July 1964

Name: July 1964
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 ST inu s JUL 30 1964 PUBLIC Lit Economic Indicators JULY 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 SENATE JOHN SPARKMAN Alabama J W FULBRIGHT Arkansas WILLIAM 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 printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 5 cents a single copy or by subscription at 2 50 per year foreign 3 50 from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 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 9 7 billion seasonally adjusted annual rate in the second quarter according to the preliminary estimates The regular annual revisions issued in July show a similar increase in the first quarter Billions of dollars quarterly data at seasonally adjusted annual rates Persons Period Personal Disposable consumption personal expendiincomeJ tures III IV 1963 T II III IV 1964 I II Business 23ao International Personal Foreign Net exports of goods Excess of Gross saving Gross private Excess net and services transfers of or retained domestic invest trans or disearnfers by of net 2 investment Govern Net saving ings ExImexports ment 3 ment exports ports ports Government Gross Surplus Total or income Statis national tical product deficit or or TransPurTrans on receipts discrep expendiancy Total fers fers chases income ture interest of goods expendi interest and and sub and tures and sub product sidies 8 services sidies 6 account Net receipts Period I I I IV 1963 I I I III IV 1964 I II6 Tax and nontax Net receipts receipts or accruals eas 7a Expenditures Personal Inoome p 6 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 8 Private business investment purchases of capital goods by private nonprofit institutions and residential housing Net foreign investment with sign changed Preliminary estimates Government transfer payments to persons foreign net transfers by Government net interest paid by government and subsidies less current surplus of government enterprises NOTE Series revised beginning 1961 For details see Survey of Current Business July 1964 Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE The preliminary estimate of gross national product in the second quarter is 1 Y percent above the first quarter measured in current dollars or 114 percent in constant dollars SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 600 GROSS NATIONAL PRODUCT X GOVERNMENT PURCHASES OF GOODS AND SERVICES PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Period COUNCIL OF ECONOMIC ADVISERS Personal Gross Total Net Total congross private exports national sump domestic of goods gross tion product national and in 1963 product expend invest services ment prices itures Gove rnment pmrchases of good s and services Federal State and Total Total i National Other 2 local defense Implicit price deflator for total GNP Billions of dollars3 quarter y data at seasonal ly adjust d annua i rates III IV 1963 I II III IV 1964 I 4 II Less Government sales 2 Prior to 1069 this category corresponds closely with budget expenditures for nutlonal defense shown on p 35 Beginning with 1959 they differ because of Inclusion of space program expenditures in this table these expenditures small In amounted to 1 6 billion in 1962 s Gross national product in current prices divided by gross national product in 1963 prices Preliminary estimates NOTE Series revised beginning 1961 For details see Survey of Current Business July 1964 Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce NATIONAL INCOME Compensation of employees rose by 6 1 billion seasonally adjusted annual rate or 1 percent in the second quarter Other types of noncorporate income were unchanged or higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 500 TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES T PROPRIETORS AND RENTAL INCOME 1958 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT JL PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS See Note poqe 7 Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period Compensation of em l ployees Proprieto rs income Farm Business and professional Rental income of per III IV I II III IV 1964 I 113 1 Includes employer 2 See Note page 7 8 contributions for social insurance See also p 4 Preliminary estimates Net interest Corpora be profits and inventory va uation ad justment 2 Total Profits Inventory before valuation taxes 2 adjustment NOTE Series revised beginning 1961 For details see Survey of Current Business July 1964 Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income in June was just above 489 billion seasonally adjusted annual rate The increase of 1 4 billion was slightly larser than in the preceding month BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS BUSINESS PROFESSIONAL AND RENTAL INCOME SOURCE DEPARTMENT OF COMMERCE Period Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June 4 Total personal income Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental and Other Propriet 3rs income income Divi Personal Transfer salary labor 2 Business interest payof Farm disburse income and pro persons dends income ments ments l fessional ai J Compensation of employees see p 3 excluding employer contributions for social Insurance and the excess of wage accruals over disbursements Employer contributions to private pension health and welfare funds compensation for Injuries directors fees military reserve pay and a few other minor Items Personal income exclusive of net income of unincorporated farm enterprises COUNCIL OP ECONOMIC ADVISERS Less Personal contributions for social insurance Nonagricultural personal income farm wages agricultural net interest and net dividends paid by agricultural corporations Preliminary NOTE Series revised beginning 1961 For details see Survey of Current Business July 1964 Data for Alaska and Hawaii included beginning I960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME Disposable personal income scored an 11 9 billion gain seasonally adjusted annual rate in the second quarter showing the full effect of the tax cut as well as the increase in before tax income Consumption spending advanced somewhat less rapidly and the saving rate rose from 7 0 percent to 8 2 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES J PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Period Per cap ita disL 2ss posable personal Saving as Equals Persona consump tion expeiaditures percent PopulaLess inco me Equals PerDisof disPer posable Personal sonal sonal posable thouNonsaving Current 1963 income taxes personal Total Durable durable Services personal sands 2 income goods prices prices l income goods percent IIIIV II III IV 1964 I 3 II COUNCIL OF ECONOMIC ADVISERS 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 8 Dol Lars Preliminary estimates NOTE Series revised beginning 1961 For details see Survey of Current Business July 1964 Data for Alaska and Hawaii included beginning 1960 Sources Department of Commerce and Council of Economic Advisers FARM INCOME Net farm income seasonally adjusted in the second quarter was unchanged from the first quarter level BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME NET FARM INCOME INCLUDING NET INVENTORY CHANGE IO I SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ApyiSigS Personal ncome re ceived by total f arm popu lation I ncome recseived froin farming Realize d gross Period From all sources III IV I II III IV II 5 From From farm nonfarm sources sources Cash receipts l from Total marketings Billions c f dollars Seasonailv aci Cash receipts from marketings Government payments and nonmoney income furnished by farms 2 Inveotory of crops and livestock valued at the average price for the year 3 Based on 1959 Census of Agriculture definition of a farm The number of arms is held constant within a year Income in current prices divided by the index of prices paid by farmers for family living items on a 1963 base 1964 Net tc farm openitors Net inc Dme per farm inchjding net inventory change 3 Production ex Exclud Includpenses ing net in ing net in Current 1963 4 ventory ventory prices prices change change 2 Dol lars listed anr ual rates t Preliminary NOTE Series revised beginning 1961 July 1964 Source Department of Agriculture For details see Farm Income Situation CORPORATE PROFITS The revised estimates show corporate profits before taxes in the first quarter at a seasonally adjusted annual rate of 56 6 billion 2 3 billion above the preceding quarter Profits after taxes registered an exceptionally strong gain of 2 9 billion showing the full effect of the reduction in 1964 tax rates BILLIONS OF DOLLARS BILLIONS OF DOLLARS I i EXCLUDING INVENTORY VALUATION ADJUSTMENT 1962 I SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period III IV 1963 I III IV 1964 I 3 II Corf orate pr ofits fbefo re taxes and invcn tory aluation adjustmei it TransM annfjictur ing portation comAll All NonDurable durable muniother indusgoods goods cations indusTotal tries and industries public tries utilities Includes depreciation capital outlays charged to current accounts and accidental damages 2 Corporate profits after taxes plus corporate capital consumption allowances 3 Preliminary estimates 2 CorjDerate pr ofits a fter taxes Corpo Corporate rate taxprofits before liabiltaxes ity Total Corporate capital conUnDividend distrib sumption payuted ments profits allowances Profits plus capital consumption allow 2 ances NOTE Data beginning 1962 have been adjusted for effects of new depreciation guidelines 2 billion for 1962 and therefore not comparable with previous data Series revised beginning 1961 For details see Survey of Current Business July 1964 Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter gross private domestic investment seasonally adjusted reversed the first quarter decline as outlays for nonresidential construction producers1 durable equipment and inventories all increased Residential construction spending declined somewhat BILLIONS OF DOLLARS JOO BILLIONS OF DOLLARS 1 IOO SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT X JL PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS COUNCIL OF ECONOMIC ADVISER SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Billions of dollars quarterly data at seasonally adjusted annual rates Total gross private domestic investment Period III IV 1963 I II III IV 1964 I II s New cons truction 1 Total Total Residential nonfarm lie visions in series on new construction shown on p 19 have not yet been incorjuiniU d into these series other construction in this series includes petroleum and natural gas well d r l l l i t i r which urn excluded from estimates on p 19 i n l i m l n n r y ostlnmtes Change in business inv entories Fix 3d investnlent Oiller Total Produceirs durable eqilipment 2 Nonfarm Total Total Non Nonfarm 18 4 ia NOTE Series revised beginning 1961 For details see Survey of Current Business July 1964 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 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 Qg Period I II III IV I 3 II 3 Total Ill IV Total Durable Nonduragoods ble goods Excludes agriculture Commercial and other includes trade service finance communications and construction s Estimates based on anticipated capital expenditures as reported by business in May 1904 Includes adjustments when necessary for systematic tendencies In anticipatory data NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Transpo rtation Mining Railroads Other Public Commerutilities cial 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 The seasonally adjusted civilian labor force fell by 255 000 in June unemployment rose by over MILLIONS OF PERSONS 7 MILLIONS OF PERSONS PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE llf IE MF LC Y M EI n R AT E s Et SO NA LI Y A D US TE D r l Jw f W n m I r T r n i se s j i J J IS55fJ 14 YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Total labor force Non Unem includployagriing ment Total cularmed tural forces Thous ands of j ersons Unadji listed Period S hl tntior force A ljti t l by C ou Civilia n emplo yment Civilian labor force Agricultural Nonagricultural years of age and o ver Oil Seasonally adjustec W Unempl oyment rate percent of Unem civiliaii labor for ce ployment Unad Seasonjusted ally adjusted Labor force participation rate unad l justed Percent it o noriinst itutioiuil population cil of Economic Advisers for comparability with previous 10 Total i J j i COUNCIL OF ECONOMIC ADVISERS Civilizin employ ment Total labor force including armed forces 1963 MayJune Julv Aug SeptGet Nov Dec i n Feb Mar Apr Mav June 96 2 ISJ6 Tn Not strictly comparable with preceding data fcet Employment and Earnings May 1962 p XIV NOTE Beginning 1960 data include Alaska ancl Hawaii Source Department of Labor SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT The seasonally adjusted unemployment rate in June rose to 5 3 percent to 5 3 percent and that for married men to 2 8 percent The rate for experienced workers also rose PERCENT PERCENT 10 0 SEASONALLY ADJUSTED 10 0 LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Uneri iploymen t rate percen t of eivilhin labor for ce in erou P Experienced Married ployment Over 40 All workers wage and men l and part hours salarv time workers work 2 Period Labor force time lost through June July Aug Sept Get Nov Dec 1964 Jan Feb Mar Apr May June 1 s Married Per cent Seasonall y adjustec men living with 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 3 Differs from total nonagricultural employment p 13 which sons with jobs but not at work for such reasons as vacation illness and industrial disputes for economic civilian labor includes perbad weather Persons at work in nonagri cultural in dustries by hours worked p er week 3 Urider 35 ho urs Part ti me for Part ti me for economu3 reasons economic reasons 35 40 Total hours Usually Usually Usually Usually partpartfullfulltime 5 time 5 time 4 time 4 Thousan ds of pers cms 14 ye irs of age and over I IJnadjuste i Seasonally adjusted Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated Primarily includes persons who could find only part time work 8 Average hours worked usually full time 23 0 usually part time 17 1 NOTE See note p 10 Beginning 1960 data include Alaska and Hawaii Source Department of Labor I I UNEMPLOYMENT INSURANCE PROGRAMS In June insured unemployment under State programs averaged about 1 3 million less than in June 1963 MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS 1961 I JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT J SEE NOTE Z ON TABLE BELOW SOURCE DEPARTMENT OF LABOR May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June l Week ended 1964 June July 4 11 1 Thou sands Weekly Preliminary 2 Programs include Puerto Eican sugarcane workers for initial claims and Insured unemployment beginning July DEC COUNCIL OF ECONOMIC ADVISERS A11 progracas Insured Total unem benefits Insured Covered ploypaid unem milemploy ment ploy weekly lions ment ment averof dollars age Period NOV Stsite progra ms Insurec1 unemploymerit as perInitial Exhaus cent of eovered employment claims tions Unad easonjusted ally adjusted Per cent javerage t iiousands Benefi ts paid Total Average weekly cheek lions of dollars dollars mil NOTE For definitions and coverage see the 1962 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Eico since January Source Department of Labor NONAGRICULTURAL EMPLOYMENT Employment of wage and salary workers in nonagricultural establishments rose by 114 000 in June on a seasonally adjusted basis MILLIONS OF WAGE AND SALARY WORKERS 20 MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS MANUFACTURING 18 TOTAL 16 s 12 DURABLE GOODS INDUSTRIES 10 NONDURABLE GOODS INDUSTRIES imunmuiiiiiiiiiniiiiLniiinniiminmnti niLnm Q4 4 0 CONTRACT CONSTRUCTION ENLARGED SCALE WHOLESALE AND RETAIL TRADE ENLARGED SCALE UC SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers l seasonally adjusted IS onmanu faeturinj 5 private Manufa eturing private Period Total Total May JuneJuly Aug 8cpt Get Nov Dec 1964 Jan Feb Mar Apr May 2 June S NonDurable durable goods goods X r Total Contract Mining construetion Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 10 which include proprietors self employed persons and domestic servants which count persons as employed when they Transportation and public utilities Oil Wholesale and retail trade Finance insurance and real estate Gover nment Service State and and miscel Federal local laneous are not at work because of industrial disputes and which are based on an enumeration of population whereas the estimates in this table are based on reports from employing establishments 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 manufacturing fell slightly in June on a seasonally adjusted basis HOURS PER WEEK SEASONALLY ADJUSTED 46 DURABLE MANUFACTURING HOURS PER WEEK SEASONALLY ADJUSTED 46 NONDURABLE MANUFACTURING RETAIL TRADE CONTRACT CONSTRUCTION i i i i i ti 30 i I 1 M I I M t I 96I J962 I II 1 1 U 1 1 I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Average hours per week 1 seasonally adjusted Man ufacturing Industries Period May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr 2 May June 2 Durable goods All i Data relate to production workers or nonsupervisory employees Data for Alaska and Hawaii included beginning 1959 1 Preliminary 14 Nondurable goods Source Department of Labor Contract construction Retail trade AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings increased again in June to a new high of unchanged Average hourly earnings were AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS r SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Aver age weekl y earnings5 current prices Aversige hourly earmngs current prices Period Manuf icturing iiidustries Contract Retail conNonDurable durable structrade All goods tion goods M a y 2 45 June 2 46 July A u g Sept 2 47 Oct Nov 2 51 Dec 1964 Jan Feb 2 51 Mar 2 52 Apr May 3 2 53 June Manufe icturing iiidustries Contract conNonDurable durable strucAll goods tion goods Earnings in current prices adjusted to exclude overtime and interindustry shifts Earnings in current prices divided by theeonsumer price index on a 1963 base Preliminary Retail trade Manufac ituring indusl ries Adjusted Average weekly earnearnings ings prices NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION in June the industrial production index reached seasonally adjusted 0 5 percent higher than in May and about 5 percent higher than a year earlier The June increases were widespread among the major industry groups INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED TOTAL UTILITIES i ND MINING UTILITIES r no NO Vv iy MINING V T flT i i i i i i iii I i t i ii MARKET GROUPS i i i i I I I I 1961 i i iii 1 i i i ii 1962 COUNCIL OF ECONOMIC ADVISIRS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Period i 1963 May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June l seasonally adjusted Industry M anufaetur ing Non Mining Utilities Total Durable durable J raUinlnary fi Board of Governors of the Federal Reserve System 16 Mai ket Fiiaal produc3tS Total Consumer goods Equipment Materials NOTE Beginning January 1963 data for the total and the industry groupings have been revised For details see Business Indexes G 12 3 FRB July PRODUCTION OF SELECTED MANUFACTURES Output of most durable and nondurable manufactures seasonally adjusted continued to rise in June production of primary metals was almost unchanged owing to a 2 2 percent drop in iron and steel However INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED J96I n I 1964 I964 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durab le manufsictures Period i 1963 May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June 1 Preliminary NOTE See note p 16 Ncmdurable manufactu res FabriTranspor Lumber Textiles Machin tation Primary cated and apparel prodmetals metal ery equipand ment products ucts leather Paper Chemicals Foods and petrobeverprint leum and ages and ing rubber tobacco Source Board of Governor s of the Federal Reserve iSystem 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production seasonally unadjusted continued to increase in June steel which resistered its first decrease since last August MILLIONS OF TONS MILLIONS OF SHORT TONS J J A S O N An exception was DAILY AVERAGE D BILLION S OF KILOWATT HOURS 20 0 f r7 V V F f W S SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS 1 D Dally average Includes data ft r Alaska Preliminary Not charted 18 N Electric Bituminous Freight Paperboard Car s and triicks Steel pi oduced power coal mined produced loaded Index distributed thousands thousands thousands assembled thoiisands Thousands of net millions of of short Total Cars Trucks of tons of cars 100 tons kilowatt hours tons 1 Period Weekly average I May June July Aug Sept Get Nov Dec 1964 Jan Feb Mar Apr May June 8 Week ended 1964 Junel3 20 27 July 4 11 IS 8 O COUNCIL Of KONOMIC ADVISED Sources Amer lean Iron and S teel Institute Edison Eled ric Institut e Dep artInte rior Associatio n of American Railroads National P aper board and Ward s A utom otive Keports Enent of the J Lssociation NEW CONSTRUCTION Outlays for new construction seasonally adjusted rose 0 5 percent to an annual rate of 65 1 billion little or no changes in the private components BILL IONS OF DOLLARS There were I JILLIONS OF DOLL SEASONALL f ADJUSTED ANNUAL RATES 60 TOTAL NEW CONSTRUCTION X PR IVATE 9 mm tm 30 gXX 60 s sx s RS H L k f PUBLIC t i 1 V o 1 f 1 1 I t I PRIVATE RESIDE NTIAL I 1 t 1 1M 1 1 1 M t 1 11 f 1 1 t f I t 111 1I t i i r o fc o t 1 I t 1 t I 1 I 1 i F J t 1 1 Ll OTHER PRIVATE l l 1 i i i I 1 1 1 I L 1 L 1 1 1 L 1 1 Ll I Period I COUNCIL OF ECONOMIC ADVIS ERS Constructiori contracts 3 Pr ivate Resi dential noiif arm Total Total CommerAdditions cial and New housing and al industrial units terations 2 Billions of dollars Other Federal Total value CJtota index and local Includes nonhousekeeping residential construction 3 Not available for revised series beginning not shown separately Compiled by F W Dodge Corporation and relates to 48 States Annual and monthly data beginning January 1964 revised monthly data tor 1958 3 in chart does not yet reflect these revisions See Construction Reports C30 60 Census Bureau June 1964 Seasonally adjusted Sea sona adjiisted annucil rates 1963 May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June 8 0 1 J 1 JL 1963 X SEE NOTES IN TAB LE BELOW SOURCE DEPARTMENT OF COMMERCE Total new construction expenditures b iX Nm tfll ri1 m lAfiim I 1 I f Ll m i l Vl 1 1 1 i NONFARM l 1 I 111 111 I Commercial and industrial floor space millions of square feet Seasonally adjusted annual rates Preliminary NOTE Data for Alaska and Hawaii included beginning January 1959 Sources Department of Commerce and F W Dodge Corporation 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts rose nearly 5 percent in June to a seasonally adjusted annual rate of units Housing permits also rose about 5 percent Both FHA applications and VA appraisal requests increased somewh at MILLIONS OF UNITS MILLIONS OF UNITS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA VETERANS ADMINISTRATION TPrvf ol lotai 1 private and public including farm Period Total private including farm May JuneJuly Aug Sept Oct Nov Dec Jan Feb Mar Apr 8 May 1 une Authorial by Issuance oi local building permit in 10 000 permit issuing ii v prior t 1WW nnd 12 000 or more thereafter Unit reprtwenUHl by mortgage applications for new home construction 20 tVAJ COUNCIL OF ECONOMIC ADVISERS Thousimds of units Proposed home Hou sing star ts eonstr uction New Priv ate nonf irm Priv ate nonf a rm private Total Applica Requests housing tions for private Gover nment Two or includunits for VA Onemore home pi ograrns author FHA appraising Total Total commit als 2 family famiized farm ments 2 FHA VA lies Sejisonally adjusted annual ra tes i Reflects new application fee scheduled May 1 NOTE Beginning 1945 Census series revised See Housing Starts C 20 59 May 1964 Data include Alaska and Hawaii Sources Department of Commerce Federal Housing Administration FHA and Veterans Administration VA TRADE SALES AND INVENTORIES The advance report shows that retail sales in June seasonally adjusted maintained the record May rate 1 7 percent above April and 6 2 percent above June 1963 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 14 RETAIL TRADE DURABLE GOODS STORES INVENTORIES JO SALES INDEX 1957 S DEPARTMENT STORES 125 INVENTORIES U5 SALES J SEE BELOW SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Ret ail Whole sale Sales Period Sales l Inventories 2 Total 13 Departm mt stores Iriventories NonDurable durable goods goods stores stores Total 2 NonDurable durable goods goods stores stores Millions o f dollars seasonallyr adjusted Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May s June Monthly average lor year and total for month Book value end of period seasonally adjusted 3 Beginning January 1960 data include Alaska and Hawaii Series discontinued Preliminary J964 COUNCIL OF ECONOMIC ADVISERS Sales Inventories Index 195 r 59 100 seasonally adjusted Revised to include farm products seasonally adjusted data further revised on basis of improved seasonal factors See Wholesale Trade Report Census BW 64r 3 March 1964 Sources Department of Commerce and Board of Governors of the Federal Reserve System 21 MANUFACTURERS SALES INVENTORIES AND NEW ORDERS Manufacturers1 shipments seasonally adjusted rose further in May but inventories and new orders declined The fall in inventories was centered primarily in nondurable goods industries while the fall in new orders was accounted for primarily by metals industries In June new orders for durable goods dropped slightly BILLIONS OF DOLLARS BILLIONS OF DOLLARS MANUFACTURERS INVENTORIES MANUFACTURERS SHIPMENTS TOTAL TOTAL DURABLE GOODS MANUFACTURERS NEW ORDERS 3 0 DURABLE GOODS 20 NONDURABLE GOODS A NONDURABLE GOODS ii SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Total Apr May June July Aug Sept Oct Nov Dec 1964 J a n Feb Mar Apr 4 May 4 5 Juno NonDurable durable goods goods Total Millions NonDurable durable goods goods of dollars i Monthly iivorutfe for year and total for month Hook viiluo end of period seasonally adjusted For minimi ix rlods ratio of weighted average inventories to average monthly BuloK for monthly data ratio of inventories at end of month to sales for month 22 1964 COUNCIL OF ECONOMIC ADVISERS Manufac turers sh ipments l Manufact urers inv entories 2 O J 1 enoa i 1963 Ma nufaeture rs new orders Durab le goods Total Total seasonal y ad juste d Preliminary Not charted Source Department of Commerce NonMachinery durable and goods equipment Manufacturers inventorysales ratio MERCHANDISE EXPORTS AND IMPORTS Merchandise imports and exports seasonally adjusted rose slightly in May each inching up 6 million surplus was unchanged at 504 million 18 percent above the 1963 monthly average BILLIONS OF DOLLARS 2 5 The trade BILLIONS OF DOLLARS SEE NOTE I BELOW SOURCES DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars M erehandi se expo rts Period Total includmg reesqports 1 Season Unadally ad justed justed Monthly average A p r May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May Gener al 2i naIDomesti c exports por ts Indus Finished Seasontrial Total Food mate manu ally ad Unadfacstuffs tures justed justed rials U nadjust ed Total exports less Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 2 Imports for immediate consumption plus entries into bonded warehouses 3 Imports for immediate consumption plus withdrawals for consumption from bonded warehouses Merchandise trade Imports for eonsum ption Indus Finished surplus seasontrial Total Food mate manu ally adfacstuffs justed rials tures M srchandigse impo rts l U nadjust ed n S6A Total adjusted to exclude 33 5 million of the value reported by economic category N OTE Seasonally adjusted series revised beginning 1962 Because of revisions made in series subgroups do not include all data in totals QQ Source Department of Commerce O U S EXPORTS AND IMPORTS OF GOODS AND SERVICES The sharp rise in exports 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 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES EXPORTS OF GOODS AND SERVICES IMPORTS OF GOODS AND SERVICES i COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars Period I Total Exports of goo ds and sei vices Incorne on Mer Military invest ments Other chansales dise1 Private Govern services ment S iasonally 1962 III IV 19G3 I II III IV 1964 I Adjusted from customs data for differences in timing and coverage Dutu revised beginning Imports of goo ds and sei vices Total Merchandise Balance Military Other on goods and expend services services itures SO iidjusted a nnual rat es S8 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 of the improvement was in the merchandise balance BILLIONS OF DOLLARS 20 BILLIONS OF DOLLARS OVER ALL BALANCE SURPLUS OR DEFICIT J 1958 L 1959 J J L I l J L 1962 J I SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S pr ivate capi tal net Period I III IV 1963 I II III IV 1964 I Balance Governon ment goods grants and and services capital net Direct investments Longterm portfolio Shortterm Foreign capital l Over all balance3 surplus or deficit Liquid 1labilities 8 Gold To monand con etary 2 Total Total vertible author To other foreign ities curand holders5 rencies institutions Quai terly tota Is unadju sted Data revised beginning 1960 Other than liquid funds 2 Equals changes in U S gold and convertible currencies and liquid liabilities to foreigners Bemittances and pensions not shown separately in this table are included in over all balance and amounted to 826 million in 1963 8 Minus indicates increase in liabilities 4 To International Monetary Fund IMF and foreign central banks and governments Unrecorded transactions Season ally adjusted annua 1 rates 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 TJ 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 OC PRICES CONSUMER PRICES The over all index of consumer prices was unchanged in May offset by a decrease of 0 1 percent in commodity prices An increase of 0 1 percent in prices of services was INDEX INDEX i SEE NOTE BELOW SOURCE DEPARTMENT OF LABOR 1964 COUNCIL OF ECONOMIC ADVISERS Commoditia3 All items Period Apr May June July Aug Sept Oct Nov Dec Jan new series l Feb Mar Apr Mav All commodities Food All NOTK Prior to January 1964 indexes revised to reflect transfer of homevni rnlilp from services to durable commodities 26 Services Comm odities leg s food All NonDurable durable services Rent 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 in June maintained the May level offset an increase in prices of processed foods Declines in prices of farm products and industrial commodities INDEX IOO INDEX SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June 3 4 Week ended 1964 July Commodit ies other t han farm jproducts aiid foods iridustriais Indus Indus Produc Consuncier finFarm Procished g ods extrial intrial All inprodessed ciudin g food dustricrude termedi er finucts foods 1 Durmate ate ma goods Nonals 2 terials durable rials able Coverage ol 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 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 June 1 5 the index of prices received decreased by 1 point while the index of prices paid was unchanged The parity ratio fell by 1 point INDE f INDEX HO no PRICES PAID NTEREST TAXES A ND WAGE RATES A X I 1 yXv 1 s V Vv 100 PRICES RECE VED ALL FARM PROD UCTSJ RA no 100 RAT Io i I inW X PARITY RATI 0 X f V f x 10 X v I f I L X l i i i i i 1 i i t i i i i i t i i i1 i i i ti f f i May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June Crops rorcrnt nge ratio of index of prices received by farmers to index of prices paid Interest taxes and wage rates on base 28 COUN CIL OF ECONOMIC ADV SERS Prices iDeceived by formers All farm products i i i i i 1 i i i i i 1963 J RAT 0 OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTER ST TAXES AND WAGE R TES ON EASE SOURC E DEPARTMENT OF AGRICULTURE Period v Prices paid by fa rmers Livestock All items interest and taxes and products wage rates Index Family living items Source Department of Agriculture Production items S Parity ratio MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY In June the money supply and time deposits each rose 1 1 billion on a seasonally adjusted basis The over theyear rises were 5 4 billion or 3 percent in the money supply and 1 3 9 billion or 1 3 percent in time deposits BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED MONEY SUPPLY 12 0 TIME DEPOSITS AT ALL COMMERCIAL BANKS J958 I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1964 COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars M oney supf iy Period Total Revised series 1957 Dec Dec 1959 Dec 1960 Dec 1961 Dec 1962 Dec 1963 Dec 1963 July Aug Sept Oct No v Dec 1964 Jan Feb Mar Apr May June 2 First half Second half 2 2 Deposits at all commercial banks Preliminary Currency outside banks M oney supp iy Demand deposits Time deposits l Cur rency Total out side banks Seasonal 1y adjusted G G G G Demand deposits Time deposits l U S Government demand deposits l 1LJnad justed 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 June BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ENd OF MONTH 500 TOTAL SELECTED LIQUID ASSETS SAVING TYPE 300 ASSETS DEMAND DEPOSITS AND CURRENCY BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I 1964 V COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Total selected liquid assets End of period JuneJulv Aue Sept Get Nov Dec 3 1904 Jan 3 Feb Mm 33 Apr Mnv 1 u n Demand deposits and currency l Time d eposits Commercial banks if Government agencies and trust funds domestic conalnrs hanks Federal Reserve Banks and beginning id loan associations 30 i with money supply p 29 except for deduction of demand 1 vinps banks and savings and loan associations Data r r c i n l mid u n i t Mutual savings banks 3 Postal Savings System o Savings and loan shares U S Government U S Gov securities ernment maturing savings within bonds 2 year 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 6 billion in June bringing the rise thus far this year to 9 5 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS ISO BANK LOANS INVESTMENTS IN U S GOVERNMENT SECURITIES INVESTMENTS IN OTHER SECURITIES I I Jj L I960 SEASONALLY ADJUSTED SOURCE BOARD OP GOVERNORS OF THE FEDERAL RESERVE SYSTEM I 1 l I I I June July Aug Sept Oct Nov Dec65 1964 Jan Feb 66 Mar Apr 6 6 May June 6 Total Investrnents Loans loans excluding and inter U S Gov Other investsecuribank ernment ments ties securities I I 1 I I 1964 1 COUNCIL OF ECONOMIC ADVJSpS Weekly reporting member banks l 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 2 Commercial and industrial loans s Debits during period to demand deposit accounts except interbank and U S Government 4 Averages of daily figures Annual data are for December 1963 END OF MONTH All comrrlercial banks s easonally adjusted da ta End of period Bank j u 4 debits outside New York City 343 centers seasonally adjusted annual rates A 1 member banks l 4 Total reserves Borrowings at Excess Federal Free reserves Reserve reserves Banks Millions o dollars Estimates Preliminary Revised series 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 May consumer credit outstanding rose 1 1 billion slightly more than the increase in May 1963 and repayments of installment credit rose significantly on a seasonally adjusted basis BILLIONS OF DOLLARS Both extensions BILLIONS OF DOLLARS TOTAL CONSUMER CREDIT OUTSTANDING SEASONAL f ADJUSTED ENLARGE6 SCALE INSTALMENT CREDIT EXTENDED Umi B n tmil mttllli r INSJALMENT CREDIT REPAID I J COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Millions of dollars Consu mer credit outstandin g end of p eriod imad justed nstalment NonAutomoTotal instalbile Personal Total ment 2 paper loans Period Apr May June July Aug Sept Oct Nov Dec 196 1 Jan Fob Mar Apr M iv Also Includes other consumer poods paper and repair and modernization loans not shown separately onsists of single payment loans charge accounts and service credit 3 Kml of period unadjusted 32 Consum er instalme nt credit e xtended and r spaid seas onally adju sted Automobile paper To tal Extended Repaid Extended Repaid Mortgage debt out standing nonfarm 1 to 4family houses NOTE Data for Alaska and Hawaii included beginning January and August 1959 respectively Sources Board of Governors of the Federal Keserve System and Federal Iloiua Loan Bank Board BOND YIELDS AND INTEREST RATES The yield on 3 month Treasury bills fluctuated within a narrow range in June resulting in a slightly lower monthly average than in May Yields on long term U S Government securities and municipal bonds declined a little while corporate bond yields were unchanged PERCENT PER ANNUM PERCENT PER ANNUM SOURCES see TABLE BELOW Period May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June Week ended 1964 June July COUNCIL OP ECONOMIC ADVISERS Percent per annum High grade U S Gove rnment secuiity yields municipal 3 month bonds 3 5 year Taxable 2 3 Treasury Standard issues bonds bills i Poor s Bate on new issues within period 2 Selected note and bond issues 8 Series includes April 1953 to date bonds due or callable 10 years and after 4 1 Weekly data are Wednesday figures Data for first of the month based on the maximum permissible interest rate 6 percent since May 1961 and 25 year mortgages paid in 12 years Corporalbe bonds Moo dy s Aaa Baa Prime FHA commercial new home paper mortgage 4 D yields 5 months 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 QO COMMON STOCK PRICES YIELD AND EARNINGS Stock prices declined in early June and then rose June 1963 On the average June prices were 14 percent above those in INDEX COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS PERCENT PERCENT MONTHLY WEEKLY v DIVIDEND YIELD ON COMMON STOCKS f J I M i i 1 i i i i M RATIO 25 25 PRICE E ARMINGS RATIO ON CO MMON STOCKS I I I960 1 I i i 1963 SOURCE STANDARD AND POOR S CORPORATION Period June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June Week ended 1964 June Julv i 15 1 J it COUNCIL OF ECONOMIC ADVISERS Standard and Poor s common sstock data Secur ities and Exchange Commiss on price index Price index 2 Mi inufacturi ng DiviPrice TransComdend UtiliIndusNonportaDuraposite1 4 yield 3 earnings Total ties Total trial durable tion ble index percent ratio Includes 300 common stocks manufacturing 193 transportation 18 utilities IH lru le finance and service 45 and raining 10 1 Includes 600 common stock 426 arc industrials averages of daily figures 1 Af Kreimte C sn dividends based on latest known annual rate divided by tlw nitgrty fitc monthly market value of the stocks in the group Annual yields n V are averages of monthly data Weekly data are Wednesday figures 4 Ratio of price index for last day in quarter to quarterly earnings seasonally adjusted annual rate Annual ratios are averages of quarterly data s Not charted Series discontinued see SEC release Statistical Bulletin May 1964 Sources Securities and Exchange Commission and Standard and Poor s Corporation FEDERAL FINANCE FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES The fiscal 1964 budget deficit of 8 3 billion was 1 7 billion smaller than the deficit estimated in January 1964 because receipts were 1 0 billion higher and expenditures 0 7 billion lower than the estimates BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES NATIONAL DEFENSE BUDGET SURPLUS OR DEFICIT ENLARGED SCALE 25 L PRELIMINARY SOURCES TREASUI FISCAL YEARS BUDGET Net budget receipts Period Fiscal year 1959 Fiscal year 1960 Fiscal year 1961 Fiscal year 1962 Fiscal year 19633 Fiscal year 1964 Fiscal year Apr May June July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budg st expenditu res 1 N ational defeiise Depart ment of Def snse Total Total Military Military functions assistance In addition to items shown also includes atomic energy and defense related services 2 Includes guaranteed securities held outside the Treasury Not all of total shown is subject to statutory debt limitation s Preliminary Budget surplus or deficit Public debt end of2 period Estimate revised May NOTE Total budget receipts and expenditures exclude certain intragovernmental transactions Sources Treasury Department and Bureau of the Budget 35 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In fiscal 1964 cash payments exceeded cash receipts by 4 7 billion over the estimate made in January 1964 This represents a 3 7 billion improvement BILLIONS OF DOLLARS SEASONALLY ADJUSTED 35 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 35 EXCESS OF CASH RECEIPTS EXCESS OF CASH PAYMENTS I CALENDAR YEARS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Cash receipts from the public Period Fiscal year i Calendar year Unadjusted Excess of receipts or payments Cash payments to the public Quarterly total calendar years 1962 III IV 1963 I II Ill IV 1964 I II J Preliminary Excess of re Cash receipts ceipts or from the payments public Cash payments to the public Setisonally adjus ted Sources Treasury Department and Bureau of the Budget g FEDERAL BUDGET NATIONAL INCOME ACCOUNTS BASIS A drop of 2 4 billion seasonally adjusted annual rate in Federal receipts in the first quarter and a rise of 0 6 billion in expenditures resulted in a deficit of 2 4 billion Incomplete data for the second quarter indicate another decline in receipts and a rise of 2 4 billion in expenditures BILLIONS OF DOLLARS BILLIONS OF DOLLARS f20 SURPLUS DITP LH f BH DEFICIT i i i I nrrr LUULJ J m i i I960 i t i 1961 i t I i l l i t t 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 Grovernment receipts Period Fiscal year Calendar year IV I III IV1964 I IP Federa I Governsaent expeiaditures GrantsSubsidies Surplus Purin aid less or Net current deficit chases Trans to State and interest surplus of goods fer pay paid of Govt and ments local goverenterservices ments prises Indirect ContriPersonal Corpo business butions rate tax and profits tax and to social Total nontax tax nontax receipts accruals accruals insurance Total i Preliminary estimates NOTE Series revised beginning 1961 For details see Survey of Current Business July 1964 Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE 3OO IGPOI 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 Hours of Work Selected Industries Average Hourly and Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Trade Sales and Inventories Manufacturers Sales Inventories and New Orders Merchandise Exports and Imports U S Exports and Imports of Goods and Services U S Balance of International Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public Bank Loans Investments Debits and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices Yield and Earnings FEDERAL FINANCE Federal 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 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 38 l or stile by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 25 cents per copy 2 50 per year 3 60 foreign Page

July 1964

DATE: July 1964

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Economic Indicators

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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-. "July 1964," Economic Indicators (July 1964). https://fraser.stlouisfed.org/title/1/item/517, accessed on December 8, 2019.

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Economic Data

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