Nation's Income, Expenditure, and Saving

Name: Nation's Income, Expenditure, and Saving
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 Congress 1st Session Econom ST LOWS MAR 3 IBiC FEBRUARY 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 PAUL H DOUGLAS Illinois Chairman WRIGHT PATMAN Texas Vice Chairman JOHN SPARKMAN Alabama RICHARD BOLLING Missouri J WILLIAM FULBRIGHT Arkansas HALE BOGGS Louisiana JOSEPH C O MAHONEY Wyoming HENRY S REUSS Wisconsin PRESCOTT BUSH Connecticut THOMAS B CURTIS Missouri JOHN MARSHALL BUTLER Maryland CLARENCE E KILBURN New York JACOB K JAVITS New York WILLIAM B WIDNALL New Jersey RODERICK H RILEY Executive Director JOHN W LEHMAN Clerk COUNCIL OF ECONOMIC ADVISERS RAYMOND J SAULNIER Chairman KARL BRANDT PUBLIC LAW 120 81sx 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 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 Jrage PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Sales and Inventories Manufacturing and Trade Merchandise Exports and Imports PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers CURRENCY CREDIT AND SECURITY MARKETS Currency and Deposits Bank Loans Investments and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public 31 32 iii TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Current estimates show a marked increase in total income and expenditures between the third and fourth quarters of 1958 Billions of dollars Fourth quarter Economic group Year Third quarter Fourth quarter Excess of reEx ceipts Re pendceipts itures or expenditures Excess of reEx ceipts Re pendceipts itures or expenditures Excess of reEx ceipts Re pendceipts itures or expenditures Excess of reExRe pend ceipts ceipts itures or expenditures Seasonally adjusted annual rates Consumers Disposable personal income 306 8 Personal consumption ex Business 45 4 Gross retained earnings Gross private domestic investment Excess of transfers or of net exports Excess of investment Personal net saving International Foreign net transfers by government Net exports of goods and Seasonally adjusted annual rates Government Federal State and local Tax and nontax receipts or 114 7 accruals Less Transfers interest 30 2 and subsidies net Net receipts Total government expenditures Less Transfers interest and subsidies net Purchases of goods and services Surplus J or deficit on income and product acuountStatistical discrepancy 7 GROSS NATIONAL PRODUCT NOTE Series revised beginning 1958 See note p 2 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 7 GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national expenditures rose 13 2 billion seasonally adjusted annual rate between the third and fourth quarters of 1958 according to current estimates Increases occurred in all major components except net exports BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS 5OO SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES x 200 GOVERNMENT PURCHASES OF GOODS AND SERVICES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Billions of dollars Total Personal Net Gross gross Total conexports national gross sump private of goods product national tion domestic and in 1958 product expend investservices ment prices itures First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Third quarter Fourth quarter Government purchases of goods and services Federal Total Total i National defense Other State and local Seasonally adjusted annual rates 1 Less Government sales These expenditures correspond closely with the major national security category in The Budget oj the United States Government or the fiscal Year Ending June SO I960 shown on p 31 of Economic Indicator NOTE Revised farm inventory data for 1958 have been incorporated into GNP and related series Detail will not necessarily add to totals because of rounding Source Department of Commerce and Council of Economic Advisers NATIONAL INCOME National income rose 8 2 billion seasonally adjusted annual rate between the third and fourth quarters of 1958 Increases in compensation of employees and corporate profits accounted for most of the rise Income of farm proprietors declined BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES 200 too PROPRIETORS AND RENTAL INCOME X CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT NET INTEREST I y PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED l I 1958 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total national income Period First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Third quarter Fourth quarter Compensation of employees l Proprietors1 income Farm Corporate profits and inventory valuation adjustment Net interest Total Profits before taxes Inventory valuation adjustment Seasonally adjusted annual rates Includes employer contributions for social insurance fSee also p 4 Preliminary estimates by Council of Economic Advisers Business and professional Rental income of persons NOTE Series revised beginning 1958 See note p 2 Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted SOURCES OF PERSONAL INCOME income rose 2 4 billion seasonally adjusted annual rate in January A continued rise in wages and and a return of dividend payments to the November level accounted for most of the rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES LABOR INCOME 200 ISO FARM PROPRIETORS INCOME DIVIDENDS AND PERSONAh INTEREST SOURCE DEPARTMENT OF COMMERCE Period Total personal income December 1958 January February March April Mav June July August September October NovemberDecember January Billions of dollars Labor income Proprietors income Less Per wage and sonal conRental salary disDivi Personal Transfer tributions income Business payinterest bursements Farm of and pro persons dends income ments for social and other l insur f essional labor income ance Seasonally adjusted annual rates Compensation of employees see p 3 excluding employer contributions for social insurance and the excess of wage accruals over disbursements 3 Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations COUNCIL OF ECONOMIC ADVISERS Nonagricultural personal income Includes lump sum retroactive salary payments to Federal employees at an annual rate of 4 6 billion 380 million multiplied by 12 4 Preliminary estimates NOTE Series revised beginning 1958 See note p 2 Detail will not necessarily add to totals because of rounding Source Department of Commerce DISPOSITION OF PERSONAL INCOME Disposable personal income rose slightly between the third and fourth quarters of 1958 rose 4 4 billion seasonally adjusted annual rate Total consumer expenditures BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS I95S COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Equals DisposLess Personal Personal able income taxes 1 personal income Period First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter Includes such items as fines penalties and donations NOTE Series revised beginning 1958 See note p 2 Detail will not necessarily add to totals because of rounding Source Department of Commerce 50 Less Personal consumption expenditures Total Durable goods Billions of dollars Seasonally adjusted annual Nondurable goods rates Saving Equals as percent Personal of disposable saving Services income o a PER CAPITA DISPOSABLE INCOME Per capita disposable income measured in both current and constant prices fell slightly in the fourth quarter of 1958 DOLLARS r i 1 t i i I i t 1957 SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF LABOR AND COUNCIL OF ECONOMIC ADVISERS 1958 COUNCIL OF ECONOMIC ADVISERS Total disposable personal Per capita disposable perincome billions of dollars sonal income dollars Period Current prices prices Current prices prices 3 Population thousands Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter 1958 First quarter Second quarter Third quarter Fourth quarter 1 Income Jess taxes Dollar entlniates in current prices divided by consumer price index on a 1958 bust Includes armed forces overseas AnnuaJ data as of July 1 quarterly data centered Jn the middle of the period interpolated from monthly figures NOTE Series revised beginning 1958 See note p 2 Sources Department of Commerce Department of Labor and Council of Economic Advisers FARM INCOME Farm operators net income seasonally adjusted was lower in the fourth quarter of 1958 than in the third quarter but was well above a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES NET FARM INCOME I NCL NET CHANGE IN INVENTORIES J INCOME OF 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 Fourth Quarter COUNCIL of ECONOMIC ADVISERS Farm operators income Net income 2 Net income per farm including net change in Farm proIncluding Excluding inventories duction net change net change expenses in invenin inven1958 Current tories tories prices prices Billions of dollars Dollars Seasonally adjusted annual rates Cash receipts from farm marketings value of farm products consumed in farm households gross rental value of farm dwellings and Government payments to 2farmers Realized gross farm income less farm production expenses Excludes farm wages paid to workers living on farms and any income to farm people from nonterm sources which in 1958 amounted to 1 9 billion and 6 2 billion respectively 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 1958 base The number of farms is held constant within a given year NOTE Series revised beginning 1958 See note p 2 Source Department of Agriculture CORPORATE PROFITS Corporate profits before taxes In the fourth quarter of 1958 are provisionally estimated at 44 0 billion seasonally adjusted annual rate BILLIONS OF DOLLARS BILLIONS Of DOLLARS HO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT t PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED 1958 I 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 Fourth quarter Preliminary estimates by Council of Economic Advisers KOTE See p 3 for profits before taxes and after inventory valuation adjust H llt 8 Detail will not necessarily add to totals because of rounding Source Department of Commerce except as noted GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose 7 1 billion seasonally adjusted annual rate between the third and fourth quarters of 1958 Higher outlays for residential construction and a decline in the rate of inventory liquidation accounted for the improvement BILLIONS OF DOLLARS BILLIOMS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total gross private domestic investment Period Change in business inventories Fixed investment New construction l Total Total Residential nonfarm Other Producers durable equipment Total Nonfarm I S f 1 Seasonally adjusted annual rates 1957 First quarter Second quarter Third quarter Fourth quarter 1 958 First q uarter Second quarter Third quarter Fourth quarter i Other construction in this series includes petroleum and natural gas well drilling which are excluded from estimates on p 19 NOTE Series revised beginning 1958 See note p 2 Detail will not necessarily add to total because of rounding Source Department of Oommeree 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 I J SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL Or ECONOMIC ADVISERS Billions of dollars Manufacturing Period Total i i Total L Durable goods Transportation Nondurable goods Mining Railroads Other Public utilities Commercial and other Seasonally adjusted annual rates Third quarter Fourth quarter i First quarter Second quarter Third quarter Fourth quarter First quarter Kxcludes agriculture adjustments when necessary for systematic tendencies in anticipatory data 1 These figures do not agree with the totals included in the gross national product Commercial and other includes trade service finance communications and const ruction estimates of the Department of Commerce principally because the latter cover 1 K Uittmtcs based on anticipated capital expenditures as reported by business agricultural investment and also certain equipment and construction outlays tatweti hi to October and early December 1958 charged to current expense Detail will not necessarily add to totals because of rounding None Annual total is the sum of unadjusted expenditures it does not necesSources Securities and Exchange Commission and Department of Commerce sity colndUc with the average of seasonally adjusted figures which include 10 EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Total employment declined by 1 3 million from December to January and unemployment increased by Both changes were less than is usual at this time of year MILLIONS OF PERSONS PERSONS I YEARS OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE Period New definitions l December January February March April May June July August September October November December 1959 January COUNCIL OF ECONOMIC ADVISERS Total Civilian employment l Unemployment l Insured unemployment2 labor Civilian State pro of civilian All 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 Oil i See Monthly Reports on the Labor Force Department of Commerce for definitions methods of estimation periods to which data pertain etc Weekly averages it I 4 a 5 1 o o Preliminary estimate Sources Department of Commerce Department of Labor and Council ol Economic Advisers 11 NONAGRICULTURAL EMPLOYMENT Employment in nonagricultural establishments rose by seasonally adjusted in January Moderate job increases occurred in nearly all major industrial groups MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WASE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS MANUFACTURING 54 TOTAL 52 50 DURABLE j GOODS INDUSTRIES 48 NONDURABLE GOODS INDUSTRIES X CONTRACT CONSTRUCTION ENLARGED SCALE 1958 WHOLESALE AND RETAIL TRADE ENLARGED SCALE I I 1 I 1Mill 1957 IO O SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers Period Manufacturing Total unadjusted December 1958 January February March April May June July August September October November December2 1050 January 2 Total W t Total Durable goods Nondurable goods II full and part time wage and salary workers in nonagricultural 1 worked during or received pay for any part of the pay period i Mh of the month Excludes proprietors self employed permit ntul personnel of the armed forces Total derived from ritjiMi with estimates of nonagricultural employment of the H it i by the Department of Commerce p 11 which in Government Contract Wholesale Mining construc and retail Federal State tion trade local Adjusted for seasona variation Other clude 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 WEEKLY HOURS SELECTED INDUSTRIES The average workweek of production workers in manufacturing industries declined from 40 3 hours in December to 39 9 hours in January This was a smaller decline than is expected for seasonal reasons HOURS PER WEEK HOURS PER WEEK 46 NONDURABLE MANUFACTURING I I I I I 1 t I I RETAIL TRADE JJ i I III II I I I I I I I I I I II I I II II I1 I I II 1 I j L COUNCIt OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Hours per week for production workers or nonsupervisory employees Manufacturing Ruil Hncr Period December 1958 January February March April May June July August September October November December l 1959 January1 1 8 Preliminary estimates Not available Durable goods Total Nondurable construction goods a a a T of oil trade sa sa o P Source Department of Labor 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing industries were unchanged in January At 2 19 they were 8 cents above the level of January 1958 DOLLARS PER HOUR DOLLARS PER HOUR NONDURABLE MANUFACTURING RETAIL TRADE 2 00 CURRENT PRICES CURRENT PRICES I I I I II I I I I I 1956 II I Ml II Ml 1958 I I I I I I I I I II M M I I U I I I I MI I I I II SOURCE DEPARTMENT OF LABOR Period December 1958 January February March April May June July August September October November2 December 1959 January 2 1 3 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Durable goods Building All manufacturing manufacturing Nondurable goods construction manufacturing Current 1958 Current Current 1958 Current prices prices l prices prices l prices prices prices prices l Earnings in current prices divided by consumer price index on a 1958 base Preliminary estimates 14 I I I I I1 I I I1 I C Not available Source Department of Labor Retail trade 1958 Current prices prices l C3 AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings in manufacturing declined to 87 38 in January reflecting the reduction of the workweek Howeve they were 5 72 higher than in January 1958 DOLLARS PER WEEK DOLLARS PER WEEK RETAIL TRADE NONDURABLE MANUFACTURING 1958 PRICES CURRENT PRICES M II M IM i I 11 1 1 i i i i t UU I I I i I M I I I I I I I I I I I LJJ I i r t I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period December 1958 January February March April May June July August September October November2 December 1959 January2 1 For production workers or nonsupervisory employees Durable goods Building All manufacturing manufacturing Nondurable goods manufacturing construction Current 1958 Current 1958 Current 1958 Current 1958 prices prices 1 prices prices 1 prices prices 1 prices prices l Earnings in current prices divided by consumer price index on a 1958 base Preliminary estimates I M I I I I M U Retail trade 1958 Current prices prices Not available Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production seasonally adjusted rose again in January reaching a level 1 percent higher than a year earlier and only 1 percent below August 1957 INDEX INDEX ISO XDURABLE MANUFACTURES COUNCIl OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production Period December 1958 z January February March April May i j r June July August September October November December 1959 January i Preliminary estimates 16 Manufactures Total Durable Nondurable Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES In January production increases were rather general among both durable and nondurable manufactures INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED X FOODS BEVERAGES AND Toekcco SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durable manufactures Period December 1958 January February March April May June July August SeptemberOctober November December 1959 January 1 1 8 Preliminary estimates Not available Nondurable manufactures FabriTranspor Lumber Textiles Primary cated Machin tation and and metals metal ery equipprod apparel products ment ucts ConPaper Chemical Foods sumer and and petro bever durable printleum ages and goods ing products tobacco I i in r ion i m 1 w I H in Source Board of Governors of the Federal Keserve System 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production increased in January and early February rate in almost 2 years MILLIONS OF TONS Steel production reached the highest MILLIONS OF SHORT TONS DAILY AVERAGE BITUMINOUS COAL I h i i i i t t t i f i i i i i i i i i i i t 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 J F M A M J O A S O N D BILLIONS OF KILOWATT J F M A M J J A I I I I I I I I I i I I I I I I I I I I I 1 1 1 I I I I I I I I 1 SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average December 1958 January February March April May June Julv August September October November December 1959 January 3 Week ended 1959 January February D I I 1 1 I f I 1 1 I I COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Steel produced Cars and trucks power coal mined loaded produced Thousands Index distributed thousands thousands thousands assembled thousands of net millions of of short Total Cars Trucks of cars of tons tons 100 kilowatt hours tons Weekly capacities net tons as of January 1 are and a Daily average for week 3 Preliminary ON CARS AND TRUCKS ELECTRIC POWER 18 S HOURS For Jan Not charted Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Bailroads National Paperboard Association and Ward s Automotive Reports 1 NEW CONSTRUCTION Expenditures for both public and private construction seasonally adjusted increased during January or the eighth consecutive month Construction contracts continue higher than a year previously BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS n II I I I I I I M I I I I I I I T 1 M I I I I I I I I I I I I 1 I I 1 I I I I 1 1I M I I I I I I I I I M I I I I I I I I I I I I I I t 1I M I M I t In PRIVATE RESIDENTIAL S NONFARM COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR Billions of dollars Period Total new construction Private Total private Residential nonfarm Other Federal State and local Construction contracts l 48 States Eastern States Seasonally adjusted annual rates December January February March April May 1959 June July August September October November December January Compiled by F W Dodge Corporation seasonally adjusted by the National Bureau of Economic Eeseareh 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 Revised series beginning January 1956 not comparable with prior data Series discontinued beginning January 1958 Preliminary estimates NOTE Detail will not necessarily add to totals because of rounding Sources Department of Commerce Department of Labor and F W Dodg Corporation except as noted 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts seasonally adjusted declined in January to an annual rate of units appraisal requests and applications For FHA commitments rose somewhat MILLIONS OF UNITS VA MILLIONS OF UNITS i SEE FOOTNOTE 2 ON TABLE BELOW v B SOURCES DEPARTMENT OF LABOR FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA Thousands of units New nonfarm housing starts Period Annual total Monthly average December 1958 January February March April AJ caj Mav June July August September October November December 1950 January 3 Total Publicly financed Total Privately financed Government programs Total i FHAi VA JO Kvrhjilc i armed forces housing 2 837 units in units in m i l l in l i v mill i 7 w units iJi January 1U P 9 1 I nil 11 pn sruh d hv worl juj e applications for new home construction I MTniiiiiui y r itumi i 20 1959 COUNCIL OF ECONOMIC ADVIS1RS Proposed home construction Private Requests seasonally Applications for VA adjusted for FHA com2 annual appraisals 2 mitments rates 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 MANUFACTURING AND TRADE Tottrl manufactjuring and trade sales seasonally adjusted continued to advance in December reaching the prerecession psak of 57 4 billion Manufacturing and wholesale trade inventories were reduced further while retail inventories rose Retail sales in January were about the same as in December according to preliminary estimates BILLIONS OF DOLLARS SEASON ALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED nl i l l I I I I I I I I I I I I I I 1 1 I I I 1 1 1 i i M I I i i i i i I i i i M I J I I I f INDEX OQ SEASONALLY ADJUSTED 160 i i i t i I I I I I I I I I I I I I I I I I i I I I I I I I I 1 I I i i i i I I I I I 1956 I 1957 I MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOURCE DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period November December 1958 January February March April May June Julv August September October November December 1959 January 4 Manufacturing and trade Manufacturing Ketail Department stores InvenInvenInvenInvenInven New Sales i tories 2 Sales tories 2 orders Sales i tories 2 Sales 1 tories 2 Sales tories 3 Index Billions of dollars seasonally adjusted seasonally adjusted ia o Monthly average for year and total for month 2 Book value end of period seasonally adjusted 3 Book value end of period except annual data which are monthly averages Wholesale COUNCIL OF ECONOMIC ADVISERS Preliminary estimates Not charted Sources Department of Commerce and Board of Governors of the Federal Eeserve System 21 MERCHANDISE EXPORTS AND IMPORTS In 1958 commercial exports merchandise exports excluding grant aid shipments were 16 percent lower than in 1957 In the first 11 months of 1958 imports were 2 percent lower than a year earlier BILLIONS OF DOLLARS 2 5 BILLIONS OF DOLLARS MERCHANDISE EXPORTS EXCLUDING GRANT AID SHIPMENTS I COUNCIL Of ECOK6MIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars Merchandise exports Period 1949 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 1955 monthly average 1956 monthlv average 1957 monthly average 1958 monthly average 1957 November December 1958 January February March April May June July August September October November December Total Grant aid shipments l a 1 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 Excluding Total 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 Consumer prices declined slightly in December Lower food and apparel prices accounted or most of the decline Rents and costs of medical care continued to increase INDEX INDEX ISO LL 1958 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period November December 1958 January February March April May June Julv August September October November December All items Housing Food Total i Rent Apparel Transportation Reading Other Medical Personal and goods and recreacare care tion services Includes in addition to rent homeowner costs utilities housefurnisiiings etc Source Department of Labor 23 WHOLESALE PRICES The average of prices in primary markets rose fractionally in January Farm prices rose as is usual for this season ending a decline that began in the spring of 1958 Food prices were unchanged and industrial prices increased very little INDEX INDEX I947 49 IOO OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIAL I20 IOO I953 I955 I954 I956 I I959 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR December 1958 January February March April May June July August September October November December 1059 January Other than farm products and foods industrial All commodities Period Farm products Processed foods WtM JU51 February Ywl y JJPI IIW InustHl on smaller sample than monthly series 24 Source Department of Labor PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers was unchanged in the month ended January 15 parity index rose 3 points and the parity ratio fell 1 point The index of prices paid I N D E X INDEX I I I I I I I I I I 1 1 I I I II I 1 N I EOO M i l l IN 1 1 I 1 I 1 I I 1 I I I I PARITY RATIO I I I I I I I I I II M i l l I I M II I I I I I I I I I MI I I M I I I I I I RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE 1959 COUNCIL OF ICONOMIC ADVISERS Prices received by farmers Period All farm products December 15 January 15 February 15 March 15April 15 May 15 June 15 July 15 August 15 September 15 October 15 November 15 December January 15 Crops i Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates Prices paid by farmers All items interest Livestock taxes and Family Producliving and tion wage rates items items products parity index Index NOTE Series revised beginning 1952 Source Department of Agriculture Parity ratio i CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS The total of demand deposits and currency declined somewhat more than seasonally in January See Note p 27 BILLIONS OF DOLLARS BILLIONS OF DOLLARS TIME DEPOSITS SOURCE BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM End of period January February March April Mav June July August September October 5 November55 December 1959 January 5 Total U S deposits Government and curderency posits Billions of dollars Total excluding U S Government deposits 2 Demand deposits and currency Demand deposits and seasonally adjusted currency Time deTotal Demand Currency Demand Currency posits z Total deposits outside Total deposits outside adjusted banks adjusted banks Includes U 8 Government deposits at Federal Reserve Banks and commercial and savings banks and U S Treasurer s time deposits open account Includes deposits and currency held by State and local governments Includes deposits in commercial banks mutual savings banks and Postal Savincs System but excludes interbank deposits 4 includes demand deposits other than interbank and U S Government ess cash Horns in process of collection 26 COUNCIL OF ECONOMIC ADVISERS Preliminary estimates January 1959 not charted NOTE See Note p 27 Monthly data are for the last Wednesday of the month except tne 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 declined 400 million in January compared to a decline of 1 9 billion in January 1958 See Note below Borrowings at Federal Reserve Banks have continued to exceed excess reserves by a small margin BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH COUNCIL OF ECONOMIC ADV1S6RS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period December 1958 January February March April May JuneJuly August September October 4 4 November December 4 1959 January 4 Total loans and invest ments Billions of dollars All commercial banks Investments Loans U S Gov Other ernment Total securities securities Member banks include besides all national banks those State banks that have taken membership in the Federal Reserve System 2 3 Commercial industrial and agricultural loans Averages of daily figures on balances and borrowings during the period 4 Preliminary estimates January 1959 not charted Weekly reporting member banks l Business loans All member banks 1 BorrowReserve balances 3 ings at Federal Required Excess Reserve Banks NOTE Beginning January 1959 data include all banks in Alaska one previously included Hence January declines are understated and increases are overstated Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 27 CONSUMER CREDIT In December consumer credit outstanding increased 1 6 billion compared to about 1 3 billion in December 1957 BILLIONS OF DOLLARS 50 BILLIONS OF DOLLARS 50 TOTAL CREDIT OUTSTANDING NON1NSTALMENT CREDIT I End of period Total consumer credit outstanding November December 1958 January February March April May June July August September October November December Millions of dollars Instalment credit outstanding Total Automobile paper l J Include all consumer credit extended for the purpose of purchasing autoitioMIw and other consumer goods and secured by the items purchased J Includes only such loans held by financial institutions those held by retail cutl t nil Included in other consumer goods paper 28 Non instalment credit outstanding Other Repair and consumer moderni Personal zation loans goods loans 2 paper J COUNCIL Of ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total Charge accounts Instal Instalment 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 Rates on Treasury bills declined somewhat in early February after rising in late January pal and U S Government bonds increased during most of January Yields on corporate munici PERCENT PER ANNUM PERCENT PER ANNUM 1953 SOURCES SEE TABLE BELOW COUNCll OF ECONOMIC ADVISERS Period January February March April May June July August September October November December 1959 January Week ended 1959 January February Percent per annum U S Government High grade security yields municipal bonds 3 month Taxable 2 Standard3 Treasury bonds Poor s bills i Kate on new issues within period First issued in 1941 Series includes October 1941 March 1952 bonds due or callable after 15 years April 1952 March 1953 bonds due or callable alter 12 years April 1953 to date bonds due or callable 10 years and after Corporate bonds Moody s Aaa Baa Weekly data are Wednesday figures Not charted Sources Treasury Department and Board of Governors of the Federal Reserve System except as noted Prime commercial paper 4 6 months a STOCK PRICES Stock prices reached a new high durins the week of January 23 but have declined somewhat since then INDEX INDEX OO COUNCIL OF ECONOMIC ADVISERS SOURCE SECURITIES AND EXCHANGE COMMISSION Period Weeklv average January February March April May June July August September October November December 1959 January Week ended 1959 January February 6 13 I Composite index Manufacturing Trade TransDurable Nondura portation Utilities finance Mining Total and service goods ble goods Includes 265 common stocks 98 or durable goods manufacturing 72 for nondurable goods manufacturing 21 for transportation 29 for utilities 31 for trade finance and service and 14 for mining Indexes are for weekly closing prices 30 1959 a Not charted Source Securities and Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES For the first 7 months of the current fiscal year there was a budget deficit of 13 3 billion For the same period of last year there was a deficit of 8 0 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS FIRST 7 MONTHS 1959 BUDGET SURPLUS OR DEFICIT ENLARGED SCALE FIRST 7 MONTHS COUNCIL OF ECONOMIC ADVISERS Period Fiscal vear 1953 Fiscal year 954 Fiscal vear 1955 Fiscal year 1956 Fiscal year 1957 Fiscal year 1958 3 Fiscal year 1959 Fiscal year December i January February March April May j June July 4 August September 4 October 4 November44 December 4 1959 January Cumulative totals for4 first 7 months Fiscal year 1958 4 Fiscal year FISCAL YEARS ESTIMATED SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Billions of dollars Net budget expenditures Net Major national security l Budget budget Department surplus receipts Total or of Defense Total deficit military functions Includes military functions of Department of Defense military assistance portion of the mutual security program Atomic Energy Commission stockpiling and defense production expansion 2 Includes guaranteed securities except those held by the Treasury Not all of total shown is subject to statutory debt limitation Public debt end of period Estimate Preliminary NOTE Detail will not necessarily add to totals because of rounding Sources Treasury Department and Bureau of the Budget O1 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC n the fourth quarter of the calendar year 1958 cash payments to the public exceeded cash receipts by 7 3 billion For the year as a whole the excess of payments was 7 4 billion as compared to an excess of receipts of 1 2 billion in 1957 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 80 EXCESS OF CASH RECEIPTS ENLARGED SCALE EXCESS OF CASH PAYMENTS I I 1956 CALENDAR YEARS 1955 PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT I 1959 COUNCIL OF ECONOMIC ADVISERS 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 Second quarter Third quarter 2 2 Fourth quarter Cash payments to the public Kstitimtc I n lirninwy NOTE J et Ul will not nw ssarily add to totals because of rounding Kounvs Hutwiu of tin 1 Bwlpci and Treasury Department 32 For Hiih l j ihi S u i i r i t i t n l k n t of Documents T T S Government Printing Office Washington 25 D C 1 rirr I M M nts n r copy per year 2 75 foreign Excess of receipts or payments U S GOVERNMENT P R I N

Nation's Income, Expenditure, and Saving

DATE: February 1959

PART OF:

Economic Indicators : February 1959

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-. "Nation's Income, Expenditure, and Saving," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "February 1959," Economic Indicators (February 1959) : 4-4. https://fraser.stlouisfed.org/title/1/item/415/toc/180406 , accessed on December 8, 2019.

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Economic Data