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'91st Congress, 2nd Session
Economic Indicators
March 1970
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1970
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.^
WRIGHT PATMAN, Texas, ChairmanWILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)HALE BOGGS (Louisiana)HENRY S. REUSS (Wisconsin)MARTHA W. GRIFFITHS (Michigan)WILLIAM S. MOORHEAD (Pennsylvania)WILLIAM B. WIDNALL (New Jersey)W. E. BROCK 3d (Tennessee)BARBER B. CONABLE, Jr. (New York)CLARENCE J. BROWN (Ohio)
SENATE
JOHN SPARKMAN (Alabama)J. W. FULBRIGHT (Arkansas)HERMAN E. TALMADGE (Georgia)STUART SYMINGTON (Missouri)ABRAHAM RIBICOFF (Connecticut)JACOB K. JAVITS (New York)JACK MILLER (Iowa)LEN B. JORDAN (Idaho)CHARLES H. PERCY (Illinois)
JOHN R. STARK, Executive DirectorJAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERSPAUL W. McCRACKEN, Chairman
HENDRIK S. HOUTHAKKERHERBERT STEIN
Economic Indicators -prefared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled^ That the JointEconomic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that asufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant atArms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies tothe libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required number of copies to the Superintendent of Documents for distribution to depositorylibraries; 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.
ii
Economic Indicators, published monthly, is available at 2 5 cents a single copyor by subscription at $3.00 per year (foreign, $4.00) from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON, D.C 20402
Subscribers who wish to receive it at an earlier date after release may take advan-tage of provisions for airmail subscriptions. The domestic airmail subscriptionprice is $3.60 additional per year.
The 1967 edition of the Historical and Descriptive Supplement to EconomicIndicators, which describes each series and gives annual data for years notshown in the monthly issues, is available at 70 cents a copy from the Superintend-ent of Documents, Government Printing Office.
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TOTAL OUTPUT, INCOME, AND SPENDINGTHE NATION'S INCOME, EXPENDITURE, AND SAVINGCurrent estimates indicate that gross national product advanced about $91/2 billion (seasonally adjusted annual rate)in the fourth quarter, about $8/2 billion less than in the third quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19621963196419651966196719681969 '
1968: III..IV...
1969: III ...1II__IV ^
Disposab
Total l
385. 3404. 6438. 1473.2511.9546.5590.0629. 7593.4604. 3610.2622. 0639.0647. 5
le persons
Less:Interest
paid andtransfer
pay-mentsto for-eigners
8.69. 7
10.712. 013. 013. 915. 016. 1
15. 215.5
15.715.916. 116. 3
Persons
il income
Equals:Total
exclud-ing
interestand
trans-fers
376. 6394. 9427.4461. 3498. 9532. 6575.0613. 6578.2588.8594.5606. 1622.9631. 2
Personalconsump-
tionexpend-itures
355. 1375. 0401. 2432. 8466. 3492. 3536. 6576. 0
544. 9550.7562. 0572.8579.8589. 5
Per-sonalsaving
ordis-
saving(-)
21. 619. 926.228. 432. 540. 438.437. 6
33.238. 032.533. 343. 141. 7
N
Taxand
nontaxreceipts
oraccruals
157.0168. 8174. 1189. 1213.3228.4264. 2301. 8
271.0279.7294. 1302. 0303.4307.8
et receip
Less:Trans-
fers,interest,
andsub-
sidies 2
42.844. 446. 749. 955.562.870.67a s72.073. 9
75. 877.678.981. 2
C
ts
Equals :Net
receipts
114. 2124. 3127. 3139. 2157.9165. 6193. 6223. 3
199.1205.8218. 3224. 4224.4226.6
•Jovernme
E
Totalexpend-itures
159. 9166. 9175.4186. 9212. 3242. 9270. 8293.0
274.5280. 6285.9290. 6296. 0299. 6
at
xpenditur
Less:Trans-fers,
interest,andsub-
sidies 3
42. 844. 446.749. 955. 562. 870.678. 572. 073. 9
75. 877. 678.981.2
BS
Equals:Pur-
chasesof goods
andservices
117. 1122.5128.7137.0156.8180. 1200.3214. 6202. 5206. 7210.0212. 9217.0218. 3
Surplusor
deficit(-),
incomeand
productaccounts
-2.91. 8
-1.42. 21. 1
-14. 5-6. 7
8. 8
-3. 5— . 98.3
11. 47. 48.3
Period
Business International
Grossretained
earn-ings3
Grossprivate
domesticinvest-ment 4
Excessof
invest-ment
Nettransfers
to for-eignersby per-
sons andGovern-
ment
Net exports of goodsand services
Exports Less:Imports
Equals:Net
exports
Excess oftransfers
orof net
exports
Totalincome
orreceipts
Statis-tical
discrep-ancy
Grossnationalproduct
orexpend-
iture
19621963196419651966196719681969 *
1968: III.rv_
1969: I...II _III.IV »
66. 368. 876.284. 791. 393. 396. 798. 399.398.397.798.099. 797.7
83. 087. 194. 0
108. 1121.4116. 0126. 3139. 4125.2133. 9135. 2137.4143. 3141. 8
-16. 8-18. 4-17. 8-23. 4-30. 1-22. 7-29. 6-41. 1
-26. 0-35. 7-37.5-39. 4-43.6-44. 1
2.72. 82. 82. 82. 83. 02. 92. 7 I
3. 13. 12. 42. 82. 63. 0
30. 332. 337. 139. 243. 446. 250. 655. 3
53. 450. 647. 657. 157. S58. 6
25. 126. 428. 632. 338. 141. 0 I48. 1 I53. 2 |
49. 749. 446. 155. 555. 255. 9
5. 15.98.56. 95. 35.22. 52. 1
3. 61. 21. 51. 62. 72. 7
-2. 5-3. 1-5.7-4. 1-2. 4-2. 2
1. 91. 01. 2. 0. 3
559. 8590.8633. 7688. 0750. 9794. 5868.2937. 9879. 6895. 9012. 9931. 3949. 7958. 5
0.5ti _ o
-1*. 3-3. 1-1. 0— 1.0-2. 5-6. 0-3. 3
4. 26.56. 96. 2
560. 3590. 5632. 4684.9749. 9793. 5865. 7932. 1
876. 4892. 5
908. 7924. 8942. 8952. 2
'Personal income (p. 5) less personal tax and nontax payments (fines, penal-ties, etc.).2 Government transfer payments to persons, foreign net transfers by Govern-ment, net interest paid by government, and subsidies less current surplus ofgovernment enterprises.
s Undistributed corporate profits, corporate inventory valuation adjustment,capital consumption allowances, and wage accruals less disbursements. Doesnot include retained earnings of unincorporated business, which are includedin disposable personal income.
4 Private business investment, purchases of capital goods by private nonprofitinstitutions, and residential housing.
6 Net foreign investment with sign changed.
NOTE.—Corporate profits tax and related items for 1969 reflect repeal of invest-ment tax credit. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
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GROSS NATIONAL PRODUCT OR EXPENDITUREGross national product (seasonally adjusted) increased at a somewhat slower pace in the fourth quarter than in thethird quarter—an annual rate of about 4 percent compared with an 8 percent rate. There was a slight decline inphysical output in the fourth quarter.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
1,000
900
800
700
600
500
400
200
100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
900
800
700
600
500
400
200
!00
PERSONAL CONSUMPTIONEXPENDITURES
GOVERNMENT PURCHASESOF GOODS AND SERVICES
HUIIIItllllllllllll"""""/.,„„„,.„..,....""
-VNET EXPORTS OF GOODSAND SERVICES
GROSS PRIVATE DOMESTICINVESTMENT
1964 1965 1966 1967 1968 1969 1970
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
1959 _196019611962 ,19631964196519661967196819691968: III
IV1969: I
IIIIIIV
Totalgross
nationalproductin 1958prices
475.9487.7497. 2529. 8551. 0581. 1617. 8658. 1674. 6707. 6727. 5712. 8718. 5723. 1726. 7730. 6729. 8
Totalgross
nationalproduct
Billions (
483.7503.7520. 1560. 3590. 5632. 4684. 9749.9793. 5865. 7932. 1876.4892. 5908. 7924. 8942. 8952. 2
Personalcon-
sump-tion
expend-itures
)f dollars;
311. 2325. 2335.2355. 1375. 0401. 2432. 8466. 3492. 3536. 6576. 0544. 9550. 7562. 0572. 8579. 8589. 5
Grossprivate
domesticinvest-ment
quarterly
75. 374. 871.783. 087. 194.0
108. 1121. 4116. 0126. 3139. 4125. 2133. 9135. 2137. 4143. 3141. 8
Netexportsof goods
andservices
data at s
0. 14.05. 65. 15.98.56.95. 35. 22. 52. 13.61. 21. 51. 62. 72. 7
Gove
Total
easonall
97.099. 6
107. 6117. 1122. 5128. 7137. 0156. 8180. 1200. 3214. 6202. 5206. 7210. 0212. 9217. 0218. 3
rnment f
Total
y ad juste
53.753. 557. 463. 464. 265. 266. 977. 890. 799. 5
101. 9100. 9101. 9101. 6100. 6103. 2102. 3
>ur chasesservicesFederal
Nationaldefense1
;d annual
46. 044. 947. 851. 650. 850.050. 160.772.478. 079. 278. 879. 379.078. 580. 379.2
of good
Other
rates
7. 68.69.6
11.813. 515. 216. 817. 118. 421. 522. 722. 122. 522.622. 122.923. 1
s and
Stateandlocal
43.346. 150.253. 758. 263.570. 179. 089.3
100.7112. 7101. 7104. 8108. 5112. 3113. 8116.0
Implicitprice
deflatorfor total
GNP,1958= 1002
101. 6103. 3104. 6105. 8107.2108.8110. 9113.9117. 6122. 3128. 1122. 9124. 2125.7127. 3129. 0130.5
1 This category corresponds closely with budget expenditures for nationaldefense, shown on p. 36.2 Gross national product in current prices divided by gross national productin 1958 prices.
NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.
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NATIONAL INCOMENational income rose $6 billion (seasonally adjusted annual rate) in the fourlh quarter, according to preliminary esti-mates. Compensation of employees increased $9 billion while corporate profits before taxes and including inventoryvaluation adjustment declined $3% billion. Changes in other types of income were small.
BILLIONS OF DOLLARS900
800
700
600
500
400
100'
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS(900
TOTAL NATIONAL INCOME
-r-
PROPRIETORS' ANDRENTAL INCOME
COMPENSATION OF EMPLOYEES
1964 1965
J-'PRELIMINARY.SOURCE. DEPARTMENT OF COMMERCE
1966
CORPORATE PROFITS ANDINVENTORY VALUATION ADJUSTMENT
NET INTEREST
1967 1968 1969
800
700
600
500
400
100
1970
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1959 __ _1960196119621963196419651966196719681969 "1968: III
IV1969: I_
IIIIIIV *
Totalnationalincome
400. 0414. 5427. 3457.7481.9518.1564.3620. 6654. 0714.4771. 1724. 1737. 3751. 3765.7780.6786.7
Compen-
of em-ployees l
279. 1294. 2302. 6323.6341. 0365.7393.8435. 5467. 4513. 6564. 3519. 8532. 3546. 0558. 2571.9581. 1
Proprieto]
Farm2
11.412. 012.813. 013. 112. 114.816. 114. 714. 616. 114.814. 414. 916. 416.816.3
rs' income
Businessand pro-fessional
35. 134. 235.637. 137. 940.242.445. 247. 249. 250.249. 349. 749. 750. 150.550.4
Rentalincome
ofper-
15.615.816. 016.717. 118.019.020. 020. 821. 221. 621. 221. 421. 521. 621.721. 8
Netinter-est
7. 18.4
10.011. 613. 815.818.221. 424. 728. 030. 628.429. 329. 830. 330. 931. 6
Corporatory va
Total
51.749. 950.355.758. 966.376.182.479. 287.988. 290.690. 389.589.288.885.4
te profitsnation ad
Profitsbeforetaxes 3
52. 149.750. 355. 459. 466.877.884. 280.391. 193. 891. 594.595.595. 492. 591. 6
and inven-justment 3
Inventoryvaluation
adjustment
-0. 5. 2
-. 1.3
-. 5~~~ . o
-1.7-1. 8— 1. 1-3.2-5.6
g
-4.2-6. 1-6. 2-3.7-6. 2
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 includessuch profits.
s See Note p. 7.NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.
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SOURCES OF PERSONAL INCOMEPersonal income rose $3.3 billion (seasonally adjusted annual rate) in February. The rise was about the same as theaverage monthly increase since September.
BILLIONS OF DOLLARS900
BILLIONS OF DOLLARS
WAGE AND SALARY DISBURSEMENTS
300
200
100
200
100
1964
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
196119621963 _1964196519661967196819691969: Jan
FebM a r _ _ _AprMay—June.—July...AugSeptOctNov...Dec
1970: JanFeb v - _
Totalpersonalincome
416.8442.6465. 5497.5538.9587.2629. 4687. 9747. 2718. 7723. 9730. 7735. 3740. 0746. 1751.4757. 5760. 7763. 9767. 6770. 6774. 3777. 6
Wageand
salarydisburse-ments l
278. 1296. 1311. 1333. 7358.9394. 5423. 5465. 0509. 9489. 3492. 6497. 9500.8503. 8508. 5512. 8517.9519. 9522. 2525. 1527. 8530.1531. 8
Otherlabor
income 2
12.713.914.916. 618.720. 722. 124. 226. 225. 325. 525. 625.825. 926. 126. 326.426. 626. 826. 927. 127. 327. 5
Propriety
Farm
12.813.013. 112. 114.816. 114.714.616. 114.514. 915. 315.816.416.916. 816. 816. 816. 716. 315. 916. 016. 2
^Ts' incomeBusinessand pro-fessional
35.637. 137. 940. 242. 445. 247. 249. 250. 249. 549. 849.749. 850. 150.450. 550. 550. 550. 650. 450. 350. 350. 3
Rentalincome
ofpersons
16.016.717. 118. 019.020. 020.821. 221. 621.421. 521. 521. 521. 621.621. 721.721. 721. 821. 821. 921.922. 0
Divi-dends
13.815.216. 517.819.820.821.523. 124. 623. 623. 824. 124. 224. 324. 524. 624. 825. 125. 325. 425.025. 225. 2
Personalinterestincome
25.027.731.434,938.743. 648. 354. 159. 457.457. 657. 958. 358. 859. 259. 559.860. 260.861. 361. 862. 162.4
Transferpay-
ments
32.433.335. 336.739.944. 152. 059. 265.563. 063. 564.364.764. 965. 265. 766. 166. 466. 767. 267.868.970. 0
Less: Per-sonal con-tributionsfor socialinsurance
9.610.311.812.513.417. 720.622. 626. 225. 325. 325.625.725. 826. 126. 426.626. 726.926.927. 127.527. 6
Nonagri-culturalpersonalincome s
400.0425.5448. 1480. 9519.5566. 3609. 7667. 9725. 2698. 5703. 1709. 5713.5717.7723.4728. 8734. 9738. 1741. 5745. 3748. 6752. 2755. 3
1 Compensation oi employees (see p. 3) excluding employer contributions forsocial insurance and wage accruals less disbursements.
1 Employer contributions to private pension, health, and welfare funds; com-pensation for injuries; directors' fees; military reserve pay; and a few other minoritems.
3 Personal income exclusive of net income of unincorporated farm enterprises,farm wages, agricultural net interest, and net dividends paid by agriculturalcorporations.
NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISPOSITION OF PERSONAL INCOMEDisposable income rose $81A billion (seasonally adjusted annual rate) in the fourth quarter after a very large rise inthe third quarter. With personal outlays up $9% billion, the saving rate edged down.
BILLIONS OF DOLLARS700
600
BILLIONS OF DOLLARS700
DISPOSABLE PERSONAL INCOME
400
DOLLARS3,500
3,000
2,500
PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES
—IN CURRENT PRICES-
2,000
400
DOLLARS3,500
3,000
2,500
2,0001964 1965
SOURCEi DEPARTMENT OF COMMERCE
1970 *
COUNCIL OF ECONOMIC ADVlSEftS
Period
196119621963___ _19641965. _ _1966196719681969
1968: III.IV.
1969: I...II-III.IV..
Per-sonal
income
416.8442.6465. r>497. 5538.9587. 2629. 4687.9747. 2
696. 1711. 2
724. 4740. 5756. 5767. 4
Less :Per-
sonaltax andnontaxpay-
ments
52. 457.460. 959. 465.775. 482. 997. 9
117. 5
102. 6107.0
114.2118.5117.5119. 9
Equals:Dis-
posablepersonalincome
364.4385.3404 6438. 1473.2511. 9546. 5590. 0629. 7
593. 4604.3
610.2622. 0639.0647. 5
L
Totalpersonaloutlays 1
Billions343. 3363.7384.7411. 9444.8479.3506. 2551. 6592. 0
Seasc560. 2566. 2
577.7588.8596.0605. 8
ess: PersePersoi
ex
Durablegoods
of dollars44.249.553. 959. 266.370.873. 083. 389. 8
mally adji85.886. 3
88.490. 689. 890. 4
>nal outlailal consurpenditure
Non-durablegoods
155.9162.6168. 6178.7191. 1206.9215. 1230. 6243. 6
isted annu233. 3234. 3
238. 6242. 1245.1248. 7
fsnptions 2
Services
135. 1143.0152. 4163. 3175.5188.6204. 2222. 8242. 6
al rates225. 8230. 1
235.0240. 1244.9250. 3
Equals:Personal
saving
21.221.619. 926. 228.432.540. 438.437. 6
33. 238. 0
32. 533. 343. 141. 7
Per capposable
incc
Currentprices
Dol1,9832,0642,1362,2802, 4322,5992,7452,9333, 099
2, 9462, 991
3, 0143,0653, 1403, 172
>ita dis-personal)me
1958prices
lars1,9091,9682,0132, 1232, 2352,3312, 3992,4742,507
2,4772, 485
2,4822,4942,5262, 522
Savingas per-cent of
dis-posablepersonalincome
(percent)
5.85.64.96. 06.06.47.46. 56. 0
5.66. 3
5. 35.36.76.4
Popula-tion
(thou-sands) 3
183, 756186, 656189,417192, 120194, 592196, 907199, 114201, 152203, 216
201, 450202, 015
202, 472202, 964203, 507204, 093
1 Includes personal consumption expenditures, interest paid by consumers,and personal transfer payments to foreigners.
2 See p. 2 for total personal consumption expenditures.3 Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMEAccording to current estimates, net farm income excluding inventory change (seasonally adjusted) declined about 2percent in the fourth quarter. Including inventory change there was a decline of 3 percent.
BILLIONS OF DOLLARS601
50
•40
30
20
10
SEASONALLY ADJUSTED ANNUAL RATES
J 1
1964J I
1965
REALIZED GROSSFARM INCOME
NET FARM INCOMEINCLUDING NET INVENTORY
CHANGE
J !1966
\
J 11967
J I1968
J !
1969
BILLIONS OF DOLLARS60
50
J I
30
20
10
1970
SOURCEi DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
Period
196119621963196419651966196719681969
1968: IIIIV
1969: IIIIIIIV
Personaltotal i
Fromall
sources
19.720.420.620.623.624. 923. 924.927. 1
income re"arm popu
Fromfarm
sources
12.212.312. 111.313.514. 413. 013. 114. 5
ceived byilation
Fromnonfarmsources
7.58.28.59.3
10.010. 510. 911.812. 6
Realize
Total i
Billions (39.841.342.342.644.949.749. 051. 154.6
Seasi51. 851. 9
52.955. 155. 355. 1
]
id gross
Cashreceipts
frommarket-
ings)f dollars
35.136.437.437.239.343.342. 744. 447.4
mally adji45. 045. 0
46. 048.248. 047. 5
"neome re
Produc-tion ex-penses
27.128.629.729.530.933.434. 836. 338.6
isted annn36. 537. 2
37. 938. 838. 838. 9
ceived fro
Nettoper
Exclud-ing net in-ventorychange
12.612.612.613. 114.016. 314.214.816.0
Ml rates15.314. 7
15. 016. 316.516. 2
m farming
o farmators
Includ-ing net in-ventorychange 2
13.013.213.212.315.016.31.4. 714. 716. 2
14. 914. 5
15. 016. 516.916.4
•
Net incfarm inclinventory-
Currentprices
Dol3,3993, 5863,7083, 5644,4875, 0194,6834,8055,468
4,8804,750
5, 0505,5505, 6905,520
ome peruding netr change 3
1957-59prices 4
lars3,3323,4823, 5653, 3944, 1934,5634, 1444, 1074, 446
4, 1403, 990
4, 1704,5104,6304,420
1 Cash receipts from marketings, Government payments, and nonmoney in-come furnished by farms.2 Inventory of crops and livestock valued at the average price for the year.Also, see footnote 2, p. 3.
s Based on Census of Agriculture definition of a farm. The number of farms isheld constant within a year.
4 Income in current prices divided by the index of prices paid by farmers forfamily living items on a 1957-59 base.
NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Agriculture.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
pORPORATE PROFITSProfits before taxes and including inventory valuation adjustment (seasonally adjusted) declined sharply in the fourthquarter and were about $5 billion below a year earlier. The third to fourth quarter decline in profits excluding in-ventory valuation adjustment was less pronounced.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
100
80
60
40
20
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAXES
PROFITS BEFORE TAXES
100
80
60
40
20
1964
SOURCE: DEPARTMENT OF COMMERCE
1970
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19611962_196319641965_ _. _ _1966196719681969 *
1968: III_.IV—
1969: III...III..IV *
Cor]
Allindus-tries
50. 355. 758. 966.376. 182. 479. 287. 988.2
90. 690. 3
89. 589.288. 885. 4
3 orate pi
IV.
Total
23.326. 628. 832.739.342. 639. 044. 443. 8
45. 446. 2
45. 144. 943. 8
*ofits (befvaluation
!anufactu
Durablegoodsindus-tries
11. 414. 115. 817.822. 824. 020. 924. 523. 4
25. 025. 8
24. 723. 923. 8
ore taxes)adjustrne
ring
Non-durablegoods
11. 912. 513.014.916. 618. 618. 119. 920. 4
20. 420. 4
20. 321.020. 0
and inveint
Trans-portation
com-muni-
cations,and
publicutilities
7. 98. 59. 5
10. 111. 111. 910. 811. 611. 8
12. 011. 6
11. 811. 711.9
itory
Allother1
19. 120. 520. 623.525. 627. 929. 431. 932. S
33. 132. 6
32.632.633. 1
Corpo-rate
profitsbeforetaxes
50. 355. 459.466.877.884. 280. 391. 193. 8
91. 594. 5
95. 595.492. 591. 6
Corpo-ratetax
liabil-ity
23. 124. 226. 328.331. 334. 333, 041.343. 3
41. 442. 9
43. 944.142. 842, 5
! Cor]g
Total
27. 231.233. 138. 446. 549. 947. 349. 850. 5
50. 051. 6
51.751. 349. 749. 1
porate piifter tax€1
Divi-dendpay-
ments
13. 815. 216. 517.819. 820. 821. 523. 124. 6
23.623. 8
23. 824. 324. 925. 2
*ofitsJS
Un-distrib-
utedprofits
13. 516. 016. 620.626. 729. 125. 926. 725. 9
26. 527. 8
27. 927.024. 923. 9
Corpo-rate
capitalcon-
sump-tion
allow-ances 2
26. 230. 131. 833.936. 439. 542. 645. 949. 1
46. 246. 7
47. 748. 649. 650. 5
Profitsplus
capitalcon-
sump-tion
allow-ances *
53. 561. 364 872.382. 989. 590. 095.799. 6
96. 398. 4
99.4100.099.399. 6
1 Includes all other industries and financial institutions.2 Includes depreciation and accidental damages,i Corporate profits after taxes plus corporate capital consumption allowances.
NOTE.—Corporate profits tax and related items for 1969 reflect repeal of invest-ment tax credit.
Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.
42-. 167°—70-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS PRIVATE DOMESTIC INVESTMENTGross private domestic investment (seasonally adjusted) edged down in the fourth quarter as a decline in the rate ofinventory accumulation more than offset a rise in business fixed investment.
BULK
160
140
1O A120
nAA
Of)
«
20
DNS OF DOLLARS
-~~^
! t !1964
^^
L NONR
**•*""
\ f f1965
SEASO
c
PRDURAB1
«.*.--""*"
ESIDENTIAL STRUCTL
«"»W5.~ ~^~~~~
\ \ \1966
NALLY ADJUSTED ANNUAL
.ROSS PRIVATE DO/VINVESTMENTx
^-^
ODUCERS'.E EQUIPMENT
RES RE
~ _
f I !1967
RATES
\ESTIC
,/-
SIDENTIAL STRUCTUF
^^CHANGE IN BUSINVENTORY
^^
i i i1968
-^
vES
*«— ' *a=NESS
f ! !1969
BILLIONS OF DOLl
f f !1970
.ARS160
140
10rt
1QA
fiO
«40
20
SOURCE. DEPARTMENT Of COMMERCE COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
r> • i
19591960._1961196219631964196519661967196819691968: III
rvT_1969: I
IIIIIIV
Totalgross
privatedomesticinvest-ment
75.374.871. 783. 087. 1940
108.1121.4116.0126.3139. 4125. 2133.9135.2137.4143.3141.8
Total
70.571.369. 777.081. 388. 298. 5
106.6108.6119. 0131. 4118. 0123.4128. 6130. 5132.5134. 0
Total
45. 148. 447.051.754.361. 171. 381. 683.788.899. 288. 191. 595. 397. 8
101. 1102. 5
N<
Struc
Total
16.718. 118.419. 219. 521.225. 528.527.929. 333. 429.030. 132. 332. 134.734.5
Fixed in^
president
tures
Non-farm
15.917.417.718.518.820.524. 927. 827. 228.632.728. 329. 331. 631.434. 033. 8
vestment
ial
Produceble equ
Total
28. 430.328. 632. 534.839.945. 853. 155.759.565.859. 161. 463.065.766.468. 0
rsj dura-ipment
Non-farm
25.427.725.829.431.236.341. 648. 450.954. 661.454. 356. 758. 761.062.463. 6
Residstruc
Total
25.522.822.625. 327.027.127.225. 025. 030.232. 229. 931. 933.332.731.431. 6
entialtures
Non-farm
24.822. 222. 024 826. 426.626. 724 524429. 631.729. 431.432.832.230.931. 0
Changeness mv
Total
483.62. 06. 05.95.89. 6
1487.47.38. 07.2
10. 56.66.9
10.77.7
in busi-entories
Non-farm
4.83.31. 75.35.16.48.6
15.06.87.47.87. 5
10.76.66.7
10.37.4
NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce.
8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR NEW PLANT AND EQUIPMENTBusinessmen expect a 10% percent increase in plant and equipment expenditures from 1969 to 1970, with outlaysrising throughout 1970.
BILLIONS OF DOLLARS100
80
20
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS100
TOTAL NEW PLANT AND EQUIPMENT
1 I 11964 1965
NONMANUFACTURING
MANUFACTURING
\
1966 1967
"•**..,«••«•«««•"
1 ! 11968 1969
J/ J/I I L_
80
60
20
J/SEE FOOTNOTE 3 BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
1970
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19571958195919601961196219631964196519661967196819691970 3
1969: IIIIIIIV
1970: I 3
II3
2d half3
1 Excludes agricultural business; real estional, and cultural service; and nonprofit
2 Includes trade, service, finance, conirtion.k 3 Estimates based on anticipated capitali late January and February 1970. Inclsystematic tendencies in anticipatory da
NOTE. — Revised series beginning 1947. '.ness, January 1970.
Total i
37. 9431. 8933.5536.7535. 9138. 3940.7746.9754.4263. 5165.4767.7675.5683. 58
72. 5273. 9477. 8477. 84
80. 0081. 7886. 06
tate operatororganizations,nunications, i
expendituresudes adjustnuta.Tor detail , see
M
Total
16. 5112. 3812. 7715. 0914.3315. 0616. 2219. 3423.4428. 2028. 5128. 3731. 6834. 80
29. 9931. 1633.0532. 39
32. 9733. 7436. 12
3; medical, leg
nsurance, and
as reported b?,nts when nee
Survey of Cur
anufacturi]
Durablegoods
7. 845. 615.817. 236.316. 797. 539. 28
11.5014. 0614.9614. 1215. 9617. 61
15. 4715. 9816.5315. 88
16. 9217. 3918. 02
al, educa-
eonstrue-
7 businessessary for
rent Busi-
ng
Nondura-ble goods
8. 686. 776.957.858.028.268. 70
10. 0711.9414. 1414.4514. 2515. 7217. 19
14. 5215. 1816. 5216. 50
16. 0516. 3418. 11
Annual totscoincide with
These figureestimates of ttagricultural incharged to curi
Sources: Sec
Mining
1. 691.431. 361. 301. 291.401. 271.341.461. 621. 651. 631. 861. 94
1.831. 881. 891. 85
1.771. 822. 07
1 is the sumthe average (s do not agre<10 Departmevestment arrent expenseurities and E
Trans po
Railroads
1.58.86
1. 021. 16. 82
1. 021.261. 661. 992. 371. 861.451. 862.36
1. 681.762. 061. 94
1. 942. 192. 63
of unadjuste>f seasonally ac3 with the totant of Commerid also certair
xchange Com
rtation
Other
1.711.432. 101. 971. 962. 171.982. 522.913. 393.774. 154. 194. 55
4. 763.883.884. 43
4. 744. 124. 72
d expenditiIjusted figuIs includedce, principsL equipmen
nission ant
Publicutilities
5.675.525. 145.245.004.904.985.496. 137.438.74
10. 2011. 6113.73
11.5211.6811. 4811. 80
12. 8013. 7414. 08
ires; it does nres.n the gross nailly because ttt and constru
Department
C om m c r ~cial andother 2
10. 7910.2711. 1611.9912. 5213. 8415. 0616.6318.4920.5020.9421.9724.3526. 19
22. 7423.5925.4925. 44
25. 7726. 1626. 43
ot necessarily
ional productle latter coverction outlays
of Commerce;
/•>
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEThe civilian labor force (seasonally adjusted) increased by only 36,000 in February. Employment fell by 219,000 andunemployment increased by 255,000. The decline in employment was concentrated in nonagricultural industries,where employment fell by 292,000.
MILLIONS OF PERSONS*90
85
80
75
70
65
SEASONALLY ADJUSTED
MILLIONS OF PERSONS*90
85
•1 ! I I I I M I I I 1 M I I I 1 I II I » I M I I I I I I I
UNEMPLOYMENT
I I I M I I I 1 I I
EMPLOYMENT
PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE
u
11i
NE/
-
v\
-i
]
3L
9(
O
1
>4
Y/\A EhJT
1
i
~
*/
-,
^TE
ri~i
196* 195<f
s E/^S DhJA
1
m
9<
r
b7
AC JL SIFED
r
i96J
' '•
J
w» :
i i ¥!i196$ >
t1970
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
Period
1965...1966...1967...1968_._1969___
1969:Jan—Feb.Mar-Apr.May-June.July.Aug.Sept.Oct..Nov.Dec.
1970:Jan..Feb._
Totallaborforce
(includ-ing
armedforces)
77, 17878, 89380, 79382, 27284, 239
81,71182, 57982, 77083, 13783, 08585, 88086, 31886, 04684, 52785, 03884, 92084, 856
84, 10584, 625
Ci villaployi
Total
71, 08872, 89574, 37275, 92077, 902
Unadji
75, 35876, 18176, 52077, 07977, 26478, 95679, 61679, 64678, 02678, 67178, 71678, 788
77, 31377, 489
n em-nent
Non-agn-cul-
tural
Thous66, 72668, 91570, 52772, 10374, 296
tsted
72, 19272, 89673, 19373, 47173, 37474, 58975, 46075, 66974, 39775, 11075, 39575, 805
74, 39874, 495
Unem-ploy-ment
ands of I3,3662,8752,9752,8172, 831
2,8762,9232,7462, 5422, 2993,4003, 1822,8692,9582, 8392,7102,628
3,4063,794
Totallaborforce
(includ-ing
armedforces)
)ersons 1677, 17878, 89380, 79382, 27284, 239
O0 ®QQOO, &OO83, 67488, 88383, 95083, 65284, 02884, 31084, 51784, 86885, 05184, 87285, 023
85, 59985, 590
Civilianlaborforce
years of74, 45575, 77077, 34778, 73780, 733
79, 75680, 19980, 37980, 43480, 13080, 50480, 78980, 98781, 32581, 52381, 37981, 583
82, 21382, 249
Civilia
Total
age and o71, 08872, 89574, 37275, 92077, 902
Seasonally
77, 08177, 52477, 65077, 58977, 32177, 74177, 93178, 14278, 19478, 44578, 52878, 737
79, 04178, 822
in emplo
Agri-cul-tural
ver4,3613,9793,8443,8173, 606
adjusted
3, 7173,8363, 7103, 6613, 7773, 6833, 5618,6143,4983,4463, 4843,435
3, 4263,499
yment
Non-agri-cul-
tural
66, 72668, 91570, 52772, 10374, 296
73, 36473, 68873, 94078, 92873, 54474, 05874, 37074, 52874, 69674, 99975, 09475, 302
75, 61575, 323
Unem-ploy-ment
3,3662,8752,9752,8172,831
2, 6752, 6752, 7292,8452, 8092, 7632,8582, 8453, 1818,0782,8512,846
3, 1723, 427
Unemplrate (pe
civiliaifor
Unad-justed
4, 53. 83.83.63.5
3. 73. 73.53. 22.94. 13. 83. 53.73.53.33.2
4. 24.7
Dymentrcent ofQ laborce)Season-ally ad-justedPercent
3.43. 33.43.53.53.43.58.53. 88. 83.53.5
3. 94.2
Laborforce
partici-pationrate,unad-justed l
59.760. 160. 660. 761. 1
59. 760. 360.460. 560. 462. 462. 662. 361. 161. 461. 261. 1
60. 560. 8
1 Total labor force as percent of noninstitutional population.
10NOTE.—Kevlsed seasonally adjusted series; see Employment and Earnings,
February 1970. Beginning 1960, data include .:'. laska and Hawaii.Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENTThe seasonally adjusted unemployment rate increased from 3.9 in January to 4.2 percent in February. The Februaryrate was the highest since October 1965. The unemployment rate for married men rose from 1.8 to 2.0 percent.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
UNEMPLOYMENT RATE,ALL CIVILIAN WORKERS UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,MARRIED MEN
SOURCE: DCPARTMENT OF LABOR
1970
COUNCIL OF ECONOMIC ADVISERS
Period
19651966196719681969
1969: JanFebMarAprMayJune__JulyAugSeptOct>__ _ _NovDec
1970: JanFeb
Unen(percen
for
Allworkers
4.53.83.83.63.5
3.43. 33.43. 53. 53.43.53.53.83.83.53. 53. 94. 2
iployment of civili?ce m grou
Experi-enced
wage andsalary
workers
Per4.33. 53.63.43. 3
Seasonall3. 23. 13. 13.33. 23. 23.33.33.63.63.43.43. 63.9
t ratein laborP)
Marriedmen(wife
present)
cent2. 41. 91.81.61. 5
y adjusted1. 41. 41. 41. 51. 51. 51. 61. 51. 71.61. 51.71. 82. 0
Laborforce
time lost l
5. 04.24. 24.03.9
3. 73.73.73.83.83. 84.04.04.34. 34. 03. 94. 24. 5
Over 40hours
20, 78821, 33420, 92020, 60020, 608
20, 46319, 51921, 15520, 12821, 18520, 91419, 35220, 04521, 65121, 37020, 09721, 41519, 93919, 456
Persons
35-40hours
Thousan30, 76832, 08832, 61632, 65834, 201
134, 31632, 00234, 75734, 37034, 83435, 10733, 54534, 11235, 35034, 17331, 86835, 97435, 32534, 249
at work iby hours
Total
ds of pers11,81812, 03413, 29014, 78515, 210
Jnadjusteo14, 40018, 43314, 68915, 65014, 62013, 42C12,53312, 22213, 66816, 46220, 63315, 78516, 13917, 562
n nonagriworked p
Ui
Part-tieconomi
Usuallyfull-
time 3
ons 16 ye897871
1,060895955
?
898900977823806
1, 143862
1,0881,089
950937986
1, 1085 1, 088
cultural ir>er week 2
ider 35 ho
me forc reasons
Usuallypart-time 4
ars of age1,031
793853820855
707730754690703
1,0781,2941,235
798790742733768
5 723
idustries
urs
Part-tieconomi<
Usuallyfull-
time s
and over
Seasonally839864953881905974888
1,0401, 0461,0171, 0051,0461,0361, 044
me for3 reasons
Usuallypart-time 4
/ adjusted809785828829839844901915887928825812879777
1 Man-hours lost by the unemployed and persons on part time for economicreasons as a percent of potentially available labor force nian-hpurs.a Differs from total nonagricultural employment (p. 10), which includes per-sons with jobs but not at work for such reasons as vacation, illness, bad weather,and industrial disputes.
s Includes persons who worked part-time because of slack work, materialshortages or repairs, new job started, or job terminated.
4 Primarily includes persons who could find only part-time work.6 Average hours worked: usually full-time, 24.5; usually part-time, 17.8.NOTE.—See Note, p. 10.Source: Department of Labor.
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNEMPLOYMENT INSURANCE PROGRAMIn February, insured unemployment under State programs averaged 41 5,000 higher than a year earlier. The seasonallyadjusted insured unemployment rate rose to 2.6 percent.
MILLIONS OF PERSONS MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT(STATE PROGRAMS)
1967
1969
_ f I I
JAN. FEB. MAR. APRIL MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC
SOURCE* WACTMTW OP IA8OX COUNCIL OF ECONOMIC ADVISERS
Period
1966196719681969 »1969: Jan
FebMarAprMavJuneJulyAug.SeptOctNov *Dec "
1970: Jan "Feb »
Week ended:1970: Feb 7
142128
Mar 7
A
Coveredemploy-
ment
Thou54, 739
"56,342"57, 969
"57, 909"57, 927*58, 513"59, 268"59, 862"60, 965
11 progran
Insuredunem-ploy-ment
(weeklyaver-age)
sands1, 1291,2701, 1871, 1751,5851, 5511, 3851, 163
970912
1, 0891, 016
903930
1, 1061,4651,9581,987
1,9382,0371,9821,986
is
Totalbenefits
paid(mil-lions
of dol-lars)
1, 890. 92, 220. 02, 191. 32, 265. 0
264. 6250.8242. 6214. 9164.9145. 7171.8169.7148. 3153. 8147. 7208.5250. 7328. 7
Insuredunem-ploy-ment
Weekly i1,0611,2051, 1111,0981,4911,4591,3001,090
906852
1, 021948840864
1,0301,3751, 8541, 874
1,8271, 9221,8681,869
Initialclaims
iverage, t203226201197275219173167144162246172146167213289355290
324308284241271
Sta
Exhaus-tions
lousands151716151617171917171514131312131817
ite progra
Insuredploymencent of
emplo
Unad-justed
Per<2.32. 52.22. 23. 02. 92.62. 21. 81. 72. 01.81. 61.62. 02.73. 63. 6
3.53.73. 63.6
ms
I unem-t as per-coveredyment
Season-ally ad-justed
sent
2. 12. 12 12 02 02 12 2& &<& &2 22 22 32 32 52 6
Benefit
Total(mil-
lions ofdollars)
1, 771. 32, 101. 02, 031. 92, 099. 5
246. 1234. 2226. 5200. 1153.0135. 0159. 2156.7136.2140. 9134. 7194. 8236. 5308. 2
s paid
Averageweeklycheck
(dollars)
39.7541. 2543.4346. 1046. 1646.8046.7046. 0345. 1444.8845. 3046. 1645.7046. 1746. 9147.254a 0347.95
NOTE.—For definitions and coverage, see the 1967 Supplement to EconomicIndicators. Data for Alaska and Hawaii included and for Puerto Rico since 1963.
Source: Department of Labor.
12
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTTotal nonagriculfural payroll employment (seasonally adjusted) decreased by 1 2,000 in February. A pronounceddecline in employment occurred in the manufacturing sector, with decreases of 120,000 in durable goods manufac-turing and 38,000 in nondurables. These decreases were partially offset by increases in contract construction (81,000)and trade (65,000).
MILAMI76
72
68
„
"
40
36
241
20
16
72
8
JONS OF WAGE5 SALARY WORKE
-
' ^X*1
-
--- -*""""**
W~-'-"-'Mi"
-
—
41 I 1 1 t 1 1 1 1 1 I
* 1967
RS (SEASONALLY ADJ
^^\^T~~^
.X-"" ALL NOhEST/
- NONMANUFAC(PRIVATE
\-. ^WIT-"""*"*1"
"
1
MANUFACTURE
\
GOVERNMENT
! 1 1 I ! ! ! 1 ! 1 I
1968
LISTED)
_ * -*"*-*"™1
J^^AGRICULTURAL<BLiSHMENTS
ITURING 1
) „—*»«*11**0""""
^G
! ! ! ! 1 ! ! f 1 1 1
1969
-
•M"
-
--
-.
'*
-
.
',M ! t 1 H M IK1970
MILAN16
14
12
10*
12
10
8
'
4
2
LIONS OF WAGED SALARY WORKE
(ENLARGED S(
i
WHOL
-
T^—' **~
"
""wuiHm,,,, "
A
'-i*.^.^«
r
^.If f t ! ! 1 » t 1 t »
K 1967
RS {SEASONALLY AD.
:ALE)
H - • i|
:SALE AND RET>fl
SERVICES
DURABLEMANUFAaURIh
, \..M..I..""""'"""1"1*"'*
NONDURABLEMANUFACTURING
\
COhCONS!
1 ! t ! ! ! 1 ! ! 1 1
1968
USTEDJ
^
-IL TRADE
4G
-•r4
"»" " i»
4TRACTrRUCTION
\ _
! 1 1 1 1 1 ! t t t 1
1969
—
•
-
.*
"*•—
•
-
\
1 1 ! 1 t ! t f f 1 IK
1970
"
* ,
SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ACVISEtS
[Thousands of wage and salary workers;1 seasonally adjusted)
Period
19641965196619671968_ _19691969: Jan__
Feb__Mar-Apr. _May_June-July.Aug_Sept_Oct__Nov_Dec__
1970: Jan *>_Feb*_
Total
58, 33160, 81563, 95565, 85767, 86070, 14169, 19969, 48769, 71069, 78970, 01370, 30070, 24770, 50070, 39070, 65170, 63570, 67970, 77870, 766
Manufac
Total
17, 27418, 06219, 21419, 44719, 76820, 12119, 99920, 06120, 12220, 11120, 11820, 19820, 16420, 33420, 19720, 15620, 00420, 00719, 96419, 806
turing (]
Durablegoods
9,81610, 40611, 28411, 43911, 62411, 88011, 81911, 83911, 88111, 86811, 87411,93111, 91212, 08111, 96511, 93211, 74011, 73811, 66411, 544
private)
Non-durablegoods
7,4587,6567,9308, 0088, 1448,2418, 1808 2228 2418 2438 2448 2678 2528 2538 2328 2248 2648 2698 3008 262
Total
31, 46132, 67933, 95035, 01236, 24637, 79437, 11937, 30437, 45637, 53437, 68837, 84337, 85237, 92837, 98338, 17738, 29038, 27638, 39038, 535
N
Mining
634632627613610628626628626624622622629631631631632635632632
onmanu
Con-tractcon-
strue-t/ion
3,0503,1863,2753,2083,2673,4113, 3383,3663,3743, 3633, 4073,4663,4343,4103,4203,4183, 4613, 4593, 3283, 409
facturinj
Trans-porta-tionand
publicutilities3,9514,0364, 1514,2614,3134,4484,3534,3734, 3994,4394,4444,4674,4834,4844,4804,4804,4844,4894, 5184, 502
I (private
Whole-saleand
retailtrade
12, 16012, 71613, 24513, 60614, 08114, 64414, 41214, 46814, 50814, 53314, 60914, 66514, 67114, 70214, 71614, 80914, 83614, 77314, 91314, 978
)
Finance,insur-ance,andreal
estate2,9573,0233,1003,2253,3833,5593,4903,5023, 5153, 5313, 5413, 5573, 5683, 5813, 5863, 5953, 6133, 6233, 6473, 654
Services
8,7099,0879,551
10, 09910, 59211, 10310, 90010, 96711, 03411,04411, 06511,06611, 06711, 12011, 15011, 24411,26411, 29711, 35211, 360
Gover
Federal
2,3482,3782,5642,7192,7372,7572,7602,7672,7592,7582,7542,7902,7772,7522, 7492,7292,7212,7202,7142,723
nment
Stateandlocal
7,2487,6968,2278,6799, 1099,4699, 3219,3559,3739,3869,4539,4699,4549,4869,4619,5899,6209, 6769,7109,702
1 Includes all full- and part-time wage and salary workers in nonagriculturalestablishments who worked during or received pay for any part of the pay periodwhich includes the 12th of the month. Excludes proprietors, self-employed per-sons, domestic servants, and personnel of the armed forces. Total derived fromthis table not comparable with estimates of nonagricultural employment of thecivilian labor force, shown on p. 10, which include proprietors, self-employedpersons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu-meration of population, whereas the estimates in this table are based on reportsfrom employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.Source: Department of Labor. 13
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY HOURS OF WORK - SELECTED INDUSTRIESThe average workweek for private nonfarm production workers increased slightly in February to 37.5 hours (seasonallyadjusted). Hours declined substantially in manufacturing (from 40.3 to 39.9), increased in contract construction, anaremained almost steady in retail trade.
HOURS PER WEEK (SEASONALLY ADJUSTED) HOURS PER WEEK {SEASONALLY ADJUSTED)46
44
A*)
Af\
38
"?A
34
TOTAL NO
% - N-
4; i t i i I i t i i i* 1967
^AGRICULTURE
p — ^
! 1 1 I I 1 1 I 1 1 1
1968
^L PRIVATE
•V **— .
I 1 1 ! 1 1 1 1 1 1 1
1969
•
I I t I i 1 i i i t iN
1970
46
11
1°
40
38
"5Z
34
MANUFACTl
V — —n
> h , , , , ! , , , , ,1967
JRING
•v- -i
. , , , . ! , . . . .1968
N/~ ^
i i , , , ! i . « , i1969
^
. . . . . 1 . ... ,K
1970 ^
32
30
CONTRACT CONSTRUCTION
1967 1968 1969
RETAIL TRADE
1970 1967 1968
SOURCE: DEPARTMENT OF IABOR
1969 1970
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week1]
Period
1960196119621963196419651966196719681969
1969: JanFebMarAprMayJuneJulyAugSeptOctNov ___ _ _Dec._
1970: Jan *Feb »
Totalnonagri-culturalprivate 2
38. 638. 63R738.838.738. 838. 638. 037.837. 7
37. 537. 237. 637. 537.738. 038. 138.238. 037. 737. 537. 737. 137.2
Manufac-turing
Unad
39. 739. 840. 440. 540. 741. 241. 340.640.740. 6
40.440. 040. 740. 540. 740. 940. 540. 641. 040. 740. 641. 040. 139.8
Contractconstruc-
tion
lusted
36.736. 937. 037. 337. 237. 437. 637.737.438. 0
36. 736. 637. 237. 638.238. 538. 839. 239. 338.437. 137. 735.636. 7
Retailtrade 3
i
38. 037. 637.437. 337. 036. 635.935. 334. 734. 2
34. 033. 833. 933.833. 934. 535. 235. 334. 233.733. 634. 133. 533.4
Totalnonagri-culturalprivate 2
S7. 837. 587. 837. 837.887. 837. 837.837.837. 637. 637.537.437.5
Manufac-turing
Seasonall}
40. 640. 140. 940. 840. 740. 740. 740.640.840.540.540. 740.339. 9
Contractconstruc-
tion
T adjusted
38. 238. 037.938. 038. 137. 637.537.938.137.538. 238.237.138. 1
Retailtrade 3
84.434. 284. 334. 134. 334. 234.234.334.233.984.038.833. 9S3. 8
lData relate to production workers or nonsupervlsory employees. Data forAlaska and Hawaii included beginning 1959.2 Also includes other private industry groups shown on p. 13.
14
3 Includes eating and drinking places.Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIESAverage hourly earnings of private nonfarm production workers increased in February from $3.13 to $3.15. Averageweekly earnings increased by $1.06 to $117.18.
DOLLARS6.00
DOLLARS
5.00
4.00
3.00
2.00
AVERAGE HOURLY EARNINGS
CONTRACT CONSTRUCTION
1.00 fy l M I I i l l l
MANUFACTURING
TOTAL NONAGRICULTURALPRIVATE
RETAIL TRADE
I I I ! I I I I I l I
1967 1968
SOURCE: DCPARTMEN! OF LABOR
1969 1970
nnn
160
120
80
40
AVERAGE
CON
y* \*f
-
,.«'*« ,.»%v*""*
^ '
:~~~A\ ! 1 ! 1 ! 1 1 ! 1 !
1967
WEEKLY EARh
TRACT CONSTRL
x'ViMANURE
\J
~*-s^f~*~'TOTAL N
^—\RETAIL •
J ( ! 1 ! [ ! 1 t 1 1
1968
JINGS
A *CTION^y V
^*r
.CTURING
»*'*,.»»**
^>**~~~~**-*^\
ONAGRICULTURAPRIVATE
___^CT.
"RADE
1 ] 1 ! J ! 1 1 1 I 1
1969
-
V
~V
^^
L
-
1 !! I I 1 1 I ! 1 IN\
1970
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
19601961196219631964196519661967196819691969: Jan _ _
FebMarApr.MayJuneJulyAug__ _SeptOctNov__Dec
1970: Jan "Feb "
i Also includes other2 Includes eating and3 Earnings in currentinterindustry shifts.
* Earnings in current
Average ]
Totalnonagri-culturalprivate 1
$2. 092. 142. 222. 282.362. 452. 562. 682.853. 042.942. 962.972. 983. 013. 033. 043. 053. 103. 113. 123. 113. 133. 15
private indusdrinking placprices, adjus
prices dividec
lourly earn
Manu-factur-
ing
$2. 262. 322. 392. 462. 532. 612.722. 833. 013. 193. 123. 123. 133. 153. 163. 173. 193. 193. 243. 243. 263. 293. 293. 28
ury groups shoes.,ed to exclude
1 by the consu
ings — cum
Contractcon-
struc-tion
$3. 083. 203. 313. 413. 553. 703. 894. 114. 404. 784.584. 564. 624. 644.714. 714. 744. 794. 914. 954. 965. 025. 055. 02
wn on p. 13.
the effects o
mer price hide
3nt prices
Retailtrade 2
$1. 521. 561. 631. 681.751. 821.912. 012. 162. 302. 242. 262. 262. 272. 292. 302. 302. 302. 332. 352. 362. 342.382. 40
overtime anc
X.
Average \
Totalnonagri-culturalprivate l
$80. 6782. 6085. 9188. 4691. 3395. 0698. 82
101. 84107. 73114. 61110. 25110. 11111. 67111. 75113. 48115. 14115. 82116. 51117. 80117. 25117. 00117. 25116. 12117. 18
NOTE.-
Source:
veekly earr
Manu-factur-
ing
$89. 7292. 3496. 5699. 63
102. 97107. 53112. 34114. 90122. 51129. 51126. 05124. 80127. 39127. 58128. 61129. 65129. 20129. 51132. 84131. 87132. 36134, 89131. 93130. 54
-Data for AlaDepartment c
tings — curr
Contractcon-
struc-tion
$113. 04118. 08122. 47127. 19132. 06138. 38146. 26154. 95164. 56181. 64168. 09166. 90171. 86174. 46179. 92181. 34183. 91187. 77192. 96190. 08184. 02189. 25179. 78184. 23
ska and Hawf Labor.
ent prices
Retailtrade 2
$57. 7658. 6660. 9662. 6664. 7566. 6168. 5770. 9574. 9578. 6676. 1676. 3976. 6176. 7377.6379. 3580.9681. 1979. 6979. 2079. 3079. 7979. 7380. 16
iii included b
Manufaindus
Adjustedhourly
earnings,1957-59 =
100 3
106. 8109. 9112. 7115. 5118. 4121. 5125. 6131.5139. 5147. 7144. 4144. 9145. 2146.0146. 6146.9147. 8148. 4149. 5150. 2151.0152. 0152, 7
eginning 1959.
icturing3 tries
Averageweeklyearn-ings,
1957-59prices 4
$87. 0288. 6291. 6193. 3795. 2597. 8499. 3398. 80
101. 08101. 42101. 57100. 16101.43100. 93101. 43101.61100. 78100. 63102. 74101. 59101.43102. 73100. 1098. 52
42-107°—70 15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONIn February, industrial production (seasonally adjusted) declined for the seventh consecutive month. The index wasdown 1/2 percent from January. In the major industry groups, declines were concentrated in the manufacturing sector.In the market groups, consumer goods and materials declined.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
180
160
140
120
200
180
160
140
120
TOTAL
s\
1 ! 1 1 ! I 1 I 1 I 1
1967
^~-1
I 1 1 1 1 1 t 1 ! 1 !
1968
^- V
1 ! I ! 1 1 I 1 ! 1 1
1969
•
1 1 1 1 1 1 1 I! 1 1
1970
Index, 1957-59=100 (SEASONALLY ADJUSTED)
260
MANUFACTURING
DURABLE
240
220
200
180
120
200
UTILITIES Ah
^S\
-
/X v
1967
^D MINING
UTILITIES
y^'
MINING\ ^
*-*• \ '*+f\ i i i 1 i i i%f I
1968
^\
/*v*-"»^. S*
i i i I I 1 i i i i I1969
x-
-
•^
1 1 1 1 1 i M I I 1
1970
1967 1970
160
1401967
SOURCE: BOARD OF GOVERNORS
1970
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100, seasonally adjusted]
Period
1960 __196119621963196419651966196719681969"1969: Jan
FebMarAprMayJune _JulyAugSept_OctNovDec
1970: JanFeb ^
Totalindus-trial
produc-tion
108. 7109.7118. 3124. 3132.3143.4156. 3158.1165. 5172. 7169. 1170. 1171.4171.7172. 5173.7174. 6174.3173.9173. 1171. 4171. 1170. 2169.4
M
Total
108. 9109.6118. 7124. 9133.1145.0158. 6159.7166.9173. 8170.2171. 8173. 1173. 0173. 8174.8175. 6175.4175. 2173. 9171. 8171.2170.0169. 0
anufactun
Durable
108.5107.0117.9124. 5133.5148.4164. 8163.7169.8176. 4173. 0m. 5175. 9175. 7176. 7178. 3178.7178.8178. 7177. 3172. 1171. 1169. 6169. 1
Industryng
Non-durable
109.5112.9119.8125. 313-2.6140.8150. 8154.6163.3170. 5166. 7168. 3169. 5169. 6170. 3170.5171.8171.3170. 9169. 5171. 5171. 4170. 6169. 0
Mining
101. 6102. 6105. 0107.9111.5114.8120. 5123.8126.6130. 2125. 8124.8126. 7128. 8130. 3134. 4133. 2131.2131. 6130. 2132. 6133. 8133. 2134. 3
Utilities
115. 6122. 3131. 4140. 0151.3160.9173. 9184.9202. 5221. 3215. 1214. 9215. 1216. 3213. 6215. 6222. 2222. 6222. 5226. 0226. 0227. 9230.6231. 0
Fii
Total
109.9111.2119. 7124,9131.8142.5155. 5158.3165.1170. 8168. 2169. 3170. 8170. 2170. 0170.7172. 8172.7172. 2170. 9168.4168.4168. 2168. 2
Mai
lal produc
Con-sumergoods
111. 0112. 6119. 7125. 2131.7140.3147. 5148.5156.9162. 4161. 0161. 7162. 8161. 8160. 7161. 5164. 4164. 2162. 8161. 2160. 5160. 7161. 0160. 2
-ket
3tS
Equip-ment
107.6108.3119.6124.2132.0147.0172.6179.4182.6188.6183. 5185. 5187.8188.4190. 0190. 4190. 8190. 3192. 4191. 9185- 6185. 1183. 1185. 6
Mate-rials
107. 6108.4117.0123. 7132. 8144.2157.0157.8165.8174. 6169. 6170. 8172. 1172. 9174.5176.3176. 5175. 9176.0175. 4174. 6173.9172. 5170.4
Source: Board of Governors ol the Federal Reserve System.
16Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION OF SELECTED MANUFACTURESProduction of most manufactures (seasonally adjusted) declined again in February. An exception was the machinerygroup with an increase of 2% percent.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED)
240
220
200
180
160
CHEMICALS, PETROLEUM,AND RUBBER
140 I I I I I I I I I I I I I I I ! I I ! ! I !
1967
PAPER ANDPRINTING \
1968 1969 1970
180
160
140
180
160
140
120
100
TEXTILES, APPAREL,AND LEATHER
1967 1970 1967
.FOODS, BEVERAGES,.AND TOBACCO
1968
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
1969 1970
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Period
1960196119621963196419651966196719681969 * > _ _ _ _ _ _ _ _ _ _
1969: J an _ _ _ _ _ _ _ _FebMarApr _M a y _ _ _ _ _ _ _ _ _June _July- --- _ _ _ -Aug__ _ _Sept___ _ _ _ _ _ _ _ _GetNov. _ _ _Dec__ _ _ _ _ _ _
1970: JanFeb ^ _ _
Primarymetals
101.398. 9
104. 6113.3129.1137.6142.7132.5137.0149. 2
139. 5143. 6146. 2147. 9149. 3153. 1152. 4151.3149. 3150. 4150. 3148.9
143. 6138
Durab
Fabri-catedmetal
products
107.6106. 5117. 1123.4132.7147.8163.0161.9167.9179. 8
176.4177. 6178. 5178.3179. 2180. 6179. 1180. 6179. 1179. 4179. 2178. 5
179.5177
le manufs
Machin-ery
110. 8110. 4123. 5129. 2141.4160.5183. 8183.4184.3195. 6
191. 8192.7194. 7194.6196. 9197. 2198. 1199. 4201. 2199. 0187.4188. 4
190.3195
tctures
Transpor-tationequip-ment
108.2103.6118.3127.0130.7149.2166.9165.7179.5174. 6
171. 2173. 1174. 1172.4171. 8176. 6181. 1179. 1178.8175. 7168.3163.9
158. 3156
Lumberand
prod-ucts
102. 1101. 3106. 1108. 9112.6117.4119. 4116.9122. 3
122.5126. 7130. 8122.6120. 7115. 5113. 4114. 1111. 1113. 8114. 1109. 7
No
Textiles,apparel,
andleather
107. 5108. 4115. 1118. 5125.2135.8141. 6139.4144.8143. 9
143. 6142. 6144. 7143.7146.3146. 0145. 4143. 3141. 1142. 0142. 9141. 3
140.3139
ndurable
Paperand
print-ing
109. 0112. 4116.7120. 1127.5135.3146. 4149.6155.5164. 7
160. 2161. 2162. 2162.4163. 8164. 4165. 9166. 3165. 8165. 3166. 1166. 0
163. 1161
manufactu
Chemicals,petro-
leum, andrubber
113.9118. 9131. 2141. 8152.5164.6181.9190.0207.7222. 4
214. 1218. 0219. 6221.7222. 7223. 2225. 2222. 4223. 3222. 7225. 3224. 7
223. 6221
res
Foods,bever-
ages, andtobacco
106.6110. 2113. 3116. 8120.8123.4128. 1131.7135.3138. 9
138. 0139. 5139.8138.2136. 9137. 0138. 4141. 0140. 4136. 2139. 2140. 5
141. 7141
Source: Board of Governors of the Federal Reserve System.
17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY INDICATORS OF PRODUCTIONProduction of steel increased about 3 percent in February while output of cars and trucks declined 81/2 percent. Otherweekly indicators of production were mixed.
MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE)
STEEL
3.5
2.5
. h, . I . u_L1.5 IA|_! ' • ! ; ! i
" J F M A MBILLIONS CF KILOWATT HOURS35 J-
2.5
2.0
1.5
1.0
BITUMINOUS COAL
1968/
\ /
1969
J...... i .......... I .......1 1 _ _ ! 1 I !! ! 1 I f .1 1 I 1 1 1 1 1
N
ELECTRIC POWER
EZQ]
J FTHOUSANDS300'
. i lO N D
• ' ' " yM Pi '
250
CARS AND TRUCKS
/-•>•**«• «_ i ; *.
-/>.-—•'^l..VI *
30
25
20
A"/ ^V/, Xl.'\ /! v
--', 1969
A „ K V.-.. .-____i ...W_ M__
1968^ X. % .....
A . r . . l M , f M . ! M . I , Mv J F M A M
SOURCES: AMERICAN IRON AND STEEL
EDISON ELECTRIC INSTITUTE,
,\
/^' .\ A!•• :: \ / \
r' /vv\ N-..-A' l'** t. c. : '•
—f V/ _^__rA______%i__V ^r—
••/
i I 1 1 I 1 i I 1 1 1 M I ! 1 1 1 I i . i I 1 I I I I i 1 i N
J J A S O N D '
INSTITUTE, DEPARTMENT OF THc INTERIOR,
AND WARD'S AUTOMOTIVE REPORTS
Steel produced 1 Elect
200
150
100
50
0
ric B
;-..••: *^ ;.. *••£ ; -• n\ ? ": / *" T: 1 V<->° -^ >• " — '
\f\l /^ l|:: \/ i^.\ //
i f "•* * ^/ • /^ /•'— u 1 ____^ — j_|1969 l': / /
__ 1: ' - __^ _...
^-[19701 ^\ / /
_1 1 II 1 M 1 1 1 M 1 I 1 1 1 1 ! ! 1 I i 1 « 1 1 1 • I 1 1 ! r | , , , | , . • ,
J F M A M J J A i> 0
f out;, u <.ii r
tuminous Freio-ht paperboard Cars ai
^-'.l/rl*
M 1U 1
' l
— h
• ! ! ! ! :
N 1)
CONOM!.'. A
id true
.1 MS
5
Period
Weekly average:196319641965 _1966196719681969. _ - _ _1969: Jan
FebMarAprMayJune_JulyAugSeptOct _Nov..I)ec-_ _
1970: Jan .Feb '•
Week ended:1970: Feb 14_ _ _
2128
Mar 714 v _ _
Steel piThousands
of nettons
2, 0962,4312, 5212, 5722, 4402, 5152,7062, 5022, 7292, 7992,8302,7892, 7532, 5712,5782, 6922, 7822, 7782, 6722, 5382, 610
2, 5302, 6402, 6902, 6742, 658
'oducedIndex
(1957-59=100)
112. 5130. 5135.3138. 1131. 0135. 0145. 2134. 3146. 5150. 3151. 9149.7147. 8138. 0138.4144. 5149. 3149. 1143. 5136. 2140. 1
135. 8141. 7144. 4143. 5142. 7
Electricpower
distributed(millions of
kilowatt-hours)
17, 49018, 72820, 16921, 97123, 16925, 24427, 58827, 48427, 24126, 58425, 29125, 85227, 89730, 05330, 07127, 87326, 91727, 30828, 42630, 06028, 995
29, 00628, 96828, 48728, 170
2 28 245
Bituminouscoal mined(thousands
of shorttons) l
1, 5351,6301,7351, 7981, 8681, 8271,8791,8321, 7501,7081,8521, 8891, 7912,0761,8441, 9521, 9831,9461, 9871,6541, 829
1, 8461, 8201, 9231, 773
Freightloaded
(thousandsof cars)
555558562570540543544486508530552568570514568567595562483489509
508514513512
Paperboardproduced
(thousandsof tons)
358384410446439479510473517527516534529474514489528526492522521
512526520521
Carassemb
Total
175. 0178. 8213.7199. 3172. 9207.6195. 7213. 6218. 2222. 4199. 3194. 6226. 2125. 7122.8208. 1228. 4211. 5155. 5188. 9172. 8
124. 2200. 2198. 3182. 4
2 202. 4
146. 9148. 8179.4165. 4142. 4170. 1158. 1176. 3177. 7181. 3161. 9161. 9187. 793. 493.4
171. 6185. 1167. 9122. 7150. 0137. 6
95. 4162. 8158. 9146. 1163. 6
28. 130. 034.333. 930. 537.537. 637. 340. 541. 137.332. 738. 532. 329. 436. 543. 343. 632. 738. 935. 2
28. 937. 439. 536. 438. 8
1 Daily average. Includes data for Alaska.2 Not charted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Depart-ment of the Interior, Association of American Railroads, American Paper In-stitute, and Ward's Automotive Reports.
18
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTIONAccording to preliminary estimates, expenditures for new construction (seasonally adjusted) declined 1 percent furtherin January. Private nonfarm residential building accounted for the decline.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
20
- — • — — - ~ — •• —
• • • • • ' : • i i i i • • i : i
;c/6-1 i 19
— - ts^*"•i
1'
I ! ! 1 I
65! 1 1 ! I
19
ALL OTH
•" " -%]
"""""N^I I ! ! !
66
ER PRIVATE
^<>~W***
, *— -^ PRIVATE RESIDENTIAL (N
1 I ! 1 1 1 1 ! M 1 ! I 1 1 1 I 1 1 ! 1
1967 1968
«,, """.,,,,
" ^^^^Nfc- ---
ONFARM)
1 1 I !? 1 I I I I I
1969i i i i i
191 I I ! !|\
70 ^
40
30
70
NT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
- — —
Period
196419651966196719681969
1968: NovDec
1969: Jar.FobMarAprMavJune_ _JulvAugSeptOct.Nov _Dec
1970: Jan *
Total newconstruc-
tionexpendi-
tures
66. 272. 375. 176. 284.791. 0
87. 888. 1<)2, 092. 11)1. 792. 892. 491. 590. 889. S91. 291.389. 889.388. 5
Total
45. 850. 351. 150. 657. 063. 0
59. 058. 962. 962. 662. 863. 063. 763. 063. I62. 463.864. 362. 862. 361. 5
Residentia
Total i
Bi26. 326. 324. 023. 728. 830. 8
Seasonally
30. 230. 931. 131. 432. 433. 033. 031. 630. 329. 229.330. 029. 829. 428. 4
Private
il nonfarmNew
housingunits
lions of doll20.420.418. 017. 922. 423. 7
/ adjusted ar
24. 125. 025. 025. 525. 525. 024. 523. 923. 222. 622. 623. 022. 822.421. 4
Commer-cial and
industrial
ars9. 0
11. 913. 613. 113. 916. 5
mual rales
14. 514. 016. 816. 315. 814. 915. 216. 116. 816. 817.817. 816. 716. 816.7
Other
10.612. 113. 613. 714. 215. 7
14. 314. 015. 014. 914. 615. 115. 515. 316. 016. 416. 716. 516. 316.216. 3
Federal,State,andlocal
20. 422. 124. 025. 627.728. 1
28.829. 229. 129. 529.029. 728. 728. 427. 627. 527. 327. 127. 127.027. 0
Constructio
Total value(index,
1957-59 =100)
137. 0142.8145. 3153. 3173. 4189. 4
! Seasonallyadjusted
183179204205182183210186180216173195178218205
n contracts 2
Commer-cial and
industrialfloor space(millions ofsquare feet)
599680769694779883
Seasonallyadjustedannual
rates836858
1, 133840762790
1, 027964884864827960772
1,0431,066
1 Includes nonhousekeeping residential construction and additions and altera-tions, not shown separately.
2 Compiled by F. W. Dodge Company and relates to 48 States.
NOTE.—Data for Alaska and Hawaii included beginning 1959.Sources: Department of Commerce and F. W. Dodge Company.
19
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCINGIn February, private housing starts (seasonally adjusted) increased 10% percent to an annual rate of 1.3 million units.Permits increased 1 3 percent.
MILLIONS OF UNITS2.51
MILLIONS OF UNITS2.5
1964 1970
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA! ND VETERANS ADMINISTRATION (VA) COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Period
196419651966196719681969 v
1969: Jan___Feb__Mar__Apr_ _May__June__July__Aug_ _Sept_ _Oct__Nov__Dec__
1970: Jan»_Feb*>_
Totalprivate
andpublic
(includ-ing
farm)1, 561. 61, 509. 61, 196. 21, 321. 91, 547. 71, 500. 2
105. 894.8
135. 6159. 9157.7150. 8126.5127.6132. 9125. 897. 485. 369.076. 5
Totalprivate(includ-
ingfarm)
1, 529. 31, 472. 91, 165. 01, 291. 61, 507. 71, 466. 7
101. 590. 1
131. 9159. 0155. 5147. 3125. 2124.9129. 3123. 494. 684. 166. 273. 8
Privatenon-farm
1, 502. 31, 450. 61, 141. 51, 268. 41, 483. 61, 449. 1
100. 289.2
130.6157. 4154. 0144. 8122. 9123.5127.6122. 193. 183. 8(3)
HouPrivate
Total
1, 529. 31, 472. 91, 165. 01, 291. 61, 507. 71, 466. 7
1, 8781,6861, 5841, 5631, 5091, 4691, 3711, 3841, 5421, 3921, 2951,2991, 1971, 321
sing start(mcludin
Oneunit
971. 5963. 8778.5843. 9899. 5810.5
1, 066975828797883808765723846777772729692801
sg farm)
Two ormoreunits
557. 8509. 1386. 5447. 7608. 2656.2
Sea812711756766626661606661696615523570505520
Priva
Total
1, 502. 31, 450. 61, 141. 51, 268. 41, 483. 61, 449. 1sonally ac
1,8451,6641, 5671,5481,4951,4461, 3491,3701,5221, 3791, 2751,294
(3)
ite nonfa
Goverrhome pr
FHA
154. 0159. 9129. 1141. 9147.7153. 6
[justed a138139156164137149138142151160178191170182
rm
imentograms
VA
59. 249. 436. 852. 556. 151. 2
nnual r5752534847484647545253595458
Newprivatehousing
unitsauthor-
ized 1
1 285. 81 239. 8
971. 91 141. 01 341. 41 299. 6
ates1, 4031, 4771, 4211,5021, 3231, 3401, 2281, 2451, 2011, 1831, 1911,2391, 0131, 147
Proposeconstr
Applica-tions for
FHAcommit-ments 2
182. 1188. 9153. 0167. 2168. 9186. 5
180171162169169178176169193224230210251250
id homeuction
Requestsfor VAapprais-
als2
113. 6102. 199. 2
124.3131. 7138. 2
148132136124122126145151127130184147141142
1 Authorized by issuance of local building permit; in 13,000 permit-issuingplaces beginning 1967; 12,000 for 1963-66; and 10,000 prior to 1963.
2 Units represented by mortgage applications for new home construction,s Series discontinued; see Housing Start?, C-20-70-01, January 1670.
NOTE.—Data include Alaska and Hawaii.Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
20Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADEAccording to advance reports, retail sales (seasonally adjusted) rose in February. In January, business sales were un-changed from December while inventories declined because of a reduction in retail trade stocks.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)180
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
140
120
100
40
20
TOTAL BUSINESSINVENTORIES
TOTAL BUSINESSSALES
,«••*"
RETAIL INVENTORIES
1968
SOURCE: DEPARTMENT OF COMMERCE
*•*•••
-RETAIL SALES-
i n i t I . n n1969 1970
RETAIL TRADE (ENLARGED SCALE)25 h-DURABLE GOODS STORES
20
1967 1970
COUNCIL OF ECONOMIC ADVISERS
Period
1962196319641965196619671968__ ... _ _ _1969
1968: Dec1969: Jan
FebMar _ __ .Apr_ _MavJuneJulyAug _ _ _Sept- _ _ _GetNovDec „
1970: Jan *Feb *
Total I
Sales 2
65, 41768, 96973, 68580, 27687, 18488, 96296, 915103, 64098, 787100, 103101, 358101, 475102, 319103, 232104, 127104, 201104, 644105, 903106, 907105, 666104, 758104, 666
justness *
Inven-tories 3
101, 149105, 525111, 548121, 140137, 184143, 694153, 764166, 106153, 764154, 086155, 339156, 401157, 477158, 602159, 264160, 631161, 659162, 733164, 250164, 974166, 106165, 630
1
Whol
Sales 2
I
12, 67413, 38214, 52715, 59516, 97917, 09918, 32919, 726
18, 83018, 34718, 79919, 51619, 61220, 10519, 97019, 71920, 05920, 21020, 28820, 20720, 06220, 177
esale *
Inven-tories 3
Millions of
14, 93616, 04816, 97718, 27420, 69121, 55722, 52824, 363
22, 52822, 44122, 76923, 08023, 34123, 43823, 61123, 59123, 60923, 71623, 95624, 02124, 36324, 308
Total
dollars, se
19, 63020, 55621, 82323, 67725, 33026, 15128, 27729, 30328, 46328, 95529, 25728, 88129, 40929, 38629, 37129, 09029, 34629, 25929, 62029, 47129, 41929, 30429, 418
Sales 2
Durablegoods
asonally a
6, 2416, 6617,0497, 8498, 1928,3489, 1879, 3989,3889, 4469, 5979, 3779, 5759,4819, 5459, 1419, 1619, 3849, 3549, 2299, 2758,8528, 790
Re
Non-durablegoodsstores
id justed
13, 38913, 89514, 77315, 82817, 13817, 80319, 09019, 904
19, 07519, 50919, 66019, 50419, 83419, 90519, 82619, 94920, 18519, 87520, 26620, 24220, 14420, 45220, 628
itail 5
Total
28, 00129, 45031, 20134, 68738, 36839, 31842, 65745, 83842, 65742, 74043, 01443, 00443, 11843, 02543, 43843, 87444, 32244, 80645, 37845, 53745, 83845, 157
[nventories
Durablegoodsstores
11, 70312, 43613, 18915, 25517, 30917, 40319, 46120, 59719, 46119, 62219, 48719, 54219, 56719, 04419, 36519, 35819, 75620, 07920, 56420, 60220, 59720, 075
3
Non-durablegoodsstores
16, 29817, 01418, 01219, 43221, 05921, 91523, 19625, 241
23, 19623, 11823, 52723, 46223, 55123, 98124, 07324, 51624, 56624, 72724, 81424, 93525, 24125, 082
1 The term "business" also includes manufacturing (see page 22).- Monthly average for year and total for month.3 Book value, end of period, seasonally adjusted.* Beginning 1961, data include Alaska and Hawaii.
6 Beginning 1960, data include Alaska and Hawaii.Source: Department of Commerce.
21Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERSIn January, manufacturers' inventories rose only $1/i billion (seasonally adjusted). Shipments changed very little whiknew orders declined.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)70
MANUFACTURERS' SHIPMENTS
60
50
40
30
20
40
30
20
10
DURABLE GOODS
- rt"'-NONDURABLE GOODS-
| i. i ! i i i i . . i
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)110
100
MANUFACTl
DURAB
-^x^^^7
,,11,lt,i,.,,,I,1ll»t«Mi"
•11 1 1 M 1 1 1 1 I 1
1967
JRERS' NEW (
LE GOODS y. .
„..•»,.,»»""""\\
NONDURABLE
1 1 I t ! 1 I 1 ! ! !
1968
DRDERS
^^^.
„,.•" '"""
GOODS
1 I ! t ! 1 ! ! 1 1 1
1969
,
•
! ! ! 1 J f 1 ! 1 ! 1 N
1970 *
MANUFACTURERS' INVENTORIES
50
40
30
201967 1970
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
196219631964196519661967196819691968: Dec1969: Jan
FebMarAprMayJuneJulyAugSeptGetNov..Dec
1970: Jan *
Manufac
Total
33, 11335, 03237, 33541, 00344, 87645, 71250, 31054, 61151, 49452, 80153, 30253, 07853, 29853, 74154, 78655, 39255, 23956, 43456, 99955, 98855, 27755, 185
turers' sh
Durablegoods
17, 10318, 24719, 63422, 21624, 63524, 97327, 57930, 30027, 74229, 32529, 91429, 53029, 64329, 57330, 13630, 60530, 86831, 74231, 88930, 94430, 20130, 012
ipments 1
Non-durablegoods
16, 01016, 78617, 70118, 78820, 24020, 73922, 73124, 31123, 75223, 47623, 38823, 54823, 65524, 16824, 65024, 78724, 37124, 69225, 11025, 04425, 07625, 173
Manufact
Total
Millions
58, 21260, 02763, 37068, 17978, 12582, 81988, 57995, 90588, 57988, 90589, 55690, 31791, 01892, 13992, 21593, 16693, 72894, 21194, 91695, 41695, 90596, 165
,urers' inv
Durablegoods
of dollars
34, 60935, 80738, 43342, 20449, 79753, 54057, 42263, 55057, 42257, 87958, 28258, 97859, 42660, 22260, 47961, 44161, 72462, 03662, 63163, 07663, 55063, 984
entories 2
Non-durablegoods
seasonal
23, 60324, 22024, 93725, 97528, 32829, 27931, 15732, 35531, 15731, 02631, 27431, 33931, 59231, 91731, 73631, 72532, 00432, 17532, 28532, 34032, 35532, 181
Ma
Total
y ad juste
33, 00535, 32237, 95241, 80345, 93845, 92850, 59754, 81553, 10153, 11953, 90153, 28354, 63554, 13353, 86155, 79354, 79956, 82956, 91756, 24255, 36253, 826
nufacture
Durat
Total
d
17, 02618, 52220, 25822, 98625, 71025, 18927, 86830, 50429, 38029, 68430, 48229, 69730, 94429, 99829, 17131, 06930, 48232, 13531, 79531, 18830, 29528, 727
rs' new orde
>le goods
Machineryand
equipment
3,0903,4123,9354,4355, 2685,2505, 8046,5536,2376, 2046, 5116,4147,0996, 4286, 5286,3466, 2457,3526,4506,6966,4906, 379
rs l
Non-durablegoods
15, 97916, 80017, 69418, 81720, 22820, 73922, 72824, 31023, 72123, 43523, 41923, 58623, 69124, 13524, 69024, 72424,31724, 69425, 12225, 05425, 06725, 099
Manu-fac-
turers'inveii-tory-ship-
ratio 3
1.721. 691. 641. 601. 621. 771. 701. 69L 721. 681. 681. 701. 711. 711. 681. 681. 701. 67L 671. 701. 731. 74
1 Monthly average for year and total for month.-Book value, end of period, seasonally adjusted.3 For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio oi inventories at end of month to shipmentsor month.
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
22Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MERCHANDISE EXPORTS AND IMPORTSIn January, the merchandise trade balance decreased to $56 million (seasonally adjusted), as imports grew morerapidly than exports.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
1.0 1.0
1964
I/SEE NOTE 1 BELOW.SOURCEi DEPARTMENT -OF COMMERCE
1970
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
Monthly average :1961196219631964196519661967. _ _19681969
1968: Dec—
1969: Jan —Feb_.Mar__Apr__May-June-July..Aug..Sept.Oct..Nov.Dec..
1970: Jan__
Totaling ree
Season-ally ad-justed
2, 9772, 0862, 2958, 1978,3538,2968,2113,1688,8738,8268,8628,8673,289
8,305
Me^includ-xports) *
Unad-justed
1, 6861, 7491,8722,1532, 2292, 4582,5862, 8393, 110
3, 046
2,0492, 1433,3683,5053, 5483, 0982,9953,1543, 1133,5633,4153,363
3, 238
rchandise
Total * 8
1, 6651, 7261,8482, 1232, 2012, 4212, 5542,8023,064
U3,0072,0102, 1113, 3233,4563, 5033, 0512,9533, 1013,0693,5193,3643,312
3, 196
exportsDomesti
Food,bever-ages,
and to-bacco
289312349386377432392383370
n ad juste442143181375396437424386370392452462427356
3 exports
Crudemate-rialsandfuel
322280315361356367394405417
d444227253397510479399419418397523508476466
Manu-fac-
turedgoods
1,0651, 1391, 1911,3771, 4531, 6021,7371, 9852, 230
2, 0731,6191, 6552, 4922, 5332,5512, 1822, 1152,2642, 2222,4792,2942,3572,310
To
Season-ally ad-justed
2,908
2,0142,6532, 9763, 1783, 2763, 1863,0668,1808,0558,2223,2143,007
3,250
Mercl:Gen
tal3
Unad-justed
1,2301,3721,4341,5621, 7862, 1352,2412,7693,004
3, 0102,0222, 3992,9883,3303,2373,2143,1542,9093, 1323,4302,9893,2473,126
landise igral impc
Food,bever-ages,
and to-bacco
288306322335334382392447442
Unad475194316503506486486477418436523442522
500
mports>rts2
Crudemate-rialsandfuels
361391396419453476447503533
usted545457475544587537515526529528582488622
556
Manu-fac-
turedgoods
545637672759937
1,2041,3131,7191,918
1, 8771,2821,5221,8432,1272,1012,0962, 0301,8552,0462,1981,9451,976
2,281
Gross-merchan-
disetrade
surplus,season-ally ad-justed
45537743859044432334570
105
7072
-3582211802026
10219327114016323256
i Total excludes Department of Defense shipments of grant-aid military sop-plies and equipment under the Military Assistance Program.5 Total arrivals of imported goods other than intransit shipments.8 Total includes commodities and transactions not classified according to kind.
Note.—Data adjusted to include silver ore and bullion reported separatelyprior to 1969.
Source: Department of Commerce. ow
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICESThe balance on goods and services increased slightly in the fourth quarter to $2.9 billion (seasonally adjusted annualrate). Merchandise exports rose more than merchandise imports.
BILLIONS OF DOLLARS.70
BILLIONS OF DOLLARS
70
EXPORTS OF GOODS AND SERVICES
20
JVlPRELIMINARY.
SOURCE, DEPARTMENT OF COMMERCE
1970
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
196419651966196719681969"
1968: IIIIIIV
1969: IIIIIIIV »
Total
37, 27139, 39943, 36046, 18850, 59455, 387
50, 67253, 37650, 612
47, 67657, 01658, 21258, 644
Exports
Mer-chan-dise1
25, 47826, 44729, 38930, 68133, 59836, 487
33, 58035, 51633, 532
29, 91238, 39638, 32439, 316
of good
Mili-tarysales
747830829
1,2401,4271,504
1,4121, 6241,456
1,6561,3241,6683,164
s and sei
Inconinvesti
Pri-vate
4,9305,3845,6596,2346,9347,965
Sea
7,0727,3127,108
7,5407,6688,4688,184
r vices
le onnents
Gov-ern-ment
456509593638765931
sonally
820848560
928924980896
Otherserv-ices
5,6596,2306,8917,3947,8718,500
adjustec
7,7888,0767,956
7,6408,7048,7728,884
Impor
Total
28, 69132, 27838, 08141, Oil48, 07853, 314
annual r
47, 30849, 74049, 408
46, 28455, 85655, 38855, 728
ts of good
Mer-chan-dise1
18, 64721, 49625, 46326, 82132, 97235, 797
ates
32, 52434, 26433, 832
30, 31638, 39636, 97237, 504
s and sen
Mili-tary
expend-itures
2,8802,9523,7644,3784, 5304,882
4,4644, 5724,676
4,8164,8324,8804, 996
rices
Otherserv-ices
7,1647,8318,8549,813
10, 57712, 636
10,32010,90410,900
11, 15212, 62813, 53613, 228
Bal-anceon
goodsand
serv-ices
8,5807, 1215, 2795,1772,5162,073
3,3643,6361,204
1,3921, 1602,8242,916
1 Adjusted from customs data for differences in timing and coverage. Source: Department of Commerce.
24
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF INTERNATIONAL PAYMENTSIn spite of a sizable surplus in the fourth quarter, there was a record deficit of $7.1 billion in the balance of paymentson the liquidity basis during 1969. On the official reserve transactions basis, there was a surplus of $2.7 billion forthe year.
BILLIONS OF DOLLARS15
BILLIONS OF DOLLARS15
BALANCE ON GOODS AND SERVICES
BALANCE OFFICIAL RESERVETRANSACTIONS BASIS
-201964
.1/{>REL1MINARY.
SOURCE: DEPARTMENT OF COMMERCE
1970
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1964___1965...1966___1967_._1968--..1969___
1968:I I _ _ _ _III___I V _ _ _
1969:I!!___II I___IV »__
U.S.Govern-
mentgrants
andcapital,
net1
-3, 564-3,406-3,444-4,223-3,955
-4, 220-3,872— 3, 340
-3, 172-4, 620— 4, 208
U.S. pr
Directinvest-ment
-2,328-3,468- 3, 639-3, 154-3,025
-4,036- 5, 048-1, 132
— 3, 712— 4, 228-4, 380
ivate capi
Otherlong-term
-2, 103- 1, 079
-256-1,292- 1, 082
Season
-588-916
-2,280
- 1, 024-1, 708- 1, 784
tal, net
Short-term
-2, 147753
-415-1,209-1,049
ally adjus
-1, 524- 1, 508
-376
— 628-2, 072
832
Foreigncapital,
net1
689270
2, 5313, 3608, 565
ted anmn
10, 0687, 220
10, 752
6, 5321, 4201, 164
Errorsand un-
recordedtrans-actions
-1, 118-576-489
-1,007-642
il rates
— 1, 9201, 236-240
-5, 040-4, 352-3, 564
Bak
Liquid-ity
basis 2
-2, 800-1, 335-1,357-3, 544
168-7,058
36-5563,448
-6, 700-15, 552-10,432
4, 452
ince
Officialreservetrans-actionsbasis 3
- 1, 564- 1, 289
266-3,418
1,6382,712
6, 212388
1, 468
4, 5284, 904
-3, 7085, 124
Chanliabilitic
To foreighold
Liquid
1, 075-18
- 1, 5952, 020
-3, 099-527
Qua
-2, 190-38487
-17 708-5382, 239— 520
ges in seljs (decrea
n officialers5
Nnn
liquid
31885
7611,3462, 341-998
rterly tot<
777537664
45-368-510-165
ectedse[-])4
To otherforeignholders e
1,554131
2, 3841,4723,8118,772
ils, unadj
2, 2221, 017-149
3,0244, 6531,419-324
Changesin gold,converti-ble curren-cies, andIMF goldtrancheposition(increase
[-])171
1,22256852
— 880-1, 187
usted
-137-571
-1,076
-48-299-686
7 -1541 Includes certain special Government transactions.2 Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertiblecurrencies, and the U.S. gold tranche position in the IMF.
3 Equals changes in liquid and nonliquid liabilities to foreign oflicial holdersand changes in official reserve assets consisting of gold, convertible currencies,and the U.S. gold tranche position in the IMF.
4 Includes short-term official and banking liabilities and foreign holdings ofU.S. Government bonds and notes.
6 Central banks, governments, and U.S. liabilities to the IMF arising fromreversible gold sales to, and gold deposits with, the U.S.
6 Private holders; includes banks and international and regional organizations;excludes IMF.
' On Dec. 31, U.S. reserve assets consisted of gold stock, $11,859 million (up $695million from Sept. 30); IMF position including gold portion of increased U.S.subscription, $2,324 million; convertible currencies, $2,781 million.
NOTE.—The two balances have been revised beginning with first quarter 1969,reflecting revisions in the capital account items (to be published in Survey ofCurrent Business, March 1970). Data exclude military grant-aid and U.S. sub-scriptions to IMF.
Source: Department of Commerce.
25Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESCONSUMER PRICESConsumer prices advanced again in February, with a rise of 0.5 percent. Food prices were up 0.6 percent. Nonfoodcommodities increased slightly because of higher prices for nondurables. Services prices rose 0.7 percent.
Index. 1957-59=100160
150
140
130
120
110
100
Index, 1957-59=1001160
SERVICES^
'«<\COMMODITIES
LESS FOOD
ALL ITEMS
FOOD
1964 1965 1966 1967 1968 1969
150
140
130
120
110
1001970
SOURCE, DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
11957-59 = 100]
Period
196019611962_19631964196519661967196819691969: Jan _
Feb JLMar JApr J_M a y _ _ _ - U _June __ AJuly i^_Aug__ _^ rSept .. LOct jl_Nov . i j_Dec i _
1970: JanFeb
Allitems
103. 1104. 2105. 4106. 7108. 1109.9113. 1116. 3121.2127. 7124. 1124. 6125. 6126. 4126. 8127. 6128. 2128. 7129. 3129. 8130. 5131. 3131.8132. 5
All com-modities
101.7102. 3103.2104, 1105. 2106.4109. 2111. 2115.3120. 5117. 4117. 8118. 7119. 3119. 6120. 5121. 0121. 4121. 7122. 4122.9123. 6123.7124. 2
Co
Food
101.4102. 6103. 6105. 1106. 4108.8114. 2115. 2119.3125. 5122. 0121. 9122. 4123. 2123. 7125. 5126. 7127. 4127. 5127. 2128. 1129. 9130.7131. 5
mmodities
Comm
All
101.7102.0102. 8103. 5104. 4105. 1106. 5109. 2113.2118. 0115. 0115. 7116. 8117. 2117. 5118. 0118. 1118. 2118. 7119.8120.2120. 3120. 1120. 4
5
odities lee
Durable
100.9100.8101. 8102. 1103. 0102. 6102. 7104. 3107. 5111. 6108. 6109. 7111. 1111. 4111. 3111. 7111. 9111. 9111. 6113.2113. 5113. 6113.7113. 7
>s food
Non-durable
102.6103. 2103. 8104. 8105. 7107.2109. 7113. 1117.7123. 0120. 1120. 5121. 4121. 9122. 4123. 0123. 1123. 3124. 4125. 1125.5125. 7125. 2125. 8
Allservices
106.6108.8110.9113. 0115. 2117.8122, 3127. 7134.3143. 7139. 0139. 7140. 9142. 0142. 7143. 3144. 0145. 0146. 0146. 5147.2148. 3149.6150.7
Services
Rent
103. 1104. 4105. 7106. 8107. 8108.9110. 4112. 4115.1118. 8116. 9117. 2117. 5117. 8118. 1118. 5118. 8119. 3119. 7120. 1120. 5121. 0121.3121. 8
Serviceslessrent
107. 4110. 0112. 1114. 5117. 0120.0125. 0131. 1138.6149. 2143. 9144. 6146. 1147. 4148. 1148. 8149. 6150. 7151. 7152. 3153. 1154. 3155.8157. 1
Source: Department of Labor.
26Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WHOLESALE PRICESWholesale prices rose 0.3 percent in February, or less than half as much as in January. Prices of farm products were up1.1 percent, industrial commodities 0.3 percent, and processed foods and feeds 0.1 percent.
Index, 1957-59=100140
Index, 1957-59=100140
100
90
801964
SOURCE.- DEPARTMENT OF IABOR
1970
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100]
Period
19601961 _19621963196419651966196719681969
1968: Dec. „
1969: JanFebMarAprMay__.June__JulyAugSeptOct. _ _ _NovDec
1970: JanFeb
1 Coverage of the subgroups does not correspomindex.
2 Excludes intermediate materials for food manuanimal feeds; includes, in part, grain products for fi
Allcom-modi-ties
100. 7100. 3100. 6100. 3100. 5102.5105. 9106. 1108.7113.0
109.8
110.7111. 1111. 7111. 9112. 8113. 2113. 3113. 4113. 6114. 0114.7115. 1
116. 0116. 4
1 exactly to
facturing anirther proces
Farmprod-ucts
96. 996. 097. 795. 794.398.4
105. 699. 7
102.2108. 5
103.3
104. 9105. 0106. 5105. 6110. 5111. 2110. 5108.9108. 4107. 9111. 1111. 7
112. 5113. 7
coverage of
d manufactusing.
Proc-essedfoodsand
feeds
100. 0101.6102.7103. 3103. 1106. 7113. 0111. 7114. 1119. 8
114.7
116. 0116. 3116. 4117.3119. 4121. 4122. 0121. 5121.3121. 6121.8122. 6
125. 1125. 2
this Noreflec
red „,Soi
All in-dustri-als1
101. 3100. 8100. 8100. 7101.2102. 5104. 7106. 3109. 0112. 7
110.2
110. 9111. 4112. 0112. 1112. 2112. 2112. 4112. 8113. 2113. 8114. 2114. 6
115. 1115. 5
TE. — Beginnting 1963 va
irce: De parti
Ir
Crudemate-rials
98. 397. 295. 694. 397. 1
100.9104. 5100. 0101.8110. 5
103.8
105.0105. 5107.2109. 0109.7110.2110. 7112. 5113. 9113. 7114. 1114. 5
116. 0118. 5
ing 1967, thelues of ship
nent of Lain
idustrial c
Inter-mediatemate-rials 2
101.4100. 199.999.6
100.2101.5103. 6104 8107.5111.3
108. 8
109. 7110. 4111. 1111. 0111. 1110. 8110. 9111.3111. 8112. 2112. 6112. 9
113. 5113. 9
indexes inconents. The
r.
ommoditi
Produc-er fin-ishedgoods
102. 3102. 5102. 9103. 1104. 1105.4108.0111. 5115.3119. 3
117. 1
117.6117. 8118.0118. 1118. 5118. 7119. 3119. 3119. 9120. 8121. 5122. 3
122. 9123. 1
rporate a re'sj.lussifi cation
esConsuiiished g<cludin
Dur-able100. 9100. 5100.099. 599. 999.6
100. 2101. 7103.9105.8
105.0
105. 1105. 1105. 3105.4105.4105.5105. 6105. 2105. 3106. 9107. 1107. 2
107.4107. 6
*ised weight!structure al
aer fin-x>ds ex-g food
Non-durable
101. 5101. 5101. 6101.9101.6102.8104. 8107. 2109.4112. 3
110. 2
110. 4110. 7111. 2111. 5111. 4112. 2112. 6113. 0113. 3113. 6113. 8114. 1
114. 2114. 6
ng structureso changed.
27Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSDuring the month ended February 15, both the index of prices received and the index of prices paid by farmers roseagain. The adjusted parity ratio was unchanged.
index, 1957-59=100
140
130
Index, 1957-59-tOO
PRICES PAID,INTEREST, TAXES, AND
WAGE RATES mm*,***"
PRICES RECEIVED(ALL FARM PRODUCTS)
130
120
110
100
90
RATIOV
BO
70
60
*'*"%.
. 1 1 . . ( . . . 1 .1964
,,../ ""
1965
s.
1966
~ PARITY RATIO -
\
1967
'%.,,HH«,U«A«,H,
1968
*-S**^\
1969
'MM
1970
80
70
J/RATK) OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES. AND WAGE RATES, ON 1910-14-100 BASE.
SOURCIi DEPARTMENT OF AGRICULTURE CQUNCII OF ECONOMIC ADVISERS
Period
1960196119621963196419651966196719681969
1969: Jan 15Feb 15Mar 15Apr 15May 15June 15July 15 _ _Aug 15Sept 15Oct 15Nov 15Dec 15
1970: Jan 15Feb 15
Prices ]
All farmproducts
999910110098103110105108114109110112112117117117115114115118118119120
received by
Crops
10010210410710710410610110310099101102102106103100999697102999899
farmers
Livestockand
products
Index, 19,9898999591101113107112125116117119120124128129128127127129133134135
Prices
All items,interest,taxes, andwage rates37-59=100
102103105107107110114117121127124125126127128128128128128128127129131132
paid by far
Familylivingitems
102102103104105107110113117123120120122122123123123123124124125125126127
mers
Produc-tionitems
101101103104103105108109111116113114115116117117116116116116117117
118119
Parity
Actual
808080787677807473747273737375767575737475767575
ratio l
Adjusted2
82838381808286797980787979798182828079808182
8181
1 Percentage ratio of index of prices received by fanners to index of prices paid,interest, taxes, and wage rates on 1910-14=100 base.
2 The adjusted parity ratio reflects Government payments made directly tofarmers.
Source: Department of Agriculture.
28Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY SUPPLYIn February, the money supply (seasonally adjusfed) was $1.7 billion below the January level and about the same asin December. Time deposits showed little change in February.
BILLIONS OF DOLLARS250
BILLIONS OF DOLLARS
TIME DEPOSITS AT ALLCOMMERCIAL BANKS
125
100 100
1964
SOURCEi BOARD OF GOVERNORS Of THE FfDERAl RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
Period
1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec1969: Jan
FebMarAprMay- _ _ _ _ _ _June. _ _JulyAug...Sept__OctNov__ _ _ _Dec
1970: JanFeb »_ _ _ _
M
Total
159.3166.7170.4181. 7194. 8199. 6195. 8196. 3196. 8198. 1198. 3199. 0199. 3199. 0199. 0199.1199.3199. 6201. 2199. 5
oney supp
Cur-rencyout-
banks
Seasonally34.236.338.340. 443.445. 943. 543. 844. 144. 244. 544.845.045.345. 245. 645.945. 946. 146. 4
>iyDe-
mandde-
posits
r adjusted125. 1130.4132. 1141. 3151.4153.7152.3152. 5152. 6154.0153.8154.2154. 4153. 8153. 7153. 6153.4153.7155. 1153. 1
Timede-
posits l
126.6146.7158.5183.7204. 9194. 1203.2202. 4202. 3202. 3201.7200.8197.7194. 5194. 1193. 5193.4194. 1192. 1192. 0
M
Total
164.0172.0175.8187. 5201.0206.0201. 7194.8195.0199. 2194.4197. 0197.8195. 9197. 6199.3201. 0206. 0207. 2198. 0
oney supp
Cur-rencyout-• _ i_side
banks
I
35.037. 139. 141. 244. 346. 943. 543.443.743.844.244.745. 245. 445. 245. 646.446. 946. 045. 9
>iy
De-mand
de-posits
Jnadjuste129. 1134.9136.7146. 2156. 7159. 1158.2151. 4151. 3155. 3150. 3152. 3152. 7150. 5152. 4153. 7154.7159. 1161. 1152. 0
Timede-
posits l
d125.2145.2156.9182.0203. 1192.4202. 8202.4202.9202.7202.2201.0197.7195. 5194. 3193. 7192. 6192.4191. 7192. 0
U.S.Gov-ern-ment
demandde-
posits l
5.54.63.45.05.05. 54.96.94.85.49.26. 05.64. 35.34. 25. 15.54.87. 1
1 Deposits at all commercial banks.NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at allcommercial banks.
Data include Alaska and Hawaii.Source: Board ol Governors of the Federal Reserve System.
29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED LIQUID ASSETS HELD BY THE PUBLICPublic holdings of selected liquid assets (seasonally adjusted) rose slightly in February following a sharp decline inJanuary. Changes in most types of asset holdings were small.
BILLIONS OF DOLLARS800
BILLIONS OF DOLLARS800
300
200
100
200
100
J/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCK. Of ECO.NO,V,!C ADVJSERS
[Billions of dollars, seasonally adjusted]
End of period
1963 .. _. _1964..196519661967196819691969: Jan
FebMarAprMayJuneJulyAugSeptOct 9Nov *>__Dec p__
1970: Jan"__Feb"
Totalselectedliquidassets
495. 4530. 5573.1601.5650.4709.6729. 1
4 703. 7705.7713.2711. 2714. 3713.8
i 709. 5713. 1718. 0714. 3720. 6729. 1718.3718.7
Demanddeposits
andcurrency l
149. 6156. 7164. 1168.6180. 7
3 199. 2205. 7188.8189. 8192.4190.8191. 5194. 1
i 191. 8193. 2194. 1193. 6195. 0205. 7194. 5194. 2
Time d
Com-mercialbanks
112. 9127. 1147. 1159.3183. 1203. 8195.9203.4202. 9201. 9201.8202.7200. 4197. 5195. 7195. 6195. 4197. 1195.9194.6195.4
eposits
Mutualsavingsbanks
44. 549. 052.655.260. 364.767.064.865.265.565.766. 166. 366. 366.466. 666.767.067. 067. 167.2
PostalSavingsSystem
0.5. 4. 3. 1
Savingsand loan
shares
90. 9101.4109.8113.4123.9131.0134. 8131. 0132. 0133.4133. 3133. 5133. 6133.6134. 1135.3134.9135. 3134. 8133.6134.2
U.S. Gov-ernmentsavingsbonds 2
49. 049. 950.550. 951. 952.552.452. 552. 352.252.252. 252. 252. 252.152.052.052.052.452.252. 1
U.S. Gov-ernmentsecuritiesmaturing
withinone
year 2
48. 146. 148. 653. 950. 558.573.2
*63. 463.467.767. 568. 367. 368.171.674.671. 774. 273.276.375.6
1 Agrees in concept with money supply, p. 29, except for deduction of demanddeposits held by mutual savings banks and savings and loan associations. Datafor last Wednesday of month. Data prior to July 1969 have not been revised toconform to the money supply revision.2 Excludes holdings of Government agencies and trust funds, domestic com-mercial and mutual savings banks, Federal Reserve Banks, and beginningFebruary 1960, savings and loan associations.
30
3 Estimates for Dec. 31.4 Beginning 1969 series have been adjusted to conform to the new budgetconcept.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVESTotal bank credit (seasonally adjusted) rose $1.1 billion in February. Loans increased by $1.8 billion while invest-ments declined $0.6 billion.
BILLIONS OF DOLLARS500
400
300
200
100
ALL COMMERCIAL BANKS SEASONALLY ADJUSTED, END OF MONTH
BILLIONS OF DOLLARS1 500
TOTALLOANS AND INVESTMENTS
1964
BANK LOANS
INVESTMENTS INU.S. GOVERNMENT SECURITIES
INVESTMENTS IN OTHER SECURITIES
I M M I I M I I { I I I I I i t f f I I I I I I t I I I I I F I
1965 1966 1967t t I M t I I I
1968t i i i i i
1969I I I ! I f M I t
400
300
200.
100
*SEE FOOTNOTE 4BELOWSOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1970
COUNCIL OF ECONOMIC ADVISERS
End of period
1963196419651966196719681969 ^1969: Feb
MarAprMay_-June.-JuneJuly. _.. JAuffSeptOct 9Nov »Dec 9
1970: Jan 9Feb *
(s
Totalloansand
invest-ments
246. 2267.2294.4310. 5346. 5384.6398.6
387.9386.6390.7392. 2392. 5
4 397. 3397. 7397. 5396. 5396.8399.7398.6
396. 1397. 2
All comneasonally
Loans,excluding
inter-bank
149. 6167.7192.6208.2225. 4251.6276. 2258. 4257. 3261. 0264. 1264. 3
4 269. 2269. 9270.3271.3273. 3275. 5276. 2275.3277. 1
tiercial bankadjusted da
Investr
U.S. Gov-ernmentsecurities
Billions
61.760.757.153. 659. 761.551. 858. 157. 457.756. 156. 2
4 56. 356. 856.954. 753. 453. 251. 849. 949. 4
sta)
nents
Othersecuri-
ties
of dollars
35. 038. 744.848.761. 471.570.571. 571. 972. 172. 072. 0
* 71. 871. 070. 370.570. 171. 070. 570. 970.8
Weeklyreporting
large com-mercialbanks
Commercialand indus-trial loans
38. 842. 1
3 53. 160.765. 873.181. 673.775. 076. 776. 678. 4
77. 676. 678. 177. 678.081. 678. 178. 2
Bankdebitsoutside
New YorkCity (232centers) ,
seasonallyadjustedannualrates *
2,1991 2, 7063,0133,4218, 7404,8545, 1604,9034,8414, 9825,0505,230
5,3345,2825,4265,8995,2775,362
5,483
A
Totalreserves
]20, 74621,60922, 71923, 83025, 26027, 22128, 03127, 29126, 75427, 07927, 90327, 317
26, 98027, 07926, 97127, 34027, 76428, 03128, 83827, 943
11 membe
Excessreserves
Vfillions o
536411452392345455257228217152300343
116303236143253257146231
r banks 2
Borrow-ings atFederalReserveBanks
f dollars
327243454557238765
1,086824918996
1,4021,407
1, 1901,2491,0671, 1351, 2411, 086
9641, 091
Freereserves
209168-2
-165107
— 310-829-596-701— 844
-1, 102- 1, 064
- 1, 074— 946-831-992-988-829-818-860
1 Debits during period to demand deposit accounts except interbank andU.S. Government. New series beginning January 1964.
2 Averages of daily figures. Annual data are for December.'New series; see Federal Reserve Bulletin, March 1967.< New series; for detail see Federal Reserve Bulletin, August 1969.
NOTE.—Effective June 1966, balances accumulated for payment of personalloans (about $1.1 billion) are excluded from loans at all commercial banks, andcertain certificates of CCC and Export-Import Bank totaling about $1 billion areincluded in other securities rather than in loans. Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System. Q J
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER AND REAL ESTATE CREDITTotal consumer credit outstanding declined $1.4 billion in January/ a year earlier the decline was $1.1 billion.Seasonally adjusted instalment credit rose $380 million, the smallest increase since December 1967.
BILLIONS OF DOLLARS140
BILLIONS OF DOLLARS140
120
100
80
60
20
END OF MONTH
120
100
80
TOTAL CONSUMER CREDIT OUTSTANDING
INSTALMENT CREDITL_
_1_ULJ_L 1 I I t I I I 1 1 I f
NONINSTALMENT CREDITI
t I t I » I t t » 1
.....M' 'V"""
I t t I ' t
20
.Ib
„,, ,» -. -• «•"»••'»••
/r i i t i i I I i i | rK 1964
ISTALMENT CREDIT E
1 ! ! ! 1 1 ! t 1 ! !
1965
SEASOh
XTFNDED
i .. i . Y . . . > i1966
IALLY ADJUSTED (ENLARGE
«r i/*"™ - — """ '-
I 1 ! ! 1 1 ! ! ! I 1
1967
D SCALE)
\INSTALMENT C
1 ! ! ! ! f ! r 1 1 t
1968
* — —
REDIT REPAID
f ! t ! I 1 I 1 f ? I
1969
*
f f I ! f I f ! 1 t 1 1
1970 H
10
3
6
4
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1961196219631964196519661967196819691968: Dec1969: Jan. _ _ _
FebMarAprMayJuneJulyAugSeptOctNovDec
1970: Jan
Consu
Total
57, 98263, 82171, 73980, 26890, 31497, 543
102, 132113, 191122, 469113, 191112,117111,569111,950113, 231114, 750115, 995116, 597117, 380118, 008118, 515119, 378122, 469121, 074
mer crediti
Total *
43, 89148, 72055, 48662, 69271, 32477, 53980, 92689, 89098, 16989, 89089, 49289, 38089, 67290, 66391, 81393, 08793, 83394, 73295, 35695, 85096, 47898, 16997, 402
outstandinmadjusted][nstalment
bile
17, 13519, 38122, 25424, 93428, 61930, 55630, 72434. 13036, 60234, 13034, 01334, 05334, 26234, 73335, 23035, 80436, 08136, 24536, 32136, 59936, 65036, 60236, 291
g (end of p
Personal
11, 67313, 41415, 61817, 84820, 41222, 18724, 01826, 93629, 91826, 93626, 91127, 04827, 23027, 62827, 98328, 30528, 54128, 95729, 20729, 31229, 52929, 91829, 774
eriod;
Non-instal-ment 2
14, 09115, 10116, 25317, 57618, 99020, 00421, 20623, 30124, 30023, 30122, 62522, 18922, 27822, 56822, 93722, 90822, 76422, 64822, 65222, 66522, 90024, 30023, 672
Consumand r<
To
Extended
49, 04856, 19163, 59170, 67078, 58682, 33584, 69397, 053
102, 8888,2778,3718, 4148,3818, 7208,6808, 7058,5218,6808, 6698,6618, 6328, 3448,521
er instalme*paid (seastal
Repaid
48, 12451, 36056, 82563, 47069, 95776, 12081, 30688, 08994, 609
7, 5027,7307,6167,7357,9607,8347,9107,8998,0807, 9717,9928,0127, 9298, 141
nt credit e:onally adju
Automob
Extended
16, 02919, 69422, 12624, 04627, 22727, 34126, 66731, 42432, 354
2, 5922,6612,7162,7302,7722, 7572,7252,5822,6342, 7942,8082, 6832,4722,479
^tendedsted)ile paper
Repaid
16, 55217, 44719, 25421, 36923, 54325, 40426, 49928, 01829, 882
2,3572,4672,4682,5012, 5192,4882,4602,4712,5622,4982,4632,5032,4992,469
Mortgagedebt out-standingnonfarm,1- to 4-f amilv
houses 3
153, 000166, 500182, 200197, 600212, 900223, 600236, 100251, 200266, 800251, 200
254, 800
259, 500
263, 400
266, 800
1 Also includes other consumer goods paper, and repair and modernizationloans, not shown separately.
2 Consists of single-payment loans, charge accounts, and service credit.sEnd of period, unadjusted.
NOTE.—Data for Alaska and Hawaii included beginning January and August1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal HomeLoan Bank Board.
32Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOND YIELDS AND INTEREST RATESMost interest rates, after reaching new highs in January, declined somewhat in February and early March.
PERCENT PER ANNUM10
PERCENT PER ANNUM10
CORPORATE Aaa BONDS(MOODY'S) »
TAXABLE GOVERNMENTBONDS
1964
SOURCE, SEE TABLE BftOW COUNCIL OF ECONOMIC ADVISERS
Period
19621963___1964196519661967196819691969: Jan___
FebMarApr _lyfayJuneJulyAug___Sept.__ _ _ _OctNovDec _ _ _ _ _
1970: JanFeb
Week ended:1970: Feb 20 _
27.Mar 6 _ _ _
132 0 _ _ _
U.S. Gove
3-monthTreasury
bills *2. 7783. 1573. 5493.9544.88143215.3396. 6776. 1776. 1566.0806. 1506.0776. 4937. 0047. 0077. 1297. 0407. 1937. 7207. 9147. 164
6. 777(1 8126. 80S6. 876
6 6. 836
jrnment secui
3-5 yearissues 2
3.573.724.064. 225. 165.075.596.856. 046. 166. 336. 156. 336. 647. 027. 087. 587. 477. 577. 98S. 147. 80
7. 667. 457. 247. 15
[Percentity yields
Taxablebonds 3
3.954.004 154.214 654855.266. 125. 745. 866.055. 845. 856. 056. 076. 026. 326. 276. 526. 816. 86(>. 44
6. 30(k 256. 286. 44
per annum]High-grademunicipal
bonds(Standard &
Poor's) 4
3. 183.233.223.273.823.964.515.814 955. 105. 345. 295. 475. 835. 846. 076. 356. 216. 376. 916. 806. 57
6. 5,36. 366. 186. 07
Corporal(Moo
Aaa
4. 334 264. 404.495. 135. 516. 187.036. 596.666. 856.896. 796. 987. 086. 977. 147. 337. 357. 727. 917.93
7. 937.837.797. 80
be bondsdy's)
Baa
5.024.864 834. 875.676.236.947.817. 327. 307. 517.547. 527.707. 847. 868. 058. 228. 258. 658.868. 78
8. 798. 738. 628. 59
Primecommercial
paper,4-6
months3. 263. 553.974.385.555. 105.907.836. 536.626. 827.047.358. 238.658. 338.488. 568.468. 848.788. 55
8. 558. 508. 508.50
FHAnew homemortgageyields 5
5. 615.475.455.466.296. 557.13a 197. 50
7.998.058.068. 068.358. 368.368. 408.488. 488. 62
Bate on new issues within period. " Selected note and bond issues.April 1953 to date, bonds due or callable 10 years and after.Weekly data are Wednesday figures. fl Not charted.
8 Data for first of the month, based on the maximum permissible interest rateercent beginning January 5, 1970) and 30-year mortgages paid in 15 years.
Sources: Treasury Department, Board of Governors of the Federal ReserveSystem, Federal Housing Administration, Standard & Poor's Corporation, andMoody's Investors Service.
33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES, YIELD, AND EARNINGSThe common stock price index in February averaged 31A percent below the January level. However, it increased in lateFebruary and early March.
Index, 1941-43=10 Index, 1941-43=10.
120
no
100
90
80
COMPOSITE PRICE INDEX FOR500 COMMON STOCKS
60 UPERCENT
120
110
100
90
80
70
PERCENTMONTHLY
DIVIDEND YIELD ON COMMON STOCKS
RATIO RATIO
20
15
10 / 1 1 1 !
V 1964
r~^ _— — -^^\^--—
1965
PRICE/ EARNINGS RA
" - ^ /
1966
TIO ON COMMON
f
\ \ \
1967
STOCKS
"-—-"•
1968
' """"—• — -
f I i1969
I 1 f K
1970 N
90
15
10
SOURCE: STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS
Price index
Period
19641965_ .. ___1966_1967__196819691969: Feb
MarApr _ _MayJune _JulyAugSept.. _ _ _ _GetNov. _Dec
1970: JanFeb
Week ended:1970: Feb 6
132027
Mar 613
i Includes 500 common stocks: 425 inroads. Weekly indexes for capital andall other weekly indexes are averages of
2 Aggregate cash dividends (based orthe aggregate monthly market value oi
Total
81. 3788. 1785. 2691. 9398.7097. 84
101. 4699. 30
101. 26104. 6299. 1494. 7194. 1894. 5195. 5296. 2191. 1190. 3187. 16
86. 2086. 6687. 2188.9489. 8888.43
dustrials, 55 puconsumer gooddaily figures,i latest knownthe stocks in t
Total
86. 1993.4891. 0899. 18
107. 49107. 13110. 15108. 20110. 68114. 53108. 59103. 68103. 39103. 97105. 07105. 86100. 4899.4095. 73
94. 7495. 2395. 8197. 5098. 2896. 67
3lic utilities, an5 are Wednesda
annual rate) dihe group. Annu
Industrials
Capitalgoods
1941-^76. 3585. 2684.8696.96
105. 77103. 75105. 47103. 76105. 54108. 66102. 68100. 55100. 90102. 27103. 67104. 68100. 3199. 7096.55
94.9397. 0197. 0497.2096. 8395. 70
d 20 rail- ary figures;
advdded by *al yields •.
Consumers'goods
13=1073. 8481. 9474. 1079. 1886.3387. 0687. 9386. 6988. 2191. 5788. 1283. 0483. 4485. 2687. 2989. 8485. 6285.4283.74
82.8183. 1883.8285. 1486. 4784. 68
e averages of meRatio of priceusted annual nNot charted.
Source: Standar
Publicutilities
69. 9176.0868. 2168. 1066.4262. 6469. 2466. 0765. 6366. 9163. 2961. 3259. 2057. 8458. 8059. 4655. 2855. 7255.24
54. 1354.5155. 1557.6359. 9759. 04
nthly data. We(index for last daite) . Annual rat
d & Poor's Corf
Railroads
45. 4646.7846. 3446.7248.8445.9554. 7850.4649.5349.9746. 4343. 0042. 0442. 0341. 7540. 6336. 6937. 6236. 53
36. 2936.4536. 4437.0338. 0737. 57
ikly data are W<y in quarter toios are averages
oration.
Dividendyield 2
(percent)
3. 013.003. 403. 203.073. 243. 103. 173. 113. 023. 183. 343. 373. 333.333. 313. 523. 563. 68
3.733. 713. 673. 593. 563. 62
idnesday figuresquarterly earniof quarterly da
Price/earningsratio 3
18. 0817. 0814. 9217. 5217.2016. 59
17.68
16. 59
15. 42
4 16. 68
ngs (seasonallyta.
34Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDINGFor fiscal 1970 and 1971, there are projected surpluses of $1.5 billion and $1.3 billion respectively. In the first7 months of fiscal 1970 there was a deficit of $8.2 billion/ a year earlier, the deficit was $10.2 billion.
BILLIONS OF DOLLARS2001
160
120
8Q
RECEIPTS AND OUTLAYS200
160
120
80
OUTLAYS(EXPENDITURES AND NET LENDING)
RECEIPTS
_L(ENLARGED SCALE) (ENLARGED SCALE)
I960 1961 1962 J?63
J/ESTIMATE.SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
3964 1965 1966fISCAL YEARS
1967 1968 1969 1970^ 1971J/
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year:1960196119621963196419651966196719681969
19703
1971 3
Cumulative totals for first7 months:
Fiscal year 1969Fiscal year 1970
B
Reeeip
Receipts
92. 594 499.7
106. 6112. 7
116. 8130. 9149. 6153. 7187.8
199.4202. 1
98. 7107. 1
udget receipts,
t-expenditure ^
Expendi-tures
90. 396. 6
104 5111. 5118. 0117.2130. 8153. 2172. 8183. 1
195. 0200. 1
108. 0114 1
expenditures,
ic count
Surplus ordeficit (-)
2. 2— 2. 2-4.8-4 9-5. 4-.3
(2)-3.6
— 19. 14. 7
4. 42. 0
-9.3-7. 0
and net lendii
Loanaccount
Netlending
1. 91. 22.4-. 1
. 51.23. 85. 16. 01. 5
2. 9. 7
. 91.2
ig
Totalsurplus or
deficit (-)
0.3-3.4-7. 1-48-5.9-1.6-3.8-8.7
-25.23. 2
1. 51. 3
-10.2Q 0___ Q^ ^
Gross Fee(end of
Total1
290. 9292.9303. 3310. 8316.8323. 2329. 5341.3369.8367. 1
374 7382. 5
373. 6380. 5
eral debtperiod)
Held bythe public
237.2238.6248.4254 5257. 6261. 6264 7267. 5290. 6279.5
278.5277. 3
293. 5289. 1
'Excludes non-interest-bearing public debt securities held by IMF.2 Surplus of $36 million.3 Estimates.
Sources: Treasury Department and Bureau of the Budget.
35
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BUDGET RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONin fiscal 1970, receipts are estimated to be $11.6 billion over a year earlier while outlays are expected to be$13.3 billion higher. In fiscal 1971, the estimated increases are $2.7 billion for receipts and $2.9 billion foroutlays. In the first 7 months of fiscal 1970, receipts were up $8.4 billion over a year earlier and outlays wereup $6.4 billion.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
CORPORATION INCOME TAXES
I f f !
- 20
120
100
80
40
20
OUTLAYS(EXPENDITURES AND NET LENDING)
-NONDEFENSE
NATIONAL DEFENSE -
1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970- 19711/V
120
100
80
60
40
20
ESTIMATE.SOURCESi TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year:19601961196219631964
19651966196719681969
19702
1971 2
Cumulative totals forfirst 7 months:
Fiscal year 1969___Fiscal year 1970___
Total
92.594.499. 7
106.6112.7
116. 8130. 9149. 6153. 7187.8
199. 4202. 1
98.7107. 1
Recei
Individualincometaxes
40. 741. 345. 647.648. 7
48.855. 461. 568.787.2
92. 291.0
49. 054. 7
pts
Corpo-rationincometaxes
21. 521. 020. 521. 623. 5
25. 530. 134.028.736. 7
37. 035. 0
16. 315. 3
Other
30.332. 133. 637.440. 5
42. 645.354. 156. 363.9
70. 276. 1
33. 437.1
Total
92. 297. 8
106. 8111. 3118.6
118.4134.7158.3178. 8184.6
197.9200. 8
108.9115.3
Natio
Total
45. 947.451. 152. 353.6
49. 656.870. 180. 581. 2
79.473.6
46.747.2
(
nal defense
Depart-ment ofDefense,military l
41. 543. 346.948. 149. 6
46. 054.267. 577. 477.9
76. 571.2
44.745. 5
Outlays
Interna-tionalaffairsand
finance
3. 13.44. 54. 14. 1
4. 34.54. 54. 63.8
4. 13.6
2. 22. 1
Healthand
incomesecurity
18. 721. 823. 325. 226.6
27. 231.337.643. 549. 1
57. 165.3
28.030. 7
In-terest
8.38. 18.39.29. 8
10.411.312.613.715.8
17.817.8
8.910.2
Other
16.217. 119.620.524.5
27. 030. 833. 436.434. 6
39.440.5
23. 225. 1
1 Expenditure account.2 Estimates.
Sources: Treasury Department and Bureau of the Budget.
36Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECTOR, NATIONAL INCOME ACCOUNTS BASISAccording to preliminary estimates, Federal receipts rose $2 billion (seasonally adjusted annual rate) in the fourthquarter and expenditures increased $3 billion, yielding a surplus of about $6% billion.
BULK220
ifto
140
120
100
-20
DNS OF DOLLARS
-
-
-
—
/ f i l lV
SURPLUS
~ DEFICITI ! !
1964
J^-RELIMIMARY
SOURCE: DEPARTMENT OF CC
i i r
M •
f f !1965
)MMERCE
SEASCtt
E5
r^i ? i
— w
! 1 11966
UU.Y ADJUSTED ANNUAL
(PEND1TURES
'' ^^
RECEIPTS
f 1 !
i i i i1 t 1
1967
CALENDAR YEARS
RATES
-xlrx
f I f
11""I ! 1
1968
C----^
f ! ! J/
i i \ y1969
cow
BILUONS OF DOU
~
.
-
•.
f ! 1 KH
.
»
! I f1970
MCH OF ECONOMIC ADVISERS
ARS220
iflrt
f/rtlov
.140
100
+20
-20
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
Fiscal year:1966196719681969mo1....1971 1
Calendaryear:1966196719681969*1968: III.
IV.1969: I
II__III_IV*
Total
132.8147.3160.9192.7201.8205.4
142. 5151. 1176.3201.5181. 4187.3198.6202.8201. 3203.3
Federal (
Personaltax andnontaxreceipts
57. 664.471. 390. 595.593.6
61.767.579.595. 683. 787.493.896.995. 096.7
jrovemmei
Corpo-rate
profitstax
accruals
31. 031. 134. 340.038. 838.4
32. 130.638.340.238. 439. 840.741. 039.839.4
at receipt
Indirectbusinesstax andnontaxaccruals
15.716. 117. 218.619. 120. 5
15.716.318. 018. 818.318.518. 518.619. 119. 1
s
Contri-butions
forsocial in-surance
28.535.838. 043. 648. 352. 9
33. 036. 740. 546.940. 941.745.646. 447. 548. 1
Total
131.9154.6172.4186. 7198. 1203. 8
142. 8163. 8181.5192. 0184. 2187.4188. 5189. 3193. 6196. 7
Federa
Pur-chases
of goodsand
services
71.785.395.3
101. 1100.896. 6
77.890. 799. 5
101. 9100. 9101. 9101.6100. 6103. 2102.3
I Governt
Trans-fer pay-ments
34. 239.444. 550.356.965. 0
35. 742. 247.852.448.750. 050. 852. 152.753.9
nent expei
Grants-in-aid
to Stateandlocal
govern-ments
12.714. 817. 618. 922.424. 8
14. 415. 918. 320. 018.419. 019. 019.319. 822.0
aditures
Netinterest
paid
9.09. 9
10.812. 313.613.3
9.510. 311.613. 111.712. 212.512.913. 113.7
Subsidiesless
currentsurplusof Govt.enter-prises
4.55.14. 14.14,54. 1
5.44.74.34. 64. 64,44.64.44. 64, 8
Surplusor
deficit(-),
incomeand
productaccounts
0.9-7. 2
-11.56,03.61.6
— . 2— 12.7
— 5. 29.5
-2.8— . 110.113.57.76.7
1 Estimates.NOTE: Receipts for 1969 reflect repeal of investment tax credit. Data for Alaska
md Hawaii included beginning 1960.
Source: Department of Commerce.
37
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OFFICIAL BUSINESS
First-Class Mall
ContentsTOTAL OUTPUT, INCOME, AND SPENDING Page
The Nation's Income, Expenditure, and Saving 1Gross National Product or Expenditure 2National Income 3Sources of Personal Income 4Disposition of Personal Income 5Farm Income 6Corporate Profits 7Gross Private Domestic Investment 8Expenditures for New Plant and Equipment 9
EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 10Selected Measures of Unemployment and Part-Time Employment 11Unemployment Insurance Programs 12Nonagricultural Employment 13Weekly Hours of Work—Selected Industries 14Average Hourly and Weekly Earnings—Selected Industries 15
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production _ 16Production of Selected Manufactures 17Weekly Indicators of Production 18New Construction 19New Housing Starts and Applications for Financing 20Business Sales and Inventories—Total and Trade 21Manufacturers' Shipments, Inventories, and New Orders 22Merchandise Exports and Imports 23U.S. Exports and Imports of Goods and Services 24U.S. Balance of International Payments 25
PRICESConsumer Prices 26Wholesale Prices 27Prices Received and Paid by Farmers 28
MONEY, CREDIT, AND SECURITY MARKETSMoney Supply 29Selected Liquid Assets Held by the Public 30Bank Loans, Investments, Debits, and Reserves 31Consumer and Real Estate Credit 32Bond Yields and Interest Rates 33Common Stock Prices, Yield, and Earnings 34
FEDERAL FINANCEFederal Budget Receipts, Expenditures, and Net Lending 35Federal Budget Receipts by Source and Outlays by Function 36Federal Sector, National Income Accounts Basis 37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.Data for Alaska and Hawaii are not included unless specifically noted.Unless otherwise stated, all dollar figures are in current prices.P Indicates preliminary and not available.* Indicates less than $50 million.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402Price 25 cents per copy, $3 per year ; $4 foreign. Domestic air mail, $3.60 additional per year.
38 U . S . G O V E R N M E N T P R I N T I N G O F F I C E : 1970
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