Consumers' Prices

Name: Consumers' 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 f U c v CVN C o CQ conomic Indicators EPTEMBER 1956 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE 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 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee 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 Economic Committee 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 Digitized forII FRASER Charts drawn by Graphics Unit Office of the Secretary Department of Commerce 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 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 CREDITf 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 a continued rise in over all economic activity between the first and second quarters of 1956 BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES CONSUMERS BUSINESS GROSS RETAINED EARNINGS 0 I I i I I I 1 f GOVERNMENT FEDERAL STATE AND LOCAL 100 EXPENDITURES FOR GOODS AND SERVICES 100 EXCESS OF EXPENDITURES RECEIPTS LESS TRANSFER PAYMENTS 50 J I I I t j i 1955 i 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 PR AND THE ECONOMIC REPORT OF THE PRESIDENT JANUARY 1953 APPENDIX A SOURCES DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS i COUNCIL OF ECONOMIC ADVISERS GROSS NATIONAL PRODUCT OR EXPENDITURE The gross national product rose almost 5 billion seasonally adjusted annual rate between the first and second quarters of 1956 to 408 3 billion Increpses occurred in consumer expenditures private domestic investment foreign investment and State and local expenditures BILLIONS OF DOLLARS BlkUONS OF DOLLARS GOVERNMENT PURCHASES OF GOODS AND SERVICES I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCED Period I Billions of dollars Personal Gross Total Net conprivate gross sump domestic foreign national investtion ment product expend investment itures a a Government purchases of goods and services Federal State and Total i National Other Total security3 local ias Seasonally adjusted annual rates 1955 First quarter Second quarter Third quarter Fourth quarter 1916 First quarter Second quarter Less Government sales a 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 th 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 The figures beginning with 1952 are the revised series For details see Survey of Current Business July 1956 Detail will not necessarily add to totals because of rounding Source Department of Commerce NATIONAL INCOME According to preliminary estimates national income rose 4 3 billion seasonally adjusted annual rate between the first and second quarters of 1956 to 339 2 billion largely as a result of an increase in compensation of employees BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Total national income Compensation of em 1 ployees Proprietors income Business and pro Farm fessional First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Rental income of per sons a Net Corporate profits and inventory valuation adjustment inter est Total Profits Inventory before valuation taxes adjustment Q Seasonally adjusted annual rates Includes employer contributions for social insurance See also p 4 2 Preliminary estimate by Council of Economic Advisers NOTE The figures beginning with 1952 are the revised series For details see Survey of Current Business July 1956 Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted SOURCES OF PERSONAL INCOME Personal income seasonally adjusted dropped slightly between June and July reflecting the wage losses during the st el s rik Offse ting ircre s s recurred in the incomes cf formers other proprietors and investors BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS BUSINESS PROFESSIONAL AND RENTAL INCOME 1956 i960 SOURCE DEPARTMENT OF COMMERCE Period Total personal income Julv August September October November Derember Jnnunrv February March A p r i L May hin i2l l rji Jilh 4 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Less PerLabor income Proprietors income Rental wage and Personal Transfer sonal con Nonagritributions cultural salary disBusiness income Divi interest payof dends income ments for social personal bursements Farm and proincome2 insurand other fessional persons ance labor income Seasonally adjusted annual rates L i 1i fi 7 billion National Sei ice Life insurance I i f w h i c h WHS paid In Hie first half of the year DISPOSITION OF PERSONAL INCOME Disposable personal income increased 4 7 billion seasonally adjusted annual rate between the First and second quarters of 1956 Consumer expenditures rose less than disposable income and the rate of consumer saving rose to 7 4 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS I 5 0 I SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Equals Less Personal Personal Disposable income taxes personal income Less Personal consumption expenditures Total Saving Equals as percent of disPersonal posable saving NonDurable durable Services income goods goods First quarter Second quarter Third quarter Fourth quarter Billions of dollars Billions of dollars seasonally adjusted annual rates First quarter Second quarter Includes such items an fines penalties ami donations NOTE Theflf r ure sberinaim w l f h lu lUaiv l l n n visfd Dftilll will not lliMTvuMlly u l l to l l ih IMTSIH I of loilu For rintuils tso y of Current Business July PER CAPITA DISPOSABLE INCOME Per capita disposable income seasonally adjusted continued to increase between the first and second quarters of 1956 DOLLARS 2 000 DOLLARS 2 000 SEASONALLY ADJUSTED ANNUAL RATES 1955 PRICES X CURRENT PRICES j 1950 I J SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS Current prices prices I L COUNCIL OF ECONOMIC ADVISERS Total disposable personal Per capita disposable personal income dollars 1 income billions of dollars 1 Period Current prices prices Population thousands Seasonally adjusted annual rates 1955 First quarter Second quarter Third quarter Fourth quarter 1 f r l irnt q u a r t e r Srrom q u a r t e r 4i d i v i d e d by consumer price index on a 1955 base A n n u a l data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures h l i v arc the revised series For details see Surrey of Current Business July M partment of Labor and Council of Economic Advisers FARM INCOME Both gross farm income and farm production expenses seasonally adjusted rose slightly from the first to the second quarter of 1956 Net farm income excluding adjustment for inventory change remained at the same level as in the first quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME NET FARM INCOME INCL ADJUSTMENT FOR INVENTORY CHANGE I INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Period Realized gross farm income J First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter I 1956 COUNCIl OF ECONOMIC ADVISERS Farm operators income Net income per farm inNet income 3 cluding adjustment for Including Excluding Farm proinventory change adjustment adjustment duction 1955 Current for invenfor invenexpenses prices 4 prices tory change tory change3 Dollars Billions of dollars Seasonally adjusted annual rates Number of farms millions ao s Data prior to 1952 differ from farm proprietors income on pages 3 and 4 1 Cash receipts from farm marketings value of farm products consumed in because of revisions by the Department of Agriculture not yet incorporated into farm households gross rental value of farm dwellings and Government payments the national income accounts of the Department of Commerce to farmers Dollar estimates in current prices divided by the index of prices paid by 2 Realized gross farm income less farm production expenses Excludes farm farmers for items used in family living on a 1955 base wages paid to workers living on farms and any income to farm people from non5 The number of farms is held constant within a given year farm sources which in 1955 amounted to 1 7 billion dollars and 6 1 billion dollars 6 Estimate by Council of Economic Advisers respectively NOTE The figures beginning with 1952 are the revised series For details see Farm Income Situation July Source Department of Agriculture except as noted CORPORATE PROFITS According to preliminary estimates corporate profits seasonally adjusted in the second quarter were slightly below the first quarter of 1956 but appreciably above the second quarter of 1955 BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Corporate profits before taxes Corporate tax liability Corporate profits after taxes Total Dividend payments Undistributed profits Seasonally adjusted annual rates 1955 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Preliminary estimate by Council of Economic Advisers NOTE The figures beginning with 1952 are the revised series For details see Survey of Current Business July 1956 See t 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 GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose 1 1 billion seasonally adjusted annual rate between the first and second quarters of this year Fixed investment rose 1 6 billion while investment in inventories declined about M billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANNUAL RATES V V CHANGE IN BUSINESS INVENTORIES V I i J 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 Producers durable equipment Total Nonfarm Seasonally adjusted annual rates 1955 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Includes public utility Includes petroleum and natural gas well drilling NOTE The figures beginning with 1952 are the revised series For details see Survey of Current Business July 1956 Detail will not necessarily add to totals because of rounding Source Department of Commerce FOR NEW PLANT AND EQUIPMENT The July August survey of business expenditures on plant and equipment indicates a continued increase in outlays through the rest of the year bringing the expected total for 1956 to 35 3 billion This represents a gain of 23 percent over the 1955 total BILLIONS OF DOLLARS 40 BILLIONS OF DOLLARS 40 10 I960 I I956 I95I SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Manufacturing Period Total Total First quarter Second quarter Third quarter 3 3 Fourth quarter 1 Transportation Mining Durable NonduraRailroads Other goods ble goods L Seasonally adjusted annual rates Public utilities Commercial and other a 12 Excludes agriculture Commercial and other includes trade service finance communications and construction 3 Estimates based on anticipated capital expenditures as reported by business in late July and August 1956 Annual total is the sum of seasonally unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures which include jiistmc nts when necessary for systematic tendencies in anticipatory data NOTE Throw figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because the t imrm MKrlfiiltnrnl investment and also certain equipment and construction outlays charged to current expense 1 ir jafi v ill not niMvssnrily add to totals because of rounding i m l ijiif i a anil Hu lmngf 1 Commission anc Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Unemployment fell from mid July to mid August by over new high Employment rose to 66 8 million another MILLIONS OF PERSONS MILLIONS OF PERS DNS rr A r J AX N v XV 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 1 I I I I I I I I I I I I I I I I I I II g5o j I 1954 I I 1 1 II I1 I 5 11 ij i ii1 iii YEARS OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE Period August September October November December 1956 January February March April May June Julv August Total Unemploy ment2 Insured uiiemploy incut Employment 2 labor TempoCivilian of Thousands of covered force in labor rary cluding Total Agricul Nonagri layoffs 8 Number civilian of persons employment force tural cultural State pro all prolabor armed grams grams force forces Thousands of persons 14 years of age and over Includes part time workers and those with jobs but not at work for such reasons as vacations illness bad weather temporary layoff and industrial disputes excludes armed forces s See footnote 3 i Temporary layoff art ihown wparstely so as to COUNCIL OF ECONOMIC ADVISERS 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 33 0 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 unemploymtnt 11 NONAGRICULTURAL EMPLOYMENT In August employment in nonagricuitural establishments was 870 000 greater than in July when the steel strike occurred It was also somewhat higher than in June before the steel strike MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS DURABLE MANUFACTURING NONDURABLE MANUFACTURING CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE i i JL i J J L l J F M A M J J A S O N D J 1 F I M I A I M I J J I A 1 S I O I N D COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers Period Total adjusted for seasonal variation July August September October November December 1956 January February March April May June 2 July August SO Government Contract Wholesale Durable Nondu Mining construc and retail Federal State tion trade goods rable goods local Not adjusted for seasonal variation Manufacturing Total Total S Other i Includes all full and part time wage and salary workers in nonagricuitural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month Excludes proprietors self eni ployed persons domestic servants and personnel of the armed forces Total derived from this pietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are bfuiod on an enumeration of population whereas the estimates in this table are based on reports from employing establishments Preliminary estimates Not Beginning with 1954 data are based on first quarter 1955 benchmark levels Sour Department of Labor 12 AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek of all manufacturing production workers rose 0 3 hour from July to August and was 0 1 hour above the level of June before the steel strike Such changes usually occur during this season HOURS PER WEEK HOURS PER WEEK NONDURABLE MANUFACTURING DURABLE MANUFACTURING 3 4 LlJ J LI I I I I I I BUILDING CONSTRUCTION 1954 RETAIL TRADE N V1 I LL LiJUJ SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing Period July AugustSeptember October November December 1956 January February March April May June2 July August C J Total Durable goods i Data beginning with January 1948 are not strictly comparable with those tor earlier periods Preliminary estimates NOTE Beginning with 1954 data are based on first quarter 1956 benchmark levels of employment Source Department of Labor a T J r ml ding Nondurable construction Retail trade goods r s Not available 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing rose to a new high of cents above August of a year ago DOLLARS PER HOUR ARS PER HOUR 2 80 DURABLE MANUFACTURING NONDURABLE MANUFACTURING 1956 I954 EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1955 BASE SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees All manufacturing Period Durable goods manufacturing Current prices 1955 prices l Current prices 1955 prices Current prices 1955 prices July August September 1 90 October November 1 93 December January February 1 93 March 1 95 April 1 96 IMnv l JKV 1 97 hjh H UH f ilm K In current prices divided by consumer price index on a 1955 base b j fmi ng with January 1948 are not strictly comparable with those for earlier periods ttrKiiiiiiiiK with 1954 data are based on first quarter 1955 benchmark levels of employment ri artincnt of Labor Building construction Nondurable goods manufacturing Current prices Retail trade 1955 prices Current prices f Preliminary estimates Not available 1955 prices l AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings of manufacturing production workers in August were 60 cents above the prestrike level of June and nearly 3 50 above August a year ago 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 For production workers or nonsupervisory employees Building Durable goods Nondurable goods All manufacturing manufacturing manufacturing construction Period July August September October November December 1956 January February March April Mav June3 July 3 August 1 3 Current prices prices Current prices prices 1 Current prices Current 1955 prices 1 prices Earnings in current prices divided by consumer price index on a 1955 base Data beginning with January 1948 are not strictly comparable with these for earlier periodg NOTE Beginning with 1954 data are based on first quarter 1955 benchmark levels of employment Source Department of Labor Retail trade Current 1955 prices 1 prices prices Preliminary estimates Not available 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted is estimated at in August the same as the prestrike level of May and June INDEX INDEX I 80 I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted T J jr enod Total industrial production July August September October November December i January February M arch April May June July August J ri liiuiniiry ostitnutos 16 Manufactures Minerals Total Durable Nondurable Source Board of Governors of the Federal Eeserve System PRODUCTION OF SELECTED MANUFACTURES The output of most manufactures increased in August Following settlement of the steel strike the primary metals group rose sharply but was still about 9 percent below the June rate INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED TRANSPORTATION EQUIPMENT TEXTILES AND APPAREL i i i I i i i i i 1i i i i I I i i i i i COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Period Primary metals July August September October November December l January February Mrh ac April M y a June July August Preliminary estimates Durable manufactures Nondurable manufactures ConFabriTranspor Lumber Textiles Paper Chemical Foods sumer Machin tation cated and and petro bever durable and and leum ages and goods ery metal equipprod apparel printproducts products tobacco ing ment ucts Source Board of Governors of the Federal Eeserve System 17 WEEKLY INDICATORS OF PRODUCTION As measured by many weekly indicators production increased during August Automobile production declined on account of model changeovers MILLIONS OF TONS The largest rise was in steel MILLIONS OF SHORT TONS DAILY AVERAGE 3 STEEL j jsj y v x s I V J i i i i i i i i i i i i i i i i i j it i i M LjJa L LjJ LjJ l J i 4 M BILLIONS OF KILOWATT HOURS F THOUSANDS CARS AND TRUCKS r Y s f ij V i v i V M Mp p V l jfju 1 L LJ III I I I I I I I I I I 1 1 1 I I I I I I I I I 1 J J 1 L J 1 I I I I I I i l l SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average August September October November December January February March April May June July 3 August Week ended 1956 August September I iJL Ul L COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Cars and trucks Steel produced coal mined power produced loaded Thousands Percent of distributed thousands thousands thousands assembled thousands of short theoretical millions of of net Total Cars Trucks of cars of tons capacity l kflowatt hours tons a tons 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 2 January Daily ayerage for week Preliminary estimates Not charted Sources American Iron and Steel Institute Edison Electric Instltat Department of the Interior Aisodattaiyol American Railroads National Paperboard h mooUtion and Ward s Automotive Eeportt NEW CONSTRUCTION Total construction expenditures after seasonal adjustment continued in August at an annual rate of more than 44 billion August contract awards seasonally adjusted were 7 percent above July BILLIONS OF DOLLARS BILLIONS OF DOLLARS PRIVATE RESIDENTIAL NONFARM r r r T M I960 1 1 I 1 1 1 1 M i i i 1 i i 1 1 1 PRIVATE 1 1 1 M T OTHER 1 1 1 I 1 1 M M 1 I I SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR i i i i i 1i i i i i 1956 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Total new construction Private Total Residential nonfarm private a Other Federal State and local Seasonally adjusted annual rates 1955 July August September October November December January February March April May June July 2 August 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 Construction contracts awarded in 37 Eastern States Annual rates UnSeasonally adjusted adjusted 27 S SS l S Preliminary estimates 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING The annual rate of private nonfarm housing starts seasonally adjusted continued in August at about 1 1 million units Financing applications rose slightly from July to August but were still substantially below the level of last year MILLIONS OF UNITS MILLIONS OF UNITS I950 I952 I95I I953 I955 I954 J SEE FOOTNOTE I ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA I956 COUNCIL OF ECONOMIC ADVISERS Thousands of units New nonfarm housing starts Period Annual total Monthly average July August September October November December January February March April May June July August 4 Total Publicly financed Privately financed Government programs Total VA FHA Total Proposed home construction Private seasonally Applications Requests adjusted for FHA comfor VA l annual mitments appraisals rates q Units represented by mortgage applications for new home construction Not available Partly estimated OQ Sources Department of Labor Federal Housing Administration FHA and Veterans Administration VA Preliminary estimates SALES AND INVENTORIES MANUFACTURING AND TRADE Trade sales and inventories seasonally adjusted showed little change in July Preliminary estimates indicate that retail sales rose in August Manufacturers inventories were unchanged in July while sales reflecting the steel strike dropped 1 6 billion and new orders 0 8 billion BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED STED 30 RETAIL L SCALE INVENTORIES s h n l i i i i t 1i i i i i I i i i i i I i ii i i i i1 i r INDEX SEASONALLY ADJUSTED STED 40 STORES INVENTORIES X C A oi MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Manufacturing and trade Period Manufacturing InvenInven New Sales i tories Sales tories ordersl COUNCIL OF ECONOMIC ADVISERS Wholesale Retail InvenInvenSales tories Sales tories Billions of dollars seasonally adjusted June July August September October November 53 2 December January February 52 9 March 53 1 April May June July 5 August Department stores Inventories Index seasonally adjusted S l JX 127 Sales1 Monthly average for year and total for month Revised series on retail trudu beginning with u 5l nut coinimraMc with previous Book value end of period data 3 Book value end of porlod except annual datn which arc monthly avoragoe Preliminary r atlin iU Department of Oommnrco and Board of Governors of the Federal Itanerve n n 1 1 21 MERCHANDISE EXPORTS AND IMPORTS In the first 7 months of 1956 commercial exports were 18 percent higher and imports 16 percent higher than during the corresponding period of MILLIONS OF DOLLARS MILLIONS OF DOLLARS MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS J SEE FOOTNOTES 1 AND 2 ON TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Merchandise exports Period Total monthly average 1947 monthly average monthly average 1949 monthly average monthly average monthly average 1952 monthly average monthly average 1954 monthly average monthly average June July August September October November December January February M arch April Mnv U l l lulv Grant aid shipments Excess of exports over imports Excluding grant aid shipments Merchandise imports Total Excluding grant aid shipments JU A fteuivji indudc only Department of Defense shipments of grant aid military supplies and equipment under the Mutual Security tH for tin fln t fi inoiitliN of the program July December 1960 amounted to 282 million dollars T I tnil will not nw y rily add to totala because of rounding 22 Sources Department of Commerce and Department of Defense PRICES CONSUMER PRICES In July the consumer price index rose 0 7 percent to a new high The chief factor contributing to the rise was the large increase in food prices partly seasonal in nature However all major categories of consumer prices registered some increase INDEX I N D E X I I960 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Period June Julv August September October November December 1956 January February March April May June July All items Food Housing Total i Includes in addition to rent homeowner costs utilities housefurnlshings etc Transportation Rent Apparel Reading Other goods and Medical Personal and recreacare care tion services Source Department of Labor WHOLESALE PRICES The average of wholesale prices rose 0 5 percent between mid July and mid August Rising prices for industrial products and processed foods more than offset a 1 percent decline in prices of farm products INDEX INDEX I947 49 IOO s 0 FARM D FOODS INDUSTRIAL AU ss N i ALL COMMODITY ss v WAM v PROCESSED FOODS A A A V FAR M PRODUCTS rs t v V 90 N f V V 80 70 LlU Ll Llll LI LULL J LlJLjJ U JJ I 1 I J 1 J I I1 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Period v July August September October November December January February March April May June July August Week ended 1 1956 August i Weekly series based on smaller sample than monthly series Source Department of Labor All commodities Farm products Processed foods Other than farm products and foods industrial PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers declined 3 percent in the month ended August 15 by farmers increased slightly and the parity ratio declined 3 points I N D E X I 9 I O I The index of prices paid INDEX I9IO I PARITY INDEX PRICES PAID INTEREST TAXES AND WAGE RATES 250 I960 I951 I952 JU RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX SOURCE DEPARTMENT OF AGRICULTURE I953 I954 I955 I956 COUNCIL OF ECONOAAIC ADVISERS Prices paid by farmers Parity index for items used in prices paid Prices received by Period interest Family Productaxes and farmers living tion wage rates Index July August September October November December January February March April S 2 1V 27S 250 Mav i i sr June I s MS I 1 i i July n i A 11 US l i 2 M Parity ratio HI h l S i Sli t t CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS During July the rise in demand deposits was slightly more than seasonal Total deposits excluding Government and currency at the end of the month were 2 5 percent higher than a year earlier time deposits were up 4 5 percent 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 June July August September October November December January February March April May June July U S Government deposits l Total excluding U S Government deposits privately held money supply 2 Demand Currency Time Total deposits outside deposits 4 adjusted J banks Includes U B Government deposits at Federal Reserve banks and commercial and savings banns 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 S Government loss cash items in process of collection Includes deposits in commercial banks mutual savings banks and Postal Savings System but excludes interbank deposit 1 Preliminary estimates Source Board of Governors of the Federal Keserve System NOTE Detail will not necessarily add to totals because of rounding 26 BANK LOANS INVESTMENTS AND RESERVES During July loans of commercial banks declined 0 4 billion compared to a 1 7 billion increase in June and a 1 4 billion increase in July 1955 During August loans appear to have increased again Member bank borrowings at Federal Reserve Banks rose in August after having declined for three successive months and the average reserve deficiency of member banks borrowings at the Federal Reserve less excess reserves also rose BILLIONS OF DOLLARS BILLIONS OF DOLLARS I I 40 I20 I I953 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 July August September October November December 1956 January 4 4 February March April 4 M a y June July August Total loans and investments Loans Total Investments U S GovOther ernment securities securities Weekly reporting member banks Business loans J All member banks BorrowReserve balances ings at Federal Required Excess Reserve Banks f J Member banks include besides all national banks those State banks that have taken membership in the Federal Reserve F kly tvporUii member banks 2 Commercial industrial and agricultural loans revised series beginning January 1952 n 1 uruiu October H r r Such loan b represent approximately 70 percent of business loans by all eommeremi rumks Data are averages of daily figures on balances and borrowings during the period Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of th Federal Reserve Syitem CONSUMER CREDIT In July total consumer credit outstanding increased about 50 million compared to about 500 million in June of this year and 400 million in July of last year Noninstalment credit outstanding declined but this was more than offset by the rise in instalment credit outstanding BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL CREDIT OUTSTANDING L SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total consumer End of period credit outstanding June Julv August September October NovemberDecember 1956 January February March April May June July COUNCIL OF ECONOMIC ADVISERS Millions of dollars Instalment credit outstanding Total Automobile paper Other Repair and consumer moderni Personal zation loans goods paper loans Noninstalment credit outstanding Total Charge accounts InstalInstalment ment credit ex credit tended repaid Includes all consumer credit pxtentied lor the purpose of purchasing automobiles and other consumer is purchased a Includes only such loans held by financial institutions those held by retail outlets are included in other consumer goods paper Credit extended or repaid during the period g Bfljtfd Of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES Yields on new Treasury bills rose significantly during Augusf as did interest rates and bond yields generally PERCENT PER ANNUM 4 PERCENT PER ANNUM REVISED SERIES BONDS DUE OR CALLABLE 10 TO 20 YEARS SEE TABLE BELOW SOURCES SEE TABLE BELOW Period October N o vember December 1956 January February March April May June Julv August Week ended 1956 August September Percent per annum High grade U S Government security yields municipal bonds 3 month 2 Standard 3 Taxable bonds Treasury Poor s bills i KB Rate on new issues within period 2 First issnp d 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 a Weekly data are Wednesday figures COUNCIL OF ECONOMIC ADVISERS Corporate bonds Moody s Prime commercial paper 4 6 months Aaa Baa 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 Stock prices declined during August bur averaged about the same as in July INDEX I N D E X I 00 I Period Weekly average September October November December 1956 January February March April Mav June July August Week ended 1956 August September 7 Composite index 1956 COUNCIL OF ECONOMIC ADVISERS SOURCE SECURITIES AND EXCHANGE COMMISSION Manufacturing TransDurable Nondura portation Total ble goods goods i4 a Utilities Trade finance Mining and service Q ia7 1 Includes 266 common stocks 98 for durable goods manufacturing 72 lor nondurable goods manufeeiuriBg 21 for transportation 29 for utilities 31 lor trade finance and service and 14 for mining Indexes are for weekly closing prices Source Securities and Exchange Commission 30 FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES In July Federal budge expenditures exceeded budget receipts by 2 1 billion due primarily to seasonally low tax collections BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES 75 m FIRST MONTH I9S6 BUDGET SURPLUS OR DEFICIT MAJOR NATIONAL SECURITY EXPENDITURES ENLARGED SCALE FIRST MONTH FISCAL YEARS ESTIMATED SOURCES TREASURY DEPARTMENT AND BUREAU OF THE COUNCIL Or ECONOMIC ADVISERS BUDGET Billions of dollars Net budget receipts Period Fiscal year 1944 Fiscal year 1947 Fiscal year Fiscal year 1949 Fiscal year 1950 Fiscal vear 1951 Fiscal year Fiscal year 1953 Fiscal vear 1954 Fiscal year 1955 s Fiscal year 1956 Fiscal year 1957 estimated June Julv8 1 August September1October November December1 1956 January 8 February March 8 April May 8 June Julv Net budget expenditures Major nationall Total security ao Budget surplus or deficit Public debt end of period a i Kevised to include the items classified as major national security in The Budget of the United States Government for the Fiscal Year Ending 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 1 Includes guaranteed securities except those held by the Treasury Not all of total shown is subject to statutory debt limitation Preliminary Q NOTI Detail will not necessarily add to totals because of rounding Sources Treasury Department and Bureau of the Budget CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC Federal cash receipts exceeded cash payments by almost 4 5 billion in fiscal year 1956 compared with an excess of cash payments over cash receipts of 2 7 billion for fiscal year 1955 BILLIONS OF DOLLARS BILLIONS OF DOLLARS EXCESS OF CASH RECEIPTS ENLARGED SCALE I EXCESS OF CASH PAYMENTS I960 I95I PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT 1953 I i955 Jy I956 17 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS Millions of dollars Calendar year Calendar year total I l Fiscal year total Quarterly total not adjusted for seasonal variation First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Cash receipts from the public Cash payments to the public Excess of receipts or payments f Preliminary eitimates NOTE Detail will not necessarily add to totals because of rounding Sources Bureau of the Budget and Treasury Department 32 S u p e r i n t e n d e n t of D o c u m e n t s s G o v e r n m e n t P r i n t i n u Olllce Washington 25 D C I rkv 20 e c n t n per copy 2 00 JUT year 2 00 foreign 0 S O V l T i N M L N T P R I N T I N G O F F I C E 9Bg

Consumers' Prices

DATE: September 1956

PART OF:

Economic Indicators : September 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-. "Consumers' 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-. "September 1956," Economic Indicators (September 1956) : 26-26. https://fraser.stlouisfed.org/title/1/item/326/toc/220748 , accessed on December 12, 2019.

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Economic Data