Greenbook/Tealbook

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that some material may have been redacted from this document if that material was received on a confidential basis. Redacted material is indicated by occasional gaps in the text or by gray boxes around non-text content. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optical character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. Content last modified 6/05/2009. CONFIDENTIAL (FR) SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee By the Staff Board of Governors of the Federal Reserve System March 31, 1967 SUPPLEMENTAL NOTES The Domestic Economy The February increase in book value of inventories held by manufacturers totaled $410 million, or an annual rate of $4.9 billion. This is a sharp decline from the $12 billion annual rate of accumulation in the fourth quarter and, also, in January. Stocks of nondurable goods producers were little changed from January, the first pause in the rise for fifteen months. There was a further build-up of stocks by producers of iron and steel, and electrical and nonelectrical machinery, but the rate for the durable goods group as a whole was substantially less than in January. Nearly half of the total increase in stocks was in defense industries. Stocks of materials and supplies of all major industries declined in February in contrast to increases in each of the last eighteen months. In most durable goods lines further increases also were recorded for both work-in-process and finished goods. Manufacturers' shipments declined 1 per cent further in February following a decline of 2.3 per cent now shown for January. Most major nondefense durable goods industries and foods and textiles declined in February, while shipments of defense products increased significantly. With inventories up and shipments down, the ratio of stocks to shipments rose sharply further in February and was about as high as during the 1960-1961 recession. The preliminary February figures for new orders for durable goods manufacturers now show a rise of nearly 1 per cent. The total - 2 - for February is now estimated to be higher than indicated earlier while the January figure has been revised downward. New orders for defense were up very sharply in February about offsetting large declines in orders for machinery and consumer durable goods. Unfilled orders declined in February in all major durable goods industries except aircraft and parts. Corrections: Page I -- T - 1. Consumer price index, latest period, 144.8 should be 114.8. Page I -- T - 2. Annual rate of change in demand deposits and currency for 1 year should be 1.4 per cent. Page III - 3, line 2. March 7 should read March 27. Page III - 13, second paragraph, line 6. "Changing'should read "clearing." 

Federal Reserve (1967, April 3). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19670404_part1

@misc{wtfs_greenbook_19670404_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1967},
  month = {Apr},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19670404_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}