Full text of Economic Indicators : October 1968
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90th Congress, 2nd Session
1-tUbKAL RESERVE
BANK OF CHICAGO
Economic Indicators
October 1968
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1968
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
JOHN R. STARK, Executive "Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
ARTHUR M. OKUN, Chairman
MERTON J. PECK
WARREN L. SMITH
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 printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
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libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
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The 1967 revised edition of the Historical and Descriptive Supplement to
Economic Indicators, which describes each series and gives annual data for years
not shown in the monthly issues, is available at 70 cents a copy from the
Superintendent of Documents, Government Printing Office.
ii
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates indicate that gross national product advanced almost $18 billion (seasonally adjusted annual
rate) in the third quarter, somewhat less than the record increase of nearly $21% billion in the second quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Period
Total1
350. 0
364 4
385. 3
404. 6
438. 1
473. 2
511. 6
546.3
534. 2
541. 5
550. 0
. 559. 6
1968: I ____ 574. 4
586.3
592. 6
1960
1961
1962
1963
1964
1965
1966
1967
1967: I
PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
Puror
and
tion
paid and excludfers,
fers,
nontax interest,
chases
expend- interest,
Net
disexpending
transfer
of goods
itures
receipts
interest itures saving receipts
payand
and
and
or
and
ments
subsubaccruals sidies 2
2
transto forsidies
fers
eigners
7.8
8. 1
8. 6
9. 7
10. 7
12. 0
13. 1
13.9
13.7
14. 3
14. 0
14. 0
14. 1
14.4
14.5
342. 3
356. 3
376. 6
394, 9
427.4
461.3
498.4
532. 4
520.5
527.2
536. 0
545.6
560. 3
571.9
578. 1
325. 2
335. 2
355. 1
375.0
401.2
432.8
465. 5
492.2
480.9
490.3
495.5
502.2
519.4
527.9
541.3
17.0
21. 2
21. 6
19. 9
26. 2
28. 4
32. 9
40. 2
39. 7
37. 0
40. 5
43. 4
40. 8
44.0
36. 8
139.8
144. 6
157. 0
168. 8
174. 1
189. 1
213. 2
227. 4
222.3
223.6
229. 0
234.9
246. 7
254.3
36. 5
41. 3
42. 8
44. 4
46. 7
49. 9
55. 3
62. 9
62. 1
62. 1
63.4
63.9
66. 3
69.9
71.7
103. 3
103. 3
114. 2
124. 3
127. 3
139. 2
157.9
164. 6
160.2
161. 5
165.6
171.0
180.4
184.4
136. 1
149. 0
159. 9
166. 9
175.4
186. 9
211. 5
241.3
235.2
239.5
243.0
247.4
256. 9
265.5
27L 3
36. 5
41. 3
42. 8
44. 4
46.7
49. 9
55. 3
62.9
62. 1
62. 1
63. 4
63. 9
66. 3
69.9
71.7
99. 6
107. 6
117. 1
122. 5
128. 7
137. 0
156.2
178.4
173.1
177.3
179.6
183.5
190. 5
195.7
199.5
Net
Net exports of goods
Total
Statisand services
transfers
Excess of j income
tical
Gross
or
Gross private Excess to fortransfers
discrepretained domestic
of
eigners
or
receipts
ancy
earn-3
invest- by perof net
investEquals:
ment sons and Exports Less:
ings
exports
ment 4
Net
GovernImports exports
ment
1960
1961
1962
1963
1964
1965
1966
1967
1967: I__
II_
1968: I
ni~»L
1
56.8
58.7
66. 3
68. 8
76. 2
84. 7
91. 6
93. 1
91. 3
91. 8
93.5
95.9
92. 7
97.3
748
71.7
83. 0
87. 1
94. 0
108. 1
120.8
114 3
113. 0
107.6
114. 7
121.8
119.7
127.3
127. 4
-18. 0
-13. 0
-16. 8
-18. 4
-17.8
-23. 4
-29. 2
-21. 1
-21.7
-15. 8
-21. 2
-25. 9
-27.0
-30.0
2. 4
2.6
2.7
2.8
2.8
2.8
2. 9
3. 1
2. 9
3. 4
3. 4
2. 6
2. 6
2.8
2.9
27. 2
28.6
30.3
32. 3
37. 1
39. 2
43. 1
45. 8
45. 5
45. 5
46.1
46. 0
47.5
49.9
50. 8
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
2 etc.).
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 wage accruals less disbursements. Does
not include retained earnings of unincorporated business, which are included
in disposable personal income.
Surplus
or
deficit
(-),
income
and
product
accounts
3. 7
-4.3
-2.9
1.8
-1.4
2.2
1.7
-13. 8
-12. 9
-15.9
-14. 0
-12. 5
-10. 3
-11.3
International
Business
Period
Expenditures
Net receipts
Disposable personal income
4
23. 2
23.0
25. 1
26. 4
28.6
32. 3
38. 1
41. 0
40. 3
40.4
40.6
42. 6
46. 0
47.9
48. 2
40
5. 6
5. 1
5. 9
8.5
6. 9
5. 1
4. 8
5. 2
5. 1
5. 4
3. 4
1. 5
2.0
2. 6
-1.7
-3. 0
-2. 5
-3. 1
-5.7
-4 1
-2. 2
-1. 7
-2. 3
-1.6
-2. 1
-.8
1. 1
.8
.3
5048
520. 8
559. 8
590. 8
633.7
688. 0
750. 9
793. 2
774 9
783. 9
798. 5
815. 1
836. 0
856.4
— 1. 0
-. 8
.5
-. 3
-1. 3
-3. 1
-3.3
-3.5
-2.8
-3.8
-3.4
-4 2
-4 7
-3.6
Gross
national
product
or
expenditure
503. 7
520. 1
560. 3
590.5
632.4
684 9
747.6
789.7
772.2
780.2
795. 3
811. 0
831. 2
852.9
870. S
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
6
Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) advanced at an annual rate of 8% percent in the third quarter, accordii
to preliminary estimates. Nearly three-fifths of the increase represented a rise in physical output and the rest higher
prices.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
900
900
800
800
GROSS NATIONAL PRODUCT
700
700
600
600.
500
500
400
400
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
200
100
100
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES \
I J/ 1
1962
1963
1964
1965
1966
.I/PRELIMINARY.
SOURCE: DEPARTMENT OF CO/AMERCE
1957
1958 .
1959 _
1960
1961
1962
1963_ _
1964
1965
1966
1967
1967: I
II
III.
IV
1968: I
II
III*
COUNCIL OF ECONOMIC ADVISERS
Total
Personal Gross
congross
Total
private
sump- domestic
national gross
product national
tion
investin 1958 product expend- ment
prices
itures
Billions of dollars; quarterly
Period
.
.._
452.5
447.3
475.9
487.7
497. 2
629.8
551. 0
581. 1
617.8
657.1
678. 1
665. 7
669.2
675. 6
681.8
692. 7
70S. 4
712. 0
441. 1
447.3
483.7
503.7
520. 1
560. 3
590. 5
632.4
684. 9
747.6
789.7
772. 2
780. 2
795. 3
811. 0
831. 2
852.9
870.8
281. 4
290. 1
311. 2
325.2
335. 2
355. 1
375. 0
401. 2
432.8
465. 5
492. 2
480. 9
490. 3
495. 5
502.2
519. 4
527.9
541. 3
67. 8
60. 9
75.3
74.8
71.7
83. 0
87. 1
94. 0
108. 1
120. 8
114 3
113. 0
107.6
114,7
121. 8
119. 7
127.3
127. 4
1
This category corresponds closely with budget expenditures for national
defense,
shown on p. 36.
2
Gross national product in current prices divided by gross national product
in 1958 prices.
1968
1967
Net
exports
of goods
and
services
Government purchases of goods and
services
Federal
State
Total
and
National
Total defense1 Other local
Implicit
price
deflator
for total
GNP,
1958= 1002
data at seasonally adjusted annual rates
5.7
2. 2
.1
40
5.6
5. 1
5.9
8.5
6.9
5. 1
48
5.2
5. 1
5. 4
3.4
1. 5
2.0
2. 6
86. 1
94 2
97. 0
99. 6
107.6
117. 1
122.5
128.7
137.0
156. 2
178.4
173. 1
177. 3
179.6
183. 5
190. 5
195.7
199.5
49. 5
53. 6
53.7
53. 5
57.4
63.4
64 2
65. 2
66.9
77.4
90. 6
87. 4
90.0
91.3
93.5
97. 1
100. 0
101. 1
44 2
45. 9
46. 0
44 9
47.8
51. 6
50. 8
50. 0
50. 1
60.6
72.4
70. 0
72. 1
72.9
74.6
76.8
79.0
79.7
5.3
7. 7
7.6
8.6
9.6
11.8
13. 5
15. 2
16.8
16.8
18. 2
17.4
17. 9
18.4
19.0
20.3
21.0
21. 4
36. 6
40. 6
43.3
46. 1
50. 2
53. 7
58. 2
63.5
70.1
78.8
87.8
85.8
87.2
88.4
90.0
93.4
95.6
98. 4
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
97. 5
100. 0
101.6
103. 3
1046
105. 8
107. 2
108.8
110.9
113. 8
117. 3
116. 0
116. 6
117. 7
118.9
120.0
121.2
122.3
TATIONAL INCOME
According to preliminary estimates, employee compensation increased a strong $12% billion (seasonally adjusted
annual rate) in the third quarter. Gains were also reported for other types of noncorporate income, particularly proprietors' income and net interest.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
700
700
600
600
TOTAL NATIONAL INCOME
500
500
COMPENSATION OF EMPLOYEES
400
400
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
300
PROPRIETORS' AND
' RENTAL INCOME
100
300
100
NET INTEREST
1962
1963
1965
1964
1968
1967
1966
J/PRELIMINARY
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1958
1959__
1960_
1961 _ _ __
1962
_
1963
1964
1965
_
1966 _
1967
1967: I__
II
III__
IV__
1968: I
II
__
_
._
_
-__
III "____
367. 8
400. 0
414. 5
427. 3
457.7
481. 9
518. 1
564.3
620.8
652.9
638.6
645. 1
656.9
670.9
688. 1
705. 4
Compensation
of em- 1
ployees
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.8
435.6
468.2
456.7
461.8
471.5
482.7
496.8
507. 1
519. 5
Proprietors' income
Farm 2
13.4
11.4
12.0
12. 8
13.0
13. 1
12.1
14.8
15.9
14.4
14.4
14.4
14.6
14.3
14.6
14.8
15. 4
Business
and professional
Rental
income
of
persons
33. 2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
42.4
44.8
46.3
45.7
46. 1
46.6
46.8
47.2
47.8
48. 0
15. 4
15. 6
15. 8
16. 0
16. 7
17. 1
18.0
19.0
19.8
20.3
20. 1
20.2
20.4
20.5
20.7
20.9
21. 0
Net
interest
6. 8
7. 1
8. 4
10. 0
11. 6
13. 8
15.8
18.2
20.8
23.3
22.2
22.9
23.6
24.3
25.0
25.8
26. 7
Corporate profits and inventory valuation adjustment 3
Total
41. 1
51.7
49. 9
50. 3
55.7
58. 9
66.3
76. 1
83.9
80.4
79.5
79.6
80.2
82.3
83.8
89. 2
Profits Inventory
before valuation
taxes 3 adjustment
41. 4
52. 1
49. 7
50. 3
55.4
59. 4
66.8
77.8
85.6
81.6
79.9
80.3
80.8
85.4
88.9
91.8
3
See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
0 3
-. 5
.2
i
.3
5
-.5
-1.7
-1.7
-1.2
__>4
-.7
-.6
-3.1
-5.1
-2.7
-1. 1
SOURCES OF PERSONAL INCOME
Personal income rose strongly again in September with an advance of $4% billion (seasonally adjusted annual rate).
Wages and salaries and other labor income accounted for $3% billion of the gain. Most other sources of income also
increased.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
600
100
100
1962
1968
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1959
1960
_ _
1961
1962
1963
1964
1965
1966
___ J
1967
1967: A u g _ _ _
Sept.__
Oct
Nov___
Dec
1968: Jan
Feb
Mar
Apr
MayJune
July____
Aug —
Sept *>__
383.5
401.0
416.8
442.6
465. 5
497. 5
538.9
586.8
628. 8
634.2
637.0
638.0
644.9
652. 6
654.9
663.0
670.0
672.6
678.2
683. 7
689.2
694.1
698. 6
1
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Transfer
Other Proprietors' income income
and
Divi- Personal
salary
labor 2
Business
interest
payof
dends
and pro- persons
disburse- income
Farm
income ments
ments *
fessional
258.2
11. 4
15.6
20.7
26. 6
11.3
35. 1
12.6
12.0
34.2
12.0
23.4
28.5
270.8
15. 8
13. 4
12.7
12.8
32.4
278. 1
35. 6
13. 8
25.0
16. 0
33.3
13.9
13. 0
37. 1
296. 1
16. 7
15. 2
27.7
37. 9
311. 1
14 9
13. 1
17. I
16. 5
31. 4
35. 3
12. 1
36. 7
333. 7
16. 6
40. 2
34. 9
18. 0
17. 8
42. 4
358.9
18.7
38.7
39.9
14.8
19.0
19.8
43.9
394.6
15.9
21.7
20.8
44.8
43. 1
19.8
423.4
51.7
23.3
14. 4
46. 3
20. 3
22.9
46. 8
52.2
47.2
426.6
23.7
20.4
14.6
46.6
23.5
51.9
23.9
14.8
46.7
23.4
428.8
20.4
47.6
14.2
23.2
52.6
429.6
24.0
20.5
48.0
46.5
435.4
24.2
53.0
14.3
46.8
23. 1
48.5
20.5
444.2
53.2
21.1
24.4
14.3
49.0
47.0
20.6
24.7
14.4
47.1
443.0
23.2
49.4
54.5
20.6
449.7
47.2
54.9
14.6
20.7
25.0
23.6
49.8
452.2
25.2
50.2
14.8
20.7
57.8
23.9
47.5
453.2
25.5
14.8
24.3
50.8
58. 1
47.6
20.8
58.2
25.7
457.5
14.8
24.7
47.8
20.9
51.3
462. 2
26.0
58.5
14.8
47.9
20. 9
24. 3
51.9
465.4
26. 3
15. 1
59. 1
52.4
48. 0
21. 0
25. 0
59.6
468.7
25.2
15.4
21.0
26.5
52.9
48.0
21. 1
471. 8
15.7
53.4
26. 8
59. 9
48.0
25.3
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
3
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
4
COUNCIL OF ECONOMIC ADVISERS
3
Less: Personal con- Nonagritributions cultural
for social personal3
insurance income
368.5
7.9
385.2
9.3
400.0
9.6
10.3
425.5
11. 8
12. 5
13.4
17.8
20.4
20.6
20.5
20.7
20.9
21.2
22. 1
22.4
22.4
22.6
22.8
22.9
23. 1
23.2
23. 4
448. 1
480. 9
519.5
566. 1
609.3
614.4
617.1
618.8
625.4
633.0
635. 1
643.1
649.9
652.4
658.0
663.4
668. 7
673.3
677.5
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Preliminary estimates for the third quarter show a $16 billion (seasonally adjusted annual rate) gain in personal
income. Reflecting the tax surcharge, the increase in disposable income was held to a more modest $61/3 billion. With
personal outlays up a sharp $1 31A billion, the saving rate dropped to 6.2 percent from 7.5 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
550
2,000
2,000
1,800
1,800
1962
1968
J/PRELIMINARY.
SOURCE: DEPARTMENT Of COMMERCE
Period
Less:
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Less: Personal outlays
Equals:
Personal consumption
Equals:
Disexpenditures 2
Personal
posable
Total
saving
personal personall Durable Nonincome outlays
Services
goods durable
goods
1959
1960__ _ _ _
1961
.
1962__ _ _
1963
_
1964
1965__ __
1966 _
1967
383.5
401.0
416.8
442.6
465. 5
497.5
538.9
586.8
628.8
46.2
50.9
52.4
57.4
60. 9
59. 4
65.7
75.3
82.5
337.3
350.0
364.4
385.3
404 6
438. 1
473.2
511.6
546.3
I...
IIIIIIV__
1968: !___
II—
III".
614.8
621.6
633.7
645.2
662.7
678.1
694. 0
80.5
80. 1
83.6
85.6
88.3
91.9
101. 4
534.2
541. 5
550. 0
559. 6
574. 4
586. 3
592. 6
1967:
Billions of dollars
318.3
44.3
146.6
120.3
333. 0
45.3
151.3
128.7
44.2
343. 3
135. 1
155.9
143.0
363.7
49.5
162.6
152. 4
168. 6
384. 7
53. 9
163. 3
411.9
59. 2
178. 7
191. 1
66.3
175.5
444.8
206.7
70.5
188.3
478.6
72. 6
203. 8
215. 8
506. 2
Seasonally adjusted annual rates
212. 9
494. 6
198. 2
69.8
73.4
215. 3
504. 5
201. 6
216.4
205. 9
73.1
509. 5
74.2
218.4
209. 6
516. 1
213.9
226. 5
79.0
533. 5
542. 3
228. 2
218. 7
81.0
232.
7
223. 3
555. 8
85. 3
1
Includes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
s Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
Per capita disposable personal
income
Current
prices
1958
prices
Saving
as percent of Population
disposable
(thou-3
personal sands)
income
(percent)
19. 1
17.0
21.2
21.6
19. 9
26. 2
28.4
32.9
40.2
Dollars
1,905
1,881
1,883
1,937
1,983
1,909
2,064
1, 968
2,136
2,013
2, 280
2, 123
2, 432
2, 235
2, 332
2, 598
2, 744
2, 401
5.6
4.9
5.8
5.6
4. 9
6. 0
6.0
6.4
7.4
177, 073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, 118
39.7
37.0
40.5
43.4
40.8
44.0
36.8
2, 693
2, 723
2,758
2,798
2,866
2, 918
2,941
7.4
6.8
7.4
7.8
7.1
7.5
6. 2
198,
198,
199,
200,
200,
200,
201,
2,379
2,395
2,404
2,418
2,454
2,474
2,478
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
356
852
425
006
433
911
462
FARM INCOME
According to preliminary estimates, net farm income (excluding and including inventory change), seasonally adjusted,
rose about 4 percent in the third quarter.
B1LL1ONS OF DOLLARS
60
BILLIONS OF DOLL«vRS
60
SEASONALLY ADJUSTED ANNUAL RATES
50
/
A
-S
REALIZED GROSS
FARM INCOME
*
Ml
n
"
50
«*»-^^
40
40
30
30
•NET FARM INCOME
INC1UDING NET INVENTCDRY
CHANGE
20
20
—,
->-*J
10
10
\
0
\
\
\
1962
1
I
1
I
1
1
1964
1963
I
1
1965
From
all
sources
Period
1968: I
II...
III ___
1
18. 1
18.7
19.7
20.4
20.6
20.6
23.6
24.8
23.7
__
From
From
farm
nonfarm
sources sources
7.0
7.2
7.5
8.2
8.5
9.3
10.0
10.5
10.7
11. 0
11.5
12.2
12.3
12.1
11.3
13.5
14.3
13.0
i
|
_ _
1
!
I
1967
1
1
0
1968
Net to farm
operators
Net income per
farm including net
inventory change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
Total *
from
ventory ventory2 prices prices 4
marketchange change
ings
Billions of dollars
Dollars
37. 5
3, 106
2(5. 1
2, 795
33. 5
11. 4
11. 5
12. 1
38. 1
34.2
11.7
3, 049
3, 388
26.4
39.8
3,735
27. 1
3, 399
35. 1
13. 0
12. 6
41.3
13.2
3,898
36.4
28.6
3, 586
12.6
42.3
37.4
29.7
13.2
3, 987
3, 708
12. 6
42.6
3,832
37.2
3, 564
13. 1
29.5
12. 3
44.9
4, 487
39.3
30.9
15. 0
4, 723
14.0
49.6
43.2
16.2
4, 967
16. 1
5, 068
33.4
49. 1
14.2
4, 654
14. 6
4, 654
34.8
42.8
Seasonal/it/ adjusted annual rates
48.9
34.4
14. 6
4, 640
4, 690
42.5
14. 5
14. 7
49.3
14.4
43.0
34.9
4, 670
4, 670
49.2
14.2
43.0
35. 0
14.8
4, 700
4, 650
48.9
42.7
13.9
14.5
4, 610
4, 560
35.0
43.2
49.8
35.4
14.4
4,840
4, 750
14.8
50.7
15. 1
4, 940
4, 750
35.9
14.8
44.0
4, 890
51. 6
44. 9
5, 130
36. 2
15. 4
15. 7
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
2 Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
s Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
1
Income received from farming
Realized gross
III
IV.
1
COUNCIL OF ECONOMIC ADVISERS
Personal income received by
total farm population
1967: I
II
1
1966
SOURCE: DEPARTMENT OF AGRICULTURE
1959
1960__ _
1961
1962
_
1963_ _
1964
1965
1966
1967
!
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1967 base.
,,
. ,for Alaska
., . and. TT
. .-included
. , - , ,beginning
. . ,^™
NOTE. —_Data
Hawaii
1960.
Source- Department of Agriculture
CORPORATE PROFITS
Current estimates indicate that corporate profits before taxes increased almost $3 billion (seasonally adjusted annual
rate) in the second quarter to a record $92 billion. Profits after taxes increased, following a decline in the first quarter
as a result of the tax surcharge.
BILLIONS OF DOLLARS
30
30
20
20
10
10
1968
SOURCE: DEPARTMENT OF COMMERCE
Period
1959 __ .
1960 _
1961 _
1962 _
1963
1964
1965
1966
1967
1967:I____
!!___
III___
IV___
1968: I
II —
III *_
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits
Corporate profits (before taxes) and inventory
after taxes
valuation adjustment
TransCorpo- CorpoManufacturing
portation,
rate
rate
DiviUncomprofits
tax
NonAll
Durable durable muniAll 1 before liabil- Total dend distribindusgoods
other
payuted
taxes
ity
goods cations,
Total
tries
indusand
ments profits
industries
public
tries
utilities
12. 7
26. 3
13. 6
12. 6
52. 1
28. 5
18. 4
23.7
7. 0
15. 9
51. 7
12. 4
12. 0
24. 4
26. 7
13.4
17. 9
23.0
13. 2
7. 5
49. 7
49. 9
11. 4
23. 3
11. 9
23. 1
27. 2
50. 3
13. 8
7. 9
19. 1
50. 3
13. 5
12. 5
26. 6
14. 1
24. 2
31. 2
15. 2
20. 5
55. 4
16. 0
55. 7
8. 5
13. 0
15. 8
28. 8
33. 1
16. 5
20. 6
59.4
26.3
16. 6
58.9
9.5
14.9
17.8
23.5
32.7
38.4
66.8
28.3
17.8
10.1
66.3
20.6
22. 8
16. 6
39. 3
46. 5
19. 8
25. 6
77.8
31. 3
11. 1
26. 7
76. 1
42. 8
24. 1
18. 8
29. 0
51. 0
12. 0
85. 6
34.6
21.7
83.9
29. 3
21. 2
18. 0
39.2
29. 4
81. 6
48. 1
22. 9
11. 8
33. 5
25.2
80. 4
21. 0
18. 3
39.3
47. 1
11. 7
79. 9
32. 8
22. 5
28. 4
79. 5
24. 6
39.1
21. 2
17. 9
80. 3
23.2
11. 8
33. 0
47.3
79. 6
28. 8
24. 1
20. 6
17. 9
38. 5
80. 8
33.2
12. 0
47. 6
29. 7
23.5
24. 1
80. 2
21. 9
18. 0
39. 9
35. 1
30.6
85. 4
22. 5
50. 3
82. 3
11. 9
27. 9
22.
3
19.
0
41.3
12. 5
49. 1
88. 9
30. 0
39. 8
23.6
83. 8
25. 5
25.2
19.7
41.
1
31.8
91.8
89.2
44.9
50.724.4
12.5
26.3
25. 2
1
J
Includes all other industries and financial institutions.
Includes depreciation, capital outlays charged to current account, and accidental damages.
» Corporate profits after taxes plus corporate capital consumption allowances.
°—68-
Corporate
capital
consumption
allow-2
ances
23. 5
24. 9
26. 2
30. 1
31.8
33.9
36.4
39. 7
43. 4
41. 9
42. 9
44. 1
44. 9
45.7
46.7
47. 6
Profits
plus
capital
consumption
allow-3
an ces
52. 0
51. 6
53. 5
61. 3
64. 8
72.3
82.9
90.7
91. 5
89. 0
90.2
91.7
95. 2
94.8
97.4
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines ($2j^ billion for 1962) and therefore not comparable with preceding data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment in the third quarter was practically unchanged (seasonally adjusted) from the
second quarter level, according to preliminary estimates. A $3.2 billion (annual rate) recovery in business fixed
investment was offset by a moderation in the rate of inventory accumulation from its high second quarter level and a
slight drop in residential construction.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
20 —s;
20
1962
1968
.I/PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Total
gross
private
domestic
investment
Period
Total
__ .
___ _
__-
67.8
60. 9
75. 3
74.8
71. 7
83. 0
87. 1
94 0
108.1
120. 8
114. 3
113. 0
107. 6
114. 7
121. 8
119. 7
127.3
127.4
Total
66. 5
62. 4
70. 5
71.3
69.7
77.0
81.3
88. 2
98. 5
106. 1
108. 2
104. 6
105.4
109. 3
113. 5
117. 6
116.5
119.6
46. 4
41. 6
45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71. 3
81.3
83.6
83. 5
82. 7
83.3
85.0
88.6
87.0
90.2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Producers' durable equipment
Structures
Total
1957
1958
1959 __
196CL
1961
1962
1963.. .
1964
1965_
1966 _
_
1967 . _
1967: I
II
III
IV
1968: I
II
III ^
Residential
structures
Nonresidential
18.0
16. 6
16.7
18. 1
18. 4
19. 2
19. 5
21.2
25. 5
28.5
27.9
29. 0
27. 2
27. 7
27. 7
29. 6
28.5
28.4
Nonfarm
Total
17.2
15. 8
15. 9
17.4
17.7
18. 5
18.8
20.5
24. 9
27. 8
27. 1
28. 3
26. 4
27. 0
26. 9
28. 8
27.7
27.6
28. 4
25.0
28. 4
30.3
28. 6
32. 5
34. 8
39.9
45. 8
52. 8
55. 7
54. 5
55. 5
55. 6
57.3
59. 0
58.5
61.8
Nonfarm
25.9
22. 2
25. 4
27. 7
25. 8
29. 4
31. 2
36.3
41. 6
48. 1
51. 0
49. 8
50. 7
50. 9
52. 6
54. 3
53.6
56.8
Total
20. 2
20. 8
25. 5
22. 8
22. 6
25. 3
27. 0
27.1
27. 2
24.8
24. 6
21. 1
22. 7
26. 0
28. 5
29. 1
29.5
29.4
Source: Department of Commerce.
Nonfarm
19. 5
20. 1
24.8
22. 2
22. 0
24.8
26. 4
26. 6
26.7
24. 3
24. 0
20. 5
22. 1
25. 4
27. 9
28. 5
28.9
28.8
Change in business inventories
Total
1. 3
— 1. 5
4. 8
3. 6
2. 0
6. 0
5. 9
5.8
9. 6
14. 7
6. 1
8.4
2,3
5. 3
8.3
2. 1
10.8
7.7
Nonfarm
0. 8
-2.3
4.8
3.3
1. 7
5.3
5. 1
6.4
8.6
14. 9
5. 6
8.3
2.2
4.8
7. 1
1. 6
10.4
7.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
f lant and equipment expenditures (seasonally adjusted) were down sharply in the second quarter, A strong recovery
is anticipated for the second half of the year, resulting in a projected increase of 4 percent from the fourth quarter of
1967 to the fourth quarter of 1968.
felLUONS OF DOLLARS
BILLIONS OF DOLLARS
170
70
SEASONALLY ADJUSTED ANNUAL RATES
(50
60
TOTAL NEW PLANT AND EQUIPMENT
50
50
40
40
NONMANUFACTURING
.,„•""•».
"""
<
30
30
.,«•
••••HUM""1"
„!»«•"*
20
20
MANUFACTURING
10
10
I
1962
1964
1963
1965
1966
1967
J/
I
J/
|0
1968
TE 3 ON TABLE BELOW
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Transportation
Manufacturing
Period
1954
1955
1956 - 1957
1958
1959
1960
1961
_1962
1963
1964
1965
1966
1967 3___ _
1968 1967' I
II
III
IV
1968: I
II 3
III
IV 3
Total *
_ _ __
_ _
_ _ -_.
_
_
1
2
_
__ _
__
26. 83
28. 70
35.08
36.96
30.53
32. 54
35. 68
34. 37
37. 31
39. 22
44. 90
51.96
60.63
61.66
64.37
61. 65
61. 50
60.90
62.70
64. 90
62.75
64. 90
65 15
Total
11. 04
11. 44
14.95
15.96
11. 43
12. 07
14. 48
13.68
14.68
15. 69
18. 58
22.45
26. 99
26.69
26.55
27. 85
27. 00
26.15
26.00
26.35
25.80
26.80
27. 15
Durable Nonduragoods
ble goods
5.09
5.44
7.62
8.02
5.47
5.77
7. 18
6. 27
7. 03
7. 85
9. 43
11.40
13.99
13.70
13.42
14. 20
13. 75
13.50
13.50
13. 65
12.80
13.45
13.75
Excludes agriculture.
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 1968. Includes adjustments when necessary for systematic
tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
5. 95
6. 00
7. 33
7. 94
5. 96
6.29
7. 30
7. 40
7. 65
7. 84
9. 16
11.05
13.00
13.00
13.13
13. 70
13. 25
12.65
12.55
12. 70
13. 00
13.35
13.40
Mining
0. 98
.96
1.24
1.24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.47
1.42
1.49
1. 40
1. 30
1.45
1.50
1. 55
1.40
1.55
1.45
Railroads
Other
0.85
. 92
1. 23
1. 40
.75
. 92
1. 03
.67
. 85
1. 10
1. 41
1.73
1.98
1.53
1.52
1.80
1. 55
1.40
1.40
1.65
1.45
1.35
1.60
1. 51
1. 60
1.71
1.77
1.50
2.02
1. 94
1. 85
2. 07
1. 92
2.38
2.81
3.44
3.88
4.55
3.05
3.90
4.10
4.45
4.35
3.65
5.05
5.30
Public Commerand
utilities cial
other 2
4. 22
4.31
4. 90
6.20
6. 09
5. 67
5. 68
5.52
5. 48
5. 65
6. 22
6.94
8.41
9.88
11.29
9.20
9.70
9.80
10.65
11.60
11.65
11.00
11.00
8. 23
9.47
11. 05
10.40
9. 81
10.88
11.57
11. 68
13. 15
13.82
15. 13
16.73
18.36
18.25
18.98
18. 30
18. 05
17.95
18.70
19.35
18.80
19.15
18.70
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter 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
The civilian labor force, seasonally adjusted, in September showed an increase of 141,000. Agricultural employment
declined by 1 31,000 and nonagricultural employment increased by 1 59,000. The increase in unemployment, 11 3,000,
was the first since June 1968.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
4
——-
1968
1962
*16 YEARS OF AGE AND OVER.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Unemployment
rate (percent of
Unem- civilian labor
force)
ployment
Unad- Seasonadjusted ally
justed
4,070
3,786
3,366
2,875
2,975
5. 7
5. 2
4. 5
3. 8
82, 571
80, 982
81, 595
81, 582
81, 527
76,
74,
75,
75,
75,
170
631
181
218
338
71, 792
70, 700
71, 148
71, 460
71, 793
2,942
2,895
2, 951
2,894
2, 719
81, 057
81, $,68
81, 535
81, 459
81, 94%
77, 598
77, 807
78, 072
77, 989
78, 473
74, 664
74, 638
74, 735
75, 005
75, 577
3,956
3, 697
3, 718
3,839
4, 216
70, 708
70, 941
71, 017
71, 166
71, 361
2,934
3, 169
3,337
2,984
2,896
3.7
3.8
4.1
3.7
3.8
3. 5
3. 7
79,811
80, 869
80, 938
81, 141
81, 770
84, 454
84, 550
83, 792
82, 137
73, 273
74, 114
74, 517
75, 143
75, 931
77, 27-8
77, 746
77, 432
75, 939
69, 908
70, 653
70, 980
71, 292
71, 935
72, 757
73, 270
73, 325
72, 103
3,074 81, S86
3,288 82, 138
2,929 82, 160
2, 491 81, 849
2,303 82, 149
3, 614 . 82, 585
3,217 82, 572
2, 772 82, 279
2, 606 82, 422
77, 923
78, 672
78, 658
78, 343
78, 613
79, 018
78, 985
78, 690
78, 831
75, 167
75, 731
75, 802
75, 636
75, 829
76, 048
76, 038
75, 929
75, 957
4,003
4,127
71, 164
71, 604
71, 788
71, 656
71, 936
72, 197
72, 202
72, 196
72, 855
2, 756
2,941
2, 856
2, 707
2, 784
2, 970
2, 947
2, 761
2,874
4.0
4.2
3.5
3.7
Period
1963___
1964.__
1965...
1966___
1967___
74, 571
75, 830
77, 178
78, 893
80, 793
1967:
Aug.
Sept.
Oct__
Nov_
Dee_
1968:
Jan__
Feb.
Mar.
Apr _
May.
JuneJulyAug.
Sept_
Civilian employment
Total
Civilian employment
labor
force
UnemCivilian
"NT ••"»
JNonNonAgriploy- (includ- labor
agnagning
Total
ment
Total
culforce
eulcularmed
tural
tural
tural
forces)
Thousands of persons 16 years of age and over
67, 762 63, 076 4,070 74, 571 71, 833 67, 762 4,687 63, 076
69, 305 64, 782 3,786 75, 830 73, 091 69, 305 4,523 64, 782
71, 088 66, 726 3,366 77, 178 74, 455 71, 088 4,361 66, 726
72, 895 68, 915 2,875 78, 893 75, 770 72, 895 3,979 68, 915
74, 372 70, 527 2,975 80, 793 77, 347 74, 372 3,844 70, 527
Unadjusted
Seasonally adjusted
Total
labor
force
(including
armed
forces)
1
Total labor force as percent of noninstitutional population.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
10
4,014
3,980
3, 893
3, 851
3,836
3, 733
3,602
Source: Department of Labor.
Labor
force
participation
rate,
unad- l
justed
Percent
59. 6
59. 6
59. 7
60. 1
60. 6
3.8
3. 7
3. 8
4. 3
3.2
2.9
3. 6
8. 5
3. 5
3. 8
8. 7
3.3
3.5
3.6
3. 8
4. 5
4. 0
3. 5
61.8
60.5
60. 9
60.8
60.7
59. 3
60.0
60. 0
60. 1
60. 5
62. 4
62. 3
61.7
60.4
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
|n September, the seasonally adjusted unemployment rate rose from 3,5 percent to 3.6 percent. The number of parttime workers for economic reasons (seasonally adjusted) declined by 120,000.
PERCENT
PERCENT
10
110
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1962
1968
SOURCE.- DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Unemployment rate
(percent of civilian labor
force in group)
Labor
force
time lost
Experi- Married through
unemenced
All
men
ployment Over 40
wage
and
(wife and part- hours
workers salary
time1
workers present) work
Period
__ _
5.7
5.2
4.5
3.8
3.8
1967- Aug
Sept
Oct
Nov
Dec_ _ _ _
1968: Jan. _ _ _
Feb
Mar
Apr
May _
June
July
Aug
Sept
3.8
41
4.3
3.8
3. 7
3.5
3.7
3. 6
3. 5
3. 5
3. 8
3. 7
3. 5
3.6
1963
1964
1965
1966
1967
Percent
3.4
5. 5
5.0
2.8
2. 4
4.3
3.5
1. 9
1. 8
3.6
Seasonally adjusted
3.6
1.9
3. 9
1.8
1.9
4. 1
1.7
3.7
3. 5
1. 7
1. 6
3. 3
3.5
1.7
1. 7
3.4
3. 2
1. 5
3. 1
1. 6
3. (>
1. 7
1. 6
3. 6
3.4
1. 6
3.4
1.6
J
6. 4
5.8
5. 0
4.2
4. 2
4.3
4. 6
4. 7
4. 2
4. 1
4. 0
4.2
4. 0
3. 7
3. 6
4. 3
4. 3
4. 0
4. 0
35-40
hours
Part-time for
economic reasons
Total
Part-time for
economic reasons
Usually Usually Usually
fullfullparttime 3
time 3
time 4
Thousands of persons 16 years of age and over
1,069
1,222
19,271 29, 100 13, 101
1,151
986
20, 788 30, 768 11,818
897
1,031
21, 334 32, 088 12, 034
871
793
20, 920 32, 616 13, 290
1,060
853
Unadjusted
Seasonally
1, 012
22, 485 33, 390 12, 066
1, 163
1,023
22, 019 33, 145 12, 219
1,073
810
1,094
21, 411 31, 641 15, 246
922
976
765
21, 628 33, 413 13, 952
751
1,078
1, 108
21, 954 33, 628 14, 026
774
944
911
19, 746 32, 031 14, 753
805
720
729
942
20, 557 32, 383 15, 081
799
915
20,912 33, 566 13, 976
866
804
851
17, 651 28, 705 21, 414
828
665
827
21, 170 34, 005 14, 182
790
679
806
20, 748 33, 981 12, 986
1,079
1, 120
1, 051
19,616 32, 965 11,686
924
1,159
973
20, 134 33, 115 11, 392
995
1,5 103
1, 006
'972
22, 081 33, 773 12, 992
689
991
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 fullor2part-time jobs.
Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
Persons at work in nonagricultural 2industries
by hours worked per week
Under 35 hours
Usually
parttime 4
adjusted
893
873
890
842
863
808
860
892
764
763
860
836
847
742
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.
fi Average hours worked: usually full-time, 24.0; usually part-time, 18.0.
Source: Department of Labor.
"1 1
UNEMPLOYMENT INSURANCE PROGRAMS
In September, insured unemployment under State programs averaged 91,000 lower than a year earlier. The seasonal!'
adjusted insured unemployment rate dropped slightly from 2.3 percent in August to 2.2 percent in September.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
1 3
3 I
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
JAN,
MAR.
FEB.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
SOURCE. DEPARTMENT OF IABOR
Period
All pr
Sept
Oct
Nov__
Dec_
1968: Jan
Feb
Mar
Apr _ _
_
Mav
June-July.
Aug
Sept "_
Week ended:
1968: Sept 7
14
21
28 _
Oct 5 "
12*
_
Thousands
49, 637
1,753
51, 580
1,450
54, 739
1,129
1,270
_ "56, 345
"56, 934
1, 245
"57, 358
1, 123
"57, 201
956
__ "56, 822
953
1, 068
"57, 115
"57, 592
1,339
1,719
1,653
1,480
1, 216
1, 027
944
1,058
1, 024
875
_
2, 749. 2
2, 360. 4
1, 890. 9
2, 220. 1
155. 3
184. 0
132. 3
133. 0
146. 5
171.8
264.8
259.4
247. 4
205.6
170. 2
139. 8
156. 9
162. 8
128.0
12
State programs
Initial
claims
Insured unemployment as perExhaus- cent of covered
employment
tions
Unad- Seasonadjusted ally
justed
Weekly average, thousands
1,605
268
26
232
21
1, 328
203
15
1, 061
226
17
1,205
1, 184
288
17
17
187
1,060
894
158
15
180
889
15
997
15
208
1,259
278
16
1,624
316
19
227
1, 556
19
183
1, 390
18
1, 142
183
20
156
19
964
157
883
17
992
240
17
174
955
15
141
803
15
904
871
850
847
851
151
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Eico since January 1961.
DEC.
COUNCIL OF ECONOMIC ADVISERS
All programs
Insured
Total
unem- benefits Insured
Covered
ploypaid
unem(milemploy- ment
ployment
(weekly
lions
ment
averof dolage)
lars)
1964_
.__
1965
1966
1967_ _ __
1967: July. _
NOV.
OCT.
836
805
786
785
788
136
142
143
143
154
151
Source: Department of Labor.
Percent
3.8
3. 0
2.3
2. 5
2. 4
2.2
1. 8
1. 8
2. 0
2.6
3.3
3.2
2.8
2.3
2. 0
1. 8
2. 0
1.9
1.6
1.6
1.6
1.5
1.5
1. 5
Benefits paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 522. 1
2, 166. 0
1, 771. 3
2, 101. 0
2. 8
147. 3
2.6
172. 8
122. 6
2.4
122. 1
2.4
2. 3
134. 9
2.3
159.2
<O
&.
o0
248.5
2. 3
243.7
231. 1
2.3
9 &
9
&.
195. 1
9 &
9
&.
159. 1
2.2
129. 5
2.3
145.6
9
<z?
6. O
150.0
a9 . 9&
115.0
35. 92
37. 19
39.75
41. 25
40. 10
41.08
40. 10
40. 70
41. 19
41.85
42.59
43. 58
43. 64
43. 12
42.42
42. 25
42. 39
43.73
42.75
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose 123,000, seasonally adjusted, in September to 68.5 million. Manufacturing
declined slightly and private nonmanufacturing increased by 119,000. State and local government registered a gain
of 25,000.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
(ENLARGED SCALE)
68
64
WHOLESALE AND RETAIL TRADE
12
60
SERVICES
10
56
NONMANUFACTURING
(PRIVATE) \
36
32
x
DURABLE
MANUFACTURING
10
24
NONDURABLE
MANUFACTURING
MANUFACTURING
14=
20
16
CONTRACT
CONSTRUCTION
GOVERNMENT
12
V^i
1966
1967
?^v
1968
1965
1966
SOURCE: DEPARTMENT OF LABOR
1967
1968
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers ; 1 seasonally adjusted]
Manufacturing (private)
Period
Total
1961 _
1962
1963
1964
1965
1966
1967
1967: Aug.
Sept_
Oct__
Nov_
Dec1968: Jan__
Feb__
Mar.
Apr__
May_
June_
July-v
Aug
Sept p
54, 042
55, 596
56, 702
58, 332
60, 832
64, 034
66, 030
66, 186
66, 123
66, 286
66, 778
67, 060
67, 058
67, 600
67, 656
67, 755
67, 792
68, 039
68, 170
68, 335
68, 458
Total
NonDurable durable
goods goods
16, 326
16, 853
16, 995
17, 274
18, 062
19, 214
19, 434
19, 407
19, 285
19, 302
19, 518
19, 593
19, 612
19, 612
19, 607
19, 657
19.693
19, 777
19, 776
19, 760
19, 752
9,070
9,480
9,616
9,816
10, 406
11, 284
11,422
11,433
11, 272
11,264
11, 463
11, 498
11, 541
11, 514
11, 495
11, 533
11,545
11, 571
11,619
11, 578
11, 581
7, 256
7, 373
7,380
7, 458
7, 656
7, 930
8, 012
7,974
8, 013
8, 038
8, 055
8, 095
8,071
8, 098
8, 112
8, 124
8, 148
8, 206
8, 157
8, 182
8, 171
Nonmanufacturing (private)
Total
29, 122
29, 853
30, 481
31, 461
32, 678
33, 949
34, 980
35, 062
35, 140
35, 215
35, 448
35, 578
35, 468
35, 967
35, 996
36, 010
35, 965
36, 030
36, 138
36, 299
36, 418
Con- Transtract portation
Mining conand
strue- public
tion utilities
672 2, 816 3, 903
650 2, 902 3, 906
635 2,963 3,903
634 3, 050 3, 951
632 3, 186 4,036
627 3, 275 4, 151
616 3, 203 4, 271
610 3, 165 4, 288
606 3, 182 4, 278
603 3, 184 4, 267
603 3, 214 4, 297
603 3, 275 4, 302
604 3, 1 07 4 , 3 1 7
608 3, 388 4, 342
601) 3, 330 4, 332
632 3,313 4, 331
631 3,245 4, 281
632 3, 174 4, 336
638 3, 189 4, 346
638 3, 190 4, 365
633 3, 233 4, 377
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu-
Whole- Finance,
insursale
ance, Services
and
and
retail
reali
trade
estate
11, 337 2, 731 7,664
11, 566 2,800 8,028
11,778 2,877 8,325
12, 160 2, 957 8, 709
12,716 3,023 9,087
13, 245 3, 100 9, 551
13, 613 3, 217 10, 060
13, 648 3, 241 10, 110
13, 684 3, 251 10, 139
13, 729 3, 261 10, 171
13,791 3, 273 10, 270
13, 793 3, 289 10,316
13, 818 3, 291 10, 331
13, 920 3,304 10, 405
13, 999 3,311 10,415
14, 009 3, 323 10, 402
14, 049 3,334 10, 425
14, 086 3, 335 10, 467
14, 117 3, 350 10, 498
14, 179 3, 377 10, 550
14, 199 3, 389 |10, 587
Government
Federal
2, 279
2,340
2,358
2, 348
2,378
2,564
2,719
2,740
2,718
2,718
2,692
2,709
2,721
2,721
2,718
2,717
2,721
2, 795
2, 788
2,751
2, 738
State
and
local
6,315
6,550
6,868
7,249
7,714
8,307
8,897
8,977
8,980
9, 051
9, 120
9, 180
9,257
9,300
9,335
9,371
9, 413
9,437
9,468
9, 525
9, 550
meration of population,
whereas the estimates in this table are based on reports
'
" ; establishments.
-~L-•>-•.-•_,. —±from
employing
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
Average weekly hours (seasonally adjusted) in September rose 0.3 hours in manufacturing and 0.4 hours in con
tract construction, but were unchanged in retail trade.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK {SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
44
^-w^1*"""^
42
\
^
•^^^^rnrnn^^—
^rv
42
m.
40
40
38
38
36
36
34
/ft 1 I 1 I 1 i I 1 ! I
v
1 1 1 1 1
1965
1 1 1 1 L
i i r i i 1 i i iIi
1967
1966
II
34
! 1 1 1 1 1 ! I IN
^~^^_
A\ \ i i i I I i i i i
1
I 1
!
1965
1968
1
I
1
1
1
! 1
"^
1
J 1
'
1 !
I
I I 1 !
1
v'V~~
1
!
I
!
I
!
1
1966
1967
1968
1966
1967
1968
1
1 !
1N
N
42
42
CONTRACT CONSTRUaiON
RETAIL TRADE
40
40
/^l
38
36
38
36
34
34
32
32
30
30
I 1 I I I I IJ I
1965
1966
1967
1968
1965
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week; seasonally adjusted]
Manufacturing industries
Period
1958
1959
1960
1961_
1962
1963_ __
1964 _ _
1965
1966
1967
1967: A u g _ _
Sept
Oct
Nov ._ _
Dec_
1968: Jan
Feb _ _
Mar
Apr__
May
June.
Julv
Aug vp
Sept _
_ __
_ __
__ .
_ __
__ _
__
_ _ _ _ _ ___
_
___
_
__
_
Durable
goods
All
_ __
39. 2
40. 3
39. 7
39. 8
40. 4
40.5
40. 7
41.2
41. 3
40. 6
40.6
40. 9
40. 7
40. 7
40. 7
40. 2
40.8
40. 7
40. 1
40.9
40.9
40. 9
40.6
40.9
i Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
14
39. 5
40.7
40. 1
40. 3
40. 9
41.1
41. 4
42.0
42. 1
41. 2
41. 1
41. 4
41. 2
41. 2
41. 3
40. 9
41.4
41. 4
40.7
41.5
41.7
41. 5
41. 0
41.4
2
Nondurable
goods
Contract construction
38.8
39. 7
39.2
39. 3
39. 6
39.6
39. 7
40. 1
40.2
39.7
39.7
40. 0
39. 7
39. 9
39. 9
39. 2
40.0
39. 8
39.2
39.8
40.0
39. 9
39. 9
40.1
Includes eating and drinking places.
Source: Department of Labor.
36. 8
37. 0
36. 7
36. 9
37. 0
37. 3
37. 2
37.4
37.6
37.7
37.4
38. 0
37. 2
39. 4
37. 2
36.0
37.9
36. 8
37.8
37.2
37.6
37. 3
37. 5
37.9
Retail trade 2
38. 1
38. 2
38.0
37. 6
37.4
37.3
37. 0
36. 6
35. 9
35. 3
35.4
35. 3
35. 1
35. 2
35. 1
34.8
34.9
34. 7
34.8
34.6
34.9
34. 9
34. 9
34.9
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings in September rose to all-time highs in manufacturing ($3.03), contract construction ($4.45),
and retail trade ($2.18). Weekly earnings also set records of $124.23 in manufacturing and $172,22 in contract
construction/ however, they declined by $1.25 in retail trade.
DOLLARS
DOLLARS
AVERAGE WEEKLY EARNINGS
3.25
130
DURABLE GOODS
INDUSTRIES
,,,.A
3.00
120
2.75
110
\
ALL MANUFACTURING
INDUSTRIES
2.50
100
'
s~\ r
NONDURABLE GOODS
INDUSTRIES
2.25
90
1965
1968
1965
1966
1968
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[For production workers or nonsupervisory employees]
Period
1958
1959
I960
1961 1962
1963 _ _
1964
1965
1966 _
1967
1967: Aug__
Sept._
Oct.__
Nov. _
Dec__
1968: Jan___
Feb___
Mar__
Apr___
May_.
June__
July._
Aug__.
Sept*_
Average hourly earnings— current prices
Average weekly earnings— current prices
Manufacturing industries Contract
conRetail1
NonDurable durable
trade
strucAll
goods
tion
goods
Manufacturing industries Contract
Retail1
conNonDurable durable
trade
strucAll
goods
tion
goods
2. 11
2. 19
2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2.72
2. 83
2. 82
2. 85
2. 85
2. 88
2. 91
2. 94
2. 94
2. 96
2. 97
2. 99
3. 00
3.00
2. 99
3.03
2. 26
2. 36
2. 43
2. 49
2. 56
2. 63
2. 71
2. 79
2. 90
3. 00
3. 00
3. 03
3. 03
3. 05
3. 09
3. 13
3. 12
3. 14
3. 15
3. 18
3. 18
3. 18
3. 17
3.21
1
Includes
2
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2.45
2. 57
2. 57
2. 61
. 2. 61
. 2. 62
2. 64
2. 67
2. 68
2. 69
2. 70
2. 72
2. 73
2. 75
2. 75
2.78
2. 82
2. 93
3. 08
3. 20
3. 31
3. 41
3. 55
3. 70
3. 89
4. 11
4. 11
4. 20
4. 22
4. 22
4. 25
4. 34
4.27
4. 28
4. 27
4. 32
4. 29
4. 34
4. 36
4.45
1. 42
1. 47
1. 52
1. 56
1. 63
1. 68
1. 75
1. 82
1.91
2. 01
2. 00
.2. 03
2. 04
2. 05
2. 04
2. 09
2. 11
2. 12
2. 13
2. 14
2. 16
2. 16
2. 16
2.18
82. 71
8a 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
114. 49
116. 85
116. 28
117. 50
119. 60
117. 60
119. 36
120. 18
118. 21
122. 29
123. 30
122. 10
121. 39
124. 23
eating and drinking places.
Earnings in current prices, adjusted to exclude overtime and interindustry
shifts.
* Earnings in current prices divided by the consumer price index.
20-755 ° — 68
3
89. 27
96. 05
97. 44
100. 35
104. 70
108. 09
112. 19
117. 18
122. 09
123. 60
123. 30
125. 75
125. 44
125. 66
129. 16
127. 70
128. 54
129. 68
127. 58
132. 29
132. 92
131. 02
129. 97
133. 22
74. 11
78. 61
80. 36
82. 92
85. 93
87. 91
90. 91
94, 64
98. 49
102. 03
102. SO
104. 92
104. 14
105. 06
105. 86
103. 86
106. 40
106. 79
104. 76
108. 26
109. 47
110.00
110. 55
112.03
103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
159. 06
162. 96
160. 78
161. 63
155. 13
151. 90
154. 57
154. 94
159. 27
162. 43
164. 74
167. 52
169. 17
172. 22
54. 10
56. 15
57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
72.60
71.66
71.20
71.34
72. 22
72. 11
72. 80
72.93
73. 49
73.40
75. 82
77.33
77.33
76.08
1 Manufacturing
industries
Adjusted Average
hourly weekly
earnearnings, ings,
1957-59=
1957-59
100 2
prices 3
100. 2
103. 5
106. 6
109. 6
112. 3
115. 2
118. 0
121. 1
125. 1
130. 9
131. 1
131.9
132. 4
133.4
134.3
135.7
136. 5
137. 0
137.7
138. 1
138.3
138.5
139.2
82. 14
86. 96
87. 02
88. 62
91. 61
93. 37
95. 25
97. 84
99. 33
98. 80
97.94
99.79
98.96
99.75
101. 18
99. 16
100. 30
100. 57
98. 59
101. 65
101. 99
100. 49
99.58
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production, seasonally adjusted, declined less than % percent in September, following a 1 percent drop in
August. The September index was about 4V4 percent above the level of a year earlier.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100. (SEASONALLY ADJUSTED)
200
TOTAL
UTILITIES AND MINING
180
180
160
160
140
140
MINING
120
120
100
100
1966
1965
1967
1965
1968
1966
1968
1967
180
MARKET GROUPS
160
160
140
140
120
120
MATERIALS
FINAL PRODUCTS
100
1965
SOURCE:
1968
1965
1966
1967
1968
COUNCIL OF ECONOMIC ADVISERS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1957-59 = 100, seasonally adjusted]
Period
1958
1959
1960
_
_
_
__
._
__
__
_
901
962
96H
964
965
966
967 »'.. _
1967: A U K
Sept _
( >ct
Nov.
-_
J>«'C
ttms J a n
l-vi,
Mat
•M.r
M-iv
JMt».
J.-.h
*»*i
•' • * l • '
r
-----
Market
Industry
Total
industrial
production
Total
93. 7
105. 6
108. 7
109. 7
118. 3
124 3
132.3
143.4
156. 3
158.0
158. 1
156.8
156.9
159. 5
162. 0
161. 2
162. 0
163.0
162. 5
164. 2
16.5. 4
]fi. p >. 6
16;?. 9
1615. 4
93. 2
106.0
10&9
109. 6
118. 7
124,9
133.1
145.0
158. 6
159.6
159. 4
158. 1
158.3
161. 1
164.0
162. 7
163. 6
164.6
163. 7
165.8
167. 1
166. 7
165. 0
164. 7
Final products
Manufacturing
NonDurable durable
90.3
105. 6
108. 5
107. 0
117. 9
124. 5
133.5
148.4
164. 8
163.8
163. 6
161. 1
160. 7
164. 1
168.1
167. 2
167. 6
168.2
167. 2
169. 8
170.8
170. 3
167.0
166.6
96.8
106. 5
109. 5
112. 9
119. 8
125. 3
132.6
140.8
150. 8
154.4
154 0
154 2
155. 2
157. 2
158.9
157. 1
158. 6
160.0
159. 5
160.8
162.4
162.2
162. 4
162.3
Mining
Utilities
Total
95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123.5
127.8
124. 3
122.4
123. 6
122. 3
121. 6
123. 9
126.2
127. 1
126.9
128.9
130.7
129. 4
126.4
98. 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.4
185.4
185.6
188. 7
191.5
192. 6
196.7
199.0
198.0
196. 5
196. 1
197.7
199.0
199.8
200.2
94 8
105. 7
109. 9
111. 2
119. 7
124 9
131.8
142.5
155. 5
158.3
158. 2
157. 0
156. 9
160.0
161.9
160. 8
162. 0
163. 5
161. 7
163. 0
164 9
1645
164 6
164.6
Consumer
goods
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148. 4
148. 6
147.0
147.9
150. 1
152.8
151. 3
152. 9
155.0
153. 5
154 6
156.4
156.2
156.5
156.7
Equipment
91. 3
104 1
107. 6
108. 3
119. 6
124 2
132.0
147.0
172.6
179.6
178. 9
178. 6
176. 1
181.1
181. 5
181. 4
181. 6
181.8
179. 4
181. 1
183.0
182.3
181.8
181.8
Materials
92.7
105.4
107.6
108.4
117.0
123.7
132.8
144.2
157. 0
157.7
157.9
156.7
157.4
159.5
162. 2
161.7
161. 8
162.8
163. 1
165. 2
166.2
166.7
162. 9
162.0
PRODUCTION OF SELECTED MANUFACTURES
Output of manufactures (seasonally adjusted) in September was fractionally lower than in August, The most significant
decline was 4% percent in primary metals, largely due to a 614 percent drop in iron and steel production.
120
100
1965
1968
160
CHEMICALS, PETROLEUM
AND
TEXTILES APPAREL
AND. LEATHER
RUBBER
140
^^-
N—Xl
"„ + -*.*
160
120
140
100
, . . . . ! , , , , ,
1965
'*
FOODS, BEVERAGES, /^ND TOBACCO
1968
1965
,
1966
,,, , , , , , , , ,
. . r . . 1 . . . ..
1967
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1957-59 = 100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
1959
1960
1961
1962
_
_
1963
1964
- _
1965
1966
1967 p
1967: Aug
Sept
Oct
Nov
Dec
1968' J a n
Feb
Mar
Apr
M ay
June
July
Aug
Sept "
Primary
metals
_ _ _ _ _ _ __
--
_
_
_ -
_-_
- __ _ ~ __
__
FabriTranspor- Lumber Textiles, Paper
and
Machincated
tation
and
apparel,
ery
prodand
printequipmetal
ing
ment
leather
ucts
products
100. 4
101. 3
98. 9
104. 6
113. 3
129. 1
137.6
142. 7
132. 5
1 29. 3
129. 2
131.7
135. 0
140. 9
1 36. 3
1 H9. 3
140.2
143. 3
148. 5
148. 6
145. 9
124. 0
119
105. 5
107. 6
106. 5
117. 1
123. 4
132.7
147. 8
163. 0
162. 0
159. 1
158. 1
158.2
1 59. 8
162. 4
163. 1)
165. 7
166.6
161.4
165. 0
166.0
165. 8
163.0
162
107. 1
110. 8
110. 4
123. 5
129. 2
141.4
160. 5
183. 8
183. 4
182.8
182.2
179. 6
183.2
182. 2
183. 4
183. 2
183.3
179.4
179.9
181. 1
181. 5
182.9
183
104. 0
108. 2
103. 6
118. 3
127. 0
130.7
149.2
166. 9
166.0
171.9
159.2
159.2
165.6
177. 5
175. 6
175. 1
177.6
175.3
180.4
182.6
183. 2
181. 3
181
108. 5
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
116.5
109.2
114.3
117.0
120. 6
125. 7
118. 1
119. 3
125.0
123. 9
122.7
122. 5
121. 5
113. 5
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.6
137.6
139. 1
140.4
143.0
145. 9
141. 0
141. 9
143.9
142.9
144. 1
145.5
144. 4
143. 9
144
105. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149.6
150.3
148.5
148.6
149.9
149. 5
148. 6
150. 6
152.0
151.6
154.5
155.2
154. 9
154. 2
153
Chemicals,
petroleum, and
rubber
108.9
113. 9
118. 9
131. 2
141. 8
152.5
164.6
181. 9
189. 5
189.5
191.2
192.8
195. 8
199. 0
197. 7
200. 2
201.6
200.9
203. 1
205.3
205. 9
206. 8
207
Foods,
beverages, and
tobacco
103. 9
106. 6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131.5
131.0
130.4
131. 1
132.2
133. 1
132. 0
133. 1
133.7
133.6
132.9
134.5
134. 2
134.9
135
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
In September, automobile assemblies rose sharply following the completion of the model changeover. Production of
steel, electric power, and paperboard declined while other weekly indicators of production posted gains.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
STEEL
2.5
3.5
2.0
2.5
1.5
1.0
i i I i i t I i i i i I i i i I i i i I i i i t I i i i I i i i i I 1 1 i I i i i I i i i i I i i 11
J
F
M
A
M
J
J
A
S
O
N
D
15
r
J
F
M
A
M
J
BILLIONS OF KILOWATT HOURS
28
26
22
20
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTATE. AND WARD'S AUTOMOTIVE REPORTS
Electric
Bituminous Freight Paperboard
Cars and trucks
Steel produced
power
coal mined
produced assembled (thousands)
loaded
Index
distributed (thousands (thousands
Thousands
(thousands
of short
of net
(1957-59= (millions of
Total
Cars Trucks
of tons)
of cars)
100)
kilowatt-hours) tons) l
tons
Period
Weekly average:
1961
1962
1963
1964
_
1965
-.
1966
1967
1967: Aug
Sept
Oct
Nov __ __
Dec
1968: Jan
_
Feb
Mar— _ _
Apr_
May. _
June
July
Aug.
Sept » _
Week ended:
1968: Sept 14 __
21
28
Oct 5 »
12 »
__
_
_.
__
_
1,880
1,886
2,096
2,431
2,521
2,572
2, 440
2, 325
2, 439
2, 522
2,634
2, 704
2, 712
2, 849
2, 872
2,902
2, 867
2,775
2, 591
2, 022
1, 884
100. 9
101. 2
112. 5
130. 5
135.3
138. 1
131. 0
1248
130. 9
135. 4
141.4
145. 2
145. 6
152.9
154. 1
155. 8
153. 9
149.0
139. 1
108. 5
101. 1
1, 881
1, 886
1,860
1,881
1,987
101. 0
101.2
99.8
101.0
106.7
i Daily average. Includes data for Alaska.
18
COUNCIL OF ECONOMIC ADVISERS
*Not charted.
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
24, 400
22, 871
22, 662
23, 533
24, 405
25, 365
25, 338
24, 081
23, 344
23, 560
25, 772
26, 632
27, 562
24, 785
24,
24,
25,
24,
*24,
918
754
208
467
316
1, 353
1, 414
1, 535
1, 630
1, 735
1, 798
1, 863
1, 885
1,819
1,873
1,923
1, 727
1,738
1,753
1, 827
1, 887
1,871
1, 875
2, 005
1,843
13 976
550
552
555
558
562
570
539
560
552
586
552
496
487
514
535
548
571
578
536
555
563
322
343
358
384
410
446
439
448
413
463
458
421
421
486
480
480
488
489
437
497
469
127.8
157. 5
175. 0
178. 8
213.7
199. 3
172. 9
86. 5
160. 3
171. 2
190. 1
219. 8
207. 3
211.0
229. 5
215. 4
244. 0
246.8
152.6
71.2
199.4
106. 1
133. 4
146. 9
148. 8
179.4
165. 4
142. 4
64. 4
135. 3
146. 7
158.6
185. 0
172. 9
174.5
189. 2
177.7
200. 4
202.2
122. 6
46.7
160.7
21.7
24 1
28.1
30.0
34.3
33.9
30.5
22. 1
25. 0
24 6
31.4
34 7
34 4
36.5
40. 2
37. 6
43. 6
44. 6
29. 9
24 6
38.7
1,926
1, 928
2, 045
1, 323
583
586
593
568
492
494
507
512
194 8
221.4
237.4
236.5
255.7
156. 1
180.4
194.4
192.9
212.7
38.7
41.0
43. 1
43.6
43.0
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
[He value of total new construction activity (seasonally adjusted) registered its second straight month of recovery in
August with a gain of 1% percent. Private construction was up 1 percent largely because of a 2 percent rise in residential construction. Public construction advanced 2 percent with a sharp rise in Federal outlays.
BILLIONS OF DOLLARS
90
BILLIONS OF DOLLARS
90
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW CONSTRUCTION
70
70
60
60
PRIVATE
50
-^-'
50
40
40
30
20
PRIVATE RESIDENTIAL (NONFARM)
\
"•1962
1968
SOURCE: DEPARTMENT OF CO/AMERCE
Period
1962
1963
1964__ _ _ _
1965_, _ _
1966
1967
Total new
construction
expenditures
59.7
63. 4
66. 2
72.3
75. 1
76.2
COUNCIL OF ECONOMIC ADVISERS
Private
Residential nonfarm
Total
41.8
44. 1
45. 8
50.3
51. 1
50. 6
CommerNew
cial and
housing
industrial
units
Billions of dollars
24. 3
18. 6
8. 0
26. 2
20. 4
7. 9
9. 0
26. 3
20. 4
26.3
20. 4
11. 9
24.0
18. 0
13. 6
23.7
17. 9
13. 1
Total l
Other
9. 5
10. 0
10. 6
12.1
13. 6
13.7
Federal,
State,
and
local
17. 9
19. 4
20. 4
22. 1
24. 0
25. 6
75.7
76. 7
78. 3
78. 9
79. 6
81. 2
82.9
83.9
83. 6
84. 6
84. 7
82. 5
82.7
83.9
50. 4
51. 6
52. 8
53. 5
53. 9
54. 0
55. 3
55. 4
56. 1
56. 7
56.2
54. 5
54. 7
55.3
23. 8
25. 0
25. 8
26. 4
27. 2
27. 6
27. 0
26.8
27. 7
28. 6
28.6
27. 7
27. 4
27.9
17.8
18. 7
19. 5
20. 4
21. 3
21. 8
21. 2
21. 3
21. 7
22. 3
22. 3
21. 4
21. 2
21.7
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
Compiled by F. W. Dodge Company and relates to 48 States.
12. 9
12. 6
13. 1
13. 2
12. 7
12. 5
14. 1
14. 1
13. 8
14. 0
13.4
13.0
13.0
13.4
119.7
132. 0
137.0
142. 8
145. 3
153.3
Seasonally
adjusted
Seasonally adjusted annual rates
1967: July . _
Aus:
Sept
Oct
Nov
Dec
1968: Jan
Feb
Mar
Apr _
May
_
June _ _ _
July
Aug *
Construction contracts 2
CommerTotal value cial and
industrial
(index,
1957-59= floor space
100)
(millions of
square feet)
13. 6
14. 0
13. 9
13. 9
14. 0
13. 8
14. 3
14. 6
14. 6
14. 1
14.2
13.8
14. 2
14.0
25.4
25. 1
25. 4
25. 4
25. 7
27. 2
27. 6
28.5
27.5
27.9
28.4
28. 0
28.0
28.6
149
165
168
171
168
166
166
152
169
164
172
160
187
192
500
534
599
680
769
694
Seasonally
adjusted
annual
rates
681
740
725
701
758
769
774
737
799
565
804
796
860
794
NOTE.—Revised series on new construction beginning 1965. Data for Alaska
and Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts rose 5% percent in September to a seasonally adjusted annual rate of 1,576,000 unit
They were 17 percent above the low average of May and June. Permits for future starts were up 9 percent followin
3 consecutive months of little or no change.
MILLIONS OF UNITS
1 2.5
MILLIONS OF UNITS
2.5
SEASONALLY ADJUSTED ANNUAL RATES
2.0
2.0
PRIVATE NONFARM
HOUSING STARTS
1.5
1.0
1.0
VA APPRAISAL
REQUESTS
FHA APPLICATIONS
A
1962
«•»..„„„.*„„.„.%—»'
1964
1963
1966
1965
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF CO/AMERCE, FEDERAL HOUSING ADMINISTRATION (FHA). AND VETERANS ADMINISTRATION (VA)
[Thousands of units]
Housing starts
Total
private
and
Period
public
(including
farm)
1962__
1, 492. 4
1, 642. 0
1963 .
1964
1, 561. 6
1965____ ._ 1, 509. 6
1966
1, 196. 2
1, 321. 9
1967
1, 462. 7
1, 610. 3
1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6
1, 439. 0
1, 582.9
1, 502.3
1, 450. 6
1, 141.5
1, 268. 4
130. 2
125. 8
137.0
120. 2
83.1
82.7
87. 2
128.6
165. 2
145. 1
142. 9
142. 5
MO. 6
140.2
127. 4
121.9
135. 4
118. 4
80.1
80.5
84. 6
126.6
162. 0
140. 9
137. 9
139. 8
136. 2
1 34. 7
123. 6
119. 5
133. 1
116. 8
79.1
79.8
82. 8
123.9
159. 1
139. 0
136. 0
137. 3
134. 1
132.9
1967: Aug__
Sept__
Oct..
Nov__
Dec__
1968: J a n _ _
Feb__
Mar.
Apr..
Alav.
.Juno.
. h i l v .Jl
Aug
Sept v
T> •
Total
private
(including
farm)
4.
r
c nvate nonfarm
Total
Total
private
(including
farm)
967. 8
993.2
944.5
941. 4
755.3
820. 7
Two or
more
families
471. 2
589.7
557.8
509. 2
386.2
447.7
1, 462. 7
1, 610.3
1, 529.3
1, 472. 9
1, 165.0
1, 291. 6
80.0
75.8
79. 4
67.4
46. 1
44.5
53. 5
76.6
95.0
85. 0
79. 6
83. 9
80.0
77.2
43.6
43.7
53.7
49.4
33. 0
35. 3
29. 3
47. 3
64. 1
54. 0
56. 4
53.4
54. 1
55.7
1,407
1,445
1, 496
1, 590
1,250
1,456
1, 537
1,511
1,591
1, 364
1, 365
1,531
1,514
1, 598
Onefamily
•<l by l:.".twuo»' of local building permit; in 13,000 permit-issuing
i l n t - It»»i7; I'.VioO for 11)03-60; and 10,000 prior to 1963.
< i < - i - n t f « l l i \ timrU'iH'o applications f o r n e w home construction.
20
1968
.
.Private nonfarm
Total
Government
home programs
FHA
VA
1, 439. 0 197. 3
77. 8
71. 0
1, 582.9 166. 2
59.2
1, 502.3 154.0
49.4
1, 450. 6 159.9
36. 8
1, 141.5 129. 1
52. 5
1, 268. 4 141. 9
Seasonally adjusted
141
57
1,381
150
56
1,415
155
1,478
58
154
54
1, 567
55
1,235
149
52
157
1,430
164
63
1, 499
1,479
63
149
1, 562
147
59
57
1,345
133
54
1, 348
137
49
1, 507
134
1,492
144
51
54
1, 576
145
Proposed home
construction
New
private
housing Abdica- Requests
units tions for for VA
FHA appraisauthorized l commit-2
als 2
ments
221. 1
1, 186. 6
190. 2
1, 334. 7
182. 1
1, 285. 8
188.9
1, 239. 8
971. 9
153. 0
1, 124. 9
167.2
annual rates
180
1, 169
176
1, 207
1,236
185
1, 204
189
162
1,368
1, 148
163
152
1, 394
1,416
160
144
1,340
161
1,280
157
1, 281
1,289
146
167
1,290
1,405
168
171. 2
139. 3
113.6
102.1
99. 2
124.3
122
131
151
136
125
122
141
127
126
110
120
135
127
125
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
According to preliminary figures, retail sales (seasonally adjusted) fell slightly in September following a 1 percent
rise in August. Business sales were down 1 percent in August and inventories were up $650 million.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS [SEASONALLY ADJUSTED)
20
(SEASONALLY ADJUSTED)
RETAIL TRADE (ENLARGED SCALE)
BUSINESS SALES AND INVENTORIES
18
DURABLE GOODS STORES
140
INVENTORIES
16
V
120
INVENTORIES
14
12
100
SALES
10
r
SALES
80
- WHOLESALE TRADE (ENLARGED SCALE)
NONDURABLE GOODS STORES
i
1965
1968
1967
1966
1965
*SEE FOOTNOTE 7 BELOW.
SOURCEi DEPARTMENT OF COMMERCE
Sales
N
COUNCIL OF ECONOMIC ADVISERS
Total business *
Period
1968
2
Inventories 3
Wholesale
Sales 2
4
Sales 2
Inventories 3
Total
Retail 5
Inventories
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
26, 813
26, 238
27, 938
29, 383
31, 130
34, 607
36, 961
36, 682
35, 997
36, 028
36, 143
36,217
36, 474
36, 682
37, 130
37, 082
37, 003
37,512
37, 921
38, 162
38, 365
38, 167
11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
15, 977
15, 549
15, 503
15, 711
15, 681
15, 728
15, 977
16, 238
16, 268
16, 253
16, 684
16, 839
17, 026
17, 024
16, 880
3
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1960
1961
1962
1963
1964
1965 . _ _
1966
1967
1967: July
Auer _
Sept _
Oct _ _
1968:
___
Nov
Dec
Jan _ _ _
Feb
Mar
Apr
Mav
June
July p
Aug
Sept * _ _ _
60, 746
60, 759
64, 884
68, 260
72, 852
79, 456
86, 254
87, 969
88, 627
90, 091
89, 946
89, 032
90, 785
92, 072
93, 206
93, 708
94, 587
94, 381
95, 904
97, 399
7
98, 156
7
96, 990
6
94, 747
95, 669
101, 086
105, 458
111, 477
121, 060
135, 777
141, 136
137, 986
138, 670
138, 672
139, 130
139, 924
141, 136
141, 661
142, 113
142, 380
143, 757
145, 123
145, 842
146, 363
147, 017
6
1 The term "business" also includes manufacturinj
2
Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
4
Beginning
1961, data include Alaska and Hawaii.
5
Beginning 1960, data include Alaska and Hawaii.
11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
17, 145
17, 198
17, 330
17, 195
17, 419
17, 641
17, 694
17, 953
18, 021
18, 006
17, 897
18, 374
18, 269
18, 490
;e22).
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 635
20, 511
20, 789
20, 810
20, 945
21, 061
21, 635
21, 641
21, 623
21, 618
21, 863
21, 924
22, 098
22, 169
21, 993
18, 294
18, 234
19, 613
20, 536
21, 802
23, 654
25, 306
26, 125
26, 444
26, 422
26, 732
26, 089
26, 411
26, 470
27, 065
27, 399
28, 120
27, 620
27 993
28,'
296
7
28, 814
29, 115
29, 042
6
7
5,880
5, 581
6, 210
6, 627
7,014
7,810
8, 151
8,306
8, 592
8, 508
8, 743
8,235
8, 221
8, 327
8, 523
8, 765
9, 053
8,832
9, 031
9, 211
7
9, 397
9, 581
9, 771
12, 414
12, 654
13, 402
13, 909
14, 788
15, 844
17, 155
17, 820
17, 852
17, 914
17, 989
17, 854
18, 190
18, 143
18, 542
18, 634
19, 067
18, 788
18, 962
19, 085
7
19, 417
19, 534
19, 271
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
20, 705
20, 448
20, 525
20, 432
20, 536
20, 746
20, 705
20, 892
20, 814
20, 750
20, 828
21, 082
21, 136
21, 341
21, 287
Series revised beginning 1961. See p. 22.
Not strictly comparable with earlier data; retail sales based on new sample
beginning July. See forthcoming August Monthly Trade Report.
Source: Department of Commerce.
_
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' inventories increased a substantial $1 billion (seasonally adjusted) in August. Shipments were reportea
down 31/3 percent leading to a large jump in the inventory shipments ratio to 1.76. Durable manufacturers' orders rose a
moderate 1 percent.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
60
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
90
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SHIPMENTS
80
TOTAL
V
70
60
DURABLE GOODS
50
40
MANUFACTURERS' NEW ORDERS
NONDURABLE GOODS
30
NONDURABLE GOODS
20
1965
1968
i i i i i I i i i ii
1965
1966
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l Manufacturers 7 inventories 2
Period
Total
1968
1967
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Manufacturers' new orders
1
Durable goods
Total
Total
NonMachinery durable
and
goods
equipment
Manufacturers'
inventoryshipments
ratio 3
Millions of dollars, seasonally adjusted
1960___ _ _ _ _
1961__
1962
1963
1964
1965
1966
__
1967.
1967: June__ _
July
Aug
Sept __
Oct _
Nov__
Dec
1968: Jan__ __
Feb
Mar
Apr
May__
June_ _ _
July
Aug "
30, 722
30, 896
33, 113
35, 032
37, 335
41, 003
44, 876
45, 712
45, 579
45, 038
46, 471
45, 884
45, 748
46, 955
47, 961
48, 447
48, 356
48, 446
48, 755
50, 014
50, 729
51, 073
49, 385
15, 743
15, 544
17, 103
18,247
19, 634
22, 216
24, 635
24, 973
24, 979
24, 417
25, 759
25, 171
24, 802
25, 538
26, 610
26, 925
26, 711
26, 844
26, 888
27, 509
27, 633
27, 859
26, 337
14, 979
15, 352
16, 010
16, 786
17, 701
18, 788
20, 240
20, 739
20, 600
20, 621
20, 712
20, 713
20, 946
21,417
21, 351
21, 522
21, 645
21, 602
21, 867
22, 505
23, 096
23, 214
23, 048
53, 814
54, 943
58, 212
60, 027
63, 370
68, 179
78, 125
82, 819
81, 119
81, 478
81, 853
81, 719
81, 968
82, 389
82, 819
82, 890
83, 408
83, 759
84, 382
85, 278
85, 582
85, 829
86, 857
32, 360
32, 518
34, 609
35, 807
38, 433
42, 204
49, 797
53, 540
52, 035
52, 461
52, 801
52, 582
52, 867
53, 283
53, 540
53, 525
54, 009
54, 295
54, 724
55, 234
55, 442
55, 461
56, 142
1 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.
2
8
22
21, 454
22, 425
23, 603
24, 220
24, 937
25, 975
28, 328
29, 279
29, 084
29, 017
29, 052
29, 137
29, 101
29, 106
29, 279
29, 365
29, 399
29, 464
29, 658
30, 044
30, 140
30, 368
30, 715
30, 232
31, 085
33, 005
35, 322
37, 952
41, 803
45, 938
45, 928
46, 332
45, 606
46, 654
45, 942
46, 655
47, 320
49, 463
48, 353
48, 453
49, 566
49, 237
49, 650
49, 850
49, 829
49, 729
15, 340
15, 698
17, 026
18, 522
20, 258
22, 986
25, 710
25, 189
25, 768
24, 921
25, 879
25, 177
25, 679
25, 852
28, 056
26, 837
26, 814
28, 005
27, 373
27, 172
26, 701
26, 573
26, 778
2,791
2,854
3, 090
3,412
3, 935
4,435
5, 268
5, 250
5, 376
5, 376
5,471
5, 350
5, 314
5,372
5,495
5,466
5, 380
5,382
5,492
5,447
5, 968
5,714
5,904
14, 892
15, 387
15, 979
16, 800
17, 694
18, 817
20, 228
20, 739
20, 564
20, 685
20, 775
20, 765
20, 976
21, 468
21, 407
21, 516
21, 639
21, 561
21, 864
22, 478
23, 149
23, 256
22, 951
1.76
1. 74
1. 72
1. 69
1. 64
1. 60
1.62
1.77
1.78
1. 81
1. 76
1.78
1. 79
1.75
1.73
1.71
1.72
1. 73
1.73
1.71
1. 69
1. 68
1. 76
NOTE.—Series revised beginning 1961. See Manufacturers' Shipments, Inventories, and Orders: 1961-1968, Bureau of the Census. Data for Alaska and Hawaii
included beginning 1958.
Source: Department of Commerce.
MERCHANDISE EXPORTS AND IMPORTS
Ihe U.S. merchandise trade balance deteriorated slightly in August registering a surplus of $88 million (seasonally
idjusted) as imports increased more than exports.
BILLIONS OF. DOLLARS
3.5
BILLIONS OF DOLLARS
3.5
3.0
1.5
1.0
1968
TE i BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE.- DEPARTMENT OF COMMERCE
Period
[Millions
Merchandise exports
Total (includDomestic exports
ing reexports) 1
Food, Crude
mateSeason- Unad- Total i 3 beverages,
rials
ally ad- justed
and to- and
justed
fuel
bacco
Monthly average :
1959
1960
1961 • _ _ _ _
1962 _ __
1963
1964 __
1965
1966
1967
1967: July_
Aug__
Sept.
Oct__
Nov_
Dec__
1968: Jan__
Feb__
Mar_
Apr__
May>
June_
July.
Aug_
1,368
1,636
1,682
1,748
1,869
2, 141
2, 225
2, 448
2,578
2
2
2
2
2
2
2
2
2
2
2
2
2
2
585
549
638
394
691
603
785
773
455
888
720
759
803
916
2, 377
2,396
2, 500
2,442
2,760
2,812
2,674
2,667
2,639
2,944
2, 944
2, 682
2, 640
2,787
1,353
239
1, 620
264
1, 662
289
1,725
312
1,845
349
2, 111
387
2, 196
377
2, 412
432
2,546
392
Unadjusted
2,348
363
2,359
366
402
2,470
2,412
390
2,729
480
2, 782
425
2,645
398
2,636
407
2, 601
391
2,908
381
2, 907
366
2, 648
343
2, 605
346
2,749
399
» Total excludes Department of Defense shipments of grant-aid milita
plies
and equipment under the Military Assistance Program.
2
Total arrivals of imported goods other than intransit shipments.
of dollars]
Manufactured
goods
252
329
322
280
315
361
356
367
393
897
1,047
1,062
1, 138
1, 188
1, 366
1, 449
1, 592
1,729
377
383
363
408
452
373
377
387
412
426
417
361
382
387
1, 582
1, 561
1,687
1, 596
1,766
1,934
1,828
1,833
1,767
2, 074
2, 076
1, 911
1, 866
1, 938
Merchandise imports
General imports 2
3
Total
Food, Crude
bever- mateSeason- Unadages,
rials
ally ad- justed
and to- and
justed
bacco fuels
1,302
1,251
1, 226
1,366
1, 428
1, 557
1, 780
2, 129
2,234
2
2
2
2
2
2
2
2
2
2
2
2
2
2
208
125
208
198
382
525
609
602
612
640
752
839
664
827
2,127
2, 166
2, 112
2,338
2, 442
2,431
2, 728
2,448
2, 558
2, 755
2, 815
2, 649
2,812
2,739
382
298
283
365
288
359
306
387
322
391
335
415
334
449
382
473
392
445
Unadjusted
366
397
372
444
362
413
417
445
409
437
439
478
441
506
421
444
395
487
455
466
451
488
401
499
532
458
484
484
Grossmerchandise
trade
Manusurplus,
facseasontured
goods ally adjusted
591
571
544
636
672
758
936
1, 201
1,309
66
385
456
382
441
584
444
320
344
1,272
1, 262
1, 245
1,363
1,488
1,431
1,692
1,496
1,598
1, 728
1, 772
1, 656
1,712
1,673
376
424
430
196
310
78
176
171
-158
248
-32
-80
139
88
3
Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus in the balance on goods and services increased to a level of $2 billion (seasonally adjusted annual rate
in the second quarter despite a smaller surplus of merchandise trade.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
20
20
10
10
1962
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Imports of goods and services
Exports of goods and services
Income on
investments
Period
Total
1963_
1964_
1965
1966
1967__
.
_ __
__
__
_
___ __
32,
37,
39,
43,
45,
432
098
196
142
756
Merchan-1
dise
22,
25,
26,
29,
30,
Military
sales
071
657
747
297
244
830
176
829
468 1, 240
Private
Government
4, 151
4,930
5,384
5, 659
6, 235
498
456
509
593
624
Other
services
5, 055
5,668
6, 229
6, 885
7, 189
Total
26,
28,
32,
38,
40,
620
688
295
063
989
Merchan-l
dise
17, 014
18,648
21, 516
25, 541
26, 991
Military
expenditures
2, 961
2,876
2,945
3,735
4,340
Balance
on
Other goods
and
serv- services
ices
6,645
7, 164
7,834
8,787
9,658
5,812
8,409
6,901
5, 080
4,768
Seasonally adjusted annual rates
1967: I
II
III
IV
45, 484
45, 508
46, 052
45, 984
30, 644 1, 340
30, 812 1, 344
30, 504
980
29, 912 1, 292
5,
5,
6,
6,
772
564
684
916
604
660
624
612
7,
7,
7,
7,
124
128
260
252
40,312
40, 432
40, 616
42, 592
26, 744
26, 420
26, 164
28, 636
4, 288 9, 280
4, 260 9,752
4,392 10, 060
4, 416 9, 540
1968: I ._ _
II "
47, 440
49, 912
31, 696 1, 224
33, 208 1, 448
6, 176
6, 796
792
868
7, 552
7, 592
46, 016
47, 944
31, 348
33, 172
4,440 10, 228 1,424
4, 572 10, 200 1, 968
1
Adjusted from customs data for differences in timing and coverage.
24
Source: Department of Commerce.
5,
5,
5,
3,
172
076
436
392
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on the liquidity basis was further reduced to a $0.7 billion level (seasonally adjusted annual rate)
in the second quarter. On the official reserve transactions basis, a significant surplus was recorded in the second quarter
reaching a $5,8 billion annual rate which more than offsets the first quarter deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS AND SERVICES
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
1962
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. private capital, net
U.S.
Government
Period grants
and
capital,
net l
Direct
investment
Other
longterm
Shortterm
-3, 578
-3, 564
-3, 370
— 3, 444
— 4, 211
-1,976
-2,328
-3,468
-3, 623
— 3, 020
1967:
I __
II-.III—
IV___
1968:
I
-4,704
-4, 156
-3,952
-4, 032
-696
-592
-2,612
-724 -1,088
-2,604
-3, 608 -2,024 - 1, 520
— 3, 260 -1, 632 -1, 656
TT v
— 4, 656 -1,496
— 564
-524
A. 1QR
-9.1R
_HA«
A. Af\A
Errors
Foreign and uncapital,
recorded Liquidnet l
transity
actions basis 2
-1,698
-784
690
-2, 103 -2, 147
689
-1,079
753
271
-256
-418
2, 532
— 1, 270 — 1, 214
3, 185
Seasonally adjusted annual
1963___
1964. _ _
1965. _ _
1966___
1967__-
1
2
Balance
-2, Oil
— 1, 564
-1,289
266
-3, 405
-80
544
281
I, 317
332
580
119
260
5, 460 - 1, 220 -2, 640 -2, 140 — 1, 364
QOQ
8 ftSd.
_ K«n
r\ «2fi — '} 1QA
366
3,460 -1, 000 -2, 020 -7, 056
4,808 -1,832 — 2, 088 -3, 224
988
3, 064
828 -3, 208
1,412
-136 -6,968 -4, 328
Includes certain special Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies,
and the U.S. gold tranche position in the IMP.
3
Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and
the U.S. gold tranche position in the IMF.
4
Includes short-term official and banking liabilities and foreign holdings of
U.S.
Government bonds and notes.
5
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
-2,670
-2, 800
-1,335
-1,357
-3, 571
-244
-860
-315
-210
-532
rates
Official
reserve
transactions
basis 3
Changes
in gold,
convertible currenTo foreign official
cies, and
5
holders
To other IMF gold
foreign tranche
holders 6 position
NonLiquid
(increase
liquid
[-])
1,673
-39
620
377
1, 075
318
1, 554
171
85
-18
131
1, 222
761
-1, 595
2,384
568
2, 062
1, 291
1,457
52
Quarterly totals, unadjusted
Changes in selected
liabilities (decrease [— I) 4
771
-709
95
1,306
765
1, 027
— 419
-375
-181
709
904
9 1QQ
7_ 1Q7
6
Private holders; includes banks and international and regional organizations;
excludes
IMF.
7
On June 30, U.S. reserve assets consisted of gold stock, $10,681 million (down
$22 million from March 31); IMF position including gold portion of increased
U.S. subscription, $903 million; convertible currencies, $2,479 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
Consumer prices rose 0.3 percent in August, somewhat less than the 0.5 percent increase in June and in July. Higher
costs of housing and food accounted for most of the rise.
Index, 1957-59=100
Index, 1957-59=100
1962
1968
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100]
All
items
Period
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1967: July
Aug _
Sept
. _
_ _ _
Get
Nov
Dec
1968: Jan
Feb
Mar
Apr.
Mav
_
__
_
June
July
Aug
Source: Department of Labor.
26
___ ___
100.7
101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
116. 5
116. 9
117. 1
117.5
117. 8
118. 2
118.6
119. 0
119. 5
119. 9
120. 3
120.9
121. 5
121. 9
All commodities
100. 8
100. 9
101.7
102. 3
103. 2
104. 1
105. 2
106.4
109. 2
111. 2
111. 5
111. 9
112. 0
112.4
112. 6
112. 9
113.2
113. 5
113. 9
114. 3
114. 7
115. 1
115. 5
115. 9
Services
Commodities
Commodities less food
Services
All
Food
Rent
less
Nonservices
Durable durable
All
rent
100. 2
101.9
100.0
100. 3
100. 1
99.9
99. 8
103.2
103. 6
100. 3
101. 0
101. 6
101. 2
101. 5
107.4
102. 6
106.6
101.7
100.9
101. 4
103. 1
104. 4
110. 0
102. 6
102. 0
108. 8
100. 8
103. 2
112. 1
110.9
105. 7
103. 8
103. 6
102. 8
101. 8
102. 1
104. 8
106. 8
114. 5
113. 0
103. 5
105. 1
117. 0
103. 0
105.7
115. 2
106. 4
104. 4
107.8
107.2
102. 6
117.8
108.9
120.0
108.8
105. 1
122. 3
102. 7
114. 2
109. 7
110. 4
125. 0
106. 5
112. 4
115. 2
104. 3
113. 1
127. 7
131. 1
109. 2
104. 4
112. 8
112. 4
131. 2
127. 7
116. 0
109. 1
113. 2
112. 6
104. 7
128. 2
131. 7
116. 6
109. 4
114. 1
112. 8
132. 3
104. 8
128. 7
115. 9
110. 0
114.
5
132.7
113.0
115.7
110.6
105.7
129. 1
115.
2
113.
2
133.
2
111.
1
129.
6
115. 6
106. 0
115. 2
130. 1
113. 5
133. 8
116. 2
111. 1
106. 1
111.2
130.8
134.6
117.0
106. 3
115. 1
113.7
131. 3
113. 9
135. 2
117.4
115. 6
111. 5
106. 4
132. 1
114. 2
136. 1
116. 1
111. 9
106. 6
117. 9
132. 5
114. 4
136. 6
116. 4
112. 2
106. 9
118. 3
114. 6
137. 1
117. 0
118. 8
112. 5
106. 9
133. 0
117.5
133.9
107.4
114.9
138. 1
119. 1
113.0
117. 6
134. 9
120. 0
107. 6
115. 1
139. 3
113. 2
115. 4
140. 0
107. 7
118. 1
135. 5
120. 5
113. 5
WHOLESALE PRICES
Preliminary estimates of the wholesale price index show an advance of 0.4 percent in September, thus reversing the
decline in August. Farm products and food prices rebounded from their August levels/ many industrial commodity
prices also rose.
Index, 1957-59=100
-index, 1957-59=100
90
80
80
1962
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
Period
1958 _
__ __
1959
1960 _
1961
1962
1963 _ _ _ _ _ _
. _ _
1964 _
1965
1966
1967
1967: Aug _ _ _
___
Sept
Oct
_
Nov _
_ _
Dec. _ _ __
1968: Jan.
Feb __
Mar
Apr
Mav
June
Julv_
Aug
Sept*
All
commodities
Farm
products
Processed
foods
and
feeds
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102.5
105. 9
106. 1
106. 1
106. 2
106.1
106. 2
106. 8
107.2
108. 0
108. 2
108. 3
108.5
108.7
109.1
108. 7
109. 1
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
98.4
105. 6
99. 7
99. 2
98. 4
97.1
96. 4
98. 9
99.0
101. 3
102. 1
102. 1
103.6
102.5
103. 9
101. 4
102. 7
102. 5
99. 9
100. 0
101. 6
102. 7
103. 3
103. 1
106. 7
113. 0
111. 7
112. 1
112. 7
111.7
110. 9
111. 5
112.4
113. 3
112. 9
112. 8
113. 6
114.6
115.9
114. 9
115. 4
* 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.
Industrial commodities
All industrials 1
99. 5
101. 3
101. 3
100. 8
100. 8
100. 7
101. 2
102. 5
104. 7
106. 3
106. 3
106. 5
106.8
107. 1
107. 4
107.8
108. 3
108. 6
108.8
108. 6
108.8
108.8
108. 9
109. 2
Crude
materials
96. 9
102.3
98. 3
97. 2
95. 6
94. 3
97. 1
100.9
104. 5
100. 0
99. 0
99. 5
99.4
100. 6
101. 3
101.4
102.4
103. 1
101. 7
100. 5
100.6
100. 9
101. 0
Inter- Producmediate er finmate-2
ished
rials
goods
99. 4
101. 0
101.4
100. 1
99. 9
99. 6
100. 2
101.5
103. 6
104.8
104 6
104. 9
105.0
105. 5
105. 9
106.3
107. 0
107. 3
107. 5
107.3
107.2
107.3
107. 4
100. 2
102. 1
102. 3
102. 5
102. 9
103. 1
104. 1
105.4
108. 0
111. 5
111. 4
111. 6
112.6
113. 0
113. 4
114.0
114. 2
114. 4
114. 8
114.9
115.1
115. 2
115. 4
Consumer finished goods excluding food
DurNondurable
able
100. 1
99. 3
101. 3
100. 8
100. 9
101. 5
100. 5
101. 5
100. 0
101. 6
99. 5
101.9
99. 9
101. 6
99.6
102.8
100. 2
104. 8
101. 7
107. 2
101. 2
108.0
101.4
108. 0
102.8
107.8
103. 0
107.9
103. 0
108.0
103.5
108.0
103.5
108.4
103. 6
108. 6
103. 5
109. 0
103.4
109. 1
103.5
109.8
103. 3
110. 0
103. 6
109.7
NOTE.—Beginning January 1967, the indexes incorporate a revised weighting
structure reflecting 1963 values of shipments. The classification structure also
changed.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended September 1 5, prices received by farmers advanced 2 percent and prices paid less than 1
percent; the adjusted parity ratio increased 2 points to 81. Strong seasonal gains in egg and milk prices were largely
responsible for the rise in prices received; partially offsetting these increases were price declines for cattle, soybeans,
and chickens.
Index, 1957-59=100
Index, 1957-59=100
100
PRICES RECEIVED
(ALL FARM PRODUCTS)
90
90
RAT o-i/
RATI oJ/
100
100
90
90
PARITY RATIO
\
^X,,,,u
80
/"'*
V**
''<.
J?"""k.
80
""»'»..^
''""«
70
,
. I , <1 . < , 1 ,
r.**"X,,v
i t i i . 1 i i t > i
1962
\
t i i i i 1i i i i i
1964
1963
1965
1
70
! I ! I 1 I 1 1 1 1
1966
i
1967
1968
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by farmers
ProducLivestock All items, Family
interest,
living
tion
and
items
items
products taxes, and
wage rates
Index, 1957-59=100
100
100
100
106
102
102
101
100
102
102
101
98
102
103
101
98
105
103
103
99
104
107
104
95
107
105
103
91
107
105
110
101
114
108
110
113
109
116
113
107
109
117
113
110
109
117
113
110
117
109
107
113
114
105
117
109
114
109
117
105
118
115
110
107
111
115
119
109
111
116
109
120
121
111
117
109
117
112
121
109
121
117
112
111
121
112
118
114
121
111
118
113
122
111
119
116
Prices received by farmers
Period
1958
1959___ _ _ __. - _ _
_ _
1960__ _
_ _ __
1961 _ _
_ _ _ _ _ _
1962 _ _ _ _
_
1963
1964 ___
__ _
1965
_ . _
1966__. _
1967___ __
_ _
1967: Aug 15
Sept 15_ _ _ __ _
Oct 15
_
Nov 15.
Dec 15_
1968: Jan 15 __
Feb 15_
_
Mar 15
_ __
Apr 15
_ _May 15_
June 1 5 _ _ _ _ _ _
July 15
Aug 15
Sept 15_
__ _
All farm
products
104
100
99
99
101
100
98
103
110
104
105
105
104
104
105
105
106
107
107
108
107
108
108
110
Crops
100
99
99
102
104
107
107
104
106
100
99
98
101
102
103
103
102
103
104
105
103
99
101
103
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
Parity ratio *
Actual
85
81
80
80
80
78
76
77
80
74
75
74
73
73
74
74
74
74
73
73
73
73
74
75
Ad j usted2
88
82
81
83
83
81
80
82
86
79
80
79
78
78
79
79
80
79
79
79
79
79
79
81
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
iVIONEY SUPPLY
The $0.7 billion September decline in the seasonally adjusted money supply approximately offset the August increase.
Following the unusually large August increase, time deposits rose an additional $2.9 billion in September.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY
ADJUSTED
180
180
140
140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
100
100
60
60
1962
1964
1963
1965
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1962:
1963:
1964:
1965:
1966:
1967:
1967:
Dec
Dec
Dec
Dec
Dec
Dec
July
A u g __
Sept.
Oct__
Nov.
___
_ _ _ _
_ _ _ _ _ _ _ _ __
__ _ _ _ _ _ _ _
Dec
1968: Jan.
Feb _
Mar
Apr
Mav
June__
July
Aug _
Sept *_
_
„_
_
_
1967
1968
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
U.S.
Money supply
Money supply
GovCurCurernTime
Time
DeDerency
rency
ment
de- 1
de- l
mand
mand
Total
outoutTotal
demand
posits
posits
dedeside
side
deposits
posits
banks
banks
posits l
Seasonally adjusted
Unadjusted
96.7
31.2
5.6
147.4
30.6
120.3
116.8
97.8
151.6
111.0
32.5
124. 1
5. 1
153.0
120.5
112.2
33. 1
157.3
34.2
125. 2
159.3
129. 1
5.5
35.0
125. 1
126.6
164.0
145.2
36.3
4.6
166.8
130.5
37.1
134.9
146. 6
172.0
156.9
170.4
132.
1
3.4
38.3
39. 1
136.7
158. 1
175.8
182.
0
5. 0
40. 4
140. 9
41.
2
145.
9
181. 3
183. 5
187. 1
175.2
136.2
39. 4
138.4
5.7
174.8
39.6
177.8
175.7
177.8
177.2
136.2
178.9
39.5
4.3
39.6
139. 4
175.8
179.0
139.4
5.0
179. 1
39.7
179.4
39.7
138.5
178.3
180.2
180.4
140.2
39.9
40.0
140. 5
6.3
180. 6
180.5
181.3
181.0
141.0
141.9
5.3
40. 4
40. 1
182. 0
182.4
182. 0
41. 2
5.0
40. 4
140. 9
145. 9
183. 5
187. 1
181. 3
183. 7
5.0
182. 3
40. 5
147. 1
40. 6
184. 1
141. 7
187. 6
7.2
141.9
141.1
40.7
185.2
182.7
181.4
40.3
185.8
187.7
141. 2
41. 1
142. 2
40. 7
6. 6
183.4
182. 0
186. 7
41. 4
41. 1
4. 2
184. 3
144. 5
143. 0
187.9
187. 1
185. 6
188.4
41.3
141. 1
6.4
186. 1
41. 6
144. 5
187. 6
182. 5
188.6
5.4
42. 0
41. 9
143.6
187. 4
145. 4
188. 2
185. 6
42.2
189.4
147.2
187.2
144.8
5.7
190.4
42.4
190.8
194. 3
42. 5
42. 6
144. 3
5.4
190. 2
147.7
193. 8
186. 8
42. 8
42. 8
145.8
196.3
5.8
189. 5
146. 7
188. 6
196. 7
i Deposits at all commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at
all commercial banks.
1966
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Seasonally adjusted public holdings of demand deposits and currency and of short-term U.S. Government securitie.
showed little change during August and September, while time deposits and savings and loan shares showed fairly
substantial gains.
[Billions of dollars, seasonally adjusted!
Total
selected
liquid
assets
End of period
1961
1962__
1963
1964
1965
_ ..
1966
1967 _ _ _ _
1967: Aug
Sept .__
Oct .
Nov
Dec
1968: Jan
Feb
__
Mar _
Apr
Mav
June__
.lulv r __ _ _
Aug "
Sopt ''__
_ __
_
.
424. 6
459.0
495. 4
530. 5
573.1
601.5
650. 5
630. 3
635. 7
638. 1
645. 9
650. 5
655. 9
658. 7
665.7
664.6
667.9
670. 5
676. 6
679. 7
683. 8
Demand
deposits
and
currency 1
142. 6
144. 8
149. 6
156. 7
164. 1
168. 6
180. 7
174. 2
176. 3
175.8
177. 9
180. 7
179.6
178. 3
181. 8
181. 1
183. 9
186.8
186. 2
186.0
186.3
Time deposits
Commercial
banks
82.5
98. 1
112.9
127. 1
147. 1
159.3
183. 1
177. 2
17a 1
180. 1
183. 8
183. 1
186. 5
187.6
187. 9
187.6
187.7
187. 9
191. 5
194. 0
195.9
1 Agrees in concept with money supply, p. 29, except for deduction of demand
deposits hold 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 m u t u a l savings banks, Federal Reserve Banks, and beginning
February 1%0, savings and loan association.
30
Mutual
savings
banks
38. 3
41.4
44. 5
49. 0
52. 6
55.2
60.3
58.7
59. 1
59. 5
59. 9
60.3
3
60.6
61.1
61. 4
61. 7
62. 1
62. 2
62. 8
63.0
63.3
Postal
Savings
System
0.6
.5
.5
.4
.3
.1
.1
.1
Savings
and loan
shares
U.S. Government
savings2
bonds
70. 5
79.8
90. 9
101.4
109.8
113.4
123. 9
121. 0
122. 5
123. 0
123. 7
123. 9
3
123. 6
124.6
125. 9
126. 0
126. 5
4
126. 8
127. 2
128. 1
129. 5
47.4
47. 6
49. 0
49. 9
50.5
50.9
51. 9
51. 3
51.4
51. 4
51. 5
51. 9
51. 9
51.8
51. 8
51. 8
51. 8
51. 9
51. 9
52. 0
52. 0
U.S. Government
securities
maturing
within
one
year 2
42. 6
46. 8
48. 1
46. 1
48. 6
53.9
50. 5
47.8
48. 2
48. 3
49. 1
50. 5
53.6
55. 4
57. 0
56.5
55. 9
54. 9
56. 9
56. 6
56.9
s Reflects conversion of a savings and loan association with share capital of
about $175 million to a mutual sayings bank.
4 Reflects liquidation of two savings and loan associations.
NOTE See Note D 29
„
' ^
, ,'
, , -^ , , „
„ ,
Source: Board of Governors of the Federal Reserve System.
LOANS, INVESTMENTS, DEBITS, AND RESERVES
flowing large gains in July and August, total bank credit (seasonally adjusted) increased an additional $4.3
illion in September. Free reserves fell slightly to a net borrowed position of $215 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
ALL COMMERCIAL BANKS
350
100
100
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
50
50
INVESTMENTS IN OTHER SECURITIES
1968
1962
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Bank
Weekly
debits
reporting
outside
large commercial New York
Total
Investments
City (232
banks
Loans,
loans excluding
centers) ,
and
seasonally
interU.S. Gov- Other Commercial adjusted
investsecuri- and indus- annual
ernment
bank
ments
securities
ties
trial loans
rates l
Billions of dollars
209.6
120.4
65. 3
23. 9
32.9
1,882
64. 6
29. 2
2, 021
134.0
35.2
227.9
246.2
61. 7
35. 0
2,
199
38.8
149.6
1
267.2
38. 7
42. 1
60. 7
2, 706
167. 7
3
294.4
3,018
192.6
57. 1
44. 8
53. 1
48.7
208.2
53.6
8,421
310. 5
60.7
59.7
8, 740
346. 5
225. 4
61. 4
65. 8
8, 882
336.6
218.0
61. 3
62.2
57. 3
57. 7
61. 4
63.4
3, 847
339. 1
219.9
342.0
221.4
61.9
58.6
63. 1
3, 891
3, 897
61.2
60.4
222.7
344.3
63.7
59. 7
8, 897
346. 5
225.4
61. 4
65. 8
60.0
62.4
349. 5
227. 1
65. 0
4,046
62.1
62.7
353.6
228.9
65. 1
4,047
4,021
352. 1
63.6
228.7
59. 8
66. 5
60. 0
4,215
354. 4
230. 9
63. 4
67. 6
4,243
60.7
63.5
67. 1
356.4
232. 1
60. 5
63. 4
357. 3
233. 4
69. 2
4, 354
64.2
69. 2
62.6
237.7
364.6
4, 487
65. 4
68. 1
240. 3
63. 4
369. 1
4, 442
63. 5
66. 9
69. 4
373. 4
243. 1
All member banks
All commercial banks
(seasonally adjusted data)
End of period
1961
1962
1963
1964
1965
1966
_
1967
1967: Aue
Sept
Oct
Nov
Dec
1968: Jan
Feb
Mar _
Apr *
May pp
June p .
July p
Aug
Sept"
1 Debits during period to demand deposit accounts except interbank and
U.S.
Government. New series beginning January 1964.
2
Averages of daily figures. Annual data are for December.
3
New series; see Federal Reserve Bulletin, March 1967.
NOTE.—Data for all commercial banks revised beginning 1959; see Federal
Reserve Bulletin, August 1968. Effective June 1966, balances accumulated for pay-
Total
reserves
20, 118
20, 040
20, 746
21,609
22, 719
23, 830
25, 260
23, 791
24, 200
24, 60S
24, 740
25, 260
25, 834
25, 610
25, 580
25, 546
25, 505
25, 713
26, 001
26, 069
25, 990
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
149
568
572
304
327
536
411
243
452
454
392
557
345
238
89
387
90
358
126
286
403
133
238
345
237
381
361
399
671
356
270
683
746
420
351
692
299
525
565
379
515
300
Source: Hoard of Governors of the Federal Reserve System.
419
268
209
168
o
-165
107
298
268
160
270
107
144
38
-315
-413
-326
-341
-226
-186
-215
31
CONSUMER AND REAL ESTATE CREDIT
Seasonally adjusted instalment credit outstanding increased by a record $853 million in August, and total consumer
credit outstanding increased substantially more than seasonally.
BILLIONS Of DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
100
100
TOTAL CONSUMER CREDIT OUTSTANDING
\
80
80
60
60
INSTALMENT CREDIT
20
20
\
NONINSTALMENT CREDIT
1962
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1968
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consumer credit outstanding (end of period;
Consumer instalment credit extended
Mortgage
unadjusted)
and repaid (seasonally adjusted)
debt outstanding
Instalment
Automobile paper
Total
Period
nonfarm,
NonAutomo1- to 4Total
Total l
Personal instal-2 Extended Repaid Extended Repaid
bile
family
ment
paper
loans
houses 3
1959
51, 542
39, 245
16, 420
15, 579
130, 900
9, 386
12, 297
42, 603
48, 052
17, 779
1960
42, 832
56, 028
16, 384
17, 688
10, 480
45, 972
17, 654
141, 300
13, 196
49, 560
1961
57, 678
16, 472
43, 527
11, 256
17, 223
16, 007
14, 151
47, 700
48, 396
153, 100
1962
63, 164
48, 034
19, 540
12, 643
19, 796
17, 478
166, 500
15, 130
55, 126
50, 620
1963
70, 461
54, 158
14, 464
22, 292
22, 433
19, 400
16, 303
61,295
55, 171
182,200
1964
78, 442
21, 676
24, 435
60, 548
25, 195
16, 228
17, 894
61, 121
67, 505
197,600
1965
_. 87, 884
24, 267
68, 565
28, 843
18, 354
27, 914
19,319
67, 495
75, 508
212, 900
1966 _
94, 786
74, 656
30, 961
26, 373
20, 110
28, 491
20, 130
72, 805
78, 896
223, 600
1967
99, 228
77, 946
21, 690
21, 282
27, 221
26, 985
31, 197
77, 973
81, 263
236, 000
1967: July
95, 115
2, 266
2,228
75, 348
31, 364
20, 666
19, 767
6, 776
6, 551
Aug_ _ _
95, 684
2, 285
75, 889
2, 240
31, 455
20, 936
19, 795
6,929
6, 585
2,
322
Sept
21,
087
95, 886
76, 039
31, 296
2,280
232, 000
19, 847
6,689
6,973
Oct
96, 094
76, 223
21, 198
2,321
31, 237
19, 871
6,942
2,301
6, 631
21, 375
Nov_
96, 802
76, 680
31,217
2, 305
20, 122
7,032
6,614
2,240
Dec
_ 99, 228
77, 946
21, 690
21, 282
2,250
31, 197
6, 652
2,306
7, 035
236, 000
2,302
1968: Jan
77, 467
21, 631
98, 225
31, 061
2,437
20, 758
7,089
6,691
97, 672
77, 327
21, 752
Feb_
31, 137
2,519
2, 308
20, 345
6,679
7,245
Mar_
97, 875
77, 581
21, 873
20, 294
6,814
2, 567
2,330
31, 380
7,380
239, 300
Apr_ __
99, 142
31,766
78, 345
22, 128
7,342
2,517
2,339
20, 797
6, 800
May
100, 275
79, 270
32, 240
22, 378
2, 343
21, 005
6, 869
2, 578
7,479
80, 363
32, 774
22, 686
June_ __
101, 467
21, 104
6, 884
2,574
2,337
7,516
243, 400
Julv__
102, 439
22, 930
81, 308
33, 253
21, 131
7, 001
2,669
2,405
7, 683
Aug ___ _ 103, 775
2,352
2,679
82, 455
33, 684
23, 311
21, 320
7, 788
6,935
* 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.
3
End of period, unadjusted.
32
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
Bond yields were relatively stable in September/ but Treasury bill rates averaged higher than in August. Most yields
rose somewhat during the first part of October.
PERCENT PER ANNUM
7
PERCENT PER ANNUM
7
CORPORATE Aaa BONDS
(MOODY'S)
1962
SOURCE:
1968
SEE TABIE BELOW
Period
1961
1962
1963
1964
1965
1966
1967.
1967: Aug
Sept
_ _
Oct
Nov
Dec
_ _ _
1968: Jan _ _
Feb _
Mar
Apr
May
June
July
Aug
Sept
Week ended:
1968: Sept 13—
20—
27—
Oct 4__
11—
18—
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3—5 year
Taxable
2
Treasury
3
(Standard4 &
issues
bonds
bills i
Poor's)
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. 954
4.22
4.21
3. 27
4.881
5. 16
4. 65
3. 82
4, 321
4. 85
5.07
3. 98
4.275
5. 28
4. 95
4. 03
4. 451
5.40
4. 99
4. 15
4. 588
5.52
5. 19
4. 31
4.762
5.73
5.44
4.36
5.012
5. 72
5. 36
4. 49
5. 081
5. 53
4. 34
5. 18
4.969
5.59
5. 16
4.39
5. 144
5. 77
5. 39
4. 56
5. 365
5.69
4. 41
5. 28
5. 621
5. 95
5. 40
4. 56
5. 544
5.71
5. 23
4. 56
5.382
5.44
5.09
4.36
5. 095
5. 32
5. 04
4, 31
5. 202
5.30
f>. 09
4. 44
5.
5.
5.
5.
5.
5.
246
218
151
182
277
345
5.
5.
5.
5.
5.
36
27
28
34
43
5. 12
5. 08
5. 09
r>. 15
5. 25
2
i Bate on new issues within period.
Selected note and bond issues.
3
April 1963 to date, bonds due or callable 10 years and after.
*8 Weekly data are Wednesday figures.
Data for first of the month, based on the maximum permissible interest rate
6J£ percent beginning early May 1968) and 30-year mortgages paid in 15 years.
4.
4.
4.
4.
4.
43
45
40
45
55
Corporate bonds
( Moody?s)
Aaa
Baa
4. 35
4. 33
4. 26
4. 40
4.49
5. 13
5. 51
5.62
5. 65
5.82
6.07
6. 19
6. 17
6. 10
6. 11
6. 21
6. 27
6.28
6.24
6. 02
5.97
5. 08
5. 02
4.86
4. 83
4. 87
5. 67
6. 23
6. 33
6.40
6.52
6.72
6. 93
6. 84
6.80
6.85
6.97
7. 03
7.07
6.98
6. 82
6.79
5. 95
5. 98
6.00
6. 02
6. 06
6. 80
6.79
6.79
6. 78
6. 79
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
5. 80
2. 97
5. 61
3.26
5.47
3.55
5. 45
3.97
5. 46
4.38
6. 29
5.55
6.55
5. 10
o. 00
6. 53
5.00
6. 60
6. 63
5.07
6.65
5.28
5. 56
6.77
5.60
6. 81
6.81
5.50
5. 64
6. 78
5. 81
6. 83
6. 18
6.94
6.25
7.52
6.19
7. 42
5. 88
5. 82
7. 35
5.88
5. 80
5. 75
5. 75
5.75
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
The common stock price index rose steadily during September and early October.
Index, 1941-43 =10
Inde x, 1941-43=10
110
AA
100
^~p*
v
/-"-"M^T^i \ vy^ /
90
80
s^S^V
\r
/
100
90
COMPOSITE PRICE INDEX FO K
500 COMMON STOCKS
.s*^~^
,f
110
WEEKLY-
MONTHLY
80
70
70
60
60
..... i . 1 1 .i , , , , ,1 1 , , 1 1 i i... i .... .
^^yKTV^ LLJ.I i 1 i i i i_i_ LJ_I_L_I LJ , i I_L j _ i i LL-LLi , L ,
PE KENT
.
PERCENT
RATIO
RATIO
25
25
PRICE/EARNINGS RATIO ON COMMON STOCKS
20
20
^O—i
—
\
15
10 A
i
Y
^-""""'""'"'""i
^
i
1962
f
f
i
!
1
'
!
i
1
1964.
1963
Period
_
_
. _
_ __
Sept.
Oct.
Nov
Dec
1968: Jan
Feb
Mar
Apr
May.
June
__
July_
Aug
Sept
Week ended:
1968: Aug 30__
Sept 6
13
20
27
Oct 4
11
U VA J
i
15
|
i
1966
1965
_
.
i
1967
1968
t
N 10
N
COUNCIL OF ECONOMIC ADVISERS
Total
Total
62. 38
69.87
81. 37
88.17
85.26
91.93
95. 81
95. 66
92.66
95. 30
95. 04
90.75
89. 09
95.67
97. 87
100. 53
100. 30
98.11
101. 34
65.54
73.39
86. 19
93.48
91. 08
99. 18
103. 84
104. 16
100. 90
103. 91
103. 11
98.33
96. 77
104. 42
107. 02
109. 73
109. 16
106.77
110. 53
98.
100.
100.
101.
102.
103.
103.
107.
109.
109.
110.
111.
112.
112.
84
32
84
50
38
15
48
63
36
94
75
73
53
96
Price index l
Industrials
Capital Consumers'
goods
goods
1941-43=10
54.96
58. 15
63.30
62. 28
76. 35
73. 84
81. 94
85. 26
84.86
74. 10
96. 96
79. 18
104. 17
84 62
106. 64
83.60
80.47
103. 58
81.92
106. 41
102. 87
81. 06
77.99
98. 13
77.49
96. 32
84. 79
104. 08
87.75
106. 86
89. 04
110. 65
108. 12
88.38
104.92
85.73
107. 57
88. 46
4
105.
106.
107.
107.
109.
108.
109.
1 Includes 500 common stocks; 425 are industrials; 55 are public utilities, and 20
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
34
'
r^^--*^—- -'I
SOURCE: STANDARD & POOR'S CORPORATION
1962
1963
1964
1965
1966
1967
1967:
.x,
^-—
01
25
19
65
20
03
70
4
85.
86.
4
87.
4
89.
4
90.
4
90.
4
90.
96
63
79
23
19
54
81
Railroads
Dividend
yield 2
(percent)
59. 16
64.99
69. 91
76.08
68. 21
68. 10
67.45
64.93
63.48
64. 61
68. 02
65.61
62. 62
63. 66
62. 92
65. 21
67.55
66.60
66. 75
30. 56
37.58
45.46
46.78
46. 34
46. 72
49. 27
46.28
42.95
43. 46
43.38
42.35
41. 68
44. 79
48. 00
51. 72
51.01
48.80
51. 11
3.37
3.17
3.01
3.00
3.40
3.20
3.07
3.07
3.18
3. 09
3. 13
3.28
3. 34
3. 12
3. 07
3. 00
3.00
3.09
3. 01
66.
66.
66.
66.
66.
66.
66.
49. 31
49. 87
50. 50
51.01
52. 48
54. 34
54. 11
Public
utilities
46
77
90
69
64
96
83
4
4
4
4
4
4
3.
3.
3.
3.
2.
2.
2.
Price/
earnings
ratio 3
16. 68
17.62
18.08
17. 08
14.92
17.54
17.81
17. 41
16. 40
17.23
08
04
02
00
97
96
94
are averages of monthly data. Weekly data are Wednesday figures.
3 Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
* Tuesday prices.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In fiscal 1968, receipts totaled $1 53.5 billion and expenditures $173.0 billion, yielding a receipt-expenditure account
deficit of $19.5 billion. Including net lending, the total deficit was $25.4 billion. In the first 2 months of the current
fiscal year, the total deficit was $5.7 billion/ a year earlier it was $9.3 billion.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
200
1958
1959
1960
,1961
1963
1964
FISCAL'YEARS
1962
J/RECEIPTS LESS EXPENDITURES AND NET LENDING.
^/PRELIMINARY. J^ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
1965
1966
1967
196'8-^
1969^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget receipts, expenditures, and net lending
Period
Receipt-expenditure account
Receipts
Fiscal year:
1958
1959
1960
1961
1962
1963 __
_ __ ___
1964 __
1965
1966
1967
1968 2*
1969
Cumulative totals, first
2 months:
Fiscal year 1968
Fiscal year 1969___
1
2 As
Expenditures
Surplus or
deficit (-)
79.6
79. 0
92. 5
94. 4
99. 7
106. 6
112. 7
116. 9
130. 9
149. 6
153. 5
179. 4
81. 2
89. 7
90.4
96. 7
104 7
111. 5
118. 1
116.7
130.7
153.2
173. 0
182.3
-1. 6
-10. 6
2. 1
-2.3
-5. 0
-4. 9
-5. 4
.1
.2
-3. 6
— 19. 5
-2.9
20. 4
24. 9
29. 1
30. 1
-8. 7
-5. 2
published in the Treasury Bulletin, beginning July 1968.
Estimate, as published in Summer Review of the 1969 Budget, September 1968,
Bureau of the Budget.
NOTE.—Budget receipts and expenditures, net lending, and the public debt
are based on The Budget of the United States Government, 1969, which shows data
Loan
account
Net
lending
Total
surplus or
deficit (-)
Public debt and
agency securities
(end of period) l
Total
Held by
the public
1. 5
2. 7
1.9
1.2
2.4
— .1
.5
1.2
3.8
5.2
5.9
2. 1
-3. 1
-13. 3
.2
-3. 5
— 7. 4
-4. 7
-6.0
-1. 1
-3.7
-8. 8
25. 4
-5.0
289. 8
293. 0
295. 4
306. 1
313. 9
320.4
326. 6
333.3
344.7
372.0
234. 9
237. 0
238. 5
248. 3
254. 3
257.5
261. 6
264. 6
267. 5
290. 6
.6
.5
-9. 3
-5. 7
354. 4
380. 2
275. 7
297.5
on the basis of budget concepts adopted pursuant to the recommendations of the
President's Commission on Budget Concepts. As soon as all of the data are
available on a monthly basis, the table will be expanded to include them.
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1968, individual income taxes increased by $7.2 billion, corporation income taxes declined by $5.3
billion, and other receipts increased by $2.0 billion. Military outlays of the Department of Defense rose by $9.7
billion. In the first 2 months of the current fiscal year, receipts were $4.5 billion over a year earlier while expenditures
were up $0.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
NONDEFENSE
60
40
NATIONAL DEFENSE"
20
N
1958
1959
1960
1962
1961
1965
1963
1964
FISCAL YEARS
.I/PRELIMINARY.
J/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
1966
1967
1968 J/
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Expenditures and net lending
Receipts
National defense
Period
Fiscal year:
1958
1959
1960__
___ _ ___
1961
_ ._
1962
1963___ _ _ . _
1964 _
1965 .
1966
1967
196$ 2P
1969
Cumulative totals,
first 2 months:
Fiscal vear 196S___
Fiscal vear 1969. __
Total
Individual Corporation
income
income
taxes
taxes
Other
79. 6
79. 0
92. 5
94.4
99. 7
106.6
112. 7
116.9
130. 9
149. 6
153. 5
179. 4
34. 7
36.7
40.7
41. 3
45. 6
47. 6
48. 7
48. 8
55. 4
61.5
68. 7
81. 8
20. 1
17.3
21. 5
21. 0
20. 5
21. 6
23. 5
25. 5
30. 1
34. 0
28. 7
34. 8
24. 8
25. 0
30. 3
32. 1
33. 6
37. 4
40. 5
42. 6
45. 4
54. 1
56. 1
62. 8
82. 7
92. 4
92. 3
97.9
107. 0
111. 3
118. 7
118. 0
134. 6
158. 4
178. 9
184. 4
20. 4
24. 9
9. 2
11. 4
1. 4
2. 7
9. 8
10. 8
29 7
30. 6
1 Expenditure account.
2
Estimate, as published in Summer Review of the 1969 Budget, September 1968,
Bureau of the Budget.
NOTE. — Receipts and outlays in this table are based on The Budget of the
United States Government, 1969, which shows data on the basis of budget-concepts
36
Total
Total
44. 5
46.7
45. 8
47. 5
51. 2
52. 2
53. 7
49. 6
56. 8
70. 1
Department of
Defense,l
military
39. 1
41. 2
41. 2
43. 2
46. 8
48.3
49. 8
46. 2
54. 4
67. 5
77. 2
Interna- Health,
tional
labor,
affairs
and
and
welfare
finance
3. 3
3. 2
3. 1
3.4
4. 6
4. 2
4. 2
4. 2
4. 4
4. 6
15. 8
18. 0
19. 1
22.4
24.0
25. 7
27. 2
28. 2
33.2
40. 1
Other
19. 2
24. 5
24. 2
24. 7
27. 3
29. 2
33. 7
36. 0
40. 1
43. 6
12. 9
12 2
adopted pursuant to the recommendations of the President's Commission on
Budget Concepts. As soon as all of the data are available on a monthly basis,
the table will be expanded to include them.
Sources: Treasury Department and Bureau of the Budget.
SECTOR, NATIONAL INCOME ACCOUNTS BASIS
cording to current estimates/ Federal receipts rose $5 billion (seasonally adjusted annual rate) in the second quarter
and expenditures $6% billion, yielding a deficit of about $101/4 billion. Preliminary estimates indicate that receipts
rose substantially more than expenditures in the third quarter.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
200
140
120
+20
SURPLUS
-
H n v® m
-20
DEFICIT
1
1
1962
1
p-j
t~TI
FISH
E££2
t
1
I
1963
y%& m t%3 "**
pll
PI
fcwftj tfW
M
i i i
1
rrr^
tm
PS?
1
M
"**
I
1
1965
1964
1
1
1
1
1
1
1967
1966
!
f
-20
1968
CALENDAR YEARS
1/PPFI 1UIVJAPY
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Fiscal year :
1964
1965
1966___
1967
1968 l
Calendar
year :
1964 _
1965—
1966
1967
1967: I__
II__
III_
IV_
1968: I__
II _
III"
Indirect ContriPersonal Corpobusiness butions
rate
tax
and
for
Total nontax profits tax and
Total
tax
nontax socialinreceipts accruals
accruals suran ce
Surplus
or
Subsidies deficit
Grantsless
Purin-aid
(-),
current
Net
chases Trans- to State
and
interest surplus income
of goods fer payand
local
paid
of Govt. product
and
ments
enter- accounts
governservices
prises
ments
1 1 5. 5
120.5
133.0
147.8
160. 8
50. 7
51.3
57.5
64.5
71.2
25. 7
27.8
31.2
31.4
34. 6
15. 6
16.9
15.7
16.0
17.1
23. 5
24.6
28.5
35.8
37.9
116. 9
118.6
131.9
154.3
172.7
65. 7
64.3
71.7
84.9
95.5
29. 5
30.5
34. 1
39.4
44. 6
9.8
10.9
12.7
14.8
17.2
8. 1
8.6
9.0
9.9
11.0
3. 8
4.1
4.4
5.4
4.4
— 1. 4
2.1
1. 1
-6.7
-11.9
115.0
124.7
143.0
151.2
148. 1
148.2
152.2
156.4
166.6
171. 8
48.6
53.8
61.7
67.3
66.0
65. 1
68.2
69.7
72.0
74.9
83. 5
26.4
29.3
32.4
30.9
30.3
30.5
30.6
32.4
37.0
38.2
16. 1
16.5
15.8
16.2
15.9
16.1
16.3
16.4
17.0
17.5
17.8
23.8
25.1
33. 1
36.8
35.9
36.5
37.0
37.9
40.5
41.2
42. 2
118. 1
123.5
142.4
163.6
159.3
161.5
165. 1
168.6
175. 1
181.9
184. 8
65.2
66.9
77.4
90.6
87.4
90.0
91.3
93.5
97. 1
100.0
101. 1
29.9
32.5
35.7
42.3
41.5
42. 1
42.9
42.7
45. 1
47.7
48. 8
10.4
11. 1
14.4
15.7
15. 1
14.6
15.9
17.0
17.7
18.3
18.4
8.3
8.7
9.5
10.3
10.2
9.9
10.2
10.7
11.3
11.8
12. 1
4.2
4.3
5.4
4.8
5. 1
4.8
4.8
4.6
3.9
4. 1
4. 3
-3.0
1.2
.7
-12.4
-11.2
— 13. 3
— 12.9
— 12. 2
-8.6
-10.2
1
Preliminary, based mostly on seasonally adjusted data; not strictly cornarable with preceding data.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
37
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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 Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables 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.
P Indicates preliminary and
not available.
For sale by the Superintendent of Documents, U.S. Government Printing Office. Washington. D.C.. 20402
Price 25 cents per copy; per $3 year; $4 foreign. Domestic air mail $0.10 additional per year.
38
U.S. GOVERNMENT PRINTING OFFICE: 1968
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