Full text of Economic Indicators : November 1972
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92d Congress, 2d Session T 1 • i IJ.I1UL1OCL n rii r*z$ TT^TQ L\JL o November 1972 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1972 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) WILLIAM PROXMIRE, Wisconsin, Chairman WRIGHT PATMAN, Texas, Vice Chairman SENATE pHN SPARKMAN (Alabama) J. W. FULBRIGHT (Arkansas) ABRAHAM RIBICOFF (Connecticut) HUBERT H. HUMPHREY (Minnesota) LLOYD M. BENTSEN, Jr. (Texas) JACOB K. JAVTTS (New York) JACK MILLER (Iowa) CHARLES H. PERCY (Illinois) JAMES B. PEARSON (Kansas) 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) BARBER B. CONABLE, Jr. (New York) CLARENCE J. BROWN (Ohio) BEN B. BLACKBURN (Georgia) JOHN R. STARK, Executive Director LOUGHLIN F. McHuGH, &8Jar Economist COUNCIL OF ECONOMIC ADVISERS HERBERT STEIN, Chairman EZRA SOLOMON MARINA v. N. WHITMAN Economic Indicators -prepared under supervision of FRANCES M. JAMES [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—Isr SESSION] JOINT RESOLUTION [S J. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be 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 June 23, 1949. Charts drawn 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. it TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Gross national product rose $24% billion in the third quarter to a seasonally adjusted annual rate of $1,164 billion, according to revised estimates. This followed rises of about $31 billion in each of the 2 preceding quarters. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Persons Cjovernme at Disposab le personsil income Period 1965 1966 1967 1968 1969 1970 1971 1971: I II III... rv___ 1972: I II III'.. Less: Interest paid and Total i transfer payments to foreigners Surplus or Equals: Personal sonal Less: Less: Equals: Tax Total consump- saving deficit TransTransand Purexcludfers, or tion fers, Equals: Total nontax interest, ing chases income expendexpendinterest, Net disof goods interest itures saving receipts and receipts itures and and or and and product sub— 2 accruals sidies transsidies 2 services accounts fers 473.2 511.9 546. 3 591. 0 634.4 689.5 744.4 12.0 13.0 13.9 15. 1 16.7 17.9 18. 5 461.3 498.9 532.4 575. 9 617.7 671.6 725.8 432.8 466.3 492. 1 536. 2 579.5 616. 8 664. 9 28. 4 32.5 40.4 39. 8 38. 2 54.9 60.9 189. 1 213.3 228. 9 263. 5 296. 7 302. 0 321.6 49. 9 55. 5 62. 8 70. 7 77.9 93. 0 105.7 139. 2 157. 9 166. 2 192. 7 218.8 209. 0 215. 9 186. 9 212.3 242. 9 270. 3 287. 9 312. 1 338. 5 49. 9 55.5 62.8 70. 7 77.9 93.0 105.7 137.0 156. 8 180. 1 199. 6 210.0 219.0 232. 8 2.2 1. 1 — 13. 9 — 6. 8 8.8 -10. 1 -16. 9 725.7 742,9 750.4 758.5 18. 3 18.4 18. 7 18.8 707.4 724.5 731.7 739.7 648.0 660.4 670. 7 680.5 59. 3 64. 1 61.0 59.3 313.5 318. 8 323. 3 330. 7 100.6 107.4 106. 5 108.4 212. 9 211.4 216. 8 222. 3 327.5 336. 9 340. 2 349.4 100.6 107.4 106.5 108.4 227. 0 229. 5 233. 6 240.9 -14. 0 -18. 0 -16, 9 -18. 7 770.5 782.6 798.8 18. 8 19.1 19.4 751. 7 763.5 779.4 696. 1 713.4 728.6 55. 7 50. 1 50.8 353. 8 361.4 369.0 112. 1 114. 1 115.7 241. 7 247. 3 253.3 361.6 368. 3 371.2 112. 1 114. 1 115.7 249.4 254.1 255.6 -7, 7 -6. 9 -2.2 Net Net exports of goods and service s Excess of Total StatisGross Excess transfers Gross to fortransfers income tical of private retained domestic or eigners or discrepinvest- by perearn-3 of net Equals: receipts ancy ment sons and Exports Less: invest-4 Net ings exports Imports exports ment (-) Govern(-)• ment Gross national product or expenditure Business Period 1965 1966 1967 1968 1969 1970 1971 E xpenditur es N et receipts Ppr- 84. 7 91. 3 93. 0 95. 4 97. 0 97. 3 109. 9 108. 1 121.4 116. 6 126. 0 139. 0 137. 1 152. 0 1971: I II III IV 103. 2 10S. 7 110. 5 117. 2 1972: I II 115. 9 124. S 125. 1 ~ m*__ 1 Iiiternation al - 30. 6 — 42. 0 -39. 7 -42. 1 2. 8 2. 8 3. 0 2, 9 2. 9 3. 2 3. 0 39. 2 43.4 46. 2 50. 6 55. 5 62. 9 60. 1 32. 3 38. 1 41. 0 48. 1 53. 0 59. 3 05. 4 6. 9 5. 3 5. 2 2. 5 1. 9 3. 6 .7 -4. 1 688.0 -2.4 750.9 -2. 2 794. 6 .4 866. 9 1. 0 936. 3 -. 4 981. 1 2. 8 1, 055. 2 -2.7 -6. 1 -4,7 -4.8 684. 9 749. 9 793.9 864. 2 930.3 976.4 1, 050. 4 143. 9 153. 0 152. 2 158. 8 -40. 7 -44. 3 -41. 7 -41. 0 3 2 3. 4 3. 8 4. 0 06. 3 6(1 7 08. 5 03. 0 01. 8 00. 0 08. 2 05. 1 4. 5 .1 .4 — 2. 1 -1. 4 3. 2 3. 4 6. 1 7 0 8 2 -3. 3 -4. 9 -5. 9 -5. 2 1, 023. 1, 043. 1, 056. 1, 078. 168. 1 177. 0 183. 2 — 52. 2 — f>2. 2 3. 8 70. 7 70. 0 74.4 75. 3 75. 2 77. 8 -4. 0 r-j o — 3. 4 8. 4 9. 0 7. 2 1, 113. 1 1, 139. 4 1, 161. 6 -4. 1 2.2^ 1, 109. 1 1, 139. 4 1, 164. 0 -23. 4 -30. 1 -23. 5 -sa I 3. 8 3. 8 Personal Income (p. 5) less personal tax and nontax pay men ts (fhmi, penalties, etc.). • Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government enterprises, and disbursements lass wage accruals. * Undistributed corporate profits, corporate inventory valuation adjustment, capital consumption allowances, and private wage accruals lewi disbursements. Does not include retained earnings of unincorporated business, which are Included 1, 026. 1, 048. 1, 062. 1, 083. -3. 1 -1. 0 tj 4 0 9 1 In 4 disposable personal income. Private business Investment, purchases of capital goods by private nonprofit Institutions, and residential housing. s Not foreign investment less capital grants received by United States, with sign changed. Source: Department of Commerce. GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product (seasonally adjusted) rose at a revised upward annual rate of 8.9 percent in the third quarter. Real gross national product rose at a 6.3 percent rate while prices increased at a 2.4 percent rate. BILLIONS OF DOLLARS 1,200 BILLIONS OF DOLLARS 1,200 SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT 1,000 1,000 800 800 PERSONAL CONSUMPTION EXPENDITURES ^--* 600 600 -GOVERNMENT PURCHASES OF GOODS AND SERVICES 400 *• «* I. 200 ""urn 1966 NET EXPORTS OF GOODS AND SERVICES I _L JL 1967 1968 GROSS PRIVATE DOMESTIC INVESTMENT JL 1971 1970 1969 COUNCIL OF ECONOMIC ADVISERS SOURCEt DEPARTMENT Of COMMERCE Period 1962 1963 1964 1965.. 1966_. 1967 1968 1969 1970 1971 1971: I II III IV 1972: I II III f >ur chases of good s and Implicit services price Federal deflator State for total and National GNP, 1 Other local defense 1958= 1002 Billions <:>f dollars; quarterlyr data at s easonall;Y adjuste d annual rates Gove rnment Total Personal Gross Net congross Total private exports sump- domestic of goods national gross product national tion investTotal and in 1958 product expend- ment services Total itures dollars 529.8 561. 0 581. 1 617. 8 668. 1 675. 2 706. 6 725. 6 722. 1 741. 7 7S1. 9 737. 9 742. 5 754.5 766. 6 783.9 796.1 560.3 590. 5 632.4 684.9 749.9 793. 9 864, 2 930. 3 976.4 1, 050. 4 1, 023. 4 1, 043. 0 1, 056. 9 1, 078. 1 1, 109. 1 1, 139. 4 1, 164. 0 355. 1 375. 0 401.2 432.8 466. 3 492. 1 536. 2 579. 5 616. 8 664. 9 648.0 660.4 670.7 680. 5 696. 1 713.4 728.6 83. 0 87. 1 94.0 108. 1 121. 4 116. 6 126. 0 139. 0 137. 1 152. 0 143.9 153. 0 152. 2 158. 8 168. 1 177.0 183.2 1 This category corresponds closely with budget outlays for national defense, shown on p. 36. 1972 117. 1 122. 5 128.7 6.9 137.0 5.3 156. 8 5. 2 180. 1 2.5 199. 6 1. 9 210. 0 3. 6 219. 0 . 7 232.8 4. 5 227. 0 . 1 229.5 .4 233.6 2. 1 240. 9 — 4. 6 249.4 -5.2 254.1 -3.4 255. 6 5.1 5.9 8.5 63. 4 64. 2 65.2 66. 9 77. 8 90.7 98. 8 9&8 96. 5 97.8 96. 2 96. 3 97.9 100.7 105.7 108. 1 105.4 51.6 50. 8 50.0 50. 1 60.7 72. 4 78. 3 78.4 75. 1 71. 4 72.5 71. 2 70. 1 71. 9 76. 7 78.6 75. 1 11.8 13. 5 15.2 16. 8 17. 1 18. 4 20. 5 20.4 21.5 26. 3 23.7 25. 0 27. 8 28. 7 28. 9 29. 6 30.2 53.7 58.2 63.5 70.1 79. 0 89.4 100. 8 111.2 122.5 135. 0 130.8 133.3 135.7 140.2 143. 7 146.0 150.2 105. 78 107. 17 108. 85 110. 86 113. 94 117. 59 122. 30 128. 20 135. 23 141. 61 139. 84 141. 34 142. 35 142. 88 144.68 145. 34 146. 21 2 Gross national product in current dollars divided by gross national product in 1958 dollars. Source: Department of Commerce, RATIONAL INCOME National income rose $21 billion (seasonally adjusted annual rate) in the third quarter. Employee compensation was up $1 2% billion. Proprietors' and rental income recovered from the effects of the hurricane in the second quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 500 500 400 400 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 100 100 1966 J/PRELIMINARY SOURCE; DEPARTMENT OF COMMERCE COUNCIl OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Total national income Period 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 , _ _» 1971: I II III rv 1972: I II III" _ 1 Includes 2 Compensation of em- 1 ployees Proprietoirs' income Farm 2 Net interest Corpora jQ profits and inventory va luation acIjustment Total Profits Inventory valuation before taxes adjustment 457.7 481.9 518.1 564.3 620. 6 653. 6 711. 1 766. 0 798.6 855.7 323.6 341.0 365.7 393.8 435. 5 467.2 514. 6 566. 0 603. 8 644. 1 13.0 13. 1 12.1 14.8 16. 1 14,8 14.7 16. 7 16.9 17. 3 37. 1 37.9 40.2 42.4 45.2 47.3 49. 5 50. 5 49. 9 52.6 16.7 17. 1 18.0 19.0 20. 0 21. 1 21. 2 22. 6 23. 3 24, 5 11.6 13. 8 15.8 18.2 21. 4 24. 4 26.9 30.5 34.8 38.5 55.7 5& 9 66.3 76.1 82. 4 7R7 84. 3 79.8 69. 9 78. 6 55.4 59.4 66.8 77.8 84.2 79.8 87. 6 84.9 74,3 83.3 0.3 -.5 — .5 -1.7 — 1. 8 — 1. 1 — 3. 3 834.5 851. 4 860. 8 876. 2 628. 6 639. 6 648. 0 660. 4 16. 8 16. 9 17. 6 18. 1 51. 3 52. 4 53. 1 53. 8 23. 9 24. 4 24. 8 25. 0 37.3 38. 1 39. 1 39. 7 76. 6 80. 1 78. 3 79. 4 81.3 84.5 84. 1 83.2 -4.7 -4.4 903. 1 922. 1 943. 1 682. 7 097. 8 710. 2 19. 1 18. 7 19. 1 54. 3 54. 4 56. 2 25. 2 24. 2 26.2 40. 1 40. 9 41.7 81. 8 86. 1 89. 7 88. 2 91.6 95.8 -6.5 -5.5 -6.1 employer contributions for social insurance. (See also p. 4.) Excludes farm profits of corporations engnged in farming and therefore differs from net farm income (including nel inventory change) on p. C which includes such profits; Business and professional Rental income of per- Source: Department of Commerce. — 5. 1 -4.4 4.7 -5.8 -3.9 SOURCES OF PERSONAL INCOME Personal income rose $15% billion (seasonally adjusted annual rate) in October mainly because of the statutory increase in Social Security benefits (about $8 billion) and larger wage and salary disbursements ($51A billion). BILLIONS OF DOLLARS 1,000 BILLIONS OF DOLLARS 1,000 SEASONALLY ADJUSTED ANNUAL RATES 800 800 WAGE AND SALARY DISBURSEMENTS 400 600 400 400 OTHER INCOME .1 200 200 TRANSFER PAYMENTS I II I I I ! I t I I ! t M I I M I II 1966 1967 I I I I I II 1968 I 'I 1 1 I I M I 1 f .1 I f f 1969 f i t ! 1 1 I i i i i i I i i i ii I 11 1 I I I ! 1 1 1 1971 1972 1970 SOURCE: DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Wage Total and Other Proprietc:>rs' income Rental Divi- Personal Transfer personal salary labor 12 Business income payof dends interest income disburseincome Farm and proincome ments ments 1 fessional persons Less: Peronagrisonal con- N cultural tributions personal s for social insurance income 1964 1965 1966 1967 1968 1969 1970 1971 497. 5 538.9 587. 2 629. 3 688. 9 750. 9 806.3 861.4 333. 7 358.9 394. 5 423. 1 464. 9 509. 7 541. 9 572. 9 16. 6 18.7 20. 7 22. 3 25. 4 28. 4 32. 1 36. 5 12, 1 14.8 16. 1 14. 8 14. 7 16. 7 16, 9 17. 3 40. 2 42.4 45. 2 47. 3 49. 5 50. 5 49. 9 52. 6 18. 0 19.0 20. 0 21. 1 21. 2 22. 0 23. 3 24. 5 17. 8 19.8 20. 8 21. 4 23. 6 24. 3 24. 8 25. 4 34. 9 38.7 43. 6 48. 0 52. 9 59. 3 65. 8 69. 6 36.7 39.9 44. 1 51.8 59. 6 65. 8 79.5 93. 6 12. 5 13.4 17.7 20. 5 22. 8 26. 3 1971: Sept.... Oct Nov____ Dec 872. 2 874. 8 879.4 890. 4 577.9 579.9 583. 4 594. 3 37. 5 37. 8 38. 0 38. 3 17. 9 18. 0 18. 1 18. 1 53. 4 53. 6 53. S 53. 9 24. 9 24. 9 25. 0 25. 1 25. 5 25. f> 25. 5 24. 6 70. f> 70. 5 70. 6 70. 7 90. 1 90. 2 96. 8 97. 6 31. 5 31. 6 31. 8 32. 3 847. 6 850. 0 854. 5 865. 0 1972: Jan Feb Mar.... Apr May... June July ... Aug Sept Oct*___ 898. 908. 913. 919. 924. 922. 932. 940. 946. 962. 602.6 609. 0 612. 4 617.6 619. 9 624. 0 625. 7 630. 6 638. 0 641. 5 38.5 38. 8 39. 1 39.5 39. 8 40. 1 40. 5 40. 8 41. 1 41.4 18.6 19. 1 19. 5 19. 1 18. 7 18. 4 18. 6 19. 1 19. 5 19. 5 54.0 54. 1 54. 7 54. 9 55.3 53. 2 55. 7 56. 3 56. 7 57. 0 25. 1 25. 2 25. 3 25. 5 25. 6 21. 5 25. 8 26. 3 26. 5 27.0 26.0 26. 1 26.0 26. 1 26. 3 26. 3 26. 4 26. 6 26.5 26.7 70.8 71. 0 71. 3 72. 0 72. 7 73. 4 73. 5 73.4 73.3 73.7 97. 6 100. 0 100. 1 99. 7 100. 9 101. 3 102. 2 102. 8 103.2 111. 4 34. 3 ! 34. 7 34. 8 35. 0 35. i 35. 3 35. 5 35. 8 36.0 1 36. 3 ! 1 873. 4 882. 4 887. 1 893.4 898. 3 897. 5 907.3 914. 0 920. 3 935. 6 9 5 6 4 0 9 9 0 8 0 1 The total of wage and salary disbursemerits and othe r labor iiico me ditl'ers from compensation of employee 3 (see p. 3) in that it excl udes emplojrer contributtons for social in siirance and the excess of wage accrueL!S over wage disburse- * Consists of employer contri Dutions to pi1vate pensio n, health, aiad welfare funds; coinpensatio Q for injuries ; directors' f ees; military reserve pay; and a few other minor items. 2a o 31. 2 i 480.9 519.5 566. 3 609. 4 668. 8 728.3 782. 8 837. 2 3 Personal ii icome esciusive of net in jome of unin corporated fanr enterprises, f-cinn wages, agricultural ilet interest, and net div idends paid by agricultural c orporations. Source: Do partmcnt of (Uominorce. DISPOSITION OF PERSONAL INCOME Disposable personal income (seasonally adjusted) rose sharply in the third quarter but saving also increased and the saving rate remained unchanged at about 6% percent. BILLIONS OF DOLLARS. 900 BILLIONS OF DOLLARS DISPOSABLE PERSONAL INCOME 600 500 500 400 400 N DOLLARS 4,000 PER CAPITA DISPOSABLE PERSONAL INCOME- DOLLARS 4,000 SEASONALLY ADJUSTED ANNUAL RATES 3,500 3,500 CURRENT DOLLARS 3,000 3,000 2,500 2,500 2,000 2,000 1966 1972 1967 COUNCIL OF ECONOMIC ADVISERS SOURCE; DEPARTMENT OF COMMERCE? Per- Period Per cap>ita disposable personal incc>me L ess: Perse nal outlayfS Less: Equals: Persorlal consul]aption Equals: Personal Disexpenditure 3 2 Personal sonal tax and posable Total saving Current Nonincome nontax personal personall Durable durable Services dollars pay- income outlays goods ments goods Billions of dollars 1964 1965 1966 1967 1968 1969 1970 1971 497.5 538.9 587. 2 629. 3 68a 9 750.9 806.3 861.4 59.4 65.7 75.4 83. 0 97.9 116.5 116.7 117. 0 438. 1 473.2 511. 9 546. 3 591. 0 634.4 689. 5 744, 4 411.9 444.8 479. 3 506. 0 551. 2 596. 2 634. 7 683. 4 59. 2 66.3 70.8 73. 1 84. 0 90. 8 90. 5 103. 5 1958 dollars Dol lars 178. 7 191. 206. 215. 230. 245. 264. 278. 1 9 0 8 9 4 1 163. 3 175. 5 188. 6 204. 0 221. 3 242. 7 261. 8 283. 3 26. 2 28.4 32. 5 40. 4 39. 8 38. 2 54. 9 60. 9 2,283 2,436 2,604 2,749 2, 945 3, 130 3, 366 3, 595 112. 3 115. 2 117. 5 123. 0 725. 7 742. 9 1972: ! _ _ _ 907. 0 I I _ _ 922. 1 IIL_ 939. 9 136. 5 139.5 141. 1 770. 5 782. 6 750.4 758. 5 798.8 889 303 560 712 706 677 879 049 310 806 312 856 6. 0 8.0 11 4 8 4 2 99. 8 101. 9 106. 1 106. 1 273. 4 277. 2 278. 5 283. 4 274. 8 281. 3 286. 1 290. 9 59. 3 64. 1 61. 0 59. 3 3, 517 3, 592 3, 620 3,649 2, 650 2, 682 2,684 2,698 8. 2 8. 6 8. 1 7. 8 206, 206, 207, 207, 714. 9 732. 5 748. 0 111. 0 1 1 3. 9 118. 6 288. 3 297. 2 302. 0 296. 7 302. 4 308. 0 55. 7 50. 1 50. 8 3, 700 3, 751 3,821 2,716 2,739 2,773 7. 2 6.4 6.4 208, 255 208, 628 209, 053 666. 678. 689. 699. 1 Includes personal consumption expenditures, interest paid by consumers, and personal transfer payments to foreigners. 3 See p. 2 for total personal consumption expenditures. 8. 2 191, 194, 196, 198, 200, 202, 204, 207, 6.0 6.0 6.4 7.4 6.7 2, 126 2,239 2, 335 2, 403 2,486 2, 534 2,603 2,679 Seaso natty adj'i isted anrni at rates 1971: ! _ _ _ 838. 0 II__ 858. 1 III_ 867. 9 IV— 881. 5 Saving as percent of Population disposable (thou-3 personal sands) income ( percent) 3 Includes Armed Forces abroad. Annual data are for July 1; quarterly data are for middle of period, interpolated from monthly data. Source: Department of Commerce. FARM INCOME Net farm income excluding inventory change (seasonally adjusted) rose 2% percent in the third quarter, including inventory change the rise was 11A percent. BILLIONS OF DOLLARS 1 70 BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANflUAL RATES 6"0 50 40 30 NET FARM INCOME INCLUDING NET INVENTORY CHANGE -V 20 20 10 1967 1966 1968 1969 1971 1970 SOURCEj DEPARTMENT OF AGRICULTURE 1972 COUNCIL OF ECONOMIC ADVISERS Personal income re ceived by total f arm popu lation Period From all sources 1964 1965 1966 1967 1968 1969 _ _ 1970 1971 _. 20.6 23.6 24. 9 24. 0 25. 1 27. 6 28. 2 29. 5 From farm sources 11.3 13.5 14 4 ia i 13. 2 14. 9 15.0 15. 6 ] ncome re ceived fro m farming i Net inc ome per Net t<) farm Realize d gross farm incl uding net openitors inventory change 3 From Produc— nonfarm Cash tion ex- Exclud- Includsources receipts penses ingnetm- ing net in- Current 1967 l from Total ventory ventory2 dollars dollars 4 marketchange change ings Billions c)f dollars Dol lars 9.3 10.0 10.5 10.9 11.9 12.7 13. 2 13. 9 42.6 44.9 49.7 49. 0 50.9 55.6 57.9 60. 1 37.2 39.3 43. 3 42. 7 44. 1 48. 1 50.5 53. 1 29.5 30.9 33.4 34. 8 36.2 38.8 41. 1 44.0 13.1 14.0 16,3 14. 2 14.7 16.8 16.8 iai 12.3 15.0 16.3 14.9 14,8 16. 9 16. 8 17.4 3, 564 4,487 5,019 4,730 4, 854 5,674 5,754 6,049 3,832 4,723 5, 121 4,730 4,667 5,206 5,047 5,083 Seaso naily adjtisted annual rates 1971: I II III IV 59. 0 59. 1 60. 4 61. 8 51.9 52. 1 53. 4 54.9 43.2 43,7 44. 3 44,9 15.8 15.4 16. 1 16.9 16. 8 16. 9 17. 7 18,2 5,840 5,880 6, 150 6,330 4, 990 4,980 5,130 5,280 1972: I II III__ 64. 1 64.8 66. 1 56.5 56.9 58. 1 45.6 46.5 47.3 18.5 18.3 19. 3 18. 9 19.2 6,820 6,680 6,780 5,590 5,390 5,420 ^ash receipts from marketings, Government payments, and nonmoney income furnished by farms. 5 Inventory of crops and livestock valued at the average price for the year. Also, see footnote 2, p. 3. s Based on Census of Agriculture definition of a farm. The number of farms is held constant within a year. ias * Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base. Source: Department of Agriculture. CORPORATE PROFITS Corporate profits before taxes (seasonally adjusted) rose 5 percent in the third quarter and were 14 percent above a year earlier, according to preliminary estimates. The 15 percent rise in after-tax profits over a year earlier reflected a 4 percent rise in dividends and a 30 percent gain in undistributed profits. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 40 20 20 1966 1972 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted | CoriDorate pr ofits (befc>re taxes) 1 and invei itory | | valuation ad justme at TransCorpo- CorpoM anufactui ing portation, rate rate Period comtax profits NonAll Durable durable All munibefore liabilindusl goods cations, other taxes ity Total indusgoods tries and industries public tries utilities 17. S 32.7 14.9 1964 23.5 66.3 10. 1 66.8 28. 3 39. 3 22. 8 16.6 1965. _ _ _ 76. I 25. 6 77. 8 1 1. 1 31. 3 42, 6 24. 0 82. 4 18. 6 1966_ 27. 9 84. 2 34. 3 11. 9 >•> «> 18. 0 20. 7 38. 7 1967 78. 7 1 0. S 29. 1 79. 4 19. '> 41. 7 22. 4 2. 0 84, 3 196S 1 0. G 87. > 39. 9 U). 0 IS. 8 17.7 1969 79. 8 3. i 84. ) 10. I 10. 1 27. 7 :ii. o 69. 9 10. 7 1970 7. 0 74. > '.i. (i 34. 1 1 6. S ](). 9 14. 1 1971 78. 6 S. 2 i). (•> 83. » 3/. 3 1971: I 11 _ III IV.._ 1972: ! _ _ _ _ n_-_ in * 70. 0 10. 9 n. 2 M. 3 SO. 1 78. 3 79. 4 >0. 1 Jl. 2 13. :; .M. ;: 81. 8 >r>. 4 '.17. 7 ID. -i sr>. i 8'J. 7 57. o 1-1, •! if>. r> .10. i) s. s 1(1. !) 17. 7 17. (i JO. S 7. S 7. (i 7. 0. 9. 0. S 1! 0 f> SI. 1 S3. 2 7. S 8. S S. 5 40. 3 !)i. r, S. .'» 12 Includes all other industries and financial institutions. Includes depreciation and accidental damages. 'Corporate profits a f t e r taxes plus corporate capital consumption allowances. 85-977°—72 SI. \ ;s4. > 18. () M. (i 57. 5 35. 3 88. 2 38. 8 1)5. 8 40. 1 42.0 annual rates] Cor]Derate pi'ofits a fter taxciS Total DiviUndend distributed payments profits Corpo- Profits rate plus capital capital con- con- sump- sumption tion allow-2 allow-3 ances ances 38.4 46. 5 49. 9 40. f> 47. 8 44. 8 40. 2 45. 9 17. 8 19.8 20. 8 21. 4 23. 6 24. 3 24. 8 25. 4 20. 6 26. 7 29. 1 25. 3 24. 2 20. 5 15. 4 20. 5 33. 9 36.4 39. 5 43. 0 46. 8 51. 9 55. 2 60.3 72. 3 82.9 89. 5 89. 6 94. 6 96.7 95.4 106.2 43. 2 45. S 46. 6 48. 0 25. 5 25. 4 25. 5 25. 2 17. 7 20.4 21. 0 22. 7 57. 5 59.4 61. 2 63. 0 100.7 105. 2 107.8 111. 0 49. 5 51. 5 53. 7 26. 0 26. 2 26. 5 23.5 25. 3 27.2 64.8 68.0 68.4 114.3 119. 5 122. 1 Source: Department of Commerce. 1 GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose $6 billion (seasonally adjusted annual rate) in the third quarter, half of which was accounted for by a rise in inventory accumulation. B1LUONS OF DOtlARS CHANGE IN BUSINESS INVENTORIES 20 1966 20 1967 1971 SOURCb DEPARTMENT OF COMMERCE 1972 COUNCH OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Fixed imrestment PorlnH Total gross private domestic Total investment Resid ential struc tures Ncmresident ial Struc tures Total Total Nonfarm Produce rs' durable equ ipment Total Nonfarm Total Nonfarm Change in business inv entorics Total 108. 1 12L4 116. 6 126. 0 139. 0 137. 1 152. 0 77.0 81. 3 88.2 98. 5 106. 6 108.4 118.9 131. 1 132. 2 148. 3 51.7 54. 3 61. 1 71. 3 81. 6 83. 3 88. 8 98.5 100. 9 105. 8 19. 2 19. 5 21.2 25. 5 28.5 28. 0 30. 3 34. 2 36. 0 38.4 18. 5 18.8 20.5 24.9 27.8 27. 3 29. 6 33. 5 35.2 37. 5 32.5 34.8 39. 9 45.8 53. I 55. 3 58.5 64.3 64. 9 67.4 29.4 31.2 36.3 41. 6 48.4 50. 0 53. 6 59.2 59. 2 60. 9 25.3 27.0 27.1 27. 2 25. 0 25. 1 30. 1 32, 6 31.2 42. 6 24.8 26. 4 26.6 26. 7 24. 5 24. 5 29. 5 32.0 30.7 42.0 1971:1.. II III.. IV 143.9 153.0 152.2 158. 8 139. 0 146.4 150. 9 157.2 101. 9 105.0 106. 3 109.8 37. 6 38. 3 38. 7 38.8 36.8 37. 5 37. 9 38.0 64.3 66.7 67.6 71.0 58.3 60.4 60.8 64.2 37.0 41.4 44. 5 47.3 36.6 40.9 43. 9 46. 7 4.9 1972:1 II 168.1 177.0 183.2 167.7 172.0 175.2 116. 1 119.2 120.7 41. 3 42.0 41.8 40. 5 41.2 40.9 74. 8 77.2 79.0 67.7 69.6 71.0 51.6 52.8 54.4 51. 0 52. 1 53.7 .4 5.0 8.0 1962 1963.. 1964 1965 1966 1967 1968 1969 1970 1971 „_. _ 83. 0 87. 1 940 Source: Department of Commerce. 8 6.0 5.9 5.8 9. 6 14. 8 8. 2 7. 1 7.8 4. 9 3.6 6. 6 1.3 1.7 Nonfarm 5.3 5.1 6.4 8. 6 15.0 7. 5 6. 9 7.7 4. 8 2. 4 3.9 _5. 21 .8 .1 4.3 7.9 XPENDITURES FOR NEW PLANT AND EQUIPMENT Businessmen projected a 10 percent increase in plant and equipment expenditures from 1971 to 19727 according to reports in late July and August. Outlays are expected to rise from the first to the second half of 1972, BILLIONS OF DOLLARS 1100 BILLIONS OF DOLLARS 100 SEASONALLY ADJUSTED ANNUAL RATES 80 80 TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURIN 40 40 »«••••«•»•«"••»' MANUFACTURING 20 20 J 1966 1967 1968 ] I 1969 1970 t I 1971 1972 J/ SEE FOOTNOTE 3 BELOW. SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] M anufactui -ing- Period Total * Tra nsportat ion Durable goods Nondurable goods Mining Total Railroad Air Other Public utilities Communication Commercial and other 2 1962 1963 1964 1965 1966 1967 1968 1969 1970__ 1971 3 1972 38.39 40.77 46. 97 54. 42 63. 51 65.47 67. 76 75. 56 79.71 81.21 89. 10 15.06 16. 22 19. 34 23.44 28. 20 28. 51 28. 37 31. 68 31. 95 29. 99 31.66 6. 79 7. 53 9. 28 11. 50 14. 06 14. 06 14. 12 15. 96 15. 80 14. 15 15. 70 8.26 8. 70 10. 07 11. 94 14. 14 14. 45 14. 25 15. 72 16. 15 15.84 15. 96 1. 40 1.27 1. 34 1. 46 1. 62 1. 65 1. 63 1. 86 1. 89 2. 16 2. 44 1. 02 1. 26 1. 66 1. 99 2. 37 1. 86 1. 45 1. 86 1.78 1. 67 1. 81 0. 52 .40 1. 02 1. 22 1. 74 2. 29 2. 56 2. 51 3. 03 1. 88 2.50 1, 65 1. 58 1. 50 1. 68 1. 64 1.48 1. 59 1. 68 1. 23 1. 38 1. 38 4.90 4.98 5. 49 6. 13 7. 43 8. 74 10.20 11. 61 13. 14 15. 30 17. 32 3. 85 4. 06 4. 61 5.30 6. 02 6. 34 6.83 8. 30 10. 10 10.77 11.99 9. 99 10.99 12. 02 1971: I II III IV _ _ 79. 32 81. 61 80. 75 83. 18 30. 46 30. 12 29. 19 30. 35 14. 21 14. 06 13. 76 14. 61 16. 25 16. 06 15. 43 15. 74 2. 2. 2 2. 1. 1. 1. 1. 1. 2. 1. 2. 1. 1. 1. 1. 14. 14. 15. 15. 64 91 87 74 10. 70 11. 21 10. 73 10. 44 17. 39 17. 72 17.85 19. 10 1972: I II 86. 79 87. 12 30. 09 30. 37 1 5. 06 14. 77 15. 02 15. 60 2. 42 2. 38 2. 10 1. 88 1. 96 2. 89 1. 48 1. 53 16. 92 16. 60 11. 71 11. 59 20. 10 19. 88 90. 38 91. 84 32. 62 33. 22 16. 22 .10. 58 16. 40 1 6. 05 2. 46 2. 52 1. 73 1. 56 2. 57 2. 59 1. 49 1. 10 17. 36 18. 36 IIIs3 IV i Excludes agricultural business; real astato operators; medical, legal, educamal, and cultural service; and nonprofit organizations. s Includes trade, service, construction, finance, and insurance. 1 Estimates based on expected capital expenditures as reported by business late July and August 1972. Includes adjustments when necessary for systematic tendencies in expectations data, NOTE.—Annual total is the sum of unadjusted expenditures; It does not 04 08 2,3 30 46 88 72 64 29 28 08 26 33 40 48 33 ia 19 1448 14. 59 15. 14 16. 05 16. 59 18. 05 19. 99 32.19 32 49 necessarily coincide with the average of seasonally adjusted figures. These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense. Source: Department of Commerce; STATUS OF LABOR FORCE Civilian employment grew by 260,000 (seasonally adjusted) in October to a level of 82.5 million and the civilian labor force increased somewhat less (227,000), so that unemployment fell slightly. MILLIONS OF PERSONS* MILLIONS OF PERSONS* UNEMPLOYMENT I 1 t > 1 ! I I 1 I I I I I I I 1 I ! ! ! 1 I I I \ f I 1 I f f f !T 1972 1966 *16 YEARS.OF AGE AND OVER SOURCEi DEPARTMENT OF LABOR Civilisin emTotal ploy ment labor Unem- force NonPeriod ploy- (includagriTotal ment ing culArmed tural Forces) Thousands of j)ersons 16 1967 80, 793 74, 372 70, 527 2,975 80, 793 1968... 82, 272 75, 920 72, 103 2,817 82, 272 1969 84,240 77, 902 74, 296 2,832 84,240 1970 85, 903 78,627 75, 165 4,088 85, 903 1971... 86, 929 79, 120 75, 732 4,993 86, 929 Unadj usted 1971: Sept. 86, 884 79, 295 75, 851 4,840 87,240 Oct.. 87, 352 80, 065 76, 595 4,570 87, 467 Nov. 87, 715 80, 204 76, 942 4,815 87,812 Dec- 87, 541 80, 188 77, 240 4,695 87, 883 1972: Jan*. 87, 147 79, 106 76, 237 5,447 88, 301 Feb.. 87, 318 79, 366 76, 458 5,412 88, 075 Mar_ 87, 914 80, 195 77, 101 5,215 88, 817 Apr. 87, 787 80, 627 77, 339 4, 697 88, 747 May. 87, 986 81, 223 77, 692 4,344 88, 906 June- 90, 448 82, 629 78, 653 5,426 88, 788 July. 91, 005 83, 443 79, 383 5, 173 88, 865 Aug. 90, 758 83, 505 79, 475 4,857 89, 256 Sept. 89, 098 82,034 78, 376 4,658 89,454 Oct.. 89, 591 82, 707 78, 986 4,470 89, 691 Total labor force (including Armed Forces) 1 Total labor force as percent of noninstitutional population. Source: Department of Labor. 10 COUNCIL OF ECONOMIC ADVISERS Civili£in employment Civilian labor force years of 77, 347 78, 737 80, 734 82, 715 84, 113 Total Agricultural age and o ver 74, 372 3,844 75, 920 3, 817 77, 902 3, 606 78, 627 3,462 79, 120 3,387 c Seasonally adjusteo I Nonagricultural Unemployment Labor Unem- rate force (percent of participloycivih'a Q labor ment pation1 for ce) rate 70, 527 72, 103 74, 296 75, 165 75, 732 2,975 2,817 2,832 4,088 4,993 84, 491 84, 750 85, 116 85, 225 79, 451 79, 832 80, 020 SO, 098 3,363 3,416 3,419 3, 400 76, 088 76, 416 76, 601 76, 698 5, 040 4, 918 5, 096 5, 127 85, 707 85, 535 86, 313 86, 284 86, 486 86, 395 86, 467 86, 860 87,049 87, 276 80, 636 80, 62S 81, 241 81, 205 81, 394 81, 667 81, 682 81, 973 82, 222 82, 482 S,393 3,357 3, 482 3,324 3,353 3,337 3,445 3,625 3,575 §, 660 77, 243 77, 266 77, 759 77, 881 78, 041 78, 330 78, 237 78, 348 78, 647 78, 822 5, 071 4,912 5,072 5,079 5,092 4, 728 4, 786 4,887 4,827 4,794 3. 8 3.6 3. 5 4. 9 5. 9 Unadj. Percent 60.6 60.7 61. 1 61. 3 61. 0 Seasc nally adJK ,sted 5. 4 5. 7 5. 5 5.8 6. 0 6. 8 6. 0 6. 0 61. 0 61. 0 61.2 61.1 a4 a4 ai 5. 9 5. 7 6. 9 61. 0 60. 8 61.2 61. 1 61.1 61.0 60.9 61.1 61.1 61.2 5.5 5.1 6,2 5,8 5. 5 5.4 5. 1 5.9 6.9 6.6 6.6 6.6 6.6 6. 6 *Data beginning January 1972 not strictly comparable with prior data because of adjustment to the 1970 Census data, which added 333,000 to the civilian labor force and 301,000 to civilian employment. SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT ihe overall unemployment rate remained at 5.5 percent (seasonally adjustecf) in October and jobless rates for most of the major labor force categories were basically unchanged. PERCENT PERCENT 10 SEASONALLY ADJUSTED LABOR FORCE TIME LOST f A/> /JJr\ t £ I Ikltli UNEMPLOYMENT RATE, EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE, ALL CIVILIAN WORKERS UNEMPLOYMENT RATE, MARRIED MEN 0 I t T t M 1t I! M t t f t t It I I T 1966 t ?M I I f MT 1969 T t II I T f T f 1968- 1967 SOURCE* DEPARTMENT OF LABOR P) Experi- Married Labor force enced men All time lost l Over 40 wage and hours workers salary (wife workers present) Per cent 1967 1968 1969 1970 1971 3. 8 3.6 3.5 4. 9 5. 9 3. 6 3.4 3. 3 4. 8 5. 7 4. 2 1.8 1.6 4.0 1. 5 2. 6 3. 2 3. 9 5. 3 (>. *1 20, 920 20, 600 20, 60S 1 8, 925 1 9, 095 Season a 11 if adjusted 1971: Sept Oct Nov Dec 1972: Jan Fcb Mar Apr _ May June July Aui* -Sept Oct.. - 6. 0 f). «S 6. 0 6. 0 5. 7 5. 5 f). 7 f>. S 3. 5* 5'. 0 r>. 9 r>. <; ,v. o f>. 7 o. 9 5. I) 6. 9 t>. b r>. [> 5. t; f>. 5 f>. 5 f>. 4 t>. i> C>. 3 />. /' i">. 0 f>. 5' i). ,"*/' />. 2 t~) . !3 ti. 3 (>. ft <;. / 3. 3 ~. «V 2. (8 \ 2. j ! i 2. 9 S. 9 2. 7 ! £'. C> 2. 8 2. 8 1 '.), <M)-t 19, 1(>!) 20, 2'1'J /;. 4 : 20, 2;1,',) c. 4 19, 170 ti 1 19, ,'i02 a. ,*> 21, S7(i 6\ ;•; 20, 239 (>.r ;;ft !1 20, 478 f 19, 989 n. o 1 S, 824 C. 2 1 9, 020 />. 9 6. 0 21, 881 20, 735 1 Man-hours lost by the unemployed and persons on part-time for economic pasons as a percent, of potentially available labor force man-hours. 2 Differs from total iioiia^rlcultural employment (p. 10), which includes per~ons with jobs but not at work for such reasons as vacation, illness, bad weather, and indust rial disputes. I f ft I I t t T 1971 I f MI I tt t f t 1972 0 COUNCIL OF ECONOMIC ADVISERS Unenaploymemb rate (percen t of civilijm labor for ce in grou Period I I t t t1 1970 Persons at work in nonagri cultural in dustries by hours worked f >er week 2 Uiider 35 hours Part-ti me for Part-time for economi B reasons economi <3 reasons 35-40 hours Total Usually Usually Usually Usually fullfullpartparttime 3 time 4 time 4 time 3 Thousan ds of pers ons 16 yesirs of age and over 32, 6H> 13, 290 1,060 853 32, 058 14, 785 895 820 34, 201 15, 210 955 855 1,201 33, 537 18, 222 995 35, 752 10, 298 1, 184 1, 256 Jnadjustet 1 Seasonall y adjusted :u>, 888 15, 081 1, 126 1,094 1,076 1,285 32, 957 21, 039 1, 080 1, 166 1,148 1,854 37, 495 1 0, 294 1, 120 1, 191 1, 268 1,341 37, 42S 1 0, 799 1 , 045 1, 153 1,084 1,804 1, 220 30, 820 1 7, 008 1, 101 1,146 1, 288 MO, 400 17, MOO 1, 147 1, 127 1, 087 1, 176 37, 517 17, 774 1, 172 1, 140 1, 155 1,261 37, 592 10, 571 1,081 1,181 1, 170 1,427 37, 408 10, 700 990 1, 117 1,102 1,319 37, 008 15, 101) 1, 177 1, 022 1,878 1,499 30, 143 14, 040 1,034 2, 140 1,085 1,424 30, 103 1 3, 809 1, 190 1,082 1, 927 1,406 37, 409 15, 170 1,fl 107 6 1, 136 1,058 1, 282 33, 804 20, 979 980 1, 088 1,261 1,041 * Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated. <4 Primarily Includes persons who could find only part-time work; Average hours worked: usually full-time, 23.7; usually part-time, 18.8. Source: Department of Labor. 11 UNEMPLOYMENT INSURANCE PROGRAMS In October, insured unemployment under State programs averaged 348,000 lower than a year earlier. The seasonally adjusted insured unemployment rate dropped from 3.4 percent to 3.3 percent. MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT (STATE PROGRAMS) 1971 I ? t i JAR FEB. MAR. 'APRIL f MAY JUNE JULY AUG. f T SEPT. 1968 1969 1970 1971 > 1971: Sept Oet* Nov p* Dec -_ _ 1972: Jan* Feb" Mar1* Apr 9 May p9 June . July* Aug» Sept'. Oct 9 Week ended: 1972; Oct 7 14 21 28 Nov 4 * 11 9 1 Not charted. 12 DEC COUNCIL OF ECONOMIC ADVISERS SOURCE: .'DEPARTMENT OF 1ABOR Period NOV. OCT. A 11 progranis Insured Total unem- benefits Insured Covered ploypaid unememploy- ment (milployment (weekly Lidns ment averof dolage) lars) Thou sands 57, 977 1, 187 „ _ 59, 999 1,177 59, 526 2, 070 2, 313 . _ — — _ _ — _ 2, 174 2, 129 2,311 ~ 2,666 3 7 097 3, 186 2, 987 2,706 ____ 2, 106 1, 951 2,087 1,764 1,554 1,508 1,486 1, 522 1,492 1, 533 1.546 2, 2, 4, 5, 191. 0 298. 6 170. 1 963. 3 418.5 388. 5 430.7 514.6 581.3 594.0 601.6 487, 3 480.4 478.7 445. 6 431.8 384.2 358.8 St£ite Initial claims progra ms Insured unemployment as perExhaus- cent of eovered emplo yment tions Unad- Seasonadjusted ally justed Weekly jiverage, t lousands 16 201 1, 111 16 200 1, 101 25 296 1,805 37 2, 150 295 1,739 33 236 252 1,716 31 31 1,879 298 2,221 32 358 37 2,524 385 2,492 38 293 242 41 2,280 2,006 39 237 35 1,736 216 1,634 30 250 321 27 1,823 1,806 213 29 32 1,388 190 214 33 1,368 Per<sent 2. 2 2. 1 3.4 4. 1 3.3 3. 2 3.5 4. 2 4.8 4.7 4.3 3.8 3.3 3, 1 3.4 2.9 2.6 2.5 1,332 1, 367 1,341 1,384 1 1, 377 2.4 2.5 2.4 2.5 2,5 233 202 214 196 242 237 4.8 44 4. 2 8. 8 3.4 3.6 S.5 8.6 S.7 8. 6 8. 7 8.4 8.4 3.8 Benefil DS paid Total Average weekly (milcheck lions of dollars) (dollars) 2, 031. 6 2, 127. 9 3, 848. 5 5, 694. 5 377. 8 348. 3 387.0 467.9 550.9 563.2 574.0 459. 3 451. 5 449. 7 403. 1 399.7 369. 7 344.3 43. 43 46. 17 50. 34 55. 49 56. 25 53. 07 53.31 57.85 55. 35 56.34 56. 63 56. 94 57. 22 57. 31 56. 85 56. 89 56.94 56.89 NOTE.—For definitions and coverage, sec the 1967 Supplement Economic Indicators. Source : Department of Labor. NONAGRICULTURAL EMPLOYMENT Total nonfarm payroll employment rose strongly in October by 303,000 (seasonally adjusted) to a level that was 2.7 million above a year earlier. A substantial gain of 126,000 workers on manufacturing payrolls in October brought factory employment to a level 648,000 above October 1971. MILLIONS OF WAGE AND SALARY WORKERS (SEASONALLY ADJUSTED) MILLIONS OF WAGE AND SALARY WORKERS {SEASONALLY ADJUSTED) (ENLARGED SCALE) 16 72 All NONAGRICULTURAL ' ESTABLISHMENTS WHOLESALE AND RETAIL TRADE 64 NONMANUFACTURING (PRIVATE) SERVICES 40 DURABLE MANUFACTURING 12 10 NONDURABLE MANUFACTURING MANUFACTURING J 20 GOVERNMENT CONTRACT CONSTRUCTION •I »•!•«••«* 12 SHJLU 1 ! t f 1 1970 1969 1971 11 ! 1 1972 1970 1969 1971 1972 COUNCIL. OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF IABOR [Thousands of wage and salary workers;* seasonally adjusted] N onmanu ;aeturing; (private] Manufac turing (]Drivate) Period 1966 1967 1968 1969 1970 1971 1971: Sept— Oct___Nov— Dec___ 1972:Jan___ Feb___ Mar__ Apr— _ May.. June-. July_. Aug.Septp_ Oct *_ Total 63, 955 65, 857 67, 915 70, 284 70, 593 70, 645 70, 843 70, 861 71, 103 71, 291 71, 552 71, 744 72,011 72, 240 72, 592 72, 699 72, 001 72, 984 73, 232 73, 535 NonTotal Durable goods durable goods 19, 214 19, 447 19, 781 20, 167 19, 349 18, 529 18, 517 18, 495 18, 534 18, 519 18, 551 18, 612 18, 085 18, 790 18, 892 18, 931 18, 801 18, 930 19, 017 19, 143 11, 284 11, 439 11, 626 11, 895 11, 195 10, 565 10, 552 10, 547 10, 560 10, 552 10, 575 10, 021 10, (>7o 10, 755 10, 837 10. 857 10, 843 10, 897 10, 958 11, 064 7, 930 8,008 8, 155 8, 272 8, 154 7, 964 7, 965 7, 948 7, 974 7, 907 7, 970 7, 991 8, 012 8, 035 8, 055 8, 074 8, 018 8, 033 8, 059 8,079 Total Con- Trans- Whole- Finance, insursale tract portation ance, Services Federal State Mining conand and ano. and retail struc- public local real tion utilities trade estate 33, 950 35, 012 36, 288 37, 915 38, 709 39, 261 39, 445 39, 438 39, 588 39, 741 39, 908 39, 987 40, 145 40, 238 40, 420 40, 544 40, 52] 40, 737 40, 774 40, 913 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 this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 10, which include proprietors, self-employed Gover nment 627 613 606 619 023 002 018 521 524 Oil 615 013 014 005 004 000 599 002 005 GOG 3, 275 3, 208 3, 285 3, 435 3, 381 3, 411 3, 430 3, 475 3, 518 3, 408 3, 523 3, 494 3, 512 3, 493 3, 535 3, 550 3, 489 3, 544 3, 547 3, 547 4, 151 4, 261 4, 310 4, 429 4, 493 4, 442 4, 420 4,406 4, 403 4, 432 4, 455 4, 438 4, 487 4, 481 4, 490 4, 491 4, 473 4,478 4, 489 4, 511 13, 245 13, 606 14, 084 14, 639 14, 914 15, 142 15, 232 15, 250 15, 299 15, 333 15, 379 15, 456 15, 508 15, 501 15, 032 15, 682 15, 092 15, 758 15, 785 15, 849 3, 100 3, 225 3,382 3, 564 3,688 3,796 3,821 3, 835 3, 847 3,855 3, 867 3,874 3, 885 3, 892 3, 913 3,931 3,927 3,936 3,952 3,964 9,551 10, 099 10, 623 11, 229 11, 612 11, 869 11, 918 11, 951 11, 997 12, 042 12, 069 12, 112 12, 139 12, 206 12, 252 12, 290 12, 341 12, 419 12, 396 12, 436 2,564 2,719 2,737 2, 758 2,705 2,664 2, 663 2,662 2,666 2, 666 2,673 2,669 2, 667 2,664 2,665 2, 646 2, 621 2,618 2, 636 2,636 8, 227 8, 679 9, 109 9, 444 9,830 10, 191 10, 218 10, 266 10, 315 10, 365 10, 420 10, 476 10, 514 10, 554 10, 609 10, 578 10, 658 10, 699 10, 805 10, 843 persons, and domestic servants; which count persons as employed when they are not at \vork because of industrial disputes; and which are based on an enumeration oi population, whereas the estimates in this table are based on reports from employing establishments. Source: Department of Labor. "1 O WEEKLY HOURS OF WORK - SELECTED INDUSTRIES The average workweek (seasonally adjusted) for all private nonfarm production workers and that for workers in manufacturing were unchanged from September to October. Both were above their year earlier levels, with the factory workweek 0.8 hour higher than in October 1971. HOURS PER WEEK {SEASONALLY ADJUSTED) 46 HOURS PER WEEK (SEASONALLY ADJUSTED? 46 MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE 44 44 42 42 40 40 38 38 36 36 i t t it I t itM 34 1969' 1970 1971 34 1972 1969 1970 1971 1972 1970 1971 1972 42 »42 RETAIL TRADE CONTRACT CONSTRUCTION 40 38 36 34 34 32 30 f i . i.t I n i i . 1969 SCARCE* t t ... t I ..t i t t. 30 1971 1970 1969 1972 DEPARTMENT OF IABOR COUNCIL OF ECONOMIC ADVISERS 1 [Average hours per week ] Total nonagricultural private 2 Period Manufacturing Contract construction Retail trade 3 Total n on agricultural private 2 Unad lusted 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1971: Sept Oct Nov Dec 1972: Jan... Feb Mar Apr May June July Aug Sept ^ Oct 9 _ _ __ _ 38.7 38.8 38. 7 38. 8 38. 6 38. 0 37. 8 37. 7 37. 1 37. 0 37. 0 37.0 37. 0 37. 3 36. 7 36. 8 36. 9 37. 0 36.9 37.4 37.6 37.6 37.4 37.3 40. 4 40. 5 40.7 41. 2 41. 3 40. 6 40. 7 40. 6 39. 8 39. 9 39. 8 40.0 40. 2 40. 7 39.8 40. 1 40.3 40.5 40. 5 4.0. 9 40. 4 40. 6 40. 9 40.8 Data relate to production workers or nonsupervisory employee: Also includes other private industry groups shown on p. 33. * Includes eating and drinking places". 2 14 37. 0 37. 3 37. 2 37. 4 37. 6 37. 7 37.4 37. 9 37. 4 37. 3 36. 9 38.2 37. 9 36.4 35. 8 36.0 36. 8 36. 6 36. 8 37.6 37.9 38.2 38. 2 38.3 Manufacturing Contract construction Retail trade 3 Seasonally7 adjusted 37.4 37. 3 37. 0 36. 6 35. 9 35. 3 34.7 34. 2 33. 8 33.7 33. 7 33. 5 33. 4 34. 1 33. 2 33.0 33.2 33. 3 33. 3 34. 1 34.7 34. 7 33.6 33.4 S6.9 37. 0 37. 1 87. 1 37. 0 37. 2 37. 1 37.3 37.0 37. 1 37. 2 37.1 37.3 37. 5 Source: Department of Labor. 39.6 39.9 40. 1 40.2 40. 1 40.4 40. 4 40.8 40. 5 40.7 40. 6 40.6 40.7 40.7 35.8 37.6 39. 0 36. 8 37. 1 37. 3 37.2 36. 7 36.7 86.9 87.0 37.1 37.1 57.7 33.6 88.7 83. 7 88.9 88. 7 33.6 83.6 33. 7 38. 7 &d> O OO. O 83.7 33. 6 S3. 5 S3. 6 AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of private nonfarm production workers rose 1 cent (not seasonally adjusted) in October to $3.73. Compared to a year earlier, hourly earnings were up 6% percent and weekly earnings were up 71/2 percent. DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS 240 6.00 CONTRACT CONSTRUCTION 5.00 200 4.00 160 MANUFACTURING 120 3.00 TOTAL NONAGRICULTURAL PRIVATE TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE 80 2.00 RETAIL TRADE 1972 1971 1970 1969 1969 1970 1971 1972 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [For production workers or nonsupervisory employees] Average h<Hirly earni ncrs — current dollars Period 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1971: Sept Oct Nov Dec 1972: Jan Feb Mar Apr May June July Aug Sept v Oct * Total nonagricultural private 1 $2. 22 2. 28 2. 36 2. 45 2. 56 2. 68 2. 85 3. 04 3. 22 3.43 3.50 3.50 3.49 3.52 3.55 3.56 3. 58 3. 61 3.62 3. 63 3. 64 3. 66 3. 72 3. 73 Manufacturing $2. 39 2. 46 2. 53 2. 61 2. 72 2. 83 3. 01 3. 19 3. 36 3. 56 3. 60 3.59 3. 59 3.69 3.70 3. 72 3.74 3. 76 3. 78 3. 79 3. 78 3. 80 3. 86 3. 87 Contract construction $3. 31 3. 41 3. 55 3. 70 3. 89 4. 11 4. 41 4. 79 5. 24 5. 69 5. 83 5. 87 . 87 . 90 . 96 . 95 . 94 . 96 6. 01 5. 94 5. 96 6. 03 6. 13 6. 17 Retail trade 2 SI. 63 1. 68 1. 75 1. 82 1. 91 2. 01 2. 16 2. 30 2. 44 2. 57 2. 60 2. 60 2. 60 2. 61 2. 66 2. GO 2. 67 2. 68 2. 69 2. 09 2. 70 2. 70 2. 73 2. 74 1 Also includes other private industry groups shown on p. 13. 'Includes eating and drinking places. 3 Earnings in current dollars adjusted to exclude the effects of overtime and interindustry shifts. 85-977°—72 3 Average vweekly earn ings— curr ent dollars Total nonagricultural private l $85. 91 88.46 91. 33 95. 06 98. 82 101. 84 107. 73 114. 61 119. 46 126. 91 129. 50 129. 50 129. 13 131. 30 130. 29 13J. 01 132. 10 133. 57 133. 58 135. 76 136. 86 137. 62 139. 13 139. 13 Manufacturing $96. 56 99. 63 102. 97 107. 53 112. 34 114. 90 122. 51 129. 51 133. 73 142. 04 143. 28 143. GO 144. 32 150. 18 147. 26 149. 17 150. 72 152. 28 153. 09 155. 01 152. 71 154. 28 157. 87 157. 90 Contract construction $122. 47 127. 19 132. 06 138. 38 146. 26 154. 95 164. 93 181. 54 195. 98 212. 24 215. 13 224. 23 222. 47 214. 76 213. 37 214. 20 218. 59 218. 14 221. 17 223. 34 225. 88 230. 35 234. 17 236. 31 Retail trade 2 Alan ufaLCturing indtu3 tries Adjusted Average weekly hourly earnearnings. ings, i1957 ncT = i on s $60. 96 62. 66 64. 75 66. 61 68.57 70.95 74. 95 78. 66 82. 47 86. 61 87. 62 87. 10 86. 84 89. 00 88.31 87.78 88. 64 89.24 89. 58 91. 73 93. 69 93. 69 91.73 91. 52 1967 dollars 4 85. 7 87.8 90. 3 92. 6 95.7 100.0 106. 2 112. 6 119. 6 127. 5 128. 9 128. 7 128. 9 131. 5 132. 6 133. 1 133. 5 134. 1 134. 6 134. 7 135. 0 135. 5 136. 7 137. 1 $106. 58 108. 65 110. 84 113. 79 115. 58 114.90 117. 117. 114. 117. 117. 117. 117. 122. 119. 120. 121. 122. 122. 124. 121. 122. 125. 124. 57 95 99 10 25 32 72 00 53 49 55 51 77 01 68 74 10 72 « Earnings in current dollars divided by the consumer price index. Source: Department of Labor. 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In October., industrial production, seasonally adjusted, rose almost 1 percent above the revised September level making the over-the-year gain 9.3 percent. Output gains in October were widespread among consumer goods, equipment, and materials. Index, 1967=100 (SEASONALLY ADJUSTED) 130 TOTAL Index, 1967=100 (SEASONALLY ADJUSTED) 150 UTILITIES AND MINING 19 A 140 UTILITIES 130 ^^s^ ^ '—^ IAD 120 MINING OA 110 \ BO i i i i iii n n 1969 1 1M 1 1 1 I I I 1, M 1 1 1 1.1 M 1970 M 1 1 1 I.I.I ! M 1 1 1970 1969 ^ r \* iiiiiiii1/1 100 1972 1971 m 1971 1972 90 1969 1972 COUNCIL OF ECONOMIC ADVISERS SOURCjEi. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Period 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 *>___ 1971: Sept Oct.Nov Dec__ 1972: Jan Feb Mar Apr May.. June July Aug. Sept » Oct* _ _. _ 72.2 76.5 81.7 89.2 97.9 100. 0 105. 7 110. 7 106.7 106. 8 107. 1 106.8 107.4 108. 1 108. 7 110.0 111. 2 112. 8 113.2 113.4 113. 9 115. 0 115. 7 116. 7 [1967= 100, seasonally adjusted] Industry Market Mi mufaeturi ng Fiilal produ<3tS Intermediate Mining ConUtilities NonEquipTotal Durable durable Total sumer ment products goods 71. 4 75.8 81. 2 89. 1 98.3 100. 0 105. 7 110. 5 105. 2 105. 2 105. 7 106. 1 106. 0 106.2 107. 1 108. 5 109. 7 111. 8 112. 3 112. 6 113. 2 114. 2 115. 1 116. 0 69. 0 73. 5 79. 0 88. 5 99. 0 100.0 105. 5 110.0 101.5 99. 4 99.3 100. 1 99. 1 99.5 100.4 102. 1 103. 4 105.8 106.3 106.8 107.7 108.4 109.4 110. 6 Source: Board of Governors of the Federal Reserve System. 16 75. 1 79. 2 84. 4 90.0 97. 3 100.0 106. 0 111. 1 110. 6 113. 6 115. 1 114. 7 115. 9 116.0 116. 8 117. 8 118.8 120.3 120.8 121.3 121.0 122. 6 123. 3 124. 0 85. 6 89. 0 91. 1 93. 9 98. 4 100. 0 103. 9 107. 2 109. 7 107. 0 105. 9 97.7 102. 5 107. 8 107.3 107.2 108. 5 109. 0 107.9 108. 2 107. 9 107.4 109. 2 109.2 70. 2 75. 1 81. 9 86. 9 93. 6 100. 0 109. 4 119. 5 128. 3 133. 9 134.0 135. 2 136.0 135. 8 137.4 139.7 139. 7 140. 2 141. 1 140. 9 142. 5 144. 1 143. 0 144. 6 70. 8 74. 9 79.6 86. 8 96. 1 100. 0 105. 8 109. 0 104. 5 104. 7 105. 5 105. 4 106. 1 106. 2 106. 4 107. 6 108. 2 109. 8 110.2 110. 1 110. 1 111. 3 111. 9 113. 0 77.7 82. 0 86.8 93. 0 98.6 100. 0 106. 6 111. 1 110. 3 115. 7 116.7 116. 6 118.0 118. 0 118. 5 119. 6 119. 6 122. 0 122.2 122. 1 122.0 123. 3 123. 9 1249 61.9 65.6 70. 1 78. 7 93.0 100. 0 104. 7 106. 1 96. 3 89. 4 89. 8 89. 8 89. 6 89. 6 89. 5 90. 9 92.4 92. 7 93. 4 93.3 93.4 94. 6 95. 1 96. 4 76.9 81. 1 87. 3 93. 0 99. 2 100. 0 105. 7 112. 0 111. 7 112. 6 112. 3 113. 2 114. 3 114. 9 115. 9 117. 0 117. 3 117. 3 119. 3 119. 1 120. 5 121. 4 121. 1 122. 7 TVTa to rials 72. 4 77. 0 82. 6 91. 0 99. 8 100. 0 105.7 112. 4 107. 7 107.4 107. 3 106. 6 106. 5 108. 4 109. 2 110. 8 113. 1 115. 0 115. 6 116. 1 116. 8 117. (5 118. 8 119. 6 PRODUCTION OF SELECTED MANUFACTURES Production of all major durable and nondurable manufactures (seasonally adjusted) increased in October. The largest increases were in transportation equipment, mostly motor vehicles, and primary metals. Index, 1967=100 (SEASONALLY ADJUSTED) 130 T Index, 1967=100 (SEASONALLY ADJUSTED) 130 120 j- i_vxvjir IV\I_IN i I ! I I I ! I I II - B I I I I I I I I I I II • 100 1969 1972 SOURCE: BOARD OF GOVERNORS OF "THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [1967 = 100, seasonally adjusted] INC nuuraoie ju'urau it; maiiuiLici/ures Period 1962 1963 1964 _ _ 1965 1966 1967 1968 1969 1970 1971 v 1971: Primary metals _ _ Sept- _ _ _ _ _ _ _ _ _ _ _ _ _ Get ___ . _ __ Nov _ Dec 1972: Jan Feb Mar Apr May June Julv. Au«r_ Sept * Get ^. _ „ FabriTranspor- Lumber Textiles, cated Machintation and apparel, metal ery equipprodand products ment leather ucts 78.2 84. 3 95.7 104. 0 108. 8 100. 0 103. 2 114. 1 106. 9 100. 9 75. 9 78. 4 83. 3 92. 6 100. 5 100. 0 106. 3 113. 6 109. 4 107. 5 64. 8 67. 9 74, 3 84. 1 98. 6 100. 0 101. 9 106. 8 100. 3 90. 2 69. 3 75. 9 79. 6 91. 3 101. 2 100. 0 109. 7 107. 6 90.4 92. 9 82. 0 85. 8 91. 0 94. 7 98. 4 100. 0 104. 8 108. 6 106. 3 113. 9 93. S 96. 1 9J. 4 94. 3 105. 9 107. 1 107. I 107. (5 97. 9 98. 3 97. 8 97. 9 94. 2 94. 5 93. 4 92. 7 114. 8 118. 2 119. 4 121. 7 1 02. 4 102. 0 105. 1 110. 2 I 1 3. 5 111. 9 114. 9 113. 0 117. 7 119. 0 100. 0 1 08. 0 1 1 0. 1 110. 8 111. 1) 112.3 114. 1 j .10. 1 115. 9 116. 7 98. 5 99. 5 100. 3 102. 0 103. 0 104. 8 104. 8 105. 8 106. 7 107. 2 92. 0 94. 7 95. 9 100. 4 OS. 9 97. 4 98.2 98.4 99. 7 102. 4 122. 0 119. 7 119. 6 119. 9 119. 1 121. 8 121.5 121. 3 121. 3 84. 3 86. 9 91. 9 97. 8 101. 7 100. 0 104. 9 105. 9 100. 2 100. 7 102. 5 102. 3 101. 8 103. 1 102. 0 101. 1 103.7 106. 1 104. 9 105. 9 104.8 106. 6 108.2 108. 6 manuiaci-u res Paper Chemicals, Foods and petroprint- leum, and tobacco rubber ing 74.3 78.4 84. 5 90. 5 98.9 100.0 104.2 109. 1 107.8 107. 8 108. 2 109. 4 110. 5 110. 7 111. 3 112. 6 112. 6 112. 3 114. 1 115. 1 115. 2 116. 0 115. 8 116. 1 64. 5 70.0 75. 9 83. 8 94. 1 100. 0 109. 6 118. 4 118. 2 124. 8 84. 0 87. 0 90. 6 92. 6 97. 0 100. 0 103. 6 107. 5 110.9 113. 7 127. 126. 127. 127. 5 6 9 9 114.2 113. 3 115. 8 115. 0 129. 8 132. 6 133. 4 136. 1 137.5 137. 1 137.4 139.7 141. 3 142. 0 115. 7 115. 9 116. 3 117. 6 117. 1 117. 6 116.8 118. 3 118. 4 118. 9 Source: Board of Governors of the Federal Reserve System. 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production advanced in October. An exception was electric power. MILLIONS OF TONS J F M MILLIONS OF SHORT TONS A J M F THOUSANDS BILLIONS OF KILOWATT HOURS 30 25 , . , | » . . | . . . | . , , I | » , , | , . . | I I , , | , I , | I , M | , , , | M , I, f i SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON EIECTRJC INSTITUTE. AND YMRD'S AUTOMOTIVE REPORTS Steel pi"odueed Index Thousands of net (1967= tons 100) Period YVeekiy average: 1965 1966 1967 1968 1969 1970 1971 9 1971: Sept Oct Nov Dec 1972: Jan Feb Mar Apr May June July Aug Sept Oct 9 Week ended: 1972: Oct 7 14 21 28 Nov 4 11 9 18" 1 Includes 2 data for Alaska. Not charted. 18 _ _ __ 2, 521 2, 572 2, 440 2, 515 2,709 2,522 2,310 1,794 1,853 1,877 1,987 2,258 2, 411 2, 616 2, 701 2, 694 2, 559 2, 340 2, 447 2,550 2,628 76. 0 76. 9 81.5 92. 5 98. 8 107.2 110. 7 110.4 104. 9 95. 9 100.3 104. 5 107.7 2,568 2, 591 2, 700 2,646 2,626 2,663 2 2, 636 105. 3 106.2 110.7 108.5 107.6 109.2 108.0 103. 3 105.4 100. 0 103. 1 111. 0 103. 4 94 7 7a 5 COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Car s and triicks power coal mined loaded produced assemb led (thoiisands) distributed (thousands (thousands (thousands (millions of of short Total of cars) of tons) Cars Trucks kilowatt-hours) tons) l 20, 169 21, 971 23, 169 25, 244 27, 588 29, 317 30, 923 31, 887 29, 590 30, 227 31, 218 32, 655 33, 323 31, 692 31, 372 31, 402 34, 174 35, 905 36, 374 34, 360 32, 547 9,848 10, 267 10, 627 10, 485 10, 779 11, 595 10, 619 12, 356 2, 381 5,416 12, 139 11, 243 10, 875 11, 546 11, 651 11, 961 10, 878 9,428 11, 582 11, 404 11, 498 562 570 540 543 543 522 486 503 445 441 449 456 465 494 507 515 514 459 521 524 551 410 446 439 479 507 489 501 503 528 517 475 505 539 562 552 572 561 520 567 533 575 213.7 199. 3 172.9 207.6 195. 8 158. 9 204. 8 215. 1 234. 1 218. 6 171. 7 216. 3 226. 1 225. 1 249. 5 238.4 230.7 120. 5 152. 8 225. 5 257.6 179.4 165.4 142. 4 170.1 158. 1 125. 9 165.0 172. 5 186. 8 175. 1 136. 9 169. 8 176. 5 175. 4 194. 3 185. 5 180. 9 93. 1 116. 9 180.9 203. 1 34.3 33.9 30. 5 37.5 37. 8 33. 0 39. 8 42. 6 47. 2 43. 5 34, 9 46. 5 49. 6 49. 7 55. 1 52. 9 49. 8 27. 4 35. 9 44. 6 54. 5 32, 327 32, 417 33, 136 32, 308 33, 092 33, 099 11, 280 11, 820 11, 410 11, 480 11, 560 547 555 553 548 550 541 573 567 588 572 580 575 256. 6 250. 3 260.4 263.2 265. 1 263. 9 2 268. 9 203.9 197.0 206.2 205. 2 209. 0 205. 5 207. 6 52. 7 53. 3 54. 2 58. 0 56. 1 58. 4 61.4 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) were about the same in September as in August. Increases in the private sector were offset by declines in the public sector. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 140 140 60 40 20 20 1966 1968 1967 1972 SOURCE: DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISEKS Total new construction expenditures 1966 1967 1968 1969 1970 1971 _ _ 76. 0 77. 5 SO. 93. '.)-!. 109. 6 4 0 4 Private Total r>2. o 52. 0 59. 0 65. 4 (if). 9 79. 5 Resid ential CommerNew cial and Other housing Total l industrial units Bi lions of doll jirs 19. 4 | 25. 7 26 3 25. 6 19. 0 i 26 4 2-1. 0 ' 14, 7 13. 8 30. 6 33. 2 25. 9 i 1(). 2 16. 0 31. U 24. 3 ! 16. 3 17.8 3-1. 9 ' 43. 1 17. 0 19. 4 Federal, State, and local 24. 0 25. 5 27. 6 28. 0 28. 1 29.9 17. 8 35. 7 19. 1 17. 8 36. 7 19. 6 37. 5 16. 4 19. 6 37. 7 1C). 8 19. 3 Nov 17. 3 38. 0 19. 8 1 >C'C 38. 7 17. 3 20.0 1972: Jan 18. 2 40. 4 20. S 42. 8 17. 9 21. 0 Feb - --Aliir 44. 0 21. 4 18. 0 Apr 43. 6 18. 1 20. 7 Muv 18. 9 21. 1 43. 3 June 18.4 43. 7 21.2 July 44.0 17.6 20. 8 Aus 44. 6 18. 2 21.5 Sept * _ _ _ _ 122. 9 94. 7 18. 1 21. 5 45. 5 1 Includes nonhouselaDoping resident! il construction imd additions a nd alteraSources: Depar tin en t of Connuerce tions, not shown so para teJvC ompany, F. W. Dodge Divisior . 2 F. W. Dodge scries. Relates to 50 S tates beginning 1969 for value ndex and beginning 1971 lor floor < pace. 1 10. 2 1 1. 0 10. 7 11. 0 1-1. (i i f>. C» 'JO. S 21. 8 22. 9 20. 4 22. 1 21. 1 20. 2 2M 1 HO. 5 S2. 1 S I . (i 82. -1 8-i. 2 85. 2 88. (i 90. 9 92. 5 91.4 92. 2 92. 5 91. 9 94. 0 43. (i •14. (> <J5. (> 46. 4 47. 1 47. 9 49. (> 51. 9 53. 1 52. 7 52. 3 52. 9 53. 5 54. 3 55. 1 94, 8 100.0 113. 2 123. 7 123. 1 144. 3 Seasonally adjusted Srasonall;/ adjusted a? nu a I rates 197J: J u l v Aug .Sept.. _ _ _ . Ocl Constructio n contracts2 CommerTotal value cial and index, industrial (1967 = floor space 100) (millions of square feet) 29. 7 29.0 29. 1 31.6 30. 5 30. 3 32. 2 30. 9 30. 4 28. 9 29. 8 28.6 28.3 29. 1 28.2 151 153 154 137 155 160 165 155 159 167 165 154 155 180 187 753 694 779 883 743 730 Seasonally adjusted annual rates 728 658 849 741 824 800 716 801 800 786 983 846 813 90S 896 and McG raw-Hill Inforir ation Systems 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts rose 2 percent in October to a seasonally adjusted annual rate of 2.4 million units. The sharp rise in multi-family units was partially offset by a decline in single units. Permits for future housing declined 2 percent. MILLIONS OF UNITS 3.0 MILLIONS OF UNITS 3.0 1.0 1972 1966 COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF COMMERCE. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND VETERANS ADMINISTRATION [Thousands of units] Hou sing star ts Total private Total and private public (includ(including farm) ing farm) Period 1, 195. 9 1, 321. 9 1, 545. 5 1, 499. 6 1, 469. 0 2, 084. 5 1966 1967 1968 1969 1970 1971 1971: Sept Get Nov Dec 1972: Jan Feb Mar AD** _ Alay.. June. July _ Aug 1 Septp ' Get __ ._ _ 175.6 181. 7 176. 4 155. 3 150. 9 153. 6 205. 8 213. 2 227. 9 226. 2 207. 5 231. 0 201. 8 213. 3 Total ( includingS farm) Total One unit 1, 165. 0 1, 165. 0 778. 5 1, 291. 6 1, 291. 6 843. 9 1, 507. 7 1, 507. 7 899. 5 1, 466. 8 1, 466. 8 810. 6 1, 433. 6 1, 433. 6 812. 9 2, 052. 2 2, 052. 2 1, 151. 0 173. 8 179. 7 173. 7 152. 1 149. 1 152. 2 203. 9 211. 6 225. 8 223. 1 206. 5 228. 6 200. 4 211. 7 2, 029 2, 038 2, 228 2, 457 2,487 2, 682 2, 369 2, 109 2,350 2,330 2, 218 2, 484 2, 366 2,410 1, 172 1, 155 1, 242 1,347 1, 415 1, 325 1, 302 1, 167 1,344 1,296 1,289 1,410 1, 371 1, 288 1 Authorized by issuance of local building permit: in 13,000 permit-issuing places beginning 1967: 12,000 lor 1963-66, and 10,000 prior to 1963. 3 Units represented by mortgage applications or appraisal requests for new home construction. 20 Propose d home constr uction Private Gover nment home pirograms (nonf arm) Two or more FHA VA units 386.4 129. 1 36.8 52. 5 447. 7 141. 9 608. 2 147. 7 56. 1 656. 2 153. 6 51. 2 620. 7 233. 5 61. 0 901. 2 301. 2 94. 0 Seasonsilly ad jus ted annu al 857 882 985 1, 110 1,071 1, 357 1, 067 942 1,006 1,034 929 1,074 995 1, 122 294 299 293 383 378 287 262 219 189 177 173 179 173 98 98 105 104 116 118 125 104 98 98 106 103 106 97 New private housing units authorized l Applica- Requests tions for for VA FHA appraiscommitals 2 ments 2 971.9 1, 141. 0 1, 353. 4 1, 323. 7 1, 351. 5 1, 924. 6 rates 153. 0 167. 2 168. 9 187. 6 315. 0 366. 8 99. 2 124.3 131. 7 138. 2 143. 7 217. 9 1, 987 2, 027 2, 092 2, 191 2, 204 2, 056 2, 007 1, 991 1,955 2, 121 2, 108 2,237 2,265 2,218 343 351 291 450 333 326 260 221 217 217 223 206 163 253 231 207 228 232 224 207 248 197 219 203 199 193 191 Sources: Department of Commerce, Department of Housing and Urban Development, and Veterans Administration. BUSINESS SALES AND INVENTORIES Manufacturing and trade inventories rose $1.3 billion (seasonally adjusted) in September following an increase of similar size in August. Combined sales increased slightly in September after strong rises in the 2 preceding months. BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 200 \ RETAIL TRADE (ENLARGED SCALE) 25 r-DURABLE GOODS STORES TOTAL BUSINESS INVENTORIES 180 20 INVENTORIES 160 15 140 10 \ _TOTAL BUSINESS_ SALES 120 ' SALES J 5 "•*U 100 30 NONDURABLE GOODS STORES INVENTORIES RETAIL INVENTORIES 25 """-" 20 RETAIL SALES 20 i i i i Ii i i i 1969 1970 1972 1971 1972 1969 SOURCE : DEPARTMENT OF COMMERCE COUNCIL OF ECONO.WC ADVISES5 Total fc msiness l Re3tail Wholesale Sales 2 Period 1964 1965 1966 1967 1968 1969 1970 1971 1971: Aug Sept Get __ Nov___ Dec 1972: Jan__ ___ Feb Mar Apr__ Mav June July Aug Sept * _ __ Oct " Sales 2 73, 685 80, 276 87, 178 89, 698 97, 100 103, 104 104, 407 111, 931 113, 910 113, 450 113, 191 115, 757 115, 630 118, 426 118, 077 120, 669 121, 685 122, 814 122, 283 123, 371 126, 458 126, 860 Inventories 3 111, 457 120, 900 136, 729 145, 108 155, 336 166, 694 174, 942 182, 842 180, 298 181, 331 181, 747 18.1, 852 182, 8-12 183, 303 183, 826 184, 263 184, 816 185, 953 186, -139 186, 884 188, 409 189, 676 Sales 2 1Millions of 14, 527 16, 977 15, 595 18, 274 16, 979 20, 691 17, 099 21, 557 22, 528 IS, 329 24, 363 19, 726 26, 604 20, 554 22, 280 28, 916 22, 605 27, 795 27, 814 22, 549 22, 2S-I 22, 739 22, 91)'J 24, 351 23, 533 23, SS4 24, 170 24, 260 24, 230 24, 394 25, 137 25, 274 1 The term "business" also includes manufacturing (see paj/e 22). Monthly nverauo for year and total for month. Book value, end of period, seasonally adjusted. 2 2 Inventories 3 27, D2S 2S, 237 28, 916 29, 049 29, 1S1 29, 174 29, 574 29, 729 29, 641 30, 056 30, 164 30, 685 NonDurable durable goods goods stores stores dollars, seasonally a d justed 21, 823 7, 049 14, 773 7, 849 15, 828 23, 677 8, 192 17, 138 25, 330 26, 151 8, 348 17, 803 9, 268 19, 222 28, 490 9, 626 20, 197 29, S24 31, 294 9, 524 21, 770 34, 07 1 10, 985 23, 086 34, 655 1 1, 298 23, 357 35, 219 11, 833 23, 386 ;; i, «.)04 11, 695 23, 269 35, 574 11, 885 23, 689 3-1, 896 11, 334 23, 562 3-1, 886 11, 475 23, 411 .">."), 345 11, -157 23, 888 :-}(>, 450 12, 087 24, 363 36, 296 11, 976 24, 320 37, 141 12, 280 24, 861 36, 822 12, 253 24, 569 37, 342 12, 468 24, 874 37, 969 12, 842 25, 127 37, 683 12, 598 25, 085 38, 750 13, 095 25, 655 Total Inventories Total Durable goods stores 31, 094 34, 405 38, 073 38, 952 41, 973 45, 376 46, 626 52; 261 51, 223 52, 104 52, 083 51,916 52, 261 52, 458 52, 484 52, 639 52, 814 53, 402 53, 293 52, 940 53, 107 53, 661 13, 318 15, 253 17, 258 17, 277 19, 167 20, 647 20, 345 23, 808 23, 441 24, 143 24, 034 23, 872 23, 808 23, 790 23, 679 23, 674 23, 740 23, 915 23, 665 23, 194 23, 037 23, 608 0 Nondurable goods stores 17, 776 19, 152 20, 815 21, 675 22, 806 24, 729 26, 281 28, 453 27, 782 27, 961 28, 049 28, 044 28, 453 28, 668 28, 805 28, 965 29, 074 29, 487 29, 628 29, 746 30, 070 30, 053 NOTE.—Total business and retail inventories revised beginning 1970. Source: Department of Commerce. 21 MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS Manufacturers' shipments, inventories, and orders (seasonally adjusted) rose in September, repeatins the patten of August. Advance reports for durable goods in October indicate shipments rose while new orders declined. BILLIONS OF DOLLARS {SEASONALLY ADJUSTED) 110 MANUFACTURERS' INVENTORIES BILLIONS OF DOLLARS {SEASONALLY ADJUSTED) 70 MANUFACTURERS' SHIPMENTS TOTAL 100 90 50 80 40 DURABLE GOODS DURABLE GOODS 70 30 iiiMttr<|luiiiiiiiiii,i.„.,„•'<' 20 60 NONDURABLE GOODS 50 MANUFACTURERS' NEW ORDERS NONDURABLE GOODS 40 ,„„„„......«««"" 30 -^ 30 20 20k 1969 SOURCE, 1970 1970 1969 1972 DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufad burers' shi pments l Manufad ,urers' inv entories 2 Period Total 1972 1971 NonDurable durable goods goods Total NonDurable durable goods goods Ma nufacture rs; new orde rs 1 Durab le goods NonCapital durable goods Total industries, goods nondefense Total Manufacturers' inventoryshipments3 ratio Millions of dollars seasonal] y adjuste d 1965 1966 1967 1968 1969 1970 1971 1971: Aug Sept Oct Nov Dec 1972: Jan Feb Mar Apr May June July Aug Sept" Oet" 41, 003 44, 869 46, 449 50, 282 53, 555 52, 560 55, 580 56, 650 55, 682 55, 943 57, 444 57, 740 59, 189 59, 199 60, 335 61, 219 61, 413 61, 231 61, 635 63, 352 63, 903 22, 216 24, 633 25, 212 27, 694 29, 459 28, 061 29, 886 30, 835 29, 799 30, 033 30, 792 30, 913 31, 965 32, 041 32, 683 33, 581 33, 705 33, 129 33, 825 34, 710 35, 037 4 35, 845 18, 788 20, 236 21, 236 22, 588 24, 096 24, 499 25, 694 25, 815 25, 883 25, 910 26, 652 26, 827 27, 224 27, 158 27, 652 27, 638 27, 708 28, 102 27, 810 28, 642 28, 866 1 Monthly average ior year and total lor month. 3 Book value, end oi period, seasonally adjusted. 8 68, 221 77, 965 84, 599 90, 835 96, 955 101, 712 101, 665 101, 101, 101, 101, 101, 101, 102, 102, 102, 102, 103, 103, 105, 105, 280 413 736 699 665 796 161 450 428 822 505 888 138 330 42, 227 49, 818 54, 893 59, 053 63, 254 66, 829 65, 874 66, 093 66, 117 66, 025 65, 877 65, 874 66, 187 66, 422 66, 604 66, 575 67, 035 67, 427 67, 645 68, 542 68, 723 For annual periods, ratio of weighted average inventories to average monthly shipments: for monthly data, ratio of inventories at end of month to shipments lor month. 22 25, 994 28, 147 29, 706 31, 782 33, 701 34, 883 35, 791 35, 187 35, 296 35, 711 35, 822 35, 791 35, 609 35, 739 35, 846 35, 853 35, 787 36, 078 36, 243 36, 596 36, 607 41, 803 45, 944 46, 763 50, 267 53, 645 51, 663 55, 473 57, 122 55, 489 56, 290 57, 992 57, 883 59, 871 59, 792 61, 097 61, 685 62, 012 63, 734 62, 270 64, 409 65, 776 22, 986 25, 720 25, 526 27, 690 29, 548 27, 162 29, 768 31, 335 29, 653 30, 321 31, 294 31, 001 32, 554 32, 466 33, 328 34, 005 34, 302 35, 613 34, 430 35, 727 36, 851 4 36, 633 * Not charted. Source: Department of Commerce. 6,971 7,694 6,822 7,398 7,492 7,471 7,859 7,932 8, 131 8, 166 8, 196 8,528 8, 785 9,036 9,228 9, 100 9,211 9,519 9,735 18, 817 20, 224 21, 238 22, 577 24, 097 24, 500 25, 705 25, 787 25, 836 25, 969 26, 698 26, 882 27, 317 27, 326 27, 769 27, 680 27, 710 28, 121 27, 840 28, 682 28, 925 1.60 1.62 1.76 1.74 1.76 1.90 1.83 1. 79 1.82 1.82 1. 77 1.76 1.72 1.73 1. 70 1. 67 1. 67 1. 69 1. 69 1.66 1.65 MERCHANDISE EXPORTS AND IMPORTS me deficit in the trade balance on a seasonally adjusted basis increased in September by $50 million to a leve! of E51 3 million. •BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2.5 2.0 1972 1966 I/ SEE NOTE BELOW. COUNCIL Of* ECONOMIC ADVISERS SOURCE! DEPARTMENT OF COMMERCE Period [Millions of dollars] ]Sderchandi se export s Merch andise irnports Total (includ-1 Domesti 3 exports Gemjral impc>rts 3 ing ree xports) 2 Food, Crude Food, Crude To tal bever- mate- Manubever- mateSeason- Unad- Total * 2 ages, facSeasonrials ages, rials ally ad- justed and to- and ally ad- Unad- and to- and tured justed justed bacco justed bacco fuels goods fuels Monthly average: 1963 1964 1965 1966 1967 1968 1969 1970 _ 1971 __ _ 1, 869 2, 153 2, 229 2,458 2, 586 2, 839 3, 111 3, 555 3, 629 1, 845 2, 123 2, 201 2, 421 2, 554 2, 802 3, 066 3, 502 3, 576 349 386 377 432 392 383 370 422 423 315 361 356 367 394 4 05 417 58 37 1, 191 1, 377 1, 453 1, 002 l t 737 1, 2, 2, 2, 9Kf> 232 44f> 537 - 1, 1, 1, 2, 2, 2, 3, >, 3, 428 562 786 135 241 769 004 329 797 H } ad j u s t e i 1971: Aug Sept Get Nov Dec 1972: Jari Feb Mar Apr May June Julv Aus Sept 3, 078 r r 3, 306 4, 220 ?, 70S 2, S20 3, 319 .*>, 160 ;•;, 221 ;;, iSW.v 4, Of>0 ;;, D'.iu 384 508 'J94 3!)f> 530 4, ssi :;, s 1 5 ;;, 7xo 3, "> 4, 3, 4, 3, 3, 3, 3, 500 4S5 420 390 50S 52S 4 DC, 54 I 594 4, > >o< > :•;, 806 ::, 891 ;•;, 760 ;-;, 914 .S', 9 Of) 4, 019 4, sos 4, 158 4, 3, 4, 4, ."., i'., 3, 310 SS7 143 015 000 940 905 4, 100 2, 774 3, 177 700 7*'*» 250 S 12 074 942 002 874 895 396 419 453 476 447 503 533 545 606 672 759 937 441 590 444 323 345 70 107 226 1,204 1, 313 1 1,719 1, 918 2, 159 2,534 -168 2,462 2, 760 2,414 2, 454 2, 822 2,820 2, 763 3,401 2,918 3, 254 3,306 2, 928 3,232 2, 969 — 251 268 £^5 — 218 — 270 — 319 — 598 — 584 — 699 — 552 — 590 — 642 -468 — 513 Unad Justed 15 SO 94 71 44 07 27 11 07 05 57 10 47 478 1 Total excludes Department oi Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program. 2 Total includes commodities and transactions not classified according to kind. 3 Total arrivals of imported goods other than intransit shipments. 322 335 334 382 392 447 442 519 534 Grossmerchandise trade Manu- surplus, seasonfacally adtured justed goods 2, 2, 2, 2, 2, 353 934 021) 247 738 2, 0)01 2, 032 3, 1 19 2, 754 2, 9 1 7 2, 70,2 2, 543 2, 715 2, 745 ,6>, 928 Jh SS7 .*>', f>S$ 8, 5T.9 ;/, /£<S' 4, $40 4, 408 4, 4?>r> 4, 4C>0 4, hoi 4, 664 4, 671 3, 4, 3, 3, 4, 4, 4, 4, 4, 4, 4, 4, 4, 4, 838 240 403 522 279 280 177 844 248 722 707 314 727 485 616 714 352 353 606 631 026 554 544 604 614 548 632 628 640 659 571 598 710 702 673 756 659 731 715 712 728 756 NOTE.—Data adjusted to include silver ore and bullion reported separately prior to 1969. Source: Department of Commerce. 23 U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS Preliminary data indicate a third quarter deficit for merchandise trade of $6.7 billion at a seasonally adjusted annud rate. This $1.1 billion decline in the deficit over the second quarter is also reflected by the preliminary figures for the balance on goods and services, which declined from a deficit of $6.2 billion in the second quarter to one of $4.4 billion in the third quarter of 1972, BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 SEASOKALLY ADJUSTED ANNUAL RATES 8 6 BALANCE ON GOODS AND SERVICES 4 2 0 MERCHANDISE TRADE BALANCE -2 -4 -6 -8 -8 -10 -10 1966 SOURC& DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] M erehandis<3 1 2 Period Netiiivestment income Milite•try transactions Direct expenditures Sales Net balance Private 3 -3,764 -4, 378 -4, 535 -4, 856 -4, 852 -4,817 829 1, 240 1,392 1, 512 1,479 1,923 -2, 935 -3, 138 -3, 143 -3, 344 — 3, 374 -2,894 5, 331 5,847 6, 157 5,820 6, 376 8,952 44, 068 -42, 912 1, 156 -4, 700 1971: I II 42, 840 -46, 888 -4, 048-4,856 III... 45, 916 — 47, 804 -1,888 -4, 792 !¥.__ 38, 256 —44, 232 -5, 976 -4, 920 1972: ! * _ _ _ 47, 164 -53, 912 -6,748 -4, 872 II *... 45, 780 -53, 552 -7,772 -4, 928 Ill »„ 49, 088 -55, 760 -6, 672 2,040 2,064 1,896 1,692 1,336 1,288 Exports 1966 1967__ 1968 1969 1970 1971 29, 287 30, 638 33, 576 36, 417 41, 963 . 42, 770 Imports Net balance -25, 463 3,824 -26,821 3, 817 -32, 964 612 -35,796 621 -39,799 2, 164 -45, 459-2,689 U.S. Government RemitBaltances, penance sions, on and curother rent uniaclateral count transfers 1 5,170 -2,890 2,280 5, 136 -3, 081 2, 055 -2, 909 -484 2,425 1, 911 -2, 946 -1,035 3,563 -3,208 356 727 -3, 575 -2,847 Net Baltravel Other ance and on trans- servporta- ices, goods and tion net servexpendices 1 4 itures 44 - 1, 380 40 -1,763 63 - 1, 565 155 -1,784 -115 -2, 061 -957 -2, 432 286 334 302 442 574 748 Se asonally a d justed annual riites 1 Excludes 2 Adjusted 3 -2, 660 -2, 792 -2, 896 — 3,228 -3,536 -3,640 military grants. from Census data for differences in timing and coverage, Includes fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States. 24 7 9 8 10 8 8 596 408 152 652 928 960 -404 -1,992 -644 -2, 500 -1,308 -2, 424 -1,472 -2, 812 -1,480 -2, 716 - 1, 720 -2, 848 848 4,544 -3, 164 720 144 -3,384 728 364 -3,784 688 -2, 148 -3,968 800 -4, 752-3,960 776 -6, 244-3,580 -4, 400 1,380 -3,240 -3,420 -6, 116 -8,656 -9, 768 * Equal to net exports of goods and services in the national income and product accounts of the United States. *Merchandise data and balance on goods and services revised; other data be revised in December. Source: Department of Commerce. U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS The balance of payments showed a significant deterioration in the third quarter over the second quarter of 1972, Most of the increased deficit was accounted for by outflow early in the quarter that were associated with unsettled foreign exchange market conditions following the floating of the pound sterling. BILUONS OF DOLLARS 120 BILLIONS OP DOLLARS 20 SEASONALLY ADJUSTED ANNUAL1 RATES 10 10 BALANCE ON CURRENT ACCOUNT AND LONG-TERM OFFICIAL RESERVE TRANSACTIONS BALANCE CAPITAL -10 -10 -20 -20 -30 -30 -40 -40 -50 -SO -60 1966 1972 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Long-ter m capital Balance flows , net Period U.S. GovernPrivate ment 1 2 - 1, 469 -2, 555 -2,424 -2, 912 -2, 159 1, 198 — 1, 926 — 50 -2, 018 -1,398 — 2,378 -4, 149 1966 1967 1968 1969_ 1970 1971 NonAlloliquid shortrkf term special account private and long- capital drawing capital flows rights net 2 - 1, 744 — 104 -3,280 — 522 — 1, 444 230 -3,011 — 640 -3,059 — 482 -9, 374 -2, 420 Errors and omissions, net Net liquidity balance Liquid private capital flows, net 2 Official reserve transactions balance -302 -2, 151 2,370 219 -881 -43 683 1,265 -3,418 — 399 -1,610 1,641 3,251 -2,470 -6, 122 8,824 2,702 867 - 1, 174 -3,851 -5,988 -9,839 717 - 10, 927-22,002 -7,763 -29,765 Changes in lia- Changes bilities in U.S. to official foreign reserve official assets, net 4 agencies, 3 net — 787 568 14, 882 52 14, 830 3,366 -761 -880 6 15, 710 -1,515 - 1, 187 16, 964 7,362 2,477 fl 14, 487 27, 417 2,348 12, 167 Unadjusted Sciasonally adjusted annual ra tes 1971:1 II — 2,808 — 2,336 -2, 232 IV. -2, 132 1972: I* — 1, 372 II*... -536 Ill * m___ -3, 688 -5, 116 -2, 136 -6,420 -11,996 -1,260 -7,532 -13, 184 -3, 532 1,040 -7,208 -2,752 -4, 308 -14, 336 -2, 152 2,636 -7, 668 1,648 720 -3, 776 716 -10,344 716 -21, 520 716 — 8, 072 712 3,400 712 —4, 308 708 1 Excludes liabilities to foreign official reserve agencies. * Private foreigners exclude the IMF, but include other international and a Includes liabilities to foreign official agencies reported by U.S. Government and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales to, and gold deposits with, the United States. * Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position in the IMF. • Includes gain of $67 million resulting from revaluation of the German mark In October 1969. - 10, 308-11,392 -21,700 -22,884 -2,980 -25,864 -37,520 - 10, 204-47, 724 — 17,316 -6,476 -23, 792 -12,460 — 564 -13,024 -8, 988 5, 588 -3,400 -18, 124 — 552 -18,676 U.S. official reserve assets, net (end of period) 18. 972 23, 228 42, 948 24, 540 11, 308 4,324 18, 896 2,728 2,636 4,776 —748 1,716 — 924 -220 14, 342 13, 504 12, 131 6 12, 167 12, 270 13, 339 7 13, 217 ' Includes $28 million increase in dollar value of foreign conreneies revalued to reflect market exchange rates as of Dec. 31,1971; 1 On Sept. 30, U.S. reserve assets consisted of gold stock, $10.487 million; special drawing rights, $1.968 million; convertible currencies, $323 mttlkm; gold tranche position, $449 million. Includes increase of $1,016 million resetting from change in par value of the U.S. dollar on May 8. •Overall balances revised; detail to be revised in December* Sources: Department of Commerce and Treasury Department. 25 PRICES CONSUMER PRICES The consumer price index increased 0.3 percent in October both before and after seasonal adjustment. Food prices rose 0.1 percent. (0.2 percent adjustment). Nonfood commodities were up 0.4 percent, but declined 0.1 percent after adjustment because 1973 model cars showed less than the usual seasonal increase. Service prices rose 0.4 percent reflecting higher health insurance costs. Index, 1967=100 140 Index, 1967 ==100 140 100 90 1966 1967 SOURCE* DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS [1967 = 100] All items Period 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1971: Sept Oct Nov Dec 1972: Jan Feb Mar Apr May June July Aug __ Sept Oct._ ._ _ _ __ Source: Department of Labor. 26 _ 90.6 91.7 92.9 94.5 97.2 100.0 1042 109. 3 116. 3 121. 3 122. 2 122.4 122. 6 12a 1 123.2 123. 8 124. 0 124.3 124.7 125. 0 125. 5 125. 7 126.2 126. 6 All commodities 92. 8 93.6 94.6 95.7 98. 2 100. 0 103.7 108. 4 113. 5 117. 4 118. 1 118. 4 118. 5 118.9 118. 7 119. 4 119.7 119.9 120.3 120.7 121. 2 121.4 122. 0 122. 3 Services Commoditiej3 Ccmm odities leg s food Services All Food less Nonservices Rent All Durable durable rent 94. 0 85. 5 89.9 97.6 91.8 86. 8 94,1 95. 0 87. 3 92. 7 97.9 88. 5 91.2 94, 8 89.2 90. 2 95. 9 92. 4 93. 5 95. 6 98. 8 91. 5 92. 2 98.4 94. 8 96. 9 94,4 96.2 95. 8 95.3 98. 2 99. 1 97. 0 97.5 98. 5 100. 0 100. 0 100. 0 100. 0 100. 0 100. 0 100. 0 104. 1 102. 4 105.7 105. 2 103. 6 103. 7 103. 1 112. 5 105. 7 113. 8 108. 8 108. 9 108. 1 107. 0 121. 6 110. 1 113. 1 112. 5 111. 8 123. 7 114. 9 117. 0 128. 4 115. 2 118. 4 116. 8 130.8 116.5 132. 3 129. 8 116. 1 116. 4 119. 1 117. 4 118. 2 116. 4 117. 1 132. 4 118. 0 129. 9 118.9 118. 7 116. 6 132. 8 117. 4 118. 7 119. 0 130. 3 118. 1 116. 9 133. 3 117. 2 118. 8 130. 7 120.3 118. 1 131. 5 134. 1 120. 3 117. 3 117.7 118. 1 117. 5 122. 2 131. 8 134. 4 118. 4 117. 8 117. 1 117. 8 132. 1 134. 6 122.4 118.2 118. 9 118. 0 117. 3 132.4 119. 1 118.4 117.7 135.0 122.4 118.5 118.4 132.7 122. 3 119.7 119.2 118.6 135. 3 119.2 133. 1 119.5 135. 7 119.4 123.0 119. 0 133. 5 119. 3 119.2 136. 1 124.2 119. 4 119.6 119.4 133. 8 136.4 124. 6 119.7 119.6 119.5 134. 1 120.8 119.9 119.8 136.7 124.8 120. 3 124. 9 120.3 120. 1 134.6 121.3 137.2 120.8 WHOLESALE PRICES The wholesale price index declined 0.2 percent in October; after seasonal adjustment it rose 0.1 percent. Farm products and processed foods and feeds were 1.0 percent Sower (0.2 percent higher adjusted), the largest decline in 1 3 months. Industrial commodities were up 0.1 percent (0.1 percent lower adjusted)/ the unadjusted increase was the smallest since last November. Index, 1967=100 130 index, 1967=100 130 90 90 1966 1972 SOURCEi DtPARTMENT OF 1ABOR COUNCIL OF ECONOMIC ADVISERS [ 1967= 10(3] Period 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1971: Sept Oct Nov _ _ Dec 1972: Jan Feb Mar __ Apr ___ _ Mav _- _ June Julv Aug _ _ _ _ _ _ _ _ _ _ _ _ Sept. _ Oct 1 All commodities 94. 8 94. 5 94. 7 96. 6 99. 8 100. 0 102. 5 106. 5 110. 4 113. 9 114. 5 114. 4 114. 5 115. 4 116. 3 117. 3 117. 4 117. 5 118. 2 118. 8 119. 7 119. 9 120. 2 120.0 Farm products 98, 0 96.0 94. 6 98. 7 105. 9 100. 0 102. 5 109. 1 111. 0 112. 9 110. 5 111. 3 112. 2 115. 8 117. 8 120. 7 119. 7 119. 1 122. 2 124. 0 128. 0 128. 2 128. 6 125. 5 All industrials1 91. 9 92. 5 92. 3 95. 5 101. 2 100. 0 102. 2 107. 3 112. 0 114. 3 114. 6 114. 1 114. 4 115. 9 117. 2 118. 8 1 18. G 117. 7 1 1 8. 6 119. 6 121. 5 121. 0 121. 8 121. 8 Coverage of the subgroups does not correspond exactly to coverage of this Index. 2 Excludes crude foodstuffs and feedstufi's, plant and animal fibers, oilseeds, and leaf tobacco. Irtdustrial c ommoditi es Processed foods and feeds 3 94, 8 94. 7 95.2 96. 4 98. 5 100. 0 102. 5 106. 0 110. 0 114. 0 115. 0 115. 0 114. 9 115. 3 115. 9 116. 5 116. 8 117. 3 1 17. 6 117. 9 118. 1 118. 5 118. 7 nas Crude mate-2 rials 95. 6 94. 3 97. 1 100. 9 104. 5 100.0 102. 0 110. 6 118.8 122. 7 123. 0 122. 9 122. 6 123. 4 125. 6 127. 0 129. 1 129. 3 129. 9 129.8 130.2 132. 3 132. 6 133.8 Inter- Producmediate er finmateished goods 95. 3 95. 0 95. 6 96. 9 98.9 100.0 102. 6 106. 2 110. 0 114. 3 115. 9 115. 7 115. 6 115.8 116.4 117. 2 117. 6 118.2 118. 6 119. 0 119.2 119. 5 119. 8 120. 1 92. 2 92. 4 93. 3 94. 4 96.8 100. 0 103.5 106.9 111. 9 116. 6 116.9 117. 1 117. 0 117. 8 na 4 nas 119.0 119. 3 119.4 119. 6 119. 7 119. 8 119.9 119. 7 Consun ler finished gc)ods exeluding* fOOdS Dur- able 98.3 97. 8 98. 2 97. 9 98. 5 100.0 102. 2 104. 0 107. 1 110. 9 110. 4 111. 3 111. 3 112. 6 112. 9 113. 2 113. 1 113.2 113. 1 113. 2 113.5 113. 6 113. 7 112. 7 Non- durable 94. 8 95. 1 94. 8 95.9 97.8 100.0 102. 2 105. 0 108.2 111. 3 111. 9 111. 7 111.7 111. 8 112. 0 112. 1 112. 4 112. 7 113. 1 113. 5 113. 8 114. 2 114.5 114. 7 Excludes intermediate materials for food manufacturing and manufactured animal feeds; includes, in part, grain products for further processing. Source: Department of Labor. PRICES RECEIVED AND PAID BY FARMERS In the month ended October 15, both prices received and prices paid by farmers rose about 1 percent. The actual parity ratio increased 1 point while the adjusted ratio was unchanged. Index, 1967=100 130 Index, 1967=100 130 120 120 110 110 100 100 90 90 80 I t 1 1 M I 1 M 1 1 I I 1 1 1 1 I M t M I M I M I M M 1 I 1 1 1 I 1 I 1 M 1 1 I M 1 I I I 1.. M 1 1 I 1 M t l ( M 1 1! I M I ! ! I T 1 M 1 I 80 RATIO J/ 90 RATIO J/ 90 PARITY RATIO (ACTUAL) 80 80 70 70 60 60 1967 1966 1968 1969 1971 1970 1972 J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES,ON 1910-14-100 BASE. SOURCEi DEPARTMENT OF AGRICULTURE Prices received by farmers Period 1962 1963 1964 1965 1966 1967 1968 1969 1970 . 1971 1971: Sept 15 Oct 15 Novl5 Dec 15 1972: Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 All farm products „ 96 96 93 98 105 100 103 108 110 112 111 114 115 116 119 122 120 119 123 125 127 128 128 129 Crops 103 106 106 103 105 100 101 97 100 107 104 106 109 108 111 110 108 112 115 116 116 119 117 116 All items, interest, taxes, and wage rates Index, 1967=100 1 Percentage ratio of index of prices received by farmers to Index of prices paid, Interest, taxes, and wage rates on 1910-14=100 base. 3 The adjusted parity ratio reflects Government payments made directly to farmers. 28 Parity ratio ] Prices paid by farmers Livestock and products 92 89 85 94 105 100 104 117 118 116 117 118 119 122 126 131 129 125 129 131 136 135 137 138 COUNCIl OF ECONOMIC ADVISERS 90 91 92 94 98 100 104 109 114 120 121 121 121 122 123 124 124 125 125 126 127 127 128 129 Family living items Production items 91 92 93 95 98 100 104 109 114 119 120 120 120 121 121 123 123 123 124 124 125 125 126 125 Source: Department of Agriculture; 94 95 94 96 99 100 102 106 110 115 116 116 117 117 118 118 119 120 120 121 122 122 124 125 Actual 80 78 76 77 80 74 73 74 72 70 68 70 70 71 72 73 72 71 73 73 75 75 74 75 Adjusted 2 83 81 80 82 86 79 79 80 77 74 72 74 74 75 78 79 77 76 79 79 80 81 80 80 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK The seasonally adjusted money stock increased at a 4.0 percent annual rate in October, following a 5.6 percent rate of growth in September. From December to October, it grew at a 7.5 percent annual rate. BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES,,SEASONALLY ADJUSTED 300 300 250 250 TIME AND SAVINGS / DEPOSITS / 200- 200 150 150 1972 SOURCEs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1966: 1967: 1968: 1969: 1970: 1971: 1971: Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1972: Jan Feb Mar Apr Mav June _ Julv Aug _ __ __ __ Sept »_ Oct * _ ._ _ _ [Averages of daily figures, billions of dollars] JV loney sto 2k Aloney sto ck 1 U.S. ! Time 1 Time GovCurCurand and ernDeDerency rency savings ment mand savings mand Total outoutTotal dede- l demand de- l deside side posits J deposits1 posits banks posits banks posits * Seasonally7 adjusted Qnadjuste d 171. 7 133.4 39. 1 3.4 38. 3 158.1 137.8 176. 9 156. 9 142. 7 183. 1 40. 4 183.4 147.4 41, 2 5. 0 182. 1 188. 6 197. 4 154. 0 43. 4 204. 2 159. 1 5. 0 44. 3 203.4 203. 2 203.7 157. 7 46. 0 194. 1 162. 9 46. 9 5.6 193. 2 209. 8 214.8 49.0 165. 8 221. 2 228. 9 50. 0 7.3 171. 3 228.1 52. 5 228. 2 175. 7 269. 9 6.7 181. 5 53. 5 269. 0 235. 1 227. 6 175. 7 51. 9 259. 6 51. 9 174. 3 7.5 226. 2 260. 3 52. 2 175. 5 52. 2 227.7 263. 3 175. 3 264, 1 5. 3 227. 5 52. 2 175. 5 227. 7 176. 9 3.9 229. 6 52. 8 265. 3 265. 5 269. 9 228. 2 175. 7 181. 5 53. 5 6. 7 52.5 269. 0 235. 1 176. 0 274 4 182. 7 7.2 52. 8 235. 3 * 52. 6 273. 7 228. 8 176.4 178. 0 231.2 278. 1 229. 0 52.6 277.3 7.2 53. 2 179. 9 279. 9 53. 2 178. 1 231. 3 53. 7 7.7 280.8 233.5 282. 8 180. 9 54. 0 53.6 182.6 236. 1 283. 1 7.6 235.0 177. 3 54. 0 287.0 54. 4 231.3 286.9 10.4 181. 1 235. 5 180. 1 181. 9 290. 9 54. 6 54. 7 234.7 290.0 236.6 6.8 293. 7 182. 6 292. 7 55. 3 184.5 237.9 7.2 54. 9 239. 4 182. 0 297. 1 55. 3 185. 5 237. 2 298. 1 240. 5 55. 0 5.3 184. 6 55.4 300.5 301. 3 186. 1 240. 0 241. 6 55.5 5.8 303. 5 186.6 242. 3 186.4 304.5 55.9 6.6 242.4 55.9 1 Deposits at commercial banks. NOTE.—Effective June 9,1966, balances accumulated for payment of personal loans (about $1J billion) are excluded from time deposits and from loans at all commercial banks. COUNCIL OF ECONOMIC ADVISERS Source: Board of Governors of the Federal Reserve System. 29 PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS Private nonfinanciai liquid asset holdings (seasonally adjusted) rose at a 10.4 percent annual rate in October from an 11.6 percent (revised) rise in September. Time deposits at commercial banks and ncnbank thrift institutions accounted .or the bulk of the increase. BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED 1,100 [ 1,100 1,000 1,000 900 900 TOTAL LIQUID ASSETS 800 800 700 700 600 600 rt.«.M—U---* \ CURRENCY AND.DEPOSITS 500 | 500 400 400 300 > M i l l ! iJ t ! ! 1966 1967 1968 1970 1969 300 1972 1971 COUNCIl OF ECONOMIC ADVISERS SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Averages of daily figures; billions of dollars, seasonally adjusted] Currcsncy and deposits Period 1965: Dec 1966: Dec 1967: Dec 1968: Dec 1969: Dec 1970: Dec 1971: Dec 1971: Sept Oct.. Nov Dec 1972: Jan Feb Mar Apr May June Julv Aug._ Sept » Oct * , ._ _ _ Total liquid assets Total 557. 7 588. 2 637. 5 694,6 719.7 770.6 850. 5 831. 6 838. 3 842. 8 850.5 858. 2 867. 8 876. 6 886. 0 894. 2 904. 0 913. 9 921. 5 930. 0 i 937. 7 I 447. 4 469.6 516. 0 559. 6 576.2 623. 6 709. 3 692. 6 698. 1 703.0 709. 8 719.7 729. 6 738.3 745. 2 751. 0 758. 0 766.6 773.4 780.3 787.1 i Source: Board of Governors of the Federal Reserve System. 30 U.S. Grovernment se curities ShortNonbank term thrift Savings marketinstitu- bonds able securities tions Time d eposits Currency 36. 3 38. 3 40. 4 43. 4 46. 0 49. 0 52. 5 51. 9 52.2 52. 2 52. 5 52. 8 53. 2 53. 7 54.0 54.4 54. 7 54.9 55.0 55.5 55.9 Demand deposits 115. 5 117. 3 125. 2 135. 2 138. 1 144. 7 153.4 153.5 153. 3 153. 0 153. 4 153. 8 155. 6 157.4 158. 4 158.2 158. 5 160.8 161. 7 162.2 162.8 Commercial banks 125.2 136. 8 156. 2 174. 2 177. 0 198. 8 232. 2 224. 0 226. 5 228. 9 232. 2 237. 2 240.2 242. 3 243.7 246. 2 249. 2 251.0 253.0 255.4 257. 6 170.4 177.3 194. 2 206. 8 215. 2 231. 1 271. 7 263.1 266. 1 268. 9 271.7 275.8 280. 5 284. 9 289. 1 292. 2 295. 6 299.8 303.6 307.3 310.8 49. 5 50. 1 51. 0 51. 4 51. 1 51. 3 53. 7 53. 1 53. 3 53. 5 53. 7 53. 9 54.2 54. 5 54. 8 55. 1 55. 3 55. 6 55. 9 56. 1 56. 4 38.2 43. 3 39. 5 46. 8 62. 5 53.0 39. 2 41.7 41. 0 40.6 39.2 36.6 35. 9 36.0 36. 5 37. 1 38.5 38.2 37. 7 37.9 38.0 Negotiable certificates of deposit 15.5 15. 0 19.5 22. 7 9. 1 23. 2 30. 2 28. 1 29. 2 28. 9 30.2 29. 9 30. 5 30.2 31. 6 33.2 34. 0 35.0 36. 3 37. 2 37.5 Commercial paper 7. 1 10. 2 11. 5 14.2 20. 8 19.5 17. 7 16. 1 16. 7 16. 8 17.7 18. 1 17. 7 17.7 17.9 17.9 18. 1 18.5 18. 4 IS. 6 18. 7 BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES Commercial bank loans and investments (seasonally adjusted) increased at a 12.1 percent annual rate in October, bringing the advance in the first 10 months of the year to a 13.7 percent annual rate. Net borrowed reserves were roughly steady at $341 million. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED, END OF MONTH ALL COMMERCIAL BANKS 500 500 400 400 300 300 BANK LOANS 200 .—l- 200 100 100 ,„.»«"""""........."* ttM, INVESTMENTS IN OTHER SECURITIES \ INVESTMENTS IN U.S. GOVERNMENT SECURITIES 1. M T M M I I ? t it 1966 f t I f ! I I 1! M 1967 1970 1969 1968 f f f ! I f All commercial banks (seaso nally adjust ed data) Loans Investinents Total loans Total, Comand U.S. Gov- Other mercial invest- excludernment securiments ing inter- and indus- securities ties bank trial Billions of dollars 1966 1967 1968 1969 1970 1971 1971: Oct Nov Dec 1972: Jan _ Feb MarApr _ Mav June Julv Aug Sept * Oct» 3 4 316. 1 352. 0 390. 6 402. 1 435. 9 485. 7 477.2 479.8 485. 7 491.4 496.6 505. 0 507.4 510. 1 517. 5 521. 9 529 S 535. .') 3 213. 9 231.3 258.2 4 279. 4 292. 0 5 320. 6 317. 0 318. 7 320. 6 325. 7 328. 5 333.8 3,35. 9 341. 9 :M;>. 7 IMS. 4 .",/">(•>. 2 :>(>(). o ;;r»7. 2 78. 6 86. 2 95. 9 4 105. 7 109. 6 115. 5 116. 6 116. 0 115. 5 116. 4 117. 3 ii<s. 4 0 1 1 9. 9 111. 2 120. 7 121. 4 I2M. 9 121. 0 4 53. 5 59. 3 61. 0 51. 5 58. 0 60. 7 59. 1 r>8. s (0. 7 . r <). 7 ( 1. 0 ( 2. \\ ( 2. 0 ( :*. i i :;. 2 < 2. ;> < I. 4 02. o r r>40. 4 12(1. 7 - )9. 9 Debits durir is period to dnnmnd doposit :vce<3ii nts except in .crbank and p.S. Governine it. - Averages 01 ( ally fU:ur is. A n n i i H l t U:i are for D ocombor. » Effective Jn K> J'.MHi, alanees ucci inuintiMl for payment of p ersonal loans (about .*1.1 billif n) are rx< nclcd from 1 onus at nil cc nonercial banki>, and certain certificate's of CCC and Kx >ort-hnport Bank totalin t' about $1 billioi i are included 1 1972 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period !J I ] \ 1971 3 Bank ill membe r banks 2 * debits outside New York BorrowCity (232 ings at centers) , Free Total Excess Federal seasonally reserves reserves Reserve reserves adjusted Banks annual rates l i Millions o : dollars 557 -165 107 238 71. 4 765 -310 4 71. 2 1,086 -829 85. 9 321 -49 5 1 04. 5 107 58 t>, 443 101. 1 6, 466 360 -153 102. 2 407 -144 (i, !M7 1 04. f> 6, 860 107 58 IOC). 0 20 153 fi, 844 107. 1 7, 014 33 91 1 OS. 9 99 134 7, 154 108. 9 109 27 7, 368 1 1 1. 1 119 7, 461 — 15 110. 0 94 7,501 110 202 111.2 7, SOS -55 1 1 2. 3 438 -183 7, 818 514 113. 3 -352 7, 738 574 -341 113. 3 4 Beginn ng Juno 19GO, d ata include all bank-premisejs subsidiarie« and other significant majority-ownec 1 domestic subsidiaries; ear lier data iiiclude commercial ba nJcs only. * As of J une 1971, Farm ers Home Adm inistration rlotes totaling; about $0.7 billion are classified as ot ler securities ra ther than as loans. ( Exclud 33 $0.4 billion du 3 to loan reclassiiication at a k irge bank. Source: Board of Gover lors of the Fede ral Eeserve System. 48. 7 01. 4: 3, 440 '3, 755 /,, 360 5, 150 5, 717 23, 830 25, 260 27, 221 28, 031 29, 265 31, 329 30, 860 30, 953 31, 329 32, 865 31, 922 31, 921 32, 565 32, 812 32, 539 33, 021 33, 148 33, 003 33, 789 392 345 455 257 272 165 207 263 165 173 124 233 136 104 204 147 255 162 233 31 CONSUMER AND REAL ESTATE CREDIT Seasonally unadjusted consumer credif rose $1.3 billion in September, compared with a $1.4 billion increase a year earlier. Seasonally adjusted consumer instalment credit rose by $1.3 billion in September. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 100 80 20 ..... 20 i ii f t i i i i i f t i i i i i i i i i i t Ii i i i Ti I i i i i I i r f t i I r f T? f f i ? i r I r i i ii U SEASON;M.LY ADJUSTED (ENLARGED SCALE] 17 ^jf*^"^ JNSTVM.MENT CREDIT EXTEENDED ' 1 IT"^^ — • —• i • Ml J|ini»^>- — ~" 1 8 1 1 1 1 ! i f 1 1 ! 1 1 1 1 1 ! 1 I f I 1 | ! 1 I 1 1 1 1 ! I 1T 1969 1970 1971 1968 1967 6 I ! 1 ( f 1 1 f 1 ! ! ? f r f iI f I if ? 1972 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM t ! 1 1 ! I f ! ? f IN 71, 739 80, 268 .- 89, 883 96, 239 100, 783 110, 770 121, 146 127, 163 138, 394 COUNCIL OF ECONOMIC ADVISERS 55, 486 62, 692 70, 893 76, 245 79, 428 87, 745 97, 105 120, 064 111, 295 22, 254 24, 934 28, 437 30, 010 29, 796 32, 948 35, 527 35, 184 38, 664 15, 618 17, 848 20, 237 21, 662 23, 235 25, 932 28, 652 30, 345 32, 865 16, 253 17, 576 18, 990 19, 994 21, 355 23, 025 24, 041 25, 099 27, 099 63, 591 70, 670 78, 661 82, 832 87, 171 99, 984 109, 146 112, 158 124, 281 56, 825 63, 470 70, 463 77, 480 83, 988 91, 667 99, 786 107, 199 115, 050 22, 126 24, 046 27, 208 27, 192 26, 320 31, 083 32, 553 29, 794 34, 873 19, 254 21, 369 23, 706 25, 619 26, 534 27, 931 29, 974 30, 137 31, 393 1971: Aug Sept Get Nov Dec 131, 132, 133, 135, 138, 593 968 755 415 394 105, 107, 107, 109, 111, 924 073 775 088 295 37, 497 37, 812 38, 193 38, 576 38, 664 31, 544 31, 852 31, 993 32, 355 32, 865 25, 25, 25, 26, 27, 669 895 980 327 099 10, 610 10, 827 10, 718 11, 157 10, 886 9, 709 9,725 9,843 9,965 9,976 3,006 3, 123 3,016 3, 121 3,051 2,669 2,689 2,673 2,676 2,715 1972: Jan Feb Mar Apr May__ _ _ June July Aug Sept 137, 136, 137, 139, 141, 143, 145, 147, 148, 426 941 879 410 450 812 214 631 976 110, 110, 111, 112, 114, 116, 117, 119, 121, 757 510 257 439 183 365 702 911 193 38, 450 38, 516 38, 853 39, 348 40, 063 41, 019 41, 603 42; 323 42, 644 32, 862 33, 012 33, 272 33, 606 34, 077 34, 588 34, 832 35, 450 35, 755 26, 26, 26, 26, 27, 27, 27, 27, 27, 669 431 622 971 267 447 512 720 783 11, 116 10, 952 11, 741 11, 374 11, 687 12, 057 11, 687 12, 484 11, 953 10, 015 10, 069 10, 427 10, 384 10, 355 10, 671 10, 593 10, 841 10, 667 3,089 3, 100 3,176 3, 162 3,274 3,412 3,298 3,491 3, 368 2,795 2,776 2,831 2,867 2,819 2,922 2,917 2,896 2, 873 iAlso includes other consumer goods paper, and repair and modernization loans, not shown separately. 2 2 Consists of single-payment loans, charge accounts, and service credit. End of period, unadjusted. 32 M 1973 [Millions of dollars] Consum er instalmemt credit e xtended Consu mer credit outs tan din g (end of \ >eriod; and r epaid (seas onally adjiis ted) imadjusted" Automot ile paper Instalment Total NonAutomoTotal instal- Extended Repaid Extended Repaid Total i bile Personal ment 2 paper loans Period 1963 1964 1965 1966 1967 1968 1969 1970 1971 1ft INSTALMENT C REDIT REPAID A\ 1 ! ! ! 1 1 1 ! ! 1 V ^,— •" —*"""" -**£-[-*£•—-—• ~-~-~SZ?^' pX '- ^ Mortgage debt outstanding, nonfarm, 1- to 4houses 3 182, 197, 212, 223, 236, 251, 266, 280, 307, 200 600 900 600 100 200 800 200 800 299, 700 307, 800 314, 100 324, 600 9 335, 100- NOTE.—Consumer credit revised beginning 1965. Sources: Board of Governors of the Federal Reserve System and Federal Home Loan Bank Board. BOND YIELDS AND INTEREST Virtually all market interest rates declined from mid-October to mid-November. One of the most notable decreases was in yields on long-term Treasury bonds. PERCENT PER' ANNUM 10 PERCENT PER ANNUM 10 CORPORATE Aaa BONDS (MOODY'S) 1966 1972 SOURCE: SEE TABLE BELOW Period 1964 1965 1966 1967 1968 1969___ 1970 1971 1971: Sept Oct Nov Dec 1972: Jan Fob Mar A pr jVlav Juno. . . Julv \51< COUNCIL OF ECONOMIC ADVISERS [Percent per annum] High-grade U.S. Gov<irnment seen]rity yields municipal 3-month bonds 3-5 year Taxable Treasury (Standard4 & issues 2 bonds 3 bills1 Poor's) _ _ _ r Sept ^ . _ _ _ _ Oct Nov Week ended : 1972: Oct !:>__ 20 __ 127 Nov 3__ 10.. 17 ! 3. 549 3.954 4. 881 4,321 5.339 6. 677 6. 458 4, 348 4. 668 4. 489 4. 191 4. 023 \. 403 1 180 J. 723 >. 723 }. 648 5. S74 4. 059 '!. 014 4. 651 4. 719 4. 06 4.22 5. 16 5.07 5.59 6. 85 7. 37 5. 77 5. 96 5. 68 5. 50 5. 42 5. 33 5. 51 5. 74 o. 01 5. 69 86 92 16 11 4. 15 4.21 4. 65 4,85 5. 26 6. 12 0. 58 5. 74 5. 56 5. 46 5. 48 5. 62 5. 62 5. 67 5. 66 5. 74 5. 64 5. 59 5. 59 5. 59 5. 70 5. 69 4. 743 4. 818 4. 71.2 4, 767 4. 668 4. 775 6. 10 6. 11 6. 10 6. 10 6.05 6. 00 5.70 5. 70 5. 65 5. 59 5. 52 6 5. 47 r>. 77 5. 5. 6. 6. 1 2 Rate on new issues within period. Selected note and 8 April 1953 to date, bonds due or callable 10 years and after. 4 Weekly data are Wednesday figures. 5 bond issues. Data for first of the month, based on the maximum permissible interest rate (7 percent beginning February 13, 1971) and 30-year mortgages paid in 15 years. 3. 22 3. 27 3. 82 3. 98 4. 51 5. 81 6. 51 5. 70 5.52 5. 24 5. 30 5. 36 5. 25 5. 33 5. 30 5. 45 5. 26 5.37 5. 39 5. 29 5.36 5. 20 5. 17 5. 24 5. 14 5. 06 5. 10 5. 03 1 Corpora ;e bonds (Moo dy's) Aaa 4.40 4. 49 5. 13 5. 51 6.18 7. 03 a 04 7.39 7.44 7.39 7. 26 7. 25 7. 19 7.27 7.24 7. 30 7. 30 7. 23 7.21 7. 19 7. 22 7.21 7.22 7. 21 7. 19 7. 18 7. 16 6 7. 12 Baa 4.83 4.87 5.67 6.23 6.94 7. 81 9. 11 a 56 a 59 8.48 8.38 a 38 8.23 a 23 8.24 8.24 a 23 8.20 8.23 8. 19 8.09 a 06 a 07 a 06 8.05 a 04 8.02 8.00 Prime commercial paper 4-6 months 3.97 4.38 5. 55 5. 10 5.90 7.83 7. 72 5. 11 5.75 5. 54 4. 92 4.74 4. 08 3. 93 4.17 4.58 4. 51 4. 64 4. 85 4. 82 5. 13 5. 31 5. 5. 5. 5. 5. 6 5. FHA new home mortgage yields 5 5.45 5.46 6.29 6.55 7.13 a 19 9. 05 7.78 7. 92 7. 84 7. 75 7. 62 7. 59 7. 49 7.46 7. 45 7.50 7. 53 7. 54 7. 54 7. 55 7. 56 7. 57 30 35 31 25 25 25 8 Not charted. Sources: Department of Housing and Urban Development, Treasury Department. Board of Governors of the Federal Reserve System Standard & Poor's Corporation, and Moody's Investors Service. ' 33 COMMON STOCK PRICES, YIELD, AND EARNINGS The stock market rose strongly in the 4 weeks ended mid-November. All sectors of the market participated in the advance. Index, 1941-43=10 Index, 1941-43=10 COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS 110 110 90 80 70 f 1 ! I1 I 11 \ 1 PERCENT PERCENT MONTHLY DIVIDEND YIELD ON COMMON STOCKS RAl 25 25PRICE/EARNINGS RATIO ON COMMCDN STOCKS •\ ^^ / l i /—"~1 l t 1966 i i i 1967 20 \ -___ **—•—" 15 i i i 1968 1 ! i 1 1969 i i 1970 1 ! - T 1971 1 1 ? js 10 1972 COUNCIL OF ECONOMIC ADVISERS SOURCE, STANDARD & POOR'S CORPORATION l Period 1966 1967__ 1968 1969 1970 1971 1971: Get Nov Dec_> 1972: Jan Feb Mar Apr May June July Aug Sept Oct Week ended: 1972: Oct _ 6 13 20 27 Nov 3 10 17 — Total Total 85.26 91. 93 98.69 97. 84 83. 22 98. 29 97. 29 92. 78 99. 17 103. 30 105. 24 107. 69 108. 81 107. 65 108. 01 107. 21 111. 01 109. 39 109. 56 91.08 99. 18 107. 49 107. 13 91. 29 108. 35 107. 28 102. 21 109. 67 114. 12 116. 86 119. 73 121. 34 120. 16 120. 84 119. 98 124. 35 122. 33 122. 39 109. 81 109. 18 107. 95 110. 70 112. 46 113. 64 4 114. 79 122. 83 122. 01 120. 49 123. 61 125. 51 126. 78 128. 05 Price i ndex Industrials Capital Consumers' goods goods 1941-^13=10 74. 10 84.86 96. 96 79. 18 105. 77 86.33 103. 75 87. 06 87. 87 80. 22 102. 80 99.78 100. 66 101. 31 95.51 97. 47 103. 78 103. 92 109. 69 106. 45 113. 90 109. 42 116. 89 113. 20 120. 19 115. 05 119. 65 112. 67 120. 92 113. 43 119. 13 112. 57 124. 47 116. 17 121. 63 113. 19 112. 94 119. 50 121. 46 119. 48 117. 28 119. 77 121. 20 120. 26 121. 68 113. 113. 111. 113. 116. 119. 119. 64 09 20 82 90 04 52 Public utilities Railroads Dividend yield 2 (percent) 68. 21 68. 10 66.42 62. 64 54. 48 59. 33 57. 41 55. 86 57. 07 60. 19 57. 41 57.73 55.70 54. 94 53. 73 53. 47 54. 66 55. 36 56. 66 46. 34 46.72 48.84 45. 95 32. 13 41. 94 44. 58 41. 19 43. 17 45. 16 45. 66 46.48 47. 38 45.06 43. 66 42. 00 43.28 42. 37 41.20 3. 40 3.20 3.07 3. 24 3. 83 3. 14 3. 16 3.31 3. 10 2. 96 2. 92 2.86 2.83 2.88 2. 87 2. 90 2. 80 2.83 2.82 55.66 56.02 56.31 57. 79 59.31 60. 11 60. 80 41.59 41.53 41.20 40.80 40.71 41.56 42.27 2.81 2.82 2,86 2.80 2.75 2.74 4 2. 75 Source: Standard & Poor's Corporation. 34 Price/ earnings ratio 3 15.15 17.48 17.74 16.48 15.68 18.50 17.91 18.45 17. 95 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 3 months of fiscal 1973 there was a deficit of $2.0 billion; a year earlier the deficit was $7.8 billion. BILLIONS OF DOLLARS 260 BILLIONS OF DOLLARS 140 140 100 100 (ENLARGED SCALE) +20 {ENLARGED SCALE) SURPLUS (-f) OR DEFICIT (-} -20 -20 J -40 1962 I 1963 I 1964 J 1967 196S FISCAL YEARS L 1965 *1966 J/ ESTIMATE t | 1969 1970 l " SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET I 1971' I 1972 -40 1973^ COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Period Fiscal year: 1961 _ „ _ . . _ _ _ _ _ 1962 _ _ ._ 1963 1964 Receipts Outlays Surplus or deficit (— ) Federal debt ( end of period) Total i Held bv the public 94.4 99. 7 106. 6 112. 7 97. 8 106. 8 111. 3 118. 6 -3.4 7. 1 — 4. 8 -5. 9 292. 9 303. 3 310.8 316. 8 238. 6 248. 4 254. 5 257.6 1965 1966 1967 1968 1969 116. 8 130. 9 149. 6 153. 7 187. 8 118. 4 131, 7 158. 3 1 78. 8 184, 5 -1. 6 -3. 8 -8.7 — 25. 2 3. 2 323. 2 329. 5 341. 3 369.8 367. 1 261. 6 264. 7 267. 5 290. 6 279.5 1970 1971 1972 2 1973 193. 7 1 88. 4. 208. 0 225. 0 1 96. 6 211.4 231. 9 250. 0 -2. 8 -23. 0 — 23. 2 — 25. 0 382. 6 409. 5 437. 3 477.0 284. 9 304. 3 323. 8 356. 0 48, 6 55. 6 56. 4 57. 6 -7.8 — 2.0 422.2 444.6 313.4 32a8 Cumulative totals for first 3 months: Fiscal vear 1972 Fiscal vear 1973 _ 1 Excludes non-intnrosi,-bonring public debt securities bold by IMF. " Estimates. Sources: Treasury Department and Office of Management and Budget. 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 3 months of fiscal 1973 receipts were $7.0 billion higher than a year earlier while outlays were $1.2 billionhigher. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 180 180 OUTLAYS 160 160 140 140 120 120 NONDEFENSE 100 100 80 80 NATIONAL DEFENSE 60 60 40 40 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 FISCAL YEARS J/ESTIMATES SOURCES. TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] ()utlays Recei DtS Natio]aal defense Period Fiscal year: 1961 1962 1963___ 1964 1965 . 1966 1967.._ 1968 1969 1970 1971 1972 19731 Cumulative totals for first 3 months: Fiscal year 1972._. Fiscal year 1973.. _ 1 a Estimates. Detail not available. 36 Total 94.4 99.7 106.6 112.7 Individual Corporation income income taxes taxes Other Total 97. 8 106. 8 111. 3 118. 6 225.0 41.3 45. 6 47. 6 48.7 4a 8 55.4 61.5 6R7 87.2 90.4 86.2 94. 7 99.0 2LO 20.5 2L6 23.5 25.5 30. 1 34. 0 28.7 36.7 32.8 26.8 32.2 35.5 32. 1 33. 6 37.4 40.5 42. 6 45. 3 54. 1 56. 3 63.9 70.5 75.4 81.7 90.5 48.6 55.6 22.7 26.7 5,6 6.7 20.3 22.2 lias 130.9 149.6 153.7 187.8 193.7 188.4 2oae Total Department of Defense, military Interna- Health tional and Inaffairs income terest Other and security ai a3 184.5 196.6 211.4 231.9 250.0 47.4 51. 1 52. 3 53. 6 49. 6 56. 8 70. 1 80. 5 81. 2 80.3 77.7 78.3 (2) 43. 3 46.9 4a 1 49. 6 46. 0 54.2 67.5 77.4 77.9 77.2 74.5 75.1 (*) 3.4 4.5 4. 1 4. 1 4.3 4. 5 4.5 4. 6 3. 8 3.6 2.9 3.8 (?) 22.1 23.7 25.5 26.8 27.4 31.5 37.8 43.7 49.3 56.7 70. 2 81. 5 (2) 19.6 20.6 « 16.8 19. 2 20.3 24.2 26.7 30.6 33.2 36.2 34.4 37.7 41. 1 47.6 (2) 56.4 57.6 16,4 ias 16.3 16.1 1.0 .8 1&7 20.0 5.1 5.3 14.7 15. 1 na 4 134. 7 15a3 i7as 9.2 9.8 10.4 11.3 12.6 13.7 15,8 ia 3 Sources: Treasury Department and Office of Management and Budget. FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS Federal receipts rose about $5 billion (seasonally adjusted annual rate) in the third quarter and Federal expenditures declined about $5 billion. The deficit of $111/2 billion was $10 billion below that in the second quarter and the lowest since the first quarter of 1970. BILLIONS OF DOL LARS BILL! ONS OF DOLLARS 260 260 5EAS(DNALLY - ADJUSTED ANNU/CRATES -Txn ,X - ^^. 240 ^++* oon onn /^ *~ 200 ^ * ^ "• mmmm** •*•***** EXPENDITURES - 200 ^~*' *• ^t a-^»***^)^^^ \ IRfl ^~**~*********s s—"" ^^IBMII-^Xj ifln -1'''^S — <^\ 1^0 ^"* ^s**^ -^"^ f" *•!•""- 160 \ RECEIPTS 140 140 120 xi ! 1 ! 1 ! ! 1 1 I ! 1 I \ ! 1 f f " f V N!K +20 >20 120 +20 SURPLUS _ H fl n n m I *• 11 II I - I i 1 1 1 1w "il| i -90 Ui<£d "* DEFICIT ! -40 F ! 1 ! 1967 1966 I . - r- i i 1968 ! 1 1 , 1 1969 ! 1970 f ! f 197\ -20 - ] f f 1972 ! -40 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE; DEPARTMENT OF COMMERCE [Billions of dollars, quarterly data at seasonally adjusted annual rates] Federal Cjovernm ent receip ts Period Fiscal year: 1968 1969 1970 1971 1972 i___ Calendar year: 1968 1969 1970 1971 1971:1 II___ III__ IV__ Personal and Total tax nontax receipts Feeleral Go^ /ernmenlb expendi tures Grantsin-aid PurCorpo- Indirect Contrirate business butions chases Trans- to State Net profits tax and for Total of goods fer pay- and interest tax and ments local nontax social inpaid accruals accruals surance services governments Surplus or Subsidies Less: Wage deficit less current accruals income surplus of less and Govern- dis- product ment en- burse- accounts terprises ments (-), 160. 6 190. 4 195.0 193. 0 211.0 71.4 89.9 93. 7 87. 1 99. 2 33.7 37. 4 33. 1 32. 0 33. 5 17. 1 18. 6 19. 2 20. 1 20. 1 38.3 44. 4 49. 0 53. 8 58. 2 172. 5 94. 9 185. 7 99. 4 196. 3 98. 3 212. 8 95. 8 233. 1 103. 1 44. 8 50. 7 56.8 69. 8 78. 5 17. 8 19. 2 22.6 27. 0 32. 8 10. 9 12. 3 14. 0 14. 3 13. 5 4. 1 4. 1 175. 0 197. 3 191. 6 199. 1 79. 7 94. 8 92. 4 89. 6 36. 7 36. 6 30. 4 33. 1 18. 0 19. 0 19. 3 20.5 40. 7 46. 9 49. 5 55. 9 181. 5 189. 2 204. 5 220. 8 98. 8 98. 8 96. 5 97. 8 48. 2 52.4 63. 3 75. 0 18. 7 20. 3 24. 5 29. 3 86. 6 89. 8 93. 8 33. 9 34.4 33.2 31. 1 20. 9 20. 2 20. 0 20.8 55. 0 55. 6 56. 1 57.0 212.4 96. 2 221.2 96. 3 222. 2 97. 9 227. 5 100. 7 69. 1 76. 8 76. 3 77. 8 105. 8 107. 3 109. 1 34. 0 35.2 36,9 19.9 19.7 20.2 61.7 62.6 63.8 236.3 105.7 246.5 108. 1 241.6 105.4 79.4 80.4 82.0 196. 4 198.2 199. 1 202. 8 1972: I 221. 4 !!___ 224.9 III»~ 230.0 sa i i Preliminary; based on seasonally adjusted quarterly data, except for contributions, which have been adjusted for change in the tax law. 0.0 4.7 .0 .1 —. 1 .0 -11.9 4. 7 -1. 3 -19. 7 -22. 1 11. 7 13. 1 14. 6 13.6 4. 1 4. 6 5. 5 5. 2 .0 .0 .0 (2) -6.5 8. 1 -12. 9 -21. 7 27. 1 29. 5 29. 8 30. 8 14, 0 13.6 13. 6 13. 3 6. 0 5. 1 4. 6 .0 .0 .0 .1 — 16. 0 -23. 0 — 23. 1 — 24. 7 32. 4 38. 1 34.4 13. 1 13.8 13.6 5. 6 .0 -. 1 -14. 8 — 21. 6 — 11.6 5. 9 5. 3 5.0 6.0 6.2 2 $39 million. Source: Department of Commerce. .0 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U.S. GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC DOCUMENTS WASHINGTON, D.C. 2O4O2 OFFICIAL BUSINESS First-Class Mail Contents TOTAL OUTPUT, INCOME, AND SPENDING The Nation's Income, Expenditure, and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part-Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work—Selected Industries Average Hourly and Weekly Earnings—Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories—Total and Trade Manufacturers' Shipments, Inventories, and New Orders Merchandise Exports and Imports U.S. Balances on Goods, Services, and Transfers U.S. Overall Balances on International Transactions PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY, CREDIT, AND SECURITY MARKETS Money Stock Private Liquid Asset Holdings—Nonfinancial Investors Bank Loans, Investments, Debits, and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices, Yield, and Earnings FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis Page 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 NOTE.—Detail in these tables may not add to totals because of rounding. Unless otherwise stated, all dollar figures are current dollars. P Indicates preliminary and not available. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Price 25 cents per copy, $3 per year; $4 foreign. Domestic air mall, $3.60 additional per year. http://fraser.stlouisfed.org/ 38 Federal Reserve Bank of St. Louis U.S. GOVERNMENT PRIHTIMS OFFICE: 1971