Budget Receipts and Expenditures

Name: Budget Receipts and Expenditures
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 84th Congress 1st Session V Economic Indicators JULY 195S Prepared for the Joint Committee on the Economic Report by the Council of Economic Advisers The Joint Committee on the Economic Report in House Report 1256 83d Congress 2d session directed the committee staff to sponsor an intensive review of Economic Indicators This review was undertaken with the cooperation of the Council of Economic Advisers and the Bureau of the Budget Comments and suggestions by the users of Economic Indicators have helped the Joint Committee and the Council of Economic Advisers to make several revisions and additions which have already been included in Economic Indicators This issue contains additional improvements including a new arrangement of the charts and tables The Joint Committee is grateful for the assistance it has received and will continue to welcome comments directed toward making Economic Indicators a more widely useful publication PAUL H DOUGLAS Chairman Joint Committee on the Economic Report UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT COMMITTEE ON THE ECONOMIC REPORT Created pursuant to Sec 5 a of Public Law 304 79th Cong PAUL H DOUGLAS Illinois Chairman WRIGHT PATMAN Texas Vice Chairman JOHN SPARKMAN Alabama J WILLIAM FULBRIGHT Arkansas JOSEPH C O MAHONEY Wyoming RALPH E FLANDERS Vermont ARTHUR V WATKINS Utah BARRY GOLDWATER Arizona RICHARD BOLLING Missouri WILBUR D MILLS Arkansas AUGUSTINE B KELLEY Pennsylvania JESSE P WOLCOTT Michigan HENRY O TALLE Iowa THOMAS B CURTIS Missouri GROVER W ENSLEY Staff Director JOHN W LEHMAN Clerk COUNCIL OF ECONOMIC ADVISERS ARTHUR F BURNS Chairman RAYMOND J SAULNIER JOSEPH S DAVIS 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 11 Contents TOTAL OUTPUT INCOME AND SPENDING Page The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Per Capita Disposable Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Nonagricultural Employment Average Weekly Hours Selected Industries Average Hourly Earnings Selected Industries Average Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Sales and Inventories Manufacturing and Trade Merchandise Exports and Imports PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers CURRENCY CREDIT AND SECURITY MARKETS Currency and Deposits Bank Loans Investments and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Preliminary estimates of total income and expenditures for the second quarter of 1955 reflect the continued rise in over all economic activity BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES CONSUMERS DISPOSABLE INCOME EXPENDITURES ISO ISO I I t I I I I I I l i I I l l t I BUSINESS INVESTMENT EXCESS OF INVESTMENT GROSS RETAINED EARNINGS GOVERNMENT FEDERAL STATE AND LOCAL EXCESS OF EXPENDITURES LESS TRANSFER PAYMENTS i FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND INVENTORY VALUATION ADJUSTMENT AND CAPITAL CONSUMPTION ALLOWANCES 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 PR 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 Recently revised eslimates indicate that the gross national product reached an all time high of 375 billion seasonally adjusted annual rate in the first quarter of this year Preliminary estimates indicate a further rise of nearly 8 billion to a new record of 383 billion in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS ISO PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCEJEXCEPT AS NOTED Billions of dollars Personal Gross Total conNet private gross sump domestic foreign national tion investproduct expend investment ment itures Period First quarter Second quarter Third quarter Fourth quarter 1955 First quarter 3 Second quarter 1 COUNCIL OF ECONOMIC ADVISERS Government purchases of goods and services Federal State and Total i Total i National Other 2 local security g Seasonally adjusted annual rates 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 end economic stabilization and civil defense For further details see Economic Report o the President January 1955 p 137 and National Income 195J Edition p 148 These expenditures are not comparable with the national security category in The Budfet of the U S Government for the Fixed Year Endinc June SO 1955 and shown on p 31 of Economic Indicators a Preliminary estimates by Council of Economic Advisers NoTE The figures beginning with 1952 have been revised For details see Surrey of Current Business July 1955 Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted NATIONAL INCOME The continued increase in general business activity during the second quarter was reflected in a rise of over 8 billion seasonally adjusted annual rate in national income according to preliminary estimates Increases in employee compensation and corporate profits accounted for most of the rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS ISO CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND x RENTAL INCOME 1955 I960 PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC AOViSERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total national income Period First quarter Second quarter Third quarter Fourth quarter 1955 First quarter 2 Second quarter Compensation of em 1 ployees L Proprietors income Farm Business and professional Rental income of persons Net interest Seasonally adjusted annual rates Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment rt u Includes employer contributions for social insurance See also p 4 2 Preliminary estimates by Council of Economic Advisers NOTE The figures beginning with 1952 have been revised For details see Survey of Current Business July 1955 Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted SOURCES OF PERSONAL INCOME Total personal income increased 2 billion seasonally adjusted annual rate in May and exceeded the 300 billion level for the first time in history Labor income rose materially Farm income which fluctuates erratically on a month to month basis declined BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL PERSONAL INCOME LABOR INCOME FARM PROPRIETORS INCOME TRANSFER PAYMENTS fBUSINESS PROFESSIONAL AND RENTAL INCOME DIVIDENDS AND PERSONAL INTEREST 1952 SOURCE DEPARTMENT OF COMMERCE I l COUNCIL OF ECONOMIC ADVISERS Less PerLabor income Proprietors income wage and Rental Total Personal Transfer sonal con Non agrisalary disBusiness income Divi interest Period pay tributions cultural personal bursements dends of Farm and proincome ments for social personal income insurincome3 and other fessional persons ance labor income Seasonally adjusted annual rates Anril May June July August September October J November m December January February March April Mav Includes 2 7 billion National Service Life Insurance tlon of rim loyet s sec p 3 excluding emj loyr contributions for social insurance dividend most of which was paid in the first half of the year I income of unincorporated farm enterprises farm wages agri Preliminary estimates 1 i l U i i i n K pui l by arrieiilhinil corporations imiint lu vj have brrn rvvls d For details see Survey of Current Business July 1955 Source Department of Commerce 11 txlil In I DISPOSITION OF PERSONAL INCOME Disposable personal income rose by 6 billion seasonally adjusted annual rate in the second quarter of this year according to preliminary estimates Consumer expenditures rose less than disposable income and the rate of consumer saving rose to about the level registered in the last half of 1954 BILLIONS OF DOLLARS BILLIONS OF DOLLARS I 00 LJ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Less Personal Disposincome Personal able 1 taxes personal income Period Equals First quarter Second quarter Third quarter Fourth quarter 1955 First quarter 2 Second quarter Billions Less Personal consumption expenditures Total Equals Saving as percent of disPersonal posable NonDurable durable Services saving income goods goods Billions of dollars of dollars seasonally adjusted annual rates i Includes such items as fines penalties and donations 2 Preliminary estimates by Council of Economic Advisers NOTE The figures beginning with 1952 have been revised For details see Survey of Current Business July 1955 Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted PER CAPITA DISPOSABLE INCOME According to preliminary estimates per capita disposable income seasonally adjusted reached another record level in the second quarter of this year In constant prices it exceeded that of the corresponding quarter of 1954 by 4 percent DOLLA RS 2 000 DC LLARS 2 000 SEASONALLY ADJUSTED ANNUAL RATES 1954 PRICES X URRENT PRICES I I I f i E FOOTNOTE 2 ON TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS Total disposable personal Per capita disposable personal income dollars 1 Income billions of dollars 1 Period Current prices prices Current prices prices 3 Population thousands Seasonally adjusted annual rates 1954 First quarter Second quarter Tnird quarter Fo urth quarter 1955 First quarter 4 Second quarter Income loss taxes 2 Dollar estimates in current prices divided by consumer price index on base s Includes armed forces overseas Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures Preliminary estimates NOTE The figures beginning with 1952 have been revised For details see Survey of Current Business July 1955 Sources Department of Commerce Department of Labor and Council of Economic Advisers FARM INCOME According to preliminary estimates gross and net farm income seasonally adjusted declined again in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES N J INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Realized gross farm income l Period First quarter Second quarter Third quarter Fourth quarter 1955 First quarter Second quarter X 1952 NET FARM INCOME 1NCL ADJUSTMENT FOR INVENTORY CHANGE i INVENTOR COUNCIL OF ECONOMIC ADVISERS Farm operators income Net income per farm inNet income 2 cluding adjustment for Including Excluding Farm proinventory change duction adjustment adjustment for invenCurrent for invenexpenses 1954 prices tory change 3 tory change4 prices 5 Billions of dollars Dollars Seasonally adjusted annual rates Number of farms thousands Includes cash receipts from farm marketings value of farm products consumed directly in farm households gross rental value of farm dwellings and Government payments to farmers 2 Excludes n farm wages paid to workers living on farms and 6 any income to farm people from nonfarm sources These Items in 1954 were as follows a 2 1 billion dollars and b 5 7 billion dollars 3 Realized gross income less farm production expenses Same as farm proprietors income on pages 3 and 4 except for 1951 whieh includes revisions by the Department of Agriculture not yet incorporated into the national income accounts of the Department of Commerce s Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living on base For the quarterly data the number of farms is held constant within a given year Estimate by Council of Economic Advisers NOTE Estimates for 1952 55 reflect interim revisions made in connection with Source Department of Agriculture except as noted the annual report on national income by the Department of Commerce Final revisions will be completed by the Department of Agriculture in October CORPORATE PROFITS Corporate profits seasonally adjusted both before and after taxes continued to rise in the second quarter of 1955 according to preliminary estimates BILLIONS OF DOLLARS BILLIONS OF DOLLARS 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 Corporate tax liability Corporate profits after taxes Total Dividend payments Undistributed profits Seasonally adjusted annual rates 1954 First quarter Second quarter Third quarter Fourth quarter 1955 First quarter Second quarter i Preliminary estimates by Council of Economic Advisers NOTK The fltrures beginning with 1952 have been revised For details see Survey of Current Business July 1955 r rr 11 3 for i rofits before taxes and after inventory valuation adjustment ci s sarily add to totals because of rounding Source Department of Commerce except as noted GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates gross private domestic investment increased by almost 5 billion seasonally adjusted annual rate in the second quarter of 1955 Investment in inventories and producers equipment rose considerably and construction continued to increase BILLIONS OF DOLLARS BILLIONS OF DOLLARS CHANGE IN BUSINESS INVENTORIES J 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 I Change in business inventories Fixed investment New construction Total Residential nonfarm Total Commercial and industrial All other Producers durable equipment Total Nonfarm Seasonally adjusted annual rates 1954 First quarter Second quarter Third quarter Fourth quarter 1955 First quarter 3 Second quarter Includes public utility Preliminary estimates by Council of Economic Advisers Includes petroleum and natural gas well drilling NOTE The figures beginning with 1952 have been revised For detailss see Survey of Current Business July 1955 Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted 2 9 EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to a survey made in April and May expenditures for new plant and equipment were expected to increase 9 percent between the first and second quarters the largest quarterly rise since the last half of 1950 Plans for the third quarter indicated an additional rise of 3 percent to a level of about 29 billion seasonally adjusted annual rate equaling the previous peak in the third quarter of 1953 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES MANUFACTURING COMMERCIAL AND OTHER TRANSPORTATION I I J I J I I I I 1953 I SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE CQUNCIL QF ECONOMIC ADVISERS Billions of dollars Transportation Mining Durable NonduraRailroads Other goods ble goods Seasonally adjusted annual rates Manufacturing Period 1939 HMti 1947 J Total First quarter Second quarter Third quarter Fourth quarter 1955 First quarter 3 Second quarter Third quarter 3 Total Public utilities Commercial and other a a i Excludes agriculture Commercial and other includes trade service finance communications and construction Estimates based on anticipated capital expenditures as reported by business in April and May 1955 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 ou tlays charged to current expense Detail will not necessarily add to totals because of rounding Sources Securities and Exchange Commission and Department of Commerce a 3 1 0 EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Employment rose between early May and early June to an all time high of 64 million Unemployment rose as young workers sought jobs at the close of school but the rise was smaller than usual at this time of year MILLIONS OF PERSONS 75 MILLIONS OF PERSONS YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Total Unemployment 3 Insured unemployment 4 Employment l labor TempoCivilian of Thousands of covered force in labor rary Period cluding force Total Agricul Nonagri layoffs 2 Number civilian of persons employment labor all pro State protural cultural armed grams grams force forces Thousands of persons 14 years of age and over 68 area sample area sample May June Julv August September October November December January February March April Mav June i Includes part time workers and those with jobs but not at work for such reasons as vacations illness bad weather temporary layoff and industrial disputes excludes armed forces 2 Shown separately so as to afford a basis for further analysis of employment and unemployment See footnote 2 Weekly average Pertai is to labor furce data only Preliminary estimate Sources Department of Commerce labor force and Department of Labor insured unemployment 11 NONAGRICULTURAL EMPLOYMENT Employment in nonagricultural establishments seasonally adjusted rose 116 000 from May to June Employment rose more than seasonally in durable goods manufacturing and slightly less than seasonally in nondurable goods manufacturing MILLIONS OF WAGE AMD SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS 8 5 II 0 NONDURABLE MANUFACTURING J J 3 F M A M J J A SON J M A M J J A S I O N 0 M CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE I SOURCE DEPARTMENT F I I I I I 1 OF LABOR I I I COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers Period Mav June July August September October November December 1955 January February March April 2 May June Total adjusted for seasonal variation Manufacturing Total Total Contract Wholesale Durable Nondu Mining construc and retail tion trade goods rable goods Government Federal State local Other Not adjusted for seasonal variation i Includes all full and part time wage and salary workers in nonagricultural 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 prietors 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 a Preliminary estimates NOTE Beginning with 1953 data are based on first quarter 1954 benchmark levels Sources Department of Labor and Board of Governors of the Federal Beserve System 12 AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek of factory production workers declined from 40 8 hours in May to 40 7 hours in June is usual at this time of year HOUR PER W E E K rise HOURS PER WEEK DURABLE MANUFACTURING NONDURABLE MANUFACTURING I I RETAIL TRADE 1 J SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing r Period May June July August September October November December 1955 January February March April May 2 June Total Durable goods Data beginning with January 1948 are not strictly comparable with those for earlier periods 2 Preliminary estimates NOTE Beginning with 1953 data are based on first quarter 1954 benchmark levels of employment Source Department of Labor Building Nondurable construction Retail trade goods Q fi QQ K qy fi 1 fi o fi 9 1 ft 9 3Q Q 3Q Not available 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES The average hourly earnings of production workers in manufacturing were 1 87 in June the same as in May 6 cents more than in June of last year DOLLARS PER HOUR and RS PER HOUR NONDURABLE MANUFACTURING EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS 1 ur production workers or nonsupervisory employees All manufacturing Period Current prices May June 1 81 July 1 80 August September 1 81 October 1 81 November 1 83 December January 1 85 February March 1 85 April 3 1 86 May June 1954 prices Durable goods manufacturing Current prices I prices Nondurable goods manufacturing Current prices i Earnings ID current prices divided by consumer price index on base Data beginning with January 1948 are nor strictly coniDarahle with those for earlier periods NOTE Beginning with 1953 data are based on first quarter 1954 benchmark levels of employment Source Department of Labor y 14 1954 prices Building construction Current prices prices Retail trade Current prices Preliminary estimates Not available 1954 prices AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES The average weekly earnings of factory production workers declined from 76 30 in May to 76 11 in June as a result of a slightly shorter workweek The June figure was 4 61 higher than a year earlier DOLLARS PER WEEK DOLLARS PER WEEK NONDURABLE MANUFACTURING 1954 PRICES y 1954 I 1955 J EARNINGS IN CURRENT PRICES DIVIDED BV CONSUMER PRICE INDEX ON BASE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Jfor production workers or nonsupervisory employees Building Durable goods Nondurable goods Retail trade construction manufacturing manufacturing Period Curreut Current Current Current Current 1954 prices prices prices prices prices prices l prices prices prices prices Mav June Julv August September October November December January February March April May m i1 m m June m m All manufacturing Earnings iii eurreuc prices divided by consumer price index oa base s Data beginning with January 1948 are not strictly comparable with those for earlier periods NOTE Beginning with 1953 data are based on first quarter 1954 benchmark levels of employment Source Department of Labor 3 Preliminary estimates Not available 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION According to preliminary estimates the seasonally adjusted index of industrial production reached a new high of in June iNDEX INDEX I960 COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production Jreriou rv 3 P May June July August September October November December 1955 January February March April May June 1 Preliminary estimates 16 Manufactures Minerals Total Durable Nondurable Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES Production of nondurable goods industries in June equaled or exceeded the May levels tries continued to show advances while others declined SEASONALLY ADJUSTED Some durable goods indus INDEX IOO SEASONALLY ADJUSTED 180 MACHINERY A FABRICATED METAL PRODUCTS LLJ COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Durable manufactures Nondurable Transpor Lumber Textiles Paper FabriPrimary Machin tation and cated and and metals equipery metal prod apparel printproducts ucts ment ing Period May June July August September October November December 1955 January February March ADril May June i Preliminary estimates 2 Not available Source Board of Governors of the Federal Reserve System manufactures ConChemical Foods sumer and petro bever durable leum ages and goods products tobacco WEEKLY INDICATORS OF PRODUCTION According to several weekly indicators production continued at a high level during June and early July Production of electric power and paperboard was at record levels Bituminous cocl mining increased Steel production and freight carloadings declined slightly Car and truck assemblies fell partly as a result of strikes MILLIONS OF SHORT TONS DAILY AVERAGE MILLIONS OF TONS BITUMINOUS COAL I J F M BILLIONS OF KILOWATT A M a J 0 N I I D HOURS SOURCES AMERICAN IRON AND STEEL INSTITUTE Period S DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS COUNCIL OF ECONOMIC ADVISERS bituminous Freight Paperboard h lee trie Steel produced Cars and trucks power coal mined produced loaded Thousands Percent of distributed thousands thousands thousands assembled thousands theoretical millions of of net of short Total Cars Trucks of tons of cars tons capacity l kilowatt hours tons 2 Weekly average June July August September October November December 1955 January February March April May June 3 Week ended 1955 June a July f M Porcvnt of capacity based on weekly net ton capacity o f l for the first half of beginning July beginning January pinning January beginning January beginning January 1 1954 and beginning January 1 1955 iv or age for week Not plotted 3 Preliminary estimates American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paperboard and Ward s Automotive Reports 18 NEW CONSTRUCTION Expenditures for total new construction seasonally adjusted continued at near record levels in June contracts awarded seasonally adjusted were 10 percent higher than in May BILLIONS OF DOLLARS Construction BILLIONS OF DOLLARS TOTAL NEW CONSTRUCTION O I 1 I 1 1 1 I I I I I I I I I I I I I I I I I I I I I I I I 1 1 1 I I I I I I I I I I I I I I I I I I i I s PRIVATE RESIDENTIAL NONFARM s SJS M in f ft f 1 I 1 f 1 1 1 I 1 I 1 i i i i i 1 i i i i i I I 1 1 I IR tS OTHER PRIVATE i i i i i i i i i i Total new construction i i i i i 1 i i t i I 1 1 1 I I 1 1 I SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR Period COUNCIL OF ECONOMIC ADVISERS Billions of dollars Private Total Residential priv ate nonfarm Other Federal State and locall Construction contracts awarded in 37 Eastern States Annual rates UnSeasonally adjusted adjusted Seasonally adjusted annual rates 1954 May June July August September OctoberNovember December January February March April May June Compiled by F W Dodge Corporation 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 Corporation except as noted Preliminary estimates HOUSING STARTS AND APPLICATIONS FOR FINANCING In June the number of private nonfarm housing starts continued at a seasonally adjusted annual rate of 1 3 million units MILLIONS OF UNITS MILLIONS OF UNITS 1955 J SEE FOOTNOTE I ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION F H A AND VETERANS ADMINISTRATION V A COUNCIL OF ECONOMIC ADVISERS Thousands of units New nonfarm housing starts Period Annual total Monthly average May June July August September October November December 1955 Januarv February March April Mav luno Total Publicly financed Total Privately financed Government underwritten FHA Total VA Proposed home construction Private seasonally adjusted annual rates U n i t s i i prt sciitcd by mortgage applications for new home construction Estimated Not available H HIHV I i t urtim in of Labor Federal Housing Administration FHA and Veterans Administration VA Applications for FHA commitments l 1 Requests for VA appraisals Preliminary estimates SALES AND INVENTORIES MANUFACTURING AND TRADE Total sales seasonally adjusted increased about 1 percent in May largely as the result of increased sales by manufacturers Inventories of manufacturers and distributors also increased during the month Manufacturers new orders rose substantially In June retail sales continued at the record level reached in April B1LLK3NS OF DOLLARS SEASONALLY ADJUSTED BILL ONS OF DOLLARS SEASONALLY ADJUSTED RETAIL TOTAL AND M ANUFACTURIN INVENTORIES BO TOTAL IN MENTOR IE SALES M 1 M i l l M M INVENTORIES Sk x Mill 1 M v r MANUFACTURING SALES M i l l f x Mill DEPARTMENT STORES MANUFACTURING INVENTORIES 1 1 1 INDEX SE TONALLY ADJUSTE D 140 TOTAL SALES M V wrtf w V v y yV VVA v f SALES M 1 1 M 1 1 1 Mill M i l l Period April May June July August September October November December 1955 January February March April 5 May June 5 M M 1 M i l l 1954 Mill 1955 M i l l M i l l M 1 M 1M 1 M M i l l 1954 M i l l M i l l 1955 COUNCIL OF ECONOMIC ADVISERS Manufacturing Manufacturing Retail Department stores Wholesale and trade InvenInven New InvenInvenInvenSales i tories 2 Sales i tories 2 orders 1 Sales i tories 2 Sales i tories 2 Sales 1 tories 3 Index Billions of dollars seasonally adjusted seasonally adjusted Monthly average for year and total for month New series on retail trade beginning with 1951 not comparable with previous 2 Book value end of period data See Survey of Current Business September and November 1952 for detail s Book value end of period except annual data which are monthly averages s Preliminary estimates Q1 Sources Department of Commerce and Board of Governors of the Federal Reserve System MERCHANDISE EXPORTS AND IMPORTS For fhe first 5 months of the year commercial exports were 11 percent higher and imports 6 percent higher than in the corresponding period of 1954 MILLIONS OF DOLLARS 1 800 MILLIONS OF DOLLARS if SEE FOOTNOTES I AND 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE 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 1951 monthly average 1952 monthly average monthly average 1954 monthly average 1954 April Mav June July August September October November December January February March April May Total Excess of exports or imports Grant aid shipments l Excluding grant aid shipments Merchandise imports Total Excluding grant aid shipments i Beginning with 1950 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 1050 amounted to 282 million dollars 2 Not available NOT i Detail will not necessarily add to totals because of rounding Sources Department of Commerce and Department of Defense 22 CONSUMER PRICES The average of consumer prices was unchanged in May INDEX INDEX COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMtNT OF LABOR April May June Julv August September October November December 1955 January February March April May i Not available Apparel Transportation C1 C Housing All items Period Food Total no Rent C Reading Other Medical Personal and goods care care recreaand tion services C1 C C1 C C1 C l w Source Department of Labor 23 WHOLESALE PRICES Wholesale prices increased slightly in June COUNCIL OF ECONOMIC ADVISERS Period May June July August September October November December 1955 January February March April May June Week ended July Vi u y rhv b i fj on a smaller sample than the monthly serie horn v l opurtment of Labor Other than farm products and foods industrial All commodities Farm products Processed foods PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers declined 0 4 percent during the month ended June 15 The index of prices paid by farmers was unchanged and the parity ratio declined slightly This ratio has been at the relatively low level of 86 or 87 percent since October 1954 INDEX 325 INDEX I9LO I4 IOO 325 PRICES RECEIVED PARITY INDEX PRICES PAID INTEREST TAXES AND WAGE RATES PARITY RATIO 100 i RATtO OF INDEX OF PRICES RECEIVED TO PARITY INDEX SOURCE DEPARTMENT OF AGRICULTURE Period May 15 June 15 July 15 August 15 September 15October 15 November 15 December January 15 February 15 March 15 April 15 May 15 June COUNCIL OF ECONOMIC ADVISERS Prices paid by farmers Parity index prices paid Prices refor items used in ceived by interest taxes and farmers Family Producwage rates living tion Index i Percentage ratio of index of prices received by farmers to parity index Includes wartime subsidies paid on beef cattle sheep lambs milk and butterfat between October 1943 and June 1946 Source Department of Agriculture Parity ratio CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS Demand deposits declined 1 1 billion during May The decline was larger than is usual at this time of year At the end of May total deposits excluding Government and currency were 4 4 percent higher than a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL DEPOSrrS AND CURRENCY TOTAL EXCLUDING U S GOVERNMENT DEPOSITS PRIVATELY HELD MONEY SUPPLY J DEPOSITS ADJUSTED TIME DEPOSITS CURRENCY OUTSIDE BANKS U S GOVERNMENT DEPOSITS COUNCIL OF ECONOMIC ADVISERS Millions of dollars End of period April May June Julv August September October November December 1955 J a n u a r y 4 4 February March 4 April 44 Mav Total deposits and currency U S Government deposits I Total excluding U S Government deposits privately held money supply Currency Demand Time outside Total deposits deposits 3 banks adjusted Includes U S Government deposits at Federal Reserve banks and commercial and savings banks and U S Treasurer s time deposits open account Includes demand deposits other than interbank and U S Government less cash items in process of collection Includes deposits in commercial banks mutual savings banks and Postal Savings System but excludes interbank deposits NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve Board BANK LOANS INVESTMENTS AND RESERVES Total loans and investments of commercial banks were unchanged between the end of April and the end of May A rise of 1 billion in loans was offset by declines of 0 7 billion in holdings of U S Government securities and 0 3 billion of other securities Loans appear to have continued to rise during June BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS i so BANK LOANS J 20 INVESTMENT IN OTHER SECURITIES 1 j I I I j j Li 1953 END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period 1949 I April May June July August September October November December 1955 January February March 4 April44 May June 4 Total loans and investments Billions of dollars A1J commercial banks Investments U S GovLoans Other ernment Total securities securities COUNCIL OF ECONOMIC ADVISERS Weekly reporting member banks 2 Business loans All member banks 13 BorrowReserve balances ings at Federal Required Excess Reserve Banks Member banks Include besides all national banks those State banks that have taken membership in the Federal Reserve System 2 Commercial industrial and agricultural loans revised series beginning January 1952 Such loans by weekly reporting member banks represent approximately 70 percent of business loans by all commercial banks 3 Data are averages of daily figures on balances and borrowings during the period Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 27 CONSUMER CREDIT Total consumer credif outstanding rose by more than 900 million during May to a record level of 31 6 billion Increased instalment financing of automobile purchases again accounted for most of the rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Millions of dollars Total consumer Rad of period credit outstanding April May June July August September October NovemberDecember 1955 lfl nun rv FebruaryMarch April Mnv M 5 r s Instalment credit outstanding Total LM 1 10 Automobile paper l b Other Repair and consumer moderni Personal zation loans goods loans 2 paper jNuiuutitaliueJii credit outstanding Total Charge accounts t InstalInstalment ment credit ex credit 3 3 tended repaid purpose of pim hnsing automobiles and other consumer goods and secured by the items purchased millions those held by retail outlets are included in other consumer goods paper Source Board of Governors of the Federal Eeserve System BOND YIELDS AND INTEREST RATES Yields of Federal and municipal securities increased in the latter part of June and early July There was little change in corporate bond yields Rates on prime commercial paper rose in early July PERCENT PER ANNUM PERCENT PER ANNUM 4 4 U S GOVERNMENT OLD SERIES COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF G O V E R N O R S OF THE FEDERAL RESERVE SYSTEM Period June July August September October November December 1955 JanuaryFebruary March April May June Week ended 1955 June J 1 14 J July Percent per annum U S Government security yields High grade 3 month Taxable bonds 2 municipal Treasury bonds 6 Old series 8 New series 4 bills i Rate on new issues within period 2 Bonds in this classification were first issued in March 1941 Beginning April pereent bonds first callable after 12 years Prior to that only bonds due or callable after 15 years were included Corporate bonds Moody s Aaa Baa Prime commercial paper 4 6 months H percent bonds of issued in May 1953 and 3 percent bonds of 1995 issued in February 1955 8 Standard and Poor s Weekly data are Wednesday figures OQ Source Board of Governors of the Federal Reserve System M7 STOCK PRICES Stock prices increased sharply in June and early July I N D E X I N D E X SOURCE SECURITIES AND EXCHANGE COMMISSION Period Weekly average July August September October November December 1955 January February March April May June Week ended 1955 June July if lm lud s iv 5 for tmd f i m u i c r 30 Composites index Z COUNCIL OF ECONOMIC ADVISERS Manufacturing TransDurable Nondura portation Total goods ble goods Utilities Trade finance Mining and service IS poods nianufari unit 72 lor nondurable goods manufacturing 21 for transportation 29 for utilities 31 Indr xes tiro for weekly closing prices ared Source Securities and Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The cumulative budget deficit of the Federal Government through May of the fiscal year 1955 was 7 6 billion compared with 6 5 billion at the same time last year BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS TOTAL BUDGET EXPENDITURES NATIONAL SECURITY PROGRAMS BUDGET SURPLUS OR DEFICIT MAGNIFIED SCALE IRST II tONTHS FISCAL YEARS ESTIMATED SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS ol dollars Net budget receipts Period Fiscal year 1944 Fiscal year Fiscal year 1948 Fiscal year 1949 Fiscal year 1950 Fiscal vear 1951 Fiscal year 1952 Fiscal year 1953 Fiscal vear 1954 Fiscal year 1955 estimated 1954 April IVIav June July August September October November December 1955 January February MarchApril May Cumulative totals for first 11 months Fiscal vear 1954 Fiscal vear Public debt end of period 3 Budget expenditures National Total security Budget surplus or deficit j 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 1965 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 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 expenditure is on a basis consistent with that used in preparing budget estimates The figures shown above for fiscal years 1953 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 nd Bureau of the Budget O Tl CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC Federal cash receipts exceeded cash payments by 4 1 billion in the first quarter of this year Because of the heavy concentration of corporate tax payments in March a substantial cash surplus is usual at this time of year BILLIONS OF DOLLARS BILLIONS OF DOLLARS i HO MAGNIFIED SCALE EXCESS OF CASH RECEIPTS F T l I EXCESS OF CASH PAYMENTS PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT I954J CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS Millions of dollars Calendar year Calendar year total Quarterly totals not adjusted for seasonal variation 1953 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter Cash receipts from the public Cash payments to the public Excess of receipts or payments Preliminary estimates NOTE JH tftil w i l l not nccmvarily add to totals because of rounding oum itm u of tht Bndpnt and Treasury Department iy Suiwrlntendent of Documents TJ S Government Printing Office Washington 25 D C Price 20 cents per copy 2 00 per year 2 50 foreign 42

Budget Receipts and Expenditures

DATE: July 1955

PART OF:

Economic Indicators : July 1955

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Budget Receipts and Expenditures," 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-. "July 1955," Economic Indicators (July 1955) : 34-34. https://fraser.stlouisfed.org/title/1/item/309/toc/423043 , accessed on December 13, 2019.

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Economic Data