Bank Loans, Investments, and Reserves

Name: Bank Loans, Investments, and Reserves
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. 85thk Congress 1st Session te r p s V U1 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 Cong WRIGHT PATMAN Texas Chairman JOHN SPARKMAN Alabama Vice Chairman RICHARD BOLLING Missouri WILBUR D MILLS Arkansas AUGUSTINE B KELLEY Pennsylvania HENRY O TALLE Iowa THOMAS B CURTIS Missouri CLARENCE E KILBURN New York PAUL H DOUGLAS Illinois J WILLIAM FULBRIGHT Arkansas JOSEPH C O MAHONEY Wyoming RALPH E FLANDERS Vermont ARTHUR V WATKINS Utah BARRY GOLDWATER Arizona GROVER W ENSLEY Executive Director JOHN W LEHMAN Clerk COUNCIL OF ECONOMIC ADVISERS RAYMOND J SAULNIER Chairman JOSEPH S DAVIS PAUL W McCRACKEN PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S I Bes 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 3 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 copues 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 ii 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 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 Total income and expendiiures showed a moderate rise in over all economic activity between the fourth quarter of 1956 and the first quarter of 1957 BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES CONSUMERS DISPOSABLE INCOME EXPENDITURES ISO 1 I I I I I I I I I BUSINESS GOVERNMENT FEDERAL STATE AND LOCAL 100 EXPENDITURES FOR GOODS AND SERVICES LESS TRANSFER PAYMENTS EXCESS OF RECEIPTS t EXCESS OF EXPENDITURES I 1952 j I I I I 1954 i 1955 I l t 1956 i 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 about 3 billion seasonally adjusted annual rate between the fourth quarter of 1956 and the first quarter of 1957 Gross private domestic investment was the only major sector registering a decline which was due to inventory changes BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES PERSONAL CONSUMPTION EXPENDITURES 200 GOVERNMENT PURCHASES OF GOODS AND SERVICES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Total Personal Gross gross Net Total conprivate national sump domestic foreign gross product national tion investin 1956 product expend investment ment prices itures Period Q Government purchases of goods and services Federal State and Total National Other Total i security2 local Seasonally adjusted annual rates 1955 Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter Fourth quarter 1957 First quarter Lewi Government sales In Tke Budget of the V S Government for the Fiscal Year Endinc June SO NOTE Detail will riot necessarily add to totals because of rounding O Source Department of Commerce f and shown on p 31 of Economic Indicators NATIONAL INCOME National Income was about 3 billion seasonally adjusted annual rate higher in the first quarter of 1957 than in the last quarter of 1956 Compensation of employees accounted for most of the rise BILLIONS OF DOLLARS 400 I JBILljONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME 30O 300 COMPENSATION OF EMPLOYEES PROPRIETORS AND RENTAL INCOME CORPORATE PROFITS AND ilNVENTORY VALUATION ADJUSTMENT NET INTEREST PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF fCONOMIC ADVISERS Billions of dollars Period CL Proprietors income Rental income of persons Total national income Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter Fourth quarter 1957 First quarter 1 Compensation of em 1 ployees as Seasonally adjusted annual rates Farm 4ai Includes employer contributions for social insurance See also p 4 NOTE Detail will not necessarily add to totals because of rounding Business and professional Net interest 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 0 L7 2 5 a i SOURCES OF PERSONAL INCOME Personal income rose between March and April of the rise Labor income and transfer payments accounted for almost al BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Total personal income Period April May JuneJuly August September October November December 1 f 7 1 a mi ar y Kchruary Mnn li April Billions of dollars Labor income Proprietors income Less Per wage and Rental Personal Transfer sonal con Nonagrisalary distributions cultural Business income Divi interest paybursements of for social personal dends income ments Farm and proand other 1 insurincome3 fessional persons labor income ance Seasonally adjusted annual rates of employees Oo p 3 excluding employer contributions for social insurance f vr p iiccnmh over disbursements i jndii Uve of net Income of unincorporated farm enterprises farm wages agri mid nnt dividends paid to Agricultural corporations ill nnf urn Hh idd to t o t a l l ocause of rounding If li e of u COUNCIL OF ECONOMIC ADVISERS 1 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 about 2 billion seasonally adjusted annual rate between the fourth quarter of 1956 and the first quarter of 1957 Consumer expenditures rose more than disposable income and the rate of consumer saving declined BILLIONS OF DOLLARS 3 00 BILLIONS OF DOLLARS I95I SOURCE DEPARTMENT OF COMMERCE Equals Leas Personal Personal Disposable income taxes l personal income Period Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter Fourth quarter 1957 First quarter COUNCIL OF ECONOMIC ADVISERS Billions 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 Pereonal consumption expenditures Total Durable goods Saving Equals as percent Personal of dissaving Nonposable income durable Services goods Billions of dollars of dollars seasonally adjusted annual rates PER CAPITA DISPOSABLE INCOME percent higher than a In the first quarter of 1957 per capita disposable income seasonally adjusted was about year earlier Adjusted for price change it was at the same level DOLLARS DOLLARS 2 000 SEASONALLY ADJUSTED ANNUAL RATES 1956 PRICES CURRENT PRICES J I prices Current prices COUNCIL OF ECONOMIC AOYIS SS Total disposable personal Per capita disposable personal income dollars 1 income billions of dollars 1 Period SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS Current prices prices Population thousands Seasonally adjusted annual rates 1955 Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter Fourth quarter First q wirier ncome l s tfix 5 Dollnr rfUlmuti s In curri iif prices divided by consumer pririe Index on a 1956 base Indudi N united force OVIT WWI Annual dnta m of July 1 quarterly data centered in the middJe of the period interpolated from monthly figures urwn I i pnrtment of Oomm rw I cptirtinant of Labor and Council of Economic Advisers 6 FARM INCOME On a seasonally adjusted basis gross farm income declined 0 3 billion annual rate and net farm income 0 4 billion in the first quarter of 1957 Both however were higher than in the first quarter of 1956 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATEJ REALIZED GROSS FARM INCOME NET FARM INCOME INCL NET CHANGE x IN INVENTORIES L i I95I I i L INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Period Realized gross farm income Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter Fourth quarter 1957 First quarter COUNCIL OF ECONOMIC ADVISERS Farm operators income J Net income per farm Number of Net income a including net change in Including Excluding Farm profarms inventories net change net change duction millions 5 1956 in invenin invenCurrent expenses prices 4 prices tories 3 tories Dollars Billions of dollars Seasonally adjusted annual rates Cash receipts from farm marketings value of farm products consumed in farm households gross rental value of farm dwellings and Government payments to farmers Realized gross farm income less farm production expenses Excludes farm wages paid to workers living on farms and any income to farm people from nonfann sources which in 1955 amounted to 1 7 billion dollars and 6 1 billion dollars respectively Source Department of Agriculture except as noted aData prior to 1952 differ 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 the index of prices paid by farmers for items used in family living on a 1956 base The number of farms is held constant within a given year Estimate by Council of Economic Advisers CORPORATE PROFITS Corporate profits seasonally adjusted in the first quarter of 1957 were at about the same level as in the fourth quarter of 1956 and were about 6 percent above the first quarter of 1956 according to preliminary estimates 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 Corporate profits before taxes Period Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter Fourth quarter 1957 First quarter Corporate tax liability 8 Total Dividend payments Seasonally adjusted annual Preliminary eMtinateH by Council of Economic Advisers NOTK See NoTK Hee p for profits before taxes and after Inventory valuation adjustment and Invon Detail will not necessarily add to totuli became of roi rounding Source Department of Commerce except as noted Corporate profits after taxes Undistributed profits rates UO 7 GROSS PRIVATE DOMESTIC XNVISTMENT Gross private domestic investment seasonally adjusted fell in the first quarter of 1 957 Investment in producers durable equipment continued to rise residential outlays declined again and nonresidential construction increased slightly Inventories were liquidated at an annual rate of 1 2 billion BILLIONS OF DOLLARS TO BILLIONS OF DOLLARS CHANGE IN BUSINESS INVENTORIES N 1951 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total gross private domestic investment Period Change in business inventories Fixed investment New construction Residential nonfarm Total Total Commercial and industrial l Producers durable equipAll other ment Total Non farm Seasonally adjusted annual rates 1955 Third quarter Fourth quarter 1956 First quarter Second quarter Third quarter Fourth quarter 1957 First quarter i Includes public utility Includes petroleum and natural gas well drilling NOTE Detail will not necessarily add to totals because of roundine Source Department of Commerce t UK JM W FJbANT AND EQUIPMENT The February March survey of business expenditures on plant and equipment indicates a continuing rise in outlays during the first half of the year Anticipated outlays for the full year 1957 are 6 5 percent above outlays in 1956 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES MANUFACTURING COMMERCIAL AND OTHER COMMERCIAL PUBLIC UTILITIES TRANSPORTATION I l I952 I95I I I954 I953 I955 I957 I956 SEE NOTE 4 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Manufacturing Period Total i First quarter Second quarter Third quarter Fourth quarter 1957 First quarter 4 4 Second quarter Total Transportation Mining Durable NonduraRailroads Other goods ble goods L L Seasonally adjusted annual rates Public Commerutilities cial and other a a 12 Excludes agriculture Commercial and other includes trade service finance communications and construction 3 Annual total is the sura 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 4 Estimates based on anticipated capital expenditures as reported by business from late January to early March 1957 NOTE These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce princiDally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Detail will not necessarily add to totals because of rounding Sources Securities and Exchange Commission and Department of Commerce 10 EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Civilian employment rose about seasonally from March to April and unemployment again declined about seasonally MILLIONS OF PERSONS1 1 MILLIONS OFPERSONS J YEARS OF AGE AND OVER 1957 STATISTICS BASED ON NEW DEFINITIONS SOURCE DEPARTMENT OF COMMERCE Period March April Mav i j a j June July August September October November Decemberl New definitions 1957 January February March April COUNCIL OF ECONOMIC ADVISERS Total Civilian employment 1 Unemployment Insured unemployment labor Civilian force in of All proState prolabor cluding grams Total Agricul Nonagri Number civilian thousands grams as force l armed tural cultural labor of covered forces l of persons employment force Thousands of persons 14 years of age and over See Monthly Reports on the Labor Force Department of Commerce for definitions methods of estimation periods to which data pertain etc 2 3 Weekly averages Preliminary estimate Sources Department of Commerce labor force and Department of Labor insured unemployment NONAGRICULTURAL EMPLOYMENT Between March and April employment in nonagricultural establishments again rose slightly less than usual Manufacturing employment dropped slightly more than seasonally as a result of layoffs in consumer durable industries while nonmanufacturing employment increased about seasonally in most major industry groups MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS DURABLE MANUFACTURING J F M A M J NONDURABLE MANUFACTURING J A S O N D 0 CONTRACT CONSTRUCTION I J I I F M I A I J J I A J S J O Period March April May June July August September October November December 1957 January February 2 March April i s Total O N D J N D J F M A M J J A S COUNCIl Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Total adjusted for seasonal variation D WHOLESALE AND RETAIL TRADE I M N Thousands of wage and salary workers GovernManufacturing ment Contract Wholesale Durable Nondu Mining construc and retail Federal Total State trade tion goods rable goods local Not adjusted for seasonal variation Other f i Includes all full and part time wage and salary workeri in nonfegrienltural 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 nonagrieultural 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 based on an enumeration of population whereas the estimates in this table are based on reports from employing establishmenti Preliminary estimates Nora Beginning with 1954 data are based on first quarter 71950 benohpark levels Source Department of Labor AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek of manufacturing production workers declined less than seasonally between March and April but it was 0 4 hour below April 1956 HOURS PER WEEK HOURS PER WEEK DURABLE MANUFACTURING I954 NONDURABLE MANUFACTURING RETAIL TRADE 1956 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing Period March April May June July August September October November December 1957 January February March 2 2 April Total Durable goods Data beginning with January 1948 are not itrictly 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 T 1 fti n re jDUiluing Nondurable construction Retail trade goods Not available 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in April were 2 05 the same as in the previous 4 months DOLLARS PER HOUR DOLLARS PER HOUR BUILDING CONSTRUCTION CURRENT PRICES PRICES v X U JLLJLUN JJ 2 50 U M M I NONDURABLE MANUFACTURING 1 111 i i 1M L fr 1957 RETAIL TRADE CURRENT PRICES CURRENT PRICES M I I I I I I UJrv 1957 J EARNINGS IN CURRENT PRICES DIVIDED 1955 BY CONSUMER PRICE INDEX ON A 1956 BASE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR For production workers or nonsupervisory employees Current prices 1956 prices J Building Durable goods Nondurable goods manufacturing manufacturing construction Current 1956 Current Current prices prices prices 1 prices prices 1 prices All manufacturing Period March April May June July August September October November December 1957 January February March3 A p r i l t Kuril lug in current prices divided by consumer price index on a 1956 base Diiin linKlnnliiK with January 1948 are not strictly comparable with those for earlier periods NOTE Beginning with 1954 data are based on first quarter 1956 benchmark levels of employment Hourw I purttiu nt of Luboi Retail trade Current prices Preliminary estimates Not available 1956 prices AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings of 81 80 for manufacturing production workers in April were below March as hours worked were reduced However they were 2 81 above April of last year DOLLARS PER WEEK DOLLARS PER WEEK 95 DURABLE MANUFACTURING CURRENT PRICES 1957 RETAIL TRADE CURRENT PRICES i i i i I i i i i i i i i i i I i i i i l i i i i i I i i i i i Period March April May June July August September October November December 1957 January February March 3 3 April COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Durable goods Building All manufacturing manufacturing Nondurable goods manufacturing construction 1956 Current Current Current Current prices prices prices prices 1 prices prices l prices prices Earnings in current prices divided by consumer price index on a 1956 base Data beginning with January 1948 are not strictly comparable with those for earlier periodi NOTS Beginning with 1954 data are based on first quarter 1955 benchmark levels of employment Source Department of Labor i i i l i 1 i i i CURRENT PRICES PRICES 88 25 I EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1956 BASE SOURCE DEPARTMENT OF LABOR Retail trade Current prices prices l Preliminary estimates Not available 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted is estimated at for April one point below the March index INDEX INDEX I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production Period March April Ur aj Mav JuneJuly August September October November December 1957 January February March April Preliminary estimates 16 Manufactures Total Durable Nondurable Minerals Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES Production of most durable manufactures was slightly lower in April than in March while output of most nondurable was slightly higher INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED ISO MACHINERY x 1 FABRICATED METAL PRODUCTS X V A A i 1 i 1 11 i i iM ii iiii I II SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Primary metals 1957 COUNCIL OF ECONOMIC ADVISERS adtustedl Nondurable manufactures Durable manufactures ConTranspor Lumber Textiles Paper Chemical Foods sumer FabriMachin tation and and petro bever durable and cated and leum ages and goods ery equipprod apparel printmetal products tobacco ing ment ucts products March April May June July August September October November December January February 143 March 137 April i Preliminary estimates Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production declined in April MILLIONS OF TONS MILLIONS OF SHORT TONS DAILY AVERAGE BITUMINOUS COAL J F M A M J I t J It A I I I I I S I I I I I O I I N t I I I l jj 0 D I I t I J I I I I F I M I I I I A I I I 1 I 1 I M I I I I J I I I J I i I I I I A I I I I S I I I I O I I I I I N t I I D BILLIONS OF KILOWATT HOURS ii i i l i 1 1 1 i i I 1 1 i i i 1 1 1 i I i 1 1 1 1 j i SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Bituminous Freight Paper board Electric Cars and trucks Steel produced power coal mined produced loaded Thousands Percent of distributed thousands thousand thousands assembled thousands of net theoretical millions of of short Cars Trucks Total of tons of cars tons capacity J kflowatt hours tons s Period Weekly average April May June July August September October November December 1957 January February March April 3 Week ended 1957 April May COUNCIL OF ECONOMIC ADVISERS Percent of capacity based on weekly net ton capacity of beginning January beginning January beginning January beginning January and beginning January Daily average for week a Preliminary estimates Not charted Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paperboard Association and Ward s Automotive Reports 18 NEW CONSTRUCTION Increases in private nonresidential and public construction expenditures in April seasonally adjusted more than offset the continued decline in residential outlays The value of construction contracts in March was in excess of March 1956 BILLIONS OF DOLLARS BILLIONS OF DOLLARS PUBLIC PRIVATE RESIDENTIAL NONFARM B S T Tt fri rfwr ww a r r A i tI M l 10 OTHER PRIVATE I I I I I I I I I I I I95I I II I1I II1 II II I I 1 II SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR Period Total new construction Total private COUNCIL OF ECONOMIC ADVISERS Billions of dollars Private Federal State and Residential Other local nonfarm Seasonally adjusted annual rates 1956 March April Miay June July Ausust September October November December 1957 January February March 4 April i i i i i1 I i ii i Construction contracts 48 States 2 37 Eastern States Annual rates Seasonally Unadjusted adjusted 28 6 S S Compiled by F W Dodge Corporation seasonally adjusted by the National Bureau of Economic Research Omits small contracts and covers rural areas less fully2 than urban Data are available only for first 3 months of 1956 and 1957 The 37 Eastern States data are probably indicative of the 48 States trend for other periods 3 Kevised series beginning January 1957 not comparable with prior data Comparable data for March 1956 are 26 2 and 26 7 billion respectively Preliminary estimates Sources Department of Commerce Department of Labor and F W Dodge Corporation except as noted 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts seasonally adjusted increased in April but remained substantially below last year Financing applications for Government underwritten loans particularly VA loans were also substantially below the level of April 1956 MILLIONS OF UNITS MILLIONS OF UNITS SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION V A COUNCIL OF ECONOMIC ADVISERS Thousands of units Proposed home construction Private Privately financed Requests seasonally Applications for VA adjusted for FHA comGovernment programs 2 appraisals annual mitments Total 1 1 VA FHA Total rates L New nonfarm housing starts Period Total Annual total Monthly average March 98 6 April May 113 7 June July 101 1 August 103 9 September 93 9 October November Jatumry J Vbnmrv 05 0 fi 83 0 Mnreh J2 0 April Publicly financed KxcltKtr i tiniUMl fon housing 2 5H7 units in ll 56 and 1 489 units in first Partly estimated 4 u u m t l t i of iwr Not available Unit ntpnwitlflil by inorlgngv applications for nnw homo construction Preliminary estimates LJ J SourtMw Department of Labor Fudrrul llou Hltig Administration F 11 A and Veterans Administration VA SALES AND INVENTORIES MANUFACTURING AND TRADE Manufacturers inventories seasonally adjusted book value rose slightly in March while trade inventories declined Manufacturing and trade sales fell during the month as did manufacturers new orders According to preliminary data retail sales in April remained at the March level but department store sales declined BILL IONS QF DOLLARS SEASONALLY ADJUSTED 100 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 3O TOTAL AND MANUFACTURING RE1fAIL SCALE ENLARGEID INTORIES KT AL INVENTORIES S SALES 60 jr TOTAL SALES i U VsX Sr 10 l i i l i I i l l i i i i i i i 1 i iiii 1 1 M M 1 I f INDE Kt I947 49 IOO SEASONALLY ADJUSTED MANU FACTURING INVEN QRIES DEPARTMENT STORES INVENTORIES MANUFACTURING SALES i S v r iALES 20 i ii ii1 ii iM I l l i i i 1 i i i i i I 1 f J 1 IJ 1i 1 i l i i i i i i J 1 1 J I I I j I MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period February March April May June July August September October November December 1957 January February March 5 April 5 COUNCIL OF ECONOMIC ADVISERS Manufacturing Manufacturing Retail Department stores Wholesale and trad InvenInvenInven New InvenInvenSales tories s Sales tories a orders i Sales tories Sales tories Sales i tories Index Billions of dollars seasonally adjusted seasonally adjusted New series beginning 1951 and again February 1957 not comparable with pre1 Monthly average for year and total for month vious data 2 Book value end of period a Book value end of period except annual data which are monthly averages Preliminary estimates Sources Department of Commerce and Board of Governors of the Federal Reserve System 21 MERCHANDISE EXPORTS AND IMPORTS For the first 3 months of 1957 commercial exports were 29 percent higher than in the corresponding period of 1956 Imports were the same in both periods MILLIONS OF DOLLARS MILLIONS OF DOLLARS MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS I OOO M I l l l M J J J SEE FOOTNOTES I AND 2 ON TABLE BELOW 1954 I SEE VALUES FOR MARCH IN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Merchandise exports Period Total monthly average monthly average 1950 monthly average monthly average monthly average 1953 monthly average 1954 monthly average 1955 monthly average monthly average February March April May June July August Beptember October November December Grant aid shipments Excess of exports over imports Excluding grant aid shipments Merchandise imports Total Excluding grant aid shipments hum try I Vbr larv 3 M irili i i tHtiif K w u i iv V flKurrMhu iti h only i Hrtnn nt of Defense shipments of grant aid military supplies and equipment under the Mutual Security l tutfr fit Hh t nH nt fur th firit d mutithi of tint program July December 1950 amounted to 282 mOlion dollars 22 h bn iui f mumllng Sources Department of Commerce and Department of Defense PRICES CONSUMER PRICES The average of consumer prices rose 0 2 percent in March despite a decline in food prices ponents increased INDEX Ail other major com INDEX I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Ail Stems Period February MarchApril IVlay June July August September October November December 1957 January February March Food Housing Total i Includes in addition to rent homeowner COSES utilities housefurnlstiings etc Transportation Rent Apparel Reacting Other goods and Medical Personal and care recreacare services tion L Source Department of Labor 23 WHOLESALE PRICES The average of prices in wholesale markets increased slightly between March and April and processed foods rose while industrial prices declined fractionally INDEX dd Prices of farm products INDEX COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All commodities Period March April May June July August September October November December 1957 January February March April Source Department of Labor 24 Farm products Processed foods Other than farm products and foods industrial PRICES RECEIVED AND PAID BY FARMERS In the month ended April 15 the index of prices received by farmers rose 2 percent parity ratio were up 1 point Both the parity index and the PARITY INDEX PRICES PAID INTEREST TAXES AND WAGE RATES I954 I95I J RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX SOURCE DEPARTMENT OF AGRICULTURE i Percentage ratio of index of prices received by farmers to parity index Source Department of Agriculture COUNCIL OF ECONOMIC ADVISERS Period March 15 April 15 May 15 June 15 July 15 August 15 September 15 October 15 November December January 15 February 15 March 15 April 15 I955 Prices paid by farmers Parity index prices paid Prices refor items used in ceived by interest farmers Family Productaxes and wage rates living tion Index Parity ratio l CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS Total demand deposits and currency declined more than seasonally in March However time deposits continued their greater than seasonal rise which has been maintained throughout the first quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS 240 END OF MONTH TOTAL DEPOSITS AND CURRENCY 200 TOTAL EXCLUDING U S GOVERNMENT DEPOSITS PRIVATELY HELD MONEY SUPPLY TIME DEPOSITS CURRENCY OUTSIDE BANKS U S GOVERNMENT DEPOSITS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars End of period I February March April May tlune July August c ptonilwr October Total deposits and currency U S Government deposits Total excluding U S Government deposits privately held money supply 3 Demand Currency Time deposits outside Total deposits adjusted banks NovotnbiT i M enibpF J n i i u a r v February f JM irvh i 3 i win i l H Um rmm m ii tHi m ut Federal Reserve banks and commercial and savings banKsf and TJ 8 Treasurer s time deposits open account Inclu In di j0sltH H nJ currency hold by State and local governments luclti l dMrmnd d putns hi r Onus iutt rlmt k and U 8 Government Q rash items in process of collection InHu diMwwifi J fiiinnifMTiul tmnki tniitiml uivingi banks and Postal Savings System but excludes interbank deposits rn H nl niry m lo NOTE DotutI I J I lint ii tVM nrHy udd to totals Iwatise of rounding Source Board of Governors of the Federal Keserve System 26 BANK LOANS INVESTMENTS AND RESERVES Commercial bank loans rose 1 3 billion in March compared with a rise of 2 2 billion in March 1956 Free reserves excess reserves less borrowings at the Federal Reserve were a larger negative amount in April than in March due to an increase in member bank borrowings BILLIONS OF DOLLARS BILLIONS OF DOLLARS ISO ISO I954 END OF MONTH COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period March April May June July AugustSeptember October November December 1 957 January 4 4 February March ADril 4 Total loans and investments Billions of dollars All commercial banks Investments U S Gov Other Loans ernment Total securities securities Weekly reporting member banks Business loans All member banks J 2 BorrowReserve balances ings at Federal Required Excess Reserve Banks i Mem her banks Include besides all national banks those State banks that have taken membership In the Federal Eeserve System Commercial industrial and agricultural loans revised series beginning January 1952 and again October 1955 Such loans by weekly reporting member banks represent approximately 70 percent of business loans by all commercial banks s Data are averages of dally 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 the Federal Eeserve System 27 CONSUMER CREDIT In March total consumer credit outstanding remained substantially unchanged compared to a rise of 300 million in March 1956 BILLIONS OF DOLLARS 50 BILLIONS OF 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 February March April May June July August SfplrmlMT October MVt tnhrr I nl tT 1 l iV i t i i l t r v f V J M u n M H i r i i H i OJJ N oninstairueiit credit outstanding Instalment credit outstanding Total S I 29S i i Automobile paper f 1 Other Repair and consumer moderni Personal zation loans goods loans 2 paper Total Charge accounts Instal Instalment ment credit ex credit s 8 tended repaid rhmltu automobiles and other consumer goods and secured by toe items purchased ti i i by rftftil outlets are included in other consumer goods paper Bource Board of Governors of the FederalJReserve System BOND YIELDS AND INTEREST RATES Yields on new Treasury bills during April averaged somewhat under the yields that have prevailed in recent months In late April yields on most long term securities rose significantly PERCENT PER ANNUM 4 PERCENT PER ANNUM REVISED SERIES BONDS DUE OR CALLABLE IOTO 20 YEARS SEE TABLE BELOW SOURCES SEE TABLE BELOW Period May June July August September October November December January February March April Week ended 1957 April May 4 11 1 per an mi ml High grade U 8 Government security yields municipal 3 month bonds Taxable bonds Treasury Standard8 Poor s bills a P Bate on new issues within period 2 First Issued in 1941 The single series on these bonds which continnpd through March 1953 included October 1941 March 1962 bon ls dop or callable after 15 years April 1952 Marcb 19B3 bonds due or callable after 12 years Weekly data are Wednesday figures COUNCIL OF ECONOMIC ADyiSERS a 42 a Corporate bonds Moody s Aaa a 72 Baa Prime commercial paper 4 6 months a 93 4 Bonds due or callable from 10 to 20 years Bonds due or callable 20 years and after Sources Treasury Department and BoaH of Governors of the Federal Eeserve System except as noted 29 STOCK PRICES Stock prices rose during April INDEX INDEX IS SOURCE SECURITIES AND EXCHANGE COMMISSION COUNCIL OF ECONOMIC ADVISERS Manufacturing Composite index 1 Period Weekly average May June July Aucust September October November December 1957 January February March April YY 4 ended IUfi7 April 5 V2 Total H J j 35 2 3d K f is r hit ililn pMiil fi t t t ill il f I I 1 Trade Trans Mining Nondura portation Utilities finance and service ble goods l i Durable goods i ll l 11 f l i t 1 1 I i 1 I 1 1 k 1 I I K 72 lor nondurable goods manufacturing 21 for transportation 21 for utilities 31 FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The cumulative budget deficit for the first 9 months of the current fiscal year was 1 4 billion compared to 1 3 billion for the same period in fiscal 1956 BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET EXPENDITURES 75 NET BUDGET RECEIPTS FIRST 9 MONTHS I952 I953 I954 I955 I956 I952 I BUDGET SURPLUS t OR DEFICIT MAJOR NATIONAL SECURITY EXPENDITURES ENLARGED SCALE t FISCAL YEARS ESTIMATED SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budget receipts Period Fiscal year 1944 Fiscal year 1949 Fiscal year 1950 Fiscal vear 1951 Fiscal year Fiscal year 1953 Fiscal vear 1954 Fiscal year Fiscal year Fiscal year 1957 estimated February March April May June 8 July August September October 8 3 November December a 3 1957 January 3 February March 3 Cumulative totals for first 9 months Fiscal year Fiscal year Net budget expenditures Major Total nationall security 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 June SO 1958 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 nrodueHoTi fi rmnsion Include guaranteed securities except those held by the Treasury Not all of total shown is subject to statutory debt limitation 3 Preliminary rt T NOTE 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 In the first quarter of 1957 Federal cash receipts exceeded cash payments by 4 8 billion due primarily to seasonally high tax receipts The cash surplus in the first quarter of 1956 was about 7 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS EXCESS OF CASH RECEIPTS ENLARGED SCALE jj m jj EXCESS OF CASH 195I PAYMENTS I I CALENDAR Y E A R S PRELIMir4ARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT COUNCIL OF ECONOMIC ADVISERS Millions of dollars Cash receipts from the public Calendar yea Fiscal year total Calendar year total l 1956 Quarterly total not adjusted for seasonal 1955 Third quarter Fourth ouartor First quarter Second quarter Third quarter Fourth quarter 1957 First Quarter Cash payments to the public Excess of receipts f or payments variation S Preliminary estimates NOTS 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 5 0 foreign

Bank Loans, Investments, and Reserves

DATE: May 1957

PART OF:

Economic Indicators : May 1957

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-. "Bank Loans, Investments, and Reserves," 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-. "May 1957," Economic Indicators (May 1957) : 30-30. https://fraser.stlouisfed.org/title/1/item/334/toc/213377 , accessed on December 16, 2019.

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Economic Data