Status of the Labor Force

Name: Status of the Labor Force
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 2nd Session Economic Indicators FEBRUARY 1958 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created punuant to Sec 5 a of Public Law 304 79th Cong WRIGHT PATMAN Tezai Chairman JOHN SPARKMAN Alabama Vies Chairman RICHARD BOLLING Missouri HALE BOGGS Louisiana HENRY S REUSS Wisconsin 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 JOHN W LEHMAN Acting Executive Director COUNCIL OF ECONOMIC ADVISERS RAYMOND J SAULNER Ckairmm JOSEPH S DAVE PAUL W McCRACKEN PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S I 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 conomic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a ifficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies i the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint conomic Committee and the required number of copies to the Superintendent of Documents for distribution i depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to ic public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce 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 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 iii TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Total income and expenditures showed a drop in over oil economic activity between the third and fourth quarters of 1957 according to revised estimates Billions of dollars Fourth quarter Economic group Year Third quarter Excess of reExEx ceipts ExExReReRe Receipts pend or ex ceipts pend or ex ceipts pend or ex ceipts pend or exitures penditures penditures penditures penditures itures itures itures Excess of receipts Excess of receipts Excess of receipts Seasonally adjusted annual rates Consumers Disposable personal income 294 0 Personal consumption expenditures 272 3 Personal net saving Seasonally adjusted annual rates Excess of receipts or of investment Government Federal State and local Tax and nontax receipts or 112 7 accruals Less Transfers interest and subsidies net International Net foreign investment Excess of investment fi Business Gross retained earnings Gross private domestic investment Net receipts Fourth quarter Total government expenditures Less Transfers interest and subsidies net Purchases of goods and services Surplus or deficit on income and product account Statistical discrepancy GROSS NATIONAL PRODUCT Preliminary estimates NOTE For explanation and use of this arrangement see Senate Report No 1295 Joint Economic Report pp and Economic Report 0 the Prttitent January 1853 Appendii A rr Detail will not necessarily add to totals because of rounding Sources Department of Commerce and OoundJ of Economic Advisers The gross national product fell 7 4 billion seasonally adjusted annual rate between the third and fourth quarters of 1957 according to revised estimates The largest decline was in gross private domestic investment BILLIONS OF DOLLARS BILLIONS OF DOLLARS GOVERNMENT PURCHASES OF GOODS AND SERVICES I OO COUNCIl OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollarsJ Total Personal Grose gross Total conNet national sump private foreign gross domestic investproduct national tion in 1957 product expend investment ment prices itures Period J oas Z Government purchases of goods and services Federal State and Total National Other Total security1 local ae Seasonally adjusted annual rates 56 Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter Less Government sales tie United States Government n the Fit cat Year Ending June SO 1619 and shown on p 31 ol Economic indicators NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce NATIONAL INCOME Compensation of employees was 1 7 billion seasonally adjusted annual rate lower in the fourth quarter than in the third quarter of 1957 BILLIONS OF DOLLARS 40OI BILLIONS OF DOLLARS 14OO SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME 3OO COMPENSATION OF EMPLOYEES ZOO too PROPRIETORS AND x RENTAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT I95I NET INTEREST T I957 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Total national income Period Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter Fourth Quarter Compensation of employees Proprietors income Net interest Corporate profits and inventory valuation adjustment Total S Seasonally adjusted annual rates m i Includes employer contributions tor social insurance See also p 4 Not available NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted Business and professional Farm Rental income of persons JS Profits Inventory before valuation taxes adjustment 6 4 a m m Preliminary estimates by Council of Economic Advisers rounded to nearest half billion dollars SOURCES OF PERSONAL INCOME A continued drop in labor income seasonally adjusted a continued rise in transfer payments and a return of dividend payments to about the November level were the significant changes in personal income in January BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 350 TOTAL PERSONAL INCOME LABOR INCOME TRANSFER PAYMENTS FARM PROPRIETORS INCOME BUSINESS PROFESSIONAL AND RENTAL INCOMEDIVIDENDS AND PERSONAL INTEREST I f 7 I I I I I I I I I II SOURCE DEPARTMENT OF COMMERCE COUNCIl OF ECONOMIC ADVISERS Billions of dollars Labor income Proprietors income Less Per wage and Rental Total Personal Transfer sonal con Nonagrisalary disincome Divi interest tributions cultural Period personal bursements payBusiness of dends income ments for social personal income and other Farm and pro persons insurincome fessional labor income 1 ance Seasonally adjusted annual rates 1957 January February March April May June July August September October November December January Compensation of employees see p 3 excluding employer contributions ir social insurance and the excess of wage accruals over disbursements NOTE Detail will not necessarily add to total because of rounding Source Department of Commerce Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations s Total personal income and farm proprietors income have been revised beginning with January 1957 Preliminary estimates not charted DISPOSITION OF PERSONAL INCOME Disposable personal income fell 1 2 billion seasonally adjusted annual rate between the third and fourth quarters of 1957 Consumer expenditures declined by a like amount The saving rate again was about 6 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS 3 OO 300 DISPOSABLE PERSONAL INCOME ZOO 1 5 0 I SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Equals Less Personal Personal Disposable income taxes personal income Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter Fourth quarter Billions Includes such items as flues penalties and donations NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce 2 Less Personal consumption expenditures Saving Equals as percent Personal of disNonposable Durable durable Services saving Total income goods goods Billions of dollars of dollars seasonally adjusted annual rates HO ER CAPITA DISPOSABLE INCOME st capita disposable income measured in current or constant prices dropped from the third to the fourth quarter of DOLLARS DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 1957 PRICES1 CURRENT PRICES Total disposable personal income billions of dollars 1 Period Current prices prices SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS COUNCIl OF ECONOMIC ADV1SE8S Per capita disposable personal income dollars 1 Current prices prices Population thousands Seasonally adjusted annual rates 156 Third quarter Fourth quarter 157 First quarter Second quarter Third quarter Fourth quarter a Income less taxes Dollar estimates in current prices divided by consumer price index on a 1957 base Includes armed forces overseas Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures Sources Department of Commerce Department of Labor and Council of Economic Advisers FARM INCOME Revised estimates of net farm income indicate a billion increase in 1957 over 1956 if net change in inventories is included excluding net change in inventories there was a decline of about the same amount BILLIONS Of DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME eo NET FARM INCOME INCL NET CHANGE IN INVENTORIES S y INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF A6RICULTURE Realized gross farm income Period Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter Fourth quarter COUNCIl OF ECONOMIC ADVISERS Farm operators income Net income per farm Net income a including net change in Including Excluding Farm proinventories duction net change net change 1957 in invenin invenCurrent expenses prices prices tories 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 1 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 1957 amounted to 1 8 billion and 6 3 billion respectively i 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 S 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 1957 base The number of farms is held constant within a given year JORPORATE PROFITS orporate profits in the third quarter of 1957 were slightly lower than profits in the second quarter profits before axes were 1 0 billion seasonally adjusted annual rate higher and profits after taxes 0 5 billion higher than in IB third quarter of 1956 BILLIONS OF DOLLARS BILLIONS OF DOLLARS NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT COUNCIl Of ECONOMIC ADVKMS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Corporate profits before taxes Period Corporate tax liability Corporate profits after taxes Total Dividend payments Undistributed profits Seasonally adjusted annual rates 1956 Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter Fourth quarter o Preliminary estimates by Council of Economic Advisers rounded to the nearest half billion dollars Not available NOTZ See p 3 for profits before taies and after inventory valuation adjustment Detail will not necessarily add to totals because of rounding Source Department of Commerce eicept as noted GROSS PRIVATE DOMEBT1U Gross private domestic investment fell 5 2 billion seasonally adjusted annual rate in the fourth quarter of 1957 The reduction in inventories accounted for most of the decline BILLIONS OF DOLLARS V CHANGE IN BUSINESS INVENTORIES BILLIONS OF DOLLARS 7O 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 Total Total Kesidential nonfarm Other Producers durable equipment mo 19 0 Total Nonfarm Seasonally adjusted annual rates Third quarter Fourth quarter 1957 First Quarter Second quarter Third quarter Fourth quarter SO l Revisions shown on p 16 have not ret 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 NOTE Detail will not necessarily add to totals because of rounding Source Department o Commerce JtUK N W iOiANT AND EQUIPMENT The October November survey indicates that businesses intend to reduce expenditures on plant and equipment rather sharply during the first quarter of 1958 BILLIONS OF DOLLARS BILLIONS OF DOLLARS I957 IS5I I958 J 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 Seasonally adjusted annual rates Manufacturing Total1 Period First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Total Public Commerutilities cial and other9 3 66 a a 12 a 31 Excludes agriculture Commercial and other includes trade service finance communications and construction i Estimates based on anticipated capital expenditures as reported by business In late October and November 1957 NOTE Annual total is the sum ol 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 to the gross national product estimates of the Department of Commerce principally 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 Unemployment rose 1 1 million in January to a level of 4 5 million or 6 7 percent of trie labor force Total civilian employment declined 2 2 million to 62 2 million These changes were larger than usual for this time of year MILLIONS OFPERSONS 1 75 I952 I954 I953 I I956 W YEARS OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE Period 1958 COUNCIL OF ECONOMIC ADVISERS Total Civilian employment l Insured unemployment2 Unemployment labor of civilian All proCivilian State proforce in labor grams grams as Agricul Nonagri Number labor force cluding 1 Total of covered force cultural tural armed Unad Seas thousands employment forces justed adj of persons Thousands of persons 14 years of age and over New definitions December January 68 638 February 69 128 March 69 562 April 69 771 May 70 714 June July 73 051 August 71 833 September 71 044 October 71 299 November 70 790 December January Oil S 4 1 S S See Monthly Rcportt on the Labor Fora Department of Commerce for definitions methods of estimation periods to which data pertain etc Weekly averages Preliminary estimate Sources Department of Commerce Department of Labor and Council of Economic Advisers 11 NONAGRiCULTURAL EMPLOYMENT Employment in nonagricultural establishments dropped more than seasonally in January MILLIONS OF VifcfcE UNO SALARY WORKERS MIIUOHS OF WA6S AND SAL ART WORKERS 56 ALL NONAGRICULTURAL ESTABLISHMENTS I I 1 1 1 Li I l ujj I9S CONTRACT CONSTRUCTION ENLARGED SCALE WHOLESALE AND RETAIL TRADE ENLARGED SCALE H 0 2 5 IO S 1 t i i i I i i I l i A SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LAGOR Thousands of wage and salary workers J Period GovernContract Wholesale ment Nondu Mining construc and retail Federal tion State trade rable goods local Manufacturing Total unadjusted Total SOS SO SS 6S9 SI BS S S Bt IBS Total Durable gooda Other Adjusted or seasonal variation 1956 December 1957 January February March April May June July August SeptemberOctober NovemberDecember81958 January2 es 043 es oss SS 789 SO j Deludes 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 16th 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 sell employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which ara oaseoI on ea enumeration of population whereas the estimates in this table are based on reports from employing establishments 12 Source Department of Labor AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek in manufacturing was 38 7 hours in January 0 7 hours less than in December 1957 and 1 5 hours less than in January 1957 The over the month change was slightly larger than usual for this time of year HOURS PER WEEK HOURS PER WEEK NONDURABLE MANUFACTURING DURABLE MANUFACTURING I I I II jmJ I I II 1956 LLI BUILDING CONSTRUCTION I I I 1 I I I I I IJ RETAIL TRADE 1 I I I I I I I I I UU LLLUk I I I I II I II LUJ COUNCIL OF ECONOMIC ADVISgRS SOURCE DEPARTMENT OF LABOR Hours per week for production workers or nonsupervisory employees Manufacturing Period December 1957 January February March April May July August September October November 2 December 1958 January 8 Total Durable goods Data beginning with January 1948 are not strictly comparable with those tor earlier periods Preliminary estimates Source Department of Labor 21609 5S 3 nuilrtiDg Nondurable construction Retail trade goods Not available 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES In January averase hourly earnings of 2 10 for production workers in manufacturing were the same as in December 1957 but 5 cents more than in January DOLLARS PER HOUR DOLLARS PER HOUR 2 40 DURABLE MANUFACTURING 2 30 Z E OO l 90UU LJ l I I I I LlJ 2 6O LL I i i i I i i i i i i i i i i I i j i i i i i i i i I i i i i i i i i i i I i i i I9S I95S E OO NONDURABLE MANUFACTURING CURRENT PRIC U l SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees ll manufacturing Period Durable goods manufacturing Current 1957 prices prices Current prices Current 1957 prices1 prices 1957 prices s December January 2 05 February 2 05 March 2 05 April 2 06 Mav 2 07 June 2 07 July 2 07 August 2 08 September 2 09 October 2 11 November 3 2 10 December January Earnings in current prices divided by consumer price index on a 1957 base Data beginning with January 1948 are not strictly comparable with those for earlier periods il Source Department of Labor building construction N ondurable good manufacturing 4 Current prices Retail trade Current 1957 prices prices Preliminary estimates Not available 1957 prices AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings in manufacturing dropped 1 47 in January to 81 27 they were down 1 14 A reduction in hours worked accounted for the changes DOLLARS PER WEEK DOLLARS PER WEEK IOO Compared with a year earlier 115 SO 75 NONDURABLE MANUFACTURING RETAIL TRADE CURRENT PRICESv CURRENT PRICES 70 J U LJ I I I I I I I I I i i i i M ii 1955 I I I I 1 I I I I I j SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees All manufacturing Period Current prices December January 82 41 February March April 81 59 May June 82 18 July August 82 80 September October 82 56 November December January Current 1957 prices prices Building Nondurable goods manufacturing construction Current Current prices prices prices1 prices prices1 Durable goods manufacturing Earnings in current prices divided by consumer price index on a 1957 base 1 Data beginning with January 1948 are not strictly comparable with those for earlier periods Department of Labor Source W Preliminary estimates Not available Retail trade Current prices prices PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted declined in January for the fifth month in a row The estimated index of was 3 points lower ihan in December 1957 and 13 points lower than a year earlier INDEX IOO ISO INDEX I947 49 IOO I6O too I952 I953 I956 I955 I954 I957 I958 COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production renoa December 1957 January February March April May June July August September October November December 1958 January l i Preliminary estimates Manufactures Minerals Total Durable Nondurable Source Board of Governors of the Federal Beserve System PRODUCTION OF SELECTED MANUFACTURES Production decreases were registered in most major industry sroups of durable and nondurable manufactures in Jdnuary The sharpest decreases were in primary metals and fabricated metal products INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED eao zoo SOURCE BOARD OF OTVERNOSS OF THE r DER4L RESERVE SYSTEM Period D c m e eebr January February March April My a J n ue July August September OctoberNovember December 1958 January Preliminary estimates Primary metala COUNCIL OF ECONOMIC ABVI5ERS seasonally adjusted Durable manufactures Nondurable manufactures ConFabriTranspor Lumber Textiles Paper Chemical Foods sumer cated Machin tation and and and petro bever durable and metal ery equipprod apparel printleum ages and goods products ment ucts ing products tobacco s Not available Source Board of Governors of the Federal Reserv System WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production continued to decline during January and early February MILLIONS OF TONS MILLIONS OF SHORT TONS DAILY AVERAGE BITUMINOUS COAL STEEL L95JL J F M A M J J J BILLIONS OF KILOWATT HOURS F THOUSANDS I I I I I I I I I I I I I s SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average January February March April May June July August September October November December 1958 January 3 Week ended 1958 January February 1S vo N o COUNCIL OF ECONOMIC ADVISERS Bituminous Freight Electric Steel produced l power coal mined loaded Thousands Index distributed thousands thousands of net of short millions of of cars tons kilowatt hours tons Cars and trucks Paperboard produced assembled thousands thousands Total of tons Cars Trucks RO Weekly capacities net tons as of January 1 are and Bally averagetorweek Preliminary 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 Keports 1 18 NEW CONSTRUCTION Expenditures for total new construction in January were about the same as in December construction were offset by lower expenditures for private construction Higher outlays for public BILLIONS OF DOLLARS BILLIONS OF DOLLARS I I I i 1 I 1 I I I I I I I I I I I I I i 1 i I I I I I t I M i I 1 I i i I 1 I I I I I i I I I I I t I t I I i I I I M i i I I I I I 1 I I I 1 I t I I I I 1 20 PRIVATE RESIDENTIAL NONFARM S OTHER Pf IVATE 10 I I M I i i ii 1 i i i i i SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR Total new construction Period December January February March April Mav June July August September October November December 1958 Janujirv J t i iiii1 t iiii t i 1 1 i I COUNCIL Of ECONOMIC ADVISERS Billions of dollars Private Federal Construction contracts State and 48 States 2 37 Eastern Total Residential Other local States private nonfarm Seasonally adjusted annual rates Compiled by F W Dodge Corporation seasonally adjusted by the National Bureau of Economic Research Omits Email contracts and covers rural areas less fully than urban 3 Series begins January 1956 The 37 Eastern States data are probably Indicative of the 48 States trend for other periods Eevlsed series beginning January 1956 not comparable with prior data 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 aa noted 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts seasonally adjusted increased in January to the highest level in more than a year except for August 1957 MILLIONS OF UNITS MILLIONS OF UNITS 0 6 I I9S l SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION ma AND VETERANS ADMINISTRATION v Thousands of units New nonfarm housing starts Period Annual total I Monthly average December January February March April May June July August September October November December 1958 Januarv B 20 Total eae sa Publicly financed Total eai S J Privately financed Government program VA Total FHA L ia2 17 3 COUNCIL OF KOMOMtC ADVISERS Proposed borne construction Private Requests seasonally Applications adjusted for PEA comfor VA annual mitments appraisals rates id W OSO S 8S SS S S ia OSO Excludes armed forces housing 3 567 units in units in 1957 and 949 units in January 1958 i Units represented by mortgage applications for new home construction Sources Department of Labor Federal Hooting Administration FHA nd Veterans Administration Partly estimated Not available i Preliminary estimates VA SALES AND INVENTORIES MANUFACTURING AND TRADE Manufacturer s sales inventories and new orders declined in December Retail sales rose in December and according to preliminary data increased further in January BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 100 TOTAL AND MANUFACTURING INDEX IOO SEASONALLY ADJUSTED 160 I OO MANUFACTUR1N6 RETAIL TRADE AND WHOLESALE TRADE COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT Or COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Manufacturing Retail Manufacturing Department stores Wholesale and trade InvenInvenInvenInvenNew Sales1 tories1 Sales1 Inven orders1 Sales1 tories Sales1 tories1 Sales tories tories Index Billions of dollars seasonally adjusted seasonally adjusted Period November December 1957 January February March April May June July August September October November 4 December 1958 January Preliminary estimates Monthly average for year and total or month Book value end ot period seasonally adjusted Not charted i Book value end of period except annual data which are monthly averages Sources Department of Commerce and Board of Governors of the Federal Keserve System MERCHANDISE EXPORTS AND IMPORTS In 1957 both commercial exports merchandise exports excluding grant aid shipments and imports were about 3 percent higher than in 1956 MILLIONS OF DOLLARS MILLIONS OF DOLLARS MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS OO I ZOO SEE FOOTNOTES I AND 2 ON TABLE BELOW SEE WLUES FOR MARCH IN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVIS Millions of dollars Merchandise exports Period monthly average 1949 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 1955 monthly average 1956 monthly average 1957 monthly average 1956 November Deeember January February March April May June July August September October November 3 December Total Grant aid shipments a Excess of exports over imports Excluding grant aid shipments Merchandise imports Total Excluding grant aid shipments Beginning with 1950 figures include only Department of Defense shipments of grant aid military supplies and equipment under tie Mutual Security Program Shipments for the first 6 months of the program July December 1950 amounted to 282 million dollars Not available Preliminary estimates Not charted 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 remained unchanged in December offset increases in most other categories Declining prices or automobiles and apparel INDEX INDEX I4O COUNCIi Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All itemi Period November December 1957 January February March April May June July August September October November December Food Housing Total Includes In addition to rent homeowner costs utilities housefurnisbings etc Transportation Rent Apparel Reading Other Medical Personal and goods and cara care recreaservices tion Source Department of Labor 23 WHOLESALE PRICES The average of prices in primary markets rose slightly in January industrial commodity prices declined fractionally Farm product and processed food prices rose while INDEX INDEX IOO 130 x 1 120 OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIAL IOO COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All commodities Period January February March April May June July August September October November December 1958 January Weekended February Weekly series based on smaller sample than monthly series Bonne Department of Labor Farm products Processed foods Other than farm products and foods industrial sa s PRICES RECEIVED AND PAID BY FARMERS In the month ended January 15 the index of prices received by farmers increased 2 percent Both the index of prices paid including interest taxes and wage rates and the parity ratio increased 1 percent INDEX INDEX ISIO 14 IOO 325 PRICES PAID INTEREST TAXES AND WAGE RATES PRICES RECEIVED ALL FARM PRODUCTS II I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 1 I I 1 I I I I I I I I I I I I I I I I 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 December January 15 February 15 March April 15 May 15 June 15 July 15 August 15 September 15 October 15 November 15 December January 15 All farm products Crops Prices paid by farmers AH items Livestock Family interest Producand taxes and living tion products wage rates items items 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 i CURRENCY CREDIT AND SECURITY MARKETS 3URRENCY AND DEPOSITS he total of demand deposits and currency increased less than seasonally in December Time deposits continued to se BILLIONS OF DOLLARS BILLIONS OF DOLLARS 240 END OF MONTH TOTAL DEPOSITS AND CURRENCY I2O DEMAND DEPOSITS ADJUSTED TIME DEPOSITS 1 CURRENCY OUTSIDE BANKS U S GOVERNMENT DEPOSITS TfiiTTTTTTT rTTTTTi I I 1 I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period November December 957 January February March April May June July August 5 September October November 5 December Billions of dollars Total excluding U S Government deposits J U S Total Demand deposits and deposits Governcurrency Time and ment deTotal curDemand Currency deposits Total deposits4 outside rency posits adjusted banks i o COUNCIl OF ECONOMIC ADVISERS Demand deposits and currency seasonally adjusted Demand Currency Total deposits outside adjusted banks 134 7 1S B S4 6 136 S 1S s S S S S7 7 S S7 6 S7 7 S7 7 S S8 0 27 S S8 0 i Includes U 8 Government deposits at Federal Reserve Banks and commercial and savings bonks and TJ 8 Treasurer s time deposits open account 1 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 deposit t Includes demand deposits other than Interbank and U 8 Government less cash items In process of collection Preliminary estimates NOTK Monthly data are for the last Wednesday in the month except the unadjusted data for December 1956 which are for the last day of the month Detail will not necessarily add to totals because of rounding Source Board of Oovernon of the Federal Reserve System JB UMJK JjVJAIMS 1W VtfciTJVltWrb AND KESEKVES Commercial bank loans rose 1 3 billion in December 1957 compared to 800 million in December 1956 Excess reserves exceeded borrowinss by a small amount in January BILLIONS OF DOLLARS BILLIONS OF DOLLARS 180 I ISO ALL COMMERCIAL BANKS IEO BANK LOANSx 60 INVESTMENT IN U S GOVERNMENT SECURITIES U 1 20 INVESTMENT IN 01 i II tI I II I SECURITIES I I 11 I I i I I I I I I I I I I I I I I II I j I I i I t i t II END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars All commercial banks End of period December 1957 January February March April May June 4 Julv August 4 4 September October 4 4 November December 1958 January 4 Total loans and investments Loanr Tolal Investments U 8 GovOther ernment securities securities Weekly reporting member banks Business loans All member banke BorrowReserve balance ings at Federal Required Excess Reserve Banks Member banks Include besides all national banks those State bants that bave taken membership in the Federal Reserve System Commercial industrial and agricultural loans revised series beginning January 19S2 and again October 1956 Such loans by weekly reporting member banki 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 NOT Detail will not necessarily add to totals because of rounding Source Board of Governors or the Federal Eeserve System 27 CONSUMER CREDIT In December total consumer credit increased 1 3 billion about the same as December 1956 BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL CREDIT OUTSTANDING SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Millions of dollars Total consumer End of period credit outstanding J October November December 1957 January February March April jVTay June Julv August September October November December S I Noninstalment credit outstanding Instalment credit outstanding Total Automobile paper Other Repair and consumer moderni Personal zation loans goods paper loans Total Charge accounts Instal Instalment ment credit ex credit tended repaid Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the Items purchased no iDcludesronly sueh loans held byfinancialinstitutions those held by retail outlets are Included In other consumer goods paper O Credlt ertended or repaid during the period Source Board ot Governors ol the Federal Beserce Sy t m BOND YIELDS AND INTEREST RATES The Treasury bill raie dropped sharply in early February after declining gradually in January showed some firmness in early February following decreases in January PERCENT PER A N N U M PERCENT PER ANNUM SOURCES SEE TABLE BELOW Period 1958 COUNCIL Of ECONOMIC ADVISERS Percent per annum U S Government High grade security yields municipal bonds Si month Taxable a Standard3 Treasury bonds bills Poor s ago February March April May June July August September October November December 1958 January Week ended 1958 January February i Rate on new issues within period caua atfrls A lSSSSSSW l S vears Anril 1953 to date bonds due or callable 10 veare and after Long term rates Corporate bonds Moody s Aaa Prime commercial paper Baa 4 6 months Not charted Weekly data are Wednesday figures Treasury Department and Board of Governors of the Federal Reserve System except as noted 29 STOCK PRICES Stock prices were higher in January than in December INDEX BOO I N D E X IOO 500 4OO 3OO SOURCE SECURITIES AND EXCHANGE COMMISSION Period Weekly average February March April May June July August September October November December 1958 January Week ended 1958 January February Composite index COUNCtt OF ECONOMIC ADVISERS Manufacturing Trade TransDurable Nondura portation Utilities finance Mining Total andservice ble goods goods a I i Includes 265 common stocks 98 for durable goods manufacturing 72 Tor nondurable goods manufacturing 21 fo transportation 29 for utilities 31 lor trade finance and service and 14 for mining Indexes are lor weekly closing prices Not charted Source Securities and Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The cumulative budget deficit for the first 6 months of the current fiscal year was 6 7 billion compared to 5 7 billion for the same period of fiscal year 1957 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 FIRST 6 MONTHS FIRST 6 MONTHS BUDGET SURPLUS OR DEFICIT MAJOR NATIONAL SECURITY EXPENDITURES ENLARGED SCALE f5 FIRSTS MONTHS SO Z 5 5 FIRST 6 MONTHS Period FISCAL YEARS ESTIMATED SOURCES TREASURY DEPARTMENT AND BUREAU Of THE BUDGET COUNCIL OF ECONOMIC ADVISERS Net budget receipts Billions of dollars Net budget expenditures Budget Major national security 1 Total Total Department surplus or Total including excluding of Defense deficit defense defense military support support functions Public debt end of3 period Fiscal year 1944 Fiscal year 1952 Fiscal year 1953 Fiscal year 1954 Fiscal year 1955 Fiscal year 1956 Fiscal year 1957 Fiscal year 1958 estimated Fiscal year 1 59 estimated 1956 December 1957 January February March April May June July 4 August September October November 4 December Cumulative totals for first 6 months Fiscal year 19574 Fiscal year g Definition revised in 1958 Federal Budget Midyear Review October 1957 to include the defense support portion of the mutual security program Other items included are military functions of Department of Defense military assistance portion of the mutual security program development and control of atomic energy stockpiling and defense production expansion i Includes guaranteed securities except those held by the Treasury Not all of total shown Is subject to statutory debt limitation Not available Preliminary N n Detail will not necessarily add to total because of rounding Bourcei Treasury Department and Bureau o the Budget 31 I SH RECEIPTS FROM AND AYMENTS TO THE PUBLIC sderal cash receipts exceeded cash payments by 1 2 billion in calendar year 1957 compared with 5 5 billion in ie prior year In the fourth quarter there was a cash deficit of 4 4 billion due primarily to seasonally low tax ceipts BILLIONS OF DOLLARS BILLIONS Of DOLLARS 80 EXCESS OF CASH RECEIPTS ENLARGED SCALE EXCESS OF CASH PAYMENTS PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT J CALENDAR YEARS COUNCIl OF ECONOMIC ADV1SE8S Millionc of dollars Cash receipts from the public Period Fiscal year total estimated 1959 estimated Calendar year total Cash payments to the public Excess of receipts or payments fil SO Quarterly total not adjunted for seasonal variation 1966 Third quarter Fourth quarter 1957 First quarter Second quarter Third quarter Fourth Quarter Preliminary NOTE Detail will not necessarily add to totals because of rounding Source s Bureau ol the Budget and Treasury Department 32 For gale by the Superintendent of Document U 8 Government Printing Office Washington 25 D C Price 90 centi per copy 2 00 per year S2 SO foreign B I tOVERN E

Status of the Labor Force

DATE: February 1958

PART OF:

Economic Indicators : February 1958

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

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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-. "Status of the Labor Force," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "February 1958," Economic Indicators (February 1958) : 14-14. https://fraser.stlouisfed.org/title/1/item/382/toc/338671 , accessed on December 7, 2019.

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Economic Data