Per Capita Disposable Income

Name: Per Capita Disposable Income
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. 34th Congress 2d Session Economic Indicators DECEMBER 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 RAYMOND J SAULNIEP Chairman JOSEPH S DAVTS PAUL W McCRACKEN 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 Charts drawn by Graphics Unit Office of the Secretary Department of Commerce 11 Contents TOTAL OUTPUT INCOME AND SPENDING Page The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Per Capita Disposable Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Nonagricultural Employment Average Weekly Hours Selected Industries Average Hourly Earnings Selected Industries Average Weekly Earnings Selected Industries r 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 t 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 31 32 iii 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 second and third quarters of 1956 BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES CONSUMERS nl I I t BUSINESS INVESTMENT 50 50 ACROSS RETAINED EARNINGS I I I I I 1 I I I GOVERNMENT FEDERAL STATE AND LOCAL too EXPENDITURES FOR GOODS AND SERVICES 100 EXCESS OF EXPENDITURES RECEIPTS LESS TRANSFER PAYMENTS 50 I t 1950 t t l i 1951 I I 1952 I I i 1953 i i 50 i i 1954 I i i 1955 J i 1956 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 COUNCIL OF ECONOMIC ADVISERS GROSS NATIONAL PRODUCT OR EXPENDITURE The gross national product rose 5 5 billion seasonally adjusted annual rate between the second and third quarters of 1956 to about 414 billion increases occurred in every major sector BILLIONS OF DOLLARS BILLIONS OF DOLLARS GOVERNMENT PURCHASES OF GOODS AND SERVICES I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Personal Gross Total conNet private gross sump domestic foreign investnational tion ment product expend investment itures Period Government purchases of goods and services Federal State and Total i National Other Total i security3 local Seasonally adjusted annual rates 1955 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Jj 8s Government sales Im tiKies expenditures for military services international security and foreign relations except foreign loans development and control of atomic energy promo f HH merchant marine promotion of defense production and economic stabilization and civil defense For further details see Economic Report of the Juniiary 1955 p 137 and National Income 1954 Edition p 148 These expenditures are not comparable with the major national security category Hndoti nf the U S Government for the Fiscal Year Ending June SO 1957 and shown on p 31 of Economic Indicator i r i uU w in not necessarily add to totals because of rounding i i r p H r t u i r i i t of Commerce NATIONAL INCOME National income rose 3 6 billion seasonally adjusted annual rate between the second and tlnnl r wnti i Com pensation of employees accounted for most of the increase Farm and nonfarm proprietors income find inlet K rose while rental income was unchanged Corporate profits including inventory valuation adjustment dudtm d BILLIONS OF DOLLARS BILLIONS Of D O L L A R S 400 4OO CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 1956 PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period First quarter Second quarter Third quarter Fourth quarter First quarter Second quarterThird quarter Total national income Compensation of em 1 ployees Proprietors income Farm Net interest Seasonally adjusted annual rates i Includes employer contributions for social insurance See also p 4 NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted Business and professional Rental income of persons Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment Preliminary estimates by Council of Economic Advisers SOURCES OF PERSONAL INCOME Personal income increased 3 1 billion seasonally adjusted annual rate between September and October Labor income rose almost 2 billion with one third of the rise occurring in automobile payrolls Farm proprietors income increased billion reflecting the rise in soil bank payments BILL ONS OF DOLLARS BILLIONS OF DOL LARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL PERSONAL IN COMEV H r X LABOR INCOME m x FARM PROPRIETORS INCOME V A 0 i TRANSFER PAYMENTS JUSINESS PROFESSIOIYAL AND RENTAL INC OME M DIVIDENDS ANDP ERSONAL INTEREST UNI 1 1 1 I II II 1 II 1 1 I I I 1 1 I i I II M 1 l l II COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Period Total personal income I October November December 1956 January February March April Mav JuneJuly August September October4 Labor income Proprietors income Per wage and Rental Personal Transfer sonal con Nonagrisalary disBusiness income Divi interest pay tributions cultural bursements of dends income ments for social personal Farm and proand other 1 insurincome2 fessional persons labor income ance Seasonally adjusted annual rates Compensation of employees see p 3 excluding employer contributions for social insurance and the excess of wage accruals over disbursements 3 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 because of rounding Source Department of Commerce 4 3 Includes 2 7 billion National Service Life Insurance dividend most of which was paid in the first half of the year Preliminary estimates DISPOSITION OF PERSONAL INCOME Disposable personal income increased 3 3 billion seasonally adjusted annual rate between the second and third quarters of 1956 Consumer expenditures rose about as much as disposable income and the rate of consumer saving did not change BILLIONS OF DOLLARS 300 BILLIONS OF DOLLARS 300 I 0 0 I I960 I956 SOURCE DEPARTMENT OF COMMERCE Equals Less Personal Personal Disposable income taxes1 personal income Period COUNCIL OF ECONOMIC ADVISERS First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter 2 Total Saving Equals as percent Personal of dis 5 Nonposable Durable durable Services saving income goods goods Billions Billions of dollars of dollars seasonally adjusted annual rates i Includes such items as fines penalties and donations NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce Less Personal consumption expenditures PER CAPITA DISPOSABLE INCOME Per capita disposable income seasonally adjusted expressed in both current and constant prices showed little change between the second and third quarters I960 IS56 SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS Total disposable personal Per capita disposable perincome billions of dollars 1 sonal income dollars 1 Period 1955 prices 2 Current prices COUNCIL OF ECONOMIC ADVISERS Current prices prices 2 Population thousands Seasonally adjusted annual rates 1955 First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter Income less taxes Dollar estimates in current prices divided by consumer price index on a 1955 base 3 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 farm income seasonally adjusted annual rate rose 300 million from the second to the third quarter of 1956 Since farm production expenses remained unchanged there was a corresponding rise in net farm income BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 20 NET FARM INCOME INCL ADJUSTMENT FOR INVENTORY CHANGE I953 I INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Realized gross farm income J Period First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter COUNCIL OF ECONOMIC ADVISERS Farm operators income Net income per farm inNet income 2 cluding adjustment for Excluding Including Farm proinventory change duction adjustment adjustment 1955 for invenCurrent for invenexpenses prices 4 tory change tory change3 prices Dollars Billions of dollars Seasonally adjusted annual rates i Cash receipts from farm marketings value of farm products consumed in farm households gross rental value of farm dwellings and Government payments to farmers i j respectively Source Department of Agriculture except as noted m i j r 3 becau the na 4 L uum eBwmauJS m uui 1 uiu puucb u i v i u c u uy i farmers for items used in family living on a 1955 base 5 The number of farms is held constant within a given year fi Estimate by Council of Economic Advisers Number of farms millions CORPORATE PROFITS Corporate profits seasonally adjusted in the third quarter were appreciably lower than profits in the second quarter of 1956 and the third quarter of 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 1955 First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter i i 20 2 i 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 GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment seasonally adjusted annual rate increased slightly between the second and third quarters of this year Investment in durable producers1 goods rose 2 0 billion construction remained unchanged and additions to inventories declined 1 5 billion BILLIONS OF DOLLARS 70 BILLIONS OF DOLLARS 70 I956 I960 SOURCE DEPARTMENT OF COMMERCE 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 a Producers durable equipment Total Nonfarm Seasonally adjusted annual rates 1955 First quarter Second quarter Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter i Includes public utility Includes petroleum and natural gas well drilling NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce EXPENDITURES FOR NEW PLANT AND EQUIPMENT The October November survey of business expenditures on plant and equipment indicates a continued increase in outlays though at a much reduced rate through the first quarter of 1957 BILLIONS OF DOLLARS 40 I960 I BILLIONS OF DOLLARS I95I SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Transportation Mining Durable NonduraRailroads Other goods ble goods L Seasonally adjusted annual rates M anuf act uring Period Total i Total First quarter Second quarter Third quarter Fourth quarter 3 1957 First quarter Public Commerutilities cial and other a a 12 Excludes agriculture 2 Commercial and other includes trade service finance communications and construction 3 Estimates based on anticipated capital expenditures as reported by business in late October and November 1956 4 Annual total is the sum of seasonally unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures which include adjustments when necessary for systematic tendencies in anticipatory data NOTE These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays changed to current expense Detail will not necessarily add to totals because of rounding Sources Securities and Exchange Commission and Department of Commerce 10 EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Unemployment rose more than seasonally in November At nearly 2 5 million it was 3 6 percent of the civilian labor force the same rate as last November Employment declined by 0 9 million but was above November a year ago MILLIONS OF PERSONS 1950 MILLIONS OF PERSONS 1951 I95E YEARS OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE Period November December 1956 January February March April May June July August September October November i Unemployment 2 Insured unemployment 4 Total Employment J 3 labor Civilian Tempo of Thousands of covered force in labor rary employment cluding force Total Agricul Nonagri layoffs Number civilian of persons State pro all prolabor armed tural cultural grams grams force forces Thousands of persons 14 years of age and over J 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 excludes armed forces s See footnote 3 Temporary layoffs are shown separately 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 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 Nonagricultural employment remained substantially the same in November as in October 52 4 million MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS DURABLE MANUFACTURING NONDURABLE MANUFACTURING I J F M A M J J A S I O I N J D CONTRACT CONSTRUCTION 6 0 I L J I F I M 1 A I M I J I J I I 1 A S O A S O 1 N D WHOLESALE AND RETAIL TRADE 1955 J J F M A M J J A S O N D J F M A M J J I N D COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers Period Total adjusted for seasonal variation October November Deeember1956 January February March April M ay June July August September October 2 November Government Contract Wholesale Durable Nondu Mining construc and retail Federal tion trade State goods rable goods local Not adjusted for seasonal variation Manufacturing Total Total li Other i Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th 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 proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are imso on an enumeration of population whereas the estimates in this table are based on reports from employing establishments 1 Preliminary estimates NOTE Beginning with 1954 data are based on first quarter 1955 benchmark levels Htmrco Department of Labor AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek of manufacturing production workers in mid November was 40 6 hours or 0 6 hour below November of last year HOURS PER WEEK HOURS PER WEEK DURABLE MANUFACTURING 1953 NONDURABLE MANUFACTURING BUILDING CONSTRUCTION RETAIL TRADE 1954 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing Period Total October November December 1956 January February MarchApril May June July August September 1 2 Octobe November 2 L J J 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 lerels of employment Source Department of Labor D rK nrr jt uii fling Nondurable construction goods Retail trade Not available 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES In November average hourly earnings of production workers in manufacturing were 2 03 or 10 cents above November of last year DOLLARS PER HOUR DOLLARS PER HOUR NONDURABLE MANUFACTURING CURRENT P RICES 2 7o f f 1955 PRICES OLL 1954 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 Nondurable goods manufacturing Building construction Current prices 1955 prices 1 Current prices 1955 prices1 Current prices 1955 prices l Current prices October November December January 1 93 February 1 95 March 1 96 April May June July 1 98 August 2 00 September October 3 2 03 November L CUJ 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 N TK Beginning with 1954 data are based on first quarter 19S5 benchmark levels of employment HOUW Department of Labor Retail trade 1955 prices l Current prices fit Preliminary estimates Not available 1955 prices l C 1 5f f 1 fif f r 4 AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings of manufacturing production workers were 82 42 in November or 2 90 above last November and the highest they had ever been DOLLARS PER WEEK DOLLARS PER WEEK DURABLE MANUFACTURING NONDURABLE MANUFACTURING 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 Durable goods Building All manufacturing manufacturing Nondurable goods manufacturing construction Period Current 1955 Current 1955 Current 1955 Current 1955 prices prices l prices prices l prices prices l prices prices October November December January February March April May June July August September October No v amber 82 42 f Earnings in current prices divided by consumer price index on a 1955 base 2 Dato beginning with January 1948 are not strictly comparable with those for earlier period NOTE Beginning with 1954 data are based on first quarter 1955 benchmark levels of employment Source Department of Labor Retail trade Current prices prices Preliminary estimates Not available 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted is estimated at for November a new high INDEX INDEX I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production jrenou P M i k 1 Manufactures Minerals Total Durable Nondurable October November December 1956 1 January February March April May M J June i July August September October November Preliminary estimates 16 Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES In November production of transportation equipment increased sharply the output of most other manufactures showed relatively small changes INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED s X seasonally adjusted Nondurable manufactures Durable manufactures Consumer Transpor Lumber Textiles Paper Chemical Foods Fabriand petro bever durable and Primary and Machin tation cated and leum ages and goods metals prod apparel printequipmetal ery products tobacco ing ucts products ment Period October November December Jiinimrv February MarchApril Mav June July August September October November V T G i is S 2 1 IS PrelimiDarv estimates 2 Received after chart was prepared 1956 COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I M 1 12 M2 1 11 r i rr rr r MM 1 S Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Various weekly indicators show that production continued to increase during November Steel production ran close to the peak rate reached in early October Automobile production electric power distribution and bituminous coal mining increased while freight carloadings and paperboard production averaged lower than during October MILLIONS OF TONS 3 J F MILLIONS OF SHORT TONS DAILY AVERAGE 3 M A M J J A S O N D I j i 1 1 1 r SOURCES AMERICAN EDISON IRON ELECTRIC Period Weekly average November December 1956 January February March April May June July August September October November 3 Week ended 1956 November December AND STEEL INSTITUTE INSTITUTE DEPARTMENT OF THE AND WARD S AUTOMOTIVE INTERIOR COUNCIL Of REPORTS ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Steel produced Cars and trucks power coal mined loaded produced Thousands Percent of distributed thousands thousands thousands assembled thousands of net theoretical millions of of short Cars Trucks Total of cars of tons tons capacity l kilowatt hours 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 January 1 1956 a Daily average for week Preliminary estimates Not charted Sources American Iron and Steel Institute Ediaon Electric Institute Department of the Interior Association of American Kailroads National Paperboard Association and Ward s Automotive Beports 18 NEW CONSTRUCTION Total construction expenditures seasonally adjusted increased in November All of the increase occurred in the public sector Contract awards which had been declining for several months rose in November BILLIONS OF DOLLARS 50 BILLIONS OF DOLLARS 50 10 PRIVATE RESIDENTIAL NONFARM Sy n jj r OTHER M i l l I I960 1 I i i PRIVATE i I i SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR i i i i i I I i i i i 1956 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total new construction Period Total private Private Residential nonfarm as Other 1 7 6 9 PS 8 3 fc 8 1 p Federal State and local Construction contracts awarded in 37 Eastern States Annual rates UnSeasonally adjusted adjusted SI S Seasonally adjusted annual rates 1955 October November December 1956 January February March April Mav June July August September October November Compiled by F W Dodge Corporation seasonally adjusted by the National Bureau of Economic Research Omits small contracts and covers rural areas less fully than urban Sources Department of Commerce Department of Labor and F W Dodge Corporation except as noted Preliminary estimates 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts seasonally adjusted continued in November at an annual rate in excess of 1 million units Financing applications to F H A and V A however declined between October and November MILLIONS OF UNITS I960 MILLIONS OF UNITS I953 I952 I95I I955 I954 if SEE FOOTNOTE I ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION V A I956 COUNCIL OF ECONOMIC ADVISERS Thousands of units New nonfarm housing starts Period Total 931 6 Annual total L Monthly average October November 76 2 December January February 78 3 March April May June July August 4 September 93 0 4 October November Publicly financed Total Privately financed Government programs Total FHA VA Proposed home construction Private seasonally Applications Requests adjusted for FHA comforVA l annual mitments appraisals rates a i Units represented by mortgage applications for new home construction Not available Partly estimated Sources Department of Labor Federal Housing Administration FHA and Veterans Administration VA 20 Preliminary estimates SALES AND INVENTORIES MANUFACTURING AND TRADE Manufacturers sales new orders and inventories rose in October Total trade sales also rose but inventories remained unchanged According to preliminary estimates retail sales rose about billion in November BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 30 TOTAL AND MANUFACTURING INDEX SEASONALLY ADJUSTED MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period September October November December January February March April ATAO y Mav June July August September 5 October r November 5 COUNCIL OF ECONOMIC ADVISERS Manufacturing Department stores Manufacturing Wholesale Retail and trade InvenInvenInven New InvenInvenSales 1 tories a Sales tories a orders Sales tories1 Sales tories Sales1 tories Index Billions of dollars seasonally adjusted seasonally adjusted a i a Monthly average for year and total for month Revised series on retail trade beginning with 1951 not comparable with previous data 2 Book value end of period 3 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 MERCHANDISE EXPORTS AND IMPORTS In the first 10 months of 1956 commercial exports were approximately 19 percent higher and imports almost 1 3 percent higher than during the corresponding period of 1955 MILLIONS OF DOLLARS MILLIONS OF DOLLARS I 2OO 800 I 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 1950 monthly average monthlv average 1952 monthly average monthly average 1954 monthly average 1955 monthly average 1955 September October November December 1956 January February March April May June July August September October Total Grant aid shipments Excess of exports over imports Excluding grant aid shipments a 1 182 a Merchandise imports Total Excluding grant aid shipments a i Beginning with 1950 figures include only Department of Defense shipments of grant aid military supplies and equipment under the Mutual Security Program Shipment for the first 6 months of the program July December 1950 amounted to 282 million dollars Not available Sources Department of Commerce and Department of Defense NOTB Detail will not necessarily add to totals because of rounding 22 PRICES CONSUMER PRICES The average of consumer prices rose 0 5 percent in October The transportation group increased 3 1 percent due lately to higher prices for new autos Food prices were unchanged while most other categories rose slightly I N D E X INDEX I II I960 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period September October November December 1956 January February March April May June July August September October Food Housing Total i i Includes In addition to rent homeowner costs utilities housefurnlsbings etc Transportation Rent Apparel Reading Other goods and Medical Personal and recreacare care tion services Source Department of Labor 23 WHOLESALE PRICES The average of wholesale prices rose 0 3 percent between October and November were offset by increases in industrial prices Declines in prices for farm products INDEX INDEX OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIAL ALLCOMMODITIES A K x A PROCESSED FOODS rFARM PRODUCTS A I I I I I I I I I M I I I IIII M I M 1956 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF L A B O R Period November December 1956 January February March April May June July August September October November Week ended December Weekly series based on smaller san Source Department of Labor 24 All commodities Farm products Processed foods Other than farm products and foods j industrial PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers remained unchanged from October 15 to November 15 rose slightly and the parity ratio declined 1 point INDEX The parity index INDEX I9IO I4 IOO PARITY INDEX PRICES PAID INTEREST TAXES AND WAGE RATES 200 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I J RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Period October 15 November January Ivlarch 15 April 15 May 15 June 15 July 15 August October 15 November 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 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 October the rise in demand deposits was less 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 6 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS 240 TOTAL EXCLUDING U S GOVERNMENT DEPOSITS PRIVATELY HELD MONEY SUPPLY Q 1956 COUNCIL OF ECONOMIC ADVISERS1 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars Total deposits and currency End of period September October November December January February March April May June July August September October Includes U 8 Government deposits at Includes deposits and currency held by U S Government deposits l Total excluding U S Government deposits privately held money supply 3 Demand Currency Time Total outside deposits deposits 4 banks adjusted Federal Reserve banks and commercial and savings banks and TJ 8 Treasurer s time deposits open account 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 8 Preliminary estimates NOIB Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS AND RESERVES During October loans of commercial banks rose 300 million compared to a 1 0 billion increase in September and an 800 million increase in October 1955 In November member bank borrowings at Federal Reserve Banks were unchanged but the average reserve deficiency borrowings at the Federal Reserve less excess reserves increased BILLIONS OF DOLLARS BILLIONS OF DOLLARS 160 I NVESTMENT IN OTHER SECURITIES 1956 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 October November December 1956 January February March April May June 4 July August 4 4 September October 4 November 4 Total loans and investments Loans Total Investments U S GovOther ernment securities securities Weekly reporting member2 banks Business loans All member banks l 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 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 NOTB Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 27 CONSUMER CREDIT In October total consumer credit outstanding increased 120 million compared to 200 million in September of this year and 400 million in October of last year BILLIONS OF DOLLARS 50 BILLIONS OP DOLLARS 50 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 September October NovemberDecember1956 January February March April May June July August September October Noninstalment credit outstanding Instalment credit outstanding Total Automobile paper Other Repair and consumer moderni Personal zation goods loans loans paper Total Charge accounts InstalInstalment ment credit ex credit tended repaid Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods anu secured by the items purchased 2 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 Bouroe Board of Governors of the Federal Reserve System O NOTE Data beginning 1948 are the revised series See Federal Reserve Bulletin October 1956 BOND YIELDS AND Yields on new Treasury bills reached new highs in late November and early December as did yields on high grade municipal corporate and Federal bonds PERCENT PER ANNUM 4 PERCENT PER ANNUM 4 CORPORATE Aaa BONDS MOODY S ui f r o o TREASURY BILLS I II I I I I v I I I i 1 1 1 III 1 I 1 i 1 I f f f I1 1 I ERIES BONDS DUE OR CALLABLE 10 TO 20 YEARS SEE TABLE BELOW SEE TABLE BELOW Period January February March April May June Julv August September October November Week ended 1956 November December i Kate on new issues within period a 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 0 COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U 8 Government security yields municipal 3 month bonds a Treasury Standard Taxable bonds 1 bills Poor s I J 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 By stem except as noted 29 STOCK PRICES Stock priccs declined during November INDEX I N D E X I I I I 1 I I I I960 I I i l l LL l LL LJ COUNCIL OF ECONOMIC ADVISERS SOURCE SECURITIES AND EXCHANGE COMMISSION Composite index Period Weekly average December 1956 January February March April May June July August September October November Week ended 1956 November December 7 i J C J Manufacturing TransDurable Nondura portation Total ble goods goods Utilities Trade finance Mining and service Includes 26fi common stocks 98 for durable goods manufacturing 72 for nondurable goods manufacturing 21 for transportation 29 for utilities 31 for trade finance and service and 14 for mining Indexes are for weekly closing prices Source Securities and Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The cumulative budget deficit for the first 4 months of the current fiscal year was 4 5 billion compared to 6 6 billion for the same period last year Tax collections are seasonally low during the first half of the fiscal year BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET EXPENDITURES NET BUDGET RECEIPTS MAJOR NATIONAL SECURITY EXPENDITURES BUDGET SURPLUS t OR DEFICIT ENLARGED SCALE FISCAL YEARS ESTIMATED SOURCES 1953 TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budget expenditures Period Fiscal year Fiscal year Fiscal year 1948 Fiscal year 1949 Fiscal year 1950 Fiscal vear Fiscal year Fiscal year 1953 Fiscal vear Fiscal year 1955 Fiscal year Fiscal year 1957 estimated 1955 September October November December 1956 January February March April May June 3 July 3 August September3 October 3 Cumulative totals for first 4 months Fiscal year 1956 Fiscal year Net budget receipts Total Major national securitv Budget surplus or deficit 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 Jane SO 1967 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 Not all of total shown is subject to statutory debt limitation Preliminary NOTE Detail will not necessarily add to totals because of rounding Sources Treasury Department and Bureau of the Budget 31 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC Federal cash receipts exceeded cash payments by 10 4 billion in the first 9 months of 1956 compared with an excess of receipts of 3 0 billion in the first 9 months of 1955 BILLIONS OF DOLLARS BILLIONS OF D O L L A R S 80 EXCESS OF CASH RECEIPTS ENLARGED SCALE JWVS j P W 1 JRgggal I i fa itMVi ni m M EXCESS OF CASH PAYMENTS I PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT I G CALENDAR Y E A R S COUNCIL OF ECONOMIC ADVISERS Millions of dollars Cash receipts from the public Calendar year Fiscal year total 1955 l Calendar year total Quarterly total not adjusted for seasonal variation First quarter Second quarter Third quarter Fourth quarter 1956 l First quarter Second quarter Third quarter Cash payments to the public Excess of receipts or payments i Preliminary estimates 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 Government Printing Office Washington 25 D C Price 20 cents per copy 2 00 per year 2 50 foreign U S G O V E R N M E N T P R I N T I N G O F F I C E

Per Capita Disposable Income

DATE: December 1956

PART OF:

Economic Indicators : December 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-. "Per Capita Disposable Income," 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-. "December 1956," Economic Indicators (December 1956) : 9-9. https://fraser.stlouisfed.org/title/1/item/329/toc/296883 , accessed on December 6, 2019.

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Economic Data