Full text of Economic Indicators : April 1951
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82d Congress, 1st Session
Economic Indicators
APRIL 1951
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
\ ^ <;^%
'
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1951
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
JOSEPH C. O'MAHONEY, Wyoming, Chairman
EDWARD J. HART, New Jersey, Vice Chairman
JOHN J. SPARKMAN, Alabama
PAUL H. DOUGLAS, Illinois
WILLIAM BENTON, Connecticut
ROBERT A. TAFT, Ohio
RALPH E. FLANDERS, Vermont
ARTHUR V. WATKINS, Utah
WRIGHT PATMAN, Texas
FRANK BUCHANAN, Pennsylvania
RICHARD W. BOLLING, Missouri
JESSE P. WOLCOTT, Michigan
CHRISTIAN A. HERTER, Massachusetts
J. CALEB BOGGS, Delaware
GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
(Created pursuant to Sec. 4 (a) of Public Law 304, 79th Cong.) LEON H, KEYSERLING, Chairman
JOHN D. CLARK
ROY BLOUGH
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [3. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"
and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the
Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed
for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit., Office of the Secretary,, Department of Commerce
11
Contents
THE TOTAL OUTPUT OF THE ECONOMY
The Nation's Economic Budget
Gross National Product
Page
1
2
PRICES
Consumers' Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT AND WAGES
Civilian Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
Work Stoppages
7
8
9
10
11
12
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Weekly Production—Selected Indicators. . .
Production of Selected Manufactures
New Construction
New Housing Starts
Expenditures for New Plant and Equipment
New Corporate Security Issues
Inventories and Sales
Merchandise Exports and Imports
13
14
IS
16
17
18
19
20
21
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Personal Consumption Expenditures
Per Capita Disposable Income
Farm Income
Consumer Credit
22
23
24
25
26
27
28
29
MONEY, BANKING, AND FEDERAL FINANCE
Bank Loans and Investments
Money Supply
Federal Cash Receipts From and Payments to the Public
30
31
32
111
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
The Government (Federal, State, and local) cash surplus rose to $9 billion (seasonally adjusted annual rate) in the
1st quarter of 1951, $8 billion above the previous quarter. Excess of business investment was very high, at a rate of
about $29M billion. Personal saving declined.
0
-5O
1
50
BILLIONS OF DOLLARS
ANNUAL RATES, SEASONALLY ADJUSTED
100
1
'
1
I5O
1
200
1
1
CONSUMERS
i960
FOURTH QUARTER
£HvO:^:.:l;x;li;;::;!;j;;oh
>
'. \ I',' „ '
195!
FIRST QUARTER
*X5 Transfer J/
>^ payments
''' " -7
BUSINESS
1950
FOURTH QUARTER
•
<,
1951
FIRST QUARTER
, ,.< , ,-/,f/ iL, %, <"*,< ,.. '\
-> ' ', ,,^ ';;'/«'£?'//' ?/'/? /%^"r'\
.
INTERNATIONAL
1950
_
FOURTH QUARTER j
1951
FIRST QUARTER P
G O V E R N M E N T C Federal, state and local )
.-
: . -
1950
FOURTH QUARTER
i ' ', ''.„ ' , "« ', ^
•'
J
. ':"'.',. "C \ ","? "''L
*"^ Transfer payments I/
195!
FIRST QUARTER
:
'
'•> S-},/>
0
1
.-: : :-1i /
"'
r" / 'Sty '/'Mf'' '''^'7 'f'/'f'"'-' '//'/'///'%/"
''/'
^
-j<r
EXCESS OF RECEIPTS {+), EXPENDITURES '(-)
1950, FOURTH QUARTER
195!, FIRST HALF
-85
0
25
50
-50
-25
0
.;;;.;.;;;.;.;|
nMm
CONSUMERS
BUSINESS
: :
'
' ' "- *' "*- '*'£• ' - ' j
INTERNATIONAL
G O V E R N M E N T (Federal, state and local )
'
1
i
i
i
I
1
'
»
25
il
i
SO
'
,
_
I
i
.:'••:»•;•'{
iixi-j
ti'-'-H,!.:1
-I/ TRANSFER PAYMENTS ARE INCl UDEO IN RECEIPTS OR EXPENDITURES OF THE SEPARATE ACCOUNTS BUT NOT IN.THE TOTAL GROSS NATIONAL PRODUCT.
NOTE ; SEE PAGE 2 FOR THE NAT
ON'S ECONOMIC BUDGET TOTAL (GROSS NATIONAL PRODUCT),
S O U R C E : ECONOMIC REPORT OF T HE PRESIDENT, JANUARY 195 , APPENDIX C.
COUNCIL OP ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT
The gross national product rose $16 billion (seasonally adjusted annual rate), or about 5 percent, in the 1st quarter.
About one-fourth of this rise reflected more real output. The most substantial increases occurred in goods and services
produced for Government purchase, primarily those for defense items, and in personal consumption expenditures.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
ANNUAL RATES, SEASONALLY ADJUSTED
NATIONAL PRODUCT
"PERSONAL CONSUMPTION EXPENDITURES
GROSS PRIVATE DOMESTIC INVESTMENT
•GOVERNMENT PURCHASES OF GOODS AND SERVICES
NET FOREIGN INVESTMENT""
i
40
I
I
42
I
I
44
I
I
46
I
I
48
1
I
I
I
I
I
I
50
1949
-^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
COUNCIL OF ECC
[Billions of dollars]
Period
1939
1944
1946
1947
1948
1949
1950 _ .-.
Total gross
national
product
91.3
213. 7
211. 1
233. 3
259. 1
255.6
279. 8
Personal
consump- Gross private Net foreign
domestic
tion expend- investment investment
itures
67.5
111. 6
146. 9
165.6
177. 4
178.8
190.8
9.9
7.7
28. 7
30.2
43. 1
33.0
49.4
0.9
-2. 1
4. 6
8.9
1.9
.4
-2.5
Government purchases of goods and
services
Total
13. 1
96.5
30.9
28. 6
36. 6
43.3
42. 1
National
defense l
Other 2
1.3
88.6
21. 2
12. 2
11. 6
13. 5
14. 8
11.8
7.9
9. 7
16.4
25.0
29.8
27.3
Annual rates, seasonally adjusted
1949: First quarter _
Second quarter
Third quarter
Fourth quarter
258.8
255.2
254.4
253.8
177.
178.
179.
180.
4
4
0
6
37.5
31.3
32. 1
31. 2
1.0
1.3
.1
42. 9
44. 3
43.2
42. 8
13.5
13. 9
13.5
13.3
29.4
30.4
29.7
29.5
1950: First quarter. ..
Second quarter
Third quarter
Fourth quarter
263.3
271. 6
283.9
300.3
182. 6
185.8
198. 9
195. 8
41.8
47.7
47. 8
60. 2
-1.7
-1. 7
-3. 3
-3.4
40.5
39. 9
40. 4
47. 6
12. 5
12. 4
14.2
20. 0
28.0
27.5
26.2
27.6
1951: First Quarter 3 _.
316. 0
206. 0
60. 5
__4 0
53. 5
25. 5
28.0
n
1 Based on Treasury Bulletin break-down of Federal budgetary expenditures adjusted to the concept of purchases of goods and services; includes "national defense
and related activities," Atomic Energy, and Mutual Defense Assistance.
2 Residual; expenditures by the Federal Government for other than "national defense" and total expenditures by State and local governments.
3 Estimates based on incomplete data; by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
PRICES
CONSUMERS' PRICES
Slowing down very little from the pace of the two preceding months, consumers' prices increased 1.3 percent from
January 1 5 to February 15, with food, apparel, and housefurnishsngs leading the rise. Preliminary reports indicate
that retail food prices declined slightly between February 1 5 and March 1 5.
PERCENT OF 1935-39 AVERAGE
PERCENT OF i 9 3 5 - 3 9 AVERAGE
240
240
J F M A M J
J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
1946
NOTE:
1947
J F M A M J ^ J
1948
A S O N D J F M A M J J A S O N D J F M A M J J A S O N
1949
1950
BEGINNING JANUARY I960 DATA NOT COMPARABLE WITH PRIOR DATA BECAUSE OF REVISIONS.
D
1951
COUNCIL OF ECONOMIC ADVISERS
' SOURCE: DEPARTMENT OF LABOR.
[1935-39=1001
Period
1939 monthly average
1943 monthly average____
1944 monthly average
1945 monthly average..--.
1946 monthly average
1947 monthly average.,..1948 monthly average
1949 monthly average___.
1950 monthly average 1 -,
1950: February 15
March 15
April 15
•_.
May 15 _ _ _ _ _
June 15L _ - -- July 15
August 15
September 15
October 15
November 15 _
December 15_
1951: January 15
Februarv 15
March 15 _
1
All items
99.4
123. 6
125. 5
128.4
139. 3
159. 2
171.2
169. 1
171. 9
167. 9
168. 4
168. 5
169. 3
170. 2
172 0
173. 4
174. 6
175. 6
176. 4
178. 8
181. 5
183. 8
C1)
Food
95. 2
138. 0
136. 1
139. 1
159. 6
193. 8
210. 2
201.9
204. 5
194 9
196. 6
197. 3
199. 8
203. 1
208 2
209. 9
210. 0
210 6
210. 8
216. 3
221 9
226. 0
225. 6
Apparel
100. 5
129. 7
138. 8
145. 9
160.2
185. 8
198.0
190. 1
187. 7
184 9
185 1
184 9
184 7
184 6
184 5
185 7
189 8
193 0
194 3
195 5
198 5
202 0
1
C)
Rent
104. 3
108. 0
108.2
108. 3
108.6
111. 2
117. 4
120.8
131. 0
129 7
129 8
130" 1
130 6
130 9
131 3
131 6
131 8
132 0
132 5
132 9
133 2
134 0
(i)
Fuel, electricity, and
refrigeration
99.0
107.7
109. 8
110. 3
112.4
121. 1
133.9
137.5
140. 6
140 1
140 3
140. 3
138 8
139 1
139 4
140 2
141 2
142 0
142 5
142. 8
143 3
1143 9
C)
Housefurnishings
101.3
125. 6
136. 4
145.8
159.2
184. 4
195. 8
189.0
190. 2
185. 2
185. 3
185.4
185. 0
184. 8
186. 1
189. 1
194. 2
198. 7
201. 1
203. 2
207. 4
209. 7
(*)
Miscellaneous
100.7
115. 8
121. 3
124. 1
128. 8
139.9
149. 9
154. 6
156.5
155. 1
155. 0
154. 7
155. 1
154. 6
155. 2
156. 8
157.8
158. 3
159. 2
160. 6
162. 1
163. 2
1
C)
Not available. Beginning with January 1950, the index has been revised. The revised indexes for all components other than rent are strictly comparable with
those published for years before 1950; and all items index and the rent index are strictly comparable with the indexes of the early 1940's, but overstate the changes
from 1947-49 to January 1950 and subsequent months.
Source: Department of Labor.
NOTE.—Prices are for moderate-income families in large cities.
WHOLESALE PRICES
Continuing the pattern begun in the last half of February, wholesale prices showed marked stability throughout the
month of March.
PERCENT OF 1926 AVERAGE
PERCENT OF
220
1926 AVERAGE
220
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J - F M A M J J
-1946
1947
1949
1948
A S O N O
1950
J F M A M J J
1951
SOURCE: DEPARTMENT OF LABOR,
[1926=100]
All commodities
Period
1 942 monthly average
1946 monthly average
_
1947 monthly average
1948 monthly average
1949 monthly average
1 950 monthly average
1950: February
March
_ _
April
Mav
June
_
XTJ.«,J _,
--
--
_ _
__
- --
__
-
July
August
September
October
November
December
1951: January
February
March 1
Week ended:
1951: March 6
13
•
-
-
__
_
20
27
1
Estimates based on change in weekly data.
Source*. Department of Labor.
_
_
^
_ _ -
__
-_
Farm products
Foods
98. 8
121. 1
152. 1
165. 1
155.0
161. 5
152. 7
152.7
152. 9
155. 9
157.3
162. 9
166.4
169. 5
169. 1
171.7
175. 3
180. 1
183.6
184. 3
105. 9
148. 9
181. 2
188. 3
165. 5
170. 5
159. 1
159.4
159. 3
164.7
165. 9
176. 0
177.6
180. 4
177.8
183.7
187.4
194. 2
202. 6
203. 8
99.6
130. 7
168.7
179. 1
161. 4
166.2
156. 7
155. 5
155. 3
159. 9
162. 1
171.4
174. 6
177.2
172.5
175. 2
179.0
182. 3
187. 7
186. 6
183. 5
183.4
183. 9
183.9
202.3
203. 3
204. 6
203.8
188. 9
187. 8
187. 9
187.3
Other than
farm products
and foods
95.5
109.5
135. 2
151. 0
147.3
153.2
145. 9
146. 1
146.4
147. 6
148. 8
151.5
155. 5
159.2
161.5
i 163. 7
166. 6
170.3
171. 8
173.0
171.8
171. 7
172. 1
172. 3
PRICES RECEIVED AND PAID BY FARMERS
Farm prices eased off in March, while prices paid by farmers continued to rise.
PERC ENT OF 1910-14 AVERAGE
350
'
PERCENT OF 1910-14 AVE RAGE
350
*»«.
PRICES RECEIVED *^
300
300
r
r*
250
7
r^ "'
/N-'
^X^
'
*«*^J^
\.
*<"""*
^^PRIC ES PAID
^S^
^l
250
AND W 5GE RATES)
200
200
150
150
PARITY RATIO *
v*-*-^-*^^-^^^
^
100
100
50
50
1 1 I 1 1 1' 1 1 1 1 1
1 1 [ 1 1 1 1 1 1 1 1
1 1 I 1 1 1 1 1 1 1 1
1946
0
1947
1948
1 1 1 1 1
1 1 1 1 1
1 1 1 1 1
1 1 1 1 1
i i i i i 11 i i i i
1951
1950
1949
0
COUNCIL OF ECONOMIC ADVISERS
[1910-14=100]
Period
1939 monthly average
1942 monthly average
__ ___
_
__
1944 monthly average
1946 monthly average _
_ __
_ _ _
1947 monthly average
1948 monthly average
_ _ _ _
_
1949 monthly average _ _ _ _
1950 monthly average
1950: February 1 5
_
_ _ _
_____
March 15
April 15
May 15 _ _ _ _ _
June 15
-July 15
•
--- - --- August 15
September 15
October 15
November 15
-December 1 5
__
1951 * January 15
February 15
--March 15
1
2
Prices paid by
Prices
farmers (includreceived
ing interest, Parity ratio 1
by farmers
taxes, and
wage rates)
2
2
_
95
158
196
234
275
_ 285
_
249
256
237
237
241
247
247
263
267
272
268
276
286
300
313
311
123
152
182
207
240
259
250
256
248
250
251
254
255
256
258
260
261
263
265
272
276
280
Ratio of index of prices received to index of prices paid, interest, taxes, and wage rates.
Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.
,
81724—51-
77
104
108
113
ai5
110
100
100
96
95
96
97
97
103
103
105
103
105
108
110
113
111
STOCK PRICES
Most stock prices declined substantially during March.
decrease.
Railroad stocks were among those that showed the sharpest
PERCENT OF 1939 AVERAGE
250
1940 41
42
43
44
PERCENT OF 1939 AVERAGE
250
45
46
47
48
49
50
O
N
D
J
F
M
A
M
J
J
A
S
O
M
D
J F M A M J
1950
SOURCE:
SECURITIES
AND EXCHANGE
J A S O N D
195!
COMMISSION.
[1939=100]
Manufacturing
Period
Weekly average:
1940
1942
• 1944
1946
1948
1949
1950
- -1950* February
March
April
__
May
June
Julv
August
September
October
November
__ _
December
1951* January
February
March
Week ended:
1951: March 3
10
17
_ -_
24 2 „
31
Composite
index l
Mining
Total
Durable
goods
Nondurable
goods
Transportation
Utilities
Trade,
finance,
, and
service
90. 6
74.9
108.0
149. 6
132.3
127.6
154. 1
143.7
145. 4
148, 9
154. 7
158. 3
146. 7
154. 4
159. 3
164. 9
165. 9
165.2
176. 7
184.0
179.9
75.9
59. 7
93. 2
125. 5
133. 2
129. 2
143. 5
133.0
133. 0
133. 9
142. 7
143. 0
133. 7
146. 4
150. 3
154. 5
157. 6
159. 7
175. 9
184,2
176,7
93.4
- 75. 5
108. 9
146. 6
136. 2
132. 1
165. 7
151. 2
152. 5
157. 8
165. 4
171. 1
157.9
167. 6
173, 3
180. 3
181, 8
180.4
194. 2
203.0
198. 4
92.5
73. 7
104. 5
138.8
124. 4
116.0
150.4
137. 7
138.2
142. 7
149. 4
156.0
142. 6
151. 8
157. 5
166. 0
166.0
161. 7
174.8
181. 6
178.2
94. 2
77. 1
109. 1
154. 4
147.0
147. 2
180. 2
163. 8
165. 9
171.7
180.2
185. 0
172.2
182, 2
187. 9
193. 7
196. 5
197. 9
212. 3
222. 8
217.0
99. 1
90. 8
140.5
202. 6
158. 1
138. 8
159.9
151. 2
152.0
151. 4
152. 8
149. 5
150. 0
164.5
168.2
171. 4
171. 1
184.4
202. 0
213. 1
200. 0
97.7
69. 8
100. 8
121. 0
99. 4
98. 1
107.2
107.7
112.0
112. 8
115. 0
114.8
105. 5
105.9
107. 1
107. 8
107.4
106. 5
110. 3
112. 1
112. 9
86.7
71.3
117. 1
204.3
156. 9
160. 5
183. 8
179. 1
179.2
178. 4
180. 6
182. 4
170. 3
176. 6
187. 8
198. 3
200. 8
195. 7
205. 1
213. 2
209. 7
183.0
182. 4
179.5
177.8
177. 0
181. 6
182. 4
174. 6
172. 8
172.0
201. 4
201. 1
197. 9
196.0
195. 4
180. 4
- 180. 5
178.2
176. 3
175. 6
221.0
220. 1
216. 1
214.3
213.7
205.4
204. 0
200. 6
194. 8
195. 1
114.8
114. 0
112. 6
111. 9
111. 3
212. 9
211. 8
209. 1
208. 1
206.4
1
Includes 265 common stocks, distributed as follows; 14 for mining, 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for
transportation, 28 for utilities, and 32 for trade, finance, and-service.
2 Data became available after chart was prepared.
Source: Securities and Exchange Commission.
CIVILIAN LABOR FORCE
The civilian labor force increased by
of the defense
in its
460,000, Unemployment
by
a
in
rise of 809/000.
MILLIONS OF PERSONS*
70
the impact
increased seasonally by over
Farm
TOTAL CIVILIAN
LABOR FORCE*
LOYMENT AS
OF CIVILIAN LABOR
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
SOURCE: DEPARTMENT OF COMMERCE.
average
average
average
average
average
average
1950' February
March
April
_ _ _
*
Mav
June
Julv
August
September
October
November
December
1951" January
February
March
1
J
F
M
A
M
J
J A S O t J D
COUNCIL OF ECONOMIC ADVISERS
Period
1939 monthly
1944 monthly
1947 monthly
1948 monthly
1949 monthly
1950 monthly
D
____
, __
_
_ _
Civilian labor force
UnemEmployment 1
Total
ployNonagri- . ment
AgriculTotal
cultural
tural
Thousands of persons, 14 years of
and over
9,480
45, 750
36, 140
55, 230
9,610
54, 630
53, 960
670
8,950
45, 010
2, 142
'60, 168
58, 027
49, 761
8,266
2,064
59, 378
51, 405
7,973
61, 442
50, 684
62, 105
58, 710
8,026
3, 395
3, 142
52, 450
63, 099
59, 957
7,507
Unemployment as percent of total
civilian
labor force
17.2
1. 2
3.6
3.4
5.5
5.0
61, 637
61, 675
62, 183
62, 788
64, 866
64, 427
64, 867
63, 567
63, 704
63, 512
62, 538
56, 953
57, 551
58, 668
59, 731
61, 482
61,214
62, 367
61, 226
61, 764
61, 271
' 60, 308
6,223
6,675
7, 195
8,062
9,046
8,440
8, 160
7,811
8,491
7, 551
6,234
50, 730
50, 877
51, 473
51, 669
52, 436
52, 774
54, 207
53, 415
53, 273
53, 721
54, 075
4,684
4, 123
3, 515
3,057
3, 384
3,213
2,500
2,341
1, 940
2,240
2,229
7.6
6.7
5. 7
4. 9
5. 2
5.0
3. 9
3. 7
3.0
3.5
3.6
61, 514
61,313
62, 325
59, 010
58, 905
60, 179
6,018
5,930
6.393
52, 993
52, 976
53, 785
2, 503
2,407
2, 147
4. 1
3.9
3.4
Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-off,
and industrial disputes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
Most of the February gain in manufacturing employment was in durable goods, particularly in aircraft and in machinery
plants. These gains were offset by seasonal declines in construction and trade. Government employment increased
due to stepped-up hiring of Federal defense workers.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
8.0
9.0
NONDURABLE MANUFACTURING
f
J
F
I
M
!
A
I
M
I
J
I
J
I
A
I
S
I
O
!
N
J
D
J
F
M
A
M
J
J
A
S
L
O
N
D
CONTRACT CONSTRUCTION
H950
8.5
0
!
1
!
1
1
1
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers l]
Manufacturing
Period
Total
Contract
construction
Durable Nondugoods rable goods
Trade
Finance
and
service
Government
(Federal,
State,
local)
Transportation
and
public
utilities
2,912
3,619
4, 023
4, 122
4, 151
3, 979
4,010
3,869
3, 841
3,873
3, 928
3,885
4,023
4,062
4, 120
4, 139
4, 132
4, 123
4, 125
845
917
852
943
981
932
904
861
595
938
939
940
946
922
950
•
946
939
938
938
4, 072
4, 078
933
929
1939 monthly average
1943 monthly average.- _
1946 monthly average _
1947 monthlv average
1948 monthly average __
1949 monthly average 2
1950 monthly average
1950: January _
February _ _
March
April
May__ _ _
June
July- .
August
September
October
November
December 2
10, 078
17, 381
14, 461
15,247
15, 286
14, 146
14, 884
13, 980
13, 997
14, 103
14, 162
14, 413
14, 666
14, 777
15, 450
15, 685
15, 827
15, 765
15, 785
4,683
11, 077
7,739
8,373
8,315
7,465
8,008
7, 342
7, 324
7, 418
7, 548
7, 809
7,964
7, 978
8,294
8, 423
8,618
8,664
8, 716
5,394
6, 304
6,722
,6, 874
fe, 970
6 S 681
6, 876
6,638
6,673
6, 685
6, 614
6, 604
6, 702
6, 799
7, 156
7,262
7,209
7, 101
7, 069
1, 150
1, 567
1,661
1, 982
2, 165
2, 156
2, 317
1, 919
1,861
1, 907
2,076
2, 245
2,414
2,532
2, 629
2,626
2,631
2, 571
2,393
6,612
7, 189
8/612
9, 196
9,491
9, 438
9,525
9, 246
9, 152
9, 206
9, 346
9,326
9, 411
9,390
9, 474
9, 641
9,752
9, 596
10, 459
4,703
5, 320
6,207
6,427
6, 515
6, 545
6,574
6, 473
6,473
6, 499
6,602
6, 653
6, 672
6, 664
6, 643
6, 578
6, 543
6, 525
3,987
6, 049
5, 607
5, 454
5, 613
5, 811
5,910
5, 777
5, 742
5, 769
5, 915
5,900
5, 832
5, 741
5,793
6, 004
6,039
6,037
6, 376
1951 : January 2 2
February
15, 768
15, 904
8, 734
8,836
7, 034
7,068
2,278
2, 195
9,616
9, 563
6,499
6, 503
6, 088
6, 122
Mining
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending nearest
the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, selfemployed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an
enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
2 Preliminary estimates.
Source: Department of Labor
The workweek in durable-goods-manufacturing industries increased 0.2 hours in February/ in nondurable manufacturing it decreased by the same amount. Hours in durable-goods manufacturing are recovering from their December
slump to approach last fall's level.
HOU RS PER WEEK
HOU RS PER WEEK
44
44
*
*%,
42
42
f
40
40
x*vV
/"*-"
hvX r\/
w
38
38
36
36
^(|||
0
1948
-- :,
:
-
~~
, , , ,-
r
. . i i i i , , i .
T
1950
1949
0
I I I i I 1 1 i I I 1
1951
~~
1 1 1 1 1
1948
M i l l
1 1I i i 1i t i i i
i 1 Ll i J 1 1 1 1 1
1949
1950
1951
RETAIL/
BUILDING CONSTRUCTION
*
s
—s^k.
42
42
40
40
38
38
^/\ ^s^sp-*/\v/1
%
36
v/"^Vr^\
. /r*\
^V/
36
34
V
34
:
1
0 T i . M l . - M M "|JI 1 1 1 1 ILl
1948
1949
i, ,, ,r
ll
1950
0
r
T~I 1 1 1 1 1 1 1 1 r
I I I 1 1 1 1 1 1 1 1
1948
1 ! 1 1 1 ! I 1 1 1 1
,,
-'. , , • , i . 1 1 771
1949
1951
1950
1951
[Hours per week, selected industries *]
Manufacturing
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthlv average _
1949 monthlv average 3
1950 monthly average
1950: January
February
_ __
March
April _
May_
JuneJuly
August
September
October
November^ _
December 3 _
1951: January 3 3
February *
3
_
__:
___
_______
_
For production and related workers.
Durable
goods
Total
37 7
44 9
40. 4
40 4
40 1
39. 2
40 5
39 7
39. 7
39 7
39 7
39. 9
40 5
40 5
41. 2
41 0
41. 3
41. 1
41. 4
41. 0
41. 0
1
38 0
46 6
40 2
40 g
40 5
39 5
41 1
40 0
40 1
40 2
40 7
40 8
41 3
41 1
41 8
41 7
42 1
41 8
41 2
41 5
41. 7
Not available.
Building
Nondurable construction Retail trade
goods
37 4
42 5
40 5
40 1
39 6
38. 8
39 7
39 4
39 3
39 2
* 38 5
38 9
39 5
39 8
40 5
40 1
40 3
40. 3
40. 5
40. 3
40. 1
(2)
(2)
(2)
(2)
(2)
(2)
(2)
37. 3
36. 7
36. 2
34. 8
33. 7
34. 5
35. 6
36. 5
37. 0
36. 9
37. 6
36. 7
37. 4
37. 3
36. 6
36. 7
(2)
(2)
40. 3
40. 3
40. 4
40. 5
40. 4
40. 4
40. 3
40. 2
40.4
40. 9
41. 2
41. 1
40.4
40. 3
40.0
40. 7
40. 5
* Preliminary estimates.
Source: Department of Labor.
Hourly earnings in durable-manufacturing industries
manufacturing
the same. When adjusted for price
1M cents in February, while earnings in nondurable
dropped.
DOLL £ R S PER HOUR
1. 80
DOLL ARS
1.70
PER HOUR
I.SO
1.70
V
1.50
1.60
1950 DOLLARS*,.
OT^»^-V
a
-
***<^'
/
1.40
^>"
*^?*S,'~ X
1950 DOLL ARS*"~
Xx^f^~=^/TDOLLARS
^^ CURRENT
p
1.30
£>^
^^-V^
x
^
cu 3RENT
DOLLARS
1.20
1.30
0
p
1.40
1.50
fTl 1 1 ! 1 I M
! L
1 1 111 M
1948
I l ! i
I
1949
11 1 I
M i l l
1 1 i 1 1
i960
I I M 1
0
T, 1 . . 1 1 M
1_UJ_L.
1949
M
1948
195!
I I 1 1 1 1 I 1 M
1
. 1 M
i960
1 1 1 M
iT
1951
1.40
2.20
/
A
2.10
1.30
\
1.20
2.00
/^y|xX^^~~'^
1950 DOLLARS*
• 950 DOLLARSt-^^^^^^ *^^7<-»^^V
f
^^f/^*w**a«^X***^- CURRENT DOLLAR
1,10
1.90
1.80
,.^'
^^—
'^=^
%
CURRE NT DOLLARS
1.00
.90
1.70
o f~Tj_LI
I
1I M 1
M i l l
'1948
C
EN
DOLL
M M1
I
1949
Dl
OED B
1 1 M
M
1 _L_L
1950
i i i i i J_LI I_I!L
0
i M l I 1 1, l l M
I 1 1 1 1
1948
I95J
M
M
1
J949
i i i i i 1 i i l i i
1950
, , , , , i . M rn
1951
C
COUNCIL OF ECONOMIC ADVISERS
.
[Production and related workers in selected industries]
All manufacturing
Period
1939 monthly average __ _
1943 monthly average
1946 monthly average,
1947 monthly average
1948 monthly average _ _
1 949 monthly average
1950 monthly average 3 _ _
1950: January
February _
• March
April
_ _
May__
June
July
August.
September
October
November _
December 3
1951: Januarv 3 3
February
1950
Current
Current
dollars dollars l dollars
$0. 633
. 961
1. 086
1. 237
1. 350
1. 401
1. 463
1.418
1.420
1.424
1.434
1. 442
1.453
1.462
1.464
1.479
1. 501
1. 514
1, 542
1. 553
1. 563
$1. 090
1.331
1. 334
1.330
1. 350
1. 430
1.463
1. 450
1.453
1.453
1. 463
1.464
1.468
1.461
1.451
1.456
1. 468
1.476
1.483
1. 471
1. 462
Nondurable goods
manufacturing
Durable goods
manufacturing
$0. 698
1.059
1. 156
1.292
1.410
4. 469
1. 533
1.485
1.483
1.486
1.499
1.509
1. 522
1.533
1.539
1. 562
1. 577
1. 587
1..617
1. 627
1. 644
1950
l
Current
dollars
$1. 201 $0. 582
. 803
1.467
1.015
1. 420
1. 171
1. 389
1.278
1. 410
1.325
1. 499
1. 376
1. 533
1.343
1.518
1. 350
1. 518
1.353
1. 516
1.355
1. 530
1. 358
1. 532
1.365
1. 537
1. 375
1. 531
1.374
1.525
1. 379
1. 537
1. 404
1. 543
1. 419
1. 547
1. 555 • 1. 443
1. 458
1. 541
1. 457
1. 538
1950
l
$1. 002
1. 112
1. 247
1. 259
1. 278
1. '352
1.376
1. 373
1.382
1. 381
1. 383
1.379
1. 379
1.374
1. 362
1.357
1.374
1. 383
1. 388
1. 381
1. 363
Building
construction
Retail trade
1950
1950
Current
Current
dollars dollars! dollars dollars *
(2)
(2)
(2)
(2)
$1. 848
1. 935
2. 027
1. 976
1. 988
1. 995
1.986
1. 998
1. 995
2.006
2. 021
2.067
2. 082
2. 093
2. 116
2. 134
(2)
2
(2)
(2)
()
2
(2)
( 2)
()
(2)
$1. 009
1.088
$1. 848
1. 137
1. 974
1. 174
2. 027
1. 153
2. 020
1. 145
2. 035
1. 148
2. 036
1. 156
2. 027
1. 162
2. 028
2. 015, 1. 175
2.004
1. 189
1. 192
2. 003
1.200
2. 034
2. 037
1. 199
2.040
1. 198
1. 176
2. 035
2.021
1. 230
(2)
, (2)
(2)
(2)
(2)
$1. 085
1. 088
1. 160
1. 174
1. 179
1. 172
1. 171
1. 180
1. 180
1. 187
1. 188
1. 181
1. 181
1. 173
1. 168
1. 131
1. 165
(2)
i Current dollars divided by consumers' price index on base 1950=100. Data prior to January 1950 were divided by the unrevised index for 1950 and subsequent
data4 by the revised index for 1950. See note 1 to table on p. 3.
Not available.
* Preliminary estimates.
Source: Department of Labor8
10
AVERAGE
•
INDUSTRIES
Weekly earnings in durable-goods manufacturing industries increased by over $1 in February, chiefly because of a
longer workweek. The increase was about 20 cents when adjusted to the 1950 price level. In nondurable industries,
earnings decreased slightly as the workweek was shortened.
D0L LARS PER
75
DOL LARS PER WEEK
WEEK
65
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
60
70*
XK
65
J&
55
v-
1950 DOLLARS"!
,1-"-%
\
t/^*
1950 DOLLARS*
J/
50
60
'"~*\-/r^'^J
^^^^^^^ CURRENT DOLLARS
"^""—CURRENT DOLLARS
1
^jf
55
0
77" i i i i 1 i i i i i
! I tj
1 I 1 1 1 11
1 1
1949
1948
1 1
1 1 1 [
1 1 1
45
1 ! 1 ! 1 1 !
1950
1 1 1 1
0
"Tl ! 1 1 1 ! 1 ! 1 t T 1 1 1 1 I 1 I I I I I
1948
1951
BUILDING CONSTRUCTION
1950
1951
RETAIL TRADE
80
50
/
75
—/^Hf
/
-—
45
*»~,-.^/^^^
x^/h*/^ /"
r^Cl / V
&1 1 1 1 1 1 1
1 111
f
1950 DOLLARS*^
(950 DOLLARS *
70
0
, , , i , 1 , , • , i t , , , , ,1 , , i^
55
85
65
:
1949
""~ CURRENT DOLLARS
>
'S'**'
40
RRENT DOLLARS
35
1 i 1 I 1 I 1 1 I ! I
1948
1949
1 1 ! 1 I 1 1 1 1 t 1 1 1 1 1 ! 1 1 I 1 1 l*Tl
1950
0
1951
9
1 1 !!
1
1 1 1
1 1 1 1 1 1 !
1 1 1 1 ! 1 1 1
1948
1 1 1 1 1 1 1 1 1 1 1 1
1950
1949
1 II
1 1 1 1 1 1 1 1 1
1951
0.
COUNCIt OF ECONOMIC ADVISERS
[Production and related workers in selected industries]
All manufacturing
Durable goods
manufacturing
Nondurable goods
manufacturing
Building
construction
Retail trade
Period
1950 1 Current
Current
1950
Current
1950
Current
Current
1950
dollars
dollars dollars 1 dollars dollars * dollars dollars 1 dollars dollars
1939 monthly average
1943 monthly average _
1946 monthly average _
1947 monthly average _
1948 monthly average _
1949 monthly average
1950 monthly average 3
1950: January
February
March
_
April
May
June
_ _ _ _
Julv_
August
_ _
September _ _ _ _ _
October
November
December 3
1951: Januarv 3 3
February
$23. 86 '$41. 07
43. 14
59. 75
43.82
53.83
53. 73
49. 97
54. 14
54. 14
54. 92
55.59
59. 23
59. 23
57. 56
56.29
57.70
56. 37
57. 68
56. 53
56. 93
58.09
58. 42
57.54
58. 85
59. 44
59.21
59. 15
60. 32
59. 78
60. 64
59. 68
60. 66
61. 99
62. 23
60. 65
63. 84
61. 38
60. 29
63. 67
59. 94
64. 08
$26. 50
49.30
46. 49
52.46
57. 11
58.03
63. 12
59. 40
59.47
59. 74
61. 01
61. 57
62. 86
63. 01
64.33
65. 14
66.39
66. 34
68. 24
67. 52
68. 55
$45. 61
68.28
57. 11
56.41
57. 11
58. 73
63. 12
60. 74
60. 87
60. 96
62. 26
62, 51
63.49
62. 95
63. 76
64. 11
64. 96
64. 66
65. 62
63. 94
64. 13
$21. 78
34. 12
41. 14
46. 96
50. 61
51. 41
54. 65
52. 91
53.06
53. 04
52. 17
52. 83
53. 92
54. 73
55. 65
55. 30
56. 58
57. 19
58. 44
58. 76
58/43
$37. 49
47.26
50. 54
50. 49
50. 61
52. 03
54. 65
54. 10
54. 31
54. 12
53. 23
53. 63
54. 46
54. 68
55. 15
54.43
55. 36
55. 74
56. 19
55. 64
54. 66
(2)
2
(2)
(2)
()
$68. 85
70. 95
73.44
68. 76
67.00
68. 83
70. 70
72. 93
73. 82
74.02
75. 99
75. 86
77.87
78. 07
77.45
78. 32
(2)
(2)
2
(2)
()
(2)
$68. 85
71. 81
73.44
70. 31
68. 58
70. 23
72. 14
74. 04
74. 57
73. 95
75. 31
74. 67
76. 19
76.09
74. 47
74r 17
(2)
2
(2 )
(2)
()
$40. 66
43. 85
45. 93
47. 59
46. 58
46. 26
46.26
46. 47
46.94
48.06
48. 99
48. 99
48. 48
48. 32
47. 92
47. 86
49. 82
(2)
1950
dollars l
(2)
(2)
(2)
$43. 72
43.85
46. 49
47. 59
47. 63
47. 35
47.20
47. 42
47. 65
48. 55
48. 94
48. 55
47. 72
47. 28
46. 71
46. 02
47. 18
(2)
1 Current dollars divided by consumers' price index on base 1950=100. Data prior to January 1950 were divided by the unrevised index for 1950 and subsequent
data2 by the revised index for 1950. See note 1 to table on p. 3.
3 Not available.
Preliminary estimates.
Source: Department of Labor.
11
WORK STOPPAGES
Man-days of idleness due to work stoppages rose in February to 1,700,000.
in 1951 has been substantially less than for the same period of 1950.
The time lost from stoppages thus far
MILLIONS OF MAN-DAYS IDLE
20
MILLIONS OF MAN-DAYS IDLE
20
195I
I949
COUNCIL OF ECONOMIC ADVISERS
Workers involved in
stoppages
Beginning
In effect
Percent of
during
in
estimated
month
period
working time (thousands) (thousands)
Man-days of idleness
during period
Period
1939
1941
1942 ._ _ _ _
1944
1945
1946
1947
1948 _ __
1949
1950 1
1950: January l l
February
March x _
April 1l
May
June J1
July _ _ _
August *
September 1
October * _ _
November 1*
December
1951: January * 1
February
1
Preliminary estimates*
12
Monthly
average
(thousands)
1,483
1,917
348
727
3, 167
9,667
2,883
2,842
4, 208
3,200
2,700
8,600
3, 900
3,300
3, 300
2,600
2,800
2, 600
3,500
2,450
1,750
1,000
1,200
1, 700
0.28
.32
.05
.09
.47
1.43
. 41
.37
. 59
. 44
.39
1.40
.51
.49
. 44
.34
.40
.31
.48
.30
.23
. 14
. 15
. 25
1, 170
2,360
840
2, 120
3,470
4, 600
2, 170
1,960
3,030
2,300
170
56
84
156
352
271
220
340
275
180
160
40
185
220
595
515
530
300
500
400
400
465
460
300
275
100
215
300
Number of stoppages
Beginning
in
period
2, 613
4, 288
2,968
4, 956
4,750
4,985
3, 693
3,419
3, 606
4, 700
245
205
300
405
485
480
460
620
525
525
250
200
400
400
In effect
during
month
365
325
400
550
650
650
650
800
800
800
557
400
550
600
Source: Department of Labor.
Total industrial production increased slightly in March to reach another postwar record, according to preliminary
estimates. The output of durable goods, primarily iron and steel, automobiles, and machinery, rose, while production
of nondurable goods and minerals continued at high levels.
PERCENT OF 1935-39 AVERAGE
400
PERCENT OF 1935-39 AVERAGE
400
O
N
D
J
F
M
A
M
J
J
A
S
0
N
D
J
F
M
^
A
M
J
J
A
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100, seasonally adjusted]
Period
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average.
1949 monthly average
1950 monthly average
1950: February
March
April
__
May
June
July
___
August
September
October _ _
November
December_
1951" January
February *_
March *_
i Preliminary estimates.
81724—51
3
Total
industrial
production
239
170
187
192
176
200
180
187
190
195
199
196
209
211
216
215
218
221
221
223
£Manufactures
Total
258
177
194
198
183
209
. 192
194
199
204
208
206
218
220
225
224
229
231
232
234
Durable
goods
360
192
220
225
202
237
207
211
222
231
237
235
247
251
262
260
268
269
272
277
Nonduraable goods
176
165
172
177
168
187
180
181
180
181
184
181
195
194
196
195
197
201
199
200
Minerals
132
134
149
155
135
148
118
144
140
145
151
144
159
163
166
160
157
164
158
159
Source: Board of Governors of the Federal Eeserve System.
13
WEEKLY PRODUCTION - SELECTED INDICATORS
Weekly output of steel reached an all-time record in the last week of March. Motor-vehicle production was stable
during the month with a higher weekly average than in February. Electric-power output declined somewhat from the
February levels.
MILlJONS OF SHORT TONS {DAILY AVERAGE)
3
Ml LLIONS OF TONS
3
BITUMINOUS COAL
STEEL
2
^V"
-.
..
, ^***
.—.x— •— -••••••••.. ....
/
••••
\ ...— ./
: /•••••
y
2
LT^lSSO
/• rx
V*- """x^ /^/W-~"VV
"
1
5
:i
!
!1
L
.""\
H
::
1^1950
I
o
J
f
F
1
M
1
A
1
M
I
J
I
J
I
I
A
S
I
O
I
l
0
N
!'
5
160
/"^^
//\
«^"**
x.,- .,
,-' /"" V
]t " "•-•'•"
f-i95o •"••'.^••....•\/ H
v y
*
?
%
0
'. J
l
I
I
I
i
l
l
120
••"*""".
/U ,4{ SpHrA
JEED
/A
6
l
CARS AND TRUCKS
ELECTRIC POWER
?
i
THOU SANDS
200
BILL IONS OF KILOWATT HOURS
8
;
l
O
$\
r* ^ I
f W /v
1
'
\f\
I/ *
|--<^!950
80
i
i
F
i i i
M
A
M
i i i ~i
i i i
J
J
4
S
O
N
D
o r~
i
J
i
F
i
M
i
AM
i
i
J
i
J
i
A
i
S
i
O
i
N
~n
0
<
St eel
Period
Weekly average:
1947
1948
1949
___
1950 3
1950: February _
March_ _
_ _
AprilMay __
June
July- _ _ .
August
September.
_
_ >
October
November
December __ _ _ _ _
1951: January
February
March 3 _
Week ended:
1951: March 3
10
17
24
31
April
7
|
Thousands of
net tons
Percent of
theoretical
capacity *
Electric power,
by utilities
(millions of
kilowatt-hours)
Bituminous
coal
(thousands of
short tons) 2
Cars and
trucks
(number)
1, 628
1, 695
1,496
1, 855
1, 698
1, 690
1, 914
1, 930
1, 895
1, 826
1, 858
1, 914
1, 973
1, 868
15 888
1, 993
1, 970
2, 021
93.0
94. 1
81. 0
96. 7
89. 1
88. 7
100. 4
101. 3
99. 4
94. 7
96. 3
99. 3
102 3
96. 8
97. 9
99 7
98. 6
101. 1
4, 821
5, 300
5, 500
6, 183
5, 954
5, 947
5, 877
5, 821
6, 038
5, 940
6 335
6, 360
6 522
6, 615
6, 852
6 866
6, 948
6, 827
2,058
1, 948
1, 427
1, 673
*506
1, 985
1, 903
1, 728
1, 762
1, 404
1 855
1, 892
1 976
1, 820
1, 900
1 960
1, 610
92, 163
82, 340
120, 350
153 546
117 868
131, 034
130 167
158, 025
199 524
160, 997
185 127
167, 358
173 135
140 612
141, 766
140 216
151 053
169, 575
1, 995
2, 019
2, 001
2, 021
2, 069
2,047
99. 8
101. 0
100 1
101. 1
103 5
102. 4
6 822
6, 795
6 903
6, 848
6 767
1 858
1, 670
1 653
1, 687
166
169
172
167
171
893
852
333
200
599
i Based on weekly net ton capacity of 1,749,928 for 1947,1,802,476 for 1948,1,843,516 for 1949,1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,
and 1,999,034 beginning January 1,1951.
2 Daily average for week.
3 Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
14
PRODUCTION OF SELECTED MANUFACTURES
In February, machinery production rose sharply. The railroad-work stoppage and the strike in the wool-textile
industry lowered output of iron and steel, textiles, and petroleum and coal products.
PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)
PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)
300
,»
/\
MACHINERY
1
V
\
I
.
i
i
200
V^V
'
^
^ X
- "
MANUFACTURE FOOD PRODUCT
D
'
1
.*
, *-
..GHEMI 3A L PRODUCTS
\ . /
.
^^
5
~~^ ^
-*
NONFERROUS METALS \ /
AND PRODUCTS
\
/
»QO I I I I I I I I I I I I I I I I I I I I I I I
1940 42 44 46 48 50
1949
II I I I II I I II
1950
1 M
I I I I I I II I II
1951
1 1 1 i 1 1 i
1 1 11 111 M
11 1 1 M 1 11 1 M 1
1 1 1 1 1 1 1 1 1 11
1940 42 44 46 48 50
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
1943 monthly average..
1946 monthly average..
1947 monthly average
1 948 monthly average
1949 monthly average
1950 monthly average. _ _ _
1950: January
February
March. _
April
May
June
July
August
September
October
_
November
December
1951: January J
February _
_
1
Preliminary estimates.
Iron and
steel
Lumber
and
products
208
150
195
208
188
229
203
201
205
222
226
231
228
236
245
253
246
253
254
251
129
131
143
145
130
159
144
150
156
159
158
155
151
165
166
166
169
173
171
164
Nonferrous Textiles
and
Machinery metals and
products
products
443
240
276
277
234
270
229
236
243
251
258
262
265
279
283
303
311
321
321
328
267
157
187
193
160
207
180
190
200
198
197
207
202
212
216
223
227
227
234
234
153
162
163
170
147
182
178
179
173
174
175
173
165
189
191
197
193
194
193
187
Petroleum Manufac- Chemical
and coal tured food
products products products
185
173
193
218
209
229
211
205
207
206
216
222
229
238
243
251
253
263
277
274
145
149
157
159
163
164
161
161
165
164
164
164
167
168
167
162
161
165
167
169
384
236
251
254
241
263
248
247
247
252
256
261
263
269
271
277
280
283
287
286
Source: Board of Governors of the Federal Reserve.System.
15
NEW CONSTRUCTION
In March, new construction expenditures (seasonally adjusted) exceeded the record February level. Expenditures
for public construction advanced 14 percent. Total private outlays remained constant in spite of a slight decline in
nonfarm residential construction.
MILLIONS OF DOLLARS
2,500
MILLIONS OF DOLLARS
2,500
2,000
2,000
1,500
1,000
1,000
1948
SOURCES: D E P A R T M E N T OF C O M M E R C E AND D E P A R T M E N T OF LABOR.
[Millions of dollars, seasonally adjusted]
Total new
construction
Period
1939 monthly average
1942 monthly average
1944 monthly average.
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1950: February _
March
April _
_
_
May
T
J
June
July
August
September
October.
November
December
1951: January... _
February
March 2
_
__
-__
1
Includes public residential construction.
2 Preliminary estimates.
16
683
1, 173
438
1, 000
1,798
1, 883
2,310
2, 134
2, 179
2,227
2,250
2, 293
2,333
2, 388
2, 427
2,454
2, 479
2, 472
2,477
2, 522
2,609
Total
private
Private construction
Residential
Other
(nonfarm)
366
285
182
803
1,389
1,350
1,721
1,608
1,592
1,648
1,685
1, 729
1,786
1, 824
1,836
1,842
1, 813
1,767
1,807
1, 886
1, 886
223
143
68
335
715
691
1,042
965
950
1,000
1,025
1,065
1, 110
1, 140
1, 145
1,125
1,070
1, 030
1,048
1,093
1,073
142
142
114
469
674
659
679
643
642
648
660
664
676
684
691
717
743
737
759
793
813
Federal,
State, and
local 1
317
888
256
197
409
532
589
526
587
579
565
564
547
564
591
612
666
705
670
636
723
Sources: Department of Commerce and Department of Labor.
NEW HOUSING STARTS
New housing starts dropped another 8 percent In February and were slightly lower than in the same month last year.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
200
200
SOURCE: DEPARTMENT
OF LABOR.
COUNCIL
Of
ECONOMIC
ADVISERS
New nonfarm units started
Month
1947
January _
February _ _
_
March
ADII!
May
June~_
July
August
September __
October
November
December
_
__
_ __
Total
Monthly average
* Preliminary estimates.
_ _
39, 300
42, 800
56, 000
67, 100
72, 900
77, 200
81, 100
86, 300
93, 800
94, 000
79, 700
58, 800
53, 500
50, 100
76, 400
99, 500
100, 300
97, 800
95, 000
86, 700
82, 300
73, 400
63, 700
52, 900
50, 000
50, 400
69, 400
88, 300
95, 400
95, 500
96, 100
99, 000
102, 900
104, 300
95, 500
78, 300
931, 600
1, 025, 100
70, 750
77, 600
85, 425
1950
1949
849, 000
_ _
_ _ _ _ _
1948
78, 700
82, 900
117, 300
133, 400
149, 100
144, 300
144, 400
141, 900
120, 600
102, 500
87, 300
^95,000
1
1951
1
1
87, 000
80, 000
1, 397, 400
1
116, 450
Source: Department of Labor.
17
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Nonfarm plant and equipment expenditures in the fourth quarter of 1950 were at a record level, 26 percent above
those of a year earlier. For manufacturing facilities alone, the increase was 52 percent. There was probably a
less than normal seasonal decline in the first quarter of 1951. Business plans to invest at a still higher rate during the
rest of this year.
BILLIONS OF DOLLARS
25
BILLIONS OF
ANNUAL TOTALS
ANNUAL
25
'#%%''•
HP
•'•/'//:,;
llffp
'l%l
r'^%#
CO MMEFR C I /
!
—
'"^
?y
: :
ii*~£l
|
P
|
iiiij:;:;:;
»%'l;X
iiiiiiiiiij
•''•'•".'•'•:<<••'-.
Hf|
?n
"'&'•$''/
¥
H
M/A"I* D
IV ISCE _ L A NEOU S
',v//:''-:""'
l^f
DOLLARS
RATES
;;:;i;i;i;i
iMo
: :
;. ;. ;:;. :. ;
J|
i
!£:'£•:
RA NSPO RTA TION AN
EL ECTR C 4ND C AS
:;::' UT
LIT
lESijii
':;:;::i;.:::;
•i MA NU
iteis
A C T L Rl MG AND Ml
ING
!
I948
I939
I949
I950
1
2
3
1
4
2
3
4
1
SOURCES : SECURITIES AND E X C H A N G E COMMISSION AND DEPARTMENT OF COMMERCE.
2
1 1
3
1
4
COUNCIL OF ECONOMIC A D V I S E R S
[Millions of dollars, annual rates, not adjusted for seasonal variation]
Period
Total i
Manufacturing
Transportation
Mining
Bailroad
Other
Electric and
gas utilities
Commercial
and miscellaneous 2
1,850
2,490
1,480
5,390
5, 120
4,920
5,410
5,200
8, 190
6,630
19, 230
18, 120
18, 560
23, 910
1,930
3,400
3,210
8,340
7,250
8, 220
11, 920
380
680
440
800
740
680
890
280
560
550
1,320
1, 350
1, 140
1, 520
280
340
320
700
520
440
620
480
710
630
2,680
3, 140
3, 170
3,540
17, 840
18, 640
17, 480
18, 520
7,400
7,520
6,760
7,320
760
760
720
720
1,440
1, 520
1,240
1, 200
520
560
560
480
2,
3,
3,
3,
720
120
160
560
5,040
. 5, 160
5,040
5,280
1950: First quarter
Second Quarter
Third quarter __
Fourth quarter
14,800
17, 320
18, 800
23, 320
6,080
7,440
8,200
11, 160
600
640
720
800
920
1,200
1, 160
1, 280
320
360
480
560
2, 600
3, 040
3,280
3, 760
4,240
4, 640
4, 960
5, 760
1951: First quarter 3
Second quarter
Second half 3 .
22, 000
24, 320
24, 660
10, 680
11, 840
12, 580
760
840
980
1,440
1,720
1,460
600
560
660
3, 320
3, 600
3,620
5, 200
5, 800
5, 320
1939
1941
1945
1948
1949
1950
1951 3
- -__
_ __ _
_ _ _
__ _
1949: First quarter
Second quarter.
Third quarter _
Fourth, quarter
3
_ _ _
* Excludes agriculture.
2
Commercial and miscellaneous composed of trade, service, finance, and communication.
3 Estimates for 1951 based on anticipated capital expenditure of business as reported in a survey made during the first quarter of this year.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
latter cover agricultural investment and also certain equipment and construction outlays charged to current expense. Figures for 1939-44 are Federal Reserve
Board estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest 10,000,000.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
18
NEW CORPORATE SECURITY ISSUES
Net proceeds from new security
cent above fourth quarter 1949.
in the fourth quarter. Total net proceeds were about 1 5 per-
BILLIONS OF DOLLARS
B I L L I O N S OF DOLLARS
3.0
3.0
SOURCE: S E C U R I T I E S A N D E X C H A N G E C O M M I S S I O N ,
[Millions of dollars]
I^roposed uses D£ net proceed 3
New money
Estimated
net proceeds
Period
Total
1939 quarterly average
1943 quarterly average
1946 Quarterly average
1947 quarterly average
1948 quarterly average
1949 Quarterly average
1950 quarterly average
1948* Third quarter
Fourth quarter
1949* First quarter
Second quarter
Third quarter
Fourth quarter
1950* First quarter
Second quarter
Third quarter
Fourth quarter 2
_ _ _ _ _ _
-
____
-_
-
-- --
-_ _ _
.
.
529
287
1, 689
1, 617
1, 740
1, 490
1, 548
1, 321
2, 051
1,210
25 441
1, 009
1, 299
1, 398
2, 193
1, 120
1,483
81
77
820
1, 148
1,482
1, 152
997
1, 056
1, 870
970
1, 986
789
862
1, 014
1 ? 275
742
956
Plant and
equipment
43
35
529
852
1, 055
931
757
743
1,469
784
1, 675
669
596
777
958
577
717
Working
capital
39
42
291
296
427
220
239
314
401
186
312
120
265
237
317
165
239
Retirement
of debt and
stock 1
1
448
210
869
469
258
338
552
264
182
240
456
219
438
384
919
378
527
1 Includes small amount for other purposes.
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
H Source: Securities and Exchange Commission.
2
19
INVENTORIES AND SALES
During February, manufacturing inventories rose and new orders declined substantially.
retail sales fell off moderately.
BILLIONS OF D O L L A R S
Both manufacturing and
BILLIONS OF DOLLARS
TOTAL* AND MANUFACTURING
RETAIL
MONTHLY AVERAGE
SEASONALLY ADJUSTED
f INVENTORIES
/-•/
.*""""
__^^~< /**
^-SAL ES
M 1 1 i 1 1 1 | |
1940
42
44
46 48
| 1 | II 1 1 | | | |
50
t 1 1 L 1 1 1 1 1 II J | | U J L 1L j )
1949
1951
PERCENT OF 1935-39 AVERAGE
1940 42 44 46 48 50
1949
I960
1951
1940 42 44 46 48 50
1949
* WHOLESALE, MANUFACT'URING, AND RETAIL.
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
Total business 1
Period
Inventories 2
COUNCIL OF ECONOMIC ADVISERS
Manufacturing
Sales 3
Inventories 2
Sales 3
New
orders 4
Retail
Inventories 2
Sales 3
Millions of dollars, seasonally adjusted
1939
1943
_
1945
1946
_
1947
_ _ - -_1948
1949 7
1950
-1950: January
February _
March
April
May
June
July
___ __
August
September. _ _ _
October
November 7
December
1951* January 7 7
February
20, 172
31, 143
30, 571
42, 389
50, 794
56, 756
51, 594
61, 569
52, 024
51, 825
52, 484
52, 906
53, 553
54, 241
53, 243
54, 496
56, 404
58, 660
60, 269
61, 569
63, 524
64, 574
11, 109
22, 372
24, 181
27, 559
33, 571
37, 023
34, 886
39, 611
34, 244
35, 305
36, 599
35, 645
38, 652
39, 896
41, 982
45, 275
42, 142
41, 821
41, 318
42, 472
46, 872
45, 844
11, 465
20, 098
18, 390
24, 498
28, 920
32, 276
28, 865
34, 061
29, 035
28, 990
29, 073
29, 384
29, 659
30, 028
29, 830
29, 858
30, 732
31, 770
33. 007
34 061
34, 965
35, 500
5, 100
12, 822
12, 883
12, 617
15, 918
17,811
16, 666
19, 605
16,216
16, 877
17, 797
17, 206
19, 309
19, 838
20, 269
22, 956
21, 154
21, 246
21, 112
21, 284
23, 377
23, 100
(6)
(6)
(6)
13, 694
15, 622
17, 504
16, 102
21, 099
17, 032
16, 861
18, 810
17, 182
19, 097
20, 666
22, 223
27, 323
23, 760
. 24, 704
22, 371
23, 160
27, 904
25, 900
5,532
7, 361
7, 543
11, 226
13, 221
14, 969
13, 698
16, 754
13, 998
137 800
14, 282
14, 138
14, 416
14, 720
14, 125
15, 076
15, 793
16, '697
16, 787
16, 754
17, 454
17, 834
3,504
5,277
6,315
8, 358
9, 909
10, 837
10, 682
11,670
10, 855
11, 101
11, 125
11,080
11, 327
11, 699
12, 700
12, 682
12, 133
11, 759
11,387
12, 194
13, 292
12, 925
Department stores
InvenSales 5
tories 5
1935-39=100, seasonally adjusted
102
155
166
213
255
291
270
294
272
278
285
286
285
276
269
284
309
329
332
329
338
349
106
168
207
264
286
302
286
303
282
280
274
292
290
298
362
335
320
291
290
325
362
328
1
«Indexes computed from data on retail value of sales for month and retail
Total business includes manufacturing, retail, and wholesale (not shown
book value of inventories, end of period.
separately in this table).
«Not available.
2 Book value, end of period.
i Preliminary estimates.
s Monthly average for year and total for month.
* Data for new orders not adjusted for seasonal variation.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System*
20
MERCHANDISE EXPORTS AND IMPORTS
In January/ merchandise imports rose sharply to a new high of more than $1 billion/ about 10 percent above the
previous peak of last October. With about a 9 percent drop in exports/ there was a sjnall import surplus for the third
time since 1937.
MILLIONS OF DOLLARS
MILLIONS OF
DOLLARS
1,600
1,600
1,200
1936-38
1948
1949
1950
1949
*
1950
RECORDED MERCHANDISE EXPORTS, INCLUDING REEXPORTS, AND CIVILIAN SUPPLIES FOR OCCUPIED AREAS.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY.
[Millions of dollars]
Exports 1
Period
1936—38 monthly average
1943 monthly average
1946 monthly average
_
1947 monthly average
1948 monthly average
_ _
1949 monthly average
1950 monthly average
1950: January
'___
February
-~ -- - March
April *
May
- June
-July
_ _ _ ___ __ __ _
August
September
___ _
October
November
--_ _ _ _
December
__ __ _ _ _ _ _
1951: January _ _
__
-- _ _ _ _ _ _ _
+ 40
+ 798
+ 439
+ 799
+ 461
+ 451
+ 119
+ 117
+ 164
f 196
+ 218
+ 169
+ 192
+ 71
1,063
972
1,022
-50
849
~
_
_
Excess of
exports ( + ),
imports (—)
207
282
410
480
594
552
737
623
600
665
585
659
686
708
820
858
922
852
864
247
1, 080
-
Imports 2
1, 278
1,054
1, 003
856
741
764
860
803
828
877
779
761
911
905
981
-58
+ 53
-17
+ 129
+ 199
1
2
Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.
Recorded general merchandise imports,
NOTE: Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of the Army, and Department of the Navy.
21
NATIONAL INCOME
Compensation of employees rose from a seasonally adjusted annual
to $170 billion in the first quarter of this year. Most of the rise
and professional income also gained sharply.
of $163 billion in the fourth quarter of 1950
in wage
Farm, business,
::6iia_!ONS OF DOLLARS
25O
BILLIONS OF DOLLARS
250
ANNUAL TOTALS
m
1948
SOURCE-'DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF EOOHOM!
[Billions of dollars]
Total
national
income
Period
1939
1944
1946
1947_
1948
1949
t950_
___
-_-
___
72. 5
183. 8
180. 3
198. 7
223. 5
216. 8
i 235. 6
Compensation of
employees
Proprietors'
(business,
professional, Net interest
farm)
and rental
income
47. 8
121. 2
117. 1
128.0
140. 2
140. 6
152. 2
•
14. 7
35. 5
42.0
42. 4
47. 3
41.7
43. 6
4.2
3. 1
2. 9
3. 5
4. 1
4.7
- 5.0
Corporate profits and inventory
valuation adjustment
Total
5. 8
24. 0
18. 3
24.7
31. 8
29.9
i 34. 9
Profits
before
taxes
Inventory
valuation
adjustment
6.5
24. 3
23. 5
30. 5
33. 9
27.6
1
40. 0
-0.7
-.3
-5.2
-5.8
-2. 0
+ 2.2
-5. 1
Annual rates, seasonally adjusted
1949: First quarter
Second quarter
Third quarter
Fourth quarter
218. 8
217. 8
216.7
214.2
141. 5
140. 5
140. 0
140.2
43. 8
42. 2
40. 1
40.7
4. 6
4.7
4. 8
4.8
28. 8
30.4
31. 8
28.4
28. 3
26.4
28. 2
27. 6
+.5
+ 3. 9
+ 3.7
+.8
1950: First quarter
Second quarter
Third quarter
Fourth quarter
216.9
229. 1
244. 0
1
252. 6
142. 3
147. 9.
155.3
162.7
41. 5
41.2
45.5
46. 3
5.0
5.0
5.0
5. 1
28. 1
35,0
38. 1
J
38. 5
29. 2
37.4
46.4
1
47. 0
-1.0
-2.4
-as
263.0
169. 8
49.5
5.2
38. 5
48.0
-9.5
1
1951: First quarter .
1
Estimates based on incomplete data; by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
22
-8.5
Source: Department of Commerce (except as noted).
CORPORATE PROFITS
Preliminary indications are that corporate profits in the first quarter of 1951 continued at record high levels.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
:
50
ANNUAL TOTALS
1939
1944
1948
1949
i960 &
3
1948
S950
I/ NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
£/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE
(EXCEPT AS NOTED).
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1944
1946
1947
1948
1949
1950 !_
_
_ _
_ _
__
_
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
Becond quarter
Third quarter
Fourth quarter *
1951' First quarter
l
_
-_
6.5
24. 3
23. 5
30. 5
33. 9
27. 6
40. 0
Corporate
tax
liability
Corporate profits after taxes
Total
Dividend
payments
5.0
1. 5
3.8
10. 8
4. 7
13. 5
13.9
9. 6
5.8
18. 5
6. 6
11. 9
20. 9
13. 0
7.5
17. 0 !
10. 6
7.8
22. 1
17. 9
9. 4
Annual rates, seasonally adjusted
Undistributed
profits
1.2
6. 1
8. 1
12.0
13.4
9. 2
12. 8
28.3
26. 4
28.2
27.6
10. 9
10. 0
10.8
10. 6
17.4
16. 4
17.3
16.9
7.9
7. 7
7.4
8.2
9. 5
8.7
10.0
8.7
29. 2
37. 4
46.4
47. 0
13.2
16. 5
20. 6
21. 2
16. 0
20. 9
«25. 8
25. 8
8. 1
8.2
9.3
11. 5
7.9
12.7
16.5
14. 3
48. 0
21.3
26. 7
8. 8
17. 9
1
Estimates based on incomplete data; fourth quarter 1950 and first quartdr 1951 by Council of Economic Advisers.
NOTE.—No allowance has been made for inventory valuation adjustment. See p. 22 for profits before taxes and inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
23
PERSONAL INCOME
Total persona! income showed little change between January and February.
was offset by a dip in proprietors' income.
The increase in wages and salaries
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
SOURCE: DEPARTMENT OF COMMERCE.
Total personal income
Period
1939
1944
1947
1948
1949
1950
_-_
-
1950* January
February
March
April
May
June
July
August
__ _
September
October
November
December
1951: January, 2
February
-
72. 6
165.9
191. 0
209. 5
206. 1
223. 2
214. 6
215. 4
219.3
213. 8
214. 5
217. 1
220. 7
225.4
228. 7
231. 1
232.9
241. 0
240. 9
241. 0
[Billions of dollars]
Proprietors' income
Labor income
(salaries,
Dividends
Business,
wages, and
professional, and personal
Farm
other labor
interest
and rental
income)
income
45.7
4. 5
10. 2
9. 2
116. 2
23. 7
11. 8
10. 6
122. 3
15. 6
26. 8
14. 5
134.9
17. 7
29. 6
16. 1
134. 9
13. 4
28. 3
17. 2
145. 4
13. 1
30. 5
19. 2
Annual rates, seasonally adjusted
14. 6
135. 2
17. 5
28. 9
12.3
28. 7
134. 5
17. 7
136.9
18.0
11. 4
28.8
11. 0
28. 8
138. 6
18. 2
12. 1
29.4
141. 1
17.8
12. 1
143. 6
30. 2
17. 8
13. 6
145. 1
17. 8
31.9
32.4
18.4
13.7
148.9
13. 3
21. 1
151. 2
31.7
19.2
154. 1
13.9
31.8
14. 6
155.5
19. 4
31. 6
14.7
32.3
24.7
157. 7
160. 2
33. 8
19. 0
15. 5
162. 2
" 14. 5
33. 2
19. 1
1 Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year.
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
2
24
Transfer
payments
3.0
3.6
11.8
11. 2
12.3
1
15. 0
18.4
22. 2
24. 2
17.2
14. 1
13.4
12. 3
12. 0
11.4
12. 1
11.8
11.6
12. 4
12. 0
CONSUMER INCOME, SPENDING, AND SAVING
The rate of personal saving dropped in the first quarter as
BILLIONS OF D O L L A R S
ILLIONS OF DOLLARS
250
250
Disposable
personal
income 1
Period
70. 2
92. 0
116. 7
147.0
158. 9
169. 5
188.4
187. 4
202. 7
1939_
1941_
1942
1944
1946
1947
1948_
1949
19501949: First quarter
Second quarter
Third quarter.
Fourth quarter
1950: First quarter ._
Second quarter
Third quarter
Fourth quarter
2
1951: First quarter
_•._ _
.
_
189. 9
188. 2
185. 1
186. 8
197.4
- 195. 6
204. 6
211. 6
216. 2
Less: Personal
consumption .
expenditures
Billions of
67. 5
82. 3
91. 2
• 111. 6
146. 9
165. 6
177. 4
178. 8
190.8
Annual
177. 4
178. 4
179. 0
180. 6
182. 6
185. 8
198. 9
195. 8
206. 0
Equals: Personal net
saving
2. 7
9.8
25. 6
35.4
12. 0
'3.9
10. 9
8. 6
11.9
12. 5
9.8
6. 2
6. 2
14. 8
9. 8
5. 7
15. 8
10. 2
Net saving as
of disincome
.
3.8
10. 7
21.9
24. 1
7.6
2.3
5. 8
4. 6
5. 9
6. 6
5.2
3. 3
3. 3
7.5
5. 0
2.8
7. 5
-i. 7
* Income less taxes.
2
Estimates based on incomplete data, by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding. See note on p. 2,
Source: Department of Commerce (except as noted).
25
PERSONAL CONSUMPTION EXPENDITURES
Personal consumption expenditures of $206 billion (seasonally adjusted annual rate) were $9 billion more than in
the previous quarter. Most of the increase reflected higher prices. Expenditures for durable goods equaled their
peak level of the third quarter of 1950 while those for nondurable goods exceeded theirs.
BILLIONS
200
OF
DOLLARS
IONS OF D O L L A R S
2 00
ANNUAL RATES, SEASONALLY AD
TOTAL EXPENDITURES
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
[Billions of dollars]
Personal consumption expenditures
Period
Nondurable
goods
Total
1939
1944
1946
1947
1948
1949
1950
67.5
111. 6
146. 9
165.6
177.4
178.8
190.8
35.3
67. 1
85. 8
95. 1
100. 9
98. 5
101. 6
Durable
goods
6.7
7. 1
16.6
21. 4
22.9
23.8
29. 2
Services
25.5
37.4
44. 5
49. 1
53.7
56.4
59.9
Annual rates, seasonally adjusted
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
Second quarter
Third quarter
Fourth quarter
1951: First quarter J
_ __ _ _
.__
_ _ _ _ _
_ _
177.4
178.4
179. 0
180.6
182.6
185. 8
198.9
195.8
206. 0
1
Estimates based on incomplete data by Council of Economic Advisers.
NOTE.—Detail will not necessarily |add ;to totals because of rounding. See note on p. 2.
Source: Department of Commerce.
26
99. 4
99.2
97. 6
97.9
97.9
99.9
104.5
104.3
109. 5
22.4
23.0
24.7
25. 3
26.4
26.5
34. 0
30. 0
34/0
55.6
56.2
56.6
57.4
58.3
59. 5
60.4
61. 5
62. 5
PER CAPITA DISPOSABLE INCOME
Per capita disposable income increased in the first quarter but the quarterly gain dropped below that of the previ ous
two quarters, as higher income taxes became fully effective. In terms of the purchasing *power of the 1950 dollar,
there was a decline from the fourth quarter level.
DOLLARS
1,600
DOLLARS
—I 1,600
ANNUAL
A N N U A L RATES, SEASONALLY ADJUSTED
AVERAGES
I960 DOLLARS-^
1, 200
1,200
CURRENT DOLLARS
_L
I
J_
_L
3
2
J/SEE
NOTE
\&
3
2
I960
1949
2 ON TABLE BELOW,
2
1951
v
^PRELIMINARY ESTIMATES BY COUNCIL OF E C O N O M I C A D V I S E R S .
SOURCES: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
Total disposable personal
income (billions of dollars) 1
Per capita disposable personal income -(dollars)1
Period
1950
prices 2
Current
prices
1939
1941
1942
1944
1946 1947
1948
.- _
1949 _ _ _ _
1950
- _
-
.._ _ _ _ -
70. 2
92. 0
116. 7
147. 0
-_
_ K " 158. 9
I 169. 5
* 188. 4
. ., _ _
187. 4
_-H
202. 7
124.
152.
172.
189.
183.
178.
188.
190.
202.
Current
prices
7
3
4
9
9
8
6
1
7
1,
1,
1,
1,
1,
1,
536
690"
866
062
124
176
285
256
336
1950
prices 2
Population
(thousands)3
953
1, 142
1, 279
1, 372
1, 301
1.241
1J286
1, 275
1, 336
130,
133,
134,
138,
141,
144,
146,
149,
151,
880
377
831
390
398
129
621
149
689
1,
1,
1,
1,
1,
1,
1,
1,
1,
148,
148,
149,
150,
150,
151,
152,
152,
153,
282
862
522
234
847
390
068
774
385
Annual rates, seasonally adjusted
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
Second quarter
Third quarter
Fourth quarter _
1951: First quarter 4
_
i
189. 9
188. 2
185. 1
186. 8
197.4
195. 6
204. 6
211. 6
216. 2
191. 4
190. 7
188. 3
190. 8
202. 3
198.. 8
201. 8
206. 4
204. 5
1,281
1, 264
1, 238
1, 243
1, 309
1,292
1,345
1, 385
1,410
291
281
259
270
341
313
327
351
333
1
Income less taxes.
2 Dollar estimates in current prices divided by the price index of personal consumption expenditures. This price index was based on the Department of Commerce data, shifted from 1939 base.
3 Provisional intercensal estimates of the population of the United States including Armed Forces overseas, taking into account the final 1950 Census total population count. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
4
Estimates based on incomplete data; by Council of Economic Advisers.
Source: Department of Commerce (except as noted).
27
FARM INCOME
seasonally in February, but
15
February 1950.
BILLIONS OF DOLLARS
4
SOURCE:
ILLIONS OF DOLLARS
DEPARTMENT OF A G R I C U L T U R E .
income
(millions of
current
dollars) l
Period
1939 month Iv average
1941 monthly average
1944 montfa.lv Htvera^e
1946 monthlv average
1947 monthly average
1948 monthly average
"^949 monthlv average
1950 monthlv average
1950* January
February
March
ADIT!
Mav
_
June
July
August
September
October
November
December
1951: January 4 4
February
1
~_
- _
__ _
_
_
-
_ _ _ _ _
_
i
-- -- _ _ _
~
_
by
Farm income
(incl.
(millions of 3
interest, taxes,
rates) 1950 dollars)
2
1950=100
724
•981
1, 764
2, 136
2, 527
2, 567
2, 359
27 349
2, 254
1, 614
1, 674
1, 594
1, 819
1, 859
2, 356
2, 551
2, 913
3, 584
3,277
2, 692
2,499
1, 858
Includes cash farm income from marketings and Government payments.
Converted from the
1910-14 = 100, to the base 1950 = 100.
Farm income in current dollars divided by prices paid by farmers, interest, taxes, and. wage rates, 1950 = 100.,.
Preliminary estimates.
Source: Department jot Agriculture,
2
3
4
28
48
52
71
81
94
101
98
100
97
97
98
98
99
100
100
101
102
102
103
104
106
108
1, 508
1, 887
2,484
2, 637
2,688
2, 542
2, 407
2,349
2, 324
1, 664
1, 708
1, 627
1, 837
1, 859
2,356
2, 526
2,856
3, 514
3, 182
2, 588
2,358
1, 720
CONSUMER CREDIT
Consumer credit outstanding
million, in contrast with
fell
1950,
$200
million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25
25
1943
fc
1948
1349
i960
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J A S
O^NDJJF
M A I V t J J A S O N D
END OF YEAR
*
END OF MONTH
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Millions of dollars]
Total
consumer
credit
outstanding
End of period
1939
1943- ._
-_
_
1946
1947
1948
1949
_
1950
1950: January.
February
- March
.
April
May
• June
___
July
- August _
__ .
September
_ _ _ _ _
October
November
December
1951: January 2 2
February
_
7, 031
4,600
8, 677
11, 862
14, 366
16, 809
20, 098
16, 368
16, 159
16, 338
16, 639
17, 077
17, 651
18, 295
18, 842
19, 315
19, 398
19, 405
20, 098
19, 921
19, 529
Instalment credit
Total
4,424
2,001
4, 000
6 S 434
8, 600
10, 890
13, 460
10, 83610,884
11, 077
11, 322
11, 667
12, 105
12, 598
13, 009
13, 337
13, 389
13, 306
13, 460
13, 251
13, 068
Automobile
credit
1, 267
175
544
1, 151
1,961
3, 144
4, 126
3, 179
3,256
3, 355
. 3, 470
3, 600
3,790
3,994
4, 107
4,213
4, 227
4, 175
4, 126
4, 056
3, 986
Other sale
credit and
loans ,
'
3, 157
1,826
3, 456
5,283
6, 639
7,746
9, 334
7, 657
7,628
7, 722
7,852
8,067
8, 315
8,604
8, 902
9, 124
9, 162
9, 131
9,334
9, 195
9,082
Charge
accounts
1,544
1,498
3,054
3,612
3, 854
3, 909
• 4, 239
3,506
3, 233
3,211
3,241
3, 290
3, 392
3, 527
3, 636
. 3, 741
3,703
3, 739
4,239
4,233
4,016
Other
consumer
credit l
1,063
• 1, 101
1,623
1, 816
1,912
2, 010
2,399
2,026
- 2, 042
2,050
2, 076
2, 120
2, 154
2, 170
2, 197
2, 237
2, 306
2, 360
2, 399
2,437
2, 445
1 Includes loans by pawnbrokers, service credit, and single-payment loans under $3,000 made by commercial banks The single-payment loan item was
revised in November to exclude loans over $3,000. See Federal Reserve Bulletin for November 1950, pages 1465-6,
2 Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System,
29
FINANCE
Total bank loans and investments remained unchanged during February. There was an increase of $800 million
in loans. This was offset by a drop in investments, which was accounted for by reduced holdings of United States
Government securities.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
150
1939
1945
1S48 1949
END OF YEAR
J F M A M J
I960
J A S O N O J F M A M J
1949
J A S O N D
I960
195!
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars, all commercial banks]
np J. Q I
lotai
loans and
investments
End of period
1939___
1945
1947 __ _ _
1948
1949
- _ _ _ - --1950
1950 1 January
February
March
April
May
June
July
-__
_
August
_
September
October _
November
December
1951: Januarv _.s
February _ _ _ _.
-~- -- _-- - ---
-
_ -
_
__
-'
___
- - _ -__ ___ _
__''____
_
__
__
Bank loans
40.7
124. 0
116.3
114. 3
120. 2
127. 6
121. 2
120. 6
120. 3
120. 3
121. 2
121. 8
122. 3
123. 3
123. 7
124. 5
125. 5
127. 6
125. 2
125. 2
17.2
26. 1
38. 1
42. 5
43. 0
52. 8
42. 9
43. 1
43.7
43. 8
44. 1
44.8
46. 0
47.3
49.0
49, 9
51.7
52.8
52.9
53.7
* Preliminary estimates.
NOTI.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
30
Total
23.4
97. 9
78.2
71. 8
77.2
74. 7
78. 3
77.5
76. 6
76.5
77. 1
77.0
76.3
76.0
74. 6
74. 6
73. 9
74.7
72. 4
71. 5
Investments
U. S.
Government
securities
16. 3,
90. 6
69. 2
62. 6
67. 0
62. 4
68. 0
67. 1
65. 8
65. 5
66. 1
65. 8
65. 0
64. 2
62. 5
62. 5
61. 8
62. 4
60. 0
59. 1
Other
securities
7. 1
7 3
9. 0
9 2
10 2
12 3
10 3
10 4
10 8
11 0
11 0
11 2
11 4
11. 8
12 1
12 1
12 1
12 3
12 3
12. 4
MONEY SUPPLY
The privafely held money supply decreased about $900 million during February. The major factor in the decline
was the shift of funds from private to United States Government deposits, reflecting the substantial excess of Treasury
cash receipts.
JONS OF DOLLARS
BILLIONS OF DOLLARS
1
TOTAL
200
DEPOSITS AND CURRENCY
TOTAL DEPOSITS ADJUSTED AND CURRENCY
(PRIVATELY-HELD MONEY SUPPLY)
DEMAND DEPOSITS ADJU!
X
TIME DEPOSITS
CURRENCY OUTSIDE B A N K S
X
U.S. GOVERNMENT DEPOSITS
X
1940 41
42
43
44
45
46
47
48
49
50
END OF Y E A R
J
F
M
'
'
L,
J_l
A
M
J
^
J
A
S
O
N
D
J
F
M
1949
A
M
J
J A S O N D J F M A M J J A S O N D
I960
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE .FEDERAL RESERVE SYSTEM.
1951
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
End of period
1939 _
..
1945 _ - --- 1946
1947
1948
1949 _
1950
-~- 1950: January
February
March
April
May.
_
June
July
August
September
October
November
December
1951: January 5
February _ _ __
Total deposits and
currency
64. 7
176.4
167.5
172.3
172. 7
173. 9
180.8
173. 6
172.8
172. 4
172. 5
173.0
174. 7
174. 4
175. 5
176. 5
176.5
177. 7
180. 8
179.3
179. 5
U. S. Government
deposits l
1.5
25. 6
3. 5
2. 3
3. 6
4. 1
a6
3. 9
4. 6
5. 3
4. 1
3. 8
4.8
4. 1
4. 5
4. 8
3. 5
3. 5
3. 6
3. 6
4. 7
Deposits adjusted and currency
(privately held money supply)2
Total
63. 3
150. 8
164. 0
170.0
169. 1
169. 8
177. 2
169. 7
168. 2
167. 1
168. 4
169.2
170. 0
170. 2
171. 0
171. 7
173.0
174. 2
177.2
175. 7
174. 8
Currency
outside
banks
6.4
26. 5
26. 7
26. 5
26. 1
25.4
25. 0
24. 5
24. 7
24. 6
24. 6
24. 7
25.2
24.4
24. 5
24.5
24. 6
24. 8
25. 0
24. 6
24.6
Adjusted
demand
deposits 3
29. 8
75. 9
83.3
87. 1
85.5
85.8
93.2
86.4
84. 5
83.3
84. 3
85.0
85.0
86. 5
87.4
88. 1
89.4
90.7
93. 2
92. 1
91.2
Time
deposits 4
27. 1
48.5
54. 0
56. 4
57.5
58. 6
59.0
58. 7
59.0
59.3
59. 5
59. 5
59.7
59.4
59. 1
59.0
59. 0
58.7
59.0
59. 0
59.0
1
Includes U. S. Government deposits at Federal Reserve banks, commercial and savings banks, and TJ. S. Treasurer's time deposits, open
account.
J
Includes deposits and currency held by State and local governments.
• * 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.
6
Preliminary estimates.
NOTE.-—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
31
AND
TO
PUBLIC
In the first quarter of 1951, cash receipts from the public
was greater ihan that in any previous quarter.
BIL LIONS
payments by nearly $6.8 billion.
OF DOLLARS
The excess of
BILLIONS OF DOLLARS
20
20
iR
16
^
l^'l^'CASK RECEIPTS
12
l/l
p?,H
|J
|
TO
CASH PAYMENTS
fU|
1
p«
''&
lT/3
.
r~l
^—t
-
8
8
1
4
0
1
2
',948
3
4
1
J
!
!
2
3
1949
4
|
1
|
2
3
I960
4
4
0
K
2
1951
3
4
i&
t8
r«"s
E '.CESS OF CASH RECEIPTS
$M
|f^l
+4
1
i
E%i
u
0
EXCESS OF CASH PAYMENTS
• " •
i
d
+4
0
-4
-4
i
2
3
4
i
2
3
4
|
I
2
1949
'
3
'
4
1
*
1950
* PRELIMINARY ESTIMATES
3
2
4
1951
CALENDAR YEARS
COUNCIL OF ECONOMIC
ADVISERS
[Millions of dollars]
Federal cash
receipts from
the public
Calendar
Calendar
Federal cash
payments to
the public
41, 451
44, 282
44, 922
41, 346
42, 419
41, 399
38, 616
36, 897
42, 642
41, 969
+ 52
+ 5, 666
+ 8, 027
— 1, 295
+ 450
15, 037
10, 239
10, 085
9, 560
13, 122
8, 814
10, 143
9, 267
12, 235
9, 303
10, 494
10, 387
18, 003
8, 641
9, 033
8, 735
10, 488
9, 964
11,389
10, 528
10, 762
10, 760
11, 105
9,351
10, 754
11, 210
+ 6, 399
+ 1,205
+ 1,349
-926
+ 3, 159
— 2, 574
-386
— 1,495
+ 1,475
— 1, 803
+ 1,143
-367
+ 6,793
Excess of receipts (+) or
payments (—)
total:
1947
1948_______
1949
!___
_ _ _
_
_„
Quarterly total, not adjusted for
1948:
_
Second quarter
Third quarter
quarter
1949: First quarter
•
Second quarter. _ _ _
' •
Third quarter
Fourth quarter
1950: First quarter
'
Second quarter
Third quarter
__ _
Fourth quarter
l
1951 : First
1
variation:
__
_ __ _
_
_
-_ _ _
!
Preliminary estimates based on Incomplete data.
Sources: Treasury Department and Bureau of the Budget.
For
32
NOTE.—Detail will not necessarily add to totals because of rounding.
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