Full text of Economic Indicators : November 1973
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93d Congress, 1st Session
Economic Indicators
November 1973
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1973
ECONOMIC
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
HUGH L. CAREY (New York)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
RICHARD S. SCHWEIKER (Pennsylvania)
JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
COUNCIL OF
HERBERT STEIN, Chairman
WILLIAM J. FELLNER
GARY L. SEEVERS
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
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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 5 5 cents a single copy
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TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $32.5 billion in the third quarter to a seasonally adjusted annual rate of $1,304.5
billion, according to revised estimates. The increase for the second quarter was $29,5 billion and for the first quarter
$43.3 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Disposable personal income
Net receipts
Expenditures
PerLess: Equals:
Less:
Less:
sonal
Tax
Interest Total Personal saving
Trans- Equals:
TransPurpaid and exclud- consumpand
fers,
fers,
or
tion
Equals: Total
nontax
transfer
ing
chases
Net
disinterest expend- saving receipts interest, receipts expend- interest, of goods
payand
itures
and
itures
or
and
and
ments
sub- 2 services
subaccruals sidies 2
transto forsidies
fers
eigners
Period
Total 1
Surplus
or
deficit
<—),
income
and
product
accounts
196719681969_
19701971_
1972_
546.3
591. 0
634.4
691. 7
746. 0
797. 0
13.9
15. 1
16.7
17.9
18.7
20. 7
532. 4
575. 9
617.7
673.8
727.3
776. 2
492. 1
536. 2
579. $
617. 6
667. 2
726. 5
40. 4
39.8
38.2
56. 2
60. 2
49. 7
228. 9
263. 5
296.7
302. 5
322. 0
368. 2
62.8
70.7
77.9
93. 2
105. 9
115. 9
166.2
192.7
218.8
209. 4
216. 2
252. 2
242.9
270. 3
287.9
312.7
340. 2
370. 9
62. 8
70. 7
77.9
93.2
105. 9
115.9
180. 1
199. 6
210.0
219. 5
234. 3
255. 0
1972: I
772.8
785.4
800. 9
828. 7
19. 8
20.3
21. 0
21. 8
753.0
765. 1
779. 9
806. 9
700. 2
719. 2
734. 1
752. 6
52.
45.
45.
54.
9
9
8
4
356.9
363.3
370. 5
382. 0
111. 8
113. 0
114. 0
125. 1
245. 1
250. 3
256. 5
256. 9
362. 2
367.2
368.5
385. 8
111. 8
113. 0
114.0
125. 1
250.
254.
254
260.
3
2
7
7
-5.4
-3.9
2.0
-3.8
1973: I
II
851.5
869.7
891. 1
22. 1
23. 0
24. 1
829. 4
846. 7
867. 0
779. 4
795. 6
816. 0
50. 0
51.0
51. 1
402. 7
414. 7
425. 4
125. 3
127. 8
131. 6
277.4
286. 9
293. 8
393. 9
403. 1
410. 8
125. 3
127.8
131.6
268. 6
275. 3
279. 0
8.9
1L6
14.7
Net
Net exports of goods
and services
StatisExcess of Total
Gross
Excess transfers
to fortransfers income
Gross
tical
of
private
or
retained domestic invest- eigners
or
discrepof net
earnby
ancy
ment sons per- Exports Less: Equals: exports receipts
investings 3
and
Net
ment 4
Imports exports
Government
Gross
national
product
or
expenditure
Business
Period
International
1967.
19681969.
197019711972_
93.0
95. 4
97. 0
97.0
111.8
124. 4
116. 6
126. 0
139.0
136.3
153.2
178.3
-23. 5
-30. 6
-42. 0
-39.3
-41.4
-53. 9
3. 0
2. 9
2.9
3. 2
3.6
3.7
46. 2
50. 6
55.5
62. 9
66.3
73.5
41. 0
48. 1
53. 6
59.3
65.5
78. 1
5. 2
2. 5
1.9
3.6
.8
4.6
1972: !_
117. 3
124. 1
124. 5
131.6
167. 5
174. 7
181. 5
189. 4
-50. 2
-50. 6
-57. 0
-57. 8
3.9
3.8
3.8
3. 5
70.3
69. 9
74. 0
79. 7
75.8
75. 6
77.7
83. 2
5.5
5. 7
3. 8
3. 5
1973: I
II
131.5
132.0
137. 0
194. 5
198.2
202. 0
-63.0
-66. 2
-65.0
3. 0
3.3
3.5
89.7
94.4
97. 0
.0
2. 8
7.6
1
89.7
97.2
104. 5
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government enterprises, and disbursements less wage accruals,
s Capital consumption allowances, corporate inventory valuation adjustment,
undistributed corporate profits, and private wage accruals less disbursements.
Does not include retained earnings of unincorporated business, which are included
in disposable personal income.
-13.9
-6.8
8.8
-10. 1
-18. 1
-2. 8
-2.2
74 6
9.
866. 9
.4
1. 0
936. 3
983. 5
-.4
2.8 1, 058. 8
1, 156. 6
-0. 7
-2.7
-6. 1
-6.4
-3.4
-1.5
793.9
864.2
930.3
977. 1
1, 055. 5
1, 155. 2
1, 119. 3
1, 143. 3
1, 164. 7
1, 198. 9
-6. 7
-1. 0
1. 6
,2
1, 112. 5
1, 1 2 4
4.
1, 166. 5
1, 199. 2
3.0 1, 241. 3
.5 1, 26a 9
-4.0 1, 301. 3
a2
1. 1
1, 242. 5
1, 272, 0
1, 304, 5
9.4
9.4
7.6
7.0
3,3
« Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
8 Net foreign investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the third quarter, gross national product (seasonally adjusted) rose at an annual rate of 10.6 percent, reflecting an
inflation rate of 7.0 percent and an expansion of 3.4 percent in real GNP. The rise in real GNP was somewhat higher
and the price rise somewhat lower than in the second quarter.
BILLIONS OF DOLLARS
1,400
BILLIONS OF DOLLARS
1,400
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
1,000
1,000
300
800
PERSONAL CONSUMPTION
EXPENDITURES
600
600
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
200
T""\
NET EXPORTS OF GOODS
AND SERVICES
J
1967
GROSS PRIVATE DOMESTIC
INVESTMENT
I
I
1968
1969
I
I
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Total
Personal Gross
conTotal
gross
private
sump- domestic
national gross
tion
product national
investin 1958 product expend- ment
itures
dollars
Billions <3f dollars; quarterly
Period
1963
1964
1965
1966
1967
1968
1969
1970__
1971_
1972^
1972: I
II
III
IV
1973: I
II
III
_
551.0
581. 1
617. 8
658. 1
675.2
706.6
725. 6
722. 5
745.4
790. 7
768. 0
785. 6
796. 7
812. 3
829. 8
834. 3
841.3
1
1
1
1
1
1
1
1
1
590. 5
632, 4
684. 9
749. 9
793. 9
864. 2
930. 3
977. 1
055. 5
155. 2
112. 5
142. 4
166. 5
199. 2
242. 5
272. 0
304. 5
375. 0
401.2
432. 8
466. 3
492. 1
536. 2
579. 5
617. 6
667. 2
726.5
700. 2
719. 2
734. 1
752. 6
779. 4
795. 6
816.0
87. 1
94. 0
108. 1
121. 4
116. 6
126. 0
139. 0
136. 3
153. 2
178. 3
167.5
174. 7
181. 5
189. 4
194. 5
198. 2
202.0
1
This category corresponds closely with budget outlays for national defense,
shown on p. 36.
2
Gross national product in current dollars divided by gross national product
in 1958 dollars.
1973
1972
1971
1970
Net
exports
of goods
and
services
Government • Durchases of good s
services
Federal
Total
Total National Other
defense1
and
Implicit
price
deflator
State
for total
and
GNP,
local
1958=1002
data at s easonall;y ad juste>d annual rates
5.9
8.5
6.9
5. 3
5. 2
2. 5
1.9
3. 6
.8
-4.6
-5.5
-5. 7
-3. 8
-3. 5
.0
2. 8
7.6
122. 5
128. 7
137.0
156. 8
180. 1
199. 6
210. 0
219. 5
234. 3
255. 0
250. ?
254. 2
254. 7
260. 7
268. 6
275. 3
279.0
64. 2
65.2
66. 9
77.8
90.7
98. 8
98. 8
96. 2
98. 1
104. 4
106. 0
106. 7
102. 3
102. 7
105. 5
107. 3
106.8
Source: Department of Commerce.
50. 8
50.0
50. 1
60. 7
72.4
78. 3
78,4
74. 6
71. 6
74. 4
76. 5
76.6
71. 9
72. 4
74. 3
74. 2
74.2
13. 5
15.2
16. 8
17. 1
18. 4
20. 5
20. 4
21. 6
26. 5
30. 1
29. 5
30. 1
30.4
30. 3
31. 2
33. 1
32.7
58. 2
63. 5
70. 1
79. 0
89. 4
100. 8
111. 2
123. 3
136. 2
150. 5
144. 3
147. 5
152. 4
158. 0
163. 0
168. 0
172.2
107. 17
108. 85
110. 86
113. 95
117. 59
122. 30
128. 20
135. 24
141. 60
146. 10
144. 85
145. 42
146. 42
147. 63
149. 81
152. 46
155. 06
NATIONAL INCOME
A $30 billion (seasonally adjusted annual rate) rise in national income in the third quarter reflected larse increase
in employee compensation, farm proprietors1 income, and corporate profits plus inventory valuation adjustment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
900
900
800
800
700
700
COMPENSATION OF EMPLOYEES
600
600
500
500
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100
100
1967
1971
1972
1973
SOURCE: DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compensation
of employees 1
Proprieto rs? income
Farm 2
Business
and professional
Rental
income
of
per-
Net
interest
Corpora }e profits and inventory va luation acIjustment
Total
Profits
before
taxes
Inventory
valuation
adjustment
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
481. 9
518. 1
564.3
620. 6
653. 6
711. 1
766. 0
800. 5
859. 4
941. 8
341.0
365.7
393.8
435. 5
467. 2
514. 6
566. 0
603. 9
644. 1
707. 1
13. 1
12.1
14.8
16. 1
14. 8
14. 7
16.7
16. 9
16. 8
20. 2
37. 9
40.2
42.4
45. 2
47. 3
49. 5
50. 5
50. 0
51. 9
54. 0
17. 1
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23.9
24. 5
24. 1
13. 8
15.8
18.2
21. 4
24. 4
26. 9
30. 5
36. 5
42. 0
45. 2
58. 9
66.3
76. 1
82. 4
78. 7
84. 3
79. 8
69. 2
80. 1
91. 1
59. 4
66.8
77.8
84. 2
79. 8
87. 6
84. 9
74. 0
85. 1
98. 0
-0.5
— .5
— 1. 7
— 1. 8
— 1.1
-3.3
-5. 1
-4. 8
-4. 9
-6. 9
1972: III—
III
IV
911.
928.
949.
978.
0
3
2
6
684. 3
699. 6
713. 1
731. 2
19. 5
19. 9
19. 8
21. 8
53. 1
53. 3
54. 3
55. 3
24. 1
22. 6
24. 9
24. 9
43. 9
44. 8
45. 7
46. 6
86. 2
88. 0
91. 5
98. 8
92. 8
94. 8
98. 4
106. 1
-6.6
-6. 7
-6. 9
-7. 3
1973: I
II
III v
1, 015. 0
1, 038. 2
1, 067. 8
757. 4
774. 9
794.0
24. 3
24. 4
27. 1
56. 3
57. 1
57.9
24. 7
24. 6
25. 3
47. 9
49. 4
51. 1
104. 3
107.9
112. 4
119. 6
128. 9
129.4
-15. 4
-21. 1
-17.0
1
2
Includes employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
Personal income rose $9.2 billion (seasonally adjusted annual rate) in October, somewhat less than the rise in August
and September. Wages and salaries rose $6.3 billion, of which $1.5 billion reflected the pay increase for Federal
workers (military and civilian) that went into effect in early October.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
TOTAL PERSONAL INCOME
800
800
WAGE AND SALARY DISBURSEMENTS
— \ . JL
600
-
600
400
400
OTHER INCOME
18,«»IHH»»»
,IUlll»»»tf«»tUH!
l, , , , ,. . . . i " ' "
t , , , . i . . \ .« "" '
200
200
uiBtnemitmotiiii
TRANSFER PAYMENTS
l i i t i I I i ill
1967
1968
f ! M 1 I 1 ] \ I1
1969
I ! \ 1 \ || i ! ! 1
1970
SOURCE.- DEPARTMENT OF COMMERCE
Period
Total
personal
income
1965
538.9
1966
587. 2
1967
629. 3
1968
688. 9
1969
750.9
1970
808. 3
863. 5
1971
1972
939.2
1972: Sept
951. 3
Oct
967. 0
Nov
977.6
Dec
983.6
1973: Jan
989. 1
Feb
997. 4
Mar
1, 003. 3
Apr
1, Oil. 6
May. _ _ 1, 018. 7
June
1, 02a 6
July
1, 035. 6
Aug
1, 047. 3
Sept
1, 058. 5
Oct *»___ 1, 067. 7
! t t t I I 1 t I f 1
I ! I I t I I !\ I 1
1972
1973
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
7
Wage
Rental
Other Propriet ors income income
and
Divi- Persona] Transfer
salary
labor 2
Business
paydends interest ments
of
disburse- income * Farm
and pro- persons
income
ments *
fessional
18.7
358.9
14.8
42.4
19.0
38.7
19.8
39.9
45.2
394.5
16. 1
44. 1
20.7
20. 0
20. 8
43. 6
22. 3
21. 1
47. 3
21.4
423. 1
14.8
51. 8
48. 0
21. 2
25. 4
14.7
464. 9
49. 5
23. 6
52. 9
59. 6
28.4
16.7
22. 6
509. 7
50.5
24. 3
59. 3
65. 8
32.2
542. 0
50. 0
24. 7
16. 9
23. 9
67. 5
79.1
573. 3
36. 6
16. 8
51. 9
24.5
25. 1
73. 0
93. 2
20.2
24. 1
40. 7
54. 0
627. 8
26. 0
103. 0
78. 0
41. 6
20. 3
638.7
54.3
25. 1
26. 2
78. 9
101. 4
42. 0
20. 8
643. 8
55. 1
25. 1
79. 6
109. 7
26. 3
648.4
42. 3
22. 4
55. 1
24. 7
80. 4
113. 7
26. 3
654. 0
42. 7
22. 3
55. 6
24. 9
112. 6
26.5
81. 1
661.7
43. 0
24. 0
56. 1
24. 8
112. 5
26.8
81. 9
667.2
43. 3
24. 3
56. 3
24. 8
82. 6
113. 8
26. 9
24. 6
671. 1
43.6
56. 4
24. 6
27. 0
83. 4
114. 5
24. 2
43. 9
677.6
56. 8
24. 3
27. 3
84. 5
115. 3
44. 2
24. 4
682. 0
57. 1
24. 6
27. 3
85. 7
115. 9
44. 5
68a 2
24. 6
57. 3
24. 9
116. 0
27. 4
86. 5
693.2
44. 8
25. 9
57. 8
25. 0
116. 9
27. 6
87. 8
58. 0
698. 9
45. 3
27. 1
89.0
25. 3
28. 2
119. 0
706.0
45. 8
28. 3
58. 1
25. 5
120. 2
28. 3
90. 3
712. 3
58. 2
46. 2
28. 3
91. 2
121.4
28. 5
25. 6
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.
4
1971
Less: Personal contributions
for social
insurance
13.4
17. 7
20. 5
22. 8
26. 3
28. 0
30. 9
34. 7
35. 2
35. 4
35. 7
35. 9
41. 7
41. 9
42. 0
42. 4
42. 5
42. 8
43. 4
43. 6
43. 9
44.0
N onagricultural
personal
income 3
519.5
566. 3
609. 4
668. 8
728. 3
784.8
839. 8
911. 5
923. 6
938. 8
947. 7
953. 6
957. 4
965. 3
970. 9
979. 5
986. 4
994. 2
1, 001. 8
1, 012. 1
1, 021. 8
1, 030. 8
Personal income exclusive of net income of unincorporated farm enterprises
farm wages, agricultural net interest, and net dividends paid by acricultura
corporations.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
In the third quarter, disposable personal income (seasonally adjusted) rose by the same amount as personal outlays,
resulting in almost no change in personal saving. Real per capita disposable income also increased a little, and was
4.4 percent above a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
DISPOSABLE PERSONAL INCOME
500
400 I/I/—!
I
L
DOLLARS
4,500
PER CAPITA DISPOSABLE PERSONAL INCOME
DOLLARS
4,500
SEASONALLY ADJUSTED ANNUAL RATES
4,000
3,500
3,000
2,500
2,000
1967
1973
1968
COUNCIL OF ECONOMIC ADVISERS
SOURC& DEPARTMENT OF COMMERCE
Period
Less:
PerPersonal
sonal tax and
income nontax
payments
Per cap ita disL ess: Perso nal outlayfS
posable personal
Equals:
Persorlal consuroption
Equals:
incc>me
Disex penditure s 2
Personal
posable
Total
saving
personal personal Durable NonCurrent
1958
durable Services
income outlays 1
dollars dollars
goods
Billions of dollars
1965_
1966
1967
1968 _ _ _
1969_
1970
1971
1972
538. 9
587. 2
629. 3
688. 9
750. 9
808. 3
863. 5
939. 2
65.7
75.4
83. 0
97. 9
116. 5
116. 6
117.5
142. 2
473. 2
511. 9
546. 3
591. 0
634. 4
691. 7
746. 0
797. 0
444. 8
479. 3
506. 0
551. 2
596. 2
635. 5
685. 8
747.2
66.3
70. 8
73. 1
84. 0
90. 8
91. 3
103. 6
117. 4
Saving
as percent of
disposable
personal
Population
(thousands) 3
( percent)
Dol [ars
191.
206.
215.
230.
245.
263.
278.
299.
1
9
0
8
9
8
7
9
28.4
32. 5
40. 4
39. 8
38. 2
56. 2
60. 2
49.7
2,436
2,604
2,749
2,945
3, 130
3,376
3,603
3, 816
2, 239
2, 335
2,403
2,486
2, 534
2, 610
2,680
2, 767
6.0
6.4
7.4
6. 7
6.0
8. 1
8. 1
6. 2
194,
196,
198,
200,
202,
204,
207,
208,
303
560
712
706
677
879
045
842
0
2
6
0
52. 9
45. 9
45. 8
54. 4
3, 711
3,765
3, 831
3, 955
2,
2,
2,
2,
716
740
771
841
6. 8
5. 8
5. 7
6. 6
208,
208,
209,
209,
259
634
058
514
325. 0
332. 6
341. 6
50.0
51. 0
51. 1
4, 057
4, 137
4, 231
2, 878
2, 877
2, 894
5. 9
5. 9
5.7
209, 871
210, 221
210, 618
175.5
188. 6
204. 0
221. 3
242. 7
262. 6
284. 9
309. 2
Seasc nally adjiisted annu a I rates
1972: I _ _ .
II__
III..
IV..
910.
926.
943.
976.
8
1
7
1
1973: I.... 996. 6
II... 1,019.0
III- 1,047.1
138.
140.
142.
147.
0
7
8
4
145. 1
149. 3
156.0
772.
785.
800.
828.
8
4
9
7
851. 5
869. 7
891. 1
720.
739.
755.
774.
0
5
1
3
111. 5
115. 1
120. 2
122. 9
288.
297.
302.
310.
801. 5
818. 7
840. 1
132. 2
132. 8
132. 8
322. 2
330.3
341. 6
includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
» See p. 2 for total personal consumption expenditures.
8
9
3
7
300.
306.
311.
319.
8
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, Interpolated from monthly data.
_
_
^
A ,
Source: Department of
FARM INCOME
In the third quarter, net farm income excluding inventory change (seasonally adjusted) rose 4 percent and including
inventory change 10 percent. Real net income per farm was 24 percent higher than a year earlier.
BILLIONS OF DOLLARS
1 100
BILLIONS OF DOLLARS
100
SEASONALLY ADJUSTED ANNUAL RATES
80
80
REALIZED GROSS
FARM INCOME
60
60
40
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
J
1968
1969
SOURCE: DEPARTMENT OF AGRICULTURE
]'ncome re ceived fro m farmingr
Net t(3 farm
oper ators
Realize d gross
1965
1966
1967
1968
1969
1970
1971
1972
1974
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total i arm popu lation
Period
L
1973
1972
1971
1970
From
all
sources
From
farm
sources
23. 6
24. 9
24. 0
25. 1
27. 6
28. 3
29. 2
34. 0
13. 5
14. 4
13. 1
13. 2
14. 9
15. 1
15. 2
18. 1
From
nonfarm
sources
Net inc ome per
farm incl uding net
inventor3r change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total l
ventory ventory dollars dollars 4
2
marketchange change
ings
Billions c)f dollars
Dollars
1|
10. 0
10. 5
10. 9
11. 9
12. 7
13. 2
14. 0
15.9
44. 9
49.7
49. 0
50. 9
55. 6
57. 8
59. 7
68. 9
39.3
43.3
42. 7
44. 1
48. 1
50. 5
52. 8
60. 7
30.9
33. 4
34. 8
36. 2
38. 8
41. 0
44. 5
49. 2
14. 0
16. 3
14. 2
14. 7
16. 8
16.8
15.2
19.7
15. 0
16. 3
14. 9
14. 8
16. 9
16. 9
16. 9
20.3
4,465
4, 990
4, 707
4,828
5,620
5, 725
5, 817
7, 089
4, 700
5,092
4, 707
4,642
5, 156
5,022
4, 888
5, 717
19. 6
20. 0
19. 9
21. 9
24. 4
24. 7
27. 2
6,
6,
6,
7,
8,
8,
9,
5, 600
5, 620
5, 540
6, 060
6, 580
6,410
6, 860
Seaso natly adju $ted annii ai rates
1972: I
!!___
III
IV
1973: I
II
III
1
Cash receipts irom marketings, Government payments, and nonmoney income furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
3
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
65. 8
68. 1
68. 7
72. 8
79.8
82. 5
91. 4
57. 8
59. 8
60. 5
64. 6
72. 4
75.5
84. 5
47. 0
48. 8
49. 4
51. 5
55. 8
58. 0
65. 9
18. 8
19. 3
19. 3
21. 3
24. 0
24. 5
25. 5
830
970
930
630
620
720
610
* 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
Although corporate profits before taxes rose only $% billion (seasonally adjusted annual rate) in the third quarter,
the rise including inventory valuation adjustment came 'o $4% billion, according to preliminary estimates. A leveling
out in after-tax profits brought to a halt 10 straight quarters of increases.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
160
40
40
20
20
SOURCE:
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Con)orate pr ofits
Period
All
Industries
(befc)re taxes) and inveritory
valuation adjustme at
TransM anufactui ing
portation,
comNonDurable durable muniAll
goods
cation, other 1
goods
Total indusand
tries
public
tries
utilities
39. 3
22. 8
16. 6
25.6
11. 1
42.6
24. 0
18. 6
27.9
11. 9
38. 7
20. 7
18. 0
29. 1
10. 8
41.7
22. 4
19. 3
32. 0
10. 6
36. 6
18.8
17.7
33. 1
10. 1
27.8
10.5
17. 3
33. 7
7.8
32.5
14.7
17.8
39. 1
8. 6
40. 1
20.2
20.0
41.7
9. 3
1965
1966
1967
1968 _ ___
1969___ _ _
1970
1971
1972 ___
76. 1
82.4
78.7
84. 3
79.8
69. 2
80. 1
91. 1
1972: I
86. 2
88. 0
91. 5
98.8
37.3
38.7
39.9
44. 7
18. 7
20.2
19.5
22. 3
18. 6
18.5
20. 4
22.4
8.5
8. 9
9.8
9.9
1973: !.___ 104. 3
II. - 107. 9
49.7
52. 4
26.9
28. 5
22.8
23. 9
9.2
8. 5
II
III..
IV__
III*>_ 112.4
Corpo- Corporate
rate
tax
profits
before liabiltaxes
ity
Total
DiviUndend distributed
payments profits
Corporate
capital
consumption
allow-2
ances
Profits
plus
capital
consumption
allowances 3
77. 8
842
79. 8
87. 6
84. 9
74. 0
85. 1
98. 0
31. 3
34.3
33.2
39.9
40. 1
34. 8
37.4
42. 7
46. 5
49. 9
46. 6
47. 8
44. 8
39.3
47.6
55. 4
19. 8
20.8
21.4
23. 6
24. 3
24. 7
25. 1
26. 0
26. 7
29. 1
25.3
24. 2
20. 5
14. 6
22. 5
29. 3
36. 4
39. 5
43. 0
46. 8
51.9
56. 0
60. 4
65. 9
82.9
89. 5
89. 6
94. 6
96.8
95. 2
108. 0
121. 3
40. 4
40. 4
41. 7
44. 3
92. 8
94. 8
98.4
106. 1
40. 6
41. 4
42. 9
45. 9
52. 2
53.4
55. 6
60. 3
25.7
25. 9
26. 2
26. 4
26.5
27. 5
29. 4
33. 9
63. 4
66. 2
66. 0
68. 0
115. 6
119. 6
121. 6
128. 3
45. 4
47.0
119. 6
128. 9
129. 4
52. 7
57. 4
57.9
66. 9
71.6
71.5
26. 9
27. 3
28. 1
40. 0
44. 2
43.5
69. 3
70. 5
71.8
136.2
142. 1
143. 3
1 Includes all other industries and financial institutions.
2z Includes depreciation and accidental damages.
Corporate profits after taxes plus corporate capital consumption allowances.
24-444°—73-
CoriDerate pr ofits
a fter taxe s
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose moderately in the third quarter mainly because of the rise in nonresidentsa!
fixed investment. Residential construction outlays edged down for the first time in over 3 years while inventory
investment was unchanged, according to revised estimates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
200
50
50
1967
SOURCES:
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVIScf
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed im/estment
Period
Total
gross
private
domestic
investment
Resid ential
struc tures
N<mresident ial
Total
Struc tures
Total
Total
Nonfarm
Produce rs? durable equ ipment
Total
Nonfarm
Total
Nonfarm
Change in business in\ entories
Total
Nonfarm
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
87. 1
94.0
108. 1
121. 4
116. 6
126. 0
139.0
136. 3
153. 2
178. 3
81. 3
88. 2
98. 5
106. 6
108. 4
118. 9
131. 1
131.7
147. 1
172. 3
54. 3
61. 1
71.3
81. 6
83. 3
88. 8
98. 5
100. 6
104.4
118.2
19. 5
21.2
25. 5
28. 5
28. 0
30. 3
34.2
36. 1
37.9
41.7
18. S
20.5
24. 9
27. 8
27. 3
29. 6
33.5
35.3
37.0
40.8
34.8
39. 9
45. 8
53. 1
55. 3
58. 5
64. 3
64. 4
66.5
76. 5
31. 2
36.3
41. 6
48. 4
50. 0
53. 6
59. 2
58.9
60. 9
69. 8
27.0
27. 1
27. 2
25. 0
25. 1
30. 1
32. 6
31. 2
42.7
54. 0
26. 4
26. 6
26. 7
24. 5
24. 5
29. 5
32. 0
30. 7
42. 2
53. 5
1972: I
II
III
IV
167. 5
174. 7
181. 5
189. 4
165. 8
169. 2
172. 9
181. 2
114. 0
116. 3
118. 3
124. 3
41. 0
41. 5
41. 3
43. 0
40. 1
40. 6
40. 4
42. 1
73. 1
74. 9
77. 0
81. 2
67. 3
68. 9
69. 8
73. 4
51. 8
52. 8
54. 5
56. 9
51. 2
52. 3
53. 9
56. 4
5. 5
8. 7
8. 2
4.8
8.4
1973:1
II
III
194. 5
198. 2
202. 0
189. 9
193.7
197.3
130.9
134. 1
138.0
45. 3
47.2
49. 5
44. 4
46. 3
48. 5
85. 5
86. 9
88. 6
77. 8
78. 4
80. 0
59. 0
59. 6
59. 2
58.4
59. 1
58.6
4.6
4.5
47
4. 4
3. 2
Source: Department ©f Commerce.
8
5. 9
5.8
9. 6
14. 8
8. 2
7. 1
7.8
4. 5
6. 1
6. 0
1.7
5.1
6.4
8. 6
15.0
7. 5
6. 9
7. 7
4. 3
4. 5
5. 6
1. 4
7. 9
4.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen in the July-August survey projected a 13 percent rise in plant and equipment expenditures from 1972
to 1973. Outlays were expected to show a strong rise from the first to the second half of this year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED AhMJAL RATES
100
100
TOTAL NEW PLANT AND EQUIPMENT
80
30
60
60
NONMANUFACTURING
40
40
MANUFACTURING
t
I . I
1970
20
1968
1967
1969
t
t
y
\
y
A
20
1973
1972
1971
V SEE FOOTNOTE 3 BELOW.
SOURCE' DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Nronman ufacturki g
M a-nufactur ing
Period
Trarisportat ion
Total *
Total
1965
1966
1967
1968
1969
1970
1971
1972
1973 3
1972: I
II
III
IV
1973: I
II
III»
IV 3
54. 42
63. 51
65.47
67. 76
75.56
79.71
81. 21
88. 44
100. 20
86.79
87. 12
87.67
91.94
96. 19
97. 76
101. 88
104. 36
23. 44
28. 20
28. 51
28. 37
31.68
31. 95
29. 99
31. 35
37. 44
30.09
30. 37
30. 98
33. 64
35. 51
36. 58
38. 18
39.05
Durable
goods
Nondurable
goods
Total
11.50
14.06
14.06
14. 12
15.96
15. 80
14. 15
15. 64
19.07
15. 06
14. 77
15. 67
16.86
17. 88
18.64
19.52
19.98
11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18.38
15.02
15. 60
15. 31
16. 78
17.63
17.94
1R66
19.08
30. 98
35. 32
36. 96
39.40
43. 88
47. 76
51. 22
57. 09
62. 75
56. 70
56. 75
56. 70
58.30
60.68
61. 18
63.70
65.30
1
Excludes agricultural business; real estate oper itors; medic.*lf legal, edu cationalj and cultural service and nonpro fit organizati DBS.
2
Includes trade, service, construction , finance, am3 insurance,
3
Estimates based on ex]Dected capiteil expenditur es as report ed by busin ess
in late July and August 1 973. Includes adjustmen ;s when necc ssary for sys tematie tendencies in expecta tions data.
Mining
1. 46
1. 62
1. 65
1.63
1. 86
1. 89
2. 16
2. 42
2.83
2.42
2. 38
2. 40
2.46
2. 59
2.77
3.00
2,94
Railroad
Air
1. 99
2. 37
1. 86
1. 45
1. 86
1. 78
1. 67
1. 80
2. 01
2. 10
1. 88
1. 50
1. 71
2. 11
L75
2. 03
2. 16
1. 22
1.74
2. 29
2. 56
2.51
3.03
1. 88
2. 46
2. 34
1.96
2. 89
2. 67
2. 33
2. 21
2. 72
2. 37
2. 05
ComPublic muni- Comutilities cation mercial
and
Other
other 2
1.68
1. 64
1.48
1. 59
1. 68
1. 23
1. 38
1. 46
1. 54
1. 48
1. 53
1. 41
1. 42
1.53
1. 62
1. 72
1. 33
6. 13
7.43
& 74
10. 20
11. 61
13. 14
15. 30
17. 00
19. 36
16.92
16.60
17. 01
17. 53
18. 38
18. 08
19. 84
20. 96
5. 30
13. 19
14. 48
6. 02
6. 34
14. 59
6.83
15. 14
8. 30
16. 05
10. 10
16. 59
10. 77
18. 05
20. 07
11. 89
13. 24
21. 4.4
20. 10
11.71
11. 59
19. 88
11.56
20. 16
12. 63
20. 21
12. 34
21. 53
21. 55
^12. 70
34/ 74
35. 86
N OTE. — Anrniial total is the sum of unadjtisted expeiiditures; it does not
nece ssarily coliicide with 1 he averag e of season?illy adjuste d figures.
Tlaese figures do not agre<a with the totals inclu ded in the p-oss natioilal product
estiinates, printripally beesrase the 1?itter cover agricultura [ investmerit and also
certejan equipm snt and con struction outlays chjirged to cu rrent expen se.
fin nrr>.<v Op.na rt.mfin t of C 1 rim m p.rp.p
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Civilian employment (seasonally adjusted) increased by 568,000 to 85.7 million in October. Employment increased
in the nonagricultural sector (467,000) and, reversing a 2-month decline, increased in the agricultural sector
(101,000). Unemployment declined by 207,000, to 4.1 million, the lowest level since June 1970.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
uNE/^ LoY^A ENIT
3
t E;kS Dh•4A LL r
R/aE
AC)JL 51 ED
-
- ~
-
--
;
19<:>7
i
1 95C)
96?\
97:I
9 71
19,7Q
t
*16 YEARS OF AGE AMD OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1969___
1970___
1971 __
1972*__
Total
labor
force
(including
Armed
Forces)
84,
85,
86,
88,
240
903
929
991
77,
78,
79,
81,
902
627
120
702
Nonagricul-
Unemployment
Thous ands of
74, 296 2,832
75, 165 4, 088
75, 732 4, 993
78, 230 4, 840
Total
labor
force
(including
Armed
Forces)
oersons 16
84, 240
85, 903
86, 929
88, 991
Unadji ^sted
1972:
Sept*
Oct..
Nov_
Dec__
1973:
Jan__
Feb__
Mar*
Apr__
May.
June_
July_
Aug_
Sept__
Oct..
89,
89,
89,
89,
098
591
400
437
88, 122
89, 075
89, 686
89, 823
89, 891
92, 729
93, 227
92, 436
91, 298
92, 046
82,
82,
82,
82,
034
707
703
881
81, 043
81, 838
82, 814
83, 299
83, 758
85, 567
86, 367
85, 921
84, 841
85, 994
Civilein emplc yment
Civilian
labor
force
Total
Agricultural
Nonagricul-
years of age and o ver
80, 734 77, 902 3, 606 74, 296
82, 715 78, 627 3, 462 75, 165
84, 113 79, 120 3,387 75, 732
86, 542 81, 702 3,472 78, 230
<.Seasonally adjusted
b
19 73
Labor
Unem- Unemp] oyrnent force
rcent of
ploy- rate (pen labor particicivilia
ment
pation
for ce)
rate1
i
Percent
2,832
4, 088
4,993
4, 840
3. 5
4. 9
5. 9
5. 6
Unadjusted
4,810
4, 839
5. 4
5. 1
4. 9
4.7
5. 5
5. 5
5.2
5. 1
61. 2
61. 2
61. 0
61. 1
5.5
5. 6
5.2
4. 8
4.3
5. 4
5. 0
4. 7
4. 7
4. 2
5.0
5. 1
5. 0
5. 0
5. 0
60. 7
61. 1
376
986
340
719
4,
4,
4,
4,
658
470
266
116
89, 471
89, 651
89, 454
89, 707
87,
87,
87,
87,
066
236
023
267
82, 256
82, 397
82, 525
82, 780
3, 579
8, 658
3, 556
3, 650
78, 677
78, 739
78, 969
79, 130
78, 088
78, 882
79, 683
80, 004
80, 291
81, 514
82, 201
82, 095
81, 406
82, 469
4,
4,
4,
4,
3,
4,
4,
4,
4,
3,
675
845
512
174
799
847
550
208
165
763
89, 325
89, 961
90, 629
90, 700
90, 739
91, 247
91, 121
90, 958
91, 694
92, 053
86, 921
87, 569
88, 268
88, 350
88, 405
88, 932
88, 810
88, 651
89, 403
89, 764
82, 555
83, 127
83, 889
83, 917
84, 024
84, 674
84, 614
3, 501
3,424
3,480
3, 311
3, 275
3,403
3,516
3,443
3, 370
3, 471
79, 054
79, 703
80, 409
80, 606
A, 379
81, 271
81, 098
80, 991
81, 757
82, 224
4, 381
4, 258
4, 196
4, 217
4, 276
4, 069
78,
78,
79,
79,
1
Total labor force as percent of noninstitutional population 16 years of age
and over.
Source: Department of Labor,
10
r
COUNCIL OF ECONOMIC ADVISERS
Civiligin employ nient
Total
-,
84, 434
85, 127
85, 695
so, 749
4, 498
4,487
4, 366
4,442
4, 433
i
61. 1
61. 3
61. 0
61.0
Seasc nally
adju sted
4. 8
4. 7
4.8
4.8
4.5
61. 4
61. 4
61.3
61. 6
61. 4
61. 2
61. 6
61. 8
*Data beginning January 1972 not strictly comparable with prior data because \
of adjustment to 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment. A further adjustment in March 1973
added 60,000 to the labor force and to employment.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
In October fhe unemploymenf rate (seasonally adjusted) declined by 0.3 percentage point to 4.5 percent. This is a
decline of 1.0 percentage points since October 1972. The unemployment rate for married men was 2.1 percent for
the fourth consecutive month. Labor force time lost again declined by 0.1 percentage point, to a level of 5.0 percent.
PERCENT
PERCENT
10
110
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
/
//
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
1973
1967
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Onernploymen t rate
(percen t of civili an labor
for ce in groiip)
Period
Experi- Married Labor
force
enced
All
time lost ]
wage and men
(wife
workers salary
workers present)
Per cent
1969
1970
1971. .
1972
3.5
__
1972: Sept
Oct
Nov
Dec
1973: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept _ .
Oct
1
4. 9
5. 9
5. 6
3. 3
1. 5
4.8
2.6
5. 7
3. 2
5. 3
2. 8
Seasonal! ?/ adjusted
5. 2
2. 8
5.6
2. 8
5. 5
5. 2
2.5
5. 2
4.9
4.8
5. 1
2.4
5.0
5. 1
5. 0
5. 0
5. 0
4.8
4.7
4.8
4.8
4.5
4.6
4. 7
4.6
4.7
4.6
4.8
4.4
4.4
4. 5
4.2
2.4
2.4
2. 5
2.4
2. 3
2. S
2. 1
2. 1
2. 1
2. 1
3. 9
5. 3
6. 4
6.0
5. 8
5. 8
5.4
5. 3
5. 8
5.4
5. 2
5. 3
5. 3
5. 1
5. 2
5. 2
5. 1
5. 0
Persons at work i n nonagri cultural iridustries
bv hours worked j)er week 2
Uiider 35 he urs
Part-ti me for
Part-ti me for
economi c reasons economi c reasons
Over 40 35-40
hours
Total
hours
Usually Usually Usually Usually
fullpartfullparttime 4
time 3
time 4
time 3
T ho us ands of pers ons 16 ye ars of age and over
20, 608 34, 201 15. 210
855
955
18, 925 33, 537 18, 222
995
1, 201
19, 095 35, 752 16, 298
1, 184
1, 256
20, 320 36, 794 16, 549
1, 327
1, 081
I Jnadjustec I
Seasonall il adjusted
21,881 37? 409 15, 176
1} 107
1, 136
1, 070
1,277
20, 735 33, 864 20, 979
980
1, 086
1,237
1,027
21, 404 37, 566 17, 379
946
1, 065
1, 025
1, 192
1, 073
21, 740 37, 483 17, 543
917
1,213
968
19, 527 35, 819 18, 557
951
948
893
1, 130
1,020
20, 311 35, 844 19, 305
1,068
1, 020
1,254
21, 485 37, 537 17, 378
967
1, 096
940
1,258
20, 968 37, 983 18, 000
962
987
966
1, 149
37, 904 17, 239
1, 031
21, 966
949
1, 216
1,04®
1,772
21,467 38, 306 15,714
1, 195
1,083
1,420
1, 192
20, 424 37, 040 14, 283
1,129
1,886
1,222
20, 503 37, 125 14, 326
1, 315
1, 567
1, 190
1, 109
22, 631 38, 451 16, 172 5 1, 126 5 1, 092
1,090
1,228
21, 797 34, 956 22, 136
1, 046
1, 108
1,098
1,263
Man-hours lost by the unemployed and persons on part-time for economic
reasons as a percent of potentially available labor force man-hours.
2
Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or jeb terminated.
4
Primarily
6
includes persons who could find only part-time work.
Average hours worked: usually full-time, 23.7; usually part-tune, 19,1.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In October, insured unemployment under State programs averaged 65,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate was 2.7 percent for the seventh month in a row.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
JSTATE PROGRAMS!
JAR
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
SOURCE* DEPARTMENT Of lABOt
Not charted.
12
Stiate progrsims
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment
(weekly
lions
ment
averof dolage)
lars)
Period
1
DEC
COUNCIL OF ECONOMIC ADVISERS
A 11 prograrns
1969
1970
1971 9
1972^
1972: Sept"
Oct 9
Nov*
_ '
Dee*
1973: Jan * _ _ _
Peb*
Mar »
•'
Apr355..
• May
• • June v
' ••
• July *___ __
• Aug **__
Sept*
Oct *L_ •
Week ended:
1973: Oct 13
20
___«
27
Nov 3 » _ _ _ • ..
< 10»
NOV.
Thou sands
59, 999
1, 177
59, 526
2, 070
59, 375
2, 313
2, 185
1,554
1,512
1,692
1, 994
2, 332
2,250
2,075
1,828
1, 610
1,522
1,645
1,563
1,439
1,428
'
1, 469
1,435
1,489
1 S 496
2, 298. 6
4, 179. 1
5, 498. 2
5, 000. 0
313. 5
311. 4
338.7
372. 1
522. 1
458. 9
459.4
401. 6
378. 0
334. 7
320. 1
324. 6
312. 1
309. 3
Initial
claims
InsurecI unemploymerit as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonjusted ally adjusted
Weekly iaverage, t tiousands
1, 101
200
16
1,805
296
25
2, 150
295
38
1,850
265
37
1, 388
29
190
1, 357
214
26
1, 507
253
28
1, 801
324
28
2, 124
331
33
2,069
32
249
1,898
213
33
1, 669
216
33
1,465
193
30
206
1, 383
29
1,505
274
30
216
31
1, 436
1,299
185
29
1,292
210
31
Per cent
2. 1
3. 4
4. 1
3.5
2.6
2. 5
2.7
3.3
3.8
3.7
3.4
2. 9
2. 5
2. 4
2.5
2.4
2. 1
2. 1
1,302
1, 283
1,332
1
1, 338
2. 1
2. 1
2. 1
2.1
207
208
201
230
278
Source: Department of Labor.
3.4
3.4
3.3
S.O
2. 7
2.8
2. 8
2. 7
2. 7
2. 7
2. 7
2. 7
2. 7
3.7
Benefi ts paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 127. 9
3, 848. 5
4, 957. 0
4, 550. 0
280. 1
280.3
307. 2
342. 0
465. 3
415. 0
440. 9
361. 6
337.5
316. 9
298. 7
301. 4
289. 1
287.6
46. 17
50.34
54.02
57.00
60. 16
56.95
57.59
58. 35
58. 69
59.08
59. 09
58. 96
58.06
57.26
57. 31
58. 61
58. 63
58. 66
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment increased by 305,000 (seasonally adjusted) to 76.3 million in October. This
is an increase of 751,000 since June 1973. Employment increased in October in the private manufacturins sector
(105,000) and the private nonmanufacturing sector (175,000).
MILLIONS OF WAGE
AND SALARY WORKERS {SEASONALLY ADJUSTED}
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
76
16
(ENLARGED SCALE)
72
14
WHOLESALE AND RETAIL TRADE
-ALL NONAGRICULTURALESTABLISHMENTS
68
i
44
12
i
SERVICES
NONMANUFACTURING
(PRIVATE)
40
\
DURABLE
MANUFACTURING
12
36
10
24"
NONDURABLE
MANUFACTURING
MANUFACTURING
20
16
GOVERNMENT
CONTRACT
CONSTRUCTION
12
1970
SOURCE;
1971
1972
1970
1973
1972
1971
1973
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF LABOR
[Thousands of wage and salary workers;1 seasonally adjusted]
N onmanu facturing 5 (private)
Manufac ;turing ( private)
|
Period
Total
1967
1968
1969
1970
1971
1972
1972: Sept.
Oct..
Nov.
• Dec..
1973: Jan..
Feb__
Mar.
Apr
MayJune_
Juiy__
Aug..
' Sept*
Oct».
65, 857
67, 915
70, 284
70, 593
70, 645
72, 764
73, 268
73, 584
73, 835
74, 002
74, 252
74,715
74, 914
75, 105
75, 321
75, 526
75? 493
75, 747
75, 972
76? 277
Total
19, 447
19, 781
20, 167
19, 349
18, 529
18, 933
19, 069
19, 210
19, 312
19, 402
19, 463
19, 586
19, 643
19, 727
19, 782
19, 856
19, 804
19, 861
19, 876
19, 981
NonDurable durable
goods goods
11, 439
11, 626
11, 895
11, 195
10, 565
10, 884
11,003
11, 112
11, 194
11, 270
11, 326
11, 421
11, 463
11, 534
11,602
11,654
11, 646
11, 692
11, 707
11, 793
8,008
8, 155
8,272
8, 154
7,964
8, 049
8, 066
8, 098
8, 118
8, 132
8, 137
8, 165
8, 180
8, 193
8, 180
8, 202
8, 158
8, 169
8, 169
8, 188
Total
Con- Trans- Whole- Finance,
insursale
tract portation
ance, Services Federal State
Mining conand
and
and
and
local
strue- public retail
i
real
tion utilities trade estate
35, 012
36, 288
37, 915
38, 709
39, 261
40, 541
40, 814
40, 968
41, 070
41, 098
41, 311
41, 596
41, 697
41, 764
41, 897
42, Oil
42, 079
42, 249
42, 425
42, 600
k 1 Includes all full- and part-time wage and salary workers in n onagri cultural
'establishments who worked during or received pay for any part ol 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
Cover nment
613 3, 208
606 3, 285
619 3, 435
623 3, 381
602 3,411
607 3, 521
606 3, 551
608 3, 561
608 3, 524
607 3, 459
610 3, 498
612 3, 594
610 3,604
608 3, 571
608 3, 620
629 3, 654
631 3, 680
634 3, 676
633 3, 694
638 3,689
4,261
4,310
4,429
4,493
4,442
4, 495
4, 507
4, 540
4, 549
4, 558
4,574
4, 580
4,580
4,591
4,593
4, 597
4, 598
4, 617
4, 632
4, 666
13, 606
14, 084
14, 639
14, 914
15, 142
15, 683
15, 794
15, 839
15, 911
15, 946
16, 013
16, 114
16, 163
16, 217
16, 256
16, 262
16, 294
16, 352
16, 393
16, 468
3, 225
3, 382
3, 564
3,688
3, 796
3, 927
3, 953
3,969
3, 981
3, 991
3, 995
4,014
4, 024
4,031
4,044
4, 049
4,048
4, 064
4, 077
4, 086
10, 099
10, 623
11, 229
11, 612
11, 869
12, 309
12, 403
12, 451
12, 497
12, 537
12, 621
12, 682
12, 716
12, 746
12, 776
12, 820
12, 828
12, 906
12, 996
13, 053
2,719
2,737
2,758
2,705
2, 664
2,650
2,633
2,639
2,644
2, 650
2, 634
2, 628
2, 631
2, 628
2, 641
2, 613
2, 603
2, 599
2, 609
2,608
8, 679
9, 109
9, 444
9, 830
10, 191
10, 640
10, 752
10, 767
10, 809
10, 852
10, 844
10, 905
10, 943
10, 986
11, 001
11, 046
11, 007
11,038
11, 062
11, 088
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
Source: Department of Labor.
13.
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek (seasonally adjusted) of private nonagricultural production workers declined by 0.2 hour tc
37.0 hours in October. The average workweek has fluctuated in the range 36.9 to 37.2 hours since November 1972
The small changes in hours in manufacturing, contract construction, and retail trade in October resulted in approximately the same hours of work as prevailed in August 1973.
HOURS PER WEEK {SEASONALLY ADJUSTED}
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
461
MANUFACTURING
TOTAL NONAGRICULTURAL PRIVATE
44
42
40
38
36
34
1970
1971
1972
1970
1973
42
CONTRACT CONSTRUCTION
1971
1972
1973
RETAIL TRAE)E
^n
oo
oz
14
***ff'M— *X^
•70
30
1970
1971
1972
•1 I ! f
1 I 11 ! ! ! !
1970
1973
. i . , . I . . ! . 1.
1971
1 1 ! ! ! 1 ! 1 1 1 !
1 1 I t 1 I ! ! 1 1 1K
1972
SOURCE: DEPARTMENT OF IABOR
1973
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Total
nonagricultural
private 2
Period
Manufacturing
38. 7
38. 8
38.6
38. 0
37. 8
37. 7
37. 1
37.0
37. 2
37.4
37.3
37. 1
37.2
36. 6
36.8
36.9
36. 9
37.0
37.4
37. 6
37. 5
37. 3
37.0
40.7
41. 2
41. 3
40. 6
40. 7
40.6
39. 8
39.9
40.6
41.0
40.8
41.0
41.2
40. 0
40.6
40.8
40. 7
40.7
40.9
40. 5
40.5
41.0
40.7
Contract
construction
Unad justed
1964
1965
1966
1967
1968
1969
1970
1971
1972
_
1972: Sept
Oct
Nov..
Dec__
1973: Jan
Feb
Mar
Apr__
May
June..
July
Aug _
Sept*
Oct ^
_
_
_
_ _
_
_ _____
_ __ __ ___
*Data relate to production workers or nonsupervisory employees.
includes other private industry groups shown on p. 13.
Includes eating and drinking places.
2
Also
8
14
37. 2
37. 4
37. 6
37.7
37.4
37. 9
37.4
37. 3
37.0
38. 2
38.2
36.0
35. 2
34. 8
34. 9
36.6
36. 8
37. 5
38.1
38. 4
38. 3
38.0
37.9
Total
nonagricultural
private £
Retail
trade 3
Contract
construction
Retail
trade 3
Seasonally? adjusted
i
37. 0
36.6
35. 9
35. 3
34.7
34. 2
33. 8
33. 7
33.6
33.6
33. 3
33.2
33.9
32. 9
32. 9
32. 9
33. 0
33.0
33.8
34. 3
34. 1
33.2
32.8
Manufacturing
37.3
37. 3
37.2
37. 0
36. 9
37. 2
37.1
37. 2
37.2
37. 1
37. 2
37. 0
37. 2
37,0
Source: Department of Labor.
40. 8
40. 7
40.8
40. 7
40. 3
41.0
40.9
40. 9
40. 7
40.6
40. 7
40.6
40.8
40.6
36. 9
37. 4
36.9
35.8
36. 1
36. 2
37.0
37.0
37.5
37. 4
37. 5
37. 1
36. 8
37.1
33. 6
33.5
33. 5
33. 6
S3. 4
33. 5
33. 4
33. 4
33. 4
33.5
33. 2
33. 0
33. 2
33.0
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings (not seasonally adjusted) of private nonfarm production workers increased by 1 cent in
October to $3.99. This is an increase of 25 cents (6.7 percent) in the past year. Average weekly earnings declined
In October by $0.82 (0.6 percent) to $147.63. This is an increase of $8.13 (5.8 percent) since October 1972.
DOLLARS
DOLLARS
AVERAGE HOURLY EARNINGS
AVERAGE WEEKLY EARNINGS
2ao
7.00
CONTRACT
CONSTRUCTION
240
400
A/
CONTRACT
CONSTRUCTION
<s^
200
5.0.0
MANUFACTURING
160
4,00
TOTAL NONAGRICULTURAl
PRIVATE
TOTAL
NONAGRICULTURAl
PRIVATE
120
3,00
_„,«—4
"T
RETAfL TRADE
RETAIL TRADE
2.0.0
80
1972
1974
1973
1971
1972
1973
.SOURCE- DIPAKTMENT OF IABOI
1974
COUNCIL OF ECONOMIC ADVISERS
[For produetkm workers or nonsupervisory em ployees]
Average h ourly earni ngs— curre nt dollars Average ^weekly earn ings— curr ent dollars
Period
Total
nonagricultural
private!
Manufacturing
Contract
construction
1964
1965
.
.
1967__
1963
1969
1970.
1971__
__„___
...
.___
$2. 36
2.45
2. 56
2,68
2.85
3. 04
3. 22
$2.53
2. 61
2.72
2. 83
3. 01
3. 19
3. 36
3. 56
3. 81
3. 86
3. 86
3.89
3. 95
3,98
3. 97
3. 98
4. 01
4. 02
4. 04
4. 06
4. 06
4 13
4. 13
$3. 55
3. 70
3.89
4. 11
4. 41
4. 79
5. 24
5. 69
6.06
6. 15
6.22
6.23
6.32
6.42
6. 31
6.28
6. 31
6. 34
6. 35
6. 40
6. 46
6. 63
6. 66
Sept
Oct
Nov ..._
Dec _ _ _ _
Jan
Feb- — —
Mar.__ — _
Apr___.____
May......
__ _
Julv__ _ _
1
Ana
"
Oct 9
a 43
3.65
3.72
3. 74
3.74
3. 74
3.77
3. 78
3. 80
3. 83
3. 85
3. 87
3.90
3. 91
3. 98
3. 99
1
Also includes other
2
8 Includes eating and
Retail
trade 2
$L75
1. 82
1.91
2. 01
2. 16
2.30
2. 44
2.57
2.70
2. 73
2.74
2.75
2.75
2. 78
2. 80
2, 81
2. 83
2. 84
2. 86
2. 86
2.87
2. 91
2. 92
private industry groups shown on p. 13.
drinking places.
time
Adjusted to exclude the effects of overtin and interindustry shifts.
24-444°—73—•—3
Total
nonagricultural
private 1
Manufacturing
$9L 33
95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
139. 13
139. 50
138. 75
139. 13
137. 98
139. 10
140. 22
141. 33
142. 45
144. 74
146. 64
146. 63
148. 45
147. 63
97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
158. 26
157. 49
159. 49
162. 74
159. 20
161. 18
162. 38
163. 21
163. 61
165. 24
164. 43
164. 43
1C9. 33
168. 09
Contract
construction
06
138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
234. 93
237. 60
224. 28
222. 46
223. 42
220. 22
229. 85
232. 21
237. 75
241. 94
245. 76
247. 42
251. 94
252. 41 j
Retail
trade 2
$64. 75
66.61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90.72
91. 73
91. 24
91. 30
93.23
91.46
92. 12
92. 45
93. 39
93. 72
96. 67
98. 10
97. 87
93. 61
95. 78
* Earnings in current dollars divided by
Source: Department of Labor.
Manufg icturing
induvstries
Adjusted Average
weekly
hourly
earnearnings^
ingSj
1 f|£>'7
lybi —
1967
100s
dollars 4
90. 3
84
92. 6
113. 79
95. 7
115. 58
100. 0
114. 90
106. 2
117. 57
112. 6
117. 95
119. 6
114. 99
127. 5
117. 10
135.4
123. 46
136. 7
125. 40
137. 0
124. 40
137. 7
'25. 68
139.2
127. 84
140. 1
124. 67
140. 1
• 25. 33
140. 7
125. 10
141.4
124. 87
142. G
" 24. 42
142. 4
124. 80
143. 3
' 23. 91
143. 9
121.71
145. 2
124. 97
1
145. 7
L23. 05
consumer price indes
IIV
0,6
a
dip In August. In the
the
groups/
in October
groups^ the
a rise of 0.5
rise
to rise while
In
In
of
down.
Index, 1967=100 (SEASONALLY ADJUSTED?
index, 1967=100 {SEASONALLY ADJUSTED}
140
160
1973
1970
COUNCIL OF ECONOMIC ADVISE2S
SOUSCfc BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1965_
1967
1968
1970
1971
1972
1972: Sept
Oct__
Nov_
Dec
1973: Jan
Feb
Mar
Apr_
May _
June_July
Aug
Sept"
Oct »
[1967=100, seasonally adjusted]
industry
—
Total
89.2
97.9
100. 0
105. 7
110. 7
106. 0
106. 8
115. 2
117. 6
119.2
120. 2
121. 1
122. 2
123. 4
123. 7
124. 1
124.9
125. 6
126. 7
126. 5
127. 1
127. 8
89. 1
98.3
100. 0
105, 7
110. 5
105.2
105.2
114. 0
117. 0
118.5
119. 5
120. 4
121. 4
122. 7
123. 4
123. 8
124. 9
125.6
126. 5
126. 5
126. 5
127. 1
M,Mnifacturi ^g
NonDurable durable
88. 5
99. 0
100. 0
105. 5
110. 0
101.4
99.4
108.4
111. 6
113.8
115. 3
116. 3
117. 5
na 7
119.9
120. 6
121. 9
123.0
123. 8
123. 0
123. 5
124. 5
Source: Board of Governors of the Federal Reserve System.
16
90. 0
97.3
100. 0
106. 0
111. 1
110. 6
113. 5
122, 1
124. 8
125. 2
125. 6
126. 2
127. 0
128.4
128. 6
128. 4
129.2
129. 3
130. 5
131.2
131.0
131. 1
iviarKet
Firial produ BtS
Mining Utilities
Total
9a 9
98. 4
100. 0
103.9
107.2
109. 7
107. 0
108.8
110.8
110. 2
109. 7
108.2
108. 5
110.2
109. 5
109. 0
109. 1
109. 5
111. 0
112.3
112. 9
nar
86. 9
93. 6
100. 0
109. 4
119. 5
128. 3
133. 9
143.4
146.4
147. 1
148. 2
148. 5
151. 0
150. 5
149. 6
148. 7
149. 5
151. 6
154.8
154.8
155.8
157.6
86. 8
96. 1
100. 0
105. 8
109.0
104. 5
104.7
111. 9
113. 6
115. 3
116. 3
116. 8
118. 6
119. 3
119.6
120. 0
120. 8
121. 3
122. 1
121. 3
122. 0
123.6
Consumer
goods
Equipment
9a o
9a e
78. 7
93. 0
100.0
104.7
106. 1
96. 3
89.4
95.5
97.7
100.0
106. 6
111. 1
110. 3
115. 7
123. 6
125. 2
127. 0
127. 4
127. 7
129. 8
130.2
130. 8
130. 9
131. 7
131. 9
132.8
131. 1
131. 7
133.3
9a 9
100. 7
101. 5
102.9
104. 1
104. 1
104. 7
105. 7
106.6
107.3
107.7
108.5
110. 1
Intermediate
products
93, 0
99.2
100. 0
105. 7
112. 0
111. 7
112. 5
121. 1
122. 8
1247
127. 6
127. 7
128. 4
129. 5
129. 4
129.3
130. 5
132. 0
132. 5
132. 2
130.6
131. 9
"R/r 4-
rials
91. 0
99,8
100. 0
105.7
112. 4
107. 7
107.4
117. 4
120. 9
122. 3
122. 8
124 4
124 5
126. 7
127.0
127.7
i2a 3
129. 0
130. 9
131. 5
132.0
131.7
PRODUCTION OF SELECTED
(seasonally
in the chemicals, petroleum,
the
In
by a decline in
nonouroo,2Sj
prinrirg; re her
Index, 1967=100 (SEASONALLY ADJUSTED)
160
Index, 1967=100 {SEASONALLY ADJUSTED)
140
140
;
CHEMICALSf PETROLEU
Mr
AND RUBBER
I
^
/
f
_^BS38«
120
tin
no
TRANSPORTATION
EQUIPMENT
I I M II
100
I I I I ! t I I I I ! I1
DRAPER AND
PRINTING
\
\
^^- !
4#<*^
^ ^
r
****~* *+t.+ *\ ^/--^
1 I ! f f I 1 ?! !1
f I f 1 f.f I f F ! !
1970
1971
i f ! r f 1r i1 i r
f f ? ?f I f 1 f f ! j
1973
1972
110
300
1970
1973
1970
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC-ADVISERS
[1967=100, seasonally adjusted]
Durat le manuff:ictures
Ncendurable manufactu res
FabriTranspor- Lumber Textiles, Paper
Primary
cated
Machin- tation
and
and
apparel.
metals
ery
metal
prodand
equipprintproducts
ment
ing
leather
ucts
Period
1965
Chemicals, Foods
petroleum j and tobacco
rubber
104. 0
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
na i
1969
1970
1971
1972
Sept
Oct
No v
Dec
Peb
Apr
Mav
___
_
Julv -
_9
-_
Oct »
of
of the
84. 1
98. 6
100. 0
101. 9
106. 8
100. 3
96. 2
107. 5
91. 3
101. 2
100. 0
109.7
107. 6
90.4
92. 9
99. 0
94 7
98. 4
100. 0
104. 8
108. 6
106. 3
113. 9
122. 4
97.8
101. 7
100. 0
104. 9
105. 9
100. 2
100. 7
108. 1
90.5
98. 9
100. 0
104 2
109. 1
107.8
107. 8
116. 1
83. 8
94 1
100. 0
109. 6
118. 4
118. 2
124 7
137. 8
92. 6
97. 0
100. 0
103. 6
107. 5
110.8
113. 7
117. 6
119. 7
122. 1
122. 9
125.4
1967
92. 6
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
114. 8
118. 0
120. 4122.2
122. 3
111. 8
114. 0
115. 7
116. 8
99. 5
102. 7
105. 0
106. 6
123.
127.
126.
122.
6
3
8
7
111. 2
112. 1
113. 0
113. 2
117. 7
119. 9
120. 0
120. 3
142. 2
141. 6
142. 0
143. 8
_L ^S. 5
' ", o r.
IIS. c
123. 1
124 7
123. 5
125. 8
126. i
124 5
128. I
127. 3
129. 5
130. 2
125. 7
126. 2
128. 4
128. 9
130. 3
133. 4
133. 5
133. 9
130. 5
ISO, 0
118. 4
119. 1
121. 4
122. 6
124. 7
126. 9
127.6
128. 5
129. 5
130. 9
107. 6
110. 0
110. 3
110. 0
111. 0
112. 2
112, 1
105. 8
107. 9
109. 2
125. 8
128. 5
129. 5
129. I
127. 5
126. 8
125. 4
128.4
130. 0
113. 4.
114. 4
114. 6
114. 0
113. 3
1 15. 0
114. 5
115. 2
116. 9
117. 0
120. 0
121. 5
122. 4
120. 8
121. 9
122. 8
123. 8
125. 3
124. 5
124. 0
145. 5
146. 3
146. 3
147. 9
150. 2
149. 8
151.8
152. 0
150.8
151. 5 '
System..
•7-7
A
i icx 5
T -72 r«
T 2^, 5
7
29, 7
1 21, .3
"1C
"
1
ii "• . 3
121. o
; 21. 9
\'2\ 6
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production, particularly cars and trucks assembled, increased in October,
MILLIONS OF SHORT TONS
16
MILLIONS OF TONS
STEEL
•^^'%
1972
1971
1 /J i i I i t i I I t i i 1 I t i I i 1 i I M t I I M I I/ M I i t M I M M* 1 M I M t yJ
J
F
M
A
M
J
J
A
S
O
N
6 fy M I M I I I t M 1 M I I M I I M MJJ M 1 M t I t M Ml t M I MM I M I y>
D
OF KILOWATT HOURS
J
F
M
A
M
J
J
A
S
O
N
D
THOUSANDS
501
300
200
100
20 Ml 1 1 1 l i t , ] ! ;,!,J , { , | . ; , ! I ! M I Ll I j j j j J_l_l 1 I I M 1 l,,| M I I t ! t I ! I I .1
J
F
M
A
M
J
J
A
S
O
N
D
0 LlJ I I M. » I t m I I M I ! M i M M I M i l I tJ-IJ^jJLaJjJ-t-LjJj-U
l
J
F
M
A
M
J
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
iDlSON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Steel piroduced
Thousands Index
(1967=
of net
tons
100)
Period
Weekly average:
1966
1969...
1970___
1971..
v
1972: Sept
___
Oct
Nov
Dec.
Jan
Feb
Mar
Apr
___
May
June_
July
Aug _
Sept
Oct "
Week ended:
Oct 6_
13__
20
27 _
Nov 3 _
10.
17.
1
Includes
2
data for Alaska
Not charted.
18
_
2,572
2, 440
2,515
2 ? 709
2,522
2,310
2,549
2,550
2, 631
2,657
2, 687
2,793
2,906
2, 954
2,981
2,974
2,911
2, 781
2, 750
2, 857
2,896
2, 890
2, 882
2, 915
2, 915
2, 929
2,932
2
2, 907
105.4
100.0
103. 1
111. 0
103.4
94. 7
104.5
104.5
107.9
108.9
110. 2
1145
119. 1
121. 1
122. 2
121.9
119. 3
1140
112. 7
117. 1
118. 7
118. 5
118. 1
119. 5
119. 5
120. 1
120. 2
119. 2
A
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboarc
Car s and triicks
power
coal ruined
loaded
produced
distributed (thousands (thousands (thousands assembled (thoiisands)
of short
(millions of
of cars)
of tons)
Total
Cars Trucks
kilowatt-hours) tons) l
21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
34, 360
32, 547
33, 674
35, 264
35, 861
35, 800
33, 643
33, 164
33,543
38, 061
39, 417
39, 783
367 572
34, 762
10, 267
10, 627
10, 485
10, 779
11, 595
10, 619
11, 346
11, 625
11, 721
11,211
9, 964
10, 598
11, 059
11, 116
10, 945
11,493
10, 498
9,621
12, 090
12, 054
12, 175
570
540
543
543
522
486
501
527
553
524
471
491
509
515
518
543
545
504
543
543
564
446
439
479
507
489
501
548
529
576
564
498
512
583
593
584
589
583
518
591
548
589
199.3
172.9
207.6
195.8
158. 9
2048
217. 2
226. 8
257. 6
257. 1
202. 5
261. 3
277. 6
276. 1
262. 0
269.9
280. 1
216. 6
151. 5
234 3
269. 2
165. 4
142. 4
170.1
158. 1
125. 9
165. 0
169.6
180. 9
203. 1
200. 9
157. 7
201. 5
213. 3
212. 1
200.8
207.3
216.7
164 4
106. 5
179. 0
208.8
59. 8
64 3
64 1
61.2
62. 6
63.3
52. 2
45.0
55. 3
60. 5
35, 505
35, 318
34, 236
33, 998
34, 752
35, 780
12, 150
12, 250
12, 200 !
12, 280
11, 995
2 12, 395
558
558
569
564
571
558
570
595
588
589
605
2644
256.4
278. 4
268. 6
278. 4
273. 7
265.8
204
194
214
211.
219.
210.
208.
60. 2
61. 5
64 4
57. 4
58.8
63.3
57.2
2
9
0
3
7
4
6
33.9
30. 5
37.5
37.8
33.0
39. 8
47.5
45. 9
545
56. 3
447
NEW CONSTRUCTION
According to preliminary estimates^ expenditures for new construction (seasonally adjusted) declined 2
September. Both public and private construction contributed to the decline.
BILLIONS OF DOLLARS
160
In
BILLIONS OF DOLLARS
160
ALL OTHER PRIVATE
•••.••M......!.!."""""""1"1
20
1967
SOURCE: DEPARTMENT OF COMMERCE
Total new
construction
expenditures
Period
1967
77.5
86. 6
93.4
94. 2
109. 2
123. 8
1969
1970
1971
1972___
COUNCIL OF ECONOMIC ADVISERS
Total
52. 0
59. 0
65. 4
66. 1
79.4
93.6
Resic ential
CommerNew
cial
Other
housing industrial
Total i
units
Bi llions of doll .ars
19. 0
25.6
2€ '. 4
24. 0
30.6
13. 8
14 7
33.2
25. 9
16. 2
16. 0
24. 3
16. 3
17. 9
31. 9
19. 1
17.0
43. 3
35. 1
21,3
54.2
18.1
44.7
Federal,
State,
and
local
Constructio]Q contracts 2
CommerTotal value cial and
index,
industrial
(1967= floor space
100)
(millions of
square feet)
100. 0
113. 2
123. 7
123. 1
145. 4
165.3
25. 5
27. 6
28. 0
28. 1
29.9
30.2
Seasonally
adjusted
Seasonally j adjusted ai inual rates
\
1972: July
Oct
Nov
Dec
1973: Jan
Feb
Mar..
Apr
May
JuneJuly- _ _
Aug yy_
_
121. 6
123.0
125. 1
128. 5
126. 8
131. 6
135. 5
136. 1
138.0
135. 5
136. 5
135. 9
138. 4
138. 1
134. 9
92.4
93. 9
94. 5
96. 2
97. 5
98. 5
101. 8
103. 9
104. 3
103.0
104. 1
104. 9
106. 9
107.0
104. 2
53. 8
54. 5
55. 5
56. 4
57.2
57. 5
59. 1
61. 2
61. 2
59. 9
59. 8
60. 1
60. 2
60. 0
58. 7
44. 1
44. 7
45. 9
46. 9
47. 8
48. 0
48. 1
49. 4
49. 6
48. 9
49. 2
49. 5
49. 5
49. 2
48. 0
17.8
18. 1
18. 0
18. 1
18. 2
18. 6
20. 3
20. 1
20. 6
20. 8
21. 5
21. 6
22. 5
22. 5
21. 4
20.8
21.3
21. 0
21. 8
22. 1
22. 3
22. 4
22. 6
22. 5
22. 3
22. 8
23. 2
24. 3
24. 5
24, 1
29.2
29. 2
30. 6
32. 3
29. 3
33. 1
33. 7
32. 3
33. 6
32. 6
32. 3
31. 0
31. 5
31. 1
30.8
155
694
779
883
743
727
858
Seasonally
adjusted
annual
rates
813
908
896
895
992
946
180
187
171
177
163
181
191
193
177
1, 031
1,037
1,012
1, 006
183
177
206
182
1,014
1, 196
1, 155
1,025
1 /o
915
Sources: Department of Commerce and McGraw-Hill Information System;
Company, F. W. Dodge Division.
19
8%
in October
below 2
In October to an
in a row.
for
for the
of
18
MILLIONS OF UNITS
3,0
MILLIONS Of
TOTAL PRIVATE
HOUSING STARTS
1967
1968
1
1969
1970
1972
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSfNG AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
i Total
I private Total
private
and
public (includ! (including
ing
farm)
farm)
Period
1967.-.196S_ 1969
1971.
_
.
1,
1, 321. 9 291. 6
-.1,545.4 1, 507. 6
1,499.5 1, 466. 8
__ 1,469.0 1, 433. 6
2, 084. 5 2, 052. 2
12,378.5 2, 356. 6
.
Oct __ _ _ __ __ _
Nov
.1
Dec
__
_ _ _ _ _ _ _ __
Peb___ _
Apr
_
_
June___ _
July...
__
Aug___ „ _ _ _ _ _ _ _
*
Oct"
_._|
1
2
218. 2
187. 1
152. 7
139. 5
201. 1
205. 4
234. 2
199. 9
145. 7
203. 0
216.5
185.7
150. 5
146.6
138. 0
200. 0
205. 0
234.0
202. 6
202. 6
197.2
145. 2
144. 3
jThoiisands o " units]
Hou sing star ts
Private
Total (including5 farm)
One
unit
Prop ossd home
constriiction 3
1
New
Gover nment
home p rograms
(non; "arm)
Two or
more
FHAi
VA
units
52. 5
1, 291. 6 843.9 447. 7
141. 9
147. 7
56. 1
1, 507. 6 899.4 608. 2
1, 466. 8 810. 6 656. 2 153. 6
51. 2
1, 433. 6 812. 9 620. 7 233. 5
61. 0
2, 052. 2 1, 151. 0 901. 2 301. 2
94. 0
2, 356. 6 1, 309. 21, 047. 5 198. 4 104. 0
Seasona lly ad jus ted
al
1,045
2, 426 1, 382
175
106
2,446 1, 315
1, 131
149
98
1,071
92
2 ? 395 1, 324
125
2, 369 1, 207
1, 162
106
86
1,047
87
2,497 1,450
96
111
1, 084
2, 456 1, 372
105
92
2,260 1, 245
1,015
101
921
74
2, 123 1. 202
100
1, 142
A, 971
81
111
2,413 1 A t 1
1, 004
80
2, 128 1. 124
88
944
80
2, 191 1. 247
87
969
69
2, 094 1, 125
91
784
68
977
71
1, 761
62 1
945
668
1, 613
Total
1973
private
housing
units
authorized 2
Applica- Requests
tions for for VA
FHA
commit- appraisals
ments 1
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
rates
2, 366
2, 318
2, 226
2,399
2,233
2, 209
2, 129
1,939
1, 838
2, 030
1, 780
1, 750
1,596
1, 310
a Units
ap plications or ap
Units are for 1- to 4-family housing.
by n
by issuance of local building per mit: in 14,00 0 permit-issiling fa 01ne construct!on.
and 10 S000 prior to 1963.
13,000 for 1967-71; 12,000 for 1
g
otirees: Dep
of Commerce , Deoartment of
De velopment, a ad Veterans Administr ation.
20
167. 2
168. 9
187. 6
315. C
366. 8
225. 2
124. 3
131.7
138.2
143. 7
'"17 Q
209. 4
166
147
162
131
124
100
93
68
89
103
93
70
94
192
189
207
194
222
217
201
169
161
166
135
143
133
141
for
INVENTORIES—TOTAL AND TRADE
trade
$1.5
(seasonally
of $1.9 billion In August and $1,6 billion In July, Combined
reports for retailers
a
rise In October*
OF DOLLARS ISEASONALLY ADJUSTED)
to
BILLIONS OF DOLLARS
In
an
In September,
ISEASONALLY ADJUSTED)
240 |
(ENLARGED SCALE)
30 h-DURABLE GOODS STORES
220 |
TOTAL BUSINESS
INVENTORIES
200
160
TOTAL BUSINESS
SALES
140
120
100
80
30
RETAIL INVENTORIES
60
25
20
1971
1972
1973
1974
1971
1974
SOURC& DEPARTMENT OF COMMERCE
CGUNOl OF ECONOMIC ADVISERS
Total Imsiness l
Re3tail
Wholesale
Sales2
Period
1965
1966
1967
1968
1969
1970__
1971
1972
1972: Aug
Sept
Oct
Nov.
Dec
1973: Jan
Feb
Mar
Apr
Mav
June__
July
Aug..
Sept »
Oct 9
Sales 2
80, 276
87, 178
89, 698
97, 100
103, 104
104, 708
112, 267
124, 680
126, 792
127, 656
130, 336
131, 918
133, 483
136, 863
138, 910
141, 010
141, 274
142, 694
__ _ 142, 323
146, 469
_ 146, 076
146, 042
Inventories 3
Sales2
120, 900
136, 729
145, 164
155, 376
166, 813
174, 875
183, 622
194, 151
189, 093
190, 486
191, 583
192, 921
194, 151
196, 295
198, 172
199, 525
200, 787
202, 896
205, 252
206, 813
208, 668
210, 211
15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
24, 850
25, 137
25, 407
25, 779
26, 212
26, 962
27, 755
28, 423
29, 312
29, 621
29, 675
29, 528
30, 443
30, 692
30, 508
1
The term '"business" also includes manufacturing
2
Monthly average for year and total for month.
8
Book value, end of period, seasonally adjusted.
(see page 22).
Inventories 3
JMillions of
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
31, 732
30, 164
30, 657
31, 032
31, 289
31, 732
32, 582
33, 051
33, 245
33, 574
33, 986
34, 148
34, 653
34, 964
35, 286
NonDurable durable
goods
Total
goods
stores
stores
dollars, seasonally a djusted
23, 677
7,849 15, 828 34,405
8, 192 17, 138 38, 073
25, 330
26, 151
8,348 17, 803 38, 952
9, 268 19, 222 41, 973
28, 490
29, 824
9,626 20, 197 45, 376
9, 524 21, 770 46, 626
31, 294
34, 071 10, 985 23, 086 52, 261
37, 365 12, 472 24, 893 54, 700
37, 969 12, 842 25, 127 53, 107
37, 746 12, 614 25, 132 53, 661
39, 106 13, 168 25, 938 53, 934
38, 713 13, 173 25, 540 54, 658
39, 417 13, 640 25, 777 54, 700
40, 707 14, 234 26, 473 55, 526
41, 242 14, 405 26, 837 56, 039
41, 979 14, 612 27, 367 56, 106
41, 185 14, 339 26, 846 56, 636
41, 735 14, 299 27, 436 57, 285
41, 179 13, 731 27, 448 58, 079
42, 778 14, 409 28, 369 58, 250
42, 363 14, 481 27, 882 58, 797
427 474 14, 200 28, 274 58, 811
43, 351 14, 504 28, 847
Total
Inventories
Durable
goods
stores
15, 253
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
24, 442
23, 037
23, 608
23, 675
24, 235
24, 442
24, 472
24, 638
24, 538
24, 624
25, 094
25, 454
25, 797
25, 850
25, 790
3
Nondurable
goods
stores
19, 152
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 258
30, 070
30, 053
30, 259
30, 423
30, 258
31, 054
31, 401
31, 568
32, 012
32, 191
32, 625
32, 453
32, 947
33, 021
Source: Department of Commerce.
21
New orders of durable goods manufacturers rose 2.8 percent, seasonally adjusted/ In October after a decline
the summer months. October shipments were also up 2.8 percent.
BILLIONS OF DOLLARS [SEASONALLY ADJUSTED)
BILUONS OF DOLLARS {SEASONALLY AKJUSTEDJ
INVENTORIES
120
TOTAL
100
DURABLE GOODS
80
NONDURABLE GOODS
I I I ! I I I I 1 1 I I II ! 1 I I II 1 I
40
T
NONDURABLE GOODS
20
RATIO
2.00
i l I i I i i i i i I t ! f r• r I i .t_t_i ?
ff,.?,„LI t - t t-.-LJ.-'
INVENTORY-SHtPMENTS RATIO
40
1974
1971
1971
1974
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers* sh ipments1 1 Manufac turers5 krv entories2 j
Ma nufaeture rs? new ordc;rs l
.
1
Total
NonDurable durable
goods
goods
NonTotal I Durable durable
goods
goods
)le goods
NonCapital durable
goods
Total industries, goods
nondefense
Total
Manufacturers'
inventoryshipments
3
Millions of dollars, seasonal y ad justed
1967
1968
1970___
Aug_ _
Oct..
Nov
Dec
Feb
Mar
Ar..„
p..
July __ _
_
*
Oct *__
1
44, 869
46, 449
50, 282
53, 555
52, 860
55, 917
62, 466
63, 686
64, 503
65? 451
66, 993
67, 104
68, 401
6% 245
69, 719
70, 468
71, 284
71, 616
73, 248
73, 021
73, 060
24, 633 20, 236 77, 965 49, 818
25, 212 21, 236 84, 655 54, 931
27, 694 22, 588 90, 875 59, 112
29, 459 24, 096 97, 074 63, 371
28, 231 24, 629 101, 645 66, 768
29, 948 25, 969 102, 445 66, 050
33, 892 28, 573 107, 719 70, 218
34, 687 28, 999 105, 822 68, 568
35, 249 29, 254 106, 168 68, 875
36, 302 29, 149 106, 617 69, 308
36, 870 30, 123 106, 974 69, 613
36, 614 30, 490 107, 719 70, 218
37, 773 30, 628 108, 187 70, 590
38. 122 31, 123 109, 082 71, 136
38, 064 31, 655 110, 174 71, 873
387 651 31, 817 110, 577 72, 213
39, 284 32, 000 111, 625 72, 867
39, 257 32, 359 113, 025 73, 801
40, 779 323 469 113, 810 74 278
39, 633 33, 388 114, 907 72, 513
40, 162 32, 898 116, 114 76, 249
41, 302
1
Monthly
for year and total for month.
s Book value, end of period, seasonally adjusted.
2
3Por annual periods, ratio of weighted average
to
28, 147
29, 724
31, 763
33, 703
34, 877
36, 395
37, 501
37, 254
37, 293
37? 309
37, 361
37, 501
37, 597
37, 946
38, 301
38, 364
38, 758
39? 224
39, 632
39, 694
39, 865
45, 944
46, 763
50, 243
53, 646
52, 063
55, 732
63, 514
64, 809
66, 620
66, 355
67, 726
68, 908
70, 016
71, 022
72, 806
73, 325
74, 535
75, 361
75, 145
76, 113
75, 129
25, 720
25, 526
27, 666
29, 549
27, 431
29, 751
34, 867
35, 772
37, 292
37, 127
37, 462
38, 325
39, 218
39, 765
41, 021
41, 341
42, 449
43, 016
42, 697
42, 689
42, 259
43, 427
20, 224
21, 238
6,971 22, 577
7,694 24, 097
7, 021 24, 632
7,339 25, 981
8, 983 28, 648
8, 899 29, 037
9, 727 29, 328
9,625 29, 228
9, 699 30, 264
9, 991 30, 583
10, 277 30, 798
10, 105 31, 257
10, 572 31, 785
10, 619 31, 984
10, 919 32, 086
11, 415 32, 345
11, 404 32, 448
11. 032 33, 424 j
11, 267 32, 870
11, 322
shipments; for monthly data,
of inventories at end of month to
for month.
Source: Department of Commerce.
1, 62
1. 76
1. 74
1. 76
189
1. 82
1. 67
1. 66
1. 65
1. 63
1. 60
1. 61
1. 58
1. 58
1. 58
1. 57
1. 57
1. 58
1. 56
1. 57
1. 59
MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade balance on a seasonally adjusted basis jumped from a deficit of $17 million in August
to a surplus of $873 million in September. This large shift was equally the result of an increase in exports and a decline
of imports. While a shift of this magnitude was unusual, it was a dramatic indication of the trend toward a net surplus
in U.S. trade.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1967
]/$EE NOTE BELOW.
SOURCE.- DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
B^lerehandise expor jS
Period
Total (including ree xports) l
Season- Unadally ad- justed
justed
Monthly average:
1965
1966
1967
1968
1969
1970
197]
1972
Domesti e exports
Food, Crude
bever- mate- ManuTotal i 2 ages,
facrials
and to- and
tured
goods
bacco fuels
2,229
2,458
2,586
2, 839
3, 111
3, 555
3,629
4, 102
2, 201
2,421
2, 554
2,802
3,066
3, 502
3,576
4,035
3,934
3, 963
4,441
4,583
4,691
4, 747
4,864
5, 923
5, 561
6,023
5,858
5, 322
5, 779
5, 959
3,864
3,893
4,380
4,497
4,617
4, 678
4,795
5,826
5,456
5, 927
5, 755
5,240
5, 675
5, 880
377
432
392
383
370
422
423
547
356
367
394
405
417
558
537
591
1, 453
1, 602
1,737
1, 985
2,232
2,445
2,537
2, 813
549
478
672
761
730
736
815
2, 709
2, 745
3,007
2,927
3,040
3, 114
3, 140
3,829
3,583
3,943
3,726
3, 384
3, 522
3,811
Merch andise iinports
Gen<3ral impc>rts 3
2
Food, Crude
Total
bever- mateSeasonrials
ages,
ally ad- Unad- and to- and
justed justed bacco fuels
1,786
2, 135
2, 241
2, 769
3,004
3, 329
3,797
4, 632
4,197
4,176
4,316
4,4^3
4,558
4,977
5,065
5,380
5,487
5, 603
5, 778
5, 869
6, 004
6,448
536
594
636
711
749
752
744
881
843
903
1,023
974
1, 285
1,284
1,023
898
975
873
755
773
694
1
Total excludes Department of 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.
453
476
447
503
533
545
606
737
937
1, 204
1, 313
1, 719
1,918
2, 159
2,535
3, 147
444
323
345
70
107
226
-168
-530
Unad, usted
Uinad juste i
1972: Aug
Sept. _ _ _
Oct
Nov__
Dec
1973: Jan
Feb
Mar__
Apr
May
June
July
Aug___ _
Sept
334
382
392
447
442
519
534
615
Grossmerchandise trade
Manu- surplus,
seasonfactured ally adjusted
goods
4,726
4,612
4,738
5,148
5,002
5,281
5,641
5, 432
5,291
5, 761
5, 794
5,762
6,021
5,575
4,727
4,491
5,009
5,201
4,796
5, 423
4,945
5,
5,
6,
5,
596
347
032
901
5,652
5, 997
5,286
632
628
692
662
639
726
645
714
757
835
724
693
788
707
728
756
775
810
822
930
853
994
914
1,070
1, 077
1,005
1,209
1, 103
3,232
2,976
3, 394
3,585
3, 190
3,604
3,318
3,737
3, 535
3, 996
3, 938
3,800
3, 845
3,332
-530
-436
-421
-675
-444
-304
-476
-53
196
-158
-16
106
-17
873
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The surplus on goods and services rose from $0.6 billion in the second quarter to $1.8 billion in the third quarter, on a
seasonally adjusted basis. This is the fifth quarter in a row that the balance on goods and services has improved.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
-3
1973
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
[Millions of dollars]
M erchandis<3 l 2
Period
Exports
1967
1968
1969
1970__
1971.
1972
30, 666
33, 626
36, 400
41, 964
42, 768
48, 769
Imports
Net
balance
Net iiivestment income
Milit*iry trans actions
Direct
expenditures
Sales
-26, 866 3,800 -4, 378 1, 240
-32,991
635 -4, 535 1, 392
-35,807
593 -4, 856 1, 512
-39, 788 2, 176 — 4, 852 1,478
— 45, 466 -2,698 -4, 829 1, 912
-55, 681 -6,912 -4, 724 1, 166
Net
balance
Private 3
-3, 138
-3, 143
-3,344
-3, 374
-2, 918
-3, 558
U.S.
Government
Kemittances,
Balpenance
sions,
on
and
curother
rent
uniaclateral count
transfers 1
5, 132 -3,081
2, 051
2,465 -2,909
-443
1,891 -2, 941 — 1, 050
3, 630 -3,214
416
807 -3, 598 -2, 790
-4,610 -3, 744 -8, 353
Net
Baltravel
and
Other ance
on
trans- serv- goods
portaices,
and
tion
net
servexpendices 1 4
itures
5,848
40 -1, 751
6, 157
63 — 1, 548
5,820
155 - 1, 782
6, 374
— 115 -2, 013
8,929
-957 -2,288
9, 751 - 1, 889— 2, 853
335
302
449
581
739
851
Seasonalh7 adjusted
1972: 1
11, 655 -13,475 - 1, 820 1, 222
I . . 11, 539 — 13, 313
I..
-1,774 - 1, 242
I I . 12, 362 -13,935 — 1, 573— 1, 108
I..
I . . 13, 213 - 14, 958 1, 745— 1, 151
V..
—
1973: I
15, 320 -16,280 -960 — 1, 168
I.
I . 16, 747 -16, 977 -230 -1, 184
Ill ».. 18, 220 -17,437
783
1
Excludes
2
Adjusted
s
328
288
262
287
-894
-954
-846
-864
2,290
2, 252
2, 447
2, 763
-399
-461
-497
-531
-755
-691
-679
-730
343
457
-825
-727
2, 954
2,871
-645
-800
-608
-742
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
204
1,374
202 - 1, 426
209
-939
237
-870
234
150
244
616
1,800
-2, 343
-2, 364
— 1, 893
-1, 751
-742
-592
-314
-930
-969
-938
-954
-881
4
Equal to net exports of goods and services in the national income and product
accounts of the United States when converted to an annual rates basis.
Source: Department of Commerce.
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
The U.S. balance of payments on an official reserve transactions basis was in surplus by $2.1 billion on a seasonally
adjusted basis in the third quarter. This surplus reflects fairly large-scale intervention by the Bank of Japan as well as
central banks in Europe to slow the decline of their currencies relative to the dollar. In comparison, the U.S. balance
of payments on a net liquidity basis was in surplus by only $1.1 billion, indicating an increase in net foreign private
holdings of dollars.
BILLIONS OF DOLLARS
5
BILLIONS OF DOLLARS
5
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
OFFICIAL RESERVE
TRANSACTIONS BALANCE
-15
-15
1973
1967
COUNCIL OF ECONOMIC ADV1SS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars]
NonLong-ter m capital Balance liquid
on
flows net
3,
current shortterm
account private
U.S.
and long- capital
Govern- Private 2 term
flows
capital
ment 1
net 2
Period
1967
1969
1970
1971
1972
-2, 423 -2, 932 -3,304
_ -2, 158
1, 191 -1,411
-1,926
-70 -3,046
-522
231
-640
-2, 018 -1,429 -3,031 -482
-2, 359 -4,401 -9, 550 -2, 347
_ — 1, 339
-152 -9,843 -1,637
Allocations
of
special
drawing
rights
Errors
and
omissions,
net
_Net
liquidity
balance
Liquid
private
capital
flows,
net 2
Official
reserve
transactions
balance
Changes
in liabilities
to
foreign
official
agencies,
net 3
Changes
in U.S.
official
reserve
assets,
net 4
-857 -4, 683
52
1,265
3,418
3, 366
-431 -1,611
1,641
3, 252
-880
-761
-2, 395 -6, 081
8, 820
2,739 - 1, 552 -1, 187
867 — 1, 205 -3, 851 -5, 988 -9, 839
7, 362
2,477
717 - 10, 784-21, 965 -7, 788 -29,753 27, 405
2,348
710 -3, 112 -13, 882 3, 542 -10, 340
32
10, 308
IV. _ _
1973: I*
II*—
III*.
1
2
-289 - 1, 143 -3, 775 -535
604 -1,855
-95
310
-393 -2, 652 -430
-366
-586
781 -1,556 -982
-19
-336
-947 - 1, 793
-562
94
-782 -1,054
178
944 -3, 188
178
-940 -2, 307
177 -1,626 -4, 531
177 -1,490 -3, 851
-3, 921
6,689
229 -1, 549
Excludes liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other international and
regional organizations.
a
Includes liabilities to foreign official agencies reported by U.S. Government
land U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
'to, and gold deposits with, the United States.
4
Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position in the IMF.
8
Includes gain of $67 million resulting from revaluation of the German mark
In October 1969.
1, 057
14,
15,
16,
14,
6
12,
13,
5
830
710
964
487
167
151
Unadjusted
Sea sonally ac justed
1972:1
II
III—
U.S.
official
reserve
assets,
net
(end of
period)
3, 047
-288 -3,476
1,456
-851
1, 082
7 -4, 524
4, 579
1, 595
2, 367 - 1, 484
3,810 -10, 499 10, 279
-373
1, 905
356
2, 146 -2, 133
1, 089
429 12,
-231 7 13,
-55 13,
-111 13,
8
220 8 12,
17 12,
-13 s 12,
270
339
217
151
931
914
927
6
Includes $28 million increase in dollar value of foreign currencies revalued to
reflect market exchange rates as of Dec. 31,1971.
7
Includes increase of $1,016 million resulting from change in par value of the
U.S. dollar on May 8.
8
Dollar equivalents not revalued to reflect de facto conversion rates.
* Overall balances revised; detail to be revised in December.
Sources: Department of Commerce and Treasury Department.
25
PRICES
CONSUMER PRICES
In October, the consumer price index rose 0.8 percent (also 0.8 percent seasonally adjusted). Food prices were up
0.1 percent (0.5 percent seasonally adjusted) while nonfood commodity prices increased 0.9 percent (0.5 percent
seasonally adjusted.) Services prices rose 1,1 percent, almost half of which was due to an increase in mortgage interest
costs.
Index, 1967 =
1.00
SOURCE: DEPARTMENT OF LA&OR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100]
Period
1964
1965
1966
1967
1968
1969 ___
1970_
1971
1972
1972: Sept __
Oct___
Nov
Dec__
1973: Jan
Feb
Mar
Apr
May _
June
July
Aug
Sept
Oct
___
_ _ _ _ _ _ _
_ _ _ _ _
_
Source: Department of Labor.
26
All
items
92. 9
94. 5
97.2
100. 0
104. 2
109. 8
116. 3
121. 3
125. 3
126. 2
126.6
126. 9
127. 3
127. 7
128. 6
129. 8
130. 7
131. 5
132. 4
132. 7
135. 1
135.5
136.6
All commodities
94.6
95.7
98.2
100. 0
103. 7
108.4
113. 5
117. 4
120. 9
122. 0
122.3
122. 7
122. 9
123.4
124.5
126. 1
127.4
128. 3
129. 4
129.7
132.8
132. 8
133.5
Services
Co mmoditie 3
Comm odities leg>s food
Services
All
Food
Rent
less
NonAll
Durable durable services
rent
92. 4
94. 4
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
123. 5
124.8
124. 9
125.4
126. 0
128. 6
131. 1
134. 5
136.5
137. 9
139. 8
140. 9
149. 4
148. 3
148. 4
95. 6
96. 2
97.5
100. 0
103. 7
108. 1
112. 5
116. 8
119. 4
120. 3
120.8
121. 0
121. 1
120. 5
120.9
121. 5
122. 3
123.0
123. 7
123. 5
123.8
124. 3
125.4
98.8
98.4
98. 5
100. 0
103. 1
107. 0
111. 8
116. 5
118. 9
119.8
120. 1
120. 3
120. 3
119. 9
119. 9
120. 2
121.0
121.8
122. 3
122.4
122. 6
122.6
123. 2
93. 5
94. 8
97. 0
100. 0
104. 1
108. 8
113. 1
117.0
119. 8
120.8
121.3
121.7
121. 7
120. 9
121. 6
122.4
123.3
124.0
124. 7
124.4
124. 7
125,5
127.0
90.2
92. 2
95.8
100. 0
105. 2
112. 5
121. 6
128.4
133. 3
134. 1
134.6
134.9
135.4
135.7
136.2
136.6
137.1
137.6
138. 1
138.4
139.3
140.6
142.2
95. 9
96. 9
98. 2
100.0
102. 4
105. 7
110. 1
115. 2
119.2
119. 9
120. 3
120. 5
121. 0
121. 8
122. 3
122.8
123. 2
123. 7
124.0
124. 4
125. 0
125.4
125.9
89.2
91. 5
95.3
100.0
105. 7
113. 8
123. 7
130.8
135. 9
136. 7
137. 2
137. 6
138. 0
138. 3
138.7
139. 2
139.6
140. 1
140. 7
141.0
141.9
143. 4
145. 2
WHOLESALE PRICES
The wholesale price index declined 0.5 percent in October (0.3 percent after adjustment for seasonal factors). The
decrease was due to prices of farm products and processed foods and feeds, which fell 3.9 percent (3.3 percent seasonally adjusted). Industrial commodity prices were up 1.2 percent (1.1 percent seasonally adjusted).
Index, 1967 =100
Index, 1967-100
200
200
180
180
160
160
140
140
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
120
120
100
100
1974
1968
SOURCE: DEPARTMENT OF IABOS
COUNCIL OF ECONOMIC ADVISERS
All
commodities
Period
1964
1965
196G
1967
_
1968
1969
1970
1971
1972
1972: Sept
__ .
Oct
Nov
Dec
1973: Jan
Feb
Mar
Apr^
Mav
June
Julv
Aup
SeptOct___
1
.
__
_ _ _
_ _
94.7
96. 6
99. 8
100. 0
102. 5
106. 5
110. 4
113. 9
119. 1
120. 2
120. 0
120. 7
122. 9
124. 5
126. 9
129.7
130. 7
133. 5
136. 7
134. 9
142. 7
140. 2
139. 5
[1967-100]
Farni products3 and
_
processe d foods a nd feeds
ProcAll inFarm
essed
dustriTotal
prodfoods
als1
and
ucts
feeds
95. 2
94. 6
92. 3
93. 2
96. 4
97. 1
98. 7
95. 5
98.5
105. 9
103. 5
101.2
100. 0
100. 0
100. 0
100. 0
102. 5
102. 5
102. 4
102. 2
108.0
109. 1
106. 0
107.3
111. 6
111. 0
112. 0
110. 0
112. 9
114. 0
114. 3
113.8
122.4
125. 0
117. 9
120. 8
124. 5
118. 7
128. 6
121. 8
123. 3
118. 8
125. 5
121. 8
125. 3
128. 8
119. 1
123. 1
132. 6
119. 4
137. 5
129. 4
137. 0
144. 2
132.4
120. 0
142. 4
121. 3
150. 9
137. 0
160.9
149. 0
141. 4
122.7
147. 9
160. 6
124. 4
139. 8
154. 9
170. 4
145. 0
125. 8
163. 6
182. 3
126. 9
151. 8
173. 3
156. 9
146. 5
126. 9
184. 5
213. 3
166. 2
127. 4
200. 4
173. 5
156.3
128. 1
188. 4
129. 6
153. 1
166. 8
Coverage of the subgroups does nc)t corresrom1 exactly to coverage of this
Index.
2
Excludes crude foodstuffs and feedstuffs, plant ai id animal fib ers, oilseeds, lild
leaf tobacco.
II idustrial
Crude
materials 2
97. 1
100. 9
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
131. 1
132.6
133. 8
136. 3
136. 8
139. 1
142. 3
142.5
146. 8
149. 6
152. 8
153. 5
156. 0
161. 0
164. 7
c ommoditi es
Inter- Producmediate er finmateished
rials 3
goods
95.6
96. 9
98.9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
119. 8
120. 1
120. 3
120.5
121. 2
122. 6
124.8
126. 6
128. 0
128. 9
128. 7
129. 5
130. 3
131. 2
93. 3
94. 4
96.8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
119. 9
119. 7
119. 9
120. 3
120. 6
121. 2
121. 7
122. 3
123. 1
123. 4
123. 5
123. 9
124. 2
125. 1
Consurjaer finished g(>ods exeluding5 foods
DurNondurable
able
94. 8
98. 2
97. 9
95. 9
98.5
97. 8
100. 0
100. 0
102.2
102. 2
104, 0
105. 0
108. 2
107. 1
110. 9
111. 3
113. 2
113. 6
114. 5
113.7
112. 7
114. 7
112. 8
115. 0
113. 7
115.2
113. 8
115. 4
114. 0
117. 4
114.5
117.8
115. 3
119.8
121. 6
115. 7
124. 7
115. 9
124. 5
116. 1
116. 3
124. 5
124. 8
115. 8
116. 7
128. 2
3
E xcludes intermediate ma terials for fo od manufact uring and m anufactured
anim al feeds; includes, in part , grain prodilets for furth er processing
„
Soiirce: Depart ment of Lab 3r.
27
PRICES RECEIVED AND PAID BY FARMERS
In the month ended October 1 5, prices received by farmers declined 4 percent following a drop of 8 percent in September. Contributing most to the October decline were lower prices for cattle, hogs, wheat, broilers, and eggs. The index
of prices paid was unchanged. Both the actual and adjusted parity ratios declined 4 points.
Index, 1967 =100
Index, 1967 =100
220
220
200
200
180
180
PRICES RECEIVED
(ALL FARM PRODUCTS)
160
160
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
140
140
120
120
100
100
RATIO V
120
RATIO J/
120
PARITY RATIO (ACTUAL)
100
90
xv '*
on
70
100
TV"
x%
90
-- **—•-*» , . . f . . , . >
. , . ,, . , . X
".....^""l
\.
, , .^
«,t
,„ .
, _
'•"««..p*'n
1 1 1 1 ! 1 f 1 ! 1 1
1968
f
1 f t t 1 1 f ! 1 ! 1 f !
I
1 6
9 9 1
1 1 1 1 ! 1 y 1 1
1 7
9 0 1
80
-X
70
*
1 1 ? 1 1 1 f
! I t 1
1971
t t 1 f f 1 t
|! I ?
. , t . . 1 i . . , . . . . . . I . t . i i 60
1973
1 7
9 2
1974
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL Of ECONOMIC ADVISERS
Prices paid by farmers
Prices Jreceived by farmers
Period
1964
1965
1966
1967
1968
1969
1970
1972 _________
1972: Sept 15.
Oct 15Nov 15Dec 15__
1973: Jan 15 _
Febl5_.
Mar 15 _
Apr 15_ _
May 15_
June 15 _
July 15..
Aug 15..
Sept 15..
Oct 15__
1
All farm
products
93
98
105
100
103
108
110
112
126
129
130
131
137
144
149
159
157
163
172
172
207
191
184
Crops
106
103
105
100
101
97
100
107
115
117
117
120
127
131
133
140
143
154
170
164
195
183
182
Livestock All items,
interest,
and
taxes, and
products wage rates
Index, 1967=100
85
94
105
100
104
117
118
116
134
138
139
138
145
153
161
174
168
169
173
179
217
198
187
Percentage ratio of index of prices received by fanners to index oi prices paid,
Interest, taxes, and wage rates on 1910-14=100 base.
28
92
94
98
100
104
109
114
120
127
128
129
130
131
134
136
138
140
143
146
146
151
150
150
Family
living
items
Parity
Production
items
Actual
93
95
98
100
104
109
114
119
124
94
96
99
100
102
106
110
115
122
76
77
80
74
73
74
72
69
74
126
125
127
127
129
131
132
134
136
138
138
141
142
142
124
125
126
129
132
134
138
139
143
149
148
157
154
153
75
75
75
78
80
82
86
83
85
87
88
102
95
91 !
!
Adjusted
2
80
82
86
79
79
80
77
74
79
80
80
80
83
83
85
89
87
89
91
92
107
99
95
2
The adjusted parity ratio reflects Government payments made directly to
farmersSource: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock increased at an annual rate of 4.7 percent in October. From January to
October it also grew at a 4.7 percent annual rate.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
280
240
200
200
160
160
1968
COUNCIL Or ECONOMIC ADVISERS
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
Ivloney stoc k
li^loney stoc k
Period
Total
1967:
1968:
1969:
1970:
1971:
1972:
1972:
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Get
Nov
Dec
1973: Jan
Feb
Mar__
Apr
May~_
June
July
Aug
Sept » Oct »
_
_
Deposits at commercial banks.
187. 0
201. 6
208. 8
221. 3
236. 0
255. 5
250. 1
251. 6
252. 7
255. 5
255.4
256. 7
256. 6
258. 2
260. 5
263. 2
264. 3
263. 9
263.4
264.4
CurDerency
mand
outdeside
posits l
banks
SeasonallyT adjusted
40. 4
146.6
43.4
158.2
46. 1
162.7
172. 2
49. 1
52. 6
183. 4
56.8
198. 7
55. 3
194. 8
55. 7
195. 9
56. 2
196. 5
56. 8
198. 7
57. 0
198. 4
57. 5
199. 3
57. 9
198. 7
58.7
199.5
59. 0
201. 6
59. 4
203. 9
59. 5
204.9
204. 2
59. 7
203. 3
60. 1
204. 1
60. 3
Time
and
savings
deposits l
183. 1
204.2
194.4
229. 2
270.9
312. 8
301.9
304.8
308.4
312.8
316. 9
322. 6
330. 9
336. 7
341. 8
344. 1
347. 7
353. 6
355.6
356.3
Total
192. 7
207. 7
214. 9
227.7
242. 8
262. 9
248. 7
251.2
254.3
262. 9
262. 6
254. 0
254. 1
259. 5
256. 0
261. 2
263. 2
260. 7
261. 9
264. 0
Currency
outside
banks
41. 2
44. 3
46. 9
50.0
53. 5
57.8
55.2
55.7
56.7
57.8
56.7
56. 7
57. 3
58.2
58. 7
59. 4
59. 9
60.0
60. 1
60. 3
Time
De-
mand
deposits1
Unadjustec i
151. 4
163. 4
167.9
177. 8
189.2
205.0
193.5
195.5
197.7
205.0
205. 9
197. 3
196. 7
201. 3
197. 3
201. 8
203. 2
200. 8
201. 8
203. 7
and
savings
deposits 1
182. 1
203. 2 I
193. 2
228. 1
269. 8 i
311,7
302.7
305.9
307. 7
311.7
316.6
322. 5 i
331. 4 I
336. 1
340. 9
342. 7
345. 8
354. 7
357. 2
358. 3
U.S.
Government
demand
deposits l
5.0
5. 0
5.6
7.3
6.9
7.3
5.9
6.6
6.2
7.3
8. 0
9. 6
10. 1
8. 2
8.4
6. 9
6. 3
4.0
5. 1
5.8
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID
HOLDINGS - NONFINANCIAL INVESTORS
Private nonfinancial investors increased their holdings of liquid assets in October by $3.7 billion (seasonally
adjusted). The sharp decline of $3.5 billion in negotiable certificates of deposit was more than offset by increases in
commercial bank time deposits.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 100
1,100
1,000
1,000
500
400
400
300
300
1973
1967
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Cum3ncy and deposits
Period
1966:
1967:
1968:
1969:
1970:
1971:
1972:
Dec
Dec
Dec_ _ _ _
Dec_ _ _
Dec__
Dec
Dec_ „
1972: Sept
Oct
Nov..
Dec__
1973: Jan
Feb__
Mar.. _ _
Apr
May
June
July
Ano/-iiig
Sept
Oct v
Total
liquid
assets
Time c deposits
Total
Currency
Commercial
banks
ShortNonbank
term
Savings marketthrift
institubonds able setions
curities
Negotiable
certificates of
deposit
Commercial
paper
590. 6
640. 7
699. 1
730. 9
781. 5
865. 7
975.8
473.7
520. 4
563. 2
582. 2
630. 7
719. 3
814. 6
38. 3
40.4
43. 4
46. 1
49. 1
52. 6
56. 8
121. 1
129. 4
139. 4
143. 6
151. 5
161. 3
174. 7
136.
156.
174.
177.
198.
233.
264.
9
3
4
2
7
4
8
177. 3
194. 2
205. 9
215. 4
231. 4
272. 0
318. 2
50. 1
51. 0
51. 4
51. 1
51. 3
53.7
57.0
43. 6
39. 9
47. 2
65. 3
53.8
41.5
43. 4
14. 5
19. 1
22. 4
9. 0
23. 0
29. 8
39.2
8. 8
10.4
14. 9
23.4
22. 6
21. 5
21. 6
944.
953.
963.
975.
790.
799.
805.
814.
9
1
9
6
55. 3
55.7
56. 2
56. 8
171. 2
172. 1
172.7
174. 7
257.0
259. 8
262. 2
264. 8
307.4
311. 5
314. 9
318. 2
56. 1
56. 4
56.7
57. 0
39. 4
40. 2
42. 1
43. 4
36.7
36. 6
37. 5
39. 2
21. 3
21. 0
21. 5
21. 6
821. 2
827.5
832. 6
839. 0
845. 5
853. 1
857. 1
859. 8
862. 1
868. 9
57. 0
57. 5
57. 9
58.7
59. 0
59. 4
59.5
59. 7
60. 1
60. 3
173.
174.
174.
175.
177.
179.
179.
179.
177.
178.
267. 6
268. 9
271. 0
272. 8
274. 8
276.9
278.1
281.4
283. 6
287. 3
322. 7
326. 6
329. 5
332.3
334. 6
337.7
339. 6
339. 7
340. 5
342.4
57. 2
57. 6
57. 9
58.2
58. 5
58.8
59. 1
59. 2
59.3
59.5
41. 5
40. 9
42. 2
42. 6
44. 2
45. 0
45.7
47. 2
48.8
48. 6
39.9
44. 0
49. 8
53. 6
56.4
56.4
59.0
61. 5
61. 2
57.7
21. 6
20. 5
19. 4
18.8
18. 8
19. 4
20.3
21. 5
22.7
23. 2
4
3
8
8
981. 4
990. 5
1, 002. 0
1, 012. 2
1, 023. 4
1, 032. 6
1, 041. 1
1, 049. 2
1, 054. 2
[, 057. 9
Source: Board of Governors of the Federal Reserve System.
30
Demand
deposits
U.S. Crovernment S€;curities
9
6
2
3
1
2
9
0
9
9
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total loans and investments (seasonally adjusted) at all commercial banks increased at an annual rate of 7.0 percent
in October, up from a revised 4.4 percent annual rate in September. Net borrowed reserves declined by $336 million
during the month.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
700
ALL COMMERCIAL BANKS
600
500
TOTAL
LOANS AND INVESTMENTS
400 —
300
200
100
1974
1968
COUNCIL OF ECONOMIC ADV-SERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All commercial banks
(seaso nally adjust ed data)
End of period
Investnaents
L aaiis
Total
loans
Total,
Comand
Other
mercial U.S. Gov- securiinvest- excludernment
ments ing inter- and indus- securities
ties
bank
trial
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual
rates 1 \
2
AJl membe r banks
Total
reserves
Billions of dollars
1967
1968
1969
1970
1971
1972
1972: Oct
Nov
Dec
1973: Jan
Feb
MarApr
May
June_
July »
Aug '
Sept*_
Oct »
352. 0
390. 2
3
401. 7
435. 5
484. 8
556. 4
540. 4
549. 9
556. 4
564. 7
575. 4
583. 6
589. 6
597. 7
602. 0
608. 2
616. 0
618. 2
621. 7
231. 3
258. 2
3
279. 1
291. 7
4
320. 3
377. 8
365. 7
372. 9
377. 8
385. 8
397. 2
405. 8
411. 1
417. 4
420. 3
427. 3
435. 3
438. 1
440. 0
86. 2
95. 9
3
105. 7
110. 0
115. 9
129. 7
126.3
128. 2
129. 7
133. 3
138. 1
141. 8
143. 9
146. 8
148. 2
151. 4
153. 6
154. 0
154. 0
59. 4
60. 7
3
51. 5
57. 9
60. 1
61. 9
60. 3
60. 9
61. 9
61. 8
60. 6
60. 4
61. 0
61. 0
61. 6
59. 6
57.7
56. 3
54. 9
1
Debits during period to demand deposit accounts except interbank and
U.S. Government.
2
Averages of daily figures. Annual data are for December.
8
Beginning June 1969, data include all bank-premises subsidiaries: and other
significant majority-owned domestic subsidiaries; earlier data include commercial banks only.
4
As of June 1971, Farmers Home Administration notes totaling at out $0.7
MlHnn ar/i Hn.cclfiArl SMS nt.hm- sAp.nrit.1fis rnt.hpr than as loans.
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions of dollars
61. 3
71. 3
3
71. 1
85. 9
4
104. 4
116. 7
114.4
116. 1
116. 7
117. 1
117.6
117. 4
117. 5
119. 3
120. 1
121. 3
123. 0
123. 8
126. 8
3, 755
4,360
5, 150
5,717
6,443
7,530
7, 748
8, 175
S, 179
8, 589
8, 842
9, 110
9, 039
9, 270
9, 410
9, 834
10, 141
9, 890
25, 260
27, 221
28, 031
29, 265
31, 329
5
31, 353
33, 803
5
31, 774
31, 353
32, 962
31, 742
31,973
32, 277
32, 393
32, 028
33, 542
33, 785
34, 019
J4, 899
345
455
257
272
165
5
219
247
5
314
219
342
205
295
152
118
59
343
246
237
180
238
765
1, 086
321
107
1, 049
574
606
1, 049
1, 165
1, 593
1,858
6
1, 721
1, 786
1, 789
2,051
2, 143
1, 861
1, 468
107
-310
-829
-49
58
5
-830
-327
5
-292
-830
-823
-1, 388
— 1, 563
— 1, 569
~l, 668
-1, 730
- 1, 708
- 1, 897
-1, 624
-1,288
5
Beginning November 9, 1972 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection with
adaptation to Regulation J.
6
Beginning April 1973, includes seasonal borrowings.
Note.—Commercial bank data revised beginning 1959.
Source: Board of Governors of the Federal Reserve System.
CONSUMER AND REAL ESTATE CREDIT
Consumer credit (seasonally unadjusted) rose $1.1 billion during September, compared to a $1.3 billion increase
a year earlier. Consumer instalment credit (seasonally adjusted) increased $1.4 billion in September.
BILLIONS OF DOLLARS
180
BILLIONS OF DOLLARS
180
20
20 P*
16
SEASON,MLY ADJUSTED (ENLARGED SCALE)
/"V
INSTALMENT CREDIT EXT!ENDED
12
^s^s^ ^
\—-~^1
_/^^T^
10
__^—1
A1 ! ! ! ! f ! 1 ! 1 1
V
in
INSTALMENT C REDIT REPAID
| | 1 I I I ! I I 1 !
1968
! ! 11 1 I I | ! I !
1969
! I t I 1 1 ! ! ! ! 1
I 1 I 1 1 ! 1 f 1 ! I
1 ! 1 I f I ! t t f f
1972
1971
1970
1964
1965
1966
1967
1968
1969
1970
_ _
1971
1972
1972: Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
1
[Millions of dollars]
Consumter instalm*mt credit e xtended
Consu mer credit outstandin g (end of p>eriod;
imad justed")
and r epaid (seas onally adjiisted)
To tal
Instalment
Automoh>ile paper
NonAutomoTotal
instal- Extended Repaid Extended Repaid
bile
Total *
Personal
ment 2
paper
loans
80, 268
89, 883
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157} 564
147, 631
148, 976
150, 576
152, 968
157, 564
157, 227
157, 582
159, 320
161, 491
164, 277
167, 083
169, 148
171, 978
173, 035
62, 692
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111,295
127, 332
119, 911
121, 193
122, 505
124, 325
127, 332
127, 368
127, 959
129, 375
131, 022
133, 531
136, 018
138, 212
140, 810
142, 093
24, 934
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
42, 323
42, 644
43, 162
43, 674
44, 129
44, 353
44, 817
45, 610
46, 478
47, 518
48, 549
49, 352
50, 232
50, 557
6
N
COUNCIL OF ECONOMIC ADVISERS
17, 848
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
35, 450
35, 755
36, 003
36, 413
36, 922
36, 870
37, 108
37, 486
37, 695
38, 376
38, 928
39, 440
40, 064
40, 397
Also Includes other consumer goods paper, and repair and modernization
loans, not shown separately.
" Consists of single-payment loans, charge accounts, and service credit.
32
1 1 1 1 1 1 1 1 1 1 IN
1974
1973
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
12
-""
17, 576
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
27, 720
27, 783
28, 071
28, 643
30, 232
29, 859
29, 623
29, 945
30, 469
30, 746
31, 065
30, 936
31, 168
30, 942
s
70, 670
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
12, 484
11, 953
12, 404
12, 846
12, 627
13, 304
13, 434
13, 852
13, 465
13, 932
13, 646
14, 542
14, 294
13, 691
63, 470
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
10, 841
10, 667
10, 908
11, 128
10, 964
11, 355
11, 437
.11, 808
12, 061
11, 941
12, 034
12, 544
12, 399
12, 332
24, 046
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
3,491
3,368
3,504
3, 620
3,763
4, 006
3,972
4, 001
3, 822
3, 989
3, 762
3, 930
3, 968
3, 939
21, 369
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
2, 896
2, 873
3, 041
3, 023
2, 977
3, 097
3, 145
3, 225
3,218
3, 261
3, 253
3, 334
3, 293
3,406
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
Mortgage
debt outstanding,
nonfarm,
1 1- to 4famiiy
houses 3
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800
280, 200
307, 800
346, 100
335, 800
346, 100
" 353, 700
" 365, 800
» 376, 600
BOND YIELDS AND INTEREST RATES
Short-term Interest rates increased and long-term rates edged upward in early November.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1973
1967
SOURCE: SEE TABLE BELOW
Period
1967
1968
1969
1970
1971
1972_
1972: Oct
Nov
Dec
1973: Jan
Feb__.
Mar
Apr _
May
June
July
Aug
Sept
Oct
Nov
Week ended :
1973:
Oct 19__
26- _
Nov 2__
9__
16—
23__l
1
3
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Gov<^rnment secujrity yields
municipal
3-month
bonds
3—5 year
Taxable
2
Treasury
3
(Standard4 &
issues
bonds
bills *
Poor's)
4. 321
3. 98
5.07
4. 85
5.339
4.51
5.59
5.25
6. 677
5. 81
6. 85
6. 10
6. 458
6. 51
7. 37
6. 59
4. 348
5. 70
5. 77
5. 74
4.071
5.27
5.85
5. 63
4. 719
5. 20
6.11
5. 69
4. 774
5. 03
6.03
5. 50
5.03
5.061
6.07
5. 63
5.307
5. 05
6.29
5. 94
5. 12
5. 558
6.61
6. 14
6. 054
5. 30
6. 85
6. 20
6. 289
5. 16
6. 74
6. 11
5. 12
6. 348
6. 22
6.78
5. 15
7. 188
6. 32
6. 76
8.015
7. 49
6. 53
5. 39
5.47
8. 672
7. 75
6. 81
5. 11
6. 42
8.478
7. 16
5.05
7. 155
6. 81
6. 26
7.
6.
7.
8.
8.
6
7.
188
959
196
098
636
704
6. 80
6.80
6.83
7. 03
7. 16
6.
6.
6.
6.
6.
27
28
27
33
35
2
Rate on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
6
* Weekly data are Wednesday
figures.
Not charted.
8
Data for first of the month, based on the maximum permissible interest rate
>i percent beginning August 25, 1973) and 30-year mortgages paid in 15 years.
5.03
5. 09
5. 15
5. 15
5. 24
Prime
commercial
paper,
4_6
Baa
months
6. 23
5. 10
6.94
5.90
7. 83
7. 81
7.72
9. 11
8. 56
5. 11
8. 16
4. 69
8. 06
5. 30
7.99
5. 25
7. 93
5.45
7. 90
5.78
7.97
6. 22
8. 03
6.85
7. 14
8. 09
7.27
8. 06
7. 99
8. 13
8. 24
9. 18
10. 21
8. 53
10.23
8. 63
8.41
8. 92
Corpora te bonds
(Moc dy's)
Aaa
5.51
6.18
7. 03
8. 04
7.39
7. 21
7.21
7. 12
7.08
7. 15
7. 22
7. 29
7. 26
7. 29
7. 37
7. 45
7. 68
7. 63
7.60
7.58
7. 64
7. 65
7. 67
7. 69
8.40
8. 41
8. 43
8. 43
8. 42
FHA
new home
mortgage
yields 6
6. 55
7. 13
8. 19
9. 05
7. 78
7. 53
7. 56
7.57
7.57
7.56
7. 55
7.56
7. 63
7.73
7. 79
7. 89
8. 19
9. 18
8. 97
9.03
8. 56
8. 28
8.69
9. 08
Sources: Department of Housing and Urban Development, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard
& Poor's Corporation.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market declined from mid-October to mid-November.
Index, 1941-43=10
Index, 1941-43=10
120
120
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
110
110
100
100
90
90
80
80
70
70
60
I i. i i i i I 60
I I i I t 1 ! ! 1 | 1 I I I I I I I I I | I I I I I I 1 I I LJI 1 ! I I t I I I 1 l i t
PER CENT
5
PERCEf
WEEKLY
MOhfTHLY
DIVIDENl> YIELD ON COMMCDN STOCKS
4
3
"-
2 1J
~"~ "™ *"
1 II
1 1 1 I!
M
I
t |
1 I 1 1 1
\^—^
1
1 ! 1
! 1 I I 1 1 I 1 1 I
1 1 1 1 1 1 1 i 1 f I
— ^— *^^ ^t****"^
~~
1 1 1 f
t
!
1 t ! ! 1 1 1 1 1 1 i
! f ! 1 !
f ! M l f f M 1 Jfs
RATIO
RATIO
25
PRICE/ EARNIN 3S RATIO ON COMMON STOCKS
\
20
——-1*^^——"
—
r
p—-_
Xx
15
10
/^y
^ _ _ _ ^x.
^
1
/
i
l
l
!
!
1967
1
!
1968
!
!
1
1969
1
!
1
1
—
f
1970
.
f
!
1971
^x.
i
i
i
1967
1968 __
1969 _
1970
1971
1972
1972: Oct
Nov
Dec
1973: Jan
Feb
Mar
Apr
_._ _
Total
91. 93
98.69
97. 84
83. 22
98. 29
109. 20
109. 56
115. 05
117. 50
118. 42
114. 16
112. 42
110. 27
107. 22
104. 75
105. 83
103. 80
105. 61
109. 84
99. 18
107. 49
107. 13
91. 29
108. 35
121. 79
122. 39
128. 29
131. 08
132. 55
127. 87
126. 05
123. 56
119. 95
117. 20
118. 65
116. 75
118. 52
123. 42
108. 81
110. 42
110.09
110. 21
108. 71
105. 72
103. 51
122. 02
124. 01
123. 76
123. 97
122. 22
118. 77
116. 36
Public
utilities
Railroads
Dividend
yield 2
(percent)
1941-<13 = 10
96. 96
79. 18
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
113. 91
119. 39
112. 94
119. 50
122. 11
119. 51
124. 57
122. 26
127. 04
122. 57
125. 56
117. 54
124. 53
116. 41
120. 38
111. 24
107. 44
116. 48
114. 75
104. 83
116. 31
105. 94
115. 98
104. 35
116. 60
105. 16
122. 30
106. 58
68. 10
66.42
62. 64
54. 48
59. 33
56. 90
56. 66
61. 16
61.73
60. 01
57. 52
55. 94
55. 34
55. 43
54.37
53. 31
50. 14
52.31
53. 22
46. 72
48.84
45. 95
32. 13
41.94
44. 11
41. 20
42. 41
44. 62
42. 87
40.61
39. 29
38. 88
36. 14
34. 35
35. 22
33. 76
35.49
38.24
3. 20
3.07
3. 24
3. 83
3. 14
2. 84
2. 82
2. 73
2. 70
2. 69
2. 80
2. 83
2. 90
3. 01
3. 06
3. 04
3. 16
3. 13
3. 05
118. 33
122. 16
124. 13
124. 77
122. 12
118. 57
116. 88
54. 21
53. 93
52. 87
52. 46
51. 88
50. 38
48. 61
37. 50
38. 13
38. 39
38. 58
38.73
40. 03
40.46
^
10
Price/
earnings
ratio a
3. 06
3. 05
3. 03
3. 03
3. 10
3. 17
3. 31
Capital
goods
i Includes 500 common stocks: 425 industrials, 65 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
!
COUNCIL OF ECONOMIC ADVISERS
Total
__
!
1973
Price i ndex 1
Industrials
May__ _
_
June
July
Aug
_ _ _ __
Sept
Oct
Week ended :
1973: Oct 5
12
19
26
Nov 2
9
16
34
1
1972
SOURCE: STANDARD & POOR'S CORPORATION
Period
. 15
r^
Consumers'
goods
106. 86
106. 96
107. 26
106. 79
105. 02
102. 68
97.82
17.48
17.66
16.48
15. 69
18.50
18.20
18.39
16.40
14. 40
are averages of monthly data. WTeekly data are Wednesday figures.
3
Ratio of price index for last day of quarter to earnings for 12 months ending
with that quarter. Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 3 months of fiscal 1974 there was a deficit of $1.1 billion; a year earlier the deficit was $1.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
260
260
220
220
-20
-40
1963
1964
1965
1966
1967
1968
1970
1969
FISCAL YEARS'
1971
1972
1973
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Federal debt ( end of period)
Period
Fiscal year:
1962
1983
1964
1965
1966
1967
1968
1969
_
_
_ _
Receipts
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _
_
_.
1970
1971
1972
1973_
19742
Cumulative totals for first 3 months:
Fiscal year 1973 _ _
_
Fiscal year 1974
__
1
Excludes non-interest-bearing public debt securities held by IMF.
* Estimates as revised November 15,1973.
Outlays
Surplus or
deficit (-)
Total i
Held by
the public
99. 7
106. 6
112. 7
106. 8
111. 3
118. 6
-7. 1
-4.8
-5. 9
303. 3
310.8
316.8
248.4
254, 5
257. 6
116. 8
130. 9
149. 6
153. 7
187.8
118. 4
134. 7
158. 3
178. 8
184. 5
-1.6
323. 2
329.5
341. 3
369. 8
367. 1
261. 6
264. 7
267.5
290. 6
279. 5
193.7
188.4
208. 6
232.2
270.0
196. 6
211. 4
231.9
246.5
270.0
8
0
2
3
.0
382. 6
409. 5
437. 3
468.4
481.1
284. 9
304. 3
323. 8
343.0
340.2
55. 7
64.4
57.6
65. 5
-1.9
— 1. 1
444. 6
472. 1
328.8
342.3
3.8
-8. 7
-25. 2
3. 2
-2.
-23.
-23.
-14.
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 1974 budget receipts were $8.7 billion higher than a year earlier and budget outlays were
$7.9 billion higher.
BILLIONS OF DOLLARS
120
BILLIONS OF DOLLARS
180
180
OUTLAYS
160
160
140
140
120
120
NONDEFENSE
100
100
80
NATIONAL DEFENSE
60
_L
40
1963
J_
1964
1965
60
_L
J_
1966
1967
1968
1969
1970
1971
1972
40
1973
1974
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES. TREASURY DS>ARTMBtf AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
(Dutlays
Recei pts
National defense
Period
Fiscal year:
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974 *
Cumulative totals for
first 3 months:
Fiscal year 1973—Fiscal year 1974___
Total
Other
Total
Department of
Total Defense,
military
33.6
37.4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70.5
75.4
81. 7
92.8
109.0
106.8
111.3
118. 6
118.4
134.7
158. 3
178. 8
184.5
196.6
211. 4
231. 9
246. 5
270.0
51. 1
52. 3
53. 6
49.6
56.8
70. 1
80. 5
81. 2
80. 3
77.7
78. 3
76.1
81.0
46.9
48. 1
49.6
46. 0
54. 2
67.5
77.4
77.9
77. 2
74.5
75. 2
73. 3
78. 2
6.7
22.3
27. 3
57. 6
65. 5
16.4
17.7
16. 1
17.7
99.7
106. 6
112.7
116. 8
130.9
149.6
153.7
187. 8
193.7
1SS.4
208.6
232.2
270.0
48.8
55.4
61. 5
68. 7
87.2
90.4
86. 2
94.7
103.3
117.0
20.5
21.6
23.5
25.5
30. 1
34. 0
28.7
36.7
32. 8
26.8
32.2
36. 1
44.0
55; 7
64.4
26.7
29.8
7; 3
i Estimates as revised November 15,1973.
36
Individual Corporation
income
income
taxes
taxes
45. 6
47.6
4&7
Interna- Health
tional
and
Inaffairs income terest Other
and
security
4. 1
23.7
25. 5
26. 8
27. 4
31. 5
37.8
43.7
49. 3
56.7
70.6
81.5
91. 2
105. 8
10. 4
11.3
12. 6
13. 7
15. 8
18. 3
19. 6
20. 6
22. 8
27.7
.8
.8
20.0
24. 0
6.7
4.5
4. 1
4. 1
4. 3
4. 5
4. 5
4.6
3. 8
3.6
3. 1
3.8
3.2
8.3
9. 2
9.8
5. 3
Sources: Treasury Department and Office of Management and Budget.
19. 2
20.3
24. 2
26. 7
30.6
33. 2
36. 2
34.4
37. 7
40.5
47. 6
53.4
51. 4
15. 1
16. 1
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to current estimates for the third quarter, Federal receipts increased $7.4 billion (seasonally adjusted
annual rates) and expenditures rose $3.2 billion, yielding a surplus of $4.3 billion—the first surplus since the last
quarter of 1969.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
140
120
120
+20
+20
SURPLUS
P
I
P
I
j!!
li
P&l
Ii
i
Psi
i I
i i ^
1
~ I i 11
-20
1
\
1i
DEFICIT
1
-40
f
f
f
!
!
1968
1967
f
f
!
1969
1
!
}
!
f
|
f
1971
1970
p/^
m
M
f
-20
\
!
f
f
-40
1973
} 972
CALENDAR YEA RS
cou NC!L
SOURCE-. DEPARTMENT Of CC)MMERCE
OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Feeleral Go1^emmenl; expend]tures
Federal (jovernm ent receipts
Period
Personal Corpo- Indirect
rate business
Total tax and profits tax and
nontax
tax
nontax
receipts accruals accruals
GrantsContriPurin-aid
chases Trans- to State Net
butions
for
Total of goods fer pay- and interest
and
ments local
paid
social ingovernservices
surance
ments
Surplus
or
Subsidies Less: rl^fipit
less
Wage UtJIlL'll)
.(-)'
current accruals income
surplus of less
and
Govern- disment en- burse- product
terprises ments
Fiscal year :
1969
1970
1971
1972
1973
Calendar
year:
1969
1970
1971
1972
190. 4
195.2
192. 6
213.7
242.9
90.0
93.6
87.4
100. 1
107. 1
37.4
33.3
32.2
34.7
44.0
18. 6
19.2
20. 1
19.9
20.6
44.4
49. 1
52. 9
59.0
71. 1
185. 7 99. 4
195.9 98.0
212. 6 95.9
233. 2 103.2
255. 0 105. 0
50. 7
56.8
69.7
78.6
89. 1
19.2
22. 6
26.8
32. 9
40.2
12. 3
14.0
14.3
13.4
14.3
197. 3
192.0
198. 9
228.7
94. 8
92. 2
89.9
107.9
36. 6
31.0
33.3
37.8
19. 0
19. 3
20.4
19.9
46. 9
49.5
55.2
63. 0
189. 2 98. 8
203. 9 96.2
221.0 98. 1
244. 6 104.4
52.4
63.2
74.9
82.9
20. 3
24.4
29. 1
37.7
13. 1
14.6
13.6
13.5
5.5
5.3
1972: I
II—.
III..
IV...
222. 9
225. 4
229. 6
236. 9
105. 6
106. 6
108. 1
111.3
36. 0
36. 7
38.0
40. 7
19.7
19.7
19. 9
20.3
61. 5
62. 4
63.6
64.6
236. 6
244.4
237.0
260. 3
106. 0
106. 7
102. 3
102. 7
79.7
80. 1
80.8
91.0
32.2
38. 0
34.4
46. 1
13.1
13. 6
13.4
13.7
5.5
5.9
6.2
6.7
1973: I
253.6
II...
262.4
IH». 269.8
108. 5
111.4
116.9
46.6
50.8
51.3
20. 7
21.2
20.8
77.8
79.1
80.8
258.6 105.5
262.4 107.3
265.6 106.8
91.8
93.8
96.6
41. 1
40.5
40.5
14.7
15.6
16.2
5.5
5.1
5.3
4. 1
4. 7
5.8
5.2
6.3
4. 6
6. 1
0.0
4.7
.1
^
!o
-. 7
-19. 9
-19. 5
-12. 1
.0
8. 1
-11. 9
-22. 2
-15. 9
— .1
.0
-13.8
— 19. 0
-7.4
-23. 4
o
—a I
.
-5.0
.0
.0
.0
.0
.0
.0
.0
.0
4.3
Source: Department of Commerce.
37
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Contents
TOTAL OUTPUT, IMCOME,
SPENDING
Page
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 Profi ts
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT,
1
2
3
4
5
6
7
8
9
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
.
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
_
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT,
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
26
27
28
29
30
31
32
33
34
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
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.
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