Full text of Economic Indicators : July 1962
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87th Congress, 2nd Session u. s /fit' «a Economic Indicators JULY 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 [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 23, 1949. 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. ii 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 Page iv. ~ 1 2 3 4 5 6 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 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 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. 31 32 iii TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Revised estimates indicate that gross national product rose $7 billion (seasonally adjusted annual rate), or abouf percent, in the second quarter. The gain from the first quarter of 1961 was $51 billion. fBiJJions of dollars; quarterly data at seasonally adjusted annual rates] Period 1951 1952 1953 1954 1955 1956 1957 1968 1959 ---1960 1961.1960: Third quarter., Fourth quarter. 1961: First quarter,,. Second quarter. Third quarter,Fourth quarter. 1962: First quarter,-_ Second quarter*. Personal Disposable consumption personal income' expenditures 227. 5 238. 7 252.5 256. 9 274. 4 292. 9 308. 8 317. 9 337. 1 349. 4 363. 6 351.7 352.7 3543 361.0 366.3 372.6 375. 6 381. 6 209. 8 219.8 232. 6 238.0 256. 9 269. 9 285. 2 293.2 313. 5 328. 5 338. 1 329. 8 330.5 330. 5 335. 5 340. 1 346.1 350. 2 355. 0 International Business Persons Personal Gross Excess saving Gross private of (+) or retained domestic investearn-2 disinvestment ings saving ment 17.7 18. 9 19. 8 18. 9 17. 5 23. 0 23. 6 24.7 23. 6 20. 9 25.6 22.0 22.2 23.8 25. 5 26.3 26. 5 25. 4 26. 6 31. 5 33.2 34.3 35. 5 42. 1 43. 0 45. 6 44.8 51.3 52. 1 53. 6 52.0 51.2 50. 0 53.3 54. 1 57. 1 57. 1 W 56. 3 49. 9 50.3 4a 9 63. 8 67. 4 66. 1 56. 6 72.7 72. 4 69. 3 70. 3 66.5 60. 1 67.6 72. 4 76. 6 75. 9 77. 0 Foreign Net exports of goods Excess of net transfers and services trans(+) or fers by of net GovernExImNet exports ment exports ports ports -24. 8 -16. 6 -16. 0 — 13. 4 -21. 8 -24. 3 -20. 5 -11.9 -21.4 -20.3 -15. 6 -18. 3 — 15. 3 -10. 1 -14. 3 2. 1 1. 5 1. 6 1. 4 1. 5 I. 5 1.5 1. 3 1.5 1. 6 1. 6 1. 5 1.6 1.6 1.5 1.5 1. 6 1. 7 1. 7 — 18. 3 — 19. 5 — 18, 8 2. 4 1.3 -. 4 1.0 1. 1 2. 9 4.9 1. 2 , 0 *•""•« o 2.9 4, 0 2.8 4. 9 5. 3 4.0 2.8 3,8 3.7 3.5 17. 9 17. 4 16. 6 17.5 19. 4 23. 1 26. 2 22.7 22.9 26. 4 27.3 26. 5 27. 2 27. 4 26. 4 26. 9 28.3 28. 2 15. 5 16. 1 17. 0 16.5 18. 3 20. 2 21.3 21.5 23.6 23.5 23.3 23. 6 22.3 22.2 22. 4 24. 1 24. 5 24.5 -0.2 .2 2.0 .4 .4 -I, 5 -3. 5 .1 2.3 -1.3 -2.'1 -1. 3 •3.2 -3.7 -2.4 -1. 3 -2. 2 -2.0 -1.8 Government Gross Surplus Total Statis- national ( + ) or tical product deficit or Tax and TransPurTrans- (-)on receipts i discrepancy expendinontax chases Total fers, fers, income Net ture and interest, of goods expendi- interest, receipts receipts and or and subtures and subproduct accruals sidies 6 services sidies account Net receipts Period 1951. 1952. 1953. 1954. 1955. 1956, 1957. 19581959, I960. 19611960: Third quarter Fourth quarter 1961; First quarter Second quarter Third quarter _ _ Fourth quarter 1002; First quarter 4 Second nuarter , 66. 6 72. 2 75. 7 68. 5 78. 4 84. 2 87.5 82. 0 f>5. 7 103. 8 103. 0 102. 7 100. 8 97. 8 101. 8 103. 3 109. 1 111.9 (*) 85. 5 90. 0 94. 9 90. 0 101. 4 109. 5 116. 3 115. 1 130, 2 141. 0 144,8 140. 0 139.6 138. 1 143. 9 145. 7 151. 5 154,6 Expenditures 18. 9 IS. 4 19. 2 21.5 23.0 25.3 28. 7 33. 1 34. 4 37.1 41. 9 37.3 38. 8 40, 3 42, 1 42. 4 42, 4 42, 7 43, 0 60. 5 76. 0 82. 8 75. 3 75.6 79.0 86. 5 93. 5 97. 2 99. 7 107. 4 100. 8 101. 4 104. 8 106.0 106. 9 112. 1 115.2 116. 5 'l-rannul Income (p. 3) less personal taxes and nontax payments (fines, penalUr». . , • t'iti||ilr|l>ut'<l corporate profits, corporate inventory valuation adjustment, ottrititi <-mt9timption allowances, and excess of wage accruals over disbursements. 1 Ni>t lurplitn Investment will) sign changed. ' I'rcllniliinry estimates by Council of Economic Advisers. ' Nut nviillnbli!. iv 79. 4 94. 4 302. 0 96. 7 98. 6 104.3 115. 3 126. 6 131. 6 136. 8 149. 3 138. 1 140. 2 145. 1 148. 1 149. 3 154. 5 157.9 159. 5 18. 9 18. 4 19. 2 21. 5 23.0 25.3 28.7 33. 1 34, 4 37. 1 41.9 37.3 38. 8 40. 3 42. 1 42. 4 42. 4 42.7 43. 0 6. 1 -3.9 -7. 1 -6.7 2. 9 5. 2 ]. 0 -11. 4 -1. 5 4. 2 -4. 4 1.8 -.7 -6.9 -4. 3 -3.6 -2. 9 327. 7 345. 6 364. I 362. 3 396. 5 421.6 443. 4 446. 0 485. 7 506. 8 521.8 507.9 506. 3 503. 7 517. 6 525. 2 540. 4 546. 3 ("1 1.2 1. 4 1.3 .9 1.0 -2. 4 -.6 -1. 5 -3. 0 — 3. 4 -3. 1 -4. 2 -3. 0 -3. 1 — 4, 4 -3.1 -1. 9 -1. 4 329. 0 347.0 365. 4 363. I 397.5 419.2 442. 8 444. 5 482. 7 503. 4 518. 7 503. 7 503. 3 500. 8 513. 1 522. 3 538. 6 545. 0 552. 0 ' Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of government enterprises. NOTE.-—Series revised beginning 1959. For details, see Survey of Current Business, July 1962. Data for Alaska and Hawaii included beginning I960. Source: Department ol Commerce (except as noted). GROSS NATIONAL PRODUCT OR EXPENDITURE Gross National Product rose $7 billion (seasonally adjusted annual rate) in the second quarter, according to the revised series. Consumer expenditures accounted for almost $5 billion of the gain and government purchases about $11A billion. BILLI 3NS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 6OO 600 - GROSS NATIONAL PRODUCT v 500 ——— 500 ^ ^ 1 r—>^ ^- - too 400 PERSONAL CONSUMPT ION EXPENDITURES 300 1 / 300 ' - 20O 200 GOVERNMENT PURCHASES OF GOODS AND SERVICES - _,_,_ ____^_A IOO •""•••., ,,,c """"....„ „ " ,„ 100 '" GROSS PRIVATE DOMESTIO^X" INVESTMENT *^"^ NET EX *ORTS OF GOODS AN 0 SERVICES v^ 0 .....«"| ^v-^-^- 1 1 1 1956 0 1 1 1957 1 1 1 1958 1 1 1 1959 I 1 I960 1 1961 1 -^PRE LIM1NARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. SOURC E: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED!. 1 -if 1 1962 1 COUN'at OF ECONOMIC ADVJS£fiS (Billions of dollars] Government purchases of goods and Total Personal Gross Implicit Net services gross Total conprice exports private national gross sump- domestic of goods Federal deflator Period State for total product national tion and Total Total i National2 Other and in 1961 product expend- investGNP, services ment local 1961=100' defense prices itures 1949 258. 1 181.2 3.8 22. 2 8. 9 17. 9 SS7. 6 33.0 40. 2 13. 6 76. 5 1950 365. 6 284. 6 195.0 .6 19. 3 5. 2 50. 0 39.0 14.3 19.7 77.8 329. 0 1951 _ . . . . . . S95. 8 209. 8 2. 4 5. 2 56. 3 60. 5 33. 9 21. 7 38.8 83. 1 1952 347. 0 219. 8 52. 9 411. 1 76. 0 6.7 49. 9 1.3 46. 4 23. 2 84. 4 365. 4 232. 6 1953 429. 9 82. 8 58. 0 9.0 50. 3 -. 4 49. 3 24. 9 85.0 1954 421. 2 363. 1 238.0 47. 5 6.7 48. 9 1. 0 75. 3 41.2 27. 7 86.2 397. 5 1955 256. 9 75. 6 6. 6 63. 8 1. 1 45. 3 39. 1 30. 3 87.5 454.1 419. 2 269. 9 2. 9 45. 7 5. 7 1956 .. .. .. 463. 8 67. 4 79. 0 40. 4 33. 2 90. 4 442. 8 1957.-, . .. - - - 472. 6 285. 2 86. 5 49. 7 5. 7 66. 1 4. 9 44. 4 36. 8 93. 7 444, 5 293. 2 52. 6 8. 3 1958—- 465. 1 56. 6 1. 2 93.5 44. 8 40. 8 95. 6 496.2 482. 7 1959 313. 5 -.8 53. 6 7.9 72.7 97. 2 46. 2 43. 6 97. 3 503. 4 1960 72. 4 2. 9 53.2 8. 1 609. 4 328. 5 99. 7 45. 7 46. 5 98.8 518. 7 1961 518. 7 338. 1 57. 0 4.0 107. 4 8.7 49. 0 50. 4 100.0 69.3 Seasonally adjusted annual rates 1960: Third quarter-.Fourth quarter 1961: First quarter Second quarter-Third quarter Fourth quarter. _ 1962: First quarter 4 Second quarter - 508. 8 508. 2 SOS. 4 513. 9 681. 7 536. 8 541. 5 545. 3 503. 7 503. 3 500. 8 513. 1 522. 3 538. 6 545. 0 552. 0 329. 8 330. 5 330. 5 335. 5 340. 1 346. 1 350. 2 355. 0 70.3 66. 5 60. 1 67. 6 72. 4 76. 6 75. 9 77.0 i Less Government sales. f These expenditures correspond closely with budget expenditures for national defense, shown on p. 31. s Gross national product in current prices divided by gross national product In 1961 prices. * Preliminary estimates by Council of Economic Advisers. 2.8 4. 9 5. 3 4. 0 2. 8 3.8 3. 7 3. 5 100. 8 101. 4 104. 8 106. 0 106. 9 112. 1 115. 2 116. 5 53.6 53. 6 55. 4 56. 6 56. 5 59. 5 61. 9 62. 5 45. 7 45. 8 47. 7 49.0 48. 4 50. 8 53. 0 53. 3 8.4 8.4 8. 2 8. 5 8. 7 9. 2 9. 6 9. 8 47.2 47. 8 49. 4 49. 4 50.4 52. 6 53. 3 54.0 99. 0 99. 4 99. 7 99.8 100. 1 100. 3 100. (i 101. 2 NOTE.—Series revised beginning 1959. For details, sco Survey of Current Business, July 1962. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce (except as noted). •» NATIONAL INCOME Compensation of employees rose $61/2 billion (seasonally adjusted annual rate) in the second quarter of Other types of noncorporate income except farm proprietors' also rose. BILLIONS OF DOLLARS 500 1962. BILLIONS OF DOLLARS 1 5OO SEASONALLY ADJUSTED ANNUAL RATES 400 COMPENSATION OF EMPLOYEES .,,-• 200 ZOO CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 100 PROPRIETORS' AND RENTAL INCOME 'V 1961 1956 1962 -I/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 I960 1901. -- _ Total national income Compensation of employees ' 217. 241. 279. 292. 305. 301. 330. 350. 366. 367. 400. 415. 427. 7 9 3 2 6 8 2 8 9 4 5 5 8 140. 154. 180. 195. 208. 207. 223. 242. 255. 257. 278. 293. 302. 416, 414. 411. 424. 431. 444. 448. (3) 6 4 8 3 3 0 9 Proprietors' income Farm 8 2 3 0 8 6 9 5 5 1 5 7 2 12. 9 14. 0 16. 3 15. 3 13. 3 12. 7 11. 8 11. 6 11.8 13. 5 11. 4 12. 0 13. 1 8 9 1 2 5 9 2 7 12. 2 12. 7 12. 8 12. 7 13. 1 13. 6 12. 9 12. 8 Business and professional Rental income of persons 22. 7 23. 5 26. 0 26. 9 27.4 27. 8 30. 4 32. 1 32. 7 32. 5 35. 1 34. 2 34. 8 8. 3 9. 0 9. 4 10. 2 10. 5 10. 9 10. 7 10. 9 11. 9 12. 2 11. 9 11. 9 12. 3 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. 4 18. 1 20. 0 Total Profits Inventory valuation before taxes adjustment 28. 2 35. 7 41. 0 37. 7 37. 3 33. 7 43. 1 42. 0 41. 7 37. 2 47. 2 45. 6 45. 5 26. 4 40. 6 42. 2 36. 7 38. 3 34. 1 44. 6 44. 7 43. 2 37. 4 47.7 45. 4 45. 6 44. 4 43. 3 40. 1 45. 0 46. 0 51. 1 50. 4 (3) 43.3 42. 8 39. 8 44. 8 46. 3 51. 4 50. 1 (') 1. 9 — 5. 0 — 1. 2 1. 0 — 1.0 O -1.7 -2.7 -1.5 —.3 —. 5 .2 .0 Seasonal^ adjusted annual rates J960: Third quarter. _ Fourth quarter,. J 9 G I : First quarter Second quarter. _ . _ Third quarter. _ l ' ' i > u r l h quarter IDfiL'.' First. qii;irlcr iScM-nml quarter i 1 295. 293. 294. 300. 804. 309. 315. 321. Includes employer fonl.rilmtions for social insurance. (See also p. 3.) I'rHiniiimry rslimati's l>y Cotinc.il of Economic Advisers. ' Nut nvnlhihlc. 34. 1 33. 8 33. 7 34. 5 35. 1 36. 0 36. 2 36. 8 11. 9 12. 0 12. 0 12. 2 12. 3 12. 5 12. 6 12. 8 18. 2 18. 8 19. 1 19. 8 20. 3 21. 0 21. 5 22. 0 1. 2 .5 .3 .2 —. 3 -. 3 .3 .0 NOTE.— Series revised beginning 1959. For details, see Survey of Current Butiness, July 1962. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce (except as noted). SOURCES OF PERSONAL INCOME Personal income continued to advance in June with a rise of $0.7 billion (seasonally adjusted annual rate), or about half as much as in May. Labor income accounted for most of the rise in these 2 months. BILLIONS OF DOLLARS BILLIONS OF DOLLARS - 450 400 350 300 250 250 BUSINESS, PROFESSIONAL, AND RENTAL INCOME V FARM PROPRIETORS INCOME """"""""TRANSFER PAYMENTS | "*"" / _ ^-^-•-•-^•^L——™""S"'-1 ~i"'"!^l__" 1956 I 1957 1961 SOURCE: DEPARTMENT OF COMMERCE. Total personal income Period 1953 1954 1955 1956 1957 1958 1959 1960. _ _ 1961 288. 3 289. 8 310.2 332. 9 351. 4 360. 3 383. 9 400. 8 416. 4 ... 1961: May June _ _ July August September. October. _ _ NovemberDecember. 1962: January, _ February. March April 3 May June 4 413. 3 416. 4 420. 1 418. 3 419. 7 423. 6 427. 8 430. 5 428. 8 431. 9 435.2 438. 3 439. 7 440. 4 [Billions of dollars] Labor income Proprietors' income (wage and Rental salary disDiviincome Business bursements of dends Farm and proand other fessional persons labor income)1 27. 4 9.2 204. 1 13. 3 10. 5 12. 7 27. 8 202. 5 9. 8 10. 9 30. 4 11. 8 218. 0 10. 7 11. 2 11. 6 32. 1 10. 9 12. 1 235. 7 11. 8 32. 7 12. 6 247.7 11. 9 32. 5 13. 5 12. 2 12. 4 249. 2 11. 4 35. 1 268. 9 13. 7 11. 9 12. 0 34. 2 282. 3 14. 4 11. 9 34. 8 13. 1 12. 3 15. 0 290. 2 Seasonally adjusted annual 34. 5 12. 6 12. 2 14. 9 287. 9 12. 8 34. 7 12. 2 14. 9 290. 9 34. 8 12. 3 292. 3 14. 8 13. 1 12. 3 35. 1 292. 1 14. 9 13. 1 292. 9 35. 2 12. 4 15. 0 13. 1 12. 4 35. 6 15. 3 295. 1 13. 5 12. 5 36. 1 15. 4 298. 0 13. 8 36. 2 12. 5 15. 9 299. 9 13. 5 36. 1 12. 6 15. 6 299. 2 13. 1 36. 2 12. 6 302. 2 12. 8 15. 8 12. 9 36. 4 12. 7 15. 9 304. 3 12. 7 12. 8 36. 6 15. 8 307. 5 36. 8 12. 8 15.8 12. 8 308. 3 36. 8 12. 8 15. 8 12. 8 308. 9 Compensation of employees (see p. 2) excluding employer contributions for social insurance and the excess of wage accruals over disbursements. s Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. 3 Includes stepped-up payment of National Service Life Insurance dividends of $218 million ($2.6 billion at annual rate). 1962 COUNCIL OF ECONOMIC ADVISERS Less: PerconPersonal Transfer sonal tributions payinterest social income ments forinsurance 13. 4 14. 3 3. 9 14. 6 4. 6 16. 2 15. 8 5. 2 17.5 17. 5 18. 8 5. 8 21. 9 19. 6 6. 7 21. 0 26. 3 6. 9 23. 5 7. 9 27. 5 25. 8 29. 4 9. 2 27. 4 33. 4 9. 7 rates 27. 2 33. 6 9. 6 27. 3 33. 3 9. 7 27. 4 '35. 0 9. 7 27. 5 33. 0 9. 7 27. 7 33. 1 9. 7 33. 5 9. 8 27. 9 9.9 28. 1 33.8 28. 4 34. 0 9.9 28. 6 33. 9 10. 3 10. 4 28. 8 33.8 10. 4 29. 0 34. 5 29. 2 34. 2 10. 5 10. 5 29. 4 34. 2 10. 5 29. 6 34. 2 * Preliminary. .—Series revised beginning 1959. For details, see jS'i Business July1t962 "* Data for Alaska antd Hawaii included beginning li*GO. Source: Department of Commerce. Nonagricultural personal3 income 271. 5 273. 8 295. 0 317. 9 336. 1 343.0 368. 6 384. 7 399. 1 396. 7 399. 5 3 402. 6 401. 0 402. 3 405. 9 409. 5 412. 7 411. 0 414. 8 418. (1 •121. 2 •12'J. (i •1 '.'.'!, '.' DISPOSITION OF PERSONAL INCOME Both disposable personal income and personal consumption expenditures increased in the second quarter. increase in" income being more than in expenditures, the saving rate rose. BILLIONS OF DOLLftRS* With the BILLIONS OF DOLLARS* 400 400 350 350 — 300 250 £00 200 COLLARS* 2,200 DOLLARS* PER CAPITA DISPOSABLE PERSONAL INCOME ^.iwmaftffX' IN 1961 PRICES 2,000 X uunirf""1""1""""01" 2,000 | IT .niMi«**"**""" '«HJ,,I( 1,800 - 1,800 ^ IN CURRENT PRIC ES ' ^- /iA..J~ 1 i 1956 i — i : i ; 1957 i 1958 i 1 I 1 ! i 1959 I I I960 l I 1961 •SEASONALLY ADJUSTED ANNUAL RATES-^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS, SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED). Period 1950 1951 1952 1953 1954 1955 1956 1957_ 1958 ., 1959__ , 1960 1961 Disposable personal income ' 207. 227. 238. 252. 256. 274. 292. 308. 317, 337. 349. 363. 7 5 7 5 9 4 9 8 9 1 4 6 1960: Third quarter 351. 7 Fourth quarter . . . 352. 7 1961: First quarter 354. 3 Second quarter 361. 0 Third quarter 366. 3 372. 6 Fourth quarter 1902: First quarter 375. 6 Second quarter * 381. 6 195. 0 209. 8 219. 8 232. 6 238. 0 256. 9 269. 9 285. 2 293.2 313.5 328. 5 338. 1 329. 330, 330. 335. 340. 346. 350. 355. 8 5 5 5 1 1 2 0 NonDurable durable Services goods goods Personal saving Billions of dollars 30. 4 99. 8 64. 9 29. 5 110. 1 70.2 29. 1 115. ] 75. 6 32. 9 81. 8 118. 0 32. 4 119. 3 86. 3 124. 8 39. 6 92.5 38.5 131.4 100. 0 107. 1 40. 4 137. 7 37. 3 141. 6 114. 3 43. 6 147. 1 122. 8 131. 9 44. 8 151. 8 43.7 139. 1 155. 2 Seasonally adjusted annual 132. 8 44. 5 152. 5 44. 0 152. 3 134.2 40, 8 153. 5 136.2 43. 5 153. 9 138.0 44. 0 156. 2 139. 9 46. 6 157.2 142. 3 46. 3 159. 9 144. 1 47. 0 161. 8 146. 2 • l'i'rsnn;il income (p. 3) less personal taxes and uontax payments (flues, pecaltics. etc.), : Income in current prices divided by tbe implicit price deflator for personal eonsuniption expenditures on a 1961 base. 'Population of the United States including armed forces abroad. AtmuaT data a? of July 1; quarterly data centered in the middle of the period, Interpolated from montny figures, (Series revised beginning J9W.) L^ 1 I 1 JIA 1,600 1962 * COUNCIL OF ECONOMIC ADVISERS Personal consumption expenditures Total I 12. 6 17. 7 18.9 19. 8 18. 9 17.5 23.0 23.6 24. 7 23. 6 20. 9 25. 6 rates 22. 0 22 2 23! 8 25. 5 26. 3 26. 5 25. 4 26. 6 Per capita disposable personal income > Current 1961 prices prices 3 Saving as percent Populaof distion posable (thou-3 personal sands) income (percent) Dollars 1,686 1,369 1,703 1, 475 1,719 1, 521 1,582 1,772 1, 754 1, 582 1,832 1, 660 1,741 1,890 1,902 1,803 1,889 1,825 1, 947 1,904 1,934 1,950 1,979 1,979 6. 1 7. 8 7. 9 7.8 7. 4 6.4 7.9 7.6 7.8 7.0 6.0 7.0 151, 689 154, 283 156, 947 159, 559 162, 388 165, 276 168, 225 171, 278 174, 154 177, 080 180, 676 183, 742 1,956 1,947 3,944 1, 971 1, 987 2,009 2,014 2,029 6. 3 6.3 6.7 7. 1 7.2 7. 1 6.8 7.0 181, 102 181, 939 182, 666 183, 375 184, 150 184, 952 185, 607 186, 258 1, 942 1,939 1,940 1, 969 1,989 2,015 2,024 2, 04.9 ' Preliminary. NOTE.—Series revised beginning 1959. For details, see Survey of Current Busi~ nets, July 1962. Data lor Alaska and Hawaii included beginning I960. Sources: Department of Commerce and Council of Economic Advisers, FARM INCOME Realized gross farm income, seasonally adjusted, was unchanged and production expenses rose slightly during the second quarter of 1962. Net farm income fell below the first quarter 1962 level but remained above the second quarter 1961 level. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 50 REALIZED GROSS FARM INCOME 30 20 NET FARM INCOME INCLUDING NET INVENTORY CHANGE 10 SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIl OF ECONOMIC ADVISERS Income received by total farm population Income received by farm operators from farming Realized gross Period 1952 1953 1954 1955 1956. . 1957 1958. 1959. 1960 1961 From all sources .- _ - 1960: Third quarter Fourth quarter . _ _ 1961: First quarter __ Second quarter Third quarter Fourth quarter 1962: First quarter 7 Second quarter From From agricul- nonagritural cultural sources ' sources Total 2 (") (6) (66) (6 ) (6) () (") (66) (6) () 17. 3 15. 1 14. 4 13. 5 13. 4 13. 6 15. 4 13.2 13. 8 14. 7 (6) (") (6) («) (') (a) (8) (e) (66) () (fl6) ( 6) ( 6) () (e6) () (") (6) («) (e) (') (6) (8) (6) («) (6) (66) (6) (6) () (6) (>) (66) () 86574°—62 2 Net income per farm including net inventory change * ProducCash tion ex- Exclud- Includreceipts penses ing in- ing net in- Current 1961 from prices prices 5 ventory ventory3 marketchange change ings Dollars Billions of dollars 2,951 3, 173 32. 6 15. 3 37.0 22.6 14, 4 2, 664 2,896 31. 1 21.4 13. 9 13. 3 35. 3 2, 844 2, 645 12. 7 30.0 21. 7 12. 2 33. 9 2,529 2,719 29. 6 21. 9 11. 8 33. 3 11. 5 2, 574 2,738 34. 6 30. 6 12.0 11. 6 22. 6 2, 695 2,778 34. 4 29. 8 11. 8 11.0 23. 4 3, 233 3, 201 12. 6 13. 5 37. 9 33. 4 25. 3 2, 803 2, 775 11. 4 37. 5 33. 5 11.3 26. 2 3,044 3,044 12. 0 37.9 34. 0 26.2 11. 7 3, 422 3, 422 12. 8 13. 0 39.9 35. 2 27. 1 Seasonally adjusted annual rates 3, 090 3, 090 12. 2 34. 2 11. 8 38. 1 26. 3 3, 220 3, 220 12. 7 34. 7 12. 3 38. 6 26. 3 3,360 12. 8 3, 360 39. 4 12. 5 35. 5 26. 9 3, 330 3, 330 12. 7 39. 4 12.4 34. 5 27.0 ,'i, 440 3, 440 35.2 12. 9 13. 1 40. 1 27. 2 3, 570 3, 570 13. 6 40. 8 13. 5 35. 8 27. 3 3, 500 3, -170 12. 9 40. 3 12. 8 35. 4 27. 5 :>. -no 3, 470 12. 8 40. 3 12. 7 35. 3 27. 6 J Net income of farm operators from farming (including net inventory change) and wages received by farm resident workers, 3 Cash receipts from marketings. Government payments, and nonmoney income furnished by farms. »Inventory of crops and livestock valued at the average price for the year, * Series revised beginning 1952 on the basis of 1959 Census of Agriculture definition of a farm. The number of farms is held constant within a year. Net 5 Income in current prices divided by the index of prices paid by i family living items on a 1961 base. 6 Not yet available. 7 Preliminary. NOTE.—Series revised beginning 1959. For details, see Farm Inroinr July 1962. Source: Department of Agriculture. CORPORATE PROFITS Corporate profits before taxes are estimated to have declined $1.3 billion (seasonally adjusted annual rate) in the first quarter of 1962 to $50.1 billion, accordins to recent revisions. However, they were $10.3 billion above the first quarter of 1961. ^ BILLIONS OF DOLLARS BILLIONS OF DOLLARS 20 10 I956 I I957 I958 1959 I960 1962 1961 I* EXCLUDING INVENTORY V A L U A T I O N ADJUSTMENT. SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS (Billions of dollars; quarterly data at seasonally adjusted animal ratesi Period 1950 95! .. . . . 952 95:i 95-1 955 951 i 957 '.i.'iS 959 191 it) 19111 19110: T h i n l i j i i ! HIT . . _ !''< i i i r l h qi : t r l i T _ _ 19111 Kir:.l i|ll!l l l - r Srrt DM ! i p n r l i T ^ _ T!n i ' i t < | i i : f t IT I 1 1 n n t l i i j i ;i rt c!1 19I1'J: Kir.sl i | i i n InSrciinil i|i n r l r r Corporate profits (before taxes) and inventory Corporate profits valuation adjustment J after taxes TransManufacturing Corpo- Corpoportarate rate tion, All tax profits DiviNonAll comUndisDurable durable other before dend liabilindustributed muniTotal goods industaxes ity payTotal tries goods cations, profits industries ments indusand tries tries public utilities 35. 7 20. 4 12. 0 8. 4 4. 0 11. 3 17.9 22. 8 9. 2 13. 6 40. 6 24. 4 41. 0 10. 9 13. 5 12. 0 4. 5 42. 2 22. 4 19. 7 10. 7 9. 0 21. ] 37. 7 11.8 9.3 4. 8 11. 8 17. 2 9. 0 8. 3 36. 7 19. 5 21. 4 37. 3 12. 1 9. 3 4. 9 11. 0 8. 9 18. 1 9.2 38. 3 20. 2 18. 4 8. 3 33. 7 10. 1 4. 4 11. 0 16. 8 7. 0 34. 1 17. 2 9.8 14. 2 25. 0 10. 8 43. 1 12. S 23. 0 11. 8 5. 4 44. 9 21.8 11. 2 42. 0 23. 5 12. 6 10. 9 12. 9 23. 5 11. 3 5. 6 44. 7 21. 2 12. 1 22. 9 41. 7 9. 8 13. 1 13. 3 9. 7 22. 3 5. 5 12. 6 43. 2 20. 9 37. 2 18.3 9. 0 9. 3 13. 3 6. 4 5. 6 18. 8 12. 4 37. 4 18. 6 25. 4 13. 4 47. 2 11. 9 15. 1 6. 7 23. 2 24. 5 10. 8 47. 7 13. 7 45.6 24. 0 12. 2 11. 8 7. 0 14. 6 22. 4 23. 0 8. 6 45. 4 14. 4 23. 5 11. 7 45. 5 14. 7 11. 7 7. 4 22. 3 23. 3 8. 3 45. 6 15.0 Seasonally adjusted annual rates 44. 4 23. 1 14. 3 21. 4 21. 9 7. 5 11. 4 11.7 7. 0 43. 3 14. 4 43. 3 22. 3 11. 6 14. 1 21. 7 7. 1 10. 7 42. 8 21. 1 14. 5 6. 9 19. 4 40. 1 10. 7 6. 7 14. 0 20. 3 5. 6 8. 7 39. 8 19. 4 14. 7 22. 9 22. 9 45. 0 11. 2 7. 2 14. 8 21. 9 8. 1 11. 7 44. 8 14. 8 46. 0 24. 0 12. 1 11. 9 14. 5 23. 7 8.7 7. 5 22. 6 14. 9 46. 3 51. 1 27. 5 12. 6 26. 3 10.8 14. 9 15. 6 8.0 51. 4 25. 1 15. 5 50. 4 27. 0 14. 2 12. 8 8. 1 15. 4 25. 6 15. 8 9. 8 24. 4 50. 1 3 15. 8 (-) (2) C2} (2) (2) (2) (2) (2) (2) (2) NOTE.—Series revised beginning 1959. For details, see Survey of Current Business, July 1962. (Data for Alaska and Hawaii included beginning 1960.) Source: Department of Commerce (except as noted). GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter, business fixed investment and residential construction rose while the inventory accumulation rate fell, resulting in a total gain of about $1 billion (seasonally adjusted annual rate) in private investment. B I L L I O N S OF D O L L A R S BILLIONS OF DOLLARS SEASONLLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT PRODUCERS DURABLE EQUIPMENT \ ,n."'""""""" """"*" CHANGE IN BUSINESS INVENTORIES V \ t V >1 J 1956 L 1958 1957 r 1959 I960 1961 .!/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED) 1962 COUNCtl OF ECONOMiC ADVISERS [Billions of dollars] Total gross private domestic investment 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 : Second quarter Fixed investment Total 33. 0 50. 0 56. 3 49. 9 50. 3 48. 9 63. 8 67. 4 66. 1 56. 6 72.7 72.4 69. 3 36. 0 43.2 46. 1 46. 8 49. 9 50. 5 58. 1 62. 7 64. 6 58. 6 66. 2 68. 3 67. 1 70. 3 66. 5 60. 1 67. 6 72. 4 76. 6 75. 9 77. 0 68. 2 67. 5 63.7 65. 6 68. 4 70. 6 69.2 73. 5 New construction ' Producers' durable Residenequiptial Other 2 Total ment nonfarm 9. 6 9. 2 18. 8 17. 2 14. 1 10. 1 24. 2 18. 9 12. 5 12. 3 24. 8 21. 3 12. 7 12. 8 21. 3 25. 5 27. 6 13. 8 13. 8 22. 3 29. 7 15. 4 14. 3 20. 8 34. 9 18. 7 16. 2 23. 1 17.7 17.8 35. 5 27. 2 19. 0 36. 1 17. 0 28.5 35. 5 17. 4 18.0 23. 1 40. 2 22. 3 17.9 25.9 21. 1 40. 7 19. 7 27. 6 21. 0 20. 5 41. 6 25. 5 Seasonally adjusted annual rates 21. 0 19. 5 40. 5 27. 7 40. 7 20. 5 20. 2 26.8 20. 3 19. 0 39. 3 24.4 20. 8 20. 1 24. 6 41. 0 20. 7 42. 6 21. 9 25. 8 20. 4 22. 8 27.4 43. 2 21. 2 20. 5 41.6 27. 6 21. 2 28. 9 44. 6 23.4 1 Revisions in series on new construction shown on p, 17 have not yet been incorporated into these series. a "Other" construction in this series includes petroleum and natural gas well drilling, which are excluded from estimates on p. 17. * Preliminary estimates by Council of Economic Advisers. 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. 6 4. 1 2. 1 -2. 2 6.0 9. 1 2. 1 1. 1 -2. 1 5.5 5. 1 .8 -2. 9 6. 5 3. 7 1. 9 2. 1 — 1. 1 — 3. 6 2. 1 4. 0 6.0 6.7 3.5 1. 7 — 1. 5 — :?. o 1. H :;. s 5. '.) (i. ii 3. 1 NOTE.—Series revised beginning 1959. For details, seo Su;rvey of Current Business, July 1962. Data for Alaska and Hawaii included beginning I960. Source: Department of Commerce (except as noted). EXPENDITURES FOR NEW PLANT AND EQUIPMENT Accordins to the May survey, business firms are plannins to spend $37.2 billion on new plant and equipment in 1962, about 8 percent more than in 1961. Expenditures (seasonally adjusted) increased 1 percent in the first quarter of 1962. Larger quarterly increases are anticipated for the remainder of 1962. BILLIONS OF DOLLARS BILLIONS OF DOLLARS — 10 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 Mining Total i Total 1951 1952 1953 1954 1955. 1956. 1957 1958 1959. I960. 1961 1962' 25. 64 26. 49 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 14.74 1900: Third quarter... Fourth quarter .1901: First quarter .. Second quarter Third quarter Kourt.li Quarter ._ I'.Hi'.!: Kirnl quarter 3 Second quarter3 Third quarter _ _ 35. 90 35.50 33. 85 33. 50 34. 70 35. 40 35. 70 36. 95 37. 70 14. 65 14. 40 13. 75 13. 50 13. 65 14.00 14. 20 14.70 14.80 Durable NonduraRailroads Other goods ble goods 1. 49 1.47 5. 17 5. 68 0.93 6. 02 1. 40 5. 61 .98 1. 50 6. 26 1. 56 5. 65 1.31 .99 1. 51 . 85 5.95 5.09 .98 . 92 5. 44 1. 60 6.00 . 96 1. 23 7. 62 7.33 1. 71 1. 24 8. 02 7. 94 1. 40 1. 24 1.77 .94 . 75 5.47 5. 96 1. 50 . 92 2. 02 6.29 5. 77 . 99 1. 94 7. 18 1. 03 7.30 . 99 7. 40 .67 6. 27 .98 1. 85 7. 04 .84 1. 88 7. 70 1. 06 Seasonally adjusted annual rates 7. 35 7. 30 1. 00 1. 90 1. 00 6.85 7. 55 1.00 1. 80 .90 . 70 6. 50 7. 25 1.75 . 95 6. 20 7. 30 . 70 1. 80 1. 00 . 65 7. 55 1. 00 1. 90 6. 10 6. 40 . 60 7. 60 1. 95 1.00 6. 55 .70 7. 60 2. 05 1. 15 7. 05 . 95 2. 10 7. 65 1.05 7. 10 . 85 1. 80 7. 70 1.05 floriculture. riui ami other includes trade, service, finance, communications, and . i. i n M n y iuna. I n n n t l i 'ipnltiry ilnlii. nn finflclpflted capital expenditures as reported by business i'M tuijtwtiiicnts when necessary for systematic tendencies 8 Public utilities Commercial and other! 3. 66 3. 89 4. 55 4. 22 4. 31 4 90 6. 20 6. 09 5. 67 5. 68 5. 52 5. 51 7. 24 7.09 8.00 8.23 9. 47 11. 05 10. 40 9. 82 10. 88 11.57 11. 68 13. 12 5. 60 5. 70 5. 35 5. 50 5. 65 5.55 5. 15 5. 35 5. 70 11. 75 11. 65 11. 30 11.05 11. 85 12.35 12. 45 12. 85 13. 50 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 tbe average of seasonally adjusted figures. These figures do not agree with the totals Included in the gross national product estimates of tbe Department of Commerce, principally because tbe 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 Both the labor force and civilian employment (seasonally adjusted) declined moderately in June. unemployment changed little. The level of MILLIONS OF PERSONS* MILLIONS OF PERSONS** UNEMPLOYMENT -v. _._ — --.--»»«» — — ••• i i i i i I i I I> I I i I I I I I II i I PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR UNEMPLOYMENT RATE (SEASONALLY ADJUSTED) 1 T FT -T "- r -• -IT -|_. *-• - - ': • T ,. ,S ',» '1 s?J I 1957 1956 '? , L 1958 I960 1959 1961 * 14 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR. Period 1955 1956 1957 1958 1959 1960 1961. .. 1961: June July August SeptemberOctober NovemberDecember. _ 1962: January February March April 2 April 2 . ... May 2__ . _ June Total labor force Civilian (includ- labor ing force armed forces) ty f 962 COUNCIL OF ECONOMIC ADVISERS Civilian employment Total Nonagricultural Civilian employment Unemployment Civilian labor force Total Agricultural Nonagricultural Unemployment Unemployment rate (percent of civilian labor force) Unad- Seasonadjusted ally justed Percent 4. 4 4. 2 4.3 6. 8 5. 5 5. 6 6.7 Thousands 65, 848 62, 944 67, 530 64, 708 67, 946 65,011 68, 647 • 63, 966 69, 394 65, 581 70, 612 66, 681 71, 603 66, 796 Unadjusted of persons 14 years of age and over 56, 225 2, 904 58, 135 2, 822 58, 789 2,936 58, 122 4, 681 59, 745 3, 813 60, 958 3, 931 61, 333 4, 806 Seasonally adjusted ' 76, 790 76, 153 75, 610 73, 670 74, 345 74, 096 73, 372 74, 286 73, 639 73, 081 71, 123 71, 759 71, 339 70, 559 68, 706 68, 499 68, 539 67, 038 67, 824 67, 349 66, 467 62, 035 62, 046 62, 215 61, 372 61, 860 62, 149 62, 049 5, 580 5, 140 4,542 4, 085 3, 934 3, 990 4,091 71, 983 71, 633 71, 789 70, 981 71, 473 71, 482 71, 272 66, 900 66, 698 66, 998 66, 243 66, 822 67, 148 66, 936 5,504 5,473 5,662 5, 156 5,472 5,311 5,204 61, 543 61,371 61,417 61, 188 61, 369 61, 840 61,618 4,936 4,923 4,887 4, 867 4,762 4,370 4,274 7.5 7.0 6.2 5. 7 5. 5 5. 6 5.8 6.9 6.9 6.8 6. 8 6.7 6.1 6.0 72, 564 73, 218 73, 582 73, 864 73, 654 74, 797 76, 857 69, 721 70, 332 70, 697 70, 979 70, 769 71, 9SS 74, 001 65, 058 65, 789 66, 316 67, 027 66, 884 68, SOS 69, 539 60, 641 61, 211 61, 533 61,979 61, 863 62, 775 63, S49 4, 663 4, 543 4, 382 3,952 S, 946 3, 719 4, 463 71, 435 71, 841 71, 774 71, 696 71, 484 71, 850 71, 706 67, 278 67, 894 67, 947 67, 704 67, 499 67, 931 67, 711 5,453 5, 603 5, 560 5,347 B,S55 5, SI 4 5, 190 61, 690 62, 206 62, 280 62, 353 68, SS6 62, 775 68, 747 4, 159 4,008 3, 914 3,971 3, 968 3, 903 3,917 6.7 6. 5 6. 2 5. 6 5. 6 5. S 6.0 5.8 5. 6 5.5 5. 5 5. B 5.4 !>. C 68, 70, 70, 71, 71, 73, 74, 896 387 744 284 946 126 175 i Seasonally adjusted totals may differ from sum of components because totals and 3 components nave been seasonally adjusted separately. 1960 Population Census data used in estimation procedure; all other data based on 1950 Population Census. NOTE.—For definitions and coverage, see Employment and learnings, Department of Labor. Beginning 1960, data include Alaska and Hawaii. Source: Department of Labor. w UNEMPLOYMENT INSURANCE PROGRAMS Insured unemployment averaged 1.7 million in June, about 1.2 million less than in June 1961. MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT (STATE PROGRAMS) JAN. FEB. APR. AUG. MAY OCT. SOURCE: DEPARTMENT OF LABOR. Period 1957 1958 1959... 1960 1961 1961: May. June July August September... October November December 1962: January February March ' April May June * Week ended: 1962: June 2. 16.. 23-30 3 _ July 73. COUNCIL OF ECONOMIC ADVISERS All programs Insured Total unem- benefits Covered ploypaid employ- ment (milment (weekly lions of averdolage) ' lars) i Thousands 43, 436 1, 567 44, 412 3,269 45, 728 2, 099 46, 334 2,067 46, 264 2,994 45, 899 3, 290 46, 654 2, 877 46, 762 2, 678 47, 154 2, 357 47, 224 2, 122 47, 129 2,018 2, 172 47, 237 47, 637 2, 533 3,015 2, 925 2,702 2, 216 1, 840 1,668 1, 774 1, 730 1,671 1, 650 1, 600 1, 913. 0 4, 209. 2 2, 803. 0 3, 022. 7 4, 358. 1 457. 2 403. 9 321. 9 333. 5 263. 4 255.3 261. 4 286. 0 395. 2 350. 0 381. 0 297. 9 254 3 225. 0 State programs Insured unemployment 10 Initial claims Insured unemployment as perExhaus- cent of covered employment tions Unad- Seasonadjusted ally justed Weekly average, thousands 1, 450 23 268 2, 509 50 370 1, 682 281 33 31 1, 906 331 2, 290 350 46 2, 328 297 54 53 1,991 279 1, 958 50 357 1, 744 44 271 1, 558 257 38 1, 502 277 35 1, 662 34 320 2,017 394 35 2, 486 39 429 2, 410 39 320 39 2, 218 273 39 267 1, 831 1,570 250 33 1,469 30 258 1, 538 1, 507 1, 464 1,463 1, 429 1 Includes Federal and State programs for temporary extension of benefits be(Inning June 1968. 1 Not available. 'Preliminary. NOV. 231 245 238 277 275 407 Percent 3. 6 6. 4 4. 4 4. 8 5.6 5. 7 49 4. 8 4. 3 3. 8 3. 7 4. 1 5.0 6.2 d0 5. 5 45 3. 9 3. 6 6.6 5.3 5.S 5. S 6. 1 5. 1 6. 1 4.8 4.7 4.6 4.4 3. 9 3.8 4-0 Benefits paid Total Average weekly lions of check dollars) (dollars) /mil- 1, 733. 9 3, 512. 7 2, 279. 0 2, 726. 7 3, 422. 7 320. 1 264. 4 224. 0 237. 2 185.0 180.9 190. 9 218. 5 314. 9 280. 0 310. 2 239. 6 215. 0 195. 0 28. 17 30. 58 30. 41 32.87 33.80 33.46 32. 92 32. 91 33. 36 33. 12 33. 30 33. 67 34. 11 34. 44 34. 50 34. 98 34. 52 34. 04 33. 80 3.8 3.7 3.6 3. 6 3.5 NOTE.—For definitions and coverage, see I960 Supplement to Economic Indicators. Data for Alaska and Hawaii included for all periods and for Puerto Rico since January 1961. Source: Department of Labor. NONAGRICULTURAL EMPLOYMENT Nonfarm payroll employment, seasonally adjusted, increased by 45,000 in June. private sector declined slightly. MILLIONS OF WAGE AND SALARY WORKERS 60 However, employment in the MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS MANUFACTURING 58 TOTAL i <• 54 DURABLE GOODS INDUSTRIES 52 "V.,-'" NONDURABLE GOODS INDUSTRIES •*« 50 48 Lj, 1959 1962 I960 4.0 CONTRACT CONSTRUCTION (ENLARGED SCALE) WHOLESALE AND RETAIL T R A D E (ENLARGED SCALE) Z.S S..O 1959 I960 * SEASONALLY ADJUSTED DATA. SOURCE: DEPARTMENT OF L-ABOR. 1961 1962 1962 COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers l] Manufacturing (private) Total, unadjusted Period 1955 1956 .1957 1958 „ 1959 1960 1961s -_ SO, 675 52, 408 52, 904 51, 423 .. 63, 380 54, 347 64, 076 1961- May June July August September October November December 1962: January February. . _ _ March April 3 Mav June 3 53, 708 54, 429 54, 227 54, 5S8 54, 978 55, 065 55, 129 55, BOS 53, 7S7 53, 823 54, 056 54, 849 55, 177 55, 654 Total Total Durable Nondura- Total 2 goods ble goods 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, 9, 9, 8, 9, 9, 9, 53, 894 54, 182 54, 335 54, 333 54, 304 54, 385 54, 525 54, 492 54, 434 54, 773 54, 901 55, 260 55, 371 55, 414 16, 275 16, 373 16, 392 16, 381 16, 323 16, 361 16, 466 16, 513 16, 456 16, 572 16, 682 16, 848 16, 899 16, 904 9,058 9, 114 9, 138 9, 131 9, 105 9, 112 9, 213 9, 244 9, 217 9, 312 9, 385 9, 490 9, 543 9, 532 541 834 856 830 369 441 044 3rail •iod 7, 340 26, 879 7, 409 27, 888 7, 319 28, 104 7, 116 27, 585 7,298 28, 523 7, 321 29, 065 7, 224 28, 977 Seasonally 7, 217 28, 845 7, 259 28, 988 7,254 29, 108 7, 250 29, 087 7. 218 29, 045 7, 249 29, 057 7, 253 29, 067 7, 269 29, 042 7, 239 28, 949 7,260 29, 157 7, 297 29, 146 7, 358 29, 324 7,356 29, 350 7, 372 29, 326 Nonmanufacturing (private) Government Contract Transporta- Wholesale (Federal, construc- tion and pub- and retail State, trade tion lic utilities local) 2,802 10, 535 6, 914 4, 141 10, 858 2,999 4, 244 7,277 7,626 2, 923 4, 241 10, 886 2, 778 3,976 10, 750 7, 893 4, 010 11, 125 8, 190 2, 955 2, 882 4, 017 11, 412 8, 520 2, 760 3, 923 11, 365 8, 831 adjusted 2, 742 3, 903 11,355 8, 774 8,821 2, 795 3, 914 11, 392 2, 776 3, 942 11, 437 8,835 2, 770 3, 939 11, 410 8, 865 2, 754 3,939 11,363 8,936 2, 758 3, 929 11, 365 8, 967 11,374 8, 992 2, 719 3, 927 2, 699 3, 911 11, 366 8,937 2, 594 3, 906 9,029 11, 384 2, 694 3, 914 11, 447 9, 044 2, 648 3, 927 11, 460 9, 073 2, 734 3, 935 11, 546 9,088 3, 934 9, 122 2, 717 11, 575 2, 687 3, 929 11, 573 9, 184 m era t ion of population, whereas the estimates in this table are based on rcpor from employing establishments, 2 Includes mining; finance, insurance, and real estate; and service and nifscellaneous, not shovra separately. t Preliminary. NOTE—Beginning 1959, data include Alaska and Hawaii. Source: Department of Labor. 11 WEEKLY HOURS OF WORK In June, the average workweek of production workers in manufacturing was 40.4 hours (seasonally adjusted), or 0.2 hours less than in May. HOURS PER WEEK (SEASONALLY ADJUSTED) 46 DURABLE MANUFACTURING HOURS PER WEEK (SEASONALLY ADJUSTED) 46 NONDURABLE MANUFACTURING 44 44 42 42 40 40 .38 36 36 36 34Uii ii I i t ' l l 1959 1961 I960 34 1962 1999 1961 1962 1961 1 i i i i k. 1962 44 42 CONTRACT RETAIL TRADE CONSTRUCTION 40 42 38 40 36 38 34 36 32 34 «• •*—— 30 I9S9 32 1961 I960 r—*—-—» Tj i i i , 1 , , , , i I9.S9 1962 I960 SOURCE: DEPARTMENT OF LABOR. Period , COUNCIL OF ECONOMIC ADVISERS Average hours per week 1 Manufacturing industries Contract Retail Non- construcDurable durable All trade goods tion goods 1956._ 1957-. 1958.. 1959.. I960.. 19615. 40. 4 39.8 39.2 40. 3 39. 7 39. 8 1961 May June July August September. October November. December-1962 January February.. March April 5 May June 5 39.8 39.9 40. 0 40.0 39. 6 40.2 40. 6 40. 4 39. 8 40. 3 40. 5 40. 8 40.6 40. 4 Hours per week 41. 0 39. 6 37. 5 40.3 39. 2 37.0 39. 5 38.8 36.8 40. 7 39.7 37.0 40. 1 39.2 36.7 40. 2 36. 9 39. 3 Seasonally adjusted 40. 2 39. 36. 3 40. 4 36. 8 39. 40. 5 36. 9 39. 40. 5 39. 37. 1 39.8 39. 36. 7 40. 6 37.2 39. 41.2 37.5 39. 41.2 39. 35. 5 40. 3 34. 4 39. 40. 9 39. 37. 0 41. 0 37. 3 39. 41. 3 40. 36. 6 41. 1 40. 37. 6 40. 9 40. * Data relate to production workers or nonsupervisory employees. Beginning 1959, data include Alaska and Hawaii. J 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. See also footnote 2, page 9. 12 s 39. 1 38.7 38.7 38. 7 38. 5 38. 1 38. 3 38. 1 38. 2 37.9 38. 0 38.0 37.9 38. 1 37. 9 38. 0 38. 0 37.8 38. 0 Persons at work in nonagricultural2industries by hours worked per week Under 35 hours Part-time for economic reasons Over 40 35-40 hours hours Total Usually Usually partfulltime *l time 3 time Millions of persons 14 years of age and over 0.a9 18. 7 27.33 1. 1l 18.7 27. 9.94 ~ 4 E 1.2 17.6 28.6 1.0 9.7 16. 6 1.6 1.3 28.3 10. 4 1. 0 17. 3 27. 7 1. 3 11.7 17. 7 28. 7 1. 2 11. 5 1. 3 29. 0 1. 3 1. 5 18.2 11. 1 18. 1 17.9 17. 2 17.7 18.5 19. 3 19.5 19.7 17. 8 18.3 18. 9 18. 9 19. 5 19. 6 29. 8 29. 9 27. 8 28.4 29. 0 28.4 29. 4 29. 1 28. 3 28. 2 29. 5 30. 2 30.2 29. 6 11.4 10. 5 9.9 9.7 11.2 11. 9 11. 3 11. 3 12. 1 12. 5 11. 2 11. 0 11. 1 10. 3 7 1.3 1.2 1. 1 1.2 1. 1 1. 1 1. 1 1. 1 1.0 1.0 1. 1 1. 0 1. 1 1. 0 7 1.5 2.0 1. 9 1. 9 1. 4 1. 2 1. 3 1. 2 1. 1 1. 2 1. 2 1. 2 1. 2 1.6 Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated. * Primarily includes persons who could find only part-time work. * Preliminary. * Not available. * Average hours worked: usually full-time, 23.7; usually part-time, 16.7. Source: Department of Labor. AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were unchanged in June at $2.39. earnings rose 23 cents, reaching $97.03. Average weekly DOLLARS 1959 I I960 1961 SOURCE: DEPARTMENT OF LABOR. 1962 COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Average hourly earnings— current prices Manufacturing industries Contract Retail conNonDurable durable trade strucAll goods tion goods Period $1. 65 1. 74 1. 78 1. 86 1. 95 2. 05 2. 11 2. 19 2. 26 2. 32 1961 2. 32 1961: May... June. .. .. _ - 2. 32 2. 33 July 2. 31 AugustSeptember 2. 33 2. 34 October, 2. 36 November 2. 38 December 1962: January 2. 39 2. 38 February 2. 38 March 2. 39 April 2 2. 39 May 2. 39 June 2 1952 1953 1954 1955 1956 1957 1958 1959 1960 2 ] Earnings in current 1 Preliminary. 3 $1. 75 1. 86 1. 90 1. 99 2. 08 2. 19 2. 26 2. 36 2.43 2. 49 2. 48 2. 49 2. 49 2. 48 2. 50 2. 51 2. 54 2. 55 2. 56 2. 55 2. 56 2. 56 2. 56 2. 55 $1. 51 1. 58 1. 62 1. 67 1. 77 1. 85 1. 91 1. 98 2. 05 2. 11 2. 11 2. 11 2. 12 2. 10 2. 12 2. 13 2. 14 2. 15 2. 16 2. 15 2. 16 2. 16 2. 17 2. 17 $2. 13 2. 28 2. 39 2. 45 2. 57 2. 71 2. 82 2. 93 3. 07 3. 19 3. 16 3. 16 3. 16 3. 17 3. 22 3. 22 3. 24 3. 29 3. 33 3. 23 3. 27 3. 27 3. 22 3 Average weekly earnings — current prices Manufacturing industries All $1. 18 $67. 16 1. 25 70. 47 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. 68 92. 10 1. 69 93. 03 1. 69 93. 20 1. 69 92. 86 1. 70 92. 73 1. 71 94. 54 1. 71 95. 82 1. 69 96. 63 1. 72 94. 88 1. 73 95. 20 1. 73 95. 91 1. 74 96. 56 1. 75 96. 80 97. 03 prices divided by the consumer price index on o 1961 base. Not available. 86574°—62 | NonDurable durable goods goods $72. 63 $59. 95 62. 57 76. 63 76. 19 63. 18 66. 63 82. 19 70. 09 85. 28 72. 52 88. 26 74. 11 89. 27 96. 05 78. 61 97. 44 80. 36 82. 92 100. 10 82. 29 99. 70 83. 56 101. 09 84. 16 100. 35 83. 58 100. 44 83. 74 100. 00 84, 77 102. 66 104. 39 85. 39 85. 57 105. 32 84. 24 103. 17 84. 28 103. 53 104. 45 85. 32 105. 22 85. 54 86. 15 105. 22 104. 81 87. 02 Contract construction Retail trade $82. 86 86. 41 88. 91 90. 90 96. 38 100. 27 103. 78 108. 41 112. 67 117. 71 116. 29 119. 13 119. 76 122. 05 120. 43 123. 00 118. 26 114. 82 111. 22 1 13. 37 118. 05 120. 01 123. 00 $47. 79 49. 75 51. 21 53. 06 54. 74 56. 89 58. 82 60. 76 62. 37 64. 01 63. 84 64. 90 65. 57 65. 23 64. 60 64. 64 64. 13 64. 73 64. 84 65. 22 65. 39 65. 42 65. 98 NOTE.—Beginning 1959, data include Alaska and Hawaii. Source: Department of Labor. Average weekly earnings, all manufacturing industries, 1961 prices ' S75. 63 78. 83 78. 50 84, 58 86. 67 86. 80 85. 62 90. 62 90. 72 92. 34 92. 47 93. 22 93. 01 92. 77 92. 36 94. 16 95. 44 96. 3 t 94. 60 94. 63 95. 15 95. 60 95. S I pi 13 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index (seasonally adjusted) changed little in June. Production of business equipment continued to increase while output of materials end consumer goods was about the same as in May. INDEX, 1957=100 (SEASONALLY ADJUSTED) INDEX, 1957 = 100 (SEASONALLY ADJUSTED) I5O 80 1962 COUNCIL OF ECONOMIC ADVISERS SOURCE: B O A R D OF GOVERNORS OF THE F E D E R A L RESERVE SYSTEM. Period 1952 1953 1954 1955 __ 1956 1957 1958 ... 1959 1960 1961 ' 1961: May June July August September October. _ November, _ December, 1962: .I.'inuiiry. , 1'Vbnmrv Mnroh_. April Muy. . , June '. ' Preliminary. 14 _ [1957=100, seasonally adjusted] Industry Manufacturing Total industrial production Total 83 8 90. 8 85. 4 96. 0 99. 3 100. 0 92. 9 104. 9 108. 0 109. 0 108. 3 110. 4 112. 0 113. 0 111. 0 112. 8 114. 1 114. 8 113. 5 114. 8 115. 7 116. 8 117. 5 117. 8 84. 8 92. 1 85. 8 96. 7 99. 5 100. 0 92. 4 105. 3 ]08. 2 108.8 108. 2 110. 5 112. 2 113. 1 111. 0 112. 8 114. 2 115. 1 113. 5 115. 1 116. 0 117. 2 118. 0 118. 2 NonDurable durable 85. 1 96. 0 85. 0 97. 9 100. 0 100. 0 86. 8 101. 5 104. 3 102. 9 102. 7 105. 3 107. 3 107. 9 105. 1 106. 7 108. 9 110. 2 108. 4 110. 3 111. 8 113. 3 113. 9 113. 6 83. 3 86. 9 86. 9 95. 0 98. 9 100. 0 99. 9 110. 3 113, 4 116. 8 115. 5 117. 4 119. 0 120. 2 118. 9 121. 2 121. 4 121. 6 120. 4 121. 6 12]. 8 122. 5 123. 4 124. 2 Mining Utilities 86. 5 88. 8 86. 2 94. 8 100. 1 100. 0 91. 4 95. 3 97. 1 98.0 97. 1 97. 6 97. 8 98. 8 97. 1 99. 8 100. 9 100. 9 99. 0 99. 0 99. 4 101. 1 99. 9 101. 7 65. 2 71. 1 76. 5 85. 4 93. 6 100. 0 104. 5 115. 0 123. 1 131. 2 130. 2 131. 2 131. 6 134. 5 135. 4 135. 4 134. 6 134. 7 136. 6 136. 7 137. 5 137. 0 140. 0 140. 5 Market Final products ConTotal sumer Equipment goods 85. 2 90. 7 86. 5 94. 6 98. 9 100. 0 95. 1 106. 5 110. 6 111. 9 110. 8 112. 7 114. 3 114. 7 112. 9 115. 4 116. 9 117. 8 116. 1 116. 7 118. 1 118. 9 120. 5 120. 8 82. 5 88. 1 87. 2 96. 5 98. 7 100. 0 99. 0 110.0 114. 4 116. 2 115. 4 117. 8 119. 5 119. 8 116. 4 119. 3 120. 7 121. 9 120. 5 120. 3 121. 7 122. 7 124. 1 124. 2 90. 0 96. 1 85. 0 90. 9 99. 1 100. 0 87. 3 99. 5 102. 9 103. 5 101. 6 102. 4 103. 9 104. 7 105. 9 107. 4 109. 4 109. 7 107. 6 109. 6 110. 9 111. 5 113. 5 114. 3 Source: Board of Governors of the Federal Reserve System. Materials 82. 7 90. 8 84. 4 97. 1 99. 7 100. 0 91. 0 103. 5 105. 7 106. 4 106. 2 108. 7 109. 5 111. 2 109. 2 110. 7 111. 2 112. 1 111. 2 112. 7 113. 8 115. 1 115. 2 115. 3 PRODUCTION OF SELECTED MANUFACTURES Output of primary metals and transportation equipment (seasonally adjusted) declined in June while production of other durable and nondurable manufactures increased. INDEX, 1957=100 (SEASONALLY ADJUSTED) INDEX, I957 = IOO (SEASONALLY ADJUSTED) 160 120 CHEMICALS, PETROLEUM, AND RUBBER f^t~~ ^^ ^»». . . , ' /'""*—•! i*S*-~r-*-" 1959 SOURCE: BOARD OF GOVERNORS OF THE 1 ^ f .-'' — r— , *t^^— «X^ GES AND TOBACfl O I960 1961 1962 COUNCIL OF ECONOMIC ADVISERS FEDERAL RESERVE SYSTEM. [1957=100, seasonally adjusted] Durable manufactures FabriPrimary cated metals metal products Period 1952 1953 1954 1955 1956 . 1957 . 1958 1959 1960 . ... . - 1961 > 1961: May June. _ July August _ _ September . October _ . November December 1962: January _ _ February _ March April May^ June ] . 1 Preliminary. • Not available. .. . . _ _. 88. 5 100. 3 81. 3 105. 5 103. 7 100. 0 78. 0 89. 5 90. 3 88. 2 89. 9 92. 3 94. 6 98. 2 98. 7 95. 9 96. 2 99. 0 100. 5 104. 7 104. 0 100. 2 91. 0 86 87. 8 98. 8 88. 8 96. 9 97. 4 100. 0 91. 6 103. 9 106. 0 104. 9 104. 8 107. 3 108. 1 111. 0 105. 3 109. 8 111. 8 112. 2 110.4 110. 6 111. 8 113. 2 115. 4 118 Nondurable manufactures Transpor- Lumber Textiles, Machin- tation and apparel, ery equipprodand ment ucts leather 88. 4 96. 4 84.3 92. 6 102. 8 100. 0 85. 2 102. 8 106. 4 106. 1 104. 3 107.3 110. 2 108. 5 107. 8 108. 4 109. 8 112. 2 111. 4 112. 8 115. 6 117. 7 119. 5 121 68. 6 86. 2 78. 7 95. 9 91. 5 100. 0 84. 2 97. 8 101. 7 97. 3 99.0 100. 6 102. 2 102. 7 94. 5 100. 5 106.0 107. 7 103. 5 104. 5 106. 6 109. 6 112. 5 109 100. 9 106. 7 103. 9 114. 2 109. 9 100. 0 99. 7 113. 1 106. 5 105. 2 106. 6 110. 6 111. 2 108. 8 107. 4 103. 4 104. 7 106. 9 101. 4 113. 9 110. 8 112. 3 112. 5 (2) 92. 2 93. 6 89. 6 98. 4 101. 1 100. 0 99. 2 115. 2 114. 8 115. 6 113. 3 115. 7 118. 2 120. 3 118. 1 121. 7 121. 6 122. 9 119. 7 121. 1 121. 5 122. 4 122. 2 123 Paper and printing 79. 4 84. 5 86. 9 94. 6 99. 3 100. 0 99. 2 107. 6 111. 5 114. 9 113. 6 114. 9 114. 8 117. 8 117. 1 117. 4 118. 0 118. 7 118. 0 119. 3 118. 6 118. 0 119. 3 120 Chemicals, Foods, beverpetroleum, and ages, and rubber tobacco 74. 5 80. 2 79. 3 91. 8 96. 3 100. 0 98. 8 112. 7 117. 7 122. 6 121. 7 124. 6 127. 4 127. 3 125. 7 128. 4 128. 8 129. 6 127. 4 129. 9 129. 0 130. 7 134. 3 137 90. 2 91. 2 92. 8 96. 2 99. 8 100. 0 102. 1 106. 5 109. 4 113. 2 112. 1 113. 1 113. 9 114. 2 113. 8 116. 1 116. 1 114. 6 115. 3 115. 2 117. 0 116. 4 1 1 6. 2 117 Source: Board of Governors of the Federal Reserve System. 15 WEEKLY INDICATORS OF PRODUCTION In June, steel continued to decline with a drop of 8 percent; car assemblies were down about 10 percent, primarily as a result of a strike. Most other weekly indicators showed gains for the month. MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE) 1 i t t i i i i i |_L' ' 1 ' '-iJLJ1,4U ' ' ' '.'_' ' I ' ' ' ' t I i 1.1-LuJLL.i-i ' SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. Period Weekly average: 1956 1957. . ... 1958 1959 . ... 1960 1961 1961: May June July August September October November December 1962: January February March April May June 2 Week ended: 1962: June 9 16 23 30 Julv 7 ' 142 '1 Daily average. Preliminary, 16 COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paper board Steel produced Cars and trucks power coal mined loaded produced assembled (thousands) distributed (thousands Index Thousands (thousands of net (1957-59 = (millions of of short (thousands Total Cars Trucks of cars) of tons) tons 100) kilowatt-hours) tons) ' 2, 204 2, 162 i, 635 1, 792 i 80 ci 1, 880 2, 027 1, 993 1, 831 ], 955 2,083 2, 071 2, 039 2, 165 2, 337 2, 425 2, 389 2, 153 I, 701 1, 558 118. 3 116.0 87. 8 96. 2 101. 9 100. 9 108. 8 107. 0 98. 3 104. 9 111. 8 111. 2 109. 4 116. 2 125. 4 130. 1 128. 2 115. 6 91. 3 83. 6 11, 292 11, 873 12, 076 13, 206 14, 685 15, 139 14, 223 15, 100 15, 274 15, 917 15, 518 15, 146 1 5, 576 16, 287 16, 592 16, 340 15, 998 15, 388 15, 699 16, 254 1, 580 1, 587 1, 563 1, 501 1, 239 3 1, 370 3 Not Charted. 84. 8 85. 2 83. 9 80. 6 66. 5 73. 5 15, 876 15, 991 16, 628 16, 520 15, 442 ^_ . 1, 693 1, 644 1, 380 1, 380 1 , 390 1, 343 1, 309 1, 447 1, 292 1, 392 1, 408 1, 501 1, 525 1, 392 1, 447 1, 374 1, 340 ] , 403 1, 402 1, 473 728 683 581 596 585 550 555 582 543 593 588 645 577 509 518 530 548 562 574 589 581 590 593 590 420 274 272 275 307 306 320 320 333 268 334 327 353 341 314 305 348 357 343 351 357 132. 8 138. 6 98. 4 129. 5 151. 8 127. 8 141. 0 153. 1 118. 8 60. 3 103. 3 146. 2 174. 4 171. 2 159. 5 158. 5 161. 3 172. 2 171. 9 158. 8 111. 6 117. 6 81. 6 107. 6 128. 8 106. 1 118. 4 127. 5 97. 7 44. 6 83. 8 125. 1 149. 7 145. 4 136. 7 134. 0 136. 9 147. 1 146. 9 132. 9 21. 2 21. 0 16. 8 21. 9 23. 0 21. 7 22. 6 25. 5 21. 1 15. 7 19. 6 21. 0 24. 7 25. 7 22. 8 24. 5 24. 4 25. 1 25. 1 25. 8 346 176. 8 150. 1 26. 7 362 175. 7 147. 8 27. 9 359 132. 7 107. 4 25. 3 362 149. 9 126. 4 23. 5 238 130. 4 112. 3 18. 0 244 169. 8 144. 7 25. 2 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, 1, 1, 1, 1, 1, 457 494 583 545 565 NEW CONSTRUCTION In June, expenditures for new construction (seasonally adjusted) rose nearly 4 percent. private construction, largely residential, increased. Outlays for both public and BILlJONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES / •»• - 6O TOTAL NEW CONSTRUCTION »^ ,*^ ^^^ s *-~r^ ,- 60 \S ^/ SO ***—%^—— 50 f RIVATE —-~^ ^ <**-* 40 3O ' ,^—— —— .*--*-* -../ 40 —»--'•' SO 7 eo f »^T«*« «»i .r*****n** V^ 20" N ^rr""?*"^*^ 10 10 0 1 PRIVATE RESIDENTIAL ( NONFARM w ^\. 20 ^ 1 t-1 1 """"-«• „ 1958 1 - ,i 47.8 49.0 54. 1 56. 6 55.6 57.4 1957 1958 1959 1959 (new series) 3 1960_. 1961 t ! I , , ! 1 May June 4 — _ — - - 55.5 57. 2 57.0 58. 0 58.9 58. 9 61.0 58. 9 59.0 56.8 57. 9 58.3 60.7 63. 0 1 1 1 1 1 1 t 1 0 1 1 EO 10 i i i i i 1 i i i i i. i t i i r f . i i i i ! 1 1 1 1 I 1 1 1 . l| 'o 1962 1961 I960 1959 COUN CIL OF ECONOMIC ADVISERS Total 33.8 33. 5 38.0 40. 3 39.6 40. 4 Residential Commercial and (nonfarm) industrial Billions of dollars 7. 1 17. 0 6.0 18.0 6.0 22. 3 25. 0 6.0 7.0 22. 5 22. 5 7.4 39. 2 40. 3 41. 2 41.3 41.7 41. 8 42. 0 41. 9 41. 1 39. 9 40. 6 41.7 43. 5 45.0 21.3 22. 3 23. 1 23.3 23. 8 24. 0 24. 5 24.4 23.2 22. 2 22. 5 23. 5 25. 0 26. 4 • Compiled by F. W. Dodge Corporation. '1 Relates to 48 States 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. I . -1 — Other 9. 6 9. 5 9.7 9.3 10.0 10.4 Construction contracts ' Commervalue, cial and inFederal, Total States dustrial State, and 48(index, floor space local 1957-59= (millions 100) of square feet) 2 14. 1 15. 5 16. 1 16. 2 16.0 17. 0 7.4 7.3 7.2 7.2 7.3 7.3 7.2 7.2 7. 5 7. 3 7.4 7. 6 7.6 7.8 93. 2 101.7 105.1 105. 1 105.2 107. 6 Seasonally adjusted SeosoraaHj/ adjusted annual rafes 1961: May June _ _ July August September October November December 1962: January February- . March April. , — Private Period 1 ,.../ ., ^•""^ S f*-.*.*1^ • *SEE NOTE 3 IN TABL E BELOW. SOURCE: DEPARTMENT OF COMMERCE. Total new construction expenditures 1 ( 1 , , , , , 1957 1956 I 1 I .a»«*" —""""-"-i 10 , , , , , 1 > 1 -rf* -.-J--^ o' ' 1 t 10. 6 10. 8 10. 8 10.7 10. 6 10. 5 10. 4 10.3 10. 4 10. 3 10. 6 10. 7 10. 8 10. 9 16. 3 16. 9 15. 9 16. 7 17.2 17. 1 19. 0 17. 0 17. 9 16. 9 17. 3 16. 6 17.3 17. 9 102 111 110 116 103 114 116 119 115 119 131 121 117 421 359 440 440 461 443 Seasonally adjusted annual rales 431 448 428 477 460 401 507 498 453 537 553 479 557 * Preliminary. Sources: Department of Commerce and F. W. Dodge Corporation. 17 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts declined 11 percent in June to an annual rate of 1,389,000 units (seasonally adjusted). applications and VA appraisal requests also declined. MILLIONS OF UNITS (ANNUAL RATE) FHA MILLIONS OF UNITS (ANNUAL RATE) SEASONALLY ADJUSTED PRIVATE NONFARM HOUSING STARTS >-v-._-^ ^\_A V<' T ~~*V\ 1962 SOURCES: DEPARTMENT OF COMMERCE) FEDERAL HOUSING ADMINISTRATION (FHfl), AND V E T E R A N S ADMINISTRATION (Vfl). COUNCIL OF ECONOMIC ADVISERS [Thousands of units] Total housing starts (farm and nonfarm) Period Total private and public 1955 — 1956. 1957 1958 1959 _ 1959 I960 1961 1961: May. . June July August September. October November, December 1962: January February-. March-April <_ May < June'1 2 _ (22) (2) ( 2) () (2) 1, 553. 5 1, 296. 0 1, 355. 4 130. 7 138. 3 128. 5 130. 1 128. 2 128. 9 105. 5 86. 7 83. 0 77. 8 117. 9 151. 6 154. 1 135. 5 Private Total private and public 18 Private Government programs VA FHA Total 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, 516. 8 1, 531. 3 1, 494. 6 1, 252. 1 1, 274. 0 1, 230. 1 1, 303. 7 1, 327. 2 1, 275. 5 126. 6 128. 3 124. 2 132. 4 135. 3 129. 5 126. 0 122. 7 125. 2 127. 4 124. 2 127. 0 126. 5 122. 4 120.7 126. 4 121. 5 124. 0 102. 5 103. 8 100. 8 82. 4 84. 5 80. 2 80. 6 81. 7 79. 3 76. 4 75. 3 76.7 116. 3 115. 4 113. 8 144. 9 149. 5 147. 0 152. 6 152. 0 150. 5 132. 7 132. 9 130. 1 Units represented by mortgage applications for new home construction. Not available. 3 See IIousivQ Starts, C 20-11 (Supplement), Bureau of the Census, May 19GO, for description. (Data for Alaska and Hawaii included.) Private housing starts, seasonally adjusted annual rates Nonfarm housing starts 276. 189. 168. 295. 332. 7 3 4 4 5 392. 270. 128. 102. 109. Total farm and Nonfarm nonfarm 9 7 3 1 3 Proposed home construction Applications for FHA commitments ' Requests for VA appraisals1 2 7 8 7 7 620. 8 401. 5 159. 4 234, 2 234. 0 369. 7 242. 4 243. 8 23. 9 23. 4 20. 6 24, 4 19. 6 22. 1 17. 4 16. 4 14. 5 18.7 24. 6 22. 7 23. 1 20. 4 234. 0 142. 9 177. 8 14.7 17.6 15. 1 17. 4 15.7 16. 1 13. 5 11. 0 12. 9 12. 0 19. 0 16. 3 17.8 14. 7 306. 197. 198. 341. 369. New series 3 332. 5 260. 9 244. 3 23. 7 22. 1 21. 3 25. 5 20. 9 23. 4 22. 9 17.3 IS. 5 15. 5 21. 1 25. 5 26. 4 24. 1 109. 3 74. 6 83. 3 8.0 7. 8 7.3 8. 4 7.3 9. 2 7. 3 5. 7 4. 0 5. 0 6. 1 7. 8 8. 1 7. 3 1, 291 1, 381 1,343 1,326 1,383 1,4S4 1,361 1, 297 1, 273 1, 1SS 1,431 1, 542 1, 555 1,389 1,S68 1,351 1,318 1,301 1,385 1,404 1, 328 1, 257 1, $47 1, 134 1,407 1,521 1, 542 1,361 * Preliminary. Sources: Department of Commerce, Federal Hous ing Administration (FHA), and Veterans Administration (VA), TRADE SALES AND INVENTORIES Retail sales (seasonally adjusted) declined by Vz percent in May, while sales at wholesale advanced 2 percent. Preliminary data show a 2 percent decline in retail sales for June. BILLIONS OF DOLLARS* — 14 BILLIONS OF DOLLARS* RETAIL TRADE 16 WHOLESALE TRADE -~ — DURABLE GOODS STORES INVENTORIES x~~ >V V i^^^^ - "7 V-^1 *^r ^^1 NVENTORIES 10 - 12 ^***^~***st y /v **t2*K? *?--^ ^"y V - SALES SALES _, -- 6 .A *\, 8 DEPARTMENT STORES INVENTORIES INVE NTORIES _ Lx**- ""~ 14 +~S*^ " 160 SALES ^V--»»-"- ,-«•»-—'v*" .'"• w 1959 * , , , , , , , , , , , , , , , , , , ,,, , 1 1960 1961 v x < 100 1962 _ 1 ,1 ,, 1 ,,, ,, ,,,,,, I960 1959 1961 •SEASONALLY ADJUSTED. SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Wholesale 1 • Period Sales ' Inventories 2 Total Inventories NonDurable durable goods goods stores stores Total Department stores 2 NonDurable durable goods goods stores stores Billions of dollars, seasonally adjusted 1954 1955 1956 1957. 1958, 1959. 1960 ... .. 1961 1961: April .May June.-July ... .._ August September October November December 1962: January February _ _ -March April 8 May ° June ° 9. 7 10. 6 11. 3 11. 3 11. 1 12. 3 12. 3 12. 6 12. 1 12. 8 12. 8 12. 5 12. 8 12. 1 12. 9 13. 1 12. 7 13.1 12.7 12. 8 13. 1 13. 4 1 Monthly average for year and total for month. 1 Book value, end of period, seasonally adjusted. 1 10. 4 11. 4 13. 0 12. 7 12. 0 12. 6 13. 2 13. 5 13. 4 13. 5 13. 5 13. 6 13. 6 13. 5 13. 4 13. 3 13. 5 13.6 13. 6 13. 7 13. 7 13.7 14. 1 15. 3 15. 8 16.7 16. 7 18. 0 18. 3 18. 2 17.9 18. 0 18. 2 18. 0 18. 2 18. 1 18. 6 19. 1 18. 8 18.8 19. 0 19. 3 19. 6 19. 5 19. 1 UeRjnnlnR January I960, data include Alaska and Hawaii. *End of period, except annual data, which are rr.onthly averages. 4.8 5. 6 5.5 5. 7 5. 3 6. 0 5. 9 5. 6 5. 4 5. 5 5. 6 5. 5 5. 5 5. 6 5.9 6. 2 5. 9 5. 9 6. 0 6. 2 6. 3 6.2 5. 9 9. 2 9. 7 10. 3 11. 0 11. 4 12. 0 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. 0 13. 1 13. 3 13. 3 13. 1 1962 COUNCIL OF ECONOMIC ADVISERS Retail Sales l 3 1 i • i i • i * \ /\/-'v,XV"" SALES 120 r, ,, , , i ,, , , , ^c -*J N-^1 -~ 12 -„*»*'"-•' 0 ,....} INDEX, 1947-49*100 * NONDURABt E GOODS STORES 16 - ,,,,,, ,,,,,, .1 <; £ 20. 9 22. 8 23. 4 24. 6 24. 3 25. 5 27. 2 26. 9 26. 2 26. 2 26. 2 26. 3 26. 0 26.3 26. 4 26. 8 26. 9 26. 9 26. 9 26. 8 26. 9 27. 0 9. 3 10. 5 10. 5 11. 4 10. 7 11. 3 12.3 11. 5 11. 2 11. 3 11. 4 11. 5 11. 0 11.3 11. 3 11. 4 11. 5 11. 5 11. 5 11.4 11. 4 11. 4 11. 7 12. 2 12.9 13.2 13. 6 14.3 14. 9 15. 3 14. 9 14, 9 14, 9 14. 9 15. 0 15. 1 15. 1 15. 3 15. 3 15. 3 15. 4 15. 4 15. 4 15. 5 Sales 'I Inventories 4 Index, 1947-49=100, seasonally adjusted 5 128 118 136 128 148 135 152 135 148 136 144 156 165 146 166 149 149 161 163 144 163 149 160 151 168 150 170 150 151 170 172 153 156 172 172 149 172 150 17.'! 156 172 158 160 375 154 6 6 Based on retail value. Preliminary. Sources: Department of Commerce and Board of Governor.-! of the Keserve System. 19 MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS There was little change during May in manufacturers' sales, inventories, and orders (seasonally adjusted). Preliminary data indicate that new orders for durable goods declined again in June. BILLIONS OF DOLLARS * BILLIONS OF DOLLARS* 40 MANUFACTURERS' INVENTORIES 20 40 DURABLE GOODS eo 30 _MANUFACTURERS' NEW ORDERS. NONDURABLE GOODS NONDURABLE GOODS tiiuiiiuiuitWfel .uiuiuiuniii DURABLE GOODS 20 10 1959 1961 I960 1959 * SEASONALLY ADJUSTED. SOURCE'. DEPARTMENT OF COMMERCE. 1962 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted] Manufacturers' sales ' Period Total 1954 1955 1956 1957 1958 1959 1960 1961.. . 1961: April . . May ._ June _ July August September October November _ December. _ 1962: January _ . February March April33 May . _ . June 3 4 -_ NonDurable durable goods goods 23. 5 26. 3 27. 7 28. 4 26. 2 29. 7 30. 4 30.7 30.1 30.7 30. 8 31. 1 31. 4 31.4 31.8 32. 2 32. 4 32. 0 32. 8 33. 2 33.5 33. 5 1 Monthly average for year and total for month. * Book value, end of period, seasonally adjusted. 20 11.2 13. 1 13. 8 14. 2 12. 4 14 5 14.7 14 5 141 146 14.7 14.8 15.0 15. 0 15. 3 15. 6 15. 7 15. 5 16. 0 16. 3 16. 4 16. 4 16. 0 12.3 13. 3 13. 9 14 2 13. 8 15. 2 15. 7 16. 2 16. 0 16. 2 16.2 16. 3 16.3 16. 4 16. 5 16. 6 16. 7 16. 5 16. 9 16. 9 17. 1 17. 1 Manufacturers' inventories 2 NonDurable durable goods goods Total 43.0 46. 4 52.3 53. 5 49.2 52.4 53. 7 55. 2 53.4 53. 4 53. 4 53. 6 54. 0 54. 4 54. 8 55. 0 55. 2 55. 7 56. 2 56. 6 56. 7 56. 7 24. 1 26. 7 30. 7 31. 1 27.9 30. 1 30. 9 31.5 30.2 30. 2 30. 2 30. 4 30. 8 31. 1 31. 4 31. 5 31. 5 31. 9 32. 2 32. 4 32. 5 32. 6 3 18.9 19.7 21. 6 22. 4 21. 3 22. 3 22. 9 23. 7 23. 2 23. 2 23. 2 23. 2 23. 2 23. 3 23. 4 23. 5 23. 7 23. 8 24. 0 24. 2 24. 2 24. 2 Manufacturers' new orders Total 22. 5 27. 2 28. 3 27. 3 25.9 30. 1 29. 9 31.0 30.4 31. 0 31. 0 31. 3 32. 1 32. 2 32. 6 32. 7 32. 8 32.9 33. 1 33. 0 32. 9 33.0 Preliminary. Source: Department of Commerce. 1 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 44 14. 2 13. 1 12. 0 3.9 13. 9 14 9 5. 0 15. 3 49 143 15. 7 5.2 147 16. 2 5.0 14 4 16. 0 5. 2 148 16. 2 14 9 5. 3 16. 2 15.0 5.3 16. 3 5. 5 15. 6 16. 5 15.7 5. 5 16. 5 16. 1 5. 6 16. 6 16. 1 5.7 16. 6 16. 2 5. 5 16. 6 16. 4 5. 8 16. 5 16. 2 5. 7 16. 9 5. 6 16. 0 17.0 5. 5 15.9 17. 0 5.6 15. 8 17. 2 5.6 15.3 * Not charted. MERCHANDISE EXPORTS AND IMPORTS In May, exports (seasonally adjusted) dropped about 1 percent and imports rose slightly, leaving a monthly trade balance of $390 million. BILLIONS OF DOLLARS £.5 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 8.0 z.o MERCHANDISE EXPORTS EXCLUDING MUTUAL SECURITY PROGRAM SHIPMENTS 1.5 I.O I.O I9S6 I962 SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE. Period Monthly average: 1953 1954 1955 1956 1957 1958 1959 I960, 1961 1961: April Mav June July August . . September October November December. 1962: January February March April Mav ± -1C.J - 1,022 1,071 1, 191 1,445 1, 626 1,364 1, 367 1, 634 1, 672 1,658 1,577 1,595 1,668 1,660 1,668 1, 773 1, 716 I, 719 1,660 1, 852 1,638 1, 795 1, 775 1, (J48 1,676 1, 644 1, 558 1,598 1,556 1, 817 1, 759 1, 777 1,592 1, 712 1,783 1, 799 1, 892 1,012 143 254 1,060 131 310 162 1, 180 351 1,432 216 441 1,611 208 530 1,351 198 368 1,352 210 366 1, 617 230 510 1, 652 254 486 Unadjusted 1, 630 243 454 262 1,658 473 240 1,623 457 1, 538 231 446 1,578 226 493 1, 540 225 452 1, 794 309 522 1, 740 288 513 284 1, 757 513 254 1,567 415 284 1, 691 420 1, 761 298 427 1, 775 285 417 1, 866 343 450 * Total exports less Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security Program. 2 Imports for immediate consumption plus entries into bonded warehouses. 3 Imports for immediate consumption plus withdrawals for consumption from "bonded warehouses. COUNCIL OF ECONOMIC ADVISERS (Millions of dollars] Merchandise exports excluding Merchandise imports Mutual Security Program shipments Total (includ-1 General imDomestic exports Imports for consumption 3 ing reexports) ports8 Indus- Finished Indus- Finished Season- Unad- Total i Food- trial manu- Season- Unad- Total Food- trial manually ad- justed ally ad- justed stuffs matefacstuffs matefacjusted rials tures ' justed rials tures 614 620 667 775 872 784 776 877 911 934 922 927 862 860 862 963 940 961 898 987 I, 036 1, 074 ] , 074 898 274 910 858 853 276 954 958 260 1,064 1,056 267 1, 105 1, 102 274 1, 105 '1, 101 288 1,302 1, 284 285 1,251 1,251 274 1,227 1,219 276 Unadjusted 251 1, 159 1, 063 1, 067 1, 155 1, 223 1,217 265 1, 177 1, 232 1, 201 286 1, S66 1,285 1, 259 274 1, 361 1, 252 1,267 285 266 1, S80 1, 197 1, 196 1, 318 1, 359 1, 354 296 295 1,811 1, 342 1,337 1, 295 1,273 1,296 280 1, S20 1,373 1, 354 285 1, 814 1, 224 1, 208 263 1, 336 1, 386 1, 369 297 288 1, 874 1, 333 1, 326 316 i, 38 ft ], 4.54 1,399 441 394 477 521 534 489 569 539 520 183 183 217 268 294 326 431 438 423 449 525 504 530 529 516 579 563 548 602 519 586 555 .573 366 427 411 455 453 415 479 479 44T, 407 410 <IS(i •1S3 5 10 * Total adjusted to exclude $33.5 million of the value reported hy economic category. Sources; Pcpiirtmunt of Commerce nml Drpnrljnriil of 1 >rfrn,';<>. 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 over-all deficit, as measured by U.S. gold sales and increases in foreign dollar assets, fell sharply to $1.9 billion (seasonally adjusted annual rate). S1L -IONS OF D O L L A R S * 50 BIL LIONS OF DOLLARS * 50 U.S. PAYMENTS 40 40 U.S. PAYMENTS 30 ^ —•: ••»•"""" TOTAL •w S ^ 1 30 '^~-' / 5M§§?P^^ >?SSS C A P I T A L , NET §M?^iS?Sl 1 ^iVA. «1S4 ;w_ - „ ^ii%^p|^**>* *• U.S. RECEIPTS 20 _-T-**^"t*S -^^^rrrfSr^^s^^^ 20 •' • • ' IMPOF TS OF GOODS AN a SERVICES I IO 10 *;\ i i i 0 1 1 i 1 i i \ \ 1 0 i l 1 l 1 1 t . . .1 . t 1 1 50 20 - U.S. RECEIPTS EXCESS OF 40 FOREIGN 10 CAP TflLj/ ' TOTAL ^ 30 u yyu 0 uu y EJ ^ I********* sssk***^"- kj ^1 20 EXPORTS OF GOOD . ^^ AND SERVICES -10 10 -20 - E X C E S S OF I ! 1 I _L 1 —L. -U___i__ I960 1961 1962 » SE A S O N A L L Y ADJUS T E O ANNUAL RATES. •" IN CLUDES UNRECOR DED TRANSACTIONS, EXCLUDES LIQUID DOLLAR AS5E TS. SO URGE: O E P A R T M E f - T OF COMMERCE. O ' 1 I i 1959 1959 I I I . . I960 .. .!_, t _ _ J 1961 1 1962 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] U.S. receipts (recorded) Period Exports of goods and services 1954 1955 195(1 1957 I95S 195!) 1960 196J 17, 759 19, 804 23, 595 26, 481 23, 067 23, 476 27, 013 28, 066 1961: First quarter Second quarter Third quarter l'\>urth quarter 1902: l''irst quarter 28, 27, 27, 29, 29, 1 Kxcl Inry F 276 312 564 112 004 Increase in foreign Balance Unregold and on recorded U.S. grants and capital (net) corded recorded transacliquid transtions — U.S. actions dollar Private capital errors and Govern[net payassets through ment ments ( — ) omissions Total ' grants (net or receipts receipts) transacand tions with Total Direct ( + )] the U.S. capital U.S. payments (recorded) Foreign capita] Imports other of than goods liquid and dollar assets services (net) 240 394 653 487 22 863 335 606 15, 931 17, 795 19, 628 20, 752 20, 861 23, 342 23, 188 22, 923 792 1, 096 28 508 1, 120 21, 792 22, 040 23, 708 24, 152 24, 180 2 1, 554 1, 622 667 3, 791 2, 211 1, 255 823 4,051 2, 362 3,071 1, 951 6, 098 2, 574 3, 577 2, 442 6, 853 6, 245 2 2, 587 2, 936 1, 181 5, 152 1, 986 2, 375 1, 372 2, 769 3, 882 1, 694 7, 493 7, 608 2, 777 3, 953 1, 475 Seasonally adjusted annual rates 3, 316 4, 236 1, 828 8, 436 4, 200 -188 3, 504 1, 076 4, 052 3, 380 1, 716 8, 296 3, 928 4, 692 1,280 9, 500 3, 640 4, 204 1, 324 8, 716 -1, 723 - 1, 648 - 1, 478 — 637 -4, 017 -4, 155 -3, 333 — 1, 859 — 1, 160 2, 168 — 4, 412 -4,032 -2, 772 173 503 543 1, 157 488 412 -592 — 602 1, 550 1, 145 935 520 3, 529 3,743 3, 925 2, 461 — 116 - 1, 464 772 - 1, 600 868 1, 276 -704 <5 3, 640 5, 632 1, 904 3 c.s reinil lances and pensions not sbown separately. >s $1,375 million increase in U.S. subscription to International Mono- 'Includes over $400 million ($1.7 billion at annual rate) of subscriptions to international organizations and other special capital outflows. o.s advance debt repayment and interest payments on U.S. Governis of $774 million ($3.1 billion at annual rate), NOTE.—Data exclude goods and services transferred under military grants. ' Jicfo e adjustment for receipts of principal and interest on Government loans paid in ihe previous quarter. 22 Source: Department of Commerce. PRICES CONSUMER PRICES Consumer prices remained stable in May as the slight drop in prices of commodities was offset by the continued rise in service prices. I N D E X , 1957-59 = 100 INDEX, 1957-5.9 = 100 1956 1957 1959 1958 I960 1961 SOURCE: DEPARTMENT OF LABOR. Eeriod 1951 ... 1952 1953 1954 1955 1956 1957 1958 ... 1959 1960 1961 1961: April .. All items 90. 5 92. 5 93.2 93. 6 93. 3 94. 7 98. 0 100. 7 101. 5 103. 1 104. 2 _ _ 103. 9 May . 103. 8 104.0 June July 104. 4 104. 3 August September . . .. . .. 104. 6 October 104. 6 104. 6 November 104.5 December 1962: January 104.5 February 104. 8 March." ... 105. 0 105.2 April May 105. 2 Source: Department of Labor. 1962 COUNCIL Of ECONOMIC.ADVISERS [1957-59=100] Services Commodities Commodities less food Services All comAll Food Rent less modities Nonservices All Durable durable rent 95. 5 96. 7 96. 4 95. 4 94. 4 95. 3 98. 4 100. 7 101. 0 101. 7 102. 4 102. 1 101. 9 102.2 102. 8 102.5 102. 8 102. 9 102. 6 102. 4 102. 3 102. 7 102. 8 103. 1 103. 0 95. 4 97. 1 95. 6 95. 4 94. 0 94. 7 97. 8 101. 9 100. 3 101. 4 102. 6 102. 7 102. 3 102. 5 103. 4 102. 7 102. 6 102. 5 101. 9 102. 0 102. 5 103. 1 103. 2 103. 4 103. 2 95. 9 96. 7 96. 8 95. 6 94. 6 95. 9 98. 9 99. 8 101. 3 101. 8 102. 1 101. 4 101. 5 101. 8 102. 1 102. 2 102. 6 103. 0 102. 9 102. 6 102. 0 102. 2 102. 4 102. 8 102. 6 101. 4 102. 7 101. 6 97. 7 94. 9 94. 9 98. 2 99. 7 102. 0 100. 7 100. 5 99. 9 100. 0 100. 4 100. 6 101. 0 101. 0 101. 7 101.6 101. 1 100. 8 100. 8 100. 9 101. 4 101. 5 92. 7 93. 2 94. 0 94. 4 94. 4 96. 5 99. 1 99. 8 101. 0 102. 6 103. 2 102.5 102. 5 102.7 103. 0 103. 1 103. 8 103. 8 103. 8 103. 6 102.9 103. 3 103. 5 103. 8 103. 5 80.4 84. 0 87.5 89.8 91. 4 93. 4 97. 0 100. 3 102. 7 105. 6 107. 6 107. 3 107. 4 107. 5 107.6 107. 7 107.9 108. 0 108. 2 108. 5 108. 7 108. 9 109. 0 109.2 109. 4 82. 3 85. 7 90.3 93. 5 94. 8 96. 5 98.3 100. 1 101. 6 103. 1 104. 4 104. 2 104. 3 104. 4 104. 4 104. 4 104. 7 104. 8 104. 9 105. 0 105. 1 105. 2 105. 3 105.4 105. 5 80. 0 83. 8 87. 0 89. 1 90. 8 92. 8 96. 7 100. 3 102. 9 106. 1 108. 3 108. 0 108. 1 108. 2 108. 3 108. 4 108.6 108.7 108. 9 109. 1 109. 3 109. 5 109. 6 109. 8 110. 1 23 WHOLESALE PRICES Wholesale prices dropped in June for the third consecutive month. 1961. Prices in June were 0.9 percent below February INDEX, I957-59-IOO INDEX, I957-59-IOO COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS (INDUSTRIALS) SOURCE: DEPARTMENT OF LABOR. Period 1954 1955 1956 1957 1958 1959- . 1960_. 3 . 1961 . 1961: May June July August September October NovemberDecember. 1962: January February March April _ May. June 3 COUNCIL OF ECONOMIC ADVISERS All commodities 92.9 93. 2 96. 2 99. 0 100. 4 100. 6 100. 7 100. 3 100. 0 99. 5 99. 9 100. 1 100. 0 100.0 100.0 100. 4 100. 8 100. 7 100. 7 100. 4 100. 2 100. 1 [1957-59=100] Commodities other than farm products and foods (industrials) Indus- Indus- Produc- Consumer finFarm Procished goods extrial inAll intrial essed prodfincluding food dustricrude termedi- er foods ucts ished 1 DurNonmate- ate ma- goods als terials 2 rials able durable 104, 4 90. 4 89. 8 95. 3 97. 6 88. 0 83. 1 91. 8 92. 8 94. 3 92. 4 92. 5 85. 6 95.8 97. 9 96. 6 92. 0 94. 3 102. 3 97. 0 95. 9 96. 6 96. 5 97.7 98. 7 99.9 99. 2 97. 9 99. 2 100. 9 99. 6 97. 7 102. 9 100. 1 99. 3 103. 6 99. 5 96. 9 99. 4 100. 2 102. 3 102. 1 101. 3 100. 8 99. 2 101. 0 97. 2 101. 3 102. 3 100. 9 101. 5 96. 9 99. 9 101. 3 98. 3 101. 4 100. 6 97. 2 102. 5 100. 5 96. 0 100. 8 100. 1 101. 5 100. 0 102. 4 100. 5 94. 8 99. 7 100. 8 96. 5 100. 9 92. 9 102. 5 100. 6 98. 9 100. 6 99. 9 101. 2 96. 8 102. 5 100. 6 99. 7 100. 6 97. 5 99. 8 101. 2 95. 1 102. 5 100. 5 100. 2 100. 6 98. 7 99. 7 101. 3 96. 7 102. 5 100. 5 100. 2 99. 2 99. 9 101. 2 95. 2 100. 7 102. 6 100. 3 100. 4 100. 5 99. 7 99. 8 101. 2 95. 1 102. 7 100. 4 100. 1 97. 2 99. 8 101. 4 95. 6 100. 7 100. 3 100. 9 97. 2 99. 9 102. 7 101. 8 95. 9 100. 9 102. 0 97.9 100. 0 102. 8 100. 2 101. 8 101. 0 98. 5 99. 9 102. 8 100. 1 98. 2 101.7 100. 8 101.8 98. 2 102. 8 100. 0 101. 4 97. 1 100. 0 101. 3 98. 4 100. 8 99. 9 100. 3 102. 9 101. 6 96. 9 100. 0 100. 9 95. 8 102. 9 100. 0 99. 5 100. 9 100. 2 101. 7 96. 2 95. 3 102. 8 100. 1 99. 8 100. 8 100. 1 101. 6 95. 3 94. 4 1 Coverage of the subgroups does not correspond exactly to coverage of this index. ^Excludes intermediate materials for food manufacturing and manufactured animal feeds; includes, in part, grain products for further processing. 24 3 Preliminary. Source: Department of Labor. PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers declined between May 1 5 and June 1 5 as a result of a sharp decline in crop prices. Prices paid declined slightly and the parity ratio fell 1 point to 78, the same as the level a year earlier. INDEX, 1910-14.100 325 275 w £50 £50 200 RATIO V 100 PARITY RATIO / """"' "*" •"»-•'"""""""•••"•— , 1956 1957 **'anti ..... 1 1958 ""* *""" 1 I960 1959 -^ftATtO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE HATES. SOURCE: DEPARTMENT OF AGRICULTURE. "•*•..«*» 1 1 1961 """"".,„„„ , , , , , 1 , , , ,, 1962 COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period 1952 1953 1954 1955 1956 1957 1958 1959 _ _ _ . _ . I960 .. 1961 All farm products . . _ . - July 15.. -. August 15 September 15 October 15 November 15 December 15 1962: January 15 February 15 March 15 April 15 .. June 15_ _. ... _ _ - . . .. 1961: May 15 June 15 _ .. . ... ... .. _ May 15 1 . Crops 288 255 246 232 230 235 250 240 238 240 237 234 235 240 242 240 239 240 242 243 244 242 242 239 Percentage ratio of index of prices received by farmers to index of prices paid, Interest, taxes, and wage rates. 267 240 242 231 235 225 223 221 221 226 232 231 229 228 229 226 224 224 225 226 233 236 243 236 Prices paid by farmers All items, Livestock interest, ProducFamily taxes, and and tion living wage rates products items items (parity index) Index, 1910-14=100 274 271 306 287 256 269 268 277 255 249 270 277 234 270 251 276 250 274 226 278 244 257 282 286 264 287 273 293 266 256 288 297 265 253 290 299 266 251 291 301 266 241 302 291 265 236 290 300 264 241 290 300 250 265 290 301 266 253 291 301 252 291 265 301 265 251 291 301 254 292 267 302 257 268 304 293 268 257 294 305 254 269 294 305 246 270 294 306 242 269 296 306 242 268 294 305 Source: Department of Agriculture, Parity ratio ' 100 92 89 84 83 82 85 80 80 80 78 78 78 80 80 80 79 79 80 80 80 79 79 78 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY SUPPLY The money supply rose about seasonally in June. BILLIONS OF DOLLARS 1 160 BILLIONS OF DOLLARS 160 AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED ISO ISO TOTAL MONEY SUPPLY \ 130 130 DEMAND DEPOSITS AT ALl COMMERCIAL BANKS 120 \ 110 110 1962 1957 COUNCtt OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Period 1953: 1954: 1955: 1956: 1957: 1958: 1959: 1960: 1961: 1961: December December December December December December December December ... December .„ June July. . .. August September October November December 1962: January February March April May June 2 First half _ 2 Second half 1 3 _ _ Deposits at all commercial banks. Preliminary. 26 [Averages of daily figures, billions of dollars] Money supply Seasonally adjusted Unadjusted Private Currency Currency Total demand outside Total outside deposits ' banks banks 128. 1 100. 4 131. 4 27. 7 28. 2 131. 8 104. 4 27. 4 135. 0 27. 9 134. 6 106. 8 27. 8 137. 9 28. 3 136. 5 28. 2 108. 3 139. 7 28. 7 135. 5 107. 2 28. 3 28. 9 138. 8 140. 8 112. 2 144. 3 29. 2 28. 6 141. 5 112. 6 144. 9 29. 5 28. 9 140. 4 111. 4 29. 5 29. 0 143. 8 144, 9 115. 4 29. 5 148. 5 30. 1 142. 1 113. 2 28. 9 140. 7 28. 9 141. 1 142. 0 113. 0 29. 0 29. 2 112. 8 141. 8 141. 1 29. 0 29. 2 143. 0 113. 8 142. 4 29. 2 29.3 114. 4 143. 7 143. 6 29. 4 29. 3 144. 1 114, 6 29. 4 145. 3 29. 7 144. 9 115. 4 30. 1 29. 5 148. 5 147. 8 144. 6 115. 1 29. 4 29. 6 114, 7 144. 0 144. 4 29.3 29. 6 114. 8 144. 7 143. 2 29. 9 29. 5 115. 7 145. 7 145. 4 30. 0 29. 7 145. 4 115. 5 30. 0 143. 4 29. 7 145. 3 115. 3 30. 0 30. 0 143. 8 145. 5 115. 5 144, 1 30. 0 30. 0 145. 1 115. 1 30. 0 30. 1 143. 6 Related deposits (unadjusted) 1 Private demand deposits ' 103. 3 107. 1 109. 6 111. 0 109. 9 115. 1 115. 5 114. 3 118. 4 111. 8 111. 9 111. 9 113. 1 114. 2 115. 6 118. 4 118. 3 114.8 113. 7 115. 7 113. 7 113. 9 114. 1 113. 6 Gross time 44. 7 48. 5 50. 0 51. 8 57. 1 65. 1 67. 0 72. 5 82. 3 79. 0 79. 9 80. 7 81.3 82. 0 82. 0 82. 3 83. 9 85. 8 87. 7 89. 2 90. 2 91. 4 91. 2 91. 6 NOTE.-—See note, p. 27. Source: Board of Governors of the 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. 5 4. 3 5. 5 5.2 6. 5 5.8 4. 9 3. 9 4.7 5. 1 3. 9 7.0 7.2 6. 3 8. 2 BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES Commercial bank loans rose $2.0 billion in June, compared to practically no rise in June 1961. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 250 250 ALL COMMERCIAL BANKS 200 200 150 ISO BANK LOANS 100 INVESTMENTS IN U.S. GOVERNMENT SECURITIES 50 INVESTMENTS IN OTHER SECURITIES 1956 I I 1958 I95T 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 1961 -. - ... .. ... -- .- ... - 1961: May June-- ~ July -August September October November „ December 1962: January 5 5 February March6 5 April5 -- . May June 5 _ - -- -_ - .. -_ Investments Total loans and investments Loans 155. 9 160. 9 165. 1 170. 1 185. 2 190. 3 199. 5 215. 4 201. 2 201. 8 205. 1 205. 1 209. 9 210. 3 211. 3 215. 4 213. 7 214. 3 215. 2 217. 3 217. 7 220. 4 70. 6 82. 6 90. 3 93. 9 98. 2 110. 8 117. 6 124. 9 117. 9 118. 0 118. 1 118. 5 120. 5 120. 5 121. 7 124. 9 122. 4 123. 8 125. 4 126. 5 127. 2 129. 2 1 U.S. Government securities Other securities Billions of dollars 69. 0 16. 3 16.7 61. 6 58. 6 16. 3 58. 2 17. 9 66. 4 20. 6 20. 5 58. 9 61. 0 20. 9 66. 6 23. 9 21. 9 61. 5 22. 1 61. 8 22. 3 64. 7 64. 2 22. 5 66. 1 23. 3 66. 6 23. 2 66. 2 23. 4 66. 6 23. 9 67. 2 24. 1 66. 0 24. 5 64. 4 25. 4 64. 6 26. 2 64. 3 26. 2 64. 2 27. 0 s Weekly reporting member banks ' Business loans 2 22. 4 26. 7 30. 8 31. 8 2 31. 7 2 30. 5 31. 9 32. 9 31. 5 31. 8 31. 3 31. 5 31. 8 31. 9 32. 1 32. 9 32.0 32. 2 33. 0 32. 8 32. 9 33. 4 2 Bank All member banks 1 debits outside New York Reserves * BorrowCity (343 ings at centers) , Federal seasonally adjusted Required Excess Reserve Banks 4 annual3 rates Millions of dollars 246 1, 148 18, 576 703 839 1, 277 18, 646 594 688 652 1, 385 18, 883 710 1, 468 IS, 843 577 557 1, 481 18,383 516 906 482 i, ess 18, 450 87 1, 736 18, 527 756 149 1,8SS 19, 550 568 96 1,829 18, 307 549 63 1,824 612 18, 430 51 1, 840 18, 482 581 67 1,833 18, 619 604 37 1,848 584 18, 783 65 1,905 19, 153 507 ] 05 1,904 622 19, 218 1-19 1,917 19, 550 568 70 2, Oil 19, 473 616 (IS 502 1, 917 19, 069 91 1, 987 470 19, 077 li'.l 2,046 510 19, 213 li.'! 2, 017 497 19, 320 Mill L>, OfiO 470 19, 452 Preliminary. NOTE.—Between January and August 1959, series for all common-mi h:ml.r. expanded to include data for all hanks in Alaska and Hawaii. I >aLa fur nil i n r i n ber banks include Alaska and Hawaii beijiuninp 1954 and 1959, respectively. Source: Board of Governors of tlic TYilrnl Kt-sorve Pyslem. 27 CONSUMER CREDIT In May, total consumer credit outstanding rose about $900 million, compared to a rise of about $400 million in May 1961. BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL CREDIT OUTSTANDING 40 20 NONINSTALMENT CREDIT I SEASONALLY ADJUSTED (ENLARGED SCALE! INSTALMENT CREDIT EXTENDED I 1956 1957 I 1962 1958 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [Millions of dollars] Consumer credit outstanding (end of period; unadjusted) Instalment NonAutomoTotal instal-3 bile 2 Total > ment paper Period 1952 1953 1954 1955 1956 1957 1958 1959 ... 1960 . 1961 1961: April May June July August September October _ November.. December 1901? : .January I'Vbruarv March April.. M M V ... COUNCIL OF ECONOMIC ADVISERS - 27, 520 31, 393 32, 464 38, 807 42, 262 44, 848 44, 984 51, 331 55, 757 57, 139 53, 756 54, 196 54, 602 54, 505 54, 739 54, 757 54, 902 55, 451 57, 139 56, 278 55, 592 55, 680 56, 650 57, 593 19, 403 23, 005 23, 568 28, 883 31, 648 33, 745 33, 497 39, 034 42, 588 43, 163 41, 423 41, 584 41, 888 41, 909 42, 090 42, 039 42, 181 42, 419 43, 163 42, 846 42, 632 42, 704 43, 285 43, 893 7, 733 9, 835 9, 809 13, 437 14, 348 15, 218 14, 007 16, 209 17, 444 16, 960 16, 877 16, 933 17, 061 17, 063 17, 061 16, 902 16, 913 16, 960 16, 960 16, 878 16, 900 17, 039 17, 343 17, 683 1 Also irii-hnU's oilier consumer goods paper, repair and modernization loans, n<! personal loans, not shown separately. : < C o n s u m e r credit extended for the purpose of purchasing automobiles and H'fitrod by iho Items purchased. n Consists of single-payment loans, charge accounts, and service credit. 28 8, 117 8,388 8,896 9,924 10, 614 11, 103 11, 487 12, 297 13, 169 13, 976 12, 333 12, 612 12, 714 12, 596 12, 649 12, 718 12, 721 13, 032 13, 976 13, 432 12, 960 12, 976 13, 365 13, 700 Consumer instalment credit extended and repaid (seasonally adjusted) Automobile paper 2 Total i Extended 29, 514 31, 558 31,051 38, 944 39, 775 41, 871 39, 962 47, 818 49, 313 47, 984 3,800 3,907 3,962 3, 909 4,038 3, 942 4,209 4,317 4,315 4, 194 4, 302 4,363 4,625 4, 593 Repaid 25, 405 27, 956 30, 488 33, 629 37, 009 39, 775 40, 211 42, 435 45, 759 47, 412 3,907 3,895 3,962 3,937 3,994 3,956 4,028 4,017 4,051 3, 979 4, 066 4,094 4, 108 4, 180 Extended 11, 764 12, 981 11,807 16, 706 15, 421 16, 321 14, 069 17, 544 17, 408 15, 779 1,225 1,270 1,296 1,300 1, 302 1,271 1,405 1,511 1,471 1,474 1, 496 1, 526 1,606 1,604 Repaid 10, 003 10, 879 11,833 13, 077 14, 510 15, 451 15, 281 15, 411 16, 172 16, 262 1,356 1, 336 1,354 1, 364 1,362 1,350 1,372 1, 359 1,361 1, 380 1, 369 1, 393 1, 403 1, 418 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 yield on 3-month Treasury bills rose in June and early July. Most bond yields also increased. PERCENT PER A N N U M PERCENT PER ANNUM 1962 SOURCES: SEE TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS Period 1954. . 1955 1956 1957 1958 ... . 1959 1960 1961 1961: May. . ... . June _ _ July August September October November.. Dfififimhpr 1962: January . __ February . _ March. April _ _ _ _ . May June Week ended: 1962: June 9 16 .. .. .. . ...._. ... 23 July 30 7 14 21 .. . [Percent oer annum] U. fci. Government High-grade security yields municipal 3-month bonds Taxable 2 Treasury (Standard3 & bonds bills " " Poor's) 0. 953 2. 55 2. 37 1. 753 2. 84 2. 53 2. 658 3. 08 2. 93 3. 267 3. 47 3. 60 1.839 3. 43 o. 56 3. 405 4. 08 3. 95 2. 928 4 02 3. 73 2. 378 3. 90 3. 46 2. 288 3. 73 3. 38 2. 359 3. 88 3. 53 2. 268 3. 90 3.53 2. 402 4 00 3. 55 2. 304 4. 02 3.54 2, 350 3. 98 3. 46 2. 458 3. 98 3. 44 2. 617 4 06 3. 49 2. 746 4. 08 3. 32 2. 752 4. 09 3. 28 2. 719 4 01 3. 19 2. 735 3. 89 3. 08 2. 694 3. 88 3. 09 2. 719 3. 90 3. 24 2. 2. 2. 2. 2. 2. 4 2. 691 671 721 792 930 974 983 i Kate on new issues witbin period. ' Series includes: April 1953 to date, bonds due or callable 10 years and after; April 1952-March 1953, bonds due or callable after 12 years; October 1941-March 1952, bonds due or callable after 15 years. 3. 88 3. 87 3. 90 3. 95 3. 99 4 03 3. 3. 3. 3. 3. 3. 23 24 24 24 27 29 Corporate bonds (Moodv'st 3. 36 3. 89 3. 79 4 38 4. 41 4. 35 4. 27 4 33 4. 41 4 45 4. 45 4. 42 4. 39 4 42 4. 42 4. 42 4 39 4. 33 4 28 4. 28 3. 51 3. 53 3. 88 4 71 4. 73 5. 05 5. 19 5.08 5. 01 5.03 5. 09 5. 11 5. 12 5. 13 5. 11 5. 10 5. 08 5. 07 5. 04 5. 02 5. 00 5. 02 Prime commercial paper, 4-6 months 1. 58 2. 18 3. 31 3. 81 .'. 46 3. 97 3. 85 2. 97 2. 76 2. 91 2. 72 2. 92 3. 05 3.00 2. 98 3. 19 3. 26 3. 22 3.25 3. 20 3. 16 3.25 4. 28 4. 28 4 29 4 29 4 32 4 34 5. 00 5. 01 5. 02 5. 03 5. 04 5. 05 3. 25 3. 25 3. 25 3. 25 3. 28 3. 3H Aaa 2. 90 a oe Baa 3 Weekly data are Wednesday figures. * Not charted. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Standard & Poor's Corporation, and Moody's Investors Service. OQ "« STOCK PRICES Stock prices declined during most of June but rose in late June and early July. INDEX, 1957-59= 100 220 INDEX, 1957-59 = 100 220 190 160 130 130 iJ 70 1956 1957 1961 1958 1962 SOURCE: SECURITIES AND EXCHANGE COMMISSION. Period Weekly average: 1953 _ 1954 1955 1956 1957 1958 1959 1960 1961 1961- Mav June . July August September.. _. October. _ November December. _ 1962: January February March _ April May June Week ended: 1962: June 15 22 29 July 6 13 Composite index ' COUNCIL OF ECONOMIC ADVISERS [1957-59=100] Manufacturing NonDurable Total durable goods goods 51. 9 61. 7 81. 8 92. 6 89. 8 93.2 116. 7 113. 9 134. 2 134. 9 132. 8 132. 7 137. 4 136. 2 138. 0 144. 0 145. 8 140. 4 142. 8 142. 9 138. 0 128. 2 114. 3 46. 7 57. 6 79. 5 93. 2 90. 7 92. 5 116. 5 110. 9 126. 7 127. 6 126. 0 125. 2 130. 1 128. 9 129. 1 133. 7 135. 6 130. 8 133. 4 133. 5 128. 2 119. 0 105.7 43. 0 54. 7 78. 7 91. 5 88. 5 90. 4 120. 8 117. 3 129. 2 130. 6 128. 0 126. 5 131. 3 131. 7 132. 2 135. 7 138. 1 133.6 134. 4 134. 0 128. 0 117. 4 103. 2 49. 8 60. 0 80. 1 94. 5 92. 8 94. 4 112. 6 104. 9 124. 4 124. 9 124. 2 123. 9 129. 0 126. 4 126. 4 131. 9 133. 3 128. 1 132. 6 133. 1 128. 5 120. 6 108. 1 113. 9 107. 0 111. 3 114. 2 117. 7 105. 3 98. 6 103. 0 105. 2 108. 4 102. 9 95. 2 100. 3 102. 0 106. 0 107. 101. 105. 108. 110. 1 Includes 300 common stocks: 108 for durable goods manufacturing, 85 for nondurable goods manufacturing, 18 for transportation, 34 for utilities, 45 for trade, finance, and service, and 10 for mining. 30 7 8 6 2 6 Transportation 73. 9 78. 6 108. 2 110. 6 93. 2 91. 0 115. 6 95. 8 105. 7 107. 5 105. 1 103. 2 107. 0 106. 8 110. 1 109. 9 107. 9 108. 5 110. 5 107. 4 103. 1 98.5 90. 2 90. 2 85. 5 88. 1 89. 9 91. 9 Utilities Trade, finance, and service Mining 67.3 75.3 84. 8 86. 4 86. 3 95. 8 117. 6 129. 3 168. 4 170. 0 164. 0 166. 7 170. 6 168. 9 173. 9 186. 0 188. 4 181. 4 183. 0 184. 2 180. 3 167. 1 151. 1 60. 8 69. 1 87. 1 89. 9 82. 2 95. 1 122. 3 127. 4 160. 2 153. 1 156. 0 158. 4 164.2 166. 4 176. 6 187. 7 188. 0 175. 2 176. 4 175. 2 172. 0 161.6 141. 3 70. 4 78. 2 91. 6 104. 6 107. 2 97. 9 95. 0 73. 8 92. 5 96. 9 97. 0 93. 1 92. 8 87. 3 90. 2 95. 1 101. 1 104. 1 109. 7 106. 6 103. 9 97. 5 88. 3 150. 143. 148. 153. 159. 141. 1 131. 4 134. 7 139. 7 141. 0 87. 1 83. 8 86. 9 88.9 92.5 3 0 1 1 3 NOTE.—Indexes are based on weekly closing prices. Source: Securities and Exchange Commission. FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES For the fiscal year 1962, the budget showed a deficit of $6.3 billion. billion. BILLIONS OF DOLLARS In fiscal 1961, there was a deficit of $3.9 BILLIONS OF DOLLARS IOO NET BUDGET RECEIPTS NET BUDGET EXPENDITURES 75 50 60 I960 NATIONAL DEFENSE BUDGET SURPLUS (+) OR DEFICIT (-) (ENLARGED SCALE) 75 1957 1959 I960 1961 1962 FISCAL YEARS * PRELIMINARY SOURCES'. TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. Period Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1961: year 1957 year 1958 year 1959 year 1960 year 1961 4 year 1962 . April ... .. May June- _ . _. _ . July 4 4 - August September 4 October 4 4 November4 . . _ December 4 1962: January 4 February March 4 April44 .. .. ... ... May June 4 _ _ _ _ 1 _ COUNCIl OF ECONOMIC ADVfSERS [Billions of dollars] Net budget expenditures Net National defense 1 budget Department Total receipts Total of Defense, military 2 69. 0 43. 4 40. 8 70. 6 71. 4 44. 2 41. 3 68. 5 80. 3 67. 9 46. 5 43. 6 76. 5 42. 8 77. 8 45.7 81. 5 47. 5 44. 7 77. 7 87. 7 51. 1 48. 2 81. 4 6. 5 3. 5 3. 8 5. 1 7. 2 4. 2 3. 9 6. 5 8. 0 4. 3 4. 6 10. 8 6. 3 3. 2 3. 0 3. 5 7. 6 4.0 3. 8 6. 4 6. 8 3. 9 3. 6 8. 9 7. 8 4. 1 3.8 3. 1 7. 5 4. 3 4. 0 6. 4 7. 2 4. 3 4. 1 8.0 7. 4 4. 0 4. 3 5. 4 6. 9 4. 1 3. 9 6.7 7.7 4. 3 4. 6 9. 1 7. 3 4. 3 4. 0 5. 8 4. 5 7. 2 4. 8 7. 0 8.0 5.0 4.8 11. 6 Expenditures for military activities of the Department of Defense (military functions and the military assistance portion of the mutual security program), atomic energy, and defense related services. 2 Military functions and military assistance. 3 Includes guaranteed securities held outside the Treasury. Not all of total shown is subject to statutory debt limitation. Budget surplus or deficit (-) 1. 6 -2. 8 -12. 4 1. 2 — 3. 9 -6. 3 -1. 3 -. 7 2. 9 — 3. 3 -1.3 2. 2 -4. 7 — I. 1 .8 -2. 0 —.1 1. 4 — 1. 5 -. 2 3. 6 Public debt (end of3 period) 270. 6 276. 4 284. 8 286. 5 289. 2 298. 6 288. 2 290. 4 289. 2 292. 6 294. 0 294. 0 296. 0 297. 3 296. 5 296. 9 297. 4 296. 5 297. 4 299. 6 298. 6 * Preliminary. NOTE.—Total budget receipts and expenditures exclude certain Inlmgovern. mental transactions. Sources: Treasury Department and Bureau of the Budget. />i CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the fiscal year 1962, cash payments to the public exceeded cash receipts by $5.7 billion. In fiscal 1961, cash payments exceeded cash receipts by $2.3 billion. BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) BILLIONS Of DOLLARS (SEASONALLY ADJUSTED) 1 ™" EXCESS OF 3ASH RECEIPTS EXCESS OF DASH PAYMENTS 1 I I 1 I ! 1957 1956 i i i 1958 y LJ y tiu u • >- i i i 1959 CALENDAR YEARS i i i 1 SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. i I 1962 1961 I960 COUHCIt OF ECONOMIC ADVISERS [Billions of dollars! Cash receipts from the public Period Fiscal vear total: 1957 1958 --_ 1959 1960__ 196U 1962' .. Calendar rear total: 1958."1959 1960 1961 ' ... -. -. ... -..- . Quarterly total (calendar years) : 1960: Third quarter Fourth quarter 1001: First quarter Second quarterl _ _ Third quarter -. . ._ Fourth quarter ' ! 1002: First quarter Second quarter ' 1 I'rt'iiniinnrv. Cash payments to the public Kxcess of rereceipts ceipts ( + ) or Cash from the payments public (-) 82. 1 81. 9 81. 7 95. 1 97. 2 101. 9 80. 0 83. 4 94. 8 94. 3 99. 5 107. 6 2. 1 — 1. 5 -13. 1 .8 -2. 3 -5. 7 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. 2 31. 0 27. 7 Cash payments to the public Excess of receipts ( + ) or payments (-) Seasonally adjusted Q -9 — o. o -5. 9 .3 3. 2 24, 9 24. 6 23. 3 24. 6 24. 9 25. 3 24. 6 26. 8 23. 6 24. 3 25. 1 26. 5 26. 2 26. 9 27. 8 26. 8 Sources: Treasury Department and Bureau of the Budget. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington 25, D.C. Price 20 cents per copy; $2.00 per year; $2.75 foreign 32 U.S. G O V E R N M E N T P R I N T I N G OFFICE: 1 9 6 2 1. 3 .3 — 1. 8 — 1. 9 -1. 4 — 1. 6 -3. 2 .0