Status of the Labor Force

Name: Status of the Labor Force
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

PREVIOUS | NEXT

In order to view this PDF, you must have Javascript enabled in your browser.
The following is plain-text output generated by Optical Character Recognition. 84tk Congress 2tt Session Economic Indicators JUNE 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 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 C O MAHONEY Wyoming RALPH E FLANDERS Vermont ARTHUR V WATKINS Utah BARRY GOLDWATER Arizona RICHARD BOLLING Missouri WILBUR D MILLS Arkansas AUGUSTINE B KELLEY Pennsylvania JESSE P WOLCOTT Michigan HENRY O TALLE Iowa THOMAS B CURTIS Missouri GROVER W ENSLEY Executive Director JOHN W LEHMAN Clerk COUNCIL OF ECONOMIC ADVISERS ARTHUR F BURNS Chairman RAYMOND J SAULNIER JOSEPH S DAVIS PUBLIC LAW 120 81sx CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Committee on the Economic Report be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Committee on the Economic Report and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce 11 Contents TOTAL OUTPUT INCOME AND SPENDING 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 Page EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Nonagricultural Employment Average Weekly Hours Selected Industries Average Hourly Earnings Selected I n d u s t r i e s 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 j Sales and Inventories Manufacturing and Trade Merchandise Exports and Imports PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers CURRENCY CREDIT AND SECURITY MARKETS Currency and Deposits Bank Loans Investments and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Current estimates of total income and expenditures show some 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 L 0 I i I I I I I I I I I J I BUSINESS GROSS RETAINED EARNINGS 57 GOVERNMENT FEDERAL STATE AND LOCAL 100 EXPENDITURES FOR GOODS AND SERVICES 100 EXCESS OF EXPENDITURES LESS TRANSFER PAYMENTS 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 1295 JOINT ECONOMIC REPORT PP 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 current estimates gross national product rose 1 3 billion seasonally adjusted annual rate between the fourth quarter of 1955 and the first quarter of 1956 Consumption expenditures increased 1 6 billion and government purchases rose 0 2 billion while gross private domestic investment declined 0 8 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS GOVERNMENT PURCHASES OF GOODS AND SERVICES 100 I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE I Billions of dollars Personal Gross Total conNet private gross sump domestic foreign national tion investproduct expend investment ment itures Period Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Government purchases of goods and services Federal State and Total Total i National Other 3 local j security Seasonally adjusted annual rates t i a ia a 1 Less Government sales includes expenditures for military services international security and foreign relations except foreign loans development and control of atomic energy promotion of the merchant marine promotion of defense production and economic stabilization and civil defense For further details see Economic Report of the President January 1955 p 137 and National Income 1951 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 Indicators NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce NATIONAL INCOME According to preliminary estimates national income rose about 1 billion seasonally adjusted annual rate between the fourth quarter of 1955 and the first quarter of 1956 Increases in compensation of employees and in other incomes were offset in part by decreases in farm and corporate income BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS 400 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME 300 OF EMPLOYEES EOO PROPRIETORS AND RENTAL INCOME I960 PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total national income Period Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Compensation of em l ployees Farm Proprietors income i Includes employer contributions for social insurance See also p 4 NOTE Detail will not necessarily add to totals because of rounding Business and professional Rental income of persons Net interest Seasonally adjusted annual rates Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment Preliminary estimates by Council of Economic Advisers Source Department of Commerce except as noted SOURCES OF PERSONAL INCOME Personal income rose almost 2 billion seasonally adjusted annual rate between March and April increased 1 2 billion and farm income increased 0 4 billion according to preliminary estimates BIILI ONS OF DOLLARS 350 Labor income BILLIONS OF DOL LARS 350 SEASONALLY ADJUSTED ANNUAL RATES n TOTAL PERSONAL IN COME nr LABOR INCOME OO ics A FARM PROPRIETORS INCOME TRANSFER PAYMENTS USINESS PROFESSIONAL AND RENTAL INC OME DIVIDENDS AND F ERSONAL INTEREST CM Qs HO c rfH rtr I I I II j j I960 M i l l M i l l I95I M I 1 I 1 M 1952 II 1 M M 1 M 1 M VM M 1 1 M M I 1953 SOURCE DEPARTMENT OF COMMERCE Period Total personal income April May June JulyAugust September October November December January February March April II 1 H M J M MM COUNCIL OF ECONOMIC ADVISER i Billion of dollars Labor income Proprietors income Less Per wage and Rental sonal con N onagrisalary disincome Divi Personal Transfer tributions cultural Business payinterest bursements dends income ments of for social personal Farm and proand other 1 income3 insurfessional persons labor income ance ao Seasonally adjusted annual rates i i Compensation of employees see p 3 excluding employer contributions for social insurance s Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations NOTE Detail will not necessarily add to totals became of rounding Includes 2 7 billion National Service Life Insurance dividend most of which was paid in the first half of the year Preliminary estimates Source Department of Commerce DISPOSITION OF PERSONAL INCOME Although personal income rose by about 2 billion seasonally adjusted annual rate between the fourth quarter ot 1 55 and the first quarter of 1956 disposable income increased only 1 billion according to current estimates The lcrg 2 difference was due mainly to year end personal tax payments on 1955 income Consumption expenditures increased about 1 billion The personal saving rate declined slightly from the fourth quarter of 1955 but was still above the first 3 quarters of 1955 BILLIONS OF DOLLARS 300 BILLIONS OF DOLLARS I 00 I956 I950 SOURCE DEPARTMENT OF COMMERCE Equals Less Personal Personal Disposable income taxes l personal income Period Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter First quarter COUNCIL OF ECONOMIC ADVISERS Billions i Includes such items as fines penalties and donations NOTE Detail will not necessarily add to total because of rounding 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 Source Department of Commerce 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 according to current estimates DOLLARS 2 000 r DOLLARS 2 000 SEASONALLY ADJUSTED ANNUAL RATES r H 1955 PRICES N CURRENT PRIC ES i i I i E BELOW COUNCIL OF ECONOMIC ADVISERS OMMERCE DEPART MENT OF LABOR AND Period i prices i COUNCIL OF ECONOMIC ADVISERS Total disposable peisoLal Per capita disposable perincome billions of dollars 1 sonal income dollars 1 Current prices i ftDft Current prices prices a Population thousands Seasonally adjusted annual rates 1954 Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First Quarter 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 Sources Department of Commerce Department of Labor and Council of Economic Advisers FARM INCOME Gross and net farm income seasonally adjusted declined between the fourth quarter of 1955 and the first quarter of 1956 according to current estimates BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME 17 NET FARM INCOME INCL ADJUSTMENT FOR INVENTORY CHANGE L I I INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Period Realized gross farm income Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter 1956 First quarter COUNCIL OF ECONOMIC ADVISERS Farm operators income Net income per farm inNet income 2 cluding adjustment for Including Excluding Farm proinventory change duction adjustment adjustment 1955 Current for invenfor invenexpenses prices 5 prices tory change s tory change 4 Dollars Billions of dollars Seasonally adjusted annual rates Number of farms millions 6 f 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 a Excludes a farm wages paid to workers living on farms and 6 any income to farm people froma 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 Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living on a 1955 base For the quarterly data the number of farms is held constant within a given year f Estimates by Council of Economic Advisers Source Department of Agriculture except as noted 7 CORPORATE PROFITS According to preliminary estimates corporate profits seasonally adjusted decreased somewhat from the fourth quarter of 1955 to the first quarter of 1956 but were well above the corresponding quarter in 1955 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1956 ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Corporate profits before taxes Period Corporate tax liability Corporate profits after taxes Total Dividend payments Undistributed profits Seasonally adjusted annual rates 1954 Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter J irst quarter 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 Ul 0 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 current estimates A rise of 1 5 billion in business fixed investment was more than offset by reductions in residential construction and in inventory accumulation BILLIONS OF DOLLARS 70 BILLIONS OF DOLLARS CHANGE IN BUSINESS INVENTORIES I 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 l All other Producers durable equipment Total Nonfarm tt 4 1 0 Seasonally adjusted annual rates 1954 Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Includes public utility 2 Includes petroleum and natural gas well drilling NoTE Detail will not necessarily add to totals because of rounding Source Department of Commerce I U 9 FOR NEW PLANT AND EQUIPMENT The April May survey of business expenditure on plant and equipment indicates a steady increase in outlays through the third quarter of 1956 Most of the dollar rise in investment over last year reflects an increase in the physical volume of productive facilities BILLIONS OF DOLLARS 40 BILLIONS OF DOLLARS 40 10 I960 95i 1956 J SEE NOTE 3 ON T A B L t BF lOW COUNCIL OF ECONOMIC ADVISERS SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE Billions of dollars Manufacturing Period Total1 Total S Third quarter Fourth quarter First quarter 3 Second quarter Third quarter Transportation Mining Durable NonduraRailroads Other goods ble goods Seasonally adjusted annual rates Public utilities Commercial and other a a a 89 1 Excludes agriculture Commercial and other includes trade service finance communications and construction Estimates based on anticipated capital expenditures as reported by business from late April and May 1956 NOTE These figures do not agree with the totals included In the gross national product estimates of the Department of Commerce principally because the atter 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 STATUS OF THE LABOR FORCE Total employment inclusive of agriculture rose by about 11 4 million between April and May while unemployment remained at about the same level The rise in employment was somewhat larger than usual for this time of year Unemployment usually declines between April and May MILLIONS OF PERSONS 75 MILLIONS OF PERSONS 75 I960 I956 I4 YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Total Unempioy merit 2 Insured unemployment 4 Employment s labor Tempoforce in Civilian of Thousands of covered Period labor rary cluding Agricul Nonagri layoffs Number civilian of persons employment force Total armed tural labor cultural all pro State proforces grams grams force Thousands of persons 14 years of age and over May June July August September October November December January February March April May Includes part time workers and those with jobs but not at work for such reasons as vacations illness bad weather temporary layofl and industrial disputes excludes armed forces See footnote 3 Temporary layoffs are shown separately BO as to afford a basis for further analysis of employment and unemployment Weekly average Data for revised series based on 68area sample beginning 1954 on 230 area sample beginning May 1956 on 330 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 nomigticultural establishments increased seasonally between April and May Employment in durable goods manufacturing declined more than seasonally in nondurable goods the decline was about as much as usual at this time of year MIUJONS OF WAGE AND SALARY WORK ftS MILLIONS OF WAGE AND SALARY WORKERS DURABLE MANUFACTURING NONDURABLE MANUFACTURING 1955 J L CONTRACT CONSTRUCTION F M A WHOLESALE AND RETAIL TRADE M COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period Total adjusted for seasonal variation April May J June July J August September October NovemberDecember 1956 January February March April 2 J May Total Thousands of wage and salary workers GovernManufacturing ment Contract Wholesale Durable Nondu Mining construc and retail Federal Total State tion trade goods rable goods local Not adjusted for seasonal variation Other Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay tor any part of the pay period ending nearest the l th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce p 11 which include propnetors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are based on an enumeration of population whereas the estimates in this table are based on report fron employing establishment 1 Preliminary estimates 1 O TSroTE Beginning with 1954 data are based oa first quarter 1955 benchmark levels J Souree Department of Labor AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek of factory production workers declined from 40 3 hours in April to 40 0 hours in May The decline was greatest among durable goods industry groups and was larger than is usual at this time of year HOURS PER WEEK HOURS PER WEEK DURABLE MANUFACTURING NONDURABLE MANUFACTURING ULI I I I I I I I L L LLL jJLJLl LJLLL BUILDING CONSTRUCTION RETAIL TRADE SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing 5 Period April May June July August September October November December January February March April22 May Total Durable goods i Data beginning with January 1948 are not strictly comparable with those for earlier periods Preliminary estimates NOTE Beginning with 1954 data are based on first quarter 1955 benchmark levels of employment Source Department of Labor Building Nondurable construction Retail trade goods i o f z Q Q Q ft 38 fi 38 8 3Q Q 3Q 38 38 fi 1 8 fi i B v 38 fi Not available 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production worU ts in manufacturing were 1 96 in May the same as in April and 9 cents higher than a year earlier DOLLA RS PER HOUR 280 DOLL 4 HS f tH HOUf 220 OURA8U Ml NUfAClUNING BUILDING CONSTRUCTION 2 70 2 tO J J 2 00 r 1955 PRICES T fX CURMtNl PHtri r J CURRENT PRICES 2 60 r u 1955 PRICES O f 1 I 1 i I i i i I 1 i 1 I i 1953 i t t t i i i 1i I r NONDURABLE MANUFACTURING R 0ES i t i i i 1 i i i i t RETAIL TRADE t s J CURRENT P o mil i 1 1 i 1956 s i I 1 I I CURRENT PRICES f y T 1955 PRICES 1 40 I 60 ZZ f X PRICES I I 1 1 1 1 I 1 1 i i 1 i i i ii I I h Ii i t I 11 1 1 t i i i t i i 1 i i i i t 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 Current prices 1955 prices 1 Durable goods Nondurable goods Building manufacturing manufacturing construction Current 1955 1 Current 1955 Current 1955 prices prices prices prices J prices prices x April i L j Mav 1 87 June July 1 88 August September October 1 93 November 1 93 December 1956 January February March April3 1 96 May All manufacturing Period 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 1954 data are based on first quarter 1955 benchmark levels of employment Source Department of Labor Preliminary 4 Retail trade Current prices estimates Not available 1955 prices l AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings of production workers in manufacturing declined from 78 99 in April to 78 40 in May reflecting the decline in the length of the workweek DOLLARS PER WEEK DOLLARS PER WEEK DURABLE MANUFACTURING NONDURABLE MANUFACTURING 65 EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1955 BASE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period April Mav LTJLC J June July August September October November December January February March April May 1 2 For production workers or nonsupervisory employees Durable goods Building All manufacturing manufacturing Nondurable goods Retail trade manufacturing construction Current 1955 1 Current Current Current 1955 Current 1955 prices prices prices prices prices prices prices prices prices 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 1954 data are based on first quarter 1955 benchmark levels of employment Source Department of Labor s Preliminary estimates Not available PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted is estimated at in May 1 point belov the revised April index TN0DC INDEX I I I COUNCiL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted J J eriod Total industrial production Manufactures Minerals Total Durable Nondurable April May June July August September October November December 1956 January February March April May Preliminary estimates 16 Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES In May production seasonally adjusted of several durable manufactures decreased manufactures was about the same as in April Production of nondurable INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Period Primary metals l ADrH May June Julv August September October November December 1956 January February March1 l Aprill Mav Nondurable manufactures Durable manufactures ConTranspor Lumber Textiles Paper Chemical Foods Fabrisumer and and petro bever durable and Machin tation cated and leum ages and goods prod apparel printery equipmetal ing products tobacco ucts ment products i Preliminary estimates Source Board of Governors of the Federal Eeserye System 17 WEEKLY INDICATORS OF PRODUCTION Several weekly indicators of production declined during May MILLIONS OF SHORT TONS DAILY AVERAGE MILLIONS OF TONS 3 3 BITUMINOUS COAL STEEL v v V Jt i 1 1 1 i r 1 1 i i i 1 1 i i i i i i i 1 1 i i 1 1 t i 1 1 J F M A M J J A S J O N O BILLIONS OF KILOWATT HOURS F M A ELECTRIC POWER 12 M V A JA O N O CARS AND TRUCKS 955 x J THOUSANDS 4 o r n Vu V r i V i i i U L uJ t 1 i l i I i i i i I i i t J i M I i i I J F M A M J J A SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT Of THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS S COUNCIL OF ECONOMIC ADVISERS I5ituminuus Freight Paperboard l ieciric Bteei produced Cars and trucks coal mined power produced loaded Thousands Percent of distributed thousands thousands thousands assembled thousands of net theoretical millions of of short of cars Total Cars Trucks of tons capacity kilowatt hours tons a tons Period Weekly average May June July August September October November December 1956 January February March April 3 May Week ended 1956 May June S i Percent of capacity based on weekly net ton capacity of for the first half of beginning July l beginning January beginning January beginning January l beginning January beginning January 1 1955 and beginning January 1 1956 a Daily average for week Preliminary estimates Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paperboard Association and Ward s Automotive Reports 18 NEW CONSTRUCTION According to revised estimates the seasonally adjusted annual rate of total construction increased 800 million between March and April and 200 million between April and May Contract awards in May were 14 percent above May 1955 BILLIONS OF DOLLARS BILLIONS OF DOLLARS PRIVATE RESIDENTIAL NONFARM nvw n sc rr jj r l IZ ff OTHER PRIVATE I I II II I II II I960 M I MI i Ii Ii l l l I Ji i i I I i 1 1 J I 1 1 j 1 1 I i l I 1 J 1 1 I I I j 1 i i 11 1 I JJ SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total new construction Period I Private Total Residential private nonfarm as Other Federal State and local Construction contracts awarded in 37 Eastern States l Annual rates UnSeasonally adjusted adjusted S S S Seasonally adjusted annual rates April May 2 2 June July 2 2 August September October November2 December January February 2 March April May i Compiled by F W Dodg j Corporation seasonally adjusted by the National Bureau of Economic Research OmitB small contracts and covers rural areas less fully than urban Source Department of Commerce Department of Labor and F W Dodge Corporation except as noted Revised estimates Preliminary estimates 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts in May after seasonal adjustment continued at the level of March and April ing applications were slightly lower than in April MILLIONS OF UNITS I960 Financ MILLIONS OF UNITS J SEE FOOTNOTE I ON TABLE BELOWSOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION V A COUNCIL OF ECONOMIC ADVISERS Thousands of units New nonfarm housing starts Period Total Annual total Monthly average April May J u n e July August September October November December January February jV Inn h April MMV 4 OA ion o ins f Publicly financed f L 0 1 0 Total Proposed home construction Private Privately financed seasonally Applications Requests Government programs adjusted for FHA comfor VA l annual appraisals mitments VA FHA Total rates j miv iiomo construction Not available Partly estimated i AdmimHtmuon FFiA and Veterans AdmiBiitratioB VA Preliminary estimates SALES AND INVENTORIES MANUFACTURING AND TRADE Retail sales seasonally adjusted increased in May according to preliminary estimates Manufacturers and wholesalers sales rose slightly in April Manufacturers new orders rose 500 million in April the first rise since December Manufacturers inventories continued to increase while trade inventories remained unchanged 81 LLIONS OF DOLLARS SEASONALLY ADJUSTED BILL IONS OF DOLLARS SEASONALLY ADJUSTED 30 TOTAL AND MANUFACTURING RETAIL ENLARGED SCALE S 80 INVENTORIES TOTAL INVENTO IES S T 20 SALES v TOTA L SALES l l X 10 o1U LJ li t i i i i i INDE C SEASONALLY MA NUFACTURING Ih VENTORIES ADJUSTED DEPARTMENT STORES Vi MA NUFACTURiNG SAL ES INVENTORIES SALES J VAA W o1 i iI i i 1 l i i i i i i i i 1 i i i i MANUFACTURING i 1 i I RETAIL TRADE AND WHOLESALE TRADE SOURCES DEPARTMENT OF COMMERCE A ND BOARD OF GOVERh ORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Manufacturing Manufacturing Retail Wholesale Department stores and trade Inven New InvenInvenInvenInvenPeriod Sales i tories 2 Sales tories a orders 1 Sales tories 2 Sales tories 2 Sales l tories 3 Index Billions of dollars seasonally adjusted seasonally adjusted March April May June July August September October November December January February March April Mav Revised series on retail trade beginning with 1951 not comparable with previous i Monthly average for year and total for month data 3 Book value end of period 5 A Preliminary estimates i Book value end of period except annual data which are monthly averages Sources Department of Commerce and Board of Governors of the Federal Beserva System 21 MERCHANDISE EXPORTS AND IMPORTS In the first 4 months of 1956 commercial exports were 15 percent higher and imports 17 percent higher than during the corresponding period of 1955 MILLIONS OF D O L L A R S MILLIONS OF DOLLARS I 60O 1 600 MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS J SEE FOOTNOTES I AND 2 ON TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Merchandise exports Period monthly average 1947 monthly average 1948 monthly average 1949 monthly average monthly average 1951 monthly average 1952 monthlv average 1953 monthly average 1954 monthly average 1955 monthlv average 1955 March April May June July August September October November December 1956 January February March April Total Grant aid shipments P 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 program July December 1950 amounted to 282 million dollars 3 Not available 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 rose slightly in April lower prices for transportation Higher prices for food and services were only partly offset by INDEX INDEX f TRANSPORTATION I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Period March April May June July August September October November December January February March ADriL All items Food Housing Total Includes in addition to rent homeowner costs utilities housefurnishings etc Transportation Rent Apparel Medical Personal care care Reading Other and goods recreaand tion services Source Department of Labor 23 WHOLESALE PRICES The average of wholesale prices again advanced in May largely because of higher average prices for farm products and processed foods I N D E X INDEX OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIAL 1956 I960 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period PF April May June July August Septero ber October November December 1956 January February March April May Source epartmeat oi La 24 Farm products Processed foods Other than farm pro ducts and foods industrial 58 1 Q PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers rose 3 percent in the month ended May 1 5 and the parity ratio increased 2 points Prices paid by farmers also rose INDEX I9IO I4 100 INDEX I9IO I4 IOO PARITY INDEX PRJCES PAID INTEREST TAXES AND WAGE RATES 200 I I M I I I I M I I I I I I I I I I I I I I I I M I I I I I I 1 I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I II I I I I I I I I I i U I 200 I J RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices paid by farmers Parity index for items used in prices paid Prices rePeriod ceived by interest Family Productaxes and farmers living tion wage rates Index April May June July August September October November December January February March April Mav Percentage ratio of index of prices received by farmers to parity index Sourcei Department of Agriculture Parity ratio l CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS During April demand deposits increased somewhat more than the usual seasonal amount Af the end of the month total deposits excluding Government and currency were 2 4 percent higher than a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL EXCLUDING U S GOVERNMENT DEPOSITS PRIVATELY HELD MONEY SUPPLY SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total deposits and currency End of period March April Mav June July August September October November December 1956 January 5 B February March 6 April U S Government deposits Total excluding U S Government deposits privately held money supply 2 Demand Currency Time deposits outside Total deposits 4 adjusted 8 banks Includes U 8 Government deposits at Federal Reserve banks and commercial and savings ban s and U S 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 Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 26 BANK LOANS INVESTMENTS AND RESERVES In April loans of all commercial banks increased 0 6 billion somewhat less than the sharp expansion in March and about the same as in April of last year Bank holdings of Government securities declined 0 4 billion The average reserve deficiency of member banks borrowings at the Federal Reserve less excess reserves decreased between April and May BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS I 60 TOTAL LOANS AND INVESTMENTS X BANK LOANS INVESTMENT IN U S GOVERNMENT SECURITIES INVESTMENT IN OTHER SECURITIES X 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 April May June July August September October November December 1956 January 4 4 February March 4 April44 May Total loans and investments Loans Total Investments U S GovOther ernment securities securities Weekly reporting member banks 1 Business loans a All member banks 8 BorrowReserve balances ings at Federal Required Excess Reserve Banks Member banks Include besides all national banks those State banks that have taken membership in the Federal Reserve System 2 Commercial industrial and agricultural loans revised series beginning January 952 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 NOTE Detail win not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 27 CONSUMER CREDIT In April total consumer credit outstanding increased about 425 million to a total of nearly 36 billion at the end of the month All types of credit contributed to the increase The rise in April 1955 was more than 700 million BILLIONS OF DOLLARS BILLIONS OF DOLLARS I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Millions of dollars Total consumer End of period credit outstanding March April Mav June July August September October Novembers December 1956 January February March April N oninstalment credit outstanding Instalment credit outstanding Total Automobile paper Other Repair and consumer moderni Persona zation loans goods loans 2 paper J Total Charge accounts InstalInstalment ment credit ex credit 3 tended repaid Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased Op Includes only such loans held by financial institutions those held by retail outlets are included in other consumer goods paper O a Credit extended or repaid during the period Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES Yields on Treasury bills moved down during May but the average for the month was higher than in April Prime commercial paper rate rose at the end of the month The yields on Federal bonds and on high grade corporate and municipal bonds decreased during May PERCENT PER ANNUM 4 PERCENT PER ANNUM 4 I REVISED SERIES BONDS DUE OR CALLABLE 10 TO 20 YEARS SEE TABLE BELOW SOURCES SEE TABLE BELOW Period July August September October November December 1956 January February March April May Week ended 1956 Mav June Percent per annum High grade U S Government security yields municipal bonds 3 month 2 Taxable bonds Treasury Standard3 1 Poor s bills i Rate on new issues within period 3 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 Weekly data are Wednesday figures COUNCIL OF ECONOMIC ADVISERS Corporate bonds Moody s Prime commercial paper 4 6 months Aaa Baa 4 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 29 STOCK PRICES The index of stock prices dropped during most of May INDEX NDEX 1939 IOO J UU IJ LJ LLJJ 100 I SOURCE SECURITIES AND EXCHANGE COMMISSION Period Weekly average June July August September October November December January February March April May Week ended 1956 May June Composite index 1956 COUNCIL OF ECONOMIC ADVISERS Manufacturing TransDurable Nondura portation Total ble goods goods i7as Utilities Trade finance Mining and service ia7 1 Includes 265 common stocks 98 for durable goods manufacturing 72 lor nondurable goods manufacturing 21 for transportation 29 for utilities 31 J for trade finance and service and 14 for mining Indexes are for weekly closing prices Not charted 30 Source Securities and Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES Budget receipts through April of the current fiscal year were 5 7 billion higher than a year earlier Budget expenditures were 1 6 billion higher As a result the cumulative budget deficit at the end of April was about 4 billion lower than a year ago BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET EXPENDITURES NET BUDGET RECEIPTS BUDGET SURPLUS OR DEFICIT MAJOR NATIONAL SECURITY EXPENDITURES MAGNIFIED SCALE FISCAL YEARS ESTIMATED COUNCIL OF ECONOMIC SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET ADVISERS Billions of dollars NT i JNet U J 4budget receipts rt Period Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1955 year 1944 year 1947 year 1948 year 1949 year 1950 vear 1951 year 1952 year 1953 vear 1954 year 1955 year 1956 estimated April May June4 July August 4 September October4 November4 December 4 1956 January 4 4 February March 4 April 4 Cumulative totals for first 10 Fiscal year 1955 Fiscal year months Net budget sxpenditures Major nationall Total security Budget surplus or deficit g H Public debt end of period i Revised to include the items classified as major national security in The Budget of the United States Government for the Fiscal Year Ending June 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 s Includes guaranteed securities except those held by the Treasury Not all of total shown is subject to statutory debt limitation 3 No estimate made in the release of May Preliminary n t Noil Detail will not necessarily add to totals because of rounding Sources Treasury Department and Bureau of the Budget OA CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC Federal cash receipts exceeded cash payments by almost 7 billion for the first quarter of 1956 compared with 4 1 billion for the same period last year BILLIONS OF DOLLARS BILLIONS OF DOLLARS CASH RECEIPTS CASH PAYMENTS FIRST QUARTER EXCESS OF CASH RECEIPTS ENLARGED SCALE B U EXCESS OF CASH PAYMENTS I960 11 U p J952 PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT 1953 I I955 17 SS 17 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS Millions of dollars Calendar year Calendar year total Quarterly totals not adjusted for seasonal variation Third quarter Fourth quarter 1955 First quarter Second quarter Third quarter Fourth quarter 1956 l First quarter Cash receipts from the public Cash payments to the public Excess of receipts or payments Preliminary eitimates NOTE 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 Documents U S GoTernment Printing Office Washington 26 D C Prle 20 eemti per copy 2 00 per year 2 50 foreign

Status of the Labor Force

DATE: June 1956

PART OF:

Economic Indicators : June 1956

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

Download (pdf)

Share this page:

Table of Contents

less

Save & Share

less

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-. "Status of the Labor Force," 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-. "June 1956," Economic Indicators (June 1956) : 14-14. https://fraser.stlouisfed.org/title/1/item/323/toc/90265 , accessed on December 6, 2019.

More Information

less

SUBJECTS:

THEME:

Economic Data