Bank Loans, Investments, and Reserves

Name: Bank Loans, Investments, and Reserves
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 2d Session V v Economic Indicators MAY 1960 Prepared for the Joint Economic Committee by the Council of Economic Advisers 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 Clerk 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 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce Contents TOTAL OUTPUT INCOME AND SPENDING The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Per Capita Disposable Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Fage 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 5 Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public 31 32 NOTE Detail in these tables will not necessarily add to totals because of rounding ill TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Current estimates indicate that total income and expenditures rose between the fourth quarter of 1959 and the first quarter of 1960 Billions of dollars i Economic group Fourth quarter First quarter Year First quarter Excess Excess Excess of reof reof reEx ceipts Ex ceipts ExRe pendRe pendRe pend ceipts ceipts itures or ex ceipts itures or ex ceipts itures or expendpendpenditures itures itures Excess of reExRe pend ceipts ceipts itures or expenditures Seasonally adjusted annual rates Consumers Disposable personal income 334 6 Personal consumption ex311 6 T5 en dit ures International Foreign net transfers by srovernm en t Net exports of goods and services Excess of transfers f or of net exoorts f P Excess of investment Personal net saving Business Gross retained earnings Gross private domestic investment P s 2 3 Government Federal State and local Tax and nontax receipts or 128 7 accruals Less Transfers interest 34 1 and subsidies net P i Net receipts Total government expendi Purchases of goods Less Transfers interest and subsidies net Surplus f or deficit on income and product account Statistical discrepancy i GROSS NATIONAL PRODUCT i Not available Sources Department of Commerce and Council of Economic Advisers P P P NOTE For explanation and use of this arrangement see Senate Report No 1295 Joint Economic Report pp and Economic Rtptrl of the President January 1953 Appendix A GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product rose 16 7 billion seasonally adjusted annual rate in the first quarter of 1960 to 500 2 billion according to currenfr estimates All major components except Federal purchases contributed to the rise with gross private domestic investment accounting for over one half of it BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT 400 PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC INVESTMENT NET EXPORTS OF GOODS AND SERVICES I SOURCE DEPARTMENT OF COMMERCE 1930 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total Personal Government purchases of goods and services Net Gross gross Total conprivate exports Federal national gross sumpState Period goods product national tion domestic of and and Total J National invest2 Other in 1959 product expendTotal defense local ment services itures prices Seasonally adjusted annual rates 1958 Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter Less Government sales These expenditures correspond closely with the major national security category in The Budget oj the United States Government for the Fiscal Year Ending June SO 1961 shown on p 31 of Economic Indicators Source Department of Commerce NATIONAL INCOME Compensation of employees seasonally adjusted increased in the first quarter of 1960 corporate income also rose except farm income Ail other forms of non BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT IOO PROPRIETORS AND RENTAL INCOME I954 IOO I960 I955 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONO AIC ADVISERS Billion of dollars Proprietors income Business and professional Total national income Compensation of employees Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter First quarter Period Farm Rental income of persons Net interest Corporate profits and inventory valuation adjustment Total Profits Inventory valuation before taxes adjustment i n Seasonally adjusted annual rates i Includes employer contributions for soe al insurance Not available Source Department of Commerce See also p SOURCES OF PERSONAL INCpME Personal income at an annual rate of 397 4 billion seasonally adjusted in April was 3 4 billion above the revised March rate Labor income accounted or 2 0 billion of the increase proprietors and personal interest income and transfer payments also contributed to the gain BILLIONS OF DOLLARS BILLIONS OF DOLLARS i960 SOURCE DEWRTMENT OF COMMERCE Total personal income Period Marcn April May JuneJuly August September October November December 1960 January February March April Compensation of employees see p 3 excluding employer contributions for social insurance and the excess of wage accruals over disbursements 1 Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations COUNCIL OP ECONOMIC ADVISERS Billions of dollars Labor income Proprietors income Less Per wage and Rental sonal consalary disincome Divi Personal Transfer tributions Business payinterest bursements of and pro persons dends income ments for social and other 1 Farm insurfessional labor income ance Seasonally adjusted annual rates a a a Preliminary estimates Source Department of Commerce Nonagricultural personal income as sea i DISPOSITION OF PERSONAL INCOME Disposable personal income rose 4 6 billion seasonally adjusted annual rate between the fourth quarter of 1959 and the first quarter of 1960 according to current estimates Total consumption expenditures also rose but by a slightly smaller amount than income BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS 400 DISPOSABLE PERSONAL INCOME t I t 1954 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Equals Personal Less Disposable income Personal taxes personal income Period Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter 1960 First quarter Includes such items as fines penalties and donations Less Personal consumption expenditures Total Saving Equals as percent of disPersonal saving posable Durable Nongoods durable Services income goods Billions of dollars Seasonally adjusted annual rates Source Department of Commerce PER CAPITA DISPOSABLE INCOME Per capita disposable income measured in both current and constant prices increased in the first quarter of 1960 DOLLARS 2 200 DOLLARS SEASONALLY ADJUSTED ANNUAL RATES PER CAPITA DISPOSABLE PERSONAL INCOME IN 1959 PRICES SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS COUNCIL OF ECONOMIC ADVISERS Total disposable personal income billions of dollars 1 Period prices 2 Current prices Per capita disposable personal income dollars 1 Current prices prices 2 Population thousands Seasonally adjusted annual rates 1958 Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter 1960 First quarter Income less taxes 1 Dollar estimates in current prices divided by the implicit deflator for personal consumption expenditures on a 1059 base Population of tbe United States excluding Alaska and Hawaii includes 6 armed forces abroad Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures Sources Department of Commerce and Council of Economic Advisers FARM INCOME In the first quarter of I960 farm operators1 net income seasonally adjusted and including net change in inventories changed little from the level established in the second half of 1959 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 40 REALIZED GROSS FARM INCOME NET FARM INCOME INCL NET CHANGE IN INVENTORIES l INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE Period Realized gross farm income l Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter 1960 First quarter I960 COUNCIL OF ECONOMIC ADVISERS Farm operators income Net income 2 Net income per farm including net change in Farm proExcluding Including inventories duction net change net change expenses in invenin invenCurrent 1959 tories tories prices prices 3 Billions of dollars Dollars Seasonally adjusted annual rates Gash receipts from farm marketings value of farm products consumed in farm households gross rental value of farm dwellings and Government payments 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 1959 base 4 The number of farms is held constant within a given year Source Department of Agriculture CORPORATE PROFITS Corporate profits before taxes in the fourth quarter of 1959 were 45 7 billion seasonally adjusted annual rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS b 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 Corporate profits after taxes Total 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 1960 First quarter Not available NOTE flee p 3 for profits before taxes and after inventory valuation adjustment 8 C1 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment increased 9 5 billion seasonally adjusted annual rate between the fourth quarter of 1959 and the first quarter of 1960 Inventory accumulation accounted for most of the rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT VV S 60 f A T NEW CONSTRlJCTION j PRODUCERS DURABLE EQUIP i ENT tttiii iit W I 1 M CHANGE IN BUSINESS Ax INVENTORIES 0 i r I i i i I 1 i i i I SOU RCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC AlOVISERS 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 LI Seasonally adjusted annual rates 1958 Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter 1960 First quarter 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 January February survey of business expenditures on plant and equipment anticipates rising outlays during 1960 exceeding 1959 by 14 percent The most substantial increase 25 percent is scheduled by manufacturing firms Second quarter expectations for total expenditures are about 5 percent above first quarter estimates BILLIONS OF DOLLARS BILLIONS Of DOLLARS MANUFACTURING 10 I J SEE NOTE 3 ON TABLE BELOW tcoyNai OF ecoNOMS ADVISERS SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE Billions of dollars M anuf acturing Period J Total Third quarter Fourth quarter 1959 First quarter Second quarter Third quarter Fourth quarter 1960 First quarter 3 3 Second quarter Total Durable NonduraRailroads Other goods ble goods Seasonally adjusted annual rates Excludes agriculture Commercial and other includes trade service finance communications and construction 3 Estimates based on anticipated capital expenditures as reported by business in late January and February I960 Includes adjustments when necessary for systematic tendencies in anticipatory data 10 Transportation Mining Public utilities Commercial and other 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 increased by 1 9 million and unemployment dropped by 550 000 in April with better weather and the resumption of outdoor activities The seasonally adjusted unemployment rate fell to 5 0 percent of the labor force MILLIONS OF PERSONS 80 MILLIONS OF PERSONS TOTAL LABOR FORCE CIVILIAN LABOR FORCE 70 I AGRICULTURAL EMPLOYMENT 7 UNEMPLOYMENT S I 1954 I1 1958 I i I 1959 I YEARS OF AGE AMD OVER SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Total Insured unemployment 2 Civilian employment Unemployment labor of civilian All proState proforce in Civilian labor grams cluding Total Agricul N onagri Number labor force thousands grams as force l of covered tural cultural armed Unad Seas 3 forces l justed adj of persons employment Thousands of persons 14 years of age and over l Period New definitions l l March April May June July August September October November December 1960 January February March April Oil See Employment and Earnings Department of Labor for definitions methods of 2estimation periods to which data pertain etc Weekly averages Beginning January 1959 includes Alaska and Hawaii 3 Includes program for Federal employees for 1955 June 1959 o I i Preliminary estimate NOTE Beginning January 19GO labor force data include Alaska and Hawaii Sources Department of Labor and Council of Economic Advisers 11 NONAGRICULTURAL EMPLOYMENT Total employment in nonagricultural establishments seasonally adjusted increased by 314 000 in April MIL LIONS OF WAGE AND SALARY WORKERS 56 ALL NONAGRICULTURAL ESTABLISHMENTS 54 MILLIONS OF WAGE AND SALARY WORKERS j M H n i ii I 1 1 I I JII M I l I I l I I l l 1I l 1959 I960 I CONTRACT CONSTRUCTION ENLARGED SCALE WHOLESALE AND RETAIL TRADE ENLARGED SCALE II I960 SEASONALLY ADJUSTED DATA EXCLUDING ALASKA AND HAWAII SOURCE DEPARTMENT OF LABOR I960 COUNCIL Of ECONOMIC ADVISERS Thousands of wage and salary workers Total Private nonmanufacturing Manufacturing Total Total unadincluding excluding justed Period Contract Alaska excluding Alaska Durable Nondura Total2 construc Wholesale and and and retail Total goods Alaska and Hawaii ble goods tion Hawaii trade Hawaii Seasonally adjusted March S April May June July S August September October November December January February March April i Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and 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 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 0 3 hours in April to 39 4 hours slightly more than is usual at this time of year HOURS PER WEEK 46 HOURS PER WEEK 46 NONDURABLE MANUFACTURING DURABLE MANUFACTURING I RETAIL TRADE SOURCE DEPARTMENT OF LABOR I960 COUNOL OFICONOMIC ADVISERS Hours per week for production workers or nonsupervisory employees Manufacturing r Period March April May June July August September October November December 1960 January February March1 April i Preliminary estimates Not available Durable goods Total Building Nondurable construction goods g 39 5 39 o Retail trade D l i n l i 8 Ifi ft ft 4ft 1Q on on 1Q 9 Q o I ft OQ C OQ qo i 9 7 Q QQ q q 2 O qc qo i R 9 q7 A fi NOTE Data exclude Alaska and Hawaii Source Department of Labor 13 AVERAGE HOURLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing industries dropped one cent in April to 2 28 reflecting reduced overtime DOLLARS PER HOUR DOLLARS PER HOUR U NONDURABLE MANUFACTURING 1 80 CURRENT PRICES i ili 1957 SOURCEi I960 I960 COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF LABOR For production workers or nonsupervisory employees Building All manufacturing Durable goods Nondurable goods manufacturing manufacturing construction Current Current Current 1959 1 Current prices prices 1 prices prices l prices prices prices prices 1 Period March April May June July August September October November December 1960 January FebruaryMarch 2 April i Earnings in current prices divided by consumer price index on a 1959 base Preliminary estimates Not available 9 a 14 NOTE Data exclude Alaska and Hawaii Source Department of Labor Retail trade Current prices prices J AVERAGE WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings of production workers in manufacturing industries declined 1 08 to 89 83 in April reflecting the reduced workweek DOLLARS PER WEEK DOLLARS PER WEEK no 130 I960 I957 NONDURABLE MANUFACTURING RETAIL TRADE 1959 PRICES 70 CURRENT PRICES CURRENT PRICES 60 11 i I I960 COUNCIL OF ECONOMIC ADVISER SOURCEi DEPARTMENT OF LABOR For production workers or nonsupervisory employees All manufacturing Period March April May June July August September October November December January February March 2 April2 Durable goods manufacturing Building construction Retail trade 1959 Current prices prices Current prices 1959 Current prices prices 1959 prices 1 Current prices 1959 prices Current prices i Earnings in current prices divided by consumer price index on a 1959 base Preliminary estimates i Not available Nondurable goods manufacturing prices IS NOTE Data exclude Alaska and Hawaii Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index for April was unchanged from the previous month INDEX SEASONALLY ADJUSTED 130 TOTAL INDEX SEASONALLY ADJUSTED 130 UTILITIES AND MINING 120 UTILITIES 110 no TV S ifmimmi mm X 90 r S V S MG I I I I960 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period i 1959 March April May June Jl uy August September October November December 1960 January February March April i Preliminary 16 Total industrial production COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Industry Manufacturing Non Mining Utilities Total Durable durable Market Final products ConTotal sumer Equipment goods Source Board of Governors of the Federal Reserve System Materials PRODUCTION OF SELECTED MANUFACTURES Production declines in the durable manufacturing industries in April were offset by small rises in the nondurable industries INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED go TRANSPORTATION ORTATION EQUIPMENT s MENT X X I 959 V I I CHEMICALS PETROLEUM AND RUBBER y r r T 100 M 100 m P f t v 1 1 I JJ 1 1 1 1 J I960 FOODS BEVERAGES AND TOBACCO SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I I II I I I III1 I960 COUNCIL Of ECONOMIC ADVISERS seasonally adjusted Nondurable manufactures Durable manufactures Period Primary metals FabriTranspor Lumber Textiles Paper Chemicals Foods Machinbeverand cated and tation apparel petroery prodmetal and equipprint leum and ages and products tobacco leather rubber ment ucts ing July August September October November December March April May June January February March April1 1 2 Preliminary Not available in Source Board of Governors oi the Federal Keserve System 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production declined on the average in April an exception was freight carload ings MILUONS OF TONS MILLIONS OF SHORT TONS DAILY AVERAGE T A 13 SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS COUNCIL Of ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Steel produced 1 Cars and trucks coal mined power loaded produced Thousands Index distributed thousands thousands thousands assembled thousands of net millions of of short of tons of cars Total Cars Trucks tons 100 kilowatt hours tons 2 Period Weekly average March AprilMay June July August September October November December 1960 January February March April 3 Week ended 1960 April May Weekly eanneifics net tons as of January I are and Daily average 3 Preliminary Not charted 18 Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Eailroads National Paperboard Association and Ward s Automotive Reports NEW CONSTRUCTION Ih April expenditures for private construction seasonally adjusted declined those for public construction were unchanged BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60 H SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION I i f 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 M I I I I I I I I I I I I I I M I I I I I I 1 I I I 1 I 1 I 1 I I I M I I M I I 1 I II I I 1 r 11 II 1 I It I I I I II I I I 1 I I I960 COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT Of COMMERCE Billions of dollars Total new construction Period March April May June July August September October November December 1960 January February March April Private Federal State and Residential Total Other local nonfarm private 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 2 Series begins January 1956 The 37 Eastern States data are probably indicative of the 48 States trend for other periods Construction contracts l 48 States2 37 Eastern States s 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 n on farmhousing starts seasonally adjusted were at an annual rate of units in April slightly higher than the revised March rate The number of FHA applications decreased VA appraisal requests rose MILLIONS OF UNITS MILLIONS OF UNITS I I SEE FOOTNOTE 2 ON TABLE BELOW SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION F H A AND VETERANS ADMINISTRATION VA COUNCIL OF ECONOMIC ADVISERS Thousands of units New nonfarm housing starts Period Total Annual total Monthly average March April May June July August September October November December January February March April lia Publicly financed l Privately financed Government programs Total FHA VA Total Proposed home construction Private Requests seasonally Applications for VA adjusted for FHA com2 appraisals2 annual mitments rates Preliminary estimates Military housing starts including those financed with mortgages insured by FHA under Sec 803 of the National Housing Act are included in publicly Sources Department of Commerce financed starts but excludedfromthe privately financed starts for FHA and total and Veterans Administration VA Federal Housing Administration FHA Government programs 2 Units represented by mortgage applications for new home construction 20 SALES AND INVENTORIES MANUFACTURING AND TRADE In March business sales declined by about 900 million seasonally adjusted while inventories rose by a like amount The sales decline was centered largely in manufacturing which also experienced a drop in new orders Preliminary estimates indicate that retail sales rose 3 percent in April BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 100 3O TOTAL AND MANUFACTURING RETAIL ENLARGED SCALE TOTAL INVENTORIES T INVENTORIES 20 XSALES s TOTAL SALES I J I o1 I II 1 1 1 M M M I II INDE SEASONALLY ADJUSTED MANUFACTURING INVENTORIES 180 DEPARTMENT STORES 40 ISO MANUFACTURING SALES x N y INVENTORIES fS 20 r s A 140 V SALES 01 I 1 I I I I I 1 I i I1 11 1 IM i I960 1 I M I I 1 i I I 1I MANUFACTURING RETAIL TRADE AND WHOLESALE TRADE SOU RCEI DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FED ERAL R ESERVE SYSTEM Period February March April May June July August September October November December 1960 January February March 4 April Manufacturing and trade Manufacturing I960 COUNCIL OF ECONOMIC ADVISERS Retail Department stores InvenInven New InvenInvenInvenSales tories 2 Sales1 tories 2 ordersl Sales tories 2 Sales tories 2 Sales tories 3 Index Billions of dollars seasonally adjusted seasonally adjusted i Monthly average for year and total for month Book value end of period seasonally adjusted Book value end of period except annual data which are monthly averages a Wholesale i i Preliminary estimates Sources Department of Commerce and Board of Governors of the Federal Keserve System 21 MERCHANDISE EXPORTS AND IMPORTS Commercial exports were 20 percent higher and imports 7 percent higher in the first 3 months of 1960 than in the corresponding period of 1959 BILLIONS OF DOLLARS 2 5 BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars Merchandise exports Period 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 1959 February March April May June July August September October November December 1960 January February March Total Grant aid shipments 1 Commercial exports 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 22 Merchandise imports Excess of exports over imports Excluding grant aid Total shipments Sources Department of Commerce and Department of Defense PRICES CONSUMER PRICES Consumer prices were slishtly higher in March as food prices rose seasonally and most other categories also advanced in cost Price declines were recorded by the transportation and Mother goods and services11 categories INDEX INDEX ISO SOURCE DEPARTMENT OF LABOR 1960 COUNCIL OF ECONOMIC ADVISERS All Period February March April May June July August September October November December 1960 January February March 1 Housing items Food na Total Rent Includes in addition to rent homeowner costs utilities housefurnish ings etc Apparel Transportation R Reading Other Medical Personal and goods care recreaand care tion services Source Department of Labor WHOLESALE PRICES Wholesale prices remained unchanged in April as price declines in processed foods offset price increases in farm and industrial products INDEX IN0EX ao SOURCE DEPARTMENT OF LABOR I960 COUNCIL Of ECONOMIC ADVISERS All commodities Period March April May June July August September October November December January February March April Week ended May Weekly series based on smaller sample than monthly series 24 Farm products Processed foods Other than farm products and foods industrial a 1 12R R Source Department of Labor ioa i PRICES RECEIVED AND PAID BY FARMERS The indexes of prices received and of prices paid by farmers advanced equally between March 15 and April 15 the parity ratio was unchanged INDEX INDEX PRICES PAID INTEREST TAXES AND WAGE RATES RATIO RATIO M PARITY RATIO VM tr f it f M UIIM Ml il I I I f I MRATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE 1959 I960 COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period March 15 April 15 May June 15 July 15 August 15 September 15 October 15November 15 December January 15 February 15 March 15 April 15 All farm products Crops i Percentage ratio of index ol 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 Production and living wage rates items products items parity index Index Parity ratio Source Department of Agriculture 25 CURRENCY CREDIT AND SECURITY MARKETS CURRENCY AND DEPOSITS The total of demand deposits and currency rose about seasonally in April BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH DEMAND DEPOSITS ADJUSTED L XTIME DEPOSITS i CURRENCY OUTSIDE BANKS U S GOVERNMENT DEPOSITS SOURCE BOARD OF GOVERNORS or THE FEDERAL RESERVE SYSTEM End of period March April May June July August September October November December January 44 February 4 March April 4 Total U S deposits Governand ment curderency posits 1959 I960 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total excluding U S Government deposits Demand deposits and currency Time Total Demand Currency de 2 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 8 Deposits in commercial banks mutual savings banks and Postal Savings System excludes interbank deposits 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 140 s U o 1S9 1 1S Q O O ff O Q O etc a O v ao 0 o O Preliminary estimates NOTE See Note p 27 Monthly data are for the last Wednesday of the month except the unadjusted data for December 1959 which are for the call date Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS AND RESERVES Commercial bank loans rose 1 6 billion in April compared to an increase of 2 0 billion in April 1959 Borrowings at Federal Reserve Banks exceeded excess reserves by about the same amount as in March BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS 200 TOTAL LOANS AND INVESTMENTS V BANK LOANS INVESTMENTS IN U S GOVERNMENT SECURITIES INVESTMENTS IN OTHER SECURITIES V I IS I 1960 END OF MONTH SOURCE BOARD OP GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total loans and investments End of period March April May June July August September October November December 1960 January 4 4 February March 4 April Billions of dollars All commercial banks Investments Loans U S GovOther Total ernment securities securities Member banks include besides all national banks those State banks that have taken membership in the Federal Reserve System 2 Commercial and industrial loans and prior to 1956 agricultural loans Series revised beginning January 1952 October 1955 July 1958 and July Averages of daily figures on balances and borrowings during the period Preliminary estimates COUNCIL OF ECONOMIC ADVISERS Weekly reporting member banks l Business loans All member banks l 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 banks in Alaska and Hawaii Source Board of Governors of the Federal Reserve System 27 CONSUMER CREDIT Consumer credit outstanding rose about 140 million in March somewhat less than in March 1959 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60 END OF MONTH TOTAL CREDIT OUTSTANDING i960 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period February March April May June July August September October November December 1960 January February March Total consumer credit outstanding P i Millions of dollars Instalment credit outstanding Total Automobile paper l Noninstalment credit outstanding Other Repair and consumer moderni Personal goods zation loans paper loans Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased 3 Includes only such loans held by financial institutions those held by retail outlets are included in other consumer goods paper 28 COUHOL OB ECONOMIC DVtSERS Total Charge accounts InstalInstalment ment credit ex credit3 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 averaged somewhat lower in April than in March Yields on U S Government bonds were higher and yields on municipal and corporate bonds slightly lower than a month earlieri PERCENT PER ANNUM PERCENT PER ANNUM SOURCES SEE TABLE BELOW Period April May June July August September October November December 1960 January February March April Week ended 1960 April May Percent per annum TJ S Government High grade security yields municipal 3 month bonds Taxable Treasury Standard bonds 2 bills i Poor s i Rate on new issues within period Series includes April 1953 to date bonds due or callable 10 years and after April 1952 March 1953 bonds due or callable after 12 years October 1941 March 1952 bonds due or callable after 15 years a I960 COUNCIL OF ECONOMIC ADVISERS Corporate bonds Moody s Aaa Baa Prime commercial paper months a 89 a a si 1 Weekly data are Wednesday figures Not charted Sources Treasury Department and Board of Governors of the Federal Reserve System except as noted O STOCK PRICES Stock prices declined after mid April but recovered somewhat in early May INDEX INDEX i960 SOURCE SECURITIES AND EXCHANGE COMMISSION Period Weekly average April May June July August September October November December January February March April Week ended 1960 April May Composite index l COUNCIL OF ECONOMIC ADVISERS Manufacturing TransDurable Nondura portation Total goods ble goods 30 Trade finance Mining and service Q 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 Utilities Source Securities and Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES For the first 10 months of the current fiscal year there was a budget deficit of 3 6 billion year the deficit amounted to 13 2 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES IS56 75L For the same period last 1957 I I957 BUDGET SURPLUS OR DEFICIT ENLARGED SCALE MAJOR NATIONAL SECURITY EXPENDITURES 50 I FISCAL Y E A R S ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Period Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1959 year 1955 year year year 1958 year year I960 3 year March April May June July4 4 August Septembe r 4 4 October November 44 December 1960 January 4 4 February March 4 April 4 Cumulative totals for first 10 months 4 Fiscal year 1959 Fiscal year Billions of dollars Net budget expenditures Net Major national security l budget Department receipts Total of Defense Total 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 Budget surplus or deficit Public debt end of2 period Estimates Preliminary Sources Treasury Department and Bureau of the Budget 31 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the first quarter of calendar 1960 cash receipts from the public exceeded cash payments by 3 8 billion compares with an excess of payments of 0 1 billion in the first quarter of calendar 1959 BILLIONS OF DOLLARS This BILLIONS OF DOLLARS I I 1958 CALENDAR YEARS PRELIMINARY ESTIMATES SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Millions of dollars Cash receipts from the public Period Fiscal year total I Calendar year total Quarterly total not adjusted for seasonal variation 1958 Third quarter Fourth quarter First quarter Estimates Preliminary Sources Bureau of the Budget 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 First quarter Second quarter2 Third quarter Fourth quarter 2 Cash payments to the public

Bank Loans, Investments, and Reserves

DATE: May 1960

PART OF:

Economic Indicators : May 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-. "Bank Loans, Investments, and Reserves," 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-. "May 1960," Economic Indicators (May 1960) : 30-30. https://fraser.stlouisfed.org/title/1/item/438/toc/88357 , accessed on December 12, 2019.

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Economic Data