economic indicators: march 1972

92d Congress, 2d Session

Economic Indicators

March 1972

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1972

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.)

WILLIAM PROXMIRE, Wisconsin, ChairmanWRIGHT PATMAN, Texas, Vice Chairman

SENATE

JOHN SPARKMAN (Alabama)J. W. FULBRIGHT (Arkansas)ABRAHAM RIBICOFF (Connecticut)HUBERT H. HUMPHREY (Minnesota)LLOYD M. BENTSEN, Jr. (Texas)JACOB K. JAVITS (New York)JACK MILLER (Iowa)CHARLES H. PERCY (Illinois)JAMES B. PEARSON (Kansas)

JOHN RJAMES W.LOUGHLIN

HOUSE OF REPRESENTATIVESRICHARD BOLLING (Missouri)HALE BOGGS (Louisiana)HENRY S. REUSS (Wisconsin)MARTHA W. GRIFFITHS (Michigan)WILLIAM S. MOORHEAD (Pennsylvania)WILLIAM B. WIDNALL (New Jersey)BARBER B. CONABLE, Jr. (New York)CLARENCE J. BROWN (Ohio)BEN B. BLACKBURN (Georgia)

. STARK, Executive DirectorKNOWLES, Director of ResearchF. McHuGH, Senior Economist

COUNCIL OF ECONOMIC ADVISERSHERBERT STEIN, Chairman

EZRA SOLOMONMARINA v. N. WHITMAN

Economic Indicators prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]

JOINT RESOLUTION [S J. Res. 55]

To print the monthly publication entitled "Economic Indicators"

Resolved by the Senate and House of Representatives of the United States oj America in Congress assembled, Th.i i t h e Jo in tEconomic Committee be authorized to issue a monthly publication en t i t l ed "Economic Ind ica to r s , " and t h a i asufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and t h e Sergeant atArms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the 1 louse of Representat ives , 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.

Economic Indicators, published monthly, is available at 25 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.

11


TOTAL OUTPUT, INCOME, AND SPENDINGTHE NATION'S INCOME, EXPENDITURE, AND SAVINGGross national product rose $191/2 billion in the fourth quarter to a seasonally adjusted annual rate of $1,073 billion.For the year 1971, gross national product totaled $1,047 billion, an increase of $72% billion from 1970.

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

Period

19641965196619671968 _ _ _1969 _ _19701971 "

3970: 1I II I I —IV. ,_

197J: 1I tI I I _ _ _IV"__

Disposat

Total 1

438. 1473. 2511. 9546. 3591. 0634. 2687. 8741. 3

667. (')685. 7696. 2701. 5

722, 0739. 6748. 5755. 0

le persons

Less :Interest

paid andtransfer

pay-mentsto for-eigners

10. 712. 013. 013. 915. 116. 717. 918. ( >

17. 517. 818. 018. o

18. 418. 618. 818. 8

Persons

il income

Equals:Total

exclud-ing

interestand

trans-fers

427.4461. 3498. 9532. 4575. 9617. 5069. 9722. 7

650. 1667. 9678. 2683. 2

703. 6721. 0729. 7736.2

Personalconsump-

tionexpend-itures

401. 2432. 8466. 3492. 1536. 2579. 0615. 8662. 1

604. 0613. 8620. 9624. 7

644. 9657. 4668. 8677. 2

Per-sonalsaving

ordis-

saving( •)\ /

26. 228. 432. 540. 439. 837. 954. 160. 5

46. 254. 257. 458. 5

58. 663. 661. 059. 0

N

Taxand

nontaxreceipts

oraccruals

174. 1189. 1213.3228. 9263. 5295. 6300. 5320.9

296. 6301. 8301. 7301. 9

312. 3317.8322. 0331.0

et receip

Less:Trans-

fers,interest,

andsub—

sidies 2

46. 749. 955. 562. 870. 778.494. 2

108. 2

82. 797. 596. 899. 8

101. 4109. 1110. 3110.9

C

ts

Equals:Net

receipts

127. 3139. 2157.9166. 2192. 7217. 2206. 3212. 7

213. 9204. 3204. 9202. 1

210. 9208. 7211. 7220. 1

jovernme

E

Totalexpend-

itures

175.4186. 9212.3242.9270. 3288.2313.6341.2

300. 0314. 0316. 9323. 7

329. 3338.7344. 1351.8

Dt

xpenditur

Less:Trans-

fers,interest,

andSUu—

sidies 2

46.749. 955. 562. 870.778. 494. 2

108.2

82.797. 596. 899. 8

101. 4109. 1110. 3110.9

es

Equals:Pur-

chasesof goods

andservices

128. 7137. 0156. 8180. 1199. 6209. 7219. 4233.0

217.3216. 5220. 1223. 7

227. 9229. 6233. 8240. 8

Surplusor

deficit(— ),

incomeand

productaccounts

-1.42. 21. 1

— 13. 9-6.8

7. 4-13. 1-20.2

-3.4— 12. 2— 15. 2-21.7

-17. 1-20. 9— 22. 2-20.8

Period

19641965.196619671968196919701971 »

1970: IIIIIIIV.

1971: IIIIIIIV"

Grossretained

earn-ings 3

76. 284. 791. 393. 095. 495. 699. 3

112. 9

96. 299. 1

100. 4101. 5

107. 6111. 9113.0119. 1

B usiness

Grossprivate

domesticinvest-ment 4

94. 0108. 1121. 4116. 6126. 0137. 8135. 3151. 6

131. 2134. 1138. 6137. 3

143. 3152.9150. 8159.4

Excessof

invest-ment(-)

-17.8-23. 4-30. 1-23. 5-30. 6-42. 1-36.0-38. 7

-35. 0-35. 0-38. 2-35. 8

-35. 7— 41. 0— 37. 8-40.3

Nettransfers

to for-eignersby per-

sons andGovern-

ment

2. 82. 82. 83.02.92. 93. 13. 4

3. 03. 03. 23. 3

3. 13. 43. 73. 5

Ii

Net ea

Exports

37. 139. 243. 446. 250.655. 662. 965. 3

61. 563. 263. 763. 2

66.266.568.260. 4

iternation

xports ofnd service

Less:Imports

28. 632. 338. 141. 048. 153. 659. 365. 3

58. 059. 059. 760. 5

61. 566. 468. 265.0

al

goods,s

Equals:Net

exports

8. 56. 95. 35. 22. 52. 03. 6.0

3. 54. 24. 02. 7

4. 7. 1. 0

-4. 6

Excess oftransfers

orof net

exports(~) 5

-5.7— 4. 1— 2. 4— 2. 2

. 4

. 9-. 43.4

__ 5— 1. 1

n

. 7

— 1. 63. 33. 78. I

Totalincome

orreceipts

633. 7688. 0750.9794. 6866. 9933. 2978. 6

1, 051. 7

963. 2974. 3986. 7990. 1

1, 025. 21, 044. 91, 058. 11, 078. 9

Statis-tical

discrep-ancy

-1. 3-3. 1-1. 0

— . 7-2.7-4. 1— 4. 5-5. 0

-7. 3— 5. 8-3. 2-1.6

-4. 3-4. 9— 4. 7-6. 0

Grossnationalproduct

orexpend-

iture

632.4684. 9749. 9793. &864. 2929. 1974. 1

1, 046. 8

956.0968.5983.5988.4

1, 020. 81, 040. 01, 053. 41, 072. 9

1 Personal income (p. 5) less personal tax and nontax payments (fines, penal-ties, etc.).

net transfers by Govern-

, ,pital consumption allowances, and private wage accruals less disbursements.oes not include retained earnings of unincorporated business, which are in-

cluded in disposable personal income.

- Private business investment, purchases of capital goods by private nonprofitinstitutions, and residential housing.

6 Net foreign investment less capital grants received by U.S., with signchanged.

Source: Department of Commerce.


GROSS NATIONAL PRODUCT OR EXPENDITUREGross national product (seasonally adjusted) rose at an annual rate of 7.6 percent in the fourth quarter, accordingto current estimates. When adjusted for price changes, the rate was 5.8 percent. For 1971 as a whole, grossnational product increased by 71A percent, real gross national product by 2% percent, and prices by 4% percent.

BILLIC1,100

1 AAA

900

OAA

700

600

CAA

400£

300

100

>NS OF DOLLARS

^*****\

—

s

.—-~~~^

i l l ;1965

^~*~

nmt*****1* ********

„„................,.....•.»»'..

NE1

1 1 1

1966

SEASO

GROSS N4

. *"

r~~^^

PE

GCOF

f EXPORTS OF GOOAND SERVICES

\

1 i I ^1967

^ALLY ADJUSTED ANNUAL

TIONAL PRODUCT

\ ^

^^RSONAL CONSUMP"

EXPENDITURES

3VERNMENT PURCH>GOODS AND SER\

\

DS

1 1 1

1968

RATES

^** ~

^—

ION

^SES'ICES

-\

GROSS PRIVATEINVESTME

J J 11969

-— '

„,»—-**

DOMESTIC^T

! f 1

1970

BILLIONS OF DO

^^

v

,..„,„„,..» .....-•"'"

1 ! 11971

LLARS1,100

1 AAA

Ann

7AA

600

400

200

inn

0

SOURC& DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

1961..1962. ....1963196419651966196719681969197019711970:1

II _IIIIV..

1971: I.IIIIIIV

Totalgross

nationalproductin 1958dollars

497.2529.8551.0581. 1617. S658. 1675. 2706.6724. 7720.0739.4719. 8721. 1723.3715.9729.7735.8740. 7751.3

Totalgross

nationalproduct

Billions <

520. 1560.3590. 5632.4684. 9749. 9793.9864. 2929. 1974, 1

1, 046. 8956. 0968. 5983. 5988. 4

1, 020. 81, 040. 01, 053. 41, 072. 9

Personalcon-

sump-tion

expend-itures

sf dollars;

335.2355. 1375.0401.2432. 8466. 3492. 1536.2579. 6615. 8662. 1604. 0613. 8620. 9624.7644. 9657. 4668.8677.2

Grossprivate

domesticinvest-ment

quarterly

71.783. 087. 194.0

108. 1121.4116. 6126. 0137.8135. 3151.6131. 2134. 1138. 6137.3143. 3152. 9150. 8159.4

Netexportsof goods

andservices

data at &

5. 65. 15.98.56.95.35.22. 52. 03. 6.0

3. 54. 24. 02.74, 7. 1. 0

-4.6

Gove

Total

easonall^

107. 6117. 1122. 5128. 7137.0156. 8180. 1199. 6209. 7219. 4233.0217. 3216. 5220. 1223.7227. 9229. 6233. 8240.8

niment ]

Total

y ad juste

57. 463. 464. 265. 266.977.890. 798. 899. 297. 297.6

100. 296. 896. 195.996. 496. 097. 6

100.3

mrchasesservicesFederal

Nationaldefense l

d annual

47.851. 650.850.050. 160. 772. 478. 378. 475.471.478. 975. 174. 273. 272. 671. 470. 271.4

of good

Other

rates

9. 611.813. 515.216. 817. 118. 420. 520.721.926.221. 321. 621. 922. 723. 724. 627.428.9

s and

Stateandlocal

50.253. 758. 263. 570. 179. 089. 4

100. 8110. 6122. 2135.5117. 1119. 7124. 0127. 9131. 6133. 6136. 2140.5

Implicitprice

deflatorfor total

GNP,I958=100a

104. 62105. 78107. 17108. 85110. 86113. 94117. 59122. 30128. 21135. 29141. 57132. 82134. 32135. 97138. 07139. 88141. 34142. 21142. 80

* This category corresponds closely with budget outlays for national defense,shown on p. 36.

3 Gross national product in current dollars divided by gross national productIn 1958 dollars.



NATIONAL INCOME

National income rose $15 billion (seasonally adjusted annual rate) in the fourth quarter following an $8 billionrise in the third.

BILLIONS OF DOLLARS

900

BILLIONS OF DOLLARS

900

800

CORPORATi: PROFITS ANDINVfNlORY VALUATION ADJUSTMENT

500

400 —

100

SOURCEj DEPARTMENT OF COMMtRCE COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual ratesj

Period

1961196219631964196519B6 __ __1967. _ _ _1968196919701971 »

1970: IIIIIIIV

1971: IIIIIIIV* _ .

Totalnationalincome

427. 3457. 7481. 9518.1564. 3620. 6653. 6711. 1763. 7795. 9851. 1

785.8793. 4802. 2802. 1

831. 7847. 3855. 2S70. 3

Compen-sationof em-

ployees *

302. 6323. 6341. 0365.7393. 8435. 5467. 2514. 6565. 5601. 9641.9

593. 2598. 5606. 5609. 3

627. 3638. 0645. 6656. 6

Proprieto

Farm 2

12. 813. 013. 112.114.816. 114. 814.716. 815. 816. 3

17.816. 614. 514. 4

14. 815.217.018. 1

rs' income

Businessand pro-fessional

35. 637. 137. 940.242.445. 247. 349.550. 351. 052. 1

50. 251. 051. 451. 5

51. 651. 952. 352.5

Rentalincome

ofper-

16. 016.717. 118.019.020. 021. 121. 222. 623. 324. 3

23. 023. 223. 423. 7

23. 824. 224. 524. 6

Netinter-est

10. 011. 613.815.818.221. 424. 426. 929.933. 035. 6

31. 832. 633. 434. 2

34. 835. 435. 936.4

Corporaltory va

Total

50. 355. 758. 966.376. 182.478. 784. 378.670. 881. 0

69. 871. 573. 069.0

79. 582.580.082.2

be profitsluation ac

Profitsbeforetaxes

50.355. 459. 466.877.884. 279.887.684. 275. 485.5

75. 675. 878.571. 6

83. 086. 985.886.2

and inven-Ijustment

Inventoryvaluation

adjustment

-0. 1. 3

-. 5-.5

— 1.7— 1. 8— 1. 1-3. 3— 5. 5-4. 5— 4. 4

— 5. 8-4. 2— 5. 5-2.6

-3.5-4.4-5.8-4.0

1 Includes employer contributions for social insurance. (Sec also p. 4.)3 Excludes farm profits of corporations engaged in farming and therefore differs

from net farm income (including net inventory change) on p. 6 which includesmen profits.



SOURCES OF PERSONAL INCOMEPersonal income rose $5 billion in February to a seasonally adjusted annual rate of $897 billion. Wage and salarydisbursements accounted for $3% billion of the rise. Since November personal income has risen at an annual rate of10% percent, considerably more than the 6% percent rise from 1970 to 1971.

BILLIONS OF DOLLARS1,000

TOTAL PERSONAL INCOME

800

600

400

200

SEASONALLY ADJUSTED ANNUAL RATES

BILLIONS OF DOLLARS1 1 000

I I I I I I I I1966 1967

HIMIIIMH"*""*"

OTHER INCOME

TRANSFER PAYMENTS

1968 1970 1971

800

600

400

200

1972

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

(Billions of dollars; monthly data at seasonally adjusted annual rates)

Period

196319641965196619671968196919701971

1971: JanFeb____MarAprMay___JuneJu ly___AugSeptOctNovDec_..__

1972: JanFeb»_..

Totalpersonalincome

465. 5497. 5538.9587. 2629. 3688. 9750. 3803. 6857. 0

829. 9832. 4838. 3843. 0848. 6868. 6857. 7866. 1869. 9871.2874. 9883. 9

892. 0896.9

Wageand

salarydisburse-ments l

311. 1333. 7358.9394. 5423. 1464. 9509. 6541. 4574. 2

558. 7560. 6564. 8567. 7572. 0573. 2572. 9579. 2579. 8581. 3584. <S594. 8

602. 1605. 8

Otherlabor

income 2

14.916. 618.720.722. 325. 428. 230. 833. 732. 432. 632. 833. 133. 433. 733. 934. 134. 334. 434. 634. 8

35. 035.2

Proprietc

Farm

13. 112. 114.816. 114. 814. 716. 815. 816. 314. 714. 814. 915. 115. 215. 316. 117.017.818. 018. 118. 118. 318.5

>rs' incomeBusinessand pro-fessional

37. 940. 242.445. 247. 349. 550. 351. 052. 1

51. 651. 551. 751. 851. 952. 152.252. 352. 352.452.552. 652. 552.6

Rentalincome

ofpersons

17. 118. 019.020. 021. 121. 222. 623. 324. 323. 923. 524. 024. 124. 224. 324. 424. 524. 524. 524. 624. 624. 724. 8

Divi-dends

16.517. 819.820. 821. 423. 624. 425. 025.525. 625. 725. 525. 525. 625. 225.625. 725. 725. 725. 724. 325. 825. 9

Personalinterestincome

31.434.938.743. 648. 052. 958. 864. 767. 566. 766. 666. 466. 666. 766. 967. 468. 168. 868. 768. 668.468. 768.9

Transferpay-

ments

35. 336. 739.944. 151. 859. 665. 979. 694. 786. 887. 889. 189.890. 5

109. 096. 296. 597. 997. 497. 698.298. 799.2

Less: Per-sonal con-tributionsfor socialinsurance

11.812. 513.417. 720. 522. 826. 328. 031. 230. 530. 730. 930.931.031. 131. 131.431. 431. 431. 632.033. 934.0

Nonagri-culturalpersonalincome 3

448. 1480. 9519. 5566. 3609. 4668. 8727. 7781.4834. 0808. 6810. 8816. 6821. 1826.5846. 5834. 8842.4845. 3846. 4850. 1859. 2867. 1871.7

1 Compensation of employees (see p. 3) excluding employer contributions forsocial insurance and wage accruals less disbursements.

penssitems.

Employer contributions to private pension, health, and welfare funds: com-isation for injuries; directors' fees; military reserve pay ;and a few other minor

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



DISPOSITION OF PERSONAL INCOMEIhe saving rate declined in the fourth quarter, in large part because acceleration of estate and gift tax paymentsremporarily held down disposable personal income.

BILLIONS OF DOLLARS

700

<500

BILLIONS OF DOLLARS

DOLLARS4,000

3,500

3,000

2,500

2,000

COUNCIL OF ECONOMIC ADVISERS

Period

196319641965196619671968196919701971

1970: I— _I I__III_IV__

1971: ! ___II—III.IV..

Per-sonal

income

465. 5497. 5538.9587. 2629. 3688. 9750. 3803. 6857. 0

784. 3803.8809. 8816. 7

833. 5853. 4864. 6876. 7

LPer-

sonaltax andnontax

pay-ments

60. 959. 465.775.483. 097. 9

116. 2115. 9115. 8

116. 7118. 0113. 5115. 2

111. 6113. 8116. 0121. 7

Equals:Dis-

posablepersonalincome

404. 6438. 1473.2511. 9546. 3591. 0634. 2687. 8741. 3

667. 6685. 7696. 2701. 5

722. 0739. 6748. 5755. 0

L

Totalpersonaloutlays l

Billions

384. 7411. 9444.8479. 3506. 0551. 2596. 3633. 7680. 7

SeasG

621. 5631. 5638. 9643. 0

663. 3676. 0687. 6696.0

ess : PersePersoi

ex

Durablegoods

of dollars

53. 959. 266. 370. 873. 184. 089. 988. 6

100.5

nally adji

88. 690. 790. 484. 9

96. 699. 1

102. 8103. 6

mal outlalal consurpenditure

Non-durablegoods

168. 6178.7191. 1206. 9215. 0230. 8247. 6264. 7278. 6

isted annu

259. 4262. 9265. 5270. 9

273. 2277. 8280. 2283. 3

ysnptions 2

Services

152. 4163. 3175.5188. 6204. 0221. 3242. 1262. 5282. 9

al rates

256. 1260. 2265. 0268. 9

275.0280. 5285. 8290. 3

Equals:Personal

saving

19. 926. 228.432. 540. 439. 837. 954. 160. 5

46. 254 257. 458. 5

58. 663. 661. 059.0

Per capposable

incc

Currentdollars

Dol

2,1392,2842,4362, 6052,7512, 9463, 1303,3583, 581

3, 2723, 3533,3953,410

3, 5003,5773, 6113, 633

>ita dis-personal)me

1958dollars

lars

2,0162, 1262, 2392,3362, 4042,4872,5352,5952,660

2,5702, 6062,6132,588

2, 6312,6632, 6692,676

Savingas per-cent of

dis-posablepersonalincome

(percent)

4. 96.06.06. 47. 46.76.07.98.2

6. 97. 98. 28. 3

8. 18. 68. 17.8

Popula-tion

(thou-sands) 3

189, 197191, 833194, 237196, 485198, 629200, 619202, 599204, 800207, 006

204, 012204, 526205, 107205, 729

206, 259206, 760207, 276207, 824

1 Includes personal consumption expenditures, interest paid by consumers,land 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 arefor middle of period, interpolated from monthly data.



FARM INCOMENet farm income excluding and including inventory change (seasonally adjusted) increased about 6 percent infourth quarter.

BILUONS OF DOLLARS70

60

50

40

30

20

10

BILLIONS OF DOLLARS70

60

50


30

20

NET FARM INCOMEINCLUDING NET INVENTORY

CHANGE

\

10

J L1965 1966 1967 1969 1971

SOURCEi DEPARTMENT OF AGRICULTURE

Period

196319641965196619671968196919701971__ _ _

1970: IIIIIIIV

1971: IIIIIIIV.

Personaltotal f

Fromall

sources

20.620.623.624. 924.025. 127. 727.528.0

income rearm popu

Fromfarm

sources

12. 111.313.514. 413. 113. 214.914.214. 5

ceived bylation

Fromnonfarmsources

8.59.3

10.010. 510. 911. 912, 813. 313. 5

Realize

Total i

Billions c42.342.644.949. 749. 050. 955. 556. 658. 6Seaso

57. 957. 155. 755. 6

56. 857. 659. 360. 9

•••~ • •• "•J

d gross

Cashreceipts

frommarket-

ings)f dollars

37.437.239.343. 342. 744. 148. 149. 251. 6

naiiy adji50. 549. 748. 448. 3

49. 750. 652. 353. 8

ncome re

Produc-tion ex-penses

29.729. 530.933. 434. 836. 238. 740. 942. 9

tsted annu40. 240. 741. 241. 4

42. 242. 843. 043. 6

C ' ( ' i v < ' ( i ! r < >

Net t(oper

Exclud-ing net in-ventorychange

12.613.114.016. 314. 214. 716. 815. 715. 7

at rates17. 716. 414. 514. 2

14. 614. 816. 317. 3

in l . ' i n i m i 1

j f a rmators

Includ-ing net in-ventorychange 2

13.212.315.016. 314. 914. 816. 915. 916. 3

17. 916. 614. 614. 5

14. 915. 317. 118. 2

i\c(. inr.farm inclinventory

Currentdollars

Dol3, 7083, 5644, 4875, 0194,7304, 8545,6855, 4515, 676

6, 1205, 6804, 9904, 960

5, 1805, 3205, 9506, 330

omr perin l ine nutr change 8

1967dollars 4

iars4,0303, 8324, 7235, 1214, 7304, 6675, 2164, 7824,770

5, 4605, 0304, 3804, 310

4, 4304, 5104,9605,280

3 Cash receipts from marketings, Government payments, and nonmoriey 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.

3 Based on Census of Agriculture definition of a farm. The number of farms isheld constant within a year.

6

4 Income in current dollars divided by the index of prices paid by fanners forfamily living items on a 1967 base.

Source: Department of Agriculture.


CORPORATE PROFITS(Corporate profits including inventory valuation adjustment rose $2.2 billion (seasonally adjusted annual rate) inthe fourth quarter and regained most of the third quarter drop.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS


100

PROFITS BEFORE TAXES

20

100

80

40

20

1966

SOURCE: DEPARTMENT OF COMMERCE

1972



Period

19631964.1965__ ..196619671968196919701971*

1970: III...III,.IV...

1971: I....li-ra..IV ».

Con

Allindus-tries

58.966.376. 182.478.784,378.670.881. 0

69.871.573.069. 0

79. 582. 580. 082. 2

3orate pr

M

Total

28. 832.739,342. 638. 741. 736. 029. 534.4

31. 131. 530, 625. 0

34.435. 033.0

ofits (befcvaluation

anufactui

Durablegoodsindus-tries

15. 817.822. 824 020. 722. 418. 413, 016.4

14 314913. 88.8

17. 217.014 8

>re taxes)adjustme

ing

Non-durablegoods

tries

13.014.916. 618.618. 019. 317. 516. 618. 0

16. 716. 516. 816. 2

17. 218, 118. 1

and invertit

Trans-portation,

com-muni-

cations,and

publicutilities

9. 510. 111. 111. 910. 810. 610. 08.08. 5

8.27.87. 98. 1

8. 48.58.5

itory

Allother l

20.623.525. 627. 929. 132. 032. 733. 338. 1

30. 532. 234 535, 9

36. 739. 038. 6

Corpo-rate

profitsbeforetaxes

59.466.877. 884. 279. 887. 684 275. 485. 5

75. 675. 878. 571. 6

83, 086. 985. 886.2

Corpo-ratetax

liabil-ity

26. 328.331. 334 333. 239.939.734 137.8

34 134 535. 632. 3

38. 339. 137. 536. 4

Corja

Total

33. 138.446. 549. 946, 647. 844 541. 247. 6

41. 541. 342. 939. 2

44847.848. 249. 8

Dorate pifter taxe

Divi-dendpay-

ments

16. 517,819. 820. 821.423.624 425. 025.5

25. 024 925. 225. 0

25. 625. 425. 725. 3

ofits8

Un-distrib-

utedprofits

16.620.626.729. 125. 324 220.016.222. 1

16. 616. 417.714 3

19. 222.422.5245

Corpo-rate

capitalcon-

sump-tion

allow-ances 2

31.833. 936. 439. 543. 046. 851. 356. 261. 9

54 455. 756. 758. 0

59. 461.062. 7644

Profitsplus

capitalcon-

sump-tion

allow-ances 3

64872.382.989.589.694 695. 897. 4

109,5

95.996.999. 697. 2

104 2108. 7110. 91142

1 Includes all other industries and financial institutions.8 Includes depreciation and accidental damages.* Corporate profits after taxes pins corporate capital consumption allowances.



GROSS PRIVATE DOMESTIC INVESTMENTGross private domestic investment (seasonally adjusted) rose sharply in the fourth quarter as fixed investment rose1

and inventory investment turned positive after a decrease in the third quarter.


140


20 20

1965

SOURCE. DEPARTMENT OF CO/AMERCE COUNCIL OF ECONOMIC ADVISERS


P*>rinH

196119621963196419651966196719681969197019711970: I

IIIIIIV _

1971: IIIIIIIV.

Totalgross

privatedomesticinvest-ment

71. 783. 087. 1940

108.1121. 4116. 6126. 0137. 8135. 3151.6131. 2134. 1138. 6137. 3143. 3152. 9150. 8159.4

Total

69. 777.081. 388. 298. 5

106. 6108. 4118. 9130. 4132. 5149. 3130.8132. 1133. 5133. 6140. 2148. 3152. 0157.0

Total

47.051. 754.361. 171. 381.683. 388.898. 6

102. 1108.7100. 8102. 1104. 8100. 8104. 7108. 3109. 3112. 6

N <

Struc

Total

18. 419. 219. 521.225.528. 528. 030. 334. 536. 838.236. 136. 637. 337. 136. 738. 538. 739.0

Fixed kn

Dnresident

tures

Non-farm

17. 718. 518. 820.524. 927.827. 329.633. 735. 937.335. 335. 736. 536. 335.837. 637. 738. 1

vestment

ial

Produceble equ

Total

28.632. 534.839.945. 853. 155. 358. 564. 165. 470.564. 765. 667. 563.768. 169. 870. 673. 6

rs' dura-ipment

Non-farm

25.829.431. 236.341.648. 450. 053.659. 260. 063. 159. 760. 661. 658. 161. 062. 462. 766.3

Residstruc

Total

22. 625. 327.027. 127. 225. 025. 130. 131. 830. 440. 630. 029. 928. 732. 835. 440. 042. 744.4

entialtures

Non-farm

22.024.826. 426.626. 724. 524.529. 531. 229. 740. 129. 429. 328. 132. 235.039. 542. 143. 8

Changeness mv

Total

2.06. 05. 95.89. 6

14.88. 27. 17.42.82.2.4

2. 15. 13.73. 14. 6

-1. 22.4

in busi-entories

Non-farm

1.75.35. 16.48. 6

15.07. 56.97. 32. 51.7. 1

1. 84. 73. 32.94. 1

-2.02.0


8


EXPENDITURES FOR NEW PLANT AND EQUIPMENTBusinessmen have projected a 10% percent rise in plant and equipment expenditures from 1971 to 1972. Two monthsago they projected a 9-percent increase over the same period.

BILLIONS OF DOLLARS

100

80

<50

20

BILLIONS OF DOLLARS1 100


TOTAL NEW PLANT AND EQUIPMENT

1966

..»»»**„.«••""""

J L1967

NONMANUFACTURING

"'""".„ ....

1968

MANUFACTURING

1969 1970 1971

J7 ; J/ t J/

80

60

40

20

J/SEE FOOTNOTE 3 BELOW.SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE

1972



Period

196219631964_ _. _ ._19651966196719681969197019711972s

1971: IIIIIIIV

1972: I3 _ _II3

2d half 3

Total i

38.3940.7746. 9754. 4263. 5165. 4767. 7675. 5679. 7181.2189.77

79. 3281. 6180. 7583. 18

87. 5489. 0991. 08

M

Total

15. 0616. 2219. 3423. 4428. 2028. 5128. 3731. 6831. 9529. 9932. 61

30. 4630. 1229. 1930. 35

31. 9232. 5232. 96

anufactui

Dur-able

goods

6. 797. 539. 28

11. 5014. 0614. 0614. 1215. 9615. 8014. 1516. 11

14. 2114. 0613. 7614. 61

15. 6215. 9816. 38

"ing

Non-durablegoods

8. 268. 70

10. 0711. 9414. 1414. 4514. 2515. 7216. 1515. 8416. 50

16. 2516. 0615.4315. 74

16. 3016. 5416. 58

Mining

1. 401. 271. 341. 461. 621. 651. 631. 861. 892.162.20

2. 042. 082. 232. 30

2. 222. 122. 23

Tra

Rail-road

1. 021. 261. 661. 992. 371. 861. 451.861. 781.671.75

1. 461.881. 721. 64

1. 901. 671. 71

nsportat

Air

0. 52. 40

1. 021. 221. 742. 292.562.513. 031. 882. 42

1. 292. 281.682. 26

2. 022. 962. 33

ion

Other

1. 651. 581. 501. 681. 641.481. 591. 681. 231. 381. 55

1. 331. 401.481. 33

1.671. 351. 60

Publicutilities

4. 904. 985. 496. 137. 438. 74

10. 2011. 6113. 1415. 3017. 44

14. 6414. 9115. 8715. 74

16. 9016. 7817. 96

Com-muni-cation

3. 854. 064. 615. 306. 026. 346.838. 30

10. 1010. 7712. 30

10. 7011. 2110.7310. 44

303132

Com-mercial

andother 2

9. 9910. 9912. 0213. 1914.4814. 5915. 1416.0516.5918.0519. 51

17.3917.7217.8519. 10

. 90

.70

. 301 Excludes agricultural business; real estate operators; medical, legal, educa-

tional, and cultural service; and nonprofit organizations.-Includes trade, service, construction, finance, and insurance.3 Estimates based on expected capital expenditures as reported by business

in late January and February 1972. Includes adjustments when necessary forsystematic tendencies in expectations data.

NOTE.—Annual total is the sum of unadjusted expenditures; it does not

necessarily coincide with the average of seasonally adjusted figures.These figures do not agree with the totals included in the gross national product

estimates of the Department of Commerce, principally because the latter coveragricultural investment and also certain equipment and construction outlayscharged to current expense.

Sources: Securities and Exchange Commission and Department of Commerce:


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEThe civilian labor force declined by 172,000 (seasonally adjusted) in February with the bulk of the net reductionoccurring among the unemployed. Total employment was about the same in February as in January but up sharplyfrom 1971.

MILLIONS OF PERSONS*

90

85

80

75

70

65

SEASONALLY ADJUSTED

CIVILIAN LABOR FORCE

UNEMPLOYMENT

\

I » I I I I I I ! » I I I I I I i i i i i I i » i i i

MILLIONS OF PERSONS*1 90

85

80

75

70

65

i i i i i i t t t i i

PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE

u

ir

NE/

j\

sAf

1

>L

?<

O

>6

Y/v\ EhJT */VT E

\;

1967r

• - ]"

196?J

(

sE/^S Oh<IA

1

IL

9<

/

W

AC JL SI ED

!-i

9

r—

7()

^-:-1

-

1

197

-1

1972

*16 YEARS OF AGE AND OVER.SOURCE,- DEPARTMENT OF IABOR COUNCIL OF ECONOMIC ADVISERS

Period

196719681969.._1970_._1971___

1971:Jan..Feb_Mar.Apr._May-June.July.Aug_Sept.Oct..Nov_Dec_

1972:Jan*>Feb__

Totallaborforce

(includ-ing

ArmedForces)

80, 79382, 27284, 23985, 90386, 929

85, 62885, 65385, 59885, 78085, 95487, 78488, 80888, 45386, 88487, 35287, 71587, 541

87, 14787, 318

Civiliaployi

Total

74, 37275, 92077, 90278, 62779, 120

Unadji

77, 23877, 26277, 49378, 20478, 70979, 47880, 68180, 61879, 29580, 06580, 20480, 188

79, 10679, 366

\,n em-nent

XTJNon-agn-cul-

tural

Thous70, 52772, 10374, 29675, 16575, 732

tsted

74, 36174, 41574, 45274, 69975, 11175, 55976, 71076, 85375, 85176, 59576, 94277, 240

76, 23776, 458

Unem-ploy-ment

ands of f2,9752,8172,8314,0884,993

5,4145,4425,1754, 6944, 3945, 4905, 3305,0614, 8404,5704,8154,695

5,4475,412

Totallaborforce

(includ-ing

ArmedForces)

>ersons 1680, 79382, 27284, 23985, 90386, 929

86, 70686, 81186, 38586, 67086, 83686, 21786, 72787, 08887, 24087, 46787, 81287, 888

88, 80188, 075

Civilianlaborforce

years of77, 34778, 73780, 73382, 71584, 113

*

88, 78088, 86188, 45588, 78883, 98683, 40183, 98084, 31384, 49184, 75085, 11685, 225

85, 70785, 585

Civilia

Total

age and o74, 37275, 92077, 90278, 62779, 120

Seasonally

78, 71878, 47578, 44678, 73278, 83078, 60079, 01479, 19979, 45179, 83280, 02080, 098

80, 63680, 628

in emplo

Agri-cul-tural

ver3,8443,8173,6063,4623,387adjusteo

3,4068, 2853, 8873,5403,4123,3013,3748,4078,8633,4163,4193,400

8,8938,357

yment

XTJNon-agri-cul-tural

70, 52772, 10374, 29675, 16575, 732

I

75, 31275, 19075, 05975, 19275, 41875, 29975, 64075, 79276, 08876, 41676, 60176, 698

77, 24377, 266

Unem-ploy-ment

2,9752,8172,8314,0884,993

5,0124, 8865, 0095,0565, 1564,8014,9165, 1145,0404,9185,0965,127

5,0714,912

Unemplrate (pe

civiliafor

Unad-justed

3.83.63. 54. 95.9

6.66. 66.35. 75. 36. 56.25.95.85.45. 75.5

6. 46. 4

oymentrcent ofn laborce)Season-ally ad-justed

Percent

6.05.96.06. 06. 15. 8o. 96.16. 05. 86.06.0

5. 95. 7

Laborforce

partici-pationrate,unad-

justed l

60. 660.761. 161. 361. 0

60.560. 560. 360.460.461. 662.261. 960.760. 961. 160. 9

60. 260.3

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

10

*Data beginning January 1972 not strictly comparable with prior data becauseof adjustment to the 1970 Census data, which added 333,000 to the civilian laborforce and 301,000 to civilian employment.


SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT'At 5.7 percent (seasonally adjusted) the overall unemployment rate in February was down by 0.2 percentage pointfrom January. The jobless rate for married men, at 2.8 percent, was at its lowest point since August 1970.

PERCENT10 [

UNEMPLOYMENT RATE,ALL CIVILIAN WORKERS UNEMPLOYMENT RATE, EXPERIENCED

WAGE AND SALARY WORKERS

1966 1972

SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

Period

. _

19671968196919701971

1971: JanFebMarAprMavJuneJulvAugSeptGetNovDec

1972: Jan. _ ._.Fob

Unen(percen

for

Allworkers

3.83.63.54.95. 9

6.05. 96.06.06. 15.85. 96. 16.05. 86. 06. 0/>. 9fy. 7

iployment of civili*ce in grou

Experi-enced

wage andsalary

workers

Per3. 63.43.34. 85. 7

Seasonall5. 85. 65. 85. 75. 95.55. 65. 75. 75.55. 75.85.65. 6

t ratein laborP)

Marriedmen(wife

present)

cent1.81.61. 52.63. 2

?/ adjusted& G>O. O& &O. &

S. 2S. 23.2S. 13. 1at q>o. <&s.s3. 03.83. 23.02. 8

Laborforce

time lost J

4. 24.03. 95.36. 4

6.66.46. 56. 56. 65. 66. 36. 56. 36. 56.46.46.46. 1

Over 40hours

20, 92020, 60020, 60818, 92519, 095

19, 07018, 46319, 44818, 20719, 50519, 06917, 80517, 94919, 96419, 16920, 24920, 23919, 17619, 362

Persons

35-40hours

Thousan32, 61632, 65834, 20133, 53735, 752

I

35, 68733, 88135, 83035, 76736, 54036, 72334, 52835, 30736, 88832, 95737, 49537, 42836, 82036, 460

at work iby hours

Total

cle of pers13, 29014, 78515, 21018, 22216, 298

Jnadjustec16, 57618, 96616, 26716, 65016, 04114, 64613, 89813, 32915, 08121, 03916, 29416, 79917, 00817, 360

n nonagnworked p

Ur

Part-tieconomic

Usuallyfull-

time 3

ons 16 yej1,060

895955

1,2011,184

i

1, 4421,2671,2841,2421, 1021, 1421,0941, 2621,1261,0801, 1201, 0451,220

5 1, 147

cultural in>er week 2

ider 35 ho

me fors reasons

Usuallypart-time 4

ire of age853820855995

1,256

9731, 1231,093

9881,0811,5151,9391,7521,0941, 1661, 1911, 1531, 101

8 1, 087

idustries

urs

Part-tieconomi<

Usuallyfull-

time 3

and over

Seasonall

1,3541, 2451,2661,2991,219

9911,1481,147It0761,1481,2631,0841,1461,127

me for3 reasons

Usuallypart-time4

y adjusted

l,l$41,$161,2091,2051,2761,2091,S901,2781,2361,3541,8411,3041,2831,176

» Man-hours lost, by tlio unemployed and persons oil part-time for economicreasons as a percent of potentially available labor force man-hours,t "Differs from total noiumricuitural employment (p. 10), which includes per-sons with jobs but not at work for such reasons as vacation, illness, bad weather,arid industrial disputes.

3 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.5 Average hours worked: usually full-time, 24.4; usually part-time, 18.S.Source: Department of Labor. 11


UNEMPLOYMENT INSURANCE PROGRAMSIn February, insured unemployment under Stare programs averaged 256,000 lower than a year earlier. The seasonal!adjusted insured unemployment rate at 3.5 percent was little changed from the January rate.

MILLIONS OF PERSONS MILLIONS OF PERSONS

WEEKLY INSURED UNEMPLOYMENT(STATE PROGRAMS)

1971

\

1970

! f fJAN. FEB. MAR. APRIL MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC

SOURCE; DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

Period

1968196919701971 "1971: Jan

FebMarApr___MayJuneJulyAug _ - _ _ >SeptOct»- _ _ _ - _ _Nov* _ _Dec" _ _

1972: Jan*__Feb*_

Week ended1972: Feb 5 __ _

12___ _1926

Mar 4 P

11*

A

Coveredemploy-

ment

Thou57, 97759, 99959, 526

11 progran

Insuredunem-ploy-ment

(weeklyaver-age)

sands1, 1871, 1772,0702, 3133, 1943, 2163,0912,7562,4432,3322,4312, 3492, 1742, 1292,3112,6663,0973, 186

3, 1163, 1813, 1613, 1183,057

is

Totalbenefits

paid(mil-lions

of dol-lars)

2, 191. 02, 298. 64, 170. 14, 963. 3

568. 1599. 3683.7586. 0470. 8494.8467.7483. 1418.5388. 5430.7514.6481. 8492. 1

Insuredunem-ploy-ment

Weekly t1, 1111, 1011, 8052, 1502,7992,7512,5772,2832,0011,8931, 9931, 9121,7391, 7161, 8792, 2212,5242, 495

2, 5062, 5512,4682,474

*2, 411

Initialclaims

iverage, t201200296295427321275257238250342282236252298358385293

342319279252264257

St«

Exhaus-tions

housands161625373939414442433735333131323738

ite progra

Insurecploymencent of

emplo

Unad-justed

Pen2. 22. 13. 44. 15. 25. 24.84. 33. 83. 63. 83. 63.33. 23. 54. 24. 84. 7

4.74. 84. 74.74.6

ms

unem-t as per-coveredyment

Season-ally ad-justed

sent

3. 83. 83. 94.04.24.24.14.24.34.44.23. 83.43.6

Benefit

Total(mil-

lions ofdollars)

2, 031. 62, 127. 93, 848. 54, 694. 5

527. 2557.9635. 4541.9433. 0452. 7425.4433.6377.8348. 3387.0467. 9449. 6461. 3

s paid

Averageweeklycheck

(dollars)

43. 4346. 1750. 3455. 4952. 8353. 1253. 0052. 7152. 3252. 0955.2356. 0856. 2553.0753.3157.8557.4057. 16

i Not charted.

12Source: Department of Labor. NOTE.—For definitions and coverage, see the 1967 Supplement to Economic

Indicator Si


NONAGRICULTURAL EMPLOYMENTRotal nonfarm payroll employment rose by 83,000 (seasonally adjusted) in February. Job increases were concentratedin the service-producing industries. Manufacturing employment was little changed in February.

MILLANC76

72

68

64

-^

40

36

24"

20

16

12

8

IONS OF WAGE> SALARY WORKE

~

ALL

/

-

/

C~*

, , , , , , ! , , , , ,1969

SOURCE: DEPARTMENT C

RS (SEASONALLY ADJ

NONAGR1CULTUESTABLISHMENTS

1NONMANUFACT

(PRIVATE)

MANUFACTURING

"""•" -x..-

3OVERNMENT

....A...-

I 1 1 I 1 t I ! 1 f !

1970

)F LABOR

JSTED)

RAL

URING

I 5

I .

t 1 ! 1 1 I ! ! 1 ! I

1971

*~

*••^

V.

•*

^

•II

r,.

t 1 1 ! I ! 1 I t t IK

1972

MILAN

16

14

12

^ ;

12

^ 10

8

;

4

2

LIONS OF WAGED SALARY WORKE

(ENLARGED SCX

r~~~" — -

WH(

W***"1"""1

_

HM'""11""""""*

_

_

;

-

/|l 1 ! 1 1 ! 1 t ! t !

K 1969

RS (SEASONALLY ADJ

VLE)

• .. i •*-

, ^)LESALE AND RE

****i*"*"rSERVICES

DUMANUF

•««»

wNONDL

MANUFAC

^

CONTRCONSTRL

/

i i , i i 1 . i , . i1970

LISTED)

,— • 1

"AIL TRADE

-=CT«— - «*

RABLEACTURING-\

\"•'•ntHuiu naun,

JRABLE:TURING

,..,«*iB.im,.,

ACTCTION

I 1 1 I t 1 1 ! 1 1 !

1971

COUNCIL

00

-

>-

_

•It

-

„. '•

"~

-

1 ! t I 1 ( 1 t t 1 | K

1972 "

OF ECONOMIC ADVISER!

-

x

J

[Thousands of wage and salary workers;* seasonally adjusted]

Period

1966196719681969197019711971: Jan..

Feb__Mar..Apr..May.June.July..Aug..Sept..Oct...Nov..Dec..

1972: Jan*_Feb".

Total

63, 95565, 85767, 91570, 28470, 61670, 69970, 45470, 39170, 48070, 59970, 76970, 65770, 53170, 52970, 85370, 84871, 04271, 18571, 60371, 686

Manufa(

Total

19, 21419, 44719, 78120, 16719, 36918, 61018, 74718, 68418, 60918, 63918, 70218, 60818, 53318, 45718, 61618, 56018, 60318, 56618, 61118, 627

jturing (]

Durablegoods

11, 28411, 43911, 62611, 89511, 19810, 59010, 69710, 64210, 57110, 59810, 65110, 59810, 55210, 48510, 59710, 56110, 57210, 54810, 57310, 588

private)

Non-durablegoods

7, 9308,0088, 1558,2728, 1718, 0208,0508, 0428, 0388, 0418,0518,0107, 9817, 9728,0197,9998,0318,0188, 0388,039

Total

33, 95035, 01236, 28837, 91538, 71239, 23138, 98838, 96339, 07939, 12939, 20939, 21139, 18639, 22939, 38239, 35339, 45239, 58139, 90639, 929

N

Mining

627613606619622601625622622623622619597609616521525607615613

onmanu

Con-tractcon-

struc-tion

3, 2753, 2083, 2853,4353, 3453,2593,2713, 1983,2643, 2823, 2753, 2553, 2283,2193, 2503,2903, 3203,2453,3183,236

faeturing

Trans-porta-tionand

publicutilities

4, 1514,2614,3104,4294,5044,4814, 5074, 5264, 5204, 5054,5184, 5004, 4764,4284,4604,4424, 4344,4654, 5114,499

5 (private

Whole-saleand

retailtrade

13, 24513, 60614, 08414, 63914, 92215, 17415, 03915, 05915, 07415, 10715, 14815, 13515, 15815, 22315, 27315, 27015, 27815, 31515, 45115, 514

)

Finance,insur-ance,andreal

estate

3, 1003, 2253,3823,5643, 6903,8003,7463, 7493, 7583, 7693, 7883, 8073, 8063, 8043, 8213, 8343,8513,8603,8763,882

Services

9,55110, 09910, 62311, 22911, 63011, 91711, 80011, 80911, 84111, 84311, 85811, 89511, 92111, 94611, 96211, 99612, 04412, 08912, 13512, 185

Gover

Federal

2, 5642,7192,7372,7582,7052, 6642,6612, 6622, 6622,6672, 6672, 6402,6432, 6502. 6742,6752,6692,6692,6672,667

ament

Stateandlocal

8,2278, 6799, 1099,4449, 830

10, 19410, 05810, 08210, 13010, 16410, 19110, 19810, 16910, 19310, 18110, 26010, 31810, 36910, 41910, 463

»Includes all full- and part-time wage and salary workers in nonagricultural•establishments who worked during or received pay for any part of the pay periodwhich includes the 12th of the month. Excludes proprietors, self-employed per-sons, domestic servants, and personnel of the Armed Forces. Total derived from,this table not comparable with estimates of nonagricultural employment of theCivilian labor force, shown on p. 10, which include proprietors, self-employed

persons, and domestic servants; which count persons as employed when theyare 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.

Source: Department of Labor. 13


WEEKLY HOURS OF WORK - SELECTED INDUSTRIESThe average workweek of production workers in private nonfarm industries rose 0.2 hour (seasonally adjusted) irFebruary. The workweek of factory workers rose 0.4 hour over the month.

HOI46

44

42

40

38

36

34

JRS PER WEEK (SEA

TOTAL NO

1 .

<jj, 1 1 1 1 1 1 M,I i1969-

SONALLY ADJUSTED)

lAGRICULTUR^

. . l . . . l . f . .T . t

1970

vL PRIVATE

•—— *-*^^ -*-l

I 1 1 1 1 I! I 1 ! I

1971

^^

1 1 I 1 1 I 1 1 1 1 IK

1972

HO46

44

42

40

38

36

34

JRS PER WEEK <SE>

MANUFACTl

V *

A\ 1 t I 1 1 I I 1 1 1

1969

TONALLY ADJUSTED)

JRING

r^^1 1 1 1 1 1 1 1 1 1 1

1970

p--xX1

I 1 I 1 1 1 I 1 M 1

1971

*l

1 ! 1 1 1 I 1 I I 1 IK

1972 "

42

40

38

36

34

32

30

CONTRACT CONSTRUCTION

t i n t i1969 1970 1971 1972

SOURCE, DEPARTMENT OP tABOR

42

40

38

36

34

32

30

RETAIL TRADE

1969 1970 1971 1972


[Average hours per week1]

Period

196219631964 . .19651966.,.1967 ...1968196919701971.1971: Jan

FebMarAprMayJuneJulyAugSeptOctNovDec

1972: Jan *Feb 9

Totalnonagri-culturalprivate 2

3a738. 838.738.838. 638. 037. 837.737. 137.036.636.636.836. 736.837.337.337.437.037.037.037.336. 736.8

Manufac-turing

Unad

40. 440.540. 741. 241. 340. 640.740. 639.839. 939.639.439. 739. 540. 040. 239.839.839.840.040.240.739.840.0

Contractconstruc-

tion

Justed

37. 037. 337. 237.437. 637.737. 437.937. 437.336. 035. 537. 137.037.038.038.138. 336. 938.237.936. 535. 836.0

Retailtrade 3

37. 437. 337. 036. 635. 935. 334. 734. 233.833. 733. 133. 133.133. 333. 334.034. 834. 733. 733. 533.434. 133. 233.2


36. 987.087. 087. 086. 987.186. 986. 986. 787. 087. 187. 237. 087. 2

Manufac-i turingi

Seasonail}

39. 889. 889.889. 840. 040. 040. 039.889.589.840.140.8

40.040.4

Contractconstruc-

tion

7 adjusted

87. 686. 887. S87. 186. 837.287. 137.135. 737.689. 086.887.437. 3

Retailtrade 3

83.6S3. 683. 533. 7Q<2? *yOO. 4

S3. 788.8S3. 6S3. 600 0OO. O

83. 783.9e>& iyOO. i<z?e? fyoo. i

*Data relate to production workers or nonsupervisory employees.•Ala) Includes other private Industry groups shown on p. 13.8 Includes eating and drinking places.

14

Source: Department of Labor.


AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIESAverage hourly earnings of private nonfarm production workers were unchanged between January and Februaryat $3.54. Weekly earnings rose slightly, reflecting a longer workweek.

DOLLARS DOLLARS

6.00

5.00

4.00

3.00

2.00

AVERAGE HOURLY EARNINGS

/"I

MANUFACTURING

i i i i I t t i i j1969

1 \CONTRACT

CONSTRUCTION

TOTAL NONAGRICULTURALPRIVATE

RETAIL TRADE

1970 1971

240

200

160

120

80

AVERAGE WEEKLY EARNINGS

'V V

1972 1969

MANUFACTURING

CONTRACTCONSTRUCTION

TOTAL NONAGRICULTURALPRIVATE

1970

--\-RETAIL TRADE

, ! , , , , ,1971

1 1 I 1 I 1 I 1 I

1972

SOURCE* DEPARTMENT OF UBOR COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]

Period

19621963196419651966196719681969197019711971: Jan

FebMarAprMay_ _JuneJulyAugSeptOctNov—_ _Dec

1972: Jan "Feb"

Average \


$2. 222. 282.362. 452. 562. 682, 853. 043. 223. 433. 333. 353. 363. 383. 413. 423.433. 453. 493. 493. 483. 513. 543. 54

lourly earn

Manu-factur-

ing

$2. 392.462.532. 612. 722. 833. 013. 193. 363. 573. 503. 513. 523. 543. 553. 573. 573. 563. 603.603. 603. 693. 703.71

ings — curr<

Contractcon-

struc-tion

$3. 313.413.553.703. 894. 114.414. 795. 255. 725. 535. 565.545. 555.655. 635. 685. 755. 865. 90r>. 905. 935. 985. 98

3nt dollars

Retailtrade 2

$1. 631. 681.751.821.912.012. 162. 302. 442.572.522. 542. 552. 562. 572. 582.582. 572. 602. 602. 602. 612. 652. 66

Average v


$85. 9188. 4691.3395. 0698. 82

101. 84107. 73114. 61119. 46126. 91121. 88122. 61123. 65124. 05125. 49127. 57127. 94129. 03129. 13129. 13128. 76130. 92129. 92130. 27

weekly earn

Manu-factur-

ing

$96. 5699. 63

102. 97107. 53112. 34114. 90122. 51129. 51133. 73142. 44138. 60138. 29139. 74139. 83142. 00143. 51142. 09141. 69143. 28144. 00144. 72150. 18147. 26148. 40

ings — curr

Contractcon-

struc-tion

$122. 47127. 19132. 06138. 38146. 26154. 95164. 93181. 54196. 35213. 36199. 08197. 38205. 53205. 35209. 05213. 94216. 41220. 23216. 23225. 38223. 61216. 45214. 08215. 28

3nt dollars

Retailtrade 2

$60. 9662. 66647566.6168.5770.9574.9578. 6682.4786. 6183.4184.0784.4185.2585.5887.7289.7889. 1887.6287. 1086.8489.0087. 9888.31

Manufsindu,

Adjustedhourly

earnings.1 QA7i on s

85.787. 890. 392. 695. 7

100. 0106. 2112.6119. 7127. 7124. 8125. 3125. 8126. 5126. 9127. 3127. 8128. 3129. 1128.9129.0131.7132.8132.7

icturingBtries

Averageweeklyearn-ings,1967

dollars 4

$106. 58108. 65110. 84113. 79115. 58114. 90117. 57117. 95114. 99117. 43116. 28115. 82116. 64116. 33117.55118. 12116.66116. 04117. 25117. 65118. 04122. 00119. 53

1 Also includes other private Industry groups shown on p. 13.2 Includes eating and drinking places.a Earnings in current dollars adjusted to exclude the effects of overtime and

Interindustry shifts.

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

15

74-920°—72-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONIn February, industrial production (seasonally adjusted) rose 0.7 percent, following a revised 0.6 percent rise inJanuary. The annual rate of increase since the 1971 low of August was 7.2 percent.

Index, 1967=100 (SEASONALLY ADJUSTED)130

120

Index, 1967=100 (SEASONALLY ADJUSTED)150

100

901969

SOURCEr BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[1967=100, seasonally adjusted]

Period

196219631964196519661967196819691970_1971" _ - _1971: Jan

FebMar __AprMayJuneJuly.AugSeptOct.-- ._-NovDec.-

1972: Jan*.Feb"

Totalindus-trial

produc-tion

72.276. 581.789.297.9

100. 0105. 7110. 7106. 7106.4105.3105.7105. 5106. 2107. 0107.2106. 1105. 3106.2106.4107. 0107.6108. 2109.0

M,

Total

71.475.881. 289. 198. 3

100. 0105. 7110. 5105. 2104.8103. 3103.9103. 2104. 4105. 7105. 6104. 9103. 6104.9105.4105.3105.7106. 4107. 2

anufaetur

Durable

69. 073. 579. 088.599.0

100.0105. 5110. 0101. 598. 998. 198. 698.399. 1

100. 5100. 199. 496.698. 599. 198.098.499. 4

100.4

Industry

ng

Non-durable

75. 179. 284. 490. 097. 3

100.0106. 0111. 1110. 6113. 3110. 9111. 7110. 4112. 1113. 3113. 7113. 0113.8114. 2114. 6115.9116. 2116. 5117. 1

Mining

85.689.091. 193.998. 4

100. 0103. 9107. 2109.7107. 0111. 1110. I111. 4110. 4108. 6108.9105. 7106. 5106.097.7

102.3107.7107. 8108. 1

Utilities

70. 275. 181.986. 993. 6

100. 0109. 4119. 5128. 5135. 4129. 6132. 2131. 5133. 2132. 1135.6138. 7137.0138.4139.3139.6136.5138.3139.5

Fi

Total

70. 874. 979. 686. 896. 1

100. 0105. 8109. 0104. 41044102. 9103. 0102. 5103. 6103. 9104.5104. 9105.0104.6105.3105.9105. 6106. 0106. 7

aal produ

Con-sumergoods

77.782. 086. 893. 098. 6

100. 0106. 6111. 1110. 3115.6112. 8112.9112.7114. 6115. 7116. 1116. 0116. 0115.0116. 9118.2117.7118.3119. 0

Market

cts

Equip-ment

61. 965. 670. 178.793.0

100. 0104. 7106. 196. 188.988. 989. 388. 488. 187.888.289. 389.690.289.088.888.688.889. 5

T .Inter-mediateproducts

76.981. 187. 393. 099. 2

100.0105.7112.0111. 9112. 8110. 9112. 5112. 0112.4113.5112.4113. 8110. 7112. 5113.0114.0114.9115.5116. 1

TV, 'I ofo

rials

72.477. 082. 691.099.8

100.0105. 7112. 4107.8106. 8106. 5106. 8107. 1107. 5108.9109.0105. 3104.0106.2105.6106.0107.5108.4109.7

Source: Board of Governors of the Federal Reserve System.

16


PRODUCTION OF SELECTED MANUFACTURESProduction of most durable and nondurable manufactures (seasonally adjusted) rose in February. The largest gainswere in transportation equipment and primary metals—about 2 percent each.

Index, 1967=100 (SEASONALLY ADJUSTED) Index, 1967=100 (SEASONALLY ADJUSTED),130

CHEMICALS, PETROLEUM,AND RUBBER

1001969 1972

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[1967 = 100, seasonally adjusted]

Period

1962196319641965196619671968196919701971 v

1971: JanFebMar_ _ _ _Apr_ _ _MayJune _ _ _ -. -JulyA u g _ _ _ - _ _ __ _ .SeptOctNov _ .. ^Dec__

1972: Jan *Fcb"__ _. _

Primarymetals

78.284. 395. 7

104. 0108. 8100. 0103. 2114. 1106. 9100. 9

108. 1105. 5106. 6108. 71 14. 310S. 198. 281. 093. 995. 791.494. 4

101. 3102. 8

Durab

Fabri-catedmetal

products

75. 978.483. 392. 6

100. 5100. 0106. 3113. 6109. 4107. 3

105. 4106. 6104. 9108. 5108. 5108. 5110. 8108. 0105. 7106. 9106. 9107. 7

106. 4107.7

le manufc

Machin-ery

64.867.974. 384. 198. 6

100. 0101. 9106. 8100.495.5

93.494. 294. 094. 295. 395.297.495. 696. 397.096.396. 7

97. 197. 0

ictures

Transpor-tationequip-ment

69.375. 979. 691. 3

101. 2100. 0109. 7107. 690. 391. 3

91. 192. 691. 389. 590. 991.788. 591. 191.792.491. 689. 8

89. 391. 1

Lumberand

prod-ucts

82.085. 891. 094. 798. 4

100. 0104. 8108. 6106. 3113.4

109. 7110. 8110. 3112. 5110. 0111. 0115. 4113. 1113. 9117. 3117. 9119.4

123.2

Nc

Textiles,apparel,

andleather

84. 386. 991. 997. 8

101. 7100. 0104. 9105. 9100. 2100. 7

98. 698.097. 399.8

101. 5102.4100. 2100. 1102. 5102. 2101.6103. 9

102. 2102.4

mdurable

Paperand

print-ing

74.378.484. 590. 598. 9

100. 0104. 2109. 1107. 8107. 8

107. 1108. 1104. 6106. 9106. 9106.0106. 8108. 2108.3109.0110.6110.8

112. 3112.7

manufactu

Chemicals,petro-

leum, andrubber

64.570.075.983. 894. 1

100. 0109. 6118. 4118. 2124.3

118. 2120. 9120. 5122. 4124. 2125. 3124. 0126. 2127.3126. 5127.8127.8

128.4129. 2

res

Foods

tobacco

84. 087. 090. 692. 697.0

100. 0103. 6107. 5110. 8113. 4

113. 9113. 1112. 2112.9113. 6113. 7113. 8112. 8111. 1113.2115. 6115. 0

115. 6115. 9


17Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY INDICATORS OF PRODUCTIONProduction of steel, autos, and trucks increased during February and early March.

MILLIONS OF TONS MILLIONS OF SHORT TONS

STEEL

1 \l I l I I i I l I i I I I I I | I I I I I I I i | I i i I I I I I I I I i I I I I i I I I I 1 I I I.y-. . -_ _ __ " * ~

BILLIONS OF KILOWATT HOURS40

25

200

100

SOURCES: AMERICAN IRON AND STEEl INSTITUTE, DEPARTMENT OF THE INTERIOR,EDISON ElECTRIC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS COUNCIL OF ECONOMIC ADVISERS

Period

Weekly average:1965 _.196619671968196919701971 »1971: Jan

FebMar _ _ _Apr _ _MayJuneJulyAug___SeptOct —NovDec.__

1972: JanFeb*___ .

Week ended:1972: Feb 12

1926

Mar 411"

Steel piThousands

of nettons

2,5212,5722,4402,5152,7092,5222,3062, 5452, 7192,8542,9292, 9172, 6782, 2491, 3031,7941,8531,8771,9872,2582,412

2, 3622,4162,4392,4872, 553

'oducedIndex

(1967=100)

103. 3105. 4100.0103. 1111. 0103. 4945

104.3111.4117. 0120. 0119. 5109. 892.253.473.576.076.981.592. 598.9

96. 899.0

100.0101. 9104.6

Electricpower

distributed(millions of

kilowatt-hours)

20, 16921, 97123, 16925, 24427, 58829, 31730, 92331, 20030, 86429, 99328, 57028, 92132, 55132, 78132, 78631, 88729, 59030, 22731, 21832, 65533, 323

33, 80632, 70532, 62731, 86832, 421

Bituminouscoal mined(thousands

of shorttons) 1

1,7351,7981,8681, 8271,8842,0121,9842,0581,9542,1022, 1972,0261, 9631,8292, 1182, 129

9061, 7632, 1181,9011, 808

1,8071,8621,7751,7652 1, 898

Freightloaded

(thousandsof cars)

562570540543543522486490486506523526525424493502445441449456465

457474462488487

Paperboardproduced

(thousandsof tons)

410446439479507489501482502516508513510467522510531521478499535

545545534550

Carassemb

Total

213.7199. 3172.9207.6195. 8158. 9204.8220. 3231. 0230. 2211. 6232. 4212. 3131.8145.7215.6233.6218. 6171. 7216. 3226. 1

223.8228.6226. 1236. 1229. 4

s and triled (thoi

Cars

179.4165. 4142.4170.1158. 1125. 9165.0181. 7188. 8188. 1170. 6190. 6169. 7106.5110. 2172. 5186. 8175. 1136. 9169. 8176. 5

174.5178.3175.8184. 6178.0

icksisands)

Trucks

34.333. 930. 537.537. 833.039.938. 542. 242. 140. 941.742.625.335.543.246. 743.534.946. 549. 6

49. 350. 350.451.551.4

1 Daily average. Includes data for Alaska.2 Not charted.

18

Sources: American Iron and Steel Institute, Edison Electric Institute, Depart-ment of the Interior, Association of American Railroads, American Paper Insti-tute, and Ward's Automotive Reports.


NEW CONSTRUCTIONP\ccording to preliminary estimates, expenditures for new construction (seasonally adjusted) rose about 2 percent inJanuary. Both private and public construction increased. . • • . ' - . . • •



201966

SOURCE: DEPARTMENT OF COMMERCE

1972


Period

196619671968196919701971

1970: NovDec

1971: JanFebMar .Apr -May__June .JulyAugSeptOctNovDec

1972: Jan*1 i Includes nonhousek<tions, not shown separa

3 F. W. Dodge series.beginning 1971 for floor 5

Total newconstruc-

tionexpendi-

tures

76. 077. 586.693.394, 3

108.7

98.3102. 6100. 6102. 3103. 0105. 9107.6109. 2110. 0111. 9110. 0113.7113.6115. 6118.3

ieping resident!tely.Kelates to 50 Sspace.

Total

52.052.059.065. 466. 178. 8

69.270.770. 670. 773. 076. 377.979. 980. 582. 181.481.883. 284. 686.8

il construction

tates beginning

Resid

Total A

Bi25, 7 125. 630.633.231.742. 1

Seasonall

34. 135. 135.636. 537. 739. 641. 542. 342. 743. 944. 745. 145. 346. 348. 5

and additions a

1970 for value

Private

entialNew

housingunits

llions of dol19.419.024. 025.924. 234. 2

y adjusted at

25. 626. 727. 628. 529. 631. 032. 934. 035. 036.637.437. 537. 638.540. 6

nd altera-C

index and

Commer-cial and

industrial

lars2626

13. 816. 216. 317.0

inual rales

15. 616. 116.416. 416. 817. 416.817. 318. 117.916. 316.517. 117.318. 1

Sources: Depaiompany, F. W.

Other

3.4

14.716. 018. 119.7

19. 519. 518.617.918. 519. 319. 620. 319.720. 220.420. 320. 920.920. 2

"tnient of Com.Dodge Divisior

Federal,State,andlocal

24. 025. 527. 628. 028. 129.9

29. 031. 930.031. 630. 129. 629. 729.329.529.828.631.830.431.031. 5

merce and McGi.

Construct! c

Total valueindex,

(1967 =100)

94.8100. 0113. 2123. 7123. 1144. 3

Seasonallyadjusted

130132117126142161141147151153154137155160165

raw-Hill Infora

>n contracts2

Commer-cial and

industrialfloor space(millions ofsquare feet)

769694779883743730

Seasonallyadjustedannual

rates648656652600785658761754728658849741824807728

aation Systems

i f\


NEW HOUSING STARTS AND APPLICATIONS FOR FINANCINGIn February, private housing starts rose about 8% percent to a seasonally adjusted annual rate of 2,678,000 units-another all-time high. Permits for future starts were about the same as in January.

MILLIONS OF UNITS3.0

MILLIONS OF UNITS3.0

1.0 1.0

1966 1972

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

[Thousands of units]

Period

19661967.1968. _ _ .196919701971"

1971: JanFeb _ _ _ _Mar _ _Apr __ _ _MavJuneJulvAug _ _ _ __SeptOct _NovDec _

1972: Jan*Feb*>__

Totalprivate

andpublic

(includ-ing

farm)

1, 195. 91, 321. 91, 545. 51, 499. 61, 469. 02, 084. 5

114. 8104. 6169. 3203. 6203. 5196. 8197.0205. 9175. 6181.7176. 4155.3150. 2152. 9

Totalprivate(includ-

ingfarm)

1, 165. 01, 291. 61, 507. 71, 466. 81, 433. 62, 052. 2

110. 6102. 2167. 9201. 1198.5193. 8194. 3204. 5173. 8179. 7173. 7152. 1148.4151. 5

Hou

Total (

Total

1, 165. 01, 291. 61, 507. 71, 466. 81, 433. 62, 052. 2

1,8101, 7931, 9381,9512, 0462,0082,0912, 2192,0292,0382,2282,4572,4712,678

sing star

including

Oneunit

778. 5843. 9899. 5810. 6812. 9

1, 151. 0

1,0071, 0051,0801, 1221, 1521, 1501, 1621, 1981, 1721, 1551, 2421,3471,4101, 315

ts

Private

I farm)

Two ormoreunits386. 4447.7608.2656. 2620. 7901. 2Seasona

803788858829894858929

1,021857882985

1, 1101, 0621,363

Coverhome p

(noni

FHA

129. 1141. 9147. 7153. 6233. 5301. 2

lly ad jus

384286266280271290288325294299293399

378

nmentrograms'arm)

VA

36. 852. 556. 151. 261. 094.0

ted annu

75738293969199

1039898

105104116118

Newprivatehousing

unitsauthor-ized 1

971. y1, 141. 01, 353. 41, 323. 71, 351. 51, 907. 4

al rates

1, 6351, 5631, 6271, 6381, 9271, 8492, 0522,0061,9002, 1731, 9522, 2922, 1052, 112

Proposeconstr

._

Applica-tions tor

FHAcommit-ments -

153. 0167. 2168. 9187. 6315. 0366. 8

366349344348375378392359343351291472

333

d homeuction

Requestsfor VA

apprais-als2

99. 2124. 3131. 7138. 2143. 7217. 9

189175186206221250234218253231207228232224

1 Authorized by issuance of local building permit; in 13,000 permit-issuing Sources: Department of Commerce, Department of Housing and Urbaiiplaces beginning 1967:12,000 for 1963-66, and 10,000 prior to 1963. Development, and Veterans Administration. 1

2 Units represented by mortgage applications or appraisal requests for newhome construction.


BUSINESS SALES AND INVENTORIES-TOTAL AND TRADE

tsincss sales (seasonally adjusted) rose by a very sharp 3.1 percent from December to January/ while inventorycumulation remained moderate. According to the advance survey, retail sales were about unchanged in February.

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)200

BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)

180

160

140

120

100

60

40

20

TOTAL BUSINESSINVENTORIES

JTOTAL BUSINESSSALES

^-^-^-x^/

^w

RETAIL INVENTORIES

1969

RETAIL SALES

1970 1971

25

20

-DURABLE GOODS STORES-

10

RETAIL .TRADE (ENLARGED SCALE)

INVENTORIES

\SALES

NONDURABLE GOODS STORESINVENTORIES

1972 1969 1970 1971 1972

SOURCE' DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

19641965196619671968196919701971"1970: Dec1971: Jan

FebMar __AprMayJuneJulyAug ___ _ _SeptOctNov_._Dec *

1972: Jan"_Feb v

Total t

Sales 2

73, 68580, 27687, 17289, 70897, 105

103, 178106, 276114,257

106, 943109, 346111, 166112, 740113, 155114, 303115, 531114, 727115, 064115, 660114, 687117, 374116, 964120, 625

msiness 1

Inven-tories 3

111, 457120, 900136, 714145, 072155, 238166, 412173, 635179, 939173, 635174, 412174, 834175, 536176, 275177, 046177, 403177, 652178, 157178, 924179, 468179, 407179, 939

180, 391

Whol

Sales 2

I

14, 52715, 59516, 97917, 09918, 32919, 72620, 55422, 27520, 71821, 33821, 33421, 67621, 89722, 44922, 71622, 62122, 60522, 54922, 28422, 73922, 994

24, 213

esale

Inven-tories 3

vlillions of

16, 97718, 27420, 69121, 55722, 52824, 36326, 60428, 91626, 60426, 64626, 80626, 78827, 04627, 14027, 33327, 86627, 79527, 81427, 92828, 23728, 91629, 167

Total

dollars, se

21, 82323, 67725, 33026, 15128, 49029, 82431, 29434,071

31, 76132, 29032, 85033, 27433, 57833, 50233, 82733, 68834, 65535, 21934, 96435, 57434, 896

34, 95834, 904

Sales 2

Durablegoodsstores

asonally £

7, 0497,8498, 1928,3489, 2689, 6269, 52410, 9859, 18510, 00310, 24010, 61310, 74710, 57610, 78210, 74711, 29811, 83311, 69511,88511, 334

11, 49011, 263

Re

Non-durablegoodsstores

id justed

14, 77315, 82817, 13817, 80319, 22220, 19721, 77023, 08622, 57622, 28722, 61022, 66122, 83122, 92623, 04522, 94123, 35723, 38623, 26923, 68923, 562

23, 46823, 641

jtail

Total

31, 09434, 40538, 07338, 95241, 97345, 37646, 55550, 474

46, 55546, 88847, 42648, 24648, 80949, 25949, 53449, 59250, 29950, 84450, 80050, 37750, 47450, 472

[nventories

Durablegoodsstores

13, 31815, 25317, 25817, 27719, 16720, 64720, 49023, 124

20, 49020, 68921, 23221, 70422, 05622, 50922, 67922, 70723, 31323, 76923, 65223, 30623, 12422, 892

3

Non-durablegoodsstores

17, 77619, 15220, 81521, 67522, 80624, 72926, 06527, 350

26, 065

26, 19926, 19426, 54226, 75326, 75026, 85526, 88526, 98627, 07527, 14827, 07127, 350

27, 580

' The term "business" also includes manufacturing (see page 22).[Monthly average for year and total for month.|3ook value, end of period, seasonally adjusted.

Source: Department oi Commerce.

21


MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSMamtories

BILL70

60

50

40

30

20

40

30

20

ifacturers' shir which decl

ONS OF DOLLARS

MANUFACTl

TOT

— ^

DL

^ nr-.

Willl""***""""*""**"*

ymi lnm

MANUFACTlDURABLE

Jff^*~*^/**s**+^im

„.,...„,...,.......««•

NOA\ | 1 1 1 1 ! 1 1 1 1

1969

pments andned during

> ISEASONAILY ADJUS

JRERS' SHIPME

AL

| — ' V

RABLE GOODS

V

,,1»»*»<M,»»'""IMIH««1»»*

NON

I i I I I 1 i i i i i

JRERS' NEW C

GOODS

r*—^"~*\/•*~~*y— «•

NDURABLE GOO£i i i i i 1 i i i i i

1970

new orders (1 971, rose b

TED}

NTS

^^^^

^ — *^~^„„..,...-..,........,*»•*

DURABLE GOOD

r i i i i I i i i i i

DRDERS

j~^/-J^""^"—'-^,..,.. »*•»

>s1 1 1 . 1 1 1 . 1 1 1

1971

seasonally ay $350 mill

^

*

5

Ml I l l l l l l ^

1 1 1 1 1 ! 1 1 | | iKl

1972 M

djustecion in

BILLI110

100

90

80

70

60

50

40

30

20

) rose substaJanuary but

ONS OF DOLLARS

MANUFACTl

^

^-

/ j l 1 I 1 1 1 I ! 1 1 1

V 1969

ntially in lainondurable

(SEASONALLY ADJUS1

JRERS' INVEN1

^f^

^-r^\

TOTAL

-DURABLE GOOD

\ :. «** " """

NONDURA

....WHMMWM""**"*"*""

1 ! I 1 1 1 1 1 1 1 1

1970

luary. Durabstocks fell b

FEDJ

•QRIES

s

5LE GOODS

\ .«-.

i i i i i I t i i i i1971

le goods invy $150 milli

t 1 1 1 1 I ! I 1 1 IK

1972 "

C..

SOURC& DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

196419651966196719681969197019711970: Dec__ ..1971: Jan


1972: Jan"

Manufac

Total

37, 33541, 00344, 86346, 45850, 28753, 62954, 42957, 91154, 46455, 71856, 98257, 79057, 68058, 35258, 98858, 41857, 80457, 89257, 43959, 06159, 074

61, 454

turers' shi

Durablegoods

19, 63422, 21624, 62925, 22027, 69529, 53929, 34931, 55029, 18530, 16630, 85631, 61631, 30831, 85032, 65032, 12331, 46431, 54331, 16632, 10631, 858

33, 725

pments l

Non-durablegoods

17, 70118, 78820, 23321, 23722, 59224, 09025, 08026, 36125, 27925, 55226, 12626, 17426, 37226, 50226, 33826, 29526, 34026, 34926, 27326, 95527, 216

27, 729

Manufac

Total

Millions

63, 38668, 22177, 95084, 56390, 73796, 673

100, 476100, 549

100, 476100, 878100, 602100, 502100, 420100, 647100, 536100, 194100, 063100, 266100, 740100, 793100, 549

100, 752

^urers' inv

Durablegoods

of dollars

38, 43642, 22749, 79354, 88858, 96963, 16065, 15264, 24265, 15265, 30865, 09065, 08265, 03365, 07964, 82564, 69264, 52364, 56364, 49464, 39964, 242

64, 591

en tories 2

Non-durablegoods

seasonal

24, 95025, 99428, 15729, 67531, 76833, 51335, 32436, 30735, 32435, 57035, 51235, 42035, 38735, 56835, 71135, 50235, 54035, 70336, 24636, 39436, 307

36, 161

Ma

Total

y adjuste

37, 95241, 80345, 91246, 70750, 50553, 76853, 86657, 72455, 46857, 25557, 16557, 69956, 59757, 02857, 00958, 25558, 08557, 32257, 49059, 57659, 408

63, 099

nufacture

Durat

Total

d

20, 25822, 98625, 69025, 46827, 91929, 68128, 77831, 35330, 14031, 66631, 07131, 47230, 22830, 60130, 66631, 95531, 75831, 02631, 12632, 56432, 138

35, 256

rs' new ord€

>le goodsProducers'

capitalgoods

industries

3, 9354,4355,2654, 9585,3076, 0745,7946,3905,9256, 4426, 6176,2195,6776, 1936,2376, 1466,5516,4256,8066,5656,835

8,055

srs 1

Non-durablegoods

17, 69418, 81720, 22221, 23922, 58524, 08725, 08826,37125, 32825, 58926, 09426, 22726, 36926, 42726, 34326, 30026, 32726, 29626, 36427, 01227, 270

27, 843

Manu-fac-

turers'mven-tory-ship-

mentsratio 3

1. 641.601. 621.761.741.751.821.741.841.811.771.741.741.721.701. 721.731.731.751.711.70

1.641 Monthly average for year and total for month.2 Book value, end of period, seasonally adjusted.8 For annual periods, ratio of weighted average inventories to average monthly

shipments; for monthly data, ratio of inventories at end of month to shipmentsfor month.

22



MERCHANDISE EXPORTS AND IMPORTSExports and imports in January continued to be disturbed by actual and potential dockstrikes. The deficit, seasonallyadjusted, was $319 million.


3.0

2.5

ZO

25

2.0

1966

y SEE NOTE BfLOW.

SOUUCf. DfPAHTMENT OF COMMERCE

1972


[Millions of dollars]

Period

Monthly average:1963196419651966196719681969 . _1970197J

1970: Dec__1971: Jan..

Feb..Mar.Apr. _Mav_JuneJulv-Aug._Sept_Oct..Nov.Dec..

1972: Jan..

Totalmg ree


3, 5693, 7388, 6913,8153,5213, 7833,6618,4933,6784, 5112, 7103,1603, 859i <P<J) i4, <o<&J.

I\(melud-xports) l

Unad-justed

1, 8692, 1532, 2292,4582, 5862, 8393, 1113, 5553,630

3,6843, 4803, 5284, 1083, 8063, 9143,6863, 3383, 3674, 2252, 8283, 2214,0573, 815

lerchandi

Total 1 2

1,8452, 1232,2012,4212,5542, 8023,0663, 5023, 576

U

3,6333, 4323, 4724,0593, 7423, 8543, 6253, 2933, 3194, 1702,7763, 1764,0003, 766

se exportDomesti

Food,bever-ages,

and to-bacco

349386377432392383370422423

nadjuste

485438402455401423395385383568294394537506

:sc exports

Crudemate-rialsandfuels

315361356367394405417558537

d

667555537596578550544468515586394471644567

Manu-fac-

turedgoods

1, 1911,3771,4531, 6021, 7371, 9852,2322,4452,537

2, 3782, 3512, 4492,9382, 6512, 7922,6052, 3632,3532,9352, 0282,2482,7372, 601

To


3,4028,6838,5508,5653, 7543, 9884,0198, 7908,9844,2458,5318,3874,1324,540

MerchGen

tal 2

Unad-justed

1,4281,5621,7862, 1352,2412,7693, 0043,3293,800

3,5533,4193, 1913,9073,8933, 8414,2783, 6903,8444, 2543,4723,5314,2834, 280

andise ireral impc

Food,bever-ages,

and to-bacco

322335334382392447442519534

Unad

575523442528593521593565616715352353606631

n ports>rts 3

Crudemate-rialsandfuels

396419453476447503533545606

justed

597511477638564607665630640659571598712702

Manu-fac-

turedgoods

672759937

1,2041, 3131,7191,9182,1592,537

2,2652, 2682, 1632,6192,6112, 5862,8952, 3632,4672, 7672,4232,4622,8252,820

Gross-merchan-dise tradesurplus,season-ally ad-justed

44159044432334570

107226

— 171

16850

141250

— 232-201— 858— 297— 256

265-821—227— 274—819

1 Total excludes Department of Defense shipments of grant-aid military sup-plies and equipment under the Military Assistance Program.

2Total includes commodities and transactions not classified according to kind.*Total arrivals of imported goods other than intransit shipments.

NOTE.—Data adjusted to include silver ore and bullion reported separatelyprior to 1969.

Source: Department of Commerce. 23


U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERSThe current account of the balance of payments was in deficit by $5.8 billion (seasonally adjusted annual rate)the fourth quarter.


1966

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS


Period

196619671968196919701971*___ __

1970: IIIIII___IV....

1971:1IIIII...IV"

M

Ex-ports

29, 39030, 68033, 58836, 49041, 98042, 769

40, 96442, 32842, 78441, 84444, 06442, 82445, 90038, 288

erchandis<

Im-ports

— 25, 463-26, 821-32, 964-35, 830-39, 870-45, 648

-38, 912-39, 324-39,968-41, 276-43, 072-47, 068-48, 060-44, 392

3 1 2

Netbal-

ance

3, 9273,859

624660

2, 110-2, 879

2,0523, 0042, 816

568992

-4, 244-2, 160-6, 104

Milite

Directex-

pendi-tures

-3, 764-4, 378-4, 535-4, 856-4, 851-4, 796

-4,728-5, 020-4, 844-4, 812-4, 696-4, 856-4, 760-4, 872

try trans

Sales

8291, 2401, 3951, 5151,4801,942

Se

1,0961, 7881, 3081, 7322, 0402, 1881,8721,668

actions

Netbal-ance

-2,935— 3, 138— 3, 140-3, 341-3, 370-2, 854

asonally a

-3, 632-3, 232-3, 536-3, 080-2, 656-2, 668-2, 888-3,204

Netiiment i

Pri-vate 3

5, 3315,8486, 1575, 8206, 3608,925

djusted

6, 1845, 8886, 5406, 8287,6089,3408, 164

10, 580

west-ncome

U.S.Gov-ern-ment

444063

155-118-975

annual r«

124— 12

— 256-324— 452— 636

-1,356— 1,456

Net.traveland

trans-porta-tion

expend-itures

— 1, 382— 1,752— 1, 558-1,780-1,979-2, 246

a,tes

-1,792— 2, 000-2, 212— 1, 912

— 1,736-2, 468-2, 236-2,544

Otherserv-ices,net

315365344497587728

588532628600844700700672

Bal-anceon

goodsand

serv-ices 1

5,3005,2202,4892, Oil3, 592

699

3, 5244, 1803, 9802, 6804,600

24224

-2,056

Re-mit-

tances,pen-

sions,and

otheruni-

lateraltrans-fers1

-2,890-3, 081-2, 875-2,910-3, 148-3,473

— 3, 024-3, 012-3, 212-3, 344-3, 080-3, 352-3,708-3, 756

Cur-rentac-

countbal-ance

2,4102, 139-386— 899

443-2, 774

5001, 168

768-6641,520

-3, 328-3,484-5, 812

1 Excludes military grants.2 Adjusted from Census data for differences in timing and coverage.3 Includes fees and royalties from U.S. direct investments abroad or from

foreign direct investments in the United States.


24


U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONSRevised estimates indicate that the U.S. balance of payments in the fourth quarter was in deficit at a seasonally adjustedannual rate of $17.4 billion on the net liquidity basis and $25.1 billion on the official reserve transactions basis.

BILLIONS OF DOLLARS20 I

10

-10

-20

-30

-40

-50

-60


BILLIONS OF DOLLARS1 20

BALANCE ON OFFICIALRESERVE TRANSACTIONS

BALANCE ONCURRENT ACCOUNT

AND LONG-TERMCAPITAL

10

-10

-20

-30

-40

-50

-601966 1967 1972

SOURCEi DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS


Period

196619671968196919701971 *

1970: IIII I I___IV---

1971:1II _ _ .III.-.IV v

Long-terflows

U.S.Govern-ment 1

— 1, 469-2,423-2, 161-1, 930— 2, 029-2, 382

-1, 812-2,360-1, 248-2, 692-2, 732-2, 528-2, 092— 2, 168

m capital>, net

Private 2

— 2, 555-2,912

1, 198-50

- 1, 454-4, 128

-3,876-1,088

-88028

-4,036-7, 172-7, 188

1, 888

Balance

accountand long-

capital

-1,614— 3, 196— 1, 349-2,879-3, 039-9,284

-5, 188-2, 280— 1, 360— 3, 328-5, 248- 1 3, 028- 12, 764-6, 092

Non-liquidshort-term

privatecapitalflowsnet2

— 102— 505

231-602— 545

-2,529

Sc

-460-560— 460— 700

- 1, 524— 1, 636— 4, 032— 2, 924

Allo-

nf

specialdraw-

ingrights

867717

iasonally

868868868864720716716716

Errorsandomis-

sions,net

-431-985-493

— 2, 603— 1, 104- 10, 878

adjusted

-236- 1, 500— 1, 748

-932-4, 048-9, 252

— 21, 132— 9, 080

Balance,net

liquid-ity

basis

-2, 148-4, 685— 1, 610-6, 084-3, 821

-21, 973

annual ra

-5, 016-3, 472-2, 700-4, 096- 10, 100-23, 200-37,212-17, 380

Liquidprivatecapitalflows,net2

2, 3671, 2673,2518,786

-6, 000— 7, 794

tes

— 6,440-2, 144-5,600-9, 816

-12, 100212

-11,528-7, 760

Balance,officialreservetrans-actionsbasis

219-3,418

1, 6412, 702

-9, 821-29, 767

— 11,456— 5, 616-8, 300

-13,912

-22, 200—22, 988-48, 740-25, 140

Changesin lia-bilities

toforeignofficial

agencies,net3

-7873, 366-761

— 1, 5157, 344

27, 419

10, 4002,3965,964

10, 61619, 47220, 35243, 96425, 888

Changesin U.S.officialreserveassets,net 4

56852

-880-1, 187

2,4772, 348

1,0563, 2202, 3363, 2962,7282,6364,776-748

U.S.officialreserveassets,

net(end ofperiod)

14, 88214, 83015, 710

5 16, 96414, 487

6 12, 167

Unad-justed

17, 35016, 32815, 52714, 48714, 34213, 50412, 131

6 12, 1671 Excludes liabilities to foreign official reserve agencies.2 Private foreigners exclude the IMF, but include other international and

regional organizations.a Includes liabilities to foreign official agencies reported by U.S. Government

and U.S. banks and U.S. liabilities to the IMF arising from reversible gold salesto, and gold deposits with, the United States.

1 Official reserve assets include gold, special drawing rights, convertible cur-rencies, and the U.S. gold tranche position in the IMF.

6 Includes gain of $67 million resulting from revaluation of the German markin October 1969.

6 On Dec. 31, U.S. reserve assets consisted of gold stock, $10,206 million, specialdrawing rights, $1,100 million; convertible currencies, $276 million; gold trancheposition, $585 million.

Sources: Department of Commerce and Treasury Department.

25


PRICESCONSUMER PRICESIn January the consumer price index rose 0.1 percent; seasonally adjusted the increase was 0.3 percent. Food priceswere unchanged unadjusted and down 0.2 percent seasonally adjusted. Nonfood commodities declined 0.3 percent;seasonally adjusted they rose 0.2 percent. Service prices increased 0.5 percent reflecting mostly higher taxes andpublic utility and transportation rates.

Index, 1967=100140

Index, 1967=100140

100

90

100

901972


(1967 = 1001

Commodities Services

Period

19621963196419651966196719681969197019711970: Dec1971: Jan


1972: Jan

Allitems

90.691.792.994. 597.2

100. 0104.2109. 8116. 3121. 3119. 1119. 2119. 4119. 8120. 2120.8121. 5121. 8122. 1122. 2122.4122. 6123, 1123.2

All com-modities

92. 893.694.695. 798. 2

100. 0103.7108. 4113. 5117. 4115. 6115.4115.5116. 1116.6117. 2117.9118. 1118.2118. 1118.4118. 5118. 9118. 7

Food

89. 991.292. 494. 499. 1

100. 0103. 6108. 9114. 9118.4115.3115.5115.9117. 0117.8118. 2119.2119.8120. 0119. 1118. 9119. 0120. 3120. 3

Comm

All

94 194. 895. 696.297. 5

100.0103. 7108. 1112. 5116.8115.5115.2115. 2115. 5115.8116. 6117. 1117.0117. 1117. 4118.0118. 1118. 1117.7

odities lee

Durable

97.697.998. 898.498.5

100. 0103. 1107. 0111. 8116.5115. 2115. 2115. 0115. 2115. 7116. 6117. 4117. 5116. 9116. 4117. 1117. 4117.2117.3

s food

Non-durable

91. 892.793. 594. 897.0

100.0104. 1108. 8113. 1117. 0115.7115. 3115. 4115. 7116.0116. 6116. 9116.7117.2118.2118. 7118.7118. 8118. 1

Allservices

86.888. 590.292. 295. 8

100. 0105. 2112. 5121. 6128. 4125. 6126. 3126. 6126. 6126. 8127. 5128. 2128.8129. 4129. 8ISO. 0130.4130. 8131. 5

Rent

94.095.095. 996. 998.2

100. 0102. 4105. 7110. 1115. 2112.6112. 9113. 6113. 9114. 4114. 7115. 2115. 4115. 8116. 1116.4116. G116. 9117. 1

Serviceslessrent

85. 587.389. 291. 595. 3

100. 0105. 7113. 8123. 7130. 9128. 0128. 7129. 0128. 9129. 1129. 8130, 6131. 2131. 9182. ;;Io2. 5132. <J] ;j;j. 3134. 1

Source: Department of Labor.


WHOLESALE PRICESlie wholesale price index rose 0.9 percent in February/ seasonally adjusted it was up 0.7 percent. Industrial com-nodities increased 0.5 percent unadjusted and 0.4 percent adjusted, the same as in January. Farm products andDrocessed foods and feeds together were up 1.9 percent unadjusted and 1.8 percent seasonally adjusted.

Index, 1967=100120

Index, 1967=100

100

95

100

951966 1971 1972


[1967=100]

Industrial commodities

Period

19621963196419651966196719681969197019711971: Jan

FebMarApr _Mav _JuneJulyAugSept . .O c t _ _ _ _ _ _ _Nov _ _ _Dec

1972: JanFeb

Allcom-modi-ties

94. 894. 594.796.699. 8

100. 0102. 5106.5110. 4113. 9111. 8112. 8113. 0113. 3113. 8114. 3114. 6114. 9114. 5114. 4114. 5115. 4116. 3117.3

Farmprod-ucts

98.096. 094.698. 7

105. 9100. 0102. 5109. 1111. 0112. 9108. 9113. 9113. 0113. 0114. 0116. 0113. 4113. 2110. 5111. 3112. 2115. 8117. 8120. 7

±TOC-essedfoodsand

feeds

91. 992.592. 395. 5

101. 2100. 0102. 2107. 3112. 0114. 3111. 8113. 3113. 7113. 5114. 5114. 9116. 0115. 4114. 6114. 1114. 4115. 9117.2118. 8

All in-dustri-als1

94, 894, 795. 296. 498. 5

100. 0102. 5106. 0110. 0114. 0112. 2112.5112.8113. 3113. 7113. 9114. 5115. 1115. 0115. 0114. 9115. 3115. 9116. 5

Crudemate-rials 2

95. 694, 397. 1

100. 9104.5100. 0102. 0110. 6118.8122. 7121. 4121. 8121. 4124. 1123.5122. 8122. 7122. 3123. 0122. 9122. 6123. 4125. 6127.0

Inter-mediatemate-rials 3

95.395. 095. 696. 998.9

100. 0102. 6106. 2110.0114. 3111. 5112. 0112. 7113.3113.8114. 1114, 9115. 9115.9115. 7115. 6115. 8116. 4117.2

Produc-er fin-ishedgoods

92. 292. 493. 394. 496. 8

100. 0103. 5106. 9111. 9116. 6115. 6115. 9116. 0116. 1118. 3116. 5116. 8117. 1116. 9117. 1117.0117. 8118. 4118. 8

ConsuEished g<cludin

Dur-able

98.397.898. 297. 998.5

100. 0102. 2104. 0107. 1110. 9110. 5110. 8110. 4110. 5110. 7110. 7111. 0111. 1110.4111. 3111.3112.6112. 9113.2

tier fin-x>ds ex-g food

Non-durable

94. 895. 194.895. 997. 8

100, 0102. 2105. 0108.2111. 3110. 9110. 8110. 7110.5111.0111. 2111. 6111. 8111.9111. 7111. 7111. 8112. 0112. 1

1 Coverage of the subgroups does not correspond exactly to coverage of thisIndex.

s Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, andleaf tobacco.

3 Excludes intermediate materials for food manufacturing and manufacturedanimal feeds; includes, in part, grain products, for further processing.

Source: Department of Labor. p"7


PRICES RECEIVED AND PAID BY FARMERSIn the month ended February 15, prices received by farmers rose 2 percent while prices paid were up 1 percent. Th<actual and adjusted parity ratios were up 1 point each.

index, 1967=100130

Index, 1967=100130

90 -

RA1yo

on

70

*0

10 y

/S'*'.»...»*

! t ! 1 1

19C

\X,

! ! t I !

36

• ~1 L t 1 1 I 1 ! 1 1 !

1967

,,--,...,

i i l M

19r i t i i

68

,-,/"

( I I 1 !

19

"-"( I I I !

69

PARITY RATIO (AC

...M* \

V "

[ ! ! ! ! ! ! ! 1 ! l i l t !

1970 19

TUAL)

.„..,, X\x

i i i i j71

RATI

,»

1 1 | ! ! I 1 i I i i

1972

DO/yo

cm

70

<^0

J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AMD WAGE RATES, ON 1910-14-100 BASE.SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

Period

19621963 _1964 _1965__1966 _1967 .19681969-197CL _ _1971.

1971: Jan 15Feb 15Mar 15__Apr 15 __ _ ___Mav 15June 15 _ _July 15Aug 15Sept 15Oct 15Nov 15Dec 15 > _ „__

1972: Jan 15Feb 15

Prices i

All farmproducts

96969398105100103108110112

106112111111113113113113111113114116120122

Deceived by t

Crops

10310610610310510010197100108102105107108111114111108104106108109111111

armers

Livestockand

products

Index, 1

92898594105100104116118116110117114114114113114117117118119121126131

Prices

All items,interest,taxes, andwage rates

967=100

9091929498100104109114120117118118119120120120120121121121122

123124

paid by far

Familylivingitems

9192939598100104109114119

116117117117118119119120120120120121121123

mers

Produc-tionitems

9495949699100102106110115112113114115115116116116116116117117118118

Parity~

Actual

807876778074737472706870706970707070686970717273

ratio l

Adjusted 2

83818082867979797774

7275747374747474727474757879

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.

28


MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCKThe seasonally adjusted money stock grew at a 6.7 percent annual rate in the 3-month period ended in February.In the preceding 3-month period there was a small decline. Time and savings deposits continued to increase sharply.


300

250

200

150

AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

TIME AND SAVINGS /DEPOSITS /

1966

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

300

250

200

150

1972


[Averages of daily figures, billions of dollars]

Period

1966: Dec1967: Dec1968: Dec1969: Dec _ _ _ _ _ _ _1970: Dec_1971: Dec1971: Jan

FebMar _ _Apr _ _ _MayJune _ _ _ _JulyAua: _ _Sept__ _ _ _ _ _ _ _ _OctNov.Dec _ __ _

1972: JanFeb *_

JV

Total

171. 7183. 1197. 4203. 7214. 8228. 2215. 3217. 7219. 7221. 2223. 8225. 5227.4228.0227. 6227. 7227. 7228. 2228. 8231.4

[onev sto(

Cur-rencyout-side

banks

Seasonally38. 340. 443. 446. 049. 052. 549. 349. 750. 050. 550. 851. 151.651. 751. 952. 252. 252. 552. 853. 2

;k

De-mand

de-posits l

T adjusted133. 4142. 7154. 0157. 7165. 8175. 7166.0168. 0169. 7170. 7173. 0174. 5175. 8176. 3175. 7175. 5175. 5175. 7176. 0178.2

Timeand

savingsde-

posits 1

158. 1183. 4204. 2194. 1228. 9269. 9234.4240. 2245. 4248. 1251. 3254. 4256.4257. 3259. 6263. 3265. 3269. 9274. 4278. 1

JV

Total

176. 9188.6203.4209. 8221. 2235. 1221. 4215. 6217. 5222. 3219. 9223. 7226. 0224.9226. 2227. 5229. 6235. 1235. 3229. 3

lonev sto<

Cur-rencyout-side

banks

1

39. 141. 244. 346. 950. 053. 549. 149. 149. 550. 150. 551. 051. 951. 951. 952. 252. 853. 552. 652. 6

3k

De-mand

de-posits1

[Jnadjuste137. 8147. 4159. 1162. 9171. 3181. 5172. 3166. 5168. 0172. 3169. 4172. 7174. 1173.0174. 3175. 3176. 9181. 5182. 7176. 6

Timeand

savingsde-

posits *

d156. 9182. 1203. 2193. 2228. 1269. 0233. 8239. 6246. 2248. 5251.4253. 8255. 5258. 1260. 3264. 1265. 5269. 0273. 7277.3

U.S.Gov-ern-ment

demandde-

posits 1

3. 45. 05. 05. 67. 36.76.88. 45.55. 57.85.36.86.87. 55. 33. 96. 77. 27.2

1 Deposits at 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.


29


PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORSLiquid asset holdings of private nonfinancial investors rose $8.5 billion (seasonally adjusted) in February, accordito a new Federal Reserve series. Currency and deposits increased $9.3 billion while other types of liquid assets feuslightly on balance.


900

800

700

600

500

400

300

200

100

AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

CURRENCY

AND DEPOSITS

900

800

700

600

500

400

300

200

100i. t i t i 1 i t i 1 1 1 I

1966 1967 1968 1969 1970 1971 1972

SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]

Period

1965: Dec _1966: Dec _.1967: Dec1968: Dec1969: Dec1970: Dec1971: Dec1971: Jan

FebMar_AprMayJuneJulyAug__SeptOctNovDec

1972: Jan »Feb "

Totalliquidassets

557.7588.2637. 5694.6719.7770.6850. 5

776. 2784 2792. 8800.0808.6816. 8823. 3827.6831. 6838. 3842. 8850. 5858. 7867.2

Total

447.4469.6516. 0559.6576. 2623.6709.8631. 8643. 0653.6662. 5671. 5678.6684. 8688. 7692.6698. 1703.0709. 8719. 3728.6

Curr<

Cur-rency

36.338. 340.443.446.049.052. 5

49. 349. 750.050.550.851. 151.651.751. 952.252. 252. 552. 853.2

3ncy and

Demanddeposits

115.5117.3125. 2135.2138.11447153.4144.5146. 2147. 8148. 8151.2152. 8153. 9154 1153. 5153. 3153.0153.4153.6155.8

deposits

Time d

Com-mercialbanks

125.2136.8156. 2174.2177.0198. 8232. 2203.3208.3213. 0216.0218. 5220. 7221.7222. 4224. 0226. 5228. 9232.2237.1240.1

eposits

Nonbankthrift

institu-tions

170.4177. 3194.2206. 8215.2231.1271. 72347238. 8242. 9247.3251. 02541257.5260. 5263.1266. 1268.9271.7275.8279.6

U.S. Gment se

Savingsbonds

49. 550. 151.051.451.151. 353.751.451.651. 852.052. 252.552.752. 953.153. 353.553.7540542

overn-curities

Other

38.243. 339. 546. 862.553.039.249.746. 143.942. 842. 042. 742. 743.041.741. 040.639. 237.436.3

Nego-tiablecertifi-

cates ofdeposit

15. 515.019.522. 79. 1

23.230.224525.626.225.826.126.727.327.528. 129. 228. 930.230. 130.7

Com-mercialpaper

7. 110. 911. R

14^20. o19.!

18. 818.017.216. 916. 816. 415. 815. 616.116. 716. 817.717.917. 4

NOTE.—New series.Source: Board of Governors of the Federal Beserve System.


BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES• February, seasonally adjusted bank loans and investments rose $5.2 billion or at an annual rate of 14 percent.Dank loans increased at an annual rate of 11 percent. Free reserves were positive in February for the third monthin a row.


50C

400

300

200

100

ALL COMMERCIAL BANKS SEASONALLY ADJUSTED, END OF MONTH

TOTALLOANS AND INVESTMENTS

INVESTMENTS IN OTHER SECURITIESnuiiitx"

INVESTMENTS INU.S. GOVERNMENT SECURITIES

I I 1 1 I ! I I I 1 I 1 1 1 ! I I ! I I ! 1 I 1 I I I 1 I I 1 I I 1

1966 1968 1969 1970 1971

500

400

300

200

100

1972


End of period

196619671968196919701971 »1971: Feb

MarAprMavJuneJulyAug__ _ _ _Sept p.Oct *Nov r

Dec p

1972: Jan»_Feb "___

(s

Totalloansand

invest-ments

3 316. 1352. 0390.6

4 402. 1435. 9482.9446. 1449. 5452, 5456. 1461. 1463.7468. 4472. 4476. 5478. 4482. 9489. 8495. 0

All con 11ciisonally

Loans,excluding

inter-bank

3 213. 9231. 3258. 2

4 279. 4292. 0

5 318. 6295. 7296. 5298. 2300. 7

' 301. 7304. 1309. 7313. 0316. 4317. 5318. 6324. 3327. 1

icrcial bankadjusted da

Investr

U.S. Gov-ernmentsecurities

Billions53. 559.361. 0

4 51. 558. 060. 360.861. 160. 760.462. 861. 660. 959. 959. 158. 960. 359. 861. 1

stta)

nents

Othersecuri-

ties

of dollars3 48. 7

61.471.4

4 71. 285. 9

5 103. 989.691.993. 595. 1

5 96. 698. 097. 899. 5

101. 0102. 0103. 9105. 7106. 8

Weeklyreporting

large com-mercialbanks

Commercialand indus-trial loans

60.765. 873.181. 581.783.880. 881. 281. 181.482. 381. 682.483. 583. 182. 683. 881. 882. 5

Bankdebitsoutside

New YorkCity (232centers) ,

seasonallyadjustedannualrates 1

3,4213, 7404,3545, 163o, 7446,4366, 0326, 1166,3026,2156,6136. 6236, 6656,6976,4946,8396,776

A

Totalreserves

23, 83025, 26027, 22128, 03129, 26531, 32929, 88029, 68629, 88530, 41930, 02330, 54730, 45530, 80230, 86030, 95331, 32932, 86531, 953

ill membe

Excessreserves

Millions o392345455257272165201199140312131162198206207263165173163

r banks 2

Borrow-ings atFederalReserveBanks

: dollars557238765

1,0863211073283191483304538218045013604071072034

Freereserves

-165107

-310-829

— 4958

— 127— 120

-8-18

-322-658-606-295— 153-144

58153129

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.P Effective June 1966, balances accumulated for payment of personal loans[bout $1.1 billion) are excluded from loans at all commercial banks, and certain

- vertificates of CCC and Export-Import Bank totaling about $1 billion are includedin other securities rather than in loans.

* Beginning June 1969, data include all bank-premises subsidiaries and othersignificant majority-owned domestic subsidiaries: earlier data include com-mercial banks only.5 As of June 1971, Farmers Home Administration notes totaling about SO.7billion are classified as "other securities" rather than as "loans."


31


CONSUMER AND REAL ESTATE CREDITToial consumer credit fell $1.4 billion in January/ a year earlier fhe drop was $1.7 billion. Consumer insralmecredit (seasonally adjusted) rose about $650 million in January.



20

SEASONALLY ADJUSTED (ENLARGED SCALEJ

INSTALMENT CREDIT EXTENDED

4 v\ i i i t i I i i1966 1967

SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

|Mil l ions of dollar.-

Period

1963196419651966196719681969197019711970: Dec

1971: JanFebMarAprMay_ __JuneJulyAugSeptOctNovDec

1972: Jan

Consu

Total

71, 73980, 26890, 31497, 543

102, 132113, 191122, 469126, 802137, 237126, 802

125, 077123, 815123, 604125, 047126, 025127, 388128, 354129, 704130, 644131, 606133, 263137, 237

135, 830

mer crediti

Total l

55, 48662, 69271, 32477, 53980, 92689, 89098, 169

101, 161109, 545101, 161

100, 10199, 24499, 168

100, 028100, 692101, 862102, 848104, 060104, 973105, 763107, 097109, 545

108, 826

outstandinmad justed^InstalmentAutomo-

bilepaper

22, 25424, 93428, 61930, 55630, 72434. 13036, 60235, 49038, 31035, 490

35, 00434, 86935, 02835, 49635, 81936, 34936, 76337, 15437, 38337, 75938, 16438, 310

38, 111

g (end of i

Personalloans

15, 61817, 84820, 41222, 18724, 01826, 93629, 91831, 61234, 43231,612

31, 45531, 39631, 50431, 77332, 04132, 35132, 68033, 13433, 42033, 57533, 97734, 432

34, 300

eriod;

N on—instal-ment 2

16, 25317, 57618, 99020, 00421, 20623, 30124, 30025, 64127, 69225, 641

24, 97624, 57124, 43625, 01925, 33325, 52625, 50625, 64425, 67125, 84326, 16627, 692

27, 004

(. 'Onsuinand n

To— — — —

Extended

63, 59170, 67078, 58682, 33584, 69397, 053

102, 888104, 130117, 638

8,536

8,9169,0819,5339, 7519, 6909, 7159, 675

10, 04910, 15610, 03110, 57210, 130

10, 184

er ins t i i lmt'paid (seastill

Repaid

56, 82563, 47069, 95776, 12081, 30688, 08994, 609

101, 138109, 254

8, 515

8, 8298,9799,0389, 0889, 1979, 1908, 9149, 2229, 1579, 1079, 3069,230

9,547

n t credi t eu m l l v adj i

A n to mob

Extended

22, 12624, 04627, 22727, 34126, 66731, 42432, 35429, 83134, 638

2, 170

2,4612, 6872, 8972, 8722,7562, 8382,7733,0043, 1472, 9923, 1622, 973

2,978

x t e n d e i ls l ed )

ilr paper

Repaid

19, 25421, 36923, 54325, 40426, 49928, 01829, 88230, 94331, 8182,618

2, 6232, 6362, 6962, 5662,6402, 6782, 5652,6972, 7322,6342,6622,696

2, 761

M or t ^,a j.'.edebt , o i i t -sL'mdinu;i ion iu rm,1- to -1-

houses :;

182, 200197, 600212, 900223, 600236, 100251, 200266, 800280, 200307, 500

280, 200

283, 600

290, 900

299, 500

307, 500

^Iso includes other consumer goods paper, and repair and modernizationloans, not shown separately.2 Consists of single-payment loans, charge accounts, and service credit.3 End of period, unadjusted.

32

Sources: Board oi Governors of the Federal Keserve System and Federal HonvLoan Bank Board.


BOND YIELDS AND INTEREST RATESa 3-month Treasury bill rate rose from mid-February to mid-March while long-term Government bonds were about

unchanged. Yields on high-grade corporate bonds declined.

PERCENT PER ANNUM10

PERCENT PER ANNUM10

CORPORATE Aaa BONDS(MOODY'S)

1966

SOUUCf. SK TABU HlOW COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]

Period

19641965196619671968-.1969__197019711971: Jan

Feb.MarAprMayJune _JulyAugSeptOctNovDec

1972: JanFeb »

Week ended :1972: Feb 4__

11—18—25__

Mar 3—10..I7p.

U.S. Gove3-monthTreasury

bills »

3. 5493. 9544.8814, 3215.3396. 6776. 4584. 3484. 4943. 7733. 3233. 7804. 1394. 6995. 4055. 0784.6684.4894. 1914. 0233. 4033. 180

3. 3673. 1413. 0663. 1453. 4463. 5533. 845

irnment secui

3-5 yearissues 2

4. 064.225. 165.075.596. 857.375.775. 725. 314. 745. 426. 026. 366.776. 395. 965. 685. 505.425. 335. 51

5. 555. 515.475. 505. 505. 575.84

"ity yields

Taxablebonds 3

4. 154.214. 654.855.266. 126. 585.745.925. 845. 715. 755. 965. 945.915. 785. 565. 465. 485. 625. 625. 67

5. 705. 715.655. 635. 625. 62

6 5. 67

High-grademunicipal

bonds(Standard &

Poor's) 4

3.223.273. 823.984.515. 816. 515.705.705. 555.445. 656. 146. 226. 315. 955. 525. 245. 305. 365. 255. 33

5. 465. 295.275. 305. 315. 195. 28

Corpora(Moo

Aaa

4.404.495. 135. 516.187. 038. 047.397.367. 087. 217. 257. 537. 647. 647. 597.447. 397. 267.257. 197.27

7.257. 297.287. 267.257.24

6 7. 22

ie bondsdy's)

Baa

4. 834.875. 676.236.947. 819. 118. 568.748. 398.468. 458. 628. 758. 768. 768. 598.488. 388. 388.238. 23

8. 268. 258.238. 218. 218. 228. 24

Primecommercial

paper,4r-6

months

3.974.385. 555. 105.907. 837. 725. 115. 114. 474. 194. 575. 105. 455. 755. 735. 755. 544. 924. 744. 083. 93

3.984. 003.933. 883. 904. 00

6 4. 23

FHAnew homemortgageyields 5

5. 455.466.296.557.138. 199.057.788.40

7. 327.377.757. 897.977.927. 847. 757.627.597. 49

1 Rate on new issues within period. 2 Selected note and bond issues.8 April 1953 to date, bonds due or callable 10 years and after.* Weekly data are Wednesday figures.fi Data for first of the month, based on the maximum permissible interest rate

(7 percent beginning February 18, 1971) and 30-year mortgages paid in 15 years.

e Not charted.Sources: Department of Housing and Urban Development, Treasury Depart-

ment, Board of Governors of the Federal Reserve System, Standard & Poor'sCorporation, and Moody's Investors Service.


COMMON STOCK PRICES, YIELD, AND EARNINGSThe stock market continued to move generally upward in February and early March.

Index, 1941-43=10 Index, 1941-43=10

120

100

90

WEEKLY120

110

100

90

80

COMPOSITE PRICE INDEX FOR500 COMMON STOCKS

60 I t i l l 1 I I I ! I I I I I I I I I ! I I I 1 I t I I LJ l i l t 1 t I I 1 I 1 1 I I I I I I I I I I t 1 I I I I t I II I I 1 I I I 1 1 I I 1

PERCENT PERCENTMONTHLY

DIVIDEND YIELD ON COMMON STOCKS

PRICE/EARNINGS RATIO ON COMMON STOCKS

101966

SOURCE: STANDARD & POOR'S CORPORATION

Period

1966196719681969_197019711971: Feb

Mar __AprMavJuneJulvAugSept _ _ _Oct _ _ _ .NovDec

1972: Jan _ _ _Feb

Week ended :1972: Feb 4

111825

Mar 310___ _17...

Total

85. 2691.9398.7097. 8483.2298. 2997. 1199. 60

103. 04101. 6499. 7299. 0097. 2499.4097. 2992. 7899. 17

103. 30105. 24

104. 43105. 10105. 22105. 58107. 07108. 78

4 107. 62

Total

91.0899. 18

107. 49107. 1391. 29

108. 35106. 62109. 59113. 68112. 41110. 26109. 09107. 26109. 85107. 28102. 21109. 67114. 12116. 86

115. 69116. 67116. 93117. 30119. 08120. 99119. 57

Price iIndustrials

Capitalgoods

1941-84. 8696. 96

105. 77103. 7587. 87

102. 83101. 58104. 69109. 38108. 61105. 46102. 48100. 90104. 55100. 6695. 51

103. 78109. 69113. 90

113. 49114. 17114. 20113. 75115. 73118. 68117. 10

ndex 1

Consumers'goods

13=1074. 1079. 1886.3387. 0680. 2299.7695. 3898. 54

102. 41101. 96100. 96100. 5599. 82

103. 34101. 3197. 47

103. 92106. 45109. 42

107. 90109. 67110. 25109. 84112. 96114. 35112. 95

Publicutilities

68. 2168. 1066.4262. 6454.4859. 3362. 4962. 4262. 0659. 2057. 9060. 0857. 5156.4857.4155. 8657. 0760. 1957. 41

58. 5257. 4856.7557. 2157. 3758. 1158. 11

Railroads

46. 3446.7248.8445. 9532. 1341.9438. 7839. 7042. 2942. 0542. 1242. 0543. 5547. 1844. 5841. 1943. 1745. 1645. 66

45. 9445. 7645. 6645. 3445. 6146.6147. 15

Dividendyield 2

(percent)

3. 403. 203.073. 243. 833. 143. 183. 102. 993.043. 103. 133. 183. 093. 163. 313. 102. 962. 92

2. 932. 912. 912. 922. 862. 82

4 2. 85

Price/earningsratio 3

14. 9217.5217.2016.5715. 91

18. 11

17.43

17. 69

5 Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 rail-roads. Weekly Indexes for capital and consumer goods are Wednesday figures;all other weekly indexes are averages of dally figures.

'Aggregate cash dividends (based on latest known annual rate) divided bythe aggregate monthly market value of the stocks in the group. Annual yields

34

are averages of monthly data. Weekly data are Wednesday figures.s Ratio of price index for last day in quarter to quarterly earnings (seasonally

adjusted annual rate). Annual ratios are averages of quarterly data.4 Not charted*Source: Standard & Poor's Corporation.


FEDERAL FINANCEBUDGET RECEIPTS, EXPENDITURES, AND NET LENDING

In the first 7 months of the current fiscal year there was a deficit of $20.2 billion/ a year earlier there was a deficit of$18.0 billion.



220

-20

-40

-20

-401962 1963 1964 1965 1966

J/ESTIMATE

SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

1967 1968FISCAL YEARS

1969 1970 1971 \972^ 1973^


[Billions of dollars]

Period

Fiscal year:19611902196319641965196619671968196919701971197231973»._

Cumulative totals forfirst 7 months:

Fiscal year 1971Fiscal year 1972

B

Keceip

Receipts

94.499. 7

106. 6112.7116.8130. 9149. 6153. 7187. 8193.7188.4197.8220. 8

103.4110.8

udget receipts,

Uexpenditure

Expendi-tures

96.6104.5111. 5118. 0117. 2130. 8153. 2172. 8183. 1194.5210. 3235.6246. 5

121.0129.8

expenditures,

iccount

Surplus ordeficit (— )

— 2.2—4.8— 4. 9-5.4

— . 3(2)

—3.6-19.1

4,7-.7

-21.9-37.8— 25.7

-17.6— 19. 1

and net lendii

Loanaccount

Netlending

1.22. 4

— . 1. 5

1. 23. 85. 16.01.52. 11. 11. 0

— . 2

. 41.2

ag

Totalsurplus ordeficit (— )

-3.4— 7. 1-4.8—5. 9— 1.6-3.8-8.7

-25.23. 2

— 2. 8-23.0— 38. 8-25. 5

-18. 0-20. 2

Feder(end of

Total1

292.9303. 3310. 8316.8323. 2329.5341.3369. 8367. 1382.6409. 5455. 8493. 2

401. 0432. 6

il debtperiod)

Held bythe public

238.6248.4254. 5257. 6261. G264. 7267. 5290. 6279. 5284.9304. 3343. 8371.3

301. 8326. 0

Excludes non-interest-bearing public debt securities held by IMF.Surplus of $36 million.

»Estimates.

Sources: Treasury Department and Office of Management and Budget.

35


FEDERAL BUDGET RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONin the first 7 months of the current fiscal year receipts were $7.4 billion above a year earlier while outlays were $9.7billion higher.


20 - - 20

180

140

120

100.

80

60

40

OUTLAYS(EXPENDITURES AND NET LENDING) «••"***

/X"

^++*

NONDEFENSE *****- Y *.*•"""""""""*

^^^**

_,.....•-' *"~ ^ \- .. -«.-—"-"**"*"" _^^^^^ NATIONAL DEFENSE

^ I I I I I I I t I I I j^1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 J/ 1973 J/

VEST.MATE ' FISCAL YEARS

SOURCES. TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS

180

140

ion

100

80

60

40

[Billions of dollars]

Period

Fiscal year:196119621963196419651966196719681969197019711972219732

Cumulative totals forfirst 7 months:

Fiscal year 1971Fiscal year 1972___

Total

94. 499. 7

106. 6112. 7116.8130. 9149. 6153. 7187. 8193. 7188.4197.8220. 8

103. 4110. 8

Recei]

Individualincometaxes

41. 345. 647. 648.748.855. 461. 568. 787. 290. 486. 286. 593. 9

53.054.4

pts

Corpo-rationincometaxes

21. 020. 521. 623. 525. 530. 134. 028. 736. 732. 826. 830. 135. 7

11.812. 9

Other

32. 133. 637.440. 542. 645. 354. 156. 363. 970. 575.481. 291. 2

38.543. 5

Total

97. 8106. 8111. 3118. 6118.4134.7158. 3178. 8184. 5196. 6211.4236. 6246. 3

121. 3131. 0

Natio

Total

47. 451. 152. 353. 649. 656.870. 180. 581. 280. 377.778.078.3

44. 741. 9

(

nal defense

Depart-ment ofDefense,military 1

43.346. 948. 149. 646. 054. 267. 577. 477.977. 274.575. 075. 9

43. 140. 5

)utlays

Interna-tionalaffairsand

3.44. 54. 14. 14.34. 54. 54. 63. 83. 63. 14. 03. 8

1. 62. 1

Healthand

incomesecurity

22. 123. 725. 526.827.431. 537. 843. 749. 356. 770.282. 287.8

38. 644. 9

In-terest

8. 18. 39. 29. 8

10. 411. 312. 613. 715. 818. 319.620. 121. 2

11. 211. 8

Other

16. 819. 220. 324. 226. 730.633. 236. 234.437.740.952. 355. 2

25. 230.3

1 Expenditure account.* Estimates.

Sources: Treasury Department and Office of Management and Budget.


;DERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS-recording to current estimates for the fourth quarter, Federal receipts rose $51/3 billion (seasonally adjusted annualrate) and expenditures increased $4 billion, yielding a deficit of $251/2 billion.


240

220

BILLIONS OF DOLLARS

140

120

180

160

140

120

+20

Q

_nri

-40

SURPLUS

-

~ DEFICITi I I

SOURCE: DEPARTMENT OF CC

^^^

\ \ \

1967

DMMERCE

Hi "*

! . 1 . I1968

•

Finn,,

! 1 11969

CALENDAR YEARS

88 I 1 |

! \ \

1970

l|l^ ^

I I1971

IW

cot

-

-

1 I 11972

NCIL OF ECONOMIC ADVISERS

+20

*5A

-40

I Billions of dollars, quarterly data at seasonally adjusted annual rates]

i V n . n i

Fiscal year:I 1 H 1 7I ' .M- .X1 ! ) ( > < >]«)701971 *>_„1972 i _ _ _1973 * _ _ _

Dalendaryear:19671968196919701971 *>___

1970:I___IT__III_IV..

1971:I___II__III_

' IV"

Tola !

M7. '2100. 0190. 3194. 6194. 0202. 8227. 9

151. 2175. 0196. 9191. 5198. 8191. 6193. 8191. 3189. 3196. 5197. 7197. 8203. 1

Federal (

1 ' i • r s i > 1 1 ; il a x M i n i

err, a p i s

<M. f>71. 490. 093. 887. 791. 398. 3

67. 579. 794. 992. 289. 093. 894. 589. 791. 086. 687. 688. 893. 0

Jovcrmn

( 'orpor a l e

pro! , l sl a x

a c c r u a l s

5 1 . 1>>>. 737. 332. 832. 533. 040. 7

30. 736. 736. 330. 633. 6

30. 630. 931. 929. 0

34. 134. 833. 232.1

( M i l , reeeip

1 n d i r e c i1 > us i n essl a x a n dn o n t a x

acc rua l s

J f> . 817. 118. 619. 220. 319.820. 7

16. 318. 019. 019. 320.319. 019. 119.719. 420. 719.919.720. 7

ts

( ' m i l r i -1 ) i j l ions

r,, r.social in-surance

35. 738. 344. 348. 853. 558. 768. 2

36. 740. 746. 849. 356. 048. 249. 250. 049. 855. 155.556. 157.2

Tota l

154. 5172.5185. 9197. 2212. 4237. 8255. 9

163. 6181. 5189. 5205. 3221. 9196. 1207. 9206. 7209. 8212. 7221. 4224. 6228. 7

Fee

Pur-chases

ol ^oodsand

services

85. 394. 999. 399. 295. 3

103. 0107. 0

90. 798. 899. 297. 297. 6

100. 296. 896. 195. 996. 496. 097.6

100. 3

leral Go^

Trans-fer pay-

ments

39. 444. 850. 756. 969. 979. 887. 4

42. 248. 252. 463. 475. 956. 165. 364. 667. 569. 677. 878. 078. 1

/eminent

( iranis-in-aid

to Stateandlocal

govern-ments

14. 817.819. 422. 627. 036. 240. 6

15. 818. 720. 324. 429. 623. 023. 924. 925. 927. 029. 530. 231.6

, expend]

Netinterest

paid

9. 910. 912. 314. 014. 213.414.8

10. 211. 713. 114. 613.714.314. 315. 014.814. 013.313. 913. 8

tures

Subsidiesless

currentsurplus ofGovern-

ment en-terprises

5. 14. 14. 14. 65. 95. 46.0

4. 64. 14. 65. 55. 15. 05. 55.85.7

5. 84. 84.84. 9

Less:Wage

accrualslessdis-

burse-ments

0.0. 0.0. 1. 1. 0.0

. 0

. 0

.0

. 0

.0

2. 5-2. 1

4.' 0. 0. 0.0. 0

Surplusor

denciij. (~~)'income

anolproduct

accounts

-7.3-11.9

4. 4-2. 7

-18.4— 35. 0-28.0

-12.4— 6. 5

7.3— 13. 6-23. 1-4. 5

-14. 1-15. 4-20. 5-16. 2-23. 7-26.7-25.6

1 Estimates.Source: Department of Commerce. 37


UNITED STATESGOVERNMENT PRINTING OFFICE

DIVISION OF PUBLIC DOCUMENTS

WASHINGTON, D.C. 2O4O2

OFFICIAL BUSINESS

First-Class Mail

POSTAGE AND FEES PAIDU.S. GOVERNMENT PRINTING OFFICE

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. Balances on Goods, Services, and Transfers 24U.S. Overall Balances on International Transactions 25

PRICESConsumer Prices 26Wholesale Prices 27Prices Received and Paid by Farmers 28

MONEY, CREDIT, AND SECURITY MARKETSMoney Supply $ . 29Private Liquid Asset Holdings—Nofinancial Investors 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.Unless otherwise stated, all dollar figures are current dollars.P Indicates preliminary and not available.

i

For sale by the Superintendent of Documents. U.S. Government Printing Office. Washington, D.C. 20402Price 25 cents per copy, $3 per year ; S4 foreign. Domestic air mail, $3.60 additional per year.

38 U.S. G O V E R N M E N T P R I N T I N G O F F I C E : 1972
