Full text of Economic Indicators : February 1956
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
84th Congress, 2d Session
Economic Indicators
FEBRUARY
1956
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1956
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. S (a) of Public Law 304, 79th Gong.)
PAUL H. DOUGLAS, Illinois, Chairman
<' ^
WRIGHT PATMAN, Texas, Vic* ChairM**;^; •'~^'~*
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
v%
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, Executive Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Cb*»m*n
RAYMOND J. SAULNIER
JOSEPH S. DAVIS
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION fS. J. Res. 55]
To print the monthly publication entitled "Economic Indicators5'
Resolved by the Senate and House of Representatives of th$ 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
n
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
IT age
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
1
2
3
4
5
6
7
8
9
10
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
j..
11
12
13
14
15
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
j. .
j..
j..
\. .
j. .
J. .
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices
26
27
28
29
30
FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public
31
32
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates of total income and expenditures for the fourth quarter of 1955 reflect the continued rise in over-all
economic activity.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
300
3OO
250 ~
— 250
200
— 200
ISO —
— 150
BUSINESS
100
100
GROSS RETAINED
EARNINGS^/
GOVERNMENT-FEDERAL, STATE, AND LOCAL
100
EXPENDITURES FOR
GOODS AND SERVICES
100
EXCESS OF
s EXPENDITURES
(LESS TRANSFER PAYMENTS)
1955
_ " 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 92-93,99-105, AND THE'ECONOMIC RE PORT 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
Gross national product rose about $51/^ billion (seasonally adjusted annual rate) between the third and fourth quarters
of 1955 to a new high of $397.3 billion. Gross private domestic investment accounted for about $2"!^ billion of the
increase and consumption expenditures and government purchases for about $1% billion each.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
400
SEASONALLY ADJUSTED ANNUAL RATES
350
350
300
300
250
PERSONAL CONSUMPTION EXPENDITURES
200
200
ISO
150
GOVERNMENT PURCHASES
,OF GOODS AND SERVICES
too
100
50
50
GROSS PRIVATE <
DOMESTIC INVESTMENT
^NET FOREIGN INVESTMENT
J
-50
1950
I
I
1952
1951
I
1953
SOURCE: DEPARTMENT OF COMMERCE.
I
I
I
I
1954
I
-50
1955
COUNCIL OF ECONOMIC ADVISERS
fBilHons of dollars]
Total
gross
national
product
Period
1939
1947
1948
1949
1950
1951
1952
1953
1954
1955
_
_
_
.
1954: First quarter
Second quarter
Third quarter
Fourth quarter.. .
1955: First quarter
Second quarter
Third quarter
Fourth quarter
91.1
232.2
257.3
257.3
285. 1
32a 2
345.2
364.5
360.5
387.2
358.3
357.6
358.8
367.1
375.3
384.8
392.0
397.3
Government purchases of goods and services
Personal Gross
con- private
Federal
Net
sump- domestic foreign
State
tion
invest- Total i
and
2
Other
Total * National
expend- investment
local
security
ment
itures
8.2
5.2
67.6
3.9
13.3
0.9
1.3
9.3
12.8
3.8
15.8
13.3
165.0
28.6
8.9
29.7
15.6
5.6
21.0
177.6
36. 6
16.0
41.2
2.0
ia2
25.4
6.6
19.3
43.6
180.6
32.5
.5
19.9
22. 1
ias
3.9
51.2
-2.2
42. 0
1940
41.0
42
.2
21.8
37.3
62. 8
20R3
56.9
2
5.8
23.2
543
48.8
218.3
77.5
49.6
51.4
8.5
25.0
51.4
-2!o 84. 5 59.5
230.6
49.2
43.2
27.8
6.3
47.2
-.3
236.5
77.0
5.4
30.1
45.8
75.9
— .4
40.8
59.3
252.3
Seasonally adjusted annual rates
54.7
27.0
46.8
8.3
232.2
81.7
45.5
— 1. 1
27.3
48.6
5.4
43.6
46.9
-.3
75.9
235. 1
*?
47.7
42.1
6.1
28. 1
75.8
237.9
45.9
28.7
45.7
5.5
40.5 .
241.0
^9
74.5
50. 7
29.4
46.4
41.2
54. 1
5.5
75.8
245.8
-.4
29.7
5.2
45.2
40.4
749
250.5
60. 1
-.7
5.2
30. 2
.0
255.7
60.5
75.8
45.5
40.6
Q
77.2
31.0
46.3
63.2
41.0
5.5
257.2
> Less Government sates.
«Includes expenditures tor 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 Economic Report of the
President, January 1955 (p. 137). and National Income, 1954 Edition (p. 148). These expenditures are not comparable with the "national security" category in The
Budget oftht U. 8. Government for the Fiscal Year Ending June SO, 1956, and shown on p. 31 of Economic Indicators.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
NATIONAL INCOME
According to preliminary estimates, national income increased about $5% billion (seasonally adjusted annual rate)
between the third and fourth quarters of last year. Compensation of employees accounted for most of the rise, although
there were substantial gains in farm proprietors1 income and net interest.
BILLIONS OF DOLLARS
ilLLIONS OF DOLLARS
350
350
300 -
300
Z50
250
200
ISO
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
1950
1955
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Total
national
income
Period
1939
1947
1948
1949
1950
1951
1952
1953
1964.
1955
-
-
_
1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955* First quarter Second quarter
Third quarter
Fourth quarter
—
.~
«
Compensation
of em-l
ployees
72.8
197.2
221.6
216.2
240.0
277.0
289.5
303.6
299.7
322.3
48. 1
128.8
140.9
140.9
154.3
180.4
195.3
209.2
207. 9
221.3
297.7
298.9
298.7
303. 2
311.4
320. 7
325.7
4
331. 2
206.7
207.2
207. 8
209. 8
213. 1
219. 5
224 3
228. 0
Proprietors1 income
' Includes employer contributions for social insurance. (See also p. 4.)
NOTE.—Detail will not necessarily add to totals because of rounding.
Business
and professional
Farm
Rental
income
of
persons
Net
interest
2.?
4.6
7.3
19.9
6.5
3.8
7.2
21.6
4.5
5.2
21.4
7.9
22.9
8.5
5.9
9. 1
6.8
24.8
7.4
25.7
9.9
25.9
10.3
as
10.5
9.5
25.9
10.7
27.3
10.5
Seasonally adjusted annual rates
13. 2
9. 4
10. 4
25. 3
11.9
25.9
10.5
9.5
11.7
26.0
10.6
9.5
11.2
26.3
10.7
9.7
11. 5
26. 6
10.7
9.9
11. 0
27. 1
10. 7
10.3
10. 6
27.6
10.7
10.7
11.4
11.2
28. 0
10.7
4.3
14.5
16.7
12.7
13.3
16.0
143
12.3
12.0
11. 1
2
Corporate profits and inventory valuation adjustment
Total
5.7
23.6
30.6
28. 1
35. 1
39.9
36.9
37.2
33.8
41.4
32.6
340
33.1
35.5
39.6
42.2
41.9
2
41. 9
Profits Inventory
before valuation
taxes adjustment
6.4
29.5
32.8
26. 2
40.0
41.2
35.9
3a3
340
43.4
-0.7
-5.9
-2.2
1.9
-4. 9
-1.3
1.0
— 1. 1
-.2
2.0
32.^7
. .•>" -.2
. 2
33.7 . ,i"
33.5
—.5
r
36. 0
'
'
'.
-J.
3
40.9
43.0
-.8
— 2, fi
44 5
2
a i
45. 0
Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce (except as noted).
SOURCES OF PERSONAL INCOME
Personal income rose $3 billion (seasonally adjusted annual rate) between November and December.
part of the rise stemmed from special year-end and extra dividends.
BILLIONS OF DOLLARS
The largest
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL PERSONAL INCOME
LABOR INCOME
FARM PROPRIETORS'
INCOME
TRANSFER PAYMENTS
BUSINESS,PROFESSIONAL,AND RENTAL INCOME
• DIVIDENDS AND PERSONAL INTEREST
I I I I I |
I | | | I I I
1951
I 1J 1
1952
SOURCE". DEPARTMENT OF COMMERCE
Period
Total
personal
income
1939
1948.-..
1949. .
1950. _.
1951 ..
1952
1953
1954
1955
72.9
208.7
206.8
227.1
255. 3
271.1
286.2
287.6
303.3
1954: December...
1955: January
February
March
April..
May
June
July.
August
September. .
October
November
December
293.4
292.2
293.2
295.7
298.9
301.4
301.6
305.3
305.3
307.9
309.2
312.0
315. 0
COUNCIL OF ECONOMIC ADVISERS
! Billions of dollars!
Labor income Proprietors1 income
Less: Per(wage and
Rental
sonal conTransfer
Personal
salary disincome Divi- interest
tributions
Business
paybursements
of
dends income ments for social
Farm
and proand other
insurfessional persons
labor income)1
ance
0.6
46.6
5.8
4.3
7.3
3. 0
2.7
3.8
2.2
9.0
137.9
16.7
7.2
21.6
11.3
7.2
2.2
137.4
12. 7
21.4
7.9
12.4
9.8
7.5
2.9
22.9
10.6
8.5
9.2
150.3
13.3
*15. 1
3.4
9. 1
12. 6
16.0
24. 8
11.6
9. 1
175. 6
13.2
3.8
190. 5
14.3
25.7
12.3
9.0
9.9
3.9
204.6
12.3
25.9
13.8
140
10.3
9.3
16.2
4.5
12.0
14.7
202. 8
25.9
10.5
10.0
5.2
17.2
10.7
15. 6
11.2
11. 1
27.3
215. 5
Seasonally adjusted annual rates
46
17.1
149
11.7
26.7
10. 7
205. 5
11.5
5.0
17.0
10.7
10. 1
11.7
26.6
149
206. 1
5.0
17.0
15. 1
10.2
207. 1
11. 7
26. 4
10.7
5. 1
17.4
15.2
26.7
209.4
10.4
10.7
11. 1
5. 1
10.6
15.3
17.6
10.6
11.4
26.9
211.5
5.2
15.4
27.2
17.5
10.7
214. 2
10.7
10.9
5.2
15.5
17. 1
10.8
10. 5
10.7
27.3
214.9
5.3
219.4
16.9
10.8
15. 6
27.5
9.8
10.7
5.3
15.7
16.9
10.7
11.0
218. 2
10.6
27.5
16.9
5.3
15.8
10.6
11.2
27.8
219.5
11.3
5.3
220.4
11.2
16.0
10.7
16.9
11.5
28.0
5.3
16. 1
17. 1
10. 7
11.6
222.4
27.9
11.5
5.4
16. 2
17.4
11.4
222. 9
10.6
13.7
28. 1
» Compensation of employees (see p. 3) excluding employer contributions for social insurance.
1
Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
NOT a.—-Detail will not necessarily add to totals because of rounding.
1.
1.
Nonagricultural
personal1
income
67. 1
188.5
190.8
210. 5
235. 7
253. 1
270.2
271.9
288.4
278. 1
276.5
277. 7
280.9
283.7
286.6
287.2
291.7
290.8
293.0
294.4
296.6
299. 8
»Includes $2.7 billion National Service Life Insurance
dividend, most of which was paid in the first half of the year.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $5 billion (seasonally adjusted annuaTraie^between'the third and fourth quarters
of 1955, while consumption expenditures increased only $11/^ billion. Person a llsaving'rose|from^about 6 ^percent of
disposable income in the third quarter to 7 percent in the fourth.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
I 50
ISO
I960
1955
SOURCE: DEPARTMENT OF COMMERCE.
Equals :
Less: DisposPersonal Persona]
able
income taxes 1 personal
income
Period
1939
1947
1948
1949_.
1950 ...
1951
1952..
1953
1954 . ._
1955
.
__
.
1954: First quarter.
Second quarter
Third quarter
Fourth quarter.
1955: First quarter
Second quarter.
Third quarter
Fourth quarter
COUNCIL OF ECONOMIC ADVISERS
72. 9
190.5
208. 7
206.8
227. 1
255.3
271. 1
286.2
287.6
303.3
285.8
286. 6
287. 3
290.8
293. 6
300.5
30fi. 1
312. 1
2.4
21.5
21. 1
18.7
20.9
29. 3
34.4
35.8
32.8
33. 9
Billions
32. 7
32.7
32.8
33. 1
32.6
33.4
34.4
35. 4
»Includes soeli items as fines, penalties, and donations.
NOTE.—Detail will not necessarily add to totals because of rounding.
72737—56
2
Less: Personal consumption
expenditures
Total
Saving
Equals: as percent
of disPersonal
Nonsaving
posable
Durable durable
Services
income
goods
goods
•*.:'
Billions of dollars
25.8
70. 4
35. 1
6.7
67. 6
51.3
93. 1
169.0
20. 6
165. 0
56.7
187.6
22. 2
98.7
177.6
60. 1
188. 2
180.6
23.6
96.9
65.0
206. 1
100.4
194.0
28.6
70.1
226. 1
111. 1
208.3
27. 1
116.0
75.7
26.6
236.7
218. 3
250.4
29. 8
118.9
81.8
230. 6
86. 4
254. 8
120. 9
236. 5
29.3
91.2
269.4
125. 9
252. 3
35.3
of dollars, seasonally adjusted annual rates
84. 7
253. 1
119. 2
28.3
232. 2
85. 7
120. 4
253. 9
29.0
235. 1
87.0
12). 5
254.5
29. 4
237. 9
30.4
122.5
88. 1
257.8
241.0
122.4
89.0
34.4
261. 0
245. 8
90. 2
267. 1
125.3
250. 5
35. 1
9L 8
271. 7
127.0
36 9
255.7
93. 6
276. 6
34.8
128.8
257.2
Source: Department of Commerce.
2.9
4.0
10.0
7.6
12. 1
17.7
18.4
19.8
18.3
17. 1
4.1
2.4
5.3
4.0
5.9
7.8
7.8
7.9
7.2
6.3
21.0
18.8
16.6
16. 8
15.3
16.6
16. 0
19. 4
8.3
7.4
6. 5
6.5
5.9
6.2
5.9
7.0
PER CAPITA DISPOSABLE INCOME
Per capita disposable income (seasonally adjusted), measured in both current and constant prices, continued to rise
between the third and fourth quarters of last year.
DOLLAFIS
2,000
DCJLLARS
2,000
SEASONALLY ADJUSTED ANNUAL RATES
1955 PRICES^
^S~*^^
>^=*—_
—•»—""^
1,500
^_ _J_ ... «.„
. _—f*^
-*-^"^*i^^
N
1,500
CURRENT PRICES
_/
1,000
1,000
.'
,
I
,
1
1
1
1
1
1951
i960
1
1952
-XSEE FOOTNOTE 2 ON TABLE BELOW.
sSOURCES' DEPARTMENT OF. COMMERCE , DEPARTMENT
1
1
1
1
1953
I
1
1
1
1
1955
!
Total disposable personal Per capita disposable personal income (dollars)1
income (billions of dollars)1
1955
prices 8
Current
prices
_-
_
- _ - -_.
_
--
........
_
_ _ _ _ _ __
70.4
169. 0
187.6
188. 2
206. 1
226. 1
236.7
250.4
254.8
269.4
135. 6
202.6
208.9
211.7
229.5
233.3
238.8
250.7
254. 0
269.4
1
0
1956
COUNCIL OF ECONOMIC ADVISER 9
OF LABOR , AND
COUNCIL OF ECONOMIC ADVISERS.
Penoa
1939
1947
.
1948
- 1949
1950
1951
1952
.
1953
1954
.
1955..
i
1954
.Current
prices
538
1, 173
1,279
1,261
1,359
1,465
1,508
1,568
1,569
1,630
1955
prices 2
Population
(thousands) 8
1,037
1, 406
1,424
1,418
1, 513
1,512
1,522
1,570
1,564
1,630
131, 028
144, 126
146, 631
149, 188
151, 683
154, 360
157, 028
159, 643
162, 409
165, 248
Seasonally adjusted annual rates
1954: First quarter
. .. . . .
Second quarter
Third quarter
Fourth quarter - .. - . ~
1955 1 First quarter
Second quarter.
Third quarter
Fourth Quarter
-
- -
.
253. 1
253.9
2545
257.8
252. 1
253. 1
253.5
257.8
1,568
1,567
1,563
1,576
1,562
1,562
1,557
1, 576
161, 439
162, 075
162, 806
163, 582
261.0
267.1
271.7
276.6
261.5
267.6
271.2
275.8
1,589
1,620
1, 640
1,662
1,592
1,623
1,637
1,657
164,
164,
165,
166,
1 Income less taxes.
estimates in current prices divided by consumer price index on a 1955 base.
Includes armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
2
Dollar
3
262
911
628
396
FARM INCOME
Gross and net farm income (seasonally adjusted) increased between the third and fourth quarters of 1955.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
30
NET FARM INCOME
JINCL. ADJUSTMENT FOR
INVENTORY CHANGE)-!/
\-l-JL
I95I
I950
U INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
Realized
gross farm
income *
Period
1939
1947
1948
1949 1950.
1951
1952
1953
1954
1955
>
_ _
1954: First quarter - _ _
Second quarter
Third quarter
Fourth quarter
1955: First quarter
Second quarter
Third quarter .
Fourth quarter
10. 6
34.0
34. 6
31.6
32. 1
37. 1
36.9
35. 2
34.0
32. 9
35. 7
33. 6
33. 4
33.3
33.9
33, 2
32. 1
32. 7
1952
1953
1
1954
1955
COUNCIL OF ECONOMIC ADVISERS
Farm operators' income
Net income per farm (inNet income 2
cluding adjustment for
Excluding
Farm proIncluding
inventory change)
duction
adjustment adjustment
1955
for invenexpenses
for invenCurrent
prices 5
tory change 3 tory change4
prices
Dollars
Billions of dollars
1,584
4. 4
6.2
4.5
697
3,032
17.2
2,632
16.8
15. 5
15.9
3,318
18. 6
3,049
17.7
2, 526
17.9
12.9
13.7
2,248
2,695
12. 9
19.2
13. 7
2,428
22. 3
14. 8
2, 973
16. 1
2, 919
22. 9
14. 1
2,798
14. 9
2, 778
13. 4
2,472
21. 8
12. 8
2,445
22. 2
11. 8
2,403
12.3
2,413
10. 6
22.3
2,200
2,200
11. 0
Seasonally adjusted annual rates
13.2
22.5
2,646
13.4
2,627
22. 3
2,317
11. 3
2, 333
11.9
22.0
2,327
11. 4
12.0
2,353
22. 0
11.3
2, 342
11.9
2, 333
11.2
22.7
2,369
2, 360
11. 8
22. 5
10.7
11.2
2,240
2,231
22. 1
10.0
10.3
2, 060
2,060
22. 1
10. 6
2, 160
10.8
2, 160
Number of
farms
(millions)8
7
7
7
7
7
6.4
5.9
5.8
5.7
5.6
5.5
5.4
5.2
5. 1
5. 0
5. 1
5. 1
5. 1
5. 1
5.0
5.0
5.0
5. 0
1
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 (a) farm wages paid to workers living on farms and (o) any income to3 farm people from nonfarm sources. These items in 1954 were as follows: (a) 2.0
billion dollars and (6) 5.7 billion dollars.
Realized gross income less farm production expenses.
< Differs from farm proprietors' income on pages 3 and 4 because of revisions by the Department of Agriculture not yet incorporated into the national income
accounts
of
the
Department
of
Commerce.
1
Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living, on a 1955 base.
6
For the quarterly data, the number of farms is held constant within a given year. 7 Estimates by Council of Economic Advisers.
Source: Department of Agriculture (except as noted).
i JPKUJtTi'S
According to preliminary estimates, corporate profits rose in the fourth quarter of 1955.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1950
1955
1951
•^NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
{Billions of dollars]
1939
1947
1948
1949
1950
1951
1952
1953
1954
1955
.
Period
Corporate
profits
before taxes
-
6.4
29.5
32.8
26. 2
40.0
41.2
35.9
38.3
34.0
43.4
„_
.
. ..
__.
Corporate
tax
liability
1.4
11.3
12.5
10. 4
17.8
22. 5
19.8
21. 3
17. 1
21.8
Corporate profits after taxes
Tor*!
5.0
18.2
20.3
15. 8
22. 1
18.7
16. 1
17.0
17.0
21. 6
Dividend
payment*
Undistributed
profits
1.2
11.7
13.0
8.3
12. 9
9.6
7.1
7.7
7.0
10. 4
3.8
6.5
7.2
7.5
9.2
9. 1
9.0
9.3
10.0
11.2
Seasonally adjusted annual rates
1954: First quarter
Second quarter _
Third quarter
Fourth quarter
..
1955: First quarter
Second quarter .
Third quarter
Fourth quarter
_ _
1
32.7
33.7
33.5
36.0
16. 4
16.9
16. 8
18. 1
16.3
16.8
16.7
17.9
9.7
9.8
10.0
10.6
6.6
7.0
6.7
7.3
40.9
43.0
44. 5
*45. 0
20. 5
21. 6
22,3
1
22. 6
20.4
21.4
22.2
1
22. 4
10.2
10.7
11.0
12.2
10. 2
10.7
11.2
1
10. 2
Preliminary estimates by Council of Economic Advisers.
NOTE.—See p. 3 for profits before taxes and after inventory valuation adjustment.
Source: Department of Commerce (except as noted).
Detail will not necessarily add to totals because of rounding.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose about $2"^ billion (seasonally adjusted annual rate) between the third and
fourth quarters of 1955. Residential construction declined $1 billion, while business fixed investment increased
$0.7 billion. Additions to business inventories rose by almost $3 billion.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
20
20
v
*
CHANGE IN BUSINESS _^r\
INVENTORIES
^
-10
1950
1955
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollars]
Period
1939
1947
1948
1949
1950
1951
1952
1953
1954
1955
_
.. .. ...
Total
gross
private
domestic
investment
9.3
29. 7
41. 2
32.5
51.2
56.9
49.6
51.4
47.2
59.3
Change in business inventories
Fixed investment
New construction
Total
8.9
30.7
37.0
35. 3
43.9
46. 5
46.8
50.2
50. 1
56.2
Total
4.8
14.0
17.9
17. 5
22.7
23. 3
23.7
25.8
27. 8
32. 4
Residential
nonfarm
Commercial and
industrial *
All
other 2
Producers'
durable
equipment
2.7
6.3
8.6
8.3
12.6
11.0
11. 1
11. 9
13. 5
16. 6
1.2
4.9
5.7
5.3
5.7
7.2
7.5
8.4
8.6
9.9
0.8
2.8
3.6
3. 9
4.5
5. 1
5.2
5.4
5.7
5. 9
4. 2
16.7
19. 1
17.8
21. 1
23.2
23.1
24. 4
22.3
23.8
0. 4
-1.0
4. 2
-2.7
7.4
10.4
2.8
1.2
-2. 9
3. 2
0.3
1.3
3.0
-1.9
6.4
9.0
2.1
1. 9
-3.2
3.0
22.9
22.4
22.2
21.9
21.5
23.2
24.9
25.5
-3.2
-2.7
-4.9
-.6
1.5
4.3
2.4
5.3
-3.4
-3.2
-5.4
-1.0
1.5
4.2
2.0
5. 1
Total
Nonfarm
Seasonally adjusted annual rates
1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955: First quarter
Second quarter
Third quarter
Fourth quarter
45.5
46. 9
45.9
50.7
54. 1
60. 1
60. 5
63.2
48.8
49/7
50.7
51.3
52.7
55.8
58. 1
57.8
25. 9
27.3
28.5
29. 4
31.2
32.6
33. 2
32.3
»Includes public utility.
* Includes petroleum and natural gas well drilling.
NOTE.—Details will not necessarily add to totals because of rounding.
11.8
13.0
14.2
15.0
16. 1
16. 9
17.2
16. 2
8.5
8.5
8.6
8.7
9.3
9.8
10.2
10.3
5.6
5.8
5.7
5.7
5.8
5.9
5.8
5.8
Source: Department of Commerce.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey taken last October and November, business expenditures on plant and equipment were expected
to total $28.3 billion in 1955, about $11A billion more than in 1954. These expenditures were expected to reach
$30.9 billion (seasonally adjusted annual rate) in the fourth quarter of 1955 and $31.6 billion in the first quarter of
1956.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
30
30
20
MANUFACTURING
COMMERCIAL AND OTHER-
PUBLIC UTILITIES.
JTIUTIESv
-o*--fc^JL
TRANSPORTATION^
I
\
I
I
I960
I
I
I
1952
1951
I
rjr
I
1955
1954
1953
•
SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
1956
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.36
0.28
0.33
1.19
0.76
1.30
.89
3.41
5.30
.69
1.32
1.28
5.65
.88
3.48
.89
1.35
.79
4.56
2.59
1.21
1. 11
.71
3. 14
4.36
1.49
1.47
.93
5.68
5. 17
6.02
1.50
.98
1.40
5. 61
1.56
1.31
.99
6. 26
5.65
1.51
.98
.85
5.95
5.09
1.60
.93
5.90
.93
5.42
Seasonally adjusted annual rates
.74
1.46
.80
5.39
4.78
1.62
.94
.80
5.78
5.06
.99
.96
1.60
6.20
5.77
1.66
.97
1. 15
6.41
6.23
Manufacturing
Period
Total *
Total
5.51
20.61
22.06
19.28
20. 60
25. 64
26. 49
28.32
26.83
28. 27
1.94
8.70
9. 13
7. 15
7. 49
10. 85
11. 63
11.91
11. 04
11.32
1955: First quarter .
Second quarter
Third quarter
Fourth quarter 3
25.65
27. 19
29. 65
30. 86
10. 17
10.84
11.97
12.64
1956: First quarter 3
31. 60
13.44
1939
1947 .
1948
1949
1950
1951
1952
1953
1954 3 4
1955
..
_
—
-
6.80
6. 64
.95
1.41
1.64
Public
utilities
Commercial and
other a
3.31
3.66
a 89
4.55
4.22
4.38
2.08
7.49
6.90
5.98
6.78
7.24
7.09
8.00
8.23
9.11
401
4.09
4.43
4.70
8.46
8.90
9.70
9.74
4.52
9.64
0.52
1.54
2.54
a 12
i Excludes agriculture.
> Commercial and other includes trade, service, finance, communications, and construction,
s Estimates based on anticipated capital expenditures as reported by business in late October and November 1955.
« Annual total is sum of seasonally unadjusted expenditures; it does not necessarily coincide with average of seasonally adjusted figures, which mdude adjustments, when necessary, for systematic tendencies in anticipatory data.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
latter cover agricultural investment and also certain equipment and construction outlays charged to current expense.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORGE
In line with seasonal expectations, the number of people employed (including those in agriculture) declined by about
1% million between December and January. Unemployment increased by almost % million, as Christmas work
ended in retail trade and the postal service and as further winter cutbacks were made in various outdoor activities.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
75
75
70
1956
I960
14 YEARS OF AGE AND OVE.R.
COUNCll OF ECONOMIC ADVISERS
SOUftCE: DEPARTMENT OF COMMERCE.
Total
Unemployment 2 Insured unemployment 4
Employment l 2
labor
Tempoforce (in- Civilian
%of Thousands % of covered
Period
labor
rary 3
civilian of persons employment
cluding
AgriculNonagriforce
Number
layoffs
Total
armed
(all prolabor
(State protural
cultural
grams)
grams)
forces)
force
6
Thousands of persons 14 years of age and over
5. 1
1939
55, 600 55, 230 45, 750
9,610
17.2
9,480
36, 140
6.2
1949
63, 721 62, 105 58, 710
2,470
8,026
50, 684
5.5
185 3,395
1950
._
4.6
1,599
64, 749 63, 099 59, 957
7,507
52, 450
92 3, 142
5.0
1952
2.9
66, 560 62, 966 61, 293
1,064
6,805
54, 488
142 1,673
2.7
1953
6,562
67, 362 63, 815 62, 213
2.8
1,058
55, 651
167 1,602
2.5
5.2
1954
_
2,039
6,504
67, 818 64, 468 61, 238
54, 734
221 3,230
5. 0
3.5
1,388
1955
- _ _ 68, 896 65, 847. 63, 193
56, 464
6,730
4.0
133 2,654
5.5
1955: January
66, 700 63, 497 60, 150
5,297
54, 853
2,201
5. 3
251 3, 347
February
5.2
2, 109
66, 550 63, 321 59, 938
5,084
54, 854
5.3
145 3,383
4.7
1,875
March
66, 840 63, 654 60, 477
5,692
54, 785
5.0
75 3,176
April
„ 67, 784 64, 647 61, 685
4. 1
1,651
4. 6
55, 470
6,215
108 2, 962
3.6
May
1,392
6,963
68, 256 65, 192 62, 703
55, 740
133 2,489
3.8
3.2
June
7,681
69, 692 66, 696 64, 016
1,226
4.0
56, 335
107 2, 679
3.1
July —
1,202
70, 429 67, 465 64, 994
7,704
3.7
57, 291
157 2,471
2.7
August
1,068
70, 695 67, 726 65, 488
57, 952
7,536
3.3
173 2,237
2.4
September
69, 853 66, 882 64, 733
3.2
951
56, 858
116 2,149
7,875
October
2.2
864
70, 250 67, 292 65, 161
3.2
57, 256
7,905
117 2,131
2.4
November
956
70, 164 67, 206 64, 807
3.6
6,920
57, 887
86 2,398
3.2
December
1,238
5,884
69, 538 66, 592 64, 165
58, 281
124 2,427
3. 6
6
6
4. 1
1956: January
68, 691 65, 775 62, 891
1, 600
5, 635
57, 256
4.4
145 2, 885
* loeludes 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 See footnote 3.
3 Temporary layoffs are shown separately so as to
afford a basis for further analysis of employment
and unemployment.
* Weekly average.
a Data for 1949-53 (1953 revised series) based on 68area sample; beginning 1954, on 230-area sample.
Starting July 1955, data are for week containing
12th of month; previously, for week containing 8th of
month.
«Preliminary estimate.
Sources: Department of Commerce (labor force
and Department of Labor (Insured unemployment).
11
NONAGRICULTURAL EMPLOYMENT
Employment in nonagricuitural establishments declined by about 1% million between December and January in line
with normal seasonal movements. However, the decline in both durable and nondurable goods manufacturing was
somewhat greater than seasonal.
MILUC NS OF WAGE
AND SSALARY WORKERS
MILL ONS OF WAGE
AND SALARY WORKERS
8.5
10.5
DURABLE MANUFACTURING
10.0
NONDURABLE MANUFACTURING
8.0
ISDb
^
-. f
l965
—^*""~~
7.5
9.5
'*"""
9.0
^
«, ^-1954
.
^^-°-
°
/
T.O
/J*-"—0**""'"*"-t>~^_
,,1955
""*
\_^--
8.0
1954 <*
6.5
8.5
.
1
J
-
1
F
1
M
1
1
A
M
1
J
1
J
1
A
1
1
6.0
1
xv
3.5
1
J
D
SON
1
F
1
M
1
A
1
M
1
J
1
J
1
A
D
11.5
^—~s=s**^
2.5
S
1956
1 1.0
'
fr£^
^1955
^>
2.0
/
^"^ /
.'^
J
I955
SB
10.5
****»^
•*^<^***^B^
'-**
— -^-
S^**^
^N*=—<j^X^ ,954
I
1.6
^"j
1
F
1
M
|
A
1
M
1
J
1
J.
I
A
i
S
1
0
'1
N
10,0
D"
^
J
1
1
F
1
M
-°
1
A
1
M
1
J
1
J
Total
adjusted
Period
for
seasonal
variation
L939
.
__
955
954: December.
955: January _„
February..
March
April.. .
May
Total
June
July
August
SeptemberOctober
NovemberDecember2.
)5(i: January 2 -~
48, 4S2
48, 404
48, 470
48,760
48, 882
49,242
49, 514
49, 688
49, 725
49, 8S5
49, 950
50, 135
50,211
50, 208
30,311
43, 315
44, 738
48, 303
49, 681
48, 285
49, 398
49, 463
47, 741
47, 753
48, 212
48, 643
48, 918
49, 508
49, 420
49, 858
50, 322
50, 471
50, 629
51, 299
49,541 I
I
A
1
S
1
0
1
N
D
COUNCIL OF ECONOMIC ADVISERS .
SOURCE: DEPARTMENT OF LABOR.
1953
954 2_
1
N
WHOLESALE AND RETAIL TRADE
3.0
L952
1
O
12.0
CONTRACT CONSTRUCTION
1949 .
1950
1
S
[Thousands of wage and palarv workers *1
GovernManufacturing
ment
Contract Wholesale
Mining construc- and retail (Federal,
Durable
NonduTotal
tion
trade
State,
goods rable goods
local)
Not adjusted for seasonal variation
10, 078
14, 178
14, 967
16, 334
17, 238
15, 989
16, 552
16, 050
15, 925
16, 060
16, 201
16, 255
16, 334
16, 577
16, 475
16, 807
16, 915
16, 999
17, 049
17, 009
16, 798
4,683
7,473
8,085
9,340
10, 105
9, 120
9,538
9, 144
9, 113
9,220
9,323
9,418
9,501
9,624
9,511
9,578
9,645
9,762
9,867
9, 884
9,802
5,394
6,705
6,882
6,994
7,133
6,870
7,014
6,906
6,812
6,840
6,878
6,837
6,833
6, 953
6,964
7,229
7,270
7,237
7, 182
7, 125
6,996
845
918
889
885
852
770
748
747
741
737
739
739
742
760
749
754
758
751
754
754
746
1,150
2,165
2,333
2,634
2, 622
2,527
2,506
2,426
2,237
2,169
2,255
2,399
2,526
2,615
2,701
2,746
2,748
2,685
2,580
2,407
2,243
6,612
9,513
9,645
10, 281
10, 527
10, 498
10, 728
11, 354
10, 419
10, 309
10, 408
10, 549
10, 534
10, 643
10, 633
10, 638
10, 824
10, 909
11, 126
11, 747
10, 845
3,995
5,856
6,026
6,609
6,645
6,751
6, 923
7, 166
6,835
6,873
6,922
6,927
6, 881
6, 851
6,696
6,717
6,911
7,054
7,074
7,340
6, 998
Other
7,632
10, 686
10, 878
11, 563
11,797
11, 751
11, 942
11,720
11, 584
11,605
11,687
11, 774
11, 901
12, 062
12, 166
12, 196
12, 166
12, 073
12, 046
12, 042
11, 911
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
wiie nearest the 16th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
[»i« not comparable with estimates of nonapricultunil employment of "the civilian labor force reported by the Department of Commerce (p. 11) which include protutors, BplMt'niployfed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are
MH| on nil immigration of population, whww the fwtJmatiw in this table nre based on reports from employing establishments.
* I'mllmlmiry tMtinmtwi.
J
Nor*,— Itafftnriliiff with JttB3, dndt nm bused on first quarter 18M lumchiuark levels
•*
Wr»ur<*»! J >«|Hirtttiffut of l/nl-Mir*
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of factory production workers declined from 41.3 hours in December to 40.6 hours in January.
The decline in durable goods was larger than usual for this time of year/ in nondurable goods the decline was seasonal.
HOURS PER WEEK
HOURS PER WEEK
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
38
1954
1953
1955
ill
1956 '
1953
1954
1955
1956
1954
1955
1956
RETAIL TRADE
BUILDING CONSTRUCTION
32
1953
1954
1955
1956
1953
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OT ECONOMIC ADVISERS ,
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing •
Period
1939
1947
1948
1949
- .. ...
1950^
1951
..
...
1952
1953
.
1954 2
1955
1954: December
1955 1 January . ..
February— .
. _ . . .. . .
March
April
May
..
.
..
June
July
_
August .
September,October
November .
..
December 2
_ _
.
1956: January 2
_.
Total
....
37. 7
40.4
40. 1
39. 2
40.5
40. 7
40. 7
40. 5
39. 7
40.7
40.5
40. 2
40.4
40. 6
40. 3
40. 8
40.7
40. 4
40. 6
40. 9
41. 1
41. 2
41.3
40.6
Durable
goods
38.0
40.6
40. 5
39.5
41.2
41. 6
41. 5
41.3
40. 2
41.4
41.1
40. 9
41. 1
41.4
41.2
41.6
41.2
40.9
41. 1
41.4
41. 7
41.8
41. 9
41.0
i Data beginning with January 1948 are not strictly comparable with those for earlier periods.
»Preliminary estimates.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
72737—56
3
TQ
"1 J *_^ „
Nondurable
goods
construction
37.4
40.1
39.6
38. 8
39.7
39. 5
39.6
39. 5
32.6
37.6
*37, 3
36.7
36.3
37.2
38. 1
37.0
36. 2
36. 1
36.0
35.1
34. 7
35.9
35.4
36.7
36.7
37.2
36. 7
37.4
36. 3
34. 7
36. 2
m. o
39. 8
39.8
39. 3
39.5
39.7
39.0
39.6
39.9
39.7
39. 9
40. 1
40. 3
40. 3
40. 4
39.9
<*)
Retail trade
42.7
40.3
40.3
40. 4
40.5
40.2
39.9
39.2
30. 2
39. 0
39. 5
38. 9
38. 9
38.8
38.6
38. 8
39. 1
39.7
39. 6
39. 1
38.7
38. 5
39. 2
(3)
'Not available.
13
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $1.93 in January, the same as in December,
and 9 cents higher than a year earlier.
OOLLA RS PER HOUR
DOLLARS PER HOUR
2.20
2.80
DURABLE MANUFACTURING
BUILDING CONSTRUCTION
2.10
2.70
>
2.00
CURRENT PRICES
^
ff"
XI
CURRENT PRICES
\
2.60
1.90
f*4£*r
1955 PRICES^
1.80
2.30
0 ?i i < i i 1 t i i i l
i i i i t 1 t t i l' t
t ! 1 1 1 11 1 1 1 1
1954
1955
1953
r
1 1 1 1 1 •! i I 1 1 1 *
0
1956
1.80
1955 PRICES >J
J
c
h.i i » . i , , 1 1 1
i i i i i 1 i i i i 1 I I I 1 ! 1. . 1 1 1
1953
1954
1955*
1 11 1 1111 t 1 1 r
1956
1.60
NONDURABLE MANUFACTURING
RETAIL TRADE
.~^£*
1.70
1.50
RICES
^r-*^
r^J*X^\
CURRENT P
1955 PRICES^
1.40
1.60
CURRENT PRICES.
^-"d^k/**"
^
-v
S^
^
>
f
1955^
PRICES^
1.30
I.SO
0
•>_/
X
2.40
1,70
r?
/
2.50
sf-*
rt
^
Fl
1 1 1 1
1 1 1 1 1 1
1 I I 1 L11 i i 1 1
1953
, , , , , ,
1954 .
1955
I
1 1 1 1 1 1 1 1 1 1
r
o
? r t i n 1 1 1 1 .' i
Mi i i i 1 i t i i t 1 1 t 1 l 11 1 i 1 1
1953
1956
1954
1955
"^EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1955 BASE.
SOURCE: DEPARTMENT OF LABOR.
« 1 .« 1 1 11 .1 1 t
1956
COUNCIL OF ICONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Current
prices
1955
prices *
Building
Durable goods Nondurable goods
manufacturing
construction
manufacturing
Current
1955
1955
Current
1955 Current
prices prices * prices
prices *
prices * prices
$0. 633
1.237
1. 350
1.401
-- 1. 465
1.59
1. 67
-- 1.77
1.81
1.88
1.83
1.84
1.85
1.85
1.86
_._ 1.87
1.87
1. 89
1. 88
1.90
1.91
1.93
1.93
1,93
$1. 220
1.483
1.503
1.576
1. 631
1. 64
1.69
1. 77
1. 80
1.88
1.83
1.84
1. 85
1.85
1.87
1.88
1.87
1.89
1.88
1.89
1.90
1.92
1. 93
(4)
$0. 698
1. 292
1. 410
1.469
1.537
1.67
1. 77
1.87
1.92
2.01
1.95
1.96
1.96
1. 97
1.98
1.99
1. 99
2.02
2.01
2.04
2. 04
2.06
2.06
2.05
All manufacturing
Period
1939
1947
1948
1949
1950
1951
_ _
1952
_ __
1953
1954 3
_ __
1955
.
1954* December
1955* January
February
March
April
May
June
July
August
September _
October
November 3
December
1956* January 3
-
14
$1. 345
1.549
1.570
1. 652
1.712
1. 72
1.79
1.87
1.91
2.01
1.95
1.96
1. 96
1.97
1.99
2. 00
1.99
2.02
2. 01
2.03
2.03
2.05
2.06
(4)
$0. 582
1. 171
1.278
1.325
1. 378
1.48
1.54
1.61
1.66
1.71
1.67
1.68
1.68
1.68
1.69
1.70
1. 70
1.71
1.70
1. 72
1. 72
1.74
1.74
1.75
$1. 121 $0. 932
1.681
1.404
1.423 2 1. 848
1.935
1.490
2.031
1.535
2. 19
1.53
2.31
1.55
2. 48
1. 61
2.60
1.66
2.67
1.71
2.65
1.67
2.65
1.68
2.65
1. 68
2.63
1.68
2.63
1.70
2.63
1.71
2.64
1. 70
2. 66
1.71
2.67
1.70
2.69
1.71
2.70
1.71
2. 71
1.73
2.73
1.74
(4)
(4)
1
Earnings in current prices divided by consumer price index on a 1955 base.
2 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.
$1. 796
2.016
2. 058
2. 177
2. 262
2.26
2.33
2.48
2.59
2.67
2.66
2.66
2.66
2.64
2.64
2.64
2. 64
2.65
2.67
2.68
2.69
2.70
2. 72
(4)
2
Retail trade
Current
prices
$0. 542
1.009
1.088
1. 137
1. 176
1.26
1. 32
1.40
1.45
1.50
1.44
1.48
1.48
1.48
1.49
1.50
1.51
1.52
1.52
1.53
1.52
1. 52
1. 49
«
' Preliminary estimates.
* Not available.
1955
prices *
$1. 044
1. 210
1.212
1. 279
1.310
1.30
1.33
1.40
1.45
1.50
1.44
1.48
1.48
1.48
1.49
1,50
1.51
1.52
1.52
1.53
1.52
1.51
1.49
(0
AVERAGE WEEKLY EARNINGS - SEIIECTED INDUSTRIES
Average weekly earnings of factory production workers declined by $1.35, from $79.71 in December to $78.36 in
January, reflecting the shorter workweek.
DOLLARS PER WEEK
90
DOLLARS PER WEEK
105
DURABLE MANUFACTURING
75
NONDURABLE MANUFACTURING
65
60
1953
I
1954
I
1955.
I
1956
1956
& EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1955 BASE.
SOURCE: DEPARTMENT OF "LABOR.
Period
1939
1947
1948
1949
1950 .
1951
1952
1953
1954 3
1955
1954: December
1955: January
February
March. - _
April
ATj.a,j
Mav
June
_ _
July
August
September
October
_ _
November3
December
1956: January 3
1
1
__
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Durable goods Nondurable goods
Building
All manufacturing manufacturing
Retail trade
manufacturing
construction
Current
1955
Current 1955
Current
Current
1955
1955
1955
Current
prices prices 1 prices
prices * prices prices l
prices
prices *
prices 1 prices
$23. 86 $45. 97 $26. 50 $51. 06 $21. 78 $41. 97 $30. 39 $58. 55 $2gl4
$44. 59
49. 97
59. 92
62. 90
46.96
52.46
40. 66
56. 31 2 63. 30 2 75.90
48.75
54. 14
63.60
50.61
60.29
57. 11
76. 67
56. 36
43.85
68. 85
48.83
54. 92
51.41
65.28
61.78
58.03
57.83
79.81
70.95
45. 93
51. 66
70.51
59.33
66.07
54.71
63. 32
82. 10
60. 92
73.73
47. 63
53.04
64.71
71.69
58.46
66.78
69.47
60. 33
81.47
50.65
84.08
52.27
74. 13
60. 98
68. 59
73. 46
67.97
61.53
88.01
88. 81
52. 67
53. 15
71.76
77.31
71.69
77.23
63.60
91. 76
63. 66
91.85
54.88
54.93
64. 74
76. 95
71.86
71.65
94. 12
64. 55
77. 18
93.84
56.84
56. 67
83.21
76.52
76.52
83.21
68.06
68. 06
96. 39
96.39
58.50
58.50
74. 12
66. 47
80.31
80. 15
74.27
66. 60
95.40
95.59
56. 99
56.88
80.32
73.97
74. 12
66.02
80. 16
93. 02
66. 15
93. 21
57.57
57.69
74.74
80. 56
80.72
66. 36
66. 49
74.89
91.96
92. 14
57.57
57.69
81.72
75. 11
75.26
81.56
66.70
94.42
66.83
94. 61
57.42
57. 54
74.96
81.83
65. 91
75. 19
66. 11
81.58
93. 10
93.38
57.51
57.68
83.03
76.30
76.53
67.52
67. 32
82.78
96.52
96.81
58.20
58.38
76. 11
76. 19
82.07
81.99
67. 90
96. 89
67.83
96. 99
59. 04
59. 10
76. 36
76.21
82. 62
82.46
67.89
67.75
98.95
98. 75
60.34
60. 22
82. 61
82.61
76.33
67.83
76.33
67.83
97. 99
97.99
60. 19
60. 19
84.21
77.71
84.46
77.48
68. 97
68.76 100. 61 100. 31
59.82
59. 64
84.82
85.07
69.32
78.50
78.27
69. 11
98.01
97.72
58. 82
58. 64
86. 11
79.52
85.77
79.20
70. 12
94. 04
69.84
93. 67
58. 52
58. 29
86.14
86.31
79.71
79.55
70. 16
70.30
98. 83
98.63
58. 41
58.29
(4)
(4)
84.05
78.36
69. 83
(4)
(4)
(4)
(4)
'(*)
Earnings in current prices divided by consumer price index on a 1955 base.
Data beginning with January 1948 are not strictly comparable with1 those for earlier periodr
NofE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
* Preliminary estimates.
< Not available.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Jn January the index of industrial production (seasonally adjusted) continued at the December level of 144
(1947-49=100).
INDEX, 1947-49= 100
INDEX, 1947-49* 100
180
160
140
I 20
100
1956
COUNCIL OF ECONOMIC ADVISW5
SOURCE: BOAR OOF GOVERNORS OF THE FEDERAL RESERVE BOARD.
11947-49= 1UU, seasonally adjusted]
Total
industrial
production
T)-.— tf^fi
x^eriou
1939
'?
1947
.
1948
1949
-.
1950
1951
_
„
1952_
1953
1954 l
.
1955
1954: December.1 955 : Jan uarv
February
March- .
April
May
June July
August ------- September
October
• November 1
December
1956* January*
1
16
Preliminary estimates.
.
—
-
_
-
- --
_
-
-«-_..
-
--------
-- -- _ _ _ _
58
100
104
97
112
120
124
134
125
139
130
132
133
135
136
138
139
139
140
142
143
143
144
144
Manufactures
Total
57
100
103
97
113
121
125
136
127
140
131
133
134
136
138
140
141
141
142
144
145
145
146
145
Durable
49
101
104
95
116
128
136
153
137
155
143
145
147
148
151
153
155
155
158
160
161
161
161
160
Nondurable
Minerals
66
99
102
99
111
114
114
118
116
126
119
121
121
124
126
127
128
126
125
128
129
129
130
130
Source: Board of Governors of the Federal Keserve System.
68
ICO
106
94
105
115
114
116
111
122
116
120
123
121
119
121
122
120
121
123
123
125
129
129
PRODUCTION OF SELECTED MANUFACTURES
In January, production of most manufacturing industries was maintained at about the December levels. An appreciable
decline in automobile production is reflected in the indexes for transportation equipment and consumer durable goods.
INDEX, 1947-49=100, SEASONALLY ADJUSTED
INDEX, 1947-49 * 100, SEASONALLY ADJUSTED
240
ISO
TRANSPORTATION EQUIPMENT ^^
ISO
160
80
i i i i i I i i i i t 1 i i i i i I i i i i 11 i i i i i I i i i j
1953
1954
1955
1956
1953
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1954
1955
1956
COUNCIL OF ECONOMIC ADVIS!R§
[1947-49=100, seasonally adjusted]
Period
1939 ..
1947
__
1948 1949
-- .
1950
1951 1952
1953
1954
1955 l
_1954: December
1955: Januarv.«,_. .«..
February
March
..
Aoril _ .
May
June
Julv
August
September _
October..
November
December J
1956: January1
Primary
metals
54
103
107
90
115
126
116
132
108
140
121
127
131
136
138
140
143
134
139
146
148
149
151
150
Nondurable manufactures
Durable manufactures
Consumer
Transpor- Lumber Textiles Paper Chemical Foods,
Fabriand and petro- bever- durable
Machin- tation
and
cated
and
leum ages, and goods
printprod- apparel
ery
equipmetal
products tobacco
ing
ucts
ment
products
49
66
65
80
80
38
47
52
101
97
98
96
101
99
96
103
103
101
100
103
104
106
103
103
102
104
100
100
101
101
102
97
93
93
93
114
133
118
103
113
110
114
120
115
132
105
114
122
106
130
113
118
135
106
133
105
147
121
154
111
105
118
127
142
107
118
107
125
160
189
136
116
106
142
115
125
100
142
175
123
109
146
137
159
110
155
127
134
203
107
148
104
131
128
145
131
189
125
148
129
107
139
130
106
145
125
197
151
141
104
131
106
127
146
126
199
154
142
134
107
127
129
107
147
200
156
144
130
127
135
109
109
151
202
159
145
138
108
153
202
110
134
128
144
139
161
133
110
109
155
198
135
160
125
150
139
108
158
109
135
202
160
152
127
107
138
159
109
137
203
154
127
111
140
163
107
161
205
141
141
162
152
112
111
130
142
164
208
124
141
151
161
164
111
113
213
139
}47
140
166
112
126
162
113
138
213
129
112
142
112
141
161
168
135
207
* Preliminary estimates.
Source: Board of Governors of the Federal Eeserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Production of steel reached an all-time high in January. Electric power distributed and freight carloadings also
rose. Passenger car assemblies dropped while truck assemblies increased.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
3
31
BITUMINOUS COAL
i
J
F
M
A
M
J
J
A
D
BILLIONS OF KILOWATT HOURS
J
i
i
F
THOUSANDS
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR.
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Weekly average:
1950
1951
1952
1953
1954 3
1955 1955: January .
February
March
April
May
June
July
August _
September
October
November
December
1956: January 3
Week ended :
1956: January 7— 14...
21—
28—
February 4
11»..
COUNCIL OF ECONOMIC ADVISERS
i3ltUiiiinuu,-» Freight Paperboard
Jbieeiric
Cars and trucks
Steel produced
coal mined
power
produced assembled (thousands)
loaded
Thousands Percent of distributed (thousands f thousands
(thousands
theoreticall (millions of
of short
of net
Total
Cars Trucks
of cars)
of tons)
tons
capacity kilowatt-hours) tons) 3
1,857
2,018
1,782
2, 141
1,694
2,245
1,995
2, 124
2,253
2,288
2,331
2,272
2,059
2, 166
2,309
2,370
2,389
2,376
2,440
96.9
100.9
85.8
94. 9
71.0
93.0
82.7
88.0
93.4
94.8
96.6
94. 1
85.3
89.7
95. 7
98.2
99.0
98.5
99. 1
6, 183
6,958
7,451
8,244
8,883
10, 318
9, 936
9,902
9,796
9,658
9,741
9,986
10, 386
10, 816
10, 540
10, 635
10, 993
11, 348
11, 421
1, 687
1,772
1,548
1,521
1,304
1 3 543
1,463
1,481
1,373
1,363
1,515
1,607
1,565
1,593
1,630
1,602
1, 749
1,768
1,790
748
779
730
735
652
729
626
644
656
693
766
756
758
781
792
826
757
672
678
214
229
213
241
236
269
243
260
270
263
275
278
232
282
274
290
291
270
267
154. 2
129.8
106.8
141. 1
125.6
176. 7
178.9
185.0
198.1
207.6
204.2
168.1
183. 8
149.2
131. 1
142. 1
197.9
172.9
162.6
128.4
102.7
83.4
118.0
106.0
152.7
156.9
169.2
174. 1
177.0
173.3
141.8
158.0
128.7
110.3
119.4
171. 4
151.1
138. 9
25.9
27.2
23.4
23. 2
19.7
240
22.0
15.8
23.9
30.6
30.9
26.2
25.8
20.4
20.9
22. 7
26.5
21.8
23.7
2,403
2,428
2,437
2,472
2,444
2,439
97.6
98.6
99.0
100.4
99.3
99. 1
11, 057
11, 594
11, 521
11, 512
1,854
1,773
1,757
1,737
1,638
611
710
699
692
681
182
296
293
297
292
144.3
174.7
169.3
162. 1
167.3
164.6
125.2
150. 0
144.7
135.6
140. 6
139.6
19. 1
24.7
24.6
26.5
26.7
25.0
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 i, 1950; 1,999,034 beginning January 1.1951;
2.077,040 beginning January 1,1952; 2,254,459 beginning
January 1,1953; 2,384,549 beginning January 1,1954; 2,413,278
beginning January 1,1955; and 2,461,893 beginning
2
3
January l, 1956.
Daily average for week.
Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Kailroads, National Paperboard
Association, and Ward's Automotive Reports.
18
NEW CONSTRUCTION
The rate of total construction (seasonally adjusted) declined during January due to lower residential outlays. Private
nonresidential construction remained unchanged and public construction increased. Contract awards advanced
sharply.
BILLIONS OF DOLLARS
50
SEASONALLY
BILLIONS OF DOLLARS
50
ADJUSTED ANNUAL RATES
40
40
'30
20
20
10
10
i n1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M 11 1 1 1 1 1 1 1 1 1 1 1 i M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
20
PRIVATE RESIDENTIAL
(NONFARM) ^B. p*
^ ^-**»*«,T: rr.w» *n a
10
•
/
OTHER PRIVATE
1 1 1 1 1
INN
1 1 1 1 1 1 1 1
1950
III
INN
1951
Mill
i 1 1 1 1 1 1 i 1 1 i
M 1 M
MM!
1954
1953
1952
M 1 M INN M M 1 M M 1
1955
1956
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total new
construction
Period
1939
1947
1948
1949
1950
1951
1952
1953
1954
1955
.
.-
-__
>
.
___ _
.
_
-_
.
__
.
8.2
16.7
21.7
22.8
28.5
31.2
33.0
35. 3
37.6
42.2
Total
private
4.4
13.3
16. 9
16.4
21.5
21.8
22. 1
23.9
25. 8
30.2
Private
Residential
(nonfarm)
2.7
6.3
8.6
8. 3
12.6
11.0
11. 1
11.9
13. 5
16. 6
Other
1.7
6.9
8. 3
8.1
8.9
10.8
11.0
11.9
12. 3
13.6
Federal,
State, and
local
Construction contracts awarded inJ
37 Eastern States
3.8
3.4
4.8
6.4
7.0
9.4
10.9
11.4
11.8
12.0
3.6
7.8
9.4
10.4
14.5
*
15.8
16.8
17.4
19. 8
23.7
Annual rates
UnSeasonally
adjusted
adjusted
22.9
21.9
17. 8
24. 1
25.6
19.0
25.6
26. 1
24.4
27. 9
26. 2
22.8
27. 1
25.1
27.8
23.9
22. 1
22. 7
21.2
24.4
22.4
22. 1
21.6
25. 1
28.0
24.0
22. 8
1
30. 1
Seasonally adjusted annual rates
1954: December
1955: January
February.
March _ _ _ ..
April
May
June.July .
„
August .
September
October
November
December
..
1956: January 2
..
- _ _ _ _-
41.1
41. 1
41.4
41. 6'
42.3
43.0
42. 8
42.8
42. 8
42.9
42. 3
42. 2
41. 9
41.5
28.2
28.8
29.3
29. 6
30.3
30.7
30. 5
30.9
31. 1
31. 2
30. 6
30.2
29.8
29.3
15.7
16. 1
16.2
16.2
16.7
17.0
17.0
17.2
17.2
17. 1
16. 5
16. 1
15.9
15. 4
12.5
12.7
13.1
13.4
13.6
13.6
13.5
13.7
13.9
14. 1
14. 1
14. 1
13. 9
13. 9
* 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).
12. 9
12.3
12.2
12.0
12. 0
12. 3
12.2
11.9
11. 7
11. 7
11. 7
12. 0
12. 0
12.2
2
Preliminary estimates.
19
HOUSING STARTS AND APPLICATIONS FOR FINANCING
The seasonally adjusted annual rate of private nonfarm housing starts in January was close to 1.2 million, practically
the same as in December. Financing applications, which had declined since last March, showed a more than seasonal
increase.
MILLIONS OF UNITS
I950
MILLIONS OF UNITS
I952
!95i
I953
I955
I954
J/ SEE FOOTNOTE I ON TABLE BELOW.
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VAj.
1956
COUNCIL OF ECONOMIC ADVISERS
[Thousands «>I units]
IN'ew nonfarm housing starts
Period
Annual total: 1948...
1949__.
I960. . _
1951.-1952.. _
1953...
1954__.
1955 4 _ _
Monthly average; 195019531954..
19554.
?
1954 December
1955: Januarv
February
March
April
May
.
June „
July
August
September
October
November . _ _
December
1956: January 4
Total
931. 6
1, 025. 1
1, 396. 0
1, 091. 3
1, 127. 0
1, 103. 8
1, 220. 4
1, 328. 7
116. 3
92.0
101. 7
110 7
90.' 6
87.6
89.9
113.8
132. 0
137.6
134.8
122. 6
124.7
114. 9
105.8
4
90.0
4
75.0
74.0
Publicly
financed
18. 1
36. 3
43.8
71.2
58.5
35. 5
18.7
19.7
3.6
3.0
1. 6
1.6
.7
.3
2.0
1.0
1.5
2.5
3.4
.7
2.4
1.3
1.0
4
.8
4
2. 8
1.0
Total
913. 5
988. 8
1, 352. 2
1, 020. 1
1, 068. 5
1, 068. 3
1, 201. 7
1, 309. 0
112. 7
89. 0
100. 1
109. 1
89. 9
87.3
87.9
112.8
130. 5
135. 1
131.4
121.9
122.3
113.6
104.8
4
89.2
4
72. 2
73. 0
Privately financed
Government underwritten
VA
FHA
Total
294. 1
(22)
(2)
363.8 3 (2)
()
200. 0
686. 7
486. 7
148.7
412.2
263.5
421. 2
141. 3
279. 9
252.0
156. 6
408.6
307. 0
583.3
276. 3
391.8
668. 5
276. 7
57. 2
16. 7
40.6
34.0
13. 1
21.0
48.6
25. 6
23. 0
32. 6
55. 7
23. 1
29. 1
50. 7
21. 5
26. 1
46. 1
20.0
28.0
45.3
17.2
29.9
53.6
23.8
34. 5
25.8
60.3
65. 9
37.8
28.0
32. 1
39,5
71.6
37.4
63.3
26.0
40.8
26.9
67.6
33.3
24. 7
58.0
34. 8
53. 4
18. 6
45.6
28. 1
17.5
21. 6
16. 2
37.9
23.0
13. 0
36.0
Proposed home construction
Private,
seasonally Applications
adjusted for FHA comannual
mitments l
rates
293.2
327.0
397.7
192. 8
267.9
253.7
338.6
306. 2
33. 1
21. 1
28. 2
25.5
24.3
1, 478
25.6
1,416
1,370
28.3
35.6
1,367
1, 350
33.1
1,362
30.1
1,371
30.8
1,283
24.3
26.4
1,310
23. 1
1, 251
19. 2
1,221
4
16.3
1, 203
4
13.4
1, 187
15. 6
1, 183
8
« Units represented by mortgage applications for new home construction.
2 Not available.
Partly estimated.
Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA).
Digitized for 20
FRASER
Requests
for VA
appraisals
(22)
()
(2)
<2)
164.4
226.3
251. 4
535. 4
620. 8
21.0
44. 6
51.7
44. 3
46.2
64.2
71.9
65.9
69. 3
52.4
51.4
56.0
45. 1
43. 1
30.4
24.9
29. 3
«Preliminary estimates.
SALES AND INVENTORIES - MANUFACTURING AND TRADE
Sales of both manufacturers and distributors (seasonally adjusted) were unchanged in December from the November
levels. According to preliminary estimates, January retail sales were unchanged for the fourth consecutive month.
Manufacturers' new orders rose in December and continued to exceed sa'es. Inventories of manufacturers and
retailers increased.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
TOTAL* AND MANUFACTURING
RETAIL
INVENTORIES
1952
1953
1954
INDEX, 1947-49- 100, SEASONALLY ADJUSTED
1955
*
WHOLESALE, MANUFACTURING, AND RETAIL.
SOURCES: DEPARTMENT OF COMMERCE AND 80*
Manufacturing
Manufacturing
and trade
Inven- New
Sales * Inventories 2 Sales i tories 2 orders l
Period
1939
1948
1949-_.
1950
1951..
1952
1953..
1954..
1955 5
1954: November
December.
1955: January..
February
March..
April
«.j
May
June..
July
August.
September
October
November
December 5
1956: January 5
COUNCIL OF ECONOMIC ADViSERS
__ .
10. 8
36.4
34.7
39.9
4
44. 9
45.9
48. 4
...
46.7
51.7
47. 6
_. . . 48.7
48. 7
48.9
50.7
_
50.9
51.7
52.2
51.9
52. 8
53. 1
52. 5
53.2
53.2
20. 1
55. 6
52. 1
64. 1
4
75. 2
76.7
80.3
76. 9
82. 1
77. 1
76.9
76.9
77.3
77.5
77.7
78. 3
78.8
79. 2
79. 6
80.0
80.9
81.6
82. 1
Billions
5. 1
17.6
16. 4
19.3
22. 3
22.8
24. 9
23.4
26. 4
24. 0
24. 1
24. 3
24.6
26.0
26.0
26.7
27. 1
26.7
27.2
27. 2
26.6
27.3
27.3
Wholesale
Retail
InvenSales * Inventories 2 Sales * tories 2
of dollars, seasonally adjusted
11. 5
3. 1
2.2
5.4
31.7
8. 1
17.4
7.9
7.9
28. 9
15.9
7.4
21. 0
34.3
10.5
8.7
42. 8
11. 1
9.4
24.5
23. 6
43.8
9.4
11. 3
11.7
45.9
23.4
9.3
22. 4
43.3
11.5
9. 1
27.2
45. 9
12. 3
9.8
43. 3
11.7
23. 1
9.3
43.3
11.5
24. 8
9.5
43. 2
11.5
24.6
9.5
43.3
11. 7
24. 8
9.5
43.3
9.7
26.5
11.6
43.3
26. 1
9.6
11.7
43. 5
27.7
9.7
11.8
43. 8
9.7
27. 8
11.8
43. 9
11.9
27.0
9. 6
44. 3
28.7
12.0
9.9
44. 7
12. 0
10.0
28.3
45.4
12. 2
10. 1
27.5
45.7
10. 1
28.3
12.3
12. 3
45. 9
10. 1
29.3
3.5
10. 9
10.9
12. 0
4
13. 2
13.7
14.2
14. 2
15. 5
14.4
15. 1
14.9
14. 8
15. 1
15.3
15.4
15.3
15.5
15.7
15. 8
15.8
15. 8
15. 8
6
15.8
5. 5
15.8
15.3
19.3
4
21. 2
21. 6
22. 7
22. 1
23.9
22. 1
22. 1
22.2
22.4
22.6
22.8
23.0
23. 2
23.4
23.3
23.2
23. 3
23.6
23. 9
Department stores
Inventories a
Index 1947-49 = 100,
seasonally adjusted
35
36
104
107
99
98
105
109
109
128
110
118
112
" 126
111
122
127
119
113
123
116
125
123
119
112
123
124
115
124
119
123
117
114
127
124
127
118
1 'J9
121
129
122
12U
122
1 a1
122
i:;r>
6
125
Sales *
1
2
4
Monthly average for year and total for month.
Revised series on retail trade beginning with 1951; not comparable with previous
Book value, end of period.
data.
6
s Book value, end of period, except annual data, which are monthly averages.
» Preliminary estimates.
Not charted.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
21
MERCHANDISE EXPORTS AND IMPORTS
For the year 1955 as a whole, commercial exports and imports were 11 percent higher than in 1954.
MILLIONS OF DOLLARS
1,800
MILLIONS OF DOLLARS
1,800
1,600
1,200
1,000
J/SEE FOOTNOTES I AND 2 ON TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
f Millions of dollars)
Merchandise exports
Period
1936-38 monthly average.- ..
1947 monthly average
1948 monthly average ..
1949 monthly average
1950 monthly average.1951 monthly average-.- _ .
1952 monthlv average . .
1953 monthiv average
1954 monthly average 3
1955 monthly average _
1 954 ; N o vein ber
December
1955: January
.
February..
March
April
May
June
July
_ .
August
_
September _ __ _
October
November 3
December
__ __ _
X AC* J
Total
247
1,278
1,054
1,004
856
1,253
1,267
1,314
1,259
1,293
1,252
1,320
1,168
1,237
1,343
1,262
1,322
1,319
1,268
1,235
1,254
1, 396
1,316
1,398
Grant-aid
shipments l
(2)
(22)
()
96
24
89
166
293
188
105
85
98
85
95
92
94
131
128
128
128
99
119
73
84
Excess of exports
over imports
Excluding
grant-aid
shipments
(2)
1,182
(22)
()
833
1, 164
1, 101
1,022
1,071
1, 188
1, 167
1,222
1,083
1, 143
1,251
1,168
1, 191
1,191
1, 140
1, 107
1, 155
1,276
1, 243
1,314
Merchandise
imports
207
480
594
552
738
914
893
906
851
947
840
942
870
850
1,019
871
958
936
885
960
945
1, 010
1,064
3
1, 000
Total
40
798
460
452
118
339
374
408
408
346
412
378
298
388
324
392
364
382
383
276
310
386
252
3
398
Excluding
grant-aid
shipments
(2)
(22)
()
702
95
250
208
116
220
241
327
280
212
293
232
298
232
254
255
148
210
267
179
3
314
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 propram (July-December 1950)
amounted to 282 million dollars.
3
3 Not available.
Preliminary estimates.
Sources: Department of Commerce and Department of Defense.
NOTE—Detail will not necessarily add to totals because of rounding
22
PRICES
CONSUMER PRICES
The average of consumer prices fell 0.3 percent between November and December. Reductions in pricesrfor transportation, food, and housing more than offset higher costs of medical and personal care.
M
INDEX, 1947-49* 100
INDEX, 1947-4t « 100
140
140
1953
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR .
[1947-49=100]
Period
1939
1947
1948
1949
1950
1951
1952
1953. .. .
19541955
1954: November
December
1955: January
February
March
April
May
* -"*j
June
July
August
September
October _ . _
November
December
.
All
items
Food
59.4
95.5
102.8
101.8
102.8
111.0
113.5
114.4
114.8
114 5
114. 6
114.3
114.3
114.3
114.3
114.2
114.2
114.4
114. 7
114.5
114.9
114.9
115. 0
114. 7
47. 1
95. 9
104. 1
100.0
101.2
112.6
114.6
112.8
112. 6
110. 9
111. 1
110.4
110 6
110.8
110.8
111.2
111. 1
111. 3
112. 1
111.2
111.6
110. 8
109.8
109. 5
Housing
Total1
Rent
(2)
95.0
101.7
103.3
106.1
112.4
114.6
117.7
119. 1
120.0
119. 5
119. 7
119.6
119.6
119.6
119.5
119.4
119.7
119.9
120. 0
120.4
120.8
120.9
120. 8
86.6
94.4
100.7
105.0
108.8
113. 1
117.9
124. 1
12H.5
130. 3
129.2
129.4
129.5
129.7
130.0
129.9
130.3
130.4
130.4
130.5
130.5
130.8
130.9
131. 1
i Includes, in addition to rent, homeowner costs, utilities, housefurnishings, etc.
*Not available.
Apparel
52.5
97. 1
103.5
99.4
98.1
106.9
105.8
104. 8
104. 3
103. 7
104.6
104.3
103.3
103.4
103.2
103. 1
ioa3
103. 2
103.2
103. 4
104.6
104. 6
104.7
104 7
Transportation
(2)
90.6
100.9
108.5
111. 3
118.4
126.2
129. 7
128. 0
126.4
127.6
127.3
127.6
127.4
127. 3
125.3
125.5
125.8
125. 4
125. 4
125.3
126. 6
128.5
127.3
Reading Other
and
goods
Medical Personal
and
recreacare
care
services
tion
(2)
94. 9
100.9
104. 1
106.0
111. 1
117.2
121. 3
125.2
128.0
126. 1
126.3
126.5
126.8
127. 0
127.3
127.5
127.6
127.9
128.0
128.2
128. 7
129.8
130.2
(2)
97.6
101.3
101.1
101. 1
110.5
111.8
112. 8
113.4
115.3
113.8
113.6
113.7
113.5
113.5
113.7
113.9
114.7
115.5
115.8
116.6
117.0
117.5
117.9
(2)
95.5
100.4
104. 1
103.4
106.5
107.0
108.0
107. 0
106. 6
106. 8
106. 6
106. 9
106.4
106.6
106.6
106.5
106.2
106.3
106.3
106.7
106.7
106.8
106.8
(2)
96. 1
100.5
103.4
105.2
109.7
115.4
118.2
120. 1
120.2
120.0
119.9
119.9
119.8
119.8
119.8
119.9
119.9
120.3
120. 4
120. 6
120.0
120. 0
120. 0
Source: Department of Labor.
23
WHOLESALE PRICES
Average prices for farm products and processed foods increased in January, as did the average for industrial products
INDEX,1947-49 = 100
130
INDEX, 1947-49*100
130
100
1956
1950
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[1947-49=100]
All commodities
Period
1939_
194719481949.
1950.
1951
1952.
195319541955
1954: December
1955: January
February
March
April
May
June
_ _
July
August
September _
October. _ _
November
December
1956: January
_
__
__
24
_ _ _ _
_ _
_ _
Source: Department of Labor.
_ _
__
_,.
50. 1
96. 4
104. 4
99. 2
103. 1
114. 8
111. 6
110. 1
1 1 0. 3
110 7
109. 5
110. 1
110. 4
110.0
110 5
109. 9
110. 3
110. 5
110. 9
111. 7
111. 6
111. 2
111. 3
111. 8
Farm
products
36. 5
100. 0
107. 3
92. 8
97. 5
113 4
107. 0
97. 0
95. 6
89 6
89. 9
92. 5
93. 1
92. 1
94. 2
91. 2
91. 8
89. 5
88. 1
89. 3
86. 8
84. 1
82. 9
84. 1
Processed
foods
43. 3
98. 2
106. I
95. 7
99. 8
111. 4
108. 8
104. &
105. 3
101 7
103. 5
103. 8
103. 2
101. 6
102. 5
102. 1
103. 9
103. 1
101. 9
101. 5
100. 2
98. 8
98. 2
98. 3
Other than
farm product?
and foods
(industrial)
58. 1
95. 3
103. 4
101. 3
105. 0
115. 9
113. 2
114. 0
114. 5
117. 0
114. 9
115. 2
115.7
115.6
115. 7
115.5
115. 6
116. 5
117. 5
118.5
119.0
119.4
119.8
120.2
PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers increased 3 points in the month ended January 15.
also increased 3 points, and the parity ratio was unchanged.
INDEX.I9IO-I4* 100
325
Prices paid by farmers
INDEX,I9IO-|4«IOO
325
300
PARITY
INDEX
(PRICES PAID, INTEREST, TAXES
AND WAGE RATES)
200
I I M I I I I I I I I
I I I I I I I I I I I
I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
I I I I I I I I I I I
200
100
I960
1952
1951
1953
1954
1955
1956
J/RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
Period
1939
1947
1948
1949
1950
1951..
1952
1953
1954
1955
•
1954: December 15
1955* January 15
February 15
March 15
April 15
May 15- .
June 15
July 15..
August 15
' ' September 15;
October 1 5 . ..
November 15
December 15 -1956* January 15
.-__
•
'
- - -
-
.
- _ _ -'.
Prices paid by farmers Parity index
for items used in
(prices paid, Prices reinterest,
ceived by
Family
Productaxea, and
farmers
living
tion
wage rates)
Index, 1910-14=100
123
121
120
95
224
240
237
276
260
250
287
251
251
238
250
243
246
256
246
258
282
273
302
268
287
274
271
288
253
279
270
258
252
274
281
249
' ___
250
281
273
237
250
279
272
239
283
273
253
243
256
283
271
244
284
256
273
243
254
284
274
247
- -.
282
274
251
244
274
282
250
243
281
274
248
237
247
279
273
233
272
279
246
235
274
280
246
230
244
279
273
225
243
278
273
223
272
246
281
226
Parity
ratio *
77
115
110
100
101
107
100
92
89
84
86
86
86
86
87
87
86
84
84
84
82
81
80
80
J Percentage ratio of index of prices received by farmers to parity index.
Source: Department of Agriculture.
25
CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
Demand deposits rose more than seasonally in December. At the end of the month, total deposits (excluding Government) and currency were almost 3 percent higher than a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
TOTAL DEPOSITS AND CURRENCY
TOTAL EXCLUDING U.S. GOVERNMENT
( PRIVATELY HItO MONEY SUPPLY )
DEPOSITS
160
160
120
120
DEMAND DEPOSITS
ADJUSTED
TIME DEPOSITS
CURRENCY OUTSIDE
BANKS
U.S.
GOVERNMENT DEPOSITS
Til i
1951
\
TTt i i
1953
1952
1954
COUNCIL OF ECONOMIC ADVISERS
SOURCE:BOAftO OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
[Billions of dollars]
Total deposits and
currency
End of period
1948
1949
1950
1951.
1952
1953 .
1954 s„ ._
1955
1954: November
December. .
1955: January..
February .
March .
April
May
JuneJllly 5
August 5 5
September
October 5 s
November _
December 3
_.
_,
..
:__
172.7
173.9
180. 6
189.9
200.4
205.7
214. 8
220.2
213.3
214.8
213,4
212. 1
210. 6
213.0
212.6
213.5
214.6
214. 2
214. 8
216.7
217. 2
220. 2
U. S.
Government
deposits!
3. 6
4. I
3.7
3.9
5. 6
4.8
5. 1
4. 5
7.5
5. 1
4.2
5. 1
5.3
5.6
5.9
5.8
6.5
5.6
5. 1
5.3
5.0
4.5
Total excluding TJ. S. Government deposits
(privately held money supply) *
Demand
Currency
Time
outside
deposits
Total
deposits *
adjusted *
banks
26 1
169. 1
57.5
85. 5
25. 4
169. 8
sae
85.8
59.2
25.4
92.3
176 9
26.3
61.4
9a2
186. 0
27. 5
101.5
194.8
65.8
70.4
102.5
200.9
2a 1
27.9
209.7
75.3
106.6
78.2
27.9
215.7
109.7
205.8
27.5
104.0
74.3
27.9
106.6
75.3
209.7
75.4
26.8
209. 2
107.0
104.5
206.9
75.7
26.8
26. 7
102.4
76.2
205.3
26.7
76.2
207.4
1045
103.3
76.5
206.7
26.8
27.4
207.7
103.2
77. 1
77. 1
27. 1
103.9
208. 1
77.4
103.9
27.3
208.6
27.2
104.9
77.7
209.7
106.1
77.9
27.3
211.3
77.4
106. 9
27.9
212.2
27.9 1
109. 7
78. 2
215. 7
iIncludes U. 8. Government deposits at Federal Reserve banks and commercial and savings banks, and U. 8. Treasurer's time deposits, open account.
Includes deposits and currency held by State and local governments.
»Includes demand deposits, other than interbank and U 8. Government, less cash items in process of collection.
' Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
' Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System,
1
26
BANK LOANS, INVESTMENTS, AND RESERVES
In December, loans of commercial banks increased $1.4 billion, and their holdings of U. S. Government securities
increased $0.4 billion. The average of "free" reserves (excess reserves less borrowings at the Federal Reserve Banks)
declined slightly between December and January.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL LOANS AND INVESTMENTS
I95Z
1953
END OF MONTH
SOURCE:BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
All commercial banks
End of period
1949
1950
1951
1952
1953
1954 __
19554
1954: December
1955 1 January
February
March
April
May - June.-July 4 ..
August 4 4
: ••
September
4
October
November44
December __
1956: January 4 _ _
Total loans
and investments
120. 2
126.7
132. 6
141. 6
145.7
155.9
161. 1
155.9
156.3
154.8
153. 5
155. 5
155. 6
165. 3
157. 0
156. 7
157. 3
158. 9
159.4
161. 1
Loans
43. 0
52.2
57.7
64. 2
67.6
70.6
82.8
70.6
70.6
71.2
72.3
72.9
73.9
75.2
76.6
77.3
78.4
79.2
81.4
82.8
Total
77. 2
74.4
74. 9
77.5
78. 1
85.3
78.3
85.3
85.7
83.6
81.2
82.6
81.7
80. 1
80.4
79.3
78.9
79.7
78.0
78.3
Investments
U. S. GovOther
ernment
securities securities
10. 2
67. 0
12.4
62.0
13.3
61.5
14. 1
63.3
14.7
63.4
16.3
69.0
16. 5
61. 8
69.0
16. 3
16.7
69.0
66.8
16.8
17.0
64.2
17.0
65.6
16. 7
65.0
63.3
16.8
16.7
63.7
16.9
62. 5
16.9
62.0
16.8
62.9
61. 4
16. 6
16. 5
61.8
Weekly
reporting
member2
banks *
Business
loans a
13.9
17.8
21. 6
23.4
23.4
22.4
26.7
22.4
22.0
22. 1
22. 6
22.5
22.6
23.5
23.5
24.2
24.7
25.1
26.0
26. 7
26.2
All member banks l *
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
.1
17.0
8
15; 6
18.5
19.6
19.3
18.5
18. 3
18. 6
18.4
18.2
18.0
18.2
18.2
18. 1
18.2
18.2
18. 1
18.3
18.4
18. 6
18. 6
8
8
7
7
8
6
7
7
6
6
6
6
6
6
6
6
5
5
6
5
.1
.3
.8
.8
.1
.6
.2
.3
.4
.5
.5
.4
.4
.5
.8
.8
.9
1.0
.8
.8
i Member banks include, besides all national banks, those State banks that have taken membership in the Federal Reserve System.
* Commercial, industrial, and agricultural loans; revised series beginning January 1952 and again October 1955. Such loans by weekly reporting member banks
represent approximately 70 percent of business loans by all commercial banks.
»Data are averages of daily figures on balances and borrowings during the period.
* Preliminary estimates.
NofE.~-3>etail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
27
CONSUMER CREDIT
4* the end of 1955, total consumer credit outstanding was $36.2 billion—$6.1 billion higher than a year earlier. In
December, total consumer credit rose $1.2 billion, due mainly to increases in noninstalment credit and in instalment
:redit used for purchases of consumer durable goods other than automobiles.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
" ~ ~ ~
" 35
35
1955
1950
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Total
consumer
Bad of period
credit
outstanding
1939
1947
1948
1949...
1950
1951
1952 .
1953
1954
-—
1955
1954: NovemberDecember.
1955: January...
February .
March
April
May
June
July
August
September.
October
November.
December.
OO
7,222
11,570
14, 411
17, 104
20, 813
21, 468
25, 827
29, 537
30, 125
36, 225
29, 209
30, 125
29, 760
29, 518
29, 948
30,655
31,568
32, 471
32, 896
33, 636
34, 293
34.640
35, 059
36. 225
Instalment credit outstanding
Total
Automobile
paper *
4,503
6,695
8,968
11,516
14, 490
14,837
18.684
22, 187
22, 467
27, 895
22, 014
22, 467
22, 436
22, 508
22, 974
23, 513
24, 149
24, 914
25, 476
26, 155
26, 699
26. 963
27, 247
27, 895
1,497
1,924
3,054
4,699
6,342
b,242
8,099
10, 341
10, 396
14, 312
10, 296
10, 396
10, 459
10, 641
11, 053
11, 482
11, 985
12, 561
13, 038
13, 547
13, 929
14, 095
14, 172
14, 312
Other Repair and
consumer moderni- Personal
zation
loans
goods
paper *
loans *
1,088
298
1,620
1,910
2,143
718
2,229
2,842
843
2,444
887
3,486
2,805
1,006
4,337
3,235
1,090
4,270
1,406
3,851
5,328
4,366
1,649
5,831
4,787
1,616
5,668
5,507
1,641
6,435
4, 689
1,631
5,398
4,787
1,616
5,668
1,574
4,794
5,609
4,833
1,550
5,484
4,912
1,530
5,479
1,534
5,005
5,492
5, 063
1,546
5,555
5,152
1,562
5,639
5,192
1,570
5,676
5,257
1,589
5,762
1,611
5,311
5,848
5,324
1,627
5,917
1,634
5,384
6,057
5,507
1, 641
6,435
Noninstalment credit
outstanding
Total
2,719
4,875
5,443
5,588
6,323
6, 63.1
7, 143
7,350
7,658
8,330
7,195
7,658
7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481
7,594
7,677
7,812
8,330
Charge
accounts
1,414
2,353
2,713
2,680
3,006
3,096
3,342
3,411
3,518
3,797
3,042
3, 518
3,225
2,831
2,735
2,859
3,011
3,040
2,991
3,019
3,108
3,218
3,285
3, 797
InstalInstalment
ment
credit ex- credit8
tended * repaid
6,872
12, 713
15,540
18,002
21, 256
22, 791
28, 397
30, 321
29, 304
37, 172
2,554
3,046
2,389
2,416
3,159
3,089
3,206
3,443
3, 131
3,436
3,241
3,051
3,103
3,508
1
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."
Source: Board of Governors of the Federal Reserve System.
Digitized oo
for FRASER
s Credit extended or repaid during the period.
6, 060
10, 190
13, 267
15, 454
18, 282
22, 444
24, 550
26, 818
29, 024
31, 744
2,492
2,593
2,420
2,344
2,693
2,550
2,570
2,678
2,569
2,757
2,697
2,787
2,819
2, 860
BOND YIELDS AND INTEREST RATES
Yields on Government and corporate securities declined during January and early February.
rate remained unchanged.
PERCENT PER ANNUM
The commercial paper
PERCENT PER ANNUM
4
4
1956
I960
•REVISED SERIES: BONDS DUE OR CALLABLE IOTO 20 YEARS. SEE TABLE BELOW.
SOURCES: SEE TABLE BELOW.
Period
1948
1949
1950
1951 ...
1952.
1953
1954
1955
1955: March
April
May
June
;...
July..
'..
August .
..
September
October
November ...
December
»
1956: January
Week ended:
1956: January
7
14
.
21
28
February 4
11
* AWJ
.-«.»^_«_-^«^».-_
[Percent per annum]
High-grade
U. S. Government security yields
municipal
bonds
3-month
2
(Standard3&
Taxable bonds
Treasury
Poor's)
bills »
2.40
2. 44
1. 040
2. 31
2.21
1. 102
2. 32
1.98
1.218
2. 57
2.00
1.552
2. 68
2.19
1.766
8
2.72
3. 16
*2. 92
1.931
2. 52
2.37
.953
2.71
2.53
2.94
2.80
1.753
2.92
2.72
2.45
1.335
2.92
2.43
2.77
1.620
2.41
2.76
2.91
1.491
2.48
2.91
1.432
2.77
2.62
2.88
2.96
1.622
3.02
2.67
2.91
1.876
2.63
3.00
2.086
2.88
2.56
2.82
2.96
2.259
2.55
2.96
2.225
2.85
2.71
2.97
2.562
2.88
2. 64
2.94
2.86
2. 456
2.489
2.596
2.493
2.245
2.402
2.271
2.96
2.95
2.93
2. 94
2.92
2.93
2.90
2.88
2.83
2.83
2.81
2. 81
i Rate on new issues within period.
» First issued in 1941. The single series on these bonds (which continued
through March 1953) included: October 1941-March 1952, bonds due or callable
after 15 years; April 1952-March 1953, bonds due or callable after 12 years.
i Weekly data are Wednesday figures.
COUNCIL OF ECONOMIC ADVISERS
2.71
2.65
2.61
2.59
2.59
2.56
Prime
commercial
paper,
Baa
4-6 months
3.47
1. 44
3.42
1.49
3.24
1.45
3.41
2. 16
3.52
2.33
2.52
3.74
1.58
3.51
3.53
2. 18
1.69
3.48
1.90
3.49
2.00
3.50
2.00
3.51
a 52
2. 11
3.56
2.33
2.54
3.59
2.70
3.59
3.58
2.81
2.99
3.62
3. 00
3. 60
Corporate bonds
(Moody's)
Aaa
2.82
2.66
2.62
2.86
2.96
3.20
2.90
3.06
3.02
3.01
3.04
3.05
3.06
3. 11
3. 13
3. 10
3.10
3. 15
3. 11
3. 14
3. 13
3. 11
3.09
3.09
3.08
3.62
3.61
3. 60
3.59
3.59
3. 58
3. 00
3.00
3.00
3. 00
3.00
3. 00
« Bonds due or callable from 10 to 20 years.
Bonds due or callable 20 years and after.
Sources: Treasury Department and Board of Governors of the Federal Reserve
System (except as noted).
1
29
STOCK PRICES
Average prices of stocks of most major industry groups declined in January and early February.
INDEX,1939*100
500
I N D E X , 1939-100
500
400
300
300
200
100
1950
1951
1956
1952
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Period
Weekly average:
1947
1948
1949
1950
1951
1952
1953
1954
1955
1955: February
March .
April
May
June
July
August „ . L - • - September L _ .
October
November.
December.
1956: January
Week ended:
1956: January 6
13
27
February 3.2
10
Composite
index '
[1939 =.100]
Manufacturing
TransDurable Nondura- portation
Total
ble goods
goods
Utilities
Trade,
finance, Mining
and service
130.9
132.7
127.7
154. 1
1849
195. 0
193.3
229.8
304 6
281.0
279.6
286.8
289.0
302. 9
318.8
315.3
326. 6
310.2
328.4
333.6
325. 7
132.4
136.8
132. 1
165. 7
206.8
220.2
220. 1
271. 3
3744
340.0
336. 9
347.0
349.6
370. 1
3946
390.0
407.1
385. 1
410. 6
418.7
407.8
119.9
1243
116.0
150.2
178.5
188.8
192. 6
245. 2
352. 4
320.0
318.2
326.8
3245
344 4
366. 1
367.8
387.0
365.3
389.2
395.9
378. 6
144.6
148,6
147.2
180.2
233.1
249.3
245.2
295. 2
394 4
358.2
353.8
365.3
372.4
393. 4
420.7
410.0
425. 2
402. 9
429.9
439. 2
4344
149.1
158. 1
136.0
160.0
199. 0
220.6
218.7
222. 6
320. 0
300.3
305.4
320.5
326.0
336.5
333.9
323.6
331.3
309.3
3248
331.6
320.2
105.5
99.3
98. 1
108.9
112.6
117.9
121.5
135. 8
152.9
150. 0
150. 9
152. 1
153.5
1543
156. 6
156.2
155. 3
150. 9
1542
154 3
153.8
162.8
156.9
160.7
183.8
207.9
206.0
207.1
235. 6
296.9
276.0
274.6
277.3
280.5
294 2
304.3
302.4
319.7
307. 0
3249
323.2
309.8
117.2
133.0
129.4
143.5
2049
275.7
240.5
267.0
312.9
314 6
315. 1
311.3
302.6
313.8
317. 2
311.4
317. 1
294 1
312.5
326. 2
330.3
333. 1
329. 8
319.0
320. 9
330. 5
323.3
418.5
413.5
398. 6
400. 7
414 2
403.5
389.3
383. 7
369.4
371.9
382. 2
371. 7
444 9
440.6
425. 2
426.8
443.3
432. 4
325.6
326.3
312.8
316.0
324.0
316.4
1548
1542
152. 4
153. 8
155.9
155.2
318. 7
315. 2
302.6
302.9
310.5
305.8
331.8
332. 3
326.8
330. 2
346. 3
348. 1
* Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing,-21
for transportation, 29 for utilities, 31
2
for trade, finance, and service, and 14 for mining. Indexes are for weekly closing prices.
Not charted.
Source: Securities and Exchange Commission.
30FRASER
Digitized for
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The cumulative budgei deficit for the first half of the current fiscal year was $7.9 billion, due primarily to seasonally
low lax collections. For the same period last year, the budget deficit amounted to $9.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES
75
BUDGET SURPLUS {+) OR DEFICIT (-)
(MAGNIFIED SCALE)
MAJOR NATIONAL SECURITY
I- EXPENDITURES
25
1951
1952
1953
1954
1955
1956
1953
1951
1954
.1955
FISCAL YEARS
*ESTIMATED
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget
receipts
Period
Fiscal year 1944
Fiscal year 1947
Fiscal vear 1948
Fiscal year 1949
Fiscal year 1950
Fiscal vear 1951
.
Fiscal year 1952
Fiscal year 1953
Fiscal vear 1954..
__
Fiscal year 1955- Fiscal year 1956 (estimated)
1954: December.
1955: January
February
March
April
. .. _ _
May
June.8_
July ..3
August 3
September
October3
_ _..
November33
December
Cumulative totals for first 6 months:
Fiscal year 1955 _3 __
Fiscal year 1956
_ _
._„
__
_ _
43. 6
39 g
41 5
37. 7
36 5
47 6
61 4
64 8
64. 7
60. 4
62. 1
3 7
4. 7
5. 4
9. 7
3. 7
4 4
10. 0
2.8
4. 7
5. 5
2. 7
4 7
4. 9
22. 3
25.2
Net budget expenditures
Major
nationall
Total
security
76. 8
95. 1
14. 4
39. 0
11.8
33. 1
39. 5
12. 9
39. 6
13. 0
44. 1
22. 3
65. 4
43. 8
74. 3
50. 3
46.9
67. 8
64. 6
40. 6
63.8
38. 7
3. 7
6. 3
4. 9
3. 2
3. 1
4. 8
3.6
5. 9
3.3
5. 2
3. 3
5 4
6. 7
3. 9
3.0
5. 4
6. 2
3. 5
5. 3
3. 5
5. 4
3. 3
3. 1
5. 2
5. 7
3. 4
Budget surplus (+) or
deficit ( — )
20. 2
19. 8
-9.3
7. 9
31. 6
33. 1
-51. 4
-f. 8
-4-8. 4
— 1. 8
— 3. 1
+ 3. 5
— 4. 0
-9. 4
-3. 1
— 4. 2
-1.7
-2. 5
-.3
+ .6
4-3. 8
— 1.5
Q
4-3. 4
-2.6
— 1. 5
+ .2
-2.7
.5
_. §
Public debt
(end of
period) *
202. 6
258. 4
252. 4
252. 8
257. 4
255. 3
259.2
266. 1
271. 3
2744
275.0
278. 8
278. 5
278.2
274. 1
276. 7
277. 5
274.4
277. 6
278.4
277. 5
279. 9
280. 2
280. 8
27S. H
2m. 8
» Revised to include the items classified as "national security" ID The Budget of The United States Government JOT the Fiscal Year Ending June SO, 1966. Them.'
expenditure items ar*- Military functions of Defanst* Department, mutual military program, development and control of atomic energy, allocation of critical and
strategic materials, and defense production expansion.
* Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
' Preliminary.
NOT*.—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 abore for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.
o1
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
%j JL
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
Federal cash payments exceeded cash receipts by $740 million in calendar year 1955, compared with $1,1 billion
in the prior year. In the fourth quarter of 1955, there was a cash deficit of $3.8 billion, due primarily to seasonally
low tax receipts.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 80
CASH RECEIPTS
X
CASH PAYMENTS
o
EXCESS Of (.ASM I
•HO
(MAGNIFIED SCALE)
I XCLSS OF CASH PAYMENTS
I960
1951
1952
J/PRELIMINARY ESTIMATES
SOURCES; BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
!954-!/
1953
1955 ^
1956
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Cash receipts
from the
public
Calendar year
Calendar year total;
1948
1949 . .
1950
_
1951
_
1952
1953
1P.54L
_
19551
_
_ _
Quarterly totals, not adjusted for seasonal variation:
1954:1 First quarter
.
Second quarter
Third quarter
Fourth quarter
_> __
1955: * First quarter
Second quarter..
Third quarter
„
.
Fourth quarter
. ..
Cash payments to
the public
Excess of receipts ( + ) or
payments (•— )
44, 922
41, 346
42, 419
59, 278
71, 339
70, 041
68, 562
71, 470
36, 897
42, 642
4!. 969
58, 034
72, 980
76, 194
69, 643
72, 209
4-8, 027
1,295
+ 450
+ 1,244
-1, 641
— 6, 153
-1,082
-740
23, 693
19, 115
13, 501
12, 253
21, 287
20, 795
15, 314
14, 075
16, 459
18,431
18,582
16, 172
17, 161
18, 633
18, 571
17, 844
+ 7,234
+ 684
-5,082
-3,918
+ 4, 126
+ 2, 162
-3,258
-3, 770
i Preliminary estimates.
NOTB.—Detail will not necessarily add to totals because of rounding.
Sources; Bureau of the Budget and Treasury Department.
32
For sale by the Superintendent of Doeumenti. U. S. Government Printing Office, Washington 25, D. C.
Price 20 centi per copy; $2.00 per year; $2.50 foreign.
U. S. G O V E R N M E N T P R I N T I N G O F F I C E : 1956
@FedFRASER