Stock Prices

Name: Stock Prices
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The following is plain-text output generated by Optical Character Recognition. 86th Congress 2d Session Economic Indicators FEBRUARY 1960 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 SENATE HOUSE OF REPRESENTATIVES JOHN SPARKMAN Alabama RICHARD BOLLING Missouri J WILLIAM FULBRIGHT Arkansas HALE BOGGS Louisiana JOSEPH C O MAHONEY Wyoming HENRY S REUSS Wisconsin JOHN F KENNEDY Massachusetts FRANK M COFFIN Maine 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 JOHN W LEHMAN Cltrk and Acting Executive Director COUNCIL OF ECONOMIC ADVISERS RAYMOND J SAULNIER Chairman KARL BRANDT HENRY C WALLICH PUBLIC LAW 120 81sx CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 85 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 ii Contents TOTAL OUTPUT INCOME AND SPENDING Page The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Per Capita Disposable Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Nonagricultural Employment Average Weekly Hours Selected Industries Average Hourly Earnings Selected Industries Average Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Sales and Inventories Manufacturing and Trade Merchandise Exports and Imports PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers CURRENCY CREDIT AND SECURITY MARKETS Currency and Deposits Bank Loans Investments and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public NOTE Detail in these tables will not necessarily add to totals because of rounding TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Current estimates indicate that total income and expenditures rose between the third and fourth quarters of 1959 Billions of dollars Economic group Third quarter Year Fourth quarter Excess of receipts Excess of reExRe pend ceipts ceipts itures or expenditures Excess of reExRe pend ceipts f ceipts itures or expenditures ExRe pendceipts itures or expenditures Seasonally adjusted annual rates Consumers Disposable personal income 322 9 Personal consumption ex299 1 penditures Business Gross retained earnings Gross private domestic investment International Foreign net transfers by government Net exports of goods and i H Government Federal State and local Tax and nontax receipts or 120 7 accruals Less Transfers interest 33 7 and subsidies net J C C Excess of transfers f or of net exports Net receipts Excess of investment Excess of reExRe pend ceipts ceipts itures or expenditures Seasonally adjusted annual rates 23 7 Personal net saving f Fourth quarter 2 3 C Total government expenditures Less Transfers interest and subsidies net Purchases of goods and services Surplus f or deficit on income and product account Statistical discrepancy GROSS NATIONAL PRODUCT Not available Sources Department of Commerce and Council o f Economic Advisers l C 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 GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product rose 4 9 billion seasonally adjusted annual rate between the third and fourth quarters of 1959 according to current estimates Gross private domestic investment and consumption expenditures increased while government purchases and net exports declined BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES x 200 GOVERNMENT PURCHASES OF GOODS AND SERVICES i I GROSS PRIVATE DOMESTIC INVESTMENT NET EXPORTS OF GOODS AND SERVICES I J I First quarter Second quarter Third quarter Fourth quarter 1959 First quarter Second quarter Third quarterFourth quarter Billions of dollars Total Personal Net Gross gross Total conexports national gross sump private of goods domestic product national tion and in 1959 product expend invest services ment prices itures L Government purchases of goods and services Federal Total Total National defense Seasonally adjusted annual rates Less Government sales These expenditures correspond closely with the major national security I 1959 COUNCIL OF ECONOMIC ADVBSRS SOURCE DEPARTMENT OF COMMERCE Period I Other State and local as category in The Budget of the United States Government for the Fiscal Year Ending June shown on p 31 of Economic Indicators Source Department of Commerce NATIONAL INCOME Compensation of employees seasonally adjusted increased in the fourth quarter of 1959 of national income also rose with the exception of rentals which remained constant Farm and all other forms BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS i 4OO COMPENSATION OF EMPLOYEES X PROPRIETORS AND RENTAL INCOME x i NET INTEREST CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT IZdXHtl 1953 I I I i 1958 i I 1959 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Period Proprietors income Business and professional Rental income of persons Corporate profits and inventory valuation adjustment Total national income First quarter Second quarter Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter 1 3 Compensation of em 1 ployees Seasonally adjusted annual rates i i Farm Includes employer contributions for social insurance See also p 4 Not available Source Department of Commerce Net interest Total Profits Inventory valuation before taxes adjustment SOURCES OF PERSONAL INCOME Personal income in January was at an annual rate of 393 3 billion seasonally adjusted slightly higher than in December and 61 k percent above January 1959 Labor income accounted for most of the January rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL PERSONAL INCOME i960 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Total personal income Period December January February March April May June Julv August September October November December lOfiO J a n u a r y Billions of dollars Labor income Proprietors income Rental wage and Diviincome salary disBusiness of bursements and pro persons dends Farm and other fessional labor income Seasonally adjusted annual romiuMisaiion of employees see p 3 excluding employer contributions for tuMtl il Insurance and the excess of wage accruals over disbursements r Versonul income exclusive of net income of unincorporated farm enterprises lurin WHIT ufo ieui rural net interest and net dividends paid by agricultural 3 Less PerPersona Transfer sonal contributions interest payincome ments for social insurance rates Preliminary estimates Source Department of Commerce Nonagricultural personal income DISPOSITION OF PERSONAL INCOME Disposable personal income rose by 5 7 billion seasonally adjusted annual rate between the third and fourth quarters of 1959 according to current estimates Total consumption expenditures also rose but at a somewhat lower rate than income BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Equals Personal Less Disposincome Personal able taxes J 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 51457 o 60 2 Less Personal consumption expenditures Total Saving Equals as percent Personal of disDurable Nonsaving posable goods durable Services income goods Billions of dollars t a Seasonally adjusted annual rates Source Department of Commerce I a i 6 9 ill PER CAPITA DISPOSABLE INCOME Per capita disposable income measured in both current and constant prices increased in the fourth quarter of 1959 DOLLARS SEASONALLY ADJUSTED ANNUAL RATES I 40O I I I I J SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS COUNCIL OF ECONOMIC ADVlSfftS Total disposable personal Per capita disposable personal income dollars income billions of dollars 1 Period 1959 prices 2 Current prices First quarter Second quarter Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter I Current prices prices 2 Population thousands Seasonally adjusted annual rates 1 J Income less taxes Dollar estimates in current prices divided by the implicit deflator for personal consumption expenditures on a 1959 base 3 Population of the United States excluding Alaska and Hawaii includes armed forces abroad Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures Sources Department 01 Commerce and Council of Economic Advisers FARM INCOME Farm operators net income seasonally adjusted and including net change in inventories turned upward in the fourth quarter of 1959 after declining for a year BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 30 20 NET FARM INCOME CINGL NET CHANGE IN INVENTORIES J INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Period First quarter Second quarter Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter Realized gross farm income Farm operators income Net income 2 Net income per farm including net change in Including Farm proExcluding inventories duction net change net change in invenin invenexpenses Current 1959 tories tories prices prices Billions of dollars Dollars Seasonally adjusted annual rates Cash receipts from farm marketings value oi farm products consumed in farm households gross rental value f farm dwellings and Government payment to2farmers 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 1959 amounted to 1 8 billion and 6 7 billion respectively 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 1969 base The number of farms is held constant within a given year Source Department of Agriculture CORPORATE PROFITS Corporate profits before taxes in the third quarter of 1959 are estimated at 46 4 billion seasonally adjusted annual rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT 1959 COUNCIL Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Corporate profits before taxes Period Corporate tax liability C Corporate profits after taxes Total C Dividend payments Undistributed profits Seasonally adjusted annual rates 1958 First quarter Second quarter Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter C Not available NOTK See p 3 for profits before taxes and after inventory valuation adjustment Nottrro jDepnrtmeiit of Commerce 8 C C C GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment increased 2 7 billion seasonally adjusted annual rate between the third cmd fourth quarters of 1959 Inventory accumulation accounted for the rise as fixed investment fell BILLIONS OF DOLLARS BILLIOMS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES CHANGE IN BUSINESS INVENTORIES I 1959 t COUNOl OF ECONOMIC ADVfSERS SOU RCE DEPARTMENT OF COMMERCE Billions of dollars Total gross private domestic investment Period Change in business inventories Fixed investment Total New construction l Producers durable ResidenTotal Other equiptial ment nonfarm Total Nonfarm Seasonally adjusted annual rates 1958 First quarter Second quarter Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter l Other construction in this series includes petroleum and natural gas well drilling which are excluded from estimates on p 19 Source Department of Commerce 9 EXPENDITURES FOR NEW PLANT AND EQUIPMENT The October November survey of business expenditures on plant and equipment indicated rising outlays in the fourth quarter of 1959 and the first quarter of 1960 Expenditures for the year 1959 were estimated to be below earlier anticipations reflecting for the most part the effects of the steel strike and were expected to be 7 percent above actual outlays in 1958 BILLIONS OF DOLLARS BILLIONS OF DOLLARS tl NOTE 1 ON TAtLt ML OW tOUNCtti ttCUftlTIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE Billions of dollars Manufacturing Period First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter 3 Total i Total L Durable goods Railroads Seasonally adjusted annual rates i Excludes agriculture a Commercial and other includes trade service finance communications and construction Estimates based on anticipated capital expenditures as reported by business in late October and November 1959 Includes adjustments when necessary for systematic tendencies in anticipatory data 10 Nondurable goods Transportation Commercial and other 2 Other Public utilities L Mining NOTE Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures 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 Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Total employment declined to 64 0 million in January and unemployment increased in line with seasonal expectations The seasonally adjusted rate of unemployment was unchanged at 5 2 percent of the civilian labor force MILLIONS OF PERSONS 80 MILLIONS OF PERSONS 80 O 3 I COUN II OF ECONOMIC ADVISERS I Period New definitions December 1959 January February March April May June July August September October November December 1960 January Total Civilian employment 1 Unemployment 1 Insured unemployment 2 labor Civilian of civilian All proState proforce inlabor grams cluding Total Agricul N on agri Number labor force thousands grams as force tural cultural of covered armed Unad Seas 3 forces justed adj of persons employment Thousands of persons 14 years of age and over Oil See Employment and Earnings Department of Labor for definitions methods of estimation periods to which data pertain etc 2 Weekly averages Beginning January 1959 includes Alaska and Hawaii Includes program for Federal employees for 1955 June 1959 Preliminary estimate NOTE Beginning January I960 labor force data include Alaska and Hawaii Sources Department of Labor and Council of Economic Adviseis 11 NONAGRICULTURAL EMPLOYMENT Employment in nonagricultural establishments seasonally adjusted increased in January reflecting continued recovery from the effects of the steel strike MIL LIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS MANUFACTURING xV VI n S V S TOTAL iST n j DURABLE GOODS INDUSTRIES V NONDURABLE X WGOODS INDUSTRIES t u t V I I CONTRACT CONSTRUCTION ENLARGED SCALE WHOLESALE AND RETAIL TRADE ENLARGED SCALE 3 0 A y i V p V i II i S k ALL NONAGRICULTURAL ESTABLISHMENTS X i t i i i I I 1 1 1 1 I I1 1 1 1 t i t i i 1 i i i t j I j i i 1 i ii i i SE ASONALLY ADJUST ED DATA SOUF CE DEPARTMENT OF LABOR 1959 I960 COUNCIL DF ECONOMIC ADVISERS l Thousands of wage and salary workers l Total Manufacturing Private nonmanufacturing Total Total unadjusted including excluding Period Contract Alaska excluding Alaska Durable Nondura Total2 construc Wholesale and and retail Total and Alaska and Hawaii goods ble goods tion trade Hawaii Hawaii Seasonally adjusted 1958 December January February March April May June July August September October November December January i Includes all full and part time wage and salary workers in nonagriculturai 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 shown on p 11 which include proprietors self employed persons und domestic servants which count persons as employed when they 12 Government Federal State local 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 Includes mining transportation and public utilities finance insurance and real estate and service and miscellaneous not shown separately Preliminary estimates Source Department of Labor AVERAGE WEEKLY HOURS SELECTED INDUSTRIES The average workweek of production workers in manufacturing industries declined slightly to 40 4 hours in January The change was smaller than is usual at this time of year HOURS PEiR WEEK HOURS PER WEEK 46 NONDURABLE MANUFACTURING DURABLE MANUFACTURING RETAIL TRADE x 1957 I 1958 SOURCE DEPARTMENT OF LABOR 1957 V k I COUNCIL OF ICONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing r Period l 1958 December 1959 Januarv February March April Mav June July R Ausju t September October November 1 December 1960 Januarv 1 1 9 Preliminary estimates Not available Durable goods Total Nondurable goods Building construction M Retail trade o m NOTE Data exclude Alaska and Hawaii Source Department of Labor 13 INDUSTRIES Average hourly earninss of production workers in manufacturing industries were 2 29 in January 10 cents above the level of January 1959 DOLLARS PER HOUR DOLLARS PER HOUR I OO NONDURABLE MANUFACTURING RETAIL TRADE 1959 PRICES CURRENT PRICES X CURRENT PRICES 1957 SOURCE I960 I COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF LABOR jFor production workers or nonsupervisory employees All manufacturing Period December 1959 January February March April May June July August September October November 2 December 1960 January 2 1 2 Earnings in Preliminary 3 Durable goods manufacturing Building construction Retail trade Current 1959 prices prices l Current prices 1959 prices l Current prices 1959 prices 1 Current prices 1959 prices current prices divided by consumer price index on a 1959 base estimates Not available 14 Nondurable goods manufacturing 3 NOTE Data exclude Alaska and Hawaii Source Department of Labor 1 Current prices prices AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings of production workers in manufacturing industries were 92 52 in January 5 14 higher than in January 1959 DOLLARS PER WEEK DOLLARS PER WEEK IOO I960 60 NONDURABLE MANUFACTURING RETAIL TRADE iii 50 I I960 ebU Cll OF ECONOMIC ADVISERS 1 SOURCE DEPARTMENT OF LABOR For production workers or nonsupervisory employees Current 1959 prices prices l Durable goods manufacturing Current 1959 prices prices J Building Nondurable goods construction manufacturing Current 1959 Current 1959 prices J prices prices prices 1 Current prices All manufacturing Period December 1959 January February March April May June July August September October November 2 December 1960 January J Earnings in current prices divided by consumer price index on a 1959 base Preliminary estimates Not available Retail trade 1959 prices l Note Data exclude Alaska and Hawaii Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index for January was 3 percent higher than for December Durable manufactures again increased sharply other major sectors were maintained at about their December levels INDEX SEASONALLY ADJUSTED 130 INDEX SEASONALLY ADJUSTED 130 TOTAL ieo IOO 80 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period December 1959 January February March April j May June July August September October November December 1960 Januarv1 1 Preliminary 16 Total industrial production COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Industry Manufacturing Mining Utilities NonTotal Durable durable Market Final products ConTotal sumer Equipment goods Materials NOTE Revised series See Federal Reserve Bulletin December 1959 and January 1960 Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES In January mosf durable goods manufactures registered sizable increases while nondurable manufactures showed little or no change INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED X TRANSPORTATION EQUIPMENT S sf f I k 1 V 1 I 1 i I t I TEXTILES APPAREL AND LEATHER c C PAPER AND PRINTING 1 i ii i i I ii iii 80 I957 f M 120 M I CHEMICALS PETROLEUM AND RUBBER M F VH iv FOODS BEVERAGES AND TOBACCO 1 1 M I960 1 i I 1 l 1 i i i Ii I tII 1 1 IIIi i SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i i i i Mi ii i i I960 COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durable manufactures Period Primary metals Nondurable manufactures FabriTranspor Lumber Textiles Paper Chemicals Foods cated Machin tation and apparel and beverpetrometal ery equipprodand print leum and ages and products ucts leather ment ing rubber tobacco December January February March US April May June July August September October November December 1960 January1 i Preliminary Not available NoTE Kevised series for details see Federal Reserve Bulletin December 1959 and January 1960 Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION In January most weekly indicators of production continued to increase car and truck assemblies were the highest since early 1955 MILLIONS OF TONS Output of steel reached a montMy record MILLIONS OF SHORT TONS DAILY AVERAGE SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average December 1959 January Februarv March April M ay June Julv August September October November December 1960 Januarv 3 Week ended I960 January February Electric Bituminous Freight Paper board Steel produced Cars and trucks power coal mined loaded produced Thousands Index distributed thousands thousands thousands assembled thousands of net millions of of short Cars Trucks Total of cars of tons 100 tons kilowatt hours tons Weekly capacities net tons as of January 1 are and Daily average for week Preliminary Not charted 18 COUNCIL OF ECONOMIC ADVISERS Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paper board Association and Ward s Automotive Reports NEW CONSTRUCTION Expenditures for both private and public construction seasonally adjusted rose again during January of construction contracts declined in December The amount BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION PRIVATE LIC immrm u n I I I M I f I I t t I I t I I I I I I f I I I I 1 I I I I I I I I I I I I M I 1 f 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 1 I I I I I I M I I960 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars Total new construction 34 7 Period Total private Private Residential nonfarm Other Federal State and local Construction contracts l 48 States 2 37 Eastern States Seasonally adjusted annual rates 1958 December JanuaryFebruary March April May June July August September October November December 1960 January Compiled by F W Dodge Corporation seasonally adjusted by the National Bureau of Economic Research Omits small contracts and covers rural areas less fully than urban 2 Series begins January 1956 The 37 Eastern States data are probably indicative of the 48 States trend for other periods Revised series beginning January 1956 not comparable with prior data Series discontinued beginning January 1958 4 Preliminary estimates Sources Department of Commerce and F W Dodge 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 cations for FHA commitments decreased and VA appraisal requests were about the same as in December Appli MILLIONS OF UNITS MILLIONS OF UNITS I i SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION CVAJ Thousands of units New nonfarm housing starts Period Total Annual total lia Monthly average s December January 87 0 February March April 142 2 May 137 0 June 136 7 July 128 8 August 129 3 September 120 3 October 105 5 November 92 5 3 December January Publicly financed1 Total si Mil Proposed home construction Private Privately financed seasonally Applications Government programs adjusted for FHA comannual mitments 2 VA FHA Total rates S S S Military housing starts including those financed with mortgages insured by FHA under sec 803 of the National Housing Act are included in publicly financed starts but excluded from the privately financed starts for FHA and total Government programs 2 Units represented by mortgage applications for new home construction 20 COUNCIL OF ECONOMIC ADVISERS 3 Requests for VA appraisals Preliminary estimates Sources Department of Qommerce Federal Housing Administration FHA and Veterans Administration VA SALES AND INVENTORIES MANUFACTURING AND TRADE Manufacturing and trade sales advanced by 2 billion in December Inventories following 4 months of liquidation increased by 800 million primarily in manufacturing Preliminary estimates indicate that retail sales in January were 2 percent more than in December BILL ONS OF DOLLARS SEASONALLY ADJUSTED BILL IONS OF DOLLARS SEASONALLY ADJUSTED too 30 TOTAL AND MANUFACTURING NT RETAIL ENLARGED SCALE TOTAL INVENTORIES 60 r TOTAL SALES INVENTORIES SALES p V X V i Nr o It 1 i Ml 11 II 1 l l 1 1 I i I INOE K SEASONALLY ADJUSTED MANUFACTURING 160 INVENTORIES DEPARTMENT STORES INVENTORIES MANUFACTURING SALES WX X A A V11 Vft l s V SALES 01 I I I 1 I I I 1 I l MI III I 1 M I M I l I i i i i i I i i i ii MAN UFACTURING RETAIL TRADE AND WHOLESALE TRADE SOU ftCE DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDI RAL R ESERVE SYSTEM Period November December 1959 January February March April May June July August September October November December 1960 January 4 Manufacturing and trade Manufacturing I U I960 COUNCIL OF ECONOMIC ADVISERS Retail Department stores 1 InvenInvenInvenInvenInven New Sales i tories 2 Sales tories 2 orders Sales tories 2 Sales tories 2 Sales tories 3 Index Billions of dollars seasonally adjusted seasonally adjusted I J 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 1 1 Preliminary estimates Sources Department of Commerce and Board of Governors of the Federal Reserve System 21 MERCHANDISE EXPORTS AND IMPORTS For the year 1959 as a whole commercial exports were about the same as in 1958 and imports were 19 percent higher BILLIONS OF DOLLARS 2 5 BILLIONS OF DOLLARS I SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Merchandise exports Period Total 1950 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 1955 monthly average 1956 monthly average 1957 monthly average 1958 monthly average 1959 monthly average 1958 November December January February March April May June July August September October November December Grant aid shipments l 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 oi the program July December 1950 amounted to 282 million 22 Commercial exports Merchandise imports Excess of exports over imports Total Excluding grant aid shipments Sources Department of Commerce and Department of Defense PRICES CONSUMER PRICES Consumer prices declined slightly in December as lower prices for food apparel and transportation more than offset small price advances in other categories INDEX INDEX I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMK ADVISERS November December 1959 January February March April May June July August September October November December Housing All items Period Food R Total i Includes in addition to rent homeowner costs utilities housefumish ings etc Apparel Rent ioa Transportation 99 4 9a Reading Other Medical Personal and goods and recreacare care tion services a Source Department of Labor a nai WHOLESALE PRICES Wholesale prices rose 0 3 percent in January reflecting price increases in farm products and processed foods as well as industrial commodities INDEX INDEX SOURCE DEPARTMENT OF LABOR I960 COUNCIL OF ECONOMIC ADVISERS Period December 1959 January February March April Nlay June July August September October November December 1960 January Week ended 1960 February 2 9 i Weekly series based on smaller sample than monthly series 24 All commodities Farm products Other than farm products and foods industrial ioa Source Department of Labor Processed foods PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers rose 3 points in the month ended January 15 and the parity ratio at 77 was unchanged from December The par ity index also rose INDEX INDEX PRICES PAID INTEREST TAXES AND WAGE RATES PARITY RATIO s V i o t ti f lt 75 i II 1 I I 1 1 1 t I 1 1 1 I1 11 i r i i i Ii 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 75 i i i 1 1 i i ii 1960 COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period December January 15 February March 15 April 15 Mav 15 June 15 July 15 August 15 September 15 October 15 November December January 15 All farm products 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 Producand tion living wage rates products items items parity index Index P5 Parity ratio Source Department of Agriculture 25 CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS The total of demand deposits and currency declined slightly more than seasonally in January BILLIONS OF DOLLARS BILLIONS OF DOLLARS EWD OF MONTH TOTAL DEPOSITS AND CURRENCY TOTAL EXCLUDING U S GOVERNMENT DEPOSITS 200 DEMAND DEPOSITS ADJUSTED C T DEPOSITS CURRENCY OUTSID E BANKS U S GOVERNMENT DEPOSITS M M U I 1 1 1 1 M M1TM M SOURCE BOARD OF 6 OVERNORS OF THE FEDERAL RESERVE SYSTEM Total U S deposits Governand ment curderency posits l End of period January February March April Mav June 4 Julv 4 August September 4 October 4 November 44 December 1960 January rfT ttw I960 I COUN II OF ECONOMIC ADVISiRS Billions of dollars Total excluding U S Government deposits Demand deposits and currency Time Demand Currency de 2 Total Total deposits3 outside posits adjusted banks U S Government deposits at Federal Reserve Banks and commercial and savings banks and U S Treasurer s time deposits open account 2 Deposits to commercial banks mutual savings banks and Postal Savings System excludes interbank deposits 3 Demand deposits other than interbank and U S Government less cash items in process of collection Demand deposits and currency seasonally adjusted Demand Currency Total deposits outside adjusted banks i i s o 1S S A 4 Preliminary estimates NOTE Seasonally adjusted series revised beginning 1946 See Note p 27 Monthly data are for the last Wednesday of the month Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS AND RESERVES Commercial bank loans declined 2 5 billion in January compared to a decrease of J500 million in January 1959 Borrowings at Federal Reserve Banks exceeded excess reserves by about the same amount as in December BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS 200 TOTAL LOANS AND INVESTMENTS V ISO 150 BANK LOANS V INVESTMENTS IN U S GOVERNMENT SECURITIES V 50 50 INVESTMENTS IN OTHER SECURITIES END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period Total loans and investments December 1959 January February March April May June 4 July 4 August September 4 October 4 4 November 4 December 1960 January Billions of dollars All commercial banks Investments U S GovLoans Other Total ernment securities securities i Member banks include besides all national banks those State banks that have taken membership in the Federal Eeserve System 3 Commercial and industrial loans and prior to 1956 agricultural loans Series revised beginning January 1952 October 1955 and July 1958 Averages of daily figures on balances and borrowings during the period Preliminary estimates COUNCIL OF ECONOMIC ADVISEXS Weekly reporting member banks l Business loans All member banks BorrowReserve balances 3 ings at Federal Required Excess Reserve Banks NOTE Between January and August 1959 these series except that for weekly reporting member banks were expanded to include data for all toanks in Alaska and Hawaii Source Board of Governors of the Federal Eeserve System 27 CONSUMER CREDIT Consumer credif outstanding increased almost 1 7 billion in December slightly more than the rise in December 1958 BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS 60 END OF MONTH TOTAL CREDIT OUTSTANDING NONINSTALMENT CREDIT J ENLARGED SCALE INSTALMENT CREDIT EXTENDED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period Total consumer credit outstanding November December 1959 January February March April May June July August September October November December Total 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 Noninstalment credit outstanding Other Repair and consumer moderni Personal zation goods loans loans 2 paper x I960 COUNCIL OF ECONOMIC ADVJSESS Millions of dollars Instalment credit outstanding Automo bile paper l I Total Charge accounts InstalInstalment ment credit ex credit 3 3 tended repaid Credit extended or repaid during the period Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES The rate on 3 month Treasury bills dropped sharply in late January and early February and municipal bonds declined while yields on corporate bonds changed little Yields on U S Government PERCENT PER ANNUM PERCENT PER ANNUM 1960 COUNCIL OF ECONOMIC ADVISERS SOURCES SEE TABLE BELOW Period January February March April May June July August September October November December 1960 January Week ended 1960 January February Percent per annum U S Government High grade security yields municipal 3 month bonds Taxable Standard3 Treasury bonds 2 bills Poor s Kate on new issues within period 2 Series includes April 1953 to date bonds due or callable 10 years and after April 1952 Mareb 1953 bonds due or callable after 12 years October 1941 Marcb 1952 bonds due or callable after 15 years Corporate bonds Moody s Aaa Baa Prime commercial paper 4 6 months Weekly data are Wednesday figures Not charted Sources Treasury Department and Board of Governors of the Federal System except as noted a PH 4 NO STOCK PRICES Stock prices declined in January INDEX INDEX 1939s IOO 19 60 SOURCE SECURITIES AND EXCHANGE COMMISSION CompositeJ index Period Weekly average January February March April May June July August September October November December 1960 January Week ended 1960 January February COUNCIL Of ECONOMIC ADV1SO Manufacturing TransDurable Nondura portation Total goods ble goods Trade finance Mining and service a Includes 265 common stocks 98 for 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 Utilities 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 6 9 billion year the deficit amounted to 1 33 billion BILLIONS OF DOLLARS For the same period last BILLIONS OF DOLLARS FIRST 7 MOMTI NET BUDGET RECEIPTS NET BUDGET EXPENDITURES 75 OL MAJOR NATIONAL SECURITY 75L EXPENDITURES I960 BUDGET SURPLUS OR DEFICIT ENLARGED SCALE 50 riMTT MONTHS 1956 I960 ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDSET Period Fiscal year 1955 Fiscal year 1956 Fiscal year 1957 Fiscal year 1958 Fiscal year 1959 3 Fiscal year I Fiscal year December 1959 January February March April May June July 4 August September 4 4 October 4 November4 December 1960 January 4 Cumulative totals for first 7 months 4 Fiscal year 1959 Fiscal year I960 FISCAL YEARS f Billions of dollars Net budget expenditures Net Major national security 1 budget Department receipts Total of Defense Total military functions R as as 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 Budget surplus or deficit Public debt end of2 period as Estimates 4 Preliminary Sources Treasury Department and Bureau of the Budget 31 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC For the calendar year 1959 cash payments to the public exceeded cash receipts by 8 0 billion with an excess of payments of 7 3 billion in calendar 1958 BILLIONS OF DOLLARS This compares BILLIONS OF DOLLARS EXCESS OF CASH RECEIPTS ENLARGED SCALE EXCESS OF CASH PAYMENTS PRELIMINARY ESTIMATES SOURCES BUREAU OF THE BUDGET AND TREASURY DEPARTMENT CALENDAR YEARS I960 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 1958 First quarter Second quarter Third quarter Fourth quarter 1959 First quarter Second quarter2 Third quarter 2 Fourth quarter Cash payments to the public Preliminary i Estimates Sources Bureau of the Bndaret and Treasury Department 32 For sale 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 Excess of receipts or payments

Stock Prices

DATE: February 1960

PART OF:

Economic Indicators : February 1960

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-. "Stock Prices," 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 1960," Economic Indicators (February 1960) : 33-33. https://fraser.stlouisfed.org/title/1/item/434/toc/352327 , accessed on December 13, 2019.

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Economic Data