Consumer Credit

Name: Consumer Credit
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 ST LOUIS AUG 26 is AUGUST Prepared for the Joint Economic Committee by the Council of Economic Advisers UNI T D 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 PAUL H DOUGLAS Illinois HALE BOGGS Louisiana J WILLIAM FULBRIGHT Arkansas HENRY S REUSS Wisconsin JOSEPH C O MAHONEY Wyoming HENRY O TALLE Iowa RALPH E FLANDERS Vermont THOMAS B CURTIS Missouri ARTHUR V WATKINS Utah CLARENCE E KILBURN New York JOHN D HOBIJTZELL Jr West Virginia 1 i RODERICK H RILEY Executive Director JOHN W LEHMAN Clerk v v H i COUNCIL OF ECONOMIC ADVISERS RAYMOND J SAULNffiR Chairman JOSEPH S DAVIS PAUL W McCRACKEN PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce 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 fc EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Nonagricultural Employment Average Weekly Hours Selected Industries Average Hourly Earnings Selected Industries Average Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Sales and Inventories Manufacturing and Trade Merchandise Exports and Imports PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers CURRENCY CREDIT AND SECURITY MARKETS Currency and Deposits Bank Loans Investments and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Current estimates show an increase in total income and expenditures between the first and second quarters of 1958 Billions of dollars Second quarter Year Excess Excess of reof reExExRe pend ceipts Re pend ceipts ceipts itures or ex ceipts itures or expendpenditures itures Economic group First quarter Excess of receipts ExReceipts pend or exitures penditures Second quarter Excess of reExRe pend ceipts ceipts itures or expenditures w Seasonally adjusted annual rates Consumers Disposable personal income 305 1 Personal consumption ex2844 penditures 23 2 Excess of investment International Net foreign investment Excess of receipts or of investment l sas Personal net saving Business Gross retained earnings Gross private domestic investment Government Federal State and local Tax and nontax receipts or 116 2 accruals Less Transfers interest and subsidies net Net receipts Total government expenditures Less Transfers interest and subsidies net Purchases of goods and services Surplus or deficit on i n c o m e and product accountStatistical discrepancy L GROSS NATIONAL PRODUCT Not available NOTE Revised series beginning 1846 JOT details see Survey of Current usiness July 1958 For explanation and use of this arrangement see Senate Report No 1295 Joint P W 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 3 2 billion seasonally adjusted annual rate between the first and second quarters of 1958 according to current estimates Increases occurred in personal consumption expenditures and government purchases BILLIONS OF DOLLARS 500 1 BILLIONS OF DOLLARS 500 SEASONALLY ADJUSTED ANNUAL BATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES v GOVERNMENT PURCHASES OF GOODS AND SERVICES SOURCE DEPARTMENT OF COMMERCE Period First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter 1958 COUNCH OF ECONOMIC ADVISERS Billions of dollars Total Personal Government purchases of goods and services Gross gross Total conNet private foreign Federal national gross sumpState product national tion domestic invest Total 2 and 2 National investTotal security Other in 1957 product expendment local ment prices itures ao Seasonally adjusted annual rates Preliminarv estimates by Council of Economic Advisers Less Government sales Includes expenditures for military services international security and foreign relations except foreign loans development and control of atomic energy promoilon of the merchant marine promotion of defense production and economic stabilization and civil defense For further details see Economic Report of the President January 1966 p 137 and National Income 1954 Edition p 148 1957 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 1959 and shown on p 31 of Economic Indicators NOTE Revised series 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 proprietors1 income rose about 1 billion seasonally adjusted annual rate BILLIONS OF DOLLARS Farm BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES V PROPRIETORS AND RENTAL INCOME X CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT NET INTEREST I i I 1958 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Total national income Period First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Compensation of em 1 ployees Proprietors income Farm Net interest Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment Seasonally adjusted annual rates Includes employer contributions for social insurance See also p 4 2 Not available Business and professional Rental income of persons NOTE Revised series 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 SOURCES OF PERSONAL INCOME Personal income rose 6 9 billion seasonally adjusted annual rate in July Part of the increase was accounted for by lump sum payments of retroactive pay increases to Federal Government employees Labor income of non Federal employees and transfer payments also rose BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL PERSONAL INCOME LABOR 4NCOME ISO f DIVIDENDS AND PERSONAL INTEREST rmmm SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period June July August September October November December 1958 January February March April May June Julys Labor income Proprietors income wage and Rental Total salary disDivipersonal bursements Business income dends of income Farm and pro persons and other fessional labor income Seasonally adjusted annual i Compensation of employees sec p 3 excluding employer contributions for toclal Insurance and the excess of wage accruals over disbursements Personal Income exclusive of net income of unincorporated farm enterprises form WUKCS agricultural net interest and net dividends paid by agricultural corporations 4 Less PerPersonal Transfer sonal contributions interest payincome ments for social insurance rates Nonagricultural personal income a LO Preliminary estimates NOTE Revised series beginning 1946 For details see Survey o Current BM ness July 1968 Detail will not necessarily add to totals because of rounding Source Department of Commerce DISPOSITION OF PERSONAL INCOME Disposable personal income rose 2 5 billion seasonally adjusted annual rate between the first and second quarters of 1958 Total consumer expenditures rose 2 1 billion though outlays for durable goods continued to fall BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS TOTAL PERSONAL CONSUMPTION EXPENDITURES ISO Less Personal consumption Equals expenditures Saving Less DisposEquals as percent Personal Personal able Personal of disincome taxes personal Nonposable Durable durable Services saving income Total income goods goods Period First quarter Second quarter Third qiiart fii Fourth quarter 1958 First quarter Second quarter Billions of dollars a nao Seasonally adjusted annual rates i Includes such items as fines penalties and donations NOTE Revised series beginning 1946 For details see Survey oj Current Business July 1958 Detail will not necessarily add to totals because of rounding Source Department of Commerce 1958 COUNCIL pT ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE ias 19 2 PER CAPITA DISPOSABLE INCOME Per capita disposable income measured in current prices rose a little in the second quarter but ell slightly when measured in constant prices DOLLARS DOLLARS SEASONALLY ADJUSTED ANNUM RATES L U200 I I I 1953 l 1954 i i I J SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS I Current prices prices In COUNCIL OF ECONOMIC ADVlSttS Total disposable personal Per capita disposable perincome billions of dollars sonal income dollars l Period Current prices prices 2 Population thousands Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Income less taxes 8 Dollar estimates in current prices divided by consumer price index on a 1957 base 3 Includes armed forces overseas Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures 6 NOTE Kevised series beginning 1946 For details see Survey of Current Business July 1968 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 6 percent above the first quarter according to current estimates BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES NET FARM INCOME INCL NET CHANGE IN INVENTORIES l INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Period First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Realized gross farm income COUNCIL OF tCONOMKT ADViSBI Farm operators income Net income 2 Net income per farm including net change in Including Excluding Farm proinventories duction net change net change in invenin invenexpenses Current 1957 3 tories tories prices prices Billions of dollars Dollars Seasonally adjusted annual rates J 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 1957 amounted to 1 8 billion and 6 3 billion respectively 3 Data prior to 1946 differ from farm proprietors income on pages 3 and 4 because of revisions by the Department of Agriculture not yet incorporated into the national income accounts of the Department of Commerce 1956 Number of farms millions Dollar estimates in current prices divided by the index of prices paid by farmers for items used in family living on a 1957 base fi The number of farms is held constant within a given year NOTE Revised series beginning 1946 For details see Farm Income Situation July Source Department of Agriculture CORPORATE PROFITS S r Corporate profits in the first quarter of 1958 were lower than in the fourth quarter of 1957 Profits before taxes fell 8 2 billion seasonally adjusted annual rate profits after taxes fell 4 5 billion BILLIONS OF OCULARS BrtUQNS OF DOLLARS to NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Corporate profits before taxes Period Corporate tax liability a Corporate profits after taxes Total Dividend payments Undistributed profits as Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter i Not available NOTI Revised series beginning 1946 For details see Survey of Current Bu9ine 9 July 1958 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 8 ao GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment seasonally adjusted dropped slightly in the second quarter of 1958 according to current estimates All components of fixed investment declined while business inventories were liquidated at a slower rate than in the first quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS 80 GROSS PRIVATE DOMESTIC INVESTMENT COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE IBillions of dollars Period Total gross private domestic investment Change in business inventories Fixed investment Total New construction 1 Producers durable ResidenTotal Other equiptial ment npnfarm Total Nonfarm Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter i Other construction in this series indudes petroleum and natural gas well drilling which are excluded from estimates on p 19 NOTE Revised series beginning 1046 For details see Survey of Current Business July 1958 Detail will not necessarily add to totals because of rounding Boom Department of Commerce ia 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 Outlays anticipated 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 ADVISERS SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE Billions of dollars Manufacturing Period Total First quarter Second quarter Third quarter Fourth quarter First quarter 3 Second quarter Third quarter 3 Total Durable NonduraRailroads Other goods ble goods Seasonally adjusted annual rates Excludes agriculture Commercial and other Includes trade service finance communications and construction s Estimates based on anticipated capital expenditures as reported by business in late 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 10 Transportation Mining Public utilities Commercial and other OS a 89 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 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 Total employment rose by 200 000 in July less than is usual at this time of year to 5 3 million Unemployment declined slightly MILLIONS OF PERSONS i 75 MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE Period 1939 New definitions l JuneJuly August September October November December 1958 January February March April May June July COUNCIL OF ECONOMIC ADVISERS Total Civilian employment Insured unemployment2 Unemployment labor Civilian State pro of civilian All proforce in labor Agricul Nonagri Number labor force grams grams as 1 cluding Total force tural cultural armed 1 Unad Seas thousands of covered forces justed adj of persons employment Thousands of persons 14 years of age and over See Monthly Reports on the Labor Force Department of Commerce for definitions methods of estimation periods to which data pertain etc S Preliminary estimate Sources Department of Commerce Department of Labor and Council of Economic Advisers 11 NONAGRICULTURAL EMI OYMENT Employment In Employment in nonagriculfural establishments increased by seasonally adjusted In manufacturing rose for the second consecutive month MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS 56 ALL NONAGRICULTURAL ESTABLISHMENTS CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE ENLARGED SCALE ENLARGED SCALE i L SEASONALLY ADJUSTSD DATA SOURCE DEPARTMENT OP LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers J Total SO Sll 48 SOS S June July August September October November December 19i8 January February March April May 2 June July S S Period GovernContract Wholesale ment Nondura Mining construc and retail Federal State trade tion ble goods local Adjusted for seasonal variation Manufacturing Total unadjusted Total Durable goods includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce p 11 which include proprietors self employed persons and domestic servants which count 12 Other i 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 Preliminary estimates NOTE Data beginning 1956 are the revised series Source Department of Labor AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek in manufacturing was unchanged in July at 39 2 hours although a small decline is usual at this time of year HOURS PER WEEK 46 HOURS PER WEEK 46 NONDURABLE MANUFACTURING DURABLE MANUFACTURING M 11 JJ J II t f l t t RETAIL TRADE II I III M NI 1955 I I I III II I COUNCIL OF iCONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Hours per week for production workers or nonsupervisory employees Manufacturing Period June July August Reptembfir Total n T October November December 1958 January February March April May June July Data beginning with January 1948 are not strictly comparable with those for earlier periods Horn Bata beginning 1956 are the revised series 3 Durable goods Building Nondurable construction goods Jctetaii trade TJ j 0 l Preliminary estimates Not aTailable Source Department of Labor 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES IW iM v Average hourly earnings of production workers in manufacturing rose by f cent to 2 13 in July reflecting wage increases in steel aircraft shipbuilding and chemicals DOLLARS PC HOUR DOLLARS PER HOUR BUILDING CONSTRUCTION CURRENT PRICES I 90 U NONDURABLE MANUFACTURING CURRENT PRICES SOURCE DEPARTMENT OF LABOR Period COUNCIL Of ECONOMIC ADVJ5OS For production workers or nonstipervisory employees Building Durable goods AH manufacturing1 manufacturing Nondurable goods Retail trade manufacturing construction Current Current Current Current 1957 Current prices prices prices prices 1 prices prices prices prices prices prices June 2 07 July 2 07 August 2 07 September October 2 09 November December January 2 11 February March April May June July L Etw nlnps in current prices divided by consumer price index on a 1957 base DttU bryliinififf with January 1918 are not strictly comparable with those for ritor period Pr Jlwlnwy 1 14 L a oe L C 4 Not available NOTE Data beginning 1956 are the revised series Source Department of Labor C AVERAGE WEEKliK EARNINGSAverage weekly earnings in manufacturing increased by 40 cents to 83 50 in July as a result of the rise in Jiquijy earnings They were 1 11 higher than in July DOLLARS PER WEEK DOLLARS PER WEEK 1OO 115 DURABLE MANUFACTURING BUILDING CONSTRUCTION CURRENT 99 CURRENT PRICES NONDURABLE MANUFACTURING CURRENT FRICCSs SOURCE DEPARTMENT or LABOR For production workers or nonsupervisory employees Durable goods Nondurable goods Building Retail trade manufacturing manufacturing construction Current Current Current 1957 Current Current prices prices prices prices prices prices prices prices prices prices1 All manufacturing Period June July August September October November December 1958 January February March April May June 3 July sa sa R a a 62 sa i Earnings In current prices divided by consumer price index on a 1957 base a Data beginning with January 1948 are not strictly comparable with those for earlier periods Preliminary estimates a saoi a49 74 10 loase loaoe a C ioao Not available NOTE Data beginning 1956 are the revlsod aerial Source Department of Labor IS PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted increased in July for the third consecutive month The index which was in July had recovered about one third of the 1957 58 decline INDEX I947 49 4OO 180 INDEX IOO COUNCIL OF ECONOMIC ADVISIRS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production J n ue July August September October November December 1958 January February March April May June July J rrlimlnury c Umttt i Manufactures Minerals Total Durable Nondurable Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES Almost all major groups of durable and nondurable manufactures registered production increases in July INDEX tOO SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED TEXTILES AND APPAREL i i i i i 11 i i I i i i i i i I i I i i SOURCE BOARD OF BOVERHORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF eCpNOMlC AOVlSfeRS seasonally adjusted Durable manufactures Period June July August September October November December 1958 January February March April May June July i Preliminary estimates Not available Nondurable manufactures FabriTranspor Lumber Textiles Primary cated Machin tation and and metals metal ery equipprod apparel products ucts ment ConPaper Chemical Foods sumer and and petro bever durable leum ages and goods printproducts tobacco ing Source Board of Governors of the Federal Reserve System WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production showed improvement during the latter part of July and early August auto assembly rate continued low because of model changeovers TKe MILLIONS OF SHORT TONS DAILY AVERAGE MILLIONS OF TONS BITUMINOUS COAL STEEL y V v Alp 1 0 i t J i 1 I i i I i i i I i i iI t t 11 i F M A M J t J I 11 A t I i i i I i i i I t i li t t S O N O BILLIONS OF KILOWATT HOURS THOUSANDS O SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average June July August September October November December 1958 January February March April May June 3 July Week ended 1958 July August 0 cOUNCft OF ECONOMIC ADVISERS Bituminous Freight Paperboard Electric Steel produced 1 power coal mined loaded Thousands Index distributed thousands thousands produced thousands of net millions of of short of tons of cars tons 100 kilowatt hours tons 2 Cars and trucks assembled thousands Total Cars Trucks Weekly capacities net tons as of January 1 are and Daily average for week Preliminary 18 N 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 NEW CONSTRUCTION The seasonally adjusted rate of private residential construction expenditures rose again during July while private nonrcsidcntial outlays were unchanged Public construction expenditures increased somewhat in July BILLIONS OF DOLLARS BILLIONS OF DOLLARS I I I I I I I I I I I I 1 1 I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I 1 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 I I I I I I I I I I i i i i I i i i i i If I 1 1 I I I 1 I I I I I I 1 1 I I I I I I I 1952 SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR 1957 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total new construction a 5 Period June July August September October November December 1958 January February March April May June July Private Federal State and Residential Total Other local nonfarm private Seasonally adjusted annual rates i 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 a Series begins January 1956 The 37 Eastern States data are probably indicative of the 48 States trend for other periods Revised series beginning January 1956 not comparable with prior data Series discontinued beginning January Preliminary estimates Construction contracts l 48 States2 37 Eastern States NOTE Detail will not necessarily add to totals because of rounding Sources Department of Commerce Department of Labor and F W Dodgi Corporation except as noted 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts seasonally adjusted rose sharply in July to an annual rate of units cations for FHA commitments declined slightly and VA appraisal requests were about the same as in June MILLIONS OF UNITS 1952 MILLIONS OF UNITS FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHAI AND VETERANS ADMINISTRATION VA Thousands of units New nonfarm housing starts Period Annual total Monthly average J June July August September October November December 1958 January February March April May Jurie Julv s Total Publicly financed Total fi Privately financed Government programs Total i FHA VA as i Excludes armed forces bousing 2 837 units in units in 1957 and 8 786 units in the first 7 months of Units represented by mortgage applications for new home construction Partly estimated Not available 20 Appli COUNCIL OP ECONOMIC ADVISERS Proposed home construction Private seasonally Applications Bequests forVA adjusted for FHA com2 appraisals annual mitments rates lt a Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Sources Department of Labor Federal Housing Administration FHA and Veterans Administration VA SALES AND INVENTORIES Manufacturers sales and new orders seasonally adjusted rose in June and inventories continued to decline sharply Retail sales were unchanged in July according to preliminary estimates Department store sales were up BILLIONS OF DOLLARS SEASONALLY ADJUSTED 30 6ILLIONS OF DOLLARS SEASONALLY ADJUSTED lOOr TOTAL AND MANUFACTURING 1LJ J I I I i I I I 1 1 I I I 1 1 I 1 I 1 i 1 I 1 I I J J i l l I LJ J I 1 I I I LI INDEX SEASONALLY ADJUSTED I t t i i I I M I i l l I t J I I I I j J I I I 1 U f I I I 11 ill I i I P 1956 I I MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOURCE DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Manufacturing and trade Manufacturing Wholesale COUNCIL Of ECONOMIC ADVISERS Retail InvenInvenInven New Sales tories 2 Sales i tories 2 orders Sales i tories 2 Sales Inventories 2 Billions of dollars seasonally adjusted May June July August September October November December January February March April May 4 June July iMonthly average for year and total for month Book value end of period seasonally adjusted 8 Book value end of period eicept annual data which are monthly averages Department stores Inventories s Index seasonally adjusted Sales Preliminary estimates Sources Department of Commerce and Board of Governors of the Federal Eeserve System 21 MERCHANDISE EXPORTS AND IMPORTS In the first 6 months of 1958 commercial exports merchandise exports excluding grant aid shipments were 19 percent lower than in the corresponding period of 1957 In the first 5 months imports were 4 percent lower than a year earlier BILLIONS OF DOLLARS 2 5 BILLIONS OP DOLLARS MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars Merchandise exports Period monthly average monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 1955 monthly average 1956 monthly average 1957 monthly average 1957 May June July August September October November December January February March April May June Total Grant aid shipments l i 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 G months of the program July December 1950 amounted to 282 million dollars 22 Excluding grant aid shipments Merchandise imports Excess of exports over imports Total Excluding grant aid shipments Not available NOTE Detail will not necessarily add to totals because of rounding Sources Department of Commerce and Department of Defense PRICES CONSUMER PRICES The consumer price Index rose fractionally in June Although food prices were unchanged or the second straight month small increases occurred in a number of other major components of the index INDEX ISO INDEX OO SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS May June July August September October November December 1958 January February March April Housing All items Period May June Food Total Rent Includes in addition to rent homeowner costs utilities housefurnishings etc Source Department of Labor Apparel Other Trans Medical Personal Reading goods and portaand care care recreation tion services WHOLESALE PRICES The average of prices in primary markets remained unchanged in July processed foods were offset by a rise in industrial prices Declines in prices for farm products and INDEX IWOEX OTHER THAN FARM PRODUCTS AND FOODS STR1AU COUNCIL OF ECONOMIC ADVISERS June July August September October November December 1958 January February March April May June July Week ended J 1958 August wli buffed on mimllor tumiplc limn monthly series Dcjmrtmenl of Lubor a Other than farm products and foods industrial All commodities Period Farm products Processed foods PRICES RECEIVED AND PAID BY FARMERS In the irionrii ended July 15 the index df prices received by farmers dropped 1 point parity index was unchansed and the parity ratio declined 1 point The index of prices paid INDEX INDEX PRICES PAID INTEREST TAXES AND WAGE RATES 300 30O OO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADYISpRS Prices paid by farmers All items interest Livestock taxes and Family Production and living Grope wage rates items products items parity index Index Prices received by farmers Period June 15 July 15 August 15 September 15 October 15 November 15 December January 15 February 15 March 15 April 15 May 15 June 15 July 15 All farm products Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates Parity ratio S Source Department of Agficulluro 25 CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS The foia of demand deposits and currency remained unchanged in June in accordance with the usual seasonal pattern Time deposits continued to rise BILLIONS OF DOLLARS 240 BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OFTffE FEDERAL RESERVE SYSTEM End of period June July August September October November December 1958 January 5 5 February 5 March April 65 May June 5 Total U S deposits Governand ment curderency posits l Billions of dollars Total excluding U S Government deposits 2 Demand deposits and currency Time de 8 Total Demand Currency posits Total deposits outside adjusted banks Includes U S Government deposits at Federal Keserye Banks and commercial and savings banks and U S Treasurer s time deposits open account 2 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 fi Demand deposits and currency seasonally adjusted Demand Currency Total deposits outside adjusted banks S S IS 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 Beserve System BANK LOANS INVESTMENTS AND RESERVES Commercial bank loans rose 2 1 billion in June the same amount as in June 1957 tially greater than borrowings again in July BILLIONS OF DOLLARS 180 Excess reserves were substan BILLIONS OF DOLLARS BO END Of MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total loans and investments End of period May June July August September October November December 1958 January 4 February March 4 April 4 May June 44 July Billions of dollars All commercial banks Investments U S Gov Other Loans ernment Total securities securities Member banks include besides all national banks those State banks that have taken membership in the Federal Reserve System 2 Commercial industrial and agricultural loans revised series beginning January 1952 and again October 1955 Such loans by weekly reporting member banks represent approximately 70 percent of business loans by all commercial banks COUNCIL OF fCQNOMJC ADVISERS Weekly All member banks l 3 reporting Borrowmember Reserve balances ings at banks Federal Business Required Excess Reserve loans 2 Banks J Data are averages of daily figures on balances and IMMTU wings during tho period 4 Preliminary estimates NOTE Pet nil will not necessarily nd 1 to 4ol nl twom Sourer IJonrd f Oovvriioni of Mm I Vclitr i iifawjvt M CONSUMER CREDIT In June total consumer credit outstanding increased about 100 million compared with an increase of about 550 million in June 1957 BILLIONS OF DOLLARS 50 BILLIONS OF DOLLARS 50 TOTAL CREDIT OUTSTANDING 2 V SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Snd of period Total consumer credit outstanding May June July August SeptemberOctober November December 1958 January February March April May June Millions of dollars Instalment credit outstanding Total Automobile paper i Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased Includes only such loans held by financial institutions those held by retail outlets are included in other consumer goods paper 28 Nou instalment credit outstanding Other Repair and consumer moderni Personal zation goods loans paper loans COUNCIL OF ECONOMIC ADVISERS Total Charge accounts Instal Instalment ment credit ex credit8 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 wtilch fluctuated around i percent during most of July rose in August to the highest level since mid March Yields on U S Government municipal and corporate Aaa bonds rose sharply PERCENT PER ANNUM PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S SOURCES SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Government High grade security yields municipal bonds 3 montbt Taxable Treasury Standard bonds 2 Poor s a bills a Period July August September October November December 1958 January February March April May June July Week ended 1958 July August Corporate bonds Moody s a Prime commercial paper 4 6 months a Aaa aoe Baa a si Weekly data are Wednesday figures Kate on new issues within period Not charted First issued to 1941 Series includes October 1941 Mareh 1952 bonds due or Sources Treasury Department and Board of Governors of the Poderal Eesorro callable alter 15 years April 19S2 Mareh 1953 bonds due or callable after 12 years System except as noted April 19S3 to date bonds due or callable 10 years and after STOCK PRICES Stock prices continued to increase in July and early August INDEX 1939 iOO INDEX lOO 500 50O O SOURCE SECURITIES AND EXCHANGE COMMISSION Period Weekly average July August September October November December 1958 1 January February March April Mav June July Week ended 1958 July August M ftJ COUNCIL OF ECONOMIC ADDERS Composite index Manufacturing Trade TransDurable Nondura portation Utilities finance Mining Total goods ble goods and service b common utock i WH for durnbto goods manufacturing 72 for nondurable good nmmiffwttirtng 21 for tnui K Hrttio for utilities 31 for trade xi titid nervier mid 14 for miuiiiK Indoien arc for weekly closing prices 30 Not charted Source Securities and Exchange Commission 3ia FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The budget deficit for the first month of the current fiscal year was 3 7 billion the deficit amounted to 3 3 billion For the same period of last year BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES MAJOR NATIONAL SECURITY EXPENDITURES BUDGET SURPLUS OR DEFICIT ENLARGED SCALE f COUNCIl OF ECONOMIC ADVISERS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Period Fiscal year 1944 Fiscal year Fiscal year 1954 Fiscal year 1955 Fiscal year 1956 Fiscal year 1957 3 Fiscal year May June Julv3 3 August 3 September October 3 November 3 December January 3 3 February March 3 April33 May June 3 July Billions of dollars Net budget expenditures Net Budget Major national security l budget Department surplus Total receipts or of Defense Total deficit military functions L 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 1954 FISCAL YEARS PRELIMINARY Public debt end of2 period Includes guaranteed securities except those held by the Treasury Not all of total shown is subject to statutory debt limitation Preliminary Not charted NOTE Detail win 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 EXCESS OF CASH RECEIPTS ENLARGED SCALE EXCESS OF CASH PAYMENTS 1952 I 1953 I 1954 W M NARY ESTATES 1955 I I 1958 CALENDAR YEARS COUNCIL 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 First quarter l 1 Second quarter Cash payments to the public f Preliminary NOTE Detn il will not necessarily add to totals because of rounding iSourcwr UMPWIU of the Budget and Treasury Department For Bale by the Superintendent of Documents TJ S GoYernment Printing Office Washiagton 25 D C J rice 20 cents per copy 2 00 per year 2 SO foreign 32 Excess of receipts f or payments

Consumer Credit

DATE: August 1958

PART OF:

Economic Indicators : August 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-. "Consumer Credit," 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-. "August 1958," Economic Indicators (August 1958) : 31-31. https://fraser.stlouisfed.org/title/1/item/400/toc/249910 , accessed on December 8, 2019.

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Economic Data