Gross National Product or Expenditure

Name: Gross National Product or Expenditure
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 87th Congress 2nd Session x Economic Indicators AUGUST 1962 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong WRIGHT PATMAN Texas Chairman PAUL H DOUGLAS Illinois Vice Chairman SENATE HOUSE OF REPRESENTATIVES RICHARD BOLLING Missouri JOHN SPARKMAN Alabama HALE BOGGS Louisiana J WILLIAM FULBRIGHT Arkansas HENRY S REUSS Wisconsin WILLIAM PROXMIRE Wisconsin MARTHA W GRIFFITHS Michigan CLAIBORNE PELL Rhode Island PRESCOTT BUSH Connecticut THOMAS B CURTIS Missouri CLARENCE E KILBURN New York JOHN MARSHALL BUTLER Maryland 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 GARDNER ACKLEY KERMIT GORDON PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 20 cents a single copy or by subscription at 2 00 per year foreign 2 75 from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 25 D C Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions The domestic airmail subscription price is 4 60 per year The I960 Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is now available at 60 cents a copy Contents TOTAL OUTPUT INCOME AND SPENDING The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Page iv EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Average Hourly and Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Trade Sales and Inventories Manufacturers Sales Inventories and New Orders Merchandise Exports and Imports U S Balance of Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Bank Loans Investments Debits and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public 31 32 NOTE Detail in these tables will not necessarily add to totals because of rounding Data for Alaska and Hawaii are not included unless specifically noted Unless otherwise stated all dollar figures are in current prices ill TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Current estimates indicate that gross national product rose 7 billion seasonally adjusted annual rate or about percent in the second quarter The sain from the first quarter of 1961 was 51 billion Billions of dollars quarterly data at seasonally adjusted annual rates Persons Period I Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter 1962 First quarter Second quarter Personal Disposable consumption personal expenditures International Business Personal Gross Excess saving Gross private of retained domestic invest or earndisinvestment ings 2 saving ment Foreign Net exports of goods and services net transfers by Net ExImGovernports ment exports ports Excess of transfers or of net exports Government Net receipts Period Expenditures Surplus or deficit Tax and TransPurTrans on fers Total fers chases income N e t nontax goods expendi interest and receipts receipts interest of and and subor tures and sub product 6 6 accruals sidies account sidies services Total income or receipts Gross Statis national tical product discrepor ancy expenditure Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter smml income p IS less personal taxes and nontax payments fines penal5 Government transfer payments to persons foreign net transfers by Government net interest paid by government and subsidies less current surplus of UW I I ill ItstrltuiUwl contornte profits corporate inventory valuation adjustment government enterprises e m mmitUoii nHowanros find excess of wage accruals over disbursements NOTE Revised series beginning 1959 For details sec Survey oj Current BusifnrnlKn investment with sign changed ness July 1962 Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce iv GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product rose 7 billion seasonally adjusted annual rate in the second quarter according to current estimates Consumer expenditures accounted for almost 5 billion of the ain and government purchases almost 1 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60O GOVERNMENT PURCHASES OF GOODS AND SERVICES IOO IOO G R O S S PRIVATE DOMESTIC INVESTMENT NET EXPORTS OF GOODS AND SERVICES x SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Personal Gross Total Net congross Total private exports national gross sump domestic of goods tion product national and in 1961 product expend invest services ment itures prices Period Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter 1962 First quarter Second quarter Seasonally adjusted annual rates o Less Government sales 2 These expenditures correspond closely with budget expenditures for national defense shown on p 31 3 Gross national product in current prices divided by gross national product in 19G1 prices Government purchases of goods and services Federal State Total Total National Other and 2 local defense Implicit price deflator for total GNP s i ion t KM NOTE Revised series beginning 1959 For details sec tiun cy uncut Business July 1962 Data for Alaska and Hawaii included beginning o Source Department of Commerce i NATIONAL INCOME Compensation of employees rose 61 2 billion seasonally adjusted annual rate in the second quarter of 1962 Other types of noncorporate income except farm proprietors also rose BILLIONS OF DOLLARS 5OO BILLIONS OF DOLLARS 5OO 20 0 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total national income Period I Compensation of employees Proprietors income Farm Business and professional Rental income of persons a3 Net interest Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment Seasonally adjusted annual rates 1960 Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter 1962 First quarter Second quarter Includes employer contributions for social insurance See also p 3 Not available 2 NOTE Revised series beginning 1959 For details see Survey of Current Business July 1962 Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income extended its advance in July with a rise of 1 3 billion seasonally adjusted annual rate slightly more than the June rise Labor income accounted for about two thirds of the July rise BUSINESS PROFESSIONAL AND RENTAL INCOME Total personal income Period June July August September October NovemberDecember 1962 January February March April May June July o Billions of dollars Labor income Proprietors income wage and Rental salary disDiviincome Business bursements of and pro persons dends and other 1 Farm fessional labor income Seasonally adjusted annual Compensation of employees see p 2 excluding employer contributions for social insurance and the excess of wage accruals over disbursements 2 Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations 3 Includes stepped up payment of National Service Life Insurance dividends of 21S million 2 6 billion at annual rate Less PerPersonal Transfer sonal contributions payinterest income ments for social insurance rates Nonagricultural personal income S Preliminary NOTE Revised series beginning 1959 For details see Survey of Current iness July 1962 Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce O DISPOSITION OF PERSONAL INCOME Both disposable personal income and personal consumption expenditures seasonally adjusted increased in the second quarter With the increase in income being more than in expenditures the saving rate rose BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES COUNClt OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Disposable personal income Period Third quarter Fourth quarter I ltil First quarter Second quarter Third quarter Fourth quarter I M 2 l irst quarter Second quarter Personal consumption expenditures Total NonDurable durable Services goods goods Billions of dollars Seasonally adjusted annual rates mud income fp 3 less personal taxes and nontax payments lines pcnai i 1 mil in current prices divided by the implicit price deflator for persona i p l i o n expenditures on a 1961 base u j a i k m of the United States including armed forces abroad Annual uf J u l y 1 q u n r t e r l y datn centered in the middle of the period interpolated m i l l i l y figures Series revised beginning 1950 Personal saving Per capita disposable personal income Current prices 1961 prices Dollars Saving as percent Populaof distion posable thoupersonal sands 3 income percent NOTE Revised series beginning 1959 For details see Survey of Current Business July 1962 Data for Alaska and Hawaii included beginning I960 Sources Department of Commerce and Council of 3 conomic Advisers FARM INCOME Realized sross farm income seasonally adjusted was uncharged 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 20 NET FARM INCOME INCLUDING NET INVENTORY CHANGE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Personal income received by total farm population Income received by farm operators from farming Realized gross From Period all sources Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter 1962 First quarter Second quarter From From farm nonfarm sources sources s Net income per farm including net inventory change 3 ProducCash tion ex Exclud Includreceipts penses ing in ing net in Current 1961 from Total ventory ventory2 prices prices 4 marketchange change ings Billions of dollars Dollars Seasonally adjusted annual rates J Cash receipts from marketings Government payments and nonmoney income furnished by farms 3 Inventory of crops and livestock valued at the average price for the year 3 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 Income in current prices divided by the index of prices paid by farmers for family living items on a 1961 base Net 5 Not available NOTE Personal income new se ries all other data revised beginning 1959 For details see Farm Income Situation 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 according to recent revisions However they were 10 3 billion above the first quarter of 1961 BILLIONS OF DOLLARS BILLIONS Of DOLLARS I962 EXCLUDING INVENTORY V A L U A T I O N ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE Period Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter 1 See p 2 for inventory valuation adjustment Not available COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Corporate profits before taxes and inventory Corporate profits valuation adjustment after taxes TransManufacturing Corpo Corpoportarate rate tion tax All Diviprofits All comNonUndisDurable durable muniother liabildend tributed before indusTotal goods payindustaxes ity Total industries profits goods cations tries ments and industries tries public utilities Seasonally adjusted annual rates NOTE Revised series beginning 1959 For details see Survey of Current Bu i ness July 1962 Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce 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 1 billion seasonally adjusted annual rate in private investment BILLIONS OF DOLLARS B I L L I O N S OF D O L L A R S GROSS PRIVATE DOMESTIC INVESTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total gross private domestic investment Period Third quarter Fourth quarter First quarter Second quarterThird quarter Fourth quarter 1962 First quarter Second quarter New construction Total Producers durable Residenequiptial Total Other ment nonfarm Seasonally adjusted annual rates Revisions in series on new construction shown on p 17 have not yet been incorporated into these series 2 Other construction in this series includes petroleum and natural gas well drilling which are excluded from estimates on p 17 Change in business inventories Fixed investment Total Nonfarm NOTE Revised series beginning 1959 For details see Survey of Current Business July 1962 Data for Alaska and Hawaii included beginning I960 Source Department of Commerce EXPENDITURES FOR NEW PLANT AND EQUIPMENT Accordins to the May survey business Firms are planning 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 1961 SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE 1962 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Manufacturing Period Total GO Third quarter Fourth quarter irst quarter Second quarter Third quarter Fourth Quarter 19C 2 Fir st quarter 3 Second quarter Third quarter 3 Total Commercial and other 2 Railroads Other Public utilities Seasonally adjusted annual rates Durable goods ninni Tclal und other includes trade service finance communications and ronMTiictfon 1 Ksihnntcs based on anticipated capital expenditures as reported by business Jri Mny fiXil Includes tiiljwinwnts when necessary for systematic tendencies in anticipatory data 8 Transportation Nondurable goods Mining NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE The seasonally adjusted unemployment rate declined to 5 3 percent in July Total employment seasonally adjusted was little chansed and the number of persons in the labor force was moderately reduced MILLIONS OF PERSONS MILLIONS OF PERSONS CIVILIAN LABOR FORCE NONAGRICULTURAL EMPLOYMENT I AGRICULTURAL ia M irmi ju UNEMPLOYMENT EMPLOYMENT PERCENT PERCENT OF CIVILIAN LABOR FORCE OF CIVILIAN LABOR FORCE UNEMPLOYMENT RATE SEASONALLY ADJUSTED jr T T 1 a F t T r t y I9S July August September October November December January February March April April May2 June2 July2 S ii I YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period 1 K COUNCtt OF ECONOMIC ADVISERS Civilian emCivilian employment ployment Unem Civilian NonNonlabor AgriployagriagriTotal ment force culTotal culcultural tural tural Thousands of persons 14 years of age and over Seasonally adjusted Unadjusted Unemployment rate percent of Unem civilian labor force ployment Unad Seasonjusted ally adjusted Percent S Total labor force Civilian includ labor ing force armed forces Seasonally adjusted totals may differ from sum of components because totals and components have been seasonally adjusted separately J 1960 Population Census data used in estimation procedure a other data based on 1950 Population Census 5 Sao 5 SI S B B B S NOTE For definitions and coverage see Em ployment and Ktirntngs Department of Labor Beginning 1960 data include Alaska aii i Hawaii Source Department of Labor 5 UNEMPLOYMENT INSURANCE PROGRAMS Insured unemployment averaged 1 7 million in July about 1 0 million less than in July 1961 MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All programs Insured Total unem benefits Covered paid ployemployment milment weekly lions of averdolage lars Period Thousands I June July August September October November December 1962 January February March April May June 3 July Week ended 1962 Julv August 4 3 II State programs Insured unemployment Weekly average thousands Includes Federal and State programs for temporary extension of benefits from June 1958 through June 1962 expiration date of program 1 Nut Available Preliminary Not charted 10 Initial claims Insured unemployment as perExhaus cent of covered employment tions Unad Seasonjusted ally adjusted Percent o S Benefits paid Total Average milweekly lions of check dollars dollars NOTE For definitions and coverage see 1960 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 124 000 in July ment rose substantially while manufacturins employment declined MILLIONS OF WAGE AND SALARY WORKERS Construction and trade employ MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS CONTRACT CONSTRUCTION ENLARGED SCALE 1959 WHOLESALE AND RETAIL T R A D E ENLARGED SCALE I960 SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMiC ADVISERS l Thousands of wage and salary workers Manufacturing private Period Total unadjusted Total Total Durable Nondura Total 2 goods ble goods June July 54 227 August 54 538 September 54 978 October November 55 129 December G2 January 53 737 February 53 823 March April May June 3 July Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 9 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are based on an enu Seasonally Nonmanufacturing private Government Contract Transporta Wholesale Federal construc tion and pub and retail State tion trade lic utilities local adjusted meration of population whereas the estimates in this table are based on reports from employing establishments 2 Includes mining finance insurance and real estate and service ami miscellaneous not shown separately B Preliminary NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 1 1 WEEKLY HOURS OF WORK In July the average workweek of production workers in manufacturing declined 0 1 hours to 40 4 hours seasonally adjusted HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED DURABLE MANUFACTURING NONDURABLE MANUFACTURING RETAIL TRADE i s I960 SOURCE DEPARTMENT Of LABOR Average hours per week l Manufacturing industries Non Contract Durable durable construc Retail All trade goods tion goods Period June July August September October November December 1962 January February March April May June 55 July COUNCIl OF ECONOMIC ADVISERS Hours per week Seasonally adjusted Data relate to production workers or nonsupervisory employees Beginning 1959 data include Alaska and Hawaii 3 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 I960 data include Alaska and Hawaii See also footnote 2 page 9 12 Persons at work in nonagricultural 2industries by hours worked per week Under 35 hours Part time for economic reasons Over hours hours Total TJsuallv Usually partfull time 3 time Millions of persons 14 years of age and over Includes persons who worked part time because o slack work material shortages or repairs new job started or job terminated Primarily includes persons who could find only part time work 5 Preliminary 8 7 Not available Average hours worked usually full time 24 0 usually part time 16 8 Source Department of Labor AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were 2 39 the prevailing level since April age weekly earnings declined 71 cents to Aver DOLLARS I SOURCE DEPARTMENT OF LABOR 1962 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average hourly earnings current prices Period Average weekly earnings current prices Manufacturing industries Contract conRetail NonDurable durable structrade All goods tion goods Manufacturing industries Contract Retail conNonDurable durable structrade All goods tion goods June July 2 33 August 2 31 September 2 33 October 2 34 November 2 36 December January 2 39 February 2 38 March 2 38 April 2 39 May June 2 July Earnings to current prices divided by tbeconsumer price index on a J961 base Preliminary Not available a NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor Average weekly earnings all manufacturing industries 1 196 prices PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The production index seasonally adjusted rose almost 1 percent in July equipment as well as materials contributed to the rise INDEX SEASONALLY ADJUSTED Output of consumer goods and business INDEX SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE F E D E R A L RESERVE SYSTEM Total industrial production Period June July August September October November December 1962 January February March April May June July 1 Preliminary 14 seasonally adjusted Industry Manufacturing Mining Utilities NonTotal Durable durable Market Final products ConTotal sumer Equipment goods a S Source Board of Governors of the Federal Reserve System Materials PRODUCTION OF SELECTED MANUFACTURES In July production of primary metals seasonally adjusted registered a small rise the first since February of most other durable and nondurable manufactures increased Output INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED ISO SOURCE BOARD OF GOVERNORS OF THE 1962 COUNCIL Of ECONOMIC ADVISEES FEDERAL RESERVE SYSTEM seasonally adjusted Durable manufactures FabriPrimary cated metals metal products Period June July August September October November December 1962 January February March April May JuneJuly i Preliminary Not available Nondurable manufactures Transpor Lumber Textiles Machin tation and apparel ery equipprodand leather ment ucts Paper and printing Chemicals Foods petrobeverleum and ages and rubber tobacco S M i m o Hi r i ir Source Board of Governors of the Federal Reserve System 15 WEEKLY INDICATORS OF PRODUCTION Weekly indicators of production were adversely affected in July by the July 4 holiday and vacation periods Car and truck assemblies were unchansed Althoush steel output declined for the month it picked up some strength towards the end of the month Most other indicators also declined MILLIONS OF TONS MILLIONS OF SHORT TONS DAILY AVERAGE SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Electric Bituminous Freight Paper board Cars and trucks SteeJ produced power coal mined produced loaded Index distributed thousands thousands thousands assembled thousands Thousands of net millions of of short Total Cars Trucks of tons of cars tons 100 kilowatt hours tons Period Weekly average June July August September October November December 1962 January February March April May June2 July Week ended 1902 Julv COUNCIL OF ECONOMIC ADVISOS August Dally averag Preliminary 16 a Charted na 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 NEW CONSTRUCTION In July expenditures for new construction seasonally adjusted were down about 1 percent Outlays for public construction declined while those for private were uncnansed with a drop in residential being offset by a rise in commercial and industrial BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL NEW CONSTRUCTION I956 I962 SEE NOTE 9 IN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Private Total new construction expenditures Period new series Total Residential nonfarm Commercial and industrial Billions of dollars Other Construction contracts CommerFederal Total value cial and industrial 48 States State and index floor space local millions of square feet Seasonally adjusted Seasonally adjusted annual rates 1961 June July August Sept ember October November December 1962 January February March April May June July Compiled by F W Dodge Corporation 2 Relates to 48 States beginning 1956 and to 37 Eastern States prior to 195G 1 In addition to major differences between old and new series data for Alaska and Hawaii are included beginning January 1950 Seasonally adjusted annual rates Preliminary I V I ucl Sources Department of C ommcrcc and K c orporiillon 17 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts of 1 4 million units seasonally adjusted annual rate in July were about the same as in June FHA applications declined while VA appraisal requests rose MILLIONS OF UNITS ANNUAL R A T E MILLIONS OF UNITS ANNUAL RATE SEASONALLY ADJUSTED PRIVATE NONFARM HOUSING STARTS v N T SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION 1FHA1 AND VETERANS ADMINISTRATION VA COUNCIL OF ECONOMIC ADVISERS fThousands of units Total housing starts farm and nonfarm Period Total private and public June July August September October November December 1962 January February March April May 4 June 4 July Private Total private and public Total 18 Private Government programs VA FHA Old series New series i Units represented by mortgage applications for new home construction Not available a See Housing Starts C 20 11 Supplement Bureau of the Census May 1960 for description Data for Alaska and Hawaii included 1 Private housing starts seasonally adjusted annual rates Nonfarm housing starts Applications for FHA commitments Requests for VA appraisals Total farm and Nonfarm nonfarm Proposed home construction New series S S SS8 1 S Preliminary Sources Department of Commerce Federal Housing Administration FIIA and Veterans Administration VA TRADE SALES AND INVENTORIES Retail and wholesale sales seasonally adjusted declined by 11 2 percent in June while trade inventories were up slightly Preliminary data show a 2 percent rise in retail sales in July BILLIONS OF DOLLARS BILLIONS OF DOLLARS RETAIL TRADE DURABLE GOODS STORES NVENTORIES 10 NONDURABLE SOODS STORES I INVENTORIES SEASONALLY ADJUSTED SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Wholesale Sales Period Sales Inventories 2 Total COUKCtl OF ECONOMtC ADVISERS Department stores Retail 13 Inventories NonDurable durable goods goods stores stores Total 2 NonDurable durable goods goods stores stores Billions of dollars seasonally adjusted May June July August September October November December 3962 January February March AprilMay 7 June 7 July Monthly average for year and total for month 2 Book value end of period seasonally adjusted Beginning January 1960 data include Alaska and Hawaii Daily average revised index base 5 End of period except annual data which are monthly averages Sales Inventories 5 Index seasonally adjusted Based on retail value Preliminary Sources Department of Commerce and Board of Governors of UK Heserve System 19 MANUFACTURERS SALES INVENTORIES AND NEW ORDERS In June manufacturers sales seasonally adjusted were down 1 percent inventories up slightly and new orders down 2 percent Preliminary data indicate that new orders for durable goods increased 5 percent in July BILLIONS OF DOLLARS BILLIONS OF DOLLARS 4O MANUFACTURERS INVENTORIES MANUFACTURERS SALES DURABLE GOODS MANUFACTURERS NEW ORDERS 30 NONDURABLE GOODS NONDURABLE GOODS DURABLE GOODS J LJ 1959 I I SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE 1962 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Manufacturers sales Period Total May June July August September October November December 1962 January February March April 3 Mav 3 June 3 4 July z NonDurable durable goods goods Monthly average for year and total for montb Book value end of period seasonally adjusted 20 Manufacturers inventories 2 NonDurable durable goods goods Total Manufacturers new orders Total Preliminary Source Department of Commerce l Durable goods NonMachinery durable and goods Total equipment Not charted MERCHANDISE EXPORTS AND IMPORTS In June exports rose nearly 5 percent while imports fell slightly raising the monthly trade surplus to 51 3 million seasonally adjusted BILLIONS OF DOLLARS BILLIONS OF DOLLARS I SEE NOTE I BELOW SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE COUNCIL Of ECONOMIC ADVISERS Millions of dollars Merchandise imports General 2imImports for consumption 3 Domestic exports ports Indus Finished Indus Finished manu Season Unad Total Food trial manuTotal Food trial ally ad justed facstuffs matefacstuffs materials tures justed rials tures Merchandise exports Total including reexports 1 Season Unadally ad justed justed Period Monthly average I May June July August September October November December 1962 January February March April May June Unadjusted Total exports less Department of Defense shipments of grant old military 3 Imports for immi bonded warehouses Unadjusted Total adjusted to exclude 33 5 million of the value reported y S61 1 S SO r m U S BALANCE OF PAYMENTS In the second quarter a rise in imports of goods and services were matched by a rise in exports A sharp fall in outflow of U S capital reduced the overall deficit as measured by U S gold sales and increases in foreign dollar assets to 1 0 billion seasonally adjusted annual rate BILLIONS OF DOLLARS BILLIONS OF D O L L A R S U S PAYMENTS TOTAL IMPORTS OF GOODS AND SERVICES 1 i t U S RECEIPTS B il m HH tag IB I960 I EXPORTS OF GOODS AND SERVICES I SEASONALLY A D J U S T E D ANNUAL R A T E S INCLUDES UNRECORDED T R A N S A C T I O N S EXCLUDES LIQUID DOLLAR ASSETS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS F Millions of dollars 1 U S receipts recorded Period Exports of goods and services Fi rst quarter Second quarter Third quarter Fourth quarter 1962 First quarter 6 Second quarter 1 Includes Increase in foreign Balance Unreon regold and corded U S grants and capital net corded recorded transactransliquid tions dollar U S actions Private capital net pay errors and Governasset through ment ments omissions Total i grants net or receipts receipts transacand Total Direct tions with capital the U S U S payments recorded Foreign capital Imports other of than goods liquid and dollar services assets net Seasonally adjusted annual rates remittances and pensions not shown separately Kxcludes 1 375 million increase in U S subscription to International Monetary Fund 1 Includes advance ebt repayment and interest payments on U S Government loans of 774 million 3 1 billion at annual rate Before adjustment for receipts of principal and interest on Government loans pftld in the previous quarter 22 Includes over 400 million 1 7 billion at annual rate of subscriptions to international organizations and other special capital outflows Preliminary NOTE Data exclude goods and services transferred under military grants Source Department of Commerce PRICES CONSUMER PRICES Consumer prices rose 0 1 percent in June Higher food prices especially for fresh fruits and a further small price gain for services were the principal causes of the advance INDEX I957 59 IOO INDEX I SOURCE DEPARTMENT OF LABOR All items Period May June July August September OctoberNovember December 1962 January February March April May June Source Department of Labor I96E COUNCIL OF ECONOMIC ADVISERS Services Commodities Commodities less food Services All All comRent Food less Non services modities All Durable durable rent WHOLESALE PRICES Wholesale prices rose 0 4 percent in July following three months of decline INDEX I957 59 IOO INDEX COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIALS 90 SOURCE DEPARTMENT OF LABOR COUNCIl OF ECONOMIC ADVISERS All commodities Period June July August September October November December 1962 January February M arch April May June 3 July Week ended August Farm products Processed foods Coverage of the subgroups does riot correspond exactly to coverage of this Index 3 Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing 24 3 Commodities other than farm products and foods industri ils Consumer finIndusIndustrial in Produc ished goods extrial All including food dustricrude termedi er finished NonDurals mate ate ma goods durable terials 2 able rials f Preliminary Weekly series based on smaller sample than monthly scries 5 Not available Source Department of Labor PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers rose slishtly between June 1 5 and July 1 5 a rise in livestock prices was partially offset by a sharp decline in crop prices Prices paid were unchanged and the parity ratio rose to 79 INDEX I9IO I4 IOO INDEX I9IO I4 I O O PRICES PAID INTEREST TAXES AND WAGE RATES LJ L 200 RATIO RATIO PARITY RATIO i I960 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period All farm products June 15 July August 15 September 15 October 15 November 15 December January 15 February March 15 April Mav 15 June 15 Julv Crops Percentage ratio of index or price received by farmers to index of prices paid Interest taxes and va e rates Prices paid by farmers All items interest Livestock taxes and Family Producand tion living wage rates products items items parity index Index Source Department of Agriculture Parity ratio MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The money supply rose less than seasonally in July BILLIONS OF DOLLARS 160 BILLIONS OF DOLLARS I 160 AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED 150 TOTAL MONEY SUPPLY DEMAND DEPOSITS AT ALL COMMERCIAL BANKS no 100 I i SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period December December December December December December December December December July August September October November December 1962 January February March April May Juno3 July J irst half 2 Second half 1 Deposits at all commercial banks Preliminary 26 1962 COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars Money supply Seasonally adjusted Unadjusted Currency Private Private Currency Total Total outside demand outside demand banks deposits banks deposits na I Related deposits unadjusted Gross time NOTE See note p 27 Source Board of Governors of the Federal Reserve System U S Government demand BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans rose 200 million seasonally adjusted in July BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS BANK LOANS INVESTMENTS IN U S GOVERNMENT SECURITIES SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM END OF MONTH CDUNCI1 OF ECONOMIC ADVISERS End of period June July August September October November December 1962 January FebruaryMarch April 65 May June 65 July 1 Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System 2 Commercial and industrial loans and prior to 1956 agricultural loans Series revised beginning January 1952 October 3955 July 1958 July 1959 and April 1961 3 Debits during period to demand deposit accounts except interbank and U S Government Prior to 1955 relates to 344 centers outside New York City Averages of daily figures Annual data are for December Weekly reporting member banks Bank All member banks debits outside New York Reserves BorrowInvestments City 343 To 1 Loans ings at loa centers f excluding Federal U S Gov Other Business seasonally Required Excess Reserve t ernment securi loans 2 adjusted bank Banks annual ments securities ties rates 3 Billions of dollars Millions of dollars S All commercial banks seasonally adjusted data 5 Preliminary NOTE Series for all commercial banks revised to show seasonally adjusted data Between January and August 1959 series for all commercial banks expanded to include data for all banks in Alaska and Hawaii Data for nli member bfmfcft include Alaska and Hawaii beginning 1954 and 1959 respectively Source Board of Governors o the Federal Reserve Sy siom 27 CONSUMER CREDIT In June total consumer credit outstanding rose 700 million compared to a rise of about 400 million in June 1961 BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL CREDIT OUTSTANDING NONINSTALMENT CREDIT 1 SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED INSTALMENT CREDIT REPAID D Ii i i i i I i i i i i I i i i it I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Millions of dollars Consumer credit outstanding end of period unadjusted Instalment NonAutomoTotal instalbile 2 Total ment 3 paper Period May June July August September October November December 1962 January February March April May June Also includes other consumer poods paper repair and modernization loans and persona loans not shown separately Consumer credit extended for the purpose oJ purchasing automobiles and secured by the items purchased 3 Consists of single payment loans charge accounts and service credit 28 1962 COUNCIL OF ECONOMIC ADVISERS Consumer instalment credit extended and repaid seasonally adjusted Automobile paper 2 Total Extended Repaid Extended Repaid NOTE Data for Alaska and Hawaii included beginning January and August 1959 respectively Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES The yield on 3 month Treasury bills rose durins July but declined in early August Most bond yields rose PERCENT PER ANNUM PERCENT PER ANNUM 1962 SOURCES SEE TABLE BELOW COUNCIl OF ECONOMIC ADVISER Percent per annum U S Government High grade security yields municipal 3 month bonds Taxable 2 Treasury Standard bonds Poor s 3 bills i a os 2 93 a a a a Period June July August September October November December 1962 January February March April May June July Week ended 1962 July August J Rate on new issues within 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 3rears October 1941 March 1952 bonds due or callable after 15 years Corporate bonds Moody s Aaa Baa Prime commercial paper 4 6 months Weekly data are Wednesday figures N o t c h rtml Sources Treasury Department Board of Oovorno s of tlw F H PH I Reserve System Standard Poor s Corporntion mnl Mmnly i lnvt i wa Service a i I a on a MI 2 IH a lit i t t a vfi a 2 a HI a yu a ar a an a ax a JIM a a i OQ STOCK PRICES Stock prices rose somewhat in July Manufacturing Composite index 1 Period Weekly average June Julv August September October November December 1902 January February March April May June Julv W cK ended 1902 July August Durable goods Total 30 Transportation Utilities Trade finance and service Includes 300 common stocks 108 for durable X ods manufacturing S r for nondimiblo floods manufacturing 18 for transportation 34 for utilities 45 for trade ntmnoc and service ami i fur mining Nondurable goods NOTE Indexes are based on weekly closing prices Source Securities and Excluinge Commission Mining FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES In July 1962 the first month of fiscal year 1963 there was a deficit of 3 7 billion compared with a deficit of 3 3 billion for the first month of fiscal year 1962 BILLIONS OF DOLLARS BILLIONS OF DOLLARS I BUDGET SURPLUS OR DEFICIT ENLARGED SCALE fSSSSa O SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Period Fiscal year 1957 Fiscal year 1958 Fiscal year 1959 Fiscal year Fiscal year 1961 Fiscal year May June July 4 4 August September 4 October 4 4 November4 December 1962 January 4 4 February March 4 April 44 Mav June 4 July COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budget expenditures Net National defense 1 budget Department Total receipts Total of Defense military Expenditures for military activities of the Department of Defense military functions and the military assistance portion of the mutual security program atomic energy and defense related services 3 3 Military functions and military assistance Includes guaranteed securities held outside the Treasury Not i shown is subject to statutory debt limitation 1959 FISCAL YEARS PRELIMINARY Budget surplus or deficit Public debt end of3 period O Preliminary NOTE Total budget receipts and expenditures exclude certain i mental transactions Sources Treasury Department and Bureau of the lludgct 31 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 cas payments exceeded cash receipts by 2 3 billion BILLIONS OF DOLLARS 30 SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 30 EXCESS OF DASH RECEIPTS U 1 1 l I 1 UL U LJ LJ EXCESS OF DASH PAYMENTS L U U uU LJ i i i 1 I 1959 CALENDAR YEARS 1 i SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET l t COUNCIL OF ECONOMIC ADVISERS Billions of dollars Cash receipts from the public Period Fiscal year total i Calendar year total I Quarterly total calendar years 1960 Third quarter Fourth quarter 1901 First quarter Second quarter Third quarter J Fourth quarter 1962 First quarter 1 Second quarter Cash payments to the public Excess of re Cash receipts ceipts or from the payments public i S Unadjusted Excess of receipts or payments Cash payments to the public Seasonally adjusted Q Sources Treasury Department and Bureau of tile Budset 32 OI FlCE 19G2

Gross National Product or Expenditure

DATE: August 1962

PART OF:

Economic Indicators : August 1962

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Gross National Product or Expenditure," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "August 1962," Economic Indicators (August 1962) : 5-5. https://fraser.stlouisfed.org/title/1/item/480/toc/118520 , accessed on December 9, 2019.

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Economic Data