New Construction

Name: New Construction
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

PREVIOUS | NEXT

In order to view this PDF, you must have Javascript enabled in your browser.
The following is plain-text output generated by Optical Character Recognition. 87th Congress 2nd Session APR PUUUC UbRARY Economic Indicators MARCH 1962 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong WRIGHT PATMAN Texas Chairman PAUL H DOUGLAS Illinois Vice Chairman SENATE HOUSE OF REPRESENTATIVES JOHN SPARKMAN Alabama RICHARD BOILING Missouri J WILLIAM FULBRIGHT Arkansas HALE BOGGS Louisiana WILLIAM PROXMIRE Wisconsin HENRY S REUSS Wisconsin CLAIBORNE PELL Rhode Island MARTHA W GRIFFITHS Michigan 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 WM SUMMERS JOHNSON Executive Director JOHN W LEHMAN Deputy Executive Director JOHN R STARK Clerk COUNCIL OF ECONOMIC ADVISERS WALTER W HELLER Chairman KERMIT GORDON JAMES TOBIN PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 20 cents a single copy or by subscription at 2 00 per year foreign 2 75 from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 25 D C Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions The domestic airmail subscription price is 4 60 per year The i960 Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is now available at 60 cents a copy 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 Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Pa e s iv EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Average Hourly and 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 Trade Sales and Inventories Manufacturers Sales Inventories and New Orders Merchandise Exports and Imports U S Balance of Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Bank Loans Investments Debits and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public NOTE Detail in these tables will not necessarily add to totals because of rounding Data for Alaska and Hawaii are not included unless specifically noted Unless otherwise stated all dollar figures are in current prices Ill TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product rose 16 billion seasonally adjusted annual rate or 3 percent from the third to the fourth quarter of 1961 The level of GNP for the year 1961 was 17 billion higher than for 1960 Billions of dollars quarterly data at seasonally adjusted annual rates Period Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter Personal Disposable consumption personal expenditures International Business Persons Personal Gross Excess saving Gross of private or retained domestic investearndisinvestment ings 2 saving ment Foreign Net exports of goods Excess of and services net transfers trans or of net fers by ImExGovern Net exports ment exports ports ports Government Net receipts Period I GO Third quarter Fourth quarter 19 l First quarter Second quarterThird quarter Fourth quarter Expenditures Surplus or deficit Tax and TransPurTrans on fers Total nontax chases income fers Net goods expendi interest and receipts receipts interest of and and subtures and sub product or accruals sidies services account sidies income p 3 less personal taxes and nontax payments fines penal I n i l l N t r i h u t e d corporate profits corporate inventory valuation adjustment n i inl consumption allowances and excess olwage accruals over disbursements rt lorc i n Investment with sign changed IV Gross Total Statis national income tical product or discrepor receipts ancy expenditure Government transfer payments to persons foreign net transfers by Government net interest paid by government and subsidies less current surplus of government enterprises Not available NOTE Data for Alaska and Hawaii Included beginning 1960 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Consumer expenditures contributed 7 2 billion seasonally adjusted annual rate to the 16 billion increase in gross national product in the fourth quarter and government purchases added 4 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMtC ADVISERS Billions of dollars Total Personal Gross Net Total congross private national gross sump domestic exports of goods product national tion and in 1961 product expend invest services ment itures prices Period S Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter SS8 3 see s S Implicit price deflator for total GNP Seasonally adjusted annual rates X H i Less Government sales These expenditures correspond closely with budget expenditures for national defense shcnvr on p 31 3 Gross national product in current prices divided by gross national product in 1961 prices Government purchases of goods and services Federal State Total Total National Other and 2 defense local NOTE Data for Alaska and Hawaii include hei innin Source Department of Commerce HI Kill S 1 NATIONAL INCOME Compensation of employees rose 6 5 billion seasonally adjusted annual rate in the fourth quarter of 1961 other forms of noncorporate income except rental also rose in the fourth quarter BILLIONS OF DOLLARS All BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL SATES TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES V IOO CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME J955 I960 SOURCE DEPARTMENT OF COMMERCE 1961 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Total national income Compensation of em ployees Proprietors income Farm Business and professional Rental income of persons Corporate profits and inventory valuation adjustment Net interest Total Profits Inventory before valuation taxes adjustment g o 1 Seasonally adjusted annual rates 1 060 Third quarter Fourth quarter First quarter Kccond quarter Third quarter Fourth quarter Includes employer contributions for social insurance Not livnHnbk 1 See also p 3 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income rose 2 7 billion seasonally adjusted annual rate in February to a new record level of 432 8 billion or 1 billion more than the previous high in December 1961 BILLIONS OF DOLLARS BILLIONS OF DOLLARS BUSINESS PROFESSIONAL AND RENTAL INCOME SOURCE DEPARTMENT OF COMMERCE Period Total personal income I January February March April May June July August SeptemberOctober November December 1962 January 4 February Billions of dollars Labor income Proprietors income wage and Rental Divisalary disBusiness income dends of bursements Farm and pro persons and other fessional labor income Seasonally adjusted annual Compensation of employees see p 2 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 3 Includes stepped up payment of National Service Life Insurance dividends 1962 COUNCIL OF ECONOMIC ADVISERS Less PerPersonal Transfer sonal contributions interest payincome ments for social insurance rates of 150 million 1 8 billion at annual rate in March and billion at annual rate in July 4 Preliminary NOTE Data for Alaska and Hawaii included bc iiniin li Source Department of Commerce N onagricultural personal income I 3 million DISPOSITION OF PERSONAL INCOME Bolstered by an increase in outlays on durable goods of 3 2 billion seasonally adjusted annual rate personal consumption expenditures kept pace with the rise in disposable income during the fourth quarter of 1961 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 350 eso 200UL I 1 I L I I I I I l l A U 200 DOLLARS DOLLARS PER CAPITA DISPOSABLE PERSONAL INCOME IN 1961 PRICES lt i l iu l u m o IN CURRENT PRIt ES AA Y SEASONALLY i i i i 1 i i 1959 I I I ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS COW SOURCE DEPARTMENT OF COMMERCE Period Disposable personal income Per capita disposable personal Saving as percent Populaincome of disPersonal tion posable saving thouNonDurable durable Services Current 1961 2 personal sands 3 goods prices prices income goods percent Billions of dollars Dollars Seasonally adjusted annual rates Personal consumption expenditures Total I Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter Personal income p 3 less personal taxes and nontax payments fines penaltics etc Income in current prices divided by the implicit price deflator for personal consumption expenditures on a 1961 base J Population of the United States including armed forces abroad Annual dutii us of J u l y 1 quarterly data centered in the middle of the period interpolated from m o n t h l y figures NOTE Data for Alaska and Hawaii included beginning 1960 Sources Department of Commerce and Council of Economic Advisers FARM INCOME Realized gross farm income rose more rapidly than production expenses during the fourth quarter of 1961 income rose to the highest level since 1958 Net farm BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 40 REALIZED GROSS FARM INCOME NET FARM INCOME INCLUDING NET INVENTORY CHANGE INCOME OF FARM OPERATORS FROM FARMING SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Income received by total farm population Income received by farm operators from farming P ealized gross Period From all sources I960 From From agricul nonagricultural tural sources sources e e Net income per farm including net inventory change 4 Net ProducCash tion ex Exclud Includreceipts penses ing in ing net in Current 1961 from Total 2 ventory ventory prices prices 5 3 marketchange change ings Billions of dollars Dollars Seasonally adjusted annual rates 1960 Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth Quarter Net income of farm operators from farming including net inventory change and wages received by farm resident workers Cash receipts from marketings Government payments and nonmoney income furnished by farms 3 Inventory of crops and livestock valued at the average price for the year 4 Series revised beginning 1952 on the basis of 1959 Census of Agriculture definition of a farm The number of farms is held constant within a year s Income in current prices divided by the index of prices paid by farmers for family iivine items on a 19C1 base 6 Not yet available Source Department of Agriculture CORPORATE PROFITS Corporate profits before taxes are estimated to have risen 2 0 billion seasonally adjusted annual rate in the third quarter of 1961 to 47 2 billion This brings the total rise from the first quarter of 1961 to the third quarter to 7 6 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS I EXCLUDING INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period i 057 05X T h i r d quarter l ourUi quarter h ir st quarter Second quarter Third quarter K n u r l h quarter Corporate profits before taxes and inventory valuation adjustment TransManufacturing portation All All NoncomDurable durable other indusmuni indusgoods tries Total goods cations tries indusindusand tries tries public utilities S C p fur I n v e n t o r y valuation adjustment Corporate profits after taxes Corpo Corpo profits before taxes tax liability Total Dividend payments Undistributed profits V iTl NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT A rise of 2 billion seasonally adjusted annual rate in expenditures for producers durable equipment and smaller gains in inventories and homebuilding accounted for a rise of 3 2 billion in private investment in the fourth quarter of 1961 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT 60 NEW CONSTRUCTION PRODUCERS DURABLE EQUIPMENT CHANGE IN BUSINESS INVENTORIES I95T 1958 I SOURCE DEPARTMENT OF COMMERCE 1961 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total gross private domestic investment Period Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter New construction Total Producers durable Residen2 equipTotal tial Other ment nonfarm Seasonally adjusted annual rates Revisions in series on new construction shown on p 17 have not yet been incorporated into these series Change in business inventories Fixed investment Total Nonfarm X NOTE Data for Alaska and Hawaii included beginning 19GO EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the January February survey business firms are planning to spend 37 2 billion on new plant and equipment in 1962 about 8 percent more than in 1961 Quarterly increases of 11 2 to 2 percent seasonally adjusted are anticipated for the first and second quarters of 1962 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1961 SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE 1962 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Manufacturing Period Total i Total s Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth Quarter 1962 First quarter 3 3 Second quarter Durable goods Railroads Other Public utilities a Q2L L 40 J 2A T Seasonally adjusted annual rates fjQ 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 1962 Includes adjustments when necessary for systematic tendencies in anticipatory data 8 Nondurable goods Transportation Mining Commercial and other NOTE Beginning 1959 all quarterly data are 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 Seasonally adjusted civilian employment rose by 616 000 and the unemployment rate declined to 5 6 percent in February Before seasonal adjustment civilian employment rose by 731 000 in February MILLIONS OF PERSONS MILLIONS OF PERSONS PERCENT OF CIVILIAN LABOR FORCE UNEMPLOYMENT RATE SEASONALLY ADJUSTED PERCENT r i LABOR FORCE T 1 T FT YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period CIVILIAN T i OF 1962 COUNCIL OF ECONOMIC ADVISERS Civilian emCivilian employment ployment Unem Civilian NonNonAgrilabor ployagriagriculTotal ment force Total culcultural tural tural Thousands of persons 14 years of age and over Unadjusted Seasonally adjusted Total labor Civilian force includ labor ing force armed forces Unemployment rate percent of Unem civilian labor force ployment SeasonUnad ally adjusted justed Percent I February March April May June July August SeptemberOctober NovemberDecember January February Seasonally adjusted totals may differ from sum of components because totals and components have been seasonally adjusted separately NOTE For definitions and coverage see Employment and Earnings Department of Labor Beginning January I860 data Include Alaska and Hawaii Source Department of Labor UNEMPLOYMENT INSURANCE PROGRAMS Insured unemployment averaged 2 9 million in February or about 700 000 less than in February 1961 MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS s A JULY SEPT SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS iState programs All programs Period I WiO 1961 J9 il January February March April May June July August September tober nvember 1 comber 1 I M l mii try I Vhniiiry I Mi J IVbmary Covered employment Insured unemployment weekly average Thousands Total benefits paid millions of dollars M in li t i S i n i r programs for temporary extension of 4 Not charted 10 benefits Insured unemployment Initial claims Insured unemployment as perExhaus cent of covered employment tions Unad iSeasonjusted ally adjusted Weekly average thousands Percent Benefits paid Total millions of dollars S Average weekly check dollars I i c For definitions and coverage see Supplement to Economic Indicators Data lor Alaska and Hawaii included for all periods Source Department of Labor NONAGRICULTURAL EMPLOYMENT In February nonfarm payroll employment seasonally adjusted was 54 7 million up 269 000 from January MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS MANUFACTURING s DURABLE GOODS INDUSTRIES NONDURABLEr GOODS INDUSTRIES 6 l I9S9 CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE ENLARGED SCALE ENLARGED SCALE 10 5 Uj i i i I960 SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers Manufacturing private Period January February MarchApril May June July August September October November December 1962 January 3 3 February Total unadjusted Total Total Durable goods Government Contract Transporta Wholesale Federal Nondura Total 2 construc tion and pub and retail State ble goods trade lic utilities tion local Seasonally adjusted 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 9 which include proprietors self employed persons and domestic servants which count person as employed when they are not at work because of industrial disputes and which are based on an enu Nonmanufacturing private meration of population whereas the estimates in this table are based on reports from employiiitr establishments 2 Includes rnininr finance insurance and rea estate and service and miscellaneous not shown separately 3 Preliminary Source Department of Labor 11 WEEKLY HOURS OF WORK The average workweek of production workers in manufacturing was 40 3 hours seasonally adjusted or 0 5 above the January workweek hours HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED 46 DURABLE MANUFACTURING 46 NONDURABLE MANUFACTURING I RETAIL TRADE CONTRACT CONSTRUCTION Tj i I I960 1 SOURCE DEPARTMENT OF LABOR 1962 COUNCIL OF ECONOMIC ADVfSERS Average hours per week 1 Manufacturing industries Period All Durable goods Nondurable goods Contract construction Retail trade Hours per week Persons at work in nonagricultural industries by hours worked per week 2 Under 35 hours Part time for 35 40 economic reasons Over 40 hours hours Total Usually Usually partfulltime 3 time 4 Millions of persons 14 years of age and over Seasonally adjusted 1961 January February March April May June July August September October November December 1962 J a n u a r y 5 February s i Dfltn relate to production workers or nonsupervisory employees DHTers from total normgrfcultura employment p 9 winch includes persons with Jobs but not nt work for such reasons as vacation illness bad weather and industrial disputes Beginning January I960 data include Alaska and Hawaii 12 Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated Primarily includes persons who could find only part time work Preliminary 6 Not available f Average hours worked usually full time 23 2 usually part time 18 3 Source Department of Labor AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were 2 38 in February down fractionally from January Average weekly earnings however rose slightly to 95 20 in February reflecting a rise in the workweek DOLLARS DOLLARS I I SOURCE DEPARTMENT OF LABOR I 1962 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average hourly earnings current prices Manufacturing industries Contract Retail conNontrade Durable durable strucAll goods tion eoods Period Average weekly earnings current prices Manufacturing industries Contract Retail conNonstructrade Durable durable All tion goods goods SI T a 1961 January 2 29 February 2 29 March 2 29 April May 2 32 June July August 2 31 September 2 33 October 2 34 November December 1962 January February 2 38 mr 1 1 Earnings in current Preliminary S JL42 L 52 T prices divided by the consumer price index on a 1961 base Not available P Average weekly earnings all manufacturing industries 196 1 prices I H 3 NOTE Beginning with 1959 lulu i n c l r n l c Alaska ami H a w a i i Source Department of Labor 13 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index seasonally adjusted increased 1 percent in February thus recovering practically all of the January drop INDEX SEASONALLY ADJUSTED MO INDEX I957 IOO SEASONALLY ADJUSTED 150 TOTAL UTILITIES AND MINING I9S9 I I COUNCH OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Period l January February March April May June July August September October November December 1902 January February l r Hinlnary 14 Industry Total industrial production Total Market Manufacturing Final products Durable Nondurable Mining Utilities Total Consumer goods S Equipment Source Board of Governors of the Federal Reserve System Materials PRODUCTION OF SELECTED MANUFACTURES Output of most manufactures seasonally adjusted increased in February mary metals group mostly iron and steel was the largest An increase of about 3 percent in the pri INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED CHEMICALS PETROLEUM AND RUBBER 1959 SOURCE I ifS iiit a Z GES AND TOBAC 0 i i t i1 i i iii I COUNCIL OF ECONOMIC ADVISERS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Durable manufactures Period I January April Mav June July Septero ber October November December 1962 January February 1 2 Preliminary Not available Nondurable manufactures FabriTranspor Lumber Textiles Paper Chemicals Foods Machin tation beverPrimary cated and petroand apparel metals metal ery equipprodand print leum and ages and rubber tobacco products ment ucts leather ing Hi Source Board of Governors oi the Federal Ke icrvr Hyhtcin 15 WEEKLY INDICATORS OF PRODUCTION Steel and paperboard production and freight carloadings increased in February declined slightly MILLIONS OF SHORT TONS MILLIONS OF TONS Auto and truck assemblies again DAILY AVERAGE SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON E L E C T R I C INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weeklv average January February March ApriL May June July August September October November December 1962 January 2 February Week ended 1962 February March Daily average 3 rrctimimirv Not charted 16 lilectrie Bituminous Freight Paperboard Cars and trucks Steel produced power coal mined loaded produced distributed thousands thousands thousands assembled thousands Index Thousands of net millions of of short Total Cars Trucks of cars of tons 100 tons kilowatt hours tons Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paperboard Association and Ward s Automotive Reports NEW CONSTRUCTION In February outlays for new construction fell about 1 billion seasonally adjusted annual rate struction accounted for the drop BILLIONS OF DOLLARS Residential con BILLIONS OF DOLLARS TOTAL NEW CONSTRUCTION SEE NOTE 3 IN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCn OF ECONOMIC ADVISERS Private Period new series Total new construction expenditures Total Residential Commercial and nonfarm industrial Billions of dollars Other Construction contracts CommerFederal Total value cial and industrial State and 48 States floor space index local millions 100 of square feet Seasonally adjusted Seasonally adjusted annual rates 1961 January February March April May June July August September October November December 1962 January February Compiled by F W Dodge Corporation Relates to 48 States beginning 1956 and to 37 Eastern States prior to 1956 1 In addition to major differences between old and new series data for Alaska and Hawaii are included beginning January 1959 Seasonally adjusted annual rates Preliminary NOTE Total value index has been converted to the base Sources Department of Commerce and F W Dodge Corporation HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts decreased in February to an annual rate of units seasonally adjusted MILLIONS OF UNITS ANNUAL R A T E MILLIONS OF UNITS ANNUAL R A T E S E A S O N A L L Y ADJUSTED PRIVATE NONFARM HOUSING STARTS G S 7 A K 1 S v NEW SERIES V V J OLD SERIES V 0 I I i i I i I i I i i I I I i I962 SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION F H A AND V E T E R A N S ADMINISTRATION VA COUNCIL OF ECONOMIC ADVISERS Thousands of units Total housing starts farm and nonfarm Period Nonfarrn housing starts Total private and public Total private and public January February March April Mav June Julv Anirust September Iclobcr November 1 VccmlnT 4 J i Hil In mi irv l V I n i i v v Private Old New series 3 Private housing starts seasonally adjusted annual rates Private Total Government farm and Nonfarm programs Total nonfarm FHA VA series New series S J S S Proposed home construction Applications for FHA commitments Requests for VA appraisals Preliminary Sources Department of Commerce Federal Housing Administration FHA and Veterans Administration VA 18 TRADE SALES AND INVENTORIES Trade sales seasonally adjusted rose in January at both wholesale and retail levels Inventories were unchansed According to preliminary estimates retail sales in February seasonally adjusted were 18 9 billion the same as in January BILLIONS OF DOLLARS BILLIONS OF DOLLARS 14 WHOLESALE TRADE RETAIL TRADE DURABLE GOODS STORES INVENTORIES INVENTORIES J INDEX I947 49 IOO NONDURABLE GOODS STORES INVENTORIES 160 I959 I960 I I962 I96I I960 I SEASONALLY ADJUSTED SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Wholesale Sales Period Sales Inventories Total 13 Department stores Inventories 2 Total NonDurable durable goods goods stores stores Billions of dollars seasonally adjusted December 1961 January FebruaryMarch April May June July August September October November December January 0 February J IS S Monthly average ior year and total for inon i Book value end of period seasonally adjuster s Beginning January 1900 data include Alaska and Hawaii End of period except annual data winch arc montnly averages s Based on retail value 4 S COUNCIL OF ECONOMIC ADVISERS Retail NonDurable durable goods goods stores stores Sales Inventories Index seasonally adjusted J c Preliminary Not charted Sources Department of Commerce and Board of Governors of the r r l Reserve System i r MANUFACTURERS SALES INVENTORIES AND NEW ORDERS Manufacturers sales seasonally adjusted declined by 2 percent in January Inventories and total new orders rose Preliminary data indicate that new orders for durable goods declined in February BILLIONS OF DOLLARS BILLIONS OF DOLLARS MANUFACTURERS INVENTORIES 60 20 MANUFACTURERS NEW ORDERS NONDURABLE GOODS NONDURABLE GOODS DURABLE GOODS 20 1 ii i ii SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted J Manufacturers sales l Period Total I960 s December 1961 January February March April May June JulyAugust September October November 3 1 pccrnber MM Januiirv NonDurable durable goods goods M o n t h l y rm rnpo for yenr and total for month Hoi vnliH end of period seasonally adjusted 20 Manufacturers inventories Total NonDurable durable goods goods Manufacturers new orders Total Preliminary Source Department of Commerce Durable goods NonMachinery durable and goods Total equipment Not charted MERCHANDISE EXPORTS AND IMPORTS In January exports seasonally adjusted fell and imports rose slightly lowering the trade surplus from 423 million to 340 million BILLIONS OF DOLLARS 2 5 BILLIONS OF DOLLARS 2 5 SEASONALLY ADJUSTED 2 0 MERCHANDISE EXPORTS EXCLUDING MUTUAL SECURITY PROGRAM SHIPMENTS SOURCES DEPARTMENT OF COMMERCE A N D DEPARTMENT OF DEFENSE Period Monthly average December January February March April May June July August September October November December 1962 January Unadjusted Total exports less Department of Defense shipments ol grant aid military supplies and equipment under the Mutual Security Program a Imports for immediate consumption plus entries into bonded warehouses COUNCIl OF ECONOMIC ADVISERS i Millions of dollars Merchandise exports excluding Merchandise imports Mutual Security Program shipments General 2imTotal includImports for consumption 3 Domestic exports ports ing reexports 1 Indus Finished Indus Finished manuSeason Unad Total i Food trial manu Season Unad Total Food trial facally ad justed stuffs matefac l ally ad justed stuffs matejusted tures justed rials rials tures S S96 1 3 SO Unadjusted Imports for immediate consumption plus withdrawals for consumption front bonded warehouses Preliminary Sources Department of Commerce and Department of Defense ul U S BALANCE OF PAYMENTS Despite a substantial increase in net exports of goods and services in the fourth quarter the over all deficit as measured by U S gold sales and increases in foreign dollar assets rose 2 4 billion seasonally adjusted annual rate Subscriptions to international organizations were an important factor in the increase BILLIONS OF DOLLARS BILLIONS OF DOLLARS U S PAYMENTS U S PAYMENTS U S RECEIPTS IMPORTS OF GOODS AND SERVICES OL L U S RECEIPTS 30 h EXCESS OF RECEIPTS FOREIGN CAPITAL EXPORTS OF GOODS f AND SERVICES EXCESS OF PAYMENTS J I960 SEASONALLY ADJUSTED ANNUAL RATES INCLUDES UNRECORDED TRANSACTIONS EXCLUDES LIQUID DOLLAR ASSETS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollarsl U S receipts recorded Period Exports of goods and services Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter 3 Fourth quarter Increase in foreign Unregold and corded recorded U S grants and capital net transacliquid tions U S dollar Private capital errors and Governassets omissions ment through Total i net grants transacor receipts receipts and Total Direct tions with capital the U S U S payments recorded Foreign capital Imports other of than goods liquid and dollar services assets net Seasonally adjusted annual rates I nciu ies remittances and pensions not shown separately KxHi iles 1 375 million increase in U S subscription to International Monet irv Km d 3 i r ii linary In In Ics U S subscription to International Development Association of 7 1 11 Hi n 2 m million at annual rate In In Ics plrifrlc direct investment transaction of 370 million J 4SO million nl mi in rule 22 Balance on recorded transactions net pay Includes advance debt repayment and interest payments on U S Government loans of 774 million 3 1 billion at annual rate 1 Before adjustment for receipts of principal and interest on government loans paid in the previous quarter Includes over 400 million 1 7 billion at annual rate of subscriptions to international organizations and other special capital outflows NOTE Data exclude goods and services transferred under military grants Source Department of Commerce PRICES CONSUMER PRICES Consumer prices in January were unchanged on the average from December levels as the rise in food prices and the continued upward trend in service prices were balanced by declines in prices of nonfood commodities I N D E X NOE X I SOURCE DEPARTMENT OF LABOR 1962 COUNCIL OF ECONOMIC ADVISERS Commodities All items Period I December 1961 January February March April May June July August September October November December 1962 January T fSt All commodities Food J J o NOTE Series has been converted to the standard reference base Services Commodities less food All SS Non All Durable durable services J Source Department of Labor TD2TT Rent H 5 I Services less rent S WHOLESALE PRICES Wholesale prices were steady in February following an increase of 0 8 percent in the previous 2 months increases in farm products and processed foods were offset by a fractional decline in industrial commodities INDEX Price INDEX COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIALS 95 SOURCE DEPARTMENT OF LABOR All commodities Period I January February March April May June July August September October November December 1902 January 3 February Yok ended March COUNCIL OF ECONOMIC ADVISERS 9271T Commodities other than farm products and foods industrials Consumer finIndusIndusFarm Procished goods extrial in ProducAll intrial prodessed cluding food dustricrude termedi er finucts foods ished als1 mate ate ma goods DurNonterials 2 rials durable able overage 01 the subgroups does not correspond exactly to coverage of this lrV Kxrlwio s intermediate materials for food manufacturing and manufactured limiJ foods includes in part grain products for further processing 24 Weekly series based on smaller sample than monthly series Not available NOTE Series has been converted to the standard reference base Source Department of Labor 6 PRICES RECEIVED AND PAID BY FARMERS In the month ended February 15 the indexes of both prices received and prices paid by farmers increased again parity ratio remained at 80 INDE The INDEX PRICES PAID INTEREST TAXES AND WA6E RATES r O f PRICES RECEIVED ALL FARM PRODUCTS r v y y x A s S RA HOU RATI l PARITY RATIO i iti f I I RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE n m COUNCIL OF ECONOMIC ADVISKS Prices received by farmers Period All farm products January February 15 March 15 April 15 May June 15 Julv 15 August September October 15 November 15 December 15 January 15 February 15 Crops Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates Prices paid by farmers All items interest Livestock taxes and Family Producand living tion wage rates products items items parity index Index Parity ratio J Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The money supply declined about seasonally in February BILLIONS OF DOLLARS BILLIONS OF DOLLARS 160 I 160 AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TOTAL MONEY SUPPLY DEMAND DEPOSITS AT ALL COMMERCIAL BANKS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period December DecemberDecember December December December December December December February March April Mav June July August September October November December li 2 Januarv 2 February First half 2 Second half 1 l rs osit s at all commercial banks i rt liminnry 26 COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars Money supply Unadjusted Seasonally adjusted Currency Currency Demand Demand outside Total Total outside deposits deposits banks banks Related deposits unadjusted U S Government demand Gross time NOTE See note p 27 Source Board of Governors of tlie Federal Keserve System BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans rose 1 4 billion in February compared to a rise of 2 5 billion in February 1961 BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS 200 BANK LOANS 100 INVESTMENTS IN U S GOVERNMENT SECURITIES END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS All commercial banks January February March April May June5 July 5 August September 5 October 5 5 November5 December 1962 January 5 5 February Investments Total loans and investments End of period Loans U S Government securities Other securities Billions of dollars B Weekly reporting member banks l Business loans Bank All member banks 1 debits outside Reserves New York BorrowCity 343 ings at centers Federal seasonally adjusted Required Excess Reserve Banks 4 annual 3 rates Millions of dollars S S S Z Preliminary NOTE Between January and August 1059 series for nil eoimnerdnl hunks expanded to include data for all banks in Alaska and Iluwull i atn for 1S member banks include Alaska and Hawaii for all jwrJods Source Board of Governors of the FeUenii Keserve System tJ CONSUMER CREDIT In January total consumer credit outstanding declined about 900 million compared to a decline of 1 billion in January 1961 BILLIONS OF D O L L A R S BILLIONS OF DOLLARS END OF MONTH TOTAL CREDIT OUTSTANDING NONINSTALMENT CREDIT SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED a n oo o o INSTALMEN T CREDIT REPAID 2 r i COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Million of dollars Consumer credit outstanding end of period unadjusted Instalment NonAutomoinstalTotal Total bile 2 ment 3 paper Period December 1961 January Februarv March April May June July August September October November 1 cccmber 1 H i January I960 r Consumer instalment credit extended and repaid seasonally adjusted Total Automobile paper 2 Extended Repaid Extended Repaid NOTE Data for Alaska and Hawaii included beginning January and August 1959 respeetiveiy Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES The rate on 3 month Treasury bills averaged about the same in February as in January Bond yields changed little PERCENT PER ANNUM A PERCENT PER ANNUM JJm I9S SOURCES SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Government High grade security yields municipal bonds 3 month Taxable Standard3 Treasury bonds J Poor s bills Period January February March April May June July August September October November December 1962 January February Week ended 1962 February March Eate on new issues within period 1 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 Corporate bonds Moody s Aaa 2 90 a oe Prime commercial paper 4 6 months Baa a a 56 a 79 a Weekly data are Wednesday figures Preliminary 6 Not charted Sources Treasury Department Board of Governors of the Federal Keserve System Standard Poor s Corporation and Moody s Investors Service a si STOCK PRICES Stock prices rose in February but changed little in early March INDEX INDEX I6O vx 100 sA v COUNCIL OF ECONOMIC ADVJSERS SOURCE SEOURIT Manufacturing Composite index Period Weekly average January February March April M a v June July August September October November DecemberI ni J lanuarv February I i n d i d I lii J l i l ru iry 9 16 MMI C II Total Durable goods Nondurable goods Transportation Utilities Trade finance and service NOTE Indexes are based on weekly closing prices Source Securities and Exchange Commission 30 Mining FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The budget deficit for the first 8 months of fiscal 1962 was 9 5 billion deficit was 6 2 billion For the comparable period of 1961 the BILLIONS OF DOLLARS BILLIONS OF DOLLARS IOO NET BUDGET EXPENDITURES NET BUDGET RECEIPTS I BUDGET SURPLUS OR DEFICIT ENLARGED SCALE NATIONAL DEFENSE FIRST 8 MONTHS JUL I I FISCAL Y E A R S XEST1MATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Period Fiscal year 1957 Fiscal year 1958 Fiscal year Fiscal vear 1960 Fiscal year Fiscal year 1962 Fiscal year January 5 February March 5 April May 5 June July 5 5 August September 5 October 5 s November 5 December January February 5 Cumulative totals first 8 months Fiscal year Fiscal year 1962 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budget expenditures Net National defense budget Department Total receipts Total of Defense military a I Expenditures for military activities of the Department of Defense military functions and the military assistance portion of the mutual security program atomic energy and defense related services 2 Military functions and military assistance 3 Includes guaranteed securities held outside the Treasury Not all of total shown is subject to statutory debt limitation Budget surplus or deficit S 2 0 Public debt end of 3 period Estimate 1963 Budget 6 Preliminary NOTE Total budget receipts and expenditures exclude certain intragovernmental transactions Sources Treasury Department and Bureau of the Budget Oi CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the fourth quarter of calendar 1961 cash payments exceeded cash receipts by 5 9 billion or on a seasonally adjusted basis by 1 2 billion The estimate of the cash deficit for calendar 1961 as a whole was 6 8 billion BILLIONS OF DOLLARS SEASONALLY ADJUSTED 3O BILLIONS OF DOLLARS SEASONALLY ADJUSTED 3O EXCESS OF CASH RECEIPTS EXCESS OF CASH PAYMENTS I958 CALENDAR Y E A R S I960 SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Cash receipts from the public Period Fiscal year total Calendar vear total 2 Preliminary Quarterly total calendar years First quarter Second quarterThird quarter Fourth quarter 1961 First quarter Second quarter 2 Third quarter Fourth quarter 2 J Estimate 1903 Budget Excess of re Cash receipts ceipts or from the payments public Cash payments to the public Unadjusted Excess of receipts or payments Cash payments to the public f Seasonally adjusted Sources Treasury Department and Bureau of the Budget 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 U S G O V E R N M E N T PRINTING O F F I C E I 9 6 Z

New Construction

DATE: March 1962

PART OF:

Economic Indicators : March 1962

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

Download (pdf)

Share this page:

Table of Contents

less

Save & Share

less

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-. "New Construction," 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-. "March 1962," Economic Indicators (March 1962) : 21-21. https://fraser.stlouisfed.org/title/1/item/473/toc/425750 , accessed on December 6, 2019.

More Information

less

SUBJECTS:

THEME:

Economic Data