economic indicators: march 1970 indicators march 1970 ... bs equals: pur-chases of goods and...

'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.


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.


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.


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'


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


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.


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 DOLLARS

WAGE AND SALARY DISBURSEMENTS

300

200

100

200

100

1964


[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.


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.


600


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.



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.


50

•40

30

20

10


J 1

1964J I

1965

REALIZED GROSSFARM INCOME

NET FARM INCOMEINCLUDING NET INVENTORY

CHANGE

J !1966

\

J 11967

J I1968

J !

1969


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.


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.


100

80

60

40

20


PROFITS AFTER TAXES

PROFITS BEFORE TAXES

100

80

60

40

20

1964

SOURCE: DEPARTMENT OF COMMERCE

1970



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


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


EXPENDITURES FOR NEW PLANT AND EQUIPMENTBusinessmen expect a 10% percent increase in plant and equipment expenditures from 1969 to 1970, with outlaysrising throughout 1970.


80

20



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



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;

/•>


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.


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


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


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


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


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


[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


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.


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


[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 ]


$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


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


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


[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.


200


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


[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


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


NEW CONSTRUCTIONAccording to preliminary estimates, expenditures for new construction (seasonally adjusted) declined 1 percent furtherin January. Private nonfarm residential building accounted for the decline.


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


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).


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


*•*•••

-RETAIL SALES-

i n i t I . n n1969 1970

RETAIL TRADE (ENLARGED SCALE)25 h-DURABLE GOODS STORES

20

1967 1970


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.


MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERSIn January, manufacturers' inventories rose only $1/i billion (seasonally adjusted). Shipments changed very little whiknew orders declined.


MANUFACTURERS' SHIPMENTS

60

50

40

30

20

40

30

20

10

DURABLE GOODS

- rt"'-NONDURABLE GOODS-

| i. i ! i i i i . . i


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


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.



MERCHANDISE EXPORTS AND IMPORTSIn January, the merchandise trade balance decreased to $56 million (seasonally adjusted), as imports grew morerapidly than exports.


1.0 1.0

1964

I/SEE NOTE 1 BELOW.SOURCEi DEPARTMENT -OF COMMERCE

1970


[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


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


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


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



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


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.



BALANCE ON GOODS AND SERVICES

BALANCE OFFICIAL RESERVETRANSACTIONS BASIS

-201964

.1/{>REL1MINARY.


1970



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.



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.


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


[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.


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.


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 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


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.



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.


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.


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


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


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.



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


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.


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


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.


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.


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/


[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


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.


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


[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.


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.


37


UNITED STATESGOVERNMENT PRINTING OFFICE

DIVISION OF PUBLIC DOCUMENTS

WASHINGTON, D.C. 2O4O2

POSTAGE AND FEES PAIDU.S. GOVERNMENT PRINTING OFFICE

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
