Full text of Economic Indicators : April 1962
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87th Congress, 2nd Session
f
<
1962'
nail
Economic Indicators
APRIL 1962
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1962
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 BOLLING (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 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 20 cents & single copy
or by subscription at $2.00 per year (foreign, $2.75) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON 25, B.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
'
,
iv
1
2
3
4
5
6
7
&
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
9
10
11
12
13
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
14
15
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Bank Loans, Investments, Debits, 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
31
32
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 arc in current prices.
Ill
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product, according to preliminary estimates, rose $7 billion (seasonally adjusted annual rate), or
11/l percent from the fourth quarter of 1961 to the first quarter of 1962. The gain over a year earlier was $48 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1960: Third quarter. _
Fourth quarter.
1961: First quarter
Second quarter-.
Third quarter. _
Fourth quarter.
1962: First quarter 5 __
Personal
Disposable consumption
personal expenditures
227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 3
351. 8
364. 9
354. 4
354. 9
354. 3
361. 8
367. 7
375. 6
378. 2
International
Business
Persons
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
314. 0
328. 9
339. 0
329. 7
332. 3
330. 7
336. 1
341. 0
348. 4
352. 0
Personal
Excess
Gross
saving
Gross
of
private
( + ) or retained domestic investearn-2
disinvestment
saving
ings
ment
17. 7
18. 9
19. 8
18. 9
17. 5
23. 0
23. 6
24. 7
23. 4
22. 9
25. 8
24. 6
22. 7
23. 7
25. 8
26. 8
27. 1
26. 2
31. 5
33. 2
34. 3
35. 5
42. 1
43. 0
45. 6
44. 8
50. 7
51.7
54. 1
51. 8
51. 2
50. 3
53. 9
54. 8
57. 3
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 4
72. 4
69. 6
70. 5
65. 6
59. 8
68. 8
73. 2
76. 6
77. 5
Foreign
Net exports of goods Excess of
net
and services
transfers
trans( + ) or
fers by
of net
GovernNet
ExImexports
ment exports ports
ports
2. 1
1. 5
1. 6
1. 4
1. 5
1. 5
1. 5
1. 3
1. 5
1. 6
1. 7
1. 5
1. 6
1. 6
1. 5
1. 7
1. 8
1. 7
-24. 8
-16. 6
-16. 0
-13.4
-21. 8
-24. 3
-20. 5
-11. 9
-21. 7
-20. 7
-15. 5
-18. 7
-14. 4
-9.5
-14. 9
-18. 4
-19. 3
2. 4
1. 3
—. 4
1. 0
1. 1
2. 9
4. 9
1. 2
-.7
3. 0
4. 0
3. 0
5. 1
5. 3
3. 9
2. 6
4. 0
4.0
17. 9
17. 4
16. 6
17. 5
19. 4
23. 1
26. 2
22. 7
23. 1
26. 7
27. 4
26. 8
27. 6
27. 6
26. 4
27. 0
28. 5
28. 7
15. 5
16. 1
17. 0
16. 5
18. 3
20. 2
21. 3
21. 5
23. 8
23. 6
23. 4
23.8
22. 4
22. 3
22. 5
24.3
24. 5
24. 7
-0. 2
.2
2. 0
.4
.4
-1. 5
-3. 5
.1
2. 3
-1. 5
-2. 3
-1. 4
-3. 6
-3. 7
-2. 4
—. 9
— 2. 2
—2. 3
Government
Net receipts
Period
1951
1952
. . .
1953
1954
1955
1956
1957
1958
1959
I960 _
.
..
1961
..
1900: Third quarter
Fourth quarter
1 '.Hi 1 • First quarter
Second quarter
Third quarter
Fourth quarter
I'.'ii'J: Firs! nuarter 5
1
Surplus
( + ) or
deficit
Tax and TransTrans- (-) on
Purnontax
fers,
chases
Total
fers,
income
Net
interest, of goods expendi- interest,
and
receipts receipts
or
and suband
tures and subproduct
4
4
accruals sidies
sidies
services
account
66. 6
72, 2
75. 7
68. 5
78. 4
84. 2
87. 5
82. 0
94. 9
102. 0
102. 2
101. 4
99. 7
97. 1
100. 7
103. 0
108. 3
(6)
85. 5
90. 6
94. 9
90. 0
101. 4
109. 5
116. 3
115. 1
129. 3
139. 1
143. 6
138. 8
138. 3
136. 9
141. 9
145. 4
150. 0
(6)
Expenditures
18. 9
18. 4
19. 2
21. 5
23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41. 4
37. 4
38. 6
39. 8
41. 2
42. 3
42. 3
42. 4
60. 5
76. 0
82. 8
75. 3
75. 6
79. 0
86. 5
93. 5
97. 1
100. 1
108. 7
101. 9
101. 6
105. 0
107. 3
109. 0
113. 2
115. 5
Terminal Income (p. 3} less personal taxes and nontax payments (fines, penallliv.( i-li-.l.
rnent,
' l ndl: i r i h i t l c i l corporate profits, corporate inventory valuation adjustment,
r i i1p l h d I'ntr u i t i p l ion allowances, and excess of wage accruals over disbursements.
,\H inivirn investment with sign changed.
79. 4
94. 4
102. 0
96. 7
98. 6
104. 3
115. 3
126. 6
131. 5
137. 2
150. 1
139. 3
140. 2
144. 8
148. 5
151. 3
155. 5
157. 9
18. 9
18.4
19. 2
21. 5
23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41. 4
37.4
38. 6
39. 8
41. 2
42. 3
42. 3
42. 4
6. 1
-3. 9
7 j
-&'. 7
2. 9
5. 2
1. 0
-11. 4
-2. 2
1. 9
-6. 5
-. 5
-1. 9
-7.9
-6. 6
-6. 0
-4. 9
(6)
Total
Stat
income
tica
or
discrc
receipts
anc
327. 7
345. 6
364. 1
362. 3
396. 5
421. 6
443. 4
446. 0
484. 5
507. 1
522. 9
509. 1
507. 4
503. 4
517. 9
527. 3
543. 0
(")
1
1. 2
1
1. 4
1
1. 3
.9
1
1. 0
— 2.
2 4
-. 0
— 11. 5
— 11. 7
2
2. 6
1. 5
— 4.
4 0
-2
2. 9
-2
2. 6
— 1.8
1.
— 1. 5
(6)
Gross
national
product
or
expenditure
329. 0
347. 0
365. 4
363. 1
397.5
419. 2
442. 8
444. 5
482. 8
504. 4
521. 3
505. 1
504. 5
500. 8
516. 1
525.8
542. 2
549. 0
* Government transfer payments to persons, foreign net transfers by Government, net
by government, and subsidies less current surplus of
net interest paid
p
srovernment
government enterorises.
enterpri;
*6 Preliminary
-.., estin
„ Jinates by Council of Economic Advisers,
Not available.
able.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
GROSS NATIONAL PRODUCT OR EXPENDITURE
Consumer expenditures accounted for about $4 billion of the $7 billion (seasonally adjusted annual rate) gain in
gross national product in the first quarter of 1962, government purchases $2 billion, and private investment $1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
6OO
GROSS NATIONAL PRODUCT
400
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
1956
-^PRELIMINARy ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE. ( E X C E P T AS NOTED).
QDUNCIi. OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Personal Gross
Net
gross
Total
conprivate exports
national
gross
sump- domestic
of goods
product national
tion
and
in 1961 product expend- investment
services
prices
itures
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
S38. 3
366. 5
396. 5
411. 7
4 SO. 6
Government purchases of goods and
services
Federal
State
Total Total ' National Other
and
2
local
defense
33. 0
22. 2
3. 8
40. 2
50. 0
19. 3
.6
39. 0
56. 3
2. 4
60. 5
38. 8
52. 9
49. 9
1. 3
76. 0
58. 0
50. 3
82. 8
-. 4
75. 3
47. 5
48. 9
1. 0
45. 3
63. 8
75. 6
1. 1
2. 9
45. 7
67. 4
79. 0
66. 1
49. 7
86. 5
4. 9
56. 6
52. 6
1. 2
93. 5
7
53. 5
72. 4
97. 1
52. 9
72. 4
3.' 0 100. 1
69. 6
4. 0 108. 7
57. 3
Seasonally adjusted annual rates
47 S 6
466. 1
497. 6
511. 3
•521. 3
258. 1
284. 6
329. 0
347. 0
365. 4
363. 1
397. 5
419. 2
442. 8
444. 5
482. 8
504. 4
521. 3
181.
195.
209.
219.
232.
238.
256.
269.
285.
293.
314.
328.
339.
1960: Third quarter
Fourth quarter. _
510. 6
508. 0
505. 1
504. 5
329. 7
332. 3
70. 5
65. 6
3. 0
5. 1
101. 9
101. 6
1961: First quarter
Second quarter___
Third quarter
Fourth quarter. _
1962: First quarter 4 _ _ _
503. 1
517. 2
6S5. 2
539. 7
500.
516.
525.
542.
549.
330.
336.
341.
348.
352.
59. 8
68. 8
73. 2
76. 6
77. 5
5. 3
3. 9
2. 6
4. 0
4. 0
105. 0
107. 3
109. 0
113. 2
115. 5
422. o
455. 1
_--
--.
464. 8
544- l
S
1
8
2
0
2
0
8
8
6
0
9
9
2
2
0
9
0
7
1
0
4
0
13. 6
14. 3
33. 9
46. 4
49. 3
41. 2
39. 1
40. 4
44. 4
44. 8
46. 2
45. 5
49. 2
8. 9
5. 2
5. 2
6. 7
9. 0
6. 7
6. 6
5. 7
5. 7
8. 3
7. 8
8. 0
8. 6
17. 9
19. 7
21. 7
23. 2
24. 9
27. 7
30. 3
33. 2
36. 8
40. 8
43. 6
47. 2
51. 4
54. 0
53. 0
45. 4
45. 7
9.1
7.9
48. 0 1
48. 6
54. 7
56. 6
57. 4
60. 0
61. 2
47. 2
48. 8
49. 0
51. 7
52. 9
8. 0
8. 3
8. 9
9. 0
9. 1
50. 3
50. 6
51. 6
53. 2
51. :i
1
2
Less Government sales.
These expenditures correspond closely with budget expenditures for national
defense,
shown on p. 31.
3
Gross national product in current prices divided by gross national product
in 1961 prices.
NOTE.—Data for Alaska and Hawaii included b i v i n n l n r l'."'>'
Source: Department of Comment (rxivpl ;i
Implicit
price
deflator
for total
GNP,
1961 = 1003
76. 3
77. 7
83. 0
84. 3
84. 9
86. 0
87. 3
90. 2
93. 5
95. 4
97. 0
98. 7
100. 0
98. <)
99. 3
99.
(Ml.
100.
100.
5
S
1
5
1 ( M l . !l
NATIONAL INCOME
Compensation of employees rose $5.2 billion (seasonally adjusted annual rate) in the first quarter of 1962. In the
noncorporate sector, farm income declined while other income rose or was maintained at the previous quarter's rate.
BILLIONS OF DOLLARS
SOO
BILLIONS OF DOLLARS
1 500
SEASONALLY ADJUSTED ANNUAL RATES
COMPENSATION OF EMPLOYEES
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND._
RENTAL INCOME 'V
»NET INTEREST
<J i
1956
1957
1958
1961
I960
1959
1-
J/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED).
t
i
1962
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1949__
1950
1951
1952
1953.
1954
1955
1956-. _ _
1957
1958...
1959 .
1060
1961
Total
national
income
217.7
241.9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 4
399. 6
417. 1
430. 2
Compensation
of employees '
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. 5
35. 0
36. 2
36. 5
8.3
9.0
9. 4
10. 2
10. 5
10. 9
10. 7
10.9
11. 9
12. 2
11. 9
11. 7
11. 5
Proprietors' income
Farm
140. 8
154.2
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
257. 1
278. 4
293. 7
302.9
12. 9
14. 0
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
13. 5
11.3
12. 0
13. 0
Corporate profits and inventory valuation adjustment
Net
interest
4,8
5.5
6. 3
7. 1
8. 2
9. 1
10. 4
11. 7
13. 4
14. 8
16. 6
18. 4
20. 0
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
37. 2
46. 4
45. 1
46. 2
26. 4
40.6
42. 2
36. 7
38. 3
34. 1
44. 6
44. 7
43. 2
37. 4
46. 8
45. 0
46. 1
1. 9
-5.0
-1. 2
1. 0
-1. 0
-. 3
-1. 7
-2. 7
-1. 5
-.3
-.5
.0
.1
Seasonally adjusted annual rates
JIHiO: Third quarter _.
Fourth quarter
419. 0
416. 5
296.0
294. 0
12. 4
12. 7
36. 3
36. 3
11. 7
11. 7
18. 6
18. 9
44. 1
42. 9
43. 2
42. 6
0. 9
.3
HHil ; Fir.st quarter
Hocond quarter
Third quarter
Fourth quarter
Hlll'»! First qimrtfr 2
412.
426.
434.
447.
(3)
292. 6
300. 2
306. 2
312. 7
317. 9
12. 9
12. 9
12. 8
13. 6
13. 0
36. 0
36. 3
36. 6
37. 2
37. 6
11. 5
11. 5
11. 5
11. 5
11. 5
19. 2
19. 6
20. 2
20. 7
21. 3
40. 0
45. 5
47. 0
52. 1
(3)
39. 6
45. 2
47.2
52. 4
(3)
—. 2
2
0
3
9
«ItitMiMl*** wnpioycr contributions for social Insurance. (See also p. 3.)
* (*ft»Hiiiiimry <%*tUtnntctt by Council of Economic Advisers.
*K**I IIV*| lit Ml*.
NOTE.—Data for Alaska and Hawaii included beginning i960.
Source: Department of Commerce (except as noted).
.4
.3
.0
SOURCES OF PERSONAL INCOME
Personal income rose $2.0 billion (seasonally adjusted annual rate) in March to a new record level of $435.3 billion,
or $32 billion more than the February 1961 low.
BILLIONS OF DOLLARS
B I L L I O N S OF DOLLARS
450
••j
400 —
— !-
350
BUSINESS, PROFESSIONAL,
AND RENTAL INCOME
V
1956
Period
1953
1954
1955
1956 _. .. .. 1957
1958 . ...
1959 .
1960
1961
288.
289.
310.
332.
351.
360.
383.
402.
416.
1961: February.
March
April
May
June
July
August
September.
October
November.
December.
1962: January__.
February.
March 4 ...
3
8
2
9
4
3
3
2
7
403. 1
407. 3
409. 8
413. 2
417. 3
3
421. 2
419. 4
421. 1
425. 2
429. 3
431. 8
430. 1
433. 3
435. 3
3
COUNCIL OF ECONOMIC ADVISERS
fBillions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disDiviBusiness income
bursements
of
dends
Farm
and
proand other
fessional persons
labor income)1
204. 1
13. 3
27. 4
9. 2
10. 5
202. 5
12.7
9. 8
27. 8
10. 9
11. 8
218. 0
30. 4
11. 2
10. 7
235. 7
12. 1
32. 1
11. 6
10. 9
32. 7
247. 7
11. 8
12. 6
11. 9
249. 2
13. 5
32. 5
12. 2
12. 4
11. 3
268. 8
35. 0
13. 4
11. 9
282. 2
12. 0
14. 1
36. 2
11. 7
13. 0
290. 8
36. 5
14. 4
11. 5
Seasonally adjusted annual
12. 9
280. 2
14. 2
35. 8
11. 5
13. 0
14. 2
36. 0
281. 7
11. 4
12. 9
285. 3
36. 1
14. 2
11. 5
12. 9
14. 2
288. 0
36. 3
11. 5
291. 7
13. 0
36. 4
11. 5
14. 3
12. 9
293. 4
11. 5
14. 3
36. 6
294. 0
12. 8
14.
3
36. 6
11. 5
12. 7
295. 2
14. 4
11. 5
36. 8
297. 8
13. 5
14. 5
37. 0
11. 5
300. 9
37. 3
14. 8
13. 8
11. 5
302. 4
13. 5
15. 5
37. 4
11. 5
302. 0
13. 1
14. 9
37. 4
11. 5
12. 9
305. 1
37. G
11. 5
14. 9
306. 4
13. 0
37. 7
11. 5
15. 1
1
Compensation of employees (see p. 2) excluding employer eoiHribuiions for
social insurance and the excess of wasie accruals over uisbiir^enirnts,
'^ Persona! income exclusive of net income of unincorporated farm enterprises,
farm writes, agricultural net interest, and net dividends paid by atjneiiH ;:ral
corporations.
^Includes steppcd-up payment oT National Service T^ife Insurance dividends
1962
1961
SOURCE: DEPARTMENT OF COMMERCE.
Total
personal
income
350
FARM PROPRIETORS' INCOME
1957
I
-i
400
Less: PerconPersonal Transfer sonal
tributions
payinterest
for
social
income ments
insurance
13.4
14. 3
3. 9
14. 6
4. 6
16. 2
15. 8
17. 5
5. 2
18.
8
17. 5
5. 8
21. 9
19. 6
6. 7
21. 0
26. 3
6. 9
23. 6
27. 2
7. 9
26. 2
9. 3
29. 1
27. 3
32. 9
9. 7
rates
31. 1
9. 4
26. 8
3
26. 8
33. 7
9. 6
32. 5
26. 8
9. 6
33. 0
27. 0
9. 7
27. 1
33. 0
9. 8
3
27. 2
35. 2
9. 8
32. 5
9. 8
27. 4
32. 7
27. 5
9. 8
27. 7
33. 1
10. 0
27. 9
10. 1
33. 2
10. 1
28. 2
33. 4
10. 3
28. 5
33. 1
JO. 5
33. 2
28. 7
10. r,
33. 4
28. 9
M( $150 million ($1.8 billion at a n n u a l rate) in M ; i r H i
billion
at annual rate) in July.
4
Preliminary,
Nonagricultural
personal2
income
271. 5
273. 8
295.0
317. 9
336. 1
343. 0
368. 1
386. 2
399. 4
386. 2
390. 1
392. 9
396. -1
400. 2
3
404. 0
402. 4
401. 1
41)7. 2
410. '.)
413. d
3
4 r.'. 3
1 l.'i
S
II V 1 ',
DISPOSITION OF PERSONAL INCOME
Both disposable personal income ana1 personal consumption expenditures increased in the first quartei of 1962.
the increase in income being less rapid than in expenditures, the saving rate dropped.
BILLIONS
OF DOLLARS*
With
BILLIONS OF DOLLARS*
J-^V 2°°
2,200
DOLLARS*
2,200
PER CAPITA DISPOSABLE PERSONAL INCOME
IN 1961 PRICES
2,000
^gffSSUSt
^.^•"•".n™.,...,^^
'
.-•-"
1,800
——
1—«""**"
/I A I
V
I
1956
i
i
„
1111^-"\°*"
**"""•
^^~— r^-——
1,800
IN CURRENT PRIC ES
i
i
1957
I
1
i
1958
i
l'
i
i
1959
i
i
I960
1
1
19501951—
1952
1953
1 <)!>4
_.
1955
l!)5(i
1957
1958
l!). r >9
19(10
1 '.Mil
207.
227.
238.
252.
256.
274.
292.1
7
5
7
5
9
4
9
317.
337.
351.
364.
9
3
8
9
''''V O
.-,Ub.
b
Total
195. 0
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
314. 0
328. 9
339. 0
Durable
goods
Nondurable
goods
i
1962
1 'A A
V
COUNCIL OF ECONOMIC ADVISERS
Personal consumption expenditures
Disposable
personal
income '
-^ I
1
1961
* SEASONALLY ADJUSTED ANNUAL RATES.
.I/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
Period
2,000
iijjj^ji***^
Personal
saving
Services
Billions of dollars
64. 9
30. 4
99. 8
12. 6
110. 1
70. 2
17. 7
29. 5
29. 1
115. I
75. 6
13. 9
118. 0
81. S
19. 8
32. 9
32. 4
119. 3
86. 3
18. 9
124. 8
92. 5
17. 5
39. 6
100. 0
23. 0
38. 5
131. 4
40. 4
137. 7
107. 1
23. C
141. 6
114. 3
24. 7
37. 3
43. 5
147. 3
123. 2
23. 4
152. 4
1 32. 2
22. 9
44. 3
141. 2
42. 2
25. 8
155. 5
Seasonally adjusted annual rates
152. 7
24. 6
43. 4
133. 6
22. 7
135. 4
43. 8
153. 1
137. 5
23. 7
39. 4
153. 7
42. 0
154. 1
139. 9
25. 8
142. 4
26. 8
156. 2
42.3
144. 9
27. 1
45. 5
158. 1
Per capita disposable personal
income ]
Current
prices
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
],
1,
1961
prices 2
Dollars
369
1,
474
1,
520
1,
582
1,
1,
582
660
1,
742
1,
804
1,
826
1,
905
1,
947
1,
987
1,
692
708
725
780
762
840
900
911
898
956
969
987
Saving as
percent
Popuiaof distion
posable
(thoupersonal sands) 3
income
(percent)
6. 1
7. 8
7. 9
7. 8
7. 4
6. 4
7. 9
7. 6
7. 8
6. 9
6. 5
7. 1
151, 683
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 198
174, 060
177,076
180, 670
183, 650
6. 9
181,084
I ' . M l t ) : Third quarter
329. 7
1, 957
1, 977
354. 4
6. 4
181, 898
332. 3
1, 951
1, 963
354. 9
1'ourth quarter
182, 601
6. 7
1, 940
1 9(11 : Kinst quarter..
1, 946
354. 3
330. 7
7. 1
183, 292
1, 974
1, 978
336. 1
Srrcmd quarter
361. 8
184, 054
1, 998
7. 3
341. 0
T h i r d quarter .
1, 996
367. 7
2,032
184, 851
2,024
7. 2
F o u r t h quarter
348. 4
375. 6
2, 021
t'H;1.': i-'ir;l qimricr'1
2, 039
6. 9
185, 500
352. 0
147. 2
26. 2
44. 6
160. 2
378. 2
1
Preliminary.
(p. :i) less personal taxes and nontax payments (fines, penalNOTE.—Data for Alaska and Hawaii included beginning 1960.
ii (ir.cc,^ divided by the implicit price deflator for personal
I!hires on a 1901 base.
Sources: Department of Commerce and Council of Economic Advisers.
if I ' n i l c d .States including armed forces abroad. Annual
M i - f l y dsilin-entered in the middle of the period, interpolated
FARM INCOME
Realized gross farm income, seasonally adjusted declined and production expenses rose slightly during the first quarter
of 1962. Net farm income fell below the fourth quarter 1961 level but remained above the first quarter 1961 leve'.
BILL IONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
60
50
REALIZED GROSS
FARM INCOME
>.
40
^.i«»ii i—
_,
4O
„,.___—••-
\
/
^
A
30
30
2O
20
NET FARM INCOME
INC -UDING NET INVENTORY
CHANGE
1
„,.—_<•*
"^
10
0
-^
\
\
j
!
1956
1
1
1
1957
1
1
1
!
I
!
1959
1958
I
I960
i
1
1
1
1
..
- ..
-_
- .-
1960: Third quarter
Fourth quarter
1961' First quarterSecond quarter. .
Third quarter
Fourth quarter
1962' First quarter '
From
From
agricul- nonagritural
cultural
sources 1 sources Total 2
17. 3
15. 1
14. 4
13. 5
13. 4
13. 6
15. 4
13. 1
13. 7
14. 8
(66)
( 6)
()
(°)
(6)
(")
(6)
(°)
(G6 )
()
(6)
(")
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(")
(")
(6)
(6)
(6)
(6)
(66)
(6)
(6)
()
(")
(66)
( 6)
()
(")
(6)
(66)
()
(66)
()
o
her o! fiiniis is held coii-:l:ml w l l l i l n M yeiii
'2
Net income per
farm including net
inventory change *
Net
ProducCash
tion exreceipts penses
from
marketings
Billions of dollars
37. 0
32. 6
22. 6
35. 3
21. 4
31. 1
33. 9
21. 7
30. 0
29. 6
21. 9
33. 3
34. 6
30. 6
22. 6
34. 4
29. 8
23. 4
37. 9
33. 4
25. 3
37. 5
33. 5
26. 3
38. 1
34. 0
26. 4
39. 6
34. 8
26. 9
Seasonally adjusted annual
38. 3
34. 2
26. 3
38. 7
34. 7
26. 3
39. 3
35. 3
26. 7
39. 2
34. 0
26. 7
39. 3
34 4
26 9
40. 6
35. 5
27 2
40. 1
35 2
27 3
' Net income of farm operators from farming (including net inventory change)
and wages received by farm resident workers.
2 Cash receipts from marketings. Government payments, and nonmoney income furnishe(i by farms.
'* Inventory of crops and livestock
vnlliod nt Ihc nvrmi'c prlee for the y r i r .
" Series revised h c K i n n i n K Ill.ri2 on the Imsis ol HI.Ml I Vnsus <>f A r r i e i i H m v dell
I l i l i m i of :i f a r m . The
K i l l - i s " (li
1
Income received by farm operators from farming
Realized gross
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1
1962
COUNCIL OF KOKOMIC ADVISERS
Income received by total
farm population
From
all
sources
1
1961
SOUF CE: DEPARTMENT OF AGRICULTURE.
Period
i
10
J
Excluding inventory
change
Including net in- Current
1961
ventory3
prices prices 5
change
14. 4
13. 9
12. 2
11. 5
12. 0
11. 0
12. 6
11. 2
11. 7
12. 7
rates
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
13. 5
11. 3
12. 0
13. 0
12. 0
12. 4
12. 6
12. 5
12 4
13. 4
12 8
12. 4
12. 7
12. 9
12. 9
12. 8
13. 6
13. 0
•s ( l i v i i l r i i hy t i n - i r n | r \ i
Dollars
3, 173
2, 951
2, 664
2,896
2, 844
2, 645
2, 529
2, 719
2, 574
2, 738
2, 695
2,778
3, 201
3, 233
2,762
2, 756
3,028
3, 028
3. 401
3, 401
3,
3,
3,
3,
3
3,
140
220
380
380
360
570
:; rr.'O
3,
3,
3,
3.
3
:i,
140
220
380
380
360
570
:; mo
CORPORATE PROFITS
Corporate profits before taxes are estimated to have risen $5.2 billion (seasonally adjusted annual rate) in the fourth
quarter of 1961 to $52.4 billion. This brings the total rise from the first quarter of 1961 to the fourth quarter to $12.8
billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
I96I
' E X C L U D I N G INVENTORY VALUATION ADJUSTMENT.
COUNCIL OF ECONOMIC ADVISERS
SOURCE'- DEPARTMENT OF COMMERCE.
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Period
1950 .
--. 1951
.
1952
. .
1953
_ _ _
1954
1955
1956
1957
1958
1959
__
1960
_
1961
1 !)(>(): Third quarter
Fourth quarter. _
1961: I''ir,sl quarter
Second quarter. _
Third quarter..
!'»!. '
I'linrt h quarter _ _
1 if 1 ( M i . ' i H r r:
**«-•!!
frrt
Corporate profits (before taxes) and
inventory
valuation adjustment l
TransManufacturing
portation,
All
All
comNonDurable
other
indusdurable
munigoods
tries
Total
goods cations, indusindustries
and
industries
tries
public
utilities
35. 7
12. 0
8. 4
4. 0
11. 3
20. 4
12. 0
41. 0
24. 4
10. 9
4. 5
13. 5
37. 7
21. 1
9. 3
4. 8
11. 8
11. 8
37. 3
21. 4
12. 1
4. 9
11. 0
9. 3
33. 7
4. 4
10. 1
8. 3
11. 0
18. 4
43. 1
12. S
14. 2
10. 8
5. 4
25. 0
12. 9
42. 0
12.
6
10.
9
5.
6
23. 5
41. 7
22. 9
9. 8
5. 5
13. 3
13. 1
37. 2
9. 3
5. 6
13. 3
18. 3
9. 0
46. 4
6. 4
24. 8
13. 2
11. 6
15. 2
12. 0
45. 1
11. 3
6. 8
15. 0
23. 3
46. 2
11. 4
7. 1
16. 0
11. 6
23. 0
22. 6
44. 1
11. 3
6. 6
14. 9
11. 4
42. 9
14. 6
21. 6
10. 7
10. 9
6. 8
40. 0
8. 5
10. 4
6. 5
14. 6
18. 8
11.2
22. 3
11. 2
7. 1
16. 1
45. 5
12. 1
23. 6
47. 0
11. 5
7.3
16. 1
12.
5
7.
7
52. 1
14. 6
17. 3
27. 1
3
3
3
3
3
()
()
(3)
()
()
()
juljiis! tuont.
m-il of Kconomic Advisers.
Corporate profits
after taxes
Corpo-
Corpo-
profits
before
taxes
tax
liability
40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43. 2
37. 4
46. 8
45. 0
46. 1
43. 2
42. 6
39. 6
45.2
47. 2
52. 4
(3)
17. 9
22. 4
19. 5
20. 2
17. 2
21. 8
21. 2
20. 9
18. 6
23. 1
22. 3
22. 8
21.4
21. 1
19. 6
22. 4
23. 3
26. 0
(3)
Total
22. 8
19. 7
17. 2
18. 1
16. 8
23. 0
23. 5
22. 3
18. 8
23. 7
22. 7
23. 3
21. 7
21. 4
20. 0
22. 8
23. 8
26. 5
(s)
Dividend
payments
9. 2
9. 0
9. 0
9. 2
9. 8
11. 2
12. 1
12. 6
12. 4
13. 4
14. 1
14. 4
14. 1
14.3
14. 2
14. 2
14. 3
15. 0
15. 0
NOTE. — Data for Alaska and Hawaii included beginning I960.
„
-^
^
^ ofr ^
t j*
Source:
Department
Commerce ,(except* as noted).
Undistributed
profits
13. 6
10. 7
8. 3
8. 9
7. 0
11. 8
11. 3
9. 7
6. 4
10. 3
8. 6
8. 8
7. 6
7. 2
5. 8
8. 6
9. 5
11. 5
(3)
GROSS PRIVATE DOMESTIC INVESTMENT
.In the first quarter of 1962, business fixed investment and inventories rose while residential construction fell, resultins
in a total gain of about $1 billion (seasonally adjusted annual rate) in private investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
GROSS PRIVATE
DOMESTIC INVESTMENT
60
1956
1962
^/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED]
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1949
1950
1951
1952
1953...
1954 .
1955 ..
1956
1957
1958
1959
1960
1961
...
... ..
1960: Third quarter _
Fourth quarter _
1961: First quarter ._
Second quarter..
Third quarter . .
Fourth quarter
1962: First quarter 3 _ .
1
Total
gross
private
domestic
investment
Fixed investment
Total
33. 0
50.0
56. 3
49. 9
50.3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 4
72. 4
69. 6
36. 0
43. 2
46. 1
46. 8
49. 9
50.5
58. 1
62. 7
64. 6
58. 6
66. 1
68. 2
67. 4
70. 5
65. 6
59. 8
68. 8
73.2
76. 6
77. 5
68. 1
67. 4
63. 8
66. 0
68. 7
71. 3
70.0
New construction '
Producers'
durable
Residenequiptial
Totai
Other *
ment
nonfarm
9. 6
9. 2
17.2
18. 8
24.2
14. 1
10. 1
1&9
12. 3
24. 8
12.5
21. 3
12. 7
12. 8
21. 3
25. 5
27.6
13. 8
13. 8
22. 3
29. 7
14.3
15. 4
20. 8
34. 9
18. 7
16. 2
23. 1
17.7
35. 5
17. 8
27. 2
36. 1
19.0
17.0
28,5
35. 5
17. 4
18.0
23.1
22. 3
40. 2
17. 9
25. 9
21. 1
40. 7
19. 6
27.5
41. 7
21. 2
20.5
25. 7
Seasonally adjusted annual rates
40. 4
19. 4
21.0
27. 7
40. 7
20. 5
20. 2
26. 7
39. 6
19. 3
20. 4
24. 2
41. 3
20. 7
24. 7
20. 6
42. 7
22. 1
20. 6
26. 0
28. 0
43. 3
23.0
20. 3
41. 8
21. 3
20. 5
28. 2
Revisions in series on new construction shown on p. 17 have not yet been incorporated
into these series.
3
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 17.
3
Preliminary estimates by Council of Economic
NOTE.—Data for Alaska and Huwnll Incliitlnl iH'
Source: Department of Oomnirrco (cxtTpt iu» h*it«
Change in business
inventories
Total
Nonfarm
-3. 1
6. 8
10. 2
3. 1
.4
-1. 6
5. 8
4. 7
1. 6
— 2.0
6. 3
4. 2
2. 2
-2.2
6.0
9. 1
2. 1
1. 1
-2. 1
5.5
5. 1
.8
-2.9
6.2
4. 0
1. 8
2. 4
-1. 9
-4. 0
2. K
4. .1
5, a
2.0
-2. 2
-.1, a
'.!. -1
•1, 1
ft, 1
7, :!
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/k to 2 percent (seasonally adjusted)
are anticipated for the first and second quarters of 1962.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
10
1961
SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION. AND DEPARTMENT of COMMERCE.
1962
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Manufacturing
Period
Total '
Total
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
19611962 »-..
25.64
26. 4S
28. 32
26. 83
28.70
35. 08
36.96
30. 53
32.54
35. 68
34.37
37. 16
10. 85
11.63
11. 91
11. 04
11. 44
14. 95
15.96
11. 43
12. 07
14. 48
13. 68
14. 90
1960:
35. 90
35. 50
33. 85
33. 50
34. 70
35.40
36. 10
36. 60
14. 65
14. 40
13. 75
13. 50
13. 65
1-4. 00
14. 40
14. 65
1961:
1962:
Third quarter
Fourth quarter
First quarter
Second quarter Third quarter
Fourth quarter
First quarter 3
Second quarter 3
Durable Nonduragoods
ble goods
Railroads Other
5. 17
1.47
5.68
.93
5.61
6.02
.98
1. 40
5. 65
6. 26
. 99
1.31
5.09
.98
.85
5.95
5. 44
. 96
6. 00
.92
7. 62
1.24
7. 33
1. 23
8. 02
1. 24
7. 94
1. 40
5.47
. 94
. 75
5. 96
5.77
.99
6. 29
.92
7. 18
7. 30
. 99
1. 03
6.27
. 98
. 67
7. 40
.80
7. 29
7. 62
1. 01
Seasonally adjusted annual rates
7. 35
1. 00
1. 00
7. 30
6. 85
7.55
.90
1. 00
6. 50
. 70
7. 25
. 95
6. 20
1. 00
. 70
7. 30
6. 10
1. 00
7. 55
. 65
6. 40
.60
7. 60
1.00
7. 00
.80
1. 10
7.45
7. 20
. 80
1. 05
7.50
1
Excludes agriculture.
2 Commercial and other includes trade, service, finance, communications, and
construction.
a 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 date.
8
Mining
Public
utilities
Commercial and
other 2
1. 49
1. 50
1. 56
1. 51
1. 60
1. 71
1.77
1. 50
2. 02
1. 94
1. 85
1. 84
3. 66
3.89
4.55
4.22
4. 31
4. 90
6. 20
6. 09
5. 67
5.68
5.52
5. 60
7.24
7.09
8. 00
8.23
9. 47
11.05
10. 40
9.82
10. 88
11. 57
11. 68
13. 00
1. 90
1. 80
1. 75
1. 80
1. 90
1. 95
1. 75
1. 90
5. 60
5.70
5. 35
5. 50
5. 65
5. 55
5. 25
5.20
11. 75
11. 65
11. 30
11. 05
11.85
12. 35
12.75
13.00
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
In March, civilian employment (seasonally adjusted) changed little and the unemployment rate declined to 5.5 percent.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
CIVILIAN LABOR FORGE
V
AGRICULTURAL EMPLOYMENT
•i"»n..,,,n,,,u.,,,nra,,i.w..,,,ll,1,,n,,l
UNEMPLOYMENT ^
_
I 1I 1 I 1 1 I I i I I 11 1 I
PERCENT OF CIVILIAN LABOR FORCE
UNEMPLOYMENT RATE
(SEASONALLY ADJUSTED)
PERCENT OF CIVILIAN LABOR
- ,
- -,-,
"1 P
j -T~1
_
- - _ - fl
-,_
!
Period
1954
1955
1956
1957
1958
1959
1960
1961
1961:
March
April
May___
June.. .
July_.
August
September.
October
November.
December..
1962:
January
February
March
1962
COUNCIL OF ECONOMIC ADVISERS
Civilian employment
Total
Thousands
468 60, 890
848 62, 944
530 64, 708
946 65,011
647 63, 966
394 65, 581
612 66, 681
603 66, 796
Unadjusted
67,
68,
70,
70,
71,
71,
73,
74,
818
896
387
744
284
946
126
175
64,
65,
67,
67,
68,
69,
70,
71,
73,
73,
74,
76,
76,
75,
73,
74,
74,
73,
540
216
059
790
153
610
670
345
096
372
71, Oil
70, 696
71, 546
74, 286
73, 639
73,081
71, 123
71, 759
71, 339
70, 559
65,
65,
66,
68,
68,
68,
67,
67,
67,
66,
72, 564
73, 218
73, 582
69, 721
70, 332
70, 697
65, 058
65, 789
66, 316
516
734
778
706
499
539
038
824
349
467
Nonagricultural
Civilian employment
Unemployment
Civilian
labor
force
Total
Agricultural
Nonagricultural
Unemployment
of persons 14 years of age and over
54, 395 3, 578
56, 225 2, 904
i
58, 135 2, 822
58, 789 2, 936
58, 122 4, 681
59, 745 3, 813
i
60, 958 3, 931
61, 333 4, 806
Seasonally adjusted '
539
734
234
035
046
215
372
860
149
049
5,495
4, 962
4, 768
5, 580
5, 140
4, 542
4,085
3, 934
3, 990
4,091
72,
71,
71,
71,
71,
71,
70,
71,
71,
71,
60, 641
61, 211
61, 533
4, 663
4, 543
4, 382
71, 435
71, 841
71, 774
60,
60,
61,
62,
62,
62,
61,
61,
62,
62,
3
Seasonally adjusted totals iray differ from sum of components because totals
and components have been seasonally adjusted separately.
y
1961
1956
1957
* 14 YEARS OF AGE AND OVER.
SOURCE:DEPARTMENT OF LABOR.
Total
labor
Civilian
force
(includ- labor
ing
force
armed
forces)
~~ -j-
f
FORCE
092
410
475
983
633
789
981
473
482
272
Unemployment
rate (percent of
civilian labor
force)
SeasonUnad- ally
adjusted justed
Percent
5. 6
4 4
4. 2
4 3
6 8
5 5
5. 6
6. 7
127
398
512
900
698
998
243
822
148
936
5, 787
5,297
5, 326
5, 504
5, 473
5,662
5, 156
5,472
5,311
5,204
61, 274
61, 101
61, 234
61, 543
61, 371
61, 417
61, 188
61, 369
61, 840
61, 618
4, 874
4, 950
5, 019
4,936
4, 923
4, 887
4, 867
4, 762
4,370
4, 274
7. 7
7.0
6. 7
7. 5
7. 0
6. 2
5. 7
5. 5
5. 6
5. 8
6. 8
6. 9
7. 0
6. 9
6. 9
(. 8
(. S
(. 7
(. 1
(. 0
67, 278
67, 894
67, 947
5, 453
5, 603
5, 560
61, 690
62, 206
62, 280
4, 1 59
4, DOS
3, K M
6. 7
li. r,
6, '2
r. s
r. i;
67,
66,
66,
66,
66,
66,
66,
66,
67,
66,
NOTE. — For d e f m l l i o nnd covrnij'i', M-C fSinjiloyinntl a
mcnt of Labor. J l i ^ i n n w IWiO, d u l ; i i n r l i u l i * A l i i s k u i m < l l
Source: DcjmrUmMil of Labor.
ngs, D r j m r t -
UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment averaged 2.7 million in March, or about 700,000 less than in March 1961.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
SEPT.
JAN.
SOURCE: DEPARTMENT OF LA80R.
COUNCIL OF ECONOMIC ADVISERS
All programs
Insured Total
unem- benefits
Covered ploypaid
employ- ment
(milment
(weekly lions of
averdolage) '
lars) >
Period
Thousands
1957
1 958
1959
19(10
1961
__
3901: February
March .
April
__
May
June.lulv
August
September
( Idohcr
\ i >vinbor
1 Ircciubcr
I'M)'.?: . I : i n u : i r v
I 1 VI t n i ; i r y
M.'.rrli ••
\\ ,-,•], , - M , | . ' , | :
r.lC,-.': M : i n - l i ",
April
10
43, 447
44, 501
45, 727
.. 46, 334
(2)
44, 467
44, 873
45, 384
45, 899
46, 654
46, 762
47, 154
47, 224
(2)
(2)
_
(2)
(2)
(2)
(2)
1, 567
3, 269
2, 099
2, 067
2, 994
3, 638
3, 403
3, 626
3, 290
2, 877
2, 678
2, 357
2, 122
2, 018
2, 172
2, 533
3,015
2, 925
2, 702
1, 913. 0
4, 209. 2
2, 803. 0
3, 022. 7
4, 358. 1
435. 5
500. 9
419. 4
457. 2
403. 9
321. 9
333. 5
263. 4
255. 3
261. 4
286. 0
395. 2
350. 0
380. 0
State programs
Insured
unemployment
(2)
(2)
(2)
(2)
(2)
(2)
2,
2,
2,
2,
2,
891
834
759
631
510
Initial
claims
Insured unemployment as perExhaus- cent of covered
employment
tions
Unad- Seasonadjusted ally
justed
Weekly average, thousands
23
268
1, 450
370
2, 509
50
1, 682
33
281
331
31
1 , 900
350
46
2, 290
49
480
3, 394
372
53
3, 168
367
58
2, 779
54
297
2, 328
279
53
1, 991
50
357
1, 958
271
44
1, 744
257
38
1, 558
277
35
1, 502
320
34
1, 662
394
35
2,017
429
39
2, 486
320
39
2,410
273
39
2, 218
2,
(22)
2,
(2 )
2,
(2)
'.!•!.:1
2,
(2 )
:;i
2,
(2)
7 '•'•
()
H l u i r programs for temporary extension of benefits be' i'n'iiimrmry.
Id
NOV.
Percent
3. 6
6. 4
4. 4
4. 8
5. 6
8. 4
7.8
6. 8
5. 7
4. 9
4. 8
4. 3
3. 8
3. 7
4. 1
5. 0
6. 2
6. 0
5. 5
Benefits paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
1,
3,
2,
2,
3,
6. 3
6. 3
5. 9
5.6
S. 3
5. 3
B. 2
5. 1
5. 1
5. 1
4.8
4- 7
4.6
4.4
(22)
(2 )
(2)
()
(22)
733. 9
512. 7
279. 0
726. 7
422. 7
399. 3
461. 5
362. 5
320. 1
264. 4
224. 0
237. 2
185. 0
180. 9
190. 9
218. 5
314. 9
289. 0
310. 0
28. 17
30. 58
30. 41
32. 87
33. 80
34. 45
34. 37
34. 18
33. 46
32. 92
32. 91
33. 36
33. 12
33. 30
33. 67
34. 11
34. 44
34. 50
34. 75
5. 9
315
(22)
(22)
(2)
5. 8
306
(2)
(2)
(2)
270
5. 6
(2 )
(2)
(2)
5. 3
255
()
(2)
(2)
244
5. 0
(22)
(2 )
( 22 )
308
()
()
()
()
NOTE.—For definitions and coverage, see i960 Supplement to Economic
Indicators.
Data for Alaska and Hawaii included for all periods.
Source: Department of Labor.
397
345
271
149
035
NONAGRICULTURAL EMPLOYMENT
In March, nonfarm payroll employment, seasonally adjusted, was 54.8 million, up 50,000 from February.
MILLIONS OF WAGE
.,
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
60
ALL NONAGRICULTURAL ESTABLISHMENTS
56
5Z
50
48 Lj,
1959
1961
I960
CONTRACT CONSTRUCTION
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
(ENLARGED SCALE)
3.5
3.0
2.5
2.0
. 1 . 1 1 1
1959
I960
X SEASONALLY ADJUSTED DATA.
SOURCE:DEPARTMENT OF LABOR.
1959
1962
1961
1961
1962
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers :
Manufacturing (private)
Period
1955
1956
1957
1958
1959
1960 3
1961
_.
1961: February
March
April
May
June
Julv
August
September
October
November
December
1962: January
3
February
March 3"
Total,
unadjusted
Total
BO, 675
52, 408
52, 904
SI, 423
53, 380
54, 347
54, 076
50, 675
52, 408
52, 904
51, 423
53, 380
54, 347
54, 076
16, 882
17, 243
17, 174
15, 945
16, 667
16, 762
16, 268
9, 541
9, 834
9, 856
8, 830
9, 369
9, 441
9, 044
62, 523
52, 785
53, 171
53, 708
54, 429
54, 227
54, 538
54, 978
55, 065
55, 129
55, 503
53 737
53, 826
53, 986
53, 485
53, 561
53, 663
53, 894
54, 182
54, 335
54, 333
54, 304
54, 385
54, 525
54, 492
54, 434
54, 778
54, 828
15, 962
16, 023
16, 119
16, 275
16, 373
16, 392
16, 381
16, 323
16, 361
16, 466
16, 513
16, 456
16, 574
16, 609
8, 797
8, 820
8, 904
9,058
9, 114
9, 138
9, 131
9, 105
9, 112
9, 213
9, 244
9, 217
9, 314
9, 38!
Total
Durable Nondura- Total2
goods ble goods
1
Includes all fall- and part-time wage and salary workers in nonagric-ultural
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 nonaericultural employment of the
civilian labor force, shown on p. 9, which include proprietors, self-employed
parson?, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu-
Nonmanufacturing (private)
Contract Transporta- Wholesale
construc- tion and pub- and retail
tion
lic utilities
trade
7, 340 26, 879
2, 802
7, 409 27, 888
2, 999
7, 319 28, 104
2, 923
7, 116 27, 585
2, 778
7, 298 28, 523
2, 955
7, 321 29, 065
2, 882
7, 224 28, 977
2, 760
Seasonally adjusted
7, 165 28, 841
2, 765
2, 792
7, 203 28, 826
7, 215 28, 810
2, 766
7, 217 28, 845
2, 742
7, 259 28, 988
2, 795
7, 254 29, 108
2, 776
7, 250 29, 087
2, 770
7. 218 29, 045
2, 754
7, 249 29, 057
2, 758
7, 253 29, 067
2. 719
7, 269 29, 042
2, 699
7, 239 28, 949
2, 594
7, 250 29, 165
2, 685
7. 288 29, 094
2. 610
4, 141
4, 244
4, 241
3, 976
4, 010
4,017
3, 923
10, 535
10, 858
10, 886
10, 750
11, 125
11, 412
11, 365
3, 922
3, 919
3, 901
3, 903
3, 914
3, 942
3, 939
3, 939
3, 929
3, 927
3, 911
3, 906
3, 915
3, 918
11, 296
11, 252
11, 320
11, 355
11, 392
11, 437
11, 410
11, 363
11, 365
11, 374
11, 366
11, 384
11, 455
] 1, 439
Government
(Federal,
State,
local)
6, 914
7, 277
7, 626
7, 893
8, 190
8, 520
8, 831
8, 682
8, 712
8, 734
8, 774
8, 821
8, 835
8, 865
8, 936
8, 967
8, 992
8, 937
9, 029
9, 039
9, 065
meration of population, whereas the estimates In this table are based on reports
from
employing establishments.
2
Includes mining; finance, insurance, and rcr.l estate; and service and miscellaneous,
not shown separately.
;
~ Preliminary.
NOTE—Beginning 1959, data include Alaska and Hawaii.
Source: Department of -Labor.
11
WEEKLY HOURS OF WORK
In March, the average workweek of production workers in manufacturins was 40.5 hours (seasonally adjusted), or 0.2
hours above the February workweek.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
36
RETAIL TRADE
40
— *— T^r-rNe=s=aes^
1'
34 ———
T! i i i i i
1959
I
1959
I960
COUNCIL OF ECONOMIC ADVISERS
Average hours per week *
Manufacturing industries
Period
All
1956
1957--
_
- -
1958
1 959
1 960 5
1961
_
1961: February
March
April.
May...
J unc
.Inly1
Au; ust
Srpte iber
...
. . .
Orliil r
N ' c i v r I|>IT
1 I I M - I - I her .
I'lt',1.'' .1,'iini:
V
I ' V I i r i :i r v
fl
M . - m - l l •'•
-
\9SZ
1961
I960
SOURCE'. DEPARTMENT OF LABOR.
-
40. 4
39. 8
39. 2
40. 3
39. 7
39. 8
39. 3
39. 3
39. 7
39. 8
39. 9
40. 0
40. 0
39. 6
40. 2
40. 6
40. 4
39. 8
40. 3
40. 5
Contract
NonDurable durable
construc- Retail
trade
goods
tion
goods
Hours per week
41. 0
37. 5
39. 6
40. 3
37.0
39. 2
39. 5
36. 8
38. 8
40. 7
37. 0
39. 7
40. 1
36. 7
39. 2
40. 2
36. 9
39. 3
Seasonally adjusted
39. 6
38. 1
38. 8
39. 7
36. 9
39. 1
40. 0
39. 3
35. 7
40. 2
36. 3
39. 3
40. 4
36. 8
39. 5
36. 9
40. 5
39. 5
40. 5
37. 1
39. 3
39. 8
39. 2
36. 7
40. 6
39. 6
37. 2
37. 5
41. 2
39. 7
41. 2
35. 5
39. 7
40. 3
34. 4
39. 2
40. 9
37. 0
39. 5
41. 1
39. 9
(6)
workers or nonsupervisory employees.
Beginning
3
39. 1
38. 7
38. 7
38. 7
38. 5
38. 1
38. 4
38. 2
38. 2
38. 3
38. 1
38. 2
37. 9
38. 0
38. 0
37. 9
38. 1
37. 9
37. 9
(6)
Persons at work in noua^ricultural 2 industries
by hours worked per week
Under 35 hours
Part-time for
Over 40 35-40
economic reasons
hours
houre
Total
Usually Usually
partfulltime 3
time *
Millions of persons 14 years of ase and over
1. 1
0. 9
18. 7
27. 3
9. 4
1. 2
1. 0
17. 6
28. 6
9. 7
1. 6
1. 3
16. 6
28. 3
10. 4
1. 0
17. 3
27. 7
1. 3
11. 7
1. 2
1. 3
17. 7
11. 5
28. 7
1. 3
1. 5
18. 2
29. 0
11. 1
17. 4
17. 7
17. 7
18. 1
17. 9
17. 2
17. 7
18. 5
19. 3
39.5
19. 7
17. 8
18. 3
18. 9
27.9
29. 6
29. 9
29. 8
29. 9
27. 8
28. 4
29. 0
28. 4
29. 4
29. 1
28. 3
28. 2
29. 5
12. 7
11. 4
11. 3
11. 4
10. 5
9. 9
9. 7
13. 2
11. 9
11. 3
11.3
12. 1
12. 5
11. 2
7
1. 7
1. 5
1. 5
1. 3
1. 2
1. 1
1. 2
1. 1
1. 1
.1. 1
1. 1
1. 0
1. 0
1. 1
7
1. 4
1. 5
1. 5
1. 5
2. 0
1. 9
1. 9
1. 4
1. 2
1. 3
1. 2
1. 1
1. 2
1. 2
Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated.
*b Primarily includes persons who could find only part-time work.
Preliminary.
6
Not available.
' Average hours worked: usually full-time, 22.7; usually part-time, 17.1.
Source: Department of Labor.
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $2.38 in March, unchanged from February.
Average weekly earnings, however, rose to $95.91 in March, reflecting a rise in the workweek.
DOLLARS
e.eo
2.40
8.EO
£.00
1.80
1959
I
I960
1962
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average hourly earnings— current prices
Manufacturing industries Contract
conRetail
NonDurable durable
structrade
All
goods
tion
goods
Period
$1. 65
1. 74
1.78
1. 86
1. 95
2.05
2. 11
2. 19
2. 26
2. 32
2. 29
2. 29
2. 31
2. 32
2. 32
2. 33
2. 31
2.33
2. 34
2. 36
2. 38
2. 39
2. 38
2. 38
1952
1953
1954
1955
1956
1957
1958
1959
1960
19612
1961: February
March
April
May
June
July
August.
September
October _ _ _
November
December
1962: January 2
February
March 2
1
2
$1.75
1. 86
1. 90
1. 99
2. 08
2. 19
2. 26
2. 36
2. 43
2. 49
2.45
2. 46
2. 47
2. 48
2. 49
2. 49
2. 48
2. 50
2. 51
2. 54
2. 55
2. 56
2. 55
2. 56
$1. 51
1. 58
1. 62
1. 67
1. 77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 09
2. 09
2. 10
2. 11
2. 11
2. 12
2. 10
2. 12
2. 13
2. 14
2. 15
2. 16
2. 15
2. 15
$2. 13
2. 28
2. 39
2.45
2.57
2.71
2. 82
2. 93
3. 07
3. 19
3. 16
3. 14
3. 15
3. 16
3. 16
3. 16
3. 17
3. 22
3. 22
3. 24
3. 29
3. 33
3. 22
Not available.
S264S 0 — 62
3
Manufacturing industries
All
$1. 18 $67. 16
70.47
1. 25
1. 29
70. 49
1. 34
75. 70
1. 40
78. 78
1. 47
81. 59
1. 52
82.71
1.57 88. 26
1. 62
89. 72
1. 68 92. 34
1. 65 89. 31
1. 65
89. 54
1. 67
90. 78
1. 68 92. 10
93.03
1. 69
1. 69
93. 20
1. 69
92. 86
92. 73
1. 70
1. 71
94. 54
1.71 95. 82
96. 63
1. 69
1. 72
94. 88
1. 72
95. 20
95. 91
Earnings in current prices divided by the consumer priceindex on a 1961 base.
Preliminary.
1
Average weekly earnings— current prices
NonDurable durable
goods
goods
$72. 63 $59. 95
62. 57
76. 63
76. 19
63. 18
82. 19
66. 63
70. 09
85. 28
72. 52
88. 26
74. 11
89. 27
78.61
96. 05
80. 36
97. 44
82. 92
100. 10
96. 29
80. 47
80. 88
97. 17
81. 27
98. 31
82. 29
99.70
101. 09
83. 56
100. 35
84. 16
83. 58
100. 44
100. 00
83. 74
84. 77
102. 66
104. 39
85. 39
105. 32
85.57
84. 24
103. 17
103. 53
84. 28
104. 70
84. 93
Contract
Retail
constructrade
tion
$82. 86
86. 41
8& 91
90. 90
96. 38
100. 27
103. 78
108. 41
112. 67
117.71
114. 08
112. 41
112. 77
116. 29
119. 13
119. 76
122. 05
120. 43
123. 00
118. 26
114. 82
111. 22
113. 02
$47. 79
49. 75
51.21
53. 06
54. 74
56. 89
58. 82
60. 76
62. 37
64.01
62.87
62.70
63. 46
63. 84
64. 90
65. 57
65. 23
64. 60
64. 64
64. 13
64.73
64. 84
64. 67
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of I/abor.
Average
weekly
earnings,
all manufacturing
industries,1
1961 prices
$75. 63
78. 83
78. 50
84. 58
86. 67
86. 80
85. 62
90. 62
90. 72
92. 34
89. 58
89. 81
91. 05
92. 47
93. 22
93.01
92. 77
92. 36
94. 16
95. 44
96. 34
94. GO
13
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) increased almost 1 percent in March, bringing the total rise
since the low of February 1961 to about 1 3M> percent.
INDEX, 1957 = 100 ( SEASONALLY ADJUSTED)
140
TOTAL
INDEX, 1957=100 ( SEASONALLY ADJUSTED)
130
140
120
130
110
120
100
110
90
100
150
UTILITIES AND MINING
80
90
I960
1961
1962
1962
1962
I9S9
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1957=100, seasonally adjusted]
Period
1952
_.. . . ..
1953 1954
1955
1956
... ,
1957
..
1958 „-.
... _ _
1959
1960
1961 !_
1961: February
March
April
May
t ^
June
July
August September
October
November
December
1962: JanuaryFebruary
__
March l
J
Preliminary.
14
Industry
Total
industrial
production
Total
83. 8
90.8
85. 4
96. 0
99. 3
100. 0
92. 9
104. 9
108. 0
109.0
102. 1
102. 6
105. 6
108. 3
110. .4
112. 0
113. 0
111. 0
112. 8
114. 1
114. 8
113. 6
114. 8
115. 8
84. 8
92. 1
85. 8
96. 7
99. 5
100. 0
92. 4
105. 3
108. 2
108. 8
101. 3
101. 9
105.2
108. 2
110. 5
112. 2
113. 1
111. 0
112. 8
114. 2
115. 1
113. 7
115. 1
116. 0
Market
Final products
Manufacturing
NonDurable durable
Mining
Utilities
83. 3
86. 9
86. 9
95. 0
98. 9
100. 0
99. 9
110. 3
113. 4
116.8
110. 8
111. 6
113. 9
115. 5
117. 4
119.0
120. 2
118. 9
121. 2
121. 4
121. 6
120. 5
121. 3
121. 9
86. 5
88. 8
86. 2
94. 8
100. 1
100. 0
91. 4
95. 3
97. 1
98.0
96. 3
96. 3
97. 4
97. 1
97. 6
97. 8
98. 8
97. 1
99. 5
100. 6
100. 9
99. 0
99. 1
99. 3
65. 2
71. 1
76. 5
85. 4
93. 6
100. 0
104. 5
115. 0
123. 1
131. 2
125. 1
124. 9
127. 1
130. 2
131. 2
131. 6
134. 5
135. 4
135. 8
135. 1
134.7
136. 6
137. 5
139. 5
85. 1
96. 0
85. 0
97.9
100. 0
100. 0
86. 8
101. 5
104. 3
102. 9
94. 3
94. 7
98. 7
102. 7
105. 3
107. 3
107. 9
105. 1
106. 7
108. 9
110. 2
108. 6
110. 5
111.7
Total
85. 2
90. 7
86. 5
94. 6
98. 9
100. 0
95. 1
106. 5
110. 6
111. 9
106. 6
106. 7
109. 2
110. 8
112. 7
114. 3
114. 7
112. 9
115. 4
116.9
117.8
116. 2
117. 1
118. 2
Consumer
goods
82. 5
88. 1
87. 2
96. 5
98.7
100. 0
99. 0
110. 0
114. 4
116.2
110. 2
110. 6
113. 7
115. 4
117. 8
119. 5
119. 8
116. 4
119. 3
120. 7
121. 9
120. 5
120. 6
121. 6
Equipment
90. 0
96. 1
85. 0
90. 9
99. 1
100. 0
87. 3
99. 5
102. 9
103. 5
99. 5
99. 0
100. 1
101. 6
102. 4
103.9
104. 7
105. 9
107. 4
109. 4
109.7
107.7
110. 1
111. 6
Source: Board of Governors of the Federal Keserve System.
Mate' rials
82. 7
90. 8
84. 4
97.1
99.7
100. 0
91. 0
103. 5
105. 7
106. 4
98. 2
99. 1
102. 9
106. 2
108.7
109. 5
111.2
109. 2
110. 7
111. 2
112. 1
111.4
112.9
113. 7
PRODUCTION OF SELECTED MANUFACTURES
In March, output of most manufactures (seasonally adjusted) increased or was maintained at February levels. The
largest increases were registered among durable goods industries, particularly the machinery, transportation, and
furniture groups.
INDEX, 1957 = 100 [SEASONALLY ADJUSTED)
INDEX, I95r=l00 (SEASONALLY ADJUSTED)
160
100
120
1959
I
I960
I
1961
1962
1961
1962
COUNCIL OF ECONOMIC A.DVISE
(SOURCE; BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1957=100, seasonally adjusted]
Durable manufactures
Period
1952
1953 --_ ..
1954
1955
. ..
1956 --
_ ...
1957
1958 ...
1959 1960
1961'.-1961: February
March
April
May
June
July
August
September
October
November
December
1962: January
February
March '
1
1 Preliminary.
Not available.
Nondurable manufactures
FabriTranspor- Lumber Textiles,
Primary cated
Machin- tation
and
apparel,
metals
ery
metal
equipprodand
products
ucts
leather
ment
_ .
_ ._
88. 5
100. 3
81. 3
105. 5
103.7
100. 0
78. 0
89. 5
90. 3
88. 2
72. 6
73. 5
82.0
89. 9
92. 3
94. 6
98.2
98. 7
95.9
96. 2
99. 0
100. 5
105. 6
106
87.8
98. 8
88.8
96. 9
97. 4
100. 0
91. 6
103. 9
106.0
104. 9
95. 7
96. 3
98. 6
104. 8
107. 3
108. 1
111. 0
105. 3
109. 8
111. 8
112. 2
111. 5
113. 0
113
88. 4
96. 4
84.3
92. 6
102. S
100. 0
85. 2
102. 8
106. 4
106. 1
100. 8
100. 5
102. 9
104.3
107. 3
110. 2
108. 5
107. 8
108. 4
109. 8
112. 2
111. 4
112. 8
115
68. 6
86. 2
78.7
95. 9
91. 5
100. 0
84. 2
97. 8
101. 7
97. 3
87. 6
88. 1
94.0
99. 0
100. 6
102. 2
102. 7
94. 5
100. 5
106. 0
107. 7
103. 5
104. 5
106
100. 9
106. 7
103. 9
114. 2
109. 9
100. 0
99. 7
113. 1
106. 5
105. 2
99. 2
99. 8
105.7
106. 6
110. 6
111. 2
108. 8
107.4
103. 4
104. 7
106. 9
101.4
106.
1
(2)
92. 2
93. 6
89. 6
98. 4
101. 1
100. 0
99. 2
115. 2
114. 8
115. 6
107. 4
110. 2
111. 8
113. 3
115. 7
118. 2
120.3
118. 1
121.7
121. 6
122. 9
119. 6
120. 4
122
Paper Chemicals, Foods,
and
petrobeverprint- leum, and ages, and
rubber tobacco
ing
79. 4
84. 5
86.9
94. 6
99. 3
100. 0
99. 2
107. 6
111. 5
114. 9
111. 4
111. 2
113. 1
113. 6
114. 9
114. 8
117. 8
117. 1
117. 4
118.0
118. 7
118. 0
119. 3
120
74.5
80. 2
79.3
91. 8
96. 3
100. 0
98. 8
112. 7
117.7
122. 6
113. 4
113. 3
118. 0
121. 7
124. 6
127. 4
127. 3
125. 7
128. 4
128. 8
129. 6
128.0
128. 9
129
90. 2
91. 2
92. 8
96. 2
99.8
100. 0
102. 1
106. 5
109. 4
113. 2
110. 1
111. 2
111. 9
112. 1
113. 1
113. 9
114. 2
113. 8
116. 1
116. 1
114. 6
115.3
115. 5
116
Source: Board of Governors of the Federal Reserve System.
15
WEEKLY INDICATORS OF PRODUCTION
Cars and trucks assembled, freight loaded, and paperboard produced were higher in March than in February.
Steel produced and electric power distributed were down about 2 percent in March.
MILLIONS
MltUONS OF TONS
OF SHORT TONS
(DAILY A V E R A G E )
BITUMINOUS COAL
119621
•
I960
i
jjt
./— -4
196,
I I 1 I I 1 i I 1 I I I I I t I I I I I t 1 I I I I3i I I I \ 1 I I t I I M I 1 I I I
J
F
M
A
M
J
J
A
S
O
BILLIONS OF KILOWATT HOURS
19
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Weeklv average:
1956
1957
1958
1959
1960 2
1961
-1961: February. -_
March
April
May,
June. JulyAugust
September
October
November
December
1962: January-- ..
February
March 2
Week ended:
1962: March 10
17
24
31 2
April
7
14J3___
1
3
1
Daily average.
Preliminary,
Not charted.
16
Bituminous Freight Paperboard
Electric
Cars and trucks
Steel produced
power
coal mined
loaded
produced assembled (thousands)
Index
distributed (thousands (thousands
Thousands'
(thousands
of net
(1957-59 = (millions of
of short
of cars)
Total
Cars Trucks
of tons)
tons
kilowatt-hours) tons) '
100)
2, 204
2, 162
1, 635
1, 792
J, 899
1,880
1,560
1, 600
1, 768
2,027
1,993
1,831
1,955
2,083
2,071
2, 039
2, 165
2,337
2,425
2, 388
118. 3
116. 0
87. 8
96. 2
101. 9
100. 9
83. 7
85. 9
94. 9
108. 8
107. 0
98.3
104. 9
111. 8
111. 2
109.4
116. 2
125.4
130. 1
128.2
11, 292
11, 873
] 2, 076
13, 206
3 4, 685
15, 139
14, 854
14, 473
14, 295
14, 223
15, 100
15, 274
15, 917
15, 518
15, 146
15, 576
16, 287
16, 592
16, 340
15, 998
1, 693
1, 644
1,380
1,380
1,390
1,343
1, 222
1, 104
3, 212
1, 309
1, 447
1,292
1, 392
1,408
1,501
1, 525
1, 392
1,447
1,333
1, 328
728
683
581
596
.585
550
489
501
527
555
582
543
593
588
645
577
509
518
530
548
274
272
275
307
306
320
303
319
316
320
333
268
334
327
353
341
314
305
348
357
132. 8
138. 6
98. 4
129.5
151. 8
127.8
113. 2
109. 9
135. 8
141.0
153.1
118. 8
60. 3
103. 3
146. 2
174. 4
171. 2
159. 5
158. 5
161. 3
111. 6
117. 6
81. 6
107.6
128. 7
106. 1
91. 4
88. 7
111. 7
118. 4
127. 5
97.7
44. 6
83.8
125. 1
149. 7
145.4
136. 7
134. 0
136. 9
21.2
21. 0
16. 8
21. 9
23. 1
21. 7
21. 9
21. 1
24. 1
22. 6
25. 5
21. 1
15. 7
19. 6
21. 0
24, 7
25. 7
22. 8
24. 5
24. 4
2, 367
2,387
2, 394
2, 417
2,361
2, 244 '
127. 1
128. 1
128. 5
129. 7
126. 7
120. 5
16, 418
16, 142
15, 879
15, 552
15, 569
1,313
1,369
1,372
1,373
1, 379
3
1, 337
526
545
556
565
548
350
358
354
366
351
157. 2
160. 4
165. 2
162. 4
3
168. 5
168. 2
133. 2
135. 6
140. 4
138. 4
144. 9
142. 5
24. 1
24. 9
24. 7
23. 9
23. 5
25. 6
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
Outlays for new construction (seasonally adjusted) were about the same in March as in February. A small rise in
"other" private construction was offset by a decrease in the public area. Construction contracts rose 31/2 percent in
February.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL BATES
TOTAL NEW CONSTRUCTION
PRIVATE RESIDENTIAL
(NONFARM w
01
,
I956
I957
,
, -i ,
I
,
,
I958
,
,
I
L.
i i i i i I t i i i i
I959
1
I960
. i i i i I i i i - i
1961
1962
*SEE NOTE 3.IN TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE,
Private
Period
1957
. ^ _ . _ ...
1958
1959
1959 (ne"\v series) 3
1960
_ .. 19G1
Total new
construction
expenditures
47. 8
49. 0
54. 1
56. 6
55. 6
57. 4
Total
33. 8
33. 5
38. 0
40. 3
39. C
40. 4
Pt,esidentia
(nonfarm)
Commercial and
industrial
Billions of dollars
17. 0
7. 1
18. 0
6. 0
22. 3
6. 0
25. 0
6. 0
22. 5
7. 0
22. 5
7. 4
Other
Construction contracts 1
Commervalue, cial and inFederal, Total
48
States
dustrial
State, and
(index,
floor space
local
1957-59 =
(millions
100)
of square
feet) 2
9. 6
9. 5
9. 7
9. 3
10. 0
10. 4
14. 1
15. 5
16. 1
16. 2
16. 0
17. 0
10. 1
10. 3
10. 4
10. 6
10. 8
10. 8
10. 7
10. G
10. 5
10. 4
10. 3
10. 4
10. 4
10. 6
17. 8
17. 3
16. 5
16. 3
16. 9
15. 9
10. 7
17. 2
17. 1
19. 0
17.0
17. 9
16. 8
16. 4
Seasonally adjusted annual rales
1961- February
March
April
May
June _
July
.. .. .
August
.
September
October _
..
November
December _ _
1962: January
February
March 4
1
Compiled by F. \V.
!
Relates to 48 States
3
55. 7
55. 8
55. 5
55. 5
57. 2
57. 0
58. 0
£8. 9
58. 9
61. 0
58. 9
59.0
56. 7
50. 6
38. 0
38. 5
39. 0
39. 2
40. 3
41.2
41. 3
41. 7
41. 8
42. 0
41. 9
41. 1
39. 9
40. 2
20. 0
20. 5
21. 0
21. 3
22. 3
23. 1
23. 3
23. 8
24. 0
24. 5
24. 4
23. 2
22. 2
22. 1
Doclt-e Corporation.
beginning 1956 and to 37 Eastern States prior to 1956.
In addition to major differences between old and new series, data for
Alaska and Hawaii are included beginning January 1959.
7. 8
7. 7
7. 6
7. 4
7. 3
7.2
7. 2
7. 3
7. 3
7. 2
7. 2
7.5
7. 3
7. 4
421
359
440
440
461
443
Seasonally
Seasonally
adjusted
adjusted
annual
rates
443
95
104
458
421
103
102
431
111
448
110
428
116
477
103
460
401
114
507
116
119
498
115
453
119
537
93.
101.
105.
105.
105.
107.
2
7
1
1
2
6
'Preliminary.
NOTE.—Total value index has been converted to the base 1957-59=100.
Sources: Department of Commerce and F. W. Dodge Corporation.
17
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts increased sharply in March to an annual rate of 1,409,000 units (seasonally adjusted).
applications and VA appraisal requests also increased.
FHA
MILLIONS OF UNITS (ANNUAL RATE)
MILLIONS OF UNITS (ANNUAL RATE)
SEASONALLY ADJUSTED
NEW SERIES
PRIVATE NONFARM
HOUSING STARTS
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION { F H A ) , AND V E T E R A N S ADMINISTRATION (VA).
.t'QUNal OF K~Ot46MIC ADVISERS.
[Thousands of units]
Total housing
starts (farm and
nonfarm)
Period
1955
1956
1957
1958
1959
... ...
.. .
*
1959
1960
1961
1961: February.
March
April
May. ...
June.. .
July
August .
September
October.
November 4
December
1962: January 4
February
*_ __
March 4
Total
private
and
public
Private
Total
private
and
public
Total
Private
Government
programs
FHA
VA
Old series
1, 328. 9 1, 309. 5
(22)
1, 118. 1 1, 093. 9
(2 )
1, 041. 9
992. 8
( 2)
1, 209. 4 1, 141. 5
(2 )
1, 378. 5 1, 342. 8
()
New series 3
1, 553. 5 1, 516. 8 1, 531. 3 1, 494. 6
1, 296. 0 1,252. 1 1, 274. 0 1, 230. 1
1, 355. 4 1, 303. 7 1, 327. 2 1, 275. 5
81. 0
75. 8
77. 7
72. 5
104. 6
102. 2
107. 3
109. 7
115. 3
108. 7
113. 0
111. 0
126. 6
128. 3
130. 7
124. 2
132. 4
135. 3
129. 5
138. 3
128. 5
125. 2
126. 0
122. 7
130. 1
127. 0
127. 4
124. 2
122. 4
126. 5
120. 7
128. 2
126. 4
124. 0
121. 5
128. 9
102. 5
103. 8
105. 5
100. 8
82. 4
84. 5
86. 7
80. 2
80. 6
83. 0
81. 7
79. 3
77. 4
75. 9
76. 3
74. 8
114. 0
115. 7
113. 9
112. 2
(2)
(22)
( 2)
()
(2)
: represented by mortgage applications lor new home construction.
'Starts, C 20-11 (Supplement), Bureau ol the Census, May 19CO,
(Data lor Alaska and Hawaii included.)
Private housing
starts, seasonally adjusted annual rates
Nonfarm housing starts
1
276. 7
189. 3
168. 4
295. 4
332. 5
392. 9
270. 7
128.3
102. 1
109. 3
332.5
260. 9
244. 3
13. 0
20. 1
20. 1
23. 7
22. 1
21. 3
25. 5
20. 9
23. 4
22. 9
17. 3
18. 5
15. 5
20. 7
109. 3
74. 6
83. 3
4. 9
6. 4
6. 1
8. 0
7. 8
7. 3
8. 4
7. 3
9. 2
7. 3
5. 7
4. 0
5. 0
6. 1
Total
farm and Nonfarm
nonfarm
New series 3
j
1, 169
1, 896
1, 166
1, 291
1, 381
1, 343
1, 326
1, 383
1,434
1, 351
1, 297
1, S73
1,149
1,409
1, 115
1 262
i, 143
1, 268
1, 351
1, 318
1,301
1, 365
1,404
1, 328
1, 267
1, H 47
1,131
1,383
Proposed home
construction
Applications for
FHA
commitments '
Requests
for VA
appraisals 1
306. 2
197. 7
198. 8
341. 7
369. 7
620. 8
401. 5
159. 4
234. 2
234. 0
369. 7
242. 4
243. 8
16. 9
24. 0
20. 8
23. 9
23. 4
20. 6
24. 4
19. 6
22. 1
17. 4
16. 4
14. 5
18. 7
24. 6
234. 0
142. 9
177. 8
12. 0
17. 7
17.5
14.7
17. 6
15. 1
17. 4
15. 7
16. 1
13. 5
11.0
12. 9
12. 0
19. 0
Preliminary.
Sources: Department of Commerce, Federal Housing Administration (FHA),
.nd Veterans Administration (VA).
TRADE SALES AND INVENTORIES
Retail trade sales (seasonally adjusted) rose in February while sales declined at wholesale levels. Inventories showed
little change. According to preliminary estimates, retail sales increased to $19.3 billion in March.
BILLIONS OF DOLLARS *
14 _
BILLIONS OF DOLLARS »
RETAIL TRADE
1
16
_
WHOLESALE TRADE
_
DURABLE GOODS STORES
/>
*
10
INVENTORIES
^i****^
>*—n«k. __«*T™"
/* v^-™^
^-^^
-
J
NVENTOR1ES
12
^~~^r.~~-^»*™**^*~*~' +**/**•**/*'
y
^Z^^f
" ~*~--\ •s v
-
SALES
SALES
e ,.
8
„ ^
|
J
J
.!4
^
NONDURABt E
I
GOODS STO
16
i
,.,,,.
^
.,,,,1,1,1,
, , , , , ,
,,,,, j - , , , , ,1
INDEX, 1947-49 = 100 *
DEPARTMENT STORES
^ES
INVENTORIES
INVE NTORIES
jpt***
M*«
160
2^^^"
-X^"^""
^*s*~^
SALES
1nt,
,
1
140 ^/"'^/~" ~^M—
\
12
^^^S^^--^^^
ve^^f
^^<.+-
xx,
/
£
XSALES
-
-
120 -
n r, , , , i 1 , , 1 I ,
1959
1 i,
1
I960
, , , ! , , , , ,
i
, , , , , | , i, , ,^
,
ion
1962
1961
1959
I960
1961
i
1962
•SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNOR'S OF THE FEDERAL RESERVE SYSTEM.
Wholesale
Bales ' 3
Period
Sales '
Inventories 2
Total
COUNCIL OF ECONOMIC ADVISERS
Department stores
Retail
Inventories 2
NonDurable durable
goods
goods
stores
stores
Total
NonDurable durable
goods
goods
stores
stores
Billions of dollars, seasonally adjusted
1954
- 1955
1956
- 1957
1958
1959
i 000
1961
.-- -.
1961: January
Febriuirv „
March
April
May
June
July
Aaifust
September
October _
November-- _
December
1962- January 6
6
February
March 6
1
9. 7
10. 6
11. 3
11. 3
11. 1
12. 3
12 3
12. 6
12. 2
12. 4
12. 5
12. 1
12. 8
12. 8
12. 5
12. 8
12. ]
12. 9
13. 1
12. 7
13. 1
12. 8
10. 4
11. 4
13. 0
12. 7
12. 0
12. 6
1 3. 2
13. 5
13. 1
13. 2
13. 3
13. 4
13. 5
13. 5
13. 6
13. 6
13. 5
13. 4
13. 3
13. 5
13. 6
13. 0
14. 1
15. 3
15. 8
16. 7
16. 7
18. 0
1 8. 3
18. 2
]7. 8
17. 8
18. 1
17. 9
18. 0
18. 2
18. 0
18. 2
18. ]
18. 6
19. 1
18. 8
18. 8
19. 1
19. 3
Monthly average lor year and total for month.
-Book value, end of period, seasonally adjusted.
3
rofrinninp January I960, data include Aiaska and Hawaii.
4
End of period, except nnnna] data, which Eire monthly averages.
4. 8
5. 6
5. 5
5. 7
5. 3
6. 0
5. 9
5. 0
5. 4
5. 3
5. 5
5. 4
5. 5
5. 6
5. 5
5. 5
5. 6
5. 9
6. 2
5. 9
5. 9
6. 0
6. 2
9. 2
9.7
10. 3
11. 0
11. 4
12. 0
12. 4
12. 6
12. 4
12. 4
12. 6
12.5
12. 4
12. 6
12. 5
12. 7
12. 5
12. 7
12. 9
12. 9
12. 9
13. 1
13. 1
20. 9
22. 8
23. 4
24. 6
24. 3
25. 5
27. 2
26. 9
26. 8
26. 6
26. 1
26 2
26.2
26. 2
26. 3
26. 0
26. 3
26. 4
26. 8
26. 9
26. 9
23. 9
9.3
10. 5
10, 5
11, 4
10. 7
11. 3
12. 3
11. 5
11. 9
11. 7
11. 4
11. 2
11.3
11. 4
11. 5
11. 0
11. 3
11. 3
11. 4
11.5
11. 5
11. 5
11.7
12. 2
12. 9
13. 2
13. 6
14. 3
14. 9
15. 3
14. 9
14. 9
14. 7
14. 9
14. 9
14. 9
14. 9
15. 0
15. 1
15. 1
15. 3
15. 3
15. 3
15. 4
Sales '
Inventories 4
Index, 194
seasonally adjusted 5
128
118
136
128
148
135
152
135
136
148
144
156
146
165
166
149
162
1 42
161
145
161
146
162
148
164
144
163
149
1 (Hi
.
151
Jf>9
150
170
150
170
151
172
153
156
172
172
M9
1 50
171
i r.s
"Based on retail value.
'Preliminary.
Sources: I ) < > p ; i r f m r n f of
Reserve System.
19
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales (seasonally adjusted) rose by 2 percent in February and inventories by 1 percent, or $500
million; new orders were unchanged. Preliminary data indicate that new orders for durable soods dropped again
in March.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
4O
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SALES
NONDURABLE
SOODS
\
40
-7
DURABLE GOODS
1 iii i i i
Ii
DURABLE SOODS
\
^
20
^-MANUFACTURERS' NEW ORDERS.
NONDURABLE SOODS
NONDURABLE GOODS
X
DURABLE GOODS
1959
I
I960
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
Manufacturers' sales '
Period
1954
1955,
1956.
1957
1958
1959.
1960_
1961 _
Total
_
1961: January
February
March
April
May
June
July
...
August.
September
( )ctober
November
i h'cember
1962: J ; u i t i : i r y 3 3
I'Vbrunrv
M n r c h :l '<
_ ___
NonDurable durable
goods
goods
23. 5
26. 3
27. 7
28. 4
26. 2
29. 7
30. 4
30. 7
28. 7
29. 0
29. 6
30. 1
30. 7
30. 8
31. 1
31. 4
31. 4
31. 8
32. 2
32. 4
32. 1
32. 8
m<l iota! for month.
•'•nconaily adjusted.
20
11. 2
13. 1
13. 8
14. 2
12. 4
14. 5
34. 7
14. 5
13. 2
13. 3
13. 7
14. 1
14. 6
14.7
14. 8
15. 0
15. 0
15. 3
15. 6
15. 7
15. 6
15.9
16. 1
12. 3
13. 3
13. 9
14. 2
13. 8
15. 2
1 5. 7
16. 2
15. 5
15. 7
15. 9
16. 0
16. 2
16. 2
16. 3
16. 3
16. 4
16. 5
16. 6
16. 7
16. 5
16. 9
Manufacturers' inventories 2
NonDurable durable
goods
goods
Total
24. 1
26. 7
30. 7
31. 1
27. 9
30. 1
30. 9
31. 5
30. 8
30. 6
30. 3
30. 2
30. 2
30. 2
30. 4
30. 8
31. 1
31. 4
31. 5
31. 5
31. 9
32. 2
43. 0
46. 4
52. 3
53. 5
49. 2
52. 4
S3. 7
55. 2
53.7
53. 6
53. 3
53. 4
53. 4
53. 4
53. 6
54. 0
54. 4
54. 8
55. 0
55. 2
55.7
56. 2
3
18. 9
19. 7
21. 6
22. 4
21. 3
22. 3
22 9
23. 7
22 9
23.0
23. 0
23. 2
23. 2
23. 2
23. 2
23. 2
23. 3
23. 4
23. 5
23. 7
23. 8
24. 0
Manufacturers' new orders 1
Total
22. 5
27. 2
28. 3
27. 3
25. 9
30. 1
29. 9
31. 0
28. 5
29. 1
29. 8
30. 4
31. 0
31. 0
31. 3
32. 1
32. 2
32. 6
32. 7
32. 8
33. 0
33. 0
Preliminary.
Source: Department of Commerce.
Durable goods
NonMachinery durable
and
goods
Total
equipment
10. 2
3. 1
12. 3
4. 2
13. 9
13. 3
14. 4
4. 7
13. 9
4. 4
13. 1
14. 2
12. 0
3. 9
13. 9
14. 9
5. 0
15. 3
34. 3
4. 9
13. 7
14. 7
5. 2
16. 2
4,8
12. 9
15. 6
13. 4
4.8
15. 8
13. 8
5. 1
16. 0
14. 4
5.0
16. 0
14,8
5.2
16. 2
5. 3
14. 9
16. 2
5. 3
15. 0
16. 3
15. 6
5. 6
16. 5
15.7
5. 5
16. 5
16. 1
5. 6
16. 6
16. 1
5.8
16. 6
16. 2
5. 5
16. 6
16. 5
5.8
16. 5
16. 1
5. 6
16. 9
15. 5
5.5
4
Not charted.
MERCHANDISE EXPORTS AND IMPORTS
In February, exports (seasonally adjusted) rose sharply and imports fell slishtly, raisins the trade surplus to $514
million, the highest since March 1961.
BILLIONS OF DOLLARS
E.5
BILLIONS OF DOLLARS
I 2.5
SEASONALLY ADJUSTED
MERCHANDISE EXPORTS EXCLUDING
MUTUAL SECURITY PROGRAM
SHIPMENTS
GENERAL IMPORTS
I9S8
I960
SOURCES: DEPARTMENT dp COMMERCE, AND DEPARTMENT OF DEFENSE.
Period
[Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
General
imTotal (includ-1
Imports for consumption3
Domestic exports
ports2
ing reexports)
Indus- Finished
Indus- Finished
Season- Unadmanu- Season- Unad- Total Food- trial manuFood- trial
Total
'
ally adally ad- justed
facstuffs matefacstuffs matejusted
rials
tures
rials
tures * justed justed
Monthly average:
1953
1954
1955
1956
1957
1958
1959
1960
1961
1961: January
February _
March ApriL
May
June
July
AugustSeptember
October _ _
November
December
1962: January
February
COUNCIL OF ECONOMIC ADVISERS
1, 022
1,071
1, 191
1,444
1, 625
1,364
1, 366
1, 633
1, 672
1,646
1, 7S6
1, 711
1, 658
1,577
1,595
1, 668
1, 660
1, 688
1, 773
1, 716
1, 719
1,660
1, 888
1, 536
1, 606
1, 888
1, 648
1,676
1, 644
1, 558
1, 598
] , 556
1, 817
1,759
1, 777
1, 592
], 690
254
1,012
143
310
131
1,060
162
1, 180
351
216
441
1,432
529
1, 610
208
198
368
1, 350
210
365
1, 351
1, 617
230
510
254
486
1, 652
Unadjusted
221
494
1, 510
492
1, 593
245
1,857
283
525
242
454
1, 630
474
262
1, 658
239
457
1, 623
446
231
1, 538
226
493
1, 578
225
453
1, 540
309
522
1, 794
1, 740
288
513
284
513
1, 758
254
415
1, 567
1, 669
906
851
949
1,051
1,082
1,070
1, 267
1, 252
1, 227
614
620
667
775
872
784
776
877
911
795
856
1, 051
933
917
927
862
860
862
963
940
961
898
1, 151
1, 146
1, 158
1, 159
1, 155
1, 177
1,366
1, 261
1,280
1,SSS
1, Sll
1, 296
1, 320
1, 314
1, 150
I , 068
1, 255
1, 063
1, 223
1, 232
1, 285
1, 252
1, 197
1, 364
1, 342
1, 295
1, 373
1, 224
898
274
853
276
945
260
1,043
267
1,079
274
1,062
287
1,249
285
1, 251
274
1,220
277
Unadjusted
1,140
259
250
1, 058
1,260
311
251
1, 067
264
1, 217
287
1, 201
1, 259
275
285
1, 267
266
1, 196
301
1, 359
295
1, 337
280
1,273
285
1,354
263
1, 208
441
394
468
508
511
450
534
513
520
183
183
217
268
294
325
431
438
423
500
462
502
428
497
492
511
511
495
555
541
548
602
519
381
346
422
367
427
410
455
454
415
479
479
445
467
416
NOTE.—Btocause of revisions being made in series, subgroups do not necessarily
Include all ddata reflected in totals.
Sources: Department o. Commerce and Department of Defense.
Q-I
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. sold sales and increases in foreign dollar assets, rose $2.8 billion (seasonally adjusted annual rate). Subscriptions to international organizations were an important factor in the increase.
BILLIONS OF DOLLARS *
BILLIONS OF DOLLARS *
•40
U.S. PAYMENTS
U.S. PAYMENTS
30
U.S. RECEIPTS
IMPORTS OF GOODS :
AND SERVICES
40
U.S. RECEIPTS
TOTAL
— EXCESS OF RECEIPTS
PH
3 1
>
^ 1
<
<
^**^
'„
*
1
*
<
'
| EXPORTS OF GOODS ;
>
flND
SERVICES
1.
,,*•
-10 — EXCESS OF PAYMENTS -
i
i i i
O
SEASONALLY ADJUSTED ANNUAL RATES.
* INCLUDES UNRECORDED TRANSACTIONS^
SOURCE: DEPARTMENT OF COMMERCE.
0
^
|
1961
^
"i
>
1
t
1958
1
S
"
-,,,',-
'\
5
)
"- - ,...,•„„ , - ~ .
- . , " " • ; . i K;l
i
I
1959
i -J
't
1
) r 1* t v i
I960
-S LIQUID DOLLAR ASSET S.
1961
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. receipts
(recorded)
U.S. payments (recorded)
Balance
on rePeriod
Exports
of
goods
and
services
Foreign
capital
other
than
liquid
dollar
assets
U.S. grants and capital (net)
Imports
U.S.
goods
Government
grants
of
and
Total *
services
1954
1955
1956
1 957
1 958
1959
1 960
1901
17, 949
20, 003
23, 705
26, 733
23, 325
23, 709
27, 300
28, 316
210
351
576
428
-27
709
200
577
Private capital
[net payor receipts
and
(net)
corded
transactions
Direct
Total
( + )]
capital
16, 088
17, 937
19, 829
20, 923
21, 053
23, 537
23, 327
23, 079
2
3, 788
4, 007
6,017
6, 451
6, 153
5, 152
7, 454
7, 652
2
1,
2,
2,
2,
2,
1,
2,
2,
554
211
362
574
587
986
750
831
1,
1,
?,
3,
2,
619
211
990
175
844
1,
2,
1,
1,
1,
1,
2,375
3, 856
3, 951
1 717
— 1, 590
-1, 565
213
664
779
859
058
094
372
694
601
Unrecorded
transactions —
errors and
omissions
(net
receipts)
the U.S.
-1, 838
167
446
643
748
380
528
— 648
-616
-3, 600
-4, 428
— 1, 160
2, 484
-3, 544
— 5, 132
-848
- 1, 308
-216
— 1, 860
436
-824
-3,908
-4, 271
-3,281
Increase
in foreign
gold and
recorded
liquid
dollar
assets
through
transactions with
1, 550
1, 144
922
-535
3, 528
3,743
3,929
2, 454
Seasonally adjusted annual rates
I960: Third quarter
Fourth quarter
1901; First quarter
Second quarter
Third quarter
Fourth quarter
Ury !•
' Inn
174 mil
' Inrl
27,
28,
28,
27,
27,
29,
416
212
500
520
940
304
68
— 364
796
1, 100
28
384
23, 496
22, 016
21, 972
22, 156
23, 868
24, 320
7, 588
10, 260
8, 484
3, 980
7, 644
10, 500
; rcmittiinces and pensions not shown separately.
,** U.'tV.'i inillion increase in U.S. subscription to International Mone• r.S. subscription to International Development Association of
($?tMi million nt annual rate).
; Hnplt 1 direct investment transaction of $370 million ($1,480 million
22
3
2, 420
3, 472
3, 480
-100
3, 752
4, 192
4
4, 340
5, 868
4, 156
3, 204
3, 020
5, 424
4
1,
2,
2,
1,
1,
1,
624
736
000
232
880
292
34
4, 448
5, 736
1, 376
5
-624
6
3, 108
7
5, 956
3 4
fi
Includes advance debt repayment and interest payments on U.S. Government
loans of $774 million ($3.1 billion at annual rate).
6
Before adjustment for receipts ol -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 rose in February, led by a 0.6 percent rise in food prices. Prices of other nondurable commodities
aiso rose while those for durables remained stable. Services continued their upward price trend.
INDEX, 1957-59 = 100
I N D E X , 1957-59 = 100
105
90
1956
1957
1959
1958
1961
I960
SOURCE: DEPARTMENT OF LABOR.
All
items
Period
1951
1952
1953
.__
1954 _ _ _ _ _ _ _
1955 _
1956
_
1957
1958
1959
1960
1961 .
1961: January
February .
March
April
-.
_
_ _
xiM.a,j
Mav
-
_
_-
_-
June
July.
_.
-_
August _
September
October
November
December
_
1962: January
_ _
February _ _ _ _ _ _ _ _ _ _
90. 5
92. 5
93.2
93. 6
93. 3
94. 7
98. 0
100. 7
101. 5
103. 1
104. 2
103.8
103. 9
103. 9
103. 9
103. 8
104 0
104 4
104.3
104 6
104 6
104 6
104 5
104 5
104.8
[1957-59=100]
Commodities
Services
Commodities less food
Services
All comAll
Food
less
Nonmodities
services Rent
Durable durable
All
rent
95. 5
96. 7
96. 4
95. 4
94 4
95. 3
98. 4
100. 7
101. 0
101. 7
102. 4
102.2
102.3
102.2
102. 1
101. 9
102. 2
102. 8
102. 5
102. 8
102. 9
102. 6
102. 4
102.3
102.7
NOTE.—Series has been converted to the standard reference base 1957-59=100.
1962
COUNCIL OF ECONOMIC ADVISERS
95. 4
97. 1
95. 6
95. 4
94 0
94 7
97. 8
101. 9
100. 3
101. 4
102. 6
102. 8
102. 9
102.7
102. 7
102. 3
102. 5
103. 4
102. 7
102. 6
102. 5
101. 9
102. 0
102. 5
103. 1
95.9
96. 7
96. 8
95. 6
94 6
95. 9
98. 9
99. 8
101. 3
101. 8
102. 1
101.6
101.7
101. 6
101. 4
101. 5
101. 8
102. 1
102. 2
102. 6
103.0
102. 9
102. 6
102. 0
102. 2
101. 4
102. 7
101. 6
97. 7
94 9
94 9
98. 2
99. 7
102. 0
100. 7
100. 5
99.5
99.5
99. 2
99. 9
100. 0
100. 4
100. 6
101. 0
101.0
101.7
101. 6
101. 1
100. 8
100. 8
92.7
93.2
94.0
94 4
94 4
96. 5
99. 1
99. 8
101. 0
102. 6
103. 2
102. 9
103. 0
103. 1
102. 5
102. 5
102. 7
103. 0
103. 1
103. 8
103.8
103. 8
103. 6
102. 9
103. 3
Source: Department of Labor.
80. 4
84 0
87. 5
89. 8
91. 4
93. 4
97.0
100. 3
102. 7
105. 6
107. 6
106. 8
107.0
107.2
107. 3
107. 4
107. 5
107. 6
107.7
107. 9
108.0
108. 2
108. 5
108. 7
108.9
82. 3
85. 7
90.3
93. 5
94. 8
96. 5
98.3
100. 1
101. 6
103. 1
104 4
103. 9
104 1
104 1
1042
104 3
104 4
104 4
104 4
104 7
104 8
104 9
105. 0
105. 1
105. 2
80. 0
83. 8
87. 0
89. 1
90. 8
92. 8
96. 7
100.3
102.9
106. 1
108. 3
107. 5
107. 6
107.9
108.0
108. 1
108.2
108.3
108. 4
108. 6
108.7
108.9
109. 1
109. 3
109. 5
23
WHOLESALE PRICES
Wholesale prices were stable on the average in March, with prices of industrial products and processed foods down
slightly from February levels, and farm product prices continuing their upward trend.
INDEX,1957-59 = 100
INDEX, 1957-59 = 100
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS}
SOURCE: DEPARTMENT OF LABOR.
Period
1954 _
1955
1956
1957
1958
_
._
1959_- _ _
I960....
1961 3. .
1961: February
March
April
May
June
July
August
.
September _. _
October. . . _
November. _ _ _
December
1 902: January .
February
March 3
Week ended: 4
1902: April
3
10.. _ _
COUNCIL OF ECONOMIC ADVISERS
All
commodities
92. 9
93. 2
96. 2
99. 0
100. 4
100. 6
100. 7
100. 3
101. 0
101. 0
100. 5
100. 0
99. 5
99. 9
100. 1
100. 0
100. 0
100. 0
100. 4
100. 8
100. 7
100. 7
100. 6
100. 6
[1957-59=100]
Commodities other than farm products and foods (industrials)
Consumer finIndusIndusFarm
Procished goods extrial in- ProducAll intrial
prodessed
er
fincluding food
dustricrude termediucts
foods
ished
Durmate- ate maNonals1
2
goods
terials
rials
able
durable
104. 4
97. 6
91. 8
88. 0
89. 8
83. 1
95. 3
90. 4
85. 6
97. 9
94. 3
92. 4
96. 6
92.5
92.8
95. 8
102. 3
92. 0
95. 9
97.7
96. 6
94. 3
97. 0
96. 5
97. 7
98. 7
99. 2
97. 9
99. 2
100. 9
99. 6
99. 9
102. 9
100. 2
100. 1
96. 9
99. 4
99. 3
103. 6
99. 5
102. 1
102. 3
101. 0
101. 3
100. 8
97. 2
99. 2
101. 3
102. 3
99. 9
98. 3
101. 4
100. 9
101. 5
96. 9
101. 3
102. 5
100. 6
97. 2
100. 1
100. 5
96. 0
100. 8
101. 5
102. 5
102. 4
102. 5
95. 5
100. 6
100. 6
98. 3
101. 2
102. 5
100. 5
101. 6
96. 5
100. 6
102. 2
98. 1
101. 2
102. 4
100. 5
96. 5
100. 5
96. 6
100. 8
101. 1
101. 5
102. 4
100. 5
94. 8
96. 5
100. 0
99. 7
100. 9
100. 8
102. 5
92. 9
96. 8
100, 6
99. 9
101. 2
98. 9
100. 6
102.
5
97. 5
100. 6
95. 1
99. 8
101. 2
99. 7
100. 6
102.
5
98.
7
96. 7
99. 7
100. 5
101. 3
100. 2
100. 6
102. 5
99. 2
99. 9
100. 5
101. 2
95. 2
100. 2
100. 7
102. 6
95. 1
99. 7
99. 8
100. 3
100. 4
100. 5
101. 2
102. 7
97. 2
99. 8
100. 4
101. 4
95. 6
100. 1
100. 7
102. 7
97. 2
99. 9
100. 3
95. 9
100. 9
100. 9
101. 8
102. 8
100. 0
100. 2
102. 0
97. 9
101. 0
98. 5
101. 8
102. 8
98.2
100. 1
101. 7
98. 2
99. 9
100. 8
101. 8
102. 8
97. 1
100. 0
100. 0
98. 5
101. 4
101. 3
100. 7
97. 6
98. 0
jjlij, f rojj})s (Jor.s j}Qi, correspond exactly to coverage of this
.rludrs l i i ! r n i i r d i : i ! i ' innlerinl: for food injinufncturinfj and manufactured
iJ f i - i - d ; ; ; JucJudr. 1 ;, in pnr!, ri'mr. products for further processing,
i-llmliiiirv.
24
100. 5
100. 3
1
5
101. 0
100. 9
(55)
()
(55)
()
(5)
(6)
(55)
()
(5)
(s)
Weekly series based on smaller sample than monthly series.
Not available.
NOTE.—Feries has been converted to the standard reference base 1957-59=:i00.
Source: Department of Labor.
PRICES RECEIVED AND PAID BY FARMERS
In the month ended March 15, the index of prices received by farmers rose slightly.
remained unchanged and the parity ratio remained at 80.
The index of prices paid
INDEX, I9IO-I4 = IOO
INDEX, 1910-14 = 1
325
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES
250
225 — ^ f -
200 I i i i i i I i i i i
RATIO •*/
too
PARITY RATIO
1956
1
(957
i
1958
1959
I
-^RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
All farm
products
1952
1953
1954
1955
1956
1957
1958.
1959_
1960
1961
_____
_
1961: February 15
March 15
April 15
Mav 15
June 15
July 15
August 15
September 15
October 1 5
November 15
December 15
1962: January 15-.. _ _
February 15__
March 15
.
_
_
_
_ __
Crops
288
255
246
232
230
235
250
240
238
240
244
243
239
236
234
237
241
242
240
238
240
242
243
244
'Percentage ratio of imlex of prices received by farmers to index of prices paidInterest- taxes, and \vapc rates.
267
240
242
231
235
225
223
221
221
226
221
224
226
230
231
232
229
229
226
223
224
224
227
233
Prices paid by farmers
All items,
Livestock interest,
Family
Productaxes, and
and
living
tion
wage
rates
products
items
items
(parity
index)
Index, 1910-14=100
306
268
249
234
226
244
273
256
253
251
263
259
251
241
236
241
251
252
252
250
255
256
257
254
287
277
277
276
278
286
293
297
299
301
302
302
302
302
300
300
301
301
301
301
302
304
305
:i()5
271
269
270
270
274
282
287
288
290
291
292
290
290
291
290
290
290
291
291
291
292
293
291
2<l-l
Parity1
ratio
274
256
255
251
250
257
264
266
265
266
267
269
267
266
265
264
265
266
205
265
267
100
92
89
84
83
82
85
81
80
80
81
80
79
78
78
79
80
SO
.SO
7'.t
7!l
2(iS
lit IS
SO
'.!ii9
so
so
25
MONEY, CREDIT, AND SECURITY MARKETS
MOUKY SUPPLY
The money supply declined slightly less than seasonally in March.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
IGO
120
100 |—
1957
1956
1958
1959
!
I960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Averages of daily figures, billions of dollars)
Money supply
Seasonally adjusted
Unadjusted
Currency
Currency
Demand
Demand
Total
outside
Total
outside
deposits
'
deposits '
banks
banks
Period
1953:
1954:
1955:
]95(i:
957:
:>58:
959:
9(>0:
9(>1:
J9(iJ:
December
DecemberDecemberDecember
December
December
December
December
December
March
April
May
.]iine__
.Julv
August _ _ _
September
< iclnber
November
I )i v cf'inber
1 '. M 'i 'J : . 1 : t n u ; i r v
i'Vbrunrv
.M:ircli -'
Firs!, ], ; ,|f
Second h n l f -
_ ..
128. 1
131. 8
134. 6
136. 5
135. 5
140. 8
141. 5
140. 4
144. 9
141. 5
142. 0
142. 0
142. 1
142. 0
141. 8
1 43. 0
1 43. 7
144. 1
144. 9
144. 6
144. 4
144. 6
144. 6
144. 6
27. 7
27. 4
27. 8
28. 2
2S. 3
28. 6
28. 9
29. 0
29. 5
29. 0
29. 0
29. 0
28. 9
29. 0
29. 0
29. 2
29^ 3
29. 4
29. 5
29. 6
29. 6
29. 8
29. 8
29. 7
1962
COUNCIL OF ECONOMIC ADVISERS
100. 4
104. 4
106. 8
108. 3
107. 2
112. 2
112. 6
111. 4
115. 4
112. (i
113. 0
113. 0
113. 2
113. 0
112. 8
113. 8
114. 4
114. 6
] 15. 4
115. 1
114. 7
114. 8
114. 8
114, 8
131. 4
135. 0
137. 9
139. 7
138. 8
144. 3
144. 9
143. 8
148. 5
140. 1
141. 7
140. 0
140. 7
141. 1
141. 1
142. 4
1 43. 6
145. 3
148. 5
147. 8
144. 0
143. 1
143. 6
142. 6
28. 2
27. 9
28. 3
28. 7
28. 9
29. 2
29. 5
29. 5
30. 1
28. 6
28. 7
28. 7
28. 9
29. 2
29. 2
29. 3
29! 4
29. 7
30. 1
29. 4
29. 3
29. 4
5
29. 3
103. 3
107. 1
109. 6
111.0
109. 9
115. 1
115. 5
114. 3
118. 4
111. 4
113. 0
111. 3
111. 8
111. 9
111. 9
113. 1
114. 2
115. 6
118. 4
118. 3
114. 8
113. G
114. 1
113. 2
Related deposits
(unadjusted) 1
Gross
time
44. 7
48. 5
50. 0
51. 8
57. 1
65. 1
67.0
72. 5
82. 3
75. 9
76. 9
78. 1
79. 0
79. 9
80. 7
81. 3
82. 0
82. 0
82. 3
83. 9
85. 8
87. 7
87. 3
88. 1
NOTE.—See note, p. 27.
Source: Board of Governors of; e Federal Reserve System.
U.S. Government
demand
3. 8
5. 0
3. 4
3. 4
3. 5
3. 9
4. 9
4, 7
4. 9
4. 7
2. 9
4. 6
4. 5
4. 3
5. 5
5. 2
6. 5
5. 8
4. 9
3. 9
4. 7
5. 1
4. 2
6. 0
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans rose $1.6 billion in March, compared to a decline of about $100 million in March 1961.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
1959
END OF-MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS-
All commercial banks
End of period
1954
1955
.
1956
1957
1958
..
1959
1960 5
1961 ..
1961: February
March
AprilMay
June 5
July . s
August _ 3
September
__
October 5 5
November 5
December
1962: January 5r 5
Februarj
March 5 .
Investments
Total
loans
and
investments
Loans
155. 9
160. 9
165. 1
170. 1
185. 2
190. 3
199. 5
215. 6
199. 3
198. 0
199. 7
201. 2
201. 8
205. 1
205. 1
209. 9
210. 3
211. 3
215. 6
213. 7
214. 2
2] 5. 1
70. 6
82. 6
90. 3
93. 9
98. 2
110. 8
117. 6
125. 2
116. 7
116. 6
117. 2
117. 9
118. 0
118. 1
118. 5
120. 5
120. 5
121. 7
125. 2
122. 5
123. 9
] 25. 5
U.S. Government
securities
Business
loans 2
Billions of dollars
16. 3
69. 0
16. 7
61. 6
16. 3
58. 6
17. 9
58. 2
20. 6
66. 4
20. 5
58. 9
20. 9
61. 0
23. 9
66. 5
21. 3
61. 3
21. 7
59. 7
21. 8
60. 7
21. 9
61. 5
22. 1
61. 8
22. 3
64. 7
22. 5
64. 2
23. 3
66. 1
23. 2
66. 6
66. 2
23. 4
66. 5
23. 9
24. 0
67. 1
24. 4
65. 9
25. 3
64. 3
1
Member banks are all nations! banks and those State banks which have taken
membership in the Federal Reserve System.
'Commercial and industrial loans and prior to 1956 aerieultural loans. Series
revised
beginning January 1952, October 1955, JuJy 1958, July 195;i, and April 1901.
3
Debits durinp period to demand deposil accounts except i n l e r b i m k and
U.S.
Government. Prior to 1955, relate? to 3<M renter? outside New York C i i y ,
1
Averages of daily figures. A n n u a l d a t a are for December.
Other
securities
Weekly
reporting
member
banks *
22. 4
26. 7
30. 8
31. 8
2
31. 7
2
30. 5
31. 9
32. 9
31. 5
32. 2
2
31. 7
31. 5
31. 8
31. 3
31. 5
31. 8
31. 9
32. 1
32. 9
32. 0
32. 2
33. 0
2
Bank
All member banks 1
debits
outside
New York
Reserves *
BorrowCity (343
ings at
centers) ,
Federal
seasonally
adjusted Required Excess Reserve
Banks <
annual3
rates
Millions of dollars
18, 576
703
246
1, 148
18,646
594
839
1,277
652
18, 883
688
1, S85
710
18, 843
577
1, 468
557
516
1, 481
18, 383
482
18, 450
906
1, 656
1, 736
18, 527
87
756
19, 545
573
149
1, 832
1, 755
654
137
18, 310
1, 785
18, 263
546
70
1, 78 S
18, 266
56
618
96
1, 889
18, 307
549
612
1,824
63
18, 430
18, 482
1, 840
581
51
1,833
67
18, 619
604
1,848
18, 783
589
37
507
65
1,905
19, 153
614
105
1,904
19, 218
1,917
19, 545
573
14!)
19,473
(il(i
g, Oil
70
502
19, 069
1, 917
(18
•108
1 . 9K~
19, 076
0!
'Preliminary.
JIM
N O T K . — BoMviTti J : i n u : i r y u r t * !
expanded l o i n r l u d r d n t n (or n i l hu I t n l M A iii*!^ ;U!'I l l s t w n l ! i > i * t n l*»f siM m*IH
her hank:, I n c l u d e A l i m k u i t i t d l (I «n w i i l l lu'dMlillH! HK,< nifl IWju, f«|wi-H»pl»
I M i r l - ' r . l r l l l l I l . - w m li»!.l<'III
21
CONSUMER CREDIT
In February, total consumer credit outstandin3 declined about $700 million, compared to a decrease of $900 million
in February 1961.
BILLIONS OF D O L L A R S
BILLIONS OF DOLLARS
TOTAL CREDIT OUTSTANDING
\
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
^£S3£g*<?^^
g™^^—L";f-"j..i>i"g-^cni|||
_»f™..
C < M> <
n in t
.^^ef?- [C^>K>^-^<^
-^ ^
^•INSTALMENT CREDIT REPAID
(
1
f r r i f f f f f i t
1956
1957
1958
1959
Instalment
Total
1952
1953
1954
1955...
--1956
.- .- ....
1957
._- -1958
. 1959
_ .
1960
1961
1961: January
February
March
April
Mav
June__
_ _ __
July
. ... _
August _
September October
November
December __ _
1902: January
Kebruarv
1
27, 520
31, 393
32, 464
38, 807
42, 262
44, 848
44, 984
51, 331
55, 757
57, 139
54, 726
53, 843
53, 641
53, 756
54, 196
54, 602
54, 505
54, 739
54, 757
54, 902
55, 451
57, 139
56, 278
55, 592
Total >
19, 403
23, 005
23, 568
28, 883
31, 648
33, 745
33, 497
39, 034
42, 588
43, 163
42, 122
41, 662
41, 465
41, 423
41, 584
41, 888
41, 909
42, 090
42, 039
42, 181
42, 419
43, 163
42, 846
42, 632
Automobile
paper 2
7, 733
9, 835
9, 809
13, 437
14, 348
15, 218
14, 007
16, 209
17, 444
16, 960
17, 220
17, 017
16, 922
16, 877
16, 933
17, 061
17, 003
17, 061
16, 902
16, 913
16, 960
16, 960
16, 878
16, 900
AI.'.M un'Iudos other consumer goods paper, repair and modernization loans,
< | j i r i M j i i i i l loans, not shown separately.
• i u h M i w r r credit extended for the purpose of purchasing automobiles and
i'ijn'r) ) > v (ho Horns purchased
' ( 'un.sisis «f single-payment loans, charge accounts, and service credit.
28
1962
COUNCIl OF ECONOMIC ADVISERS
[Millions of dollars)
Consumer credit outstanding
(end of period; unadjusted)
Period
\
1961
I960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Noninstal-3
ment
8, 117
8, 388
8, 896
9, 924
10, 614
11, 103
11, 487
12, 297
13, 169
13, 976
12, 604
12, 181
12, 17C
12, 333
12, 612
12, 714
12, 596
12, 649
12, 718
12, 721
13, 032
13, 976
13, 432
12, 960
Consumer instalment credit extended and
repaid (seasonally adjusted)
Total i
| Automobile paper 2
Extended
29, 514
31, 558
31, 051
38, 944
39, 775
41, 871
39, 962
47, 818
49, 313
47, 984
3, 866
3, 812
3, 894
3, 800
3, 907
3, 962
3, 909
4, 038
3, 942
4, 209
4, 317
4, 315
4, 194
4, 302
Repaid
25, 405
27, 956
30, 488
33, 629
37, 009
39, 775
40, 211
42, 435
45, 759
47, 412
3, 875
3, 889
3, 907
3, 907
3, 895
3, 962
3, 937
3, 994
3, 956
4, 028
4,017
4, 051
3, 979
4, 066
Extended
11, 764
12, 981
1 1, 807
16, 706
15, 421
16, 321
14, 069
17, 544
17, 408
15, 779
1, 286
1, 216
1, 255
1, 225
1, 270
1, 296
1, 300
1, 302
1, 271
1, 405
1, 511
1, 471
1, 474
1, 49C
Repaid
10, 003
10. 879
11', 833
13, 077
14, 510
15, 451
15, 281
15, 411
16, 172
16, 262
1, 356
1, 353
1, 348
1, 356
1, 336
1, 354
1, 364
1, 362
1, 350
1, 372
1, 359
1,361
1, 380
1, 369
NOTE. — Data for Alaska and Hawaii included beginning January and August
1959, respectively.
„
-n
,
~
^ i~> -i i -r,
r. *
Source: Board of Governors off the Federal Reserve System.
BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills averaged somewhat less in March than in February.
Bond yields also declined.
PERCENT PER ANNUM
PERCENT PER ANNUM
1962
SOURCES: SEE TABLE BELOW.
Period
1954
1955
1956
1957
1958
1959
I960
1961
1961: February
March
April
May
June
July
August
September
October
November
December
1962: January
February
March
Week ended:
1962: March 10.
17.
24
31_.
April
7_
14.
21..
'COUNCIL OF ECONOMIC ADVISERS
[Percent ner annum]
U. iS. Government
High-grade
security yields
municipal
bonds
3-month
Taxable
Treasury
(Standard3 &
2
bonds
bills i
Poor's)
0. 953
2. 37
2. 55
2. 53
2. 84
1. 753
2. 658
2. 93
3. 08
3. 267
3. 60
3. 47
1. 839
3. 56
3. 43
3. 405
4. 08
3. 95
2. 928
4. 02
3. 73
2. 378
3. 90
3. 46
2. 408
3. 81
3. 33
2. 420
3. 78
3. 38
^ 80
2. 327
3. 44
2. 288
3. 38
x 73
2. 359
i. 88
3. 53
2. 268
3. 53
3. 90
2. 402
4. 00
3. 55
4. 02
3. 54
2. 304
3, 46
2. 350
3. 98
3. 44
2. 458
3. 98
2. 617
4. 06
3. 49
4. 08
3. 32
2. 746
2. 752
4. 09
3. 28
2. 719
3. 19
4. 01
2.
2.
2.
2.
2.
2.
2.
721
804
689
719
757
720
723
4. 06
4. 02
3. 97
3. 96
3. 90
'3. 89
3.
3.
3.
3.
3.
3.
23
18
18
18
14
11
Corporate bonds
(Moodv's)
Aaa
Prime
commercial
paper,
Baa
4-6
months
2. 90
3. 06
3. 36
3. 89
3. 79
4. 38
4. 41
4. 35
4. 27
4. 22
4. 25
4. 27
4. 33
4. 41
4. 45
4. 45
4. 42
4. 39
4. 42
4. 42
4. 42
4. 39
4. 40
4. 39
4. 39
4. 38
4. 37
!
4. 34
3. 51
3. 53
3. 88
4. 71
4. 73
5. 05
5. 19
5. 08
5. 07
5. 02
5. 01
5. 01
5. 03
5. 09
5. 11
5. 12
5. 13
5. 11
5. 10
5. 08
5. 07
5. 04
5.
5.
5.
5.
5.
5.
05
04
02
02
03
02
3
Weekly data are Wednesday figures. * Not charted.
on new issues within period.
Sources: Treasury Department, Board of Governors of the Federal
Series includes: Apri! 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
Reserve System, Standard & Poor's Corporation, and Moody's Investors
Service.
1952, bonds due or callable after 15 years.
1. 58
2. 18
3. 31
3. 81
2. 40
3. 97
3. 85
2. 97
3. 03
3. 03
2. 91
2. 76
2. 91
2. 72
2. 92
3. 05
3. 00
2. 98
3. 19
3. 26
3. 22
3. 25
3. 25
3. 25
3. 25
3. 25
3. 25
'3. 25
1
Hate
!
QQ
"°
STOCK PRICES
Stock prices averaged about the same in March as in February but have declined in recent weeks.
I N D E X , 1957-59*100
220
INDEX, 1957-59=100
220
ISO
160
130
!00
i i . i I i r . i i i i 70
1956
1957
1958
1962
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Composite
index 1
Period
Weekly average:
1953
._
1954
1955
1956
1957
1958
1959
1960
1961
1961: February__
March
April
Mav
June. _
July
August
September _
October
November
December _ _
1962: Januarv
February
March
Week ended:
1962: March 16
23
30
April
6
13 2 _ .
_
[1957-59^1001
Manufacturing
NonDurable
durable
Total
goods
goods
Utilities
Trade,
finance,
and
service
Mining
51. 9
61. 7
81. 8
92. 6
89. 8
93. 2
116. 7
113. 9
134. 2
125. 4
129. 8
133. 0
134. 9
132. 8
132. 7
137. 4
136. 2
138. 0
144. 0
145. 8
140. 4
142. 8
142. 9
46. 7
57. 6
79. 5
93. 2
90. 7
92. 5
116. 5
110. 9
126. 7
119. 2
123. 9
125. 8
127. 6
126. 0
125. 2
130. 1
128. 9
129. 1
133. 7
135. 6
130. 8
133. 4
133. 5
43. 0
54. 7
78. 7
91. 5
88. 5
90. 4
120. 8
117. 3
129. 2
121. 4
127. 8
128. 5
130. 6
128. 0
126. 5
131. 3
131. 7
132. 2
135. 7
138. 1
133. 6
134. 4
134. 0
49. 8
60. 0
80. 1
94. 5
92. 8
94. 4
112. 6
104, 9
124. 4
117. 3
120. 3
123. 3
]24. 9
124. 2
123. 9
129. 0
126. 4
126. 4
131. 9
133. 3
128. 1
132. 6
133. 1
73. 9
78. 6
108. 2
110. 6
93. 2
91. 0
115. 6
95. 8
105. 7
102. 6
104. 2
103. 4
107. 5
105. 1
103. 2
107. 0
106. 8
110. 1
109. 9
107. 9
108. 5
110. 5
107. 4
67. 3
75. 3
84. 8
86. 4
86. 3
95. 8
117. 6
129. 3
168. 4
156. 0
159. 2
168. 9
170. 0
164. 0
166. 7
170.6
168. 9
173. 9
186. 0
188.4
181. 4
183. 0
184. 2
60. 8
69. 1
87. 1
89. 9
82. 2
95. 1
122. 3
127. 4
160. 2
139. 8
146. 7
150. 4
153. 1
156. 0
158. 4
164. 2
166. 4
176. 6
187. 7
188. 0
175. 2
176. 4
175. 2
70. 4
78. 2
91. 6
104. 6
107. 2
97. 9
95. 0
73. 8
92. 5
89. 0
89. 2
93. 5
96. 9
97. 0
93. 1
92. 8
87. 3
90. 2
95. 1
101. 1
104. 1
109. 7
106. 6
144. 3
143. 2
141. 4
139. 8
137. 8
135. 0
133. 9
132. 0
130. 1
128. 1
135. 6
134. 6
132. 2
130. 6
128. 6
134. 4
133. 3
131. 9
129. 7
127. 7
107. 6
107. 1
106. 0
104. 2
103. 2
185. 5
184. 3
182. 0
182. 1
179. 8
177. 0
176. 9
175. 0
173. 9
171. 1
105.
104.
104.
104.
103.
' liu'liuics ;i(JO common stocks: 108 for durable goods manufacturing, 85 for non
duriil»l<> f,'oodp iiifinufncturinR, 18 for transportation, 342 for utilities. 45 for trade
Iliiunn-, itn<! service, nm] 10 for mining.
Not charted.
30
Transportation
NOTE.—Indexes are based on weekly closing prices.
Source: Securities and Exchange Commission.
5
6
1
1
4
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first 9 months of fiscal 1962 was $8.2 billion.
deficit was $4.7 billion.
BILLIONS OF DOLLARS
For the comparable period of 1961, the
BILLIONS OF DOLLARS
100
NET BUDGET EXPENDITURES
75
75
60
50
NET BUDGET RECEIPTS
o
I960
1958
1961
+ 10
NATIONAL DEFENSE
1959
I960
1961
BUDGET SURPLUS (+) OR DEFICIT
(ENLARGED SCALE)
75
(-)
+5
! FIRST 9 MONTHS
50
-15
1957
1958
I960
1961
1962
1957
1958
1959
I960
1961
1962
FISCAL Y E A R S
*EST1MATE
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1961:
year 1957
year 1958
year 1959
year 1960
year 1961
year 1962*__
.
_
year 19635•"__
.
__
February
.-_ __
5
March
, .
_
April55
May
June 5 _ _
__
_
_ .
_ _ _
July5 5
August
September 5 - _
_
_
_
October 5 6
November 5 _ _
December
1962: January 5 5
February
_ _ _ __ _ _
March 5 _
5
Cumulative totals first 9 months:
Fiscal year 1961
_ _
Fiscal year 1962,
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget expenditures
Net
National defense 1
budget
Department
Total
receipts
Total
of Defense,
military 2
69. 0
70. 6
43. 4
40. 8
71.4
68. 5
44 2
41. 3
80. 3
67. 9
46. 5
43. 6
76. 5
42. 8
77.8
45. 7
81. 5
77. 7
47. 5
44. 7
89. 1
82. 1
48. 2
51. 2
92. 5
93. 0
52. 7
49. 7
6. 2
6. 5
3. 8
3. 5
7.0
8. 5
4. 3
4. 0
6. 5
5. 1
3. 8
3. 5
7. 2
4. 2
6. 5
3. 9
8.0
4. 6
4. 3
10. 8
6. 3
3. 0
3. 2
3. 5
7.6
4. 0
6.4
3.8
6. 8
3. 6
8. 9
3. 9
7.8
4. 1
3. 8
3. 1
7. 5
4. 0
6. 4
4. 3
7. 2
4. 3
4. 1
8. 0
7. 4
4. 0
5. 4
4. 3
6. 9
3. 9
6. 7
4. I
7. 7
4. 3
9. 1
4. 6
55. 2
57. 0
1
Expenditures for m IHary activities of the ]">ep;irtnient of .Defense (military
functions and the niili ary assistance portion of the inulimj security program),
atoinic
energy, and dpf nse related services.
s
Military functions
m i l i t a r y assistance.
;
Includes p u n n i i i t r o securilirs held outside I he Treasury. Not. n i l of l o l n l
shown is Mibjrcf to st;i tilory debt i i n i i l a l i o n .
59. 9
65. 2
35. 0
37. 0
32. 0
3-1 9
Budget
surplus
or
deficit (-)
1.6
-2. 8
-12. 4
1. 2
-3. 9
-7.0
.5
.3
1. 5
— 1. 3
Public
debt
(end of3
period)
-4. 7
— 1. 1
.8
— 2. 0
-. 1
1. 4
270. 6
276.4
284. 8
286. 5
289. 2
295.8
295. 6
290. 7
287. 7
288. 2
290. 4
289. 2
292. 6
294.0
294. 0
290. 0
297. 3
290. 5
296. 9
297. -1
290. 5
— -1 7
— S. 2
287. 7
-Mm. 5
i, 9
-3. 3
— 1. 3
2. 2
6
Preliminary.
NOT,-:.---Total budget.
mental trnn.saetton,'".
utul t'Xj'->mUturt i "-. rvcUi'U' <n1i'
it tunl Unread n, the Hilil^*'!.
31
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of calendar 1962, cash receipts exceeded cash payments by $300 million; on a seasonally adjusted basis, however, payments exceeded receipts by $3.7 billion.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED )
BILLIONS OF DOLLARS
(SEASONALLY ADJUSTED )
30
EXCESS OF CASH RECEIPTS
EXCESS OF CASH PAYMENTS
-5
I
1959
CALENDAR YEARS
SOURCES: TREASURY DEPARTMENT, -AND BUREAU OF THE.BUDGET.
COUNCIL OF ECONOMIC ADVISERS ,
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal year total:
1957
1958
1959
1960
1061.
1 962 '
1963 '
Calendar year total:
1 058 "
1 959
1 !><!(>
1901 2
... _
_
_..
.
Qiiiirtorly total (calendar years):
ii'liO: Third quarter
Fourth quarter
H M i i ; First quarter _
Si-conn quarter2
Third quarter 2
F o u r t h quarter _.
l*Mi.' | it ii q u a r t e r '
* ftvllminury.
Cash payments to
the public
Excess of rereceipts
ceipts ( + ) or Cash
from the
payments
public
(-)
82. 1
81. 9
81. 7
95. 1
97. 2
102. 6
116. 6
80. 0
83. 4
94. 8
94. 3
99. 5
111. 1
114. 8
2. 1
— 1. 5
-13. 1
.8
-2. 3
-8. 5
1. 8
81. 7
87. 6
98. 3
97. 9
89. 0
95. 6
94. 7
104. 7
Unadjusted
-7. 3
-8. 0
3. 6
-6. 8
24. 2
24. 5
23. 4
27. 4
26. 7
27. 2
26. 0
— 8
-3. 9
1. 4
1. 1
23. 4
20. 6
24. 8
28. 5
23. 4
21. 3
26. 3
Cash payments to
the public
Excess of receipts (+) or
payments
(-)
Seasonally adjusted
o o
O. fj
-5. 9
.3
25. 1
24. 8
22. 5
25. 0
25. 2
25. 6
23. 9
23. 6
24. 2
24. 9
26. 9
26. 1
26. 8
27. 6
Sources; Treasury Department and Bureau of the Budget.
l«,r ir.U by I he mperliilemlont of Documents, U.S. Government Printing Office, Washington 25, D.C.
Price 20 cents per copy; $2.00 per year; $2.75 foreign
32
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 : 1962
1.5
.6
-2. 3
-I. 9
-. 9
-1. 2
-3. 7
@FedFRASER