Full text of Economic Indicators : November 1974
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Economic Indicators
November 1974
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1914
(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
LOUGHUN F. McHuGH, Senior Economist
RICHARD F. KAUFMAN, General Counsel
COUNCIL OF
ALAN GREENSPAN, Chairman
WILLIAM J. FELLNER
GARY L. SEEVERS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—IST SESSION]
[SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
TLe solved by the Senate and House of Representatives of'the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 235 1949.
Charts drawn by Art Production Branch, Office of the Secretary^ Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF
GOVERNMENT
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.
11
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $31.6 billion in the third quarter to a seasonally adjusted annual rate of $1,415.4
billion, according to revised estimates. The increase for the preceding quarter was $25.0 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
CJovernmeiat
Disposab le personsil income
Period
E xpenditur es
N et receipts
PerEquals:
Less:
Less:
sonal
Less:
Tax
Interest Total Personal
saving
TransTrans- Equals:
and
paid and exclud- consumpPurtion
fers,
Equals: Total
or
fers,
ing
nontax interest,
chases
expendNet
expenddisinterest,
Total * transfer
interest
of goods
payand
itures saving receipts
receipts itures
and
and
or
ments
and
transaccruals sidies 2
to forservices
sidies
*
fers
eigners
Surplus
or
deficit
income
and
product
accounts
1968
1969
1970
1971
1972
1973
591. 0
634.4
691. 7
746.4
802.5
903. 7
15. 1
16.7
17.9
18. 8
20. 9
24. 1
575. 9
617.7
673. 8
727.6
781. 6
879.6
536. 2
579. 5
617.6
667. 1
729. 0
805. 2
39. 8
38. 2
56. 2
60. 5
52. 6
74. 4
263. 5
296. 7
302.5
321.6
367. 0
411. 5
70.7
77.9
93. 2
105. 9
116. 5
131. 6
192.7
218.8
209. 4
215. 7
250. 5
279.9
270.3
287.9
312. 7
340. 2
372. 1
408. 0
70. 7
77. 9
93. 2
105. 9
116. 5
131. 6
199. 6
210.0
219.5
2342
255.7
276. 4
-6.8
8.8
— 10. 1
-18.5
-5. 1
3.5
1973: I
II
III__
IV___
869. 5
892. 1
913. 9
939. 4
22. 5
23. 5
24 3
26. 2
847. 0
868.6
889. 6
913. 2
781. 7
799. 0
816.3
823.9
65.3
69. 6
73. 2
89. 3
398.2
406. 9
416. 6
424 6
127.2
130.7
133. 0
135.9
271. 0
276.2
283.6
288.7
396. 0
404 0
409. 8
422.3
127. 2
130. 7
133. 0
135. 9
269. 0
273. 3
276.9
286.4
2. 1
3.0
6.7
2. 3
1974: I
II
III »_
950.6
966.5
993. 1
25. 6
25. 8
26. 2
925. 0
940. 7
966. 9
840. 6
869. 1
901. 3
84 4
71. 5
65. 5
435. 8
450. 7
471. 0
139. 3
147. 4
157. 8
296. 5
303. 3
313.2
435. 5
451. 7
470. 1
139. 3
147. 4
157.8
296.3
3044
312. 3
— 1.0
Net
Netexports of goods
Excess of Total
transfers
and service s
StatisGross
Excess
transfers income
Gross
to fortical
of
private
retained domestic invest- eigners
or
or
discrepearnof net
by perancy
receipts
ment sons
invest-4
Less: Equals:
Net
exports
ings 3
and Exports Imports
ment
5
(-)
Governexports
(~)
ment
1988
1969
1970
1971
1972
1973
95. 4
97. 0
97.0
110. 2
125. 9
136. 5
126. 0
139. 0
136. 3
153. 7
179. 3
209. 4
-30. 6
-42. 0
-39. 3
-43. 5
-53. 5
-72. 9
2. 9
2.9
3. 2
3.6
3.8
3.9
50. 6
55.5
62. 9
65.4
72. 4
100.4
48. 1
53. 6
59. 3
65. 6
78. 4
96. 4
2. 5
1. 9
3. 6
—.2
6. 0
3.9
1973: I
II
III
IV
133.7
135. 3
137. 1
140. 1
199. 0
205. 1
209. 0
224. 5
-65. 3
-69.8
-71.9
-84. 4
3. 0
4.2
3.6
4.7
88.8
95.4
103.7
113.6
89. 5
94.9
96.9
104.3
.8
.5
6. 7
9.3
1974: I
II
III*
139.7
135. 8
130. 8
210. 5
211. 8
205.8
-70.8
-76.0
-75.0
3.7
3.7
131.2
119. 9
140. 0
146. 6
11. 3
-1. 5
-4. 0
a3
isa 5
142.6
1
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.
2
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
n disposable personal income.
1.0
Iiiternation al
Business
Period
:4
0. 4
866. 9
1. 0
936. 3
-. 4
983. 5
3.8 1, 057. 2
9. 8 1, 161. 8
1 1, 299. 9
Gross
national
product
or
expenditure
-2.7
-6. 1
-6.4
-2.3
-3. 8
-5.0
864, 2
930.3
977. 1
1, 054, 9
1, 158. 0
1, 294. 9
-4.7
1, 254. 7
1, 284. 3
1, 313. 9
1, 346. 7
-5.9
-6.5
-4.9
-2.6
1, 248. 9
1, 277. 9
1, 308. 9
1, 344 0
-7.7
5.2
7.4
1, 364 9
1, 383. 5
15 414. 2
-6. 3
:3
1.2
1, 358. 8
1, 383. 8
1, 415. 4
3. 8
3. 7
0 1
O. JL
* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
* Net foreign investment less capital grants received by United States,
sign changed.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the third quarter gross national product (seasonally adjusted) rose at an annual rale of 9.5 percent reflecting an
inflation rate of 11.8 percent and a decline of 2.1 percent in real GNP.
BILLIONS OF DOIMRS
BILLIONS OF DOLLARS
1,400
t,400
1,200
1,200
1,000
1,000
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
200
0 -
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Gove rnment • purchases of good s and
Total
Personal Gross
Net
services
conTotal
gross
private exports
sump- domestic of goods
Federal
national gross
State
tion
product national
Total
and
investand
National
in 1958 product expend- ment
services
Total defense l Other local
itures
dollars
Billions of dollars; quarterlyr data at sseasonall y ad juste>d annual rates
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
632. 4
581. 1
684. 9
617. 8
749.
9
658. 1
793. 9
675.2
864. 2
706.6
725. 6
930. 3
977. 1
722. 5
746. 3 1, 054. 9
792.5 1, 158. 0
839. 2 1, 294. 9
401.2
432.8
466. 3
492. 1
536. 2
579. 5
617. 6
667. 1
729. 0
805. 2
94.0
108. 1
121. 4
116. 6
126. 0
139.0
136. 3
153. 7
179. 3
209. 4
1973: I
II
III
IV
832.8
837. 4
840. 8
845. 7
9
9
9
0
781. 7
799. 0
816. 3
823.9
199.
205.
209.
224.
0
1
0
5
.5
6. 7
9. 3
1974: I
II
III
830. 5 1, 358. 8
827. 1 1, 383. 8
822. 7 1, 415. 4
840. 6
869. 1
901. 3
210. 5
211. 8
205. 8
11. 3
-1. 5
-4.0
1,
1,
1,
1,
248.
277.
308.
344.
* 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 1058 dollars.
8. 5
6.9
5. 3
5. 2
2. 5
1. 9
3. 6
— .2
-6. 0
3. 9
Q
Implicit
price
deflator
for total
GNP,
1958 =1002
20. 5
20. 4
21. 6
26.5
30. 1
32. 2
63.5
70.1
79. 0
89. 4
100.8
111.2
123. 3
136.6
150. 8
169. 8
108. 85
110. 86
113. 94
117. 59
122. 30
128. 20
135. 24
141. 35
146. 12
154. 31
75. 0
74. 0
73. 3
75. 3
31. 4
32. 2
32. 0
33. 1
162. 6
167. 1
171. 6
177.9
149.
152.
155.
158.
75.8
76. 6
78.4
35. 7
37. 7
38.8
184, 8
190. 1
195. 1
163. 61
167. 31
172. 04
128.7
137. 0
156. 8
180. 1
199. 6
210. 0
219. 5
234. 2
255. 7
276. 4
65.2
66.9
77.8
90.7
98. 8
98. 8
96. 2
97.6
104.9
106. 6
50.0
50. 1
60. 7
72. 4
78. 3
78. 4
74. 6
71.2
74.8
74. 4
269.
273.
276.
286.
0
3
9
4
106. 4
106. 2
105. 3
108. 4
296. 3
304. 4
312. 3
111. 5
114. 3
117. 2
Source: Department of Commerce.
15. 2
16.8
17. 1
ia 4
95
61
67
93
IATIONAL INCOME
Corporate profits (seasonally adjusted) in the third quarter were 14 percent above the revised second quarter figure
and 29 percent above the third quarter of 1973. Both increases virtually disappear when profits are measured inclusive
of the inventory valuation adjustment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,100
1,000
900
800
700
600
500
200
200
PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
NET re
100
I
0
I
I
1968
i i i r i i i
I
1969
!
i
~.B™^~—-"-—^^*-~-=-—~"
1
!
1971
1970
100
!j i!L^
•«-*-«*-«—-—--*«,«„»,*
^0-~— — —
i
!
!
1
1973
1972
!
SOURCE: DEPARTMENT OF COMMERCE
I
I
1
1
1974
1
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprieto rs' income
Rental
Income
Total
national
income
Compensation
of em- 1
ployees
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
518. 1
564. 3
620. 6
653. G
711. 1
766. 0
800. 5
857. 7
946. 5
1, 065. G
365.7
393. 8
435. 5
467. 2
514. G
566. 0
603. 9
643. 1
707. 1
786. 0
12. 1
14.8
16. 1
14. 8
14. 7
10. 7
16. 9
17. 2
21. 0
38. 5
40.2
42. 4
45. 2
47. 3
50. 5
50. 0
52. 0
54. 9
57. G
1973: I _ _
II
III
1, 027.
1, 051.
1, 077.
1, 106.
759. 1
776. 7
793. 3
814. 8
32. 1
35. 6
41. 5
44. 9
57. G
57. 1
57. 7
58. 4
T "
828 8
848. 3
868. 2
39. 1
29. 1
29, 8
59. 3
60. 7
62. 3
Period
IV
1974: I
11
_
III v
6
2
3
3
1, 118. 8
1, 130. 2
1, 156. 4
Farm 2
1
2 Includes employer contributions for social insurance. (See also p. 4.)
Excludes
profits of corporations engaged In farming and therefore differs
from net farm
(including net inventory change) on p, 6 which includes
B usiness
and professional
49 r
of
per-
Corpora te profits
and :' river tory va luat'* r n adjust • v .cnt
Net
inter-
Proilts Inv*>7j."*\
before
'iil'ialion
taxes c Ji !.- s : >ciu
est
Total
18.0
19. 0
20. 0
21. 1
15.8
18.2
21. 4
24. 4
2 1 L'
L'G. 9
22. 6
23. 0
25. \
30. 5
41. 6
45. 6
52. 3
66.3
76. 1
82. 4
78. 7
81. o
79. 8
69. 2
78. 7
o-,' o
105. I
74. ',- i
83. 3
0,0-1
122.7
-4. 8
-4, 9
>j '"•
-17.6
23. 2
^fi /»
4\\ 2
51. 1
53. 2
55. 5
103. 9
105. ')
lf:5 l )
1 C o. 1
^20.
12-i.
122.
ilk.
i
••
7
;
-16. 5
-20.0
-17. 5
—16. 3
10. 4
20. •]
26. G
57. 5
60. 1
62. 8
107. 7
105. 6
106. 7
135. 4
139.0
158.4
—27. 7
-33.4
-51.7
sons
V ~,
(;
20. I
1:5. Y
C" '^
~
Source: Department of Commerce.
i>0. 8
77. S
'. ?*J. :
s: 6
M.i:
—0.5
— j. ;
— '. S
1. 1
:-j. 3
-5.1
SOURCES OF PERSONAL INCOME
Personal income increased $8.4 billion (seasonally adjusted annual rate) in October following a revised increase c.
$10.8 billion in September. Pay raises for Federal civilian and military personnel accounted for $2.1 billion of the
October increase. Private payrolls showed a small increase of $2.8 billion because employment and average weekly
hours declined.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
1JOOO
t,000
WAGE AND SALARY DISBURSEMENTS
200
1968
1974
SOURCSt DEPARTMENT OF COMMERCE
Period
i
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Other Propriet ors' income income
and
Total
Divi- Persona] Transfer
labor 1 2
Business
personal salary
payof
dends interest
income disburseand
proincome
Farm
income ments
ments 1
fessional persons
1967..
629. 3
1968 _„ _
688. 9
1969__ .
750.9
1970
_. 808. 3
864. 0
1971
1972
944. 9
1973
1, 055. 0
1973: Sept___ 1, 080. 4
Oct
1, 090. 8
Nov... 1, 100. 0
Dee____ 1, 107. 1
1974: Jan
1, 107. 0
Feb_._. 1, 113. 4
Mar
1, 117. 1
Apr
1, 125. 2
May___ 1, 135. 2
June
1, 143. 5
July... 1, 159. 5
Aug
1, 167. 2
Sept
1, 178. 0
Oct »___ 1, 186. 4
423. 1
464. 9
509. 7
542. 0
573. 0
626. 8
691. 7
704. 5
711. 0
717. 9
722. 2
722. 5
728. 3
732. 1
737. 1
745. 3
753. 2
759.7
761. 6
767. 7
773.4
22. 3
25. 4
28.4
32. 2
36. 4
41. 7
46. 0
46. 7
47. 1
47. 6
48. 0
48. 5
48. 9
49. 4
49. 9
50. 5
51. 1
51.7
52.3
52. 9
53. 5
14. 8
14. 7
16. 7
16. 9
17. 2
21. 0
38. 5
44. 3
44. 9
44. 9
44. 9
42. 1
39. 1
36. 1
32.6
29. 1
25.7
28. 1
30.6
30. 7
3a o
47. 3
49. 5
50.5
50. 0
52.0
54. 9
57. 6
57.8
58. 3
58. 5
58. 4
58. 7
59. 4
59. 9
60. 2
60.8
61.2
61.9
62.5
62.5
62. 7
i The total of wage and salary disbursements and other labor Income difiers
from compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursememta.
3
Consists of employer contributions to private pension, health, and welfare
21. 1
21. 2
22.6
23. 9
25. 2
25. 9
26. 1
26. 4
26. 4
26. 4
26. 4
26. 4
26. 4
26. 4
25. 5
26. 7
26. 7
26. 6
26. 6
26. 6
26. 7
21. 4
23. 6
24.3
24. 7
25. 0
27. 3
29. 6
30. 0
30. 2
30. 4
31. 6
31. 4
31. 6
31. 9
32. 1
32. 5
33. 0
33. 1
33. 2
33. 4
33. 5
48. 0
52. 9
59. 3
67. 5
72. 8
78. 6
90. 6
93. 7
94. 8
96. 0
97. 0
97. 5
98. 3
99. 0
100. 4
102. 0
103. 5
104. 4
105. 3
106.9
107. 9
Less: Personal contributions
for social
insurance
51. 8
20.5
59. 6
22. 8
65. 8
26. 3
79.1
28. 0
93.3
30.7
103. 2
34. 5
117. 8
42. 8
120. 4
43. 5
121. 7
43. 7
122. 1
43. 8
122. 6
43. 8
126. 7
46. 7
128. 4
46. 8
129. 5
47. 0
134. 6
47. 2
135. 8
47. 6
137.0
47.9
142. 5
48. 5
143. 6
48.4
146.0
48. 6
147.6
48. 9
N onagricultural
personal3
income
609. 4
668. 8
728. 3
784. 8
840.0
916. 5
1, 008. 0
1, 027. 6
1, 037. 0
1, 046. 1
1, 052. 9
1, 055. 5
1, 064. 9
1, 071. 6
1, 083. 1
1, 096. 6
1, 106. 8
1, 121. 7
1, 126. 8
1, 137. 4
1, 146. 3
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.
2 Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce.
3POSITION OF PERSONAL INCOME
Ceases in personal and disposable income (seasonally adjusted) in the third quarter were much greater than in the
<>cond quarter. Real per capita disposable income declined 0.3 percent, much less than in the 2 preceding
quarters.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1000
1,000
900
DOLLARS
5,000
CAHTA DISPOSABLE PERSONAL INCOME
4000
3,000
3,000
2,000
2,000
1968
1
1969
1973
1974
COUNCIL Of ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF COMMERCE
Period
Less *
PerPersonal
sonal tax and
income nontax
payments
Per cap>ita dis-
L ess: Perso nal outla^fS
posable personal
Equals :
Persoilal eonsuEaption
Equals:
incc>me
2
Disex penditure 3
Personal
Total
posable
saving Current
Nonpersonal personal Durable
1958
income outlays 1
durable Services
dollars dollars
goods
(percent)
Billions of dollars
1966
1967
1968
1969
1970
1971
1972
1973
587. 2
629. 3
688. 9
750. 9
808.3
864. 0
944.9
1, 055. 0
75. 4
83. 0
97. 9
116. 5
116. 6
117.6
142. 4
151.3
511. 9
54a 3
591. 0
634. 4
691. 7
746. 4
802. 5
903.7
479. 3
506. 0
551. 2
596.2
635. 5
685. 9
749. 9
829. 4
70. 8
73. 1
84. 0
90.8
91. 3
103. 9
118. 4
130. 3
Saving
as percent of Populadistion
posable (thou-3
personal sands)
Dollars
206. 9
215. 0
230. 8
245.9
263. 8
278. 4
299. 7
338. 0
188. 6
204. 0
221. 3
242. 7
262. 6
284. 8
310. 9
336. 9
56. 2
60. 5
52. 6
74.4
2,604
2,749
2,945
3, 130
3,376
3,605
3,843
4,295
2,335
2,403
2,486
2,534
2, 610
2,683
2, 779
2,945
32.5
40. 4
39. 8
3&2
a4
7.4
6.7
6.0
8. 1
8. 1
6.6
8.2
196, 560
198, 712
200, 706
202, 677
204, 875
207, 045
208, 842
210, 396
Seasc nally adj^ isted annu al rates
1973: I— 1, 013. 6 144. 1
IL. 1, 039. 2 147.2
III. 1, 068. 0 154. 2
IV. 1, 099. 3 159. 9
1974: !_-_ 1, 112. 5 161. 9
II- 1, 134 6 168. 2
m. 1, 168. 2
175. 1
869. 5
892. 1
913. 9
939. 4
804.2
822.5
840. 7
850. 1
132.4
132. 1
132.4
124. 3
323.3
332.7
343. 8
352. 1
325. 9
334,2
340. 1
347. 4
65. 3
69.6
73.2
89.3
4, 143
4,244
4,339
4,452
2,931
2,941
2,952
2, 952
7.8
8.0
9.5
209, 852
210, 205
210, 610
211, 030
950. 6
96&5
993.1
866. 2
894. 9
927.6
123. 9
129. 5
136. 1
364. 4
375. 8
389.0
352. 4
363. 8
376.2
84.4
71.5
65.5
4,497
4, 565
4,681
2,887
2,850
2,842
8.9
7.4
6.6
211, 381
211, 721
212, 139
i Includes personal consumption expenditures, interest paid by consumers,
'^d personal transfer payments to foreigners.
T^e® p. 2 for total personal consumption expenditures.
7. 5
8
Includes Armed Forces abroad. Annual data are for July 1; quarterly iata an
for middle of period, interpolated from monthly data.
Source: Department of Commerce;
FARM INCOME
Farm income rose slightly in the third quarter according to revised estimates. There had been sharp declines in the
preceding quarters.
BILLIONS OF DOLLARS
120
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
100
100
80
80
REALIZED GROSS
FARM INCOME
60
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
J
L
I
1968
t
I
J
L
J
1970
1969
L
J
1971
SOURCE- DEPARTMENT OF AGRICULTURE
income re ceived fro HI farming
Net t o farm
oper ators
Realize d gross
From
sources
From
farm
sources
23. 7
22. 6
23. 9
26. 6
27. 1
28. 2
33. 7
50. 4
12. 7
11. 0
11. 3
12. 9
12. 9
13. 2
16. 5
31. 3
Sili
1966.
1967
1968
1969
1970
1971
1972
1973
__
_ _ _ __
_ __ _ _
__ _ _
1974
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total f arm popu lation
Period
L
1973
1972
From
nonfarm
sources
Net inc ome per
farm incl uding nets
inventor}r change
ProducCash
tion ex- Exclud- Includreceipts
penses ingnetin- ing net in- Current
1967
]
from
Total
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions <)f dollars
Dol Irtrs
50. 6
49. 9
51. 7
56. 3
58. 6
60. 6
69. 9
97. 0
11. 0
11. 6
12. 7
13. 7
14. 2
15. 0
17. 2
19. 0
43. 4
42. 8
44. 2
48. 2
50. 5
52. 9
61. 0
88. 6
36. 4
38. 3
39. 5
42. 2
44. 6
47. 6
52. 4
64. 7
14. 1
11. 6
12. 2
14. 2
14. 0
13. 0
17. 5
32. 2
14.1
12. 3
12. 3
14. 3
14. 0
14. 4
18. 4
36. 2
4, 316
3, 877
4, 018
4,753
4, 752
4, 957
6,410
12, 744
4,404
3,877
3,863
4,361
4, 168
4, 166
5, 169
9,235
Seaso nally aclj^isted annu al rates
1973: I
II
III
IV
86.2
93. 2
101. 8
106. 7
77. 5
84. 8
93. 6
98. 5
60. 1
62. 9
67. 0
69. 0
26. 1
30. 3
34. 8
37. 7
29. 6
33. 3
39. 3
42. 7
10, 410
11, 710
13, 820
15, 010
7, 950
8? 610
9,870
10, 350
1974: I
II
III—
105. 0
98. 4
102. 1
98. 0
91. 3
94. 5
72. 1
74. 5
76. 5
32. 9
23. 9
25. 6
36.9
26. 9
27.6
13, 080
%540
8,610
6,000
5,970
1
Cash receipts from 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.
8
Based on Census of Agriculture definition of a
The number of
is
held constant within a year.
6
9,790
* Income in current dollars divided by the Index of prices
family living items on a 1967 base.
Source: Department of Agriculture.
by
for
RPORATE PROFITS
.•though third quarter corporate profits including inventory valuation adjustment (IVA) were little different from
a year ago, corporate tax liabilities were up 27 percent. The tax rise reflects the 29 percent increase over the year in
profits excluding IVA.
BILUONS OF DOLLARS
BttUONS OF DOLLARS
20
20
1968
1969
SOURCE: DEPARTMENT OF COMMERCE
Perioc
•/!:. - i
1969
7b.
c
CO. •';
|
>''", •:
' 92. 2 | 4C. 6
. !Cr.. i I ^7 r
!__._
1971
1972
1973
|
3-:3. 0 ! -.8. 3
6
—74
2
1974
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits
Corporate profits (before taxes) and inventory
after taxes
valuation adjustment
Corpo- Corporate
rate
com- !
All
muniI
Ail
industries
1 9 7 0 - - _ _ _ _ ' c-0.:: ! ::?. 1972
1970
Corpo|| rate
| capital
|l conl| sumpI tion i
i 1 allow- j
nnces- I
Profits
plus
capital
consumotion
aliov-
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment declined in the third quarter as a decrease in residential outlays and a sharp cur in
business inventory investment were only partly offset by a small rise in nonresidential fixed investment.
BILLIONS OF DOLLARS
1250
BILLIONS OF DOLLARS
2501
SEASONALLY ADJUSTED ANNUAL RATES
200
200
GROSS PRIVATE DOMESTIC
INVESTMENT
150
150
100
100
PRODUCERS'
DURABLE EQUIPMENT
NONRESIDENTIAL STRUCTURES
50
50
T
CHANGE IN BUSINESS
INVENTORIES
RESIDENTIAL STRUCTURES
1
!
t
!
1968
I
I
I
I
1
!
1970
1969
I
1
!
t
!
1972
1971
!
I
I
I
1973
SOURCE, DEPARTMENT Of COMMERCE
!
!
1974
COUNCn OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Total
gross
private
domestic
investment
Period
Resid ential
struetures
Ncmresident ial
Struc tures
Total
Total
Total
sa2
Nonfarm
Produce rs' durable equ ipment
Total
Nonfarm
Total
Nonfarm
Change in business mv entories
Total
Nonfarm
94 0
108.1
121.4
116. 6
126. 0
139.0
136. 3
153.7
179.3
209.4
98.5
106. 6
108. 4
118. 9
131. 1
131. 7
147.4
170.8
194. 0
61. 1
71.3
81. 6
83. 3
88. 8
98. 5
100. 6
104.6
116.8
136.8
21.2
25. 5
28. 5
28. 0
30. 3
34. 2
36. 1
37. 9
41. 1
47.0
20.5
24.9
27.8
27. 3
29. 6
33.5
35. 3
37. 1
40. 4
45.7
39. 9
45.8
53. 1
55. 3
58. 5
64. 3
64.4
66.6
75. 7
89.8
36.3
41. 6
48.4
50. 0
53. 6
59. 2
58. 9
61. 1
69. 2
81.4
27.1
27.2
25. 0
25. 1
30. 1
32. 6
31. 2
42.8
54. 0
57.2
26.6
26.7
24. 5
24. 5
29. 5
32. 0
30. 7
42.3
53.4
56. 7
15.4
7. 8
11.4
1973: I
II
III
IV
199. 0
205. 1
209.0
224. 5
189.0
194. 4
197. 1
195. 5
130. 5
135. 6
139. 0
141. 9
44. 6
46. 2
47. 9
49. 3
43. 6
44. 9
46. 4
47. 8
85. 9
89. 4
91. 1
92. 6
78. 5
81. 1
82. 6
83. 5
58. 5
58. 7
58. 1
53. 6
58. 0
58.4
57. 6
53. 0
10.0
10. 7
11. 8
28. 9
6.5
7.- 7
7.4
24.0
1974: I
II -_
III
210. 5
211. 8
205.8
193. 6
198. 3
197.1
145. 2
149.4
150.9
51. 3
52.2
51.0
49.5
50. 4
49.2
93. 9
97.2
99. 9
84. 6
86.9
89.2
48. 4
48.8
46.2
47. 8
48. 0
45.4
16.9
13.5
13. 1
10.4
6.6
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
_._
...
Scares: Department of Commerce;
8
5.8
6.4
8.6
9. 6
14.8
8. 2
7. 1
15.0
7.8
4.5
6.3
8.5
4. 3
a7
7.5
6. 9
7.7
4.9
XPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the July-August survey, businessmen plan to increase their investment expenditures by 121A percent
in 1974. The planned increase is slightly above the projection made 3 months earlier.
BftUONS OF DOilARS
120
ttJJONS OF DOttARS
120
TOTAL NEW PLANT AND EQUIPMENT
40
40
20
20
1974
1968
J/SEE FOOTNOTE 3 BELOW.
council or ECONOMIC APVISS*
SOURCEs DEfAITMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufactur ing
Period
Traiisporta }ion
Total *
Total
1966
1967
1968
1969
1970
1971
1972
1973 3
63.51
65.47
67.76
75. 56
79. 71
81. 21
sa 44
1974
1973: I
II
III
IV
1974: I
II...
III3__
IV 3
1
99. 74
112. 17
96. 19
97. 76
100. 90
103. 74
107. 27
111. 40
113. 00
116. 16
IS 'onmanufaeturii ig
28. 20
28. 51
28. 37
31.68
31. 95
29. 99
31. 35
38.01
45. 69
35. 51
36. 58
38. 81
40. 61
42.96
45. 32
46.21
47.72
Dur-
Non-
able
goods
durable
goods
Total
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15.64
19. 25
22. 95
17.88
18. 64
19. 73
14 14
14.45
14. 25
15. 72
16. 15
15. 84
15. 72
18.76
35. 32
36. 96
39. 40
43.88
47.76
22,73
66.48
20.48
21. 43
22. 50
23. 60
24. 03
17.63
17. 94
19. 08
20. 13
21. 53
22. 82
22. 61
23. 70
51. 22
57. 09
61. 73
60.68
61. 18
62. 09
63. 12
64.31
66.08
66.80
68. 44
Excludes agricultural business; real estate operators; medical, legal, educational,
and cultural service; and nonprofit organizations.
3
Includes trade, service, construction, finance, and insurance.
«Estimates based on expected capital expenditures as reported by business
late July and August 1974. Includes adjustments when necessary for systemic tendencies in expectations data.
Mining
1. 62
1. 65
1. 63
1.86
1.89
2. 16
2. 42
2. 74
3.07
2. 59
2.77
2. 82
2.76
2.80
3.07
3. 12
3.28
Railroad
Air
Other
2. 37
1. 86
L45
1.86
1.78
1.67
1. 80
1. 96
2.41
2. 11
1.75
1. 95
2,05
2. 10
2.42
2. 56
2. 63
1. 74
2. 29
2. 56
2.51
3.03
1.88
2,46
2.41
2, 10
2. 21
2.72
2. 49
2. 20
2. 13
2,21
2.08
1.96
1.64
1.48
1.59
1.68
1.23
1.38
1. 46
1. 66
2. 23
1. 53
1. 62
1. 79
1. 73
1. 63
1.84
2. 58
2.68
Com-
Public
muniutilities cation
7. 43
a 74
10.20
11. 61
13. 14
15. 30
17.00
18.71
20. 91
18.38
18. 08
18. 58
19.80
20. 12
20. 97
20.70
21.70
Commercial
and
other
2
6.02
14. 48
6. 34
14. 59
6. 83
15. 14
8. 30
16.05
10. 10
16. 59
10.77
18. 05
11. 89
20. 07
12.85
21,40
14. 17
21. 60
12. 34
21. 53
12. 70
21. 55
13. 12
21. 36
13.24
21.35
13.83
21.69
J3. 94 21. 63
35. 75
36. 18
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
necessarily coincide with the average of seasonally adjusted figures:
These figures do not agree with the totals included in the gross national product
estimates, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
Source: Department of Commerce.
EMPLOYMENT,UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In October, seasonally adjusted nonagrscultural employment rose by 8,000, agricultural employment fell by 35,000,
and unemployment increased by 201,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
1968
1974
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
] Total
I labor
force
Period (including
Armed
j Forces)
1970... 1
1971...I
1972*_.|
i1973*..'
n T o '•:• '
COUNCIL OF ECONOMIC AD'/ISERS
Civiliiin employ ment
Total
85, 903 78, 627
86, 929 79, 120
SS, S91 81, 702
~M 040
f \ 4 A i QA A Art
?3,
\ Total
labor
Unemforce
Non(includployagriment
ing
culArmed
Forces)
Tlious
of '
1C
75, 165 4, 088 85, 903
75, 732 4, 993 86, 929
78, 230 4, 840 88, 991
QA A K T
A OA/I
\ i f\ A r\
0, 957 4,
304 f91,
040
Unadjusted
.at o
Civili an em picjyment
Civilian
labor
force
Total 1
J{
4
' ,
tiir^i
vcsirs cl
82, 715
84, 113
86, 542
OO <71 /I
88.
714
;~:-,e ace! <: ' L-:'
78, 627 M, 4o2
"i 0, 1 20 3 3 c: 7
81, 702
*
/: r:o
75, 165
75, 732
78, 230
O / -,' O K »7
Unem- Unemployment
force
ploy- rate (percent of particicivilian
labor
ment
pation
force)
rate 1
4, 088
4, 993
4, 840
y| onk/f
4,
' 304
Percent
4.9 ,
1
5,9 L _ _ _ _ J
5. 6
61. 3
01. C
61. C
61. 4
DELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate increased by 0.2 percentage point in October to 6.0 percent. The
unemployment rate has increased 1.4 percentage points since last October. The unemployment rate for married men,
wife present, increased by 0.8 percentage point in the past year.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
\— _ __
/ //
/
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
I
/
UNEMPLOYMENT RATE
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1968
1974
SOURC& DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Unenaploymen t rate
(percen t of civilLin labor
for ce in pmip)
Period
1970
1971
1972
1973
1973: Sept
Oct
Nov _ ._
Dec ___ __
1974: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Experi- Married
enced
All
and men
workers wage
(wife
salary present)
workers
4. 9
5.9
5. 6
4. 9
4.7
4.6
4. 7
4-8
5. 2
5.2
5. 1
5. 0
5. 2
5. 2
5. 3
5.4
5. §
6. 0
Per cent
4. 8
2. 6
3. 2
5. 7
5. 3
2. 8
2. 3
4. 5
Seasonall V adjusted
2. 1
4.4
4.2
2. 1
4.5
2. 1
4.6
2. 2
4.8
4.9
4.8
4.9
4.9
4.9
5. 0
5. 1
5.5
5. 6
& o
&
&.
ff> 4.I
<6.
2. 4
2.5
2.2
2. 6
2. 6
2. 6
2.8
2. 9
Persons at work i n nonagn cultural ir
idustries
by hours5 worked |3er week 2
Uiider 35 he urs
Labor
Part-t ime for
Part-t ime for
force
economi c reasons ! economic reasons
time lost l Over 40 35-40
hours
Total
hours
Usually Usually Usually Usually
fullpartfull- i part-4
time 3
time 4 | time 3
time
Thousan ds of pers ons 16 ye ars of age and over
i
1, 201
5. 3 18, 925 33, 537 18, 222
995
6. 4 19. 095 35, 752 16, 298
1, 184
1, 256
6. 0 20, 320 36, 794 16, 549
1,081
1, 327
1
5. 2 21, 284 37, 426 17, 473
1,074
1, 237
1Jnadjustec i
Seasonall ij adjusted
5. 1 22, 631 38, 451 16, 172
1, 126
1, 092
1, 106
1, 247
5. 1 21, 797 34, 956 22, 136
1, 046
1, 108
1, 103
1, 274
5. 2 22, 099 38, 566 18, 630
1, 104
1, 083
1, 143
1, 262
1, 140
1, 210
1, 192
1, 370
5.4 22, 225 39, 574 17, 934
5.7
19, 913 38, 579 18, 682
1, 274
1, 111
1, 21S
1,373
5. 7
19, 730 38, 275 19, 629
1, 222
1,375
1,381
1, 373
5. 6 20, 854 39, 416 17, 927
1, 261
1, 127 ! 1, 249
1, 291
5.7 | 17, 153 34, 544 25, 026
1, 052
1, 080 I 1, 078
1, 312
5. 7 21, 323 39, 775 17, 638
1, 147
1, 265
1, 260
1, 486
5. 6 20, 938 39, 734 16, 325
1, 314
1, 645
1, 209
1,275
5. 7
19, 702 38, 028 15, 123
1, 124
1, 992 1 1, 156
1, 276
5. 8 19, 842 38, 476 14,815
1, 323
1,871
1, 337
1, 174
39,
905
21,
653
16,
737
1, 280
1, 370
1, 257
6.4
1, 566
6.5
21, 737 39, 877 17, 769 5 1, 283 3 1, 368
1,353
1,572
1
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.
2 Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
* Primarily includes persons who could find only part-time work.
* Average hours worked: usually full-time, 24.8; usually part-time, 18.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In October^ insured unemployment under State programs averaged 648/000 more than a year earlier. The seasonall
adjusted insured unemployment rate rose from 3.4 percent to 3.7 percent, the highest since mid-1972.
J«yUJQN$ OF PSSQNS
MILLIONS OF PERSONS
INSURE*
ISTATE HtOGEAMSI
1973
m.
MAil
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
A 11 prograras
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment (weekly
lions
ment
averof dol-1
age)
lars)
Period
Thou sands
__ 59, 526
2,070
2,313
59, 375
..
66, 900
2, 185
.__
1,783
1,441
1,452
1,667
2,093
2,740
2,824
2,751
2,560
2,278
2,161
2,290
2, 153
2,081
2,206
___
2, 145
2,278
2,312
2,408
2,525
4, 179. 1
5, 498. 2
5, 491. 1
4, 441. 8
287.8
322. 9
332. 5
37a2
622.7
599. 3
652.4
639. 3
584.5
472.4
541.6
522.3
47a 1
519.8
Stiite progra ms
InsurecI unemploymen t as percent
of covered
Initial Exhausemplo yment
tions
claims
Unad- Seasonadjusted ally
justed
Weekly iiveragej t bousands
Per cent
25
3.4
296
1,805
2, 150
4. 1
295
38
1,848
261
35
3.5
1,632
29
246
2.7
1,299
2.1
25
186
S.6
24
2. 1
1,299
210
2.6
1,503
25
266
2.4
2. 7
1,922
395
S.8
27
ai
32
2,561
4. 1
3.1
446
2,630
32
4.2
359
3.S
2,502
293
35
4,0
8.4
263
38
3. S
2,217
3.5
1,934
39
237
3.0
s.s
1,834
40
269
5.5
2.9
1,989
41
340
5.5
3.1
1,874
283
40
S.S
2.9
1,783
274
39
2.8
3.4
41
1,947
348
3.0
8. 7
1,852
1,977
2,010
2,103
* 2, 213
* Beginning with January 1973, monthly data Include exte tided benefits.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
SOURCE DSPMTMENT OF IABOR
1970_.._»
1971-.. —
1972
__
.
1973 »
1973:
Get *
Nov >
Dec »
1974: Jan »
Feb »
Mar »
.
Apr »
May »
June »
July »
Aug ».
Sept »
Oct »
„
Week ended:
1974: Oct 12
19
26
Nov 2
9 »__
16»..
HOY.
359
324 __. _
356
375
435
451
_._
*N<>t charted.
Sotirce: Depart!neat ef Labor.
Benefi ts paid
Total Average
weekly
(nulcheck
lions of
dollars) (dollars)
3, 848. 5
4, 957. 0
4, 47k 0
4, 007. 6
248.3
28a 7
289. 4
335. 8
57a8
55a3
59a 9
552.7
486.4
383.4
459.1
444,9
41L-0
441.6
50.34
54.02
56.03
sa 73
sa 13
58. 97
59.61
60.40
62.28
63.35
eass
63.62
62. 69
62. 50
62.93
64. 14
64. 87
65. 10
2.8
ao
ai
a2
a4
• ••••——"(
NAGRICULTURAL EMPLOYMENT
agricultural payroll employment was virtually unchanged in October at 77.4 million (seasonally adjusted),
^.mployment declines in manufacturing and construction were offset by increases in the private service-producing
sectors and in the State and local government sector.
MILLIONS OF WAGE
AN D SALARV WORKERS (SEASONALLY ADJUSTEDJ
80
_
-
x*n,,,*-*—*^
ALL NONAGRICULTURAL"
^*»**°^
ESTABLISHMENTS ^^x*^^
76
-
-
j
|
!
„.
40
.—**r""
i
—•«***
...wii**"*"1*
-
..-•p— "•*-k"**"
i
BB^^^- " "*
—.
,
^~
-^
i*******"*
-
1
SERVICES
D JRABLE
MANLJFACTURING
12
\
»*»»»****
t»w»»*
|^(ll\u«,«o«
*J
10
NONDURABLE
MA^slUFACTURING
_
MANUFACTURING
-
\
\
\
ml,Mm»
^.i*i,i8»w,ttll$l,M,,,,,».»»»»»«M»M"111
IMM»u»«MM«miiM«w
\
a
MMl5pni.iM.wiww
-
J
,
16
—•
14
12
*m~m~v»*
* ^a* *""""*
\
t
24
20
'
__„-**-—"1
^
NONMANUFACTURING
(PRIVATE)
44"
*
WHOLESALE: AND RETAIL TR
ADE
L«a^»-^-^^^
68
^
—.
rr\
— --^ja^
16
^xV**sXX^
72
36
MILLIONS OF WAGE
AND SALARY WORK!JJS SEASONALLY A! >JUSTEDJ
18
(ENLARGED SOM£J
s.
^
GOVERNMENT
^
-
CO IMTRACT
CONSTRUCTION
4
12
8
.p-^— — — ^^^..^^
i
A ! | ! ! 1 I 1! 1! !
1 1 1 ] I 1 ! 1 ! 1!
1971
1972
! i f |I! t i lI t
» n M f ' M ' 'i
1973
1974
2
fi i t i t I i t r 1 1
1971
f I I ! ! ! I 1 t ! !! 1 ! I 1 ! f ! \ \ \
1972
1973
1 1 f ! ! ! ! f ! 1 »f>
1974
COUNCIL Of ECONOMIC ADVISERS
SOURCE- DEPARTMENT OF lABOt
l
[Thousands of wage and salary workers; seasonally adjusted]
K onmanufacturini 1 (private )
Manufa sturing ( private)
Period
Total
Total
!
1969
1970
1973: Sept__
Oct__
Nov__
Dec..
1974: Jan..
Feb__
Mar_.
Apr_.
May.
JuneJuly _
Aug__
Sept*
Oct».
67, 915 19, 781
70, 284 20, 167
70, 593 19, 349
70, 645 18, 529
72, 764 18, 933
75, 567 19, 820
75, 961 19, 882
76, 363 20, 016
76, 679 20, 095
76, 626 20, 090
76, 526 20, 006
76, 813 19, 904
76, 804 19, 851
76, 941 19, 921
77, 136 19, 942
77, 101 19, 961
77, 047 19, 913
77, 203 19, 861
77, 409 19, 854
77, 439 19, 770
NonDurable durable
§00 ds goods
11, 626
11, 895
11, 195
10, 565
10, 884
11, 633
11, 708
11, 802
11, 859
11, 859
11, 774
11, 683
11, 644
11, 733
11, 746
11,783
11, 761
11, 705
11, 705
11,688
8, 155
8,272
8, 154
7,964
8,049
8, 186
8, 174
8,214
8,236
8,231
8, 232
8, 221
8,207
8, 188
8, 196
8, 178
8, 152
8, 156
8, 149
8,082
Total
36, 288
37? 915
38, 709
39, 261
40, 541
42, 089
42, 423
42, 601
42, 746
42, 649
42, 636
42, 915
42, 910
42, 913
43, 058
43, 024
43, 025
43, 167
43, 278
43, 359
i Includes all full- and part-time wage and salary workers in nonagricultural
' ibllshments who worked during or received pay for any part of the pay period
% includes the 12th of the month. Excludes proprietors, self-employed perMomestic servants, and personnel of the Armed Forces. Total derived from
(able not comparable with estimates of nonagricaltural employment of the
an labor force, shown on p. 10, which include proprietors, self-employed
ins, and domestic servants; which count persons as employed when they
Gover nment
Trans- Whole- Finance
insursale
tract portation
ance, Services Federal State
Mining conand
and
and
and
strue- public retail
local
real
won utilities trade
estate
f-\
Oon-
606 3,285 4,310
619 3,435 4,429
623 3, 381 4,493
602 3,411 4,442
607 3,521 4,495
625 3,648 4,611
633 3,700 4, 629
639 3,694 4,671
644 3,711 4,654
646 3,732 4,644
654 3,636 4,684
656 3,757 4,691
655 3,725 4,676
659 3,659 4,668
664 3,662 4,664
665 3,599 4,653
669 3,534 4,648
670 3, 575 4,654
672 3,537 4,637
674 3,507 4,659
14, 084
14, 639
14, 914
15, 142
15, 683
16, 288
16, 388
16, 465
16, 520
16, 398
16, 417
16, 472
16, 487
16, 549
16, 594
16, 602
16, 665
16, 689
16, 748
16, 784
3,382
3,564
3,688
3,796
3,927
4,053
4,078
4,088
4,095
4,101
4,109
4,124
4, 127
4, 130
4, 145
4, 140
4,133
4, 144
4, 153
4,159
10, 623
11, 229
11, 612
11, 869
12, 309
12, 866
12, 995
13, 044
13, 122
13, 128
13, 136
13, 215
13, 240
13, 248
13, 329
13,365
13, 376
13, 435
13, 531
13, 576
2,737
2,758
2,705
2,664
2,650
2,627
2,613
2,626
2,638
2,654
2,651
2,670
2,675
2,681
2,698
2,684
2,691
2,693
2,704
2,705
9, 109
9,444
9,830
10, 191
10, 640
11, 031
11,043
11, 120
11, 200
11, 233
11, 233
11, 324
11, 368
11, 426
11, 438
11, 432
11, 418
11, 482
11, 573
11, 605
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 tabl© are based on
reports from employing establishments.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK -SELECTED INDUSTRIES
The seasonally adjusted workweek for private nonfarm payroll jobs decreased by 0.1 hour to 36.6 hours in
Hours of work decreased in manufacturing and retail trade but increased in contract construction.
HOURS PER WEEK {SEASONALLY ADJUSTED)
HOURS PER WEEK {SEASONALLY ADJUSTED?
46
TOTAL NONAGWCULTURAL PRIVATE
44
44
42
42
40
40
38
38
36
36
34
41 ! M I 1 I I I I 1
1971
46
MANUFACTURING
I ! 1I ! I I I I I 1
I I 11I I I I 1I I
| I I I i I I 1I I 1
1972
1973
1974
MI i i } i t r i
34
1971
1972
r it j i j i \ tM
1973
1972
1973
1974
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
38
36
34
32
30
1971
1972
1973
1974
1971
SOURCEs DEPARTMENT OF 1ABOR
I
1974
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week1]
Period
Total
nonagricultural
private 2
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagricultural
private 2
Unadjusted
1965
1966
1967
1968
1969
1970
_
1971
1972 _
1973
1973: Sept
___
Oct
Nov.. _ - _
Dec
_._
1974: Jan____ _ _ __
Feb
Mar
Apr
_ __
May
June _ _ _ _
July __
Aug _ _
Sept*--.
Oct »
38. 8
38. 6
38. 0
37. 8
37.7
37. 1
37. 0
37. 2
37. 1
37. 3
37. 0
37.0
37. 2
36. 4
36.6
36.6
36. 3
36.6
37.0
37. 1
37. 1
36.8
36.6
41. 2
41. 3
40. 6
40.7
40. 6
39. 8
39.9
40.6
40. 7
41.0
40. 7
40.8
41.2
40. 0
40. 1
40. 3
39. 1
40.3
40. 4
40.0
40. 1
40. 3
40. 1
1
Data relate to production workers or nonsupervisory employe<
2
Also includes other private industry groups shown on p. 13.
s
Includes eating and drinking places.
14
37. 4
37. 6
37. 7
37. 4
37. 9
37. 4
37. 3
37.0
37. 2
37. 9
37. 7
37. 5
36. 6
34. 9
36. 4
36.7
36. 0
36.9
37.8
38. 0
37.8
37.8
38.2
Manufacturing
Contract
construction
Retail
trade 3
Seasonally? adjusted
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33.6
33. 2
33. 2
32. 8
32, 8
33. 2
32. 3
32.4
32.4
32. 7
32. 5
33. 1
33. 7
33. 6
32. 6
32.3
37. 2
37.0
37. 1
37. 0
36.7
37.0
36.8
36. 6
36. 8
36. 7
36. 7
36. 6
36.7
36.6
Source: Department of Labor.
40.8
40. 6
40. 6
40. 7
40.3
40.5
40. 4
39. 3
40.3
40. l
40. 2
40. 1
40. 1
40.0
86. 7
36. 9
38.5
37. 2
36. 2
37. 7
37. 1
36. 2
36. 9
37. 1
37. 1
36. 6
36.6
87.4
S3. 2
33. 0
33. 1
32. 9
32 8
33. 0
32. 9
33. 1
32. 9
32. 8
32. 7
32.5
32.6
32.5
VERAGE HOURLY AND WEIEKLY EARNINGS * SELECTED INDUSTRIES
Average hourly earnings (not seasonally adjusted) for private n on farm payroll jobs increased by 2 cents (annual
rate 5.7 percent) to $4.34 in October. This is an increase of 35 cents (8.8 percent) over the previous October.
DOLLARS
JXXIARS
AVERAGE HOURLY EARNINGS
AVERAGE WEEKLY EARNINGS
280
7.00
6.00
\
CONTRACT
CONSTRUCTION
5.00
4.00
TOTAL NONAGRICULTURAL
PRIVATE
TOTAL NONAGR1CULTURAL
PRIVATE
3.00
T /
RETAIL TRADE
2.00
1971
SOURCE;
1972
1974
1973
1974
1971
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average h Durly earn!ngs— eurrent dollars Average vsreekly earn ings— eurr<snt dollars
Total
nonagriculturall
private
Period
1965__
1966
1967
1968
L969
L970
1971
1972.
1973
1973: Sept
Oct
Nov
Dec
.„>
_.
1974: Jan
Feb
Mar
Apr
May
June
July.
Aug
Sept*
Oct'
1
8 Also includes other
Manufacturing
Contract
construction
Retail
trade 2
$2.45
2.56
2.68
2.85
3.04
3.22
3.43
3.65
3.89
3. 99
3. 99
4.00
4.01
$2.61
2.72
2.83
3.01
3. 19
3.36
3. 56
3.81
4.07
4. 13
4. 14
4. 16
4.21
$3.70
3.89
4. 11
4.41
4.79
5.24
(55)
()
«
(55)
()
(55)
()
$1.82
1.91
2. 01
2. 16
2.30
2.44
2.57
2.70
2. 87
2. 92
2.93
2. 94
2.94
4.02
4.04
4.06
4.07
4. 14
4.20
4.21
4. 24
4. 32
4.34
4.21
4.21
4.24
4.25
4.33
4. 38
4 41
4.44
4. 52
4.55
(')
(55)
(5)
(5)
()
6. 67
6.71
6.89
6.94
6. 96
2.99
2.99
3.01
3.01
3.08
3. 11
3. 12
3. 13
3. 17
3. 19
private industry groups shown on p. 13.
Includes eating and drinking places.
Adjusted to exclude the effects of overtime and interindustry shifts.
4&-241 *—74
Total
nonagrieultural
private *
Manufacturing
Contract
construction
Retail
trade 2
$95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
144.32
148. 83
147. 63
148. 00
149. 17
$107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
165. 65
169. 33
168. 50
169. 73
173. 45
$138. 38
146. 26
154.95
164. 93
181. 54
195. 98
(5)
(55)
()
(58)
()
(5)
$66. 61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90. 72
95.28
96.94
96.10
96.43
97.61
(5)
(55)
(5)
(5)
()
252. 13
254.98
260. 44
262. 33
265. 87
96.58
96. 88
97. 52
98.43
100. 10
102. 94
105. 14
105. 17
103. 34
103.04
146.
147.
148.
147.
151.
155.
156.
157.
158.
158.
33
86
60
74
52
40
19
30
98
84
168.
168.
170.
166.
174.
176.
176.
178.
182.
182.
40
82
87
18
50
95
40
04
16
46
(5)
Manufg icturing
indu stries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967=
1967
inn 3
dollars 4
92. 6
$113. 79»
115. 5a
95.7
100. 0
114. m
106. 2
117. 5T
117. 95
112.6
114. 99^
119.6
127. 5
117. 10
135.4
123. 46
143.4
124. 15
145. 2
124. 97
145.9
123. 3S
146. 7
123. 35*
148. 3
125. 2a
149. 1
149. 7
150.4
151.7
153.4
155. 1
156.2
157.5
159.6
161.0
* Earnings in current dollars divided by the consumer price index.
* Series being corrected. Data not yet available.
Source: Department of Labor.
120.
119.
119.
115.
119.
120.
118.
118.
119.
119.
54
31
41
4O
85
2»
95
54
92
10
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
industrial production declined 0.6 percent (seasonally adjusted) in October following a 0.3 percent rise in September.
Reductions in output were widespread. Business equipment, however, increased slightly.
Index, 1967 =100
Index, 1967 =100 (SEASONALLY ADJUSTED)
{SEASONALLY ADJUSTED!
120
100
1974
1971
MARKET GROUPS
140
INTERMEDIATE PRODUCTS
120
120
100
100
1974
1971
I
1971
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1966
1967
1968
1969
1970
1971
1972
1973
1973: Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar
Apr_
•
May
June
July____
Aug
Sept*_______
Oct »
Total
industrial
production
97.9
100. 0
105.7
110. 7
106. 6
106. 8
115. 2
125. 6
126.8
127. 0
127. 5
126. 5
125.4
124.6
124.7
124.9
125.7
125. 8
125. 5
125.2
125.6
124.9
[1967= 100, seasonally adjusted]
Industry
Market
Mgtnufacturi ng
Fiilal produ<3tS
T 4-. »• ,
InterMining Utilities
Conmediate jyiateNonEquiprials
Total Durable durable
Total
sumer
ment products
goods
98.3
100. 0
105. 7
110. 5
105. 2
105. 2
114.0
125. 1
126. 3
126. 4
127. 4
126.4
125.3
124.5
124.6
124.8
125.7
125. 6
125.2
125. 1
125.4
124.5
99.0
100. 0
105. 5
110. 0
101.4
99. 4
108.4
122. 0
123. 3
123.6
124.3
123. 1
121. 0
119.4
120.4
120.7
122. 1
122. 1
121.6
121. 7
122.2
121.5
Source: Board of Governors of the Federal Eeserve System.
16
V
97.3
100. 0
106. 0
111. 1
110. 6
113. 5
122.1
129.7
130.7
130. 4
131.3
131.2
131. 4
131.5
131.0
130.4
130.9
130.7
130.8
130. 0
130.0
128.8
9a 4
100. 0
103. 9
107.2
109.7
107. 0
108. 8
110.3
111.8
111. 9
111.3
110.4
109. 9
111.7
112.2
111.3
111.0
110.2
110.2
108.0
109. 6
108.9
93.6
100. 0
109. 4
119. 5
12& 3
133. 9
143. 4
152.6
155.8
156.2
154.6
147. 6
144.9
146. 1
146.5
148.7
149. 1
150. 6
152.4
153.8
153. 1
153.0
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111.9
121.3
122.4
122. 7
123.6
122.6
121. 3
120.6
121.0
120.7
122.4
122.5
122.8
122.0
122. 3
122.5
98. 6
100. 0
106. 6
111. 1
110. 3
115. 7
123. 6
131.7
132.3
132. 6
133. 5
131. 3
129.2
128. 3
128.5
128.5
129.6
130. 3
130. 0
129. 5
128. 5
128. 3
93. 0
100. 0
104. 7
106. 1
96. 3
89.4
95. 5
106.7
108. 5
108. 9
110. 1
110. 1
109. 8
109. 9
110. 1
110.1
112.2
112. 0
113. 0
111.6
113.7
113. 9
99.2
100.0
105.7
112.0
111.7
112. 5
121. 1
131.0
131. 0
130. 6
131. 1
129. 1
129. 2
129. 1
128. 1
129. 4
129.2
128. 9
127.8
127.8
127. 1
125.0
99.8
100.0
105.7
112.4
107.7
107.4
117. 4
129.3
131. 3
131. 1
131. 5
130.6
129.7
128. 3
128.9
128.7
129. 1
128.8
128. 0
128.4
129.2
128.2
RODUCTION OF SELECTED MANUFACTURES
iviost durable and nondurable manufactures (seasonally adjusted) declined in October. A notable exception was
higher output of transportation equipment boosted by a 9 percent increase in auto assemblies.
Index, 1967=400 {SEASONALLY ADJUSTED)
Index, 1967 =100 {SEASONAttY ADJUSTED!
CHEMICALS, PETROLEUM,
AND RUBBER
FOODS AND TOBACCO
\
/^N/-** J
120
,^-^-Y
^^
120
100
TEXTILES, APPAREL,
AND LEATHER
100
80
1971
1971
1974
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCEs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1967 = 100, seasonally adjusted]
No ndurable manufactu res
Durab le manufeictures
Period
Primary
metals
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods
cated Machin- tation
and
and
apparel,
petroand
metal
ery
equipprodprint- leum, and tobacco
products
ment
leather
ucts
ing
rubber
108. 8
100. 0
103. 2
114. 1
106.9
100.9
113. 1
127.0
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
114. 8
130.5
98. 6
100. 0
101. 9
106.8
100.3
96. 2
107. 5
125.8
101. 2
100. 0
109. 7
107. 6
90.4
92. 9
99. 0
109. 1
98. 4
100. 0
104. 8
108. 6
106. 3
113. 9
122. 4
127. 9
101. 7
100. 0
104. 9
105. 9
100. 2
100. 7
108. 1
115.0
98.9
100.0
104. 2
109. 1
107. 8
107. 8
116. 1
122. 2
94. 1
100. 0
109. 6
118. 4
118. 2
124. 7
137.8
149. 3
97. 0
100.0
103. 6
107.5
110.8
113. 7
117. 6
121. 9
1973: Sept __
Oct
Nov
Dec
127. 8
128. 7
128.9
130. 7
131. 5
132.4
133. 1
130.0
130. 0
129. 3
130. 4
130.9
107. 3
108.8
109.8
103. 0
128. 9
127.4
127. 3
126. 3
117.5
116.8
116. 7
118.8
122. 1
121. 3
121. 9
121. 2
150. 9
151. 1
151. 6
151. 6
122. 2
121. 7
124.7
123. 0
1974: Jan
Feb
Mar
Apr
May
June_ _
July__
Aug___ __ _ __
Sept*
Oct*__
129.5
125. 0
125. 3
124. 0
124. 6
124. 7
123.2
123.2
124. 7
125. 3
131. 4
130.6
131. 6
131.3
131. 9
132. 5
131. 1
131. 5
131. 9
128. 6
128.6
127.2
128. 4
128. 2
129.7
130.4
129.9
130. 1
131. 2
130. 5
95. 7
93.9
95. 0
97. 8
100. 6
99. 4
98. 7
99.9
100.8
103. 3
126. 1
127. 1
126. 1
126.8
126.8
125. 6
121. 6
121. 5
120. 5
116.2
115.3
112. 4
109. 3
109.8
108. 5
108. 1
106.8
106. 2
104. 8
121. 7
122. 2
122. 5
121. 2
121.3
122. 3
122.4
120.9
121.8
119.6
151. 5
151.2
151. 2
153. 5
153.0
153.8
153.9
153. 8
153. 3
152.7
125.4
126. 2
125. 3
124. 3
126. 5
125.3
124. 8
124.6
124.6
124.0
1966
1967
1968
1969
1970
1971
1972
1973
„
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production (not seasonally adjusted) increased in October.
MILLIONS OF SHORT TONS
MILUONS OF TONS
BITUMINOUS COAL
STEEL
1 M. i t I t i i I i I i i 1u f t 1.1 i f i M i I i l i f t ? .i-i l.t. i jlLU .IjJJ.-..? I-1.1 , U
J
F
M
A
M
J
J
A
S
O
N
D
SHUONS OF KILOWATT HOURS
50
f r I I I t I I I ! f ! I I f t I I ! ! I f ! f tlill f f t r i t l l l l l t l t l l t f i l l l f
J
F
M
A
M
J
J
A
S
O
N
D
CARS AND TRUCKS:
ELECTRIC POWER
1973
30
--^x^xy? v
100
1972
limit
20 [y
M
M
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON HECT8IC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS
Steel pi•odueed
Thousands Index
(1967=
of net
tons
100)
Period
Weekly average:
1967
1968
1969._
„.
1970
1971
1972
1973 »
1973: Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct*
Week ended:
1974: Oct 5
12
19
26
Nov 2
9"
16"
includes data for Alaska.
Not charted.
2
18
_
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car 8 and triicks
power
coal mined
loaded
produced assembled (thoiisands)
distributed (thousands (thousands
(thousands
of short
(millions of
of cars)
of tons)
Total
Cars Trucks
kilowatt-hours) tons) *
2,440
2,515
2,709
2,522
2,310
2, 549
2,892
2,857
2, 906
2,934
2,878
2,873
2,900
2,880
2, 900
2,879
2,840
2,750
2,672
2,768
2, 843
100.0
103. 1
111. 0
103. 4
94. 7
104.5
118.5
117.1
119. 1
120. 3
118.0
117.8
118. 8
118. 0
118. 9
118. 0
116. 4
112. 7
109. 5
113. 5
116. 5
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
36, 572
34, 762
34, 336
34, 911
35, 150
35, 617
34, 224
33, 302
34, 885
37,011
39, 982
39, 269
35, 692
34, 233
10, 627
10, 485
10, 779
11, 595
10, 619
11, 450
11, 346
11, 926
11, 895
11, 530
11, 111
11, 348
12, 201
12, 078
12, 396
12, 534
11, 759
11, 051
11, 606
12, 623
13, 269
540
543
543
522
486
502
525
544
563
536
487
491
524
529
525
532
542
500
510
514
546
439
479
507
489
501
548
569
543
590
577
512
505
584
595
594
590
589
536
573
524
556
172. 9
207.6
195.8
158. 9
204. 8
217.3
243.5
234. 4
269. 2
257. 4
177.0
189. 1
200. 1
196. 1
208.9
217.4
220. 3
166. 6
137. 9
208. 6
239. 7
142.4
170. 1
158. 1
125. 9
165. 0
169.6
185.8
179. 0
208.8
198. 5
129. 0
133. 1
141. 1
139. 2
153. 1
160. 1
163. 2
115. 9
103. 3
159. 1
181.7
30.5
37.5
37. 8
33. 0
39. 8
47.6
57.7
55.3
60. 5
58. 9
48.0
56. 0
59.0
56.8
55.8
57.2
57. 1
50.6
34.5
49.5
58. 0
2, 820
2,829
2,866
2,850
2,814
2,780
2, 751
115. 6
116. 0
117. 5
116.8
115. 3
113.9
112.8
34, 393
34, 027
34, 203
34, 465
34, 075
34, 484
2
35, 078
12, 935
13, 420
13, 050
13, 655
13, 285
14, 355
541
537
546
556
548
534
563
541
559
553
567
541
200. 2
230.6
254. 1
256. 1
257. 5
238. 1
230.6
159.6
173. 1
188. 2
192. 4
195. 2
176. 2
170. 0
40. 6
57.4
65. 9
63. 6
62. 3
61. 9
60.6
Sources: American Iron and Steel Institute, Edison Electric Institute, Depa
ment of the Interior, Association of American Railroads, American Paper In
tute, and Ward's Automotive Reports.
EW CONSTRUCTION
ccordtng to preliminary estimates, expenditures for new construction (seasonally adjusted) were about the same in
September as in August. A decline in private construction, concentrated in residential, was offset by a rise in public
construction.
BLUONS OF DOLLARS
160
BILLIONS Of DOULARS
160
SEASONALLY ADJUSTED AhNUAL IA7ES
140
140
TOTAL NEW CONSTRUCTION
120
120
100
too
80
80
60
60
40
40
. PUBLIC-
\
20
I t \ f
f t f f f I f f t f .11
I I f f t I t
20
20
1968
1974
COUNCJL OF ECONOMIC ADVISERS
SOURCE: DEPARTMiKT OF COMMERCE
Period
1968
1969
1970
1971
1972
1973
Total new
construction
expenditures
87. 1
93. 9
94. 9
110.0
124. 1
135. 5
Total
59. 5
66. 0
66.8
80. 1
93.9
102.9
Resic ential
CommerNew
cial and
Total l
housing industrial
units
Bi llions of doll ars
24. 0
30. 6
13. 8
sa2
25. 9
16. 2
31. 9
24 3
16.3
43. 3
17.0
35. 1
54.3
18.1
44.9
57.6
47. 8
21.7
Federal,
State,
Other
15. 1
16. 6
18. 6
19.8
21.5
23. 6
and
local
27.6
28. 0
28. 1
29.9
30.2
32. 6
137. 2
137. 4
137. 3
136. 4
135. 7
133. 2
132.9
136. 6
135. 9
138.3
140.5
138. 6
138. 0
132.7
133. 0
105.6
105.5
104.1
103. 3
102. 3
100.1
98.0
99. 1
99.4
99. 3
100.2
100. 1
98. 1
95. 7
93. 7
59. 1
59.3
58.0
56. 3
54. 5
52.4
49.7
49. 0
49. 1
49.4
49.6
49.2
48. 5
47.1
44.8
49. 7
49. 5
48. 2
46. 2
44. 2
42. 1
39. 8
38.9
39.1
39. 3
39. 7
39. 5
38.9
37. 5
35. 3
Includes nonhouseke eping resident!*il construction a nd additions aiad alteraus, not shown separa tely.
* F. W. Dodge series, Relates to 60 S tates beginning 1969 for value index and
beginning 1971 for floor s pace.
22. 5
22. 2
22. 3
22. 5
23. 1
23. 2
22.6
24.5
24.2
23. 2
24.0
24.5
23. 1
22. 7
22. 6
113. 2
123. 7
123. 1
145.4
165.3
181. 3
Seasonally
adjusted
Seasonalli/ adjusted atmual rates
1973: July
Aug
Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar
Apr
May
Jime_ _ _ _
July
Aug
Sept *_
Construct! on contracts 2
CommerTotal value cial and
index,
industrial
(1967= floor space
100)
(millions of
square feet)
24. 0
24.0
23. 8
24.5
24. 6
24.5
25. 7
25. 6
26. 2
26. 7
26. 6
26.4
26. 4
26. 0
26.2
31. 6
31.9
33.2
33.2
33. 4
33. 1
34.8
37.5
36.4
39. 0
40. 3
38. 5
40.0
37.0
39.4
175
199
182
191
194
161
155
187
181
167
188
166
177
170
187
779
883
743
727
854
1,021
Seasonally
adjusted
annual
rates
1, 161
1 118
1, 029
1, 106
1, 047
815
885
968
878
1, 003
924
909
934
1, 024
900
Sources: Depar ;ment of Comnaerce and McGi"aw-Hill Inform ation Systems
C :xmpany, F. W. Dodge Division
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Housing starts at a seasonally adjusted annual rate of 1/124,000 units in October were slightly below the Septembei
rate and 33 percent below that of a year earlier. Permits ror future housing continued to decline.
MILLIONS OF UNITS
MILLIONS OF UNITS
30
3.0
TOTAL PRIVATE
HOUSING STARTS
UQ
1968
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCES! DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. AND VETERANS ADMINISTRATION
[Thousands of units]
Hou sing star ts
i1
Total
private
and
public
(including
farm)
Total
private
(including
farm)
1, 545. 4
1, 499. 5
1, 469. 0
. 2, 084. 5
2, 378. 5
2, 057. 5
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
148.9
149.5
134. 6
90. 6
86. 2
109. 6
127. 2
160. 9
149.9
149.5
127.2
114. 0
98. 1
98. 7
148. 4
147. 1
133. 3
90. 4
84. 5
109. 4
124. 8
159. 5
149. 0
147.6
126.6
111. 1
96.7
98. 2
1,844
1,674
1,675
1,403
1,464
1, 922
1,499
1, 630
1,471
1,596
1,338
1, 134
1, 132
1, 124
Period
1968
i960
1970
1971
1972
1973
1973: Sept
Oct
Nov__
Dec
1974: Jan
Feb
Mar
Apr
_
__
May
June
July
Aug
Sept *>
Get" . _ _
_
Total ( includingj farm)
Total
New
Cover nment
home p rograms
(noni arm)
Two or
more
VA
FHA»
units
899.4 608. 2
147. 7
56. 1
810. 6 656. 2 153. 6
51. 2
812. 9 620.7 233. 5
61. 0
94. 0
1, 151. 0 901. 2 301.2
1, 309. 2 1, 047. 5 198.4 104. 0
1, 132. 0 913. 3
73. 6
86. 1
Seasona lly ad jus bed annu al
One
unit
990
957
938
767
793
1,056
962
996
931
1,014
1
Units are for 1- to 4-family housing.
a Authorized by issuance of local building permit: in 14,000 permit-issuing
places beginning 1972; 13,000 for 1967-71; 12,000 for 1963-66; and 10,000 prior to 1963.
20
Propos 3d home
constniction 3
Private
958
812
837
787
854
718
737
636
671
866
537
634
540
582
380
322
295
337
66
52
57
37
39
48
48
41
63
57
54
58
61
71
62
57
68
61
64
72
74
79
75
69
69
75
79
private
housing
units
authorized 2
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
rates
1,656
1,379
1,361
1,285
1,282
1,325
1,410
1,296
1, 120
1, 106
1, 017
900
823
802
Applications for Requests
for VA
FHA
appraiscommitals
ments !
168. 9
187. 6
315. 0
366.8
225.2
83.2
131. 7
138.2
143. 7
217.9
209.4
161. 9
94
51
56
30
46
62
71
71
89
91
106
83
94
137
142
134
124
124
163
144
150
157
185
180
184
167
187
Units represented by mortgage applications or appraisal requests for new
home construction.
Sources: Department ol Commerce, Department of Housing and Url
Development, and Veterans Administration.
fUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Manufacturing and trade inventories (seasonally adjusted) rose $5.1 billion in September, or a little more than the
average of the July and August increases. Retail sales in October edged down according to advance reports.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
280
RETAIL TRADE (ENLARGED SCALE)
DURABLE GOODS STORES
240
TOTAL BUSINESS
INVENTORIES
200
TOTAL BUSINESS
SALES
160
1-40
RETAIL INVENTORIES
6Q
40
1972
1973
1975
1974
1972
1975
SOURCE* DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total t usiness
l
Re'tail
Whol ssale
Sales2
Period
1967
1968
1969
1970
1971
1972
1973
Sales 2
89, 707
_ 97, 138
_ _ _ 103, 134
104, 736
112, 315
124, 244
143, 742
[nventories
NonInvenDurable durable
tories 3
goods
Total
goods
stores
stores
aMillions of ciollars, se asonally a d justed
Inventories 3
Sales2
145,
155,
167,
175,
184,
197,
222,
492
845
360
561
401
087
733
17, 108
18, 366
19, 756
20, 583
22, 327
24, 862
30, 400
21, 885
22, 997
24, 910
27, 290
29, 695
32, 817
38, 302
26, 151
28, 490
29, 824
31, 294
34, 071
37, 365
41, 943
8,348
9, 268
9,626
9, 524
10, 985
12, 472
14, 190
3
Nondurable
goods
stores
Total
Durable
goods
stores
17, 803
19, 222
20, 197
21, 770
23, 086
24, 893
27, 754
38, 952
41, 973
45, 376
46, 626
52, 261
56, 551
63, 561
17, 277
19, 167
20, 647
20, 345
23, 808
26, 034
28, 778
21, 675
22, 806
24, 729
26, 281
28, 453
30, 517
34, 783
1973: Aug___
Sept
Oct
Nov
Dec
_. 145,
145,
149,
152,
150,
584
679
789
335
711
211,
213,
215,
218,
222,
822
549
714
881
733
30, 939
31, 004
32, 238
33, 181
33, 978
36, 238
36, 588
36, 809
37, 509
38, 302
42, 355
42, 529
42, 970
42, 976
42, 116
14, 481
14, 267
14, 331
14, 090
13, 270
27, 874
28, 262
28, 639
28, 886
28, 846
60, 677
60, 847
61, 681
62, 937
63, 561
27, 563
27, 507
27, 926
28, 662
28, 778
33, 114
33, 340
33, 755
34, 275
34, 783
1974: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept*
Oct*
154,
__ 156,
159,
160,
162,
163,
168,
171,
171,
064
098
239
675
924
052
824
644
037
225,817
228, 865
231, 668
233, 716
237, 754
242, 468
247, 440
251, 831
256, 897
34, 743
35, 986
37, 170
37, 342
36, 913
37, 293
38, 449
38, 828
38, 976
38, 986
39, 640
40, 425
40, 423
41, 203
42, 347
43, 171
43, 704
44, 294
42, 932
43, 134
43, 872
44, 283
44, 894
44, 593
46, 356
47, 056
46, 069
45, 876
13, 525
13, 327
13, 660
13, 941
14, 289
14, 049
14, 963
15, 381
14, 318
13, 636
29, 407
29, 807
30, 212
30, 342
30, 605
30, 544
31, 393
31, 675
31, 751
32, 240
64, 261
64, 394
64, 743
64, 855
65, 615
66, 580
67, 538
68, 400
69, 628
28, 852
28, 789
28, 578
28, 495
28, 499
28, 893
29, 030
29, 768
30, 291
35, 409
35,605
36, 165
36, 360
37, 116
37, 687
38, 508
38, 632
39, 337
i The term "business" also includes manufacturing (see page 22);
* Monthly average for year and total for month.
< sfiook value, end of period, seasonally adjusted.
Note.—Total business and wholesale sales and Inventories revised beginning
1964,
Source: Department of Commerce;
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
In October, new orders (or durable goods (seasonally adjusted) declined while shipments rose, according to
advance reports.
WLUONS OF DOLLARS {SiAsoNAtiY ADJUSTS*
160
WLUONS OF DOLLARS SEASONALLY ADJUSTIW
100
INVENTORIES
140
TOTAL
120
100
NONDURABLE GOODS
20
I ,M 1 1 I, I I V ! , ! I M.t I..1 I I M T
DURABLE GOODS
80
100
NEW ORDERS
TOTAL
80
NONDURABLE GOODS
40
MMIMIMMtlU""'"
DURABLE GOODS
INVENTORY-SHIPMENTS RATIO
40
~T
I
NONDURABLE GOODS
„,.«••»»•""
20
I ! 1 1 ? I1 !
1972
1973
1974
1975
1972
1975
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments l Manufac turers* inv entories 2
Ma nufacture rs* new ordeTS l
Durat )le goods
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Total
NonCapital
durable
goods
industries, goods
nondefense
Manufacturers'
inventory —
shipments3
ratio
Millions of dollars , seasona]ly adjustc,d
1968
1969
1970
1971
1972
1973
1973: Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct ».
50, 282
53, 555
52, 859
55, 917
62, 017
71, 398
72, 146
74, 581
76, 178
74, 617
76, 389
76, 978
78, 197
79, 050
81, 117
81, 166
84, 019
85, 760
85, 992
27, 694
29, 459
28, 229
29, 948
33, 443
38, 724
39, 248
40, 879
41, 055
39, 465
39, 994
40, 073
40, 635
41, 232
42, 538
42, 785
44, 122
44, 825
45, 071
46, 815
22, 588
24, 096
24, 629
25, 969
28, 573
32, 674
32, 898
33, 702
35, 123
35, 152
36, 395
36, 905
37, 562
37, 818
38, 579
38, 381
39, 897
40, 935
40, 921
90, 875
97, 074
101, 645
102, 445
107, 719
120, 870
116, 114
117, 224
118, 435
120, 870
122, 570
124, 831
126, 500
128, 438
130, 936
133, 541
136, 731
139, 727
142, 975
59, 112
63, 371
66, 768
66, 050
70, 218
79, 441
76, 249
76, 951
77, 645
79, 441
80, 541
81, 925
83, 014
84, 108
85, 715
87, 366
89, 286
91, 004
93, 184
»Monthly average for year and total for month.
2 Book value, end of period, seasonally adjusted;
•For annual periods, ratio of weighted average inventories to average monthly
22
31, 763
33, 703
34, 877
36, 395
37, 501
41, 429
39, 865
40, 273
40, 790
41, 429
42, 029
42, 906
43, 486
44, 330
45, 221
46, 175
47, 445
48, 723
49, 791
50, 243
53, 646
52, 118
55, 726
62, 922
73, 836
74, 024
77, 025
78, 601
76, 292
78, 139
79, 127
79, 547
82, 059
85, 264
85, 176
87, 517
90, 393
87, 336
27, 666
29, 549
27, 486
29, 745
34, 274
41, 098
41, 154
43, 304
43, 475
41, 027
41, 515
42, 267
41, 974
44, 124
46, 730
46, 848
47, 709
49, 463
46, 591
45, 727
6, 971
7,694
7,055
7,324
8,487
10, 310
10, 389
10, 928
11, 160
10, 943
11, 003
11,415
11, 300
11, 925
11,804
12, Oil
12, 800
11, 805
11, 832
11, 350
22, 577
24, 097
24, 632
25, 981
28, 648
32, 738
32, 870
33, 721
35, 126
35, 265
36, 624
36, 860
37, 573
37, 935
38, 534
38, 328
39, 808
40, 930
40, 745
1.74
1. 76
1.89
1.82
1.69
1.58
1. 61
1.57
1. 55
1. 62
1. 60
1. 62
1. 62
1. 62
1. 61
1.65
1.63
1.63
1.66
shipments; for monthly data, ratio of inventories at end of month to sbipmer
for month.
Source: Department of Commerce.
ERCHANDISE EXPORTS AND IMPORTS
.e merchandise trade deficit was reduced in September to $233 million (seasonally adjusted) from $1.1 billion in
August as a result of declines in imports of oil, steel, and autos.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1969
1968
1974
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
ftlerchandi se exporl s
Merch andise irnports
Gene3ral impc>rts 3
Total (inelud-l
Domestic3 exports
2
ing ree sports)
Food, Crude ManuFood, Crude
Total
facbever- matemateSeason- Unad- Total i 2 beverUnadtured
Seasonrials
rials
ages,
ages,
ally ad- justed
goods ally ad- justed and to- and
and to- and
justed
justed
fuels
bacco
bacco fuels
Period
Monthly average:
1966
1967
1968
1969
1970
1971
1972
1973
2,458
2, 586
2, 839
3, 111
3, 555
3,629
4, 102
5,902
2,421
2, 554
2, 802
3, 066
3, 502
3, 576
4,035
5,811
432
392
383
370
422
423
547
1,078
367
394
405
417
558
537
591
895
1, 602
1,737
1, 985
2, 232
2,445
2,537
2, 813
3,728
2, 135
2,241
2, 769
3, 004
3,329
3,797
4,632
5,790
July
Aug_
Sept
6,042
6,4^0
6,585
_ _ 6, 879
6,949
7,111
7, 606
7, 674
8, 234
7,680
8, 357
8, 807
8, 370
8, 286
5,785
5,965
6,751
7, 100
6, 921
6,832
7,298
8, 520
8, 381
8,427
8, 328
7, 656
7,930
7, 612
5, 682
5,886
6,635
7,008
6, 837
6, 750
7, 207
8, 406
8,256
8,296
8, 212
7, 554
7,802
7, 507
1,294
1,285
1,327
1,513
1,385
1,289
1,244
1, 336
1,277
1, 195
1, 182
1, 172
1, 118
1, 084
767
694
984
1, 115
1, 104
1,072
1,268
1,376
1,427
1,427
1,360
1,238
1,227
1, 066
Total excludes Department of Defense shipments of grant-aid military supfes and equipment under the Military Assistance Program.
Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
476
447
503
533
545
606
737
1, 120
Manufactured
goods
1,204
1, 313
1, 719
1, 918
2, 159
2,535
3, 147
3,750
trade
balance,
seasonal?/ adjusted
009
Q4K
7fl
1 H7
OOK
1 AQ
K QA
— OoO
112
Unad; usted
Uiiadjuste< i
1973: Aug
Sept
Oct
Nov_
Dec
1974: Jan
Feb
Mar
Apr
May
June
382
392
447
442
519
534
615
770
Merchan-
3, 526
3,816
4, 196
4,239
4, 242
4,248
4, 563
5, 523
5, 381
5,517
5, 501
4, 962
5,292
5, 194
6,011
5,644
5,996
6,684
6,291
6,467
7, 892
7, 845
8, 141
8,407
8, 613
9, 036
9,502
8, 520
6,017
5,307
6,403
6,845
5,974
6,650
6,692
7, 823
8, 371
8,899
8, 557
9,003
9, 166
8, 441
789
707
837
948
859
881
830
1,015
937
939
900
901
879
762
1,220
1, 113
1,317
1,438
1,496
1,742
1, 989
2, 343
2, 811
2,885
2,675
3,011
3, 079
2, 667
3,852
3,342
4,089
4, 316
3, 463
3,882
3,718
4, 295
4, 444
4,902
4, 799
4,897
5, 020
4,812
32
776
589
195
658
644
213
-171
93
— 777
-256
-728
— 1, 132
— 233
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
f\f%
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The merchandise trade deficit increased from $1.6 billion in the second quarter to $2.6 billion in the third on a
ally adjusted basis. Excluding trade in petroleum and products, the balance was in surplus by $4.4 billion, down from
$5.0 billion in the second quarter.
BILLIONS
BILLIONS OF DOUARS
4
BALANCE ON GOODS
AND SERVICES
-3
-3
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars]
M erchandis*3 1 1
Period
Ex-
ports
1968
1969..
1970
1971..
1972..
1973.
Im-
ports
Net
balance
Militeiry transactions
Direct
expenditures
Sales
33, 626 -32, 991
635 -4,535 1,392
36, 414 -35,807
607 -4,856 1,512
41, 947 -39,788 2, 159 -4,855 1,478
42, 754 -45, 476-2, 722 -4,819 1,912
48, 768 -55,754 -6, 986-4, 759 1, 154
70, 277 -69,806
471 -4, 555 2, 354
15, 230 - 16, 184 —954 — 1, 175
342
16, 679 -17,042 -363 -1,209
446
578 -1,067
520
III... 18, 152 - 17, 574
IV.... 20, 216 - 19, 006 1,210 -1,104 1,046
1974:1
22, 299 -22,373
-74 -1,166
673
II
24, 089 -25,720 - 1, 631-1,291
655
III "___ 24, 632 -27, 228-2, 596
1973: I
II
1
3
Net
balance
Private 3
U.S.
Government
Ee-
Net
travel
Bal-
Other ance
and
on
trans- serv- goods
portaices,3 and
tion
net
serv-l
expendices
itures
-3, 143 4,207
63 -1, 548 1, 766
-3, 344 3,655
156 — 1, 763 2,034
-111 -2, 023 2,388
-3,377 3,895
-2, 908 5,976
-955 -2, 341 2,781
-3,604 6,413 -1,887 -3, 055 3,110
-2, 201 8,298 -3, 008-2, 710 3,540
Seasonally ad, usted
-833
-763
-547
-58
2,081
1,968
2,052
2, 197
-493
-636
3,843
2, 579
Excludes military grants.
Adjusted from Census data for differences In timing and coverage.
* Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
24
Net iiavestmenti ncome
-634
-760
-795
-819
-767
-799
-686
-781
-613
-630
-502
-612
841
815
984
901
921
977
mittances,
pen-
Balance
on
eurrent
account
and
other
unilateral
transfers 1
1, 980 -2, 943 -962
1,344 2,978 -1,633
2,932 -3,256
-324
170 -3, 647 -3,817
-6,009 -3,797 -9,807
4,391 -3,876
515
-185 -761
-946
116 -1,056
-940
1,659 -897
762
2,801 — 1, 164
1,637
2,928 -2,951
-23
-122 - 1, 856 - 1, 978
NOTE.—Net liquidity balance and liquid privat© capital flows, net (p.
revised beginning 1973. Other items to be revised in December.
Source: Department of Commerce.
b. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
, official reserve transactions deficit was reduced from $4.5 billion in the second quarter to $330 million (seasonally
jdjusted) in the third quarter as a rise in U.S. reserve assets offset in part the increase in U.S. liabilities to foreign
official institutions. There was a $1.4 billion improvement in the net liquidity balance to a deficit of $4.8 billion.
BILLIONS OF DOLLARS
BUUONS OF DOLLARS
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
OFFICIAL RESERVE
TRANSACTIONS BALANCE
1974
SOURC& DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
f Millions of dollars]
Period
1970
1971
1972
1973
NonLong-torm capital Balance liquid
on
flows5, net
current shortterm
account private
U.S.
and
longcapital
GovernPrivate 2 term
ment 1
capital flows
net 2
-2, 164 1, 191 -1,935
231
-1,933
-70 -3, 637 -640
-2, 025 - 1, 429 -3,778 -482
-2, 362 -4,381 - 10, 559-2, 347
- 1, 330
-98 -11,235 -1,541
127
-896 -4, 276
-1,539
Allocations
of
special
drawing
rights
(SDR)
Errors
and
omissionSj
net
Net
liquidity
balance
Liquid
private
capital
flows,
net 2
Changes
in liaOfficial
bilities
reserve
to
transactions foreign
official
balance agencies,
net 3
94 — 1,611
3, 252
1,641
- 1, 805 -6, 081
2,739
8,820
867
-458 -3, 851 -5, 988 -9,839
717 -9, 776 -21, 965 -7, 788-29, 753
3, 502 -10,354
710 - 1, 790 -13,856
-2, 624 -7, 594
2,290 -5,304
Changes
in U.S.
official
reserve
assets,
net 4 '
-761
-880 15, 710
- 1, 552 -1,187 16, 964
7,362
2,477 14, 487
27, 405
2, 348 12, 167
10, 322
32 13, 151
5,095
209 14,378
Unadjusted
Seassonally ad justed
1973:1
II
III...
!¥____
-371
-998 -1,663
319
94
-315 -1, 161 -1,457
-398
1,529
1,893
97
-862 -1,406
— 631 -1,253
1974:1
II—.
Ill*
466
1,343
1,786 -3,963
388 -1, 150 -2, 740-5, 468
1
-4, 093 — 6, 614 -3,581 -10, 195
908 -1, 773
2,060
287
-364
1,942
285
1,657
925
-865
3,526
2,661
Excludes liabilities to foreign official reserve agencies.
2
Private foreigners exclude the IMF, but include other international and
regional organizations.
8
Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
to. and gold deposits with, the United States.
'insists of gokL special drawing rights (SDR), convertible currencies, and
I.S. gold tranche position in the IMF. Minus sign indicates increase.
«dudes increases (in millions) as follows: 1969, $67 due to revaluation of the
1,209
-987
1,979 -6, 254
-4,810
U.S.
official
reserve
assets,
net
(end of 5
period)
1,062
2,049
1, 725 -4,529
4, 480
-330
9,975
-304
-1,929
-2, 646
220
17
13
-15
12,
12,
12,
14,
931
914
927
378
-852
-210 14, 588
4,887
-358 14, 946
1,333 — 1, 003 15, 893
German mark in Oct. 1969; 1971, $28 due to dollar value of foreign currencies
revalued to reflect market exchange rates as of Dec. 31, 1971; 1972, $1,016 due to
change in par value of the dollar on May 8, 1972; and fourth quarter and year
1973, $1,436 due to change in par value of the dollar on Oct. 18. 1973.
Beginning July 1974, SDE and reserve position in th® IMF based on new
method of valuation. On a pre-July basis, reserve assets for Sept. 30, 1974 ar©
$15,950 million.
Note.—See Note, p. 24.
Sources: Department of Commerce and Department of the Trtasury.
25
PRICES
CONSUMER PRICES
In October, the consumer price index rose 0.9 percent (also 0.9 percent seasonally adjusted). Food prices increased
0.7 percent (1.3 percent seasonally adjusted). Nonfood commodity prices increased 0.9 percent (0.6 percent seasonally adjusted) and services prices rose 0.9 percent. All changes were somewhat less than in September.
INDEX, 1967 = 100
170
INDEX, 1967 = 100
170
120
120
110
110
100
100
1968
1974
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All
items
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar__
Apr
May
June.. _
July
Aug
Sept
Oct
Source: Department of Labor.
26
_
94. 5
97. 2
100.0
104.2
109. 8
116. 3
121. 3
125. 3
133. 1
135.5
136. 6
137. 6
138. 5
139.7
141.5
143. 1
144. 0
145.6
147. 1
148. 3
150. 2
151. 9
153.2
[1967 = 100]
Services
Co mrnoditie,3
Comm odities lei-5s food
Services
All
All comFood
less
Nonmodities
services Rent
All
Durable durable
rent
95. 7
98. 2
100. 0
103. 7
108. 4
113. 5
117. 4
120. 9
129. 9
132. 8
133. 5
134. 7
135.7
137.0
139. 3
141. 0
141. 9
143. 7
145. 2
146. 1
148.0
149. 9
151. 1
94. 4
99. 1
100.0
103. 6
108. 9
114. 9
118. 4
123. 5
141. 4
148. 3
148. 4
150. 0
151. 3
153,7
157, 6
159.1
158. 6
159. 7
160. 3
160. 5
162. 8
165.0
166.1
96.2
97.5
100.0
103.7
108. 1
112. 5
116. 8
119.4
123. 5
124. 3
125. 4
126. 3
127. 1
127. 9
129. 2
131. I
132. 8
134. 9
136. 8
138. 1
140. 0
141. 6
142.9
98.4
98. 5
100. 0
103. 1
107. 0
111. 8
116. 5
118. 9
121. 9
122. 6
123. 2
123. 3
123. 2
123.3
123.4
124.3
126. 1
128. 5
131. 2
133. 0
134. 8
136.5
138. 5
94.8
97.0
100. 0
104. 1
108. 8
113. 1
117. 0
119. 8
124. 8
125.5
127. 0
128. 5
130. 0
131. 3
133. 5
136. 1
137. 7
139. 5
141. 0
141. 8
143. 7
145. 3
146.1
92.2
95.8
100. 0
105. 2
112. 5
121. 6
128. 4
133. 3
139. 1
140.6
142. 2
143.0
143.8
144.8
145. 8
147.0
147. 9
149.4
150. 9
152. 5
154. 2
155.9
157.3
96. 9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119. 2
124. 3
125.4
125.9
126. 3
126. 9
127.3
128. 0
128. 4
128. 8
129, 3
129. 8
130. 3
130. 9
131. 4
132. 2
91. 5
95. 3
100. 0
105. 7
113. 8
123. 7
130.8
135. 9
141. 8
143. 4
145. 2
146. 1
146. 9
148. 0
149. 1
150.4
151.4
153. 1
154, 7
156. G
158. 4
160. 3
161. 9
IOLESALE PRICES
i ne wholesale price index rose 1.7 percent in October (2.3 percent after seasonal adjustment). Prices of farm products
and processed foods and feeds increased 3.0 percent (4.7 percent seasonally adjusted). Industrial commodity prices
were up 1.2 percent (1.1 percent seasonally adjusted), well below the increase of 2-3 percent per month in the first
9 months of this year.
Index, 1967
Index, 1967=100-
200
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
120
120
100
100
1968
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
All
commodities
Period
1965
-- —
1966
1967
1968
.
1969
1970
1971
1972
1973
1973: Sept..-.
Oct___
Nov
Dec_._
1974: Jan
.
..,_J_
-_.__
_-•_
_:__
-__
-_
._
_-_
Feb
Mar___
Apr
Mav _
June
Julv
Aug
.
Sept
Oct.
_
_
[1967 = 100]
Farni products3 and
processe>d foods a nd feeds
PtVkrt
Total
96. 6
97. 1
99. 8
103. 5
100. 0
100.0
102.4
102. 5
108. 0
106. 5
111. 7
110. 4
113. 8
113. 9
122. 4
119. 1
134, 7
159. 1
173.5
139.7
138. 7
166. 8
139. 2
164. 4
141. 8
168. 0
146. 6
177. 8
180. 6
149. 5
151. 4 . 176. 2
] 52. 7
169. G
167. 4
155. 0
161. 7
155. 7
1 72. 7
161. 7
167. 4
183. 4
167. 2
179. 1
184. 4
170. 0
Farm
products
essed
foods
and
feeds
98. 7
105. 9
100. 0
102.5
109. 1
111. 0
112. 9
125. 0
176. 3
200. 4
188. 4
184, 0
187.2
202. 6
205. 6
197. 0
188. 2
180. 8
108. 6
180. 8
189. 2
182, 7
187.5
95. 5
101. 2
100.0
102. 2
107. 3
112. 1
114. 3
120.8
148. 1
156. 3
153. 1
151. 9
155. 7
162. 1
164. 7
163. 0
159. 1
158. 9
157.4
167. 6
179. 7
176. 8
182. 4
Coverage of the subgroups does not correspond exactly to coverage of this
.-5.
* Exciu<3e • c rude foodstuffs and feedstuff s, plent ar.d anirr,c.". fibers, oilseeds, and
leaf tobacco.
Iridustrial c ommoditi es
All industrials1
Crude
mate-2
rials
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
117, 9
125. 9
127.4
128.5
130. 1
132, 2
135. 3
138. 2
142. 4
146. 6
150. 5
153.6
157. 8
161.6
162. 9
164. 8
100. 9
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
131. 1
155. 2
161.0
164.7
174. 2
179. 8
188.2
202. 7
212. 2
224. 8
216.5
217. 5
228. 9
229. 5
229. 8
229. 0
Inter- Producmediate er finmate-3
ished
rials
goods
96. 9
98. 9
100.0
102. 6
106. 1
110. 0
114. 3
118.9
128. 1
130. 1
131. 0
132. 4
134. 8
137. 9
140. 6
145.8
150. 8
156. 1
159. 6
104. 5
169. 6
170.6
172. 1
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
123. 5
124.2
125. 1
125. 7
126. 7
128.3
129.3
130. 9
132. 4
135.9
138. 7
141. 5
145.2
148. 0
151. 9
ConsuE oer finished g<>ods exeluding5 foods
DurNonable
durable
97. 9
98.5
100. 0
102. 2
104. 0
107. 1
110. 9
113. 2
115. 8
115. 8
116.7
117. 0
117.9
119. 6
120. 2
120. 9
122. 0
123. 7
125. 0
126.8
127. 3
128.4
133. 1
95. 9
97.8
100.0
102. 2
105. 0
108.2
ill. 3
113. 6
120. 5
121. 2
122. 6
124. 4
126. 6
1 30. 2
134.0
137. 8
141. 2
144. 3
147. 7
150. 6
153. 0
154. 2
155. 7
s Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Soiiree: Department of Labor.
27
AND PAID BY
Prices received by farmers increased 4 percent in the month ended October 15. Higher prices for upland cotton/ hogs,
wheat, soybeans, milk, and com were partially offset by lower prices for cattle, calves, and potatoes. Prices paid by
farmers were up % percent.
hide*, 1967=100
100
220
200
180
PRICES RECEIVED
(ALL FARM PRODUCTS)
160
PRICES PAID,
- INTEREST, TAXES, AND
WAGE' RATES
340
120
too
100
EATiOJ/
RATIO .V
120
PARITY RATIO (ACTUAL)
100
100
/
90
80
70
**% ^*«V
^v-^
M«*«"«nml»i»**""***>*«tMi»w*
J 1- 1 t 1 1 ! ! I ! !
1968
,,,B^,^"^...^>B^w^^_.r
!
1 ! 1 t } 1 ! f t !
**»m«»*
^
,.f^,,^»^""n"m^
«M«M«.i.,».«
j
t l l t f l f l f t f l f l l l l l l f l t l J T l t l l l
1969
1970
1
1971
1
! ! t ! !
-, , i , , I i i , , ,
y 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
Prices ireceived by i"armers
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Sept 15
Oct 15
Nov 15
Dec 15
1974: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15
July 15__
AuglS
Sept 15
Oct 15
All farm
products
98
105
100
103
108
110
112
126
172
191
184
181
185
198
202
194
183
175
165
175
181
178
185
Crops
103
105
100
101
97
100
107
115
164
182
180
181
195
208
220
216
205
201
199
204
214
211
228
i Percentage ratio of index of prices rec,eived by farme rs to index of prices paid,
Interest, taxes, and wage rates on 1910-14=100 base.
28
94
105
100
104
117
118
116
134
179
198
188
183
179
193
190
179
169
158
142
155
160
154
155
94
98
100
104
109
114
120
127
145
150
151
152
154
157
159
161
164
165
166
168
173
175
176
70
60
COUNCil OF ECONOMIC ADVISERS
Parity ratio J
Prices paid by far mers
Livestock All items,
interest,
and
products taxes, and
wage rates
Index, 1967=100
"V^v^
. , .t . f 1 1 1 1 1
on
1974
1973
1972
90
\
Family
living
items
95
98
100
104
109
114
119
124
138
142
143
146
147
149
153
155
157
159
160
161
164
166
167
Production
items
96
99
100
102
106
110
115
122
146
154
153
153
156
161
161
162
167
166
168
170
178
182
183
Actual
77
80
74
73
74
72
69
74
88
95
91
89
90
94
94
90
83
79
74
77
78
75
78
Adjusted %
82
86
79
79
80
77
74
79
91
97
94
92
92
94
94
90
83
79
74
78
78
75
78
s
The adjusted parity ratio refl ects Qovernment payments m ade directly tofar mers.
iSource: Departinent of Agricnlt ure.
(MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock grew at an annual rate of 3.7 percent in the latest 6 months, April to October,
or at about one-half the rate of the preceding 6 months.
BU11ONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAtlY FIGURES, SEASOKAUY ADJUSTED
400
240
200
1968
1974
SOURCE: BOARD Of GOYS&4ORS OF IHF KDERAL RESERVE SYSTEM,
[Averages of daily figures, billions of dollars]
Ivloney stoc k
Time
Time
CurCurand
and
DeDerency
rency
savings
savings
mand
mand
outoutTotal
de- l
dededeside
side
posits l
posits * posits
posits 1
banks
banks
Seasonall)r adjusted
Unadjustec I
43.4
158. 1
204.2
44. 3
163.3
203.2
207.6
46. 1
162. 5
194.4
193.2
167.7
46.9
214,7
172. 2
49. 1
229. 2
50. 0
177. 7
227.6
228.1
52. 6
182. 6
53.5
188.4
270.9
24L9
269.8
56. 9
198.9
313.8
205. 1
263.0
57.9
311.8
61. 6
209. 9
364. 5
62. 7
362.2
216.4
279.1
60. 2
205.5
203.8
357.6
264.0
60. 1
359. 3
60.5
206. 1
359. 6
266. 1
60. 4
205. 7
360. 3
61.0
208. 4
360.8
270.9
61. 5
209. 5
359.0
61.6
209. 9
364. 5
62. 7
216. 4
362.2
279. 1
62.0
208.9
61.6
216. 2
369.4
371.0
277.8
210.4
62.7
270.2
375.9
208. 3
374.3
61. 9
63. 3
62. 7
211. 9
378.3
209.8
272.5
379. 1
214. 7
63.9
212.8
278.2
63.5
386.7
387.1
64. 1
213.2
64.3
392. 5
272.9
208.7
393. 9
64,6
215.0
398.4
213. 1
277.9
64.8
397. 9
64.8
215.4
65.3
402.8
279.7
214.4
402.0
65.4
215. 1
65. 7
211.6
405. 3
277. 3
408.3
215.0
65.8
65.8
407.6
279.0
213. 2
410. 2
215.2
214. 8
6&5
66.4
412.2
281.2
413. 5
H»loney stoc k
Period
Total
1968:
1969:
1970:
1971:
1972:
1973:
1973:
Dec
Dec
Dec
Dec
Dec__ _
Dec
Sept
Oct
Nov
Dec__.
1974: Jan
Feb_ _
Mar __ .
Apr __ _ —
May
June
July
Aug
Sept *
Oct*
—
_
—
jDeposits at commercial banks.
201. 5
208.6
221. 2
235. 2
255.8
271. 5
265.7
266.6
269. 4
271. 5
270.9
273. 1
275.2
276.6
277.6
279.7
280.2
280.5
280.8
281; 7
COUNCH. OF ECONOMIC ADVISiRS
U.S.
Government
demand
deposits 1
5^0
5.6
7.3
6.9
7.4
6. 3
5.3
6.0
4. 3
6. 3
8. 1
6. 6
6.4
6.0
7.6
6. 1
5.4
4.0
5. 4
3.6
NOTE.—Series revised beginning January 1972. Revisions became available
after chart was prepared.
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID
HOLDINGS - NONFINANCIAL INVESTORS
Private nonfinancial investors increased their holdinss of liquid assets by $7.7 billion (seasonally adjusted) in Octobei.
Currency and deposits increased by $7.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,100
1,000
700
600
500
500
1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and deposits
Period
Total
liquid
Time deposits
I
rp
j
i
iotal
Cur-
Demand
deposits
Com-
U.S. Government securities
Shortterm
Nonbank
Negotiable
eertifiof
deposit
Commercial
paper
UODCtS
•b-ii 3
^-'\ 9
1-7. 4
-±*. 3
30
LNK LOANS, INVESTMENTS, DEBITS, AND RESERVES
loans and investments (seasonally adjusted) at all commercial banl<s/ which fell 0.7 percent in September,
were about unchanged in October.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
700
ALL COMMERCIAL BANKS
600
—— 500
TOTAL
LOANS AND INVESTMENTS
200
INVESTMENT IN OTHER SECURITIES
100
100
1974
SOURCEs
COUNCIL OF ECONOMIC ADVISERS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All commercial banks
(seaso nally adjust ed data)
L oans
Investinents
Total
loans
Total,
Comand
Gov- Other
mercial U.S.
invest- excludsecuriernment
ing
interand
indus- securities
ments
ties
bank
trial
End of period
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual
rates 1
£ill membe r banks 2
Total
reserves
Billions of dollars
1968
1969____ _ _
1970
1971
1972
1973".
_
1973: Oct
Nov
Dec
1974: Jan_-._
Feb
Mar __
Apr
May. —
June
July »
Aug^ _ _
Sept » _
3
___
.._
,_
_„.
...
__
390. 2
401. 7
435. 5
484. 8
556. 4
630. 3
624. 2
628. 4
630.3
638.9
647.4
657. 5
666. 9
673. 4
677. 5
686. 6
692. 0
687. 0
687. 1
258. 2
279. 1
291. 7
4
320. 3
377. 8
447.3
441. 1
445. 5
447. 3
452. 9
458.3
468. 2
476. 3
481.4
484. 5
494. 3
500. 2
498. 2
499. 5 1
3
3
95. 9
105. 7
110. 0
115. 9
129. 7
155.8
153. 6
155. 0
155. 8
157. 9
159. 5
165. 1
169. 5
172. 9
174. 6
177. 9
180. 7
180. 8
182. 5
3
60. 7
51. 5
57. 9
60. 1
61. 9
52. 8
55. 1
55. 0
52. 8
54. 5
56.4
56.4
57. 1
57.2
56. 4
55.8
55. 3
52.2
49. 7
Oct *>__ __
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages of dally figures. Annual data are for December.
''Beginning June 1969, data include all bank-premises subsidiaries and other
majority-owned domestic subsidiaries; earlier data include comonly.
As of June 1971, Farmers Home Administration notes totaling about $0.7
lion are classified as other securities rather than as loans.
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions o : dollars
71. 3
71. 1
85. 9
4
104. 4
116. 7
130. 2
128. 0
127. 9
130. 2
131. 5
132. 7
132. 9
133. 5
134. 8
136. 6
136.5
136. 5
136. 6
187. 9
3
4, 860
5, 150
5, 717
6, 443
7. 580
9, 632
10, 257
1C, 612
10. 5J.-4
10, 7X7
1C, 91<J
11,253
j. i j 4 ~'f>
11, 595 1
11, 393
11, 70 j
12, 239
i & us/.
r» f ^
l,<r,
27 221
28, 031
29, 265
31, 329
5
31, 353
35, 068
34, 913
34, 725
35, 068
36, 655
35, 242
34 966
35, 929
36? 519
36, 390
37, 3-SS
37. 02<}
37, 070
30, <J35
455
257
272
165
5
219
262
223
182
262
236
189
176
158
194
131
177
178
1P1
178 I
765
1, 086
321
107
1, 049
6
1, 298
1, 465
1, 399
1, 298
1, 044
1, 186
1, 352
1, 714
2? 580
3 S 000
3 308
S7 351
3, 287
1, 794
Note.—Commercial bank data revised beginning January 1973.
Source: Board of QoTernors of the Federal Reserve System.
-310
-829
-49
58
5 -830
— 1, 036
- 1, 242
-1, 217
1, 036
-808
-997
— 1, 176
-1, 556
-2, 386
-2, 869
— a 131
3, 173
o, OJS
-1, 016
31
CONSUMER AND REAL ESTATE CREDIT
Consumer credit (seasonally unadjusted) increased $0.5 billion during September. A year earlier there was an increase
of $1.1 billion. Seasonally adjusted consumer instalment credit rose $0.7 billion in September.
BILLIONS Of DOLLARS
BILLIONS OF DOLLARS
20
SEASON MLY
18
ADJUSTED fENLARGEC) SCALE}
if
/**V w—\
INS FALMENT CREDIT EX TENDED
<~t£~-~
~-^"l ^
—
~=^^^=KX=
^1 1 f ! f 1 1 | ! F !
f ! ! I Ff 1 1 ! ! t
! ] ! M 11t ! ! f
1968
1969
1970
"
—
10
INSTALMENT CREDIT REPAID
8
! ! ! ! 1 1I ! ! 1 !
1971
! ! 1f ! ! I ! 1 1 !
f ! f f 1I 1 ! | ! I
? f f f ! f | I I I 1K
1972
1973
1974
1965
1966
1967
1968
1969
1970
1971
1972
1973
89, 883
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
180, 486
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
147, 437
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 130
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
165, 083
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
144, 978
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 453
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452
1973: Aug
Sept
Oct.
Nov
Dec
1974: Jan
Feb
Mar
Apr
May
June — _
July
Aug__ —
Sept
171,
173,
174,
176,
180,
178,
177,
177,
179,
181,
183,
184,
187,
187,
140, 810
142, 093
143, 610
145, 400
147, 437
146, 575
145, 927
145, 768
147, 047
148, 852
150, 615
152, 142
154, 472
155, 139
50, 232
50, 557
51, 092
51, 371
51, 130
50, 617
50, 386
50, 310
50, 606
51, 076
51, 641
52, 082
52, 772
52, 848
40, 064
40, 397
40, 651
41, 116
41, 425
41, 352
41,417
41, 492
41, 851
42, 402
42, 945
43, 400
44, 164
44,375
31, 168
30, 942
31, 230
31, 569
33, 049
32, 111
31, 595
31, 804
32, 448
32, 828
32, 810
32, 663
32, 897
32, 767
14, 294
13, 691
14, 149
14, 275
12, 677
13, 714
13, 541
13, 823
14, 179
14, 669
14, 387
14, 635
14, 394
14,089
12, 399
12, 332
12, 449
12, 549
12, 267
12, 797
12, 870
13, 206
13, 026
13, 407
13, 301
13, 310
12,882
13, 412
3,968
3,939
3,912
3,819
3,315
3,492
3,389
3,484
3,545
3, 769
3,731
3,812
3,887
3,835
3,293
3,406
3,427
3,471
3,338
3,433
3,394
3,544
3,498
3, 601
3,577
3,563
3,443
3,604
1
Also Includes other consumer goods paper, and home improvement loans,
not2 shown separately.
Consists of single-payment loans, charge accounts, and service credit.
32
6
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consum er instalme nt credit e x tended
Consu oaer credit outstandin g (end of p eriod;
and r epaid (seas onally adji.isted)
u nadjusted)
i instalment
To tal
Automob ile paper
NonAutomoinstal- Extended Repaid Extended Repaid
Total
bile
Personal
Total *
ment 2
paper
loans
978
035
840
969
486
686
522
572
495
680
425
805
369
906
1*>
-— ^
x'
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
^—-^
r""^r^T^*-"-""^*
-^1
^^j^^-r^
8
End ©£ period, unadjusted.
8©urce: B«ard of Governors of the Federal Reserv© System;
Mortgage
debt outstanding,
nonfarm,
1- to 4houses 3
212, 937
223, 645
236, 060
251, 241
266, 823
280, 175
307, 200
345, 500
386, 489
378. 382
386, 489
*392, 053
* 402, 315
*410,' 387
YIELDS AND INTEREST RATES
in early November, most interest rates continued to decline from highs reached in August and September.
PERCENT PER ANNUM
m ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1974
1968
SOURCE: SEE TABLE BEIOW
COUNCIL Of ECONOMIC ADVJSEtS
[Percent per annum]
High-grade
U.S. Govc3rnment seciupity yields
municipal
3 -month
bonds
3-5 year
Taxable
Treasury
s
(Standard
&
issues *
bonds
bills i
Poor's) 4
5.339
4.51
5.59
5.25
Period
1968
6. 677
1969-__
1970
1971
1972
1973
6.458
4.348
4.071
7. 041
1973: Oct
Nov
Dec
1974: Jan
Feb
Mar_
Apr
May
7. 155
7.866
7. 364
7. 755
7. 060
7. 986
8. 229
8.430
June
July
Aug_ _
_.
Sept_ _ _ _ _
Oct___
__ _
Nov
8. 145
7. 752
8.744
8.363
7.244
a 85
Corpora te bonds
(Moc>dy's)
Aaa
6.18
7.03
Ban
6.94
7.81
9. 11
Prime
commercial
paper,
4-4
months
8. 24
5.90
7.83
7. 72
5, 11
4.69
8. 15
6.54
6. 58
6.65
6.46
7. 60
7.67
7.68
7.83
7.85
8. 01
8. 25
8.37
8. 47
8. 72
9. 00
9.24
9.27
8.41
8.42
8.48
8.58
8.59
8. 65
8. 88
9. 10
9. 34
9. 55
9. 77
10. 12
10.41
8.92
8.94
9.08
8.66
7.82
8. 42
9. 79
10.62
10. 96
11. 72
11. 65
It 23
9.36
6.42
6.40
6. 37
6. 50
6. 54
6. 37
9.38
9.29
9. 19
9. 09
8. 99
8.89
10. 39
10.43
10. 44
10. 48
10.49
10.50
7. 37
5.77
5.85
6. 92
6. 10
6. 59
5.74
5.63
6. 30
5. 81
6. 51
5.70
5.27
6.81
6.96
6. 80
6.94
6. 77
7. 33
7. 99
8. 24
8. 14
8.39
8. 64
8.38
7. 98
6. 26
6.31
6. 35
6. 56
6.54
6. 81
7. 04
7.07
7.03
7. 18
7. 33
7.30
7. 22
5.05
5.17
5. 12
5.20
5.19
5. 36
5. 67
5.96
7.98
7.95
7. 90
7.98
7.83
7.67
7.26
7.22
7. 18
7. 12
7.04
6.92
a is
a os
a 04
7. 39
7.21
7.44
a 56
a 16
Week ended:
1974: Oct 11
18
25
Nov 1__ _.
8
15
22
1
6. 698
7. 722
7. 524
7.892
7.880
7. 604
7. 528
2
Rate on new issues within period.
Selected note and bond issues;
Ipril 1953 to date, bonds due ©r callable 10 years and after,
'jeekly data are Wednesday figures.
pata f©r first of the month, based on the maximum permissible interest rat®
percent beginning August 14, 1974) and 30-year mortgages paid in 16year§.
9.
9.
8.
8.
8.
8.
FHA
new home
mortgage
yields 5
7.13
a 19
9. 05
7.78
7.53
8.08
9.18
8. 97
a 86
a 78
a 54
a 66
9.17
9. 46
9. 46
9.85
10.30
10. 38
10 13
70
31
90
83
88
81
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
Stock prices fell sharply in September, declined further in early October, and recovered somewhat by rnid-Noverr,_
Index, 1941-43=10
120
Index, 1941-43=10
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
110
/^
z
100
90
/^v
80
70
60
PERCENT
I ! M I I M 1 I!
\ I M I I f I I I I
I II
I I I I M
M
t I 1 ! I I I t I I I
PERCENT
RATIO
RATIO
PR!CE/EARNIN<3S RATIO ON COM MON STOCKS
^.
•
^
15
-i
\
—; 15
\^^
Xx"
^^*~^*x*^w
A
\
I
f
1^
1968
[
r
'i
1969
i
\
1970
\
r
1
>
\
1
f
f
10
__
_
!
,\
^
COUNCIL OF ECONOMIC ADVISERS
Price ndex
Industrials
1968
1969
1970
1971
1972
1973
1973: Oct
Nov _
Dec__
1974: Jan__
Feb
Mar
Ar>r
May. _
June
_
July
Aug___
Sept
Oct _ . _
Week ended:
1974: Oct 4
11
18
25
Nov 1
p.
J
1974
SOURCE: STANDARD & POOR'S CORPORATION
Period
I
1973
1972
1971
f
Total
Total
98.70
97. 84
83. 22
98. 29
109. 20
107. 43
109. 84
102. 03
94. 78
96. 11
93.45
97. 44
92. 46
89.67
89. 79
82. 82
76. 03
68. 12
69. 44
107. 49
107. 13
91. 29
108. 35
121. 79
120. 44
123. 42
114. 64
106. 16
107. 18
104. 13
108. 98
103. 66
101. 17
101. 62
93. 54
85. 51
76. 54
77.57
62.
67.
71.
71.
73.
74.
73.
99
71
59
60
00
61
43
70. 35
75. 51
79. 92
80. 04
81. 75
83. 50
82. 07 !
Capital
goods
1
Consumers'
goods
1941-13 = 10
105. 77
86. 33
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
119. 39
113. 91
118. 57
107. 13
122. 30
106. 58
115. 48
96. 97
107. 44
86. 57
108. 06
87. 63
104. 31
86. 85
109. 22
92. 24
104. 19
87. 73
100. 69
87. 34
100. 10
90. 07
93. 64
80. 34
86. 99
70. 14
76. 03
63. 51
77. 49
62. 79
70. 56
75. 64
77. 71
79. 59
83. 94
82. 56
81. 32
58. Cl
('.(;. 57
r'4. .';-'
r::. c:
f
k *. 2;j
f)7. 7o
Public
utilities
Railroads
66.42
62. 64
54. 48
59. 33
56. 90
53. 47
53. 22
48. 30
45. 73
48. 60
48. 13
47. 90
44. 03
39. 35
37. 46
35. 37
34. 00
30. 93
33. 80
48. 84
45. 95
32. 13
41. 94
44. 11
38. 01
38. 24
39. 74
41. 48
44. 37
41. 8-
30. 94
33. 72
35. 22
34. 4.8
34 24
35. 28 1
35. 25 I
40 ° i
Dividend
yield 2
(percent)
3.07
3. 24
a ss
3. 14
2.84
3. 06
3. 05
;• 36
.'. TO
o V . 31
: ;i.;
•;
c .•
i/
-' 0 -
,' • "" •', ' '
;; * ~ -
0',.
,. ,
1 >'.!
11. 95
11. 16
1
;"- ", , •
»
17.66
16.48
15. 69
18. 50
18. 20
14. 22
;> £ 1
37. 0-*
;•- ;,-
Price/
earnings
ratio a
,
rT
". _' f •
~ o-
!]~ ( ' . : !
; ;._ f , ^
•!0. '<, *7.
-
30. -"7
5. 0')
of»
r. '^
v
9. 71
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In fiscal year 1974 there was a deficit of $3.5 billion, compared to a deficit of $14.3 billion in fiscal 1973. In the
first 3 months of fiscal 1975, the deficit was $1.6 billion/ a year earlier it was $1.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS
300
300
260
260
^
220
220
OUTLAYS
180
180
RECEIPTS
140
140
(ENLARGED SCALE)
*20 I
(ENLARGED SCALE)
1+20
SURPLUS (+) OR DEFICIT (-)
-20
-20
_L
_L
-40
1964
1965
1966
JL
1967
-40
1968
1971
1969
1970
FISCAL YEARS
1972
SGURO-S, TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
1973
1974
1975
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ( end of period)
Period
Receipts
Fiscal year:
1963
1964
Outlays
Surplus or
deficit (-)
106.6
112. 7
111. 3
118. 6
-4.8
-5. 9
1965_
1966
1967
1968
1969
116. 8
130.9
149. 6
153.7
187.8
118. 4
134. 7
158. 3
178. 8
184.5
1970
1971
1972
1973
1974 2v
1975
193.7
188.4
208. 6
232.2
264. 8
294. 0
64.4
72.9
_
Cumulative totals for first 3 months:
Fiscal vear 1974
Fiscal vear 1975
__
Excludes non-interest-bearing public debt securities held by IMF.
Estimates as revised June 12,1974.
Held by
the public
Total l
310. 8
316. 8
254. 5
257.6
— 1. 6
-3. 8
-8. 7
-25. 2
3. 2
323.
329.
341.
369.
367.
2
5
3
8
1
261.6
264.7
267.5
290. 6
279. 5
196. 6
211. 4
231. 9
246.5
268. 3
305. 4
-2. 8
-23. 0
-23. 2
-14.3
-3. 5
-11.4
382. 6
409. 5
437. 3
468.4
486. 3
509. 1
284 9
304. 3
323. 8
343.0
346. 1
359.8
65.5
74.5
-1.1
-1.6
472. 1
493. 1
342.3
350.5
Sources: Department of the Treasury and Office of Management and Budget.
35
BUDGET RECEIPTS BY SOURCE AND
BY FUNCTION
In fiscal 1974 budget receipis were $32.6 billion higher than in fiscal 1973 and budge* outlays were $21.8 billion
highec. In the first 3 Bionths of fiscal 1975, there was an increase of $83 billion in receipts and $9.0 billion in outlays
over a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
CORPORATION INCOME TAXES
I
I
I
OUTLAYS
200
200
NONDEFENSE
160
120
120
80
NATIONAL DEFENSE
I
I
40
*
If 64
1965
J
1
1966
1967
I
!
40
1969
1970
FISCAL YEARS
1968
1971
1972
1973
1974
SOURCES! TREASURY D£?ASTM£NT AND OFFICE OF MANAGEMENT AND BUDGET
1975
COUNCIL OF ECONOMIC ADVJSE8&
[Billions of doUars]
(Outlays
Recei]pts
Nationa 1 defense
Period
Fiscal year:
1963
1964
1966
1967
1968
1969
1970
19711972
1973
1974*
_.
1975 J
Cumulative totals for
first 3 months:
Fiscal year 1974
Fiscal year 1975___
Total
106.6
112.7
116. 8
130. 9
149. 6
153. 7
187.8
193.7
188.4
208. 6
232.2
264. 8
294.0
64.4
72.9
* Estimates as revised June 12,1974,
36
Individual
income
taxes
Corporation
income
taxes
47.6
21.6
23.5
25. 5
30. 1
34.0
2a 7
36.7
32.8
26. 8
32.2
36.2
4a7
48. 8
55.4
61.5
ea7
87.2
90.4
86. 2
94. 7
103.2
na 8
sa 7
29.8
35.2
7.3
131.0
44.5
ao
Other
Total
37.4
40.5
42.6
45. 3
54. 1
56. 3
63.9
111.3
iiae
118. 4
134 7
158. 3
i7as
75.4
81.7
92,8
107. 4
118. 5
1845
196.6
211.4
231.9
246.5
26a 3
305.4
27.3
29,7
65.5
745
7a5
Total
52.3
53. 6
49. 6
56. 8
70. 1
80.5
81. 2
80. 3
77.7
78.3
76.0
Department of
Defense,
military
87.9
48. 1
49. 6
46.0
54 2
67.5
77.4
77.9
77. 2
745
75. 2
73. 3
77. 6
845
17.8
19.6
17.7
20.1
7a 8
Interna- Health
tional
and
Inaffairs
income terest Other
and
security
42
44
25.4
26.9
27.4
31. 4
37. 8
43.7
49.4
56.6
70. 6
82.0
91. 3
105. 6
128.4
9.2
9. 8
10.4
11. 3
12. 6
13.7
15. 8
18. 3
19. 6
20.6
22. 8
2a 1
30. 0
.8
1.0
240
30.0
7.7
41
41
43
45
45
46
3.8
ae
3. 1
3,7
ai
as
20.3
24 2
26. 7
30. 7
33. 2
36.2
344
37.8
40.5
47.2
53.2
51. 7
547
16.2
ia i
Sources: Department of the Treasury and Office of Management and Bi
GDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates For the third quarter, Federal receipts rose $14.9 billion (seasonally adjusted
annual rate) and expenditures $13.1 billion/ yielding a deficit of $1.1 billion. The deficit in the second quarter was
revised to $3.0 billion.
(X DOOMS
BILLIONS OF DOUARS
160
140
SURPLUS
1 1 ** ~
•I • „
~ i 1
% i
-20
DEFICIT
!
f
-40
!
f
!
1968
f
1969
!
t
1970
!
!
i
i
w
i
ty
f
iiga
1
i |
1
1
!
!
1972
1971
CALENDAR Y EARS
f
!
1973
f
!
!
1974
1
-40
COUNOl Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
1
Fe<ieral Go yernmen b expend]itures
Federal (jovernm ent receip ts
Period
Grants-p
,
Indirect ContriPurin-aid
irersonai Corporate business butions
chases Trans- to State Net
tax
and
Total nontax profits tax and
for
Total of goods fer pay- and interest
tax
nontax social inand
ments local
paid
receipts accruals
accruals surance
services
governments
Fiscal vear:
19711 — 192. 5
1972
213. 2
1973
240.4
1974 *___. 273. 3
Calendar
year:
1970
192. 0
1971
198.5
1972
227.2
1973 _ _ _ _ 258. 5
Surplus
or
Subsidies Less: aeneit
less
Wage
V
))
current accruals income
surplus of less
and
Govern- dis- product
ment en- burse- accounts
terprises ments
J
r*
*i
87. 5
100. 7
106.8
123. 0
32.3
34.1
41.2
46.4
20. 1
20. 0
20. 7
21. 4
52.6
58. 5
71.7
82.7
212.4
232. 9
255.4
277. 6
95. 8
103.2
105. 3
109.8
69.7
78.6
89.4
103. 8
26.8
32.6
40. 2
41. 7
14.3
13.4
14. 5
17.8
5.7
5.3
6.7
-0. 1
4. 2
o
-19. 8
-19. 7
-15. 0
-4.3
92. 2
89. 9
108. 2
114. 1
31. 0
33.4
36.6
43.7
19. 3
20.4
20.0
21. 2
49. 5
54.6
62.5
79. 5
203.9
220. 3
244.7
264.2
96.2
97. 6
104. 9
106.6
63. 2
74. 9
82.8
95. 5
24 4
29.0
37.4
40. 5
14.6
13.6
13.5
16. 3
5.5
5.2
6.6
5.3
i0
-11,9
:0
:5
sO
-17.5
-5.6
42.8
44. 7
43.8
43. 5
20. 9
21.4
21. 0
21. 3
77.4 260.2
7a e 262.4
80. 2 263.4
81.8 270.6
106.4
106. 2
105. 3
108. 4
92. 0
94. 7
96.5
98.8
41. 2
40. 1
39.8
41. 0
14.8
15.9
16.8
17.6
6.1
5.4
5.0
4.8
s -si
-11; 2
III.. 261.8
IV— 268. 3
107. 9
110. 3
116.7
121.6
sO
sO
-1.-7
-2.3
1974: I.... 278. I
II
288.6
III». 303.5
124. 1
129. 4
134.8
45.9
49.2
56.2
21.5
21.9
22.5
86.7 281. 0
88. 1 291.6
90.0 304.7
111. 5
114. 3
117.2
106.5
113.6
120. 8
42.9
43.2
43.4
17.9
18.7
19. 1
2.2
L3
2.7
.0
—.6
-L5
—2.8
— 3.0
-1.1
1973: I
249. 1
II— 255. 0
:0
3
-7; 4
mree: Department of Commerce.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PA.D
- - OOVERNMEN^PR.NTINO OFFICE
U S
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving.
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
Page
1
2
3
4
5
6
7
8
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail In these tables may not add to totals because of rounding.
Unless otherwise stated, all dollar figures are current dollars.
P Indicates preliminary and
not available.
For sale by tlie Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 85 cents (single copy). Subscription price: $10.10 per year; $2.55 additional
for foreign mailing.
38
U . S . G O V E R N M E N T P R I N T I N G O F F I C E : 1974
@FedFRASER