Full text of Economic Indicators : September 1973

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93d Congress, 1st Session

1973

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1973

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
RICHARD S.
(Pennsylvania)

HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
HUGH L. CAREY (New York)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)

JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist

OF
STEIN, Chairman
GARY L. SEEVERS
Economic Indicators prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST
[S J. Res, 553
To print the monthly publication entitled "Economic Indicators8'
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 55
a
or by subscription at $6.50 per year ($1.75 additional for foreign mailing)

OF
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Subscribers who wish to receive it at an earlier
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13,




release

advan-

Gross national product Increased $29,5 billion In trie second quarter to a seasonally adjusted annual rate of $1,272,0
billion, according to current estimates. The increase for the first quarter was $43.3 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual
1iovernme]at

Persons

E xpenditur es
N et receipts
PerEquals:
Less:
Less :
Less:
sonal
Tax
Interest Total Personal
TransTrans- Equals:
saving
and
Purpaid and exclud- consumpfers,
fers,
Equals: Total
or
tion
nontax interest,
chases
ing
transfer
expendinterest,
Net
expenddisof goods
interest
payand
and
receipts itures
itures saving receipts
or
and
and
ments
sub—
sub—
2
2
accruals
services
transto forsidies
sidies
fers
eigners

Disposal:>le person?il income
Period
Total l

32. 5
40. 4
39. 8
38. 2
56. 2
60. 2
49. 7

213. 3
228. 9
263. 5
296.7
302. 5
322. 0
368. 2

55. 5
62. 8
70. 7
77. 9
93. 2
105. 9
115. 9

157.9
166. 2
192. 7
218.8
209. 4
216. 2
252. 2

212. 3
242. 9
270. 3
287. 9
312. 7
340. 2
370.9

55. 5
62. 8
70. 7
77. 9
93. 2
105. 9
115. 9

156.
180.
199.
210.
219.
234.
255.

8
1
6
0
5
3
0

1. 1
-13. 9
-6. 8
8. 8
-10. 1
-18. 1
-2, S

753.0
765. 1
779. 9
806. 9

700.
719.
734.
752.

2
2
1
6

52. 9
45. 9
45. 8
54. 4

356.
363.
370.
382.

9
3
5
0

111. 8
113. 0
114. 0
125. 1

245.
250.
256.
256.

1
3
5
9

362. 2
367. 2
368. 5
385. 8

111.
113.
114.
125.

250.
254.
254.
260.

3
2
7
7

-5.4
-3.92. 0
-3. 8

829. 4
846. 7

779. 4
795. 6

50. 0
51. 0

402. 7
414. 7

125. 3
127. 8

277. 4
286. 9

393. 9
403. 1

125.3
127. 8

268. 6
275. 3

8.9
11. 6

13. 0
13. 9
15. 1
16. 7
17. 9
18. 7
20. 7

498.
532.
575.
617.
673.
727.
776.

1972: I
II
III-_
IV___

772.
785.
800.
828.

8
4
9
7

19. 8
20. 3
21. 0
21. 8

1973: I
II-.-

851. 5
869. 7

22. 1
23. 0

_

9
4
9
7
8
3
2

Net
Net e xports of goods
Gross
transfers
and service s
Excess of m Total
Statis- national
Gross
Excess
to forGross
transfers income
tical
product
of
private
retained domestic
eigners
or
or
discrepor
investearn-3
by perEquals: of net
receipts
ancy
expendment
investLess:
sons and Exports Imports
ings
Net
exports
iture
ment 4
(-)
(_)5
Governexports
ment
1

1966
1967
1968
1969
1970
1971
1972

91. 3
93. 0
95. 4
97. 0
97. 0
111. 8
124. 4

121. 4
116. 6
126. 0
139. 0
136. 3
153. 2
178. 3

-30. 1
-23. 5
-30. 6
-42. 0
-39. 3
— 41. 4
-53. 9

2. 8
3. 0
2. 9
2. 9
3. 2
3. 6
3. 7

43. 4
46. 2
50. 6
55. 5
62. 9
66. 3
73. 5

38. 1
41. 0
48. 1
53. 6
59. 3
65. 5
78. 1

5.3
5. 2
2. 5
1. 9
3. 6
.8
-4. 6

1972: I
II
III
IV

117.
124.
124.
131.

167.
174.
181.
189.

5
7
5
4

-50. 2
-50. 6
— 57. 0
-57.8

3. 9
3. 8
3.8
3. 5

70. 3
69.9
74.0
79. 7

75. 8
75. 6
77. 7
83. 2

-5. 5
-5. 7
-3. 8
-3. 5

1973: I
II

131. 5
132. 0

194. 5
198. 2

-63. 0
-66. 2

3. 0
3. 3

89. 7
97. 2

89. 7
94. 4

.0
2. 8

3
1
5
6

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.
s Capital consumption allowances, corporate inventory valuation adjustment,
undistributed corporate profits, and private wage accruals less disbursements.
Does not include retained earnings of unincorporated business, which are included
In disposable personal income.




8
0
0
1

liiternation al

Business

Period

income
and
product
accounts

466. 3
492. 1
536. 2
579. 5
617. 6
667. 2
726. 5

511. 9
546. 3
591. 0
634. 4
691. 7
746. 0
797.0

1966
1967
1968
1969
1970
1971
1972

Surplus
or
deficit

-2.4
750.
-2.2
794
.4
866.
1. 0
936.
983.
—. 4
2. 8 1, 058.
8. 4 1, 156.

9
6
9
3
5
8
6

-1. 0
7
-2. 7
-6. 1
-6.4
-3.4
— 1. 5

749. 9
793. 9
864. 2
930. 3
977. 1
1, 055. 5
1, 155. 2

3
3
7
9

-6. 7
-1. 0
1. 6
.2

1,
1,
1,
1,

3. 0 j 1, 241. 3
. 5 1, 268. 9

a2

9. 4
9.4
7. 6
7. 0

1,
1,
1,
1,

119.
143.
164.
198.

1, 1

112.
142.
166.
199.

5
4
S
2

1, 242. 5
1, 272. 0

4
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
In the second quarter, gross national product (seasonally adjusted) rose at an annual rate of 9.9 percent, reflecting aj
inflation rate of 7.3 percent and an expansion of 2.4 percent in real GNP. The rise in real GNP is substantially lowe
and the price rise somewhat higher than those in the first quarter.
BILLIONS OF DOLLARS
1,400

BILLIONS OF DOLLARS
1 1,400
SEASONALLY ADJUSTED ANNUAL RATES

1,200

1,200

1,000

1,000

800

800

PERSONAL CONSUMPTION
EXPENDITURES

600

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

"

200

11111111111)111111

NET EXPORTS OF GOODS
AND SERVICES

GROSS PRIVATE DOMESTIC
INVESTMENT
1

1967

I

I

1969

1968

I

I
1970

J

I
1971

196?^
1964..
1965.
1966..
1967,
1968
1969.
1970.
3971
197'?
1972: I
II.
Ill
IV
1973: I
II

Total
Personal Gross
congross
Total
private
sump- domestic
national gross
product national
tion
investin 1958 product expend- ment
itures
dollars
Billions <3f dollars; quarterly

_

.

...

..

551. 0
581. I
617. 8
658. 1
675.®
708. 8
725. 6
722. 5
745.4
790. 7
768. 0
785. 6
798. 7
812. S
829. 3
Q& 1

&

OOfy. O

590. 5
632. 4
684. 9
749. 9
793, 9
364. 2
930. 3
977. 1
1, 055. 5
1, 155, 2
1, 112, 5
3, 142. 4
1, 166. 5
1, 199. 2
1, 242. 5
1, 272. 0

375. 0
401.2
432. 8
466. 3
492. 1
536. 2
579. 5
617. 6
667. 2
726. 5
700. 2
719. 2
734. 1
752. 6
779. 4
795. 6

87. 1
94.0
108. 1
121. 4
116. 6
126. 0
139. 0
136. 3
153. 2
178. 3
167, 5
174. 7
181. 5
189. 4
194. 5
198.2

i This category corresponds closely with budget onth vs for natior al defense,
sh own on p. 36.




J

I
1973

COUNCIL OF ECONOMIC ADVISERS

SOURCE* DEPARTMENT OF COMMERCE

Period

I

1972

Net
exports
of goods
and
services

Government ] purchases of good s
services
Federal
Total
Total National
defense1 Other

and

Implicit
price
deflator
State
for total
and
GNP,
local
1958=1002

data at £>easonall;y adjuste d annual rates
5.9
8.5
6.9

5. 3

5.2

2. 5
1. 9
3. 6
.8
— 4. 6
— 5. 5
-5. 7
-3. 8
-3. 5
.0
2.8

122. 5
128. 7
137. 0
156. 8
180. 1
199. 6
210. 0
219. 5
234. 3
255. 0
250. 3
254. 2
254. 7
260. 7
268. G
275. 3

64. 2
65. 2
66.9
77.8
90.7
98. 8
98. 8
96. 2
98. 1
104. 4
106. 0
106. 7
102. 3
102. 7
105. 5
107.3

50.8
50.0
50. 1
60. 7
72. 4
78. 3
78. 4
74. 6
71. 6
74. 4
76.5
76. 6
71. 9
72. 4
74. 3
74 2

13. 5
15. 2
16. 8
17. 1
18. 4
20. 5
20. 4
21. 6
26. 5
30. 1
29.5
30. 1
30. 4
30. 3
31. 2
33. 1

58.2
63. 5
70. 1
79. 0
89.4
100. 8
111. 2
123. 3
136. 2
150. 5
144. 3
147. 5
152. 4
158. 0
163. 0
168. 0

107.
108.
110.
113.
117.
122.
128.
135.
141.
146.
144.
145.
146.
147.
149.
152.

17
85
86
95
59
30
20
24
60
10
85
42
42
63
81
46

2
Gross national pr<)duct in cu rrent dollars divided by gross na tional product
in 1958 dollars.
Source: DepartmeE t o/ Comm erce.

NATIONAL INCOME
Hhtional income rose $23.2 billion (seasonally adjusted annual rate) in the second quarter, according to revised
fstimates. Employee compensation, accounting for most of the gain, was up $17.5 billion because of rising manhours and rates of pay.
BILLIONS OF DOLLARS
1,100

BILLIONS OF DOLLARS
,100

1,000

1,000

900

500

800

800

700

<500

500

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS' AND
RENTAL INCOME

100

100
NET INTEREST

J
1967

1968

1969

1970

1971

J

I

I
1973

1972

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Total
national
income

Period

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972

_

1972: I
II
III..
IV _

_

1973: I _

II..

Compensation
of em- 1
ployees

Proprieto rsj income
Farm 2

of

per-

Net

Corporal ;e profits and in ven tory va luation acljustment

interest

Total

Profits Inventory
before valuation
taxes adjustment

481. 9
518. 1
564.3
620. 6
653. 6
711. 1
766. 0
800. 5
859. 4
941. 8

341. 0
365.7
393.8
435. 5
467. 2
514. 6
566.0
603. 9
644. 1
707. 1

13. 1
12. 1
14.8
16. 1
14.8
14.7
16.7
16. 9
16. 8
20.2

37. 9
40.2
42.4
45. 2
47. 3
49. 5
50.5
50. 0
51.9
54. 0

17. 1
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 9
24.5
24. 1

13. 8
15,8
18.2
21. 4
24 4
26. 9
30,5
36.5
42. 0
45. 2

58. 9
66.3
76. 1
82. 4
78.7
84. 3
79. 8
69. 2
80. 1
91. 1

59. 4
66.8
77.8
84. 2
79. 8
87. 6
84. 9
74. 0
85. 1
98.0

— 4. 8
— 4. 9
— 6. 9

911. 0
928. 3
949. 2
978.6

684. 3
699.6
713. 1
731.2

19. 5
19. 9
19. 8
21. 8

53. 1
53. 3
54. 3
55. 3

24. 1
22. 6
24. 9
24. 9

43. 9
44. 8
45.7
46. 6

86. 2
88. 0
91. 5
98. 8

92.8
94. 8
98.4
106. 1

-6. 6
-6.7
-6,9
— 7. 3

1, 015. 0
1, 038. 2

757. 4
774. 9

24. 3
24.4

56. 3
57. 1

24. 7
24. 0

47. 9
49.4

104. 3
107. 9

119. 6
128.9

-15.4
-21. 1

1
Includes employer contributions for social insurance. (See also p. 4.)
2
Excludes farm profits of corporations engaged in fanning and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.




Business
and professional

Rental
income

Source: Department of Commerce.

-0.5
* *o
— 1.7
— 1. 8
— 1.1
— 3. 3
C

-1

SOURCES OF PERSONAL INCOME
Persona! income rose $10.6 billion (seasonally adjusted annual rate) in August, following a revised increase of $8.
billion in July. Wage and salary disbursements increased $5.8 billion, compared with $5.0 billion a month earlier.
BILLIONS OF DOLLARS
1,200

BILLIONS OF DOLLARS
1,200 I
SEASONALLY ADJUSTED ANNUAL RATES

1.000 h

1,000

800

800

600 —

600

400

400

200

200
TRANSFER PAYMENTS

I

I _ | I LJ

r

1968

1967

1969

1970

SOURCE: DEPARTMENT OF COMMERCE

Period

Total
personal
income

1965
538. 9
1966
587. 2
1967
629. 3
1968 __
688. 9
1969
750. 9
1970
_ _ _ 808. 3
1971 _ _ _ _ 863. 5
1972
939. 2
935. 2
1972: July
944. 4
Aug
Sept
951. 3
Oct
967. 0
N o v _ _ _ _ 977. 6
983. 6
Dec
989. 1
1973: Jan
997. 4
Feb
Mar
1, 003. 3
Apr
!! 1, Oil. 6
1, 018. 7
Mav
l
1, 026. 6
June
JuIy___J 1, 035. 1
A u g * _ _ ; 1, 045. 7




1972

1973

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
?
i
Wage
Rental
Other Proprlet ors income income
and
Personal Transfer
Divilabor
Business
salary
paydends interest
of
disburseincome 1 2 Farm
and pro- persons
income ments
1
fessional
ments
18.7
42.4
19.0
358.9
14.8
19.8
38.7
39.9
394. 5
20. 7
16. 1
45. 2
20. 0
20. 8
44. 1
43. 6
22. 3
14. 8
47. 3
423. 1
21. 4
21. 1
48. 0
51. 8
14. 7
25. 4
464. 9
49. 5
21. 2
23. 6
52. 9
59. 6
22. 6
28. 4
16. 7
50. 5
24. 3
509. 7
59. 3
65. 8
32. 2
542. 0
16. 9
50. 0
23. 9
24. 7
67. 5
79 1
36. 6
16. 8
51. 9
24. 5
573. 3
73. 0
25. 1
93. 2
54. 0
24. 1
40. 7
20. 2
627. 8
26. 0
78. 0
103. 0
40. 9
627. 0
19. 3
54. 0
24. 4
26. 1
78. 3
100. 6
41. 3
632. 6
19. 8
54. 5
25. 2
26. 3
78. 5
101. 3
41. 6
54. 3
20. 3
638. 7
25. 1
26. 2
78. 9
101. 4
42. 0
20. 8
643. 8
55. 1
25. 1
26. 3
79. 6
109.7
22. 4
42. 3
648. 4
24. 7
55. 1
80.4
26. 3
113. 7
42. 7
22. 3
654. 0
24. 9
55. 6
26. 5
81. 1
112. 6
43. 0
24. 0
661. 7
56. 1
24. 8
112. 5
26. 8
81. 9
43.3
24. 3
667. 2
56. 3
24. 8
26. 9
82. 6
113. 8
24. 6
671. 1
43. 6
56. 4
24. 6
27. 0
83. 4
114. 5
24. 2
43. 9
677. 6
56. 8
24. 3
27. 3
84. 5
115. 3
44. 2
24. 4
682. 0
57. 1
24. 6
27. 3
85.7
115. 9
44. 5
24. 6
688. 2
57. 3
24. 9
27. 4
86. 5
116. 0
44. 8
693. 2
25. 4
57.8
25. 0
27. 6
87. 8
116. 9
45. 1
26. 2
699. 0
57. 9
25. 1
28. 2
88. 9
118. 9

1
The total oi wage and salary disbursements and other labor income differs
from compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.

4

1971

Less: Personal contributions
for social
insurance
13.4
17. 7
20. 5
22 8
26.3
28. 0
30. 9
34. 7
35. 4
35. 0
35. 2
35. 4
35. 7
35. 9
41.7
41. 9
42. 0
42. 4
42. 5
42. 8
43. 4
43.7

N onagri cultural
personal
income 3
519. 5
566. 3
609. 4
668. 8
728. 3
784. 8
839. 8
911. 5
908. 6
917. 3
923. 6
938. 8
947. 7
953. 6
957.4
965. 3
970. 9
979. 5
986. 4
994. 2
1, 001. 8
1, Oil. 6

3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce.

DISPOSITION OF PERSONAL INCOME
Ibcause of the sharp price rise/ real per capita disposable Income was little changed in the second quarter but was
still 5 percent above a year earlier.
BILLIONS OF

BILLIONS OF DOLLARS
1,000

1,000

1967

1973

1968

SOURCE: DEPARTMENT OF COMMERCE

Period

Less:
PerPersonal
sonal tax and
Income nontax
payments

COUNCIL OF ECONOMIC ADVISERS

Less : Perse nal outlayfs
Equals:
Persoilal eonsurnption
Equals:
Disexpenditure 3 2
Personal
Total
posable
saving
personal personal1 Durable
Nonincome outlays
durable
Services
goods
goods

65.7
75. 4
83. 0
97. 9
116. 5
116. 6
117. 5
142. 2

473.2
511. 9
546. 3
591. 0
634. 4
691. 7
746. 0
797. 0

444.8
479. 3
506. 0
551. 2
596. 2
635. 5
685. 8
747. 2

66.3
70. 8
73. 1
84. 0
90. 8
91. 3
103. 6
117. 4

Current
dollars

1958
dollars

Saving
as percent of Population
disposable
(thou-3
personal sands)
income
( percent)

Dol lars

Billions of dollars
1965
538. 9
587. 2
1967. ___ 629. 3
1968_ _ _ 688. 9
1969 _ _ _ 750. 9
1970
808. 3
1971
863.5
939. 2

Per cap>ita disposable personal
incc)me

191. 1
206. 9
215. 0
230. 8
245. 9
263. 8
278. 7
299. 9

175.5
188. 6
204. 0
221. 3
242. 7
262. 6
284. 9
309. 2

28.4
32. 5
40. 4
39. 8
38. 2
56. 2
60. 2
49. 7

2, 436
2, 604
2, 749
2, 945
3, 130
3,376
3, 603
33 816

2, 239
2,335
2, 403
2, 486
2, 534
2, 610
2, 680
2, 767

6. 0
6. 4
7. 4
6, 7
6. 0
8. 1
8. 1
6.2

194,
196,
198,
200,
202,
204,
207,
208,

303
560
712
706
677
879
045
842

259
634
058
514

Seasc nally adjicsted annu al rates
1972: ! _ _ _
II..
III..
IV__

910. 8
926. 1
943. 7
976. 1

1973: !_._. 996. 6
II...J 1,019.0




0
7
8
4

772. 8
785. 4
800. 9
828.7

720. 0
739. 5
755. 1
774. 3

111.
115.
120.
122.

145. 1
149. 3

851. 5
869. 7

801. 5
818. 7

132. 2
132.8

138.
140.
142.
147.

5
1
2
9

8
9
3
7

300. 0
306. 2
311. 6
319. 0

52.9
45. 9
45. 8
54. 4

3,711
3, 765
3, 831
3, 955

2, 716
2, 740
2, 771
2, 841

6. 8
5. 8
5. 7
6. 6

208,
208,
209,
209,

322. 2
330.3

325. 0
332. 6

50. 0
51. 0

4, 057
4, 137

2, 878
2 3 877

5.9
5. 9

209, 871
210, 221

288.
297.
302.
310.

: paid by consumers,

3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.

FARM INCOME
In the second quarter, net farm income excluding inventory change (seasonally adjusted) rose about 2 percent anl
including inventory change about 1 percent. Real net income per farm was 14 percent higher than a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

SO

80

40

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

20

20

J
1967

L
1970

1969

1968

1972

1971

1973
NOMIC ADVISEKS

SOURCE: DEPARTMENT OF AGRICULTURE

Personal income received by!
total farm population

Income received from farming
Net t<3 farm
oper<ators

Realize d gross
Period

1965
1966
1967
1968
1969
1970
1971
1972

,

From
all
sources

23. 6
24. 9
24. 0
25. 1
27. 6
28. 3
29. 2
34. 0

From
From
nonfarm
farm
sources sources

13.5
14.4
13. 1
13. 2
14. 9
15. 1
15. 2
18. 1

Net income per
farm including s
inventory change

ProducCash
|
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current 1967
l
from
Total
ventory ventory2 dollars 1 dollars 4
marketi
change change
ings
J3 mi oiis cji uonars
iJOl iars

10. 0
10. 5
10. 9
11. 9
12. 7
13. 2
14. 0
15. 9

44. 9
49. 7
49. 0
50. 9
55. 6
57. 8
59. 7
68.9

39. 3
43.3
42. 7
44. 1
48. 1
50. 5
52.8
60.7

30.9
33. 4
34. 8
36. 2
38. 8
41. 0
44. 5
49. 2

14. 0
16. 3
14. 2
14. 7
16. 8
16. 8
15.2
19.7

15. 0
16. 3
14. 9
14. 8
16. 9
16. 9
16. 9
20. 3

4,465
4, 990
4,707
4, 828
5, 620
5, 725
5, 817
7, 089

4,700
5,092
4,707
4, 642
5, 156
5, 022
4, 888
5, 717

19. 6
20. 0
19. 9
21. 9
24. 4
24. 7

6,
6,
6,
7,
8,
8,,

5, 600
5,620
5, 540
6, 060
6, 580
6,410

Seaso natly adjiisted annu at rates
1972: I
II
III
IV __
1973: I
II
1
Cash receipts from marketings, Government payments, and nonmoney income
lurnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
s
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.




65. 8
68. 1
68.7
72. 8
79. 8
82. 5

57. 8
59. 8
60.5
64. 6
72.4
75. 5

47. 0
48.8
49. 4
51. 5
55. 8
58. 0

18.8
19. 3
19. 3
21. 3
24. 0
24. 5

830
970
930
630
620
720

4
Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1987 base.
_
^
. .
x
A , t
Source: Department of Agriculture.

CORPORATE PROFITS
Revised estimates put corporate profits before taxes at $128.9 billion (seasonally adjusted annual rate) in the second
•barter, $9.3 billion above the first quarter. The corresponding increase in profits including inventory valuation adjustment was $3.6 billion.
BILLIONS OF DOLLARS
125

50

25

25

1973

1967

COUNCIl OF ECONOMIC ADVISERS

SOURCES DEPARTMENT OF COMMERCE

Period

[Billions of dollars; quarterly data at seasonally
Cori>orate pr ofits (befc>re taxes) and inveritory
valuation adjustme]at
TransCorpoM Lanufaetui ing
portation,
rate
comprofits
NonAll
Durable
All
munibefore
Indusgoods durable
other 1 taxes
goods cations,
tries Total indusand
tries
public
tries
utilities

1965
1966
1967 _ _„„
1968
1969_ „ _ _
1970
1971.
1972

76. 1
82. 4
78. 7
84. 3
79. 8
69. 2
80. 1
91. 1

39.3
42. 6
38.7
41.7
36. 6
27. 8
32. 5
40. 1

22. 8
24. 0
20.7
22. 4
18.8
10.5
14.7
20. 2

16. 6
18. 6
18. 0
19.3
17. 7
17. 3
17. 8
20. 0

11. 1
11.9
10.8
10. 6
10. 1
7. 8

1972: !__„_
II...
III..
IY__

86. 2
88. 0
91. 5
98. 8

37. 3
38. 7
39. 9
44. 7

18. 7
20. 2
19. 5
22. 3

1973: L.___ 104. 3
II... 107. 9

49. 7
52. 4

26. 9
28. 5




Corporate
capital
consumption
allow-2
ances

Profits
plus
capital
consumption
allow-3
ances

9. 3

25. 6
27. 9
29. 1
32. 0
33. 1
33. 7
39. 1
41. 7

77.8
84. 2
79. 8
87. 6
84. 9
74. 0
85. 1
98. 0

31. 3
34.3
33. 2
39.9
40. 1
34. 8
37. 4
42. 7

46. 5
49. 9
46. 6
47. 8
44. 8
39. 3
47. 6
55.4

19. 8
20. 8
21. 4
23. 6
24. 3
24. 7
25. 1
26. 0

26. 7
29. 1
25. 3
24. 2
20. 5
14. 6
22. 5
29. 3

36.4
39. 5
43. 0
46. 8
51. 9
56. 0
60. 4
65.9

82.9
89.5
89. 6
94. 6
96.8
95.2
108,0
121. 3

18. 6
18. 5
20.4
22. 4

8.5
8.9
9.8
9.9

40. 4
40. 4
41.7
44. 3

92. 8
94. 8
98. 4
106. 1

40. 6
41. 4
42. 9
45. 9

52. 2
53. 4
55. 6
60. 3

25.7
25. 9
26. 2
26. 4

26. 5
27. 5
29. 4
33. 9

63. 4
66. 2
66. 0
68. 0

115. 6
119. 6
121. 6
128. 3

22. 8
23. 9

9. 2
8. 5

45. 4
47. 0

119. 6
128. 9

52. 7
57. 4

66. 9
71.6

26. 9
27.3

40. 0
44. 2

69. 3
70. 5

136.2
142. 1

8.6

1 Includes all other industries and financial institutions.
2s Includes depreciation and accidental damages.
Corporate profits after taxes plus corporate capital consumption allowances.

21-501°

adjusted annual rates]
CoriDorate pr ofits
a fter taxe s
Corporate
DiviUntax
liabil- Total dend distributed
payity
ments profits

Source: Department of Commerce.

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose again in the second quarter, with most of the increase attributable to nonresidential investment.
BILLIONS OF DOLLARS

BILLIONS OF 'DOLLARS

200

50

50

1973

1967
SOURCES:

DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates
Fixed irrvestment

Period

Total
gross
private
domestic
investment

Resic ential
struc tures

N Dnresidentjal

Total

Struc tures
Total
Total

Nonfarm

Produce rs? durable equJpment
Total

Nonfarm

Total

Nonfarm

Change in business in\-entories

Total

Nonfarm

:

87. 1
94 0
108. 1
121. 4
116. 6
126. 0
139. 0
136. 3
153. 2
178. 3

81 3
88. 2
98. 5
106. 6
108. 4
118. 9
131. 1
131. 7
147. 1
172. 3

54 3
61. 1
71. 3
81. 6
83. 3
88. 8
98. 5
100. 6
104. 4
118. 2

19. 5
21.2
25. 5
28. 5
28. 0
30. 3
34. 2
36. 1
37. 9
41. 7

18. 8
20.5
24. 9
27. 8
27. 3
29. 6
33. 5
35. 3
37. 0
40. 8

34.8
39. 9
45. 8
53. 1
55. 3
58. 5
64. 3
64. 4
66. 5
76. 5

31. 2
36.3
41. 6
48. 4
50. 0
53. 6
59. 2
58. 9
60. 9
69. 8

27.0
27. 1
27. 2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 7
54. 0

26. 4
26.6
26. 7
24 5
24 5
29. 5
32. 0
30. 7
42. 2
53. 5

rv

167. 5
174. 7
181. 5
189. 4

165. 8
169. 2
172. 9
181. 2

114. 0
116. 3
118. 3
124. 3

41. 0
41. 5
41. 3
43. 0

40. 1
40. 6
40. 4
42. 1

73. 1
74. 9
77. 0
81. 2

67. 3
68. 9
69. 8
73. 4

51. 8
52. 8
54. 5
56. 9

1973: I
II

194. 5
198.2

189.9
193.7

130. 9
134. 1

45. 3
47. 2

44. 4
46. 3

85.5
86. 9

77.8
78.4

59. 0
59. 6

1963
1965
1966
1967
1968
1969
1970
1971
1972
1972: I
II
III

Source: Department of Commerce.

8




5. 9
5. 8
9. 6

5.1
6.4
8.6

7.8

15.0
7. 5
6. 9
7. 7
43
4. 5
5. 6

51. 2
52. 3
53. 9
56. 4

1. 7
5. 5
8. 7
8. 2

1. 4
4. 8
8. 4

7.9

58. 4
59. 1

4. 6
4. 5

44

148

8. 2
7. 1

4. 5
6. 1
6. 0

44

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Jusinessmen continue to project a 13 percent rise in plant and equipment expenditures from 1972 to 1973. Outlays
pre expected to show a strong rise from the first to the second half of this year.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

100

80

60
NONMANUFACTURING

^=H"

s»*f«icn—......«»»»«"tiE

40

MANUFACTURING

j/

y

20

20
1968

1967

1970

I

1972

1971

1973

J/ SEE FOOTNOTE 3 BELOW.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars: quarterly data at seasonally adjusted annual rates]
Manufacturing
Total1

Period

1965
1966
1967
1968
1969
1970
__
1971 _
___
1972 s_
1973
1972: I
II
III
IV
1973: I ___
II
III*
IV*.

__

54. 42
63. 51
65. 47
67. 76
75. 56
79. 71
81. 21
88. 44
100. 20
86. 79
87. 12
87. 67
91. 94
96. 19
97. 76
101. 88
104. 36

Nonmanufacturina
Traiisportat ion

DurTotal
able
• goods
23. 44
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
37. 44
30. 09
30. 37
30. 98
33. 64
35. 51
36. 58
38. 18
39. 05

11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 64
19. 07
15. 06
14. 77
15. 67
16. 86
17. 88
18. 64
19. 52
19. 98

Nondurable
goods

Total

11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18. 38
15. 02
15. 60
15. 31
16. 78
17. 63
17. 94
18. 66
19. 08

30. 98
35. 32
36. 96
39. 40
43. 88
47. 76
51. 22
57. 09
62.75
56. 70
56. 75
56. 70
58. 30
60. 68
61. 18
63. 70
65. 30

1
Excludes agricultural business; real estate operators; medical, lecral, educational,
and cultural service; and nonprofit organizations.
2
Includes trade, service, construction, finance, and insurance.
3
Estimates based on expected capital expenditures as reported by business
in late July and August 1973. Includes adjustments when necessary for systematic tendencies in expectations data.




Mining

1. 46
1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 42
2. 83
2. 42
2. 38
2. 40
2. 46
2. 59
2. 77
3. 00
2. 94

Railroad
1. 99
2. 37
1. 86
1. 45
1. 86
178
1. 67
1. 80
2, 01
2, 10
1. 88
1. 50
1. 71
2. 11
1. 75
2. 03
2. 16

A.
Air

1. 22
1. 74
2. 29
2. 56
2. 51
3. 03
1. 88
2. 46
2. 34
1. 96
2. 89
2. 67
2. 33
2. 21
2. 72
2. 37
2. 05

Com- ComPublic munimercial
utilities cation
and
Other
other 2
1. 68
1. 64
1. 48
1. 59
1. 68
1. 23
1. 38
1. 46
1. 54
1. 48
1. 53
1. 41
1. 42
1. 53
1. 62
1. 72
1.33

6. 13
7. 43
8. 74
10. 20
11. 61
13. 14
15. 30
17. 00
19. 36
16. 92
16. 60
17. 01
17.53
18. 38
18. 08
19. 84
20. 96

5. 30
13. 19
6. 02
14. 48
6. 34
14. 59
6. 83
15. 14
8. 30
16. 05
10. 10
16. 59
10. 77
18. 05
11. 89
20. 07
13. 24
21. 44
11. 71
20. 10
11. 59
19. 88
11. 56
20. 16
12. 63
20. 21
12. 34
21. 53
12. 70
21. 55
34?74
35. 86

NOTE.—Annual total is the sum of unadjusted expenditures: it does not
necessarily coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates, 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

In August, civilian employment (seasonally adjusted) declined by 180,000. Although less than the peak employment
of June 1973 by 240,000, employment was 2.4 million greater than in August 1972. The unemployment rate edged
up one-tenth of a percentage point to 4.8 percent, the same rate as in June.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

0 I i i i i i I ) i i i i I i i i i i I it

II I 1 I | } | ]

I I I I ] I ! Ml I 1 I ! I t t I I I | t I ! 1 I I t

I I 1 ...1 I I t t 1 I I 0

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE
SEASONALLY ADJUSTED

UNEMPLOYMENT RATE

8

1969

1968

1967

1972

1971

1970

*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR

Period

1969...
197Q___
1971...
1972*..

Total
labor
force
(including
Armed
Forces)

84,
85,
86,
88,

240
903
929
991

COUNCIL OF ECONOMIC ADVISERS

Civiliim employ inent
Total

77,
78,
79,
81,

902
627
120
702

Nonagricul-

Unemployment

Thoug ands of
74, 296 2,832
75, 165 4,088
75, 732 4, 993
78, 230 4, 840

Total
labor
force
(including
Armed
Forces)
]oersons 1C>
84, 240
85, 903
86, 929
88, 991

Unadj usted,

1972:
July*
Aug.
Sept_
Oct..
Nov_
Dec..
1973:
Jan__
Feb..
Mar*
Apr__
MayJiine.
July.
Aug.

91,
90,
89,
89,
89,
89,

005
758
098
591
400
437

88, 122
89, 075
89, 686
89, 823
89, 891
92, 729
93, 227
92, 436

1

83,
83,
82,
82,
82,
82,

443
505
034
707
703
881

81, 043
81, 838
82, 814
83, 299
83, 758
85, 567
86, 367
85, 921




Civiliiin emplc>yment
Civilian
labor
force

Total

Agricultural

years of age and o ver
80, 734 77, 902 3, 606
82, 715 78, 627 3,462
84, 113 79, 120 3,387
86, 542 81, 702 3,472
cSeasonally adjusted

383
475
376
986
340
719

5, 173
4,857
4, 658
4,470
4,266
4, 116

88, 985
89, 337
89, 471
89, 651
89, 454
89, 707

86, 597
86, 941
87, 066
87, 236
87, 023
87, 267

81, 782
82, 061
82, 256
82, 397
82, 525
82, 780

78, 088
78, 882
79, 683
803 004
80, 291
81, 514
82, 201
82, 095

4, 675
4,845
4, 512
4, 174
3, 799
4,847
4,550
4,208

89, 325
89, 961
90, 629
90, 700
90, 739
91, 247
91, 121
90, 958

86, 921
87, 569
88, 268
88, 350
88, 405
88, 932
88, 810
88, 651

82, 555
83, 127
83, 889
83, 917
84, 024
84, 674

79,
79,
78,
78,
79,
79,

Total labor force as percent of noninstitutional population.
Source: Department of Labor.

10

1973

84, 614

84, 434

3, 443
3, 610
3,579

3, 658
3,556

3, 650
3, 501
3,424
3,480

3,311
3, 275
3,403

3, 516

3,443

Nonagricul-

Labor
Unem- Unempl oyment force
(percent of participloy- rate
civilia n labor pation
ment
for ce)
rate1
Percent

74,
75,
75,
78,

1

296
165
732
230

2,832
4,088
4,993
4,840

3.5
4. 9
5. 9
5.6
Unadjusted

78, 339
78, 451
78, 677
78, 739
78, 969
79, 130

4,815
4,880
4,810
4,839
4,498
4,4^7

5. 8
5. 5
5.4
5. 1
4. 9
4. 7

5. 6
6. 6
6.5
5. 5
5.2
5. 1

61. 0
61. 2
61. 2
61. 2
61.0
61. 1

79, 054
79, 703
80, 409
80, 606
80, 749
81, 271
81, 098
80, 991

4, see
4,442
4, 379
4,483
4,381
4,258
4,196
4,217

5.5
5. 6
5.2
4. 8
4.3
5. 4
5.0
4. 7

5.0
5.1
5. 0
5. 0
5. 0

60. 7
61. 1
61. 4

61. 1
61. 3
61. 0
...
61. 0
Seaso natty
adjiA sted

4.8
4.8

4. 7

61. 4

61. 3
61. 6

61. 4

61. 2

*Data beginning January 1972 not strictly comparable with prior data because
of adjustment to 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment. A further adjustment in March 1973j
added 60,000 to the labor force and to employment.

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
•he unemployment rate (seasonally adjusted) was 4.8 percent in August. This is the same as the June rate and is
significantly lower than the 5.6 percent rate of August 1972. The unemployment rate for married men (wife present)
was 2.1 percent, the same as in July, which was the lowest rate since February 1970.
PERCENT
110

PERCENT

10
SEASONALLY ADJUSTED

UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS

UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS

0 Lj-J-J-J-i-Ll M i l l ,.I.JJLLlJL ...Ml L_LJ-U I I f I I M
1967
1968
I
1969

M Ml I M.M i
1970

SOURCE: DEPARTMENT OF LABOR

Experi- Married Labor
force
enced
men
time lost ] Over 40
wage
and
hours
workers salary
(wife
workers present)
All

1969
1970
1971
1972

a5

1972: Julv
Aus
Sept
Oct
Nov. __
Dec ___
1973: Jan
Feb
Mar
Apr
May
June_
July
Aug __

5. 6
5. 6

1

4. 9
5. 9
5. 6

5.5

5, 5
5. 2
5. 1
5.0

5. 1
5. 0
5. 0
5. 0
4.8

4.7

4.8

Per cent
3. 3
1. 5
4. 8
2. 6
3. 2
5. 7
5. 3
2. 8
Seasonal! ?/ adjusted
5. 3
2. 7
5. 3
2. 6
5. 2
2. 8
5. 2
2. 8
4.9
2. 5
4.8

4.6

4.7

4.6

A. 7
4. 6
4.S
4.4
4-4

2.4
2.4
2.4

2. 5
9 4
/
6.

2. 3
2. 3
2. t
2. 1

3. 9
5. 3
6. 4
6. 0

20, 608
18, 925
19, 095
20, 320

6. 0
6. 1
5. 8
5. 8
5. 4

18, 824
19, 626
21, 881
20, 735
21, 404
21, 740
19, 527
20, 311
21, 485
20, 968
21, 966
21, 467
20, 424
20, 503

5. 3
5. 3

5.4

5. 2
/~ m
O . €>

5. 3
5. 1
5. 2
5. 2

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 per1ns with jobs but not at work for such reasons as vacation, illness, bad weather,
pid
industrial disputes.
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.




t M, M I i M L
1972

J-U M M UP
1973

COUNCIL OF ECONOMY ADVISERS

UneinDloymen t rate
(percec t of clvili an labor
foi •ce in erroiip)
Period

i f I I I 1 I I I ft
1971

4

Persons at work i n nonagri cultural ir
idustries
by hours worked p>er week 2
Uiider 35 ho urs
1
Part-ti me for
Part-ti me for
economi c reasons economi c reasons
35-40
Total
hours
Usually Usually Usually Usually
full- *
partfullpar:-"
time 3
time 4
time 3
time 4
Thousan ds of
ons 16 ye ars of age and
34, 201 15, 210
855
955
995
1, 201
33, 537 18, 222
35, 752 16, 298
1, 184
1, 256
36, 794 16, 549
1, 327
1, 081
I Jnadjustec i
Seasonall y adjusted
36, 143 14, 046
1. 034
2, 140
L 091
I. 8$ 5
36, 103 13, 869
1, 927
1, 190
1, 076
1, ?,rtS
37, 409 15, 176
1, 107
1, 136
L 070
I. 277
33, 864 20, 979
980
1, 086
1. 027
1, £37
37, 566 17, 379
946
1, 065
L 025
i, 102
37, 483 17, 543
1, 073
968
917
1. SIS
35, 819 18, 557
951
948
89S
1, 130
35, 844 19, 305
1, 020
1, 068
1, 020
1,254
37, 537 17, 378
1, 096
940
967
1 . 2o8
962
37, 983 18. 000
966
987
1 1 f'9
37, 904 17, 239
949
1, 031
1, 216
1,OH2
38, 306 15, 714
1, 772
1, 195
1, OSS
1. 420
1, 192
37, 040 14, 283 5 1, 129 5 1, 886
1.22%
37, 125 14, 326
1, 567
L 315
1, 190
1. 109

Primarily Includes persons who could find only part-time work;
* Average hours worked: usually full-time, 23.3; usually part-time, 19.4Soorce: Department of Labor;

In August, insured unemployment under State programs averaged 128,000 lower than a year earlier. The seasonal!^
adjusted insured unemployment rate was 2.7 percent for the fifth month in a row.
MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
{STATE PROGRAMS)

FEB.

JAN.

MAR.

MAY

APR1L

JUNE

JULY

AUG.

OCT.

SEPT.

SOURCE: DEPARTMENT OF LABOR

Period

1969
1970
1971 ^
1972"
1972: July**
Aug vSept ^_ _
Oct *
No vvv
Dec
1973: Jan p*
Feb
Mar ^__
Apr v p
May _
June pv
July p
Aug _

1

Not




DEC

COUNCIL OF ECONOMIC ADVISERS

A 11 prograras
Insured Total
unem- benefits
Covered
ploypaid
employ- ment
(milment
(weekly
lions
averof dolage)
lars)

Thou sands
59, 999
I , 177
59, 526
2, 070
59, 375
2, 313
2, 185
2, 087
i, 763
- - - 1, 554
1, 512
1, 692
1, 994
_ _
2, 332
2, 250
2, 075
1, 828
1, 610
_
1, 522
1, 645
__
1, 563

18 _
25
„„__
1 _..__
8 »___.. .
15 p .

NOV.

i

1,
1,
1,
1,

594
545
454
488
___j

2, 298. 6
4, 179. 1
5, 498. 2
5, 000. 0
402. 0
405. 3
313. 5
311. 4
338. 7
372. 1
522. 1
458. 9
459. 4
401. 6
378. 0
334. 7
320. 1
324. 6

Stjite progra ms
I

Insured
unemployment

Initial
claims

Insurec1 unemploymecit as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonally adjusted
justed

Weekly iiveragey t housands
1, 101
200
16
296
25
1, 805
2, 150
295
38
1,850
265
37
321
1, 823
35
213
1, 564
33
1, 388
29
190
214
1, 357
26
1, 507
253
28
324
1, 801
28
2, 124
331
33
2, 069
32
249
1, 898
213
33
1, 669
216
33
1, 465
193
30
1, 383
206
29
274
1, 505
30
216
31 j
1,436

1, 456
1, 410
1, 324
1
1, 354

of

Total Average
(milweekly
lions of
check
dollars) (dollars)

Per cent

2. 1
3. 4
4. 1
3.5
3.4

2. 9
2. 6
2. 5
2. 7
3. 3
3. 8
0

tj

O. i

3. 4
2. 9
2. 5
2. 4
2, 5
2 4
2. 4
2 3
2. 2 1
2. 2 1

207
191
181
177
187

Benefi ts paid

2, 127. 9
3, 848. 5
4, 957. 0
4, 550. 0
364. 3
363.0
280. 1
280.3
307. 2
342. 0
465. 3
415. 0
440. 9
361. 6
337. 5
Jld Q

3, 7

3.4

3.4
3.4

3. 3
3. 0
2 7
2. 8
~. 8

:3. 7
2. 7

7

<x -»

,^-\o
•to. lf

•J01. 4

' 7

,

46. 17
50. 34
54.02
57.00
55. 75
55. 53
60. 16
56.95
57.59
58. 35
58. 69
59. 08
59. 09
58. 96
58. 06
57. 26
57. 31
58. 61

NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose by 292,000 (seasonally adjusted) to 75.8 million in August. Large gains in
employment were experienced in service industries (90,000), wholesale and retail trade (73,000), State and local
government (61,000), and durable manufacturing (33,000). Nondurable manufacturing employment declined 20,000.
MILLIONS OF WAGE

MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED!

AND SALARY WORKERS (SEASONALLY ADJUSTED!

76

72

68

-ALL NONAGRICULTURAL ESTABLISHMENTS

I

I

44
NONMANUFACTURING
(PRIVATE)

40

36
241

i

T

MANUFACTURING

20

16

GOVERNMENT

12

A\ \ ! I I I I ! I 1 !

1970

1971

1972

1970

1973

1973
COUNdt OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT Of LABOR

l

[Thousands of wage and salary workers; seasonally adjusted]
N onmanu facturinj 5 (private)

Manufa< sturing ( private)
Period

Total

1

1967
65, 857
1968
67, 915
1969
70, 284
1970
70, 593
1971
70, 645
1972
72, 764
1972: July.j 72, 694
Aug.. I 73, 016
Sept_ 73, 268
Get _| 73, 584
NovJ 73, 835
Dec__i 74, 002
1973: Jan._| 74, 252
Feb._ 74, 715
Mar _ 74, 914
Apr- 75, 105
May-1 75, 321
June. I 7-5, 520
75 515
r
~. 307




NonTotal Durable
Total
goods durable
goods
19, 447
19, 781
20, 167
19, 349
18, 529
18, 933
18, 893
18, 975
19, 069
19, 210
19, 312
19, 402
19, 463
19, 586
19, 643
19, 727
19, 782
19, 353
i£, 7CS
IP, 311

11, 439
11, 626
11, 895
11, 195
10, 565
10, 884
10, 867
10, 933
11, 003
11, 112
11, 194
11, 270
11, 326
11, 421
11, 463
11, 534
11, 602
iJ,e54
l j , 03?
11, CT2

8,008 35, 012
8, 155 36, 288
8, 272 37, 915
8, 154 38, 709
7, 964 39, 261
8,049 40, 541
8, 026 40, 530
8, 042 40, 718
8,066 40, 814
8, 098 40, 968
8, 118 41, 070
8, 132 41, 098
8, 137 41, 311
8, 165 41, 596
8, 180 41, 697
8, 193 41, 764
8, 180 41, 897
8, 202 42, Oil
45, 069
3, is: £2, 203
q

-; T>,

Cover nment

f
Con- Trans- Whole- Finance
insursale
tract portation
ance, Services Federal State
Mining conand
and
and
and
struc- public retail
local
real
tion utilities
estate

613
606
619
623
602
607
601
603
606
608
608
607
610
612
610
608
608
62£
C31
•JO 3

3, 208
3, 285
3,435
3, 381
3,411
3, 521
3, 499
3, 544
3, 551
3, 561
3,524
3, 459
3, 498
3, 594
3,604
3, 571
3, 620
? 054
^j. O ' \ /

3. G83

4, 261
4, 310
4, 429
4,493
4,442
4, 495
4, 477
4, 487
4, 507
4, 540
4, 549
4, 558
4, 574
4, 530
4,580
4, 591
4, 593
4, 597
4, 59S
4, 6i 4

13, 606
14, 084
14, 639
14, 914
15, 142
15, 683
15, 685
15, 762
15, 794
15, 839
15, 911
15, 946
16, 013
16, 114
16, 163
16, 217
16, 256
16, 262
16, 273
1G, 3d:&

3, 225
3, 382
3, 564
3, 688
3, 796
3,927
3, 927
3, 940
3, 953
3, 969
3,981
3, 991
3, 995
4,014
4, 024
4, 031
4, 044
4, 049
4, G47
4, 060

10, 099
10, 623
11, 229
11,612
11, 869
12, 309
12, 341
12, 382
12, 403
12, 451
12, 497
12, 537
12, 621
12, 682
12, 716
12, 746
12, 776
12, 320
12, 831
12, 921

2,719
2,737
2,758
2, 705
2,664
2, 650
2, 613
2, 624
2, 633
2, 639
2, 644
2, 650
2, 634
2, 628
2, 631
2, 623
2, 641
2, 613
2, 603
2, 613

8, 679
9, 109
9, 444
9, 830
10, 191
10, 640
10, 658
10, 699
10, 752
10, 767
10, 809
10, 852
10, 844
10, 905
10, 943
10, 986
11, 001
11, 046
11, 054
11, 115

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The August average workweek of production workers in the private nonfarm sector was 37.1 hours (seasonally adjusted)!
slightly lower than in July. Manufacturing hours declined by 0.2 hour to the June level, while the 0.5 hour decline
in contract construction resulted in the lowest level since April.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
TOTAL NONAGRICULTURAL PRIVATE

HOURS PER WEEK (SEASONALLY ADJUSTED}
461
MANUFACTURING
44

42

42

40

40

38

38

36

36
i i i i i Ii i i ii

34
1970

1971

1972

34
1970

1973

42

42

CONTRACT CONSTRUCTION

1971

1972

1973

RETAIL TRAE)E

Af\

40

oo

38

o/

36

ox

34

'fflSKtea.Baas^
"30

32

30

30
1970

1971

1972

A\ \ I 1 1 1 1 ! 1 I !
V

1970

1973

I. .

1 1 1 ! 1 1 1 ! I ! !

1971

1972

SOURCE: DEPARTMENT OF l

1. M.,K

1

1973

COUNCIL OF ECONOMIC ADVISERS

1

[Average hours per week ]
Period

Total
n onagricultural
private 2

Manufacturing

38.7
38. 8
38. 6
38. 0
37. 8
37.7
37. 1
37. 0
37.2
37. 6
37. 6
37.4
37. 3
37. 1
37.2
36. 6
36. 8
36. 9
36.9
37.0
37. 4
37. 6
37.6

40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
40.6
40. 4
40. 6
41. 0
40. 8
41. 0
41.2
40. 0
40. 6
40. 8
40. 7
40. 7
40. 9
40. 6
40. 6

Contract
construction

Retail
trade 3

Total
nonagricultural
private 2

Unad justed
1964
1965
1967
1968 _ _ _ _ _ _
1969
1970
1971
1972
1972: July
Aug__
Sept
Oct
Nov
Dec_
1973: Jan
Feb
Mar
Apr___
May
June___
July "
Aug"

_

__ _

_

_

1
Data relate to production workers or nonsupervisory employees.
2
Also includes other private industry groups shown on p. 13.
8

Includes eating and drinking places.

14



37. 2
37. 4
37. 6
37. 7
37. 4
37. 9
37. 4
37. 3
37.0
37. 9
38. 2
38. 2
38. 2
36.0
35. 2
34. 8
34. 9
36.6
36.8
37. 5
38.1
38. 5
38. 3

Manufacturing

Contract
construction

Retail
trade >

Seasonally/ adjusted
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33. 6
34. 7
34. 7
33. 6
33. 3
33.2
33.9
32. 9 !
32. 9
32. 9 1
33. 0
33. 0
33. 8 i
34 4
34. 3

&
7 2
37. 1
37.3
37. 3
37. 2
37. 0
86. 9
37. 2
37.1
37. 2
37.2
37. 1
37. 2
$7. 1

Source: Department of Labor.

40. 6
40. 6
40. 8
40. 7
40.8
40. 7
40. 3
41.0
40.9

40. 9

40. 7
40.6
40. 8
40. 6

37. 0
37. 0
36. 9
37.4
S6.9
35. 8
36. 1
36. 2
37.0
37. 0
37.5
37. 4
37. 6
37. 1

33. 6
33. 6
33. 6
33. 5
33. 5
33. 6
33. 4
33. 5
<?«?O . <y.f,
'J
33. 4
33. 4
33. 5
&a>
OO.
®Q
OO.

&
O
(T>
£

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of nonfarm production workers increased by 1 cent in August to $3,91 (not seasonally
adjusted), a level 6.8 percent above a year earlier, Average weekly earnings rose by 38 cents and were 6,8 percent
higher than a year earlier.
DOLLARS

DOLLARS

AVERAGE WEEKLY EARNINGS

AVERAGE HOURLY EARNINGS
240

6.00

CONTRACT
CONSTRUCTION

XV

5.00

200

4.00

160

17

CONTRACT
CONSTRUCTION

TOTAL NONAGRICULTURAL
PRIVATE

120

3.00

-TOTAL NONAGRICULTURAL
PRIVATE

RETAIL TRADE

80

2.00

RETAIL TRADE

1970

1970

1973

1972

1971

1971

1972

SOURCE: DEPARTMENT OF LABOR

1973

COUNCIL OF ECONOMIC ADVISERS

[For production workers or iionsupervisory employees]
Average h ourly earni ngs— current dollars Average vweekly earn ings— curr 3nt dollars
Period

1964
.
1965
„_
1966
1967
___
1968
1969
1970
1971
1972
1972: July
Aug
Sept
Oct
Nov _ _
Dec
1973: Jan _ _
Feb.
Mar. _
Apr _
May
June_
July v
Aug ^
1
1
2 Also includes other
Includes eating and
s

Total
nonagricultural
private l

$2. 36
2.45
2. 56
2. 68
2. 85
3. 04
3. 22
3. 43
3.65
3. 64
3. 66
3. 72
3. 74
3. 74
3. 74
3.77
3. 78
3. 80
3. 83
3. 85
3. 87
3.90
3. 91

Manufacturing

$2. 53
2. 61
2. 72
2. 83
3. 01
3. 19
3. 36
3. 56
3. 81
3.78
3. 80
3. 86
3. 86
3. 89
3. 95
3. 98
3. 97
3. 98
4. 01
4. 02
4. 04
4. 07
4. 07

Contract
construction

$3. 55
3. 70
3. 89
4. 11
4. 41
4. 79
5. 24
5. 69
6.06
5. 96
6. 03
6. 15
6. 22
6. 23
6. 32
6. 42
6. 31
6.28
6. 31
6. 34
6. 35
6. 39
6. 45

Retail
trade 2

$1.75

1. 82
1.91
2. 01
2. 16
2. 30
2. 44
2.57
2.70
2. 70
2. 70
2. 73
2. 74
2.75
2.75
2. 78
2. 80
2. 81
2. 83
2. 84
2. 86
2. 86
2.86

private industry groups shown on p. 13.
drinking places.
Adjusted to exclude the effects of overtime and interindustry shifts.
21-501°—73-




Total
nonagricultural
private l

Manufacturing

Contract
construction

Retail
trade 2

$91. 33
95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
136. 86
137. 62
139. 13
139. 50
138. 75
139. 13
137. 98
139. 10
140. 22
141. 33
142. 45
144. 74
146. 64
147. 02

$102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
152. 71
154. 28
158. 26
157. 49
159. 49
162. 74
159. 20
161. 18
162. 38
163. 21
163. 61
165. 24
165. 24
165. 24

$132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
225. 88
230. 35
234. 93
237. 60
224. 28
222. 46
223. 42
220. 22
229. 85
232. 21
237. 75
241. 94
246. 02
247. 04

$64. 75
66. 61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90. 72
93. 69
93. 69
91. 73
91. 24
91. 30
93.23
91.46
92. 12
92. 45
93. 39
93. 72
96.67
98. 38
98. 10

Manufc icturing
indu stries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967=
1967
100 3
dollars 4

90. 3
92. 6
95. 7
100. 0
106. 2
112. 6
119. 6
127. 5
135.4
135. 0
135. 5
136. 7
137. 0
137.7
139. 2
140. 1
140. 1
140. 7
141. 4
142. 0
142. 4
143. 3
144. 0

$110. 84
113. 79
115. 58
114. 90
117. 57
117. 95
114. 99
117. 10
123. 46
121. 68
122. 74
125. 40
124. 40
125. 68
127. 84
124. 67
125. 33
125. 10
124. 87
124. 42
124. 80
124. 52
122.31

* Earnings in current dollars divided by the consumer price index.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

Industrial production (seasonally adjusted) declined 0.2 percent in August to a level 8.5 percent above a year earlier.
The August decline reflected a sharp curtailment in production of auto and truck assemblies due to special factors.
Index, 1967=100 (SEASONALLY ADJUSTED)
160

Index, 1967=100 SEASONALLY ADJUSTED)

UTILITIES Ah\D MINING
•JC A

UTI LITIES

^

^^

1Aft

•i on

"~ "1
s*.L/

+s^
190

^^

/

MINING

110

100

%,*

^

f f1111..i..

9

.,»./

1970

1971

^^

^

i , t , , 1i , i , i
1972

S

! 1 t . 1 1 t . . . .

1973

140

MARKET GROUPS
130

INTERMEDIATE PRODUCTS <

•I

120

110

100

90
1970

1970

1973

1973

SOURCE* SOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM

Total
industrial
production

Period

1964
1965
1966
1967_
1968
1969
1970
1971
1972
1972: July
Aug.. _
Sept- _
Oct
Nov

Dec
1973: Jan
Feb
Mar_
Apr
May.
June
July »
Aug*

__

_

_

81.7
89. 2
97.9
100. 0
105. 7
110. 7
106. 6
106. 8
115.2
115. 1
116. 3
117. 6
119. 2
120. 2
121. 1
122. 2
123. 4
123. 7
124. 1
124. 8
125,6
126. 5
126.2

[1967«100, seasonally adjusted]
Industry
Market
M*inufaeturi ng
Fiaal produ ets
InterMining Utilities
Conmediate MateNonEquiprials
sumer
Total Durable durable
Total
ment products
goods
T

81. 2
89. 1
98. 3
100. 0
105. 7
110. 5
105. 2
105. 2
114. 0
114. 3
115. 4
117. 0
118.5
119. 5
120. 4
121. 4
122. 7
123. 4
123.8
124 9
125. 7
126. 2
125. 7

79. 0
88. 5
99.0
100. 0
105. 5
110. 0
101.4
99. 4
108. 4
108. 8
109. 7
111. 6
113. 8
115. 3
116.3
117. 5
118. 7
119. 9
120.6
121. 8
123. 1
123.4
122. 2

Source: Board of Governors of the Federal Reserve System.

16




COUNCIL OF ECONOMIC ADVISERS

84. 4
90. 0
97. 3
100. 0
106. 0
111. 1
110. 6
113. 5
122. 1
122. 5
123. 6
124. 8
125. 2
125. 6
126. 2
127. 0
128. 4
128. 6
128. 4
129. 3
129. 3
130. 3
130.7

91. 1
93.9
98. 4
100. 0
103. 9
107. 2
109. 7
107. 0
108. 8
108. 6
108. 8
110. 8
110. 2
109. 7
108. 2
108. 5
110. 2
109. 5
109. 0
109. 1
109. 8
111.8
113. 1

81. 9
86. 9
93. 6
100. 0
109. 4
119. 5
128. 3
133. 9
143. 4
143. 3
144. 9
146. 4
147. 1
148. 2
148. 5
151. 0
150. 5
149. 6
148.7
149. 5
150. 3
151. 2
152. 4

79. 6
86.8
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111. 9
111. 6
112. 6
113. 6
115. 3
116. 3
116. 8
118. 6
119. 3
119.6
120. 0
120. 8
121. 2
122. 1
121. 0

86.8
93. 0
98. 6
100. 0
106. 6
111. 1
110. 3
115. 7
123. 6
123. 3
124. 3
125. 2
127. 0
127. 4
127. 7
129. 8
130. 2
130. 8
130. 9
131. 8
131. 8
132. 3
130.3

70. 1
78.7
93.0
100. 0
104. 7
106. 1
96. 3
89.4
95. 5
95. 3
96. 3
97.7
98. 9
100. 7
101. 5
102. 9
104. 1
104. 1
104. 7
105. 7
106. 3
107.8
108. 1

4.

87. 3
93. 0
99. 2
100. 0
105. 7
112. 0
111. 7
112. 5
121. 1
119. 8
122. 3
122. 8
124. 7
127.6
127. 7
128. 4
129. 5
129. 4
129. 3
130. 5
131. 1
131. 5
132. 5

82. 6
91. 0
99. 8
100. 0
105. 7
112. 4
107. 7
107.4
117. 4
117. 8
118. 8
120. 9
122. 3
122. 8
124 4
124 5
126. 7
127. 0
127.7
128. 3
129. 1
130. 6
130. 9

PRODUCTION OF SELECTED MANUFACTURES
^Declines in durable manufactures (seasonally adjusted) more than offset Increases in August, while in nondurables
there was a net increase.
Index, 1967=100 {SEASONAav ADJUSTED}
140

Index, 1967=100 {SEASONALLY ADJUSTED)

LUMBER AND PRODUCTS
CHEMICALS, PETROLEUM,
AND RUBBER

TRANSPORTATION
EQUIPMENT
i I t i . l I I I I ! t I I i I I! I I I I I I

FOODS AND TOBACCO

FABRICATED METAL
PRODUCTS

TEXTILES, APPAREL,
AND LEATHER
PRIMARY METALS
f

I I 1I I I 1I I I I I 1

t I I I I I I ! I

1970

1973

SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCB. OF ECONOMIC ADVISERS

[1967 = 100, seasonally adjusted]
Nc ndurable manufactu res

Durat le manufoictures
Period

Primary
metals

1964
1965
1966
1967
1968
1969_
1970
1971
1972

.

1972: July
Aug

-_

Get

Nov
Dec

1973: Jan ___ _ .
Feb
Mar
Apr _ _
_
Mav_.
June
^_
_
*

_

_
_

. _

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods
cated Machin- tation
apparel,
and
and
petroand
metal
ery
prodequipprint- leum, and tobacco
leather
products
ing
rubber
ment
ucts

95. 7
104. 0
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
113. 1

83. 3
92. 6
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
114. 8

74. 3
84. 1
98. 6
100. 0
101. 9
106. 8
100. 3
96. 2
107. 5

79. 6
91.3
101. 2
100. 0
109. 7
107. 6
90.4
92. 9
99. 0

91. 0
94 7
98. 4
100. 0
104. 8
108. 6
106. 3
113. 9
122. 4

91. 9
97. 8
101. 7
100. 0
104. 9
105. 9
100. 2
100. 7
108. 1

84.5
90.5
98.9
100. 0
104. 2
109. 1
107. 8
107. 8
116. 1

75.9
83. 8
94. 1
100. 0
109. 6
118. 4
118. 2
124. 7
137.8

90.6
92. 6
97. 0
100. 0
103. 6
107.5
110.8
113.7
117.6

115. 1
114. 3
119. 7
122. 1
122. 9
125. 4

114. 3
116. 6
118. 0
120. 4
122. 2
122. 3

108. 4
109. 7
111. 8
114. 0
115. 7
116. 8

97.7
98. 1
99. 5
102. 7
105. 0
106. 6

122. 5
121. 8
123. 6
127. 3
126. 8
122. 7

109. 0
109. 7
111. 2
112. 1
113. 0
113. 2

117. 0
117. 6
117. 7
119. 9
120. 0
120.3

138. 5
140.0
142. 2
141. 6
142. 0
143. 8

117. 0
118. 3
118. 6
118. 5
119. 0
118.5

123. 1
124. 7
123. 5
125. 8
126. 1
127. 0
127. 2
127. 1 1

125. 7
126. 2
128. 4
128. 9
130. 3
133. 6
132. 9
135. 7 .

118. 4
119. 1
121. 4
122. 6
124. 7
126. 4
128. 1
126.7

107. 6
110.0
110. 3
110. 0
111. 0
112. 2
112.9
104. 7

125. 8
128. 5
129. 5
129. 1
127. 5
126. 7
128. 1

113. 4
114. 4
114. 6
114. 0
113. 3
114. 4
113. 4
112. 6

120. 0
121. 5
122.4
120. 8
122.0
122. 8
123. 5
123. 9

145.5
146. 3
146. 3
147. 9
150.2
149. 6
151. 4
152.3

119. 6
122. 0
121. 5
120.7
121. 5
120. 2
121. 6
122. 5

Source: Board of Governors of the Federal Reserve Svstem.




WEEKLY INDICATORS OF PRODUCTION
Auto assemblies dropped sharply in August because of parts shortages, plant shutdowns due to extreme heat, and
some work stoppages. Production of steel also dropped while other weekly indicators of production rose.
'
MILLIONS OF TONS

MILLIONS OF SHORT TONS

^ . l - . l I " , . 1 , I I ! I 1 I I i I ! I I ! ! 1 I I t I I I I li/l I I I l . I f I t I I I I I 1 I I I lyj

J

F

M

A

M

J

J

A

S

O

N

D

BILLIONS OF KILOWATT HOURS
50

6 |/y I I I I I I I I I I I I I I I I ' I < I I I I ill t I I I M I t H 1 I M » I I lit I » 1 » yj

J

F

M

A

M

J

J

A

S

O

N

D

O

N

D

THOUSANDS

30

20
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS

Period
Weekly average:
1966
1967
1968
1969
1970
1971
1972 *
1972: July
Aug..
Sept
_ __
Oct
Nov._
Dec.__
1973: Jan
_ __
Feb
Mar
Apr._
May__ _ _ _ _
June_
July p
Aug .
Week ended:
1973: Aug 4
11
18
25
Sept 1_
8_
15
1
Includes data
2

Not charted.

for Alaska.

18



Steel p roduced
Index
Thousands
of net
(1967=
tons
100)

COUNCIL OF ECONOMIC ADVISERS

Electric
Bituminous Freight Paperboarc
Car s and triicks
power
coal mined
produced assemb led (thoiisands)
loaded
distributed (thousands (thousands
(thousands
of short
(millions of
Total
of tons)
Cars Trucks
of cars)
kilowatts-hours
tons) l

2, 572
2,440
2, 515
2, 709
2,522
2, 310
2, 549
2, 340
2, 447
2, 550
2, 631
2, 657
2,687
2, 793
2, 906
2, 954
2, 981
2,974
2, 911
2, 781
2,758

105. 4
100. 0
103. 1
111. 0
103. 4
94. 7
104.5
95. 9
100. 3
104. 5
107.9
108.9
110. 2
114. 5
119. 1
121. 1
122. 2
121. 9
119. 3
114. 0
113. 0

21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
35, 905
36, 374
34, 360
32, 547
33, 674
35, 264
35, 861
35, 800
33, 643
33, 164
33,543
38, 061
39, 417
39, 783

10, 267
10, 627
10, 485
10, 779
11, 595
10, 619
11, 346
9,463
11, 652
11, 404
11, 498
11,211
9, 964
10, 598
11, 059
11, 116
10, 945
11,493
10, 498
9, 621
12, 090

570
540
543
543
522
486
501
462
523
524
551
524
471
491
509
515
518
543
545
504
543

446
439
479
507
489
501
548
517
566
529
576
564
498
512
583
593
584
589
583
518
591

199. 3
172. 9
207.6
195. 8
158. 9
204. 8
217.2
120. 5
152. 8
225. 5
257.6
257. 1
202. 5
261.3
277. 6
276. 1
262. 0
269. 9
280. 1
216. 6
151. 5

165.4
142. 4
170.1
158. 1
125. 9
165. 0
169. 6
93. 1
116. 9
180. 9
203. 1
200. 9
157. 7
201. 5
213. 3
212. 1
200. 8
207. 3
216. 7
164. 4
106. 5

33.9
30.5
37.5
37. 8
33. 0
39. 8
47. 5
27. 4
35. 9
44. 6
54. 5
56. 3
44.7
59. 8
64. 3
64. 1
61. 2
62.6
63. 3
52. 2
45. 0

2,810
2,771
2,781
2,803
2, 730
2, 780
2,886

115. 2
113. 6
114.0
114. 9
111. 9
113. 9
118. 3

39, 040
40, 276
39, 633
38, 170
41, 794
38, 461
2
36, 543

11, 760
12, 300
11, 930
12, 235
12, 225
10, 320

540
533
540
548
556
474

582
582
594
588
607
435

162. 1
87. 4
134. 6
173. 2
200. 3
196. 8
264. 2

113. 2
57. 1
89. 0
124. 3
148. 8
150. 1
206. 7

48. 9
30. 3
45. 5
49. 0
51. 5
46. 7
57. 5

Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.

NEW CONSTRUCTION
^According to preliminary estimates, expenditures for new construction (seasonally adjusted) rose about 2 percent
in July, Both public and private construction increased.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
160

1967

1973
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT Of COMMERCE

Period

1967
1968
1969
1970
1971
1972

Total new
construction
expenditures

77.5
86.6
93. 4
94. 2
109. 2
123. 8

Private
Total

52. 0
59. 0
65. 4
66. 1
79.4
93. 6

Resic .ential
CommerNew
cial and
Other
Total i 1 housing industrial
units
Billions of dot ars
2(5.4
25. 6
19. 0
14 7
24. 0
30.6
13. 8
16. 0
33.2
25.9
16. 2
24. 3
16. 3
17.9
31. 9
19. 1
43. 3
17. 0
35. 1
44. 7
54.2
18. 1
21.3

Federal,
State,
and
local

25. 5
27. 6
28. 0
28. 1
29. 9
30.2

Seasonall y adjusted a?inual rates

1972: May ___
June.
July
Aug
Sept
Oct
_ _
Nov.
Dec
1973: Jan__ ___
Feb
Mar

Apr
Mav___
Junevp
July

122. 5
121. 6
121. 6
123. 0
125. 1
128. 5
126. 8
131. 6
135. 5
136. 1
138. 1
135. 9
136. 9
136. 2
138. 6

92. 7
92.6
92. 4
93. 9
94. 5
96. 2
97. 5
98.5
101.8
103. 8
104. 4
103. 3
104. 6
105. 3
106. 6

52. 7
53. 3
53. 8
54. 5
55. 5
56. 4
57. 2
57. 5
59. 1
61. 2
61.2
59. 9
59.8
60. 0
60. 1

43. 4
43. 8
44. 1
44. 7
45. 9
46. 9
47. 8
48. 0
48. 1
49. 4
49. 6
48. 9
49. 2
49. 4
49. 3

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
oeginning 1971 for floor space.




18. 8
18. 2
17. 8
18. 1
18. 0
18. 1
18. 2
18. 6
20. 3
20. 1
20. 6
20. 8
21. 5
21. 6
22. 4

21.2
21. 1
20. 8
21.3
21. 0
21. 8
22. 1
22. 3
22. 3
22. 5
22. 6
22. 7
23. 3
23. 6
24. 2

29. 8
29. 0
29. 2
29. 2
30. 6
32. 3
29. 3
33. 1
33.7
32. 3
33.6
32. 6
32. 3
30. 9
31. 9

Constructio Q contracts 2
CommerTotal value cial and
index,
industrial
(1967 = floor space
100)
(millions of
square feet)

100. 0
113. 2
123. 7
123. 1
145. 4
165. 3

694
779
883
743
727
858
Seasonally
Seasonally adjusted
adjusted
annual
rates
165
154
155
180
187
171
177
163
181
191
193
177
173
183
177

983
846
813
908
896
895
992
946

1, 031
1, 037
1,012
1, 006
915

1, 014
1, 196

Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.

19

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts (seasonally adjusted) declined 6 percent In August to an annual rate of 2.05 million units.
Permits for future housing were down 4 percent.
MILLIONS OF UNiTS

MILLIONS OF UNITS

3.0

3.0 I

Z5

1.0

1967
COUNCIL Of ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND. VETERANS ADMINISTRATION

[Thousands of units]
Housing star ts
Total
private
Period

1967
1969
1970
1971
1972___
1972: July
Aug _
Sept
Oct
Nov_
Dec
Jan
Feb _
Mar
Apr
_
June v
Julv v
Aug

_ _
___ _

1
2

Total
and
private
public (includ(including
ing
farm)
farm)

Total (including5 farm)
Total

1, 321. 9
1, 545. 4
1, 499. 5
1, 469. 0
2, 084. 5
2, 378. 5

1, 291. 6
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6

1, 291. 6
1, 507. 6
1, 466. 8
1, 433. 6
2? 052. 2
2, 356. 6

207. 5
231. 0
204. 4
218. 2
187. I
152. 7
147. 3
139. 5
201. 1
205. 4
234. 2
203. 4
201. 7
195. 7

206.5
228. 6
203. 0
216. 5
185. 7
150. 5
146. 6
138. 0
200. 0
205. 0
234. 0
202. 6
201. 1
193. I

2, 244
2,424
2, 426
2, 446
2, 395
2, 369
2, 497
2, 456
2, 260
2, 123
2, 413
2, 128
2,176
2,045




Gover nment
home p rograms
(nom "arm)

Two or
more
FHA i
VA
units
843. 9 447. 7
141. 9
52. 5
899.4 608. 2
147. 7
56. 1
810. 6 656. 2 153. 6
51. 2
812. 9 620. 7 233. 5
61. 0
1, 151. 0 901. 2 301. 2
94. 0
1, 309. 2 1, 047. 5 198. 4 104. 0
Seasona lly ad jus bed annu al
1,319
925
107
176
1, 373
1, 051
179
103
1, 382
1, 045
175
106
1, 131
1, 315
149
98
1,324
1,071
125
92
1, 162
1, 207
106
86
1,450
1, 047
87
96
111
1, 372
1, 084
105
92
1,245
1,015
101
921
1, 202
74
100
1,271
1, 142
81
111
1, 004
1, 124
80
88
938
80
1, 238
87
919
1, 126
91
One
unit

Units are for 1- to 4-family housing
Authorized by issuance of local 1Duilding per mit: in 14,00 0 permit-issiline:
places beginning 1972; 13,000 for 1967-7 1; 12,000 for 1 363-66; and 10 ,000 prior to 1963.

20

Propos ed home
constniction 3

Private

New
private
housing
units
authorized 2

1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
rates
2, 195
2,281
2, 366
2, 318
2,226
2,399
2,233
2,209
2, 129
1,939
1, 838
2, 030
1, 780
1, 706

Applications for Requests
forVA
FHA appraiscommitals
ments 1

167. 2
168. 9
187. 6
315. 0
366. 8
225. 2
224
207
166
147
162
131
124
100
93
68
89
103
93

124. 3

131.7
138.2
143.7
217. 9
209.4

200
202
192
189
207
194
222
217
201
169
161
166
135
142

3 Units repres en ted by n
ap plications or ap praisal requ ests for new
hoine construct!on.
s
ources: Dep artment of Commerce , Department of Housing
Urban
De ^elopment, a ad Veterans Administr ation.

JIND TR&DE
1

ffhc $1 A billion rise in business inventories (seasonally adjusted) in July was somewhat less than the average monthly
rise in the second quarter. Combined sales rose 3 percent in July. Retail sales were unchanged in August according
to advance reports.
BILLIONS OF DOLLARS fSEASONAllY ADJUSTED!

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED}

200

25 ]— DURABLE GOODS STORES

RETAIL TRADE (ENLARGED SCALE)
TOTAL BUSINESS
INVENTORIES

i

20
1973

1970

SOURCE; DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMY ADVISEES

Total IBusiness 1
1
Period

Sales 2

Sales2

Inventories 3

Sales2

120, 900
136, 729
145, 164
155, 376
166, 813
174, 875
183, 622
194, 151
187, 194
187, 681
189, 093
190, 486
191, 583
192, 921
194, 151
196, 295
198, 172
199, 525
200, 787
202, 896
205, 252
206, 754

15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
24, 850
24, 230
24, 394
25, 137
25, 407
25, 779
26, 212
26, 962
27, 755
28, 423
29, 312
29, 621
29, 675
29, 528
30, 349

Inventories 3

j
1965
1966
1967
1968
1969
1970
1971
1972
1972: June___ _
July
Aug___ _
Sept
_
Get
Nov__
Dee—
1973: Jan
Peb
Mar._
Apr
May
__
June
July »
_
Aug »

80, 276
87, 178
89, 698
97, 100
103, 104
104, 708
112, 267
124, 680
122, 347
122, 783
126, 792
127, 656
130, 336
131, 918
133, 483
136, 863
138, 910
141, 010
141, 274
142, 694
142, 323
146, 658

1 The term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month.
sBook value, end of period, seasonally adjusted.

2




R<3tail

Wfaolesale

2Millions of
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
31, 732
29, 641
30, 056
30, 164
30, 657
31, 032
31, 289
31, 732
32, 582
33, 051
33, 245
33, 574
33, 986
34, 148
34, 532

NonDurable durable
Total
goods
goods
stores
stores
dollars, seasonally a d justed
23, 677
7,849 15, 828 34, 405
25, 330
8, 192 17, 138 38, 073
26, 151
8, 348 17, 803 38, 952
28, 490
9, 268 19, 222 41, 973
29, 824
9, 626 20, 197 45, 376
31, 294
9, 524 21, 770 46, 626
34, 071 10, 985 23, 086 52, 261
37, 365 12, 472 24, 893 54, 700
36, 822 12, 253 24, 569 53, 293
37, 342 12, 468 24, 874 52, 940
37, 969 12, 842 25, 127 53, 107
37, 746 12, 614 25, 132 53, 661
39, 106 13, 168 25, 938 53, 934
38, 713 13, 173 25, 540 54, 658
39, 417 13, 640 25, 777 54, 700
40, 707 14, 234 26, 473 55, 526
41, 242 14, 405 26, 837 56, 039
41, 979 14, 612 27, 367 56, 106
41, 185 14, 339 26, 846 56, 636
41, 735 14, 299 27, 436 57, 285
41, 179 13, 731 27, 448 58, 079
42, 712 14, 413 28, 299 58, 250
42, 707 14, 478 28, 229
Total

Inventories3 s
Durable
goods
stores

15, 253
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
24, 442
23, 665
23, 194
23, 037
23, 608
23, 675
24, 235
24, 442
24, 472
24, 638
24, 538
24, 624
25, 094
25, 454
25, 797

Nondurable
goods
stores
19, 152
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 258
29, 628
29, 746
30, 070
30, 053
30, 259
30, 423
30, 258
31, 054
31, 401
31, 568
32, 012
32, 191
32, 625
32, 453

Source: Department of Commerce.

21

MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS
New orders received by manufacturers (seasonally adjusted) were unchanged in July while sales rose 2.8 percent
With sales rising more than inventories, the stock sales ratio fell, reaching its lowest point since the Korean War.
'
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

MANUFACTURERS' SHIPMENTS

110

MANUFACTURERS1 INVENTORIES

100
TOTAL

90

80
DURABLE GOODS
\
i

70

20

NONDURABLE GOODS

60

, ! , . , ! • ! , I I I I . , I , I , I I . . I , , . I , ! ! , , 1I

MANUFACTlJRERS' NEW CORDERS
***^^
cHJRABLE GOODS
y~*x1

40

30

..

\^ ^v

~t'^^

50

.......---

NONDURABLE GOODS

40

/

"~X"~>/
NONDURAB _E GOODS

20
-• 1 I 1 . I . I . 1 !

1970

! I 1 1 1 1 1 1 1 1 !

1971

1 I 11 ! 1 1i I ! !

1972

30
I ) I | I ! 1 1 I I IK

1973

1970

1971

Manufac turers' sh ipments l Manufac turers' inv entories2

Ma nufacture rs? new ordejrs 1
Durat)le goods
NonCapital durable
goods
Total
industries, goods
nondefense

T>

Total

1973

COUNCIL OF ECONOMIC ADVISERS

SOURCE? DEPARTMENT OF CO/AMERCE

* A
Period

1972

NonDurable durable
goods
goods

Total

NonDurable durable
goods
goods

Total

Manufacturers'
mventoryshipments
ratio 3

Millions of dollars seasonal y adjusted

1966
1967
1968
1969
1970
1971
1972
1972: May
June
July
Aug
Sept___ _
Oct
Nov_ _ _
Dec___ _
1973: Jan
_ _
Feb
Mar
Apr_
Mav_ _
June ___
July ^

44, 869 24, 633 20, 236 77, 965
46, 449 25, 212 21, 236 84, 655
50, 282 27, 694 22, 588 90, 875
53, 555 29, 459 24, 096 97, 074
52, 860 28, 231 24, 629 101, 645
55, 917 29, 948 25, 969 102, 445
62, 466 33, 892 28, 573 107, 719
61, 272 33, 241 28, 031 103, 685
61, 295 32, 919 28, 376 104, 260
61, 047 32, 803 28, 244 104, 685
63, 686 34, 687 28, 999 105, 822
64, 503 35, 249 29, 254 106, 168
65, 451 36, 302 29, 149 106, 617
66, 993 36, 870 30, 123 106, 974
67, 104 36, 614 30, 490 107, 719
68; 401 37, 773 30, 628 108, 187
69, 245 38, 122 31, 123 109, 082
69, 719 38, 064 31, 655 110, 174
70, 468 38, 651 31, 817 110, 577
71, 284 39, 284- 32, 000 111, 625
71, 616 39, 257 32, 359 113, 025
73, 597 40, 927 32, 670 113, 972

1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
s

49, 818
54, 931
59, 112
63, 371
66, 768
66, 050
70, 218
67, 161
67, 502
67, 734
68, 568
68, 875
69, 308
69, 613
70, 218
70, 590
71, 136
71, 873
72, 213
72, 867
73, 801
74, 313

For annual periods, ratio of weighted average inventories to average monthly

22




28, 147
29, 724
31, 763
33, 703
34, 877
36, 395
37, 501
36, 524
36, 758
36, 951
37, 254
37, 293
37, 309
37, 361
37, 501
37, 597
37, 946
38, 301
38, 364
38, 758
39, 224
39, 659

45, 944
46, 763
50, 243
53, 646
52, 063
55, 732
63, 514
62, 051
63, 817
61, 486
64, 809
66, 620
66, 355
67, 726
68, 908
70, 016
71, 022
72, 806
73, 325
74, 535
75, 361
75, 390

25, 720
25, 526
27, 666
29, 549
27, 431
29, 751
34, 867
33, 992
35, 396
33, 207
35, 772
37, 292
37, 127
37, 462
38, 325
39, 218
39, 765
41, 021
41, 341
42, 449
43, 016
42, 697

6, 971
7, 694
7, 021
7, 339
8, 983
8,932
8, 981
8, 954
8,899
9, 727
9, 625
9, 699
9, 991
10, 277
10, 105
10, 572
10, 619
10, 919
11, 415
11, 488

20, 224
21, 238
22, 577
24, 097
24, 632
25, 981
28, 648
28, 059
28, 421
28, 279
29, 037
29, 328
29, 228
30, 264
30, 583
30, 798 i 1
31, 257 1
31, 785
31, 984
32, 086
32, 345
32, 693

1. 62
1. 76
1. 74
1. 76
1. 89
1. 82
1. 67
1. 69
1. 70
1.71
1. 66
1. 65
1. 63
1. 60
1.61
1. 58
1. 58
1. 58
1. 57
1. 57
1.58
1. 55

shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce.

MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade balance on a seasonally adjusted basis was in surplus by $106 million in July, an improvement of $122 million over the $16 million deficit recorded in June. Most of this improvement was due to a
decline in the level of imports.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1973

1967
I/SEE NOTE BELOW.

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars]
*lerchandi se exporibs

Period

Total (includ; ing reex ports) 1

i Season- Unadally ad- justed
justed
Monthlv average :
1
1964__
2, 153
2, 229
1965
2, 458
1966
2, 586
1967
1968
2, 839
1969 __ __
3, 111
1970 _
3, 555
1971 _
3, 629
1.972
4, 102

Domesti c exports>
Food, Crude
bever- mate- Manu2
Total i
facrials
ages,
tured
and to- and
goods
bacco fuels

2,
2,
2,
2,
2,
3,
3,
3,
4,

123
201
421
554
802
066
502
576
035

386
377
432
392
383
370
422
423
547

361
356
367
394
405
417
558
537
591

1, 377
1, 453
1, 602
1, 737
1, 985
2,232
2, 445
2, 537
2, 813

557
509
549
478
672
761
730
736
815

2, 762
2, 560
2, 709
2, 745
3, 007
2, 927
3,040
3, 114
3, 140
3, 829
3,583
3, 943
3, 726
3, 384

Merchlandise iin ports
Gen eral impc)rts 3
2
Food, Crude
Total
bever- mateSeasonages,
rials
ally ad- Unad- and to- and
justed
justed
bacco
fuels

1,
1,
2,
2,
2,
3,
3,
3,
4,

562
786
135
241
769
004
329
797
630

3,971

4,074

4,197
4,176
4,816

4,473

4,658
4, 977
5,065
5, 380
5, 487
5, 603
5, 778
5, 869

4, 015
3, 677
3, 934
3, 963
4, 441
4, 583
4, 691
4, 747
4,864
5, 923
5, 561
6, 023
5, 858
5, 322

3, 942
3, 618
3, 864
3, 893
4, 380
4, 497
4,617
4, 678
4, 795
5, 826
5,456
5, 927
5, 755
5, 240

528
496
536
594
636
711
749
752
744
881
843
903

1, 023
974

1, 023
898
975
873
755

1
Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.




419
453
476
447
503
533
545
606
737

759
937

1, 204
1, 313
1, 719
1, 918
2, 159
2,535
3, 146

590
444
323
34r>

70
107
226

-168
-529

Unad 'listed

U nadjuste i

1972: June
July
Aug___
Sept
Oct _
Nov
Dec
1973: Jan
Feb
Mar_ _
Apr
May
June
July

335
334
382
392
447
442
519
534
615

Grossmerchandise trade
Manu- surplus,
seasonfacally adtured
justed
goods

4,468

4,565
4,726
4,612
4,738
5,14-8
5,002
5, 281
5, 541
5, 432
5,291
5, 761
5, 794
5, 762

45 766
4, 314
4, 727
4,491
5, 009
5,201
4,796
5, 423
4, 945
5, 596
5, 347
6,032
5, 901
5, 652

614
548
632
628
692
662
639
726
645
714
757
835
724
693

715
712
728
756
775
810
822
930
853
994
914

1,070
1,077
1,005

3, 306
2, 928
3, 232
2,976
3, 394
3, 585
3, 190
3, 604
3,318
3, 737
3,535
3,996
3,938
3,800

-497
-491
-530
-436

-421

— 675

-444
-304
— 476
— 53
196
— 158
— 16
106

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
The balance on goods and services improved from a surplus of $150 million in the first quarter to a surplus of $61 d
million in the second quarter, on a seasonally adjusted basis. This improvement, for the second quarter in a row,
reflected the continuing decline of the deficit in U.S. merchandise trade.
BILLIONS OF DOLLARS

BILLIONS OP DOLLARS

-3
1967
SOURCE:

1973

DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
M erchandis

Period
Exports

Imports

B

12

Net
balance

Militiiry trans actions

Direct
expenditures

1967
30, 666 -26,866 3,800 -4, 378
1968_
33, 626 -32,991
635 -4, 535
1969
593 -4, 856
36, 400 -35, 807
1970_
41, 964 — 39, 788 2, 176 -4, 852
1971__ _ _ _ 42, 768 — 45, 466 -2, 698 — 4, 829
1972
48, 769 -55,681 — 6, 912 — 4, 724

Sales

Net
balance

1,240
1, 392
1, 512
1,478
1, 912
1, 166

3, 138
-3, 143
-3, 344
-3, 374
— 2, 918
3,558

Net i avestment i ncome

Private 3

Remittances,
Balpenance
sions,
on
and
curother
rent
uniaclateral
count
transfers 1
5, 132 -3,081
2, 051
2,465 -2, 909
-443
1,891 -2, 941 -1,050
3, 630 -3,214
416
807 -3, 598 -2, 790
-4, 610 -3, 744 -8, 353

Net
Baltravel
Other ance
and
on
serv- goods
transices,
portaand
tion
net
servexpendices 1 4
itures

U.S.
Government

5,848
40 -1, 751
6, 157
63 - 1, 548
5, 820
155 -1,782
6, 374
-115 -2, 013
8, 929
-957 -2, 288
9,751 -1,889 -2,853

335
302
449
581
739
851

Seaso nail}7 ad; usted

1972: I
II
III___
!¥____
I
II»._.

11,
11,
12,
13,

655
539
362
213

-13 475 — 1, 820 -1, 222
-13 313 — 1, 774 -1, 242
-13 935 — 1, 573 — 1, 108
— 14 958 - 1, 745 — 1, 151

328
288
262
287

-894
-954
-846
-864

2,
2,
2,
2,

290
252
447
763

-399
-461
-497
-531

— 755
-691
-679
-730

204 -1,374 -969
202 -1, 426 -938
209
-939 — 954
237
-870 — 881

-960 — 1, 168
-230 — 1, 184

343
457

-825
-727

2, 954
2, 871

-645
-800

-608
-742

234
244

15, 320 — 16 280
16, 747 -16 977




Source: Departrn

of Commerce.

159
646

-742
-930 !

— 2, 343
-2, 364
— 1, 893
-1, 751

-592
-314

U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
|The LLS. balance of payments on an official reserve transacfions basis was in surplus by $376 million (seasonally
adjusted) in the second quarter, compared to a deficit of $10% billion in the first quarter. This shift largely reflects the
decision of major European central banks to float their currencies, so that speculation in the second quarter had the
effect of depressing the vaiue of the dollar in exchange markets instead of increasing the official dollar liabilities of the
United States.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

5

5

BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL

-15

-15

1967

1972

SOURCE: DEPARTMENT OF COMMERCE

1973
COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

NonLong-ter m capital Balance liquid
on
flows , net
current shortterm
account private
U.S.
and long- capital
2
GovernPrivate
term
capital flows
ment 1
net 2

Period

1967
1968
1969
1970
1971
1972

_

522
-2, 423 — 2, 932 -3,304
231
-2, 158 I, 191 — 1,411
-70 -3,046 -640
— 1, 926
-2, 018 -1,429 -3, 031 -482
-2, 359 -4, 401 -9, 550-2, 347
-1, 339 -152 — 9, 843 -1,637

Allocations
of
special
drawing
rights

Errors
and
omissionSj
net

Net
liquidity
balance

Liquid
private
capital
flows,
net 2

Changes
in lia- Changes
Official
bilities in U.S.
reserve
to
official
transreserve
actions foreign
official
balance agencies, assets,
net 4
net 3

-857 -4, 683 1,265 -3,418
-431 — 1,611
1,641
3, 252
-2, 395 — 6, 081
8, 820
2,739
867 — 1, 205 -3, 851 -5,988 -9,839
717 -10, 784— 21, 965 -7, 788 -29, 753
710 -3, 112-13, 882
3, 542 -10, 340

3, 366
52
-761
-880
— 1, 552 -1, 187
7, 362
2,477
27, 405
2, 348
10, 308
32

TV

7

1973: _ _ _
i- ^




-289 — 1, 143 -3, 775 -535
-95!
604! - 1, 855
310
— 393! -2, 652 -43C
— 30G1
— 586
e C?i
— 1, 550 -982
— 947 -1,793'
_L •" '
— 33C
— 7S2 -1,054
— 1-Gi,
!

178
944
178
— 940
177 - 1, 626
177 -1,490
— 3, 921
229

-3, 188
-288 — 3, 476
— 2, 307
1, 456
-851
— 4, 531
7 -4, 524
-3, 851
2, 367 - 1, 484
-6, 661 — 3, 938 - 10, 499
376
1, 983
— 1, 607

14,
15,
16,
14,
6
12,
13,

5

830
710
964
487
167
151

Unadjusted

Sea sonally ad justed

1972: ! _ _ _ „ _
!!____
ill

U.S.
official
reserve
assets,
net
(end of
period)

3,047
1, 082
4, 579
1, 595j
10, 279
-393

429 12, 270
-231 713; 339
jr K
13, 217
-111
13, 151
220 88 12, 931
17 12, 914

PRICES

CONSUMER PRICES

In August, the consumer price index rose 1.8 percent (1.9 percent seasonally adjusted). The increase was the largest
since September 1947. Food prices rose 6.0 percent (6.1 percent adjusted) and accounted for about four-fifths of the
rise. Nonfood commodity prices increased 0.2 percent (0.5 percent adjusted), while services prices rose 0.7 percent.
149.4
Index, 1967=100

110

100

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1967 = 100]
All
items

Period

1964_
1965
1966
1967
1968
1969
1970
1971
_
1972
1972: July
Aug
Sept
_ _
Oct
Nov
__
Dec_ .
1973: Jan
Feb
Mar _
Apr
_
May
June__ __ _
July
Aug
Source: Department of Labor.

26



_ _ _ ___ _

_

__ _

92. 9
94. 5
97. 2
100. 0
104. 2
109. 8
116. 3
121. 3
125. 3
125. 5
125. 7
126. 2
126. 6
126. 9
127. 3
127.7
128. 6
129. 8
130.7
131.5
132. 4
132.7
135. 1

All commodities
94. 6
95. 7
98. 2
100, 0
103. 7
108. 4
113. 5
117. 4
120. 9
121. 2
121.4
122. 0
122.3
122. 7
122. 9
123. 4
124. 5
126. 1
127.4
128. 3
129. 4
129.7
132. 8

Co mmodities
Comn .odities le*ss food
Food
NonAil
Durable durable
92. 4
94. 4
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
123. 5
124. 2
124. 6
124. 8
124. 9
125. 4
126. 0
128. 6
131. 1
134. 5
136.5
137. 9
139.8
140.9
149. 4

95. 6
96. 2
97.5
100. 0
103. 7
108. 1
112. 5
116. 8
119. 4
119. 4
119. 5
120. 3
120. 8
121. 0
121. 1
120.5
120. 9
121. 5
122. 3
123. 0
123. 7
123. 5
123. 8

98. 8
98. 4
98. 5
100. 0
103. 1
107. 0
111. 8
116. 5
118. 9
119. 6
119. 7
119. 8
120. 1
120.3
120. 3
119. 9
119. 9
120. 2
121.0
121. 8
122. 3
122.4
122. 6

93. 5
94. 8
97. 0
100. 0
104. 1
108. 8
113. 1
117. 0
119. 8
119. 3
119. 4
120. 8
121. 3
121. 7
121. 7
120. 9
121. 6
122. 4
123. 3
124. 0
124. 7
124.4
124. 7

Serv'ccs
All
services
90. 2
92. 2
95. 8
100. 0
105. 2
112. -~
121. C
1 2R 133. 3
133. 5
133. 8
134. 1
134. 6
134. 9
135. 4
135. 7
136. 2
136. 6
137.0
137. 5
138. 1
138.4
139. 3

Rent
1

i

95. 9
96. 0
flS 2 '<
> 0 '. (,
1M0?. J..'. ,'
jlO. 1

j i >. -: ,
;ir..L,

ervices
"^
less
f
89. 2
91. 5
95. 3
J100. 0
105.
7
J
i 13. 8
1123.7
i1 30. 8
i135. 9

1J9. 1

JJ36. 1

j 1"; . •'«

1:36.

119.9
120. C
120. .'

i2i. o :

121. r»

122. I
122. (.
123. 0
123. 5 1
123. 9
124. 3
125. 0

4

1136. 7
i137. 2
137. 6

i138.

0
3
1138.7
1
139. 2
11 39. 6
1140. 1
1140. 7
1141. 0
1141. 9

i138.

WHOLESALE PRICES
The wholesale price index rose 5.8 percent in August (6.2 percent after adjustment for seasonal factors), the largest
rise since October 1946. The bulk of the increase was due to prices of farm products and processed foods and feeds
which rose 17.6 percent (19.3 percent seasonally adjusted). Industrial commodity prices were up 0.4 percent (also
0.4 percent seasonally adjusted).

Index, 1967=100
180

170

130

120

110

100

90

1968
SOURCE:

DEPARTMENT OF LABOR

Period

1964
1965 _
1966
1967
1968
1969
_
1970
1971.
_
1972
1972: July
Aug _ _ _ _ _
Sept_
_ _ _
Get
Nov
Dec_
1973: Jan _ _ _
Feb
Mar..
_
Apr _ _
May.
June_ _
July
Aug

COUNCIL OF ECONOMIC ADVISERS

All
commodities
94. 7
96. 6
99. 8
100. 0
102. 5
106. 5
110. 4
113. 9
119. 1
119. 7
119. 9
120. 2
120. 0
120. 7
122. 9
124. 5
126. 9
129. 7
130. 7
133. 5
136. 7
134. 9
142. 7

[1967=100]
Farni product3 and
processeid foods a—
nd —feeds
iI
-ProcFarm
essed
All inTotal
proddustrifoods
ucts
and
als1
feeds
93. 2
97. 1
103. 5
100. 0
102. 4
10R. 0
111. 6
113. 8
122. 4
124. 0
123. 8
124. 5
123. 3
125. 3
132. 6
137. 0
142. 4
149. 0
147. 9
154. 9
163. 6
156. 9
184. 5

94. 6
98. 7
105. 9
100. 0
102. 5
109. 1
111. 0
112. 9
125. 0
128. 0
128. 2
128. 6
125. 5
128. 8
137. 5
144. 2
150. 9
160. 9
160. 6
170. 4
182. 3
173. 3
213. 3

92. 3
95. 5
101. 2
100. 0
102. 2
107. 3
112. 0
114. 3
120. 8
121. 5
121. 0
121. 8
121. 8
123. 1
129. 4
132. 4
137. 0
141. 4
139. 8
145. 0
151. 8
146. 5
166. 2

1
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.




1973

1972

95. 2
96, 4
98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
117. 9
118. 1
118. 5
118. 7
118. 8
119. 1
119. 4
120. 0
121. 3
122. 7
124. 4
125. 8
126. 9
126.9
127. 4

Iridus trial c ommodit] es

Crude
mate-2
rials
97. 1
100. 9
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
131. 1
130. 2
132. 3
132. 6
133. 8
136. 3
136. 8
139. 1
142. 3
142. 5
146. 8
149. 6
152. 8
153. 5
156. 0

Inter- Producmediate er finmate-3
ished
rials
goods
95. 6
96.9
98. 9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
119. 2
119. 5
119. 8
120. 1
120. 3
120. 5
121. 2
122. 6
124.8
126. 6
128. 0
128. 9
128. 7
129. 5

93. 3
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
119. 7
119. 8
119. 9
119. 7
119. 9
120. 3
120. 6
121. 2
121. 7
122. 3
123. 1
123. 4
123. 5
123. 9

Consurner finished giDods exeluding5 foods
DurNonable
durable
98. 2
97. 9
98. 5
100. 0
102. 2
104 0
107. 1
110. 9
113. 2
113. 5
113. 6
113. 7
112. 7
112. 8
113. 7
113.8
114. 0
114.5
115. 3
115. 7
115. 9
116. 1
116. 3

94. 8
95. 9
97.8
100. 0
102. 2
105. 0
108. 2
111. 3
113. 6
113. 8
114. 2
114.5
114.7
115. 0
115. 2
115. 4
117. 4
117.8
119. 8
121. 6
124, 7
124. 5
124. 5

3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
0*7

BY
In the month ended August 1 5, prices received by farmers increased 20 percent while prices paid rose 31/2 percenl
Both the actual and adjusted parity ratios increased sharply.
§207

Index, 1967=100
190

190

180

180

170

170

160

160

150
PRICES PAID,
" INTEREST, TAXES, AND
WAGE RATES

140
130
120
110

PRICES RECEIVED
fALL FARM PRODUCTS)

100

90 I i i i i i 1 i i i i i I i i ' i i I i i i '
RATION
s

90

p/^RITY

80

"•"•••.....••""""••••«"...l..«1 , «"»r»,
Sj s

ie

—
! I ' !J

M i l !

M M ! ! ! ! ! 1 1

1967
J/ RATIO OF I N D E X OF PRICE

_-

80

*•••"-..., *«"»• «„...»,

14, «.!.•%

70
60

90

A/
.^

RATIO (A CTUAL)

1 !

! ! 1 ! 1 ! ! !

1969

19<5 8

M

-^
I M

°'V,,,/

am fe

'

}1

^^^'^1

1 ! 1 M !J M ! 1 1

1970

is>71

~~

~— 70

i

j

|

i

i

i

19} 2

i

1973

J60

R E C E I V E D TO NDEX OF PRI IES PA! D, INTEREST, TAXES, \ND WAGE RATES, ON 1910-14=100 BASE.
COUNCIL OF ECONOMIC ADVIS ERS

SOURCE: DEPARTMENT OF AC RIGJLTURE
•ESBH*!

Pr ices received by farmers

Period

All farm
produ cts I

items,
Livestock i All
interest,
and
taxes, and
| products wage
rates
Index, 1 967=100

iuction
j Actual
items

Ac justed

z

107
115

93
95
98 j
100 |
104 !
109
114
119
124

94
96
99
100
102
106 1
110
315
122

76
77
80
74
73
74
72
69
74

80
82
86
79
79
80
77
74
79

].27
] 28
] 29
] 30
] 31
137

115
117
117
117
120
127

136
135
138
139
138
145

127
127
128
129
130
131

131
133
140
143
154
170
164
195

153
161
174
168
169
173
179
217

134
136
138
140
143
146
146
151

122
122
124
125
126
129 ;
132 !
134
138
139
143
149
148
157

75
75
75
75
75
78
80
82
86
83
85
87
88
102

80
80
80
80
80
83

] 44
149
1 59
157
163
172
172
2 07

125
125
126
125
127
127 i
129 !
131
132
134
136
138
138
141

1972: July 15

106
103
105
100
101
97

100

Percentage ratio of index of prices received by farmers to index oi prices paid,
interest, taxes, and wage rates on 1910-14=100 base.




!

92
94
98
100
104
109
114
120
127

93
98
LOS
LOO
103
108
L10 I
L12
],26

28

Family
living
items

85
94
105
100
104
117
118
116
134

1964_
1965_
1966_
1967_
1968_
1969_
1970.
1971
1972_

Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1973: Jan 15
Febl5_
_ _
Mar 15.
Apr 15 _ _ _ __
May 15
June 15
July 15
Aug 15

Crops

Parity rat io 1

Prices paid by far

!
!

!
!

83
85
89
87
89
93
92
107

2
The adjusted parity ratio reflects Government payments made directly
farmers.
Source: Department of Agriculture.

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock declined at a 1.4 percent annual rate in August compared to a 5.1 percent
annual rate of increase in July. From January to August it grew at a 5.8 percent annual rate.
BILLIONS OF DOLLARS

350

300 i

250

1967

1

1968
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE F

[Averages of daily figures, billions of dollars]
Ivloney stoc k
Time
Time
CurCurand
and
DeDerency
rency
savings
savings
mand
mand
outoutTotal
dedede- l
de- l
side
side
posits l
posits l
posits
posits
banks
banks
Unadjustec 1
Seasonallyj adjusted
151. 4
41. 2
182. 1
40. 4
192. 7
146. 6
183. 1
163. 4
44. 3
43. 4
204. 2
203. 2
158. 2
207. 7
167. 9
46. 9
162. 7
194. 4
214. 9
193. 2
46. 1
229. 2
177. 8
228. 1
172. 2
49. 1
227. 7
50. 0
53. 5
189. 2
52. 6
242. 8
269. 8
183. 4
270. 9
205. 0
57.8
312. 8
262. 9
56. 8
311. 7
198. 7
55. 1
294. 0
54. 6
191. 5
295. 0 |
246. 6
193. 1
190. 5
55. 1
54. 8
299. 5
245. 5
193. 8
298. 9 !
55.2
193. 5
302. 7
301. 9
55. 3
194. 8
248. 7
195. 5
55. 7
305. 9
304, 8 !
251. 2
55. 7
195. 9
197. 7
56. 7
307. 7
308. 4
56. 2
254. 3
196. 5
57. 8
205. 0
312. 8 !
262. 9
311. 7
56. 8
198. 7
56.7
205. 9
262. 6
316. 6
57. 0
310. 9 I
198. 4
56. 7
197. 3
322. 5
254. 0
322. 6
57. 5
199. 3
57. 3
196. 7
254. 1
331. 4
57. 9
198. 7
330. 9
201. 3
58. 2
336. 1
199. 5
259. 5
58. 7
336. 7
197. 3
58. 7
340. 9
341. 8
256. 0
59. 0
201. 6
201.
8
59.
4
342.
7
344.
1
261.
2
59. 4
203. 9
203. 2
59. 9
204. 9
345. 8
263. 2
59. 5
347. 7
354.6
60.0
200. 8
204. 3
353. 6
260. 8
59. 7

% lonev stoc k

Period

1967:
1968:
1969:
1970:
1971:
1972:
1972:

Dec
Dec
Dec
Dec
Dec _
Dec__
July
Aus;
Sept
Oct_
Nov.
Dec

1973: Jan
Feb
Mar
Apr

May _ _ _
June. _
Julv p»
Aug
1

Deposits at commercial banks.




Total

187. 0
201. 6
208. 8
221. 3
236. 0
255. 5
247. 7
248. 6
250. 1
251. 6
252. 7
255. 5
255. 4
256. 7
256. 6
258. 2
260. 5
263. 2
264. 3
264. 0

U.S.
Government
demand
deposits l
5. 0
5. 0
5. 6
7. 3
6. 9
7.3

7. 3
5. 3
5. 9
6. 6
6. 2
7. 3
8. 0
9. 6
10. 1
8. 2
8.4

6. 9
6. 3
4. 0

Source: Board of Governors of the Federal Reserve System.

29

PRIVATE LIQUID ASSET HOLDINGS - NONFIMANCIAL INVESTORS
Private nonfinanciai "investors increased their holdings of liquid assets in August by $6.3 billion (seasonally adjust,
ed). The largest increases were in time deposits at commercial banks and in negotiable certificates of deposit.
'
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1100

1,100

1,000

1,000

500

400

300

300

1973
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr ency and deposits
Total
liquid
assets

Period

1966:
1967:
1968:
1969:
1970:
1971:
1972:

Dec___ __ _
Dec _
Dec
Dec
Dec
Dec
Dec
_ ___

1972: July
Aug
Sept
Oct___
Nov _ _
Dec
1973: Jan
Feb
Mar _
Apr
May_. -_
June
July
Aug»~

__

1
1
1
1
1
1

Time cieposits
Total

Currency




Commercial
banks

ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities

Negotiable
certificates of
deposit

Commercial
paper

590. 6
640. 7
699. 1
730. 9
781. 5
865.7
975. 8

473. 7
520. 4
563. 2
582. 2
630. 7
719.3
814. 6

38.3
40.4
43. 4
46. 1
49. 1
52.6
56.8

121. 1
129. 4
139. 4
143. 6
151. 5
161. 3
174.7

136. 9
156. 3
174. 4
177. 2
198. 7
233.4
264. 8

177. 3
194. 2
205. 9
215.4
231.4
272.0
318.2

50. 1
51. 0
51. 4
51. 1
51. 3
53.7
57.0

43. 6
39. 9
47. 2
65. 3
53. 8
41. 5
43, 4

14.5
19. 1
22. 4
9. 0
23. 0
29.8
39. 2

8. 8
10.4
14. 9
23. 4
22. 6
21. 5
21. 6

927. 3
935. 9
944. 4
953. 3
963. 8
975. 8

775. 7
783. 3
790. 9
799. 1
805. 9
814. 6

54. 6
54. 8
55. 3
55. 7
56. 2
56.8

169. 5
170. 2
171. 2
172. 1
172. 7
174.7

251. 9
254. 9
257. 0
259.8
262. 2
264. 8

299. 6
303. 4
307. 4
311. 5
314. 9
318. 2

55. 6
55. 9
56. 1
56. 4
56.7
57.0

38. 9
39. 1
39. 4
40. 2
42. 1
43. 4

35. 2
36. 1
36. 7
36. 6
37. 5
39. 2

21. 9
21. 5
21. 3
21.0
21.5
21. 6

981. 4
990. 5
002. 0
012. 2
023. 4
032. 6
039.6
045. 9

821. 2
827. 5
832. 6
839. 0
845. 5
853. 1
857.2
859.9

57. 0
57. 5
57. 9
58.7
59. 0
59. 4
59.5
59. 7

173.9
174. 6
174. 2
175. 3
177. 1
179. 2
180.0
179.2

267.6
268. 9
271. 0
272. 8
274. 8
276. 9
278.1
281. 4

322. 7
326. 6
329. 5
332. 3
334. 6
337. 7
339. 6
339. 6

57.2
57. 6
57. 9
58. 2
58.5
58.8
59. 1
59. 2

41. 5
40. 9
42. 2
42. 6
44. 2
45. 0
44.4
44. 6

39.9
44. 0
49. 8
53. 6
56. 4
56. 4
59.0
61. 5

21. 6
20. 5
19. 4
18. 8
18. 8
19. 4
20.0
20.6

Source: Board of Governors of the Federal Reserve System.

30

Demand
deposits

U.S. CSrovernment s*jcurities

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
loans and investments at all commercial banks (seasonally adjusted) increased at an annual rate of 20.7 percent
(otal
i August. Net borrowed reserves increased by $209 million during the month.
BILLIONS OF DOLLARS
700

BILLIONS OF DOLLARS
700

ALL COMMERCIAL BANKS

600

600

500

400 —

300

300

200

200

INVESTMENTS IN
U.S. GOVERNMENT SECURITIES

100

100

1967
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

All commercial banks
Cseaso nally adjust ed data)

End of period

L oans
Invest!nerits
Total
loans
Total,
Comand
U.S. Gov- Other
mercial
invest- excludernment
securiing
interand
indusments
bank
trial

Bank
debits
outside
New York
Citv (232
centers) ,
seasonally
adjusted
annuall
rates

A

k.11 ^"•"ub^

Total
reserves

Billions of dollars
1967
1968
1969
1970
1971
1972
1972: Aug
Sept _ _
Oct
Nov__ _ _
Dec
1973: Jan"
Feb ^
Mar"_—
__
Apr v-.
May *>
June v _
Julv*
Aug"

3

352. 0
390. 6
402. 1
435. 9
485. 7
557. 5
529. 1
535. 6
540. 5
549.8
557. 5
564. 6
573. 7
582. 6
585. 3
594. 6
596. 6
601. 4
610. 9

3
4

231. 3
258. 2
279. 4
292. 0
320. 6
378. 2
355. 3
360. 1
366. 9
373. 6
378. 2
385. 5
396. 2
404. 9
408. 0
416. 1
417. 8
423. 3
433. 7

3

86. 2
95. 9
105. 7
109. 6
115. 5
129. 3
123. 9
124. 6
126. 7
128. 2
129. 3
133. 2
138. 1
141. 8
144. 1
147. 2
148. 9
151. 0
154. 9

3

59. 3
61. 0
51. 5
58. 0
60. 7
62. 4
61. 4
62. 0
59. 9
60. 6
62. 4
61. 9
60. 2
60. 6
60. 6
59. 7
60. 8
58. 7
56. 6

1
Debits during period to demand deposit acccrants except in terbank and
U.S.
Government.
2
Averages of daily figur 3S. Annual d ata are for D scember.
s Beginning June 1969, d ata include all bank-pre mises subsidiar es and other
t^nificant majority-owne d domestic subsidiaries; earlier data i nclude comercial banks only.
* As of June 1971, Farm ers Home ^^dministratic n notes totaiin g about $0.7
Qlion are classified as ot her securities rather thaii as loans.




Excess
reserves

t

i

0

Borrowings at
Free
Federal reserves
Reserve
Banks

Millions o f dollars

61. 4
71. 4
71. 2
85. 9
104. 5
116. 9
112. 5
113. 5
113. 6
115. 6
116. 9
117. 1
117.2
117. 2
116. 6
118. 7
118. 0
119. 5
120. 6

3
4

3, 755
4,360
5, 150
5, 717

6,442

7,630
7, 818
7, 738
7,748
8,175
8, 179
8,616
8,822
9, 088
9,072
9, 255
9, 396
9, 834

25, 260
27, 221
28, 031
29, 265
31, 329
5
31, 353
33, 148
33, 003
33, 803
5
31, 774
31, 353
32, 962
31, 742
31,973
32, 277
32, 393
32, 028
33, 542
33, 765

345
455
257
272
165
5
219
255
162
247
5
314
219
342
205
295
152
118
59
343
227

238
765
1, 086
321
107
1, 049
438
514
574
606
1, 049
1, 165
1, 593
1, 858
6
1, 721
1, 786
1, 789
2, 051
2, 144

5

5

107
-310
-829
— 49
58
-830
-183
-352
-327
999

— 830
— 823
-1, 388
— 1, 563
-1,569
-1, 668
— 1, 730
- 1, 708
-1,917

5
Beginni ng November 9 1972 adjusted to include ce rtain reserve deficiencies
on which penalties can be waived for a t ransition pe riod in conn ection with
adaptation
to Regulation J
8
Beginning April 1973, iricludes seasonal borrowings.

Source: '. Board of Govern ors of the Feder al Reserve S ystem.
Ql

Consumer credit (seasonally unadjusted) rose $2,1 billion during July, compared to a $1.4 billion increase a yea
earner.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

160

120

__^__,^.

100

INSTALMENT CREDIT

80
NONINSTALMENT CREDIT

\

I

,

20

20

14

s***s***

14
SEASON ALLY ADJUSTED {ENLARGEE) SCALE)

S^S^
^^^

1O

INSTALMENT CREDIT EXT ENDED

i

10

s**~~~^*^\r-S^
^*~ — •'*'""

,

10

^"' ^

10

^—^*"^——^ v

8

8
INSTALMENT C RED!! REP AID

1

6
4 /I! M M
V

!

I I 1 !

1

M

! ! I I M

1 1

I 1 I 1

1968

19<>7

! 1 M

I

M

M

1 1

1 .1

M

M

1

1970

1969

I !

i I

6

M i l l

1 M

1 1 1 1 ! 1 M

1973

62, 692
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
116, 365
117, 702
119,911
121, 193
122, 505
124, 325
127, 332
127, 368
127, 959
129, 375
131, 022
133, 531
136, 018
138, 212

24, 934
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
41, 019
41, 603
42, 323
42, 644
43, 162
43, 674
44, 129
44, 353
44, 817
45, 610
46, 478
47, 518
48, 549
49, 352

!N

4

N

COUNCIL OF ECONOMIC ADVISERS

17, 848
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
34, 588
34, 832
35, 450
35, 755
36, 003
36, 413
36, 922
36, 870
37, 108
37, 486
37, 695
38, 376
38, 928
39, 440

1
Aiso includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.




M

[Millions of dollars]
Consunrter Instalmcmt credit e xtended
Co iis r mer credit outstandir.g (end of i>eriod;
mad justed )
ana i epaid (seas onally adjiisted)
instalment
Tc tal
Automolrile paper
NonAu
to
moinstal- Extended Repaid Extended Repaid
Total
bile
Total l
Personal
ment 2
paper
loans

80, 268
89, 883
1965
96, 239
1966
100, 783
1967
1968
110, 770
121, 146
1969
127, 163
1970
138, 394
1971
1972
157, 564
1972: June _ _ 143, 812
145, 214
Julv _
Ana;
147, 631
Sept
148, 976
Oct __
150, 576
152, 968
Nov
Dec _ _ _ _ 157, 564
1973: Jan_ _ _ 157, 227
157, 582
Feb
159, 320
Mar.
Apr
161, 491
164, 277
Mav
167, 083
June_
Julv
169, 148

32

( M i l

19 72

19 71

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

M

17, 576
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
27, 447
27, 512
27, 720
27, 783
28, 071
28, 643
30, 232
29, 859
29, 623
29, 945
30, 469
30, 746
31, 065
30, 936
3

70, 670
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
12, 057
11, 687
12, 484
11, 953
12, 404
12, 846
12, 627
13, 304
13, 434
13, 852
13, 465
13, 932
13, 646
14, 518

63, 470
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
10, 671
10, 593
10, 841
10, 667
10, 908
11, 128
10, 964
11, 355
11,437
11, 808
12, 061
11, 941
12, 034
12, 551

24, 046
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
3,412
3, 298
3,491
3, 368
3,504
3,620
3, 763
4, 006
3,972
4, 001
3, 822
3, 989
3? 762
3, 930

Mortgage
debt outstanding,
no n farm,
1- to 4family
houses 3

21, 369
197, 600
212, 900
23, 706
25, 619
223, 600
26, 534
236, 100
27, 931
251, 200
29, 974
266, 800
30, 137
280, 200
31, 393 P 307, 800
34, 729
346, 100
2, 922
324, 600
2, 917
2,896
2, 873
335, 800
3,041
3, 023
2, 977 *>346, 100
3, 097
3, 145 )
3, 225 " 353, 900
3,218
3, 261
3,253 ^ 365, 800
3, 333

End of period, unadjusted.
Source: Board of Governors of the Federal Beserve System.

Short-term
from recent

rates continued to rise in late August and early September, while rates on Ions-term issues declined
levels.
PERCENT PER ANNUM

PERCENT PER ANNUM

10

10 '*•
PRIME
COMMERCIAL
PAPER
CORPORATE Aaa BONDS
(MOODY'S)

1971

1967
SOURCE: SEE TABLE BELOW

1967 _ _ _ _ _
1968___

1970
1971
1972
1972: July

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum;
High-grade
U.S. Gov srnment secu rity yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
2
3
(Standard &
issues
bonds
bills i
Poor's) 4

Period

.

Aug
Sept

Oct
Nov _
Dec _
1973: Jan __
Feb__
Mar
Apr
May_ __ _ _
June _
July

Aug

1973

1972

Corpora te bonds

(Moc dy's)
Aaa

Baa

Prime
commercial
paper ?

4-6

months

4. 321
5. 339
6. 677
6. 458
4. 348
4. 071
4. 059
4. 014
4. 651
4.719
4. 774
5. 061
5. 307
5. 558
6. 054
6. 289
6. 348
7. 188
8. 015
8. 672

5. 07
5.59
6. 85
7. 37
5. 77
5.85
5. 86
5. 92
6. 16
6.11
6. 03
6.07
6. 29
6. 61
6.85
6, 74
6. 78
6. 76
7. 49
7. 75

4. 85
5.25
6. 10
6. 59
5. 74
5. 63
5. 57
5. 54
5.70
5. 69
5. 50
5.63
5. 94
6. 14
6. 20
6. 11
6.22
6. 32
6. 53
6.81

3.98
4.51
5. 81
6. 51
5. 70
5. 27
5. 39
5. 29
5. 36
5. 20
5. 03
5. 03
5. 06
5. 12
5. 30
5. 16
5. 12 .
5. 15
5. 39
5. 47

5. 51
6.18
7.03
8. 04
7. 39
7. 21
7. 21
7. 19
7. 22
7. 21
7. 12
7.08
7. 15
7. 22
7.29
7. 26
7. 29
7. 37
7. 45
7. 68

6. 23
6.94
7. 81
9. 11
8. 56
8. 16
8. 23
8. 19
8. 09
8. 06
7. 99
7. 93
7. 90
7.97
8.03
8. 09
8. 06
8. 13
8. 24
8. 53

5. 10
5.90
7. 83
7. 72
5. 11
4. 69
4. 85
4. 82
5. 14
5.30
5. 25
5.45
5.78
6. 22
6. 85
7. 14
7.27
7. 99
9. 18
10. 21

8. 976
8. 910
8. 668
8. 778
9. 016
8. 786

7. 80
7. 50
7. 35
7. 27
7. 45

6. 83
6. 74
6. 62
6. 45
6. 52

5. 50
5. 44
5. 34
5. 21
5. 17

7. 71
7. 77
7.73
7. 64
7. 63

8. 54
8. 61
8.67
8. 66
8. 64

10.25
10. 25
10. 45
10. 38
10. 48

FIIA
new home
mortgage
yields 5

6. 55
7. 13
8. 19
9. 05
7. 78
7. 53
7. 54
7. 54
7. 55
7. 56
7. 57
7. 57
7. 56
7. 55
7.56
7. 63
7.73
7. 79
7. 89
8. 19

Week ended :

1973: Aug 17-24_

31__
Sept

7__

14__
21__

1
2
Bate on new issues within period.
Selected note and
3
April 1953 to date, bonds due or callable 10 years and after.
4
Weekly data are Wednesday figures.
6

bond issues.

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.




Sources: Department of Housing and Urban Development, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard
& Poor's Corporation.

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market advanced in early September from its mid-August low.
Index, 1941-43=10
120

Index, 1941-43=10
120

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

110

110

100

100

90

90

80

80

70

70

60 [ i i. M i I i t i | i I i i i i i I i i i i i I i i i i i I i t i i t I i i i i i I ? i i i i I i i t i i I i i i i i I f i i t i I i i i i i I i i t i .1 I i > i i t I <so

PER CENT
5

PERCE^
MOh4THLY

WEEKLY

DIVIDENt} YIELD ON COMMC3N STOCKS

^^__ ^-\_
2

A \ I I f ! 1 f

1 ! I 1

1

J^x-—1 /

^

1 ! ! 1 1 1 t

/—x

—

[ t i l l

! I 1

! 1 l I 1

I

^

1 ! ! ! 1 1 I 1

.

^_—^V

1 !

J

! I ! ! 1 F ! I 1 !

1

I «

! ! ! 1 1 1 ! f I 1

I I I

( ! ! ! t

10

IK

RA

^D

PRICE/EARNIN GS RATIO ON COMMON STOCKS

\

on

_---——1

•-*«—-—*"

~^~-

1

•ir

—
l

10

1967

1968

1

s

v.

i

!

•1969

•

-^^
1

1'
f

!

1970

l

'

~V-1

\

f

SOURCE: STANDARD & POOR'S CORPORATION

_ _

__.




I

!

N

1973

Public
utilities t Railroads

Dividend
yield (percent)

Total

Total

91. 93
98. 69
97. 84
83. 22
98. 29
109. 20
111. 01
109. 39
109. 56
115. 05
117. 50
118. 42
114. 16
112. 42
110. 27
107. 22
104. 75
105. 83
103. 80

99. 18
107. 49
107. 13
91. 29
108. 35
121. 79
124. 35
122. 33
122. 39
128. 29
131. 08
132. 55
127. 87
126. 05
123. 56
119. 95
117. 20
118. 65
116. 75

1941-<13-10
96. 96
79. 18
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 80
99.78
119. 39
113. 91
124. 47
116. 17
121. 63
113. 19
112. 94
119. 50
122. 11
119. 51
124. 57
122. 26
127. 04
122. 57
125. 56
117. 54
124. 53
116. 41
120. 38
111. 24
116. 48
107. 44
114. 75
104. 83
116. 31
105. 94
115. 98
104. 35

68. 10
66.42
62. 64
54.48
59.33
56. 90
54. 66
55. 36
56. 66
61. 16
61. 73
60. 01
57. 52
55. 94
55. 34
55. 43
54. 37
53. 31
50. 14

46. 72
48.84
45. 95
32. 13
41. 94
44. 11
43.28
42. 37
41. 20
42. 41
44. 62
42. 87
40.61
39. 29
38. 88
36. 14
34. 35
35.22
33. 76

3. 20
3.07
3. 24
3. 83
3. 14
2. 84
2. 80
2. 83
2. 82
2. 73
2. 70
2. 69
2. 80
2. 83
2. 90
3. 01
3. 06
3. 04
3. 16

107.
105.
102.
101.
103.
104.
103.

120.
119.
115.
113.
116.
117.
116.

118.
116.
115.
113.
116.
117.
115.

51. 93
50. 77
49. 56
49. 42
50. 03
51. 77
51. 75

35. 12
34. 48
33. 60
32. 85
33. 44
34. 70
34. 81

3.
3.
3.
3.
3.
3.
3.

49
84
81
31
52
77
59

89
10
64
88
44
62
19

Capital
goods

»includes 500 common stocks: 425 industrials, 65 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields

34

F

COUNCIL OF ECONOMIC ADVISERS

Price i ndex l
Industrials

Period

1967
1968__
1969__
1970__
1971
1972
1972: Aug
Sept __ _
Oct
Nov
Dec _ _ _ __
1973: Jan
Feb
Mar _
Apr
May _ _
June
July
Aug
Week ended:
1973: Aug 3
10
17
24
31
Sept 7_
14

I

i

1972

197!

Consumers'
goods

00
62
52
12
65
32
07

107.
106.
103.
100.
103.
104.
102.

96
68
05
12
96
01
87

Price/
earnings
ratio 3
17.48
17.66
16.48
15. 69
18. 50
18.20
18. 00

18.39
16.40

* 15. 80

06
11
19
27
17
15
20

are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day of quarter to earnings for 12 months ending
with that quarter. Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first month of fiscal 1974 there was a deficit of $4.5 billion/ a year earlier the deficit was $3.3 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

260

260

220

20

-20

-20

-40

-40
1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars;
Federal debt ( end of period)
Period

Receipts

Surplus or
deficit (— )

Outlays

Total i
Fiscal year:
1962
1963
1964

1965
1966
1967
1968_
1969

_ _ _ _ _

„_

_

First month:
Fiscal year 1973
Fiscal year 1974

-7. 1
-4. 8
-5.9

303.3
310. 8
316. 8

248. 4
254. 5
257. 6

4
7
3
8
5

-1. 6
-3.8
-8. 7
— 25. 2
3. 2

323.2
329. 5
341. 3
369. 8
367. 1

261.
264.
267.
290.
279.

193. 7
188.4
208. 6
232. 2
266. 0

196. 6
211. 4
231. y
246. 6
268. 7

-2. 8
-23. 0
-23. 2
-14.4
-2. 7

382. 6
409. 5
437. 3
468.4
490.5

284. 9
304. 3
323. 8
343.0
348.5

15.2
18. 1

18. 5
22. 6

-3. 3
— 4. 5

442. 5
469. 3

327. 5
342. 3

_ _ _ _

1970
1971
1972__
1973 2»
1974
__

1
Excludes non-interest-bearing public debt securities held by IMF.
- Estimates as revised June 1,1973.




Held by
the public

99. 7
106. 6
112. 7

106. 8
111. 3
118. 6

116. 8
130. 9
149. 6
153. 7
187. 8

118.
134.
158.
178.
184.

Sources: Treasury Department and Office of Management and Budget.

6
7
5
6
5

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
in the first month of fiscal 1974 budget receipts were $2.9 billion higher than a year earlier
$4.1 billion higher.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

180

were

180

OUTLAYS

160

160

140

140

120

120

NONDEFENSE
100

100

80

80
NATIONAL DEFENSE

60

60
40

40
1963

1964

1965

1966

1968

1967

1969

1970

1971

1972

1973

1974

FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
<Dutlays

Reeei pts
Natio nal defense
Period

Fiscal year:
1962
1963
1964
1965
1966
1967
1968
1969
1970__
1971
1972_._
1973*1
.
1974
First month:
Fiscal year 1973___
Fiscal year 1974
1

Total




Other

Total

Total

Department of
Defense,
military

Interna- Health
tional
and
Inaffairs
income terest Other
and
finance security

99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187. 8
193. 7
188. 4
208. 6
232. 2
266. 0

45. 6
47. 6
48.7
48. 8
55. 4
61. 5
68. 7
87. 2
90. 4
86. 2
94. 7
103.3
116. 0

20. 5
21. 6
23.5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
26. 8
32. 2
36. 1
41. 5

33. 6
37. 4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75. 4
81. 7
92.8
108. 5

106. 8
111. 3
118. 6
118. 4
134. 7
158.3
178. 8
184. 5
196.6
211. 4
231. 9
246. 6
268. 7

51. 1
52. 3
53.6
49. 6
56. 8
70. 1
80.5
81. 2
80. 3
77. 7
78.3
76. 1
81. 1

46. 9
48. 1
49. 6
46. 0
54. 2
67. 5
77.4
77. 9
77.2
74 5
75.2
73. 3
78. 2

4.5
41
4. 1
4. 3
4. 5
4. 5
46
3. 8
3. 6
3. 1
3.8
3.2
3.8

23. 7
25. 5
26. 8
27. 4
31. 5
37. S
43.7
49. 3
56. 7
70. 6
81. 5
91. 2
103.7

8.3
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20. 6
22, 8
24 7

19. 2,
20. 3
24. 2
26.7
30. 6
33. 2
36. 2
34.4
37. 7
40.5
47. 6
53.4
55. 4

15. 2
18. 1

7. 4
8.8

1. 1
1. 4

6. 8
8.0

18. 5
22. 6

5.0
4. 9

5. 1
5. 0

.3
.3

6. 2
7. 8

1. 7
2. 2

5.2
7.4

Estimates as revised June 1,1973.

36

Individual Corporation
income
income
taxes
taxes

Sources: Treasury Department and Office of Management and Budget.

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates for the second quarter/ Federal receipts rose $8.3 billion (seasonally
L
ate)
expenditures rose $3.8 billion, resulting in a balance in the Federal Government account.
BILLIONS CF DOLLARS
300 [

BILLIONS OF DOLLARS
300

120
+20
SURPLUS

•w$ p;q
fil pssl
PS?,

pS5

^M^M MM™

a

-20
DEFICIT

I

-ACl

I

!

1

1
1968

1967

I

I

1

!

I

1969

!

!

1 ii

|

w
\

1

1

!

1

-20

1

i

1972

1971

1970

'1

H

w
!

1

-40

1973

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jrovernm ent receip ts

Period

Indirect
Personal Corporate business
tax
and
Total nontax profits tax and
tax
nontax
receipts accruals
accruals

Feeleral Go^/ernmenlb expend] tures

GrantsSubsidies Less :
Purin-aid
less
ContriWage
chases Trans- to State Net
butions
current accruals
for
Total of goods fer pay- and interest surplus of less
ments
and
paid Governsocial inlocal
disservices
governsurance
ment en- bursements
terprises ments

Surplus
or
deficit
_(-),
income
and
product

Fiscal year :

1969
1970
1971
1972
1973

190. 4
195. 2
192. 6
213. 7
242. 9

90. 0
93. 6
87.4
100. 1
107. 1

37.4
33. 3
32. 2
34. 7
44.0

18.6
19. 2
20. 1
19. 9
20.6

44. 4
49. 1
52. 9
59. 0
71. 1

185.7 99. 4
195. 9 98.0
212. 6 95. 9
233. 2 103. 2
255. 0 105.0

50.7
56. 8
69. 7
78. 6
89. 1

19. 2
22. 6
26. 8
32. 9
40.2

12. 3
14. 0
14. 3
13. 4
14.3

4. 1
4. 7
5. 8
5. 2
6.3

0,0
.1
-. 1
.0
.0

4. 7
-. ?
-19. 9
-19. 5
-12. 1

1970
1971
1972

197.
192.
198.
228.

3
0
9
7

94. 8
92. 2
89. 9
107. 9

36. 6
31. 0
33. 3
37. 8

19. 0
19. 3
20. 4
19. 9

46. 9
49. 5
55. 2
63. 0

189.
203.
221.
244.

2 98. 8
9 96. 2
0 98. 1
6 104. 4

52. 4
63. 2
74. 9
82. 9

20. 3
24. 4
29. 1
37. 7

13. 1
14. 6
13. 6
13. 5

4. 6
5. 5
5. 3
6. 1

.0
.0
.0

8. 1
— 11. 9
— 22. 2
-15. 9

1972: I
222. 9
II—. 225. 4
III. _ 229. 6

36. 0
36. 7
38. 0
40. 7

19. 7
19.7
19.9
20. 3

61. 5
62. 4
63. 6
64. 6

236. 6
244. 4
237. 0
260. 3

106.
106.
102.
102.

0
7
3
7

79. 7
80. 1
80.8
91. 0

32. 2
38. 0
34. 4
46. 1

13. 1
13. 6
13. 4
13.7

5.5
5.9
6.2
6.7

.0

IV___ 236. 9

105. 6
106. 6
108. 1
111. 3

-13. 8
-19. 0
— 7. 4
-23. 4

1973: I
253.6
II— 262. 4

108. 5
111. 4

46. 6
50. 8

20. 7
21.2

77. 8
79. 1

258. 6 105. 5
262. 4 107. 3

91. 8
93. 8

41. 1
40. 5

14.7
15. 6

5. 5
5.1

Calendar
year:
1969___

.o

-. 1
.0
,0

.0

~8 1

-5. 0
.0

Source: Department of Commerce.




37

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Contents
TOTAL

INCOME, AND SPENDING

Page
1
2
3
4
5
6
7
8
9

The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

UNEMPLOYMENT, AND
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

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
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

26
27
28
_

Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
NOTE.—Detail in these tables may not add to totals because of rounding. Unless otherwise stated, all dollar figures are current dollars.
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