Trade Sales and Inventories

Name: Trade Sales and Inventories
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. 88th Congress 2d Session Economic Indicators MARCH 1964 Prepared for the Joint Economic Committee by the Council of Economic Advisers COMMENTS INVITED The Joint Committee has directed the committee staff to sponsor a review of Economic Indicators As part of this review which is being undertaken with the cooperation of the Council of Economic Advisers and the Bureau of the Budget it would be helpful to receive comments from the users of Economic Indicators The purpose of this monthly publication is to provide the committee the Congress and others with information on current economic trends in a concise and graphic form Selections for inclusion are limited to presently available data from Government or recognized private sources If you have suggestions relating to the series selected or to their presentation would you please write to the JOINT ECONOMIC COMMITTEE Senate Post Office Washington D C 20510 by April UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong PAUL H DOUGLAS Illinois Chairman RICHARD BOLLING Missouri Vice Chairman SENATE JOHN SPARKMAN Alabama J W FULBRIGHT Arkansas WIULIAM PROXMIRE Wisconsin CLAIBORNE PELL Rhode Island JACOB K JAVITS New York JACK MILLER Iowa LEN B JORDAN Idaho HOUSE OF REPRESENTATIVES WRIGHT PATMAN Texas HALE BOGGS Louisiana HENRY S REUSS Wisconsin MARTHA W GRIFFITHS Michigan THOMAS B CURTIS Missouri CLARENCE E KILBURN New York WILLIAM B WIDNALL New Jersey JAMES W KNOWLES Executive Director MARIAN T TRACY Financial Clerk HAMILTON D GEWEHR Administrative Clerk COUNCIL OF ECONOMIC ADVISERS WALTER W HELLER Chairman GARDNER ACKLEY JOHN P LEWIS Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies prin ted 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 D C 20402 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 TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product rose by 11 Vi billion seasonally adjusted annual rate in the fourth quarter of 1963 accordins to current estimates Every major component contributed to the increase Billions of dollars quarterly data at seasonally adjusted annual rates Persons Period Personal Disposable consumption personal expendiincome J tures III IV 1963 I II III IV International Business Foreign Personal Net exports of goods Excess of Gross Gross private Excess saving and services transfers net of retained domestic invest trans or or earndisfers by of net invest 3 ment Govern Net ings 2 saving ExImexports ment ment exports ports ports x I Government Gross Surplus Total or income Statis national tical product deficit or or TransPurTrans on receipts discrep expendiancy fers chases Total fers income ture interest of goods expendi interest and and suband tures and sub product sidies 5 sidies 5 account Net receipts Period I III IV 1963 I II III IV Tax and nontax Net receipts receipts or accruals Expenditures Personal income p 5 less personal taxes and nontax payments fines penalties etc 2 undistributed corporate profits corporate inventory valuation adjustment capital consumption allowances and excess of wage accruals over disbursements Does not include retained earnings of unincorporated business which are included in disposable personal income Private business investment purchases of capital goods by private nonprofit institutions and residential housing G Net foreign investment with sign changed 6 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 seasonally adjusted recorded a sain of almost 2 percent in the fourth quarter of 1963 adjustment for price chanses the gain was 11 3 percent BILLIONS OF DOLLARS After BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES G O V E R N M E N T PURCHASES OF GOODS AND SERVICES IOO nmiiniinM I J957 I NET EXPORT OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC INVESTMENT I SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Total Personal Not Total congross private exports national gross sump domestic of goods tion product national and in 1963 product expend invest services ment prices itures Gove rnment rmrehases of good s and services Federal State Total Total National Other and 2 local defense Implicit price deflator for total GNP 1963 IOO3 Billions of dollars quarter y data at seasonal ly adjust ed annua rates III IV 1963 I IT III IV I PSS i o v r r n m e t i l siiles I rlor t IU M t h i s category corresponds closely with budget expenditures for imtloiml ili fciiju shown on p f Beginning with 1959 they differ because of Inclusion of spun program i i en lil tires in this table these expenditures small In UMi I m n o u n f i M l l 1 0 billion In 1002 Q O s Gross national product in current prices divided by gross national product in 1963 prices NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce NATIONAL INCOME National income in the fourth quarter of 1963 rose by 7 3 billion seasonally adjusted annual rate largely accounted for by the increase of 5 1 billion in compensation of employees and 1 2 billion in corporate profits plus inventory valuation adjustment BILLIONS OF DOL LARS BILLIO NS OF DOLLARS SEASONAL LY ADJUSTED ANNUAL RATES v TOTAL N MIONAL INCOME ILJMW J r COMPENSATION OF EMPLOYEES CORPORATE PROFI1 5 AND INV ENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME iiiiiiiiiiiiiniiiiiiitHMtMiiictti mum o I I 1957 I l 1 1 I i j i I 1961 SOURC E DEPARTMENT OF C OMMERCE I I iiiiiiiiii iiiiiiiiii See Nots pa ge7 COUNCIL OF ECONOMIC A DVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period Total national income Compensation of employees 1 Proprieto rs income Farm Business and professional Rental income of persons Net interest Corpora e profits and inventory vaJ uation ad justment 2 Total Profits Inventory before valuation taxes 2 adjustment III IV I II III IV 1 2 Includes employer contributions for social insurance See also p 4 See Note page 7 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income rose slightly in February to a seasonally adjusted annual rate of 478 3 billion recurring veterans1 life insurance dividends from the January figure the rise was over 2 billion BILLIONS OF DOLLARS 500 Excluding the non BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS Period Dec 1963 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan Fob Total personal income Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental Other Propriet 3rs income income and Divi Personal Transfer salary labor 2 Business payof dends interest ments Farm disburse income and pro persons income 1 ments fessional Compensation of employees see p 3 excluding employer contributions for soclnl insurance nncl tlic excess of wage accruals over disbursements Ktnpioycr contributions to private pension health and welfare funds comIxiromHnn for injuries directors fees military reserve pay and a few other minor items 1 i er soiml Income exclusive of net income of unincorporated farm enterprises Less Personal contributions for social insurance Nonagricultural personal incomes farm wages agricultural net interest and net dividends paid by agricultural corporations 4 Preliminary NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME The saving rate edged up slightly in the fourth quarter of 1963 as the increase of about 1 percent in disposable personal income seasonally adjusted outpaced the rise in consumption outlays BILLIONS OF DOLLARS BILLIONS OF DOLLARS i i A JgQO DOLLARS i960 M SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Per cap ita disLess posable personal Less Equals Persona 1 consump tion expe nditures Equals inco me T DisJrer posable Personal sonal Nonsaving Current 1963 taxes personal Total Durable durable Services income goods prices prices 1 oTinHs Period Personal income III IV 1963 I IIL IV COUNCIL OF ECONOMIC ADVISERS Billions of dollan Seaso nally adjiisted anniaal rates Income in current prices divided by the implicit price deflator for personal consumption expenditures on a 1963 base 2 Population of the United States including armed forces abroad Annual data as of July 1 quarterly data centered in the middle of the period interpolated from monthly figures Saving as percent Populaof disposable thoupersonal sands 2 income percent Dol lars NOTE Data for Alaska and Hawaii included beginning 1960 Sources Department of Commerce and Council of Economic Advisers FARM INCOME Net farm income seasonally adjusted was virtually unchanged in the fourth quarter of 1963 BILLIONS OF DOLL RS BILL IONS OF DOLLARS SEASON ALLY ADJUSTED ANNUA L RATES Kf REALIZED GROSS FARM INCOME x on NET FARM INCOME 1NCI DOING NET INVENTC RY CHANGE in t t t I960 SOUF C DEPARTMENT OF AGRICULTURE Personal income re ceived by total 1 arm popu lation From all sources III IV 1963 I II III IV From From farm nonfarm sources sources COUNCIL OF ECONOMIC AD RISERS Net t 3 farm oper a tors Net inc ome per farm incl uding net inventory change 3 Produc Cash tion ex Exclud Includreceipts penses ing net in ing net in Current 1963 from Total ventory ventory2 prices prices 4 marketchange change ings Billions c f dollars Dol lars S Seas onaliy ad justed amnial rates Cash receipts from marketing Government pa3 ment and nonmoney income furnished by farms 2 Inventory of cVops and livestock valued at the average price for the year 3 I nsod on 1059 Census of Agriculture definition of a farm The number of farm 1 i held constant within a year income re ceived fro m farmingr Realize d gross Period I 1961 Income in current prices divided by the index of prices paid by farmers for family living items on a 1963 base Source Department of Agriculture CORPORATE PROFITS Preliminary estimates indicate that corporate profits maintained their upward trend throughout 1963 rising in the fourth quarter by 2 3 billion seasonally adjusted annual rate before taxes or 1 2 billion after taxes to make the increase for the year as a whole about 10 percent in each case BILLIONS OF DOLLARS BILLIONS OF DOLLARS i 2J EXCLUDING INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE 1962 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally Corj orate pr ofits befc re taxes and inveritory valuation adjustmei it TransCorpoM anufactur ing portation rate comAll profits Period All NonDurable durable muniother before indusgoods cations indus taxes tries Total goods indusand tries industries public tries utilities f 1 I i 1 1 4 I S S S T 1 L I V S S T S f II V Includes depreciation capital outlays charged to current accounts and accidental damages 2 Corporate profits after taxes plus corporate capital consumption allowances 3 Preliminary estimates SEE NOTE ON TABLE BELOW adjusted annual rates Cor Derate pi ofits a fter taxe S Corporate tax liability Total G Corporate capital conDiviUndend distrib sumption payuted ments profits allowances S Profits plus capital consumption allowances NOTE Data beginning 1962 have been adjusted for effects of new depreciation guidelines 2 i billion for 1962 and therefore not comparable with previous data Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment increased by 3 billion seasonally adjusted annual rate in the fourth quarter of 1963 The rate of change in business inventories accounted for a little over a third of this increase BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY AD JUSTED ANNUAL RATES 80 80 GROSS PRIVATE DOMESTIC INVESTMENT PRODUCERS DURABLE EQUIPMENT tt l CHANGE IN BUSINESS INVENTORIES v y x 1961 I JL SOURCE DEPARTMENT OF COMMERCE 20 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period III IV 1963 I II III IV Total gross private domestic invest Total ment New cons truction Total Residential nonfarm 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 drilling which are excluded from estimates on p 19 8 Change in business inv entories Fix id investnlent 1 Ottler Total ia Produceirs durable eqilipment 2 Nonfarm Total 21 3 21i Total Non farm NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT The February survey of plant and equipment expenditures indicates an upward revision of 500 million seasonally adjusted annual rate in outlays in the fourth quarter of 1963 and the first quarter of this year Plans call for 1 0 billion greater outlays in the second quarter than indicated in the previous survey and outlays in the second half of the year are anticipated to rise 5 9 percent from the rate in the first half BILLIONS OF DOLLARS 50 BILLIONS OF DOLLARS U 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 M anufacturi ng Period I II III IV 1961 T 3 113 2nd half 3 J 3 Total Total Durable Nonduragoods ble goods Excludes agriculture Commercial and other includes trade service finance communications and construction Estimates based on anticipated capital expenditures as reported by business in February 1064 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTK Beginning 1959 all quarterly data are rounded to nearest 50 million Transpo rtation Railroads Other Public utilities Commercial and other Ml Mining L ia 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 WAGES STATUS OF THE LABOR FORCE On a seasonally adjusted basis civilian labor force and employment both rose in February declined slightly MILLIONS OF PERSONS 7 MILLIONS OF PERSONS7 SEASONALLY ADJUSTED TOTAL LABOR FORCE CIVILIAN LABOR FORCE Unemployment S NONAGRICULTURAL EMPLOYMENT I AGRICULTURAL EMPLOYMENT 0 I It 1 t i t t I II It I I I f 1 t i l t t IIM T 1 I I 1 I I LI t f t 1 I I I I M I t II II I II II I IM PERCENT OF CIVILIAN LABOR FORCE M I I t 1 t I t t f I t I f J 0 PERCENT OF CIVILIAN LABOR FORCE L NE MP uC Y M EPn RAT E 3EJkS orJA L Y A D JUS TE D rr p J 9 5S 14 YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Total labor force including armed forces Feb 73 Mar 74 Apr 74 Mny 7f June 77 Julv 77 Aiitf 77 Sept 7fi J U S Oct T 0X0 Nov I ire T 201 Jan I r M T I1W4 F ii 1 1 Tflffll jr S i I OS Civiliain emplo yment Civilian labor force Total Agricultural Nonagricultural years of age and o ver S easonally adjustec o s T Z n 1964 COUNCIL OF ECONOMIC ADVISERS Tutiil U MH f u i r t u s pi rccnl n i m m i i s t i t u l ional p o p u l a t i o n Nnf tttth Hy c n u i p M H i h l i s l l h jurecdinj dala Hon Employment and Karn 10 n hn I I960 Civm Ein emTotal ploy tnent labor force Non Unem includployagning Total ment cularmed tural forces Thousands of persons Unadji listed P Unemployment Unemp oyment rate pe rcent of civilia a labor for ce SeasonUnad ally adjusted justed Percent Labor force participation rate unadjusted NOTE Seasonally adjusted scries revised beginning 1948 For definitions and coverage see Employment and Earnings February 1964 Department of Labor Beginning 1960 data include Alaska and Hawaii ourcc Department of Labor SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT The seasonally adjusted unemployment rate declined to 5 4 percent in February substantially over a year ago Labor force time lost was clown 10 0 SEASONALLY ADJUSTED LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK VN 6 0 V o r UNEMPLOYMENT R ALL CIVILIAN WORKERS UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS S I UNEMPLOYMENT RATE MARRIED MEN SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Uneniploymen t rate percen t of civili in labor for ce in groi P Period Experienced Married ployment Over 40 All workers wage and men J and part hours salary workers Feb Mar Apr May June July Aug Sept Oct Nov Per cent Seasonall y adjustec Dec Jan Feb Married men living witb their wives Man hours lost by the unemployed and those on part time reasons as a percent of total man hours potentially available to the force Series revised beginning 1963 Differs irom total nonagricultural employment p 13 which sons with jobs but not at work for such reasons as vacation illness and industrial disputes ir Persons at work i n nonagri cultural 3 idustries by hours worked j er week Uiider 35 ho urs Labor force time lost through for economic civilian labor includes perbad weather 35 40 hours Part ti me for economi c reasons Part ti me for economi c reasons Total Usually Usually Usually Usually fullpartfullparttime 4 time 5 time 4 time 5 Thousan ds of pers ons 14 ye ars of age and over I IJn ad juste i Seasonal 7 adjusted S Includes persons who worked part time because of slack work material shortages or repair new job started or job terminated 5 Primarily includes persons who could find only part time work 8 Average hours worked usually full time 24 4 usually part time 17 0 NOTE See note p 10 Beginning 1960 data include Alaska and Hawaii Source Department of Labor 1T UNEMPLOYMENT INSURANCE PROGRAMS In February insured unemployment under State programs averaged coverage this was 304 000 less than in February 1963 After adjustment for extension of MILLIONS OF PERSONS M I L L I O N S OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS I JAN 1 FEB MAR AUG SEPT NOV j SEE NOTE 2 ON TABLE BELOW SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS A11 progranis Period Steite progra ms Benefi bs paid Insurec unemploymen t as percent of covered Total Average Initial Exhausemplo yment miltions claims weekly Seasoncheck Unad ally ad lions of dollars dollars justed justed Per sent Weekly iiverage t lousands Insured Total unem benefits Insured Covered ploypaid unem milemploy ment ployment weekly lions ment averof dolage lars Thou sands Mar Apr May June July 1 587 Aug Sept 1 476 Oct 1 686 Nov 2 122 Dec Jan 1 2 410 Feb Week ended Feb Mar Jan Feb Preliminary Programs include Puerto Rican sugarcane workers for initial claims and Insured unemployment beginning July DEC NOTE For definitions and coverage see the 196 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Kico since January 1961 Source Department of Labor NONAGRICULTURAL EMPLOYMENT Nonfarm payroll employment seasonally adjusted jumped by 280 000 In February contract construction accounted for over half of the rise Federal Government employment declined by 22 000 MILLIONS OF WAGE AND SALARY WORKERS 62 MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS CONTRACT CONSTRUCTION ENLARGED SCALE WHOLESALE AND RETAIL TRADE ENLARGED SCALE SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIL OF tCOKlOMIC ADVISERS Thousands of wage and salary workers l seasonally adjusted Manufac during private Period Total Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan 2 Feb Total NonDurable durable goods goods t IS onmanu facturinj 5 private Total Con Transtract portation Mining conand strue public tion utilities 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 Gover nment Whole Finance Service insursale State ance and and and and miscel Federal local retail real laneous trade estate 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 NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES Average hours worked by production workers in manufacfuring rose to 40 6 hours seasonally adjusted in February thus more than erasing the January drop HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED DURABLE MANUFACTURING NONDURABLE MANUFACTURING S CONTRACT CONSTRUCTION RETAIL TRADE K I ill1 1962 SOURCE DEPARTMENT OF LABOR t U COUNCIL OF ECONOMIC ADVISERS 1 Average hours per week seasonally adjusted Marlufacturing Indus tries Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan 2 Feb Data relate to production workers or nonsupervisory employees Alaska and Hawaii included beginning 1959 2 Preliminary 14 Durable goods All All Data for Nondurable goods Source Department of Labor Contract construction Retail trade AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings in manufacturing remained unchanged at 2 51 in February registered sizable increases over January DOLL ftRS 3 00 Weekly earnings however DOLL ARS AVERAGE H OURLY 120 EARNIIMGS AVERAGE V EEKLY DURAB LE GOODS INDLISTRIES f mi a v i 2 60 A V A J 100 y A L MANUFACTURING INDUSTRIES X s T V rS r 90 xk X J j V V A r S r J y A LL MANUFACTUFtING INDUSTRIES I NONDURABL E GOODS INDUSTF IES x tj fS v NGS DURABLE GOOD S INDUSTRIES EARN 80 y v V NON DURABLE GOOD S INDUSTRIES m I I I M I r i i i i 1 r i i i i i i I i i 1 i I i ii I 1 1 M l lv COUNCIL OF ECONOMIC ADVIS ERS SOURC E DEPARTMENT 3F LABOR For production workers or nonsupervisory employees Avera ge hourly earnings current prices Period Manufo icturing iiidustries Contract Retail conNonDurable durable structrade All goods tion goods Jan 2 43 Feb 2 43 Mar 2 44 Apr May 2 45 June July 2 45 Aug 2 43 Sept ct Nov 2 49 Dec J a n Feb Manufac during indust ries Manufe icturing iiidustries Contract Adjusted Average hourly weekly Retail earnings earnconNonDurable durable structrade ings All goods tion 1963 goods lOQi prices 2 Aver ige weekl y earnings5 current prices irnings in current prices adjusted to exclude overtime and interindustry shifts Earmnps in current prices divided by theconsumer price index on a 1963 base Preliminary SO 1G2 64 3 NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor If 101 i PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In February the industrial production index seasonally adjusted registered the largest rise since last October with an increase of 0 3 percent Output in consumer goods and materials rose while production of business equipment declined 1NDEX SEASONALLY A DJUSTED 150 1NOE 160 TOTAL X SEASONALLY ACMUSTED 1 UTILITIES iAND MINING UTILITIES r v y M no urn p rtT i i i m i i i it i i i i ii MANUFACTU RING MARKET GFIOUPS m fZK NONDURABl E S j no I J I 1 1 1J 1 II II i l l i I 1 1 I FINAL PRODU CTS r S DURABLE r s i MATERIAL f y LJII IU IIII 1961 i i t i i I i i i i t JliL L COUNCIL O F SOUf CE BOARD OF G0 ERNORS OF THE F EOERAL RESERVE SYSTEM Total industrial production Period seasonally adjusted Industry M anufaetur ng Mining Utilities NonTotal Durable durable Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb j Preliminary 16 ECONOMIC ADVISERS Mairket Fi tial produi3tS Consumer goods I1 1 1 t I MINING V h Total Materials Equipment Source Board of Governors of the Federal Reserve System PRODUCTION OF SELECTED MANUFACTURES Outpuf of most manufactures seasonally adjusted rose further in February automobiles in the transportation sroup made the largest production sains Steel in the primary metals group and INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED i SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durab le manufaictures Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan l Feb 1 Primary metals Preliminary Nc ndurable manufactu res FabriTranspor Lumber Textiles Machin tation cated and apparel prodery and equipmetal ment leather products ucts Paper Chemicals Foods beverand petroprint leum and ages and ing rubber tobacco Source Board of Governors of the Federal Reserve System WEEKLY INDICATORS OF PRODUCTION Weekly indicators of production continued to show divergent movements in February in steel output and passenger cars assembled MILLIONS OF TONS MILLIONS OF SHORT TONS Significant increases occurred DAILY AVERAGE J F N A M J J A S O N O SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Electric Bituminous Freight Paperboard Steel piDeduced Car s and tnicks power coal mined produced loaded Index Thousands distributed thousands thousands thousands assembled thoiisands of net of short millions of Total of tons Cars Trucks of cars tons 100 kilowatt hours tons 1 Period Weekly average Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan 2 Feb Week ended 1964 Feb Mar Daily average Includes data for Alaska Preliminary 18 COUNCIL OF ECONOMIC ADVISERS Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Kailroads National Paperboard Association and Ward s Automotive Eeports NEW CONSTRUCTION Outlays for new construction seasonally adjusted changed little in February with expenditures for all major types of construction being maintained at January levels BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1963 SEE NOTES IN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE Period new series Total new construction expenditures COUNCIL OF ECONOMIC ADVISERS Pr ivate Total Resi dential noiif arm CommerNew Additions cial and Total housing and al 2 industrial units terations Billions of dollars Other Constructioii contracts 3 Federal Total value Commercial and State index industrial and floor space local 100 millions of square feet Seasonally adjusted Sea wnally adji sted annua I rates 1963 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1964 Tan 5 Feb Includes nonhousekeeping residential construction 2 Not available for revised series beginning not shown separately Compiled by F W Dodge Corporation and relates to 48 States In addition to major differences between old and new series data for Alaska and Hawaii are included beginning January 1959 Seasonally adjusted annual rates Preliminary Sources Department of Commerce and F W Dodge Corporation 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING In February private nonfarm housing starts decreased 6 percent to a seasonally adjusted annual rate of 1 6 million units FHA applications rose while VA appraisal requests declined MILLIONS OF UNITS MILLIONS OF UNITS SEASONALLY ADJUSTED ANNUAL RATES SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA VETERANS ADMINISTRATION VA COUNCIL OF ECONOMIC ADVISERS Thousands of units HOXJising star ts Tntal Period Jan FebMar AprMay June July Aug Sept Oct Nov Dec3 1964 Jan3 Feb3 r private Total and private public includ including farm ing farm Pri ate nonf arm Total Onefamily Two or more families Total private including farm Authorized by issuance of local building permit in 10 000 permit issuing places prior to 1963 and 12 000 or more thereafter 2 Units represented by mortgage applications for new home construction a Preliminary 20 Private nonf iirm Total Gover nment home pirograms VA FHA Seiisonally adj usted Proposeid home constr uction New private Applica Requests housing units tions for for VA FHA appraisauthorized commitals 2 ments annual ra tes Keflects new application fee scheduled May 1 NOTE 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 Preliminary estimates show retail sales seasonally adjusted in February about 1 percent above the revised January level as sales advanced at both durable and nondurable goods outlets BIL LIONS OF DOLL U S BIL LIONS OF DOLL ftRS RETAIL TRAIDE WHOLESAL E TRADE DURABLE 6 OODS STORES INVENT DRIES 1NVEN TORIES v H 1 SA LES i SALES s t 1 M i l l i i i i i 1 i 1 1 t i i i i i i 1 ti I i t 1 1 I INDEX I957 59 IOO i NONDURABLE GOODS STORES 1 16 INVENTORiE S fl yi 4 iM n i jrf no X L r SEASONALLY ADJUS TED COMMERCE Ah 0 BOARD OF GOVEF NORS SO URGES DEPARTMENT OF Period Sales i i i i I I iI 1 1 i11 I In I 1 Total Monthly average for year and total for month 2 Book value end of period seasonally adjusted s Beginning January 1960 data include Alaska and Hawaii 4 Daily average Total 2 NonDurable durable goods goods stores stores Millions c f dollars seasonall r adjusted Dec 1963 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan 7 Feb 7 I Departm ent stores I nventories NonDurable durable goods goods stores stores t COUNCIL I 3F ECONOMIC ADVISER S Re bail Sales 1 3 Inventories 2 OF THE FED ERAL RESERVE SYSTEM Who lesale A b if SALES T INVENTORIESJ SALES A t t sp f20 14 r DEPARTMEN T STORES Sales 4 Inventories 5 Index seasonally adjusted End of period except annual data which are monthly aver ges 7 Based on retail value Preliminary Sources Department of Commerce and Board of Governors of the Federal Keserve System MANUFACTURERS SALES INVENTORIES AND NEW ORDERS Manufacturers sales and new orders seasonally adjusted both rose to new highs in January other hand declined for the first time in the current expansion period BILLIONS OF DOLLARS Inventories on the BILLIONS OF DOLLARS 40 MANUFACTURERS1 INVENTORIES MANUFACTURERS SALES 60 TOTAL DURABLE GOODS NONDURABLE GOODS 10 MANUFACTURERS NEW ORDERS NONDURABLE GOODS DURABLE GOODS NONDURABLE GOODS 20 L J SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manu facturers sales Manufacl Airers inv entories 2 Manufacture rs new orde rs 1 Durat le goods Total May 34 942 June 35 641 Julv 34 736 Aug 34 672 Sept 35 214 Oct 35 004 Nov Dec Jan Dec 1963 Jan Feb Mar Apr 1 NonDurable durable goods goods Total Millions NonDurable durable goods goods of dollars Monthly average for year and total for month 2 Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly sales for monthly data ratio of inventories at end of month to sales for month 3 22 1964 COUNCIL OF ECONOMIC ADVISERS Total Total seasonal y ad juste cl Preliminary Source Department of Commerce NonMachinery durable and goods equipment Manufacturers inventorysales ratio MERCHANDISE EXPORTS AND IMPORTS Merchandise exports fell less than imports in January resulting in a rise in the trade surplus to 607 million the highest level since February of last year the first month after the shipping strike BILLIONS OF DOLLARS 2 5 BILLIONS OF DOLLARS 2 5 SEE NOTE I BELOW SOURCES DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Period Monthly average Dec Jan 9S5 Feb Mar 1 960 Apr 1 918 May 1 893 June 1 785 July 1 823 Aug 1 895 Sept Oct Nov 1 945 Dec Jan Gener al 2i ni Domest c expor ts por ts Indus Finished Food trial manu Season UnadTotal i stuffs mateally adfacrials tures justed justed S i IT uadjust ed Total exports less Department of Defense shipments ol crant aid military supplies and equipment under the Military Assistance Program 2 Imports or immediate consumption plus entries into bonded warehouses 3 Imports for immediate consumption plus withdrawals for consumption from bonded warehouses Merchandise ption 3 trade Impc rts for consum surplus Indus Finished seasontrial Total Food mate manu ally adfacstuffs justed tures rials M erchandi se imports M erchandi se expo rts Total including ree rports 1 Season Unadally ad justed justed U nadjust ed Total adjusted to exclude 33 5 million of the value reported by economic category NOTE Seasonally adjusted series revised beginning 1962 Because of revisions made in series subgroups do not include all data in totals Source Department of Commerce 23 U S EXPORTS AND IMPORTS OF GOODS AND SERVICES The export surplus increased in the fourth quarter of 1963 to 6 5 billion seasonally adjusted annual rate for 1961 which was affected by recession the surplus has increased year by year since 1959 BILLIONS OF DOLLARS Except BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES EXPORTS OF GOODS AND SERVICES IMPORTS OF GOODS AND SERVICES 10 J L 1964 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data at seasonally adjusted annual rates Period I II III IV 1963 I II III2 IV 1 2 Total m Expo rts of goo is and sei vices Incoi ne on Merinvest ments Other chan Military sales dise l Private Govern services ment Adjusted from customs data for differences in timing and coverage Preliminary 24 Imports of goods and sei vices Total Merchandise l Source Department of Commerce Balance Military Other on goods expend services and itures services U S BALANCE OF INTERNATIONAL PAYMENTS The over all payments deficit in the fourth quarter of 1963 remained near the much improved third quarter level seasonally adjusted The deficit for the calendar year was accordingly well below the annual rate indicated for the first half BILLIONS OF DOLLARS 20 BILLIONS OF DOLLARS 20 SEASONALLY ADJUSTED ANNUAL RATES BALANCE ON GOODS AND SERVICES BALANCE ON OTHER TRANSACTIONS 10 I JO f 10 V I I OVER ALL B O ANCE SURPLUS C R f DEFICIT u y y y ULJU 10 i i j 1 J U Uy UULI J u 1 1 I I LJU LJ t 1 I96S ay i i 1963 SOURCE DEPARTMENT OF j 1962 I n in IV 1963 I II HI IV f COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S pr ivate capi tal net Period i Balance Governon ment Direct goods grants and and investservices capital ments net Longterm portfolio Shortterm Foreign capital 1 Unrecorded transactions R SG J i GG S Season ally ad jus ted annua 1 rates Over all balanc 3 surplus or deficit Liquid i labilities 3 Gold To monand con etary Total 2 Total vertible author To other foreign ities curand holders 5 rencies institutions 4 v s Hi i Quai terly tota Is unadju sted Other than liquid funds Equals changes in U S gold and convertible currencies and liquid liabilities to foreigners Remittances and pensions not shown separately in this table are included in over all balance and amounted to 812 million in 1963 Minus indicates increase in liabilities To International Monetary Fund IMF and foreign central banks and governments To foreign commercial banks and other international and regional institutions not listed in footnote 4 and other foreigners e Preliminary 7 Total at end of fourth quarter was 15 8 8 million of which 15 596 million was U S gold stock The decline in gold stock during quarter was 38 million NOTE Data exclude military aid and U S subscriptions to IMF Source Department of Commerce OR PRICES CONSUMER PRICES Consumer prices rose 0 1 percent in January as a result of increased prices for food and services a new index with revised weights coverage and sampling procedures replaces the old index INDEX As of January 1964 INDEX no 110 SERVICES J T ALL NOTE I BELOW SOURCE DEPARTMENT OF LABOR Period Dec 1963 Jan Feb Mar Apr Mav June July Aug Sept Oct Nov Dec 190 1 Jan new series COUNCIL OF ECONOMIC ADVISERS All items Services Co mmoditie s Comm odities les s food Services All comAll Food Rent less Nonmodities All Durable durable services rent I l inulnr with January 1964 new index with revised weights coverage and mtUipliim procedures For details seo Department of Labor release Major Vkanyfi In the Consumer Price Index March Source Department of Labor WHOLESALE PRICES Wholesale prices decreased by 0 5 percent in February Prices of farm products fell 1 9 percent and processed focds declined 1 6 percent following sharp increases in January Prices of industrial commodities were unchanged INDEX INDEX FARM PRODUCTS COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIALS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC AOVISERS All commodities Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan 3 Feb Week ended Mar Farm products Processed foods J f 7 98 f S Coverage of 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 Commodit ies other t ban farm products aind foods iiidustrials Consuntier finIndus Indus Producished g x ds extrial in er finAll intrial cludin g food dustricrude termediicshpH als 1 Durmate ate ma goods Non2 terials rials able durable R S C S Preliminary Weekly series based on smaller sample than monthly series Source Department of Labor 27 PRICES RECEIVED AND PAID BY FARMERS During the month ended February 1 5 the index of prices received decreased by 2 points while the index of prices paid was unchanged The parity ratio fell 1 point to 77 INDEX too INDE C HO uo PRICES PAID NTEREST TAXES A ND WAGE RATES V y m m PRICES RECEI VEO ALL FARM PRODUCTS RATI 1 t f I 1 f X Xv r X I L f 1 f 1 f f f I t f t i i 1 t f r r i XAX v A IOO 90 r t t r f t r i ii t f r f f If i t f f t f i i i ti i i f i fl i f i f 0 RA1NO too IOO x PARITY RATI ailllllUlllt l ir 80 yuiiii t 1 t 1 1958 J 1 SW f t I t I V A f 1963 June 15 Julv 15 All farm products AuK 15 Sept l r Oct 15 Nov If Dec Jan 15 Fob Crops PercenluKf ratio of index of prlres received by farmers to index of prices paid interest tuxes and wane rates on 1U10 H 100 bnso 28 7O COUN CIL OF ECONOMIC ADV ISERS Prices r eceived by ifarmers Jan 15 Feb 15 Mar 15 Apr 15 May 15 t 1964 I96E i RATI0 OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTERE ST TAXES AND WAGE R ftTES ON EJASE SOURC E DEPARTMENT OF AG RICULTURE Period so m X 70 80 Prices3 paid by fairmers Livestock All items interest and taxes and products wage rates Index Family living items Source Department of Agriculture Production items Parity ratio S MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY In February the money supply declined 400 million while time deposits rose 1 1 billion on a seasonally adjusted basis BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED MONEY SUPPLY 120 TIME DEPOSITS AT ALL COMMERCIAL BANKS t I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1964 COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars M oney supp iy M oney supp iy Period Dec Dec Dec Dec Dec Dec Dec Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan 2 Feb First half 2 Second half 1 Deposits at all commercial bank Preliminary Total Currency outside banks Seasonally De Time de posits 1 mand de posits adjust ec I Total Currency outside banks De mand de posits Unad justed Time de posits l U S Government de mand de posits NOTE See note p 31 Source Board of Governors of the Federal Reserve System SELECTED LIQUID ASSETS HELD BY THE PUBLIC Most types of liquid assets seasonally adjusted continued to rise in February BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED END Or MONTH SAVING TYPE ASSETS DEMAND DEPOSITS AND CURRENCY BASSETS 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 1955 L s Feb Mar Apr Mav Junc Julv3 Aug3 Sept 3 ct i 3 Nov I H l J a n 1 VM I I n i 0 I 30 Demand deposits and currency l Time d eposits Commercial banks Mutual savings banks loncy supply p 29 except for deduction of demand inps banks and savings and loan associations Data l iveriitnont acencies and trust funds domestic corn s banks Federal Reserve Banks and beginning J loan associations Postal Savings System o 5 4 Savings and loan shares U S Government U S Gov securities ernment maturing savings within bonds 2 o year S Preliminary NOTE See note p 31 Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans seasonally adjusted rose 1 4 billion in February BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS INVESTMENTS IN U S GOVERNMENT SECURITIES INVESTMENTS IN OTHER SECURITIES I 1 1 I 1 11 I I I i 1 I I LJ SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM All comrc ercial banks3 s easonally adjusted daita Total Invest nents Loans loans excluding and interU S Gov Other investbank securiernment ments ties securities End of period c Feb Mar Apr Alav Juno July Aiiir Septi ct Nov L Dec c 1964 Jan leb s S 13S 5 1 JO Hi 3 245 S S S 9 141 S I I 1 It t 1 M 1 t I M S 1 50 C COUNCIL OF ECONOMIC ADVISERS Weekly reporting member banks J Business loans 2 Billions of dollars S Hi 7 r i il H Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System 2 Commercial and industrial loans a Debits during period to demand deposit accounts except interbank and U S Government 4 Averages of daily figures Annual data are for December I l l 1I I I I I I 1961 END OF MONTH IS Bank debits outside New York City 343 centers seasonally adjusted annual rates Jf J6S fiftO 73fi X 1D9 X OcSY 2 OMi j 7 AS J lf l B mi A il member banks Total reserves S1 I t J 4 Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions o I dollars s 6 Estimates Preliminary NOTE Between January and August 1959 series for all commercial banks expanded to include data for all banks in Alaska and Hawaii Data for all member banks include Alaska and Hawaii beginning 1954 and 1859 respectively Source Board of Governors of the Federal Reserve System 31 CONSUMER AND REAL ESTATE CREDIT In January total consumer credit outstanding declined 700 million about the same as the decline in January 1963 BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL CONSUMER CREDIT OUTSTANDING SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED t t ll l M Ip ll mlIij tC M Ift f IN oL I I 1964 COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Millions of dollars Period Dec 1963 Jan Feb Mar Apr May June July Aug Sept Oct Xov Dec I1H1 I Jan Consu mer credit outstandin g end of p eriod iinadj listed tnstalment NonAutornoTotal instalTotal i Personal bile ment 2 paper loans SO Also includes other consumer e oods 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 Consum er instalme nt credit e xtended and r epaid seasonally adjtisted Automob ile paper To tal Extended Repaid Extended Mortgage debt outstanding nonfarm 1 to 4Repaid f amilv houses NOTE Data for Alaska and Hawaii included beginning January and August 1959 respectively Sources Board of Governors of the Federal Reserve System and Federal Home Loan Bank Board BOND YIELDS AND INTEREST RATES The yield on 3 month Treasury bills was slightly above 3 percent in mid March somewhat below from the previous few weeks Yields on long term bonds were down in February but have risen generally in early March PERCENT PER ANNUM PERCENT PER ANNUM SOURCES SEE TABLE BELOW Percent per annum High grade municipal bonds Taxable Standard bonds 3 Poor s 4 U S Govcirnment seemity yields 3 month Treasury bills i Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb year issues 2 Corpora be bonds Moo dy s Aaa Baa Prime commercial paper 4 6 months FHA new home mortgage yields Weekended 1964 Feb Mar Rate on new issues within period 3 Series includes April 1953 to date Selected note and bond issues bonds due or callable 10 years and after Weekly data are Wednesday figures Data for first of the month based on the maximum permissible interest rate 5 percent since May 1961 and 25 year mortgages paid in 12 years 6 Not 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 again in February and early March INDE X INDEX MONTHLY CCOMPOSITE PRICE 1ND EX FOR S s S s r r N 80 WEEKLY i 500 COMMON STOC KS 50 J 70 S r V xX i iiii 1t l i PERCE NT PE 3CENT MONTHLY WEEKLY DIVIDEND YIELD ON COMMON STOCKS r A i i i i i i L I I I I 1 I I 1 I l l 4 t I 1 I I 1 M i 2 R TIO RAT 0 25 PRIOE E ARNINGS RATIO ON CCWMON STOCKS X x r I 1 I I960 nr I 1 t SOUR DEI STANDARD AND PC OR S CORPORATION Period Jan Feb Mar ADIMav June July Auc Sept Oct Nov Dec Jan Feb Week ended 1964 Feb Mar COUNCIIL OF ECONOMIC ADVI 5ERS Seem ities and Exchange Commission price ndex M anufactur ng ComTransUtiliposite NonDuraportaTotal ties index ble durable tion Standard and Poor ss common stock data Price i ndex 2 DiviPrice dend Indusyield 3 earnings 4 Total trial percent ratio S Includes 30C common stocks manufacturing 193 transportation 18 utilities 31 trade finance and service 45 and mining 10 2 Includes 500 common stock 425 are industrials averages of daily figures 3 Aggregate cash dividends based on latest known annual rate divided by tlio aggregate monthly market value of the stocks in the group Annual yields are averages of monthly data Weekly data are Wednesday figures 4 Ratio of quarterly earnings seasonally adjusted annual rate to price index for last day in quarter Annual ratios are averages of quarterly data Sources Securities and Exchang Commission and Standard and Poor s change Corporation FEDERAL FINANCE FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES The budget deficit for the first 8 months of fiscal 1964 was 10 7 billion it was 10 1 billion In the corresponding period of fiscal 1963 BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET EXPENDITURES BUDGET SURPLUS OR DEFICIT NATIONAL DEFENSE ENLARGED SCALE f IRST 8 MONTHS Period Fiscal year 1959 Fiscal year 1960 Fiscal year 1961 Fiscal year 1962 Fiscal year Fiscal year 19643 Fiscal year Jan Feb Mar Apr Mav June July Aug Sept Oct Nov Dec 1964 Jan Feb Cumulative totals first 8 months Fiscal year 1963 Fiscal year COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budg et expenditiires N ational defe nse 1 DepartNet ment of Military budget Total assistDefense Totnl receipts military ance functions S f In addition to items shown also includes atomic energy and defense related services 2 Includes guaranteed securities held outside the Treasury Not al of total shown is subject to statutory debt limitation 1960 FISCAL YEARS ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Budget surplus or deficit Public debt end of2 period Estimate NOTE T otal budget re eipts and expen ditures exclude ce rtain intragovernmental trans actions Sources 1Yeasury Depart ment and Bure au of the Budget 35 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the fourth quarter of calendar year 1963 cash payments exceeded cash receipts by 1 3 billion on a seasonally adjusted basis The cash deficit for the year was 4 7 billion BILLIONS OF DOLLARS SEASONALLY ADJUSTED 35 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 20 EXCESS OF CASH RECEIPTS tm vm u EXCESS OF CASH F3AYMENTS I I I yu u u u u u U U U U u LJU i 1 I960 CALENDAR YEARS i i 1 961 I SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET i i f 1963 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Cash receipts from the public Period Fiscal year i 1965 Calendar vear Quarterly total calendar years I II III IV 1 W J T II IH IV 1 Estimate 36 Cash payments to the public Excess of receipts or Cash receipts from the payments public Unadjusted A 3 ti 6 1 Excess of receipts 4 or payments Cash payments to the public Seiisonally adjus ted Sources Treasury Department and Bureau of the Budget FEDERAL BUDGET NATIONAL INCOME ACCOUNTS BASIS On a national income accounts basis Federal Government expenditures rose less than receipts in the fourth quarter of 1963 resulting in a drop in the deficit to 1 4 billion seasonally adjusted annual rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS Q SURPLUS UULiu DEFICIT i 20 i 1958 i Ib K x 1 L 1 I I I 1959 I i i LJLJU ULJLJLJ UUJ i i i i i i i I960 i i 1963 i i i 1964 i 20 CALENDAR YEARS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal 3overnme nt receipt s Federgil Governinent expe nditures GrantsSubsidies Surplus Purin aid less or Net current deficit chases Trans to State interest surplus of goods fer payand and paid ments local of Govt goverservices enternments prises Indirect ContriPersonal Corpo business butions rate tax and Total nontax profits tax and to social nontax tax receipts accruals accruals insurance Total nil 114 3 IV Period Fiscal vear i 1965 Calendar year IV 1963 I II 1 Preliminary estimates by the Bureau of the Budget 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 GPOJ DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 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 Flours 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 1 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 Administrative Budget Receipts and Expenditures Federal Cash Receipts from and Payments to the Public Federal Budget National Income Accounts Basis 38 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 D C 20402 Price 25 cents per copy 2 50 per year 3 50 foreign Page

Trade Sales and Inventories

DATE: March 1964

PART OF:

Economic Indicators : March 1964

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-. "Trade Sales and Inventories," 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-. "March 1964," Economic Indicators (March 1964) : 23-23. https://fraser.stlouisfed.org/title/1/item/508/toc/363020 , accessed on December 7, 2019.

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Economic Data