Farm Income

Name: Farm Income
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 vA Economic Indicators DECEMBER 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 GARDNER ACKLEY Chairman OTTO ECKSTEIN ARTHUR M OKUN 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 quantify 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 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 available at 65 cents a copy TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product rose by 9 8 billion seasonally adjusted annual rate in the third quarter according to current estimates Personal consumption expenditures up 8 5 billion accounted for most of the increase net exports also increased while gross private domestic investment and government purchases changed little Billions of dollars quarterly data at seasonally adjusted annual rates Persons Period Personal Disposable consumption personal expenditures S GO III IV II Business International Personal Gross Excess saving Gross private of or retained domestic investearndis2 invest 3 ment saving ings ment Foreign Net exports of goods Excess of and services net transfers trans or fers by of net GovernExNet Imexports ment exports ports ports Government Net receipts Period I III IV 1964 I Expenditures Surplus Total Statis or income tical deficit or Tax and TransPurTrans on receipts discrepancy nontax fers chases Total fers income Net goods expendi interest and receipts receipts interest of and and subor tures and sub product 5 5 accruals sidies sidies account Personal incomo p f 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 s Private business investment purchases of capital goods by private nonprofit institutions and residential housing Gross national product or expenditure Net foreign investment with sign changed Government transfer payments to persons foreign net transfers by Government net interest paid by government and subsidies less current surplus of government enterprises NOTE Data for Alaska and Hawaii included beginning I960 Source Department of Commerce 1 GROSS NATIONAL PRODUCT OR EXPENDITURE The revised estimate of gross national product seasonally adjusted in the third quarter is about 11A 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 GROSS NATIONAL PRODUCT X 400 PERSONAL CONSUMPTION EXPENDITURES 300 GOVERNMENT PURCHASES OF GOODS AND SERVICES X NET EXPORTS OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC INVESTMENT 1 L SOURCE DEPARTMENT OF COMMERCE Period I II III IV 1964 I II III 1 Less 3 COUNCIL OF ECONOMIC ADVISERS Total Personal Mot gross conTotal private exports sump domestic of goods national gross tion product national and in 1963 product expend invest services ment prices itures Billions of dollars5 quarter y data at Government sales Prior to 1959 this category corresponds closely with budget expenditures for national 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 3 1 billion in Gove rnment pmrchases of good s and services Federal State Total Total i National Other and 2 local defense seasonal ly adjust d annua i rates Implicit price deflator for total GNP Gross national product in current prices divided by gross national product in 1963 prices NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce NATIONAL INCOME National income rose by 7 4 billion seasonally adjusted annual rate in the third quarter in compensation of employees Other types of income were unchanged or higher Most of the rise was BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES COMPENSATION OF EMPLOYEES PROPRIETORS AND RENTAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 100 NET INTEREST J COUNCIL OF ECONOMIC ADVISERS Sca Note page 7 SOURCE DEPARTMENT OF COMMERCE L Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period Compensation of employees l Proprieto rs income Farm Business and professional Rental income of persons Corpora be profits and inventory val uation ad justment 2 Net interest Total Profits Inventory before valuation taxes 2 adjustment i j I II III IV IM J I IT III 1 S Includes employer 2 Sec Note page 7 33S i contributions for social insurance See also p 4 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income in November topped the half trillion dollar mark totalling 502 billion seasonally adjusted annual rate The over the month rise was 0 7 percent and over the year 6 0 percent BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS J COUNCIL OF eCONOMIC ADVISERS Period Total personal income Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept O c t Nov Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental and Other Propriet rs income income Divi Personal Transfer paysalary labor 2 Business interest of Farm and pro persons dends income ments disburse income 1 ments fessional a Less Personal contributions for social insurance Nonagricultural personal income interest and net dividends paid by agricultural mnor iiems 1 Personal income exclusive of net income of unincorporated farm enterprises NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME According to current 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 7 9 percent to about 7 1 percent as consumers adjusted their spending to the effects of the tax cut BILLIONS OF DOLLARS BILLIONS OF DOLLARS j i 1 1250 DOLLARS L SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Less Equals PerDisPersonal sonal posable income taxes personal income I 455 2 III IV II III II Per cap ita disposable Dersonal inco me Equals Personal NonDurable durable Services saving Current 1963 1 prices prices goods L ess Persona 1 consump tion expe nditures Total 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 l quarterly data centered in the middle of the period interpolated from monthly figures Saving as percent Populaof distion posable thoupersonal sands 2 income percent Dollars NOTE Data for Alaska and Hawaii included beginning 1960 Sources Department of Commerce and Council of Economic Advisers FARM INCOME Net farm income seasonally adjusted 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 i NET FARM INCOME INC1 DOING NET INVENTC RY CHANGE ir ll r I I I I I t i 1 I 1961 I960 Personal income received by total i arm popu lation From all I II III IV 1964 I II III From From farm nonfarm sources sources I I Net tc farm open itors Net inc Dme per farm incl uding net inventory change 3 ProducCash tion ex Exclud Includreceipts penses ing net in ing net in Current 1963 from Total ventory ventory2 prices prices 4 marketchange change ings Billions c f dollars Dol lars Seas onallv ad i us ted amnial rates Cash receipts from marketings Government payments and nonmoney income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year 3 Based on 1959 Census of Agriculture definition of a farm The number of farms is held constant within a year I ncome re ceived fro m farming Realize d gross sources 1 COUNCIL Of ECONOMIC AD VISERS SOUFICE DEPARTMENT OF AGRICULTURE Period Income in current prices divided by the index of prices paid by farmers for family living items on a 1963 base Source Department of Agriculture CORPORATE PROFITS According to current third quarter estimates corporate profits before and after taxes were maintained at the seasonally adjusted peak rates reached in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS M EXCLUDING INVENTORY VALUATION ADJUSTMENT 1963 I SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Con orate pr ofits befc re taxes and inveritory Period All industries III IV II IlL valuation ad just me at TransCorpo CorpoM anufactur ing portation rate rate comAll tax profits NonDurable durable muniother before liabilgoods ity Total indusgoods cations indus taxes and tries indus tries public utilities Includes depreciation capital outlays charged to current accounts and accidental damages 2 Corporate profits after taxes plus corporate capital consumption allowances 2 Cori orate pr ofits a fter taxe s Total Corporate capital conDiviUndend distrib sumption payuted ments profits allowances l Profits plus capital consumption allowances NOTE Data beginning 1962 have been adjusted for effects of new depreciation guidelines 2J 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 was about the same as in the second quarter Increases in nonresidential construction and producers durable equipment were offset by decreases in residential construction and the rate of change in business inventories BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT X COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Total gross private domestic investment Period I T 1I 111 IV 196 1 I II III New cons truction 1 Total Total Residential nonfarm Revisions in series on new construction shown on p 19 have not yet been incorporated into these series 1 Other construct ion 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 Ottier Total Produceirs durable eqilipment 2 Nonfarm Total Nonfarm Total Non I NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce EXPENDITURES FOR NEW PLANT AND EQUIPMENT The November survey of plant and equipment expenditures indicated that total outlays in 1964 will be nearly 14 percent above those in 1963 According to current business planning expenditures seasonally adjusted in the first half of 1965 will run 8 percent above the 1964 total BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES COMMERCIAL AND OTHER MANUFACTURING 10 10 PUBLIC UTILITIES MMIHIII IIIIIIIIII IIII MI TRANSPORTATION 1 Hi i L 1959 I I JL i J t 1964 I 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 anufaeturi Qg Period Total 1 Total I II III 3 IV 1965 I 33 II Durable Nonduragoods ble goods Excludes agriculture Commercial and other includes trade service finance communications and construction 3 Estimates based on anticipated capital expenditures as reported by business in November 1904 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Transpoirtation Mining Railroads Other Public utilities Commercial and other Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Both seasonally adjusted employment and unemployment showed good improvements in November rose by 374 000 and unemployment fell by Period Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Total labor force including armed forces A u g S pt Nov Civilisin employ ment Total labor force XT IN on Unem includployagriing Total ment cularmed tural forces Thousands of jiersons Unadj listed Civiliam employment Civilian labor force Agricultural Nonagricultural Unemployment rate percent of Unem civiliaii labor for ce ployment Unad Seasonjusted ally adjusted Labor force participation rate unad l justed years of age and o ver Seasonally adjust ecI Percent S Total labor force us percent of noninstitutional population Not st i Id I y comparable with preceding data See Employment and Earniji i M a y lun p X I V 10 Total Employment NOTE Beginning 1960 data include Alaska and Hawaii Source Department of Labor SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT In November the over all unemployment rate dropped to 5 0 percent seasonally adjusted took a sharp drop from 5 7 percent to 5 2 percent from October to November Labor force time lost PERCENT SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Unei iploymen t rate percen t of civilijin labor for ce in groi ip Period Labor force time lost Experi Married through unemenced All ployment Over 40 wage and men wife workers salary and part hours time workers present i i work Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Oct Nov Per cent Seasonall y ad jus tec J f 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 1903 series not strictly comparable with preceding data 2 Differs from total nonagricultural employment p 13 which includes persons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes Persons at work i n nonagri cultural 2 idustries ir by hours worked p er week Urider 35 hours 35 40 hours Part ti me for economi c reasons Part time for economi s reasons Total Usually Usually Usually Usually fullfullpartparttime 3 time 3 time 4 time 4 Thousan ds of pers ons 14 ye ars of age and over IJn ad juste d Seasonally7 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 fi Average hours worked usually full time 23 4 usually part time 18 3 NOTE Beginning 1960 data include Alaska and Hawaii Source Department of Labor 1 1 UNEMPLOYMENT INSURANCE PROGRAMS Insured unemployment under State programs in November 1964 averaged 250 000 less than in November 1963 MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS 1961 I I I WAN FEB MAR APR MAY JUNE JULY AUG SEPT NOV J SEE NOTE Z ON TABLE BELOW SOURCE DEPARTMENT OF LABOR Period Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Oct 1 Nov Week ended 1964 Nov Dec 5 12 COUNCIL OF ECONOMIC ADVISERS AJl progranas Insured Total unem benefits Covered ploypaid employment mil weekly ment lions averof dolage lars Thou sands Steite progra ms Insured unemployment Initial claims Insurec I unemploymen t as perExhaus cent of covered emplo yment tions SeasonUnad ally adjusted justed Weekly iiverage t lousands Per sent Benefil s paid Total Average weekly milcheck lions of dollars dollars Preliminary Not charted 2 Programs include Puerto Riean sugarcane workers for initial claims and insured unemployment beginning July DEC i o NOTE For definitions and coverage see the 1969 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Rico since January 1961 Source Department of Labor NONAGRICULTURAL EMPLOYMENT With the settlement of the automobile strike employment in durable goods rose by 271 000 in November on a seasonally adjusted basis Total nonagricultural employment rose by MILLIONS OF WAGE AND SALARY W O R K E R S MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS MANUFACTURING S DURABLE GOODS INDUSTRIES NONDURABLE GOODS INDUSTRI WHOLESALE AND RETAIL TRADE ENLARGED SCALE CONTRACT CONSTRUCTION ENLARGED SCALE SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIirOF ECONOMIC ADVISERS seasonally adjusted Manufac turing iprivate Period Total I Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept ct 5 Nov f S 158 r S NonTotal Durable durable goods goods i m Ml SS J 1 UNO M ir j 7 ir N onmanu aeturing Transportation Total Mining conand struepublic tion utilities i o D I M i i IM i rj o H Con tract i nm i MD i mi i iiH i r oo i oi j i osx J Includes nil full and part time wajro and salary workers in nona erieidtural establishments who worked during or received pay for any part of the pay period ending nearest the l r th 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 nona ricnltural 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 are not at work because of industrial disputes and which are based on an enu ji n r v i M u osi OIK loo J Goveriament private Wholesale and retail trade Finance insur Service and ance and miscelreal laneous estate S Federal State and local meration of population whereas the estimates in this table are based on reports from nnployin fr establishments 2 Series revised see note p 14 3 Preliminary NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor J3 WEEKLY HOURS OF WORK SELECTED INDUSTRIES The average workweek in manufacturing industries rose in November to the highest point of the year 40 9 hours on a seasonally adjusted basis The average hours worked in contract construction again rose sharply HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED 46 NONDURABLE MANUFACTURING 46 DURABLE MANUFACTURING k t itiii 1962 t t t i t i 1 1 i t t t i i i I RETAIL TRADE CONTRACT CONSTRUCTION i i i i f i t iii SOURCE DEPARTMENT OF LABOR f t t t ijf COUNCIL OF ECONOMIC ADVISERS Average hours per week 1 seasonally adjusted Manlufaeturing Indus tries Period Durable goods Oct Nov 40 5 Dec Jan 40 2 Feb 40 7 Mar 40 6 Apr 40 7 May 40 6 June 40 6 Julv 40 6 Alltf 40 8 Sept 40 5 OH 40 5 N o v i production workers or nonsupervisory employees Data for Nondurable goods Contract construction Retail trade NOTE Series revised For details see Employment and Earnings December 964 Source Department of Labor AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES In November average weekly earnings rose to a new high of 104 70 for production workers in manufacturing SOURCE DEPARTMENT OF LABOR 1964 COUNCIL OF ECONOMIC ADVISERS For productio n worker s or nous upervisor y employe36S Aver a ge hourly earnings current prices Period 9f l 955 f C Manufc icturing ii id us tries Contract Retail conNonDurable structrade All durable oods tion oods 1 7s fu f S K r NHL Mil SM J c t Nov J ec Jan Feb Mar Apr May June July Aug Sept Get 3 Nov J i sr I f i1 11 2 i J Aver age weeklyy earnings current prices Manufsicturing iridustries All Earnings in current prices adjusted to exclude overtime and interindustry shifts Earnings in current prices divided by the consumer price index on a 1963 base Preliminary S5 frt 3 Contract conNonDurable strucdurable goods tion goods Retail trade Manufac turiiig in dust ries Adjusted Average weekly hourly earnearnings ings 1963 lOQi prices NOTE Series revised see note p 14 Beginning 1959 data include Alaska and Hawaii Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In November the industrial production index rose 2 2 percent to a record level of seasonally adjusted Durable manufactures accounted for most of the increase INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED UTILITIES AND MINING TOTAL no no 90 MINING MANUFACTURING NONDURABLE 1EO DURABLE U t COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Period Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Oct Nov 1 1 Preliminary 16 seasonally adjusted Industry Mi mufacturi ng Non Mining Utilities Total Durable durable Mai ket Total Qal produ 3ts Consumer Equipment goods Source Board of Governors of the Federal Reserve System TVTafo rials PRODUCTION OF SELECTED MANUFACTURES In November output of transportation equipment seasonally adjusted recovered most of the October drop caused by auto work stoppages Production of fabricated metals also rose Most nondurable manufacturing industries showed little or no change from October levels INDEX SEASONALLY ADJUSTED INDEX SEASONALLY ADJUSTED FT1964 COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Durab le manufeictures Primary metals Period Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Oct Nov l i Preliminary Fabricated metal products Machinery Nc ndurable manufactu res Transpor Lumber Textiles and tation apparel prodequipand ment leather ucts Paper and printing Chemicals Foods petrobeverleum and ages and rubber tobacco Source Board of Governors of the Federal Reserve System WEEKLY INDICATORS OF PRODUCTION Steel production continued to increase in November and early December work stoppages in October increased sharply MILLIONS MILLIONS OF TONS Output of cars and trucks depressed by OF SHORT TONS DAILY A V E R A G E Vvt 1963 I V V l V s MI f x y SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE R E P O R T S Period Weekly average Oct Nov Dec 1964 Jan Feb Mar Apr Mav June July Aug Sept Oct 2 Nov Week ended 1964 Nov Dec Daily average Preliminary 3 Electric Bituminous Freight Paperboarcl Steel pi oduced Car 3 and truicks power coal mined loaded produced Index Thousands distributed thousands thousands thousands assemb ed thoiisarids of net millions of of short Total of cars of tons Cars Trucks tons 100 kilowatt hours tons l ill S T Q Includes data for A laska Not charted 18 COUNCIL OF ECONOMIC ADVISERS 2l 0 IB 8 Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paperboard Association and Ward s Automotive Beports NEW CONSTRUCTION New construction outlays seasonally adjusted rose slightly in November reflecting an increase in public activity Outlays for private nonfarm residential construction continued the decline started earlier this year while those for private commercial and industrial continued to rise BILLIONS OF DOLLARS BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION M J I I I f t J 14 1 1 I 1 1 ll 1 l t t t 1 I J J t J J I A t J I t I M M I I I I 1 ft I I I I 1 I I I t i l 1 I I f I I I 1 I l t l I I f I 1 1 IJ NFARMJ PRIVATE RESIDENTIAL NONFARM XI t tU OTHER PRIVATE I T l t t i I t t i t t 1958 t t t r f t l t t t 959 t t t t t t f i f T t t i l t i t Jo I i i t i t 1t i i i t 1 i t i f t t i SEE NOTES IN TABLE BELOW SOURCE DEPARTMENT OF COMMERCE Total new dOristriictiort expenditures Period COUNCIL OF ECONOMIC ADVISERS Pr ivate Total Total l CommerNew Additions cial and housing and al industrial Units teratlons 2 Billions of dollars Sea tonally adjiisted annua rales O e t Nov Bee Jan Feb Mar Apr May June July Aug Sept Oct Nov 1 2 Includes nonhoosekeeping residential construction not shown separately 5 Not available for revised series beginning 1960 Compiled by F W Dodge Corporation and relates to 48 States Preliminary Federal Resi dential noiif arm Qf of 3 Other and local S 7 1 Constructioi i con tracts CommerTotal value cial and index industrial floor space 100 millions of square feet Seasonally adjusted Seasonally adjusted annual rates S S S S S 7 138 S NOTE Data for Alaska and Hawaii included beginning January 1959 Sources Department of Commerce and F W Dodge Corporation j Q NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts seasonally adjusted dropped 11 percent in November while the number of housing permits rose 3 percent Housing starts were 10 percent below a year earlier and permits were down 8 percent MILLIONS OF UNITS 2 5 MILLIONS OF UNITS 2 5 SEASONALLY ADJUSTED ANNUAL RATES 1964 SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA VETERANS ADMINISTRATION VA COUNCIL OF ECONOMIC ADVISERS Thousands of units HOLising star ts Period Oct Nov Dec Jan Feb Mar Apr May June JulyAug Sept 3 Oct 3 Nov 8 Total private Total and private public includ including farm ing farm Prhrate nonfa rm Total Onefamily Two or more families Total private including farm Authorized by issuance of local building permit in 10 000 permit issuing places prior to 1963 and 12 000 or more thereafter 2 1 Units represented by mortgage applications for new home construction Preliminary 20 Private nonf jirm Total Gover nment home pirograms FHA VA Se asonally ad j usted Propose id home constr uction New private Applica Requests housing units tions for for VA author FHA appraisized 1 commitals 2 ments annual ra tes NOTE Data include Alaska and Hawaii Sources Department of Commerce Federal Housing Administration FHA and Veterans Administration VA BUSINESS SALES AND INVENTORIES Total and Trade According to the advance report November retail sales seasonally adjusted declined 1y percent from October but were percent above a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS 108 I96I I I962 I964 SOURCE DEPARTMENT OF COMMERCE Total b usiness Sales 2 Period l Inventories 3 SEASONALLY Whol esale Sales I96I COUNCIL OF ECONOMIC ADVISERS ADJUSTED 4 Inventories 3 Sales 2 Total Re tail 5 nventories 3 NonDurable durable goods goods stores stores Total Durable goods stores Nondurable goods stores Millions of dollars seasonall y adjustec Sept Get Nov Dec 1964 Jan Feb Mar Apr May JuneJuly Aug Sept i i Oct Nov OS i The term business here includes wholesale retail and manufacturing trade see page 22 a Monthly average for year and total for month Book value end of period seasonally adjusted Beginning January 1961 data include Alaska and Hawaii Beginning January 1960 data include Alaska and Hawaii a Preliminary Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS In October manufacturers shipments and new orders seasonally adjusted declined from their September levels while inventories registered the largest month to month rise so far in 1964 BILLIONS OF DOLLARS BILLIONS OF DOLLARS MANUFACTURERS INVENTORIES MANUFACTURERS SHIPMENTS TOTAL TOTAL DURABLE GOODS MANUFACTURERS NEW ORDERS 30 DURABLE GOODS NONDURABLE GOODS A NONDURABLE GOODS L J I963 I96I I964 SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufac turers sh ipments 1 Manufact urers inv entories 2 Period Total Get Nov Dec 1964 Jan Feb Mar Apr May June July Aug 4 Sept Oct Durable goods Nondurable goods Ma nufaeture rs new orde rs i Durab le goods Total Millions NonDurable durable goods goods of dollars M o n t h l y average for year and total for month Hook value end of period seasonally adjusted For minimi j eriods ratio of weighted average inventories to average monthly ipnicnis for monthly data ratio of inventories at end of month to shipments r mouth J 3 I964 Total Total seasonal y ad juste d Preliminary Source Department 01 Commerce NonMachinery durable and goods equipment f 17 40S 17 lf X 17 2S r j Manufacturers inventoryshipratio I S 1 H J i MERCHANDISE EXPORTS AND IMPORTS In October seasonally adjusted exports retreated slightly from their previous high while imports were almost unchanged The trade balance dipped to 584 million down 1 30 million from September but 5 2 percent above the average of the first 9 months BILLIONS OF DOLLARS 2 5 BILLIONS OF DOLLARS SEE NOTE I BELOW SOURCES DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars M erchandi se expo rts Period Total including rees ports 1 Season Unadally ad justed justed Monthly average Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Oct Gener al 2im Domesti c exports poi ts Indus Finished trial Total Food mate manu Season Unadally ad justed stuffs facjusted tures l rials U nadjust ed r I r r V r Y Y2 19 J ISO 2 U 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 Impo rts for consum ption trade Indus Finished surplus seasontrial Total Food mate manu ally adfacstuffs justed rials tures M erchandijse impo rts fiiO A W i j ur f7 S r w MS 1 591 J S U nadjust ed f Total adjusted to exclude 33 5 million of the value reported by economic category Source Department of Commerce 23 U S EXPORTS AND IMPORTS OF GOODS AND SERVICES The surplus on goods and services increased 7 percent to a seasonally adjusted annual rate of almost 7 9 billion in the third quarter Merchandise exports sharply reversed the previous quarters decline while imports continued to rise but at a slightly slower rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES IMPORTS OF GOODS AND SERVICES 10 JO I SOURCE DEPARTMENT OF COMMERCE Period Total I II III IV 1964 I II 3 III COUNCIL OF ECONOMIC ADVISERS Millions of dollars Impor ts of good s and ser dees Es ports o f goods 2ind ser ices Incoirle on Addendum investinents Goods and MiliMerMiliOther services Mertary Other Total chantary Prichan expend servfinanced Gov serv1 1 dise sales vate ices by Govt dise ernitures ices grants and ment capital Seaso nally ad usted annua 1 rates Adjusted from customs data for differences in timing and coverage Not available 24 J964 3 Preliminary Source Department of Commerce Balance on goods serv U S BALANCE OF INTERNATIONAL PAYMENTS The U S deficit on regular transactions declined in the third quarter to a seasonally adjusted annual rate of 2 3 billion A larger trade surplus combined with some reduction in Government grants and capital outflows and reduced level of direct investment abroad contributed to this improvement BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 10 10 BALANCE ON GOODS AND SERVICES T X BALANCE ON OTHER REGULAR TRANSACTIONS f 10 I f I I I I I T 10 BALANCE ON REGULAR TRANSACTIONS SURPLUS OR DEFICIT T I SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Chang 3S in selec ted liabilities decrease 6 To f oreigpn official U S pr ivate capital f net U S Period Government grants Direct investand capital ment net i T QAQ I II m IV 1964 I II Longterm portfolio I Sejasonally Errors Balance Selected holH special and on unreregular Govern Special nonShortment corded transterm trans actions 4 trans 5 marketactions able conactions vertible bonds and notes Quarterly adjusted innual rat es III Foreign capital net Includes associated Govt liabilities and scheduled loan repayments Includes banking claims s Other than liquid funds includes miscellaneous Govt nonliquld liabilities 4 Includes balance on goods and services page 24 as well as net pensions and remittance payments 826 million in Includes official debt prepayment advances on military exports and net sales of those nonmarketable medium term nonconvertible securities not included under foreign capital e Includes short term official and banking liabilities and foreign holdings of U S Govt bonds and notes other than nonmarketable nonconvertible Other To other foreign holders totals u aad justed Changes in gold convertible currencies and IMF gold tranche position increase Central banks and governments s Private holders includes banks and international and regional organizations Excludes liabilities to IMF relevant to U S gold tranche position Preliminary 10 Total at end of third quarter was 15 870 million of which 15 643 million was U S gold stock The increase in gold stock during quarter was 20 million NOTE Data exclude military grant aid and U S subscriptions to IMF Source Department of Commerce 25 PRICES CONSUMER PRICES The over all index of consumer prices rose by 0 1 percent in October Price increases of 0 3 percent in nonfood commodities and 0 2 percent in services more than offset a 0 3 percent decline in food prices INDEX INDEX O SEE NOTE BELOW SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Co mmoditie 3 All items Period Sept Oct Nov Dec Jan new series 1 Feb Mar Apr May June July Aug Sept Oct NOT i t rio ownership Iron All commodities Food All January 1904 indexes revised to reflect transfer of homervict lo durable commodities 26 Services Comm odities leg s food NonDurable durable All services Rent Services less rent G I 115 f 115 S Beginning with January 1964 new index with revised weights coverage and sampling procedures For details see Department of Labor release Changes in the Consumer Price Index March 3 1964 Source Department of Labor WHOLESALE PRICES The over all index of wholesale prices declined by 0 1 percent in November Prices of processed foods fell by 0 8 percent while farm products increased 0 2 percent and prices of industrial commodities were up 0 1 percent INDEX INDE I957 59 IOO 115 FARM PRODUCTS no TV I PROCESSED FOODS COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIALS V 90 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Oct Nov Week ended 1964 Dec S i oo S products aiid foods iridustrials Commodit ies other t han farm Consun ler finIndus Indus ProducProcFarm ished gc ods extrial in er fintrial All inessed prodcludin food dustricrude termedi ished foods ucts DurNonmate ate ma goods als1 terials 2 durable able rials i r f 2 loo r I Coverage of the subgroups does not correspond exactly to coverage of this index 2 Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing s Preliminary Weekly series based on smaller sample than monthly series Source Department of Labor 27 PRICES RECEIVED AND PAID BY FARMERS During the month ended November 15 the index of prices received by farmers fell by 1 point while the index of prices paid was unchanged The parity ratio declined by 1 point to 75 INDEX INDEX no RATlO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON I9IO 4 OO BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices i eceived by farmers Period Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Ann If S pt l r Ocl in Isov 1 r All farm products Crops Percenturo r a t i o of In x of price received by farmers to Index oi prices paid i n t c r t N f laxc m u l wan ti S on base 28 Price 3 paid by fairmers Livestock All items interest and taxes and products wage rates Index Family living items Sour ce Department of Agriculture Production items Parity ratio l MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY In November the money supply rose by 0 5 billion seasonally adjusted or 0 3 percent while time deposits rose by 2 0 billion or 1 6 percent The money supply increase was somewhat slower than in the preceding 5 months but the ate of increase in time deposits accelerated BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME DEPOSITS AT ALL COMMERCIAL BANKS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars M oney supp iy M oney supp iy Period Total Dec Dec Dec Dec Dec Dec Nov Dec 1964 Jan Feb Mar Apr Mav June July Aug SeptOct Nov 2 First half 2 Second half 1 Deposits 2 at all commercial banks Preliminary Currency outside banks Seasonal Time De mand de posits de posits adjustec L Total Currency outside banks De Time de posits mand posits de l U S Government de mand de posits 1 Jn ad justed NOTE See note p 31 Source Board of Governors of the Federal Reserve System SELECTED LIQUID ASSETS HELD BY THE PUBLIC Nonbank liquid asset holdings seasonally adjusted rose further in November with the largest increases in time deposits and savings shares BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED END OF MONTH SAVING TYPE 300 ASSETSy 200 DEMAND DEPOSITS AND CURRENCY UMiMIMtlHMM BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted U S Gov Time d eposits End of period Total selected liquid assets Nov Dec 1964 Jan Feb Mar Apr Mav June July 3 Aug Sopt 3 Oc fc 3 Nov L Demand deposits and currency l Com with money supply p 29 except for deduction of demand Iual savings banks and savings and loan associations Data f month s of Hovcrnment agencies and trust funds domestic comI snvlnps banks Federal Reserve Banks and beginning mill loan association 30 Mutual savings banks mercial banks 3 Postal Savings System Savings and loan shares U S Government savings bonds 2 ernment securities maturing within year Preliminary NOTE See note p 31 Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS DEBITS AND RESERVES Total loans and investments at commercial banks rose strongly by 4 1 billion seasonally adjusted in November but the average monthly increase from September to November about matched that in the first 9 months of this year and in 1963 BILLIONS BILLIONS OF DOLLARS ILARS ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS 150 ISO BANK LOANS INVESTMENTS IN U S GOVERNMI NT SECURITIES INVESTMENTS IN OTHER SECURITIES I IIIII SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM END OF MONTH All comnlercial bank s s easonally adjusted da ta Total Investrnents Loans loans excluding and inter U S Gov Other investbank securiernment ments securities ties End of period Nov 5 Dec 1964 Jan Feb Mar Apr May June July Aug 6 Sept Oct 66 Nov Billions of dollars jLVABUjuei utuLL s cu e ail iianuiiOti utiiaKS O 11U LlJOSe Ot aie UallKS Wuiuli JuaVe laiten membership in the Federal Reserve System 3 Commercial and industrial loans 3 Debits during period to demand deposit accounts except interbank and U S Government Averages of daily figures Annual data are for December I I 1I I I 1964 COUNCIL OF ECONOMIC ADVISERS Weekly reporting member banks 1 Business loans Bank j 1 1 debits outside New York City 343 centers seasonally adjusted annual rates Q O A U member banks 4 Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions o dollars 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 l J r 9 respectively Source Board of Governors of the Federal Reserve System Ol CONSUMER AND REAL ESTATE CREDIT Total consumer credit outstanding rose by 433 million in October or slightly less than a year earlier ally adjusted increase of 410 million in instalment credit was less than in September BILLIONS OF DOLLARS The season BILLIONS OF DOLLARS TOTAL CONSUMER CREDIT OUTSTANDING 20 SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED I960 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I 1964 COUNCIL OF ECONOMIC ADVISERS Millions of dollars Period t Sept Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Oct Consu mer credit outstandin g end of p eriod imad justed tnstalment NonAutomoTotal Personal instalTotal bile ment 2 paper loans Also includes other consumer goods paper and repair and modernization loans not shown separately 2 Consists of single payment loans charge accounts and service credit s End of period unadjusted 32 Consum er instalme nt credit e xtended and r epaid seas onally adJListed Automob ile 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 Reserve System and Federal Home Loan Bank Board BOND YIELDS AND INTEREST RATES Yields on Treasury bills jumped to a new higher level following the increase in the Federal Reserve discount rate from to 4 percent announced on November 23 Most longer term yields rose briefly and then receded PERCENT PER ANNUM PERCENT PER ANNUM 1964 COUNCIL OF ECONOMIC ADVISERS Period Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Oct Nov Week ended 1964 Nov Dec Percent per annum High grade U S Govejrnment secui ity yields municipal 3 month bonds 3 5 year Taxable 3 Treasury 2 Standard4 bonds issues bills i Poor s IS Kate on new issues within period Selected note and bond issues 3 Series includes April 1963 to date bonds due or callable 10 years and after Weekly data are Wednesday figures 1 Data for first of the month based on the maximum permissible interest rate 6M percent since May 1961 and 30 year mortgages paid in 15 years S S Prime commercial paper 4 6 months Corpora be bonds Moo dy B Aaa Baa FHA new home mortgage yields Sources Treasury Department Board of Governors of the Federal Reserve System Federal Housing Administration Standard Poor s Corporation and Moody s Investor Service 33 COMMON STOCK PRICES YIELD AND EARNINGS Stock prices fell in late November in the wake of the discount rate rise and moved erratically lower through midDecember INDEX COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS PE WEEKLY MONTHLY DIVIDEND YIELD ON COMMON STOCKS l r I t M TIO RATIO 25 25 PRICE E ARNINGS RATIO ON CC MMON STOCKS x I A 1 V 1 1 I v r I I i i i i SOURCE STANDARD AND POOR S CORPORATION d 10 COUNCIL OF ECONOMIC ADVISERS 1 Period Nov Dec 1964 Jan Feb Total Sept Or i Nov Week ended Nov i Dec I 1 i s j Mar Apr May June Julv Aug Total Price i ndex Industrials Capital Consumers goods goods IV arc Industrials f 0 are public utilities and 25 fur c a p i t a l ami consumer iroods arc Wednesday arc a c i i c of d a i l y fh iircs Railroads Dividend yield 2 percent Public utilities Price earnings ratios Aggregate cash dividends based on latest known annual rate divided by the aggregate monthly market value of the stocks in the group Annual yields Source1 Sl andn rd and Poor s Corporation f qu rly data FEDERAL FINANCE FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES The budget deficit for the first 5 months of fiscal 1965 was 8 7 billion in the corresponding period of fiscal 1964 it was 9 1 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES NATIONAL DEFENSE BUDGET SURPLUS OR DEFICIT ENLARGED SCALE FISCAL YEARS ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Net budget receipts Period Fiscal year 1959 Fiscal year 1960 Fiscal year 1961 Fiscal year 1962 Fiscal year 1963 Fiscal year 1964 8 Fiscal year Oct Nov Dec 1964 Jan Feb Mar Apr May June July Aug Sept Oct Nov Cumulative totals first 5 months Fiscal year 1964 Fiscal year 1965 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budg et expenditu res N ational defeiase DepartTotal ment of Military Total Defense assistance military 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 Preliminary estimates Budget surplus or deficit Public debt end of2 period Less than 50 million Deficit of 15 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 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 35 I 1 35 CASH PAYMENTS EXCESS OF CASH RECEIPTS m EXCESS OF CASH PAYMENTS I CALENDAR YEARS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET 1964 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Fiscal year Calendar vear Quarterly total calendar years II III IV I III 1 Estimate 36 Cash receipts from the public Cash payments to the public Excess of receipts or payments Unadjusted Excess of receipts or payments Cash payments to the public Cash receipts from the public Se isonally adjus ted Sources Treasury Department and Bureau of the Budget FEDERAL BUDGET NATIONAL INCOME ACCOUNTS BASIS In the third quarter Federal receipts rose 1 7 billion seasonally adjusted annual rate and expenditures dropped by 1 0 billion As a result the estimated deficit was 5 2 billion compared to 7 8 billion in the preceding quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS EXPENDITURES 80 H 75 i I i i 20 SURPLUS nnu0 ijjlHili LJ IM P JI r yu DEFICIT 20 i i 1958 i i i i I960 i 1961 i i i 1962 i I I t i 1963 i 1964 i 20 CALENDAR YEARS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jrovernment receipts Period Fiscal year Calendar year I III IV IIIII Federa 1 Governinent expe nditures Indirect ContriPersonal Corpo business butions rate tax and profits tax and to social Total nontax tax nontax receipts accruals accruals insurance Total GrantsSubsidies Surplus Purin aid less or Net Trans to State chases current deficit and interest surplus of goods fer pay paid ments and local of Govt goverservices enterments prises Preliminary estimates NOTE 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 GPO D I V I S I O N 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 Business Sales and Inventories Total and Trade Manufacturers Shipments 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 NOTB 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 For sale by the Superintendent of Documents U S Government Printinp Office Washington D C 20402 Trice 26 cents per copy 2 60 per year 3 60 foreign Page

Farm Income

DATE: December 1964

PART OF:

Economic Indicators : December 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-. "Farm Income," 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-. "December 1964," Economic Indicators (December 1964) : 8-8. https://fraser.stlouisfed.org/title/1/item/522/toc/79982 , accessed on December 14, 2019.

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Economic Data