Bank Loans and Investments

Name: Bank Loans and Investments
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

PREVIOUS | NEXT

In order to view this PDF, you must have Javascript enabled in your browser.
The following is plain-text output generated by Optical Character Recognition. 83d Congress 1st Session Louis Public Library REFERENCE OEP1 Economic Indicators OCTOBER 1953 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 JESSE P WOLCOTT Michigan Chairman PvALPH E FLANDERS Vermont Vice Chairman RICHARD M SIMPSON Pennsylvania HENRY O TALLE Iowa GEORGE H BENDER Ohio EDWARD J HART New Jersey WRIGHT PATMAN Texas RICHARD BOLLING Missouri ARTHUR V WATKINS Utah BARRY GOLDWATER Arizona FRANK CARLSON Kansas JOHN J SPARKMAN Alabama PAUL H DOUGLAS Illinois J WILLIAM FULBRIGHT Arkansas GROVER W ENSLEY Staff Director JOHN W LEHMAN Clerk COUNCIL OF ECONOMIC ADVISERS ARTHUR F BURNS Chairman NEIL H JACOBY 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 ii Contents THE TOTAL OUTPUT OF THE ECONOMY Page The Nation s Economic Accounts Gross National Product 1 2 PRICES Consumer 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 PRODUCTION AND BUSINESS ACTIVITY Industrial Production Weekly Production Selected Indicators Production of Selected Manufactures Gross Private Domestic Investment Expenditures for New Plant and Equipment New Construction New Housing Starts Inventories and Sales Merchandise Exports and Imports PURCHASING POWER National Income Corporate Profits Personal Income Consumer Income Spending and Saving Per Capita Disposable Income Farm Income CREDIT MONEY AND FEDERAL FINANCE Bank Loans and Investments Consumer Credit Bond Yields and Interest Rates Money Supply Federal Budget Receipts and Expenditures Federal Cash Receipts From and Payments to the Public THE TOTAL OUTPUT OF THE ECONOMY THE NATION S ECONOMIC ACCOUNTS Economic activity generally continued at a high level in the third quarter as shown by the major national economic accounts BILLIONS OF DOLLARS ANNUAL TOTALS SEASONALLY ADJUSTED ANNUAL ROTES CONSUMERS SAVING ZOO DISPOSABLE INCOME X EXPENDITURES BUSINESS 100 INVESTMENT 50 EXCESS OF GROSS RETAINED EARNINGS GOVERNMENT FEDERAL STATE AND LOCAt EXPENDITURES FOR GOODS AND SERVICES 50 EXCESS OF RECEIPTS RECEIPTS LESS TRANSFER PAYMENTS I 1941 I 43 I I 45 I I 47 I I I95Z i INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT 2y INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT AND CAPITAL CONSUMPTION ALLOWANCES 2 PRELIMINARY ESTIMATES NOTE THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES OR GROSS NATIONAL PRODUCT BECAUSE OF STATISTICAL DISCREPANCIES FOR EXPLANATION AND USE OF THIS ARRANGEMENT SEE SENATE REPORT NO 1295 JOINT ECONOMIC REPORT PP IO5 AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT JANUARY 1953 APPENDIX A SOURCES DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS COUNCIL OF ECONOMIC ADVISERS GROSS NATIONAL PRODUCT Preliminary estimates for total output of goods and services indicate a very slight decline in the third quarter A decrease occurred in the rate of business inventory accumulation and in government expenditures for national security programs The rise in consumer expenditures did not quite offset these declines BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS SO ZOO ISO I94T PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Government purchases of goods and services Personal Gross Federal conTotal Net private foreign sump domestic gross Less State tion invest Total national and Total National Other Govern local product expend invest ment security ment ment itures sales HI a R Seasonally adjusted annual rates 1952 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter i Includes expenditures for military services international security and foreign relations except foreign loans development and control ot atomic energy promotion of the merchant marine promotion of defense production and economic stabilisation and civil defense far further details see Annual Economic Report of the President January 1953 p 165 and Surety of Cwrfnt Pi ri M3 July 1953 p 10 Preliminary estimates by Council ol Economic Advisers Source Department of Commerce except as noted NOTE Detail will not necessarily add to totals because of rounding PRICES CONSUMER PRICES Ihc index of consumer prices continued slishtly upward between mid July and mid August with a rise of 0 3 percent Largely responsible for the advance were increases of 0 3 percent for food 0 7 percent for transportation and 1 0 percent for rent Apparel was the only major group with lower average prices for the month INDEX INDEX I947 49 IOO I I I I I I I 1953 COUNCIL OF ECONOMIC ADVISERS All items Period monthly average monthly average monthly average monthly average monthly average monthly average monthly average June 1951 monthly average 1952 monthly average 1952 July August September October November December 1953 January Aoril May July August Food Housing Total Transportation Kent Apparel Reading Other Medical Personal and goods care care recreaand tion services i The new base is in compliance with N o t recommendations of the U S Bureau of the Budget Beginning with January 1953 the index structure has been changed available Source Department oj Labor q WHOLESALE PRICES In September wholesale prices on the average were about the same as in August Prices of farm products rose processed food prices dropped somewhat during the last half of the month and industrial prices were relatively stable INDEX INDEX LJ 7 ALU COMMODITIES V N I y I I I I I I I I I II COUNCIL OF ECONOMIC ADVISERS All commodities Period Not available Source Department of Labor HI monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average June 1951 monthly average 1952 monthly average 1952 July August September October November December 1953 January February March April May June July August Week ended September Other than farm products and foods industrial Farm products 97 9 Processed foods Data or week nearest middle of month plotted as estimate for month PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers dropped almost 1 percent between August 15 and September 15 Largely responsible for the drop were lower prices for commercial truck crops beef cattle and lambs these declines were only partially offset by higher prices for milk wheat citrus fruit tobacco eggs and hogs Prices paid by farmers also declined about 1 percent and the parity ratio was unchanged INDEX INDEX MOO 350 3 SO PARITY INDEX PRICES PAID INTEREST TAXES AND WAGE RATES I RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX COUNCIl C fCONOMIC ADVISERS Prices pai 1 for items use d i n Period Living monthly monthly monthly monthly average average average average 243 June monthly average 1952 monthly average 1952 August 15 September 15 October 15 November 15 December January 15 February 15 March 15 April 15 May 15 June 15 July 15 August 15 September Parity index prices paid Prices received by farmers Production and wage rates Parity ratio i Kstio of index of prices received by farmers to parity index Includes wartime subsidy payments paid on beef cattle sheep Iambs milk and butterfat between October 1943 and June 1946 Source Department ol Agriculture SfOCK PRICES Stock prices of all major industrial groups after dropping sharply during the first half of September rallied somewhat during the last half of the month INDEX INDEX OO 30O 250 I I9404I IS 46 IT 48 49 SO 61 52 J F M A M J I I SI Weekly average June September October November December 1953 January February March April May June July August September Week ended 1953 September s October 2 I I I I I I I I sn 1953 SWUM SCCUItniEl l c 6XCHM8E Period I J F M f l M J J A S O N D J A S 0 N D COUNCll OF ICONOMJC ADVISES Conte posite index Manufacturing Total Durable goods Nondurable goods Transportation Trade finance Utilities and service Mining i Includes 266 common stools distributed ss follows 14 tor mining 88 for durable goods mamifacturing 72 for nondurable goods manufacturing 21 lor transportation 28 for utilities and 32 for trade finance and service Indexes are for weekly closing prices Data became available after ehart was prepared Source Securities and Exchange Commission EMPLOYMENT AND WAGES CIVILIAN LABOR FORCE Employment of 62 3 million in September was the same as that of September of last year and unemployment of 1 2 million or 2 0 percent of the civilian labor force was lower The fact that September employment was about a million below August was due to the usual return of students to school MILLIONS OF PERSONS 70 PERCENT 20 t N IMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE n i rrrrr jn rr 1951 i t ri T O 4 n i YEARS OF AGE flND OVER COUNCil OF ECONOMIC ADVfSERS SOURCE DEPARTMENT OF COMMERCE Period 1939 monthly average monthly average 1947 monthly average 1948 monthly average1949 monthly average 1950 monthly averageJune 1951 monthly average 1952 monthly average 1952 August September October November December 1953 JanuaryFebruary March April May June July August September Total labor force including armed forces f2 Civilian labor force UnemEmployment l Total ployAgricul N onagriTotal ment tural cultural Thousands of persons 14 years of age and over Unemployment as percent of total civilian labor force n 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 1industrial disputes Not available NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce NONAGRICULTURAL EMPLOYMENT SELECTED INDUSTRIES The employment gains reported by many nonagricultural industries in Augusi were less than usual though manufacturing employment especially in durables was well above its level of the same month of the previous year Federal Government employment continued its downward course but owing to the rise of Stale and local government employment aggregate government employment was slightly above the level of 1952 MILUON5 OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS NONDURABLE MANUFACTURING DURABLE MANUFACTURING I J F M I A M 1 I J J A S O N Q O CONTRACT CONSTRUCTION t J J F L M I i 1 M I J 1 J 1 A S O N D WHOLESALE AND RETAIL TRADE COUNCIL OF ECONOMIC ADVISED Thousands of wage and salary workers Manufacturing Period Total 1939 monthly average 1943 monthly average 1948 monthly average 1949 monthly average 1950 monthly average June 1951 monthly average 1952 monthlv average 1952 August September October November December 1953 January Pebru ary March April May June July 2 August Durable Nondugoods rable goods Contract Wholesale Finance construc and retail service etc tion trade Government Federal State local Transportation and public utilities ti i5f J Mining Bevised series see Employment and Payrolla April 1953 Includes all full and part time wage and salary workers In nooagr Irullmul imtatiltabments who worked during or received pay for any part of the pay period ending nearest the 15th of the month Excludes proprietors self employed mr rnis ilomrattc servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment nf ttir civ titan Intmr force reported by the Department of Commerce p 7 which include proprietors self employed persons and domestic servants whtcn mum t rmiu rmiihoml when they are not at work because of industrial disputes and which are based on an enumeration of population whereas the estimates In tht tubU r law I un reports from employing establishments i Preliminary estimates ouro Department of Labor 8 AVERAGE WEEKLY HOURS SELECTED INDUSTRIES There was a less than seasonal increase in the average length of the manufacturing workweek in August but reported overtime continued to be widespread The August workweek of 40 5 hours equaled that offAugust a year before and was only about 2 hour below the post World War II peak for the month reached in 1950 jj HOURS PER WEEK HOURS PER WEEK NONDURABLE MANUFACTURING DURABLE MANUFACTURING I i i 1 1 il I fi i i i i I i i i i BUILDING CONSTRUCTION RETAIL TRADE I ij I i I 1 I 1 1 1 Li SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVBEKS Hours per week for production workers or nonsnpervisory employees Manufacturing 1 Period Total 1939 monthly average 1943 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average June 1951 monthly average monthly average 1952 July August Rp ptfirphflr October November December 1 953 January February MarchApril May June 3 Julys Ausust Durable goods Building Nondurable construction Retail trade goods Source Department ot Labor Revised series see Employments and Payrolls April 1953 Preliminary estimates Data beginning with January 1948 are not strictly comparable with those for earlier periods Not available AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Average hourly earnings including overtime and other premium pay were unchanged in August from the July rate of 1 77 Since August 1952 there has been a rise of 11 cents DOLL SRS PER HOUR 2 50 DOLL RS PER HOUR 2 00 BUILDING CONSTRUCTION DURABLE MANUFACTURING Tt PRICES y PRICES 2 30 P f S S JF V yf CURRENT PRICES CURRENT PRICES O i L L r i r i i J i i t r i 1 i i i i i I i r i t i i i i i ii 1 1 I TI r I95Z NONDURABLE MANUFACTURING RETAIL TRADE PRICES 1952PRiCES J rv CURRENT PRICES X 1 40 CURRENT PRICES 0 i 4 JO 1 30 1 M 1 t t r 1 1 1 1 t 1 1 i T r 1 1 t I 1 1 1 1 t E 1 i r i i iTi 0 Tl 1 1 1 1 I l U f t i I i f 1 i i i i i Y i i i I i i r r i i 195O EARNINGS IN CURRENT PRICES QWIQEQ BY CONSUMER PRICE INDEX ON BASE ss SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees All manufacturing Period 1939 monthly average 1943 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average June 1951 monthly average 1952 monthly average 1952 July August Sep tember October November December 1953 January February March ApriL May June44 July 4 August Current 1952 2 prices prices Building Durable goods Nondurable goods Eetail trade construction manufacturing manufacturing Current Current 1952 2 Current Current 1952 prices prices prices prices prices prices 2 prices prices Revised series see Employment and Payrolls April 1953 3 Earnings in current prices divided by consumer price index J on base Data beginning with January 1948 are not strictly comparable with those or earlier periods 10 i Preliminary estimates Not available Source Department of Labor AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings in manufacturing indusiries rose slightly in August to 71 69 or 4 46 more than in August last year DOLLARS PER WEEK DOLLARS PER WEEK DURABLE MANUFACTURING BUILDING CONSTRUCTION NONDURABLE MANUFACTURING 50 o IT i i i i I i i i i i 1350 i ii i I 1 1 1 i iTi i i 1 1 I 11 11T1 o H I l i i I ii 11 i 1951 EARNINGS IN CURREN COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT or LABOR For production workers or nonsupervisory employees J All manufacturing Period 1939 monthly average 1943 monthly average1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average June 1951 monthly average 1952 monthly average 1952 JulyAugust September October November December 1953 January February March April Mav June 4 Julv 4 August Current prices prices L Nondurable goods manufacturing Current 1952 prices prices a 1952 Current prices prices 2 1952 Current 1952 Current prices prices prices prices i Bevlsed series see Employment and Payrolls April 1963 i Earnings to current prices divided by consumer price index on base Data beginning with January 1948 are not strictly comparable with those lor earlier periods Building construction Durable goods manufacturing Preliminary estimates Not available Source Department Labor Ketail trade PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of indusfrial production dropped slightly in September according to preliminary estimates Output of nondurable goods was maintained at the high August level while production of durable goods and minerals declined slightly INDEX 193S 39HOO 400 INDEX ADJUSTED FOR SEASONAL VARIATION DURABLE MANUFACTURES NONDURABLE MANUFACTURES I S3 I I I I I I I I I I J F M A M J J A S O N D J F U A M J J A S O N D J F M A M J J A S 0 N D PRELIMINARY ESTIMATES SOURCE BOARD OF QOVCRNOR3 OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Period 1943 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average June monthly average 1952 monthly average 1952 August September October November December 1953 January February March April May June July 1 August September Preliminary estimates Total industrial production Manufactures Total Durable goods Nondurable goods Minerals Source Board of Governors of the Federal Reserve System WEEKLY PRODUCTION SELECTED INDICATORS While output of steel during September remained high it dropped to the lowest level this year Motor vehrcle assemblies were curtailed still further Electric power generation though moderately lower because of cooler weather was above a year earlier MILLIONS OF SHORT TONS DAILY AVERAGE MILLIONS OF TONS 3 BITUMINOUS COAL STEEL fE r5f Hr f s J 1 F j i I M A M J J i A i S i i G N D LIONS OF KILOWATT HOURS THOUSANDS 200 J F M A M J I A S O N D J F M A M g J SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARCfS AUTOMOTIVE REPORTS St jel Period Thousands of net tons Weekly average 1950 June August September October November December S O N D COUNCIL OF ECONOMIC ADVISERS Bituminous thousands of millions of kilowatt hours short tons 2 Cars and trucks number January February March April May June July August 3 September Week ended 1953 September October Electric power Percent of theoreticalJ capacity A Oil Percent of capacity based on weekly net ton capacity of for the first half of beginning July beginning January 1 1961 J a beginning January 1 1952 and beginning January 1 1953 Daily average for week Preliminary estimates Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior and Ward s Automotive Reports 1 Q53 3 PRODUCTION OF SELECTED MANUFACTURES n August the output of machinery and lumber exceeded the low July level while production of most other durable gpods dropped further Among fhe nondurable manufacturing industries there was a marked recovery in August I OO ADJUSTED FOR SEASONAL VARIATION INDEX MOO AD JUSTED FOR SEASONAL VARIATION 300 PE COAL PRODUCTS TEXTILES AND PRODUCTS I IIIIIi M I I CHEMICAL PRODUCTS NONFERROUS METALS AND PRODUCTS MANUFACTURED FOOD PRODUCTS I i I I I I i I I II I94i COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Nondurable manufactures Durable manufactures Period 1943 monthly average 1946 monthly average 1947 monthly average 1948 monthly average monthly average 1950 monthly average June 1951 monthly average 1952 monthly average July August SeptemberOctober November December 1953 January February March April May June July l Aueust Preliminary estimates 14 Iron and steel Nonferrous Textiles Lumber and and Machinery metals and products products products Petroleum Manufac Chemical and coal tured food products products products Source Board ol Governors of the Federal Reserve System GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment decreased 3 billion seasonally adjusted annual rate according to preliminary estimates A lower inventory accumulation rate accounted for most of the drop Residential construction was slightly lower while both nonresidential construction and investment in producers durable equipment were maintained at the high levels of the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS TO 70 ANNUAL TOTALS V PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIl OF ECONOMIC ADVISERS Billions of dollars Total gross private domestic investment Period New construction Residential nonfarm Total Other Producers durable equipment Change in business inventories Seasonally adjusted annual rates 1952 First quarter Second quarter Third quarter Fourth quarter 1953 First quarter Second quarter Third quarter i Preliminary estimates by Council of Economic Advisers NOTE Detail will not necessarily add to totals because ol rounding Source Department of Commerce except as noted 15 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans indicate that a new high of 28 4 billion seasonally adjusted annual rate may be reached in new plant and equipment expenditures for the third quarter According to present indications the 1953 total will run 5 percent above 1952 Railroads are the only major group reporting a decline for the year BILLIONS OF DOLLARS BILLIONS OF DOLLARS I9SI SEE NOTE 4 ON TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCES SECunrriES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE Billions of dollars Transportation Mining Durable NonduraRailroads Other goods ble goods Manufacturing Total Period Total Public utilities Commercial and other a 12 Seasonally adjusted annual rates 1952 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter J Excludes agriculture Commercial and other includes trade service finance communications and construction Not available Estimates for third and fourth quarters based on anticipated capita expenditures reported by business in August 1953 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 Detail will not necessarily add to totals because oJ rounding Sources Securities and Exchange Commission and Department of Commerce NEW CONSTRUCTION Expenditures for new construction seasonally adjusted showed a slight upturn in September primarily because of higher public expenditures In the private sphere outlays for nonresidential construction were fractionally higher while those for residential nonfarm building were down for the third consecutive month Total public and private exoenditures thus for this year continue to run about 8 percent above those for the corresponding period of last year BILLIONS OF DOLLARS 3 5 BILLIONS Of DOLLARS 13 5 ADJUSTED FOR SEASONAL VARIATION 1 5 PRIVATE RESIDENTIAL NONFARM BOTHER PRIVATE FEDERAL STATE AND LOCAL I J I I J J 1952 J 1953 COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF L ABOR Millions of dollars seasonally adjusted Total new construction Period 1939 monthly average 1942 monthly average 1944 monthly average 1946 monthly average 1943 monthly average 1949 monthly average 1950 monthly average June monthly average 1952 monthly average1952 August September October November December 1953 January February March April May June July August 3 September 1 Revised series beginning with 1950 2 Includes public residential construction 3 Preliminary estimates Private construction Residential Total Other nonfarm private Federal State and local Sources Department of Commerce and Department of Labor II NEW HOUSING STARTS Housing starts declined again in August but at a slower rate than in the two preceding months New starts totaled 94 000 bringing the January August total to or about the same as in the corresponding periods of 1951 and 1952 On a seasonally adjusted annual rate basis private starts in August dropped to the lowest level in 2 years THOUSANDS OF UNITS THOUSANDS OF UNITS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISEBS All new nonfarm housing units started Period Total Annual totals Monthly average July August September October November December 1953 January February March April May 1 June July August i Preliminary estimates 18 SourceiDepartment of Labor Public Private Seasonally adjusted annual rates private INVENTORIES AND SALES The increase in business inventories seasonally adjusted in August was at a less rapid rate with most of the rise occurring in manufacturers stocks Total business sales fell despite a rise at the wholesale level Manufacturers new orders declined noticeably BILLIONS OF DOLLARS BILLIONS OF DOLLARS I95O WHOLESALE MANUFACTURING AND RETAIL COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total business Period Inventories J Retail Sales Inventories 3 Sales Manufacturing Inventories Sales Department stores New orders Millions of dollars seasonally adjusted June July August September October November December January February March April May JuneJuly August InvenSales1 tories 4 Index seasonally adjusted Also includes wholesale not shown separately in this table Eevised series beginning with 1951 not comparable with previous data Book value end of period Bee Survey of Current Business September and November 1952 for detail Monthly averase for year and total for month Preliminary estimates Book value end of period except annual data which are monthly averages Source Department ol Commerce and Board of Governors of the Federal Eeserve System 19 MERCHANDISE EXPORTS AND IMPORTS Total exports declined in July despite a boost in U S military aid shipments but exceeded the figure for the corresponding month of 1952 Merchandise imports also dropped The gap between commercial exports that is exports exclusive of grant aid shipments and imports continuing to narrow reached a low for the year MILLIONS OF DOLLARS MILLIONS OF DOLLARS MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS J 1953 COUNCIl Of ECONOMIC ADVISERS Millions of dollars Merchandise exports Period monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average June 1951 monthly average 1952 monthly average 1952 July August September October November December 1953 January February March April May June July 20 Total Grant aid shipments Excluding grant aid shipments Merchandise imports Department of Defense shipments of grant aid military equipment and supplies under the Mutual Security Program Shipments began in July 1950 For the year 1950 total grant aid shipments amounted to 282 million dollars NOTE Detail will not necessarily add to totals because of rounding Sources Department of Commerce and Department of Defense Excess of exports rta f or impo rlS Total Excluding grant aid shipments a PURCHASING POWER NATIONAL INCOME Continued high employment and increased wage rates in private industries accounted for the third quarter rise in compensation of employees according to preliminary estimates There was also a small rise in net interest receipts and in rental independent business and professional incomes The income of farm proprietors was lower BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS 350 CORPORATE PROFITS AND INVENTORY EVALUATION ADJUSTMENT 250 ISO PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL Of ECONOMIC ADVISERS Billions of dollars Period Total national income Compensation of employees i2ao Corporate profits and inventory valuation adjustment Proprietors business professional farm and rental income Net interest i Total ias Profits before taxes Inventory valuation adjustment a Seasonally adjusted annual rates 1952 First quarter Second quarter Third quarter Fourth quarter 1953 First quarter Second quarter Third quarter Preliminary estimates by Council of Economic Advisers Not available NOTE Detail will not necessarily add to totals because ol rounding Source Department ol Commerce except as noted 21 CORPORATE PROFITS Aggregate corporate profits both before and after taxes are estimated to have been distinctly higher during the first half of this year than in the first half of 1952 but lower than during the corresponding period of 1951 BILLIONS OF DOLLARS BILLIONS OF DOLLARS I I96E NO ALLOWANCE FOH INVENTORY VALUATION ADJUSTMEWT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC AOVISTRS Billions of dollars Corporate profits before taxes Period Corporate tax liability 1 5 ia Corporate profits after taxes Total Dividend payments Undistributed profits ai Seasonally adjusted annual rates 1952 First quarter Second quarter Third quarter Fourth quarter First quarter 1 Second quarter Preliminary estimates by Council o Economic Advisers NOTE See p 21 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 22 PERSONAL INCOME On a seasonally adjusted basis personal income dropped slighfly from 287 5 billion annual rate in July to 287 0 billion in August The decrease occurred almost entirely in salaries and wages BILLIONS OF DOC LARS 300 BILLIONS OF DOLLARS 30O SOURCE DEPARTMENT OF COMMERCE June August September October November December 1953 January February March April May J ic j June July 3 August COUNCIl OF ECONOMIC ADVISERS Total personal income Period Billions of dollars Proprietors income Labor income salaries Dividends Business wages and professional and personal Farm other labor interest and rental income 1 income J Seasonally adjusted annual rates Transfer payments Excludes social insurance contributions of employees and beginning January 1952 of self employed persons Includes 2 7 billion National Service Life Insurance dividend most of which was paid in ttie flrst half of the year Preliminary estimates Source Department of Commerce NOTE Detail will not necessarily add to totals because of rounding 23 CONSUMER INCOME SPENDING AND SAVING Disposable personal income and consumer spending rose by approximately equal amounts rrrthe third quarter according to preliminary estimates Personal savins w s practically unchanged and was again about 7 percent of disposable income BILLIONS OF DOLLARS 300 BILLIONS OF DOLLARS 300 eso ISO ISO PERSONAL INCOME LESS TAXES PRELIMINARY ESTIMATES BV COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE feXCEPT AS NOTED Disposable personal income1 Period COUNCIL Of ECONOMIC ADVlSCtt Less Personal consumption expenditures Total Durable goods Nondurable goods Services Equals Personal net saving Net saving as percent of disposable income Billions of dollars isa me a Seasonally adjusted annual rates 1952 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Income less taxes NOTE Detail will not necessarily add to totals because of rounding 24 ai Preliminary estimates by Council of Economic Advisers Source Department of Commerce except as noted PER CAPITA DISPOSABLE INCOME Per capita disposable income continued to increase to a new record high in the third quarter according to preliminary estimates It was nearly 4 percent above the third quarter of last year adjusted for price changes it was over 2 percent higher DOLLARS 2 000 DOLLARS E OOO SEASONALLY ADJUSTED ANNUAL RATES ANNUAL AVERAGES 1952 PRICES CURRENT PRICES OO I I I j SEE NOTE 2 ON TABLE BELOW PRELIMINARY ESTIMATES SOURCES DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS J COUNCIl Of ECONOMIC ADVISERS Total disposable personal Per capita disposable perincome billions of dollars 1 sonal income dollars 1 Period Current prices J prices Current prices prices Population thousands Seasonally adjusted annual rates 1952 First quarter Second quarter Third quarter Fourth quarter 1953 First quarter Second quarter Third quarter 4 1 Income less taxes Dollar estimates in current prices divided by an over all implicit price index for personal consumption expenditures Tils price index is based on Department of Commerce data shifted from a 1939 base s Including armed forces overseas Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures Preliminary estimates Sources Department ot Commerce and Council of Economic Advisers FARM INCOME Farm income rose again in August reflecting the seasonal increase in marketings For the first 8 months of this year farmers have received 17 8 billion from marketings or about 6 percent less than in the corresponding period of 1952 BILLIONS OF DOLLARS BILLIONS OF DOLLARS S A S 0 N D I9S3 RM INCOME IN CURRENT PRICES DIVIDED BY PARITY INDEX ON BASE NOTE FARM INCOME INCLUDES CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Parity index Farm income prices paid Farm income millions of Period interest taxes millions of current and wage rates 1952 dollars dollars monthly average monthly average monthly average monthly average monthly average June monthly average July September April May June 5 July August 26 i Converted from the reported base to the base i Farm income in current dollars divided by parity index on base s Prel minary estimates NOTE Farm income includes cash receipts from marketings and Government payments Source Department of Agriculture CREDIT MONEY AND FEDERAL FINANCE BANK LOANS AND INVESTMENTS The expansion of bank loans in August resulted from a seasonal increase in business loans However the rise in loans was more than offset by a decline in investments reflectin9 a decrease in holdinss of U S Government securities BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH END OF YEAR SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars All commercial banks June July August September October November December 1953 January February March April May June July 2 August Investments Total loans and investments End of period Bank loans Total i Commercial industrial and agricultural loans revised series begtantag January 1982 NOTE Detail mil not necessarily add to totals because of rounding U S Government securities Other securities Weekly reporting member banks business loans l i Preliminary estimates Source Board of Governors of the Federal Reserve System 27 CONSUMER CREDIT Consumer credit outstanding at the end of August totaled 27 4 billion or 217 million higher than a month earlier All types of credit except charge accounts expanded with instalment credit largely for automobiles continuing to account for the major part of the increase However the rise in automobile credit was at a less rapid rate than in any month since September 1952 BILLIONS OF DOLLARS 50 BILLIONS OF DOLLARS I960 END OF YEAR 1951 I SS 1952 END OF MONTH SOURCE BOARD OF GOVERNORS ep THE FEDERAL RESERVE SYSTEM End of period June 1952 July August September October November December 1953 January February March April Mav J J O J June July 4 August Total consumer credit outstanding COUNCIL OF ECONOMIC ADVISERS Millions of dollars Instalment credit Total Automobile paper l Other Repair and consumer moderni Personal loans zation goods loans paper Noninstalment credit Total Charge accounts i Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased 1 Includes only such loans held byfinancialinstitutions those held by retail outlets are included in other consumer goods paper Single payment loans and service credit Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Board of Gpyemors of the Federal Reserve System 28 Other BOND YIELDS AND INTEREST RATES Yields on 3 monfh Treasury bills continuing to decline throughout September reached a 19 month low the last of the month The decrease in yields on long term Government bonds during the last of the month resulted in the lowest monthly average since April PERCENT PER A N N U M 3 5 PERCENT PER A N N U M 3 5 COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Government security yields Period September October November December January February March April May June July August September Week ended 1953 September October 3 month Treasury bills i Taxable bonds 2 Old series New series Corporate Aaa bonds Moody s Prime commercial paper 4 6 months Kate on new issues within period 2 Old series 2U nernent bonds IK vnarc onri ntror n Jnr fn Anvil 1QS9 finfl T vpars and over beffinnine in Anril New series 3U nernftnt bnnds of ve System MONEY SUPPLY Each of the components of the privately held money supply rose in Ausust but the 400 million increase in the total was due mainly to an increase in time deposits BILLIONS OF DOLLARS BILLIONS OF DOLLARS Z25 22S TOTAL DEPOSITS AND CURRENCY ITS TOTAL EXCLUDING U S GOVERNMENT DEPOSITS PRIVATELY HELD MONET SUPPLY IE5 OEMA ND DEPOSITS ADJUSTED IOO TIME DEPOSITS A CURRENCY OUTSIDE BANKS U S GOVERNMENT DEPOSITS I I I I 1 I I i S END or SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total deposits and currency End of period June July August September October November December 1953 January February March April May June July August N 0 52 END OF TEAR MONTH COUNCH OF ECONOMIC APVISERS Billions of dollars Total excluding U 8 Government deposits U S privately held money supply Government Currency Demand Time deposits 1 deposits Total outside deposits adjusted banks Includes TJ 8 Government deposits st Federal Reserve banks and commercial and savings banks and U S Treasurer s time deposits open account Include demand deposits other tban Interbank and U 8 Government less cash Hems in process of collection 1 1 Includes deposits in commercial banks mutual savings banks and Postal Savings System bat excludes interbank deposits Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 30 FEDERAL BUDGET RECEIPTS AND EXPENDITURES The small rise in budget expenditures in September reflected slightly higher spending for major national security programs But total expenditures for the July September quarter were 2 4 billion lower than those in the April June quarter with national security expenditures being 700 million lower September budget receipts were just 100 million short of expenditures BILL IONS OF DOLLARS 75 TOTAL BUDGET EXPENDITURES S BILL IONS OF DOLLARS 75 NET BUDGET RECEIPTS FISCAL YEAR X FISCAL YEAR FISCAL YEAR I FISCAL YEAR FISCAL YEAR V J 75 1 A 1 S 1 O 1 N 1 D 1 J 1 F 1 M 1 A 1 M 0 J MAJOR NATIONAL SECURITY PROGRAMS i r J HO A 1 S r O 1 N 1 D 1 J 1 F 1 M t A 1 M J BUDGET SURPLUS OR DEFICIT MAGNIFIED SCALE 50 FISCAL YEAR I953 O x FISCAL YEAR X J A 1 S FISCAL YEAR 1952 1 O t 1 N 1 D 1 J 1 F 1 M 1 A 1 M ISCALYEAR I954 VX FISCAL YEAR I953 V M I 1 i 10 J J FISCAL YEAR 3 CUMUL fflVE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET i A i S i O f N t tt l N D J y F M TV I s A jJ V j TOTALS COUNQL Of ECONOMIC ADVISERS Billions of dollars 1 Budget expenditures Period Fiscal year 1944 Fiscal year 1947 Fiscal year 1948 Fiscal year 1949 Fiscal year 1950 Fiscal year 1951 Fiscal year 1952 Fiscal year September October November December 1953 January February March April Mav i r June July August September Net budget receipts Budget surplus or deficit Public Major national debt Total Cumulasecurity programs Cumula Total for tive fiscal end of Cumula Total for Cumula Total for tive fiscal period period period year totals year Total for tive fiscal tive totals period year totals period year fiscal totals a i induces expenditures ur uimtary servicei mteruatioaaj security ana lurei n relations ueveiupuieni ana control of atomic energy promotion ot me mercnant arine promotion of defense production and economic stabilization and civil defense Includes guaranteed securities except those held by the Treasury Preliminary estimates Data for fiscal year not strictly comparable with monthly figures Sources Treasury Department and Bureau of the Budget Digitized for NOTE Detail will not necessarily add to totals became ol rounding FRASER 31 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC A db J TiMiJuiffJiTT Jb JbAJkJI A TILI JTn ff i Cash payments in the third quarter exceeded cash receipts by 3 5 billion compared with a cash deficit of 2 6 billion in the corresponding quarter of 1952 Cash payments were 6 percent higher than last year while cash receipts were 1 percent higher BILLIONS OF COLLARS 25 BILLIONS OF DOLLARS 25 I95O 1953 EXCESS OF CASK RECEIPTS u EXCESS OF CASH PAYMENTS CALENDAR YEARS PREUMmARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT COUNCil OF ECONOMIC ADVISERS Millions of dollarsi Federal cash receipts from the public Calendar year Calendar year total Quarterly totals not adjusted for seasonal variation 1851 Third quarter Fourth quarter Filrst quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter r Federal cash payments to the public Excess of receipts or payments Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Sources Bureau ol the Budget and Treasury Department 32 For sale by the Superintendent of Documents TJ S Government Printing Office Washington 25 D C Price 20 cents per copy 2 00 per year 2 50 foreign

Bank Loans and Investments

DATE: October 1953

PART OF:

Economic Indicators : October 1953

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

Download (pdf)

Share this page:

Table of Contents

less

Save & Share

less

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-. "Bank Loans and Investments," 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-. "October 1953," Economic Indicators (October 1953) : 30-30. https://fraser.stlouisfed.org/title/1/item/288/toc/46200 , accessed on December 15, 2019.

More Information

less

SUBJECTS:

THEME:

Economic Data