Bond Yields and Interest Rates

Name: Bond Yields and Interest Rates
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 JUNE 1964 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 PAUL H DOUGLAS Illinois Chairman RICHARD BOLLING Missouri Vice Chairman 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 WILtlAM B WIDNALL New Jersey JAMES W KNOWLES Executive Director MARIAN T TRACY Financial Clerk HAMILTON D GEWEHR Administrative Clerk SENATE JOHN SPARKMAl CAlabama J W FULMlGHT Arkansas WILLIAM PROXMIRE Wisconsin CLAIBORNE PELL Rhode Island JACOB K JAVITS New York JACK MILLER Iowa LEN B JORDAN Idaho 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 printed for sale to the public Approved June 23 1949Charts drawn by Graphics Unit Office of the Secretary Department of CommerceEconomic 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 2 0402 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 i TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product rose by 7 9 billion seasonally adjusted annual rate in the first quarter according to the revised estimate The decline of 2 3 billion in gross private domestic investment resulted from the reduction in the inventory accumulation rate All other components rose fBillions of dollars quarterly data at seasonally adjusted annual rates Persons Period III IV I I III 1964 I Personal Disposable consumption personall expendiincome tures International Business Personal Net exports of goods Excess Qf Foreign Gross Gross private Excess and services saving net transfers of or retained domestic invest trans f or earndisof net fers by 2 invest 8 ment Govern Net ings saving ImExexports ment ment exports ports ports 19 8 ia a S g R i J l Government Net receipts Period I I I 1963 III IV 1964 L 1 Tax and Transfers nontax Net interest receipts receipts and subor accruals sidies Gross Surplus Total 4 or income Statis national tical product deficit or F PurTrans on receipts discrep expendiancy chases Total fers income ture of goods expendi interest and and tures and sub product sidies 5 account services Expenditures Personal income p 5 less personal taxes and nontax payments fines penaJties ete 3 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 Net foreign investment with sign changed s 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 The first quarter rise of about 1 percent in current dollar gross national product seasonally adjusted amounts to almost 1 percent after adjustment for price changes SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS BILLIONS OF DOLLARS GROSS NATIONAL PRODUCT X O GOVERNMENT PURCHASES OF GOODS AND SERVICES IOO SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Personal flrnss Total Npt Total gross conprivate exports national gross sump domestic of goods tion product national Period and in 1963 product expend invest services ment prices itures Billions of dollars3 quarter y data at J9 i i S a SOS a S S as 66S III IV I II Ill IV I LiM Oovermtmnt Jo Prior to 1900 tliii wtejtory corresponds closely with budget expenditures for H 2 progiwn riprmlUurtTji in thU table those expenditures small Inclusion of ipoce in 1WKHS1 ftmottntfKlTf 1 0 bill lor in 1962 Gove rnment j urchases of good s and services Federal State Total Total i National Other and 2 local defense seasonal ly adjuslbed 60 5 3a ao annua I rates as 7 9 ao a Implicit price deflator for total GNP as a Gross national product in current prices divided by gross national product in 1963 prices Norn Data tor Alaska and Hawaii included beginning I960 Source Department of Commerce NATIONAL INCOME National income increased by 8 0 billion seasonally adjusted annual rate in the first quarter as all major coi ponents except farm income showed continued advances BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 500 50O TOTAL NATIONAL INCOME 400 COMPENSATION OF EMPLOYEES V PROPRIETORS AND RENTAL INCOME 100 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 100 NET INTEREST 1961 I SOURCE DEPARTMENT OF COMMERCE 1964 COUNCIL OF ECONOMIC ADVISERS Set Note poqe 7 Billions of dollars quarterly data at seasonally adjusted annual rates Period Total national income Compensation of em ployees Business and professional Rental income of persons Proprieto s income Farm Net interest Corporalbe profits and inventory va uation ad justment 2 Total Profits Inventory before valuation taxes 2 adjustment R III IV R4 1963 I II a in IV 1964 I Includes employer nmlHMuions for social insurance See Note pace 7 See also p 4 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department oJ Commerce o SOURCES OF PERSONAL INCOME r Personal income in May was at a seasonally adjusted annual rate of nearly 485 billion or 1 2 billion above the April level The May rise was somewhat less than the averase monthly increase that has occurred since last summer BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS 50O COUNCIL OF ECONOMIC ADVISERS Period Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May Total personal income Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental Other ProprietySTS income income Divi Personal Transfer and labor 2 salary Business interest payof Farm and pro persons dends income ments disburse income l ments fessional a i a R Compensation of employees see p 3 excluding employer contributions for ftoctftl Insurance nml the excess of wage accruals over disbursements Employer contributions to private pension health and welfare funds compcnafttlon for Injuries directors fees military reserve pay and a few other minor Item i erton l Income exclusive of net income of unincorporated farm enterprises Less Personal con Nonagrieultural tributions personal for social income3 insurance a farm wages agricultural net interest and net dividends paid by agricultural corporations Preliminary NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME Disposable personal income jumped by 8 0 billion seasonally adjusted annual rate in the first quarter as personal income rose and personal taxes fell owing to the Federal tax cut Consumption spending also rose substantially and the saving rate edged down to 7 4 percent BILLIONS Of DOLLARS BILLIONS OF DOLLARS DOLLARS O I TOO SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period Less PerPersonal sonal income taxes Equals Disposable personal income III IV 1963r IJ III IV COUNCIL OF ECONOMIC ADVISERS L ess Persona 1 eonsump tion expe 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 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 Per cap ita disposable personal Saving as percent incc me Equals of disPersonal posable saving Current 1963 personal prices prices l income percent Dollars Population thou 2 sands NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce and Council of Economic Advisers FARM INCOME Nef farm income seasonally adjusted declined in the firsf quarter BILLIONS OF DOLL ARS BILL IONS OF DOLLARS SEASONALLY ADJUSTED ANNUA L RATES Pin HA REALIZED 6ROSS FARM INCOME 40 11 X B pA NET FARM INCOME 1NCI UDING NET INVENTt3RY CHANGE in 0 I I 1 J f 1959 i SOUF CE DEPARTMENT OF AGRICULTURE t i i I960 I t From From farm nonfarni sources sources iae III IV 1963 I 11 Ill IV 1964 I ia4 13 0 I I Wet inc ome per Nett o farm farm inc uding net oper ators inventoryr change3 ProduC Cash tion ex Exclud Includreceipts penses ing net in ing net inTotal from ventory ventory marketchange change 2 ings Billions rf dollars Seas onally ad justed amnial rates Cash receipts from marketing Government payments and nonmoney Income furnished by farms i Inventory of crops and livestock valued at the average price for the year 1 Based on 1959 Census of Agriculture definition of a farm The number or farms is held constant within a year I income received fro m farming r Realizeid gross From all sources c OUNCH Of ECONOMIC AD flSERS Personal income re ceived by total Farm popiilation Period I Current 1963 prices prices 4 Dol lars 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 Current estimates show that corporate profits before taxes rose 1 9 billion seasonally adjusted annual rate in the first quarter of this year After tax profits rose more sharply to 31 2 billion almost 23 percent above a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS Period i IIL IV 1963 T II III IV 1964 I I 1963 SEE NOTE ON TABLE BELOW M EXCLUDING INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Derate pr ofits befc re taxes and inveritory Cor Cor aorate pi ofits valuation adjustmej at aifter tax JS TransCorpo CorpoM anufactui ing portation rate rate comAll Untax Diviprofits NonAll Durable durable muniother before liabil Total dend distribindusgoods cations indus taxes ity payuted Total indusgoods tries and tries ments profits tries public tries utilities i Includes depreciation capital outlays charged to current accounts and accidental damages Corporate profits after taxes plus corporate capital consumption allowances Corporate capital consumption allowances l Profits plus capital consumption allow 2 ances ia NOTE Data beginning 1962 have been adjusted for effects of new depreciation guidelines 2H 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 The rate of inventory accumulation fell substantially in the first quarter to 2 1 billion seasonally adjusted annual rate Modest increases were registered in outlays for all types of construction and for producers1 durable equipment BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVBIKS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Period J I M HHi J 111 IV HMKi I MMM II Hi IV I Total gross private domestic investment New cons truction Total Total Residential nonfarm t t m in rw rm n mi n r u rmi ilruction sliown on p 11 liavc not yet been in NHft M l 4t Into thtv w ncrlm Mli M u n i i u i l i n n In l l i i nrtlivi ittcluiitis pof roloiiiH and rintural pas well iM MV ii itilf f fn in mllnmtr M on p 1U Change in business inv entories Fix 3d investnlent l Produc rs durable eqilipment otiler 2 Total Nonfarm Total a 5 2ai Total Non Nonfarm 18 4 ia NOTE Data for Alaska and Hawaii included beginning I960 Source Department of Commerce EXPENDITURES FOR NEW PLANT AND EQUIPMENT The May survey of plant and equipment expenditures shows an upward revision in the rate of outlays planned for 1964 from 10 percent to 12 percent above 1963 Estimated spending in the first half of the year was raised by 1 billion seasonally adjusted annual rate from the earlier estimate Outlays are expected to advance throughout the second half of 1964 BILLIONS OF DOLLARS BILLIONS OF DOLLARS TRANSPORTATION I SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ICONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates M anufaeturi ng Period Total1 Total I II in IV III IS Durable goods Nondurable goods IV3 Excludes agriculture Commercial and other includes trade service finance communications and construction a Estimates based on anticipated capital expenditures as reported by business in May 1964 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million 1 Transpoirtation Mining Railroads Other Public utilities 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 EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian labor force remained virtually unchanged in May though unemployment fell by Unemployment dropped under 3 9 million its lowest level since May 1960 MILLIONS OF PERSONS 7 MILLIONS OF PERSONS t M l j I I I I j I I I I I 1 M l I I I I t t I f 1 I I t 1 1 1 f t f t f I 1 I 1 I tj YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Total labor force including armed forces I Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May COUNCIL OP ECONOMIC ADVISERS Civilism emTotal ploy ment labor force XT Won Unem includployagriTotal ment ing cularmed tural forces fhous ands of ipersons Unadji listed Unemp oyment rate pe reent of Unem civiliaia labor Nonfoi ce ployagriment Unad Seasoncultural justed ally adjusted Percent Civilisin employment Civilian labor force Total Agricultural years of age and o ver Oil SeasonaUy adjustec 1 Labor force participation rate unadjusted sas sa 3 sao S Total labor force as percent of nonlnsututionai population Adjusted by Council of Economic Advisors for comparability with previous 10 Not strictly comparable with preceding data See Employment and Earnings May 1962 p XIV NOTE Beginning 1960 data include Alaska and Hawaii Source Department of Labor SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT The seasonally adjusted unemployment rate in May fell to 5 1 percent following 5 4 percent for 3 months in a row The rate for experienced workers declined to 4 8 percent and that for married men to 2 6 percent PERCENT 10 0 SEASONALLY ADJUSTED A PERCENT 10 0 LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Unennploymen t rate pereen t of eivilijin labor for ce in Krou P Period A f Persons at work i n n onagri cultural 3 idustries ii by hours worked i er week Uiider 35 ho urs Part ti me for Part ti me for economi c reasons economi B reasons 35 40 hours Total Usually Usually Usually Usually fullpartpartfulltime 4 time 5 time 5 time Thousan ds of pers ons 14 ye ars of age and over U Jn adjuste i Seasonallyr adjusted S S Labor force time lost through Experiunemenced Married ployment Over 40 All workers wage and men and part hours salarv time workers work Mav June July Aug Sept Get Nov Dec 1964 Jan Feb Mar Apr May 1 1 Married Per cent a Seasonall1f adjustec f f j o ao ai men living with their wives Man hours lost by the unemployed and those on part time for economic reasons as a percent o totol man hours potentially available to the civilian labor force Differs from total nonagrieultural employment p 13 which includes persons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated 5 Primarily include persons who could find only part time work 8 Average hours worked usually full time 24 3 usually part time 18 7 NOTE See note p 10 Beginning 1960 data include Alaska and Hawaii Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In May insured unemployment under State programs averaged about 1 4 million of coverage this was 177 000 less than in May 1963 After adjustment for extension MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS JAN FEB MAR APR JUNE AUG SEPT NOV SEE NOTE 2 ON TABLE BELOW SOURCE DEPARTMENT OF LABOR Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr 1 May Week ended 1964 May June 6 J reHintnftry COUNCIL OF ECONOMIC ADVISERS AH prograrias Insured Total unem benefits Covered ploypaid employ ment milment weekly lions averof dollars age Period Thou sands Stjite progra ms Insured unemployment Initial claims Insurec1 unemploymeiJit as perExhaus cent of covered employment tions Unad Seasonjusted ally adjusted Weekly iiverage t aousands Programs Include Puerto Rican sugarcane workers for initial claims and In mm unemployment beginning July DEC Per cent S 8 3 6 Benefi ts paid Total Average milweekly lions of check dollars dollars NOTE For definitions and coverage see the 1962 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Rico since January 1961 Source Department of Labor NONAGRICULTURAL EMPLOYMENT Employment of wage and salary workers in nonagriculfural establishments remained almost unchanged in May on a seasonally adjustea basis MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS CONTRACT CONSTRUCTION ENLARGED SCALE WHOLESALE AND RETAIL TRADE ENLARGED SCALE Lj SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR 1964 COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers seasonally adjusted N onmanu facturinf 5 private Manufac ituring private Period Apr May June July Aug Sept Oct Nov Dec Tan Feb Mar 2 Apr 2 May Total NonTotal Durable durable goods goods Total nrvn TransV Clll tract portation Mining conand strue public tion utilities Includes all full and part time wage and salary workers in nonagrieultural establishments who worked during or received pay for any part of the pay period ending nearest the 16th 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 nonagrieultural 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 WVinlpY IlUltJ sale and retail trarif I I OiUC Finance insur Service ance and and miscelreal laneous estate Gover nment Federal State and local 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 Preliminary Beginning 1959 data include Alaska and Hawaii Source Department of Labor 1 3 WEEKLY HOURS OF WORK SELECTED INDUSTRIES Average hours worked by production workers in manufacturins exhibited no appreciable change in May from the previous 3 months on a seasonally adjusted basis HOURS PER WEEK SEASONALLY ADJUSTED 46 DURABLE MANUFACTURING HOURS PER WEEK SEASONALLY ADJUSTED 46 NONDURABLE MANUFACTURING RETAIL TR tDE CONTRACT CONSTRUCTION i p SOURCE DEPARTMENT OP LABOR COUNCIL OF ECONOMIC ADVISERS Average hours per week l seasonally adjusted Maimfacturing Indusjtries Period Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mnr Apr 88 May All All Data relate to production workers or nonsupervisory employees Data for Alaaka And Hawaii included beginning 1959 PreJiniliwry 14 Durable goods Nondurable goods as Source Department of Labor Contract construction d Retail trade R 7 3a7 3R7 3as sa i AVERAGE HOURLY AND WEEKLY EARNINGS SEIIECTED INDUSTRIES Average weekly earnings increased substantially in May to x a new high of Average hourly earnings showea only a small incrgqse however AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS fFor production workers or nonsupervisory employees Aversige hourly earaings current prices Period Manuff icturing iiddustries Contrast KT Retail conJN ontrade Durable durable strucAll goods tion goods I Apr 2 44 May 2 45 June 2 46 July 2 45 Aug 2 43 Sept Oct 2 49 Nov Dec Jan 2 51 Feb Mar Apr May Aver age weekl y earning j currenl prices Manufi icturing iiidustries Contract Adjusted hourly TkT conRetail JN onearnings Durable durable structrade All goods tion goods Earnings in current prices adjusted to exdude overtime and interindustry shifts Earnings in current prices divided by the consumer priceindex on a 1963 base 3 Preliminary 3 Manufac sturiug indusl ries NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor Average weekly earnings 1963 prices PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In May the industrial production index continued to increase rising 0 5 percent to seasonally adjusted Most major industry groups contributed to the gain INDEX IOO SEASONALLY ADJUSTED 150 TOTAL INDEX SEASONALLY ADJUSTED O OOO ISO MARKET GROUPS COUNCIL Of ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Period M l l 0 t Apr Mav lime 1 hilv AUK S pt H Nov MM Inn I Vb Mar Apr Muy I rcUiiiliuiry 16 J J7 JS 1 J i jo seasonally adjusted Industry M anufactur ing Mining Utilities NonTotal Durable durable S 2 JK 7 Ji t w 7 n I2S 6 I M i u 2 i n im i i m H Ma rket Fi nal produ cts Total Consumer goods Equipment Honrd of Governors of the Federal Reserve System Materials PRODUCTION OF SELECTED MANUFACTURES Increased output seasonally adjusted in May was widespread among the major durable and nondurable manufactures Iron and steel again posted a large rise INDEX SEASONALLY ADJUSTED INDEX IOO SEASONALLY ADJUSTED LUMBER AND PRODUCTS COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Durab le manuff ictures Period J 1963 Apr May J une July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr 1 May 1 Preliminary Ncmdurable manufactu res FabriTranspor Lumber Textiles Paper Chemicals Foods Machinand cated and Primary petrobevertation apparel ery prodprint leum and ages and metal equipand metals ing ment products ucts leather rubber tobacco K Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production seasonally unadjusted continued to rise in May dropped 4 percent below peak rate of April largely because of strike losses MILLIONS OF TONS MILLIONS OF SHORT TONS However auto assemblies DAILY AVERAGE 14 0 S SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EOISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Apr May June July Aug Sept Get Nov Dec 1964 Jan Feb Mur Apr May a May 0 JO JlHii 0 ffc Ul O N D COUNCIL OF ECONOMIC ADVBiRS Electric Bituminous Freight Paperboard Car s and trineks Steel p reduced power coal mined produced loaded Index Thousands distributed thousands thousands thousands assemt led tho usands of net millions of of short Total Cars Trucks of tons of cars tons 100 kilowatt hours tons t i Sources American Iron and Steel Institute Edison Electric Institute Department of tho Interior Association of American Railroads National Paperboard Association and Ward s Automotive Reports NEW CONSTRUCTION Outlays of new construction seasonally adjusted in May were at an annual rate of 66 7 billion about the samis as in the preceding 2 months but 10 percent above the level a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION s 50 PRIVATE I t It I t 1 t I i t I t l t i i I t I t i I i l I t l t I i rt l I i I I l I t l I I i I I t i I t t I t l t I I I l i t i I I f I I I I I t i i i i I t i i l SEE NOTES IN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE Period new series Total new construction expenditures COUNCIL OF ECONOMIC ADVISERS TJ Jrr ivate Resi dential noiafarm Total Total CommerAdditions cial and New 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 Sea sonally adjiisted annua I rates 1963 Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May Includes nonhousekeeping residential construction not shown separately Not available for revised series beginning 1960 3 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 Seasonally adjusted adjusted annual rates Preliminary Sources Department of Commerce and F W Dodge Corporation 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts in May were at a seasonally adjusted annual rate of 1 5 million units about the same as in April Housing permits also changed little while FHA applications and VA appraisal requests declined somewhat MILLIONS OF UNITS MILLIONS OF UNITS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA VETERANS ADMINISTRATION VA COUNCIL OF ECONOMIC ADVISERS Thousands of units Hoiising stai ts Period Apr MayJuneJulyAug Sopt Oct Nov Doc 1061 In n 1 Vb 3 Mar Apr 3 MHV Total private Total and private public includ including farm ing farm I M 8 i w i f 0 5 if r o Prh ate nonfa rm Total Onefamily Two or more families Total private including farm Authorized by issuance i local building permit in 10 000 permit issuing places prior to IlHtf HIM I J JKMIor more thereafter 2 Units represented by niorlKii e applications for new home construction 3 Preliminary 20 Priv ate nonf arm Total Gover nment homep rograms VA FHA Set isonally adjusted Propose5d home consti uction New private Applicahousing tions for Requests units FHA for VA author commit appraisl ized als2 ments annual ra tes Reflects new application fee scheduled May 1 NOTK Beginning 1945 Census series revised See Housing Starts C 20 59 Mny 1904 l uta include Alaska and Hawaii Sources Department of Commerce Federal Housing Administration FHA and Veterans Administration VA TRADE SALES AND Preliminary estimates indicate that retail sales seasonally adjusted rose by 1 4 percent in May to a new high somewhat above the previous peak in February BILLIONS OF DOLLARS BILLIONS OF DOLLARS RETAIL TRADE WHOLESALE TRADE DURABLE GOODS STORES INVENTORIES INVENTORIES t 1 INDEX NONDURABLE GOODS STORE INVENTORIES J SEE BELOW SOURCE DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM VVhol e sale Period Cales l Inventories 2 Sales 1 3 Total SEASONALLY ADJUSTED Re tail Departm ent stores I nventorieF IN onDurable durable goods goods stores stores Total 2 NonDurable durable goods goods stores stores Millions c f dollars season all j adjustec Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan Fob Mar55 A p r f May Monthly uverni e for year and total for month Book value end ol period seasonally adjusted 3 Beginning Jununry I960 data include Alaska and Hawaii Series discontinued 8 Preliminary C COUNCIL OF ECONOMIC ADVISfRS Sales Inventories Index seasonal 3 adjusted r Revised to include farm products seasonally adjusted data further revised on basis of improved seasonal factors See Wholesale Trade Report Census BW 64 3 March 1964 Sources Department of Commerce and Board of Governors of the Federal Reserve System 4j Jl MANUFACTURERS SALES INVENTORIES AND NEW ORDERS Manufacturers1 shipments inventories and new orders seasonally adjusted rose to new highs in April The upturn in new orders for durable goods reflected advances in all the market categories In May orders for durable goods fell owing to sharp declines in metal and motor vehicle orders BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 MANUFACTURERS1 SHIPMENTS MANUFACTURERS INVENTORIES TOTAL TOTAL GOODS MANUFACTURERS1 NEW ORDERS 3 0 DURABLE GOODS 20 I S S NONDURABLE GOODS SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufae turers sh ipments Manufae iurers inv entories 2 D j Total Mar Apr May June July Aug Sept Get Nov Dec 11 04 Jan Fob Mnr Ai r Mnv NonDurable durable goods goods Total Millions NonDurable durable goods goods Durat le goods Total Total of dollars seasonal y ad justed Monthly iivuriiftt lor year and total lor month I fktoli v luo t d of jK rlod jMmsonnlly adjusted tUmmO twrlotlfi rnllo of woj iliti d nvernpe Inventories to average monthly fc r iiifnitdly flnlit rfillo of Inv ntorlo at end of month to sales for month Ma nufaeture rs new orde rs 5 Preliminary Not charted Source Department of Commerce NonMachinery durable and goods equipment Manufacturers inventorysales ratio MERCHANDISE EXPORTS ANl IMPORTS Merchandise imports seasonally adjusted rose about 1 percent in April while exports declined a little more resulting in a decline in the trade surplus to 504 million However the surplus was 18 percent above the monthly average BILLIONS OF DOLLARS 2 5 BILLIONS OF DOLLARS SEE NOTE I BELOW SOURCES DEPARTMENT OF COMMERCE COUNCll OF KONOMIC ADVISERS Millions of dollars M erchandi se exports M erchandi se impo rts Genet al 8i raTotal ineludImpc rts for consum ption 3 omesti c expor ts ing reejtports 1 poits Period Indus Finished Indus Finished Season Unad Total i Food trial manumanu Season Unad Total Food trial ally ad justed stuffs matefacally ad justed facstuffs materials justed rials tures justed tures Monthly average U nadjust ed U nadjust ed Mar Apr May r June July Aug Sept Oct lt Nov Dec Jan Feb Mar Apr Total exports less Department ol Defense shipments of grant aid military supplies and equipment under the Military Assistance Program Imports for immediate consumption plus entries Into bonded warehouses Imports for immediate consumption plus withdrawals for consumption from bonded warehouses Merchandise trade surplus seasonally adjusted 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 Thejsharp rise in cxporfsf and the small decline in imports in the first quarter resulted in a 28 percent increase in the surplus on goods and services to a seasonally adjusted annual rate of 8 7 billion or about 1 billion above the preliminary estimate BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLV ADJUSTED ANNUAL RATES IMPORTS OF GOODS AND SERVICES I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period III IV I II III IV 1964 I Total Millions of dollars Expoits of goo ds and sei vices Imports of goo ds and sei vices IncoE le on Mer Military Other on goods Merinvest ments Other chan Military chan expend services and 1 Govern services Total sales dise1 dise itures Private ment services r S asonally iidjusted a nnual rat BS i Adjusted from customs data for differences in timing and coverage Data revised beginning 1964 Source Department of Commerce U S BALANCE OF INTERNATIONAL PAYMENTS The over all payments deficit of only 0 2 billion seasonally adjusted annual rate In the first quarter showed further improvement over the low level reached in the last half of 1963 A large part or the improvement was in the merchandise balance BILLIONS OF DOLLARS 20 10 BILLIONS OF DOLLARS 20 10 OVER ALL BALANCE SURPLUS OR DEFICIT J 1958 J L L SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S pr ivate capi tal net Period I Balance Governon ment goods grants and and services capital net Direct investments Longterm portfolio Shortterm Season ally ad justed annuail rates I IV I II III Unrecorded transactions III IV Foreign capital l lf i o Quai terly tota Is unadju sted Data revised beginning 1960 Other than liquid funds a 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 826 million in Minus indicates increase in liabilities To International Monetary Fund IMF and foreign central banks and governments Over all balance5 surplus or deficit Liquid 1labilities 3 Gold To monand con etary 2 Total Total vertible author To other foreign curities and holders5 rencies institutions To foreign commercial banks and other international and regional institutions not listed in footnote 4 and other foreigners Total at end of first quarter was 15 991 million of which 15 551 million was U S gold stock The decline in gold stock during quarter was 46 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 April of services The increase was due almost entirely to a 0 3 percent rise in the prices INDEX I INDEX O SOURCE DEPARTMENT OF LABOR 1964 COUNCIL OF ECONOMIC ADVISERS Co mmodities All items Period L Mar Apr May June Julv Aug Sopt Oet Nov MIT I Mi J Inn new scries VI M iiApr N MTK Prior lo January Hint iM rshiji from srrvlcrs In diirahft 26 All commodities Services Com ITlodities les3s food Food i s rovisnl to reflect transfer of home All a All NonDurable durable services R Rent R Services less rent Beginning with January 1964 new index with revised weights coverage and sampling procedures For details see Department of Labor release Major Changes in the Consumer Price Index March 3 1964 Source Department of Labor WHOLESALE PRICES Wholesale prices decreased by 0 2 percent in May to the lowest level in 12 months v This fourth consecutive monthly decline left the over all index nearly 1 percent lower than in January 1964 Prices of farm products processed foods and nonfarm industrial commodities all shared in the May decline INDEX INDEX IOO FARM PRODUCTS 110 HO COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIALS v COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All commodities Period Mar Apr May June July Aug ept Oct Nov Dec 1964 Jan Feb Mar Apr 3 May Commodilties other t ban farm products a nd foods iiadustrials Consulner SnIndus Indus ProducFarm Procished g oods extrial in er finAll intrial essed prodcludin g food dustricrude termedi iaViaH ucts foods Durals1 Nonmate ate ma goods terials durable rials able a R Coverage of the subgroups does not correspond exactly to coverage of this index Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing 3 Preliminary Source Department of Labor 27 PRICES RECEIVED AND PAID BY FARMERS During the month ended May 15 the index of prices received decreased by 1 point while the index of prices paid was unchanged The parity ratio remained unchanged at 75 INDE INDEX PRICES PAID NTEREST TAXES A ND WAGE RATES v IOO f mS x S V V IOO Vv V V x PRICES RECE VED ALL FARM PRODUCTS It i i i i i 1 i i f i t i t i t t 1 i i i it 90 i i t if i it ti 1 1 t 1 t i i i i 1 i i i ii L 1 1 i i t 1 i 1 i i i i i 80 RA1no IOO RATI D IOO w V AX PARITY RATI i V x v X X S H X O 7O I960 RATI0 OF INDEX OF PRICES DECEIVED TO INDEX OF PRICES PAID INTERE ST TAXES AND WAGE R MES ON E ASE SOURC E DEPARTMENT OF AG RICULTURE COUN CIL OF ECONOMIC ADV SERS Prices i eceived by armers Period Apr 15 May 15 June 15 July I S Aug 15 Sept 15 Oct 15 Nov 15 Dec 15 HHH Jan 15 I Vh I Mnr Ifi Apr I S iMny fi All farm products Crops t i rivi i t fin HUTS i Index of prices paid H UK luwp 28 1964 rmers Prices3 paid by fa Livestock All items interest and taxes and products wage rates Index Family living items Source Department of Agriculture Production items Parity ratio MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY in May the money supply declined 500 million while time deposits rose 1 2 billion on a seasonally adjusted basis BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED MONEY SUPPLY 120 I2 O TIME DEPOSITS AT ALL COMMERCIAL BANKS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1964 COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars M oney supi iy 1 M oney supj iy Period Dec Dec Dec Dec Dec Dec Dec June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr 2 May First half Second half 2 1 Deposits at nil commercial banks Preliminary Total Currency outside banks Seasonally De Time de posits l mand de posits adjusted Total Currency outside banks De Time de posits 1 mand posits de U S Government de mand de posits 1 1LTnadjuste d im 7 12J 0 118 f K ft 5 1 1 C S I I I S r i r I i r i i i i 0 2 S 0 7 ri NOTE See note p 31 Source Board of Governors of the i Ydt iul Ke sri vt 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Most types of liquid assets seasonally adjusted continued to rise in May BILLIONS OF DOLLARS BILLIONS OF DOLLARS 5OO BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1964 COUNCIL OF ECONOMIC ADVISERS fBillions of dollars seasonally adjusted U S Gov Time c icposits End of period T May June Julv Aug Sept Oct Nov Doc 3 1964 Jan Feb Mar Apr 3 May 3 Total selected liquid assets Demand deposits and currency J a R Commercial banks Agrees in concept with money supply p 29 except for deduction of demand deposits held by mutual savings banks and savings end loan associations Data for3 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 2a Savings and loan shares ernment U S Gov securities ernment maturing savings within bonds 2 year UO a a Preliminary NOTE See note p 31 Source Board of Governors of the Federal Reserve System sa BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans seasonally adjusted rose 1 4 billion in May MILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS ISO 150 BANK LOANS IOO 100 INVESTMENTS IN U S GOVERNMENT SECURITIES 50 INVESTMENTS IN OTHER SECURITIES U M M i r i I i I i i i i I I I t I I I 1959 I I960 SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1961 END OF MONTH All commlercial banks5 s easonally adjusted da ta End of period Total Loans Investrnents loans excluding and Other invest inter U S Gov securibank ernment ments securities ties I V May 234 8 June July 238 5 Aug Sept Oct 244 0 Nov 5 Dec Jan Feb 6 Mar Apr May Weekly reporting member banks Business loans 2 Billions of dollars Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System Commercial and industrial loans Debits during period to demand deposit accounts except interbank and U S Government Averages of daily figures Annual data are for December COUNCIl OF ECONOMIC ADVISERS Bank j i j debits outside New York City 343 centers seasonally adjusted annual rates S A 11 member banks 4 Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions o dollars c 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 185y respectively Source Board of Governors of the Federal Reserve System 31 CONSUMER AND REAL ESTATE CREDIT In April total consumer credit outstanding rose about 900 million compared to an increase of 1 billion in April 1963 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALL f ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED r u JZ f wmiiiwWM I yS i INSTALMENT CREDIT REPAID I I960 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Millions of dollars Consu mer credit outstandin g end of p eriod Consum er instalmc nt credit e xtended madjusted and r epaid seasonally adjiisted Instalment Automot ile paper Total NonAutomoTotal instal Extended Repaid Extended Repaid Total Personal bile ment 2 paper loans Period I Mar Apr May June July Aug Sept Oct Nov Dee 1964 Jan Feb Mar Apr Jo t A too Includes other consumer goods paper and repair and modernization latin not shown wpnrntely CJon lHt offllnffk Mmymcnlloiins charge accounts and service credit Km1 of period unndjuntrd 32 Mortgagie debt outstanding nonfarm 1 to 4family houses I 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 changed little in May municipal bonds declined Yields on long term U S Government securities and PERCENT PER ANNUM PERCENT PER ANNUM SOURCES SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Govcjrnment secui ity yields municipal 3 month Period bonds 3 5 year Taxable Standard 3 2 Treasury bonds issues bills1 Poor s Apr May 4 00 June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Week ended May June J Rate on new issues within period Selected note and bond issues a Series includes April 1953 to date bonds due or cailable 10 years and after Weekly data are Wednesday figures Data for first of the month based on the maximum permissible interest rate 5K percent since May 1961 and 26 year mortgages paid in 12 years 1 Corpora te bonds Moc dy s Aaa Baa Prime FHA commercial new home paper mortgage 4 6 yields 5 months a Not charted Sources Treasury Department Board of Governor of lli Fintoral System Federal Housing Administration Standard ft I oor H CorjM rnt on Moody s Investors Service COMMON STOCK PRICES YIELD AND EARNINGS Stock prices rose in early May and then declined INDEX O INDEX D PK I 80 COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS T 5 DIVIDEND YIELD ON COMMON STOCKS i f I t i i t t t t I 1 LI RATIO RATIO 25 25 PRICE E ARNIN6S RATIO ON CG MMON STOCKS 2O r f I960 I 1 I J 1 1 i i SOURCE STANDARD AND POOR S CORPORATION Period May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May Yrk ended H W I Mny 15 O9 2U J u n e r ll n i1 i t li A In t id KHI i i H i i i i i i u i sloc kv f l i K i n r r iiml u rvii f I MM iiiiiiiiii slui k I Tiiti c i t h i l l v l i l i m l 11 MI r a i l n i i i i i l l i l x n i i r U l val 34 i i IO COUNCIL OF ECONOMIC ADVISERS Seeui ities and Exchange Commission price 3index Standard and Poor s3 common stock data M anufactur ing Price index 2 DiviComTransPrice Utilidend posite DuraNonIndus yield 3 earnings portal Total ties Total index ble durable trial percent ratio 4 tion mufuH urinp 1S 3 transportation 18 utilities l inininir 10 irr industrials im rai i s of dally figures on lith st known annual rate divided by f l inrkv in t i n group Annual yields are averages of monthly data Weekly data are Wednesday figures Ratio of price index for last day in quarter to quarterly earnings seasonally adjusted annual rate Annual ratios are averages of quarterly data Series discontinued see SEC release Statistical Bulletin May 1904 Sources Securities and Exchange Commission and Standard and Poor s Corporation FEDERAL FINANCE FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES The estimate of the fiscal 1964 budget deficit has recently been revised from 10 0 billion to 8 8 billion because receipts are expected to be larger than the January 1964 estimate and expenditures a little smaller BILLIONS OF DOLLARS BILLIONS OF DOLLARS BUDGET SURPLUS OR DEFICIT ENLARGED SCALE Fiscal year 1959 Fiscal year 1960 Fiscal year 1961 Fiscal year 1962 Fiscal year 1963 Fiscal year 1964 8 Fiscal year Apr May Jufle July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Cumulative totals first 11 months Fiscal year 1963 Fiscal year Billions of dollars Net budget expendituires N ational defeiQse Budget Depart ment of surplus Total Def ense or Total Military Military deficit functions assistance as R In addition to items shown also Includes atomic energy and defense related services Include guaranteed securities held outside the Treasury Not all of total shown is subject to statutory debt limitation 1960 COUNCIL OF ECONOMIC ADVISERS Net budget receipts Period 1959 FISCAL YEARS ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Public debt end of2 period Estimate revised May NOTE Total budget receipts and expenditures exclude certain intragovernmental transactions on Sources Treasury Department and Bureau of the Budget FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the first quarter of calendar year 1964 cash payments exceeded cash receipts by 800 million on a seasonally adjusted basis BlLLJONS OF DOLLARS SEASONALLY ADJUSTED 35 BILLIONS OF DOLLARS SEASONALLY ADJUSTED EXCESS OF CASH RECEIPTS EXCESS OF CASH PAYMENTS CALENDAR YEARS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET 1964 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Cash receipts from the public Period Fiscal year I i Calendar year IW Excess of re Cash receipts ceipts f or from the payments public Unadjusted Set isonally adjus bed Sources Treasury Department and Bureau of the Budget 36 Excess of receipts or payments Cash payments to the public I Quarterly total calendar years J962 I II III IV II in IV Cash payments to the public FEDERAL BUDGET NATIONAL INCOME ACCOUNTS BASIS On a national income accounts basis Federal government receipts fell almost 3 billion seasonally adjusted annual rate and Federal expenditures rose more than 1 billion resulting in an increase in the deficit to 5 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS lipi 1 Y72SA tei lfa JLJ LJ JLJUJ J LJLJ pIS pi u DEFICIT i i 1958 i i i i I i I I96E I CALENDAR YEARS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federa 1 Governrnent expe nditures Federal jrovernme nt receipt S Period Fiscal vear L i Calendar vear IV IIIIV Personal Corporate Total tax and profits nontax tax receipts accruals Indirect Contribusiness butions tax and to social insurnontax ance accruals Total Subsidies Surplus Grantsless in aid Puror Net current deficit to State Transchases interest surplus and of goods fer paypaid of Govt ments local and entergoverservices prises ments i Preliminary estimate b y the Bureaii of the Bud get N TE Data f or Alaska an d Hawaii inc lude d be iniling 1960 So irce Depar ment of Conimerce exce ot as noted O 7 WENAtTY FOR PRIVATE USE TO AiVOID PAYMENT OF POSTAGE 3OO IGPOI UNITED STATES GOVERNMENT PRINTING OFFICE 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 Page 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 Cdmmon 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 NOTE Detail in these tables will not oecessarily 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 60 per year 3 60 forelpn U S GOVERNMENT PRINTING OFFICEifSfl

Bond Yields and Interest Rates

DATE: June 1964

PART OF:

Economic Indicators : June 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-. "Bond Yields and Interest Rates," 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-. "June 1964," Economic Indicators (June 1964) : 35-35. https://fraser.stlouisfed.org/title/1/item/512/toc/33087 , accessed on December 6, 2019.

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Economic Data