3. 1 -5. 7 -4. 1 -2. 4 -2. 2 !3 .9 1. 1 2. 0 .1 .3 -l! 1 -1. 3 559. 8 590. 8 633.7 688. 0 750. 9 794. 6 867. 4 936. 1 911. 0 929. 0 947. 9 955. 9 964. 9 974. 1 987. 3 0.5 —. 3 -1. 3 -3. 1 -1.0 -. 7 -2. 4 -4. 7 -3. 6 -5. 3 -5. 5 -4. 3 -5. 4 -3. 1 -1. 8 Gross national product or expenditure 560. 3 590. 5 632. 4 684. 9 749. 9 793. 9 865. 0 931. 4 907.6 923. 7 942. 6 951. 7 959. 5 971. 1 985. 5 1 Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing. '-Net foreign investment less capital grants received by U.S., 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 6 percent in the third quarter, according to revised estimates. The rise in physical output was at a rate of about 1% percent. Both increases were somewhat more than in the second quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES. 1,000 1,000 900 900 800 800 700 700 600 600 PERSONAL CONSUMPTION. EXPENDITURES 500 500 400 400 GOVERNMENT PURCHASES OF GOODS AND SERVICES -V 200 200 -v 100 NET EXPORTS OF GOODS AND SERVICES I I 100 GROSS PRIVATE DOMESTIC INVESTMENT I I 1965 1964 1966 I 1967 1969 1968 SOURCE: DEPARTMENT OF COMMERCE 1959 1960 1961 1962 1963 1964. 1965 1966 1967 1968 1969 1969: I II III IV__ 1970: I __ II III _ _ __ 475. 9 487.7 497. 2 529. 8 551. 0 581. 1 617. 8 658. 1 675. 2 707. 2 727. 1 722. 1 726. 1 730. 9 729. 2 723. 8 724. 9 727. 4 483.7 503.7 520. 1 560. 3 590. 5 632. 4 684. 9 749. 9 793. 9 865. 0 931. 4 907. 6 923. 7 942. 6 951. 7 959. 5 971. 1 985. 5 311. 2 325. 2 335. 2 355. 1 375. 0 401. 2 432. 8 466. 3 492. 1 535. 8 577. 5 561. 8 573. 3 582. 1 592. 6 603. 1 614. 4 622. 1 75. 3 74. 8 71. 7 83. 0 87. 1 94. 0 108. 1 121.4 116. 6 126. 5 139. 8 136. 0 139. 3 143. 8 140. 2 133. 2 134. 3 138. 3 'This category eorrespands closely with budget outlays for national defense, shown on p. 36. -Gross national product in current prices divided by gross national product in 1958 prices. I COUNCIL OF ECONOMIC ADVISERS Total Personal Gross ^ congross Totali private national gross sump- domestic product national tion investin 1958 product expend- ment prices itures Billions <3f dollars; quarterly Period I 1970 Net exports of goods and services Gove rnment \purchases of good s and services Federal State Total and National Total defense1 Other local data at sseason all;y 0. 1 97. 0 4. 0 99. 6 5. 6 107. 6 5. 1 117. 1 5.9 122. 5 8. 5 128. 7 6.9 137. 0 5. 3 156.8 5. 2 180. 1 2. 5 200. 2 1. 9 212. 2 1. 3 208. 5 1. 3 209. 9 2. 6 214. 1 2. 6 216. 3 3. 5 219. 6 4. 1 218. 4 4. 2 221. 0 I mplicit price deflator for total GNP, 1958 -1002 ad justeid annual rates 53. 7 53. 5 57.4 63. 4 64. 2 65. 2 66. 9 77. 8 90. 7 99. 5 101. 3 100. 9 99. 8 102. 5 102. 1 102. 3 99. 7 98. 6 46. 0 44. 9 47. 8 51. 6 50. 8 50.0 50. 1 60. 7 72. 4 78. 0 78. 8 78. 6 77. 9 79. 8 78. 8 79. 3 76. 8 75. 8 7. 6 8.6 9.6 11.8 13. 5 15. 2 16. 8 17. 1 18. 4 21. 5 22. 6 22. 4 21. 9 22. 7 23. 3 23. 0 22. 9 22. 9 43.3 46. 1 50. 2 53. 7 58. 2 63.5 70. 1 79. 0 89. 4 100. 7 110. 8 107. 5 110. 1 111. 6 114. 2 117. 4 118. 7 122. 4 NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. 101. 63 103. 29 104. 62 105. 76 107. 17 108. 84 110. 86 113. 95 117. 59 122. 31 128. 11 125. 68 127. 22 128. 97 130. 52 132. 57 133. 98 135. 50 NATIONAL INCOME The $10 billion (seasonally adjusted annual rate) rise in national income in the third quarter was the largest in a year. BILLIONS OF DOLLARS 900 I BILLIONS OF DOLLARS 1900 SEASONALLY ADJUSTED ANNUAL RATES 800 800 700 700 600 600 500 500 400 400 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS' AND RENTAL INCOME /± 100' 1967 1965 1964 100 1969 1970 J^RELIMINARY SOURCE: DEPARTMENT OF COMMERCE" COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Total national income Period 1959 1960 1961 1962 1963__ . 1964 1965 1966 1967 1968 1969 1969: I II III IV 1970: I II III p _ ___ _ _ _ _ ___ 400.0 414. 5 427. 3 457. 7 481. 9 518. 1 564.3 620. 6 653. 6 712. 7 769. 5 749. 3 764. 0 779. 5 785. 2 791. 5 797. 4 807.2 Compenof employees 1 279. 1 294. 2 302. 6 323. 6 341. 0 365.7 393.8 435. 5 467. 2 514. 1 564. 2 544. 9 557. 5 572. 2 582. 1 592. 2 596. 4 603. 8 Proprieto rs' income Farm 2 11. 4 12. 0 12. 8 13.0 13. 1 12.1 14.8 16. 1 14. 8 15. 0 16. 4 16. 2 16. 2 16. 6 16. 6 17. 0 16. 5 16. 1 Business and professional 35. 1 34. 2 35. 6 37. 1 37. 9 40.2 42.4 45. 2 47. 3 49. 1 50. 5 49. 9 50. 5 50. 9 50. 6 50. 6 51. 2 51. 7 Rental income of per15. 6 15. 8 16. 0 16.7 17. 1 18.0 19.0 20. 0 21. 1 21. 3 22. 0 21. 6 22. 0 22. 1 22. 3 22. 5 22. 6 22. 7 Net interest 7. 1 8.4 10. 0 11. 6 13. 8 15.8 18.2 21. 4 24. 4 27. 8 30. 7 29. 7 30. 4 31. 0 31. 7 32. 4 33. 1 33. 8 Corpora }e profits and inventory va luation ac1 just men t Total 51.7 49. 9 50. 3 55. 7 58. y 66.3 76. 1 82. 4 78. 7 85.4 85. 8 87. 1 87. 4 86. 8 82. 0 76. 7 . 77. 5 79. 0 Profits before taxes Inventory valuation adjustment 52. 1 49. 7 50. 3 55. 4 59. 4 66.8 77.8 84. 2 79. 8 88. 7 91. 2 93. 0 93. 4 89. 9 88. 5 82. 6 82. 0 85.0 NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. -0. 5 2 __ i .3 -. 5 -.5 — 1.7 -1. 8 — 1.1 -3. 3 -5. 4 -5. 9 -6. 0 -3. 2 -6. 5 — 5. 8 -4. 5 -5. 9 SOURCES OF PERSONAL INCOME Persona! income fell $21/s billion (seasonally adjusted annual rate) in October. The auto strike sharply reduced private payrolls. Government payrolls fell from a September total that included a nonrecurring wage payment to postal workers. BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS | 900 -' 800 700 600 200 100 1964 SOURCE: DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Wage Propriet ors' income Rental Total Other Transfer and Divi- Personal interest personal salary paylabor 2 Business income dends of income ments income disburseand pro- persons income Farm l ments fessional Period Less : Personal con- Nonagritributions cultural for social personal3 insurance income 416. 8 442. 6 465. 5 497. 5 538. 9 587. 2 629. 3 688. 7 748. 9 278. 1 296. 1 311. 1 333. 7 358. 9 394. 5 423. 1 464, 8 509. 0 12.7 13. 9 14. 9 16. 6 18. 7 20. 7 22. 3 24. 9 27. 6 12.8 13. 0 13. 1 12. 1 14.8 16. 1 14. 8 15. 0 16. 4 35.6 37. 1 37. 9 40. 2 42.4 45. 2 47. 3 49. 1 50. 5 16. 0 16.7 17. 1 18. 0 19. 0 20. 0 21. 1 21. 3 22. 0 13.8 15.2 16. 5 17. 8 19.8 20. 8 21. 4 23. 3 24. 7 25.0 27.7 31.4 34. 9 38.7 43. 6 48. 0 54. 0 59. 7 32.4 33. 3 35. 3 36.7 39. 9 44. 1 51. 8 59. 0 65. 1 9.6 10.3 11. 8 12. 5 13.4 17. 7 20. 5 22. 8 26. 0 400.0 425.5 448. 1 480. 9 519. 5 566. 3 609. 4 668. 2 726. 7 1969: S e p t _ _ _ Oct Nov Dec 763. 766. 770. 774. 1 7 6 3 520. 522. 525. 528. 0 7 2 0 28. 2 28. 3 28. 5 28. 6 16. 7 16. 7 16. 6 16. 6 51. 0 50. 8 50. 5 50. 4 22. 22. 22. 22. 25. 25. 25. 25. 2 2 3 0 60. 5 61. 2 62. 0 62. 6 65. 9 66. 3 66. 9 67. 7 26. 5 26. 7 26. 7 26. 9 740. 744. 747. 751. 1970: Jan Feb.... Mar Apr May___ June July.... Aug Sept Oct *__ 777. 8 781. 5 787. 6 806. 0 799. 7 798. 2 803. 3 806. 4 811. 9 809. 5 529. 531. 535. 539. 540. 538. 541. 543. 546. 541. 5 1 0 9 5 1 5 2 6 3 29. 0 29. 3 29. 6 29. 8 30. 0 30. 3 30. 6 30. 8 31. 1 31. 3 16. 8 17. 0 17. 2 16. 9 16. 5 16. 2 16. 2 16. \ 16. 0 15. 9 50. 4 50. 6 50. 7 51. 0 51. 3 51. 5 51. 6 51. 7 51. 8 51. 9 22. 5 22. 5 22.' 6 22. 6 22. 6 22. 7 22. 7 22. 7 22. 8 22. 8 25. 1 25. 2 25. 2 25. 2 25. 3 24. 7 25. 2 25. 3 25. 5 25. 8 63. 0 63. 4 63. 7 64. 2 64. 5 64. 8 65. 3 66. 0 66. 8 67. 0 68. 8 69. 7 71. 1 84. 1 76. 6 77.6 78. 1 78. 6 79. 6 81. 5 27. 3 27. 3 27. 5 27. 7 27. 7 27. 6 27. 8 28. 0 28. 2 28. 0 755. 0 758. 4 764. 3 783. 0 777. 0 775. 7 780. 9 784. 0 789. 7 787. 4 1961 1962 1963 1964 1965 1966__ 1967 1968 1969 „__ _ _ 1 Compensation of employees (see p. 3) excluding employer contributions for social insurance and wage accruals less disbursements. 2 Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor items. 1 2 3 4 6 1 9 6 '" 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. DISPOSITION OF PERSONAL INCOME Personal income (seasonally adjusted) showed only a small rise in the third quarter but because of tax cuts the rise in disposable income was much larger. The saving rate remained at the high second quarter rate. BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS 700 600 i- 500 500 400 DOLLARS 3,500 3,500 PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES 3,000 3,000 2,500 2,500 2,000 2,000 1964 I 1965 1970 SOURCE: DEPARTMENT Or COMMERCE Period Less: PerPersonal sonal 1! tax and income nontax payments 1961 1962 1963 1964 1965 1966__ _ _ 1967 1968 1969_ _ _ _ 416.8 442.6 465. 5 497. 5 538.9 587. 2 629. 3 688. 7 748. 9 1969: I— _ II__ III_ IV__ 725. 8 741. 1 758. 1 770. 5 1970: !___ 782.3 II- 801. 3 III_ 807. 2 COUNCIL OF ECONOMIC ADVISERS Per caj.)ita disLess: Persemal outla ys ! posable personal Equals: Persoilal consulnption Ec«uals: inc<3 me Disex penditure s 2 Personal posable Total saving NonCurrent 1958 personal personall Durable Services prices prices income outlays goods durable goods 59. 4 65. 7 75. 4 83. 0 97. 5 117. 3 364. 4 385.3 404. (> 438. 1 473. 2 511. 9 546. 3 591. 2 631. 6 Billions of dollars 44. 2 343. o 49. 5 363.7 53. 1! 384. 7 59. 2 411. 9 444. 8 66. 3 70. 8 479. 3 506. 0 73. 1 84. 0 550. 8 90. 0 593. 9 155. 162. 168. 178. 191. 206. 215. 230. 245. 9 6 6 7 1 9 0 2 8 135. 1 143.0 152. 4 163. 3 175.5 188. 6 204. 0 221. 6 241. 6 21.2 21. 6 19. 9 26. 2 28.4 32. 5 40. 4 40. 4 37. 6 113. 118. 117. 119. 612. 623. 640. 650. 577. 589. 598. 609. 2 0 1 0 233. 238. 244. 249. 34. 3 52. 4 57.4 GO. y 8 1 5 9 117. 0 117. 7 114. 2 0 0 6 6 665. 3 683. 6 693. 0 7 7 7 6 89. 1 90. 6 89. 5 90. 8 239. 244. 248. 252. 620. 5 632. 1 640. 2 89. 1 91. 9 91. 2 258. 8 262. 6 265. 8 i Includes personal consumption expenditures, interest paid by consumers, and personal transfer payments to foreigners. * See p. 2 for total personal consumption expenditures. s Includes armed forces abroad. Annual data are for July 1; quarterly data are for middle of period, interpolated from monthly data. Dol lars 1,983 1, 909 2,064 1, 968 2, 13(J 2,013 2, 123 2, 280 2, 432 2, 235 2, 331 2, 599 2, 744 2, 398 2, 939 2,480 2, 517 3, 108 5.8 5.6 4. 9 6. C 6.0 6. 4 7. 4 6. 8 6. 0 183, 756 186, 656 189,417 192, 120 194, 592 196, 907 199, 119 201, 177 203, 213 023 070 148 188 2,493 2, 501 2, 535 2, 537 5. 6 5. 3 6. 5 6. 3 202, 202, 203, 204, 2, 556 2, 594 2,597 6. 7 7. 5 7.6 204, 586 205, 113 205, 706 5 7 5 8 42. 0 41. 1 3, 3, 3, 3, 255. 2 259. 9 265. 1 44. 8 51. 5 52. 7 3, 252 3, 333 3, 369 r 10 > oo. o Saving as percent of Populadistion posable (thoupersonal sands) j income (percent) NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. 475 953 505 091 FARM INCOME Net farm income excluding and including inventory change (seasonally adjusted) dropped 2% perceni in the third quarter. BILLIONS OF DOLLARS I 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 I 20 .1. „„„_,. 10 1964 1965 1966 1968 1967 1969 SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Personal income re ceived by total i arm popu lation ] income re ceived fro m farming Net t o farm oper ators Realize d gross Period 1961 1962_ 1963 1964 1965 1966 1967 1968 1969 _ _ _ _ _ _ _ _ _ From sources From farm sources 19.7 20.4 20.6 20.6 23.6 24. 9 24. 0 25. 4 27. 5 12.2 12.3 12. 1 11.3 13.5 14. 4 13. 1 13. 5 14. 7 all From nonfarm sources 7.5 8.2 8.5 9.3 10.0 10. 5 10. 9 11. 8 12. 8 5 4 4 6 IV 53. 7 54. 6 54. 8 55. 2 46. 47. 47. 47. IIIII 56. 3 56. 2 56. 5 49. 0 49. 0 48. 8 1 Cash receipts irom marketings, Government payments, and nonmoney income furnished by farms. 2 Inventory ol crops and livestock valued at the average price for the year. Also, see footnote 2, p. 3. <• Based on Census of Agriculture definition of a farm. The number of farms is held constant within a year. 6 Net inc orne per farm inci uding net inventory change 3 ProducCash tion ex- Exclud- Includreceipts penses ingnetm- ing net in- Current 1957-59 from Total * ventory ventory2 prices prices 4 marketchange chance ings Billions c)f dollars Dol lars 27. 1 12.6 35. 1 13.0 3, 399 39.8 3, 332 13.2 41.3 36.4 28.6 3,482 12.6 3, 586 13.2 42.3 37.4 29.7 12.6 3, 708 3, 565 37.2 13. 1 42.6 29.5 12.3 3, 564 3, 394 44. 9 39.3 30.9 14.0 4, 487 15.0 4, 193 33.4 16. 3 49. 7 43. 3 16. 3 5, 019 4,563 42. 7 14. 2 34. 8 14. 9 49. 0 4, 730 4, 186 51. 0 44. 2 15. 0 4, 957 36. 0 15. 1 4,237 54. 6 47. 2 16. 2 16. 5 38. 4 5,563 4, 523 Seasonally adjusted annual rates 1969: !_ 1970: 1970 5 6 6 0 16. 2 16. 0 16. 2 16. 2 16. 3 16. 3 16. 7 16. 8 5, 490 4, 540 5,490 4,460 5, 620 5, 650 4, 570 4, 520 39. 8 40. 1 40. 8 16. 5 16. 1 15. 7 17. 1 16. 6 16. 2 5,910 5, 730 5, 590 4, 650 37. 38. 38. 39. 4,480 4,330 * Income in current prices divided by the index of prices paid by farmers for family living items on a 1957-59 base. NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Agriculture. CORPORATE PROFITS Third quarter corporate profits rose at a seasonally adjusted annual rate of $11/2 billion including inventory valuation adjustment and $3 billion excluding inventory valuation adjustment. The latter was the first increase in more than a year. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 100 40 40 20 20 1970 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Cor]aorate pr ofits Cor i5orate pr ofits (befc>re taxes) and inveritorv a fter taxeis Corpovaluation adjustmei it rate TransCorpo- CorpoM an uf a etui ing capital portation , rate rate conDiviUncomPeriod tax profits NonAll Durable durable AH 1 before liabil- Total dend distrib- sumpmuniindustion good s uted payother taxes ity Total goods cations, tries indusand ments profits allow-2 ances . '; tries public i-,s utilities 1 1. y 23. 3 11. 4 27. 2 13. 8 50. 3 23. 1 13. 5 50. 3 26. 2 19. 1 7. 9 1961 12. 5 14. 1 26. 6 55. 7 1962 a 5 20. 5 55. 4 24. 2 31. 2 15. 2 16. 0 30. 1 13. 0 33. 1 28. 8 15. 8 16. 5 26. 3 16. 6 58. 9 31.8 20. 6 59. 4 1963 9.5 14.9 17.8 32.7 23.5 38.4 28.3 17.8 20.6 33.9 10. 1 66.8 1964 66. 3 22. 8 39. 3 16. 6 46. 5 25. 6 26. 7 77. 8 31. 3 76. 1 19. 8 36. 4 11. 1 196r> 24. 0 42. 6 18. 6 34. 3 49. 9 27. 9 84. 2 20. 8 82. 4 29. 1 39, 5 11. 9 1966 20. 7 46. 6 21. 4 38. 7 18. 0 29. 1 33. 2 25. 3 79. 8 43. 0 10. 8 1967. --- 78. 7 42. 4 23. 3 19. I 48. 2 32. 0 40. 6 23. 3 88. 7 24. 9 46. 5 85. 4 11. 0 196S 22. 4 41. 8 19. 3 48. 5 24. 7 42. 7 33. 4 85. 8 23. 9 10. 7 91. 2 49. 8 1969 Profits plus capital consumption allowances 3 53. 5 61. 3 64. 8 72.3 82. 9 89. 5 89. 6 94. 7 98. 3 87. 1 87. 4 86. 8 82. 0 43. 4 42. 9 41. 8 39. 1 24. 0 23. 0 22. 7 20. 0 19. 4 19. 9 19. 1 19. 0 11. 0 10. 8 10.6 10. 3 32. 7 33. 7 34. 4 32. 6 93. 0 93. 4 89. 9 88. 5 43. 5 43. 8 42. 1 41. 4 49. 5 49. 7 47. 9 47. 1 24. 1 24. 4 25. 0 25. 2 25. 5 25. 2 22. 9 21. 9 48, 5 98. 0 49. 3 99. 0 50. 1 98. 0 51. 0 ' 98. 1 1970: I.... 76. 7 35. 2 35. 5 16. 9 17. 2 18. 3 18. 2 9. 1 8. 6 32. 4 33. 4 82. 6 82. 0 85. 0 38. 0 38. 1 39. 6 44. 6 43. 9 45. 4 25. 2 25. 1 25.4 19. 4 18. 8 20. 0 52. 0 53. 0 54. 0 1969: I..~ II... III.. IV___ II— III". 77. 5 79. 0 i2 Includes all other industries and financial institutions. Includes depreciation and accidental damages. s Corporate profits after taxes pins corporate capital consumption allowances. NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. 96. 6 96. 9 99. 4 GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose $4 billion (seasonally adjusted annual rate) in the third quarter following a $1 billion gain in the second quarter. BULKDNS OF DOLLARS BILLIONS OF DOLL ARS 160 160 SEASO ^ALLY ADJUSTED ANNUAL RATES G ROSS PRIVATE DO/v\EST1C 140 INVESTMENT nn inn .x-^1 ^^ r^\ ^**^ 140 ^-"^ nn 100 -—"" 80 Of) PR ODUCERS' DURAB .E EQUIPMENT \ ^± An ^ , ^** < *""""""*"*'"1" . «*•*""* 60 ^.^^ fmrnff^t^" 40 RESIDENTIAL STRUCTUF*ES NONR ESIDENTIAL STRUCTL RES ^^•••^j^JV^*' ..-"""'"^ 20 1 ! vX 1 ! 1964 SOURCE: 1 ? I ! ! 1966 1965 '""" 20 '**•" ,-."- I ^^' CHANGE IN BUS INESS INVENTORY S %% ****** 40 I ! ! 1967 """ ! I '«*,-• — -1" ! I ! ! DEPARTMENT OF COMMERCE Q ! 1970 1969 1968 1 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Fixed imvestment P*vrir»H Total gross private domestic investment Total 75.3 74.8 71. 7 83. 0 87. 1 94. 0 108. 1 121. 4 116. 6 126. 5 139. 8 136. 0 139. 3 143.8 140. 2 133. 2 134. 3 138. 3 Total 70. 5 71.3 69. 7 77. 0 81. 3 88. 2 98. 5 106. 6 108. 4 118. 9 131. 4 128. 7 131. 4 132. 4 133. 0 131. 6 131. 2 132. 7 45. 1 48. 4 47.0 51. 7 54. 3 61. 1 71. 3 81. 6 83. 3 88. 7 99. 3 95. 7 97. 5 101. 5 102. 6 102. 6 102. 8 103. 6 NOTE.—Data for Alaska and Hawaii included beginning 1960. 8 Producers' durable equ ipment Struc tures Total 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1969: I II III IV 1970: I 11 III Resid ential struc tures N<president ial 16.7 18. 1 18.4 19. 2 19.5 21.2 25. 5 28. 5 28. 0 29. 6 33. 8 32. 6 32. 3 35. 2 35. 1 35. 7 35. 3 35. 0 Nonfarm Total 15. 9 17. 4 17. 7 18. 5 18. 8 20.5 24. 9 27. 8 27. 3 28. 9 33. 0 31. 9 31. 5 34. 4 34. 3 34. 8 34. 5 34. 2 28. 4 30.3 28. 6 32. 5 34.8 39. 9 45. 8 53. 1 55. 3 59. 1 65. 5 63. 1 65. 2 66. 3 67. 5 66. 9 67. 5 68. 6 Nonfarm 25.4 27.7 25. 8 29. 4 31. 2 36.3 41. 6 48. 4 50. 0 54. 3 60. 8 58. 5 60.6 61. 8 62. 3 62. 4 63. 2 64. 3 Total 25. 5 22.8 22. 6 25. 3 27. 0 27. 1 27.2 25. 0 25. 1 30. 3 32. 0 33. 0 33. 9 31. 0 30. 4 29. 1 28. 4 29. 2 Source: Department of Commerce. Nonfarm 24.8 22. 2 22. 0 24. 8 26. 4 26.6 26. 7 24. 5 24. 5 29. 7 31. 5 32. 4 33. 3 30. 4 29. 8 28. 4 27. 8 28.6 Change in business m\ entories Total 4.8 Nonfarm 4.8 3. 6 2. 0 6. 0 5. 9 5. 8 3. 3 1. 7 5. 3 5. 1 14. 8 8. 2 7. 6 8. 5 7. 4 7. 9 11. 3 7. 2 1. 6 3. 1 15.0 7. 5 7. 5 8. 0 7. 3 7. 6 10. 8 9.6 5.5 6.4 8.6 6.5 .9 2.6 5.0 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Businessmen expect their investment programs for 1970 to rise 6% percent over 1969, according to the July-August survey. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 100 100 SEASONALLY ADJUSTED ANNUAL RATES 80 80 \ TOTAL NEW PLANT AND EQUIPMENT 60 60 NONMANUFACTURING 40 40 .„.,,.«•"""""" MANUFACTURING 20 20 ! 1964 1965 1967 1966 1968 J/- I 1970 1969 J/SEE FOOTNOTE 3 BELOW. SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE- COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] M anufacturi ng Period Total Trans portation l Total Durable Nonduragoods ble goods Mining Railroads Other Public Commerand utilities cial other 2 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 3 1970 _ 37. 94 31. 89 33.55 36. 75 35. 91 38. 39 40.77 46. 97 54. 42 63. 51 65.47 67. 76 75. 56 80.52 16. 51 12. 38 12. 77 15. 09 14. 33 15. 06 16. 22 19. 34 23. 44 28. 20 28. 51 28. 37 31. 68 32. 05 7. 84 5. 61 5. 81 7. 23 6. 31 6.79 7. 53 9. 28 11. 50 14. 06 14. 06 14. 12 15. 96 15. 88 8. 68 6. 77 6. 95 7. 85 8. 02 8. 26 8. 70 10. 07 11. 94 14. 14 14. 45 14. 25 15. 72 16. 16 1. 69 1.43 1. 36 1. 30 1. 29 1. 40 1. 27 1. 34 1. 46 1. 62 1. 65 1. 63 1. 86 1. 86 1. 58 . 86 1. 02 1. 16 .82 1. 02 1. 26 1.66 1. 99 2. 37 1. 86 1. 45 1. 86 1. 86 1. 71 1.43 2. 10 1.97 1. 96 2. 17 1. 98 2. 52 2.91 3. 39 3. 77 4. 15 4. 19 4. 30 5. 67 5. 52 5. 14 5. 24 5. 00 4. 90 4. 98 5.49 6. 13 7.43 8. 74 10. 20 11. 61 13. 52 10. 79 10. 27 11. 16 11. 99 12. 52 13. 84 15. 06 16.63 18.49 20. 50 20. 94 21. 97 24. 35 26. 93 1969: III IV 77.84 77. 84 33. 05 32. 39 16. 53 15. 88 16. 52 16. 50 1. 89 1. 85 2. 06 1. 94 3.88 4. 43 11. 48 11. 80 25. 49 25. 44 1970: I II 78. 80. XI. 82. 32. 32. 31. 32. 16. 40 16. 32 15. 38 1 5. 53 16. 05 16. 11 15. 84 1 6. 02 1. 1. 1. 1. 1. 1. 1. 1. 4. 4. 4. 4. 12. 14 12. 72 14. 34 14. 62 25.66 27. 36 27. 05 27. 53 III 3 IV 3 22 22 Of) 24 44 43 21 15 'Excludes agricultural business; roa es ate o WTUton- ; medical, lejr ai, educational, ami cultural scrvic ; and nonprc fit or^ani aliens. -Includes trade, servic , linance, com tunica ions, ii isuranee, and eonstruction. 7 3 Estimates based on ai ticipatcd caj ita expei ditures as reported b> business in late J u l y and August 1'J 0. includes a Iju stinen s when necessary for s ystematic tendencies in anticipators data. NOTE.—Annual total is the sum of unadjusted expenditures; it does not 92 84 78 89 74 88 93 87 31 00 74 19 nece sarily co ncide with I ic average of s easonallv a cljusted figures Tl ese Figure -; do not, agree with the tola s included in the gross nat ional product >stii ales ol tl e Deparlmc it of Corm nor cc, prmcipa lly because th e latter cover igrit iltural in vestment an d also certah equipmcn t and constru ction outlays ?,lmr ed to cur "out expense. Sources: Sec urities and E xchangc Com nission anc Department 3f Commerce; STATUS OF THE LABOR FORCE The civilian labor force (seasonally adjusted) increased by 322,000 in October. Employment increased by 262,000 and unemployment increased by 60/000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* CIVILIAN LABOR FORCE 0 M I M I I I I I M I I I I I 11 t I M I I I M I ! I I M 1I I I I I I I I I I I ! I I M I 1 I I I I I I I I M ! I I 1 I t I M I 1 M I I I I I I I I I Q PERCENT OF CIVILIAN LABOR FORCE UN E/ PL OY MEh41 g 4 ^Xtf ^ ~1 f p-^ PERCENT OF CIVILIAN LABOR FORCE E C E>\SOh4A LL V AC JlJS rec) n ~1 r—i '.'T;M nrri i 0 19 Sf ] 9<34 YE/ RS 0 F soURCE Period 1965___ 1966... 1967___ 196<S_ 1969___ 1966 (kG E /• N D C V C F IA 80R Total labor force (including armed forces) Civiiigin employ inent Total Total labor force Unem\7 IN on(includployagri ing ment cularmed tural forces) Thous ands of }persons 16 77, 17S 66, 726 3, 366 68, 915 2, 875 78, 893 70, 527 2, 975 80, 793 <S2 272 72, 103 2,817 74, 296 2, 831 84, 239 Civilian labor force Total Agricultural Nonagricultural Unemp] oyment rate (pe rcent of Unem- civilia n labor for ce) ployment SeasonUnad- ally adjusted justed 66, 68, 70, 72, 74, 726 915 527 103 296 3,366 2, 875 2,975 2, 817 2, 831 4. 5 3. 8 3. 8 3.6 3. 5 84, 868 85, 051 84, 872 85, 023 81, 325 81, 523 81, 379 81, 583 78, 194 78, 445 78, 528 78, 737 3, 498 3, 446 3, 434 3, 435 74, 696 74, 999 75, 094 75, 302 3, 131 3, 078 2, 851 2, 846 3. 7 3. 5 3.3 3. 2 3,406 I 85, 599 3, 794 85, 590 3, 733 86, 087 3, 552 86, 143 3,384 85, 783 4, 669 85, 304 4, 510 85, 967 4, 220 85, 810 4, 292 86, 140 4, 259 86, 432 82, 213 82, 249 82, 769 82, 872 82, 555 82, 125 82, 813 82, 676 83, 031 83, 353 79, 041 78, 822 79, 112 78, 924 78, 440 78 225 78, 638 78, 445 78, 424 78, 686 3, 426 3, 499 3, 550 3, 586 3, 613 3, 554 3, 519 3, 420 3, 399 3, 288 75, 615 75, 323 75, 561 75, 338 74, 836 74, 671 75, 119 3, 172 3, 427 3, 657 3, 948 4, 106 3, 900 4,175 4, 231 4, 607 4,667 4. 2 4. 7 4. 6 4. 3 4. 1 5. 6 5. 3 5.0 5. 2 5. 1 84, 85, 84, 84, 527 038 920 856 78, 78, 78, 78, 026 671 716 788 74, 75, 75, 75, 397 110 395 805 2,958 2, 839 2, 710 2, 628 84, 84, 85, 85, 84, 87, J u l y 87, Au«:.. S7, S r p l . s.), ( )r| xr>, 105 625 008 231 968 230 955 248 656 !»;>.", 77, 77, 77, 78, 78, 79, SO, 79, 78, 78, 313 489 957 408 357 382 291 894 256 916 74, 74, 74, 74, 74, 75, 76, 76, 74, 75, 398 495 786 877 632 174 173 112 730 522 I- ;i,s pet cm! of p.oninstitutional population. Civilisin emplo yment 0F t CC3N OA*IC A D\ I5ERS years of age and o ver 74, 455 71, 088 4,361 75, 770 72, 895 3, 979 77, 347 74, 372 3, 844 78, 737 75, 920 3, 817 80, 733 77, 902 3, 606 <Seasonally adjusted 71, 088 72, 895 74, 372 75, 920 77, 902 £./?? adj i sled 10 19 7C) cc3U NC IL DE PA RT v\E 77, 178 78, 893 80, 793 82, 272 84, 239 1969: Sept. Oct.. Nov Dec_ 1970: Jan__ Fcb__ Mar. Apr__ May. June_ o 19iS9 1968 19(57 Labor force participation rate, unad-1 justed Percent 75, 025 75, 025 75, 398 NOTE.—Beginning I960, data include Alaska and Hawaii. Source: Department of Labor. 59. 7 60. 1 60. 6 60. 7 61. 1 3. 8 3.8 3.5 3.5 3. 9 4. 2 4. 4 4. 8 5. 0 4. 7 5. 0 5. 1 5.5 5. 6 61. 1 61. 4 61.2 61. 1 60. 5 60. 8 60. 9 61. 0 60. 7 62. 3 62. 7 62. 1 60. 9 61. 2 SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT The seasonally adjusted unemployment rate increased from 5.5 percent in September to 5.6 percent in October. The unemployment rate for married men increased from 2.9 to 3.1 percent. PERCENT 10 PERCENT 10 SEASONALLY ADJUSTED LABOR FORCE TIME LOST UNEMPLOYMENT 'RATE, ALL CIVILIAN WORKERS UNEMPLOYMENT RATE, EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE, MARRIED MEN LJ 0 1965 1964 1970 SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Persons at work i n nonagri cultural inidustries bv hours worked r>er week 2 Urider 35 ho urs Unen iploymen t rate (percen t of civilif in labor for ce in CTOU P) Labor Experi- Married force enced All time lost ] wage and men (wife workers salary present) workers Period 1965 1966 1967 1968 1969 4.5 3.8 3.8 3.6 3. 5 1969: Sept Oct Nov Dec 1970: Jan Feb Mar Apr Mav June Juiv Aug Sept Oct 3.8 3. 8 3. 5 3. 5 3. 9 4. 2 4. 4 4. 8 5. 0 4. 7 5. 0 5. 1 .'>. o 5. 6 ._ _. Per cent 2. 4 1 | 4.3 3. 5 1. 9 1 3. 6 1. 8 ! 3.4 1. 6 1 i 3. 3 1. 5 | | Seasonal! ?/ adjusted i6 1.7 ! 1 16 1.6 1. 5 14 3. 4 1. 7 \. 6 1. 8 2. 0 ). 9 4. 2 2. 2 4. 2 2. 4 4. 7 2. 6 2. 5 4. 6 5. 1 2. 7 2. 8 5. 0 5. 4 2. 9 5. 7 3. 1 1 Over 40 hours 5. 0 20, 788 21, 334 4.2 20, 920 4. 2 20, 600 4.0 3. 9 20, 608 21, 651 4. 3 21, 370 4. 3 4, 0 20, 097 21, 415 3. 9 4. 2 19, 939 4, 5 19, 456 4, 8 20, 321 5.1 19, 818 5.4 i 19, 928 4. 9 19, 263 5. 4 18, 529 5. 5 18, 459 (>. 0 12, 872 6. 2 i 19, 639 1 Man-hours lost by the unemployed and persons on Dart-time for economic reasons as a percent oi potentially available labor force man-hours. -Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather, and industrial disputes. a Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated. 35-40 hours Total Part-ti me for economi c reasons Part-ti me for economi c reasons Usually fulltime 5 Usually fulltime 3 Usually parttime 4 Usually parttime 4 Thousan ds of pers ons 16 ye ars of age and over 30, 768 11, 818 897 1,031 32, 088 12, 034 871 793 32, 016 13, 290 1, 060 853 :-52, 658 14, 785 820 895 :M, 201 15, 210 955 855 (Jnadjustec I Seasonall i] adjusted 35, 350 13, 668 I, 089 798 1, 046 887 :^4, 173 16, 462 950 790 1, 017 928 31, 868 20, 633 742 937 1, 005 825 35, 974 15, 785 986 733 812 1, 046 35, 325 16, 139 1, 108 768 1, 036 879 34, 249 17, 562 1, 088 723 1, 044 777 35, 857 15, 807 1, 120 768 1, 093 843 36, 110 16, 019 799 1, 400 1, 308 960 35, 898 15, 737 1, 116 835 1, 253 996 36, 354 14, 182 1, 321 1, 250 1, 126 979 34, 686 13, 402 1, 204 1, 559 j 1, 240 1, 086 34, 782 13, 004 1, 390 1, 307 i 1 329 969 17, 072 40, 209 1, 071 973 1, 029 1, 081 5 34, 154 18, 177 5 1, 253 920 1, 342 1, 081 ' Primarily includes persons who could find only part-time work. Average hours worked: usually full-time, 24.9; usually part-time, 19.1. NOTE.—See Note, p. 10. Source: Department of Labor. 1 11 UNEMPLOYMENT INSURANCE PROGRAM In October/ insured unemployment under State programs averaged 857,000 higher than a year earlier. The seasonally adjusted insured unemployment rate rose from 4.1 to 4.4 percent. MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT (STATE PROGRAMS) 1969 » i t I i » » I i i t I i i I I I i i I I i i I I f t t I i i t i I I I I I i i I I I I I I I I i i I o JAN. FEB. MAR. APRIL MAY JUNE JULY AUG. SEPT. OCT. SOURCE: DEPARTMENT OF IABOR Apr May June__ July__ ._ Aug Sept _ _ Oct* Week ended: 1970: Oct 10 17 ___ 24 Nov 31"p 7 __ St«ite progra ms Total Insured unem- benefits Insured paid Covered ployunem(milemploy- ment ploylions ment (weekly ment averof dollars) age) 1966 1967 1968 1969 1969: Sept. Oct.. _ _ _ Nov_ __ _ __ Dec 1970: Jan Feb. _ _ Mar _ Thou sands 54, 739 1, 129 _ "56, 342 1, 270 _ * 57, 969 1, 187 *60, 013 1, 175 903 "61, 083 *60, 737 930 ^60, 548 1, 106 1,465 "61, 123 1, 958 1, 987 _ 1, 917 1, 885 1, 778 1,696 1, 896 1, 855 1, 659 1, 886 1, 811 1, 888 1, 937 1,955 12 Initial claims Exhaustions Insurec1 unemploymen t as percent of covered emplo yment SeasonUnad- ally adjusted justed Weekly iiverage, t housands 203 15 1, 061 17 226 1,205 16 201 1, 111 197 15 1,098 840 146 13 864 167 13 12 1, 030 213 13 1, 375 289 IS 355 1, 847 1, 874 17 290 20 1, 798 245 22 298 1, 770 246 25 1, 667 25 1, 583 248 333 26 1, 761 248 1, 711 25 25 244 1, 602 1, 721 25 278 1, 890. 9 2, 220. 0 2, 191. 3 2, 265. 0 148. 3 153. 8 147. 7 208. 5 250. 7 328. 7 355. 5 344. 2 314. 6 314. 6 340. 7 336. 2 285. 8 315. 7 I 1, 671 1, 723 1,758 1,769 NOTE.—For definitions and coverage, see the 1967 Supplement to Economic Indicators. Data for Alaska and Hawaii included and for Puerto Rico since 1963. DEC. COUNCIL OF ECONOMIC ADVISERS A 11 progranis Period NOV. 288 259 280 284 333 Source: Department oiLab^r. Benefit s paid Total Average (milweekly check lions of dollars) (dollars) Per cent 2.3 2. 5 2 2 2.2 1. 6 1. 6 2. 0 2. 7 3. 6 3. 6 3. 5 3. 4 3. 2 3. 0 3. 3 3. 3 3. 0 3. 2 3. 1 3. 2 3. 2 3. 3 2. 2 2. 2 2. 3 2. 3 2. 5 2. 6 2 7 3. 2 3. 6 3. 7 3. 6 3. 8 4.1 4.4 1, 771. 3 2, 101. 0 2, 031. 9 2, 099. 5 136. 2 139. 5 136. 6 214. 3 299. 4 310. 8 331. 1 320. 2 292. 9 291. 7 314. 2 310. 5 305. 5 293. 6 39. 75 41. 25 43. 43 46. 10 45.70 46. 25 46. 47 47. 42 48. 49 49. 11 48. 93 49. 00 49. 30 49. 51 49. 57 49. 73 50. 72 52. 99 NONAGRICULTURAL EMPLOYMENT Total nonagricultural payroll employment (seasonally adjusted) declined by 481,000 in October. Employment in manufacturing declined by 609,000, mainly in durable goods (525,000), reflecting the impact of the auto strike. Private nonmanufacturing employment increased by 109,000. MILLIONS OF WAGE AND SALARY WORKERS (SEASONALLY ADJUSTED) 16 (ENLARGED S<:ALE) MILLIONS OF WAGE AND SALARY WORKERS (SEASONALLY "ADJUSTED) 76 - ^^B^-B^B||^^^^ 72 ^*****fc» _ ^ ^**\* —--^*^— 68 */**'^ -— "" _—-"——*1, ., —— *~ ' *"" WHOL ESALE AND RET/JL TRADE " 12 ,.«,«*- SERVICES >JI J-.-**** ** »•••««• •""*""* 10 W~~' 40 - NONMANUFACITURING (PRIVATE:) \ ^J »^^ 12 |1> 1 """"" "'S> 1,1ii»liii" "lUUtjfe -"""nm"in^^^'a •»*•""""*'"*' ^"»l, __ " •• " ———- , DURABLE MANUFACTUREJG \ *»«•-•«- — .*- 2/ 20 - \ \ ALL NOl*^AGRICULTURAL EST/ >vBLISHMENTS 1 30 " ,^-r"*^ \ 14 10 NONDURABLE AMANUFACTURING MANUFACTURIf ^G \ ' \ 8 **"""•-% _ : 16 — - COhJTRACT CONS1"RUCTION GOVERNMENT 4 12 i 8 /) i I i i 1 i ' i i ' 1967 SOURCE:. DEPARTMENT M i l l ! . ! ! ! ! 1968 CF 1 I ! I I ! ! ! ! | 1 I 1 1 1 ! ! ' 1 ! 1 IN 1969 2 ^i i i t i 1 i t i i , 1967 1970 i ii i i I i i t ii 1968 1 ! t 1 1 ! I |1 1 1N 1 1 I 1 1 1 1 1 ! 1 1 1970 1969 LABOR .COUNCIL OF ECONOMIC ADVISERS fThousands of wage and salary workers; 1 seasonally adjusted] Manufa( jturing ( private) Period 1964 1965 1966 1967 1968 1969 1969: Sept.. Oct__ Nov.. Dec__ 1970: Jan.. Feb__ Mar__ Apr__ May. June_ July__ Aug__ Sept * Oct p. Total 58, 331 60, 815 63, 955 65, 857 67, 915 70, 274 70, 567 70, 836 70, 808 70, 842 70, 992 71, 135 71, 242 71, 149 70, 839 70, 629 70, 587 70, 414 70, 610 70, 129 Total 17, 274 18, 062 19, 214 19, 447 19, 781 20, 169 20, 252 20, 233 20, 082 20, 082 20, 018 19, 937 19, 944 19, 795 19, 572 19, 477 19, 402 19, 271 19, 298 18, 689 NonDurable durable goods goods 9, 816 10, 406 11, 284 11,439 11, 626 11, 893 11, 968 11, 965 11, 782 11, 773 11, 679 11, 625 11, 648 11, 529 11, 386 11, 286 11, 217 11, 134 11, 146 10, 621 7, 7, 7, 8, 8, 8, 8, 8, 8, 8, 8, S, 8, 8, 8, 8, 8, 8, 8, 8, 458 656 930 008 155 277 284 268 300 309 339 312 296 266 186 191 185 137 152 068 N onmanu facturin g (private) Total 31, 461 32, 679 33, 950 35, 012 36, 288 37, 902 38, 130 38, 311 38, 403 38, 399 38, 584 38, 757 38, 795 38, 744 38, 666 38, 593 38, 594 38, 547 38, 665 38, 774 Trans- WholeContract portasale tion Mining conand and strue- public retail tion utilities 634 3, 050 3, 951 12, 160 632 3, 186 4,036 12,716 627 3, 275 4, 151 13, 245 613 3, 208 4, 261 13, 606 606 3, 285 4, 310 14, 084 619 3, 437 4,431 14, 645 623 3,436 4, 459 14, 739 622 3,445 4, 463 14, 824 624 3,473 4, 464 14, 848 627 3, 496 4, 469 14, 750 625 3, 394 4,507 14, 938 626 3, 466 4,496 14, 987 626 3,481 4, 502 14, 984 622 3, 426 4, 468 14, 991 620 3, 351 4, 478 14, 968 620 3, 324 4, 511 14, 927 618 3, 314 4, 539 14, 933 619 3, 305 4, 520 14, 912 621 3, 253 4, 512 14, 972 621 :•}, 246 4, 506 15, 018 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from tiiis table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 10, which include proprietors, self-employed Finance, insurance, Services and real estate 2, 957 8, 709 3, 023 9, 087 3, 100 9,551 3,225 10, 099 3,382 10, 623 3, 557 11, 211 3, 584 11, 289 3, 596 11, 361 3, 611 11, 383 3, 626 11, 431 3, 648 11, 472 3, 652 11, 530 3, 665 11, 537 3, 673 11, 564 3, 677 11, 572 3, 679 11, 532 3, 676 11, f>14 3, 670 11, 521 3, 681 11, 626 3, 695 11, 688 Gover nrnent Federal State and local 2,348 2,378 2,564 2, 719 2,737 2,758 2,747 2,739 2,730 2,721 2,717 2, 718 2,766 2, 838 2, 768 2, 6S9 2, 668 2, 659 2, 649 2, 653 7,248 7,696 8,227 8, 679 9, 109 9,446 9,438 9,553 9, 593 9, 640 9, 673 9, 723 9, 737 9, 772 9, 833 9, 870 9, 923 9, 937 9, 998 10, 013 persons, and domestic servants; which count persons as employed when they 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 (seasonally adjusted) was unchanged in October at 36.8 hours. An increase of 1.7 hours occurred in contract construction. HOURS PER WEEK. (SEASONALLY ADJUSTED) HOURS PER WEEK (SEASONALLY ADJUSTED) 46 46 TOTAL NONAGRICULTURAL PRIVATE 44 dd 42 1° 40 40 38 38 36 36 34 1968 1967 1969 I MANUFACTlJRING v— v-sT^—|NT -ii i i i.i 1 1 1 i i i I 1 1 ! 1 ! 1 1 1 1 1 1967 1970 I 1 1 ! -i ^^-N^ 1 1 1 1 1 1 1 1 I I <1 I I t I I i N N 1968 1969 1970 1968 1969 1970 42 CONTRACT CONSTRUCTION RETAIL TRADE 40 38 36 34 32 30 1967 SOURCE: 1968 1969 1967 1970 COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF LABOR 1 [Average hours per week ] Total n onagricultural private 2 Period 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 __ 1969: Sept Oct Nov_ Dec 1970: Jan Feb Mar Apr _ Mav June Julv Aug___ Sept *__ Oct "__ - _ _ _ _ _ __ „ Manufacturing Contract construction Total nonagricultural private 2 Manufacturing Contract construction Retail trade 3 Seasonal!}7 adjusted 38. 6 38. 6 38. 7 38. 8 38. 7 38. 8 38. 6 38. 0 37. 8 37. 7 Unad justed 36. 7 39. 7 39. 8 36. 9 37. 0 40. 4 37. 3 40. 5 37. 2 40. 7 37. 4 41. 2 41. 3 37. 6 37. 7 40. 6 37.4 40. 7 37. 9 40. 6 38. 0 37. 6 37. 4 37. 3 37. 0 36. 6 35. 9 35. 3 34. 7 34. 2 37. 9 37. 6 37.5 37. 7 37. 1 37.0 37. 2 36. 9 37. 0 37. 4 37. 6 37.6 37.0 36. 9 41. 0 40. 7 40. 6 41. 0 40. 1 39. 8 40. 0 39. 7 39. 8 40. 0 39. 9 39. 8 39. 6 39. 6 34. 2 33. 7 33. 6 34. 1 33. 4 33. 3 33.4 33. 3 33. 5 34. 1 34. 9 35. 0 33. 8 33. 4 39. 3 38. 3 37. 1 37. 6 35. 7 36. 8 37. 2 37. 9 38. 1 38. 4 38. 5 38. 5 36. 1 37.4 'Data relate to production workers or nonsupervisory employees. Data for Alaska and Hawaii included beginning 1959. -Also includes other private industry groups shown on p. 13. 14 Retail trade 3 3 87. 7 37. 5 37. 6 37. 6 37. 5 37. 3 37. 4 37. 2 37. 1 37. 2 37.3 37. 2 36. 8 36. 8 Includes eating and drinking places. Source: Department of Labor. 40. 7 40.5 40.5 40. 7 40.3 39. 9 40. 2 40.0 39. 8 39. 8 40. 1 39. 8 39. 3 39. 4 38.1 37.6 3b. 1 38. 2 36. 7 38.2 88.0 38.3 38. 1 37. 6 37. 4 37. 3 35. 0 36. 7 84. 1 34. o 34.0 33.8 33. 8 33. 7 33. 8 33. 7 33. 9 33. 8 33. 9 33. 9 33. 7 <~~> if ry LVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of private nonfarm production workers in October were $3.28, an increase of 5 percent over a year earlier. Average weekly earnings declined by 33 cents from September to October. DOLLARS DOLLARS 240 6.00 AVERAGE HOURLY EARNINGS AVERAGE WEEKLY /' 5.00 , 200 , CONTRACT CONSTRUCTION CONTRACT CONSTRUCTION 160 4.00 MANUFACTURING 120 3.00 TOTAL NONAGRJCULTURAL PRIVATE TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE ZOO 80 -* 1.00 ••'rT RETAIL TRADE 40 1967 1968 1967 1970 1969 1968 1969 SOURCE: DEPARTMENT OF LABOR 1 1970 COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Average 1lourly earn ings— currc?nt prices Total nonagricultural private l Period 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1969: Sept Oct Nov__ _ _ Dec 1970: Jan_ ___ Feb Mar_ Apr May June. July Aug.. . _ Sept r» Oct p $2. 09 2. 14 2. 22 2. 28 2. 36 2.45 2.56 2. 68 2.85 3. 04 3. 11 3. 12 3. 13 3. 12 3. 13 3. 15 3. 17 3. 18 3. 20 3. 21 3. 23 3. 25 3. 28 3. 28 Manufacturing $2. 26 2. 32 2. 39 2. 46 2. 53 2. 61 2. 72 2. 83 3. 01 3. 19 3. 24 3. 25 3. 26 3. 29 3. 29 3. 29 3. 31 3. 32 3. 34 3. 36 3. 37 3. 37 3. 42 3. 38 Contract construction $3. 08 3. 20 3. 31 3. 41 3. 55 3. 70 3. 89 4. 11 4.41 4. 78 4. 92 4. 96 4. 97 5.03 5. 07 5. 06 5. 06 5. 09 5. 10 5. 13 5. 20 5.30 5. 35 5. 40 Retail trade 2 $1. 52 1. 56 1. 63 1. 68 1. 75 1. 82 1. 91 2. 01 2. 16 2. 30 2. 33 2.35 2. 36 2. 35 2. 38 2. 40 2. 41 2. 41 2. 43 2. 43 2. 44 2. 44 2. 48 2. 48 'Also includes other private industry groups shown on p. 13. '* Includes eating and drinking places. •Earnings in current prices, adjusted to exclude the effects of overtime and .nterindustry shifts. PjO _ 01 O ° TA Average Tveekly earrdngs— current prices Total nonagricultural private 1 Manufacturing Contract construction Retail trade 2 $80. 67 82. 60 85. 91 88. 46 91. 33 95. 06 98. 82 101. 84 107. 73 114. 61 117. 87 117. 31 117. 38 117. 62 116. 12 116. 55 117. 92 117. 34 118. 40 120. Of) 121. 45 122. 20 121. 36 121. 03 $89. 72 92. 34 96. 56 99. 63 102. 97 107. 53 112. 34 114. 90 122. 51 129. 51 132. 84 132. 28 132. 36 134. 89 331. 93 130. 94 132. 40 131. 80 132. 93 134. 40 334. 46 134. 13 135. 43 133. 85 $113. 04 118. 08 122. 47 127. 19 132. 06 138. 38 146. 26 154. 95 164. 93 181. 16 193. 36 189. 97 184. 39 189. 13 181. 00 186. 21 188. 23 192. 91 194. 31 196. 99 200. 20 204. 05 193. 14 201. 96 $57. 76 58. 66 60. 96 62. 66 64. 75 66. 61 68. 57 70. 95 74. 95 78. 66 79. 69 79. 20 79.30 80. 14 79. 49 79. 92 80. 49 80. 25 81. 41 82. 86 85. 16 85. 40 83. 82 82.83 Manufa cturing indujstries Adjusted Average weekly hourly earnearnings, ings, 1957-59 = 1957-59 100 3 prices 4 106. 8 109. 9 112. 7 115. 5 118. 4 121. 5 125. 6 131.5 139. 5 147. 7 149. 5 150. 2 151. 0 152. 0 152. 9 153. 4 154. 4 155. 1 156. 0 156. 6 157. 4 158. 2 159. 8 4 Earnings in current prices divided by the consumer price index. NOTE.—Data for Alaska and Hawaii included beginning 1959. Source: Department of Labor. $87. 02 88. 62 91. 61 93. 37 95. 25 97. 84 99. 33 98. 80 101. 08 101. 42 102. 74 101. 91 101. 43 102. 73 100. 10 98. 82 99. 40 98. 36 98. 76 99. 41 99. 09 98. 63 99. 14 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index (seasonally adjusted) dropped 2.3 percent in October. A large part of the decline was attributable to the auto strike. Index, 1957-59=100 (SEASONALLY ADJUSTED) 200 Index, 1957-59=100 (SEASONALLY ADJUSTED) 260 TOTAL 180 240 160 220 140 200 120 100 1967 1968 1969 1970 -200 MANUFACTURING 180 160 140 160 120 140 1967 1968 1969 1970 1967 1970 SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM Total industrial production Period 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1969: Sept Oct Nov Dec__ 1970: Jan Feb Mar Apr May June. __ July Aug __ Sept Oct * _ 108. 7 109.7 118. 3 124. 3 132.3 143.4 156. 3 158.1 165.5 172.8 173. 9 173. 1 171.4 171. 1 170. 4 170. 5 171. 1 170. 2 169. 0 168. 8 169. 2 169. 0 166. 1 162. 3 Total Consumer goods 108. 9 109. 6 118.7 124, 9 133.1 145.0 158. 6 159.7 166.9 173. 9 175. 2 173. 9 171. 8 171. 3 170. 2 170. 3 170. 8 170. 0 168. 1 168. 0 168. 5 167. 9 164. 2 160. 2 109.9 111.2 119. 7 124. 9 131.8 142.5 155. 5 158.3 165. 1 170. 8 172. 2 170.9 168. 4 168. 5 168. 5 169. 9 169.7 168. 5 167.7 167. 1 166.8 166. 6 163. 1 160. 7 111. 0 112. 6 119. 7 125. 2 131.7 140.3 147. 5 148.5 156.9 162. 5 162. 8 161. 2 160. 5 160. 7 161. 5 162. 4 162. 0 163. 2 163.2 162.8 163. 5 164. 1 160. 4 158. 6 Source: J3oard of Governors of the Federal Reserve System. 16 COUNCIL OF ECONOMIC ADVISERS [1957-59 = 100, seasonally adjusted] Industry M anufactur ing Mining Utilities NonTotal Durable durable 108. 5 107.0 117.9 124 5 133.5 148.4 164. 8 163.7 169.8 176. 5 178. 7 177. 3 172. 1 171. 1 169. 7 169. 6 171. 0 168. 4 167. 6 167. 3 167. 4 166. 5 160. 5 153. 9 109. 5 112. 9 119. 8 125. 3 132.6 140.8 150. 8 154.6 163.3 170. 6 170. 9 169. 5 171. 5 171. 5 171. 0 171. 3 170. 6 171. 9 168. 7 168. 9 170.0 169. 8 168. 7 168. 2 101. 6 102. 6 105. 0 107.9 111.5 114.8 120. 5 123.8 126.6 130. 2 131. 6 130. 2 132. 6 134. 4 131. 7 134. 2 135. 1 133. 9 134. 8 135. 5 133.8 137. 2 139. 5 135. 4 115. 6 122. 3 131. 4 140. 0 151.3 160.9 173. 9 184.9 202.5 221. 2 222. 5 226. 0 226. 0 227. 9 230. 1 232. 7 230. 3 233. 8 234. 9 235. 4 236. 3 235. 8 238. 5 240. 0 Ma rket Fi nal produ cts TVT a t~£» Equipment 107.6 108.3 119. 6 124. 2 132.0 147.0 172.6 179.4 182.6 188.6 192.4 191. 9 185-6 185. 2 183. 6 186. 2 186. 3 179. 9 177. 3 176. 3 173. 7 171. 9 169. 0 165. 2 rials 107. 6 108.4 117.0 123.7 132.8 144.2 157.0 157.8 165.8 174. 6 176.0 175.4 174. 6 173. 9 172. 5 171. 5 171. 7 171. 9 170. 4 171. 2 171. 4 171. 2 168.7 164. 1 PRODUCTION OF SELECTED MANUFACTURES Production of most durable and nondurable manufactures (seasonally adjusted) declined in October. Index, 1957-59=100 (SEASONALLY ADJUSTED) 200 Index, 1957-59=100 (SEASONALLY ADJUSTED) 240 180 220. CHEMICALS, PETROLEUM, AND RUBBER . 200 180 PAPER AND PRINTING \ ^^ I^-**" ***"*"* 160 140 v i i i I i 1968 1967 1969 1970 180 120 160 100 140 1967 1967 1970 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [1957-59 = 100, seasonally adjusted] Durab le manufcictures Period 1960 1961 1962 1963 1964 1965 1966__ _ ___ _ _ _ _ 1967- _ _ _ _ _ _ 1968 _ 1969 __. _ 1969: Sept Oct Nov Dec 1970: Jaii Feb Mar_ Apr_ _ May June July Aug _ Sep_ Oct " _ __ _ _ _ ___ _ _ _ _ _ _ _ _ __ _ _ _ _ __ _ _ _ _ _ __ _ __ 101. 3 98.9 104. 6 113.3 129.1 137.6 142.7 132.5 137.0 149. 1 107. 6 106. 5 117. 1 123.4 132.7 147.8 163. 0 161.9 167.9 179. 8 110. 8 110. 4 123. 5 129. 2 141.4 160.5 183.8 183.4 184.3 195. 7 108.2 103.6 118.3 127. 0 130.7 149.2 166.9 165.7 179.5 174. 6 102. 1 101. 3 106. 1 108. 9 112.6 117.4 119. 4 116.9 122. 3 119.1 107. 5 108. 4 115. 1 118. 5 125.2 135.8 141. 6 139.4 144.8 144. 2 109. 0 112. 4 116. 7 120. 1 127.5 135.3 146. 4 149.6 155.5 164. 4 149. 3 150.4 150. 3 147. 7 179. 1 179. 4 179. 2 178. 4 201. 2 199. 0 187. 4 188. 7 178.8 175. 7 168. 3 163. 9 111. 1 113. 8 114. 1 109. 7 141. 1 142. 0 142. 9 141. 5 143. 1 139. 2 141. 9 138. 9 142. 6 142. 7 145. 2 145. 0 143. 1 180. 0 178. 9 178. 3 175. 2 171. 4 172. 3 172. 5 170. 0 168. 4 189. 7 195. 8 199. 1 194. 9 191. 0 190. 6 191. 2 190.3 186. 2 118. 0 117. 5 113. 1 115. 5 116. 1 107. 6 110. 5 114. 2 141. 3 138. 8 137. 5 138. 9 136. 7 135. 8 135. 9 136. 4 ] 36. 7 167 181 159. 6 154. 3 156. 0 153. 1 157. 3 159. 9 158. 1 156. 7 139. 4 136 Source: Board of Governors of the Federal Reserve System. No ndurable manufactu res FabriTranspor- Lumber Textiles, Paper Chemicals, Foods, Machin- tation cated and and petroPrimary apparel, beverery prodand metal equipprint- leum, and ages, and metals leather rubber tobacco products ment ucts ing 122 136 113. 9 118. 9 131. 2 141. 8 152.5 164.6 181.9 190.0 207.7 222. 6 106. 6 110. 2 113. 3 116. 8 120.8 123.4 128. 1 131.7 135. 3 139. 0 165.8 165. 3 166. 1 166.8 223. 222. 225. 224. 3 7 3 8 140.4 136. 2 139. 2 140. 1 164. 6 164. 6 164. 4 165. 0 163. 0 161. 7 161. 9 162. 0 157. 6 222. 1 224. 1 224. 7 227. 0 220. 2 224. :-j 226. S 223. 8 222 4 142.7 143. 5 141. 3 142. 3 141. 3 139. 2 140. 0 142. 1 142. 8 156 1 221 143 17 WEEKLY INDICATORS OF PRODUCTION Production of cars and trucks dropped sharply in October as a result of the auto strike. Other weekly indicators were mixed. MILLIONS OF SHORT TONS MILLIONS OF TONS STEEL 2.5 3.5 2.5 1.5 AI I | t I I I I I I I | 1 I M J H F M A BILLIONS OF KILOWATT HOURS 35 25 20 S SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR. EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS Period Weekly average: 1963 1964 1965 1966 __„ 1967 1968 1969 1969: Sept Oct__ _ _ _ Nov Dec 1970: Jan Feb Mar Apr___ May June July Aug Sept Oct"_ _ _ _ _ _ Week ended: Oct 10 17 24 31 Nov 7 p 14" 1 18 COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Car s and tnicks Steel pi"oduced power coal mined produced assembled (thoiisands) loaded distributed (thousands (thousands Thousands Index (thousands of net (1957-59= (millions of of short Total Cars Trucks of tons) of cars) 100) tons kilowatt-hours) tons) l 2, 096 2,431 2, 521 2, 572 2, 440 2, 515 2, 709 2, 692 2, 782 2, 778 2, 672 2, 538 2, 625 2,683 2, 654 2, 613 2, 639 2, 439 2, 430 2, 506 2, 408 112. 5 130. 5 135.3 138. 1 131. 0 135.0 145.4 144. 5 149. 3 149. 1 143. 5 136. 2 140. 9 144. 0 142. 5 140. 2 141. 7 130. 9 130. 4 134.5 129. 3 2,440 2, 403 2, 397 2, 453 2, 329 2 2, 392 131. 0 129. 0 128. 7 131. 7 125. 0 128.4 Daily average. Includes data for Alaska. 2 Not charted. O 17, 490 18, 728 20, 169 21, 971 23, 169 25, 244 27, 588 27, 873 26, 917 27, 308 28, 426 30, 060 28, 995 28, 116 27, 508 27, 875 29, 747 31, 406 32, 191 30, 180 27, 664 27, 27, 27, 27, 27, 2 27, 795 577 454 828 923 866 1, 535 1,630 1,735 1, 798 1,868 1,827 1,894 1,966 1,996 1,946 1, 987 1,751 1,912 1,952 1,950 2, 023 1, 849 1, 989 1, 937 2, 039 2, 026 555 558 562 570 540 543 544 567 595 562 483 489 509 518 536 566 557 501 540 541 553 358 384 410 446 439 479 507 489 525 524 470 479 518 513 508 513 502 448 489 466 494 175. 0 178.8 213.7 199. 3 172. 9 207.6 195. 7 208. 1 228.4 211. 5 155. 5 188.9 172.8 184. 6 177. 9 212. 6 228. 1 133. 9 99. 6 137.8 113. 1 146.9 148. 8 179.4 165.4 142. 4 170.1 158. 1 171. 6 185. 1 167. 9 122. 7 150. 0 137. 6 148. 6 145. 5 171. 9 185. 0 102. 9 64. 6 107. 1 88. 8 28. 1 30. 0 34.3 33. 9 30.5 37.5 37. 6 36. 5 43. 3 43. 6 32.7 38. 9 35. 2 36. 0 32. 4 40.7 43. 1 31. 0 34. 9 30. 7 24. 4 2, 2, 2, 2, 2, 550 545 557 560 539 493 476 497 508 487 110.4 113.2 114. 4 114. 6 109. 6 110. 4 86. 3 88.5 90. 2 90. 0 86. 5 87. 5 24. 1 24. 7 24. 1 24. 6 23. 1 22. 9 098 058 035 057 038 Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports. NEW CONSTRUCTION According to preliminary estimates, expenditures for new construction (seasonally adjusted) rose less than 1 percent in September. Expenditures for residential nonfarm building were up more than 3 percent while other private expenditures declined. BILLIONS OF DOLLARS. 100 BILLIONS OF DOLLARS 100 SEASONALLY ADJUSTED ANNUAL RATES 90 90 _ TOTAL NEW CONSTRUCTION . 80 80 70 70 PRIVATE 60 60 50 50 40 40 - PUBLIC - 30 30 MllttlUM"flllUI||itl«tl«*»***' 20 20 1H- PRIVATE {RESIDENTIAL (NONFARM) 1964 SOURCE: DEPARTMENT OF COMMERCE Period 1964 1965 1966 1967 1968 1969 Total new construction expenditures 66. 2 72.3 75. 1 76. 2 84. 7 90. 9 COUNCIL OF ECONOMIC ADVISERS Private Total 45. 8 50.3 51. 1 50. 6 57. 0 62. 8 Residentiai,l nonfarm CommerNew cial and housing Total l industrial units Bi] lions of dol] ars 20. 4 26. 3 9. 0 20. 4 26. 3 11. 9 24. 0 18. 0 13.6 23.7 17.9 13. 1 22. 4 13.9 28.8 30. 6 23. 7 16. 5 Other 10. 6 12. 1 13. 6 13.7 14. 2 15.7 Federal, State, and local 20.4 22. 1 24. 0 25. 6 27. 7 28. 1 1 90.8 89. 9 91. 1 90. 7 88.8 89. 8 90.8 92. 0 90. 7 90. 5 SO. 4 90. 5 90. 7 92. 1 92. 7 63. 2 62. 4 63. 7 63. 6 61.8 61. 9 62. 7 63. 3 (4. 2 3. 4 2. 4 2. 1 •> •» ;i (\ I. 0 30. 3 29.3 29. 2 29. 3 28. 8 28. 9 28.7 28. 7 29. 4 29. (i 23.2 22. 6 22. 6 23. 0 22. 8 22. 5 21. 7 21. 2 21. 4 2S. !) 2S. 1 2S. () 20. 20. 20. 21. 2i). r> MO. (> 2 1 . ;; 22. :-> Includes nonliousekeepiiiK residential construction and additions and alterations, not shown separately. 2 Compiled by K. W. Dodj'O C'oinpany and relates to 48 States. (i 0 4 4 16. 8 16.8 17.8 17. 8 16. 7 H>. 8 17. f> 17. 7 17. 7 1C). 8 i (i. 4 1 (>. S :ir,. 9 1 (>. 4 15. 9 137. 0 142. 8 145. 3 153. 3 173. 4 189. 4 Seasonally adjusted Seasonally / adjusted arinual rates 1969: July. Aug_ _ __ Sept Get _ _ _ . Nov • DecWTO: Jan Feb ... Mar Apr _ Mav June _ _ Julv Au£ Sept '' Constructio Q contracts CommerTotal value cial and (index, industrial 1957-59 = floor space 100) (millions of square feet) 16. 0 16. 4 16. 7 16. 5 1 C>. 3 1 (>. 2 10. (i 17. 0 1 7. 0 17. 0 17. 1 17. 2 17. 7 17.5 17. 4 27. 6 27. 5 27. 4 27. 1 27. 0 27. 9 28. 1 28. 6 26. 6 27. 1 27.0 28.4 28.4 28. 5 28. 7 180 216 173 195 178 218 205 215 205 203 170 186 180 212 183 NOTE.—Data for Alaska and Hawaii included beginning 1959. Sources: Department of Commerce and F. W. Dodge Company. 599 680 769 694 779 883 Seasonally adjusted annual rates 884 864 827 960 772 1,043 1, 066 971 805 768 698 654 845 732 722 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING In October, private housing starts (seasonally adjusted) rose 3 percent, continuing the recovery in progress since early this year. Permits for future housing rose 10 percent. MILLIONS OF UNITS 2.5 MILLIONS OF UNITS 2.5 1.0 1964 1970 COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VAJ [Thousands of units] Hou sing star ts Total Total private and private public (including (including farm) farm) Period 1964 1965_ 1966__ 1967 1968__ 1969 1969: Sept Oct Nov Dec. 1970: Jan Feb Mar Apr_ May June July Aug Sept * O c t p_ __ _ _ _ _ _ _ _ __ Private Total (includingI farm) Total One unit 1, 561. 0 1, 509. 6 1, 195. 9 I, 321. 9 1, 545. 5 1, 499. 6 1, 528. 8 1, 472. 9 1, 165. 0 1, 291. 6 1, 507. 7 1, 466. 8 1, 528. 8 1, 472. 9 1, 165. 0 1, 291. 6 1, 507. 7 1, 466. 8 970. 5 963. 8 778. 5 843. 9 899. 5 810. 6 132. 9 125. 8 97. 4 85. 3 69.2 77. 0 117. 8 130. 2 127. 3 141.6 143. 4 131. 6 132. 7 140. 5 129. 3 123. 4 94. 6 84. 1 66.4 74. 3 114. 7 128. 4 125. 0 135. 2 140. 8 128. 7 130. 3 138. 0 1,481 1, 390 1,280 1,402 1,059 1, 306 1, 392 3, 224 1, 242 1, 393 1, 603 1,425 1, 504 1,550 828 766 762 776 577 725 708 697 728 835 827 838 877 866 i Authorized by issuance ol local building permit; in 13,000 permit-issuing places beginning 19G7; 12,000 for 1963-66; and 10,000 prior to 1963. : Units represented by mortgage applications for new home construction. 20 Propose d home constr uction New Gover nment home p rograms (noni arm) Two or VA FHA more units 154. 0 59. 2 558.3 49. 4 509. 1 159. 9 386. 5 129. 1 36.8 141. 9 52. 5 447. 7 56. 1 608. 2 147. 7 656. 2 153.6 51. 2 Seasona lly ad jus ted annu al 653 624 518 626 482 581 684 527 514 558 776 587 627 684 151 160 178 191 170 182 187 205 194 215 228 236 243 265 54 52 53 59 54 . 58 62 60 57 51 50 64 60 63 private housing units authorized * 1, 285. 8 1, 239. 8 971. 9 1, 141. 0 1, 353. 4 1, 322. 3 rates 1, 225 1,202 1, 195 1, 257 1, 013 1, 137 1,099 1, 263 1, 321 1,306 1,275 1, 326 1,371 1,514 Applica- Requests tions for for VA FHA appraiscommitals 2 ments 2 182. 1 188. 9 153. 0 167. 2 168.9 186.5 113. 6 102. 1 99.2 124. 3 131. 7 138. 2 193 224 230 210 251 250 258 282 269 290 294 319 338 327 127 130 184 147 141 142 142 134 131 125 127 153 138 166 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 Business inventories (seasonally adjusted) rose $0.6 billion in September, about as much as in August. Sales declined mainly because of a decrease in durable goods manufacturing. BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 180 RETAIL TRADE (ENLARGED SCALE) TOTAL BUSINESS INVENTORIES 160 140 120 TOTAL BUSINESS SALES 100 ,*--•' 80 RETAIL INVENTORIES 40 20 T -RETAIL SALES- 15 1967 1968 1969 1970 1970 1967 SEE_6/BELOW. SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total tmsiness 1 Period Sales 2 Inventories 3 Rcitail 5 Whol esale 4 Sales 2 Sales 2 Inventories 3 Total tnventories NonDurable durable goods goods stores stores Total Durable goods stores 3 Nondurable goods stores J lillions of dollars, se asonally a d justed 1962 65, 417 68, 969 1963 73, 0X5 1964 SO, 270 1965 X7, 1S4 1966 XX, 902 1967 90 9X9 1968 10;;, 755 1969 io:t, oox 1969: July 105, 295 Aug 100, 07 S Sept _ Oct .100, 59:; Nov 105, 500 105, 021 Dec 104, 932 1970: Jan 106, 104 Feb 105, 4X7 Mar Apr _ _ _ _ 105, 0X7 May 100, 847 107, 012 June July 108, 393 Aug 108, 175 Sept p. _ _ 107, 608 Oct 101, 105, 111, 120, KtO, 090 477 457 900 9X8 14:;, ;t;>4 152, 099 M i l , 917 159, o:ti .100, 7: M 1 0 1 , X4 1 io:t, ;t:;i io:t, 7o:t 104, 917 104, 09X 105, o:>x 100, 149 .107, 059 100, 7:;i .107, :;75 ios, o;>5 109, ;;oi 109, 9X0 12, 13, 14, 15, 16, 17, IX, 19, 19, 674 382 527 595 979 099 329 720 719 20, 059 20, 210 20, 2XX 20, 207 20, 002 20, 292 20, 571 20, 40it 20, 012 20, 0X4 20, 050 20, o:>!) 20, 09X 20, OS7 1 The term "business" als 3 includes nun u f a c l u r i i i r (sot- Monthlv avorarrp. for vear and total for i nontli. .:.?:«• -J'J). 19, 20, 21, 23, 25, 26, 28, 29, 2!), 29, 29, 29, 29, 14, 936 16, 048 16, 977 18, 274 20, 691 -1, 557 L2, 528 L4, 363 L3, 591 L3, 00!) L:;, 7 ic> L:J, 950 1.4, 021 '-• , .'to: ; L- , 4X4 L- , sr>:j L- , X42 L- , 942 L , 990 L5, 142 25, 4 10 15, 42:t L5, 0X4 0 __ 630 556 823 677 330 151 277 303 090 340 259 020 471 29, 4 1 9 29, 570 29, 9X0 29, X O I 6, 241 6, 661 7,049 7, 849 8, 192 8,348 9, 187 9, 398 9, 141 9, 101 9, 384 9, 354 13, 389 13, 895 14, 773 15, 828 17, 138 17, 803 19, 090 19, 904 19, 949 20, 185 19, 875 20, 200 9, 229 9, 275 X, SSO 20, 242 20, 144 20, 0X4 9, i-i:t 9, ;t-io 10, >(), >(), to, 9, 9, 9, !), 9, 502 5 IX 729 7X1 to, x i ; t to, :>90 6 20, x:t7 20, 007 21, 190 21, 1X2 21, 107 21, 242 21, 278 21, 267 8, 918 6 21, 478 9, 134 to, r>:to 320 4 11 4X7 503 540 27, 29, 31, 34, 38, 38, 41, 44, 42, 43, 43, 44, 44, 44, 44, 44, 44, 44, 44, 44, 44, 45, 45, 941 386 094 405 073 952 604 623 999 535 897 411 268 623 014 133 325 326 109 527 965 453 691 11, 12, 13, 15, 17, 17, 18, 19, 19, 19, 19, 20, 19, 19, 19, 19, 19, 19, 19, 19, 19, 20, 20, 798 572 318 253 258 277 851 980 015 399 633 044 835 980 342 388 471 426 346 552 739 119 270 16, 16, 17, 19, 20, 21, 22, 24, 23, 24, 24, 24, 24, 24, 24, 24, 24, 24, 24 24, 25, 25, 25, 143 814 776 152 815 675 753 643 984 136 264 367 433 643 672 745 854 900 763 975 226 334 421 6 u6 Beginning ] 960, data inc lude Alaska and Hawaii. Unofficial pstimatfis. uiioLueiai estimates. NOTE.—Series revised beginning 1961. Source: Department of Commerce. 21 MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS The auto strike was responsible for the decrease in sales and new orders in September. BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 110 BILLIONS .OF DOLLARS (SEASONALLY ADJUSTED) 70 MANUFACTURERS' SHIPMENTS MANUFACTURERS' INVENTORIES 100 TOTAL TOTAL 50 90 80 40 DURABLE GOODS 70 30 DURABLE GOODS 20 50 40 MANUFACTlJRERS' NEW CDRDERS DURAB LE GOODS 30 -^^>~^^,Iil,Hu.U«.",.,»uU"...n ,„ ^-— m,,,,,.,....,,.."""" 40 NONDURABLE GOODS """""'"""""" 30 NONDURABLE GOODS 10 j. I 1 1 1 1 . I 1 1 1 r 1967 .., i i , 1 , . , , , 1968 . i , . .! i . , i. 1969 , , , , , i , , , , ,| 1970 .«u,u,.,,u«.A ..HIM""*" « 20 " I I I I I I II 1968 1967 SOURCE: DEPARTMENT OF COMMERCE Total 1962 1963 1964 1965 1966 1967 1968_ 1969_ 1969: Aug Sept. Oct Nov__ __ Dec___ 1970: Jan Feb Mar_ __ Apr_ _ _ _ May__ __ June July Aug Sept v 33, 113 35, 032 37, 335 41, 003 44, 876 45, 712 50, 384 54, 726 55, 890 56, 609 56, 685 55, 888 55, 540 55, 070 55, 613 55, 223 54, 539 55, 661 56, 438 57, 025 56, 696 56, 108 NonDurable durable goods goods 17, 103 18, 247 19, 634 22, 216 24, 635 24, 973 27, 653 30, 415 31, 548 31, 914 31, 680 31, Oil 30, 603 29, 930 30, 273 29, 757 29, 633 30, 488 30, 638 31, 315 -31, 270 30, 647 16, 010 16, 786 17, 701 18, 788 20, 240 20, 738 22, 731 24, 311 24, 342 24, 695 25, 005 24, 877 24, 937 25, 140 25, 340 25, 466 24, 906 25, 173 25, 800 25, 710 25, 426 25, 461 1 Monthly average for year and total for month. : Book value, end oi period, seasonally adjusted. ;! Total Millions 58, 213 60, 043 63, 386 68, 221 78, 224 82, 825 88, 567 95, 931 93, 590 94, 228 94, 964 95, 474 95, 931 96, 200 96, 652 96, 982 97, 791 97, 635 97, 706 98, 260 98, 488 98, 605 NonDurable durable goods goods of dollars 34, 605 35, 813 38, 436 42, 227 49, 849 53, 530 57, 399 63, 547 61, 653 62, 100 62, 704 63, 089 63, 547 63, 909 63, 977 64, 263 64, 689 64, 447 64, 395 65, 079 65, 290 65, 274 For annual periods, ratio of weighted average inventories to average monthly l i i j > n n ' i i ! H ; for monthly data, ratio oi inventories at end of month to shipments n mouth. 22 1970 COUNCIL'OF ECONOMIC ADVISERS Manui'acturers' shipments l Manufad urers' inv entories2 Period 1969 Manufacturers' new orde rs 1 Total Durat>le goods NonProducers' durable capital Total goods goods industries seasonall y ad justed 23, 608 33, 005 17, 025 24, 230 35, 322 18, 521 24, 950 37, 952 20, 258 25, 994 41, 803 22, 986 28, 375 45, 938 25, 709 29, 295 45, 928 25, 189 31, 168 50, 670 27, 942 32, 384 54, 933 30, 624 31, 937 55, 779 31, 463 32, 128 56, 669 31, 986 32, 260 56, 430 31, 436 32, 385 55, 912 31, 048 32, 384 55, 138 30, 209 32, 291 54, 119 29, 046 32, 675 54, 714 29, 368 32, 719 54, 339 28, 861 33, 102 53, 374 28, 449 33, 188 55, 139 29, 977 33, 311 55, 778 30, 028 33, 181 57, 111 31, 399 33, 198 55, 968 30, 537 33, 331 55, 183 29, 622 3, 090 3,412 3, 935 4,435 5, 268 5, 250 5, 804 6, 553 6, 294 7, 086 6, 349 6, 744 6, 536 6, 542 6,627 5,998 5,984 6, 302 6, 281 6,411 6, 299 6, 664 15, 980 16, 801 17, 694 18, 817 20, 229 20, 739 22, 728 24, 309 24, 316 24, 683 24, 994 24, 864 24, 929 25, 073 25, 346 25, 478 24, 925 25, 162 25, 750 25, 712 25, 431 25, 561 Manufacturers' inventoryshipments ratio 3 1. 72 1. 69 1. 64 1. 60 1. 62 1. 77 1.70 1. 69 1. 67 1. 66 1. 68 1. 71 1. 73 1.75 1. 74 1. 76 1. 79 1. 75 1. 73 1. 72 1. 74 1. 76 NOTE.—Series revised beginning 1961. Data for Alaska and Hawaii included beginning 1958. Source: Department of Commerce. MERCHANDISE EXPORTS AND IMPORTS The merchandise trade surplus (seasonally adjusted) declined to $194 million in September from $237 million in August. For the first 9 months of 1970, the surplus averaged $274 million, compared with a monthly average of $107 million for all of 1969. BILLIONS OF DOLLARS 4.0 BILLIONS OF DOLLARS 4.0 2.0 1.5 1.5 1.0 1.0 1970 1964 j/SEE NOTE 1 BELOW. SOURCE: DEPARTMENT OF COMMERCE Period [Millions of dollars] IN lerchandi se exporiDS Merer] andise iinports Total (includ-1 Domesti c exports Gen eral impc>rts 2 ing ree xports) Food, Crude Food, Crude Total 3 bever- mate- Manubever- mateSeasonSeason- Unadrials facages, ages, rials ally ad- justed Total * 3 and to- and ally ad- Unad- and to- and tured justed goods justed justed bacco fuels bacco fuels 3\ I on t hi v average : 1961. 1962 1963 1964_ _ __ 1965 1966 1967 1968 1969 1969: AugSept. Oct__ Nov Dec-_ 1970: Jan__ Feb-_ Mar. Apr__ May. JuneJuly. Aug _ Sept. 1 COUNCIL OF ECONOMIC ADVISERS 3, 370 3, 323 3, 362 3, 365 3, 238 3, 305 3, 628 3,379 3, 450 3, 695 3, 776 3,683 3, 602 3, 535 1, 1, 1, 2, 2, 2, 2, 2, 3, 682 748 869 153 229 458 586 839 111 3, 3, 3, 3, 3, 3, 3, 151 110 563 413 362 238 388 3,581 3, 599 3, 909 3, 719 3,549 3, 266 3, 335 1,662 289 312 1, 725 349 1, 845 2, 123 386 2, 201 377 2, 421 432 392 2, 554 2, 802 383 370 3, 066 U lad juste d 370 3, 098 3, 067 392 452 3, 519 462 3, 361 3, 311 427 3, 196 356 3, 336 390 3, 542 371 3, 544 367 38 1 3, 848 3, 672 396 424 3, 488 3, 218 405 3, 283 429 322 280 315 361 356 367 394 405 417 1, 1, 1, 1, 1, 1, 1, 1, 2, 065 139 191 377 453 602 737 985 232 418 397 523 508 476 466 4S5 539 o.) / f>(>4 608 545 528 536 2, 2, 1, L, 263 221 479 294 Total excludes De]Dartment o Defense shi pments of ,tri ant-aid mi itary supplies and equipment u nder the M ilitary Assist ance Prograin. " Total arrival? of ini ported goo ds other thari intransit sh ipments. * Total includes com modifies an d transactio is not classiP ed accord iiig to kind. L, o5G L, 3 1 0 1, !•;!)! L, r>r>s 1 , f>53 L, SI 7 1, 564 L, 426 2, 206 2, 242 1, 1, 1, ], 1, 2, 2, 2, 3, .'},17f> • , 064 , ^ 221 , , 212 , , 006' . , 2X0 . , 256 • , 214 , , 248 , , 361 , , 310 b,242 ,f , 364 ',341 226 366 428 562 786 135 241 769 004 2, 909 , 130 , 429 -, 987 , 246 , 126 ~, 944 , 3,X{) , 391 , 175 , 504 -, 312 , 116 , 394 288 361 506 391 322 396 419 335 J34 453 382 476 392 447 447 503 442 533 Unad. listed 418 529 436 52S 582 523 442 488 522 622 500 556 475 533 f)3S 580 560 516 474 520 546 567 504 507 485 561 511 551 Grossmerchandise trade Manu- surplus, seasonfactured ally adjusted goods 545 637 672 759 937 204 313 719 918 456 382 441 590 444 323 345 70 107 1, 854 2,045 2, 196 1, 943 1, 974 1, 981 1, 847 2, 162 2, 208 2, 086 2, 279 2, 187 1, 965 2,214 191 270 141 1, 1, 1, 1, 154 233 56 372 165 202 334 466 441 237 194 Note. — Data adjuj>ted to inclu dc silver ore and bill lion reportec1 separately prior to 1 369. Source: Departmeiit of Comnie rce. 23 U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES The merchandise trade surplus dropped slightly to $3.1 billion (seasonally adjusted annual rate) in the third quarter from $3.3 billion in the second quarter. Data for other components of the balance on goods and services are not yet available. BILLIONS OF DOLLARS 70 BILLIONS OF DOLLARS 70 1970 SOURCE: COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF COMMERCE jMillions of dollars! Impor ts of good s and sendees Exports of good s and sei"vices Incon ie on investrnents Period Total 1964 1965 1966 1967 1968 1969 37, 39, 43, _ 46, 50, 55, 271 399 360 203 622 514 Merchan-1 dise 25, 26, 29, 30, 33, 36, Military sales Private 478 747 4, 930 830 5, 384 447 829 •5, 659 389 681 1, 240 6, 235 588 1, 395 6, 922 473 1, 515 7, 906 Government 456 509 593 638 765 932 Balance on Other services 5, 6, 6, 7, 7, S, 659 230 891 409 952 687 Total 28, 32, 38, 40, 48, 53, 691 278 060 990 129 564 Merchan-l dise 18, 647 21, 496 25, 463 26, 821 32, 964 35, 835 Mili- Other goods tary and expend- servservices itures ices 2, 2, 3, 4, 4, 4, 880 7, 164 952 7, 831 764 8, 833 378 9, 791 535 10, 630 850 12, 880 8, 580 7, 121 5, 300 5, 213 2,493 1, 949 Seasonally adjusted annual rates 1969: I II III IV 1970: 1 II III * _ _ 47, 792 57, 164 5S, 260 58, 848 61, 420 63, 560 29, 888 38, 340 38, 324 39, 340 40, 912 42, 800 42 720 1, 1, 1, 1, 1, 1, 564 252 832 408 032 728 ' A d j u s t I M ! iroin customs data ior differences in timing and coverage. : Department o.; Commerce. 7, 444 7, 676 8, 172 8,332 9, 020 8, 164 912 924 972 924 976 956 7, 984 8, 972 8, 960 8, 844 9, 428 9, 856 46, 472 55, 912 55, 636 56, 244 ."S, 016 59, 084 30, 304 38, 424 37, 052 37, 560 38, 892 39, 496 39 600 4,792 4,748 4, 880 4, 980 4, 712 4, 988 11, 12, 13, 13, 14, 14, 376 740 704 704 412 628 1, 320 1, 252 2, 624 2, 604 3, 404 4,476 NOTE.—Merchandise exports and imports (p. 24) have been revised for the first and second quarters of 1070. The balances on liquidity basis and on official reserve transactions basis (p. 25) have also been revised for these quarters and 1969. See the forthcoming issue of Surrey of Current Business, December 1070, for revisions of other data for these periods. U.S. BALANCE OF INTERNATIONAL PAYMENTS In the third quarter, the balance of payments deficit fell substantially to $2.7 billion on the liquidity basis and rose slightly to $7.4 billion on the official settlements basis (both seasonally adjusted annual rates). Both of these figures include the U.S. allocation of $0.9 billion of Special Drawing Rights. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 15 15 BALANCE, OFFICIAL RESERVE TRANSACTIONS BASIS -20 -20 1964 1965 1969 J/INCLUDES ALLOCATION OF SPECIAL DRAWING RIGHTS. SOURCE: DEPARTMENT OF COMMERCE 1970 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] U.S. Government grants and capital, net 1 Period 1964___ 1965___ 1966___ 1967___ 1968--1969___ U.S. pr ivate capi tal, net Direct investment — 3, 564 -2, 328 - 3, 406 -3,468 — 3, 444 -3,661 -4, 223 -3, 137 -3,975 -3, 209 -3,828 -3, 070 1969: I — 3, 108 !!___ -4, 636 III___ -4,088 IV.-. -3,480 1970: I — 3, 608 — 4, 060 — 3, 508 -1, 104 Other longterm Shortterm Errors Foreign and uncapital, recorded Liquidnet 1 transity actions basis 2 -172 -1, 072 -2,352 -2, 192 -1, 796 1, 384 -1, 132 -1, 320 7, 1, 1, 6, Changes in U.S. To foreig n officia] official 5 To other reserve hold ers foreign assets holders ° (increase NonLiquid [-]) liquid 096 -4, 784 - 5, 408 5, 812 — 1, 708 -538 652 -3, 688 — 15, 204 5, 260 244 — 3, 708 -9, 116 -2, 328 2, 235 -506 1, 680 2, 056 540 816 — 576 2,248 4,596 -2,916 certain special Government transactions. Equals changes in liquid liabilities to foreign official holders, other foreign holders, and changes in official reserve assets consisting of gold, Special Drawing Eights, convertible currencies, and the U.S. gold tranche position in the IMF. 2 Equals changes in liquid and nonliquid liabilities to foreign official holders .d changes in official reserve assets consisting of gold, Special Drawing Rights, nvertible currencies, and the U.S. gold tranche position in the IMF. 4 Includes short-term official and banking liabilities and foreign holdings of j .S. Government bonds and notes. 5 Central banks, governments, and U.S. liabilities to the IMF arising irom reversible gold sales to, and gold deposits with, the U.S. Official reserve transactions basis 3 Chariges in sel ected liability5S (decrea se[-]) 4 318 1, 554 -2, 800 — 1, 564 1, 075 171 -18 85 131 1, 222 — 1, 335 - 1, 289 761 2, 384 266 — 1, 595 — 1, 357 568 1, 346 1, 472 52 — 3, 544 -3,418 2, 020 2, 340 3, 810 1, 641 -3, 101 171 -880 -517 -996 8, 716 2, 700 -7, 012 -1, 187 Quarterly tot als, unadjilisted -2, 103 -2, 147 689 -1, 118 - 1, 079 753 270 -576 2, 532 -256 -514 -415 -1,292 -1, 209 3, 360 -1, 088 -1, 116 — 1, 087 8,701 — 514 4, 131 -2, 841 -1, 588 -575 Season ally adjus ted annusil rates — 3, 420 — 5, 644 -1,928 828 584 -2, 384 !!____ -3, 140 -5, 452 Ill * 1 includes 2 BaUince 7 7 7 - 5, 5247- 11,544 —4, 816 77 __ 7^ 044 —2, 720 -7, 388 2, 762 526 2. 046 45 -367 -509 — 165 3, 024 4, 653 1,423 — 384 -48 -299 -686 -154 — 414 — 1, 747 513 — 136 -1, 160 — 386 1,8 022 801 '•Private holders; includes banks and international and regiona. organizations; excludes IMF. ? Includes allocation: of Special Drawing Rights. 6 On Sept. 30. U.S. reserve assets consisted of gold stock, $11,494 million (down $395 million from June 30); Special Drawing Rights, $991 million; IMF position including gold portion of increased U.S. subscription, $1,944 million; convertible currencies, $1,098 million. NOTE.—See Note, p. 24. Data exclude military grant-aid and U.S. su.ascriptions to IMF. Source: Department ol Commerce. PRICES CONSUMER PRICES The consumer price index rose 0.4 percent in September. Higher prices for consumer services, apparel, and houses accounted for most of the increase. The September index was 5.6 percent above a year earlier, the smallest year-toyear increase since October 1969. index, 1957-59=100 Index, 1957-59= 110 COMMODITIES LESS FOOD . , . 1 . i i . . 100 . . ! i i 1 . i 1970 1964 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR 11957-59 = 100] Services Commodities All items Period 1960 __ _ 1961 1962 1963 _ _ 1964 _ - _ 1965 1960__ _ _ > _ 1967 1968. 1969 1969: Auc Sept _ . Oct Nov Dec 1970: Jan. Feb Mar A or _ . Mar ._ _ June.. July Aug Sept _ . Source: Department of Labor. 26 _ _ _ i 103. 1 104. 2 105. 4 106. 7 108. 1 109. 9 113. 1 116. 3 121.2 127. 7 128. 7 129. 3 129. 8 130.5 131. 3 131.8 132. 5 133. 2 134. 0 134. 6 135. 2 135. 7 136. 0 136. 6 1 All commodities 101.7 102. 3 103. 2 104. 1 105. 2 106.4 109. 2 111. 2 115.3 120. 5 121. 4 121. 7 122. 4 1 22. 9 123. 6 123.7 124. 2 124. 5 125. 2 125. 8 126. 2 126. 5 126. 6 127. 0 Comm odities leg53 food Food 101. 4 102. 6 103. 6 105. 1 106. 4 108.8 114. 2 115. 2 119.3 125. 5 127. 4 127. 5 127. 2 1 28. 1 129. 9 130.7 131. 5 131. 6 132. 0 132. 4 132. 7 133. 4 133. 5 133. 3 All 101.7 102. 0 102. 8 103. 5 104. 4 105. 1 106. 5 109. 2 113.2 118. 0 118. 2 118. 7 119. 8 120. 2 120. 3 120. 1 120. 4 120. 8 121. 6 122. 3 122. 8 122. 9 123. 0 123. 8 Durable 100. 9 100. 8 101. 8 102. 1 103. 0 102.6 102. 7 104. 3 107. 5 111. 6 111. 9 111. 6 113. 2 113. 5 113. 6 113.7 113. 7 114. 1 114. 8 115. 9 116. 7 116. 9 117. 0 117. 3 Nondurable 102.6 103. 2 103. 8 104. 8 105. 7 107.2 109. 7 113. 1 117.7 123. 0 123. 3 124. 4 125. 1 125. 5 125. 7 125. 2 125. 8 126. 1 127. 0 127. 5 127. 7 127. 8 127. 8 129. 1 All services 106. 6 108. 8 110. 9 113. 0 115. 2 117.8 122. 3 127. 7 134. 3 143. 7 145. 0 146. 0 146. 5 147. 2 148. 3 149.6 150. 7 152. 3 153. 4 154. 1 .1 55. 0 155. S 156. 7 157. 7 Rent 103. 1 104. 4 105. 7 106. 8 107. 8 108.9 110. 4 112. 4 115. 1 118. 8 119. 3 119. 7 120. 1 120. 5 121. 0 121.3 121. 8 122. 3 122. 6 123. 0 123. 4 123. 8 124. 2 124. 6 Services less rent 107. 4 110. 0 112. 1 114. 5 117. 0 120.0 125. 0 131. 1 138. 6 149. 2 150. 7 151. 7 152. 3 153. 1 154. 3 155. S 157. 1 158. 9 160. 1 161. 0 161. 9 162. 8 163. 8 164. 9 WHOLESALE PRICES The October wholesale price index was unchanged from the September level. Prices of farm products dropped 3.8 percent and food prices were down 1.0 percent. Prices of industrial commodities rose 0.8 percent. Index, 1957-59=100 140 f index, 1957-59 = 100 140 130 90 80 80 1964 1970 SOURCE.- DEPARTMENT CF U3OR COUNCIL OF ECONOMIC ADVISERS 957-59 = 100] Period 1960 1961 1962 1963__ 1964 1965 1966_ 1967 1968 1969 _._ _ L^_______ 1969 ; Sept Get Nov Dec _ 1970: Jan Feb Mar Apr Mav June July _ Aug Sept Get 1 __ __ _ „_______ __ _ _ _ . . .. . . .. . .. . ^ _ _ __ Farm products Processed foods and feeds 100. 7 100. 3 100. 6 100. 3 100. 5 102. 5 105. 9 106. 1 108.8, 113. 0 96. 9 96. 0 97. 7 95. 7 94. 3 98.4 105. 6 99. 7 102. 2 108. 5 100. 101. 102. 103. 103. 106. 113. 111. 114. 119. 0 6 7 3 1 7 0 7 2 8 101. 3 100. 8 1 00. 8 100. 7 101. 2 102. 5 104. 7 106. 3 100.0 112. 7 98. 3 97. 2 95. 6 94. 3 97. 1 100.9 104. 5 100. 0 101.8 110. 5 113. 114. 114. 115. 6 0 7 1 108. 107. 111. 111. 4 9 1 7 121. 121. 121. 122. 3 6 S 6 113. 113. 114. 114. 113. 113. 114. 114. 116. 116. 116. 116. 116. 117. 117. 117. 117. 117. 0 4 6 6 8 0 7 2 8 8 112. 113. 114. 111. 111. 111. 113. 108. 111. 107. 5 7 3 3 0 3 1 2 8 5 125. 1 125. 2 124. 9 124. 9 124. 1 124. 8 126. 6 126. 1 126. 2 124. 9 Coveiag^ of-the subgroups docs not corrospon J exi/c/ljy to. coverage oi this 2 Excludes intermediate materials for food inanu facturing an d manufacti :iirnal feeds: includes, in part, grain products for fi irthor proces sing. lridustrial c ommoditi es All commodities All industrials 1 2 8 2 6 115. 1 115. 5 115. 8 116. 2 116. 6 116. 7 116. 9 117. 1 117. 4 Crude materials Inter- Producmediate er finmate-2 ished rials goods 101. 4 102. 3 100. 1 102. 5 99. 9 102. 9 99. 6 103. 1 100. 2 104. 1 101. 5 105.4 103. G 108. 0 104. 8 111. 6 115.5 107. 5 111. 3 119. 3 Consun ier fiiiished g<3ods excludin g food NonDurdurable able 100. 9 101. 5 100. 5 101. 5 100. 0 101. 6 99.5 101. 9 99. 9 101. 6 99.6 102. S 100. 2 104. S 101. 7 107. 2 103.9 109.6 105. 8 112. 3 9 7 1 5 111. 8 112. 2 112. 6 1 1 2. 1) 119. 9 1 20. S 121. 5 122. 3 105. 3 106. 9 107. 1 107. 2 113. 3 113. 6 113. 8 114. 1 116. 0 118. 5 118. 5 ;>. 5 .1 22. 9 123. 1 123. 5 123. 7 124. 0 124. 2 J 24. 6 124. 9 125. 3 127. 0 107. 4 107. 6 107. 8 107. 8 108. 0 108. 1 108. 3 108. 3 108. 4 111. 6 114. 2 114. 6 114. 7 114. 9 115. 6 115. 9 116. 0 116. 4 116. 8 117. 1 0. 9 4. 2 •1. 7 5. 2 20. 0 "». 1 19. 5 IS. 0 5. i\ ."). S 1 7. 2 Hi. 0 IS. 7 us. :; 1 6. 3 20. (5 T Nc)TE. — Brjgim ing 1%7, the UK \\es incc rporate a re\ ised weigh ti ng structure reflec3ting 1%,'i vi lues of ship ion .s. The classification structure a so changed. So jrce: Depart nent of Labe)r. 20. :> 27 PRICES RECEIVED AND PAID BY FARMERS During the month ended October 1 5, prices received by farmers declined 21A percent. Prices paid rose about 1 percei, The actual and adjusted parity ratios were each down 2 points. Index, 1957-59=100 Index, 1.957-59=100 140 PRICES PAID, INTEREST, TAXES, AND WAGE RATES PRICES RECEIVED (ALL FARM PRODUCTS) 100 90 RATIO J/ 90 ./x .,., 80 "'""""•—--^ 80 — PARITY RATIO \ '""" ~_^\-.,,-,X"^'"l VA^ 70 60 70 , 11(.I..11. 1 1 1 1 > 1 .1 1 1 1 1 1964 1966 1965 , i . i . l . . , . . 1967 . i t * i 1 i i . 1968 ( . ... > i 1 i . . . . .1969 . .,.. i , , . ,i 1970 J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14= 100 BASE. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period All farm products Crops I 1960 1961 ___ 1962. 1963 1964 1965 1966 1967 196S 1969 1969: Sept 15 Oct 15 Nov 15 Dec 15 1970: Jan 15 Feb 15 Mar 15 Apr 15 Zslay 15 . June 15 July 15_ _ Aug 15 Sept 15 Oct 15 _ _ _ ___ _ _ __ _ 99 99 101 100 98 103 110 105 10S 114 114 115 117 117 119 120 120 116 117 116 118 114 116 113 100 102 104 107 107 104 106 101 101 99 95 96 99 96 97 99 99 99 104 104 105 101 105 103 items, Livestock All interest, and taxes, and products wage rates Index, 19,37-59=100 102 98 98 103 99 105 95 107 91 107 101 110 114 113 107 117 112 121 127 125 128 128 129 128 130 127 133 129 134 131 132 135 134 131 132 129 132 126 125 133 128 133 124 133 124 134 121 135 ! Percentage ratio of index of prices received by farmers to index of prices paid, Interest, mxt«, mid wapr rates on 1910-14 = 100 base. 28 Parity ratio1 Prices paid by far mers Family living items 102 102 103 104 105 107 110 113 117 123 124 124 125 125 126 127 127 127 128 128 128 129 129 129 Production items 101 101 103 104 103 105 108 109 111 116 116 116 117 117 118 119 119 119 119 119 119 119 121 122 Actual 80 79 80 78 76 77 80 74 73 74 73 73 75 75 75 75 75 72 73 72 74 71 72 70 1 Adjusted2 82 83 83 81 80 82 86 79 79 80 79 79 81 81 81 81 81 78 78 77 79 76 77 75 "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) grew at an annual rate of 3.7 percent from June to October but was practically unchanged from August to October. BILLIONS OF DOLLARS 250 BILLIONS OF DOLLARS 250 225 200 125 125 100 100 ol 1964 1970 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1964: 1965: 1966: 1967: 1968: 1969: 1969: Dec Dec Dec _. _ D e c . . _ _ ._. ___ Dec Dec Sept Oct _._ _ _ _ Nov_ Dec 1970: Jan ___ . _ _ _ _ _ Feb _ ... . MarApr _ _ May June _ _ _ _ _ JulvAug Sept Oct * 1 Deposits at all commercial banks. NOTE.—Effective June 9, 1966, balances accumulated for payment of personal ans (about $1.1 billion) are excluded from time deposits and from loans at all aumercial banks. COUNCIL OF ECONOMIC ADVISERS (Averages of daily figures, billions of dollars] U.S. M oney supr)lv M oney supr>iy GovCurCurernTime Time DeDerency rency ment de- l de- l mand mand Total outoutTotal posits demand posits • _j dedeside side deposits posits banks banks posits l ] Unadjuste d Seasonalljr ad jus tec 34.2 159.3 125. 1 125. 2 35.0 126.6 129. 1 5.5 164.0 166.7 130.4 145. 2 36. 3 37. 1 134.9 146.7 4.6 172.0 132. 1 170.4 38.3 156.9 158.5 136.7 39. 1 3.4 175.8 141. 3 40. 4 182. 0 41. 2 183.7 181. 7 146. 2 5.0 187. 5 194. 8 43. 4 151. 4 203. 1 204. 9 44. 3 156. 7 5.0 201. 0 153. 7 199. 6 192. 4 45. 9 194. 1 46. 9 159. 1 206. 0 5.5 153.7 45. 2 199. 0 194. 3 194. 1 152. 4 45. 2 197. 6 5. 3 45. 6 199. 1 153. 6 193. 7 45. 6 193. 5 153. 7 4.2 199. 3 153. 4 192. 6 199. 3 45. 9 193. 4 46. 4 201. 0 154. 7 5. 1 199. 6 153. 7 192. 4 45. 9 194. 1 46. 9 159. 1 5. 5 206. 0 46. 1 201. 1 192. 1 155. 0 46. 1 207. 1 161. 1 191. 7 ! i 4.7 153. 0 46. 4 199. 3 192. 0 192. 0 i 45. 9 197. 8 151. 9 7. 1 154. 8 201. 5 46. 7 194. 3 46. 3 194. 9 153. 4 199. 7 6. 9 156. 2 47.0 203. 3 204. 2 46.6 198. 3 197. 9 157. 6 5. 3 47. 6 156. 2 200. 0 203. 9 47. 3 152. 6 199. 6 6.4 199. 9 155. 9 203. 6 47. 8 154. 0 201. 2 201. 0 47. 7 201. 7 6. 5 156. 2 204. 3 48. 2 206. 9 202. 7 48. 1 206. 9 154. 5 6. 8 157. 8 206. 0 48. 2 212. 8 211. 8 202. 8 48. 3 154. 5 7. 1 48. 2 158. 0 206. 2 217. 0 48. 2 156. 5 217. 2 204. 8 6. 9 206. 1 221. 0 48. 5 221. 3 157. 6 157. 8 206. 2 48. 5 6. 1 Data include Alaska and Hawaii. Source: Board of Governors of the Federal Reserve System. 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Public holdings or selected liquid assets (seasonally adjusted) fell $0.6 billion in October. A drop in demand deposits and currency and short term Government securities was partially offset by a rise in time deposits and savings and loan shares. BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS SEASONALLY ADJUSTED, END OF MONTH 700 700 TOTAL SELECTED LIQUID ASSETS 600 600 500 500 SAVING TYPE ASSETSJ/ 400 400 300 300 DEMAND DEPOSITS AND CURRENCY 200 200 100 100 1964 1965 1966 1967 1969 1968 I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY. SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1970 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted] Total selected liquid assets Ead of period 1963 1964 _ 1965 1966 1967 1968 _ _ 1969 1969: Aug Sept_. _ _ _ _ _ _ . Get ___ Nov _ Dec 1970: Jan Feb Mar.... _ _ _ . . Apr May June. ._ Julv.. Aus;1 Sept- --. _ Oct* __ 495. 4 530. 5 573. 1 601. 5 650.4 709. 6 731. 6 713. 2 718. 1 714. 9 722. 1 731. 6 720. 5 721. 8 733. 4 731. 2 734. 0 738. 5 749. 7 754. 8 765. 5 764. 9 Demand deposits and currency 1 149. 6 156. 7 164. 1 168. 6 180. 7 3 199. 2 206. 8 193. 3 194. 1 194. 0 195. 8 206. 8 195. 4 194. 8 199. 3 196. 7 197. 9 199. 8 198.7 199. 3 203. 6 199. 9 Time d eposits Commercial banks Postal Savings System 44. 5 49. 0 52. 6 55.2 60. 3 64.7 67. 3 66.4 66. 6 66. 7 67. 0 67. 3 67. 0 67. 4 67. 5 68. 0 68. 4 68. 7 69.2 69. 4 69. 9 70. 3 112. 9 127. 1 147. 1 159. 3 183. 1 203. 8 197. 1 195. 6 195. 5 195. 7 197. 9 197. ] 196. 0 196. 7 198. 8 201. 5 201. 7 202. 9 211. 8 215. 4 221. 5 224. 5 'Agrees in concept with money supply, p. 29, except for deduction oi demand deposits held by mutual savings banks and savings and loan associations. Data ior last Wednesday oi month. Data prior to July 1969 have not been revised to conform to the money supply revision. * Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning February I960, savings and loan associations. 30 Mutual savings banks 3 0.5 .4 .3 .1 Savings and loan shares 90. 9 101. 4 109.8 113.4 123. 9 131.0 134. 8 134. 1 135. 3 1 34. 9 135. 3 134. 8 133. 5 134. 1 135. 7 136. 4 136. 8 137. 4 139.0 140. 0 142, 3 143. 4 U.S. Government U.S. Gov- securities ernment maturing savings2 within bonds year 2 49. 0 49. 9 50. 5 50. 9 51. 9 52.5 52. 4 52. 1 52. 0 52. 0 52. 0 52. 4 52. 2 52. 1 52. 0 52. 0 52. 0 52. 0 52. 4 52.0 52. 1 52. 1 I Estimates for Dec. 31. NOTE.—See Note, p. 29. Source: Board ol Governors of the Federal Reserve System. 48. 1 46. 1 48. 6 53. 9 50. 5 58. 5 73. 2 71.6 74.6 71. 7 74. 2 73. 2 76. 3 76. 6 80. I 76. 8 77. 2 77. 7 78.5 78. 6 76. 1 74.6 BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES Total bank credit (seasonally adjusted) rose $0.3 billion in October, which was $5.1 billion below the September increase. Loans declined $0.4 billion. Borrowings at Federal Reserve Banks and total reserves of member banks each decreased $144 million. BILLIONS OF DOLLARS ] 500 BILLIONS OF DOLLARS 500 ALL COMMERCIAL BANKS 400 300 INVESTMENTS IN U.S. GOVERNMENT SECURITIES 1964 *SEE FOOTNOTE 4 BELOW SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Bank Weekly debits reporting outside large commercial New York Total Investrnents City (232 banks Loans, loans excluding centers) , and inter- U.S. Gov- Other Commercial seasonally investadjusted bank ernment securi- and indus- annual ments securities ties trial loans rates * Billions of dollars 246. 2 149. 6 61.7 35. 0 38. 8 2, 199 1 267. 2 60. 7 38. 7 42. 1 167.7 S, 706 3 192. 6 294.4 57. 1 8,018 44. 8 53. 1 310. 5 208.2 48.7 53. 6 60.7 8,421 346. 5 225. 4 59. 7 61. 4 S, 740 65. 8 384.6 251.6 61.5 4,354 71.5 73.1 51. 9 401. 3 71. 3 278. 1 5, 160 81. 6 271. 3 54. 7 396. 5 70. 5 o, 426 78. 1 397. 6 273. 8 53. 5 70. 3 5, 899 77. 6 276. 4 401. 2 53. 4 71. 4 5, 277 78. 0 401. 3 51. 9 278. 1 71. 3 5, 862 81. 6 398. 5 276. 6 50. 4 71. 5 78. 1 5, 494 399. 7 278. 5 49. 8 71. 4 5, 561 78. 2 400. 9 277. 6 50. 3 73. 0 5, 509 78. 9 277. 0 52. 4 403. 5 74. 0 78. 9 o, 748 278. 0 405. 9 53. 4 74. 5 5. 772 77. 8 406. 4 277. 4 54. 1 5 , 777 75. 0 79. 6 412. 8 5, 894 281. 5 55. 8 79. 3 75. 5 284. 1 418. 3 57. 5 76. 7 5, 788 79. 2 423. 7 287. 3 57. 6 5,892 78. 8 81. 2 424. 0 286. 9 56. 3 80. 8 80. 1 2 *dl membe r banks All comrinercial bank s (s easonally adjusted da ta) End of period 1963 1964 1965 1966 1967 1968 4 1969 1969: Sept Oct__ Nov Dec 1970: Jan Feb Mar_ _ Apr May June _ _ Julv Aug Sept v Oct*__ 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 beginning June 1969; see Federal Reserve Bulletin, August 1969. Total reserves 20, 746 21,609 22, 719 23, 830 25, 260 27, 221 28, 031 26, 971 27, 340 27, 764 28, 031 28, 858 27, 976 27, 473 28, 090 27, 910 27, 567 28, 128 28, 349 28, 825 28, 681 Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions o f dollars 327 536 411 243 452 454 392 557 345 238 455 765 257 1,086 1, 067 236 143 1, 135 1, 241 253 257 1, 086 965 166 ], 092 273 115 896 1 IS 822 976 181 187 888 141 1, 358 827 145 272 607 463 271 209 168 -2 -165 107 -310 - 829 -831 — 992 — 988 - 829 - 799 -819 -781 — 704 -795 -701 -1, 217 -682 — oo5 -192 NOTE.—Effective June 1966, balances accumulated for payment ol personal loans (about $1.1 billion) are excluded Ironi loans at all commercial banks, and certain certificates oi 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 outstanding rose $250 mi'liion in September. Seasonally adjusted instalment credit rose $360 million, compared with an increase of $230 million in August. BILLIONS OF DOLLARS 140 f BILLIONS OF DOLLARS 140 j 120 NONINSTALMENT CREDIT 10 10 >s^o. SEASObJALLY ADJUSTED (ENLARGE D SCALE) ESC^T^rGS*^^ ^^^T. INSTALMENT CREDIT E XTENDED , 8 .if""***"***s***3 •^nrmrrtrr 6 INSTALMENT C REDiT REPAID A I ! 1 1 I 1 I 1 1 1 ! 1964 1 1 ! 1 I ! 1 I I ! 1 j ! 1 i I 1 1 i 1 1 1 ! 1965 I 1 t ! 1 1 1 1 j 1966 1 1 1967 1 1 1 1 1 | I 1 ! 1 I 1 I ! ') 1961 1962 1963 1964___ _ _ _ 1965_ __ _ 1966 1967_ 1968 1969 1969: Aug. Sept Get Nov __ _ Dec 1970: Jan Feb Mar Apr May June July Aug Sept 32 1970 ! Millions of dollars] Consum er instalme nt credit e xtended Consu mer credit outstandin g (end of £ eriod; imad justed and r 3paid (seas onally adJListed) Automofc ile paper Instalment To tal TM Automol Total bile Personal instal-2 Extended Repaid Extended Repaid Total ment paper loans 57, 982 63, 821 71, 739 80, 268 90, 314 97, 543 102, 132 113, 191 122, 469 117, 380 118, 008 118, 515 119, 378 122, 469 121, 074 120, 077 119, 698 120, 402 121, 346 122, 542 123, 092 123, 655 123, 907 43, 891 48, 720 55, 486 62, 692 71, 324 77, 539 80, 926 89, 890 98, 169 94, 732 95, 356 95, 850 96, 478 98, 169 97, 402 96, 892 96, 662 97, 104 97, 706 98, 699 99, 302 99, 860 100, 142 17, 135 19, 381 22, 254 24, 934 28, 619 30, 556 30, 724 34, 130 36, 602 36, 245 36, 321 36, 599 36, 650 36, 602 36, 291 36, 119 36, 088 36, 264 36, 455 36, 809 36, 918 36, 908 36, 738 11, 673 13, 414 15, 618 17, 848 20, 412 22, 187 24, 018 26, 936 29, 918 28, 957 29, 207 29, 312 29, 529 29, 918 29, 774 29, 816 29, 809 30, 030 30, 193 30, 547 30, 765 31, 047 31, 226 includes other consumer goods paper, and repair and modernization loans, not shown separately. *3 Consists of single-payment loans, charge accounts, and service credit. End of period, unadjusted. ! ! ! 1 1 1 ! t I 1 IN 4 N COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period I 1 ! 1 ! 1 i 1969 1968 14, 091 15, 101 16, 253 17, 576 18, 990 20, 004 21, 206 23, 301 24, 300 22, 648 22, 652 22, 665 22, 900 24, 300 23, 672 23, 185 23, 036 23, 298 23, 640 23, 843 23, 790 23, 795 23, 765 49, 048 56, 191 63, 591 70, 670 78, 586 82, 335 84, 693 97, 053 102, 888 8, 680 8, 669 8, 661 8, 632 8, 344 8, 521 8, 625 8, 392 8, 491 9, 004 8, 683 9, 065 8,809 8, 849 48, 124 51, 360 56, 825 63, 470 69, 957 76, 120 81, 306 88, 089 94, 609 8, 080 7,971 7, 992 8,012 7, 929 8, 141 8, 207 8, 194 8, 195 8, 589 8, 242 8, 622 8, 577 8,490 16, 029 19, 694 22, 126 24, 046 27, 227 27, 341 26, 667 31, 424 32, 354 2,634 2, 794 2,808 2, 683 2, 472 2,479 2,536 2,496 2, 571 2, 595 2, 587 2, 685 2,537 2, 621 16, 552 17, 447 19, 254 21, 369 23, 543 25, 404 26, 499 28, 018 29, 882 2, 562 2,498 2, 463 2, 503 2,499 2, 469 2, 550 2, 501 2, 527 2, 600 2, 573 2, 752 2,632 2,599 Mortgage debt outstanding nonfarm, 1- to 4family houses 3 153, 000 1 166, 500 182, 200 197, 600 212, 900 223, 600 236, 100 251, 200 267, 100 263, 500 266, 800 268, 700 272, 000 NOTE.—Data for Alaska and Hawaii included beginning January and Augu' 1959, respectively. Sources: Board ol Governors of the Federal Reserve System and Federal Hon Loan Bank Board. BOND YIELDS AND INTEREST RATES Treasury bill rates declined sharply in late October and early November. Long-term yields were fairly steady. PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 CORPORATE Aaa BONDS (MOODY'S) * \ 2 11 1970 SOURCE: COUNCIL OF ECONOMIC ADVISERS SEE TABLE BELOW [Percent per annum] High-grade U.S. Gov€>rnment seemity yields municipal 3-month Period bonds 3-5 year Taxable Treasury 2 s (Standard4 & issues bonds bills i " Poor's) 2. 778 1962 3. 57 3. 95 3. 18 3. 157 3. 72 4. 00 1963 3. 23 3. 549 4. 06 4. 15 1964 3. 22 3. 954 4. 22 4. 21 3.27 1965 4. 881 1966 _ _ 5. 16 4. 65 3. 82 4. 321 5.07 4. 85 1967. _ 3. 96 5. 339 5. 59 5. 26 4.51 1968 6. 677 (>. 85 6. 12 5. 81 1969 _ 7. 007 6. 02 1969: Auo7. 08 6. 07 7. 129 7. 58 6. 32 Sept. _ 6. 35 7. 040 7.47 6. 27 6. 21 Oct 7. 193 6. 52 Nov 7. 57 6. 37 7. 720 7. 98 6. 81 6. 91 Dec. 7. 914 8. 14 6. 86 6. 80 1970: Jan 7. 164 7. 80 6. 44 6. 57 Feb 6. 710 7. 20 6. 39 6. 14 Mar 6. 480 7. 49 6. 53 6. 55 Apr_ - _. 7. 035 7. 97 6. 94 7. 02 May _ __ G. 742 7. 86 0. 99 7. 06 June 6. 468 6. 57 7. 58 6. 69 July 6. 412 7. 56 6. 75 6. 33 Aug 6. 244 6. 45 7. 24 6. 63 Sept _ ___ 6. 55 5. 927 7. 06 6. 59 Oct ' Yveek ended: C). 47 6. 029 6. 55 7. 05 1970: Oct 16 5. 942 6. 66 (>. f>9 7. 13 23 6. 65 o. 831 (i. 57 7. 03 30_ _ (>. <JS 5. 653 (L 49 6. 84 Nov 6__ (>. 39 6. 67 5. 459 13__| c 5. 281 20 6 J 1 3 2 Rate on new issues within period. Selected note and bond issues. April 1953 to date, bonds due or callable 10 years and after. <5 Weekly data are Wednesday figures. ° Not charted. Data for first of the month* based on the maximum permissible interest rate gi.<; percent beginning January 5, 1970) and 30-year mortgages paid in 15 years. Corpora te bonds (Moc dy's) Aaa Baa 4. 33 4. 26 4. 40 4.49 5. 13 5. 51 6. 18 7. 03 6. 97 7. 14 7. 33 7. 35 7. 72 7. 91 7. 93 7. 84 7. 83 8. 11 S. 48 S. 44 S. 13 S. 09 S. 03 5. 02 4. 86 4. 83 4. 87 5. 67 6. 23 6.94 7. 81 7. 86 8. 05 8. 22 8. 25 8. 65 8. 86 S. 78 8. 63 8. 70 8. 98 ). 25 ). 40 ). 44 ). 39 ). 33 S. 01 ). ). ). 9. 9. S. ( K 5 s. 07 S. ()'.) S. 07 34 31 34 38 41 Prime FIIA commercial new home paper, mortgage 4-6 }delds 5 months f>. 61 3. 26 5. 47 3. 55 5. 45 3. 97 5. 46 4. 38 6. 29 5. 55 6. 55 5. 10 7. 13 5.90 7. 83 S. 19 8. 36 8. 33 8. 48 8. 36 S. 40 8. 56 8. 48 S. 46 8. 84 8. 48 8. 62 8.78 8. 55 9. 29 8. 33 9. 20 8 06 S. 23 9. 10 S. S. 7. 7. 0. 21 29 90 32 85 9. 11 9. 16 «. 11 9. 07 9. 01 6.88 6. 80 6. 63 6. 63 6. 56 Sources: Treasury Department, Board of Governors of the Federal Reserve System, Federal Housing Administration, Standard & Poor's Corporation, and JVi'oody's Investors Service. 33 COMMON STOCK PRICES, YIELD, AND EARNINGS Common stock prices continued to rise during early October but declined in the latter part of the month. However^ the average for the month was somewhat above the September level. 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 60 I i i i i I 1 i > I I i I i i L I t 1 i i ! i i l 1 1 i i i l | i i...i i l l i i i i l l i i i i l i i i t i I i i i i i I i MONTHLY DIVIDEND YIELD ON COMMON STOCKS PRICE/EARNINGS RATIO ON COMMON STOCKS 15 SOURCE: STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS Price index Period I i 196^1 1965 196(1 _ _ _ _ _ 1967 1968 1969 _ 1969: Get Nov Dec 1970: Jan Fob _ Mar__ Apr _ _ 1 May June July Aiio-^ __ __ Sept __. _ _ _ : Oct ___! Week ended: 1970: Oct 9 . 16 23 30 __ Nov 6 _ _ _ _ _ _ 13 : Total 81. 37 88. 17 8 5 .2 6 91. 93 98.70 97.84 95.52 96. 21 91. 11 90.31 87. 16 88. 65 85. 95 76. 06 75. 59 75. 72 77. 92 82. 58 84. 37 86. 25 84. 27 83. 52 83. 29 84. 09 i 84. 40 i Total 86. 19 93.48 91. 08 99. 18 107. 49 107. 13 105. 07 105. 86 100. 48 99. 40 95. 73 96. 95 94. 01 83. 16 82. 96 83. 00 85. 40 90. 66 92. 85 94. 98 92. 73 91. 89 91. 67 92. 53 i 92. 71 1 Industrials Capital Consumers' goods goods 1941-'13=10 76. 35 73. 84 85. 26 81. 94 84. 86 74. 10 96. 96 79. 18 105. 77 86. 33 103. 75 87. 06 103. 67 87. 29 104. 68 89. 84 100. 31 85. 62 99. 70 85. 42 96. 55 83. 74 95. 97 85. 09 93. 18 82. 28 80. 47 71. 65 80. 77 73. 10 77. 99 73. 10 78. 38 74. 76 84. 96 79. 65 82. 12 87. 90 90. 87. 86. 86. 86. 87. 1 includes 500 common stocks: 425 industrials, 55 puJ )lic utilities, an d 20 railroads. Weekly indexes for capital and consumer goods are Wednesday 7 figures; all other weekly indexes are averages of daily figures. '- Aegreaate cash dividends (based on latest known tnnual rate) dn/ided by llu-' ;)t,'gregate monthly market value oi the stocks in t le group. Annu al yields Mr ;;vcr;iL'os oi monthly data. Weekly data are Wednesc ay figures. 34 ] 94 35 70 59 92 24 83. 78 81. 88 81. 55 81. 27 82. 63 83. 82 Railroads Dividend yield 2 (percent) 69. 91 76.08 68. 21 68. 10 66.42 62. 64 58. 80 59. 46 55. 28 55. 72 55. 24 59. 04 57. 19 51. 15 49. 22 50. 91 52. 62 54. 44 53. 37 45. 46 46. 78 46. 34 46. 72 48. 84 45. 95 41. 75 40. 63 36. 69 37. 62 36. 58 37. 33 36. 05 31. 10 28. 94 26. 59 26. 74 29. 14 31. 73 3. 01 3.00 3, 40 3.20 3. 07 3. 24 3. 33 3. 31 3. 52 3. 56 3. 68 3. 60 3. 70 4. 20 4. 17 4. 20 4. 07 3. 82 3. 74 54. 03 32. 64 31. 87 31. 64 30. 54 30. 61 30. 96 3. 64 3. 75 Public utilities -0 0OO. OO 58. 52. 53. 54. 91 91 58 84 Price/ earnings ratio 3 18.08 17. 08 14. 92 17. 52 17.20 16.57 16. 58 17. 31 13. 33 :-). 78 3. 78 3. 72 3. 69 Ratio of price ndex for last da y in quarter to quarterly earni igs (seasonally ad usted annual ra te). Annual rat IDS are averages of quarterly dat a. k rource: Standar 3 & Poor's Corp oration. FEDERAL FINANCE FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING In the first 3 months of the current fiscal year there was a deficit of $7.8 billion/ a year earlier there was a deficit of $2.5 billion. BILLIONS OF DOLLARS 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET [IMillions of doll irs] j Biidget receipts, expenditures, and net lendii ig _ Period Receipts Fiscal year: 1960 1961 1962. 1963 1964 1965 _ _ _ • 1966 1967 1968 1969 __ _ 1970* Cumulative totals for first 3 months: Fiscal year 1970___ Fiscal vear 1 9 7 1 _ _ _ _ _ 1 Expenditures 92. 5 94. 4 99. 7 106. 6 112. 7 116. 8 130. 9 149. 6 153. 7 1S7. 8 193. 8 90. 3 96. 6 104. 5 111. 5 118. 0 117. 2 130. 8 153. 2 172. 8 183. 1 195.0 48. 0 46. 5 49. 5 54. 1 Excludes non-interost-bearing public debt securities held by IMF. 'Surplus of $30 ii ill lion. Loan account Receip t- expend it u re i iccount Surplus or deficit ( — ) 2. 2 -2. 2 -4.8 -4. 9 -5.4 -.3 (2) -3. 6 -19. 1 4.7 -1. 1 -1. 6 -7. 6 Total surplus or deficit ( — ) Net lending 1. 9 1. 2 2. 4 —.1 .5 1. 2 3. 8 5. 1 6. 0 1. 5 1. 8 .9 2 Gross Feeleral debt (end of period) Total i Held by the public -2. 9 290.9 292. 9 303. 3 310. 8 316. 8 323. 2 329. 5 341.3 369. 8 367. 1 382. 6 237. 2 238. 6 248. 4 254. 5 257. 6 261. 6 264. 7 267. 5 290. 6 279. 5 284. 9 - 2. 5 -7. 8 374. 0 390. 3 284. 2 292. 2 0.3 -3. 4 — 7.1 -4. 8 -5. 9 -1. 6 -3. 8 8. 7 -25. 2 3.2 Sources: Treasury Department and of Management and Budget. 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 3 months of the current fiscal year, receipts were $1.5 billion below a year earlier while outlays were $3.9 billion higher. BILLIONS OF DOLLARS BILLIONS OF DOLLARS OUTLAYS (EXPENDITURES AND NET LENDING) NATIONAL DEFENSE 20 , 20 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 COUNCIL OF ECONOMIC ADVISERS SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET [B illions 01" dollars] Reeei DtS (Outlays Natio nal defense • Period Fiscal year: 1960 1961 _ _ _ _ 1962 _ ___ 1963 1964 1965 1966 1967 1968 1969 __ 1970 p Cumulative totals for first 3 months: Fiscal year 1970___ Fiscal year 1971 1 Expenditure account. 36 Individual income taxes Corporation income taxes Other Total 92. 5 94. 4 99. 7 106. 6 112. 7 116. 8 130. 9 149. 6 153. 7 187. 8 193. 8 40. 7 41. 3 45. 6 47. 6 48. 7 48. 8 55. 4 61. 5 68. 7 87. 2 90.4 21.5 21. 0 20. 5 21.6 23. 5 25. 5 30. 1 34. 0 28. 7 36. 7 32. 8 30. 3 32. 1 33. 6 37. 4 40. 5 42. 6 45. 3 54. 1 56. 3 63. 9 70. 6 48. 0 46. 5 23.4 22. 9 7. 2 5. 6 17. 3 18. 0 Total Interna- Health tional and Inaffairs income terest Other and security finance Total Department of Defense,l military 92. 2 97. 8 106. 8 111. 3 118. 6 118. 4 134. 7 158. 3 178. 8 184. 6 196. 8 45. 9 47. 4 51. 1 52. 3 53. 6 49. 6 56. 8 70. 1 80. 5 81. 2 80. 3 41. 5 43. 3 46. 9 48. 1 49. 6 46. 0 54. 2 67. 5 77. 4 77. 9 77. 1 3. 1 3. 4 4. 5 4. 1 4. 1 4. 3 4. 5 4. 5 4. 6 3. 8 50. 4 54. 3 20. 2 19. 4 19.4 18.8 3.5 IS. 7 21. 8 23. 3 25. 2 26. 6 27. 2 31. 3 37. 6 43. 5 49. 1 56.5 8. 3 8. 1 8. 3 9. 2 9. 8 10. 4 11. 3 12. 6 13. 7 15. 8 18. 3 16. 2 17. 1 19. 6 20. 5 24. 5 27.0 30. 8 33. 4 36. 4 34, 6 38. 2 1. 0 .7 12. 9 16. 0 4. 3 12. 0 13. 1 5.0 Sources: Treasury Department and Office of Management and Budget. FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS According to preliminary estimates, Federal receipts in the third quarter declined about $1 billion (seasonally adjusted annual rate) and expenditures dropped over $4 billion, resulting in a deficit of $11 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 220 220 200 200 140 120 100 +20 SURPLUS V//1 L//A p| Y///\ ~ DEFICIT ! I -20 1964 ~~* I m m ! F7x?1 U1A ! n m "" M M M H m UM H H m " MM ""^ ! ! I 1 ! 1966 1965 ! I ! 1 I 1 1969 1968 • • "" M M I 1 m ! J/ 1 -20 1970 CALENDAR YEARS V^RFI IMINiPY SOURCE: 1 1967 11 COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF COMMERCE [Billions oi dollars, quarterly data at seasonally adjusted annual rates! Fee .eral Go\/emmem expendi tures Federal CJovernm snt receip ts Surplus or Period Fiscal rear: 1966 1967 1968 1969 1 1970 _ _ . Calendar vear: 1966 1967 1968 1969 1969: I__ 1I_ III IV. 1970: I _ _ II. Ill" Indirect Personal Corporate business and profits Total tax tax and nontax tax nontax accruals accruals 132. 8 147. 2 160. 4 191. 3 198. 8 71. 0 89. 5 94. 8 142. 5 151. 2 175. 4 200. 6 197. 2 202. 5 200. 8 202. 0 195. 9 196. 7 195. 5 61. 7 67. 5 79. 3 95. 9 93. 7 97. 3 95. 6 96. 9 93. 4 93. 5 89. 4 57. 6 (14. fi deficit GrantsSubsidies Less: Purless Wage Contriin-aid (-), chases Trans- to State Net current accruals income butions less and Total of goods fer pa.y- and interest surplus for product and ments local paid of Govt. dissocial inenter- burse- accounts services governsurance ments ments prises 34. 0 38. 9 36. 6 15. 7 15. 8 17. 1 18. 6 19. 4 28. 5 35. 7 38. 3 44. 2 48. 0 131. 9 71. 7 154. 5 85. 3 172. 3 95. 2 186. 6 100. 3 199. 2 101. 6 34. 2 39. 4 44. 5 50. 5 56. 3 12. 7 14. 8 17. 6 19. 1 22. 5 9. 0 9. 9 10. 9 12. 5 13. 9 4. 5 5. 1 4. 1 4. 1 5.0 0. 1 32. 1 30. 7 37. 5 39. 2 39. 9 40. 2 38. 6 38. 1 34. 8 34. 9 36. 3 15. 7 16. 3 18. 0 19. 1 18. 5 19. 0 19. 5 19. 3 19. 3 19. 4 20. 1 33. 0 36. 7 40. 7 46. 5 45. 1 46. 0 47. 0 47. 7 48. 4 48. 9 49. 7 142. 8 163. 6 181. 6 191. 3 187. 7 189. 1 192. 5 195. 9 197. 7 210.9 206. 7 35. 7 42. 2 47. 8 52. 1 50. 6 52. 2 52. 2 53. 3 55. 3 64. 4 62. 9 14. 4 15. 8 18.4 20. 2 19. 3 19. 6 20. 0 21. 8 23. 0 25. 1 24. 4 9. 5 10. 2 11. 8 13. 1 12. 6 12. 9 13. 2 13. 9 14. 3 14. 3 14. 8 5. 4 4. 6 4. 1 4. 6 .0 .0 31. 0 ;n. 2 1 Preliminary, based on seasonal^- adjusted data: not strictly comparable with preceding data. NOTE: Data for Alaska and Hawaii included beginning I960. 77. 8 90. 7 99. 5 101. 3 100. 9 99. 8 102. 5 102. 1 102. 3 99. 7 98. 6 4.3 4. 6 4. 6 4.9 5. 3 5. 3 5. 6 .0 .0 .0 .0 .0 .0 2. 5 -2. 1 —. 4 0. 9 — 7. 3 - 11 9 4. 7 -.4 2 -12. 4 -6. 2 9.3 9. 5 13. 4 8.3 6. 1 — 1. 7 -14.2 -11. 2 Source: Department of Commerce. 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U.S GOVERNMENT PRINTING OFFICE D I V I S I O N OF PUBLIC DOCUMENTS WASHINGTON, D.C. 2O4O2 OFFICIAL BUSINESS First-Class Mail Contents TOTAL OUTPUT, INCOME, AND SPENDING Page 1 2 3 4 5 6 7 8 9 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 Nonagncultural Employment Weekly Hours of Work—Selected Industries Average Hourly and Weekly Earnings—Selected Industries 10 11 12 13 14 15 PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories—Total and Trade Manufacturers' Shipments, Inventories, and New Orders Merchandise Exports and Imports U.S. Exports and Imports of Goods and Services U.S. Balance of International Payments 16 17 18 19 20 21 22 23 24 25 . PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers 26 27 28 MONEY, CREDIT, AND SECURITY MARKETS Money 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 29 30 31 32 33 34 FEDERAL FINANCE Federal Budget Receipts, Expenditures, and Net Lending Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 38 . ... ..__......_. ._ . .. 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, ail dollar figures are in current prices. P Indicates preliminary and not available. * Indicates less than $50 million. For s:ilo by the Superintendent of Documents, U.S. Government Printing; Office. Washington. D.C. 20402 J'rice 25 cents per copy, $3 per year ; $4 foreign. Domestic air mail, $3.60 additional per year. 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 : 1970 35 36 37