Status of the Labor Force

Name: Status of the Labor Force
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. 88ih Congress 1st Session Economic Indicators JANUARY 1963 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong WRIGHT PATMAN Texas Chairman PAUL H DOUGLAS Illinois Vice Chairman SENATE HOUSE OF REPRESENTATIVES JOHN SPARKMAN Alabama RICHARD BOLLING Missouri J WILLIAM FULBRIGHT Arkansas HALE BOGGS Louisiana WILLIAM PROXMIRE Wisconsin HENRY S REUSS Wisconsin CLAIBORNE PELL Rhode Island MARTHA W GRIFFITHS Michigan JACOB K JAVITS New York THOMAS B CURTIS Missouri CLARENCE E KILBURN New York WILLIAM B WIDNALL New Jersey WM SUMMERS JOHNSON Executive Director JOHN R STARK Clerk COUNCIL OF ECONOMIC ADVISERS WALTER W HELLER Chairman GARDNER ACKLEY PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators1 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 2 5 cents a single copy or by subscription at 2 50 per year foreign 3 50 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 5 40 per year The 1962 Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is now available at 65 cents a copy ii TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Current estimates indicate that gross national product increased 3 3 billion seasonally adjusted annual rate in the third quarter The gain from the first quarter of 1961 was 55 billion Billions of dollars quarterly data at seasonally adjusted annual rates Persons Period III IV1962 Personal Disposable consumption personal expenditures S1 S I IT III Business International Personal Gross Excess saving Gross private of or retained domestic investearndisinvestment saving ings 2 ment Foreign Net exports of goods Excess of net and services transfers trans or fers by of net GovernExNet Imexports ment exports ports ports Government Net receipts Period I II m 1962 T IL III Expenditures Surplus or deficit Tax and TransPurTrans on nontax Total fers chases fers income Net interest and goods expendi interest receipts receipts and sub of and or tures and sub product 5 5 accruals sidies services sidies account Total income or receipts Personal income p f less personal taxes and nontax payments fines penalties etc irofits corporate inventory valuation adjustment Umlistribi ted eorp es and excess of wage accruals over disbursements rninps of unincorporated business which are inDoes not in el ido retail inconie eluded in disposable per nt purchases of capital eoods by private nonprofit Private bi lousing nd residei Gross Statis national tical product discrepor ancy expenditure Net foreign investment with sign changed 5 Government transfer payments to persons foreign net transfers by Government net interest paid by government and subsidies less current surplus of government enterprises NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product rose 3 3 billion seasonally adjusted annual rate or 0 6 percent in the third quarter according to current estimates Drops of 1 2 billion in net exports and 3 0 billion in the inventory accumulation rate were more than offset by rises in other major sroups BILLIONS Of DOLLARS BILLIONS OP DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT V GOVERNMENT PURCHASES OF GOODS AND SERVICES SOURCE DEPARTMENT OF COMMERCE Period I II III IV 1962 I II III 1 Less 5 Gove rnment pmrchases of good s and Implicit Total Personal NTo f services price Total congross private exports deflator Federal national gross sump domestic of goods State for total tion product national and GNP in 1961 product expend invest services Total Total i National Other and 2 ment local defense prices itures B illions of dollars qiuarterly c ata at sea son ally a ljusted a nnual ra tes na a 2 Government sales These expenditures correspond closely with budget expenditures for national defense shown on p 35 COUNCIL OF ECONOMIC ADVISERS 3 Gross national product in current prices divided by gross national product in 1961 prices NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce NATIONAL INCOME National income rose 3 1 billion seasonally adjusted annual rate in the third quarter Compensation of employees accounted for most of the gain However other types of income except farm proprietors also rose BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS 1 500 SEASONALLY ADJUSTED ANNUAL RATES CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME X 100 iiuiii iiiniin uni NET INTEREST 1956 I SOURCE DEPARTMENT OF COMMERCE COUNCIt OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period I T IT T1T IV I Mili 1 II Total national income Compensation of employees I inns for wjiil insurance Proprieto rs income Farm See also p Business and professional Rental income of persons S Net interest LM 5 J Corpora be profits and inventory va luation acIjustment Total Profits Inventory before valuation taxes adjustment NOTE D a t a for Alaska and Hawaii included beginning 1960 Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income increased 2 2 billion seasonally adjusted annual rate in December to 450 4 billion Wage and salary disbursements were up 0 9 billion and dividends up 0 8 billion reflecting special year end payments BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES WAGE a SALARY DISBURSEMENTS SOURCE DEPARTMENT OF COMMERCE Period Total personal income N o v Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct N o v4 Dec COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Less Per Nonagriand Other Propriet ors income Rental income Divi Personal Transfer sonal con eultural salary labor Business tributions interest payof disburse income 2 Farm and pro persons dends 3 income ments for social personal l ments fessional insurance income Compensation of employees see p 3 excluding employer contributions for social insurance and the excess of wage accruals over disbursements 2 Employer contributions to private pension health and welfare funds compensation for injuries directors fees military reserve pay and a few other minor items 3 Personal income exclusive of net income of unincorporated farm enterprises 250 farm wages agricultural net interest and net dividends paid by agricultural corporations 4 Preliminary data for December not charted NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME Personal consumption expenditures seasonally adjusted increased slightly more than disposable income in the third quarter As a result there was a drop in the saving rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS DOLLARS 2 200 DOLLARS I PER CAPITA DISPOSABLE PERSONAL INCOME I I96E SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF Personal income Less J ersonal taxes Kq mils Disposable personal income T II m V i r I I I i i IVHod COUNCIL OF ECONOMIC ADVISERS COMMERCE L BSS Persona 1 eonstimj tion expc nditures Total NonDurable durable Services goods Billions of dollars Seaso nally adjiisted annilal rates income in current prices divided by the implicit price deflator for personal consumption e x p e n d i t u r e s on i I Mil base Population of the U n i t e d Stairs including firmed forces abroad Annual data ns of J u l y 1 q u a r t e r l y da la centered in the middle of tlic period interpolated from m o n t h l y fivures Per cap ita disposable Dersonal Saving as percent Populainco me Equals of distion Personal posable thou 2 saving Current 1961 personal sands prices prices 1 income percent Dol lars NOTE Daia for Alaska and Hawaii included beginning I960 Son roes i epart m e n t of Commerce and Council of Economic Advisers FARM INCOME Net farm income seasonally adjusted rose slightly in the third quarter but when adjusted for inventory change it remained at the second quarter level BILLIONS OF DOLLARS PILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL BATES 50 SO REALIZED GROSS FARM INCOME NET FARM INCOME INCLUDING NET INVENTORY CHANGE i960 SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Personal income re ceived by total i arm popu lation Income r eceived by farm op erators fro m farming T 1 oali d prosM From all iotirrf 1 Period I Yorn farm siiinr v I Vom n o n f a t in it hi i hollM rr1 t t nl t i t 1 1 tl MI n li i M I s J S V irs V I i 8 1 J J J i r inari t t inp ri H l l l i o n t t I dollar TJ li f 8 G I II III IV 1962 I II III iCash receipts from marketings Government payments and nonmoney income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year 3 Series revised beginning 1941 on the basis of 1960 Census of Agriculture definition of a farm The number of farms is held constant within a year f t f t iplf If Mn j lYodlie I ton p K x e h i d I n c l u d PIMW M inr netin ing net in C u r r e n t v e n t o r y ventory prices change prices 4 I i i Seasonally ad lusted anrmal rates Net inc ome per farm incl uding net 1 inventory change Heali ed not 15 i Do Jars Income in current prices divided by the index of prices paid by farmers for family living items on a 1961 base Source Department of Agriculture CORPORATE PROFITS Corporate profits before taxes rose 0 2 billion seasonally adjusted annual rate in the third quarter to 51 1 billion This was the third hishest quarterly profits total on record BILLIONS OF DOLLARS BILLIONS OF DOLLARS CORPORATE TAXES i 10 JO EXCLUDING INVENTORY VALUATION ADJUSTMENT COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Corj orate pr ofits befc re taxes and in veriitory CoriDerate pr ofits valuation adjustmei it a fter taxe All industries Total Trans portation communications and public utilities I II III IV I M anufactui ing Period II III NonDurable durable goods goods indus industries tries All other industries Total Corporate capital conDiviUndend distrib sumption payuted ments profits allowances 1 Profits plus capital consumption allowances Includes depreciation capital outlays cbarged to current accounts and accidental damages 2 Corporate profits after taxes plus corporate capital consumption allowances Corpo Corporate rate profits tax before liabiltaxes ity NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT In the third quarter the rise in toss private fixed investment seasonally adjusted was more than offset by a fall in the inventory accumulation rate resulting in a small decrease in total private investment BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 80 GROSS PRIVATE DOMESTIC INVESTMENT muni PRODUCERS DURABLE EQUIPMENT r J i n m nmiimo tmu u CHANGE IN BUSINESS INVENTORIES v sS s V S x J 1956 L 1957 J L 1958 J L J L L I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted rnnual rates Total gross private domestic investment Period I II III IV 1962 I II III New cons traction 1 Total Total Residential nonfarm f Revisions in series on new construction shown on p 19 have not yet been incorporated into these series 2 Other construction in this series includes petroleum and natural gas well d r i l l i n g liidi arc excluded from estimates on p 19 8 Change in btisiness in cntories Fixeid investnlent f 1 2 S 1 3 S o o 24 3 Otl icr Produce5rs durable eqilipmcnt 2 Total Nonfann S j s 10 S S K l a i I J 7 I I i Total 1 7 2 IS 2J JO S j l 4 Total Nonfarm J7 2 2S K 1 1 S 4 1 S 0 H JO i J i j S J 1 1 i r s 4 7 l r NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce NonIan n ai 2 1 L1 2 I EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the November survey business firms planned to spend 37 4 billion on new plant and equipment in 1962 about 9 percent more than in 1961 This total is 200 million above that reported in the August survey Expenditures seasonally adjusted increased 3 8 percent in the third quarter a larger gain than anticipated earlier They were expected to remain unchanged in the fourth quarter and to decline by 1 7 percent in the first quarter of next year BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Manufacturii g Period Total i Total I n ITT TV IV i Durable goods S G Tk iillure 2 Comincrci runi other includes trade service fmnnce communications and construction s Estimates nsed on anticipated capital expenditures as reported by business in November 902 Includes adjustments wbcn necessary for systematic tendeneies in antic patory data NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Transpoi tation Nondurable goods GO Railroads Other Public utilities Mining Commercial and other 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 9 EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE The seasonally adjusted unemployment rate declined to 5 6 percent in December farm employment and the civilian labor force Increases occurred in both non MILLIONS OF PERSONS MILLIONS OF PERSONS UNEMPLOYMENT i 11 i i I i f t i i I i i i i i I i i i i i PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR F ORCE UNEMPLOYMENT 1VX E SEASONALLY ADJU 51 E D rr HIM 1956 T FT T i i n T I Period I Dec 1962 Jan Feb Mar Apr Apr 3 May June July Aug Sept Oct Nov Dec fl i r YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Total labor force Civilian includlabor ing force armed forces COUNCIL OF ECONOMIC ADVISERS Civili in employ ment Civiligin emplo yment NonNon Unem Civilian labor AgriployagriagriTotal Total ment force culculcultural tural tural Thousand s of persons 14 ve ars of a e and over SeascHiaily ju justed 2 U nadj listed Unemployment Unempl oyment rate pe rcent of civiliai i labor for ce SeasonUnad ally adjusted justed Labor force participation rate unad l justed Percent o S Total labor force as percent of noninstitutional population 2 Seasonally adjusted totals may differ from sum of components because totals and components have been seasonally adjusted separately 10 Population Census data used in estimation procedure beginning April 1962 all other data based on 1950 Population Census NOTE For definitions and coverage see Employment and Earnings Department of Labor Beginning 1960 data include Alaska and Hawaii Source Department of Labor SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT The decline in the over all unemployment rate seasonally adjusted in December was accompanied by declines in other measures of joblessness PERCENT 10 0 PERCENT SOURCE DEPARTMENT OF COUNCIL OF ECONOMIC ADVISERS Uneniploymemb rate percent of eivilisin labor for ce in grou Labor force time lost through Experiunemenced Married ployment Over 40 All wage and men l and part hours workers salary time workers work 2 P Period Per cent Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Seasonall y adjusted Married men livinp with their wives Assumes unemployed persons lost 37 5 hours a week those on part time for economic reasons lost difference between 37 6 hours and actual number of hours worked Differs from total nonagricultural employment p 13 which includes persons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes Persons at work in nonagri cultural IBidustries by hoiirs workee1 per weet 3 Urider 35 ho urs 35 40 hours Part time for economi 3 reasons Part time for economi 3 reasons Total Usually Usually Usually Usually partfullfullparttime 5 time 4 time 4 time 5 Thousan ds of pers ons 14 ye ars of age and over Seasonallyr adjusted IJnad juste d Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated 5 Primarily includes persons who could find only part time work Not charted NOTE See also footnote 3 p 10 Beginning 1960 data include Alaska and Hawaii Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS Insured unemployment averaged 2 2 million in December about 300 000 less than in December 1961 MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS OCT SOURCE DEPARTMENT OF LABOR Period Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2 Week ended 1962 Dec Jan 5 1 COUNCIL OF ECONOMIC ADVISERS A 11 progranL1S Insured Total unem benefits Covered ploypaid ment milemploy weekly lions of ment averdolage 1 lars Thou sands St tte Insured unemployment InsuredI unemplojaiien t as percent of covered Exhausemplo yment tions Unad Seasonjusted ally adjusted Weekly taverage t housands I Includes Federal and State programs for temporary extension of benefits from June 1958 through June 1962 expiration date of program 2 Preliminary Not charted 12 Initial claims programs Penjent ao Benetlibs paid Total Average milweekly check lions of dollars dollars NOTE For definitions and coverage see the 1962 SupplemeTii 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 rose slightly in December services and durable goods manufacturing MILLIONS OF WAGE AND SALARY WORKERS 20 MILLIONS OF WAGE AND SALARY WORKERS 60 Gains occurred in Government ALL NONAGRICULTURAL ESTABLISHMENTS MANUFACTURING TOTAL 16 s 54 DURABLE GOODS INDUSTRIES NONDURABLE GOODS INDUSTRIES J CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE ENLARGED SCALE ENLARGED SCALE I SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Manufac turing private Period Total Nov Dec 1962 Jan Feb Mar Apr May JuneJuly Aug Sept Oct 2 Nov Dec Total NonDurable durable goods goods N onmanu aeturin private Total C rm UI1 tract Mining construetion 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 10 which include proprietors self employed persons and domestic servants which count persons as employed when they Transportation and public utilities WT ir lo vv 11010 sale and retail trade Finance insurance and real estate Gover nment Service State and and miscel Federal local laneous are not at work because of industrial disputes and which are based on an enumeration of population whereas the estimates in this table are based on reports from employing establishments 2 Preliminary data for December not charted NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor JO WEEKLY HOURS OF WORK SELECTED INDUSTRIES The average workweek of production workers in manufacturing was little changed in December at 40 3 hours seasonally adjusted HOURS PER WEEK SEASONALLY ADJUSTED 461 DURABLE MANUFACTURING HOURS PER WEEK SEASONALLY ADJUSTED 46 NONDURABLE MANUFACTURING I I I RETAIL TRADE CONTRACT CONSTRUCTION i960 J SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Average hours per week 1 seasonally adjusted Marmfacturing Indus tries Period Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct 2 Nov2 Dec Durable goods All i Data relate to production workers or nonsupervisory employees Beginning 1959 data include Alaska and Hawaii Preliminary data for December not charted 14 Nondurable goods Contract construction Source Department of Labor Retail trade AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing rose 1 cent to 2 42 in December earnings increased by 65 cents to Average weekly DOLLARS DOLLARS AVERAGE HOURLY EARNINGS 2 60 DURABLE GOODS INDUSTRIES vX J SOURCE DEPARTMENT OF LABOR 1962 COUNCIL OF ECONOMIC ADVISERS For production workers or noiisupervisory employees Avera ge hourly earnings current prices Manufg tcturing ii idustries Contract conRetail NonDurable durable structrade All goods tion a oods Period J 1 i 1958 L I d 19GO rj 1901 J Nov s MM Inn s I Vb Al ir S A r l M MV J llir ulv All J 7 I Sr Nov I r j in K i l l i OS i T i 2 r r f i r I Manuff icturing iiidustries Contract conNonDurable durable strucAll goods tion goods lOurnhu s in cu mil priivs a ijusl rdtot xd IK lc overt i no and inter nduslryshi fts JCarniiitf s in cu rroni price 1 i v i l y IP consumer ri co index 01 aiucibase Preliminary hil a for Do coin her not t hur toil G3 Manufac turing indust ries Adjusted Average liourly weekly Retail earnings earntrade ings i prices 2 Aver age weekl y earnings3 currenl prices N DTE Jieginn ing 1959 dat a include Atetska So urce Depart ment of Labor and Ha vaii i n PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In December the industrial production index seasonally adjusted was about the same as in November INDEX SEASONALLY ADJUSTED 140 INDEX SEASONALLY ADJUSTED ISO TOTAL UTILITIES AND MINING MO UTILITIES MINING I960 J MARKET GROUPS 130 FINAL PRODUCTS i COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Total industrial production Period Oct Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Novl Dec Preliminary data ior December not charted 16 Ma rket Industry Fiiaal produ 3tS M inufactun ng Total NonDurable durable Mining Utilities Total Consumer goods Equipment Source Board of Governors of the Federal Reserve System Materials o PRODUCTION OF SELECTED MANUFACTURES In December the output of primary metals increased about 2 percent and textiles apparel and leather about percent Other major groups of manufactures showed little change INDEX SEASONALLY ADJUSTED 140 INDEX SEASONALLY ADJUSTED AND PRODUCTS I I I i PAPER AND PRINTING Mllll M TEXTILES APPAREL AND LtAIHER I960 I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durab le man u fa ctures Primary metals G Get Nov Dec 1962 Jan Fob Mar Apr May June July Aug Sept Get Nov Dec 1 Preliminary data for December not charted Nondurable manufactu res FabriTranspor Lumber Textiles Paper Machin tation cated and and apparel ery equipprodmetal printand products ment ucts ing leather Chemicals petroleum and rubber Foods beverages and tobacco Source Board ol Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION In December most weekly indicators of production declined MILLIONS Oi TONS MILLIONS OF SHORT TONS DAILY AVERAGE i i 1 i i t I i t i i 1 1 i t I i 1 1 I 1 1 1 i I t i t t t 1 t t rt i i I i i 11 t i i I t i i i j THOUSANDS SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Nov 2 Dec Week ended 1962 Nov 24 Dec Jan 5 Electric Bituminous Freight Paperboard Steel pr oduced Car s and triicks power coal mined loaded produced distributed thousands thousands thousands assemb led thoiisands Thousands Index of net millions of of short Cars Trucks Total of tons of cars tons 100 kilowatt hours tons Daily average Includes data for Alaska Preliminary data for January 5 1963 not charted 18 COUNCIL OF ECONOMIC ADVISERS 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 Expenditures for new construction declined slightly in December to 62 4 billion seasonally adjusted annual rate Changes in all major sectors were small BILLIONS OF DOLLARS BILLIONS OF DOLLARS i t PRIVATE RES5IDENTIAL NONFA RMJw ll l O T niii i Biii A L L Ll LJ J 1 1 1 jj new series COUNCIL OF ECONOMIC ADVISERS liesi dcntial noiifarrn Total Total l New housing units CommerAddi lions cial and and al industrial terations Billions of dollars G 0 C Other Constructiori contracts 2 CommerFederal Total value cial and index State industrial and floor space local 100 millions of square feet Includes nonhousekeeplng residential construction not shown separately 1 Compiled by F W Dodge Corporation and relates to 48 States 3 In addition to major differences between old and new series data for Alaska and Hawaii are included beginning January 1959 4 Preliminary Seasonally adjusted Sea wnally adji isied anmio rales 1961 Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4 F f i i i j f i i i i it I960 Pr ivate Total new construction expenditures M I SEE NOTE 3 JN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE Period OTHER PRIVATE i i i i L j i j i B M H t U x x Seasonally adjusted annual rates NOTE Seasonally adjusted series have been revised beginning 1959 see Construction Reports C 30 40 November 1962 Sources Department of Commerce and F W Dodge Corporation IQ NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts in November were at an annual rate of 1 5 million units seasonally adjusted about the same as in October Both FHA applications and VA appraisal requests declined MILLIONS OF UNITS MILLIONS OF UNITS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA VETERANS ADMINISTRATION V A Thousands of units Hoiising stai ts TYital private Period and public includ ing Prhrate nonfainn Total private includ ing farm Total Onefamily farm O c t Nov Dec 1962 J a n Feb Mar Apr May June July Aug Two or more families ing farm Priv ate nonf arm Total Govci n merit prog rams private housing Applica Requests tions for units for VA I M I A authorcommit appraisized als 2 ments FHA VA f Setisonally adjusted annual ra tes Sept3 Oct 3 T ov 3 New series see Housing Starts C20 11 Supplement Bureau of the Census May 1960 for description 1 Authorized by issuance of local building permit 2 Units represented by mortgage applications for new home construction 20 Total private includ Propose d home const r net ion x J Preliminary NOTE Data for 1961 have been revised See Housing Starts C20 41 October 1962 Data for Alaska and Hawaii are included in all VA and FHA series and Census series beginning with the new series in 1959 Sources Department of Commerce Federal Housing Administration FHA and Veterans Administration VA TRADE SALES AND INVENTORIES In November wholesale sales seasonally adjusted rose 1V percent while retail sales rose 2 4 percent above October levels Retail trade inventories rose slightly Preliminary data indicates that retail sales rose slightly in December BILLIONS OF DOLLARS BILLIONS OF D O L L A R S RETAIL TRADE DURABLE GOODS STORES 10 J I INDEX SEASONALLY ADJUSTED SOURCES DEPARTMENT OF COMMERCE Who esale Period COUNCIL OF ECONOMIC ADVISERS AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Sales Inventories 2 Re tail Sales 1 3 Total Departm ent stores Iiiventories NonDurable durable goods goods stores stores Total NonDurable durable goods goods stores stores 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 End of period except annual data which are monthly averages Inventories 5 Index seasonally adjusted 6 Billions o f dollars seasonal r adjusted Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct 7 Nov Dec 7 Sales ti Based on retail value Preliminary data for December not charted Sources Department of Commerce and Board of Governors of the Federal Reserve System 21 MANUFACTURERS SALES INVENTORIES AND NEW ORDERS In November manufacturers new orders seasonally adjusted rose about 1 percent and sales orders exceeded sales by a slight margin Inventories declined by 140 million percent New BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 MANUFACTURERS INVENTORIES MANUFACTURERS SALES TOTAL 40 MANUFACTURERS N E W ORDERS I SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Mann faeturers sales 1 Manufac Airers inv entories Ma nufacture rs new orde rs Total Sept Get Nov Dec 1962 Jan Feb Mar Apr May June Julv Aug 4 Sept Oct 44 Nov NonDurable durable goods goods Monthly average for year and total for month 2 Book value end of period seasonally adjusted 2 13 L G Total NonDurable durable goods goods Billiors of doll rs sot iso null v JU For annual periods ratio of weighted average inventories to average monthly sales for monthly data ratio of inventories afend of month to sales lor month 22 COUNCIL OF ECONOMIC ADVISERS 4 DuraL le goods Tolal adjuste Total Preliminary Source Department of Commerce NonM acl liner durable goods and equipment Manuracturers inventorysales ratio MERCHANDISE EXPORTS AND IMPORTS Both exports and imports seasonally adjusted rose in November the monthly trade surplus by upwards of 100 million The somewhat larger rise in exports increased BILLIONS OF DOLLARS BILLIONS OF DOLLARS I SEE NOTE I BELOW SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE COUNCIL OF ECONOMIC ADVISERS f Millions of dollars M erchandi se expo rts Period Total includ Domest ing ree rports 1 Season UnadFoodally ad justed Total i stuffs justed Monthly average Oct Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Nov Gener al 2imc expor ts por ts Indus Finished trial manu Season Unadally admatefacrials tures l justed justed U nadjust ed Total exports less Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program Imports for immediate consumption plus entries into bonded warehouses 8 Imports for immediate consumption plus withdrawals for consumption from bonded warehouses Merchandise trade Impc rts for consum ption Indus Finished surplus Food trial manu seasonTotal stuffs mateally adfacjusted tures rials M erchandi se impo rts U oad just ed Total adjusted to exclude 33 5 million of the value reported by economic category Sources Department of Commerce and Department of Defense 23 U S EXPORTS AND IMPORTS OF GOODS AND SERVICES In the third quarter exports of goods and services fell from the all time high reached in the second quarter while imports of goods and services rose to a new high thus reducing the surplus on goods and services to 4 1 billion seasonally adjusted annual rate BILLIONS OF DOLLARS BILLIONS OP DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 40 40 EXPORTS OF GOODS AND SERVICES IMPORTS OF GOODS AND SERVICES I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period I II III IV 1962 I II III Millions of dollars quarterly data at seasonally adjusted annual rates Expo rts of goo ds and ser vices Impo rts of goo ds and seirvices Balance Income on inMer Military Mer Military Other on goods vestnaents Other Total chanTotal chan expend services and sales dise 1 Private Govern services dise 1 itures services ment Adjusted from customs data for differences in timing and coverage Preliminary 24 Source Department of Commerce U S BALANCE OF INTERNATIONAL PAYMENTS A decline of 1 6 billion seasonally adjusted annual rate in the surplus on goods and services between the second and third quarters was associated with a rise of 2 0 billion in the over all deficit BILL IONS BILLIONS OF DOLL RS 20 OF DOLLARS 20 SEASON LLY ADJUSTED ANNUA L RATES 1A BA LANCE ON GOODS A ND SERVICES s r s lgg X J 10 0 V BA LANCE ON OTHER 1 RANSACTIONS m j m V V 10 rf t 10 1 i I T 1 1 t 1 f 1 m U i i i U f 1 1 U t 1962 m IV 1962 I II 6 III Balance Government on grants goods Direct and and capital investments services net t I Longterm portfolio Shortterm Foreign capital l Season ally ad jug ted annuzil rates Unrecorded transactions Over all balancei surplus or deficit Liquid 1 labilities 3 Gold To monand con etary 2 Total vertible author To other Total curities foreign and rencies holders 5 institutions Other than liquid funds 2 Equals changes in U S gold and convertible currencies and liquid liabilities to foreigners Remittances and pensions not shown separately to this table are included in over all balance and amounted to 878 million in 1961 8 Minus indicates increase in liabilities To International Monetary Fund IMF and foreign central banks and governments I Quai terly tota Is unadju sted COUN GIL OF ECONOMIC ADVl SERS Millions of dollars U S pr ivate capi tal net 1961 I II 1 U LI SOUF CE DEPARTMENT OF C OMMERCE LJULJ UULJ U uuyy 1957 Period I 1 OVER ALL BA LANCE SURPLUS C R DEFICIT m s To foreign commercial banks and other international and regional institutions not listed in footnote 4 and other foreigners fl Preliminary Total at end of third quarter was 16 531 million of which 16 081 million was U S gold stock The decline in gold stock during quarter was 446 million NOTE Data exclude military aid and U S subscriptions to IMF Source Department of Commerce 25 PRICES CONSUMER PRICES Consumer prices were unchanged in November services Declines in commodity prices offset a small rise in the prices of INDEX INDEX I SOURCE DEPARTMENT OF LABOR Services Co mmoditie 3 All items Period Oct Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Nov Source Department of Labor 26 All commodities Comnatodities les5s food Food All All NonDurable durable services Rent Services less rent WHOLESALE PRICES Wholesale prices in December fell from their November levels INDEX I957 59MOO INDEX 1957 5S COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS C INDUSTRIALS SOURCE DEPARTMENT OF LABOR OF ECONOMIC ADVISERS All commodities Period Oct Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Nov 3 Dec Commodii ies other t han farm Droducts aiid foods iridustrials Consuriner finIndus Indus ProducFarm Procished g 3ods exAll intrial in er fintrial prodessed cludin g food dustricrude termedi ished ucts foods Durmate ate ma goods Nonals1 terials 2 rials able durable Coverage or the subgroups does not correspond exactly to coverage of this Index 2 Excludes Intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing 3 Preliminary not charted Source Department of Labor 27 PRICES RECEIVED AND PAID BY FARMERS Between November 1 5 and December 1 5 the index of prices paid by farmers was unchanged and the index of prices received dropped slightly The parity ratio was also down 1 point INDEX INDEX PRICES PAID INTEREST TAXES AND WAGE RATES PRICES RECEIVED ALL FARM PRODUCTS RATIO 1 RAT PARITY RATIO J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON 1910 14 IOO BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices i eceived by farmers Period Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec 15 All farm products Crops Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base 28 1963 Price 3 paid by fairmers Livestock All items interest and taxes and products wage rates Family living items Index Source Department of Agriculture Production items Parity ratio MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The money supply and time deposits both rose more than seasonally in December BILL ONS OF DOLLARS BILLIONS OF DOLL ARS AVERAGES OF C AILY FIGURES SEASCNJALLY ADJUSTED ift MONEY SUPPLY v r i inr TIME 0 EPOSITS AT ALL COMMiERCIAL BANKS x i i i i i I ii i t i 1 1 f i i t t i f t i t i i i i I i i i i t I I I 1 1 I 1 I 1 L 1961 I960 i i i iii iiii 1962 SOUR CE BOARD OF GOVERNCJRS OF THE FEDERAL RESERVE SYSTEM i i i t ii i i i ii 1963 COUNGIL OF ECONOMIC ADV ISERS Averages of da ily figures billic ns of dollars M oney supf ly M oney supp iy Period Total Dec Dec Dec Dec Dec Dec Dec Jan Feb Mar Apr May June Julv Auir Sept Get Nov 2 Dec First half 2 Second half 1 Deposits at all commercial banks 3 Preliminary Currency outside banks Seasonal r Time deposits l Demand deposits adjusted S i Total S Currency outside banks Demand deposits Unac justed Time deposits l U S Government demand deposits J NOTE See note p 31 Source Board of Governors of the Federal Reserve System 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC There was further growth in most liquid assets in December BILLIONS OF DOLLARS BILLIONS OF DOLLARS ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Total selected liquid assets End of period Nov Dec 1962 Jan Feb Mar Apr May June Julys Aug 3 Sept3 Oct3 Nov3 Dec Demand deposits and currency Time d eposits Commercial banks Agrees in concept with money supply p 29 except for deduction of demand deposits held by mutual savings banks and savings and loan associations Data for2 last Wednesday of month Excludes holdings of Government agencies and trust funds domestic commercial and mutual savings banks Federal Reserve Banks and beginning February 1960 savings and loan associations 30 Mutual savings banks Postal Savings System U S Government U S Gov securities Savings ernment maturing and loan savings within shares bonds 2 year a Preliminary data for December not charted NOTE See note p 3L Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans rose 2 5 billion seasonally adjusted in December BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS BANK LOANS INVESTMENTS IN U S GOVERNMENT SECURITIES V INVESTMENTS IN OTHER SECURITIES IIIHIIIIM I SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM END OF MONTH All comirlercial banks3 s easonally adjusted daita End of period Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct 5 5 Nov Dec 5 Total Loans Investinents loans excluding and Other invest inter U S Gov securibank ernment ments ties securities Billions of dollars Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System 2 Commercial and industrial loans and prior to 1956 agricultural loans Series revised beginniiig October 1955 July 1958 July 1959 and April 1961 3 Debits during period to demand deposit accounts except interbank and U S Government Prior to 1955 relates to 344 centers outside New York City 4 Averages of daily figures Annual data are for December COUNCIL OF ECONOMIC ADVISERS Weekly reporting member banks l Business loans Bank debits outside New York City 343 centers seasonally adjusted annual rates S6 1 8S A 11 member banks l 4 Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks 1Millions o f dollars Preliminary NOTE Between January and August 1959 scries for all commercial banks expanded to include data for all banks in Alaska and Hawaii Data for all member banks include Alaska and Hawaii beginning 1954 and 1959 respectively Source Board of Governors of the Federal Reserve System 31 CONSUMER AND REAL ESTATE CREDIT In November total consumer credit outstanding rose about 850 million compared to an increase of 575 million in November 1961 BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL CONSUMER CREDIT OUTSTANDING SEASONAL LY ADJUSTED CENLAFJGED SCALE INS S fALMENT CREDIT E XTENDED is s ta RtoMflgjiyjfli fffAMMMtiMUiB Tii i vmiitimi fiav IN 5TALMENT CREDIT REPAID I I Oct Nov Dec 1962 Jan Feb Mar Apr May Jim Jul Aug Sep Oct Nov 1963 Millions of dollars Consu mer credit outstandin g end of p eriod Consum er instalmcmt credit e x tended iin ad justed and r opaid seasonally adji isted Autoinol ile paper Instalment To tal NonAutomoTotal instal Extended Total l Repaid Extended Repaid Personal bile ment 2 paper loans includes other consumer goods paper and repair and modernization loans not shown separately 2 Consists of single payment loans charge accounts and service credit 3 End of period unadjusted 32 I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period I 21 8 i so i r or I 085 I MO i i r Mortgage debt outstanding n on farm 1 to 4family houses l r f H j i 1 J H 100 Mi i J r NOTE Consumer credit revised beginning For derails sec Federal Reserve Bulletin December ii Mortgage debt revised beginning 1UGO Data J or Alaska and Hawaii i n c l u d e d b e g i n n i n g January and August 1959 respect ivelj7 Sources Board of Governors of the Federal lieservc System and Federal Home Loan Bank Board BOND YIELDS AND INTEREST RATES The yield on 3 month Treasury bills rose somewhat in late December and early January changes in bond yields PERCENT PER ANNUM PERCENT PER ANNUM SOURCES SEE TABLE BELOW Period Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ended 1962 Dec l Jan COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Govejrnment secuiity yields High grade municipal 3 month bonds 3 5 year Taxable Treasury 2 3 Standard4 issues bonds bills Poor s Rate on new issues within period Selected note and bond issues Series includes April 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures 1 Data for first of the month based on the maximum permissible interest rate 5J4 since May 1961 and 25 year mortgages paid in 12 years There were divergent Corpora jQ bonds Moo dy s Aaa Baa Prime commercial paper 4r 6 months T TT A new home mortgage yields t charted Sources Treasury Department Board of Governors of the Federal Reserve System Federal Housing Administration Standard Poor s Corporation and Moody s Investors Service 33 COMMON STOCK PRICES YIELD AND EARNINGS Stock prices rose in December and early January INDEX INDEX PERCENT PERCENT V DIVIDEND YIELD ON COMMON STOCKS J r f NI 1 RATIO 25 25 PRICE EARNINGS RATIO ON COMMON STOCKS A SOURCE STANDARD AND POOR S CORPORATION COUNCIL OF ECONOMIC ADVISERS Secui ities and Exchange Commission price index M anufactur ing ComTransUtiliposite DuraNonporta l Total ties index ble durable tion Period Nov Dec 1962 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ended 1962 Dec Jan S C SO Includes 300 common stocks manufacturing 193 transportation 18 utilities 34 trade finance and service 45 and mining 10 2 Includes 500 common stocks 425 are industrials averages of daily figures s Aggregate cash dividends based on latest known annual rate divided by the aggregate monthly market value of the stocks in the group Annual yields 34 Standard and Poor s3 common stock data Price i ndex 2 DiviPrice dend IndusTotal yield 3 i earnings trial percent ratio l n r r f 0 7 r s r 2 f S 00 5 i r 8 V2 r 9 c i M i 05 a r2 os f 7 oo a r o are averages of monthly data 4 Ratio of quarterly earnings seasonally adjusted annual rate to price index for last day in quarter Annual ratios are averages of quarterly data Not charted Sources Securities and Exchange Commission and Standard and Poor s Corporation FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND EXPENDITURES There was a deficit of 8 9 billion in the first 5 months of fiscal 1963 compared to a deficit of 8 1 billion in the corresponding period of 1962 BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES I960 I HO BUDGET SURPLUS OR DEFICIT ENLARGED SCALE I I FISCAL YEARS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Period Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1961 year 1957 year 1958 year 1959 year I960 year 1961 4 year 1962 year 1963 5 Sept Oct Nov Dec 1962 Jan Feb Mar Apr May June 4 July44 Aug Sept 4 Oct 44 Nov Cumulative totals first 5 months 4 Fiscal year 1962 Fiscal year COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budget exp 3nditures Net Nationa 1 defense budget Department Total receipts Total of Defense military i Expenditures for military activities of the Department of Defense military functions and the military assistance portion of the mutual security program atomic energy and defense related services 1 Military functions and military assistance Includes guaranteed securities held outside the Treasury Not all of total shown is subject to statutory debt limitation Budget surplus or deficit Public debt end of period Preliminary Estimate NOTE Total budget receipts and expenditures exclude certain intragovernmental transactions Sources Treasury Department and Bureau of the Budget 35 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the first quarter of the current fiscal year cash payments exceeded cash receipts by 300 million on a seasonally adjusted basis BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 15 EXCESS OF SASH RECEIPTS H EXCESS OF SASH PAYMENTS i yy r i i i HBHU i i I 1959 CALENDAR YEARS I I960 I 1 t 1961 SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET 133 U f I 0 i96a COUNCIL OF ECONOMIC ADVISERS Billions of dollars Cash receipts from the public Period Fiscal year Calendar year Unadjusted Estimate Excess of receipts f or pay men U Cash payments to the public Quarterly total calendar years I II 1 III1 IV 1962 I 11 II III Preliminary Excess of receipts f or Cash receipts from the payments public Cash payments to the public Swisonally ad jus ted s S Sources Treasury Department and Bureau of tho Budget FEDERAL BUDGET NATIONAL INCOME ACCOUNTS BASIS On the national income accounts basis the Federal Government deficit of 0 9 billion seasonally adjusted annual rate in the third quarter was slishtly more than the second quarter deficit BILL ONS OF DOLLARS 120 BILLIONS OF DOLL ARS RECEIPTS ion y x r o1 r EXPENDITURES f f 1 f f T t EO SURPLUS 0 M J ii biuttl i ii ii idfay 0 tel EO DEFICIT I I i i i I 1959 SCAS ON ALLY ADJUSTED ANN UAL RATES SOURC E DEPARTMENT OF C 3MMERCE i 1 1 I960 i r f 1 t r I96E 1961 CALENDAR YEARS f i COUNCIL DF ECONOMIC ADVISER 3 Billions of dollars quarterly data at seasonally adjusted annual rates Federa 1 Governrnent expe nditures Federal lovernme at receipts3 Period Fiscal year Calendar year I II III IV II Ill Personal Corporate tax and profits Total nontax tax receipts accruals Indirect Contribusiness butions tax and to social nontax insuraccruals ance i Preliminary estimates by Bureau of the Budget Total GrantsSubsidies Surplus Purin aid less or Trans to State Net current chases deficit and interest surplus of goods fer pay and ments local paid of Govt goverenterservices ments prises ea NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce except as noted 37 UNITED STATES GOVERNMENT PRINTING OFFICE PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE 3OO GPOi DIVISION OF PUBLIC DOCUMENTS WASHINGTON 25 D C OFFICIAL BUSINESS First Class Mail 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 EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Selected Industries Average Hourly and Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Trade Sales and Inventories Manufacturers Sales Inventories and New Orders Merchandise Exports and Imports U S Exports and Imports of Goods and Services U S Balance of International Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public Bank Loans Investments Debits and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices Yield and Earnings FEDERAL FINANCE Federal Budget Receipts and Expenditures Federal Cash Receipts from and Payments to the Public Federal Budget National Income Accounts Basis 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 For sale by the Superintendent of Documents U S Government Printing Office Washington 25 D C Price 25 cents per copy 2 60 per year 3 50 foreign Page

Status of the Labor Force

DATE: January 1963

PART OF:

Economic Indicators : January 1963

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-. "Status of the Labor Force," 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-. "January 1963," Economic Indicators (January 1963) : 12-12. https://fraser.stlouisfed.org/title/1/item/487/toc/391781 , accessed on December 12, 2019.

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Economic Data