Housing Starts and Applications for Financing

Name: Housing Starts and Applications for Financing
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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Congress 2nd Session Economic Indicators JULY 19S8 Prepared for the Joint Economic Committee by the Council of Economic Advisers as v 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 BOILING 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 JOHN D HOBLITZELL Jr West Virginia RODERICK H RILEY Executive Director JOHN W LEHMAN Clerk COUNCIL OF ECONOMIC ADVISERS RAYMOND J SAULNIER Chairman JOSEPH S DAVIS PAUL W McCRACKEN PUBLIC LAW 120 81st1 CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce 11 Contents TOTAL OUTPUT INCOME AND SPENDING 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 iit TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Preliminary estimates show a small increase in total income and expenditures between the first and second quarters of 1958 Billions of dollars Second quarter Year Economic group ExRe pendceipts itures Excess of receipts or expenditures Excess of receipts ExRe pendceipts itures or expenditures First quarter ExRe pendceipts itures Excess of receipts or expenditures Second quarter Excess of reExRe pend ceipts ceipts itures or expenditures Seasonally adjusted annual rates Consumers Disposable personal income 305 1 Personal consumption ex284 4 penditures Gross retained earnings 45 6 Gross private domestic investment Personal net saving f Business Excess of receipts or of investment Excess of investment International Net foreign investment Government Federal State and local Tax and nontax receipts or accruals 116 2 Less Transfers interest 27 4 and subsidies net Net receipts Total government expenditures Less Transfers interest and subsidies net Purchases of goods and services Surplus or deficit on income and product account Statistical discrepancy 7 GEOSS NATIONAL PRODUCT Preliminary estimates Not available NOTE Series revised beginning 1946 For details see Survey of Current Business July 1958 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 Gross national expenditures rose 2 2 billion seasonally adjusted annual rate between the first and second quarters of 1958 according to preliminary estimates Increases occurred in personal consumption expenditures arid government purchases BILLIONS OF DOLLARS 5OO BILLIONS OF DOLLARS 500 SEASONALLY ADJUSTED ANNUAL RATES PERSONAL CONSUMPTION EXPENDITURES N 200 GOVERNMENT PURCHASES OF GOODS AND SERVICES 100 I I PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS COUNCIL Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Billions of dollars Total Personal Gross gross Total conNet national sump private foreign gross domestic investproduct national tion in 1957 product expend investment ment prices itures Period L4 3 5 Government purchases of goods and services Federal Total Total National security Other State and local Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Preliminary estimates by Council of Economic Advisers Less Qowrnmeut soles Includes expenditures for military services international security and foreign tions except foreign loans development mnd control of atomic energy promoi of the m relumt innr liia promotion of defense production and economic iilfut tUm ind civil dnfwn o For further dt tuils sec Economic fteport of the A Jftimary 1U65 p W and Nattonul Income W 4 Edition j 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 S0t 1959 and shown on p 31 of Economic Indicators NOTE Series revised beginning 1946 For details see Survey of Current Business July 1958 Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted NATIONAL INCOME Compensation of employees remained virtually unchanged between the first and second quarters of 1958 proprietors income rose 1 billion seasonally adjusted annual rate Farm BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40O 400 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES X PROPRIETORS AND RENTAL INCOME V CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT NET INTEREST I J PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED 1958 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period First quarter Second quarter Third quarter Fourth quarter 1958 First quarter 2 Second quarter i 3 Proprietors income Corporate profits and inventory valuation adjustment Compensation of employees Seasonally adjusted annual rates Farm Includes employer contributions for social insurance See also p 4 Preliminary estimates by Council of Economic Advisers Not available Source Department of Commerce except as noted Rental income of persons Total national income Business and professional Net interest Total Profits Inventory valuation before taxes adjustment L NOTE Series revised beginning 1946 For details see Survey e Current Business July 1958 Detail will not necessarily add to totals because of rounding SOURCES OF PERSONAL INCOME Personal income rose 1 9 billion seasonally adjusted annual rate in June accounted for the rise An increase in labor income BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 350 TOTAL PERSONAL INCOME x LABOR INCOME BUSINESS PROFESSIONAL AND RENTAL INCOME f DIVIDENDS AND PERSONAL INTEREST I I I II I I I I I I I I I I I I I I I I SOURCE DEPARTMENT OF COMMERCE Total personal income Period May June July August September October November 1 ecember J a n u a r y 1 Ybruarv Mnrcli A p r i l IV n v him i MS 2 MO 1 M7 1 MS 1 MU 1M K Billions of dollars Labor income Proprietors income wage and Rental salary disDiviBusiness income of bursements Farm and pro persons dends and other fessional labor income Seasonally adjusted annual m m r in o i MO r u v I J 4 i COUNCIL OF ECONOMIC ADVISERS Less Personal contributions for social insurance Personal Transfer payinterest income ments rates Nonagricultural personal income o Curm Kuti t 1 1 I I iUl jn ruU H Of r i H U K l l t l K DISPOSITION OF PERSONAL INCOME Disposable personal income rose 2 6 billion seasonally adjusted annual rate between the first and second quarters of 1958 Total consumer expenditures rose 1 8 billion though outlays for durable goods continued to fall BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Period First quarter Second quarter Third quarter Fourth quarter 1958 First quarter 2 Second quarter COUNCIL OF ECONOMIC ADVISERS Equals Less Personal Personal Disposable income taxes 1 personal income Total Saving Equals as percent Personal of disNonposable Durable durable Services saving income goods goods Billions of dollars Seasonally adjusted annual Includes such items as fines penalties and donations NOTE Series revised beginning 1946 For details see Survey of Current Businew July I9f 8 Detail will not nocesswily add to totnls hoctui of rounding BourtM Dfpurtimmt of ointnt r XJ wfctvpl itoUuj Less Personal consumption expenditures rates Preliminary estimates by Council of Economic Advisers a 4 PER CAPITA DISPOSABLE INCOME Per capita disposable income measured in current prices rose a little in the second quarter but was slightly lower than in the first quarter when measured in constant prices SEASONALLY ADJUSTED ANNUAL RATES I 20O L SEE FOOTNOTE Z ON TA8LE BELOW SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS I prices Current prices In COUNCtt Of ECONOMIC ADVISERS Total disposable personal Per capita disposable perincome billions of dollars sonal income dollars Period I Current prices prices Population thousands Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter 1958 First quarter 4 Second quarter i Income less taxes Rftllar wtinutUtg in current prices divided by consumer price index on a 1957 ast Include iinned forces overseas Annual data as of July 1 quarterly data enturiHl In Ui muidlo of the i crltKl luU ppi ttcU from monthly ffcurus 6 l 770 Preliminary estimates NOTE Series revised beginning 1946 For details see Survey of Current Business July 1958 Sources Department of Commerce Department of Labor and Council of Economic Advisers FARM INCOME In the second quarter of 1958 farm operators net income seasonally adjusted whether excluding or including inventory change was 8 percent above the first quarter according to preliminary estimates BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES NET FARM INCOME INCL NET CHAN6E IN tNYENTOttES INCOME OF FARM OPERATORS FROM FARMING SOURCE DemRTMENT OF A Period Realized gross farm income COUNCIL Of ECONOMIC ADVISERS Farm operators income Net income 2 Farm proExcluding Including duction net change net change in invenexpenses in inventories tories Billions of dollars 6 2 ia Net income per farm including net change in inventories Current 1957 prices prices Dollars Number of farms millions iO 49 Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter First quarter Second Quarter 8 1 Cash receipts from farm marketings value of farm products consumed in farm households gross rental value of farm dwellings and Government payments to farmers Bealized 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 8 Data prior to 1946 differ farm proprietors income on pages 3 and 4 on from 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 1967 base 6 8 The number of farms is held constant within a given year Preliminary estimates NOTE Series revised beginning 1946 For details see Farm Income Situation Jnlv J Source Department of Agriculture CORPORATE PROFITS Corporate profits in the first quarter of 1958 were lower than in the fourth quarter of 1957 Profits before taxes were lower by 8 2 billion seasonally adjusted annual rate profits after taxes fell 4 5 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE 1958 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Corporate profits before taxes Period Corporate tax liability Corporate profits after taxes Total Dividend payments Undistributed profits Seasonally adjusted annual rates 1957 First Quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Preliminary estimates by Council of Economic Advisers NOTE Series revised beginning J946 For details see Survey of Current Business July p 3 for profits before taxey and after Inventory valuation adjustment Detail will not neeosajirily add to totals because of rounding 8 Not available Source Department of Commerce except as noted GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment fell 1 6 billion seasonally adjusted annual rate in the second quarter of 1958 according to preliminary estimates All components of fixed investment contributed to the decline BILLIONS OF DOLLARS BILLIONS OF DOLLARS i 80 Q 0 SEASONALLY ADJUSTED ANNUAL RATES 60 7 GROSS PRIVATE DOMESTIC INVESTMENT NEW CONSTRUCTION PRODUCERS DURABLE EQUIPMENT j X CHANGE IN BUSINESS INVENTORIES J PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED 1958 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total gross private domestic investment Period Change in business inventories Fixed investment New construction l Total Residential nonfarm Total Other Producers durable equipment Total Nonfarm Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter 1958 First quarter 2 Second quarter i Other construction in this series includes petroleum and natural gas well drilling which are excluded from estimates on p 19 Preliminary estimates by Council of Economic Advisers NOTE Series revised beginning 1946 For details see Survey of Current ttusiness July 1958 Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted 9 EXPENDITURES FOR NEW PLANT AND EQUIPMENT The April May survey of business expenditures on plant and equipment indicated a continuing drop in outlays during the remainder of this year Anticipated outlays for the full year 1958 are 17 percent below outlays in 1957 BILLIONS OF DOLLARS BILLIONS OF DOLLARS J SEE NOTE 3 ON TABLE BELOW COUNCIL OF ECONOMIC ADVBEBS SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OP COMMERCE Billions of dollars Manufacturing Period First quarter Second quarter Third quarter Fourth quarter 1958 First quarter 3 Second quarter Third quarter 3 Total V Total a IL Durable NonduraRailroads Other goods ble goods a Seasonally adjusted annual rates Excludes agriculture Commercial and other includes trade service finance communications and construction 2 Estimates based on anticipated capital expenditures as reported by business in Iat6 April and May 1958 NOTE Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures which include adjustments when necessaryt for systematic tendencies in anticipatory data 10 Transportation Mining Public utilities Coinmeiv ciai and other a 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 charged to current expense Detail will not necessarily add to totals because of rounding Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Unemployment increased in June to 5 4 million as students and graduates entered the labor force Total employment increased by slightly less than is usual in June MILLIONS OF PERSONS 75 MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE COUNCll OF ECONOMIC ADVISERS Total Insured unemployment 3 Civilian employment l Unemployment l labor Civilian State pro of civilian All proforce in labor Period Agricul Nonagri Number labor force grams grams as eluding Total force tural cultural armed Unad Seas thousands of covered forces justed adj of persons employment Thousands of persons 14 years of age and over New definitions l Oil May June July August September October November December January February March April May June See Monthly Reports on the Labor Force Department of Commerce for definitions methods of estimation periods to which data pertain etc 3 Weekly averages 8 Preliminary estimate Sources Department of Commerce Department of Labor and Council of Economic Advisers 11 NONAGRICULTURAL EMPLOYMENT Employment in nonagricultural establishments rose by seasonally adjusted in June facturing increased for the first time since December 1956 Employment in manu MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS MANUFACTURING ALL NONAGRICULTURAL ESTABLISHMENTS DURABLE j GOODS INDUSTRIES 10 NONDURABLE GOODS INDUSTRIES X CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE ENLARGED SCALE ENLARGED SCALE IO O 1955 SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS l Thousands of wage and salary workers May June July August September October November December 1958 January February March April 2 May June 2 Government Contract Wholesale Nondura Mining construc and retail Federal trade State tion ble goods local Adjusted for seasonal variation Manufacturing Total unadjusted Period Total SO Sll 48 SOS Total Durable goods 1 Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period ending nearest tho 16th of the month Excludes proprietor self employed pernonn domestic servants and personnel of the armed forces Total derived from thin table not comparable with estimates of nonugrlcultural employment of tho civilian labor fore rej orted by the D purtrnfnt of Opmmwco p 11 which Inproprietor MI If employed JHTHOIH and tiouu itle servants which count 12 Other 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 establishments a Preliminary estimates NOTE Data beginning 1956 have been revised Bourctt Department of Labor AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek in manufacturing rose to 39 2 hours in June a more than seasonal increase HOURS PER WEEK 46 HOURS PER WEEK 46 NONDURABLE MANUFACTURING DURABLE MANUFACTURING JJ I i I I I I I I I LI I I I I I I I I I I 1 I I I I I I LL I I I I I I I I I J 1958 RETAIL TRADE JJ I M I I I I I I I I I I I I I I I I I I I I I I I II I I I 1 1 I I LJ 1957 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Hours per week for production workers or nonsupervisory employees Manufacturing Period Mav June Julv August September October November December 1958 January February March Aoril 2 May June 2 J JVI LJ Data beginning with January 1948 arc not strictly comparable with those for earlier periods NOTE Data beginning 195G have been revised Durable goods Total Nondurable goods Building construction Retail trade C Preliminary 1 estimates Not available Source Department of Labor 13 AVERAGE HOURLY EARNINGS SEI ECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were 2 1 2 in June unchanged from the revised May figure and 5 cents above the level of June 1957 DOLLARS PER HOUR DOLLARS PER HOUR SO BUILDING CONSTRUCTION CURRENT PRICES NONDURABLE MANUFACTURING O J J SOURCE DEPARTMENT or LABOR May June July August September October November December January February March April May 3 i June L For production workers or nonsupervisory employees Building Durable goods Retail trade All manufacturing manufacturing Nondurable goods manufacturing construction 1957 l 1957 Current Current 1957 l Current 1957 Current 1957 Current prices prices prices prices 1 prices prices l prices prices prices prices Jl KT 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 1 Preliminary estimates COUNCIL OF ECONOMIC ADVISERS T k Period 1957 Jl I Ji Not available NOTE Data beginning 1956 have been revised Source Department of Labor L L AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings in manufacturing rose to 83 10 in June because of the longer workweek and were slightly above the level of June 1957 DOLLARS PER WEEK DOLLARS PER WEEK DURABLE MANUFACTURING CURRENT PRICES 85 75 UU n n n i i i I I i M i I i u i L ou nm i in 1 1 1 M 1 1 i i i i n 1 1 1 Li ni t n i 11 i i r t u NONDURABLE MANUFACTURING CURRENT PRICES SOURCE DEPARTMENT or LABOR COUNCIL Of ECONOMIC ADVISERS For production workers or nonsupervisory employees All manufacturing Period M y June Julv Augi st September October November December 1958 January February March April 3 May June 3 1957 Current prices prices Building Durable goods Nondurable goods manufacturing manufacturing construction Current Current 1957 Current prices l prices prices l prices prices prices i Earnings in current prices divided by consumer price index on a 1957 base Data beginning with January 1948 are net strictly comparable with those for earlier periods Preliminary estimates Not available NOTE Data beginning 1956 have been revised Source Department of Labor Retail trade 1957 Current prices prices PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted increased again in June The estimated index of was 2 points hicher than the revised May figure and 4 points above the April low INDEX INDEX COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production May June July August September October November December 1958 January I Vbruary M nreh April MMV Jl Mr 16 U Manufactures Minerals Durable Total Nondurable of tlio I Y It nil Ue scrvo System PRODUCTION OF SELECTED MANUFACTURES Almost all major industry groups of durable and nondurable manufactures registered increases in June significant rises were in primary metab fabricated metal products and machinery The most INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durable manufactures Nondurable manufactures ConPeriod May June July August September October November December 1958 January February March April May June 1 1 Preliminary estimate Not available FabriTranspor Lumber Textiles Primary and cated Machintation and prodery equipmetals metal apparel products ucts ment Paper and printing sumer Chemical Foods durable and petro beverleum ages and goods products tobacco m INDICATORS OF PRODUCTION Most weekly indicators of production declined in luly reflecting the July 4 holiday normal plant wide vacation shutdowns and the closing of several automobile plants for model changeovers MILLIONS OF SHORT TONS DAILY AVERAGE WILLIONS OF TONS BITUMINOUS COAL I I I I I I t I I I I I t J F M A M J J A S O 1 I I f I I I I I I I I I I t I 1 I I I I N O J F M A M fit I I I I I t I I t 1 1 i I I t I I I I L I I I I I I L J J A S 0 N 0 BILLIONS OF KILOWATT HOURS CARS AND TRUCKS ELECTRIC POWER 13 nJ I I I I I I I I I t 1 i I 1 I I I I I I I 1 I I I 1 t I 1 1 1 I I 1 t t I 1 I I 1 I 1 I 1 1 1 I 1 Q I SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARPS AUTOMOTIVE REPORTS Period Weekly average May June July August September October November December 1958 January February March April May June 3 Week ended 1958 June July Electric Bituminous Freight Paperboard Steel produced l Cars and trucks power coal mined produced loaded distributed thousands thousands thousands assembled thousands Thousands Index of net millions of of short of cars of tons Total Cars Trucks tons 100 kilowatt hours tons a i Weekly capacities net tons as of January 1 are and Dally average for week 1 Preliminary 18 COUNCIL Of ECONOMIC ADVtSOtS noo s ias 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 NEW CONSTRUCTION The seasonally adjusted rate of private residential construction expenditures rose somewhat during June while private nonresidential outlays continued to decline Public construction expenditures in June were the same as in May felLLIONS OF DOLLARS BILLIONS OF DOLLARS L L I I 1 I I I I i f 1 I t I I I t 1 t I t t l Ll I I I r I I I 1 t I I 1 J I I I I I 1 1 1 J 1 I I I I t I i i l l 1 J M M I I I I I I I I t f I I I 1 I M SOURCES DEPARTMENT or COMMERCE AND DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total new construction Total private May June July August September October November December January February March April May June Period Compiled by F W Dodge Corporation seasonally adjusted by the National Bureau of Economic Research Omits small contracts and covers rural areas less fully than urban 2 Series begins January 1956 The 37 Eastern States data are probably indicative of the 48 States trend for other periods 8 Bevised series beginning January 1956 not comparable with prior data Series discontinued beginning January 1958 Private Federal State and Residential Other local nonfarm Seasonally adjusted annual rates Construction contracts 48 States 2 37 Eastern States ao 2a Preliminary estimates NOTE Data on new construction for 1956 have been revised 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 ndnfarm housing starts seasonally adjusted rose again in June to reach the highest rate since August 1956 Applications for FHA commitments and VA appraisal requests declined slightly MILLIONS OF UNITS MILLIONS OF UNITS M i f i l i II I I I I 1 I I I 1 II I I952 II I I I I I II I I I I II i l l II I I Ml n i l Ml I I SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTKATION VA COUNCU OF ECONOMIC ADVISERS Thousands of units New nonfarm housing starts Privately financed Period Total Annual total Monthly average May June July September October November DiKHunbtT 1U5H January February Af rii IMlilV HI Publicly financed a ft Government programs Total a R 0 lot ft Total i a o l l Hl k iHIIIf ff f fW jM t tlt AM utiil In U i ft IMa unlla In IU t l If i t ti fc fk t fully f iif t lr 20 FHAi ao H 0 VA ti 0 a r Proposed home construction Private seasonally Applications Requests for VA adjusted for FHA com2 annual appraisals mitments rates t l llmliuuy Nv tHUil i twl titwiNiriiy iwl t to toUl Nrai erf rounding i r l N ff lt ff lftg A tittinl itfiikm SALES AND INVENTORIES MANUFACTURING AND TRADE Both sales and new orders seasonally adjusted of manufacturing industries rose in May although inventories continued to decline There was little change in retail and wholesale inventories and sales in May preliminary estimates indicate a slight drop in retail sales in June BILLIONS OF DOLLARS SEASON ALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 100 TOTAL AND MANUFACTURING ill i I I l I I l l l l 1 I I I I l 1 1 l l l 1 1 1 i i i I l 1 i i i i i I i i i i i I i i i i i f INDEXJ947 49 IOO SEASONALLY ADJUSTED oT i n i M 1 t M i I i l 11 I 1 I I i i l j I I n i l l i 1 1 i i i i 11 i f i i IY MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOURCE DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Manufacturing and trade Period Manufacturing Wholesale InvenInven New Sales tories 2 Sales i tories 2 ordersl Sales l COUNCIL OF ECONOMIC ADVISERS Retail InvenInventories 2 Sales i tories 2 Billions of dollars seasonally adjusted April May June July August September October November December 1958 January February March April 4 May June i 3 Monthly average for year and total for month Book value end of period seasonally adjusted 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 Department stores Inventories 3 Index seasonally adjusted Salesi Preliminary estimates 21 MERCHANDISE EXPORTS AND IMPORTS In the first 5 months of 1958 commercial exports merchandise exports excluding grant aid shipments were 18 percent lower than in the corresponding period of 1957 in the first 4 months imports were 4 percent lower than a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS O MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS O COUNOt OF ECONOMIC ADVISERS SOUfcCE DEPARTMENT OF COMMERGE Millions of dollars Merchandise exports Period 1936 38 monthly average 1949 monthly average 1951 monthly average 1952 monthly average monthly average monthly average 1955 monthly average 1956 monthly average 1957 monthly average 1957 April May June July August September October November December 1958 January February March April May Total Grant aid shipments Beginning with 1950 figures include only Department of Defense shipments of prant aid military supplies and equipment under the Mutual Security Program Shipments for the first 6 months of the program July December 1950 amounted to 282 million dollars 22 Not 8 Excluding grant aid shipments Merchandise imports Excess of exports over imports Excluding Total grant aid shipments available Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Sources Department of Commerce and Department of Defense PRICES CONSUMER PRICES The average of consumer prices rose fractionally in May but food prices were unchanged after 5 months of steady rise INDEX ISO INDEX I O O I l I I I ion SOURCE DEPARTMENT OF LABOR COUNCIL Of ECONOMIC ADVISERS Period April May June July August September October November December 1958 January February March April May Housing All items Food Total i Rent Apparel Transportation isa7 Medical Personal care care Reading Other and goods recreaand tion services i Includes in addition to rent homeowner costs utilities housefurnlshings etc Source Department of Labor 23 WHOLESALE PRICES Wholesale prices declined moderately in June as farm product prices fell 3 percent Processed food prices rose slightly while the average of industrial prices was unchanged INDEX INDEX IOO 130 OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIAL SOURCE DEPARTMENT OF LABOR 1958 COUNCIt OF ECONOMIC ADVISERS Period May June July August September October November December January February March April May Juno Ww k wictod 1W58 July Ift All commodities Farm products Processed foods Other than farm products and foods industrial H m PRICES RECEIVED AND PAID BY FARMERS In the month ended June 15 the index of prices received by farmers dropped 9 points parity index decreased 1 point and the parity ratio declined 2 points The index of prices paid INDEX I 9 I O I O O INDEX I9IO 14 IOO PRICES 300 PAID INTEREST TAXES AND WAGE RATES RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE 1958 COUNCIl OF ECONOMIC AbVISfRS Prices paid by farmers All items interest Family Livestock taxes and Producliving tion and wage rates items items products parity index Index J7I D Prices received by farmers Period May 15 June 15 July 15 August 15 September 15 October 1 5 November 15 December January 15 February 15 March 15 April 15 May 15 June 15 All farm products Crops Percentage ratio of index of prices received by farmers to index of prices paid Interest taxes and wa c rules Source D o p u r t t i i m l of A K h Parity ratio S7 S v i SI CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS The total of demand deposits and currency declined less than seasonally in May Time deposits continued to rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCU OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period May June July August September October November December 1958 January 5 5 February March 5 Aprils Mays Total U S deposits Governand ment curderency posits Billions of dollars Total excluding U S Government deposits 2 Demand deposits and currency Time Total deDemand Currency posits Total deposits outside adjusted banks as Includes U S Government deposits at Federal Reserve Banks and commercial and savings banks and U S Treasurer s time deposits open account 8 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 deposits 4 Includes demand deposits other than interbank and U S Government less cash Items In process of collection 26 8 Demand deposits and currency seasonally adjusted Demand Currency Total deposits outside adjusted banks o S Preliminary estimates NOTE Monthly data are for the last Wednesday of the month except the unadjusted data for December 1957 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 BANK LOANS INVESTMENTS AND RESERVES Commercial bank loans declined 700 million in May compared to an increase of 200 million in May Excess reserves in June continued substantially greater than borrowinss BILLIONS OF DOLLARS 1957 BILLIONS OF DOLLARS ISO END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total loans and investments End of period April May June July August September October November December 1958 January 4 February March 4 April44 May June Billions of dollars All commercial banks Investments U S GovLoans Other Total ernment securities securities Member banks Include besides all national banks those State banks that have taken membership in the Federal Reserve System a Commercial Industrial and agricultural loans revised series beginning January 1952 and again October 1956 Such loans by weekly reporting mointwr banks represent approximately 70 percent of business lowia by all eommerohU banks COUNCIL Of ECONOMIC ADVISERS Weekly reporting member banks Business loans All member banks l 3 BorrowReserve balances ings at Federal Required Excess Reserve Banks Data are averages of daily figures on balanced and borrowings during the period Preliminary cstlmnUts NOTE In tail will not npf s M rUy n4t1 to totals twcrmxfl of rounding our n lUmrtl of Governor of I he l p ti fwl Ut m rve Hyuttttti 27 CONSUMER CREDIT In May total consumer credit outstanding increased about 360 million compared with an increase of 690 million in May 1957 BILLIONS OF DOLLARS 50 WLLIONS OF DOLLARS 50 I952 I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1958 COUNCIL OF ECONOMIC ADVISERS Millions of dollars End of period Total consumer credit outstanding April May June July August September October November December 1958 January February March April M ay Total Automobile paper Other Repair and consumer moderni Personal zation goods loans paper loans I Deludes ull eonsumer credit extended for the pur M ses of purchasing automobiles and other consumer goods tuid eoureil by Mm items purchased IneUidoH only MI eh UWMN held by financial InHtitui lon s those held by retail outlet are Included in other consum 28 Nonlnstalment credit outstanding Instalment credit outstanding Total Charge accounts InstalInstalment ment credit ex credit 3 3 tended repaid Credit extended or repaid during the period Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES The Treasury bill rare remained under 1 percent through most of June and early July U S Government and municipal bonds rose during this period Yields on corporate PERCENT PER A N N U M PERCENT PER ANNUM I952 I958 SOURCES SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annuml U S Government High grade security yields municipal 3 month bonds Taxable Treasury Standard bonds 2 bills Poor s a a si a Period June July August September October November December 1958 January February March April May June Week ended 1958 June July Rate on new issues within period 2 First issued in 1941 Series includes October 1941 March 1952 bonds due or callable after 15 years A p r i l 1952 ISlarch 195 J bonds due or callable after 12 years April lOftl to date bonds due or callable 10 years and after Veekly d a t a are Wednesday IU ure Aaa a 39 Preliminary Not ehai t e l Souro if t Hy 1 o j i a Corporate bonds Moody s Aaa Baa a 89 a 91 a a si a eo a 59 a a 57 a 56 a a 62 ft a a o a 51 a 53 a i r Prime commercial paper 4 6 months a 31 a si a 79 a 88 a a 8i a STOCK PRICES Stock prices continued to rise in June and early July INDEX INDEX SOURCE SECURITIES AND EXCHANGE COMMISSION Period Weekly average June July August September October November December January February March April jr May June Week ended 1958 June Julv 3 1K COUNCIL OF ECONOMIC ADVISERS Composite index Manufacturing Trade TransDurable Nondura portation Utilities finance Mining Total and service goods ble goods a fncthidM 2fW wmmum utoeks fw for lumbio Komla ftmnufticturluK 72 for nondurable gootta ttittimliH tiiring 21 fur irtuwpurinUtm 2tt for utilities 81 for trwk 30 i4a 8 finance and service and 14 for mining Indexes are for weekly closing prices Source Seouritius und Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES For the fiscal year 1958 net budget receipts were 69 1 billion and net budget expenditures 71 9 billion resulting in a budget deficit of 2 8 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES f BUDGET SURPLUS OR DEFICIT MAJOR NATIONAL SECURITY EXPENDITURES ENLARGED SCALE Period year 1944 year 1953 year 1954 year 1955 year 1956 year 1957 3 year 1 958 April Mav June Julv 3 3 August September 3 October 3 November33 December 1958 January 3 3 February March 3 April 33 May June 3 LAtfcJ Billions of dollars Net budget expenditures Net Major national security Budget budget Department surplus receipts Total or of Defense Total deficit military functions i Definition revised in 195S 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 1958 COUNCIL OF ECONOMIC ADVISERS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal FISCAL YEARS PRELIMINARY Public debt end of2 period Includes guaranteed securities except those held by the Treasury Not all of 3total shown is subject to statutory debt limitation Preliminary NOTE Detail will not necessarily add to totals because of rounding Sources Treasury Department and Bureau of the Budget 31 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC According to preliminary estimates Federal cash payments to the public in the fiscal year 1958 exceeded Federal cash receipts by 1 5 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS t 5 ENLARGED SCALE EXCESS OF CASH RECEIPTS Fsssa EXCESS OF CASH PAYMENTS I J I J CALENDAR YEARS PRELIMINARY ESTIMATES COUNCa OF ECONOMIC ADVISERS SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT Millions of dollars Cash receipts from the public Period Fiscal year total Calendar year total Quarterly total not adjusted for seasonal variation 1957 First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Excess of receipts or payments f 4 471 f Cash payments to the public f i Preliminary NOTE Detail will not necessarily add to totals because of rounding Sources Bureau of the Budget and Treasury Department t or sale by the Superintendent of Documents U S Government Printing Office Washington 25 D C I rlce 20 cents per copy 2 00 per year 2 50 foreign 32 U 8 GOVERNMENT PRINTING OFFICEil S

Housing Starts and Applications for Financing

DATE: July 1958

PART OF:

Economic Indicators : July 1958

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-. "Housing Starts and Applications for Financing," 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-. "July 1958," Economic Indicators (July 1958) : 23-23. https://fraser.stlouisfed.org/title/1/item/399/toc/377672 , accessed on December 7, 2019.

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Economic Data