Full text of Economic Indicators : October 1965
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89th Congress, 1st Session Economic Indicators October 1965 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1965 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) WRIGHT PATMAN, Texas, Chairman PAUL H. DOUGLAS, Illinois, Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLING (Missouri) HALE BOGGS (Louisiana) HENRY S. REUSS (Wisconsin) MARTHA W. GRIFFITHS (Michigan) THOMAS B. CURTIS (Missouri) WILLIAM B. WIDNALL (New Jersey) ROBERT F. ELLSWORTH (Kansas) SENATE JOHN SPARKMAN (Alabama) J. W. FULBRIGHT (Arkansas) WILLIAM PROXMIRE (Wisconsin) HERMAN E. TALMADGE (Georgia) JACOB K. JAVITS (New York) JACK MILLER (Iowa) LEN B. JORDAN (Idaho) JAMES W. KNOWLES, Executive Director JOHN R. STARK, Deputy Director MARIAN T. TRACY, Financial Clerk HAMILTON D. GEWEHR, Administrative Clerk COUNCIL OF ECONOMIC ADVISERS GARDNER ACKLEY, Chairman OTTO ECKSTEIN ARTHUR M. OKUN Economic Indicators prepared under supervision of FRANCES M. JAMES [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient/quantity be ^pf in ted to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required number of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at 2 5 cents a single copy or by subscription at $2.50 per year (foreign, $3.50) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C 20402 Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription price is $5.40 per year. The 1964 Supplement to Economic Indicators, which describes each series and gives annual data for years not shown in the monthly issues, is available at 65 cents a copy. TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING According to preliminary estimates, gross national product rose $11 billion to a seasonally adjusted annual rate of $677 billion in the third quarter. Consumer spending accounted for over 70 percent of the rise. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Government Persons Expenditures Net receipts PerInterest Personal sonal TransPurTax and fers, paid and consump- saving Transtion (+> or nontax inter- chases transfer expendi- disfers, Total Net Total i interest, paygoods est, saving receipts receipts and of and expendi- and subtures or ments tures to foraccruals sub- 2 sidies 2 eigners sidies Disposable personal income Period Total excluding interest and transfers 1955 1956 1957 1958 1959 1961 1962 1963. III__ IV... 1965: !__., 111 1* 270.2 287.3 302.2 312.4 330.3 342.3 356.3 376.7 394.3 425.2 412.4 423.3 429.6 435.4 440.7 447. 3 459. 4 275.3 293.2 308.5 318.8 337.3 350.0 364.4 385. 3 403.8 435. 8 422.6 433. 6 440. 3 446.4 451. 9 458.9 471. 3 5. 1 5.9 6.3 6.5 7.0 7.8 8.1 8.6 9.6 10.5 10.2 10.3 10.7 .11.0 11.2 11.6 11.9 254.4 266.7 281.4 290. 1 311.2 325.2 335.2 355.1 373.8 398.9 389. 1 396. 0 404.6 405.9 416.9 424. 4 432. 2 15.8 20.6 20.8 22.3 19.1 17.0 21.2 21.6 20.4 26.3 23.3 27.3 25.0 29.5 23.8 23.0 27.2 100.4 109.0 115.6 114.7 128.9 139.8 144. 6 157.0 168.3 172.7 171.3 169.7 173.5 176.5 183.7 185.8 23.4 25.5 28.7 33.0 34.0 36.5 41.3 42.8 44.5 46.8 46. 7 46.4 46.8 47.2 48.8 48.3 51.7 Transfers Net exports of goods to forGross and services Gross private Excess eigners of retained domestic invest- by perearnment sons and investNet ExImings 3 Government 4 exports ports ports ment 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1964: !_ 1965: I ____ !!___ III*. 46.3 47.3 49.8 49.4 56.8 56.8 58.7 66.3 69. 1 75.4 74.2 75. 1 76.5 75.8 82.5 82.7 67. 70. 67. 60. 75. 74. 71. 83. 86. 92. 89. 90. 92. 97. 102. 101. 101. -21.1 -22.8 -18.1 -11.5 -18.5 -18.0 -13.0 -16.8 -17.8 -17.5 -15.5 -15.8 -16. 1 -21.9 -19.9 -18.4 2.5 2.4 2.3 2.3 2.4 2.3 2.6 2.7 2.8 2.7 2. 7 2.9 2.7 2.7 2.6 2.9 2.8 1 Personal income (p. 5) less personal taxes and nontax payments (fines, penalties, etc.). 2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by Government, and subsidies less current surplus of Government enterprises. s Undistributed corporate profits, corporate inventory valuation adjustment, capital consumption allowances, and excess of wage accruals over disbursements. Does not include retained earnings of unincorporated business which are included in disposable personal income. 74.2 78.6 86.1 94.2 97.0 99.6 107.6 117.1 122. 6 128.4 126. 3 129. 7 128.7 128.6 130.9 132.9 135. 1 97.6 104.1 114.9 127.2 131.0 136.1 149.0 159.9 167.1 175.1 173. 0 176.1 175.5 175.7 179.8 181.1 186.9 23.4 25.5 28.7 33.0 34.0 36.5 41.3 42.8 44.5 46.8 46. 7 46.4 46.8 47.2 48.8 48. 3 -51. 7 2.7 4.9 .7 -12.5 — 2.1 3.7 -4.3 — 2.9 1.2 — 2.4 -1.6 -6.4 — 2.1 .8 3.9 4.7 International Business Period 76.9 83.5 86.8 81.6 95.0 103.3 103.3 114.2 123.8 125.9 124.6 123.3 126.7 129.3 134.9 137. 5 Surplus (+)or deficit (-) on income and product account 2.0 4.0 5.7 2.2 .1 4.1 5.6 5.1 5.9 8.6 8.8 7.7 8.8 8.9 6.2 7.5 7.8 19.8 23.6 26.5 23.1 23.5 27.2 28.6 30.3 32.4 37.0 36.3 36. 0 37.3 38.4 34.8 39.8 40.3 17.8 19.6 20.8 20.9 23.3 23.2 22.9 25.1 26.4 28.5 27. 5 28.2 28.5 29.5 28.6 32.3 32.5 Total Excess of income Statistical transfers or discrep(+) or receipts ancy of net exports 0.5 -1. 6 -3.4 .1 2.3 -1.7 -3.1 -2.5 -3.2 -5.8 -6. 1 -4.8 -6. 1 -6.2 -3.6 -4.7 395.9 420.4 441.1 445.8 484.5 504.8 520.8 559.8 589.9 629.2 614. 0 624.5 635.5 643.3 660.6 670.5 2.1 -1.1 6 () 1.6 -.8 -1.0 -.7 .5 -.7 -2.2 -4.2 -4.6 Gross national product or expenditure 398.0 419.2 441.1 447.3 483.6 503.8 520.1 560.3 589.2 628.7 614. 0 624.2 634.8 641.1 656.4 665.9 676.9 4 Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing. 6 Net foreign investment with sign changed. 6 Less than $50 million. * Preliminary estimates. NOTE.—Revised series beginning 1929. For details, see Survey of Current Business, August 1965. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. GROSS NATIONAL PRODUCT OR EXPENDITURE According to preliminary estimates, gross national product on a seasonally adjusted basis increased 1.7 percent in the third quarter/ after adjustment for price changes, it increased 1.3 percent. BILLIONS OF DOL1ARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 700 700 600 600 GROSS NATIONAL PRODUCT 500 500 PERSONAL CONSUMPTION EXPENDITURES 400 400 300 300 GOVERNMENT PURCHASES OF GOODS AND SERVICES \ 100 100 .....imimmiuiiii" '-*»•—J GROSS PRIVATE DOMESTIC INVESTMENT NET EXPORTS OF GOODS AND SERVICES N. 1959 I 1960 1961 1962 1963 1964 1965 J/PRELIMINARY ESTIMATES SOURCE DEPARTMENT OF COMMERCE Period 1953 1954 1955 1956 1957_____ 1958 1959_ 1960 1961 1962 1963 1964 1964: I II III IV 1965: I II 3 III Goveirnment jpurchases of good s and Total Personal Gross Net services Implicit gross conTotal private exports price national gross sump- domestic of goods Federal State deflator product national tion investand Total and in 1958 product expend- ment services Total National Other local for total GNP, defense1 prices itures 1958- 1002 T Billions of dollars; quarterly data at Jseasonall y adjust*?d annual rates 412.8 364. 6 52. 6 8.4 24. 6 57. 0 230. 0 0. 4 48. 7 81. 6 88.3 407.0 41.2 47.4 6.2 51.7 27.4 364.8 236. 5 1. 8 74.8 89. 6 74.2 44. 1 438.0 67.4 398.0 254. 4 2.0 38.6 30.1 5. 5 90.9 419. 2 5.3 266. 7 70. 0 4. 0 40. 3 33.0 78. 6 45. 6 446.1 94.0 452.5 441. 1 67. 8 49. 5 44. 2 5.3 281. 4 86. 1 36. 6 5. 7 97.5 94. 2 53. 6 60. 9 2. 2 7. 7 40. 6 45. 9 447. 3 447. 3 290. 1 100.0 475.9 . 1 97. 0 483. 6 311. 2 53. 7 46. 0 43. 3 75. 3 7. 6 101. 6 487. 8 503. 8 4. 1 44. 9 74. 8 99. 6 8.6 53.5 46. 1 325. 2 103.3 497. 3 57.4 71.7 50.2 520. 1 335.2 9.6 5. 6 107.6 47.8 104. 6 530.0 560.3 83.0 63. 4 53.7 355. 1 5. 1 117.1 51. 6 11. 8 105.7 550.0 589. 2 64. 4 373. 8 86. 9 50. 8 13. 6 5. 9 122. 6 58. 3 107. 1 577.6 92. 9 628. 7 65. 3 49. 9 15. 4 63. 1 8. 6 128. 4 398. 9 108.9 567. 1 614. 0 8. 8 126. 3 89. 7 49. 8 15.2 65. 0 389. 1 61.3 108.3 624.2 575. 9 90. 9 396. 0 7.7 129. 7 67. 0 51.7 15. 3 62.7 108.4 582. 6 404. 6 92. 6 64. 9 634.8 49. 5 15. 4 8. 8 128.7 63.8 109. 0 584. 7 641. 1 64.3 8.9 128. 6 64. 3 405. 9 97.7 48. 8 15. 5 109. 6 597.5 102. 4 656. 4 416. 9 6. 2 130. 9 64.9 48. 9 16. 0 66. 0 109. 8 601.4 424. 4 665. 9 49. 4 16. 5 7.5 132. 9 65. 9 101. 1 67.0 110. 7 432. 2 609. 1 101. 8 676. 9 7.8 135. 1 50. 8 16. 5 67.3 67.8 111. 1 l TMs category corresponds closely with budget expenditures for national defense, shown on p. 35. 2 Gross national product in current prices divided by gross national product in 1958 prices. s Preliminary estimates. COUNCIL OF ECONOMIC ADVISERS NOTE.—Revised series beginning 1929. For details, see Survey of Current Business, August 1966. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. NATIONAL INCOME Employee compensation showed a stronger increase ($6.5 billion, seasonally adjusted annual rate) in the third quarter than in the preceding period. Net interest and business and professional income each increased by $0.3 billion while rental income showed no change and farm income dropped $0.3 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 600 600 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME v 500 500 400 400 COMPENSATION OF EMPLOYEES -V- - •* •*"""* 300 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT . PROPRIETORS' AND , RENTAL INCOME 100 300 100 .\ MT INTEREST „/' 1959 1960 1962 1961 1963 1965 1964 JJ PRELIMINARY ESTIMATES * See Note, page 7. SOURCE, DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Total national income Period Compen- Proprieto rs' income of employees l Farm 2 Business and professional Rental income of per- 1953 1954. _ 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 304. 7 303. 1 331. 0 350. 8 366. 1 367. 8 400. 0 414. 5 427. 3 457. 7 481. 1 514. 4 209. 1 208. 0 224. 5 243. 1 256. 0 257. 8 279. 1 294. 2 302. 6 323. 6 341. 0 365. 3 13. 0 12. 4 11. 4 11.4 11. 3 13. 4 11.4 12. 0 12. 8 13. 0 13. 0 12. 0 27.5 27. 6 30.3 31.3 32. 8 33. 2 35. 1 34. 2 35. 6 37. 1 37. 8 39. 1 12. 7 13. 6 13. 9 14. 3 14.8 15. 4 15. 6 15. 8 16. 0 16.7 17. 6 18. 2 1964: I II III IV- 501.6 510. 5 519. 5 526. 3 355. 1 361.9 369.0 375. 4 11. 9 12. 0 12. 0 12. 2 38.5 39. 0 39. 4 39. 6 541. 4 550. 3 383. 1 388.7 395. 2 12. 0 14.5 14. 2 39. 9 40. 1 40. 4 1965: I II III4__ ___ 1 Includes employer contributions for social insurance. (See also p. 4.) 2 Excludes farm profits of corporations engaged in farming and therefore differs from net farm income (including net inventory change) on p. 6 which includes such profits. s See Note, page 7. * Preliminary estimates. Net interest Corpora ,e profits and inventory va. uation ad justment 3 Total Profits Inventory before valuation taxes 3 adjustment 10. 0 11. 6 13. 6 15.2 39. 6 38.0 46. 9 46. 1 45. 6 41. 1 51.7 49. 9 50. 3 55.7 58. 1 64. 5 40.6 38.3 48. 6 48.8 47.2 41. 4 52. 1 49. 7 50. 3 55.4 58.6 64.8 17. 9 18. 1 18. 3 18. 5 14.5 15. 0 15. 4 15.7 63.6 64. 5 65. 5 64. 9 64. 0 64. 5 65. 3 65. 9 18. 5 18. 6 18. 6 16. 1 16. 4 16.7 71. 7 72.0 73. 1 73.7 2.8 3.6 4. 1 4.6 5. 6 6. 8 7. 1 8.4 -1.0 -.3 — 1. 7 -2.7 — 1. 5 -. 3 -.5 .2 -. 1 .3 -. 4 -.3 (4) —.4 .2 -1.0 — 1.4 -1.7 — 1. 2 N OTE.—Revised series beginning 1929. For details, see Survey of Current Business, August 1965. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. SOURCES OF PERSONAL INCOME In September, personal income rose $13.3 billion (seasonally adjusted annual rate), largely as a result of a $10.6 billion retroactive lump-sum payment of social security benefits and about $1 billion increase in military pay scales. Excluding these special factors, the rise was $1.7 billion, about the same increase as in the two previous months. BILLIONS OF DOLLARS 550 BILLIONS OF DOLLARS 550 500 500 TOTAL PERSONAL INCOME 450 450 400 - 400 350 350 300 300 250 250 -* BUSINESS, PROFESSIONAL, AND RENTAL INCOME 1959 1964 1960 Period Total personal income 1956_-_ 1957.1958 1959 1960 1961 1962 1963 1964 1964: July Aug Sept.___ Oct Nov_.__ Dec 1965: Jan Feb Mar Apr May June July____ Aug Sept 5 ___ 333.0 351. 1 361.2 383.5 401.0 416.8 442. 6 464.8 495.0 496.1 499.5 501.7 502.8 506.6 512.0 515.8 515.7 518.4 520.7 525.3 528.8 530.5 532.0 545.3 [Billions of dollars; monthly data at seasonally adjusted annual rates] Wage Rental Other Propriet<Drs' income income Divi- Personal Transfer and labor 2 salary Business interest payof disburse- income Farm and pro- persons dends income ments 1 fessional ments 8.4 31.3 11.4 227. 8 14.3 11.3 15.7 18.5 11.3 32.8 238. 7 9.5 14.8 11.7 17.6 21.4 33.2 13.4 239.9 9.9 15.4 18.9 11.6 25.7 258.2 35. 1 11.4 15.6 12.6 20.7 11.3 26.6 34.2 12.0 12.0 270.8 15.8 13.4 23.4 28.5 35.6 278.1 12.7 12.8 16.0 25.0 13.8 32.4 37.1 296. 1 13.9 13.0 16.7 15.2 27.7 33.3 311.2 37.8 13.0 14.8 31. 1 17.6 15.8 35.2 39.1 12.0 16.5 333.5 18.2 17.2 34.3 36.6 16.6 334.3 11.8 18.3 17.4 34.5 39.4 36.4 16.7 12.0 337. 1 18.3 39.3 34.8 17.3 36.4 338.7 12. 1 16.8 18.4 17.4 35.0 39.4 36.4 339.4 17.0 12.0 18.4 35. 1 39.4 17.5 36.6 12.2 35.2 17. 1 342.6 39.6 18.5 17.7 36.5 346.2 12.4 17.1 39.9 18.5 18. 1 35.5 37.0 4 347.2 17.2 12.4 18.5 35.7 39.8 17.8 40. 1 17.3 12.0 39.9 349.8 18.5 36.0 17.8 37.4 352.2 17.4 11.7 36.2 40. 1 18.5 17.8 37.6 17.4 352.7 12.9 40.0 18.6 36.5 18.0 37.8 355.2 17.5 14.7 40.1 18.6 18. 1 36.7 37.4 17.6 15.9 356.9 18.6 40. 1 37.0 37.2 18.6 17. 7 14,6 359. 2 40. 3 18. 6 18. 5 37. 2 37.6 17.7 14.0 360.7 40.4 18. 6 18. 6 37.5 37.7 14. 0 40. 5 362.9 17. 7 18. 6 18. 8 37.8 *48. 4 1 Compensation of employees (see p. 3) excluding employer contributions for social insurance and the excess of wage accruals over disbursements. 2 Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor items. 3 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. 1965 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE 4 s Less: Personal contributions for social insurance 5.8 6.7 6.9 7.9 9.3 9.6 10.3 11.8 12.4 12.5 12.5 12.6 12.6 12.7 12.8 13.0 13.0 13.1 13.1 13.1 13.2 13.3 13.4 13.4 Nonagricultural personal income 3 318.5 336.6 344.3 368.5 385.2 400.0 425.5 447.4 478.7 479.9 483. 1 485.5 486.5 490.4 495.3 499.1 499.5 502.7 503.4 506.1 508.5 511.4 513.6 527.0 Keflects stepped-up payments for veterans' insurance. Preliminary. • ""Includes retroactive social security benefits of $885 million or $10.6 billion at annual rate. NOTE.—Revised series beginning 1929. For details, see Survey of Current Business, August 1965. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. DISPOSITION OF PERSONAL INCOME Disposable personal income soared by $12% billion (seasonally adjusted annual rate) in the third quarter/ the biggest quarter to quarter change since early 1950. Despite the $8 billion increase in personal outlays, the saving rate went from 5.0 percent to 5.8 percent in the third quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 500 500 450 450 DISPOSABLE PERSONAL INCOME \ 400 400 350 350 — 300 300 DOLLARS DOLLARS PER CAPITA DISPOSABLE PERSONAL INCOME 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 1959 1960 1961 1962 1963 1964 1965 -I/PRELIMINARY ESTIMATES SOURCE, DEPARTMENT OF COMMERCE Personal income Less: Personal taxes 1954 1955 1956 1957 1958 1959. 1960 1961 1962 1963 1964 290. 1 310.9 333.0 351.1 361.2 383.5 401.0 416.8 442.6 464.8 495.0 32.7 35.5 39.8 42.6 42.3 46.2 50.9 52.4 57.4 60.9 59.2 1964: ! „ _ _ II__ III__ IV__ 1965: ! _ _ _ II__ 483. 0 490. 6 499.1 507.1 516.6 524.9 535.9 60. 4 56.9 58.8 60.7 64.8 66.0 64. 6 Period IIP. 1 Per cap ita disSaving L ess: Perso nal outla^PS posable personal as perEquals : Persoilal consurnption Equals: incc>me cent of PopulaDisex penditures 2 Personal distion posable Total saving Current posable (thoupersonal personal Durable Non1958 income outlays 1 goods durable Services prices prices personal sands) income (percent) Billions of dollars Dollars 241.0 257.4 32.8 118.3 6.4 162, 388 85.4 16.4 1,714 1,585 39.6 123.3 275.3 259.5 91.4 5.7 165, 276 15.8 1,666 1,795 293.2 272.6 38.9 129.3 7.0 98.5 20.6 168, 225 1,743 1,838 135.6 287.8 40.8 308.5 105.0 6.7 20.8 171, 278 1,801 1,844 140.2 296.5 37,9 318.8 7.0 112.0 22.3 174, 154 1,831 1,831 318.2 44.3 337.3 146.6 120.3 5.7 177, 080 19.1 1,905 1,880 45.3 350.0 333.0 151.3 128.7 17.0 4.9 180, 684 1,937 1,883 343.2 44.2 364.4 155.9 135.1 21.2 5.8 183, 756 1,983 1,909 49.5 385.3 363.7 162.6 143.0 21.6 2,064 5.6 186, 656 1,970 53.4 383.4 168.0 403.8 152.3 20.4 2, 132 5. 1 189, 417 2,009 409.5 58.7 435.8 177.5 162.6 26.3 2,268 6.0 192, 119 2, 116 Seaso nally adjiisted annilal rates 422. 6 399. 3 57.4 173.7 158. 0 23.3 2,211 2,070 5. 5 191, 160 59. 1 433. 6 406.3 175.7 161.2 27.3 2,261 2, 111 6.3 191, 780 440.3 415.3 60.5 179.8 164.3 25.0 2,288 2, 134 5.7 192, 478 446.4 416.9 57.9 180.9 167.1 29.5 2,311 2,146 6.6 193, 182 428.1 451.9 63.9 183.0 170.0 23.8 2,332 2, 159 5.3 193, 762 458.9 436.0 63.7 187.6 173. 1 23.0 2,362 2,173 5.0 194, 298 444. 1 65. 4 471. 3 191. 0 175. 9 27. 2 2,418 2,218 5.8 194, 910 Includes personal consumption expenditures, interest paid by consumers and personal transfer payments to foreigners. 3 8 See p. 2 for total personal consumption expenditures. Preliminary estimates. COUNCIL OF ECONOMIC ADVISERS NOTE.—Revised series beginning 1929. For details, see Survey of Current Business, August 1966. Data for Alaska and Hawaii included beginning 1960. Sources: Department of Commerce and Council of Economic Advisers. FARM INCOME Following a sharp rise in the second quarter, net farm income fell somewhat in the third quarter on a seasonally adjusted basis. However, the over-the-year gain was at an annual rate of about $1 billion excluding inventory change and more than $2 billion including inventory change. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASO NALIY ADJUSTED ANNUAL RATES 50 50 REALIZED GROSS FARM INCOME - —1 40 \ 40 "" 1 30 30 NET FARM INCO ME INCLUDING NET INV ENTORY • CHANGE 20 20 \ —"-*. ^X"—• 10 10 I 1 1 1959 1 1960 1 1 ! 1 1 I 1962 1961 Personal income re ceived by total f arm popu lation From all sources 17. 8 17.7 19. 5 18. 1 18.7 19. 0 19. 2 18.7 17.9 1964: I II III IV 1965: I II III 5 From From farm nonfarm sources sources 1 1 1 ! 1 1965 1964 11. 2 11. 0 12. 8 11. 0 11.4 12. 1 12. 2 12. 0 11. 1 6.6 6.6 6.7 7.1 7. 2 6.9 7. 0 6. 7 6. 8 Net t(> farm open itors Net iiic<Dme per farm incl tiding net inventory change 3 ProducCash tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current 1964 Total i from ventory ventory prices prices 4 2 marketchange change ings Dol Lars Billions ()f dollars 11.4 2,786 34.3 11.9 2, 535 30.4 22.4 34. 0 2,755 29. 7 23.3 2,590 10. 7 11.3 3, 189 3,357 37.9 25.2 12. 7 13. 5 33.5 2,911 11.4 37. 5 26. 1 11.5 2,795 33.5 3,043 3,137 37.9 26.2 12.0 11.7 34.0 3,494 12. 9 3,389 39. 6 12.6 34.9 27. 0 3,562 41. 0 3,635 36.2 12. 5 13.1 28. 5 3,671 42. 1 3,708 12. 5 37.3 29. 6 13. 1 3,486 42. 2 12. 1 3,486 12. 9 36.9 29. 3 Seas onallv ad justed amlual rates 42. 1 12. 0 3,460 3,460 29. 5 12. 6 36. 9 12. 1 3,480 42. 3 3,480 29. 3 13. 0 37. 0 12. 1 3,480 3,480 42. 3 29.2 37. 0 13. 1 12. 3 3, 540 3,540 42. 1 36. 7 29. 0 13. 1 12. 1 3, 580 3, 540 12.6 42.2 29. 6 36. 7 14.6 4,320 4,240 45. 0 39. 5 30. 0 15. 0 4,236 14.3 4,153 44. 5 39.0 30. 3 14. 2 1 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms. - Inventory of crops and livestock valued at the average price for the year. Also, see footnote 2, p. 3. 3 Based on 1959 Census of Agriculture definition of a farm. The number of farms is held constant within a year. ! ] ncome re ceived fro m farming Realize d gross 1956 1957 1958 1959 1960 1961 1962 1963 1964 ! COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE Period t 1963 4 Income in current prices divided by the index of prices paid by farmers for family living items on a 1964 base. 5 Preliminary. NOTE.—Revised data; see Farm Income Situation, July 1965. Source: Department of Agriculture. CORPORATE PROFITS Current data for the second quarter indicate a further rise in corporate profits. Profits are estimated at seasonally adjusted annual rates of $73.7 billion before taxes and $44.4 billion after taxes brin$ing the over-the-year increases to 14 percent and 20 percent respectively. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 Y////////////// UNDISTRIBUTED PROFITS I 1959 J/EXCLUDING INVENTORY VALUATION ADJUSTMENT. ' 1962 ' ' 1963 1965 •SEE NOTE ON TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1964: I !!___ III__ IV._ 1965: I !!___ III 3 _ Corp> or ate pr ofits (befo re taxes) and inven tory ivaluation adjustmei it TransM anufactur ing portation, All comAll Nonother Durable durable muniindusgoods tries Total goods cations, indusindusand tries mu.us tries public utilities 26. 0 46.9 14. 3 15. 2 11. 8 5. 6 46. 1 24.7 12. 8 11. 9 15. 6 5.9 24. 0 45. 6 10. 7 13. 3 5.8 15.8 41. 1 19. 3 10. 0 9.3 5.9 15.9 26. 3 51. 7 13. 6 12.7 7.0 18.4 24. 4 49. 9 12.4 12.0 7. 5 17.9 50.3 23. 3 11. 4 11.9 19. 1 7.9 26.6 14. 1 55. 7 12.5 8. 5 20. 5 28.7 58. 1 13. 2 15. 4 20. 2 9. 2 32. 1 64. 5 17. 2 22. 3 14. 9 10. 0 31.9 14.4 63. 6 17. 5 22. 0 9.9 32. 1 64. 5 17. 1 10. 1 22. 3 15.0 32. 5 17. 5 65. 5 15. 0 10. 2 22. 8 64. 9 32.3 17. 1 10. 1 22. 5 15. 3 71.7 37.3 20. 8 16. 6 10. 5 23. 8 72. 0 36.7 20. 1 16. 6 10.5 24.9 1 Includes depreciation, capital outlays charged to current accounts and accidental damages. 2 Corporate profits after taxes plus corporate capital consumption allowances. 3 Preliminary estimates. NOTE.—Revised series beginning 1929. For details, see Survey of Current Business, August 1965. Cori)orate pr ofits a fter taxe s Corpo- Corporate rate tax profits before liabiltaxes ity 48. 6 48. 8 47. 2 41. 4 52. 1 49. 7 50. 3 55. 4 58. 6 64.8 64. 0 64. 5 65. 3 65.9 73. 1 73. 7 21. 6 21. 7 21. 2 19. 0 23.7 23. 0 23. 1 24. 2 26. 0 27.6 27.3 27. 5 27. 8 28. 1 29. 1 29. 4 Total 27. 0 27. 2 26.0 22. 3 28. 5 26. 7 27. 2 31. 2 32. 6 37.2 36. 7 37. 0 37. 5 37.8 44. 0 44. 4 Corporate capital conDiviUndend distrib- sumption payuted ments profits allowances l 10. 5 11.3 11.7 11. 6 12. 6 13.4 13. 8 15. 2 15. 8 17. 2 16.7 17. 1 17.4 17. 7 17. 8 18.2 18.6 16. 5 15. 9 14. 2 10. 8 15. 9 13. 2 13. 5 16. 0 16. 8 19.9 20. 0 19. 9 20. 1 20.0 26. 2 26. 1 17.4 18. 9 20.8 22. 0 23. 5 24. 9 26. 2 30. 1 32. 0 34.0 33.2 33. 6 34. 3 34.8 35. 4 35. 8 36. 3 Profits plus capital consumption allowances 2 44. 4 46. 1 46. 8 44 3 52. 0 51. 6 53.5 61. 3 64.5 71. 2 69. 9 70. 6 71. 8 72.6 79. 4 80.2 Data beginning 1962 adjusted for effects of new depreciation guidelines ($2J^ billion for 1962) and therefore not comparable with previous data. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. GROSS PRIVATE DOMESTIC INVESTMENT The increase in gross private domestic investment of $% billion (seasonally adjusted annual rate) in the third quarter was made up of an increase in fixed investment of $11/3 billion partially offset by a decrease in inventory investment of over $1/2 billion. Inventory investment is still markedly above the 1964 average. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEA SONALLY ADJUSTED ANN UAL RATES 100 100 ^S 80 ^V J ^^0 ^^ >^ 80 GRC)SS PRIVATE ^^ — ~ 1 ^ \ "^^ _ DOMES! 1C INVESTMENT — N^ 60 60 - - ^ 40 PRODUCERS' D URABLE 40 EQUIPMEN1 r RESIDENTIAL STRL CTURES N. \ — '""""""••'••«...,...,,i X^ *"^-~ l «HIMNlHlMMl. f M M ..MM " " " " " " " .. I " " " " " " " „ , ..... ' " " " " " „ „ . . . . »• " " " " 20 20 —— — ^\ %* —~- — NONRESI DENTIAL STRUCTURE s '\t '* X.. ..+•' 1 1 1 1 1959 ! ! 1960 ! "'" CHANGE IN i BUSINESS INVENTOFUES I I ! I ! ! ! I 1963 1962 1961 i r i 1 1964 1^1 1965 I/PRELIMINARY ESTIMATES COUNCIL Of ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Fixed nrvestment Total gross private domestic investment Period 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1964: I II III IV 1965: I II III*. _ __ _ _ 52. 6 51. 7 67.4 70.0 67.8 60. 9 75. 3 74. 8 71. 7 83.0 86.9 92. 9 89. 7 90. 9 92. 6 97.7 102.4 101. 1 101.8 Structures Total Total 52. 1 53. 3 61. 4 65. 3 66. 5 62. 4 70. 5 71. 3 69. 7 77.0 81. 2 88. 1 86. 5 86. 8 88. 8 90. 2 93. 7 94. 4 95.7 1 Preliminary estimates. NOTE.—Revised series beginning 1929. For details, see /Swrpey of Current Business, August 1965. Data for Alaska and Hawaii included beginning 1960. 8 Resid ential struc tures Ncmresident ial 34. 2 33. 6 38. 1 43.7 46. 4 41. 6 45. 1 48. 4 47. 0 51.7 54. 3 60. 5 58. 1 58. 9 61. 6 63. 5 66.0 66.4 68.1 Producers' durable equipment 12.7 13. 1 14.3 17. 2 18. 0 16. 6 16. 7 18. 1 18.4 19. 2 19.7 21. 1 20. 7 21. 1 21. 1 21. 5 21.8 22.7 23.2 21. 5 20. 6 23. 8 26. 5 28. 4 25. 0 28. 4 30. 3 28.6 32.5 34. 6 39. 4 37. 5 37. 9 40. 5 42.0 44. 2 43.7 44.9 Total 18. 0 19. 7 23. 3 21.6 20. 2 20. 8 25. 5 22. 8 22. 6 25. 3 26. 9 27. 5 28. 4 27.9 27. 2 26. 7 27. 7 28. 0 27.6 Source: Department of Commerce. Nonfarm 17.2 19. 0 22. 7 20. 9 19. 5 20. 1 24. 8 22. 2 22. 0 24. 8 26.3 27. 0 27. 8 27. 3 26. 6 26. 2 27. 1 27. 5 27. 0 Change in business inv entories Total 0.4 -1.5 6.0 4.7 1.3 -1. 5 4. 8 3. 6 2. 0 6.0 5.7 Nonfarm 1. 1 -2. 1 5.5 5. 1 .8 -2.3 4. 8 3. 3 1.7 5.3 4.9 4. 8 5. 4 3.3 3.6 3.8 7.5 8.7 6.7 4.6 7.8 9.3 4. 1 6. 1 5. 1 7. 1 6.0 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business expenditures for new plant and equipment in 1965 are expected to total $50.9 billion, almost 13% percent above the 1964 total, according to the August survey. This represents the second upward revision in 1965 spending plans since the initial survey earlier this year—capital spending plans for 1965 of $50.2 billion in February were increased to $50.4 billion in May. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 50 50 40 40 TOTAL 30 30 20 20 MANUFACTURING .1 COMMERCIAL AND OTHER 10 PUBLIC UTILITIES 10 IMMMII „ i TRANSPORTATION _JL_ I960 1959 1962 1961 1964 1963 1965 I/SEE NOTE 3 ON TABLE BELOW. SOURCEi SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] M anufacturi ng Period Total » 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 3 1965 1964: III IV 1965: I II III 3 IV3 __ 28. 32 26. 83 28. 70 35. 08 36. 96 30. 53 32. 54 35. 68 34. 37 37. 31 39. 22 44. 90 50. 92 45. 65 47. 75 49.00 50. 35 51. 15 52. 95 Total 11. 91 11. 04 11. 44 14.95 15.96 11. 43 12. 07 14. 48 13. 68 14. 68 15. 69 18. 58 21. 88 18. 85 20. 15 20.75 21. 55 22. 00 23. 00 Durable Nonduragoods ble goods 5. 65 5. 09 5. 44 7. 62 8. 02 5.47 5. 77 7. 18 6. 27 7. 03 7.85 9. 43 10. 96 9. 60 10. 15 10.40 10. 80 10.90 11. 60 1 Excludes agriculture. 2 Commercial and other includes trade, service, finance, communications, and construction. 3 Estimates based on anticipated capital expenditures as reported by business in late July and August 1965. Includes adjustments when necessary for systematic tendencies in anticipatory data. NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million. Trans po rtation 6. 26 5. 95 6. 00 7. 33 7. 94 5. 96 6. 29 7. 30 7. 40 7. 65 7. 84 9. 16 10. 92 9. 20 10. 00 10.40 10. 70 11. 05 11. 40 Mining Railroads 0. 99 .98 . 96 1. 24 1. 24 . 94 . 99 .99 . 98 1.08 1. 04 1. 19 1. 31 1. 20 1. 30 1.25 1. 30 1.30 1. 35 Other 1.31 . 85 . 92 1. 23 1. 40 . 75 . 92 1. 03 1. 56 1. 51 1. 60 1.71 1.77 1. 50 2. 02 1. 94 1. 85 2. 07 1. 92 2.38 2. 79 2. 40 2. 60 2.55 2. 70 2. 90 3. 00 .67 . 85 1. 10 1.41 1. 62 1. 50 1. 55 1.75 1. 55 1. 55 1. 65 Public utilities 4.55 4. 22 4.31 4. 90 6. 20 6. 09 5. 67 5. 68 5. 52 5. 48 5. 65 6. 22 6. 69 6. 30 6. 35 6.80 6. 85 (). r>r> 6. 65 Commercial and other 2 8. 00 8. 23 9.47 11. 05 10. 40 9. 81 10. 88 11. 57 11. 68 13. 15 13. 82 lf>. 13 1 (>. 63 15. 40 1 5. 80 15. 85 10. 40 Hi. <)0 17. 25 Annual total is the sum of unadjusted expenditures; it docs 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 o! the Department of Commerce', principally because t h e laU.or cover agricultural investment and also certain equipment and construction outlays charged to current expense. Sources: Securities and Exchange Commission and Department of Commerce. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Employment fell by 215,000 in September—lately owing to a decline in agricultural employment—but this was more than offset by a 289,000 drop in the civilian labor force on a seasonally adjusted basis. MILLIONS OF PERSONS* MILLIONS OF PERSONS* SEASONALLY ADJUSTED TOTAL LABOR FORCED- CIVILIAN LABOR FORCE 75 75 70 70 65 TOTAL EMPLOYMENT 60 65 ,„.,—— 60 " NONAGRICULTURAL " EMPLOYMENT 55 10 55 10 AGRICULTURAL EMPLOYMENT "UNEMPLOYMENT PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE s E-a S<Dh4A inf *D JL SI EC) UNE/M>L O fAAE NT RA FE Tl nH r^ _ n r - -i„ n -1 -- : 1959> 961 96D r n "1 T- ~ : 19 6:3 19 6 2 96^ 96^t *14 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR Period 1960___ 1961___ 19622__ 1963___ 1964___ 1964: JulyAug. Sept. Oct.. Nov. Dec. 1965: Jan.. Feb. Mar_ Apr. May. JuneJulyAug. Sept. COUNCIL OF ECONOMIC ADVISERS Civilijin e laTotal ploy ment labor force JNon- Unem- (includployagriing Total ment eularmed tural forces) Thousands of i)ersons 14 66, 681 60, 958 3, 931 73, 126 66, 796 61, 333 4, 806 74, 175 67, 846 62, 657 4, 007 74, 681 68, 809 63, 863 4, 166 75, 712 70, 357 65, 596 3,876 76, 971 Unadj listed years of age and o ver 70, 612 66, 681 5,723 60, 958 71, 603 66, 796 5,463 61, 333 71, 854 67, 846 5, 190 62, 657 72, 975 68, 809 4, 946 63, 863 74, 233 70, 357 4,761 65, 596 S easonally adjustec 1 72, 405 72, 104 70, 805 71, 123 70, 793 70, 375 66, 586 66, 704 65, 575 65, 997 66,248 66, 590 3, 813 3,654 3,317 3,252 3,373 3,466 76, 928 77, 006 77, 023 76, 996 77, 140 77, 432 74, 188 74, 255 74, 280 74, 259 74, 409 74, 706 70, 496 70, 458 70, 465 70, 379 70, 755 71, 004 4,864 4,817 4,815 4,721 4,671 4,541 65, 632 65, 641 65, 650 65, 658 66, 084 66, 463 3,692 3,797 3,815 3,880 3,654 3,702 75, 699 68, 996 76, 418 69, 496 76, 612 70, 169 77, 307 71, 070 78, 425 72, 407 80, 683 73, 716 81, 150 74, 854 80, 163 74, 212 78, 044 72, 446 65, 257 65, 694 66, 180 66, 597 67, 278 68, 094 69, 228 69, 077 67, 668 3,996 4,218 3,740 3,552 3,335 4,287 3, 602 3,258 2,875 77, 621 77, 755 77, 647 78, 068 78, 127 78, 356 78, 874 78, 465 78, 206 74, 914 71, 284 71, 304 71, 440 71, 717 71, 937 72, 118 72, 766 72, 397 72, 182 4,513 4,595 4,550 4, 843 4,958 66, 771 66, 709 66, 890 66, 874 66, 979 67, 459 68, 092 67, 821 67, 777 3,630 3, 747 3,504 3,660 3,506 3,558 3,415 3,375 3,301 Total labor force (including armed forces) 73, 126 74, 175 74, 681 75, 712 76, 971 78, 958 78, 509 76, 865 77, 112 76, 897 76, 567 1 3 'NT Civili*in emplo yment Civilian labor force 75, 051 74, 944 75, 377 75, 443 75, 676 76, 181 75, 772 75, 483 Total labor force as percent of nomnstitutional population. Not strictly comparable with preceding data. See Employment and Earnings, Mny 1902, p. XIV. 10 Total Agricultural 4, 659 4,674 4,576 4,405 Nonagricultural Unempi oyment Labor rate (pe rcent of force Unem- civilia Q labor participation for ce) ployment Unad- Season- rate, unadjusted ally ad- justed l justed Percent 3,931 5. 6 58. 3 4,806 6.7 58.0 4, 007 5. 6 57.4 4, 166 5.7 57.3 3,876 5.2 57.4 5. 0 4.8 4. 5 4. 4 4. 5 4.7 5.5 5.7 5.1 4.8 4.4 5. 5 4.6 4. 2 3.8 NOTE.—Beginning 1960, data include Alaska and Hawaii. Source: Department of Labor. 5. 0 5. 1 5. 1 5. 2 58.8 58.4 57. 1 57.2 57.0 56.7 4.8 55.9 56.4 56. 5 56. 9 57.7 59.3 59.6 58.7 57.1 4.9 6.0 5.0 4. 7 4. 9 4.6 4- 7 4.5 4.5 4.4 SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT The seasonally adjusted unemployment rate fell to 4.4 percent in September—the lowest rate since September 1957. 4.0 2.0 1959 1965 SOURCE, DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Uneniploymemb rate (percen t of civilijin labor for ce in grou P) Labor force time lost Experi- Married through unemenced All ployment Over 40 wage and men (wife and part- hours workers salary time workers present) work 1 Period Per cent 1960 1961 1962__ 1963 1964 1964: Aug Sept Oct Nov Dec 1965: Jan Feb Mar_ Apr May June. Julv Aug Sept_ 5. 6 6.7 5. 6 5. 7 6. 8 5. 5 5. 5 3. 7 4. 6 3. 6 3.4 5.0 2.8 Seasonall v adjusted 5. 1 4.9 2.6 5.7 5.2 5. 1 _ 5.2 4.9 5.0 4.8 5.0 4.7 4. 9 8. 0 J 6.7 6. 4 5.8 5.7 5.7 4. 9 5. 0 4. 7 2. 8 2. 9 2. 4 5. 7 5. 2 4.5 4.5 2.6 2.7 5.3 5.3 4.3 2.5 2.5 2.5 2.4 2.3 5.1 5.3 5.1 5.5 5.2 2.2 4.7 4. 6 45 4.6 4.7 4.5 4.2 4.7 4.2 4.4 4.0 45 6.7 42 2. 6 2. 6 5. 4 5. 1 17, 664 18, 210 19, 025 19, 257 19, 294 19, 159 15, 079 20, 284 19,358 21,251 20, 264 20, 018 20, 612 18, 499 21, 354 20, 856 20, 244 20, 424 22, 040 1 Man-hours lost by the unemployed and those on part-time for economic reasons as a percent of total man-hours potentially available to the civilian labor force. Beginning 1963, series reflects whether unemployed persons sought fullor 2part-time jobs. Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather, and industrial disputes. ir Persons at work i n nonagri cultural 2 idustries by hours worked p er week Un der 35 ho urs 35-40 hours Part-ti me for economic; reasons Total Part-ti me for economi c reasons Usually Usually Usually partfullfulltime 3 time 3 time 4 Thousan ds of pers ons 14 ye*irs of age and over 28, 724 11, 528 1, 317 1, 243 29. 047 11, 132 1, 516 1, 297 28. 853 11, 675 1,049 I, 288 29, 422 11, 856 1,219 1, 070 29, 127 13, 850 985 1, 151 I Jnad juste d Seasonally7 30, 053 10, 284 1,503 904 900 18, 907 28, 157 1, 056 965 953 29, 065 13, 857 935 988 961 27,757 16,913 975 926 897 31,066 12, 298 1,021 1,044 968 31, 166 11,681 1,000 1,078 979 952 30, 110 13, 165 982 927 31,371 11,981 877 910 998 29, 187 16, 117 921 862 818 31, 654 11,966 892 950 936 1,292 32,011 11,462 966 944 30, 295 10, 778 1, 466 977 874 30, 684 10, 408 955 1,358 959 5 5 31, 626 11, 159 854 840 851 Usually parttime 4 adjusted 1, 177 1, 155 1, 137 1,052 1,088 1, 128 1,045 1,082 1,007 945 1, 036 1, 139 1,063 934 3 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, 23.7; usually part-time, 17.8. NOTE.—See Note, p. 10. Beginning I960, data include Alaska and Hawaii. Source: Department of Labor. 11 UNEMPLOYMENT INSURANCE PROGRAMS In September, insured unemployment under State programs averaged 166,000 less than in September 1964. The insured unemployment rate decreased to 2.9 percent in September on a seasonally adjusted basis. MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT (STATE PROGRAMS) / 1964 JAN. MAR. FEB. APRIL MAY JUNE JULY AUG. SEPT. -^SEE NOTE 2 ON TABLE BELOW. SOURCE, DEPARTMENT OF LABOR Period 1961 1962 1963 1964 1964: Aug Sept Oct Nov Dee__ __ 1965: Jan Feb Mar Apr May June _ _ _ _ _ July Aug.__ Sept1.Week ended: 1965: Sept 4 11 18 25_1 __ Oct 2 1 9 DEC. NOV. COUNCIL Of ECONOMIC ADVISERS A 11 progracas Insured Total unem- benefits Covered ploypaid employ- ment (milment lions (weekly averof dolage) lars) Thou sands 46, 264 2,994 47, 766 1,924 2 48, 435 1, 973 1 1, 753 49, 637 1 50, 675 1,396 1 50, 767 1,256 '50, 412 1, 264 1 1,417 50, 485 1 1,801 50, 897 2, 135 2,066 1,863 1,622 1,316 1, 182 1,256 1,218 1,167 4, 3, 3, 2, 358. 2 160. 0 025. 9 749. 2 180. 2 163.7 157. 8 162. 0 230.4 273. 0 265. 8 294. 9 242.7 179. 2 169. 1 160.6 160.7 146.0 St£ite Insured unemployment Initial claims 1,152 1, 139 1,049 1,013 1,006 1,043 1,025 940 908 901 182 163 177 171 177 200 progra ms Insurec I unemploymen t as perExhaus- cent of covered emplo yment tions Unad- Seasonjusted ally adjusted Weekly iiverage, t lousands 46 350 2,290 32 302 1,783 2 2 294 30 1, 806 26 1,605 268 212 23 1,261 21 194 1, 125 20 225 1, 138 20 1,293 276 22 1, 675 348 25 355 1,996 1,932 25 269 222 25 1,718 27 1, 470 220 24 1, 179 186 22 1,059 191 1, 132 252 19 1, 102 18 215 17 959 173 * Preliminary. 'Programs include Puerto Rican sugarcane workers for initial claims and Insured unemployment beginning July 1963. 12 OCT. Per<3ent 5. 6 4. 4 4. 3 3.8 2. 9 2.5 2.6 3.0 3. 9 4.6 4. 5 4. 0 3. 4 2.7 2. 4 2. 6 2. 5 2.2 Benefi ts paid Total Average (milweekly check lions of dollars) (dollars) 3, 2, 2, 2, 3. 6 3.5 3.5 3.4 3. 6 & i o. 4 o D. o O. & u 0 & 3. 2 3.0 3.0 3. 0 3. 1 2.9 422. 7 675. 4 774. 7 522. 1 164. 5 148. 4 143. 2 147.0 211. 4 252. 1 245.7 273. 4 224.9 165. 7 156. 3 149. 5 148. 0 135.0 33. 80 34. 56 35. 27 35. 96 35.60 35. 40 35. 92 36. 38 36. 81 37. 18 37.39 37. 41 37. 16 36.40 36. 07 36.40 36.58 36.70 2.3 2.3 2. 1 2.0 2.0 NOTE.—For definitions and coverage, see the 1964 Supplement to Economic Indicators. Data for Alaska and Hawaii included for all periods and for Puerto Rico since January 1961. " Source: Department of Labor. NONAGRICULTURAL EMPLOYMENT In September nonagriculturalpayroll employment rose by 126,000 (seasonally adjusted). government accounted for nearly half of the increase. MILLIONS OF WAGE AND Gains in State and local MILLIONS OF WAGE AND SALARY WORKERS (SEASONALLY ADJUSTED DATA) SALARY WORKERS (SEASONALLY ADJUSTED DATA) 64 20 MANUFAGCURING TOTAL 18 —' 16 ' DURAB LE GOODs INDUSTBJES 12 ..: „„ . 10 56 NON DURABLE GOOD* I INDUSTRIES \ ,M,...,,m,«.,,,«,,,«, lll MlUlM U I It llM il lf M MHt ,,,,,,. . . . . . . i. , . . . 52 1962 1963 1964 1962 1965 1964 1963 1965 13.0 4.0 WHOLESALE AND RETAIL TRADE CONTRACT CONSTRUCTION (ENLARGED SCALE) 3.5 12.5 3.0 12.0 2.5 (ENLARGED SCALE) 11.5 2.0 U 1962 I Ll 1963 1964 11.0 1965 . 1 , 1962 1963 1964 1 11 1965 COUNCIL OF ECONOMIC ADVISERS SOURCEs DEPARTMENT OF LABOR [Thousands of wage and salary workers; l seasonally adjusted] :; Manufac turing (]3rivate) Period Total 1958_ 1959. 1960_ 1961__ _ _ _ 1962 1963. _ _ _ 1964 1964: Aug__ Sept.. Oct__ Nov__ Dec__ 1965: Jan_. Feb__ Mar_ Apr__ May_ JuneJuly. Aug 22 Sept 51, 368 53, 297 54, 203 53, 989 55, 515 56, 643 58, 188 58, 301 58, 458 58, 382 58, 878 59, 206 59, 334 59, 676 59, 992 59, 913 60, 110 60, 382 60, 602 60, 680 60, 806 Total 15, 945 16, 675 16, 796 16, 326 16, 853 17, 005 17, 303 17, 339 17, 449 17, 171 17, 505 17, 622 17, 705 17, 772 17, 849 17, 896 17, 915 18, 045 18, 156 18, 159 18, 192 NonDurable durable goods goods Total 8,830 7, 116 27, 584 9,373 7,303 28, 539 9,459 7,336 29, 054 9,070 7,256 29, 069 9,481 7,372 29, 772 9,625 7,380 30, 439 9,848 7,455 31, 382 9,886 7,453 31, 491 9,986 7,463 31, 500 9,702 7,469 31,615 9, 992 7,513 31, 713 10, 088 7,534 31, 892 10, 150 7,555 31,922 10, 210 7,562 32, 162 10, 259 7,590 32, 352 10,311 7,585 32, 182 10, 320 7, 595 32, 331 10, 426 7, 619 32, 418 10, 524 7,632 32, 504 10, 540 7,619 32, 563 10, 563 7,629 32, 589 Con- Trans- Wholetract portasale tion and Mining conand struc- public retail tion utilities trade 751 2,778 3,976 10, 750 732 2,960 4,011 11, 127 712 2,885 4,004 11, 391 672 2,816 3,903 11, 337 650 2,902 3,906 11, 566 635 2,983 3,914 11, 803 635 3, 106 3,976 12, 188 634 3, 103 3,999 12, 231 634 3,080 4,005 12, 229 638 3, 106 3,996 12, 278 639 3, 162 3,997 12, 311 637 3,244 4,020 12, 362 633 3,235 3,939 12, 447 635 3,281 3,997 12, 532 633 3,304 4,042 12, 622 629 3, 186 4,044 12, 563 629 3,207 4, 057 12, 636 630 3,220 4,068 12, 673 638 3,178 4,074 12,710 631 3,211 4,092 12, 708 619 3, 191 4, 112 12, 724 1 Includes all full- and part-time wage and salary workers in nonagrieultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servents, and personnel of the armed forces. Total derived from this table not comparable with estimates of nonagrieultural employment of the civilian labor forces, shown on p. 10, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they N onmanu "acturing5 (private) Finance, insur- Service ance, and and miscelreal laneous estate 2, 519 6, 811 2, 594 7, 115 2,669 7,392 2,731 7,610 2,800 7,947 2,873 8,230 2, 944 8,533 2,951 8,573 2,960 8, 592 2,964 8,633 2,970 8,634 2,975 8,654 2,979 8,689 2,987 8,730 2,997 8,754 2,997 8,763 3, 005 8,797 3,013 8,814 3,018 8,886 3,024 8,897 3,026 8,917 Gover nment Federal 2,191 2,233 2,270 2,279 2, 340 2,358 2,348 2,328 2,320 2,331 2, 354 2,352 2,342 2,335 2,340 2,344 2, 345 2,352 2, 374 2,379 2,385 State and local 5,648 5,850 6,083 6, 315 6,550 6, 841 7, 155 7,143 7, 189 7,265 7, 306 7,340 7,365 7, 407 7,451 7,491 7,519 7,567 7,568 7,579 7,640 are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments. 2 Preliminary. NOTE.—Beginning 1959, data include Alaska and Hawaii. Source: Department of Labor. 13 WEEKLY HOURS OF WORK - SELECTED INDUSTRIES In September the average workweek in manufacturing, seasonally adjusted, was 40.9 secutive month. In contract construction, the average workweek fell by 1 A hours. HOURS PER WEEK (SEASONALLY ADJUSTED) hours for the third con- HOURS PER WEEK (SEASONALLY ADJUSTED) 46 46 DURABLE /v\ANUFACTUR ING NONDURABLE MANUFACTURING 44 44 j<5 42 x- v*| ^—y ^~ ^^— Af) 40 38 •50 36 34 34 1963 1962 1964 1965 1965 1964 1963 1962 44 42 RETAIL IRA,DE CONTRACT CONSTRUCTION 40 42 38 40 36 38 34 36 32 34 30 3? II t I 1 I I I I I 1962 1964 1963 1965 •* H ^ *^ .j . . , . i « . . i . 1962 ! [ 1 1 t 1 ! 1 •%^ 1 1 1 1 1963 SOURCE! DEPARTMENT OF LABOR 1 ^s_^^*^v t 1 1 1 1 1 ! 1 1 1 1965 1964 COUNCIL OF ECONOMIC ADVISERS [Average hours per week; 1 seasonally adjusted] Marmfacturing Indus tries Period 1954 1955 1956 1957 1958__ 1959__ I960. 1961 1962 . 1963 1964 1964: Aug Sept _ _ _ _ _ _ Oct Nov Dec 1965: Jan Feb Mar Apr May June July 2 Aug Sept 2 Durable goods All _ _ __ 39. 6 40.7 40. 4 39. 8 39. 2 40. 3 39. 7 39.8 40. 4 40.5 40.7 40.8 40. 5 40. 5 40. 9 41. 2 41. 4 41. 3 41. 4 40.9 41. 1 41.0 40. 9 40.9 40.9 i Data relate to production workers or nonsupervisory employees. Data for Alaska and Hawaii included beginning 1959. 14 40. 1 41. 3 41. 0 40. 3 39. 5 40.7 40. 1 40. 3 40. 9 41. 1 41.4 41.5 41. 4 41.2 41. 6 42.0 42. 2 42. 0 42. 3 41.7 41. 9 41.9 41. 6 41. 6 41.8 Nondurable goods 39. 0 39.9 39. 6 39. 2 38. 8 39. 7 39. 2 39. 3 39.6 39. 6 39.7 39.7 39. 4 39. 9 40. 0 40. 0 40. 1 40. 2 40. 2 39.8 40.0 39.8 39.8 39.9 39.9 2 Preliminary. Source: Department of Labor. Contract construction 37. 2 37. 1 37. 5 37.0 36.8 37.0 36.7 36. 9 37.0 37. 3 37. 2 37. 0 35.6 37. 1 37. 7 39. 0 37. 5 37.4 37. 5 36.9 37. 7 37.1 37.3 37.4 36.0 Retail trade 39. 7 39.6 39. 1 38. 7 38. 7 38. 7 38.5 38. 1 37.9 37.8 37.4 37. 5 37. 3 37. 5 37. 3 37. 3 37. 1 37. 2 37. 1 37.3 37. 1 37. 1 37. 3 37.1 AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings in manufacturing were $108.09 in September—up about $3.50 from a year earlier. DOLLARS 2.40 2,20 2.00 L 1964 1965 COUNCH OF ECONOMIC ADVtS«S [For production workers or nonsupervisory employees] Averstge hourly earnings-—current prices Period 1955 1956 1957. 1958 1959 _ 1960 1961-. 1962 1963 1964 1964: Aug._ Sept__ Oct__ Nov._ Dec._ 1965: Jan___ Feb__ Mar__ Apr__ May-June __ JulyAug 3 *_ Sept . Aver kge weekl_y earnings — current prices Manufj icturing i]adustries Contract conRetail NonDurable durable structrade AU goods tion goods Manuf*icturing iiidustries Contract conRetail NonDurable durable structrade All goods tion goods 1. 86 1. 95 2.05 2. 11 2. 19 2. 26 2. 32 2. 39 2. 46 2.53 2.52 2.57 2. 53 2.56 2.58 2.59 2. 59 2. 60 2.60 2.61 2.62 2. 61 2. 60 2.63 1.99 2.08 2. 19 2.26 2. 36 2. 43 2. 49 2. 56 2. 64 2.71 2.71 2. 75 2. 70 2.73 2.77 2.77 2. 77 2. 78 2.78 2.80 2.80 2. 79 2.77 2.81 1 Earnings In current prices, adjusted 3 1.67 1.77 1.85 1. 91 1.98 2.05 2. 11 2. 17 2.22 2.29 2.29 2. 32 2.30 2.31 2. 32 2.33 2.33 2.34 2.34 2. 35 2.35 2. 36 2.36 2. 39 2.45 2. 57 2.71 2. 82 2.93 3.08 3. 20 3.31 3.41 3.55 3.54 3.58 3. 61 3. 56 3. 62 3.62 3. 68 3. 65 3.60 3. 65 3. 65 3. 64 3.67 1. 34 1. 40 1. 47 1. 52 1.57 1. 62 1. 68 1.74 1.80 1.87 1.87 1. 89 1. 89 1.89 1. 87 1.92 1. 92 1. 92 1.93 1. 95 1. 95 1.96 1.95 75. 70 7a 78 81. 59 82. 71 88.26 89.72 92. 34 96. 56 99.63 102. 97 103. 07 104. 60 102. 97 104. 70 106. 81 105. 93 105. 93 107. 12 105. 82 107. 53 108. 21 107. 01 106. 60 108. 09 to exclude overtime and interindustry shifts. Earnings in current prices divided by the consumer price index on a 1964 base. * Preliminary. 82. 19 85. 28 88. 26 89. 27 96. 05 97. 44 100. 35 104. 70 108. 50 112. 19 112. 47 114. 13 111. 51 113. 57 117. 17 115.51 115. 51 117. 04 115.65 117.88 118.16 116. 06 115. 23 117. 74 66. 63 70.09 72. 52 74. 11 78. 61 80. 36 82. 92 85. 93 87.91 90. 91 91.83 91. 87 92.00 92. 17 93. 26 92.50 92. 73 93.60 92.20 94. 00 94.24 94. 64 95. 11 95.84 90. 90 96.38 100. 27 103. 78 10R41 113. 04 na os 122. 47 127. 19 132. 06 136. 64 131. 03 138. 62 131. 36 133. 22 131.41 131. 01 133. 59 132. 12 139. 80 138. 70 140. 50 143. 13 53.06 54.74 56.89 58.82 60. 76 62. 37 64.01 65. 95 68. 04 69.94 71.43 70.50 70.31 69.74 70.31 70.85 70.85 70.66 71.60 71.96 72.74 74 28 73. 71 Manufac ituring indust ries Adjusted Average hourly weekly earnings, earn1957-59= ings, 1964 loo* prices 2 86.9 $87. 72 91.5 89.93 96. 2 89.96 100. 2 88.74 103. 5 93.99 106. 6 94.05 109.6 95.79 112. 3 99.04 115. 2 100.94 118. 3 102.97 118.1 102. 97 119. 1 104.29 118.4 102. 56 119. 0 104 08 119.6 106. 17 120.0 105. 19 120.2 105. 19 120.4 106. 27 120. 7 104. 67 120. 9 106. 05 121.0 106. 19 121. 2 105. 01 120.9 104. 72 NOTE.—Beginning 1959, data include Alaska and Hawaii. Source: Department of Labor. 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In September, the industrial production index (seasonally adjusted) decreased 1 percent, largely a result of a sharp cutback in steel output. However, the index was 61/2 percent above the September 1964 level. Index, 1957-59=100 (SEASONALLY ADJUSTED) 160 Index, 1957-59 = 100 (SEASONALLY ADJUSTED) 1/0 UTILITIES A ND MINING TOTAL 150 140 T%n 130 IAD ^ff *~S IAH ~s -/ UT ILITIES 120 s^\ x-^ ^""•""^ MIN ING ^- 110 .„ 100 ' ' t ' t i 1 i i i i i i i i i t I i t 1962 [ 1963 t > i ! t t l t-i l 1 l t l I 1 II I i I 1964 inn 1965 >^-^ t 1 11 1 t t I1 ! 1 1962 ^1 1 i t " 1 t 1 i i 11 i ii 1963 I I 1 I 1! I ! 1 1964 i i i i i It i i i i 1965 MARKET G ROUPS MANUFACTURING 150 ICrt 140 140 FINAL PROD 130 ion DURABLE JCTS _. y yX^^ \ nn 120 — <~ ir-kirtfe, ^<^^~r*~f ^ rS^* I MATERIALS i in 110 inn 100 1962 1963 1965 1964 1 1 ! t 11 1 I! 1 1 1962 i i \ i i 1 i 1 1 i t i \ t .1 1 1 1 1 1 1 1 i i i i i 1 i 1 i i i 1965 1964 1963 COUNCIL OF ECONOMIC ADVISEIS SOURC& &OARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1964: Aug Sept__. Oct Nov__ Dec 1965: Jan Feb Mar Apr__ May June July Aug 1 ^ \ ^ 160 160 Sept1 Preliminary. 16 +•+ "-""• Total industrial production 96. 6 99.9 100. 7 93. 7 105. 6 108. 7 109. 7 118. 3 124. 3 132. 3 134 0 134. 0 131. 6 135. 4 138. 1 138. 6 139. 2 140. 7 140. 9 141. 6 142.7 144. 2 144.3 142.8 [1957-59 = 100, seasonally adjusted] Industry M anufacturi ing Total 97.3 100. 2 100. 8 93. 2 106. 0 108. 9 109. 6 118. 7 1249 133. 1 1349 1348 132. 0 136. 4 139.4 140. 2 140. 8 142.3 142. 4 143. 1 144 1 145.8 145.8 144.3 NOTE.—Series revised beginning 1964. NonDurable durable Ma rket Final produ cts Mining Utilities Total 91. 6 93.9 80. 2 101. 9 99. 2 95. 4 104 0 98. 1 104 8 87.9 96. 7 104 6 99. 4 104 0 93. 9 90. 3 96. 8 94 8 95. 6 98. 1 105.7 106. 5 105. 6 99.7 108.0 109. 5 108. 5 101. 6 115.6 109. 9 107. 0 112. 9 102. 6 122. 3 111. 2 117. 9 119. 8 119. 7 105. 0 131. 4 124 9 125. 3 140. 0 124 5 107.9 132. 6 131.8 133. 5 111. 3 151. 3 136. 2 133. 2 112. 1 133. 1 153.9 132. 8 135.3 134 2 112.2 155. 0 112. 0 129. 9 134 6 130. 5 154 9 135.2 112. 8 137. 0 135. 6 155. 4 137. 6 140. 9 138. 1 157. 1 112.5 142. 0 137. 9 111. 8 138. 4 155. 1 142.7 138. 4 156.6 138. 5 111. 8 112. 5 159.2 139. 1 140. 1 144 8 139.4 138. 5 160. 6 145. 5 113. 0 146. 4 138. 8 140. 2 160.9 114 0 140.7 148. 1 139.0 115.3 163. 2 140.5 162.3 141.7 150.0 115.7 142.3 149.9 140.6 117.0 163.0 142.6 147.0 164.5 140.8 113.8 Source: Board of Governors of the Federal Reserve System. Consumer goods 93. 3 95. 5 97. 0 96. 4 106. 6 111. 0 112. 6 119. 7 125.2 131.7 133. 1 132. 5 129.5 134 5 138. 0 138. 4 138. 0 140. 0 138. 5 138. 6 138.7 139.2 139.6 139.7 Equipment 95. 0 103.7 1046 91. 3 104 1 107. 6 108. 3 119. 6 124 2 132.0 133.2 133. 5 132. 5 136.7 138.4 138.2 139. 4 140. 4 141.2 143.7 144 9 147.0 148.1 148.6 Materials 99. 0 101. 6 101. 9 92. 7 105.4 107.6 108.4 117.0 123. 7 132.8 135. 3 135. 6 132. 6 135. 9 138. 0 138. 8 139.7 141. 7 142. 6 142. 6 144 5 146.5 145.9 142.8 PRODUCTION OF SELECTED MANUFACTURES Output of most durables (seasonally adjusted) declined in September/ iron and steel—down nearly 1 3 percentwas the largest loser. Durable manufactures, on the average, were fractionally higher. Index, 1957-59 = 100 (SEASONALLY ADJUSTED) 180 Index, 1957-59 = 100 (SEASONALLY ADJUSTED) 180 160 CHEMICALS, PETROLEUM, AND RUBBER 140 120 100 1965 1962 SOURCE, KOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [1957-59=100, seasonally adjusted] Durab le manufetctures Period 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1964: Aug Sept Oct Nov Dec 1965: Jan Feb Mar Apr. May June July Aug 1 Sept Primary metals i _. i Preliminary. NOTE.—Series revised beginning 1964. Ncmdurable manufactu res FabriTranspor- Lumber Textiles, Paper Chemicals, Foods, cated Machin- tation and and apparel, beverpetrometal ery prodequipand print- leum, and ages, and products ment ucts leather rubber tobacco ing 118.4 116. 4 112. 2 87.5 100. 4 101. 3 98. 9 104. 6 113. 3 129. 1 134. 4 132.9 133. 6 136. 1 138.6 139. 6 136.9 140. 4 141.4 140. 2 143.0 148.7 144.2 98.3 98.8 101. 5 92.9 105. 5 107.6 106. 5 117. 1 123.4 132. 7 134.9 134. 3 130. 7 136. 9 139. 7 140. 6 145. 0 145. 2 147. 4 146.0 146.4 148. 1 148.2 130 146 96. 5 107. 1 104. 2 88. 8 107. 1 110. 8 110. 4 123. 5 129. 2 141. 4 143. 2 144. 4 145. 2 147. 7 150. 1 150. 7 152.5 153.9 155.4 156.9 159. 0 160.6 160.8 162 102. 0 97. 4 106. 4 89. 5 104. 0 108. 2 103. 6 118. 3 127. 0 130. 7 135.9 131.3 105.3 129. 2 140.3 141.4 139.7 144. 4 144. 6 147. 3 149. 5 149.8 151.3 148 109. 5 105. 4 95. 9 95. 6 108. 5 102. 1 101. 3 106. 1 108.9 112. 6 114. 1 109.7 110.8 109. 2 105. 5 111. 9 115. 6 120. 5 114. 2 117. 1 112. 8 115.4 114.5 95.5 98.0 96. 9 95. 0 108. 1 107. 5 108. 4 115. 1 118. 5 125.2 126.4 127.0 128.9 130. 2 131. 5 133. 3 133.8 133. 7 133. 9 135. 0 134. 5 135.2 134.7 135 92. 5 97. 1 97.8 97. 0 105. 2 109. 0 112. 4 116. 7 120. 1 127. 5 127.9 127. 4 128.8 128.2 132. 1 132.0 131.8 132. 9 133. 2 134. 2 134.0 135.9 136.6 135 86.8 91.4 95. 6 95. 5 108. 9 113. 9 118. 9 131. 2 141. 8 152.5 154.0 157. 1 156. 2 156. 2 158. 5 158. 2 160. 4 162.0 160.8 161. 2 161.6 164.3 164. 7 166 93. 1 96. 6 96. 7 99. 4 103.9 106. 6 110. 2 113.3 116.8 120.8 120. 2 120. 4 120. 5 123. 3 123.9 124. 2 123.4 123.7 122,4 121.5 122. 3 122.9 122.6 123 Source: Board of Governors of the Federal Reserve System. 17 WEEKLY INDICATORS OF PRODUCTION Auto and truck assemblies increased sharply in late September and early October with production of new models n full swing. Steel output declined during most of this period. MILLIONS OF SHORT TONS fcAav AVHUOl) MILLIONS OF TONS STEEL 1963 1 itI ' ' t. t t t t t 1 I t i l I I f f 1 I f I t t I t.t I t I I ..I I I 11 t t I 1 t tt t i ! t t i *J F M A M BIUJONS OIF KILOWATT HOURS J J A S O J A S O N * 200 16.0 J F M A M J N D M A M .0 N SOUXCESt AMERICAN MOM AND STER MSTfTUTE, DEPATTMENT OF THf INTEMOt, EDISON EtECTMC MSflTUTC, AND WAWTJ AUTOMOTIVE KEFORTS Electric Bituminous Freight Paperboard Steel pi•oduced CanB and triicka power coal mined loaded produced Thousands Index distributed (thousands (thousands (thousands asscmbled (thoiisands) of net (1957-59= (millions of of short Total Cars Trucks of cars) of tons) 100) tons kilowatt-hours) tons) l Period Weekly average: 1958 1959 I960— . 1961 . 1962 1963 i 1964 _,___„ 1964: Aug.. Sept Oct Nov Dec 1965: Jan Feb Mar Apr May. June July Aug 2 Sept Week ended: 1965: Sept 11 — _ ._ __ _. 1 — 8 Oct 25 2__..___ 2 92 16 1,635 1,792 1,899 1,880 1,886 2,096 2,431 2,374 2,493 2,611 2,632 2,627 2,671 2,716 2,787 2,789 2,712 2,702 2, 613 2, 556 2,323 87.8 96.2 101.9 100.9 101.2 112. 5 130.5 127.4 133.8 140. 2 141. 3 141.0 143.4 145.8 149.6 149.7 145. 6 145. 1 140.3 137.2 124.7 12, 082 13, 297 14,424 15, 139 16,325 17, 490 18,728 19, 470 18, 867 18,268 18, 685 19, 536 20, 348 20, 160 19, 728 18, 896 19,314 19,842 20, 833 21, 395 20, 414 1,380 1,380 1,390 1,353 1, 414 1,535 1,630 1,631 1,750 1,701 1,752 1,668 1, 576 1,554 1,598 1,647 1,649 1,791 1, 802 1,785 1,717 581 596 585 550 552 555 566 581 596 644 594 510 535 519 547 575 604 594 554 595 579 274 307 306 322 343 358 384 404 380 405 391 358 375 409 421 410 423 406 367 416 413 98.4 129.5 151.8 127. 8 157. 5 175. 0 178.8 64. 3 152. 8 112. 1 189. 1 211. 5 243. 1 225.7 248.5 231.5 244.3 233. 3 199. 9 98.4 142.6 81.6 107.6 128.8 106.1 133. 4 146.9 148,8 41, 5 126.6 93.5 160. 7 180.7 206.8 192.8 210. 5 195. 4 206.6 196. 1 171.2 73.1 109. 7 2as 2, 390 2,343 2,259 2,229 2, 173 3 2, 141 128.3 125.8 121.3 119.7 116.6 114. 9 19,977 21, 025 21, 065 19, 631 19, 549 1,856 1,657 1,570 1,764 3 1, 726 517 590 585 603 614 329 434 434 441 439 82.1 154.6 185. 7 205.6 218.7 3 243. 8 54.3 119.3 150. 1 169. 0 184.1 207. 3 27. 8 35.3 35.6 36. 6 34.6 36.5 »Dally average. Includes data for Alaska. 'Preliminary. 3 Not charted. 16.8 21.9 23.0 21.7 24. 1 28. 1 30.0 22.9 26.2 18.5 30.8 36.3 33.0 37. 9 36. 1 37.7 37. 2 28.7 25.2 32.9 Sources: American Iron and Steel Institute'/Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard Association, and Ward's Automotive Reports, NEW CONSTRUCTION New construction outlays (seasonally adjusted) rose by 1 percent in September From the revised August level, reflecting a 4 percent increase in public outlays. Private outlays were about unchanged as a rise in nonresidential construction largely offset a decline in residential. BILLIONS OF DOLLARS SO BitUONS OF DOLLARS 80 SEASONAUY AOJUSTBD ANNUM RATES 70 70 TOTAL NEW CONSTRUCTION 60 60 50 50 PRIVATE -.** 40 40 30 30 PUBLIC \ 20 20 1959 1965 MMITMINI of COMMMCI Period Total new construction expenditures 1959.. .. . .:. 1960 1961 1962........... 1963. ... 1964 _ 55.3 53. 9 55.4 59.6 62.8 65.8 COUNOL Of ECONOMIC ADVtSBtS Private Total 39.2 3&1 38.3 41.7 43. 9 45.9 Resi dential noia farm CommerNew Additions cial and Total i housing and al- 2 industrial units terations Billions of dollars 19.2 243 4.3 6.0 21.7 16.4 7.0 16. 2 21.7 7.5 24.3 ia 6 7. 9 20. 1 25.8 a2 26.5 20.6 9.0 Other a9 Construetiori contracts * Federal, Total value Commercial and State, (index, industrial and 1957-59 = floor space local 100) (millions of square feet) 9. 5 16.1 15.9 17.1 17.9 10.4 19.9 9.3 9.2 9.9 ia9 Seasonally adjusted Sea sonally adj\listed annucit rates 1964: Aug. Sept. Oct....... Nov...... Dec—>__. 1965: Jan.. Feb.. ^v Mar.. Apr May...__ JuneJuly Aug* Sept4 65. 5 66. 0 64.9 65.2 66.2 66. 1 66.9 67. 6 67.6 67.6 69.0 68.6 67.9 68.5 45. 5 45. 6 45. 3 45.4 45.7 46.3 46.8 47.2 47.5 48.0 48. 6 48.6 48.1 48.0 26. 3 25. 9 25. 7 25. 6 26. 0 26. 7 26.7 26. 6 26.7 27. 1 27.2 27.0 26.5 26.1 20. 3 20. 0 19. 8 19.8 20. 2 20. 8 20. 9 20. 7 20.8 21. 1 21. 2 21.0 20.5 20.2 »Includes nonhousekeeplng residential construction, not shown separately. * Not available for revised series beginning 1960. • Compiled by F. W. Dodge Corporation and relates to 48 States. 4 Preliminary. - a9 9.0 9. 1 9.2 9.3 9. 5 9.6 9.8 10.1 10.3 10. 6 10.9 10.9 11.0 105.1 105. 2 107.6 119.7 132. 0 137.0 10. 4 10.6 10.5 10. 5 10. 5 10.2 10.6 10.7 10.8 10.6 10.8 10.7 10.7 10.9 20. 0 20.4 19.6 19.8 20.5 19. 7 20.0 20.4 20.0 19. 6 20.3 20.0 19.7 20.6 121 131 136 143 154 137 140 141 152 145 139 149 139 440 461 443 500 534 598 Seasonally adjusted annual rates 573 617 645 595 707 638 697 648 771 674 663 671 595 NOTE.—Data for Alaska and Hawaii included beginning January 1959. Sources: Department of Commerce and F. W. Dodge Corporation. 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts in September (seasonally adjusted) were about the same as the revised August level, and about 1 percent lower than in September 1964. Units authorized in permits were 5 percent lower than in August, and about 7 percent below a year earlier. MILLIONS OF UNITS 2.5 MILLIONS OF UNITS 2.5 PRIVATE NONFARM HOUSING STARTS 1.0 1965 1959 COUNCIl OF ECONOMIC ADVISERS SOURCE. DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHAX VETERANS ADMINISTRATION'(VA) (Thousands of units] Hotising star ts Period 1959 1960 1961 1962 1963 1964 1964: Aug__ Sept. Oct__ Nov. Dec__ 1965: Jan__ Feb.. Mar. Apr.. May. June. July., Augs. Sept3 Total private and public (including farm) 1, 553. 5 1, 296. 0 1, 365. 0 1, 492. 4 1, 640. 9 1, 590. 8 1, 516. 8 1, 252. 1 1, 313. 0 1, 462. 8 1, 609. 2 1, 557. 4 145.7 127.4 146.1 114.6 98.3 85.6 87.9 124.9 154.9 162. 1 162. 3 143. 9 137.5 123.3 142.3 124.0 144.0 112.0 96.7 81. 5 85.4 120. 7 152. 2 157. 5 155. 5 141.3 134. 1 121. 7 Total private (including farm) Pri\rate nonfa rm Total 1, 494. 1, 230. 1, 284. 1, 439. 1, 581. 1, 530. 6 1 8 1 7 4 139.7 121.9 141.4 109.9 94.8 80. 1 84. 7 118. 8 150. 1 155. 2 152. 8 139. 0 132.2 120. 1 Two or Onemore family families 1, 211. 9 282. 7 972. 3 257. 8 946.4 338.4 967. 8 471. 3 993. 2 588. 5 944.5 585.9 87.5 77.0 89.3 67.3 56.7 50.4 50. 7 74. 8 97.7 99. 9 97.0 90.8 87.4 Total private (including farm) 1, 516. 8 1, 252. 1 1,313. 0 1, 462. 8 1, 609. 2 1, 557. 4 52.2 44.9 52. 1 42. 6 38. 1 29.7 34.0 44.0 52.4 55. 3 55.8 47.1 43.0 1 Authorized by issuance of local building permit; in 10,000 permit-issuing places prior to 1963, and 12,000 or more thereafter. 2 8 Units represented by mortgage applications for new home construction. Preliminary. 20 1,513 1,445 1,522 1,505 1,610 1,442 1,482 1,489 1,552 1, 516 1,566 1,473 1,422 1,424 Priv ate nonf iirm Total Gover nment home p rograms FHA VA 6 307.0 109. 3 1 225. 7 74. 6 8 198.8 83. 3 77. 8 1 197.3 71. 0 7 166. 2 59.2 4 154.0 Se asonally adj usted 52 142 1,489 52 1,422 136 50 146 1,495 152 57 1,480 1,576 53 151 1,417 69 168 171 69 1,468 166 59 1,465 1,532 147 51 1,501 160 56 154 54 1,539 1,447 151 51 1, 404 46 146 1,407 154 44 1, 494. 1, 230. 1, 284. 1, 439. 1, 581. 1, 530. Proposed home constr uction New private Applica- Requests housing units tions for for VA FHA appraisauthorized^ commitals 8 ments 2 369. 7 1, 208. 3 242. 4 998. 0 1, 064. 2 243.8 221. 1 1, 186. 6 190.2 1, 334. 7 182.1 1, 285. 8 annual ra tes 176 1,285 174 1,243 1,236 183 194 1,256 1,195 193 1,280 202 1,224 203 184 1,269 1, 187 190 1,240 183 1,254 155 1,243 168 184 1,217 187 1,158 234. 0 142. 9 177. 8 171.2 139. 3 113.6 88 121 112 118 118 113 124 110 95 109 93 92 89 98 NOTE.—Data include Alaska and Hawaii. Sources: Department of Commerce, Federal Housing Administration (FHA), and Veterans Administration (VA). BUSINESS SALES AND INVENTORIES—Total and Trade Preliminary retail sales figures for September show a decline of 1 percent to $23.3 billion (seasonally adjusted). Both durables and nondurables declined but the change in the latter was very small. BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 120 BUSINESS SALES AND INVENTORIES RETAIL TRADE (ENLARGED SCALE) 114 108 INVENTORIES 102 96. 88 82 76 SALES \ 70 *«.,*/ 64 18 _ WHOLESALE TRADE (ENLARGED SCALE) INVENTORIES \ 1962 1965 1962 1963 1964 SOURCE. DEPAKTMENT OF COMMERCE Total biusiness l Period Sales 2 1 1965 COUNCIL OF ECONOMIC ADVISERS Inventories 3 Re tail 5 Whol(3sale 4 Sales 2 Sales2 Inventories 3 Total inventories 3 NonDurable durable goods goods stores stores Total Durable goods stores Nondurable goods stores Millions of dollars, seasonal!y adjustecI 1957 55, 878 89, 052 1958 54, 232 86, 922 1959 59, 583 91, 964 1960 60, 530 94, 610 1961 60, 747 95, 576 1962 65, 078 100, 271 1963 68, 002 105, 127 1964 72, 647 110, 535 1964: July 73, 693 107, 372 Aug _ _ _ 73, 204 107, 613 Sept _ _ 73, 358 108, 504 Oct 72, 131 108, 539 Nov _ 73, 371 109, 320 Dec _ ___ 76, 277 110, 535 1965: Jan.... _ _ _ _ _ 75, 913 111, 465 Feb 75, 956 111,884 Mar _ _ _ 77, 815 113, 032 Apr _ __ _ 77, 529 113, 761 May _ _ 77, 884 114, 542 June 78, 010 115, 049 July 80, 023 116, 012 Aug 66 _ _ _ _ _ _ 78, 991 116, 650 Sept 10, 475 10, 257 11,413 11,440 11,629 12, 158 12, 692 13,715 13, 795 13, 770 13, 792 13, 937 14, 196 14, 178 14, 128 13, 946 14, 725 14, 620 14, 718 14, 736 14, 828 14, 816 12, 730 12, 739 13, 952 13, 983 14, 251 14, 580 15, 597 16, 461 16, 017 15, 986 16, 222 16, 276 16, 384 16, 461 16, 774 16, 867 17, 064 17,216 17, 450 17, 410 17, 530 17, 488 1 The term "business" here includes wholesale, retail, and manufacturing trade (see page 22) . 2 Monthly average for year and total for month. » Book value, end of period, seasonally adjusted. * Beginning 1961, data include Alaska and Hawaii. 16, 667 16, 696 17, 951 18, 294 18, 234 19, 613 20, 536 21, 802 21, 935 22, 266 22, 254 21, 383 21, 661 22, 781 22, 900 23, 317 22, 805 22, 865 23, 352 23, 331 23, 743 23, 653 23, 344 5, 696 5, 284 5,972 5, 894 5,608 6,245 6,675 7, 093 7, 060 7,324 7, 541 6, 496 6, 695 7,645 7,855 7,966 7,669 7,550 7,703 7,760 7,922 7,891 7,608 10, 971 11,412 11, 979 12, 400 12, 626 13, 367 13, 861 14, 709 14, 875 14, 942 14,713 14, 887 14, 966 15, 136 15, 045 15, 351 15, 136 15,315 15, 649 15, 571 15, 821 15, 762 15, 736 24, 451 24, 113 25, 305 26, 813 26, 238 27, 938 29, 383 31, 130 30, 867 30, 864 31, 263 30, 486 30, 559 31, 130 31, 478 31, 635 32, 260 32, 546 32, 823 33, 014 33, 088 33, 355 11,283 10, 526 11, 044 11,951 11, 019 11,728 12, 509 13, 282 13, 419 13, 363 13, 738 12, 894 12, 874 13, 282 13, 635 13, 799 14, 220 14, 440 14, 707 14, 692 14, 744 14, 965 13, 168 13, 587 14, 261 14, 862 15, 219 16, 210 16, 874 17, 848 17, 448 17, 501 17, 525 17, 592 17, 685 17, 848 17, 843 17, 836 18, 040 18, 106 18, 116 18, 322 18, 344 18, 390 6 Beginning 1960, data include Alaska and Hawaii. o Preliminary. „ „ , , .~ Source : Department ol Commerce. 21 MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS Manufacturers1 shipments, seasonally adjusted, in August fell by 2 percent from the high July level. With inventories rising by less than 1 percent, the fnanufacturers' inventory-shipments ratio rose to 1.62. All these categories were effected by the prior anticipation and settlement of the steel negotiations. '___ BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 70 BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) MANUFACTURERS' SHIPMENTS MANUFACTURERS' INVENTORIES TOTAL 60 50 20 40 DURABLE GOODS MANUFACTURERS' NEW ORDERS DURABLE GOODS 20 ^ A /f 30 NONDURABLE GOODS NONDURABLE GOODS \ j i i i i i t t..t » i 1962 1964 1963 20 1965 1963 1962 1964 Manufac turers* sh ipments 1 Manufac iurers' inventories 2 Period Total 1965 COUNCIL OF ECONOMIC ADVISERS SOURCE, DEPARTMENT OF COMMERCE NonDurable durable goods goods Total NonDurable durable goods goods Ma nufaeture rs' new orde rs 1 Durat>le goods Total Total NonMachinery durable and goods equipment Manufacturers' inventoryshipratio * Millions of dollars seasonal y ad juste d 1957 .. . 1958 .. .. 1959 1960 1961. 1962 1963 1964 1964: July. Aug _ _ . _ _ . Sept_ Oct Nov Dec 1965: Jan Feb__..._ Mar Apr May June July Aug<.___ 28, 736 27, 280 30, 219 30, 796 30, 884 33, 308 34, 774 37, 129 37, 963 37, 168 37, 312 36,811 37, 514 39,318 38, 885 38, 693 40, 285 40, 044 39, 814 39, 943 41, 452 40, 522 15, 237 13, 572 15, 544 15, 817 15, 532 17, 184 18, 071 19,231 19, 861 19, 164 19, 284 18, 633 19, 291 20, 559 20, 415 20, 374 21, 284 20, 915 20, 513 20, 652 21, 820 21, 190 13, 499 13, 708 14, 675 14, 979 15, 352 16, 124 16, 704 17, 898 18, 102 18, 004 18, 028 18, 178 18, 223 18,759 18, 470 18, 319 19, 001 19, 129 19, 301 19, 291 19, 632 19, 332 51, 871 50, 070 52, 707 53, 814 55, 087 57, 753 60, 147 62, 944 60, 488 60, 763 61,019 61,777 62, 377 62, 944 63, 213 63, 382 63, 708 63, 999 64, 269 64,625 65,394 65, 807 31,728 30, 095 31, 839 32, 360 32, 646 34, 326 36, 028 38,412 36, 597 36, 790 37, 037 37, 517 38, 040 38, 412 38, 495 38, 692 38, 972 39, 233 39, 475 39,951 40, 600 40, 807 * Monthly average for year and total for month. Book value, end of period, seasonally adjusted. For annual periods, ratio of weighted average inventories to average monthly shipments; for monthly data, ratio of inventories at end of month to shipments for month. 8 3 22 20, 143 19, 975 20, 868 21, 454 22, 441 23, 427 24, 119 24, 532 23, 891 23, 973 23, 982 24, 260 24, 337 24, 532 24, 718 24, 690 24, 736 24, 766 24, 794 24, 674 24, 794 25, 000 27, 514 26, 901 30, 679 30, 115 31, 061 33, 167 35, 036 37, 697 39, 315 37, 509 38, 018 37, 846 37, 720 39, 590 39, 704 39, 469 40, 712 41, 120 40, 181 40, 689 41, 846 40, 893 14,073 13, 170 15, 951 15, 223 15, 664 17, 085 18, 300 19, 803 21, 254 19, 342 19, 907 19, 623 19,454 20, 720 21, 271 21, 130 21,714 22, 043 20, 992 21, 310 22, 195 21,461 * Preliminary. Source: Department of Commerce. 2,566 2,354 2, 878 2,791 2,854 3, 090 3,326 3,706 3, 774 3,772 3,686 3,786 3,882 3,917 3,958 3,799 4,024 4,078 4, 069 4, 091 4, 348 4, 158 13, 441 13, 731 14,728 14, 892 15, 397 16, 082 16, 736 17, 895 18, 061 18. 167 18, 111 18, 223 18,266 18, 870 18, 433 18, 339 18, 998 19, 077 19, 189 19, 379 19, 651 19,432 1. 80 1.84 1.70 1. 76 1.74 1.70 1.69 1. 64 1. 59 1.63 1. 64 1.68 1. 66 1.60 1. 63 1.64 1. 58 1.60 1.61 1. 62 1.58 1. 62 MERCHANDISE EXPORTS AND IMPORTS The trade surplus (seasonally adjusted) increased slightly to $620 million in August as both exports and imports rose moderately. Total foreign trade was at a level approximately 1 3 percent higher than a year earlier. BILLIONS OF DOLLARS 3.0 BILLIONS OF DOLLARS 3.0 1.0 1965 1959 I/SEE NOTE 1 BELOff. SOURCE, DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Period Merchandi se expo rts M erchandisse impo rts Merchandise 3 Gener al 2imTotal (includ]Domes ti c expor ts Impo rts for Bonsum ption trade por ts ing ree?tports)1 surplus, Indus- Finished Indus- Finished Season- Unad- Total i Food- trial manu- Season- Unad- Total* Food- trial manu- seasonally adally adally ad- justed facstuffs matestuffs matefacjusted justed rials tures l justed justed rials tures Monthly average : 1957 1958 1959 1960 1961 1962 1963 1964 1,625 1,364 1, 366 1, 633 1,679 1, 745 1,869 2, 135 1964: July 2, 123 Aug_ __ 2, 109 Sept 2, 235 Oct_ _ _ _ 2, 155 Nov_ _ 2, 197 2,480 Dec 1965: Jan 1,217 Feb 1,593 Mar 2, 753 Apr 2, 380 May 2, 278 June 2, 185 July 2, 263 Aug_ __ 2,346 2,046 1, 900 2, 085 2,259 2, 183 2,561 1, 188 1, 514 2,892 2,529 2,381 2,219 2, 172 2, 124 530 208 368 198 366 210 230 510 254 486 440 281 314 493 352 580 U Dad just ed 592 294 2,020 515 1,871 308 2,058 569 348 367 2,230 638 2, 158 390 615 2, 526 738 399 1,611 1,351 1,352 1,617 1, 659 1, 723 1,845 2, 106 1, 171 1,491 2,860 2,502 2,351 2,191 2, 140 2,096 1,002 1,038 1, 173 1, 134 1, 045 1, 141 1,221 1,154 1, 389 1 Total exports less Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program. 3 8 Imports for immediate consumption plus entries into bonded warehouses. Imports for immediate consumption plus withdrawals for consumption from bonded warehouses. 1,105 1, 105 1, 302 1,251 1, 226 1, 366 1,428 1,557 872 784 776 877 919 1,578 1,575 1,546 1,548 1, 698 1, 642 1, 206 1, 600 1,869 1,835 1, 799 1, 835 1,670 1, 725 1, 611 1,491 1, 562 1,613 1, 672 1,755 1, 113 1,464 2,040 1,855 1, 724 1,907 1,633 1,718 1,102 1, 101 1,284 ], 251 1,221 1, 354 1,417 1,550 274 534 489 288 285 569 274 539 277 522 297 561 310 575 320 619 U nadjust ed 294 1, 613 659 1,490 280 625 614 320 1, 568 1,644 628 351 620 1,655 379 1, 720 671 366 156 553 1, 138 1,489 1,999 1,821 1,720 1, 878 1,636 1, 729 294 326 431 438 423 496 532 610 520 259 64 382 453 379 440 578 662 585 634 665 656 684 429 545 534 689 607 499 788 11 o 884 546 479 850 593 620 4 Data through 1960 have been adjusted to include imports of uranium ore. NOTE.—Series revised beginning 1963. Because of revisions, subgroups do not include all data in totals. Source: Department of Commerce. 23 U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES In the second quarter, the U.S. surplus on goods and services improved by almost one-third—to a seasonally adjusted annual rate of over $8 billion—but still remained below the 1964 rate. Merchandise exports and imports rose 21 percent and 17 percent respectively, while investment income and other service receipts and payments also reached record levels. BILLIONS OF DOLLARS BILLIONS OF DOLLARS IMPORTS OF GOODS AND SERVICES 10 1965 1959 SOURCE, DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS 1957 1958 1959 1960 1961 1962 1963 1964 26, 481 23, 067 23, 476 27, 244 28, 557 30, 278 32, 353 37, 017 1964: I II III IV 36, 336 35, 964 37, 340 38, 428 [Millions of dollars] Ex ports o f goods a nd services Incorcie on Addendum : investinents Goods and MerMiliOther services chantary PriGov- serv- financed dise i by Govt. vate sales ices erngrants and ment capital 19, 390 205 3,899 375 2,612 (2) 300 2,538 16, 264 307 3,658 (2) 302 2,694 16, 282 349 3,849 (2) 2,239 19, 489 335 3,001 349 4,070 402 3,561 2,687 380 4,278 19, 936 2, 928 20, 604 471 4,593 656 3,954 3,420 22, 069 659 4, 156 498 4, 971 762 5, 003 454 5, 510 3, 390 25, 288 Seaso nally adj usted annua I 24, 596 3, 248 776 5,064 520 5,380 764 5,052 3, 380 24, 268 528 5,352 672 5,040 3,496 528 5,572 25, 528 3,436 836 4,856 240 5,736 26, 760 1965: I II 34, 680 40, 336 22, 344 27, 048 Total Period 696 924 5,652 6,036 iJ Adjusted from customs data for differences in timing and coverage. Not available. 24 556 584 5,432 5,744 3,048 3,720 Impor bs of good s and ser\aces Total Merchandise1 Balance Military Other on expend- serv- goods itures ices ices 20, 752 20, 861 23, 342 23, 177 22, 924 25, 129 26, 436 28, 457 rates 27, 512 28, 244 28, 544 29, 528 13, 291 12, 952 15, 310 14,732 14, 507 16, 173 16, 992 18, 619 3,216 3,435 3, 107 3,048 2,954 3,078 2, 929 2, 824 4,245 4,474 4,925 5,397 5,463 5,878 6,515 7,014 4, 067 5,633 5, 149 5, 917 8,560 17, 640 18, 396 18, 836 19, 604 2,928 2,880 2, 764 2,724 6,944 6,968 6,944 7,200 8 7 8 8 28, 608 32, 312 18, 652 21, 876 2,648 7,308 2,772 7,664 Source: Department of Commerce. 5,729 2,206 134 824 720 796 900 6 072 8 024 U.S. BALANCE OF INTERNATIONAL PAYMENTS The United States recorded a surplus on regular transactions of $476 million (seasonally adjusted annual rate) in the second quarter—the first surplus since 1957—largely as a result of the balance-of-payments program adopted in February. The recovery on current account, sharp reversal of long-term portfolio capital flows, and a drop in direct investment abroad contributed to this improvement. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 20 20 SEASO NALLY ADJUSTED ANNUAl RATES BALANCE 10 ON GOODS AND SERVICES \ \ >-*»«^_ -, Sj —^\ ,—.—1 ^— -N^^^p*— 10 ^^ *~*-^ BALANCE ON OTHER RE GULAR TRANSACTIO ^s __ ... - -10 X"--- ^^-^^^ V - -10 ^ jt -20 ! 1 1 1 1 1 • 1 1 1 1 ! 1 ! ! 1 1 I \ t \ 1 10 10 BALANCE ON REGULAR TRANSACT ONS [SURPLUS OR fDEFICIT HI ' - u uuu uuuu ! -10 1 1959 I ! I ! 1960 ULj ! uy u-uu y y u u LJLJU | j u I 1961 1 I 1 I 1962 ! 1 1963 ! I ! 1 1 1964 1 f I 1965 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars] Changeis in selec bed liabilities (decrease ( - ) ) 6 To f oreig n official U.S. pr ivate capital, net U.S. Government Direct grants investand ment capital, net i Period 1957 1958 1959 1960 1961 1962_ 1963 1964 1964: -2, 574 -2, 587 -2,421 -2,781 -3,396 _ -3,547 -3,813 -3,636 T II m___ IV 1965: I 10 II ._ -3,252 -3,552 -3,684 -4,056 Longterm port-2 folio -2, 442 859 -1, 181 -1,444 -1,372 — 926 -1,674 -863 -1,599 -1,025 -1,654 -1,227 -1,976 -1,695 -2,376 -1,975 S<jasonally -1,856 -1,096 -2, 160 -1,024 -2,204 -2,448 -3,284 -3,332 -3,220 -4,636 -2, 752 460 -3,816 -3,528 1 2 Errors Balance Selected hold on special and regular Govern- Special unrenonShortcorded transment term trans- actions 4 trans- 5 marketactions actions able, convertible bonds and notes -276 487 1,157 520 22 -311 488 -3, 529 -77 412 -4, 178 863 435 341 -1,348 37 -988 -3,918 622 -1,045 -3,071 -1,556 701 -544 153 -1, 197 -3,605 1,402 303 -785 — 401 - 3, 287 617 703 432 — 1, 161 -3, 106 -2, 111 308 375 adjusted 2tnnual rat es Quarterly , -2,356 56 — 1, 152 - 1, 668 160 -2, 192 448 — 608 -2,180 122 -37 784 — 1, 164 -2,372 -1,624 203 -2,272 440 -1,720 -6,204 185 50 _40 -3, 120 1,096 1,256 79 51 2,012 -860 -664 476 130 Foreign capital, net 3 Includes associated Govt. liabilities and scheduled loan repayments. Includes banking claims. s Other than liquid funds; includes miscellaneous Govt. nonliquid liabilities. 4 Includes balance on goods and services (page 24) as well as net pensions and remittance payments ($839 million in 1964). 5 Includes official debt prepayment, advances on military exports, and net sales of those nonmarketable, medium-term, nonconvertible securities not included under foreign capital. 6 Includes short-term official and banking liabilities and foreign holdings of tT.S. Govt. bonds and notes (other than nonmarketable, nonconvertible). 7 Central banks and governments. Other To other foreign holders 8 20 625 735 502 1,248 1,460 1,449 289 681 1,083 457 213 970 619 1,554 698 totals u nadjusted -400 227 93 114 186 562 819 651 -912 -114 199 -156 Changes in gold, convertible currencies, and IMF gold tranche position (increase (-)) -1,165 2,292 1,035 2, 143 606 1,533 378 171 -51 303 70 — 151 842 68 9 6 Private holders; includes banks and international and regional organizations. Excludes liabilities to IMF relevant to U.S. gold tranche position. 8 On June 30, U.S. reserve assets consisted of gold stock, $14,049 million (down $590 million from Mar. 31); IMF position, $908 million; convertible currencies, $546 million. 10 Preliminary. NOTE.—Data exclude military grant aid and U.S. subscriptions to IMF. Source: Department of Commerce. 25 PRICES CONSUMER PRICES The over-all index of consumer prices fell by 0.2 percent in August. This is the first decline in 12 months. Food prices fell by 0.7 percent, reversing the July increases. The prices of durable goods decreased for the seventh straight month but service prices continued to rise slowly. Index, 1957-59 = 100 120 Index, 1957-59=100 120 100 100 95 95 1959 I/SEE NOTE BELOW. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1957-59=100] Co mmoditiej3 All items Period 1954 1955 1956 1957 1958_ 1959 1960 1961 1962 1963 1 1964 1964: July Aug Sept Oct Nov Dec 1965: Jan Feb Mar Apr May June. _ July Aug__ _ _ 1 _ ___ _ _ ___ __ __ __ 93. 6 93.3 94.7 98.0 100. 7 101. 5 103. 1 104. 2 105. 4 106. 7 108. 1 108. 3 108.2 108.4 108.5 108. 7 108. 8 108.9 108. 9 109.0 109. 3 109. 6 110. 1 110. 2 110.0 All commodities 95. 5 94. 6 95. 5 98. 5 100. 8 100.9 101.7 102.3 103. 2 104. 1 105. 2 105. 3 105. 2 105. 4 105. 5 105. 6 105. 7 105.6 105. 5 105.6 105.9 106.2 106.9 106.9 106.6 Food 95.4 94. 0 94. 7 97.8 101.9 100. 3 101.4 102. 6 103. 6 105. 1 106. 4 107. 2 106. 9 107.2 106. 9 106. 8 106. 9 106.6 106. 6 106.9 107. 3 107.9 110. 1 110. 9 110. 1 See Note. ^ , . T ,« . j a • -, , ^ , XT n + ± f NoTE.--Prior to January 1964 indexes revised to reflect transfer of homewnership from services to durable commodities. 26 Services Comm odities les s food All NonDurable durable services All 88.7 94. 4 97. 1 95. 6 90. 5 94.9 944 95.3 95.4 92.8 96.5 95. 9 98.5 99. 1 96.6 98. 8 100.0 99. 8 100. 3 99. 9 103. 2 101. 0 101. 2 101. 5 102. 6 100.9 106.6 101.7 102. 0 103. 2 108.8 100.8 103. 8 102. 8 110.9 101. 8 102. 1 104 8 113. 0 103. 5 104.4 105.7 115. 2 103. 0 105. 6 115.3 104.3 102.9 105. 6 115. 4 104. 2 102.8 105. 8 115. 5 104 3 102.8 115. 7 106. 0 103. 1 104.6 104. 8 106. 1 116. 0 103. 5 106. 3 103.4 104. 9 116. 2 106. 1 116.6 103.6 104.9 106. 1 116. 9 103.3 104. 7 103.2 106.2 117.0 104.8 117. 3 106.8 103. 0 105. 0 107.2 102.9 105.2 117. 5 107.3 117.6 102.6 105.1 102. 3 117.8 104. 7 106. 9 117.9 104.7 107.1 101.8 Rent 93.5 948 96. 5 9as 100. 1 101. 6 103. 1 104 4 105. 7 106.8 107.8 107.8 107. 9 107. 9 108. 2 108. 3 108. 4 108.4 108. 5 108.7 108. 8 108. 8 108.8 108.9 109.0 Services less rent 87.4 89.4 91.9 96. 1 100. 2 103. 6 107. 4 110.0 112.1 114.5 117. 0 117. 0 117. 2 117. 4 117. 6 117. 9 118. 2 118.6 118. 9 119. 1 119. 3 119. 5 119.7 120. 0 120.0 Beginning with January 1964, new index with revised weights, coverage, and sampling procedures. For details, see Department of Labor release, Major Changes in the Consumer Price Index, March 3, 1964. Source: Department of Labor WHOLESALE PRICES LjjLjhj£-iJu.Lj j. j.vAWJ-ikJ in The over-all wholesale price index rose by 0.1 percent ir September. The prices of farm products increased by 0.4 i level. Processed food and industrial prices were stable. percent, but stood 0.8 percent below the peak June level Index, 1957-59 = 100 Index, 1957-59 = 100 115 115 110 110 105 COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS (INDUSTRIALS) 100 95 90 90 1965 1959 COUNCIL OF ECONOMIC ADVISERS SOURCE, DEPARTMENT OF LABOR Period 1957 1958 1959 1960 _ _ 1961 1962 1963 1964 1964: June _ July Aug _ ___ Sept Oct Nov__ _ _ ___ Dec _ _ _ _ _ _ __ 1965: Jan_ __ _ __ _ _ __ „_ Feb Mar _ _ __„ _ Apr _ _ __ May _ _ _ _ _ June July Aug_ _ _ _ Septs 4 Week ended : 1965: Oct 5__ . _ _ _ _ 12 _ _ _ All commodities 99. 0 100. 4 100. 6 100. 7 100. 3 100. 6 100. 3 100. 5 100.0 100. 4 100. 3 100. 7 100. 8 100. 7 100. 7 101.0 101. 2 101. 3 101.7 102. 1 102. 8 102.9 102.9 103.0 102.9 103.0 [1957-59=100] Commodii ;ies other t ban farm products a nd foods (iiidustrials) Indus- Indus- Produc- Consurner finFarm Procished g<Dods extrial inAll intrial essed prodcludin g food dustricrude termedi- er finucts foods 1 mate- ate ma- goods Durals Non2 terials rials able durable 99. 2 97. 9 99. 2 100. 9 99. 6 97. 7 9& 7 99. 9 102. 9 103. 6 99. 5 96. 9 99. 4 100. 2 100. 1 99.3 97. 2 99. 2 102. 3 102. 1 101. 3 101. 0 101. 3 100.8 100. 0 96. 9 102. 3 101. 4 101. 3 9a 3 100. 9 101. 5 96.0 100. 7 100. 8 102. 5 97. 2 100. 1 100. 5 101. 5 97.7 101. 2 100. 8 102. 9 95. 6 99. 9 100. 0 101. 6 95. 7 101. 1 100. 7 94. 3 99. 6 103. 1 99. 5 101.9 94. 3 101. 0 101. 2 100. 2 104. 1 97. 1 99. 9 101. 6 100. 2 93. 2 100. 9 100.0 95.9 104. 1 99.9 101. 2 94. 1 101. 2 101. 1 96. 6 100. 0 104.3 100. 1 101. 5 93. 6 101. 0 101. 1 99.9 98.3 100.0 104.3 101.4 95. 7 102. 2 101. 1 98. 1 99. 9 104. 2 99.9 101. 0 101. 7 99. 1 93. 8 100. 4 101. 5 104. 3 100. 0 101. 6 94. 0 100. 9 100. 5 101. 6 99. 8 104. 6 99. 9 101. 9 92. 7 100. 8 101. 8 104. 5 100. 6 100. 6 99. 9 102. 1 102.2 93.0 101.9 99.0 100.8 104.9 99.8 102.3 94. 5 102. 1 99. 4 101.9 100. 8 99. 7 105. 0 102.2 95.4 101. 8 102. 0 99.7 100. 9 99. 7 105. 1 102. 2 97.6 102.3 102. 1 100. 1 101. 1 105. 3 99.7 102.2 98. 4 103. 3 102. 3 101. 4 101.0 105.3 99.6 102. 5 106. 1 100. 3 102. 5 101. 5 100. 5 105.4 99. 7 102.6 100.0 106.6 102.5 100.4 101.5 105.4 99.6 102.7 99. 1 106.7 102.7 101.7 101.7 105.5 99.5 102.8 99.5 106.7 101.2 102.7 101.8 105.5 99.5 102.9 99.0 99.4 106.2 106.7 1 Coverage of the subgroups does not correspond exactly to coverage of this index. 2 Excludes intermediate materials for food manufacturing and manufactured animal feeds; includes, in part, grain products for further processing. 102.7 102.7 3 4 Preliminary. Weekly series based on smaller sample than monthly series. Source: Department of Labor. 27 PRICES RECEIVED AND PAID BY FARMERS During the month ended September 1 5, the parity ratio was unchanged as prices received and prices paid by farmers were stable. Index, 1957-59 = 100 Index, 1957-59 = 100 PRICES PAID. I NTEREST, 110 TAXES, ANC) ,---_-.s ,— +~ "**—«. — x PC /^- ~* If) A /N^/ *~\/~ —^ (/ 90 \ \ 1 PRICES ML no «.--._ ,*• — ' WAGE RATES RECEIVED FARM PRODUCTS A 100 ^Xv^-•^ i 90 i on 80 RAT RAT 0^ 100 o-u inn 90 90 PARITY RATIO 80 V ,.-..- , , WI> **»* v ** j '«„..** v».».%A^»<s ".,* 80 '%V"»"-, 1 70 t i r i t r 1 i i i r t i i r f r f i_ f t I t 1960 i i t t 1 ( r 1 i t 1961 1959 11? 111 11111 o r i t r i t i i i i i 1962 1963 /^'' JiH fc i i i i » I f i i i i f i i i i I i i i i i 1964 1 1965 70 J/RATIO OF INDEX OF PRIC ES RECEIVED TO INDEX OF P RICES PAID, INTEREST, TAXES, AND WAG E RATES, ON 1910 -14 = 100 B ASE. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF A GRICULTURE Prices i•eceived by jfarmers Period All farm products 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1964: Aug 15 Sept 15 Oct 15 Nov 15 Dec 15 1965: Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 __ 96 95 97 104 99 99 99 101 100 98 96 98 98 97 97 98 98 99 101 104 106 105 103 103 Crops 104 105 101 100 99 99 102 104 107 106 101 103 104 105 105 105 105 106 109 111 109 106 100 100 1 Percentage ratio of index of prices received by farmers to Index of prices paid, interest, taxes, and wage rates, on 1910-14=100 base. 28 Price*3 paid by fa] rmers Livestock and products All items, interest, taxes, and wage rates Index, 1957-59 = 100 94 90 95 88 94 98 106 100 102 100 102 98 103 98 99 105 95 107 91 107 92 107 95 107 107 93 91 107 91 107 92 108 93 109 93 109 95 109 99 110 103 110 104 110 105 110 105 110 Family living items 95 96 99 100 101 102 102 103 104 105 105 105 105 105 105 106 106 106 106 108 107 107 107 107 Source: Department of Agriculture. Production items 96 95 98 100 102 101 101 103 104 103 108 103 103 103 103 104 104 104 105 106 106 106 106 106 Parity ratio * 84 83 82 85 82 80 79 80 78 76 74 76 76 75 75 74 75 75 76 78 79 78 78 78 MONEY, CREDIT, AND SECURITY MARKETS MONEY SUPPLY The daily average money supply (seasonally adjusted) increased by $1.6 billion in September to a level 3.9 percent above a year earlier. Time deposits at commercial banks continued their rapid growth, rising $1.5 billion (seasonally adjusted) to a level 1 5.9 percent above a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES. SEASONALLY ADJUSTED 160 160 120 120 TIME DEPOSITS AT ALL COMMERCIAL BANKS 80 80 40 1 I i i i i i i I i i i « i i y i t t > i I i t t i i I i i i i i 1964 1963 j i > ! i i i i i ' 1959 1960 1962 1961 1 40 i t i i i t i i i i t ! 1965 COUNCIL OF ECONOMIC ADVISERS SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Averages of daily figures, billions of dollars] M oney supp)lv M oney supf >iy Period 1959: 1960: 1961: 1962: 1963: 1964: 1964: Dec Dec Dec Dec Dec Dec Aug Sept Oct Nov Dec. 1965: Jan Feb . Mar Apr May June July Aug Sept 2 1 2 Deposits Total _ _ _ ___ ___ __ _ _ __ __ _ _ _ _ _ _ __ at all commercial banks. Preliminary. _ _ _ _ _ _ _ _ 141. 9 141. 1 145. 5 147. 5 153. 1 159. 7 157. 1 158. 2 158. 8 159. 1 159. 7 160.0 159. 7 160. 3 161. 1 160. 0 161. 8 162. 5 162.7 164.3 Currency outside banks Seasonallyf 28. 9 28. 9 29. 6 30. 6 32. 5 34. 2 33.8 33. 9 34. 0 34. 2 34. 2 34.5 34.7 34.7 34. 7 34. 9 35.0 35. 2 35.4 35.6 De- mand de- posits adjusted 113. 1 112. 1 116. 0 116.9 120. 6 125. 4 123. 3 124. 3 124.8 124. 8 125. 4 125. 5 125. 1 125. 6 126. 4 125. 1 126. 8 127. 3 127. 3 128.7 Time de- posits Total Currency outside banks De- Time de- posits mand posits de- 1 U.S. Government de- mand de- posits l }Unad justed 67. 4 72. 9 82. 7 97. 8 112. 2 126. 6 121. 0 122. 1 123. 5 125. 1 126. 6 128.8 131. 0 132. 1 133. 5 134. 6 135. 9 137. 6 140. 1 141.6 145. 6 144. 7 149. 4 151.6 157. 3 164. 0 155. 0 157. 1 159. 0 160. 7 164.0 164. 4 159. 5 159. 0 161. 6 157. 6 159. 6 160. 9 160. 5 163.2 29. 5 29. 6 30. 2 31. 2 33. 1 35.0 33.9 33.9 34. 1 34. 6 35. 0 34. 4 34. 2 34. 3 34. 5 34. 6 34. 9 35. 4 35. 5 35.6 116. 1 115. 2 119. 2 120.3 124. 1 129. 1 121. 1 123. 2 124. 9 126. 1 129. 1 130. 1 125. 3 124. 6 127. 1 123. 0 124.6 125. 6 125. 0 127.5 66.6 72. 1 81. 8 96. 7 111. 0 125. 2 121. 1 122. 0 123.4 124. 1 125. 2 128. 3 130. 8 132.7 134. 0 135. 4 136. 6 138. 3 140. 2 141.4 4.9 4. 7 4. 9 5. 6 5. 1 5. 5 6.3 6. 5 5. 5 5. 8 5. 5 4. 2 5.7 6. 7 5. 6 9.7 9. 3 9. 1 7.4 5.6 NOTE.—Revised series beginning 1959. See Federal Reserve Bulletin, July 1965 See Note, p. 31. Source: Board of Governors of the Federal Reserve System. 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Nonbcmk public holdings of liquid assets (seasonally adjusted) rose sharply again in September. Increases occurred in most types of liquid assets but the largest occurred in demand deposits and currency which wiped out the JuneAugust dip. BILLIONS OF DOLLARS 600 BILLIONS OF DOLLARS 600 SEASONALLY ADJUSTED, END OF MONTH 500 500 400 400 300 300 200 200 DEMAND DEPOSITS AND CURRENCY \ 100 ,„„.»»,„,„„»«•»••••• IIIIMllUllllllttU"1 mini, iiitiitiiii"" i I 1959 100 I960 1961 1963 1962 1965 1964 U ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY. COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Billions of dollars, seasonally adjusted] End of period 1956 1957 1958 _ ___ 1959 1960 1961 1962 1963 1964 1964: Sept Oct Nov Dec 1965: Jan Feb 3 Mar Apr 3 _ _ _ _ _ May 3 June33 July 3 A u g3 _ _ _ _ _ _ _ Sept Total selected liquid assets 343. 2 356. 0 373. 1 393. 9 399. 2 424 6 459.0 495. 4 530.4 521.0 523.4 526. 9 530. 4 534 9 536. 4 542. 8 543. 3 542. 8 549.5 550.7 555. 5 561.6 Demand deposits and currency l 1346 133.5 138.8 139. 7 138.4 142. 6 144 8 149.6 156. 7 155.0 155.0 155.0 156. 7 156. 1 154 8 158. 6 156. 3 155. 4 159.4 157.7 157. 9 160. 7 Time d eposits Com- mercial banks 52.0 57. 5 65. 4 67. 4 73. 1 82.5 98. 1 112. 9 127. 1 121. 9 123.8 125. 9 127. 1 130.6 131. 9 133. 0 134 1 134 7 136. 1 138. 1 139. 6 141.4 * Agrees in concept with money supply, p. 29, except for deduction of demand deposits held by mutual savings banks and savings and loan associations. Data for2 last Wednesday of month. Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning February 1960, savtags and loan associations. 30 Mutual savings banks 30.0 31. 6 33. 9 34 9 36. 2 38. 3 41. 4 44 5 49.0 47. 9 48. 3 48.6 49. 0 49. 4 49. 6 49. 8 50.1 50. 4 50. 6 51. 1 51. 3 51. 6 Postal Savings System Savings and loan shares U.S. Government U.S. Gov- securities ernment savings bonds 2 maturing within year 2 1. 6 1. 3 1. 1 .9 .8 .6 .5 .5 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .3 .3 37.0 41.7 47.7 54 3 61. 8 70. 5 79. 8 90. 9 101. 3 99. 1 99. 8 100. 8 101. 3 101. 7 102. 6 103.6 103. 9 104 4 105.1 105.5 106. 5 107. 7 54 8 51. 6 50.5 47.9 47.0 47.4 47. 6 49.0 49. 9 49. 4 49. 4 49. 5 49. 9 50. 0 49.9 49. 9 49. 9 49. 9 50.0 50.1 50. 1 50. 1 s Preliminary. NOTE.—See Note, p. 31. Source: Board of Governors of the Federal Reserve System. 33.2 38.8 35.6 48. 8 41. 9 42.6 46. 8 48. 1 46. 1 47.4 46.8 46.7 46. 1 46. 8 47.3 47.6 48.6 47.6 48.0 47.9 49.8 49. 7 BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES Total commercial bank credit (seasonally adjusted) increased very slightly in September, by $0.1 billion, to a level 9.3 percent above a year earlier. Loans continued to set a strong pace, up $0.4 billion but holdings of U.S. Government securities declined by $0.5 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 300 300 SEASONALLY ADJUSTED, END OF MONTH ALL COMMERCIAL BANKS 250 250 TOTAL LOANS AND INVESTMENTS \ 200 200 150 150 BANK LOANS 100 100 INVESTMENTS IN U.S. GOVERNMENT SECURITIES 50 50 INVESTMENTS IN OTHER SECURITIES IIIIIIUI11IUUUU111I » I ' 111 t i l l no,,, ,u A, ' I ' ' I I I I I I I 1959 1960 „„„.,,.„,». I I I I 1.1 1 I i 1 1 1961 1963 1962 I I I .l.-l1964 COUNCIL OF ECONOMIC ADVISERS SOURCE.. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM All comnnercial bank s (s easonally adjusted daita) End of period 1957 1958 1959 1960 1961 6 1962 1963 5 1964 1964: Sept Oct Nov _ Dec _ _ 1965: J a n _ _ .. _ Feb 6 Mar __ Apr 6 6 May _ __ _ June 66 __ __ J u l y6 Aug 6 Sept Total Investi nents Loans, loans excluding and interU.S. Gov- Other investbank ernment securiments securities ties 166. 4 181. 2 185. 9 194. 5 209. 8 228. 3 246. 5 267. 2 261. 7 261. 1 265. 5 267. 2 269. 6 272. 1 275. 5 277. 3 279. 1 282. 2 281.5 286. 0 286.1 91. 4 95. 6 107. 6 113. 8 120. 5 133. 9 149. 4 167. 1 163. 0 163.2 165. 4 167. 1 170. 2 171. 9 175.8 177. 1 179.3 182. 6 182.8 185. 8 186.2 Billions of dollars 57. 1 17. 9 20. 5 65. 1 20. 5 57. 8 20. 8 59. 9 65. 4 23. 9 65. 2 29. 2 62. 1 35. 0 61. 4 38. 7 61. 2 37. 5 37. 9 60. 0 61. 6 38. 5 61. 4 38. 7 59.9 39.5 60. 2 40.0 59.6 40. 1 41. 1 59. 1 41. 3 58.5 42. 0 57. 6 56. 1 42.6 43. 5 56. 7 56.2 43.7 1 Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System. 2 Commercial and industrial loans. 3 Debits during period to demand deposit accounts except interbank and U.S. Government. New series; see Bank Debits and Deposit Turnover, G.6 FRB, February 19, 1965. 4 Averages of daily figures. Annual data are for December. 1965 Weekly reporting member banks 1 Business loans 2 31. 8 31.7 30. 7 32. 2 32. 9 35. 2 38. 8 42. 1 40.0 39.9 40. 5 42. 1 41.8 43. 0 44. 6 44.6 45. 2 46. 8 46.3 46. 9 48. 1 Bank J U..I debits outside New York City (343 centers) , seasonally adjusted annual rates 3 1+468 1, 481 1, 656 1, 736 1,832 2, 021 2, 199 8 2, 696 2, 756 2, 772 2, 730 2, 804 2,803 2,845 2,924 2,962 2, 872 3,019 3,021 3,019 3,023 A 11 member banks l * Total reserves 19, 420 18, 899 18, 932 19, 283 20, 118 20, 040 20, 746 21,609 20, 928 21, 033 21,159 21,609 21,619 21,227 21, 248 21, 505 21, 476 21, 709 21,865 21, 620 21, 729 Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions o f dollars 710 577 557 516 482 906 87 756 140 568 304 572 327 536 411 243 420 331 309 415 430 396 411 243 402 299 437 405 340 416 359 471 327 505 343 528 524 349 564 428 528 373 -133 -41 -424 669 419 268 209 168 89 106 -34 168 103 32 -76 -112 -178 — 185 -175 -136 -155 6 « Estimates as of December 31. Preliminary. NOTE.—Between January and August 1959, series for all commercial banks expanded to include data for all banks in Alaska and Hawaii. Data for all member banks include Alaska and Hawaii beginning 1954 and 1959, respectively. Source: Board of Governors of the Federal Reserve System. 01 CONSUMER AND REAL ESTATE CREDIT Total consumer credit rose by $770 million in August, compared to a rise of $610 million in August of last year. Automobile credit remained the major factor in the continued rise of credit. BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL CONSUMER CREDIT OUTSTANDING essiLz. •-••• •—r 1960 1959 1962 1961 1963 1965 1964 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Millions of dollars] Consu mer credit outstandin g (end of p eriod; imadjusted) [nstalment NonAutomor Total Total bile Personal instalment 2 paper loans Period 1955 1956 1957 1958 1959 1960 1961 1962 . 1963 1964 1964: July Aug______ Sept Oct Nov Dec 1965: Jan__ _ _ . Feb Mar ,.__ Apr May June July Aug 38, 830 42, 334 44, 970 45, 129 51, 542 56, 028 57, 678 63, 164 69, 890 76, 810 72, 456 73, 069 73, 495 73, 928 74, 371 76, 810 76, 145 75, 741 76, 085 77, 483 78, 687 79, 887 80, 686 81, 454 28, 906 31, 720 33, 867 33, 642 39, 245 42, 832 43, 527 48, 034 53, 745 59, 397 56, 496 57, 055 57, 446 57, 826 58, 085 59, 397 59, 342 59, 363 59, 788 60, 803 61, 739 62, 790 63,609 64,393 13, 460 14, 420 15, 340 14, 152 16, 420 17, 688 17, 223 19, 540 22, 199 24, 521 24, 024 24, 251 24, 295 24, 423 24, 367 24, 521 24, 574 24, 743 25, 063 25, 615 26, 109 26, 685 27, 171 27, 493 6, 112 6,789 7, 582 8, 116 9,386 10, 480 11, 256 12, 643 14, 391 16, 071 15, 233 15, 415 15, 612 15, 672 15, 771 16, 071 16, 091 16, 190 16, 341 16, 693 16, 917 17, 159 17,312 17, 565 1 Also includes other consumer goods paper, and repair and modernization loans, not shown separately. 2 Consists of single-payment loans, charge accounts, and service credit, s End of period, unadjusted. 32 9, 924 10, 614 11, 103 11, 487 12, 297 13, 196 14, 151 15, 130 16, 145 17, 413 15, 960 16, 014 16, 049 16, 102 16, 286 17, 413 16, 803 16, 378 16, 297 16, 680 16, 948 17, 097 17, 077 17, 061 Consum er instalme nt credit e x tended and r 3paid (seas onally adju sted) Automobile paper To tal Extended 38, 972 39, 868 42,016 40, 119 48, 052 49, 560 48, 396 55, 126 60, 822 66, 070 5,541 5,529 5,617 5,507 5,456 5,816 5,. 883 6,022 6,030 6, 189 6,105 6, 139 6,278 6,288 Repaid 33, 634 37, 054 39, 868 40, 344 42, 603 45, 972 47, 700 50, 620 55, 111 60, 418 5,058 5,094 5, 104 5,097 5, 155 5,256 5,213 5,381 5,393 5,445 5,435 5,537 5,612 5,679 Extended 16, 734 15, 515 16, 465 14,226 17, 779 17, 654 16, 007 19, 796 22, 013 23, 565 1,996 2,017 2, 024 1,924 1, 858 2,043 2, 120 2,228 2,229 2,272 2,215 2,250 2,301 2,313 Repaid 13, 082 14, 555 15, 545 15, 415 15, 579 16, 384 16, 472 17, 478 19,354 21, 243 1,781 1,789 1,802 1,788 1,818 1,864 1,830 1,897 1,924 1,936 1,940 1,960 1, 972 2,030 Mortgage debt out standing, nonfarm 1- to 4family houses 3 88, 200 99, 000 107, 600 117, 700 130, 900 141, 300 153, 100 166, 500 182, 200 197, 700 193, 900 197, 700 200, 300 NOTE.—Data for Alaska and Hawaii included beginning January and August 1959, respectively. Sources: Board of Governors of the Federal Eeserve System and Federal Home Loan Bank Board. BOND YIELDS AND INTEREST RATES Interest rates registered further increases in September. In early October, when uncertainties over Government defense outlays and expectations of changing money market conditions were important influences, Government taxable bond yields reached their highest level since the week of February 6, 1960, but yields subsequently declined. PERCENT PER ANNUM PERCENT PER ANNUM PRIME ^COMMERCIAL ' PAPER CORPORATE Aaa BONDS (MOODY'S) x..,y TAXABLE GOVERNMENT BONDS / / ~-~^/**'^ ^'~^' TREASURY BILLS 1960 1959 1961 1963 1962 1964 SOURCES, SEE TABLE BROW Period 1958 1959 1960 1961 1962 1963 1964 1964: Aug _ _._ Sept Oct Nov Dec 1965: Jan Feb Mar Apr_ . May—. June July Aug Sept Week ended: 1965: Sept 11 _ _ 18__ 25__ Oct 2_. 9_. 16__ COUNCIL OF ECONOMIC ADVISERS [Percent per annum] High-grade U.S. Govcirnment secu]rity yields municipal 3-month bonds 3-5 year Taxable Treasury 2 3 (Standard4 & issues bonds bills i Poor's) 2.90 1. 839 3.43 3. 56 3. 405 4.33 4.08 3.95 2. 928 402 3.99 3. 73 2.378 3.60 3. 90 3. 46 2.778 3.57 3. 95 3. 18 3. 157 3. 72 4. 00 3.23 3.549 4. 06 4 15 3. 22 3. 506 4 14 3.99 3. 20 3. 527 4. 03 4 16 3. 25 3. 575 4. 04 4 16 3.26 3. 624 4. 04 4 12 3. 18 4. 07 4 14 3. 856 3. 15 3.828 4.06 4.14 3.06 4. 08 3. 929 4 16 3. 10 3. 942 4. 12 4 15 3. 18 3.932 4.12 4. 15 3.17 3. 895 4 11 4 14 3. 19 4.09 4. 14 3.810 3.26 3.831 4.10 4.15 3.26 4 19 3. 836 4 19 3. 25 3. 912 4.24 4.25 3.36 3.898 3.887 3.905 3.983 4.050 4.006 4.23 4.22 4.24 4.31 4.31 430 4.23 4.25 4.25 4.29 4.27 *426 2 i Rate on new issues within period. Selected note and bond issues. Series includes: April 1953 to date, bonds due or callable 10 years and after. Weekly data are Wednesday figures. • Data for first of the month, based on the maximum permissible interest rate (5J4 percent since May 1961) and 30-year mortgages paid in 15 years. 1 4 1965 3.32 3.36 3.40 3.41 3.41 3. 41 Corpora be bonds (Moo dy's) 3.79 438 4 41 4 35 4 33 4 26 4.40 4 41 442 4.42 443 4 44 4.43 4 41 4 42 4.43 4 44 4.46 4.48 4 49 4.52 473 5. 05 5. 19 5. 08 5. 02 4.86 4 83 482 4 82 4 81 481 4 81 4.80 4 78 4 78 4.80 481 4.85 4.88 489 4.91 Prime commercial paper, 4-6 months 2. 46 3. 97 3.85 2.97 3.26 3. 55 3.97 3.88 3.89 4 00 4 02 4 17 4.25 4 27 4 38 4.38 438 4.38 4.38 4 38 4.38 4.52 4.52 4.52 4.53 4.57 *457 4.92 4.91 4.91 4.91 4.92 4.92 4.38 4.38 4.38 4.38 4.38 *438 Aaa Baa FHA new home mortgage yields 5 5. 49 5. 77 6. 16 5.78 5. 60 5.46 5. 45 5.46 5.46 5.46 5. 45 5.45 5.45 5. 45 5. 45 5.45 5. 45 5.45 5.44 5. 44 5.45 *Not charted. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Federal Housing Administration, Standard & Poor's Corporation, and Moody's Investors Service. 33 COMMON STOCK PRICES, YIELD, AND EARNINGS Stock prices continued to rise in September and early October. of May 1965. By mid-October, they exceeded the previous peak Index, 1941-43 = 10 Index, 1941-43 = 10 90 90 80 80 -COMPOSITE PRICE INDEX FOR " 500 COMMON STOCKS 70 70 60 60 50 50 PERCENT PERCENT WEEKLY MONTHLY DIVIDEND YIELD ON COMMOh1 STOCKS V /———1 ^__^_^ 2 V 1 1 1 1 1 1 1 1 1 V^ - i i i i i 1 i i . i l 1^1 1 1 1 I 1 1 1 1 ! ^ i i i ii 1 i iiii I 1 1 1 1 1 1 1 1 1 1 I !„- f)f 25 — x^^. ASN 20 *~*~V 15 N^x-^ "^ ———X^ * I f 1959 ! I ! ! 1960 PRICE/EARNINGS RAT O ON COMMON SIOCKSon \ ^\ N^^— ^^.S 1 10 2 RATIO RATIO ! 1 1 1961 i """"•^ ^-s. "*x i 1962 15 i ! 1 ! 1963 1959 1960 1961 1962 1963 1964 __ 1964: Sept___ Oct ___ Nov__ _ _ Dec 1965: Jan _ _ _ ___ Feb Mar Apr_ __ May__ __ _ _ _ June July Aug__ _„ _ Sept___ _ _ __ __ _ Week ended: 1965: Sept 10 17 24 Oct 1 8 15 1 t Price i ndex l Industrials Total Total Capital goods 1 1965 Consumers' goods Public utilities Railroads Dividend yield 2 (percent) 57. 38 55. 85 66. 27 62. 38 69. 87 81.37 83.41 84. 85 85.44 83. 96 86. 12 86.75 86.83 87.97 89.28 85.04 84.91 86. 49 89.38 61. 45 59. 43 69. 99 65. 54 73. 39 86. 19 88. 27 89. 75 90. 36 88. 71 91. 04 91. 64 91. 75 93.08 94. 69 90. 19 89.92 91. 68 94.93 1941-^13 = 10 63. 93 47. 35 59. 75 47. 21 67. 33 57. 01 58. 15 54. 96 63. 30 62. 28 76. 34 73. 84 77.97 77. 74 79. 13 79. 08 78. 97 79. 18 77. 24 77.58 80. 19 79. 69 82. 52 80. 74 83.62 81. 50 84.85 83.78 86. 35 85. 21 81.62 80.04 80. 54 78.80 83. 25 80. 23 86.91 82.33 44. 15 46. 86 60. 20 59. 16 64. 99 69. 91 72. 07 73. 37 74. 39 74. 24 75. 87 77. 04 76. 92 77.24 77. 50 74.19 74.63 74. 71 76.10 35. 09 30. 31 32. 83 30. 56 37. 58 45.46 47. 14 48. 69 48. 01 45. 75 46.79 46. 76 46. 98 46.63 45. 53 42.52 43.31 46. 13 46.96 3. 23 3. 47 2. 98 3. 37 3. 17 3. 01 3.00 2.95 2. 96 3. 05 2. 99 2. 99 2. 99 2.95 2. 92 3.07 3.09 3.06 2.98 88.76 89.60 90.00 90.19 90.51 *91. 33 94.21 95. 18 95.62 95.87 96.23 97. 11 86.11 87.05 88.59 88.55 88.96 90. 12 75.93 76.31 76.44 76. 18 76.35 76. 83 46.81 46.61 47.09 47.42 47.61 48. 28 f f 10 Price/ earnings ratio 3 2.99 2.96 2.94 2.95 2.94 *2. 92 1 Includes 500 common stock, 425 are industrials; 50 are public utilities; and 25 are railroads. Weekly indexes for capital and consumer goods are Wednesday figures; all other weekly indexes are averages of daily figures. 2 Aggregate cash dividends (based on latest known annual rate) divided by the aggregate monthly market value of the stocks in the group. Annual yields are averages of monthly data. Weekly data are Wednesday figures. 34 i 1964 COUNCIL OF ECONOMIC ADVISERS SOURCE! STANDARD AND POOR'S CORPORATION Period i 82.40 82.97 82.86 82.42 83.09 86. 20 17. 05 17. 09 21.06 16. 68 17. 62 18. 08 17.87 18. 67 17.69 16.02 3 Ratio of price index for last day in quarter to quarterly earnings (seasonally adjusted annual rate). Annual ratios are averages of quarterly data. *Not charted. Source: Standard and Poor's Corporation. FEDERAL FINANCE FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES The budget deficit in the first 3 months of fiscal 1966 amounted to $3.5 billion. 1965 the deficit was $3.7 billion. BILLIONS OF DOLLARS In the corresponding period of fiscal BILLIONS OF DOLLARS NET BUDGET RECEIPTS 100 - 1961 - 1962 1963 1964 1965 1966 BUDGET SURPLUS (+) OR DEFICIT (-) (ENLARGED SCALE) 75 - 50 - 25 - 0 _ 1961 1962 1963 1964 1965 1966 1961 1962 1963 1964 1965 1966 FISCAL YEARS SOURCE: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Net budget receipts Period Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1964: year year year year year year year Aug Sept Oct Nov 1959 1960 1961 1962_ 1963 1964 3 1965 Dec _ ... - _ ... 67. 9 77. 8 77. 7 81.4 86.4 89.5 93.0 6.7 10. 1 _ 1965: Jan__ Feb Mar _ _ Apr_ _ _ __ May COUNCIL OF ECONOMIC ADVISERS June__ _ _ _ _ __ __ July__ Aug _ ___ _ Sept _ _ _ _ _ _ _ _ ___ _ __ Cumulative totals, first 3 months: Fiscal year 1965 _ _ _ Fiscal year 1966 _ 3.4 7.0 8.9 5. 6 7.5 11.2 8.5 7.3 13.4 [Billions of dollars] Net budg et expenditu res N ational defeiase 1 DepartTotal Military ment of Total Defense, assistance military 80. 3 46. 5 2.3 41.2 76. 5 41.2 45.7 1.6 1.4 47. 5 81. 5 43.2 1.4 87. 8 51. 1 46.8 92.6 52.8 1.7 48. 3 54.2 1.5 97.7 49.8 1.2 96.5 46.2 50. 1 4 8. 1 3.8 3.5 () .1 8.4 4. 2 3.9 4.2 8. 3 3.9 (4) 7. 1 3. 7 4.0 4. 2 8. 8 4. 5 .1 .1 4.0 7. 7 3.7 .1 7. 1 3.8 3. 6 4. 5 4, 2 8. 1 .1 .1 4. 3 4. 1 8. 3 .2 4.3 8. 1 a8 3.8 7.4 11.0 9.1 7.2 9.0 9.5 4.9 3.8 4.4 4.5 4.3 3.6 4. 1 4.3 20.2 22.2 23.9 25.7 11.5 12.7 10.7 12.0 * In addition to items shown, also includes atomic energy and defense related services. 2 Includes guaranteed securities held outside the Treasury. Not all of total shown is subject to statutory debt limitation. Public debt (end of2 period) .1 -12.4 1. 2 — 3. 9 -6.4 -6.3 -8.2 — 3.5 -1. 4 1.6 -4. 9 5 () .1 -2.0 .4 3.0 .3 -.8 4.3 -3.4 -1.6 1.5 284.8 286. 5 289. 2 298.6 306.5 312. 5 317.9 314. 9 316. 5 316. 5 319. 3 318. 8 318.6 320. 6 318. 4 317.2 319. 8 317.9 317. 1 318.7 317. 3 .1 .1 -3.7 -3.5 316.5 317.3 .4 4 ( 4) () Budget surplus or deficit (-) s Preliminary. * LeSS than $50 million. «Deficit of $15 million. NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions. Sources: Treasury Department and Bureau of the Budget. 35 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In.the third quarter, cash payments exceeded cash receipts by $3.9 billion/ on a seasonally adjusted basis, however, the excess of payments was $1.8 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 35 35 25 20 20 t +5 I w -5 I +5 SEASONALLY ADJUSTED EXCESS OF ( IASH RECEIPTS | •- i m m-m _ ^^nn m m M n M M IH W • • !• FPJ Q • EXCESS OF C ASH PAYMENTS . , 1959 , , I ! 1 I I I I 1962 1961 1960 ! 1 i t 1963 r 1964 T ' 1 -5 \ 1965 CALENDAR YEARS 5>OUR(IBS i TREASURY DEPARTWENT AND BUREAU OF THE JUDGET COUNCIl OF ECONOMIC ADVISERS [Billions of dollars] Period Fiscal year: 1959 1960 1961 1962 1963 1964 1965 Calendar year: 1959 1960 1961 1962 1963 1964 . Quarterly total (calendar years): 1964: I._ II III IV 1965: I II 2 III Cash receipts from the public Cash payments to the public 81. 7 95. 1 97. 2 101.9 109.7 115.5 119.7 94. 8 94. 3 99. 5 107. 7 113. 8 120. 3 122.4 87.6 98. 3 97.9 106. 2 112. 6 115.0 95. 6 94. 7 104. 7 111. 9 117. 2 120.3 Unadjusted 36 Excess of receipts or payments <-) 3. 6 -6. 8 -5. 7 -4. 6 -5.3 1.7 3. 2 -3.9 -6.3 2.4 5.1 -3.9 Cash payments to the public -ao 28. 6 30.2 30.9 30. 6 28. 3 32.6 33.1 Cash receipts from the public -13. 1 .8 -2. 3 -5. 8 — 4.0 -4.8 -2.7 30.3 33.4 27.0 24.3 30. 7 37.7 29.2 * Seasonally adjusted data Include accelerated corporate tax payments of about $0.3 billion in 1964 and $0.9 billion in 1965. Excess of receipts or payments (-) Seeisonally adjus ted 29. 5 28. 7 28.2 28.7 '29. 9 '32.7 30.5 J 30. 5 29. 9 30. 2 29.8 30. 1 32.3 32.3 2 Preliminary. Sources: Treasury Department and Bureau of the Budget. — 1.0 -1.2 -2.0 — 1.1 -.2 .5 -1.8 FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS Federal expenditures increased nearly $6 billion (seasonally adjusted annual rate) in the third quarter, largely as a result of the retroactive transfer payments for OASI. Receipts excluding corporate tax accruals declined about $2 billion. BILLIONS OF DOLLARS UO BILLIONS OF DOLLARS 140 SEASONALLY ADJUSTED ANNUAL RATES 120 120 RECEIPTS / 100 100 EXPENDITURES 80 80 nT i i I V i I_ i +20 !_ L_ I_ I !-d.-1-1 i- i -1-20 SEASOr ALLY ADJUSTED ANNUAL RATES SURPLUS r"Q ' nn • M m « mm -• "*"" DEFICIT i i i i i i I960 1959 i i i i r 1961 i I 1962 | ) r I . I 1 I I 1965 1964 1963 CALENDAR YEARS SOURCE. DEPARTMENT OF COMMERCE 'COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, quarterly data at. seasonally adjusted annual rates] Federal (jrovernment receipt 3 Period Fiscal year : 1961 1962 1963 1964 1965 J ____ Calendar year: 1959 1960 1961 1962 1963 1964 1964: !___ II__ III. IV1965:1 II__ HP_ Fed era 1 Governcdent expe aditures -- GrantsSubsidies Surplus Personal Corpo- Indirect ContriPurin-aid less or Total tax and rate business butions chases Trans- to State Net current deficit nontax profits tax and to social Total of goods fer payand interest surplus ( ) receipts tax nontax insurand ments local paid of Govt. accruals accruals ance services governenterments prises 95.3 104.2 110.2 115.1 119.4 43. 6 47.3 49.6 50.7 51.5 20.3 22.9 23.6 25.3 27. 0 13.3 14.2 15.0 15.6 16.5 18. 1 19.9 22.1 23.6 24. 5 98. 0 106.4 111.4 118.1 119.3 55.5 60. 9 63.4 66.8 65.0 25.6 27.2 28.6 29.6 30.3 6.9 7.6 8.4 9.8 10.8 6.8 6.8 7.5 8.1 8.6 3.2 3.8 3.6 3.8 4.6 — 2.7 — 2.1 — 1.2 — 2.9 .2 89.7 96.5 98.3 106.4 114. 3 114.5 114. 8 112. 0 114.6 116. 8 122. 7 123. 7 39.9 43.6 44.7 48.6 51.5 48.6 50.2 46.5 48. 1 49. 8 53.5 54. 6 53.0 22.5 21. 7 21. 8 22. 7 24. 5 26.0 25.7 25. 9 26.2 26. 5 27.4 27. 6 12. 5 13. 5 13.6 14.6 15.3 16. 1 15.6 16. 0 16.4 16.4 16. 8 16. 3 15.7 14.8 17.7 18.2 20. 5 23. 0 23.7 23.3 23.5 23.9 24.2 24.9 25. 1 25.5 91. 0 93. 0 102. 1 110.3 114. 0 118.3 117. 5 119.6 118.2 117.9 120.2 120.8 126.6 53. 7 53.5 57.4 63.4 64.4 65.3 65. 0 67.0 64.9 64. 3 64. 9 65. 9 67.3 21.9 23.4 27.0 27. 7 29.2 29.9 30. 3 29.8 29. 7 29.8 31.2 30. 5 34.1 6.8 6. 5 7.2 8.0 9.1 10. 4 9.9 10.3 10.6 10.8 10.8 11. 0 11.8 6.4 7. 1 6.6 7.2 7.8 8. 4 8.3 8.2 8.5 8.4 8.6 8. 7 8.8 2. 1 2. 5 3.8 4. 0 3.6 4. 3 3.9 4.2 4.4 4.7 4.7 4. 7 4.5 — 1.2 3. 5 -3.8 — 3. 8 .3 —3 8 — 2. 6 — 7. 6 — 3. 6 — 1.1 2. 5 2.8 1 2 Estimates. Preliminary estimates. NOTE.—Eevised series beginning 1929. For details, see Survey of Current Business, August 1965. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U.S. GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC DOCUMENTS WASHINGTON, D.C. 2O4O2 OFFICIAL BUSINESS First-Class Mail Contents TOTAL OUTPUT, INCOME, AND SPENDING The Nation's Income, Expenditure, and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income ; Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part-Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work—Selected Industries Average Hourly and Weekly Earnings—Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories—Total and Trade Manufacturers' Shipments, Inventories, and New Orders Merchandise Exports and Imports U.S. Exports and Imports of Goods and Services U.S. Balance of International Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY/CREDIT, AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public Bank Loans, Investments, Debits, and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices, Yield, and Earnings FEDERAL FINANCE Federal Administrative Budget Receipts and Expenditures Federal Cash Receipts from and Payments to the Public Federal Budget, National Income Accounts Basis Page 1 2 3 4 5 6 7 8 9 . _._ _ _ ^ __> _ _ NOTE.— Detail in these tables will not necessarily add to totals because of rounding. Data for Alaska and Hawaii are not included unless specifically noted. Unless otherwise stated, all dollar figures are in current prices. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C., 20402 Price 25 cents per copy; $2.50 per year; $3.50 foreign 38 _ _ 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
@FedFRASER