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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