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Cop. I
Economic Report
or trie President
TRANSMITTED TO THE CONGRESS
Economic Report
of the President
TRANSMITTED TO THE CONGRESS
JANUARY 23, 1957
UNITED STATES GOVERNMENT PRINTING OFFICE
WASHINGTON : 1957
Additional copies of this report are for sale by the Superintendent of Documents,
U. S. Government Printing Office, Washington 25, D. C.
Price of single copy, 65 cents
LETTER OF TRANSMITTAL
THE WHITE HOUSE,
January 23,1957.
To the Congress of the United States:
I present herewith my Economic Report, as required by Section 3 (a)
of the Employment Act of 1946.
In preparing this Report, I have received the assistance and advice of
the Council of Economic Advisers. I have also had the advice of the heads
of the executive departments and independent agencies of the Government.
I set forth below, essentially in the words of the Report itself, what I
consider to be its major conclusions and recommendations.
Opportunity and Responsibility in a Free Economy
The vast productive power of the American economy was demonstrated
again in 1956 in a record national output of $412 billion of goods and
services.
In addition to providing this material basis for better living, our free
economy gives indispensable support to our form of political life and offers
unparalleled opportunities to the individual for personal choice and
development.
Important responsibilities accompany these opportunities. They are
borne in part by Government, but they must be borne also by the individual
in his own economic activity and in his organized activity with others.
Government must use all practicable means to promote high levels of
production and employment, and to contribute toward achieving an expanding and widely-shared national income, earned in dollars of stable
buying power. It must pursue policies that encourage the enterprising
spirit of our people and protect incentives to work, to save, and to invest.
It must exercise a strict discipline over its expenditures and avoid taking
in taxes too much of the incomes of individuals and businesses. It must
strive to strengthen competitive markets and to facilitate the adjustments
necessary in a dynamic economy.
Even more exacting are the responsibilities of individuals and economic
groups. Business managements should formulate and carry out their plans
so as to contribute to steady economic growth. They must also recognize
the broad public interest in the prices set on their products and services.
in
Both management and labor should remove restrictions on the operation
of competitive markets and enhance the economy's adaptability to change.
Of particular importance in a prosperous economy is the responsibility of
leaders of business and labor to reach agreements on wages and other
labor benefits that are consistent with productivity prospects and with the
maintenance of a stable dollar.
Reliance for stability in economic growth cannot be placed exclusively on
the fiscal and monetary policies of Government. The successful extension
of prosperity with price stability calls for a cooperative effort in which the
policies of individuals and economic groups and of all levels of government
are consistent with one another and mutually reinforcing.
Economic Growth and Improvement,
1953-56
The opportunities which our free economy provides for the improvement
of well-being are clearly evident in the record of the last four years. Civilian
employment increased by about 3.7 million. Per capita personal income
measured in constant dollars rose 10 percent after taxes. Five million
homes were built and home ownership became more widespread. Rising
incomes enabled consumers to expand their purchases of virtually all types
of goods and to make important improvements in their own provisions for
financial security. Participation in, and support of, religious, cultural, educational, and civic activities increased significantly.
Great strides were taken in the expansion and improvement of the Nation's productive facilities. Business firms and farmers spent over $150
billion for this purpose. These investment outlays contain the promise of
greater national output and better living in the years ahead.
Agriculture has faced difficult problems in this period, resulting chiefly
from the persistent tendency for production to exceed commercial demands.
Progress has been made, however, toward a better balanced farm economy,
and there has been some recent improvement in farm income. To sustain
agricultural progress, experience suggests that continued emphasis is needed
on the basic objectives of the last four years—wider freedom for our commercial farmers in managing their own enterprises, appropriate shifts in the
use of the Nation's cropland, an improved system of price supports, and
research into new products, markets, and uses.
The period was marked by economic improvement throughout the free
world and by a notable expansion of international trade and finance, including our own exports and imports. Sharp increases have occurred in
our exports to industrialized countries with high per capita incomes and to
others currently experiencing a rapid rate of economic growth. This fact
shows that prosperity elsewhere widens markets for the products of our
farms, mines, and factories.
The contributions that Government can make toward the achievement
of stable economic growth have been evident during the last four years.
IV
The 1953-54 experience demonstrated that, when consumer and business
confidence is maintained, timely public policies can help keep recessionary
tendencies in check. The Government policies followed in 1955 and 1956
helped to moderate the upward pressure on prices and to prevent conditions
that would threaten economic stability.
The Economy in 1956
The Nation's aggregate output of goods and services in 1956 was $21.5
billion greater than in 1955, despite a decrease in activity in some sectors
of the economy, notably in automobile production and home construction.
Heavy expenditures for new plant and equipment by business concerns,
increases in foreign trade and investment, a high rate of consumer expenditures, and rising outlays by State and local governments contributed to the
expansion. About half of the increase represented a gain in physical output,
and the remainder reflected moderately higher prices.
Sizable gains in employment were made in important sectors of the
economy; for the year as a whole, there was an increase of 1.8 million over
1955 in total civilian employment. Incomes rose for all major groups of
income recipients.
As the year progressed, farm income improved. There were further advances in the value of farm land, in the net worth of farm proprietors, and
in agricultural exports. Farm technology continued to improve.
Financial markets and prices were under continuous pressure. Interest
rates rose as the demand for credit continued large relative to the supply
of funds. The unusually heavy demands of business concerns tended to
raise prices of capital goods and related commodities. High costs of raw
materials and wage increases that tended to outrun the year's small gain in
productivity were pervasive factors making for higher prices.
Pressures on prices, costs, and financial resources in 1956 called for the
continuation of policies designed to counter inflationary forces. The Federal Government's budget surplus contributed to this end, as did the credit
restraints imposed by the Federal Reserve System. The events of the year
showed, however, that when production and employment are high, wage
and price increases in important industries can create upward pressures on
costs and prices generally, and that the monetary and fiscal policies of Government must be supported by appropriate private policies to assure both a
high level of economic activity and stable prices.
Extending and Broadening Economic Progress
This Report outlines legislative proposals designed to carry out the
declared policy of the Employment Act. They include measures to
strengthen our enterprise system, enlarge our national resources, and improve the level of living.
Government can strengthen the enterprise system at this time by preserving a balanced budget. Accordingly, the Congress should continue tax rates
at their present levels, and Federal expenditures should be strictly limited.
Our enterprise system would also be strengthened by legislative measures
to assist small businesses and to foster competition. These measures, which
the Congress is urged to consider, include extension of the Small Business Act
beyond June 30, 1957; easier access of small- and medium-sized companies
to capital markets; such tax adjustments as can be made with a minimum
loss of revenue; and reduction of the burden of paperwork imposed by
Government. The Congress is also urged to provide for needed improvements in the antitrust laws and in the procedures available to enforcement
agencies.
Recent changes in our financial structure and practices call for careful
study of the adequacy of existing facilities for meeting the Nation's capital
and credit requirements and of the means for exercising appropriate controls over credit. As requested in the State of the Union Message, the Congress should authorize a National Monetary and Financial Commission to
perform this important task.
Our enterprise system would benefit from United States membership in
the Organization for Trade Cooperation and participation in the International Atomic Energy Agency, and from continuation of economic
assistance, including defense support, under the Mutual Security Program.
Additional measures are required to enlarge and improve our national
resources. The partnership principle, which encourages local leadership
and participation in the development of water and power resources, should
continue to be given close attention in current authorizations and appropriations.
To aid agricultural adjustments, recommendations will be made to the
Congress for an improved acreage-allotment and price-support program
for corn, and for steps to deal with problems of land use and water shortage
accentuated by recent drought conditions. Extension of Title I of the
Agricultural Trade Development and Assistance Act for one year, and a
limited increase in permissible losses, would be a useful short-run measure
for helping reduce surplus stocks of farm commodities.
The Congress is again requested to enact a program of Federal assistance
for developing the economic base of local areas experiencing persistent
unemployment.
No proposal for enlarging our national resources is more important than
that for Federal assistance in overcoming the critical shortage of schoolrooms. The Congress is urged to enact a program which would help meet
the backlog of these needs within four years. After that time full responsibility for school construction should revert to the State and local
governments.
VI
Further advances in the level of living would be accomplished by measures
to raise the Nation's standards of housing, health, and personal security.
Home building and ownership would be aided by an adjustment that would
bring the maximum interest rate on VA-guaranteed home loans into closer
conformity with competitive market rates; by an increase of funds for the
secondary market operations of the Federal National Mortgage Association;
and by an extension of the Voluntary Home Mortgage Credit Program.
Health standards would be advanced by legislation to encourage voluntary
health plans and by a program of construction grants for medical and dental
training facilities.
Personal security would be strengthened by extending unemployment insurance coverage to employees of small firms and certain other groups; by
broadening minimum wage legislation to cover additional workers needing
this protection; by requiring Federal registration and reporting by private
pension and welfare funds; and by a program of technical aid and limited
financial assistance to States for promoting occupational safety.
Conclusion
There are grounds for confidence that the Nation's over-all prosperity
will be extended into the months ahead. A moderate rise in business capital
outlays is indicated. Construction expenditures and foreign trade and
investment should continue to favor economic expansion. The combined
expenditures of Federal, State, and local governments are expected to be
higher. Consumer expenditures should be sustained by favorable employment conditions and good earnings.
However, uncertainties and problems are always present in the economic
situation and require careful attention. These include the present
international situation, the upward pressure of costs and prices, factors
affecting capital outlays by business, and the provision of an adequate flow
of new savings to meet the prospective heavy demands for funds.
These and other uncertainties and problems which inevitably arise in a
dynamic economy challenge individuals, economic groups, and Government
to meet their respective responsibilities for maintaining stable economic
growth. If all live up to these responsibilities, the capacity of our economy
to provide the high levels of employment, production, and purchasing power
envisaged by the Employment Act, and broadly attained in the past year,
will be further enhanced.
DWIGHT D. EISENHOWER.
vn
CONTENTS
Page
CHAPTER 1. OPPORTUNITY AND RESPONSIBILITY IN A FREE ECONOMY .
CHAPTER 2. ECONOMIC GROWTH AND IMPROVEMENT, 1953-56. . . .
Growth of Economic Activity
Improvement in Level of Living
Problems of Agricultural Adjustment.
Adjustment to Economic Change
CHAPTER 3. ECONOMIC DEVELOPMENTS IN 1956
The Pattern of the Expansion
Higher Employment and Income
Developments in Agriculture
Movements in Prices, Costs, and Profits
Pressures on Financial Resources
Public and Private Responsibilities in a High-Employment
Economy
The Current Economic Situation
.
CHAPTER 4. EXTENDING AND BROADENING ECONOMIC PROGRESS . . .
Maintaining Sound Government Finances
Improving Private Financial Facilities and Promoting Thrift. .
Strengthening Competition
Widening the Opportunities lor Small Business
Strengthening Economic Ties with Other Countries
Enlarging Public Assets and Developing Natural Resources. . .
Improving Skills and Technology
Promoting Agricultural Adjustments
Aiding Local Areas of Persistent Unemployment
Improving Housing Standards.__
Raising Health Standards
Strengthening Personal Security
Some Challenges of the Future
1
4
4
9
11
15
20
21
26
28
30
35
40
44
47
47
49
50
52
54
56
59
61
63
64
66
67
69
APPENDICES
Page
A. SUMMARY OF RECOMMENDATIONS IN THE ECONOMIC REPORT OF
THE PRESIDENT
B. REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL
OF ECONOMIC ADVISERS DURING 1956
C. POPULATION CHANGES AND PROSPECTS
D. STATISTICAL TABLES RELATING TO THE DIFFUSION OF WELL-
BEING, 1946-56
71
77
85
99
E. STATISTICAL TABLES RELATING TO INCOME, EMPLOYMENT, AND
PRODUCTION
119
LIST OF TABLES AND CHARTS
(Chapters 2 and 3 and Appendix C)
Tables
1. Changes in Gross National Product and Its Major Components,
1954-56
2. Changes in Production, Employment, and Personal Income,
1954-56
3. United States Exports of Goods and Services, 1952-56
4. Changes in Industrial Production, 1955-56
5. Security Offerings, 1953-56
6. Changes in Commercial Bank Holdings of Loans and Investments,
1953-56
7. Consolidated Cash Statements of Federal and State and Local
Governments, Calendar Years 1952-56
C-l. Population Change, 1946-56
C-2. Average Future Lifetime Expected at Birth, Selected Years,
1900-54
C-3. Distribution of the Female Population Aged 14 and Over, by
Marital Status, Selected Years, 1890-1956
C-4. Median Ages of the Population and the Labor Force, Selected
Years, 1820-1955
C-5. Enrollments in Elementary and Secondary Schools, Selected
Years, 1930-54, with Projections to 1965
C-6. Fall School Enrollment of the Civilian Noninstitutional Population 5 to 34 Years Old, 1950-56
C-7. Indicators of Extension of Public Elementary and Secondary
Schooling, Selected Years, 1920-54
C-8. Projections of the Population of the United States in Selected
Ages, 1955-75
20
21
22
26
37
38
42
88
89
90
92
93
94
94
96
Charts
1. Economic Expansion, 1952-56
2. Change in Composition of Output, 1952 to 1956
3. U. S. Balance of Payments on Current Account, 1952-56
4. Improvement in Weil-Being, 1952 to 1956
5. Agricultural Production and Technology Since Prewar
6. CCC Operations and Agricultural Exports, 1950-57
7. Economic Adjustments, 1953-54
8. Economic Activity, 1954-56
9. Employment and Income, 1955-56
10. Farm Income and Price Developments, 1950-56
11. Carry-Overs of Selected Crops, 1952-57
12. Wholesale Prices, 1954-56
13. Consumer Prices, 1954-56
14. Demand for Funds, 1954-56
15. Bank Loans, Investments, and Deposits, 1954-56
16. Bond Yields and Interest Rates, 1953-56
17. Federal Receipts and Expenditures, 1953-58
18. Member Bank Reserves, 1954-56
C-l. Population and Projections to 1975
C-2. Births Through 1956 and the Number of 18-Year-Olds to 1974.
C-3. Population in Special Age Groups, 1930-75
C-4. School Enrollments and Projections to 1965
pag0
5
7
9
10
13
14
16
23
27
29
31
33
34
36
38
39
41
43
87
89
91
93
Chapter 1
Opportunity and Responsibility
in a Free Economy
T
HE ENORMOUS PRODUCTIVE POWER of the American economy was demonstrated again in 1956 when the Nation's output of goods
and services reached $412 billion. This vast and increasing output provides
the means for assuring our national security, supplying our present consumption needs, and building our capacity for future production. Furthermore,
it is accompanied by the release of additional time for creative personal
development as well as for the more complete enjoyment of material things.
Our free economy thus affords the American people an opportunity for
better living in all its aspects.
These accomplishments reflect the efficiency of competitive markets as
instruments for organizing and expanding production and consumption, but
they do not of themselves reveal the social and individual values inherent
in a free society. Among these are wide access to education and training,
choice of a vocation from among many different employments or business
pursuits, enjoyment of the rewards of one's own accomplishment, and freedom to plan consumption and investment according to personal preference
and judgment. Moreover, our free economy gives indispensable support to
the form of political life that we cherish.
There are instructive parallels between our political and economic institutions. No form of government offers greater opportunity for individual
expression, or places heavier reliance on individual leadership and integrity.
Similarly, no type of economic system offers greater opportunity for individual achievement or places heavier responsibilities on the individual.
But although the opportunities afforded by such an economy are evident
on all sides, the responsibilities on which it relies may be less obvious and
less well understood.
These responsibilities, which center on the need for preserving and
strengthening the institutions of competitive enterprise, are borne in part
by Government. First, Government must pursue policies that give positive
encouragement to the spirit of enterprise and protect the essential incentives to work, to save, and to invest. These policies must be designed
with consideration not merely to their present impact but also to their
long-run effect on the vitality and resiliency of the economy. Second,
Government must exercise a strict discipline over its expenditures and must
take in taxes no more than absolutely necessary of the incomes of individuals and businesses. Third, Government must curb monopolistic tendencies and strive for conditions in which individuals, new methods, and new
products have an opportunity to prove themselves in fair competition. It
is incumbent on Government to assure the reasonable diffusion of economic
power as our forefathers did of political power. Fourth, Government must
pursue policies that facilitate the adjustments to advancing technology and
changing consumer demands that are essential in a dynamic economy. It
must avoid policies that make these adjustments more difficult. Finally,
it must pursue policies that will help maintain high levels of production and
employment and contribute toward achieving the goal of an expanding and
widely-shared national income, earned in dollars of stable buying power.
But Government cannot assume exclusive responsibility for the smooth
functioning of our enterprise system, nor can it guarantee sustained economic growth. Even an attempt to do so would involve intervention on a
scale incompatible with the fundamental character of our enterprise system,
based as it is on the belief that, when regulation is minimized, the energies
and talents of the individual are more fully released for economic betterment. In such an economy, heavy responsibilities for the effective and
equitable functioning of production and distribution must be borne by the
individual in his own economic activity and in his organized activity with
others.
Prominent among these responsibilities is that carried by the management
of business concerns, particularly of companies having large and widespread
operations, to administer their affairs so as to help avoid economic imbalance
and dislocation. That much progress has been made in the acceptance of
this responsibility is evidenced by the increasing practice of planning expansion programs well into the future and organizing operations with a view to
greater stability of employment. Nevertheless, our economy has been subjected at times to heavy strains as excesses have crept into the management
of business inventories, into the expansion of facilities, and particularly
into the use of credit. Business management has a clear responsibility, in
its own interest no less than in the national interest, to avoid such excesses
and to formulate and carry out its plans so as to contribute to steady
economic growth.
Management also has the responsibility, as does labor, to remove restrictions on competition and to enhance the adaptability of the economy to
new technological and demand conditions. And thoughtful leaders of
agriculture will not seek to improve its economic position by means which
would prevent essential adjustments to changing market conditions. Competitive markets and the opportunity to move into any line of endeavor
within the limits established by personal aptitudes, technological needs, and
market demands are essential conditions of a strong enterprise system.
A further responsibilty of leaders of management and labor in a free
economy derives from the fact that concentrations of power place in their
hands the ability to take actions that, through the sensitive network of our
economic system, significantly affect the Nation as a whole.
Specifically, business and labor leadership have the responsibility to reach
agreements on wages and other labor benefits that are fair to the rest of
the community as well as to those persons immediately involved. Negotiated wage increases and benefits should be consistent with productivity
prospects and with the maintenance of a stable dollar. And businesses must
recognize the broad public interest in the prices set on their products and
services.
The full burden of avoiding price inflation, which is an ever present hazard in an expanding economy operating close to capacity, cannot be successfully carried by fiscal and monetary restraints alone. To place this burden
on them would invite the risk of producing effects on the structure and
functioning of our economy which might, in the years ahead, impair
the vitality of competitive enterprise. And failure to accept the responsibilities inherent in a free economy could lead to demands that they be
assumed by Government, with the increasing intervention and loss of freedom that such an approach inevitably entails. The successful extension of
prosperity with price stability must be a cooperative effort in which the policies of individuals and economic groups and of all levels of Government are
consistent with one another and mutually reinforcing.
There is much that the last four years can teach us of the opportunities
inherent in a free economy and the responsibilities of Government and of
citizens for helping to realize them. Accordingly, this Report first gives a
brief account of economic developments and policies in 1953-56. This is
followed by a more detailed record of economic developments in 1956 and
of the policies which Government adopted during that year to help maintain stable economic growth. Finally, proposals are set forth to help extend
prosperity into the future, to strengthen competitive enterprise, and to increase our ability to achieve further improvements in national well-being.
Chapter 2
Economic Growth and Improvement, 1953-56
HE ECONOMIC REPORT transmitted to the Congress in January
1954 called attention to the opportunity afforded by the ending of the
conflict in Korea to turn the productive capacity of the Nation increasingly
to peaceful purposes and thereby to undertake a sustained improvement in
living standards. It also set forth the main lines along which the Federal
Government proposed to move toward this goal and to seek to fulfill its
mandate under the Employment Act of 1946 to promote maximum employment, production, and purchasing power. Although the Economic
Reports of the past few years have described the improvements in living
that have been achieved and the policies followed to promote stable economic growth, it may be useful to review briefly the developments of the
four years, 1953-56. This review will provide both a record of achievement in a free economy and guidance for the years ahead.
The period was one of growth in our own economy and in the economies
of other free nations, and witnessed clear gains in the well-being of the
American people. The course of expansion was not entirely even, however,
and the capacity of our economy to adapt to extensive, and in some cases
sharp, changes was repeatedly tested. The agricultural sector faced especially difficult problems of adjustment. The rapidly changing conditions
in the economy as a whole, as well as in particular sectors, called for a high
degree of flexibility in Government policies affecting economic growth and
stability. Successive sections of this chapter sketch this record of economic
growth, of improvement in well-being, and of adjustment to economic
change.
T
GROWTH OF ECONOMIC ACTIVITY
Increasing numbers of our people have been seeking and finding employment during the past four years. The number of persons in the labor force
in 1956, including those in the military services, was almost 4 million more
than in 1952; and the decline of 750,000 in the armed forces in this
period released an additional number for civilian employment (Chart 1).
During 1954 the growth in the labor force was relatively slow; but in
the past two years the rate of growth was unusually rapid. Along with this
increase in the labor force, the number of persons employed rose by
about 4 million. Although unemployment increased during 1953-54
CHART 1
Economic Expansion, 1952-56
Civilian labor force and employment increased.
INDEX, 1952=100
I 30
SEASONALLY ADJUSTED
I 20
MANUFACTURING
EMPLOYMENT
CIVILIAN
LABOR FORCE
I I0
100
CIVILIAN EMPLOYMENT
1
90
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
There was a larger increase in the output of goods and services .
JNDEX,..J952»IQ0
130
SEASONALLY ADJUSTED
1 20
INDUSTRIAL PRODUCTION
1
1 1 0
. / "
GROSS NATIONAL
PRODUCT
»••
I
90
1
1 1
1 1
1
1
"(CONSTANT PRICES)
1
|
1
1
1
1 1
. . . and in disposable personal income.
INDEX, 1952= 100
I 30
SEASONALLY ADJUSTED
120
*+
TOTAL DISPOSABLE .
PERSONAL INCOME-*7
(CONSTANT PRICES)
I I0
- ^
^
""
100
\
PER CAPITA DISPOSABLE
PERSONAL INCOME-*/
(CONSTANT PRICES)
1
90
1 1
1952
1
1 1
1953
1
1 1
1954
1
1 1
1955
1
1 1
1956
-^PERSONAL INCOME LESS PERSONAL TAXES.
SOURCES: DEPARTMENT OF LABOR, DEPARTMENT OF COMMERCE, BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM, AND COUNCIL OF ECONOMIC ADVISERS.
contraction of economic activity, it has since fallen to less than 4 percent
of the labor force, and a significant number of the unemployed are persons
newly drawn into the labor force who are counted as unemployed while
t seeking work.
The employment of growing numbers of persons has been accompanied
by increases in the efficiency of our productive system. The output of
goods and services expanded in 1956 to the new high figure of $412 billion.
Expressed in dollars of constant purchasing power, this is 12.5 percent
more than was produced in 1952. With an employment increase of 6 percent during these years and a modest decline in average working hours, the
gain in output reflects a sizable improvement in productivity. However,
changes in productivity have historically been uneven from year to year, and
the last four years have been no exception. In the expansion of early 1953,
and again in the recovery of 1955, productivity gains were quite large. On
the other hand, advances in productivity were small during the 1953-54
contraction and again in 1956.
Since purchases of military goods by the Federal Government were reduced sharply in the four-year period, over-all measures of the increase
in national output do not fully reveal the rise in the flow of goods and services available for civilian use (Chart 2). The 1953-54 adjustment to a
lower level of defense expenditures made it possible to devote an increasing
proportion of the economy's resources to the output of goods and services for
consumers, to the enlargement of productive capacity, and to the needs of
State and local governments. While total gross national product in constant
dollars rose about 12.5 percent, consumer expenditures, private investment
outlays, and State and local purchases of goods and services increased substantially more. Together, these three sectors of our economy accounted for
88 percent of all purchases of goods and services in 1956, compared with 84
percent in 1952.
The Nation's productive plant and equipment have been notably expanded and improved. Since 1952, business firms and farmers have spent
over $150 billion to increase capacity and replace worn out and obsolete
facilities. The growth in the physical stock of equipment appears to have
been especially large, perhaps as much as one-quarter. Also, important
advances in technology have improved the quality and efficiency of plant
and equipment. These investment outlays contain the promise of greater
national output and better living in the years ahead.
As would be expected in a growing economy in which production techniques and patterns of demand are continually changing, not all industries
shared equally in the expansion. For some industries with a strong growth
component, notably chemicals, aluminum, and electric power, output increased throughout the period; production in certain other industries,
whose output fell substantially in 1954, advanced rapidly in both 1955
and 1956; and the output of still other industries, such as automobiles and
home building, which had been particularly high in 1955, declined in 1956.
CHART 2
Change in Composition of Output, 1952 to 1956
Lower national security purchases allowed a larger proportion of
output to be devoted to private consumption and investment.
PERCENT-^
20
40
60
I
I
80
100
GROSS NATIONAL PRODUCT
A
1952
1956
PERSONAL
CONSUMPTION
EXPENDITURES
GROSS
INVESTMENT-2/
OTHER
NATIONAL
GOVERNSECURITY
MENT
PURCHASES
PURCHASES
|
J
^ BASED ON DATA IN 1956 PRICES.
^ G R O S S PRIVATE DOMESTIC INVESTMENT AND NET FOREIGN INVESTMENT.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
The growth of income received by individuals is another indication of
the increased economic activity of the last four years. Personal income
disbursed to individuals rose from $276 billion in 1952 to $331 billion
in 1956. Despite some contraction in the flow of incomes in the latter
part of 1953 and early 1954, the total for each year during the four-year
period was higher than for the preceding one. Personal incomes after
taxes also rose rapidly, reflecting both the increase in incomes received and
the 1954 reduction in personal tax rates.
This expansion resulted in a clear improvement in income per person.
The 1956 average weekly earnings of production workers in manufacturing,
for example, were $80.13, a rise of $12.16 a week over 1952. Even after
allowance for the 2.3 percent increase in consumer prices which occurred
between 1952 and 1956, the gain in weekly earnings amounted to over
$10.50. Not only did those who work for wages and salaries make substantial absolute gains during the period; their share of income also rose.
Labor income—that is, the sum of wages, salaries, social security benefits,
and related payments—constituted 75.8 percent of total personal incomes
disbursed in 1956, compared with 73.8 percent in 1952.
The income of business proprietors and professional people also expanded.
Farm income continued to decline through 1955, but some improvement
took place in 1956. Dividend payments increased each year, although
corporate profits fluctuated more than other forms of income.
This record of expanding employment, production, and incomes shows
that we do well to place primary reliance for economic growth and improvement on competitive enterprise. It demonstrates anew that such an economy, operating in an environment that provides the incentives needed for
the full utilization and improvement of economic resources, has vast potentialities for advancement of material welfare. The competitive economy's
growing productiveness is based on the fact that it provides increasing
amounts of capital for the use of each worker and encourages the maximum
use of the energies and talents of the individual. Through the organizing influence and discipline of competitive markets, these powerful forces
are employed to meet the needs and preferences of the consumer as expressed in the market place. And all this is accomplished within a framework of free institutions and individual choice. Essentially, the record
reveals the opportunity that a free economy affords for the betterment of
well-being.
The period has also been one of improvement in the economies of other
nations of the free world. Vigorous economic growth has characterized the
industrialized countries of Western Europe and also Canada and Japan. In
each of these, the flow of goods and services to consumers and the additions
made to productive plant and equipment have increased materially. Substantial progress has also been made in many of the nations that are economically less developed, although the rate of growth has varied widely
among them.
A remarkable strengthening of international trade and finance has
taken place. Trade among the nations of the free world rose from less
than $74 billion in 1952 to approximately $93 billion in 1956. Responding
to economic expansion at home and abroad and to the gradual relaxation
of trade controls, our foreign trade and investment have increased markedly;
both exports and imports were at record levels in 1956. Following a decline
for a short time after the termination of the Korean conflict, nonmilitary
exports of goods and services increased during 1954, thus helping to sustain
business activity in this country. The expansion of these exports was extended in 1955 and 1956, in the latter year reaching about $23 billion,
approximately 28 percent more than in 1952. Imports of goods and services
followed the trend of domestic business activity more closely, falling in 1954
and rising in the next two years. In 1956, they totaled almost $20 billion,
some 25 percent above their total four years earlier (Chart 3).
Although Government grants and credits still financed a sizable amount of
our exports, increasing reliance was placed on private trade and investment
during the past four years. Net private investment abroad of United States
funds was at a new high in 1956. While expanding their purchases of goods
and services from the United States, other countries have added about $7
billion to their gold and dollar reserves since 1952. The increase in these
reserves, which were severely depleted during and after World War II, is
traceable largely to our imports of goods and services and to our mili-
8
CHART 3
U. S. Balance of Payments on Current Account,
1952-56
U. S. foreign trade reflected economic expansion at home and
abroad.
BILLIONS OF DOLLARS
30
GOODS AND SERVICES
TOTAL EXPORTS..
EXPORTS EXCLUDING
MILITARY
GRANTS- I N - A I D
ShCURRENT
20
• " • : : ' :
•
•
•
•
•
•
•
•
•
•
•
ACCOUNT.
•
^
•
^
TOTAL IMPORTS
IMPORTS EXCLUDING
U.S. MILITARY
EXPENDITURES ABROAD
!0
1
1952
1953
1954
1955
1956
f
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
tary expenditures abroad. Further expansion of nonmilitary exports will
continue to depend, fundamentally, upon the volume of our imports and
the amount of private United States investment in foreign countries.
The sharpest expansion in our exports has been in shipments to
industrialized countries with high per capita incomes, which are often
competitive with us, and to certain less developed countries in which the
rate of economic expansion has recently been high. This fact strongly
suggests the economic advantage to this country which can accrue from
economic development abroad. When trade is conducted on a nondiscriminatory, multilateral basis, it is natural to expect that prosperity elsewhere will be reflected in an increased demand for the products of our
farms, mines, and factories. Such has been the case in the last four years.
IMPROVEMENT IN LEVEL OF LIVING
The rise in real incomes which was described above reached to all income
levels. Whereas 27.1 million families, or 54 percent of the total, had incomes before taxes of more than $4,000 in 1952, 30.6 million, or 59 percent
of the total, had incomes of this amount in 1955. Data are not yet available on the distribution of incomes in 1956, but other evidence indicates
that the improvement continued. Since the cost of living rose only
slightly over this period, most of the increase in money incomes represented
an actual gain in well-being. Expressed in dollars of constant purchasing
power, per capita personal income rose 10 percent after taxes and consumer
expenditures 11 percent. Some indicators of the increase and diffusion
of well-being in recent years are given in Chart 4 and Appendix D.
CHART 4
Improvement in Well-Being, 1952 to 1956
Consumption and other measures of well-being increased more
rapidly than population.
0
PERCENTAGE INCREASE, 1952 TO 1956
5
10
15
20
25
POPULATION
PERSONAL CONSUMPTION
EXPENDITURES-^
OWNER-OCCUPIED
NONFARM DWELLINGS
LIFE INSURANCE
POLICY HOLDERS
WEEKS OF VACATION
PERSONS WITH
HOSPITAL INSURANCE
EMPLOYED PERSONS
COVERED BY OASI
J/ PERCENTAGE BASED ON DATA IN 1956 PRICES.
SOURCES: VARIOUS GOVERNMENT AND PRIVATE AGENCIES.
Striking achievements were made in housing.. The 5 million dwelling
units that were constructed exceeded the number built in any other fouryear period and substantially enlarged the housing stock available to the
American people. There were improvements in the size, design, and equipment of new homes, and sizable outlays for repairs and alterations added
to the comfort and convenience of existing homes. A growing proportion
of our homes were owner occupied—60 percent in 1956, compared with
55 percent in 1950.
During the four-year period, 24.5 million new automobiles were bought,
and, even though large numbers of old cars were scrapped, the number of
automobiles increased 11 million. Consumers also purchased large quantities of other durable goods—especially household appliances.
The increase in the ownership of homes and of consumer durable goods
entailed a large increase in debt. Short- and intermediate-term consumer
debt increased $15 billion, or 53 percent, from December 1952 to December 1956; home mortgage debt rose $40 billion, or 69 percent. On
the other hand, American families made large additions to their financial
assets. Consumer holdings of bank deposits, savings bonds, and other selected financial assets were about one-fourth higher in 1956 than in 1952.
Provisions for personal security were also improved by large increases in
the number of persons covered by life and medical insurance and in the
degree of protection afforded, as well as by governmental social security
programs.
Participation in and support of religious, cultural, educational, and
civic activities are more extensive than ever before. Church membership has increased markedly, and recent years have witnessed a sharp rise
in the construction of church and related buildings. Outlays for library
construction have been large, and book circulation and publication have
exceeded any previous records. Greatly increased amounts of resources are
being devoted to education at all levels. Public and private outlays on construction of educational buildings totaled $3.1 billion in 1956, a rise of 57
percent in four years; and private grants and gifts for higher education are
estimated to have increased about two-thirds.
This is a gratifying record of the improvement in the level of living that
can be achieved through a vigorous competitive economic system. In particular, it shows the capacity of such a system to bring about a widespread
participation in the benefits of economic expansion. But much room for
improvement remains.
Although average incomes have increased substantially, the incomes of
many Americans are still inadequate. Some in the low-income group
are older persons, beyond the employable age; others suffer from illness or
are handicapped by lack of adequate training, education, or knowledge of better job opportunities. Also, some areas have failed to share
in the general economic expansion; certain communities have had relatively high levels of unemployment over protracted periods. Considerable
progress was made in the last four years, however, under various private
and governmental programs aimed at meeting these problems and at
strengthening personal security. Proposals are put forward in Chapter 4
for broadening and strengthening these activities of Government.
PROBLEMS OF AGRICULTURAL ADJUSTMENT
The basic problem of the agricultural sector of the economy in recent
years has been a persistent tendency for production to outrun commercial
demands. In response to a rapidly advancing technology and remunerative
price supports, farm output has risen since 1952 (Chart 5). Consumption
and exports have failed to increase correspondingly. Reflecting these facts,
and the sharp decline in exports in 1952-53, stocks of surplus farm products
have accumulated. Before the 1954 harvest could be affected by acreage
II
allotments, carry-overs of wheat and cotton had risen to about 3 5/2 times
those of 1952 and the carry-over of corn had nearly doubled (see Chart 11,
p. 31). Partly as a by-product of large cotton crops, stocks of food fats also
nearly doubled. Substantial shifts were subsequently made in crop acreages—predominantly out of wheat and cotton—but large parts of this
cropland were diverted to the production of feed grains, with the result
that markets for a widening range of commodities have been threatened
by excessive supplies.
These developments in output and stocks have been reflected in farm
prices and income. For nearly five years the index of prices received by
farmers moved persistently downward from the peak reached in February
1951 under the inflationary impact of the Korean conflict. But because the
volume of farm marketings increased, realized gross farm income in 1956
was only 1 percent below the high level attained in 1947, before agricultural
production abroad had recovered from wartime dislocation. However, the
newer techniques of production and a delayed rise in prices paid by farmers
raised farm expenses more than one-quarter in the interim, and net farm
income was accordingly reduced substantially.
These conditions have naturally tended to bring about an extensive and
difficult transition in agriculture. In general, adjustments have been in the
direction of a better balanced farm economy. Most of the decline in the
total number of farms has been among units that yield inadequate income to
their operators; the number of moderate-sized family farms has increased;
and the proportion of farms owned in whole or in part by the farm operator
has risen. The value of farm assets has increased in recent years, and
farmers' equities are at a record high level. Although total farm debt has
increased every year since 1946, the mortgage debt component is now only
slightly higher in relation to the value of farm real estate than in the most
favorable years on record. Debt repayments have proceeded largely on
schedule, and foreclosure rates are low. Farm families have added to their
holdings of consumer durable goods at a rapid rate and, as usual, with less
resort to consumer credit than is customary among urban families. In
short, agriculture as a whole has made gains, though its income is not as
high as in years of exceptional war and postwar demands.
Forces and conditions originating in the nonfarm sectors of the economy
have to some extent contributed to agriculture's adjustment problems. As
individual incomes rise, certain major farm products, such as wheat and cotton, meet severe competition from other desired consumer goods. Jointly
with increases in efficiency, these demand factors have tended historically to
reduce agriculture's proportion of employment, population, and national
income. And conditions in the nonfarm economy have a direct impact on
farm costs; for example, the prices of tractors and farm machinery reflect
the pressure of general industrial demand, and the price and supply of
fertilizers respond more to factors at work in the chemical industry than to
those originating in farming.
CHART 5
Agricultural Production and Technology Since Prewar
Farm output and productivity have risen to record levels.
INDEX, 1947-49 = 100
(40
OUTPUT PER MAN -HOUR w
120
j f *
-
y
100
/—^P^
>> TOTAL FARM
OUTPUT
-
80
60
i
i
i
l
1940
i
i
i
i
1945
i
i
\1950
1
1
1
1
1
1955
Changed cost relationships have influenced the combinations of
resources used in farm production.
CHANGES IN PRICES
OF SELECTED RESOURCES
-100
0
+100
PERCENTAGE CHANGE, 1 9 3 5 - 3 9 TO 1956
+200 +300 +400
-100
0
+100
+300
+400
®$$5$l TRACTORS
FEED
FARM MACHINERY
MOTOR VEHICLES
LABOR
I
• ^ PER UNIT OF OUTPUT.
SOURCE: DEPARTMENT OF AGRICULTURE.
+200
FERTILIZER
FERTILIZER
W&S
CHANGES IN USE
OF SELECTED RESOURCES!/
TRUCKS
HORSES AND MULES
MAN-HOURS
CHART 6
CCC Operations and Agricultural Exports, 1950-57
Output in excess of market requirements has increased Commodity
Credit Corporation price-support loans and inventories.
BILLIONS OF DOLLARS
12
FISCAL YEARS
10
CCC PRICE-SUPPORT
,
LOANS AND INVENTORIES J
I l l
1
1
1
1 1 1
Agricultural exports declined sharply in 1952-53 but have since
increased under Government programs.
BILLIONS OF DOLLARS (ENLARGED SCALE)
FISCAL YEARS
TOTAL AGRICULTURAL
EXPORTS
-
/v
„•
••••
""**•— SALES OUTSIDE
GOVERNMENT
PROGRAMS^/
FOREIGN CURRENCY
.«#
SALES
^
1
1950
^
\
1952
-'I
1954
1
1
1956
END OF QUARTER, EXCEPT LATEST DATA PLOTTED, WHICH ARE FOR NOVEMBER 3 0 , 1956.
^ AT COST; FISCAL YEAR TOTALS.
J
'
INCLUDES DOLLAR SALES AT SUBSIDIZED EXPORT PRICES.
SOURCE: DEPARTMENT OF AGRICULTURE.
14
Some trends in the nonfarm sectors of the economy have operated
distinctly in agriculture's favor. Increasing population and rising incomes
have sustained total domestic consumption of farm products. Higher real
incomes have increased the demand for livestock products, and industrial
technology has created new market opportunities for the vegetable oilseeds.
General prosperity has widened job opportunities for farm people outside
agriculture, and farm earnings have been increasingly supplemented by
off-farm employment.
In the immediate situation, however, efforts to stabilize farm income have
led to Government activities on a broad scale. These have involved not
only substantial public expenditures but also serious encroachment on the
private marketing system. Net budget expenditures on behalf of agriculture, which are an indication of the immediate fiscal burden though not
necessarily of the ultimate cost to the Treasury, now account for almost onequarter of the Federal budget excluding national security expenditures and
interest on the public debt. The six so-called "basic" commodities were
supported at 90 percent of parity through 1954, and dairy products likewise
until early in that year. Even under the somewhat more flexible scale in
effect since then, support levels are frequently the most important single
factor in determining the prices prevailing in a number of commodity
markets. The Commodity Credit Corporation has become a major operating unit in our economy, with a statutory borrowing authority of $14.5
billion and an outstanding debt of more than $11 billion to the United
States Treasury. Its investment in price-support loans and inventories
increased nearly $7 billion between June 30, 1952 and June 30, 1956,
despite the disposal of commodities valued at about the same amount.
Among shipments overseas, there has been a marked increase in commodities moving under Government programs concurrently with a decline in
unsubsidized, commercial exports (Chart 6). The implications of these
measures for agriculture and for the economy in general emphasize the
importance for sustainable agricultural improvement of the policy objectives of the last four years—wider freedom for our commercial farmers
in managing their own enterprises, appropriate shifts in the use of the
Nation's cropland, an improved system of price supports, and research
into new products, markets, and uses.
ADJUSTMENT TO ECONOMIC CHANGE
The last four years have demonstrated the ability of the Nation's private
economy to expand, to provide an increasing number of jobs, and to raise
levels of living. Also, they have tested the capacity of our economy to adjust
to large changes in the pattern of demand and the effectiveness of public
policies designed to promote growth and stability. Because the stabilization
problem is continually changing in a dynamic economy, policies aimed at
promoting stable growth must be flexible. This fact was well illustrated
in the last four years, in which the problem shifted from one of helping to
15
CHART 7
Economic Adjustments, 1953-54
Defense
expenditures
and
inventory
investment -were
sharply
reduced . . .
BILLIONS OF DQLLARS
SEASONALLY ADJUSTED ANNUAL RATES
60
NATIONAL SECURITY
PURCHASES
50
40
10
*•
CHANGE IN BUSINESS
INVENTORIES
I
-10
. . . but tax reductions and social security payments helped maintain consumer income and spending.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
DISPOSABLE PERSONAL
INCOME^
^
260
240
PERSONAL CONSUMPTION
EXPENDITURES
220
f
0
1953
1954
-1/ PERSONAL INCOME LESS PERSONAL TAXES.
SOURCE: DEPARTMENT OF COMMERCE.
16
CHART 7—Continued
Economic Adjustments, 1953-54
Credit policy was eased . . .
MILLIONS OF DOLLARS
PERCENT PER ANNUM
i.ooo
2.5
800
2.0
400
1.5
1.0
-400
-800 1 I
1
i
I
i
1
I
T
t
i
l
1
I
i
t
I
i
I
i
i
i
i
i
I 0
. . . which helped sustain expenditures on new construction and
consumer durable goods in 1954.
BILLIONS OF DOLLARS
40
SEASONALLY ADJUSTEO ANNUAL RATES
^
CONSUMER EXPENDITURES
FOR DUF(ABLE GOODS
30
.
20
OTHER NEW PRIVATE
CONSTRUCTION
________„"
\
10
NEW RESIDENTIAL
CONSTRUCTION
(NONFARM)
I
0
l
l
1953
1
1
1954
1
MEMBER BANK EXCESS RESERVES LESS BORROWINGS FROM FEDERAL RESERVE
BANKS; AVERAGES OF DAILY FIGURES.
SOURCES: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, TREASURY
DEPARTMENT, AND DEPARTMENT OF COMMERCE.
contain contractive forces and to bring about an early recovery in 1953-54
to one of restraining inflationary pressures in 1955-56.
Government policies aided significantly in preventing the declines in
inventory and defense expenditures during 1953 and 1954 from causing a
severe recession, and they contributed to the subsequent recovery. Legislative reductions in tax rates and changes in the tax structure, and the reduction in tax liabilities which automatically accompanies declining incomes,
helped maintain disposable personal incomes (Chart 7). Similarly, incomes
were supplemented by payments made under our unemployment insurance
and social security programs. Tax measures increased the means and the
incentives for business outlays on capital goods, and ample credit was made
available on favorable terms. These measures became effective promptly,
before the forces leading to a downturn could gather momentum and spread
through the economy.
The extent to which the recession was contained and the vigor of the
recovery that followed are shown in broad measures of employment, production, and income. Total civilian employment, which had been 62.3
million on a seasonally adjusted basis in the second quarter of 1953, the
period of peak activity, declined to 61.1 million in the third quarter of 1954.
In the same period, gross national product measured in constant prices fell
3 percent. Personal disposable income, which had been at an annual
rate of $251 billion in the second quarter of 1953, actually rose to $254
billion in the third quarter of 1954. With incomes well maintained,
the physical volume of consumer purchases declined only 1 percent from
the second quarter to the fourth quarter of 1953, and then rose to a new
high in the second quarter of 1954. Residential construction outlays
measured in constant prices fell slightly in the second half of 1953, but
increased sharply thereafter. Business construction expenditures began
rising in late 1953; even though purchases of producers' equipment continued to decline, total fixed investment expenditures rose throughout 1954,
and in the third quarter surpassed their 1953 peak. State and local expenditures increased each quarter during the recession.
In the recovery period, taken from the third quarter of 1954 through the
second quarter of 1955, total civilian employment rose about 2^4 percent,
to 62.7 million; and gross national product, personal disposable income, and
consumer purchases of goods and services each increased about 7 percent,
all measured in constant prices. During the remainder of 1955, economic
activity continued to increase vigorously; there were substantial gains in
employment, production, and real incomes. While wholesale prices of
industrial goods began to rise appreciably after the middle of the year, consumer prices, on the average, remained stable.
As strong expansionary forces began to be felt, the policies pursued during the second half of 1953 and 1954 were modified toward the end of the
latter year. The Federal Reserve authorities reduced slightly the degree
of credit ease that had prevailed. In January 1955 a Federal budget which
z8
brought cash receipts and expenditures into balance was recommended.
This required the postponement of corporate and excise tax reductions
scheduled for April 1955, which was requested of, and granted by, the
Congress. As the recovery became more firmly established and economic
activity continued to expand, Government policies were increasingly directed toward avoiding excessive demand pressures and consequent inflationary price increases. Since the rise in home building and in mortgage
debt was particularly sharp, the Administration in April, and again in
July, imposed restraints on the terms of federally-underwritten credit extended for home purchases. Federal Reserve authorities moved toward a
more restrictive credit policy early in 1955, and maintained it during the
remainder of the year.
The year 1956 illustrated again that the course of economic events is
never a mere extension of the recent past. Although many of the policies
adopted in 1955 to promote economic growth with price stability were continued in 1956, the developments of the year required important policy
modifications. These developments and the policies followed by Government are described in the following chapter.
The adjustments successfully completed in the last four years reveal the
very great capacity of a free economy to correct imbalances and to maintain growth with a high degree of stability. Business concerns contribute
significantly to this process by doing a more systematic and orderly job of
planning and scheduling capital outlays. Improvements in economic information make it possible to discern maladjustments before they reach
serious proportions. Fluctuations in economic activity are moderated by
the variation of Federal tax receipts which accompanies changes in income,
and by changes in the amount of unemployment compensation payments.
And Government has learned much about fostering economic stability
through properly designed and aptly timed public policies. The contraction of 1953-54 showed that if consumer and business confidence is
maintained, and if appropriate and well-timed fiscal and monetary actions
are taken by Government, massive programs of Federal intervention aimed
at countering recessionary tendencies are not only unnecessary but are
wholly undesirable. The experience also shows that vigorous competitive
enterprise supported by wise governmental policies can use the opportunity
provided by a reduction in military expenditures to achieve a significant
improvement in our level of living.
Chapter 3
Economic Developments in 1956
S THE YEAR 1956 OPENED, an expansion of some eighteen months'
- duration had carried total production, income, and employment to new
high levels. The over-all expansion proceeded at a more moderate rate in
the early months of the year, and the small rise in gross national product
was due to higher prices rather than to further increases in the physical
output of goods and services. The slowing down in the pace of the expansion was largely attributable to reduced automobile sales and production,
lower residential construction, and smaller additions to inventories. Although these downward movements persisted through the spring and
summer months, over-all business activity continued to advance because of
strength elsewhere, notably the rapidly rising volume of expenditures for
plant and equipment. In the final quarter automobile production and
sales turned upward, and additions to business inventories increased. The
result was a substantial rise in business activity which, combined with the
A
TABLE 1.—Changes in gross national product and its major components, 1954-56
[Billions of dollars, seasonally adjusted annual rates]
Change
Fourth
quarter
19561
Third
quarter
1954 to
third
quarter
1955
Third
quarter
1955 to
third
quarter
1956
424 0
37.4
17.0
10.2
271.2
20.0
9.0
4.4
15.4
255.8
6.0
14.0
-4.8
13.8
1.7
2.7
Gross private domestic fixed investment..
64.4
7.3
4.6
1.3
Residential construction (nonfarm)-..
Other construction
_
Producers' durable equipment
14.9
18.0
31.5
3.0
2.0
2.5
-1.7
1.7
4.5
-.6
—.1
2.0
Change in business inventories
4.0
8.2
-1.7
2.0
Net foreign investment
2.4
.9
1.5
.7
82.0
.9
3.7
1.8
48.3
33.7
—1.1
1.9
.6
3.1
1.1
.7
Item
Gross national product
Personal consumption expenditures.
Automobiles and parts.
All other expenditures..
Government purchases of goods and servicesFederal (excluding Government sales) .
State and local
1
Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
20
Third
quarter
1956 to
fourth
quarter
19561
smaller increases earlier in the year, carried gross national product to an
estimated annual rate of $424 billion in the final quarter of 1956 (Tables
1 and 2). For the year as a whole gross national product was $412 billion.
About half of the increase of $21.5 billion over 1955 represented a gain in
real output, and the remainder reflected moderately higher prices. The
number of persons employed in 1956 averaged 65.0 million, an increase of
1.8 million above the preceding year. In view of the very high levels of
activity that had already been reached in 1955, the advance last year was
substantial (Chart 8).
T H E PATTERN OF THE EXPANSION
Foremost among the sources of strength in the economy during 1956 was
the continued expansion in outlays for new productive facilities. Capital
outlays rose to an annual rate of $37 billion by the end of 1956, almost
20 percent above the level prevailing a year earlier. The strength of
investment, which was particularly notable in expenditures on equipment,
was all the more remarkable since the increase came after a similar rise
during 1955. These unprecedented provisions for new and improved productive facilities were the enterprise system's response to continued high
sales in most sectors, favorable long-term business expectations, rising funds
from depreciation charges, and competitive pressures to use new technological developments.
TABLE 2.—Changes in production, employment, and personal income, 1954-56
Percentage change»
Item
Third
quarter
1954 to
third
quarter
1955
Third
quarter
1955 to
third
quarter
1956
Third
quarter
1956 to
fourth
quarter
1956 3
PRODUCTION
Gross national product (constant prices).
Industrial production
13.8
1.1
.7
1.3
3.5
4.6
4.5
4.5
6.0
2.2
2.9
2.3
A
-.5
.4
8.0
7.8
5.7
5.3
1.9
1.7
EMPLOYMENT
Total civilian employment 3 3 _._
Nonagricultural employment
Employees in nonagricultural establishments *
Employees in manufacturing establishments ~
.9
1.9
PERSONAL INCOME
8
Personal income disbursements
_.
Disposable personal income 6
i Quarterly changes based on seasonally adjusted data.
* Based on preliminary data for fourth quarter 1956.
* Based on Bureau of the Census data. See Table E-17 for definition.
*8 Based on Bureau of Labor Statistics data. See Table E-22 for definition.
Total personal income plus personal contributions for social insurance.
6
Total personal income less personal taxes.
Sources: Department of Commerce, Board of Governors of the Federal Reserve System, Department
of Labor, and Council of Economic Advisers.
Capital outlays rose in virtually all branches of production, transportation, and trade. The increase during 1956 was most marked in manufacturing, followed by public utilities. Within manufacturing, producers of
automobiles^ chemicals, steel, and petroleum products accounted for most
of the gain. Investment by commercial enterprises continued to rise, but
at a much slower rate than during the preceding year.
Larger expenditures by State and local governments added substantially
to demand in 1956. State and local governments increased their spending on goods and services almost $3 billion, as outlays on schools, highways, and various community facilities continued to rise. The expenditures
of State and local government units exceeded their revenues, and their
borrowings in the capital markets were again large. The Federal Government's fiscal operations helped to moderate the inflationary pressures that
resulted from the larger volume of business activity. Although Federal
expenditures on goods and services were higher in the second half of the
calendar year, as was the sum of social security and other transfer payments,
tax revenues increased in response to the advance in private incomes and
yielded a surplus in both the conventional and cash budgets.
Growing foreign trade and investment was another expansionary factor.
Merchandise shipments abroad (excluding military aid transfers), which
comprised approximately three-fourths of our exports of goods and services,
were nearly $3 billion greater than in 1955 and at a record high of $17 billion (Table 3). Almost three-fourths of these shipments consisted of manufactured industrial goods, mostly finished goods. Export activity was
especially marked for a number of industries confronted by heavy domestic
demands; machinery exports rose about 24 percent and with iron and steel
products and chemicals accounted for about one-third of the $3 billion
increase. Expansion of bituminous coal exports provided an important
additional market for that industry.
Merchandise shipped to this country, which comprised almost two-thirds
of our imports of goods and services, rose more than $1 billion, to a new
TABLE 3.—United States exports and imports of goods and services, 1952—56
Excluding transfers under military grant programs
[Billions of dollars]
Exports
Year
Total
1952
1953..
1954
1955
1956»
..-
18.1
17.1
17.9
19.9
23.1
Goods
Imports
Services i
4.7
4.8
5.1
5.7
6.1
13.3
12.3
12.8
14.3
17.0
Total
15.7
16.6
16.1
17.9
19.7
Goods
Services2
10.8
11.0
10.4
11.5
12.7
1 Includes income on investments.
2 Includes income on investments and United States military expenditures abroad.
3 Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
22
4.9
5.7
5.7
6.4
7.0
Export
surplus of
goods and
services 2
2.4
.4
1.8
2.0
3.4
CHART 8
Economic Activity, 1954-56
Economic activity rose in 1956 . . .
BILLIONS OF DOLLARS*
440
INDEX, 1947-49=100
SEASONALLY ADJUSTEO
GROSS NATIONAL PRODUCT
IN 1956 PRICES
(LEFT SCALE)
400
\
mmm
+
\
V*
++\
_•
'
*^^***
^
^ . — — — T " * " ^ ^ ^
^"^
' ' ^
^
^ > L
GROSS NATIONAL PRODUCT
^ > ^ ^ ^ — IN CURRENT PRICES
(LEFT SCALE).
X
_ 150
360
140
V
•*
STEEL
STRIKE
/
320
0
-
1
1 » f 1 1 1 1 t
1 1
~ 130
INDUSTRIAL PRODUCTION
(RIGHT SCALE)
l l l r I 1 I 1 I i I
1 1 1 1 1 1 1 1 f
. . . with diverse movements among important sectors.
BILLIONS OF DOLLARS (ENLARGED SCALE)
60
SEASONALLY AOJUSTEO ANNUAL RATES
BUSINESS FIXED INVESTMENT 27
X.
40
T"
CONSUMER EXPENDITURES FOR
AUTOMOBILES AND PARTS
RESIDENTIAL CONSTRUCTION
(NONFARM)
20
I
I
1954
1
I
1
1955
1
1
i
1956
• A N N U A L RATES.
•^PRODUCERS'DURABLE EQUIPMENT AND NONRESIDENTIAL CONSTRUCTION.
SOURCES: DEPARTMENT OF COMMERCE, BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM, AND COUNCIL OF ECONOMIC ADVISERS.
1
1 1
120
high of nearly $13 billion. Half of our merchandise imports consisted of
finished and semimanufactured industrial goods. Larger inflows of such
items as structural steel, machinery, nonferrous metals and ferroalloys, and
iron ore and concentrates reflected the high level of our industrial activity.
Notable increases also occurred in imports of automobiles, paper, cotton
and woolen textiles, and, prior to the blocking of the Suez Canal, crude
petroleum.
The excess of exports over imports was made possible in part by greater
private capital investments abroad. These investments, which were almost
$1.2 billion in 1955, more than doubled in 1956. Most of the increase consisted of investments in foreign branches and subsidiaries of United States
corporations in Canada, Western Europe, and Latin America. The volume
of sales of Canadian securities to United States investors was larger than in
1955. United States Government loans to foreign countries, and investments of foreigners in the United States, also increased. The net result
of all these transactions, with private remittances and nonmilitary Government grants virtually unchanged, was an addition of almost $2 billion of net
foreign investment to gross national product.
Consumer expenditures on all goods and services continued to rise.
But the gains were not as large as during 1955, reflecting a smaller increase
in incomes and a greater volume of savings. A larger amount of tax payments further limited the gain in personal disposable income, which was
about $16 billion, whereas in 1955 the gain had been more than $20 billion.
Personal savings accumulated at an annual rate of $22 billion in the final
quarter of 1956, compared with less than $19 billion in the same period of
1955. Nonetheless, consumers in the final quarter of the year bought nondurable goods at an annual rate more than $6 billion higher than a year
earlier, and added at a similar rate to their spending on services. They
also spent more on durable goods, with the exception of automobiles.
Outlays for automobiles and home building, which had risen to unusually
high levels through the third quarter of 1955 and had been a major expansionary factor during that year, were a moderating influence in the economy
through most of 1956. That total economic activity could continue its
upward course when there was substantial downward pressure in these two
important industries was one of the notable features of the year.
In the third quarter of 1956, consumer and business purchases of automobiles, together with expenditures by automobile manufacturers and retail dealers incident to changes in inventories, were one-third below those
in the same quarter a year earlier; in the fourth quarter, however, these
expenditures rose substantially. Consumer purchases of automobiles and
parts, after a decrease from an annual rate of $18.5 billion in the third
quarter of 1955 to $13.7 billion in the third quarter of 1956, increased to a
rate of about $15.5 billion in the last quarter, as new models were introduced.
Housing starts, which had declined during 1955, continued generally
downward as home builders were faced with reduced availability of funds,
higher costs of land and construction, and more selective demand. Expenditures for residential building followed a similar pattern, although they
declined more slowly, until their annual rate in the fourth quarter of 1956
was $2.3 billion below the peak rate in the third quarter of 1955. Despite
the relatively large declines in both housing starts and expenditures, 1.1
million dwelling units were built in 1956 and residential construction
expenditures were higher than in any year except 1955.
Additions to inventory played a less important part in the expansion of
1956 than in the recovery and expansion of 1954-55, although they remained substantial. During the first half of the year, production was cut
back and inventories were reduced in a number of industries related to automobiles and housing. However, there were large increases of purchasedmaterials inventories by durable goods producers generally, of work-inprocess inventories by manufacturers of producer equipment, and of stocks
of such nondurable goods as synthetic fibers, cotton and synthetic fabrics,
and gasoline. Total business inventory accumulation during the first half
of the year was at an annual rate of $3.8 billion, compared with $6.1 billion
in the final quarter of 1955. The over-all rate of accumulation was smaller
in the third quarter, as metal fabricating industries used up inventories
during the steel strike and automobile dealers further reduced their stocks.
This movement was reversed, however, in the closing months of the year,
when automobile manufacturers and dealers and some of their suppliers
rebuilt their stocks and manufacturers of producer equipment continued
their accumulations; these additions more than offset reductions in the rate
of inventory accumulation by most industries manufacturing nondurable
goods.
Changes in industrial production reflected the year's shifting pattern of
major demands (Table 4). Early in the year, industries affected by lower
automobile sales experienced substantial declines. Lumber production
was adversely affected by the reduction in residential building. However,
industries that benefited from the high capital outlays expanded their
output almost without interruption throughout the year. The output of
the stone, clay, and glass industries, influenced by heavy nonresidential construction demands, moved up moderately to a high in May. Production of
nondurable manufactures rose slightly during the latter part of the year,
after edging downward through July. Soft coal production rose 6 percent
above that in 1955 as a result of strong domestic and export demand. At the
year-end, the Middle East crisis led to new high output of domestic crude
oil.
Despite this diversity in individual industry experience, total industrial
production, which had receded slightly during the first half of the year
* and sharply in July as a result of the steel strike, advanced again in the fall.
At the end of the year, total output was 2 percent above that of December
1955 and at an all-time high.
25
T A B L E 4.—Changes in industrial production, 1955—56
Index, 1947-49=100,
seasonally adjusted
Industry
December
1955
Industrial production
Durable manufactures
Primary metals
__
Fabricated metal products...
Nonelectrical machinery
Electrical machinery
Transportation e q u i p m e n t Instruments and related
products
_
Stone, clay, and glass
products
Lumber and products
Furniture and fixtures
Miscellaneous manufactures.
Nondurable manufactures
Textiles and apparel
Rubber and leather productsPaper and printing
Chemical and petroleum
products
Foods,
beverages,
and
tobacco
July
1956
Percentage change
July 1956 December
December December
1955 to to Decem- 1955 to
19561
July 1956 ber 1956 December
19561
144
136
147
161
148
166
150
138
146
199
212
*68
129
152
210
191
149
138
154
217
219
159
167
173
154
126
123
146
159
125
124
145
159
120
120
143
12
-55
-7
4
6
-10
119
7
1
3
15
3
-1
1
0
-4
-3
-1
130
127
131
-2
112
125
140
106
111
147
107
120
148
-5
-11
166
166
169
5
0
113
110
113
129
122
130
-3
Minerals
Coal
Crude oil and natural gas
Metal, stone, and earth
minerals
-5
87
151
77
149
80
155
123
100
129
-11
-1
-19
i Preliminary.
* Steel strike.
Source: Board of Governors of the Federal Reserve System.
HIGHER EMPLOYMENT AND INCOME
The expansion of over-all business activity in 1956 created ample job
opportunities in most occupations, and incomes rose for all major groups
of income recipients (Chart 9). Sizable employment gains were made in
trade, construction, finance and other services, public utilities, and State
and local governments. For the year as a whole, the gain in civilian employment was 1.8 million. Since agricultural employment declined more than
100,000, total civilian nonagricultural employment was about 1.9 million
greater than a year earlier. Average employment for the year reached a
high of 65 million.
In manufacturing, the production adjustments necessitated by the decline
in automobile sales and housing construction involved reductions in hours
of work and in the number of persons employed in the affected industries.
Most of the reductions in working force, however, were less than the declines in output, since firms retained many of .their experienced workers.
Employment continued to increase in those industries in which output was
expanding, notably in machinery. Also, the employment of nonproduction
workers in manufacturing continued to rise appreciably during the year,
CHART 9
Employment and Income, 1955-56
Increases in employment and wage rates . . .
MILLIONS OF PERSONS
AVERAGE HOURLY EARNINGS
IN BUILDING CONSTRUCTION-*/
2.80
(LEFT SCALE)
2B0
60
2.00
59
58
*NONAGRICULTURAL
EMPLOYMENT.*/
1.80
57
(RIGHT SCALE)
56
AVERAGE HOURLY EARNINGS
IN RETAIL TRADE-!/,
r
1.60
1
I
I
I
55
(LEFT SCALE)
I
1
I
I
1
1
I
!
I
I
1
1
1
I
1 1 1 1 1
. . . resulted in higher personal income.
BILLIONS OF DOLLARS
350
SEASONALLY ADJUSTED ANNUAL RATES
300
1
TOTAL PERSONAL INCOME
I
250
LABOR INCOME
>ME v .
200
-
,T
i
i
ii
1955
if
i. i
I_
FOR PRODUCTION WORKERS OR NONSUPERVISORY
1956
EMPLOYEES.
%/ SEASONALLY AOJUSTED.
SOURCES: DEPARTMENT OF LABOR, DEPARTMENT OF COMMERCE,
AND COUNCIL OF ECONOMIC A D V I S E R S .
i
even in some sectors where production workers were laid off. For manufacturing as a whole, total employment by the end of the year had reached
a level above that at the end of 1955.
Unemployment remained relatively low throughout 1956. During most
of the year the average duration of unemployment was shorter than in 1955,
and unemployment for men with family responsibilities was low.
Improvements in income were widely shared among the major groups of
income recipients. Compensation of employees in the final quarter of the
year was approximately 6^4 percent above that received in the fourth
quarter of 1955. The largest relative gain was made by employees of
private nonmanufacturing concerns. Despite slightly lower hours of work,
average weekly earnings in manufacturing increased by $3.65, to $82.89,
in the final quarter of 1956. Total business and professional income
advanced almost 7 percent. Dividend payments remained large during
1956, and for the year as a whole were somewhat higher than in 1955.
Rental incomes fell slightly. Total personal incomes rose $19 billion,
compared with a rise of $23 billion during 1955.
DEVELOPMENTS IN AGRICULTURE
After declining since 1951, agricultural prices and income both increased
moderately during 1956. In the first six months, prices of farm products
moved distinctly upward, and about half of the increase was held during
the harvest months. Net realized farm income was about 5 percent higher
than in 1955 (Chart 10). After adjustment for the change in farm inventories, net income was the same as in 1955, although it rose after the
middle of the year. There were further increases in the value of farm land
and in the net worth of farm proprietors.
Total farm output in 1956 was at a new high, despite conditions of
extreme drought in a region stretching from South Dakota to the Mexican border. As yields per acre for some crops were the largest ever
recorded, the index of crop production was for the second successive year
at the peak that had been attained in 1948. The corn crop was the second
largest in history, produced on the smallest acreage in over 60 years, with
corn yields per acre at an all-time high. Soybeans, for which market
prospects were excellent, were produced in unprecedented volume. The
wheat crop was slightly larger than in 1955, but a little below prospective
domestic and export disposition. With carry-over stocks at excessive
levels, lower production of cotton, tobacco, rice, and feed grains other
than corn represented adjustments in the direction of a better balance
between output and market requirements.
Changes in output of livestock products also were for the most part in the
direction of needed adjustments. Hog slaughter late in the fall was below
the rate that had seriously depressed prices a year earlier. There were
large shipments of cattle at relatively firm prices. The prolonged rise in the
number of cattle and calves on farms apparently came to a halt. For milk
28
CHART 10
Farm Income and Price Developments, 1950-56
Farm income stabilized/ after having declined since 1951.
Farm
proprietors' equities remained roughly constant during 1952-56.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
18
FARM INCOME
INCL. INVENTORY CHANGE-^
(LEFT SCALE )
FARM PROPRIETORS*
EQUITIES-^
(RIGHT SCALE)
16
160
140
14
120
12
FARM INCOME
EXCL. INVENTORY CHANGE-1'
(LEFT SCALE)
1
Prices received by farmers improved in 1956.
The parity ratio
averaged slightly lower than in 1955.
INDEX, 1910-14=100
PARITY INDEX
(PRICES PAID, INTEREST.
TAXES, AND WAGE RATES)
300
'•••••••...or-*'-"•....f
250
200
'"•••—..j
PRICES RECEIVED
I " i ii In 11 ill n u l l n ill n i nl 11 in I 1111 ih i i I I I II i I I Inn 11 i ii I I In ml m n l
in
125
PARITY RATIO17
100
75
1950
1952
1954
1956
- 1 / FARM OPERATORS' NET INCOME FROM FARMING, INCLUDING GOVERNMENT PAYMENTS.
&
EQUITIES AT BEGINNING OF YEAR.
' • 2 / PERCENTAGE RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE: DEPARTMENT OF AGRICULTURE.
and dairy products, the year was marked by a combination of higher prices,
larger output, near-record cash receipts from marketings, and reduction
in stocks.
Exports of farm products in the year ended June 30, 1956 were substantially larger than in the preceding fiscal year; in terms of physical volume,
they were the highest in 29 years. Government export programs played an
important role in this increase in shipments. In addition, feed grains
benefited from an expansion in livestock numbers in Europe; tobacco, from
generally increasing consumer incomes and improved foreign exchange
positions overseas; oilseeds, from a short olive crop in the Mediterranean
countries; and wheat, from enlarged import needs in Northwestern Europe
to compensate for winter wheat lost in the 1956 freeze. Exports have continued to rise so far in fiscal 1956-57.
However, major problems of adjustment remain. Neither the volume
nor the composition of farm output has as yet been brought into proper
balance with combined domestic and export requirements. United States
carry-overs of a number of crops have continued to mount (Chart 11). For
certain key commodities, the excess of stocks is world-wide. The grain stocks
carried into the 1956-57 marketing year by the principal exporting countries
were higher than ever before. World carry-over stocks of cotton about
doubled between mid-1951 and mid-1956, and the proportion held in the
United States increased. However, the Commodity Credit Corporation
(CCC) has already sold more than 6 million bales for export in 1956-57,
and reductions in the domestic carry-overs of wheat and rice are also in
prospect for 1957.
Federal price-support activities were a major factor in sustaining farm
prices and income despite burdensome supplies. Of the 1955 crops, almost
half the rice and cotton, two-fifths of the grain sorghums and rye, and onethird of the wheat were afforded direct price support by CCC loans and
purchases. The CCC investment in price-support loans and inventories
declined through the third quarter of the year, from a peak of $8.9 billion
reached in February, but losses realized in disposing of surpluses have been
running higher in the current fiscal year than in fiscal 1956. Pricesupport levels for 1956 crops were raised in April above those originally
announced; dairy farmers in certain areas benefited from suspension of
seasonal price reductions under Federal milk-marketing orders; and special
purchase programs were undertaken for several perishable commodities in
exceptionally heavy supply. Government payments in excess of $235 million
under the Soil Bank Program made a sizable addition to farm income,
especially in the fourth quarter.
MOVEMENTS IN PRICES, COSTS, AND PROFITS
Prices of most commodities and services rose during 1956. Industrial
prices, which had begun to increase in the second half of 1955, continued
their upward movement into 1956. Prices of investment goods and semi-
30
CHART 1 1
Carry-Overs of Selected Crops, 1952-57
Surpluses of cotton and rice are expected to be lower in 1957, but
increased carry-overs of corn and tobacco are in prospect.
MILLONS OF 8ALES
MILLIONS OF BUSHELS
COTTON
WHEAT
I 6
1,000
I 2
HELD
BYCCC
250
MILLONS OF POUNDS
MILLIONS OF CWT
FOOD FATS
RICE
40
-
2,000
30
-
1,500
- 1,000
10
MILLIONS OF BUSHELS
1,500
-
1,000
-
1952
53
MILLIONS OF POUNDS
54
55
56
57
1952 53
BEGINNING OF CROP YEARS
• E S T I M A T E D TOTAL CARRY-OVER,
SOURCE: DEPARTMENT OF AGRICULTURE.
54
55
56
57
-
8,000
-
4,000
manufactured materials and components rose quite rapidly, reflecting heavy
pressure of demand relative to supply. Manufacturers' prices of consumer
goods advanced slowly. During the spring and early summer, however,
reduced outlays on automobiles and housing resulted in price declines for
a number of important raw materials and a pause in the upward movement
of prices of materials, components, and supplies. Prices of consumer
finished goods also ceased to increase. The only major group of industrial
commodities whose prices continued to rise during this period was producer finished equipment, the demand for which was especially insistent
(Chart 12).
Although the advance in industrial prices ceased for a while, rising costs
became an increasingly pervasive factor. After the middle of the year, and
especially after steel prices were raised following the strike settlement,
industrial prices advanced again on a broad front. The combination of
heavy demands from the investment goods sector of the economy, rising
labor costs, and renewed advances in prices of many raw materials resulted
in price increases for a broad range of semimanufactured materials, components, and supplies. And these price increases became cost increases to
producers of finished goods, many of whom were also experiencing rising
labor costs. The increase in machinery and equipment prices was accelerated; manufacturers' prices of consumer appliances, which had been
under severe competitive pressure for several years, were raised moderately;
and automobile prices increased with the introduction of new models. By
December, prices of producer equipment had risen 13 percent above those
at mid-1955, intermediate materials for durable goods manufacturing 10
percent, construction materials prices 7 percent, consumer durables 6 percent, consumer nondurables 3 percent, and the average of all industrial
prices 8 percent.
Farm prices joined the advance of industrial prices during the first half
of 1956. Between December 1955 and June 1956 wholesale prices of farm
products increased 10 percent, and by September prices of processed foods
had risen 6 percent. Although these prices fell moderately thereafter, they
remained well above prices a year earlier. Thus, all three of the major
groups of wholesale prices—industrial, farm, and processed foods—contributed to an average rise in wholesale prices of more than 4 percent between
December 1955 and December 1956.
Reacting to developments in both the farm and industrial sectors, and
to the continued increase in rents and in costs of services, all major categories of consumer prices rose in 1956, the first significant general rise since
1952. After farm prices started to increase at the turn of the year, consumer food prices moved up with a few months' lag. And prices of many
other consumer commodities, which had been stable or declining for several years, rose gradually as retail distributors were confronted with higher
manufacturers' prices. By December 1956, the average of all consumer
prices was 2.7 percent above the average at the end of 1955 (Chart 13).
32
CHART 12
Wholesale Prices, 1954-56
AH three major groups of wholesale prices rose in 1956.
INDEX, I947-49-I00
120
-
100
Among industrial prices the sharpest increases were for producer
finished goods and intermediate materials.
INDEX, 1 9 4 7 - 4 9 = 100
140
PRODUCER FINISHED
GOODS
INTERMEDIATE MATERIALS,
COMPONENTS AND
SUPPLIES 1/
120
100
1954
1955
1956
J / EXCLUDES MATERIALS FOR FOOD MANUFACTURING AND MANUFACTURED ANIMAL FEEDS.
2J EXCLUDES CONSUMER FOODS.
&
EXCLUDES FARM PRODUCTS.
SOURCE: DEPARTMENT OF LABOR.
33
CHART 13
Consumer Prices, 1954-56
In 1956 prices of foods and other commodities joined the
rise of service prices and rent.
INDEX,1947-49=100
140
SERVICES EXCLUDING R E N T ^
130
RENT
120
ALL ITEMS
FOOD-
110
/~«——o—o—
COMMODITIES EXCLUDING FOOD
100
1 1 1 1t
I
I
I I
I
1954
i
1 I
)
I
I
I
I
I
l
I
I
1955
I
I I
1 I
1 ) 1 I I
1956
- ! / DATA ARE FOR LAST MONTH IN QUARTER, EXCEPT LATEST DATA
PLOTTED, WHICH ARE FOR NOVEMBER 1956.
SOURCE: DEPARTMENT OF LABOR.
The general rise in costs during 1956 was in response to high raw material
prices and advancing labor costs. Even though many raw material prices
receded somewhat from the peaks reached at the turn of the year, they
remained high throughout 1956. Wage and salary rates advanced during
the year in industries producing both finished goods and parts and components, and also in many nonmanufacturing lines. For example, average
hourly earnings of production workers in manufacturing and building construction rose 6 percent and in retail trade 4 percent. While the increases
in wage and salary rates were only slightly greater than those in 1955, the
improvement in productivity appears to have been substantially less. Thus,
wage and salary costs per unit of output, which had been stable during most
of 1955, rose significantly last year.
It would appear that the improvement in output per employee man-hour
which occurred in 1956 was not only less than the rise in 1955 but less than
the average recorded for the postwar period. Total employment is estimated to have increased between 1955 and 1956 by about as much as the
physical output of goods and services. Even after account is taken of
changes in hours worked, only a very small gain in over-all productivity is
indicated. In interpreting these developments, however, it must be borne
in mind that productivity improvements are irregular from year to year
and vary from industry to industry. Nonetheless, the smallness of the 1956
gain contributed to the rise in unit labor costs and, in turn, to the increase
in prices.
34
In some industries the 1956 rise in prices matched or more than matched
advancing costs; but in others, especially during the first three quarters of
the year, costs rose relative to prices, and profit margins fell. This cost-price
relationship contrasted with that which characterized 1955, when prices
generally rose more rapidly than costs and profit margins of most industries
recovered from their 1954 recession lows. The reduction of profit margins
in 1956 was especially noticeable in the motor vehicle, lumber, stone, clay,
and glass, and electrical machinery industries. The renewed rise in industrial wholesale prices after midyear reflected in part an effort by many
sellers to preserve profit margins.
Total corporate profits before taxes fell from an annual rate of $45 billion
in the second half of 1955 to $43 billion in the first half of 1956 and, partly
because of the steel strike, to $41 billion in the third quarter. There are
indications that corporate profits improved substantially in the closing
months of the year, and that for the year as a whole they were slightly
larger than in 1955.
PRESSURES ON FINANCIAL RESOURCES
Financial markets were subject to continuous and heavy pressures in
1956. The financial requirements of business concerns increased sharply,
mainly because of the rapid rise in business capital outlays and to some
extent because of inventory accumulation and larger investment abroad.
At the same time, substantial demands for credit continued in other sectors
of the economy. Mortgage debt rose about $15 billion, an increase exceeded only in 1955. State and local governments issued more than
$5 billion in securities for new capital, only moderately less than in 1955.
Outstanding consumer credit rose about $3.4 billion, compared with an
increase of $6.4 billion in 1955 (Chart 14).
Two circumstances were primarily responsible for the strong demand of
business concerns for external funds. First, the internal funds available
to corporations in the form of retained earnings and depreciation charges
grew at a slower rate than plant and equipment expenditures and inventory investment. A small decline in retained earnings, which occurred
because of higher dividend payments, was more than offset by rising depreciation charges but not sufficiently to finance the increased expenditure requirements. Second, as the year progressed, business concerns found it
increasingly difficult to finance expenditures by further reductions in their
holdings of liquid assets.
These conditions led to a substantial increase in corporate security issues
and to large bank borrowings by business firms. Despite a smaller volume
in the first quarter, new money security issues totaled $9.6 billion in 1956,
or $1.7 billion above 1955 (Table 5). The rise in corporate security offerings was largely concentrated in manufacturing and mining, public utility,
and communications concerns. The reduced availability and higher cost
of funds in the capital markets led many concerns to resort to bank borrow-
35
CHART 14
Demand for Funds, 1954-56
Business required large amounts of outside financing in 1956 . .
8ILLI0NS OF OOLLARS
0
5
10
15
20
1954
CHANGE IN BUSINESS LOANS
BY COMMERCIAL BANKS-*/
1955
1956
1954
CORPORATE SECURITY ISSUESl
NEW MONEY&
1955
1956
. ^ . and the outstanding debt of other sectors continued to rise,
though less sharply than in 1955.
BILLIONS OF OOLLARS
0
5
15
10
20
1954
INCREASE IN
CONSUMER CREDIT-^
1955
1956
1954
INCREASE IN
MORTGAGE DEBT^
1955
( I - TO 4-FAMILY HOMES)
1956
1954
STATE ANO MUNICIPAL
SECURITY I S S U E S ^
1955
1956
I
1/ CHANGE IN AMOUNTS OUTSTANDING.
2/ NET PROCEEDS.
1/ PRINCIPAL AMOUNTS.
SOURCES: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, SECURITIES AND
EXCHANGE COMMISSION, THE BONO BUYER, AND COUNCIL OF ECONOMIC ADVISERS.
TABLE 5.—Security offerings, 1953-56
[Millions of dollars]
Security
1953
State and municipal securities (principal amounts)
Corporate securities (gross proceeds)
5,558
__
Bonds
Preferred stock..
Common stock.
7,083
489
1,326
New capital from corporate security offerings 2 .
8,495
New money
7,960
5,647
2,313
535
Plant and equipment.
Working capital
Other purposes..
1954
1955
19561
6,969
5,977
5,409
9,516
10, 240
10, 950
7,488
816
1,213
7,420
635
2,185
7,910
660
7,490
8,821
2,380
6,780
7,957
10,370
5,110
1,670
5,333
2,624
709
864
9,620
6,670
2,950
750
1 Preliminary.
2 New capital is net proceeds less amounts applied to retirement of securities.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and The Bond Buyer.
ing to meet at least part of the requirements that would otherwise have been
financed on a long-term basis.
This large interim financing added to the usual working capital requirements led to heavy business demand for bank credit in 1956. Business loans
at commercial banks rose $5.5 billion, somewhat less than in 1955, but some
sectors of the business community, notably the capital goods industries, made
use of bank funds at a greatly increased rate. Borrowings of metal and
metal products companies from weekly reporting member banks were over
three times as much as in 1955, absorbing 39 percent of the increase in
loans to manufacturing firms and accounting for more than one-fourth of
the total rise in business loans at these banks. The increase in the borrowings of petroleum, coal, chemical and rubber companies as a group exceeded
by more than 50 percent the increase of their borrowings in 1955. Loans to
public utility and transportation concerns also rose considerably. Borrowings of food, liquor, and tobacco companies, which had been reduced in 1955,
increased substantially in 1956. Loans to commodity dealers also expanded.
Sales finance companies and construction firms reduced their bank borrowings, in contrast to the sharp increases of the previous year. Real estate and
consumer loans by banks rose somewhat less than in 1955, reflecting declines
in residential construction and automobile sales. Security loans declined.
The net result of these divergent demands was an increase of about
$8 billion in the total loans of all commercial banks, following the increase
of nearly $12 billion during 1955 (Table 6 ) .
To supply the funds needed to meet the demands, financial institutions
sold substantial amounts of securities, in many instances at a loss. Commercial banks, whose reserve position was under continued pressure, reduced
their holdings of United States Government securities by about $3 billion,
following a reduction of $7 billion in 1955. Accordingly, liquidity considerations became increasingly important in bank lending policy (Chart 15).
37
T A B L E 6.—Changes in commercial bank holdings of loans and investments, 1953—56
[Billions of dollars]
Net change during
Loans or investment
1953
Loans (excluding interbank) and investmentsLoans (excluding interbank)
Business
Real estate
Consumer
Security _
Agricultural
Allother
_
_
1954
1955
19561
4.1
10.2
4.6
4.3
3.4
2.9
11.6
7.9
-.7
1.0
1.5
.4
1.0
.2
-.3
1.7
.9
.2
.6
6.4
24
2.3
.6
— 7
.9
5.5
1 8
1.6
—.8
.6
7.2
-7.0
-3.6
.1
.5
5.6
1.6
-7.4
.4
-3.1
-.5
Investments
TJ. S. Government securities
Other securities _
.1
1 Preliminary estimates by Council of Economic Advisers.
2 Less than 50 million dollars.
NOTE.—See Table E-38 for data including interbank loans.
Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
The sales of United States Government securities by commercial banks,
augmented by sales by insurance companies and mutual savings banks,
exerted considerable pressure on bond prices. The effect of these sales on
prices was moderated, however, by the use of the Federal budget surplus
to reduce the Federal debt, and by increased holdings of United States
CHART 15
Bank Loans, Investments, and Deposits, 1954-56
Bank loans continued to increase sharply in 1956, but investments
declined and demand deposits rose only moderately.
BILLIONS OF DOLLARS?
ALL BANKS
120
DEMAND DEPOSITS-*/
\
IOO
/
- •
INVESTMENTS
60
\
\
]
1 \
1 1 1 1 1 1 1 t
1954
1 I \
I
1 \
1 1 1 \
I
I
1 I
I
1955
* E N D OF MONTH.
-^EXCLUDES INTERBANK ANO U.S. GOVERNMENT DEMAND DEPOSITS AND
CASH ITEMS IN PROCESS OF COLLECTION.
SOURCES: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
AND COUNCIL OF ECONOMIC ADVISERS.
I
1 1 1 1 1 I
1956
I
securities by Government trust funds. In addition to proceeds from the
sale of securities, the supply of funds was enlarged by the rise in personal
savings.
The limited availability of funds relative to demand was also reflected in
the mortgage market, where downpayments on federally-underwritten
loans were increased and maturities were shortened as credit standards of
lenders became more exacting. Conventional mortgages claimed an increasing share of mortgage investment funds, since their interest rates more
nearly reflected changing market conditions, whereas the rates on VAguaranteed and FHA-insured mortgages were fixed during most of the year
at 4 / 2 percent. Insured and guaranteed mortgages, accordingly, were
sold in the secondary market at increasing discounts from par.
Interest rates rose sharply in both the short-term and long-term credit
markets (Chart 16). The prime loan rate at leading banks was raised in
April and again in August; and the rate on new Treasury bills, which averaged 1.753 percent in 1955, reached a high of 3.331 percent in the week
ended December 22, 1956. Yields on long-term Government and corporate
securities moved steadily upward, passing the 1953 peaks and continuing to
higher levels. Yields on high-grade State and local government bonds also
surpassed their 1953 highs. Although interest rates rose generally, the increase was more pronounced in the short-term than in the long-term market,
with the result that the spread of yields between the shortest and longest
CHART 16
Bond Yields and Interest Rates, 1953-56
Interest rates rose sharply in 1956, particularly in the second half.
PERCENT PER ANNUM
CORPORATE Aoo BONDS
U. S. GOVERNMENT BONDS
i-6 MONTHS)
\
J
^ *
•^
1 1 1 1 1 I M II I
1953
TREASURY BILI
(NEW ISSUES)
1| 11| |
1954
1 I 1 I I 1 11 11 I I I M I 1 1 11 1 1
1955
SOURCES: MOODY'S, TREASURY DEPARTMENT, STANOARD ft POOR'S, AND
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
39
1956
maturities of United States Government obligations was narrower than at
any time since early 1930.
PUBLIC AND PRIVATE RESPONSIBILITIES IN
A HIGH-EMPLOYMENT ECONOMY
In view of the pressures on prices, costs, and financial resources, there
was clear need for continuing in 1956 the fiscal and monetary restraints
initiated in the preceding year. The Federal Government's major contribution to this end was a budget surplus (Chart 17). This achievement
was the culmination of persistent efforts since 1953 to bring the Federal
budget into balance without impairing national defense or other essential
Government services. Total Federal expenditures remained below those
of 1953; their increase during the past year was held to modest proportions,
with the result that the larger tax revenues flowing from higher incomes
yielded a sizable surplus in the calendar year 1956. On a cash basis, receipts
of the Federal Government exceeded payments to the public by §5.5 billion,
against an excess of payments over receipts of $0.7 billion in 1955 (Table 7).
The gross public debt was reduced from nearly $281 billion at the end of
1955 to $277 billion, the first substantial decline in eight years.
These results were accomplished despite reductions in tax rates and other
adjustments of taxes that became effective in 1954, and in the face of necessary increases of expenditures during 1956. They were made possible by
the postponement of reductions of corporate and excise taxes scheduled first
for April 1, 1955 and then for April 1, 1956. Without these postponements, Federal tax receipts would have been reduced about $3 billion a
year. While tax reduction should continue to have high priority, achievement of a budget surplus was of greater urgency under recent conditions.
Fiscal policies during the past year prevented the additional strains on
the economy that would have occurred if taxes had been cut and private
expenditures had increased further.
The intensive use of resources and upward pressures on prices during
1956 required a monetary policy designed to prevent an undue expansion
in bank credit. A large over-all expansion of bank credit would not have
resulted in a significantly higher national output, but would instead have
led to a greater rise in prices. In pursuing a policy of restraint, Federal
Reserve authorities maintained pressure on the reserve position of banks
through open market operations and discount rate actions. Because the increase in bank reserves was relatively small, the rise in the total loans and
investments of commercial banks was held to about $4*4 billion, or 2.7 percent; and the money supply (demand deposits adjusted and currency)
increased only about 1 percent.
The discount rates of Federal Reserve Banks were raised twice in 1956,
following four such increases in 1955. The rates were increased in April
from 2)/% percent to 2% percent at ten Banks and to 3 percent at two, and
40
CHART 17
Federal Receipts and Expenditures, 1953-58
Budget surpluses have helped restrain pressures on financial
and productive resources.
CONVENTIONAL BUDGET- FISCAL YEARS
BILLIONS OF DOLLARS
0
20
40
60
80
i
I
i
I
I
-10
0
+10
I
1953
1954
1955
RPLUS
1956
I9571
1958"
CASH BUDGET-FISCAL YEARS
1953
1954
1955
1956
1
1957-
1
1958"
1
i
u
i
i
i
i
i
i
i
i
ESTIMATED.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
TABLE 7.—Consolidated cask statements of Federal and State and local governments,
calendar years 1952—56
[Billions of dollars]
Receipts or payments
Total Government:
Cash receipts
Cash paymentsTotal cash surplus or deficit (-)_
Federal Government:
Cash receipts
Cash payments
Federal cash surplus or deficit (—)_
State and local governments:
Cash receipts
_
Cash payments
State and local cash surplus or deficit (—)
1952
1953
1954
1955
19561
94.6
93.3
99.2
93.2
95.1
98.0
100.0
108.9
105.1
-1.6
-5.9
-1.9
-2.0
3.8
71.3
73.0
70.0
76.2
71.4
72.2
80.2
74.7
5.5
-6.2
-1.1
-.7
21.7
21.6
23.3
23.0
24.7
25.5
26.5
27.8
28.7
30.4
.1
.3
-1.3
-1.7
-l.C
i Preliminary.
NOTE.—Federal grants-in-aid have been deducted from State and local government receipts and payments
since they are included in Federal payments.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department, Bureau of the Budget, and Council of Economic Advisers.
in August the rate became 3 percent at all Banks. These increases realigned the discount rate with market rates and exerted an independent
influence on the cost and availability of funds. Member bank borrowings
at Reserve Banks continued to be greater than excess reserves during 1956,
except for three weeks, although the volume of borrowed reserves tended to
decline in the latter part of the year (Chart 18).
In the course of the year it became increasingly apparent that tighter
credit conditions affected unevenly different sectors of the economy and
different types of businesses. New and smaller business firms appeared to
find it more difficult to satisfy their financing requirements than established
and larger concerns. Also, the changes in the cost and availability of credit
exerted especially severe effects on home building. Consequently, the
Administration took steps to moderate the adverse impact of credit stringency in certain areas but sought to do this without impairing the effectiveness of the general policy of credit restraint.
By early 1956 there was a distinct increase in applications to the Small
Business Administration (SBA) by qualifying small concerns that could not
obtain financing elsewhere. A supplemental appropriation of $20 million
to this agency's revolving fund was requested and approved by the Congress
in the fiscal year 1956. An additional $50 million was appropriated for the
fiscal year 1957. These actions enabled SBA to increase its lending to small
concerns. At the same time, efforts to increase the participation of private
financial institutions in the loan program of SBA were intensified.
Some of the restraints in the field of home building that had been initiated
in 1955 by Federal agencies were eased as the danger of local excess supplies
of new houses was moderated in most areas. In January, the maximum
maturity of Government-underwritten home loans was restored to the legal
CHART 18
Member Bank Reserves, 1954-56
Member bank reserves rose slightly in 1956.
BILLIONS OF OOLLARS*
26 -
U. S. GOVERNMENT SECURITIES HELD
BY FEDERAL RESERVE BANKS
22
MEMBER BANK RESERVES
20
'v*--*-18 -
t
i 1 i i
f
i i
The deficit in "free" reserves (excess reserves less borrowings
at the Federal Reserve) was reduced.
BILLIONS OF DOLLARS* (ENLARGED SCALE)
1.5
MEMBER BANKS
BORROWINGS FROM
FEDERAL RESERVE BANKS '
EXCESS RESERVES
/'
/X.
FREE RESERVES
(EXCESS RESERVES LESS
SORROWINGS)
-.5
- |.O I I ' I I I I I I I
1954
L 1 1 1
11
1955
•AVERAGES OF DAILY FIGURES.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
43
1956
limit of 30 years. In April and again in September, the Federal Home Loan
Bank Board relaxed its earlier limitations on ordinary borrowings by savings
and loan associations from the Federal Home Loan Banks. In September
the 1955 increase in minimum downpayments was revoked by the Federal
Housing Administration for homes appraised at $9,000 or less.
Additional actions were taken in the late summer to soften the cumulative impact of the credit stringency. In its secondary market operations,
the Federal National Mortgage Association (FNMA) reduced the required subscription to its stock by sellers of home mortgages and raised the
price at which it issues advance commitments. By increasing the cash
proceeds from sales of mortgage loans, these measures facilitated access of
lenders to FNMA, whose purchases increased rapidly during the second
half of 1956. Finally, action was taken in December to help remove a
more basic impediment to home building and home financing. The maximum interest rate permitted on FHA-insured loans was raised administratively to place them in a better competitive position in the capital market
and thus to encourage a greater flow of funds into mortgage investment.
Economic developments in recent years show the basic role that monetary
and fiscal restraints must play if the excesses that often accompany prosperity are to be avoided. At the same time, this experience suggests that
fiscal and monetary policies must be supported by appropriate private policies to assure both a high level of economic activity and a stable dollar.
When production, sales, and employment are high, wage and price increases
in important industries create upward pressures on costs and prices generally. To depend exclusively on monetary and fiscal restraints as a means
of containing the upward movement of prices would raise serious obstacles
to the maintenance of economic growth and stability. In the face of a
continuous upward pressure on costs and prices, moderate restraints would
not be sufficient; yet stronger restraints would bear with undue severity on
sectors of the economy having little if any responsibility for the movement
toward a higher cost-price level and would court the risk of being excessively
restrictive for the economy generally.
These are not acceptable alternatives to stable and balanced economic
growth. The American economy possesses the potentials for expansion
and improvement. If these potentials are supported by proper fiscal and
monetary policies on the part of Government, and by appropriate private
policies, our economy can achieve and maintain high levels of production,
employment, and income with stable prices.
T H E CURRENT ECONOMIC SITUATION
The level of economic activity was high as 1956 ended. Business capital
outlays were still increasing in volume. Nonagricultural employment and
payrolls were growing, and unemployment was low. Retail sales were
rising during the final quarter of the year. Foreign trade and investment
44
remained high, and agricultural exports were particularly large. The steady
rise of expenditures by State and local governments was continuing, and
expenditures of the Federal Government increased moderately.
On the other hand, outlays for residential building, and the output of
some products dependent on it, were continuing their already extended
decline, although housing starts remained above an annual rate of 1 million
during the final months of the year. Prompted by persistent and heavy
competitive pressures, adjustments in output were being made by manufacturers of some of the major household appliances. The demand for
funds was generally heavy relative to the supply, and business concerns and
financial institutions were in a less liquid position as a result of the heavy
financing requirements they had met during the year.
Business inventories increased during the closing months of 1956, largely
reflecting additions to stocks by automobile dealers and manufacturers,
further acquisitions by the machinery and equipment industries, in which
output and sales were rising, and enlargement of stocks by steel users
generally. On the whole, however, inventories did not appear to be
excessive relative to sales.
How economic activity will move in the coming months cannot be confidently foreseen, but the likely direction of movement of certain major
categories of expenditure and demand is suggested by facts now available.
First, present indications are that business capital outlays will rise moderately
during the months ahead. Orders for durable goods have been exceeding
sales for some time, so that unfilled orders, particularly those for industrial
and electrical machinery, have continued to rise. Surveys of business plans
for capital expenditure in 1957 also point to some further increase above
current levels. However, these surveys suggest a lower rate of increase than
in 1956. Some of the unusually large expansion programs begun a year or
two ago are scheduled to be completed this year. Financing considerations
have prompted the postponement of some projects. And further increases
in the output of capital goods will inevitably be limited by the fact that some
of the industries producing capital goods are themselves operating at or near
capacity rates.
Second, the long-extended increase in State and local government expenditures—nearly $3 billion per year in recent years—can be expected to
continue as these units endeavor to meet the rapidly rising requirements for
their facilities and services. Federal spending also is expected to be somewhat higher during the calendar year 1957, because of defense needs and
obligations for essential civilian services.
Third, planned expansions in public projects, together with the large
capital outlays of businesses and increases in institutional building, favor a
high rate of total expenditure for new construction in the months ahead.
Home builders' plans for the new season, however, appear to have been
affected by the limited availability of mortgage investment funds, though
recent Government actions should help cushion the impact of credit re-
45
straints on home building. The reduced supply of new homes tends to
create market conditions favorable to the absorption of additional
construction.
Fourth, while the factors influencing our markets abroad are complex
and diverse, foreign trade and investment on balance appear likely to remain
high.
Finally, the positive elements in the current economic situation augur
well for high employment which, combined with good earnings, should
provide consumers with the means to spend more in the months ahead.
The confidence of the American people in the strength of the economy
remains high, favoring continued large consumer expenditures. The persistent drive of our people to improve their levels of living and their willingness to work hard to achieve this purpose are important for the near-term
economic outlook as well as for the vitality of our economic system in the
long run.
Uncertainties are always present, however, and allowances must be made
for them. One of the most important stems from the present international
situation. A second relates to the movement of prices. While the moderate upward drift of the price level may not yet have run its course, enlarged
output, improved productivity, and vigorous competition, supported by
appropriate public and private policies, can help counteract the forces
making for higher prices.
A third element of uncertainty pertains to the various factors that affect
the initiation of new programs of capital outlays by businesses. Although
there were indications of improvement at the close of 1956, profit margins
and total profits in many industries were reduced by rising costs. In some
cases, declining profits tend to accelerate capital outlays, as businesses seek
to reduce costs through the installation of more efficient productive facilities;
in others, capital outlays are adversely affected, as lower profits reduce both
the incentive and the financial ability to maintain or augment these expenditures. Finally, while the flow of new savings available for investment should
remain large, meeting the prospective heavy private demands for funds and
those of State and local governments will continue to pose problems of timing and balance in the capital markets.
These and other uncertainties and problems which inevitably arise in a
dynamic economy present a challenge to Government and to individuals and
economic groups to meet their respective responsibilities for maintaining
stable economic growth. If all live up to these responsibilities, there are
grounds for confidence that the over-all prosperity which the Nation has
been enjoying will be extended into the months ahead, and that the capacity
of our economy to provide the high levels of employment, production, and
purchasing power envisaged by the Employment Act will be further enhanced. Favorable attention by the Congress to the economic program
outlined in the next chapter can make a major contribution to achieving
these objectives.
Chapter 4
Extending and Broadening Economic Progress
HE LEGISLATIVE PROPOSALS presented in this chapter and in
the three preceding Economic Reports have been designed to implement
the Employment Act by fostering, guiding, and complementing private
economic activity. The accent and detail of these programs have varied
according to economic conditions and prospects. But in every case they
have been shaped by three common objectives: to strengthen our enterprise
system, to enlarge our national resources, and to improve our level of living.
The proposals put forward in this chapter seek to achieve the first of these
objectives by maintaining sound public finances, improving private financial
facilities, promoting thrift, strengthening competition, widening opportunities for small business, and strengthening economic ties with other
countries. The second objective leads to proposals for increasing our public
assets where needed, developing our human and natural resources, promoting agricultural adjustments, and assisting local areas that experience
persistent unemployment. As steps toward the third goal, proposals are
advanced for improving housing, health, and personal security. The program as a whole is designed to consolidate the economic gains already
achieved and to strengthen the base for further progress.
T
MAINTAINING SOUND GOVERNMENT FINANCES
Expenditures of all Federal, State, and local agencies currently account
for nearly one out of every five dollars spent on goods and services in the
United States. This fact provides a measure of the magnitude of governmental demands in our economy, whether or not they involve a budgetary
deficit, and emphasizes the importance of wise and responsible budget
policy at all levels of government.
Three fundamentals of budgetary policy have guided the Administration
in conducting the fiscal affairs of the Federal Government in the last four
years. First, there is the strict discipline which the budget properly exercises over expenditures. While adequate provision must be made for essential services that Government is in the best position to provide, the test of
essentiality should be firmly applied. This principle of budgetary policy
leaves no room for operations of the Federal Government that are not truly
necessary, or that can be performed better and more economically through
private efforts or by State or local governments. A second major principle
47
of budgetary policy derives from the fact that large governmental expenditures inevitably place a heavy burden of taxes on the economy. This burden
must ultimately be borne by the individual citizen, wherever and however the taxes are levied. Sound fiscal policy distributes the tax burden as
fairly as possible and imposes the least possible restraint on those incentives—to work, to save, and to invest—that are basic both to our system of
competitive enterprise and to the growth potential of the economy. A
third aspect of fiscal management, which has rightly received increased
attention in recent years, is that the financial affairs of Government should
be so administered as to help stabilize the economy and to encourage sound
growth. The principle of flexibility in fiscal policy calls for relating the
budget as far as feasible to economic conditions, helping to counteract
inflationary or deflationary tendencies as the situation requires.
These fundamentals of budgetary policy also provide sound guidance
today. The present situation requires that Government expenditures be
kept under close control. Increases should be limited to clearly essential
needs, and reductions should be achieved wherever possible. In this way
the Federal Government can avoid adding unnecessarily to the pressures
to which the economy is already subject. The legislative proposals presented here have been formulated with this consideration in view. The
Congress, also, should scrutinize with special care all suggestions for legislative action that would place additional burdens on the Federal budget.
In view of the budgetary outlook and prospective economic conditions,
present tax rates should be continued so as to preserve a high level of
revenue and to permit a further reduction of debt. The excise rates on
automobiles and parts, cigarettes, distilled spirits, wines, and beer, and the
tax rate on the income of corporations, should be retained at their present
levels for another year. Certain proposals for tax adjustments for small
business concerns are discussed in a later section of this chapter.
The maximum limit set by the Congress on the size of the Federal debt
is now $278 billion, but it will return to $275 billion on June 30, 1957, in
accordance with present law. The current outlook for budget surpluses
available for debt retirement both this year and next, together with a
steadily improving seasonal distribution of revenue, should permit the
Treasury to operate within the $275 billion ceiling during the fiscal year
1958. This will be true, however, only if expenditures are kept under close
control by both the Executive and the Congress and if tax revenues come
up to expectation.
The expenditures of State and local governments are now about half
those of the Federal Government, and their recent rate of increase has
been considerably higher. The principal objects of this increased spending
are schools, highways, and the variety of community facilities required by
population increase and the rapid growth of suburban areas. In view of
the exceptionally high demands for the labor, materials, and equipment
needed to carry out these projects, it is inevitable that not all of them
can go forward as rapidly, or on as large a scale, as may be desired. Financial considerations also may require some rescheduling of proposed projects,
since State and local governments with large borrowing requirements have
already encountered heavy competing demands in the capital markets.
Some improvement in the ability of these governmental units to finance
their projects would result from an amendment of the Internal Revenue
Code to extend the "conduit principle" to regulated investment companies
that hold their assets in State and local securities. The amendment, which
would involve no loss of revenue, would permit regulated investment companies of this type to pass through to their stockholders the tax-exempt
status of the income received on State and local securities. The Congress
is requested to enact legislation to accomplish this result.
The Economic Report of January 1956 recommended that State governments review State and local debt limits and other legal restrictions on
borrowing for public works. The pressures on debt limits have increased
in the past year. In view of the heavy prospective capital expenditures
required of State and local governments, and the fiscal capacities of these
governments, existing legal limits on the amount of debt and interest rates
may in some cases still not be realistic.
IMPROVING PRIVATE FINANCIAL FACILITIES AND PROMOTING THRIFT
The exceptionally heavy demands which economic expansion is placing
on credit and capital markets have directed attention increasingly to questions concerning the adequacy of our financial facilities, and of the laws
and regulations which govern their operation. Alert to these problems,
the Senate Committee on Banking and Currency during the past year made
an extensive and constructive investigation of Federal laws affecting financial institutions. The impact on the economy of monetary policies designed
to restrain inflationary pressures has also become increasingly a matter of
public concern. There is need at this time of a thorough study of recent
changes in our financial structure and practices, covering the activities
of public as well as private agencies, and of the legislative and administrative steps needed to improve our facilities for meeting credit and capital
requirements and for exercising appropriate controls over credit. The
State of the Union Message recommended that the Congress authorize a
National Monetary and Financial Commission to perform this important
task. The Commission should be composed of distinguished citizens of outstanding competence and experience in the range of questions to be studied.
Last year's Economic Report stated that the time was appropriate for
the Congress and the Executive Branch to study the need for stand-by
authority to set limits, whenever required by economic conditions, on the
downpayment and maturity terms of instalment credit for the purchase of
consumer durable goods. At the request of the President, the Board of
Governors of the Federal Reserve System undertook a comprehensive study
of the subject early in 1956. The full results of this study will shortly
49
become available. They will serve as a useful guide in determining whether
legislative action is desirable.
The Congress is requested to give favorable consideration to proposals
that will be made for strengthening the Securities and Exchange Commission's authority to prevent certain remaining types of abuses in the distribution and sale of securities. Securities legislation must be guided by
twin objectives. It must afford adequate protection to the investor and at
the same time facilitate the flow of investment funds into legitimate business
undertakings. It is important in the latter connection to take due account
of the needs of small and medium-sized concerns for capital, and particularly
for venture capital.
If a vigorous rate of economic growth is to be realized without recourse
to inflationary finance, the supply of savings must be sufficiently high to
meet the heavy demands for funds for private, State, and local undertakings. The Federal Government is releasing funds for such purposes by a
budgetary surplus and reduction of its debt. But the individual occupies
a strategic position in the saving process. The most important contributions that the Federal Government can make toward encouraging individual thrift are to help sustain high levels of employment and income and
to preserve the buying power of the dollar. Government can also help by
making needed adjustments in the rate of return on savings, where maximum limits are set by law or by administrative action. The recent action
of the Federal Reserve authorities and the Federal Deposit Insurance
Corporation in raising the upper limit of interest rates on time and savings
deposits at commercial banks was designed both to give positive encouragement to additional saving, and to place these forms of savings in a better
competitive position relative to other forms.
STRENGTHENING COMPETITION
The capacity of our free economy to grow and to spread its benefits widely
derives in large measure from the discipline provided by competitive
markets. It is this discipline that converts the natural drive for selfadvancement into a constructive social force and curbs the misuse of
economic power. The preservation and strengthening of competition
must, therefore, be a leading objective of public policy. It is not the role
of Government to regulate the size of business as such, for large as well as
small concerns serve socially constructive purposes in a competitive economy.
The essential function of Government in this sphere is to foster a competitive environment in which all segments of business can share fairly in
opportunities to realize their potentialities. Vigorous enforcement of the
antitrust laws is basic to the attainment of this objective, for threats of
encroachment on competition are always present and assume constantly
changing forms. Accordingly, the agencies of Government charged with
5°
enforcing the antitrust laws must be constantly alert and must have adequate
means to discharge their responsibilities.
Both the Department of Justice and the Federal Trade Commission have
in recent years increased the rate of filing new proceedings, many of which
affect broad and vital areas of the economy. They have done much also to
make Section 7 of the Clayton Act an effective antitrust weapon. The vigorous application of this law provides a strong deterrent to mergers, whether
accomplished through the acquisition of assets or by the purchase of stock,
that may tend substantially to lessen competition or to create a monopoly.
Steps have been taken by both agencies to expedite the disposition of
antitrust cases and to follow up on compliance. The Justice Department
has made effective use of prefiling negotiations and is making a continuing
effort to secure enforcement in actions successfully terminated. Similarly,
the Federal Trade Commission has screened over 2,000 cease-and-desist
orders since August 1954, to bring their compliance up to date.
To perform their purpose fully, the antitrust laws require not only vigorous enforcement but adaptation to changing economic conditions. This
fact was recognized by the appointment in 1953 of the Attorney General's
National Committee to Study the Antitrust Laws, and by the enactment, in
substance, of three of the Committee's proposals. Further recommendations
were made last year in the Economic Report and in the Progress Report of
the Cabinet Committee on Small Business. The Congress is urged to take
favorable action on these proposals. First, to aid proper enforcement of
merger and other antitrust statutes, the Attorney General should have the
power, where civil proceedings are contemplated, to issue a civil investigative
demand, thus making possible the production of necessary documents without the need of grand jury proceedings. Second, cease-and-desist orders
of the Federal Trade Commission under the Clayton Act should be made
final, unless appealed to the courts. Third, a series of interrelated measures would strengthen the Government's ability to deal specifically with
mergers: requirement of advance notification of proposed mergers that are
likely to have significant effect on competition; extension of Federal regulation to cover bank mergers by asset as well as by stock acquisition; application
of the Clayton Act to mergers where either party is in interstate commerce;
and authorization of the Federal Trade Commission, in merger cases where it
believes violation is likely, to seek a preliminary injunction before a complaint is filed.
In the field of regulated industries we have departed to a degree from our
traditional reliance on competitive market forces and substituted direct
Government regulation as a means of protecting the public interest. The
Presidential Advisory Committee on Transport Policy and Organization has
made recommendations that would free common carriers from certain
administrative limitations on their ability to compete. The National Committee to Study the Antitrust Laws called for Congressional inquiry to
determine whether greater application of antitrust laws to regulated areas
might be warranted. The recommendations of these two groups deserve
consideration by the Congress.
WIDENING THE OPPORTUNITIES FOR SMALL BUSINESS
An intensive and continuing study of the problems confronting small
business is being made by the Cabinet Committee on Small Business, which
was appointed by the President on May 31, 1956. The Committee is
charged with the task of formulating recommendations for administrative
and legislative actions to expand the opportunities of small firms to grow
and prosper. While policies that strengthen competitive forces and foster
stable economic growth are the surest means for improving the opportunities of small business in a free economy, specific, measures are needed to deal
with problems of special importance to this sector of the economy.
The first Progress Report of the Committee, which was submitted on
August 7, 1956, made 14 recommendations for action. The substance of
two of the Committee's recommendations, directed to the preservation and
strengthening of competitive markets, was dealt with in the preceding section of this Report; others concern financing and technical assistance, taxation, procurement, and paperwork.
Small businesses, particularly those that are new and growing, frequently
encounter difficulty in obtaining the amount and type of financing they
need. Several Government programs help meet this problem. First, the
Small Business Administration makes loans to qualifying small businesses
unable to obtain funds on reasonable terms from private sources. It has
performed this function as far as possible with the participation of private
financial institutions. In 1955, the continuation for two more years of
the Small Business Administration was approved, and its lending authority
was strengthened. At this time the Congress is requested to extend the
Small Business Act.
Second, the access of small and medium-sized businesses to the capital
markets is facilitated by the provision of a simplified notification procedure
for issues of securities that do not exceed $300,000, and by the examination
and processing of applications for such small issues by the Securities and
Exchange Commission in its field offices. In view of the increased needs
for capital which confront small business in a growing economy, the
Cabinet Committee recommended that the Congress authorize the extension
of these simplified procedures to issue of securities that do not exceed
$500,000. To avoid any lessening of protection to investors, the procedures
should be allowed only to seasoned businesses and withheld from so-called
"penny stocks." The Congress is urged to take favorable action on this
Cabinet Committee proposal.
Small businesses have benefited materially from recent tax law changes—
the expiration of the excess profits tax, the 1954 reduction of the personal
income tax, and the extensive revision of the Internal Revenue Code.
However, the reliance of small concerns on self-financing is such that they
are especially sensitive to the burden of taxation. Certain adjustments in
the tax laws would ease their financing problems and help maintain their
independent status. The Cabinet Committee on Small Business made a
careful study of tax changes that would benefit small business concerns,
and presented a number of recommendations for such changes. The Congress should give early consideration to those Cabinet Committee recommendations for tax relief that would involve only a minimum loss of revenue.
Consideration of further changes should be deferred until such time as a
general tax reduction is possible.
Efforts to widen the participation of small business in Government procurement must continue. Under Defense Department programs, small
business suppliers are actively sought out and given an opportunity to
compete for contracts on fair terms with larger companies. The Department has cooperated with the Small Business Administration in a joint setaside program under which procurement contracts are screened for award
to small business. In the past year this program was extended to various
civilian executive agencies, following a successful pilot program conducted
by the General Services Administration in 1955 in cooperation with the
Small Business Administration. Also, the Defense Department, mindful
of the limited opportunities for prime contracting open to such businesses as
defense weapons become more complex, has initiated a program to stimulate
subcontracting with small businesses.
Three additional recommendations on procurement programs, which
were made by the Cabinet Committee on Small Business, have already been
given effect by administrative action. First, a comprehensive review of
procurement policies, procedures, and legislation, covering all departments
and agencies, is being conducted by the General Services Administration.
Second, regulations have been issued by those departments and agencies
responsible for substantial amounts of procurement to assure prompt availability of progress payments and to make certain that the need for advance or
progress payments will not handicap a qualified potential contractor in
competing for procurement. Third, through amendment of its regulations,
the Renegotiation Board has made it clear that subcontracting, especially
with small concerns, is given favorable consideration in the determination
of allowable profits, although the allowable profit to a prime contractor on
subcontracted work may not be as large as on the work that he does himself.
The Federal Government can save small businesses time and money by
reducing the paperwork required by its programs. In this connection, the
Congress is requested to authorize the consolidation of wage reporting by
employers for income tax withholding and old age and survivors insurance purposes. As recommended by the Cabinet Committee on Small
Business, the Bureau of the Budget is reviewing the reports and statistics
which small businesses must now maintain for, or supply to, Government,
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in order to simplify them. This desirable objective must be weighed,
however, against the need for better information on the economic position
of small businesses.
The facilities of a commercial or industrial type that are owned and
operated by the Federal Government compete in many cases with private
enterprise, and particularly with small businesses. Each Government
agency has been instructed to examine its activities of this type and to discontinue or curtail them wherever feasible and consistent with the public
interest.
STRENGTHENING ECONOMIC TIES W I T H OTHER COUNTRIES
A major objective of United States foreign economic policy continues to
be to facilitate and increase the international flow of goods and capital on a
nondiscriminatory basis. Since the volume of our imports and the amount
of private funds available for investment abroad depend mainly on domestic
prosperity, a stable and growing economy at home is an essential foundation for a sound structure of world trade. But positive measures are needed
to help other nations participate in the growth and prosperity of the free
world. Considerable progress has been made in this direction in the last
four years, but important opportunities remain.
By multilateral reductions of trade barriers, the United States has promoted the nondiscriminatory flow of goods, while reserving the right to
prevent serious injury to domestic industries. The authority initially granted
by the Reciprocal Trade Agreements Act of 1934 was extended until
June 30, 1958, with some modifications, by the Trade Agreements Extension
Act of 1955. The 1955 legislation provided the President with certain
new authority. Specifically, it permitted the reduction of tariffs on a reciprocal basis by as much as 5 percent a year for three years, and made
possible the reduction, in annual stages, of rates in excess of 50 percent ad
valorem to the 50 percent level. In accordance with this legislation, reciprocal tariff concessions involving approximately $1 billion of United States
exports and imports were negotiated with 21 foreign countries in 1956 under
the General Agreement on Tariffs and Trade (GATT). In 1955, prior
to the passage of the Trade Agreements Extension Act, the United States
and 16 other countries concluded substantial tariff negotiations with Japan
under the GATT, thereby bringing that country economically closer to the
rest of the free world. The "escape clause" and "peril point" provisions of
the Trade Agreements Act, which are designed to protect domestic industries against serious injury from tariff concessions, continue to serve as safeguards for domestic enterprise in a manner broadly consistent with trade
liberalization.
Multilateral negotiations under the GATT have been more effective than
bilateral negotiations in reducing trade barriers and discriminatory restrictions against our exports. To make the GATT an even more effective
54
instrument for removing discrimination against our exports, an administrative agency—the Organization for Trade Cooperation—is required. In
order to enhance the advantages that the GATT now provides, Congress is
requested to enact legislation authorizing United States membership in the
Organization for Trade Cooperation.
The United States has provided large sums to assist the economic development of other countries through Government grants and loans and private
investment. The last three Economic Reports have emphasized the desirability of encouraging private investment in countries seeking to expedite
their development. Private investment is generally accompanied by technical and managerial services that are as necessary as capital funds but are
often more difficult to obtain. At present, foreign tax inducements to
attract capital are in some situations nullified by not allowing credit in
determining United States tax liability for income taxes waived by the country in which the investment is made. The investment of private funds
abroad would be facilitated by tax treaties which, subject to appropriate
safeguards, recognize the laws of other countries designed to attract new
investment.
The economic development of the free world has been materially aided
by grants and loans extended by our Government. For the current fiscal
year, $1.8 billion was appropriated for nonmilitary assistance under the
Mutual Security Program, including defense support, development assistance, technical cooperation, and other programs. Recommendations will
be presented to the Congress to continue this assistance and to provide the
flexibility needed to help meet the challenge of rapidly changing international conditions.
The Export-Import Bank has loaned substantial amounts to finance our
exports and to assist economic development abroad. Private capital has
been associated with many of these loans, thus augmenting the effectiveness
of the Bank's operations. The authority of the Export-Import Bank to
approve credits, which expires June 30, 1958, should be extended.
The International Bank for Reconstruction and Development and the
International Monetary Fund, which rely in large part on the capital subscriptions and guarantees of the United States Government, increased their
dollar transactions markedly in 1956. The lending activities of the Bank
aid in the sound economic development of its member countries. The
International Monetary Fund helps member countries meet temporary
maladjustments in their balance of payments positions and promotes sound
international financial policies and freer foreign exchange transactions.
Recently, it provided funds to strengthen the reserve position of the United
Kingdom.
United States customs procedures were simplified and inequities removed
by legislation enacted in 1953 and 1956. In accordance with the 1953 law,
a series of administrative actions has liberalized import invoice requirements.
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The Customs Simplification Act of 1956 is intended to reduce burdensome
delays and uncertainties by modifying the methods employed in the customs
valuation of imported merchandise. On the basis of other legislation, the
Tariff Commission is investigating ways to improve the present system of
commodity classification and the customs rate structure.
Two promising moves now under study would further the economic integration of Western Europe. One is the establishment of a common market,
without internal trade barriers, among the six continental nations comprising the European Coal and Steel Community. The second is the association of the United Kingdom with these countries and other continental
nations in a free trade area. These moves, if brought to a constructive
conclusion, should add much to the growing economic strength and political
unification of the area, with substantial benefits to the United States and
the entire free world.
The continued industrialization of Western Europe and of much of the
rest of the world requires the expansion of economical sources of energy.
Members of the European Steel and Coal Community are planning cooperative efforts in the field of atomic energy. Action should be taken by the
Congress to authorize full participation by the United States in the work of
the International Atomic Energy Agency of the United Nations, in order
to extend our program of helping free-world nations share in the benefits of
peaceful use of the atom.
ENLARGING PUBLIC ASSETS AND DEVELOPING NATURAL RESOURCES
Notable improvements have been made in the last four years in developing our natural resources and bringing the Nation's stock of public assets
more nearly into line with the expanded private economy and the requirements of improved levels of living. The amount spent on public construction, including State and local but excluding military and industrial-type
projects, increased steadily from $7.8 billion in 1952 to $11.6 billion in 1956.
In percentage terms, this increase outstripped the growth in national output
as a whole and exceeded the rise in private construction expenditures.
Three major public works programs, involving substantial Federal outlays, were initiated. First, work was started in 1954 on the St. Lawrence
Seaway, which will extend ocean transport into the heart of the Nation.
Construction of the United States sector of the Seaway proper is being financed through revenue bonds issued to the United States Treasury, while
associated storage dams and power installations will be financed by nonFederal agencies. The construction costs of these associated projects will
substantially exceed the outlays of the Federal Government. Second, the
Upper Colorado River Basin project was authorized in 1956. By providing
flood control, hydroelectric power, and water for irrigation and other uses,
this project will eventually transform an undeveloped area, comprising parts
of several States, into a major national productive asset. Third, few devel-
opments in our time offer greater promise for the Nation's future growth
than the $25 billion, 13-year program enacted by the Congress last year for a
national system of interstate highways.
A number of other actions have been taken in the last four years to add
to our public assets and improve our natural resources. Expenditures
for flood control have been increased. Specific Federal grants have been
authorized for assisting the construction of pollution abatement works and
sewage treatment facilities and for upstream watershed protection. Federal loans have been authorized for small irrigation projects. The tax laws
have been revised to encourage private expenditures for conservation. A
start has been made on Mission 66, a ten-year program of major improvements in our national parks. A unit has been established within the Executive Branch to encourage and coordinate long-range public works planning
at all levels of government. Urban planning has been strengthened
through grants to the States for assisting small municipalities and metropolitan or regional agencies in this activity and through the expanded Urban
Renewal Program. Provision has also been made for interest-free advances
for planning local public works and for loans to construct public works, if
financing on reasonable terms is otherwise unavailable. Priority for these
loans is given to smaller communities. Sound principles have been developed for sharing the responsibility for improving public assets and natural
resources among Federal and State and local governments. The Nation's
mineral resource base has been strengthened by a number of Federal programs, including those of the Department of Interior for mapping, exploration, and research in mining methods and metallurgy.
Special efforts have been made in recent years to develop nuclear technology as a constructive resource. Progress was accelerated by the 1954
amendment of the Atomic Energy Act of 1946 and subsequent administrative actions of the Atomic Energy Commission. The new law has facilitated the advance of our international leadership along lines laid down
in the "Atoms for Peace" proposal made to the United Nations in
December 1953. Increasing use of radioisotopes is being made, here and
abroad, in research, medical therapy, and industrial processes and operations. Government policy places particular stress on private development
of large-scale reactors that use the heat of atomic fission in the generation
of electricity at competitive prices. This new source of energy will acquire
increasing significance as accessible and high-grade reserves of coal, oil,
and gas are progressively consumed. Other nations not so well endowed as
our own with relatively low-cost fossil fuels could benefit sooner from the
availability of atomic energy. The possibility of developing thermonuclear
(fusion) reactors for generating low-cost energy from abundant hydrogen
is also being explored.
On the whole, there appears to be adequate incentive for participation
by non-Federal interests in the development and application of nuclear
technology. But if there is a lag in the construction of large-scale commer-
57
cial power reactors by these interests, it may be necessary to request funds at
a later date for direct Federal construction.
The Congress is requested to authorize partial governmental insurance
against industrial atomic hazards. If provision were made for Federal
insurance of liability, in excess of the amounts covered by private companies, additional encouragement would be given to the private undertaking
of extensive projects, including the construction and operation of commercial reactors.
Federal assistance in the development of public assets must be extended
to help meet needs in certain areas of vital national interest. None of these
is more important than the speedy expansion of school classroom facilities.
The Congress was requested last year to enact a program of Federal assistance to help overcome the critical shortage of schoolrooms. This program
was designed to supplement the already large efforts of State and local
governments to the extent necessary to meet the backlog of these needs
within five years, after which time full responsibility for school construction
would revert to the State and local governments. The Congress is again
urged to act on these recommendations. To make up for lost time, provision
should be made for completing the program in four instead of five years.
The President's Advisory Committee on Water Resources Policy has
reported on the problems of providing the rapidly increasing amounts of
water required by population growth and economic expansion. It made
certain organizational proposals, urged the development of more consistent
policies of cooperation and cost-sharing with State and local governments
and other interests, and stressed the importance of long-range, basin-wide
planning. Recommendations for any legislation necessary to accomplish
these purposes will be submitted to the Congress as they are developed.
The partnership principle, which encourages local leadership and participation in the development of water and power resources, should
continue to receive close attention in current authorizations and appropriations. Federal responsibilities in specific projects should be so defined as
to stimulate and facilitate cooperative efforts with State and local governments and private enterprise. Except for complex multipurpose projects
of paramount national interest, for which local resources are clearly insufficient or in which local benefits cannot be clearly equated with local cost
burdens, the partnership principle assures maximum benefits and speed of
completion within appropriate limits of Federal participation. One such
multipurpose development which the Congress is requested to authorize
is the Fryingpan-Arkansas project. This undertaking would provide water,
supplemental irrigation, and power in parts of several States.
The prospects for long-term population growth present a challenge to
the numerous governmental units responsible for providing community
facilities. Large increases in population may be expected to occur mainly
in metropolitan areas, where they will intensify certain already familiar
difficulties of State and local governments. These difficulties include the
division of authority among governmental units and a lack of jurisdictions
furnishing area-wide services; the unequal distribution within metropolitan
areas of taxable capacity relative to needs for public services; State constitutional and other restrictions on local taxing and borrowing powers;
and inadequate provision for the preparation of long-range capital expenditure and revenue programs.
The main responsibility for resolving these difficulties lies with the State
and local governments. Tangible evidence of an increasing awareness of
this responsibility is provided by the recent report of the Council of State
Governments. This report, prepared at the direction of the Governors'
Conference, recommends specific approaches to solving the governmental
problems of metropolitan areas. Also, a few metropolitan areas are preparing to consolidate their planning or service functions, and a number of
private foundations and citizens' groups are working toward a better understanding of metropolitan problems. But still greater efforts are required to
arrive at early practical solutions.
The Federal Government has taken steps to assist these efforts in accordance with the recommendations of the President's Commission on Intergovernmental Relations. Consideration is being given to the need for better
coordination of Federal programs affecting urban areas. Ways of helping
State and local governments plan more adequately for future growth are
being explored. The initiative and major resources for solving the problems of urban growth must come, however, from the local government units
and, basically, from an enlightened citizenry.
IMPROVING SKILLS AND TECHNOLOGY
Shortages of trained manpower exist in virtually every field. Although
the supply of scientific, engineering, and other technical and skilled manpower has grown rapidly in recent decades, the demand has increased even
more rapidly. Present limitations on the supply of trained manpower are
traceable to many factors, including the low birth rates of the 1930's, the
failure of many talented youths to complete high school or college, relatively long training periods, shortages of qualified teachers, and inadequacies of facilities and equipment for research and training. Current
heavy demands for specialized personnel reflect the requirements of military and atomic programs, the increasing complexities of the underlying
technology, and the expanding needs of private industry as good times
sustain markets, encourage diversification of lines, and stimulate civilian
application of defense-related innovations.
The intensity of current operations on the technological frontier is indicated by the magnitude of research and development expenditures. Although estimates vary according to definition, the magnitude is notable by
reference to any standard. National Science Foundation figures show an
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average annual expenditure of more than $3 billion by the Federal Government in the fiscal years 1955-57, if certain admissible Department of Defense
items not normally included are taken into account, A still broader definition would raise the 1957 estimate for the Department of Defense alone to
$5.2 billion. The 1954 revision of the Internal Revenue Code with respect
to treatment of research expenditures encouraged the formalization and
expansion of industry research programs. Since private outlays amount to
about $3 billion, the total annual national expenditure for research and
development now ranges from about $6 billion to about $9 billion.
The Federal Government has taken many steps to meet its specialized
manpower needs and to improve the supply in general. Various departments and agencies maintain training programs for essential skills, administer grants and fellowships, help provide necessary equipment and
facilities, and make research contracts with universities, other institutions,
and business concerns. The National Science Foundation is devoting increasing funds to the encouragement of education in the sciences. It pays
particular attention to the development of personnel for the basic research
on which applied science rests, and to the improvement of high-school and
university teaching of sciences and mathematics. Efforts are being made
to secure more effective use of scarce technical manpower in research
undertakings that received Federal financial support. The services of the
Department of Labor's apprenticeship and training programs are being
strengthened and broadened.
Two Presidential Committees were established last year to deal with
problems of improving our human resources. The Committee on Education Beyond the High School is focusing attention on the need for providing teachers and buildings for the expected rising tide of college enrollments
and on ways of reducing the loss of talent that results from premature
discontinuance of schooling by capable students. The National Committee
for the Development of Scientists and Engineers is assessing the occupational
shortages within its scope, exploring related problems, and enlisting the aid
of interested organizations in working out solutions. Legislative recommendations may emerge from the work of these two Committees.
Federal actions have been directed not only toward alleviating the current manpower shortages in particular fields but also toward strengthening
the Nation's basic educational system, which supports all subsequent instruction for working and living. In November 1955, a White House Conference
on Education reviewed the many facets of the public school problem—
the provision of qualified teachers, the development of appropriate curricula, and the supply of needed classrooms. The Conference was the
culmination of a series of almost 4,000 State and local meetings attended
by a half million citizens. Prompt action is requested on the program of
Federal assistance for school construction recommended earlier in this
chapter.
6o
PROMOTING AGRICULTURAL ADJUSTMENTS
A persistent tendency toward excessive carry-overs indicates that full
agricultural adjustment to peacetime conditions has not yet been accomplished. The Administration has made great efforts to move accumulated surpluses into consumption, at home and abroad, without seriously
disturbing commercial markets. The disposal overseas of surplus stocks
has received particular attention. This has involved direct and indirect
export aids, sales for foreign currencies under bilateral agreements, and
barter transactions. Although these programs have serious disadvantages,
they have been helpful as short-run measures. Accordingly, it is recommended that Title I of the Agricultural Trade Development and Assistance Act be extended by the Congress for one year beyond the current
expiration date of June 30, 1957, and the present limit on permissible losses
under this program be raised $1 billion. The short term of the extension
and the limited dollar authorization would serve to emphasize the temporary
nature of the program.
Greater progress must be made toward correcting the conditions that
generate surpluses if costly Government acquisition and disposal programs
are not to become permanent, if our relations with competing export countries are not to deteriorate, and if farmers' freedom of action is not to be
increasingly curtailed. The approach through severe restrictions on acreage planted to the basic crops has been only partially successful. Statutory
minimum allotments have prevented the full reductions in acreage warranted by carry-overs of wheat, cotton, and rice, and actual reductions have
been considerably offset by increases in yields per acre. The diversion of
considerable acreage from the basic commodities to other crops, notably
feed grains, has caused surplus conditions to spread. A new approach to
output adjustment was initiated in 1956 by the Soil Bank Act. Under this
Act, growers of basic crops are encouraged to plant less than their full
allotments and are compensated for part of the net income that they forego.
While participation in the program was encouraging, its net contribution to
reduction of output in 1956 was nominal. Most crops had already been
planted when the law was enacted, and the yield prospects on much of the
land placed in reserve had been reduced by drought.
The real test of the Soil Bank Program will come in 1957. Nearly 11
million acres of winter wheat land have already been placed in the 1957
acreage reserve, and participation by growers of other crops may raise the
total to 25 million acres. A 1957 goal of 20 million acres has been set for
the conservation reserve program, under which farmers may receive annual
payments for transferring cropland to specified conservation uses and may
be reimbursed for much of the initial cost incurred. If these targets are
reached, 1 out of every 9 acres of cropland would be taken out of production.
Output would not be reduced in the same proportion, however, since there
will be a tendency to put relatively low-yielding land into the soil bank
6i
while cultivation of the cropped acreage may be expected to be more intensive. Moreover, stocks carried over into the 1957-58 season will reflect the
large 1956 harvest, and reductions attributable to the 1957 soil bank will
not be fully evident until 1958.
In view of the gradual rise in crop yields and the rising productivity of
the land withheld from current cropping, the soil bank may be expected
to restrain output successively less in 1958 and 1959 than in 1957. One
attempt to meet this problem is being made by means of premium payments
for holding the same land in the soil bank for successive years. Any actions
that would diminish the Program's immediate impact must be avoided. In
order that growers of corn may have the opportunity of participating on
reasonable terms, recommendations will be presented to the Congress for
legislation along the lines of the program favored by a substantial majority
of the corn growers who voted in the recent referendum.
Price supports are a valuable instrument for moderating excessive fluctuations in prices and fostering stability in farm income. But experience shows
that they can be so used as to fail of their purpose and cause numerous
difficulties. The Administration has been gradually moving away from
supports at high, rigid percentages of parity originally introduced for the
purpose of stimulating output in wartime. As we make progress in the
essential task of reducing our huge accumulated surpluses, we must make
sure that statutory formulas do not operate to stimulate unneeded production and thus generate new price-depressing surpluses. The modernized
parity formula seeks to adjust the relationship among parity prices of individual commodities according to changing supply and demand conditions in the recent past. But the 10-year base for these adjustments is itself
distorted by exceptional demand conditions after World War II and during
the Korean conflict, as well as by the levels of support that have been in
effect for a number of commodities during some of these years. For certain
commodities, notably wheat and cotton, parity prices as now computed
under statutory formulas appear clearly out of line by any economic
standard.
The Secretary of Agriculture has been investigating possible revisions of
the parity formula, as required by the Agricultural Act of 1956. Not merely
the parity formula but also its application needs significant improvement,
and the concept of parity itself requires the closest scrutiny, if these devices
are to make the desired contribution to a prosperous, balanced, and free
agriculture.
The special needs of two sectors of the farm community have recently
called for new Government programs. First, emergency aid has been
given to farmers and stockmen in the drought-stricken regions of the Great
Plains. Since the beginning of 1953, more than $800 million of Federal
funds have been used for low-cost feed grain, subsidized hay and roughage,
emergency credit, distribution of free food, cost-sharing in projects to control wind erosion, and support purchases of cattle products. In designated
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counties, permission was granted to graze land placed in the soil bank.
Benefits of a more permanent sort will be forthcoming from a program of
conservation and land-use adjustments in the Great Plains, authorized by
the Congress in 1956. The Administration will present recommendations
to the Congress for further steps to deal with problems of land use and water
shortage that have been accentuated by recent drought conditions.
Second, the Rural Development Program focuses on the 1 million farm
families and 1,000 low-income counties in rural areas that have shared only
partially in the general prosperity. The emphasis of this Program is on
mobilizing local, State, and Federal agencies, private industrial and commercial enterprises, and civic groups in a joint effort to promote balanced
economic growth in the communities involved. It is now in operation in
some 50 pilot counties or trade areas. Progress will come in part through
better farming, but education and vocational training, improvement of
health and personal security, information on full-time job opportunities off
the farm, and part-time farming supplemented by other employment, also
have important roles to play.
AIDING LOCAL AREAS OF PERSISTENT UNEMPLOYMENT
The high employment levels of the last few years have facilitated economic adjustments needed to correct persistent unemployment conditions
in various areas. Although the Federal Government makes its greatest contribution to the solution of local unemployment problems by following policies which promote stable growth for the economy as a whole, there are
many ways in which it helps local areas with more or less chronic unemployment. In awarding Federal procurement contracts, preference has been
given to businesses located in such areas. Also, defense facilities constructed
in the areas are accorded special accelerated tax amortization privileges.
Increased appropriations for the Office of Area Development in the Department of Commerce have made it possible to extend improved and augmented
services to many such areas. The Department of Labor, through affiliated
State agencies, has expanded community employment programs and services.
But greater efforts are needed to help certain localities strengthen their
economic base. In some cases the forces responsible for persistent unemployment are so strong and so varied that they will yield only to comprehensive measures taken jointly by private groups, State and local governments,
and the Federal Government. To supplement the efforts of local and State
groups, which in a number of areas have already achieved marked success
in stimulating sound economic development, an enlarged Federal program
of aid to areas of persistent unemployment was proposed to the Congress in
1956. The program provided for Federal loans to pay for part of the cost
of purchasing and developing land and facilities for industrial usage, for
grants for research to help communities evaluate their resources and needs
for economic development, and for an expanded program of technical assist-
ance through field consultation. In addition, the proposed legislation
would assure better coordination of existing Federal programs so as to make
them more useful in the revitalization of areas with longstanding unemployment. Under the proposed legislation an Area Assistance Administration
would be established in the Department of Commerce to administer the
expanded Federal services. The Congress is urged to enact legislation for
this program, including the necessary appropriations.
IMPROVING HOUSING STANDARDS
Better housing and better neighborhoods are essential elements in the
higher levels of living that our citizens continuously seek to achieve. A
variety of Federal programs—including the insurance and guarantee of
home purchase and improvement loans, insurance of loans on rental housing
projects, and financial assistance to local governments for the rehabilitation
of urban neighborhoods—aid citizens in realizing these ambitions. TWQ
main principles guide the administration of these programs: they should
strengthen rather than supplant private and local government efforts and
should be limited to essential projects that citizens and business enterprises
or local governments, by themselves, cannot adequately carry out. The
soundness of these principles is manifested in the record volume of homes
built by private enterprise in the last four years, in the improved quality
of our stock of housing, in the more widespread ownership of homes, and
in the progress in slum clearance and urban renewal.
Several steps taken since 1953 have improved the Government's housing
and home financing programs. First, the Federal National Mortgage Association was reorganized in 1954 to provide for the use of private funds
in this important facility. At the end of 1956, $15 million of the Association's capital was held by private investors and $770 million of its borrowed
funds had been obtained in the private capital market. During the last year,
the Association rendered notable service in assisting a home mortgage
market that was subject to unusually heavy stress, and it continued to
support certain special housing programs. Second, a Voluntary Home
Mortgage Credit Program was established in 1954 to make private funds
more readily available in remote areas and for minority groups, thereby
reducing the need for direct Government lending. Through its services,
over 26,000 loans totaling over $230 million have been placed with private lenders. Third, the Urban Renewal Program of 1954 broadened
the earlier provisions for Federal aid to slum clearance by authorizing
assistance for the conservation and rehabilitation of urban areas. By
the end of 1956 about 250 projects in both small and large cities had been
approved for execution or final planning, and an additional 191 projects
were in more preliminary stages. Federal grants of $825 million disbursed
or set aside for this purpose have been, or will be, augmented by local contributions to a total of about $1.2 billion. Through projects now in advanced
stages, more than 9,000 acres of slums will be replaced by 75,000 new
housing units and by major industrial, commercial, and other facilities.
To encourage private investment in the rebuilding and rehabilitation
of blighted areas and in the provision of homes for persons displaced by
public programs, Federal mortgage insurance on favorable terms was made
available for residential projects in urban renewal areas and for persons
displaced from such areas. Other important changes in the Federal mortgage insurance programs included the equalization of downpayment requirements on new and used houses, which aids private construction by
improving the salability of existing homes, and provisions to help meet the
growing need for more adequate housing for the elderly.
Several legislative changes in Federal programs are needed at this time.
The effectiveness of the Federal mortgage insurance and guarantee programs has been seriously reduced of late, and home building has been
impeded, by ceilings on interest rates for Government-underwritten loans
that are below competitive market rates for comparable investments. This
condition has tended to diminish the flow of funds into the federally-sponsored programs on which large numbers of home purchasers and home
builders depend for low-downpayment and long-maturity mortgages. It
was partly corrected by administrative action in December 1956 when the
maximum interest rate on FHA-insured home loans was raised from 4J4
percent to 5 percent. The Congress is requested to amend the Servicemen's
Readjustment Act to permit a similar adjustment in the maximum interest
rate on VA-guaranteed home loans. This action would improve the competitive position of veterans' home loans in the capital market, and increase
the availability of credit for veterans desiring to exercise their right to
benefits under existing legislation.
The Congress is also requested to review other restrictive ceilings on
interest rates on Government-underwritten loans which are tending to defeat the purpose of encouraging private investment. Likewise, provisions
controlling the interest rate on Federal loans for college housing should be
amended to permit more frequent adjustments to the market yields on
long-term Government securities, and to bring forth a larger participation
of private capital in this rapidly expanding program.
To enable the Federal National Mortgage Association to continue purchases of mortgages in the secondary market, it is recommended that the
Treasury subscription to the Association's capital stock be increased by $100
million. Under existing law, this would add $1 billion to the Corporation's
authority to issue debentures and correspondingly augment its capacity to
buy mortgages. The Congress will be requested to make additional authorizations for the purchase by the Association of mortgage loans under
certain special-assistance programs.
Under legislation enacted last year, applications of World War II veterans
for home loan benefits will not be accepted after July 25, 1958. The Con-
gress may wish to consider changes in the Federal Housing Administration's
home mortgage insurance program to ease the adjustments in home building
and financing that are likely to accompany the expiration of these entitlements and to unify the mortgage insurance facilities available to veterans and
nonveterans.
The Voluntary Home Mortgage Credit Program, which has helped
channel private funds into home loans in remote areas, should be extended
beyond its scheduled expiration date of June 30, 1957.
Finally, the States can do much to improve the flow of funds into home
mortgages. Outmoded foreclosure laws, which add unnecessarily to the
risks and costs of mortgage lending, should be revised. Legal impediments
to investment by out-of-state institutions in federally-underwritten home
mortgages, which often result from undue restrictions on out-of-state corporations, should be removed. The investment of pension and welfare funds
in such loans should be encouraged within prudent limits. The States are
urged to give their early attention to these matters.
RAISING HEALTH STANDARDS
The Nation's material improvement has been accompanied by significant
gains in health and life expectancy. Progress in diminishing disease, disability, and premature death has enhanced our capacity for work, for enjoyment of the fruits of effort and enterprise, and for discharge of the military
obligations of citizenship. The struggle for better health and longer life is
a continual one, however, and huge returns are still to be expected from
relatively small outlays for additional research on crippling and killing
diseases.
The contributions of the Federal Government toward the health of
our people range over a wide area. The Public Health Service, through
the National Institutes of Health, is supporting a greater volume of medical
research than ever before. A law enacted in 1954 broadened a FederalState construction program, to give greater emphasis to hospitals for the
chronically ill, to nursing homes, and to diagnostic, treatment, and rehabilitation centers. In the same year, the Congress authorized expanded
Federal support of a joint program with the States for restoration of the
handicapped to more productive lives. In 1956, a three-year program of
grants-in-aid was established for the construction of public and nonprofit
health research facilities. The Water Pollution Act of 1956 provided for
intensified pollution research, matching grants for construction of watertreatment works, and cooperation to resolve serious interstate pollution
problems. In the same year, a program was enacted to help overcome the
shortage of graduate and practical nurses and other needed health personnel. Another law provided for surveys to determine the extent and
nature of illness and disability, to improve the information base for guidance
of health research.
66
For the further advance of our health standards, the Congress is again
requested to consider proposals for encouraging voluntary health insurance
plans. One such proposal seeks to facilitate the improvement of voluntary
plans by smaller health insurance companies and by nonprofit insurance
associations through pooling arrangements. The Congress is also requested
to authorize a temporary program of construction grants for expansion and
improvement of training facilities at medical and dental schools. Such a
program is needed to balance the legislative provision made last year for
Federal financial assistance in the construction of health research facilities.
STRENGTHENING PERSONAL SECURITY
The maintenance of high levels of employment and income in recent years
has been a powerful aid to Americans in making better provision for their
own and their families' security. Because good times and a stable dollar
are our best formula for accomplishing this result, Government makes its
greatest contribution to the strengthening of personal security when it pursues policies that promote stable economic growth and price stability. But
Government also contributes to the vigor and stability of the economy by
measures designed to assure retirement and survivorship incomes and to
alleviate certain severe forms of personal misfortune. The principal lines
along which this can be done have been set forth in the Economic Reports
of the last three years.
One set of proposals, aimed at reinforcing the Federal-State system of
unemployment insurance, has resulted in important actions. During 1954
Congress extended the coverage of unemployment insurance to 1.4 million
employees of firms with 4 to 7 persons on their payrolls and to 2.5 million
Federal civilian employees. In the last three years, 38 States have raised
weekly benefits, 12 have lengthened the potential duration of benefit payments, and 4 have extended coverage to firms with less than 4 employees.
Additional improvements are needed. First, benefits are still inadequate
in relation to wages. It is again suggested that the States raise the dollar
maximums so that the great majority of covered workers will be eligible
for payments equal to at least half their regular earnings. Second, the duration of benefits is still inadequate in many States. It is again suggested
that the States and Territories which have not yet done so lengthen the
maximum term of benefits to 26 weeks for every person who qualifies
for any benefit and remains unemployed that long. Third, important
classes of workers are still not covered. It is recommended that the Congress extend unemployment insurance to the 1.8 million employees of firms
with 1 to 3 persons on their payrolls who are still uncovered in many States,
to ex-servicemen, and to employees in Puerto Rico. Also, the States are
urged to include the 4.5 million persons who work for them or for their
political subdivisions.
Important changes have been made in laws affecting the economic status
of older persons. The Federal-State Employment Services are giving spe-
cial assistance toward finding employment for older persons, and the Department of Labor is studying the problem of enlarging their employment
opportunities. The Social Security Amendments of 1954 expanded the
number of jobs covered, raised benefits, and encouraged retired individuals
to engage in some remunerative work. By the end of 1956, 9 out of every
10 workers were covered or eligible for coverage under old-age and
survivors insurance; and roughly 45 percent of persons aged 65 or
more were receiving benefits, aggregating about $4.8 billion annually.
Benefits of about $800 million were paid in 1956 to 1.6 million children and
their widowed mothers, and to about 300,000 women aged 62-64 who became eligible for retirement benefits under legislation that became effective
in November of that year. The 1956 Amendments extended coverage to
an additional 900,000 workers and to 3 million servicemen, liberalized
provisions governing the eligibility of women for old-age benefits, and provided benefits for workers aged 50 and over who are totally and permanently disabled. In addition, by liberalizing the Federal grants that match
State payments, the 1956 Amendments encouraged more generous public
assistance and medical care for persons not adequately protected by social
insurance. The Railroad Retirement Act was amended in 1956 to increase by almost 10 percent the payments to more than 400,000 beneficiaries
of the railroad retirement program; and Civil Service retirement provisions were liberalized in important respects.
Private pension plans now cover about 13 million workers and provide
benefits to about 920,000 retired workers. Steps should be taken to deal
with two problems that arise in connection with these plans, as well as
private welfare funds. It would be desirable for business firms to make it
easier for a worker to terminate employment without losing part or all of
his accumulated rights in a pension plan. To help protect the beneficiaries
of private pension and welfare funds from loss through mismanagement, it
is again recommended that Congress require Federal registration of private
plans and the filing of reports on their administration and finances.
In addition to actions designed to help the unemployed and the aged,
measures have been taken to improve the income status of individuals.
Effective March 1, 1956, an amendment to the Fair Labor Standards Act
raised the minimum wage to $1.00 an hour, directly increasing the wages of
2 million covered workers. A number of administrative wage orders of the
Department of Labor, specifying various minimum wage rates, were issued
or became effective in 1956: for numerous Puerto Rican industries under
the Fair Labor Standards Act; for substantial numbers of workers and industries under the Walsh-Healey Public Contracts Act; and for large numbers
of Federal and federally-assisted construction contracts under the DavisBacon Act and related statutes. It is again recommended that the Congress and the States extend the coverage of minimum wage legislation to
additional workers needing this protection.
68
Although progress is being made toward equalizing economic opportunity
for all citizens, additional legislative steps are desirable. One such step
would be the enactment by the Congress of the principle of equal pay for
equal work without discrimination on account of sex.
Further improvements are needed in workmen's compensation insurance
against disabilities suffered on the job; this insurance is mainly the responsibility of the States. The relevant laws have been liberalized in recent
years, but those of many States still leave much to be desired in benefits,
administration, and provision for rehabilitation. Although great strides
have been made in safeguarding workers, occupational accidents still cause
almost two million injuries and deaths a year. A proposal will be presented
to the Congress for a new program to provide technical aid and limited
financial assistance to States for promoting occupational safety.
Another problem requiring attention is the loss of income caused by
temporary disabilities not related to the work of employees. For some years,
four States have had insurance programs covering such contingencies, and
many employers provide similar protection. A recommendation will again
be presented to the Congress to provide temporary disability insurance
benefits for employees in the District of Columbia. It is hoped that the
States that have not as yet done so will take the necessary legislative steps
to protect their workers against temporary off-the-job disabilities.
SOME CHALLENGES OF THE FUTURE
The proposals made in this chapter have been designed mainly with the
needs of the near-term future in mind, but Government has an obligation
also to look into the more distant future, although this can be done only
imperfectly. Even long-established trends are subject to change, and there
is much that cannot be foreseen at all; but certain factors that will influence
our economy in the years ahead can be discerned with some confidence.
Two of the most important of these factors are the growth and the changing
age composition of our population.
Before and shortly after World War II, the consensus of experts was that
the population of the United States would grow more and more slowly,
reach a peak within a few decades, and then begin to decline. Actually, the
population has grown in the last ten years at more than double the rate that
prevailed in the 1930's. There have also been notable and diverse changes
in the rates of population growth in different sections of the Nation. These
changes and the increase in total population have already exerted profound
influence on our economy. New challenges will arise in the future when
the sharp increase in the number of births since 1940, and especially since
1946, is reflected in the size of significant age groups. The number of young
people reaching their eighteenth birthday in the mid-1970's will be nearly
double what it was in 1956. The population of college age can be expected
to increase by something over 60 percent by 1970; but in that year enroll-
ments in the regular sessions of institutions of higher education are now
expected to be more than double the present figure. The number of first
marriages, which will be reflected in the rate of household formation, is
likely to be substantially larger in the mid-1960's than at present and very
much larger in the late 1960's and the 1970's. The actual size of the labor
force is unpredicably affected by the decisions of individuals in choosing, or
not choosing, to seek employment. Although the rates of labor force participation cannot be safely forecast, the number of persons available for work is
certain to grow substantially.
These few examples of results that can be expected from the growth and
changing age composition of our population suggest some of the challenges
in the years ahead for public and private policy. Pertinent population data
are presented and briefly discussed in Appendix G to this Report.
The extent to which the national output will be increased by the prospective enlargement of our population will depend in considerable part
on our ability to maintain a high level of employment and continue our gains
in productivity. Output per man-hour has increased over a long period at
an average rate of about 2 percent annually; since World War II it has
risen at an average of well over 3 percent a year. Productivity should
continue to increase at customary or recent rates, but such a pace cannot be
regarded as automatic and assured, without reference to any other factors.
Enormous increases in the supplies of skilled manpower, mechanical energy,
raw materials, and capital equipment will be needed if technological opportunities are to be realized, and if the demands of a vigorously growing population are to be satisfied at improved levels of living. These increases imply
very large requirements for savings and investment.
The opportunities and potentials of our free economy in the next quartercentury are very great, even when conservatively appraised. So also are
the responsibilities that must be borne by Government and by the citizen.
The primary objective of Government must be to encourage balanced and
sustainable economic growth in an environment favorable to the spirit of
enterprise. This effort must be supported by private policies that will help
assure the vigor of competitive enterprise and the achievement of steady
economic growth without price inflation. Our success in meeting these
responsibilities will go far to insure major further advances in the well-being
of our people, and it can have profoundly beneficial significance for the
peace and progress of the world.
70
Appendix A
SUMMARY OF RECOMMENDATIONS IN
THE ECONOMIC REPORT OF
THE PRESIDENT
Summary of Recommendations in the Economic
Report of the President
Including Recommendations to the Congress and Suggestions
to the States and Local Governments
I. MAINTAINING SOUND GOVERNMENT FINANCES
a) Extend for a year beyond April 1, 1957 the present excise rates on
automobiles and parts, cigarettes, distilled spirits, wines, and beer,
and the present tax rate on the income of corporations. [Page 48.]
B) Permit regulated investment companies holding their assets in State and
local securities to pass through to their stockholders the tax-exempt
status of the income received on these securities. [Page 49.]
c) Review State and local debt limits and other legal limitations that may
unduly restrict borrowing for public improvements. (State and local
responsibility) [Page 49.]
See also Recommendation IV (c).
II. IMPROVING PRIVATE FINANCIAL FACILITIES AND PROMOTING THRIFT
a) Authorize a National Monetary and Financial Commission to study
changes in our financial structure and practices, laws and regulations
affecting financial facilities, and means for controlling credit. [Page 49.]
b) Strengthen the authority of the Securities and Exchange Commission
to prevent certain remaining types of abuses in the distribution and
sale of securities. [Page 50.]
III.
STRENGTHENING COMPETITION
a) Empower the Attorney General in antitrust cases to issue civil investigative demands for the production of necessary documents without the
need of grand jury proceedings. [Page 51.]
b) Make Federal Trade Commission cease-and-desist orders under the
Clayton Act final, unless appealed to the courts. [Page 51.]
c) Require advance notification to the antitrust agencies of proposed
mergers that are likely to have a significant effect on competition.
[Page 51.]
d) Extend Federal regulation to cover bank mergers by asset, as well as
by stock acquisition. [Page 51.]
e) Make explicit the application of the Clayton Act to business mergers
where either party is engaged in interstate commerce. [Page 51.]
73
f) Authorize the Federal Trade Commission to restrain mergers by means
of preliminary injunction before a complaint is filed. [Page 51.]
g) Consider recommendations of the National Committee to Study the
Antitrust Laws on the application of antitrust laws to regulated areas,
and of the Presidential Advisory Committee on Transport Policy and
Organization on ways of increasing competition in transport. [Pages
51-52.]
IV.
WIDENING THE OPPORTUNITIES FOR SMALL BUSINESS
a) Extend the Small Business Act beyond June 30,1957. [Page 52.]
b) Permit the application of the Securities and Exchange Commission's
simplified notification procedure to security issues in amounts up to
$500,000. [Page 52.]
c) Give early consideration to those recommendations of the Cabinet
Committee on Small Business for tax relief that would involve only
a minimum loss of revenue. [Page 53.]
d) Authorize consolidation of wage reporting by employers for income
tax withholding and old age and survivors insurance purposes.
[Page 53.]
V. STRENGTHENING ECONOMIC TIES W I T H OTHER COUNTRIES
a) Authorize United States membership in the Organization for Trade
Cooperation. [Page 55.]
b) Continue economic assistance, including defense support, under the
Mutual Security Program. [Page 55.]
c) Extend beyond June 30, 1958 the authority of the Export-Import Bank
to approve credits. [Page 55.]
d) Authorize full participation by the United States in the International
Atomic Energy Agency. [Page 56.]
VI.
ENLARGING PUBLIC ASSETS AND DEVELOPING NATURAL RESOURCES
a) Authorize partial Federal insurance against industrial atomic hazards.
[Page 58.]
b) Authorize a four-year program of Federal assistance for public school
construction. [Page 58.]
c) Authorize the Fryingpan-Arkansas project. [Page 58.]
d) Take steps to resolve difficulties of State and local governments in
accomodating metropolitan growth. (State and local responsibility)
[Pages 58-59.]
See also Recommendations I (b) and (c).
VII.
IMPROVING SKILLS AND TECHNOLOGY
See Recommendations VI (b) and XI (b).
74
VIII.
PROMOTING AGRICULTURAL ADJUSTMENTS
a) Extend Title I of the Agricultural Trade Development and Assistance
Act for one year beyond June 30, 1957, and raise the present limit on
permissible losses under this program by $1 billion. [Page 61.]
IX.
AIDING LOCAL AREAS OF PERSISTENT UNEMPLOYMENT
a) Establish an Area Assistance Administration in the Department of
Commerce and enlarge the program of Federal aid to include loans
and expanded technical assistance. [Pages 63-64.]
X. IMPROVING HOUSING STANDARDS
a) Amend the Servicemen's Readjustment Act to make the maximum
interest rate on VA-guaranteed home loans conform to the current
maximum applicable to FHA-insured home loans. [Page 65.]
b) Amend the Housing Act of 1950 to relate the interest rate on Federal
loans for college housing to market yields on long-term Government
securities and provide for more frequent adjustments of the rate.
[Page 65.]
c) Increase the Treasury subscription to the capital stock of the Federal
National Mortgage Association by $100 million, and approve additional
authorizations for FNMA purchases under special assistance programs.
[Page 65.]
d) Consider changes in the home mortgage insurance program of the
Federal Housing Administration to facilitate market adjustments incident to termination of home loan guarantee benefits for World War II
veterans. [Pages 65-66.]
e) Extend the Voluntary Home Mortgage Credit Program beyond its
scheduled expiration date of June 30, 1957. [Page 66.]
f) Revise outmoded foreclosure laws, remove undue restrictions on mortgage lending by out-of-State institutions, and encourage the placement
of pension and welfare funds in mortgage loans. (State responsibility)
[Page 66.]
XI.
RAISING HEALTH STANDARDS
a) Consider proposals for encouraging voluntary health insurance plans.
[Page 67.]
b) Authorize a temporary program of construction grants for medical and
dental training facilities. [Page 67.]
XII.
STRENGTHENING PERSONAL SECURITY
a) Raise maximum weekly unemployment insurance benefits and lengthen
their maximum duration, where needed, and extend coverage to employees of the States and political subdivisions. (State responsibility)
[Page 67.]
b) Extend unemployment insurance to employees of firms with one to
three persons on their payrolls, to ex-servicemen, and to employees in
Puerto Rico. [Page 67.]
75
c) Require Federal registration and filing of reports by private pension and
welfare funds. [Page 68.]
d) Extend minimum wage coverage to additional workers. (Federal and
State responsibility) [Page 68.]
e) Enact the principle of equal pay for equal work without discrimination on account of sex. [Page 69.]
f) Authorize limited financial assistance to the States for promoting
occupational safety. [Page 69.]
g) Provide nonoccupational temporary disability insurance for employees
in the District of Columbia. (Federal responsibility) Develop similar
programs in the States. (State responsibility) [Page 69.]
Appendix B
REPORT TO THE PRESIDENT ON THE
ACTIVITIES OF THE COUNCIL
OF ECONOMIC ADVISERS
DURING 1956
77
Letter of Transmittal
DECEMBER 31,
The
1956.
PRESIDENT.
SIR: The Council of Economic Advisers submits this Annual Report for
calendar year 1956 in accordance with the requirements of Congress, as
set forth in Section 4 (d) of the Employment Act of 1946.
Respectfully,
RAYMOND J. SAULNIER, Chairman.
JOSEPH S. DAVIS.
PAUL W. MGCRAGKEN.
79
Report to the President on the Activities of the Council
of Economic Advisers During 1956
The year 1956 marked the tenth anniversary of the establishment of the
Council of Economic Advisers by the Employment Act of 1946. The
Council was created to help carry out the purposes of the Employment Act,
which include promotion by the Federal Government of maximum employment, production, and purchasing power by all means consistent with its
other obligations and in a manner calculated to foster free competitive
enterprise and the general welfare. This was also the third full year since
reconstitution of the Council under the President's Reorganization Plan
No. 9 of 1953. That Plan clarified the relationship between the Council
and the President by transferring to the Chairman of the Council the
function of reporting the Council's views and activities to the President.
It also strengthened the internal administration of the Council by transferring to its Chairman the responsibility for employing staff, specialists,
and consultants.
Advisory Board on Economic Growth and Stability
At the time the President transmitted the Reorganization Plan to the
Congress, he established an Advisory Board on Economic Growth and Stability, under the chairmanship of the Council Chairman. The members of
the Board are high-ranking officials of various departments and agencies
responsible for programs which have an important bearing on economic
developments. The present members of the Board are as follows:
Department of State—Successor to Herbert V. Prochnow, Deputy
Under Secretary for Economic Affairs, not yet appointed
Department of the Treasury—W. Randolph Burgess, Under Secretary
Department of Agriculture—True D. Morse, Under Secretary
Department of Commerce—Walter Williams, Under Secretary
Department of Labor—Successor to Arthur Larson, Under Secretary,
not yet appointed
Department of Health, Education, and Welfare—Marion B. Folsom,
Secretary
Board of Governors of the Federal Reserve System—Abbot L. Mills,
Member of the Board
Bureau of the Budget—Percival F. Brundage, Director
8x
The White House Office—Gabriel Hauge, Special Assistant to the
President
Council of Economic Advisers—Raymond J. Saulnier, Chairman
The Advisory Board meets a distinct need of Government by providing
a forum for discussion and informal coordination of the economic policies
of various departments and agencies. The Board has met regularly at
frequent intervals since its establishment and has been of practical value to
the Council in evaluating economic developments and formulating policies
to promote stable economic growth.
Council Membership
Arthur F. Burns, who joined the Council on March 18, 1953 and served
as its Chairman, resigned on December 1, 1956. The President appointed
Raymond J. Saulnier, a member of the Council since March 23, 1955, to
succeed Mr. Burns.
The vacancy left by Mr. Burns' resignation and Mr. Saulnier's appointment as Chairman was filled by the nomination by the President of Paul W.
McCracken. Mr. McCracken is on leave from his position as Professor of
Business Conditions, School of Business Administration, University of
Michigan. Prior to his nomination, Mr. McCracken served as a member
of the senior staff of the Council. Joseph S. Davis, Emeritus Director of
the Food Research Institute, Stanford University, became a member of the
Council on May 2, 1955.
Council Activities
In carrying out its responsibility of advising the President on economic
policies and programs designed to achieve the objectives of the Employment Act, the Council gave special attention during 1956 to recent advances
in costs and prices and to problems of those parts of the economy which have
not shared fully in the general prosperity.
Consideration was given to measures for maintaining a satisfactory rate of
home building, promoting agricultural adjustments, and improving farmers'
income.
Extensive analyses were made of problems faced by communities experiencing persistent and relatively high unemployment. On the basis of
these analyses, measures were recommended for helping to reduce local
unemployment through joint programs of local, State, and Federal governments and civic groups.
Until his resignation Mr. Burns served as Chairman of the Cabinet
Committee on Small Business established by the President on May 31, 1956.
Later these duties were assumed by Mr. Saulnier. The Committee has
continuing responsibilities for making recommendations for legislative and
administrative actions to strengthen the economic position and to foster the
82
sound development of small businesses. The members of the Committee are
as follows:
Charles E. Wilson, Secretary of Defense
Sinclair Weeks, Secretary of Commerce
James P. Mitchell, Secretary of Labor
Arthur S. Flemming, Director, Office of Defense Mobilization
Albert M. Cole, Administrator, Housing and Home Finance Agency
Wendell B. Barnes, Administrator, Small Business Administration
Raymond J. Saulnier, Chairman, Council of Economic Advisers
In its first Progress Report, published on August 7, 1956, the Committee
recommended a number of specific policies that would aid small businesses.
Mr. Saulnier represented the Council on the Defense Mobilization Board
until December, when he was succeeded by Mr. McCracken. Mr. Burns
represented the Council of Economic Advisers on the Council on Foreign
Economic Policy; Mr. Davis usually served as his alternate.
Two Council members participated during the year in the Paris meetings
of the Organization for European Economic Cooperation. Mr. Burns
attended the April meeting, at which experts exchanged views on economic
conditions and prospects. Mr. Saulnier attended the September meeting
to participate in OEEC's comprehensive annual review of economic
developments.
As in previous years, the Council has handled a large volume of correspondence on economic questions. Some of the communications were
received directly. A considerable number were referred to the Council by
other agencies and by the White House.
Several interagency task forces were established by the Council during the
year. One examined ways and means by which the contribution of the
Federal-aid highway program to economic stability might be maximized.
Another examined debt developments bearing on economic growth and
stability. A third examined the problems of consumers and explored possible ways of improving Government protection of consumer interests.
Members of the Council's staff participated in training conferences and
seminars held by other Government agencies for new employees and visiting
foreign experts. Staff members also served on a number of interagency
committees organized by other agencies.
The Council assisted in the preparation of the Economic Report of the
President3 transmitted to the Congress on January 24, 1956. The Report
reviewed developments and policies during 1954-55 and made recommendations to the Congress and suggestions to State, local, and private groups for
actions designed to promote stable economic growth. In 1956, all of the
30,000 copies that were printed were distributed. Over half of the total
were sold to the public by the Superintendent of Documents.
Economic Indicators, a monthly compendium of current economic statistics prepared by the Council and published by the Joint Economic Com-
mittee, is being used more extensively each year. In addition to the copies
distributed to members of the Congress and to libraries, copies go to over
6,000 paying subscribers.
Staff and Organization
The total number of staff members of the Council is 31, of whom 16,
including part-time consultants, constitute the senior staff. All of the
senior staff members are economists with established reputations for judgment and skill in objective analysis. Staff assignments are made by subject
matter, so that developments in major fields embraced by the Council's
responsibilities—national income, public finance, money and credit, business organization, manpower, agriculture, international trade and finance,
technology, social security, prices, productivity, etc.—are continually under
expert scrutiny. Each staff member cooperates closely with other agencies
of the Government. Contacts are maintained with business, labor, and
other pertinent private economic groups, as an aid in analyzing and evaluating economic developments.
The Council has continued the practice of rotating a part of its senior
staff, to take advantage of the services of university faculty members who are
not available on a permanent basis. Five members of the present senior
staff, on leave of absence from universities, are replacements for staff
members whose leaves from university posts expired earlier this year. In
addition, three members of university faculties serve the Council as Consultants while continuing in their university positions. The members of the
senior staff now include Leo Grebler, Frances M. James, Alfred E* Kahn,
Marshall A. Kaplan, Clarence D. Long, David W. Lusher, Daniel Marx, Jr.,
Raymond F. Mikesell, Frank E. Norton, Kenneth D. Roose, Charles L.
Schultze, Irving H. Siegel, Walter W. Stewart, Collis Stocking, Boris C.
Swerling, and Philip E. Taylor.
Budget for Fiscal Years 1956 and 1957
For the fiscal year 1956, the Council received an appropriation from
the Congress for $329,000. It finished the year with a small unobligated
balance.
For the fiscal year 1957, the Congress appropriated $365,700 for the
Council's activities. The increased appropriation was needed primarily to
enable the Council to meet the salary increases required by the Federal
Employees Salary Increase Act of 1955.
Appendix C
POPULATION CHANGES AND PROSPECTS
Change in Population Outlook
Changes in Related Trends
Educational Trends and the Labor Force
Population Projections
Population Changes and Prospects
Notable changes under way in the size and composition of our population have important implications for the future which are not yet widely
appreciated. A fuller understanding of their nature and meaning is essential for timely public and private action to promote and accommodate
economic growth.
CHANGE IN POPULATION OUTLOOK
By 1940 specialists had come to substantial agreement that our long
period of vigorous population growth was over, that the United States was
well advanced in a transition to a stationary or declining population, and
that the number of children of school age would not increase. With minor
modifications, this view was still widely held after World War II, when the
wartime increases in marriages and births from the lows of the prewar
decade were at first interpreted as temporary deviations from well-established trends. The forecast of September 1946 which then appeared reasonable pointed to a population of 153 million in 1960 (Chart C-l) and to
an ultimate peak of 164.5 million about 1990.
CHART C - l
Population and Projections to 1975
Population estimates since 1945 and latest projections to 1975
diverge sharply from forecasts published in September 1946.
MILLIONS OF PERSONS J /
240
/
1955 PROJECTION-HIGHS
200
1955 PROJECTIONLOW^
160
120
I I I I I I I I I I 1 I ) I I I I I I I I I I I I 1 I I I I I I 1 I I I I I I 1 I I I I I I I
1930
1940
1950
I960
1970
JULY I OF EACH YEAR; INCLUDES ARMED FORCES OVERSEAS.
' FERTILITY ASSUMPTIONS: HIGH-1954-55 LEVEL CONTINUES TO 1975; L O W - 1 9 5 0 - 5 3
LEVEL DECLINES FROM 1953 TO ABOUT PREWAR LEVEL BY 1975.
SOURCE: DEPARTMENT OF COMMERCE.
87
This prospect was gradually altered as postwar marriages, births, and
migration kept diverging widely from their prewar trends. "Illustrative
projections" released by the Census Bureau in August 1950 recognized that
a population upsurge of substantial magnitude and indefinite duration was
in progress. Subsequent revisions have strongly confirmed this generalization, and the actual population growth in 1950-56 has conformed most
closely to the highest projections. By mid-1955 the population of the Continental United States, including armed forces overseas, had passed 165
million, and the 1960 total now bids fair to approach 180 million.
After the end of the war there was a great increase in marriages, and
the wartime increase in births was followed by a much larger one. The
total of 38.8 million live births during 1947-56 (Table C - l ) was 10.5
TABLE C-l.—Population change, 1946-56
[Thousands of persons]
Year
Net
Natural increase
1
increase
Total
Births 2
Deaths«
Net
civilian
immigration
1946..
2,145
2,007
3,411
1,404
171
1947.
1948.
1949 _
1950..
1951..
2,638
2,530
2,551
2,525
2,715
2,366
2,188
2,201
2,168
2,326
3,817
3,637
3,649
3,632
3,823
1,451
1,449
1,448
1,464
1,497
275
329
354
350
379
1952...
1953...
1954__.
1955-..
1956 *..
2,645
2,681
2,841
2,842
2,946
2,405
2,438
2,593
2,560
2,637
3,913
3,965
4,078
4,091
4,207
1,508
1,527
1,485
1,531
1,570
240
239
248
286
1947-56: average.
2,691
2,388
3,881
1,493
301
i Includes changes due to admissions into and discharges from armed forces overseas, for which figures
are not shown separately.
»Adjusted for underregistration.
»Adjusted for underregistration of infant deaths; includes estimate of deaths in armed forces overseas.
4 Provisional estimates.
Sources: Department of Commerce and Department of Health, Education, and Welfare.
million above the prewar 10-year high of 1915-24; and the rise of births
in the 1950's is in striking contrast to the decline in the decade following
1924 (Chart C-2). The annual number of deaths has continued to rise
very slowly, as widespread improvement in health has steadily raised average life expectancy at birth to the present 70 years (Table C-2). The
excess of births over deaths, which had fallen below 1 million in the mid1930's, has been above 2 million every year since 1946 and averaged
2.5 million a year in 1951-56, when successive high figures for births were
recorded annually. Net civilian immigration—including those technically
termed immigrants, other aliens, and American citizens from Puerto Rico
and elsewhere—added an average of nearly 200,000 a year in the 1940's and
about 300,000 a year in 1947-56.
* As a result of these developments, the population increased in the past
decade at an average rate of 1.7 percent per year. Although this rate is
88
CHART C-2
Births Through 1956 and the Number of 18-YearOldsto1974
Reversal of the interwar downtrend of births and lowered mortality
rates promise large increases in the number reaching college age.
MILLIONS 3.
18-YEAR-OLDS^
(LOWER OATES)
)I I I I I I t I i I 1I I I I I 1 I I I 1 J I I I t I t I I I I 1 I I I I I I 1I I I t I I
1932
1950
1922
1940
1912
1930
1942
I960
1952
1970
•^ADJUSTED FOR UNDER-REG1STRATI0N; CALENDAR YEAR TOTALS.
^ D A T A FOR JULY I. PROJECTIONS BEGINNING 1957.
SOURCES: DEPARTMENT OF HEALTH, EDUCATION, AND WELFARE AND
DEPARTMENT OF COMMERCE.
far below the average of about 3 percent maintained in 1790-1860, it is
extremely high in comparison with expectations and more than double the
rate in the prewar decade.
The radical changes sketched above have led to great efforts to enlarge
and improve the basis for assessing present and future needs for jobs, schools,
hospitals, homes, highways, and other public and private facilities. Examination of the abundant information now available reveals marked alteraTABLE C-2.—Average future lifetime expected at birth, selected years, 1900-54
[Years]
Year
1904 2__
1914 2
1924 2
1934
1944
1954
Total
47.6
54.2
59.7
61.1
65.2
69.6
NonWhite white
i
48.0
54.9
61.4
62.4
66.2
70.3
30.8
38.9
46.6
51.8
56.6
63.1
White
Nonwhite *
Period
Female
1900-02 2 .
1909-112
1919-212
1929-31
1939-41
1949-51
51.08
53.62
58.53
62.67
67.29
72.03
Male
48.23
50.23
56.34
59.12
62.81
66.31
Female
35.04
37.67
46.92
49.51
55.51
62.70
Male
32.54
34,05
47.14
47.55
52.33
58.91
1
Prior to 1939-41, based on data only for Negroes, who comprised at least 95 percent of the nonwhite
population.
2 Based on data for death-registration States only.
Source: Department of Health, Education, and Welfare.
tions in many underlying trends and significant relationships that had seemed
firmly established. Some of the outstanding changes are summarized in
the following sections.
CHANGES IN RELATED
TRENDS
1. Married persons now comprise a much larger proportion of our population than before World War II (Table C-3). The 1940's saw not only
a pronounced rise in the percentages of married persons in the various age
groups, but also declines in median ages at first marriage. Smaller changes,
mostly in the same direction, have taken place in the 1950's.
TABLE C—3.—Distribution of the female population aged 14 and over, by marital
status, selected years, 1890-1956
Percent of total female population
1
Period
Single
1890:
1900:
1910:
1920:
1930:
1940:
June
June
April. ___
January.
April. . . .
April....
1950: March.
1956: March.
Married
Widowed
Divorced
27.8
28.4
27.8
27.4
26.9
27.6
57.7
57.1
58.5
58.9
59.7
59.5
14.0
13.9
12.9
12.8
12.0
11.3
0.4
0.5
0.6
0.8
1.3
1.6
22.5
21.4
64.8
66.3
10.6
9.9
2.1
2.4
i Adjusted for age with age distribution of the total female population in 1940 used as a standard.
show percentage distributions with effects of change in age distribution removed.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
Figures
2. The marked downtrend during the 1940's in the percentage of married
women with no children, and the rise in the number of children ever born
per 1,000 women in the 15-49 age group, have continued in the 1950's.
Declining proportions of couples have only one child and increasing proportions have two and three children, and there has been a marked increase
in the annual rate of third, fourth, and fifth births.
3. A rise in the number of children under 5 years of age in relation
to the number of women of childbearing age has been in progress for
nearly two decades, in contrast to the decline that had been evident since
early in the nineteenth century. Live births per 1,000 white women aged
15-44 have risen from an unprecedentedly low number in the mid-1930's to
the level of the early 1920's; the increase has been even greater for nonwhite
women. Because of the large increase in births and significant reductions
in infant and child mortality, the rising postwar generation is much larger
than that of the 1930's. Similar increases in higher age groups are in
prospect as today's children grow older.
4. The number of persons aged 18-64, from whom the labor force is
largely drawn, has risen steadily in recent decades (Chart C-3). By contrast, there has been a striking change in the trend of additions to the group
under age 18. Until the early 1940's, the total number of persons in the two
CHART C - 3
Population in Special Age Groups, 1930-75
The number of persons in age groups under 18 and 65-and-over has
reversed its prewar decline in relation to the number aged 18-64.
MILLIONS OF PERSONS-i/
140
-ESTIMATES-
-1955
PROJECTIONS-
120
HIGH
^
100
1 8 - 6 4 YEARS
80
60
UNDER 18 YEARS
AND
6 5 YEARS AND OVER
Ol
1930
y
1940
1950
I960
1970
JULY ! OF EACH YEAR ; INCLUDES ARMED FORCES OVERSEAS.
1/FERTILITY ASSUMPTIONS: HIGH—1954-55 LEVEL CONTINUES TO 1975; MEDIUM-HIGH — 1 9 5 0 - 5 3 LEVEL
CONTINUES TO 1975; MEDIUM-LOW—1950-53 LEVEL CONTINUES TO 1965, THEN DECLINES TO ABOUT THE
PREWAR LEVEL BY 1975; LOW—1950-53 LEVEL DECLINES FROM 1953 TO ABOUT THE PREWAR LEVEL BY 1975.
SOURCE: DEPARTMENT OF COMMERCE.
age groups, under 18 and 65 and over, had changed little for well over a
decade; as a percentage of the total population, this total was at an historic
low in 1942. Since then, however, the total has increased substantially, and
the percentage has recently risen above the level of 1910.
5. Between 1900 and 1950, when the population doubled, the number
of persons aged 65 and over quadrupled, and the percentage of the population in this age group rose from 4.1 to 8.1. The total number in the group
continues to mount, but the rate of increase is now declining, partly because
of reduced immigration since 1913 and partly because of declining rates of
increase in births in the nineteenth century.
6. Despite continued growth in the number of persons aged 65 and over,
the median age of the population—which had been rising ever since 1810
and had been expected to continue rising for decades to come—has
begun to decline from the high plateau of 30.2 years reached in 1950-53
(Table G-4). In this sense we are no longer an "aging" population.
7. Whereas before 1950 males had outnumbered females in the total
population, females have now become a majority, both in the total and in
all age groups above 20-24 years. This reversal is attributable chiefly to
the fact that the life expectancy of women has continued to improve more
than that of men. Reduction in immigration since 1924 has been an additional factor, since among immigrants the number of males has tended to
TABLE C—4.—Median ages of the population and the labor force, selected years,
1820-1955
Median age (years)
Total population i
Year
By sex
By race
Total
White
Labor force 2
Nonwhite
Total
Male
Male
Female
Female
1820
1890
1920
1930
16.7
22.0
25.3
26.5
16.5
22.5
25.6
26.9
17.2
18.5
22.4
23.5
16.6
22.3
25.8
26.7
16.7
21.6
24.7
26.2
32.2
34.3
35.5
33.5
35.9
37.2
24.7
28.6
30.2
1940
1945
1950
1955
29.0
30.0
30.2
30.0
29.5
30.5
30.7
30.7
25.2
26.0
26.0
24.7
29.1
29.8
29.8
29.3
29.0
30.2
30.6
30.7
36.0
36.0
38.1
39.1
37.7
37.2
38.7
39.1
31.9
33.3
36.7
39.0
* As of census dates 1820-1940, and July 1,1945-55; figures for 1945-55 include armed forces overseas.
2 Data relate to the April level for each year. Data for 1890,1920, and 1930 have been adjusted for comparability with current levels of measurement from the Current Population Survey.
Source: Department of Commerce.
exceed the number of females. While the number of widows has increased,
the percentages of widows in the various age groups, and in the total female
population aged 14 and over, have been declining since 1890 (Table C-3).
8. The percentage of nonwhite persons in the total population has been
rising, after having declined for many decades. It fell from 12.5 percent
in 1890 to a low of 10.2 percent in 1930 and 1940, and then rose to 10.9
percent in mid-1956. Between April 1, 1940 and July 1, 1956, the white
population increased by 26 percent, the nonwhite by 35 percent. This
more rapid growth of the nonwhite population was due chiefly to much
higher birth rates, only partially offset by higher death rates. More than 40
percent of the nonwhite population today are under 18 years of age.
9. Notable shifts in the geographical distribution of our people occurred
in the period 1940-56. Florida and most of the Western and Southwestern
States experienced rapid growth; most of the Northeastern and Southeastern States grew by less than the national average of 27 percent; and
three States (Arkansas, Mississippi, and Oklahoma) lost population.
Suburban and outlying rural sections of the standard metropolitan areas
grew rapidly, while central cities gained very little and the rural-farm population declined greatly.
EDUCATIONAL TRENDS AND THE LABOR FORCE
The population changes discussed in the preceding sections have contributed to significant changes in still other trends and relationships, a few
of which should be mentioned here.
1. The decline in births after 1924 led to a fall in school enrollments in
kindergarten through grade 8 in 1930-44 (Chart C-4 and Table C-5).
Enrollments began to increase, however, late in World War II, in response
CHART C-4
School Enrollments and Projections to 1965
Increasing births since 1940 are responsible for rising enrollments/
which by 1965 may be nearly twice as large as in 1944.
MILLIONS OF PUPILS
60
PROJECTIONS -
20
I 1 I 1 1 1 I I I I 1 | | I)
1930
1I I 11 I I 1 1 I 1 111 11 ) I
M
I960
1950
1940
SCHOOL YEAR ENDED
SOURCE: DEPARTMENT OF HEALTH, EDUCATION, AND WELFARE.
to the rise in births and to continued reductions in infant and child mortality. The increase became strong in the 1950's as the large numbers born
after the war reached school age. Fall enrollment through grade 8 in
October 1956 was 30.5 percent greater than in October 1950 (Table C-6).
TABLE G-5.—Enrollments in elementary and secondary schools,
selected years,
x
1930-54, with projections to 1965
[Thousands of pupils]
Kindergarten through Kindergarten through Grade 9 through grade 12
grade 8
grade 12
School year ended
1930
1934
1940 .
1944
_
1952
1954
Projections:
1955
1960
1965__
NonPublic public
Total
NonPublic public
Total
NonPublic public
Total
28,552
29,381
28,257
25,950
30, 554
33,388
25,854
26,618
25,597
23,416
26, 707
28, 995
2,698
2,763
2,660
2,534
3,848
4,393
23,740
23,279
21,127
19,912
23,958
26,280
21,423
20,897
18,955
17,824
20,789
22, 665
2,317
2,382
2,172
2,088
3,169
3,615
4,812
6,102
7,130
6,038
6,596
7,108
4,431
5,721
6,642
5,592
5,917
6,330
381
381
488
446
679
778
35,182
42,812
48,927
30,458
36, 670
41,702
4,724
6,142
7,225
27,865
34,068
37,347
23,964
28, 958
31,521
3,901
5,110
5,826
7,317
8,744
11,580
6,494
7,712
10,181
1,032
1,399
* The school year ended in the spring of 1954 is the latest for which the comprehensive data shown in
this table and Chart O-4 are available; the projections therefore begin with the following year. Enrollment data are reported by each State; hence pupils who move from one State to another within the
school year are counted more than once.
Source: Department of Health, Education, and Welfare.
93
TABLE C-6.—Fall school enrollment of the civilian noninstitutional population 5 to 34
years old, 1950-56 x
Total
October
Kindergarten and
elementary
College or
professional
school
High
school
Thousands of persons
1950
1951
1952
1953
1954
1955
1956
.
.
_
_-
-
2,214
1,869
1,980
2,377
2,414
2,379
2,883
30,276
30,865
32,465
34,450
36,083
37,426
39,353
21,406
22,223
23,377
24,808
25,936
27,086
27,927
6,656
6,773
7,108
7,266
7,733
7,961
8,543
9,077
6,521
1,887
669
30.0
30.5
28.4
30.2
Net increase, 1950-56...
Percentage increase, 1950-56
1
Based on sample surveys.
Source: Department of Commerce.
2. The great expansion of high-school enrollments in the 1920's and
1930's was reversed during World War II, chiefly because many children of
high-school age were drawn into remunerative jobs. Since the war, these
enrollments have increased as the numbers of those aged 14-17 have risen
and there has been a resumption of the prewar trend for rising proportions
of this age group to remain in school. Fall enrollment in these grades
increased by 28.4 percent between October 1950 and October 1956, and the
percentage of those in the 14-17 age group who were enrolled in school rose
from 83.3 to 88.2.
3. For a century or more, and especially after 1900, the average length of
terms in public schools was increased; the percentage of those in age groups
5-17 who were enrolled in public schools rose; and the average daily attendance improved (Table C-7). The war interrupted these trends; and the
recovery in the postwar years has been slow and incomplete, partly because
TABLE C-7.—Indicators of extension of public elementary and secondary schooling,
selected years, 1920-54
School year ended
1920
1930
1940
1944
1950
1952
1954
_.
Average number of days
Percent of
population
5-17 years of
age enrolled
Percent of enrolled pupils
in average
daily attendance
Attended per
pupil enrolled
Total Negro i
Total Negro i
Total
77.8
81.3.
85.3
80.4
81.6
84.7
83.5
72.6
78.6
85.9
8 85.4
8
74.8
82.8
86.7
84.3
88.7
87.6
88.9
67.3
72.1
80.4
81.4
85.3
85.0
85.1
121
143
152
148
158
156
159
In school term
Negro l Total
80
97
126
133
148
150
151
162
173
175
176
178
178
179
Attended per
person in
ages 5-17
Negro 1 Total
119
132
156
164
173
176
177
94
116
130
119
131
132
133
Negro*
58
75
108
126
i In Negro public elementary and secondary schools in 17 Southern States and the District of Columbia.
* Not available except for census years.
3 Based on statistics for nonwhite population, of which Negroes constituted 98.8 percent in these areas.
Sources: Department of Health, Education, and Welfare and Council of Economic Advisers.
94
of the lag in expanding public-school facilities and qualified staffs and of
increasing enrollments in nonpublic schools.
4. Before World War II the growth of enrollments in schools of higher
education was much slower than in secondary schools, and war service
interrupted college and graduate work for many students. A marked bulge
occurred after the war under the stimulus of veterans' educational benefits;
and in the present decade, participation in higher education has been growing rapidly. Some 7 million persons in today's adult population have spent
four years in college; this is twice the number in 1940. Between October
1950 and October 1956, fall enrollments in colleges and professional schools
increased by more than 30 percent. A similar increase was shown for all
levels of schooling for those in the 18-34 age group, although the total number of persons in this group changed little.
5. The labor force increased by 9.4 million between 1946 and 1956 in
spite of the fact that the number of boys and girls aged 18—a common age
of entrance into full-time jobs—was lower in the postwar decade than in
the 1930's and early 1940's and slightly lower in mid-1956 than in mid-1946.
There has been an extraordinary increase in the number of women—
especially the number of married women—who have taken jobs; and the
increase since the war has been especially pronounced for older women.
Accordingly, the median age of women in the labor force rose from 33.3
years in 1945 to 39.0 years in 1955, while the median age of male workers
rose by less than two years, from 37.2 to 39.1 (Table C-4). Within a few
years, as young entrants into the labor force increase, the median age of the
labor force is expected to begin an extended fall, for the first time in our
history.
POPULATION PROJECTIONS
The postwar upset of apparently well-grounded expectations and the
radical changes in long-established trends warn of the serious risks in forecasting total population and many related magnitudes for even 10-20 years
ahead. Certain basic projections, however, can be made and used with a
high degree of confidence on the assumption that we experience no extreme
disaster.
Although future births defy prediction, the course of actual births in
past years has forecasting value for successive waves of various significant
age groups. Birth registration had been made compulsory in all States by
1930, underregistration has been gradually reduced, and reasonable allowances can be made for unregistered births. Also, infant, child, and youth
mortality has been reduced to low levels. For all the younger age groups,
uncertainties about the future course of deaths and net civilian immigration
have relatively small influence.
Projections of the numbers who will reach significant "threshold" ages
can therefore be made with only a small margin of error for as many years
in the future as involve no forecast of births (Table C-8). Similarly, the
95
TABLE C-8.—Projections of the population of the United States in selected ages,
1955-751
[Thousands of persons]
Total
Age and year
5 years:
1955 . .
1960
6 years:
1955
1960
12 years:
1955
I960,
1965
14 years:
1955
1960
1965
18 years:
1955
1960
1965
1970
20 years:
1955
I960...
1965
1970
1975
65 years:
1955
1960
1965
_.
1970
1975
__
_
.
. _
_
_____
_.
Male
Female
3,516
4,011
1,797
2,049
1,719
1,962
3,538
3,924
1,807
2,004
1,731
1,920
2,914
3,540
3,828
2,393
2,764
3,659
1,483
1,808
1,954
1,214
1,411
1,865
1,431
1,732
1,874
1,178
1,353
1,794
2,171
2,561
3,816
3,733
1.098
1,299
L, 948
1,904
1,073
1,262
1,868
1,829
1,087
1,071
1,143
1,363
1, 748
1,991
2,159
2,310
2,757
3,546
4,037
1,180
1,262
1,331
1,433
1,587
]1,167
1,394
.798
2,046
572
591
608
645
702
607
671
723
788
885
1
Includes armed forces overseas.
Source: Department of Commerce.
size of many significant age groups can be projected with considerable assurance for several years into the future, as long as only future survivors of
those already born are included. Barring catastrophe, it can thus be confidently stated that by 1961 the number of children aged 5 will be about
twice the number in the two or three very low years before World War II,
and that by 1968 the number aged 12 will be roughly double what it was
in the late 1940's.
The changing number of 18-year-olds has special significance because at
this age young people typically complete high school and enter college or
the labor force, except that some young men are drawn into military service.
A series, actual through 1956 and projected through 1974, is shown for this
age group on Chart G-2, along with the series of births 18 years earlier.
The narrowing gap between the two curves reflects the marked reduction
in mortality up to age 18 during the past 40 years. Largely because of this
reduction, the 1940-52 decline in the number of 18-year-olds was much
less than the fall in the number of births in 1922-34, and the prospective
increase in the number of 18-year-olds in 1958-74 exceeds the actual
increase in births between 1940 and 1956.
The college-age population (ages 18-24) declined from a 1943-44 peak
of about 16.9 million to about 15.1 million in mid-1955, the lowest point in
25 years. According to recent Census Bureau projections, small gains
during the next few years will be followed by larger gains in 1960-64 and by
still sharper increases from 1964 through 1973, when the number will be
roughly 75 percent larger than in 1955. Though by no means all of those
aged 18-24 will continue their schooling, the enrollment in institutions
of higher education in 1973 seems likely to be more than double the 1955
figure if faculties and facilities are enlarged to meet the demands.
Projections of the number of women aged 20 may give some clue to the
future course of first marriages, since 20.1 years has recently been the
median age at first marriage and a slight fall appears more likely than a rise.
After declining for several years, the number of women aged 20 has recently
begun to increase, broadly following the series for 18-year-olds, and by 1975
the number is expected to be nearly double the low figure of 1954.
The number of women aged 20-34 is of special importance for population
forecasts, since this is the group in which the number of births is greatest.
The number of women in this age group has been high in the postwar
decade, although it has declined since 1950. It is expected to rise moderately in the early 1960's, and sharply from 1967 to beyond 1975. The
projected number for 1975 is 38 percent above the high figure for 1950.
While this series gives no solid basis for forecasting births, as experience
in the postwar decade has shown, it can be said that the age distribution
of women after 1962 will be increasingly favorable to a new increase of
births.
Reliable projections of the younger age groups provide a basis for estimating future high-school and college enrollments, additions to the labor
force, and the number of families and households. But such derived estimates have a wide margin of error when made years in advance because
they are necessarily based upon rough assumptions as to the choices that
individuals and groups will make.
While the numbers that may be in the upper age groups 20 years in
the future are not influenced by future births, they are subject to changes
in health conditions, which are unpredictable. Moreover, inaccuracies in
age reporting affect the reliability of present figures for age groups 60 and
over. Undue reliance should therefore not be placed on the projections
that the number reaching age 65 will rise from 1.2 million in 1955 to 1.6
million in 1975, and that the numbers aged 65 and over will increase from
14.1 million in 1955 to 20.7 million in 1975. The implied increase in the
proportion of these older people in the total population, from 8.5 percent
to 9-10 percent, is even more provisional because the total population cannot be safely forecast.
The latest illustrative projections of the total population (published in
October 1955) point to a range of 206.9-228.5 million in 1975. These projections incorporate the very conservative assumption that there will be no
improvement in mortality experience after 1960. Only a guess can be made
about such improvement, however, chiefly because future progress in medical research cannot be predicted. Furthermore, special conditions and
legislative changes may affect the volume of net civilian immigration.
97
Finally, the actual course of births may differ widely from any assumed
course, as has been true during and since the war. For such reasons, projections of the total population, though embodying a combination of expert
knowledge and careful judgment, require frequent revision as additional
evidence becomes available. They can serve many useful purposes, however3 if their limitations are clearly recognized.
Appendix D
STATISTICAL TABLES RELATING TO THE
DIFFUSION OF WELL-BEING, 1946-56
99
CONTENTS
Page
D-l. Population growth and vital statistics, 1946-56
D-2. Total and per capita gross national product, in current and 1956 prices,
1946-56
D-3. Civilian employment, 1946-56
D-4. Total and per capita personal income, in current and 1956 prices, 1946-56.
D-5. Total and per capita disposable personal income, in current and 1956 prices,
1946-56
D-6. Distribution of personal income disbursements, 1946-56
D-7. Average family personal income, before and after Federal individual
income tax liability, in current and 1956 prices, 1946-47 and 1950-55. .
D-8. Distribution of families by family-income groups, 1946-47 and 1950-55. .
D-9. Average gross hourly earnings of production workers in manufacturing
industries, in current and 1956 prices, 1946-56
D-10. Average weekly earnings, gross and net spendable, of production workers
in manufacturing industries, in current and 1956 prices, 1946-56. . . .
D - l l . Average gross weekly earnings in selected industries, in current and 1956
prices, 1946-56
D-12. Work stoppages, 1946-56
D-l 3. Total and per capita personal consumption expenditures, in current and
1956 prices, 1946-56
D-l 4. Vacations and vacation activities, 1946-56
D-15. Families owning automobiles, 1948-49 and 1950-56
D-16. Home ownership, 1947, 1950, and 1952-56
D—17. Married couples with and without own household, 1946—56
D-l8. Homes with selected electrical appliances, 1946-56
D-19. Life insurance, 1946-56
D-20. Selected financial assets of consumers, 1946-56
D-21. Shareowners in public corporations, 1952, 1954, and 1956
D-22. Fall school enrollment, 1948 and 1950-56
D-23. Percent of civilian noninstitutional population 5 to 34 years of age enrolled
in school, by age group, October of each year, 1946-56
D—24. Selected measures of educational achievement and costs, 1946-56
D-25. Population, paid civilian employment, and employment covered by old-age
and survivors insurance and railroad retirement, 1946—56
D—26. Old-age and survivors insurance benefits, 1946—56
D-27. Unemployment insurance benefits, 1946-56
D-28. Civilian hospital beds, 1946-56
D-29. Hospital, surgical, and medical expense coverage, 1946-56
D-30. Injury-frequency rates in manufacturing industries, 1946-56
IOI
103
104
104
104
105
105
106
106
107
107
108
108
109
109
110
110
Ill
Ill
112
112
112
113
113
114
115
115
115
116
116
117
117
Statistical Tables Relating to the Diffusion of Well-Being,
1946-56
The following tables present certain indicators of the improvement
of well-being that has been attained in the United States in the last decade.
Necessarily, they are limited to those aspects and conditions of personal
welfare that can be expressed in quantitative terms. Although they fail
to reveal, excep indirectly, the qualitative aspects of welfare, they may be
useful indicators of some of the material conditions on which improvements
in the quality of living are based. Tables are included on production and
employment; personal income and its distribution; consumption; material
comforts and conveniences; conditions of work; education; leisure and
recreational activities; personal financial security; and health.
TABLE D-l.—Population growth and vital statistics, 1946-56
Population 1
Year
Number
(thousands)
Annual
percentage
gain
Birth2
rate
Death
rate
Ageadjusted
death
rates
141,389
144,126
146,631
1950.
1951.
1952.
1953.
1954.
151, 683
154, 360
157, 028
159, 636
1955
1956.
165, 271
149,188
162,417
168,091
Maternal
mortality
Per 1,000 live births
Per 1,000 population
1946.
1947.
1948.
1949.
Infant
mortality
1.04
1.94
1.74
1.74
24.1
26.6
24.9
24.5
10.0
10.1
9.9
9.7
9.1
9.0
8.8
8.5
33.8
32.2
32.0
31.3
1.57
1.35
1.17
.90
1.67
1.76
1.73
1.66
1.74
24.1
24.9
25.1
25.0
25.3
9.6
9.7
9.6
9.6
9.2
8.4
8.3
8.2
8.1
7.7
29.2
28.4
28.4
27.8
26.6
.61
.52
1.76
1.71
<24.9
6 25.1
9.3
5 9.4
7.7
5 7.7
26.4
5 26.0
.75
.47
5.40
1 As of July 1; includes armed forces overseas.
2 Adjusted for under-registration; see Table C-l for number of births.
3 The age-adjusted rate makes allowance for changes in age composition of the population. The ageadjusted rate for a given year is the death rate which would have resulted if the mortality of each age group
during the given year had been experienced by a population with a standard age distribution. The age
distribution
of the population enumerated on April 1,1940 is used as the standard.
4
Provisional.
s Preliminary; based on provisional data for January-October 1956.
NOTE.—The birth rate for 1946 is based on total population including armed forces overseas. Birth
rates for 1947-56 and death rates for 1946-56 are based on total population residing in continental United
States (excluding armed forces overseas).
Sources: Department of Commerce and Department of Health, Education, and Welfare.
IO3
TABLE D-2.— Total and per capita gross national product, in current and 7956 prices, 1946-56
Total (billions of dollars)
Year
1946
1947 _._
1948
1949 - -
In current
prices
___
1950
1951
1952 _ _
1953
1954
1955
1956 2
_
.
In 1956
prices *
Per capita
In current
prices
In 1956
prices
209.2
232.2
257.3
257.3
290.6
289.6
302.7
301.8
1,480
1,611
1,755
1,725
2,055
2,009
2,064
2,023
285.1
328.2
345.4
363.2
360.7
329.9
354.2
366.6
381.6
374.6
1,879
2,126
2,200
2,275
2,221
2,175
2,295
2,335
2,390
2,306
390.9
412.4
401.7
412.4
2,365
2,453
2,431
2,453
1 For method of deflation, see Table E-2.
2 Preliminary; includes fourth quarter estimate by Council of Economic Advisers.
Sources: Department of Commerce and Council of Economic Advisers.
TABLE D-3.—Civilian employment, 1946-56
![Millions of persons 14 years of age and over]
Civilian employment 1
Year
Total
1946
1947. _
1948
1949
Male
Female
55.2
58.0
59.4
58.7
38.9
41.7
42.4
41.7
16.3
16.3
17.0
17.0
1950
1951
1952
1953
1954 _
60.0
61.0
61.3
62.2
61.2
42.3
42.5
42.4
43.1
42.4
17.7
18.5
18.9
19.1
18.9
1955
1956
63.2
65.0
43.3
44.1
19.9
20.8
_
.
1
See Table E-17 for further detail on the labor force.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
TABLE D-4.— Total and per capita personal income, in current and 1956 prices, 1946-56
Total (billions of dollars)
Year
1946._
1947
1948--.
1949.
In current
prices
_
1950
1951
1952
1953
1954
.
_
1955
1956 2
In 1956
prices *
Per capita (dollars)
In current
prices
In 1956
prices»
178.0
190.5
208.7
206.8
247.9
231.5
235.8
235.8
1,259
1,322
1,423
1,386
1,753
1,606
1,608
1,580
227.0
255.3
271.8
286.0
287.3
256.5
267.1
277.9
290.4
290.5
1,497
1,654
1,731
1,792
1,769
1,692
1,730
1,770
1,819
1,789
306.1
325.2
310.4
325.2
1,852
1,935
1,878
1,935
1
Dollar estimates in current prices divided by the consumer price index on a 1956 base.
2 Preliminary; includes fourth quarter estimate by Council of Economic Advisers.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
IO4
D-5.- -Total
TABLE
and per capita disposable personal income, in current and 7956 prices,
7946-561
Total (billions of dollars)
Year
In current
prices
1946
1947
1948
1949
1950
1951
1952
1953
1954
_
_ _
1955
1956 3
Per capita (dollars)
In current
prices
In 1956
prices 2
I n 1956
prices 2
159.2
169.0
187.6
188.2
221.7
205.3
212.0
214.6
1,126
1,173
1,279
1,261
1,568
1,425
1,445
1,438
206.1
226.1
237.4
250.2
254.4
232.9
236.5
242.7
254.0
257.2
1,359
1,465
1,512
1,568
1,^566
1,536
1,532
1,546
1,592
1,583
270.6
286.6
274.4
286.6
1,637
1,705
1,660
1,705
1 Disposable personal income is personal income less personal taxes.
2 Dollar estimates in current prices divided by the consumer price index on a 1956 base.
3 Preliminary; includes fourth quarter estimate by Council of Economic Advisers.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
TABLE D-6.—Distribution of personal income disbursements, 7946-56
Total
personal
income
disbursements
(billions
of dollars) i
Year
Percent of total income disbursements
Proprietors'
income
Labor income and transfer
payments
Total
Wage
Other Transand
Farm
fer
salary labor
dis- income payments
bursements
Business
and
professional
Investment income
PerRental
sonal
Total income Divi- interof per- dends
est
sons
income
3.2
3.4
3.4
3.6
4.0
3.5
3.3
3.2
3.4
4.2
4.3
4.3
4.7
12.3
11.5
11.3
11.5
12.1
3.4
3.4
3.4
3.8
3.7
3.5
3.6
3.5
3.6
12.0
11.8
3.2
2.9
3.6
3.6
5.2
5.3
180.0
192.6
210.9
209.0
69.6
71.1
70.7
71.7
62.2
63.8
64.1
64.3
1.1
1.2
1.3
1.4
6.3
6.1
5.4
5.9
7.7
7.5
7.9
6.1
11.8
10.3
10.2
10.2
10.9
11.0
11.1
12.1
1950
1951
1952
1953
1954
229.9
258.7
275.6
289.9
291.9
71.9
72.7
73.8
75.1
74.8
63.7
66.0
67.1
68.1
67.0
1.7
1.9
1.9
2.1
2.2
6.6
4.9
4.8
4.9
5.6
5.8
6.2
5.5
4.6
4.3
10.0
9.6
9.3
8.9
8.9
1955
1956 2
311.3
331.0
75.5
75.8
67.6
68.0
2.2
2.2
5.7
5.6
3.8
3.5
8.8
8.8
1946
1947.
1948
1949
-
1
Personal income receipts plus personal contributions for social insurance.
2 Preliminary; includes fourth quarter estimate by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.
105
4.6
4.5
4.5
4.7
5.1
TABLE D—7.—Average family personal income, before and after Federal individual income tax
liability, in current and 1956 prices, 1946-47 and 1950-55
Year
1946
1947
1950—
1951
1952
1953
1954
Average (mean) personal income per family
or individual
Number of
families
and unattached
individuals
(millions)
*j
- -
1955
After tax
Before tax
In current
prices
In 1956
prices *
In current
prices
In 1956
prices i
(2)
43.3
44.7
$3.940
4,130
$5,490
5,020
$3,720
$4, 520
48.9
49.5
50.2
50.5
51.2
4, 440
4,900
5,120
5,370
5,340
5,020
5,130
5,240
5,450
5,400
4,070
4,420
4,570
4,790
4,830
4,600
4,620
4, 670
4,860
4,880
52.2
5,520
5,600
4,980
5,050
1 Dollar estimates in current prices divided by the consumer price index on a 1956 base.
Not available.
NOTE.—Data for 1948 and 1949 are not available.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
2
TABLE D-8.—Distribution of families by family-income groups, 1946-47 and 1950-55
Family personal income (before income taxes) >
Year
Under
Total
$2,000
$2,000
and
over
Under
$3,000
Under
$4,000
$3,000
and
over
$4,000
and
over
Under
$5,000
$5,000
and
over
Millions of families and unattached individuals
11.4
11.1
31.9
33.6
20.2
19.6
23.1
25.1
28.8
28.2
14.5
16.5
34.2
33.9
9.1
10.8
1950.
1951.
1952.
1953.
1954.
43.3
44.7
48.9
49.5
50.2
50.5
51.2
11.3
9.2
9.0
8.4
8.5
37.6
40.3
41.2
42.1
42.7
19.4
16.4
15.5
14.6
14.8
29.5
33.1
34.7
35.9
36.4
28.0
24.6
23.1
21.8
22.2
20.9
24.9
27.1
28.7
29.0
35.1
32.1
30.8
29.2
29.8
13.8
17.4
19.4
21.3
21.4
1955.
52.2
8.3
43.9
14.5
37.7
21.6
30.6
29.2
23.0
1946.
1947.
i
Percent of families and unattached individuals
1946.
1947.
100.0
100.0
26.3
24.8
73.7
75.2
46.7
43.8
53.3
56.2
66.5
63.1
33.5
36.9
79.0
75.8
21.0
24.2
1950.
1951
1952.
1953
1954.
100.0
100.0
100.0
100.0
100.0
23.1
18.6
17.9
16.6
16.6
76.9
81.4
82.1
83.4
83.4
39.7
33.1
30.9
28.9
28.9
60.3
66.9
69.1
71.1
71.1
57.3
49.7
46.0
43.2
43.4
42.7
50.3
54.0
56.8
56.6
71.8
64.8
61.4
57.8
58.2
28.2
35.2
38.6
42.2
41.8
1955
100.0
15.9
84.1
27.8
72.2
41.4
58.6
55.9
44.1
i In current prices.
NOTE.—Data for 1948 and 1949 are not available.
Source: Department of Commerce.
106
TABLE D-9.—Average gross hourly earnings of production workers in manufacturing industries,
in current and 1956 prices, 1946-56
Year
In current
prices
In 1956
prices l
$1.09
1.24
1.35
1.40
$1.52
1.51
1.53
1.60
1950 . . .
1951
1952 ._ _
1953
1954
1.46
1.59
1.67
1.77
1.81
1.65
1.66
1.71
1.80
1.83
1955 _
1956 2
1.88
1.98
1.91
1.98
1946
1947
1948
1949
1 Dollar estimates in current prices divided by the consumer price index on a 1956 base.
2 Preliminary.
NOTE.—Average gross hourly earnings reflect not only changes in basic hourly and incentive wage rates,
but also such variable factors as premium pay for overtime and late-shift work, and changes in output of
workers paid on an incentive basis.
Sources: Department of Labor and Council of Economic Advisers.
TABLE D-10.—Average weekly earnings, gross and net spendable, of production workers in manufacturing industries, in current and 1956 prices, 1946—56
Average gross weekly
earnings
Year
In current
prices
1946
1947
1948
1949
-
1950
1951 _
1952
1953
1954
1955
1956 3
_
-._
In 1956
prices 2
Average net spendable weekly
earnings i
Worker with no
dependents
In current
prices
In 1956
prices 2
Worker with three
dependents
In current
prices
In 1956
prices 2
$43.82
49.97
54.14
54.92
$61.03
60.72
61.18
62.62
$37.72
42.76
47.43
48.09
$52.53
51.96
53.59
54.83
$43. 20
48.24
53.17
53.83
$60.17
58.61
60.08
61.38
59.33
64.71
67.97
71.69
71.86
67.04
67.69
69.50
72.78
72.66
51.09
54.04
55.66
58.54
59.55
57.73
56.53
56.91
59.43
60.21
57.21
61.28
63.62
66.58
66.78
64.64
64.10
65.05
67.59
67.52
76.52
80.13
77.61
80.13
63.15
65.97
64.05
65.97
70.45 i
73.33
71.45
73.33
1 Average gross weekly earnings less Federal social security and income taxes.
2
Dollar estimates in current prices divided by the consumer price index on a 1956 base.
3 Preliminary.
NOTE.—Average gross weekly earnings are affected not only by changes in average gross hourly earnings
(see Table D-9, note), but also by changes in the length of the workweek, part-time work, stoppages for
varying causes, labor turnover, and absenteeism.
Sources: Department of Labor and Council of Economic Advisers.
107
TABLE D - l 1.—Average gross weekly earnings in selected industries, in current and 1956 prices^
1946-56
[For production workers or nonsupervisory employees]
Manufacturing
Year
Total
BuildBituClass I Tele- Laun- minous
ing con- Retail Wholerail- phone dries
sale
Dura- Non- struc- trade trade
coal
roads
ble durable tion
mining
goods goods
In current prices
43.82
49.97
54.14
54.92
4a 49
52.46
57.11
58.03
41.14
46.96
50.61
51.41
56.24
63.30
168.85
70.95
36.35
40.66
43.85
45.93
47.73
51.99
55.58
57.55
50.00
55.03
60.11
62.36
44.29
44.77
48.92
51.78
30.20
32.71
34.23
34.98
58.03
66.59
72.12
63.28
1950
1951
1952
1953
1954
59.33
64.71
67.97
71.69
71.86
63.32
69.47
73.46
77.23
77.18
54.71
58.46
60.98
63.60
64.74
73.73
81.47
88.01
91.76
94.12
47.63
50.65
52.67
54.88
56.70
60.36
64.31
67.80
71.69
73.93
64.14
70.93
74.30
76.33
78.74
54.38
58.26
61.22
65.02
68.46
35.47
37.81
38.63
39.69
40.10
70.35
77.79
78.09
85.31
80.85
1955
1956 2
76.52
80.13
83.21
86.39
68.06
71.45
96.03
101.32
58.50
60.42
77.55
81.21
81.71
87.82
72.07
73.38
40.70
42.14
96.26
105.21
1946
1947
1948
1949
___.
In 1956 prices 3
1946
1947
1948
1949
1950
1951
1952
1953
1954
.-_
_
1955
1956 2
61.03
60.72
61.18
62.62
64.75
63.74
64.53
66.17
57.30
57.06
57.19
58.62
78.33
76.91
77.80
80.90
50.63
49.40
49.55
52.37
66.48
63.17
62.80
65.62
69.64
66.87
67.92
71.11
61.69
54.40
55.28
59.04
42.06
39.74
38.68
39.89
80.82
80.91
81.49
72.16
67.04
67.69
69.50
72.78
72.66
71.55
72.67
75.11
78.41
78.04
61.82
61.15
62.35
64.57
65.46
83.31
85.22
89.99
93.16
95.17
53.82
52.98
53.85
55.72
57.33
68.20
67.27
69.33
72.78
74.75
72.47
74.19
75.97
77.49
79.62
61.45
60.94
62.60
66.01
69.22
40.08
39.55
39.50
40.29
40.55
79.49
81.37
79.85
86.61
81.75
77.61
80.13
84.39
86.39
69.03
71.45
97.39
101.32
59.33
60.42
78.65
81.21
82.87
87.82
73.09
73.38
41.28
42.14
97*63
105.21
1 Data not comparable with prior data.
2
Preliminary.
3 Dollar estimates in current prices divided by the consumer price index on a 1956 base.
NOTE.—For definition of gross weekly earnings, see Table D-10, note.
Sources: Department of Labor and Council of Economic Advisers.
TABLE D-12.—Work stoppages, 1946-56i
Man-days idle
Work
stoppages
Year
1946 _
1947
1948
1949
___
_.
Workers
involved
(thousands)
Number
(thousands)
Percent of
estimated
working
time of all
workers
4,985
3,693
3,419
3,606
4,600
2,170
1,960
3,030
116,000
34,600
34,100
50,500
1.4
.4
.4
6
1950
1951
1952
1953__
1954
4,843
4,737
5,117
5,091
3,468
2,410
2,220
3,540
2,400
1,530
38,800
22,900
59,100
28,300
22,600
.4
.2
6
.3
.2
1955
1956 2
4,320
3,800
2,650
1,900
28,200
33,000
3
.3
1 The number of stoppages and workers involved pertain to stoppages beginning in the period. Data on
man-days
of idleness pertain to all stoppages in effect during the period.
2
Preliminary.
Source: Department of Labor.
108
TABLE D-13.—Total and per capita personal consumption expenditures, in current and 1956
prices, 1946-56
Total (billions of dollars)
Year
1946
1947
1948
1949
_
1950
1951
1952
1953
1954
In current
prices
__-
- _
.
_
1955
1956 2
-
In 1956
prices l
Per capita (dollars)
In current
prices
In 1956
pricesl
146.6
165.0
177.6
180.6
204.2
200.5
200.7
205.9
1,037
1,211
1,211
1,444
1,391
1,368
1,381
194.0
208.3
218.3
230.5
236.5
219.2
217.9
223.2
234.0
239.1
]1,279
]L,350
]L,390
1,444
1,466
1,445
1,412
1,421
1,466
1,472
254.0
265.8
257.6
265.8
]L,
1,537
581
1,559
1,581
1 Dollar estimates in current prices divided by the consumer price index on a 1956 base.
2 Preliminary.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
TABLE D-14.—Vacations and vacation activities, 7946-56
Number of
weeks of
vacations *
(millions)
Year
1946
1947
1948
1949
1950
1951
1952
1953
1954
-
- _
_
-
.
- _
1955
1956 3
Visitors to areas administered by National Park
Service (millions)
Total a
National
Parks only
34.4
43.4
64.3
54.3
21.8
25.5
29.9
31.7
9.0
10.7
11.3
13.0
59.1
55.8
68.8
60.9
70.8
33.3
37.1
42.3
46>2
47.8
13.9
15.1
17.1
17.4
18.0
65.9
70.0
50.0
54.9
18.8
20.1
1
Data relate to persons with a job but on vacation, About 85 percent of vacations in 1956 are estimated
to2be with pay.
3 Includes National Parks, national monuments, and other areas.
Preliminary.
Sources: Department of Commerce and Department of Interior.
IO9
TABLE D-15.—Families owning automobiles, 1948-49 and 1950-56
Families owning automobiles
Year
Number
(millions)
Percent of
all families
23
25
54
56
1950
1951
1952
1953 . .
1954
27
30
31
31
34
60
65
65
65
70
1955
1956
35
37
71
73
1948
1949 . .
.
.
.
NOTE.—Data relate to ownership of an automobile by some member of the family early in each year.
Data are not available prior to 1948.
Source: Board of Governors of the Federal Eeserve System.
TABLE D - l 6.-—Home ownership, 1947, 1950, and 1952-56
Total owner-occupied
dwelling units
Year
Number
(millions)
1950
1952
1953_1954
1955
1956-.
Percent
of total
occupied
dwelling
units
21.3
1947
._-
0)
0)
(0
0)
23.6
29.3
Nonfarm owner-occupied
dwelling units
0)
0)
0)
(0
Number
(millions)
Percent
of nonfarm
occupied
dwelling
units
55
17.3
53
55
19.8
22.2
22.7
23.6
53
56
56
57
24.1
25.5
57
59
60
i Not available.
NOTE.—Data are for the early part of each year, usually March or April.
Sources: Department of Commerce, Board of Governors of the Federal Reserve System, and Council of
Economic Advisers.
IIO
TABLE D—17.—Married couples with and without own household, 1946-56
Total
married
couples
Year
Married
Married
couples with
couples
own house- without own
hold
household
Percent
without own
household *
Millions
1946..
19471948-.
1949_.
31.6
33.5
34.4
35.4
28.9
30.6
31.9
33.3
2.7
2.9
2.5
2.2
8.6
8.7
7.2
6.1
1950..
1951..
1952..
1953..
1954..
36.1
36.1
36.7
37.1
37.3
34.1
34.4
35.1
35.6
35.9
2.0
1.8
1.6
1.5
1.5
5.6
4.9
4.2
4.2
3.9
1955..
1956.
37.6
38.3
36.3
37.0
1.3
1.3
3.5
3.3
1
Percents are based on thousands of couples.
NOTE.—Data for 1946 relate to June, for 1950 and 1956 to March, and for all other years to April.
Source: Department of Commerce.
TABLE D-18.—Homes with selected electrical appliances, 1946-56
Wired homes with
Television
sets
Refrigerators
Vacuum
cleaners
(floor)
Freezers
Electric
washers
Dryers (elec- Air conditric and gas)
tioners
End of year
SB
o o
oi
69.1
71.2
76.6
79.2
1.5
2.0
4.3
5.2
15.1
16.4
18.2
19.7
48.8
49.5
51.7
52.8
18.8
20.8
23.7
25.6
60.5
63.0
67.4
2.8
3.8
4.9
5.8
6.8
7.2
9.3
11.5
13.4
15.1
22.0
23.6
25.1
26.4
27.9
56.5
57.7
59.4
60.5
62.2
28.1
30.1
32.2
34.2
36.4
16.8
18.0
29.6
31.6
64.3
66.7
38.7
41.2
1.0
2.9
10.1
21.4
23.5
27.0
29.5
1950.
19511952.
19531954-
10.6
15.8
21.2
27.7
32.1
26.4
38.5
50.2
63.5
74.1
33.8
35.5
37.8
39.4
41.4
86.4
86.7
89.2
90.4
92.5
19551956-
35.0
38.4
76.1
81.0
43.3
45.5
94.1
96.0
1946.
194719481949-
Source: McGraw-Hill Publishing Co. {Electrical Merchandising).
I 11
.7
0.1
.1
.1
.1
0.2
.2
.3
.4
1.0
1.6
2.2
3.0
1.4
2.4
3.7
5.1
6.6
.2
.3
.6
1.2
1.8
.6
.8
1.4
2.6
4.0
5.6
9.2
11.9
2.6
3.6
5.6
7.6
0.2
0.4
71.9
73.5
76.2
78.5
81.3
84.1
86.8
TABLE D-19.—Life insurance, 1946-56
Disposable
Number
Life
personal
of
insurance
income
policies
per family
per
(dollars) (millions) *
family
(dollars) *
End of year
1946
1947
1948
1949
-.
1950
1951
1952
1953
1954
_
1955
1956 4
Policy
reserves of
United
States life
insurance
companies
(billions of
dollars)
Number
of policyholders
(millions)
3,400
3,700
3,900
3,800
3,600
3,900
4,200
4,300
177
182
188
193
73
75
78
80
41.7
44.9
48.2
51.5
4,100
4,400
4,600
4,800
4,800
4,600
4,900
5,300
5,800
6,300
202
210
219
229
237
83
86
88
90
93
54.9
58.5
62.6
66.7
70.9
5,000
5,200
6,900
7,500
251
265
3 103
106
75.4
80.1
* Differences between these figures and those in Table D-7 are due to rounding.
23 Total of ordinary, group, and industrial.
Figures beginning with 1955 are not strictly comparable with the earlier data because of a change in the
method of estimation. The result of this change in procedure was to raise the 1955 figure by 6 or 7 percent
over the figure that would have been obtained by the old method.
* Estimate.
Sources: Department of Commerce and Institute of Life Insurance.
TABLE D-20.—Selected financial assets of consumers, 1946-56
[Amounts outstanding in billions of dollars]
Currency
and demand
deposits
End of year
1946
19471948
1949
1950
1951_
1952
1953
1954.
1955
19561
__
_
_
:
Time deposits
Savings
and loan
shares
Federal
obligations
State and
local obligations
Mortgage
holdings
44.8
45.3
44.0
42.0
49.6
51.7
52.6
53.5
8.5
9.t
10.9
12.4
55.4
57.2
38.2
59.4
9.6
10.0
11.2
11.8
13.5
14.9
16.1
16.9
42.6
44.8
48.1
48.1
50.3
54.0
55.9
60.0
64.0
68.3
13.9
16.0
19.0
22.6
27.0
59.5
58.3
58.3
58.4
56.6
12.5
13.0
14.0
16.0
16.9
17.7
18.4
19.4
20.5
22.2
50.5
51.0
71.2
74.7
31.9
37.0
58.4
60.7
18.7
20.5
24.1
26.0
1
Preliminary estimates by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System (except as noted).
T A B L E D-21.—Shareowners in public corporations, 1952, 1954, and 1956
Number of
shareowners
(thousands)
Year
1952
1954
1956
6,490
7,500
8,630
NOTE.—Data for 1952 and 1956 relate to the early part of the year and for 1954 to the end of the year.
Sources: Brookings Institution and New York Stock Exchange.
112
TABLE D-22.—Fall school enrollment, 1948 and 1950-56 *
[Thousands of persons]
Kindergarten
October
Elementary school
PriPublic vate
Total school
school
College or professional school
High school
Total
PriPriPriPublic vate
Public vate
vate
Total Public
school school Total school school
school school
1948
1,086
904
182
19,778
17,784
1,994
6,334
5,853
481
2,278
(2)
1950—
1951
1952
1953
1954
902
1,107
1,383
1,654
1,509
755
876
1,135
1,336
1,235
147
231
249
317
274
20,504
21,116
21,994
23,154
24,427
18,087
C2)
6,656
6,773
7,108
7,266
7,733
6,115
541
(22)
()
665
679
2,214
1,869
1,980
2,377
2,414
1,294
20,245
21,416
2,417
(22)
C)
2,908
3,011
1955
1956
1,628
1,758
1,365
1,566
263
192
25,458
26,169
22,078
22,474
3,379
3,695
7,961
8,543
780
875
2,379
2,883
(2)
8
6,600
7,053
7,181
7,668
(2)
920
8
8 1,334
1,042
1,441
1,515
1,824
973
864
1,059
1 Civilian noninstitutional population, 5 to 34 years of age.
Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
2
TABLE D-23.—Percent of civilian noninstitutional population 5 to 34 years of age enrolled in school,
by age group, October of each year, 1946-56
[Percent]
October
5 to 29 years of age
Total
30 to 34
5 to 34
years
years
14 and 16 and 18 and 20 to 24 25 to 29 of
age
5
7
to
9
6
10
to
13
of age Total years i
19
15
17
years » years years years years years years years
1946__.
1947__.
1948__.
1949__.
(2)
42.3
43.1
43.9
(2)
50.3
51.2
52.1
53.4
55.0
55.1
(2)
96.2
96.2
96.2
98.2
98.4
98.3
98.5
98.3
98.6
98.0
98.7
92.8
91.6
92.7
93.5
66.7
67.6
71.2
69.5
22.4
24.3
26.9
25.3
10.0
10.2
2.2
3.0
2.6
3.8
1.0
.9
1.1
1950—
1951__.
1952__.
1953__
1954-
44.2
45.4
46.8
48.8
50.0
52.7
54.4
56.0
58.3
59.7
51.8
53.8
57.8
58.4
57.7
97.0
96.0
96.8
97.7
96.8
98.9
99.0
98.7
99.4
99.2
98.6
99.2
98.9
99.4
99.5
94.7
94.8
96.2
96.5
95.8
71.3
75.1
73.4
74.7
78.0
29.4
26.3
28.7
31.2
32.4
9.0
8.3
9.5
11.1
11.2
3.0
2.5
2.6
2.9
4.1
.7
1.2
1.7
1.5
1955__.
1956...
50.8
52.3
60.4
61.9
58.1
58.9
98.2
97.0
99.2
99.4
99.2
99.2
95.9
96.9
77.4
78.4
31.5
35.4
11.1
12.8
4.2
5.1
1.6
1.9
(2)
i Includes children enrolled in kindergarten.
Not available.
Source: Department of Commerce.
3
9.7
9.2
TABLE D—24.—Selected measures of educational achievement and costs, 1946-56
Earned degrees conferred i
Year
Bachelor's
and first
professional
Master's
and
second
professional
Doctor's
Percent enrolled in school or
college 2
Total
(5 to 34
years of
age)
5 to 13
years of
age
14 to 17
years of
age
Education expenditures per pupil in
average daily
attendance
(dollars) 3
Total * Current
136,174
19,209
1,966
4,188
5,292
92.3
91.9
92.7
80.1
79.3
81.8
81.6
136
42,400
50,805
42.3
43.1
43.9
145
271,019
365,428
203
179
1950
1951
1952
1953
1954
432,058
382,546
329,986
303,049
290, 825
58,183
65,077
63, 534
60,959
56, 788
6,633
7,337
7,683
8,307
8,995
44.2
45.4
46.8
48.8
50.0
92.8
92.8
92.3
93.6
93.6
83.3
85.1
85.1
85.9
87.1
259
209
313
244
1955 7
1956
285,138
325,000
58,165
57,400
8,837
8,270
50.8
52.3
93.9
94.0
86.9
88.2
1946
1947
1948
1949
_ .
_ .
1
2
3
4
5
6
7
351
265
«275
6 280
For school year ending in year shown.
Percent of civilian noninstitutionai population 5 to 34 years of age enrolled as of October of each year.
For pupils in public elementary and secondary schools.
Total of current expenditures, capital outlays, ana interest paid.
Not available.
Estimates based on National Education Association data.
Preliminary.
Sources: Department of Health, Education, and Welfare and Department of Commerce.
TABLE D-25.- -Population, paid civilian employment, and employment covered by old-age and
survivors insurance and railroad retirement, 1946-56
Civilian employment
Covered by OASI including joint railroad
retirement-0 A SI coverage as percent of—
Covered
by OASI
Population Total paid including
joint railemployroad retirement
ment-OASI Population
coverage i
Year
Millions of persons 14 years of age
and over 3
Monthly averages: 2
1946
1947
1948
1949
1950
1951
1952
1953
1954
_
1955
1956 4
--
Paid
civilian
employment
Percent
103.1
106.0
107.2
108.2
53.0
56.0
57.4
56.8
33.3
35.6
36.9
35.8
32.3
33.6
34.4
33.1
62.8
63.6
64.3
63.0
109.3
107.1
108.1
111.6
113.0
58.1
59.3
59.7
60.2
59.5
36.7
46.1
46.6
47.3
46.3
33.6
43.0
43.1
42.4
41.0
63.2
77.7
78.1
78.6
77.8
114.5
116.0
61.5
63.2
51.7
54.0
45.2
46.5
84.1
85.4
i The Social Security Amendments of 1950 expanded by more than 10 million the number of jobs eligible
for coverage by old-age and survivors insurance in a given month. The Social Security Amendments of
1954 extended coverage to an additional 7H million jobs eligible for coverage on the average monthly basis;
while the 1956 Amendments of the Social Security Act further extended coverage to nearly 1 million jobs, so
that today, 90 percent of all civilian gainfully employed persons are covered or eligible for coverage.
The expansion in the number of jobs eligible for coverage did not result in an equal number of additional
covered persons, for three reasons. First, many persons holding these newly covered jobs had been working
at some time during the year in other jobs already covered; for these, the coverage was strengthened rather
than extended. Second, a substantial number of persons affected by the amendments were eligible for coverage on a group elective basis, and not all of these groups had elected coverage by the end of 1956. Data
on covered workers in this table include only those workers in the voluntary coverage group who had elected
to be covered. As of December 1956, there were about 6H million persons in jobs subject to coverage on a
group elective basis. Approximately half the number of persons in this group, comprised primarily of
ministers (eligible on an individual elective basis) and employees of State and local governments, and
nonprofit organizations, had elected coverage. Third, even in those jobs for which coverage was compulsory, some persons had not reported their earnings for social security tax purposes.
a Beginning 1951, monthly averages are based on four calendar months: March, June, September, and
December.
3 Civilian noninstitutional population in the Continental United States.
* Estimates.
Sources: Department of Commerce, Department of Health, Education, and Welfare, Railroad Retirement Board, and Interstate Commerce Commission.
TABLE D-26.—Old-age and survivors insurance benefits, 1946-56
Number of
Amount of beneficiaries
receiving
benefits paid
monthly
(millions of
payments 1
dollars)
(thousands)
Year
1946
1947
1948
1949. .
1950
1951.._
1952..
1953
1954 .
1955 2
1956 .
..
__.
_
_
* Status at the end of the year.
Preliminary.
Source: Department of Health, Education, and Welfare.
2
378
466
556
667
1,642
1,978
2,315
2,743
961
1,885
2,194
3,006
3,670
3,477
4,379
5,026
5,981
6,886
4,968
5,700
7,961
9,200
TABLE D-27.—Unemployment insurance benefits, 1946-56
Civilian employment (millions of persons, 14 years
of age and orer)
Year
Total
1946
1947
1948 1949
1950
1951.
1952
1963
1954
_
_
. _
_
1955
1956»
Covered by
unemployment compensation *
Covered
employment
as percent
of civilian
employment 1
Average
weekly
payment
for total
unemployment
(dollars)»
55.2
58.0
59.4
58.7
30.2
32.3
33.1
31.7
54.7
55.7
55.7
54.0
18.50
17.83
19.03
20.48
60.0
61.0
61.3
62.2
61.2
32.9
34.9
35.6
36.7
35.4
54.8
57.2
58.1
59.0
57.8
20.76
21.09
22.79
23.58
24.93
63.2
65.0
39.0
41.0
61.7
63.1
25.08
27.05
1 Data for 1955 and 1956 include State programs and programs for Federal employees; all other years are
for State programs only. Data for 1956 also Include workers added by the extension oi coverage to smaller
firms.
2 Preliminary.
Sources: Department of Commerce and Department of Labor.
TABLE T>-2S.-—Civilian hospital beds, 1946-56
End of year
1946—
1947
1948
1949
.
1950.
1951
1952
1953
1954
(i)
1,017
1,025
1,119
_
1,185
1,194
1,219
1,242
1,275
_
1955
1956
1,279
1,286
* Not available.
NOTE.—Data relate to the United States and Territories.
Source: Department of Health, Education, and Welfare.
Number of
beds
(thousands)
116
TABLE D-29.—Hospital, surgical, and medical expense coverage, 1945-56
Net number of persons protected (millions)
End of year
Hospital
expense
1946
1947
1948
1949
.
.
1950
1951
1952 ._
1953
1954 _
..__
1955
1956 L . .
Surgical
expense
Regular
medical
expense
Major
medical
expense
42.1
52.6
61.0
66.0
18.6
26 2
34.1
41.1
6.4
89
12.9
16.9
76.6
85.3
91.0
97.3
101.5
54.2
64 9
72.5
81.0
85.9
21.6
27 7
35.7
42.7
47.2
0.1
.7
1.2
2.2
107.7
112.0
91.9
96.0
55.5
63.0
5.2
10.0
1
Estimate.
Source: Health Insurance Council.
TABLE D-30.—Injury-frequency
rates in manufacturing industries, 7946-56
Rate*
Year
1946
1947
1948
1949 .
19.9
18.8
17.2
14.5
1950
1951
1952
1953
1954
14.7
15.5
14.3
13.4
11.9
1955 2
1956
12.1
12.1
1
The injury-frequency rate is the average number of disabling work injuries for each million employeehours
worked.
2
Preliminary; January-September average.
Source: Department of Labor.
117
Appendix E
STATISTICAL TABLES RELATING TO INCOME,
EMPLOYMENT, AND PRODUCTION
CONTENTS
income or expenditure:
Page
Gross national product or expenditure, 1929-56
123
Gross national product or expenditure, in 1956 prices, 1929-56
124
Gross private and government product, in current and 1956 prices,
1929-56
126
E-4. Gross national product or expenditure, in 1947 prices, 1929-56
127
E-5. Implicit price deflators for gross national product, 1929-56
128
E-6. The Nation's income, expenditure, and saving, 1954-56
129
E-7. Personal consumption expenditures, 1929-56
130
E-8. Gross private domestic investment, 1929-56
131
E-9. National income by distributive shares, 1929-56
132
E-10. Relation of gross national product and national income, 1929-56. . . .
133
E—11. Relation of national income and personal income, 1929—56
134
E-12. Sources of personal income, 1929-56
135
E-13. Disposition of personal income, 1929-56
136
E-l 4. Total and per capita disposable personal income and personal consumption expenditures, in current and 1956 prices, 1929-56
137
E-15. Financial saving by individuals, 1939-56
138
E—16. Sources and uses of gross saving, 1929—56
139
Employment and wages:
E-17. Noninstitutional population and the labor force, 1929-56
140
E-l 8. Employment and unemployment, by age, and by sex for 20-64 year
group, 1942-56
142
E—19. Employed persons with a job but not at work, by reason for not
working, 1946-56
143
E-20. Unemployed persons, by duration of unemployment, 1946-56
144
E-21. Unemployment insurance programs, selected data, 1939 and 1946-56.
145
E-22. Number of wage and salary workers in nonagricultural establishments, 1929-56
146
E-23. Average weekly hours of work in selected industries, 1929-56
148
E-24. Average gross hourly earnings in selected industries, 1929-56
149
E-25. Average gross weekly earnings in selected industries, 1929-56
150
E-26. Labor turnover rates in manufacturing industries, 1930-56
151
Production and business activity:
E-27 Industrial production indexes, 1929-56
152
E-28. Business expenditures for new plant and equipment, 1939 and
1945-57
154
E-29. New construction activity, 1929-56
155
E-30. New public construction activity, 1929-56
156
E-31. Housing starts and applications for financing, 1929-56
157
E—32. Sales and inventories in manufacturing and trade, 1939-56
158
E-33. Manufacturers' sales, inventories, and orders, 1939-56
159
Prices:
E-34. Wholesale price indexes, 1929-56
160
E-35. Wholesale price indexes by economic sector, 1947—56
162
E-36. Consumer price indexes, 1929-56
164
National
E-l.
E-2.
E-3.
121
Money supply, credit, and Federal finance:
Page
E-37. Deposits and currency, 1929-56
165
E-38. Loans and investments of all commercial banks, 1929-56
166
E-39. Federal Reserve Bank credit and member bank reserves, 1929-56. .
167
E-40. Bond yields and interest rates, 1929-56
168
E-41. Short- and intermediate-term consumer credit outstanding, 1929-56 .
170
E-42. Instalment credit extended and repaid, 1946-56
171
E-43. Mortgage debt outstanding, by type of property and of financing,
1939-56
172
E-44. Net public and private debt, 1929-56
173
E-45. U. S. Government debt—total and by kind of obligations, 1929-56 .
174
E-46. Estimated ownership of Federal obligations, 1939-56
175
E-47. Federal budget receipts and expenditures, calendar and fiscal years
1946-58
176
E-48. Government cash receipts from and payments to the public, calendar
years 1946-56
176
E-49. Government receipts and expenditures as shown in national income
accounts, 1953-56
177
Corporate profits and finance:
E-50. Profits before and after taxes, all private corporations, 1929-56
178
E-51. Relation of profits before and after taxes to stockholders' equity and
to sales, private manufacturing corporations, by asset size class,
1947-50 average and 1955-56
179
E-52. Relation of profits after taxes to stockholders' equity and to sales,
private manufacturing corporations, by industry group, 1947-50
average and 1955-56
180
E-53. Sources and uses of corporate funds, 1946-56
182
E-54. Current assets and liabilities of all corporations, 1952-56
183
E-55. State and municipal and corporate securities offered, 1934-56
184
E-56. Common stock prices and stock market credit, 1939-56
185
E-57. Business population and business failures, 1929-56
186
Agriculture:
E-58. Income of the farm population, 1929-56
187
E-59. Farm population and employment, 1929-56
188
E-60. Farm production indexes, 1929-56
189
E-61. Indexes of prices received and prices paid by farmers, and parity
ratio, 1929-56
190
E-62. Comparative balance sheet of agriculture, 1940-57
191
E-63. Selected indicators of farm conditions, 1929-56
192
E-64. Selected measures of farm technology, 1929-56
193
International transactions:
E-65. United States balance of payments, 1952-56
194
E-66. United States balance of payments with individual areas, 1952-56.
195
E-67. United States grants of military supplies and services, by areas, total
postwar period and fiscal years 1952-56
197
E-68. United States grants and credits, excluding military supplies and
services, by areas, total postwar period and fiscal years 1952-56.
198
E-69. United States merchandise exports and imports for consumption, by
leading commodities, 1936—38 average and 1952-56
199
E—70. Estimated gold reserves and dollar holdings of foreign countries, 1937
and 1949-56
200
122
NATIONAL INCOME OR EXPENDITURE
TABLE E-l.—Gross national product or expenditure, 1929-56
[Billions of dollars]
Government purchases of
goods and services
Gross private domestic
investment 2
Period
1929...1930...—
1931
-.
1932
1933...-.
1934
_
.1935..1936
1937
1938
1939.1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954-.1955_—
1956 «
Total
gross
national
product
Personal
consumption
expendi-1
tures
104.4
91.1
76.3
58.5
56.0
65.0
72.5
82.7
90.8
85.2
91.1
100.6
125.8
159.1
192.5
211.4
213.6
209.2
232.2
257.3
257.3
285.1
328.2
345.4
363.2
360.7
390.9
412.4
79.0
71.0
61.3
49.3
46.4
51.9
56.3
62.6
67.3
64.6
67.6
71.9
81.9
89.
100.5
109.8
121.
146.6
165.0
177.6
180.6
194.0
208.3
218.3
230.5
23R.5
254.0
265.8
New construction
16.2
10.3
5.5
.9
1.4
2.9
8.4
11.7
6.7
9.3
13.2
18.1
9.9
5.6
7.1
10.4
27.1
29.7
41.2
32.
51.2
56.9
49.8
50.3
48.0
60.6
65.3
8.7
6.2
4.0
1.9
1.4
1.7
2.3
3.3
4.4
4.0
4.8
5.5
6.6
3.7
2.3
2.7
3.8
10.3
14.0
17.9
17.5
22.7
23.3
23.7
25.8
27.9
32.7
33.2
3.6
2.1
1.6
1.0
1.6
1.9
2.0
2.7
3.0
3.5
1.7
.9
.8
1.1
4.0
6.3
8.6
8.3
12.6
11.0
11.1
11.9
13.5
16.6
15.3
4.1
2.4
1.2
1.0
1.1
1.3
1.7
2.5
2.0
2.1
2.
3.1
2.0
1.4
1.9
2.7
6.3
7.7
9.3
9.
10.1
12.4
12.6
13.8
14.4
16.1
17.8
Net
foreign
investment
5.8
4.5 -A
2.8 - 1 . 3
1.6 - 2 . 6
1 -1.6
2.3 - 1 . 1
3.1
.9
4.2 1.0
5.1 2.2
3.6 - . 9
4.2
.4
5.5 2.
6.9 4.5
4.3 1.8
4.0 - . 8
5.4 - 1 . 0
7. - 1 . 1
10.7 6.1
16. - 1 . 0
19.1 4.2
17.8 - 2 .
21.1 7.4
23. 10.4
23.1 3.0
24.3 .3
22.4 - 2 . 3
23.7 4.
28.7 3.4
0.8
8.5
9.2
-.1
-.1
.1
1.1
.9
1.5
1.1
-.2
-2.2
-2.1
-1.4
4.6
8.9
2.0
.5
-2.2
.2
-.2
-2.0
-.4
- . 5 76.8
1.4 79.9
30.1
32.8
Seasonally adjusted annual rates
1953: First quarter
Second quarter. _
Third q u a r t e r Fourth quarter.
1954: First quarter.—
Second quarter.
Third quarter. _
Fourth quarter.
1955: First quarter. _.
Second quarter.
Third quarter. _
Fourth quarter .
1956: First quarter...
Second quarter.
Third quarter. _
Fourth quarter"
361.6
367.4
366.3
357.5
357.6
358. 5
359.4
367.1
377.3
387.4
396.8
401.9
403.4
408.3
413.8
424.0
228.6
231.4
232.0
230.2
232.2
235.0
237.8
241.1
246.7
251.8
257.8
259.5
261.7
263.7
266.8
271.2
51.5
53.5
51.8
44.5
45.8
48.2
46.7
51.5
54.7
60.2
62.3
65.1
63.1
64.7
65.1
68.4
25.2
26.2
25.8
25.9
25.9
27.3
28.7
29.5
31.5
32.9
33.5
33.0
32.6
33.6
33.6
32.9
11.7
12.2
12.1
11.7
11.8
13.0
14.2
15.0
16.1
16.9
17.2
16.2
15.3
15.6
15.5
14.9
13.5
14.0
13.8
14.1
14.1
14.3
14.4
14.5
15.3
16.0
16.4
16.8
17.3
18.0
18.1
18.0
24.3 2.0 - 2 . 1
24.2 3.1 - 3 . 0
24.9 1.1 - 1 . 4
23.8 - 5 . 2 - 1 . 7
22.9 - 3 . 1 - 1 . 1
22.6 - 1 . 7 - . 2
22.5 - 4 . 5 - . 7
.2
.3
21.7
21.3 1.9 - . 4
22.4 4.9 - . 9
.2
25.0 3.7
25.9 6.1 - . 8
.1
26.4 4.1
27.5 3.5 1.2
2.0
1.7
29.5
31.5 4.0 2.4
83.6
85.5
83.8
84.5
80.8
75.5
75.6
74.2
76.3
76.2
76.5
78.1
78.5
78.7
80.2
82.0
59.0
61.2
59.1
58.6
54.0
48.2
47.7
45.7
46.8
46.3
46.6
47.2
46.4
46.1
47.2
48.3
51.8
53.3
51.3
49.4
46.5
43.2
42.0
40.1
41.8
41.3
41.3
40.6
40.5
40.7
41.9
43.2
7.6
8.3
8.2
9.5
0.5
.4
.4
.3
7.8
5.4
6.0
5.9
.4
.4
.4
.3
5.4
5.5
5.8
7.1
.4
.4
.4
.5
6.3
5.8
5.7
5.5
.4
.4
.4
.4
24.6
24.3
24.7
25.9
26.8
27.3
28.0
28.5
29.5
29.9
29.9
32.1
32.6
33.0
33.7
1 See Table E-7 for major components.
2 See Table E-8 for more detail and explanation of components.
3 For 1947-56, national security expenditures include the items classified as such in the Budget of the
United States Government for the Fiscal Year ending June SO, 1954. They are not comparable with the
national security category in the Budget for the fiscal year ending June 30, 1958, which corresponds more
closely to national defense expenditures for goods and services. National defense expenditures since 1947
are as follows: 1947,12.3 billion dollars; 1948,11.6 billion; 1949,13.6 billion; 1950,14.3 billion; 1951, 33.9 billion;
1952, 46.4 billion; 1953, 49.3 billion; 1954, 41.1 billion; 1955, 39.1 billion; and 1956, 39.6 billion.
* Not available separately.
« Less than 50 million dollars.
• Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
SOURCE: Department of Commerce (except as noted).
123
TABLE E-2.—Gross national product or expenditure, in 1956 prices, 1929-56l
[Billions of dollars, 1956 prices]
Personal consumption
expenditures
Total
gross
national
product
Period
Gross private domestic investment
New construction
Total
Dura- Nonble durable- Services Total
goods goods
Total
Residential
(nonfarm)
Produc- Change
ers' in busidurable ness
equipOther ment inventories
1929
187.1
129.1
14.4
66.5
48.3
37.2
22.3
9.3
13.1
11.9
3.0
1930
1931
1932
1933
1934
169.5
156.9
133.5
130.1
143.6
121.7
118.2
107.4
104.7
110.3
11.6
10.0
7.6
7.4
8.4
63.2
63.0
58.0
56.3
60.0
46.9
45.2
41.9
41.1
41.9
25.1
15.6
4.3
4.2
8.3
16.5
11.5
6.4
4.9
5.5
5.4
4.5
2.2
1.7
2.0
11.0
7.0
4.1
3.2
3.4
9.5
6.4
3.8
4.0
5.4
-.8
-2.3
-5.9
-4.7
-2.6
1935
1936
1937
1938 _
1939
158.5
179.5
190.2
181.5
196.2
117.2
129.2
133.8
131.8
139.4
10.3
12.8
13.4
11.0
13.0
43.4
45.8
47.4
46.5
48.0
17.2
22.4
29.1
16.4
22.9
7.2
10.1
12.1
10.8
12.9
3.3
4.9
5.3
5.4
7.2
3.9
5.2
6.8
5.3
5.7
7.2
9.9
11.2
7.8
9.1
2.8
2.5
5.8
-2.1
.9
213.7
247.2
278.7
309.6
332.6
146.7
156.5
153.8
157.9
163.4
49.9
51.9
53.4
56.0
58.3
30.8
39.1
19.7
11.1
13.1
14.5
16.3
8.3
4.7
5.1
7.8
8.4
3.8
1.8
1.5
6.7
7.9
4.5
2.8
3.5
174.4
194.6
197.6
201.5
206.7
103.7
109.2
106.5
106.7
108.3
60.9
66.4
68.4
71.3
73.6
17.8
44.3
42.6
51.6
39.9
7.0
17.1
19.4
22.2
21.8
1.9
6.5
8.5
10.3
10.2
5.0
10.6
10.9
11.9
11.6
11.7
13.7
7.9
7.3
9.7
13.5
17.1
23.2
24.6
21.9
46
9.1
35
-.9
-1.6
325.7
290.6
289.6
302.7
301.8
14.9
17.2
11.1
9.6
8.7
9.9
19.0
22.7
23.5
24.8
63.4
70.7
73.0
74.3
78.4
81.9
87.4
89.3
92.4
96.4
329.9
354.2
366.6
381.6
374.6
219.1
220.6
227.6
237.2
241.4
30.0
26.7
26.4
29.4
29.7
111.2
113.2
117.1
120.7
122.0
61.2
62.3
54.3
54.1
51.4
27.5
26.2
26.0
27.4
29.6
14.9
12.1
11.9
12.6
14.4
12.6
14.1
14.1
14.8
15.2
25.5
25.7
25.5
26.5
24.4
8.3
10.3
2.8
.2
-2.6
401.7
412.4
258.3
265.8
35.8
34.0
128.2
132.9
77.8
80.6
84.0
87.1
89.8
94.3
98.9
63.8
65.3
34.1
33.2
17.3
15.3
16.8
17.8
25.3
28.7
4.3
1940
1941
1942
1943
1944
__
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956 *
__
.
.
See footnotes at end of table.
124
-2.6
10.1
4.7
-3.8
3.4
1929-56l—Continued
TABLE E-2.—Gross national product or expenditure, in 7956 prices,
[Billions of dollars, 1956 prices]
Government purchases of goods and services
Net
foreign
investment
Period
Federal
Total
Total 2
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
_
_
_
_
_
_
_
_
_
_
_
_
1955
1956 6
19.9
3.2
22.0
23.1
22.0
21.7
25.1
3.7
3.9
4.1
5.8
7.7
4)
4)
4)
.)
w
-1.4
—1.6
-1.2
1.4
1.0
25.5
29.4
28.5
31.9
32.9
7.5
11.6
10.9
13.2
12.5
4)
ft
3.0
9.4
18.0
17.8
17.6
18.7
20.5
1.7
.1
-2.3
-5.9
-5.8
34.5
51.5
107.5
146.5
162.0
15.2
33.3
90.9
131.4
147.2
5.5
27.1
86.7
130.1
146.5
9.7
6.2
4.7
2.4
2.6
19.4
18.2
16.6
15.1
14.8
-4.7
138.1
47.1
40.3
48.4
55.4
123 1
30.1
21.0
27.3
31.6
124.9
30.4
17.8
20.8
23.9
1.7
3.5
5.0
7.2
8.2
15.1
17.0
19.3
21.1
23.8
—2.1
-.3
52.2
70.2
84 5
92.3
82.0
22.3
40.2
52 3
56.1
45.9
4.7
4.5
62
9.2
6.7
25.5
26.0
26 4
27.5
29.8
—.4
1.4
80.0
79.9
26.7
44.2
58 1
64.9
52.2
48.3
47.0
42.6
41.6
6.1
5.8
31.7
32.8
-.2
-2.6
1.1
.
. _
_
16.7
.9
.6
.1
-.1
-.5
4.6
9.1
1.2
1950
1951
1952
1953
1954
State
and
local
_
.-
_
Other
_
__
__
National
security 3
4)
(*)
(4)
W
18.4
19 2
17.9
15.9
17.3
1 These estimates represent an approximate conversion of the Department of Commerce series in 1947
prices. (See Table E-4.) This was done by major components, using the implicit price indexes converted
to a 1956 base. Although it would have been preferable to redeflate the series by minor components, this
would not substantially change the results except possibly for the period of World War II, and for the
series on change in business inventories.
2
Net of Government sales, which are not shown separately in this table. See Table E-l for Govern
ment sales in current prices.
3 See Table E-l, footnote 3.
*6 Not available separately.
Less than 50 million dollars.
6
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Council of Economic Advisers.
125
TABLE E—3.—Gross private and government product, in current and 1956 prices, 1929—56
{Billions of dollars]
Current prices
Total
gross
national
product
Year
1956 price.3*
Gross private product
l
Total Farm 2 Nonfarm
Gross
government
products
Total
gross
national
product
Gross private product1 Gross
government
NonTotal Farm 2 farm products
1929
104.4
100.1
9.8
90.3
4.3
187.1
175.9
15.0
160.9
11.2
1930
1931
1932
1933
1934
91.1
76.3
58.5
56.0
65.0
86.6
71.6
54.0
51.3
59.4
7.7
6.2
4.4
4.6
4.3
78.8
65.4
49.6
46.7
55.1
4.5
4.7
4.4
4.7
5.6
169.5
156.9
133.5
130.1
143.6
157.7
144.9
121.8
117.3
128.6
13.9
16.2
15.2
14.7
12.3
143.8
128.7
106.5
102.5
116.3
11.8
12.0
11.7
12.8
15.0
1935
1936
1937
1938.
1939
72.5
82.7
90 8
85.2
91.1
66.6
75.5
83.9
77.6
83.5
6.9
6.3
8.1
6.7
6.5
59.6
69.2
75.8
70.9
77.0
158.5
179.5
190.2
181.5
196.2
142.4
160.7
172.6
162.4
177.0
15.3
12.5
16.6
16.2
16.1
127.1
148.2
156.0
146.2
160.9
16.1
18.8
17.6
19.1
19.2
1940
1941
1942.
1943
1944.
100.6
125.8
159.1
192 5
211.4
92.8
116.4
144.0
167.0
179.2
6.8
9.4
13.4
15.3
15.7
86.0
107.0
130.6
151.7
163.5
5.9
7.3
6.9
7.6
7.6
7.8
9.4
15.1
25.6
32.2
213.7
247.2
278.7
309.6
332.6
193.7
222.6
242.8
253.7
268.5
15.8
16.9
18.5
16.9
17.6
177.9
205.7
224.3
236.8
250.9
20.0
24.6
35.9
55.9
64.2
1945.
19461947
1948-.
1949
213.6
209.2
232.2
257.3
257.3
178.4
188.5
215.6
240.0
238.Q
16.2
18.8
20.6
23.7
20.1
162.2
169.7
195.0
216.2
217.8
35.2
20.7
16.7
17.4
19.3
325.7
290.6
289.6
302.7
301.8
263.1
257.8
264.5
277.5
275.4
16.4
17.2
15.8
18.6
17.4
246.7
240.6
248.7
259.0
258.1
62.6
32.8
25.1
25.2
26.4
285.1
328.2
345.4
363.2
360.7
264.3
301.0
314.5
331.5
328.4
21.1
24.6
22.7
21.0
20.2
243.1
276.4
291.8
310.5
308.2
20.8
27.2
31.0
31.7
32.2
329.9
354.2
366.6
381.6
374.6
302.7
320.2
330.1
345.3
339.0
18.2
16.9
17.2
17.9
18.8
284.5
303.2
312.9
327.4
320.2
27.2
34.0
36.5
36. 3
35.6
390.9
412.4
356.9
376.5
19.7
19.8
337.3
356.6
33.9
35.8
401.7
412.4
366.2
376.5
19.5
19.8
346.7
356.6
35.5
35.8
._
1950
1951
1952
19531954
1955.
1956 8 —
_
_
. .
.-
1
Gross national product less compensation of general government employees, i. e., gross product accruing
from
domestic business, households, and institutions, and from the rest of the world.
2
See Survey of Current Business, August 1954, pp. 20-24, for estimates in both current and 1947-49 prices
and
for the implicit price deflators for 1929-51. Estimates for 1952-56 are based on unpublished data.
3
Includes compensation of general government employees and excludes compensation of employees in
government enterprises. Government enterprises are those agencies of government whose operating costs
are at least to a substantial extent covered by the sale of goods and services, in contrast to the general activities of government which are financed mainly by tax revenues and debt creation. Government enterprises, in other words, conduct operations essentially commercial in character, even though they perform
them under governmental auspices. The Post Office and public power systems are typical examples of
government enterprises. On the other hand, State universities and public parks, where the fees and admissions cover only a nominal part of operating costs, are part of general government activities.
* See Table E-2, footnote 1.
6 Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.
126
TABLE E-4.—Gross national product or expenditure, in 7947 prices, 1929-561
[Billions of dollars, 1947 prices]
Personal consumption
expenditures
Period
Government
purchases of goods
and services
Gross private domestic
investment
Total
gross
naPro- Change
tional
New ducin
prodDu- Noncon- ers'
busiuct Total rable du- Serv- Total strucduness
rable ices
goods goods
rable
tion equip- invenment tories
Net
Gross
forprieign
vate
inprodvestState
uct 2
ment Total Fedand
eral local
1929
149.3 107.3
13.0
58.1
36.2
26.8
16.1
8.5
2.1
1.6
13.6
2.3
11.2
142.3
1930
1931
1932
1933
1934
135.2 100.9
126.6 98.0
107.6 88.9
103.7 86.6
113.4 91.5
10.5
9.1
6.9
6.7
7.6
55.2
55.0
50.7
49.2
52.5
35.2
33.9
31.4
30.8
31.4
17.9
12.0
3.3
2.1
4.3
11.8
8.3
4.6
3.5
3.9
6.8
4.6
2.7
2.9
3.9
-'.9
-4.1
-4.2
-3.5
1.2
.6
.3
.1
.5
15.1
15.9
15.1
14.9
17.2
2.7
2.9
3.0
4.3
5.7
12.5
13.0
12.1
10.6
11.6
127.8
119.1
100.3
95.6
103.9
1935
1936
1937
1938
1939
127.8
142.5
153.5
145.9
157.5
97.3
107.6
111.5
109.8
116.3
9.4
11.6
12.2
10.0
11.8
55.4
61.8
63.8
64.9
68.5
32.5
34.3
35.5
34.9
36.0
13.6
15.2
22.5
12.1
16.8
5.2
7.3
8.7
7.8
9.4
5.2
7.1
8.1
5.6
6.5
3.2
.9
5.7
-1.2
.8
-.5
-.7
-.2
1.9
1.6
17.4
20.3
19.7
22.1
22.8
5.4
8.3
7.8
9.6
9.0
11.9
12.0
11.8
12.5
13.8
117.6
130.3
142.1
133.6
145.0
1940
1941
1942
1943
1944
171.6
198.2
223.6
248.9
268.2
122.5
130.9
128.1
131.4
135.9
13.5
15.6
10.1
8.7
7.9
71.6
76.4
78.0
80.8
84.3
37.4
38.9
40.1
42.0
43.7
22.8
28.9
14.7
7.4
9.2
10.6
11.8
6.0
3.4
3.6
8.4
9.8
5.7
5.2
6.9
3.9
2.2 24.1 11.0
7.3
1.1 37.3 25.1
3.0 - 1 . 1 81.8 70.8
—1.2 - 4 . 1 114.2 104.3
- 1 . 3 - 4 . 0 127.1 117.4
13.0
12.2
11.0
9.9
9.7
158.6
181.7
198.7
209.0
222.0
1945
1946
1947
1948
1949.
263.1
233.8
232.2
243.9
241.5
145.2
162.4
165.0
168.0
172.3
8.9
17.2
20.6
21.3
22.4
90.6
95.4
93.1
93.3
94.7
45.6
49.8
51.3
53.5
55.2
13.0
32.4
29.7
38.8
28.1
5.0
12.3
14.0
16.1
15.8
9.7
12.3
16.7
17.7
15.7
- 1 . 6 - 2 . 9 107.8
7.8
5.0 34.0
-1.0
8.9 28.6
5.1
2.1 34.9
-3.5
.8 40.3
97.9
22.7
15.8
20.8
24.3
9.9
11.2
12.8
14.0
16.0
218.0
211.2
215.6
227.3
224.0
1950
1951
1952
1953
1954
264.7
282.9
293.7
305.3
300.8
182.8
183.6
189.3
197.4
200.8
27.2 97.2
24.2 99.0
23.9 102.4
26.7 105.4
26.9 106.6
58.4
60.4
63.0
65.3
67.3
45.3
45.2
39.3
38.5
37.7
20.0
19.0
18.8
19.8
21.5
18.3
18.4
18.3
19.0
17.5
7.0 - 1 . 1
2.3
7.8
1.7
2.2
-.3 -.3
1.2
-1.3
37.7
51.8
63.4
69.6
61.2
20.5
34.2
45.6
51.1
41.0
17.3
17.5
17.8
18.5
20.1
246.6
259.9
268.9
280.7
276.8
1955
1956 3
322.4 215.2
330.4 221.2
32.5 112.1
30.8 116.3
70.7
74.1
46.7
47.4
24.8
24.0
18.2
20.6
1.2
2.7
59.3
59.0
37.8
36.8
21.5
22.2
298.6
306.4
3.7
2.8
1 See National Income, 1954 Edition, A Supplement to the Survey of Current Business, for explanation of
conversion
of estimates in current prices to those in 1947 prices. See Table E-5 for implicit deflators.
2
Total gross national product less compensation of general government employees.
3
Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
127
TABLE E-5.—Implicit price deflators for gross national product, 1929-56
[Index numbers, 1947=100
Personal consumption
expenditures
Gross private domestic
investmentl
Government purchases of goods
and services
Gross
naNew construction Protional
ducprodDur- Noners'
State
uct i Total able dur- ServResidur- Total Fed- and
goods able ices
denable
eral local
goods
Total tial Other equipnonment
farm
Year
Gross
gov- Gross
ern- priment vate
prod- product uct
1929
70.0
73.6
70.7
64.8
53.9
52.6
54.9
68.5
62.4
56.0
63.8
61.5
70.4
1930
1931
1932.
1933
1931
67.4
60.3
54.3
54.0
57.3
70.3
62.6
55.4
53.6
56.7
67.9
60.6
53.0
52.0
55.4
61.6
52.6
44.9
45.3
50.8
84.8
79.3
73.0
67.2
52.2
47.7
40.8
40.6
43.4
51.3
46.7
37.7
37.5
41.7
52.6
48.4
42.5
42.4
44.4
65.8
62.3
58.8
55.7
59.3
60.7
57.9
53.4
54.0
56.7
52.8
53.2
48.9
47.3
52.9
62.4
58.9
54.5
56.7
58.6
61.3
62.0
60.5
58.3
58.7
67.7
60.2
53.9
53.6
57.2
56.7
58.1
59.2
58.4
57.9
57.8
58.2
60.3
58.9
58.1
54.5
54.5
56.9
57.0
56.5
52.9
53.2
55.1
52.3
51.3
67.2
68.4
70.8
71.6
71.6
44.2
45.0
50.4
50.7
50.6
41.1
43.2
47.6
49.2
49.9
47.0
46.8
52.8
52.3
51.5
59.1
59.0
63.3
65.4
64.0
57.5
58.3
59.6
57.9
58.3
53.8
58.3
58.0
55.1
57.3
59.2
58.4
60.6
60.1
59.0
58.3
59.7
61.0
61.8
61.2
56.6
57.9
59.0
58.1
57.6
58.6
63.5
71.2
77.3
78.8
58.7
62.6
70.0
76.5
80.8
57.4
61.9
69.2
76.2
85.6
52.0
56.6
65.8
73.4
77.6
72.0
74.5
78.5
82.7
86.3
51.7
56.0
61.6
69.2
74.7
51.5
56.3
59.9
65.2
71.6
51.9
55. 6
63.1
71.9
76.1
66.0
70.6
76.4
77.2
78.3
58.5
66.3
73.0
77.6
76.0
55.9
67.3
73.4
77.9
75.8
60.7
64.3
70.0
74.8
77.8
59.9
57.2
60.9
64.1
69.7
58.5
64.1
72.5
79.9
80.7
1945
1946._
1947
1948
1949
81.2 83.8 90.6 80.8 88.5 76.8 77.0 76.8 79.3 76.9 76.4 81.8 77.9
89.5 90.3 92.2 88.6 92.9 83.3 83.4 83.3 87.4 91.0 92.2 88.8 91.9
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
105.5 105.7 104.3 105.9 105.9 111.4 112.0 110.9 108.1 104.9 100.8 110.8 104.5
106.6 104.8 105.1 102.3 108.9 110.7 109.2 112.0 113.3 108.2 104.6 113.6 111.0
81.8
89.2
100.0
105.6
106.2
1950
1951
1952
1953
1954
107.7
116.0
117.6
119.0
119.9
115.0
118.3
124.7
128.9
134.1
107 2
115 8
117.0
118.1
118.7
1955
19563
121.2 118.0 109.9 112.6 130.4 132.1 128.8 135.6 130.3 129.6 123.7 140.1 142.4
124.8 120.2 110.3 114.3 133.4 138.1 134.3 141.5 139.4 135.4 127.8 148.0 149.4
119 5
122.9
1935
1936
1937
1933
1939
1910
19 tl
1942
1943
194i
_
106.2
113.5
115.3
116.8
117.8
105.1
112.0
111.3
111.7
109.1
103.3
112.2
113.4
112.9
113.4
111.4
116.1
120.0
125.0
128.2
113.9
122.8
125.9
130.1
129.6
113.8
121.6
124.9
127.4
125.8
113.9
123.9
126.9
132.4
133.4
115.7
125.7
126.4
127.8
128.2
111.3
121.3
122.3
121.2
108.0
119.9
119.0
116.3
115.3
124.3
130.6
134.6
137.3
1
Separate deflators are not available for total gross private domestic investment, change in business
inventories, and net foreign investment. For explanation of conversion of estimates in current prices to
those in 1947 prices, see National Income, 1954 Edition, A Supplement to the Survey of Current Business.
2 Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce except as noted).
128
TABLE E—6.—The Nat Ms
income, expenditure, and saving, 195/^-56
[Billions of dollars]
1955
1954
Excess
of receipts
Economic group
Business:
Gross retained earnings
Gross private domestic investment
Excess of investment (—)__ _
254.4
270.6
236.5
286.6
16.6
39.5
48.0
-13.2
65.3
-21.0
—.5
.4
Net receipts
-1.4
100.6
19.9
21.6
23.7
69.6
79.0
83.9
Purchases of goods and services
107 6
96.4
98.4
103.6
19.9
21.6
23.7
76.5
76 8
79 9
Surplus(+) or deficit(-)
on income and product
account
-6.9
1.8
1.8
__ 360.7
360.7
4.0
2.2
1.8
390.9
-24.4
1.4
.5
89.6
Total government expenditures
Less: Transfers, interest, and
subsidies (net)
20.8
40 9
60.6
-.4
Government (Federal, State, and
local):
Tax and nontax receipts or accruals
Less: Transfers, interest, and
subsidies (net)
265.8
254.0
17.9
34.8
International:
Net foreign investment
Excess of receipts (+)
or of investment (—)
Gross national product
Excess
of receipts
Excess
of receipts
ExExExReReReor ex- ceipts pendceipts pendor ex- ceipts pendor exitures penditures penditures penditures
itures
itures
Consumers:
Disposable personal income
Personal consumption expenditures
Personal net saving (+) —
Statistical discrepancy
19561
1.8
390.9
1.0
L0
412.4
412.4
i Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Based on the national income and product statistics of the Department of Commerce (except
as noted).
129
TABLE E—7.—Personal consumption expenditures, 1929-56
[Billions of dollars]
Durable goods
Total
personal
consumption Toexpend- tal
itures
Period
Nondurable goods
Total
Total
19.5
1929.
79.0
9.2
37.7
1930.
1931.
1932.
1933.
1934.
71.0
61.3
49.3
46.4
51.9
7.2
5.5
3.6
3.5
4.2
34.0 18.0
28.9 14.7
22.8 11.4
22.3 10.9
26. 7 12. 2
1935.
1936.
1937.
1938.
1939.
56.3
62.6
67.3
64.6
67.6
5.1
6.3
6.9
5.7
6.7
29. 3 13. 6
32.8 15. 2
35. 2 16.4
34.0 15.6
35.1 15. 7
1940.
1941
1942.
1943.
1944.
71.9
81.9
89.7
100.5
109.8
7.8
9.7
7.0
6.6
6.8
37. 2 16. 7
2.3 10.8
43. 2 19.4
2.6 12.3
51. 3 23.7 11.0
14.5
59. 3 27.8 13.4 3 16.7
16.
65.4 30. 6 14. 6
18.7
1945.
1946.
1947.
1948.
1949.
121.7
146.6
165.0
177. 6
180.6
4.6
8.1
8.7
15.9
11.0
20.6
22.2 7. 3 11. 5
23.6 9. 5 10. 9
19501951.
195219531954.
194.0
208.3
218.3
230.5
236.5
28. 6 12. 412.9
27.1 10.9 12.7
26. 6 10. 412.5
29.8 13.2 12.8
29.4 12.6 12.9
1955.
1956*
254.0
265.8
35.7
34.0
5 73.
Services
32.1 11.4
2.6J14.0
29. 8 11.0
26. 9 10.3
22.9 9.0
20.7 7.9
21.0 7.6
2.2112.7
1.9 11.2
1.6 9.3
1.5 8.5
1.6 8.8
21.9
.7
23.
.9
25.1
2.1
2.1 9.5 25.0
2. 2 10.1 25.8
26.9
29.0
31.5
34.
37.
7.6
7.9
8.4
8.8
9.0
9.3
10.0
10.8
11.3
11.9
34.1 16.5 1. 8 20. 8 40.4 12.4
1.4 18.2 3.0 22.8 46.2 13.6
5 40.
. . . . 45.6 18.8 3. 6 25.1 51.3 15.4
98. 7 49.4 19.6 4. 3 25. 5 56. 17.5
96.9 48.8 18. 4.7 24.9 60. 119.L4
3.3 100. 4 51,
.. 0 18. 5
3. 5 111. 158. 3 19.8
3.7 116.1 61. 4 20.1
3. 9 119.1 63.0 19.9
3.9 120.9 64. 3 19.
1.7 9.4
1.9 10.3
2.0 11.1
1.9 10. 7
2.0 11.0
2.1
2.4
2.7
3.4
3.7
:
12.3
13.1
14.7
16.3
4.0 17. 5
5.1 20. 8
5. 5 23.0
5. 9 25. 2
5.8 26.4
5.0 25. 9 65.0 21.4
5.8 28. 5
5. 5 27. 4 70.1 23.4 10. 3 6.4 30.0
6.0 28. 6 75. 6 25.6 11.1 6. 8 32.1
6. 6 29. 6 81. 7 27. 612.0 7. 3 34. 8
29.7
29.3 12.6 7. 3 37.1
17.2 14.3
30.8 92.1 30. 6 14.0 7. 5 40.1
126.2 67.0 20.6
14.6 15.0 4. 4 132. 9 70. 521.6 8.4 32. 5 98. 9 32. 2
7. 9 43. 5
Seasonally adjusted annual rates
228.6
231.4
232.0
230.2
30. 2 13. 512.8 3. 9 118. 9 62. 8 20.4
12.9 3. 9 119. 8 63.1 20.
30.
1.3
30. 5 13. 7 12. 9 3.9 118.9 63.0 19.5
28. 0 11 12.6 3.7 118. 6 63.1 19.3
1954: First quarter.
Second quarter
Third quarter
Fourth quarter
232.2
235.0
237.8
241.1
28. 5 11. 912.8
29. 2 12.4 12.8
29. 4 12. 512.9
30.4 13. 4 12.9
1955: First quarter
Second quarter
Third quarter
Fourth quarter
246.7
251.8
257.8
259.5
34.7 16. 8 13.9 4.1 122. 5 64. 8 19.9 7. 5
35.3 16.9 14.1 4. 2 125.3 66. 5 20. 7. 7
37. 2 18. 5 14. 5 4. 2 127. 6 68.1 20.8 7. 8
35.4 16. 5 14. 5 4. 4 129. 2 68. 6 21. 37. 8
1956: First quarter
Second quarter
Third quarter
Fourth quarter *
261.7
263.7
266.8
271.2
34. 8 15. 5 14,
33.4
33.0 13. 7 15.0
34.9 15.4 15.1
1953: First quarter
Second quarter
Third quarter
Fourth quarter
___
3.7 119. 2 63.3 19. 5 7.0 29.4 84. 5 28.8 12.4 7.3 36.1
4. 0 120.3 63. 8 19. 77.1 29. 7 85. 5 29.1 12.4 7. 2 36. 8
4. 0 121. 5 64. 9 19. 57. 2 29. 9 86. 9 29. 4 12. 6 7. 2|37. 6
4.1 122. 5 65.3 19.9 7.4 29.8 88.3 29.8 13.1 7.3i38.1
1
2
3
I3O
30.3
5 30.1 13.4 7. 4
30. 5
2 30.
I. 5 13. 6 7. 4
31. 0
9 30.1.8 14. 2 7. 5
31. 5 94.9 31.1 14.8 7. 6
38. 6
39. 7
40.5
41.4
130. 5 69. 5 20.8 8.1 32.2 96. 4 31. 5 15.0 7. 7 42.1
132.3 70.1 21. 5 8. 3 32.4 98. 0 31.9 15. 2 7.8 43.0
134.0 71. 2 21. 9 8. 5 32. 5 99. 7 32. 5 15. 5 7. 9 43. 8
134.8 71. 3 22.3 8.6 32. 5 101. 5 33.0 15.8 8.0 44.7
Quarterly data are estimates by Council of Economic Advisers.
Includes standard clothing issued to military personnel.
Includes imputed rental value of owner-occupied dwellings.
4
Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
6. 2 29. 5
). 8 11. 7 7. 2 33. 8
5 26.
6. 4 29. 9
0 27.
'. 2 12.0 7. 3 34. 5
6. 7 29. 7 82. 6 27. 8 12.3 7. 3 35. 2
6. 9 29. 4 83.6 28. 5 12. 2 7.3 35. 6
TABLE E—8.—Gross private domestic investment, 1929—56
[Billions of dollars]
Period
1929._
1930..
1931..
1932..
1933..
1934..
1935..
1936..
1937..
193819391940..
1941..
1942..
1943..
1944..
1945..
1946..
19471948..
1949..
1950..
1951..
1952..
1953..
19541955..
1956 8.
Farm equipment
Total Nonfarm producers'
and construction
gross plant and equipment
private
doConmestic
Equip- Coninvest- Total EquipTotal * ment strucment 2 struction^
tion
ment
Residential
construction
(nonfarm)
0.3
.2
.1
3.6
2.1
1.6
.6
.5
.6
1.0
1.6
1.9
2.0
2.7
3.0
3.5
1.7
16.2
10.3
5.5
.9
1.4
2.9
6.3
8.4
11.7
6.7
9.3
13.2
18.1
9.9
5.6
7.1
10.4
27.1
29.7
41.2
32.5
51.2
56.9
49.8
50.3
48.0
60.6
65.3
9.3
7.2
4.4
2.4
2.2
2.9
3.7
5.0
6.5
4.7
5.3
6.9
8.6
5.3
4.6
6.2
9.2
14.8
20.7
23.5
21.7
25.5
29.1
29.6
31.9
30.5
33.3
40.2
5.2
4.0
2.6
1.4
1.5
2.1
2.7
3.6
4.5
3.1
3.7
4.9
6.1
3.7
3.5
4.7
6.9
10.0
15.0
16.8
15.3
18.5
20.4
20.5
21.6
19.9
21.1
26.4
4.1
3.3
1.8
1.0
.8
.9
1.0
1.4
2.1
1.5
1.6
2.0
2.5
1.6
1.1
1.5
2.3
4.8
5.7
6.7
6.4
7.0
8.8
9.1
10.3
10.6
12.2
13.8
0.9
.7
.4
.2
.2
.3
.5
.7
.8
.7
.7
.8
1.1
1.0
1.0
1.6
3.0
3.9
4.0
4.2
4.7
4.5
4.4
4.1
4.2
3.8
0.6
.5
.3
.1
.1
.3
.4
.5
.6
.5
.5
.7
.6
.7
.7
.7
1.6
2.3
2.5
2.6
2.8
2.6
2.7
2.5
2.6
2.3
.3
.9
1.4
1.5
1.5
1.6
1.8
1.9
1.7
1.6
1.6
1.5
Net change in
Other business
inventories
private
construcNontion Total farm • Farm
1.1
4.0
6.3
8.6
8.3
12.6
11.0
11.1
11.9
13.5
16.6
15.3
0.7
.7
.5
.2
.1
.1
.1
.2
.2
.3
.3
.3
.3
.2
.1
.1
.2
.6
.7
1.0
1.3
1.5
1.7
1.6
1.8
2.1
2.3
2.6
1.7
-.4
-1.3
-2.6
-1.6
-1.1
1.0
2.2
-.9
.4
2.2
4.5
1.8
-.8
-1.0
-1.1
6.1
-1.0
4.2
-2.7
7.4
10.4
3.0
.3
-2.3
4.2
3.4
1.8 -0.2
—. 1 - . 3
-1.6
.3
-2.6
-1.4
.2 - 1 . 3
.4
.5
2.1 - 1 . 1
1.7
.5
.1
-1.0
.1
1.9
.3
4.0
.5
.7
1.2
-.2
— 4
-.6
-.5
6.4
-.2
1.3 - 2 . 3
3.0
1.1
-1.9
6.4
9.0
1.4
2.1
.9
.9
-.6
.5
-2.7
3.8
.3
3.6
-.2
Seasonally adjusted annual rates
1953:
First quarter
Second quarter..
Third quarter. _.
Fourth quarter.
1954:
First quarter
Second quarter.
Third quarter...
Fourth quarter.
1955:
First quarter
Second quarter.
Third quarter...
Fourth quarter.
1956:
First quarter....
Second quarter.
Third quarter...1
Fourth quarter
51.5
53.5
51.8
44.5
31.5
31.8
32.4
31.9
21.4
21.4
22.2
21.3
10.0
10.4
10.3
10.6
4.7
4.6
4.4
4.1
2.9
2.8
2.7
2.4
1.8
1.8
1.7
1.7
11.7
12.2
12.1
11.7
2.0
1.6
3.1
1.8
1.1
1.8
1.9 - 5 . 2
4.0
1.8
-4.9
45.8
48.2
46.7
51.5
31.1
30.6
30.5
30.0
20.5
20.0
19.9
19.3
10.6
10.6
10.6
10.7
4.0
4.2
4.3
4.1
2.4
2.6
2.6
2.4
1.6
1.6
1.7
1.6
11.8
13.0
14.2
15.0
1.9
2.1
2.2
2.2
-3.1
-1.7
-4.5
-3.3
-2.2
-5.1
54.7
60.2
62.3
65.1
30.2
31.9
34.6
36.3
18.8
19.8
22.2
23.4
11.4
12.0
32.5
12.9
4.1
4.2
4.4
4.1
2.5
2.6
2.9
2.5
1.6
1.6
1.6
1.6
16.1
16.9
17.2
16.2
2.3
2.4
2.3
2.3
1.9
4.9
3.7
6.1
1.4
4.5
3.4
5.9
63.1
64.7
65.1
68.4
37.7
39.4
41.0
42.7
24.3
25.4
27.0
28.9
13.4
14.0
14.0
13.7
3.6
3.7
4.0
4.0
2.1
2.1
2.5
2.6
1.5
1.5
1.5
1.5
15.3
15.6
15.5
14.9
2.3
2.5
2.6
2.8
4.1
3.5
2.0
4.0
4.2
3.9
2.4
4.1
.2
2.5
-0.5
-.9
-.3
1
Items for nonfarm producers' plant and equipment are not comparable with those shown in Table E-28,
principally because the latter exclude equipment and construction outlays charged to current expense and
also
investment by nonprofit organizations and professional persons.
2
Total producers' durable equipment less farm machinery and equipment, and farmers' purchases of
tractors
and business motor vehicles.
3
Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings,
stores,
restaurants,
and garages.
4
Farm construction (residential and nonresidential) plus farm machinery and equipment, and farmers'
purchases of tractors and business motor vehicles. (See footnote 2.)
«Includes religious, educational, social and recreational, hospital and institutional, miscellaneous nonresidential, and all other private construction.
« After inventory valuation adjustment.
7 Less than 50 million dollars.
Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
T A B L E E-9.—National income by distributive shares, 1929-56
[Billions of dollars]
Period
1929..
1930..
1931..
1932..
1933..
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
1944..
1945..
1946.1947..
1948..
1949..
1950.1951..
1952..
1953..
1954..
1955..
1956 «.
Business and proCorporate profits
fessional income
and inventory
and inventory
valuation
valuation
adjustment
In- Rentadjustment
Comcome al inTotal penof
Net
naInInfarm come
intional sation
Inof
emcome ven- proven- terest
in- 1 ofployperCortory prie- sons
of
tory
come ees 2
porate valuunin- valu- tors s
Total corpoTotal profits ation
ation
before adrated adtaxes 4 justenter- justment
prises ment
87.8
75.7
59.7
42.5
40.2
49.0
57.1
64.9
73.6
67.6
72.8
81.6
104.7
137.7
170.3
182.6
181.2
179.6
197.2
221.6
216.2
240.0
277.0
290.2
302.1
298.3
324.0
342.3
51.1
46.8
39.7
31.1
29.5
34.3
37.3
42.9
47.9
45.0
48.1
52.1
64.8
85.3
109.6
121.3
123.2
117.7
128.8
140.9
140.9
154.3
180.4
195.1
208.1
206.9
223.2
239.0
8.8
7.4
5.6
3.4
3.2
4.6
5.4
6.5
7.1
6.8
7.3
8.4
10.9
13.9
16.8
18.0
19.0
21.3
19.9
21.6
21.4
22.9
24.8
25.7
25.9
25.9
27.3
29.1
0.1
8.6
6.7
5.0
3.1
.3
3.7 - . 5
4.6 - . 1
5.4
6.6
7.1
(«)
6.6
.2
7.5 - . 2
8.5
11.5
14.3 - . 4
17.0 - . 2
18.1 —. 1
19.1 - . 1
23.0 -1.7
21.4 -1.5
22.1 - . 4
.5
21.0
24.0 -1.1
25.1 - . 3
25.5
.2
26.1 - . 2
25.9 - . 1
27.6 - . 2
29.8
6.0
4.1
3.2
1.9
2.4
2.4
5.0
4.0
5.6
4.3
4.3
4.6
6.5
10.0
11.4
11.5
11.8
13.9
14.5
16.7
12.7
13.3
16.0
15.1
13.3
12.5
11.7
11.7
5.4 10.1
6.6
4.8
3.8
1.6
2.7 - 2 . 0
2.0 - 2 . 0
1.7
1.1
2.9
1.7
1.8
5.0
2.1
6.2
2.6
4.3
2.7
5.7
2.9
9.1
3.5 14.5
4.5 19.7
5.1 23.8
5.4 23.0
5.6 18.4
6.2 17.3
6.5 23.6
7.2 30.6
7.9 28.1
8.5 35.1
9.1 39.9
9.9 3G.9
10.2 36.0
10.5 32.9
10.1 40.9
9.7 40.8
9.6
3.3
-.8
-3.0
.2
1.7
3.1
5.7
6.2
3.3
6.4
9.3
17.0
20.9
24.6
23.3
19.0
22.6
29.5
32.8
26.2
40.0
41.2
35.9
37.0
33.2
42.7
43.4
0.5
3.3
2.4
1.0
-2.1
-.2
- .57
()
1.0
-.7
-.2
-2.5
-1.2
-.6
-5.3
—2^2
1.9
-4.9
-1.3
1.0
-1.0
-.3
-1.7
-2.6
6.4
6.0
5.8
5.4
5.0
4.9
4.8
4.7
4.7
4.6
4.6
4.5
4.5
4.3
3.7
3.3
3.2
3.1
3.8
4.5
5.2
5.9
6.8
7.4
8.7
9.7
10.8
11.9
Seasonally adjusted annual rates
1953: First quarter
Second quarterThird q u a r t e r Fourth quarter,
1954: First quarter
Second quarter..
Third quarter.-.
Fourth quarter. .
1955: First quarter
Second quarterThird quarter. _
Fourth quarter..
1956: First quarter-_.
Second quarter.
Third quarter. 6_
Fourth quarter
303.0
305.8
304.1
295.7
295.8
296.7
297.6
303.1
311.3
321.9
328.3
334.4
334.9
338.7
343.5
352.0
205.8
209.3
209.7
207.6
205.2
205.9
206.6
209.7
213.9
221.6
226.8
230.3
233.0
237.2
240.4
245.3
26.3
26.1
25.8
25.5
25.3
25.9
26.0
26.2
26.5
27.1
27.7
28.0
28.2
28.9
29.5
29.9
26.6 - 0 . 3
26.2 - . 1
26.4 - . 6
.3
25.2
25.4 - . 1
.1
25.8
26.2 - . 1
26.3
(5)
26.6 - . 1
27.4 - . 3
28.0 - . 3
28.3 - . 3
n
28.9
29.6 -.7
29.9 - A
30.7 - . 8
13.6
13.2
13.0
13.3
13.9
12.1
12.1
11.8
11.8
12.2
11.3
11.4
11.5
11.3
11.6
12.4
10.1
10.1
10.1
10.2
10.4
10.6
10.6
10.5
10.3
10.2
10.0
9.8
9.8
9.7
9.7
9.7
39.1
38.7
36.6
29.8
31.7
32.7
32.5
34.7
38.5
40.2
41.6
43.4
40.9
39.8
40.4
42.3
39.5
40.2
38.8
29.7
31.9
32.9
32.8
35.2
39.7
41.1
43.5
46.4
43.7
42.9
41.2
46.0
-0.5
-1.5
-2.2
.2
-.2
-.2
-.3
-.6
-1.2
-.9
-1.9
-3.0
-2.8
-3.1
-.8
-3.7
8.2
8.5
8.9
9.2
9.3
9.5
9.8
10.1
10.4
10.6
11.0
11.3
11.5
11.7
12.0
12.4
1 National income is the total net income earned in production. It differs from gross national product
mainly in that it excludes depreciation charges and other allowances for business and institutional
consumption
of durable capital goods, and indirect business taxes. See Table E-10.
2
Wages and salaries and supplements to wages and salaries (employer contributions for social insurance;
employer contributions to private pension, health, and welfare funds; compensation for injuries; directors'
fees; pay of the military reserve; and a few other minor items).
3 Excludes income resulting from net reductions of farm inventories and gives credit in computing income
to net additions to farm inventories during the period.
* See Table E-50 for corporate tax liability (Federal and State income and excess profits taxes) and
corporate
profits after taxes.
6
Less than 50 million dollars.
6
Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—D etail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
132
TABLE E—10.—Relation of gross national product and national income, 1929-56
[Billions of dollars]
Plus:
Less:
Subsidies
Equals:
less
Gross
Net iurrent
business
nana- surplus Indirecttax
Busitional
tional of govprodDepreprod;ransernuct Total ciation Other i uct
ment
State fer
charges
Fedenter- Total eral and
prises
local ments
Less: Capital consumption allowances
Period
Equals:
Sta- Natisti- tional
cal Income
discrepancy
1929.
104.4
8.6
7.7
0.9
95.8
-0.1
7.0
1.2
5.8
0.6
0.3
87.8
1930..
1931
1932
1933
1934
91.1
76.3
58.5
56.0
65.0
8.5
8.
7.6
7.2
7.1
7.7
7.6
7.0
6.7
6.6
.8
.6
.6
-.1
7.2
6.9
6.8
7.1
7.8
1.0
1.
2.2
6.1
6.0
5.8
5.4
5.6
.5
.6
.7
.7
.6
-1.0
.8
'.5
82.6
68.1
50.9
48.8
57.9
75.7
59.7
42.5
40.2
49.0
72.5
82.7
90.8
85.
91.1
7.2
7.5
7.
7.8
7.8
6.7
6.7
6.9
6.9
7.1
.6
.8
.8
.8
.7
65.3
75.2
83.0
77.4
83.3
8.2
8.7
9.2
9.2
9.4
2.2
2.3
2.4
2.2
2.3
6.0
6.4
6.8
6.9
7.0
.6
.6
.6
.4
.5
-.2
1.1
-.2
.5
1.2
57.1
64.9
73.6
67.6
72.8
100.6
125.8
159.1
192.5
211.4
8.1
9.0
10.
10.9
12.0
7.3
8.1
9.2
9.9
10.8
.8
1.0
1.0
1.0
1.
92.5
116.8
149.0
181.6
199.4
10.0
11.3
11.8
12.7
14.1
2.6
3.6
4.0
4.9
6.2
7.4
7.7
7.7
7.8
8.0
.4
.4
.5
.5 - . 8
.5 - 1 . 7
.5
2.8
81.6
104.7
137.7
170.3
182.6
213.6
209.
232.
257.3
257.
12.5
11.
14.1
16.5
18.4
11.2
10.0
12.2
14.3
16.4
1.3
1.
2.0
2.2
2.1
201.0
197.6
218.1
240.8
238.9
15.5
17.3
18.7
20.4
21.6
7.1
7.9
7.9
8.1
8.2
8.4
9.5
10.8
12.3
13.5
.5
.6
4.5
.9
1.4
-2.1
.1
181.2
179.6
197.2
221.6
216.2
1950
1951
1952
1953—
1954...
285.1
328.
345.4
363.2
360.7
20.5
23.5
23.9
26.5
28.8
18.0
20.3
21.0
23.3
25.4
2.5
3.1
2.9
3.2
3.3
264.6
304.8
321.6
336.7
331.9
23.
25.6
28.1
30.
30.2
9.0
9.5
10.5
11.2
10.1
14.7
16.1
17.6
19.0
20.1
.8
1.0
1.
1.4
1.4
.2
1.3
2.0
2.6
1.8
240.0
277.0
290.2
302.1
298.3
1955
19563
390.9
412.4
31.3
34.0
27.8
30.2
3.8
359. 5
378.4
32.5
34.6
11.0
11.5
21
23.1
1.4
1.4
1.8
1.0
324.0
342. 3
1935
1936
1937._
1938
1939
....
._..
1940...
1941
1942
1943
1944
1945
1946
1947.—
1948
1949
-
.2
-.2
-.2
-.2
.2
-.1
-.4
Seasonally adjusted annual rates
1953:
First quarter
Second quarter..
Third quarter....
Fourth quarter..
361.
367.4
366. 3
357.5
25.6
26.2
26.8
27.4
336.0
341.2
339.5
330.1
1954:
First quarter.._.
Second quar ter..
Third quarterFourth quarter ..
357.6
358.5
359.4
367.1
28.0
28.5
29.0
29.6
1955:
First quarter
Second quarter. .
Third quarter—
Fourth quarter..
377.3
387.4
396.8
401.9
31.7
32.2
1956:
First quarter..-.
Second quarter..
Third quarter-3
Fourth quarter
403.4
408.3
413.
424.0
32.9
33.6
34.4
35.1
-0.2
29. 8,
30.2
30.4
30.4
11.3
11.3
11.3
10.
18.5
18.8
19.2
19.5
1.3
1.4
1.4
1.4
1.7
3.6
3.2
1.9
303.0
305.8
304.1
295.7
329.6
330.0
330.4
337.5
30.0
30.1
29.9
30.6
10.3
10.1
9.7
10.1
19.7
20.0
20.2
20.5
1.4
1.4
1.4
1.4
1.9
2.0
1.4
2.1
295.8
296.7
297.6
303.1
347.0
356.3
365.1
369.7
31.4
32.4
32.8
33.4
10.6
11.3
11.0
11.3
20.8
21.2
21.8
22.1
1.4
1.4
1.4
1.4
3.0
1.2
2.7
311.3
321.9
328.3
334.4
33.7
34.1
35.1
35.5
11.3
11.3
11.7
11.7
22.4
22.8
23.4
23.8
1.4
1.4
1.4
1.4
1.1
1.1
.2
1.4
334.9
338.7
343.5
352.0
370.5
374.7
379.4
-.4
-.7
.7
.7
.9
1.4
1 Accidental damage tofixedcapital and capital outlays charged to current account,,
2
Less than 50 million dollars.
s Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
133
TABLE E—11.—Relation of national income and personal income, 1929-56
[Billions of dollars]
Less:
Period
Corporate
profits
National and
inincome
ventory
valuation
adjustment
Plus:
Excess
of
Contributions wage
for
social
insurance
accruals
over
disbursements
Government
transfer
pay-
ments
Equals:
Net
interest
paid
by
government
Dividends
Business
transfer
payments
Personal
income
1929-
87.8
10.1
0.2
0.9
1.0
5.8
0.6
85.8
19301931193219331934-
75.7
59.7
42.5
40.2
49.0
6.6
1.6
1.0
2.1
1.4
1.5
1.6
1.0
M
5.5
4.1
2.6
2.1
2.6
.5
.6
.7
.7
1.1
.3
.3
.3
.3
.3
.6
76.9
65.7
50.1
47.2
53.6
19351936193719381939-
57.1
64.9
73.6
67.6
72.8
2.9
5.0
6.2
4.3
5.7
.3
.6
1.8
2.0
2.1
1.8
2.9
1.9
2.4
2.5
1L.I
.9
2.9
4.5
4.7
3.2
3.8
.6
.6
.6
.4
.5
60.2
68.5
73.9
68.6
72.9
19401941194219431944-
81.6
104.7
137. 7
170.3
182.6
9.1
14.5
19.7
23.8
23.0
2.3
2.8
3.5
4.5
5.2
2.7
2.6
2.6
2.5
3.1
1.3
1.3
1.5
2.1
2.8
4.0
4.5
4.3
4.5
4.7
.4
.5
.5
.5
.5
78.7
96.3
123.5
151.4
165.7
19451946194719481949-
181.2
179.6
197.2
221.6
216.2
18.4
17.3
23.6
30.6
28.1
6.1
6.0
5.7
5.2
5.7
10.9
11.1
10.5
11.6
5.6
3.7
4.5
4.4
4.4
4.6
4.7
5.8
6.5
7.2
7.5
.5
.6
.7
.8
171.2
178.0
190.5
208.7
206.8
1950195119521953..
1954..
240.0
277.0
290.2
302.1
298.3
35.1
39.9
36.9
36.0
32.9
6.9
8.2
8.6
8.7
9.7
14.3
11.6
12.0
12.9
15.0
4.7
4.8
4.9
5.0
5.2
9.2
9.1
9.0
9.3
10.0
.8
1.0
1.2
1.4
1.4
227.0
255.3
271.8
286.0
287.3
1955..
19561
324.0
342.3
40.9
40.8
11.1
12.5
16.1
17.3
5.2
5.5
11.2
12.0
1.4
1.4
306.1
325.2
-2.0
—2.0
0.2
-.2
...
-.1
L.I
;L. 2
1.2
L.I
]L. 2
L.2
.7
Seasonally adjusted annual rates
1953: First quarter
Second quarter...
Third quarter
Fourth quarter...
1954: First quarter
Second quarter...
Third quarter
Fourth quarter...
1955: First quarter
Second quarter...
Third quarter
Fourth quarter...
303.0
305.8
304.1
295.7
39.1
38.7
36.6
29.8
8.8
8.9
8.7
8.5
295.8
296.7
297.6
303.1
31.7
32.7
32.5
34.7
311.3
321.9
328.3
334. 4
1956: First quarter
Second quarter—
Third quarter
Fourth quarter i_
334.9
338.7
343.5
352.0
1
12.7
12.7
12.8
13.4
4.9
5.0
5.0
5.1
9.2
9.5
9.5
9.5
1.3
1.4
1.4
1.4
283.4
286.9
287.7
286.8
9.6
9.7
9.7
9.8
14.3
14.8
15.0
15.8
5.1
5.2
5.2
5.2
9.7
9.9
10.0
10.3
1.4
1.4
1.4
1.4
284.9
285.6
286.9
291.4
38.5
40.2
41.6
43.4
10.6
10.9
11.3
11.4
15.9
16.2
16.0
16.3
5.2
5.2
5.2
5.3
10.4
10.7
11.0
12.1
1.4
1.4
1.4
1.4
295.1
303.8
309.6
314.6
40.9
39.8
40.4
42.3
12.1
12.3
12.7
13.0
16.9
17.3
17.2
17.7
5.4
5.5
5.6
5.7
11.8
12.2
12.3
11.8
1.4
1.4
1.4
1.4
317.5
322.9
327.0
-0.1
—.1
_
i
Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
T A B L E E-12.—Sources of personal income, 7929-56
[Billions of dollars]
Period
Labor
Less:
Proprietors'
Perincome
income 2
Non(wage and
sonal
Rental
PerTotal
salary
Trans- contri- agriculDiviincome
sonal
personal disbursetural
fer
paybutions
of
dends interest
Busiincome ments
for
and persons
income ments
3
and other Farm ness
social
income
profeslabor 1
insursional
income)
ance
1929..
85.8
51.0
6.0
8.8
5.4
5.8
7.4
1.5
0.1
77.7
1930..
1931._
1932..
19331934..
76.9
65.7
50.1
47.2
53.6
46.7
39.6
30.9
29.4
34.1
4.1
3.2
1.9
2.4
2.4
7.4
5.6
3.4
3.2
4.6
4.8
3.8
2.7
2.0
1.7
5.5
4.1
2.6
2.1
2.6
6.9
6.9
6.6
6.2
6.1
1.5
2.7
2.2
2.1
2.2
.1
.2
.2
.2
.2
70.8
60.9
46.9
43.6
49.8
193519361937..
19381939-
60.2
68.5
73.9
68.6
72.9
37.2
42.5
46.7
43.6
46.6
5.0
4.0
5.6
4.3
4.3
5.4
6.5
7.1
6.8
7.3
1.7
1.8
2.1
2.6
2.7
2.9
4.5
4.7
3.2
3.8
5.9
5.8
5.9
5.8
5.8
2.4
3.5
2.4
2.8
3.0
.2
.2
.6
.6
.6
53.9
63.2
67.0
62.8
67.1
194019411942..
19431944.-
78.7
96.3
123.5
151.4
165.7
50.5
62.8
83.0
106.7
118.5
8.4
10.9
13.9
16.8
18.0
2.9
3.5
4.5
5.1
5.4
4.0
4.5
4.3
4.5
4.7
5.8
5.8
5.8
5.8
6.2
3.1
3.1
3.1
3.0
3.6
.7
10.0
11.4
11.5
.8
1.2
1.8
2.2
72.6
88.0
111. 5
137.6
151.6
1945..
1946194719481949..
171.2
178.0
190.5
208.7
206.8
119.4
113.8
125.2
137.9
137.4
11.8
13.9
14.5
16.7
12.7
19.0
21.3
19.9
21.6
21.4
5.6
6.2
6.5
7.2
7.9
4.7
5.8
6.5
7.2
7.5
7.6
8.2
9.0
11.4
11.8
11.3
12.4
2.3
2.0
2.1
2.2
2.2
156.8
161.1
172.8
188.5
190.8
1950..
19511952..
1953..
1954..
227.0
255.3
271.8
286.0
287.3
150.3
175.6
190.3
203.4
201.8
13.3
16.0
15.1
13.3
12.5
22.9
24.8
25.7
25.9
25.9
8.5
9.1
9.9
9.2
9.1
9.0
9.3
15.1
12.6
13.2
14.3
16.4
2.9
3.4
3.8
3.9
4.6
210.5
235.7
253.1
269.2
271.4
1955..
1956 *
306.1
325.2
217.4
232.3
11.7
11.7
27.3
29.1
17.6
18.7
5.2
5.8
290.9
309.9
4.6
6.5
10.2
10.5
10.0
10.6
11.6
12.3
13.7
14.9
10.1
11.2
12.0
16.1
17.4
9.7
6.2
Seasonally adjusted annual rates
1953: First quarter. _
Second quarterThird quarter.Fourth quarter.
283.4
286.9
287.7
286.8
200.9
204.4
205.1
203.0
13.6
13.2
13.0
13.3
26.3
26.1
25.8
25.5
10.1
10.1
10.1
10.2
9.2
9.5
9.5
9.5
13.1
13.5
13.9
14.3
14.0
14.1
14.2
14.8
3.9
4.0
4.0
3.9
266.4
270.1
271.1
270.0
1954: First q u a r t e r Second quarterThird quarter-.
Fourth quarter.
284.9
285.6
286.9
291.4
200.1
200.8
201.5
204.5
13.9
12.1
12.1
11.8
25.3
25.9
26.0
26.2
10.4
10.6
10.6
10.5
9.7
9.9
10.0
10.3
14.5
14.7
15.0
15.4
15.7
16.2
16.4
17.2
4.6
4.5
4.6
4.6
267.6
270.0
271.4
276.2
1955: First quarter. __
Second quarter.
Third quarter..
Fourth quarter.
295.1
303.8
309.6
314.6
208.2
215.4
221.3
224.2
11.8
12.2
11.3
11.4
26.5
27.1
27.7
28.0
10.3
10.2
10.0
9.8
10.4
10.7
11.0
12.1
15.6
15.8
16.2
16.6
17.3
17.6
17.4
17.7
5.0
5.2
5.3
5.3
279.8
288.1
294.8
299.7
1956: First q u a r t e r Second quarter.
Third quarter..
Fourth quarter *.
317.5
322.9
327.0
333.3
226.7
230.7
233.6
238.3
11.5
11.3
11.6
12.4
28.2
28.9
29.5
29.9
9.8
9.7
9.7
9.7
11.8
12.2
12.3
11.8
16.9
17.2
17.6
18.0
18.3
18.7
18.7
19.1
5.7
5.8
5.9
6.0
302.4
308.0
311.9
317.4
1 The total of wage and salary disbursements and other labor income differs from compensation of employees in Table E-9 in that it excludes employer contributions for social insurance and excludes the
excess
of wage accruals over wage disbursements.
2
Excludes income resulting from net reductions of inventories and gives credit in computing income
to net additions to inventories during the period.
3 Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
* Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
135
TABLE E—13.—Disposition of personal income, 1929—56
Period
Personal
income
Less:
Personal
taxes l
Less:
Equals: Personal
DisposEquals:
conable
Personal
personal sumption
saving
income expenditures
Saving as
percent
of disposable
personal
income
(percent)
Billions of dollars
1929..
85.8
2.6
83.1
79.0
4.2
5.1
19301931193219331934..
76.9
65.7
50.1
47.2
53.6
2.5
1.9
1.5
1.5
1.6
74.4
63.8
48.7
45.7
52.0
71.0
61.3
49.3
46.4
51.9
3.4
2.5
-.6
-.6
.1
4.6
3.9
-1.2
-1.3
.2
19351936193719381939-
60.2
68.5
73.9
68.6
72.9
1.9
2.3
2.9
2.9
2.4
58.3
66.2
71.0
65.7
70.4
56.3
62.6
67.3
64.6
67.6
2.0
3.6
3.7
1.1
2.9
3.4
5.4
5.2
1.7
4.1
194019411942..
19431944-
78.7
96.3
123.5
151. 4
165.7
2.6
3.3
6.0
17.8
18.9
76.1
93.0
117.5
133.5
146.8
71.9
81.9
89.7
100.5
109.8
4.2
11.1
27.8
33.0
5.5
11.9
23.7
24.7
25.1
19451946194719481949-
171.2
178.0
190.5
208.7
206.8
20.9
18.8
21.5
21.1
18.7
150. 4
159. 2
169.0
187.6
188.2
121.7
146.6
165.0
177.6
180.6
28.7
12.6
4.0
10.0
7.6
19.1
7.9
2.4
5.3
4.0
19501951195219531954-
227.0
255.3
271.8
286.0
287.3
20.9
29.3
34.4
35.8
32.9
206.1
226.1
237.4
250.2
254.4
194.0
208.3
218.3
230.5
236.5
12.1
17.7
19.0
19.7
17.9
5.9
7.8
8.0
7.9
7.0
19551956 2.
306.1
325.2
35.5
38.6
270.6
286.6
254.0
265.8
16.6
20.8
6.1
7.3
Seasonally adjusted annual rates
1953: First quarter
Second quarter
Third quarter
Fourth quarter
283.4
286.9
287.7
286.8
35.5
35.9
36.0
35.8
247.9
251.0
251.7
251.0
228.6
231.4
232.0
230.2
19.3
19.6
19.7
20.8
7.8
7.8
7.8
8.3
1954: First quarter
Second quarter. __
Third quarter
Fourth quarter
284.9
285.6
286.9
291.4
32.7
32.8
33.0
33.3
252.3
252.8
254.0
258.0
232.2
235.0
237.8
241.1
20.1
17.8
16.2
16.9
8.0
7.0
6.4
6.6
1955: First quarter
Second quarter. . .
Third quarter
Fourth quarter. —
295.1
303.8
309.6
314.6
34.5
35.3
35.9
36.3
260.6
268. 5
273.8
278.4
246.7
251.8
257.8
259.5
13.9
16.7
15.9
18.8
5.3
6.2
5.8
6.8
1956: First quarter
Second quarter. —
Third quarter
Fourth quarter 2__.
317.5
322.9
327.0
333.3
37.3
38.1
38.8
40.1
280.2
284.9
288.2
293.2
261.7
263.7
266.8
271.2
18.6
21.2
21.4
22.0
6.6
7.4
7.4
7.5
1 Includes also such items as fines, penalties, and donations.
2 Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
I36
TABLE E-14.—Total and per capita disposable personal income and personal consumption
expenditures, in current and 1956 prices, 7929-56
Period
Total disposable Per capita dispersonal income posable personal
(billions of
income (dollars)
dollars)
Total personal
consumption
expenditure*
(billions of
dollars)
Per capita personal consumption expenditures (dollars)
Population
(thousands)2
Current 1956 J Current 1956 1 Current 1956 Current 1956 l
prices prices i prices prices
prices prices
prices prices
1929..
83.1
131.7
682
1,081
79.0
125.2
1,027
121,875
1930..
1931..
1932..
19331934-
74.4
63.8
48.7
45.7
52.0
121.0
113.9
96.8
96.0
105.5
604
514
389
364
411
982
918
773
765
834
71.0
61.3
49.3
46.4
51.9
115.4
109.5
98.0
97.5
105.3
576
494
395
369
410
937
882
785
775
832
123,188
124,149
124,949
125,690
126,485
19351936193719381939-
58.3
66.2
71.0
b5.7
70.4
115.2
129.5
134.2
126.6
137.5
458
517
551
505
538
905
1,012
1,042
973
1,051
56.3
62.6
67.3
64.6
67.6
111.3
122.5
127.2
124.5
132.0
442
488
522
497
516
874
955
987
958
1,008
127,362
128,181
128,961
129,969
131,028
19401941194219431944-
76.1
93.0
117.5
133.5
146.8
147.5
171.6
195. 8
209.6
226.5
576
697
871
977
1,060
1,116
1,286
1,452
1,534
1,636
71.9
81.9
89.7
100.5
109.8
139.3
151.1
149.5
157.8
169.4
544
614
665
735
794
1,054
1,133
1,108
1,154
1,225
132,122
133,402
134,860
136,739
138,397
19451946194719481949-
150.4
159.2
169.0
187.6
188.2
227.2
221.7
205.3
212.0
214.6
1,075
1,126
1,173
1,279
1,261
1,624
1,568
1,425
1,445
1,438
121.7
146.6
165.0
177.6
180.6
183.8
204.2
200.5
200.7
205.9
870
1,037
1,145
1,211
1,211
1,314
1,444
1,391
1,368
1,381
139, 928
141,389
144,126
146,631
149,188
19501951195219531954-
206.1
226.1
237.4
250.2
254.4
232.9
236.5
242.7
254.0
257.2
1,359
1,465
1,512
1,568
1,566
1,536
1,532
1,546
1,592
1,583
194.0
208.3
218.3
230.5
236.5
219.2
217.9
223.2
234.0
239.1
1,279
1,350
1,390
1,444
1,456
1,445
1,412
1,421
1,466
1,472
151, 683
154,360
157,028
159, 636
162,417
1955...
1956 3.
270.6
286.6
274.4
286.6
1,637
1,705
1,660
1,705
254.0
265.8
257.6
265.8
1,537
1,581
1,559
1,581
165,271
168,091
Seasonally adjusted annual rates
1953: First quarter
Second quarter. _
Third quarter
Fourth quarter. _
247.9
251.0
251.7
251.0
253.5
255.3
254.0
253.3
1,562
1,576
1,573
1,561
1,597
1, 603
1,587
1,575
228.6
231.4
232.0
230.2
233.7
235.4
234.1
232.3
1,440
1,453
1,450
1,432
1,472
1,478
1,463
1,445
158, 718
159,304
160,028
160, 770
1954: First quarter
Second quarter. _
Third quarter. _.
Fourth quarter..
252.3
252.8
254.0
258.0
254.6
255.4
256.3
261.7
1,563
1,560
1,560
1,577
1,577
1,576
1,574
1,599
232.2
235.0
237.8
241.1
234.3
237.4
240.0
244.5
L, 438
1,450
L, 461
1,474
1,451
1,465
1,474
1,495
161, 436
162,078
162, 816
163, 602
1955: First quarter
Second quarter. _
Third quarter, _.
Fourth quarter. _
260.6
268.5
273.8
278.4
264.8
272.9
277.1
281.2
1,586
1,628
1,653
1,673
1, 612
1,654
1,673
1,690
246.7
251.8
257.8
259.5
250.7
255.9
260.9
262.1
1,502
1,527
1,556
L, 559
1,526
1,552
1,575
1,575
164, 287
164, 934
165,653
166, 424
1956: First quarter
Second quarter. _
Third quarter. _.
Fourth quarter 3_
280.2
284.9
288.2
293 2
283 9
286 3
285.9
288.9
1,677
1,698
1,710
1,732
1,699
1,707
1,696
1,706
261.7
263.7
266.8
271.2
265.1
265.0
264.7
267.2
1,566
1,572
1,583
L,602
1,587
1,580
1,570
1,578
167,103
167, 754
168,499
169,296
1 Dollar estimates in current prices divided by the consumer price index on a 1956 base. Personal consumption expenditures in this table therefore differ from the data in Table E-2.
2 Population of the continental United States including armed forces overseas. Annual data are for
July 1; quarterly data are for middle of period.
a Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
137
TABLE E-15.—Financial saving by individuals, 1939-56x
[Billions of dollars]
Currency
Total and
bank
deposits 2
Period
Securities
ings
and
loan
assoU . S . Other
cia- Totals
govings erntions
bonds ment4
0.04 - 0 . 5 3
Gov- Less: Increase
in debt
ernment
insurance
and Mort- Conage sumer
penInsur- Pen- sion
bt« debts
ance sion reserves
Private insurance and
pension
reserves
Corporate
and
other
0.66 - 0 . 8 3 - 0 . 3 6
1.72
1.30
-.22
-.36
.09
-.20
-.73
1.85
2.14
2.49
2.85
3.21
1.30
1.86
2.55
3.92
4.96
6.85 3.43 - . 9 2
.90 - . 6 5
.65
1.78
.84
.89
2.13 - . 4 3 1.5:
1.53
.52
.98
3.46
3.42
3.64
3.75
3.71
5.14
3.55
3.49
3.5:
2.34
.20
3.60
4.46
4.61
.48
2.28
2.73
2.31
2.40
.55
.1:
-.4' -.09
1.
2.60
3.92
4.06
1.09
4.24
7.16
6.58
3.22
.54
-.4' -.34
.09
.90
.20 1.65
.60 - 1 . 1 1
1.55
1.84
1.09
3.11
3.78
3.92
4.36
2.29
2.57
2.89
3.02
4.24
4.40
3.24
2.68
6.61
6.5:
7.31
9.1
.58
4.05
3.52
.54
2.39
4.£
3.38
3.20
12.23
5.79
.72
.72
.72
.72
.79
1.06
.9
.42
1.58
2.10
1.94
1.6!
.40
1.36
1."
1.29
.75
.75
.75
.76
.64
.84
.70
.50
4.25
3.00
1940
1941
1942—.
1943
1944
4.24
10.52
29.30
38.71
41.41
2.88
4.80
10.95
16.18
17.55
.20
.36
.26
.55
.81
-.1
2.83
10.25
13.83
14.96
1945—.
1946
1947
19481949
37.39 19.06
13.74 10.56
6.67
2.01
2.99 - 1 . 8 4
2.86 - 1 . 4 6
1.06
1.18
1.20
1.21
1.51
.89
3.51
3.22
3.03
1950—_
1951
1.80
11.29
3.6:
5.95
1.51
2.12
2.04
2.04
11.34
13.23
10.56
11.31
6.07
7.15
4.71
7.03
2.09
3.06
3.64
4.44
.74
2.83
2.94
-.51
1955-..
8.13
4.35
4.90
5.66
1953: First quarter..
Second quarter.
Third quarter..
Fourth quarter.
1.73 - 1 . 3 '
.70
2.58
2.25
1.74
4.00
3.70
1.06
.59
1.11
1.76
1.70
.01
-.53
.22
1.18
1.31
.66
-.22
.23
—.62 - . 0 2
.95
.79
.90
1.28
1954: First quarter...
Second quarter.
Third quarter..
Fourth quarter.
2.49 - 2 . 1 3
1.44
1.71
3.69
2.78
4.03
4.32
1.05
1.26
1.25 - . 6 8
.72 - 1 . 3
.27
1.42
.73
.49
-.87
.07
.03
-1.56
.60 - . 5 9
1.00
1955: First quarter. _.
Second quarter.
Third quarter..
Fourth quarter.
1.74 -1.00
.15
-.34
3.24
3.48
1.97
3.26
1939
1
1951
1952
1953—.
1954
-
1956: First quarter...
Second quarter.
Third quarter..
4.81
2.21
3.85
-.50
.75
1.52
2.75
7.98
11.14
11.80
.27
-.81
.44
2.17
2.88
3.89
3.00
0.50
0.78
.84
.97
.82
.09 - 2 . 8 9
- . 3 8 -1.01
.14
-.06
.75
1.02
1.4' -1.38
2.22
.66
2.59
.20
2.89 1.05
.05
2.26
1.73
1.75
1.14
1.46
.66
1.65
1.85
.83
1.7'
1.21
1.22
.4'
1.14
.16
.42
.34
.63
.99
1.17
.98
1.20
1.30
.84
.84
.84
.84
.48
1.02
1.00
.70
2.69
3.38
3.50
2.66
1.12
1.61
.68
3.68
.62
1.88
2.72
.10
.74
.60
1.22
.96
.96
1.19
.96
.96
.96
.76
1.59
1.02
2.59 - . 4 1 .
2.95 1.34
.63
2.76
1
Individuals' saving, in addition to personal holdings, covers saving of unincorporated business, trust
and pension funds, and nonprofit institutions in the forms specified. Prior to 1951, separate data on corporate pension fund investments are not available and are reflected in the various components of individuals'
saving.
2
Includes currency, demand deposits, and time and savings deposits.
3 Does not include net purchases by brokers and dealers or by other individuals financed by bank loans.
* Includes armed forces leave bonds and other U. S. Government bonds (except savings bonds) and
all securities issued by State and local governments.
« Mortgage debt to institutions on 1- to 4-family nonfarm dwellings.
• Largely attributable to purchases of automobiles and other durable consumers' goods, although including some debt arising from purchases of other consumption goods. The other segmentsjof individuals'
debt have been allocated to the assets to which they pertain, viz, saving in insurance and securities.
7 Not available separately. See footnote 1.
8
Less than 5 million dollars.
NOTE.—In addition to the concept of saving shown above, there are other concepts of individuals'
saving, with varying degrees of coverage, currently in use. The series with the most complete coverage, the
personal saving estimates of the Department of Commerce, is derived as the difference between personal
income and expenditures. Conceptually, Commerce saving includes the following items not included
in Securities and Exchange Commission saving: Housing net of depreciation, and farm and unincorporated business investment in inventories and plant and equipment, net of depreciation and net of increases in mortgage and other debt to corporations and financial institutions. Government insurance is
excluded from the Commerce saving series. For a reconciliation of the two series, see Survey of Current
Business, July 1956.
Revisions for 1948-56 in the consumer credit statistics of the Board of Governors of the Federal Reserve
System have not yet been incorporated into these estimates.
Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
138
T A B L E E—16.—Sources and uses of gross saving, 1929—56
[Billions of dollars]
Gross private saving and government surplus
>lus or
deficit on income and product transactions
Total
Per- Gross
busi- Total
ness
saving saving
Total sonal
1929_
16.7
15.7
4.2
19301931 _
1932.
1933 _
1934 _
11.9
4.9
.3
.6
2.6
12.2
7.7
2.0
1.9
5.0
3.4
2.5
1935 _
1936.
1937 _
1938..
1939_
6.4
7.2
12.1
7.3
9.0
8.4
10.1
11.5
8.9
11.2
1940..
1941 _
1942 _
1943.
1944.
1945_
1946_
1947 _
1948 _
1949.
1950..
1951_.
1952..
1953..
1954..
13.9
18.8
10.5
5.1
2.3
14.6
22.6
41.9
49.3
54.2
4.5
30.8
37.3
45.2
33.0
1955_.
1956 2
Statistical
Gross
disprivate Net for- crepdomes- eign in
Total tic in- vest- ancy
State
vest- ment
and
ment
local
Government
surplus (-f)
or deficit (—)
Private saving
Period
Gross investment
Federal
11.5
1.0
1.2
-0.1
17.0
16.2
0.8
0.3
.3
-2.1
-1.5
-1.3
-2.9
-.5
-.7
-.2
.1
5.2
2.7
2.6
4.9
-.3
-2.8
-1.7
-1.4
-2.4
11.0
5.7
1.1
1.5
3.3
10.3
5.5
.9
1.4
2.9
.7
.2
.2
.2
.4
-1.0
.8
.8
.9
.7
2.0
3.6
3.7
1.1
2.9
6.3
6.5
7.8
7.8
8.3
-2.0
-3.0
.6
-1.6
-2.1
-2.6
-3.5
-.2
-2.0
-2.2
.5
.7
.4
.1
6.2
8.3
11.8
7.8
10.2
6.3
8.4
11.7
6.7
9.3
—.1
-.1
.1
1.1
-.2
1.1
-.2
.5
1.2
4.2
11.1
27.8
33.0
36.9
10.4
- . 7 -1.4
11.5 - 3 . 8 - 5 . 1
14.1 -31.4 -33.2
16.3 -44.2 -46.7
17.2 -51.9 -54.6
.7
1.3
1.8
2.5
2.7
14.7
19.2
9.7
3.4
5.0
13.2
18.1
9.9
5.6
7.1
1.5
1.1
-.2
-2.2
-2.1
.8
.4
-.8
-1.7
2.8
44.3
26.6
24.0
37.4
36.2
28.7
12.6
4.0
10.0
7.6
15.6 -39.7 -42.3
14.0
4.2
2.2
20.0
13.3
12.2
27.4
7.9
8.0
28.7 - 3 . 2 - 2 . 4
2.6
2.0
1.0
-.1
9.0
31.7
38.6
43.1
33.1
10.4
27.1
29.7
41.2
32.5
-1.4
4.6
8.9
2.0
.5
4.5
.9
1.4
-2.1
.1
48.8
55.8
47.7
45.7
45.8
40.7
49.6
51.0
52.5
52.7
12.1
17.7
19.0
19.7
17.9
28.6
31.9
32.0
32.8
8.1
6.2
-1.1
-.4
0)
49.0
57.1
49.6
48.3
47.6
51.2
56.9
49.8
50.3
48.0
-2.2
-6.9
9.2
6.5
-3.4
-7.1
-6.1
58.3
65.7
56.1
61.7
16.6
20.8
39.5
40.9
2.2
4.0
3.3
5.8
-1.2
-1.8
60.1
66.7
60.6
65.3
-.5
1.4
1.8
1.0
49.4
50.5
50.4
42.8
51.5
53.5
51.8
44.5
-2.1
-3.0
-1.4
-1.7
1.7
3.6
3.2
1.9
44.7
48.0
46.0
51.8
45.8
48.2
46.7
51.5
-1.1
1.9
2.0
1.4
2.1
.2
.2
-.2
-2.0
.2
1.3
2.0
2.6
1.8
Seasonally adjusted annual rates
1953:
First quarter
Second quarter..
47.8
46.9
Third quarter
47.3
Fourth quarter.. 41.0
1954:
First quarter
42.8
Second quarter.. 46.0
Third quarter... 44.6
Fourth quarter.. 49.6
1955:
51.3
First quarter
Second quarter.. 58.0
Third quarter. _. 59.8
Fourth quarter.. 63.5
1956:
62.1
First quarter
Second quarter.. 64.8
Third quarter...
66.6
2
Fourth quarter . 69.4
53.1
52.9
52.2
52.2
19.3
19.6
19.7
20.8
33.8 - 5 . 3 - 4 . 6
33.3 - 6 . 0 - 6 . 9
32.5 - 4 . 9 - 5 . 6
31.4 -11.2 -11.3
—7
54.0
52.5
51.1
53.0
20.1
17.8
16.2
16.9
33.9 -11.2 -10.5
34.7 - 6 . 5 - 5 . 7
34.9 - 6 . 5 - 5 . 8
36.1 - 3 . 4 - 2 . 4
-.7
-.8
-.8
52.4
57.0
55.6
58.9
13.9
16.7
15.9
18.8
38.5
40.3
39.7
40.1
-1.1
58.5
60.8
63.1
64.4
18.6
21.2
21.4
22.0
39.9
39.6
41.7
42.4
3.6
1.0
4.2
4.6
4.0
3.5
5.0
!9
.6
0)
-1.0
.6
2.8
4.5
5.6
-1.8
-1.8
-.3
-.9
54.3
59.3
62.5
64.3
54.7
60.2
62.3
65.1
-.4
-.9
.2
5.8
6.1
4.8
6.4
-2.2
-2.1
-1.4
-1.4
63.2
65.9
66.8
70.8
63.1
64.7
65.1
68.4
.1
1.2
1.7
2.4
1 Less than 50 million dollars.
2 Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
139
-.2
-.7
.3
3.0
1.2
2.7
-.8
1.1
1.1
.2
1.4
EMPLOYMENT AND WAGES
T A B L E E—17.—Noninstitutional population and the labor force, 1929—56
Civilian labor force
Noninstitutional
population i
Period
Total
labor
force
(includ- Armed
forces *
ing
Total
armed
forces)
Total
labor
force as
percent
of nonUnem- instituploytional
Nonpopuagri- ment
Total Agricultural cultural
lation
Employment 2
Thousands of persons 14 years of age and over
Unemployment as
percent
of civilian
labor
force
Percent
49,440
260
49,180 47, 630
10, 450 37,180
1,550
3.2
50,080
50,680
51,250
51,840
52,490
260
260
250
250
49,820
50,420:
51,000
51, 590
52,230
45,480
42,400
38, 940
38, 760
40,890
10,340
10,290
10,170
10,090
9,900
35,140
32,110
28, 770
28,670
30, 990
4,340
8,020
12,060
12,830
11,340
8.7
15.9
23.6
24.9
21.7
53,140
53,740
54,320
54,950
55,600
270
300
320
340
370
52,870
53, 440
54,000
54, 610
55, 230
42,260 10,110 32,150 10,610
44, 410 10,000 34, 410 9,030
46, 300 9,820
7,700
44,220
9,690 34, 530 10,390
45, 750 9,610 36,140 9,480
20.1
16.9
14.3
19.0
17.2
100,380
101, 520
102,610
103,660
104, 630
56,180
540
57, 530 1,620
60,380
3,970
64,560
9,020
66,040 11, 410
55,640
55,910
56,410
55, 540
54,630
47,520
50,350
53, 750
54,470
53, 960
9,540
9,100
9,250
9,080
8,950
37,980
41, 250
44, 500
45,390
45,010
8,120
5,560
2,660
1,070
670
56.0
56.7
58.8
62.3
63.1
14.6
9.9
4.7
1.9
1.2
1945
1946
1947.
1948
1949
105,520
106,520
107, 608
108, 632
109, 773
65,290 11,430! 53,860 52,820
60,970
3,450 57,520 55,250
61, 758 1,590: 60,16s1 58,027
62, 898 1, 456 61,442 59,378
63, 721 1,616 62,105 58,710
8,580
8,320
8,266
7,973
8,026
44,240
46,930
49, 761
51, 405
50, 684
1,040
2,270
2,142
2,064
3,395
61.9
57.2
57.4
57.9
58.0
1.9
3.4
5.5
1950
1951
1952
1953
1954
110, 929
112,075
113, 270
115, 094
116, 220
64,749
65,983
66, 560
67, 362
67,818
59,957
61,005
61,293
62,213
61,238
7,507
7,054
6,805;
6,562
6,504
52,450
53,951
54, 488
55, 651
54, 734
3,142
1,879
1,673
1,602
3,230
58.4
58.9
58.8
58.5
58.4
5.0
3.0
2.7
2.5
5.0
1955
1956
1953: January
February
March
AprilMay
June
117,388 68, 896
118, 734 70, 387
3,048 65,847 63,193
2,857 67,530 64,979
6,730
6,585
56,464
58,394
2,654
2,551
58.7
59.3
4.0
3.8
114, 581
114, 674
114, 755
114,828
114,931
115,032
66,439
66,428
66,884
66, 683
66,818
68,703
3,543
3,543
3,545
3,528
3,533
3,556
62,896 ! 61,004
62, 885 61,097
63,339 61,665
63,155; 61,573
63,285 61,979
65,147 63,585
5,760
5,611
5,924
6,274
6,422
7,865
55,244
55,486
55, 741
55,299
55, 557
55,720
1,892
1,788
1,674
1,582
1,306
1,562
58.0
57.9
58.3
58.1
58.1
59.7
3.0
2.8
2.6
2.5
2.1
2.4
115,132
115,232
115,342
115,449
115, 544
115,634
68, 804
68,521
67,480
67,609
67,495
66,485
3,590
3,590
3, 575
3,550
3,520
3,492
65,214
64,931
63,905
64,059
63,975
62,993
63,666
63,691
62,584
62,758
62,276
60,680
7,544
7,173
7,109
7,075
6,617
5,370
56,122
56,518
55,475
55, 683
55,659
55,310
1,548
1,240
1,321
1,301
1,699
2,313
59.8
59.5
58.5
58.6
58.4
57.5
2.4
1.9
2.1
2.0
2.7
3.7
66, 292
67,139
67,218
67,438
67, 786
3,452
3,414
3,393
3,375
3,361
3,343
62.840
63, 725
63,825
64,063
64, 425
65,445
59,753
60,055
60,100
60, 598
__.
115,738
115, 819
115, 914
115,987
116,083
116,153
5,284
5,704
5,875
6,076
6,822
7,628
54, 469
54,351
54, 225
54, 522
54, 297
54,470
3,087
3,670
3,724
3,465
3,305
3,347
57.3
58.0
58.0
58.1
58.4
59.2
4.9
5.8
5.8
5.4
5.1
5.1
July
August
September
October
__.
November
December
116,217
116,329
116, 432
116. 547
116,644
116, 763
68,824
68,856
68, 566
68,190
67,909
66,811
3,330
3,334
3,322
3,308
3,285
3,285
65, 494
65, 522
65. 244
64.882
64,624
63, 526
62,148
7,'
6,928
7,527
54,661
55, 349
54, 618
54, 902
55,577
55,363
3,347
3,245
3,100
2,741
2,893
2,838
59.2
59.2
58.9
58.5
58.2
57.2
5.1
5.0
4.8
4.2
4.5
4.5
1929
,
1930
1931
1932
1933
1934.
1935..
1936.
1937-1938.
1939.
8
....
1940
1941
1942
1943
1944...
,
,
,
July
August
September
October
November
December
1954: January
February
March
April
May.
June
1,650
3, 098!
3,594
3,547
3,350
63,099
62,884
62,966
63,815
64,468
See footnotes at end of table.
140
61,119
62,098
62, 277
62,145
62,141
61, 732
60,688
7,239
6,154
5,325
TABLE E—17.—Noninstitutional population and the labor force,
1929-56—Continued
Civilian labor force
Period
Noninstitutional
population i
Total
labor
force as
percent
of nonUnem- instituploytional
Agricul- Nonment
agripopuTotal tural
cultural
lation
Total
labor
force Armed
(includ- forces
1
ing
Total
armed
forces)i
Employment 2
Thousands of persons 14 years of age and over
Unemployment as
percent
of civilian
labor
force
Percent
1955: January...
February .
March
April
May_
June
116,855
116,901
117,051
117,130
117,236
117,318
66,700
66, 550
66,840
67, 784
68,256
69,692
3,203
3,229
3,186
3,137
3,064
2,996
63,497
63,321
63,654
64,647
65,192
66,696
60,150
59,938
60,477
61,685
62,703
64,016
5,297
5,084
5,692
6,215
6,963
7,681
54,853
54,854
54, 785
55,470
55, 740
56,335
3,347
3,383
3.176
2,962
2,489
2,679
57.1
56.9
57.1
57.9
58.2
59.4
5.3
5.3
5.0
4.6
3.8
4.0
July
August
September..
October..
November
December
117, 404
117, 517
117, 634
117, 749
] 117,864
117,995
70,429
70,695
69,853
70, 250
70,164
69, 538
2,964
2,969
2,971
2,958
2,958
2,946
67,465
67, 726
66,882
67, 292
67,205
66,592
64.994
65, 488
64,733
65,161
64,807
64,165
7,704
7,536
7,875
7,905
6.920
5,884
57,291
57, 952
56,858
57, 256
57,887
58,282
2,471
2,237
2,149
2,131
2,398
2,427
60.0
60.2
59.4
59.7
59.5
58.9
3.7
3.3
3.2
3.2
3.6
3.6
1956: J a n u a r y . _.
February..
March
April
May
June
118,080
118,180
118,293
118,367
118, 537
118,632
68, 691
68,396
68,806
69,434
70, 711
72, 274
2,916
2,906
2,893
2,879
2,865
2,844
65, 775
65,490
65,913
66, 555
67,846
69,430
62,891
62, 576
63,078
63,990
65, 238
66, 503
5,635
5,469
5,678
6,387
7,146
7,876
57,256
57,107
57, 400
57, 603
58,092
58,627
2,885
2,914
2,834
2,564
2,608
2,927
58.2
57.9
58.2
58.7
59.7
4.4
4.4
4.3
3.9
3.8
4.2
July
August
September..
October
November..
December..
118, 762
118, 891
119,047
119,198
119, 344
119, 481
72,325
71, 787
70,896
70,905
70, 560
69, 855
2,836
2,840
2,827
2,823
2,828
2,826
69,489
68,947
68, 069
68,082
67, 732
67,029
66, 655
66, 752
66,071
66,174
65,269
64, 550
7,700 58,955 2,833
7,265 59, 487 2,195
7,388 58, 683
7,173 59, 000 1^909!
6,192 59, 076 2,463!
5,110 59, 440 2,479j
60.9
60.4
59.6
59.5
59.1
58.5
4.1
3.2
2.9
2.8
3.6
3.7
1 Data for 1940-52 revised to include about 150,000 members of the armed forces who were outside the
continental United States in 1940 and who were, therefore, not enumerated in the 1940 Census and were
excluded from the 1940-52 estimates.
2 Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness,
bad
weather, temporary layoff, and industrial disputes.
3
Not available.
NOTE.—Civilian labor force data beginning with May 1956 are based on a 330-area sample. For January
1954-April 1956 they are based on a 230-area sample; for 1946-53 on a 68-area sample; for 1940-45 on a smaller
sample; and for 1929-39 on sources other than direct enumeration.
Beginning July 1955, labor force data are for the calendar week containing the 12th of the month; previously, for week containing the 8th.
Annual population data are as of July 1; monthly data are as of the 1st of the month.
For the years 1940-52, estimating procedures made use of 1940 Census data; for subsequent years, 1950
Census data were used. For the effects of this change on the historical comparability of the data, see
Annual Report on the Labor Force, 1954, Series P-50, N o . 59, April 1955, p . 12.
Detail will not necessarily add to totals because of rounding.
Sources: Department
Economic Advisers.
of Commerce,
Department
141
of Labor
(labor force, 1929-39), and Council of
TABLE E - l 8.—Employment and unemployment, by age, and by sex for 20-64 year group,
7942-56
[Thousands of persons 14 years of age and over]
Employed i
Period
Total
civilian
labor
force
20-64 years
Total
14-19
years
14-19
years
65
years
and
FeMales males
over
2,660
1,070
670
510
290
200
360
230
700
350
210
120
70
28,920
34,170
36, 567
37, 206
36,639
15,500
13,810
13,991
14,517
14,689
2,920
2,720
2,754
2,815
2,871
1,040
2,270
2,142
2,064
3,395
190
290
425
415
595
500
1,550
1,256
1,099
1,929
320
360
394
470
733
30
70
68
82
139
37,158
37,351
37,366
37,948
37,405
15,327
16,115
16,468
16, 575
16,476
2,907
2,924
2,930
3,176
3,070
3,142
1,879
1,673
1,602
3,230
543
356
362
312
515
1,704
835
776
823
1,738
766
595
460
407
856
131
96
75
61
120
4,446 38,216 17,336
4,764 38,827 18,065
3,196
3,324
2,654
2,551
471
510
1,366
1,229
710
713
109
99
37,164
36, 948
36, 844
37, 231
37, 357
37, 564
15, 849
16, 253
16, 333
16,379
16, 692
16,391
2,917
3,010
3,024
3,047
3,075
3,083
3,087
3,670
3,724
3,465
3,305
3,347
462
540
495
469
519
731
1,685
2,082
2,103
1,938
1,781
1,678
823
926
977
915
890
118
122
150
142
116
97
5,484
5,363
4,343
4, 145
3,904
3,625
37, 643
37, 729
37, 714
37, 617
37, 640
37, 411
15, 973 3,047
16, 062 3,124
16,903 3,184
17,113
17, 091
3,263
3,096
734
584
485
377
378
413
1,674
1,671
1,634
1,490
1,507
1,622
827
855
887
759
872
16, 673 2,978
3,347
3,245
3,100
2,741
2,893
2,838
111
134
92
116
136
108
3,494
3,369
3,524
3,853
4,056
5,145
37,195
37, 098
37,341
37, 610
38,180
38, 482
2,968
2,952
3,058
3,203
3,216
3,152
3,347
3,383
3,176
2,962
2,489
2,679
435
421
400
367
428
751
1,938
2,031
1,904
1,782
1,306
1,209
5,787
5,809
4,630
4,630
4,581
4,468
38, 769
16, 494
16, 520
16, 553
17, 019
17, 253
17,238
17, 258
17, 558
17, 909
18, 254
17, 889
3,181
3,227
3,319
3,444
3,405
3,220
2,471
2,237
2,149
2,131
2,398
2,427
515
396
373
468
461
4,020
3,870
3,917
4,205
4,566
5,814
38,140 17, 464 3,268
38,086 17, 501 3,120
38, 293 17,582 3,289
17, 800 3,404
38,801 18,411 3,462
39,193 18,108 3,390
2,885
2,914
2,834
2,564
2,608
2,927
3,320
3,264
3,388
3,398
3,361
3,220
2,833
2,195
1,998
1,909
2,463
2,479
1945.
1946.
19471948 _
1949.
53,860
57,520
60,168
61,442
62,105
52,820
55,250
58,027
59,378
58,710
5,480
4,550
4,716
4,842
4,512
1950.
1951.
1952.
1953..
1954.
63,099
62,884
62, 966
63,815
64,468
59,957
61,005
61,293
62, 213
61,238
4,564
4,614
4,530
4,514
4,285
1955.
1956-
65,847 63,193
67, 530 64,979
1954: January __
February.
March
April
May
June.
62, 840
63,725
63, 825
64,063
64,425
65, 445
1,753
60, 055
60,100
60, 598
July
August
September
October
November
December
65, 494
65, 522
65,244
64,882
64,624
63, 526
62,148
62, 277
62,145
62,141
61, 732
60,688
1955: J a n u a r y . February _
March
April
May
June
63,497
63,321
63,654
64,647
65,192
60,150
July
August
September
October
November
December
67, 465
67, 726
66, 882
67, 292
67, 205
66, 592
1956: January-February March
April
May
June
65, 775
65,490
65, 913
66, 555
67,846
69, 430
3,822
3,844
3,902
3,941
61,119 3,995
62, 098 5,062
64, 994
65, 488
64, 733
65,161
64,807
64,165
62,891
62, 576
63,078
63,990
65, 238
66,503
20-64 years
Total
2,470
2,740
2,890
56,410 53, 750
55, 540 54,470
54,630 53,960
60, 477
61,685
62, 703
64,016
65
years
and
FeMales males
over
5,770 32,870 12,640
6,350 30,450 14,930
6,050 29,460 15,560
1942.
1943.
1944.
July
August
September
October
November
December
Unemployed
66, 655 6,329
68, 947 66, 752 6,127
66,071 4,826
66,174 4,672
67, 732 65, 269 4,407
67,029 64, 550 4,418
38, 876
38, 832
38, 736
38,586
39,211
39,395
39, 232
39, 214
39,067
38,707
17, 796
17, 965
18, 625
18,890
18,434
18,205
794
732
714
167
135
139
102
89
80
1,138
1,009
892
938
1,069
1,161
628
636
769
716
749
662
78
93
108
112
144
442
508
433
413
548
1,005
1,575
1,611
1,570
1,322
1,212
1,131
757
659
734
731
744
691
112
137
97
96
103
97
759
445
356
331
482
1,153
987
817
671
668
636
778
665
105
92
67
76
108
101
1,096
1,318
i Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness,
bad weather, temporary layoff, and industrial disputes.
NOTE.—Data are not available prior to 1942 for all the age and age/sex groups above.
See note to Table E-17 for information on change in sample and reporting period.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
142
T A B L E E--19.—Employed persons with a job but not at work, by reason for not working,
1946-56
[Thousands of persons 14 years of age and over]
Total employed per- Temporary New job or
sons with
business 2
layoff i
a job but
not at work
Period
1946
1947
1948
1949
___.
Vacation
Illness
All other 3
2,258
2,474
2,751
2,530
97
123
141
185
58
92
121
101
662
834
1,044
1,044
819
847
844
719
622
579
602
480
2, 648
2,680
2,814
2,798
3, 036
2,932
3,160
92
117
142
167
221
116
103
117
101
127
1,137
1,073
1,130
1,171
1,361
718
782
775
827
776
585
604
650
531
551
133
124
117
147
1, 268
1,346
835
901
580
641
2,636
2,287
1,943
2,286
2,138
2,964
427
216
236
216
294
229
80
108
92
188
91
227
259
347
286
395
470
1,310
1,004
996
780
930
809
784
867
618
549
556
474
414
7,992
5,575
3,173
2,025
1, 725
1,694
298
143
198
136
120
137
138
151
166
86
133
64
6,211
4,008
1,720
736
363
230
706
672
648
655
670
658
638
601
442
412
439
606
2,277
2,184
1,872
2,096
2,005
2,863
251
145
75
108
133
107
99
55
75
117
89
233
302
254
297
509
575
1,373
862
967
860
781
736
661
764
762
564
581
471
490
July
August
September
October
November
December
6, 465
6,235
2,908
2,294
1,967
2,017
157
173
116
117
86
124
153
200
96
69
109
104
4,866
4,200
1,356
808
412
258
708
851
842
914
883
957
581
811
1956: January
February.March
April
May
June
2,437
2,377
2,329
2,090
2,091
3,831
145
134
153
97
110
62
88
138
94
178
396
304
381
289
399
535
1,933
1,032
1,032
992
913
859
829
741
758
587
411
594
July
August
September
October
November
December
7,480
5,843
2,991
2,315
2,131
2,001
145
123
139
110
97
160
156
209
158
108
5,327
3,977
1,357
789
537
327
851
885
859
870
854
835
1, 002
649
477
439
554
591
1950
1951
1952
1953
1954
1955
1956
1954: January
February
March
April
May
June
July
August
September
October
November
December
1955: January
February
March
April
May
June
_
477
575
1 Includes persons who had been temporarily laid off from their jobs with definite instructions to return
to work within 30 days of layoff, and who were not seeking other work.
2 Includes persons who had a new job or business to which they were scheduled to report within the following 30 days.
s Includes persons who were not at work because of bad weather, industrial disputes, and all other reasons.
NOTE.—See note on Table E-17 for information on change in sample and reporting period.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
TABLE E-20.—Unemployed persons, by duration of unemployment, 1946-56
Duration of unemployment
Period
Total miemployed
4 weeks
and under
5-14
15-26
weeks
weeks
Over 26
weeks
Average
duration
of unemployment
(weeks)
Thousands of persons 14 years of age and over
1946
1947
1948
1949
._
.
__
2,270
2,142
2,064
3,395
0)
1,041
1,087
1,517
0)
704
669
1,195
0)
234
193
427
141
164
116
256
(2)
9.8
8.6
10.0
3,142
1,879
1,673
1,602
3,230
1,307
1,003
925
910
1,303
1,055
574
517
482
1,115
425
166
148
132
495
357
137
84
79
317
12.1
9.7
8.3
8.1
11.7
1955
1956
2,654
2,551
1,138
1,214
815
804
367
301
336
232
13.2
11.3
1954: First quarter
Second quarter
Third quarter
Fourth quarter
3,494
3,372
3,231
2,824
1,396
1,315
1,313
1,189
1,429
1,072
1,071
890
475
659
473
372
195
325
374
373
9.9
12.0
12.2
12.9
1955: First quarter
Second quarter
Third quarter
Fourth quarter
3,302
2,710
2,286
2,319
1,144
1,129
1,116
1,161
1,188
702
668
700
518
490
239
218
452
389
262
239
14.1
14.7
12.1
11.3
1956: First quarter
Second quarter
Third quarter
Fourth quarter
2,878
2,700
2,342
2,284
1,212
1,307
1,138
1,199
1,041
810
730
638
347
374
256
227
278
209
218
221
12.2
10.8
10.9
10.9
1950
1951
1952
1953
1954
_
1 For duration of less than 6 months, data are available only for under 3 months (1,568,000) and 3 to 6
months
(564,000).
2
Not available.
NOTE.—See note to Table E-17 for information on change in sample and reporting period.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
144
T A B L E E—21.—Unemployment insurance programs, selected data, 1939 and
Initial claims i
Period
State,
veteran,
and
State
Federal
proemployee grams 3
pro- 2
grams
Insured unemployment *
State
All propro- 3 6
grams 6 grams
1946-56
Benefits paid
State
insured under State prounemgrams 3
ployExhaus- ment
tions,
as perState
cent of
pro- 3 covered Total Average
weekly
grams
employ- (million'
of dol-8
check
ment
lars) (dollars) 9
(percent) 3
Weekly average (thousands)
1939
188
188
1,086
341
280
282
375
189
187
210
323
2,470
1,295
1,009
1,002
1,976
429.3
5.1
4.3 1,094.9
775.1
3.1
793.3
3.0
6.2 1, 737.3
10.66
1946
1947
1948
1949
1950
1951
1952
1953
1954
239
211
215
222
310
236
208
215
218
302
1,599
996
1,064
1,058
2,039
1,503
969
1,024
995
1,865
4.6 1, 373.4
840.4
2.8
998.2
2.9
962.2
2.8
5.2 2, 026.9
20.76
21.09
22.79
23.58
24. 93
1955.
195610_
236
234
228
228
1,388
1,310
1,254
1,206
3.4
3.2
1,379.2
1, 400.0
25.08
27.05
1955: January
February.
March
April
May
June
372
268
226
246
213
213
362
260
219
240
207
204
2,198
2,109
1,875
1,651
1,392
1,226
1,978
1,908
1,687
1,500
1,289
1,144
170.9
165.5
178.8
135.8
117.4
108.9
25.12
25.08
25.00
24.85
24.40
24.36
July
August
September
October
November
December^
239
199
170
194
219
279
231
191
165
189
213
271
1,202
1,068
951
864
956
1,238
1,113
980
875
800
881
1,144
5.4
5.1
4.6
4.0
3.5
3.1
3.0
2.6
2.3
2.1
2.3
3.1
91.6
92.8
83.2
70.1
74.7
95.2
24.46
25.06
26.11
26.01
25.85
26.10
1956: January
February.
March
April
May
June
315
257
219
239
220
212
307
250
213
234
216
205
1,606
1,651
1,578
1,439
1,316
1,234
1,491
1,535
1,472
1,359
1,255
1,178
135.7
143.9
152.0
133.9
125.8
116.1
26.61
26.95
27.13
27.03
26.70
26.79
July
August
September
October
November
December
260
188
195
185
226
297
254
182
190
181
221
292
1,316
1,158
1,060
939
1,090
1,353
1,209
1,059
988
878
1,013
1,263
4.0
4.1
4.0
3.6
3.3
3.1
3.1
2.7
2.6
2.3
2.6
3.1
111.7
112.2
94.9
91.5
91.7
107.0
26.91
27.05
27.77
27.57
27.26
27.20
_
61
18.50
17.83
19.03
20.48
1
Indicate, in general, instances of new unemployment.
2 Data on veterans relate to those under the following programs: Servicemen's Readjustment Act (which
became effective in October 1944 and expired for most veterans in July 1949) and Veterans Readjustment
Assistance
Act of 1952, effective October 15,1952.
3
Data for 1955 and 1956 include State programs and the program for Federal employees; all other years
are for State programs only. Data for 1956 also include workers added by the extension of coverage to
smaller firms.
* Represents the number of unemployed workers covered by unemployment Insurance programs who
have completed at least one week of unemployment.
65 State, veteran, Railroad Retirement, and Federal employee programs.
State unemployment insurance programs during the period shown excluded from coverage agricultural
workers, domestic servants, workers in nonprofit organizations, unpaid family workers, the self-employed,
and (in most States) workers in very small firms.
7 Represents the number of individuals who received payment for thefinalweek of compensable unemployment in a benefit year. Workers who have exhausted benefit rights do not necessarily remain unemployed—some
find employment, and others withdraw from the labor force.
8
9 Monthly totals are gross amounts; annualfiguresare adjusted for voided benefit checks.
10For total unemployment only.
Preliminary.
Source: Department of Labor.
145
TABLE E-22.—Number of wage and salary workers in nonagricultural establishments, 1929-56l
[Thousands of employees]
Manufacturing
Period
Total
wage
and
salary
workers
31,041
1929
Mining
TransCon* portation
tract
and
construc- p u b l i c
utilition
ties
Trades
Finance
Services
Government
(Federal,
Durable
goods
Nondurable
goods
10,534
(3)
(3)
1,078
1,497
3,907
6,401
1,431
3,127
3,066
(3)
3
1,000
864
722
735
874
1,372
1,214
970
809
862
3,675
3,243
2,804
2,659
2,736
6,064
5,531
4,907
4,999
5,552
1,398
1,333
1,270
1,225
:1,247
3,084
2,913
2,682
2,614
2,784
3,149
3,264
3, 225
3,167
3,298
Total
and
local)
1930
1931
1932
1933
1934.
29,143
26,383
23,377
23,466
25,699
9,401
8,021
6,797
7,258
8,346
()
(3)
(3)
(3)
(3)
(3)
(3)
(33)
()
1935
1936.
1937
1938.
1939.
26, 792
28,802
30,718
28, 902
30,311
8,907
9,653
10,606
9,253
10,078
(3)
(33)
(3)
()
4,683
(3)
(33)
()
(3)
5,394
888
937
1,006
882
845
912
1,145
1,112
1,055
1,150
2,771
2,956
3,114
2,840
2,912
5,692
6,076
6,543
6,453
6,612
1,262
1,313
:L,355
1,347
L399
2,883
3,060
3,233
3,196
3,321
3,477
3,662
3,749
3,876
3,995
1940.
1941.
1942.
1943.
1944.
32,058
36, 220
39, 779
42,106
41, 534
10, 780
12,974
15,051
17,381
17, 111
5,337
6, 945
8,804
11,077
10, 858
5,443
6,028
6,247
6,304
6,253
916
947
983
917
883
1,294
1,790
2,170
1,567
1,094
3,013
3,248
3,433
3,619
3,798
6,940
7,416
7,333
7,189
7,260
1,436
1,480
L, 469
1,435
1,409
3,477
3,705
3,857
3,919
3,934
4,202
4, 660
5,483
6,080
6,043
19451946.
1947.
1948.
1949.
40, 037
41, 287
43, 462
44,448
43,315
15,302
14, 461
15, 290
15,321
14,178
9,079
7,739
8,372
8.312
7,473
6,222
6,722
6,918
7,010
6,705
826
852
943
982
918
1,132
1,661
1,982
2,169
2,165
3,872
4,023
4,122
4,141
3,949
7,522
8,602
9,196
9,519
9,513
1,428
1,619
1,672
1,741
1,765
4,011
4,474
4,783
4,925
4,972
5,944
5, 595
5,474
5,650
5,856
1950.
1951.
1952.
1953 _
1954.
44, 738
47,347
48,303
49, 681
48, 431
14,967
16,104
16,334
17, 238
15, 995
8,085
9,080
9,340
10,105
9,122
6,882
7,024
6,994
7.133
6,873
889
916
885
852
111
2,333
2,603
2,634
2,622
2,593
3,977
4,166
4,185
4,221
4,009
9,645
10,012
10,281
10, 527
10, 520
1,824
1,892
1,967
2,038
2,122
5,077
5,264
5,411
5, 538
5,664
6,026
6,389
6,609
6, 645
6,751
1955.
1956
49, 950
51,483
16, 557
16,890
9,536
9,788
7,021
7,102
770
795
2,780
3,038
4,056
4,145
10, 803
11,144
2,215
,300
5,854
6,000
6, 915
7,172
Seasonally adjusted
1953: January- _.
February..
March
April
May
June
49, 604
49, 706
49, 795
49, 835
49, 826
49, 894
17,184
17, 279
17, 392
17,462
17,471
17, 473
10,041
10,129
10, 237
10, 283
10, 281
10, 275
7,143
7,150
7,155
7,179
7,190
7,198
876
864
856
857
858
854
2,647
2,669
2,653
2,638
2,613
2,598
4,226
4,209
4,213
4,202
4,230
4,238
10,494
10,504
10, 494
10, 496
10, 521
10, 537
2,003
2,013
2,016
2,019
2,025
2,029
5, 472
5,486
5,503
5, 512
5,516
5,546
6,702
6,682
6,668
6,649
6,592
6,619
July
August
SeptemberOctober
November.
December.
49, 889
49, 842
49, 695
49, 636
49, 344
49,156
17, 495
17, 363
17,217
17,067
16, 828
16, 658
10, 292
10,199
10,091
9,983
9,798
9,684
7,203
7,164
7,126
7,084
7,030
6,974
853
847
848
840
839
834
2,588
2,596
2,612
2,632
2,623
2,626
4,249
4,245
4,235
4,235
4,198
4,155
10, 539
10, 539
10, 514
10, 552
10,564
10, 550
2,039
2,050
2,055
2,066
2,060
2,068
5, 538
5,538
5,568
5,585
5,598
5,621
6, 588
6,664
6,646
6,659
6,634
6,644
1954: January. __
February. _
March
April
May
June
48, 859
48, 714
48, 506
48, 407
48, 271
48, 274
16, 479
16, 318
16, 207
16,094
15,964
15, 908
9,557
9,414
9,299
9.209
9,112
9,060
6,922
6,904
6,908
6,885
6,852
6,848
821
814
794
786
776
775
2,533
2,583
2,600
2,614
2,603
2,599
4,118
4,063
3,986
4,001
3,995
4,001
10,
10,
10,
10,
10,
10,
562
567
535
508
482
472
2,072
2,084
2,087
2,098
2,108
2,113
5,606
5,613
5,621
5,626
5,630
5,656
6,672
6,676
6,680
6,713
6,750
July
August
September.
October... _
NovemberDecember,
48,140
48,149
48,197
48, 348
48, 600
48, 756
15, 742
15, 693
15, 739
15, 830
15, 963
16,004
8,916
8,861
8,879
8,966
9,080
9,110
6,826
6,832
6,860
6,864
6,883
6,894
774
764
751
755
757
757
2,591
2,594
2,586
2,584
2,618
2,615
3,999
3,986
3,986
3,993
3,979
3,980
10,504
10, 503
10,482
10, 521
10, 543
10, 614
2,117
2,129
2,154
2,161
2,160
2,165
5,668
5,663
5, 697
5, 711
5,734
5,765
6,745
6,817
6,802
6, 793
6, 840
6,856
See footnotes at end of table.
146
T A B L E E-22.—Number of wage and salary workers in nonagr{cultural establishments,
1929-56 i — C o n t i n u e d
[Thousands of employees]
Period
Total
wage
and
salary
workers
Manufacturing
Total
Durable
goods
Nondurable
goods
TransCon- portatract
tion
Min- conFiand Trade 2 nance
ing struc- public
tion utilities
Government
Serv- (Fedices
eral,
State,
and
local)
Seasonally adjusted
1955: January
February.. _
March
April
May
June
48,820
48,906
49, 225
49,403
49, 748
50,073
16,029
16, 240
16,407
16, 527
16,649
9,134
9,214
9,297
9,419
9,516
9,610
6,895
6,903
6,943
6,988
7,011
7,039
752
750
758
767
772
779
2,624
2,618
2,703
2,752
2,804
2,815
3,992
3,984
3,984
3,944
4,001
4,066
10,631
10,645
10, 701
10, 671
10, 726
10, 784
2,166
2,177
2,185
2,185
2,195
2,209
5,781
5,798
5,820
5,821
5,830
5,849
6,845
6,817
6,834
6,856
6,893
July
August
September.
October
November.
December..
50,193
50,315
50,448
50,594
50,745
50,948
16,648
16,677
16,683
16,810
16,941
16,975
9,620
9,618
9,628
9,719
9,815
9,850
7,028
7,059
7,055
7,091
7,126
7,125
776
771
780
778
779
779
2,834
2,833
2,852
2,833
2,822
2,827
4,082
4,105
4,117
4,110
4,128
4,136
10,841
10,873
10,902
10,921
10,953
11,020
2,219
2,232
2,248
2,252
2,249
2,254
5,871
5,878
5,883
5,886
5,913
5,942
6,922
6,946
6,983
7,004
6,960
7,015
1956: January
February. _
March
April
May
_June
51,080
51,127
51,057
51,327
51,454
51,600
16, 944
16,879
16,804
16, 918
16,909
16,877
9,833
9,766
9,703
9,799
9,766
9,752
7,111
7,113
7,101
7,119
7,143
7,125
777
780
783
798
794
808
2,876
2,924
2,966
3,003
3,055
3,132
4,145
4,131
4,127
4,128
4,141
4,164
11,083
11,105
11,027
11,120
11,110
11,162
2,261
2,273
2,276
2,278
2,289
2,297
5,952
5,967
5,979
5,979
5,981
5,999
7,042
7,068
7,095
7,103
7,175
7,161
July
August
September..
October 4
November
December *.
51,003
51, 702
51,676
51,902
51,943
51,988
16,460
16,890
16,864
17,026
17,057
17,078
9,392
9,784
9,779
9,919
9,986
10,001
7,068
7,106
7,085
7,107
7,071
7,077
750
809
814
812
805
805
3,056
3,076
3,078
3,085
3,085
3,077
4,117
4,147
4,149
4,166
4,160
4,154
11,152
11, 211
11,164
11,217
11,212
11,218
2,296
2,320
2,321
2,324
2,326
2,325
6,017
6,017
6,015
6,015
6,041
6,063
7,155
7,232
7,271
7,257
7,257
7,268
16,117
1
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 unpaid family workers. Not comparable with
estimates of nonagricultural employment of the civilian labor force (Table E-17) which include proprietors,
self-employed persons, domestic servants, and unpaid family workers, which count persons as employed
when they are not at work because of industrial disputes, bad weather, or temporary layoffs, and which
are based on a sample survey of households, whereas the estimates in this table are based on reports from
employing establishments.
2 Beginning with 1939, data are not strictly comparable with data shown for earlier years because of the
shift of the automotive repair service industry from the trade to the service division.
3 Not available.
* Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
147
TABLE E—23.—Average weekly hours of work in selected industries, 1929-56
Manufacturing
Period
Total
1929
44.2
1930
1931
1932
1933__
1934
42.1
40.5
38.3
38.1
34.6
Durable
goods
Retail
trade
Bitumi- Build(except
ing
Class I Tele- Wholenous
eating LaunconrailNon2
sale
coal
phone
and
dries
dutrade
mining strucdrinktion
rable
ing
goods
places)
38.4
8
41.9
40.0
35.1
33.5
28.3
27.2
29.5
27.0
8
()3
()
28.9
8
8
36.1
37.7
37.4
36.1
37.4
26.4
28.8
27.9
23.5
27.1
30.1
32.8
33.4
32.1
32.6
41.0
42.7
42.6
41.6
41.8
()
36.6
39.2
38.6
35.6
37.7
32.6
34.8
33.9
37.3
41.0
40.0
35.0
38.0
38.1
40.6
42.9
44.9
45.2
39.3
42.1
45.1
46.6
46.6
37.0
38.9
40.3
42.5
43.1
28.1
31.1
32.9
36.6
43.4
43.4
40.4
40.4
40.1
39.2
44.1
40.2
40.6
40.5
39.5
42.3
40.5
40.1
39.6
38.8
40.5
40.7
40.7
40.5
39.7
41.2
41.6
41.5
41.3
40.2
19551956 6
40.7
40.5
1955: January
February
March.
April
May
June
_.
_.
1935
1936
1937.
1938
1939
(3)
39.4
43.7
38.8
38.9
39.1
41.3
42.6
42.8
<42.2
41.7
33.1
34.8
36.4
38.4
39.6
44.3
45.8
47.0
48.7
48.9
39.5
40.1
40.5
41.9
42.3
41.2
41.0
41.3
42.2
42.9
41.8
42.1
42.2
42.9
42.9
42.3
41.6
40.7
38.0
32.6
39.0
38.1
37.6
4 37.3
36.7
48.5
46.0
46.4
46.2
43.7
5 41.7
39.4
37.4
39.2
38.5
42.7
41.5
41.0
40.9
40.7
42.8
42.9
42.6
41.9
41.5
39.7
39.5
39.6
39.5
39.0
35.0
35.2
34.1
34.4
32.6
36.3
37.2
38.1
37.0
36.2
40.8
41.0
40.6
40.6
40.8
39.1
38.5
38.7
38.9
40.7
40.7
40.6
40.5
40.4
41.2
41.1
41.1
40.5
40.1
41.4
41.1
39.8
39.6
37.6
37.7
36.1
36.3
41.9
41.7
39.6
39.5
40.6
40.4
40.3
40.3
40.2
40.4
40.6
40.3
40.8
40.7
40.9
41.1
41.3
41.2
41.6
41.2
39.3
39.5
39.7
39.0
37.1
37.8
36.9
37.2
37.4
39.0
35.1
34.6
36.0
35.4
36.7
36.7
40.4
42.1
42.0
41.2
41.3
42.6
38.9
39.0
39.0
39.4
39.8
39.4
40.4
40.3
40.3
40.3
40.6
40.6
40.0
39.8
40.2
40.3
40.8
40.4
July
August
September—
October
November...
December—.
40.4
40.6
40.9
41.1
41.2
41.3
40.9
41.1
41.5
41.7
41.8
42.0
39.8
39.9
40.1
40.3
40.3
40.4
38.2
37.5
36.5
37.4
36.1
37.2
36.7
37.4
36.3
34.7
36.1
41.4
43.1
42.6
41.2
42.6
41.9
40.0
40.2
40.1
39.9
40.2
39.7
40.9
40.6
40.7
40.7
40.7
40.8
40.6
40.0
40.3
40.6
40.3
40.5
1956: January
February
March
_.
April
May
June
40.7
40.5
40.4
40.3
40.1
40.2
41.2
41.0
40.9
41.1
40.8
40.8
39.9
39.8
39.6
39.2
39.1
39.2
38.6
38.5
38.2
37.8
38.0
38.1
35.1
35.5
34.6
36.0
36.5
37.2
41.3
42.4
41.8
41.0
42.3
41.6
39.4
39.1
39.1
39.1
39.0
39.3
40.6
40.3
40.2
40.2
40.3
40.3
40.3
40.1
40.1
40.5
40.9
40.9
July
August
September—
October
November66 .
December _
40.1
40.3
40.7
40.7
40.6
41.0
40.7
40.8
41.4
41.4
41.2
41.9
39.4
39.6
39.8
39.8
39.6
39.8
36.1
37.0
37.9
37.8
36.3
37.0
37.2
37.4
37.4
35.6
40.6
42.5
40.7
42.6
39.9
39.4
40.5
40.3
40.6
40.5
40.4
40.4
39.9
40.2
40.2
39.9
1940
1941.
1942
1943__
1944
_.
1945
1946.
194719481949.
1950.
1951
1952
1953—
1954.
-.
-.
()
()
41.0
()
1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarized
in the M-300 report by the ICC and relate to all employees who received pay during the month, except
executives, officials, and staff assistants (ICC Group I). Beginning September 1949, data reflect a reduction in basic workweek from 48 to 40 hours.
2 Prior to April 1945, data relate to all employees except executives; from April 1945-May 1949, mainly
to employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employees only.
3 Not available.
*5 Data beginning with January of year noted are not comparable with those for earlier periods.
Nine-month average, April through December, because of new series started in April 1945.
6
Preliminary.
NOTE.—Data are for production workers in manufacturing and mining, construction workers in building
construction, and for nonsupervisory employees in other industries (except as noted). Data are for payroll
periods ending closest to the middle of the month.
The annual figures for 1956 are simple arithmetic averages of the monthly figures shown and not strictly
comparable with the averages for earlier years, which have been weighted by data on employment.
Source: Department of Labor.
148
TABLE E—24.—Average gross hourly earnings in selected industries, 1929—56
Manufacturing
Retail
BituNon- minous
coal
Dura- duraTotal ble
ble mining
goods goods
Period
Buildtrade
ing Class I Tele- Whole- (except L aun- Agricon- rail- 1 phone
2
sale
eating
Iries tculstruc- roads
trade
and
ure3
tion
drinking
places)
i
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1042....
$0.681
$0,566
.552
.684
(')
.515
.647
.446 $0.497 $0.420
.520
(44)
.442
.472
.427
.501
()
.532
.556
.515
.673 $0. 795
.550
.556
.624
.627
.633
.577
.586
.674
.686
.698
.530
.529
.577
.584
.582
.745
.794
.856
.878
.886
1943
1944
.661
.729
.853
.961
1.019
.724
.808
.947
1.059
1.117
.602
.640
.723
.803
.861
.883
.993
1.059
1.139
1.186
1945
1946
1947
1948
1949
1.023
1.086
1. 237
1.350
1.401
1.111
1.156
1.292
1.410
1.469
1950
1951
1952
1953
1954
1.465
1.59
1.67
1.77
1.81
1955
1956 7
1955: JanuaryFebruary
March. .
April_._
May
June
July-.August.
September
October.
November
December
1956: January
February
March..
April
May
June
July
August
September
October
„
November 7. _
December7
,
»
(4)
(44)
()
(4)
(4)
(4)
(4)
(44)
(4)
()
(
w
((444))
()
?
((444))
()
(4)
.815
.824
(4)
$0. 774
.903
(4)
.816
.908
.822
.932 $0. 730
$0. 648
.667
.698
5
.700
.715
!(;44)j
()
$0. 241
$0.378
.226
.172
.129
.115
.129
$0. 542
.376
.378
.395
.414
.422
.142
.152
.172
.166
.166
1
(4)
.958
1.010
1.148
1.252
1.319
.733
.743
.837
.852
.948
.827
.820
.843
.870
.911
.739
.793
.860
.933
.985
.553
.580
.626
.679
.731
.429
.444
.482
.538
.605
.169
.206
.268
.353
.423
.904
1.015
1.171
1.278
1.325
1.240 1.379
1.401 1.478
1.636 1.681
1.898 51.848
1.941 1.935
.955
1.087
1.186
1.301
1.427
6
.962
1.124
1.197
L248
L.345
1.029
1.150
1.268
1.359
1.414
.783
.893
1.009
1.088
1.137
.648
.704
.767
.817
.843
.472
.515
.547
.580
.559
1.537
1.67
1.77
1.87
1.92
1.378
1.48
1.54
1.61
1.66
2.010
2.21
2.29
2.48
2.48
2.031
2.19
2.31
% 48
2.60
1.572
1.73
1.83
1.88
1.93
L.398
.49
L.59
.68
1.76
1.483
1.58
1.67
1.77
1.83
1.176
1.26
1.32
1.40
1.45
.861
.92
.94
.98
1.00
.561
.625
.661
.672
.661
1.88
1.98
2.01
2.10
1.71
1.81
2.56
2.79
2.66
2.79
1.95
2.11
1.82
1.86
1.91
2.01
1.50
1.57
1.01
1.05
.675
1.84
1.85
1.85
1.86
1.87
1.87
;L.96
1.68
1.68
1.68
1.70
1.70
1.70
2.48
2.50
2.49
2.50
2.51
2.52
2.64
2.64
2.62
2.63
2.63
2.64
1.95
1.98
1.92
1.94
1.94
1.94
1.79
1.82
1.80
1.82
1.83
1.80
1.86
1.85
1.87
1.89
1.90
1.91
1.48
1.48
1.48
1.49
1.50
1.51
101
.724
L.96
L.97
L.98
L.99
L.98
1.01
1.01
1.01
1.02
1.01
"."590
1.89
1.88
1.90
1.91
1.93
1.93
.93
L.93
L.95
1.96
L.97
L.97
2.01
2.01
2.04
2.04
2.05
2.06
2.06
2.05
2.06
2.08
2.08
2.09
1.71
1.70
1.72
1.72
1.74
1.74
1.75
1.75
1.78
1.79
1.80
1.81
2.50
2.52
2.65
2.67
2.66
2.66
2.67
2.68
2.70
2.71
2.72
2.74
2.74
2.75
2.75
2.76
2.78
1.96
1.94
1.95
1.98
1.98
1.96
2.10
2.12
2.10
2.11
2.09
2.11
1.80
1.81
1.81
1.84
1.88
1.86
1.86
1.84
1.84
1.85
1.85
1.86
1.91
1.91
1.93
1.94
1.94
1.95
1.96
1.96
1.99
2.01
2.01
2.02
1.52
1.52
L.53
L.52
1.52
L49
L. 54
L.54
L.54
L.56
L56
L.58
1.01
1.01
1.01
1.01
1.02
1.02
•1.03
L.02
:L.04
L.04
L.04
\L. 05
L.97
1.98
2.00
2.02
2.03
52.05
2.07
2.10
2.14
2.15
2.16
2.18
1.82
1.81
1.82
1.83
1.85
1.86
2.79
2.81
2.84
2.85
2.87
(4)
2.11
2.09
2.14
2.10
1.86
1.85
1.86
1.86
1.88
4
)
2.03
2.02
2.04
2.04
2.04
(4)
L.59
L.58
L.59
L.59
1.58
(4)
1.05
1.05
1.06
1.06
1.06
2.67
2.70
2.68
2.68
2.79
2.79
2.83
2.83
2.77
2.80
2.92
2.95
4
()
(4)
(4)
•
•
.669
"."76I
.740
.615
C4)
1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarized in
the M-300 report by the IOC and relate to all employees who received pay during the month, except execu
tives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rate
increase and reduction in basic workweek from 48 to 40 hours.
2 Prior to April 1945, data relate to all employees except executives; from April 1945-May 1949, mainly to
employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employees
only.
3
Composite rate per hour. Weighted average of all farm wage rates on a per hour basis.
* Not available.
* Data beginning with January of year noted are not comparable with those for earlier periods.
6 Nine-month average, April through December, because of new series started in April 1945.
1 Preliminary.
NOTE.—Data are for production workers in manufacturing and mining, construction workers in building
construction, and for all nonsupervisory employees in other industries (except as noted). Data are for payroll periods ending closest to the middle of the month.
The annual figures for 1956 are simple arithmetic averages of the monthlyfiguresshown and not strictly
comparable with the averages for earlier years, which have been weighted by data on man-hours.
Sources: Department of Labor and Department of Agriculture.
149
TABLE E-25.—Average gross weekly earnings in selected industries, 1929—56
Retail
trade
Bitumi- ±>un cl- Class I Tele- Whole- (except
nous ing con- rail- phone 2 sale
eating
Dura- Noncoal
struc- roads 1
and
trade
durable mining tion
ble
drinking
goods goods
places)
Manufacturing
TJ..J1J
Period
Total
$25.03
$27.22
$22.93
$25. 72
(3)
(3)
1930
1931...
1932...
1933
1934..._
23.25
20.87
17.05
16.73
18.40
24.77
21.28
16.21
16.43
18.87
21.84
20.50
17.57
16.89
18.05
22.21
17.69
13.91
14.47
18.10
(33)
(3)
(3)
()
$22.97
(33)
()
(33)
(3)
()
1935
1936
1937
1938
1939
20.13
21.78
24.05
22.30
23.86
21. 52
24.04
26.91
24.01
26.50
19.11
19.94
21.53
21.05
21.78
19.58
22. 71
23.84
20.80
23.88
24.51
27.01
30.14
29.19
30.39
(33)
(3)
(3)
()
$31.90
1940
1941..
1942
1943
1944
25.20
29.58
36.65
43.14
46.08
28.44
34.04
42.73
49.30
52.07
22.27
24.92
29.13
34.12
37.12
2*.71
30.86
35.02
41.62
51.27
31.70
35.14
41.80
48.13
52.18
32.47
34.03
39.34
41.49
46.36
44.39
43.82
49.97
54.14
54.92
49.05
46.49
52.46
57.11
58.03
38.29
41.14
46.96
50.61
51.41
1950—
1951
1952..
1953
1964-._
59.33
64.71
67.97
71.69
71.86
63.32
69.47
73.46
77.23
77.18
1955
1956 8
1955: January
February
March
April
May
June
76.52
80.13
1929
1945...
1946..
1947..
1948. _.
1949
_.
July
August
SeptemberOctober
November...
December...
1956: January
February
March
April
May
June
July
August
September. _
October
November66 .
December .
(3)
(3)
(3)
83
((33))
(3)
(3)
$30.03
()
31.74
(3)
(3)
$27. 72
26.11
26.37
(3)
(33)
(3)
()
(3)
32.14
26.76
(33)
28.41
(3)
29.87
(3)
4 29.54
()
29.82 $23.14
Laundries
()
$14.89
15.42
16.14
16.83
17.22
17.64
32.67
32.88
34.14
36.45
38.54
30.45
32.51
35.52
39.37
42.26
23.50
24.42
25.73
27.36
29.53
17.93
18.69
20.34
23.08
25.95
52.25
53.73
58.03
56.24
66.59
63.30
72.12 <68.85
63.28
70.95
46.32 8 40.12
50.00
44.29
55.03
44.77
60.11
48.92
62.36
51.78
43.94
47.73
51.99
55.58
57.55
31.55
36.35
40.66
43.85
45.93
27.73
30.20
32.71
34.23
34.98
54.71
58.46
60.98
63.60
64.74
70.35
77.79
78.09
85.31
80.85
73.73
81.47
88.01
91.76
94.12
64.14
70.93
74.30
76.33
78.74
54.38
58.26
61.22
65.02
68.46
60.36
64.31
67.80
71.69
73.93
47.63
50.65
52.67
54.88
56.70
35.47
37.81
38.63
39.69
40.10
83.21
86.39
68.06
71.45
96.26
105.21
96.03
101.32
81.71
87.82
72.07
73.38
77.55
81.21
58.50
60.42
40.70
42.14
73.97
74.74
75.11
74.96
76.30
76.11
80.16
80.56
81.36
81.58
82.78
81. 58
66.02
66.36
66.70
66.30
67.32
67.83
92.01
94.50
91.88
93.00
93.87
98.28
92.66
91.34
94.32
93.10
96.52
96.89
78.78
83.36
80.64
79.93
80.12
82.64
69.63
70.98
70.20
71.71
72.83
70. 92
75.14
74.56
75.36
76.17
77.14
77.55
57.57
57.57
57.42
57.51
58.20
59.04
40.40
40.20
40.60
40.70
41.62
40.80
76.36
76.33
77.71
78.50
79.52
79.71
82.21
82.61
84.66
85.07
85.69
86.52
68.06
67.83
68.97
69.32
70.12
70.30
95.50
94.50
96.73
99.86
96.03
105. 73
98.95
97.99
100. 23
98.01
94.04
98.19
81.14
83.61
83.07
81.58
84.35
82.12
72.00
72.76
72. 58
73.42
75. 58
73.84
78.12
77.55
78.55
78.96
78.96
79.56
60.34
60.19
59.82
58.98
58.67
58.71
41.01
40.40
40.70
41.01
41.11
41.31
78.55
78.17
78.78
78.99
79.00
79.19
84.87
84.05
84.25
85.49
84.86
85.27
69.83
69.65
70.49
70.17
70.38
70.95
104.22
103.18
102.38
105.46
106.02
107.82
96.17
97.27
95.15
99.00
100.74
103.42
86.73
89.89
87.78
86.51
88.41
87.78
73.28
71.94
71.94
72.34
72.15
73.10
79.58
78.99
80.00
80.80
81.00
81.41
59.44
59.29
59.14
59.90
59.75
61.15
41.51
40.90
41.70
42.12
42.54
42.95
79.00
79.79
81.40
82.21
82.42
84.05
84.25
85.68
88.60
89.01
88.99
91.34
71.71
71.68
72.44
72.83
73.26
74.03
102.16
102.49
106.12
110.38
107.09
3
103.23
104. 53
106.22
106.59
102.17
3
85.67
88.83
87.10
89.46
3
74.21
72.89
74.21
74.03
77.08
3
82.22
81.41
82.82
82.62
82.42
3
62.17
61.78
61.22
60.74
60.04
3
42.42
41.90
42.61
42.61
42.29
()
1
()
()
(3)
()
()
()
Averages are based upon monthly data (exclusive of switching and terminal companies) summarized in
the M-300 report by the ICC and relate to all employees who received pay during the month, except executives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rate
increase
and reduction in basic workweek from 48 to 40 hours.
2
Prior to April 1945, data relate to all employees except executives; from April 1945-May 1949, mainly to
employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employees
only.
3 Not available.
4
Data beginning with January of year noted are not comparable with those for earlier periods.
5
Nine-month average, April through December, because of new series started in April 1945.
6
Preliminary.
NOTE.—Data are for production workers in manufacturing and mining, construction workers in building
construction, and for all nonsupervisory employees in other industries (except as noted). Data are for payroll periods ending closest to the middle of the month.
The annualfiguresfor 1956 are simple arithmetic averages of the monthlyfiguresshown and not strictly
comparable with the averages for earlier years, which have been weighted by data on man-hours.
Source: Department of Labor.
I5O
TABLE E-26.—Labor turnover rates in manufacturing industries, 1930-56
[Rates per 100 employees]
Separation rates
Discharge, Accession
rates
military,
and mis- i
cellaneous
Period
Total
1930
1931
1932
1933
1934
1940
1941
1942
1943
1944
1.6
.9
.7
.9
.9
3.0
2.9
3.5
2.7
3.0
0.4
.2
.2
.2
.2
3.1
3.1
3.3
5.4
4.7
3.6
3.4
4.4
4.1
3.1
.9
1.1
1.3
.2
.2
.2
.1
.1
4.2
4.4
3.6
3.8
4.1
2.5
2.1
3.0
3.4
2.2
3.4
2.2
.3
4.4
3.9
2.0
1.3
.7
5.4
5.1
6.5
7.3
..
6.8
1945
1946
1947
1948
1949
8.3
6.1
4.8
4.6
_
October
November
December
1956: January
February
_
_ __
-
- --.
-- --
_
__
-__ ._ - --
-
March
April
May
June
July
-.
August
S ep t emb er
October
_
November 3
-
-
1.7
1.5
.6
1.1
7.5
6.1
2.3
1.2
.9
.6
6.3
6.7
1.0
1.3
.5
.5
5.1
4.4
.3
3.5
1.5
3.5
4.4
4.1
4.3
3.5
1.9
2.4
2.3
2.3
1.1
1.1
1.2
1.1
1.3
1.9
.5
.8
.6
.7
.4
4.4
4.4
4.4
3.9
3.0
3.3
1.6
1.2
.5
3.7
3.6
2.9
2.5
3.0
3.1
1.5
.5
3.5
.5
.4
.4
.5
3.3
3.2
3.6
3.2
3.2
1.5
1.1
1.3
1.2
.5
5
1.1
.5
3.5
3.8
1.2
.5
4.3
1.6
.5
.5
.5
.5
.5
.4
3.4
4.5
4.4
4.1
.5
.5
.5
.5
.5
3.3
3.1
3.1
.5
4.2
.4
.5
3.3
3.8
3.4
4.0
4.4
3.5
3.1
3.0
2.2
2.8
1.8
1.4
1.1
1.3
1.3
1.1
1.2
1.2
1.4
3.6
3.6
3.5
3.4
3.7
1.4
1.3
1.4
1.5
1.6
1.7
1.8
1.6
1.4
1.6
3.4
1.6
1.3
3.2
3.9
1.5
2.2
1.2
1.2
4.4
3.5
3.3
2.6
1.7
L3
1.4
1.3
1.5
* Prior to 1940, military and miscellaneous separations are included with quits.
2 Based on data through November,
s Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
7.6
© OCOiC
1955' January
February
March
April
May
June
July
August
September
5.1
4.3
3.4
2.8
1.1
.6
CD
.
2
3.8
5.2
2.4
4.3
1950
1951
1952
1953
1954
1955
1956
5.0
4.0
4.4
3.8
4.1
C
__
Layoff
CD OO
1935
1936
1937
1938
1939
Quit*
.5
.5
.5
3.3
2.5
3.3
3.4
4. 1
4.0
2.9
PRODUCTION AND BUSINESS ACTIVITY
TABLE E-27.—Industrial production indexes, 1929-56
[1947-49=100]
Industrial production
Manufactures
Durable
Period
Total
PriTotal
mary
Total metals
Fabricated
metal
products
Non- Elec- Trans- Instruelecporta- ments
trical trical
rema- tion and
ma- chinlated
chin- ery equipprodment ucts
ery
Clay,
glass,
and
lumber
products
Furniture
and
miscellaneous
manufactures
1929..
59
60
1930.
1931..
1932.
1933.
1934..
49
40
31
37
40
45
31
19
24
30
1935..
1936..
1937..
1938..
1939..
47
56
61
48
58
38
49
55
35
49
1940..
1941..
1942..
1943.
1944..
67
87
106
127
125
110
133
130
63
91
126
162
159
1945..
1946..
1947..
1948..
1949_.
107
90
100
104
97
110
90
100
103
97
123
86
101
104
95
103
107
90
103
104
93
104
106
90
101
101
96
102
102
100
105
95
100
105
95
100
104
95
1950..
1951..
1952..
1953..
1954..
112
120
124
134
125
113
121
125
136
127
116
128
136
153
137
115
126
116
132
108
115
122
121
136
123
105
126
136
143
125
131
138
167
194
177
120
135
154
189
175
114
128
142
155
140
115
121
118
125
123
117
116
118
131
121
1955..
1956 i.
139
143
140
144
155
159
140
138
134
135
135
151
194
207
203
199
149
166
140
132
135
Seasonally adjusted
1955: January
February
March
April
May
June
132
133
135
136
138
139
133
134
136
138
140
141
145
147
148
151
153
155
127
131
136
138
140
143
125
126
129
130
134
135
124
124
126
129
134
136
187
189
190
191
189
192
197
199
200
202
202
198
140
142
143
143
142
149
132
132
135
134
137
142
122
124
126
127
132
136
July
August
September
October
November
December
1956: January
February
March
April
May
June
July
August
September
October
November11
December
139
140
142
143
143
144
141
142
144
145
145
146
155
158
160
161
161
161
134
139
146
148
149
150
135
137
141
142
139
138
136
140
141
143
144
146
197
196
199
203
200
199
202
203
205
208
212
212
151
153
155
156
158
159
138
140
141
141
140
139
134
137
137
136
136
137
143
143
141
143
141
141
145
144
142
144
143
143
160
158
156
159
157
157
148
148
145
146
141
138
136
134
132
135
130
132
146
147
147
148
149
149
197
192
191
208
206
205
205
202
197
193
186
190
160
161
160
163
164
164
140
139
137
139
141
141
135
134
132
134
135
136
136
142
145
146
146
147
137
144
147
148
147
148
148
158
163
164
165
166
68
124
148
147
147
149
129
134
142
142
138
138
152
155
158
155
155
154
210
211
212
215
219
217
191
194
196
203
216
219
167
171
172
172
172
173
142
144
139
139
139
139
136
138
137
136
132
134
See footnotes at end of table.
152
TABLE E-27.—Industrial production indexes, 1929-56—Continued
[1947-49=100]
Industrial production
Output of consumer durables
Manufactures
Nondurable
Period
ChemTex- Rubical Foods, Minber Paper and
tiles and
bever- erals
and
Total and leather print- petroap- prod- ing leum and toparel ucts
prod- bacco
ucts
1929-..
56
1930....
1931....
1932....
1933. .
1934....
51
48
42
48
49
1935-..
1936...
1937—.
1938—.
1939—.
55
61
64
57
66
1940—.
1941....
1942—.
1943—.
1944—.
69
84
93
103
1945—.
1946-..
1947—.
1948—.
1949—.
96
95
99
102
99
1950—
1951....
1952....
1953....
1954....
1955....
1956 i...
Major Other
conTotal Autos household sumer
duragoods bles
103
97
106
101
93
96
103
101
97
103
100
101
100
100
92
91
100
106
94
102
101
85
93
122
99
105
96
109
105
111
114
114
118
116
110
106
105
107
100
110
105
107
113
104
114
118
118
125
125
118
132
133
142
142
103
105
106
107
106
105
115
114
116
111
133
114
105
127
116
159
127
103
146
131
143
118
115
132
122
95
96
95
102
95
126
129
109
108
122
118
137
145
159
167
109
112
122
129
147
131
190
138
144
144
106
111
Seasonally adjusted
1955: January
February.
March
April
May
June
121
121
124
126
127
128
106
104
107
109
110
110
122
120
122
123
325
127
130
131
134
135
138
139
148
151
154
156
159
161
107
106
107
109
108
109
120
123
121
119
121
122
139
140
142
144
145
144
186
189
192
192
190
173
133
133
136
141
141
151
99
100
100
103
106
July
August
September
October
November
December
126
125
128
129
130
130
109
109
111
112
113
112
120
119
121
124
122
125
139
138
140
141
141
140
160
160
163
162
164
166
108
107
107
111
111
113
120
121
123
123
125
129
148
151
152
151
151
150
188
189
195
194
196
187
150
155
151
147
143
148
106
107
111
114
114
114
1956: January
February.
March
April
May
June
129
130
128
129
128
128
111
112
107
108
107
106
126
125
119
120
116
111
141
141
142
144
145
146
165
166
166
167
369
169
111
112
111
113
111
110
131
131
130
130
129
130
143
137
133
132
124
124
171
158
148
142
119
120
146
141
141
144
142
141
113
111
109
110
110
110
July
August
September
October
November 1*
December
127
129
130
131
129
131
106
107
108
111
107
107
111
116
116
115
116
120
147
148
146
147
147
148
166
167
168
167
166
169
110
113
113
114
113
113
122
128
128
128
130
130
129
127
129
125
132
137
122
125
119
117
148
162
153
143
151
143
136
110
112
115
112
112
113
1
Preliminary.
NOTE.—Prior to 1947, detail not available.
Source: Board of Governors of the Federal Reserve System.
153
TABLE E-28.—Business expenditures for new plant and equipment, 1939 and 1945-57
[Billions of dollars]
Manufacturing
Period
Total i
Total
Transportation
Dura- Non- Mining Railble durable
road
goods goods
5.51
1.94
0.76
1.19
1945—
1946...
1947...
1948—
1949...
14.85
20.61
22.06
19.28
3.98
6.79
8.70
9.13
7.15
1.59
3.11
3.41
3.48
2.59
2.39
3.68
5.30
5.65
4.56
1950...
1951...
1952...
1953...
1954...
20.60
25.64
26.49
28.32
26.83
7.49
10.85
11.63
11.91
11.04
3.14
5.17
5.61
5.65
5.09
4.36
5.68
6.02
6.26
5.95
1955...
19563 *.
28.70
34.92
11.44
14.93
5.44
7.57
6.00
7.36
Com-
Public mercial
utiliand
ties
Other
other 2
0.33
0.28
0.36
0.52
2.08
.79
.55
.58
.89
1.32
1.35
.57
.92
1.30
1.28
.89
.50
.79
1.54
2.54
3.12
2.70
5.33
7.49
6.90
5.98
1.11
1.47
1.40
1.31
.85
1.21
1.49
1.50
1.56
1.51
3.31
3.66
3.89
4.55
4.22
6.78
7.24
7.09
8.00
8.23
.92
1.26
1.60
1.75
4.31
4.82
9.47
10.92
.96
1.23
Seasonally adjusted annual rates
1953: First quarter
Second quarter..
Third quarterFourth quarter..
27.84
28.10
28.82
28.53
11.99
11.90
11.94
11.83
5.80
5.69
5.60
5.53
6.19
6.21
6.33
6.30
0.94
91
1.03
1.05
1.34
1.34
1.30
1.26
1.47
1.51
1.65
1.62
4.40
4.52
4.81
4.48
7.70
7.92
8.08
8.28
1954: F irst quarter
Second quarter..
Third quarter.__
Fourth quarter..
27.46
26.92
26.84
26.18
11.62
11.09
10.98
10.58
5.40
5.18
5.06
4.80
6.22
5.90
5.93
5.79
94
1.04
04
i.
l.
00
.91
.80
.68
1.57
1.44
1.51
1.53
4.33
4.37
4.12
4.01
7.97
8.07
8.42
8.46
1955: First quarter
Second quarter _.
Third quarter...
Fourth quarter..
1956: First quarter..._
Second quarterThird quarter-.
Fourth quarter *
25.65
27.19
29.65
31.45
10.17
10.84
11.97
12.48
4.78
5.06
5.77
6.00
5.39
5.78
6.20
6.48
80
94
99
i.08
1.17
1.46
1.62
1.60
1.70
4.01
4.09
4.43
4.48
8.46
8.90
9.70
10.54
32.82
34.49
35.87
37.33
13.45
14.65
15.78
16.41
6.57
7.38
8.20
8.39
6.88
7.27
7.58
8.02
l.13
I.28
l.26
l.28
1.25
1.22
1.20
1.34
1.65
1.63
1.79
1.94
4.56
4.61
5.08
4.87
10.78
11.10
10.76
11.49
1957: First quarter *__.
37.96
16.46
8.18
8.28
l.22
1.54
1.86
5.40
11.48
91
.74
.80
.96
1 Excludes agriculture.
Commercial and other includes trade, service,finance,communications, and construction.
3 Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide
with average of seasonally adjusted figures, which include adjustments, when necessary, for systematic
tendencies in anticipatory data.
* Estimates for fourth quarter 1956 and first quarter 1957 based on anticipated capital expenditures reported by business in late October and November 1956.
NOTE.—Thesefiguresdo not agree precisely with the plant and equipment expenditures included in the
gross national product estimates of the Department of Commerce. The main difference lies in the inclusion
in the gross national product of investment by farmers, professionals, and institutions, and of certain outlays charged to current account.
This series is not available for years prior to 1939 and for 1940 to 1944.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
2
154
TABLE E-29.—New construction activity, 1929-56
[Value put in place, millions of dollars]
Private construction
Period
Total
new
construction
Resi- Nonresidential building and other construction
dential
Total i building
(nonComIndus- Public
Total mercial 2 trial
farm)
utility Other 3
Public
con-.
straction
1929..
10, 793
8,307
3,625
4,682
1,135
949
1,578
1,020
2,486
1930 .
193119324933..
1934-
8,741
6,427
3,538
2,879
3,720
5,883
3,768
1,676
1,231
1,509
2,075
1,565
630
470
625
3,808
2,203
1,046
761
893
454
223
130
173
532
221
74
176
191
1,527
946
467
261
326
856
582
282
194
194
2,858
2,659
1,862
1,648
2,211
1935..
193619371938..
1939-
4,232
6,497
1,999
2,981
3,903
3,560
4,389
1,010
1,565
1,875
1,990
2,680
1,416
2,028
1,570
1,709
211
290
387
285
292
158
266
492
232
254
363
518
705
605
683
257
342
444
448
2,233
3,516
3,096
3,420
3,809
19401941..
1942..
1943 _
1944..
8,682
11, 957
14, 075
8,301
5,259
5,054
6,206
3,415
1,979
2,186
2,985
3,510
1,715
885
815
2,069
2,696
1,700
1,094
1,371
348
409
155
33
56
442
801
346
156
208
771
872
786
570
725
508
614
413
335
382
3,628
5,751
10, 660
6,322
3,073
1945194619471948
1949-
5,633
12, 000
16, 689
21, 678
22, 789
3, 235
9,638
13, 256
16, 853
16, 384
1,100
4,015
6,310
8,580
8,267
2,135
5, 623
6,946
8,273
8,117
203
1,132
856
1,253
1,027
642
1,689
1,702
1,397
972
827
1,374
2,338
3,043
3,323
463
1,428
2,050
2,580
2,795
2,398
2,362
3,433
4,825
6,405
1950..
1951 .
1952..
1953..
1954..
28, 454
31,182
33, 008
35, 271
37, 782
21, 454
21, 764
22,107
23,877
25,853
12, 600
10, 973
11,100
11, 930
13,496
8, 854
10, 791
11, 007
11, 947
12, 357
1,288
1,371
1,137
1,791
2,212
1,062
2,117
2,320
2,229
2,030
3,330
3,729
4,003
4,416
4,341
3,174
3,574
3,547
3,511
3,774
7,000
9,418
10, 901
11,394
11, 929
1955..
1956 «.
42, 991
44, 258
30, 572
30,825
16, 595
15,339
13, 977
15,486
3,043
3,296
2,399
3,065
4,604
5,065
3,931
4,060
12,419
13,433
Seasonally adjusted annual rates
1955: January
February...
March
April
May
June
41,880
42,348
41,868
43,140
43, 704
43, 296
28,980
29,472
29, 796
30, 504
30, 936
30,936
16,056
16,176
16, 200
16, 692
17, 028
17, 040
12,924
13, 296
13, 596
13,812
13, 908
13,896
2,388
2,664
2,832
2,988
3,000
2,940
2,172
2,196
2,256
2,256
2,292
2,376
4,452
4,500
4,572
4,584
4,584
4,680
3,912
3,936
3,936
3,984
4,032
3,900
12,900
12,876
12, 072
12,636
12,768
12,360
July
August
September..
October
November..
December..
43,176
43, 656
43, 476
43,176
43, 212
42, 960
31, 284
31,440
31, 548
31,128
30,612
30, 228
17, 220
17,196
17, 064
16, 500
16,104
15,864
14,064
14, 244
14,484
14,628
14, 508
14, 364
3,036
3,264
3,480
3,504
3,276
3,144
2,460
2,484
2,508
2,556
2,604
2,628
4,620
4,620
4,608
4,692
4,668
4,668
3,948
3,876
3,888
3,876
3,960
3,924
11,892
12, 216
11,928
12, 048
12,600
12, 732
1956: January
February...
March
April
May
June
43, 500
43,632
42,840
44,196
44,928
45,048
30,060
30, 264
30,336
30, 984
31,296
31,260
15,444
15,360
15,216
15, 564
15,672
15,600
14,616
14, 904
15,120
15,420
15, 624
15, 660
3,180
3,372
3, 468
3,480
3.348
3,288
2,592
2,640
2,724
2,916
3,156
3,288
4,992
5,016
5.028
5,028
5,076
5,076
3,852
3,876
3,900
3,996
4,044
4,008
July.
August
September.
October
November..
December 4.
44,724
44, 700
44,412
43,980
44,388
44,748
31,416
31,404
31,152
30,612
30,612
30, 504
15, 588
15,564
15,432
14,892
14,868
14,868
15, 828
15,840
15,720
15,720
15,744
15,636
3, 276
3,324
3,288
3,264
3,156
3,108
3,336
3,348
3,252
3,192
3,156
3,180
5,100
5,124
5,100
5,076
5,088
5,076
4,116
4,044
4,080
4.188
4,344
4,272
13,440
13,368
12, 504
13, 212
13,632
13, 788
13,308
13, 296
13, 260
13,368
13,776
14,244
1
Excludes construction expenditures for crude petroleum and natural gas drilling, and therefore does not
agree with the new construction expenditures included in the gross national product, Table E-l.
2 Office buildings, warehouses, stores, restaurants, and garages.
3
Includes farm, institutional, and all other.
* Preliminary.
Sources: Department of Commerce and Department of Labor.
155
TABLE E-30.—New public construction activity, 1929-56
[Value put in place, millions of dollars]
Total new public construction *
Federal
Year
All
State
public
and
sources Direct Federal local
aid
Major types of new public construction
Sewer
Hosand
pital water
and
High- Educa- and
way tional institu- miscellaneous
tional
public
service
Conservation
and
development
Military
facilities
All
other
public 2
2,486
155
80
2,251
1,266
389
101
404
115
19
192
1930
1931
1932
1933
1934
2,858
2,659
1,862
1,648
2,211
209
271
333
516
626
104
235
111
286
721
2,545
2,153
1,418
846
864
1,516
] ,355
958
847
]1,000
364
285
130
52
148
118
110
83
49
51
500
479
291
160
228
137
156
150
359
518
29
40
34
36
47
194
234
216
145
219
1935
1936
1937.
1938
1939
2,233
3,516
3,096
3,420
3,809
814
797
776
717
759
567
1,566
1,117
1,320
1,377
852
1,153
1,203
1,383
1,673
845
1,362
1,226
1,421
1,381
153
366
253
311
468
38
74
73
97
127
246
509
445
492
507
700
658
605
551
570
37
29
37
62
125
214
518
457
486
631
1940
1941
1942
1943
1944
3,628
5,751
10, 660
6,322
3,073
1,182
3,751
9,313
5,609
2,505
946
697
475
268
126
1,500
1,303
872
445
442
1,302
L,066
734
446
362
156
158
128
63
41
54
42
35
44
58
469
393
254
156
125
528
500
357
285
163
385
1,620
5,016
2,550
837
734
1,972
4,136
2,778
1,487
1945
1956
1947
1948
1949
2,398
2,362
3,433
4, 825
6,405
1,737
870
840
1,177
1,488
99
244
409
417
461
562
1,248
2,184
3,231
4,456
398
895
1,451
1,774
2,131
59
101
287
618
934
85
85
85
223
477
152
293
515
720
822
130
240
394
629
793
690
188
204
158
137
884
560
497
703
1,111
1950
1951
1952
1953
1954
7,000
9,418
10, 901
11, 394
11, 929
1,625
2,982
4,186
4,151
3,445
465
479
619
700
709
4,910
5,957
6,096
6,543
7,775
2,272
2,518
2,820
3,160
3,870
1,133
1, 513
1,619
1,714
2,134
496
528
473
365
365
844
988
983
1,083
1,200
881
853
854
830
704
177
887
1,388
1, 307
1,030
1,197
2,131
2,764
2,935
2,626
1955 3
1956
12, 419
13, 433
2,778
2,760
759
882
8,882
9,791
1,520
5,100
2,442
2,548
331
309
1,364
1,727
593
675
1,297
1,398
1,872
1,676
1929
-
1
For expenditures classified b y ownership, combine "Federal a i d " and " S t a t e and local" columns to
obtain State and local ownership. " D i r e c t " column stands as it is for Federal ownership.
2 Includes nonresidential building other than educational and hospital and institutional (industrial,
commercial, public administration, social and recreational, and miscellaneous'), public residential buildings,
and publicly owned parks and playgrounds, memorials, etc.
3 Preliminary.
Sources: Department of Commerce and Department of Labor.
156
TABLE E—31.—Housing starts and applications forfinancing,1929—56
[Thousands of units]
Proposed home
construction
New nonfarm housing starts
Privately financed
Period
Total
Publicly
financed
Private,
seasonally ad- FHA VA apGovernment programs justed applica- praisal
annual tions 2 requests
rates
Total FHA VA
Total
19293..
509.0
509.0
1930
1931
1932
1933____
1934....
330.0
330.0
254.0
134.0
93.0
126.0
_
254.0
134.0
93.0
126.0
1935..
1936..
1937..
1938..
1939..
221.0
319.0
336.0
406.0
515.0
5.3
14.8
3.6
6.7
56.6
215.7
304.2
332.4
399.3
458.4
14.0
49.4
60.0
118.7
158.1
14.0
49.4
60.0
118.7
158.1
4 20.6
47.8
49.8
131.1
179.8
1940..
1941..
1942..
1943..
1944..
602.6
706.1
356.0
191.0
141.8
73.0
86.6
54.8
7.3
3.1
529.6
619.5
301.2
183.7
138.7
180.1
220.4
165.7
146.2
93.3
180.1
220.4
165.7
146.2
93.3
231.2
288.5
238.5
144.4
62.9
1945..
194619471948..
1949-
209.3
670.5
849.0
931.6
1,025.1
1.2
8.0
3.4
18.1
36.3
208.1
662.5
845.6
913.5
56.6
121.7
286.4
293.2
327.0
19501951195219531954..
1,396.0
,091.3
., 127. 0
, 103. 8
, 220. 4
43.8
71.2
58.5
35.5
18.7
1,352. 2
1,020.1
1,068. 5
1,068.3
1,201.7
00
686.7
412.2
421.2
408.6
583.3
41.2
69.0
229.0
294.1
363.8
486.7 6 200.0
263.5
148.7
279.9
141.3
252.0
156.6
276.3 307.0
397.7
192.8
267.9
253.7
338.6
()
164.4
226.3
251.4
535.4
1955—
1956 7.
, 328. 9
, 120. 2
19.4
23.4
1,309.5
1, 096. 8
462.6
276.7
191.9
392.9
270.7
306.2
197.7
620.8
401.5
87.6
89.9
113.8
132.0
137.6
134.8
2.0
1.0
1.5
2.5
3.4
87.3
87.9
112.8
130.5
135.1
131.4
46.1
45.3
53.6
60.3
65.9
71.6
20.0
17.2
23.8
25.8
28.0
32.1
26.1
28.0
29.9
34.5
37.8
39.5
1,416
1,286
1,314
1,374
1,398
1,371
25.6
28.3
35.6
33.1
30.1
30.8
46.2
64.2
71.9
65.9
69.3
52.4
122.6
124.7
114.9
105.8
89.2
76.2
.7
2.4
1.3
1.0
.8
2.7
121.9
122.3
113.6
104.8
88.4
73.5
63.3
67.6
59.1
53.4
45.6
37.9
26.0
26.9
24.7
18.6
17.5
16.2
37.4
40.8
34.4
34.8
28.1
21.6
1,318
1,346
1,262
1,209
1,179
1,192
24.3
26.4
23.1
19.2
16.3
13.4
51.4
56.0
45.1
43.1
30.4
24.9
75.0
78.3
98.6
111.3
113.7
107.4
1.3
1.3
4.7
1.4
2.9
2.8
73.7
77.0
93.9
109.9
110.8
104.6
36.0
30.5
37.6
46.3
46.3
44.9
13.0
13.1
17.0
19.9
19.7
18.5
23.0
17.4
20.6
26.4
26.6
26.4
1,195
1,127
1,094
1,157
1,146
1,091
15.6
18.5
24.9
22.3
22.1
16.8
29.3
37.1
37.5
45.8
44.4
35.6
101.1
103.9
93.9
7
93.0
7
80.0
64.0
2.1
.7
3.2
7
2. 2
7
.4
.4
99.0
103.2
90.7
7 90.8
7
79. 6
63.6
42.8
43.2
39.2
39.5
30.0
26.3
17.6
18.7
15.2
15.6
12.2
8
11.3
25.2
24.4
24.0
24.0
17.8
15.0
1,070
1,136
1,008
7
1,050
7
1,060
1,030
16.9
16.2
13.4
13.3
10.0
7.7
34.6
36.5
30.0
29.7
21.9
19.0
1955: January...
February.
March
April
May
June
July
August
September.
October
November..
December..
1956: January...
February.
March
April.
May
June
July.__
August
September..
October
November. _
December L.
()
1 Data since June 1950 are based on VA first compliance inspection; prior data are estimates of units started
which resulted in VA-guaranteed first mortgage loans.
2 Units in mortgage applications for new-home construction.
s The number of starts for the years 1920-28, respectively, was as follows: 247,000; 449,000; 716,000; 871,000;
893,000; 937,000; 849,000; 810,000 and 753,000.
* FHA program approved in June 1934; all 1934 activity included in 1935.
5 Not available.
87 Partly estimated.
Preliminary.
s Includes 1,686 units started sometime in 1956 and not reported until December.
Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA).
157
TABLE E—32.—Sales and inventories in manufacturing and trade, 7939-56
[Amounts in billions of dollars]
Total manufacturing and trade *
Manufacturing
Wholesale trade
Retail trade i
Period
InvenInvenSales 2 Inventories3 Ratio *Sales 2 tories3 Ratio Sales 2 tories3 Ratio *
Inven- Ratories 3 tio4
Old series
1939
10.8
20.1
L. 77
5.1
11.5
2.11
2.2
3.1
1.34
3.5
5.5
1.53
1940
1941
1942
1943
1944
12.1
15.8
18.6
21.9
23.8
22.2
28.8
31.1
31.3
31.1
L. 72
L.58
L. 66
L.40
L.33
5.9
8.2
10.4
12.8
13.8
12.8
17.0
19.3
20.1
19.5
2.06
1.78
1.77
1.51
1.45
2.4
3.0
3.4
3.8
4.2
3.2
4.0
3.8
3.7
3.9
1.30
1.20
1.19
.97
.94
3.9
4.6
4.8
5.3
5.9
6.1
7.8
8.0
7.6
7.6
1.49
1.48
1.76
1.43
1.31
1945.
1946.
1947.
1948.
1949.
23.9
27.2
33.2
36.4
34.7
30.9
42.9
50.5
55.6
52.1
]L30
]L.33
L.43
]L.47
]L.56
12.9
12.6
15.9
17.6
16.4
18.4
24.5
28.9
31.7
28.9
1.48
1.66
1.71
1.72
1.86
4.5
6.0
7.3
7.9
7.4
4.6
6.6
7.6
8.1
7.9
.91
.90
1.01
.99
1.08
6.5
8.5
10.0
10.9
10.9
7.9
11.9
14.1
15.8
15.3
1.21
1.13
1.27
1.40
1.43
1950.
39.9
64.1
]L.40
19.3
34.3
1.57
8.7
10.5
1.03
12.0
19.3
1.40
New
series
1951.
1952.
1953.
1954.
44.9
45.9
48.4
46.7
75.2
76.7
80.3
76.9
1.61
1.64
1.64
1.68
22.3
22.8
24.9
23.4
42.8
43.8
45.9
43.3
1.77
1.90
1.82
1.89
9.4
9.4
9.3
9.1
11.1
11.3
11.7
11.5
.20
.18
.25
]L.29
13.2
13.7
14.2
14.2
21.2
21.6
22.7
22.1
1.63
1.53
1.57
1.58
1955.
1956
51.7
54.0
82.2
87.9
1.53
1.58
26.4
27.6
45.9
51.3
1.67
1.77
9.8
10.4
12.3
13.2
L.21
L22
15.5
15.9
23.9
23.5
1.49
1.49
Seasonally adjusted
1955: January
February. _.
March
April
May
June
July
August
September..
October
November.
December...
1956: January
February. _
March
April
May
June
July
August
SeptemberOctober
Novemberfl6
December .
48.7
48.9
50.7
50.9
51.7
52.2
76.9
77.3
77.5
77.7
78.3
78.8
1.58
1.58
L.53
L.53
L.51
L.51
24.3
24.6
26.0
26.0
26.7
27.1
43.2
43.3
43.3
43.3
43.5
43.8
L.78
L.75
L.67
L.66
1.63
L.61
9.5
9.5
9.7
9.6
9.7
9.7
11.5
11.7
11.6
11.7
11.8
11.8
1.21
1.22
1.20
1.21
1.21
1.21
14.9
14.8
15.1
15.3
15.4
15.3
22.2
22.4
22.6
22.8
23.0
23.2
1.49
1.51
1.49
1.49
1.49
1.51
51.9
52.8
53.1
52.5
53.2
53.2
79.2
79.6
80.0
80.9
81.6
82.2
]L.52
L.51
L.50
L.53
L.53
L.54
26.7
27.2
27.2
26.6
27.3
27.3
43.9
44.3
44.7
45.4
45.7
45.9
L.64
L.62
L.63
L.69
L.66
]L.68
9.6
9.9
10.0
10.1
10.1
10.1
11.9
12.0
12.0
12.2
12.3
12.3
1.23
1.21
1.20
1.20
1.22
1.22
15.5
15.7
15.8
15.8
15.8
15.8
23.4
23.3
23.2
23.3
23.6
23.9
1.50
1.49
1.47
1.47
1.48
1.50
52.9
52.9
53.1
53.2
54.4
54.3
82.8
83.6
83.8
84.5
85.1
85.6
1.56
1.57
1.58
1.58
1.56
1.57
27.0
27.2
27.1
27.2
27.8
27.7
46.3
46.9
47.4
48.0
48.6
49.1
L.71
L.74
L.75
L.74
L.76
10.3
10.4
10.3
10.4
10.7
10.6
12.4
12.5
12.6
12.6
12.7
12.7
1.21
1.20
1.22
1.21
1.18
1.19
15.7
15.3
15.7
15.5
15.9
16.0
24.1
24.2
23.8
23.9
23.9
23.8
1.53
1.57
1.53
1.53
1.50
1.49
52.7
54.5
53.9
55.0
55.8
85.8
86.1
86.5
87.2
87.9
1.63
1.58
1.60
1.58
1.57
26.2
27.6
27.6
28.3
28.8
49.2
49.5
50.1
50.8
51.3
1.88
1.79
1.80
1.78
1.77
10.5
10.6
10.3
10.6
10.6
12.8
12.8
13.0
13.1
13.2
1.21
1.21
1.25
1.22
1.24
16.0
16.3
16.0
16.0
16.4
16.4
23.8
23.7
23.4
23.3
23.5
1.49
1.46
1.47
1.46
1.43
]L.71
* Beginning in 1951, the estimates of retail sales and inventories are based on a new method of estimation adopted by the Bureau of the Census. For a description of the retail sales and inventories series, see
Survey
of Current Business, September and November 1952 and January 1954.
2
Monthly average shown for year and total for month.
34 Seasonally adjusted, end of period.
Inventory/sales ratio. For annual periods weighted average inventories to average monthly sales;
for monthly data, ratio of average end of current and previous month's inventories to sales for month.
»
6 Where December data not available, data for year calculated on basis of no change from November.
Preliminary.
NOTE.—The inventory figures in this table do not agree with the estimates of change hi business inventories included in the gross national product since thesefigurescover only manufacturing and trade rather
than all business, and show inventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce.
158
TABLE E-33.—Manufacturers''
sales, inventories, and orders, 1939-56
[Billions of dollars]
Inventories 2
Sales i
Period
Durablegoods
industries
New orders *
UnNondurable-goods
Durable-goods
filled
industries
industries
orders
NonNonDuradurableble- durable- (ungoods PurTotal goods goods adjustPurindus- chased Goods- Fin- chased Goods- Finindus- indus- ed) 3
tries
tries mateished matein- ished
intries
rials process goods rials process goods
1939—.
2.0
3.2
1.8
1.5
2.1
2.4
0.8
2.9
5.4
2.2
3.2
7.0
1940—
1941—
1942—
1943....
1944—
2.5
3.8
5.2
6.9
7.3
3.4
4.4
5.3
6.0
6.4
2.1
3.1
3.7
3.9
3.3
2.0
3.2
4.6
5.2
5.0
2.2
2.3
2.2
2.1
2.1
2.6
4.0
4.3
4.5
4,7
1.2
1.2
1.4
1.4
3.0
3.2
3.3
3.0
3.0
6.8
9.8
13.3
12.7
11.9
3.4
5.3
8.0
6.8
5.5
3.4
4.5
5.3
5.9
6.4
18.4
37.9
72.9
71.5
49.0
1945—
1946—
1947—
1948—
1949—
6.3
5.0
6.7
7.6
7.1
6.6
7.6
9.2
10.0
9.3
3.2
4.5
5.1
5.6
4.6
3.5
4.6
5.2
5.4
4.7
2.1
2.9
4.0
4.7
4.7
4.9
6.5
7.2
7.3
6.5
1.5
1.8
2.2
2.2
2.1
3.2
4.2
5.2
6.5
6.3
10.5
13.7
15.6
17.4
15.9
3.9
5.9
6.4
7.5
6.6
6.6
7.8
9.3
9.9
9.3
20.9
33.8
30.3
26.9
20.8
1950—
1951—
1952—
1953—
1954...
10.4
10.9
12.5
11.1
10.5
11.9
11.9
12.4
12.3
6.1
7.4
7.3
7.4
6.3
6.0
8.6
10.2
10.6
4.7
6.8
6.9
8.3
7.9
8.4
9.1
8.6
8.2
7.8
2.5
2.7
2.7
2.8
2.8
6.6
8.2
8.1
21.0
24.5
23.6
23.4
22.4
10.3
12.7
11.7
11.1
10.1
10.7
11.8
11.9
12.3
12.3
41.1
67.6
76.3
59.0
46.5
1955—
1956 *«.
13.2
13.8
13.3
13.9
7.0
8.1
10.9
12.5
8.4
9.3
8.2
8.5
2.9
3.1
8.5
9.8
27.2
28.2
13.9
14.4
13.3
13.8
55.5
61.9
Seasonally adjusted
1955:
January
February __.
March
April
May
June
11.8
12.0
12.9
12.8
13.3
13.5
12.4
12.6
13.1
13.2
13.3
13.6
6.4
6.3
6.3
6.5
6.5
6.6
July
August
September .
October
November .
December -
13.5
13.7
13.7
13.3
13.7
13.7
13.2
13.5
13.5
13.4
13.6
13.6
6.6
6.7
6.9
1956:
January
February..
March
April
May
June
13.6
13.6
13.3
13.5
13.8
13.8
12.6
13.7
13.7
14.2
14.4
July
August
SeptemberOctober
November 8.
10.0
10.0
7.9
7.9
7.9
7.8
7.9
7.9
7.8
7.7
7.7
7.7
7.8
7.8
2.8
2.8
2.8
2.8
2.9
2.9
8.6
8.7
8.7
8.6
8.5
8.6
24.6
24.8
26.5
26.1
27.7
27.8
12.1
12.2
13.4
12.9
14.3
14.0
12.5
12.7
13.1
13.2
13.4
13.8
47.2
47.5
48.2
48.0
48.4
49.3
6.9
7.0
10.1
10.1
10.2
10.5
10.8
10.9
7.8
8.0
8.0
8.2
8.3
8.4
7.8
7.9
7.9
8.0
8.1
8.2
2.9
3.0
3.0
3.0
3.1
2.9
8.6
8.6
8.6
8.7
8.4
8.5
27.0
28.7
28.3
27.5
28.3
29.3
13.6
15.1
14.9
14.1
14.7
15.6
13.5
13.6
13.4
13.4
13.6
13.7
50.8
51.8
53.0
53.3
53.8
55.5
13.4
13.6
13.8
13.7
14.1
13.8
7.1
7.3
7.5
7.7
7.8
8.0
10.9
11.1
11.2
11.4
11.6
11.5
8.5
8.6
8.7
8.7
8.7
8.6
8.2
8.2
8.2
8.2
8.3
8.4
2.9
3.0
2.9
3.0
3.0
3.1
8.6
8.7
8.9
9.0
9.1
9.3
28.1
27.6
26.9
27.8
28.8
27.9
14.7
14.1
13.3
14.1
14.7
14.2
13.4
13.5
13.6
13.7
14.1
13.7
56. 6
57.1
57.2
57.4
57.5
58.6
13.5
14.0
13.9
14.1
14.4
7.9
7.8
7.9
8.0
8.1
11.6
11.6
11.9
12.2
12.5
8.6
8.7
8.9
9.2
9.3
8.5
8.6
8.5
8.5
8.5
3.1
3.1
3.1
3.1
3.1
9.5
9.6
9.8
9.8
9.8
27.0
29.1
28.1
28.9
29.6
13.5
15.2
14.3
14.6
15.3
13.5
13.9
13.8
14.3
14.3
60.4
61.8
62.2
61.7
61.9
7.0
9.7
9.8
9.9
9.9
1 Monthly average shown for year and total for month.
Book value, seasonally adjusted, end of period.
3 End of period.
* Based on data through November.
s Preliminary.
NOTE.—See Table E-32 for total sales and inventories of manufacturers.
Source: Department of Commerce.
2
159
PRICES
TABLE E-34.—Wholesale price indexes, 1929-56
[1947-49=100] i
All commodities other than farm products
and foods
Period
All
commodities
Farm
products
Processed
foods
Total
Textile Chemicals Rubber Lumber
prodand
and
and
ucts
wood
allied
prodand
products
apparel products
ucts
61.9
58.6
58.5
65.5
83.5
31.9
56.1
47.4
42.1
42.8
48.7
49.3
36.2
26.9
28.7
36.5
53.3
44.8
36.5
36. 3
42.6
53.6
50.2
50.9
56.0
()
51.2
53.7
73.0
62.0
53.8
56.8
65.8
29.4
23.8
20.3
24.2
28.5
52.0
52.5
56.1
51.1
50.1
44.0
45.2
48.3
38.3
36.5
52.1
50.1
52.4
45.6
43.3
55.7
56.9
61.0
58.4
58.1
56.0
56.4
59.0
55.9
55.8
66.4
71.7
84.4
82.7
86.3
27.4
28.7
33.7
30.8
31.6
51.1
56.8
64.2
67.0
67.6
37.8
46.0
59.2
68.5
50.5
59.1
61.6
60.4
59.4
63.7
6S.3
69.3
70.4
56.6
61.6
69.3
69.5
70.2
80.2
86.5
100.6
103.3
102.0
35.2
41.8
45.4
48.0
51.9
1945
1946
1947
1948
1949
78.7
96.4
104.4
99.2
71.6
83.2
100.0
107.3
92.8
60.8
77.6
93.2
106.1
95.7
71.3
78.3
95.3
103.4
101.3
100.1
104.4
95.5
70.6
76.3
101.4
103.8
94.8
99.4
99.0
102.1
98.9
52.5
60.3
93.7
107.2
99.2
1950
1951
1952
1953
1954
103.1
114.8
111.6
110.1
110.3
97.5
113.4
107.0
97.0
95.6
99.8
111.4
108.8
104.6
105.3
105.0
115.9
113.2
114.0
114.5
99.2
110.6
99.8
97.3
95.2
96.3
110.0
104.5
105.7
107.0
120.5
143.0
134.0
125.0
126.9
113.9
123.9
120.3
120.2
118.0
1955.
1956*
1955: J a n u a r y . . .
February. _
March
April
May
__
June
110.7
114.3
89.6
88.4
92.5
93.1
92.1
94.2
91.2
91.8
101.7
101.7
117.0
122.2
95.3
95.3
106.6
107.2
143.8
145.8
123.6
125.4
103.8
103.2
101.6
102.5
102.1
103.9
115.2
115.7
115.6
115. 7
115.5
115.6
95.2
95.2
95.3
95.0
95.0
95.2
107.1
107.1
106.8
107.1
106.8
106.8
140.6
13S.0
133.3
133.0
140.3
120.3
121.2
121.4
122.4
123.5
123.7
110.5
110.9
111.7
111.6
111.2
111.3
89.5
88.1
89.3
86.8
84.1
103.1
101.9
101.5
100.2
98.8
98.2
116.5
117.5
118.5
119.0
119.4
119.8
95.3
95.3
95.4
95.4
95.6
95.6
106.0
105.9
106.0
106.5
106.6
106.6
143.4
148.7
151.7
147.8
150.6
151.0
124.1
125.1
125.7
125.4
125.0
125.1
111.9
112.4
112.8
113.6
114.4
114.2
84.1
88.0
90.9
91.2
98.3
99.0
99.2
100.4
102.4
102.3
120.4
120.6
121.0
121.6
121.7
121.5
95.7
96.0
95.9
95.1
94.9
94.9
106.3
106.4
106.5
106.9
106.9
107.1
148.4
147.1
146.2
145.0
143.5
142.8
126.3
126.7
128.0
128.5
128.0
127.3
114.0
114.7
115.5
115.6
115.9
116.2
90.0
89.1
90.1
88.4
87.9
88.6
102.2
102.6
104.0
103.6
103.6
103.1
121.4
122.5
123.1
123.6
124.2
124.6
94.9
94.8
94.8
95.3
95.4
95.6
107.3
107.3
107.1
107.7
108.2
108.3
143.3
146.9
145. 7
145.8
146.9
147.9
126.6
125.2
123. 6
122.0
121.5
120.9
1929
_
1930
1931
1932
1933
1934
__
...
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
_
._-.
July
August
September.
October....
November.
December.
1956: January. _.
February..
March
April
May
JuneJuly.
August
September.
October
NovemberDecember *.
110.1
110.4
110.0
110.5
109.9
110.3
See footnotes at end of table.
160
8
8
(
(3)
(3)
TABLE E-34.—Wholesale price indexes,
1929-56—Continued
[1947-49=100] i
All commodities other than farm products and foods (continued)
Hides,
skins,
and
leather
products
Period
Fuel,
power,
and
lighting
materials
Pulp,
paper,
and
allied
products
FurniMetals Machin- ture
and
ery and other
and
metal motive houseprodprodhold
ucts
ucts
durables
Non- Tobacco
metal- manulic
factures Miscelminerand
als
bottled laneous
(struc- bevertural)
1929—.
59.3
70.2
67.0
69.3
72.6
86.6
1930.
19311932
1933.
1934—
54.4
46.8
39.7
44.0
47.1
66.5
57.2
59.5
56.1
62.0
60.3
54.1
49.9
50.9
56.2
68.2
62.8
55.4
55.5
60.2
72.4
67.6
63.4
66.9
71.6
87.1
84.6
81.4
72.8
76.0
48.7
51.9
56.9
50.5
52.0
62.2
64.5
65.7
64.7
61.8
56.2
57.3
65.6
63.1
62.6
(
65.3
60.6
67.2
65.6
65.4
71.6
71.7
73.4
71.1
69.5
75.9
75.8
76.5
76.4
76.4
54.8
58.9
64.0
63.9
63.4
60.7
64.5
66.4
68.4
70.3
62.8
64.0
64.9
64.8
64.8
66.2
68.6
71.2
71.0
71.0
66.8
71.2
76.8
76.4
78.4
69.7
71.3
74.1
74.5
75.9
77.3
78.1
79.1
83.0
83.4
64.2
74.6
101.0
102.1
96.9
71.1
76.2
90.9
107.1
101.9
102.9
98.5
65.9
73.9
91.3
103.9
104.8
71.6
80.3
92.5
100.9
106.6
78.6
83.0
95.6'
101.4
103.1
79.1
84.2
93.9
101.7
104.4
85.8
89.7
97.2
100.5
102.3
104.6
120.3
97.2
98.5
94.2
103.0
106.7
106.6
109.5
108.1
100.9
119.6
116.5
116.1
116.3
110.3
122.8
123.0
126.9
128.0
108.6
119.0
121.5
123.0
124.6
105.3
114.1
112.0
114.2
115.4
106.9
113.6
113.6
118.2
120.9
103.5
109.4
111.8
115.7
120.6
100.8
103.1
96.1
96.6
104.9
108.3
97.8
102.5
1955
1956*
93.8
99.3
107.9
111.1
119.3
127.2
136.6
148.4
128.4
137.8
115.9
119.1
124.2
129.6
121.6
122.3
92.0
91.0
1955: January
February._
March
April
May
June
91.9
92.3
92.2
93.2
92.9
92.9
108.5
108.7
108.5
107.4
107.0
106.8
116.3
116.6
116.8
117.4
117.7
118.3
130.1
131.5
131.9
132.9
132. 5
132.6
125.8
126.1
126.1
126.3
126.7
127.1
115.5
115.4
115.1
115.1
115.1
115.2
122.0
121.8
121.9
122.3
123.2
123.7
121.4
121.6
121.6
121.6
121.6
121.6
97.0
97.1
95.6
94.0
91.3
89.1
July
August
September
October
November _
December
94.0
95.3
96.4
96.7
106.4
107.2
108.0
108.0
108.6
109.3
119.0
119.7
120.5
122.8
123.2
123.6
136.7
139.5
141.9
142.4
142.9
143.9
127.5
128.5
130.0
131.4
132.5
133.0
115.5
116.0
116.4
116.9
117.2
117.3
125.3
126.1
126.4
126.8
125.2
125.4
121.6
121.7
121.7
121.7
121.7
121.7
90.8
89.8
90 3
91. 5
88.0
88.8
1956: January
FebruaryMarch
April
May
_
June
96.7
97.1
97.7
100.6
100.0
100.2
111.0
111.2
110.9
110.6
110.8
110.5
124.8
125.4
126.8
127.4
127.3
127.4
145.1
145.1
146.5
147.7
146.8
145.8
133.3
133.9
134.7
135.7
136.5
136.8
118.0
118.2
118.1
118.0
118.0
118.1
127.0
127.1
127.9
128.6
128.6
128.9
121.7
121.7
121.7
121.7
121.6
121.6
88.7
88.2
92.1
96.1
92.9
July
August
September
October
November
December
100.1
100.0
100.2
99.7
99.8
99.4
110.7
110.9
111.1
111.7
111.2
113.1
127.7
127.9
127.9
128.1
127.8
127.9
144.9
150.2
151. 9
152.2
152.1
152.4
136.9
137.7
139.7
141.1
143.4
143.5
118.3
119.1
119.7
121.0
121.1
121.4
130.6
130.8
131.1
131.5
131.2
131.3
121.7
122.5
122.8
123.1
123.5
123.6
91.3
91.1
89.9
89.2
91.2
91.6
.
1935.
1936
1937
19381939
1940
1941
1942._..
1943
19441945
1946--.
1947
1948—
1949-
._.
_
1950
1951
1952
1953
1954
8
8
(3)
(3)
8
8
()
1 This does not replace the former index (1926=100) as the official index prior to January 1952. These
data from January 1947 through December 1951 represent the revised sample and the 1947-49 weighting
pattern. Prior to January 1947 they are based on the month-to-month movement of the former index.
The only official index up to and including December 1951 is the former monthly index (1926=100).
2 The data from January 1947 through January 1953 differ from the official series due to a change in the
method of eliminating excise taxes and discounts.
s Not available.
< Preliminary.
Source: Department of Labor.
TABLE E-35.—Wholesale price indexes by economic sector, 1947-56
[1947-49=100]
Intermediate material s, supplies, and components *
i3rude materials
Materials and components for
manufacturmg
Period
All
commodities
Ma-
Non-
Food- fr\r\r\
stuffs IOOQ
maTotal and
Fuel
•
feedstuffs except
fuel
Total
Ma- Materials terials Com-
pofor
terials for
for
non- du- nents
food du- rable for
Total manu- rable manu- manufactur- manu- factur- facturing
facturing
ing
ing
Ma-
terials
and
components
for
construction
1947
1948
1949
96.4
104.4
99.2
98.6
108.0
93.4
100.7
108.8
90.5
96.0
106.8
97.2
89.4
105.6
105.0
96.2
104.0
99.9
96.4
104.0
99.6
102.8
106.0
91.2
99.2
105.0
95.8
91.2
103.0
105.8
94.4
101.9
103.8
93.3
103.2
103.5
1950
1951
1952
1953
1954
103.1
114.8
111.6
110.1
110.3
101.8
116.9
107.4
99.2
98.3
97.0
112.3
105.7
94.6
94.7
111.0
128.1
110.9
106.2
104.2
104.6 104.3
106. 5 116.9
107.2 113.5
111.0 114.1
106.0 114.8
104.5
118.4
113.4
115.2
115.4
94.9
105.7
101.5
101.8
100.9
100.5
116.5
104.8
104.0
102.3
111.9
124.3
124.6
130.1
133.1
107.6
122.2
122.5
124.7
125.3
108.9
119.1
118.3
120.2
120.9
1955
1956 2
110.7
114.3
94.5
95.0
85.7
83.9
110.1
114.1
105.8
113.0
117.0
122.1
118.2
123.7
97.7
98.0
102.7
104.3
139.7
148.5
130.9
142.9
125.6
132.0
110.1
110.4
110.0
110.5
109.9
110.3
96.7
96.6
96.1
97.3
94.7
96.2
90.8
89.7
89.2
91.2
87.7
89.7
106.9
108.2
107.6
108.0
106.8
107.7
106.4
107.7
107.7
104.6
102.9
102.9
115.1
115.6
115.4
115.7
115.7
115.7
115.8
116.4
116.3
116.9
117.0
117.1
99.1
99.7
98.4
98.9
99.0
100.0
102.2
102.2
102.2
102.5
102.4
102.4
134.5
135.7
135.9
137.0
137.0
137.2
126.4
127.3
127.4
128.0
128.3
128.2
121.9
122 A
122.7
123.4
124.0
124.2
110.5
110.9
111.7
111.6
111.2
111.3
95.1
93.8
94.9
93.2
89.9
89.9
86.5
83.4
84.9
82.7
77.2
75.8
110.6
112.4
112.9
111.8
112.5
114.9
102.8
102.5
106.6
107.4
108.2
110.1
116.8
117.6
118.6
119.1
119.1
119.4
118.2
119.0
120.1
120.5
120.7
120.9
99.2
97.1
95.5
95.6
94.9
94.8
102.8
102.8
103.1
103.3
103.6
103.7
140.1
141.9
143.7
144.2
144.2
144.7
129.1
131.3
135.0
135.9
137.1
137.5
125.9
127.7
128.7
128.9
128.7
129.0
January
February...
March
April
May
June
111.9
112.4
112.8
113.6
114.4
114.2
91.5
93.3
93.4
95.4
96.6
95.7
77.8
80.7
80.8
83.4
86.4
86.2
115.8
115.2
115.5
116.6
114.3
111.9
112.4
112.7
113.1
112.6
111.9
110.6
120.0
120.3
121.0
121.7
122.2
121.7
121.3
121.9
122.6
123.1
123.4
123.1
95.3
96.7
98.1
98.1
100.5
98.7
104.1
104.3
104.3
104.3
104.2
104.0
145.0
145.7
146.8
147.4
147.3
147.1
137.9
138.4
139.3
141.1
142.3
142.3
129.9
130.3
131.3
132.3
131.8
131.5
July
August
September...
October
November. __
December 2__
114.0
114.7
115.5
115.6
115.9
116.2
95.0
96.4
96.7
95.0
94.9
96.2
85.4
86.8
87.2
84.4
83.4
84.8
111.5
113.1
113.1
112.6
114.3
115.5
110.4
110.9
111.5
116.0
116.5
117.2
121.3
122.6
123.0
123.6
123.8
124.2
122.6
124.2
124.8
125.6
125.7
125.9
97.3
96.7
97.0
98.3
99.8
100.1
104.1
104.0
104.0
104.7
104.8
105.0
146.1
150.6
151.7
151.9
151.1
151.1
142.0
143.3
145.2
146.7
147.9
147.9
131.4
132.8
133.2
133.4
133.1
133.0
1955:
January
February
March
April
May
June
July
August
September..
October
November. .
December. .
1956:
See footnotes at end of table.
l62
TABLE E-35.—Wholesale price indexes by economic sector, 1947-56—Continued
[1947-49=100]
Finished goods
Consumer finished goods
Period
Total
Total
1947
1948
1949
1950
1951.
1952—.
1953
1954...
~~
-
Foods
Other nondurable
goods
Durable
goods
Producer
finished
goods
95.9
103.5
100.6
96.8
104.1
99.2
97.0
105.8
97.2
97.4
103.5
99.2
94.8
101.3
104.0
92.8
101.1
106.1
102.4
112.1
111.5
110.4
110.7
100.9
110.3
109.0
107.1
107.1
99 2
111! 3
110.4
104.6
103.8
100.8
108.5
105.9
106.9
107.2
105.0
112.1
113.0
113.8
114.7
108.7
119.3
121.3
123.1
124.7
1955
19562
1955: January....
February- _
March
April
May
June
110.9
114.0
106.4
108.0
101.1
101.0
107.8
109.9
115.9
119.8
128.5
138.1
110.6
110.8
110.2
110.6
110.2
110.6
106.7
106.9
106.2
106.6
106.1
106.5
102.1
102.5
100.7
102.3
101.2
102.1
107.8
108.0
108.0
107.5
107.3
107.4
115.5
115.3
115.2
115.2
115.1
115.1
125.8
126.1
126.1
126.4
126.7
127.1
July
August
September.
October
November December. .
110.5
110.9
111.5
111.3
111.6
111.5
106.2
106.4
106.8
106.2
106.4
106.1
101.5
101.6
102.1
99.9
99.4
107.3
107.5
107.8
107.9
108.4
108.7
115.3
115.5
115.7
116.9
117.9
118.1
127.4
128.7
130.3
131.7
132.4
132.9
1956: January
February..
March
April
May
June
111.8
112.0
112.3
112.7
113.6
114.0
106.4
106.5
106.8
107.0
108.0
108.2
98.0
98.0
98.4
99.1
101.5
102.2
109.5
109.7
109.6
109.6
109.6
109.7
118.3
118.5
119.0
119.1
119.1
119.1
133.3
134.1
134.7
135.8
136.6
137.1
114.0
114.1
115.3
115.6
116.2
116.0
108.3
108.1
109.1
109.1
109.4
109.2
102.1
101.4
103.7
103.0
102.7
101.8
109.7
109.8
110.0
110.3
110.3
110.7
119.2
119.5
119.8
120.7
122.3
122.5
137.2
138.4
140.6
141.9
143.8
143.9
July
August
September _
October
November-2
December
1 Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.
2 Preliminary.
NOTE.—For a listing of the commodities included in each sector and their relative importance, see Monthly
Labor Review, December 1955.
Source: Department of Labor.
163
T A B L E E-36.—Consumer price indexes, 1929-56
For city wage-earner aud clerical-worker families
[1947-49=100]
Period
Housing
AU Food
items
Total Rent
d- Other
Per- Reaand
Ap- Trans- Medigoods
cal sonal ing
recrc
3aand
parel portation care care
tio n services
1929
73.3
65.6
60.3
0)
71.4
65.0
58.4
55.3
57.2
62.4
51.4
42.8
41.6
46.4
0)
0)
0)
0)
0)
0)
117.4
1930
1931
1932
1933
1934.
114.2
108.2
97.1
83.6
78.4
58.9
53.6
47.5
45.9
50.2
0)
0)
0)
0)
(0
58.7
59.3
61.4
60.3
59.4
49.7
50.1
52.1
48.4
47.1
71.8
72.8
75.4
76.6
76.1
78.2
80.1
83.8
86.5
86.6
50.6
51.0
53.7
53.4
52.5
59.9
62.9
69.7
74.0
75.2
47.8
52.2
61.3
68.3
67.4
76.4
78.3
81.8
82.8
84.7
86.9
88.4
90.4
90.3
90.6
76.9
83.4
95.5
102.8
101.8
68.9
79.0
95.9
104.1
100.0
86.1
88.3
95.0
101.7
103.3
102.8
111.0
113.5
114.4
114.8
101.2
112 6
114.6
112.8
112.6
114.5
116.1
_
1935
1936
1937
1938
1939___
__
1940
1941
1942
1943
1944
_„
1945
1946
1947
1948
1949
1950_
1951
1952____
1953
1954
____
1955__
___
1956 2
1955: January. _.
February, .
March
April
May
June
July
August
September.
October
November.
December.
1956: January. __
February. .
March
April
May
_
June
__
July
August—
September.
October
November.
0)
0)
0)
0)
(0
0)
0)
0)
0)
0)
69.6
70.2
71.3
71.9
70.2
71.4
71.6
72.3
72.5
72.6
54.6
55.3
58.5
59.8
59.6
58.1
59.1
60.8
62.9
63.0
67.2
67.0
68.8
69.4
70.6
53.2
55.6
64.9
67.8
72.6
69.8
72.2
78.5
78.2
78.2
72.7
73.1
75.1
78.7
81.2
59.5
61.0
66.9
73.8
79.0
64.1
66.4
69.5
75.3
83.4
72.8
74.2
76.3
80.2
82.4
90.9
91.4
94.4
100.7
105.0
76.3
83.7
97.1
103.5
99.4
78.1
82.1
90.6
100.9
108.5
83.1
87.7
94.9
100.9
104.1
81.5
87.4
97.6
101.3
101.1
86.8
89.7
95.5
100.4
104.1
85.7
88.6
96.1
100.5
103.4
106.1
112.4
114.6
117.7
119.1
108.8
113.1
117.9
124.1
128.5
98.1
106.9
105.8
104.8
104.3
111.3
118.4
126.2
129.7
128.0
106.0
111.1
117.2
121.3
125.2
101.1
110.5
111.8
112.8
113.4
103.4
106.5
107.0
108.0
107.0
105.2
109.7
115.4
118.2
120.1
110.9
111.6
120.0
121.6
130.3
132.5
103.7
105.4
126.4
128.3
128.0
132.5
115.3
119.9
106.6
108.0
120.2
121.9
114.3
114.3
114.3
114.2
114.2
114.4
110.6
110.8
110.8
111.2
111.1
111.3
119.6
119.6
119.6
119.5
119.4
119.7
129.5
129.7
130.0
129.9
130.3
130.4
103.3
103.4
103.2
103.1
103.3
103.2
127.6
127.4
127.3
125.3
125.5
125.8
126.5
126.8
127.0
127.3
127.5
127.6
113.7
113.5
113.5
113.7
113.9
114.7
106.9
106.4
106.6
106.6
106.5
106.2
119.9
119.8
119.8
119.8
119.9
119.9
114.7
114.5
114.9
114.9
115.0
114.7
112.1
111.2
111.6
110.8
109.8
109.5
119.9
120.0
120.4
120.8
120.9
120.8
130.4
130.5
130.5
130.8
130.9
131.1
103.2
103.4
104.6
104.6
104.7
104.7
125.4
125.4
125.3
126.6
128.5
127.3
127.9
128 0
128.2
128.7
129.8
130.2
115:5
115.8
116.6
117.0
117.5
117.9
106.3
106.3
106.7
106.7
106.8
106.8
120.3
120.4
120.6
120.6
120.6
120.6
114.6
114.6
114.7
114.9
115.4
116.2
109.2
108.8
109.0
109.6
111.0
113.2
120.6
120.7
120.7
120.8
120.9
121.4
131.4
131.5
131.6
131.7
132.2
132.5
104.1
104.6
104.8
104.8
104.8
104.8
126.8
126.9
126.7
126.4
127.1
126.8
130.7
130.9
131.4
131.6
131.9
132.0
118.5
118.9
119.2
119.5
119.6
119.9
107.3
107.5
107.7
108.2
108.2
107.6
120.8
120.9
121.2
121.4
121.5
121.8
117.0
lib. 8
117.1
117.7
117.8
114.8
113.1
113.1
113.1
112.9
121.8
122.2
122.5
122.8
123.0
133.2
133.2
133.4
133.4
133.8
105.3
105.5
106.5
106.8
127.7
128.5
128.6
132.6
133.2
132.7
133.3
134.0
134.1
134.5
120.1
120.3
120.5
120.8
121.4
107.7
107.9
108.4
108.5
109.0
122.2
122.1
122.7
123.0
123.2
1
Not available.
January-November average.
Source: Department of Labor.
2
0)
0)
164
107.0
0)
(i
(i
(l
MONEY SUPPLY, CREDIT, AND FEDERAL FINANCE
TABLE E-37.—Deposits and currency, 1929-56
[Billions of dollars]
Total excluding U. S. Government deposits 2
End of period *
Total
deposits
and
currency
Demand deposits and currency
Total
Total
Demand Curdeposits rency
adjusted 3 outside
U.S.
GovernTime ment
de- a
deposits * posits
banks
1929
54.7
54.6
26.4
22.8
3.6
28.2
0.2
1930.
1931
1932
1933
1934.-_
53.6
48.4
45.4
42.6
48.1
53.2
47.9
44.9
41.5
46.3
24.6
21.9
20.4
19.8
23.1
21.0
17.4
15.7
15.0
18.5
3.6
4.5
4.7
4.8
4.7
28.7
26.0
24.5
21.7
23.2
.5
.5
1.0
1.8
1935
1936
1937
1938._
1939
52.7
57.6
56.8
59.9
64.7
51.3
56.4
55.8
58.1
63.3
27.0
31.0
29.6
31.8
36.2
22.1
25.5
24.0
26.0
29.8
4.9
5.5
5.6
5.8
6.4
24.2
25.4
26.2
26.3
27.1
1.5
1.2
1.0
1.8
1.5
71.1
79.1
100. 5
123.4
151.4
70.0
76.3
91.3
112.4
130.2
42.3
48.6
62.9
79.6
90.4
34.9
39.0
48.9
60.8
66.9
7.3
9.6
13.9
18.8
23.5
27.7
27.7
28.4
32.7
39.8
1.1
2.8
9.2
11.0
21.2
176.4
167.5
172.3
172.7
173.9
180.6
189.9
200.4
205.7
214.8
221.0
225.8
213. 4
212.1
210.6
212.9
212.5
213.5
214.6
214.2
214.8
216.7
217.2
221.0
217.2
216.1
217.8
217.4
217.4
219.7
217.5
219.1
220.1
220.9
222.8
225.8
150.8
164.0
170.0
169.1
169.8
176.9
186.0
194.8
200.9
209.7
216.6
221.6
209.2
206.9
205.3
207.4
206.7
207.7
208.1
208.6
209.7
211.3
212.2
216.6
214.4
211.6
210.8
212.4
211.2
213.6
213.3
212.8
214.1
216.6
217.1
221.6
102.3
110.0
113.6
111.6
111.2
117.7
124.5
129.0
130.5
134.4
138.2
139.6
133.8
131.3
129.1
131.1
130.2
130.6
131.0
131.2
132.1
133.5
134.8
138.2
136.0
132.8
131.5
133.1
131.6
133.0
132.7
131.9
132.8
135.1
136.2
139.6
75.9
83.3
87.1
85.5
85.8
92.3
98.2
101.5
102.5
106.6
109.9
111.1
107.0
104.5
102.4
104.5
103.3
103.2
103.9
103.9
104.9
106.1
106.9
109. 9
108.9
105.6
104.4
106.1
104.2
104.7
105.2
104.5
105.4
107.4
108.2
111.1
26.5
26.7
26.5
2b. 1
25.4
25.4
26.3
27.5
28.1
27.9
28.3
28.5
26.8
26.8
26.7
26.7
26.8
27.4
27.1
27.3
27.2
27.3
27.9
28.3
27.1
27.2
27.2
27.0
27.4
28.3
27.4
27.5
27.4
27.7
28.0
28.5
48.5
54.0
56.4
57.5
58.6
59.2
61.5
65.8
70.4
75.3
78.4
82.0
75.4
75.7
76.2
76.2
76.5
77.1
77.1
77.4
77.7
77.9
77.4
78.4
78.4
78.8
79.3
79.3
79.6
80.6
80.7
80.9
81.3
81.5
80.9
82.0
25.6
3.5
2.3
3.6
4.1
3.7
3.9
5.6
4.8
5.1
1940
1941
1942
1943
1944
._
1945
1946
1947
1948
1949
1950
1951..
1952
1953
1954
1955
1956 6
1955: January
February.._
March
April
May
June
July..
August
September..
October
November..
December. _
1956: January
February
March
April
May
June..
July6 6
August
September 6
October 6.._
November«.
December 6 .
4.4
4.2
4.2
5.1
5.3
5.6
5.9
5.8
6.5
5.6
5.1
5.3
5.0
4.4
2.8
4.5
7.0
5.0
6.2
6.1
4.2
6.3
6.0
4.3
5.7
4.2
1
June, December, and end-of-year figures are for call dates. Other data are for the last Wednesday of
the
month.
2
Includes holdings of State and local governments.
s Includes demand deposits, other than interbank and U. S. Government, less cash items in process of
collection.
* Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but 'excludes interbank deposits.
* Includes U. S. Government deposits at Federal Reserve Banks and commercial and savings banks and,
beginning
with 1938, includes U. S. Treasurer's time deposits, open account.
6
Preliminary; December estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
165
TABLE E-38.—Loans and investments of all commercial banks, 1929-56
[Billions of dollars]
End of period *
1929—June 5
1930—Junes
1931—June6
1932—June 5
1933—June 8
1934—June«
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
19567
1955: January
February...
March
April
May
June
July
August
September..
October
November..
December..
1956: January
February.-.
March
April.
May
June
July 7
August 7___.
September 7
October 7....
November I
December 7.
Total
loans
and
investments
49.4
48.9
44.9
36.1
30.4
32.7
36.1
39.6
38.4
38.7
40.7
43.9
50.7
67.4
85.1
105.5
124.0
114.0
116.3
114.3
120.2
126.7
132.6
141.6
145.7
155.9
160.9
165.3
156.3
154.8
153.5
155.5
155.6
155.3
157.0
156.7
157.3
158.9
159.4
160.9
159.4
158.4
159.9
160.1
159.7
160.0
159.6
161.0
162.0
162.5
163.9
165.3
Investments
Loans
Total 2
35.7
34.5
29.2
21.8
16.3
15.7
15.2
16.4
17.2
16.4
17.2
18.8
21.7
19.2
19.1
21.6
26.1
31.1
38.1
42.5
43.0
52.2
57.7
64.2
67.6
70.6
82.6
90.6
70.6
71.2
72.3
72.9
73.9
75.2
76.6
77.3
78.4
79.2
81.4
82.6
82.0
82.5
84.7
85.3
86.0
86.9
87.1
87.5
88.5
88.8
89.6
90.6
Business
loans 3
(•)
(66)
()
<•)
(66)
()
(66)
()
(6)
5.7
6.4
7.3
9.3
7.9
7.9
8.0
9.6
14.2
18.2
18.9
17.1
21.9
25.9
27.9
27.2
26.9
33.2
38.7
26.6
26.8
27.4
27.6
28.0
28.9
29.1
29.9
30.5
8 31.1
32.3
33.2
32.7
32.9
34.5
34.8
34.8
36.1
35.8
36.4
37.0
37.2
37.8
38.7
Total
13.7
14.4
15.7
14.3
14.0
17.0
20.9
23.1
21.2
22.3
23.4
25.1
29.0
48.2
66.0
83.9
97.9
82.9
78.2
71.8
77.2
74.4
74.9
77.5
78.1
85.3
78.3
74.7
85.7
83.6
81.2
82.6
81.7
80.1
80.4
79.3
78.9
79.7
78.0
78.3
77.4
75.8
75.2
74.8
73.7
73.1
72.4
73.6
73.6
73.7
74.4
74.7
U. S. GovOther
ernment
obligations4 securities
4.9
5.0
6.0
6.2
7.5
10.3
13.8
15.3
14.2
15.1
16.3
17.8
21.8
41.4
59.8
77.6
90.6
74.8
69.2
62.6
67.0
62.0
61.5
63.3
63.4
69.0
61.6
58.5
69.0
66.8
64.2
65.6
65.0
63.3
63.7
62.5
62.0
62.9
61.4
61.6
60.9
59.2
58.6
58.2
57.3
56.6
56.2
57.2
57.0
57.4
58.1
58.5
8.7
9.4
9.7
8.1
6.5
6.7
7.1
7.9
7.0
7.2
7.1
7.4
7.2
6.8
6.1
6.3
7.3
8.1
9.0
9.2
10.2
12.4
13.3
14.1
14.7
16.3
16.7
16.2
16.7
16.8
17.0
17.0
16.7
16.8
16.7
16.9
16.9
16.8
16.6
16.7
16.5
16.6
16.6
16.6
16.4
16.5
16.3
16.4
16.6
16.3
16.3
16.2
1 June, December, and end-of-year figures are for call dates. Other data are for the last Wednesday of
the month.
2 Data are shown net, i. e., after deduction of valuation reserves. Includes commercial and industrial,
agricultural, security, real estate, bank, consumer, and other loans.
3 Beginning with 1948, data are shown gross of valuation reserves, instead of net as for previous years.
Prior to June 1947 and for months other than June and December, data are estimated on the basis of reported
data for all insured commercial banks and for weekly reporting member banks.
* Figures in this table are based on book values and relate only to banks within the continental United
States. Therefore, they do not agree with figures in Table E-46, which are on the basis of par values and
include holdings of banks in United States Territories and possessions.
6 June data are used because complete end-of-year data are not available prior to 1935 for U. S. Government obligations and other securities.
6 Not available.
7 Preliminary; December estimates by Council of Economic Advisers.
s For October 1955, certain loan items are available on two bases because of a reclassification resulting
from reporting errors. The business loans figure shown above is after reclassification. The figure before
reclassification is 30.8 billion.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
166
TABLE E-39.—Federal Reserve Bank credit and member bank reserves, 1929-56
[Averages of dailyfigures,millions of dollars]
Member bank reserves
Reserve Bank credit outstanding
Period
Total
U. S.
Government securities
Member
bank
borrowings
All
other,
mainly
float
Total
Required
Excess
Member
bank
"free"
reserves
(excess reserves less
borrowings)
1929
1,459
208
943
308
2,358
2,315
43
-900
1930
1931
1932...
1933
1934
„
1,087
1,274
2,077
2,429
2,502
564
669
1,461
2,052
2,432
271
323
518
234
29
252
282
98
143
41
2,379
2,323
2,114
2,343
3,676
2,324
2,234
1,858
i 1,815
i 2,112
55
89
256
1528
i 1,564
-216
-234
-262
294
1,535
—
—
2,475
2,481
2,554
2, 600
2,628
2,431
2,431
2,504
2,565
2,584
7
6
14
9
4
37
44
36
26
40
5,001
5,989
6,830
7,935
10,352
2,532
3,477
5,610
5,413
5,960
2,469
2,512
1,220
2,522
4,392
2,462
2,506
1,206
2,513
4,388
2,487
2,293
3,408
8,182
15,358
2,417
2,187
3,191
7,724
14,772
3
5
5
24
135
67
101
212
434
451
13,249
13, 404
12, 648
12, 626
13, 222
6,923
8,080
9,980
11,116
12,176
6,326
5,324
2,668
1,510
1,046
6,323
5,319
2,663
1,486
911
22, 211
24,029
22,989
22, 283
20,161
21,363
23, 250
22,330
21,511
19, 560
366
215
156
140
115
482
564
503
632
486
15,055
15,969
16, 461
18, 001
17, 774
13,934
14,993
15, 608
17,164
16,952
1,121
976
853
837
822
755
761
697
697
707
19,062
24,070
24,801
26, 262
25,602
18, 410
22, 756
23,066
24, 661
24, 646
106
289
780
768
147
546
1,025
955
833
809
16, 400
19, 293
20, 356
19, 996
19, 276
15, 617
18, 536
19, 642
19, 319
18, 504
783
757
714
677
772
677
468
-66
-91
625
1955
1956 2
25,472
25, 702
23, 891
23,709
607
831
974
1,160
18, 843
18, 965
18, 257
18,403
586
562
-21
-269
1955: January
February
March
April
May
June
25, 449
25,021
24, 989
25,070
24,924
24,958
24, 200
23, 838
23, 619
23, 632
23, 666
23, 598
313
354
463
495
368
401
936
829
907
944
890
958
19,114
18, 819
18, 635
18, 800
18, 746
18, 715
18, 432
18,195
18,050
18, 210
18,166
18,146
682
625
585
590
580
569
271
122
95
212
168
July
August
September
October
November
December.
25, 497
25, 450
25, 525
25, 792
26,089
26, 853
23,967
23, 886
23, 709
23, 951
23, 997
24, 602
527
765
849
884
1,016
839
1,003
799
967
956
1,075
1,412
18, 824
18, 728
18, 711
18. 870
18, 902
19, 240
18, 205
18,152
18,148
18, 345
18, 378
18, 646
619
577
564
524
525
594
92
-188
-285
-360
-491
-245
1956: January __
February
March...
April
May
June
25,879
25,183
25, 517
25,411
25, 237
25, 516
23,897
23, 401
23, 522
23, 410
23,322
23, 522
807
799
993
1,060
971
769
1,175
983
1,002
941
943
1,225
19,138
18, 709
18,924
18,847
18, 735
18,933
18, 586
18,177
18, 340
18,320
18, 268
18,359
552
533
585
527
467
575
-255
-266
-408
-533
-504
-194
25, 599
25,357
25,737
25, 698
26,097
27,156
23,580
23, 530
23, 728
23, 781
24,024
24,765
738
898
792
715
744
688
1,282
929
1,217
1,202
1,329
1,703
18,836
18, 783
19,024
18, 939
19,169
19, 535
18, 237
18, 224
18, 446
18,419
18, 579
18,877
599
559
579
520
590
658
-139
-339
-213
-195
-154
-30
1935
1936
1937
1938
1939.
1940
1941
1942
1943
1944
---
1945
1946
1947
1948
1949
--
1950
1951
1952
1953
1954
._.
_
July
August. _
September
October..
November
December2
»2 Data from March 1933 through April 1934 are for licensed banks only.
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
TABLE E-40.—Bond yields and interest rates, 1929-56
[Percent per annum]
U. S. Government securities
Corporate
bonds
(Moody's)
Average
High- rate on Prime
grade short- commermunic- term
bank
cial
ipal
bonds loans paper,
(Stand- to busi- 4-6
ard & ness- months
Poor's) selected
cities
Federal
Reserve
Bank
discount
rate
Aaa
Common
stock
yields,
200
stocks
Baa (Moody's)
4.73
5.90
3.41
4.27
(6)
5.85
5.16
1.402
.879
.515
.256
4.55
4.58
5.01
4.49
4.00
5.90
7.62
9.30
7.76
6.32
4.54
6.17
7.36
4.42
4.11
4.07
4.01
4.65
4.71
4.03
(6)
(66)
(6)
(6)
()
3.59
2.64
2.73
1.73
1.02
3.04
2.11
2.82
2.56
1.54
1935
1936
1937
1938
1939
.137
.143
.447
.053
.023
3 60
3.24
3.26
3.19
3.01
5.75
4.77
5.03
5.80
4.96
4.06
3.50
4.77
4,38
4.15
3.40
3.07
3.10
2.91
2.76
(6)
(66)
()
(6)
2.1
.75
.75
.94
.81
.59
1.50
1.50
1.33
1.00
1.00
1940
1941
1942
1943
1944
.014
.103
.326
.373
.375
2.84
2.77
2.83
2.73
2,72
4.75
4.33
4.28
3.91
3.61
5.31
6.25
6.67
4.89
4.81
2.50
2.10
2.36
2.06
1.86
2.1
2.0
2.2
2.6
2.4
.56
,53
,66
.69
a 73
Period
3-month
Treas- 9-12
month
ury
bills i issues 2
Taxable bonds 3
10-20
years
20
years
and
over
1929
1930
1931
1932
1933
1934.
()
___
___.
()
.75
.79
2.46
2.47
2.48
7
7
7
7
1.00
1.00
1.00
1.00
1.00
1945
1946
1947
1948
1949
.375
.375
.594
1.040
1.102
.81
.82
.88
1.14
1.14
2.37
2.19
2.25
2.44
2.31
2.62
2.53
2.61
2.82
2.66
3.29
3.05
3.24
3.47
3.42
4.19
3.97
5.13
5.78
6.63
1.67
1.64
2.01
2 40
2.21
2.2
2.1
2.1
2.5
2.7
.75
.81
1.03
1.44
1.49
1950
1951
1952
1953
1954
1.218
1.552
1.766
1.931
.953
1.26
1.73
1.81
2.07
.92
2.32
2.57
2.68
8 2.92 9 3.16
2.71
2.52
2.62
2.86
2.96
3.20
2.90
3.24
3.41
3.52
3.74
3.51
6.27
6.12
5.50
5.49
4.78
1.98
2.00
2.19
2.72
2.37
2.7
3.1
3.5
3.7
3.6
1.45
2.16
2.33
2.52
1.58
1.59
1.75
1.75
1.99
1.60
1955
_.
1956
1954:
January
February _.
March
April
May
_
June
1.753
2.906
1.89
2.83
2.80
3.06
2.94
3.11
3.06
3.36
3.53
3.88
4.06
4.07
2.53
2.93
3.7
4.2
2.18
3.31
1.89
2.77
1.214
.984
1.053
1.011
.782
.650
1.33
1.01
1.02
.90
.76
.76
2.67
2.58
2.50
2.45
2.52
2.53
2.90
2.85
2.73
2.70
2.72
2.70
3.06
2.95
2.86
2.85
2.88
2.90
3.71
3.61
3.51
3.47
3.47
3.49
5.33
5.32
5.14
4.94
4.88
4.82
2.50
2 39
2.38
2.47
2.49
2.48
3.72
2.11
2 00
2.00
L76
L 58
L 56
2.00
1.79
1.75
1.63
1.50
1.50
July
August
September.
October. __
November.
December _
.710
.892
1.007
.987
.948
1.174
.65
.64
.89
1.03
.94
1.10
2.45
2.46
2.50
2.52
2.55
2.57
2.62
2.60
2.64
2.65
2.68
2.68
2.89
2.87
2.89
2.87
2.89
2.90
3.50
3.49
3.47
3.46
3.45
3.45
4.61
4.75
4.46
4.57
4.39
4.20
2.31
2 23
2.29
2.32
2.29
2.33
3.56
L. 45
L 33
L. 3 1
L. 3 1
L.31
L. 3 1
1.50
1.50
1.50
1.50
1.50
1.50
See footnotes at end of table.
168
3 60
3.55
7
1.00
1.00
1.00
1.34
1.50
TABLE E-40.—Bond yields and interest rates,
1929-56—Continued
[Percent per annum]
U. S. Government securities
Corporate
bonds
(Moody's)
Taxable bonds 3
Period
3-month
Treas9-12
ury
month
bills i issues 2
20
years
and
over
Aaa
10-20
years
Average
High- rate on Prime
FedCommon grade
eral
shortcomstock
Remunic- term
meryields,
serve
bank
ipal
cial
200
loans paper, Bank
bonds
stocks
dis4-6
(Stand- to busiBaa (Moody's) ard & ness- months count
rate
Poor's) selected
cities
1955:
January
February...
March
April
May__
June
1.257
1.177
1.335
1.620
1.491
1.432
1.36
1.41
1.49
1.71
1.72
1.71
2.66
2.72
2.72
2.77
2.76
2.77
2.77
2.92
2.92
2.92
2.91
2.91
2.93
2.99
3.02
3.01
3.04
3.05
3.45
3.47
3.48
3.49
3.50
3.51
4.22
4.21
4.21
4.12
4.14
3.87
2.39
2.42
2.45
2.43
2.41
2.48
July.
August
SeptemberOctober
November.
December..
1.622
1.876
2.086
2.259
2.225
2.564
1.88
2.12
2.14
2.19
2.28
2.56
2.88
2.91
2.88
2.82
2.85
2.8S
2.96
3.02
3.00
2.96
2.96
2.97
3.06
3.11
3.13
3.10
3.10
3.15
3.52
3.56
3.59
3.59
3.58
3.62
3.78
3.91
3.93
4.12
4.09
4.06
2.62
2.67
2.63
2.56
2.55
2.71
1956:
January
February....
March
April
May
June
2.456
2.372
2.310
2.613
2.650
2.527
2.50
2.38
2.43
2.83
2.83
2.69
2.86
2.82
2.90
3.05
2.94
2.89
2.94
2.93
2.98
3.10
3.03
2.98
3.11
3.08
3.10
3.24
3.28
3.27
3.60
3.58
3.60
3.68
3.73
3.75
4.21
4.09
3.86
3.87
4.13
4.01
2.64
2.58
2.69
2.88
2.86
2.75
July
—
August
SeptemberOctober
November..
December- _
2.334
2.606
2.850
2.961
3.000
3.230
2.62
3.01
3.17
3.07
3.15
3.33
2.97
3.15
3.19
3.18
3.30
3.43
3.05
3.19
3.25
3.24
3.31
3.37
3.28
3.43
3.56
3.59
3.69
3.75
3.80
3.93
4.07
4.17
4.24
4.37
3.87
4.02
4.24
4.23
4.25
4.13
2.78
2.94
3.07
3.14
3.38
3.44
3.54
3.56
3.77
3.93
3.93
4.14
4.35
4.38
1.47
1.68
1.69
1.90
2.00
2.00
L. 50
L.50
L. 50
L. 63
t. 75
1.75
2.11
2.33
2.54
2,70
2.81
2.99
]L. 75
1.97
2.18
2.25
2.36
2.50
3.00
3.00
3.00
3.14
3.27
3.38
2.50
2.50
2.50
2.65
2.75
2.75
3.27
3.28
3.50
3.63
3.63
3.63
2.75
2.81
5.00
;J.00
$.00
J. 00
I
1 R a t e on n e w issues w i t h i n period. Issues were t a x exempt prior t o M a r c h 1, 1941, a n d fully taxable
thereafter. F o r t h e period 1934-37, series includes issues w i t h m a t u r i t i e s of more t h a n 3 m o n t h s .
2
Includes certificates of indebtedness a n d selected n o t e a n d b o n d issues (fully taxable).
3
First issued i n 1941. T h e single series on these b o n d s (which continued t h r o u g h M a r c h 1953) included:
October 1941-March 1952, b o n d s d u e or callable after 15 years; April 1952-March 1953, bonds d u e or callable
after 12 years.
4
T r e a s u r y bills were first issued i n December 1929 a n d were issued irregularly in 1930.
5
N o t available before A u g u s t 1942.
6
N o t available on same basis as for 1939 a n d subsequent years.
7
F r o m October 30, 1942 t o April 24, 1946, a preferential r a t e of 0.50 percent w a s i n effect for advances
secured b y G o v e r n m e n t securities m a t u r i n g or callable i n 1 year or less.
8
J a n u a r y - M a r c h 1953, b o n d s d u e or callable 12 years a n d after; beginning April 1953, bonds d u e or callable
from 10 t o 20 years.
9
Beginning April 15,1953, b o n d s d u e or callable 20 years a n d after.
N O T E . — Y i e l d s a n d rates c o m p u t e d for N e w Y o r k C i t y , except for short-term b a n k loans.
Sources: T r e a s u r y D e p a r t m e n t , Board of Governors of t h e Federal Reserve System, M o o d y ' s Investors
Service, a n d S t a n d a r d & P o o r ' s Corporation.
TABLE E-41.—Short- and intermediate-term consumer credit outstanding, 1929-56
[Millions of dollars]
Instalment credit
End of period
Total
Total
Other
Autoconmobile sumer
paper 1 goods
paper 1
Noninstalment credit
Repair
and
Permodern- sonal
ization loans
loans 2
Total
Charge
Others
accounts
6,444
3,151
3,293
1,602
1,691
5,767
4,760
3,567
3,482
3,904
2,687
2,207
1,521
1,588
1,871
3,080
2,553
2,046
1,894
2,033
1,476
1,265
1,020
990
1,102
1,604
1,288
1,026
904
931
1935
1936
1937
1938
1939
4,911
6,135
6,689
6,338
7,222
2,694
3,623
4,015
3,691
4,503
()
1,497
()
1,620
2,217
2,512
2,674
2,647
2,719
1,183
1,300
1,336
1,362
1,414
1,034
1,212
1,338
1,285
1,305
1940
1941
1942
1943
1944
8,338
9,172
5,983
4,901
5,111
5,514
6,085
3,166
2,136
2,176
2,071
2,458
742
355
397
1,827
1,929
1,195
819
791
371
376
255
130
119
2,824
3,087
2,817
2,765
2,935
1,471
1,645
1,444
1,440
1,517
1,353
1,442
1,373
1,325
1,418
2,462
5,665
4,172
8,384
11, 570 6,695
8,996
14,398
17,305 11,590
455
981
1,924
3,018
4,555
816
1,290
2,143
2,901
3,706
182
405
718
853
3,203
4,212
4,875
5,402
5,715
1,612
2,076
2,353
2,673
2,795
1,591
2,136
2,522
2,729
2,920
21,395
22,617
27,401
31,243
32,292
14, 703
15, 294
19,403
23,005
23,568
6,074
5,972
7,733
9,835
4,799
4,880
6,174
6,779
6,751
1,016
1,085
1,385
1,610
1,616
2,814
3,357
4,111
4,781
5,392
6,692
7,323
7,998
8,238
8,724
3,291
3,605
4,011
4,124
4,308
3,401
3,718
3,987
4,114
4,416
42,000
29,020
31,600
13,468
14,500
7,626
8,200
1,670
1,800
6,256
7,200
10,400
4,544
4,800
5,084
5,700
31, 676
31,428
31,800
32,638
33,479
34,395
23, 516
23,614
24,061
24, 612
25,229
26,001
9,862
10,029
10,410
10, 798
11,256
11, 796
6,563
6,554
6,595
1,573
1,549
1,529
1, 532
1,544
1,562
5,415
5,473
5,568
5,687
5,766
5,874
8,160
7,814
7,739
8,026
8,250
3,792
3,365
3,230
3,459
3,560
3,588
4,368
4,449
4,509
4,567
4,690
4,806
July
August
September
October
November
December
34,807
35, 526
36,169
36, 573
37,114
38, 648
26, 546
27,195
27, 702
27,968
28, 269
29,020
12,236
12,719
13,075
13,246
13,326
13,468
6,808
6,959
7,025
7,169
7,626
1,574
1,599
1,625
1,648
1,661
1,670
5,928
5,993
6,043
6,049
6,113
6,256
8,261
8,331
8,467
8,605
8,845
3,500
3,506
3,586
3,715
3,839
4,544
4,761
4,825
4,881
4,890
5,006
5,084
1956: January...
FebruaryMarch
April
May
June
37,848
37, 474
37, 761
38,222
38,919
39,454
28,915
29,112
29,419
29, 763
30,084
13,481
13, 574
13, 743
13,892
14, 059
14, 255
7,487
7,371
7,300
7,337
7,401
7,417
1,638
1,628
1,631
1,643
1,677
1,700
6,342
6,547
6,626
6,712
8,962
8,559
8,649
9,156
9, 370
3,961
3,530
3,469
3,531
3,701
3,804
5,001
5,029
5,180
5,272
5,455
5,566
July
August
September
October
November
December
39,478
39,878
40,074
40,196
40, 631
42,000
30,297
30, 644
30, 707
30,811
31,024
31,600
14,381
14, 530
14, 533
14,478
14, 449
14, 500
7,421
7,493
7,497
7,601
7,752
8,200
1,710
1,734
1,758
1,781
1,797
1,800
6,785
6,887
6,919
6,951
7,026
7,200
9,181
9,234
9,367
9,385
9,607
10, 400
3,674
3,696
3,780
3,875
4,029
4,800
5,507
5,538
5,587
5,510
5,578
5,700
1929
1930
1931.
1932
1933
1934
..
1945
1946
1947
1948
19491950
1951
1952
1953-.
1954
„
1955
1956s
1955: January
February.
March
April
May
June
6,769
1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer
goods and secured by the items purchased.
2 Includes only such loans held by financial institutions; those held by retail outlets are included in "other
consumer goods paper."
3 Single-payment loans and service credit.
* Not available.
6
Preliminary estimates by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System (except as noted).
170
T A B L E E-42.—Instalment credit extended and repaid, 1946—56
[Millions of dollars]
Total
Repair and
Other consumer modernization
goods paper
loans
Automobile
paper
Period
Extended
1946..
1947..
1948..
1949..
1950..
1951..
1952..
19531954-.
1955..
1956 V
8,495
12, 713
15, 585
18,108
21, 558
23, 576
29, 514
31, 558
31,051
39,128
39,700
Repaid
Extended
Extended
Repaid
1,443 3,077
2,749
4,498
4,123
5,383
5,217
5,430
5,865
6,967
8,530 7,011 7,150
8,956 9,058 7,485
25, 405 11,764 10,003 9,186
27,956 12,981 10,879 9,227
30,488 11,807 11,833 9,117
33, 676 16, 743 13,084 10, 615
37,100 15,600 14,700 11,100
6,785
10,190
13, 284
15, 514
18,445
Repaid
Extended
2,603
3,645
4,625
5,060
6,057
7,404
7,892
8,622
9,145
9,740
10,500
Personal
loans
Repaid
Extended
Repaid
423
704
714
734
835
841
1,217
1,344
1,261
1,359
1,500
200
391
579
689
717
772
917
1,119
1,255
1.305
1,300
3,026
3,819
4,271
4,542
5,043
6,294
7,347
8,006
8,866
10,411
11,500
2,539
3,405
3,957
4,335
4,660
5,751
6, 593
7,336
8,255
9,547
10,700
66
74
97
105
121
126
115
137
135
135
130
118
88
97
113
123
145
128
127
137
125
140
125
100
109
98
117
102
109
108
103
112
109
112
117
109
120
107
110
111
111
105
117
113
101
117
109
100
743
749
908
892
849
918
832
875
839
824
900
1,082
845
854
993
967
969
988
980
1,022
866
948
1,000
1,100
720
691
813
773
770
810
778
810
789
818
836
939
821
792
897
858
890
902
907
920
834
916
925
1,000
90
97
104
107
115
115
111
123
123
125
125
124
119
123
120
129
133
116
121
122
117
125
121
100
110
104
109
105
112
107
108
109
108
112
113
108
121
110
102
118
111
104
121
112
104
113
105
100
829
841
832
874
859
857
852
877
894
894
904
898
939
922
911
982
943
920
1,002
1.020
962
988
1,006
1,000
751
758
755
779
782
789
803
804
823
837
832
834
856
833
834
Unadjusted
1955: January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..
1956: January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December».
2,510
2,589
3,315
3,267
3,351
3,613
3,279
3,576
3,361
3,211
3,271
3,785
2,885
2,918
3,305
3,329
3,470
3,390
3,316
3,504
2,981
3,382
3,387
3,800
2,562
2,491
2,868
2,716
2,734
2,841
2,734
2,927
2,854
2,945
2,970
3,034
3,019
2,889
3,108
3,022
3,126
3,069
3,103
3,157
2,918
3,278
3,174
3,200
1,000
1,101
1,478
1,420
1,512
1,656
1,500
1,654
1,500
1,347
1,272
1,303
1,192
1,236
1,378
1,345
1,407
1,391
1,337
1,393
1,150
1,284
1,225
1,300
947
934
1,097
1,032
1,054
1,116
1,060
1,171
1,144
1,176
1,192
1,161
1,179
1,143
1,209
1,196
1,240
1,195
1,211
1,244
1,147
1,339
1,254
1,300
701
665
832
850
869
913
832
910
887
905
969
1,282
760
731
821
894
949
883
872
952
840
1,010
1,037
1,300
786
768
841
809
801
807
793
834
812
839
825
825
899
847
892
857
885
867
868
880
836
906
886
900
Seasonally adjusted
1955: January
February. _.
March
April
May
June
July
August
SeptemberOctober
November..
December..
1956: January
February...
March
April
May
June
July
August
SeptemberOctober
November.
December V
3,000
3,078
3,197
3,230
3,274
3,257
3,258
3,416
3,421
3,327
3,355
3,315
3,441
3,324
3,174
3,409
3,264
3,058
3,302
3,358
3,160
3,370
3,461
3,400
2,633
2,642
2,668
2,719
2,786
2,788
2,830
2,864
2,900
2,967
2,961
2,918
3,109
2,948
2,888
3,145
3,063
3,009
3,160
3,147
3,087
3,183
3,161
3,200
1,226
1,300
1,386
1,357
1,409
1,409
1,408
1,505
1,504
1,435
1,415
1,389
1,456
1,396
1,284
1,330
1,256
1,181
1,252
1,264
1,198
1,315
1,361
1,400
999
1,006
1,027
1,046
1,085
1,084
1,093
1,122
1,137
1,169
1,173
1,143
1,245
1,184
1,130
1,258
1,226
1,158
1,229
1,214
1,185
1,284
1,232
1,300
1
855
840
875
892
891
876
887
911
900
873
911
904
927
883
859
968
932
841
927
952
883
942
973
1,000
773
774
111
789
807
808
826
829
832
849
843
833
887
821
822
870
858
869
890
891
893
883
905
900
Preliminary; December by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System (except as noted).
17!
878
920
930
905
903
919
900
TABLE E-43.—Mortgage debt outstanding, by type of property and offinancing,1939-56
[Billions of dollars]
Nonfarm properties
1- to 4-family houses
All properties
End of period
Government
underwritten
Total
Total
Total
VA
FHA
guarinsured anteed
Multifamily
and comConven- mercial
proptional^
erties"
Farm
properties
35.5
28.9
16.3
1.8
1.8
14.5
12.5
36.5
37.6
36.7
35.3
34.7
30.0
31.2
30.8
29.9
29.7
17.4
18.4
18.2
17.8
17.9
2.3
3.0
3.7
4.1
4.2
2.3
3.0
3.7
4.1
4.2
15.1
15.4
14.5
13.7
13.7
12.6
12.9
12.5
12.1
11.8
6.6
6.5
6.4
6.0
5.4
4.9
35.5
41.8
48.9
56.2
62.7
30.8
36.9
43.9
50.9
57.1
18.6
23.0
28.2
33.3
37.6
4.3
6.1
9.3
12.5
15.0
4.1
3.7
3.8
5.3
6.9
0.2
2.4
5.5
7.2
8.1
14.3
16.9
18.9
20.8
22.6
12.2
13.8
15.7
17.6
19.5
4.8
4.9
5.1
5.3
5.6
1950
1951
1952
1953
1954
72.8 66.7
82.2 75.6
91.2 84.1
101.1 93.5
113.6 105.4
45.2
51.7
58.5
66.1
75.7
18.9
22.9
25.4
28.1
32.1
8.6
9.7
10.8
12.0
12.8
10.3
13.2
14.6
16.1
19.3
26.3
28.8
33.1
38.0
43.6
21.6
23.9
25.6
27.4
29.7
6.1
6.6
7.2
7.7
8.2
1955
19563
129.7 120.8
144.5 134.7
88.1
99.0
38.9
44.1
14.3
15.5
24.6
28.6
49.2
54.9
32.6
35.7
1954: First quarter
Second quarter
Third quarter
Fourth quarter
103.1 95.3
106.2 98.2
109.7 101.6
113.6 105.4
67.6
69.9
72.6
75.7
28.8
29.7
30.7
32.1
12.2
12 A
12.6
12.8
16.6
17.3
18.1
19.3
38.8
40.2
41.9
43.6
27.7
28.4
29.0
29.7
117.2
121.8
126.1
129.7
108.8
113.2
117.2
120.8
78.5
82.2
85.5
88.1
33.5
35.3
37.0
38.9
13.2
13.5
13.9
14.3
20.3
21.8
23.1
24.6
45.0
46.9
48.5
49.2
30.3
31.0
31.8
32.6
133.3
137.3
141.1
144.5
124.1
127.8
131.5
134.7
90.8
93.7
96.6
99.0
40.2
41.3
42.4
44.1
14.7
15.0
15.2
15.5
25.5
26.3
27.2
28.6
50.6
52.4
54.2
54.9
33.3
34.1
34.9
35.7
9.0
9.8
7.8
8.0
8.1
8.2
8.4
8.7
8.8
9.0
9.2
9.5
9.6
9.8
1939
-_.
-
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
_
_
-
-
1955: First quarter
Second quarter
Third quarter
Fourth quarter
1956: First quarter 3 3
Second quarter
Third quarters 3
Fourth quarter
_
1 Derived figures.
2 Includes negligible amount of farm loans held by savings and loan associations.
Preliminary; fourth quarter by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied
by various Government and private organizations (except as noted).
3
172
TABLE E-44.—Net public and private debt, 1929-56
x
[Billions of dollars]
Private
End of
period 2
State
Fed- and
eral local
Total Gov- govern- ern- Total
ment ment2
Corporate
Individual and noncorporate
Nonfarm
Long- ShortTotal term term Total Farm 3
CommerTotal Mort- cial Congage and sumer
financial*
1929
190.9
16.5
13.2 161.2
88.9
47.3
41.6
72.3
12.2
60.1
31.2
22.4
6.4
1930
1931
1932
1933
1934
191.0
181.9
174.6
168.5
171.4
16.5
18.5
21.3
24.3
30.4
14.1
15.5
16.6
16.7
15.9
160.4
147.9
136.7
127.5
125.1
89.3
83.5
80.0
76.9
75.5
51.1
50.3
49.2
47.9
44.6
38.2
33.2
30.8
29.1
30.9
71.1
64.4
56.7
50.6
49.6
11.8
11.1
10.1
9.1
8.9
59.4
53.3
46.6
41.5
40.7
32.0
30.9
29.0
26.3
25.5
21.6
17.6
14.0
11.7
11.2
5.8
4.8
3.6
3.5
3.9
1935
1936
1937
1938
1939
174.7
180.3
182.0
179.6
183.2
34.4
37.7
39.2
40.5
42.6
16.0
16.2
16.1
16.0
16.3
124.2
126.4
126.7
123.1
124.3
74.8
76.1
75.8
73.3
73.5
43.6
42.5
43.5
44.8
44.4
31.2
33.5
32.3
28.4
29.2
49.4
50.3
50.9
49.8
50.8
9.0
8.6
8.6
9.0
8.8
40.4
41.7
42.3
40.9
42.0
24.7
24.4
24.3
24.5
25.0
10.8
11.2
11.3
10.1
9.8
4.9
6.1
6.7
6.3
7.2
1940
1941
1942
1943
1944
189.9
211.6
259.0
313.6
370.8
44.8
56.3
101.7
154.4
211.9
16.5
16.3
15.8
14.9
14.1
128.6
139.0
141.5
144.3
144.8
75.6
83.4
91.6
95.5
94.1
43.7
43.6
42.7
41.0
39.8
31.9
39.8
49.0
54.5
54.3
53.0
55.6
49.9
48.8
50.7.
9.1
9.2
8.9
8.2
7.7
43.9
46.4
41.0
40.5
43.0
26.0
27.2
26.8
26.2
26.1
9.5
10.0
8.1
9.5
11.8
8.3
9.2
6.0
4.9
5.1
1945
1946
1947
1948
1949
406.3
397.4
417.9
434.0
448.4
252.7
229.7
223.3
216.5
218.6
13.7
13.6
14.4
16.2
18.1
139.9 85.3
154.1 93.5
180.2 108.9
201.3 117.8
211.7 118.0
38.3
41.3
46.1
52.5
56.5
47.0
52.2
62.8
65.3
61.5
54.6
60.6
71.3
83.5
93.7
7.2
7.7
8.6
10.8
12.0
47.4
53.0
62.7
72.7
81.6
27.0
32.5
38.7
45.1
50.6
14.8
12.1
12.4
13.2
13.7
5.7
8.4
11.6
14.4
17.3
1950
1951
1952
1953
1954
491.3
525.8
557.1
587.6
608.7
218.7
218.5
222.9
228.1
230.2
20.7
23.3
25.8
28.6
33.4
251.9
284.0
308.4
330.9
345.1
142.1
162.5
171.0
178.6
177.5
60.1
66.6
73.3
79.5
84.6
81.9
95.9
97.7
99.1
92.8
121.5
137.4
152.3
167.6
12.2
13.6
15.1
16.8
17.5
97.6
107.9
122.2
135.6
150.0
59.4
67.4
75.2
83.8
94.7
16.8
17.9
19.7
20.6
23.1
21.4
22.6
27.4
31.2
32.3
1955
1956 fl
660.2
693.0
231.5
225.3
38.4 390.3 196.8
42.7 425.0 211.5
92.5
101.5
18.8 174.7
20.5 193.0
108.8
121.5
27.2
29.5
38.6
42.0
104.3 193.5
110.0 213.5
1 Net public and private debt outstanding is a comprehensive aggregate of the indebtedness of borrowers
after elimination of certain types of duplicating governmental and corporate debt. For a further explanation
of the concept, see Survey of Current Business, October 1950.
2
Data for State and local government are for June 30 of each year.
3 Farm mortgages and farm production loans. Farmers' financial and consumer debt is included in the
nonfarm categories.
4 Financial debt is debt owed to banks for purchasing or carrying securities, customers' debt to brokers,
and
debt owed to life insurance companies by policyholders.
5
Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for 1948-55 for consumer debt (and related subtotals and totals) have been adjusted by
the Council of Economic Advisers to reflect revisions for 1948-56 in the consumer credit statistics of the
Board of Governors of the Federal Reserve System. No attempt has been made to reconcile other debt
items with the adjustments in consumer debt.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Agriculture, Department of Commerce, Treasury Department, Board of Governors of the Federal Reserve System, Federal Savings and Loan Insurance Corporation, and Interstate
Commerce Commission (except as noted).
173
TABLE E-45.—U. S. Government debt—total, and by kind of obligations, 1929-56
[Billions of dollars]
Interest-bearing public debt
End of period
Gross
public
debt and
guaranteed
issues 1
Marketable public
Nonmarketable public issues
Shortterm
issues 3
Treasury
bonds
United
States
savings
bonds
Treasury
tax and
savings
notes
Investment
bonds3
Special4
issues
1929.__
16.3
3.3
11.3
0 6
1930
1931
1932
1933
1934
16.0
17.8
20.8
24.0
31.5
2.9
2.8
5.9
7.5
11.1
11.3
13.5
13.4
14.7
15.4
.4
.4
.4
1935
1936
1937
1938
1939
35.1
39.1
41.9
44.4
47.6
14.2
12.5
12.5
9.8
7.7
14.3
19.5
20.5
24.0
26.9
0.2
.5
1.0
1.4
2.2
1940
1941
1942
1943
1944
50.9
64.3
112.5
170.1
232.1
7.5
8.0
27.0
47.1
69.9
28.0
33.4
49.3
67.9
91.6
3.2
6.1
15.0
27.4
40.4
2.5
6.4
8.6
1945
1946
1947
1948
1949
278.7
259.5
257.0
252.9
257.2
78.2
57.1
47.7
45.9
50.2
120.4
119.3
117.9
111.4
104.8
48.2
49.8
52.1
55.1
56.7
8.2
5.7
5.4
4.6
7.6
1.0
1.0
1.0
20.0
24.6
29.0
31.7
33.9
256.7
259. 5
267.4
275.2
278.8
58.3
65.6
68.7
77.3
76.0
94.0
76.9
79.8
77.2
81.8
58.0
57.6
57.9
57.7
57.7
8.6
7.5
5.8
6.0
4.5
1.0
13.0
13.4
12.9
12.7
33.7
35.9
39.2
41.2
42.6
1955
1956
1955: January. _.
February..
March
April
May
June
280.8
276.7
81.3
79.5
81.9
80.8
57.9
56.3
12.3
11.6
43.9
45.6
278.5
278.2
274.1
276.7
277.5
274.4
76.0
76.2
72.2
75.4
77.3
74.1
81.8
81.4
81.1
81.1
81.1
81.1
58.0
58.2
58.4
58.3
58.3
58.4
4.5
4.4
4.3
4.3
2.8
1.9
12.7
12.7
12.6
12.6
12.6
12.6
42.3
42.0
42.1
41.7
42.2
43.3
July
August
September.
October
November.
December.
277.6
278.4
277.5
279.9
280.2
280.8
76.7
77.0
77.6
80.6
80.6
81.3
81.8
81.8
81.9
81.9
81.9
81.9
58.4
58.4
58.3
58.3
58.3
57.9
1.7
1.2
.4
.1
.1
12.6
12.6
12.5
12.4
12.3
12.3
43.3
44.2
43.9
43.7
44.0
43.9
1956: January. _.
FebruaryMarch
April
May
June
--
280.1
280.2
276.4
275.8
276.8
272.8
81.4
81.4
77.6
77.7
77.7
73.1
81.9
81.9
81.9
81.8
81.8
81.8
57.6
57.7
57.7
57.7
57.7
57.5
12.2
12.2
12.2
12.1
12.0
12.0
43.6
43.7
43.7
43.4
44.3
45.1
July
August
September
October
November.
December-
272.7
275.6
274.3
275.4
277.1
276.7
73.1
75.5
75.5
77.1
78.9
79.5
81.8
81.8
57.4
57.3
57.3
57.1
56.9
56.3
12.0
11.9
11.9
11.8
11.7
11.6
45.4
46.1
45.8
45.5
45.7
45.6
1950
1951
1952..
1953
1954...
--.
-
80.8
.7
.6
2.2
3.2
4.2
5.4
7.0
9.0
12.7
16.3
1 Total includes non-interest-bearing debt, fully guaranteed securities (except those held by the Treasury),
Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bonds, and armed forces leave
bonds, not shown separately. Not all of total shown is subject to statutory debt limitation.
2
Includes bills, certificates of indebtedness, and notes.
3
Includes Series A bonds and, beginning in April 1951, Series B convertible bonds.
* Issued to U. S. Government investment accounts. These accounts also held 8 billion dollars of public
marketable and nonmarketable issues on December 31,1956.
s Less than 50 million dollars,
e The last series of treasury savings notes matured in April 1956.
Source: Treasury Department.
174
TABLE E-46.—Estimated ownership of Federal obligations, 1939-56
[Par values *, billions of dollars]
Gross public debt and guaranteed issues3
End of period
Held by others
Held
by U.S.
GovMutual
ernsavings
State
Total ment
MiscelCombanks Other
and
Federal
invest- Total Reserve mercial and
incorporlocal Individ- laneous
ment
batiks 3 surance ations * jovern-8 uals o invesBanks
tors t
accomments
counts
panies
1939...
47.6
6.5
41.1
2.5
15.9
9.4
2.2
0.4
10.1
0.7
1940..
1941_.
1942..
1943..
1944..
50.9
64.3
112.5
170.1
232.1
7.6
9.5
12.2
16.9
21.7
43.3
54.7
100.2
153.2
210.5
2.2
2.3
6.2
11.5
18.8
17.3
21.4
41.1
59.9
77.7
10.1
11.9
15.8
21.2
28.0
2.0
4.0
10.1
16.4
21.4
.5
.7
1.0
2.1
4.3
10.6
13.6
23.7
37.6
53.3
2.3
4.4
7.0
1945..
1946..
1947..
1948..
1949..
278.7
259.5
257.0
252.9
257.2
27.0
30.9
34.4
37.3
39.4
251.6
228.6
222.6
215.5
217.8
24.3
23.3
22.6
23.3
18.9
90.8
74.5
68.7
62.5
66.8
34.7
36.7
35.9
32.7
31.5
22.2
15.3
14.1
14.8
16.8
6.5
6.3
7.3
7.9
8.1
64.1
64.2
65.7
65.5
66.3
9.1
8.1
8.4
8.9
9.4
1950-.
1951..
1952..
19531954.
256.7
259.5
267.4
275.2
278.8
39.2
42.3
45.9
48.3
49.6
217.5
217.2
221.6
226.9
229.2
20.8
23.8
24.7
25.9
24.9
61.8
61.6
63.4
63.7
69.2
29.6
26.3
25.5
25.0
23.8
19.7
20.7
19.9
21.6
19.8
8.8
9.6
11.1
12.7
14.4
66.3
64.6
65.1
64.8
63.0
10.5
10.6
11.7
13.2
13.9
1955—
1956 8_.
280.8
276.7
51.7
54.1
229.1
222.6
24.8
24.9
62.0
59.1
22.8
21.0
24.0
19.0
15.1
15.8
64.9
15.6
16.0
1955: January
February.._
March
April
May
June
278.5
278.2
274.1
276.7
277.5
274.4
49.4
49.2
49.4
48.9
49.5
50.5
229.0
229.0
224.7
227.8
228.1
223.9
23.9
23.6
23.6
23.6
23.7
23.6
68.7
66.9
64.2
65.8
64.8
63.5
24.1
24.0
23.8
23.8
23.7
23.5
20.5
21.7
19.5
20.6
21.7
19.3
14.5
14.6
14.6
14.6
14.7
14.7
63.6
64.2
64.8
64.9
65.1
64.8
13.9
13.9
14.2
14.4
14.4
14.4
July
August
September..
October
November. December..
277.6
278.4
277.5
279.9
280.2
280.8
50.6
51.6
51.2
51.0
51.6
51.7
227.0
226.8
226.3
228.8
228.6
229.1
24.1
23.8
23.8
24.0
24.3
24.8
63.8
62.7
62.1
62.7
61.6
62.0
23.7
23.8
23.7
23.5
23.3
22.8
20.3
21.2
21.0
22.7
23.7
24.0
14.9
14.9
14.9
15.0
15.0
15.1
65.2
65.5
65.7
65.6
65.2
64.9
15.0
15.0
15.1
15.3
15.4
15.6
1956: January
February...
March
April
May
June
280.1
280.2
276.4
275.8
276.8
272.8
51.7
51.8
51.9
51.6
52.5
53.5
228.4
228.4
224.5
224.3
224.3
219.3
23.5
23.5
23.6
23.3
23.5
23.8
60.5
59.5
58.3
58.5
57.8
57.1
22.7
22.4
22.2
22.1
21.9
21.6
24.3
24.4
21.1
21.1
21.5
18.0
15.4
15.6
15.7
15.7
15.8
15.7
65.9
66.5
67.2
67.1
67.1
66.9
16.0
16.4
16.5
16.5
16.6
16.2
July
August
September..
October
November 88
December .
272.7
275.6
274.3
275.4
277.1
276.7
53.8
54.4
54.2
53.9
54.2
54.1
218.9
221.2
220.2
221.5
222.9
222.6
23.4
23.9
23.7
23.8
24.4
24.9
56.5
57.6
57.6
58.0
58.7
59.1
21.6
21.4
21.4
21.3
21.1
21.0
18.3
19.1
18.0
18.9
19.4
19.0
15.8
15.8
15.8
15.8
15.8
15.8
67.0
67.2
67.4
67.3
67.2
66.8
16.2
16.3
16.3
16.3
16.4
16.0
1
United States savings bonds, series A-D, E, F, and J, are included at current redemption values.
2 Excludes guaranteed securities held by the Treasury. Not all of total shown is subject to statutory
debt
limitation.
3
Includes commercial banks, trust companies, and stock savings banks in the United States and in
Territories and possessions; figures exclude securities held in trust departments. Since the estimates in this
table are on the basis of par values and include holdings of banks in United States Territories and possessions,
they do not agree with the estimates in Table E-38, which are based on book values and relate only to banks
within the continental United States.
* Exclusive of banks and insurance companies.
5 Includes trust, sinking, and investment funds of State and local governments and their agencies, and
of 6Territories and possessions.
Includes partnerships and personal trust accounts.
7
Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers
and brokers, and investments of foreign balances and international accounts in this country. Beginning
with December 1946, the foreign accounts include investments by the International Bank for Reconstruction and Development and the International Monetary Fund in special non-interest-bearing notes issued
by the U. S. Government. Beginning with June 30,1947, includes holdings of Federal land banks.
« Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Treasury Department (except as noted).
175
TABLE E-47.—Federal budget receipts and expenditures, calendar andfiscalyears 1946-58
[Billions of dollars]
Net budget
Period
Budget ex- Surplus (+) or
penditures
deficit (-)
receipts i
Calendar year:
1946
1947
1948
1949_
38.6
40.4
40.9
37.5
41.1
38.0
35.6
41.1
-2.5
2.4
5.2
-3.6
1950
37.3
53.0
64.8
63.8
61.2
37.7
56.3
70.7
73.0
64.9
— 4
-3.4
—5.8
-9.2
-3.7
63.4
71.0
66.1
67.2
—2 8
3.8
39.8
39.8
41.5
37.7
60.4
39 0
33.1
39.5
-20.7
8
84
-1.8
36.5
47.6
61 4
64.8
64.7
39.6
44.1
65.4
74.3
67.8
-3 1
3.5
—4 0
-9.4
-3.1
604
68 2
706
73.6
64.6
66 5
68.9
71.8
-4.2
1.6
1.7
1.8
1951....
1952
1953
1954
_
1955
1956 2 .
Fiscal year:
1946
__.
1947
1948 .
1949
.
_
1950
1951
1952
1953 .
1954
1955
1956 2
1957 3
1958 3
_
_ .
1
Gross receipts less refunds of receipts and transfers of tax receipts to the Federal old-age and survivors
insurance trust fund, the Federal disability insurance trust fund, the railroad retirement account, and the
highway trust fund.
2 Preliminary.
8 Estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
TABLE E—48.—Government cash receipts from and payments to the public, calendar years 1946—56
[Billions of dollars]
Calendar year
Cash
receipts
Excess
of receipts
Cash
pay- (+) or
rements of pay- ceipts
Cash
ments
(-)
1946
1947
1948
1949
_
1950
1951
1952
1953
1954
—
1955...
1956*
_
-
-
.-
State and local l
Federal
Total
Cash
Excess
of receipts
Cash
Cash
pay- (+) or
repayments of pay- ceipts 2 ments 2
ments
(-)
Excess
of receipts
(+) or
of payments
(-)
53.0
57.5
60.0
57.9
50.9
50.8
52.1
60.0
2.1
6.6
7.9
-2.1
41.4
44.3
44.9
41.3
41.4
38.6
36.9
42.6
(3)
5.7
8.0
-1.3
11.6
13.2
15.1
16.6
9.5
12.2
15.2
17.4
60.6
79.2
93.0
93.3
93.2
61.3
78.4
94.6
99.2
95.1
-.7
8
-1 6
-5 9
—1 Q
42.4
59.3
71.3
70.0
68.6
42.0
58.0
73.0
76.2
69.6
.4
1.2
-1.6
-6.2
-1.1
18.1
19.9
21.7
23.3
24.7
19.3
20.3
21.6
23.0
25.5
-1.2
-.4
.1
.3
—.8
98.0
108.9
100.0
105.1
-2.0
3.8
71.4
80.2
72.2
74.7
-.7
5.5
26.5
28.7
27.8
30.4
-1.3
-1.7
1
2
2.0
1.0
— 1
-.8
Estimates by Council of Economic Advisers.
Federal grants-in-aid have been deducted from State and local government receipts and payments
since they are included in Federal payments.
3 Less than 50 million dollars.
* Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget (except as noted).
I7 6
TABLE E-49.—Government receipts and expenditures as shown in national income accounts,
1953-56*
[Calendar years, billions of dollars]
1953
Receipt or expenditure
Total government:
Receipts
E xpenditures
Excess of receipts (•+•) or
of expenditures (—)___
Federal Government:
Receipts:
Personal tax and nontax receipts
Corporate profits tax
accruals
Indirect business tax
and nontax accrualsContributions for social insurance
Total receipts
Expenditures:
Purchases of goods
and services
Transfer payments
Grants-in-aid to State
and local governments
Net interest paid
Subsidies less current
surplus of government enterprises
Total expenditures.
Excess of receipts
(-{-) or of expenditures ( - )
State and local governments:
Receipts:
Personal tax and nontax receipts
Corporate profits tax
accruals
Indirect business tax
and nontax accrualsContributions for social insurance
Federal grants-in-aid.
Total receipts
Expenditures:
Purchases of goods
and services
Transfer payments
Net interest paid
Less: Current surplus
of G o v e r n m e n t
enterprises
Total expendituresExcess of receipts
(+) or of expenditures ( - )
1954
1956 3
1955
First SecFirst SecFirst SecFirst SecTotal half 2 ond Total half 2 ond Total half 2 ond Total half 2 ond
half 2
half 2
half 2
half*
95.0 96.3
i.7
101.8 101.9 101.8
96.4
97.7
-6.8 - 5 . 6 - 8 . 1 - 6 . 9
90.3 100.6
95.2 98.4
97.9 103.3 107.6 105.6
103.6 101.8
98.0
-4.9
2.2
-.1
4.4
4.0
109.6
105.4
4.2
32.4
32.3
32.4
29.1
29.0
29.3
31.3
30.8
31.8
34.0
33.3
34.7
19.5
21.0
18.0
16.0
15.6
16.4
20.6
19.5
21.7
21.0
20.9
21.0
11.2
11.3
11.1
10.1
10.2
11.0
10.9
11.2
11.5
11.3
11.7
7.4
70.4
7.5
72.1
7.2
68.8
8.1
63.3
8.1
63.0
8.1
63.7
9.4
72.3
9.1
70.3
9.7
74.4
10.7
77.2
10.4
75.8
11.0
78.5
59.5
9.7
60.1
9.5
58.9
9.8
48.9
11.7
11.3
46.7
12.0
46.7
12.6
46.6
12.6
46.9
12.6
47.0
13.7
46.3
13.5
47.8
13.8
2.8
4.7
2.6
4.6
3.0
4.7
2.9
4.8
2.7
4.8
3.1
4.8
3.0
4.7
2.7
4.7
3.4
4.7
3.1
2.9
4.9
3.3
5.0
1.0
77.8
.7
77.2
1.2
69.4
1.2
71.1
1.1
67.7
1.8
69.0
2.0
1.7
69.4
2.6
71.4
2.3
77.5
2.9
72.8
1.7
5.0
5.8
5.9
5.6
4.1
4.2
4.6
4.4
4.7
1.0
1.0
1.0
1.0
- 7 . 1 - 5 . 7 -8.4 - 6 . 1 - 8 . 1 - 4 . 1
3.4
3.4
3.8
3.7
3.9
.7
.8
.7
.8
18.7
19.3
20.1
19.9
20.3
21.5
21.0
21.9
23.1
22.6
23.6
1.4
2.8
27.4
1.3
2.6
26.9
1.4
3.0
27.9
1.6
2.9
29.1
1.5
2.7
28.5
1.6
3.1
29.7
1.7
3.0
31.3
1.7
2.7
30.4
1.7
3.4
32.2
1.8
3.1
33.6
1.8
2.9
32.7
1.9
3.3
34.4
24.9
3.2
.3
24.5
3.2
.3
25.3
3.2
27.6
3.3
.4
27.0
3.3
.4
28.2
3.3
.4
30.1
3.5
.5
29.7
3.5
.5
30.4
3.5
.5
32.8
3.6
32.3
3.5
.6
33.3
3.6
.6
1.3
27.2
1.2
26.7
1.3
27.6
1.4
29.9
1.4
29.3
1.4
30.6
1.5
32.5
1.5
32.2
1.6
32.8
1.7
35.3
1.6
34.8
1.8
35.8
.2
.1
-1.8 -2.1
-1.4
.9
19.0
3.5
-.8
1
-.9
4.2
- 1 . 2 -1.8
These accounts, like the cash budget, include the transactions of the trust accounts. Unlike both the
conventional budget and the cash statement, they exclude certain capital and lending transactions. In
general, they do not use the cash basis for transactions with business. Instead, corporate profits taxes are
included in receipts on an accrual instead of a cash basis; expenditures are timed with the delivery instead
of the payment for goods and services; and CCC guaranteed price-support crop loans financed by banks are
counted as expenditures when the loans are made, not when COC redeems them.
28 Seasonally adjusted annual rates.
Preliminary; fourth quarter estimates by Council of Economic Advisers.
NOTE.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and
State and local receipts and expenditures. Total government receipts and expenditures have been adjusted
to eliminate this duplication.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
177
CORPORATE PROFITS AND FINANCE
TABLE E-50.—Profits before and after taxes, all private corporations, 1929-56
[Billions of dollars]
Corporate profits after taxes
Corporate
profits
before
taxes
Corporate
tax
liability *
1929..
9.6
1.4
8.3
5.8
2.4
1930..
1931..
1932..
1933..
1934..
3.3
-.8
-3.0
.2
1.7
.5
.4
.5
.7
2.5
-1.3
-3.4
-.4
1.0
5.5
4.1
2.6
2.1
2.6
-3.0
-5.4
-6.0
-2.4
-1.6
1935-.
1936..
1937-.
1938-.
1939..
3.1
5.7
6.2
3.3
6.4
1.0
1.4
1.5
1.0
1.4
2.2
4.3
4.7
2.3
5.0
2.9
4.5
4.7
3.2
3.8
1940..
i941_.
1942..
1943-.
1944..
9.3
17.0
20.9
24.6
23.3
2.8
7.6
11.4
14.1
12.9
6.5
9.4
9.5
10.5
10.4
4.0
4.5
4.3
4.5
4.7
2.4
4.9
5.2
6.0
5.7
1945..
1946-.
1947..
1948..
1949..
19.0
22.6
29.5
32.8
26.2
10.7
9.1
11.3
12.5
10.4
8.3
13.4
18.2
20.3
15.8
4.7
5.8
6.5
7.2
7.5
3.6
7.7
11.7
13.0
8.3
1950..
1951,.
1952..
1953..
1954..
40.0
41.2
35.9
37.0
33.2
17.8
22.5
19.8
20.3
16.8
22.1
18.7
16.1
16.7
16.4
9.2
9.1
9.0
9.3
10.0
12.9
9.6
7.1
7.4
6.4
1955..
1956 3.
42.7
43.4
21.5
22.0
21.1
21.5
11.2
12.0
9.9
9.5
Period
Total
Dividend
payments
Undistributed
profits
2
—.7
-.2
)
-.9
1.2
Seasonally adjusted annual rates
1953: First quarter. _.
Second quarter.
Third quarter..
Fourth quarter.
39.5
40.2
38.8
29.7
21.7
22.0
21.3
16.3
17.9
18.2
17.5
13.4
9.2
9.5
9.5
9.5
8.7
8.7
8.0
3.9
1954: First quarter, _
Second quarter.
Third quarter..
Fourth quarter.
31.9
32.9
32.8
35.2
16.1
16.6
16.6
17.8
15.8
16.3
16.2
17.4
9.7
9.9
10.0
10.3
6.1
6.4
6.2
7.1
1955: First quarter. _.
Second quarter.
Third quarter..
Fourth quarter.
39.7
41.1
43.5
46.4
20.0
20.7
22.0
23.4
19.7
20.3
21.5
23.0
10.4
10.7
11.0
12.1
9.3
9.6
10.5
10.9
1956: First quarter...
Second quarter.
Third quarter..
Fourth quarter
43.7
42.9
41.2
46.0
22.1
21.7
20.8
23.2
21.6
21.3
20.4
22.8
11.8
12.2
12.3
11.8
9.8
9.1
8.1
11.0
1 Federal and State corporate income and excess profits taxes.
2 48 million dollars.
Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—No allowance has been made for inventory valuation adjustment.
before taxes and inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
3
178
See Table E-9 for profits
TABLE E-51.—Relation of profits before and after taxes to stockholders' equity and to sales, private
manufacturing corporations, by asset size class, 1947—50 average and 1955-56
1955
1947-50
average
Asset size class
(thousands of dollars)
1956
First Second Third Fourth First Second Second Third
quarter quarter quarter quarter quarter quarter quarteri quarter1
Ratio of profits before Federal taxes (annual rate) to stockholders' equity
(percent)
All asset sizes
Under 250
250-999
1,000-4,999.
5,000-99,999
100,000 and over
..
24.6
22.3
25.0
23.3
24.6
23.4
23.6
24.1
20.2
16.7
22.7
24.2
25.2
24.9
8.3
15.4
16.6
19.2
26.0
11.2
17.5
20.1
22.8
28.1
16.9
20.6
19.4
22.2
25.0
6.5
12.2
17.9
23.3
28.1
13.2
17.0
19.7
22.4
25.4
18.8
19.8
19.8
23.8
24.6
24.0
22.1
21.6
24.0
24.6
25.2
23.0
21.4
22.4
18.5
Profits before Federal taxes in cents per dollar of sales
All asset sizes
Under 250
250-999
1,000-4,999
5,000-99,999
100,000 and over.
_.
11.1
9.9
10.6
10.2
10.3
10.3
10.2
10.2
9.0
4.4
7.4
9.0
11.3
13.2
1.9
4.5
5.7
8.8
13.2
2.4
4.8
6.6
9.8
13.9
3.5
5.6
6.6
9.7
13.0
1.2
3.2
5.6
9.8
13.9
2.8
4.6
6.5
9.7
13.1
4.1
5.1
6.5
10.0
12.7
4.6
5.2
6.9
10.1
12.6
4.9
5.3
6.9
9.7
10.4
Ratio of profits after Federal taxes (annual rate) to stockholders' equity
(percent)
All asset sizes
Under 250
250-999
1,000-4,999
5,000-99,999 .
100,000 and over
._
14.8
11.4
13.0
12.3
13.5
12.2
12.6
12.8
11.0
9.8
13.1
14.1
14.9
15.3
3.6
7.6
7.9
9.3
13.8
5.3
9.4
9.7
11.3
15.0
10.4
11.3
9.4
11.0
13.5
2.5
5.3
8.8
11.9
16.2
7.6
9.0
9.6
11.0
13.7
12.0
10.7
9.4
11.8
13.6
15.6
11.5
10.4
12.0
13.6
15.3
11.7
10.7
11.1
10.7
Profits after Federal taxes in cents per dollar of sales
All asset sizes
Under 250
250-999 .
1,000-4,999
5,000-99,999 .
100,000 and over
6.7
5.1
5.5
5.4
5.6
5.4
5.5
5.4
4.9
2.6
4.3
5.2
6.7
8.1
0.8
2.2
2.7
4.2
7.0
1.1
2.6
3.2
4.9
7.4
2.2
3.1
3.2
4.8
7.1
0.5
1.4
2.8
5.0
8.0
1.6
2.4
3.2
4.7
7.0
2.6
2.8
3.1
5.0
7.0
3.0
2.7
3.3
5.0
7.0
3.0
2.7
3.5
4.8
6.0
1
New sample; see note below.
NOTE.—The sample for these series was changed beginning with the third quarter of 1951 and again beginning with the second quarter of 1956. However, the 1947-50 averages have not been adjusted to either of
these samples and, therefore, are not strictly comparable with data for later periods. For comparative
purposes, the second quarter of 1956 is shown on the basis of the two later samples. For explanatory notes
concerning compilation of the series, see Quarterly Financial Reports for V. S. Manufacturing Corporations
by Federal Trade Commission and Securities and Exchange Commission.
Sources: Federal Trade Commission and Securities and Exchange Commission.
179
TABLE E-52.—Relation of profits after taxes to stockholders' equity and to sales, private
manufacturing corporations, by industry group, 1947—50 average and 1955—56
1955
1956
1947-50
First Second Third Fourth First Second Second1 Third
quarter quarter quarter quarter quarter quarter quarter quarter*
Industry group
Ratio of profits after Federal taxes (annual rate) to stockholders' equity
(percent)
All private manufacturing corporations.
Lumber and wood products
(except furniture)
Furniture and fixtures
Stone, clay, and glass products
Primary iron and steel industries
Primary nonferrous metal
industries
Fabricated metal products. _
Machinery (except electrical).—
Electrical machinery, equipment, and supplies
Motor vehicles and equipment
Other transportation equipment
Miscellaneous manufacturing (including ordnance) _.
Instruments and related
products
Food and kindred products.
Tobacco manufactures
Textile mill products
Apparel and related products
Paper and allied products...
Printing and publishing
(except newspapers) _
Chemicals and allied products
Petroleum refining
Products of petroleum and
coal (except petroleum
refining)
Rubber products__
Leather and leather products
14.8
11.4
13.0
12.3
13.5
12.2
12.6
12.8
11.0
17.1
14.3
10.3
5.2
13.3
11.7
7.7
12.2
7.9
9.3
10.1
10.1
11.0
11.4
9.0
13.0
15.9
15.2
11.5
13.0
7.5
19.1
18.5
13.2
12.6
17.3
17.3
12.9
11.2
14.5
12.8
15.5
14.6
15.1
15.1
5.9
12.5
14.5
16.1
13.5
17.6
19.1
17.3
18.0
13.9
15.3
8.4
9.8
11.5
10.3
10.3
10.9
11.5
11.0
11.2
11.5
13.6
14.2
12.0
12.0
14.5
8.7
11.3
10.0
17.8
12.0
12.3
11.9
13.1
11.0
12.7
12.4
16.8
13.1
13.1
6.9
15.7
16.7
13.6
21.7
23.6
25.8
15.7
21.7
6.6
15.4
16.6
14.2
15.5
13.3
11.4
5.9
6.8
10.3
11.2
8.8
9.1
10.4
13.3
14.6
13.6
12.1
14.5
10.1
7.3
8.9
5.7
13.0
9.2
11.8
5.2
11.8
10.7
13.1
5.3
15.0
8.4
11.8
6.5
9.7
8.1
10.0
7.2
13.0
9.9
12.1
5.6
11.9
9.9
12.0
4.8
12.5
10.4
12.7
5.5
12.0
16.2
5.8
10.3
4.1
11.9
7.5
11.6
7.2
12.3
7.2
11.7
4.5
11.8
4.5
12.2
10.9
11.0
13.4
10.8
10.7
10.6
8.8
13.0
11.9
15.0
11.0
15.9
2 15.1
13.3
12.6
14.8
12.1
15.0
12.5
15.7
16.1
14.6
12.8
14.3
12.9
14.7
12.9
13.1
12.9
(3)
12.8
6.4
12.0
10.0
13.5
11.4
13.2
7.0
13.9
6.9
12.1
9.5
13.0
11.1
13.1
12.0
11.0
10.4
8.1
7.1
10.1
8.7
7.0
4.3
6.6
6.3
See footnotes at end of table.
180
TABLE E-52.—Relation of profits after taxes to stockholders* equity and to sales, private manufacturing corporations, by industry group, 1947-50 average and 1955-56—Continued
Industry group
1947-50
average
1956
1955
First Second Third Fourth First Second Second Third
quarter quarter quarter quarter quarter quarter quarter^ quarter1
Profits after Federal taxes in cents per dollar of sales
All private manufacturing corporations.
Lumber and wood products
(except furniture)
Furniture and fixtures
Stone, clay, and glass products
Primary iron and steel industries
Primary nonferrous metal
industries
Fabricated metal products—
Machinery (except electrical)
Electrical machinery, equipment, and supplies
Motor vehicles and equipment
Other transportation equipment
Instruments and related
products
Miscellaneous manufacturing (including ordnance)..
Food and kindred products.
Tobacco manufactures
Textile mill products
Apparel and related products
Paper and allied products..
Printing and publishing
(except newspapers)
Chemicals and allied products
Petroleum refining
Products of petroleum and
coal (except petroleum
refining)
Rubber products
Leather and leather products
6.7
5.1
5.5
5.4
5.6
5.4
5.5
5.4
4.9
9.2
5.0
5.4
1.8
6.3
2.4
6.2
3.5
3.8
3.5
4.2
3.0
4.8
3.3
4.7
3.3
3.8
4.0
8.9
7.1
10.1
9.7
7.2
7.5
9.4
9.1
8.6
7 9
/. &
a a
0. D
7 ^
/. o
a Q
D. »
8.8
8.0
8.6
7.6
8.9
9.8
9.4
9.8
8.1
6.6
3.5
3.8
4.3
3.7
4.0
4.0
4.2
4.0
7.1
4.7
5.3
4.9
5.3
5.4
6.0
5.8
5.3
6.3
4.4
4.5
4.3
4.3
3.9
4.2
4.0
3.9
7.4
7.1
7.7
5.8
7.0
6.0
5.0
5.0
3.3
3.4
3.8
3.8
3.6
3.7
3.4
3.6
3.8
3.2
7.9
4.9
6.4
5.8
6.6
5.0
6.2
5.8
6.1
5.3
3.6
4.8
6.6
2.3
1.9
4.1
2.6
2.6
2.3
4.8
2.4
3.6
2.7
5.3
2.5
3.6
2.2
5.0
2.8
3.2
2.2
4.6
3.2
3.3
2.6
5.0
2.6
3.4
2.6
5.0
2.2
4.1
2.7
5.3
2.6
3.1
8.6
1.3
5.7
0.9
6.5
1.6
6.1
1.5
6.2
1.5
6.2
1.0
6.2
1.0
6.4
2.1
5.9
5.0
4.0
4.0
3.9
3.8
2.9
4.5
4.1
5.0
3.7
9.1
2 11.0
7.6
10.2
8.0
10.5
8.7
10.7
8.8
12.7
8.3
10.4
7.9
11.0
8.1
11.0
7.6
11.1
(3)
4.8
3.6
4.1
4.8
4.4
4.9
4.5
3.2
4.7
3.7
4.4
4.4
4.6
4.7
4.6
5.3
4.1
3.4
2.4
2.1
2.8
2.4
2.0
1.2
1.9
1
2
New sample; see note below.
Petroleum refining and products of petroleum and coal combined.
s Not available separately for this period.
NOTE.—The sample for these series was changed beginning with the third quarter of 1951 and again beginning with the second quarter of 1956. However, the 1947-50 averages have not been adjusted to either
of these samples and, therefore, are not strictly comparable with data for later periods. For comparative
purposes, the second quarter of 1956 is shown on the basis of the two later samples. For explanatory notes
concerning compilation of the series, see Quarterly Financial Reports for U. S. Manufacturing Corporations
by Federal Trade Commission and Securities and Exchange Commission.
Sources: Federal Trade Commission and Securities and Exchange Commission.
181
TABLE E-53.—Sources and uses of corporate funds, 1946-56
1
[Billions of dollars]
Source or use of funds
Uses:
Plant and equipment outlays
Inventories (change in book value) 8
Change in customer net receivables
Cash and U. 8. Government securitiesOther assets
Total uses
Sources:
Internal:
Retained profits and depletion
allowances
Depreciation and amortization
allowances
Total internal sources
1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 19562
12.5 17.0 18.8 16.3 16.9 21.6 22.4 23.9 22.4 24.2 30.0
11.2 7.1 4.2 - 3 . 6 9.8 9.4
.9 1.5 - 2 . 3 4.6
6.0
.9 5.0 2.0 3.1
1.1 3.1 2.8
.7 2.0 4.9
6.0
- 4 . 7 1.0 1.0 3.2 4.5 2.8
.1 2.1 - 1 . 0 4.8 - 5 . 0
.2 (*)
.3
.6
.1
.2
- . 6 0)
.9
2.0
.8
19.5 28.2 27.0 16.8 36.5 36.4 27.4 28.4 21.2 39.4 39.0
7.2
Total sources
Discrepancy (uses less sources)
5.2
7.6 12.4
9.1
7.1
9.0
6.4
6.5
5.7
8 8
6
8. 0
10.4 11.8 13.3 14.8
16.5
11.4 16.6 18.6 14.7 20.2 18.1 16.8 18.3 19.0 23.6
24.5
4.2
External:
Change in Federal income tax
liability
-1.6
2.1
Other liabilities
Change in bank loans and mortgage loans
3.9
2.4
Net new issues
Total external sources
11.4 12.4
6.2
7.8
2.1
1.5
1.0 - 2 . 2
.4
.5
7.2
1.0
4.4 - 2 . 8
1.9 2.4
.4 - 3 . 5
2.2
.3
2.8 - 1 . 0
1.5
1.7
3.3
4.4
1.8 - 2 . 3
5.9 4.9
2.6
3.7
5.4
6.3
.5 - . 9
7.1 5.9
4.4
7.0
6.8 11.3
3.1
7.9
14.5 18.0 10.6 10.2
6.0
8.0
1.8 15.9
14.5
18.2 27.9 27.7 15.6 34.7 36.1 27.4 28.5 20.8 39.5
39.0
1.3
.3
9.1
-.7
.9
1.2
1.8
.3
(*)
-.1
.4
-.1
(*)
1 Excludes banks and insurance companies.
2 Preliminary estimates.
3 Receivables are net of payables, which are therefore not shown separately.
* Less than 50 million dollars.
5 Preliminary estimate by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce based on Securities and Exchange Commission and other financial
data (except as noted).
182
TABLE E-54.—Current assets and liabilities of all corporations, 1952-56
l
[Billions of dollars, end of period]
1955
Asset or liability
Current assets
Cash on hand and in banks..
U. S. Government securitiesReceivables from U. S. Government 2
Other notes and accounts
receivable
Inventories. _.
Other current assets 3 ,
1952
1953
1954
30.8
19.9
31.2
21.6
32.0
19.8
1956
First Second Third Fourth First Second Third
quarter quarter quarter quarter quarter quarter quarter
30.6
19.5
31.1
19.3
31.6
21.2
32.6
24.0
29.9
21.1
30.7
18.0
31.2
18.0
2.8
2.6
2.4
2.2
2.1
2.2
2.3
2.3
2.3
2.4
64.6
65.8
2.4
65.9
67.2
2.4
67.3
64.4
2.6
68.8
65.1
2.8
71.2
64.9
2.8
75.6
66.6
3.0
77.3
69.1
2.9
78.2
72.1
3.2
79.9
73.9
3.1
83.6
75.1
3.1
188.5
189.1
191.4
200.2
208.1
206.8
207.9
213.4
186.2
190.9
Current liabilities
Advances and prepayments,
2.3
U. S. Government 2
Other notes and accounts
payable
_ — 57.0
Federal income tax liabilities. 18.1
18.7
Other current liabilities
2.2
2.4
2.5
2.3
2.2
2.3
2.3
2.5
2.5
57.3
18.7
20.7
54.9
15.3
20.8
55.1
13.1
21.1
55.8
11.9
21.7
58.9
15.1
22.6
62.6
18.1
22.3
62.0
15.0
22.8
63.9
12.1
22.9
65.4
14.2
24.0
96.1
99.0
93.5
91.8
91.7
98.7
105.2
102.0
101.5
106.2
90.1
91.8
95.0
97.3
99.7
101.5
102.9
104.8
106.4
107.2
Total current assets
Total current liabilities.
Net working capital
1
All corporations in the United States, excluding banks and insurance companies. Data for 1952-53 are
based on Statistics of Income, covering virtually all corporations in the United States. Data for 1954-56 are
estimates based on data compiled from many different sources, including data on corporations registered
with the Commission. As more complete data become available, estimates are revised.
2 Receivables from and payables to U. S. Government do not include amounts offset against each other
on the corporation's booksn eor
amounts arising from subcontracting which are not directly due from or to the
U. S. Government. W r e v e r possible, adjustments have been made to include U. S. Government
advances offset against inventories on the corporation's books.
3 Includes marketable securities other than U. S. Government.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
183
TABLE E-55.-—State and municipal and corporate securities offered, 1934-56 1
[Millions of dollars]
Corporate securities offered for cash a
State
Gross proceeds a
and
Proposed uses of net proceeds *
municipal securities
New money
offered
Retirefor cash
Com- Pre- Bonds
ment Other
(prin- Total mon ferred and Total
Plant Work- of se- purcipal
and
ing
stock stock notes
curities
poses
Total
amounts)
equip- capiment
tal
Period
1934
1935
1936
1937
1938
1939...
.
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
..
939
397
19
372
384
57
32
231
95
1,232
1,121
908
1,108
1,128
2,332
4,572
2,310
2,155
2,164
22
272
285
25
87
86
271
406
2,224
4,028
1,618
2,044
1P~
2,266
4,431
2,239
2,110
2,115
208
858
991
681
325
111
380
574
504
170
96
478
417
177
155
1,865
3,368
1,100
1,206
1,695
193
204
148
222
95
1,238
956
524
435
661
2,677
2,667
1,062
1,170
3,202
108
110
34
56
163
183
167
112
124
369
2,386
2,390
917
990
2,670
2,615
2,623
1,043
1,147
3,142
569
868
474
308
657
424
661
287
141
252
145
207
187
167
405
1,854
1,583
396
739
2,389
192
172
173
100
795
1,157
2,324
2,690
2,907
6,011
6,900
6,577
7,078
6,052
397
891
779
614
736
758
1,127
762
492
425
4,855
4,882
5,036
5,973
4,890
5,902
6,757
6,466
6,959
5,959
3,279
4,591
5,929
4,606
638
2,115
3,409
4,221
3,724
442
1,164
1,182
1,708
4,555
2,868
1,352
307
401
267
610
524
722
952
1950
1951
1952
1953
1954
3,532 6,361
811
3,189 7,741 1,212
4,401 9,534 1,
1,326
5,558
9,516 1,213
631
838
564
489
816
4,920 6,261 4,006
5,691 7,607 6,531
7,601 9,380 8,180
8,755 7,960
7,488 9,365 6,780
2,966
5,110
6,312
5,647
5,110
1,041
1,421
1,—
2,313
1,670
1,271
486
664
260
1,875
984
589
537
535
709
1955
1956s
1953: First quarter...
Second quarter.
Third quarter..
Fourth quarter
5,977 10,240 2,185
5, 409 10, 950 2,380
635
660
7, 420 10,049 7,957
7,910 10,790 9,620
6,670
2,624
2,950
1,22'
420
864
750
1,188
1,442
1,258
1,671
2,039
2,695
1,624
2,540
356
445
196
330
159
150
82
98
1,524
2,100
1,346
2,113
2,006
2,647
1,
2,505
1,798
2,372
1,420
2,369
1,272
1,585
948
1,841
526
787
472
528
94
69
36
61
114
205
140
75
1954: First quarter...
Second quarter.
Third quarter,.
Fourth quarter
1,384
2,372
1,232
1,980
1,730
2,531
2,685
2,571
297
302
182
432
115
370
180
151
1,318
1,860
2,323
1,988
1,700
2,489
2,648
2,529
1,461
1,868
1,837
1,615
1,240
1,452
1,429
990
221
416
408
625
92
494
658
632
147
127
154
282
1955: First quarter._.
Second quarter.
Third quarterFourth quarter
1,409
1,429
1,136
2,002
2,530
2,413
2,358
2,939
758
562
405
460
111
208
150
167
1,662
1,643
1,804
2,312
2,485
2,359
2,314
2,892
1,988
1,814
1,699
2,457
1,258
1,230
898
1,948
730
584
801
509
320
307
403
197
177
238
212
237
1956: First quarter._.
Second quarter.
Third quarter..
Fourth quarter^
1,517
1,617
928
1,347
355
2,226
2,989
526
2,717
461
3,020 1,040
189
147
98
230
1,682
2,316
2,158
1,750
2,18'
2,935
2,670
3,000
1,921
2,586
2,376
2,740
1,091
1,876
1,658
2,050
829
710
718
690
114
146
100
60
152
203
194
200
1 These data cover substantially all new issues of State, municipal, and corporate securities offered for
cash
sale in the United States in amounts over $100,000 and with terms to maturity of more than 1 year.
2
Excludes notes issued exclusively to commercial banks, intercorporate transactions, and issues sold
through continuous offerings, such as securities of open-end investment companies and employee-purchase
plans.
3
Number of units multiplied by offering price.
* Net proceeds represents the amount received by the issuer after payment of compensation to distributors
and other costs of notation.
«Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission, The Commercial and Financial Chronicle, and The Bond
Buyer.
184
TABLE E-56.—Common stock prices and stock market credit, 1939-56
Stock market credit
Period
Common
stock
prices
Customer creiit (excluding U. S.
Bank loans
Government securities)
1939=100
(SEC)
Total
Net debit
balances i
Bank loans
to
"others" *
to brokers
and
dealers 3
Millions of dollars
1939_
100.0
1940.,
1941.
1942..
1943.
1944..
94.2
85.7
74.9
99.2
108.1
1945..
1946.
1947.
1948.
1949.
131.2
149.4
130.9
132.7
127.7
19501951.
1952.
1953.
1954-
154.1
184.9
195.0
193.3
229.8
1955.
1956.
1955: January. _.
February.
March
April
May
_
June
)
715
]
353
584
535
850
1,328
2,137
942
473
517
499
821
432
503
515
469
428
2,782
1,471
784
1,331
1,608
1,798
1,826
1,980
2,445
3,436
1,237
1,253
1,332
1,665
2,388
561
573
648
780
1,048
1,742
1,419
2,002
2,248
2,688
304.6
345.0
4,030
3,984
2,791
2,823
1.239
1,161
2,852
2,214
270.6
281.0
279.6
286.8
289.0
302.9
3,537
3,643
3,732
3,785
3,787
3,870
2,517
2, 590
2,652
2,704
2,684
2,711
1,020
1,053
1,080
1,081
1,103
1,159
2,449
2,326
2,483
2,660
2,686
2,678
318.8
315.3
326.6
310.2
328.4
333.6
3,911
3,865
3,966
3,944
3,980
4,030
2,734
2,710
2,805
2,749
2,759
2,791
1,177
1,155
1,161
1,195
1,221
1,239
2,808
2,467
2,406
2,587
2,605
2,852
March
April
May
June
325.7
330.0
350.9
355.4
347.0
341.4
4,040
3,991
4,038
4,043
4,047
4,009
2,786
2,740
2,786
2,788
2,810
2,786
1,254
1,251
1,252
1,255
1,237
1,223
2,529
2,422
2,436
2,347
2,435
2,380
July
August
September..
October
November..
December..
359.4
359.4
344.8
341.6
338.5
344.0
4,026
3,979
3,950
3,914
3,946
2,812
2,785
2,782
2,748
2,784
2,823
1,214
1,194
1,168
1,166
1,162
1,161
2,241
1,948
2,019
1,975
1,915
2,214
July
August
September..
October
November..
December..
1956: January...
February.
(4)
8
(4)
1,374
976
1,032
968
1,249
9
3
1 Ledger balances of member firms of the New York Stock Exchange carrying margin accounts. Excludes
balances secured by U. S. Government obligations. Data are for end of period.
2 Loans by weekly reporting member banks to others than brokers and dealers for purchasing or carrying
securities except U. S. Government obligations. However, some U. S. Government securities may be
included after 1952. Series revised beginning July 1946 and March 1953. Data are for last Wednesday of
period.
3 Loans by weekly reporting member banks for purchasing or carrying securities, including U. S. Government obligations. Series revised beginning July 1946 and January 1952. Data are for last Wednesday of
period.
* Not available.
Sources: Securities and Exchange Commission, Board of Governors of the Federal Reserve System,
and New York Stock Exchange.
185
TABLE E-57.—Business population and business failures, 1929-56
Operating businesses and
business turnover (thousands of firms)1
Period
1929
1930
1931.
1932
1933
1934
1935
1936
1937
1938
1939.._
1940
1941.
1942
1943
1944
1945
1946.
1947
1948
1949
1950.
1951
1952.
1953
1954
1955
1956
1955: January
February.
March
April
May.
June
July
August
SeptemberOctober
November..
December..
1956: January
February...
March
April
May.
June
July
August
September..
October
November..
December...
Business failures, by size of liability 3
New
Amount of current
busiliabilities (millions
Number of failures
ness
Disof dollars)
incorconOperat- New tin- Busi- poraLiability
size
Liability size
tions
ing
busi- ; ued ness (numclass
busi- ? nesses
busiber)* Total
nesses
Total
Under $100,000
Under $100,000
$100,000 and
$100,000 and
over
over
3,029.0
2.993.7
2,916.4
2,828.1
2, 782.1
2.884.0
2, 991. 9
3.069.8
3,136. 3
3,073. 7
3, 222.2
3.318.9
3, 276.0
3, 295. 3
3, 030.0
2.839.1
2, 995.4
3, 242. 5
3,651. 2
3,872. 9
3, 984. 2
4, 008. 7
4, 067.3
4,121.3
4,178.8
4,185.3
4,189.0
4,252.0
4,189.0
4,232.3
4, 252.0
22,909 22,165
26,355 25, 408
28, 285 27, 230
31,822 30,197
619,859 618,880
12,091 11, 421
12, 244 11,691
9,607
9,285
9,203
9,490
12, 836 12, 553
14,768 14, 541
13, 619 613,400
11, 848 11. 685
9, 405
9,282
3,221
3,155
1,222
1,176
809
759
1,129
1,002
3,474
3,103
5,250
4,853
9,246
8,708
3
275.2
290.0
121.2
146.0
330.9
422.7
617.4
460.8
393.3
331.1
348.2
363.2
363.9
340.5
334.2
374.2
3
318.1
270.7
386. 5
337.0
174.6
175.6
208.7
239.2
282.0
306.5
289.6
309.3
306.3
334.0
330.6
310.9
359.4
473.2
)
626. 9 132, 916
571. 9 112,,638
501.3 96,101
434.7 85, 491
419.4 92, 925 9,162
8,746
378.3 83, 649 8,058
7,626
7,081
374.9 92, 819 7,611
8,075
356. 2 102, 545 8,862
^164 11, f
10, 226
319. 7~ 117,:
321.; 3 139, 651 10, 969 10,113
140,775 12,686 11, 615
13,181
939
873
11,369
803
877
13, 417 1,038
952
210.2 166.9
844
11, 756
903
900
955
12, 029
831
914
12, 605
10, 893
801
861
10, 983
811
888
744
024
822
164.0 144.0 145.0 11,
862
919
10, 698
863
945
10,15"
829
908
11, 539
13,363
12,503
12,822
12,475
13,142
11,952
11, 513
11,339
9,583
11, 546
9,749
10,788
1,048
1,024
1,170
985
1,164
1,105
1,018
1,101
932
1,158
999
982
971
909
1,081
90f
1,051
1,020
963
982
859
1,051
925
744
947
1,055
1,625
8 979
670
553
322
287
283
227
«219
163
123
66
46
50
127
371
397
538
416
432
530
787
860
856
1,071
66
74
86
59
55
83
60
77
78
5'
82
79
7:
115
89
80
113
85
55
119
73
107
74
84
483.3
261.5
221.8
303.5
668.3
364.8
354.2
736.3
382.2
432.6
928.3
495.7
6 457.5 6 215. 5 6 242.0
138.5
334.0
195.5
135.5
310.6
175.1
102.8
203.2
100.4
101.9
183.3
81.4
140.1
246.5
106.4
132.9
182.5
49.7
6166.7 «119.9
«46.8
100.7
136.1
35.4
80.3
100.8
20.5
31.2
45.3
14.2
14.5
31.7
17.1
11.4
30.2
18.8
15.
67.3
51.6
63.7
204.6
140.9
93.9
234.6
140.7
161.4
308.1
146.7
151.2
248.3
97.1
259.5
131.6
128.0
283.3
131.9
151.4
394.2
167.
226.6
462.6
211.4
251.2
449.4 206.4
243.0
562.7 239.8
322.9
37.9
18.5
19.4
42.1
25.2
16.9
41.2
22.0
19.
36.0
19.3
16.
34.7
16.6
18.1
36.
19.6
17.0
32.5
16.6
15.9
36.0
15.5
20.5
33.1
15.7
17.4
34.8
17.4
17.3
42.8
17.6
25.2
41.6
17.0
24.6
42.9
20.5
22.4
49.
19.7
29.5
21.4
42.6
21.3
23.1
18.8
41.9
38.7
21.
59.9
21.5
21.5
43.0
20.4
48.7
28.3
55.0
18.7
36.3
39.3
21.3
18.0
50.0
28.4
21.6
39.9
20.7
19.2
50.3
31.3
19.0
1 Excludes firms in the fields of agriculture and professional services. Includes self-employed person
only
if he has either an established place of business or at least one paid employee.
2
Annual data through 1939 are averages of end-of-quarter estimates centered at June 30. Beginning
1940, annual data are for January 1.
3 Total for period.
* Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933,
of real estate, insurance, holding, and financial companies, steamship lines, travel agencies, etc.
5 Not available.
« Series revised; not strictly comparable with earlier data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Dun & Bradstreet, Inc.
186
AGRICULTURE
TABLE ESS.—Income
of the farm population, 7929-56
Income from agricultural sources
Farm operators' income
Net income
Period
Realized
gross
farm
income1
Farm Exproduc- clud'
ing
tion
net
ex- change
in inventories
2
of
farm
Inresiclud' dent
ing
net workchange ers
in inventories 3
Total Income
from
(includ- noning net agricultural
change sources
in inventories)
Income
from
all
sources Per
Operacapita Farm tors' net
(includ- ncome income income
per
ing net from
per
all worker « farms
change
in in- sources
ventories)
Billions of dollars
Dollars
1929..
13.9
7.6
6.3
6.1
0.9
7.0
(6)
593
962
1930,.
1931..
1932..
1933..
1934..
11.4
6.9
5.5
4.4
4.3
4.7
4.5
2.9
1.9
2.8
3.9
4.3
3.3
2.0
2.6
2.9
.8
.6
.5
.4
.5
5.1
4.0
2.5
3.0
3.4
(6)
(6)
(6)
(6)
1.9
()
5.3
165
456
298
203
266
360
691
437
288
410
571
1935..
1936..
193719381939-
9.7
10.7
11.3
10.1
10.6
5.1
5.6
6.1
5.8
6.2
4.6
5.1
5.2
4.3
4.4
5.3
4.3
6.0
4.4
4.5
.6
.6
.7
.7
.7
5.9
5.0
6.8
5.1
5.2
2.0
2.3
2.5
2.3
2.5
7.9
7.3
9.3
7.4
7.7
244
228
296
239
249
423
487
519
452
475
676
762
788
655
682
1940194119421943..
1944..
11.0
13.8
18.8
23.4
24.4
6.7
7.7
9.9
4.3
6.2
8.8
4.6
6.6
9.9
5.3
7.5
11.5
12.2
11.9
12.2
1945194619471948..
1949..
25.8
29.3
34.0
34.6
31.6
12.9
14.3
16.8
18.6
17.9
19501951..
1952..
19531954..
32.1
37.1
36.7
35.1
33.5
19551956 7.
32.9
33.8
8.4
6.4
7.1
8.5
.7
11.8
11.8
.9
1.2
1.4
1.5
11.1
13.2
13.4
2.7
3.1
3.8
4.2
4.4
8.0
10.6
14.9
17.4
17.8
262
349
509
654
696
484
694
995
1, 331
1, 411
675
978
1,423
1,950
2,035
12.8
15.0
17.2
15.9
13.7
12.4
14.9
15.5
17.7
12.9
1.6
1.8
1.9
2.0
1.8
14.0
16.7
17.4
19.7
14.7
4.2
4.3
4.9
5.1
5.2
18.2
21.0
22.3
24.8
19.9
720
793
822
958
765
1, 515
1, 704
1, 926
1, 829
1, 660
2,154
2,531
2,927
2,747
2,389
19.2
22.3
22.5
21.2
21.4
12.9
14.8
14.3
13.9
12.0
13.7
16.1
15.1
13.3
12.5
1.7
1.9
1.9
1.8
1.8
15.5
18.0
17.0
15.1
14.2
5.3
5.6
6.1
6.0
5.7
20.8
23.6
23.1
21.1
19.9
828
977
953
930
911
1, 671
1, 974
1, 968
1, 943
1,743
2,276
2,682
2,660
2,649
2,357
21.6
21.9
11.3
11.9
11.7
11.7
1.7
1.7
13.4
13.5
6.1
6.4
19.5
19.9
893
1, 711
1, 862
2,268
2,422
Seasonally adjusted annual rates
6
6
((6666)) (68)
ft ((6)) ((6))
( ) 8( )
8 8 8
66
6
96
6
33.2 21.6
11.6
11.5
(
(
(
)
6)
6) CO ( )
33.4 21.8
11.6
11.3
11.9
33.7 21.8
11.6
(
)
(
)
8
(•)
8
(•)
34.8 22.3
12.5
12.4
6
6
6
6
6
(
)
(
)
(
)
(
)
(
(6))gross rental
Cash receipts from farm marketings, value of farm products consumed in farm households,
1955:
First quarter
Second quarter. _
Third quarter. _.
Fourth quarter..
1956:
First quarter
Second quarter-Third quarter 7
Fourth quarter .
33.2
33.6
32.4
32.5
21.9
21.8
21.4
21.3
11.3
11.8
11.0
11.2
11.8
12.2
11.3
11.4
(6)
(6)
(6)
(6)
(•)
(6)
(6)
1
value
of farm dwellings, and Government payments to farmers.
2
Realized gross farm income less farm production expenses.
3
Data prior to 1952 differ from farm proprietors' income shown in Tables E-9 and E-12 because of revisions by the Department of Agriculture not yet incorporated into the national income accounts of the
Department of Commerce.
* Net income of farm operators including Government payments and excluding the net change in inventories, plus farm wages of resident workers and other hired workers.
»Including Government payments and excluding the net change in inventories.
6 Not available.
i Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Agriculture.
187
TABLE E-59.—Farm population and employment, 7929-56
Farm population *
Period
Number
(thousands)
(April 1)
As
percent
of total
population 2
Net migration to
and from
farms
(thousands) *
Farm employment
(thousands) *
Total
Family
workers
Hired
workers
Average
gross
hourly
earnings
of hired
farm
workers
(dollars)»
1929..
30,580
25.1
-477
12,763
9,360
3,403
$0,241
1930..
19311932..
1933..
1934_.
30,529
30,845
31,388
32,393
32,305
24.8
24.9
25.1
25.8
25.6
-61
+156
+607
-463
-527
12,497
12,745
12,816
12,739
12,627
9,307
9,642
9,922
9,874
9,765
3,190
3,103
2,894
2,865
2,862
.226
.172
.129
.115
.129
1935..
1936..
19371938..
1939..
32,161
31,737
31,266
30,980
30,840
25.3
24.8
24.3
23.9
23.6
-799
-834
-661
-545
-703
12,733
12,331
11,978
11,622
11,338
9,855
9,350
9,054
8,815
8,611
2,878
2,981
2,924
2,807
2,727
.142
.152
.172
.166
.166
19401941..
1942..
19431944-
30,547
30,273
29,234
26,681
25,495
23.1
22.7
21.7
19.5
18.4
-633
-1,424
-2,975
-1,563
-564
10,979
10,669
10,504
10,446
10,219
8,300
8,017
7,949
8,010
7,988
2,679
2,652
2,555
2,436
2,231
.169
.206
.268
.3*3
.423
1945..
1946..
1947..
19481949-
25,295
26,483
27,124
25,903
25,954
18.1
18.7
18.8
17.7
17.4
+864
+151
-1,686
-371
-1,314
10,000
10,295
10,382
10,363
9,964
7,881
8,106
8,115
8,026
7,712
2,119
2,189
2,267
2,337
2,252
.472
.515
.547
.580
.559
19501951195219531954-
25,058
24,160
24,283
22,679
21,890
16.5
15.7
15.5
14.2
13.5
-1,302
-271
-1,996
-1,171
-91
9,342
8,985
8,669
8,580
8,451
7,252
6,997
6,748
6.645
6,521
2,090
1,988
1,921
1,935
1,930
.561
.625
.661
.672
.661
19551956 «
22,158
22,257
13.4
13.2
-256
8,237
7,875
6,341
6,025
1,896
1,850
.675
O
i Farm population as denned by the Department of Agriculture and Department of Commerce, i. e.,
population living on farms, both urban and rural, regardless of occupation.
a Total population as of July 1 including armed forces overseas.
s Net change for year beginning in April. For 1940 and subsequent years, includes inductions and enlistments into the armed forces, and persons returning
from the armed forces. For all years, includes persons
who have not moved but who are in and out of the farm population because agricultural operations have
begun or have ceased on the place where they are living.
* Includes persons doing farm work on all farms. These data, published by the Department of Agriculture, Agricultural Marketing Service, differ from those on agricultural employment by the Department
of Commerce, Bureau of the Census (see Table E-17) because of differences in the method of approach, in
concepts of employment, and in time of month for which the data are collected. For further explanation,
see monthly reports on Farm Labor by the Department of Agriculture.
« Weighted average of all farm wage rates on a per hour basis.
«Preliminary.
7
Not available.
Sources: Department of Agriculture and Department of Commerce.
188
TABLE E-60.—Farm production indexes, 1929-56
[1947-49=100]
Livestock and products
Year
Farm
output 1
Crops
PoulHavMeat Dairy try
Feed ana Food Vege- Fruits Cot- To- Oil
Total 2 ani- prod- and Total 3 grains for- grains tables and ton bac- crops
nuts
mals ucts eggs
co
age
1929
74
77
77
82
63
79
83
88
66
81
76 104
75
21
1930
1931
1932
1933
1934
72
79
76
70
60
78
80
81
82
75
78
82
83
86
73
84
86
86
87
85
65
63
63
62
59
76
84
80
71
58
73
84
95
73
48
75
79
86
79
67
72
76
62
45
44
82
83
83
80
87
75 98
94 119
76 91
77 91
72 68
81
76
49
68
54
23
23
21
18
21
1935
1936
1937
1938...1939
72
65
82
79
80
72
77
76
79
85
66
74
71
77
87
86
87
86
89
90
59
63
63
65
69
76
64
88
83
82
80
53
87
84
83
96
74
87
98
93
53
52
72
75
61
88
83
89
89
88
91 75
72 87
95 133
85 84
98 83
65
58
78
69
94
34
27
30
36
47
1940
1941
1942
1943
1944
83
86
96
94
97
87
92
102
111
105
89
94
107
120
108
92
96
100
99
101
70
77
89
102
102
85
86
97
90
96
85
91
104
96
100
106
106
115
110
109
67
76
80
69
85
91
92
96
103
99
95
102
100
87
102
72
62
70
70
96
56
61
92
98
82
1945
1946....
1947
1948
1949..-
96
98
95
104
101
104
101
100
97
103
103
101
100
97
103
103
102
101
98
101
106
99
98
96
106
93
98
93
106
101
97
105
81
116
103
113
104
103
100
97
89
92
108
103
89
101
110
98
103
99
93 63 98
110 61 114
104 83 105
96 104 98
100 113 97
88
85
91
109
100
1950....
1951
1952
1953
1954
100
103
107
108
108
106
111
112
114
117
107
114
115
114
121
101
100
101
106
107
111
119
123
127
125
97
99
103
103
101
104
97
102
101
105
105
110
105
108
107
83
81
105
96
85
101
95
96
100
98
102 70 101
105 106 115
102 106 112
104 115 102
105 96 111
116
106
104
102
116
1955...
1956 * —
113
114
121
123
127
126
108
111
123
134
106
106
112 116
111 111
80
83
102
106
108 103 109
111 94 106
129
155
88
75
90
80
86
1 Farm output measures the annual volume of farm production available for eventual human use through
sales from farms or consumption in farm households. Total excludes production of feed for horses and mules.
2 Includes certain items not included in separate groups shown.
• Includes production of feed for horses and mules and crops not included in separate crop groups listed in
this table.
* Preliminary.
Source: Department of Agriculture.
189
TABLE E—61.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929—56
[1910-14=100]
Prices received
Prices paid
O>
,Q
All
farm
products1
Period
1
fa
1
'a
1
i 1
bo
tub
fa
s
"o
O
o
1
g
s
o
<v
Parity
index
(prices
paid,
to Faminter- Parity
ily Proest,
liv- duc- taxes, ratio *
tion
and
in? items
wage
items
rates)
1 1s?
ft
£?
Q
o
1929
148 116 124 150 171 143 131 137 155 166 161
154
146
160
92
1930
1931.
1932
1933
1934. .
125
87
65
70
90
93 109 104 140 111 149 128 133 142 128
56 71 64 98 73 97 107 91 111 98
44 44 49 84 44 78 100 63 86 81
66 57 68 107 57 74 90 59 87 74
90 97 101 156 103 93 94 68 101 89
144
124
106
108
122
135
113
99
99
114
151
130
112
109
120
83
67
58
64
75
1935
19361937
19381939
109 97 112
114 108 110
122 120 135
97 75 73
95 72 72
116
115
111
110
96
124
124
128
122
120
122
122
132
122
121
124
124
131
124
123
88
92
93
78
77
120 98
140 122
163 152
4 198 191
4 222 177
121
130
149
166
175
123
130
148
164
173
124
133
152
171
182
81
93
105
113
108
4 207 4 229 198
4 248 4 268 201
329 273 223
361 301 242
311 252 221
182
202
237
251
243
176
191
224
250
238
190
208
240
260
251
109
113
115
110
100
249
286
302
274
252
186
228
206
221
176
246
268
271
270
274
246
273
274
253
252
256
282
287
279
281
101
107
100
92
89
1955
1956
236 228 189 272 437 250 212 233 249 252 188
236 224 188 268 453 250 225 254 238 259 177
273
278
249
249
281
286
84
83
1955: January..February ~
March
April
June
243
244
242
246
242
241
241
240
239
236
240
232
206
206
200
200
204
201
275
268
269
270
266
266
425
436
437
437
436
435
274
270
264
261
259
256
222
204
204
216
209
240
249
254
249
270
263
220
261
261
258
266
260
271
258
255
248
241
236
236
163
191
200
186
176
177
273
271
273
274
274
274
253
255
256
254
251
250
283
283
284
284
282
282
86
86
85
87
86
85
July
August
SeptemberOctober. _NovemberDecember-
236
232
235
229
224
222
222
214
217
220
220
221
196
182
176
166
162
169
271
277
285
278
274
264
435
437
427
443
438
455
257
246
225
227
228
232
236
208
212
189
194
208
206
208
224
208
231
217
259
251
249
239
214
201
242
249
257
264
267
266
179
191
203
195
194
204
274
273
272
274
273
273
248
247
246
246
244
243
281
280
279
280
279
278
84
83
84
82
80
80
May
June
226
227
228
235
242
247
220
220
223
229
226
218
170
172
175
188
197
199
259
262
267
275
270
273
452
452
453
453
454
453
236
239
245
253
265
259
225
212
211
218
233
266
248
264
258
260
272
310
207
215
221
237
251
252
261
257
250
246
247
247
205
188
187
180
178
171
272
272
274
274
278
280
246
245
246
248
250
248
281
280
282
284
286
286
80
81
81
83
85
86
July
August
September.
October...
November.
December,
244
237
236
234
234
237
216
218
222
225
232
234
201
205
203
178
182
185
274
263
275
270
270
262
453
451
455
453
443
461
250
249
234
249
262
264
225
210
233
232
218
216
286
230
178
203
264
277
246
259
254
245
231
239
253
256
264
272
277
275
174
171
172
167
164
165
282
281
279
279
281
282
248
250
252
250
252
252
287
288
287
287
289
289
85
82
82
82
81
82
__
98
99
94
70
74
171 127 89 116 115 114
163 120 102 108 118 125
200 129 117 114 130 131
173 95 72 96 113 115
152 96 74 98 110 110
1940
1941
1942
1943
1944
100 84 86 83 134
124 97 94 111 157
159 120 117 156 247
4
193 148 156 167 319
4
197 166 175 172 348
103 81 122 108
138 94 138 143
183 127 178 186
202 207 270 203
222 233 236 190
1945
1946
1947
1948
1949
4
4
207 172 168 179
236 201 212 238
276 271 275 274
287 250 273 272
250 218 176 246
360
376
374
380
398
228
260
363
351
242
228
240
186
166
196
240
217
262
253
232
282
336
310
268
274
402
436
432
429
439
376
339
296
274
279
194
181
191
209
219
211
269
274
239
223
258
302
288
. . 258
249
1950
1951
1952
1953
1954
M ay
1956: January—
FebruaryMarch
April
224
243
244
231
232
198
237
242
213
211
340
409
353
296
292
1
Includes items not shown separately.
* For fresh market.
» Percentage ratio of index of prices received by farmers for all farm products to parity index.
* Includes wartime subsidy payments.
Source: Department of Agriculture.
i go
TABLE E-62.—Comparative balance sheet of agriculture, 1940-57
[Billions of dollars]
Assets
Claims
Other physical
Beginning
of year
Real
Total estate
Financial
MaHousechinhold DeposU.S.
ery
furits
Live- and Crops nish- and Savings
stock motor
ings
cur- bonds
vehiand rency
cles
equipment 2
ProInvestReal Other priement Total estate debt tors*
in codebt
equioperaties
tives
19401941194219431944-
53.8
55.8
63.3
74.4
85.1
33.6
34.4
37.5
41.6
48.2
5.1
5.3
7.1
9.6
9.7
3.1
3.3
4.0
4.9
5.3
2.7
3.0
3.8
5.1
6.1
4.3
4.3
4.5
4.6
4.6
3.9
4.2
5.0
6.5
7.9
0.3
.4
.5
1.1
2.2
0.8
1.0
1.1
53.8
55.8
63.3
74.4
85.1
6.6
6.5
6.4
6.0
5.4
3.4
3.9
4.1
4.0
3.5
19451946194719481949-
94.7
103.8
115.7
127.0
133.8
53.9
61.0
68.5
73.7
76.6
9.0
9.7
11.9
13.3
14.4
6.3
5.2
5.1
6.9
9.3
6.7
6.3
7.1
9.0
8.6
4.7
4.8
5.3
6.1
6.9
9.5
11.3
12.2
11.9
11.5
3.4
4.1
4.1
4.4
4.6
1.2
1.4
1.5
1.7
1.9
94.7
103.8
115.7
127.0
133.8
4.9
4,
4.9
5.1
5.3
3.4 86.4
3.2 95.8
3.6 107.2
4.2 117.7
6.1 122.4
19501951195219531954-
133.5
151.3
167.2
164.8
161.5
75.3
86.8
98.0
96.6
94.7
13.9
17.1
19.5
14.8
11.7
11.2
12.8
14.9
15.4
15.9
7.6
7.9
8.8
9.0
9.2
7.7
8.6
9.3
10.0
10.6
10.9
10.9
11.3
11.3
11.3
4.8
4.9
4.9
5.0
5.2
2.1
2.3
2.5
2.7
2.9
133.5
151.3
167.2
164.8
161.5
5.6
6.1
6.6
7.2
7.7
6.9
7.0
7.9
8.8
9.4
195519561957 3.
166.5 98.8
170.2 102.7
176.0 106.4
11.2
10.8
(<)
16.0
16.6
9.6
8.3
11.1
11.5
11.3
11.3
5.4
5.6
(*)
3.1 166.5
3.3 170.2
176.0
8.2
9.0
9.8
43.8
45.4
52.8
64.4
76.2
121.0
138.2
152. 7
148.8
144.4
9.5 148.8
9.8 151.4
10.9 155.3
1 Includes all crops held on farms for whatever purpose and crops held off farms as security for Commodity
Credit
Corporation loans. The latter on January 1,1956, totaled 1.4 billion dollars.
2
Estimated valuation for 1940, plus purchases minus depreciation since then.
* Preliminary.
* Not available.
NOTE:—-Detail will not necessarily add to totals because of rounding.
Source: Department of Agriculture.
TABLE E-63.—Selected indicators offarm conditions, 1929-56
Period
Number
of farms
(thousands)
Percent
of all
farms
with
central
station
electrical
service 1
Income
Production of farm
Beal estate
expenses population
debt as
Foreclosure as percent
from
percent of
rate per
of total
farming
value of
1,000 3
gross
as percent
real estate
farm
farms
of income
income
(percent) 2
from all
(percent)4
sources
(percent) s
Parity
ratio «
1929..
6,512
20.3
14.8
55.4
92
1930..
1931..
1932..
1933..
1934..
6,546
6,608
6,687
6.741
6,776
20.1
21.5
24.5
27.5
23.9
15.7
18.7
28.4
38.8
28.0
61.9
62.2
68.6
62.6
61.4
64.3
83
67
58
64
75
19351936..
193719381939-
6,814
6,739
6,636
6,527
6,441
10.9
12.3
15.8
19.1
22.1
22.8
21.7
20.3
19.8
19.9
21.0
20.3
18.1
14.3
13.4
48.8
56.3
50.2
57.0
57.9
74.5
68.3
73.0
68.9
67. 5
92
93
78
77
194019411942 .
19431944-
6.350
6.293
6,202
6.089
6,003
30.4
34.9
38.3
40.3
42.2
19.6
18.9
17.0
14.3
11.2
12.5
10.4
6.1
4.3
3.0
59.6
53.9
50.0
49.3
50.8
66.2
70.6
74.5
75.9
75.2
81
93
105
113
108
1945..
194619471948..
1949-
5 967
5 927
5,873
5.804
5,723
45.7
54.3
61.0
68.6
78.2
9.2
7.8
7.2
6.9
6.9
.5
.1
.0
.2
51.0
49.0
52.1
51.3
58.2
76.9
79.5
78.0
79.4
73.8
109
113
115
110
100
19501951-.
195219531954-
5,648
5,520
5,360
5,240
5,100
77.2
84.2
88.1
90.8
92.3
7.4
7.0
6.9
7.4
8.1
.4
.5
.6
.3
1.7
58.4
58.0
59.8
61.6
63.2
74.5
76.3
73.6
71.6
71.4
101
107
100
92
89
19551956 8-
5,000
4,900
93.4
94.2
2.0
2.3
65.2
67.8
84
83
i Data are for June 30, except for the Census of Agriculture years, as follows: January 1,1935 and 1945
and April 1, 1940 and 1950.
i Data are for January 1.
3 Data are for year ended March 15.
* Total gross farm income including Government payments and the net change in inventories.
* Income from farming is net incorre of farm operators (including Government payments and the net
change in inventories) and farm wages of farm resident workers.
* Percentage ratio of index of prices received by farmers to parity index (prices paid, interest, taxes, and
wage rates).
7 Not available.
* Preliminary.
Source: Department of Agriculture.
192
TABLE E-64.—Selected measures of farm technology, 1929-56
Specified machines on farms (January 1)
Period
Tractors i
Farms
Grain
Auto- Motor- with
commobiles trucks milking
mabines
chines
Live- Crop production
Feed
stock
Fertiused by produclizer
farm
tion
use
horses
per
Per
Corn
manpickers and 2 breeding
mules
hour
unit 3
Thousands
827
1929
3,970
1930
1931
1932
1933
1934
5 920 5 4,135
997
4,077
1,022
3,798
1,019
3,399
1,016
3, 399
1935
1936
1937....
1938
1939
1,048
1,125
1,230
1,370
1,445
3,642
3,735
3,962
4,109
4,030
Index, 1947-49=100
(4)
(4)
5 900
920
910
865
875
100
(4)
4
()
(4)
(4)
61
(4)
(*)
(4)
(4)
890
923
990
1,042
1,020
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
840
50
227
84
53
79
219
212
204
198
194
85
86
85
84
77
52
56
57
51
49
75
83
79
71
59
41
32
21
24
28
191
186
182
176
171
84
86
87
91
91
58
52
62
65
65
76
65
88
85
85
32
37
43
41
43
(*)
1940
1941
1942
1943
1944
8 1, 545
1,665
1,860
2,055
2,160
5 4,144 « 1,047
4,330
1,095
4,670
1,160
4,350
1,280
4,185
1,385
175
210
255
275
300
190
225
275
320
345
110
120
130
138
146
167
162
155
148
140
92
98
98
95
92
69
73
79
77
81
88
90
100
91
96
47
51
57
65
73
1945__._
1946
1947
1948
1949
5 2,354
2,480
2,613
2,821
3,123
5 4,148 51,490
4,260
1,550
4,350
1,700
4,225
1,900
4,290
2,065
6 365
440
525
575
610
6 375
420
465
535
620
168
203
236
299
372
131
122
110
100
90
96
94
97
99
104
86
92
91
105
104
95
101
95
106
99
77
90
95
99
106
1950
1951
1952
1953
1954
«3,394
3,678
3,907
4,100
4,243
s 4,199
4,220
4,230
4,240
4,250
5 2, 207
2,310
2,410
2,520
2,610
6 636
655
675
690
705
6 714
810
887
930
965
5 456
522
588
630
660
82
74
64
57
51
104
107
108
111
112
115
112
121
123
128
98
99
103
102
101
120
130
146
153
163
1955..._
1956 8
7 4,345
4,450
4,258
4,260
2,701
2,800
712
715
980
1,000
700
43
39
114
117
133
139
106
108
167
171
i Excludes steam and garden tractors.
Hay and concentrates only.
3 Excludes horses and mules.
*6 Not available.
Census of Agriculture. Census dates: January 1,1945 and April 1,1930,1940, and 1950.
6
Census of Agriculture of 1940 reported 1,567,430 tractors on farms April 1. The figure shown here is an
adjusted census figure to make allowance for tractors added to the number on farms between January 1
and April 1. Similar adjustments for other census years were not considered worthwhile.
7 Census of Agriculture, November 1954.
8
Preliminary.
Source: Department of Agriculture.
3
193
INTERNATIONAL TRANSACTIONS
TABLE E-65.—United States balance of payments, 1952-56
Excluding transfers under military grant programs
[Millions of dollars]
First 3 quarters
Item
1952
1953
1954
1955
1955
Exports of goods and services: Total.
1956
18,058
17,081
17,938
19,915
14,474
16,906
13,319
1,488
511
912
12,294
1,198
574
913
192
12,814
1,171
14,264
1,336
10,421
179
645
956
202
985
501
694
150
12,417
1,184
554
722
117
1,419
205
204
1,442
216
252
1,725
230
272
1,978
1,376
260
274
189
158
1,525
235
152
15,688
16,644
16,088
17,923
13,265
14, 931
10,838
1,115
811
10,990
1,081
10,354
1,026
1,009
11,516
1,202
1,155
8,400
901
9,556
1,101
1,043
577
1,957
659
2,535
677
2,603
734
2,804
548
2,113
587
2,204
64
364
86
360
59
418
94
304
63
334
106
Balance on goods and services, excluding
militaiy transfers
2,370
437
1,850
1,992
1,209
1,975
Unilateral transfers, excluding military:
Total--
-2,534
-2,454
-2,262
-2,462
-1,888
-1,682
-446
-2,088
-476
-1,978
-486
-1,776
-456
-2,006
-330
-1,558
-372
-1,310
-1,578
-587
Merchandise, adjusted,
military
Transportation
Travel
Miscellaneous services_._
Military transactions
Income on investments:
Direct investments
Other private
Government
excluding
_.
Imports of goods and services: Total.
Merchandise, adjusted, excluding
military.. __
Transportation
.
_
Travel
Miscellaneous services, excluding military
_
Military expenditures
Income on investments:
Private
Government
Private remittancesGovernment
United States capital, net: TotalPrivate, net: T o t a l . .
--
Direct investments, net-.
New issues.
Redemptions
Other long-term, net
Short-term, net
-1,158
-1,526
-1,455
-939
-2,423
- 1 , 619
-1,153
-651
-1.912
-664
-309
124
-135
-635
-679
-124
203
-359
-194
-467
-98
182
-245
-23
-1.139
-298
117
-334
-258
-850
-286
66
6
-94
-721
-270
139
316
167
-420
-218
93
-302
-288
-511
-847
429
-2
-716
487
11
-306
507
-375
416
-271
259
-402
308
-417
Foreign capital, net
1,612
1,147
Gold sales [purchases (-)]-
-379
1,161
Foreign capital and gold..
1,233
2,308
509
296
Government, net: TotalLong-term capital, outflow
Repayments
Short-term, net
Errors and omissions
Source: Department of Commerce.
194
-108
-343
-276
1,462
1,433
1,210
298
41
49
1,961
1,760
1,474
1,259
178
451
359
-278
1,683
447
TABLE E—66.—United States balance of payments with individual areas, 1952—56
Excluding transfers under military grant programs
[Millions of dollars]
First 3 quarters
Area and type of transaction
1953
1952
1954
1955
1955
Continental Western Europe and dependencies:
United States payments: Total
Nonmilitary imports of goods and
services
Military expenditures abroad
Government grants and capital,
excluding military aid transfersPrivate investments, net
Other payments, net
Foreign payments to the
States: Total
Balance
_._
Sterling area:
United States payments: Total.
Nonmilitary imports of goods and
services
Military expenditures abroad
Government grants and capital,
excluding military aid transfersPrivate investments, net
Other payments, net
Foreign payments to the
States: Total
_
United
_._
Purchases of goods and services.__
Long-term investments in the
United States
Balance
Canada:
United States payments: Total
Nonmilitary imports of goods and
services
Military expenditures abroad
Government grants and capital,
excluding military aid transfersPrivate investments, net
Other payments, net
Foreign payments to the
States: Total
4,835
5,055
5,855
4,340
4,792
2,659
709
2,943
1,047
2.830
1,196
3,279
1,368
2,368
1,060
2,874
1,164
82
189
736
-110
219
745
05
189
789
203
216
634
125
153
440
301
181
4,007
3,465
3,946
4,750
3,510
4,289
3,955
3,402
3,865
4,549
3,335
4,141
52
63
81
201
175
148
-796
-1,370
-1,109
-1,105
-830
-503
3,465
3,272
3,174
3,561
2,630
3,344
2,539
188
2,424
289
2,279
417
1,985
328
2,193
440
559
96
83
421
45
93
164
217
97
2,635
464
303
61
287
-41
71
275
363
73
2,842
2,623
2,939
3,424
2,395
2,638
2,847
2,567
2,804
3,322
2,307
2,497
-5
56
135
102
88
141
-623
-649
-235
-137
-235
-706
3,429
3,546
3,493
3,756
2,761
3,481
2,835
150
2,961
192
2,851
194
3,224
216
2,399
160
2,609
182
6
425
13
5
377
11
-2
443
7
-9
310
15
192
12
-5
685
10
3,926
4,132
3,812
4,400
3,210
3,927
3,855
4,066
3,830
4,402
3,215
3,855
71
66
-18
-2
-5
72
497
586
319
644
449
446
United
Purchases of goods and services...
Long-term investments in the
United States
Balance
4,803
United
Purchases of goods and services 1Lo rig-term investments in the
United States
_
See footnotes at end of table.
1956
195
TABLE E—66.—United States balance of payments with individual areas, 1952—56—Continued
Excluding transfers under military grant programs
[Millions of dollars]
First 3 quarters
Area and type of transaction
1952
1953
1954
1955
1955
Latin America:
United States payments: Total.
Nonmilitary imports of goods and
services
Military expenditures abroad
Government grants and capital,
excluding military aid transfersPrivate investments, net
Other payments, net
Foreign payments to the
States: Total
Balance
_
Other countries:
United States payments: TotaL
Nonmilitary imports of goods and
services
Military expenditures abroad
Government grants and capital,
excluding military aid transfers.
Private investments, net.
Other payments, net
Foreign payments to the
States: Total
4,805
4,621
4,823
4,824
3,501
4,205
4,214
29
4,322
27
4,184
24
4,313
21
3,166
15
3,615
20
87
418
57
373
-133
32
76
501
121
329
40
111
179
30
138
391
41
United
Purchases of goods and services.._
Long-term investments in the
United States
-
United
Purchase of goods and services
Lont-term investments in the
United States.
Balance..
International institutions:
United States payments: Total..
Nonmilitary imports of goods and
services
Military expenditures abroad
Government grants and capital,
excluding military aid transfers.
Private investments, net
Other payments, net
4,839
4,396
4,711
4,844
3,532
4,025
4,823
4,382
4,679
4,822
3,515
4,012
16
14
32
22
17
13
34
-225
-112
20
31
-180
3,064
3,255
3,137
3,701
2,740
3,064
1,435
881
1,411
1,304
772
1,631
735
1,200
550
1,392
566
498
18
232
429
173
262
510
267
284
223
228
644
177
169
784
156
166
2,507
2,596
2,677
2,743
2,043
2,341
2,506
2,597
2,673
2,734
2,036
2,334
1
-1
4
9
7
7
-958
-697
-723
194
143
120
150
37
37
34
44
-557
234
49
119
Foreign payments to the United
States: Total
-659
156
-460
90
16
61
76
97
Purchases of goods and services...
Long-term investments in the
United States
Balance..
1956
-156
75
67
87
10
12
-97
-45
10
8
-75
i Special category exports to European Sterling area countries and dependencies are included In continental Europe and to "other" Sterling area countries, in "other countries."
Source: Department of Commerce.
196
TABLE E-67.—United States grants of military supplies and services, by areas, total postwar
period andfiscalyears 1952-56
[Fiscal years, millions of dollars]
Total
postwar1
period
1952
1953
1954
1955
18,051
1,854
4,380
3,542
2,566
242
66
62
9
10
12
17,809
1,789
4,318
3,533
2,556
3,044
Western Europe (excluding Greece and Turkey) 2 . 10,922
Near East (including Greece, Turkey, and Africa). 2,273
Other Asia and Pacific
-- 4,176
262
American Republics
174
Unspecified
1,131
218
282
115
43
3,176
314
772
21
35
2,362
382
726
45
18
1,606
289
598
43
20
1,857
386
740
38
23
Area
Gross military grants 2
Less: Reverse grants and returns Equals: Net military grants 2
1956
3,056
1 Postwar period covers July 1,1945, through June 30,1956.
2 Includes cash contributions to the multilateral-construction program of the North Atlantic Treaty
Organization.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
197
TABLE E-68.—United States grants and credits, excluding military supplies and services, by
areas, total postwar period andfiscalyears 1952—56
[Millions of dollars]
Item
Gross new grants:
Total postwar period s_.
Fiscal year 1952.
Fiscal year 1953Fiscal year 1954
Fiscal year 1955
Fiscal year 1956
Total
European IndoNorthSouth- Interna- China,
western
tional
ern
Korea,
Europe * Europe 2 instituand
tions 3 Formosa
Rest of
world 5
31,045
2,594
2,041
1,676
2,026
1,708
15,023
1,161
932
686
749
295
5,100
563
473
288
296
301
1,405
103
105
85
53
64
927
58
63
54
21
5
246
29
31
26
28
48
Net new grants:
Total postwar period *
Fiscal year 1952
Fiscal year 1953
Fiscal year 1954
Fj^calyear 1955
Fiscal year 1956
29,640
2,491
1,937
1,592
1,973
1,644
14,096
•1,104
868
632
727
290
4,853
535
442
262
268
253
240
187
3,189
273 I
309
268
532
571
7,261
392
317
428
446
530
New credits, excluding prior grants converted into credits:
Total postwar period 6
Fiscal year 1952
Fiscal year 1953..
Fiscal year 1954
Fiscal year 1955
Fiscal year 1956
12,589
659
635
624
444
472
7,811
201
217
129
953
75
36
37
12
83
100
247
43
3,478
383
383
458
332
340
Repayments:
Total postwar period 6_
Fiscal year 1952
Fiscal year 1953.
Fiscal year 1954
Fiscal year 1955
Fiscal year 1956
3,899
326
528
501
460
511
1,910
208
359
328
186
239
298
36
43
41
45
32
129
2
2
1
1
1
:,562
80
124
131
229
239
Net new credits:
Total postwar period 8 .
Fiscal year 1952
Fiscal year 1953.. _
Fiscal year 1954
Fiscal year 1955
Fiscal year 1956.
8,690
332
106
124
-16
-40
5,902
-8
-142
-199
-186
-233
655
39
-7
-4
-33
51
118
-2
-2
-1
-1
42
1,915
303
258
328
103
101
60
236
3,307
271
307
267
531
612
9,177
695
575
756
549
Reverse grants and returns on grants:
Total postwar period •
Fiscal year 1952.
_
Fiscal year 1953
Fiscal year 1954.
Fiscal year 1955
Fiscal year 1956
Prior grants converted into
credits:
Total postwar period 6
Fiscal year 1952
Fiscal year 1953
Fiscal year 1954
»
Fiscal year 1955
Fiscal year 1956
Total net grants and eredits:
Total postwar period 6
Fiscal year 1952
Fiscal year 1953
Fiscal year 1954
Fiscal year 1955
Fiscal year 1956
7
240
187
(0
1,000
38,330
2,823
2,043
1,715
1,957
1,604
19, 998
1,096
726
433
542
57
5,509
574
435
259
236
304
7,467
407
326
431
448
532
205
15
9
3
3
2
100
100
100
2,256
1,000
3,216
275
311
270
532
580
340
187
1
100
1
1Includes Austria, Belgium-Luxembourg, Denmark, Finland, France, Germany, Iceland, Ireland,
Netherlands, Norway, Sweden, and the United Kingdom.
28 Includes Greece, Italy and Trieste, Portugal, Spain, Turkey, and Yugoslavia.
Includes European Coal and Steel Community, European Payments Union, and European Productivity Agency.
* Includes United States contribution to U. N . Korean Reconstruction and Relief Administration.
«Includes other international organizations outside Western Europe.
«Postwar period covers July 1, 1945, through June 30, 1956. Excludes United States subscription to
International Bank for Reconstruction and Development and International Monetary Fund.
r Less than $500,000.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
198
TABLE E-69.—United States merchandise exports and imports for consumption, by leading
commodities, 7936—38 average and 1952-56
[Millions of dollars]
193638
Commodity l
aver-
1952
1953
1954
1955
JanuaryOctober
1955
Exports of United States merchandise: Total-
1956
2,925 15,049 15, 652 14,978 15, 413 12, 708 15,303
Nonmilitary exports: Total 2
13,051 12,141 12,723 14,157 11,609 13,837
Agricultural commodities
Nonagricultural commodities *
778
2,147
Exports, excluding "special category"
commodities: Total 3
3,431
9, 620
2,847
9,293
3,054 3,197
9,669 10,960
2,591 3,2P5
9,018 10, 572
12, 434 11, 525 12,120 13,501 11,064 13,246
Agricultural commodities: Total.
2, 847 3,054
3,197
2,591
3,265
469
324
356
481
459
1,108
413
227
284
415
371
881
493
333
431
1,096
8,677
9,066 10,304
8,473
9,981
2,747
963
800
640
485
10
498
335
176
2,023
2,595
1,036
983
621
465
51
431
304
305
2,823
1,238
1,077
615
644
174
442
485
317
2,308
1,019
889
512
518
141
374
394
263
2,865
1,115
1,033
518
619
222
382
603
323
2,275
2,489
2,055
2,301
778
3,431
313
5
143
62
54
201
862
158
246
942
541
682
517
173
341
589
470
757
Nonagricultural commodities: Total«_.
2,147
9,003
Machinery ».__
Automobiles, parts, and accessories B
Chemicals and related products •
Textile manufactures
Iron and steel-mill products, excluding scrap. _.
Iron and steel scrap
_
Petroleum and products »
Coal.
Nonferrous metals, including ferroalloys..
Other nonagricultural commodities •
440
292
129
87
151
48
344
56
114
2,712
987
801
660
610
11
572
494
219
1,937
Raw cotton, excluding linters 4
Vegetable oils, fats, and oilseeds
Tobacco, unmanufactured
.-.
Wheat, including flour
Other grains and preparations._..
Other agricultural commodities..
Imports for consumption: Total
2,461 10, 747 10,779
Agricultural commodities: Total.
780
306
304
427
323
914
10,240 11,335
9,283 10,442
1,260
4,519
4,185
141
152
35
323
179
57
373
1,376
416
178
890
619
382
1,469
425
167
908
332
296
588
411
252
827
262
223
512
3,982
1,357
415
185
798
442
260
525
3,300
1,095
368
158
662
357
224
436
3,392
1,228
403
127
652
331
213
438
Nonagricultural commodities: Total..
1,201
6,228
6, 594 6,267
7,353
5,983
7,050
Nonferrous metals and ferroalloys...
Petroleum and products
Paper and paper-base stocks
Textile manufactures
Machinery and vehicles
Sawmill products
Chemicals and related products
Fish, including shellfish
Iron and steel-mill products, excluding scrap.
Iron ore and concentrates
Other nonagricultural commodities
178
42
221
174
21
18
87
31
19
5
405
1,528
1,025
985
585
438
323
255
214
145
177
1,678
1,236
823
807
478
361
277
212
174
114
150
1,351
1,409
1,054
912
546
515
264
225
203
177
215
1,530
Coffee
_
Cane sugar
_
Cocoa or cocao beans
Other foodstuffs.
Crude rubber
Wool, unmanufactured
Other agricultural commodities.
1, 563 1,662
762
692
937
928
464
513
353
354
236
222
293
244
194
181
251
209
97
83
1,239 1,345
3,973
1,392
829
926
440
359
252
249
210
116
119
1,375
1 Commodity data for 1936-38 and 1952-55 have been adjusted to conform as nearly as possible to 1956
statistical classifications. The distributions of nonagricultural exports by principal commodities, however,
are based on total exports for 1936-38 and on exports excluding "special category" items in 1952 and later
periods. (See note 3.)
2 Data represent total exports minus shipments of military equipment and supplies by the Department
of Defense under the Mutual Security Program. Commodity breakdowns of nonmilitary exports are not
available.
* "Special category" commodities are those to which security restrictions apply as regards publication of
detailed
export statistics.
4
Data exclude essential oils.
« Data for 1952 and later periods exclude "special category" exports.
NDTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
199
TABLE E-70.—Estimated gold reserves and dollar holdings of foreign countries,
1937 and 1949-56
[Billions of dollars]
Sterling area
End of year
All
foreign
countries
Total
United
Kingdom
Continental
OEEC
Other
Latin
All
countries European Canada American
other
and
countries
Republics countries
dependencies
1937
15.1
4.9
4.4
6.8
1.0
0.4
1.0
1949
15.8
2.8
2.0
6.1
.6
1.5
3.1
1.7
1950. _
1951._
1952
1953
1954
19.9
19.8
21.2
23.7
25.7
4.6
3.9
3.5
4.3
4.4
3.7
2.9
2.5
3.2
3.4
7.0
7.2
8.5
10.1
11.6
.5
.5
.5
.6
.6
2.1
2.3
2.6
2.5
2.7
3.5
3.4
3.4
3.7
3.8
2.2
2.5
2.7
2.5
2.6
27.5
29.1
4.0
4.2
2.9
3.1
13.2
14.1
.7
.6
2.6
2.9
4.0
4.2
3.0
3.1
. ._
1955
1956 i _
1.0
i As of September 30.
NOTE.—Includes gold reserves and dollar holdings of all foreign countries with the exception of U. S. S. R.
gold reserves. Holdings of the Bank for International Settlements (both for its own and E P U accounts)
aad of the Tripartite Commission for Restitution of Monetary Gold are included with the holdings of
continental OEEC countries and dependencies. Figures represent (1) reported and estimated gold reserves
of central banks and governments, and (2) official and private short-term dollar holdings reported by banks
in the United States, including foreign-held deposits, U. S. Government securities and certain other
short-term liabilities to foreigners, and (3) estimated holdings of U. S. Government bonds and notes with
original maturities of more than one year. Figures for 1937 are not strictly comparable with those for
subsequent years owing to exclusion of long-term U. S. Government bonds and notes.
Source: Board of Governors of the Federal Reserve System.
200
@FedFRASER