Stock Prices

Name: Stock Prices
Creator: FRASER
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The following is plain-text output generated by Optical Character Recognition. 84th Congress 2d Session Economic Indicators APRIL 1956 Prepared for the Joint Committee on the Economic Report by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 19S6 JOINT COMMITTEE ON THE ECONOMIC REPORT Created pursuant to Sec 5 a of Public Law 304 79th Gong PAUL H DOUGLAS Illinois Chairman WRIGHT PATMAN Texas Vice Chairman JOHN SPARKMAN Alabama J WILLIAM FULBRIGHT Arkansas JOSEPH G O MAHONEY Wyoming RALPH E FLANDERS Vermont ARTHUR V WATKINS Utah BARRY GOLDWATER Arizona RICHARD BOLLING Missouri WILBUR D MILLS Arkansas AUGUSTINE B KELLEY Pennsylvania JESSE P WOLCOTT Michigan HENRY O TALLE Iowa THOMAS B CURTIS Missouri GROVER W ENSLEY Executive Director JOHN W LEHMAN Clerk COUNCIL OF ECONOMIC ADVISERS ARTHUR F BURNS Chairman RAYMOND J SAULNIER TOSEPH S DAVIS PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S I Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Committee on the Economic Report be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Committee on the Economic Report and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce 11 Contents TOTAL OUTPUT INCOME AND SPENDING 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 rage EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Nonagricultural Employment Average Weekly Hours Selected Industries Average Hourly Earnings Selected Industries Average Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Sales and Inventories Manufacturing and Trade Merchandise Exports and Imports PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers CURRENCY CREDIT AND SECURITY MARKETS Currency and Deposits Bank Loans Investments and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public A 70 page Historical and Descriptive Supplement to Economic Indicators revised November 1955 which describes each series and gives data for years not shown in the monthly issues is available for 40 cents a copy from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 25 D C Subscribers who wish to receive the monthly Economic Indicators at an earlier date after release may wish to take advantage of provisions for airmail subscriptions Information on charges for this service may be obtained from Mr H Rutland Chief of Mailing Lists Superintendent of Documents Government Printing Office Washington 25 D C TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Preliminary estimates of total income and expenditures show a moderate rise in over all economic activity between the last quarter of 1955 and the first quarter of 1956 BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES CONSUMERS DISPOSABLE INCOME EXPENDITURES Jpp ISO 150 nl i I I I I I I I I BUSINESS GOVERNMENT FEDERAL STATE AND LOCAL too EXPENDITURES FOR GOODS AND SERVICES too EXCESS OF EXPENDITURES RECEIPTS LESS TRANSFER PAYMENTS l i i 1955 I 1 I 1956 J NET 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 I 95 JOINT ECONOMIC REPORT PR AND THE ECONOMIC REPORT OF THE PRESIDENT JANUARY 1953 APPENDIX A SOURCES DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS COUNCIL OF ECONOMIC ADVISERS GROSS NATIONAL PRODUCT OR EXPENDITURE According to preliminary estimates gross national product rose 1 7 billion seasonally adjusted annual rate between the fourth quarter of 1955 and the first quarter of 1956 Consumption expenditures increased 2 2 billion and government purchases rose 0 3 billion while gross private domestic investment declined 0 8 billion BILLIO MS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES ACROSS NATIONS iL PRODUCT 30O PERSONAL CONSUMPTION EXPI NDITURES A GOVERNMENT PURCHASES OF GOODS AN 3 SERVICES GROSS PRIVATE DOMESTIC INVESTMENT NETFOREIGNI MVESTMENT t i PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter 1956 First quarter 3J I I I U i I 1955 t i 1956 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Personal Gross Total conNet private gross sump domestic foreign national tion investproduct expend investment ment itures Period Government purchases of goods and services Federal State and Total Total National Other local security Seasonally adjusted annual rates ias ia2 Less Government sales 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 major national security category in The Budget of the U S Government for the Fiscal Year Ending June SO 1957 and shown on p 31 of Economic Indicator 3 Preliminary estimates by Council of Economic Advisers Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted NATIONAL INCOME According to preliminary estimates compensation of employees rose about 2 billion seasonally adjusted annual rate between the fourth quarter of last year and the first quarter of this year Business and professional income rents and interest rose slightly while farm proprietors1 income declined BILLIONS OF DOLLARS BILLIONS OF DOLLARS 400 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME 300 3PO COMPENSATION OF EMPLOYEES EMPLOYEES N PROPRIETORS AND RENTAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT NET INTEREST I 1954 I PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED J I 1956 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total national income Period Compensation of em 1 ployees a Includes employer contributions for social Insurance See also p 4 Not available NOTE Detail will not necessarily add to totals because of rounding Business and professional Farm Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Proprietors 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 ai LI Preliminary estimates by Council ol Economic Advisers Source Department of Commerce except as noted SOURCES OF PERSONAL INCOME Personal income rose about billion seasonally adjusted annual rate in February BILLIONS OF DOLLARS 3501 BILLIONS OF DOLLARS i SEASONALLY ADJUSTED ANNUAL RATES 35Q TOTAL PERSONAL INCOME LABOR INCOM Ex 200 ZOO 150 ISO FARM PROPRIETORS INCOME 50 TRANSFER PAYMENTS 50 BUSINESS PROFESSIONAL AND RENTAL INCOME DIVIDENDS AND PERSONAL INTEREST 1 M I i II LI SOURCE DEPARTMENT OF COMMERCE Total personal income Period February March April May June July August September October November December January February i COUNCIL OF ECONOMIC ADVISERS millions of dollars Labor income Proprietors1 income Less Per wage and Rental sonal con Nonagrisalary disincome Divi Personal Transfer tributions cultural Business interest paybursements of dends income ments for social personal Farm and proand other 1 insurIncome9 fessional persons labor income ance Seasonally adjusted annual rates It Compensation of employees see p 3 excluding employer contributions for social insurance Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividend paid by agricultural corporations NOT Detail will not necessarily add to totals because of rounding Includes 2 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 Although personal income rose by about 2 billion seasonally adjusted annual rate in the first quarter disposable income increased only 1 billion according to preliminary estimates The difference was due mainly to year end personal tax payments on 1955 income Consumption expenditures increased more than 2 billion and the personal saving rate declined BILLIONS OF DOLLARS BILLIONS OF DOLLARS I I PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Equals Less Personal Personal Disposable income taxes1 personal income Period Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Billions i Includes such items as fines penalties and donations NOTE Detail will not necessarily add to total because of rounding 2 COUNCIL OF ECONOMIC ADVISERS Less Personal consumption expenditures Total Saving Equals as percent of disPersonal posable NonDurable durable Services saving income goods goods Billions of dollars of dollars seasonally adjusted annual rates f Preliminary estimates by Council of Economic Advisers Source Department of Commerce except as noted a i PER CAPITA DISPOSABLE INCOME Per capita disposable income seasonally adjusted was practically unchanged between the fourth quarter of 1955 and the first quarter of 1956 accordins to preliminary estimates DOLLARS 2 000 r DOLLARS I 2 000 SEASONALLY ADJUSTED ANNUAL RATES CURRENT PRICES ifpod I OOO Current prices price COUNCIL OF ECONOMIC ADVISERS Total disposable personal Per capica disposable personal income dollars 1 income billions of dollars 1 Period SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS Current prices prices8 Population thousands Seasonally adjusted annual rates 954 TMrd quarter Fourth quarter 955 First quarter Second quarter Third quarter Fourth quarter First quarter i Income less taxes Dollar 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 Preliminary estimates Sources Department of Commerce Department of Labor and Council of Economic Advisers FARM INCOME Gross and ncf farm income seasonally adjusted declined between the fourth quarter of 1955 and the first quarter of 1956 according to preliminary estimates BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES NET FARM INCOME INCL ADJUSTMENT FOR INVENTORY CHANGE X INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Realized gross farm income J Period Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter First quarter COUNCIL OF ECONOMIC ADVISERS Farm operators income Net income per farm inNet income a cluding adjustment for Including Excluding Farm proinventory change adjustment adjustment duction 1955 for invenfor invenCurrent expenses prices 8 prices tory change 8 tory change4 Dollars Billions of dollars Seasonally adjusted annual rates Number of farms millions i 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 Excludes a farm wages paid to workers living on farms and 6 any income to farm people from nonfarm sources These items in 1954 were as follows a 2 0 billion dollars and 6 6 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 Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living on a 1955 base 8 For the quarterly data the number of farms is held constant within a given year Preliminary estimates Estimates by Council of Economic Advisers Source Department of Agriculture except as noted CORPORATE PROFITS According to preliminary estimates corporate profits rose slightly in tke fourth quarter of 1955 BILLIONS OF DOLLARS BILLIONS OF DOLLARS I NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS fBillionsof dollars Corporate profits before taxes Period Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter M5 0 Corporate tax liability Total Dividend payments Seasonally adjusted annual rates Preliminary estimates by Council of Economic Advisers NOTE See p 3 for profits before taxes and after inventory valuation adjustment Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted 8 Corporate profits after taxes Undistributed profit GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment declined 0 8 billion seasonally adjusted annual rate in the first quarter of this year according to preliminary estimates A rise of about 1 billion in business fixed investment was more than offset by reductions in residential construction and the rate of inventory accumulation BILLIONS OF DOLLARS 70 BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANNUAL RATES NEW CONSTRUCTION PRODUCERS DURABLE EQUIPMENT V CHANGE IN BUSINESS INVENTORIES V V PRELIMINARY ESTIMATES BY COUNCIL OP ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED 1956 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Total gross private domestic investment Change in business inventories Fixed investment New construction Total Residential nonfarm Total Commercial and industrial l All other 2 Producers durable equipment Total Nonfarm Seasonally adjusted annual rates 1954 Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter 1956 First quarter i Includes public utility Includes petroleum and natural gas well drilling NOTE Detail will not necessarily add to totals because of rounding Preliminary estimates by Council of Economic Advisers Source Department of Commerce except as noted EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to a survey made between late January and early March business expenditures on plant and equipment are expected to continue to rise and reach 35 3 billion seasonally adjusted annual rate in the second quarter Outlays for the full year 1956 are expected to total almost 35 billion 22 percent above 1955 BILLIONS OF DOLLARS BILLIONS OF DOLLARS n 40 SEASONALLY ADJUSTED ANNUAL RATES COMMERCIAL AND OTHER PUBLIC UTILITIES TRANSPORTATION I J SEE NOTE 3 ON TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE Billions of dollars Manufacturing Total1 Period Total Third quarter Fourth quarter First quarter 3 3 Second quarter Transportation Mining Durable NonduraRailroads Other goods ble goods Seasonally adjusted annual rates Public utilities Commercial and other 3 66 a a 12 a 3i Kxeludes agriculture Commercial and other includes trade service finance communications and construction i Estimates bused on anticipated capital expenditures as reported by business from late January to early March 1956 Norn These figures do not agree with the totals included In the gross national product estimates of the Department of Commerce principally because the ver agricultural investment and also certain equipment and construction outlays charged to current expense v l will not necessarily acid to totals because of rounding H curifles and Exchange Commission and Department of Commerce 10 EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In line with seasonal expectations total employment inclusive of agriculture rose by about million between February and March Unemployment which usually declines at this time of year did not change appreciably MILLIONS OF PERSONS MILLIONS OF PERSONS 75 75 UNEMPLOYMENT J Z I I I I I I I i I I I I I I I I I I I I II YEARS OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total Unemployment a Insured unemployment 4 Employment J 2 labor Civilian Tempoforce in labor of Thousands of covered rary Period cluding Total Agricul Nonagri layoffs 3 Number civilian of persons employment force tural labor armed cultural all pro State proforces grams grams force Thousands of persons 14 years of age and over March April May June July August September October November December January February March i Includes part time workers and those with jobs but not at work for such reasons as vacations illness bad weather temporary layoff and industrial disputes eieludes armed forces See footnote 3 Temporary layoffs are shown separately so as to afford a basis for further analysis of employment and unemployment Weekly average 8 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 EMPLOYMENT Employment in nonagricultural establishments increased somewhat less than seasonally between February and March As is usual at this time of year employment in manufacturing did not change appreciably MtU ICINS OF WAGE AND JALARY WORKERS 10 5 DURABLE 10 0 MANUFACTURING NONDURABLE MANUFACTURING MILL IONS OF WAGE AND SALARY WORKERS x S j A F M 1 M J 1 1 J I A I D S O N Z jr J 1 F 1 M I 1 A 1 i M J J 1 A 1 S 1 O 1 D N CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE I95674 V i a t S ISH X er I I f J 1 1 F 1 M 1 1 A M 1 J J I I A 1 S 1 O 1 N D J 1 1 F 1 M S S MJ Q54 1 A 1 M 1 J 1 U SOURCE DEPARTMENT OF LABOR Period L February March April May June July August SeptemberOctober November December 956 January 2 February March2 Total adjusted for seasonal variation I A I S 1 O 1 N D COUNCIL OF ICONOMIC ADVISERS of waee and Manufacturing Total I Total worker Uuverument Contract Wholesale Federal Durable Nondu Mining construc and retail State trade tion goods rable goods local Not adjusted for seasonal variation Other i Includes aU full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period iding nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this ble not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce p 11 which include proletors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are sedion an enumeration of population whereas the estimates in this table are based on reports from employing establishments i Preliminary estimates O NOTS Beginning with 1953 data are based on first quarter 1954 benchmark levels Source Department of Labor AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek of factory production workers declined from 40 5 hours in February to 40 3 hours in March It usually increases somewhat at this time of year The decline occurred in both the durable and nondurable goods industry groups HOURS PER WEEK HOURS PER WEEK DURABLE MANUFACTURING 1953 NONDURABLE MANUFACTURING 1955 BUILDING CONSTRUCTION 3 0 Lii i i i I I i i i i i i t i I I i i ii RETAIL TRADE I I I 11I I I I I 1955 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing I Period February March April May June July August September October No vember December 1956 January 2 February March 2 Total Durable goods 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 Building Nondurable construction Retail trade goods A i a Not available 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were 1 95 in March 2 cents higher than in February and 10 cents higher than a year earlier DOLL ARS PER HOUR DOLLARS PER HOUR 2 20 I DURABLE MANUFACTURING BUILDING CONSTRUCTION 1955 PRICES 1955 PRICES RETAIL TRADE NONDURABLE MANUFACTURING r CURRENT PFNOES P T r 1955 PRICES 7 r O Ll EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1955 BASE SOURCE DEPARTMENT OF LABOR 1956 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Durable goods Nondurable goods Building manufacturing manufacturing construction Current 1955 Current 1955 Current prices prices prices1 prices prices prices prices All manufacturing Period February March April May June July August September October November December 1956 January 3 February March 3 14 Current prices Earnings in current prices divided by consumer price index on a 1955 base 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 SELECTED INDUSTRIES Average weekly earnings of factory production workers rose from 78 17 in February to 78 59 in March reflecting the increase in average hourly earnings DOLLARS PER WEEK DOLLARS PER WEEK DURABLE MANUFACTURING BUILDING CONSTRUCTION CURRENT PRICES NONDURABLE MANUFACTURING RETAIL TRADE EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1955 BASE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR For production workers or nonsupervisory employees Building Durable goods Nondurable goods Retail trade construction manufacturing manufacturing 1955 l Current Current Current Current prices l prices1 prices prices l prices prices prices1 prices prices All manufacturing Period Current prices February 74 74 March 75 11 April May 76 30 June 76 11 July 76 36 August September 77 71 October November December January 3 78 55 February March 78 59 1 Earnings In 1 current prices divided by consumer price index on a 1955 base Data beginning with January 1948 are not strictly comparable with1 those for earlier perkxli NOTE 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 The index of industrial production seasonally adjusted is estimated at in March 1 point below the January February level INDEX INDEX I I I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production Period l February March April May June July August September October November December 1956 January 11 February March1 Preliminary estimates 16 Manufactures Minerals Total Durable Nondurable ICO Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES In March production of most durable manufacturing industries declined slightly factures was about the same as in January Production of nondurable manu INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED TRANSPORTATION EQUIPMENT CHEMICAL AND PETfiOLEUM PRODUCTS PAPER AND PRINTING FOODS BEVERAGES AND TOBACCO 80 TEXTILES AND APPAREL i 11 i 1 1 1 i 1 1 1 1 iii COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Period Primary metals l February March April May June Julv August September October November December January J February 1 March Nondurable Durable manufactures FabriTranspor Lumber Textiles Paper Machin tation cated and and and ery metal prod apparel printequipproducts ing ucts ment manufactures ConChemical Foods sumer and petro bever durable leum ages and goods products tobacco H i Preliminary estimates Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Steel production increased during March to a new record Freight carioadings also increased Production of electric power and paperboard declined slightly but remained at near peak levels Car and truck assemblies dropped slightly MILLIONS OF TONS MILLIONS OF SHORT TONS DAILY AVERAGE 3 3 BITUMINOUS COAL J F M A M J J A S 0 N D THOUSANDS 250 ELECTRIC POWER 12 CARS AND TRUCKS 1955 t ft ft V V V TH to v y S A S SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average March April May June July August September October November December 1956 January Februarv March 3 Week ended 1956 March April O N D COUNOl CM iCC WAIC ADVISERS Bituminous Freight Paperboard Mectric Cars and trucks Steel produced coal mined power produced loaded Thousands Percent of distributed thousands thousands thousands assembled thousands theoretical millions of of short of net Total Cars Trucks of tons of cars capacity l kflowatWiours tons a tons ll ai ioao Percent of capacity based on weekly net ton capacity of for the first half of beginning July beginning January beginning January beginning January beginning January beginning January 1 1955 and beginning January Daily average for week Preliminary estimates Not charted Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paperboard Association and Ward s Automotive Reports 18 NEW CONSTRUCTION Total construction activity seasonally adjusted continued in March at about the level of January and February The rate of contract awards which had increased sharply since last fall declined slightly but was nearly 12 percent higher than in March of last year BILLIONS OF DOLLARS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES n 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 M I I I I I I I I I M I I I I I I I I I I I I I I I I II I I I I I I I I I I I I I I I I M I I M I I I PRIVATE RESIDENTIAL NONFARM f is OTHER PRIVATE INN I II INN Mill M i l l i 1 1 I1 1 1 11 I1 1 II I 1 1 1 I SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total new construction Period Private Total Residential nonfarm private a Other Federal State and local Seasonally adjusted annual rates 1955 February March April May June July August September October November December 1956 January February March i 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 L Sources Department of Commerce Department of Labor and F W Dodge Corporation except as noted Construction contracts awarded in 37 Eastern States Annual rates UnSeasonally adjusted adjusted S S O 22 S a preliminary estimates HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts in March increased less than seasonally and were at an annual rate of Financing applications rose substantially for FHA loans but were almost the same as in February for VA loans MILLIONS OF UNITS MILLIONS OF UNITS I960 J SEE FOOTNOTE I ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION V A COUNCIL OF ECONOMIC ADVISERS Thousands of units Proposed home construction New nonfarm housing starts Period Annual total Monthly average I February March April May June July August September October November December January February M rch Total Publicly financed Total Private Privately financed seasonally Applications Government programs adjusted for FHA commitments l annual VA Total FHA rates J Units represented by mortgage applications for new nouie construction OQ 8 JMot available Partly estimated Sources Department of Labor Federal Housing Administration FHA and Veterans Administration VA Requests for VA appraisals I2 a Preliminary estimates SALES AND INVENTORIES MANUFACTURING AND TRADE Manufacturers1 and wholesalers1 sales seasonally adjusted changed little in February while retail sales declined about 2 percent Total business inventories continued to rise with manufacturers accounting for most of the increase According to preliminary estimates retail sales increased about 2 percent in March BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED RETAIL ENLARGED SCALE TOTAL AND MANUFACTURING INVENTORIES 20 SALES 1 INDEX SEASONALLY ADJUSTED DEPARTMENT STORES INVENTORIES X Nj MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period January February March April May June July August September October November December 1956 January 5 February March 5 1956 COUNCIL OF ECONOMIC ADVISERS Manufacturing Manufacturing Department stores Retail Wholesale and trade InvenInven New InvenInvenInvenSales i tories J Sales1 tories orders Sales i tories Sales tories Sales1 tories3 Index Billions of dollars seasonally adjusted seasonally adjusted a i i Monthly average for year and total for month fBevised series on retail trade beginning with 1951 not comparable with previous s Book value end of period data Book value end of period except annual data which are monthly averages Preliminary estimates Sources Department of Commerce and Board of Governors of the Federal Reserve System 21 MERCHANDISE EXPORTS AND IMPORTS For fhc first 2 months of 1956 commercial exports were 10 percent higher and imports 25 percent higher than for the corresponding period of 1955 MILLIONS OF COLLARS 1 800 MILLIONS OF DOLLARS MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS II 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 monthly average monthly average 1950 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 1955 monthly average 1955 January February March April May June July August September October November December 1956 January February 3 Total Grant aid shipments 3 2a Excess of exports over imports Excluding grant aid shipments Merchandise imports Total Excluding grant aid shipments i Beginning with 1950 figures include only Department ol Defense shipments of grant aid military supplies and equipment under the Mutual Security Program Shipments for the first 6 months of the program July December 1050 amounted to 282 million dollars 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 remained unchanged in February increases in other major groups Lower prices for food were offset by moderate INDEX INDEX HO I960 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period January February March April May j June July August September October November December 1956 January February Food Housing Total i Rent Includes in addition to rent homeowner costs utilities housi furnishings etc Apparel ioa Transportation Reading Other goods Medical Personal and and recreacare care tion services Source Department of Labor 23 WHOLESALE PRICES Wholesale prices continued to advance in March as average prices for farm products processed foods and Industrial commodities increased JNDEX I947 49 IOO 130 INDEX I947 49 IOO SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS UUJ All commodities Period February March April May June July August September October November December 1956 January February March Week ended l 1956 April Weekly series based on smaller sample than monthly series Farm products Processed foods Other than farm products and foods industrial in s Source Department of Labor PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers rose in the month ended March 15 the parity ratio increased 1 point Since prices paid by farmers rose less INDEX IOO INDEX I3E PARITY INDEX PRICES PAID INTEREST TAXES AND WAGE RATES O II I I I I I M II I I I I I I I I II I I I I I I I I l l I II I I I I I M I I I II I I I I I I I I I I I I I I I I I II I JJRATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Period February 15 March 15 April 15 May 15 June 15 July 15 August September October 15 November 15 December January 15February 15 March Prices paid by farmers Parity index for items used in prices paid Prices reinterest ceived by Family Productaxes and farmers living tion wage rates Index Parity ratio J J 82 i 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 During February demand deposits declined more than seasonally At the end of the month total deposits excluding Government and currency were 2 2 percent higher than a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL DEPOSITS AND CURRENCY X 200 i TOTAL EXCLUDING U S GOVERNMENT DEPOSITS C PRIVATELY HELD MONEY SUPPLY DEMAND DEPOSITS ADJUSTED TIME DEPOSITS U S GOVERNMENT DEPOSITS COUNCIl OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars End of period January February March April May June8 i July 5 August September6 8 October November 8 8 December January 6 Febru arv 26 Total deposits and currency U S Government deposits Total excluding U S Government deposits privately held money supply Demand Currency Time deposits outside Total deposits adjusted banks fi sae a Includes TJ 8 Government deposits at Federal Beserve banks and commercial and savings banks and TJ 8 Treasurer s time deposits open account a Includes deposits and currency held by State and local governments Includes demand deposits other than interbank and U S Government less cash items in process of collection Includes deposits in commercial banks mutual savings banks and Postal Savings System but excludes interbank deposits Preliminary estimates Source Board of Governors of the Federal Reserve System NOXE Detail will not necessarily add to totals because Grounding BANK LOANS INVESTMENTS AND RESERVES In February loans of commercial banks increased by 0 6 billion and their holdings of U S Government securities declined 1 7 billion In March business loans increased much more than usual for this time of the year The average reserve deficiency of member banks borrowings at the Federal Reserve less excess reserves increased between February and March BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars AD commercial ban ks End of period 1949 Total loans and investments J FebruaryMarch April May June July 4 4 August September October4 4 November December January 4 February March isas Loans a Total Investments U S Gov Other ernment securities securities Weekly reporting member banks Business loans a All member banks 8 BorrowReserve balances ings at Federal Required Excess Reserve Banks ias LO Member banks include besides all national banks those State banks that have taken membership in the Federal Keserve 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 Source Board of Governors of the Federal Keserve System NOTE Detail win not necessarily add to totals because of rounding 27 CONSUMER CREDIT In February total consumer credit outstanding declined about 325 million reflecting the usual seasonal decline in noninstalment credit Total instalment credit outstanding remained virtually unchanged as increases in automobile credit and in personal loans were largely offset by a decline in loans for the purchase of other consumer durable goods BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL CREDIT OUTSTANDING SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Millions of dollars Total consumer End of period credit outstanding January February March 29 948 April 30 655 May June July 32 896 August 33 636 September October November December January 35 599 February N oninstaimen t credit outstanding Instalment credit outstanding Total Automobile paper Other Repair and consumer moderni Personal zation goods loans paper loans Total Charge accounts Instal Instalment ment credit ex credit tended repaid i Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased pQ Includes only such loans held by financial institutions those held by retail outlets are included in other consumer goods paper wu i Credit extended or repaid during the period Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES Yields on long term Government and corporate bonds rose during March and by early April they equaled or slightly exceeded the 1955 peaks During March yields on Treasury bills changed very little and the commercial paper rate was unchanged PERCENT PER ANNUM 4 PERCENT PER ANNUM REVISED SERIES BONDS DUE OR CALLABLE IOTO 20 YEARS SEE TABLE BELOW SOURCES SEE TABLE BELOW Period May June July August September October November December January February March Week ended 1956 March April 7 14 Percent per annum High grade U S Government security yields municipal 3 month bonds 2 Treasury Taxable bonds Standard 3 1 bffls Poor s 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 Mareb 1953 bonds due or callable after 12 years Weekly data are Wednesday figures COUNCIL OF ECONOMIC ADVISERS Corporate bonds Moody s Aaa a Baa Prime commercial paper 4 6 months 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 Besenre System except as noted 8 STOCK PRICES The index of stock prices reached new highs in early April INDEX INDEX I I I I I I I I I I I SOURCE SECURITIES AND EXCHANGE COMMISSION Composite index l Period Weekly average April May June July August September October November December 1956 Januarv February March Week ended 1956 March April COUNCIL OF ECONOMIC ADVISERS M anuf act uring TransDurable Nondura portation Total goods ble 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 QQ Source Securities and Exchange Commissioa FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The cumulative budget deficit for the first 8 months of the current fiscal year was 7 2 billion due primarily to seasonally low tax collections For the same period last year the budget deficit amounted to 9 0 billion BILLIONS OF DOLLARS BILLIONS QF DOLLARS NET BUDGET EXPENDITURES MAJOR NATIONAL SECURITY EXPENDITURES BUDGET SURPLUS OR DEFICIT MAGNIFIED SCALE ESTIMATEO FISCAL YEARS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET fBilHonspf dollars Net budget expenditures Net budget Major Period receipts nationall Total security Fiscal vear Fiscal year Fiscal vear Fiscal year Fiscal year Fiscal vear Fiscal year Fiscal year Fiscal vear Fiscal year Fiscal year 1956 estimated February March April May June July August September October November December January February Cumulative totals for first 8 months Fiscal year Fiscal vear 1956 COUNCIL OF ECONOMIC ADVISERS Budget surplus or deficit Public debt end of period f i Revised to include the items classified as major national security in The Budget of the United States Government for the Fiscal Year Finding June SO 1957 These expenditure items are Military functions of Defense Department mutual military program development and control of atomic energy stockpiling of strategic and critical materials and defense production expansion Includes guaranteed securities except those held by the Treasury ot all of total shown is subject to statutory debt limitation Preliminary NOT E Beginning with February 1954 the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis o i Detail will not necessarily add to totals because of rounding Sources Treasury Department and Bureau of the Budget 01 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 80 BILLIONS OF DOLLARS 80 CASH RECEIPTS CASH PAYMENTS ENLARGED SCALE EXCESS OF CASH RECEIPTS EXCESS OF CASH PAYMENTS I960 I95I I CALENDAR YEARS J PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT COUNCIL OF ECONOMIC ADVISERS Millions of dollars Cash receipts from the public Calendar year Calendar year total l Quarterly totals not adjusted 1954 l First quarter Second quarter Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter Excess of receipts 4 or payments Cash payments to the public for seasonal variation i Preliminary estimates NOTI Detail win not necessarily add to totals because or rounding Sources Bureau of the Budget and Treasury Department 32 For sale by the Superintendent of Document U S GOTernment Printing Office Washington 25 D C Price 20 centi per copy 2 00 per year 2 50 foreign

Stock Prices

DATE: April 1956

PART OF:

Economic Indicators : April 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-. "Stock 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-. "April 1956," Economic Indicators (April 1956) : 34-34. https://fraser.stlouisfed.org/title/1/item/321/toc/208014 , accessed on December 15, 2019.

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Economic Data