Merchandise Exports and Imports

Name: Merchandise Exports and Imports
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 87th Congress 2nd Session Louis pi i n i E r Economic Indicators MAY 1962 Prepared for the Joint Economic Committee by the Council of Economic Advisers COMMENTS INVITED The Joint Committee in House Report 1410 March directed the committee staff to sponsor a review of Economic Indicators As part of this review which is being undertaken with the cooperation of the Council of Economic Advisers and the Bureau of the Budget it would be helpful to receive comments from the users of Economic Indicators The purpose of this monthly publication is to provide the committee the Congress and others with information on current economic trends in a concise and graphic form Selections for inclusion are limited to presently available data from Government or recognized private sources If you have suggestions relating to the series selected or to their presentation would you please write to the JOINT ECONOMIC COMMITTEE Senate Post Office Washington 25 B C by June UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong WRIGHT PATMAN Texas Chairman PAUL H DOUGLAS Illinois Vice Chairman SENATE HOUSE of REPRESENTATIVES JOHN SPARKMAN Alabama RICHARD 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 SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 20 cents a single copy or by subscription at 2 00 per year foreign 2 75 from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 25 D C Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions The domestic airmail subscription price is 4 60 per year The I960 Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is now available at 60 cents a copy u Contents TOTAL OUTPUT INCOME AND SPENDING Page The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment iv f 7 8 EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Average Hourly and Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Trade Sales and Inventories Manufacturers Sales Inventories and New Orders Merchandise Exports and Imports U S Balance of Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Bank Loans Investments Debits and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public 31 i 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 are in current prices ill TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product according to current estimates rose 6 billion seasonally adjusted annual rate or 1 percent from the fourth quarter of 1961 to the first quarter of 1962 The sain over a year earlier was 48 billion Billions of dollars quarterly data at seasonally adjusted annual rates Period Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter 19 62 First qu arter Personal Disposable consumption personal expenditures International Business Persons Personal Gross saving Gross private Excess of or retained domestic investdisearninvestment saving ings 2 ment S Foreign Net exports of goods Excess of and services net transfers trans or fers by of net Govern Net ExImexports ment exports ports ports S PI Government Net receipts Period Third quarter Fourth quarter 1961 First quarter Second quarterThird quarter Fourth quarter 1962 First quarter Surplus or deficit Tax and TransPurTrans on nontax fers chases Total fers income Net goods expendi interest and receipts receipts interest of and or and subtures and sub product accruals sidies sidies account ea 5 7a Expenditures Personal income p 3 less personal taxes and nontax payments fines penalties etc Undistributed corporate profits corporate inventory valuation adjustment capital consumption allowances and excess of wage accruals over disbursements 3 Net foreign investment with sign changed IV Gross Total Statis national income tical product Didiscrepor re ceipts expendiancy ture I Government transfer payments to persons foreign net transfers by Government net interest paid by government and subsidies less current surplus of government enterprises Not available NOTE Data for Alaska and Hawaii included beginning 2960 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Consumer expenditures accounted for about 31 2 billion of the 6 billion seasonally adjusted annual rate sain in gross national product in the first quarter of 1962 and government purchases for over 21 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 600 GROSS NATIONAL PRODUCT V 500 PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES I I I I IIMIMIIt l m l I I il I MI I III IIIH GROSS PRIVATE DOMESTIC INVESTMENT NET EXPORTS OF GOODS AND SERVICES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period I Government purchases of goods Personal Gross Total Net services Total congross private exports Federal national gross sump domestic of goods tion product national and expend invest services Total Total National Other in 1961 product ment defense2 itures prices SS8 S see S96 B S S S 69 6 Seasonally adjusted annual rates and Implicit price deflator for total GNP S State and local 1960 Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter 1962 First quarter Less SOS 1 SI 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 beginning 1960 Source Department of Commerce 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 ZOO 200 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME X SOURCE DEPARTMENT br COMMERCE COUNOl OF ECONOMIC ADVISERS Billions of dollars Total national income Period Compensation of employees Business and professional Rental income of persons Proprietors income Farm Net interest Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment S I Seasonally adjusted annual rates 1 960 Third quarter Fourth quarter First quarter Second quarter C Third quarter Fourth quarter 1962 First quarter Includes employer contributions for social insurance 2 Not available See also p 3 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income rose 2 8 billion seasonally adjusted annual rate in April to a record level of 438 7 billion Labor income accounted for most of the rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 450 TOTAL PERSONAL INCOME 300 LABOR INCOME BUSINESS PROFESSIONAL AND RENTAL INCOME DIVIDENDS AND PERSONAL INTEREST I960 SOURCE DEPARTMENT OF COMMERCE Period Total personal income S March April May June July August SeptemberOctober NovemberDecember 1962 January February March April J S 1962 CO UNCll OF ECONOMIC ADVISERS fBillions of dollars Labor income Proprietors income wage and Rental salary disDiviBusiness income dends bursements of Farm and pro persons and other fessional labor i ncome Seasonally adjusted annual S Compensation of employees see p 2 excluding employer contributions for social insurance and the excess of wage accruals over disbursements Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations Includes stepped up payment of National Service life Insurance dividends 1961 Less PerPersonal Transfer sonal con Nonagritributions cultural interest paypersonal income ments for social insurincome 2 ance rates of S1SO million 1 8 billion at annual rate in March and 218 million 2 6 billion at annual rate in July Preliminary NOTE Data for Alaska and Hawaii included beginning i960 Source Department of Commerce w DISPOSITION OF PERSONAL INCOME Both disposable personal income and personal consumption expenditures increased in the first quarter of 1962 the increase in income beins less rapid than in expenditures the saving rate dropped BILLIONS OF DOLLARS BILLIONS With OF DOLLARS 250 DOLLARS 2 200 DOLLARS OO 1 600 i AW SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT Period I I960 Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter 1962 First Quarter COUNCIL Of ECONOMIC ADVISERS OF COMMERCE Disposable personal income Total Personal income p 3 less personal taxes and nontax payments fines penalties etc Income in current prices divided by the implicit price deflator for personal consumption expenditures on a 1961 base 4 Per capita disposable personal income Saving as percent Populaof distion Personn posable thousaving Non1961 personal sands 3 Current Durable durable Services prices prices income goods goods percent Dollars Billions of dollars i Ji i I i i ti I S C Seasonally adjusted annual rates ti Personal consumption expenditures 3 Population of the United States including armed forces abroad Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures NOTE Data for Alaska and Hawaii included beginning 1960 Sources Department of Commerce and Council of Economic Advisers FARM INCOME Realized gross farm income 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 of 1961 level BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME 30 20 I NET FARM INCOME I INCLUDING NET INVENTORY CHANGE I SOURCE DEPARTMENT OF AGRICULTURE Income received by farm operators from farming Realized gross From all sources COUNCIL Of ECONOMIC ADVISERS Income received by total farm population Period I From From agricul nonagritural cultural sources sources ia i Net income per farm including net inventory change 4 Net ProducCash tion ex Exclud In eludreceipts penses ing in ing net in Current 1961 from Total 2 ventory ventory prices prices 5 3 marketchange change ings Billions of dollars Dollars Seasonally adjusted annual rates First quarter s Net income of farm operators from farming including net inventory change Income in current prices divided by the and wages received by farm resident workers family living items on a 1961 base 2 c Cash receipts from marketings Government payments and nonrnoney inNot yet available come furnished by farms a Source Department of Agriculture Inventory of crops and livestock valued at the average price for the year Series revised beginning 1952 00 the basis of 1959 Census of Agriculture definition of a farm The number of farms is held constant within a year i960 Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter index of prices paid by farmers for 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 1955 BILLIONS OF DOLLARS I EXCLUDING INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE 1961 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter 1962 First quarter 1 See p 2 Corporate profits before taxes and inventory valuation adjustment 1 TransManufacturing portation All All NoncomDurable durable muniother indusgoods Total tries goods cations indusindustries indusand tries tries public utilities f 2 for inventory valuation adjustment Not available Corporate profits after taxes Corporate profits before taxes Corporate tax liability Total NOTE Data for Alaska and Hawaii included beginnin Source Department of Commerce Dividend payments Undistributed profits GROSS PRIVATE DOMESTIC INVESTMENT In the first quarter of 1962 business fixed investment and inventories rose while residential construction fell resulting in a total gain of about billion seasonally adjusted annual rate in private investment BILLIONS OF DOLLARS BILLIONS OF DOLLARS GROSS PRIVATE DOMESTIC INVESTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total gross private domestic investment Period Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter 1962 First quarter New construction 1 Total Total Residential nonfarm Other y Seasonally adjusted annual 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 Change in business inventories Fixed investment Producers durable equipment rates Total Nonfarm NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the January February survey business firms were planning to spend 37 2 billion on new plant and equipment in 1962 about 8 percent more than in 1961 Quarterly increases of 1 Vz to 2 percent seasonally adjusted were anticipated for the first and second quarters of 1962 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION ABO DEPARTMENT OF COMMERCE 1962 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Transportation Manufacturing Period Mining Total i Total Third quarter Fourth quarter First quarter Second quarter Third quarterFourth ouartcr 1962 First quarter s Second quarter Excludes Durable NonduraRailroads Other goods ble goods I Seasonally adjusted annual rates fi agriculture Commercial and other includes trade service finance communications and construction 3 Estimates based on anticipated capital expenditures as reported by business Jn late January and February 1962 Includes adjustments when necessary for systematic tendencies in anticipatory data 8 Public utilities Commercial and other NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because tlie 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 Civilian employment rose less than seasonally in April and the unemployment rate seasonally adjusted remained at 5 5 percent MILLIONS OF PERSONS MILLIONS OF PERSONS CIVILIAN LABOR FORCE V UNEMPLOYMENT I I I I I I 1I I I 1I 1 I PERCENT OF CIVILIAN I I I I I I I I I1 I I I I I I I I 1 I PERCENT OF CIVILIAN LABOR LABOR FORCE FORCE UNEMPLOYMENT RATE SEASONALLY ADJUSTED r cm f I9SG T I IN 1961 I9S7 14 YEARS OF AEE AND OVER SOURCE DEPARTMENT OF LABOR Period COUNCIL OF ECONOMIC ADVISERS Civilian emCivilian employment ployment Unem Civilian NonNonploylabor AgriagriasriTotal ment force culTotal culcultural tural tural Thousands of persons 14 years of age and over Oil Unadjusted Seasonally adjusted 1 Total labor Civilian force includ labor ing force armed forces April June 76 790 July 76 153 August 75 610 September October 74 345 November December January 72 564 February 73 218 March 73 582 April April May S S Seasonally adjusted totals may differ from sum of components because totals and components have been seasonally adjusted separately 1960 Population Census data used in estimation procedure all other data based on 1950 Population Census Unemployment rate percent of Unem civilian labor force ployment Unad Seasonjusted ally adjusted Percent NOTE For definitions and coverage see Employment and Earnings Department of Labor Beginning 1960 data include Alaska and Hawaii Source Department of Labor 9 UNEMPLOYMENT INSURANCE PROGRAMS Insured unemployment averaged 2 2 million in April or about 1 4 million less than in April 1961 MILLIONS OF PERSONS MILLIONS Of PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS MAR JUNE SEPT OCT SOURCE DEPARTMENT OF LA80R March April May June July August September October November December January February March April3 Week ended 1962 April May 53 Thousands Weekly Includes Federal and State programs for temporary extension of benefits beginning Jane 1968 Not available Preliminary Not charted 10 DEC COUNCIL OF ECONOMIC ADVISERS All programs Insured Total unem benefits Insured Covered ploypaid unememploy ment milployment weekly lions of ment averdol J age i lars Period NOV State programs Insured unemployment as perInitial Exhaus cent of covered employment tions claims Unad Seasonjusted ally adjusted average thousands Percent S I Benefits paid Total Average milweekly check lions of dollars dollars NOTE For definitions and coverage see I960 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Kieo since January 1861 Source Department of Labor NONAGRICULTURAL EMPLOYMENT Nonfarm payroll employment seasonally adjusted increased nearly 250 000 in April for three fifths of the gain MILLIONS OF WAGE AND SALARY WORKERS 60 Manufacturing accounted MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS MANUFACTURING 96 s DURABLE GOODS INDUSTRIES NONDURABLE GOODS INDUSTRIES SO 8 Lj I IE 5 CONTRACT CONSTRUCTION ENLARGED SCALE WHOLESALE AND RETAIL TRADE ENLARGED SCALE 3 3 n s 3iO I960 SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR 1962 COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers Manufacturing private Nonmanufacturing private Total unadjusted Total SO SI March April S3 171 May June 54 429 July August September October November 55 129 December January 53 7S7 February 53 823 March April Period Total 1 Includes all full and part time wage and salary workers in nonagricultural establishments wbo worked during or received pay for any part of the pay period ending nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 9 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are based on an enu Contract Transporta Wholesale construc tion and pub and retail tion trade lic utilities Seasonally adjusted Durable Nondura Total 2 goods ble goods Government Federal State local meration of population whereas the estimates in this table are based on reports from employing establishments 2 Includes minimr finance insurance and real estate and service and miscellaneous not shown separately 3 Preliminary NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 1 WEEKLY HOURS OF WORK In April the average workweek of production workers in manufacturing was 40 8 hours seasonally adjusted or 0 3 hours above the March workweek HOURS PER WEEK SEASONALLY ADJUSTED 46 NONDURABLE MANUFACTURING HOURS PER WEEK SEASONALLY ADJUSTED 46 DURABLE MANUFACTURING I RETAIL TRADE p I960 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Average hours per week 1 Manufacturing industries Non Contract Durable durable construc Retail All trade tion goods goods Period March April 3VIay June July August September October November December January FebruaryMarch 6 April Hours per week iSeasoraoHj adjusted Data relate to production workers or nonsupervisory employees Beginning 1959 data include Alaska and Hawaii 2 Differs from total nonagricultural employment p 9 which includes persons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes Beginning 1960 data include Alaska and Hawaii 12 Persons at work in nonagricultural 2 industries by hours worked per week Under 35 hours Part time for economic reasons Over hours hours Total Usually Usually partfulltime time 3 Millions of persons 14 years of age and over Includes persons who worked part time because of slack work material shortages or repairs new job started or Job terminated Primarily includes persons who could find only part time work 6 Preliminary 6 Not available t Average hours worked usually full time 22 7 usually part time 17 5 Source Department of Labor AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing rose 1 cent in April to 2 39 earnings rose 65 cents reaching Average weekly AVERAGE WEEKLY EARNINGS 2 6O DURABLE GOODS INDUSTRIES e ft J A 1 w J r z J A V c y v ALL MANlIFACTUR1NG INDU STRIES GOOC s INDUSTRIES NC NDURABLE I I960 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average hourly earnings current prices Period Average weekly earnings current prices Manufacturing industries Contract conRetail NonDurable durable structrade All goods tion goods Manufacturing industries Contract Retail conNontrade Durable durable strucAll goods tion goods March 2 29 April May 2 32 June July 2 33 August 2 31 September 2 33 October November 2 38 December 19G2 January 2 39 February 2 38 2 March April 2 1 Earnings in current price divided by the consumer price index on a 1961 base Preliminary Not availaole Average weekly earnings all manufacturing industries 1 1961 prices P NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 13 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index seasonally adjusted rose 1 2 percent in April ment and materials shared in the increase INDEX 1957 IOO SEASONALLY ADJUSTED Consumer goods business equip INDEX SEASONALLY ADJUSTED 140 TOTAL no MANUFACTURING 130 NONDURABLE 120 no D URABLE SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Period March April May June July August September October November December 1962 January February March April1 Preliminary 14 Total industrial production m i Industry Manufacturing Total Market Final products NonDurable durable Mining Utilities J Total Consumer goods S Equipment Source Board of Governors of tbe Federal Reserve System Materials i o t PRODUCTION OF SELECTED MANUFACTURES The production of both durable and nondurable manufactures seasonally adjusted averaged 1 percent higher in April than in March Increases were widespread among the major groups with the exception of primary metals INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED CHEMICALS PETROLEUM AND RUBBER X S r IOO trs II 1 1959 SOURCE I BOARD OF GOVERNORS OF THE i GES AND TOBACf O i i ii 1 i i i i I i i ii COUNCIL OF ECONOMIC ADVISERS FEDERAL RESERVE SYSTEM seasonally adjusted Period H i March April Mav June July August September October November December 1962 January February March April i 1 Preliminary Not available Primary metals Durable manufactures Nondurable manufactures FabriTranspor Lumber Textiles Paper Chemicals Foods cated Machin tation and apparel and petrobevermetal ery equipprodand print leum and ages and products ment ucts leather ing rubber tobacco J sai Source Board of Governors o I the Federal Reserve System 15 WEEKLY INDICATORS OF PRODUCTION In April cars and trucks assembled continued to increase while steel production declined showed mixed trends MILLIONS OF SHORT TONS MILLIONS OF TONS Other weekly indicators DAILY AVERAGE r v vf i v K V V Mfo SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Bituminous Freight Paperboarc Electric Cars and trucks Steel produced coal mined power loaded produced Thousands Index distributed thousands thousands thousands assembled thousands of net millions of of short Total Cars Trucks of cars of tons tons 100 kilowatt hours tons 1 Period Weekly average s March April May June July August September October November December 1962 January February March April 2 Week ended 1962 April May Daily average Preliminary Not charted 16 io 8 Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Faperboard Association and Ward s Automotive Reports NEW CONSTRUCTION In April outlays for private construction seasonally adjusted rose to their highest level in 1962 but the rise was almost offset by a fall in public construction expenditures BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL NEW CONSTRUCTION r r r T Total new construction expenditures 1962 COUNCIL DF ECONOMIC ADVISERS Private Period I I Tr SEE NOTE t IN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE I Total Residential nonfarm Commercial and industrial Other Construction contracts l CommerFederal Total value cial and industrial State and 48 States floor space index local millions 100 of square feet 2 Billions of dollars new series Seasonally adjusted Seasonally adjusted annual rates 1961 March April May June July August September October November December 1962 January February March April i Compiled by F W Dodge Corporation Kelates to 48 States beginning 1956 and to 37 Eastern States prior to In addition to major differences between old and new series data for Alaska and Hawaii are included beginning January 1959 Seasonally adjusted annual rates Preliminary Sources Department of Commerce and F W Dodge Corporation 17 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts increased in April to an annual rate of units seasonally adjusted the hishest level in nearly 3 years FHA applications and VA appraisal requests declined MILLIONS OF UNITS ANNUAL RATE MILLIONS OF UNITS ANNUAL RATE PRIVATE NONFARM HOUSING STARTS y SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION IFHAI AND VETERANS ADMINISTRATION VA rcouNat OF ECONOMIC ADVISHIS Thousands of units Total housing starts farm and nonfarm Period I March April May June July August September October November December 1962 January 4 February March 4 April Total private and public i Nonfarm housing starts Private Total Government Private farm and Nonfarm programs Total nonfarm FHA VA Old series New series 3 New series Q Q S Total private and public i Units represented by mortgage applications for new home construction Not available See Housing Starts C 20 11 Supplement Bureau of the Census May 1960 for description Data for Alaska and Hawaii included 18 Private housing starts seasonally adjusted annual rates Proposed home construction Applications for Hequests for VA FHA commit appraisals1 ments Preliminary Sources Department of Commerce Federal Housing Administration FHA and Veterans Administration VA TRADE SALES AND INVENTORIES Retail trade sales seasonally adjusted rose 11 percent in March and preliminary estimates indicate a further rise of 1 percent in April Wholesale sales and trade inventories chansed little in March BILLIONS OF DOLLARS BILLIONS OF DOLLARS WHOLESALE TRADE RETAIL TRADE DURABLE GOODS STORES INVENTORIES INVENTORIES t J I INDEX l947 49s QO NONDURABLE GOODS STORES 180 INVENTORIES SEASONALLY ADJUSTED SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Wholesale Period Sales l Inventories 2 Retail Sales 3 Total NonDurable durable goods goods stores stores Department stores Inventories 2 Total NonDurable durable goods goods stores stores Billions of dollars seasonally adjusted I February MErch April May June July August SeptemberOctober NovemberDecember January 6 February March 6 6 April Montbly average for year and total for month 3 Book value end of period seasonally adjusted Beginning January 1960 data include Alaska and Hawaii End of period except annual data which are monthly averages I96B COUNCIL OF ECONOMIC AOVISK Sales 1 Inventories 4 Index seasonally adjusted s Based on retail value Preliminary Sources Department of Commerce and Board of Governors of the Federal Reserve System MANUFACTURERS SALES INVENTORIES AND NEW ORDERS Manufacturers sales seasonally adjusted and inventories each rose 400 million in March while new orders dropped Preliminary data indicate that new orders for durable goods in April were about the same as in March BILLIONS OF DOLLARS 4O BILLIONS OF DOLLARS MANUFACTURERS INVENTORIES 60 SO 40 MANUFACTURERS NEW ORDERS 30 NONDURABLE GOODS NONDURABLE GOODS DURABLE GOODS i t i 1 i i 1959 I960 SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE I i COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Manufacturers sales Period February March April May June July August September October November December 1962 January 3 February March April 3 4 1 1 Monthly Total NonDurable durable goods goods average for year and total for month Book value end oi period seasonally adjusted 20 Manufacturers inventories 2 Total NonDurable durable goods goods Manufacturers new orders 1 Total Preliminary Source Department of Commerce Durable goods NonMachinery durable and goods Total equipment Not charted MERCHANDISE EXPORTS AND IMPORTS In March exports seasonally adjusted fell sharply and imports rose moderately reducins the trade surplus to 270 million the lowest in 2 years BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED 2 0 MERCHANDISE EXPORTS EXCLUDIN6 MUTUAL SECURITY PROGRAM SHIPMENTS SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE Period Millions of dollars Merchandise exports excluding Merchandise imports Mutual Security Program shipments Total includGeneral 2imDomestic exports Imports for consumption 3 ing reexports 1 ports Indus Finished Indus Finished Season Unad Total Food trial manu Season Unad Total Food trial manually ad justed ally ad justed stuffs matestuffs matefacfacjusted tures rials tures justed rials Monthly average February March April May June July AugustSeptember October November December 1962 January February March Unadjusted Total exports less Department of Defense shipments of grant aid military supplies and equipment under the Mutual Security Program 2 3 Imports for immediate consumption plus entries into bonded warehouses Imports for immediate consumption plus withdrawals for consumption from bonded ware bouses COUNCIL OF ECONOMIC ADVISERS S S Unadjusted NOTE Because of revisions being made in series subgroups do not necessarily include all data reflected in totals Sources Department of Commerce and Department of Defense 21 U S BALANCE OF PAYMENTS Despite a small decline in exports of goods and services and a slight rise in imports in the first quarter of 1962 the overall deficit as measured by U S gold sales and increases in foreign dollar assets fell sharply to 1 8 billion seasonally adjusted annual rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS U S PAYMENTS U S PAYMENTS 30 U S RECEIPTS FM PORTS of GOODS v AND SERVICES j ZO U S RECEIPTS 10 r EXCESS OF RECEIPTS I EXPORTS OF GOODS I AND SERVICES EXCESS OF PAYMENTS I I 1959 I SEASONALLY ADJUSTED ANNUAL RATES INCLUDES UNRECORDED TRANSACTIONS EXCLUDES LIQUID DOLLAR ASSETS SOURCE DEPARTMENT OF COMMERCE I COUNCIt OF ECONOMIC ADVISERS Millions of dollarsj U S receipts recorded Period Increase in foreign Balance Unregold and on recorded U S grants and capital net Foreign corded recorded transactransliquid Exports capital Imports tions U S dollar other actions of of Private capital inet pay errors and Governthan assets goods goods omissions through ment liquid and and Total grants net dollar services transacor receipts receipts services and Total Direct assets tions with capital the U S net U S payments recorded First quarter Second quarter Third quarter Fourth quarter 1962 First quarter Seasonally adjusted annual rates Includes remittances and pensions not shown separately Includes over 400 million 1 7 billion at annual rate of subscriptions to Excludes 1 375 million increase in U S subscription to International Moneinternational organizations and other special capital outflows 6 tary Fund Preliminary not charted Includes advance debt repayment and interest payments on XJ S Govern ment loans of 774 million 3 1 billion at annual rate NOTE Data exclude goods and services transferred under military grants 4 Before adjustment for receipts oj principal and interest on government loans Source Dpnartmpnf nf Oommpmp paid in the previous quarter uv ot PRICES CONSUMER PRICES Consumer prices rose 0 2 percent in March with small increases occurring in each of the major commodity and service groups INDEX I N D E X SOURCE DEPARTMENT OF LABOR All items February March April Mav June July August September October November December 1962 January February March I COUNCIL OF ECONOMIC ADVISERS Period Source Department of Labor Services Commodities Commodities less food Services All comAll Food Rent less Non services modities All Durable durable rent WHOLESALE PRICES Wholesale prices fell on the average in April trial prices continued stable Prices of farm products and processed foods were down while indus INDEX I957 59 IOO 1NDEX IOO 115 FARM PRODUCTS 110 K k i 105 PROCESSED FOODS ALL COMMODITIES COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIALS SOURCE DEPARTMENT OF LABOR All commodities Period March April May June JulyAugust September October November December 1962 January February March April 3 4 Week ended 1962 May COUNCIL OF ECONOMIC ADVISERS Commodities other than farm products and foods industrials Consumer finIndus Indus ProducFarm Procished goods exAll intrial in er fintrial prodessed cluding food dustricrude termedi ished ucts foods DurNonals mate ate ma goods terials 2 able durable rials Coverage of the subgroups does not correspond exactly to coverage of this index 1 Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing 24 Preliminary Weekly series based on smaller sample than m onthly series Not available Source Department of Labor PRICES RECEIVED AND PAID BY FARMERS In the month ended April 15 the index of prices received by farmers fell slightly and the index of prices paid rose slightly The parity ratio was down 1 point to 79 INDEX I9IO I4 IOO INDEX I9IO I4 IOO PRICES PAID INTEREST TAXES AND WAGE RATES I I 200 RATIO RATIO 100 PARITY RATIO X n w lmn I960 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 March 15 April 15 Mav 15 June 15 July 15 August 15 September 15 October 15 November 15 December January 15 February 15 March 15 April 15 AH farm products Crops Percentage ratio ol index of prices received by farmers to index of prices paid interest taxes and wage rates Prices paid by farmers All items interest Livestock taxes and Family Producand living tion wage rates products items items parity index Index Source Department of Agriculture Parity ratio J MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The money supply increased more than seasonally in April BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED ISO ISO TOTAL MONEY SUPPLY DEMAND DEPOSITS AT ALL COMMERCIAL BANKS I2O I960 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period December December December December December December December December December April May ij o r June July August September October November December 1962 January February March April 2 First half Second half 1 2 Deposits 2 at all commercial banks Preliminary 26 1962 COUNCIL Of ECONOMIC ADVISERS Averages of daily figures billions of dollars Money supply Seasonally adjusted Unadjusted Currency Demand Currency Demand outside Total Total outside deposits deposits l banks banks Related deposits unadjusted 1 Gross time NOTE See note p 27 Source Board of Governors of the Federal Beserve System U S Government demand BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans rose 1 1 billion in April compared to a rise of 600 million in April 1961 BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS BANK LOANS INVESTMENTS IN U S GOVERNMENT SECURITIES 1959 END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL Of ECONOMIC ADVISERS All commercial banks I March April Mav June Julv August 5 September October 5 5 November December January 5 5 February March April 5 Investments Total loans and investments End of period Loans U S Government securities Billions of dollars Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System 2 Commercial and industrial loans and prior to 1956 agricultural loans Series revised beginning January 1952 October 1955 July 1958 July 1959 and April 1961 3 Debits during period to demand deposit accounts except Interbank and U S Government Prior to 1955 relates to 344 centers outside New York City Averages of daily figures Annual data are for December Other securities Weekly reporting member banks Business loans Bank All member banks1 debits outside New York Reserves 4 BorrowCity 343 ings at centers Federal seasonally adjusted Required Excess Reserve Banks 4 annual 3 rates Millions of dollars Preliminary NOTE Between January and August 1959 series for all commercial banks expanded to include data for all banks in Alaska and Hawaii Data for all member banks include Alaska and Hawaii beginning 1954 and 1959 respectively Source Board of Governors of the Federal Reserve System 2 Jt CONSUMER CREDIT In March total consumer credit outstandins rose about 90 million compared to a decrease of 200 million in March 1961 BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL CREDIT OUTSTANDING NONINSTALMENT CREDIT I960 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period February March April May June July August September October November December 1962 January February March Millions of dollars Consumer credit outstanding end of period unadjusted Instalment NonAutomoTotal instalTotal bile 2 ment 3 paper Also includes other consumer goods paper repair and modernization loans and personal loans not shown separately 5 Consumer credit extended for the purpose of purchasing automobiles and secured by the items purchased 3 Consists of single payment Joans charge accounts and service credit 28 I 1962 COUNCIL OP ECONOMIC ADVIStl Consumer instalment credit extended and repaid seasonally adjusted Total i Automobile paper 2 Extended Repaid Extended Repaid NOTE Data for Alaska and Hawaii included beginning January and August 1959 respectively Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES The rate on 3 month Treasury bills averaged a little higher in April than in March However bond yields declined PERCENT PER ANNUM PERCENT PER A N N U M SOURCES SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Period March April Mav June July August September October November December 1962 January February March April Week ended 1962 April 7 May Kate Percent per annum U B Government High grade security yields municipal bonds 3 month Taxable Standard3 2 Treasury bonds Poor s bills on new issues within period Series includes April 1953 to date bonds due or callable 10 years and after Aprfl 1952 March 1953 bonds due or callable after 12 years October 1941 March 1952 bonds due or callable after 16 years s Corporate bonds Moody sl Aaa Baa Prime commercial paper 4 6 months Weekly data are Wednesday figures Sources Treasury Department Board of Governors of the Federal Reserve System Standard Poor s Corporation and Moody s Investors Service a 13 STOCK PRICES Stock prices declined in April and early May INDEX I957 59 IOO 20 INDEX I9S7 59 IOO V v TRANSPORTATION SOURCE SECURITIES AND EXCHANGE COMMISSION Composite index 1 Period Weekly average March April Mav June July August September October November December 1962 January February March April Week ended 1962 April May COUNCIL OF ECONOMIC ADVISERS Manufacturing NonDurable Total durable goods goods Utilities Trade finance and service Mining S Includes 300 common stocks 108 for durable goods manufacturing 86 for nondurable goods manufacturing 18 for transportation 34 for utilities 45 for trade finance and service and 10 for mining 30 Transportation NOTE Indexes are based on weekly closing prices Source Securities and Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The bucket deficit for the first 10 months of fiscal 1962 was 9 7 billion deficit was 6 0 billion For the comparable period of 1961 the BILLIONS OF DOLLARS 100 NET BUDGET RECEIPTS BILLIONS OF DOLLARS NET BUDGET EXPENDITURES I9S8 1959 I IO NATIONAL DEFENSE I BUDGET SURPLUS OR DEFICIT ENLARGED SCALE 5 FIRST IOMONTHS FISCAL Y E A R S ESTIMATE 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 year year March April Mav June July 5 6 August September 5 October 5 5 November December January February 5 March 5 April 5 Cumulative totals first 10 months s Fiscal year 1961 Fiscal vear COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budget expenditures Net National defense 1 budget Department Total receipts Total of Defense military Expenditures for military activities of the Department of Defense military functions and the military assistance portion of the mutual security program atomic energy and defense related services 2 Military functions and military assistance Includes guaranteed securities held outside the Treasury Not all of total shown is subject to statutory debt limitation Budget surplus or deficit Public debt end of3 period J Estimate 1963 Budget Preliminary NOTE Total budget receipts arid expenditures exclude certain intragovernmental transactions Sources Treasury Department and Bureau of the Budget ol 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 2 billion BILLIONS OF DOLLARS SEASONALLY ADJUSTED 30 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 30 EXCESS OF 3ASH RECEIPTS Fftfl tvm m f EXCESS OF DASH PAYMENTS I 1 I9S6 1 I 1 l 1957 HI B H i 1 LJ i i i i i 1 i959 1 I960 1 l i r l l l CALENDAR YEARS COUNCIl OF ECONOMIC ADVISERS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Billions of dollars Cash receipts from the public Period Fiscal vear total Calendar year total Estimate 1963 Budget 32 Excess of re Cash receipts ceipts or from the payments public Preliminary Unadjusted Excess of receipts or payments Cash payments to the public Quarterly total calendar years Third quarter Fourth quarter First quarterSecond quarter Third quarter2 Fourth quarter 2 1962 First quarter Cash payments to the public Seasonally adjusted Sources Treasury Department and Bureau of the Budget For sale by the Superintendent of Documents TJ S Government Printing Office Washington 25 D C Price 20 cents per copy 2 00 per year 2 75 foreign U S GOVERNMENT PRINTING OFFICE 196Z

Merchandise Exports and Imports

DATE: May 1962

PART OF:

Economic Indicators : May 1962

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Merchandise Exports and Imports," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "May 1962," Economic Indicators (May 1962) : 25-25. https://fraser.stlouisfed.org/title/1/item/475/toc/222018 , accessed on December 5, 2019.

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Economic Data