Wholesale Prices

Name: Wholesale Prices
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 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 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 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 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 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 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 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 ISO BUSINESS GROSS RETAINED EARNINGS GOVERNMENT FEDERAL STATE AND LOCAL 100 EXPENDITURES FOR GOODS AND SERVICES 100 EXCESS OF s EXPENDITURES LESS TRANSFER PAYMENTS 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 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 PERSONAL CONSUMPTION EXPENDITURES ISO 150 GOVERNMENT PURCHASES OF GOODS AND SERVICES too GROSS PRIVATE DOMESTIC INVESTMENT NET FOREIGN INVESTMENT J I I I 1953 SOURCE DEPARTMENT OF COMMERCE I I I I 1954 I COUNCIL OF ECONOMIC ADVISERS fBilHons of dollars Total gross national product Period First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter a Government purchases of goods and services Personal Gross con private Federal Net sump domestic foreign State tion invest Total i and 2 Total National Other expend invest ment local security ment itures ia ias R o Seasonally adjusted annual rates Q 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 Z ISO CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Total national income Period First quarter Second quarter Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter Compensation of em l ployees 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 Proprietors1 income Rental income of persons Net interest as Seasonally adjusted annual rates Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment a i r J 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 SOURCE DEPARTMENT OF COMMERCE Period Total personal income December January February March April May June July August September October November December COUNCIL OF ECONOMIC ADVISERS Billions of dollars Labor income Proprietors1 income Less Per wage and Rental Personal Transfer sonal consalary disincome Divi interest tributions Business paybursements of dends income ments for social Farm and proand other insurfessional persons labor income 1 ance Seasonally adjusted annual rates 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 personal income 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 I SOURCE DEPARTMENT OF COMMERCE Equals Less Personal Persona Disposable income taxes 1 personal income Period First quarter Second quarter Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter COUNCIL OF ECONOMIC ADVISERS fi Billions Includes soeli items as fines penalties and donations NOTE Detail will not necessarily add to totals because of rounding 2 Less Personal consumption expenditures Total Saving Equals as percent of disPersonal Nonposable Durable durable Services saving income goods goods Billions of dollars of dollars seasonally adjusted annual rates L Source Department of Commerce 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 J f i N 1 500 CURRENT PRICES I i XSEE FOOTNOTE 2 ON TABLE BELOW sSOURCES DEPARTMENT OF COMMERCE DEPARTMENT I Total disposable personal Per capita disposable personal income dollars 1 income billions of dollars 1 1955 prices 8 Current prices COUNCIL OF ECONOMIC ADVISER 9 OF LABOR AND COUNCIL OF ECONOMIC ADVISERS Penoa i 1954 Current prices prices 2 Population thousands Seasonally adjusted annual rates 1954 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth Quarter 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 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 First quarter Second quarter Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter 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 Seasonally adjusted annual rates Number of farms millions 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 to farm people from nonfarm sources These items in 1954 were as follows a 2 0 3 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 NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Corporate profits before taxes Corporate tax liability Corporate profits after taxes Tor Dividend payment Undistributed profits Seasonally adjusted annual rates 1954 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter 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 v CHANGE IN BUSINESS r INVENTORIES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Period Total gross private domestic investment Change in business inventories Fixed investment New construction Total Residential nonfarm Total Commercial and industrial All other 2 Producers durable equipment Total Nonfarm Seasonally adjusted annual rates 1954 First quarter Second quarter Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter Includes public utility Includes petroleum and natural gas well drilling NOTE Details will not necessarily add to totals because of rounding 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 MANUFACTURING COMMERCIAL AND OTHER PUBLIC UTILITIES JTIUTIESv o fc JL TRANSPORTATION I I I I960 I I I I rjr I 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 Seasonally adjusted annual rates Manufacturing Period Total Total First quarter Second quarter Third quarter Fourth quarter First quarter Public utilities Commercial and other a a 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 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 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 cluding Agricul Nonagri layoffs 3 Number civilian of persons employment force Total armed all prolabor State protural cultural grams grams forces force 6 Thousands of persons 14 years of age and over January February March April May June July August September October November December January 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 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 DURABLE MANUFACTURING 10 0 NONDURABLE MANUFACTURING 8 0 ISDb f l T O J t J 1 F 1 M 1 1 A M 1 J 1 J 1 A xv J D SON 1 F 1 M 1 A 1 M 1 J 1 J 1 A D s s S fr J I955 SB 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 N 10 0 D J 1 1 F 1 M 1 A 1 M 1 J 1 J Total adjusted Period for seasonal variation L December 955 January February March April May Total June July August SeptemberOctober NovemberDecember2 5 i January S S I I A 1 S 1 0 1 N D COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR N WHOLESALE AND RETAIL TRADE 3 0 L952 1 O 12 0 CONTRACT CONSTRUCTION S Thousands of wage and palarv workers 1 GovernManufacturing ment Contract Wholesale Durable Nondu Mining construc and retail Federal Total tion trade State goods rable goods local Not adjusted for seasonal variation Other 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 ill RETAIL TRADE BUILDING CONSTRUCTION SOURCE DEPARTMENT OF LABOR COUNCIL OT ECONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing Period December 1955 1 January February March April May June July August September October November December January 2 Total Durable goods 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 3 TQ 1 J Nondurable goods construction Retail trade m o 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 DURABLE MANUFACTURING BUILDING CONSTRUCTION CURRENT PRICES ff XI CURRENT PRICES f 4 r 1955 PRICES i i i i t 1 t t i l t t i i i i 1 t i i i l r i I PRICES J J c h i i i i i i i i 1 i i i i 1 I I I t 1 1 r NONDURABLE MANUFACTURING RETAIL TRADE RICES r r J X CURRENT P 1955 PRICES CURRENT PRICES d k v S PRICES f I SO X r sf rt Fl I I 1 L11 i i I r o r t i n i Mi i i i 1 i t i i t 1 1 t 1 l 11 1 i EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1955 BASE SOURCE DEPARTMENT OF LABOR 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 Current 1955 Current prices prices prices prices prices prices All manufacturing Period December 1955 January February March April May June July August September October November 3 December 1956 January 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 Retail trade Current prices Preliminary estimates Not available 1955 prices 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 I 1954 I 1955 I EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1955 BASE SOURCE DEPARTMENT OF LABOR Period December 1955 January February March April ATj a j Mav June July August September October November3 December 1956 January COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Durable goods Building All manufacturing manufacturing Nondurable goods Retail trade manufacturing construction Current 1955 Current 1955 Current Current Current prices prices 1 prices prices prices prices l prices prices prices 1 prices gl 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 INDEX INDEX I COUNCIL OF ECONOMIC ADVISW5 SOURCE BOAR OOF GOVERNORS OF THE FEDERAL RESERVE BOARD UU seasonally adjusted Total industrial production T tf fi x eriou l December 1 955 Jan uarv February March April May June July August September October November 1 December 1956 January 1 16 Preliminary estimates Manufactures Total Durable Nondurable Minerals Source Board of Governors of the Federal Keserve System 68 ICO 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 SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED 240 ISO TRANSPORTATION EQUIPMENT ISO 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 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVIS R seasonally adjusted Period l 1954 December 1955 Januarv February March Aoril May June Julv August September October November December J 1956 January1 Primary metals 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 prod apparel printery equipmetal products tobacco ing ucts ment products 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 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 January February March April May June July August September October November December 1956 January 3 Week ended 1956 January February COUNCIL OF ECONOMIC ADVISERS i3ltUiiiinuu Freight Paperboard Jbieeiric Cars and trucks Steel produced coal mined power produced loaded Thousands Percent of distributed thousands f thousands thousands assembled thousands theoretical millions of of short of net Total Cars Trucks of cars of tons tons capacity l kilowatt hours tons i Percent of capacity based on weekly net ton capacity of for the first half of beginning July i beginning January beginning January beginning January beginning January beginning January 1 1955 and 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 i n M i M PRIVATE RESIDENTIAL NONFARM B p T rr w n a OTHER PRIVATE INN III INN 1951 Mill i i 1 1 i M 1 M MM M 1 M INN M M 1 M M SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total new construction Period Total private Private Residential nonfarm Other Federal State and local Construction contracts awarded in 37 Eastern States J Annual rates UnSeasonally adjusted adjusted Seasonally adjusted annual rates 1954 December 1955 January February March April May June July August September October November December January 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 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 I Monthly average December 1955 Januarv February March April May June July August September October November December 1956 January 4 Total Publicly financed Total Privately financed Government underwritten VA FHA Total Proposed home construction Private seasonally Applications adjusted for FHA comannual mitments l rates 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 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 INDEX SEASONALLY ADJUSTED WHOLESALE MANUFACTURING AND RETAIL SOURCES DEPARTMENT OF COMMERCE AND 80 Manufacturing Manufacturing and trade Inven New Sales Inven Sales i tories 2 orders l tories 2 Period November December 1955 January February March April j May June July August September October November December 5 1956 January 5 COUNCIL OF ECONOMIC ADViSERS Billions Wholesale Retail InvenSales Inven 2 Sales tories 2 tories of dollars seasonally adjusted Department stores Inventories a Index seasonally adjusted J U 122 1 a1 122 i r 6 125 Sales 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 J SEE FOOTNOTES I AND 2 ON TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS f Millions of dollars Merchandise exports Period monthly average monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthly average monthlv average monthiv average 1954 monthly average 3 1955 monthly average N o vein ber December 1955 January February March April May June July August September October November 3 December X AC J Total Grant aid shipments l Excess of exports over imports 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 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 INDEX 1947 4t COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All items Period November December 1955 January February March April May j June July August September October November December Food Housing Total H i Includes in addition to rent homeowner costs utilities housefurnishings etc Not available Apparel Rent ioa Transportation Reading Other and goods Medical Personal and recreacare care services tion 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 INDEX COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All commodities Period December 1955 January February March April May June July August September October November December 1956 January Source Department of Labor Farm products Processed foods I Other than farm product and foods industrial 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 I Prices paid by farmers INDEX I9IO 4 IOO 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 I J RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Period December January 15 February 15 March 15 April 15 May 15 June 15 July 15 August 15 September 15 October November 15 December January 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 Parity ratio 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 DEMAND DEPOSITS ADJUSTED TIME DEPOSITS CURRENCY OUTSIDE BANKS U S GOVERNMENT DEPOSITS Til i 1951 TTt i i COUNCIL OF ECONOMIC ADVISERS SOURCE BOAftO OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars Total deposits and currency End of period s November December January February March April May JuneJllly 5 August 5 September 5 October 5 s November December U S Government deposits I Total excluding TJ S Government deposits privately held money supply Demand Currency Time outside deposits Total deposits adjusted banks sae a a 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 December 1955 1 January February March April May June July 4 August September 4 October November44 December January 4 Total loans and investments Loans Total Investments U S GovOther ernment securities securities Weekly reporting member banks 2 Business loans a All member banks l BorrowReserve balances ings at Federal Required Excess Reserve Banks 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 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Millions of dollars Total consumer Bad of period credit outstanding NovemberDecember 1955 January February March April May June July August September October November December OO Instalment credit outstanding Total Automobile paper b Other Repair and consumer moderni Personal zation loans goods paper loans Noninstalment credit outstanding Total Charge accounts InstalInstalment ment credit ex credit8 tended repaid 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 ooFRASERextended or repaid during the period for s Credit 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 I960 REVISED SERIES BONDS DUE OR CALLABLE IOTO 20 YEARS SEE TABLE BELOW SOURCES SEE TABLE BELOW Period March April May June July August September October November December January Week ended 1956 January 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 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 Prime commercial paper Baa 4 6 months a Corporate bonds Moody s Aaa 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 STOCK PRICES Average prices of stocks of most major industry groups declined in January and early February INDEX I N D E X COUNCIL OF ECONOMIC ADVISERS SOURCE SECURITIES AND EXCHANGE COMMISSION Period Weekly average February March April May June July August L September L October November December 1956 January Week ended 1956 January 6 13 27 February Composite index Manufacturing TransDurable Nondura portation Total ble goods goods Utilities Trade finance Mining and service 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 30 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 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 Fiscal year 1955 Fiscal year 1956 estimated 1954 December 1955 January February March April May June July8 3 August September3 October November3 December Cumulative totals for first 6 months Fiscal year Fiscal year g Net budget expenditures Major nationall Total security Budget surplus or deficit f Q Public debt end of period S 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 I J PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS Millions of dollars Cash receipts from the public Calendar year Calendar year total P 54L Quarterly totals not adjusted for seasonal variation 1954 1 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter Cash payments to the public Excess of receipts or payments 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

Wholesale Prices

DATE: February 1956

PART OF:

Economic Indicators : February 1956

AUTHOR:

Council of Economic Advisers (U.S.)

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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-. "Wholesale Prices," 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-. "February 1956," Economic Indicators (February 1956) : 27-27. https://fraser.stlouisfed.org/title/1/item/319/toc/427449 , accessed on December 14, 2019.

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Economic Data