Farm Income

Name: Farm Income
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. 82d Congress 1st Session Economic Indicators JUNE 1951 i 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 JOSEPH C O MAHONEY Wyoming Chairman EDWARD J HART New Jersey Vice Chairman JOHN J SPARKMAN Alabama PAUL H DOUGLAS Illinois WILLIAM BENTON Connecticut ElOBERT A TAFT Ohio RALPH E FLANDERS Vermont ARTHUR V WATKIN TTtah WRIGHT PATMAN Texas FRANK BUCHANAN Pennsylvania RICHARD W BOLLING Missouri JESSE P WOLCOTT Michigan CHRISTIAN A HERTER Massachusetts J CALEB BOGGS Delaware GROVER W ENSLEY 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 ROY BLOUGH PUBLIC LAW 120 81sT 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 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 Contents THE TOTAL OUTPUT OF THE ECONOMY The Nation s Economic Budget Gross National Product 1 2 PRICES Consumers Prices Wholesale Prices Prices Received and Paid by Farmers Stock Prices EMPLOYMENT AND WAGES Civilian Labor Force Nonagricultural Employment Selected Industries Average Weekly Hours Selected Industries Average Hourly Earnings Selected Industries Average Weekly Earnings Selected Industries Work Stoppages PRODUCTION AND 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 PURCHASING POWER National Income Corporate Profits Personal Income Personal Consumption Expenditures Consumer Income Spending and Saving Per Capita Disposable Income Farm Income Consumer Credit MONEY BANKING AND FEDERAL FINANCE 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 buying wave in the first quarter lifted consumer expenditures more than the rise in incomes resulting in a drop in personal net saving Business investment continued at a high level Government receipts increased more than expenditures BILLIONS OF DOLLARS ANNUAL RATES SEASON ALLY ADJUSTED I I J 1 CONSUMERS i i i jiiijiji i i i i i i 1950 FOURTH QUARTER Transfer y payments ij i i iiii i ji iij FIRST QUARTER BUSINESS x iv i960 FOURTH QUARTER i iiij iijjijl FIRST QUARTER INTERNATIONAL 1950 FOURTH QUARTER m 195 FIRST QUARTER 1 GOVERNMENT Federal state and local I960 FOURTH QUARTER Transfer payments ijjiijiijilijiHii FIRST QUARTER 0 F CONSUMERS EXCESS OF RECEIPTS EXPENDITURES FOURTH QUARTER 1951 FIRST QUARTER O m BUSINESS INTERNATIONAL GOVERNMENT Federal state and local 1 W TRANSFER PAYMENTS ARE INC LUDEO JN RECEIPTS OR EXPENDITURES OF THE SEPARATE ACCOUNTS BUT NOT IN THE TOTAt GROSS NATIONAL PRODUCT ON NOTE SEE PAGE 2 FOR THE NATS ECONOMIC BUDGET TOTAL GROSS NATIONAL PRODUCT SOURCE ECONOMIC REPORT OF FHE PRESIDENT JANUARY 1951 APPENDIX C COUNCIL OF ECONOMIC ADVISERS GROSS NATIONAL PRODUCT Gross national product rose at an annual rate of 14 billion in the first quarter to reach a total of 314 billion according to revised estimates About two thirds of the increase reflected higher prices The major changes were higher consumer purchases lower business inventory accumulation and increased Government purchases for the defense programs BILLIONS OF DOLLARS LLIONS OF DOLLARS I C O U N C I L OF ECONOMIC ADVISERS Billions of dollars Personal Total gross consump Gross private Net foreign domestic national tion expend investment investment product itures Period Government purchases of goods and services Total National defense l Other Annual rates seasonally adjusted 1949 First quarter Second quarter Third quarter Fourth quarter IT First quarter Second quarter Third quarter Fourth quarter First quarter Based on Treasury Bulletin break down of Federal budgetary expenditures adjusted to the concept of purchases of goods and services includes national defense and related activities Atomic Energy and Mutual Defense Assistance 2 Residual expenditures by the Federal Government for other than national defense and total expenditures by State and local governments NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce PRICES CONSUMERS PRICES Consumers prices edged up less than 0 1 percent between March 15 and April 15 Housefurnishings and apparel prices and rents moved up slightly while the retail prices of food fuel electricity and refrigeration declined a little PERCENT OF 1935 39 AVERAGE 240 PERCENT OF 1935 39 AVERAGE 240 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A W J J A S O N 0 I946 I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period 1939 monthly average 1943 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1950 April 15 May 15June 15 July August 15 September 15 October 15 November 15 December January 15 February 15 March 15 April 15 May 15 All items Food Apparel Rent Fuel electricity and refrigeration Housefurnishings Miscellaneous i Data became available after chart was prepared NOTE Prices are for moderate income families to large cities Source Department of Labor The index has been revised beginning with January 1940 to correct the downward bias resulting from the failure to take account of the differentials in rent between newly built housing and comparable existing dwellings Certain changes starting with January 1950S in commodity coverage and weighting were linked into the index providing an improved and consistent series WHOLESALE PRICES Wholesale prices during May were slightly lower than in April of the month industrial products continued a very slow decline Farm products showed a rising tendency at the end PERCENT OF 1926 AVERAGE 220 PERCENT OF 1926 AVERAGE SOURCE DEPARTMENT OF LABOR monthly average monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1950 April Ma L AO J v June July August September October November December 1951 January February March April 1 May Week ended 1951 May Estimates based on change in weekly data Source Department of Labor Other than farm products and foods L All commodities Period Farm products Foods PRICES RECEIVED AND PAID BY FARMERS After rising steadily for over a year the index of prices paid by farmers dropped 1 point in May At the same prices received fell 4 points The parity ratio declined for the third successive month PERCENT OF 1910 14 AVERAGE PERCENT OF 1910 14 AVERAGE PRICES RECEIVED PAID INCL INTEREST TAXES AND WAGE RATES PARITY RATIO V i 1 1 I i 0 I I I I I I I I I I I I I I I I I o 1 1 I I I RATIO OF INDEX OF PRICES RECEIVED TO PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE COUNCIL W ECONOMIC ADVISERS Prices paid by Prices farmers including interest Parity ratio received taxes and by farmers wage rates Period 1939 monthly average 1942 monthly average 1944 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average monthly average 1950 April 15 May 15 June 15 July 15 August 15 September 15 October 15 November December January 15 February 15March 15 April 15 May Ratio of index of prices received to index of prices paid interest taxes and wage rates 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 declined generally during May PERCENT OF 1939 AVERAGE 250 PERCENT OF 1939 AVERAGE SOURCE i960 SECURITIES AND EXCHANGE COMMISSION Period Weekly average April May June July August September October November December 1951 January February March April May Week ended 1951 May June Composite1 index COUNCIL Manufacturing Total Durable goods Nondurable goods Transportation Utilities OF ECONOMIC ADVISERS Trade finance and service Mining I Includes 265 common stocks distributed as follows 14 for mining 98 for durable goods manufacturing 72 for nondurable goods manufacturing 21 for transportation 28 for utilities and 32 for trade finance and service 2 Data became available after chart was prepared Source Securities and Exchange Commission EMPLOYMENT AND WAGES CIVILIAN LABOR FORCE Civilian employment increased more than 1 million in May primarily because of the large seasonal jump in agricultural work Unemployment declined still further to 1 6 million a new postwar low level MILLIONS OF PERSONS MILLIONS OF PERSONS 70 UNEMFSLC YMENT AS PERCENT OF CIVILIAN LABOR FORCE n il l m 1948 Ff H i j iil Blii iit n ll liipii i Y E A R S OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Civilian labor force UnemEmployment l Total ployAgricul NonagriTotal ment tural cultural Thousands of persons 14 years of age and over Period 1939 monthly 1944 monthly 1947 monthly 1948 monthly 1949 monthly 1950 monthly average average average average average average 1950 April Mav June July August September October November December 1951 January February March April May Unemployment as percent of total civilian labor force 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 7 NOMAGRICULTURAL EMPLOYMENT SELECTED INDUSTRIES Manufacturing employment in durable goods industries dropped slightly in April as the result of cutbacks in output of such goods as passenger cars and television sets Contract construction rose seasonally Government employment continued to rise Trade showed its customary post Easter decline MILLIONS OF WAGE AND S A L A R Y WORKERS MILLIONS OF WAGE AND S A L A R Y WORKERS DURABLE MANUFACTURING o r i J i F i i M A M i J NONDURABLE MANUFACTURING i J t A i S V i i O N J CONTRACT CONSTRUCTION oP F M A M A M M A J M J A S O N D N D TRADE L J F M i J i F i i J i J i A i S i O S O U R C E DEPARTMENT OF LABOR Thousands of wage and salary workers Manufacturing Period Total 1939 monthly average 1943 monthly average 1946 monthly average 1947 monthlv average 1948 monthly average 1949 monthly average 1950 monthly average 1950 March April May June July August September October November December 1951 January 2 February March 2 April Contract construction Durable Nondugoods rable 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 7 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 3 Preliminary estimates Source Department of Labor 8 AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The workweek in manufacturing industries in April was about an hour longer than a year ago but was a fraction shorter than in March of this year The recent declines reflected the post Easter reductions in the workweek in textiles apparel and leather products HOUF S PER WEEK HOU RS PER WEEK DURABLE MANUFACTURING NONDURABLE MANUFACTURING W x w y X V sr rV X r i rf r i J i I i i 1i i 1 i i t l i RETAIL TRADE BUILDING CONSTRUCTION V vv 36 v I f V V i 34 J I X s s s s i I 1 i IT M i l l TT Hours per week selected industries 3Manufacturing Period 1939 monthly average 1943 monthly average 1946 monthly average 1947 monthly average 1 948 monthly average 1 949 morithl v average 1950 monthly average 1950 March April May June July August September October November December 1951 January 3 February March 3 ADTI i For production and related workers Durable goods Total Not available Nondurable construction Retail trade goods Preliminary estimates Source Department of Labor AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Hourly earnings in nondurable goods industries rose slightly between March and April partly as a result of wage rate adjustments in a number of plants Hourly earnings in durable goods industries remained about the same DOLLARS PER HOUR DOLLARS PER HOUR NONDURABLE MANUFACTURING DURABLE MANUFACTURING r DOLLARS V 1950 DOLLARS v C U R R E N T DOLLARS nmS cu IRENT DOLLARS rr l 1l l 1 1 t i i l l iTl oCL 1948 CURRENT DOI COUNCIL OF ECONOMIC ADVISERS Production and related workers in selected industries All manufacturing i Durable goods manufacturing Nondurable goods manufacturing Building construction Retail trade Period 1950 Current 1950 Current dollars dollars dollars dollars l 1939 monthly average monthly average monthly average monthly average monthly average monthly average monthly average March April 1 434 May 1 442 June July 1 462 August 1 464 September 1 479 October 1 501 November 1 514 December January February 1 560 3 March April i Current dollars divided by consumers price index on base Not available Preliminary estimates Source IDepartment of Labor 10 Current Current dollars dollars l dollars dollars l C Current dollars dollars AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Weekly earnings declined slightly in both durable and nondurable goods manufacturing in April primarily because of the somewhat shorter workweek DOLLARS PER WEEK 65 DOLLARS PER WEEK rr i T i T i T i TI RETAIL TRADE 1950 DOLLARS CURRENT DOLLARS iii rf i T i T I T I T 1951 I COUNCIL OF ECONOMIC ADVISERS Production and related workers in selected industries All manufacturing Durable goods manufacturing Nondurable goods manufacturing Building construction Retail trade Period 1950 l Current Current Current dollars dollars dollars dollars dollars dollars 23 86 average 43 14 average 43 82 average 49 97 average average average 59 33 average October November 63 88 December January February 64 33 March April 1939 monthly 1943 monthly 1946 monthly 1947 monthly 1948 monthly 1949 monthly 1950 monthly 1950 March April May June Julv August September Current Current 1950 dollars dollars 1 dollars dollars i Current dollars divided by consumers price index on base Not available Preliminary estimates Source Department of Labor 11 WORK STOPPAGES The number of stoppages beginning in April was the same as in the two previous months Man days of idleness were less than in March MILLIONS OF MAN DAYS IDLE 20 MILLIONS OF MAN DAYS IDLE COUNCIL OF ECONOMIC ADVISERS Workers involved in stoppages Beginning In effect Monthly Percent of during in average estimated month period thousands working time thousands thousands Man days of idleness during period Period March April May i j June July August September October November December 1951 January February 1 March April i Preliminary estimatesi 12 Number of stoppages Beginning in period In effect during month Source Department of Labor PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION Industrial production was practically unchanged in May from the high level reached in March and April according to preliminary estimates Among the durable goods industries increased output of industrial and munitions machinery was about offset by lower production of consumer durables The small change in production of nondurable goods resulted from the resumption of work in the textile mills PERCENT OF 1935 39 AVERAGE PERCENT OF 1935 39 AVERAGE PRELIMINARY ESTIMATES SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC A D V I S E R S seasonally adjusted Total industrial production Period 1943 monthly 1946 monthly 1947 monthly 1948 monthly 1949 monthly 1950 monthly 1950 April averageaverage average average average average TJ Ci J Mav June July August September October November December 1951 January February March 1 April l May Preliminary estimates IManufacture s Total Durable goods Nonduraable goods Minerals Source Board of Governors of the Federal Beserre System 13 WEEKLY PRODUCTION SELECTED INDICATORS Steel output in May reached the highest weekly rate ever attained The auto industry maintained production at the lower levels established at the beginning of April Electric power production in May reached the lowest weekly levels of 1951 although well above May of last year Bituminous coal mining fell below the average for April and continued below output last year M LLIONS OF TONS 3 MILL ONS OF SHORT TONS DAILY AVERAGE 3 STEEL BITUMINOUS COAL HHSl v v V r I i fj I I J 1 F M 1 A 1 1 M J 1 1 J i A S l O l 1 I I CARS AND TRUCKS A 7 f V s X I i 1 1 A v i t V I i r t f ll W i f I20 j j I t ISO I THOU SANDS 200 ELECTRIC POWER O BILL IONS OF KILOWATT HOURS 8 7 v I X U ii N I I I I I I I I f e I 0 St 3el Period Weekly average April May June July August September October November December 1951 January February March April 3 May Week ended 1951 May June 2 9 Thousands of net tons Percent of theoretical capacity x I f I I I 1 Electric power Bituminous coal by utilities millions of thousands of kilowatt hours short tons 2 f 1 trucks number i Based on weekly net ton capacity of for for for for the first half of beginning July and beginning January Daily average for week 3 Preliminary estimates I A Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior and Ward s Automotive Reports PRODUCTION OF SELECTED MANUFACTURES The rise in machinery output slowed somewhat in April but has since picked up according to preliminary data Production of lumber and products fell along with output of such nondurable goods as textiles and petroleum and coal products Chemicals continued their steady rise PERC ENT OF 1935 39 AVERAGE ADJUSTED FOR SEASONAL VARIATION 300 PERCIINT OF 1935 39 AVERAGE ADJUSTED FOR SEASONAL VARIATION too AT IRON AND STEEL s A y A y WV v i i i xjT 150 X LUMBER s ND PRODUCT S s x lf i y yfyL 1 1 1 I I1 1I M S V V i X V r w VA s FEXTILES AND PRODUCTS i 1 1 1 i i I 1t i 1 1 M 1 I i i rx GHEMi DA L PRODUCTS Y V MANUFACTURE FOOD PRODUCT D NONFERROUS VIE TALS AND PRODU CT s V 1 I 1 1 I 1 i II J Ir Vv Y V V t X K M MACHINERY ISO 100 j v w N 40O 250 V PETROL iL M AND GOAL PRODUCTS I I 1i i M 1 1 1 1 M 11 i i II i I i1 I i i II 1 1 t I i SOURCE BOARD OF GOVERNORS OF THE FEDEtAL RESERVE SYSTEM seasonally adjusted Nondurable manufactures Durable manufactures Period 1943 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1950 March April May June July August September October November December January February March April Preliminary estimates Iron and steel Lumber and products Nonferrous Textiles and Machinery metals and products products Petroleum Manufac Chemical and coal tured food products products products Source Board of Governors of the Federal Reserve System 15 NEW CONSTRUCTION Total new construction seasonally adjusted fell about 140 million in May Private residential outlays decreased more than 150 million from April or 16 percent while other private building and public construction continued to rise SOURCES D E P A R T M E N T OF C O M M E R C E AND DEPARTMENT OF LABOR Millions of dollars seasonally adjusted Period Total new construction 1939 monthly average 1942 monthly average 1944 monthly average 1946 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1950 April Mav j y o j I June Julv August September October November December January February March April 2 Mav Includes public residential construction 2 Preliminary estimates 16 Total private Private construction Residential Other nonfarm Federal State and local Sources Department of Commerce and Department of Labor NEW HOUSING STARTS New housing starts dropped 5 percent from March to April to a level below that of any April during the past three years THOUSANDS OF UNITS THOUSANDS OF UNITS SOURCE DEPARTMENT OF LABOR COUNCIL Of ECONOMIC ADVISERS New nonfarm units started Month January February March ADril May t j June July August September October November December Total Monthly average Preliminar j estimates Source Department of Labor 17 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Nonfarm plant and equipment expenditures in the fourth quarter of 1950 were at a record level 26 percent above those of a year earlier For manufacturing facilities alone the increase was 52 percent There was probably a less than normal seasonal decline in the first quarter of 1951 Business plans to invest at a still higher rate during the rest of this year BILLIONS OF DOLLARS 25 BILLIONS OF DOLLARS S O U R C E S SECURITIES AND E X C H A N G E C O M M I S S I O N AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS 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 First quarter Second quarter Third quarter Fourth quarter First quarter Second Quarter Third quarter Fourth quarter 14r First quarter 3 3 Second quarter Second half i Excludes agriculture Commercial and miscellaneous composed of trade service finance and communication s Estimates for 1951 based on anticipated capital expenditure of business as reported in a survey made during the first quarter of this year 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 18 NEW CORPORATE SECURITY ISSUES In the first quarter of 1951 net proceeds from new security issues again increased sharply amount was used for plant expansion a postwar record level for a first quarter BILLIONS OF DOLLARS 3 0 BILLIONS OF DOLLARS 3 0 I939 SOURCE I943 Over 1 billion of this I948 I949 I950 SECURITIES AND EXCHANGE COMMISSION Millions of dollars Proposed uses of net proceeds New money Estimated net proceeds Period Total 1939 quarterly average 1943 quarterly average 1946 quarterly average 1947 quarterly average 1948 quarterly average 1 949 quarterly average 1950 quarterly average 1948 Fourth quarter 1949 First quarter Second quarter Third quarter Fourth quarter 1950 Firsu quarter Second quarter Third quarter Fourth quarter 1951 First quarter Plant and equipment Working capital Retirement of debt 1 and stock Includes small amount for other purposes 2 Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Securities and Exchange Commission 19 INVENTORIES AND SALES Sales continued to fall and inventories to rise in April at the manufacturing wholesale and retail levels Inventories at each level have been rising since midsummer 1950 and are now at record values All these changes are based on seasonally adjusted data BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL AND MANUFACTURING RETAIL MONTHLY AVERAGE SEASONALLY ADJUSTED x INVENTORIES X V X S L ES I I I I I I I I I I I I I I I I II LJLU i l J H I I I II I I I I I I l 1950 PERCENT OF 1935 39 AVERAGE I949 I I960 I949 I950 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Total business 1 Retail Inven3 InvenSales tories 2 Sales 3 tories 2 Manufacturing Inventories 2 Sales Millions of dollars seasonally adjusted March 52 484 April 52 906 May 53 553 June 54 241 July 53 243 August 54 496 September 56 404 October November December January February March 66 436 April I95I New orders millions of dollars Department stores InvenSales 5 tories seasonally adjusted i Total business includes manufacturing retail and wholesale not shown Indexes computed from data on retail value of sales for month and retail separately in this table book value of inventories end of period a Book value end of period s Not available Monthly average for year and total for month f Preliminary estimates Data for new orders not adjusted for seasonal variation Sources Department of Commerce and Board of Governors of the Federal Reserve Syitemi 20 MERCHANDISE EXPORTS AND IMPORTS Merchandise imports rose by 21 percent and exports by 19 percent in March Imports at 1 100 million were at the highest dollar value on record while exports were the highest in more than two years MILLIONS OF DOLLARS MILLIONS OF DOLLARS RECORDED MERCHANDISE E X P O R T S INCLUDING R E E X P O R T S AND C I V I L I A N SUPPLIES FOR OCCUPIED A R E A S SOURCES DEPARTMENT OF C O M M E R C E DEPARTMENT OF THE A R M Y AND DEPARTMENT OF THE N A V Y Millions of dollars Period 1936 38 monthly average monthly average monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1950 March April May June July August September October November December 1951 January February March Exports Imports Excess of exports imports f Recorded merchandise exports including reexports and civilian supplies for occupied areas Recorded general merchandise imports NOTE Detail will not necessarily add to totals because of rounding Sources Department of Commerce Department of the Army and Department of the Navy 21 PURCHASING POWER NATIONAL INCOME National income rose at an annual rate of 9 billion in the first quarter of 1951 bringing the total to 265 billion according to revised estimates The major part of the increase was in employees compensation but proprietors income also rose substantially ANNUAL RATES SEASONALLY ADJUSTED TOTAL NATIONAL INCOME Billions of dollars Total national income Period Compensation of employees Proprietors business professional Net interest farm and rental income Corporate profits and inventory valuation adjustment Total Profits before taxes Inventory valuation adjustment Annual rates seasonally adjusted 1949 First quarter Second quarter Third quarter Fourth quarter 1950 First quarter Second quarter Third quarter Fourth quarter 1951 First quarter i i Estimates based on incomplete data by Council of Economic Advisers NOTE Detail will not necessarily add to totals because of rounding 22 a Source Department of Commerce except as noted CORPORATE PROFITS Preliminary indications are that corporate profits before taxes in the first quarter of 1951 reached new records BILLIONS OF DOLLARS 5C ANNUAL RATES SEASONALLY ADJUSTED PROFITS BEFORE TAXES J PROFITS AFTER TAXES I J NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Billions of dollars Corporate profits after taxes Corporate profits bef ore taxes Period Corporate tax liability Total Dividend payments Annual rates seasonally adjusted Undistributed profits First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter l Estimates based on incomplete data by Council of Economic Advisers NOTE No allowance has been made for inventory valuation adjustment See p 22 for profits before taxes and inventory valuation adjustment Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted 23 PERSONAL INCOME Personal income rose at an annual rate of 2 billion between March and April Farm income moved up sharply and labor income continued to increase On the other hand nonfarm entrepreneurial income continued to recede from the January level BILLIONS OF DOLLARS 250 BILLIONS OF DOLLARS 250 ANNUAL TOTALS J A S 0 N D 1948 SOURCE DEPARTMENT OF COMMERCE Billions of dollars Period Proprietors income Dividends Business professional and personal Farm interest and rental income Annual rates seasonally adjusted Labor income salaries Total per wages and sonal income other labor income March April May June July August September October November December 1951 January February Marcli April Includes 2 7 billion National Service Life Insurance dividend most of which was paid in the first half of the year Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce 2 24 Transfer payments PERSONAL CONSUMPTION EXPENDITURES Personal consumption expenditures after declining in the last quarter of 1950 increased in the first quarter of this year Afise of 9 billion annual rate brought the total dollar value above the previous record reached during the buying spurt in the third quarter of last year Purchases of durable goods however were substantially below their third quarter level BILLIONS OF DOLLARS JU t i ONS 0 DOLLARS IONS OF ANNUAL TOTALS WM ANNUAL RATES SEASONALLY ADJUSTE TOTAL EXPENDITURES DURABLE GOODS I i PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ftDVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Billions of dollars Personal consumption expenditures Period Nondurable goods Total Durable goods Services Annual rates seasonally adjusted 1949 First quarter Second quarter Third quarter Fourth quarter 1950 First quarter Second quarter Third quarter Fourth quarter 1951 First quarter NOTI Detail will not necessarily add to totals because of rounding Source Department of Commerce 25 CONSUMER INCOME SPENDING AND SAVING Personal disposable income rose at a less rapid rate than expenditures in the first quarter resultins in a drop in personal net saving BILLIONS OF DOLLARS 250 BILLIONS OF DOLLARS PERS PRELIMINARY fSTII SOURCENDEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Disposable personal income 1 Period 1949 First quarter Second quarter Third quarter Fourth quarter 1950 First quarter Second quarter Third quarter Fourth quarter 1951 First quarter Income less taxes NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce 26 Equals Personal net saving Billions of dollars Annual rates seasonally adjusted Less Personal consumption expenditures Net saving as percent of disposable income PER CAPITA DISPOSABLE INCOME Per capita disposable income increased in the first quarter but the quarterly gain dropped below that of the previous two quarters as higher income taxes became fully effective In terms of the purchasing power of the 1950 dollar there was a decline from the fourth quarter level DOLLARS DOLLARS I ANNUAL AVERAGES 1950 DOLLARS J I SOURCES DEPARTMENT OF COMMERCE EXCEPT AS NOTED Total disposable personal income billions of dollars 1 Per capita disposable personal income dollars 1 Period 1950 Current prices prices Current prices Population thousands 3 prices Annual rates seasonally adjusted 1949 First quarter Second quarter Third quarter Fourth quarter 1950 First quarter Second quarter Third quarter Fourth quarter 1951 1 First quarter Income less taxes Dollar estimates in current prices divided by the price index of personal consumption expenditures This price index was based on the Department of Commerce data shifted from 1939 base 3 Provisional intercensal estimates of the population of the United States including Armed Forces overseas takingiint accoinitlthelflnal 1950 Census total population count Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures Source Department of Commerce 27 FARM INCOME Farm income increased more fhan 5 percent in April Thus far this year it has been running well ahead of last year BILLIONS OF DOLLARS 4 BILLIONS OF DOLLARS J F M A INCLUDES CASH FARM INCOME FROM MARKETING AND GOVERNMENT PAYMENTS FARM INCOME IN CURRENT D O L L A R S DIVIDED BY PRICES PAID BY FARMERS INTEREST TAXES AND WAGE RATES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF A G R I C U L T U R E Period 1939 monthly average 1941 monthly average 1944 monthly average monthly average 1947 monthly average 1948 monthly average monthly average 1950 monthly average 1950 March AprilMay June Julv August September October November December 1951 January February March 4 April Farm income Prices paid by Farm income farmers incl millions of interest taxes millions of current1 and wage rates 1950 dollars 3 2 dollars Includes cash farm income from marketings and Government payments 2 Converted from the reported base to the base 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 Consumer credit outstanding decreased about 250 million during April decline It was the fourth consecutive monthly BILLIONS OF DOLLARS BILLIONS OF DOLLARS J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D 1950 END OF MONTH 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 1951 January February March 2 April Instalment credit Total Automobile sale credit Other sale credit and loans Charge accounts Other consumer credit l Includes loans by pawnbrokers service credit and single payment loans under 3 000 made by commercial banks The single payment loan item was revised in November to exclude loans over 3 000 See Federal Beserve Bulletin for November 1950 pages Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Keserve System 29 MONEY BANK LOANS Bank loans and investments declined 300 million during April The drop was entirely accounted for by decreased holdings of U S Government securities There was no change in loans or investment in other securities BILLIONS OF DOLLARS BILLIONS OF DOLLARS ISO I END OF YEAR I960 END OF MONTH COUNCIL OF ECONOMIC ADVISERS Billions of dollars all commercial banks rri 4 i lotal loans and investments End of period March April May June July August September October November December January February March April i Bank loans Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 30 Total Investments U S Government securities Other securities MONEY SUPPLY The privately held money supply increased 800 million during April following three months of substantial declines The principal cause of the rise was the shift of funds out of Government bank deposits BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL DEPOSITS ADJUSTED AND CURRENCY PRIVATELY HELD MONEY SUPPLY S 0 N D END OF YEAR I960 END OF MONTH 1951 COUNCIL OF ECONOMIC ADVISERS Billions of dollars End of period March April May LJ J June July August September October November December 1951 January February March April 5 Total deposits and currency U S Government deposits Deposits adjusted and currency privately held money supply 2 Total Currency outside banks Adjusted demand deposits Time deposits Includes U S Government deposits at Federal Reserve banks commercial and savings banks and U S Treasurer s tame deposits open account 2 Includes deposits and currency held by State and local governments Includes demand deposits other than interbank and U S Government less cash items in process of collection Includes deposits in commercial banks mutual savings banks and Postal Savings System but excludes interbank deposits 8 Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Eeserve System 31 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the first quarter of 1951 cash receipts from the public exceeded payments by nearly 6 9 billion receipts was greater than that in any previous quarter BILLIONS OF DOLLARS 20 I The excess of BILLIONS OF DOLLARS 20 16 RECEIPTS 12 CASH PAYMENTS EXCESS OF CASH RECEIPTS m EXCESS OF CASH PAYMENTS I i 1948 PRELIMINARY I960 CALENDAR YEARS ESTIMATES S O U R C E B U R E A U O F T H E B U D G E T A N D TREASURY COUNCIL DEPARTMENT OF ECONOMIC ADVISERS Millions of dollars Federal cash receipts from the public Calendar year total i Quarterly total not adjusted for seasonal variation 1948 First quarter Second quarter Third quarter Fourth quarter 1949 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter 1951 First quarter l i Preliminary estimates based on incomplete data Sources Treasury Department and Bureau of the Budget Federal cash payments to the public Calendar year Excess of receipts or payments NOTE Detail will not necessarily add to totals because of rounding For sale by the Superintendent of Documents TJ S Government Printing Office Washington 25 D C Price 15 cents per copy 1 75 per year 2 25 foreign 42

Farm Income

DATE: June 1951

PART OF:

Economic Indicators : June 1951

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-. "Farm Income," 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 1951," Economic Indicators (June 1951) : 31-31. https://fraser.stlouisfed.org/title/1/item/260/toc/369374 , accessed on December 8, 2019.

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Economic Data