Gross National Product or Expenditure

Name: Gross National Product or Expenditure
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. 85th Congress 1st Session Economic Indicators OCTOBER 1957 Prepared for the joint Economic Committee by the Council of Economic Advisers The September 1957 revised edition of the Historical and Descriptive Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is now available at 40 cents a copy from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 25 D C 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 G O MAHONEY Wyoming RALPH E FLANDERS Vermont ARTHUR V WATKINS Utah BARRY GOLDWATER Arizona JOHN W LEHMAN Acting Executive Director 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 J 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 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 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 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 31 32 TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Total income and expenditures showed a rise in over all economic activity between the second and third quarters of 1957 according to preliminary estimates Billions of dollars Economic group Third quarter Second quarter Third quarter Year J Excess Excess Excess Excess of reof reof reof reEx ceipts ReEx ceipts Ex ceipts ReEx ceipts ReRe H ceipts pend or ex ceipts pend or ex ceipts pend or ex ceipts pend or exitures penditures penditures penditures penditures itures itures itures Seasonally adjusted annual rates Consumers Disposable personal income Personal consumption expenditures Excess of receipts or of investment Net receipts Purchases of goods and services Surplus or deficit on income and product account GROSS NATIONAL PRODUCT Total government expenditures Less Transfers interest and subsidies net Statistical discrepancy International Net foreign investment Excess of investment Government Federal State and local Tax and nontax receipts or accruals Less Transfers interest and subsidies net Personal net saving Business Gross retained earnings Gross private domestic investment Preliminary estimates by Council of Economic Advisers Assumes corporate profits at second quarter 1957 level Assumes corporate profits tax liability at second quarter 1957 level NOTE For explanation and use of this arrangement see Senate Report No 1295 Joint Economic Report pp and Economic Report of the President January 1953 Appendix A Detail will not necessarily add to totals because of rounding Sources Department of Commerce and Council of Economic Advisers GROSS NATIONAL PRODUCT OR EXPENDITURE The gross national product rose 4 7 billion seasonally adjusted annual rate between the second and third quarters of 1957 according to preliminary estimates Net foreign investment and national security outlays fell slightly BILLIONS OF DOLLARS BILLIONS OF DOLLARS GOVERNMENT PURCHASES OF GOODS AND SERVICES PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Billions of dollars Total Personal Gross gross conTotal Net national gross sump private foreign product national tion domestic investin 1956 product expend investment ment prices itures Period COUNCIL OF ECONOMIC ADVISERS a oa LO Government purchases of goods and services Federal State and Total National Other Total i security local ias 37 3 4as ae ia2 Seasonally adjusted annual rates 1956 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Less Government sales 2 Includes expenditures for military services international security and foreign relations except foreign loans development and control of atomic energy promotion of the merchant marine promotion of defense production and economic stabilization and civil defense For further details see Economic Report of the President January 1955 p 137 and National Income W54 Edition p 148 These expenditures are not comparable with the major national security category in The Budget of the United States Government for the Fiscal Year Ending June SO 1958 and shown on p 31 of Economic Indicators 1 Preliminary estimates by Council of Economic Advisers NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted NATIONAL INCOME Compensation of employees was 3 0 billion seasonally adjusted annual rate higher in the third quarter than in the second quarter of 1957 Proprietors income and net interest registered small gains while rental income was unchanged BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS 400 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME 300 COMPENSATION OF EMPLOYEES PROPRIETORS AND RENTAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT NET INTEREST t r PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Proprietors1 income Rental income of persons Total national income First quarter Second quarter Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter 2 Compensation of em 1 ployees a Seasonally adjusted annual rates Includes employer contributions for social insurance See 3 Preliminary estimates by Council of Economic Advisers also p 4 Not available NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted Farm Business and professional Net interest Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment SOURCES OF PERSONAL INCOME Personal income seasonally adjusted dropped slightly in September to an annual rate of 346 5 billion income accounted for the drop BILLIONS OF DOLLARS Labor BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 350 TOTAL PERSONALINCOME 250 x LABOR INCOME 200 TRANSFER PAYMENTS FARM PROPRIETORS INCOME BUSINESS PROFESSIONAL AND RENTAL INCOME DIVIDENDS AND PERSONAL INTERESTI I II I I 1954 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Labor income Proprietors income Less Per wage and Rental Total Personal Transfer sonal consalary distributions income Divi interest personal bursements Period payBusiness dends income ments for social of income Farm and pro persons and other insurfessional labor income 1 ance Seasonally adjusted annual rates September October November December January February March April May June July f MG K August i Hi f Si pti inbrr set p excluding employer contributions for social insurance vrr Hlsbur st ments ol rounding Nonagricultural personal income Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations a Includes 2 7 billion National Service Life Insurance dividend most of which was paid in the first half of the year 4 Preliminary estimates DISPOSITION OF FEKSUJNAJb Disposable personal income rose 3 1 billion seasonally adjusted annual rate between the second and third quarters of 1957 Consumer expenditures rose more than disposable income and the rate of saving fell BILLIONS OF DOLLARS S OF DOLLARS I95I I956 PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCED EXCEPT AS NOTED Equals Less Personal Personal Disposable income taxes personal income Period First quarter Second quarter Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter 1957 COUNCIL OF ECONOMIC ADVISERS Less Personal consumption expenditures Total Saving Equals as percent of disPersonal posable NonDurable durable Services saving income goods goods Billions of dollars Billions of dollars seasonally adjusted annual rates Includes such items as fines penalties and donations 2 Preliminary estimates by Council of Economic Advisers NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted INCOME UAFITA Per capita disposable income measured in current prices rose from the second to the third quarter of 1957 but fell when adjusted for price changes Both changes were very small DOLLARS 2 000 DOLLARS 2 000 SEASONALLY ADJUSTED ANNUAL RATES 1956 PRICES COUNCIL OF ECONOMIC ADVISERS Total disposable personal Per capita disposable perincome billions of dollars 1 sonal income dollars 1 Period 1956 prices Current prices i 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 1956 First quarter Second quarter Third quarterFourth quarter First quarter Second quarter Third quarter Income less taxes 2 Dollar estimates in current prices divided by consumer price index on a 1956 base Includes armed forces overseas Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures Preliminary estimates by Council of Economic Advisers Sources Department of Commerce Department of Labor and Council of Economic Advisers 6 FARM INCOME Gross farm income decreased 0 3 billion seasonally adjusted annual rate and net farm income 0 1 billion in the third quarter of 1957 Both remained higher than in the first quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 40 REALIZED GROSS FARM INCOME 17 NET FARM INCOME INCL NET CHANGE IN INVENTORIES INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Period Realized gross farm income First quarter Second quarter Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter COUNCIL OF ECONOMIC ADVISERS Farm operators7 income Net income per farm Net income 2 including net change in Excluding Including Farm proinventories duction net change net change in inven1956 in invenexpenses Current 3 tories prices 4 prices tories Dollars Billions of dollars iae 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 2 Realized gross farm income less farm production expenses Excludes farm wages paid to workers living on farms and any income to farm people from nonfarm sources which in 1956 amounted to 1 8 billion and 6 7 billion respectively 3 Data prior to 1952 differ from farm proprietors income on pages 3 and 4 Source Department of Agriculture except as noted 1955 Number of farms millions because of revisions by the Department of Agriculture not yet incorporated into the national income accounts of the Department of Commerce 4 Dollar estimates in current prices divided by the index of prices paid by farmers for items used in family living on a 1956 base 5 The number of farms is held constant within a given year 6 Estimate by Council of Economic Advisers CORPORATE PROFITS Corporate profits in the second quarter of 1957 declined almost 2 billion seasonally adjusted annual rates below the first quarter and were slightly lower than profits during the second quarter of 1956 BILLIONS OF DOLLARS BILLIONS OF DOLLARS I95I I952 I I957 I953 NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Corporate profits before taxes Period Total Dividend payments Undistributed profits Seasonally adjusted annual rates P 0 Not available 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 Corporate profits after taxes First quarter Second quarter Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter Corporate tax liability GROSS PRIVATE DOMESTIC Gross private domestic investment seasonally adjusted rose in the third quarter of 1957 Investment in producers durable equipment was unchanged and the rate of inventory accumulation rose slightly according to preliminary estimates BILLIONS OF DOLLARS BILLIONS OF DOLLARS 70 70 SEASONALLY ADJUSTED ANNUAL RATES 60 GROSS PRIVATE DOMESTIC INVESTMENT NEW CONSTRUCTION PRODUCERS DURABLE EQUIPMENT V X CHANGE IN BUSINESS INVENTORIES I95I I I956 I955 I954 PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Total gross private domestic investment Change in business inventories Fixed investment New construction l Total Residential nonfarm Total Other Producers durable equipment Total Nonfarm Seasonally adjusted annual rates 1956 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Revisions shown on p 19 have not yet been incorporated into these accounts Other construction in this series includes petroleum and natural gas well drilling which are excluded from estimates on p 19 2 Preliminary estimates by Council of Economic Advisers NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted FOR NEW PLANT AND EQUIPMENT The July August survey indicates that business expenditures on plant and equipment are likely to level off during the remainder of this year The total for 1957 is estimated at 37 billion 6 percent above the previous record set in 1956 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL MANUFACTURING L COMMERCIAL AND OTHER TRANSPORTATION I I I I95I I 1952 I 1953 I I 1 U J I SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS f Billions of dollars Transportation Mining Durable NonduraRailroads Other goods ble goods Seasonally adjusted annual rates Manufacturing Period Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter 3 3 Fourth quarter Total i Total Public utilities Commercial and other Excludes agriculture Commercial and other includes trade service finance communications and construction Estimates based on anticipated capital expenditures as reported by business in late July and August 1957 NOTE 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 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 charge d 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 Total civilian employment fell by 700 000 in September as students left their summer jobs little change Unemployment showed MILLIONS OF PERSONS SOURCE DEPARTMENT OF COMMERCE Period August September October November Decemberl New definitions 1957 January February March April May June July August September COUNCIL OF ECONOMIC ADVISERS Total Insured unemployment 2 Civilian employment l Unemployment l labor State pro of civilian All proforce in Civilian grams as grams laborl Agricul Nonagri Number labor force cluding Total of covered force tural cultural armed Unad Seas thousands employment forces justed adj of persons Thousands of persons 14 years of age and over S S S S S S See Monthly Reports on the Labor Forcet Department of Commerce for definitions methods of estimation periods to which data pertain etc Weekly ayerages 3 Preliminary estimate Sources Department of Commerce labor force and Department of Labor insured unemployment 4 4 A NONAGRICULTURAL EMPLOYMENT Employment in nonagricultural establishments rose by 250 000 in September a smaller rise than is usual at this time of year MILLIONS OF WAGE AND SALARY WORKERS MANUFACTURING ALL NONAGRICULTURAL ESTABLISHMENTS DURABLE GOODS INDUSTRIES NONDURABLE GOODS INDUSTRIES CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE E N L A R G E D SCALE ENLARGED SCALE SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers Total SO August September October November December 1957 January February March April Mav June July August 2 Heptmubrr W Period Government Contract Wholesale and retail Federal Durable Nondu Mining constructrade State tion goods rable goods local Manufacturing Total unadjusted Total Other Adjusted for seasonal variation Oil and part time wap and salary workers in nonapriculltiral establishments who worked during or received pay for any part of the pay period th of Hie m o n t h Includes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this f nhlc not rnmparat u if h KMiiuiti r of nuimj i iculturul ciiiployiri nt of the civilian labor force reported by the Department of Commerce p 11 which include pro d p rj ons itnd doiiH tic s Tvnnt which count persons as employed when they are not at w r ork because of industrial disputes and which are iti n of j H j f u i i r i t J o f i v iricu Hit st imatcs in this table ans bascni oh reports from employing establishments 12 V i f tiiuaft AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek of production workers in manufacturing was unchanged in September at 40 0 hours HOURS PER WEEK HOURS PER WEEK NONDURABLE MANUFACTURING DURABLE MANUFACTURING i i i i l i BUILDING CONSTRUCTION RETAIL TRADE SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing 5 Period Total August September October November December 1957 January February March April May June July 2 August September Durable goods ST Data beginning with January 1948 are not strictly comparable with those for earlier periods 2 Preliminary estimates Source Department of Labor Building Nondurable construction Retail trade goods f Not available 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were 2 08 in September up 1 cent from August and 7 cents higher than September 1956 ARS PER HOUR 1954 i EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A isse BASE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR For production workers or nonsupervisory employees Current 1956 pricei prices l Building Durable goods Nondurable goods construction manufacturing manufacturing 1956 Current Current Current prices prices prices prices prices pricesl All manufacturing Period August September October November December 1957 January February March April May June July 3 August September L Earnings in current prices divided by consumer price index on a 1956 base Dutii beginning with January 1948 are not strictly comparable with those for earlier periods Source Department of Labor 14 Retail trade Current prices Preliminary estimates 4 Not available 1956 prices AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Avera e weekly earnings in manufacturing rose to 83 20 in September 1 39 higher than a year ago DOLLARS 95 DOLLARS PER WEEK PER WEEK f DURABLE MANUFACTURING CURRENT PRICES NONDURABLE MANUFACTURING M CURRENT PRICES PRICES 88 25 I EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1956 BASE SOURCE DEPARTMENT OF LABOR For production workers or nonsupervisory employees Building Durable goods All manufacturing manufacturing Nondurable goods manufacturing construction Current Current Current Current prices prices l prices prices prices prices1 prices prices l Period August September October November December 1957 January February March April May iTJ J June July 3 August September 3 COUNCIL OF ECONOMIC ADVISERS Earnings in current prices divided by consumer price index on a 1956 base 2 Data beginning with January 1948 are not strictly comparable with those for earlier periods Source Department of Labor Retail trade Current prices prices s Preliminary estimates Not available 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted is estimated at for September 1 point below the revised index for August and the same as a year ago INDEX INDEX I I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production IPiiwi jr enoQ January February March April May June Joly August September August September October November December i Preliminary estimates w Durable Nondurable g Minerals Total Manufactures Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES Production of most durable manufactures dropped in September while nondurables continued close to August rates INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED COUNCIL Of ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Period Primary metals August September October November December January February March AprilMay June July August September 1 Preliminary estimates Nondurable manufactures Durable manufactures ConTranspor Lumber Textiles Paper Chemical Foods sumer Fabriand and and petro bever durable cated Machin tation and leum ages and goods prod apparel printery metal equipucts ing products products tobacco ment Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Automobile production declined sharply in September on account of model changeovers Freight carloadings and production o paperboard and electric power also declined Output of steel showed little change while coal increased MILLIONS OF TONS MILLIONS OF SHORT TONS DAILY AVERAGE STEEL BITUMINOUS COAL 1955 BILLIONS OF KILOWATT HOURS THOUSANDS 250 SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Electric Steel produced power Thousands Percent of distributed of net theoretical millions of tons capacity 1 kilowatt hours Period Weekly average September October November December 1957 January February March April May June Julv August Srpinnbor 3 Vi k c i i l f l It Y Srpi I l n b o r i O w rlnbrr r JIJ 4 ID Vi 2 l Vi 00 In2 J i l l y juvra Sources A m e r i c a n I run at Association ari i V u r l v A n t o 18 COUNCIL OF ECONOMIC ADVISERS Bituminous i reign i coal mined loaded thousands thousands of short of cars tons Paperboard Cars and truuka produced assembled thousands thousands Total Cars Trucks of tons J 10 J 0 J un 5 i i tun capacity of j hci innin January beginning January beginning January 1 i J ij hrrininn Jaruiai y I Prrllininury Not charted t u f f lali Min i i h c i r i c I i i t l t u t D c p n f h n c n t of the Interior Association of American Railroads National Paperboard NEW CONSTRUCTION Total construction expenditures seasonally adjusted rose in September to a new all time high Both private residential and public construction outlays increased while private nonresidential expenditures declined slightly BILLIONS OF DOLLARS BILLIONS OF DOLLARS PRIVATE RESIDENTIAL NONFARM Z OTHER PRIVATE i i i 1 i i i i i i i i SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR Period August September October November December 1957 January February March April May June July August September 4 Total new construction I i i i i COUNCIL OF ECONOMIC ADVISERS Billions of dollars Private Construction contracts Federal Total Residential State and 48 States3 Other 37 Eastern States1 private nonfarm local Annual rates Seasonally Seasonally adjusted annual rates Unadjusted adjusted pc o o K i O O 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 Series begins January 1956 The 37 Eastern States data are probably indicative of the 48 States trend for other periods 3 Revised series beginning January 1956 not comparable with prior data 4 Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding 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 decreased slightly in September FHA applications declined moderately from August levels and VA appraisal requests dropped substantially MILLIONS OF UNITS MILLIONS OF UNITS J SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION V A COUNCIL OF ECONOMIC ADVISfRS Thousands of units New nonfarm housing starts Period Annual total Monthly average August September October November December 1957 January February Mareh April Mnv Juno July ll ll l m l H r Total r Publicly financed Total Proposed home construction Private Privately financed Requests seasonally Applications for VA Government programs adjusted for FHA comappraisals mitments annual VA Total FHA 1 rates SS u n i t s in JW and 4 730 units in tbe i j Mrulion for now liome construction i cMh r HniHiu A iliiiliilst rnt Ion f FIT A and Veterans Administration 8 Partly estimated Not available Preliminary estimates SALES AND INVENTORIIS MANUFActuMiNd AND TRADE Manufacturers inventories seasonally adjusted remained unchanged in August while sales and new orders declined Trade inventories increased by 200 million sales were unchanged According to preliminary estimates retail sales in September dropped 300 million BILLIONS OF DOLLARS SEASONALLY ADJUSTED 100 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 30 INDEXLI947 49 I001 SEASONALLY ADJUSTED MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Manufacturing Department stores Manufacturing Retail Wholesale and trade InvenInvenInvenInvenNew Period Sales1 tories a Sales1 Inven orders1 Sales1 tories a Sales 1 tories Sales i tories 3 tories J Index Billions of dollars seasonally adjusted seasonally adjusted as July August September October November December January February March April May June July August September Monthly average for year and total for month New series beginning with 1951 not comparable with previous data 2 Book value end of period seasonally adjusted 8 Preliminary estimates 8 Book value end of period except annual data which are monthly averages Sources Department of Commerce and Board of Governors of the Federal Reserve System 21 MERCHANDISE EXPORTS AND IMPORTS For the first 8 months of 1957 commercial exports merchandise exports excluding grant aid shipments were 20 percent higher and imports about 2 percent higher than in the corresponding period of 1956 MILLIONS OF DOLLARS 2 000 MILLIONS OF DOLLARS i 800 MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS I OOO 1953 J SEE FOOTNOTES I AND 2 ON TABLE BELOW SEE VALUES FOR MARCH IN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Merchandise exports Period monthly average 1949 monthly average 1950 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 1955 monthly average 1956 monthly average 1956 JulyAugust September October November December January February March April May Juno July August Total Excess of exports over imports Grant aid shipments 1 Excluding grant aid shipments Merchandise imports Total Excluding grant aid shipments Bt piiiiiini with J W figures include only Department of Defense shipments of grant aid military supplies and equipment under the Mutual Security Program Shipments for tin iirxl l months of the program July December 1950 amounted to 282 million dollars 3 Not available Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Sources Department of Commerce and Department of Defense 22 PRICES CONSUMER PRICES The average of consumer prices rose 0 2 percent in August percent was in food prices All major categories rose slightly The largest rise 0 4 INDEX INDEX COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period July August September October November December 1957 1 JanuEry February March April May June July August AC J All itemi Food Housing Total i Includes in addition to rent homeowner costs utilities housefurnishings etc Transportation Rent Apparel Reading Other Medical Personal and goods care and recreacare tion services Source Department of Labor 23 WHOLESALE PRICES The average of prices in primary markets fell 0 3 percent in September The largest decline 2 0 percent was in farm products Processed food and industrial prices also decreased slighily INDEX I947 49 MOO INDEX p OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIAL no l ALL COMMODITIES V A v v PROCESSED FOODS v v v FARM PRODUCTS Vv I I I l I I I I I II I95 90 I I I I I II I I II LL 1953 I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All com Period August September October November December 1957 January February March April May June July August S ij l iinb r modities U ji it t o c t i t l l il i WWk f t i c h t l l Hlf 7 Uc hihcr S If v i i nr ba M on MimlltT sample than monthly series fti Farm products Processed foods Other than farm products and foods industrial PRICES RECEIVED AND PAID BY FARMERS In the month ended September 1 5 the index of prices received by farmers declined seasonally 3 points while the index of prices paid including interest taxes and wage rates rose 1 point The parity ratio was down 1 point INDEX I9IO I4 IOO 325 INDEX PRICES PAID INTEREST TAXES AND WAGE RATES J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period August 15 September 15 October 15 November 15 December January 1 5 February 15 March 15 April 1 5 May 15 June 15 July 15 August 15 September 15 All farm products Crops Prices paid by farmers All items Family interest Livestock Productaxes and living tion and items wage rates items products parity index Index Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates Source Department of Agriculture Parity ratio CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS Total demand deposits and currency decreased more than seasonally in August started in late 1956 Time deposits continued the rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2401 END OF MONTH TOTAL DEPOSITS AND CURRENCY I60 I DEMAND DEPOSITS ADJUSTED TIME DEPOSITS CURRENCY OUTSIDE BANKS U S GOVERNMENT DEPOSITS TYrr i i iTT TI SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period July August September October November December 1957 January 5 6 February March 6 5 April5 May 5 June July August i 3 Includes Total U S deposits Governand ment curderency posits l Billions of dollars Total excluding U S Government deposits 2 Demand deposits and currency Time Demand Currency Total de 8 Total deposits4 outside posits adjusted banks COUNCIL OF ECONOMIC ADVISERS Demand deposits and currency seasonally adjusted Demand Currency Total deposits outside adjusted banks 1S S U S Government deposits at Federal Reserve Banks and commercial and savings banks and U S Treasurer s time deposits open account Includes deposits and currency held by State and local governments Includes deposits in commercial banks mutual savings banks and Postal Savings System but excludes interbank deposits Includes demand deposits other than interbank and II S Government less cash items in process of collection Preliminary estimates NOTE Monthly data are for the last Wednesday in the month exceptions are the unadjusted data for June and December which are for the last day of the month Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 26 BANK LOANS INVESTMENTS AND RESERVES In Augus commercial bank loans increased 0 5 billion slightly more than the rise in August 1956 Free reserves excess reserves less borrowings at the Federal Reserve continued negative in September and early October BILLIONS OF DOLLARS 180 I BILLIONS OF DOLLARS ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS 120 IOO 80 INVESTMENT IN U S GOVERNMENT SECURIT I INVESTMENT IN OTHER SECURITIES I I I I I I END OF MONTH COUNCIl OF KONOMtC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period 1949 i August September October November December January 4 February March April 4 May 44 June 4 July August 4 4 September Total loans and investments Billions of dollars All commercial bank Investments Loans U S GovOther Total ernment securities securities as Weekly reporting member banks Business loans AM member banks BorrowReserve balances ings at Federal Required Excess Reserve Banks S ias Member banks include besides all national banks those State banks that have taken membership In the Federal Reserve 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 3 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 ol Governors of the Federal Eeserve System tyt CONSUMER CREDIT In August total consumer credit rose about 520 million compared with an increase of 400 million in August 1956 BILLIONS OFDOLLARS 50 BILLIONS OF DOLLARS 50 I957 I95I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE S Y S T E M COUNCIL OF ECONOMIC ADVISERS Millions of dollars Total consumer End of period credit outstanding July August SeptemberOctober NovemberDecember 1957 January February March April M av June July Aui usi N oninstalment credit outstanding Instalment credit outstanding Total Automobile paper Other Repair and consumer moderni Personal zation loans goods paper J loans Total Charge accounts InstalInstalment ment credit ex credits repaid tended lc all ooriMiwor credit ox tended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased only Midi loans held by financial institutions those held by retail outlets are included in other consumer goods paper cxii wh d or rvfnud during the period Source Board of Governors of the Federal Reserve System 28 BOND YIELDS AND INTEREST Yields on new Treasury bills fluctuated slightly above 31 4 percent during September and early October again establishing new highs for recent periods Yields on long term securities showed divergent trends PERCENT PER ANNUM PERCENT PER ANNUM I957 I95I EVISED SERIES BONDS DUE OR CALLABLE 10 TO 20 YEARS SEE TABLE BELOW SOURCES SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum Period October November December 1957 January February March April May June July August September Week ended 1957 September October U 8 Government security yields 3 month Treasury Taxable bonds 2 bills Rate on new issues within period First issued in 1941 The single series on these bonds which continued through March 1953 included October 1941 March 1952 bonds due or callable after 15 years April 1952 March 1953 bonds due or callable after 12 years Weekly data are Wednesday figures High grade municipal bonds Standard3 Poor s Prime commercial paper 4 6 months Corporate bonds Moody s Aaa Baa a 24 Bonds due or callable from 10 to 20 years Bonds due or callable 20 years and after Preliminary Sources Treasury Department and Board of Governors of the Federal Reserve System except as r oted STOCK PRICES Stock prices on the average continued in September the decline from highs reached in July INDEX INDEX SOURCE SECURITIES AND EXCHANGE COMMISSION Composite index Period Weekly average October November December 1957 January February March April May June July August September Week ended 1957 September G October COUNCIL OF ECONOMIC ADVISERS Manufacturing Trade TransDurable Nondura portation Utilities finance Mining Total and service goods ble goods isa i m G G GO a i i Includes 265 common stocks 98 for durable goods manufacturing 72 for nondurable goods manufacturing 21 for transportation 29 for utilities Hi for trade finance and service and 14 for mining Indexes are for weekly closing prices QQ Source Securities and Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The cumulative budget deficit for the first quarter of the current fiscal year was 2 5 billion due primarily to seasonally low tax collections For the same period of last year the budqet deficit amounted to 1 7 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET EXPENDITURES NET BUDGET RECEIPTS FIRST TWO MONTHS MAJOR NATIONAL SECURITY EXPENDITURES FIRST TWO MONTHS BUDGET SURPLUS OR DEFICIT ENLARGED SCALE FIRST TWO MONTHS 5 0 FIRST TWO MONTHS I955 I956 I957 I958 I953 I956 I957 I958 FISCAL YEARS ESTIMATED COUNCIL OF ECONOMIC ADVISERS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Billions of dollars Period Fiscal year Fiscal year 1949 Fiscal year 1950 Fiscal vear 1951 Fiscal year 1952 Fiscal year 1953 Fiscal year 1954 Fiscal year Fiscal year 1956 Fiscal year Fiscal year 1958 estimated September October November December January February March April May June July August September Cumulative totals for first 3 months 4 Fiscal year 1957 Fiscal vear Net budget receipts Net budget expenditures Major national Total security Budget surplus f or deficit g L j Public debt end of period i Includes the items classified as major national security in The Budget of the United States Government for the Fiscal Year Ending June SO 1958 These expend ture items are Military functions of Defense Department military assistance portion of the Mutual Security program development and control of atomic energy tockpiling and defense production expansion a Includes guaranteed securities except those held by the Treasury Not all of total shown is subject to statutory debt limitation 4 Preliminary Not charted Q1 NOTE Detail will not necessarily add to totals because of rounding Sources Treasury Department and Bureau of the Budget 01 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC Federal cash receipts exceeded cash payments by 5 7 billion in the first 9 months of 1957 compared with an excess of receipts of 10 4 billion in the first 9 months of 1956 BILLIONS OF DOLLARS BILLIONS OF DOLLARS EXCESS OF CASH RECEIPTS ENLARGED SCALE EXCESS OF CASH PAYMENTS I95I PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT J 1957 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS Millions of dollars Cash receipts from the public Period Fiscal year total estimated Calendar year total Quarterly total not adjusted for seasonal variation Excess of receipts or payments First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter 1 2 Cash payments to the public Preliminary Not charted NOTE Detail will not necessarily add to totals because of rounding Sources Bureau of the Budget and Treasury Department 32 For Mile by the Superintendent of Documents U S GoYernment Printing Office Washington 25 D C Price 20 cents per copy 2 00 per year 2 50 foreign U S GOVERNMENT PRINTING OFFlCEi 1957

Gross National Product or Expenditure

DATE: October 1957

PART OF:

Economic Indicators : October 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-. "Gross National Product or Expenditure," 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-. "October 1957," Economic Indicators (October 1957) : 5-5. https://fraser.stlouisfed.org/title/1/item/358/toc/311520 , accessed on December 11, 2019.

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Economic Data