Full text of Economic Indicators : January 1955
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Congress, 24 Session
Economic Indicators
JANUARY 1955
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1955
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Gong.)
JESSE P. WOLCOTT, Michigan, Chairman
RALPH 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 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
WALTER W. STEWART
[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 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
11
Contents
THE TOTAL OUTPUT OF THE ECONOMY
Past
The Nation's Economic Accounts
Gross National Product or Expenditure
1
2
,
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
7
8
9
10
11
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Selected Weekly Indicators
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
New Construction
New Housing Starts
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports
•
..
12
13
14
15
16
17
18
19
20
PURCHASING POWER
National Income
Corporate Profits
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
21
22
23
24
25
26
CREDIT, MONEY, AND FEDERAL FINANCE
Bank Loans, Investments, and Reserves
Consumer Credit
,
Bond Yields and Interest Rates
Money Supply
Federal Budget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public
.*..„*....'.
27
28
29
30
31
32
iii
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
Estimates of total income and expenditures reflect substantial stability of over-all economic activity from the early
part of the year through the third quarter.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL TOTALS
CONSUMERS
300
250
200
DISPOSABLE INCOME
150
EXPENDITURES
100
50
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
J
1954
I
BUSINESS
100
GOVERNMENT-FEDERAL, STATE, AND LOCAL
EXPENDITURES FOR GOODS
AND SERVICES
EXCESS OF RECEIPTS
50
RECEIPTS
(LESS TRANSFER PAYMENTS)
I
1942
I
I
1944
I
I
1946
I
I
1948
I
1
1950
1
I
1952
I
I
I
1951
I
I
1952
1953
•i/ NET FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.
£/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
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. 92-93, 99-105, 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 OR EXPENDITURE
The gross national product changed very little between the second and third quarters, according to current estimates.
A further decline in Federal expenditures was almost offset by increases in other categories of expenditures.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
ANNUAL TOTALS
350
350
300
250
250
ISO
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
50
-50
1942
1944
1948
1950
1952
1954
1954
1951
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Personal Gross
Total
conNet private foreign
sump- domestic
gross
national
tion
investproduct expend- investment
ment
itures
Period
1939—
1944
1946..
1948
1949
1950
1951
1952
1953
.....
.
91. 1
211.4
209. 2
257.3
257.3
285. 1
328.2
346. 1
364.9
67.6
109.8
146. 6
177.6
180.6
194.0
208. 3
218. 4
230. 1
Government purchases of goods and services
Federal
State
and
Total i Total* National2 Other
local
security
5.2
0.9
13.3
9.3
-2. 1
89.0
7. 1
96.5
20.9
27. 1
46
30. 9
21.0
2.0
36. 6
41. 2
25. 4
43. 6
32. 5
.5
22. 1
-2.2
42. 0
51. 2
.2
41. 0
62.8
56.9
-.2
77.2
540
50. 7
60. 1
-1.9
85. 2
51.4
Seasonally adjusted annual rates
1.3
88.6
21.2
16.0
19.3
18.5
37.3
48. 5
52.0
3.9
1.6
2.5
5.6
6.6
3.9
42
5.8
8. 5
8.2
7.5
10.0
15.6
18.2
19. 9
21.8
23.2
25. 1
1953: First quarter
7.7
58. 1
51.0
18
83.0
249
51.9
361.8
228. 6
Second quarter
62.2
543
86.6
244
8.3
-3*. 3
230.8
369.9
55. 9
Third quarter
..
85.4
52.3
8.4
25. 1
60.3
367.2
-1.8
231. 2
52.4
Fourth quarter
_
9.6
26.2
50. 6
-.6
86.0
59.8
360. 5
229.7
45. 5
1954: First quarter..
8.4
55.0
46.9
-1. 1
81. 9
355. 8
26.9
230. 5
44 5
Second quarter
44 7
6.9
51.3
-1.0
78.3
356.0
27.0
45.6
233. 1
2
Third ouarter
42. 1
47. 9
6. 1
27. 7
75.6
234.8
355.5
45. 3
i Less Government sales.
* Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Annual Economic Report of the
President, January 1954 (p. 167), and Survey of Current Business, July 1953 (p. 10). These expenditures are not comparable with the "national security" category IB
The Budget of the U. 8. Government for the Fiscal Year Ending June SO, 1955, and shown on p. 31 of Economic Indicators.
Nori.—The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business, July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
PRICES
CONSUMER PRICES
In November, the average of consumer prices increased slightly, due almost entirely to the higher prices of new
model cars.
INDEX, 1947-49*100
140 T
INDEX, 1947-49*100
140
J J A S 0 ND
1954
COUNCIL OF
ECONOMIC ADVISERS
[1947-49=100]
Period
1939 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average1951 monthly average
1952 monthly average
1953 monthly average
1953: October
November
December.
1954: January
February
March
April
May
. _
June
July
August „
September
October
_
November... _
»Not available.
All
items
59.4
75.2
83.4
102.8
101.8
102.8
111.0
113.5
114.4
115.4
115.0
114.9
115.2
115.0
114. 8
114.6
115. 0
115. 1
115.2
115. 0
1147
114. 5
114. 6
Food
Housing
Total
47.1
67.4
79.0
104.1
100.0
101. 2
112.6
114.6
112. 8
113.6
112. 0
112. 3
113. 1
112.6
112. 1
112.4
113.3
113. 8
114. 6
113. 9
112.4
111.8
111. 1
1
wCC ))
1
101.7
103.3
106. 1
112.4
114. 6
117.7
118.7
118. 9
118.9
118.8
118. 9
119.0
118.5
118.9
118. 9
119. 0
119.2
119.5
119. 5
119.5
Apparel
Transportation
52.5
72.6
83. 7
103.5
99.4
98. 1
106. 9
105.8
104. ,8
105. 5
105. 5
105.3
104. 9
104.7
104. 3
104. 1
104.2
104. 2
104. 0
103.7
104.3
104. 6
104. 6
«
O
«
100.9
108.5
111. 3
118.4
126. 2
129. 7
130.7
130. 1
128.9
130.5
129.4
129.0
129. 1
129. 1
128.9
126. 7
126. 6
126.4
125.0
127.6
Rent
86.6
90.6
91. 4
100.7
105. 0
108.8
113. 1
117.9
124. 1
126. 8
127.3
127. 6
127.8
127.9
128. 0
128.2
128.3
128.3
128.5
128. 6
128.8
129. 0
129. 2
Source: Department of Labor.
Medical Personal
care
care
(')
0)
w
100.9
104. 1
106.0
111. 1
117.2
121.3
122.8
123.3
123.6
123.7
124. 1
124. 4
124.9
125. 1
125. 1
125.2
125.5
125. 7
125.9
126. 1
e
«
C)
1
101.3
101. 1
101. 1
110.5
111. 8
112.8
113.2
113. 4
113. 6
113.7
113.9
114. 1
112.9
113.0
112. 7
113.3
113.4
113.5
113.4
113. 8
Reading Other
and
goods
recreaand
tion
services
C1)
o
0)
100. 4
104. 1
103. 4
106.5
107.0
108.0
108.6
108. 9
108.9
108.7
108.0
108.2
106. 5
106.4
106. 4
107.0
106. 6
106.5
106.9
106.8
C1)
0)
0
100.5
103.4
105.2
109.7
115.4
118.2
119.7
120. 2
120.3
120. 3
120.2
120. 1
120.2
120. 1
120. 1
120.3
120.2
120. 1
120. 1
120. 0
WHOLESALE PRICES
In December, wholesale prices remained practically unchanged.
I N D E X , 1947-49*100
120
IND.EX, 1947-49 = 100
120
v
^k
OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIAL)
1949
1954
1950
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
Period
All commodities
1939 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average.__
1951 monthly average...
1952 monthly average._.
1953 monthly average
1953: November
December
1954: January
February
March
April
May
June
July
August
September
October
November
Week ended: l
1954: December 7_
14_
21.
28 _
1955: January
4_
i Data for week nearest middle of month plotted as estimate for month.
Farm
products
Processed
foods
Other than
farm products
and foods
(industrial)
50. 1
67. 6
78. 7
104. 4
99.2
103. 1
114. 8
111.6
110. 1
109. 8
110. 1
110.9
110.5
110.5
111.0
110.9
110. 0
110.4
110. 5
110.0
109.7
109.8
36. 5
68.9
83. 2
107.3
92.8
97. 5
113.4
107. 0
97.0
93.7
94.4
97.8
97.7
98.4
99. 4
97.9
1
94. 8
96. 2
95.8
93.6
93. 1
93. 1
43.3
60. 4
77. 6
106. 1
95. 7
99.8
111. 4
108.8
104. 6
103. 8
104. 3
106.2
104.8
105. 3
105.9
106.8
105. 0
106.5
106.4
105.5
103. 7
103. 8
58. 1
70.4
78.3
103. 4
101.3
105.0
115.9
113.2
114.0
114. 5
114. 6
114.6
114.4
114. 2
114.5
114.5
114.2
114.3
114.4
114.4
114.5
114. 6
109. 4
109. 4
109.4
109. 6
109.6
90.9
90. 2
90. 7
91.8
91.5
103.4
103.4
103. 0
103. 3
103.3
114. 7
114.7
114. 7
114. 8
114.8
Source: Department of Labor.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined 2 percent during the month ended December 1 5, due to decreases in prices of hogs/
lettuce, cotton, milk, and eggs. Prices paid by farmers were unchanged.
INDEX, 1910-14 = 100
325
INDEX, 1910-14 =100
325
300
300
250
225 | » i i t i Ij i i 3 \ j i I i i i m j I 1
225
* PARITY RATIO'5'
100
75
75
I960
1949
1952
1951
1953
4/RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE: DEPARTMENT OF AGRICULTURE.
(954
COUNCIL OF ECONOMIC ADVISERS
[1910-14=100]
Prices paid b y farmers for
items iised in
Period
Family living
1939 monthly average
1944 monthly average- 1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
1953: November 15
December 15
1954* January 15
February 15
March 15
April 15..
May 15
June 15
- - July 15
..
August 15
September 15
_
October 15
November 15
December 15
- -
- --
120
175
202
251
243
246
268
271
270
270
270
271
271
272
273
276
276
277
277
273
273
272
272
Parity index
(prices paid,
Prices
received
by farmers
Production and wage rates)
121
173
191
250
238
246
273
274
253
247
249
254
255
255
256
256
252
247
250
251
250
251
250
123
182
208
260
251
256
282
287
279
277
278
282
282
283
283
284
282
280
282
280
279
279
279
2
3
Parity ratio *
95
197
236
287
250
258
302
288
258
249
254
259
258
256
257
258
248
247
251
246
242
244
239
^d butteriat between October !943 and June !946.
Source: Department of Agriculture.
§6019—55
77
108
113
110
100
101
107
100
92
90
91
92
91
90
91
91
88
88
89
88
87
87
86
STOCK PRICES
In December, stock prices moved up to new hishs.
INDEX, 1939 = 100
300
1941 42 43 44 45 46 47 48 49 50 51 52 53
1954
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SECURITIES AND EXCHANGE COMMISSION,
Period
Weekly average:
1944
.... _
1946
.
1948
1949
1950..
1951
_
1952
1953_.
1953: November
December
1954: January
February
March
April .
May „
June
July
August
September
October
November. _ _ _
December. _
Week ended:
1954: December 3
10__
17
24
31 2 _ _
Composite!
index
[1939=100]
Manufacturing
Total
Durable
goods
Nondurable
goods
Transportation
Utilities
Trade,
finance,
and
service
Mining
108.1
149. 4
132.7
127,7
154. 1
184.9
195.0
193.3
191.2
193.4
198.4
203. 1
207. 1
215. 8
223.2
223.9
233. 0
237. 1
240. 4
' 243. 6
254.4
267.7
106.9
146.6
136. 8
132. 1
165. 7
206.8
220.2
220. 1
218. 7
221. 8
228.4
233. 9
239. 8
252.9
262.9
263.4
275.3
280.0
285. 6
291.2
305.2
322.7
104.7
138.6
124.3
116.0
150.2
178.5
188.8
192. 6
190.4
192. 1
198.8
204.2
209. 6
223.2
232.5
236.6
254.3
257.0
260.2
267.4
284.4
298.3
109. 2
154.5
148. 6
147.2
180.2
233. 1
249.3
245. 2
244.8
249. 1
255.5
261.2
267.5
280.3
290.8
288.0
294.4
301. 0
308.8
312.8
324. 0
345.0
140. 8
202.4
158. 1
1S6. 0
160.0
199.0
220.6
218.7
203.8
200.0
206. 2
214.6
212.3
211.6
220.6
225. 4
233.5
237. 1
236. 0
240.4
259.4
284.8
99.0
121.0
99.3
98. 1
108.9
112.6
117.9
121.5
123.2
124.5
126. 1
128.4
130.4
131.8
134.2
134.3
138. 6
140.8
139. 8
138.2
141.2
144. 1
117. 3
204.3
156. 9
160.7
183.8
207.7
206.0
207.1
207.0
209.2
213.0
216.0
214.6
219.8
225. 6
228.3
236.0
243. 1
247.2
248. 6
260.4
267.5
93.3
125. 5
133. 0
129.4
143.5
204.9
275.7
240. 5
231.4
229. 6
238. 6
250.3
259. 2
265.9
269.6
266.3
257.2
262.6
267.8
269.4
277.9
310. 3
263.5
264. 3
267.0
269.4
274.3
317.2
318. 1
321. 6
324.9
331. 9
291. 1
291.8
297. 8
301. 2
309. 7
341.0
342. 1
343.2
346. 4
352. 1
272. 2
277. 1
287. 1
292. 2
295.4
144. 1
143. 8
143.7
143. 9
145.0
266.8
266. 4
265. 8
267.7
270. 8
285.9
301.3
317. 7
322.4
324.2
> Includes 2C>6 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31
for trade, finance, and service, and 14 for mining. Indexes are for weekly closing prices.
i Data became available after chart was prepared.
Source: Securities and Exchange Commission.
EMPLOYMENT AND WAGES
STATUS OF THE LABOR FORCE
Unemployment Fell slightly between early November and early December, though a rise is usual at this time of the
year. There was also a slight decline in nonagricultural employment.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
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 0
N D
COUNCIL OF ECONOMIC ADVISERS
Period
68-area sample : 8
1939 monthly average..
1949 monthly average..
1950 monthly average^ ..
1951 monthly average. _
1952 monthly average, _
1953 monthly average. _
1953: November
December
1954: January _ . „
February,. .
230-area sample : 6
1954: January....
February
March
April
May
June
July
August
September
October
November
December.
Total
labor
force (including
armed
forces)
Employment
Civilian
labor
force
Total
Agricultural
1
Nonagricultural
Temporary
layoffs 2
Unemployment 3
Insured
unemploy%of
ment
Number civilian
(thousands4
labor of
persons)
force
Thousands of persons 14 years of age and over
55, 600
63, 721
64, 749
65, 9cS2
66, 576
67, 001
66, 874
66, 106
65, 589
66, 905
55, 230
62, 105
63, 099
62, 884
62, 966
63, 453
63, 353
62, 614
62, 137
63, 491
45, 750
58, 710
59, 957
61, 005
61, 293
61, 929
61,925
60, 764
59, 778
60, 106
9,610
8,026
7,507
7,054
6,805
6,683
6, 651 ,
5,438
5,345
5, 626
36, 140
50, 684
52, 450
53, 951
54, 488
55, 245
55, 274
55, 326
54, 433
54, 480
185
92
117
142
142
183
195
273
177
9,480
3,395
3, 142
1,879
1,673
1,523
1,428
1,850
2,359
3,385
17.2
5.5
5.0
3,0
2. 7
2.4
2.3
3.0
3.8
5.3
2,470
1,599
996
1,064
1,058
1,198
1, 632
2,205
2,362
66, 292
67, 139
67, 218
67, 438
67, 786
68, 788
68, 824
68, 856
68, 565
68, 190
67, 909
66,811
62, 840
63,725
63, 825
64, 063
64, 425
65, 445
65, 494
65, 522
65, 243
64, 882
64, 624
63, 526
59, 753
60, 055
60, 100
60, 598
61, 119
62, 098
62, 148
62, 276
62, 144
62, 141
61, 731
60, 688
5,284
5,704
5,875
6,076
6,822
7,628
7,486
6,928
7,527
7,239
6, 154
5,325
54, 469
54, 351
54, 225
54, 522
54, 297
54, 470
54, 661
55, 349
54, 617
54, 902
55, 577
55, 363
427
216
236
216
294
229
298
143
198
136
120
137
3,087
3,671
3,725
3,465
3,305
3,347
3, 346
3,245
3,099
2,741
2,893
2,838
4.9
5.8
5. 8,
5.4
5. 1
5. 1
5. 1
5.0
4.8
4,2
4.5
4.5
2,205
2,362
2,389
2,383
2,247
2,082
2,037
1,871
1,752
1,630
1,643
• 1, 783
1
Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness, bad weather, temporary layoff, and industrial disputes.
• Shown separately so as to afford a basis for further analysis of employment and unemployment.
3 See footnote 2.
* All programs. Weekly average for period. For description of series, see Labor Market and Employment Security, April 1954,
s
Pertains
to
labor
force
data
only.
Data
prior
to
1953
not
comparable
with
subsequent
data.
» Preliminary estimate
Sources: Department of Commerce (labor force) and Department of Labor (insured unemployment).
NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments, taken as a whole, rose between November and December. In the
durable goods sector of manufacturing, employment rose somewhat, while in the nondurable goods sector employment fell somewhat, as is usual at this time of the year.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
II.0
8,5
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
J
J
F
M
A
M
'
J
J
A
S
O
N
J
1
3.51
I
L
oil
O
F
i
M
i
A
i
M
i
J
i
J
i
A
I
S
O
N
D
11.5
CONTRACT CONSTRUCTION
WHOLESALE AND RETAIL TRADE
1952
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[Thousands of wage and salary workers *]
Period
1939
1944
-- 1946
1948
1949
_ _
1950
1952
1953
.
1953: NovemberDecember _
1954: January— FebruaryMarch
April
May
June
July
August
September.
October 2
November
December2
Total
adjusted
for
seasonal
variation
49, 422
49, 109
48, 812
48, 607
48, 441
48, 268
48, 177
48, 102
47, 982
47, 945
48, 054
48, 209
48, 401
48, 849
Government
Contract Wholesale
and retail (Federal,
Durable Nondu- Mining construction
State,
trade
goods rable goods
local)
Not adjusted for seasonal variation
Manufacturing
Total
30, 287
41, 480
41, 412
44, 382
43, 295
44, 696
48, 306
49, 660
49, 851
50, 197
48, 147
47, 880
47, 848
48, 068
47, 935
48, 137
47, 808
48,045
48, 526
48, 668
48, 830
49, 432
Total
10, 078
17, 111
14, 461
15, 321
14, 178
14, 967
16, 334
17, 259
16, 988
16, 765
16, 434
16, 322
16, 234
16,000
15, 836
15, 888
15, 627
15, 863
16, 019
16, 058
16, 106
16, 102
4,683
10, 858
7, 739
8, 312
7,473
8,085
9,340
10*129
9,897
9,773
9,591
9,480
9,389
9,260
9, 152
9,123
8,863
8,875
8,950
9,065
9,178
9,216
5,394
6,253
6, 722
7,010
6,705
6,882
6,994
7, 131
7,091
6,992
6,843
6,842
6,845
6,740
6,684
6,765
6,764
6,988
7,069
6,993
6,928
6,886
845
883
852
982
918
889
885
844
829
822
805
790
772
749
737
744
735
737
719
716
722
713
1,150
1,094
1,661
2,169
2,165
2,333
2,634
2,644
2,789
2,632
2,349
2,356
2,415
2,535
2,634
2, 729
2,795
2,851
2,817
2,777
2,772
2,550
6,612
7,260
8,602
9,519
9,513
9,645
10, 281
10, 533
10, 828
11, 361
10, 421
10, 310
10, 305
10, 496
10, 375
10, 414
10, 377
10, 350
10, 480
10, 581
10, 787
11,327
3,987
6,026
5,607
5,614
5,837
5, 992
6,609
6,645
6,700
6, 955
6, 659
6,639
6,667
6,699
6,701
6,625
6,467
6,454
6,738
6,865
6, 887
7,163
Other
7,6.15
9, 106
10, 230
10, 777
10, 685
10, 871
11,565
11, 735
11, 717
11, 662
11, 479
11, 463
11, 455
11, 589
11, 652
11,737
11, 807
11, 790
11, 753
11, 671
11,606
11, 577
i Includes all full- and part-time wage and salary workers in nonagrieultural establishments who worked during or received pay for any part of 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 nonagrieultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, self-employed 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.
i Preliminary estimates; December not charted.
Sources: Department of Labor and Board of Governors of the Federal Reserve System.
8
AVERAGE WEEKLY HOURS - SEUSCTED INDUSTRIES
The average workweek of factory production workers rose from 40.2 hours in November to 40.5 hours in December.
A rise is usual at this time of the year.
HOURS PER WEEK
HOURS PER WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
111
> I i i i i 11 i i i
RETAIL TRADE
BUILDING CONSTRUCTION
r.—
36
i i i ii Ii ii ii
1954
SOURCE-1 DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing I
Period
1939
1944
_
1946
1948
-_-_
1949
1950
_ _
_ _ _
1951_
1952
1953
._
1953: November
December _ .
1954: January
FebruaryMarch
April
May
June
July
August
.
September
._ „.
October
23
November „
_
December2
Total
_ _ _
_.
__
. -.
_
Durable
goods
37.7
45.2
40. 4
40. 1
39. 2
40. 5
40. 7
40. 7
40. 5
40.0
40. 2
39.4
39. 6
39. 5
39.0
39. 3
39. 6
39.4
39. 7
39. 7
39. 9
40.2
40. 5
i Data beginning with January 1948 are not strictly comparable with those for earlier periods.
* Preliminary estimates; only manufacturing for Novemberf charted.
Source: Department of Labor.
38. 0
46. 6
40. 2
40. 5
39.5
41. 2
41. 6
41.5
41.3
40. 6
40. 8
40. 1
40. 2
40.0
39. 7
39. 9
40. 0
39.7
40. 1
40. 1
40. 4
40. 8
41. 1
"D._f| Ji_. _
rSuuaing
Nondurable construction Retail trade
goods
37.4
43. 1
40. 5
39. 6
38.8
39. 7
39. 5
39. 6
39. 5
39. 1
39. 3
38. 5
38.8
38.8
38. 1
38. 5
38.9
39.0
39. 2
39.3
39. 2
39.5
39.8
32. 6
39. 6
38. 1
*37. 3
36.7
36.3
37.2
38. 1
37.0
36.7
36.3
33.9
36.0
36.4
36.5
36.7
37. 1
36.9
37.0
36.0
36.6
36.1
3
()
C3)
42.7
40.4
40. 7
40. 3
40.4
40. 5
40.2
39. 9
39.3
38.8
39.2
39.0
39. 1
39. 1
39. 1
38.9
39.3
39.8
39.7
39.2
38. 9
38.8
»Not available.
9
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Hourly earnings of production workers in manufacturing industries averaged $1.83 in December, the same as in
November, and 3 cents more than in December last year.
DOLLARS PER HOUR
DOLLARS PER HOUR
200
2.60
nn i 11
NONDURABLE
MANUFACTURING
1953 PRICES17
CURRENT PRICES
oO. I I I I I M I I IT!
1951
1 1 1 1 1 M i rn i M 1 1 1 1 M iTi 1 1 1 1 1 1 1 1 1 n
i
1952
I
1953
•^EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX
i
1954
0 fl I I I I
1951
1954
ON 8ASE 1953s 100.
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
1939
1944
1946
1948
1949
1950
1951
1952 .
1953
1953: November ._ ^
December
1954: January
February
March
April. _
May
June
July
August
September
October
November 38
December
Building
Durable goods Nondurable good*
Eetail trade
construction
manufacturing
manufacturing
Current
1953 Current
1953 Current 1953 Current 1953
1953 Current
prices prices * prices
prices * prices prices * prices prices * prices prices *
$1. 044
$0. 633 $1. 220 $0. 698 $1. 345 $0. 582 $1. 121 $0. 932 $1. 796 $0. 542
1. 113
1.019
2. 008
1. 551
1.319
1. 117
. 731
.861
1.700
1.311
1.225
.893
1.086
1.490
1. 392 2 1.478 3 2.027
1. 156
1.015
1.586
1.502
1.210
1.350
1.088
2. 056
1.422
1.410
1. 848
1.278
1.568
2. 174
1.401
1. 278
1. 137
1. 574
1.489
1.325
1.935
1.469
1.651
1. 176
1.308
1.465
2.259
1.630
2.031
1.533
1.710
1.537
1.378
1.
30
1.26
2.26
1.59
1. 64
1.72
2. 19
1.53
1.67
1.48
1.33
1.32
2.33
1.67
J. 55
1.68
2.31
1. 54
1.77
1.78
1.40
1.40
1.77
1.61
2. 48
2. 48
1.77
1.87
1.61
1.87
1.42
1.
62
1.41
2.
54
2.55
1.79
1.78
1.63
1.89
1.88
1.38
1.39
1.80
1.79
2.56
1.64
1.63
2.57
1.90
1. 89
1.42
1.80
1.43
2.56
1.79
1. 64
2.58
1.91
1.90
1.65
1.42
1.43
1. 79
1.64
2.58
1. 80
1.65
2.59
1.90
1. 89
1.43
1.43
1.79
1.78
1. 65
2.58
1.90
2.59
1.89
1.65
1.43
1.43
2.57
2.58
1.80
1.80
1.90
1.65
1.90
1.65
1. 44
2. 57
1.45
2. 58
1. 80
1.81
1. 65
1. 90
1. 66
1.91
.
1.45
2. 56
1.46
2. 58
1. 65
1. 80
1.81
1.91
1.90
1. 66
1.46
1.47
2.56
2.58
1.80
1.66
1. 79
1. 65
1.90
1.91
_.. 1. 79
1.47
1. 46
2.59
1. 64
1.78
2.60
1.91
1. 90
1.65
1.47
2.62
1.47
2. 61
1. 80
1.66
1.93
1.81
1.66
1.92
1.47
1. 47
2.63
1.66
2.63
1.81
1.81
1. 66
1. 93
1. 93
2.61
1.46
1.46
2.62
1.83
1. 83
1.94
1.67
1.94
1.67
4
4
4
4
4
4
1.83
1.67
1.95
()
()
()
(4)
()
()
()
All manufacturing
1
Earnings In current prices divided by consumer price index on base 1953=100.
* Data beginning with January 1948 are not strictly comparable with those for
earlier periods.
Source: Department of Labor.
10
a Preliminary estimates; only manufacturing for November charted.
* Not available.
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
The average weekly earnings of factory production workers rose to a new high of $74.12 in December, 55 cents
more than in November, and $1.76 more than in December last year. The gain for the month was due to the
longer average workweek.
DOLLARS PER WEEK
DOLLARS PER WEEK
85
100
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
1951
I
1952
I
1953
I
1954
1954
-'EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1953=100.
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Period
1939
1944
1946
1948
1949
1950
1951
1952
1953
1953:
1954*
Current 1953
prices prices *
$23. 86 $45. 97
70. 14
46. 08
60. 11
43.82
60. 22
~- . 54. 14
54.92
61.71
-_
66. 00
59. 33
66.71
64.71
_68. 52
67.97
_
-_ _ _ _
71.69
71.69
71. 60
71.24
November
72.36
72.07
December70.92
70.43
January
71.28
70.93
February _
70.71
70. 50
March
70.20
70.06
April
71. 13
70. 78
May
71. 68
71. 25
June
70. 92
70.43
July —
71.06
70. 71
August
71. 86
71. 65
September
,
72.22
72. 15
October.. 3-_
73. 57
73.42
November 3
74. 12
December __
(4)
1
Earnings in
2
Durable goods Nondurable goods
Building
Retail trade
manufacturing
manufacturing
construction
Current 1953
Current 1953
Current 1953
Current 1953
prices prices * prices prices * prices prices 1 prices prices l
$44. 59
$26. 50 $51. 06 $21. 78 $41. 97 $30. 39 $58. 55 $23. 14
79.25
37. 12
52.07
56. 50
44. 95
79. 42
29. 53
52. 18
41. 14
46.49
63.77
56.43 2 56. 24 2 77. 15
36. 35
49.86
63.53
57. 11
50. 61
76. 59
48.78
56.30
43.85
68. 85
65. 20
51.41
58.03
79.72
57. 76
51. 61
70. 95
45. 93
70.43
54. 71
63. 32
60.86
47.63
52.98
82.01
73.73
71. 62
58.46
69.47
52.22
83. 99
50. 65
60.27
81. 47
74.05
73.46
60.98
88.72
52.67
53.09
61.47
88.01
55.02
77.23
77.23
63.60
55.02
63.60
91.76
91. 76
54. 83
76.35
63.41
76.73
63. 73
55. 10
93. 12
93.59
77.52
77.21
64.45
92.92
64. 19
54.49
54.27
93.29
76. 59
76.06
55.38
63.53
86. 85
63.09
55.77
87.46
76.00
64.02
55.63
76.38
92.78
63. 70
93. 24
55. 91
76.00
75.77
64.02
55. 74
63.83
94.00
55.91
94.28
75.43
62. 87
93.98
75.28
62.74
55.80
94. 17
55.91
76.21
75. 83
94.22
56. 13
63. 59
56. 41
63. 91
94. 69
76. 40
64. 57
75. 94
95.72
57. 04
64. 18
57.38
95. 15
75.83
75.30
64. 74
58. 10
94. 54
64. 29
58.51
95.20
76.21
76.59
64.68
58.07
64.36
95. 72
58. 36
96. 20
77.39
77. 16
57.62
94.32
65. 24
65.04
94.04
57.45
65.07
77. 97
77. 89
57. 12
65. 00
57. 18
96. 16
96. 26
79. 15
78.99
65. 97
65.84
94.39
56.65
56.54
94.58
80. 15
66.47
(4)
(4)
(4)
(4)
(4)
(4)
current prices divided by consumer price index on base 1953=100.
Date beginning with January 1948 are not strictly comparable with|jthose for
earlier periods.
Source: Department of Labor.
8 Preliminary estimates; only manufacturing for November charted.
'Not available.
11
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index in November, seasonally adjusted, increased to 129 (1947-49=100), due primarily to the continued increase in production of durable goods.
INDEX, 1947-49 « 100 .
175
ITS
150
100
1942
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
1952
1953
1954
* PRELIMINARY ESTIMATES.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1947-49=100, seasonally adjusted]
Total
industrial
Total
production
T>_ "-.J
r
enou
1939
1944
1946
1947
„ .
1948
1949
1950
1951
1952
1953
1953* October
November
December
1954 * January
February
March.
April
May
June
July
August
September
October
November1
1
12
__.
'
__
„_
-_
_
_.
-
- -- -___
. -~
__
.
.
.
.
-
Preliminary estimates.
_
--
__
-
__>
COUNCIL OF ECONOMIC ADVISERS
__
58
125
90
100
104
97
112
120
124
134
132
129
126
125
125
123
123
125
124
123
123
124
126
129
57
130
90
100
103
97
113
121
125
136
134
131
127
127
126
125
125
126
125
124
125
126
128
131
Manufactures
"\ /f: ±v.nle,
Minerals
ne
Durable
49
159
86
101
104
95
116
128
136
153
151
146
142
141
139
135
134
136
135
134
135
136
139
144
Nondurable
66
99
95
99
102
99
111
114
114
118
117
115
112
113
114
114
115
117
116
114
114
115
117
118
68
93
91
100
106
94
105
115
114
116
114
111
113
113
113
112
109
111
114
112
109
108
109
110
Source: Board of Governors of the Federal Reserve System.
PRODUCTION OF SELECTED MANUFACTURES
In November, production in most industries registered additional gains.
INDEX, 1947-49 = 100, SEASONALLY ADJUSTED
INDEX, 1947-49=100, SEASONALLY ADJUSTED
50 I
I
I
I
I
I
I
I
I 11 I I I I II I I t i I I I I I I I t I I I I I I I I MI I IN I I
50 I
I
I
I
I
I
I
I
I II I I I I I I I I I I I I I I M I I I I I I I I I I I I I
150
1947
49
51
1954
53
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
{1947-49=100, seasonally adjusted]
Durable manufactures
_
53
103
107
90
115
126
116
132
80
101
106
93
113
113
111
118
38
103
104
93
114
130
147
160
Transportation
equipment
48
96
102
102
120
135
154
189
1953: October
November
December
1954: January* ...
February
March
April
May
June
July
August
September
October
November 1
128
122
113
111
109
103
103
106
108
103
105
105
110
118
117
115
110
115
120
116
114
120
108
96
97
116
127
(2)
159
152
146
143
141
138
138
138
139
141
144
147
148
150
189
180
182
185
179
173
174
178
170
170
166
161
164
185
Period
1939
1947
1948
1949
1950
1951
1952
1953
Primary
metals
... .
Lumber
and
Machinery
products
Nondurable manufactures
Conand Chemicals sumer
Textiles Petroleum Food
and
and coal beverage
and allied durable
manugoods
apparel
products
factures products
80
63
66
45
98
99
97
101
97
102
104
99
103
103
101
99
100
97
101
110
110
121
133
103
122
114
106
105
136
105
123
105
105
137
127
130
107
107
147
102
98
95
97
98
99
101
101
99
98
99
97
103
(2)
129
129
128
124
126
122
124
125
124
122
121
125
127
129
108
108
103
105
106
106
107
110
108
105
105
105
105
(2)
146
145
145
143
146
146
146
148
148
148
149
150
150
151
118
112
109
112
113
112
116
119
119
117
115
107
104
128
1 Preliminary estimates.
Not available.
Source: Board of Governors of the Federal Reserve System
2
56019—55
3
13
SELECTED WEEKLY INDICATORS
Production, according to several weekly indicators, continued to improve in December. Electric power output was a*
an all-time high. Estimated passenger car production of 641,700 units was at a 50-month peak.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
BITUMINOUS COAL
STEEL
1953
y......
_____________ ^ ---------------
^1954]
1
J
1
F
1
M
i
1
A
M
I
J
J
A
S
O
N
D
J
I
F
1
M
I
A
1
I
M
J
J
1
AS
1
I
0
I
NO
BILLIONS OF KILOWATT HOURS
10
ELECTRIC POWER
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
COUNCIL OF ICONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Steel produced
Cars and trucks
power
coal mined loaded
produced assembled (thousands)
Thousands Percent of distributed (thousands (thousands
(thousands
of net
theoretical (millions of
of short
Total Cars Trucks
of tons)
of cars)
tons
capacity * kilowattrhours) tons) 2
Period
Weekly average:
1950 _ _
,_ _
1951
1952 _ _
1953
1953: November
December
1954: January
February
March.
April
May
June
July
August
September
October
November
December 8
Week ended :
1954: December 4__
11..
18 _
25 3 _3
1955: January
13
8 _
1,857
2,018
1,782
2, 141
2,026
1,798
1,795
1,771
1,646
1,625
1,687
1,716
1,499
1,505
1, 591
1,738
1,882
1,885
96.9
100. 9
85.8
94. 9
89.9
79.7
75.3
74.3
69.0
68. 1
70.7
72.0
62. 9
63. 1
66. 7
72.9
78.9
79.0
6, 183
6,958
7,451
8, 244
8,352
8,502
8,918
8,576
8,526
8,347
8,406
8,684
8,841
9, 122
9,040
9, 124
9,240
9,645
1,687
1,772
1,548
1,521
1,496
1,466
1,346
1,226
1, 146
1, 109
1, 142
1,314
1, 182
1,271
1,357
1,389
1,482
1,503
748
779
727
735
699
578
622
616
602
624
674
670
658
677
687
726
671
630
214
229
213
241
249
213
225
234
235
235
245
239
200
247
236
255
255
227
154.2
129.8
106.8
141. 1
103.6
103.5
138.4
132.4
137. 0
144. 1
144. 5
128.2
117.6
116.4
82.8
70.8
134. 2
159. 5
128.4
102. 7
83.4
118. 0
85.6
83.0
114. 1
110. 9
115. 0
122.0
122.3
109. 1
100. 3
99.8
67.5
55.8
113. 7
139.0
25.9
27.2
23.4
23. 2
18.0
20. 6
24.3
21. 5
21.9
22. 1
22.2
19. 2
17.3
16.5
15.3
15. 0
20.5
20.5
1,941
1,958
1,950
1,726
1,850
1
1, 943
81.4
82. 1
81.8
72.4
77.6
*80. 5
9,612
9,846
9,909
9,431
9,425
1,417
1,463
1,470
1,661
662
654
642
561
246
259
253
239
141
166.7
170.7
173.8
143. 5
142.6
145.0
148.7
151.9
124.9
124.6
21.7
22. 0
21.9
18.7
18.0
i Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,1.999,034 beginning January lf 1951,
2,077,040 beginning January 1,1952,2,254,459 beginning January 1,1953, and 2,384,549 beginning January 1,1954, and 2,413,278 beginning January 1,1955.
* Daily average for week.
i Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
14
GROSS PRIVATE DOMESTIC INVESTMENT
According to current estimates, fixed investment rose by $700 million (seasonally adjusted annual rate) from the
second to the third quarter, with a rise of $1.3 billion in construction partially offset by a $600 million decline in
producers1 durable equipment. The decline of inventories continued, with the rate of decline exceeding that of the
preceding quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
70
70
SEASONALLY ADJUSTED ANNUAL RATES
60
50
GROSS PRIVATE
DOMESTIC INVESTMENT
3:0
NEW CONSTRUCTION
PRODUCERS' DURABLE EQUIPMENT
CHANGE IN BUSINESS
INVENTORIES
I
1942
1944
1946
1948
i960
I
-10
1952
1951
1952
V.
1954
1953
SOURCE: DEPARTMENT OF COMMERCE,
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
gross
private
domestic
investment
Period
1939
1944-..
1946
1948
1949
1950
1951
1952
1953
_
_
-_
9.3
7. 1
27. 1
41.2
32.5
51.2
56. 9
50.7
51.4
Change in business inventories
Fixed investment
New construction
Total
8.9
8.2
21. 0
37.0
35. 3
43.9
46. 5
47.0
49. 9
Total
4. 8
2.7
10.. 3
17.9
17. 5
22. 7
23. 3
23.7
25. 5
Residential
nonfarm
Commercial and
industrial 1
All
other 2
Producers'
durable
equipment
2.7
.8
4.0
8.6
8.3
12.6
11.0
11. 1
11.9
1. 2
1. 0
4.2
5.7
5.3
5.7
7.2
7.5
8.4
0.8
.9
2. 1
3.6
3.9
4.5
5. 1
5.2
5.2
4. 2
5.4
10. 7
19. 1
17.8
21. 1
23. 2
23.3
24.4
0.4
-1.0
6. 1
4.2
-2.7
7.4
10. 4
3.6
1. 5
0.3
-. 6
6.4
3.0
-1.9
6. 4
9. 0
3.0
2.2
24. 1
24. 4
24. 6
24. 0
22.7
22.4
21. 8
2.8
5. 4
2.0
-4. 2
-4.2
-3.8
-4.8
3.3
6.2
2. 9
-3.7
-4. 2
-4.0
-5.0
Total
Nonfarm
Seasonally adjusted annual rates
1953: First quarter.. _ _
Second quarter
Third quarter
„
Fourth quarter
1954: First quarter
Second quarter
Third quarter
51.9
55. 9
52.4
45.5
44. 5
45.6
45.3
49. 1
50. 3
50.2
49. 7
48. 7
49.4
50. 1
25. 0
25.9
25.6
25. 7
26.0
27. 0
28. 3
11. 7
12. 2
12. 1
11. 7
11.7
12.8
14. 0
8.2 i
8. 5
8.5
8.6
8.8
8.7
8.7
5. 1
5.2
5.0
5. 4
5.5
5. 5
5. 6
2
i Includes public utility.
Includes petroleum and natural gas well drilling.
NOTE.—The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business, July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey made in November, expenditures for new plant and equipment will continue at a high rate in
the first quarter of 1955, although below the average for the year 1954. Business firms anticipate spending $26.6
billion (seasonally adjusted annual rate) in the fourth quarter of 1954 and $26.0 billion in the first quarter of 1955.
For the year 1954, expenditures are expected to total $26.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
30
20
ANUFACTURING-^
10
t
COMMERCIAL AND OTH
PUBLIC UTILITIES*
TRANSPORTATION*
J
1946
1948
1950
1952
1954
1951
I
I
1952
"/SEE NOTE 4 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCH,
1953
I
I
1955
1954
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.36
0.76
1. 19
0.28
0.33
.92
.43
. 58
3.68
3. 11
5.65
1.32
1.28
3.48
.88
1.35
.89
2.59
4.56
.79
1.21
4.36
.71
1. 11
3. 14
1.49
.93
1.47
5.68
5. 17
6. 02
.98
1. 50
5. 61
1. 40
1.46
5.82
6.46
1.31
1.01
1.41
1.02
6.08
.85
5. 16
Seasonally adjusted annual rates
1.06
1.30
1.59
6. 54
5. 76
1.52
1.26
5.69
6.53
1. 10
1.06
1.47
.95
5. 50
6.37
.92
1.36
1.06
5.29
6.08
1.40
.79
1.02
5. 15
6. 15
.62
1.39
5.01
1. 10
6. 10
.74
1.40
.93
5.83
4.96
Manufacturing
i
i
Period
1939
1946
j 1948
1949 .
1950.. H.I
1951.. J_ T _:
1952__ Li.:1
1953
1954*^_.
Total i
._-
-- — 1
..
1953: Tlhird quarter _
Fourth quarter. ^
1 964: First quarter
Second quarter
Tfiird quarter. ...i
__ _
Fburth quarter 4 _
1 955 : First quarter 4 ~
:'
Total
5.51
14.85
22.06
19.28
20.60
25. 64
26. 49
28.39
26. 68
1. 94
6.79
9. 13
7.15
7.49
10. 85
11. 63
12.28
11.24
28. 92
28.56
27.48
•27. 19
27.00
26. 59
26.03
12.30
12.22
11.87
11.37
11. 30
11. 11
10.79
Public
utilities
Commercial and
other s
0.52
3.31
3.66
3.89
4.55
4.21
2.08
5.33
6. 90
5.98
6. 78
7.24
7.09
7.78
7.96
4.72
4.46
4,29
4.43
4. 12
4.07
3.78
7.94
8.00
7.84
8.05
8.37
8.30
8.40
.79
2.54
a 12
i KxrliiclM agriculture.
* Coiuiiiflrclnl and other includes trade, service, finance, communications, and construction.
» A tin tin) lotul l» sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part
IWIMW of tidjiHitiiiontfl when necessary for systematic tendencies in anticipatory data.
« K:itl!ii:ilfi l»:isi»d on antleip: i»d capital expenditures as reported by business in November 1954.
N<»tK.- Tttfw ni»inni do not n*riM» with the totals included in the gross national product estimates of the Department of Commerce, principally because the
if» COVIT npririiltuml lnv«wtiin u an<l also certain equipment and construction outlays charged to current expense.
l»i*titll will not nwvwiHrUy ad I to totals because of rounding.
Hoitrwui: HwurtiiM ntid Kxch UIKW Commission and Department of Commerce.
16
NEW CONSTRUCTION
Expenditures for total new construction, seasonally adjusted, reached a new record level in December, as a result of
the continued rise in private residential and State and local construction.
8ILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3.5
SEASONALLY ADJUSTED
-TOTAL CONSTRUCTION
3.0
3.0
2.5
2.5
2.0
1.5
1.5
PRIVATE RESIDENTIAL
(NONFARM)
OTHER PRIVATE
FEDERAL, STATE, AND LOCAL
I
J
F
M
A
M
J
J
A
S
O
N
J
D
1953
1952
I
I I
I
J J
1954
J
I
I
I
I
('COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.
[Millions of dollars]
Total new construction
Period
1939 monthly
1944 monthly
1946 monthly
1948 monthly
1949 monthly
1950 monthly
1951 monthly
1952 monthly
1953 monthly
1954 monthlv
average
average
average
average
average
average
average
average
average
average 3
- _
,
683
438
1,000
1,806
1,899
2,371
2,598
2,751
2,938
3,098
Private construction
Total
private
Residential
(nonfarm)
366
182
803
1,404
1,365
1,788
1,814
1,842
1,990
2, 143
223
68
335
715
689
1,050
914
925
994
1, 121
Other
142
114
469
689
676
738
899
917
996
1,022
1 Federal,
" State, and
local *
317
256
197
402
534
583
785
908
948
954
AW.C* J
.
-_
:
- - _
.
2,936
2,955
2,965
3,051
3,005
3,027
3,089
3,078
3, 094
3, 145
3, 157
3, 105
3, 192
3, 262
2,002
1,992
1,995
2,004
2,011
2,059
2, 131
2, 122
2, 173
2,219
2, 234
2,221
2, 259
2, 292
976?
981r
978
980
989
1,040
1, 105
1, 102
1, 150
1, 192
1,214
1,210
1,228
1,262
296
166
624
786
863
1,208
1,313
1,398
1,454
Unadjusted
Seasonally adjusted
1953: November
December
1954: January.
February
March „
April
Mav
June
July
August
September
October
November3
December _
Construction contracts
awarded in 37
Eastern States 2
1,026
1,011
1,017
1,024
1,022
1,019
1,026
1,020
1,023
1,027
1,020
1,011
1,031
1,030
934
963
970
1,047
994
968
958
956
921
926
923
884
933
970
1,394
1,300
1,152
1,221
1,528
1,692
1, 925
1,733
1, 837
1,573
1,816
1,965
1,499
Seasonally
adjusted
1,621
1,354
1,557
1,650
1,559
1,484
1,674
1,605
1,611
1,527
1,579
1,946
1,743
i Includes public residential construction,
* Preliminary estimates.
a Compiled by P. W. Dodge Associates; seasonally adjusted by the National Bureau of Economic Research. Omits small contracts, and covers rural areas
less
fully
than
urban.
Sources: Department of Commerce* Department of Labor, and F, W. Dodge Associates (except as noted).
J 'J
NEW HOUSING STARTS
In November, nonfarm housing starts reached a new record for the month, totaling 103,000, or 26 percent higher than
last year. On a seasonally adjusted basis, private starts in November were at an annual rate of nearly 1.4 million
units, the highest for any month since August 1950.
THOUSANDS OF UNITS
1150
THOUSANDS OF UNITS
ISO
NEW NONFARM DWELLING UNITS
IOO
100
50
50
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[Thousands of units]
New housing starts •
Total
Annual total: 1939
1946...
1948
1949
1950
1951 ..
1952
1953
1953- October
November
1 h'cciuber. _ - _
1051; January.
I'Vbnmry
March ..
April
M.MV
. .
»f U ! H * , _
•- .
Privately financed
Period
Mo. av.: 1950
1953
.
.
~.
_ . .. -
July
AtUMISt
.- .
S»'plrinl»«T
Ortnhrr _
.. .
N < t V l ' l l l I M'f
515. 0
b70. 5
931.6
1, 025. 1
1, 396. 0
1, 091. 3
1, 127. 0
1, 103. 8
116.3
92.0
90. 1
81.5
65. 8
66.4
75. 2
95.2
107. 7
108. 5
110. 5
llf>. 0
114. 3
8
HI. 0
* Km. 0
fi
KM. 1
Publicly
financed
56.6
8.0
18. 1
36.3
43. 8
71. 2
58. o
35.5
3.6
3.0
4
()
1.6
1.3
1.3
1.3
2.0
1.2
1. 1
3.9
3. 1
1. 3
6
2. 1
* 2
l!
. \\
Total
458.4
662. 5
913. 5
988. 8
1, 352. 2
1, 020. 1
1, 068. 5
1, 068. 3
112.7
89.0
90. 1
79.9
64. 5
65. 1
73.9
93.2
106.5
107. 4
112. 6
112. 9
113.0
•111.
9
6
105. 8
8
102. 7
Government underwritten
Total
158. 1
152.0
396. 1
468.8
686.7
412.2
421. 2
408.6
57.2
34.0
36.4
33.2
27.5
24. 7
30. 5
36.4
43.6
49.0
54.6
52. 2
60. 2
59.8
58. 2
02. -i
VA
FHA
158. 1
69. 0*
294. 1
363.8
486.7
263.5
279.9
252.0
40.6
21. 0
21.7
19.7
15. 3
13.2
16. 3
20.5
23.8
24.0
27.7
25. 4
27.0
25. 9
24. 7
26.3
Private,
seasonally
adjusted
annual
rates
2
2
2
2
83. 0
102. 0
105. 0
200. 0
148. 6
141.3
156. 6
16.7
13. 1
14.7
13.5
12. 2
11.6
14.2
15.9
19.8
25. 0
26.9
26. 8
33. 3
33.9
33. 5
36.0
1,050
1,077
1,060
1,056
1,152
1,130
1,102
1,083
1, 175
1, 188
1,211
5
1, 232
5
1, 233
6
1, 385
a
ttiorH'fijM' upitllrutiuii!. for m-w hninc riui.'.tritrtioti.
• Kstimatad.
Not available.
* Less than 50 units.
Drpiirltiii'itl «>f Lulmi, Fi'ddti! llmi;.JtH: AdmHil'.trutloii (FHA), and Veterans' Administration (VA).
Proposed home
construction
Applications for Requests
for VA
FHA
appraisals
commit1
ments
167.8
121.7
(33)
293. 6
(3)
327.0
(3)
397. 7
()
164.4
192.8
226. 3
267.9
251.4
253.7
33. 1
(3)
21.0
21. 1
17.6
19.3
22. 6
13.4
19.0
13.4
20. 1
15.0
34.4
20.0
36.5
28. 1
42.9
32.3
52. 2
30. 3
52.7
35.2
52.3
30. 1
55.4
32.2
51.3
34.8
45. 6
29.3
47.7
26.9
s Preliminary estimates.
SALES AND INVENTORIES - MANUFACTURING AND TRADE
In November, total inventories (seasonally adjusted) rose for the first time since September 1953. Total sales also
rose, with manufacturing showing the sharpest gains. Manufacturers' new orders increased in November to the
highest level for the year. Department store sales in December exceeded the level of a year earlier by 4 percent.
BILLJONS OF DOLLARS, SEASONALLY ADJUSTED
BILlJONS OF DOLLARS, SEASONALLY ADJUSTED
RETAIL
TOTAL* AND MANUFACTURING
80
20
...**
_ /
/
s
INVENTORIES^*
— TiT'l
^ TOTAL INVENTORIES *
/*
SALES^^
-
1 I | \ | III | | |
0
60
<^>
^
k,*"
—•-*'
,/~\
i \
130
-
—^r~
20
II 1 1 1 1 1 1 1 1 1
1954
DEPARTMENT STORES
^tt^"*^
,' ^« MANUJ"ACTURING
"
INVENTORIES
_/
1 I 1 1 1 1
1953
140
e
s*~
40
1952
INDE X, 1947- 49 • 100, SEASONALLY ADJUSTED
TOTA . SALES*
f
*-/ ^
1 1 1 M
1 1 1 1 1 I1 1 1 1 1
1951
^-^
120
MANUFACTlJRING^
SALES
110
d
INVENTORIES^
?\
1
N/
Jv^A/^V \*f* v
Kf*\l
^^^B SALES
0
I I I I I I | I I I I
i 1 1 1 1 1 I II 1 I
1951
1952
1 1I1 1 I 1 1 1I1
1953
1 I1 1 1 1 1 1 1 1 1
*IOO
1 1 i 1 1 I I 1 I II
1951
1954
M
M
II
1 1 1 1 1 1 1
1952
1 1 1 1 1 M 1 1
1 II 1 1 1 1 M 1 1
1953
«954
IL.
ERVE SYSTEM.
Period
1939
„.
1944
_ _ _ -_
1946 - .
1948
1949
1950 _
_._
1951
1952
. .
1953
1953: October
November
_
December
1954: January
February
March
April
May
June
July
August
September
October _
November 66_ _ _
December _ _ _
Manufacturing
and trade 1
InvenSales2
tories 3
10, 802
23, 785
27, 150
36, 438
34, 664
39, 917
8
44, 821
46, 080
48, 817
48, 284
47, 518
47, 209
46, 450
46, 714
47, 094
47, 636
46, 914
47, 779
47, 417
46, 717
46, 985
46, 420
48, 233
Manufacturing
Sales2
Inventories 8
COUNCIL OF ECONOMIC ADVISERS
Retail
New
orders2
Sales 2
Millions of dollars, seasonally adjusted
20, 051
5,354
5, 112
11,465
3,503
13, 782
31, 059
19, 507
11, 906
5,851
42, 892
8,541
24,
457
13, 694
12, 617
55, 612
10, 877
17, 350
31, 693
17,630
52, 111
16, 416
28, 860
10, 893
15, 903
64, 092
34, 314
19, 284
20, 980 8 11,974
5
75, 268
42, 904
24, 391
22, 205
13, 185
77, 109
44, 190
13, 674
23, 710
23, 046
46, 722
81, 072
25, 271
14, 234
23, 846
47, 044
25, 010
81, 805
14, 040
22, 163
24, 256
21, 594
14, 104
46, 909
81, 276
81, 072
24, 126
22, 026
46, 722
13, 932
80, 688
23, 902
46, 382
13, 622
20, 749
22, 016
46, 115
23, 620
80, 390
13, 972
80, 093
24, 064
22, 859
45, 774
13, 900
79, 516
24, 418
14, 242
23, 017
45, 183
79, 372
22, 819
14, 044
44, 798
23, 978
79, 000
24, 260
22, 876
44, 535
14, 439
78, 349
44, 194
24, 055
14, 272
22, 551
78, 163
23, 482
22t 560
14, 150
43, 929
77, 790
23, 612
14, 214
24, 463
43, 668
77, 564
23, 337
14, 071
24, 054
43, 841
77, 657
24, 596
24, 523
43,811
14, 361
Inventories 8
5,534
7,640
11,852
15, 828
15, 311
19, 316
8
21, 239
21, 592
22, 661
22, 720
22, 437
22, 661
22, 521
22, 421
22, 563
22, 690
22, 804
22, 600
22, 403
22, 451
22, 425
21, 996
22, 128
Department stores
Inven-4
tories
Index 1947-49=100,
seasonally adjusted
35
35
62
58
90
77
104
107
98
100
105
109
109
129
110
118
112
126
110
128
113
127
112
123
107
120
109
119
121
105
111
120
121
108
112
122
111
124
112
124
107
1 25
113
124
124
114
116
Sales 2
8
1 Also includes wholesale, not shown separately In this table.
New series on retail trade beginning with 1951; not comparable with previous
2 Monthly average for year and total for month.
data. See Survey of Current Business, September and November 1952, for detail.
s Book value, end of period.
* Preliminary estimates.
* Book value, end of period, except annual data, which are monthly averages.
Sources: Department of Commerce and Board of Governors of the Federal Keserve System.
19
MERCHANDISE EXPORTS AND IMPORTS
Commercial exports rose sharply in October, while imports declined slightly from the preceding month. For the first
10 months of this year, commercial exports were 4 percent above and imports 8 percent below their levels in the
corresponding period of last year.
MILLIONS OF DOLLARS
1,600
MILLIONS OF DOLLARS
1,600
MONTHLY AVERAGES
TOTAL MERCHANDISE
EXPORTS
1,200
1,200
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID
SHIPMENTS-!/
TOTAL MERCHANDISE
IMPORTS
J
1949
I
1950
I
I
I
I
I
1951
J/ SEE FOOTNOTES I AND 2 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE AND DEI
[Millions of dollars]
Merchandise exports
Excess of exports (+)
or imports { )
T-4-0
Period
1936—38 monthly average
1944 monthly average
1946 monthly average-..
1948 monthly average
1949 monthly average
1 950 monthly average . .
1951 monthly average..
1952 monthly average
1953 monthly average
1953 : September
October ..
November
December
.
1954; January
February
March
. ...
April
May
June .
Julv
August
September
October.
_.
Total *
...
-
247
1, 188
812
1,054
1,003
856
1,253
1,266
1,314
1,256
1,253
1,247
1,353
1,092
1,182
1,125
1,425
1,399
1,473
1,291
1, 155
1, 112
1,266
Grant-aid
shipments a
Excluding
grant-aid
shipments
942
54
247
757
24
89
166
293
205
234
216
215
169
184
203
167
264
359
268
200
157
104
833
1,164
1, 100
1,022
1,052
1,019
1,030
1,138
922
998
922
1,258
1,135
1, 114
1,024
954
956
1, 163
Merchandise
imports
207
327
412
594
552
738
914
893
906
926
813
849
907
833
809
862
957
829
946
822
824
781
763
Total
+40
+ 861
+400
+460
+452
+ 118
+ 339
+ 373
+408
+ 330
+440
+398
+ 446
+ 259
+ 374
+ 263
+ 468
+ 570
+ 527
+469
+ 330
+ 332
+ 503
f
\
Excluding
grant-aid
shipments
-80
+ 345
+ 95
+ 250
+ 207
+ 116
+ 126
+ 206
+ 181
+ 231
+ 90
+ 189
+ 60
+ 301
+ 306
+ 168
+ 202
+ 130
+ 175
+ 399
> Includes shipments under the various grant-aid programs; for some of these programs separate data are not available.
» Beginning with 1960, figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security
Program. Shipments for the first 6 months of the program (July-December 1950) amounted to 282 million dollars.
NOTE.—Detail will not necessarily add to totals because of rounding.
20
Sources: Department of Commerce and Department of Defense.
PURCHASING POWER
NATIONAL INCOME
According to very preliminary estimates, national income declined by $1.5 billion (seasonally adjusted annual
rate) between the second and third quarters, reflecting a decline in corporate profits. Employee compensation
rose $600 million, while farm income declined by a similar amount. Other major components showed very little
change.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
SEASONALLY ADJUSTED ANNUAL RATES
300
300
"'TOTAL NATIONAL
INCOME
250
200
200
-COMPENSATION
OF EMPLOYEES
150
100
PROPRIETORS'AND
RENTAL INCOME
50
"*••••....
CORPORATE PROFITS AND -^
INVENTORY VALUATION ADJUSTMENT
^-—NET INTEREST
..
1942
1944
1948
1950
1952
1954
,
y.—
1953
1952
1951
,.
-'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
1954
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939
1944
1946-.
1948
1949 -1950
1951 . 1952
1953
-
_-
1953: First quarter
Second quarter
Third quarter
Fourth quarter
1954" First quarter
Second quarter _„
Third quarter
__
Proprietors' income
Rental
income
of
persons
Total
national
income
Compensation
of em-l
ployees
72.8
182. 6
179. 6
221. 6
216.2
240.0
277.0
291.0
305. 0
48. 1
121.3
117. 7
140.9
140.9
154.3
180.4
195.4
209. 1
4.6
2.7
4. 3
7. 3
5.4
3.3
18.0
11. 5
6.2
21. 3
3. 1
13.9
7.2
21.6
16. 7
4.5
5.2
21.4
7.9
12.7
8. 5
5.9
22.9
13. 3
6.8
24. 8
9. 1
16.0
7.4
14.2
10.0
25.7
8.4
12.2
10.6
26. 2
Seasonally adjusted annual rates
305.9
308.2
306.2
299.9
298. 9
299.6
2
298. 1
206. 2
210.0
211.4
208.8
206.4
206. 6
207. 2
13.4
12. 1
11. 1
12. 3
13.0
12.2
11. 6
Farm
Business
and professional
26.5
26.3
26. 1
25. 9
25.6
25.9
25.9
10. 5
10.5
10.6
10.8
10.8
10.9
10.9
Net
interest
7.9
8.3
8. 6
8. 9
9.0
9. 1
9.2
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
5. 7
23.0
17.3
30. 6
28. 1
35. 1
39. 9
38.2
38.5
6.4
23.3
22.6
32.8
26.2
40.0
41.2
37.2
39.4
-0.7
-.3
-5.3
— 2. 2
1. 9
-4.9
-1.3
1.0
-1.0
41.4
41.0
38.3
33. 1
34. 1
34. 9
2
33. 2
42.4
41. 9
40.9
32.5
34. 5
34.5
2
33. 5
-0.9
-.9
-2. 6
.6
-. 4
.4
o
1
Includes
2
employer contributions for social insurance. (See also p. 23.)
Preliminary estimates by Council of Economic Advisers.
NOTE.— The national Income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business, July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
21
CORPORATE PROFITS
According to preliminary estimates, corporate profits before taxes declined $1 billion (seasonally adjusted annual
rate) between the second and third quarters. Since the beginning of the year corporate profits, both before and
after taxes, have been well below a year ago. Abolition of the excess profits tax has contributed to the relatively
favorable showing of profits after taxes.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
6O
PROFITS BEFORE TAXES-17
1954"
O ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT
^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
(Billions of dollars]
Corporate
profits
before taxes
Period
1939__
1944
1946
1948
1949
1950
1951
1952
1953_-
_
.
1 9 53 : First q uarter
Second quarter
Third quarterFourth quarter
1954: First quarter
Second quarter
Third quarter 1
. __
6. 4
23.3
22. 6
32.8
26.2
40.0
41.2
37.2
39. 4
42. 4
41. 9
40. 9
32. 5
34. 5
34.5
33. 5
Corporate
tax
liability
Corporate profits after taxes
Total
Dividend
payments
5. 0
1.4
3.8
12. 9
10. 4
4.7
9. 1
13.4
5.8
12. 5
7.2
20.3
10. 4
15.8
7. 5
22. 1
9.2
17.8
22.5
18. 7
9. 1
17.2
20.0
9. 1
21. 1
9. 4
18. 3
Seasonally adjusted annual rates
22. 7
19.7
9. 1
22. 5
19. 5
9.3
21.9
19.0
9.5
17.4
15. 1
9.6
17.0
17. 5
9.6
17.0
17.5
9.6
17. 0
9.8
16. 5
Undistributed
profits
1.2
5.7
7. 7
13. 0
8. 3
12. 9
9.6
8. 1
8. 9
10.6
10. 2
9. 5
5.5
7.9
7.9
7. 2
i Preliminary estimates by Council of Economic Advisers.
NOTE.—See p. 21 for profits before taxes and inventory valuation adjustment.
The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business,
July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted)
Digitized for22
FRASER
SOURCES OF PERSONAL INCOME
Personal income increased in November to $287.6 billion (seasonally adjusted annual rate), only about $K billion
below the record rate reached in July 1953. Wages and salaries accounted for the rise.
BILLIONS OF DOLLARS
300 I
BILLIONS OF DOLLARS
300
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL TOTALS
TOTAL PERSONAL INCOME
.250
LABOR INCOMEv
200
200
ISO
ISO
IOO
IOO
BUSINESS, PROFESSIONAL.
AND RENTAL INCOME
FARM PROPRIETORS'
INCOME
50
1942
I944
I946
I948
I950
I952
I954
195I
I952
SOURCE: DEPARTMENT OF COMMERCE.
Period
1939
1944
1946
1948
1949___
1950
1951
1952
1953
...
1953: October
November..
December
1954: January
February
March
April
May_
June
July
August
September _ >
October 4
November _
1
2
Total
personal
income
72.9
165.7
178.0
208.7
206.8
227. 1
255.3
271.2
286.1
287. 8
287.2
287.0
284.9
285. 0
285.0
284.4
286.2
286.5
285.7
285.4
286.6
286.3
287. 6
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
sonal conRental
Transfer
Personal
salary distributions
Business income Divi- interest
paybursements
for social
of
dends
Farm
and proments
income
and other 1
insurfessional persons
labor income)
ance
46. 6
0. 6
4.3
3.0
7.3
2.7
5.8
3.8
2.2
118.5
11.5
18.0
5.4
6.2
3.6
4.7
113.8
13.9
2.0
11.4
7. 6
21.3
6.2
5.8
137.9
2.2
16.7
21. 6
7.2
7.2
9.0
11.3
137.4
2.2
12.7
21.4
12.4
9.8
7.9
7.5
8
2.9
150.3
22.9
13. 3
9.2
10.6
8.5
15. 1
175.6
16.0
3.4
12. 6
24.8
9. 1
9. 1
11.6
190.6
14.2
3.8
25.7
10.0
9. 1
13. 1
12.3
204.4
12.2
26.2
4.0
9.4
13.8
10.6
13.5
Seasonally adjusted annual rates
205.7
4.0
11.3
14.6
14.0
25.9
10.8
9.5
204.5
12.2
4.0
26. 1
13.9
9.6
14. 1
10.8
13.4
202.7
4. 1
14.4
14. 1
25.8
10.9
9.6
4.7
13.2
14.2
201.3
25. 5
14.8
10.9
9.7
4.8
201.3
13.2
15.0
25.6
9.6
10.8
14.3
4.7
201. 1
12.5
15.8
25.6
9.6
10.8
14.3
200.9
4.6
11.5
25.9
14.4
9.6
15. 9
10.8
4. 6
201. 6
12.6
14.4
15.8
9.6
25.8
11.0
202. 1
12.2
4.7
14.4
26.0
1019
9.6
15.8
202. 3
4.5
11. 1
26.0
10.8
9.7
14.5
15. 8
202. 1
4.7
11.4
25.9
15.5
10.9
14.5
9.8
4.6
202.0
11.8
16.0
14.6
25.9
9.8
11.0
4.6
202.7
10.4
16.5
25.9
14.6
10.9
9.8
204.0
4. 7
10.4
16.4
26. 1
14.7
10.9
9.8
Compensation of employees (see p. 21) excluding employer contributions for social insurance.
Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
NOTE.—Detail will not necessarily add to totals because of rounding.
1954
Nonagricultural
personal2
income
67. 1
151. 6
161. 1
188. 5
190.8
210.5
235.7
253.3
270.0
272. 7
271.3
269. 6
267.9
268.2
268.8
269. 1
269.7
270.3
270.6
270. 2
271. 1
272.3
273. 8
' Includes $2.7 billion National Service Life Insurance
dividend, most of which was paid in the first half of the year.
* Preliminary estimates.
Source: Department of Commerce.
^3
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose slightly between the second and third quarters, according to current estimates. Consumer spending rose $1.7 billion (seasonally adjusted annual rate) to a record level of $234.8 billion. As a result,
the personal saving rate was reduced slightly to 7.3 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
200
150
1942
1944
1946
1948
1950
1952
1954
1954
SOURCE: DEPARTMENT OF COMMERCE.-
COUNCIL OF ECONOMIC ADVISERS
Less:
Period
Equals :
DisposPersonal
able
income Personal
l
personal
taxes
income
1939__
1944
1946
1948
1949
1950
1951
1952
1953
72.9
165.7
178.0
208.7
206.8
227. 1
255. 3
271.2
286. 1
1953: First quarter
Second quarter
Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third quarter
283. 3
286.4
287.5
287.3
285. 1
285. 7
286. 2
2.4
18. 9
18.8
21. 1
18.7
20.9
29.3
34. 4
36.0
Billions
35. 5
35.9
36.3
36. 1
32.8
32.9
32. 9
Less: Personal consumption
expenditures
Total
Equals:
Saving
as percent
of disPersonal posable
Nonsaving
Durable durable
Services
income
goods
goods
Billions of dollars
70. 4
67.6
6.7
35. 1
25.8
65.4
109.8
146.8
6.8
37.7
159.2
146. 6
15.9
84.5
46. 2
22.2
187.6
98.7
177.6
56.7
23. 6
188.2
60. 1
180.6
96.9
100.4
194.0
28.6
65.0
206. 1
111. 1
208.3
27. 1
70.1
226. 1
218.4
116.0
75.6
236.9
26.8
81.4
230. 1
250. 1
29.7
118.9
of dollars, seasonally adjusted annual rates
30. 4
247. 8
228. 6
118. 8
79.4
119.6
250.4
30.3
80.9
230.8
251.2
231. 2
118. 6
82.3
30.3
251.2
28.0
118.7
83.0
229.7
28.0
252.3
118.8
83.6
230.5
120.0
252.9
233. 1
28.8
84.3
234. 8
28. 9
253. 2
121. 1
84.8
2.9
36.9
12. 6
10.0
7.6
12. 1
17.7
18.4
20.0
4. 1
25.2
7.9
5.3
4.0
5.9
7.8
7.8
8.0
19.2
19. 6
20.0
21.5
21.8
19.7
18.4
7.7
7.8
8.0
8.6
8. 6
7.8
7. 3
'Includes such items as fines, penalties, and donations.
NOTE.—The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business, July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
24
PER CAPITA DISPOSABLE INCOME
Per capita disposable income declined very slightly in the third quarter, according to current estimates.
DOLLARS
2,000
DOLLARS
2,000
ANNUAL AVERAGES
SEASONALLY ADJUSTED ANNUAL RATES
. 1953 PRICES-^
1,500
1,500
CURRENT PRICES
1,000
1,000
500
500
I
1942
I
1944
I
I
I
I
1946
I
1948
I
I
I
1950
I
j
I
1952
I
J
L
1952
1951
1954
1953
J/ SEE NOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE AND
COUNCIL OF ECONOMIC ADVISERS
COUNCIL OF ECONOMIC ADVISERS.
Total disposable personal Per capita disposable perincome (billions of dollars)1
sonal income (dollars)1
Period
Current
prices
1939
1944
1946
1948 _
1949
1950
1951
1952
1953 _
*
._
_
- -
-- -
_
-
1953
prices *
70.4
146.8
159. 2
187. 6
188.2
206. 1
226. 1
236. 9
250. 1
135. 6
223. 4
218. 4
208.7
211.5
229. 3
233. 1
238. 8
250. 1
Current
prices
538
1,060
1, 126
1,279
1,261
1,359
1,465
1,509
1,567
1953
prices *
Population
(thousands) '
1,037
1,613
1,545
1,423
1,417
1,512
1,510
1,521
1,567
131, 028
138, 397
141, 389
146, 631
149, 188
151, 683
154, 360
157, 022
159, 629
Seasonally adjusted annual rates
1953" First quarter
Second quarter
Third quarter -Fourth quarter _
1954* First quarter
Second quarter.
Third quarter
- --
-
247. 8
250. 4
251. 2
251. 2
249.5
251.2
250.0
249. 7
1,561
1,572
1,570
1,563
1,572
1,577
1,562
1,554
158, 714
159, 306
160, 022
160, 764
252.3
252.9
253.2
251. 0
251.9
251. 9
1,563
1,560
1,555
1,555
1,554
1 5 547
161, 436
162, 078
162, 808
i Income less taxes.
3 Dollar estimates in current prices divided by consumer price index on base 1963=100.
»Includes armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
NOTE.-—The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business, July 1954,
Sources: Department of Commerce and Council of Economic Advisers.
25
FARM INCOME
During the first 11 months of 1954, farmers received an average of $2.5 billion per month from cash marketings and
Government payments, about 4 percent below the same period of 1953. Cash receipts from livestock and products
were down 3 percent and crop receipts about 6 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
5
5
1954
'COUNCIL OF ECONOMIC
Parity index
(prices paid,
Cash receipts from marketings interest, taxes,
and
wage rates),
Livestock and
Crops
1953=100!
products
275
44
377
753
65
945
1, 144
75
903
1,423
1,095
93
1,049
90
1,280
92
1,029
1,331
1,099
1, 634
101
1, 187
103
1,537
1,179
100
1,439
1,572
2,309
99
99
1,811
1,559
1,466
1,461
100
101
1, 195
1,416
643
101
1,303
1,452
538
101
494
101
1,387
102
589
1,444
101
793
1,344
977
100
1,251
1,219
101
1,350
100
1,753
1,393
2,068
100
1,457
1,670
100
1.490
Farm income (millions of dollars, current prices)
Cash receipts
and Government
payments
715
_ .. »
1,763
2,111
2,539
2,344
- 2,384
2,757
2,747
- ..
2,636
3,888
3,374
„_.
2,939
2,629
1,960
.
2,014
— ..
1,914
.
2,062
2,176
2,246
2,581
3, 158
3,535
3, 179
Period
1939 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
1953: October
November
December
1954* January
February
March
._.
April
A»J.« j
Mav
- June
July
August
September _ _
October
November 3
» COD verted from the reported base, 1910-14=100, to the base 1953=100.
> Farm income in current dollars divided by parity index on base 1953*100.
«Preliminary estimates.
Source: Department of Agriculture.
26
Farm income
(millions of
dollars,
1953 prices) 2
1,625
2,712
2,815
2,730
2,604
2,591
2,730
2,667
2,636
3,927
3,408
2,939
2, 603
1,941
1,994
1,895
2,022
2, 154
2,246
2,555
3, 158
3, 535
3. 179
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS, INVESTMENTS, AND RESERVES
Total loans and investments of commercial banks rose $2 billion in November, almost entirely as a result of increased
loans.
BILLIONS Of DOLLARS
BILLIONS OF DOLLARS
175
175
1939
1945
1950
1951
1952
END OF YEAR
1953
1954
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Weekly
reporting
member
banks
All commercial banks
End of period
1939
1948
. . .. ..
1949
..—
1950
» .
1951 ~ -_ - --- -__
1952
1953
___
1953* October
November
December
'.~~
1954: January,,
„„
February..
March__.._ _ _ „ „
April » -
May
June
~July 3
8
August
September 8
October 3
November 3. « .
December 3 _ _ _ „..
Total loans
and investments
40.7
114, 3
120.2
126.7
132.6
141.6
145.7
1440
145.5
145.7
145.3
144.9
142.8
144. 1
145.7
146, 4
147.3
149. 5
150. 6
154. 1
156. 1
Investments
U. S. Gov-
Loans
Total
17.2
42.5
43.0
52.2
57.7
64.2
67. 6
67. 1
67.2
67.6
66.5
66.9
67. 0
66.8
67.1
67.3
67.3
66.4
67.2
67.8
69.7
23.4
71.8
77.2
74.4
74.9
77. 5
78.1
76.8
78.3
78.1
78.9
78.0
75.7
77.4
78.6
79.0
80.0
83.0
83.3
86.3
86.4
ernment
securities
16.3
62.6
67.0
62.0
61.5
63.3
63.4
62.3
63. 7
63.4
64.2
63.0
60. 6
62. 1
63.3
63.5
64.3
67.3
67.3
70.2
70.2
Other
securities
Business
loans l
7. 1
9.2
10.2
12.4
13.3
14. 1
14.7
14.5
14.6
14.7
14.7
15.0
15.1
15.2
15.3
15.5
15.6
15.7
16.0
16. 1
16.2
4.7
15.6
13.9
17.9
21.6
23.4
23.4
23.3
23. 2
23.4
22.5
22.4
22.8
22.2
21.9
21.9
21.5
20.8
21.0
21.0
22.1
22.5
All member banks
Reserve balances
Required
Excess
6.0
17.2
17.0
15.6
18.5
19.6
19.3
18.8
19.0
19.2
19.2
18.9
18.9
18.6
18.8
18.8
18.3
17.6
17.6
18.2
18.4
4.4
.8
.8
.8
.8
.7
.7
.8
.7
.7
.9
.6
.7
.8
.7
.9
.8
,8
.8
.7
.8
i Commercial, Industrial, and agricultural loans; revised series beginning January 1952.
»Preliminary estimates,
3 Data are averages of daily figures on balances and borrowings during the period.
Member banks include, besides all national banks, those State banks that have taken membership in the Federal Reserve System.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Eeserve System,
2
Borrow*
ings at
Federal
Reserve
Banks
0/0
.1
.1
.1
,3
.8
.8
.4
,5
.4
.1
.3
.2
.1
.2
.1
.1
.1
.1
.1
.2
27
CONSUMER CREDIT
Total consumer credit outstanding rose again in November. As in the previous month, the increase was due primarily
to an increase in charge accounts and in instalment credit for consumer durables other than automobiles.
BILLIONS OF DOLLARS
35
BILLIONS OF DOLLARS
35
INSTALMENT CREDIT EXTENDED*
'INSTALMENT CREDIT REPAID
I
1950
1951
1952
1953
1954
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1955
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Total
consumer
End of period
credit
outstanding
1939
1944
- .._
1946
1948
1949 _ _ _
1950
1951. _ _
1952
1953
_-1953: October.. .
November.
December.
1954: January
FebruaryMarch
April
May_ _ -._
June
July
August
SeptemberOctober
November-
7,222
5, 111
8,384
14,411
17, 104
20, 813
21, 468
25, 827
29, 537
28, 600
28, 760
29, 537
28, 724
28, 140
27, 833
28, 095
28, 372
28, 666
28, 725
28, 736
28, 856
28, 975
29, 209
Instalment credit outstanding
Total
4,503
2, 176
4,172
8,968
11,516
14, 490
14, 837
18, 684
22, 187
21, 766
21, 907
22, 187
21, 836
21, 582
21, 381
21, 426
21, 487
21,717
21, 849
21, 901
21, 935
21, 952
22, 014
Automobile
paper *
1,497
397
981
3,054
4,699
6,342
b, 242
8,099
10, 341
10, 373
10, 404
10, 341
10, 158
10, 010
9,919
9, 942
10, 002
10, 168
10, 298
10, 349
10, 365
10, 340
10, 296
Other Repair and
consumer moderni- Personal
zation
loans
goods
loans *
paper l
298
1,088
1,620
869
119
791
1,496
405
1,290
2,229
843
2, .842
2,444
887
3,486
1,006
2,805
4, 337
1,090
3,235
4,270
1,406
3,851
5,328
4,366
1,649
5,831
1, 619
5,529
4,245
1,645
4,271
5, 587
1,649
4,366
5,831
4,346
1, 635
5, 697
4,361
5,588
1,623
1,614
4,405
5,443
4,454
1,617
5,413
4,481
1, 634
5,370
1,635
4,547
5, 367
4, 586
1,637
5,328
4,616
1,642
5,294
4, 641
1,642
5,287
4, 651
1, 637
5,324
4,689
1, 631
5,398
JN oninstalment credit
outstanding
Total
2,719
2,935
4,212
5,443
5,588
6,323
6, 631
7, 143
7, 350
6,834
6,853
7,350
6,888
6, 558
6,452
6, 669
6, 885
6,949
6,876
6,835
6,921
7,023
7, 195
Charge
accounts
1,414
1, 517
2, 076
2,713
2,680
3,006
3,096
3,342
3,411
2,886
2,931
3,411
3,002
2,682
2,564
2, 723
2,786
2,819
2,773
2,734
2,807
2,892
3, 042
InstalInstalment
ment
credit excredit3
8
repaid
tended
4,894
8,495
15, 540
18, 002
21, 256
22, 791
28, 397
30, 321
2,540
2,355
2,696
1,947
1,956
2,380
2,400
2,397
2,703
2, 549
2,477
2,441
2,454
2,534
* Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
« Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."
* Credit extended or repaid during the period.
NOTE.—Data beginning January 1953 have been revised. Detail will not necessarily add to totals because of rounding;
28 Source: Board of Governors of the Federal Reserve System.
4,854
6,785
13, 267
15, 454
18, 282
22, 444
24, 550
26, 818
2,355
2,214
2,416
2,298
2,210
2,581
2,355
2,336
2,473
2,417
2,425
2,407
2,437
2,472
BOND YIELDS AND INTEREST RATES
In December, bond yields and interest rates were either slightly higher than or unchanged from the previous monthRates continued at levels appreciably below those of 1953.
PERCENT PER ANNUM
3.5
PERCENT PER ANNUM
3.5
1954
1949
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U. S. Government security yields
High-grade
3-month
Period
Taxable bonds 2
municipal
Treasury
s
4
bonds 5
Old series
New series
bills1
1939
-_ .
0. 023
2.76
1946
1
2. 19
.375
1. 64
2.44
1948
... ..
1. 040
2.40
1949
1. 102
2.31
2.21
1950 . . .
2.32
1.218
1.98
2. 57
1951
1.552
2.00
1952
. .
2.68
1.766
2. 19
1953
1.931
2.93
3. 16
2.72
1953: November
1.427
2.85
3.04
2. 62
December
_ _
1.630
2.79
2. 96
2.59
1954: January.
1. 214
2.68
2.90
2.50
February .
.984
2.60
2.85
2.39
March
2.51
1.053
2.73
2.38
2.47
April
1.011
2. 70
2.47
May
2.52
.782
2.72
2.49
2.54
.650
June
2.70
2.48
July
.710
2.47
2.62
2.31
.892
August
_ __
2.48
2.60
2.23
1. 007
2. 51
September
2. 64
2.29
2.52
October
-...
.987
2.65
2.32
2.55
.948
November
2.68
2.28
1. 174
2.58
December
2.68
2.33
Week ended:
2.57
1. 029
1954: December 42.68
2.29
2.56
11
1.087
2.67
2.31
2.58
1. 247
18
2. 69
2. 34
2.59
24
1. 333
2.69
2.35
2.58
1. 175
2.67
31.
2.35
1. 049
1955: January
8
* Rate on new issues within period.
2 Bonds in this classification were first issued in March 1941.
* Beginning April 1952, 2H-pereent bonds first callable after 12 years. Prior
to that, only bonds due or callable after 15 years were included.
Corporate bonds
( Moody 's)
3. 01
2.53
2.82
2.66
2. 62
2.86
2. 96
3.20
3. 11
3. 13
3.06
2. 95
2.86
2.85
2.88
2. 90
2.89
2.87
2.89
2.87
2.89
2.90
4.96
3.05
3.47
3. 42
3.24
3.41
3.52
3. 74
3.75
3.74
3.71
3.61
3. 51
3.47
3.47
3.49
3. 50
3.49
3. 47
3.46
3.45
3. 45
Prime
commercial
paper,
4-6 months
0.59
.81
1.44
1.49
1. 45
2. 16
2. 33
2.52
2. 31
2.25
2. 11
2.00
2. 00
1.76
1.58
1. 56
1.45
1.33
1.31
1.31
1.31
1.31
2.89
2.89
2.90
2.91
2. 92
3.45
3.45
3.45
3. 45
3.44
1.31
1.31
1.31
1.31
1.31
Aaa
Baa
« 3M-pereent bonds of 1978-83, issued May 1,1953.
* Standard and Poor's. Weekly data are Wednesday figures.
Source: Board of Governors of the Federal Reserve System.
23
MONEY SUPPLY
The privately held money supply increased by $1.2 billion in November/ due to increases in adjusted demand deposits
and circulating currency. Time deposits fell by $400 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
225
225
TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS
(PRIVATELY HELD MONEY SUPPLY)
1941 4 2 4 3 4 4 4 5 4 6 4 7 4 8 4 9 5 0 51 5 2 5 3
END OF YEAR
J F M A M J J A S O N D
J F w A M J J A S O N D J F M A M J J A S O N D
1952
1954
1953
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars]
Total deposits and
currency
End of period
1939
_.
1944...
1946..
1948
...
1949
1950
.
1951.
1952
1953
1953: October
November .
December
1954: January
February
March
April
._
May
June
July*
August 4 _ _ 4
September
October 4 __4
November
1
30
...
_.
64. 7
151.4
167.5
172.7
173.9
180. 6
189.8
200.4
205.7
201. 7
203.7
205.7
203.5
202. 5
201. 3
202.3
203.6
205.3
204.9
206. 3
207.7
211. 4
213. 5
U. S.
Government
deposits *
1. 5
21.2
3. 5
3. 6
4. 1
3.7
3.9
5.6
4.8
4.4
6.2
4.8
3.7
5. 0
6. 1
5.0
5.6
6. 8
4. 4
6. 0
5. 2
6. 6
7. 5
Total excluding U. S. Government deposits
(privately held money supply)
Demand
Currency
Time
outside
Total
deposits
deposits B
adjusted §
banks
63. 3
130.2
164.0
169. 1
169. 8
176.9
186.0
194. 8
200.9
197. 3
197.4
200.9
199.8
197.4
195. 2
197. 3
198.0
198. 5
200.4
200. 3
202. 5
204. 8
206. 0
6.4
23.5
26.7
26. 1
25.. 4
25. 4
26.3
27.5
28. 1
27.4
27. 9
28. 1
26. 9
26.9
26. 9
26.7
26. 8
27. 1
26. 8
26. 9
26. 9
26. 9
27. 5
•
29. 8
66. 9
83.3
85. 5
85.8
92.3
98.2
101. 5
102.5
100.3
100.2
102. 5
102. 3
99. 6
96. 7
98. 6
98.7
98. 1
100. 0
99. 4
101. 2
103. 1
104.2
Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account.
2 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
8
Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
* Preliminary estimates.
NOTB.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
27. 1
39. 8
54.0
57. 5
58. 6
59. 2
61.4
65. 8
70.4
69.6
69. 3
70.4
70. 6
71. 0
71. 7
72. 0
72. 5
73. 3
73.7
74. 0
74.4
74.7
74. 3
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Total budget expenditures declined from $4.9 billion in October to $3.8 billion in November, largely due to the sale
to private banks of certificates of interest in Commodity Credit Corporation loans. Budget receipts rose seasonally
from $2.6 billion in October to $4.2 billion in November. The cumulative budget deficit for the first 5 months of
fiscal year 1955 was $6.7 billion, compared with $6.9 billion at the same time last year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
NET BUDGET RECEIPTS
75
SFSU
25
0
I960
1954
1951
1955
1950
+ 10
NATIONAL SECURITY PROGRAMS
1951
1952
1955
1953
BUDGET SURPLUS {+) OR DEFICIT {-)
(MAGNIFIED SCALE)
75
50
25
-5
-10
1950
1951-
1952
1953
19
1955
1950
1951
1952
1953
1954
1955
FISCAL YEARS
* ESTIMATED
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL 0F ECONOMIC ADVISERS
[Billions of dollars]
Net budget
receipts
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1953:
year 1944
year 1947
year 1948
__
_ _
year 1949
year 1950
_
vear 1951
year 1952
vear 1953—
_
__
vear 1954
year 1955 (estimated)-October
November
December
1954: January
February
March _.
April
May
_
June
-_
July
.
__
August
September
October
.
November
. Cumulative totals for first 5 months :
Fiscal year 1954
Fiscal vear 1955 _ _ _
.. .
....
-
__
-
---_
-.._
43. 6
39.8
41. 5
37.7
36.5
47.6
61.4
64.8
64.7
59.3
3.0
4.6
4. 6
5.0
5.4
11.4
2.8
3.6
10.6
2.8
3.9
5. 0
2.6
4.2
21.2
18.5
Budget expenditures
National
Total
security 1
75.8
95. 1
14.4
39.0
11.7
33. 1
39. 5
12.9
39.6
13.0
44. 1
22.3
65.4
43. 8
74.3
50.3
67.8
46.5
41.9
64.0
4.2
5.8
5.2
3.7
4. 2
6.4
5.2
3.8
4. 7
3. 6
5.6
3.9
3.7
5.3
5.2
3.3
4.5
7.3
3.2
4.8
6.7
3.4
5.0
3.3
4.9
3.3
3.8
3.3
28.0
25.3
19.5
16.5
Budget surplus (+) or
deficit (— )
Public debt
(end of
period) 2
-51.4
+ .8
+ 8.4
-1.8
-3. 1
+ 3.5
-4.0
-9.4
-3.1
-4.7
-2.7
-.6
-1.8
-.2
+.7
+ 5. 9
— 2. 5
-1.6
+ 3.3
-2.0
-2. 8
—.1
— 2. 2
+.4
202. 6
258.4
252.4
252. 8
257.4
255.3
259. 2
266. 1
271.3
274. 5
273. 5
275.3
275.2
274.9
274. 9
270.3
271. 1
273. 6
271. 3
271.0
275.0
274.8
278. 8
278.9
-6.9
-6.7
275. 3
278. 9
i Revised to include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1956. These
expenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation of critical and
strategic materials.
i Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates.
The figures shown above for fiscal years 1963 and 1954 are those published by the Treasury Department on the new basis.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
Q1
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The cash deficit for the quarter ending In September was $4.8 billion, reflecting to a considerable degree the seasonally
low receipts during the first half of the fiscal year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25 I
'
CASH RECEIPTS
f
CASH PAYMENTS
LL
1951
3
4
1
2
1952
3
4
1
2
1953
3
2
4
.3
19 5 4^
4
— m —EXCESS OF CASH RECEIPTS-
EXCESS OF CASH PAYMENTS -
1952
1951
1954*
1953
CALENDAR YEARS
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Calendar year
Calendar year total:
1946
1947...
1948....
1949
1950
1951
1952
.
1953..
Quarterly totals, not adjusted for seasonal variation:
1952: Third quarter.. .
Fourth quarter
_„
Cash receipts
from the
public
Cash payments to
the public
Excess of receipts ( + ) or
payments (—)
41 441
44, 282
44 922
41, 346
42 419
59 278
71,339
70 382
41 899
88 616
36 897
42, 642
41 969
SB 034
72, 980
76 541
+42
+ 5 666
4-8 027
— 1, 295
+ 450
4-1 244
— 1, 641
— 6 159
15, 354
14, 722
17, 921
19, 436
—2, 567
— 4, 715
1953 : First quarter. ....
Second quarter
Third quarter
Fourth quarter
22 539
18, 674
15, 502
13, 667
18, 166
21, 049
19, 015
18,311
+4 373
— 2, 375
— 3, 513
—4, 644
1954: * First quarter
Second quarter
Third quarter
23, 353
18 987
13, 500
16, 358
18 342
18, 300
+6, 995
+ 645
— 4, 800
' Preliminary estimates.
NOTB.—Detail will not nnewwarily add to totals because nf rounding.
Sources: Bureau of the Budget and Treasury Department.
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