Work Stoppages

Name: Work Stoppages
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. il r Economic Indicators JUNE 1950 Prepared for the joint Committee on the Economic Report by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT COMMITTEE ON THE ECONOMIC REPORT Created pursuant to Sec 5 a of Public Law 304 79th Cong C O MAHONEY Wyoming Chairman EDWARD J HART New Jersey Vm Chairman FRANCIS J MYERS Pennsylvania JOHN J SPARKMAN Alabama PAUL H DOUGLAS ROBERT A TAFT Ohio RALPH E FLANDERS Vermont ARTHUR V WATKINS Utah WRIGHT PATMAN Texas WALTER B Ohio BUCHANAN Pennsylvania P WOLCOTT Michigan ROBERT F RICH Pennsylvania A HERTER Massachusetts THEODOEE J KBEPS Staff Director GROVES W ENSLEY Associate Staff Director JOHN W LEHMAN Clerk COUNCIL OF ECONOMIC ADVISERS Created pursuant to Sec 4 a of Public Law 304 79th Cong LEON H KEYSERLING Chairman JOHN D CLARK Vies Chairman ROY BLOUGH PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION S J Ees 55 To print the monthly publication entitled Economic Indicators TLesolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Committee on the Economic Report be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Committee on the Economic Report and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce 11 Contents TOTAL OUTPUT OF THE ECONOMY The Nation s Economic Budget Gross National Product 1 2 Consumers Prices Wholesale Prices Prices Received and Paid by Farmers Stock Prices Labor Force Nonagricultural Employment Selected Industries Average Weekly Hours Selected Industries Work Stoppages ACTIVITY Industrial Production Weekly Production Selected Indicators Production of Selected Manufactures New Construction New Housing Starts Expenditures for New Plant and Equipment New Corporate Security Issues Inventories and Sales Merchandise Exports and Imports National Income Corporate Profits Personal Income Consumer Income Spending and Saving Personal Consumption Expenditures Per Capita Income Average Hourly Earnings Selected Industries Average Weekly Earnings Selected Industries Farm Income Consumer Credit MONEY BANKING FEDERAL Bank Loans and Investments Money Supply Federal Cash Receipts From and Payments to the Public iii THE TOTAL OUTPUT OF THE ECONOMY THE NATION S ECONOMIC BUDGET The Nation s Economic Budget total in 1st quarter of I960 was about 3 percent above 4th quarter of 1949 according to revised estimates The payment of the National Service Life Insurance dividend to veterans resulted in a sharp rise in consumer disposable income 1949 TOTAL 4th BILLIONS OF DOLLARS 1 Quarter EXCESS OF EXPENDITURES H RECEIPTS W Gross National Product CONSUMERS icpME i iij li i i j jj SAVING BUSINESS INTERNATIONAL EXCESS OF I RECEIPTS GOVERNMENT Federal state and local I960 1st Quarter BILLIONS OF DOLLARS TOTAL Gross National Product CONSUMERS cpN HjljJjlji jjj ji jii l l I N C 0 M E j j i j Vd 201 3 SUMER SAVING BUSINESS EXCESS OP INVESTMENT INTERNATIONAL EXCESS OF RECEIPTS GOVERNMENT Federal state and local CASH DEFICIT SOURCE SEE ECONOMIC REPORT OF THE PRESIDENT JANUARY 1950 APPENDIX A COUNCIL OF ECONOMIC 4DV1SERS GROSS NATIONAL PRODUCT Total gross national product rose 7 2 billion annual rate in 1st quarter of 1950 Personal consumption expenditures were 2 9 billion higher Private investment increased 7 4 billion due to the peak rate of residential construction and a shift from inventory liquidation to accumulation Government purchases and net foreign investment decreased moderately BILLIONS OF DOLLARS BILLIONS Of DOLLARS ANNUAL TOTALS ANNUAL RATES SEASONALLY ADJUSTED NATIONAL PRODUCT AL CONSUMPTION EXPENDITURES R1VATE DOMESTIC INVESTMENT 50 E 50 I I I I I I I I EIGN INVESTMENT J SOURCE I DEPARTMENT OF COMMERCE Billions of dollars Total gross national product Period Personal consump Gross private Net foreign domestic tion expen investment investment ditures Government purchases of goods and services Annual rates seasonally adjusted 1948 Third quarter Fourth quarter 1949 First quarter Second quarter Third quarter Fourth quarter 1950 First quarter NOTE Detail will not necessarily add to totals because of rounding i a Q Source Department of Commerce PRICES CONSUMERS PRICES Consumers prices recorded a further slight advance in April There were small increases in all major groups except miscellaneous goods and services which showed a small decrease PERCENT OF 1935 39 AVERAGE PERCENT OF 1935 39 AVERAGE 22O rr i F M A M J l A S 0 N 0 J 1948 SOURCE DEPARTMENT OF M A M J J A S 0 N 0 J F M A M J 1949 J A S 0 N D i960 LABOR Period 1940 monthly average 1941 monthly average monthly average 1943 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1949 March 15 April 15 May 15 June 15 July 15 August 15 September 15 October 15 November 15 December January 15 February 15 March 15 April 15 AD items Food Apparel NOTE Prices are for moderate income families in large cities Rent ioa Fuel electricity and refrigeration House furnishings Miscellaneous Source Department of Labor WHOLESALE PRICES Wholesale prices of farm products and foods increased sharply during May industrial prices advanced steadily PERCENT OF 1926 PERCENT OF 1926 AVERAGE AVERAGE In 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 f i i i i i I M i i t I i M i rh 1 i i i I t i 11 t I i i 1 1 1 1 i i i i t I i i n i LATEST DATA PLOTTED SOURCE MONTHLY MAY WEEKLY MAY30 DEPARTMENT OF LABOR COONCIt OF ECONOMIC ADVISERS monthly average 1946 monthly average June 1947 monthly average 1948 monthly average 1949 monthly average 1949 April May June July August September October November December 1950 January February March fc April1 May Week ended 1950 May Estimate based on change in weekly data 4 Other than farm products and foods All commodities Period Farm products Foods Source Department of Labor PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 2 percent from April 15 to May 15 due to a sharp rise in hog prices together with price increases for other meat animals cotton wool soybeans and corn Prices paid rose 1 percent As a result the parity ratio was 1 percent higher PERC ENT OF 1910 14 AVERAGE 350 MONTHLY AVERAGE PERCENT OF 1910 14 AVE RAGE 350 PRICES RECEIVED i s S PPRICES PAID AND WAGE RATES iiffr f N c x PARITY RATIO I I 47 48 i i i i i 1 i i i i i iIf 1 i I i I960 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST T Prices paid by farmers includPrices received ing interest Parity ratio Period taxes and by farmers wage rates monthly average monthly average monthly average monthly average monthly average monthly average monthly average monthly average April May June July August September October November December January February March April Mav 15 1 Ratio of index of prices received to index of prices paid interest taxes and wage rates 2 Includes wartime subsidy payments paid on beef cattle sheep lambs milk and butterfat between October 1943 and June 1946 Source Department of Agriculture STOCK PRICES Stock prices advanced further in May and were at the highest level since August 1946 PERCENT OF 1935 39 AVE RAGE 175 PERC ENT OF 1935 39 AVERAGE 1 its WEEKLY AVERAGE WEEKLY AVERAGE INDUSTRIALS A A NRAlLROADS p V 75 COMPOSITE INDEX ISO UTILITIES v 75 V X9 i i 40 i i i i i i i i I I I I I II I I I I I I I I 1 I I I I 1949 SOURCE STANDARD AND POOR S CORPORATION COUNCIL OF ECONOMIC ADVISERS Composite index l Period Weekly average April May i J C J June July August September October November December January February March April Mav Week end ed 1950 May Industrials Railroads Utilities i Composite index prior to June was based on 402 common stocks and included 354 industrials 20 railroads and 28 utilities thereafter 416 common stocks are represented with 365 industrials 20 railroads and 31 utilities Source Standard Poor s Corporation Civilian employment again increased significantly Unemployment declined by more than During the past three months there was a decrease of over 1 6 million in the number of jobless persons MILLIONS OF PERSONS 70 MILLIONS OF PERSONS 1 70 UNEMPLOYMENT TMCNAGRICULTURAL EMPLOYMENT PERCENT 20 I I M C M D I nVflflCMT D f D C M T AT p i I TO 1 1 i l plf 1 l MONTHLY AVERAGE 1949 SOURCE DEPARTMENT OF COMMERCE Total labor force including armed forces Period 1939 monthly 1944 monthly 1947 monthly 1948 monthly 1949 monthly 1949 April average average average average average Mav T J June July August September October November December 1950 January February March April May Civilian labor force Total Employment 1 civilian Agricul Nonagrilabor Total tural cultural force Thousands of persons 14 years of age and over Armed forces Unemployment Unemployment as percent of total civilian labor force i Includes part time workers and those who had jobs but were not at work for such reasons as vacation illness bad weather temporary lay off and industrial disputes NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce NONAGRICULTURAL EMPLOYMENT SELECTED INDUSTRIES Employment in most industrial and commercial industries and in Goverment substantial gains in April The increase in durable manufacturing was almost entirely offset by a decline in nondurables which seasonal Construction reached an all time April high Government increased because of hiring of temporary Census takers MILLIONS OF WAGE AND SALARY WORKERS 9 0 MILLIONS OF WAGE AND SALARY WORKERS 8 0 DURABLE MANUFACTURING I 4 F 1 M t A NONDURABLE MANUFACTURING 1 M I J J I 1 A S I O l I N D J F M I A I M I J J I A I f I S O N O S O N 0 CONTRACT CONSTRUCTION J f M A M SOURCE DEPARTMENT OF LA 80S COUNCII OF ECONOMIC ADVISERS Thousands of wage and salary workers l Manufacturing Period Total 1939 monthly 1943 monthly 1946 monthly 1947 monthly 1948 monthly 1949 monthly 1949 March April average average average average average average May June July August September October November December 1 950 January 3 February March 8 April Durable goods Contract construction Nondurable goods Trade Finance and service Government Federal State local Transportation and public utilities Mining Includes all full and part time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce p 6 which include proprietors selfemployed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are based on an enumeration of population whereas the estimates in this table are based on reports from employing establishments 2 3 Not available Preliminary estimate Source Department of Labor 8 AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The workweek in durable manufacturing industries increased sharply in April In contrast weekly hours in nondurable goods manufacturing dropped sharply HOU S PER WEEK HOURS PER WEEK DURABLE MANUFACTURING NONDURABLE MANUFACTURING jX VA V r r r rx V l r i I 1 1 I 11 1M I M 1 1 1 M 1 I M I 1 1 1I f I I 1 I I i 1I 1 1 1 1 I II I I RETAIL TRADE BUILDING CONSTRUCTION J r v N l x v v V iWa i wr y M I M i l l I 1 1 0 TIi ii i M ii i ii ii1 ii I1 I M i l l I I960 SOURCE DEPARTMENT OF LABOR Hours per week selected industries l Manufacturing r Period 1939 monthly average 1943 monthly average 1946 monthly average 1947 monthly average 1948 monthly average monthly average February March April May June July August September October November December 1950 January 3 February March 8 April 3 Total i For production and related workers Durable goods Nondurable goods Not available Building construction Retail trade Preliminary estimate Source Department of Labor WORK STOPPAGES Man days of idleness decreased from March to April Although the number of stoppages beginning in April increased most of the April stoppages involved relatively small numbers of workers MILLIONS OF MAN DAYS IDLE MILLIONS OF MAN DAYS IDLE 20 EO MONTHLY AVERAGE Workers involved in stoppages Beginning In effect Percent of during in estimated month period working time thousands thousands Man days of idleness during period Period March April May Monthly average thousands June July August September October November December 1950 January 1 February March l April x 10 i Preliminary estimate Number of stoppages Beginning in period In effect during month Source Department of Labor PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION Industrial production rose further in April and May reflecting higher output of durable goods PERCENT OF 1935 39 AVERAGu 400 PERCENT OF 1935 39 AVERAGE PRELIMINARY ESTIMATE COUNCIL Or ECONOMIC ADVISERS SOURCE BOARD OF GOV seasonally adjusted Period 1943 monthly average monthly average 1947 monthly average 1948 monthly average monthly average 1949 March April May June July August September October November December 1950 January FebruaryMarch Aprill1 May XUCUjr 1 Preliminary estimate Total industrial production IManufacture s Total Durable goods Nondurable goods Minerals Source Board of Governors of the Federal Beserve System 11 WEEKLY PRODUCTION SELECTED INDICATORS With the steel industry operating above stated capacity levels throughout May a record number of tons were produced Automobile production also established a new high Electric power production continued at its April rate Bituminous coal mining dropped MILLIONS OF TONS BILLIONS OF KILOWATT HOURS J F M A M J J A S 0 ND 0 F M A M J J SOURCES AMERICAN IRON AND STEEL INSTITUTE EDISON ELECTRIC INSTITUTE DEPARTMENT OF THE INTERIOR WARD S AUTOMOTIVE REPORTS St eel Period Weekly average Week ended 1949 May Thousands of net tons Percent of theoretical capacity COUNCIL OF ECONOMIC ADVISERS Electric power Bituminous coal by utilities thousands of millions of kilowatt hours short tons Cars and trucks number June May June Based on weekly net ton capacity of for for for 1949 and for 1950 2 Daily average for week 8 Data became available after chart was prepared Sources American Iron and Steel Institute Edfson Electric Institute Department of th Interior and Ward s Auto motive Reports 12 PRODUCTION OF SELEC3TED MANUFACTURES Iron and steel and machinery industries further increaset their output in April while other durable goods and most nondurable goods industries except textiles continued at their previous high levels PERC ENT OF 1935 39 AVERAGE PERC ENT OF 1935 39 AVERAGE STEEL IRON A NO IOO 0 A AT rL l AND PRODUCTS R IOO I I 1 Xq N 200 r v v 150 J f S I I 1 U i irr XX i i i i i i m j AND V NONFERROUS METALS AND PROD TS S A PRODUCTS C kL PRODUCTS A i i i i i i n IT i 1Vr Ju H Vv l i i i i i i i j l fill IJ JjL J 1 1 j I L 300 N M A CH I 1 y v 250 ii iT K N I W L jr f 35O V NL TEXTILES t vf r r i i i i i i i n rTTiniiiiii Illlllll 1 1 1 I 200 V J L 350 IOO y f V PETROLE UM AND COAL OC UCTS i MANUFACTURED FOOD PRODUCTS II L JL rr i i i i i i i i n fT i x N s I I ll III rr I960 COUNCIL OF ECONOMIC ADVISE s SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Durable manufactures Period Iron and steel 1 943 monthly average monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1949 March April May June July August September October November December 1950 January February March April 1 1 Preliminary estimate Nondurable manufactures Lumber Nonferrous Textiles and Machinery metals and and products products products Petroleum Manufac Chemical and coal tured food products products products Source Board of Governors of the Federal Reserve System 13 NEW CONSTRUCTION New construction continued to rise rapidly in May both in relation to the previous month and to the previous year The rise occurred in ail categories MILLIONS OF DOLLARS MILLIONS OF DOLLARS I OOO iNciMoes PUBLIC aesioEHTiAi coMsrnucriOM SOURCES DEPARTMENT OF C O M M E R C E AND DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Millions of dollars Total new construction Period 1939 monthly average 1942 monthly average 1944 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1949 April May June Julv August September October November December 1950 January February March April 2 May Private construction Residential Total Other nonfarm private Federal State and local Includes public residential construction Preliminary estimate Sources Department of Commerce and Department of Labor 14 NEW HOUSING STARTS With 126 000 new housing units started in April an alt time record was established for the second successive month indications are that the half million mark for 1950 will be reached in May it was reached last year in July THOUSANDS OF UNITS THOUSANDS OF UNITS SOURCE DEPARTMENT OF LABOR New nonfarm units started j U MontH it r Total Monthly average January February March April Mav yj a j June July August September October November December Preliminary estimate Source Department of Labor 15 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Plant and equipment expenditures by nonagricultural business firms in 1949 were 6 percent less than in 1948 Anticipated expenditures for 1st half of 1950 were estimated at 17 billion annual rate 8 percent below 1st half of 1949 according to plans reported by business in February of this year Recent developments indicate that the expenditures will be above the earlier estimates BILLIONS OF DOLLARS 25 BILLIONS OF DOLLARS 25 TRANSPORTATION AND ELECTRIC AND GAS UTILITIES ESTIMATES BASED OH PLANS REPORTED IN FEBRUARY I95O SOURCES SECURITIES AND EXCHANGE COMMISSION AND U S DEPARTMENT OF COMMERCE Millions of dollars annual rates not adjusted for seasonal variation Period Total i Manufacturing Mining Transportation Railroad Other Electric and Commercial gas utilities and miscellaneous Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Excludes agriculture 3 Commercial and miscellaneous composed of trade service finance and communication 3 Figures for 1950 are based on anticipated capital expenditures reported in the February 1950 survey Revisions based on the May survey will be published in the July issue of Economic Indicators NOTE These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Figures for 1939 44 are Federal Reserve Board estimates based on Securities and Exchange Commission and other data Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest Sources Securities and Exchange Commission and Department of Commerce except as noted 16 NEW CORPORATE SECURITY ISSUES New corporate security issues during 1st quarter of this year rose above the seasonally high 41h quarter rate and were substantially above 1st quarter of last year Most of the additional proceeds from the larger security issues were used for retirement of debt and stock B I L L I O N S OF DOLLARS BILLIONS OF DOLLARS 3 O SOURCE SECURITIES AND EXCHANGE COMMISSION Millions of dollars Proposed Estimated net proceeds Period New money Plant and equipment Total quarterly average quarterly average quarterly average quarterly average quarterly average quarterly average First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarterFourth quarter 1950 First quarter Includes small amount for other purposes Detail will not necessarily add to totals because of rounding of net proceeds Working capital Retirement of debt and stock l Source Securities and Exchange Commission INVENTORIES AND SALES 5sales in April after adjusting for seasonal changes declined moderately for manufacturers and most trade groups epartment store sales rose substantially Inventories of manufacturers and wholesalers continued to increase while t hose of retailers declined BILL IONS OF DOLLARS BILLIONS OF DOLLARS RETAIL TOTAL AND MANUFACTURING 60 20 SEASONALLY MONTHLY AVERAGE A X X ADJUSTED TOTAL MONTHLY AVERAGE INVENTORIES SEASONALLY ADJUSTED INVENTORIES f SALES I j TO TAL SALES WVv J A I I f M i I 1 1i MONTHLY AVERAGE vv MANUFACT DRING STORES SEASONALLY ADJUSTED N j j 200 SALES f t Lr r DEPARTMENT X INVENTORIES I M 1 1 1 1i 11 PERC ENT OF AVERAGE MANUFACTUR N6 M 1948 SALES f X INVENTORIES i M11 1 L i SOURCE 1 1 M f I i M 1 1949 I M i i 1 i I rl I i i i i j 0 M 1 I i 11 M M I DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total business l Period Inventories 2 Sales s Sales 3 Retail New orders 4 Inventories 2 Millions of dollars seasonally adjusted March April May t J June July August September October November December 1950 January 7 February March 7 7 April Total business includes manufacturing retail and wholesale not shown separately in this table 2 8 Book value end of period Monthly average for year and total for month 4 Data for new orders not adjusted for seasonal variation 18 COUNCIL OF ECONOMIC ADVISERS Manufacturing Inventories 2 M Sales Department stores InvenSales 5 tories seasonally adjusted Indexes computed from data on retail value of sales for month and retail book value of inventories end of period 6 Not available 7 Preliminary estimates Sources Department of Commerce and Board of Governors of the Federal Reserve System MERCHANDISE EXPORTS AND IMPORTS Both exports and imports fell in April from their March levels The steeper decline in imports increased the merchandise export surplus but this surplus remained much below a year ago MILLIONS OF DOLLARS MILLIONS OF DOLLARS SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF THE ARMY AND DEPARTMENT OP THE NAVY Millions of dollars Exports Period 1936 38 monthly average 1943 monthly average 1946 monthly average 1947 monthly average monthly average 1949 monthly average 1949 March April May June Julv August September October November December 1950 1 January February March April WJ S S Imports s Excess of exports Recorded merchandise exports including reexports and civilian supplies for occupied Eecorded general merchandise imports Sources Department of Commerce Department of the Army and Department of the Navy 19 National income after declining during each quarter of 1949 turned up in 1st quarter of I960 according to preliminary data The increase represented a rise in all major components except interest BILLIONS OF DOLLARS BILLIONS OF DOLLARS ANNUAL RATES SEASONALLY ADJUSTED TOTAL NATIONAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT x x r Xv NET INTEREST llPllliii lii COMPENSAT ON OFjjjjjjjjl I 3 Z SOURCE DEPARTMENT OF COMMERCE of dollars Period Total national income Compensaof employees Proprietors5 businesss professional Net farm Corporate profits and inventory valuation adjustment Total Third quarter Fourth quarter First quarterSecond quarter Third quarter Fourth quarter 1950 First quarter l S Profits before taxes Inventory valuation adjustment Annual rates seasonally adjusted Preliminary estimates Estimates by Council of Economic Advisers based on incomplete data NOTE Detail will not to of rounding Source Department of Commerce except as noted CORPORATE Preliminary estimates indicate that the improvement in profits continued into 1950 In the last half of has MILLIONS OF DOLLARS BILLIONS OF DOLLARS 3 4 I SOURCE DEPARTMENT OF I OF ECONOMIC ADVISERS COMMERCE of Period Corporate profits before Corporate tax liability Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter1 1 Estimates by Council of Economic Advisers on incomplete NOTE No allowance has been made for inventory valuation taxes and inventory valuation adjustment Detail will not necessarily add to because of rounding Dividend payments Total Undistributed profits p 20 for profits before of Cominerte exeept as noted 21 PERSONAL INCOME Personal income dropped 6 biilion annual rate from March to April 1 billion less than the drop in transfer payments Salaries and wages advanced proprietors income declined BILLIONS OF DOLLARS BILLIONS OF DOLLARS J 1948 A S 0 N D J F M A M J J A S O N D1 J F M A V J SOURCE J A S O N D J F M A M 1950 DEPARTMENT OF COMMERCE Billions of dollars Total personal income Period March April May June July August September October November December 1950 January February March April Proprietors business Salaries wages professional Dividends and other and personal farm labor income interest and rental income Annual rates seasonally adjusted Transfer payments J U6 9 1 Includes veterans insurance dividend 5 4 billion annual rate or 450 million monthly total in January 9 5 billion annual rate V POUI million monthly total in February 10 6 billion annual rate 887 million monthly total in March and 4 1 billion annual rate 345 million monthly total in April 2 Preliminary estimate NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce 22 CONSUMER INCOME SPENDING Payment of the special insurance dividend to veterans during 1st quarter in I960 distorted disposable personal income It accounted for 4 of the increase of 1 billion annual rate Expenditures increased by only 3 billion indicating that the insurance dividend spent slowly Correspondingly consumer saving was temporarily high BILLIONS OF DOLLARS BILLIONS OF DOLLARS ANNUAL TOTALS ANNUAL RATES SEASONALLY ADJUSTED X CONSUM PT ON EXPENDlf URES tt jtt v S W4 SOURCE DEPARTMENT OF COMMERCE Disposable personal income 1 Period Third quarter 196 2 Fourth quarter First quarter Second quarter Third quarter 190 7 Fourth quarter First quarter 1 Income less taxes NOTE Detail will not necessarily add to totals because of rounding Less Personal Equals PerNet saving as sonal net consumption percent of dissaving expenditures posable income Billions of dollars Annual rates seasonally adjusted Source Department of Commerce 23 PERSONAL CONSUMPTION EXPENDITURES Personal consumption expenditures in first quarter of I960 were 1 percent above the peak rate of 4th quarter of 1948 according to revised estimates BILLIONS OF DOLLARS BILLIONS OF DOLLARS NNUAL RATES SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE ECONOMIC A D V I S E R Billions of dollars Personal consumption expenditures Period Nondurable goods Total Durable goods Services Annual rates seasonally adjusted 1948 Third quarter Fourth quarter 1949 First quarter Second quarter Third quarter Fourth quarter First quarter NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce 24 1 PER CAPITA INCOME11 Per capita disposable income including veterans insurance dividend increased in first quarter of I960 both in terms of current dollars and in real purchasing power Without the dividend there was no increase 0 DLLARS 1 600 DOLLA S DOLLARS t Z CURRENT DOLLARS L U LL A COUNCIL OP ECONOMIC ADVISERS Per capita disposable personal income l Current 1948 dollars dollars Annual rates seasonally adjusted Period Third quarterFourth quarter 1949 First quarter Second quarter Third quarter Fourth quarter 1950 First quarter Consumers price index Not adjusted for seasonal variation Income less taxes 2 Current dollars divided 3 by the consumers price index on the base The consumers price index has been roughly adjusted to take account of the understatement from December 1941 February 1947 This adjustment is in line with the report of the Mitchell Committee The unadjusted index will be found on page 3 Sources Department of Commerce and Department of Labor 25 AVERAGE HOURLY EAFiNIN GS SELECTED INDUSTRIES Average hourly earnings in durable goods manufactur ng increcjsed in April In nondurable goods manufacturing the increase was comparatively slight DOLL IRS 1 60 DOLL ARS PER HOUR PER HOUR 1 50 DURABLE MANUFACTURING NONDURABLE sf DOLLARS j zix xy r J CURF ENT DOLLARS r f 4 P r Jc S CURRENT DOLLARS i iiii iiiii f DOLLARS MANUFACTURING t t i i i 1 i i i i II 1 M M i M M I 1 1 M RETAIL TRADE BUILDING CONSTRUCTION t J 1948 DOLLARS J f948 DOLLARS Jj S CURRENT DOLLAF S CURRENT DOLLARS II II l l I I I I 1 1 II i M i i 1r i i i i 0 1 1 i i i 1 1 i i i i i i i i i i i i ii M SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Selected industries All manufacturing Durable goods manufacturing Period Current dollars 1939 monthly average 1943 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1949 March April Mavt J June July August September October November December 1950 January February 4 March 4 April Production and related workers s Not available 26 2 2 Current dollars 1948 dollars dollars Nondurable goods manufacturing Building construction Retail trade Current Current Current dollars dollars 2 dollars dollars 2 dollars dollars a Current dollars divided by consumers price index on base See note 3 to table on page 25 Preliminary estimates Source Department of Labor AVERAGE WEEKLY EA INI FGS SELECTED INDUSTRIES Average weekly earnings in durable manufacturing indus tries ros e 1 26 in April to a record 61 04 The increase partly reflects the overtime cur rently pi evailing in this industrial sector in there was a drop of 84 due to a shorter workweek DOL LARS PER WEEK 65 DOL LARS 60 DURABLE MANUFACTURING 60 I948 DOLLARS Xo RRENT s mS 1948 DOLLARS J 55 PER WEEK NONDURABLE MANUFACTURING r n j t7 50 DOLLARS r CURR ENT DOLLARS i 1 1 I J 1 LLL of M M 1M M 1 M 1949 M i 11M 11 0 iiin M J M I 1 M M RETAIL TRADE BUILDING CONSTRUCTION DOLLARS aC f Vk DOLLAF s 40 V j CURRENT DOLLARS CURRENT D OLLARS TM M M Ml 1I 1 M CURRENT SOURCE i i i i I i i i i i L LJL 1 1 1 M M JJ J IS i T ini I DOLLARS 0 V DEO BY CONSUMERS PR CE INDEX ON BASE OF DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISORS Selected industries All manufacturing Period 1939 monthly average 1943 monthly average 1946 monthly average 1947 monthly average month v average 1949 monthly average 1949 March April May June July August September October November December 1950 January 4 February March 4 April Nondurable goods manufacturing Building construction Retail trade 1948 Current 1948 Current Current Current 1948 Current dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars i For production and related workers Not available Durable goods manufacturing a B i s Current dollars divided by consumers price index on the base See note 3 to table on page 25 Preliminary estimates Source Department of Labor 27 FARM INCOME hcsrmers1 cash receipts in April were 14 percent below April 1949 This brought the average for the first four months of 1950 more than 10 percent below cash receipts in the comparable period of last year prices paid were 2 percent below BILLIONS OF DOLLARS 4 BILLIONS OF DOLLARS 4 I I 48 F I M 1 A SOURCE DEPARTMENT OF AGRICULTURE I J J I A 1 S I 0 1 ND itlClL Of ECONOMIC A D V I S E R S Period 1939 monthly average 1941 monthly average 1942 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1949 March April May June July August September October November December 1950 January February March 4 April 4 I M Includes cash farm income from marketings and Government payments 2 Converted from the reported base to the base Farm income Prices paid by Farm income farmers incl millions of interest taxes millions of current and wage rates 1948 dollars 8 2 dollars Farm income in current dollars divided by prices paid by farmers interest taxes and wage rates Preliminary estimates Source Department of Agriculture 28 CONSUMER CREDIT Total instalment credit continued to advance in April B I L L I O N S OF DOLLARS BILLIONS OF DOLLARS END OF YEAR END OF MONTHCOUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Millions of dollars Total consumer credit outstanding End of period March April May June July August September October November December 1950 January February March April Instalment credit Total Automobile sale credit Other sale credit and loans i Includes single payment loans of commercial banks and pawnbrokers and service credit NOTE Detail will not necessarily add to totals because of rounding Charge accounts Other consumer credit Preliminary estimates Source Board of Governors of the Federal Reserve System 29 MONEY BANKING AND FEDERAL FINANCE BANK LOANS AND INVESTMENTS Commercial bank loans again increased moderately in April as contrasted with last year when during the single month a decline of more than 1 billion was reported Their holdings of Government securities continued to decline BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF YEAR S 1949 O N D J F M A M J J 1949 END A S O N D 1950 OF MONTH S O U R C E BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars all commercial banks m j i lotai loans and investments End of period March April May June July August September October November December 1950 January February March April i Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding 30 Investments Bank loans r Total L U 8 Government securities Other securities Source Board of Governors of the Federal Reserve System MONEY SUPPLY With the end of the seasonally high tax collections in 1st quarter the money supply began to expand again in April BILLIONS OF DOLLARS BILLIONS OF DOLLARS 200 TOTAL DEPOSITS AND CURRENCY EXCLUDING U S GOVERNMENT DEPOSITS END OF Y E A R 1950 END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars Adjusted Total money Currency Time demand outside deposits supply deposits banks February March April May June 81 9 July August September 16b October November December January o February March April Includes demand deposits other than interbank and U S Government less cash items in process of collection 3 Includes deposits in commercial banks mutual savings banks and Postal Savings System 3 NOTE Detail will not necessarily add to totals because of rounding Preliminary estimates Source Board of Governors of the Federal Reserve System End of period 31 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC The cash surplus of about 1 5 billion for the 1st quarter of I960 compares with a surplus of about 3 2 billion for the same quarter of 1949 reflecting a decline of about 900 million in receipts and an increase of 800 million in payments BILLIONS OF DOLLARS X CASH BILLIONS OF DOLLARS RECEIPTS CASH PAYMENTS EXCESS OF CASH RECEIPTS a s1 I H i i EXCESS OF CASH PAYMENTS Q I Q 3 4 SOURCE BUREAU OF THE BUDGET AND TREASURY DEPARTMENT Millions of dollars Calendar years Calendar year total Quarterly total not adjusted for seasonal 1947 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter 1949 First quarter Second quarter Third quarter Fourth quarter First quarter Federal cash receipts from the public l Federal cash payments to the public Excess of receipts or payments Payments of refunds of Government receipts are now reported as deductions from total receipts previously they were reported as expend itures NOTE Detail will not necessarily add to totals because of rounding 2 Preliminary estimates based on incomplete data Sources Treasury Department and Bureau of the Budget For sale by the Superintendent of Documents U S Gov ernment Printing Office Washington 25 D C Price 15 cents per copy 1 75 per year 2 25 foreign 32

Work Stoppages

DATE: June 1950

PART OF:

Economic Indicators : June 1950

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Work Stoppages," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "June 1950," Economic Indicators (June 1950) : 13-13. https://fraser.stlouisfed.org/title/1/item/248/toc/385873 , accessed on December 11, 2019.

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Economic Data