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92d Congress, 2d Session

T

1
i
I n rii • TT^TQ
r*z$ L\JL o
J.I1UL1OCL

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

Less:
Interest
paid and
Total i transfer
payments
to foreigners

E xpenditur es

N et receipts

Surplus

Ppr-

or
Equals: Personal sonal
Less:
Less:
Tax
Total consump- saving
TransTrans- Equals: deficit
and
Purexcludfers,
or
tion
Total
fers,
nontax interest, Equals: expending
chases
expend- disinterest, of goods income
Net
interest itures saving receipts and receipts itures
and
and
or
and
and
product
sub—
accruals sidies 2
transsidies 2 services accounts
fers

473.2
511.9
546. 3
591. 0
634.4
689.5
744.4

1965
1966
1967
1968
1969
1970
1971
1971: I

II

III...

rv___
1972: I

II

III'..

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 invest- eigners
or
or
discrepearnby perEquals: of net
receipts
ancy
ment sons and Exports Less:
investNet
ings 3
Imports exports exports
ment 4
(-)
Govern(-)•
ment

Gross
national
product
or
expenditure

Business

Period

1965
1966
1967
1968
1969
1970
1971

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
National Other and
GNP,
1
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

,
_

Proprietoirs' income
Farm 2

Business
and professional

Rental
income
of
per-

Net
interest

Corpora jQ profits and inventory va luation acIjustment
Total

Profits Inventory
valuation
before
taxes adjustment

1971: I

II

III

rv

_

1
Includes
2

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

_»

1972: I
II
III"

Compensation
of em- 1
ployees

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;




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
Business income
interest
payof
income disburse- income 12 Farm
and pro- persons dends income ments
ments 1
fessional

Less: Personal con- N onagricultural
tributions personal
for social income s
insurance

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 wag and salary disbursemerits and othe r labor iiico me ditl'ers
e
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 personal Durable
dollars
pay- income outlays l goods durable Services
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 ventory dollars dollars 4
2
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 muniAll l before liabilindusgoods
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. .'»

1 Includes all other industries and financial institutions.
2
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. 1
_ 2
.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
force
Non- Unem- (includPeriod
ployagriTotal
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

Labor
Unempl
Unem- rate (peoyment force
rcent of participloycivih'a Q labor pation
ment
for ce)
rate1

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
All
time lost l Over 40
wage and men
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

3. 5*
5'. 0

r>. 9

-

5. 7
5. 5
f). 7
f>. S

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
(>. ;; !1 20, 478
rf ft
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, 107 6 1, 136
1,058
1, 282
fl
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 p
9
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- Seasonjusted ally adjusted

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

Benefil DS paid
Total Average
weekly
(milcheck
lions of
dollars) (dollars)

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

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 durable
goods 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

1970

1971

1972

1970

1969

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,
i ncT =
1957

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 Utilities
ConNonEquip- products
Total Durable durable
Total
sumer
ment
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
distributed (thousands (thousands (thousands assemb led (thoiisands)
(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
commit- appraisals 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

0

Nondurable
goods
stores

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

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'
inventoryshipments
ratio 3

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 (includDomesti 3 exports
Gemjral impc>rts 3
1
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
serv-4
expendices 1
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.
Govern- Private
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
account private special
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,
agencies, net 4
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
Rent
Food
less
NonAll
Durable durable services
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
materials 2
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
ment
mand savings
mand savings
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
Total
liquid
assets

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

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 1 ! 1 I f I 1 |

! 1 I 1 1 1 1 ! I 1T

1970

1971

1968

1967

6

I ! 1 ( f 1 1 f 1 ! !

1969

1 1 1 ! i f 1 1 ! 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

M

1973

COUNCIL OF ECONOMIC ADVISERS

[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 '-

^

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

Mortgage
debt outstanding,
nonfarm,
1- to 4houses 3

182,
197,
212,
223,
236,
251,
266,
280,
307,

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




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

Total

_

6
13
20
27
Nov 3
10
17

—

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

'''^S
-1

—

<^\

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

1 I I *•
1 I I

-

I

i
11 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
1 \
97

-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
Total tax and
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

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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.


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U.S. GOVERNMENT PRIHTIMS OFFICE: 1971