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 AIND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee By the Staff Board of Governors of the Federal Reserve System September 8, 1967 SUPPLEMENTAL NOTES The Domestic Economy The value of new construction put in place edged up in August for the fourth consecutive month to reach a new high for this year, according to confidential Census Bureau projections. Although total expenditures were 5 per cent above the cyclical low of last November, they remained some 3 per cent below the series high reached in March 1966. As in earlier months of this year, private residential construction expenditures advanced further and by the end of August had recovered nearly three-fifths of last year's unusually sharp decline. Private nonresidential outlays in August held close to earlier reduced levels that were moderately below the record high reached in January of this year. Meanwhile, public construction, which showed a strong up- surge in the last half of 1966, remained virtually unchanged close to last February's postwar peak. NEW CONSTRUCTION PUT IN PLACE (Confidential FR) August 1967 ($ billions)!/ Total Private Residential Nonresidential Public Per cent change from August 1966 July 1967 75.7 -- +3 48.9 +1 -3 23.8 25.1 +1 -- +2 -7 26.8 -- +17 1/ Seasonally adjusted annual rates; preliminary. Data for the most recent month (August) are available under a confidential arrangement with the Census Bureau. Under no circumstances should any public reference be made to them. - 2 - International Developments The Bundesbank reduced minimum reserve requirements, effective from September 1, the seventh reduction in reserve requirements since the end of last year. The current action reduces reserve requirements on savings deposits by 6 per cent and requirements on all other deposit liabilities by 2 per cent, and is expected to add approximately DM 900 million ($225 million) to freely usable bank funds. Collectively, the seven reductions have freed an estimated DM 7.1 billion ($1.8 billion) of bank funds. Correction: To Greenbook of September 7, 1967. Page II - 4, delete second sentence of second full paragraph. 

Federal Reserve (1967, September 11). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19670912_part1

@misc{wtfs_greenbook_19670912_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1967},
  month = {Sep},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19670912_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}