Full text of Economic Indicators : September 1968
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Congress, 2nd Session
Economic Indicators
September 1968
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1968
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 560 °f Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
ARTHUR M. OKUN, Chairman
MERTON J. PECK
WARREN L. SMITH
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. 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 draivn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
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price is $6.10 per year.
The 1967 revised edition of the Historical and Descriptive Supplement to
Economic Indicators, which describes each series and gives annual data for years
not shown in the monthly issues, is available at 70 cents a copy from the
Superintendent of Documents, Government Printing Ofiice.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Recently revised estimates indicate that gross national product advanced almost $21% billion (seasonally adjusted
annual rate) in the second quarter/ surpassing the previous record increase of nearly $20% billion in the first quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Period
1960
1961
1962
1963
1964
1965
1966
1967
1966: !!!_
IV.
1967: I
_
1968: I
II..
PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
tion
or
and
Purpaid and excludfers,
fers,
nontax interest, Net
expend- interest,
expenddischases
ing
Total * transfer
receipts itures
of goods
interest itures saving receipts
payand
and
or
and
and
ments
subsub2
accruals sidies 2
to fortranssidies
fers
eigners
350. 0
364. 4
385. 3
404. 6
438. 1
473. 2
511. 6
546. 3
515. 4
525.4
534.2
541. 5
550. 0
559.6
574.4
586.3
7.8
8. 1
8.6
9. 7
10.7
12.0
13. 1
13.9
13.2
13. 5
13.7
14. 3
14.0
14. 0
14. 1
14.4
342.3
356.3
376. 6
394. 9
427.4
461.3
498. 4
532. 4
502.2
511. 9
520. 5
527.2
536. 0
545.6
560. 3
571.9
325. 2
335. 2
355. 1
375.0
401. 2
432. 8
465. 5
492.2
469.3
473.7
480. 9
490. 3
495.5
502.2
519.4
527.9
139. 8
144. 6
157. 0
168. 8
174. 1
189. 1
213. 2
227. 4
216. 6
220. 5
222. 3
223. 6
229. 0
234. 9
246. 7
254.3
17. 0
21. 2
21. 6
19. 9
26. 2
28. 4
32. 9
40. 2
32. 9
38. 1
39. 7
37. 0
40. 5
43. 4
40. 8
44.0
36. 5
41. 3
42. 8
44, 4
46. 7
49. 9
55. 3
62. 9
55. 6
58. 9
62. 1
62. 1
63. 4
63. 9
66. 3
69.9
103. 3
103. 3
114. 2
124. 3
127. 3
139. 2
157. 9
164.6
161. 0
161.6
160.2
161. 5
165.6
171.0
180.4
184.4
136. 1
149. 0
159. 9
166. 9
175.4
186. 9
211. 5
241. 3
215.3
223. 1
235.2
239. 5
243.0
247. 4
256. 9
265.5
36. 5
41. 3
42. 8
44 4
46.7
49. 9
55. 3
62. 9
55. 6
58. 9
62. 1
62. 1
63. 4
63. 9
66.3
69.9
99. 6
107.6
117. 1
122.5
128. 7
137.0
156.2
178.4
159.5
164.3
173.1
177.3
179.6
183. 5
190. 5
195.7
Net exports of goods
Total
Net
Statisand services
Excess of income
transfers
tical
|
Gross
or
transfers
discrepGross private Excess to forof
or
eigners
receipts
retained domestic
ancy
invest- by perof net
earn-3
Eq
uals:
investment sons and Exports Less:
exports
ings
Net
ment 4
I m ports exports
Government
1960 _____
1961 _____
1962 _____
1963 _____
1964 _____
1965 _____
1966 _____
1967 _____
1966: III_
IV.
1967: !___
_
IV1968: !___
56. 8
58. 7
66. 3
68. 8
76. 2
84.7
91. 6
93. 1
91. 9
95. 3
91. 3
91. 8
93. 5
95. 9
92. 7
97.3
74 8
71. 7
83. 0
87. 1
94. 0
108. 1
120. 8
114 3
119. 9
125. 7
113.0
107.6
114 7
121. 8
119. 7
127.3
-18. 0
-13. 0
-16. 8
-18.4
-17. 8
-23. 4
-29.2
-21. 1
-28. 0
-30. 4
-21. 7
-15. 8
-21. 2
-25. 9
-27. 0
-30.0
2. 4
2. 6
9 7
2.8
2. 8
2. 8
2. 9
3. 1
2. 8
2.6
2. 9
3. 4
3. 4
2. 6
2. 6
2.8
27. 2
28. 6
30. 3
32. 3
37. 1
39. 2
43. 1
45. 8
43. 6
44 2
45. 5
45. 5
46. 1
46. 0
47. 5
49.9
* Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government
enterprises.
3
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business,which are included
in disposable personal income.
Surplus
or
deficit
(-),
income
and
product
accounts
3. 7
-4. 3
-2.9
1.8
-1.4
2.2
1. 7
-13.8
1.2
-2.6
-12. 9
-15. 9
-14. 0
-12. 5
-10. 3
-11.3
International
Business
Period
Expenditures
Net receipts
Disposable personal income
23. 2
2a 0
25. 1
26. 4
28. 6
32. 3
38. 1
41. 0
39. 1
39. 7
40. 3
40. 4
40. 6
42. 6
46. 0
47.9
40
5. 6
5. 1
5. 9
8. 5
6. 9
5. 1
4. 8
4. 5
4. 5
5. 2
5. 1
5. 4
3. 4
1. 5
2.0
1. 7
3. 0
2. 5
3. 1
5. 7
4. 1
2.2
1. 7
1. 7
1.9
2. 3
1. 6
2. 1
. g
1. 1
504 8
520. 8
559.8
590.8
633. 7
688. 0
750.9
793. 2
757. 9
771. 3
774 9
783.9
798.5
815. 1
836.0
856.4
— 1.0
-. 8
.5
-. 3
-1. 3
-3. 1
-3.3
-3.5
-4 4
-3. 1
-2.8
-3.8
-3. 4
-4 2
-4 7
-3.6
Gross
national
product
or
expenditure
503.7
520. 1
560. 3
590.5
632.4
684 9
747.6
789. 7
753. 3
768. 2
772. 2
780. 2
795. 3
811. 0
831. 2
852.9
* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
* Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national producf (seasonally adjusted) advanced at an annual rate of almost 11 percent in the second quarter
according to revised estimates. About three-fifths of the increase represented a rise in physical output and the rest
prices.
BILLIONS OF DOLLARS
800
700
600
500
PERSONAL CONSUMPTION
EXPENDITURES
400
400
GOVERNMENT PURCHASES
"OF GOODS AND SERVICES'
200
100
200
100
..„..„..„.»..«»««»""""
NET EXPORTS OF GOODS
AND SERVICES
GROSS PRIVATE DOMESTIC
INVESTMENT
J963
1962
SOURCEs DEPARTMENT OF COMMERCE
Period
1957
1958
1959
1960
_ _
1961
1962
_
1963
1964
1965- _
1966 _. _
1967
__
1966: III _ _ _
IV
1967: I
II
III __
IV
1968: I
II
COUNCIL OF ECONOMIC ADVISERS
Total
Personal Gross
congross
Total
private
sump- domestic
national gross
tion
product national
investin 1958 product expendment
prices
itures
Billions of dollars; quarterly
452.5
44^. S
475.9
487.7
497. 2
529. 8
551. 0
581. 1
617. 8
657. 1
673. 1
659. 5
667. 1
665. 7
669. 2
675. 6
681. 8
692. 7
703.4
441. 1
447. 3
483.7
503.7
520. 1
560. 3
590. 5
632. 4
684. 9
747. 6
789. 7
753. 3
768.2
772. 2
780. 2
795. 3
811. 0
831. 2
852.9
281. 4
290. 1
311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
432. 8
465. 5
492. 2
469. 3
473. 7
480. 9
490. 3
495. 5
502.2
519. 4
527.9
67. 8
60. 9
75. 3
74.8
71.7
83. 0
87.1
94. 0
108. 1
120. 8
114. 3
119. 9
125. 7
113. 0
107. 6
114. 7
121. 8
119. 7
127.3
1
This category corresponds closely with budget expenditures for national
defense,
shown on p. 36.
2
Gross national product in current prices divided by gross national product
in 1958 prices.
1968
1967
Net
exports
of goods
and
services
Government purchases of goods
services
Federal
Total
National
Total defense1 Other
and
State
and
local
Implicit
price
deflator
for total
GNP,
1958= 1002
data at seasonally adjusted annual rates
5. 7
2. 2
.1
4.0
5.6
5. 1
5. 9
8.5
6. 9
5. 1
4.8
4.5
4. 5
5. 2
5. 1
5. 4
3.4
1. 5
2.0
86. 1
94. 2
97. 0
99. 6
107. 6
117. 1
122. 5
128. 7
137.0
156. 2
178. 4
159. 5
164. 3
173. 1
177. 3
179. 6
183. 5
190. 5
195.7
49. 5
53. 6
53. 7
53. 5
57. 4
63. 4
64. 2
65.2
66.9
77. 4
90. 6
79.9
81. 5
87. 4
90. 0
91. 3
93. 5
97. 1
100. 0
44. 2
45. 9
46. 0
44. 9
47. 8
51. 6
50. 8
50. 0
50. 1
60. 6
72. 4
63. 0
65. 4
70. 0
72. 1
72. 9
74. 6
76. 8
79.0
5.3
7.7
7. 6
8. 6
9. 6
11. 8
13. 5
15.2
16. 8
16. 8
18. 2
16.9
16. 1
17. 4
17. 9
18. 4
19. 0
20. 3
21. 0
36. 6
40. 6
43. 3
46. 1
50. 2
53.7
58. 2
63. 5
70. 1
78. 8
87. 8
79.7
82.7
85. 8
87. 2
88. 4
90. 0
93. 4
95. 6
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
97.5
100. 0
101. 6
103. 3
104 6
105. 8
107. 2
108. 8
110. 9
113. 8
117. 3
114. 2
115. 2
116. 0
116. 6
117. 7
118. 9
120. 0
121.2
NATIONAL INCOME
National income rose $1 71/3 billion (seasonally adjusted annual rate) in the second quarter with strong advances irr
all income components, according to revised estimates. Corporate profits (before taxes) and inventory valuation
adjustment were up $51A billion over the first quarter and about $9% billion above the level of the second quarter
of 1967,
.BULKDNS OF DOLLARS
700
^
700
SEASONALLY ADJUSTED ANNUAL RATES
-"^
^"1
600
600
^"
TOTAL NATIONAL INCOME
^^^
^--i
500
-*-*""
»«*•* — ^
COMPENSATIO ^ OF EMPLOYEES
\ —^
.-V
400
500
.---
400
--
"'
300
300
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
\
;
PROPRIETORS' AND
RENTAL INCOME
100
„,,„,„.
-
r,,,,,,,,,mitunf
inr—""" — """
jui i
i
100
*
'"'"*
NET INTEREST
0
~-r~r— T~" ~
I
SOURCEi
l
I
1963
1962
i
i
-
i
!
1964
1
I
1
1966
1965
1
o.
1
1967
1968
DEPARTMENT OF COMMERCE
COUNCfc OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1958
1959
1960
_ _
1961_
1962_
.
1963 _
_
1964
1965
1966
1967
1966: III
IV
1967: I __ _
II __
III..
IV
1968: I
II
___ _ _
__ ___
_ - ___
_ _
__ _
367. 8
400. 0
414. 5
427. 3
457. 7
481. 9
518. 1
564.3
620.8
652.9
626.7
637.3
638.6
645. 1
656.9
670.9
688.1
705.4
Compensation
of em- 1
ployees
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.8
435.6
468.2
441.4
449.7
456.7
461.8
471.5
482.7
496.8
507.1
Proprietors' income
Farm 2
33. 2
35. 1
34. 2
35.6
37. 1
37. 9
40.2
42.4
44.8
46.3
44.7
45.2
45.7
46. 1
46.6
46.8
47.2
47.8
15. 4
15. 6
15. 8
16. 0
16. 7
17. 1
18.0
19.0
19.8
20.3
19.9
20.0
20. 1
20.2
20.4
20.5
20.7
20.9
13.4
11. 4
12. 0
12. 8
13. 0
13. 1
12. 1
14.8
15.9
14.4
15. 5
15. 1
14.4
14.4
14.6
14.3
14.6
14.8
i Includes employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net Inventory change) on p. 6 which includes
such profits.
3
Business
and professional
Rental
income
of
persons
3
Net
interest
6. 8
7. 1
8. 4
10. 0
11. 6
13. 8
15.8
18.2
20.8
23.3
21. 1
22.0
22.2
22.9
23.6
24.3
25.0
25.8
Corporate profits and inventory valuation adjustment 3
Total
41. 1
51.7
49. 9
50. 3
55.7
58. 9
66.3
76. 1
83.9
80.4
84.2
85.3
79.5
79.6
80.2
82.3
83.8
89.2
Profits Inventory
before valuation
taxes 3 adjustment
41. 4
52. 1
49. 7
50.3
55. 4
59. 4
66.8
77.8
85.6
81. 6
86.7
85.0
79.9
80.3
80.8
85.4
88.9
91.8
See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0. 3
-.5
.2
—.1
.3
—.5
-.5
-1.7
~1.7
-1.2
-2.5
.3
^
_ 7
-'.G
-3.1
-5. 1
-2.7
SOURCES OF PERSONAL INCOME
Personal income rose strongly in August with an advance of $5 billion (seasonally adjusted annual rate).
and salaries and other labor income accounted for $3% billion of the gain.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
600
WAGE AND SALARY DISBURSEMENTS
300 ^^^—
=TO™«——
100
100
1962
SOURCE.- DEPARTMENT OF CO/AMERCE
Period
1959
1960_
1961
_
1962
1963 _
1964 _
1965
1966
1967__ _ _ _ _
1967: J u l y _ _ _
Aug___
Sept___
Oct
Nov
Dec
1968: Jan
Feb__._
Mar___
Apr
May
June
July_.__
Aug*__
1968
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
and
Other Proprietors' income income
Personal Transfer
Divi- interest
personal salary
labor 2
Business
paydends
of
income disburseincome
and pro- persons
Farm
income ments
ments 1
fessional
383. 5 1 258. 9.
12. 6
11. 3
11. 4
15. 6
20. 7
35. 1
26. 6
401. 0
270. 8
13.4
12.0
12.0
34. 2
15.8
23.4
28. 5
416. 8
16.0
25.0
32.4
278. 1
12.7
12.8
13.8
35. 6
442. 6
27. 7
296. 1
13. 0
16. 7
15. 2
13. 9
37. 1
33. 3
465. 5
311. 1
14. 9
13. 1
16. 5
31. 4
37. 9
17. 1
35. 3
497. 5
12.
1
333. 7
16. 6
18. 0
17. 8
34 9
40. 2
36. 7
538.9
42. 4
358. 9
19. 0
18. 7
14. 8
19. 8
38. 7
39. 9
586.8
394. 6
21.7
20.8
19.8
43. 1
43.9
15.9
44.8
628.8
423. 4
14.4
23. 3
20.3
51.7
22.9
46.8
46. 3
629.8
423.4
23.4
20.3
14.3
46.5
23.5
46.8
52.0
634.2
426.6
20.4
47.2
52.2
23.7
14. 6
46.6
23.5
637.0
20.4
23.4
23.9
51.9
428.8
14.8
46.7
47.6
638.0
23.2
429.6
14.2
20.5
24.0
48.0
52.6
46.5
644.9
435.4
24.2
14.3
20.5
23. 1
48.5
53.0
46.8
444.2
652.6
21. 1
24.4
53.2
20.6
49.0
14.3
47.0
654.9
23.2
443.0
24.7
20.6
14.4
47.1
49.4
54.5
449.7
663.0
14. 6
47.2
20.7
49.8
25.0
23.6
54.9
452.2
670.0
25.2
50.2
20.7
14.8
23.9
57.8
47.5
453.2
672.6
25.5
14.8
50.8
20.8
24.3
58. 1
47.6
678.2
457. 5
25.7
58.2
20.9
24.7
14.8
51.3
47.8
462. 2
683.7
26.0
14. 8
47. 9
58. 5
51. 9
20. 9
24.3
689. 2
465. 4
52. 5
26. 3
14. 9
21. 0
25. 0
59. 1
48. 0
694.3
21.0
25.2
53.2
468.8
26.5
15. 1
48. 1
59.5
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
3
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
itema.
Less: Personal contributions
for social
insurance
7. 9
9.3
9. 6
10. 3
11. 8
12. 5
13. 4
17.8
20.4
20.5
20.6
20.5
20.7
20.9
21. 2
22. 1
22.4
22.4
22.6
22.8
22. 9
23. 1
23.2
Nonagricultural
personal
income 3
368. 5
385.2
400.0
425. 5
448. 1
480. 9
519. 5
566. 1
609.3
610.5
614.4
617. 1
618.8
625.4
633.0
635.1
643.1
649.9
652.4
658.0
663.4
668. 9
673.7
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
pISPOSITION OF PERSONAL INCOME
Revised estimates indicate that personal income increased almost $1 5% billion (seasonally adjusted annual rate)
in the second quarter, and disposable income rose $12 billion. With personal outlays advancing only $8% billion,
the saving rate jumped sharply from 7.1 to 7.5 percent.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
DISPOSABLE PERSONAL INCOME
1962
1967
1963
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Less: Personal outlays
Equals:
Personal consumption
Equals:
Disexpenditures 2
Personal
Total
posable
saving
personal personall Durable Nondurable
Services
income outlays
goods
goods
1959
1960
1961
1962
1963
1964
1965
1966 _ _ _
1967
383.5
401.0
416.8
442.6
465. 5
497. 5
538.9
586.8
628.8
46.2
50.9
52.4
57.4
60. 9
59. 4
65.7
75.3
82.5
337.3
350.0
364.4
385.3
404. 6
438. 1
473.2
511.6
546.3
1966: III.
IV..
1967: !___
II__
ILL
IV..
1968: I...
II...
592. 1
604.5
614.8
621.6
633.7
645.2
662.7
678. 1
76.8
79.2
80.5
80. 1
83.6
85.6
88.3
91.9
515.4
525.4
534.2
541. 5
550.0
559.6
574.4
586.3
Billions of dollars
44.3
146.6
120. 3
318.3
333. 0
151.3
128.7
45. 3
44.2
155.9
135. 1
343. 3
162.6
49.5
143.0
363.7
168. 6
152. 4
53. 9
384. 7
163. 3
411. 9
59. 2
178. 7
175. 5
66.3
191. 1
444.8
206.7
70.5
188.3
478.6
215.8
72.6
203.8
506. 2
Seasonally adjusted annual rates
208.3
190.0
482. 5
71.0
209.3
193.3
71. 1
487.3
198.2
212.9
69. S
494. 6
73.4
201. 6
504.5
215. 3
216.4
205. 9
509.5
73. 1
218.4
209. 6
74.2
516. 1
226.5
213.9
79.0
533. 5
228.2
218.7
81.0
542.3
1
Includes personal consumption expenditures, interest paid by consumers,
and
2 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.
1968
Per capita disposable personal
income
Current
prices
1958
prices
Saving
as percent of Populadistion
posable
(thoupersonal sands) 3
income
(percent)
19.1
17.0
21.2
21.6
19. 9
26. 2
28.4
32.9
40.2
Dollars
1,905
1,881
1,937
1,883
1,983
1,909
2,064
1,968
2,136
2,013
2, 280
2, 123
2,432
2,235
2, 332
2, 598
2,744
2,401
5.6
4.9
5.8
5.6
4. 9
6. 0
6.0
6.4
7.4
177, 073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, 118
32.9
38. 1
39.7
37.0
40.5
43.4
40.8
44.0
2, 613
2, 656
2, 693
2, 723
2, 758
2,798
2,866
2,918
6.4
7.3
7.4
6.8
7.4
7.8
7. 1
7.5
197,
197,
198,
198,
199,
200,
200,
200,
2, 340
2, 359
2, 379
2, 395
2,404
2,418
2,454
2,474
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
216
834
356
852
425
006
433
911
FARM INCOME
According to current estimates, net farm income excluding inventory change (seasonally adjusted) advanced
percent in the second quarter. Including inventory change, there was a rise of 2 percent.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
I 60
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
\
40
40
30
30
NET FARM INCOME
. INCLUDING NET INVENTORY .
CHANGE
20
20
\
10
10
1962
1963
1964
1965
1966
SOURCE. DEPARTMENT OF AGRICULTURE
Income received from farming
Realized gross
1959
1960
1961
1962
1963
1964
1965_ _
1966
1967
From
all
sources
___ __
_ _ _
1966: III
IV
1967: I
II
III
IV_
1968: I—
II
_ __ _
18. 1
18.7
19.7
20.4
20.6
20.6
23.6
24.8
23.7
From
From
farm
nonfarm
sources sources
7.0
7.2
7.5
8.2
8.5
9.3
10.0
10.5
10.7
11. 0
11.5
12.2
12.3
12.1
11.3
13. 5
14.3
13.0
i
i
1
Net to farm
operators
Net income per
farm including net
inventory change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
Total i
from
ventory ventory2 prices prices 4
marketchange change
ings
Dollars
Billions of dollars
3, 106
37. 5
26. 1
11. 4
11.5
2,795
33. 5
11.7
12. 1
26.4
3,388
38.1
34.2
3,049
27.1
3,735
12.6
13.0
3, 399
39.8
35.1
13.2
28.6
3,898
41.3
36.4
12.6
3, 586
13.2
3,987
42.3
29.7
3,708
37.4
12.6
3,832
37.2
29.5
12.3
3,564
42.6
13.1
4,487
30.9
4,723
44.9
15.0
39.3
14.0
43.2
16.2
4, 967
33.4
5, 068
49.6
16. 1
14.2
4, 654
4,654
49. 1
34.8
14.6
42.8
Seasonally adjusted annual rates
15.7
49.7
43.2
15.9
4, 850
4, 900
33.8
49.7
33.9
15.8
15.3
43. 1
4,720
4,770
34.4
4, 640
48.9
14.6
4, 690
42.5
14.5
14.4
14.7
34.9
4,670
49.3
4,670
43.0
14.2
49.2
35.0
14.8
4,700
4,650
43.0
14.5
48.9
42.7
13.9
35.0
4, 610
4, 560
35.4
43.2
14.4
4, 750
14.8
4,840
49.8
35.9
4, 940
50.7
14.8
15. 1
4,750
44.0
1
Oash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
3
Inventory of crops and livestock valned 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.
1968
COUNCIL OF ECONOMIC ADVISERS
Personal income received by
total farm population
Period
1967
* Income in current prices divided by the index of prices paid by farmers for
family living Items on a 1967 base.
„
_ , . ._ .
,_
. . , , , , , _ . • *n~n
NOTE. — Data for Alaska and Hawaii included beginning 1960.
Source: Department of Agriculture,
pORPORATE PROFITS
Revised estimates indicate that corporate profits before taxes increased almost $3 billion (seasonally adjusted annual
rate) in the second quarter to a record $92 billion. Profits after taxes increased, following a decline in the first quarter
as a result of the tax surcharge.
BILLIONS OF DOLLARS
90
20
20
10
10
1962
1967
SOURCE DEPARTMENT OF COMMERCE
1968
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Corporate profits (before taxes) and inventory
valuation adjustment
TransManuf acturin g
portation,
comNonAll
Durable durable
All
muniindusgoods
cations, other 1
Total
goods
tries
indusand
industries
public
tries
utilities
12. 7
26. 3
13. 6
18. 4
51. 7
7. 0
12. 0
12. 4
24. 4
17.9
7. 5
49. 9
11. 9
23. 3
11. 4
50. 3
7. 9
19. 1
12.
5
26. 6
14. 1
20. 5
55. 7
8. 5
28. 8
15. 8
13.0
20. 6
9. 5
58. 9
14.9
23.5
32.7
17.8
66.3
10. 1
22. 8
39. 3
16. 6
11. 1
25. 6
76. 1
42. 8
24. 1
18. 8
29. 0
12. 0
83. 9
21. 2
39. 2
18. 0
29. 4
80. 4
11. 8
42. 7
23. 6
19. 0
12. 1
29. 4
84. 2
43. 3
24. 5
18. 8
12. 0
30. 1
85.3
21.0
39.3
18. 3
79. 5
11. 7
28. 4
21. 2
39. 1
17. 9
28. 8
11. 8
79. 6
38. 5
20.6
17. 9
SO. 2
29. 7
12. 0
21. 9
39. 9
18. 0
82. 3
30. 6
11. 9
41. 3
22. 3
19. 0
12.5
83. 8
30. 0
25.2
89.2
44.9
19.7
31.8
12. 5
1959
1960 _ _ _
1961_
1962
1963 _
1964
1965
1966
1967
1966: III—
IV—.
1967: I
II.. _
IIL_
IV
1968:1
II.1
Includes all other industries andfinancialinstitutions.
'Includes depreciation, capital outlays charged to current account, and accidentaldamages.
* Corporate profits after taxes plus corporate capital consumption allowances.
99-614°—68
Corporate profits
after taxes
Corpo- Corporate
rate
tax
profits
before liabiltaxes
ity
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
77. 8
85. 6
81. 6
86. 7
85. 0
79. 9
80. 3
80. 8
85. 4
88. 9
91.8
23. 7
23. 0
23. 1
24. 2
26.3
28.3
31. 3
34. 6
33. 5
35. 0
34. 4
32. 8
33. 0
33. 2
35. 1
39. 8
41. 1
Total
28. 5
26.7
27. 2
31.2
33. 1
38.4
46. 5
51. 0
48. 1
51. 6
50. 7
47. 1
47.3
47. 6
50. 3
49. 1
50.7
Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allow-2
ances
12. 6
13.4
13. 8
15. 2
16. 5
17.8
19. 8
21. 7
22. 9
21. 9
21. 6
22. 5
23.2
23. 5
22. 5
23. 6
24.4
15.9
13. 2
13. 5
16. 0
16. 6
20.6
26. 7
29.3
25. 2
29.7
29. 1
24. 6
24. 1
24. 1
27. 9
25. 5
26.3
Profits
plus
capital
consumption
allowances 3
52.0
23.5
24.9
51. 6
26. 2
53. 5
61. 3
30. 1
31.8
64.8
33.9
72.3
36. 4
82.9
39. 7
90. 7
43. 4
91. 5
40. 1
91. 7
41. 0
91.7
41. 9
89.0
42. 9
90.2
44. 1
91.7
44, 9
95.2
45.7
94.8
46.7
97.4
. _
. „
„ 1962
. . . adjusted for effects of new depreciation
__ r
NOTE.—Data
beginning
guide0
es ($2H
1962) and therefore not comparable
compara with preceding data.
lines
($2H>A 1billion for
^-^ for
*~ Alaska andJ "--~«
Data
Hawaii --—
included ^._..__,
beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Led by an $83A billion (seasonally adjusted annual rate) rise in inventory accumulation, gross private domestic invest
ment increased by $71/2 billion in the second quarter, according to revised estimates. Fixed investment dropped as
billion decline in business investment from its record high of $88% billion in the first quarter was only partially
offset by a rise of about $% billion in residential construction.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
20
20 —*z
CHANGE IN BUSINESS
INVENTORIES
1962
1968
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Total
gross
private
domestic
investment
Total
Structures
67.8
60.9
75.3
74.8
71.7
83. 0
87. 1
94 0
108. 1
120. 8
114. 3
119. 9
125.7
113. 0
107. 6
114. 7
121. 8
119. 7
127.3
66. 5
62. 4
70. 5
71. 3
69. 7
77.0
81. 3
88.2
98. 5
106. 1
108. 2
107. 0
105.9
104.6
105. 4
109. 3
113. 5
117.6
116.5
46. 4
41. 6
45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71.3
81.3
83.6
82.6
84.2
83. 5
82. 7
83.3
85.0
88.6
87.0
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Producers' durable equipment
Total
Total
1957 _ _
1958 .
1959 „_
1960
1961
1962___
1963
1964
1965
1966___ __ _
1967
1966: III
_
IV
1967: I
II
III
IV
1968: I.
_. .
II.
Residential
structures
N onresidential
18.0
16. 6
16.7
18. 1
18.4
19. 2
19. 5
21.2
25.5
28.5
27. 9
28. 9
28. 2
29. 0
27. 2
27.7
27.7
29. 6
28.5
Nonfarm
17. 2
15. 8
15.9
17.4
17.7
18. 5
18. 8
20.5
24. 9
27. 8
27. 1
28. 2
27. 5
28.3
26.4
27.0
26. 9
28. 8
27.7
Total
Total
28. 4
25.0
28.4
30.3
28.6
32. 5
34. 8
39. 9
45. 8
52. 8
55. 7
53.7
55. 9
54. 5
55. 5
55.6
57. 3
59. 0
58.5
Nonfarm
25.9
22. 2
25. 4
27.7
25. 8
29. 4
31. 2
36.3
41. 6
48. 1
51. 0
49. 3
50. 4
49. 8
50. 7
50. 9
52. 6
54. 3
53.6
20. 2
20.8
25.5
22. 8
22. 6
25.3
27. 0
27.1
27.2
24. 8
24. 6
24. 4
21.7
21. 1
22. 7
26. 0
28. 5
29. 1
29.5
Nonfarm
19.5
20. 1
24.8
22. 2
22. 0
24. 8
26. 4
26. 6
26. 7
24. 3
24. 0
23. 9
21. 1
20.5
22. 1
25. 4
27. 9
28. 5
28.9
Source: Department of Commerce.
Change in business inventories
Total
1. 3
1 5
4. 8
3. 6
2.0
6. 0
5.9
5.8
9.6
14.7
6. 1
12. 8
19. 8
8. 4
2.3
5. 3
8.3
2. 1
10.8
Nonfarm
0. 8
-2. 3
4. 8
3.3
1.7
5. 3
5. 1
6. 4
8. 6
14. 9
5. 6
13. 3
20. 2
8.3
2 2
4.8
7. 1
1. 6
10.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
llcmt and equipment expenditures (seasonally adjusted) were down sharply in the second quarter. A strong recovery
js anticipated for the second half of the year, resulting in a projected increase of 4 percent from the fourth quarter of
1967 to the fourth quarter of 1968.
BILLIONS OF DOLLARS
1 70
BILLIONS OF DOLLARS
70
SEASONALLY ADJUSTED ANNUAL RATES
60
60
TOTAL NEW PLANT AND EQUIPMENT
50
50
40
NONMANUFACTURING
30
30
20
20
\
MANUFACTURING
10
10
I
i
1962
t
I . t
1963
1964
1966
1965
1967
I
J/
(
1968
.-I/SEE NOTE 3 ON TABLE BELOW
SOURCES! SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Transportation
M a n uf aetur in g
Period
Total
l
Total
26. 83
28. 70
35. 08
1954
1955
1956
1957
36.96
1958--
_ _
1959
1960
_ ___
__ _
1961
__ __
_ _ _ _ _ _
1962
1963
___
__ _
___
_
1964___
_ _
1965
1966
1967
1968 3
1967' 1
II
III
IV
1968: I
II
_- _ _
___
64.37
61. 65
61. 50
60.90
62.70
- _
III
IV
30. 53
32. 54
35. 68
34. 37
37. 31
39. 22
44. 90
51.96
60. 63
61.66
3
3
1
2 Excludes
64.90
62.75
64.90
65. 15
11. 04
11. 44
14.95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 58
22. 45
26. 90
26.69
26. 55
27. 85
27. 00
26. 15
26. 00
26. 35
25.80
26.80
27. 15
Durable Nonduragoods
ble goods
5. 09
5. 44
7. 62
8. 02
5. 47
5. 77
7. 18
6. 27
7. 03
7. 85
9. 43
11.40
13. 99
13.70
13.42
14. 20
13. 75
13.50
13.50
13. G5
12.80
13.45
13.75
agriculture.
Commercial and other includes trade, service, finance, communications, and
construction.
a Estimates based on anticipated capital expenditures as reported by business
In late July and August 1968. Includes adjustments when necessary for systematic
tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $60 million.
5. 95
6. 00
7. 33
7. 94
5. 96
6.29
7. 30
7. 40
7. 65
7. 84
9. 1 6
11.05
13. 00
13.00
13. 13
13. 70
13. 25
12.65
12. 55
12. 70
13. 00
13. 35
13.40
Mining
0. 98
.96
1. 24
1. 24
. 94
. 99
. 99
. 98
1.08
1. 04
1. 19
1.30
1.47
1.42
1.49
1. 40
1. 30
1.45
1.50
1. 55
1.40
1.55
1.45
Railroads
Other
0.85
. 92
1. 23
1. 40
.75
. 92
1. 03
.67
. 85
1. 10
1.41
1.73
1.98
1.53
1.52
1.80
1. 55
1.40
1.40
1. 65
1.45
1.35
1.60
1. 51
1. 60
1.71
1.77
1. 50
2. 02
1. 94
1. 85
2.07
1. 92
2. 38
2.81
3.44
3.88
4.55
3. 05
3. 90
4. 10
4.45
4.35
3.65
5.05
5.30
Public
utilities
4. 22
4. 31
4. 90
6. 20
6. 09
5. 67
5.68
5.52
5. 48
5. 65
6. 22
6.94
8.41
9.88
11.29
9. 20
9. 70
9.80
10.65
11.60
11.65
11.00
11.00
Commercial and
other 2
8. 23
9.47
11. 05
10. 40
9.81
10.88
11.57
11. 68
13. 15
13. 82
15. 13
16.73
18.36
18.25
18.98
18. 30
18. 05
17.95
18.70
19.35
18.80
19. 15
18.70
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force, seasonally adjusted, in August showed the largest decline (295,000) since April, A little
over one-third of the decline (103,000) was in agricultural employment. The decline in unemployment (186,000)
was the greatest since November 1967.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
1 90
90
SEASONALLY ADJUSTED
85
85
TOTAL LABOR FORCE
80
80
75
75
70
70
EMPLOYMENT
UNEMPLOYMENT
— \
PERCENT OF CIVILIAN LABOR FORCE
1962
1968
*16 YEARS OF AGE AND OVER.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Total
labor
force
(including
armed
forces)
Period
|
1963___
1964...
1965___
1966___
1967...
1967:
July_
Aug.
Sept.!
Oct__
Nov.
Dee.
1968:
Jan..
Feb.
Mar_
Apr.
MayJune.
July.
Aug.
74, 571
75, 830
77, 178
78, 893
80, 793
Civilian employment
Unemployment
Total
Civilian employment
rate (percent of
labor
force
Unem- civilian labor
Civilian
XT
IN on- Unem- (includNonforce)
labor
ployAgriployagning
Total
ment
force
Total
culment
SeasonculculUnadarmed
tural
ally adtural
tural
justed
forces)
justed
Thousands of persons 16 years of age and over
Percent
67, 762 63, 076 4,070 74, 571 71, 833 67, 762 4,687 63, 076 4,070
5. 7
69, 305 64, 782 3,786 75, 830 73, 091 69, 305 4,523 64, 782 3,786
5. 2
71, 088 66, 726 3,366 77, 178 74, 455 71, 088 4,361 66, 726 3,366
4. 5
72, 895 68, 915 2,875 78, 893 75, 770 72, 895 3,979 68, 915 2,875
3. 8
74, 372 70, 527 2,975 80, 793 77, 347 74, 372 3,844 70, 527 2,975
3.8
Unadjusted
Seasonally adjusted
82, 920
82, 571
80, 982
81, 595
81, 582
81, 527
76, 221
76, 170
74, 631
75, 181
75, 218
75, 338
71, 705
71, 792
70, 700
71, 148
71, 460
71, 793
3,250
2, 942
2,895
2, 951
2,894
2, 719
80, 944
81, 057
81, £63
81, 585
81, 469
81, 942
77, 495
77, 598
77, 807
78, 072
77, 989
78, 473
74, 478
74, 664
74, 638
74, 735
75, 005
75, 577
3, 847
3, 956
3, 697
3, 718
8,889
4,216
70, 631
70, 708
70, 941
71, 017
71, 166
71, 361
3,017
2, 934
3, 169
8, 387
2,984
2,896
79, 811
80, 869
80, 938
81, 141
81,770
84, 454
843 550
83, 792
73, 273
74, 114
74, 517
75, 143
75, 931
77, 273
77, 746
77, 432
69, 908
70, 653
70, 980
71, 292
71, 935
72, 757
73, 270
73, 325
3,074
3,288
2,929
2, 491
2,303
3, 614
3,217
2,772
81, 386
82, 188
82, 150
81, 849
82, 149
82, 585
82, 572
82, 279
77, 923
78, 672
78, 658
78, 343
78, 613
79, 018
78, 985
78, 690
75, 167
75, 731
75, 802
75, 636
75, 829
76, 048
76, 088
75, 929
4,003
4, 127
4,014
3,980
3,893
8,851
8,836
3, 733
71, 164
71, 604
71, 788
71, 656
71, 986
72, 197
72, 202
72, 196
2, 756
2,941
2,856
2, 707
2, 784
2,970
2,947
2, 761
1
Total labor force as percent of noninstitutional population.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
10
Source: Department of Labor.
41
3. 7
3. 7
3. 8
3.7
3. 5
4. 0
4.2
3.8
3.2
2.9
4. 5
4.0
3.5
3. 9
3.8
4.1
j-f-./ o<%
8.8
8. 7
3.5
3. 7
3.6
3.5
8.5
8.8
8.7
3.6
Labor
force
participation
rate,
unadjusted *
59.6
59.6
59. 7
60. 1
60.6
62.2
61.8
60. 5
60. 9
60.8
60.7
59. 3
60.0
60.0
60.1
60.5
62.4
62.3
61.7
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
i August, the seasonally adjusted unemployment rate declined from 3.7 percent to 3,5 percent. The greatest improvement occurred among teenagers and nonwhites.
PERCENT
i 10
PERCENT
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
Unemployment rate
(percent of civilian labor
force in group)
Period
Persons at work in nonagricultural 2industries
by hours worked per week
Under 35 hours
Part-time for
Part-time for
economic reasons economic reasons
35-40
Total
hours
Usually Usually Usually Usually
fullfullpartparttime 3
time 4
time 3
time 4
Thousands of persons 16 years of age and over
1,069
1,222
19,271 29, 100 13, 101
1,151
986
!
20, 788 30, 768 11, 818
897
1,031
21, 334 32, 088 12, 034
871
793
1
20, 920 32, 616 13, 290
1,060
853
Unadjusted
Seasonally adjusted
22, 143 32, (508 12, 477
997
1, 226
1, 049
884
22, 485 33, 390 12, 066
1, 012
1, 163
893
1,023
22, OJ9 33, 145 12, 219
1,073
810
1,094
873
21, 411 31, 641 15, 246
922
976
890
765
21, 628 1-°,, 413 13, 952
1, 078
751
1, 108
842
21, 954 i.'}, 628 M, 026
774
911
944
863
19, 746 J2, 031 14, 753
805
720
729
808
20, 557 32, 383 15, 081
942
799
915
860
866
804
20,912 33, 566 13, 976
892
851
17, 651 28, 705 21, 414
828
665
827
764
21, 170 54, 005 14, 182
790
679
806
763
20, 748 33, 981 1 2, 986
1,079
1, 120
1,051
860
19,616 32, 965 11,686
924
1,159
973
836
5
20, 134 33, 115 11, 392
995 * 1, 103
1,006
847
Labor
force
time lost
Experi- Married through
unemenced
All
men
ployment Over 40
wage
and
workers salary
(wife and part- hours
time1
workers present) work
1963
1964
1965
1966
1967
5. 7
5.2
4.5
3.8
3. 8
1967: July. _
Aug _
Sept
3. 9
3.8
4. 1
4. 3
3.8
3. 7
3. 5
3.7
3. 6
3. 5
3.5
3. 8
3.7
3. 5
Oct
Nov _
Dec
1968: Jan
Feb
Mar
Apr
May
June
July
Aug. _ _
Percent
3.4
5. 5
5.0
2.8
2. 4
4.3
1. 9
3. 5
1. 8
3.6
Seasonally adjusted
3. 7
1. 8
3.6
1.9
:i 9
1. 8
1. 9
4. 1
3.7
1.7
3. 5
1. 7
3. 3
1. 6
1.7
3.5
1.7
3.4
1. 5
3. 2
1. 6
3. 1
1. 7
3. 6
1. 6
3. 6
3.4
1. 6
1
6. 4
5.8
5. 0
4. 2
4. 2
4. 2
4.3
4. C
4. 7
4. 2
4. 1
4. 0
4. 2
4.' 6
o. 7
3. 6
4. 3
4. 3
4. 0
1
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
orce. Beginning 1963, series reflects whether unemployed persons sought fullor 2part-tune jobs.
Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
3
Includes person? who worked part-time because of slack work, material
shortages
or repairs, new job started, or job terminated.
4
Primarily includes persons who could find only part-time work.
• Average hours worked: usually full-time, 23.8; usually part-time, 18.1.
Source: Department of Labor.
T "1
UNEMPLOYMENT INSURANCE PROGRAMS
In August, insured unemployment under State programs averaged 105,000 lower than a year earlier. The seasonal
adjusted insured unemployment rate was unchanged from the revised July rate of 2.3 percent.
MILLIONS OF PERSONS
MILLIONS.OF PERSONS
3
WEEKLY INSURED UNEMPLOYMENT
{STATE PROGRAMS)
JAM
FEB.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
SOURCE, DEPATTMENT OF tABOt
Period
1964.
1965
1966
1967.. __
_ ___ „
1967: June
July.
Aug
Sept
Oct
Nov.
Dec.. ..
1968: Jan
Feb
Mar
Apr
May.
June _
July..
Aug *>
Week ended:
1968: Aug 3
10__
17 _
24
31 * _
Sept 7 "
WUUJ
COUNCIL OF ECONOMIC ADVISERS
All programs
Total
Insured
unem- benefits
Covered ploypaid
employ- ment
(milment
(weekly
lions
averof dollars)
age)
Thousands
49, 637
1, 753
51, 580
1,450
54, 739
1,129
1, 270
"57, 017
1, 071
"56, 934
1, 245
*>57, 358
1, 123
"57, 201
956
953
1, 068
1,339
1, 719
1, 653
_
1,480
1, 216
1, 027
944
1,058
1, 024
1, 080
1 091
1 066
1, 004
910
2, 749. 2
2, 360. 4
1, 890. 9
2, 220. 1
165.4
155.3
184.0
132.3
133. 0
146. 5
171.8
264.8
259.4
247. 4
205.6
170.2
139.8
156.9
165. 0
State programs
Insured
unemployment
12
Initial
claims
1,012
1,021
994
936
845
236
222
160
149
139
136
Benefits paid
Insured unemployment as perExhaus- cent of covered
employment
tions
SeasonUnad- ally
adjusted
justed
Weekly average, thousands
1,605
268
26
232
1, 328
21
1, 061
203
15
17
226
1,205
186
19
1, 019
1, 184
17
288
17
1,060
187
894
15
158
180
15
889
997
15
208
1,259
278
16
1, 624
316
19
227
1,556
19
1,390
183
18
1, 142
183
20
156
19
964
883
157
17
992
240
17
174
18
955
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Kico since January 1961.
DEC
NOV.
Percent
3.8
3.0
2.3
2. 5
2. 1
2. 4
2.2
1.8
1. 8
2. 0
2.6
3.3
3. 2
2.8
2.3
2. 0
1.8
2.0
1. 9
2
2
2
2
2
2
2
6
8
6
4
4
8
3
9 O
<?
&
ff) 0
&
o
<n
6
9
&
9
&
0
O
9
&
9
&
2 2
2 3
2 3
Total Average
(milweekly
check
lions of
dollars) (dollars)
2, 522. 1
2, 166. 0
1, 771. 3
2, 101. 0
156. 1
147. 3
172. 8
122. 6
122. 1
134,9
159.2
248.5
243. 7
231. 1
195. 1
159. 1
129. 5
145.6
150. 0
2.0
2.0
2. 0
1. 9
1.7
Source: Department of Labor.
35. 92
37. 19
39.75
41.25
39. 99
40. 10
41.08
40. 10
40.70
41. 19
41.85
42.59
43. 58
43. 64
43. 12
42.42
42. 25
42.39
42.87
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose 208,000 (seasonally adjusted) in August to 68.4 million. Manufacturing
declined slightly and private nonmanufacturing increased by 1647000. State and local government registered a gain
of 48,000.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
68
14
(ENLARGED SCALE)
WHOLESALE AND RETAIL TRADE
64
12
SERVICE AND
MISCELLANEOUS
60
10
56
NONMANUFACTURING
(PRIVATE) \
36
12
32
DURABLE
MANUFACTURING
10
24
NONDURABLE
MANUFACTURING
MANUFACTURING
20
16
CONTRACT
CONSTRUCTION^
GOVERNMENT
\—
12
1965
1966
1967
1968
1965
1966
1967
SOURCE: DEPARTMENT OF IABOR
1968
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
Transtract portation
Mining conand
strue- public
tion utilities
672 2,816 3,903
650 2,902 3,906
635 2,963 3,903
634 3, 050 3,951
632 3, 186 4,036
627 3, 275 4, 151
016 3, 203 4,271
626 3, 168 4, 296
010 3, 105 4, 288
(JOG 3, 182 4, 278
003 3, 184 4, 267
003 3, 214 4, 297
003 3, 275 4, 302
004 3, 107 4, 317
008 3, 388 4, 342
009 3, 330 4, 332
032 3, 313 4, 331
031 3, 245 4, 281
032 3, 174 4, 330
037 3, 182 4, 339
035 3, 180 4, 300
PnnV^UUL—
Period
Total
1961
1962
1963
1964
1965__ _ _ _
1966_ _
1967_.
1967: July_
Aug.
Sept.
Oct__
Nov_
Dec__
1968: Jan__
Feb__
Mar.
Apr__
May.
June.v
July v
Aug
54, 042
55, 596
56, 702
58, 332
60, 832
64, 034
66, 030
65, 920
66, 186
66, 123
66, 286
66, 778
67, 060
67, 058
67, 600
67, 656
67, 755
67, 792
68, 039
68, 201
68, 409
Total
16, 326
16, 853
16, 995
17, 274
18, 062
19, 214
19, 434
19, 288
19, 407
19, 285
19, 302
19, 518
19, 593
19, 612
19, 612
19, 607
19, 657
19, 693
19, 777
19, 782
19, 775
NonDurable durable
Total
goods goods
9,070
9,480
9,616
9,816
10, 406
11, 284
11, 422
11,335
11,433
11, 272
11, 264
11, 463
11,498
11, 541
11, 514
11,495
11, 533
11, 545
11, 571
11, 624
11, 610
7,256
7,373
7,380
7,458
7, 656
7, 930
8, 012
7,953
7, 974
8, 013
8, 038
8, 055
8,095
8,071
8,098
8,112
8, 124
8,148
8, 206
8, 158
8, 165
29, 122
29, 853
30, 481
31, 461
32, 678
33, 949
34, 980
34, 979
35, 062
35, 140
35, 2 lf>
35, 448
35, 578
35, 468
35, 967
35, 996
36, 010
35, 965
36, 030
36, 116
36, 280
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
arc not at work because of industrial disputes; and which are based on an enu-
Government
Nonmanufacturing (private)
Manufacturing (private)
WhnlpV? IJAJ*G—
sale
and
retail
traole
11, 337
11, 566
11,778
12, 160
12,716
13, 245
13, 613
13, 610
13, 648
13, 684
13, 729
13,791
13,793
13, 818
13, 920
13, 999
14, 009
1 4, 049
14, 086
14, 119
14, 171
Finance,
insur- Service
ance,
and
and miscelreal laneous
estate
2,731 7,664
2,800 8,028
2,877 8, 325
2,957 8, 709
3,023 9,087
3, 100 9, 551
3, 217 10, 060
3, 223 10, 056
3,241 10, 110
3, 251 10, 139
3,261 10, 171
3, 273 10, 270
3,289 10, 316
3, 291 10, 331
3,304 10, 405
3,311 10,415
3, 323 10, 402
3,334 10, 425
3, 335 10, 467
3, 352 10, 487
3, 381 10, 541
Federal
2,279
2,340
2,358
2,348
2,378
2,564
2,719
2,743
2,740
2,718
2,718
2,692
2,709
2,721
2,721
2,718
2,717
2,721
2, 795
2,788
2, 791
State
and
local
6, 315
6, 550
6,868
7,249
7,714
8,307
8,897
8,910
8,977
8,980
9, 051
9, 120
9, 180
9,257
9,300
9,335
9,371
9,413
9,437
9, 515
9,563
meration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data Include Alaska and Hawaii.
Source: Department of Labor:
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
In August, average hours per week (seasonally adjusted) changed only fractionally- -down 0.1
facturing and up 0.2 hours in contract construction and 0.1 hours in retail trade.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
DURABLE MANUFACTURING
hours in manu--
NONDURABLE MANUFACTURING
44
44
42
42
>^-vo/^
40
40
38
•50
S*****^
«•»%»•—-.
rv~*—
T^^^^
36
34
A, r , , , 1 . 1 . I ,
v
! 1 I . i 1 I ! t 1 I
1965
I
! ! 1 ( I 1 I 1 1 1
1 ! t f I I \ I | I ij 1
1967
1966
34
1968
/ji 1 I r t f I i I r i
V
CONTRACT CONSTRUCTION
ii.ili..,,
I
1967
I t I 1 t 1 1 1 I ,K
1968
^
RETAIL TRADE
ji
40
36
f
1966
42
42
38
r , i r i f r i i i
1965
--s^Y7 *vN""y
40
•50
-***N^,
36
**
^^
r-u
^X^«
*-*-w"—'
34
34
32
32
30
/J! 1 1 1 1 ! 1 1 ( 1 !
V
SOURCE:
I f f 1 1 ! t
1965
1 I 1 f
! I 1 1 ! 1 1 1 I
1966
1967
!
1
1
1
1 t
1 1 1
1 1
I
1968
it1
N
30
-—-—^
A, , , , , I r , , , ,
V
1965
. , . , , ! , . . .
, : . , I ! , . 1 I ,N
N
1967
1966
1968
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF IABOR
[Average hours per week; l seasonally adjusted]
Manufacturing industries
Period
1958
1959
1960
1901
1962
1963_ __ _
1964
1965
1966
1967
1967: July__
Aug
Sept
Oct.
Nov
Dec
_ _
___
„
1968: Jan
_.
Mar _
Apr
May
June T
Julv
Aug v
_
__
_._ _
_ __
Feb
!
_ _
__ _ _
1
Durable
goods
All
1
39. 2
40. 3
39. 7
39. 8
40. 4
40. 5
40. 7
41.2
41. 3
40. 6
40. 5
40. 6
40. 9
40. 7
40. 7
40.7
40. 2
40.8
40. 7
40.1
40.9
40.9
40. 9
40. 8
Data relate to production workers or nonsnper~isory employees. Data for
Alaska and Hawaii included beg:innin2 1959.
14
39. 5
40. 7
40. 1
40.3
40. 9
41. 1
41. 4
42. 0
42. 1
41. 2
41. 1
41. 1
41. 4
41. 2
41. 2
41. 3
40. 9
41.4
41. 4
40.7
41.5
41.7
41. 5
41. 3
2
Nondurable
goods
Contract construction
38. 8
39. 7
39. 2
39. 3
39. 6
39. 6
39. 7
40. 1
40. 2
39. 7
39. 6
39.7
40. 0
39. 7
39. 9
39. 9
39. 2
40.0 i
39. 8
39.2
39.8 i
40.0 i
39. 9
39. 8
Includes eating and drinking places.
Source: Department o/ Labor.
36. 8
37. 0
36. 7
36. 9
37. 0
37. 3
37. 2
37. 4
37. 6
37. 7
37.4
37.4
38. 0
37. 2
39. 4
37. 2
36. 0
37. 9
36. 8
37.8
37.2
37.6
37. 4
37. 6
Retail trade 2
38. 1
38. 2
38. 0
37. 6
37. 4
37. 3
37. 0
36. 6
35. 9
35. 3
35. 4
35. 4
35. 3
35. 1
35. 2
35. 1
34. 8
34.9
34. 7
34.8
34. 6
34. 9
34. 9
35. 0
"VERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
'erage hourly earnings in August were little changed from July/ up 3 cents in construction and down 1 cent in both
^nufacturing and retail trade. Weekly earnings rose $2.03 in construction and declined 11 cents in manufacturing
and 14 cents in retail trade.
DOLLARS
DOLLARS
AVERAGE WEEKLY EARNINGS
130
3.25
DURABLE GOODS
INDUSTRIES
£,
3.00
120
2.75
110
\
*,„.*
*
ALL MANUFAaURING
INDUSTRIES
2.50
100
NONDURABLE GOODS
INDUSTRIES
2.25
90
1965
1968
1965
1966
1967
SOURCE: DEPARTMENT OF LABOR
1968
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average hourly earnings— current prices
Period
1958 ___
1959
1960
1961
1962
1963
1964
1965 . _ _1966 _
1967
1967: July__
Aug__
Sept..
Oct___
Nov. _
Dec__
1968: Jan___
Feb.__
Mar__
Apr. __
May
June
July »_
Aug *_
Manufacturing industries Contract
conRetail1
NonDurable durable
trade
strucAll
goods
tion
goods
2. 11
2. 19
2. 26
2, 32
2. 39
2. 46
2. 53
2. 61
2.72
2.83
2.82
2. 82
2. 85
2. 85
2. 88
2. 91
2.94
2.94
2. 96
2. 97
2.99
3.00
3.00
2. 99
2. 26
2. 36
2. 43
2. 49
2. 56
2. 63
2. 71
2. 79
2. 90
3. 00
3. 00
3. 00
3. 03
3. 03
3. 05
3. 09
3. 13
3. 12
3. 14
3. 15
3. 18
3. 18
3. 18
3. 17
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2. 45
2. 57
2. 57
2. 57
2. 61
2. 61
2. 62
2.64
2. 67
2.68
2.69
2. 70
2. 72
2.73
2.75
2.75
2. 82
2. 93
3. 08
3. 20
3. 31
3. 41
3. 55
3. 70
3.89
4. J l
4. 10
4. 11
4. 20
4. 22
4. 22
4. 25
4. 34
4. 27
4.28
4. 27
4.32
4. 29
4.33
4. 36
1. 42
1. 47
1. 52
1. 56
1. 63
1. 68
1. 75
1. 82
1. 91
2. 01
2. 01
2. 00
2. 03
2. 04
2. 05
2. 04
2. 09
2. 11
2. 12
2. 13
2. 14
2. 16
2. 16
2. 15
Average weekly earnings— current prices
industries
Manufacturing industries Contract
Adjusted Average
hourly weekly
conRetail earnings,
earnNonDurable durable structrade * 1957-59= ings.
All
goods
tion
1957-59
goods
100 2
prices 3
82. 71
88. 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
113. 65
114. 49
116. 85
116. 28
117. 50
119. 60
117. 60
119. 36
120. 18
118. 21
122. 29
123. 30
122. 10
121. 99
1 Includes eating and drinking places.
2
Earnings in current prices, adjusted to exclude overtime and interindustry
shifts.
3
Earnings in current prices divided by the consumer price index.
99-614°—68
3
M fl,rm f arvtn r i n jr
89. 27
96. 05
97. 44
100. 35
104. 70
108. 09
112. 19
117. 18
122. 09
123. 60
122. 40
123. 30
125. 75
125. 44
125. 66
129. 16
127. 70
128. 54
129. 68
127. 58
132. 29
132. 92
131. 02
130. 92
74. 11
78. 61
80. 36
82. 92
85. 93
87. 91
90. 91
94. 64
98. 49
102. 03
1 02. 03
102. 80
104. 92
104. 14
105. 06
105. 86
103. 86
106. 40
106. 79
104. 76
108. 26
109. 47
110.00
110. 28
103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
158. 67
159. 06
162. 96
160. 78
161. 63
155. 13
151.90
154. 57
154. 94
159. 27
162. 43
164. 74
167. 57
169. 60
54. 10
56. 15
57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
72.96
72. 60
71. 66
71. 20
71. 34
72. 22
72. 11
72. 80
72.93
73. 49
73.40
75. 82
77.33
77. 19
100. 2
103. 5
106. 6
109. 6
112. 3
115. 2
118. 0
121. 1
125. 1
130. 9
130.8
131. 1
131.9
132. 4
133.4
134.3
135.7
136. 5
137. 0
137.7
138. 1
138.3
138. 6
82. 14
86. 96
87. 02
88. 62
91. 61
93. 37
95. 25
97. 84
99. 33
98. 80
97. 55
97.94
99. 79
98.96
99.75
101. 18
99. 16
100. 30
100. 57
98. 59
101. 65
101. 99
100. 49
NOTE.—Data for Alaska and Hawaii included beginniDg 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production, seasonally adjusted, declined 1 percent in August largely as a result of a sharp decline in iron
and steel production. The index, however, was 3% percent above the level of a year earlier.
Index, 1957-59=100 (SEASONALLY ADJUSTED!
200
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
200
TOTAL
180
180
160 -
160
140
140
MINING
120
^-»*.>•***
120
100 I i i i i i I i
1965
100
1967
1968
1965
1966
1967
1968
180
200
MARKET GROUPS
160
MATERIALS
\"
140
140
120
120
100
1965
1968
1967
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1958
1959
_
1960_
___ _ ___ .__
1961
_
1962
_ _ _ _ _ _
1963
1964
__
1965
__ _
1966
1967 "
1967: July
Aug _
Sept
Oct
Nov
Dec
1968: Jan
Feb
Mar
Apr _ _
_
May
_
June_ _ __ _
July_
___ _
Aug p
_
[1957-59 = 100, seasonally adjusted]
Industry
Total
industrial
production
Total
93. 7
105. 6
108. 7
109. 7
118. 3
124. 3
132.3
143.4
156. 3
158.0
156. 6
158. 1
156. 8
156.9
159. 5
162. 0
161. 2
162. 0
163.0
162. 5
164.2
165.2
165.6
164. 0
93. 2
106. 0
108. 9
109. 6
118. 7
124. 9
133. 1
145.0
158. 6
159.6
157. 6
159.4
158. 1
158.3
161. 1
164. 0
162. 7
163. 6
164.6
163. 7
165.8
166.7
166. 9
165. 1
NonDurable durable
90. 3
105. 6
108. 5
107. 0
117. 9
124. 5
133.5
148.4
164. 8
163.8
162.5
163. 6
161. 1
160. 7
164. 1
168. 1
167. 2
167. 6
168.2
167. 2
169. 8
170.7
171.2
168. 1
Market
Final products
Manufacturing
Source: Board of Governors of the Federal Reserve System.
16
1968
96. 8
106. 5
109. 5
112. 9
119. 8
125. 3
132.6
140.8
150. 8
154.4
151.5
154. 0
154. 2
155. 2
157.2
158. 9
157. 1
158. 6
160.0
159. 5
160.8
161.6
161. 5
161. 4
Mining
Utilities
95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123.5
128.0
127. 8
124. 3
122.4
123.6
122. 3
121. 6
123. 9
126.2
127. 1
126.9
128.9
130.5
130. 3
98. 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.4
184.6
185. 4
185. 6
188. 7
191.5
192. 6
195. 9
197. 5
196.8
195. 8
196. 1
197.7
198.2
197. 7
Total
94. 8
105.7
109. 9
111. 2
119. 7
124. 9
131.8
142.5
155. 5
158.3
157. 1
158. 2
157. 0
156. 9
160.0
161. 9
160. 8
162. 0
163.5
161. 7
163. 0
164.7
164.7
164. 8
Consumer
goods
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.4
147. 1
148. 6
147. 0
147. 9
150. 1
152.8
151. 3
152. 9
155.0
153. 5
154. 6
156.2
156.3
156. 1
Equipment
91. 3
104. 1
107. 6
108. 3
119. 6
124. 2
132.0
147.0
172.6
179.6
178.4
178. 9
178. 6
176. 1
181. 1
181. 5
181. 4
181.6
181.8
179.4
181. 1
183.0
182.6
183. 5
Materials
92.7
105.4
107.6
108.4
117. 0
123. 7
132.8
144.2
157.0
157.7
156. 1
157. 9
156. 7
157. 4
159.5
162. 2
161. 7
161. 8
162.8
163. 1
165. 2
166.2
167.0
163. 0
RODUCTION OF SELECTED MANUFACTURES
wutput of manufactures (seasonally adjusted) declined about 1 percent in August. Most of the decline was in the
durable goods sector.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index , 1957-59=100 {SEASONALLY ADJUSTED)
180
200
FABRICATED METAL
PRODUCTS
MACHINERY
\
160
**•***«*
180
/^
^+f*> •»*••*,*•
160
140
• • I+•">
JW \
i
120
x
••-
140
LUMBER AND PRODUCTS
TRANSPORTATION
^
„,-'"'*
,-,,,!,,,,,
1966
<k
EQUIPMENT
120
100
1965
^/rV/r
tf \ *
1967
1965
1968
1967
1968
- TEXTILES, APPAREL,
160
200
(
]
1966
ANDAEATHER
140
120
160 -+
FOODS, BEVERAGES,
AND TOBACCO
100
140
1966
1965
1965
1967
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1968
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
1958
_ _ _ _ _ _
1959
__ 1960
_ __
1961
_ 1962
1963
1964
__
1965
-_- 1966 -_
- _ _ _- _
1967 *>
-1967: July
Aug
- Sept _
_
- --_
Oct
Nov
Dec
1968" Jan
Feb
Mar
Apr
May
June
July
Aue: p _
FabriTranspor- Lumber Textiles,
cated
Machin- tation
apparel,
Primary
and
and
metal
ery
prodmetals
equipleather
ment
products
ucts
87. 5
100. 4
101. 3
98. 9
104. 6
113. 3
129. 1
137.6
142. 7
132. 5
129. 6
1 29. 3
129. 2
131.7
135. 0
140. 9
136. 3
139. 3
140.2
143.3
148.5
148.9
150.4
130
Source: Board of Governors of the Federal Reserve System.
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
132.7
147.8
163. 0
162. 0
159. 8
159. 1
158. 1
158.2
159.8
162. 4
163. 9
165. 7
166.6
161.4
165.0
166. 1
166. 3
164
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183.4
180. 0
182.8
182.2
179.6
183.2
182. 2
183. 4
183. 2
183.3
179.4
179.9
181. 0
181. 8
183
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130.7
149. 2
166. 9
166. 0
170.8
171.9
159.2
159.2
165.6
177. 5
175. 6
175. 1
177.6
175.3
180.4
182.6
183. 0
183
95. 6
108. 5
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
116. 5
115.5
109.2
114.3
117.0
120.6
125. 7
118. 1
119. 3
125.0
123.9
122.7
122. 5
123. 5
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.6
135. 3
137.6
139. 1
140.4
143.0
145. 9
141. 0
141. 9
143.9
142.9
144. 1
146. 6
145. 3
145
Paper
and
printing
97. 0
105. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149.6
148. 6
150. 3
148.5
148.6
149.9
149. 5
148. 6
150. 6
152.0
151.6
154.5
154.7
154. 7
155
Chemicals, Foods,
petrobeverleum, and ages, and
rubber tobacco
95. 5
108. 9
113. 9
118. 9
131. 2
141. 8
152.5
164.6
181. 9
189.5
184.0
189.5
191.2
192.8
195.8
199. 0
197. 7
200. 2
201.6
200.9
203.1
203.6
203. 8
204
99. 4
103. 9
106. 6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131.5
130.9
131. 0
130.4
131. 1
132.2
133. 1
132. 0
133. 1
133.7
133.6
132.9
133.4
133. 6
133
17
WEEKLY INDICATORS OF PRODUCTION
In August, auto assemblies dropped sharply because of the model changeover/ in early September assemblies gained
substantially. Steel production was also down significantly following a high level of activity prior to the steel settlement.
MILLIONS OF TONS
MILLIONS OF SHORT TONS {DAILY AVERAGE)
2.5
3.5
2.0
1.5
1.0
I I I I I I I I I I I I I I I 1 I 1 I I I I I I I I I I I I . I 1 I 1 1 . . I , 1 1 1 ! 1 1 I (f
J
F
M
A
M
J
J
A
" J
BILLIONS OF KILOWATT HOURS
28
F
M
A
M
J
J
A
S
O
N
O
N
D
THOUSANDS
300
26
24
22
50
20
J
F
SOURCES:
M
A
AMERICAN IRON AND
M
J
EDISON ELECTRIC INSTITUTE, AND
Period
Weekly average:
1961
1962
1963
1964 _
1965
1966
1967
1967: July
Aug__ _
Sept.
Oct
Nov
Dec
1968: Jan
Feb__
Mar
Apr_
May
June
July
Aug p _ _
Week ended:
1968: Aug 17
24
31
Sept 7 ^
14 v
1
J
A
S
N
WARD'S AUTOMOTIVE REPORTS
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Cars and trucks
Steel produced
power
coal mined
produced assembled (thousands)
loaded
Index
distributed (thousands (thousands
Thousands
(thousands
of short
of net
(1957-59= (millions of
Total
Cars Trucks
of tons)
of cars)
tons
100)
kilowatt-hours) tons) l
1,880
1,886
2,096
2,431
2,521
2, 572
2,440
2, 176
2,325
2,439
2, 522
2,634
2, 704
2,712
2, 849
2, 872
2, 902
2,867
2,775
2, 591
2, 010
2,
1,
1,
1,
*1,
032
963
948
862
881
100. 9
101. 2
112. 5
130. 5
135.3
138. 1
131.0
116.8
124.8
130. 9
135. 4
141.4
145. 2
145. 6
152.9
154. 1
155. 8
153. 9
149.0
139. 1
107. 9
109. 1
105. 4
104. 6
99. 9
*101. 0
Daily average. Includes data for Alaska. * Not charted.
18
O
STEEL INSTITUTE. DEPARTMENT OF THE INTERIOR,
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
23, 747
24, 400
22, 871
22, 662
23, 533
24, 405
25, 365
25, 338
24, 081
23, 344
23, 560
25, 772
26, 632
27, 562
26,
28,
25,
24,
*24,
799
950
839
261
918
1,353
1,414
1, 535
1,630
1,735
1, 798
1, 863
2,015
1, 885
1,819
1,873
1, 923
1, 727
1,738
1, 753
1, 827
1,887
1,871
1,875
2,027
1, 843
550
552
555
558
562
570
539
492
560
551
586
552
496
487
514
535
548
571
578
536
555
322
343
358
384
410
446
439
376
448
413
463
458
421
421
486
480
480
488
489
437
497
127.8
157. 5
175. 0
178. 8
213.7
199. 3
172. 9
120. 1
86. 5
160.4
171. 2
190.1
219. 8
207. 3
211.0
229. 5
215.4
244. 0
246.8
152. 6
71.2
106. 1
133. 4
146. 9
148. 8
179.4
165. 4
142.4
96.5
64. 4
135. 3
146. 7
158.6
185. 0
172. 9
174.5
189. 2
177.7
200.4
202.2
122. 6
46.7
21.7
24. 1
28.1
30. 0
34.3
33.9
30. 5
23.6
22.1
25.0
24. 6
31.4
34. 7
34. 4
36.5
40. 2
37. 6
43. 6
44.6
29. 9
24. 6
1,892
1, 920
1, 943
1,993
559
548
574
492
496
479
509
382
55.4
76.4
128. 4
144. 0
208.9
33. 1
45. 8
92. 6
111. 9
170. 4
22. 3
30. 6
35. 8
32. 1
38. 5
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
Construction expenditures (seasonally adjusted) remained virtually unchanged in July from their June level. Residential construction recovered slightly with a % percent gain while other private construction declined for the fifth
straight month.
BILLIONS OF DOLLARS
90
BtLUONS OF DOLLARS
90
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW CONSTRUCTION
70
70
60
PRIVATE
50
50
40
30
30
PUBLIC
\
.20
20
^m^Jm~<-«^'*S=a»»~SS24uK
1
I 1I I I ! I 1 I 1| | t
i
l
I t t Tt I I I ! I 1 I I t t t I I t f I t I
l
.PRIVATE RESIDENTIAL (NONFARM)_
30
30
"•••«,.,••••
20
20
1962
SOURCE:
DEPARTMENT OF COMMERCE
Period
1962
1963__
1964
1965.
1966
1967
1968
_ _ _ __
_
__ _
COUNCIL OF ECONOMIC ADVISERS
Total new
construction
expenditures
59.7
63. 4
66.2
72.3
75. 1
76. 2
Total
41. 8
44. 1
45. 8
50.3
51. 1
50. 6
Private
Residential nonfarm
CommerNew
cial and
Total 1
housing industrial
units
Billions of dollars
24.3
8. 0
18. 6
26. 2
7. 9
20. 4
26. 3
20. 4
9. 0
11. 9
26.3
20.4
24, 0
13.6
18.0
23. 7
17.9
13. 1
Other
9. 5
10. 0
10. 6
12. 1
13.6
13.7
Federal,
State,
and
local
17. 9
19. 4
20.4
22. 1
24. 0
25. 6
Aug
Sept
Oct
Nov. _ _
Dec __ _
1968: Jan
Feb
Mar
Apr
May
June
July *
73. 8
75.7
76.7
78.3
78. 9
79.6
81. 2
82.8
84. 1
83. 6
83. 8
83.6
82. 2
82.3
48.7
50.4
51.6
52. 8
53. 5
53. 9
54. 0
55.3
55.6
55. 7
55. 9
55. 4
53.9
53.8
22.6
23. 8
25. 0
25.8
26. 4
27. 2
27.6
26.9
27.0
27.3
27. 8
27. 7
27. 1
27.2
17. 0
17.8
18. 7
19. 5
20. 4
21. 3
21. 8
21. 2
21. 3
21. 7
22.3
22.3
21.4
21. 1
1 Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
Compiled by F. W. Dodge Company and relates to 48 States.
12. 6
12. 9
12. 6
13. 1
13. 2
12. 7
12. 5
14. 1
14. 1
13. 8
14. 0
13. 4
13. 0
12.8
119. 7
132.0
137.0
142.8
145.3
153. 3
Seasonally
adjusted
Seasonally adjusted annual rates
1967: June _ _ _ _
July _ _
Construction contracts2
CommerTotal value cial and
(index,
industrial
1957-59= floor space
100)
(millions of
square feet)
13.5
13.6
14. 0
13. 9
13. 9
14. 0
13. 8
14.3
14.6
14. 6
14. 1
14. 2
13. 8
13.8
25. 0
25. 4
25. 1
25. 4
25. 4
25. 7
27. 2
27.6
28. 5
27. 9
28. 0
28.3
28.3
28.5
164
149
165
168
171
168
166
166
152
169
164
172
160
187
500
534
599
680
769
694
Seasonally
adjusted
annual
rates
748
681
740
725
701
758
769
774
737
799
565
804
796
860
NOTE.—Revised series on new construction beginning 1965. Data for Alaska and
Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts were at a seasonally adjusted annual rate of 1.5 million units ffi August, down slightly
from the very high July level but 10% percent above the low average of May and June.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
1.0
1962
1968
SOURCES: DEPARTMENT OF COMMERCE. FEDERAL HOUSING ADMINISTRATION (FHA). AND VETERANS ADMINISTRATION (VA)
Period
1962—
1963
1964
1965
1966
1967
19C7: July..
Aug__
Sept__
Oct..
Nov__
Dec—
1968: Jan__
Feb__
Mar _
Apr__
May.
June_v
July
Aug v
Total
private
and
public
(including
farm)
1, 492. 4
1, 642. 0
1, 561.6
1, 509. 6
1, 196. 2
1, 321. 9
1, 462. 7
1, 610. 3
1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6
126. 1
130. 2
125. 8
137. 0
120. 2
83.1
82.7
87.2
128.6
165.2
145. 1
142. 9
142. 6
140. 1
125. 3
127. 4
121. 9
135. 4
118. 4
80.1
80.5
84. 6
126. 6
162. 0
140. 9
137. 9
139. 9
135. 7
Total
private
(including
farm)
[Thousands of unite]
Housing starts
Private nonfarm
Private nonfarm
Total
private
Government
Two or (includOnemore
home programs
ing
Total
Total
family
famifarm)
FHA
VA
lies
1, 439. 0
967. 8 471 2 1, 462. 7 1 439 0 197 3
77 8
993.2 589.7 1, 610.3 1, 582.9 166. 2
1, 582.9
71. 0
944.5 557.8 1, 529.3 1, 502.3 154.0
59.2
1, 502.3
1, 450. 6
941. 4 509. 2 1, 472. 9 1, 450. 6 159.9
49.4
1, 141.5
755.3 386.2 1, 165.0 1, 141.5 129. 1
36. 8
820. 7 447. 7 1, 291. 6 1, 268. 4 141.9
1, 268. 4
52. 5
Seasonally adjusted
42. 9
124 0
81. 1
1,369
140
1,356
53
80.0
123. 6
43.6
1,407
141
1,381
57
119. 5
75.8
43.7
150
1,445
56
1,415
79. 4
133. 1
155
53. 7
1,496
1,478
58
116. 8
67.4
154
49.4
1, 590
54
1,567
79.1
46. 1
1,250
33.0
149
1,235
55
79.8
44.5
35.3
1,456
52
157
1,430
82. 8
53. 5
29. 3
1, 537
164
1,499
63
76.6
123. 9
1, 511
47.3
1, 479
149
63
95.0
159. 1
64. 1
1,591
1, 562
147
59
139. 0
85. 0
54. 0
1, 364
1,345
57
133
79. 6
56. 4
136. 0
1, 365
1, 348
137
54
137. 4
84. 0
1,532
134
53. 4
1, 508
49
79.7
133. 5
1, 508
144
54
53. 8
1,486
Authorized by issuance of local building permit; in 13,000 permit-issuing
places
beginning 1967; 12,000 for 1963-66; and 10,000 prior to 1963.
2
Units represented by mortgage applications for new home construction.
20
COUNCIL OF ECONOMIC ADVISERS
Proposed home
construction
New
private
A
li
housing
Requests
units tions for for VA
FHA
authorappraisized l commit-2
als 2
ments
221 1
1 186 6
171. 2
1, 334. 7
190. 2
139. 3
182. 1
1, 285. 8
113. 6
188.9
1, 239. 8
102. 1
971. 9
153. 0
99. 2
1, 124. 9
167.2
124, 3
annual rates
1, 144
155
146
180
1, 169
122
176
1, 207
131
1, 236
185
151
1, 204
189
136
162
1, 368
125
163
1, 148
122
1,394
152
141
1, 416
160
127
1,340
144
126
161
1, 280
110
157
1, 281
120
146
1, 289
135
168
1, 246
127
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veteran? Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
According to preliminary figures, retail sales (seasonally adjusted) rose slightly in August following a strong July
surge of almost 3 percent. Business sales were up 2 percent in July with a moderate $600 million rise in inventories.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BUSINESS SALES AND INVENTORIES
RETAIL TRADE (ENLARGED SCALE)
DURABLE GOODS STORES
INVENTORIES
SALES
80 -TSS
60
22 ^ WHOLESALE TRADE (ENLARGED SCALE)
22
NONDURABLE GOODS STORES
20
INVENTORIES
18
SALES
16
14
12
12
1965
1968
1965
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business
Period
Sales 2
1968
1967
1966
1
Inventories 3
Wholesale
Sales 2
4
Inventories 3
Sales 2
Total
Durable
goods
stores
Retail 5
Inventories
Nondurable
goods
stores
Total
Durable
goods
stores
26, 813
26, 238
27, 938
29, 383
31, 130
34, 607
36, 961
36, 682
36, 087
35, 997
36, 028
36, 143
36, 217
36, 474
36, 682
37, 130
37, 082
37, 003
37, 512
37, 921
38, 162
38, 365
11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
15, 977
15, 661
15, 549
15, 503
15, 711
15, 681
15, 728
15, 977
16, 238
16, 268
16, 253
16, 684
16, 839
17, 026
17, 024
3
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1960 _ _ _ _ _ _ _ _ _
1961 _ _ _ __ _ _ _
1962
1963
1964
1965_. _
1966 _ _
1967
1967: June _ _ _
July
Aug
Sept
Oct
Nov
Dec
1968: Jan _
Feb
Mar _ _ _ _
Apr
May
June v
July
. J
Aug * _
I
i
60, 746
61, 106
65, 594
68, 692
73, 459
79, 528
86, 254
87, 969
88, 244
88, 454
88, 768
88, 323
87. 196
89, 612
92, 057
92, 544
92, 595
94, 327
93, 368
95, 310
96, 473
98, 391
1
The term "business" also includes
2
Monthly average for year and total
3
94, 747
95, 813
100, 627
105, 578
111,051
120, 896
135, 233
140, 742
136, 805
137, 111
137, 850
137, 794
138, 268
139, 331
140, 742
141, 342
141, 624
141, 840
143, 331
144, 350
144, 878
145, 482
11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
17, 117
17, 145
17, 198
17, 330
17, 195
17, 419
17, 641
17, 694
17, 953
18, 021
18, 006
17, 897
18, 374
18, 314
manufacturing (see page 22).
for montn.
Book value, end of period, seasonally adjusted.
* Beginning 1961, data include Alaska and Hawaii.
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 635
20, 599
20, 511
20, 789
20, 810
20, 945
21, 061
21, 635
21, 641
21, 623
21, 618
21, 863
21, 924
22, 098
22, 204
18, 294
18, 234
19, 613
20, 536
21, 802
23, 654
25, 306
26, 125
26, 544
26, 444
26, 422
26, 732
26, 089
26, 411
26, 470
27, 065
27, 399
28, 120
27, 620
27, 993
28, 296
29, 075
29, 163
5, 880
5, 581
6, 210
6,627
7,014
7,810
8, 151
8,306
8,546
8,592
8, 508
8,743
8,235
8, 221
8,327
8, 523
8, 765
9, 053
8, 832
9, 031
9, 211
9, 582
9, 583
12, 414
12, 654
13, 402
13, 909
14, 788
15, 844
17, 155
17, 820
17, 998
17, 852
17, 914
17, 989
17, 854
18, 190
18, 143
18, 542
18, 634
19, 067
18, 788
18, 962
19, 085
19, 493
19, 580
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
20, 705
20, 426
20, 448
20, 525
20, 432
20, 536
20, 746
20, 705
20, 892
20, 814
20, 750
20, 828
21, 082
21, 136
21, 341
5
Beginning 1960, data include Alaska and Hawaii.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' sales rose a strong 2% percent (seasonally adjusted) in July after a rise of about 1 percent in June.
The inventory-sales ratio continued to decline to a more normal historical rate of 1.66 as inventories increased a
modest $295 million. Durable goods orders are estimated to have risen one-half percent in July, reversing the June
decline.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
90
MANUFACTURERS' SHIPMENTS
MANUFACTURERS'
INVENTORIES
80
TOTAL
\
70
60
DURABLE GOODS
50
40
MANUFACTURERS' NEW ORDERS
NONDURABLE GOODS
30
20
20 Hi . . . . > i
1965
1968
1965
1966
1967
SOURCE: DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1 Manufacturers' inventories 2
Period
Total
30, 796
1960
1961
30, 884
1962
33, 308
1963
_ _ _ 34, 774
1964
37, 129
1965
_ 40, 279
1966
43, 969
1967
44, 745
44, 620
1967: Mayj
44, 583
June
44, 865
Julv
45, 148
Aug
44, 261
Sept
Oct__ _ _ 43, 912
45, 782
Nov
47, 946
Dec
47, 785
1968: Jan.
47, 243
Feb
Mar
48, 186
47, 742
Apr
49, 420
May v
June
49, 803
51, 002
July p
1
NonDurable durable
goods
goods
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
23, 006
23, 123
22, 900
23, 052
23, 192
23, 633
22, 949
22, 311
23, 487
25, 290
25, 227
24, 646
25, 260
24, 628
25, 483
25, 407
26, 196
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
20, 963
21, 622
21, 720
21, 531
21, 673
21, 515
21, 312
21, 601
22, 295
22, 656
22, 558
22, 597
22, 926
23, 114
23, 937
24, 396
24, 806
Total
Millions
53, 814
55, 087
57, 753
60, 147
62, 944
68, 015
77, 581
82, 425
80, 341
80, 119
80, 603
81, 033
80, 841
81, 106
81, 796
82, 425
82, 571
82, 919
83, 219
83, 956
84, 505
84, 618
84, 913
NonDurable durable
goods
goods
22
Manufacturers' new orders
1
Durable goods
Total
Total
of dollars, seasonally adjusted
32, 360 21, 454 30, 115 15, 223
32, 646 22, 441 31, 061 15, 664
34, 326 23, 427 33, 167 17, 085
36, 028 24, 119 35, 036 18, 300
38, 412 24, 532 37, 697 19, 803
42, 324 25, 691 41, 023 21, 728
50, 037 27, 544 45, 106 24, 153
53, 930 28, 495 44, 999 23, 378
51, 784 28, 557 45, 474 23, 857
51, 809 28, 310 45, 757 24, 263
52, 346 28, 257 45, 481 23, 715
52, 784 28, 249 45, 322 23, 726
52, 572 28, 269 44, 818 23, 416
52, 918 28, 188 44, 975 23, 381
53, 506 28, 290 45, 882 23, 545
53, 930 28, 495 49, 264 26, 492
53, 742 28, 829 47, 280 24, 771
54, 136 28, 783 47, 432 24, 829
54, 274 28, 945 49, 163 26, 278
54, 754 29, 202 48, 266 25, 165
54, 977 29, 528 49, 400 25, 541
55, 276 29, 342 49, 063 24, 617
55, 314 29, 599 49, 636 24, 740
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
shipments: for monthly data, ratio of inventories at end of month to shipments
for month.
82
1968
NonMachinery durable
and
goods
equipment
2,791
2,854
3, 090
3, 326
3,706
4, 140
4,731
4, 641
4, 607
4, 794
4, 853
5, 058
4,665
4, 614
4, 791
4,827
4,866
4, 494
4, 622
4,713
4, 864
5, 222
5, 155
14,892
15, 397
16, 082
16, 736
17, 895
19, 295
20, 953
21, 621
21,617
21, 494
21, 766
21, 596
21, 402
21, 594
22, 337
22, 772
22, 509
22, 603
22, 885
23, 101
23, 859
24, 446
24, 896
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
Manufacturers'
inventoryshipments3
ratio
1. 76
1. 74
1.70
1. 69
1.64
1.61
1. 64
1. 79
1. 80
1. 80
1. 80
1.79
1. 83
1. 85
1. 79
1. 72
1.73
1. 76
1. 73
1. 76
1.71
1. 70
1. 66
MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade balance improved sharply in July registering a surplus of $1 39 million (seasonally adjusted) primarily because of lower imports.
BILLIONS OF DOLLARS
3.5
BILLIONS OF DOLLARS
3.5
1.0
1.0
1968
OTE i BELOW.
SOURCE: DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
[Millions
Merchandise exports
Total (includDomestic exports
ing reexports) l
Food, Crude
mateSeason- Unad- Total * 3 beverages,
rials
ally ad- justed
and
and tojusted
bacco
fuel
Monthly average :
1959
1960
1961
1962
1963 __ _
1964
1965
1
1966
|
1967__ „!_
1, 368
i, 63(1
_ _
1, 682
1, 748
1 , 869
2, 141
2, 225
2, 448
2. 578
1,
I
]
1
1
353
620
662
725
845
239
264
289
Ml 2
349
2111
387
2, 412
'132
2 IDG
377
2 r>4<>
M»2
252
529
J2'>
}80
515
KM.
J5(l
>G7
>93
Unadjusted
2, 577
2, 585
2, 549
2,688
2,394
8, 691
Dec__ 2,603
1968: Jan__ 2, 785
Feb__ 2, 77S
Mar_ 2,456
Apr__ 2, 888
May_ 2, 720
June_ 2, 759
July- 2, 803
1967: June.
July.
Aug__
Sept_
Oct__
Nov.
2, 018
2, 377
2, 396
2, 500
2,442
2, 760
2,812
2, 674
2, 667
2, 639
2, 944
2, 944
2, 682
2, 640
2,
2,
2,
2,
2,
2,
2,
2,
2,
2,
2,
2,
2,
2,
587
34S
35(J
470
412
729
782
645
636
601
908
907
648
605
MSL; [
363 i
366
402
390 i
480
425
398
407
391
381
366
343
346
i 10
*77 i
}SM
H>M
10S
152
>73
;77
J87
412
426
417
361
382
1
Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total arrivals of imported goods other than intransit shipments.
of dollars]
Merchandise imports
General imports 2
Total 3
ManufacSeason- Unadtured ally
ad- j usted
goods justed
897
1, 047
1 , 062
1, IMS
3, 188
1, M()G i
1, 449
1, 592
1. 729
|
i, 7so
1, 582
], 561
I, (>S7
i , 590
1, 766
1, 93-1
1, 828
1, 833
1, 767
2, 074
2, 076
1, 911
1, 866
1, 302
1, 251
1, 226
1, 366
1, 428
1, 557
1, 780
2, 129
2,234
,?, 227
2, 20K
2, 125
2, %QX
2, WS
2
2
2
2
2
2
2
2
2
382 \
525 \
600
602
612
640
752
839
664
2, 270
2 127
2, 166
2, 112
2, 338
2, 442
2, 431
2, 728
2, 448
2, 558
2, 755
2,815
2,649
2, 812
Food, Crude
bever- mateages,
rials
and to- and
bacco
fuels
382
298
283
365
288
359
306
387
322
391
335
415
334
449
382
473
392
445
Unadjusted
389
457
366
397
372
444
362
413
417
445
409
437
439
478
441
506
421
444
395
487
455
466
451
488
401
499
532
458
Grossmerchandise
trade
Manusurplus,
facseasontured
goods ally adjusted
591
571
544
636
672
758
936
1, 201
1. 309
66
385
456
382
441
584
444
320
344
1, 334
1,272
1, 262
1, 245
1, 363
1, 488
1,431
1, 692
1,496
1, 598
1, 728
1,772
1,656
1, 712
350
376
424
430
196
310
78
176
171
— 158
248
— 32
-80
139
3
Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus in the balance on goods and services increased to a level of $2 billion (seasonally adjusted annual rate;
in the second quarter despite a smaller surplus of merchandise trade.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
10
1962
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars)
Imports of goods and services
Exports of goods and services
Income on
investments
Period
1963_
1964
1965
1966
1967-
_
_
Total
32, 432
_ ._ __ __ _ 37, 098
_ . _ _ _ _ _ 39, 196
43, 142
45, 756
Merchan-l
dise
Military
sales
Private
Government
657
747
830
829
240
4, 151
4,930
5,384
5,659
6, 235
498
456
509
593
624
22, 071
25, 297
26, 244
29, 176
30, 468 1,
Other
services
Total
Merchan-1
dise
5, 055
5,668
6, 229
6,885
7, 189
26, 620
28, 688
32, 295
38, 063
40, 989
17, 014
18, 648
21, 516
25, 541
26, 991
Balance
on
Miligoods
Other
tary
and
expend- services servitures
ices
2,961
2, 876
2,945
3,735
4,340
6, 645
7, 164
7,834
8,787
9, 658
5,812
8,409
6,901
5, 080
4,768
4,288 9,280
4,260 9,752
4,392 10, 060
4, 416 9,540
5, 172
5, 076
5, 436
3,392
Seasonally adjusted annual rates
1967: I
__
II
III
IV
_ _
1968: I _
II*
1
__
_
45,
45,
46,
45,
484
508
052
984
47, 440
49, 912
644 1,340
812 1, 344
504
980
912 1, 292
5,772
5, 564
6,684
6, 916
604
660
624
612
7,
7,
7,
7,
31, 696 1,224
33, 208 1, 448
6, 176
6, 796
792
868
7,552
7,592
30,
30,
30,
29,
Adjusted from customs data for differences in timing and coverage.
24
124
128
260
252
40,
40,
40,
42,
312
432
616
592
46, 016
47, 944
Source: Department of Commerce.
26,
26,
26,
28,
744
420
164
636
31, 348
33, 172
4, 440 10, 228 1,424
4, 572 10, 200 1, 968
JJ.S. BALANCE OF INTERNATIONAL PAYMENTS
The LLS. deficit on the liquidity basis was further reduced to a $0.7 billion level (seasonally adjusted annual rate)
in the second quarter. On the official reserve transactions basis, a significant surplus was recorded in the second quarter
reaching a $5.8 billion annual rate which more than offsets the first quarter deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
10
10
BALANCE ON GOODS AND SERVICES
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-5
I
-10
1962
-10
1965
1966
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars]
U.S. private capital, net
U.S.
Government
Period grants Direct
investand
capital,
ment
l
net
1963. _ „
1964___
1965___
1966. _ _
1967___
1967:
I
II__.
III
IV...
1968:
I
O>__
Other
longterm
Shortterm
-1,976
-2,328
-3, 468
-3, 623
-3, 020
-4, 704
-4, 156
-3, 952
-4, 032
-592
-696
-2, 612
-724 - 1, 088
-2,604
-3, 608 -2,024 - 1, 520
-3, 260 -1,632 -1,656
-4, 656 - 1, 496
-4,404 -4, 136
1
2 Includes
Errors
Foreign and uncapital,
recorded Liquidnet 1
transity
actions basis 2
-784
-1, 698
690
-2, 103 -2, 147
689
-1,079
753
271
-418
2, 532
-256
-1,270 -1,214
3, 185
Seasonally adjusted annual
-3, 578
-3, 564
-3, 370
-3,444
-4, 211
-564
-216
— 524
-568
-2,670
-2,800
-1,335
-1,357
-3, 571
-244
-860
-315
-210
-532
rates
3,460 - ] , 000 - 2, 020 -7, 056
4,808 -1,832 -2, 088 -3,224
3, 064
828 — 3, 208
988
1,412
— 336 — 6, 968 -4,328
Changes in sel ected
„„ r T\44
liabilities (decrea se
[ j)
-80
544
281
1, 317
5,460 - 1, 220 — 2, 640 - 2, 140 -1, 364
8, 684
-680
5,836 -2, 195
-888
certain special Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies,
and the U.S. gold tranche position in the IMF.
3
Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and
4 the U.S. gold tranche position in the IMF.
Includes short-term official and banking liabilities and foreign holdings of
U:3S. Government bonds and notes.
n ,„
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
Changes
in gold,
convertible currenOfficial To foreign official
cies, and
6
To other IMF gold
holders
reserve
foreign tranche
transholders 6 position
actions
3
NonLiquid
basis
(increase
liquid
[-])
1,673
-39
620
-2, Oil
377
1,075
318
1,554
-1,564
171
-18
85
131
-1, 289
1, 222
761
2,384
266 -1, 595
568
2,062
1,457
1,291
-3,405
52
Quarterly totals, unadjusted
Balance
332
580
119
260
-709
95
1,306
765
366
771
709
2, 199
1, 027
—419
-375
-181
904
-137
7
0
Private holders; includes banks and international and regional organizations;
excludes
IMF.
7
On June 30, U.S. reserve assets consisted of gold stock, $10,681 million
(down $22 million from March 31); IMF position including gold portion of increased U.S. subscription, $903 million; convertible currencies, $2,479 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
In July, consumer prices increased 0.5 percent for the second month in a row. The July increase was largely due to
rapidly climbing mortgage interest and medical care charges but many other consumer items also rose.
Index, 1957-59=100
135
Index, 1957-59=1
110 -.-
105
105
100
100
1962
COUNCIL OF ECONOMIC ADVISERS
SOURCE.- DEPARTMENT OF IABOR
[1957-59 = 100]
All
items
Period
1958
1959 __
I960 _ _
1961
1962
1963
1964
1965
1966
1967
1967: June
July
Aug_
Sept
Oct
Nov_
Dec
1968: Jan.
Feb
Mar
Apr_
Mav
June
July
__ _ _
_
_
_
__ _
Source: Department of Labor.
26
100.7
101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
109. 9
113. 1
116. 3
116. 0
116. 5
116. 9
117. 1
117.5
117. 8
118. 2
118.6
119. 0
119. 5
119. 9
120. 3
120.9
121. 5
All commodities
100. 8
100. 9
101.7
102. 3
103. 2
104. 1
105. 2
106.4
109. 2
111. 2
111. 0
111. 5
111. 9
112. 0
112.4
112. 6
112. 9
113.2
113. 5
113. 9
114. 3
114. 7
115. 1
115. 5
Services
Commodities
Commodities less food
Services
All
Food
Rent
less
Nonservices
All
Durable durable
rent
100.3
100. 2
101.9
100. 1
100.0
99.9
99. 8
103. 6
103. 2
100. 3
101. 5
101. 0
101. 6
101. 2
107. 4
102. 6
106.6
100.9
101.4
103. 1
101. 7
110. 0
102. 0
108.8
104. 4
103. 2
102. 6
100.8
112. 1
110.9
102. 8
105. 7
101. 8
103. 8
103. 6
102. 1
106. 8
114. 5
113.0
103. 5
104.8
105. 1
117.0
107. 8
103. 0
115. 2
104.4
106. 4
105. 7
107.2
117.8
108.9
120.0
102.6
108.8
105. 1
122. 3
102. 7
109. 7
110. 4
125. 0
114. 2
106. 5
112. 4
127. 7
131. 1
104. 3
109. 2
115. 2
113. 1
112. 7
112. 2
104. 1
127. 4
130. 8
108. 9
115. 1
112. 4
112. 8
104. 4
127. 7
131. 2
116. 0
109. 1
112. 6
104. 7
113. 2
109. 4
128. 2
131. 7
116. 6
132. 3
114. 1
104. 8
112.8
128. 7
110. 0
115. 9
113. 0
132.7
114. 5
115.7
105.7
129.1
110.6
133. 2
115. 2
113. 2
129. 6
106. 0
115. 6
111. 1
130. 1
133. 8
113. 5
111. 1
106. 1
116. 2
115. 2
113.7
111.2
115. 1
130.8
134.6
117.0
106.3
113.9
135. 2
131. 3
117.4
106. 4
115. 6
111. 5
114. 2
132. 1
136. 1
106. 6
116. 1
111. 9
117. 9
136. 6
132. 5
114. 4
112. 2
106. 9
116. 4
118. 3
137. 1
114. 6
112. 5
106. 9
117. 0
118.8
133. 0
114.9
138.1
107.4
117.5
133.9
113.0
119. 1
107. 6
117. 6
139. 3
113. 2
134.9
115. 1
120. 0
WHOLESALE PRICES
The wholesale price index declined 0.4 percent in August, according to preliminary estimates. The decline was caused
by a sharp drop (2.3 percent) in farm products prices and a moderate decline (0.9 percent) in processed foods and
feeds. Prices for industrial commodities averaged the same as in July,
Index, 1957-59=100
120
Index, 1957-59=100
120
95
90
90
85
85
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE.- DEPARTMENT OF LABOR
[1957-59=100]
Period
1958 .
1959
1960
1961
1962
1963_
_ _
1964 __
1965
1966
1967 _ __
_
1967: Julv _
AUK
Sept
Oct
_
Nov.
Dec
1968: Jan
Feb
Mar
Apr
Mav
June
Julv p
Aug __
_ _ _
_ . _ _
_ _
__
_
_ _ ___
_
All
commodities
Farm
products
Processed
foods
and
feeds
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102 5
105. 9
106. 1
106. 5
106. 1
1 06. 2
106. 1
106. 2
106. 8
107. 2
108. 0
108. 2
1 08. 3
108 5
108.7
109. 1
108. 7
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
98.4
105. 6
99. 7
1 02. 8
99. 2
98. 4
97. 1
^96. 4
98. 9
99. 0
101. 3
102. 1
102. 1
103. 6
102.5
103. 9
101. 5
102. 5
99. 9
100. 0
101. 6
102. 7
103. 3
103. 1
106. 7
113. 0
111. 7
113. 1
112. 1
112. 7
111.7
110. 9
111. 5
112.4
113. 3
112. 9
112. 8
113.6
114.6
115.9
114. 9
1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
2
Excludes Intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Industrial commodities
All industrials 1
99. 5
101. 3
101. 3
100. 8
100. 8
100. 7
101. 2
102. 5
104. 7
106. 3
1 06. 0
106. 3
106. 5
106.8
107. 1
107. 4
107. 8
108. 3
108. 6
108. 8
108. 6
108. 8
108.9
108. 9
Crude
materials
96. 9
102. 3
98. 3
97. 2
95. 6
94. 3
97. 1
100. 9
104. 5
100. 0
99. 0
99. 0
99. 5
99. 4
100. 6
101. 3
101.4
102. 4
103. 1
101. 7
100. 5
100.6
110. 9
Inter- Producmediate er finmate-2
ished
rials
goods
99. 4
100. 2
102. 1
101. 0
101.4
102.3
102. 5
100. 1
99.9
102. 9
99. 6
103. 1
100. 2
104. 1
101.5
105.4
103. 6
108. 0
104, 8
111. 5
104. 5
111. 2
104. 6
111. 4
104. 9
111. 6
105.0
112.6
105. 5
113. 0
105. 9
113. 4
106.3
114.0
107. 0
114. 2
107. 3
114. 4
107. 5
114. 8
107.3
114.9
107.2
115. 1
107. 3
115. 3
Consumer finished goods excluding food
DurNondurable
able
99.3
100. 1
100.8
101. 3
100.9
101.5
100. 5
101. 5
100. 0
101. 6
99. 5
101.9
99.9
101. 6
99.6
102.8
100. 2
104.8
101. 7
107.2
101. 1
107. 4
101. 2
108. 0
101. 4
108. 0
102.8
107.8
103. 0
107. 9
103. 0
108. 0
103.5
108.0
103.5
108. 4
103. 6
108. 6
103. 5
109. 0
103. 4
109.1
103.5
109.8
110. 0
103. 5
NOTE.—Beginning January 1967, the indexes incorporate a revised weighting
structure reflecting 1963 values of shipments. The classification structure also
changed.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended August 1 5, both prices received and prices paid by farmers were unchanged and the adjusted
parity ratio remained at 79. The increases in prices received for cotton, oranges, and milk were about offset by price
declines for hogs, potatoes, and corn.
Index, 1957-59=100
Index, 1957-59=100
120
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES >
110
110
100
100
90
90
RATIO &
100
RATIQJ/
100
90
90
PARITY RATIO
80
70
,,,,,1*
^%,,
80
1
1
1962
1963
1
1964
|
1965
70
1
1967
1966
1968
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
1958
1959
1960
1961
1962__
1963
1964
1965
-.„
1966. _
1967
1967: July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1968: Jan 15 _
Feb 15
_
Mar 15
Apr 15
May 15 ___
June 15
July 15
Aug 15
All farm
products
__ _
__
_ _ _
104
100
99
99
101
100
98
103
110
104
106
105
105
104
104
105
105
106
107
107
108
107
108
108
Crops
100
99
99
102
104
107
107
104
106
100
99
99
98
101
102
103
103
102
103
104
105
103
99
101
Livestock All items,
interest,
and
products taxes, and
wage rates
Index, 1957-59=100
106
100
102
100
102
98
98
103
99
105
107
95
91
107
101
110
114
113
107
116
117
110
110
117
117
110
117
107
105
117
105
117
107
118
119
109
109
120
121
109
121
109
121
111
121
114
121
113
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio 1
Prices paid by farmers
Family
living
items
100
101
102
102
103
104
105
107
110
113
113
113
113
113
114
114
115
115
116
117
117
117
118
118
Production
items
100
102
101
101
103
104
103
105
108
109
110
109
109
109
109
109
110
111
111
111
112
112
112
111
Actual
85
81
80
80
80
78
76
77
80
74
74
75
74
73
73
74
73
74
74
73
73
73
73
74
Adjusted2
88
82
81
83
83
81
80
82
86
79
80
80
79
78
78
79
79
80
79
79
79
79
79
79
2 The adjusted parity ratio reflects Government payments made directly
to farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The seasonally adjusted money supply increased $0.8 billion in August, the smallest increase since March. Time
deposits, however, showed an extraordinarily large increase of $3.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
1968
1962
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
Money supply
Money supply
CurCurTime
DeDerency
rency
de- 1
mand
mand
outTotal
outTotal
posits
dedeside
side
posits
posits
banks
banks
Period
1962:
19631964'
1965:
1966:
1967:
1967:
Dec
Dec
Dec
Dec _ __
Dec
Dec
June
July
Aug
Sept
Oct
Nov
Dec
1968: Jan.
Feb _
Mar
Apr
Ma}'—
June
July v
Aus
1
COUNCIL OF ECONOMIC ADVISERS
_
_
_ _
_
147.4
153.0
159.3
166.8
170.4
181. 3
176.0
177.8
178. 9
179. 1
180.2
181.0
181. 3
182. 3
182.7
183.4
184. 3
186. 1
187. 1
189.4
190.2
Seasonally adjusted
30.6
116.8
32.5
120.5
34.2
125. 1
36.3
130.5
132. 1
38.3
40. 4
140. 9
39.3
136.7
39.4
138.4
39.5
139. 4
39.7
139.4
39.9
140.2
40. 1
141.0
40. 4
140. 9
141. 7
40.6
40.7
141.9
41. 1
142. 2
41. 4
143. 0
41. 6
144. 5
42. 0
145. 1
42.2
147.2
42.6
147.6
Deposits at all commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at
all commercial banks.
97.8
112.2
126.6
146.6
158. 1
183. 5
172. 6
174.8
177. 2
179.4
180.6
182.0
183. 5
184. 1
185. 2
186. 7
187. 1
187. 6
188. 2
190.4
193.7
151.6
157.3
164.0
172.0
175.8
187. 1
174.2
175.7
175.8
178.3
180. 5
182.4
187. 1
187. 6
181.4
182. 0
185. 6
182. 5
185. 3
187.2
186.8
31.2
33.1
35.0
37. 1
39. 1
41.2
39.2
39.6
39.6
39.7
40.0
40. 4
41.2
40. 5
40.3
40. 7
41. 1
41. 3
41.9
42.4
42.6
Unadjusted
120.3
124. 1
129. 1
134.9
136.7
145. 9
135.0
136.2
136. 2
138.5
140.5
141.9
145. 9
147. 1
141. 1
141. 2
144. 5
141. 1
143. 3
144.8
144.2
Time
deposits l
96.7
111.0
125.2
145.2
156.9
182. 0
173.0
175.2
177.8
179.0
180.4
181.3
182.0
183. 7
185.8
187. 7
187. 9
188.4
188. 6
190.8
194.3
U.S.
Government
demand
deposits l
5.6
5. 1
5.5
4.6
3.4
5.0
4. 0
5.7
4.3
5.0
6.3
5.3
5. 0
5. 0
7.2
6.6
4.2
6.4
5.4
5.7
5.5
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of time deposits and savings and loan shares (seasonally adjusted) rose $4.3 billion in August, almos
equaling the July increase and exceeding any other month this year. Holdings of short-term U.S. Government securities
declined $1.8 billion.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
600
200
200
100
100
1968
yASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
COUNCIL Of ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted!
End of period
1961
1962
1963
1964
1965
1966
1967
1967: July _
AUg
Sept
Oct
Nov
Dec
1968: Jan ._
Feb v
Mar
Apr v
May »
June p
July p"
Aup
Total
selected
liquid
assets
424. 6
459.0
495. 4
530. 5
573. 1
601.5
650. 5
623. 1
630. 3
635.7
638. 1
645.9
650. 5
655. 9
658. 7
665. 3
664. 0
667. 1
669. 9
675. 8
678. 3
Demand
deposits
and
currency l
142. 6
144.8
149. 6
156. 7
164. 1
168. 6
180. 7
172. 0
174. 2
176. 3
175.8
177. 9
180. 7
179.6
178. 3
181. 6
180.8
183. 5
186. 5
185. 8
185. 7
Time deposits
Commercial
banks
82.5
9a i
112.9
127. 1
147. 1
159.3
183. 1
174. 7
177. 2
17& 1
180.1
183.8
183. 1
186. 5
187.6
187. 8
187. 3
187. 3
187. 5
191. 2
193. 7
1
Agrees in concept with money supply, p. 29, except for deduction of demand
<h>}waits held by mutual savings banks and savings and loan associations. Data
for1 lant Wednesday of month.
Kiclmles holdings of Government agencies and trust funds, domestic comnwrlnl and mutual savings banks, Federal Reserve Banks, and beginning
30
Mutual
savings
banks
38.3
41. 4
44 5
49.0
52.6
55.2
60. 3
58. 4
58. 7
59. 1
59. 5
59. 9
60.3
3
60. 6
61. 1
61. 4
61. 7
62. 1
62.4
62. 8
63.7
Postal
Savings
System
0.6
.5
.5
.4
.3
.1
.I
.1
.1
Savings
and loan
shares
70.5
79.8
90.9
101.4
109.8
113.4
123. 9
119. 9
121. 0
122. 5
123. 0
123. 7
123. 9
3
123. 6
124.6
125. 9
126. 0
126.5
4
126. 8
127. 2
128. 1
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
one
year 2
47.4
47. 6
49.0
49. 9
50.5
50.9
51. 9
51. 3
51. 3
51.4
51. 4
51. 5
51. 9
51. 9
51.8
51. 8
51. 8
51. 8
51. 9
51. 9
52. 0
42. 6
46. 8
48. 1
46. 1
48. 6
53. 9
50.5
46.7
47.8
48. 2
48. 3
49. 1
50. 5
53.6
55. 4
57.0
56.5
55.9
54. 9
56. 9
55. 1
February
1960, savings and loan association.
B
Keflects conversion of a savings and loan association with share capital of
about $175 million to a mutual savings bank.
* Reflects liquidation of two savings and loan associations.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
ollowing the unusually large July increase of $7,3 billion, total bank credit (seasonally adjusted) increased an
Additional $4.5 billion in August, Free reserves increased slightly to a net borrowed position of $192 million.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
400
ALL COMMERCIAL BANKS
100
100
INVESTMENTS' IN
US. GOVERNMENT SECURITIES
50
50
INVESTMENTS IN OTHER SECURITIES
1962
1968
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
large com- outside
mercial New York
Total Loans,
Investments
City (232
banks
End of period
centers) ,
loans excluding
seasonally
and
Other
interU.S.
GovCommercial
investsecuri- and indus- adjusted
ernment
bank
annual1
ments
ties
securities
trial loans
rates
Billions of dollars
209. 6
1,832
120.4
32.9
65. 3
23. 9
1961
2, 021
227-9
134. 0
64. 6
29. 2
35. 2
1962
246.2
2,199
35. 0
38. 8
149. 6
1963
61. 7
1
2, 706
267. 2
38. 7
42. 1
1964 __
60. 7
167.7
3
8,018
294.4
44.8
192.6
57. 1
53. 1
1965
8,421
208.2
53.6
60.7
310.5
48. 7
1966
8, 740
346.5
59. 7
61. 4
225.4
65. 8
1967
8, 882
332. 5
216.5
59. 4
56. 5
63. 7
1967: July
3, 882
336.6
62.2
57. 3
218.0
61.3
Aug _ _
8,847
57.
7
63.
4
339. 1
61. 4
219.9
Sept
8, 891
342.0
61.9
58. 6
63. 1
221.4
Oct
3,897
61.2
60.4
63.7
222.7
Nov
_ _ 344.3
8,897
59.7
65. 8
346. 5
225.4
61. 4
Dec
62.4
60.0
4,046
227. 1
65. 0
349. 5
1968: Jan
62.1
62.7
353.6
65. 1
4, 047
228.9
Feb
4, 021
352. 1
63. 6
228.7
59. 8
66. 5
Mar
4, 215
63. 4
60. 0
67. 6
354.4
230. 9
Apr *
4,248
63. 5
67. 1
232. 1
60. 7
356. 4
May *v
4,354
63.4
60.5
69. 2
357.3
233. 4
June v . 4,437
64.2
69. 2
62.6
364.6
237.7
July
65.4
63.4
68.1
4,442
240.3
Aug v _ _ 369.1
All member banks
All commercial banks
(seasonally adjusted data)
1
Debits during period to demand deposit accounts except interbank and
U.S.
3 Government. New series beginning January 1964.
Averages
of daily figures. Annual data are for December.
8
New series; see Federal Reserve Bulletin, March 1967.
NOTE.—Data for all commercial banks revised beginning 1959; see Federal
Reserve Bulletin, August 1968. Effective June 1966, balances accumulated for pay-
Total
reserves
20, 118
20, 040
20, 746
21,609
22, 719
23, 830
25, 260
23, 907
23, 791
24, 200
24, 608
24, 740
25, 260
25, 834
25, 610
25, 580
25, 546
25, 505
25, 713
26, 001
26, 061
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
568
149
572
304
327
536
411
243
452
454
392
557
238
345
359
87
387
89
90
358
126
286
403
133
345
238
237
381
361
399
671
356
270
683
746
420
351
692
299
525
565
373
419
268
209
168
—2
-165
107
272
298
268
160
270
107
144
38
-315
-413
-326
-341
-226
-192
ment of personal loans (about $1.1 billion) are excluded from loans at all commercial banks, and certain certificates of COO and Export-Import Bank totaling
about $1 billion are included in other securities rather than in loans. Data include
Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit outstanding increased more than seasonally in July, and seasonally adjusted instalment crecfn
outstanding showed the largest increase since November 1965.
BILLIONS OF DOLLARS
BILUONS OF DOLLARS
TOTAL CONSUMER CREDIT OUTSTANDING
1968
1962
SOURCE: BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM
Period
1959
1960
1961
1962
1963
1964
1965 _
1966
. __
1967
1967: June
July
Aug
Sept
Oct
Nov
Dec
1968: Jan
Feb
Mar
Apr
Mav
June
Julv
1
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consumer instalment credit extended
Consumer credit outstanding (end of period;
and repaid (seasonally adjusted)
unadjusted)
Automobile paper
Total
Instalment
NonAutomoTotal
Total i
Personal instal-2 Extended Repaid Extended Repaid
bile
ment
paper
loans
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94, 786
99, 228
94, 813
95, 115
95, 684
95, 886
96, 094
96, 802
99, 228
98, 225
97, 672
97, 875
99, 142
100, 275
101, 467
102, 439
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
74, 656
77, 946
75, 051
75, 348
75, 889
76, 039
76, 223
76, 680
77, 946
77, 467
77, 327
77, 581
78, 345
79, 270
80, 363
81, 308
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
30, 961
31, 197
31, 208
31, 364
31, 455
31, 296
31, 237
31,217
31, 197
31, 061
31, 137
31, 380
31, 766
32, 240
32, 774
33, 253
9, 386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
20, 110
21, 690
20, 567
20, 666
20, 936
21, 087
21, 198
21, 375
21, 690
21, 631
21, 752
21, 873
22, 128
22, 378
22, 686
22, 930
Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
3
End of period, unadjusted.
32
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
20, 130
21, 282
19, 762
19, 767
19, 795
19, 847
19, 871
20, 122
21, 282
20, 758
20, 345
20, 294
20, 797
21, 005
21, 104
21, 131
48, 052
49, 560
48, 396
55, 126
61,295
67, 505
75, 508
78, 896
81, 263
6,823
6,776
6,929
6,973
6,942
7,032
7, 035
7,089
7,245
7,380
7,342
7,479
7,516
7,683
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
72, 805
77, 973
6, 531
6,551
6,585
6,689
6,631
6,614
6, 652
6,691
6,679
6,814
6, 800
6, 869
6,884
7,001
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
28, 491
27, 221
2, 338
2,266
2, 285
2, 322
2,321
2,305
2,306
2,437
2, 519
2, 567
2,517
2,578
2,574
2,669
15, 579
16, 384
16, 472
17, 478
19, 400
21, 676
24, 267
26, 373
26, 985
2, 281
2, 228
2, 240
2,280
2,301
2,240
2, 250
2,302
2,308
2,330
2,339
2, 343
2,337
2,405
Mortgage
debt outstanding
i nonfarm.
1-to 4family
houses 3
130, 900
141, 300
153, 100
166, 500
182,200
197,700
213, 200
223, 700
236, 100
228, 200
232, 200
236, 100
239, 100
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
Most interest rates continued to decline in early August. Since mid-August Treasury bill rates have risen somewhat
while most bond yields have remained relatively stable.
PERCENT PER ANNUM
7
PERCENT PER ANNUM
7
CORPORATE Aaa BONDS
(MOODY'S)
1962
1968
SOURCE- SEE TABLE BEIOW
Period
1961
1962
1963
1964_ _
1965
1966
1967 _
1967: July
Aug
Sept _ _ _
Oct _
_ __
Nov
Dec
__.
1968: Jan
Feb
Mar__
Apr _
May___
June
July
Aug
Week ended:
1968: Aug 16__
23
30__
Sept 6__
13
20__
A
1
3
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
2
3
(Standard
&
issues
bonds
bills *
Poor's) 4
2.378
3. 60
3. 90
3. 46
2. 778
3. 57
3. 95
3. 18
3. 157
3. 72
4. 00
3.23
3. 549
4. 06
4. 15
3. 22
3.954
4.22
4. 21
3.27
4.881
3.82
4. 65
5. 16
4, 321
5.07
4.85
3. 98
4. 308
5. 17
4. 86
4. 05
4. 275
5. 28
4. 95
4. 03
4.451
5.40
4. 99
4. 15
4. 588
5. 52
5. 19
4. 31
4.762
5.73
5. 44
4.36
5. 012
5. 72
4. 49
5. 36
5. 081
5. 18
4. 34
5. 53
4.969
5.59
5. 16
4. 39
5. 144
5.77
5. 39
4. 56
5.365
5.69
4. 41
5. 28
5. 621
5. 40
5. 95
'1. 56
5. 544
5. 71
5. 23
4. 56
5. 382
5. 09
5.44
4. 36
5. 095
5. 32
5. 04
4. 31
5. 084
5. 123
5. 173
5. 194
5. 246
*5. 218
5. 35
5.36
5.33
5.30
5. 36
5.
5.
5.
5.
5.
06
10
06
06
12
2
Rate on new issues within period.
Selected note and bond issoes.
April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday
figures.
*Not charted.
* Data for first of the month, based on the maximum permissible interest rate
(6% percent beginning early May 1968) and 30-year mortgages paid in 15 years.
4. 29
4.34
4. 45
4.48
4. 43
Corporate bonds
( Moody 's)
Aaa
Baa
Prime
commercial
paper,
4r-6
4. 35
4. 33
4. 26
4. 40
4.49
5. 13
5. 51
5. 58
~>. 62
5. 65
5. 82
6.07
6. 19
6. 17
6. 10
6. 11
6. 21
6. 27
('). 28
6.24
6. 02
5. 08
5. 02
4.86
4. 83
4.87
5.67
6.23
6. 26
6. 33
6.40
6. 52
6.72
6. 93
6. 84
6.80
6. 85
6. 97
7. 03
7. 07
6.98
6. 82
months
2.97
3. 26
3.55
3. 97
4.38
5. 55
5. 10
4. 92
5.00
5.00
5. 07
5.28
5. 56
5. 60
5.50
5. 64
5. 81
6. 18
6. 25
6. 19
5. 88
6. 00
5. 98
5. 97
5. 95
5. 95
6. 82
6.80
6.79
6.79
6. 80
5. 88
5. 88
5.88
5.88
5.88
FHA
new home
mortgage
yields 5
5.80
5. 61
5.47
5. 45
5. 46
6.29
6. 55
6. 51
6. 53
6. 60
6.63
6.65
6.77
6. 81
6.81
6. 78
6. 83
6. 94
7.52
7. 42
Sources: Treasury Department. Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The common stock price index averaged lower in August than in June and July, but has been rising again since mid
August.
Index, 1941-43=10
110
Index, 194t-43=
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
60
— 3
RATIO
"25
RATIO
25
PRICE/EARNINGS RATIO ON COMMON STOCKS
20
\
10 A
Y
i
^O~—1^
1"
15
,
1962
r
20
-^""""""""""'"i
?
r
1963
f
r
i
1964
t
1
!
i
I
1965
i
1966
t
^ *•»
—
>"--
t
1
1962
1963
1964
1965
1966 _
1967
1967: Aug
Sept.
Oct
Nov_
Dec
1968: Jan
Feb
Mar
Apr
May
June
July.
w. j
Aug
_ _
Week ended:
1968: Aug 2__
9
16
23
30__
Sept 6
13
1
___
_
_
i
!
1967
SOURC& STANDARD & POOR'S CORPORATION
Period
15
i
1968
i
K 10
N
COUNCIL OF ECONOMIC ADVISERS
Total
Total
62. 38
69.87
81. 37
88.17
85. 26
91.93
94. 49
95. 81
95. 66
92.66
95. 30
95. 04
90.75
89. 09
95. 67
97.87
100. 53
100. 30
98.11
65. 54
73.39
86. 19
93.48
91. 08
99. 18
102. 11
103. 84
104. 16
100. 90
103. 91
103. 11
98. 33
96. 77
104. 42
107. 02
109. 73
109. 16
106.77
97.33
97.04
98. 32
98.84
98.84
100.32
100.84
105.84
105. 54
107. 01
107.57
107.63
109.36
109.94
Price index *
Industrials
Capital Consumers'
goods
goods
1941-43=10
54. 96
58. 15
63. 30
62.28
73. 84
76. 35
81. 94
85. 26
74. 10
84. 86
79. 18
96. 96
101. 01
83. 88
8462
104. 17
83. 60
106. 64
80.47
103. 58
81. 92
106. 41
81. 06
102. 87
77.99
98. 13
77.49
96. 32
104. 08
84.79
87.75
106. 86
89.04
110. 65
88.38
108. 12
104.92
85.73
4
4
4
4
4
4
104.10
103. 76
105. 11
105.79
105.01
106.25
107.19
4
4
4
4
4
4
85.12
84. 95
85. 78
86.22
85.96
86.63
87.79
Railroads
Dividend
yield 2
(percent)
59. 16
64. 99
69. 91
76.08
68. 21
68. 10
68. 03
67. 45
64.93
63.48
64.61
68. 02
65. 61
62. 62
63. 66
62.92
65. 21
67.55
66.60
30.56
37.58
45. 46
46.78
46. 34
46. 72
50. 43
49. 27
46. 28
42.95
43. 46
43.38
42.35
41. 68
44. 79
48. 00
51. 72
51.01
48.80
3.37
3.17
3. 01
3.00
3. 40
3.20
3. 11
3. 07
3.07
3.18
3.09
3. 13
3.28
3. 34
3. 12
3. 07
3. 00
3.00
3.09
66.57
66.41
66. 68
66.92
66.46
66.77
66.90
48.45
47.89
49. 01
49.41
49.31
49.87
50.50
Public
utilities
4
4
4
4
4
4
Price/
earnings
ratio 3
16.68
17. 62
18.08
17. 08
14. 92
17.54
17.81
17.41
16.40
*17. 23
3. 10
3. 12
3. 08
3.08
3. 08
3.04
3.02
Includes 500 common stocks; 425 are industrials; 55 are public utilities, and 20 are3 averages of monthly data. Weekly data are Wednesday figures.
are railroads. Weekly indexes for capital and consumer goods are Wednesday
Ratio of price index for last day in quarter to quarterly earnings (seasonally
figures;
all other weekly Indexes are averages of daily figures.
adjusted
annual rate). Annual ratios are averages of quarterly data.
2
4
Aggregate cash dividends (based on latest known annual rate) divided by
Tuesday prices. * Not charted.
the ntrrregate monthly market value of the stocks in the srroup. Annual yields
Source: Standard & Poor's Corporation.
34
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
in fiscal 1968, receipts totaled $1 53.5 billion and expenditures $1 73.0 billion, yielding a receipt-expenditure account
deficit of $19.5 billion, including net lending, the total deficit was $25.4 billion. In the first month of the current fiscal
year, the total deficit was $2.6 billion/ a year earlier it was $5.7 billion.
BILLIONS OF DOLLARS
200 I
RECEIPTS AND
BILLIONS OF DOLLARS
200
OUTLAYS
,-"""7
160
120
1958
1959
1960
,1961
1962
J/RECEIPTS LESS EXPENDITURES AND NET LENDING,
_2/fa?EL!MINARY. J/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
1963
1964
FISCAI'V'EARS
1965
1966
1967
1968-^
1969-^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget receipts, expenditures, and net lending
Period
Receipts
Fiscal year:
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968 2*>
1969
__
First month:
Fiscal 1968
Fiscal 1969
Expenditures
79. 6
79.0
92. 5
94. 4
99. 7
106. 6
112. 7
116. 9
130. 9
149. 6
153. 5
179. 4
81. 2
89. 7
90. 4
96.7
104. 7
111. 5
118. 1
116. 7
130. 7
153. 2
173. 0
182.3
8.8
11. 7
14 2
14. 0
Surplus or
deficit (-)
Net
lending
Total
surplus or
deficit (-)
Total
Held by
the public
-19. 5
-2. 9
1. 5
2. 7
l! 9
1.2
2. 4
1
!5
1. 2
o. 8
5. 2
5. 9
2 1
-3. 1
-13. 3
.2
-3. 5
-7. 4
-4, 7
— 6. 0
— 1. 1
3. 7
-8. 8
-25. 4
-5. 0
289. 8
293. 0
295. 4
306. 1
313. 9
320. 4
326. 6
333. 3
344. 7
372. 0
389. 4
234 9
237. 0
238. 5
248. 3
254. 3
257. 5
2G1. 6
264. 6
267. 5
290. 6
298.0
-5. 4
-2.3
.3
.3
-5.7
-2. 6
349.2
375. 6
272. 5
294.6
-1. 6
— 10. 6
2. 1
-2. 3
-5. 0
-4. 9
5. 4
. I
.2
1
As published in the Treasury Bulletin, beginning July 1968.
- Estimate, as published in Summer Review oj the 1969 Budget, September 1968.
Bureau of the Budget.
NOTE.—Budget receipts and expenditures, net lending, and the public debt
re based cm The Budget oj the United States (Joiemmcnt, 1969, "which shows data
Loan
account
Receipt-expenditure account
Public debt and
agency securities
(end of period)1
-3! 6
on the basis of budget concepts adopted pursuant to the recommendations of the
resident's Commission on Budget Concepts. As soon as all of the data are
available on a monthly basis, the table will be expanded to include them.
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1968, individual income taxes increased by $7.2 billion, corporation income taxes declined by $5.3
billion, and other receipts increased by $2.0 billion. Military outlays of the Department of Defense rose by $9.7
billion. In the first month of the current fiscal year, receipts were $2.9 billion over a year earlier while expenditures
were down slightly.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
- 20
120
120
EXPENDITURES AND NET LENDING
100
100
80
80
NONDEFENSE
60
60
40
20
40
NATIONAL DEFENSE '
I
1
1958
1959
_L
1960
20
1963
1962
1961
_14>RELIMINARY.
J/feSTlMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
1964
1965
1966
1967
1968 ^
1969-2/'
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Expenditures and net lending
National defense
Period
Fiscal year:
1958_
__ __
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968 2p
1969
First month:
Fiscal 1968 _
Fiscal 1969
Total
_
Individual Corporation
income
income
taxes
taxes
Other
79. 6
79. 0
92.5
94.4
99.7
106. 6
112. 7
116.9
130. 9
149. 6
153. 5
179. 4
34. 7
36.7
40.7
41. 3
45. 6
47. 6
48. 7
48. 8
55. 4
61.5
68. 7
81. 8
20. 1
17.3
21. 5
21. 0
20. 5
21. 6
23. 5
25. 5
30. 1
34.0
28. 7
34. 8
24.8
25. 0
30. 3
32. 1
33. 6
37.4
40. 5
42. 6
45.4
54. 1
56.1
62. 8
82. 7
92.4
92. 3
97.9
107.0
111. 3
118. 7
118. 0
134. 6
158.4
178. 9
184.4
8. 8
11. 7
4. 0
5. 0
.9
2.2
4. 0
4. 5
14. 5
14. 3
1 Expenditure account.
2
Estimate, as published in Summer Review of the 1969 Budget, September 1968,
Bureau of the Budget.
NOTE.—Receipts and outlays in this table are based on The Budget of the
United States Government, 1969, which shows data on the basis of budget concepts
36
Total
Total
44. 5
46.7
45. 8
47.5
51.2
52. 2
53. 7
49.6
56.8
70. 1
Department of
Defense,1
military
39. 1
41. 2
41.2
43. 2
46. 8
48. 3
49. 8
46. 2
54.4
67. 5
77.2
Interna- Health,
tional
labor,
affairs
and
and
finance welfare
3. 3
3. 2
3. 1
3.4
4.6
4.2
4. 2
4. 2
4. 4
4. 6
15. 8
18.0
19. 1
22.4
24.0
25. 7
27.2
28.2
33. 2
40. 1
Other
19.2
24. 5
24.2
24.7
27.3
29. 2
33.7
36. 0
40. I
43. 6
6. 1
5. 5
adopted pursuant to the recommendations of the President's Commission on
Budget Concepts. As soon as all of the data are available on a monthly basis,
the table will be expanded to include them.
Sources: Treasury Department and Bureau of the Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised data, Federal receipts rose $5 billion (seasonally adjusted annual rate) in the second
quarter and expenditures $6% billion, yielding a deficit of about $10% billion. The deficit was up $1% billion from
the first quarter level but below the $12 to $13 billion rates of the preceding 3 quarters.
BILLIONS OF DOLLARS
120
100
+20
SEASO NALLY ADJUSTED ANNUAL
SURPLUS
FftSl
-20
DEFICIT
!
1
1962
1
1
PSS
!
1963
n PI
P*l
1
I
!
1964
\
1
IUA
H
\
I
RATES
m If
i
i
i
1966
1965
1
I
1967
1
!
i
!
1968
f
-20
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Fiscal year:
1964
1965
1966
1967 l
1968
Calendar
year:
1964___
1965___
1966___
1967___
1966: IIJ_
IV.
1967: I__
IIIII_
IV.
1968: I__
II__
Federal Government expenditures
Surplus
or
GrantsSubsidies deficit
Purin-aid
less
chases
Trans- to State
Net
current . < - > >
of goods fer payand
interest surplus income
and
and
local
paid
ments
of Govt, product
services
enter- accounts
governments
prises
Indirect ContriPersonal Corpobusiness butions
rate
tax
and
for
profits
Total nontax
tax and
tax
nontax social inreceipts accruals
accruals surance
Total
115. 5
120.5
133.0
147.8
160.8
50. 7
51.3
57.5
64. 5
71.2
25. 7
27.8
31.2
31.4
34.6
15. 6
16.9
15.7
16.0
17. 1
23. 5
24. 6
28.5
35.8
37.9
116. 9
118. 6
131.9
154. 3
172.7
65. 7
64.3
71.7
84.9
95.5
115.0
124.7
143.0
151.2
145.5
147.7
148. 1
148.2
152. 2
156^4
166.6
171. 8
48.6
53.8
61.7
67.3
62.9
64.9
66.0
65. 1
68.2
69.7
72.0
74.9
26.4
29.3
32.4
30.9
32.8
32.2
30.3
30.5
30.6
32.4
37.0
38.2
16. 1
16.5
15.8
16.2
16.0
16. 1
15.9
16. 1
16.3
16.4
17.0
17.5
23.8
25. 1
33. 1
36.8
33.8
34.5
35.9
36.5
37.0
37.9
40.5
41.2
118.1
123. 5
142.4
163.6
145.8
150.5
159.3
161.5
165. 1
168.6
175. 1
181.9
65.2
66. 9
77.4
90. 6
79. 9
81.5
87.4
90.0
91.3
93.5
97. 1
100.0
1
9. 8
10.9
12.7
14.8
17.2
8. 1
8.6
9.0
9.9
11.0
3. 8
4. 1
4.4
5.4
4.4
— 1. 4
2. 1
1. 1
— 6.7
-11.9
29.9
32.5
35.7
42.3
35.5
38.4
41.5
42, 1
42.9
42.7
45. 1
47.7
10.4
11. 1
14.4
15.7
14.9
15. 1
15. 1
14.6
15.9
17.0
17.7
18.3
8.3
8.7
9.5
10.3
9.5
10.0
10.2
9.9
10.2
10.7
11.3
11.8
4.2
4.3
5.4
4.8
5.9
5.5
5. 1
4.8
4.8
4.6
3.9
4. 1
-3.0
1.2
.7
-12.4
3
-2! 8
-11.2
-13.3
-12.9
-12.2
-8.6
-10.2
j
1
Preliminary, based mostly on seasonally adjusted data; not strictly comparable with preceding data.
29. 5
30.5
34.1
39.4
44.6
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
. .
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings'—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
^
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and
not available.
For sale by the Superintendent of Documents, U.S. Government Printiiig Office. Washington. D.C., 20402
Price 25 cents per copy; $2.50 per year; $3.50 foreign. Domestic air mail $6.10 per year.
38
U.S. G O V E R N M E N T P R I N T I N G O F F I C E : 1968
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