Full text of Economic Indicators : October 1972
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Congress, 2d Session
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XIJLULJLOCL ILJI o
October 1972
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1972
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVTTS (New York)
JACK MILLER (Iowa)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
JOHN R . STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
COUNCIL OF ECONOMIC ADVISERS
HERBERT STEIN, Chairman
EZRA SOLOMON
MARINA v. N. WHITMAN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—Isr SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ''Economic Indicators*'
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch ^ Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $3.00 per year (foreign, $4.00) from:
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TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose $22% billion in the third quarter to a seasonally adjusted annual rate of $1,162 billion.
This followed rises of about $31 billion in each of the 2 preceding quarters.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Disposable personal income
Period
Net receipts
Expenditures
PerLess: Equals:
sonal
Less:
Tax
Interest Total Personal
saving
TransTrans- Equals:
and
paid and exclud- consumpPuror
tion
fers,
Total
Equals:
fers,
nontax interest, Net
ing
chases
disexpendexpendinterest,
Total i transfer
pay- interest itures saving receipts
of goods
and receipts itures
and
or
and
ments
and
subSUbaccruals sidies 2
to for- transservices
fers
eigners
Surplus
or
deficit
<—),
income
and
product
accounts
473.2
511.9
546.3
591. 0
634.4
689.5
744.4
12.0
13. 0
13.9
15. 1
16.7
17.9
18.5
461. 3
498. 9
532.4
575. 9
617. 7
671.6
725.8
432.8
466. 3
492. 1
536. 2
57.9. 5
616.8
664.9
28.4
32. 5
40.4
39. 8
38. 2
54.9
60. 9
189.1
213. 3
22a 9
263.5
296. 7
302. 0
321.6
49.9
55. 5
62. 8
70.7
77.9
93. 0
105. 7
139.2
157. 9
166. 2
192.7
218. 8
209. 0
215. 9
186.9
212. 3
242. 9
270. 3
287.9
312. 1
338. 5
49. 9
55.5
62. 8
70. 7
77. 9
93.0
105.7
137.0
156. 8
180. 1
199. 6
210.0
219.0
232.8
2.2
1. 1
-13. 9
-6.8
8.8
-10. 1
-16.9
1971 I...
725.7
742.9
750.4
758.5
18.3
18.4
18.7
18.8
707.4
724.5
731.7
739.7
648.0
660.4
670. 7
680.5
59. 3
64. 1
61. 0
59.3
313. 5
318. 8
323.3
330.7
100.6
107.4
106.5
108.4
212. 9
211.4
216. 8
222. 3
327.5
336. 9
340. 2
349.4
100.6
107.4
106. 5
108.4
227. 0
229.5
233.6
240. 9
-14. 0
-18. 0
-16.9
-18.7
1972: I
770.5
782.6
798.7
18.8
19.1
19.3
751.7
763.5
779.4
696.1
713.4
728. 1
55. 7
50.1
51.3
353.8
361.4
112. 1
114.1
116.2
241. 7
247.3
361. 6
368. 3
372.7
112. 1
114.1
116.2
249.4
254.1
256.6
-7.7
-6.8
1965.
1966.
1967.
1968.
1969.
1970.
1971.
II..
III..
IV..
International
Business
Period
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972:1
IliT_~_~
Net
Net exports of goods
Gross
and services
Excess of Total
Statis- national
transfers
Excess
Gross
transfers income
to fortical
Gross private
product
of
or
or
eigners
discrepretained domestic
or
investby perEquals: of net receipts ancy
earn-3 investexpendLess:
ment
Net
exports
sons and Exports Imports
ings
iture
ment 4
Governexports
ment
847
91. 3
93. 0
95. 4
97.0
97.3
109.9
108. 1
121.4
116. 6
126. 0
139. 0
137. 1
2.8
2.8
3. 0
2. 9
2. 9
3. 2
3. 6
39.2
43.4
46. 2
50. 6
55. 5
62. 9
66. 1
32. 3
38. 1
41. 0
48. 1
53. 6
59. 3
65. 4
6. 9
5. 3
5. 2
2. 5
1. 9
3. 6
.7
-4. 1
152. 0
-23. 4
-30. 1
-23.5
-30. 6
-42. 0
-39.7
-42. 1
688. 0
-2.4
750. 9
-2. 2
794. 6
.4
866. 9
1. 0
936.3
-. 4
981. 1
2. 8 1, 055. 2
-3. 1
684.9
-1. 0
749. 9
-. 7
793. 9
-2. 7
864. 2
-6. 1
930. 3
-4.7
976.4
-4,8 1, 050. 4
103. 2
108. 7
110. 5
117. 2
143. 9
153. 0
152. 2
158. 8
-40. 7
— 44. 3
-41. 7
-41. 6
3. 2
3. 4
3. 8
4. 0
GO. 3
(56. 7
(58. 5
63. 0
61. 8
66. G
08. 2
G5. 1
4. 5
.1
.4
2. 1
-1. 4
3. 2
3. 4
G. 1
026. 7
048. 0
062. 8
083. 2
-3.3
-4,9
-5.9
-5.2
115. 9
124. 8
1G8. 1
177. 0
181. 0
— 52
3. 8
3. 8
4. 0
70. 7
70. 0
75.0
75. 3
75. 2
78. 4
4. 6
5. 2
3. 4
8.4
9. 0
7.4
113. 1
139.4
-4. 1 1, 109. 1
-. 1 1, 139. 4
1, 162. 2
i Personal income (p. 5) loss personal tax and nontax payments (lines, penalties,
etc.).
3
Government transfer payments to persons, foreign not transfers by Government, net interest paid by government, subsidies less current surplus of govern~~ent enterprises, and disbursements less wage accruals.
L Undistributed corporate profits, corporate inventory valuation adjustment,
[jital consumption allowances, and private wage accruals less disbursements.
oes not include retained earnings of unincorporated business, which are included
1, 023.
1, 043.
1, 056.
1, 078.
4
0
9
1
in 4 disposable personal income.
Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
a Net foreign investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 8.3 percent in the third quarter, according t^
preliminary estimates. Real gross national product rose at a 5.9 percent rate while prices increased at a 2.2 percen.
rate.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
BOO
800
PERSONAL CONSUMPTION
EXPENDITURES
600
600
- GOVERNMENT PURCHASES OF GOODS AND SERVICES
400
400
200
200
\
'">..».„„„.
NET EXPORTS OF GOODS
AND SERVICES
I
J
1966
GROSS PRIVATE DOMESTIC
INVESTMENT
L
1967
1968
1969
1970
Period
1962
1963
1964
_
1965
1966
1967.
1968..
_
1969
1970
1971
1971: I
II _
III
IV..
1972: I
II
III"
COUNCIL OF ECONOMIC ADVISERS
Total
Personal Gross
congross
Total
private
sump- domestic
national gross
tion
product national
investin 1958 product expend- ment
itures
dollars
Billions <Df dollars; quarterly
529.8
561.0
581. 1
617.8
658. 1
676.2
706.6
725.6
. 722. 1
741. 7
731.9
7S7. 9
742.6
754.5
766.5
783.9
795. 3
560.3
590. 5
632.4
684. 9
749. 9
793. 9
864, 2
930. 3
976.4
1, 050. 4
1, 023. 4
1, 043. 0
1, 056. 9
1, 078. 1
1, 109. 1
1, 139. 4
1, 162. 2
355. 1
375. 0
401.2
432. 8
466. 3
492. 1
536. 2
579.5
616. 8
664.9
648.0
660. 4
670. 7
680. 5
696. 1
713.4
728. 1
83. 0
87. 1
94.0
108. 1
121.4
116. 6
126. 0
139. 0
137. 1
152.0
143.9
153.0
152. 2
158. 8
168. 1
177.0
181.0
1
This category corresponds closely with budget outlays for national defense,
shown on p. 36.
1972
1971
.I/PRELIMINARY"
SOURCE, DEPARTMENT OF COMMERCE
jjurchases of good s and
Implicit
services
price
Federal
State deflator
for total
National1 Other and
GNP,
local
defense
1958=1002
data at £ easonall 7 adjusteid annual rates
Gove rnment
Net
exports
of goods
and
Total
services
Total
117. 1
122. 5
128. 7
137.0
156.8
180. 1
199. 6
210. 0
219. 0
232. 8
227. 0
. 1 229. 5
.4 233. 6
2. 1 240. 9
-4. 6 249. 4
-5.2 254. 1
-3.4 256.6
5. 1
5.9
8.5
6.9
5.3
5.2
2.5
1.9
3.6
.7
4,5
63.4
64. 2
65.2
66.9
77.8
90. 7
9a 8
98.8
96. 5
97.8
96.2
96. 3
97. 9
100. 7
105. 7
108. 1
106. 2
51.6
50. 8
50.0
50. 1
60.7
72.4
78. 3
78.4
75. 1
71.4
72. 5
71. 2
70. 1
71. 9
76. 7
78. 6
75.2
11.8
13. 5
15.2
16.8
17. 1
18.4
20. 5
20.4
21. 5
26.3
23. 7
25. 0
27. 8
28. 7
28. 9
29. 6
31. 0
53. 7
58. 2
63. 5
70. 1
79.0
89. 4
100. 8
111. 2
122.5
135.0
130. 8
133. 3
135. 7
140. 2
143. 7
146.0
150.4
105. 78
107. 17
108. 85
110. 86
113. 94
117. 59
122. 30
128. 20
135. 23
141. 61
139. 84
141. 34
142. 35
142. 88
144. 68
145. 34
146. 14
2
Gross national product in current dollars divided by gross national product
in 1968 dollars.
Source: Department of Commerce.
NATIONAL INCOME
(Employee compensation rose $12 billion (seasonally adjusted annual rate) in the third quarter after a $15 billion
•ise in the second. Proprietors' and rental income recovered from the effects of the hurricane in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
COMPENSATION OF EMPLOYEES
600
500
500
400
400
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
100
1972
1966
y PRELIMINARY
SOURCE DEPARTMENT OF COMMERCE
COUNCIt OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compensation
of em- 1
ployees
Proprieto]rs' income
Farm 2
Business
and professional
Rental
income
of
per-
Net
interest
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
457.7
481. 9
518. 1
564.3
620. 6
653. 6
711. 1
766. 0
798. 6
855. 7
323.6
341. 0
365.7
393. 8
435. 5
467. 2
514. 6
566. 0
603. 8
644. 1
13.0
13. 1
12.1
14.8
16. 1
14. 8
14.7
16. 7
16. 9
17. 3
37. 1
37. 9
40.2
42.4
45. 2
47. 3
49. 5
50. 5
49. 9
52. 6
16.7
17. 1
18.0
19.0
20. 0
21. 1
21. 2
22.6
23.3
24. 5
11. 6
13.8
15.8
18.2
21. 4
24. 4
26. 9
30.5
34.8
38.5
1971: I
11
III
IV
834. 5
S51. 4
860. 8
876. 2
628. 6
039. (J
648. 0
6(H). 4
16. 8
1 0. 9
17. 6
18. 1
51. 3
52. 4
53. 1
53. 8
23. 9
24. 4
24. 8
25. 0
1972: I
11
III »
903. 1
922. J
682. 7
697. 8
709. 7
19. 1
18. 7
19. 1
54. 3
54. 4
56. 2
25. 2
24, 2
26. 2
1
Includes employer contributions ior soclnl Insurance. (8ee also p. 4.)
'Excludes farm profits of corporations engaged In fanning and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Corpora )e profits and in veil tory va luation ac [justment
Total
55.7
Profits
before
taxes
Inventory
valuation
adjustment
0.3
7a7
84. 3
79.8
69.9
78.6
55. 4
59.4
66.8
77.8
84, 2
79. 8
87. 6
84.9
74.3
83. 3
— .5
-1.7
— 1. 8
— 1. 1
-3.3
— 5. 1
-4.4
-4.7
37.3
38. 1
39. 1
39. 7
76.6
80. 1
78.3
79. 4
81.3
84. 5
84. 1
83. 2
-4.7
— 4. 4
-5.8
-3.9
40. 1
40. 9
41. 7
81.8
86. 1
88.2
91.6
-6.5
— 5. 5
-6. 1
Source: Department of Commerce.
5a9
66.3
76.1
82.4
""""• O
SOURCES OF PERSONAL INCOME
Personal income rose $5.7 billion (seasonally adjusted annual rate) in September. Higher payrolls accounted f
$4.2 billion of the increase.
BILLIONS OF DOLLARS
1,000
BILLIONS OF DOLLARS
1,000
SEASONALLY ADJUSTED ANNUAL RATES
TOTAi PERSONAL INCOME
300
800
WAGE AND SALARY DISBURSEMENTS
600
600
400
400
OTHER INCOME
200
200
TRANSFER PAYMENTS
I I I I ! I > I 1 I
1966
1967
1968
I I I I I I I I I 1 1>
t I I I M I 1 11
J970
1969
1971
1972
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
Wage
Total
Other Propriet< 3rs' income
and
personal salary
labor
Business
income disburse- income 2 Farm
and prol
ments
fessional
Rental
income
of
persons
Dividends
Less: Per- NonagriPersonal Transfer sonal con- cultural
interest
paytributions personal
income
ments for social income 3
insurance
1964
1965
1966
1967
1968
1969
1970
1971
497.5
538.9
587. 2
629. 3
688. 9
750.9
806. 3
861.4
333. 7
358.9
394,5
423. 1
464. 9
509. 7
541. 9
572. 9
16. 6
18.7
20. 7
22. 3
25. 4
28.4
32. 1
36. 5
12. 1
14.8
16. 1
14.8
14,7
16. 7
16.9
17.3
40. 2
42.4
45. 2
47. 3
49. 5
50.5
49. 9
52.6
18.0
19.0
20.0
21. 1
21. 2
22. 6
23.3
24.5
17.8
19.8
20.8
21. 4
23. 6
24. 3
24.8
25.4
34, 9
38.7
43.6
48. 0
52. 9
59. 3
65. 8
69.6
36.7
39.9
44, 1
51. 8
59. 6
65.8
79. 5
93. 6
12. 5
13.4
17.7
20. 5
22. 8
26. 3
28. 0
31. 2
480.
519.
566.
609.
668.
728.
782.
837.
1971: Aug
Sept
Oct
Nov
Dec
869. 1
872. 2
874.8
879. 4
890. 4
577.2
577.9
579. 9
583. 4
594. 3
37. 2
37. 5
37. 8
38. 0
38. 3
17. 6
17. 9
18.0
18. 1
18. 1
53. 1
53. 4
53. 6
53. 8
53. 9
24.9
24. 9
24.9
25. 0
25. 1
25. 6
25. 5
25.5
25. 5
24. 6
70. 2
70. 5
70. 5
70. 6
70. 7
94. 7
96. 1
96.2
96. 8
97. 6
31.4
31. 5
31.6
31. 8
32. 3
844.7
847.6
850. 0
854.5
865. 0
1972: Jan
Feb
Mar____
Apr
May
June
July .„
Aug
Sept»—
898. 9
908. 5
913. 6
919.4
924. 0
922. 9
932. 9
940.0
945.7
602. 6
609. 0
612.4
617. 6
619. 9
624, 0
625. 7
630.6
634. 8
38. 5
38.8
39. 1
39. 5
39. 8
40. 1
40. 5
40. 8
41. 1
18.6
19. 1
19. 5
19. 1
18. 7
18.4
18.6
19. 1
19. 5
54. 0
54. 1
54. 7
54.9
55.3
53.2
55.7
56. 3
56. 7
25. 1
25. 2
25. 3
25. 5
25. 6
21. 5
25.8
26. 3
26. 5
26. 0
26. 1
26. 0
26. 1
26. 3
26.3
26. 4
26. 6
26. 5
70. 8
71. 0
71. 3
72. 0
72. 7
73.4
73.5
73.4
73.3
97. 6
100. 0
100. 1
99. 7
100. 9
101. 3
102. 2
102. 8
103. 3
34.3
34. 7
34.8
35.0
35. 1
35.3
35. 5
35.8
36. 0
873.4
882. 4
887. 1
893. 4
898. 3
897. 5
907. 3
914. 0
919. 4
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fee?; military reserve pay; and a few other minor
items.
9
5
3
4
8
3
8
2
* Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce."
DISPOSITION OF PERSONAL INCOME
Disposable personal income (seasonally adjusted) rose sharply in the third quarter but saving also increased and the
saving rate remained unchanged at about 6% percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
PER CAPITA DISPOSABLE PERSONAL INCOME
2,500
2,500
2,000
2,000
1966
1972
J/PRELIMINARY
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
Less:
PerPersonal
sonal tax and
income nontax
payments
Period
Per cap>ita disL ess : Perso nal outlayfs
posable personal
Equals:
Persorlal consuroption
Equals:
incc>me
Disex penditure 3 2
Personal
Total
posable
saving
Nonpersonal personal Durable
Current
1958
durable Services
dollars dollars
income outlays * goods
goods
Billions of dollars
.
1964
1965
1966
1967
1968
1969
1970
1971
497.5
538.9
587. 2
629. 3
688. 9
750. 9
1 806. 3
! 861. 4
!
59. 4
65.7
75.4
83. 0
97. 9
116. 5
116. 7
117. 0
438. 1
473.2
511. 9
546. 3
591. 0
634. 4
689. 5
744. 4
411. 9
444.8
479. 3
506. 0
551. 2
596.2
634, 7
683. 4
59. 2
66.3
70. 8
73. 1
84. 0
90. 8
90. 5
103. 5
Dol lars
178.7
191. 1
206. 9
215. 0
230. 8
245. 9
204. 4
278. i
163. 3
175. 5
188. 6
204. 0
221. 3
242. 7
201. 8
283. 3
Seaso nally adji is ted annii a I rates
26. 2
28.4
32. 5
40. 4
39. 8
38. 2
54. 9
60. 9
Saving
as percent of Population
dis(thou-3
posable
personal sands)
income
( percent)
!
2, 283
2,436
2, 604
2,749
2,945
3, 130
3, 366
3, 595
2, 126
2, 239
2,335
2,403
2,486
2, 534
2,603
2, 679
6.0
6.0
6.4
7.4
6. 7
6.0
8.0
8.2
191,
194,
196,
198,
200,
202,
204,
207,
889
303
560
712
706
677
879
049
310
806
312
856
.
838. 0
858. 1
867. 9
881. 5
112. 3
1 1 5. 2
117. 5
123. 0
725.
742.
750.
758.
7
9
4
5
066. 4
678. 8
689. 4
699. 2
99. 8
101. <)
106. !
106. 1
2711 4
277. 2
278. f>
283. 4
274. 8
281. 3
280. 1
290. 9
59. 3
64. 1
61. 0
59. 3
3, 517
3, 592
3,620
3,649
2,650
2, 682
2? 684
2,698
8.2
8.6
8. 1
7. 8
206,
206,
207,
207,
1972: ! _ _ _ 907. 0
922. 1
11
III". 939. 5
136. 5
1 39. 5
140. 8
770. 5
782. ()
798. 7
714. 9
732. 5
747.4
111. 0
113. 9
118. 4
288. 3
297. 2
301.4
296. 7
302. 4
308. 3
55. 7
50. 1
51. 3
3,700
3,751
3,821
2, 716
2,739
2,774
7.2
6.4
6.4
208, 255
208, 628
209, 053
1971: ! _ _ _
II
Ill_
IV__
^Includes personal consumption expenditures, interest paid by consumers,
and
8 personal transfer payments to foreigners.
See p. 2 for total personal consumption expenditures.
3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) rose 2% percent Li the third quarter. Inciudin<
inventory change the rise was 1% percent.
I
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
70
70
SEASONALLY ADJUSTED ANNUAL RATES
60
50
50
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
-V
20
20
10
1966
1968
1967
SOURCE, DEPARTMENT Of AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Personal income received by
total f arm popu lation
3 income re ceived from farmingr
Net t<3 farm
oper ators
Realize d gross
Period
From
aD
sources
1964
1965
1966
1967
1968.
1969
1970
1971
1971: I
II
III
IV
1972: I_
II
III
_
_
._
20.6
23.6
24. 9
24. 0
25. 1
27.6
2& 2
29. 5
From
From
nonfarm
farm
sources sources
11.3
13.5
14. 4
13. 1
13. 2
14. 9
15. 0
15.6
9.3
10.0
10. 5
10. 9
11. 9
12. 7
13. 2
13. 9
ProducCash tion ex- Excludreceipts
penses ingnetinfrom
Total1
ventory
marketchange
ings
Billions c)f dollars
42.6
37.2
13.1
29.5
44.9
39.3
30.9
14.0
49. 7
16. 3
43. 3
33. 4
14.2
49. 0
42.7
348
50. 9
14. 7
44, 1
36.2
55. 6
38. 8
16.8
48. 1
57.9
41. 1
16. 8
50. 5
60. 1
44. 0
16. 1
53. 1
Seaso nally adjhisted annual rates
51. 9
59. 0
43. 2
15.8
52. 1
59. 1
15.4
43.7
60.4
53.4
44. 3
16. 1
61.8
44,9
54,9
16.9
__
1
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
* Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
»Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
1972
1971
1970
1969
64. 1
64. 8
66. 1
56.5
56.9
58. 1
45.6
46.5
47. 3
18.5
18.3
18.8
Net inc ome per
farm incl tiding
net
inventoryr change 3
Including net in- Current 1967
ventory dollars dollars *
change 2
Dol lars
12.3
15.0
16.3
14. 9
14.8
16. 9
16. 8
17.4
3,564
4, 487
5,019
4,730
4,854
5,674
5,754
6,049
3,832
4,723
5, 121
4,730
4,667
5,206
5,047
5,083
16.8
16.9
17.7
18.2
5,840
5,880
6, 150
6,330
4,990
4,980
5, 130
5,280
19.3
18. 9
19. 2
6,820
6,680
6,780
5,590
5,390
5,420
< Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture,-
CORPORATE PROFITS
Current estimates for the second quarter show that corporate profits before taxes rose $3.4 billion to a seasonally
adjusted annual rate of $91.6 billion. After taxes the rise was $2.0 billion. Second quarter profits were adversely
affected by the hurricane in June.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100 -
40
20
20
1967
1966
1968
1969
1971
1970
SOURCE: DEPARTMENT OF COMMERCE
Period
1964
1965
1966
1967
1968
1969
1970
1971
1972
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted
Corj>orate pr ofits (befc>re taxes) and inveritory
valuation adjustme nt
TransCorpo- CorpoM anufactui •ing
portation,
rate
rate
comtax
profits
NonAll
Durable
All
munibefore liabildurable
indus1
goods
cations,
other
ity
taxes
Total indusgoods
tries
and
indus- public
tries
tries
utilities
17.8
32.7
14.9
23.5
66.3
10.1
66.8
28. 3
39. 3
22. 8
16. 6
76. 1
25.6
77. 8
31. 3
11. 1
42. 6
24. 0
82. 4
18. 6
84. 2
34.3
27. 9
11. 9
38. 7
20. 7
18. 0
78. 7
29. 1
33.2
10.8
79. 8
41.
7
22.
4
19.
3
84, 3
32. 0
87. 6
10. 6
39.9
36. 6
18. 8
17.7
79. 8
10. 1
33. 1
84. 9
40. 1
27. 7
11. 0
16.7
69. 9
34.
6
7. 6
34. 1
74.3
14. 1
30. 9
16. S
78. 6
8. 2
39. 6
83. 3
37.3
annual rates]
CoriDorate pi ofits
a fter taxe s
Total
Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allow-2
ances
Profits
plus
capital
consumption
allow-3
ances
38.4
46.5
49. 9
46.6
47. 8
44.8
40.2
45.9
17.8
19. 8
20. 8
21. 4
23. 6
24. 3
24. 8
25. 4
20.6
26. 7
29. 1
25. 3
24, 2
20. 5
15.4
20. 5
33.9
36.4
39.5
43.0
46. 8
51.9
55.2
60.3
72. 3
82.9
89. 5
89. 6
94. 6
96. 7
95.4
106. 2
1971:1
II.-IIL__
IV_._
76. 6
80. 1
78. 3
79. 4
30.9
31. 2
30. 1
31. 2
14. 3
14. 4
13. 3
14. 3
16. 6
16. 8
16. 9
16. 9
7. 8
8. 8
8. 5
7. 6
37. 8
40. 2
39. 6
40. 5
81. 3
84, 5
84. 1
83. 2
38. 0
38. 6
37. 5
35. 3
43. 2
45. 8
46.6
48. 0
25. 5
25.4
25. 5
25. 2
17. 7
20. 4
21. 0
22. 7
57.5
59.4
61.2
63. 0
100. 7
105. 2
107.8
111. 0
1972: I
II. -_
III"_
81. 8
86. 1
35. 4
37. 0
1 9. 4
17. 7
17. 7
1 7. G
7. 8
8. 8
38. 5
40. 3
88. 2
91. 6
38. 8
40. 1
49. 5
51.5
26. 0
26. 2
26. 5
23.5
25. 3
64.8
68. 0
114.3
119. 5
21
Includes ail other industries and financial institutions.
Includes depreciation and accidental damages.
* Corporate profits after taxes plus corporate capital consumption allowances.
85-086°—72
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
The rise in gross private domestic investment (seasonally adjusted) slowed down in the third quarter. Smail increase:
were recorded for all major types of investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
180
1 180
SEASONALLY ADJUSTED ANNUAL RATES
160
GROSS PRIVATE DOMESTIC
INVESTMENT
140
140
120
120
100
PRODUCERS1
DURABLE EQUIPMENT
BO
40
1972
1966
.I/PRELIMINARY
SOURCE* DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Total
gross
private
domestic Total
investment
15
« j
Jrenoa
Strue tures
Total
Total
1962
1963
1964..
1965__
1966._
1967
1968
1969
1970
1971
83.0
87.1
94 0
108.1
121.4
116. 6
126. 0
139. 0
137.1
152. 0
1971: 1_
II
III
IV
1972: 1_
II
Ill »
__
19.2
19. 5
21.2
118.9
131. 1
132.2
148.3
51.7
54. 3
61. 1
71.3
81.6
83. 3
88. 8
98. 5
100. 9
105. 8
143. 9
153.0
152. 2
158.8
139.0
146.4
150.9
157.2
101. 9
105.0
106.3
109.8
37. 6
38.3
168. 1
177.0
181.0
167.7
172.0
175.3
116.1
119. 2
121. 1
Source: Department of Commerce.
8
77.0
81.3
8R2
98. 5
106.6
ioa4
Resid ential
structures
N(Dnresident ial
Nonfarm
Producere' durable equ ipment
Total
18.5
18.8
20.5
24. 9
27.8
27.3
29. 6
33.5
35.2
37. 5
32.5
34.8
39.9
45. 8
53.1
55. 3
58.5
64.3
64.9
67.4
sa7
sa 8
36. 8
37.5
37.9
38. 0
64.3
66.7
67.6
71.0
41.3
42. 0
41.6
40. 5
41. 2
40.8
74.8
77.2
79.4
25. 5
2a5
28. 0
30.3
34.2
36.0
3a4
Nonfarm
29.4
31.2
36.3
41.6
Total
Nonfarm
Change in business inv entories
Total
Nonfarm
25.3
27.0
27.1
27.2
25.0
25. 1
30. 1
32.6
31.2
42.6
24.8
26. 4
26.6
26.7
24.5
24.5
29.5
32.0
30.7
42.0
6.0
5.9
5.8
9.6
148
8.2
7. 1
15.0
7. 5
6. 9
60.4
60.8
64. 2
37.0
41.4
44. 5
47.3
36.6
40.9
43.9
46.7
4.9
3.9
1.3
1.7
-.2
.8
67.7
69. 6
71.8
51.6
52. 8
54.2
51. 0
52. 1
53.4
4a4
50.0
53.6
59.2
59.2
60.9
sa3
7.8
4.9
3.6
6. 6
.4
5. 0
5.7
5.3
5.1
6.4
8.6
7.7
4.8
2.4
5. 1
.1
4.3
5.3
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
i
Businessmen have projected a 10 percent increase in plant and equipment expenditures from 1971 to 1972. Outlays
are expected to rise from the first to the second half of 1972.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100.
1 100
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW PLANT AND EQUIPMENT
60
NONMANUFACTURING
40
40
,•••»»*•*
*~~~r
MANUFACTURING
20
20
f
t
I
f
I
1967
1966
!
!
i
!
t
{
1969
1968
f
!
1970
I
I
T
1971
1
J/ SEE FOOTNOTE 3 BELOtf.
SOURCES DEPARTMENT OF COMMERCE
I *1
1972
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufaetui ing
Period
Total
Total
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 3
1972
_
38. 39
Durable
goods
Non-
79.71
81.21
89. 10
6. 79
7. 53
9. 28
11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 70
8. 26
8. 70
10. 07
11. 94
14. 14
14. 45
14. 25
15. 72
10. 15
15. 84
1 5. DO
!!___
Ill _
79. 32
81. 61
80. 75
83. 18
30.
30.
29.
30.
14.
4.
3.
4.
10.
1 (i.
l. r >.
15.
I
II
86. 79
30. 09
;>o. ;>7
5. 00
4. 77
32. 02
1 0. 22
Hi. r>S
63.51
65.47
67. 76
75.56
IV
III 3
IV 3
87. 12
90. 38
1)1. 84
46
12
19
35
i>;» 22
21
(Hi
70
01
Mining
durable
goods
15. 06
16. 22
19. 34
23. 44
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 66
40.77
46.97
54.42
1971: I
1972:
Transportat ion
l
Air
Other
0. 52
Com-
Com-
munication
mercial
and
other 2
1. 40
1. 27
1.34
1. 46
1. 62
1. 65
1. 63
1. 86
1. 89
2. 10
2. 44
1. 02
1. 26
1. 66
1. 99
2. 37
1. 86
1.45
1. 86
1. 78
1.67
1. 81
1. 02
1. 22
1. 74
2.29
2. 56
2. 51
3. 03
1. 88
2.50
1.65
1.58
1. 50
1. 68
1. 64
1.48
1. 59
1. 68
1. 23
1. 38
1. 38
4. 90
4. 98
5. 49
6. 13
7. 43
8. 74
10. 20
11. 61
13. 14
15.30
17. 32
3.85
4.06
4, 61
5.30
6.02
6. 34
6.83
8.30
10. 10
10.77
11.99
9. 99
10.99
12.02
13. 19
14.48
14.59
15. 14
16.05
16. 59
18.05
19. 99
2.
2.
2.
2.
04
08
23
30
1.
1.
1.
1.
46
88
72
04
1. 29
2. 28
1. 68
2. 26
1. 33
1. 40
1.48
1. 33
14. 64
14. 91
15. 87
15. 74
10. 70
IL 21
10.73
10. 44
17.39
17. 72
17.85
19. 10
1 5. 02
Jfi. 00
2. 42
2. 38
1.
2.
2.
2.
16.92
16. 60
17. 36
18. 36
11.71
11.59
20. 10
19. 88
'2. 40
10
88
71
50
1.48
1. 53
10. 40
Hi. 05
2.
J.
1.
1.
2.r>
(Hi
43
74
1
Excludes agricultural business; real estate operators; medical, l<\",al, educational,
and cultural service; nnd nonprofit organizations.
2
Includes trade, service, construction, finance, and insurance.
3
Estimates based on expected capital expenditures as reported by business
.late July and August 1972. Includes adjustments when necessary for systematic
bdencies in expectations data.
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
Railroad
Public
utilities
2. r>2
.40
90
89
57
59
1. 49
1. 10
32 19
32 49
necessarily coincide with the average of seasonally adjusted figures.
These Hguras donoi agree with the totals included in thegross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Source: Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES,
STATUS OF THE LABOR FORCE
Civilian employment grew by 249,000 (seasonally adjusted) in September to a new record level and the civilian
labor force increased somewhat less (189,000) so that unemployment fell slightly.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
1EJIS Oh4ALL r
UNE/v\l>L OY7rilEhIT *AT E
AC>Jl SI"ED
—
r
„1
~ ~
n- n - i
"T rn
i*
1967r
19d>6
96£$
19<39
197C>
Total
labor
force
Period (including
Armed
Forces)
1967...
1968...
1969...
1970...
1971...
1971:
Aug.
Sept.
Oct..
Nov.
Dec.
1972:
Jan*.
Feb..
MarApr.
May.
June.
July.
Aug.
Sept.
80, 793
82, 272
84, 239
85, 903
86, 929
CODNCIL OF ECONOMIC ADVISERS
Civili*in emTotal
ploy ment
labor
force
Non- Unemploy- (includagriTotal
ment
ing
eulArmed
tural
Forces)
Thousands of j3ersons 1C
74, 372 70, 527 2,975 80, 793
75, 920 72, 103 2,817 82, 272
77, 902 74, 296 2,831 84, 239
78, 627 75, 165 4,088 85, 903
79, 120 75, 732 4,993 86, 929
Unadj usted
Civilijin emplo yment
Civilian
labor
force
years of
77, 347
78, 737
80, 733
82, 715
84, 113
Total
Agricultural
age and o ver
74, 372 3,844
75, 920 3, 817
77, 902 3,606
78, 627 3,462
79, 120 3,387
<Seasonally adjustea I
Nonagricultural
70, 527
72, 103
74, 296
75, 165
75, 732
oyinent Labor
Unem- Unempl
force
rate
(pe
rcent
of participloycivilia
Q
labor
ment
pation
for ce)
rate *
2,975
2,817
2,831
4,088
4,993
88, 453 80, 618 76, 853 5,061
86, 884 79, 295 75, 851 4,840
87, 352 80, 065 76, 595 4,570
87, 715 80, 204 76, 942 4, 815
87, 541 80, 188 77, 240 4, 695
87, 088
87, 240
87, 467
87, 81%
87, 883
84, 313
84, 491
84, 750
85, 116
85, 225
79, 199
79, 451
79, 832
80, 020
80, 098
3, 407
3,363
3,416
3,419
3,400
75, 792
76, 088
76, 416
76, 601
76, 698
5,114
5, 040
4,918
5,096
5,127
87, 147 79, 106 76, 237 5, 447
87, 318 79, 366 76, 458 5,412
87, 914 80, 195 77, 101 5,215
87, 787 80, 627 77, 339 4,697
87, 986 81, 223 77, 692 4,344
90, 448 82, 629 78, 653 5,426
91, 005 83, 443 79, 383 5, 173
90, 758 83, 505 79, 475 4,857
89, 098 82, 034 78, 376 4,658
88, 301
88, 075
88, 817
88, 747
88, 905
88, 788
88, 855
89, 256
89, 454
85, 707
85, 535
86, 313
86, 284
86, 486
86, 395
86, 467
86, 860
87, 049
80, 636
80, 623
81, 241
81, 205
81, 394
81, 667
81, 682
81, 973
82, 222
8,393
3,357
3,482
3, 324
3,353
3,337
3,445
3,625
3,575
77, 243
77, 266
77, 759
77, 881
78, 041
78, 830
78, 237
78, 348
78, 647
6,071
4,912
5, 072
5,079
5,092
4,728
4, 785
4, 887
4,827
1
Total labor force as percent of noninstitutlonal population.
Source: Department of Labor.
10
19 7:2
97
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Percent
38
3 6
3. 5
4. 9
5. 9
Unadj.
5. 9
5. 8
60 6
60 7
61 1
61 3
61. 0
Seaso nally
adju Med
5.4
6. 1
6. 0
5. 8
6. 0
6. 0
60.9
61. 0
61. 0
61.2
61.1
6. 4
6. 4
6 1
5. 5
5.1
6. 2
5. 8
5. 5
5. 9
5. 7
5 9
5. 9
5.9
5. 5
5. 5
5. 6
5.5
61. 0
60. 8
61 2
61. 1
61. 1
61. 0
60. 9
61 1
61. 1
5. 7
5. 5
5.4
*Data beginning January 1972 not strictly comparable with prior data becau
of adjustment to the 1970 Census data, which added 333,000 to the civilian Jabj
force and 301,000 to civilian employment.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
PIC overall unemployment rate declined to 5.5 percent (seasonally adjusted) in September from 5.6 percent the
month before. While joblessness among married men rose in September to 2.8 percent from 2.6 percent in August, it
was below the 3.3 percent mark of September 1971.
PERCENT
PERCENT
110
10
SEASONALLY ADJUSTED
• A ' A £. JIV""1' /y
1966
1972
COUNCIL Of ECONOMIC ADVISERS
SOURCE- DEPARTMENT OF LABOR
linenaploymen t rate
(percen t of civili?in labor
for ce in grouip)
Period
Persons at work in nonagri cultural in
dustries
2
by hours worked p>er week
Urider 35 hours
Experi- Married Labor
force
enced
All
men
time lost l
wage
and
(wife
workers salary
workers present)
1967
1968
1969
1970
1971
3.8
3.6
3. 5
4.9
5. 9
1971: Aug
Sept
Oct
Nov
Dec
1972: Jan. _ _ _
Feb
Mar
Apr_
May
June _
July
Aug
Sept
6. 1
6. 0
5. 8
6. 0
6. 0
6. 9
5. 7
5. 9
5. 9
5. 9
Per cent
1. 8
3.6
1.6
3.4
1.5
3.3
2. 6
4. 8
3. 2
5.7
Seasonal V adjusted
4. 2
4.0
3. 9
5. 3
6. 4
Over 40
hours
20,
20,
20,
18,
19,
920
600
608
925
095
35-40
hours
Part-ti me for
economi e reasons
Total
Part-ti me for
economi<3 reasons
Usually Usually
fullparttime 3
time 4
Thousan ds of pers ons 16 ye ars of age and over
32, 616 13, 290
1,060
853
32, 658 14, 785
895
820
34, 201 15, 210
955
855
1, 201
33, 537 18, 222
995
1, 184
35, 752 16, 298
1, 256
(Jnadjustec I
Seasonall y
35, 307 13, 329
1, 262
1,752
1,147
36, 888 15, 081
1, 126
1,094
1,076
32, 957 21, 039
1, 080
1, 166
1,148
37, 495 1 6, 294
1, 120
1, 191
1, 263
37, 428 16, 799
1,045
1, 153
1,084
36, 820 17, 008
1, 220
1,146
1, 101
3(>, 460 17, 360
1, 147
1,087
1, 127
37, 517
17, 774
1, 172
1, 140
1, 156
37, 592 16, 571
1, 081
1, 170
1,1S1
37, 468 16, 700
996
1, 117
1, 102
37, 608 15, 169
1, 177
1, 022
1, 878
36, 143 14, 046
1, 034
2, 140
1,086
36, 103 13, 869
1, 190
1,082
1, 927
37, 409 15, 176 5 1, 107 5 1, 136
1,068
Usually
fulltime 3
Usually
parttime 4
adjusted
1,278
1,236
1,364
1,341
1, 304
1,28S
1, 176
1,261
1,427
1,319
1.499
1,424
1,406
1, 282
8. 2
6. 5
17, 949
3. 3
6. 3
19, 1)64
6. 5
19, 109
5. 0
3. 3
(>'. 4 20, 2-19
3. 2
(L /,
20, 2,'W
3. 0
6.4
19, 170
2. 8
6. 1
1 9, 302
6.4
2 H
f). r>
6'. 3
21, S76
5. 3
S. t)
6'. 3
20, 239
r>. r>
(>. 3
'2. 9
20, 478
r}. 6
5. 0
2. 9
>'). i)
1 9, 989
{
5. 3
2. 7
5. 5
0, 0
18, 824
f . C>
f). 3
5. G
(>. 2
19, 026
r>. f)
5. 2
S. 8
f). 9
21, 881
3
Man-hours lost by the unemployed and persons on part-time for economic
Includes persons who worked part-time because of slack work,
teens as a percent of potentially available labor force man-hours.
shortages
or repairs, new job started, or job terminated.
1
'Differs from total nonagricultural employment (p. 10), which includes perPrimarily includes persons who could find only part-time work.
8
~~.is with jobs but not at work for such reasons as vacation, illness, bad weather,
Average hours worked: usually full-time, 24,0; usually part-time, 18.8.
and industrial disputes.
Source: Department of Labor.
5.7
5. 7
5. 5
5. 7
5. 8
/). 6
material
11
UNEMPLOYMENT INSURANCE PROGRAMS
In September, insured unemployment under State programs averaged 351,000 lower than a year earlier. The seasonall
adjusted insured unemployment rate was unchanged at 3.4 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED" UNEMPLOYMENT
(STATE PROGRAMS)
1970
JAN.
FEB.
MAR.
APRIL
MAY
JULY
JUNE
AUG.
SEPT.
OCT.
SOURCE: DEPARTMENT OF LABOR
NOV.
DEC
COUNCIL OF ECONOMIC ADVISERS
A 11 progran08
Period
1968
1989
1970
1971 v
1971: Aug
Sept
Oct"p
Nov v _„ _
Dec
1972: Jan"
Feb*
Mar"
Apr *
May p» _
June _
July "__
Aug*
Sept"
Week ended:
1972: Sept 2 —
9
16
23
30 »
Oct 7 "
Steite progra ms
Insured Total
Insurec 1 unemunem- benefits Insured
ploymen t as perCovered ploypaid
unem- Initial Exhaus- cent of covered
employ- ment
(milemployment
tions
ployclaims
ment
(weekly
lions
ment
averof dolUnad- Seasonadage)
lars)
justed ally
justed
Thou sands
Per cent
Weekly tiverage, t lousands
57, 977
1, 187 2, 191. 0
2. 2
16
201
1, 111
59, 999
1, 177 2, 298. 6
2. 1
16
200
1, 101
_ 59, 526
2,070 4, 170. 1
25
296
3. 4
1, 805
2, 313 5, 963. 3
37
4. 1
2,150
295
2, 349
282
483. 1
1, 912
3.6
35
4-2
2, 174
418.5
1,739
33
3. 3
236
4*3
2, 129
252
3.2
388. 5
1,716
31
4-4
_____
2,311 430.7
1,879
3. 5
31
298
4-%
2,666
2,221
514.6
4. 2
358
32
3. 8
<& 4/
3,097
2, 524
581.3
37
4. 8
385
o.
3, 186
2,492
594.0
293
4.7
8.5
38
2,987
242
601. 6
41
4.3
2,280
S.5
2,706
487.3
2,006
237
3.6
39
3.8
2, 106
480.4
1,736
216
35
3. 7
3.3
478. 7
1,634
1,951
3.6
250
30
3. 1
2,087
321
445. 6
1,823
3.4
3. 7
27
& 4i
1,764
431. 8
1,806
213
3.
2.9
29
1; 554
384. 2
32
1, 388
190
2.6
3. 4
0
1, 601
1, 622
1, 555
1, 535
1,499
1,433
1,449
1, 389
1, 370
1, 340
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators.
12
193
178
196
194
193
233
Source: Department of Labor.
2.7
2.7
2.6
2.5
2.5
1
Benefi bs paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
2, 031. 6
2, 127. 9
3, 848. 5
5, 694. 5
433.6
377.8
348. 3
387.0
467.9
550.9
563.2
574.0
459. 3
451.5
449. 7
403. 1
399. 7
369. 7
43. 43
46. 17
50.34
55.49
56. 08
56. 25
53. 07
53.31
57.85
55.35
56.34
56. 63
56. 94
57.22
57.31
56. 85
56. 89
56. 94
NONAGRICULTURAIi EMPLOYMENT
Total nonfarm payroll employment rose by a substantial 241,000 (seasonally adjusted) in September and was 2.4
million above a year 030. The number of workers on manufacturing payrolls rose by 87,000 in September to the
highest level in 2 years.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
76
-
(ENLARGED SCALE)
^^ -
16
^"^~
68
^*~" —
I \ ^^-^
ALL NONAGRICULTURAL
14
**"^
ESTABLISHMENTS
-
-
12
64
NONMANUFACT URING
(PRIVATE)
\
"""*" """"""
SERVICES
\~ *•"**"'
DURABLE
MANUFACTURING
12
36
^
/MANUFACTURING
\
"" L.,..,^^-^^
20 "*"*
10
NONDURABLE
MANUFACTURING
—
/I
-— „
CGOVERNMENT
\
12
A t ! I ! 11 I 1 I 1 I
1969
-
...
. . , , il , . i , ,
1970
CONTRACT
CONSTRUCTION
-
! 1 | I | | | | \ \ |h
1969
1972
1971
1970
197V
SOURCE: DEPARTMENT OF LABOR
1972
COUNCIL C* ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
Period
Total
Total
1966
1967
1968
1969
1970
1971
1971: Aug.. Sept—
Oct....
Nov__Dec___
1972:Jan___
Feb...
Mar__
Apr-_
May__
June._
July__
Aug"~
Sept*5..
63, 955
65, 857
67, 915
70, 284
70, 593
70, 645
70, 548
70, 843
70, 861
71, 103
71, 291
71, 552
71, 744
72, Oil
72, 240
72, 592
72, 699
72, 661
72, 980
73, 221
19, 214
19, 447
19, 781
20, 167
19, 349
18, 529
18, 393
18, 517
18,495
18, 534
18, 519
18, 551
18, 612
I S , 68f>
18, 790
18, 892
18, 931
18, 861
18, 932
19, 019
NonDurable durable
goods goods
11, 284
11, 439
11, 626
11, 895
11, 195
10, 565
10, 466
10, 552
10, 547
10, 560
10, 552
10, 575
10, 621
10, 073
10, 755
10, 837
10, 857
10, 843
10, 899
10,969
7,930
8,008
8, 155
8, 272
8, 154
7,964
7,927
7, 965
7, 948
7, 974
7, 967
7, 976
7, 991
8, 012
8, 035
8, 055
8, 074
8, 018
8, 033
8,050
Total
Whole- Finance,
Con- Transinsurtract portasale
tion
ance, Services Federal State
Mining conand
and
and
and
retail
strue- public
local
real
Lion utilities trade
estate
33, 950
35, 012
36, 288
37, 915
38, 709
39, 261
39, 296
39, 445
39, 438
39, 588
39, 741
39, 908
39, 987
40, 145
40, 238
40, 420
40, 544
40, 521
40, 730
40, 797
1
Includes all full- and part-time wngo and salary workers in noriagricultural
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 nonagrlcultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
Cover nment
N onmanu facturinj I (private])
Manufac Jturing (]private)
627
613
606
619
623
602
612
618
521
524
611
615
613
614
605
604
600
599
603
606
3,275
3, 208
3,285
3,435
3, 381
3,411
3,408
3,436
3, 475
3, 518
3, 468
3, 523
3, 494
3, 512
3, 493
3, 535
3, 550
3, 489
3, 537
3, 538
4, 151
4,261
4,310
4,429
4,493
4,442
4, 397
4, 420
4, 406
4, 403
4, 432
4, 455
4, 438
4, 487
4, 481
4, 490
4, 491
4, 473
4, 487
4, 490
13,245
13, 606
14, 084
14, 639
14, 914
15, 142
15, 186
15, 232
15, 250
15, 299
15, 333
15, 379
15, 456
15, 508
15, 561
15, 632
15, 682
15, 692
15, 743
15, 774
3,100
3, 225
3,382
3,564
3,688
3,796
3,804
3, 821
3,835
3,847
3,855
3,867
3,874
3, 885
3, 892
3, 913
3,931
3,927
3,936
3, 951
9,551
10, 099
10, 623
11, 229
11, 612
11, 869
11, 889
11, 918
11, 951
11, 997
12, 042
12, 069
12, 112
12, 139
12, 206
12, 252
12, 290
12, 341
12, 424
12, 438
2,564
2,719
2,737
2,758
2, 705
2,664
2,663
2,663
2, 662
2,666
2,666
2,673
2,669
2, 667
2, 664
2, 665
2,646
2,621
2,618
2,636
8,227
8, 679
9, 109
9,444
9,830
10, 191
10, 196
10, 218
10, 266
10, 315
10, 365
10, 420
10, 476
10, 514
10, 554
10, 609
10, 578
10, 658
10, 700
10, 769
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 enumeration of population, whereas the estimates in this table are based on reports
from employing establisliments.
Noto.—Series revised beginning 1970; see note, p. 14.
Source: Department of Labor.
J3
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek (seasonally adjusted) of production workers in private nonfarm industries rose 0.2 hour to 37.3|
hours from August to September, with the factory workweek increasing 0.1 hour to 40.7 hours.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED}
46
46
MANUFACTURING
TOTAL NONAGRICULTURAL PRIVATE
44
44
40
40
38
36
36
34
! I 1 1
1969'
1971
1970
1972
1969
f f I1 1
1970
1971
1970
1971
I ?1 fI I If fI
1972
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
38
36
34
32
30
1969
1970
1971
1972
1969
SOURCE, DEPARTMENT OF LABOR
1972
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Total
n onagricultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagricultural
private 2
Unad justed
1962
1963
1964
1965
1966
1967
1968
1969
1970___ . _
1971
1971: Aug
Sept
Oct.
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
July
Aug "__
Sept 9
sa7
3&8
sa7
_
_
38.8
38.6
3a o
37. 8
37.7
37. 1
37. 0
37.4
37.0
37.0
37.0
37. 3
36. 7
36. 8
36. 9
37. 0
36.9
37.4
37.6
37.6
37.4
40. 4
40. 5
40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
39.8
39.8
40.0
40. 2
40. 7
39. 8
40. 1
40. 3
40. 5
40. 5
40. 9
40.4
40.6
40. 9
1
Data relate to production workers or nonsupervisory employees.
2
Also includes other private industry groups shown on p. 13.
3
Includes eating and drinking places.
14
Manufacturing
Contract
construction
Retail
trade 3
Seasonallyr adjusted
37. 0
37. 3
37. 2
37. 4
37. 6
37. 7
37. 4
37. 9
37. 4
37. 3
38.4
36. 9
38.2
37. 9
36.4
35. 8
36.0
36.8
36.6
36.8
37. 6
37. 9
38.2
38.3
37.4
37. 3
37. 0
36. 6
35. 9
35. 3
34.7
34. 2
33. 8
33. 7
34.7
33.7
33.5
33. 4
34. 1
33.2
33.0
33.2
33.3
33. 3
34. 1
34.7
34. 8
33. 6
36.9
S6.9
37.0
37. 1
37. 1
37. 0
37. 2
37. 1
37. 3
37.0
37. 1
37.2
37. 1
37. 3
S9.8
39.6
39.9
40.1
40.2
40.1
40.4
40. 4
40.8
40. 5
40. 7
40. 6
40.6
40. 7
37.2
35.8
37.6
39. 0
36.8
37. 1
37. 3
37.2
36. 7
36.7
36.9
37.0
37.1
37.1
S3. 6
S3. 6
33. 7
38. 7
38.9
38. 7
S3. 6
38.6
<?<? 1f
OO.
(3(2?
ry
OO. 1
<Z?(2?
tJO.
o<?
88. 7
33. 7
38. 5
Note.—Series revised to March 1971 benchmark beginning 1970. See Employment
and Earnings, October 1972.
Source: Department of Labor.
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of privafe nonfarm production workers rose 6 cents in September to $3.71, but a large portion
ff this gain was seasonal in origin. Compared to a year earlier7hourly earnings were up 6.0 percent and weekly earnings
were up 7.1 percent.
DOLLARS
DOLLARS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
240
6.00
CONTRACT
CONSTRUCTION
5.00
200
4.00
MANUFACTURING
120
3.00
TOTAL NONAGRICULTURAU
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
W
~"T
RETAIL TRADE
80
2.00
RETAIL TRADE
LM^
i i i- i i i t
Ipjj.
1969
1970
1972
1971
1969
1970
1971.
SOURCE: DEPARTMENT OF IABOR
1972
COUNCIL OF ECONOMIC ADVISERS
[Fo r productio n workers or nonsupe rvisory em ployees]
Period
Average h ourly earn ngs — curre nt dollars
Average \weekly earclings— curr ent dollars
Total
nonagricultural
private l
Total
n onagricultural
private 1
Manufacturing
Contract
construction
Retail
trade 2
$85. 91
88. 46
91.33
95. 06
98. 82
101. 84
107. 73
114. 01
119. 40
120. 1)1
129. 03
121). 50
121). 50
129. J 3
131. 30
130. 29
131. 01
132. 10
133. 57
133. 58
135. 70
130. SO
137. 24
138. 75
$96. 56
99.63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
141. 69
143. 28
143. 00
144. 32
150. IS
14.7. 20
149. 17
150. 72
1 52. 28
153. 01)
355. 01
152. 71
154, 28
157. 47
$122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
220. 03
215. 13
224. 23
222. 47
214. 70
213. 37
214. 20
2 IS. 59
218. 14
221. 17
223. 34
225. 88
229. 90
235. 16
$60. 96
62. 66
64, 75
66. 61
68. 57
70.95
74.95
78. 66
82. 47
86. 61
89.18
87. 62
87. 10
86. 84
89. 00
88. 31
87. 78
88. 64
89. 24
S9. 58
91. 73
93. 69
93. 61
91. 39
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Aug
Sept__
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
Julv
Aug *
Sept *
1
Also includes other
2
3 Includes eating and
$2. 22
2. 28
2. 36
2. 45
2. 56
2. 68
2. 85
3. 04
3. 22
o. 43
3. 45
3. 50
3. 50
3. 49
3. 52
3. 55
. 50
. 5S
. 01
. 02
. 03
. 04
. 05
. 71
Manufacturing
$2. 39
2.46
2. 53
2. 61
2. 72
2. 83
3. 01
3. 19
3. 36
3. 56
3. 50
3. GO
3. 59
3. 59
3. 09
3. 70
3. 72
I*. 7-1
3. 70
3. 78
3. 79
3. 78
3. 80
3. 85
Contract
construction
$3. 31
3. 41
3. 55
3. 70
3. 89
4. 11
4. 41
4. 79
. 24
. 09
. 73
. S3
. S7
. S7
. 90
. 1)0
. l),r>
. 94
. DO
. 01
. 94
. 90
0. 02
0. 14
Retail
trade 2
$1. 63
1. 68
1. 75
1. 82
1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2. 57
2. 00
2. 00
2. 00
2. 01
2. GO
2. GO
2. 07
2. OS
2. 09
2. 09
2. 70
2. 09
2. 72
private Industry groups shown on p. 13.
drinking places.
Earnings in current dollars adjusted to exclude the effects of overtime and
interindustry shifts.
85-086°—72
3
Manuf£ icturing
indu stries
Adjusted Average
weekly
hourly
earnearnings.
ings,
1 Qf?7
1967
3
100
dollars 4
85.7
87.8
90. 3
92. 6
95.7
100. 0
106. 2
112. 6
119. 6
127. 5
128. 6
128. 9
129. 3
129. 0
131. 3
132. 1
132. 7
133. 2
133. 9
134.5
135. 0
135. 3
135. 9
136. 6
* Earnings in current dollars divided by the consumer price index.
NOTE.—Series revised beginning 1970; see note, p. 14.
Source: Department of Labor.
$106.
108.
110.
113.
115.
114.
117.
117.
114.
117.
116.
117.
117.
117.
122.
119.
120.
121.
122.
122.
124.
121.
122.
124.
58
65
84
79
58
90
57
95
99
10
04
25
32
72
00
53
49
55
51
77
01
68
74
78
IS
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production, seasonally adjusted, rose 0.6 percent in September, about the same as the August increase.
All major industry groups and most market groups contributed to the increase.
Index, 1967=100 (SEASONALLY ADJUSTED)
130
Index, 1967=100 ISEASONALLY-ADJUSTED)
IbO
UTILITIES Ah D
TOTAL
1 on
MINING
•\tr\
^^
UTILITIES
110
X"""I*X"^N"N
'~*^s~* ^
—^
inn
1969
I 1 1 M
1 1 1 1 1 I:
*~*^\
f^f*\
1Ofi
MINING
^
nn
on
an i n i 1 1 1 M 1 1
\
130
1 1( I I I 1 ( 1 1!
1970
i iii i1 iiir i
100
«•»
1 ! I'M ! • ( I 1 1 I-
1969
1972
1971
<A
M 1 I! i 1 1 1 | 1 1 1 M I 1 1 1 i/l
1970
1971
1 M
1 1 1 1 1 I1 1
1972
110
100
90
1969
1972
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
J.962
1963
1964
1965
1966
1967
1968
1969
1970
1971 v
.
1971: Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
July
Aug »
Sept »
Total
industrial
production
72.2
76. 5
81.7
89. 2
97.9
100.0
105. 7
110.7
106. 7
106.8
105. 6
107. 1
106.8
107.4
108. 1
108.7
110. 0
111. 2
112. 8
113.2
113.4
113.7
114.5
115.2
[1i967= 100, seasonal y ad juste d]
Market
Industry
Msmufacturi ng
Fulal produ<3tS
Intermediate
ConMining
Utilities
EquipNonsumer
Total Durable durable
Total
ment products
goods
71.4
75.8
81. 2
89. 1
98. 3
100.0
105.7
110. 5
105. 2
105.2
104. 2
105.7
106. 1
106. 0
106.2
107. 1
108.5
109. 7
111. 8
112. 3
112. 6
113.0
113.4
114. 1
69. 0
73.5
79.0
88. 5
99. 0
100. 0
105. 5
110. 0
101. 5
99.4
97.4
99. 3
100. 1
99. 1
99. 5
100.4
102. 1
103.4
105. 8
106. 3
106.8
107.5
107.8
108. 3
,Source: Board of Governors of the Federal Reserve System.
16
COUNCIL OF ECONOMIC ADVISERS
75. 1
79.2
84. 4
90. 0
97. 3
100. 0
106. 0
111. 1
110.6
113. 6
114.0
115. 1
114.7
115. 9
116. 0
116. 8
117. 8
118. 8
120.3
120.8
121.3
121.0
121. 5
122.5
85. 6
89. 0
91. 1
93. 9
98. 4
100.0
103. 9
107. 2
109. 7
107.0
106. 3
105.9
97.7
102. 5
107. 8
107.3
107.2
108. 5
109. 0
107. 9
108.2
107.3
106.5
108. 1
70.2
75. 1
81. 9
86.9
93. 6
100. 0
109.4
119. 5
128. 3
133. 9
134. 1
134. 0
135. 2
136. 0
135. 8
137.4
139.7
139. 7
140.2
141. 1
140.9
142.4
141.7
142.4
70.8
74.9
79. 6
86.8
96. 1
100.0
105. 8
109.0
104.5
104.7
104. 8
105.5
105.4
106. 1
106.2
106.4
107.6
108.2
109. 8
110.2
110. 1
110. 1
110.6
111.2
77. 7
82. 0
86.8
93.0
98.6
100.0
106.6
111. 1
110.3
115.7
115.9
116.7
116. 6
118.0
118.0
118.5
119. 6
119. 6
122.0
122.2
122. 1
122. 1
121.9
122.5
61. 9
65. 6
70. 1
78.7
93. 0
100.0
104. 7
106. 1
96. 3
89.4
89. 5
89. 8
89.8
89. 6
89.6
89. 5
90. 9
92.4
92.7
93.4
93.3
93.5
94.6
95.6
76. 9
81. 1
87. 3
93. 0
99.2
100. 0
105. 7
112. 0
111. 7
112. 6
110. 9
112. 3
113. 2
114. 3
114. 9
115. 9
117. 0
117.3
117.3
119.3
119. 1
119.8
119.4
119. 3
•* yr
i
rials
72.4
77. 0
82.6
91. 0
99. 8
100. 0
105.7
112. 4
107.7
107.4
104. 8
107.3
106. 6
106. 5
108.4
109. 2
110. 8
113. 1
115, 0
115.6
116. 1
116. 3
117. 9
na 6
PRODUCTION OF SELECTED MANUFACTURES
Deduction of most major durable manufactures (seasonally adjusted) rose in September with the largest increase
again occurring in primary metals. The textile, apparel, and leather group led the increase in the nondurable sector.
Index, 1967=100 (SEASONALLY ADJUSTED)
130
Index, 1967=100 (SEASONALLY. ADJUSTED)
130
CHEMICALS, PETROLEUM,
AND RUBBER
110
TEXTILES, APPAREL,
AND LEATHER
100
1972
1969
SOURCE BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Durab le manufstetures
Period
1962.,
1963
1964_
1965...
1966
1967
1968
1969
1970
1971 *
Primary
metals
_.
_._
-
_
1971: Aug
Sept
Oct
Nov
Dec
1972:
Jan
Feb
Mar
Apr
May
_
June _ _ _ _ _
Ju:v
Aug *
Sept p_ __
--
Nc>ndurable manufactu res
FabriTranspor- Lumber Textiles, Paper
cated
Machin- tation
and
apparel,
and
metal
ery
equipprodand
printproducts
ment
leather
ucts
ing
7a2
84,3
95. 7
104.0
108.8
100. 0
103.2
114. 1
106. 9
100. 9
75.9
78.4
83.3
92. 6
100. 5
100. 0
106.3
113. 6
109. 4
107. 5
64.8
67.9
74.3
84. 1
98. G
100. 0
101. 9
106. 8
100. 3
96. 2
69. 3
75. 9
79. 6
91. 3
101. 2
100. 0
109. 7
107. 6
90. 4
92. 9
82. 0
85. 8
91. 0
94. 7
98. 4
100. 0
104. 8
108. 6
106. 3
113. 9
84.3
86.9
91. 9
97. 8
101. 7
100. 0
104. 9
105. 9
100. 2
100. 7
81.2
93.8
96. 1
91. 4
94. 3
108. 2
105. 9
107. 1
107. 1
107. 6
90. 7
97. 9
98. 3
97. 8
97. 9
93. 9
94. 2
94. 5
93. 4
92. 7
113. 9
114, 8
118. 2
119. 4
121. 7
100.
102.
102.
101.
103.
8
5
3
8
1
74.3
78. 4
84. 5
90. 5
98. 9
100. 0
104,2
109. 1
107. 8
107. 8
108. 1
108. 2
109. 4
110. 5
110. 7
102. 4
102. (>
105. 1
110. 2
113. 5
111. 9
113. 7
112. 1
113. 8
106. 0
108. (>
110. 1
110. 8
111. 9
112. 3
113. 2
1 1 3. 8
114. 5
98. 5
99. 5
100. 3
102. 6
103. 0
104. 8
105. 1
105. 7
106. 0
92. 0
94. 7
95. 9
100. 4
98. 9
97. 4
98. 2
98. 4
99. 2
122. 0
119. 7
119. 6
119. 9
119. 1
121.8
121. 5
123.0
102. 0
101. 1
103. 7
106. 1
104. 9
105. 9
104.4
105. 9
107.2
111. 3
112. 6
112. 6
112. 3
114. 1
115. 1
116.2
115. 0
115. 1
Chemicals, Foods
petroleum, and tobacco
rubber
64.5
70. 0
75.9
83.8
94. 1
100. 0
109.6
118.4
118. 2
124. 8
126.3
127.5
126. 6
127. 9
127. 9
129. 8
132.6
133. 4
136. 1
137.5
137. 1
137.6
139.4
140.6
84. 0
87. 0
90. 6
92. 6
97. 0
100. 0
103. 6
107. 5
110. 9
113. 7
113. 1
114, 2
113. 3
115. 8
115.0
115. 7
115. 9
116. 3
117. 6
117. 1
117. 6
116.4
116. 3
117.2
Source: Board of Governors ol the Federal Kesorvc System.
17
WEEKLY INDICATORS OF PRODUCTION
Cars and trucks assembled increased sharply in September with the new model year underway. Production of sk
also rose while most other weekly indicators of production declined.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
1 k | » I 11 j i 11 i 1 1 1 1 i i 11 i i | 1 1 i 11 i i i
J
F
M
A
M
J
J
A
S
O
N
D
BILLIONS OF KILOWATT HOURS
40
J
F
M
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1965
1966
1967
1968
1969
1970
1971 v
1971: Aug
Sept__ _ _
Oct
Nov. __
Dec
___
1972: Jan_ __
Feb
Mar
Apr
_ __ _
May
_
June
July
Aug..
Sept "__ _
Week ended:
1972: Sept 2
9
16
23
30
Oct 7 »
14 »_ ___
1
Includes data for Alaska.
2 Not charted.
18
Steel p]roduced
Thousands Index
of net
(1967=
tons
100)
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car s and triicks
power
coal mined
loaded
produced assemb led (tho\isands)
distributed (thousands (thousands
(thousands
(millions of
of short
Total
of tons)
Cars Trucks
of cars)
kilowatt-hours] tons) 1
2, 521
2,572
2, 440
2, 515
2, 709
2, 522
2, 310
1, 303
1,794
1,853
1,877
1,987
2, 258
2, 411
2, 616
2, 701
2, 694
2, 559
2, 340
2, 447
2, 549
103. 3
105. 4
100. 0
103. 1
111. 0 |
103. 4
94. 7
53.4
73. 5
76. 0
76. 9
81. 5
92. 5
98. 8
107. 2
110. 7
110.4
104. 9
95. 9
100.3
104. 5
2, 524
2,496
2,496
2, 536
2,557
2,568
2, 591
103. 5
102.3
102. 3
103. 9
104. 8
105. 3
106. 2
20, 169
21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
32, 786
31, 887
29, 590
30, 227
31, 218
32, 655
33, 323
31, 692
31, 372
31, 402
34, 174
35, 905
36, 374
34, 360
36, 137
32, 949
35, 170
35, 327
33, 995
2
32,
327
2
32, 417
9,848
10, 267
10, 627
10, 485
30, 779
11, 595
10, 619
12, 797
12, 356
2, 382
5,416
12, 139
11, 243
10, 875
11, 546
11, 651
11, 961
10, 878
9,428
11, 582
11, 404
562
570
540
543
543
522
486
494
503
445
441
449
456
465
494
507
515
514
459
521
524
410
446
439
479
507
489
501
516
503
528
517
475
505
539
562
552
572
561
520
567
533
213.7
199. 3
172. 9
207.6
195. 8
158. 9
204.8
145. 7
215. 1
233. 6
218. 6
171. 7
216. 3
226. 1
225. 1
249. 5
238.4
230. 7
120. 5
152. 8
225.5
179.4
165.4
142.4
170.1
158. 1
125. 9
165. 0
110. 2
172. 5
186. 8
175. 1
136. 9
169. 8
176. 5
175. 4
194. 3
185. 5
180. 9
93. 1
116. 9
180. 9
34.3
33.9
30. 5
37. 5
37. 8
33. 0
39. 8
35. 5
42. 6
46. 7
43. 5
34. 9
46. 5
49. 6
49. 7
55. 1
52. 9
49. 8
27. 4
35. 9
44. 6
11, 670
10, 085
11, 740
12, 050
11, 740
11, 170
541
460
544
545
548
547
583
432
539
581
582
573
209. 0
180. 7
229. 1
246.7
245. 6
256. 6
256. 8
168. 6
146. 6
186. 9
196. 1
194. 0
203. 9
200. 1
40. 4
34 1
42 2
50 6
51 7
52 7
56. 7
Sources: Ame rican Iron and S teel Institute, IMison Elec ;ric Institu te, Depr|
merit of the Into3rior, Association of American 1-lailroads, 1American P a per In|
tute, and Ward' s Automotive B eports.
NEW CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) rose 1 percent in August.
Private outlays for residential and nonresidential construction accounted for the rise.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
120
i«"»«nt"""«Wi.,I,,»«"1"tt*t»"*'''ii«'t*1"""I"'f'»M%'"««M
| t 1I I I I I ! I 1I I I ! I I I I I t I
20
1966
SOURCE:
1972
DEPARTMENT OF COMMERCE
Period
Total new
construction
expenditures
COUNCIL OF ECONOMIC ADVISERS
Total
1966
1967
1968
1969
1970
1971___
76. 0
77.5
86. 6
93. 4
94. 0
109.4
52. 0
52. 0
59. 0
65. 4
65. 9
79. 5
1971: June
July
Aug
Sept
Oct___ _
Nov_
Dec
1972: Jan
Feb
Mar__ _ _
Apr
May___ _
June _ __
July. _ _ _
Aug"_
108. 5
110. 2
111. 0
110. 7
114. 0
114. 6
115. 6
120. 8
121.8
122.9
120.4
122. 1
121. 1
1 20. 1
121. 7
79.7
80. 5
82. 1
81. 6
82. 4
84. 2
85. 2
88. 0
90. 0
92. 5
91. 4
1)2. 2
1
<)!>. f>
1)1. S
93. 5
Private
Resid ential
CommerNew
Other
cial and
housing industrial
Total l
units
Bi lions of dol] ars
25. 7
19.4
26 3
25. 6
19. 0
26 4
30. 6
24. 0
14. 7
13. 8
33. 2
16. 0
25. 9
16. 2 I
31. 9
16. 3
24. 3
17. 8
34. 9
17. 0
19. 4
43. 1
24. 0
25. 5
27. 6
28. 0
28. 1
29. 9
Constructic>n contracts2
CommerTotal value cial and
index,
industrial
(1967 =
floor space
100)
(millions of
square feet)
94. 8
100.0
113. 2
123. 7
123. 1
144. 3
753
694
779
883
743
730
Seasonally
Seasonally
adjusted
Seasonal!'} / adjusted arinual rales
adjusted
annual
rates
42. 9
17. 1
54. S
19. 7
28. 8
147
754
43. C)
1 7. S
19. 1
55. 7
29. 7
151
728
44. C>
W. 7
19. 0
17. S
29. 0
153
658
45. C)
57. 5
1C). 4
19. 6
29. 1
154
849
40. 4
>7. 7
Hi. :19. 3
31.6
137
741
5S. 0
47. 1
17. :
19. S
30.5
824
155
>S. 7
47. <)
20. 0
17. :
30. 3
160
800
1 S. 2
49. 0
40. 4
32. 2
20. 8
165
716
42. <S
1 7. 9
r i. 9
21. 0
30. 9
155
801
IS. 0
44. 0
21. 4
r:j. i
30.4
159
800
43. C>
IS. 1
f 2. 7
20. 7
28.9
167
786
IS. 1)
43. 3
21. 1
T2. 3
29.8
165
983
IS. 4
T2. <)
43. 7
21.2
154
28.6
846
f 3. 5
17. 6
44. 0
20. 8
28.3
155
813
44. 3
18. 0
21.4
f 4. 0
28. 3
180
908
Sources: Depai tinent of Com mcrce and McG raw -Hill Infornlation Systems
i\nd additions a nd altcra-
Includes noiihousekt epiiiK resident! il construction
tions,
not shown separn -oiy.
J
F. W. Dodge series. Relates to 50 S .ales beginning 1969 for value ndex and
beginning 1971 for floor i pace.
Federal,
State,
and
local
Company, F. W. Dodge Divisiori.
*• r-v
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Although housing starts declined 4 percent in September, they were still high at a seasonally adjusted annual ratei
of almost 2.4 million units. Permits for future housing increased slightly.
MILLIONS OF UNITS
MILLIONS OF UNITS
3.0
3.0
TOTAL PRIVATE
HOUSING STARTS
1972
1966
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND. URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
Total
private
Total
and
private
public (includ(including
ing
farm)
farm)
Period
1966
1967
1968
1969
1970
1971
_
1971: Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
July
Aug*
Sept"
1
_
_ 1, 195. 9
1, 321. 9
1, 545. 5
1, 499. 6
1, 469. 0
2, 084. 5
1, 165. 0
1, 291. 6
1, 507. 7
1, 466. 8
1, 433. 6
2, 052. 2
205. 9
175.6
181.7
176. 4
155.3
150. 9
153.6
205. 8
213. 2
227. 9
226. 2
207. 5
228. 1
200. 8
204.5
173.8
179. 7
173.7
152. 1
149. 1
152.2
203.9
211.6
225.8
223. 1
206. 5
225. 8
199. 4
„
_ _ __
_ _
[Thousands of units]
Housing star ts
Private
Total (including\ farm)
Total
One
unit
1, 165. 0
77& 5
1, 291. 6
843.9
1, 507. 7
899. 5
1, 466. 8
810. 6
812. 9
1, 433. 6
2, 052. 2 1, 151. 0
2,219
2,029
2,038
2,228
2,457
2,487
2,682
2,369
2, 109
2,350
2,330
2,218
2,453
2, 352
1, 198
1, 172
1, 155
1,242
1,347
1,415
1,325
1,302
1,167
1,344
1,296
1,289
1,396
1,378
Authorized by issuance of loc.nl building permit: in lo.OOO permit-issuing
places
beginning 1967: 12,000 for 1903-00, iiiul 10,000 prior to jt»Q.
3
Units represented by mortgage applications or appraisal requests for new
home construction.
20
Propose d home
constr uction
New
Government
home pi •ograms
(nonJ arm)
Two or
FHA
VA
more
units
386.4 129. 1
36.8
52.5
447. 7 141. 9
608. 2 147. 7
56. 1
656. 2 153. 6
51. 2
620. 7 233. 5
6LO
901. 2 301. 2
94.0
Seasona lly ad justed annu al
1,021
325
103
857
882
985
1, 110
1,071
1,357
1,067
942
1,006
1,034
929
1,057
974
294
299
293
383
378
287
262
219
189
177
173
179
98
98
105
104
116
118
125
104
98
98
106
103
106
private
housing
units
authorized 1
971.9
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
rates
2, 046
1, 987
2,027
2, 092
2, 191
2,204
2,056
2,007
1,991
1,955
2, 121
2, 108
2,237
2,252
Applica- Requests
tions for forVA
FHA
commit- appraisals 2
ments -
153. 0
167.2
168.9
187. 6
315. 0
366. 8
359
343
351
291
450
333
326
260
221
217
217
223
206
99.2
124.3
131.7
i.sa2
143. 7
217. 9
218
253
231
207
228
232
224
207
248
197
219
203
199
193
Sources: Department of Commerce, Department of Housing and Urban
Development, and Veterans Administration.
BUSINESS SALES AND INVENTORIES
Jn August, business sales rose 2 percent (seasonally adjusted) while inventories increased by $1 billion. According
to advance reports, retail sales declined in September.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS- (SEASONALLY ADJUSTED)
200
RETAIL TRADE (ENLARGED SCALE)
25 (-DURABLE GOODS STORES
20
INVENTORIES
15
*-"*•
10
A
SALES
5
30'
NONDURABLE GOODS STORES
INVENTORIES
25
40
20
SALES
20
15
1969
1970
1969
1972
1971
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF COMMERCE
Total fc
msiness *
Period
Sales 2
Wholesale
Inventories 3
Sales 2
111, 457
120, 900
136, 729
145, 108
155, 336
166, 694
174, 871
181, 055
178, 775
179, 374
180, 071
180, 464
180, 313
181, 055
181, 387
181, 988
182, 514
183, 215
184, 458
184, 905
185, 306
186, 321
14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
22, 621
22, 605
22, 549
22, 284
22, 739
22, 994
24, 351
23, 533
23, 884
24, 170
24, 260
24, 230
24, 394
25, 160
Inventories z
IMillions of
1964
1965
1966
1967
1968
1969
1970
1971
1971: July
Aug
Sept
Oct
Nov__
Dec
1972: Jan
Feb
Mar
Apr
Mav__ _
June
July »
Aug *
Sept *__
__.
73, 685
80, 276
87, 178
89, 698
97, 100
103, 104
104, 407
111, 931
111, 791
- _ _ 113, 910
113, 450
113, 191
115, 757
115, 630
118, 426
118, 077
120, 669
121, 676
122, 793
122, 263
123, 605
126, 189
1 The term "business" also includes manufacturing (see page 22).
2 Monthly average for year and total for month.
*Book value, end of period, seasonally adjusted.
1972
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
27, 866
27, 795
27, 814
27, 928
28, 237
28, 916
29, 049
29, 181
29, 174
29, 574
29, 729
29, 641
30, 056
30, 257
Sales 2
R(itail
NonDurable durable
goods
goods
stores
stores
dollars, seasonally £idjusted
21, 823
7,049 14, 773
23, 677
7,849 15, 828
25, 330
8, 192 17, 138
26, 151
8,348 17, 803
28, 490
9,268 19, 222
29, 824
9, 626 20, 197
31, 294
9, 524 21, 770
34, 071 10, 985 23, 086
33, 688 10, 747 22, 941
34, 655 11, 298 23, 357
35, 219 11, 833 23, 386
34, 964 11, 695 23, 269
35, 574 11,885 23, 689
34, 896 11, 334 23, 562
34, 886 11, 475 23, 411
35, 345 11, 457 23, 888
36, 450 12, 087 24, 363
36, 287 11, 965 24, 322
37, 120 12, 272 24, 848
36, 802 12, 246 24, 556
37, 342 12, 468 24, 874
37, 843 12, 800 25, 043
37, 297 12, 326 24, 971
Total
Inventories
Total
Durable
goods
stores
31, 094
34,405
38, 073
38, 952
41, 973
45, 376
46, 555
50, 474
49, 592
50, 299
50, 844
50, 800
50, 377
50, 474
50, 542
50, 646
50, 890
51, 213
51, 907
51, 759
51, 362
51, 495
13, 318
15, 253
17, 258
17, 277
19, 167
20, 647
20, 490
23, 124
22, 707
23, 313
23, 769
23, 652
23, 306
23, 124
22, 930
22, 958
23, 025
23, 195
23, 510
23, 262
22, 699
22, 512
3
Nondurable
goods
stores
17, 776
19, 152
20, 815
21, 675
22, 806
24, 729
26, 065
27, 350
26, 885
26, 986
27, 075
27, 148
27, 071
27, 350
27, 612
27, 688
27, 865
28, 018
28, 397
28, 497
28, 663
28, 983
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Shipments, inventories, and new orders of manufacturers (seasonally adjusted) all showed sizable increases in August.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
110
MANUFACTURERS' INVENTORIES
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
70
MANUFACTURERS' SHIPMENTS
TOTAL
100
90
50
40
80
DURABLE GOODS
^ I \
30
DURABLE GOODS-
70
20
\
r
60
- NONDURABLE GOODS -
IF50
MANUFACTlJRERS' NEW (3RDERS
DURABLE GOODS
7
30
r^^
„„,.«.«.,.•<•««•
30
~^
20
NO NDURABLE GOOC)S
t i i t i! i i i i i
A \ \ I! I 1 1 1 1 1 t
1969
. . . . .
1971
1970
NONDURABLE GOODS
40
1 I . 1 .
1972
IK
"
-20
.
1970
1969
1971
SOURCE* DEPARTMENT OF COMMERCE
Total
t I I l i t
t
.1
1972
COUNCIL OF ECONOMIC ADVISERS
Ma nufacture rs' new orders l
Manufad burers' shi pments * Manufacl ,urers' inv entories 2
Period
t
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Durafc le goods
NonCapital durable
goods
Total industries, goods
nondefense
Manufacturers'
mventoryshipments3
ratio
Millions of dollars seasonal] y ad juste d
1964
1965
1966
1967
1968
1969
1970
1971
1971: July
Aug__ _ _
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
July
Aug *
37, 335
41, 003
44, 869
46, 449
50, 282
53, 555
52, 560
55, 580
55, 482
56, 650
55, 682
55, 943
57, 444
57, 740
59, 189
59, 199
60, 335
61, 219
61, 413
61, 231
61, 869
63, 186
19, 634
22, 216
24, 633
25, 212
27, 694
29, 459
28, 061
29, 886
29, 798
30, 835
29, 799
30, 033
30, 792
30, 913
31, 965
32, 041
32, 683
33, 581
33, 705
33, 129
34, 059
34, 835
17, 701 63, 386
18, 788 68, 221
20, 236 77, 965
21, 236 84, 599
22, 588 90, 835
24, 096 96, 955
24, 499 101, 712
25, 694 101, 665
25, 684 101, 317
25, 815 101, 280
25, 883 101, 413
25, 910 101, 736
26, 652 101, 699
26, 827 101, 665
27, 224 101, 796
27, 158 102, 161
27, 652 102, 450
27, 638 102, 428
27, 708 102, 822
28, 102 103, 505
27, 810 103, 888
28, 351 104, 569
1
Monthly average lor year and total for month.
2
Book value, end of period, seasonally adjusted.
3
38, 436
42, 227
49, 818
54, 893
59, 053
63, 254
66, 829
65, 874
66, 178
66, 093
66, 117
66, 025
05, 877
65, 874
24, 950
25, 994
28, 147
29, 706
31, 782
33, 701
34, 883
35, 791
35, 139
35, 187
35, 296
35, 711
35, 822
35, 791
37, 952
41, 803
45, 944
46, 763
50, 267
53, 645
51, 663
55, 473
20,
22,
25,
25,
27,
29,
27,
29,
258
986
720
526
690
548
162
768
6,971
7,694
6,822
7,398
55,
57,
55,
56,
57,
57,
66, 187
66, 422
66, 604
66, 575
67, 035
67, 427
67, 645
68, 127
35, 609
35, 739
35, 846
35, 853
35, 787
36, 078
36, 243
36, 442
59, 871
59, 792
61, 097
61, 685
62, 012
63, 734
62, 504
64, 300
29, 486
31, 335
29, 653
30, 321
31, 294
31, 001
32, 554
32, 466
33, 328
34, 005
34, 302
35, 613
34, 664
35, 900
7,213
7,492
7,471
7,859
7,932
8, 131
8, 166
8, 196
8, 528
8,785
9,036
9,228
9, 100
9,130
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.
22
190
122
489
290
992
883
Source: Department of Commerce.
17, 694
18, 817
20, 224
21, 238
22, 577
24, 097
24, 500
25, 705
25, 704
25, 787
25, 836
25, 969
26, 698
26, 882
27, 317
27, 326
27, 769
27, 680
27, 710
28, 121
27, 840
28, 400
1.64
1.60
1.62
1.76
1.74
1.76
1.90
1. 83
1.83
1.79
1. 82
1. 82
1.77
1. 76
1. 72
1.73
1. 70
1. 67
1. 07
1. 69
1. 68
1.65
MERCHANDISE EXPORTS AND IMPORTS
"he trade balance on a seasonally adjusted basis improved by $79 million in August, leaving a deficit of $463 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3.0
3.0
2.5
25
2.0
2.0
1966
I/ SEE NOTE BELOW.
SOURCE* DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
I Millions of dollars J
Merch andise irnports
fclerchandi se export s
Gen<sral impc>rts 3
Total (includDomesti<3 exports
2
ing ree~sports) *
Food, Crude
Food, Crude
Total
bever- matebever- mate- Manuages,
rials
Season- Unad- Total * 2 ages,
Seasonrials
facally ad- Unad- and to- and
tured
ally ad- justed
and to- and
justed
justed
bacco
fuels
justed
goods
bacco fuels
Monthly average:
1963
1964
1965
1966
1967
1968
1969
1970
1971
1,869
2, 153
2,229
2,458
2,586
2, 839
3, 111
3, 555
3,629
1,845
2, 123
2, 201
2,421
2, 554
2, 802
3, 066
3, 502
3, 576
3,493
1971: July
3, 678
Aug
Sept
4,505
Oct
2, 708
Nov
3, 160
3,858
Dec
I <3?0 /
Jf, && I
1972: Jan
3,806
Feb
3,891
Mar
Apr
3, 760
3,914
May
June__ __ 3, 905
4,019
July
Aug _ _ _ 4,202
3,338
3,366
4,220
2,826
3,221
4,056
3,815
3,780
4, 310
3,887
4, 143
4, 015
3, 660
3,946
3,293
3, 319
4, 166
2, 774
3, 177
3,999
3, 766
3, 723
4,250
3,812
4, 074
3,942
3, 602
3,874
349
386
377
432
392
383
370
422
423
315
361
356
367
394
405
417
558
537
1, 191
1, 377
1, 453
1, 602
1,737
1, 985
2,232
2, 445
2,537
468
515
586
394
471
644
567
527
611
567
565
557
510
547
2, 362
2,353
2,934
2,026
2,247
2,738
2, 601
2, 632
3, 119
2,754
2,917
2,762
2,543
2,715
1,428
1, 562
1,786
2, 135
2,241
2, 769
3,004
3, 329
3,797
Total excludes Department oi Defense shipments of grant-aid military supes and equipment under the Military Assistance Program.
Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
3
396
419
453
476
447
503
533
545
606
672
759
937
1,204
1,313
1, 719
1, 918
2, 159
2,534
441
590
444
323
345
70
107
226
-168
2,367
2, 462
2, 760
2, 414
2,454
2,822
2, 820
2, 763
3,401
2, 918
3, 254
3, 306
2, 928
3,232
—300
— 251
268
-815
-218
— 270
— 319
— 598
-584
-699
— 552
— 590
— 542
— 463
Unad justed
U nad juste 1
385
384
568
294
395
536
506
485
426
396
508
528
496
541
322
335
334
382
392
447
442
519
534
Grossmerchandise trade
Manu- surplus,
seasonfactured ally adjusted
goods
3, 793
3,928
4, 237
3, 523
3,379
4,128
4,540
4,403
4,475
4,460
4, 466
4,495
4, 561
4,664
3,693
3,838
4,246
3,463
3, 522
4,279
4,280
4, 177
4,844
4,248
4, 722
4,767
4, 314
4,727
565
616
714
352
353
606
631
626
554
544
604
614
548
632
629
640
659
571
598
710
702
673
756
659
731
715
712
728
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
23
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
Preliminary data show a second quarter deficit for merchandise trade of $7.7 billion, at a seasonally adjusted annua
rate, compared to a deficit in the first quarter of $6.7 billion. This $1 billion deterioration in the merchandise trade
balance was reflected in the current account balance, which showed a deficit of $9.8 billion in the second quarter
compared to a deficit of $8.7 billion in the first.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1966
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
M erchandis<3 1 2
Period
Exports
1966
1967
1968_
1969
1970
1971
Imports
Net
balance
29, 287 -25,463 3,824
30, 638 -26,821 3,817
33, 576 -32, 964
612
36, 417 -35,796
621
41, 963 -39,799 2,164
42, 770 -45, 459-2,689
Netiiavestmentincome
Militiiry transactions
Direct
expenditures
Sales
Net
balance
Private 3
-3,764
-4, 378
-4,535
-4, 856
-4, 852
-4, 817
829
1,240
1,392
1,512
1,479
1,923
-2,935
-3, 138
-3, 143
-3,344
-3,374
-2, 894
5,331
5,847
6,157
5,820
6,376
8,952
U.S.
Government
Remittances,
Balpenance
on
sions,
curand
other
rent
uniaclateral count
transfers 1
5, 170 — 2,890
2,280
5,136 — 3,081
2,055
—484
2,425 — 2,909
1, 911 -2, 946 -1,035
3,563 -3, 208
356
727 -3, 575 -2,847
Net
Baltravel
Other ance
and
on
trans- servporta- ices, goods
and
tion
net
servexpendices 1 4
itures
44 -1,380
40 -1,763
63 -1,565
155 -1,784
-115 -2, 061
—957 —2, 432
286
334
302
442
574
748
Se asonally a d justed annual r ates
44, 068
1971: I
II
42, 840
III___ 45, 916
IV. __ 38, 256
1972: I
47, 236
II *___ 45, 852
1
Excludes
2
-42, 912 1, 156 -4, 700 2,040
-46, 888-4, 048-4, 856 2,064
-47,804 -1,888 -4, 792 1,896
-44, 232 -5, 976-4, 920 1,692
-53, 928 -6,692 -4, 872 1,336
-53, 568 -7, 716 -4,928 1,288
-2, 660
-2, 792
-2,896
-3, 228
-3,536
-3,640
military grants.
Adjusted from Census data for differences in timing and coverage.
"Includes fees and royalties from U.S. direct Investments abroad or from
foreign direct investments in the United States.
24
7,596
9,408
8,152
10, 652
8,928
8,960
-404 -1,992
-644 -2, 500
-1,308 -2, 424
-1,472 -2, 812
-1,480 -2, 716
— 1,720 -2,848
848
4,544 -3, 164
720
144 — 3, 384
728
364 -3,784
688 -2, 148 — 3, 968
800 -4, 696-3,960
776 -6, 188 — 3,580
1,380
-3, 240
-3,420
-6, 116
-8,656
-9,768
* Equal to net exports of goods and services in the national Income and product
accounts of the United States,
Source: Department of Commerce.
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
The balance of payments showed a significant improvement in the second quarter over the first quarter 1972. Preliminary estimates show a decline in the official reserve transactions deficit from $13.0 billion to $3.5 billion and a
decline in the net liquidity deficit from $12.4 billion to $9.6 billion, at seasonally adjusted annual rates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
20
SEASONALLY ADJUSTED ANNUAL RATES
10
10
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
OFFICIAL RESERVE
TRANSACTIONS BALANCE
-10
-20
-20
-30
-30
-40
-40
-50
-50
-60
-60
1966
1972
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1966
1967
1968
1969
1970
1971
Long-ter m capital Balance Nonflows, net
liquid
current shortterm
account private
U.S.
2 and longGovernPrivate
capital
ment 1
capital flows
net 2
_. - 1, 469 -2,555 -1,744
Allo-
of
special
draw-
Errors
and
omissions,
net
ing
Net
liquidity
balance
Liquid
private
capital
flows,
net 2
Official
reserve
transactions
balance
rights
-104
-2,424 -2,912 -3,280 -522
-2, 159 1, 198 -1,444
230
-50 -3, Oil -640
- 1, 926
-2,018 -1,398 -3,059 -482
-2,378 -4, 149 -9,374 -2,420
-302
-881
-399
-2, 151
2, 370
219
-4,683
1,265 -3,418
-1,610
3, 251
1, 641
-2,470 -6, 122
8,824
2,702
867 - 1, 174 -3,851 -5,988 -9,839
717 -10,927 -22,002 -7, 763 -29,765
Changes
in lia- Changes
bilities in U.S.
official
to
foreign reserve
official
assets,
agencies,
net 4
net 3
— 787
3,366
— 761
1,515
7,362
27, 417
568
52
-880
1, 187
2,477
2,348
-2,808 -3, 688 -5, 116 -2, 136
-2, 336 -6, 420-11,996 -1 260
III... -2, 232 -7,532 - 13, 184-3 532
II
IV
1972: I
-2, 132
1,040 -7, 208-2 752
2 152
1 648
-1,372 -4, 308 -14, 336
-536
2,636 -7,668
II*....
1
2 Excludes
720
716
716
716
712
712
-3, 776 — 10, 308 -11,392 -21,700
— 10, .'M4
-21, 520
-8, 072
3, 400
— 4, 308
liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other International and
regional organizations.
* Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
to,4 and gold deposits with, the United States.
Official reserve assets include gold, special drawing rights, convertible curirencies, and the U.S. gold tranche position in the IMF.
• Includes gain of $67 million resulting from revaluation of the German mark
In October 1909.
— 22, 884 -2, 980 -25,864
— 37, 520 - 10, 204-47,724
-17,310 -6,476 -23,792
-12, 376 -648 -13,024
6, 164 -3,452
-9,616
14, 882
14, 830
15, 710
5
16, 964
14, 487
6
12, 167
Unadjusted
Scjasonally adjusted annual ra tes
1971:1
U.S.
official
reserve
assets,
net
(end of
period)
18. 972
23, 228
42, 948
24, 540
11, 308
4,376
2,728
2,636
4,776
-748
1,716
— 924
14, 342
13, 504
12, 131
6
12, 167
12,
270
7
13, 339
8
Includas $28 million increase in dollar value of foreign currencies revalued to
reflect
market exchange rates as of Dec. 31,1971.
7
On Juno 30, U.S. reserve assets consisted of gold stock, $10,490 million, special
drawing rights, $1,958 million; convertible currencies, $457 million; gold tranche
position, $434 million. Includes increase of $1,016 million resulting from change in
par value of the U.S. dollar on May 8.
Sources: Department of Commerce and Treasury Department.
25
PRICES
CONSUMER PRICES
The consumer price index rose 0.4 percent in September/ after seasonal adjustment the rise was 0.5 percent. Food
prices were up 0.2 percent (0.6 percent adjusted). Nonfood commodities were up 0.7 percent (0.4 adjusted).
Service prices increased 0.2 percent in September.
Index, 1967=100
14C
Index, 1967=100
140
100
90
1972
1966
SOURCEs DEPARTMENT OF UBOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100]
Services
Commoditiei3
All
items
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Source: Department of Labor.
26
_._
.
.
_
90.6
91.7
92. 9
94.5
97.2
100. 0
104.2
109. 8
116. 3
121. 3
122. 1
122, 2
122.4
122. 6
123. 1
123. 2
123. 8
124.0
124.3
124.7
125. 0
125. 5
125. 7
126. 2
All commodities
92. 8
93.6
94.6
95.7
98. 2
100. 0
103. 7
ioa 4
113. 5
117. 4
na 2
118. 1
118.4
118. 5
118. 9
118. 7
119. 4
119. 7
119. 9
120.3
120. 7
121. 2
121. 4
122. 0
Comm odities les s food
Food
89.9
91. 2
92.4
94. 4
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
120. 0
119. 1
118. 9
119. 0
120. 3
120. 3
122. 2
122. 4
122.4
122. 3
123. 0
124. 2
124. 6
124.8
All
94. 1
94. 8
95. 6
96. 2
97.5
100. 0
103. 7
108. 1
112. 5
116. 8
117. 1
117. 4
118.0
118. 1
118. 1
117.7
117. 8
118.2
118. 5
119.2
119.4
119.4
119.5
120.3
All
NonDurable durable services
97. 6
86.8
91.8
88.5
97. 9
92.7
90. 2
93. 5
98. 8
92.2
94. 8
98. 4
97.0
95. 8
98.5
100. 0
100. 0
100. 0
104. 1
105. 2
103. 1
112. 5
107.0
108.8
111. 8
113. 1
121. 6
128.4
117. 0
116. 5
116. 9
129. 3
117. 2
116. 4
129. 8
118.2
117. 1
118.7
129. 9
117. 4
118. 7
130. 3
117. 2
118. 8
130.7
117. 3
131. 5
118. 1
117. 1
118.4
131. 8
117. 3
132. 1
118. 9
132.4
117.7
119. 1
118.4
119.7
132.7
119. 2
119.5
133. 1
119. 6
119.3
133. 5
119.4
119.7
133. 8
120. 8
134. 1
119.8
Rent
94. 0
95. 0
95. 9
96.9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
115. 8
116. 1
116. 4
116. 6
116. 9
117. 5
117.8
118.0
118. 4
118. 6
119. 0
119.2
119.6
119.9
Services
less
rent
85. 5
87. 3
89.2
91.5
95.3
100. 0
105.7
113. 8
123.7
130.8
131.8
132. 3
132.4
132.8
133. 3
134. 1
134. 4
134. 6
135.0
135. 3
135. 7
136. 1
136.4
136.7
WHOLESALE PRICES
The wholesale price index increased 0.3 percent in September both before and after seasonal adjustment. Industrial
commodities rose 0.2 percent both unadjusted and adjusted. Farm products and processed foods and feeds were up
0.6 percent (0.8 percent adjusted) for the month and stood 10.2 percent above September 1971.
Index, 1967=100
130
Index, 1967=100
130
105
100
95
95
90
90
1966
SOURCE* DEPARTMENT Of IABOS
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
All
commodities
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr. _
May _
June_ .
July
Au<*
Sept _
__
_
_
1 f>. 4
IG. 3
1 7. 3
_
______
__ _
948
94. 5
94. 7
96. 6
99. 8
100. 0
102. 5
106. 5
110. 4
113. 9
114. 9
114. f>
J 14. 4
14. 5
17. 4
17. f.
_
IS. 2
1 S. S
19. 7
19. !)
120. '2
Farm
products
98.0
96. 0
94. 6
98. 7
105. 9
100. 0
102. 5
109. 1
1 1 1.. 0
1 1 2. 9
113. 2
110. 5
1 1. 3
1 1 2. 2
1 5. S
17. S
20. 7
19. 7
19. 1
22. 2
24. 0
2S. 0
2S. 2
128. 6
Processed
foods
and
feeds
91. 9
92. 5
92. 3
95. 5
101. 2
100. 0
102. 2
107. 3
112. 0
114. 3
115. 4
1 1 4. G
1 14. 1
1 14. 4
1 1 5. 9
1 1 7. 2
1 1 S. 8
1 IS. C)
1 17. 7
I 1 S. (i
119. f>
121. 5
121. 0
121. 8
1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
3
Excludes crude foodstuffs and foodstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
IEidustrial c ommoditi es
All industrials1
94.8
94. 7
95.2
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
115. 1
1 1 5. 0
1 5. 0
1 4. 9
15. 3
15. 9
1 0. 5
1 (>. 8
1 1 7. 3
1 1 7. (i
117. 9
118. 1
i 1 s. r>
118. 7
Crude
mate-2
rials
95. 6
94. 3
97. 1
100. 9
104. 5
100. 0
102. 0
110. G
118. 8
122. 7
122. 3
1 23. 0
122. 9
1 22. 0
1 23. 4
1 25. 6
127. 0
129. 1
129. 3
129. 9
129. 8
130. 2
1 32. 3
132. G
Inter- Producmediate er finmateished
rials3
goods
95. 3
95. 0
95. 6
96.9
98. 9
100. 0
102. G
106. 2
110. 0
114. 3
115. 9
115. 9
1 1 5. 7
115. 6
115. 8
116. 4
117. 2
117. 6
118. 2
1 1 S. 6
119. 0
119. 2
119. 5
119. 8
92. 2
92. 4
93. 3
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
117. 1
116. 9
117. 1
117. 0
117. 8
118. 4
118. 8
119. 0
119. 3
119. 4
119.6
119.7
119. 8
119. 9
Consuiiaer finished gcx>ds exeludingl foods
Durable
98. 3
97. 8
98. 2
97. 9
98. 5
100. 0
102. 2
104. 0
107. 1
110. 9
111. 1
110. 4
111. 3
111. 3
112. 6
112. 9
113. 2
113. 1
113. 2
113. 1
113.2
113. 5
113. 6
113. 7
Non-
durable
94.8
95. 1
94. 8
95. 9
97. 8
100. 0
102.2
105. 0
108. 2
111. 3
111. 8
111.9
111. 7
111.7
111. 8
112.0
112. 1
112. 4
112.7
113. 1
113.5
113. 8
114. 2
114.5
3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
In the month ended September 15, prices received by farmers were unchanged while prices paid rose 1 percent. The
actual parity ratio was unchanged and the adjusted ratio declined 1 point.
Index, 1967=100
130
Index, 1967=100
130
90
80 I f > i i t I i t t '
RATIO y
90
190
PARITY RATIO (ACTUAL)
80
80
70
70
60
60
1966
1967
1970
1969
1968
1971
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
Prices received by farmers
Period
1962
1963.
1964
1965
1966__
1967..
1968_
1969
1970
1971
1971: Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1972: Jan 15
Feb 15
Mar 15
Apr 15
May 15_
June 15
July 15.
Aug 15
Sept 15 _. _
All farm
products
96
96
93
98
105
100
103
108
110
112
113
111
114
115
116
119
122
120
119
123
125
127
128
128
Crops
103
106
106
103
105
100
101
97
100
107
107
104
106
109
108
111
110
108
112
115
116
116
119
117
92
89
85
94
105
100
104
117
118
116
117
117
118
119
122
126
131
129
125
129
131
136
135
137
» Percentage ratio of index of prices received by fanners to Index of prices paid,
Interest,
taxes, and wape rates on lfllp-]4«* 100 base.
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
28
COUNCIL OF ECONOMIC ADVISERS
Parity ratio j
Prices paid by farmers
Livestock All items,
interest,
and
taxes, and
products wage
rates
Index, 1967=100
90
91
92
94
98
100
104
109
114
120
120
121
121
121
122
123
124
124
125
125
126
127
127
128
1972
Family
living
items
Production
items
91
92
93
95
98
100
104
109
114
119
120
120
120
120
121
121
123
123
123
124
124
125
125
126
Source: Department of Agriculture.
94
95
94
96
99
100
102
106
110
115
116
116
116
117
117
118
118
119
120
120
121
122
122
124
Actual
80
78
76
77
80
74
73
74
72
70
69
68
70
70
71
72
73
72
71
73
73
75
75
75
Adjusted3
83
81
80
82
86
79
79
80
77
74
74
72
74
74
75
78
79
77
76
79
79
80
81
80
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
In September the seasonally adjusted money stock rose at a 6.2 percent annual rate, up from a revised 5.7 percent
rate in August. Since December the stock of money has increased at an 8.0 percent rate.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
300
300
250
250
TIME AND SAVINGS
/
DEPOSITS
/
200
200
150
150
1966
1972
SOURCE: BOARD OF GOVERNORS OF THE FfDERAl RESERVE SYSTEM
Period
1966:
1967:
1968:
1969:
1970:
1971:
1971:
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept__ _
Oct___
Nov__
__
Dec
_
1972: Jan
Feb
Mar _ . _ _
_
__
Apr
Mav
June
_ _ _ _ _
Julv
Aug "
__ _
Sept *
__
_ _
__ _ _
_ ___
[Averages of daily figures, billions of
JS [oney sto<3k
Time
Curand
Derency
mand savings
outTotal
dede- 1
side
posits *
banks posits
Seasonallyr adjusted
171.7
133.4
38. 3
158.1
183. 1
40.4
142. 7
183.4
197.4
43.4
154. 0
204.2
203.7
46. 0
157. 7
194. 1
49.0
165. 8
228. 9
214.8
52. 5
228. 2
175. 7
269. 9
176. 3
51.7
228.0
257. 3
175. 7
227.6
51. 9
259. 6
52. 2
175. 5
227. 7
263. 3
52. 2
175. 5
227. 7
265. 3
269. 9
228. 2
175. 7
52.5
274 4
52. 8
176. 0
228. 8
178.0
278. 1
231. 2
53. 2
279. 9
179. 9
53. 7
233. 5
282. 8
180. 9
54. 0
235. 0
287.0
181. 1
54. 4
235. 5
290. 9
181. 9
54. 7
236.6
293.7
184. 5
54. 9
239.4
297. 1
185.5
240. 5
55. 0
186.2
300.5
241.7
55.5
1
Deposits at commercial banks.
NOTE.—Effective June 9,1966, balances accumulated for payment of personal
>ans (about $1.1 billion) are excluded from time deposits and from loans at all
xonmereial banks.
COUNCIL OF ECONOMIC ADVISERS
dollars]
Aloney sto ek
Total
Currency
outside
banks
U.S.
1 Govand
1 ernsavings
ment
de- l demand
posits
deposits *
Time
De-
mand
deposits1
1CJnadjuste d
176.9
188. 6
203.4
209. 8
221. 2
235. 1
224.9
226. 2
227. 5
229. 6
235. 1
235. 3
229.0
231. 3
236. 1
231. 3
234.7
237.9
237. 2
240. 1
39. 1
41.2
44. 3
46.9
50. 0
53. 5
51. 9
51. 9
52. 2
52. 8
53. 5
52.6
52.6
53. 2
53.6
54. 0
54. 6
55. 3
55. 3
55. 4
137.8
147.4
159. 1
162. 9
171.3
181. 5
173.0
174. 3
175. 3
176. 9
181. 5
182. 7
176.4
178. 1
182.6
177.3
180.1
182.6
182. 0
184.7
156.9
182. 1
203.2
193.2
228.1
269. 0
258; 1
260. 3
264. 1
265.5
269. 0
273. 7
277.3
280. 8
283. 1
286.9
290.0
292.7
298. 1
301. 3
3.4
5. 0
5. 0
5.6
7.3
6.7
6.8
7.5
5. 3
3. 9
6.7
7.2
7. 2
7.7
7.6
10.4
6.8
7.2
5. 3
5.8
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Seasonally adjusted liquid asset holdings of private nonfinancial investors grew at a 12.4 percent annual rate i
September, compared with an 11.6 percent rise in August. The rise was spread among all components.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
1,100
1,000
1,000
400
30Q
1966
SOURCE:
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr<3ncy and deposits
Period
1965: Dec
1966: Dec
1967: Dec
1968: Dec
1969: Dec
1970: Dec
1971: Dec
1971: Aug.
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
July
Aug »
Sept ".__
Total
liquid
assets
557.7
588. 2
637. 5
694. 6
719. 7
770.6
850. 5
827.6
831.6
838.3
842.8
850.5
858.2
867. 8
876. 6
886.0
894. 2
904. 0
913.9
922.3
931. 3
Time d eposits
Total
447.4
469. 6
516. 0
559.6
576. 2
623.6
709.8
688.7
692. 6
698.1
703.0
709. 8
719.7
729.6
738. 3
745.2
751.0
758.0
766.6
773.5
780.3
Source: Board of Governors of the Federal Reserve System.
30
Currency
36.3
38.3
40.4
43. 4
46.0
49.0
52.5
51.7
51. 9
52. 2
52. 2
52. 5
52. 8
53. 2
53. 7
54.0
54.4
54. 7
54. 9
55.0
55.5
Demand
deposits
115.5
117.3
125.2
135. 2
138. 1
144.7
153. 4
154. 1
153. 5
153.3
153.0
153.4
153. 8
155.6
157.4
158.4
158.2
isas
160.8
161.8
162.5
Commercial
banks
125.2
136. 8
156. 2
174,2
177.0
198. 8
232. 2
222. 4
224.0
226. 5
228. 9
232.2
237. 2
240.2
242. 3
243.7
246.2
249.2
251.0
253.0
255.4
U.S. G overnment se curities
Nonbank
Savings
thrift
institubonds
tions
170.4
177.3
194.2
206.8
215. 2
231.1
271.7
260. 5
263. 1
266. 1
268. 9
271.7
275. 8
280.5
284, 9
289. 1
292.2
295.6
299.8
303.6
306. 9
49. 5
50. 1
51.0
51.4
51. 1
51.3
53.7
52.9
53. 1
53. 3
53. 5
53. 7
53. 9
54. 2
54.5
54.8
55. 1
55.3
55. 6
55. 9
56. 1
Other
38. 2
43.3
39. 5
46. 8
62. 5
53.0
39.2
43.0
41. 7
41. 0
40.6
39.2
36. 6
35.9
36.0
36. 5
37. 1
38.5
38.2
37. 9
38. 2
Negotiable
certificates of
deposit
15.5
15.0
19.5
22. 7
9. 1
23. 2
30.2
27. 5
28. 1
29. 2
28. 9
30. 2
29.9
30. 5
30.2
31. 6
33.2
34.0
35.0
36. 3
37.2
Commercial
paper
7.1
10. 2
11.5
14.2
20. 8
19. 5
17.7
15.6
16. 1
16.7
16. 8
17.7
18. 1
17.7
17.7
17.9
17.9
18.1
18.5
18. 7
19.5
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Seasonally adjusted commercial bank loans and investments grew at a 13.2 percent annual rate in September, and
nave expanded at a 13.8 percent annual rate since December. Net borrowed reserves doubled to $369 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
300
200 ——'
.200
100
100
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
1966
1972
SOURCE:' BOARD.OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
large com- outside
mercial New York
Total Loans,
Investinents
City (232
banks
End of period
loans excluding
centers) ,
and
seasonally
interU.S.
GovOther
Commercial
investbank
securi- and indus- adjusted
ernment
ments
annuall
securities
ties
trial loans
rates
Billions of dollars
3
3
316. 1 3 213. 9
53. 5
1966
48. 7
60.7
3,440
352. 0
231. 3
59.3
1967
61.4
3, 765
65. 8
258.2
390. 6
61. 0
71.4
4,360
1968
73.1
<402. 1 « 279. 4
5,150
1969.
«71. 2
«5L 5
81. 5
435.9 5 292.0
1970.
5,717
58. 0
85. 9
81.7
60. 7 5 104. 5
83. 8
1971
485. 7
320. 6
6,443
472.4
313. 0
99. 5
6, 632
59. 9
83.4
1971: Sept...
6,466
477. 2
317. 0
101. 1
Oct
83. 0
59. 1
102. 2
82. 6
6,997
479. 8
318. 7
58. 8
Nov
104. 5
60. 7
6, 860
320. 6
83. 8
Dec__ 485. 7
106. 0
81.7
491. 4
59. 7
325. 7
1972: Jan— _
6,844
82.4
61. 0
107. 1
328. 5
7, 014
496. 6
Feb
62. 3
108. 9
83.8
505.0
333.8
Mar
7, 154
7,368
335.9
62.6
108. 9
84.8
507.4
Apr
63. 1
516. 1
341. 9
111. 1
84. 8
May
7,461
6
343.
7
63.
2
110.
6
85.
2
7,501
517. 5
June
348.4
521. 9
62. 3
85.4
7,367
111.2
July v»
112. 3
356. 2
529. 8
85. 2
Aug
61. 4
62. 0
113. 3
360. 0
Sept »
535. 3
86.6
Aill membe r banks 2
All eomjjaercial bank s
(s easonally adjusted d£ita)
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages
of daily figures. Annual data are for December.
8
Effective June 1966, balances accumulated for payment of personal loans
(about $1.1 billion) are excluded from loans at all commercial banks, and certain
certificates of CCC and Export-Import Bank totaling about $1 billion are included
other securities rather than in loans.
Total
reserves
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
VlillioDs o : dollars
23, 830
25, 260
27, 221
28, 031
29, 265
31, 329
30, 802
30, 860
30, 953
31, 329
32, 865
31, 922
31, 921
32, 565
32, 812
32, 539
33, 021
33, 148
32, 984
392
345
455
257
272
165
206
207
263
165
173
124
233
136
104
204
147
255
146
557
238
765
1,086
321
107
501
360
407
107
20
33
99
109
119
94
202
438
515
— 165
107
-310
-829
— 49
58
-295
— 153
— 144
58
153
91
134
27
— 15
110
-55
-183
-369
* Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries; earlier data include commercial
banks only.
8
As of June 1971, Farmers Home Administration notes totaling about $0.7
billion
are
classified as other securities rather than as loans.
6
Excludes $0.4 billion due to loan ^classification at a large bank.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Consumer credit (seasonally unadjusted) Increased by $2.1 billion in August, compared with a $1.4 billion gain
year earlier. Seasonally adjusted consumer instalment credit rose by $1.4 billion in August.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
140
TOTAL CONSUMER CREDIT OUTSTANDING
120
100
80
80
NONINSTALMENT
CREDIT
1
20
< ) i t i I i i t t IN!
1 1 I t I II
12
SEASONALLY ADJUSTED (ENLARGED SCAIQ
.INSTALMENT CREDIT EXTENDED
\
10
8
;-
•8^*^55—- "—"•—'
6
"INSTALMENT CREDIT REPAID"
41967
1966
1969
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1972
1971
1970
[Millions of dollars]
Consu mer credit outs tan ding (end of period;
Consum er instalme nt credit e xtended
iinadjusted)
and r epaid (seasonally adjiisted)
[nstalment
Total
Automob ile paper
—
_—_
NonTotal
Total *
bile
Personal instal-l Extended Repaid Extended Repaid
ment
paper
loans
1963
1964
1965
1966__
1967
1968
1969
1970
1971
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
126, 802
137, 237
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
101, 161
109, 545
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 602
35, 490
38, 310
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
31, 612
34, 432
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 300
25, 641
27, 692
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 888
104, 130
117, 638
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 609
101, 138
109,254
22, 126
24, 046
27, 227
27, 341
26, 667
31, 424
32, 354
29, 831
34, 638
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 882
30, 943
31, 818
1971: July
Aug
Sept
Oct
Nov
Dec
128,
129,
130,
131,
133,
137,
354
704
644
606
263
237
102,
104,
104,
105,
107,
109,
848
060
973
763
097
545
36, 763
37, 154
37, 383
37, 759
38, 164
38, 310
32, 680
33, 134
33, 420
33, 575
33, 977
34, 432
25, 506
25, 644
25, 671
25, 843
26, 166
27, 692
9, G75
10, 049
10, 156
10, 031
10, 572
10, 130
S, 914
9, 222
9, 157
9, 107
9, 306
9, 230
2, 773
3,004
3, 147
2, 992
3, 162
2, 973
2, 565
2,697
2, 732
2, 634
2, 662
2, 696
1972: Jan
Feb
Mar
Apr
May
June
July
Aug
135, 830
135, 253
136, 135
137, 791
139, 963
142, 215
143, 456
145, 557
108,
108,
109,
110,
112,
114,
115,
117,
826
634
481
734
477
567
832
737
38, 111
38, 239
38, 762
39, 337
40, 119
41, 104
41, 678
42, 346
34, 300
34, 448
34, 683
35, 098
35, 552
36, 051
36, 334
36, 871
27, 004
26, 619
26, 654
27, 057
27, 486
27, 648
27, 624
27, 820
10, 184
10, 339
10, 996
10, 777
10, 998
11, 118
10, 811
11, 443
9, 547
9, 373
9, 632
9, 681
9,557
9, 791
9, 784
10, 003
2, 978
3, 046
3, 143
3, 194
3, 239
3,398
3, 182
3,442
2, 761
2, 693
2, 693
2, 767
2, 748
2, 851
2, 835
2,881
iAlso includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
a Consists of single-payment loans, charge accounts, and service credit.
End of period, unadjusted.
32
Mortgage
debt outstanding
nonfarm,
1- to 4houses3
182,
197,
212,
223,
236,
251,
266,
280,
307,
200
600
900
600
100
200
800
200
800
299, 700
307, SOO
313, 800
323, 500
Sources: Board of Governors of the Federal Reserve System and Federal Hoir
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
In the 4 weeks ending in mid October yields on intermediate-term Treasury securities and municipal bonds fell
while other long-term yields were constant and short-term rates mixed.
t
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10 f
CORPORATE'Aaa BONDS
(MOODrS)
\
TAXABLE GOVERNMENT
BONDS
1966
1972
SOURCE: SEE TABUE BELOW
Period
1964
1965
1966
1967
1968
1969
1970
1971
1971: Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
___
Mav
Junc__
July
Aug
Sept.
Oct
___ _
Week ended:
1972: Sept 1. r >__
«>'>
Oct
COUNCIL. OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Govtsrnment seemrity yields
municipal
3-month
bonds
3-5 year
Taxable
2
3
Treasury
(Standard
&
1
issues
bonds
bills
Poor's) 4
29
r>
13 _
20
1
3
Aaa
Baa
4. 15
4.21
4. 65
4. 85
5. 26
6. 12
5. 09
5 77
5. SO
5. 92
0. 10
(i. 58
5. 74
5. 78
5. 56
5. 46
5. 4,S
5. 02
5. 02
5. 07
5. 00
5. 74
5. 04
5. 59
5. 59
5. 59
5. 70
3.22
3. 27
3. 82
3. 98
4.51
5. 81
f). 51
5. 70
5. 95
5. 52
5. 24
5. 30
5. 36
5. 25
5. 33
5. 30
5. 45
5. 26
5. 37
5. 39
5. 29
5. 36
4.40
4.49
5. 13
5. 51
6.18
7. 03
8. 04
7. 39
7. 59
7. 44
7. 39
7. 26
7. 25
7. 19
7. 27
7.24
7.30
7.30
7.23
7.21
7. 19
7. 22
4. 83
4.87
5. 67
6. 23
6.94
7. 81
9. 11
8. 56
8. 76
8. 59
8. 48
8. 38
8.38
8.23
8.23
8.24
8. 24
8. 23
8. 20
8. 23
8. 19
8.09
0.
0.
0.
(>.
0.
5. 08
5. 70
5. 75
5. 73
5. 70
5.37
5. 38
5. 32
5.23
5. 17
7.23
7.23
7. 24
7.23
7. 22
8.09
8.09
8.08
8.08
8.07
3. 549
3.954
4.881
4.321
5.339
6.677
6. 458
4. 348
5. 078
4.668
4.489
4. 191
4. 023
3. 403
3. 180
3. 723
;;. 723
4.06
4.22
5. 16
5.07
5.59
6. 85
7. 37
5. 77
6. 39
5. 96
5. 68
5. 50
5. 42
5. 33
5. 51
5. 74
0. 01
,"».
:-i.
'1.
-1.
4.
048
S74
059
OM
051
<1.
-1.
•1.
4.
4.
4.
759
033
044
001
743
818
20
15
13
11
10
I
2
Kate on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds duo or callable 10 years and after.
«Weekly
data
are
Wednesday
figures.
6
Data for first of the month, based on the maximum permissible interest rate
(7 percent bepinnimr February 18, 1971) and 30-year mortgages paid in 16 years.
Corpora te bonds
(Moc dy's)
Prime
FHA
commercial new
home
paper
mortgage
5
4-6
yields
months
3.97
5.45
4.38
5. 46
5. 55
6.29
5. 10
6, 55
5.90
7.13
7. 83
8. 19
7. 72
9. 05
5. 11
7. 78
5. 73
7. 97
7.92
5. 75
5. 54
7.84
4. 92
7.75
4. 74
7. 62
4. 08
7.59
3. 93
7. 49
4. 17
7.46
4. 58
7.45
4.51
7. 50
4. 64
7. 53
4. 85
7. 54
4. 82
7.54
5. 13
7.55
7. 56
5. 13
5. 13
5. 18
5. 28
5.30
1
Sources: Department of Housing and Urban Development, Treasury Depart
ment, Board of Governors of the Federal Reserve System, Standard & Poor's
Corporation, and Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market advanced in the second half of September and retreated in early October. The mid-October com
posite price index remained above the index of mid-September.
Index, 1941-43 =10
lnde>i, 1941-43=10
WEEKLY
MOKFHLY
120
120
IPOSJTE PRICE INDEX FOR
500 COMMON STOQCS
COA/
i\ / "y\^ A^^
HO
1AA
lOO
90
"X ,
60 , . .
PE KENT
5
, , ! , . , ii
/
100
^
^^>/
OA
v-^^l
/
80
110
f\~
yA/V
^A ^
^
, ,,,ii ,t ,,i
1 I 1 t 1 1 1 ! 1 11
Ort
i i f i i 1 f i i i i i f i f i I f i i ii
1 t 1 1 ! I 1 t- I I f
if tit 11 1 1 11
WEEKLY
MONTHLY
<^0
PERCE NT
5
DIVIDEND YIELD ON COMMON STOCKS
^
3
^-^r-——^
? A]
RAT6
2i>
\ \
I 1 I 1 1 1 1 1
OA
1C
10
_, ,
'
'
I f M f I i ? I »I i t i f I I i i i \ i
( | ! I | I ! I I } I
PRICE/EARNINGS RATIO ON COMM<3N STOCKS
\
p-^^X
•* ••. "•"•
i
'
1966
1967
1966
1967
1968
1969
1970
1971
1971: Sept...
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
July _ .
Aug
Sept
Week ended:
1972: Sept 1
i
-1968
i
t
i
1969
rx ^i
i
1
T
1
1970
8
15
22
29
Oct 6
13
_
..
on
^—
f
'»
i
1971
1
1C
!
I
10
K
1972
l
Total
Total
85. 26
91. 93
98.69
97. 84
83. 22
98. 29
99. 40
97. 29
92. 78
99. 17
103. 30
105. 24
107. 69
108. 81
107. 65
108. 01
107. 21
111.01
109. 39
91. 08
99. 18
107. 49
107. 13
91. 29
108. 35
109. 85
107. 28
102. 21
109. 67
114. 12
116. 86
119. 73
121. 34
120. 16
120. 84
119. 98
124. 35
122. 33
1941-^13=10
84.86
74. 10
96. 96
79. 18
105. 77
86. 33
103. 75
87. 06
87. 87
80. 22
102. 80
99. 78
104. 55
103. 34
100. 66
101. 31
95. 51
97. 47
103. 78
103. 92
109. 69
100. 45
113. 90
109. 42
116. 89
113. 20
120. 19
115. 05
119. 65
112. 67
120. 92
113.43
119. 13
112. 57
124. 47
116. 17
121. 63
113. 19
110.
110.
108.
108.
109.
109.
109.
123. 89
123. 65
121. 78
121. 37
122. 31
122. 83
122. 01
124. 02
123. 16
120. 92
120. 57
121. 86
121. 46
119. 48
76
56
92
54
36
81
18
Capital
goods
1
Includes 5UU common stocks: 425 industrials, 65 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures
all2 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
34
2
TIO
R^ 25
1 f ! I I I t ! 1 1 IK
COUNCIL OF KONOM1C ADVISERS
Price i ndex
Industrials
.„
3
j^
SOURCE,' STANDARD & POOR'S CORPORATION
Period
^
^
"^^V^V—^—*.
i i f i i I i i i it
^-—~~——^
x
^
1
, ...1 1 .. ,.i
^ _^
Consumers'
goods
114. 39
114. 90
112.86
112. 01
112. 99
113. 64
113. 09
Railroads
Dividend
yield 2
(percent)
68. 21
68. 10
66.42
62. 64
54. 48
59. 33
56, 48
57. 41
55. 86
57. 07
60. 19
57. 41
57. 73
55. 70
54. 94
53. 73
53.47
54. 66
55. 36
46.34
46.72
48.84
45. 95
32. 13
41. 94
47. 18
44, 58
41. 19
43. 17
45. 16
45. 66
46. 48
47. 38
45.06
43. 66
42. 00
43.28
42.37
3. 40
3. 20
3.07
3. 24
3. 83
3. 14
3. 09
3. 16
3. 31
3. 10
2. 96
2. 92
2. 86
2. 83
2.88
2. 87
2. 90
2. 80
2.83
55.68
55. 72
55.21
55.02
55.47
55.66
56. 02
43.64
43.20
42.55
42.09
41. 54
41. 59
41. 53
2. 81
2. 81
2. 84
2. 84
2.82
2. 81
2. 82
Public
utilities
Price/
earnings
ratio 3
14.92
17. 52
17.20
16. 57
15. 91
18.66
18. 31
20.79
17. 81
17. 01
are1 averages oi monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In fiscal year 1972 there was a deficit of $23.0 billion, the same as the deficit in fiscal 1971. In the first 2 months of
fiscal 1973 there was a deficit of $5.8 billion; a year earlier the deficit was $9.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 260
260
RECEIPTS AND OUTLAYS
220
220
OUTLAYS
180
180
140
140
100
100
(ENLARGED SCALE)
(ENLARGED SCALE)
+20
+20
SURPLUS (-f) OR DEFICIT {-)
-20
-20
-40
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973-1/
-40
FISCAL YEARS
J/ ESTIMATE
SOURCES. TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year:
1961
1962
1963.
1964
Receipts
Outlays
Surplus or
deficit (-)
Federal debt (end of period)
Total *
Held by
the public
94.4
99. 7
106.6
112. 7
97.8
106. 8
111. 3
118.6
— 3.4
— 7. 1
— 4.8
— 5.9
292.9
303.3
310.8
316.8
238.6
248.4
254. 5
257. 6
1965
1966
1967
1968
1969
116. 8
130. 9
149. 6
153. 7
187. 8
118. 4
134. 7
158. 3
178. 8
184. 5
— 1.6
— 3.8
-8. 7
-25. 2
3. 2
323.2
329.5
341. 3
369. 8
367. 1
261.6
264. 7
267. 5
290. 6
279.5
1970
1971
1972 29
1973
193. 7
188. 4
208. 6
225. 0
196. 6
211. 4
231. 6
250. 0
-2. 8
-23. 0
-23.0
-25.0
382.6
409.5
437. 3
477.0
284. 9
304. 3
323.8
356. 0
28. 9
33.4
38. 1
39.2
-9.3
-5.8
425.0
446. 1
315.4
328.4
Cumulative totals for first 2 months:
Fiscal year 1972.
_
_
_ _
Fiscal year 1973_ __
1
Excludes
2
p.on-interest-bcaring public debt securities held by IMF.
Estimates.
Sources: Treasury Department and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
in fiscal year 1972 both receipts and outlays were $20.2 billion higher than in fiscal 1971. In the first 2 months of
fiscal 1973, receipts were $4.5 billion higher than a year earlier while outlays were $1.1 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
CORPORATION INCOME TAXES
I
I
i
180
Ibl)
OUTLAYS
ixn
J6U
,-'-"""
140
i?n
NONDEFENSE
140
^~~+**~
100
100
80
80
,^. — *—""B*"""*"*
60
40 A
r
\
1962
I
1963
•
1964
^v*1******^
1
1
1965
I
1966
!
1967
- 60
NATIONAL DEFENSE
f .
1968
1969
!
1970
f
1971
!
1972
!
K 40
1973
SC
I/ESTIMATES
«
AL YEARS
SOURCES, TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Recei]ots
(Outlays
Natio nal defense
Period
Fiscal year:
1961.
1962
1963
1964...
1965
1966_
1967_.
1968
1969
_.
1970__
_
1971
1972 f
19731
Cumulative totals for
first 2 months:
Fiscal year 1972___
Fiscal year 1973__.
1 Estimates.
2 Detail notavailable.
36
Total
94.4
99. 7
106.6
112. 7
116.8
130. 9
149. 6
153. 7
187. 8
193.7
188.4
208.6
225.0
28.9
33.4
Individual Corporation
income
income
taxes
taxes
41.3
45. 6
47.6
4a 7
48.8
55.4
61.5
6a7
87.2
90.4
86.2
94. 8
99.0
13.5
15.7
21. 0
20.5
21. 6
23. 5
25.5
30. 1
34. 0
28.7
36.7
32.8
26.8
32.0
35.5
1. 3
1.7
Other
Total
Department of
Total Defense,
military
32. 1
97.8
33.6 106. 8
37.4 111.3
40.5 iiae
42. 6 na4
45.3 134.7
54. 1 158.3
56.3 17a 8
63. 9 184.5
70.5 196.6
75.4 211.4
81.7 231.6
90.5 250.0
47.4
51. 1
52. 3
53. 6
49. 6
56. 8
70. 1
80. 5
81. 2
80. 3
77.7
78.2
14. 1
15.9
10. 8
11.0
38. 1
39.2
(2)
43.3
46.9
4a 1
49. 6
46. 0
54.2
67.5
77.4
77.9
77.2
74,5
75.0
C2)
10. 5
10.9
Interna- Health
tional
and
Inaffairs income
terest Other
and
security
3.4
4.5
4.1
4. 1
4.3
4.5
4.5
4. 6
3. 8
3.6
2.9
3.7
(2)
.7
.6
ai
as
22. 1
23.7
25.5
26. 8
27.4
31.5
37.8
43.7
49.3
56.7
70.2
81. 5
10.4
11.3
12.6
13.7
15.8
18. 3
19. 6
20.6
16.8
19.2
20.3
24. 2
26.7
30. 6
33.2
36. 2
34.4
37. 7
41. 1
47. 7
12.6
13. 0
3.3
3.4
10.8
11. 1
(2)
9.2
9.8
(2)
Sources: Treasury Department and Office of Management and Budget.
(2)
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
Federal receipts rose $3% billion (seasonally adjusted annual rate) in the second quarter and expenditures rose $10%
billion, resulting in a deficit of $21% billion. Preliminary third quarter data indicate a $3% billion decline in expenditures.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
260
160
140
120
+20
+20
^ SURPLUS
—
H ill in ^
r^
Q
.««
?M5
— m
i'l 1^™
i
H
on
.0
L DEFICIT
h
!
-40
I -!
1966
1
1
1967
1
\
\
\
i 1,1
!
1969
CALENDAR YEARS
1968
J/PRELIMINARY
SOURCE: DEPARTMENT OF COMMERCE
!
1970
1
\
Y/s
U4
&JL.
. I
\ 11
-20
W
!
971
1
-
!
f
-40
1972
1
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Feeleral Go1/ernmenlb expend]itures
Federal (Srovernm ent receip ts
Period
Fiscal year:
1968
1969
1970
1971
1972 i_._
Calendar
year:
1968
1969
1970
1971
GrantsSubsidies Less:
in-aid
Indirect Contriless
PurWage
Personal CorpoTransNet
current accruals
business
butions
chases
to
State
rate
and profits
and
less
surplus
of
tax
and
for
of
goods
fer
payinterest
Total tax
Total
nontax
paid Governdisand
local
tax
nontax social inments
receipts accruals
services
government en- burseaccruals surance
ments
terprises ments
Surplus
or
j _c _;j.
deficit
income
and
product
accounts
160.6
190. 4
195. 0
193. 0
211.0
71.4
89. 9
93. 7
87. 1
99.2
33.7
37.4
33. 1
32. 0
33. 5
17. 1
18. 6
19.2
20. 1
20. 1
38.3
44. 4
49. 0
53. 8
58. 2
172.5 94. 9
185. 7 99. 4
196. 3 98. 3
212.8 95. 8
233. 1 103. 1
44. 8
50. 7
56. 8
69. 8
78. 5
17. 8
19. 2
22. 6
27. 0
32. 8
10. 9
12. 3
14. 0
14. 3
13. 5
4.1
4. 1
4.7
5. 9
5. 3
0.0
.0
.1
-. 1
.0
-11. 9
4. 7
-1. 3
-19.7
-22. 1
175. 0
197. 3
191. 6
199. 1
79. 7
94. 8
92. 4
89. 6
36. 7
36. 6
30. 4
33. 1
18. 0
19. 0
19. 3
20. 5
40. 7
40. 9
49. 5
55. 9
181. 5
189. 2
204. 5
220. 8
98. 8
98. 8
96. 5
97. 8
48. 2
52. 4
63. 3
75. 0
18.7
20. 3
24. 5
29. 3
11. 7
13. 1
14. 6
13. 6
4. 1
4.6
5.5
5.2
.0
.0
.0
(2)
-6.5
8.1
-12. 9
— 21. 7
196. 4
1971:1
II
198. 2
199. 1
111
202.
8
IV II
86. 6
88. 1
89. 8
93. 8
33. 9
34. 4
33. 2
31. 1
20. 9
20. 2
20. 0
20. 8
55. 0
55. 6
56. 1
57. 0
212. 4 96. 2
221.2 96. 3
222. 2 97. 9
227. 5 100. 7
69. 1
76. 8
76. 3
77. 8
27. 1
29. 5
29.8
30.8
14. 0
13. 6
13. 6
13. 3
6. 0
5. 1
4.6
5. 0
.0
.0
.0
-16. 0
-23.0
-23. 1
-24. 7
221. 4
1972:1
!!___ 224 9
III*..
105. 8
107. 3
108.9
34, 0
35.2
19. 9
19. 7
20. 1
61. 7
62. 6
63. 7
236. 3 105. 7
246. 5 108. 1
243. 1 106.2
79. 4
80.4
82.4
32.4
38. 1
34.6
13. 1
13. 8
13.6
5.6
6.0
6.4
—.1
.0
-14.8
— 21. 6
'Preliminary; based on seasonally adjusted quarterly data, except for contributions, which have been adjusted for change in the tax law.
2 $39 million.
Source: Department of Commerce.
.1
.0
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
U.S.
POSTAGE AND FEES PAID
GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL
BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
1
2
3
4
S
6
7
8
9
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
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
26
27
28
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
29
30
31
32
33
34
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
|
77—;
35
36
37
;
I NOTE.—Detail in these tables may not add to totals because of rounding. Unless other:
wise stated, all dollar figures are current dollars,
p
I
Indicates preliminary end
not available.
1
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