Corporate Profits

Name: Corporate Profits
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 OCTOBER 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 OTTO ECKSTEIN 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 Untf 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 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 nafionel product rose by 8 9 billion seasonally adjusted annual rate in the third quarter according to preliminary estimates Personal consumption expenditures up 8 4 billion accounted for most of f be inctease modest increases in net exports and government purchases were largely offset ty a decline in gross private domestic investment fBillions of dollars quarterly data at seasonally adjusted annual rates Persons Period I II III IV I II III5 Personal Disposable consumption personal1 expendiincome tures soa Business International Personal Gross Excess saving Gross private of W or retained domestic investearndisinvest 3 i ment saving ings 2 ment Foreign Net exports of goods Excess of net and services transfers transW or fers by of net Govern Net ExImexports ment exports ports ports X J a J8 lib ii Government Expenditures Net receipts Period IIIIV 1964 III 1 Surplus Total Statis national TO or income tical product deficit or or Tax and TransPurTrans on receipts discrep expendiancy nontax Total fers fers chases income ture and goods expendi interest receipts receipts interest of and and subor tures and sub product accruals sidies sidies e services account B 1 Personal income p 5 less personal taxes and nontax payments Gfines penalties etc 2 undistributed corporate profits corporate inventory valuation adjustment capital consumption allowances and jexcess 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 S BOO B t JL U 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 Data for Alaska and Bawaii included bctginniDig 1960 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE The preliminary estimate of gross national product seasonally adjusted in the third quarter is 1 percent above the second quarter measured in current dollars or 1 percent in constant dollars SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 600 GROSS NATIONAL PRODUCT X GOVERM IENT PURCHASES OF GOOC S AND SERVICES x y II I M I H M llH 1 1 II I tll u 1 1 I 1958 III II IIUIMIII IM IIIHI M IIIII UIIII tm i ttt HH ii NET EXPORTS 01 GOODS AND SERV CES GROSS PRIVATE DOMESTIC INVEST ENT 1 f 1959 I n I n I P O O 1 I960 Q 1 n Q r o I o I PRELIMINARY ESTIMATES SOURCE DEPARTMEHT OF COMMERCE Period I II III IV 1004 J II IIP I J i 1964 COUNCIL OF ECONOMIC ADVISERS Total Personal Nof Total gross conprivate exports national gross sump domestic of goods tion product national and in 1963 product expend invest services ment prices itures Billions of dollar 3 quarter y data at down HMD t sales i IWW Ihto category corresponds closely with budget expenditures for t frhB4v shown on p 36 Beginning with 1969 they differ because of itt prttffmtn ftipenditures in this table these expenditures small im unt U to 1 0 billion in Government purchases of good s and services Federal State Total Total i National Other and local defense2 seasona ly adjusibed annua L rates Implicit price deflator for total GNP Gross national product in current prices divided by gross national product in 41963 prices Preliminary estimates NOTE Data for Alaska and Hawaii Included beginning 1960 Source Department of Commerce NATIONAL INCOME Compensation of employees rose by 6 2 billion seasonally adjusted annual rate or 1 percent in the third 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 PROPRIETORS AND RENTAL INCOME 100 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 100 MiniiiiiiiiiiiiiiiMiiiiiiiiin NET INTEREST IMINARY ESTIMATES COUNCIL OF ECONOMIC ADVISERS See Note poge7 SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period I II III IV III Business and professional Rental income of persons Proprieto rs income Farm Net interest Corpora be profits and inventory val uation ad justment2 Total Profits Inventory before valuation taxes 2 adjustment a7 4a LO L I II Compensation of employees i Includes employer contributions for social insurance See also p 4 a See Note page 7 Preliminary estimates NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income rose 12 2 brlliori ia September to a seasonally adjusted annual rate of 497 1 biJliorv Private wages and salaries accounted for most of the rise BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS COUNCIL or ECONOMIC Aoviseirs Period Total personal income July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug 4 Sept Billions of dollarsy monthly data at seasonally adjusted annual rates Wage Rental and Other ProprietyDTS income income Divi Personal Transfer salary labor 2 Business paydends interest ments of disburse income Farm and pro persons income ments fessional a i a i 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 few other minor items Personal income exclusive of net Income of unincorporated fann enterprises Less Personal contributions for social insurance L NonagricuTtural personal income E farm wages agricultural net interest and net dividends paid by agricultural corporations 4 Preliminary NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME According to preliminary estimates disposable personal income increased 5 4 billion seasonally adjusted annual rate in the third quarter Consumption spending advanced more rapidly and the saving rate fell from 8 2 percent to about 7 4 percent as consumers adjusted their spending to the effects of the tax cut BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES J PRELIMINARY ESTIMATES OURCE DEPARTMENT OF COMMERCE Period Personal income II III IV 1964 I II III Per cap ita disL ess posable personal Saving as Equals Persona 1 consump tion expe nditures percent Less inco me Equals T Disof disFer posable Personal posable sonal personal Nonsaving Current 1963 personal taxes income Total Durable durable Services goods prices prices income coods percent Billions of dollars5 Dol Lars Seaso nally adjiisted anmlal rates Income In current prices divided by the implicit price deflator for personal consumption expenditures on a 1963 base 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 COUNCIl OF ECONOMIC ADVISERS 3 Popular inn thousands Preliminary estimates NOTE Data for Alaska and Hawaii included beginning 1060 Sources Department of Commerce and Council of Economic Advisers FARM INCOME Net farm income seasonally adjusted in the third quarter was virtually unchanged from the second quarter level BILL IONS OF DOLLARS BILLIONS OF DOLL RS SEASON ALLY ADJUSTED ANNUA L RATES REALIZED GROSS FARM INCOME x on Ort NET FARM INCOME 1NCI UDING NET INVENTC Rr CHANGE J t i J958 l l 1959 tr t 1 I960 L Personal F income received by total i arm popu lation I II Ill IV 1964 I II IIP From From farm nonfarm sources sources V I Net t 3 farm openEttors Net inc ome per farm incl uding net inventory change 3 Produc Cash tion ex Exclud Includreceipts penses ing net in ing net in Current 1963 from Total ventory ventory prices prices 4 2 marketchange change ings Billions c f dollars Dollars Seas onally ad justed ammal rates Gash receipts from marketings Government payments and nonmoney in ome furnished by farms Inventory of crops and livestock valued at the average price for the year Minurd on 1069 Census of Agriculture definition of a farm Tne number fcftn ta held constant within a year ncome re ceived fro m farming Realize d gross From all sources 1 OUNCIl OF ECONOMIC ADVISERS SOUFICE DEPARTMENT OF AGRICULTURE Period I96S Income in current prices divided by the index of prices paid by farmers for family living items on a 1963 base Preliminary Source Department of Agriculture CORPORATE PROFITS Corporate profits before taxes rose about 2 percent to 57 9 billion seasonally adjusted annual rate in the second quarter according to current estimates After taxes they also rose about 2 percent to 31 9 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS J964 SEE NOTE ON TABLE BELONG J EXCLUDING INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period I II III IV 1964 I II III3 Corj orate pr ofits befc re taxes and inveritory valuation adjustmei at TransCorpo CorpoM anufactui ing portation rate rate comAll tax profits All N rm Durable durable muni other before liabilindusgoods ity tries Total indusgoods cations indus taxes and tries tries public tries utilities Includes depreciation capital outlays charged to current accounts and accidental damages Corporate profits after taxes plus corporate capital consumption allowances Preliminary estimates a CorjDerate pr ofits a fter taxe S Total Corporate capital conUnDividend distrib sumption uted payments profits allowances Profits plus capital consumption ailowances sas NOTE Data beginning 1962 have been adjusted for effects of new depreciation guidelines 2 billion for 1962 and therefore not comparable with previous data Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment seasonally adjusted in the third quarter declined slightly from the second quarter level Increases in ndnresidential construction and producers durable equipment were more than offset by decreases in residential construction and the rate of change in business inventories BILLIONS OF DOLLARS 100 BILLIONS OF DOLLARS 1 100 SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT NEW CONSTRUCTION X 40 PRODUCERS DURABLE EQUIPMENT CHANGE IN BUSINESS INVENTORIES I I 1958 J 1959 J L 1961 i960 t t I PRELIMINARY ESTIMATES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Total gross private domestic investment t PeriodJ I II III IV 1964 I II III I New eons truction 1 Total Residential nonfarm ias Total i Revisions in series on new construction shown on p 19 have not yet been incorporated into tbene series 1 Other construction in this series includes petroleum and natural gas well drilling which are excluded from estimates on p 19 8 Change in business inv entories Fix 3d investnlent 1 Othler Total Produce rs durable eqilipment 2 Nonfarm ia ia rp Xotal a Nonfarm Total Preliminary estimates NOTE Data for Alaska and Hawaii Included beginning 1960 Source Department of Commerce Nonx farm EXPENDITURES TOR NEW PLANT AND EQUIPMENT The August survey of plant and equipment expenditures indicated a moderate upward revision in craflays pitrnried for 1964 from 12 0 percent to 12 7 percent above 1963 The largest revisions from the May survey were made by durable goods manufacturers and the transportation industries I SEE NOTE 3 ON TABLE BELOW COUNCIL F fCONOMJC ADVISERS SOURCES SECURITIES AtJD EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates M anufacturi Qg Period Total 1 Total I I II III IV 1964 I II 1 Ill IT s t j D IS m Durable goods S Excludes agriculture J Commercial and other includes trade service finance communications and construction Estimates based on anticipated capital expenditures as reported t y business to August 1964 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Nondurable goods Transpoirtation Mining Railroads Other SO Public utilities Oommercial and other IS Annual total is the sum x i unadjusted expenditures it does not necessarily coincide with tbeAveuage oi seasonally adjusted figures These figures do notiagree wlth the totals included in the gross nationa l product estimates at the Department of Commence prmcipaJly because tbejatter wnrer agricultural investment and aiso certain exjuipinent mid construction nutlaya 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 156 000 in September unemployment remained virtually unchanged MILLIONS OF PERSONS 1 MILLIONS OF PERSONS 7 PERCENT OF CIVILIAN LABOR FORCE YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Jtopt Total labor force including armed forces COUNCIL OF ECONOMIC ADVISERS Civilisin emTotal ploy ment labor force IVTsvn JNon Unem includployagriing Total ment eularmed tural forces Thousands of j ersons Unadji listed Civiliatil employment Civilian labor force Total Agricultural TKT JNon agricultural years of age and over Oil Seasonally adjuster Sll Otx j 78 672 f Q OQ S ryry G ff Q HO if O O fmmi ftbor force an percent of n oninstitutio oal populat ion AUJtttfcwl by C0un l of Eeononate Advisers for compar ability with previous 4RMA 10 Unemployment S 826 Unempl oymerit rate percentoJ civiliaia labor for ce SeasonUnad ally adjusted justed Percent Labor force participation rate unadjusted sao 57 4r Not strictly compai able with p receding data See E mploymeut and Earnings May 11962 p XI NOTE B Bginning 1960 data Incliude Alaska and Hawali Source D epartment of Labor SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT The seasonally adjusted unemployment rate edged slightly upward in September to 5 2 percent married men rose to 2 9 percent there was no cnange in the experienced worker rate While the rate for PERCENT PERCENT SEASONALLY ADJUSTED LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK l NA N V n UNEMPLOYMENT RATE MARRED MEN I linenaploymen t rate pereen t of eivili in labor for ce in grou P ir Persons at work in nonagri cultural 3 idustries by hours worked f er week Uiider 35 hoUTS Labor force time lost through Experienced Married ployment Over 40 All workers wage and men 1 and part hours salary workers work Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Per cent Seasonallyy adjusted I ao i Married men living with their wives a Man hours lost by the unemployed and those on part time for economic reasons as a percent of total man hours potentially available to the civilian labor force Beginning 1963 series not strictly comparable with preceding data Differs Irom total nonagricultural employment p 13 which includes perions with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes 1964 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period hours Part ti me for economi D reasons Part ti me for economi c reasons Total Usually Usually Usually Usually fullfullpartparttime 6 time8 time 4 time 4 Thousan ds of pers ons 14 ye ars of age and over IJnadjuste d Seasonalb7 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 tune 21 4 usually part time 17 5 NOTE Beginning 1960 data include Alaska and Hawaii Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In September insured unempfoymenf under State pragparas averaged 1 t milJioft 1 7t 00 less them N September 1963 MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS I JAN FEB MAR JUNE APR JULY AUG SEPT OCT J SEE NOTE 2 ON TABLE BELOW SOURCE DEPARTMENT OF LABOR Period i Aug Sept Oct Nov Dee 1 64 Jan Feb Mar Apr May June July Aug 1 Sept Week ended 1964 Sept Oet a 10 DEC COUNCIL OF ECONOMIC ADVISERS A11 progranas Insured Total unem benefits Insured Covered ploypaid unem milemploy ment ploy weekly ment lions ment averof dollars age Thou sands l ms Stcfcte progra Benefil bs paid Insurec unemploymen t as perTotal Average Initial Exhaus cent of covered employment tions milweekly claims lions of check Usad Season dollars dollars jufsted ally adjusted Weekly iiverage t lousands US i Preliminary Programs include Puerto Rican sugarcane workers for Initial claims and insured unemployment beginning July NOV Per cent S T NOTE T For definitions and coverage see the 196 Supplement to Economic Indicators Data for Alaska and Hawaii included foraH periods and for Puerto Eico since January 1961 Source Department of Labor NONAGRICULTURAL EMPLOYMENT Employment of wage and salary workers in nonagricultural establishments rose by 103 000 in September on a seasonally adjusted basis The largest increases were in manufacturing and State and local government MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS CONTRACT CONSTRUCTION 1964 WHOLESALE AND RETAIL TRADE ENLARGED SCALE ENLARGED SCALE l SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers seasonally adjusted Manufac ituring private Period Total Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug2 Sept Total NonDurable durable goods goods N onmanu facturin I private Total C nr Con Transtract portation Mining conand struc public tion utilities Oil 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 Cover nment vv iioie Finance Service insursale State ance and and and and miscel Federal local retail real laneous trade estate Whr lo are not at work because of industrial disputes and which are based on an enumeration ol population whereas the estimates in this table are based on reports from employing establishments 2 Preliminary NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES Average hours worked by production workers in nondurable goods manufacturing and contract construction fell rather sharply in September on a seasonally adjusted basis In durable goods manufacturing a continued increase appears HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED DURABLE MANUFACTURING NONDURABLE MANUFACTURING Mill J CONTRACT RETAIL TRADE CONSTRUCTION SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Average hours per week A seasonally adjusted Maimfaeturing Indus tries Period Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug 8cpt Durable goods Data r li lt to production vorkers or nonsupervlsory employees Data for A In k H mid I la wall Included beginning rrillmltmry 14 Nondurable goods Source Department of Labor Contract construction d Retail trade AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES In September average weekly earnings in manufacturing moved up substantially particularly in durable goods average hourly earnings showed the biggest gains of the year DOLLARS 120 AVERAGE HOURLY EARNINGS AVERAGE WEEKLY EARNINGS ALL MANUFACTURING INDUSTRIES NONDURABLE GOODS INDUSTRIES J SOURCE DEPARTMENT OF LABOR 1964 COUNCIL OF ECONOMIC ADV 1 XS For production workers or nonsupervisory employees Aversige hourly earmngs current prices Period Aver age weekl y earnings current prices Manuft icturing iiidustries Contract Retail conNontrade Durable durable strucAll goods tion goods Manufc icturing iiidustries Contract conRetail NonDurable durable structrade All goods tion goods Aug 2 43 Sept 2 47 Oct 2 47 Nov 2 49 Dec Jan 2 51 Feb Mar Apr 2 52 May 2 53 June 2 53 July 2 53 Aug Sept Earnings in current prices adjusted to exclude overtime and interindustry shifts Earnings to current prices dividedby theorasumerpriceindex on a 1963 base Preliminary a Manufac turing indust ries Adjusted Average weekly earnings earn1957 59 ings prices NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In September the industrial production index was seasonally adjusted slightly above the August index but 6 percent higher than a year earlier INDEX SEASONALLY ADJUSTED 150 INDEX SEASONALLY ADJUSTED 160 UTILITIES AND MINING TOTAL UTILITIES MINING MANUFACTURING NONDURABLE FINAL PRODUCTS DURABLE COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period i Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept 1 Total industrial production ioa seasonally adjusted Industry Mjanufacturj ing Non Mining Utilities Total Durable durable a Preliminary Source Board of Governors of the Federal Reserve System 16 ioa R Mairket Fi ttal produ 3tS Total Con sumer goods K Equipment rials Nor Beginning January 1061 data have been revised For details see Business Indexes G 12 3 FBB September PRODUCTION OF SELECTED MANUFACTURES Output of durable manufactures seasonally adjusted declined slightly in September as the drop in autos caused by the strike outweighed gains in other industries most nondurables increased H INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED MACHINERY LUMBER AND PRODUCTS TRANSPORTATION EQUIPMENT 160 X COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Durab le manufsictures Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept 1 Preliminary NOTE See note p 16 Primary metals Nc ndurable manufactu res FabriTranspor Lumber Textiles Paper Chemicals Foods and cated Machin tation and apparel petrobeverery prodprint leum and ages and and equipmetal ment ing leather products rubber tobacco ucts na a Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Gar assemblies not seasonally adjusted picked up in September with the start of the new model year continued to increase MILLIONS OF TONS J F Steel output MILLIONS OF SHORT TONS DAILY AVERAGE i 11 i i i i i l i i i i i i i I i i i I i i i I i i i i 11 i i I i 11 i I i i i I i i i I i i i i I M A l C I A A M n BILLIONS OF KILOWATT HOURS O N 0 SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug 2 Sept Week ended 1964 Sept Get i Electric Bituminous Freight Paperboard Steel pi oduced Car s and tnicks power coal mined produced loaded Index Thousands distributed thousands thousands thousands assembled thoiisands of net millions of of short Total of tons Cars Trucks of cars tons 100 kilowatty hours tons i Daily average Includes data for Alaska Preliminary Not charted 18 COUNCIL OF ECONOMIC ADVISERS Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paperboard Association and Ward s Automotive Reports NEW CONSTRUCTION Outlays for new construction seasonally adjusted chansed little in September as a slight increase in commercial and industrial expenditures partly offset a small further decline in residential outlays Total outlays were about 3 percent above the rate a year earlier and residential outlays were about the same as last September BILL IONS 1 IILLIONS OF DOLLARS OF DOLL 4RS SEASONALL r ADJUSTED ANNUAL RATES v T OTAL 60 NEW CONS TRUCTIQN 60 S T VATE PR PUBLIC fci ol t t 1 1 1 I 1 I t nX PRIVATE RESIDE NTIAL M t 1I FI 1 t t 1 t I f t f I960 F t Period NX ALL OTHER PRIVATE i i r i 1 i f i f i i i i i i I T r F r ii i t i i f i r t t t X SEE NOTES IN TAB LE BELOW SOURCE DEPARTMENT OF COMMERCE Total new construction expendi Total tures rt ff mimmini Pr ivate Resi dential noiif arm CommerNew Additions cial and Total1 housing and al 2 industrial units terations Billions of dollars j u i j uu co 4j UJULuuuoojvccpuj g i coiucui icu uuuou ui i iuu iiui ojjuwii scptti ai eiy 3 Not 3 available for xeyised series beginning 1960 Compiled by F W Dodge Corporation and relates to 48 States Annual and monthly data have been revised See Construction Reports C 30 61 Supplement Census Bureau October 1964 t ir t t f iit fi 1964 io COUNCIL OF ECONOMJC ADV1Sats Other Constructioii contracts3 Federal Total value Commercial and State index industrial and floor space local 100 millions of square feet Sea sonally adjiisted annua I rates 1963 4 Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept o 30 NONFARM s o i ii i it f f ii r i t t t t 1 t r t t i r t 1 1 1 I t 1 1t I f t I1 1 1 1 i Seasonally Seasonally adjusted adjusted annual rates Preliminary NOTE Data for Alaska and Hawaii included beginning January 1959 Sources Department of Commerce and F W Dodee Corporation 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts seasonally adjusted rose 4 percent in September to a seasonally adjusted annual rate of VA appraisal requests also increased while housing permits and FHA applications declined MILLIONS OF UNITS 2 51 MILLIONS OF UNITS 2 5 SEASONALLY ADJUSTED ANNUAL RATES 2 0 PRIVATE NONFARM HOUSING STARTS t O 1 0 FHA APPLICATIONS S SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION iFHA VETERANS ADMINISTRATION VA Total private Total and private public includ including farm ing farm Period Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July 3 3 Aug 3 Sept COUNCIL OF ECONOMIC ADVISERS Thousands of units Houising starts Priv ate nonf arm Priv ate nonf irm Total private Gover nment Two or includOnemore ing Total home pi ograms Total family famifarm FHA VA lies Seiisonally adj usted Authorized by issuance of local building permit in 10 000 permit issuing places prior to 1963 and 12 000 or inore thereafter 2 Units represented by mortgage applications for new home construction PreHmtoary Not charted Propose d home constr uction New private Applica Requests housing units tions for for VA FHA appraisauthorized 1 commitals2 ments annual ra tes Data for 1903 Census series buve been revised Sec Housing Starts C 20 63 September 1964 NOTE Data include Alaska and Hawaii Sources Department of Commerce Federal Housing Administration FHA and Veterans Adnjinfetratkm VA TRADE SALES AND INVENTORIES According fo the advance report retail sales seasonally adjusted were down 1 percent in September but were 8 percent above a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS RETAIL TRADE WHOLESALE TRADE DURABLE GOODS STORES INVENTORIES SALES 10 SALES 8 oli 1 1 1 i I i1 i it t t i n I I t i I i1 INDEX MOO BLE NONDURABLE GOODS STORES STORE 16 1NVENTORES Who lesale Period Sales 2 Total COUNCfc OF ECONOMIC ADWSStS SEASONALLY AOJUSTED Re1iail 4 Sales 2 Inventories SOURCE DEPARTMENT OP COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Depart m ent stores I nventories NonDurable durable goods goods stores stores Total NonDurable durable goods goods stores stores Millions c f dollars seasonalljT adjusted July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Beginning January 1961 data include Alaska and Hawaii 3 Monthly average toryear and total for month 2 Book value end of period seasonally adjusted Beginning January 1060 data include Alaska and Hawaii Sales Inventories Index seasonally7 adjusted Series discontinued Preliminary Sources Department of Commerce and Board of Governors of the Federal Reserve System 21 MANUFACTURERS1 SALES INVENTORIES AND NEW ORDERS In August manufacturers shipments and new orders dropped below their peak levels reached in July and inventories rose moderately BILLIONS OF DOLLARS BILLIONS OF DOLLARS MANUFACTURERS INVENTORIES MANUFACTURERS SHIPMENTS TOTAL TOTAL DURABLE GOODS 10 MANUFACTURERS NEW ORDERS DURABLE GOODS NONDURABLE GOODS ii SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufac turers shiipments 1 Manufact urers inv entories 2 Ma nufacture rs new orders T p J J Jrenou Total July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June4 July Aug NonDurable durable goods goods Total Millions NonDurable durable goods goods of dollars i Monthly average for year and total for month Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly sales for monthly data ratio of inventories at end of month to sales for month 22 Durat le goods Total Total seasonal y adjuste d Preliminary Source Department of Commerce NonMachinery durable and goods equipment Manufacturers inventorysales ratio MERCHANDISE EXPORTS AND IMPORTS In August seasonally adjusted merchandise exports retreated 26 million from their near record level of the previous month while imports remained virtually unchanged at an all time high The trade surplus dipped to 493 million the lowest monthly level since last November BILLIONS OF DOLLARS 2 5 BILLIONS OF DOLLARS y SEE NOTE 1 BELOW SOURCES DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Merchandi se expo rts M srchandisje impo rts Gener al 2i rnTotal inelud1 Domesti c exports Iraports for consum ption 3 ing rees ports 1 por ts Period Indus Finished Indus Finished l FoodSeason Unadtrial manu Season Unad Total Food trial manually ad justed ally ad justed Total stuffs matefacfacstuffs materials tures justed rials justed tures Monthly average n Uiaadjust ed U nadjust ed 1963 July Aug Sept Oct Nov Dec Jan Feb Mar 364 1 52S Apr May June July Aug Total exports less Department of Defense shipments ol grant aid military supplies and equipment under the Military Assistance Program 3 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 S S 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 oo Source Department of Commerce U S EXPORTS AND IMPORTS OF GOODS AND SERVICES A decline in exports and a sharp rise in imports in the second quarter resulted in a 21 percent drop in the surplus on goods and services to a seasonally adjusted annual rate of 7 2 billion However the surplus was more than 25 percent above the 1963 level BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES IMPORTS OF GOODS AND SERVICES I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars Expo rts of goo ds and ser vices Incorne on Merinvest ments Other chan Military sales dise1 Private Govern services ment I II III IV 1964 I II Period Total Imports of goo ds and sei vices Total Merchandise Balance Military Other on goods expend services and itures services S sasonally adjusted zinnual rat es Beginning 1963 data have been revised Adjusted from customs data for differences in timing and coverage 1 24 Source Department of Commerce U S BALANCE OF INTERNATIONAL PAYMENTS The over all payments deficit rose sharply in the second quarter bringing the seasonally adjusted annual rate for the ftist half year up to 1 6 billion but still 1 billion below the 1963 rate The large change in the balance in the second quarter was not unexpected as there had been a number of international transactions in the first quarter which were temporarily favorable to the U S balance of payments BILLIONS OF DOLLARS 1 20 BILLIONS OF DOLLARS 20 I SEASONALLY ADJUSTED ANNUAL RATES 10 10 BALANCE ON GOODS AND SERVICES 10 BALANCE ON OTHER TRANSACTIONS J 10 I t I L 1 I I I J I L 10 OVER ALL BALANCE SURPLUS OR DEFICIT Q ET LJ 10 JU JL 1959 t I960 t I i 962 t SOURCE DEPARTMENT OF COMMERCE Period I I II III IV 1964 I II Direct investments Longterm portfolio Shortterm Foreign capital 1 L 1964 Unrecorded transactions Over all balance3 surplus or deficit Liquid 1labilities 3 To monGold and con etary 2 Total Total vertible author Toother foreign ities curand holders 5 rencies institutions Season ally adjusted annusil rates Quai terly tota Is unadju sted Beginning 1963 data have been revised 1 Other than liquid funds Equals changes in U S gold and convertible currencies and liquid liabilities to foreigners Remittances and pensions not shown separately in this table are included in over all balance and amounted to 826 million in 1963 Minns indicates increase in liabilities To International Monetary Fund IMF and foreign central banks and governments L COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S pr ivate capi tal net Balance Governon ment goods grants and and services capital net To foreign commercial banks and other International and regional institutions not listed in footnote 4 and other foreigners o Total at end of second quarter was 15 805 million of which 15 623 million was U S geld stock The increase in gold stock during quarter was 73 million NOTE Data exclude military aid and XJ S subscriptions to IMF Source Department of Commerce OR PRICES CONSUMER PRICES The over all index of consumer prices fell by 0 1 percent in August Declines of 0 3 percent in food prices and 0 1 percent in nonfood commodity prices more than offset a 0 1 percent rise in service prices INDEX INDEX NOTE BELOW SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period July Aug Sept Oct Nov Dec 1964 Jan new series l Fob Mar Apr May Juno July Aug Commoditie 3 Services Comm odities leg s food Services All comAll Food Rent less modities NonAll Durable durable services rent a B tlOtf Nott I rlor to Jnnimry 1004 indeiea rev Isod to reflect transfer of ho meNrn fftkil i from twrvler to tumble commodities 16 as a a Be Erinnine with January 19 4 new indejc with revise d weights e verage and samp line proeediires For d jtails see D epartment c f labor release Major Chan ges in the Consumcr Price Index March Sotiree Depart ment of Lab r WHOLESALE PRICES The over all index of wholesale prices rose by 0 4 percent in September The increase was due entirely to price increases of 2 1 percent in farm products and 1 2 percent in processed foods Industrial commodity prices were unchanged at the same level prevailing during 6 of the past 7 months and 0 2 percent below the January 1964 level INDEX INDEX FARM PRODUCTS HO COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIALS V SOURCE DEPARTMENT OF LABOR Period July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug 3 Sept 4 Week ended 1964 Oct 6 13 tToUNCh OF ECONOMIC ADVISER All commodities Commoditjes other t ban farm products aiad foods iiidustrials Indus Indus Produc Gonsurjaer finFarm Procished g 3ods extrial inAll intrial essed prodcludin g food dustricrude termedi er finfoods ucts 1 ished Durals mate ate ma goods Non3 terials rials able durable LO a L 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 Preliminary Weekly series based on smaller sample than monthly series Source Department of Labor PRICES RECEIVED AND PAID BY FARMERS During the month ended September 15 the index of prices received by farmers rose 2 points while the index of prices paid was unchanged for the eighth consecutive month The parity ratio increased by 1 point to 75 INDEX INDEX no PRICES PAID INTEREST TAXES AND WAGE RATES PRICES RECEIVED ALL FARM PRODUCTS 90 9O 8O 1 RATIO 100 too 90 PARITY RATIO TO MRATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices ireceived by iarmers Period Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 All farm products Crops Percental ratio of indei of prices received by farmers to Index of prices paid Interest taxes and wage rates on base 28 Price 3 paid by fa rmers 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 September the money supply rose by 0 8 billion seasonally adjusted making the annual rate of increase 4 2 percent thus far in 1964 compared with the 3 6 percent rate last year Time deposits have risen at an annual rate of 11 3 percent thus far this year down from 14 1 percent last year BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED 160 MONEY SUPPLY 120 TIME DEPOSITS AT ALL COMMERCIAL BANKS I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures billions of dollars M oney supp iy M oney supf iy Period Total Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept2 First half 2 Second half Deposits at all commercial banks Preliminary Currency outside banks Seasonal 7 2R 6 2a 9 2a Time deposits 1 Demand deposits adjustec Total Currency outside banks Demand deposits Time deposits 1 U S Government demand deposits 1 1Jnad juste d 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 September BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED END OF MONTH SAVING TYPE 300 ASSETS DEMAND DEPOSITS AND CURRENCY iiiiitiliiiumtui nuiuiiitimiiintuiituii M lltItMilllHMMHM MI t i BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1964 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Total selected liquid assets End of period Sept Oct Nov Dec 1964 Jan Feb Mar Apr Mav June 3 July Aug Sept soa Demand deposits and currency i3a i4a Time d eposits Commercial banks a i a i Agrees in concept with money supply p 29 except fordeduction of demand d MMtltii talc by mutual savings banks and savings and loan associations Data for uwi Wednesday of month Kirititle Iioldlnp of Government agencies and trust funds domestic comtiwrriai ami rnutunt iovlnps banks Federal Reserve Banks and beginning rl tmry 1900 savings and loan associations 30 Mutual savings banks sas Postal Savings System LI Savings and loan shares U S Government U S Gov securities ernment maturing savings within bonds2 one year a Preliminary NOTE See note p 31 Source Board of Governors of the Federal Reserve System a 8 35 6 4a BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans seasonally adjusted rose by 1 5 billion in September slightly less than the August increase Thus far in 1964 loans nave increased by 13 6 billion compared with 11 5 billion in the first 9 months of 1963 BILLIONS OLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS ISO BANK LOANS INVESTMENTS IN U S GOVERNMENT SECURITIES INVESTMENTS IN OTHER SECURITIES MM i I t I 1I I I I I 1 I 1958 t i l l i ii Inn I t I I I I I SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I Sept Oct Nov Dec 6 1964 Jan Feb Mar Apr May June6 July6 Aug 6 Sept Total Loans Investinents loans excluding and Other invest inter U S Gov securibank ernment ments ties securities o sa o a 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 TJ S Government Averages of daily figures Annual data are for December I M 1 t I I 1 II I END OF MONTH All comnaercial bank s s easonally adjusted da ta End of period I960 tOUNOl OF ECONOMIC ADVISfRS Weekly reporting member banks 1 Business loans Bank j L JJ debits outside New York City 343 centers seasonally adjusted annual rates A 11 member banks J 4 Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions o f dollars tfl 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 1959 respectively Source Board of Governors of the Federal Reserve System 01 CONSUMER AND REAL ESTATE CREDIT Consumer credit outstanding rose by about 610 million in August a somewhat smaller rise than a year earlier The net change in instalment credit seasonally adjusted was smaller than in July or last August BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL CONSUMER CREDIT OUTSTANDING I960 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period July Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug COUNCIL OF ECONOMIC ADVISERS Millions of dollars Consu mer credit outstandin g end of p eriod Consumer instalme nt credit e xtended Mortgage imad justed and r epaid seas onally adjuisted debt out standing nstalment To tal Automob ile paper nonfarm NonAutomo1 to 4Total Total i bile Personal instal Extended Repaid Extended Repaid 2 ment paper loans houses f Also includes other consumer goods paper and repair and modernization loans not shown separately 8 Consists of single payment loans charge accounts and service credit End of period unadjusted 1963 NOTE Data for Alaska and Hawaii included beginning January and August 1050 respectively Sources Board of Governors of the Federal Reserve System and Federal Home Loan Bank Board BOND YIELDS AND INTEREST RATES The Treasury bill rate continued to rise in late September and early October mid September levels Most bond yields fluctuated near their PERCENT PER ANNUM PERCENT PER ANNUM COUNCIL OF ECONOMIC ADVISERS SEE TABLE BELOW Percent per annum High grade municipal bonds Taxable 3 Standard bonds Poor s 4 U S Govejrnment secui ity yields 3 month Treasury bills l Period I Aug 1964 Jan Feb Mar Apr May June July Aug Sept Week ended 1964 Sept Oct Rate on 1 Aaa new issues within period Selected note and bond issues Series includes April 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures Data for first of the month based on the maximum permissible interest rate 5Ji percent since May 1961 and 25 year mortgages paid in 12 years Moo dy s Sept Oct Nov Dec year issues 2 Corporalbe bonds Baa Prime commercial paper 4 6 months FHA new home mortgage yields 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 COMMON STOCK PRICES YIELD AND EARNINGS Common stock prices continued to rise in late September and early October INDEX COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS PERCENT MONTHLY M WEEKLY DIVIDEND Yl ELD ON COMMON STOCKS v F If i i t i l i i n i i f i 1 i L X I s i i i i 1 i i i i M RATIO 25 25 PRICE E ARMINGS RATIO ON CO MMON STOCKS n 10 I I I I I t I SOURCE STANDARD AND POOR S CORPORATION itieludu 300 common stocks manulacturing 193 transportation 18 utilities 14 trn l finance and service 45 and mining 10 Not charted 1 includes AOO common toc 425 are industrials averages oi daily figures 1 Atirrt friitp cash dividends based on latest known annual rate divided by tl nffereffiito monthly market value of the stocks in the group Annual yields 34 COUNCIL OF ECONOMIC ADVISERS Standard and Poor s common sjtock data Secui ities and Exchange Commission price i ndex Mjanufactur ng Price index 2 DiviComPrice TransUtilidend posite DuraNonIndusportal Total Total yield 3 earnings ties index ble durable trial percent ratio 4 tion isao Period Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Week ended 1964 Sept Oct 9 16 I 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 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 budget deficit for the first 3 months of fiscal 1965 was 3 7 billion in the corresponding period of fiscal 1964 it was 3 1 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET EXPENDITURES NET BUDGET RECEIPTS BUDGET SURPLUS OR DEFICIT NATIONAL DEFENSE ENLARGED SCALE FIRST 3 MONTHS PRELIMINARY SOURCES TREASUI FISCAL YEARS U OF THE COUNCIL OF ECONOMIC ADVISERS BUDGET Billions of dollars Net budg et expenditi res 1 N ational defe nse Net budget receipts Period Fiscal year 1959 Fiscal year 1960 Fiscal year 1961 Fiscal year 1962 Fiscal year 1963 Fiscal year Fiscal year Aug Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Cumulative totals first 3 months Fiscal year Fiscal vear Total Military 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 1 Preliminary Total Department of Defense military Budget surplus or deficit Public debt end ofa period Estimate revised May Less than 50 million 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 n the third quarter cash payments exceeded cash receipts by 2 5 billion on a seasonally adjusted basis BILLIONS OF DOLLARS SEASONALLY ADJUSTED 35 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 35 EXCESS OF CASH RECEIPTS EXCESS OF CASH PAYMENTS CALENDAR YEARS SOURCESt TREASURY DEPARTMENT AND BUREAU OF THE BUDGET 1964 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Cash receipts from the public Period Fiscal year i Calendar year H Quarterly total calendar years II III IV I II Ill Preliminary 36 Excess of receipts or Cash receipts from the payments public Cash payments to the public Unadjusted Excess of receipts f or payments Cash payments to the public ae ao Set isonally adjusibed Sources Treasury Department and Bureau of the Budget a Q is FEDERAL BUDGET NATIONAL INCOME ACCOUNTS BASIS In the second quarter Federal receipts dropped 3 6 billion seasonally adjusted annual rate and expenditures rose 3 0 billion As a result the deficit increased to 9 0 billion Incomplete data for the third quarter indicate a further rise in receipts and a drop in expenditures BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS 100 too EXPENDITURES 80 75 I t SURPLUS r m i DEFICIT t i 1958 HH M Uu i i 1959 I 1 I t I960 i 1961 i i i T i i 1963 i i i i 1964 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 Grovernme nt receipts Period Fiscal year Calendar year III IV II IIP Federsil Governinent expenditures GrantsSubsidies Surplus Purin aid less or Net chases Trans to State current deficit of goods fer payand interest surplus and ments local paid of Govt goverservices enterments prises Indirect ContriPersonal Corpo business butions rate tax and profits tax and to social Total nontax tax nontax receipts accruals accruals insurance Total Preliminary estimates NOT Data for Alaska and Hawaii included beginning I960 Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE 3OO GPO 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 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 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 50 foreign

Corporate Profits

DATE: October 1964

PART OF:

Economic Indicators : October 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-. "Corporate Profits," 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-. "October 1964," Economic Indicators (October 1964) : 9-9. https://fraser.stlouisfed.org/title/1/item/520/toc/341169 , accessed on December 11, 2019.

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Economic Data