Full text of Economic Indicators : September 1972
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
92d Congress, 2d Session
Economic Indicators
September 1972
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1972
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
JOHN R . STAUK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
COUNCIL OF ECONOMIC ADVISERS
HERBERT STEIN, Chairman
EZRA SOLOMON
MARINA v. N. WHITMAN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—Isr SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $3.00 per year (foreign, $4.00) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product tosc $30.3 billion in the second quarter to a seasonally adjusted annual rate of $1/139.4
billion. This followed a rise of $31.0 billion in the first quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Net receipts
Expenditures
PerEquals:
Less:
Less:
Less:
sonal
Tax
Interest Total Personal
Transsaving
Trans- Equals:
and
paid and exclud- consumpPurfers,
or
fers,
Total
Equals:
tion
nontax interest, Net
ing
expend- interest, ofchases
expenddis- receipts
Total * transfer interest
goods
payand receipts itures
itures saving
and
or
and
and
ments
subsubtransaccruals sidies 2
to forsidies 2
fers
eigners
Disposable personal income
Period
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
473.2
511.9
546.3
591. 0
634.4
689.5
744.4
10.7
12.0
13. 0
13. 9
15. 1
16.7
17.9
18.5
427.4
461. 3
49a 9
532.4
575.9
617.7
671.6
725.8
401.2
432.8
466,3
492. 1
536. 2
579.5
616.8
664.9
26. 2
28. 4
32. 5
40.4
39. 8
38. 2
54.9
60. 9
174.1
189. 1
213. 3
22a 9
263.5
296. 7
302.0
321. 6
46.7
49. 9
55. 5
62. 8
70.7
77.9
93. 0
105. 7
127.3
139.2
157.9
166. 2
192. 7
218.8
209.0
215. 9
175.4
186. 9
212.3
242. 9
270. 3
287.9
312. 1
338.5
46. 7
49. 9
55.5
62.8
70. 7
77.9
93. 0
105.7
128.7
137.0
156.8
1971: I
II..
III..
IV..
725.7
742.9
750.4
758.5
18.3
18.4
18.7
18.8
707.4
724.5
731.7
739.7
648.0
660.4
670.7
680.5
59. 3
64. 1
61.0
59.3
313. 5
318.8
323.3
330.7
100.6
107.4
106.5
108.4
212.9
211.4
216.8
222.3
327.5
336. 9
340. 2
349.4
100.6
107.4
106.5
108.4
227.0
229.5
233.6
240.9
1972: I...
!!„.
770.5
782.6
18.8
19.1
751.7
763.5
696. 1
713.4
55.7
50. 1
353.8
361.4
112. 1
114, 1
241.7
247.3
361.6
368. 3
112. 1
114.1
249.4
254.1
199. 6
210.0
219.0
232.8
-1.4
2.2
1. 1
-13.9
-6.8
as
-10. I
-1&9
-14.0
-iao
-16.fr
-18,7"
-7,7
-as
International
Business
Period
isa i
Surplus
or
deficit
(—),
income
and
product
accounts
Net
Net exports of goods
Gross
and services
transfers
Excess of Total
Statis- national
Gross
Excess
to
forGross private
transfers
income
tical
product
of
retained domestic investor
or
eigners
discrepor
earn-3
by perEquals: of net
receipts
ancy
expendment
Less:
investNet
sons and Exports Imports
ings
exports
iture
ment 4
Governexports
ment
28. 6
32. 3
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
76.2
84,7
91.3
93.0
95. 4
97. 0
97.3
109.9
94.0
108. 1
121. 4
116.6
126. 0
139. 0
137. 1
152. 0
-17. 8
-23. 4
-30. 1
-23. 5
-30. 6
-42. 0
-39.7
-42. 1
2.
2.8
2. 8
3. 0
2. 9
2.9
3. 2
3.6
37. 1
39. 2
43.4
46. 2
50. 6
55. 5
62.9
66. 1
41. 0
48. 1
53. 6
59. 3
65.4
8.5
6. 9
5.3
5. 2
2. 5
1.9
3.6
.7
1971: !_..
II..
III.
103. 2
108.7
110.5
117. 2
143. 9
153. 0
152. 2
158.8
-40. 7
-44. 3
-41.7
-41.6
3. 2
3.4
3. 8
4. 0
66.3
66.7
68. 5
63. 0
61.8
66.6
68.2
65. 1
4.5
.1
.4
-2.1
1972:1
II
115.9
124.8
168. 1
177. 0
-52. 2
-52.2
3.8
3.8
70.7
70.0
75.3
75. 2
-4.6
-5. 2
0
O
1
Personal income (p. 5) less personal tax and nontax payments
(fines,
penalties, etc.).
2
Government transfer payments to persons, foreign net transfers
by Government, net interest paid by government, subsidies less
current surplus of government enterprises, and disbursements less
wage
accruals.
8
Undistributed corporate profits, corporate inventory valuation
adjustment, capital consumption allowances, and private wage
accruals less disbursements. Does not include retained earnings of
sa i
-5.7
633.7
-4. 1
688. 0
-2.4
750. 9
-2.2
794, 6
.4
866.9
1.0
936. 3
-.4
981. 1
2. 8 1, 055. 2
-1.3
-3. 1
-1. 0
f
-2". 7
-6.1
-4. 7
-4.8
632. 4
684. 9
749. 9
793. 9
864. 2
930. 3
976. £
1, 050. 4
-1.4
3. 2
3. 4
6. 1
1, 026. 7
1, 048. 0
1, 062. 8
1, 083. 2
-3. 3
-4. 9
-5. 9
-5. 2
1, 023. 4
1, 043. 01, 05a 9
1, 078. 1
8.4 1, 113. 1
9.0 1, 139. 4
-4. 1
-. 1
1, 109. 1
1, 139. 4
unincorporated business, which are included in disposable personal
income.
* Private business investment, purchases of capital goods by
private
nonprofit institutions, and residential housing.
5
Net foreign investment less capital grants received by United'
States, with sign changed.
Source : Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 11.4 percent in the second quarter, according
to current estimates. Reai gross national product rose at a 9.4 percent rate while prices increased at a 1.8 percent rate.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY
ADJUSTED ANNUAL RATES
GROSS NATIONAL PRODUCT
\
1,000
t,000
800
800
PERSONAL CONSUMPTION
EXPENDITURES
600
600
-GOVERNMENT PURCHASES OF GOODS AND SERVICES
400
200
400
200
_l_
NET EXPORTS OF GOODS
AND SERVICES
I
1966
GROSS PRIVATE DOMESTIC
INVESTMENT
!
1967
1968
1969
1970
1971
SOURCE i DEPARTMENT OF COMMERCE
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: I
II
III
IV
1972: I
II
COUNCIL OF ECONOMIC ADVISERS
Total
Personal Gross
conTotal
gross
private
sump- domestic
national gross
product national
tion
investin 1958 product expend- ment
dollars
itures
Billions (5f dollars; quarterly
Period
__
497. 2
629. 8
551. 0
581. 1
617. 8
658. 1
675.2
706.6
725. 6
722. 1
741. 7
731. 9
737. 9
742. 5
754- 5
766.5
783.9
520. 1
560.3
590. 5
632.4
684. 9
749.9
793. 9
864. 2
930. 3
976. 4
1, 050. 4
1, 023. 4
1, 043. 0
1, 056. 9
1, 078. 1
1, 109. 1
1, 139. 4
335.2
355. 1
375.0
401.2
432.8
466. 3
492. 1
536. 2
579. 5
616. 8
664. 9
648. 0
660.4
670. 7
680. 5
696. 1
713.4
71.7
83. 0
87.1
94.0
108. 1
121.4
116, 6
126. 0
139. 0
137. 1
152. 0
143. 9
153. 0
152. 2
158. 8
168. 1
177.0
3
This category corresponds closely with budget outlays for national defense,
shown on p. 36.
*
1972
j)urchases of good s and
Implicit
services
price
Federal
State deflator
for total
and
National
GNP,
defense1 Other local 1958= 1002
data at g easonall.y adjuste d annual rates
Gove rnment
Net
exports
of goods
Total
and
Total
services
107. 6
117. 1
5.9 122. 5
8. 5 128.7
6.9 137.0
5.3 156. 8
5. 2 180. 1
2. 5 199. 6
1. 9 210. 0
3. 6 219. 0
. 7 232. 8
4. 5 227.0
. 1 229.5
. 4 233. 6
-2. 1 240. 9
-4.6 249. 4
-5.2 254.1
5.6
5. 1
57.4
63.4
64. 2
65.2
66.9
77.8
90. 7
98. 8
98. 8
96. 5
97.8
96. 2
96.3
97. 9
100. 7
105. 7
108. 1
47.8
51. 6
50. 8
50.0
50. 1
60. 7
72. 4
78. 3
78.4
75. 1
71.4
72.5
71. 2
70. 1
71. 9
76.7
78.6
9.6
11.8
13. 5
15.2
16. 8
17. 1
18.4
20. 5
20.4
21.5
26. 3
23.7
25.0
27.8
28.7
28.9
29.6
50.2
53.7
58.2
63. 5
70. 1
79.0
89. 4
100. 8
111. 2
122.5
135.0
130. 8
133. 3
135. 7
140. 2
143.7
146.0
104.62
105. 78
107. 17
108. 85
110. 86
113. 94
117. 59
122. 30
128. 20
135. 23
141. 61
139. 84
141. 34
142. 35
142. 88
144. 68
145. 34
2
Gross national product in current dollars divided by gross national product
in 1958 dollars.
Source: Department of Commerce.
RATIONAL INCOME
National income rose $19 billion (seasonally adjusted annual rate) in the second quarter with increases occurring
in most types of income. Flood damage in June held down second quarter proprietors' and property income.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
900
900
800
800
700
700
600
600
500
500
400
400
•PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT*
...I
Li
100
100
NET INTEREST
\
J
I
J
I
1966
1967
1968
L
J
1969
1970
L
J
L
1972
1971
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: I
II
III
IV__
_
1972: I_
II
1
Includes
2
_
Compenof employees l
Proprietoi"s' income
Farm 2
of
per-
Net
inter_ _j.
est
427. 3
457.7
481. 9
518.1
564. 3
620. 6
653. 6
711. 1
766.0
798. 6
855. 7
302. 6
323. 6
341. 0
365.7
393.8
435. 5
467. 2
514. 6
566. 0
603. 8
644. 1
12. 8
13. 0
13. 1
12.1
14.8
16. 1
14. 8
14. 7
16. 7
16.9
17.3
35. 6
37. 1
37. 9
40.2
42.4
45. 2
47. 3
49. 5
50. 5
49. 9
52.6
16. 0
16.7
17. 1
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23.3
24.5
10. 0
11. 6
13. 8
15.8
18.2
21. 4
24. 4
26. 9
30.5
34. 8
38.5
834. 5
851. 4
860. 8
876. 2
628. 6
039. 6
648. 0
660. 4
16. 8
16. 9
17. 6
18. 1
51. 3
52. 4
53. 1
53. 8
23. 9
24. 4
24. 8
25. 0
903. 1
922. 1
682. 7
697. 8
19. 1
18. 7
54. 3
54. 4
25. 2
24. 2
employer contributions lor social Insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in fanning and therefore differs
from net farm income (including net inventory cbange) on p. 6 which includes
such profits.
Business
and professional
Rental
income
Corporal >Q profits and inventory va luation ac Ijustment
Total
50. 3
55.7
Profits Inventor}'
valuation
before
taxes adjustment
66.3
76.1
82. 4
78. 7
84. 3
79. 8
69. 9
78. 6
50. 3
55.4
59. 4
66.8
77.8
84. 2
79. 8
87.6
84.9
74. 3
83. 3
37.3
38. 1
39. 1
39. 7
76. 6
80. 1
78. 3
79.4
81. 3
84. 5
84. 1
83. 2
-4.7
-4.4
-5.8
40. 1
40. 9
81. 8
86. 1
88. 2
91. 6
-6.5
-5.5
Source: Department of Commerce.
sa 9
-0. 1
.3
—.5
K
^"^ . «J
-1.7
-1.8
— 1. 1
-3.3
-5.1
-4.4
-4.7
— ^j^ y
SOURCES OF PERSONAL INCOME
Personal income rose about $7 billion (seasonally adjusted annual rate) in August as payrolls increased by $5
billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL PERSONAL INCOME
800
800
WAGE AND SALARY DISBURSEMENTS
"
\
"
600
600
--B - «..«-**-«-
400
400
OTHER INCOME
inj .iiiiiniiumi"
200
200
TRANSFER PAYMENTS
• ,,
1966
SOURCE:
1967
1968
,1
I ! I I I I I 1 I 1
1970
1969
1972
1971
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Period
Propriet ors' income
Total
and
Other
personal salary
labor
Business
income disburse- income 2 Farm
and prol
ments
fessional
1963
1964
1965
1966
1967
1968
1969
1970
1971
465. 5
497. 5
311. 1
750.9
806.3
861.4
1971: July
Aug
Sept
Get
862.4
869.1
872.2
Nov
874. 8
879. 4
890. 4
1972: Jan
Feb
Mar
81 )$. 9
908. 5
Dec
Apr___.
May
Juno....
July ...
Aug " _ ^
1) 1 3. (')
1)11). 4
DIM. 0
D1T2. 1)
1W2. 1)
I);*'.). S
Less: PerPersonal Transfer sonal con- Nonagricultural
interest
paytributions personal
income
ments
for social income *
insurance
423. 1
464. 9
509. 7
541. 9
572. 9
13.1
12. 1
14.8
16, 1
14.8
14. 7
16.7
16. 9
17.3
37. 9
40. 2
42.4
45.2
47. 3
49. 5
50. 5
49. 9
52. 6
17.1
18.0
19.0
20.0
21. 1
21. 2
22.6
23.3
24.5
16.5
17. 8
19.8
20.8
21. 4
23. 6
24. 3
24.8
25.4
572. 5
577. 2
577. 9
579. 9
583. 4
594. 3
36. 9
37. 2
37. 5
37. 8
38.0
38. 3
17.2
17.6
17.9
18. 0
18. 1
18. 1
52.8
53. 1
53.4
53. 6
53. 8
53. 9
24.7
24.9
24. 9
24. 9
25.0
25. 1
25.5
25.6
25.5
25.5
25.5
24. 6
602. 6
609. 0
612. 4
617. (i
Gil). 9
(ilM. 0
38. 5
18. 6
54. 0
25. 1
26.0
70.8
97. 6
34. 3
873.4
38. 8
19. 1
54. 1
25.2
26. 1
71.0
100. 0
34.7
882.4
39. 1
19. 5
54.7
25. 3
71.3
26. 0
100. 1
34. 8
887. 1
39. 5
19. 1
54. 9
25.5
26. 1
72.0
99. 7
35.0
893.4
39. 8
18.7
55.3
26.3
25.6
72. 7
100. 9
35. 1
898. 3
40. 1
18.4
53.2
26. 3
73.4
21.5
101.3
35.3
897.5
40. 5
18. 6
55.7
25. 8
26. 4
102.2
73.5
35.5
907.3
40. 8
18. 8
56. 1
25.9
26. 6
73. 6
103.0
35. 7
914. 1
8
: employer contributions for
Personal income exclusive of net income of unincorporated farm enterprises,
Ull::.
farm wages, agricultural net interest, and net dividends paid by agriculture1
M i l t l i , und welfare funds; cpmcorporations.
•M- pay; and a few other minor
Source: Department of Commerce.
()!2f>. 7
<>:«). 7
1
Compensatioi
social insurance und WIIKO uivruah,
i
'Employer contribution. 1 to prlv
pensation for Injuries; dlri«ci« m' fmv
items.
4
Dividends
14.9
16. 6
18.7
20.7
22. 3
25. 4
28.4
32. 1
36.5
333.7
358.9
394.5
538.9
587. 2
629. 3
688. 9
Rental
income
of
persons
31.4
34.9
38.7
43. 6
4a o
52.9
59.3
65.8
69. 6
35.3
36.7
39.9
44. 1
51.8
59. 6
65. 8
79.5
93.6
11.8
12.5
13.4
17. 7
20. 5
22. 8
26. 3
28. 0
31.2
448. 1
480.9
519.5
566. 3
609. 4
668. 8
728. 3
782. 8
837.2
69.8
70.2
70. 5
70.5
70.6
70.7
94. 2
94.7
96. 1
96.2
96. 8
97.6
31.2
31.4
31. 5
31. 6
31.8
32. 3
838.4
844. 7
847.6
850. 0
854. 5
865.0
DISPOSITION OF PERSONAL INCOME
Although the growth in personal income (seasonally adjusted) was much less in the second quarter than in the first,
the rise in disposable income was about the same. Consumption showed a large gain and the saving rate fell.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
500
DOLLARS
4,000
PER CAPITA DISPOSABLE PERSONAL INCOME
DOLLARS
4,000
SEASONALLY ADJUSTED ANNUM RATES
3,500
3,500
3,000
3,000
2,500
2,500
2,000
2,000
1966
1967
1968
1971
1972
SOURCEt DEPARTMENT OF COMMERCE
Period
Less"
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per cap>ita disL ess: Perse>nal outla^fs
posable personal
Equals:
Persoilal consuEaption
Equals:
incc>me
Disex penditure s 2
Personal
posable Total
saving Current
personal personal Durable Non1958
income outlays * goods durable Services
dollars dollars
goods
Billions of dollars
1963
1964.
1965. _ _ _
1966
1967
1968_ _ _ _
1969_ _ _ _
1970__ _ _
1971
465. 5
497. 5
538.9
587. 2
629. 3
688. 9
750. 9
806. 3
861. 4
60. 9
59. 4
65.7
75.4
83. 0
97.9
116. 5
116. 7
117. 0
404. 6
438. 1
473.2
511. 9
546. 3
591. 0
634. 4
689. 5
744. 4
384. 7
411. 9
444.8
479. 3
506. 0
551. 2
596. 2
634. 7
683. 4
53.9
59. 2
66.3
70. 8
73. 1
84.0
90. 8
90. 5
103. 5
Saving
as percent of Populadistion
posable
(thou-3
personal sands)
income
(percent)
Dol iars
168. 6
178.7
191. 1
206. 9
215. 0
230. 8
245. 9
264. 4
278. 1
19. 9
26. 2
28.4
32. 5
40.4
39. 8
38. 2
54. 9
60. 9
2,138
2,283
2,436
2,604
2,749
2,945
3, 130
3,366
3,595
2,015
2,126
2,239
2,335
2,403
2,486
2,534
2,603
2,679
4. 9
6.0
6.0
6.4
7.4
6.7
6.0
8. 0
8.2
189,
191,
194,
196,
198,
200,
202,
204,
207,
8
3
1
9
59. 3
64. 1
61. 0
59. 3
3,517
3,592
3,620
3,649
2,650
2, 682
2,684
2,698
8.2
8. 6
8. 1
7.8
206, 310
206, 806
207, 312
207, 856
296. 7
302.4
55. 7
50. 1
3, 700
3,751
2,716
2,739
7.2
6.4
208, 255
208, 628
152. 4
163.3
175.5
188. 6
204.0
221. 3
242. 7
261. 8
283. 3
242
889
303
560
712
706
677
879
049
Seascmally adjij,8ted annik a I rates
1971:1—
II__
III _
IV__
838.
858.
867.
881.
0
1
9
5
1972: I — 907.0
II.. 922. 1
112.
115.
117.
123.
3
2
5
0
136. 5
139. 5
725.
742.
750.
758.
7
9
4
5
666. 4
678.8
689. 4
699. 2
99. 8
101. 9
106. 1
106. 1
273.
277.
278.
283.
770. 5
782. 6
714. 9
732. 5
111. 0
113. 9
288. 3
297. 2
1
Includes personal consumption expenditures, interest paid by consumers,
and1 personal transfer payments to foreigners.
See p. 2 for total personal consumption expenditures.
4
2
5
4
274.
281.
286.
290.
8
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) declined 1 percent in the second quarter, including
inventory change the decline was 2 percent.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
SEASONALLY ADJUSTED ANNUAL RATES
60
REALIZED GROSS
FARM INCOME
50
50
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
-V
20
20
10
10
1966
1967
1968
1970
1969
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Personal
income re ceived by
income re ceived fro m farming
T
total i"arm popu lation
Net t<^ farm
oper ators
Realize d gross
From
all
Period
sources
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: I
II
III_IV
20.6
20.6
23. G
24. 9
24. 0
25. 1
27.6
28. 2
29. 5
__
From
From
nonfarm
farm
sources sources
12. 1
11.3
13. 5
14. 4
13. 1
13. 2
14. 9
15. 0
15. 6
8.5
9.3
10. 0
10. 5
10. 9
11. 9
12. 7
13. 2
13. 9
Net inc ome per
farm incl uding net
inventory change 3
Produc—
Cash tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total i
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions c)f dollars
Dol lars
42.3
37.4
29.7
4,030
13.2
12.6
3, 708
42. 0
29. 5
37. 2
3, 832
13.1
12.3
3, 564
44.9
39. 3
30.9
4,723
14.0
15.0
4,487
43. 3
16. 3
49. 7
33. 4
16. 3
5, 121
5, 019
14.2
4,730
49. 0
42.7
34. 8
14. 9
4,730
44. 1
50. 9
14. 8
4, 854
36. 2
14.7
4, 667
55.6
48. 1
38.8
16. 8
16. 9
5, 674
5,206
41. 1
57. 9
5,047
50. 5
16.8
5,754
16. 8
60. 1
44. 0
53. 1
16. 1
17. 4
6,049
5,083
Seaso nally adjiisted annu al rates
51. 9
15.8
59.0
43. 2
5,840
4, 990
16.8
52. 1
15.4
4,980
59. 1
16.9
5,880
43.7
60.4
17. 7
44. 3
16. 1
5, 130
53. 4
6, 150
44. 9
16. 9
54.9
18. 2
6,330
5,280
61.8
1972: I
II
:
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also,
see
footnote 2, p. 3.
8
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
1972
1971
64. 1
64. 8
56. 5
56.9
45.6
46. 5
18. 5
18. 3
19.3
18.9
6,820
6,680
5,590
5,390
* Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Revised estimates for the second quarter show that corporate profits before taxes rose $3.4 billion to a seasonally
adjusted annual rate of $91.6 billion. After taxes the rise was $2.0 billion. Second quarter profits were adversely
affected by the hurricane in June.
BILLIONS OF DOLLARS
BILUONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
100
100
PROFITS BEFORE TAXES
\
PROFITS AFTER TAXES
SO
40
20
20
1967
1966
1968
1970
1969
1972
1971
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Cor]^orate pi ofits
Corjuorate pr ofits (befc>re taxes) and inveritory
a fter taxekS
Corpo- Profits
valuation adjustmei at
rate
plus
TransCorpo- CorpoM "anufactui ing
capital capital
portation,
rate
rate
conconUnDivicomPeriod
tax
profits
NonAll
Durable durable
AH l before liabil- Total
dend distrib- sump- sumpmuniindustion
tion
goods
uted
paytaxes
ity
Total indusgoods cations, other
tries
ments profits allow-2 allow-3
and
indusances ances
tries
public
tries
utilities
28. 8
13. 0
15. 8
16.5
1963
58. 9
20.6
59.4
33.1
16.6
9. 5
26. 3
31.8
64. 8
17.8
32.7
14.9
23.5
20. 6
17.8
1964______ 66.3
38.4
33. 9
10.1
66.8
28. 3
72.3
16. 6
39.3
1965
76. 3
22. 8
46. 5
26. 7
36.4
25. 6
19. 8
82.9
77.8
11. 1
31. 3
42.
6
24.
0
18.
6
1966
82. 4
84. 2
49. 9
20. 8
29. 1
39. 5
27.9
34.3
11. 9
89. 5
18. 0
20. 7
38. 7
1967. _ _ _ 78.7
33.2
46.
6
25.
3
29.
1
21.
4
43.
0
10.8
79. 8
89. 6
41. 7
22. 4
19. 3
84. 3
23. 6
24. 2
32. 0
1968
87. 6
47. 8
46. 8
91 6
10. 6
39. 9
17. 7
36. 6
18.8
79. 8
33. 1
1969_
84. 9
44. 8
24. 3
20. 5
40. 1
10. 1
51. 9
96. 7
27. 7
11. 0
16. 7
69. 9
15.4
24. 8
1970.
34. 6
74. 3
34. 1
40. 2
7. 6
55. 2
95. 4
30. 9
14. 1
16. 8
78. 6
1971
37.3
20. 5
39. 6
83. 3
45, 9
25. 4
60. 3
8. 2
106. 2
1971: I
11. - _
IIL_.
!¥__„
1972: I
!!___
76. 0
80. 1
78. o
79. 4
30. 9
14. 3
30. 1
31. 2
34. 4
13. :j
14. 3
16. 6
16. 8
10. 9
16. 9
7. 8
S. 8
37. 8
40. 2
7. 6
81. 8
86. 1
35. 4
17. 7
19. 4
17. 7
17.6
7. 8
8. 8
;u. 2
37. o
s. r>
25.5
25.4
25. 5
25. 2
17.7
20. 4
21. 0
22. 7
57.5
59. 4
61. 2
63. 0
100.7
105. 2
107. 8
111.0
-38. 8
40. 1
49. 5
51. 5
26. 0
26. 2
23.5
25. 3
64. 8
68. 0
114.3
119. 5
38.
: 0
4(1 it
8-1. 1
S3. 2
38. f>
40. o
88, 2
91. 6
39. <;
12 Includes all other industries and financial institutions.
Includes depreciation and accidental damages.
* Corporate profits after taxes plus corporate capital consumption allowances.
37. 5
~J5. 3
43. 2
45. 8
46. G
48. 0
81. 3
84, r>
;a (>
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) showed another large gain in the second quarter, aided by
a step-up in inventory investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
20
20
1966
1971
SOURCE: DEPARTMENT OF COMMERCE
1972
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Total
gross
private
domestic
investment
Period
Total
Struc tures
Total
Total
1961
1962
1963
1964
1965
1966
1967
1968
1969...
1970
1971
_
__
1971:1.
II
Ill
IV
1972:1
II
_
71.7
83.0
87.1
94. 0
108.1
121.4
116.6
126.0
139.0
137.1
152.0
69.7
77.0
81. 3
88.2
98. 5
106.6
47.0
51.7
54. 3
61.1
71. 3
81.6
131. 1
132.2
148. 3
88. 8
98. 5
100. 9
105. 8
143.9
153.0
152.2
158. 8
139. 0
146.4
150. 9
157.2
168. 1
177.0
167.7
172.0
Source: Department of Commerce.
8
Kesid ential
struc tures
N<jnresident ial
ioa 4
na 9
18.4
Nonfarm
Total
Nonfarm
Total
Nonfarm
Total
Nonfarm
30. 3
34.2
36. 0
38. 4
18.8
20.5
24. 9
27. 8
27. 3
29. 6
33. 5
35. 2
37. 5
32. 5
34.8
39.9
45. 8
53. 1
55. 3
58. 5
64. 3
64. 9
07. 4
25.8
29.4
31.2
36.3
41. 6
4a 4
50.0
53. 6
59. 2
59. 2
60. 9
22.6
25.3
27.0
27.1
27.2
25. 0
25. 1
30. 1
32.6
31. 2
42. 6
22.0
24.8
26. 4
26.6
26.7
24. 5
24. 5
29. 5
32. 0
30. 7
42. 0
101. 9
105. 0
106. 3
109. 8
37. 6
38. 3
38. 7
38. 8
36. 8
37. 5
37. 9
38. 0
64. 3
66. 7
67. 6
71. 0
58. 3
60. 4
60. 8
64. 2
37. 0
41. 4
44. 5
47. 3
36. 6
40. 9
43. 9
46. 7
4.9
1.7
3.9
5.1
—.2
.8
116. 1
119.2
41.3
42.0
40. 5
41. 2
74. 8
77.2
67. 7
69. 6
51. 6
52. 8
51. 0
52. 1
.4
5.0
4.3
sa 3
19.2
19.5
21.2
25. 5
2R5
2a o
17.7
Produce re' durable equ ipment
Change in business inv entories
ias
28.6
2.0
6.0
5. 9
5.8
9. 6
14.8
a2
7. 1
7.8
4. 9
3. 6
6. 6
1. 3
1.7
5.3
5.1
6.4
8.6
15.0
7.5
6.9
7.7
4,8
2.4
.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen have projected a 10 percent increase in plant and equipment expenditures from 1971 to 1972. Outlays
are expected to rise from the first to the second half of 1972.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
1100
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW PLANT AND EQUIPMENT
60
60
NONMANUFACTURING
40
40
MANUFACTURING
20
20
I
1966
1967
1968
1969
1970
\
I
!
I V I
1972
1971
J/ SEE FOOTNOTE 3 BELOW.
SOURCE i DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufactui "ing
Period
Total *
Transportat ion
Durable
goods
Nondurable
goods
Mining
Total
40. 77
46. 97
54. 42
63. 51
65. 47
67. 76
75. 56
79. 71
81. 21
89 10
15. 06
16. 22
19. 34
23. 44
28.20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 66
6. 79
7. 53
9.28
11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 70
8.26
8.70
10.07
11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
1 5. DO
1.40
1.27
1. 34
1. 46
1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 44
1971: I
79. 32
81. 61
80. 75
83. 18
30. 46
30. 12
29. 19
30. 35
14.
14.
13.
14.
10.
10.
15.
15.
2.
2.
2.
2.
1972: I
11
86. 79
S7. 12
30. 09
30. 37
32. 0'2
33. 22
1 5. 06
14. 77
Hi. 22
10. 5S
1962
1963
1964__ _ _ _ _ . _
1965
1966
1967
1968
1969
1970
1971 3
1972
!!___
Ill
IV
III ^
IV3
sa 39
oo. as
91. 84
21
06
76
01
2f»
00
43
74
15. 02
15. (J()
10. 40
JO. 65
1
Excludes agricultural business; real estate operators; medical, lop-al, educational, and cultural service; and nonprofit organizations.
-3 Includes trade, service, construction, finance, and insurance.
Estimates based on expected capital expenditures as reported by business
n late July and August 1972. Includes adjustments when necessary for systematic
#ndencies in expectations data,
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
Railroad
Air
Other
Public
utilities
Communication
Commercial
and
other 2
1. 02
1. 26
1. 66
1. 99
2. 37
1. 86
1. 45
1. 86
1. 78
. 67
. 81
0. 52
. 40
1. 02
1. 22
1.74
2. 29
2. 56
2. 51
3. 03
1.88
2. 50
1. 65
1. 58
1. 50
1. 68
1. 64
1.48
1. 59
1. 68
1. 23
1. 38
1. 38
4.90
4. 98
5.49
6. 13
7.43
8.74
10.20
11. 61
13. 14
15. 30
17. 32
3. 85
4. 06
4.61
5. 30
6.02
6. 34
6. 83
8. 30
10. 10
10.77
11. 99
9. 99
10. 99
12.02
13. 19
14.48
14.59
15. 14
16. 05
16. 59
18. 05
19.99
04
08
23
30
. 46
. 88
. 72
. 64
1. 29
2. 28
1.68
2. 26
1. 33
1. 40
1.48
1. 33
14. 64
14, 91
15.87
15. 74
10. 70
11. 21
10.73
10. 44
17.39
17.72
17.85
19. 10
2.42
2. 38
2. 46
2. 52
2. 10
1. 88
1. 71
1. 56
1.
2.
2.
2.
1.48
1. 53
1. 49
1. 10
16.92
16.60
17.36
18.36
11.71
11. 59
2aio
96
89
57
59
19.88
32. 19
32 49
necessarily coincide with the average of seasonally adjusted figures.
These figures donot 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.
Source: Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Civilian employment rose by 291,000 (seasonally adjusted) in August to a record 82.0 million, but the civilian labor
force rose even more (393,000) and unemployment increased slightly.
MILLIONS OF PERSONS*
190
MILLIONS OF PERSONS*
90
SEASONALLY ADJUSTED
85
H85
CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
uNEl vAI3LoY/v* Ehn
£•
v
c-
5 E;^5 Oh4Airf *VC A SI"ED
More
w ^fflTp
-
XW
Mr i
+
>,i
1967
1?<!>6
5= 3
1 96*J
-
r*
Period
1967___
1968___
1969___
1970.._
1971...
1971:
July.
Aug_
Sept.
Oct..
Nov.
Dec.
1972:
Jan*.
Feb__
Mar..
Apr.
May.
June.
July,
Aug_
Civilisin employ inent
NonagriTotal
cul-
Unemployment
Total
labor
force
(including
Armed
Forces)
jpersons 16
1 80, 793
82, 272
84, 239
85, 903
86, 929
88, 808
88, 453
86, 884
87, 352
87, 715
87, 541
80, 681
80, 618
79, 295
80, 065
80, 204
80, 188
76, 710
76, 853
75, 851
76, 595
76, 942
77, 240
5,330
5,061
4, 840
4,570
4,815
4,695
86, 727
87, 088
87, 240
87, 467
87, 812
87, 883
87, 147
87, 318
87, 914
87, 787
87, 986
90, 448
91, 005
90, 758
79, 106
79, 366
80, 195
80, 627
81, 223
82, 629
83, 443
83, 505
76, 237
76, 458
77, 101
77, 339
77, 692
78, 653
79, 383
79, 475
5,447
5,412
5,215
4,697
4,344
5,426
5, 173
4, 857
88, 801
88, 075
88, 817
88, 747
88, 905
88, 788
88, 855
89, 256
1
Total labor force as percent of noninstitutional population.
Source: Department of Labor.
i
\
197 2
97
97<
COUNCIL OF ECONOMIC ADVISERS
Thousands of
80, 793 74, 372 70, 527 2,975
82, 272 75, 920 72, 103 2,817
84, 239 77, 902 74, 296 2,831
85, 903 78, 627 75, 165 4,088
86, 929 79, 120 75, 732 4,993
Unadji jisted
10
T
.
*16 YEARS OF AGE AND OVER.
SOURCE! DEPARTMENT OF LABOR
Total
labor
force
(including
Armed
Forces)
"
^
)
19^>9
-
Civiliein emplo yment
Civilian
labor
force
Total
Agricultural
years of age and o ver
77, 347 74, 372 3,844
78, 737 75, 920 3, 817
80, 733 77, 902 3, 606
82, 715 78, 627 3,462
84, 113 79, 120 3,387
*Seasonally adjuster I
Nonagricul-
oyment Labor
Unem- Unempl
force
(pe rcent of participloy- rate
civih'a Q labor pation
ment
for ce)
rate1
Percent
70, 527
72, 103
74, 296
75, 165
75, 732
2,975
2, 817
2,831
4,088
4,993
3.8
3. 6
3. 5
4. 9
5.9
Unadj.
84, 750
85, 116
85, 225
79, 014
79, 199
79, 451
79, 882
80, 020
80, 098
3,374
3,407
8,863
3,416
3,419
8,400
75, 640
75, 792
76, 088
76, 416
76, 601
76, 698
4,916
6,114
5,040
4,918
5,096
5,127
6. 2
5. 9
5. 8
5. 4
5. 7
5. 5
85, 707
85, 535
86, 313
86, 284
86, 486
86, 895
86, 467
86, 860
80, 636
80, 623
81, 241
81, 205
81, 894
81, 667
81, 682
81, 973
8,393
3,357
3, 482
8,324
3,858
8,337
3,445
3,625
77, 243
77, 266
77, 759
77, 881
78, 041
78, 830
78, 237
78, 348
5,071
4,912
5,072
5,079
5,092
4, 728
4,785
4, 887
6. 4
6. 4
6. 1
5. 5
5. 1
6. 2
5. 8
5. 5
88, 980
84, 318
84, 491
60. 6
60. 7
61. 1
61. 3
61. 0
Seaso natty
adju sted
5. 9
6. 1
6. 0
5.8
6. 0
6.0
5. 9
5. 7
5. 9
5. 9
5.9
5. 5
5. 5
5. 6
60.8
60. 9
61. 0
61. 0
61.2
61. 1
61. 0
60. 8
61. 2
61. 1
61. 1
61. 0
60.9
61. 1
'Data beginning January 1972 not strictly comparable with prior data because
of adjustment to the 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The overall unemployment rate edged up to 5.6 percent (seasonally adjusted) in August from the 5.5 percent rate of
the previous 2 months. However, joblessness among married men declined from 2.7 percent in July to 2.6 percent in
August, the lowest rate since June 1970.
PERCENT
PERCENT
MO
10
SEASONALLY
ADJUSTED
LABOR FORCE TIME LOST
.<-# \
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1972
1966
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISEES
UneEaploymen t rate
(percen t of civilijin labor
for ce in grotip)
Experi- Married
enced
All
and men
(wife
workers wage
salary present)
workers
Period
1967
1968
1969
1970
1971
„
3.8
3.6
3. 5
4. 9
2. 6
3. 2
Seasonal!.?/ adjusted
5. 9
5. 6
S. 1
6. 1
S. 2
5. 7
6. 0
8. 3
5. 7
5. 8
5. 5
3. 0
3. S
f>. 7
6. 0
6. 0
6. 8
S. 2
5. 9
3. 0
5. 6
5. 7
2. 8
6.4
5. r>
5. 9
2. 8
5. 9
5. 8
2. 9
5.5
5.9
2. 9
5. 5
5. 0
2. 9
6. 5
5. S
2. 7
5. 6
5. 8
2. 0
5.9
1971: July _
Aug___
Sept__
Oct _
Nov
___
___
___
__
Dec_
1972: Jan
Feb..
Mar___
Apr
May
June _ _
July
Aug
_ _
Per cent
1. 8
3.6
1.6
3.4
3.3
1. 5
4. 8
5. 7
Persons at work in nonagn cultural in
dustries
by hours worked p>er week 2
Uiider 35 hoUTS
Labor
Part-time for
Part-ti me for
force
economi e reasons economic3 reasons
time lost l Over 40 35-40
hours
Total
hours
Usually Usually Usually Usually
partfullpartfulltime 3
time 4
time 3
time 4
Thousan ds of pers ons 16 ye*irs of age and over
4.2
20, 920 32, 616 13, 290
1,060
853
20, 600 32, 658 14, 785
4.0
895
820
3. 9 20, 608 34, 201 15, 210
855
955
18, 925 33, 537 18, 222
1, 201
5.3
995
19, 095 35, 752 16, 298
1, 184
C. 4
1,256
(Jnadjustec i
Seasonall y adjusted
6. 8
17, 805 34, 528 13, 898
1, 094
1,939
1,148
1,290
1, 262
0. 5
17, 949 35, 307 13, 329
1, 752
1,278
1,147
6. 3
19, 964 36, 888 15, 081
1, 126
1,094
1,076
1,285
6.5 ! 19, 169 32, 957 21, 039
1, 080
1,166
1,148
1,354
1, 120
1, 191
1, 263
1, 341
a. 4 20, 249 37, 495 16, 294
6. 4 20, 239 37, 428 1 6, 799
1, 045
1, 153
1, 304
1,084
(>. 4 19, 176 36, 820 17, 008
1, 220
1, 101
1, 146
1,283
6. 1
19, 362 36, 460 17, 360
1, 147
1,087
1, 127
1, 176
1, 172
(>. S
21, 876 37, 517 17, 774
1, 140
1,155
1,261
6. 3
20, 239 37, 592 16, 571
1, 081
1,170
1,181
1,427
6. 3
20, 478 37, 468 16, 700
996
1, 117
1,102
1,319
5. 5
19, 989 37, 608 15, 169
1, 177
1,022
1,878
1,499
6. 0
18, 824 36, 143 14, 046
2, 140
1, 034
1,085
1,424
6. 2
19, 626 36, 103 13, 869 5 1, 190 5 1, 927
1,082
1, 406
1
Man-hours lost by the unemployed and persons on part-time for economic
reasons
as a percent of potentially available labor force man-hours.
2
Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
^ Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
*6 Primarily includes persons who could find only part-time work.
Average hours worked: usually full-time, 22.9; usually part-time, 18.6.
Source: Department of Labor;
11
UNEMPLOYMENT INSURANCE PROGRAMS
In August, insured unemployment under State programs averaged 347,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate declined sharply from 3.7 percent to 3.4 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1971
t
I
Y I
JAN.
V
T t
FEB.
T
MAR.
I
t
f
V ? i r I v
t
APRIL
MAY
JUNE
t ( t
JULY
AUG.
SEPT.
A 11 prograrOS
1968
1969
1970
1971 »
1971: July.
Aug
Sept
Oct*
Nov v*
Dec
1972: Jan»
Feb»
Mar15
._
Apr »_v
May
June »
__
July*—
Aug»
Week ended:
1972: Aug 5
12
19_
26
Sept 2"
9*
12
Stiite progra ms
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment (weekly
Lions
ment
averof dollars)
age)
Thou sands
57, 977
1, 187
59, 999
1, 177
59, 526
2,070
2,313
2,431
2, 349
2, 174
2, 129
2,311
2,666
3,097
3, 186
2,987
2,706
2, 106
1,951
2,087
1,811
2, 191. 0
2, 298. 6
4, 170. 1
5, 963. 3
467.7
483. 1
418.5
388.5
430.7
514.6
581.3
594.0
601.6
487.3
480.4
478. 7
445. 6
431. 8
1,930
1,852
1, 757
1,684
1,600
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators.
DEC
COUNOt OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
Period
NOV.
OCT.
><-:
Initial
claims
Benefi ts paid
Insurec1 unemploymec t as percovered
Total Average
Exhaus- cent of yment
emplo
(miltions
weekly
check
lions of
Unad- Season^
ad- dollars) (dollars)
justed ally
justed
Weekly iiverage, t bousands
1, 111
16
201
16
200
1, 101
25
296
1,805
37
2, 150
295
342
1,993
37
282
1, 912
35
1,739
33
236
252
1,716
31
31
1,879
298
2,221
32
358
2,524
37
385
2,492
293
38
2, 280
242
41
39
2,006
237
35
1,736
216
1,634
250
30
321
1,823
27
1, 565
213
29
1, 713
1,636
1,555
1, 502
1,432
257
221
203
195
193
178
Source: Department of Labor;
Per cent
2. 2
2. 1
3. 4
4. 1
3. 8
3. 6
3.3
3. 2
4*1
4.2
4*8
4-4
4.2
3.5
4.2
4.8
4.7
4.3
3.8
3.3
3. 6
3. 7
3.4
2.9
8. 7
3. 4
3. 1
3.2
3. 1
2.9
2.8
2.7
S. 8
3.4
3.5
8.5
3.6
0
/
2, 031. 6
2, 127. 9
3, 848. 5
5, 694. 5
425.4
433.6
377. 8
348.3
387.0
467.9
550.9
563. 2
574.0
459. 3
451. 5
449.7
403. 1
399. 7
43.43
46. 17
50. 34
55. 49
55. 23
56. 08
56. 25
53.07
53.31
57.85
55.35
56. 34
56.63
56.94
57. 22
57.31
56. 85
56. 89
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose by 279,000 (seasonally adjusted) in August as a result in part of decreased
strike activity and the return to more normal operations in areas that had been affected by tropical storm Agnes.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED!
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
76
^^
f-r*~r
-^
(ENLARGED SCALE)
16
-^
14
ALL NONAGRICULTURAL
ESTABUSHMENTS
<S8
V/HOLESALE AND RETAIL TRADE
ftO4
V
V
NONMANUFAa LJR1NG
(PRIVATE)
^
jfi
.
-—-. *•••"•*
SERVICES
\~
-
'^ -
DURABLE
MANUFACTURING
12
v
10
*4
NONDURABLE
MANUFACTURING
/MANUFACTURING
-A,
20
-
'(•MMMMNMun^nniMlt
J..
„.„*«•«»««
IX
CGOVERNMENT
,-
CONTRACT
CONSTRUCTION
-
12
ft
41 I I I I I . 1 1 1 l
"
1 f ! 1 f f f f 1 [I
1969
1970
! ! 1 f I Y1 1 f f 1
I| | 1 I I » \ \ \U
1971
1972
1971
1970
1969
1972
COUNCIL OF KONOWC ADVISERS
SOURCE DEPAItTMfNT Of LABOR
[Thousands of wage and salary workers; * seasonally adjusted]
OnnvyUi-l""
Period
I960
1967.
1968
1969
1970
1971
1971:, Tuly_ _
Aug..
Sept..
Oct...
Nov.,
Dec..
1972: Jan. _
Feb__
Mar..
Apr__
May_
June.
July".
Aug*.
Total
63, 955
65, 857
67, 915
70, 284
70, 616
70, 699
70, 531
70, 529
70, 853
70, 848
71,042
71, 185
71, 584
71, 729
72, 030
72, 263
72, 558
72, 630
72, 592
72, 871
NonTotal Durable
goods durable
goods
19, 214
19, 447
19, 781
20, 167
19, 369
18, 610
18, 533
18, 457
18, 616
18, 560
18, 603
18, 566
18, 609
18, 690
18, 777
18, 870
18, 973
18, 999
18,915
18, 999
11,284
11,439
11, 626
11, 895
11, 198
10, 590
10, 552
10, 485
10, 597
10, 561
10, 572
10, 518
10, 574
10, 637
10, 696
10, 770
10, 857
10, 866
10, 849
10, 887
7,930
8, 008
8, 155
8,272
8, 171
8,020
7, 981
7, 1)72
8, 019
7, 999
8, 03 1
8, 018
8, 035
8, 053
8, 081
8, 100
8, 116
8, 133
8, 066
8, 112
Total
tract
Mining construclon
33, 950
35, 012
36, 288
37, 915
38, 712
39, 231
39, 186
39, 229
39, 382
39, 353
39, 452
39, 581
39, 877
39, 878
40, 046
40, 156
40, 292
40, 413
40, 344
40, 503
'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
Cover nment
N onmanu facturini 5 (private)
Manufac Jturing (]srivate)
627
613
606
619
622
601
597
609
616
521
525
607
616
612
613
603
602
598
597
595
3, 275
3, 208
3, 285
3,435
3, 345
3, 259
3, 228
3, 219
3, 250
3, 290
3, 320
3, 245
3, 320
3, 236
3,272
3, 233
3, 256
3, 247
3, 177
3, 227
Trans- Whole- Finance,
portainsursale
tion
ance, Services Federal State
and
and
and
andi
local
public retail
real
utilities trade estate
4, 151
4,261
4,310
4, 429
4, 504
4,481
4, 476
4, 428
4, 460
4, 442
4,434
4, 465
4, 502
4,479
4,536
4,522
4,539
4,539
4,520
4, 524
13, 245
13, 606
14, 084
14, 639
14, 922
15, 174
15, 158
15, 223
15, 273
15, 270
15, 278
15, 315
15, 447
15, 495
15, 518
15, 647
15, 671
15, 712
15, 716
15, 775
3,100
3, 225
3,382
3,564
3,690
3,800
3, 806
3,804
3, 821
3, 834
3,851
3,860
3,872
3,879
3,890
3,897
3,921
3,938
3, 930
3,940
9,551
10, 099
10, 623
11, 229
11, 630
11,917
11, 921
11,946
11, 962
11, 996
12, 044
12, 089
12, 120
12, 177
12, 217
12, 254
12, 303
12, 379
12, 404
12, 442
2,564
2,719
2,737
2,758
2,705
2,664
2,643
2,650
2,674
2,675
2,669
2,669
2,675
2,672
2,669
2,669
2,670
2,625
2,606
2,606
8, 227
8,679
9, 109
9,444
9,830
10, 194
10, 169
10, 193
10, 181
10, 260
10, 318
10, 369
10, 423
10, 489
10, 538
10, 568
10, 623
10, 593
10, 727
10, 763
persons, and domestic servants; which count persons as employed when they
are not at work because of Industrial disputes; and which are based on an enumeration of population, whereas the estimates In this table are based on reports
from employing establishments.
Source: Department of Labor.
JO
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek of production workers (seasonally adjusted) in private nonfarm industries was unchangec
from July to August. The factory workweek, however, rose 0.1 hour to 40.7 hours.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK {SEASONALLY ADJUSTED)
46
MANUFACTURING
TOTAL NONAGRICULTURAL PRIVATE
44
42
40
38
36
34 Ui t i i i I i i i i i .1 i i t i l.i i i i i
1969
i i i t i Ii i f t i
1970
1971
i ii it Iiit i
1969
1972
42
1970
1971
1972
1970
1971
1972
42
CONTRACT
RETAIL TRADE
CONSTRUCTION
40
40
38
38
36
36
34
34
32
32
1969
1970
1971
1972
1969
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week1]
Total
nonagricultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
i
Total
nonagricultural
private 2
Unad justed
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: July
Aug___
Sept.
Oct
Nov _
Dee
1972: Jan
Feb
Mar
Apr
May
June
July"
Aug*
sa 7
_
1
3 Data relate to production
8 Also includes other private
38. 8
38.7
38. 8
38.6
38. 0
37. 8
37.7
37. 1
37.0
37. 3
37.4
37. 0
37.0
37. 0
37.3
36.7
36. 8
36.9
37. 0
36. 9
37.4
37.6
37.7
40. 4
40. 5
40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
39.8
39.8
39.8
40.0
40. 2
40. 7
39. 8
40. 1
40. 3
40. 5
40. 5
40. 8
40.4
40. 7
workers or nonsupervisory employees.
industry groups shown on p. 13.
Includes eating and drinking places.
14
37. 0
37. 3
37. 2
37. 4
37. 6
37. 7
37. 4
37. 9
37. 4
37. 3
38. 1
38. 3
36. 9
38. 2
37.9
36.5
35. 8
36. 0
36.8
36. 6
36.8
37. 6
38.0
38.3
Manufacturing
Contract
construction
Retail
trade a
Seasonally7 adjusted
37. 4
37. 3
37. 0
36. 6
35. 9
35. 3
34.7
34. 2
33.8
33. 7
34. 8
34.7
33. 7
33. 5
33. 4
34. 1
33. 2
33. 0
33.2
33.3
33.3
34. 1
34. 8
34.8
36. 9
36. 9
36. 7
37. 0
37. 1
37. 2
37. 0
37. 2
37. 1
37.3
37.0
37. 2
37.2
87. 2
Source: Department of Labor.
40.0
39. 8
39. 5
39. 8
40. 1
40. 3
40. 0
40.5
40. 4
40.8
40.5
40. 6
40. 6
40. 7
37. 1
37.1
35. 7
37. 6
39. 0
36. 8
37. 4
37. 3
37.5
36. 7
36.6
36.8
37.0
37.1
33.8
33. 6
33. 6
38. 8
38. 7
S3. 9
S3. 7
33.5
83.6
33. 7
33. 7
33.8
88.8
33. 7
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers rose 2 cents in August to $3.64. Compared to
year earlier, hourly earnings were up 5.5 percent and weekly earnings were up 6.4 percent.
DOLLARS
DOLLARS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
240
6.00
*~t
"
/*\jS
CONTRACT
CONSTRUCTION
5.00
200
CONTRACT
CONSTRUCTION
/
160
4.00
MANUFACTURING
MANUFACTURING
,.,„«•»**
120
3.00
TOTAL NONAGRICULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
•RETAIL TRADE
80
2.00
RETAIL TRADE
!1 1 | ! |
! 1 I ! 1
I 1 ! 1
1969
1971
1970
I I I ! ! -! I I 1 1 !
I j 1 ! 1
1972
1969
1970
1971
SOURCE: DEPARTMENT OF LABOR
1972
COUNCIL OF ECONOMIC ADVISERS
[For production workers or iionsupervisory employees]
Average li ourly earn ings— curre;nt dollars Average \vreekly earrlings— current dollars
Period
1962
___
1963
1964
1965
1966
1967
1968
1969
1970
1971
_-._ _
1971: Julv
Aug
Sept
Get
Nov
Dec
1972: Jan___ _ _ _
Feb
Mar
Apr __ _
May__ _ _
June r
July
Aug "
Total
nonagricultural
private l
$2. 22
2. 28
2. 36
2.45
2. 56
2. 68
2.85
3. 04
3. 22
3. 43
3. 43
3. 45
3. 49
3.49
3. 48
3. 51
3.54
3. 55
3. 57
3.60
3. 61
3. 62
3.62
3. 64
1
Also includes other
2
Includes eating and
3
Manufacturing
$2. 39
2. 46
2.53
2. 61
2.72
2.83
3. 01
3. 19
3. 36
3. 57
3. 57
3. 56
3. 60
3. 60
3. 60
3. 69
3. 71
3. 72
3. 74
3.77
3. 79
3.79
3.79
3. 79
Contract
construction
$3. 31
3. 41
3. 55
3. 70
3. 89
4. 11
4. 41
4. 79
5. 25
5. 72
5. 68
5. 75
5. 86
5. 90
5. 90
5. 93
5.99
5. 98
5. 97
5. 99
6. 03
5. 97
5. 99
6. 06
Retail
trade 2
$1. 63
1. 68
1.75
1. 82
1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2. 58
2. 57
2. 60
2. 60
2. 60
2. 61
2. 66
2. 66
2. 67
2.68
2. 68
2.69
2.69
2. 69
private industry groups shown on p. 13.
drinking places.
Earnings in current dollars adjusted to exclude the effects of overtime and
Interindustry shifts.
83-678 °—72
2
Total
nonagricultural
private 1
Manufactur-
Contract
construction
Retail
trade 2
$85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
127. 94
129. 03
129. 13
129. 13
128. 76
130. 92
129. 92
130. 64
131. 73
133. 20
133. 21
135. 39
136. 11
137. 23
$96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 44
142. 09
141. 69
143. 28
144. 00
144. 72
150. 18
147. 66
149. 17
150. 72
152. 69
153. 50
154. 63
153. 12
154. 25
$122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
196. 35
213. 36
216. 41
220. 23
216. 23
225. 38
223. 61
216. 45
214. 44
215. 28
219. 70
219. 23
221. 90
224. 47
227. 62
232. 10
$60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
89. 78
89. 18
87.62
87. 10
86. 84
89.00
88. 31
87.78
88. 64
89. 24
89. 24
91.73
93.61
93. 61
Manufc icturing
indu stries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1 QA7
1967
i on 3
dollars 4
85. 7
$106. 58
87. 8
108. 65
90. 3
110. 84
92. 6
113. 79
95. 7
115. 58
100. 0
114. 90
106. 2
117. 57
112. 6
117. 95
119. 7
114. 99
127. 7
117. 43
127. 8
116.66
128.3
116. 04
129. 1
117. 25
128. 9
117. 65
129.0
118. 04
122. 00
131. 7
132. 7
119. 85
133. 2
120. 49
133.7
121. 55
134. 2
122. 84
134. 8
123. 10
134. 9
123. 70
122. 01
135. 2
122. 71
135.8
< Earnings in current dollars divided by the consumer price index.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production rose 0.5 percent, seasonally adjusted, from July to August. A strong increase in durable goods
manufacturing, 1.1 percent, was partly offset by a decline in mining and public utilities. The higher August level
reflected in part a pickup of production following the effect of the hurricane in late June.
Index, 1967=100 (SEASONALLY ADJUSTED)
Index, 1967=100 (SEASONALLY ADJUSTED)
130
150
TOTAL
120
140
110
130
100
120
UTILITIES AN D
MINING
iJTILITIES
'
110
90
80
I I I I I I I I I II
1969
1 1 ! 1 !
1970
1 1 ! 1I
1971
I 1 1 II
I ! 1 1 1
100
^-^\
-/yM^
..-^-''' -~\/
I 1 1 1 1 1 1 1 1,1 !
1 M 1 111 1M 1
1970
1969
1972
MINING
X- / r'""N
Mill
1 1 i/l
M
1 1 I 1 1 1 1 1 1
1972
1971
110
100
90
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 ^
1971: July
Aug __ __
Sept
Oct
Nov
Dec___
1972: Jan
Feb
Mar _ _
Apr
May.__ _ _
June__ _
July »
Aug »
Total
industrial
production
72.2
71. 4
76. 5
75. 8
81. 7
81. 2
89. 2
89. 1
97.9
98. 3
100. 0
100. 0
105. 7
105. 7
110. 7
110. 5
106. 7
105. 2
105. 2
106. 8
105. 8
106. 8
105. 6
104. 2
107. 1
105. 7
106. 8
106. 1
107. 4
106. 0
108. 1
106. 2
108.7
107. 1
110. 0
108. 5
111. 2
109.7
112.8
111. 8
113. 2
112.3
113.4
112.8
113.7 ' 113. 0
114. 3
113. 6
69. 0
73. 5
79. 0
88. 5
99. 0
100. 0
105. 5
110. 0
101. 5
99. 4
100. 3
97. 4
99. 3
100. 1
99. 1
99. 5
100.4
102. 1
103. 4
105. 8
106. 3
106. 8
107.2
108.4
Source: Board of Governors of the Federal Reserve System.
16
COUNCIL OF ECONOMiC ADVISERS
[1967=100, seasonally adjusted]
Industry
Market
MJmufacturi ng
Firial produ 3tS
InterTV/T -tConmediate
Mining
Utilities
NonEquiprials
Total Durable durable
sumer
Total
ment products
goods
75. 1
79. 2
84. 4
90. 0
97. 3
100. 0
106. 0
111. 1
110. 6
113. 6
113. 8
114. 0
115. 1
114. 7
115. 9
116. 0
116. 8
117. 8
118. 8
120. 3
120.8
121.3
121. 1
121.3
85.6
89.0
91. 1
93. 9
98. 4
100.0
103. 9
107. 2
109. 7
107. 0
105. 6
106. 3
105. 9
97. 7
102. 5
107. 8
107. 3
107. 2
108. 5
109. 0
107. 9
107.5
107. 1
106.0
70.2
75. 1
81. 9
86. 9
93. 6
100. 0
109. 4
119. 5
128. 3
133. 9
136. 2
134. 1
134. 0
135. 2
136. 0
135. 8
137.4
139. 7
139.7
140. 2
141. 1
141.8
141. 1
140.2
70.8
74.9
79. 6
86. 8
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
105. 0
104. 8
105. 5
105. 4
106. 1
106. 2
106. 4
107.6
108. 2
109. 8
110.2
110. 3
110. 1
110. 7
77.7
82.0
86. 8
93. 0
98.6
100. 0
106. 6
111. 1
110.3
115.7
116. 3
115. 9
116. 7
116. 6
118. 0
118. 0
118. 5
119.6
119. 6
122.0
122.2
122. 2
121.8
122.3
61. 9
65. 6
70. 1
78.7
93. 0
100.0
104.7
106. 1
96. 3
89. 4
89. 3
89.5
89.8
89.8
89.6
89. 6
89. 5
90.9
92.4
92.7
93. 4
93.3
93. 7
94. 6
76.9
81. 1
87. 3
93. 0
99. 2
100. 0
105. 7
112. 0
111.7
112. 6
114. 6
110. 9
112. 3
113. 2
114. 3
114. 9
115. 9
117.0
117. 3
117. 3
119. 3
119.3
119.2
118.7
72.4
77. 0
82. 6
91. 0
99.8
100. 0
105.7
112. 4
107. 7
107.4
106. 4
104. 8
107. 3
106. 6
106. 5
108. 4
109.2
110. 8
113. 1
115. 0
115.6
115. 9
116. 5
117. 5
PRODUCTION OF SELECTED MANUFACTURES
•^reduction of most major durable manufactures (seasonally adjusted) rose in August with the largest increase occurring
in primary metals. On balance, nondurables changed little.
Index, 1967=100 (SEASONALLY ADJUSTED)
Index, 1967=100 (SEASONALLY. ADJUSTED)
130
110
100
1969
1972
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Durab le manufcictures
Period
Primary
metals
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 p
1971: Julv
Auo;
Sept
Oct _ _ _ . _
Nov
Dec
1972: Jan
Feb
Mar
Apr_ _ .
Mav....
June p
July _
Aug v
FabriTranspor- Lumber Textiles, Paper Chemicals,
Foods
cated
Machin- tation
and
and
apparel,
petroand
metal
ery
equipand
prodprint- leum, and tobacco
products
ment
ing
leather
rubber
ucts
78. 2
84. 3
95. 7
104. 0
108. 8
100. 0
103. 2
114. 1
106. 0
100. 9
__
..
_.
.. . .
_ ..
.
Nc>n durable manufactu res
75. 9
78. 4
83. 3
92. 6
100. 5
100. 0
106. 3
113. 6
109. 4
107. 5
64, 8
67. 9
74. 3
84. 1
98. 6
100. 0
101. 9
106. 8
100. 3
90. 2
69. 3
75. 9
79. 6
91. 3
101. 2
100. 0
109. 7
107. 6
00. 4
02. 0
82.0
85. 8
91. 0
94. 7
98. 4
100. 0
104. 8
108. 6
106. 3
113. 0
84, 3
86. 9
91. 9
97. 8
101. 7
100. 0
104. 9
105. 9
100. 2
100. 7
74. 3
78.4
84. 5
90. 5
98. 9
100. 0
104. 2
109. 1
107. 8
107. 8
64. 5
70. 0
75. 9
83. 8
94. 1
100. 0
109. 6
118. 4
118. 2
124. 8
114. 1
113. 0
114. 8
118. 2
1 10. 4
121. 7
100.
100.
102.
102.
101.
103.
0
8
5
3
8
1
108. 4
108. 1
108. 2
100. 4
110. 5
110. 7
124. 7
126. 3
127. 5
126. 6
127. 9
127. 9
1 22. 0
1 1 0. 7
110. 0
110. 0
119. 1
121.8
121.0
102. 0
101. 1
103. 7
100. 1
104. 0
105. 8
104. 7
105. 0
111. 3
112. 6
112. 6
112. 3
114. 1
114. 7
115. 1
113. 9
129.8
132.6
133.4
136. 1
137.5
137.4
137. 3
138. 7
08. 0
81. 2
03. S
90. 1
01. 4
04. 3
110. 0
108. 2
105. 0
107. 1
107. 1
107. 0
07. 7
00. 7
07. 0
08. 3
07. 8
07. 0
03. 2
03. 0
04. 2
04. 5
03. 4
02. 7
102. 4
102. 0
105. 1
1 10. 2
1 1 3. 5
1 1 0. 7
1 \ 2. 8
115. 7
100. 0
JOS. 0
1 1 0. 1
1 1 0. 8
111. 0
1 1 2. 3
113. 9
114. 4
08. r>
02. 0
04. 7
05. 0
1 00. 4
08. 0
07. 4
08.2
08. 3
00. 5
100. 3
1 02. f>
1 03. 0
105. 1
104. 5
106. 2
84. 0
87. 0
90. 6
92. 6
97. 0
100. 0
103.6
107. 5
110.9
113.7
114. 1
113. 1
114. 2
113.3
115.8
115. 0
115.7
115. 9
116. 3
117. 6
11 7. 1
117. 6
117.2
117.4
Source: Board ol Governors ol the Federal 11eserve Syste tn.
17
WEEKLY INDICATORS OF PRODUCTION
Weekly indicators of production increased in August. The largest gains were for cars and trucks assembled and bituminous coal mined.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
J
F
M
A
J
M
F
THOUSANDS
BILLIONS OF KILOWATT HOURS
40
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
\V eekly average :
1965
1966
1967
1968
__
1969
___
1970
1971 v
1971: July
Aug
Sept__ _
Oct
Nov__
Dec...
1972: Jan
Feb
Mar.
Apr
May
June
July
Aug 9 _ _ _
Week ended:
1972: Aug 5
12
19
26
Sept 2
9 »
16 ».
i Includes data for Alaska.
18
Steel p]reduced
Index
Thousands
of net
(1967=
tons
100)
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboarc
Car a and triicks
power
coal mined
loaded
produced assemb led (thoiisands)
distributed (thousands (thousands
(thousands
(millions of
of short
Total Cars Trucks
of cars)
of tons)
kilowatt-hours) tons) 1
2, 521
2, 572
2, 440
2,515
2,709
2, 522
2, 310
2,249
1, 303
1, 794
1,853
1,877
1,987
2,258
2,411
2, 616
2, 701
2,694
2,559
2, 340
2,439
103. 3
105. 4
100. 0
103. 1
111. 0
103. 4
94. 7
92.2
53.4
73. 5
76. 0
76. 9
81. 5
92. 5
98. 8
107.2
110. 7
110.4
104. 9
95. 9
100.0
20, 169
21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
32, 781
32, 786
31, 887
29, 590
30, 227
31, 218
32, 655
33, 323
31, 692
31, 372
31, 402
34, 174
35, 905
36, 374
9,848
10, 267
10, 627
10, 485
10, 779
11, 595
10, 538
8,910
12, 797
11, 919
2, 768
5,486
11, 842
11, 243
10, 875
11, 546
11, 651
11, 961
10, 878
9,428
11, 582
562
570
540
543
543
522
486
431
494
502
445
441
449
456
465
494
507
515
514
459
521
410
446
439
479
507
489
501
463
516
503
528
517
475
505
539
562
552
572
561
520
567
213.7
199. 3
172.9
207.6
195. 8
158. 9
204. 8
131. 5
145. 7
215. 6
233.6
218. 6
171. 7
216. 3
226. 1
225. 1
249. 5
238.4
230. 7
120. 5
152. 8
179.4
165.4
142. 4
170.1
158. 1
125. 9
165. 0
106. 5
110. 2
172. 5
186. 8
175. 1
136. 9
169. 8
176. 5
175. 4
194. 3
185. 5
180. 9
93. 1
116.9
34.3
33. 9
30. 5
37.5
37.8
33. 0
39.8
25.0
35. 5
43. 2
46. 7
43. 5
34. 9
46.5
49. 6
49.7
55. 1
52.9
49. 8
27.4
35. 9
2,444
2,418
2,461
2,430
2, 524
2,496
2,496
100.2
99. 1
100.9
99.6
103. 5
102. 3
102. 3
36, 096
35, 363
36, 733
37, 540
36, 137
32, 949
11,450
12, 065
11, 575
11, 150
11, 670
10, 105
506
515
518
526
541
460
564
559
570
561
583
432
86. 4
107.5
165.4
195.4
209. 0
180. 7
241. 8 1
55. 9
76. 1
130.4
153. 3
168. 6
146. 6
193. 5
30.5
31.4
35.1
42. 1
40. 4
34. 1
48. 3
Sources: Airierlean Iron and Steel Institute, E dison Elect ric Institul Departinent of the Inte rior, Associatio n of American ] lailroads, ALinerican P ,e,
aper Institute, and Ward\3 Automotive E eports.
CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) in July were unchanged
from the June level. A small decline in private outlays was offset by a rise in the public sector.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
40
40
20
20
1972
SOURCEi DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1969
1970
1971 _
Total new
construction
expenditures
76.0
77.5
86.6
93. 4
94. 0
109.4
COUNCIL OF ECONOMIC ADVISERS
Total
52. 0
52. 0
59. 0
65. 4
65. 9
79.5
Private
ResidLential
CommerNew
cial and
Other
housing industrial
Total l
units
Billions of dol lars
19. 4
25. 7
26. 3
25. 6
19. 0
26. 4
30.6
24. 0
14. 7
13. 8
33.2
25. 9
16.0
16. 2
31. 9
24. 3
16. 3
17.8
43. 1
34.9
17.0
19.4
Federal,
State,
and
local
24. 0
25. 5
27.6
2a o
28. 1
29.9
108.0
108.5
110. 2
111. 0
110. 7
114. 0
114. 6
115. 6
120. 8
121. 7
123. 0
120. 6
122.4
121. 4
121. 4
77.9
79. 7
80. 5
82. 1
81.6
82.4
84. 2
85. 2
88. G
90. 8
92. 6
91. 7
92. 6
92. 8
92. 4
41. 9
42.9
43.6
44.6
45. 6
46.4
47. 1
47. 9
49. 6
51. 9
53. 1
52. 8
52. 5
53. 0
53. 4
33. 8
34. 8
35. 7
36.7
37.5
37. 7
38. 0
38. 7
40. 4
42. 8
44. 0
43. 6
43. 3
43. 6
43.7
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
16. 9
17. 1
17. 8
17. 8
16. 4
16. 8
17. 3
17.3
18. 2
17. 9
18. 0
18. 1
18. 9
18.4
17. 7
94. 8
100.0
113.2
123. 7
123. 1
144. 3
Seasonally
adjusted
Seasonally / adjusted atinual rates
1971: May
June
July
Aug_ _ _ _
Sept
_.
Get
Nov
Dec_
1972: Jan
Feb.- - _
Mar
Apr
May
June _ _
July"
Constructic>n contracts2
CommerTotal value cial and
index,
industrial
(1967= floor space
100)
(millions of
square feet)
19. 1
19. 7
19. 1
19.6
19.6
19. 3
19. 8
20. 0
20. 8
21. 0
21.4
20. 9
21. 3
21.4
21. 3
30. 1
28.8
29.7
29.0
29. 1
31.6
30. 5
30. 3
32. 2
30. 9
30.4
28. 9
29.8
28. 5
29. 0
141
147
151
153
154
137
155
160
165
155
159
167
165
154
155
753
694
779
883
743
730
Seasonally
adjusted
annual
rates
761
754
728
658
849
741
824
800
716
801
800
786
983
846
813
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In August, private housing starts (seasonally adjusted) rose sharply by 1 2 percent, more than recovering the July
drop. August starts totaled nearly 2.5 million units (annual rate), 103A percent above the August 1971 level.
Permits for future housing increased 61/2 percent in August.
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
3.0
1966
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
i Thousands of units]
Jlou sing star ts
Period
1966
1967
1968
1969
1970
1971
1971: Julv
Aug
Sept.
__ _
Get
Nov_
Dec
_ _ _ __
1972: Jan
Feb
Mar
_ _
_ _
Apr _ _ _ _
._
Mav__
June—
July *
_
Augj p ___
Total
Total
private
and
private
public (includ(including
ing
farm)
farm)
1, 195. 9
1, 321. 9
1, 545. 5
1, 499. 6
1, 469. 0
2, 084. 5
197.0
205. 9
175. 6
181.7
176. 4
155. 3
150. 9
153. 6
205. 8
213. 2
227. 9
226. 2
205. 0
228. 3
Private
Total (includingI farm)
Total
1, 165. 0 1, 165.
1, 291. 6 1, 291.
1, 507. 7 1, 507.
1, 466. 8 1, 466.
1, 433. 6 1, 433.
2, 052. 2 2, 052.
194. 3
204. 5
173. 8
179. 7
173. 7
152. 1
149. 1
152. 2
203. 9
211. 6
225. 8
223. 1
204. 0
225. 9
0
6
7
8
6
2 1,
2, 091
2, 219
2,029
2,038
2, 228
2,457
2,487
2,682
2, 369
2, 109
2,350
2,330
2, 190
2, 457
One
unit
778. 5
843.9
899. 5
810. 6
812. 9
151. 0
1, 162
1, 198
1, 172
1, 155
1, 242
1,347
1, 415
1, 325
1, 302
1, 167
1, 344
1,296
1,272
1,405
1
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.
3
Units represented by mortgage applications or appraisal requests for new
home construction.
20
-Propose d home
constr uction
Gover nment
home p rograms
(noni"arm)
Two or
VA
FHA
more
units
386. 4
129. 1
36. 8
447. 7
52. 5
141. 9
608. 2
56. 1
147. 7
656. 2
153. 6
51. 2
233. 5
620. 7
61. 0
901. 2
301. 2
94. 0
Seasona,lly ad jus ted annu al
929
1,021
857
882
985
1, 110
1, 071
1, 357
1, 067
942
1,006
1,034
918
1,052
288
325
294
299
293
383
378
287
262
219
189
177
173
99
103
98
98
105
104
116
118
125
104
98
98
106
102
New
private
housing
units
authorized l
Applica- Requests
tions for f o r V A
FHA appraiscommitals 2
ments 2
971.9
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 907. 4
rates
153. 0
167. 2
168. 9
187. 6
315. 0
366. 8
99. 2
124. 3
131. 7
138. 2
143.7
217. 9
2,034
1, 997
1,944
1,983
2,051
2, 142
2, 204
2, 056
2, 007
1, 991
1,955
2, 121
2, 108
2,246
392
359
343
351
291
450
333
326
260
221
217
217
223
234
218
253
231
207
228
232
224
207
248
197
219
203
199
Sources: Department of Commerce, Department of Housing and Urban
Development, and Veterans Administration.
BUSINESS SALES AND INVENTORIES
|n July, business inventories rose by $0.4 billion (seasonally adjusted) while sales increased by 1.2 percent. According
to advance reports, retail sales rose by 1.5 percent in August.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
200
RETAIL TRADE (ENLARGED SCALE)
25 -DURABLE GOODS STORES
TOTAL BUSINESS
INVENTORIES
180
20
INVENTORIES
160
15
140
\ •
10
_TOTAL BUSINESS_
SALES
120
SALES
100
NONDURABLE GOODS STORES |
INVENTORIES
60"
RETAIL INVENTORIES
25
40
20
\
RETAIL SALES
20
15
1969
1970
1971
1972
1970
1969
1971
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total tmsiness 1
Wholesale
Reitail
Sales2
Period
Sales 2
Inventories 3
Sales2
73, 685
80, 276
87, 178
89, 698
97, 100
103, 104
104, 407
111, 931
112, 647
111, 791
113, 910
113, 450
113, 191
115,757
115, 630
118, 426
118, 077
120, 669
121, 676
122, 793
122, 263
123, 713
111, 457
120, 900
136, 729
145, 108
155, 336
166, 694
174, 871
181, 055
178, 481
178, 775
179, 374
180, 071
180, 464
180, 313
181, 055
181, 387
181, 988
182, 514
183, 215
184, 458
184, 905
185, 296
14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
22, 716
22, 621
22, 605
22, 549
22, 284
22, 739
22, 994
24, 351
23, 533
23, 884
24, 170
24, 260
24, 230
24, 367
Inventories 3
IMillions of
1964
1965
1966
1967
1968
1969
1970
1971
1971: June—
July
Aug __ _ -_
Sept___ _ _
Oct
Nov
Dec
_
1972: Jan..
Feb
Mar
Apr
Mav__
_ _
Junev
July »
Aug »__ _ _ _
1
The
2
term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month,
s Book value, end of period, seasonally adjusted.
1972
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
27, 333
27, 866
27, 795
27, 814
27, 928
28, 237
28, 916
29, 049
29, 181
29, 174
29, 574
29, 729
29, 641
30, 046
NonDurable durable
Total
goods
goods
stores
stores
dollars, seasonally aid justed
21, 823
7,049 14, 773
23, 677
7,849 15, 828
25, 330
8, 192 17, 138
26, 151
8,348 17, 803
28, 490
9,268 19, 222
29, 824
9, 626 20, 197
31, 294
9, 524 21, 770
34, 071 10, 985 23, 086
33, 827 10, 782 23, 045
33, 688 10, 747 22, 941
34, 655 11, 298 23, 357
35, 219 11, 833 23, 386
34, 964 11, 695 23, 269
35, 574 11, 885 23, 689
34, 896 11, 334 23, 562
34, 886 11, 475 23, 411
35, 345 11, 457 23, 888
36, 450 12, 087 24, 363
36, 287 11, 965 24, 322
37, 120 12, 272 24, 848
36, 802 12, 246 24, 556
37, 477 12, 508 24, 969
38, 024 12, 900 25, 124
Inventories 3
Total
Durable
goods
stores
31, 094
34, 405
38, 073
38, 952
41, 973
45, 376
46, 555
50, 474
49, 534
49, 592
50, 299
50, 844
50, 800
50, 377
50, 474
50, 542
50, 646
50, 890
51, 213
51, 907
51, 759
51, 362
13, 318
15, 253
17, 258
17, 277
19, 167
20, 647
20, 490
23, 124
22, 679
22, 707
23, 313
23, 769
23, 652
23, 306
23, 124
22, 930
22, 958
23, 025
23, 195
23, 510
23, 262
22, 699
Nondurable
goods
stores
17, 776
19, 152
20, 815
21, 675
22, 806
24, 729
26, 065
27, 350
26, 855
26, 885
26, 986
27, 075
27, 148
27, 071
27, 350
27, 612
27, 688
27, 865
28, 018
28, 397
28, 497
28, 663
NOTE.—Total business (and manufacturing) revised beginning 1966.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 inventories rose by $0.4 billion (seasonally adjusted) in July, while shipments rose 1.0 percent. New
orders for durable goods rose in August after a decline in July.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
70
MANUFACTURERS' SHIPMENTS
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
110
MANUFACTlJRERS'
TOTAL
INVEN1fORIES
r_^-
100
50
90
40
^^
^^^
TOTAL
80
DURABLE GOODS
30
DURABLE GOOC>s
70
20
——
^—^
60
-NONDURABLE GOODS -
50
40
MANUFACTlJRERS' NEW (DRDERS
DURABLE GOODS
30
20
»..,M..H.HII.III»lf*>tHI
....an
,..«»••»••««"*«
CCZI^
NONDURA iLE GOODS
40
^~
30
NO MDURABLE GOOE5S
,,,,,, 1 , , , , . 1 ! , I I 1 I 1 , . 1 i i . t t 1 i i i i i
1969
1971
1970
1 1 ! 1 1 1 1 I 1 I |K
20
4. 1 . . . 1 . 1 1 . .
V
1972
i i i i i 1 i i t ii
1970
1969
SOURCE DEPARTMENT OF COMMERCE
Total
NonDurable durable
goods
goods
19, 634
22, 216
24, 633
25, 212
27, 694
29, 459
28, 061
29, 886
30, 370
29, 798
30, 835
29, 799
30, 033
30, 792
30, 913
1964
1965
1966
1967
1968
1969
1970
1971
37, 335
41, 003
44, 869
46, 449
50, 282
53, 555
52, 560
55, 580
1971: June
July
56, 104
55, 482
56, 650
55, 682
55, 943
57, 444
57, 740
59, 189 31, 965
59, 199 32, 041
60, 335 32, 683
61, 219 33, 581
61, 413 33, 705
61, 231 33, 129
61, 869 34, 059
34, 727
Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
July1'
Aug*
1
Monthly
2
17, 701
18, 788
20, 236
21, 236
22, 588
24, 096
24, 499
25, 694
25, 734
25, 684
25, 815
25, 883
25, 910
26, 652
26, 827
27, 224
27, 158
27, 652
27, 638
27, 708
28, 102
27, 810
Total
NonDurable durable
goods
goods
22
, , . , 1
I , , , ,
I 1 ! I ! I 1 r ! t IN
1972
1971
Manufacture rs; new ordejrs 1
Total
Durafc>ie goods
NonCapital
durable
goods
Total industries,
goods
nondefense
Millions of dollars, seasonal y adjusted
63, 386 38, 436 24, 950 37, 952 20, 258
68, 221 42, 227 25, 994 41, 803 22, 986
77, 965 49, 818 28, 147 45, 944 25, 720
84, 599 54, 893 29, 706 46, 763 25, 526
90, 835 59, 053 31, 782 50, 267 27, 690
96, 955 63, 254 33, 701 53, 645 29, 548
101, 712 66, 829 34, 883 51, 663 27; 162
101, 665 65, 874 35, 791 55, 473 29, 768
101, 614 66, 400 35, 214 54, 728 28, 971
101, 317 66, 178 35, 139 55, 190 29, 486
101, 280 66, 093 35, 187 57, 122 31, 335
101, 413 66, 117 35, 296 55, 489 29, 653
101, 736 66, 025 35, 711 56, 290 30, 321
101, 699 65, 877 35, 822 57, 992 31, 294
101, 665 65, 874 35, 791 57, 883 31, 001
101, 796 66, 187 35, 609 59, 871 32, 554
102, 161 66, 422 35, 739 59, 792 32, 466
102, 450 66, 604 35, 846 61, 097 33, 328
102, 428 66, 575 35, 853 61, 685 34, 005
102, 822 67, 035 35, 787 62, 012 34, 302
103, 505 67, 427 36, 078 63, 734 35, 613
103, 888 67, 645 36, 243 62, 504 34, 664
35, 685
average lor year and total lor 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.
,
"
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' sh ipments1 Manufac turers' in\rentories2
Period
HllitUIIIIHll"*
.m.,...'""""""""""'
Note.—Series revised beginning 1966.
Source: Department of Commerce.
Manufacturers'
inventoryshipments3
ratio
6, 971
7, 694
6, 822
7,398
17, 694
18, 817
20, 224
21, 238
22, 577
24, 097
24, 500
25, 705
1.64
1.60
1.62
1.76
1.74
1.76
1.90
1.83
7,516
7, 213
7, 492
7, 471
7, 859
7,932
8, 131
25, 757
25, 704
25, 787
25, 836
25, 969
26, 698
26, 882
8, 166
8, 196
8,528
8, 785
9, 036
9, 228
9, 100
9, 119
27, 317
27, 326
27, 769
27, 680
27, 710
28, 121
27, 840
1.81
1.83
1. 79
1. 82
1.82
1.77
1.76
1.72
1.73
1. 70
1.67
1. 67
1. 69
1.68
MERCHANDISE EXPORTS AND IMPORTS
The trade balance on a seasonally adjusted basis improved by $79 million in August, leaving a deficit of $463 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3.5
35
3.0
3.0
2.5
ZS
2.0
ZO
1972
1966
T/ SEE ROTE BELOW.
SOUtCEi DEPARTMENT Of COMMERCI
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
JNlerehandise export s
Total (including ree xports) *
Period
Season- Unadally ad- justed
justed
Monthly average:
1963
1964
1965
1966
1967
1968
1969
1970.
1971
Domestii3 exports
Food, Crude
bever- mate- Manu2
facTotal *
rials
ages,
tured
and to- and
goods
fuels
bacco
1, 869
2, 153
2, 229
2,458
2,586
2,839
3, 111
3, 555
3,629
1, 845
2, 123
2,201
2,421
2,554
2, 802
3,066
3, 502
3,576
3,338
3, 366
4, 220
2, 826
3,221
4, 056
3,815
3, 780
4, 310
3, 887
4, 143
3,293
3, 319
4, 166
2, 774
3, 177
3, 999
3, 760
3, 723
4, 250
3, 812
4, 074
3, 942
349
386
377
432
392
383
370
422
423
315
361
356
367
394
405
417
558
537
1, 191
1, 377
1, 453
1,602
1, 737
1, 985
2, 232
2, 445
2, 537
468
515
586
394
471
044
567
527
Oil
567
565
557
510
547
2, 362
2, 353
2, 934
2, 020
2, 247
2, 738
2, 601
2, 632
3, 119
2, 754
2, 917
2, 762
2, 543
2,715
Mercb andise irnports
Gen eral impc>rts 3
2
Food, Crude
Total
bever- mateSeasonages,
rials
ally ad^ Unad- and to- and
justed bacco
justed
fuels
1,428
1, 562
1, 786
2, 135
2, 241
2, 769
3, 004
3, 329
3, 797
All£
8,493
8, 678
4,505
2,708
8, 160
8,858
4,221
8,806
8,891
8, 760
8, 914
S, 905
4, 019
4, 202
1
4, 015
3, 000
3, 946
3, 002
3, 874
385
384
508
294
395
536
506
485
420
396
508
528
41)6
541
Total excludes Department oi Defense shipments of grant-aid military supplies
2 and equipment under the Military Assistance Program.
Total includes commodities and transactions not classified according to kind.
3
Total arrivals oi imported goods other than intransit shipments.
396
419
453
476
447
503
533
545
606
672
759
937
1, 204
1, 313
1, 719
1, 918
2, 159
2,534
441
590^
444
323
345
70
107
226
-168
2,367
2,462
2, 760
2,414
2,454
2, 822
2,820
2,763
3,401
2, 918
3,254
3, 306
2, 928
3,232
—800
— 251
268
-815
— 218
-270
— 819
— 598
-584
— 699
— 552
— 590
-542
-46S
Unad usted
U Q ad juste d
1971: July
Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May_
June_
July
322
335
334
382
392
447
442
519
534
Grossmerchandise tradeManu- surplus,
seasonfactured ally adjusted
goods
,*>', 793
3, 928
/,, 237
V, 523
6', 379
4, 128
4,540
4, 40S
4,475
4, 460
4,466
4, 495
4, 561
4,664
3, 693
3,838
4,246
3, 463
3, 522
4,279
4,280
4, 177
4,844
4,248
4, 722
4,767
4, 314
4,727
565
616
714
352
353
606
631
626
554
544
604
614
548
632
629
640
659
571
598
710
702
673
756
659
731
715
712
728
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
23
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
Preliminary data show a second quarter deficit for merchandise trade of $7.7 billion, at a seasonally adjusted annual
rate, compared to a deficit in the first quarter of $6.7 billion. This $1 billion deterioration in the merchandise trade
balance was reflected in the current account balance, which showed a deficit of $9.8 billion in the second quarter
compared to a deficit of $8.7 billion in the first.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS
AND SERVICES
1966
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Merchandis e 1 2
Period
Exports
1966
1967
1968..
1969
1970
1971
Imports
Net
balance
Netijavestmenti ncome
Milit*j,ry transactions
Direct
expenditures
Sales
Net
balance
Private 3
29, 287 -25,463 3,824 -3,764
829
30, 638 -26,821 3,817 -4, 378 1,240
612 -4,535 1,392
33, 576 -32,964
36, 417 -35,796
621 -4,856 1,512
41, 963 -39,799 2, 164 -4, 852 1,479
42, 770 -45,459 -2,689 -4,817 1,923
-2,935 5,331
-3,138 5,847
-3, 143 6, 157
-3,344 5,820
-3,374 6, 376
-2, 894 8,952
Se«asonally a d justed
44, 068 -42, 912 1,156 -4, 700 2,040
1971: I
II
42, 840 -46, 888-4, 048-4, 856 2,064
III__. 45, 916 -47, 804-1,888 -4, 792 1,896
rv_ 38, 256 -44, 232 -5,976 -4, 920 1,692
1972: I
47, 236 -53,928 -6,692 -4, 872 1,336
II "... 45, 852 -53,568 -7,716 -4,928 1,288
1
Excludes military grants.
2
Adjusted from Census data
2
-2, 660
-2, 792
-2, 896
-3,228
-3,536
-3,640
for differences in timing and coverage.
Includes fees and royalties from U.S. direct Investments abroad or from
foreign direct investments in the United States.
24
7,596
9,408
8,152
10, 652
8,928
8,960
Re-
mitBal- tances,
Balpenance
Other ance
and
on
on
sions,
trans- servand
curU.S.
porta- ices, goods
and
other
rent
Govtion
net
servuniac1
ern- expendices < lateral count
ment
itures
transfers 1
44 — 1, 380
5,
170
-2,890
286
2,280
40 - 1, 763 334
5,136 -3,081
2,055
63 - 1, 565 302
-484
2,425 -2,909
155 - 1, 784
442
1,911 -2,946 - 1, 035
574
-115 -2, 061
3,563 -3,208
356
-957 -2, 432 748
727 -3, 575 -2,847
annual nites
Net
travel
-404 -1,992
-644 -2, 500
-1,308 -2,424
-1,472 -2,812
- 1, 480 2,716
- 1, 720 -2,848
848
4,544 -3, 164
720
144 -3,384
728
364 -3, 784
688 -2, 148-3, 968
800 -4, 696-3,960
776 -6, 188 -3,580
1,380
-3, 240
-3,420
-6, 116
-8, 656
-9,768
* Equal to net exports of goods and services in the national income and product
accounts of the United States.
Source: Department of Commerce.
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
The balance of payments showed a significant improvement in the second quarter over the first quarter 1972. Preliminary estimates show a decline in the official reserve transactions deficit from $1 3.0 billion to $3.5 billion and a
decline in the net liquidity deficit from $12.4 billion to $9.6 billion, at seasonally adjusted annual rates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
20
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
\
-50
-60
1972
1966
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Long-term capital
flows, net
Period
1966__
1967
1968
1969
1970
1971
U.S.
Government 1
Private
3
Balance
Non-
Alloliquid
cations
shortcurrent
of
term
account
special
private
and longdrawcapital
on
capital
Net
omissions,
liquid-
Liquid
private
capital
ity
flows,
net
balance
ing
flows
net2
Official
reserve
transactions
balance
rights
net 2
-1,469 -2,555 -1,744 -104
-2,424 -2,912 — 3,280 -522
-2, 159 1, 198 -1,444
230
-50 -3,011 -640
— 1,926
-3,059
-482
-2,018 -1,398
-2,378 -4, 149 -9, 374 -2,420
U.S.
Changes
and
Errors
-302
-2, 151
2,370
219
-881 -4,683
1,265 -3,418
-399 -1,610
3, 251
1,641
-2, 470 -6, 122
8, 824
2,702
867 -1, 174 -3,851 - 5, 988 -9,839
717 — 10, 927 - 22, 002 -7,763 -29,765
in lia-
Changes oflicial
in U.S. reserve
official
to
assets,
reserve
foreign
net
ofiicial
assets, (end of
4
net
agencies,
period)
net 3
bilities
-787
568 14, 882
52 14, 830
-761
-880 15, 710
-1, 515 - 1, 1875 16, 964
7,362
2,477 14, 487
6
2,348 12, 167
27, 417
3,366
Unadjusted
Scjasoiiiilly adjusted annual ra tes
1971:1
II
III...
IV
1972:1
II"___
-2,808 -3, 688 — 5, 116 — 2 130
-2,336 — 6, 420 — 1 1, 990 -1 2(50
-2,232 -7, 532 -13, 184 — 3 532
-2, 132 1, 040 - 7, 208-2 752
-1, 372 -4, 30S -14, 33(> 2 152
-530
1
2, 630 -7, G()S
1,648
720
716
716
716
712
712
-3, 776
-10, 344
-21, 520
-8, 072
3, 400
-4, 308
Excludes liabilities to foroliin iliciul reserve* agencies.
^Private foreigners exch do tl * I M F , but include other international and
regional organizations.
a Includes liabilities to fo eitfn ( flicial agencies reported by U.S. Government
and U.S. banks and U.S. li ibilili >s to the I M F arising from reversible gold sales
to,4 and gold deposits w i t h , he U lited States.
Oflicial reserve assets ir chide gold, special drawing rights, convertible currencies,
and the U.S. gold tranche position in the IMF.
8
Includes gain of $67 million resulting from revaluation of the German mark
in October 1969.
-10, 308
-22, 884
-37, 520
-17, 316
-12, 376
-9,616
-11,392 -21,700
-2, 980-25,864
- 10, 204-47, 724
-6,476 -23,792
-648 - 13, 024
6, 164 -3,452
18, 972
23, 228
42, 948
24, 540
11, 308
4,376
14,
13,
12,
— 748 6 12,
1,716 12,
-924 7 13,
2,728
2,636
4,776
342
504
131
167
270
339
6
Includes $28 million increase in dollar value of foreign currencies revalued to
reflect
market exchange rates as of Dec. 31,1971.
7
On June 30, U.S. reserve assets consisted of gold stock, $10,490 million, special
drawing rights, $1,958 million; convertible currencies, $457 million; gold tranche
position, $434 million. Includes increase of $1,016 million resulting from change in
par value of the U.S. dollar on May 8.
Sources: Department of Commerce and Treasury Department.
25
PRICES
CONSUMER PRICES
The consumer price index rose 0.2 percent in August, both before and after seasonal adjustment. Food prices rose
contraseasonally 0.3 percent/ after seasonal adjustment they were up 0.5 percent. Commodities other than food
increased 0.1 percent (0.3 percent adjusted). Services prices averaged 0.2 percent higher in August.
Index, 1967=100
1 140
Index, 1967=100
140
100
100
90
90
1966
1972
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IA8OR
[1967 = 100]
All
items
Period
1962
1963
1964_
1965
1966
1967
1968
1969
1970
1971
1971: July
Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May_
June
July
Aug.
Source: Department of Labor.
26
-
_
90.6
91.7
92. 9
94. 5
97. 2
100. 0
104. 2
109.8
116. 3
121. 3
121. 8
122. 1
122. 2
122.4
122. 6
123. 1
123. 2
123. 8
124. 0
124. 3
124.7
125. 0
125. 5
125. 7
All commodities
92.8
93. 6
94. 6
95.7
98. 2
100. 0
103. 7
108.4
113. 5
117. 4
118. 1
118.2
118. 1
118.4
118. 5
118. 9
118.7
119. 4
119. 7
119. 9
120.3
120. 7
121. 2
121.4
Services
Commoditie*3
Comm odities ICE53 fOOd
Services
All
Rent
Food
less
Nonservices
Durable durable
All
rent
85. 5
94. 0
91. 8
89. 9
94, 1
97. 6
86. 8
87. 3
92.7
95.0
91. 2
88. 5
94. 8
97. 9
89. 2
90. 2
95.9
92. 4
93. 5
98.8
95.6
91. 5
98.4
94, 8
92. 2
96. 9
94. 4
96.2
97.0
95. 8
95. 3
99. 1
98. 2
98. 5
97.5
100. 0
100. 0
100. 0
100. 0
100.0
100.0
100. 0
102. 4
104. 1
105. 2
105. 7
103. 6
103. 1
103.7
105. 7
112. 5
113. 8
108. 8
108. 9
107. 0
108. 1
121.6
110. 1
113. 1
123. 7
112. 5
114. 9
111. 8
117. 0
128. 4
115. 2
130. 9
118. 4
116. 8
116. 5
131. 2
116. 7
115. 4
119. 8
128.8
117.0
117. 5
131. 9^
116. 9
129.4
117. 2
115. 8
120. 0
117. 1
132. 3
129. 8
116. 1
116. 4
118. 2
119. 1
117. 4
132. 5
117. 1
130.0
116.4
118.9
118. 7
118.0
132. 9
116. 6
119. 0
117. 4
118. 7
130. 4
118. 1
133. 3
117. 2
118. 8
130. 8
116. 9
120. 3
118. 1
131. 5
134. 1
117. 3
120. 3
117. 1
117.7
118. 1
134. 4
122.2
118. 4
117. 5
117. 1
131.8
117. 8
134. 7
132. 0
117. 3
122. 4
118. 9
117.7
118. 2
132.4
119. 1
122.4
117. 7
135. 0
118. 5
118. 1
119.7
132.7
118.
4
135. 3
119.2
118.3
122.3
119. 5
133. 1
135.7
119. 2
118.8
123. 0
119.4
119. 3
133. 5
119.0
124. 2
136.2
119. 4
119. 6
119.4
119.4
136.4
124. 6
119. 7
133. 8
119.5
WHOLESALE PRICES
The wholesale price index increased 0.2 percent unadjusted in August and 0.6 percent after adjustment for seasonal
variation. Farm products and processed foods and feeds declined 0.2 percent, much less than the usual August decline/
seasonally adjusted they were up 1.4 percent. Industrial commodity prices were up 0.3 percent (0.4 percent adjusted).
Index, 1967=100
130
Index, 1967=100
130
105
100
95
95
90
90
1966
1972
SOURCE: DEPARTMENT OF IABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1962...
1963
1964
.
1965
1966
1967
1968
1969
1970 _
__ _
1971
1971: July
Aug
Sept _
Oct
Nov ....
Dec
1972: Jan_
Fob
Mar
Apr__
May
June
July
Aug
1
_.
_._
All
commodities
Farm
products
Processed
foods
and
feeds
94,8
94.5
94.7
96. 6
99. 8
100. 0
102. 5
106. 5
110. 4
98.0
96. 0
94. 6
98. 7
105. 9
100. 0
102. 5
109. 1
111. 0
91. 9
92. 5
92. 3
95. 5
101. 2
100. 0
102. 2
107. 3
1 1 2. 0
112. <)
114. :;
114.
1M.
114.
114.
1 1 3. 4
11G. 0
115. 4
1 14. 6
114. 1
114. 4
115. 9
117. 2
118. 8
118. 6
117. 7
118. 6
119. 6
121. 5
121. 0
1 1 3. 9
_
__ _ _ _ _
_ _ ___
6
«.)
5
4
114. 5
_
___ ___
115. 4
1 1 6. 3
117. 3
1 1 7. 4
117. 5
118. 2
118. 8
119. 7
119. 9
li:i 2
no. r,
111. 3
1 1 2. 2
115. S
117. 8
120. 7
119. 7
119. 1
122. 2
124.0
128. 0
128. 2
Coverage of the subgroups does not correspond exactly to coverage of this
index.
2
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
Iiidustrial c ommoditi es
All industrials1
94, 8
94. 7
95. 2
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114, 0
114. 5
115. 1
115. 0
115. 0
114. 9
115. 3
115. 9
116. 5
116.8
117. 3
117. 6
117. 9
118. 1
118. 5
Crude
mate-2
rials
95. 6
94. 3
97. 1
100. 9
104. 5
100. 0
102. 0
110. C>
118. 8
122. 7
122. 7
122. 3
123. 0
122. 9
122. 6
123. 4
125. 6
127. 0
129. 1
129. 3
129. 9
129.8
130.2
132. 3
Inter- Producmediate er finmate-3
ished
rials
goods
95. 3
95. 0
95. 6
96. 9
98. 9
100. 0
102.6
106. 2
110. 0
114. 3
114, 9
115. 9
115. 9
115. 7
115. 6
115. 8
116. 4
117. 2
117. 6
118. 2
118. 6
119. 0
119. 2
119.5
92. 2
92. 4
93.3
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
116. 8
117. 1
116. 9
117. 1
117. 0
117. 8
118. 4
118.8
119. 0
119. 3
119.4
119. 6
119. 7
119. 8
Consur tier finished g<x>ds exeluding* foods
NonDurdurable
able
98.3
97.8
98. 2
97. 9
98.5
100. 0
102. 2
104.0
107. 1
110. 9
111. 0
111. 1
110. 4
111. 3
111. 3
112. 6
112. 9
113. 2
113. 1
113.2
113. 1
113. 2
113. 5
113. 6
94. 8
95. 1
94.8
95.9
97. 8
100. 0
102. 2
105.0
108.2
111. 3
111.6
111. 8
111. 9
111. 7
111. 7
111.8
112. 0
112. 1
112. 4
112. 7
113. 1
113. 5
113.8
114. 2
3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
In the month ended August 1 5, prices received by farmers increased 1 percent while prices paid were unchanged.
The actual parity ratio was unchanged and the adjusted ratio rose 1 point.
Index, 1967=100
130
Index, 1967=100
130
100
90
90
RATIO y
RATIO J/
90
90
RATIO (ACTUAL)
80
80
70
10
70
60
60
1966
1967
1969
1968
1971
1970
1972
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 rarmers
Period
All farm
products
1962
1963
.
1964
1965
1966___
1967
1968
1969 _ _ _
1970___
1971..
1971: July 15
Aug 15
Sept 15
Oct 15
NovlS
Dec 15
1972: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
96
96
93
98
105
100
103
108
110
112
112
113
111
114
115
116
119
122
120
119
123
125
127
128
1
Crops
103
106
106
103
105
100
101
97
100
107
109
107
104
106
109
108
111
110
108
112
115
116
116
119
Prices paid by far mers
All
items,
Family
Livestock interest,
Producand
living
tion
taxes,
and
products wage rates
items
items
Index, ] 967-100
92
89
85
94
105
100
104
117
118
116
114
117
117
118
119
122
126
131
129
125
129
131
136
135
Percentage ratio of index of prices received by farmers to index of prices paid,
interest,
taxes, and wage rates on 1910-14=100 base.
2
The adjusted parity ratio reflects Government payments made directly to
farmers-
28
90
91
92
94
98
100
104
1 09
114
120
120
120
121
121
121
122
123
124
124
125
125
126
127
127
91
92
93
95
98
100
104
1 09
JH
119
119
120
120
120
120
121
121
123
123
123
124
124
125
125
Source: Department of Agriculture.
94
95
94
96
99
100
102
106
HO
115
116
116
116
116
117
117
118
118
119
120
120
121
122
122
Parity ratio *
Actual
80
78
76
77
80
74
73
74
72
70
69
69
68
70
70
71
72
73
72
71
73
73
75
75
Adjusted a
83
81
80
82
86
79
79
80
77
74
73
74
72
74
74
75
78
79
77
76
79
79
80
81
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock grew at a 6.2 percent annual rate in August, after growing at a 15.2 percent
revised annual rate in July. From December to August it rose at an 8.3 percent annual rate.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
250
150 -^pr
150
1966
1972
SOURCE. BOARD Of GOVERNORS OF THE FIDIRAl RESERVE SYSTEM
Period
1966:
1967:
1968:
1969:
1970:
1971:
1971:
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1972: Jan..
Feb
Mar __
Apr_. __
May
June
July *
Aug »
___
.
__.
___
_
_
___
__
[Averages of daily figures, billions of dollars]
]Vloney sto 5k
IVloney sto ck
U.S.
Time
Time
GovCurCurand
and
ernDeDerency
rency
ment
mand savings
mand savings
outTotal
outTotal
dede- 1 demand
dedel
l
side
side
posits
deposits1 posits
banks posits
banks
posits *
1Qnadjusted
Seasonallyf adjusted
133.4
171. 7
3.4
38. 3
39. 1
137. 8
156. 9
158. 1
176.9
40. 4
183. 1
142.7
41. 2
183.4
147.4
182. 1
5.0
188. 6
154. 0
197. 4
43.4
204.2
44. 3
5.0
159. 1
203. 2
203. 4
203. 7
46.0
157. 7
194, 1
162. 9
5.6
46. 9
193. 2
209. 8
214.8
165. 8
49.0
228. 9
221. 2
50. 0
7.3
171. 3
228. 1
52. 5
228. 2
175. 7
269. 9
6.7
53. 5
181. 5
269. 0
235. 1
175. 8
51.6
227.4
256.4
51. 9
174.1
6.8
255.5
226.0
51. 7
228. 0
176.3
257.3
51. 9
224.9
173.0
258. 1
6.8
175. 7
51. 9
259. 6
51. 9
227. 6
174 3
7.5
260. 3
226. 2
52. 2
52. 2
175. 5
26a 3
227. 7
264, 1
175. 3
5.3
227. 5
52. 2
175. 5
52. 8
265. 3
176. 9
3.9
227. 7
229. 6
265.5
228. 2
52. 5
175. 7
269. 9
181. 5
53. 5
6. 7
269.0
235. 1
274.4
176. 0
52. 6
182. 7
273. 7
52. 8
7.2
235. 3
228. 8
178.0
52. 6
176.4
278. 1
277. 3
229.0
7.2
231. 2
53. 2
179. 9
279. 9
53. 2
53. 7
178. 1
233. 5
231. 3
7.7
280.8
282. 8
180. 9
54. 0
53.6
283. 1
235.0
182.6
236. 1
7.6
287.0
54. 0
54.4
181. 1
177.3
10.4
231. 3
286.9
235. 5
290. 9
181.9
180.1
54.6
290.0
234.7
236.6
54.7
6.8
293. 7
292. 7
184,5
239.4
237.9
55. 3
182.6
7.2
54.9
297. 1
182. 0
185. 5
55. 3
237. 3
298. 1
240.6
55.1
5.3
i 1 Deposits at commercial banks.
NOTE.—Effective June 9,1066, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at all
commercial banks.
COUNCIL OF ECONOMIC ADVISERS
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Liquid assets held by private nonfinancial investors (seasonally adjusted) rose $8.6 billion in August, following o
revised increase of $10.1 billion in July. The largest increase was again in time deposits at nonbank thrift institutions.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
1,100
1,100
1,000
1,000
900
900
800
800
700
700
600
600
\
CURRENCY
AND DEPOSITS
500
500
400
400
I I I I I t I t i l l
30QH ;
1966
1967
t I I i i I i. I
1969
1968
1970
" f H] 300
1972
1971
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Cum3ncy and deposits
Period
1965:
1966:
1967:
1968:
1969:
1970:
1971:
1971:
Dec
Dec
Dec
Dec
Dec
Dec
Dec___
July
Aug__ _
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June.. _
July 9
Aug »
Total
liquid
assets
557. 7
588. 2
637. 5
694.6
719. 7
770.6
850.5
823. 3
827.6
831. 6
838. 3
842. 8
850. 5
858. 2
867. 8
876. 6
886. 0
894. 2
904. 0
914. 1
922.7
Time d eposits
Total
447. 4
469. 6
516. 0
559. 6
576.2
623.6
709.8
684. 8
688.7
692.6
698. 1
703.0
709. 8
719. 7
729.6
738.3
745.2
751. 0
758. 0
766.5
773. 7
Source: Board of Governors of the Federal Reserve System.
30
Currency
36. 3
38.3
40.4
43.4
46. 0
49.0
52. 5
51. 6
51. 7
51. 9
52. 2
52.2
52. 5
52. 8
53. 2
53. 7
54.0
54.4
54. 7
54.9
55. 1
Demand
deposits
115. 5
117.3
125. 2
135. 2
138. 1
144.7
153.4
153.9
154. 1
153. 5
153.3
153.0
153.4
153.8
155.6
157.4
158.4
158.2
158.5
160.6
161.4
Commercial
banks
125. 2
136. 8
156. 2
174. 2
177.0
198. 8
232. 2
221. 7
222. 4
224, 0
226. 5
228. 9
232. 2
237. 2
240. 2
242. 3
243.7
246. 2
249.2
251. 0
253.3
U.S. Grovernment se eurities
Nonbank
Savings
thrift
institu- bonds
tions
170.4
177. 3
194. 2
206. 8
215. 2
231. 1
271.7
257.5
260. 5
263. 1
266. 1
268. 9
271. 7
275. 8
280. 5
284. 9
289. 1
292. 2
295. 6
300.0
304.0
49. 5
50. 1
51. 0
51.4
51. 1
51. 3
53.7
52.7
52. 9
53.1
53.3
53. 5
53.7
53. 9
54. 2
54. 5
54.8
55. 1
55.3
55. 6
55.9
Other
38.2
43. 3
39. 5
46. 8
62. 5
53.0
39. 2
42.7
43.0
41.7
41.0
40. 6
39.2
36. 6
35. 9
36.0
36. 5
37. 1
38. 5
38.4
38. 2
Negotiable
certificates of
deposit
15. 5
15.0
19. 5
22. 7
9. 1
23. 2
30. 2
27.3
27.5
28. 1
29. 2
28.9
30.2
29. 9
30. 5
30.2
31. 6
33. 2
34. 0
35.0
36. 2
Commercial
paper
7. 1
10.2
11. 5
14. 2
20. 8
19.5
17.7
15. 8
15. 6
16. 1
16.7
16. 8
17.7
18. 1
17.7
17.7
17.9
17.9
18. 1
18. 6
18. 8
i
&ANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans and investments (seasonally adjusted) rose at a 19.9 percent annual rate in August, and at a
12.8 percent annual rate from December to August. Net borrowed reserves rose $123 million in August.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
500
500
400
400
300
300
BANK LOANS
200
200
100
100
INVESTMENTS IN OTHER SECURITIES.
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
1 ) i I I I I I I M
L I I 1..1 I \ I I ! I
1966
1967
i I i i i Ii i i i
1968
I I ! I I 1I I1
1969
! ! I ! I I I Li ! I
1970
\ \ \ \ \ \ \ \
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Bank
Weekly
debits
reporting
outside
large comNew York
mercial
Total
Investr
nents
City (232
banks
Loans,
End of period
loans excluding
centers) ,
and
seasonally
interU.S.
GovOther
Commercial
investbank
ernment
securi- and indus- adjusted
ments
annuall
securities
ties
trial loans
rates
Billions of dollars
3
3
316. 1 3 213. 9
53. 5
60.7
1966
48. 7
3,440
352. 0
231. 3
59. 3
3, 765
61. 4
1967
65. 8
390. 6
61. 0
71.4
4,360
258. 2
73.1
1968
4
4
402. 1 * 279. 4
5, 150
*51. 5
71. 2
1969
81. 5
435. 9 5 292. 0
5, 717
58. 0 5 85. 9
1970
81. 7
60. 7
83. 8
104. 5
1971
485. 7
320. 6
6, 443
309. 7
82. 3
468. 4
60. 9
6, 686
97. 8
1971: Aug___
472. 4
59. 9
99. 5
83.4
313. 0
6, 68%
Sept
6, 466
477. 2
101. 1
59. 1
83. 0
Oct
317. 0
82. 6
102. 2
(>, V97
479. 8
58. 8
Nov
318. 7
6, 860
485. 7
320. 0
83. 8
60. 7
1 04. 5
Dec
81. 7
59. 7
106. 0
325. 7
491. 4
1972: Jan
6, 844
01. 0
328. 5
107. 1
S2. 4
496. (i
7, 014
Fcb v
504. :j
108. 7
02. 2
333. ,'i
83. 8
7, 164
Mar v
334. <S
62. 4
84.8
505. 8
1 OS. 0
7, 868
Apr v
7, 461
02. 8
110. 7
84. 7
340. 3
May p- - - 513. 8
6
110.
0
514.
0
85.
0
02.
8
341. 2
7,501
June
518. 4
110. 7
345. 9
61. 8
85. 2
July p»
7,867
526. 3
353. 6
61. 0
85. 0
111. 7
Aug
All comnaercial bank s
(s easonally adjusted dabta)
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages oi daily figures. Annual data are for December.
»Effective June 1966, balances accumulated for payment of personal loans
about $1.1 billion) are excluded from loans at all commercial banks, and certain
«rtificates of CCC and Export-Import Bank totaling about $1 billion are included
n other securities rather than in loans.
,1
1972
AJl membe r banks
Total
reserves
23, 830
25, 260
27, 221
28, 031
29, 265
31, 329
30, 455
30, 802
30, 860
30, 953
:U, 329
:.J2, 865
3.1, 922
31, 921
32, 565
32, 812
32, 539
33, 021
33, 155
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o ' dollars
392
557
345
238
455
765
257
1,086
321
272
107
165
198
804
206
501
207
360
263
407
165
107
173
20
124
33
233
99
136
109
104
119
204
94
147
202
261
439
-165
107
-310
-829
-49
58
-606
-295
-153
-144
58
153
91
134
27
-15
110
-55
-178
* Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries; earlier data include commercial
banks only.
8
As of June 1971, Farmers Home Administration notes totaling about $0.7
billion
are
classified as other securities rather than as loans.
6
Excludes $0.4 billion due to loan reclassification at a large bank.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Seasonally unadjusted consumer credit rose $1.2 billion in July. A year earlier the rise was $1.0 billion. Seasonali>
adjusted instalment credit rose $1.0 billion in July.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
END OF MONTH
140
140
TOTAL CONSUMER CREDIT OUTSTANDING
120
120
100
100
80
80
NONINSTALMENT CREDIT
<*•
lt»*W'tin»Htii
„.„......,.«..»" •««•»•«""""""""»•"•"•*'"iiiilllillillltlt"1"
20
1 1 I I 1 I t 1 ! T t I 1 1 1 1 1 l i t 1 I ...I I f 1 1 1 1
20
I 1 1 I I I 1 I 1 11
12
12
SEASONALLY ADJUSTED {ENLARGED SCALE)
\
.INSTALMENT CREDIT EXTENDED
70
8
10
8
6
6
INSTALMENT CREDIT REPAID
i i i i r I i i i i i 1 1 1 i il
4
1967
1966
1969
1968
4
1971
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1972
[Millions of dollars]
Consu mer credit outstandin g (end of p eriod;
Consum er instalme nt credit e xtended
umadjusted)
and r 3paid (seas onally adjiisted)
[nstalment
To tal
Automob ile paper
NonAutomo~"
l
Total
Total
bile
Personal instal-2 Extended Repaid Extended Repaid
ment
paper
loans
1963
1964
1965____
1966
1967
1968
1969
1970
1971
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
126, 802
137, 237
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
101, 161
109, 545
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 602
35, 490
38, 310
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
31, 612
34, 432
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24,300
25, 641
27, 692
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 888
104, 130
117, 638
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94 609
101, 138
109, 254
22, 126
24,046
27, 227
27, 341
26, 667
31, 424
32,354
29, 831
34, 638
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29 882
30, 943
31, 818
1971: June
July___ _ _
Aug
Sept
Oct___ _ _ _
Nov
Dec
127, 388
128, 354
129, 704
130, 644
131, 606
133, 263
137, 237
101,
102,
104,
104,
105,
107,
109,
862
848
060
973
763
097
545
36, 349
36, 763
37, 154
37, 383
37, 759
38, 164
38, 310
32, 351
32, 680
33, 134
33, 420
33, 575
33, 977
34, 432
25, 526
25, 506
25, 644
25, 671
25, 843
26, 166
27, 692
9,715
9, 675
10, 049
10, 156
10, 031
10, 572
10, 130
9, 190
8, 914
9,222
9,157
9, 107
9,306
9,230
2,838
2, 773
3,004
3, 147
2, 992
3, 162
2,973
2,678
2, 565
2,697
2,732
2,634
2, 662
2, 696
1972: Jan___
Feb
Mar
Apr
May
June
July
135, 830
135, 253
136, 135
137, 791
139, 963
142, 215
143, 456
108, 826
108, 634
109, 481
110, 734
112,477
114, 567
115, 832
38, 111
38, 239
38, 762
39, 337
40, 119
41, 104
41, 678
34, 300
34, 448
34, 683
35, 098
35, 552
36, 051
36, 334
27, 004
26, 619
26, 654
27, 057
27, 486
27, 648
27, 624
10, 184
10, 339
10, 996
10, 777
10, 998
11, 118
10, 811
9,547
9, 373
9,632
9,681
9, 557
9,791
9,784
2,978
3,046
3, 143
3,194
3,239
3,398
3, 182
2, 761
2,693
2, 693
2, 767
2, 748
2,851
2, 835
1
Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
3
End of Deriod, unadjusted.
32
Mortgage
debt outstanding
nonfarm,
1- to 4family
houses 3
182, 200
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800
280, 200
307, 800
290, 900
299, 700
307, 800
313, 800
323, 500
I
Sources: Board of Governors oi the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
With the exception of the yield on Baa corporate bonds, interest rates rose sharply in late August and early September.
The rise in the yield on 3-month Treasury bills was particularly steep.
PERCENT PER ANNUM
IN-
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
TAXABLE GOVERNMENT
BONDS
1966
1967
1968
1972
1969
SOURCE: SEE TABIE BH.OW
Period
1964
1965
1966
1967
1968
1969
1970___
1971
1971: July
Aug
Sept
Oct
Nov
Dec
1972: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Week ended:
1972: Aug 18__
25__
Sept 1__
8__
15__
22__
1
3
COUNCIL Of ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Govcjrnment secui•ity yields
municipal
3-month
bonds
Taxable
3-5
year
Treasury
3
2
(Standard4 &
bonds
l
issues
bills
Poor's)
3. 549
3.22
4. 15
4,06
3.954
4.21
3.27
4.22
4.881
3. 82
4.65
5.16
4.321
3.98
4.85
5.07
5.339
5.26
4.51
5.59
6. 677
a 12
5. 81
6.85
6. 458
6. 51
6. 58
7.37
4. 348
5. 74
5. 70
5.77
5. 405
6. 31
5. 91
6.77
5. 078
r>. 78
5. 95
6. 39
4.668
5.
56
5.
52
5. 96
4.489
5. 24
5. 46
5. 68
4. 191
f>. 30
5. 48
5. 50
f>. 36
4. 023
5. 62
5. 42
5. 62
3. 403
5. 25
5. 33
r>. 67
5. 33
3. 180
r>. 51
5. 30
3. 723
5. 66
5. 74
5. 74
5. 45
3. 723
6. 01
5. 26
3.648
5. 64
5. 69
3.874
f>. 59
5. 37
5. 77
5. 59
4, 059
5. 39
5. 86
5. 29
4. 014
5. 59
5. 92
3. 956
4.058
4.332
4. 569
4. 759
4. 633
5.87
5. 94
6. 11
6. 19
6. 20
5.57
5. 56
5.62
5.66
5. 68
2
Rate on new issues within period.
Selected note and bond Issues.
April 1953 to date, bonds due or callable 10 years and after.
*fi Weekly data are Wednesday figures.
Data for first of the month, based on the maximum permissible interest rate
(7 percent beginning February 18,1971) and 30-year mortgages paid in 15 years.
5.23
5. 29
5. 35
5. 37
5. 37
Corporalbe bonds
(Moo dy's)
Aaa
Baa
440
4.49
5. 13
5. 51
6.18
7. 03
8. 04
7. 39
7. 64
7. 59
7. 44
7. 39
7. 26
7. 25
7. 19
7. 27
7.24
7. 30
7. 30
7. 23
7. 21
7. 19
7.
7.
7.
7.
7.
19
17
16
19
23
4.83
4.87
5.67
6.23
6.94
Prime
commercial
paper
4-6
months
8. 19
3. 97
4.38
5.55
5. 10
5.90
7.83
7. 72
5. 11
5. 75
5. 73
5.75
5. 54
4. 92
4,74
4. 08
3. 93
4.17
4. 58
4. 51
4. 64
4. 85
4.82
8.19
8. 16
8. 15
8. 11
8. 09
4.85
4.88
4. 95
5. 09
5. 13
7.81
9. 11
8. 56
8. 76
8. 76
8.59
8. 48
8. 38
8. 38
8. 23
8. 23
8.24
8. 24
8, 23
8.20
a 23
FHA
new home
mortgage
yields 5
5.45
5.46
6.29
6. 55
7.13
a 19
9. 05
7.78
7.89
7. 97
7.92
7. 84
7.75
7. 62
7. 59
7.49
7.46
7.45
7. 50
7. 53
7.54
7. 54
7. 55
Sources: Department of Housing and Urban Development, Treasury Department, Board of Governors of the Federal Reserve System, Standard & Poor's
Corporation, and Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
From mid-August to mid-September, the stock market declined on balance and in every major sector except public
utilities.
Index, 1941-43=10
index, 1941-43=10
120
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
110
110
100
100
90
rx
90
80
80
70
PERCENT
PERCENT
MONTHLY
DIVIDEND YIELD ON COMMON STOCKS
j i i t . i. i i I i i j I I .
RATIO
PRICE/ EARNINGS RATIO ON COMMCDN STOCKS
\
x—-—-—-^—————~
^
15
10 /I
!
1
!
?
1966
1
1
1967
1
r^
-x
!
!
1968
^s*^
^-|
^^
15
f
f
?
1
1
1971
1970
1969
i i i i t i i t i i IN 2
RATIO
SOURCE STANDARD & POOR'S CORPORATION
1972
I
N
10
N
COUNCIL OF ECONOMIC ADVISERS
l
Period
1966
1967
1968
1969
1970
1971
1971: Aug
Sept
Oct
Nov
.
_ ...
Dec
1972: Jan
Feb
_
Mar
Apr
May
June
July
Aug
Week ended:
1972: Aug
4
11
18
25
Sept 1
8
15
Total
Total
85.26
91. 93
98.69
97. 84
83. 22
98. 29
97. 24
99. 40
97. 29
92. 78
99. 17
103. 30
105. 24
107. 69
108. 81
107. 65
108. 01
107. 21
111. 01
91.08
99. 18
107. 49
107. 13
91. 29
108. 35
107. 26
109. 85
107. 28
102. 21
109. 67
114. 12
116. 86
119. 73
121. 34
120. 16
120. 84
119. 98
124. 35
109. 13
111. 03
111. 87
111. 62
110. 76
110. 56
108. 92
122.
124.
125.
124.
123.
123.
121.
32
50
43
89
89
65
78
Price index
Industrials
Capital Consumers'
goods
goods
1941--41:3=10
84. 86
74. 10
96. 96
79. 18
105. 77
86. 33
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
99. 82
100. 90
104. 55
103. 34
100. 66
101. 31
95. 51
97. 47
103. 92
103. 78
109. 69
106. 45
113. 90
109. 42
116. 89
113. 20
120. 19
115. 05
119. 65
112. 67
120. 92
113. 43
119. 13
112. 57
124. 47
116. 17
121. 61
125. 49
125. 76
125. 47
124. 02
123. 16
120. 92
1
Includes 600 common stocks: 425 Industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly Indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
34
116.
117.
117.
116.
114.
114.
112.
07
26
00
14
39
90
86
Railroads
Dividend
yield 2
(percent)
08. 21
68. 10
66.42
62. 64
54. 48
59. 33
57. 51
56. 48
57. 41
55. 86
57. 07
60. 19
57. 41
57. 73
55. 70
54. 94
53. 73
53.47
54. 66
46.34
46.72
48.84
45. 95
32. 13
41. 94
43. 55
47. 18
44. 58
41. 19
43. 17
45. 16
45. 66
46. 48
47. 38
45.06
43. 66
42. 00
43. 28
3. 40
3. 20
3.07
3. 24
3. 83
3. 14
3. 18
3. 09
3. 16
3. 31
3. 10
2. 96
2. 92
2. 86
2. 83
2. 88
2. 87
2. 90
2.80
53.28
53. 89
54.48
55.87
55. 68
55. 72
55. 21
42. 41
43. 14
43.34
43.67
43. 64
43. 20
42. 55
2.
2.
2.
2.
2.
2.
2.
Public
utilities
Price/
earnings
ratio 3
14. 92
17. 52
17. 20
16. 57
15.91
18.86
18. 31
20.79
17.81
17. 01
84
80
78
77
81
81
84
are1 averages of monthly data. Weekly data are Wednesday flpures.
Eatio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In fiscal year 1972 there was a deficit of $23.0 billion, the same as the deficit in fiscal 1971. In the first month of
fiscal 1973 there was a deficit of $3.4 billion/ a year earlier the deficit was $5.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
260
260
220
220
100 —
{ENLARGED SCALE)
(ENLARGED SCALE)
+20
+20
SURPLUS (+) OR DEFICIT (-)
-20
-20
-40
-40
1962
1963
1964
1965
1966
1967
1968
FISCAL YEARS
J/ ESTIMATE
SOURCES, TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
1969
1970
1971
1972
1973^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Receipts
Fiscal year:
1961
1962
1963
1964
Outlays
Surplus or
deficit (— )
Federal debt ( end of period)
Total *
Held by
the public
94. 4
99. 7
106. 6
112. 7
97. 8
106. 8
111. 3
118. 6
-3.4
-7. 1
-4.8
-5.9
292. 9
303. 3
310. 8
316. 8
238. 6
248. 4
254. 5
257. 6
1965
1966
1967
1968
1969
116. 8
130. 9
149. 6
153. 7
187. 8
118.4
134. 7
158. 3
178. 8
184. 5
-1.6
-3.8
-8.7
-25. 2
3.2
323.2
329.5
341.3
369.8
367. 1
261. 6
264. 7
267. 5
290.6
279. 5
1970
1971
1972 »
19732
193. 7
188. 4
208. 6
225. 0
196. 6
211. 4
231. 6
250. 0
-2. 8
-23. 0
-23.0
-25. 0
382.6
409. 5
437. 3
477.0
284. 9
304. 3
323. 8
356. 0
13. 2
15.2
18. 6
18. 6
-5.3
-3.4
415.7
442.5
308.6
327.5
First month:
Fiscal year 1972
Fiscal year 1973
_ _ __
_ ___
12 Excludes non-interest-bearing public debt securities held by IMF.
Estimates.
Sources: Treasury Department and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1972 both receipts and outlays were $20.2 billion higher than in fiscal 1971. In the first month of fiscal
1973, receipts were $2.0 billion higher than a year earlier while outlays were the same in both periods.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
- 20
20 CORPORATION INCOME TAXES
I
I
I
180
180
OUTLAYS
140
140
NONDEFENSE
100
100
80
80
NATIONAL DEFENSE
60
!
40
1962
I
1963
)
1964
60
!
1965
f
1966
1967
1968
. YEARS
1969
1970
1971
SOURCESi TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
40
1972
1973
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Recei]pts
()utlays
Natio nal defense
Period
Fiscal year:
1961_
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972 9
19731
First month:
Fiscal year 1972...
Fiscal year 1973...
1
Estimates.
36
Total
Individual Corporation
income
income
taxes
taxes
94. 4
99. 7
106.6
112.7
41.3
45. 6
47.6
48.7
nas
4as
21. 0
20. 5
21.6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
130.9
149. 6
153.7
187.8
193. 7
18R4
208.6
225.0
55.4
61. 5
68. 7
87.2
90.4
86.2
94.8
99.0
32. 0
35.5
13.2
15.2
6.5
7.4
L1
2a 8
.9
Other
Total
Department of
Total Defense,
military
32. 1
97.8
33.6 ioas
37.4 111. 3
40.5 118. 6
42. 6 na 4
45. 3 134. 7
54. 1 15a3
56. 3 178. 8
63. 9 184. 5
70. 5 196.6
75.4 211.4
81.7 231. 6
90.5 250. 0
47.4
51. 1
52.3
53. 6
49. 6
56. 8
70. 1
80. 5
81. 2
80. 3
77.7
78.2
78.3
43.3
46.9
48. 1
49. 6
46. 0
54.2
67.5
77.4
77. 9
77. 2
74.5
75.0
75.9
18. 6
18.6
5.2
5.1
5.1
5.2
5.8
6.8
Interna- Health
tional
and
Inaffairs income
terest Other
and
security
3.4
4.5
4. 1
4. 1
4. 3
4.5
4.5
4. 6
3.8
3.6
2. 9
3.7
3.7
.3
.3
22. 1
8. 1
23. 7
a3
9. 2
25. 5
26. 8
9.8
27.4 10.4
31.5 11. 3
37.8 12.6
43.7 13.7
49.3 15.8
56.7 18. 3
70.2 19. 6
81. 5 20. 6
89.7 21. 6
37.7
41. 1
47. 7
56.7
1.7
1.7
5.2
5.2
6.2
6.2
Sources: Treasury Department and Office of Management and Budget.
16.8
19.2
20.3
24. 2
26. 7
30.6
33.2
36.2
344
IEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
Federal expenditures exceeded receipts by $21.6 billion (seasonally adjusted annual rate) in the second quarter.
BILLIONS OF DOLLARS
260
BILLIONS OF DOLLARS
260
240
140
120
+20
+20
_ SURPLUS
Q
ra
-
H
SH W ill ipj
ms
• 111Hi «*
-
xxJ
-40
JI
1 |
£££
-90
1|
-~'X\
V&
" DEFICIT
I
f
f
!
f
1967
1966
f
!
f
1968
!
!
. f• !
1969
CALENDAR YEARS
\
\
\
- f
1970
i
197
i
I
f
!
1972
!
-40
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Feeleral GOT*fernmenl b expend]itures
Federal (jovernm ent receip ts
Period
Fiscal year:
1968
1969
1970
1971
1972 i _ _ _
Calendar
year:
1967
1968
1969
1970
1971
Personal
and
Total tax
nontax
receipts
Subsidies Less:
GrantsPurless
in-aid
Wage
Corpo- Indirect Contrichases Trans- to State Net
current accruals
rate business butions
Total of goods fer pay- and interest surplus of less
for
profits tax and
and
disnontax social inments local
paid Governtax
accruals accruals surance
services
government en- bursements
terprises ments
160. 6
190. 4
195. 0
193. 0
211. 0
71. 4
89. 9
93. 7
87. 1
99. 2
33. 7
37. 4
33. 1
32. 0
33. 5
17. 1
18. 6
19. 2
20. 1
20. 1
38. 3
44. 4
49. 0
53. 8
58. 2
172. 5 94, 9
185. 7 99. 4
196. 3 98. 3
212.8 95. 8
233. 1 103. 1
44.8
50.7
56. 8
69. 8
78. 5
17.8
19. 2
22. 6
27. 0
32. 8
10. 9
12. 3
14. 0
14. 3
13. 5
151. 2
175. 0
197. 3
191. 6
199. 1
67. 5
79. 7
94. 8
92. 4
89. 6
30. 7
36. 7
36. 6
30. 4
33. 1
16. 3
la 0
19.0
19. 3
20. 5
36. 7
40. 7
46. 9
49. 5
55. 9
163. 6
181. 5
189. 2
204. 5
220. 8
90. 7
98. 8
98. 8
96. 5
97. 8
42. 2
15. 8
52,4
63. 3
75. 0
20. 3
24. 5
29. 3
10. 2
11. 7
13. 1
14, 6
13. 6
196. 4
!!___ 198.2
III.. 199. 1
IV.. 202. 8
86.6
88. 1
89.8
93.8
33. 9
34. 4
33.2
31. 1
20. 9
20. 2
20. 0
20. 8
55. 0
55. 6
56. 1
57. 0
212.
221.
222.
227.
4 96. 2
2 96. 3
2 97. 9
5 100. 7
69. 1
76. 8
76. 3
77.8
27. 1
29. 5
29.8
30.8
14. 0
13. 6
13. 6
13. 3
5. 1
221.4
224. 9
105.8
107. 3
34. 0
35.2
19. 9
19. 7
61.7
62. 6
236. 3 105. 7
246. 5 108. 1
79. 4
80. 4
32.4
13.1
13.8
5.6
6.0
1971: I
1972:1
II...
1
Preliminary: based on seasonally adjusted quarterly data, except for contrlmtions, which have been adjusted for change in the tax law.
4a 2
1&7
sa i
4,1
4. 1
4. 7
5. 9
5. 3
4.6
4, 1
4, 6
5. 5
5.2
6.0
4.6
5.0
2 $39 million.
Source: Department of Commerce.
0.0
.0
.1
— .1
.0
.0
.0
.0
.0
o
Surplus
or
rlofir»i-f
dencrc
(-),
income
and
product
accounts
-11.9
4. 7
— 1. 3
— 19. 7
— 22. 1
-12.4
-6.5
ai
-12.9
— 21. 7
.0
.0
.0
— 16.0
-23.0
— 23. 1
-24,7
.0
— 14.8
— 21. 6
.1
—. 1
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
U.S.
POSTAGE AND FEES PAID
GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits..
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
Page
_
__
1
2
3
4
5
6
7
8
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
26
27
28
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
29
30
31
32
33
34
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
35
36
37
NOTE.—Detail in these tables may not add to totals because of rounding. Unless otherwise stated, all dollar figures arc current dollars.
* Indicates preliminary and
not available.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 25 cents per copy, $3 per year ; §4 foreign. Domestic air mail, $3.60 additional 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 : 1972
@FedFRASER