Full text of Economic Indicators : June 1960
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Congress, 2d Session Economic Indicators JUME 1960 Prepared for the Joint Economic Committee by the // \^ Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON :1960 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. SAULNTER, 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, ff 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 23, 1949. Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce. U 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 • ••• 1 2 ^ 4 5 6 7 8 9 10 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 11 12 13 14 15 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 ,. 16 17 18 19 20 21 22 ( Consumer Prices Wholesale Prices Prices Received and Paid by Farmers 23 24 25 CURRENCY, CREDIT, AND SECURITY MARKETS Currency and Deposits. . ; -. . ... Bank Loans, Investments, and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices 26 27 28 29 30 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. 31 32 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! 1959 First quarter Year Economic group 1960 Excess of reEx- ceipts Re- pendceipts itures or(+) expenditures (-) Fourth quarter Excess of receipts ExRe- pendceipts itures or expenditures <-) (+) First quarter Excess Excess of reof reEx- ceipts Ex- ceipts Re- pendRe- pend(+) ceipts itures or ex- ceipts itures or expendpenditures itures (-) <-) (+>• Seasonally adjusted annual rates Consumers: Disposable personal income. 334.6 Personal consumption ex311. 6 Denditures 23.5 51. 5 69. 7 1. 5 Excess of transfers ( + ) or of net exports ( — ) 79. 2 18.2 1. 7 -. 9 —. 8 (')• 1 5 — .6 2. 4 2. 3 24. 4 « 20. 5 20. 2 1.5 321.1 23.7 70. 0 71. 1 Net exports of goods and 345. 4 317. 0 49. 5 50. 9 Excess of investment (—.) International : Foreign net transfers by 303.9 23.1 Personal net saving (+) Business: Gross retained earnings Gross private domestic in- 340. 8 327. 4 1. 2 .3 2.3 Government (Federal, State, and local) : Tax and nontax receipts or 128. 7 accruals Less : Transfers, interest, 34. 1 and subsidies (net) 125. 2 129.6 (') 33.3 35. 7 35.8 94.6 91. 9 93.9 W Net receipts Total government expendiLess: Transfers, interest, and subsidies (net) Purchases of goods 131. 7 130.7 133.1 1346 34. 1 33.3 35.7 35. 8 97. 6 97. 4 97.4 98.8 Surplus (+) or deficit (— ) on income and product account. Statistical discrepancy — 3. 0 2 3 2. 3 GROSS NATIONAL PRODUCT.. 479. 5 479.5 i Not available. Sources: Department of Commerce and Council of Economic Advisers. — 3. 5 - 5. 5 . 2 -4.4 .2 470. 4 470. 4 483. 5 483. 5 -4.4 (9 0) 0) 500. 2 500.2 NOTE.—For explanation and use of this arrangement, see Senate Report No. 1295, Joint Economic Report, pp. 92-93, 99-105, and Economic Report of thf President, January 1953, Appendix A. 1 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 current 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 500 400 200 200 GOVERNMENT PURCHASES OF GOODS AND SERVICES 100 I960 1954 SOURCE: DEPARTMENT OF COMMERCE.: COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total Personal Government purchases of goods and services Net Gross Total congross exports private Federal sumpnational gross State Period of goods product national tion domestic and Total National and investTotal i defense 2 Other in 1959 product expendlocal services ment itures prices 1949 8.9 17.9 181. 2 22. 2 258. 1 13. 6 33.0 3.8 828. 2 40. 2 1950 19.7 5.2 195. 0 856. 2 284.6 143 19.3 39.0 50. 0 .6 1951 5. 2 21.7 329. 0 209. 8 38.8 33. 9 2.4 885. 0 56. 3 60. 5 1952 6.7 52. 9 46. 4 23. 2 347.0 219. 8 899. 0 1.3 76.0 49. 9 1953 232. 6 9.0 365.4 49. 3 24 9 —.4 58. 0 82.8 417. 1 50. 3 1954 41. 2 6.7 47. 5 27.7 363. 1 238. 0 1.0 408. 8 48. 9 75.3 1955 6. 6 256. 9 39. 1 397.5 45. 3 30.3 1. 1 75.6 441.5 63. 8 1956.. 5.7 33.2 40. 4 450. 9 419. 2 269.9 45.7 2. 9 67. 4 79. 0 1957 . 44 3 5.5 442. 5 49. 4 284. 8 36.8 49 86. 2 458. 9 66. 6 1958 441. 7 52. 2 44 5 8. 1 40. 5 293. 0 1. 2 92. 6 448. 6 54 9 45. 8 8.1 1959 479. 5 53. 5 44. 1 311. 6 71. 1 97.6 479.5 -.8 Seasonally adjusted annual rates 1958: Third quarter 8.9 444.0 294 4 44 5 40.8 54 2 53. 1 1. 6 93. 8 450. 9 42.2 Fourth quarter...... 462. 2 457. 1 2 299. 1 54 2 9. 4 45. 3 61.3 96. 5 473. 3 70.0 8.3 43. 6 1959: First quarter 470. 4 45. 8 53. 8 303. 9 — .9 97. 4 486. 1 8.0 SecoDd quarter 77.7 43. 8 484.8 53.9 46. 2 97.7 -1.8 311. 2 477.8 8. 1 Third quarter . 44 8 45. 9 478. 6 67. 0 .0 98. 4 53. 6 313. 3 480. 2 Fourth quarter 52. 7 7.8 483.5 317.0 45.3 44. 7 -.6 69. 7 97. 4 I960: First quarter 7. 8 321. 1 46. 5 494.3 500.2 79.2 1. 2 52. 3 44 8 98. 8 1 Ixws Government sales. - Thcisc expenditures correspond closely with the "maior national security" rutty'ory In The Jiudget of the Untied State.* Oovernment for the Fiscal Year Ending June 30, tfKil, 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. All corporate income also rose except farm income. other forms of non- BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME 400 400 300 300 COMPENSATION OF EMPLOYEES 200 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 100 PROPRIETORS' AND RENTAL INCOME 1954 1955 1956 100 I960 1959 SOURCE: DEPARTMENT OF COMMERCE. ^COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Period 1949_ 1950 1951_ 1952 1953 1954. 1955 1956 1957 1958 1959 . Total national income 217.7 241.9 279.3 292.2 305.6 301.8 330. 2 350.8 366.5 366.2 398. 5 Compensation of em- l ployees Proprietors' income Farm 140. 8 154. 2 180. 3 195. 0 208. 8 207. 6 223. 9 242. 5 255. 5 256. 8 277.4 12. 9 14. 0 16. 3 15. 3 13. 3 12. 7 11. 8 11. 6 11. 8 14. 2 11. 8 Business and professional Rental income of persons 22.7 23.5 26.0 26.9 27.4 27.8 30.4 32. 1 32. 7 32. 4 34. 5 8. 3 9.0 9. 4 10. 2 10. 5 10. 9 10. 7 10. 9 11. 5 11.8 12. 0 Net interest 4. 8 5.5 6.3 7. 1 8.2 9. 1 10. 4 11.7 13.3 143 15.6 Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment 28. 2 35.7 41. 0 37.7 37.3 33.7 43. 1 42.0 41.7 36.7 47.2 26. 4 40.6 42. 2 36. 7 38. 3 34 1 44 9 44 7 43. 3 37. 1 47.8 1. 9 -5. 0 -1. 2 1.0 -1.0 -.3 -1. 7 -2. 7 -1. 5 38.0 43. 5 45. 5 51. 0 46.0 46. 2 38. 3 44 6 46. 5 52. 6 46. 4 45. 7 ~0 3 Li (2) (2) —. 6 Seasonally adjusted annual rates 1958: Third quarter Fourth quarter.-... 1959: First quarter Second quarter Third quarter- _ Fourth quarter 1960: First quarter 369. 5 380.4 389. 4 403. 9 398. 2 402.6 (2) 258.5 262.9 269. 9 278.9 279.3 281.6 290. 1 1 Includes employer contributions for social insurance. (See also p. 4.) Not available. Source: Department of Commerce. 2 14. 2 14 1 13. 2 12. 1 10. 3 11. 6 10. 8 32. 6 33. 2 33. 7 34. 5 34. 8 35. 1 35. 4 11. 9 11.9 12. 0 12. 0 12.0 12.0 12. 2 14 4 14 7 15. 1 15. 4 15. 8 16. 1 16. 4 —.9 i fi —. 3 .5 (2) SOURCES OF PERSONAL INCOME Personal income at an annual rate of $399.4 billion (seasonally adjusted) in May was $1.6 billion above the revised April rate. There were small increases in all major sources of income except rental income and transfer payments. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL PERSONAL INCOME \ LABOR INCOME BUSINESS, PROFESSIONAL, AND RENTAL INCOME FARM PROPRIETORS' INCOME DIVIDENDS AND PERSONAL INTEREST 50 TRANSFER PAYMENTS l«MPIDrtn r ATWltNlOv 1955 1954 1956 ,M)Mim^ 1957 1958 SOURCE: DEPARTMENT OF COMMERCE Period 1951 1952 1953 1954 1955 1956 1957 1958 1959. ... 1959: Anril Mav June «._ Julv August September. October. __ November. December. 1960: January... February March April 3 May Total personal income 256.7 273. 1 288. 3 289. 8 310.2 332. 9 350.6 359. 0 380. 2 379.0 381. 3 383. 8 383. 4 380. 0 380. 9 382. 6 387.0 392. 1 392. 8 393.0 394. 0 397.8 399.4 I960 (COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Labor income Proprietors' income Less: Per(wage and Rental sonal conPersonal Transfer salary distributions income DiviBusiness payinterest bursements of for social dends Farm and proincome ments and other 1 insurpersons fessional labor income) ance 16.3 175.5 26.0 9.4 3.4 12. 6 11.2 9.0 190.2 15.3 26. 9 10.2 13.2 3. 8 12. 1 9.0 204. 1 13.3 27.4 10. 5 9.2 3. 9 14.3 13.4 12.7 202.5 27.8 10. 9 4.6 16.2 14. 6 9.8 218.0 11.8 30.4 5.2 10.7 11.2 15.8 17.5 11. 6 32. 1 235. 7 10.9 12. 1 5.8 17.5 18. 8 247. 7 11. 8 32. 7 6.7 11. 5 12. 5 21.7 19. 5 14.2 32. 4 248. 7 7.0 11. 8 12. 4 20. 4 26. 1 267. 8 11.8 34. 5 12.0 8.3 13.2 26.8 22.4 Seasonally adjusted annual rates 267. 2 12.2 34. 3 12. 0 26. 9 8. 3 12.9 21.8 269. 7 12.0 34. 5 8.3 12.0 26.4 22.0 13.0 271. 7 12. 1 34. 7 26.4 8.4 12.0 22. 2 13. 1 11.4 271.6 34.9 26.3 8. 4 12.0 13.2 22.4 268. 9 10.0 34. 9 8.4 12.0 22. 7 26.5 13. 4 269. 4 8.4 9. 6 34.8 27.0 12. 0 13. 5 23. 0 269. 4 10. 5 35.0 12. 0 8.4 27.2 13. 6 23. 3 271. 4 11. 6 35. 1 28.0 12.0 8.4 13. 7 23. 5 12. 6 275. 7 35.2 8.5 12. 0 27.7 13.5 23.8 278. 5 11.6 9.7 35.4 12. 1 27.2 13.6 24. 1 279.2 10. 7 35.4 9.7 12.2 27.3 24. 3 13. 6 10. 3 279. 8 12. 2 9.8 35.4 27.9 13. 6 24. 6 282. 0 11. 1 35. 6 28.2 12. 2 9.8 13. 6 24. 9 282. 6 35. 8 11. 6 12. 2 25. 2 28. 0 9.8 13.7 1 Compensation of employees (see p. 3) excluding employer contributions for social insurance and the excess of wage accruals over disbursements. 2 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. 1959 s Preliminary estimates. Source: Department of Commerce. Nonagricultural personal2 income 237.0 254.3 271.5 273. 8 295. 0 317. 9 335.2 341. 1 364.4 362. 7 365. 3 367. 8 368. 2 366. 3 367.5 368. 1 371.5 375.4 377. 1 378. 2 379. 5 382.4 383. 5 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 300 200 too 100 1954 SOURCE:DEPARTMENT OF COMMERCE. .COUNCIl. OF ECONOMIC ADVISERS Equals: Personal Less: Disposable income Personal taxes l personal income Period 1949 1950 1951 1952 1953 . 1954 1955 1956 1957.. 1958 1959 _ _ . _ 1958: Third quarter Fourth quarter 1959: First quarter Second quarter Third quarter Fourth quarter 1960: First quarter 1 . . . 208. 3 228. 5 256.7 273. 1 288.3 289.8 310.2 332.9 350. 6 359.0 380. 2 18.7 20. 8 29. 2 34 4 35.8 32.9 35.7 40.0 42. 7 42. 6 45. 5 363. 4 366. 3 371. 8 381. 1 381.0 386.8 393. 1 42. 9 43. 4 44. 4 45. 8 45. 9 46. 1 47. 7 Includes such items as fines, penalties, and donations. 57215°—GO- Less: Personal consumption expenditures Total Saving Equals: as percent of disPersonal saving Durable Nonposable goods durable Services income goods Billions of dollars 189. 7 181.2 24 6 207. 7 30. 4 195.0 209. 8 227. 5 29. 5 238.7 29. 1 219.8 252. 5 32. 9 232.6 256. 9 238. 0 32. 4 274.4 256. 9 39. 6 292. 9 269. 9 38. 5 284 8 307.9 40. 3 316. 5 293. 0 37. 6 43.0 334. 6 311. 6 Seasonally adjusted annual 320. 4 294 4 37. 1 322. 9 299. 1 39. 8 327. 4 41. 3 303. 9 335. 3 311. 2 44 1 43.6 335. 1 313.3 340. 8 317.0 42. 8 43.7 345. 4 321. 1 96.6 99. 8 110. 1 115. 1 118.0 119.3 124. 8 131. 4 137. 7 141. 9 147.9 rates 143. 1 143. 6 145. 3 147. 7 148.0 150. 1 151. 1 Source: Department of Commerce. 60. 0 64 9 70.2 75.6 81. 8 86. 3 92. 5 100. 0 106. 7 113. 4 120. 7 8. 5 12. 6 17.7 18.9 19.8 18.9 17. 5 23. 0 23. 1 23. 5 23. 1 45 6. 1 7.8 7.9 7. 8 7. 4 6. 4 7.9 7.5 7. 4 6. 9 114 2 115.7 117. 4 119. 4 121. 6 124. 1 126. 3 26. 0 23.7 23. 5 24 1 21. 9 23. 7 24 4 8. 1 7.3 7. 2 7. 2 6.5 7. 0 7. 1 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 2,200 SEASONALLY AQJUSTEQ ANNUAL RATES 2,000 2,000 PER CAPITA DISPOSABLE PERSONAL INCOME IN 1959 PRICES -^ 1,800 - 1,800 1,600 1,600 1,400 I £00 I960 1954 -I/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)l Period 1959 prices 2 Current prices 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 . .. 189.7 207.7 227.5 238.7 252.5 256. 9 274. 4 292. 9 307.9 316. 5 334. 6 231.3 249. 6 256. 5 263. 5 276. 0 278. 0 296. 0 310. 3 316. 8 319. 7 334.6 Per capita disposable personal income (dollars)l Current prices 1,272 1,369 1,474 1,520 1,582 1,582 1, 660 1, 742 1,799 1,818 1,891 1959 prices 2 Population (thousands) 8 1,551 1,645 1,662 1,678 1,729 1,712 1,791 1,845 1,851 1,836 1,891 149, 188 151, 683 154, 360 157,028 159, 636 162, 417 165, 270 168, 176 171, 198 174, 054 176, 947 1,859 1,858 1,872 1,905 1,885 1, 903 1,913 174, 450 175, 242 175, 926 176, 599 177, 358 178, 144 178, 794 Seasonally adjusted annual rates 1958: Third quarter Fourth quarter 1959: First quarter Second quarterThird quarter Fourth quarter 1960: First quarter 1 Income 1 .. ..« . . . . . . less taxes. Dollar estimates in current prices divided by the implicit deflator for personal consumption expenditures on a 1959 base. »Population of the United States, excluding Alaska and Hawaii; includes 320. 4 322.9 327.4 335. 3 335. 1 340. 8 345. 4 324. 3 325. 5 329.4 336. 3 334.4 339. 1 342. 0 1,837 1,843 1,861 1, 899 1,889 1,913 1,932 armed lorces 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 1960, farm operators' 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 40 \^^ ^ -^ 1 s~ { •*m REALIZED GRO ss FARM INCOME J/ 30 30 20 20 NET FARM INCOME {INCL.NET CHANGI IN INVENTORIES) I/ S ** '"\.-. — — *« \ -—^ *^ 10 0 ! \ 1 1 1954 L ^\x~ ! 1 1955 t 1 l 1956 1 t 1 1957 Realized gross farm income 1 1949 1950 1951 1952 . 1953 . ._ 1954 .. .. 1955 1956 1957._ 1958 1959 :.. 1958: Third quarter Fourth quarter 1959: First quarter .. Second quarter Third quarter Fourth quarter 1 960 : First q uarter 31. 8 32.5 37.3 37.0 35.3 33. 9 33. 3 34. 6 34. 4 38. 3 37. 0 38. 4 38. 5 38. 1 37. 3 35. 6 36. 9 36. 5 1 1 1 ' 1959 ' 1 1 0 I960 COUNCIL OF ECONOMIC AD\/ISERS Farm operators' income Net income 2 Net income per farm including net change in Excluding Farm proIncluding inventories duction net change net change expenses in invenin invenCurrent 1959 tories tories prices prices 3 Billions of dollars Dollars 18.0 13. 8 12.9 2,259 2,689 19.3 13.2 14.0 2,479 2,916 22.2 15. 2 16.3 2,951 3,173 22.6 14. 4 15.3 2,829 3, 010 21.4 13. 9 2,502 13.3 2,690 21. 7 12.2 12. 7 2, 440 2, 624 21. 9 11. 5 2,313 11.8 2,487 22. 6 12. 0 11. 6 2, 338 2,461 23. 4 11. 0 11.8 2,426 2,476 25. 2 13. 1 14. 2 2,990 3,020 26.0 11. 0 2,547 2,547 11.8 Seasonally adjusted annual rates 25. 2 13. 2 14. 2 2,990 3,020 25.3 13. 2 14. 1 2,970 3,000 25.9 12.2 13. 2 2,840 2,870 26. 1 12. 1 11. 2 2, 600 2, 630 26. 1 9. 5 10. 3 2,220 2,220 26. 0 10. 9 2,500 11.6 2,480 26. 2 10. 3 10. 8 2,380 2, 380 1 Cash receipts from farm marketings, value of farm products consumed in farm households, gross rental value of farm dwellings, and Government payments to2farmers. Kealized 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. 1 1958 -MNC OME OF FARM OPERATORS FROM FARMING, SOU ICE: DEPARTMENT OF AGRICULTURE. Period 1 10 3 Number of farms (millions) * 5.7 5.6 5.5 5.4 5.3 5.2 5. 1 5.0 4.9 4,7 4.6 4.7 4.7 4. 6 4. 6 4. 0 4. ti 4. 5 Dollar estimates in current prices divided by the index of prices paid Uy farmers for items used in family living on a 1959 base. * 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 10 1959 1953 ** NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT. COUNCIL OF KONOMIC ADVISSRS SOURCE: DEPARTMENT OF COMMERCE. [Billions of dollars] Corporate profits before taxes Period 1949. 1950 1953 1954. 1955. 1956 1957 1958 1959 Corporate tax liability 26.4 40. 6 42. 2 36. 7 38. 3 34. 1 44 9 44. 7 43. 3 37. 1 47. 8 .. . 10.4 17.9 22. 4 19.5 20.2 17.2 21.8 21. 2 21. 1 18. 2 23.3 Corporate profits after taxes Total Dividend payments 16. 0 22.8 19.7 17. 2 18.1 16.8 23.0 23.5 22. 2 18.9 24.5 Undistributed profits 8.5 13. 6 10.7 8.3 8.9 7.0 11.8 11.3 9.7 6.5 11.3 7.5 9.2 9.0 9.0 9.2 9.8 11.2 12. 1 12.5 12.4 13.2 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 1 ... . 32.0 33.6 38. 3 44. 6 46.5 52.6 46. 4 45.7 .. . 0) Not available. NOTE.—See p. 3 for oroflts before taxes and after Inventory valuation adjustment. 8 15.7 16.5 18.8 21.9 22.6 25.6 22.6 22.2 P) 16.3 17.1 19. 5 22.7 23.8 27.0 23.8 23.4 « Source: Department of Commerce. 12.7 12. 6 12.6 12.0 12.8 13.0 13. 4 13.6 13.6 3.6 4.5 6.9 10.7 11.1 14.0 10.4 9.8 P) 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 8O GROSS PRIVATE DOMESTIC INVESTMENT 60 NEW CONSTRUCTION 40 PRODUCERS' DURABLE EQUIPMENT llllllllllllllll *»Unnt . 20 CHANGE IN BUSINESS INVENTORIES ^+ o 1 • 1 \ 1954 -20 V 1 t ^1 ^ I**'** """"^ 1 1 1955 ' ' t i l 1 1956 ' 1 1 1 l I 1957 i t 1958 \ .S* i i i 1959 I960 i SOU RCE: DEPARTMENT OP COMMERCE. -20 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Period 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 _ Total gross private domestic investment 33.0 50.0 56. 3 49. 9 50.3 48.9 63. 8 67. 4 66. 6 54.9 71. 1 Change in business inventories Fixed investment New construction Total 36.0 43. 2 46. 1 46. 8 49.9 50.5 58.1 62. 7 64. 6 58.7 66. 3 Total 18.8 24. 2 24. 8 25. 5 27. 6 29.7 34. 9 35.5 36. 1 35.8 40.2 Residential nonfarm l Other 9. 6 14.1 12. 5 12. 8 13.8 15.4 18.7 17. 7 17.0 18.0 22. 2 Producers' durable equipment 9.2 10. 1 12. 3 12. 7 13. 8 143 16. 2 17.8 19.0 17.7 18.0 Total Nonfarm 17.2 18.9 21.3 21. 3 22. 3 20.8 23.1 27. 2 28.5 22.9 26. 1 -3. 1 6.8 10.2 3.1 .4 -1.6 5.8 4.7 2.0 — 3. 8 4,8 -2.2 6.0 9. 1 2.1 1. 1 -2.1 5.5 5.1 1.2 -4.9 3.9 22. 2 23.2 23. 9 26.0 27.0 27.5 28. 1 -3. 4 .8 6.3 10.7 —L 0 3.0 10.6 -4.5 —.1 5.4 9.8 — 1.8 2.3 10. 1 Seasonally adjusted annual rates 1958: Third quarter Fourth quarter 1959: First quarter Second quarter Third quarter Fourth quarter 1 960 : First quarter 54. 2 61. 3 70.0 77.7 67.0 69. 7 79. 2 57.6 60. 5 63. 6 67.0 68.0 66. 7 68. 5 35. 4 37. 3 39. 7 41.0 41.0 39. 2 40.4 1 "Other" construction in this series includes petroleum and natural gas well drilling, which are excluded from estimates on p. 19. 18.0 19.9 21.9 23.1 22.6 21. 3 21.3 17.4 17. 4 17.8 17.9 18.3 17.9 19. 1 Source: Department of Commerce. 9 EXPENDITURES FOR NEW PLANT AND EQUIPMENT The April-May survey of business expenditures on plant and equipment tends to confirm the/earlier anticipation of increases in the first and second quarters. The present survey indicates a continued advance in the third quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 ^MANUFACTURING '*"""* 1954 -^ SEE NOTE 3 ON TABLE BELOW. SOURCES: SECURITIES AND EXCHANGE COMMISSION, AND DEPARTMENT OF COMMERCE. [Billions of dollars] Manufacturing Period Total * Total 1950.. 1951. . . 1952. ... 1953 1954 1955 1956 1957... _ 1958 1959 1960s . 1958: Third quarter Fourth quarter......... 1959 : First quarter Second quarter.. ._ Third quarter Fourth quarter 1960: First quarter 3 Second quarter3 Third quarter 20. 60 25. 64 26. 49 28. 32 26.83 28. 70 35. 08 36. 96 30. 53 32. 54 36.85 7.49 10.85 11.63 11. 91 11. 04 11. 44 14. 95 15. 96 11.43 12. 07 14. 90 29. 61 29. 97 30.60 32. 50 10. 86 10.58 11.20 11.80 12.25 12. 85 14. 10 14.8 15. 1 3a 35 33.60 35. 15 37.0 37.5 Durable Nonduragoods ble goods 3. 14 5. 17 5. 61 5.65 5.09 5.44 7.62 4.36 5.68 6.02 6.26 5.95 6.00 7.33 7.94 5. 96 6. 29 7.43 a 71 Commercial and other 3 Railroads Other Public utilities 1.21 1.49 1.50 1.56 1.51 1.60 1.71 1.77 1. 50 2.02 2. 14 3.31 3. 66 3.89 4. 55 4.22 4,31 4. 90 6. 20 6.09 5. 67 5.85 6.78 7.24 7.09 8.00 8.23 9.47 11.05 10. 40 9.81 10. 88 11.82 1.29 1.62 1.70 2. 10 2. 15 2. 15 2. 00 2.4 2.3 6. 10 6.26 5.80 5.80 5.60 5.50 5.75 5.8 5.9 9.85 9.96 10. 35 10. 85 11.05 11.20 11. 35 11.9 12. 0 1. 11 .93 1.47 .98 1.40 .99 1.31 .98 .85 .92 .96 1.24 1.23 a 02 1.24 1.40 5.47 . 94 . 75 5.77 .99 .92 7.47 1.07 1. 06 Seasonally adjusted annual rates 5. 16 5.70 0. 88 0. 63 5.72 4.86 . 97 . 58 5.25 .95 5.95 . 65 5.75 LOO 6.05 . 95 5.85 1.00 6.40 1.30 6. 15 1.05 6. 70 .85 7. 15 6. 95 1. 00 1. 00 7.3 7.5 1. 1 1. 1 7.6 7.6 1.2 1. 1 1 Excludes agriculture. » Commercial and other includes trade, service, finance, communications, and construction. * Estimates based on anticipated capital expenditures as reported by business In late April and May 1960. Includes adjustments when necessary for systematic tendencies in anticipatory data. 10 Transportation Mining NOTE.—Quarterly anticipated data are rounded to nearest $100 million; beginning 1959 all other quarterly data rounded to nearest $50 million. 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 million and unemployment declined by 200,000 in May, as outdoor activities continued to expand. The seasonally adjusted rate of unemployment was reduced to 4.9 percent of the civilian labor force. MILLIONS OF PERSONS-^/ 80 MILLIONS OF PERSONSJ/ 80 55 I960 14 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR, Period New definitions: l 1953 ............ 1954 ............ 1955 ............ 1957 1958 1959.. 1959: April May June July. August September. October November. December.. 1960: January .-^ February.. March. April May COUNCIL Of ECONOMIC ADVISERS Total Insured unemployment2 Civilian employment] Unemployment* labor Civilian All proState pro% of civilian force (inlabor1 Agricul- Nonagri- Number labor force grams grams as cluding Total force tural cultural armed Unad- Seas, (thousands % of covered3 forces)M justed adj. of persons) employment __ _ Thousands of persons 14 years of age and over 67, 362 67, 818 68, 896 70, 387 70, 744 71, 284 71, 946 71, 210 71, 955 73, 862 73, 875 73, 204 72, 109 72, 629 71, 839 71, 808 70, 689 70, 970 70, 993 72, 331 73, 171 63, 815 64, 468 65, 848 67, 530 67, 946 68, 647 69, 394 68, 639 69, 405 71, 324 71, 338 70, 667 69, 577 70, 103 69, 310 69, 276 68, 168 68, 449 68, 473 69, 819 70, 667 61, 945 60, 890 62, 944 64, 708 65, Oil 63, 966 65, 581 65, 012 66, 016 67, 342 67, 594 67, 241 66, 347 66, 831 65, 640 65, 699 64, 020 64, 520 64, 267 66, 159 67, 208 6,555 6,495 6,718 6, 572 6,222 5,844 5,836 5,848 6, 408 7,231 6,825 6,357 6,242 6,124 5,601 4,811 4,611 4,619 4,565 5,393 5,837 i See Employment and Earnings, Department of Labor, for definitions, methods &1 estimation, periods to which data pertain, etc. a3 Weekly averages. Beginning January 1959, includes Alaska and Hawaii. Includes program for Federal employees for 1955-June 1959. 55, 390 54,395 56, 225 58, 135 58, 789 58, 122 59, 745 59, 163 59, 608 60, 111 60, 769 60, 884 60, 105 60, 707 60,040 60, 888 59, 409 59, 901 59, 702 60, 76£ 61, 371 1,870 3,578 2, 904 2,822 2,936 4,681 3,813 3,627 3,389 3,982 3,744 3,426 3,230 3,272 3, 670 3,577 4,149 3,931 4,206 3,660 3,459 2.9 5.6 44 42 43 6. 8 5. 5 5.3 49 5. 6 5.2 48 46 47 5. 3 5. 2 6. 1 5.7 6. 1 5.2 49 5.1 4*9 5. 1 5. 1 5.4 5.6 6.0 5.9 5.5 5. 2 4.8 5.4 5.0 4.9 1,058 2. 039 l'f 388 1, 312 1, 560 2,758 1,856 1,936 1,593 1,414 1,477 1, 451 1,370 1,479 1,853 2,008 2,359 2, 326 2, 370 2,078 4 1, 801 2.8 5.2 3.4 3. 1 3.5 6. 1 44 45 as 3.4 3.5 3. 4 3. 1 3.4 44 48 5.6 5. 5 5.7 49 4 42 4 Preliminary estimate. NOTE.—Beginning January I960, labor force data include Alaska and Hawaii. Sources: Department of Labor and Council of Economic Advisers. 11 NONAGRICULTURAL EMPLOYMENT Total payroll employment in nonagricultural establishments, seasonally adjusted, declined by 61,000 in May. About 120,000 temporary Census workers were released and employment was lower in the steel and machinery industries. MILLIONS OF WAGE AND SALARY WORKERS * MILLIONS OF WAGE 4 AND SALARY WORKERS* 56 ALL NONAGRICULTURAL ESTABLISHMENTS 94 52 50 48 46 8 - 44 i i i i i 1 I Ii I i 1958 195? 1959 12.0 $5 CONTRACT CONSTRUCTION (ENLARGED SCALE) WHOLESALE AND RETAIL TRADE (ENLARGED SCALE) 3.0 11.5 2.5 1 1.0 2.0 10.5 1.5 10.0 1958 I960 * SEASONALLY ADJUSTED DATA, EXCLUDING ALASKA AND HAWAII. SOURCE: DEPARTMENT OF LABOR. Total, Total unad- including justed, Period excluding Alaska and Alaska and Hawaii Hawaii 1953 -.-. 49, 681 1954 48, 431 1955 50, 056 51, 766 1956. 1957 52, 162 50, 54S 1958 52, 205 51, 975 1959 1959: April May..,.. June July August September. October November. December. 1960: January... February __ March April' May 3 51, 480 51, 982 52, 580 52, 843 52, 066 52, 648 52, 569 52, 798 53, 756 52, 078 52, 060 52, 172 52, 824 52, 896 52, 479 52, 902 53, 108 53, 201 53, 052 53, 343 53, 282 1958 1959 I960 COUNCIL OF ECONOMIC ADVISERS I Thousands of wage and salary workers l] M anuf acturing Private nonmanufaeturing Total excluding Alaska Contract Wholesale Durable Nondura- Total 2 construcTotal and retail and goods ble goods trade Hawaii tion 10, 105 2, 622 17, 238 7,133 25, 798 10, 527 49, 681 9, 122 15, 995 6,873 25, 685 2,593 10, 520 48, 431 9, 549 7,014 26, 579 50, 056 16, 563 2,759 10, 846 11,221 9,835 16, 903 2,929 51, 766 7,068 27, 586 9, 821 11, 302 52, 162 16, 782 6, 961 27, 754 2,808 11, 141 8,743 6,725 27, 182 50, 543 15, 468 2,648 9,290 6,878 11, 385 51, 975 16, 168 27, 680 2,767 Seasonally adjusted 51,887 16, 182 9,319 2, 829 11,333 6, 863 27, 631 9, 462 11,363 52, 125 16, 372 6,910 27, 674 2,787 11,425 9, 573 6,954 27, 804 52, 407 2,799 16, 527 9,635 11,465 6,945 27, 895 2,800 52, 558 16, 580 9,094 2,814 11,529 6,943 27, 855 52, 023 16, 037 11,464 52, 154 9,214 6,927 27, 792 2,776 16, 141 9, 129 2,762 52, 002 16, 022 6,893 27, 763 11,478 11, 452 2, 792 9,266 52, 253 16, 174 6,908 27, 846 9,542 6,894 27, 931 11, 486 2,800 52, 674 16, 436 11, 594 52, 880 16, 562 9, 655 6,907 28, 028 2,775 9,667 2,781 11, 627 52, 972 6,900 28, 090 16, 567 6,906 2,601 11, 595 52, 823 9, 603 27, 815 16, 509 9,542 2,760 11, 639 53, 109 16,522 6,980 28, 081 7,011 28, 126 53, 042 9,508 2, 786 11, 649 16, 519 1 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 1957 Government (Federal, State, local) 6,645 6,751 6,914 7,277 7,626 7,893 8,127 8,074 8, 079 8,076 8,083 8, 131 8,221 8, 217 8, 233 8,307 8,290 8,315 8,499 8,506 8,397 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 Laboc AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES The over-all average factory workweek increased by 0.4 hours to 39.8 hours in May, despite a sharp reduction of hours in the steel industry. HOURS PER WEEK HOURS PER WEEK 46 46 NONDURABLE MANUFACTURING DURABLE MANUFACTURING 44 40 i*****""^^1* -^x-V~L_ 38 Sr X^" V/ 36 • _^i i i i I i i i i i 34 1957 1958 i t i i i1 ii i it 1 1 1 1 1 1 I ! I1 1 1958 1959 1958 1959 1957 i i i i i 1 i i i i^ I960 44 RETAIL TRADE 42 4cr 38 34 32 32 30 1957 1958 I i I i I K....I I > 1957 SOURCE: DEPARTMENT OF LABOR i I960 COUNCIL OF ECONOMIC ADvisERsT [Hours per week, for production workers or nonsupervisory employees] Manufacturing ! Period 1950 1951 1952 1953 1954 . 1955 1956 1957 . 1958 __... _ 1959.. 1959: April . Ivi ay June.. .. July . August September October November December 1 960 : January February .. _. March. . April11 Mav »Preliminary estimates. Not available. 3 57215°—60 _ . _ .. - - - .. - - _ Durable goods Total _ _ _ _ _ _ _ 40.5 40.7 40.7 40.5 39.7 40.7 40.4 39.8 39.2 40.3 40. 3 40. 5 40.7 40.2 40. 5 40.3 40. 3 39. 9 40. 6 40.3 39. 8 39.7 39. 4 39. 8 41.2 41.6 41.5 41.3 40. 2 41. 4 41. 1 40.3 39.5 40. 8 40.9 41. 1 41.4 40.5 40.8 40.8 40.9 40. 1 41. 1 41.0 40. 4 40. 3 39.9 40.2 Building Nondurable construction goods 39.7 39.5 39. 6 39.5 39.0 39.8 39.5 39. 1 38. 8 39. 6 39.5 39. 7 39.8 39.8 40.1 39.8 39. 5 39. 6 39. 8 39.4 39. 0 38.8 38.6 39. 3 36. 3 37.2 38. 1 37.0 36.2 36.2 36. 4 36. 1 35.7 35. 8 36. 1 36.4 36. 8 36.3 36.9 35.8 36. 0 34. 8 36. 1 34. 6 34 3 34.2 35. 9 (2) "|> ,v4.f»Jl ivetaii trade (2) 40. 5 40. 2 39. 9 39. 2 39. 1 39. 0 38. 6 38. 1 38. 1 38. 1 37. 9 37.9 38.3 38.8 38. 6 38. 1 37. 7 37. 5 38. 2 37. 4 37.4 37.4 37. 6 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 were $2.28 in May, unchanged from April, DOLLARS PER HOUR DOLLARS PER HOUR 2.20 2.00 2.20 NONDURABLE MANUFACTURING 1957 I960 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR. [For production workers or nonsupervisory employees] Period 1950 1951 1952 1953 1954 1955 . .. 1956 1957 1958 1959 1959: April May June July. ._ August -_ September _ October November December 1960: January Februarv March April22 May Durable goods manufacturing Current 1959 prices prices * Current 1959 prices prices 1 Current prices 1959 prices * Current prices 1959 prices l Current 1959 prices prices! $1. 537 1.67 1.77 1.87 1.92 2.01 2. 10 2.20 2.28 2.38 2.39 2.40 2.40 2.39 2.35 2.37 2.36 2.38 2.43 2. 46 2.45 2.45 2.44 2.44 $1. 378 1.48 1.54 1.61 1.66 1.71 1.80 1.88 1.94 2.01 2.00 2.00 2.00 2.01 2.00 2.03 2.02 2.03 2.04 2.05 2.05 2.06 2.06 2.07 $1. 670 1.66 1.69 1.75 1.80 1.86 1.93 1.95 1.96 2.01 2.01 2.01 2.00 2.01 2.00 2.02 2.01 2.01 2.03 2. 04 2.03 2.04 2.03 3 $2. 031 2.19 2.31 2.48 2.60 2.66 2.80 2.96 3. 10 3. 22 3.17 3. 17 3. 17 3.20 3.23 3.26 3.27 3.28 3.30 3.32 3. 33 3.38 3.32 (3) $2. 462 2.46 2.54 2.70 2.82 2.89 3.00 3.07 3. 13 3.22 3. 19 3. 19 3.17 3. 19 3.22 3.24 3.25 3.25 3.28 3.30 3.30 3.35 3. 28 (3) $1. 176 1.26 1.32 1.40 1.45 1.50 1.57 1.64 1.70 1.76 1.75 1.76 1.77 1.77 1. 77 1.78 1.78 1.77 1.73 1.79 1.79 1.79 1.79 (3) $1. 465 1.59 1.67 1.77 1.81 1.88 _ . 1. 98 2. 07 2. 13 2. 22 2. 23 2. 23 2. 24 2.23 2. 19 2.22 2.21 2.23 2.27 2. 29 2. 29 2.29 _ 2.28 2.28 $1. 776 1.78 1.83 1.93 1.97 2.05 2.12 2. 15 2. 15 2.22 2.24 2.24 2. 24 2. 23 2. 19 2.21 2. 19 2.21 2. 25 2.28 2.27 2.27 2. 25 (3) *2 Earnings in current prices divided by consumer price index on a 1959 base. Preliminary estimates. - Not available. 14 Building construction All manufacturing $1. 863 1.87 1.94 2.04 2.08 2. 19 2.25 2.28 2. 30 2. 38 2.40 2.41 2.40 2.39 2.35 2.36 2.34 2.36 2.41 2.45 2.43 2.43 2.41 (3) Nondurable goods manufacturing C) NOTE.—Data exclude Alaska and Hawaii Source: Department of Labor. Retail trade $1. 425 1.41 1.45 1.53 1.57 1.63 1.68 1.70 1.72 1.76 1.76 1.77 1.77 1.77 1.77 1.77 1.77 1.76 1.72 1.78 1.78 1.77 1. 77 (3) AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings of production workers in manufacturing industries increased 91 cents to $90.74 in May, reflecting the longer workweek DOLLARS PER WEEK 130 DOLLARS PER WEEK 110 I960 1957 I960 1957 NONDURABLE MANUFACTURING RETAIL TRADE 80 70 * CURRENT PRICES ''CURRENT PRICES i ii 1959 1958 1957 1957 I960 1958 1959 I960 [COUNCIL. OF ECONOMIC ADVISED *. SOURCE: DEPARTMENT OF LABOR. [For production workers or nonsupervisory employees] All manufacturing Period 1950 1951 1952_ 1953 _. 1954. _ _ _ 1955 1956 1957 1958 1959 1959: April May June July August. September October November December 1960: January February March April2 2 May __ Ji _ _ Durable goods manufacturing Building construction Retail trade 1959 Current prices prices * Current prices 1959 prices l Current prices 1959 prices l Current prices 1959 prices l Current prices $59. 33 64.71 67.97 71.69 71.86 76.52 79. 99 82.39 83.50 89. 47 89.87 90. 32 91.17 89.65 88.70 89.47 89.06 88.98 92. 16 92.29 91. 14 90. 91 89.83 90.74 $63. 32 69.47 73. 46 77.23 77. 18 83. 21 86.31 88.66 90.06 97. 10 97.75 98.64 99. 36 96. 80 95. 88 96.70 96. 52 95.44 99.87 100. 86 98. 98 98.74 97.36 98.09 $76. 75 77.97 80.64 84.13 83.80 90.54 92.51 91.88 90.88 97.10 98. 34 99. 14 99.46 96.61 95. 69 96. 22 95.85 94.68 99. 18 100. 26 98. 19 97.86 96. 11 (3) $54. 71 58.46 60.98 63.60 64.74 68.06 71.10 73.51 75.27 79.60 79.00 79. 40 79.60 80.00 80. 20 80. 79 79.79 80.39 81. 19 80.77 79.95 79.93 79. 52 81.35 $66. 32 65.61 66.94 69. 28 70.29 74.06 76.21 76. 18 75.95 79.60 79.48 79. 80 79.68 79.84 80.04 80.39 79.24 79.75 80. 63 80.29 79.32 79.22 78. 50 (3) $73. 73 81.47 88.01 91.76 94 12 96.29 101. 92 106. 86 110. 67 115. 28 114.44 115. 39 116. 66 116. 16 119. 19 116. 71 117. 72 114. 14 119. 13 114.87 114 22 115. 60 119. 19 (3) $89. 37 91.44 96.61 99.96 102. 19 10478 109. 24 110. 74 111. 68 115. 28 115. 13 115. 97 116. 78 115. 93 118. 95 116. 13 116. 90 113. 23 118.30 114 18 113. 31 11457 117. 66 (3) $47. 63 50. 65 52.67 5488 56.70 58.50 60.60 62.48 6477 67.06 66.33 66.70 67. 79 68.68 68.32 67.82 67. 11 66.38 66. 09 66.95 66.95 66.95 67.30 (3) $71. 92 72.63 74.61 78.09 78.02 83.26 85.73 85.38 84.26 89. 47 90. 41 90.77 91.26 89.47 88.52 89.02 88.44 88.27 91.52 91.74 90.42 90. 10 88.68 (3) Earnings in current prices divided by consumer price index on a 1959 base. Preliminary estimates, s Not available. Nondurable goods manufacturing 1959 prices1 $57. 73 56. 85 57.82 59.78 61.56 63.66 6495 6475 65.36 67.06 66.73 67.04 67. 86 68.54 68.18 67. 48 66.64 65.85 65.63 66.55 66.42 66.35 66.44 (3) NOTE.—Data exclude Alaska and Hawaii. Source: Department of Labor. 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index (seasonally adjusted) in May increased by a small amount over April. INDEX, 1957*100 (SEASONALLY ADJUSTED) INDEX, 1957* 100 (SEASONALLY ADJUSTED) 130 120 100 80 1957 1958 1959 I960 1959 1957 SOURCE: BOARD OF GOVERNORS OP THE FEDERAL RESERVE SYSTEM. Period I960.. 1951 1952 __ 1953 1954 1955 1956 1957. 1958 -. 1959. ._ 1959: April May June.. July August September -- October November December 1960: January. February March _ ._ -» April1 Mav 1 Preliminary. 16 Total industrial production 74 81 84 91 85 96 99 100 93 105 107 109 110 108 104 103 102 103 109 111 110 109 109 110 [1957=100, seasonally adjusted! Industry Manufacturing Non- Mining Utilities Total Durable durable 75 82 85 92 86 97 100 100 92 105 107 110 110 108 104 104 102 102 109 112 110 110 109 110 1960 COUNCIL OF ECONOMIC*/ 71 80 85 96 85 98 100 100 87 102 105 109 110 105 98 97 96 96 107 111 109 108 106 108 79 82 83 87 87 95 99 100 100 110 110 111 111 113 113 113 111 111 112 113 112 112 113 114 80 87 87 89 86 95 100 100 91 95 98 99 98 94 91 91 91 96 99 98 96 95 97 95 53 60 65 71 76 85 94 100 105 115 112 114 116 116 116 117 118 117 119 120 120 124 122 123 Market Final products ConTotal sumer Equipment goods 73 79 85 91 86 95 99 100 95 107 106 108 108 109 109 109 109 106 109 112 110 110 111 112 82 81 82 88 87 97 99 100 99 110 111 111 111 112 112 112 112 109 112 116 113 113 115 116 54 75 90 96 85 91 99 100 87 100 97 100 102 103 103 103 103 101 102 103 102 104 103 104 Source: Board of Governors of the Federal Beserve System. Materials 75 82 83 91 84 97 100 100 91 104 108 110 110 106 98 99 97 100 109 110 109 108 108 107 PRODUCTION OF SELECTED MANUFACTURES In May, production gains were registered in most major manufacturing industries except the iron and steel component of the primary metals group. INDEX, 1957MOO (SEASONALLY ADJUSTED) INDEX, 1957*100 (SEASONALLY ADJUSTED) 160 120 120 TEXTILES, APPAREL, AND LEATHER 100 PAPER AND PRINTING 1957 140 CHEMICALS, PETROLEUM, AND RUBBER 120 ^f"****?** 100 FOODS, BEVERAGES, AND TOBACCO t "" * 1 1 1 1 1 1 11 1 11 1957 1958 1959 1957 I960 IiIiI t iiiII 1958 1 1 1 1 I 1 I I ! 1 I I 1 1 1 1 1 1 1 1 1 I 1959 I960 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [1957=100, seasonally adjusted] Durable manufactures Period Primary metals 1958 1959 1959: April May June . July.. August September . October November December .. 1960: January February March. April 1 May * Preliminary. 2 Not available. .. _ Nondurable manufactures FabriTranspor- Lumber Textiles, Paper Chemicals, Foods, cated and Machin- tation and petroapparel, bevermetal print- leum, and ages, and ery prodand equipproducts leather ment ucts rubber tobacco ing 78 90 92 104 85 103 84 98 100 113 99 115 99 108 99 113 102 107 113 122 118 104 109 112 100 104 107 102 104 105 115 118 112 116 118 119 107 108 107 110 111 115 108 108 105 81 47 45 111 106 106 108 107 108 106 102 98 117 114 113 120 117 116 109 110 111 117 116 117 106 108 108 44 79 114 99 95 105 107 104 108 98 79 93 111 112 115 115 116 117 110 109 111 115 114 115 106 107 108 115 110 106 109 108 107 110 108 108 108 107 104 115 115 110 116 114 115 111 110 110 116 115 116 109 107 108 100 97 103 107 107 108 102 107 113 (2) 116 118 111 112 118 119 109 109 Source; Board of Governors of the Federal Reserve System. 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production increased on the average in May/ although the output of steel dropped to the lowest level of the year. MILLIONS OF SHORT TONS (DAILY AVERAGE! MILLIONS OF TONS J F M A M J J A 3 O N 0 SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. COUNCIL OF 1CONOMIC ADVISiRS- Electric Bituminous Freight Paperboard Steel produced 1 Cars and trucks power coal mined loaded produced assembled (thousands) Thousands Index distributed (thousands (thousands (thousands of net (1947-49 = (millions of Of short of tons) of cars) Total Cars Trucks tons 100) kilowatt-hours) tons) 2 Period Weekly average: 1956 1957 1958 1959 ._,. 1959: April May __.. June „._ July August September October November December 1960: January February^ March _ _ ^ April,3 May Week ended: I960: May 14 21 28 June 433 n 1«3 __ 2, 204 2, 162 1, 635 1,792 2,630 2, 618 2,543 1,184 325 359 385 1,694 2,713 2, 720 2,688 2,611 2,279 1,994 137. 2 134. 6 101.8 111. 6 163.7 163.0 158.3 73.7 20. 2 22.3 24,0 105.5 168. 9 169. 3 167.3 162.5 141.9 124,2 11, 292 11, 873 12, 314 13, 229 12, 583 12, 763 13, 402 13, 479 13, 859 13, 152 12, 922 13, 318 13, 828 14, 345 14, 122 14, 027 13, 318 13, 382 1,693 1,644 1,380 1,374 1,375 1,369 1,519 1,249 1, 150 1,295 1,286 1,505 1, 553 1,444 1,387 1,439 1,366 1,402 728 683 581 596 634 686 703 559 542 553 584 601 572 597 573 580 622 640 274 272 275 308 311 320 319 275 327 316 329 321 284 287 321 318 310 315 132.8 138. 6 98.4 129.5 157. 3 157.2 154.7 145. 6 70.8 78. 6 137. 7 72. 4 117.7 201. 8 187.8 171. 5 163.8 174.3 111. 6 117. 6 81. 6 107.6 131. 0 130. 4 127. 2 121. 2 57. 8 60.3 116.6 60.7 101.8 171.3 157.4 143. 1 137.3 146. 3 21.2 21. 0 16.8 21.9 26.3 26,8 27.5 24.4 13. 1 18. 4 21. 1 H.7. 15.8 30.5 30.3 28.4 26. 5 28.0 2,102 2,031 1, 870 1, 726 1,756 1.775 130. 9 126. 4 116. 4 107.4 109.3 110. 5 13, 350 13, 468 13, 572 13, 134 * 13, 766 1,376 1,404 1, 407 1, 456 640 637 640 574 311 325 311 290 327 171.1 183.0 172.2 137. 4 165. 9 145.9 154.8 142.4 115. 1 141.8 25. 2 28. 3 29. 8 22.3 24. 1 ' VVi'i'kly capacities (net tons) as of January 1 are: 2,455,300 (1966), 2,559.631 < W>7), 2,ntH).320 (1958), 2,831,486 (1959), and 2,341,832 (1960). 1 1 >nll,v average, 4 * 4 1'n'liniliuiry. Not charted. 18 Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Kailroads, National Paperboard Association, and Ward's Automotive Keports. NEW CONSTRUCTION Expenditures for both private and public construction (seasonally adjusted) changed only slightly during May. BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS > TOTAL NEW CONSTRUCTION | 50 1954 I f 1 I I 1 M ! I ! I 1 I I I I 1 I I ! I I 1! 1 I 1 ! ! 1 I I 11 IC57 J955_ I95S . COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF COMMERCE. Total new construction 34 7 37.0 39. 4 44. 2 45. 8 47. 8 48. 9 54.3 Period 1952 1953 1954 1955 1956. 1957 1958 1959 *. 1959: April May June July August September October November December 1960: January... February March April4 Mav __ . ._ _ . 56.0 56.6 56.5 56. 1 54.8 53. 1 51. 8 50.7 52. 0 53. 9 54.3 543 53.9 53.9 [Billions of dollars] Private Federal, State, and Total Residential Other local (nonfarm) private 23.9 11.0 12.8 10.8 11.2 25.8 13.8 12.0 15.4 27.7 11.7 12.3 32.4 18.7 11.7 13. 7 17.7 33. 1 12.7 15. 4 17.0 140 33.8 16.8 15.4 15.4 33.5 18.0 22.3 16.0 38. 3 16. 0 Seasonally adjusted annual rates 38.9 23.4 17.1 15. 5 39. 6 17.0 23. 8 15.8 39.4 16. 2 23.3 17.0 39.6 16.5 16.4 23. 1 39. 1 22.5 16.6 15.7 22. 3 38. 4 16. 1 148 37. 5 21. 7 15.8 14 2 37.0 21. 0 16.0 13.6 37. 7 21. 1 16.6 14 2 21. 6 38. 5 16.9 15. 3 38.8 21.3 17.4 15. 5 21. 3 38.6 17.3 15.7 38.2 21. 1 17.0 15. 7 38. 1 17. 1 21. 0 15. 8 i Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research. Omits small contracts, and covers rural areas less fully than urban. 3 Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods. I I 1 I LJ I I M I I M 'I t I I I I I I I J I I I I ! l l I I I 11 f 1959 I960 1958. J_ Construction contractsl Eastern 3 48 States2 37States 16.8 17. 4 19. 8 23.7 3 31. 6 24 6 32.2 25.3 35. 4 36. 5 42. 0 36. 0 36. 0 37.2 349 37.4 37.2 33. 1 35. 1 32.9 340 33. 8 37. 3 3 Revised series beginning January 1956; not comparable with prior data. Series discontinued beginning January 1958. * Preliminary estimates. Sources: Department of Commerce and F. W. Dodge Corporation (except as noted). 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts (seasonally adjusted) rose substantially in April, according to the revised series. The number of FHA applications dropped slightly in May, while VA appraisal requests increased. MILLIONS OF UNITS (ANNUAL RATE) MILLIONS OF UNITS (ANNUAL RATE) SEASONALLY ADJUSTED —" PRIVATE NONFARM HOUSING STARTS 1960 1954 SOURCES: DEPARTMENT OP COMMERCE, FEDERAL HOUSING ADMINISTRATION(FHA), AND VETERANS ADMINISTRATION (VAI. COUNCIL OF ECONOMIC ADVISERS [Thousands of units] Total housing starts (farm and nonfarm) Total private Private and public Period 1954 1955 1956 1957 1958 1959 . (22) (2) (2) (2) (2) () 1, 553. 1 1959 99.2 1959: January February 99.9 130.7 March 155.9 April ... 156.0 May 153. 3 June 149.7 July 142.4 August September 139. 9 October 123.3 November _„ _ 106.5 96.3 December 85. 5 11)00: January 89.5 February 92.5 March4 4 April 4 117.7 May ___ ___ (2) 1 Nonfarm housing starts Private Applica- Requests Total for for VA Government farm and Nonfarm tions Total FHA appraisprograms nonfarm private commitals1 l ments FHA VA Old series 535.4 338. 6 1, 220. 4 1, 201. 7 276.3 307. 0 (22) 306. 2 620. 8 1, 328. 9 1, 309. 5 276.7 392. 9 (2) 197. 7 401.5 1, 118. 1 1, 093. 9 189.3 270.7 (2) 198.8 159.4 992.8 168. 4 128.3 1, 041. 9 (2) 341.7 234.2 102. 1 295.4 1, 209. 4 1, 141. 5 (2) 234.0 369.7 1, 378. 5 1, 342. 8 332. 5 109. 3 () New series 3 New series 3 369.7 234.0 1, 516. 8 1, 530. 9 1, 494. 6 332. 5 109. 3 17.9 1, 517 25.5 6.9 1,533 19.8 95.3 96.2 98. 3 21.0 1,529 29.5 6.2 20.0 1,546 98.0 99. 0 98. 9 23.2 38.9 1,680 9. 7 1,598 30.0 126.4 129.4 127.7 39. 1 18.9 1,613 11.0 1, 699 33.5 149. 1 154.3 150. 7 38.2 1,580 20.7 10.3 1,597 34.4 150.8 152. 5 154.3 27.2 1,563 60. 2 11.0 1,577 34.8 146. 5 147. 8 152.0 29.0 26.0 10.6 31.7 1, 546 1,578 145. 1 148. 1 146.7 21.2 25. 6 9.9 1,450 31.3 137. 8 1,446 138. 2 142.0 17.9 25.5 1,468 10.0 1,509 29.8 132.4 136.3 136.0 24.1 16.7 9.4 26. 8 1,378 117.9 121.2 1,354 120. 0 12. 2 16. 1 1,328 7.9 1,356 20.3 102. 5 104.3 104.7 18.2 6.4 11. 1 20.0 1,401 92. 8 1,451 93.5 95. 6 11.2 16.3 4. 1 1,259 1, 334 15.9 80. 1 81.4 84. 2 21. 1 12.9 1,338 17.7 4.8 1, 358 85.9 88.2 87. 2 1,086 27.4 12.9 5.2 1, 100 21.9 88.4 91. 5 89. 4 13. 7 22.5 25.4 7.3 1,254 114.5 116.2 1,234 116.0 14. 4 22.4 6.9 25.2 (2) (2) (2) (2) (2) 4 Units represented by mortgage applications for new home construction. 20 Proposed home construction Total private and public ' B^nou^ngStari3, C20-11 (Supplement), Bureau of the Census, May 1960, for clescrinlioti Private housing starts, seasonally adjusted annual rates Preliminary. & 1 HOUSing Administratl011 FHA) J^S^y^^^STrvI?' < ' ana veierano ja.uzo.iius era ILJU ^YA/. ™ ™ SALES AND INVENTORIES—MANUFACTURING AND TRADE Business sales rose by $1.2 billion (seasonally adjusted) in April, largely in retail trade. Manufacturing inventories continued to rise, although by a smaller amount than in preceding months, and manufacturers1 new orders were unchanged. Retail inventories declined in April, and preliminary estimates indicate that retail sales dropped 3 percent in May. BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 30 BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 100 RETAIL TOTAL*AND MANUFACTURING (ENLARGED SCALE) ..TOTAL INVENTORIES* INVENTORIES XSALES _ ^ ——*-^ - ^x—' 10 ii i n i I i l l M I M i i i I i M t l I i \ \ \ i I i i i i i 11 Mill INDEX, 1947-49*100 (SEASONALLY ADJUSTED) iso i 140 n^ i iM I l iI 11 I I il il il M l i Ii!iIil il iIiIIM I l il n I I I1 I1 1l M I l Iii iM l I iI i1 Il iI iIS11 120 i il .il Ii M i i li IM is 1957 i 1958 1 1959 1 I960 ' I960 ^MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE. SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Period Manufacturing and trade Manufacturing ^COUNCIL OF ECONOMIC ADVISERS Wholesale Retail Inven-2 Sales1 Inven-2 New 1 Sales l Inven-2 Sales l Sales * tories tories orders tories Billions of dollars, seasonally adjusted 1953 . 1954 1955 1956 _. 1957 __ 1958 . 1959 1959: March. April . . May June July August September . October « November December 1960: January . February March April* „ May * 48.4 47.4 52.3 54.8 56.3 540 60.0 59. 2 60. 6 61. 5 62.0 61.7 59.6 60. 1 59. 7 59. 1 60.9 61.6 62.2 61. 3 62.5 78.6 75.5 81.7 89.1 90.7 85. 1 89.4 86.6 87.6 88.3 89.3 89.9 89. 5 89.2 88. 7 88.4 89. 4 90.5 91. 4 92.3 92.5 245 23.5 26. 3 27. 7 28. 4 26. 2 29. 7 29. 1 30. 3 30.7 31.2 30.9 29.3 29.8 29. 4 29.0 30.8 31. 1 31. 6 30.8 31. 1 45.4 43.0 46.4 52.3 53. 5 49. 2 52.4 50. 5 51. 1 51. 6 52. 1 52. 2 52. 1 51. 9 51. 5 51. 6 52.4 53.3 53.9 54. 3 54 6 i 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. < Preliminary estimates. 3 23.1 22.5 27.2 28.3 27.3 25.9 30.1 30. 2 31. 2 30. 5 31. 4 30. 8 29. 0 30. 6 30. 4 29.2 30.7 29.8 30.6 30.3 30.3 10. 5 10.4 11.4 13.0 12.7 12. 0 12.6 12.0 12. 1 12. 2 12. 4 12.5 12. 6 12.5 12. 5 12.6 12. 6 12.7 12.7 12. 8 12.9 9.8 9.7 10. 6 11.3 11.3 11. 1 12.3 12. 2 12.4 12. 5 12. 6 12. 5 12.2 12. 5 12. 0 12. 3 12. 7 12. 4 12.5 12.2 12. 5 ' 14 1 14 1 15.3 15.8 16.7 16.7 18.0 17.9 18.0 18.2 18. 2 18.3 18. 1 17.8 18. 3 17.8 17.5 18. 1 18. 1 18. 2 18. 9 18. 4 Inventories 2 22.7 22.1 23.9 23.9 245 240 243 242 24 5 245 24 8 25. 1 248 248 24 7 242 243 24.5 248 25. 1 249 Department stores Inventories 8 Index, 1947-49=100 seasonally adjusted 118 131 118 128 128 136 135 148 152 135 136 148 156 144 138 150 144 151 152 144 144 155 147 158 144 159 144 160 147 158 146 160 146 161 146 161 142 160 138 162 154 159 140 Sales » NOTE.—Monthly sales and inventories of department stores revised beginning 1947. Sources: Department of Commerce and Board of Governors of the Federal Reserve System. 21 MERCHANDISE EXPORTS AND IMPORTS Commercial exports were 22 percent higher and imports 6 percent higher in the first 4 months of 1960 than in the corresponding period of 1959. BILLIONS OF DOLLARS 2.5 BILLIONS OF DOLLARS 2.5 2.O 2.0 I960 1954 COUNCR OF ECONOMIC ADVISiRS SOURCE: DEPARTMENT OF COMMERCE. [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 1959: March April May..... . June . . July. August September . . October _. November .. ._ December . 1000; J a m m r v I'Vbruarv.March A i »ri 1 _ _ _ . . Grant-aid shipments l 856 1,253 1,267 1,314 1, 259 1, 296 1,591 1,738 1,491 1,464 1,456 1,479 1,551 1,422 1,468 1,397 1,479 1,482 1,479 1,674 1,562 1, 576 1, 751 1, 823 tr iiirinita only Department ol Defense shipments of grant-aid military . mi.! iMiiitpittitrii under the Mutual Security Program. Shipments for tj intuit hr. of tlii! program (July-December 1950) amounted to$282million. 22 24 89 166 293 188 105 146 113 129 102 81 136 140 76 115 97 80 84 102 105 78 79 117 115 Commercial exports 833 1, 164 1, 100 1,022 1, 071 1, 191 1,444 1, 625 1,362 1,362 1, 375 1,343 1,410 1,347 1,353 1,300 1,399 1,398 1,376 1, 569 1,484 1, 497 1, 634 1,708 Merchandise imports 738 914 893 906 851 949 1,051 1,082 1,070 1,268 1,295 1,220 1, 264 1,369 1,248 1,189 1,392 1,202 1,282 1, 478 1, 137 1, 288 1, 375 1,257 Excess of exports over imports Total 119 339 374 .408 408 347 540 656 422 196 161 258 287 53 220 208 87 280 196 197 424 288 376 566 Excluding grant-aid shipments 95 250 207 116 220 242 393 543 293 94 80 122 147 — 22 105 110 7 196 94 92 347 209 259 451 Sources: Department ol Commerce and Department of Defense. PRICES CONSUMER PRICES Consumer prices rose 0.4 percent in April, mainly reflecting substantial food price increases. All other categories except transportation also increased somewhat. INDEX, 1947-49=100 INDEX, 1947-49 = 100 130 100 1954 1955 I960 SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS [1947-49=100] Period 1949 1950. 1951 1952 1953 1954 1955 1956 1957 1958 1959 1959: March April May June July August September October November December 1960: January February March April 1 Housing All items Food 101.8 102.8 111.0 113. 5 114. 4 114. 8 114. 5 116. 2 120. 2 123.5 124. 6 123. 7 123. 9 124.0 124.5 124. 9 124. 8 125. 2 125. 5 125. 6 125. 5 125. 4 125. 6 125. 7 126. 2 100.0 101.2 112. 6 114. 6 112.8 112. 6 110. 9 111. 7 115. 4 120. 3 118. 3 117.7 117. 6 117.7 118. 9 119. 4 118. 3 118. 7 118. 4 117.9 117. 8 117. 6 117. 4 117.7 119. 5 Total » 103.3 106. 1 112.4 114. 6 117. 7 119. 1 120.0 121. 7 125. 6 127. 7 129. 2 128. 7 128. 7 128. 8 128. 9 129.0 129. 3 129. 7 130. 1 130. 4 130. 4 130. 7 131. 2 131. 3 131. 4 Rent 105.0 108. 8 113. 1 117.9 124. 1 128. 5 130. 3 132. 7 135. 2 137. 7 139. 7 139. 1 139. 3 139. 3 139.5 139. 6 139. 8 140. 0 140. 4 140. 5 140. 8 140. 9 141. 0 141. 2 141. 4 Includes, in addition to rent, homeowner costs, utilities, housefurnishings, etc. Apparel Transportation 99.4 98. 1 106. 9 105. 8 104. 8 104. 3 103.7 105. 5 106. 9 107. 0 107. 9 107.0 107.0 107. 3 107.3 107. 5 108. 0 109.0 109. 4 109. 4 109. 2 107.9 108.4 108. 8 108. 9 108.5 111. 3 118.4 126. 2 129.7 128.0 126. 4 128. 7 136. 0 140. 5 146. 3 144. 9 145. 3 145. 4 145. 9 146. 3 146.7 146. 4 148. 5 149. 0 148.7 147.6 147.5 146. 5 146. 1 Medical Personal care care 104.1 106.0 111. 1 117.2 121. 3 125.2 128.0 132.6 138.0 144. 6 150. 8 149. 2 149. 6 150.2 150.6 151.0 151.4 152. 2 152. 5 153.0 153. 2 153.5 154.7 155.0 155. 5 101. 1 101. 1 110.5 111. 8 112. 8 113. 4 115. 3 120. 0 124. 4 128. 6 131. 2 129.7 130. 0 130.7 131. 1 131. 3 131. 7 132. 1 132. 5 132. 7 132. 9 132.7 132. 6 132.7 132. 9 Reading Other and goods recreaand tion services 104.1 103.4 106.5 107.0 108.0 107.0 106. 6 108. 1 112. 2 116. 7 118. 6 117.3 117.7 117. 8 118. 1 119. 1 119. 1 119.6 119.7 120. 0 120.4 120. 3 120. 6 120. 9 121. 1 103.4 105. 2 109.7 115.4 118. 2 120. 1 120. 2 122.0 125.5 127. 2 129.7 127.3 128. 2 128. 4 129. 2 130.8 131. 1 131. 5 131.6 131. 6 131. 7 131.8 131.8 131.7 131. 9 Source: Department of Labor. 23 WHOLESALE PRICES Wholesale prices declined slightly in May, as lower prices of farm products and industrial items more than offset higher prices for processed foods. INDEX, 1947-49= 100 INDEX, 1947-49= 100 130 130 120 120 100 90 80 80 1954 1956 1955 1957 1959 1958 SOURCE: DEPARTMENT OF LABOR I960 COUNCIL OF ECONOMIC ADVISERS [1947-49 = 100] All commodities Period 1949 ... 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1959: April May June Julv August September October November December 1960: January February March__. April May Week ended: » 1960: June 7 14 1 _ _ _ _ . 24 __ _ _ ._ _ _ _ _ ... . __ _ . . Weekly series based on smaller sample than montnly series. ._ _ _ ta . Farm products Processed foods Other than farm products and foods (industrial) 99.2 103. 1 114. 8 111.6 110. 1 110.3 110. 7 114. 3 117. 6 119.2 119.5 120. 0 119. 9 119. 7 119. 5 119. 1 119. 7 119. 1 118. 9 118. 9 119. 3 119. 3 120.0 120.0 119. 7 92.8 97.5 113.4 107.0 97.0 95.6 89.6 88.4 90.9 94. 9 89. 1 92. 4 90. 8 89.8 88.4 87. 1 88.9 86.5 85. 4 85.9 86.5 87.0 90.4 91. 1 90. 4 95.7 99.8 111.4 108.8 104.6 105.3 101.7 101.7 105. 6 110. 9 107.0 107. 2 107.7 108. 1 107. 5 105. 8 107. 8 106.4 104 9 104.7 105.6 105. 7 107. 3 106. 8 107.3 128. 4 128.2 128.4 128.4 128.4 128.4 12a 5 128.6 128.8 128.7 128.6 128.7 128.2 119.6 119. 6 89. 2 89. 1 107. 5 107. 5 128.3 128. 3 Source: Department of Labor. 101.3 105.0 115.9 113.2 114.0 114.5 117.0 122.2 125.6 126. 0 PRICES RECEIVED AND PAID BY FARMERS The indexes of both prices paid and prices received by farmers declined slightly during the month ended May 1 5, and the parity ratio remained unchanged. Both indexes and the parity ratio were at about their 1959 averages. INDEX, 1910-14*100 325 INDEX, 1910-14*100 325 275 225 200 RATIO -^ — -. PARITY RATIO *S*^~^ n,,mB^,M,nitn^ ^ 1 11It 11 1t II 1 1 1 1 ! 1954 1 I 1 1 t 1 1955 i i i i i Ii i 1 i i i i i i i tt i it | 1956 1957 1 1 1 ! ! f 1 ! 1 t I 1958 -^RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST,TAXES, AND WAGE RATES. SOURCE: DEPARTMENT OF AGRICULTURE. I 1 ! 1 f 1 1 1 11 I 1959 1 ! 1 t t II 1 t 1 1 I960 COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period 1950 1951 __. 1952 _. 1953— _. 1954 1955. 1956 1957 1958 1959 1959: April 15 Mav 15 June 15 .. Julv 15 August 15 September 15 October 15 November 15 December 15 1960: January 15 Februar}^ 1 5 March 15__ _ April 15 Mav 15 All farm products _ .. „ .. . ___ Crops 258 302 288 255 246 232 230 235 250 240 244 244 242 241 239 240 235 231 230 232 233 241 242 241 1 Percentage ratio o! index o» prices received by farmers to index of prices paid, interest, taxes, and wage rates. 233 265 267 240 242 231 235 225 223 221 223 228 229 226 220 220 218 217 218 220 218 222 225 228 Prices paid by farmers All items, interest, Livestock taxes Family Producand and living tion wage rates products items items (parity index) Index, 1910-14=100 280 256 24(3 246 282 268 336 273 306 287 274 271 277 269 268 256 249 277 270 255 234 276 270 251 226 278 274 250 244 282 286 257 273 293 264 287 256 298 289 266 262 298 287 269 298 258 287 268 253 288 298 267 253 298 289 266 255 297 288 266 257 297 288 265 250 296 264 290 243 297 291 264 240 297 291 264 242 299 290 265 245 299 289 266 300 257 289 267 257 302 291 268 252 301 291 267 Parityl ratio 101 107 100 92 89 84 83 82 85 81 82 82 81 81 80 81 70 78 77 7S 78 SO so so NOTE.—Indexes of prices received and parity ratio revised beginning J a n u a r y 1958. Bource: Department of Agriculture. on CURRENCY, CREDIT, AND SECURITY MARKETS CURRENCY AND DEPOSITS The total of demand deposits and currency fell more than seasonally in May. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 200 1954 1955 I 1956 i 1957 SOURCE. BOARD OF GOVERNORS OF THE F E D E R A L RESERVE SYSTEM. U. S. Total deposits Government and curderency posits l End of period 1953... 1954 _ 1955 1956 1957 1958 1959 1959: April May June July August September October November December 1960: January 4 4 February March 4 April44 May . . . 205.7 214. 8 221.0 226. 4 232. 3 247.5 252.4 245.4 245.0 245. 4 247. 6 247. 3 248. 5 248.2 247.7 252.4 247. 3 244. 9 244.2 247. 1 246. 2 4.8 5. 1 4.4 4.5 4,7 4. 9 5.8 5. 1 5.7 5.3 5. 6 6.6 7. 1 6.0 5. 1 5. 8 4. 4 5.3 5. 2 5.3 7.7 [Billions of dollars] Total excluding U. S. Government deposits Demand deposits and currency Time Total de- 2 Demand Currency posits Total deposits3 outside adjusted banks 200. 9 70.4 102. 5 28. 1 130. 5 75.3 27.9 209.7 134.4 106. 6 216. 6 78.4 28.3 138.2 109. 9 222.0 82.2 28.3 111. 4 139.7 227. 7 89. 1 110. 3 28. 3 138. 6 242. 6 28.7 98.3 144. 2 115. 5 246. 6 29. 4 101. 8 144.8 115.4 240.3 112. 5 99.9 27.9 140. 4 239. 3 110.7 100.4 138. 9 28. 1 240. 1 101. 0 110.7 139. 1 28.3 242. 0 100.9 112.7 28.4 141. 1 240.8 101. 2 139. 6 111. 1 28.5 241.4 101.5 139. 8 111. 4 28.5 242.2 101. 1 112. 7 28.3 141.1 242. 6 100. 3 142.2 113. 1 29. 1 246.6 101.8 115.4 29.4 144. 8 242. 9 101.0 114.0 27.9 141.9 239. 6 101.2 28.0 110.5 138. 4 239.0 102.2 136. 8 108. 8 28. 1 241. 7 102. 3 27. 9 111. 5 139. 5 238.5 102. 6 135. 9 107. 8 28. 1 1 U.S. Government deposits at Federal Reserve Banks and commercial and savings banks, and U.S. Treasurer's time deposits, open account. 3 Deposits in 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, 26 1960 COUNCIL OF ECONOMIC ADVISERS Demand deposits and currency, seasonally adjusted Demand Currency Total deposits outside adjusted banks 140.4 146.6 140.9 14L 2 140.9 140.8 140.4 140. 1 140.2 140. o 189. 1 189. 5 189. 4 187. 6 112. 2 112.4 112.6 112.9 112.6 112.4 112. 0 111.8 112.0 111. 7 110.8 111.1 111. 2 109.4 28. 2 28.2 28.8 &O & &o, O 28.8 28.4 28.4 28.8 28. 2 28.8 28.8 28.4 28. 2 28. 2 * 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 $0.6 billion in May compared to an increase of $1.2 billion in May 1959. Borrowings at Federal Reserve Banks about equaled excess reserves. BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS 150 150 BANK LOANS -V 100 m^^m INVESTMENTS IN U.S. GOVERNMENT SECURITIES 50 INVESTMENTS IN OTHER SECURITIES V I __ I 1954 1955 1956 1957 1958 1959 I 1960 END OF MONTH SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. End of period 1952 1953 1954 1955 1956 1957 _ 1958 1959.. 1959: ApriL. _ May June_ - July August September October November December 1960: January 4 4 February March 4 April44 . Mav Total loans and investments 141. 6 145. 7 155.9 160.9 165. 1 170. 1 185.2 190. 3 185.7 185.8 185. 9 187.7 188.2 187.8 188.4 188. 3 190.3 187.8 186. 5 185.7 188. 8 188.6 [Billions of dollars] All commercial banks Investments U. S. GovLoans Other Total ernment securities securities 14. 1 77.5 64. 2 63. 3 14.7 67. 6 78. 1 63. 4 69.0 70.6 85.3 16.3 61. 6 16.7 82.6 78.3 74. 8 90. 3 16.3 58. 6 17.9 76. 2 58. 2 93. 9 98.2 87.0 66. 4 20. 6 79.4 20. 5 110. 8 58. 9 84.5 101. 2 63. 6 20. 9 102. 4 62. 6 83.4 20.8 81.5 104.5 60.9 20. 6 61. 1 105. 9 81. 7 20.6 107.4 80.8 20.5 60.3 80. 0 59.2 107. 8 20. 7 80.2 108.2 59.6 20.6 20. 3 109. 5 78. 8 58. 5 79.4 58.9 20.5 110.8 109. 6 78. 2 5a 0 20.3 110. 3 76. 3 56. 2 20. 1 74.3 54. 2 111. 4 20. 1 113. 0 75. 9 20. 0 55. 8 74. 9 55. 1 113. 6 19.8 1 Member banks include, besides all national banks, those State bank? 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 1959. 3 Averages of daily figures on balances and borrowings during the period. 1 Preliminary estimates. COUNCil OF ECONOMIC "ADVISERS Weekly reporting memberl banks Business loans 2 2 23. 4 23. 4 22. 4 2 26. 7 30. 8 31. 8 2 31. 7 2 30. 5 31. 5 32.0 32.9 3 28. 6 29. 0 29. 5 29. 5 29. 9 30. 5 29.9 30. 2 31.0 30.9 31.2 All member banks * BorrowReserve balances 3 ings at Federal Required Excess Reserve3 Banks 0.7 19. 6 0.8 .7 19.3 .8 .8 18. 5 .1 .0 18.3 .6 .6 18.4 .8 .5 18. 5 .8 .6 18. 1 .3 18. 2 .4 .8 .4 18. 2 .7 .4 18. 1 .8 . I 18. 0 .9 .4 18.3 1.0 18. 1 .5 1.0 .4 18. 2 .9 18.2 .4 .9 .4 18. 2 .9 18. 5 .5 .9 18. 3 .5 .9 17. 8 .5 .8 17. 6 .4 .6 17. 7 .4 .6 17. 8 .5 .5 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 $1 billion in April, somewhat more than in April 1959. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60 TOTAL CREDIT OUTSTANDING fill \ , , . ,, 1 1958 1 11 11 1t 1954 1955 1956 1957 !,,,,,! 1 1959 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. End of period Total consumer credit outstanding 1950 1951 1952 1953 1954 1955 . 1956 1957 1958 _ 1959 1959: March April Mav t J June July August. _ _ September. October November.. December. 1960: January.. February. March April 21, 471 22, 712 27, 520 31, 393 32, 464 38, 882 42,511 45, 286 45, 586 52, 046 44,925 45, 708 46, 603 47, 522 48, 047 48, 841 49, 350 49, 872 50, 379 52, 046 51, 356 51, 021 51, 162 52, 169 Total 14, 703 15, 294 19, 403 23, 005 23, 568 28, 958 31, 897 34, 183 34, 080 39, 482 34, 234 34, 762 35, 357 36, 135 36, 757 37, 510 37, 962 38, 421 38, 723 39, 482 39, 358 39, 408 39, 648 40, 265 6,074 5,972 7,733 9,835 9,809 13, 472 14, 459 15, 409 14, 237 16, 590 14, 494 14, 810 15, 128 15, 566 15, 923 16, 288 16, 470 16, 659 16, 669 16, 590 16, 568 16, 677 16, 876 17, 218 Non instalment credit outstanding Other Repair and consumer moderni- Personal zation goods loans paper l loans 2 4,799 4,880 6, 174 6,779 6,751 7,634 8,580 8,782 8,923 10, 243 8,691 8,755 8,887 9,040 9, 134 9,289 9,390 9, 534 9, 687 10, 243 10, 129 9,997 9, 940 10, 022 'Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased. ' Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper." 28 [ COUNCIL 'pe ECONOMIC ADVISER.S, [Millions of dollars] Instalment credit outstanding Automobilel paper 1 , .... 1 ,...,( 1 I960 1,016 1,085 1,385 1,610 1,616 1, 689 1,895 2, 089 2, 350 2,704 2,338 2,364 2, 419 2, 467 2,517 2,569 2,613 2,653 2,683 2,704 2, 691 2,695 2,706 2,736 2, 814 3,357 4, 111 4,781 5,392 6, 163 6,963 7,903 8, 570 9, 945 8, 711 8,833 8,923 9,062 9, 183 9,364 9, 489 9,575 9,684 9, 945 9,970 10, 039 10, 326 10, 289 Total 6,768 7, 418 8, 117 8,388 8,896 9,924 10, 614 11, 103 11,506 12, 564 10, 691 10, 946 11, 246 11,387 11, 290 11,331 11,388 11, 451 11,656 12, 564 11,998 11,613 11,514 11,904 Charge accounts 3,367 3,700 4, 130 4,274 4,485 4,795 4,995 5,146 5,060 5,351 4,004 4, 160 4,359 4,446 4,407 4,365 4,390 4,525 4,614 5,351 4,816 4,305 4, 118 4, 451 InstalInstalment ment credit excredit 3 3 tended repaid 21, 558 23, 576 29, 514 31, 558 31, 051 39, 039 40, 175 42, 545 40, 818 48, 476 3,830 4,073 4,092 4,454 4,315 4, 193 4,061 4, 185 3,928 4,686 3,534 3,723 4,201 4,457 3 Credit extended or repaid during the period. Source: Board of Governors of the Federal Eeserve System. 18, 445 22, 985 25, 405 27, 956 30, 488 33, 649 37, 236 40, 259 40, 921 43, 239 3,621 3,545 3,497 3, 676 3,693 3,578 3,609 3,726 3,626 3,927 3,658 3,673 3, 961 3,840 BOND YIELDS AND INTEREST RATES The rate on 3-month Treasury bil|s avera3ed somewhat higher in May than in April. Yields on U.S. Government and corporate bonds were about the same as a month earlier. Interest rates and bond yields dropped in early June. PERCENT PER ANNUM PERCENT PER ANNUM I960 1954 COUNCIl OF ECONOMIC ADVISERS SOURCES: SEE TABLE BELOW. Period 1953 1954 1955 1956 1957 _ 1958 1959 1959: May June-- -. _ _ _ _. _ July August September October November December 1960: January .. . February March April May Week ended: 1960: May 7_ 14 21 .. 28 June 4 11 18 ._ ... . (Percent per annuml U. 8. Government High-grade security yields municipal bonds 3-month Taxable 2 (Standard3 & Treasury bonds bills •» Poor's) 2. 94 1.931 2.72 .953 2. 55 2.37 1.753 2.84 2.53 2. 658 3. 08 2. 93 3. 267 3.47 3. 60 1. 839 3. 43 3. 56 3. 405 4.08 3.95 4.08 2. 851 3. 97 3. 247 4, 09 4. 04 3. 243 4. 11 4.04 4. 10 3.358 3. 96 3. 998 4. 26 4 13 4. 117 4. 11 3. 99 4. 12 4. 209 3. 94 4. 572 4 27 405 4.37 4. 436 4 13 3.954 4. 22 3.97 3.439 4.08 3.87 3.244 4 18 3. 84 3. 392 4. 16 3.85 3.003 3.274 3. 793 3. 497 3. 184 2. 716 2. 292 * Bate on new issues within period. a Series includes: April 1953 to date, bonds due or callable 10 years and after; April 1952-Marcb 1953, bonds due or callable after 12 years; October 1941-Marcb 1952, bonds due or callable after 15 years. 4. 17 4. 13 4. 18 4. 16 4. 07 4.00 3.87 3. 81 3.85 3.85 3.85 3.81 Corporate bonds ( Moody 's) 3.20 2. 90 3.06 3.36 3. 89 3.79 438 4 37 4 46 4 47 4 43 4 52 457 4 56 4 58 4 61 4 56 4 49 445 446 3.74 3. 51 3.53 3.88 471 473 5.05 4 96 5. 04 5.08 5.09 5. 18 5.28 5.26 5.28 5. 34 5.34 5.25 5. 20 5.28 Prime commercial paper, 4—o months 2.52 1. 58 2.18 3.31 3.81 2.46 3. 97 3.56 3. 83 3.98 3.97 4 63 473 4 67 488 4 91 4 66 449 4 16 425 446 4 45 4 46 4 47 4 48 4 44 5.27 5.28 5.28 5.28 5.27 5.24 425 425 4.25 425 4 19 403 Aaa Baa 3 Weekly data are Wednesday figures. Sources: Treasury Department and Board of Governors of the Federal Reserve System (except as noted). 29 STOCK PRICES Stock prices increased somewhat during most of May, although the average for the month was below that for April. Price increases continued in early June. INDEX, 1939 * 100 600 INDEX, 1939= 100 600 400 200 -* 1954 i960 SOURCE: SECURITIES AND EXCHANGE COMMISSION. Compositel index Perod Weeklv average: 1951 1952.. 1953 1954 1955 1956_ 1957 1958 1959 1959: May June _ July August September October November December ...» 1960: January February March. _ _ _. April . May . Week ended: 1960: May 6 13 20 27 June 3 10 __.__. .COUNCIL OF ECONOMIC ADVISERS 11939 = 1001 Manufacturing TransDurable Nondura- portation Total goods ble goods Trade, Mining finance, and service 184. 9 195. 0 193. 3 229. 8 304. 6 345. 0 331. 4 340. 9 420. 2 425. 3 419. 0 434. 3 433.9 417.2 416. 4 416. 6 429. 2 419.0 405.0 396. 1 398. 5 394. 4 206. 8 220. 2 220. 1 271. 3 374. 4 438. 6 422. 1 426. 4 521. 7 527.3 520.9 542. 6 542. 5 520.3 517. 2 519. 0 538. 3 518.2 494. 0 478. 2 478. 2 471. 6 178. 5 188. 8 192.6 245.2 352. 4 409. 8 391. 2 385. 3 495. 2 495.0 495. 8 521. 8 516. 1 499.8 498.4 496. 4 517. 5 499. 1 474. 4 458.2 459.7 455. 6 233. 1 249. 3 245. 2 295. 2 394. 4 465. 1 450. 6 458. 0 535. 9 546. 8 533. 9 551. 2 556. 3 529.0 524. 4 529. 6 547. 1 525. 8 502. 5 487.4 485. 8 477.2 199.0 220. 6 218. 7 232.6 320.0 327. 1 275. 4 270.2 347.0 357.7 357. 1 364.3 349.4 333.0 338.8 322. 3 327.8 323.0 311.9 295.0 291.7 289.8 112.6 117. 9 121. 5 135. 8 152.9 155. 8 156.0 173.3 216. 2 221. 3 212. 8 217.8 219.0 211. 2 213.4 211. 3 213.0 219.4 223.7 226.4 232.6 232. 0 207.9 206.0 207. 1 235.6 296. 9 306. 3 277.4 314.5 408.9 417. 5 429.4 425.4 424.5 428. 4 434.2 440.5 434.0 419.9 424.6 433.2 437.0 204. 9 275. 7 240. 5 267. 0 312.9 357. 5 342. 3 313. :8 321.8 334.0 325. 6 321. 4 324.4 305.4 291. 9 285.4 296. 7 291. 6 278.6 268.2 260. 7 250. 0 391. 2 393.6 398. 1 394. 8 398. 5 411.3 467.5 471. 0 477. 4 470. 6 473. 8 492. 4 448.9 456. 7 461. 9 455. 1 461. 3 477. 3 475. 5 475. 0 482. 5 475.8 476.2 496. 9 289. 5 286.2 294. 2 289.1 284. 0 298.5 230. 8 231.6 231. 8 233.9 238.7 240. 4 430.0 436.0 438.3 443. 5 449.8 462.6 247. 9 243. 5 260.0 248.4 249. 6 252. 2 1 Includes 205 common stocks: 98 for durable goods manufacturing, 72 for nondurable poods 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. 4iao FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES For the first 11 months of the current fiscal year, there was a budget deficit of $3.1 billion. year, the deficit amounted to $14.0 billion. BILLIONS OF DOLLARS For the same period last BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES 75 - 1957 1955 MAJOR NATIONAL SECURITY 1957 1955 1959 I960 BUDGET SURPLUS (+) OR DEFICIT (-) (ENLARGED SCALE) I960 1958 1955 FISCAL YEARS * ESTIMATE Period Fiscal year 1955 Fiscal year 1956 Fiscal year 1957 . _ . „ . _ . Fiscal year 1958 Fiscal year 19593 Fiscal year I960 > . Fiscal year 1961 3 1959: April May June July 4 4 _ ._ August ..4 September __ October 4 _ 4 November 4 December I960' January 4 4 February March4 4 April 4 May _ _ Cumulative totals for first 11 months: 4 Fiscal year 1959 Fiscal year 1960 _ .. [Billions of dollars] Net budget expenditures Net Major national security * budget Department receipts Total of Defense Total military functions 60.4 64.6 40. 6 35.5 ea 2 66. 5 40. 6 35. 8 71.0 69. 4 43.3 38.4 69. 1 71. 9 44 1 39. 1 68. 3 80.7 46. 4 41. 2 78.6 78.4 45.6 40. 9 84.0 79.8 45.6 41.0 4.3 6.4 3.9 a5 5.4 6. 2 3.6 3. 2 10.2 8. 6 45 40 3. 2 3.8 6.6 3.4 5.7 3.7 6.3 3.4 3.8 8. 5 6.4 3.4 3.0 6.9 3.9 3. 6 3.7 5.9 6. 6 3. 3 4.2 7.6 6.8 3.9 4. 9 6. 2 3.5 3. 1 3.7 7.3 6.2 3.4 9.6 40 6.4 3. 6 6. 0 3.7 5. 1 3.3 6. 6 3.7 6. 1 3.3 58. 1 67. 3 1 Includes military functions of Department of Defense, military assistance portion of the mutual security program, Atomic Energy Commission, stockpiling, and defense production expansion. »Includes guaranteed securities, except those held by the Treasury. Not all Of total shown is subject to statutory debt limitation. 1958 72. 1 70. 4 41. 9 41.6 37.3 37.7 Budget surplus or deficit (-) Public debt (end of2 period) -4.2 1. 6 1. 6 -2. 8 — 12. 4 .2 4.2 -2.2 -.7 1. 5 -3. 3 — .6 2. 1 -3.8 -.7 .7 — 1. 3 1. 1 3.2 -1. 0 .5 274 4 272.8 270.6 276.4 284 8 284 6 280. 1 285.5 286.4 2848 288. 8 290.5 288.4 291.4 290.7 290. 9 291. 2 290. 7 287.0 288. 9 289.5 14.0 -3. 1 286.4 289. 5 3 4 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 EXCESS OF CASH RECEIPTS (ENLARGED SCALE) EXCESS OF CASH PAYMENTS 1957 I 1958 CALENDAR YEARS -1/ PRELIMINARY ESTIMATES. 1959 -^ 1960^ 1959 SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. (Millions of dollars] Cash receipts from the public Period Fiscal vear total: 1956... __1957___ 1958. _ 1959... I960 1 1961 i Calendar year total: 1956 1957 1958. _ 19592 Quarterly total, not adjusted for seasonal variation: 1958: Third quarter .. Fourth quarter 1959: First quarter.. Second quarter Third quarter 2 2 Fourth quarter 1960: _ . .. _ . . _ . -._ __ ._ _ . First quarter 2 1 . __ __ Cash payments to the public Excess of receipts or payments ( — ) 77, 087 82, 106 81, 892 81, 660 94, 796 102, 178 72,616 80, 007 83, 412 94, 804 95, 338 96, 257 4,471 2,099 - 1, 520 -13, 144 -542 5, 921 80, 332 84, 520 81. 729 87, 580 74, 806 83. 326 89. 015 95, 608 5,526 1, 194 -7, 286 -8,028 18, 274 16, 618 23, 789 23, 750 -5,515 -7, 132 22, 24. 21, 19, 22, 24, 24, 23, 734 530 378 917 — 106 — 389 -3,014 -4,497 21, 798 3,824 628 141 364 420 25, 622 2 Kst.imute:. Preliminary. Sources: Burcnn of the Bud.sret and Treasury Department. 32 For sale by the Superintendent of Documents. U.S. Government Printing Office, Washington 25, B.C. Price 20 cents per copy ; $2.00 per year ; $2.75 foreign. U.S. G O V E R N M E N T P R I N T I N G O F F I C E : I960