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. 86th CongresSy Lst Session s Lj Economic Indicators JANUARY 1959 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong WRIGHT PATMAN Texas Chairman JOHN SPARKMAN Alabama Vice Chairman RICHARD BOILING Missouri PAUL H DOUGLAS Illinois HALE BOGGS Louisiana j WILLIAM FULBRIGHT Arkansas HENRY S REUSS Wisconsin f TT x mxr S T TIJ AC B CURTIS Missouri V JOSEPH C O MAHONEY Wyoming J J THOMAS Tt r T m rTc n r CLARENCE E KILBURN New York RODERICK H RILEY Executive Director JOHN W LEHMAN Clerk COUNCIL OF ECONOMIC ADVISERS RAYMOND J SAULNIER Chairman KARL BRANDT 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 ll 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 arid Tirade 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 Current estimates show a marked increase in total income and expenditures between the second and third quarters of 1958 Billions of dollars 1957 Year Second quarter Third quarter Excess of receipts Economic group 1958 ExRe pendceipts itures or expenditures Excess of receipts ExRe pendceipts itures or expenditures Third quarter Excess Excess of reof reExExRe pend ceipts Re pend ceipts ceipts itures or ex ceipts itures or expendpenditures itures Seasonally adjusted annual rates Consumers Disposable personal in come 305 1 Personal consumption ex Excess of transfers 4 or of net exports Excess of investment International Foreign net transfers by government Net exports of goods and services n 20 7 Personal net saving Business Gross retained earnings Gross private domestic investment 307 5 r O Government Federal State and local Tax and nontax receipts or 116 2 accruals Less Transfers interest 28 8 and subsidies net C C1 Net receipts Total government expenditures Less Transfers interest and subsidies net Purchases C of goods r Surplus deficit on income and product account Statistical discrepancy GROSS NATIONAL PRODUCT i Not available NOTE For explanation and use of this arrangement see Senate Report No 1295 Joint Economic Report pp and Economic Report of the President January 1953 Appendix A C Detail will not necessarily add to totals because of rounding Sources Department of Commerce and Council of Economic Advisers C1 GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national expenditures rose 10 0 billion seasonally adjusted annual rate between the second and third quarters of 1958 according to current estimates increases occurred in all major components except net exports of goods and services BILL ONS OF DOLLARS BILLIONS OF DOLL ARS 500 SEASONALLY ADJUSTED ANNUAL RATES 1 a GROSS NATIONAL PRODUCT X mM mi s m PERSONAL CO SUMPTION EXPENDITU RES v GOVERNMENT PURCHASES OF GOODS AftD SERVICES B S GROSS PRIVAT DOMESTIC INVES MENT 0 NET EXPORTS OF SOODS AND SERVICE i 1 I I 1952 I I Period cow CIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Total gross national product in 1957 prices Billions of dollars Personal Net Gross Total conexports gross sump private of goods national tion domestic and product expend invest services ment itures Government purchases of goods and services Federal Total l Total i National defense Other State and local Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Third quarter 1 Less Government sales Includes expenditures for military services international security and foreign relations except foreign loans development and control of atomic energy promotion of the merchant marine promotion of defense production and economic stabilization and civil defense For further details see Economic Report of the President January 1955 p 137 and National Income 1954 Edition p 148 These expenditures are not comparable with the major national security category in The Budget of the United States Government for the Fiscal Year Ending June SO 1959 and shown on p 31 of Economic Indicators NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce NATIONAL INCOME Compensation of employees rose 4 6 billion seasonally adjusted annual rate between the second and third quarters of1958 There were only small chanses in other components of noncorporate income 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 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE1 Billions of dollars Period First quarter Second Quarter Third quarter Fourth quarter 1958 First quarter Second quarter Third quarter 1 Includes 3 Total national income Compensation of employees Proprietors income Farm Net interest Seasonally adjusted annual employer contributions for social insurance See also p 4 Not available Business and professional Rental income of persons Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment rates NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income declined 1 billion seasonally adjusted annual rate in December A less than usual volume of year end extra and special dividends and lower transfer payments accounted for the decline Wages and salaries continued to rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 350 TOTAL PERSONAL INCOME LABOR INCOME I FARM PROPRIETORS INCOME BUSINESS PROFESSIONAL AND RENTAL INCOME BUSINESS PROFESJ DIVIDENDS AND PERSONAL INTEREST J 1 L L I I I I I I 1 I Ml M i l l SOURCE DEPARTMENT OF COMMERCE Period Total personal income November December 1958 January February March April Mav June July August September October November December COUNCIL OF ECONOMIC ADVISERS Billions of dollars Labor income Proprietors income Less Per wage and Rental Personal Transfer sonal consalary disDivitributions Business income interest paybursements Farm of and pro persons dends income ments for social and other insurfessional labor income l ance Seasonally adjusted annual rates IS Compensation of employees see p 3 excluding employer contributions for social insurance and the excess ol wage accruals over disbursements 2 Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations 1956 Nonagricultural personal2 income Includes lump sum retroactive salary payments to Federal employees at an annual rate of 4 6 billion 380 million multiplied by 12 Preliminary estimates not charted NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce DISPOSITION OF PERSONAL INCOME Disposable personal income rose 6 5 billion seasonally adjusted annual rate between the second and third quarters of 1958 Total consumer expenditures rose 3 2 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Equals Less Personal Personal Disposable income taxes personal income Period First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Third quarter i Includes such items as fines penalties and donations NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce Less Personal consumption expenditures Total Saving Equals as percent Personal of disNonposable Durable durable Services saving income goods goods Billions of dollars Seasonally adjusted annual rates I PER CAPITA DISPOSABLE INCOME Per capita disposable income measured in both current and constant prices rose in the third quarter SEASONALLY ADJUSTED ANNUAL RATES OO L f f SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS prices 2 Current prices f I f In 1958 COUNCIL OF ECONOMIC ADVISERS Total disposable personal income billions of dollars l Period i Per capita disposable personal income dollars Current prices prices 2 Population thousands Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Third quarter Income Jess taxes 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 Sources Department of Commerce Department of Labor and Council of Economic Advisers FARM INCOME Farm operators net income seasonally adjusted was slightly lower in the third quarter of 1958 than in the second quarter though still appreciably higher than last year BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES NET FARM INCOME INCL NET CHANGE IN INVENTORIES JflNCOMETOF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Period Realized gross farm income First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Third quarter COUNCIL OF ECONOMIC ADVISERS Farm operators income Net income 2 Net income per farm including net change in Excluding Farm proIncluding inventories duction net change net change in invenin invenexpenses Current 1957 3 tories tories prices prices 4 Billions of dollars Dollars Seasonally adjusted annual rates i Cash receipts from farm marketings valoe of farm products consumed in farm households gross rental value of farm dwellings and Government payments to 8farmers 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 10 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 The number of farms is held constant within a given year Source Department of Agriculture CORPORATE PROFITS Corporate profits seasonally adjusted rose slightly in the second quarter of 1958 tttLUQNS Of DOLLARS BILLIONS OF DOLLARS I957 I952 It NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE I958 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 Third quarter i Not available NOTE See p 3 for profits beiore taxes and after inventory valuation adjustment 8 C1 C Detail will not necessarily add to totals because of rounding Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose 4 5 billion seasonally adjusted annual rate between the second and third quarters of 1958 mainly due to a 3 0 billion reduction in the rate of inventory liquidation BILLIONS OF DOLLARS ISO BILLIONS OF DOLLARS eo i SEASONALLY ADJUSTED ANNUAL RATES 60 ACROSS PRIVATE DOMESTIC INVESTMENT NEW CONSTRUCTION h CHANGE IN BUSINESS INVENTORIES r 20 J L L J 1952 f I l J 1957 L 1958 COUNOl OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Period Total gross private domestic investment Change in business inventories Fixed investment New construction l Total Total Residential nonfarm Other Producers7 durable equipment Total Nonfarm I Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Third quarter i 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 of Commerce 9 EXPENDITURES FOR NEW PLANT AND EQUIPMENT The October December survey of business expenditures on plant and equipment indicated that anticipated capital outlays in the fourth quarter would be 29 9 billion seasonally adjusted annual rate slightly higher than expenditures in the third quarter A further moderate rise to 30 5 billion in the first quarter of 1959 was indicated BILLIONS OF DOLLARS BILLIONS OF DOLLARS J SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Manufacturing Period Total Total Durable goods Transportation Nondurable goods Mining Railroads Other Public utilities Commercial and other Seasonally adjusted annual rates Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter adjustments when necessary for systematic tendencies in anticipatory data Excludes agriculture These figures do not agree with the totals included in the gross national product Commercial and other includes trade service finance communications and estimates of the Department of Commerce principally because the latter cover construction 3 agricultural investment and also certain equipment and construction outlays Estimates based on anticipated capital expenditures as reported by business between late October and early December 1958 charged to current expense Detail will not necessarily add to totals because of rounding NOTE Annual total is the sum of unadjusted expenditures it does not necesSources Securities and Exchange Commission and Department of Commerce sarily coincide with the average of seasonally adjusted figures which include 10 EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Total employment declined by approximately the usual December chanse 4 1 million in December slightly more than is usual at this time of year Unemployment increased to MILLIONS OF PERSONS MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Total Civilian employment Unemployment Insured unemployment 2 labor Civilian of civilian All proState proforce inlabor Agricul Nonagri Number labor force grams grams as cluding 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 l Period New definitions November December 1958 January February March April Mav June July August September October November December O i See Monthly Reports on the Labor Force Department of Commerce for definitions methods of estimation periods to which data pertain etc a Weekly averages Sources Department of Commerce Department of Labor and Council of Economic Advisers 11 NONAGRICULTURAL EMPLOYMENT Employment in nonogrr culture I establishments declined by seasonally adjusted in December in construction accounted for most of the change Fewer obs MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS 20 MANUFACTURING ALL NONAGRICULTURAL ESTABLISHMENTS DURABLE GOODS XiINDUSTRIES 10 NONDURABLE GOODS INDUSTRIES CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE ENLARGED SCALE ENLARGED SCALE SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR Period November December 1958 January February March April May June July August September October 2 November2 December Total unadjusted Total COUNCIL OF ECONOMIC ADVISiRS Thousands of wage and salary workers GovernManufacturing ment Contract Wholesale Durable Nondura Mining construc and retail Federal Total State tion trade goods ble goods local Adjusted for s iasonai variation Includes all full and part time wage and salary workers in nonagrieultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagrieultural employment of the civilian labor force reported by the Department of Commerce p 11 which in 12 1958 Other elude proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are based on an enumeration of population whereas the estimates in this table are based on reports from employing establishments 2 Preliminary estimates Source Department of Labor AVERAGE HOURS SELECTED INDUSTRIES The average workweek of production workers in manufacturing industries increased from 39 9 in November to 40 2 hours in December in line with seasonal changes HOURS PER WEEK HOURS PER WEEK NONDURABLE MANUFACTURING DURABLE MANUFACTURING I M i i Ul 1 1 I I I MJ JJ t I I I I RETAIL TRADE COUNCIL OF iCONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Hours per week for production workers or nonsupervisory employees Vlanufaeturini 1 Period November December January February March April May June July August September October 3 November December Data beginning with January 1948 are not strictly comparable with those for earlier periods Preliminary estimate Durable goods Total D Jl J5 ff Nondurable construction goods ae o C3 D x f t i Itetaii trade m Not available Source Department of Labor 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing industries increased to 2 19 in December 9 cents above the level of December 1957 DOLLARS PER HOUR 3 10 DOLLARS PER HOUR 2 4O BUILDING CONSTRUCTION CURRENT PRICES Ll ii i i M t i i t f i r i I i i i i t 1955 t i f t t I i i t t i t f i i t I i i i t M g 60 LLJ i i i I i t t i i t t t t i t r t t t i t i t i i f t t t i i i t f t t t t t t JL NONDURABLE MANUFACTURING CURRENT PRICES SOURCE DEPARTMENT OF LABOR Period November December 1958 January February March April May June July August September October 3 November December 1958 COMNCtt OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Building Durable goods All manufacturing manufacturing Nondurable goods construction manufacturing Current 1957 Current Current 1957 Current prices prices prices prices l prices prices prices prices 1 Current prices 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 Preliminary estimates Not available Source Department of Labor Retail trade 1957 prices AVERAGE EARNINGS SELECTED INDUSTRIES Average weekly earnings in manufacturing again increased sharply and at 88 04 in December were 5 30 above the level of a year ago DOLLARS PER WEEK DOLLARS PER WEEK 100 BUILDING CONSTRUCTION CURRENT PR NONDURABLE MANUFACTURING CURRENT PRICES SOURCE DEPARTMENT OP LABOR Period November December 1958 January February March April May June July August September October 3 November December 3 1 2 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Durable goods Building All manufacturing manufacturing Nondurable goods manufacturing construction 1957 Current 1957 Current 1957 Current 1957 l Current prices prices 1 prices prices l prices prices prices prices a saee 8a sa 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 1958 Retail trade Current 1957 prices prices Preliminary estimates Not available 0 Source Department of Labor IS PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted rose in December to point above November but 3 points below August 1957 INDEX INDEX I947 49 IOO COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Manufactures Total Por inrl production November December January February March April May June July August SeptemberOctober November December Preliminary estimates not charted Total Durable Nondurable Source Board of Governors of the Federal Reserve System Minerals PRODUCTION OF SELECTED MANUFACTURES In December small offsetting changes in manufacturing output occurred among durable goods industries of most nondurable industries increased slightly Output INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL Of ECONOMIC ADVISERS seasonally adjusted Durable manufactures Period November December 1958 January February March April May June July August September October November December 1 2 Preliminary FabriTranspor Lumber Textiles Primary cated Machin tation and and metals metal ery equipprod apparel products ment ucts estimates not charted Not available Nondurable manufactures ConPaper Chemical Foods sumer and and petro bever durable printleum ages and goods ing products tobacco Source Board of Governors of the Federal Reserve System WEEKLY INDICATORS OF PRODUCTION Weekly indicators of production continued at a high level during most of December but fell towards the end of the month reflecting holiday shut downs MILLIONS OF TONS 3 MILLIONS OF SHORT TONS DAILY AVERAGE 10 i i I i i i i f i i i I i i U i i i i11 i i l I J i i I i i i i I i i SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARPS AUTOMOTIVE REPORTS Period Weeklv average November December 1958 January February March April May June July August September October November December 3 Week ended 1958 December January 33 ID Electric Bituminous Freight Paper board Steel produced l Cars and trucks power coal mined loaded produced assembled thousands Index distributed thousands Thousands thousands thousands millions of of net of short Total of tons Cars Trucks of cars kilowatt hours tons 2 100 tons a Weekly capacities net tons as of January 1 are and Daily average for we 3k 3 Preliminary weekly data not charted 18 COUNCIL OF ECONOMIC ADVISERS I J For Dee 22 31 For Jan 1 10 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 Expenditures for both public and private construction seasonally adjusted increased durins December for the seventh consecutive month Construction contracts continue higher than a year previously BILLIONS OF DOLLARS BILLIONS OF DOLLARS i I I I I I I f I I I 1 I I I I I I I I I I I I I I I I I I 1 I I I I l I I l I SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADyiSEIB Billions of dollars Period November December 1958 January February Mareh April May June July August September October November 4 December Total new construction v Private Federal Construction contracts State and Total Residential 48 States 2 37 Eastern Other local nonfarm private States Seasonally adjusted annual rates 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 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 1958 Preliminary estimates NOTE Series on new construction revised beginning January 1957 Detail will not necessarily add to totals because of rounding Sources Department of Commerce Department of Labor and F W Dodge Corporation except as noted 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts seasonally adjusted rose again in December reaching an annual rate of units VA appraisal requests continued to decline but applications for FHA commitments rose slightly MILLIONS OF UNITS MILLIONS OF UNITS I SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA Thousands of units I New nonfarm housing starts Period Total Annual total Monthly average November December 1958 January February March April Mav June July August September October November 5 6 December i J C J Publicly financed Total Privately financed Government programs VA Total i FHAi Excludes armed forces housing 2 567 units in units in 1957 and 23 744 units in Units represented by mortgage applications for new home construction 4 Partly estimated Not available 20 COUNCIL OF ECONOMIC ADVISERS Proposed home construction Private seasonally Applications Requests adjusted for FHA comfor VA 2 annual mitments appraisals 2 rates Preliminary estimates Not charted NOTE Detail will not necessarily add to totals because of rounding Sources Department of Labor Federal Housing Administration FHA and Veterans Administration VA 6 SALES AND INVENTORIES MANUFACTURING AND TRADE Manufacturers sales seasonally adjusted increased again in November New orders and inventories were unchanged Distributors1 sales and inventories rose in November and according to preliminary estimates retail sales rose 3 percent in December BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 100 TOTAL AND MANUFACTURING 20 nli i I I I I 1 I I I I I I I I I I 1 I I I I 1 1 I i I i l I 1 I I I l l I I I l I I I l i M i f INDEXJ947 49 IOO SEASONALLY ADJUSTED 160 oil i f j i I I j I I I 1 IJ f 1 I l l l I I I I I l l l l I 957 i 111 111 i MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOURCE DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Manufacturing and trade Manufacturing InvenSales tories 2 Period Inven New Sales tories 2 ordersl Wholesale COUNCIL OF ECONOMIC ADVISERS Ketail InvenInvenSales i tories 2 Sales i tories 2 Billions of dollars seasonally adjusted October November December 1958 January February March April May June Julv August September October November 44 December Monthly average for year and total for month 2 Book value end of period seasonally adjusted Book value end of period except annual data which are monthly averages Department stores Inventories 3 Index seasonally adjusted Sales i Preliminary estimates Sources Department of Commerce and Board of Governors of the Federal Reserve System 21 MERCHANDISE EXPORTS AND IMPORTS In the first 11 months of 1958 commercial exports merchandise exports excluding grant aid shipments were 17 percent lower than in the corresponding period of 1957 In the first 9 months imports were 3 percent lower than a year earlier BILLIONS OF DOLLARS 2 5 BILLIONS OF DOLLARS MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPSSTSfENT OF COMMERCE 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 1957 October November December 1958 January February March April May June July August September October November Total Grant aid shipments Beginning with 1950 figures include only Department of Defense shipments of grant 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 Excluding grant aid shipments Merchandise imports Excess of exports over Imports Total Excluding grant aid shipments Not available NOTE Detail wffl not necessarily add to totals because of rounding Sources Department of Commerce and Department of Defense PRICES CONSUMER PRICES Consumer prices rose fractionally in November Although food prices declined slightly prices for new automobiles and for a number of other goods and services increased INDEX ISO INDEX SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Period October November December 1958 r January February March April May June Julv August September October November Housing All items Food Total Rent Apparel Transportation Medical Personal care care Reading Other and goods recreaand tion services Includes in addi ion to rent homeowner costs utilities housefurnisnings etc Source Department of Labor 23 WHOLESALE PRICES The average of prices in primary markets was unchanged in December Continuing the pattern of the past several months prices of farm and food products declined while industrial prices rose INDEX INDEX IOO 120 OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIAL SOURCE DEPARTMENT OF LABOR 1958 COUNCIL OF ECONOMIC ADVISERS All commodities Period November December 1958 January February March April May June July August September October November December Source Department of Labor 24 Farm products Processed foods Other than farm products and foods industrial PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers fell 5 points in the month ended December 15 parity index was unchanged and the parity ratio fell 1 point The index of prices paid INDEX INDEX PRICES PAID INTEREST TAXES AND WAGE RATES I I I I 1 I I I 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 I I I I I I I I I I I I I I I I II I I I I M I I I I I I 1 M I I I I I I I I I I I I I 20Q RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OP ECONOMIC ADVISERS Prices received by farmers Period November 15 December January 15 February 15 March 15 April May 15 June 15 July 15 August September 15 October 15 November 15 December 15 Ail farm products Crops Percentage ratio of index of prices received by iarmers to index of prices paid interest taxes and wage rates Prices paid by farmers All items interest Family ProducLivestock taxes and tion and living wage rates items products items parity index Index Source Department oi Agriculture Parity ratio l CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS The total of demand deposits and currency increased more than seasonally in November BILLIONS OF DOLLARS 26O BILLIONS OF DOLLARS COUNCIL OF KONOAMC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total U S deposits Governand ment curderency posits l End of period November December 1958 January February March April May June July L August 5 September 5 October 5 November Billions of dollars Total excluding U S Government deposits 2 Demand deposits and currency Time de 3 Total Demand Currency posits Total deposits outside adjusted banks 9a R ioa i Includes U S Government deposits at Federal Reserve 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 3 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 Demand deposits and currency seasonally adjusted Demand Currency Total deposits outside adjusted banks Preliminary estimates NOTE Monthly data are for the last Wednesday of the month except the unadjusted data for December 1957 and June 1958 which are for call dates 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 rose 1 1 billion in November compared to a decline of 100 million in November 1957 Borrowings at Federal Reserve Banks rose and exceeded excess reserves in December BILLIONS OF DOLLARS BILLIONS OF DOLLARS 200 ISO END OF MONTH COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars All commercial banks End of period October November December January February March April May June 4 July 4 August September 4 October 4 4 November December 4 Total loans and investments Loans Total Investments U S GovOther 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 1955 Such loans by weekly reporting member banks represent approximately 70 percent of business loans by all commercial banks Weekly reporting member banks 1 Business loans All member banks 8 BorrowReserve balances ings at Federal Required Excess Reserve Banks Data are averages oi daily figures on balances and borrowings during the period Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 27 CONSUMER CREDIT In November consumer credit outstanding increased 300 million compared to approximately 280 million in November 1957 BILLIONS OF DOLLARS SO BILLIONS OF DOLLARS 50 TOTAL CREDIT OUTSTANDING I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Millions of dollars End of period Total consumer credit outstanding October November December 1958 January February Mcrch April Mev June Julv August September October November Total G Automobile paper l Other Repair and consumer moderni Personal zation goods loans loans 2 paper l Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased 2 Includes only such loans held by financial institutions those held by retail outlets are included in other consumer goods paper 28 Non instalment credit outstanding Instalment credit outstanding S OG Total OG Charge accounts InstalInstalment ment credit ex credit 3 3 tended repaid Credit extended or repaid during the period NOTE Series revised beginning January 1957 Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES Rates on Treasury bills declined somewhaf in late December and early January Yields on corporate and municipal bonds averaged about the same in December as in November but yields on U S Government securities increased PERCENT PER ANNUM PERCENT PER ANNUM SOURCES SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Period December 1958 January February March April May June Julv August September October No veir l or December Week ended 1958 December January Percent per annum U S Government High grade security yields municipal 3 month bonds Taxable Treasury Standard l bonds 2 bills Poor s Rate on new issues within period 2 First issued in 1941 Series includes October 1941 March 1952 bonds due or callable after 15 years April 1952 March 1953 bonds clue or callable after 12 years April 1953 to date bonds due or callable 10 years and after Corporate bonds Moody s Prime commercial paper 4 6 months Aaa Baa 3 Weekly data are Wednesday figures Not charted Sources Treasury Department and Board of Governors of the Federal Keserve System except as noted 29 STOCK PRICES Stock prices again reached a new high in early January INDEX INDEX O SOURCE SECURITIES AND EXCHANGE COMMISSION Period Weeklv average December 1958 January February March April May June Julv August September October November December Week ended 1958 December January COUNCIL OF ECONOMIC ADVISERS Composite index l Manufacturing TransDurable Nondura portation Total goods ble goods Trade finance Mining and service Include Htf roimnon stocks s or durable poods manufacturing 72 for nondurable goods iimmifurMirlntt l l for iniiispnrlu inii 2U for utilities 31 for trade fnwncv utui tferviw and 1 1 for mining Indexes are for weekly closing prices 30 Utilities a Not charted Source Securities and Exchange Commission BUDGET RECEIPTS AND EXPENDITURES The budget deficit for the first 5 months of the current fiscal year was 10 1 billion For the same period of last year there was a deficit of 6 9 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS FIRST 5 MONTHS BUDGET SURPLUS t OR DEFICIT ENLARGED SCALE m m up n FIRST 5 MONTHS 1955 IS5S ESTIMATED SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Period Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1957 year 1944 year 1953 year 1954 year 19o5 year 1956 year 1957 year 1958 3 year 1959 October November December January February March April May June Julv 4 4 August September October 4 November Cumulative totals for4 first 5 months Fiscal year Fiscal year S 1S58 FISCAL YEARS COUNCIL OF ECONOMIC ADV SERS Billions of dollars Net budget expenditures Net Major national security 1 Budget budget Department surplus f receipts Total or of Defense Total deficit military functions H L i Includes military functions of Department of Defense military assistance and defense support portions of tbe mutual security programs Atomic Energy Commission and stockpiling and defense production expansion Includes guaranteed securities except those held by the Treasury Not all of total shown is subject to statutory debt limitation Public debt end of 2 period a 4 Estimate 1959 Federal Budget Midyear Peview September 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 In the third quarter of the calendar year 1958 cash payments to the public exceeded cash receipts by 5 5 billion The comparable figure last year was 2 4 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS t 5 ENLARGED SCALE EXCESS OF CASH RECEIPTS M EXCESS OF CASH PAYMENTS i 1954 PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT CALENDAR YEARS t 1958 it COUNCIL OF ECONOMIC ADVISERS Millions of dollars Cash receipts from the public Period Fiscal year total i Calendar year total Quarterly total not adjusted for seasonal variation First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third Quarter 2 Cash payments to the public Estimate 1959 Federal Budget Midyear Review September Preliminary NOTE Detail will not necessarily add to totals because of rounding Sources Bureau of the Budget and Treasury Department For Kale by the Superintendent of Documents U S Government Printing Office Washington 25 D C Price 20 cents per copy 2 00 per year 2 75 foreign 32 Excess of receipts f or payments

Consumer Credit

DATE: January 1959

PART OF:

Economic Indicators : January 1959

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-. "January 1959," Economic Indicators (January 1959) : 31-31. https://fraser.stlouisfed.org/title/1/item/413/toc/293249 , accessed on December 15, 2019.

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Economic Data