Full text of Economic Indicators : April 1952
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Economic Indicators
APRIL 1952
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1952
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, Via 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
RICHARD BOLLING, Missouri
CLINTON D. McKINNON, California
JESSE P. WOLCOTT, Michigan
CHRISTIAN A. HERTER, Massachusetts
J. CALEB BOGGS, Delaware
GROVES 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—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT
[S, J. Res. 55] .
To print the monthly publication entitled "Economic Indicators'*
Resolved by the Senate and House of Representatives @j 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 23S 1949Charts 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
Civilian Labor Force
Nonagricultural Employment—Selected Industries.
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
PRODUCTION
«.
7
8
9
10
11
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
12
13
14
15
16
17
18
19
20
POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Per Capita Disposable Income
Farm Income
r.
21
22
23
24
25
26
CREDIT, MONEY, AND
Bank Loans and Investments
Consumer Credit
Bond Yields and Interest Rates
Money Supply
Federal Budget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public
27
28
29
30
31
32
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
The government cash surplus of $67 billion (seasonally adjusted annual rate) in the first half of 1951 was replaced
by a deficit of $5.1 billion in the second half.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
1951
FIRST HALF
1951
SECOND HALF
BUSINESS
1951
FIRST HALF
1951
SECOND HALF
INTERNATIONAL
1951
FIRST HALF
1951
SECOND HALF
GOVERNMENT (Federal, State,and local)
1951
FIRST HALF
* Transfer payments"
1951
SECONDHALF
EXCESS OF RECEIPTS (+), EXPENDITURES {-}
FIRST HALF
-50
-25
0
SECOND HALF
50
-50
r-
-25
0
25
-i
CONSUMERS
BUSINESS
INTERNATIONAL
GOVERNMENT (Federal,State,and local)
TRANSFER PAYMENTS ARE INCLUDED IN RECEIPTS OR EXPENDITURES OF THE SEPARATE ACCOUNTS BUT NOT IN THE TOTAL GROSS NATIONAL PRODUCT.
NOTE: SEE PAGE 2 FOR THE NATION'S ECONOMIC BUDGET TOTAL (GROSS NATIONAL PRODUCT).
SOURCE: ANNUAL ECONOMIC
REPORT OF THE PRESIDENT, JANUARY 1952, APPENDIX A.
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT
Gross national product in the first quarter of 1952 was at an annual rate of $4K billion higher than in the fourth
quarter of last year according to preliminary estimates. Most of the increase was in national security expenditures,
but personal consumption expenditures also rose.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
I949
-'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
[Billions of dollars]
i
Total gross
national
product
Period
1939
1944
1948.
1947
1948
1949.1 - 1950
1951---
__
.
'
91.3
213.7
211. 1
233.3
259. 0
257. 3
282. 6
327. 8
Personal
private Net foreign
consump- Gross
domestic
investment
tion expend- investment
itures
67.5
111. 6
146. 9
165. 6
177. 9
180.2
193. 6
205. -5
9.9
7.7
28.7
30.2
42. 7
33.0
48. 9
59. 1
0.9
2 1
4.6
8.9
1. 9
.5
-2.3
.2
Government purchases of goods and
services
Total
13.1
96.5
30.9
28. 6
36. 6
43. 6
42.5
63.0
National
security *
Other 2
1.2
87.5
18. 5
12.0
15. 5
18. 9
18.9
37. 3
11.9
9.0
12.4
16.6
21. 1
24.7
23.6
25.7
17. 9
23.9
28. 7
35. 1
41.6
43. 9
' 47. 6
22.9
23.9
24. 5
25. 2
26. 1
26. 8
26. 9
Seasonally adjusted annual rates
1950: Third quarter. .
Fourth, quarter.
1951: First quarter. __
Second quarter
Third quarter.
Fourth quarter
1952: First quarter 3 _
287.4
303.7
319.5
328. 2
329. 5
334. 6
339.0
202. 5
198.4
208. 8
202.4
204. 0
206. 7
209. 0
47.3
60.2
60.2
65.6
56. 6
54. 6
54. 0
-3.2
-2. 7
-2.7
—.1
1. 2
2. 5
1.5
40. 8
47.8
53.2
60.3
67.7
70.7
'74. 5
1
Includes expenditures for military services, international security and foreign relations (except foreign loans), atomic energy, merchant marine, and promotion
of defense production and economic stabilization; excludes Federal Q-overnmeni sales. For further detail, see Economic Eeport of the President, January 1952 (p. 167),
and 2Survey of Current Business, February 1952 (p. 9).
Residual,-expenditures by the Federal Government for other than "national security" 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 Oommerc* (except as noted).
PRICES
CONSUMERS' PRICES
Between January 15 and February 15 consumers' prices took their biggest month-to-month drop in more than 2 years,
mainly because of a 2-percent decline in tetail food prices. However, the latter had begun to inch up again by
mid-March, according to a special survey.
PERCENT OF 1935-39 AVERAGE
250
PERCENT OF 1935-39 AVERAGE
250
I95E
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100]
Period
1939
1943
1944
1945
1946
1948
1949
1950
monthly average.. „_
monthly average
monthly average
monthly average—.monthly average
monthly average
monthly average™ .•
monthly average- ..June 15
1951 monthly average
1951: January 15.
February 15
March 15__»_ ___
April 15
May 15
.
June 15
July 15
August 15_ ._
September 15
October 15 _
November 15
December 15
1952: January 15__1 _
February 15
All items
1
99.4
123. 7
125.7
128.6
139. 5
171.9
170. 2
171.9
170. 2
185. 6
181. 5
183. 8
184. 5
184 6
185. 4
185 2
185. 5
185. 5
186. 6
187. 4
188. 6
189. 1
189. 1 •
187. 9
Food
95.2
138. 0
136. 1
139. 1
159. 6
210.2
201. 9
204.5
203. 1
227. 4 ,
221. 9
226. 0
226. 2
225. 7
227. 4
226 9
227. 7
227. 0
227. 3
229. 2
231. 4
232. 2
232. 4 227. 5
Apparel
100.5
129. 7
138.8
145.9
160. 2
198.0
190. 1
187. 7
184. 6
204. 5
198. 5
202. 0
203. 1
203. 6
204. 0
204 0
203. 3
203. 6
209. 0
208. 9
207. 6
206. 8
204. 6
204. 3
Rent
104.3
108.7
109. 1
109. 5
110. 1
121.2
126.4
131.0
130. 9
136. 2
133. 2
134. 0
134. 7
135. 1
135. 4
135. 7
136. 2
136. 8
137. 5
138. 2
138. 9
139 2
139. 7
140. 2
1
A special survey of food prices indicated an increase of 0.2 percent between February 15 and March 15,
NOTE.—Revised index of prices for moderate-income families in large cities.
Source: Department of Labor.
Fuelj electricity, and
refrigeration
99.0
107.7
109. 8
110.3
112. 4
133.9
137.5
140. 6
139. 1
144. 1
143. 3
143. 9
144.2
144. 0
143. 6
143. 6
144. 0
144. 2
144. 4
144. 6
144. 8
144 9
145. 0
145. 3
Housefurnishings
101.3
125. 6
136.4
145.8
159. 2
195.8
189. 0
190.2
184. 8
210. 9
207. 4
209. 7
210.7
211. 8
212. 6
212. 5
212. 4
210. 8
211. 1
210. 4
210. 8
210. 2
209. 1
208. 6
Miscellaneous
100. 7
115. 8
121.3
124. 1
128.8
149.9
154.6
156. 5
154. 6
165.4
162. 1
163. 2
164. 3
164. 6
165. 0
164. 8
165. 0
165.4
166. 0
166. 6
168. 4
169. 1
169. 6
170. 2
WHOLESALE PRICES
In February, wholesale prices of farm products and processed foods continued the decline which began at the end of
last year: average prices of industrial products were unchanged. Weekly data for March (based on percentage
changes from February) indicated little week-to-week change but a lower price level for the month.
PERCENT OF 1947-49 AVERAGE
120
PERCENT OF 1947-49 AVERAGE
120
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
All commodities
Period
1942 monthly average
1946 monthly average .
1947 monthly average
1948 monthly average
1949 monthly average _.
1950 monthly average
June
1951 monthly average __
1951: February
March
April
May«_
June
July
August
September-. _
October
NovemberDecember
1952: January
February
Week ended:
1952: March 4
11 .
18 _ _,
25
„
-_ .
„
_
_ »
. .
_
-
64. 2
78. 7
96. 4
104.4
99. 2
103 1
100. 2
114. 8
116. 5
116. 5
116. 3
115. 9
115. 1
114. 2
113. 7
113. 4
113. 7
113. 6
113. 5
113.0
112. 6
111.4
111. 6
111. 8
111. 7
Farm
products
Processed
foods
(i)
(i)
C1)
«
100.0
107. 3
92. 8
97. 5
94. 5
113. 4
117. 2
117. 6
117. 5
115. 7
113. 9
111. 1
110. 4
109. 9
111. 5
112. 0
111. 3
110. 0
107. 8
106. 2
107. 0
108. 1
108. 1
* Not available.
NOTI.—Revised index. For description of the r§Yiiion see The Monthly Latoor Beview, February 1052,
Departofol of
98. 2
106. 1
95. 7
99 8
96. 8
111. 4
112. 9
112. 0
111. 8
112. 3
111.3
110. 7
111. 2
110. 9
111. 6
111. 0
110. 7
110. 1
109. 7
111.
109.
109.
108.
7
0
3
9
Other than
farm products
and foods
(industrial)
68. 3
78. 3
95. 3
103. 4
101. 3
105 0
102. 2
115. 9
117. 2
117. 3
117. 1
116. 8
116. 2
115. 7
114. 9
114. 8
114. 6
114. 5
114. 6
114. 3
114. 3
112.4
113. 1
113. 2
113. 0
PRICES RECEIVED AND PAID BY FARMERS
Between February 1 5 and March 1 5 there was no significant change in the indexes of prices received or prices paid
by farmers. The parity ratio remained at 100.
PERCENT OF 1910-14 AVERAGE
1 350
PERCENT OF 1910-14 AVERAGE
350
I I I
_LJ_
I I I I I
1947
SOURCE:
1949
1950
1951
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF AGRICULTURE.
[1910-14=100]
Prices
received
by farmers
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 _ _ . _
June 1 5
.
1951 monthly average _ _ _ ; _ _ _ _
1951: February 15. _ _ _ _ _
March 15
April 15__
___
May 15_ .
June 15
July 15
August 15
September 15
October 15
November 15
December 1 5 _ _ _
1952: January 15 _
February 1 5 _ _ _
March 15 _
1
3
_
_ _
_ _
__
_
__
_ _ __
_
_ _ _
_ _ _ _ _ _
_
_
_
_
_
____
_
_
__ _
__
_
_„____
_ _
_
_ _ _ _ _ _ _ _ _
2
2
Parity index
(prices paid,
interest, taxes, Parity ratio 1
and wage
rates)
249
256
247
302
313
311
309
305
301
294
292
291
296
301
305
122
151
182
207
239
259
250
255
254
281
276
280
283
283
282
282
282
282
283
284
284
78
105
108
113
115
110
100
100
97
107
113
111
109
108
107
104
104
103
105
106
107
300
289
288
287
288
288
105
100
100
95
158
196
234 l
275
285 !
Batio of index of prices received by farmers to parity index..
Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat bet-ween October 1943 and June 1946.
Source: Department of Agriculture.
97700—52
2
After dropping in February, stock prices rallied during March. Only the utilities and the trade, finance, and service
categories failed to show definite gains by the end of the month.
PERCENT OF 1939 AVERAGE
PERCENT OF 1939 AVERAGE
1940 41
42
43
44
45 46
47
48 49
50
51
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Compositel
index
Period
Weekly average:
1940 1942
1946
- ... --1949
-.-1950
June
..
__
1951
1951: March
April
„
May
June
July
- -August
September
October
November
December
1952: January
February
March
Week ended:
1952: March 1
_ _ __
8_
15
22 _ _
29
[1939=100]
Manufacturing
Total
Durable
goods
Nondurable
goods
Trans- '
portation Utilities
Trade ,
finance,
and
service
Mining
90. 6
74.9
149.6
127.6
154. 1
158. 3
184.7
179.9
183. 1
181. 6
178.8
181.8
189. 1
194.0
191. 4
185.0
190.2
195.3
193. 1
192. 5
93.4
75. 5
146. 6
132. 1
165.7
171. 1
206.6
198.4
203. 8
202.6
199. 9
204.4
214.0
219. 9
215.8
207. 5
214.5
221.5
218. 1
216. 3
92.5
73.7
138.8
116.0
150.4
156.0
178.3
178.2
181.2
175.3
168.9
170.3
177.7
184.5
185. 1
178.4
182. 1
185.2
182. 6
181.5
94.2
77. 1
154. 4
147.2
180. 2
185. 0
233.0
217. 0
224. 8
228. 1
228.7
236.3
248. 0
252.8
244.3
234. 6
244.6
255. 1
251. 1
248.4
99. 1
90.8
202. 6
138.8
159.9
149. 5
199.2
200. 0
201. 9
196.7
188. 3
187.9
195. 1
202. 3
203.3
194. 0
203. 6
210.6
208. 6
214. 0
97.7
69.8
121.0
98. 1
107. 2
114. 8
112. 5
112.9
111.4
110. 5
109.9
111. 2
113.9
114.9
114. 3
113.8
115.0
116.4
116. 8
116. 7
86.7
71.3
204. 3
160. 5
183. 8
182. 4
208.0
209.7
207.8
206.0
200. 9
202. 2
205. 5
213. 1
214.0
207.8
209. 0
209.' 1
206, 0
202. 9
75.9
59. 7
125.5
129.2
143. 5
143.0
204.9
176.7
183. 4
187.7
186.0
195.2
217.4
229.4
243.6
238.8
238. 1
245.8
258.0
294. 9
188. 1
192. 2
192. 8
193. 2
196. 1
211. 2
215. 5
216. 4
217. 3
221. 1
177.2
180. 6
181. 3
182. 7.
185. 8
242.
247.
248.
249.
253.
204. 3
214. 0
215. 8
214. 7
221.4
116. 2
117.3
116. 7
116. 5
116. 7
198.7
204. 0
203. 2
204. 4
204. 4
277. 1
297. 0
301. 6
293. 5
305. 5
8
7
9
1
7
includes 266 coinrro i 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.
Source: Securities and Exchange Commission.
EMPLOYMENT AND WAGES
CIVILIAN LABOR FORCE
The civilian labor force declined more than 300,000 in March. Total civilian employment remained practically
unchanged. Unemployment fell by almost 300,000 to 1.8 million, the lowest March level since World War Jl.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS
TO
Ufs EK/1PLOYMENT AS PERCENT OF CIVILIAN LABOR FORGE
;•.••!(.-':'•:•:':
—
!
1939
..... ..u
jp&S*
1947
I960
1944
lm
^^%£3U-.
'•ft;b^4-'-'-'':fe-'- ••-•^ '^-S -W ^TT^r^—^rr^-rH^^
• ,
. ,,
,
, . n. .t
,
1950
1951
,
,
,
,
,
,
,
1952
* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Period
1939 monthly average
1 944 moiitlily average
1947 monthly average
1 948 monthly average
1949 monthly average
1950 monthly average.
June
1 95 1 monthly average
1951: February _ _
March
April
Mav
J une
A
C*J
July
August
September
October
November
December
1952: January
February .
March
_
~
- -_„
-
.
-
_.
. _.
_ _
_ _ _ __
Civilian labor force
Employment *
UnemTotal
ploy.NonagriAgriculTotal
ment
tural
cultural
Thousands of persons, 14 years of age and over
9,610
45, 750
9,480
36, 140
55, 230
8, 950
53, 960
45, 010
670
54, 630
8,266
58, 027
2, 142
49, 761
60, 168
2,064
59, 378
51, 405
7,973
61, 442
58, 710
3,395
50, 684
8,026
62, 105
52, 450
3, 142
59, 957
7, 507
63, 099
61,
482
3,384
52,
436
9,046
64, 866
53, 951
7,054
61, 005
62', 884
1,879
5, 930"
52, 976
58, 905
61,313
2,407
6, 393
53, 785
2, 147
60, 179
62, 325
60, 044
1,744
6,645
53, 400
61,789
7,440
61, 193
1,609
53, 753
62, 803
61, 803
1,980
53, 768
8,035
63, 783
62, 526
7,908
64, 382
1,856
54, 618
62, 630
54, 942
7,688
64, 208
1, 578
1,606
54, 054
7, 526
61, 580
63, 186
7,668
61, 836
1,616
54, 168
63, 452
7, 022
54, 314
61, 336
1, 828
63, 164
61, 014
1, 674
54, 636
6,378
62, 688
6, 186
59, 726
2,054
53, 540
61, 780
59, 752
6,064
2,086
53, 688
61, 838
6,012
59, 714
53, 702
1, 804
61, 518
Unemployment as percent of total
civilian
labor force
17. 2
1. 2
3.6
3.4
5. 5
5.0
5. 2
3.0
3.9
3.4
2.8
2. 6
3. 1
2. 9
2.5
2.5
2.5
2.9
2. 7
3. 3
3.4
2. 9
* Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-ofl,
and industrial disputes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
Employment in both durable and nondurable manufacturing increased slightly in February.
except finance and service showed small declines.
MILLIONS OF WAGE
AND SALARY WORKERS
9.5
Ail other major industries
MILLIONS OF WAGE
AND SALARY WORKERS
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
- 1951
0 I"".
I
J
0 |—
I
.
F
M
A
M
J
J
A
S
O
N
D
N
D
J
|_
F
M
A
|_
|
M
J
J
A
S
O
N
0
A
S
0
N
D
CONTRACT CONSTRUCTION
J
F
M
A
M
J
J
A
S
O
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers l]
Manufacturing
Period
Total
1939 monthly average
„
1943 monthly average -,
1946 monthly average .
1948 monthly average „_
1949 monthly average
1950 monthly average .
June
- 1951 monthly average 2
1951: January
February
March___,
April.
May
June
July___
August
September
October
November
December 2
1952 : January 2 2
February
_
_ _
10, 078
17, 381
14, 461
15, 286
14, 146
14, '884
14, 666
15, 931
15, 784
15, 978
16, 022
15, 955
15, 853
15, 956
15, 813
16, 008
16, 039
15, 965
15, 890
15, 912
15, 776
15, 819
Contract
construction
Durable Nondugoods rable goods
4,683
11, 077
7,739
8,315
7,465
8,008
7,964
8, 926
8,742
8,877
8,969
9, 003
8,975
8, 998
8,839
8,878
8, 913
8,942
8, 976
8,999
8,946
8, 971
5,394
6,304
6,722
6,970
6,681
6S876
6,702
7,005
7,042
7,101
7,053
6, 952
6,878
6,958
6,974
7, 130
7,126
7,023
6,914
6,913
6,830
6, 848
1, 150
1,567
1, 661
2, 165
2, 156
2, 318
2,414
2,570
2,281
2,228
2,326
2,471
2,598
2, 686
2,754
2, 809
2,768
2,761
2, 633
2,524
2,316
2,276
Trade
6,612
7, 189
8,602
9,491
9,438
9,524
9,411
9,803
9,592
9,554
9,713
9,627
9, 683
9 732
9, 667
9,641
9,781
9, 893
10, 109
10, 646
9,706
9,653
Finance
and
service
4,703
5,320
6, 207
6,515
6,545
6, 573
6,653
6,641
6,407
6,496
6, 536
6,610
6,663
6,728
6, 760
6,753
6, 729
6,668
6, 641
6, 613
6,578
6,586
Government
(Federal,
State,
local)
3,987
6,049
5,607
5,613
5,811
5,910
5, 832
6,386
6,088
6, 122
6,217
6,292
6,377
6,377
6, 356
6,401
6,544
6,532
6,497
6,831
6, 509
6,490
Transportation
and
public
utilities
2,912
3, 619
4,023
4, 151
3,979
4,010
4,023
4, 144
4,072
4,082
4,112
4, 132
4, 137
4, 161
4, 176
4, 190
4, 178
4, 166
4, 165
4, 151
4, 109
4, 105
Mining
845
917
852
981
932
904
946
919
932
930
924
911
915
927
906
922
917
917
917
915
909
905
1
Includes all full- and part-time wage and salary workers in nonagricultural esiablisniuents who worked or received pay during tiie 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
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average manufacturing workweek of 40.8 hours in February was practically the same as a year ago, with a slight
rise in durable goods groups being counter-balanced by a decline of one-half hour in nondurable goods industries.
HOIJRS
HOIJRS PER WEEK
PER WEEK
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
44
•
42
41
^X*^
40
^V^
40
\—S/V
38
38
A*~^N«v
~v^~rV
^^x/
V
36
36
i
=:
1 | | I 1 1 1_L_L_|_4_
0
1950
1949
-^
i i i i I | i I i I 1
1
0
~i(i|
>
?
i
'
'
1 1 1! | 1
1951
1952
1 1 111 1 1 1 11i
I 1 I 1 1 1 I I Jl L L
1 1 1 1 1 1 1 1 1 1 1
1950
1951
1952
1949
1952
1951
W,
1950
RETAIL TRADE
BUILDING CONSTRUCTION
42
42
40
40
^A
38
^s*^h^/V/i
38
^
36
N/
^
36
¥
34
0
V
V
\
34
i ii i i 1 i i i ii i ri i i 1 i i iii
1949
1 ! 1 1 1 1 1 II
1 1
i | | l i 1 l l I|l
0
1 1 II
1 1 1 1 II 1 ,
1949
1952
1951
1950
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[Hours per week, selected industries!]
Manufacturing
Period
1939 monthly average _ _ _
1943 monthly average..-.
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average __.
1950 monthly average
June
1951 monthly average 4 _ _
1951 ° January
February
March
April
.
May.. . «.
'
June
.
July
--- --- August _ September
October _
November
December 4
1952: January 4 4
_
February
___
1
1
Total
37.7
44.9
40.4
40.4
40. 1
39.2
40. 5
40.5
40.7
41. 0
40.9
41. 1
41. 0
40.7
40.7
40.2
40.3
40. 6
40.5
40.5
41.2
40.9
40.8
;
.
--
___ _
For production and related workers.
Not strictly comparable with previous data.
Durable
goods
3
4
Not available.
Preliminary estimates*
38.0
46.6
40.2
40.6
40.5
39.5
41.2
41.3
41.6
41.5
41.6
41.9
42.0
41.8
41.8
40.9
41.3
41. 6
41.7
41. 5
42. 2
41.9
41.8
Building
Nondurable construction Retail trade
goods
37.4
42. 5
40.5
40. 1
39.6
38.8
39.7
39.5
39.5
40.2
40.0
40. 0
39.7
39. 3
39.4
39.3
39. 1
39.4
38.9
39.2
39.9
39. 5
39. 5
32.6
38. 4
38. 1
37.6
3
37.3
36.7
36.3
37.0
37.3
36.7
35.3
35.8
36.8
37.5
37.7
38.1
38.2
38.2
38.5
36.4
37.9
37. 5
(2)
(22)
( 2)
()
(2)
40.3
40.3
40.4
40.5
40.9
40.1
40.3
40. 1
39.7
39.9
39 8
40.4
40.8
40.8
40.0
39.8
39.4
40. 1
39. 9
Source: Department of Labor,
AVERAGE HOURLY
- SELECTED INDUSTRIES
Although there has been little change in average hourly earnings in manufacturing since December, February earnings
were almost 8 cents higher than a year ago.
DOLLARS
D O L L A R S PER HOUR
BUILDING CONSTRUCTION
PER HOUR
RETAIL TRADE
1951 PRICES ^
*•*,**» -"""""""""X,
..
^Bagg**""***"^^ f
1951 PRICES
— «•*
_^_
^
-w^"***^
^"CURRENT PRICES
URRENT PRICES
rf, , ...i , . . . .,
, . . . . ! , , . , . , ' . . , . ! . , , . . , , , , , ! , , , ,7=
1949
1
1951
1950
1952
EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMERS' PRICE INDEX ON BASE 1951 = 100.
COUNCIL OF ECONOMIC ADVISERS
[Production and related workers in selected industries]
All manufacturing
Period
1939 monthly average..
1943 monthly average
1946 monthly average
1947 monthlv average
1948 monthlv average-- _
1949 monthlv average
1950 monthly average
June
1951 monthlv average 4 ..
1951: Januarv_ „_
February _
March
April
May
June _
July
August _ _
September
October „_
November 4
December
1952: January 4 4
February
Durable goods
manufacturing
Nondurable goods
manufacturing
Building
construction
Retail trade
1951
Current
prices prices 1
Current
prices
1951
prices l
Current
1951
prices prices 1
Current
1951
prices prices 1
Current
1951
prices
prices *
$0. 633
.961
1. 086
1.237
1, 350
1. 401
1. 564
1. 453
1. 594
1. 555
1. 561
1. 571
1. 578
1. 586
1. 599
1. 598
1. 596
1. 613
1. 615
1. 626
1. 636
1. 640
1. 638
$1. 181
1. 443
1. 444
L 438
1.458
1. 528
1. 582
1.585
1. 594
1. 590
1.577
1. 580
1.586
1. 588
1. 602
1. 600
1. 598
1. 605
1.599
1.600
1.605
1. 609
1. 619
$0. 698 $1. 302
1.059
1. 590
1. 156
1.537
1.292
1.502
1. 410
1. 523
1. 469
1. 602
1.537
1. 660
1. 522 . 1. 660
1. 678
1. 678
1.667
1. 630
1. 639
1. 656
1. 654
1. 664
1. 659
1.667
1. 665
1. 667
1. 684
1. 681
1.682
1.684
1. 684
1. 686
1.707
1.699
1. 705
1. 688
1.712
1. 685
1.723
1.691
1.725
1. 693
1. 723
1. 703
$0. 582
.803
1. 015
1. 171
1. 278
1.325
1.378
1. 365
1. 481
1.456
1. 458
1. 460
1. 465
1. 474
1.484
1.488
1. 481
1.489
1. 491
1.507
1.516
1.520
1. 520
$0. 932
1.252
1. 478
1. 681
3
1. 848
1.935
2.031
1. 995
2.200
2. 135
2. 157
2. 163
2. 167
2. 182
2. 194
2. 195
2. 207
2.236
2. 239
2.260
2.260
2. 280
(2)
i Earnings in current prices divided by consumers' price in4ex qn |?a§e 1951 = 100.
available.
Not strictly comparable with previous
< Preliminary estimates.
Source: Department of Labor.
2
Not
3
10
$1. 086
1.206
1.350
1. 362
1.380
1. 445
1.488
1.489
1. 481
1.489
1. 473
1.469
1. 472
1. 475
1.487
1. 489
1. 482
1. 482
1. 476
1.483
1.488
1.492
1. 502
$1. 739
(22)
1. 880
()
(2)
1.965
$1.
009
1.955
3
1. 996
1.088
2. 110
1. 137
2. 193
1. 176
2. 176
1. 175
2.200
1.253
2. 183
1. 237
2. 179
1.236
2. 176
1. 233
1.249
2. 178
1.252
2. 184
2. 198
1. 256
1.262
2. 197
2. 209
1. 259
1.270
2.225
1.267
2. 217
2. 224
1.267
2.218
1. 245
2.237 ! 1. 288
(2)
(2)
(22)
()
(2)
$1. 173
1. 175
1. 240
1.270
1.281
1. 253
1. 265
1. 248
1. 240
1. 255
1. 253
1. 259'
1. 263
1. 2601. 264
1.254
1.247
1.223
1.264
(2)
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
In spite of a slight decline in average weekly earnings in manufacturing since December, weekly earnings in February
were $3 above the same month of last year.
DOLLARS PER W E E K
D O L L A R S PER W E E K
DURABLE MANUFACTURING
:^p^
' EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMERS PRICE INDEX ON BASE
SOURCE:
DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[Production and related workers in selected industries]
Period
1939
1943
1946
1947
1948
1949
1950
monthly average
monthly average
monthly average
monthly average
monthly average
monthly average
monthly aver age _ _
June
1951 monthly average4
1951* January
February
March
April
Mav
- -June
July
- August
September
October
November.4
December
1952* January 4 4
February
All manufacturing
Durable
manufacturing
Nondurable goods
manufacturing
Current
1951
prices prices l
1951
Current
prices prices 1
1951
Currentprices prices 1
Current
prices
1951
prices 1
Current
prices
$23. 86
43. 14
43. 82
4-9. 97
54. 14
54. 92
59. 33
58. 85
64. 93
63.76
63. 84
64. 57
64. 70
64. 55
65. 08
64. 24
64. 32
65. 49
65.41
65. 85
67.40
67.08
66. 83
$26. 50
49. 30
46. 49
52. 46
57. 11
58.03
63. 32
62. 86
69. 91
67. 65
68. 18
69. 30
69. 68
69. 60
70.27
68. 79
69. 55
71.01
71. 10
71. 05
72. 71
72. 28
72.02
$21. 78
34. 12
41. 14
46. 96
50. 61
51. 41
54. 71
53. 92
58. 54
58. 53
58. 32
58. 40
58. 16
57. 93
58. 47
58.48
57. 91
58. 67
58. 00
59. 07
60. 49
60. 04
60. 04
$30. 39
48. 13
56. 24
63.30
3
68. 85
70. 95
73. 73
73. 82
81. 97
78. 35
76. 14
77. 44
79. 75
81. 83
82. 71
83. 63
84. 31
85. 42
86. 20
82. 26
85. 65
85. 50
(2)
$56. 70
72. 27
74. 79
73. 60
2
74. 35
77. 37
79. 62
80. 50
81.97
80. 11
76. 91
77. 91
80. 15
81. 91
82. 88
83. 71
84. 39
85. 00
85. 35
80. 96
.84. 05
83. 91
(2)
(22)
()
(2)
$40. 66
43. 85
45. 93
47.63
48. 06
50. 22
49.85
49. 56
48.95
49. 84
49. 83
50.74
51. 49
51. 37
50.80
50. 43
49.92
49. 92
51. 39
(2)
$44. 51
64.77
58. 27
58. 10
58.47
59. 89
64,07
64. 18
64. 93
65. -19
64.48
64.96
65.03
64. 61
65.21
64,30
64. 38
65. 16
64. 76
64. 81
66. 14
65. 83
66.04
$49. 44
74.02
61. 82
61. 00
61. 67
63. 28
68. 38
68. 55
69. 91
69. 17
68. 87
69. 72
70.03
69. 67
70.41
68. 86
69. 62
70. 66
70. 40
69.93
71.35
70. 93
71. 17
i Earnings in current prices divided by consumers' price index on base 1951 100.
* Not available.
Source: Department of Labor*
$40. 63
51.23
54. 71
54. 60
54. 65
56. 06
59.08
58. 80
58. 54
59. 85
58. 91
58. 75
58. 45
57. 99
58. 59
58. 54
57. 9r
58. 38
57. 43
58. 14
59. 36
58. 92
59.33
8
4
Building
construction
Retail trade
Not strictly comparable wll ,h previous data. *
Preliminary estimate?,
1951
prices *
(2)
(22)
() $47. 28
47. 35
50. 09
51. 44
52.41
50. 22
50.97
50.06
49. 25
50. 09
49. 88
50. 84
51. 54
51. 42
50. 55
49.93
49. 13
48. 99
50. 43
(2)
11
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Total industrial production in March continued at the February level of 222 percent of the 1935-39 average. Rising
output of autos, steel, and military equipment increased the durable goods index by about 1 percent/ nondurable goods
production declined about 1 percent chiefly because of a renewed slackening in textile mill activity. The drop in
the output of minerals reflected a decline in coal mining partially offset by a rise in crude petroleum.
PERCENT OF I 9 3 5 - 3 9 AVERAGE
PERCENT OF 1&35-39 AVERAGE
400
400
1952
PRELIMINARY ESTIMATES.
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
June
1951 monthly average
1951: February
March
AprILMay___ _
June__
July
„•______.
August _
September
October
November.
December „. _ _ _
1952: January 1
February
March i_
i Preliminary estimates,
Total
industrial
production
239
170
187
192
176
200
199
220
221
222
223
222
221
212
217
219
218
219
219
220
222
222
IManufactures
Total
258
177
194
198
183
209
208
229
232
234
234
233
231
222
226
228
226
228
228
231
232
232
Durable
goods
Nonduraable goods
360
192
220
225
202
237
237
273
271
277
279
276
274
265
267
271
274
277
282
281
284
287
176
165
172
177
168
187
184
194
201
199
198
198
197
187
193
192
188
188
185
189
190
188
Source; Board of Governors of the
Minerals
132
134
149
155
135
148
151
164
158
158
164
165
165
156
165
167
174
170
163
167
166
164
Beserve
WEEKLY PRODUCTION - SELECTED INDICATORS
In March, scheduled output of steel broke records for 4 successive weeks and motor vehicle assemblies rose to their
highest level in 6 months. Electric power production averaged 8 percent above March of 1951. For the seventh
week in a row, bituminous coal production was below the levels for the corresponding weeks of 1951.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
3
STEEL -Scheduled output
......... a
• •
- ..... '**
-
.....
..............
••.-'
*"V
*. .*
BILLIONS OF KILOWATT HOURS
THOUSANDS
200
8
o C
SOURCE: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Weekly average:
1949
1950
June
1951 3
1951* February
March
April .
May
.
June
- July.
__
._ _ _
AugustSeptember .
October
_
November
December.
_ _ __
1952: January _
___,_
February
3
March
Week ended:
1952: March 1_
8 _
15
22
April
.29
5
Steel1
Percent of
Thousands of
theoretical
net tons
capacity
COUNCIL OF ECONOMIC ADVISERS
Electric power, Bituminous
by utilities
coal
(millions of
(thousands of
kilowatt-hours) short tons) 2
Cars and
trucks
(number)
1,496
1,857
1,898
2,016
1, 941
2,048
2,061
2,053
2,018
1,964
1, 971
2, 022
2, 058
2,050
2,010
2,062
2, 088
2, 119
81. 1
96. 9
99.6
100, 9
97, 1
102.4
103. 1
102.7
100.9
98.2
98. 6
101.2
102. 9
102. 5
100.6
99.3
100.5
102. 0
5, 498
6, 183
6, 038
6,958
6,879
6,828
6,722
6,557
6, 804
6,760
7, 114
7, 012
7, 204
7, 340
7,464
7,509
7,443
7,382
1, 427
1,687
1.707
1, 777
1,672
1,661
1,734
1,643
1, 707
1, 688
1,748
1, 790
1,918
1,990
1,765
1,910
1, 751
1, 627
120, 350
154, 211
192, 825
129, 796
157, 760
171,212
152, 948
140, 461
147, 582
112, 786
120,311
115,721
112, 300
103, 362
90, 476
82, 195
104, 159
115,014
2,096
2, 104
2, 114
2, 127
2, 131
2, 120
100. 9
101. 3
101.8
102. 4
102. 6
102. 1
7,416
7, 497
7,414
7, 354
7,263
1,715
1,653
1, 628
1,593
1,635
111,306
107, 244
112, 266
116, 512
124, 035
117, 819
J
Weekly data are scheduled rates of operation; monthly figures are for actual output except latest month which is an average of the weekly estimates. Percent
of capacity based on weekly net ton capacity of 1,843,516 for 1949, 1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,1,999,034 beginning January
1,1951, and 2,077,040 beginning January 1,1952.
2 Daily average for week.
a Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
97700^52--.
13
PRODUCTION OF SELECTED MANUFACTURES
In February, output of machinery resumed its upward climb; lumber production rose asain/ iron and steel and nonferrous metals showed no change. In the nondurable goods sector, there were moderate rises in several major industries, but chemical production was off, falling to the level of early 1951.
PERCENT OF I935'39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)
PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)
00 I I I I I I I I I I I I I I I I M I I I I I I I I I
250
f-f—\—If
I940 42 44 46 48 50
1950
1950
1951
195!
1952
COUNCIL OF ECONOMIC ADVISERS
SOURCE^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1935-39=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
1943 monthly average.
1946 monthly average 1947 monthly average »_
1948 monthly average
1949 monthly average.
1950 monthly average
June
1951 monthly average
1951: January
February
March"*
April
May
June —
July
August
September
_ _
October.
__
November
December.. _ _
1952: January 1 _ __
February
' Preliminary estimates.
14
Iron and
steel
Lumber
and
products
208
150
195
208
188
229
231
259
255
252
263
264
263
261
253
254
258
261
261
263
261
261
129
131
143
145
130
160
155
157
171
169
169
170
163
153
141
146
146
149
157
153
159
164
Nonferrous Textiles Petroleum Manufac- Chemical
and
and coal tured food
Machinery metals and
products products products products products
443
240
276
277
234
270
262
336
322
328
335
337
336
338
328
328
336
340
347359
359
363
267
157
187
193
160
206
207
207
224
217
209
211
206
205
199
197
196
201
209
207
215
215
153
162
163
170
147
182
173
174
194
194
188
185
190
185
160
170
163
154
157
152
157
158
185
173
193
218
209
229
222
268
272
269
269
255
263
263
262
265
266
269
276
281
280
282
145
149
157
159
163
164
164
165
168
166
167
168
167
165
164
166
167
163
160
161
163
166
384
236
251
254
241
264
261
298
287
288
292
296
298
302
305
306
301
298
299
298
299
295
Source: Board of Governors of the Federal Reserve System.
NEW CONSTRUCTION
Expenditures for new construction, seasonally adjusted/ increased sharply in March, lifting construction in the first
quarter of 1952 above the first quarter of 1951. Nearly two-thirds of the March increase was in private nonfarm
residential construction.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
3,000
3,000
2,500
2,000
2,000
1,500
1,000
1,000
SOURCES: -DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
[Millions of dollars, seasonally adjusted]
Period
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1948 monthly average :_ -_
1949 monthly average _ _ _ _ _ __
1950 monthly average
_- - June
1951 monthly average
1951: February
March
April
May
June
_
July .
August
September
October
.
_
__
November
December
1952: January
Februarv
March 2
1
2
Includes public resideDttal construction.
Preliminary estimates.
Total new
construction
683
1, 173
438
1, 000
1,798
1,882
2,325
2,316
2,489
2,544
2,667
2,627
2,532
2,483
2,443
2,423
2,428
2,392
2,406
2,412
2, 511
2, 551
2,709
Private construction
Total
Residential
Other
(nonfarm)
private
142
223
366
142
143
285
182
114
68
803
469
335
1,389
674
715
689
660
1,348
1,732
682
1, 050
1,737
1, 072
665
1,735
826
910
1,886
803
1,088
1,072
836
1,908
854
1,845
991
1,763
888
875
849
1,717
868
872
1,708
836
1,677
869
808
1,671
815
856
1,634
837
797
849
1,608
759
1,574
828
746
837
1, 683
846
891
1,729
838
992
1,847
855
Federal,
State, and
local 1
317
888
256
197
409
534
593
579
753
658
759
782
769
766
735
746
757
758
798
838
828
822
862
Sources: Department of Commerce and Department of Labor.
15
NEW HOUSING STARTS
New housing starts rose in February to 77,000 units, which was only 3,600 units less than in February 1951 and 5,900
less than in February 1950.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
New nonfarm units started
Month
1948
1949
1950
1951
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
78, 700
82, 900
117, 300
133, 400
149, 100
144, 300
144, 400
141, 900
120, 600
102, 500
87, 300
93, 600
85, 900
80, 600
93,800
96, 200
101, 000
132, 500
90. 500
89, 100
96, 400
90, 000
74, 500
1
62. 000
849, 000
931, 600
1, 025, 100
1, 396, 000
70, 750
77, 600
85, 425
1947
January
February
March
April
May
June
July
August
September
October
November
December
_
_ _
__
Total
Monthly average
* Preliminary estimates.
Sopree: Department of Labor.
16
116, 300
1
1, 092, 500
J
91, 000
1952
1
68, 000
1
77, 000
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Expenditures for new plant and equipment for the first quarter of 1952 were estimated to be about 24 percent above
actual expenditures in the first quarter of 1951. Business plans to spend this year a total of $24.1 billion for new
lant and equipment, or about 4 percent above the previous high in 1951, according to the latest survey (made in
ebruary). Expenditures of only commercial and miscellaneous businesses are expected to be significantly less in
1952 than in 1951.
f
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
30
30
If SEE NOTE 4 ON TABLE iELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE,
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars, annual rates, not adjusted for seasonal variation]
Manufacturing
Period
1939
1941
_ _
1945 -_
_ -__
1948
1949
______ _
1950
-_- _ - __
1951 4
1952
_ _ _
1950: Third quarter _ . _
Fourth quarter
1951: First quarter, _
Second quaiter
Third quarter.
Fourth quarter
1952: First quarter 4 4 _ _
Second quarter _ _ _ _
Total *
5, 213
8, 190
7,406
20, 032
18, 021
17, 832
23, 290
24, 123
18, 048
22, 068
19, 452
23, 652
23, 376
26,688
24, 204
24, 392
Total
1,943
3, 400
3, 983
9,134
7, 149
7,491
11, 130
12, 070
7, 436
9, 896
8, 616
11, 208
11,364
13, 340
12, 480
12, 480
Transportation
Durable Nondurgoods able goods
756
(3)
1 590
3,483
2,594
3, 135
5, 168
5,994
3, 088
4,344
3, 692
4,924
5,452
6,608
6,460
6, 312
1, 187
(3)
2,393
5,651
4, 555
4,356
5,962
6,076
4,368
5,528
4, 920
6,284
5,904
6, 732
6,020
6, 164
Mining
380
680
443
802
738
684
796
85,2
720
792
732
812
796
844
852
940
Railroad
Other
Electric
and gas
utilities
280
560
552
1,319
1,350
1, 136
1,541
1,539
1, 140
1,280
1,212
1,648
1, 508
1,796
1,580
1, 604
280
340
321
700
525
437
511
609
492
580
500
544
480
520
560
620
480
710
630
2,683
3, 140
3,167
3, 577
3,864
3,284
3.740
3, 012
3,572
3, 732
3,992
3, 352
3, 448
Commercial and
miscellaneous 2
1, 850
2,490
1,477
5,394
5, 119
4, 917
5,735
5, 189
4, 976
5, 780
5, 380
5, 868
5,496
6, 196
5, 380
5,300
»Excludes agriculture.
*Commercial and miscellaneous composed
of trade, service, finance, and communication.
;
3 Not available.
4 Estimates based on anticipated capital expenditures of business as reported in a survey made in February and early March 1952.
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 193&-44 are Federal Beserve
Board estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and. Department of Commerce (except as noted)*
17
NEW CORPORATE SECURITY ISSUES
Fourth quarter net proceeds from new security issues showed a large seasonal increase and were 36 percent above
the total for the fourth quarter of 1950.
BILLIONS
BILLIONS
OF DOLLARS
OF DOLLARS
3.0
3.0
I939
I943
I948
I949
I960
I95I
SOURCE;
COUNCIL OF ECONOMIC ADVISERS.
SECURITIES AND EXCHANGE COMMISSION,
[Millions of dollars]
Proposed uses of net proceeds
Estimated
net proceeds
Period
New money
Total
1939 quarterly average _ _
1943 quarterly average
1946 quarterly average
1947 quarterly average .
1948 quarterly average
1949 quarterly average
1950 quarterly average 2
1951 quarterly average
1950: First quarter
Second quarter
Third quarter
_
Fourth quarter
1951: First quarter
Second quarter
Third quarter
Fourth quarter 2
-.
,
- - -
.»...
.
-.
.__._
..
_
- _._
, _
«.-
_~
.
-
. ..
_ -
i Includes small amount for other purposes.
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
3
18
529
287
1,689
1,617
1 S 740
1,490
1,565
1,908
1, 325
2,222
1, 145
1,569
1,730
2,361
1,413
2, 131
81
77
820
1, 148
1,482
lt 152
1,002
1,635
941
1,251
771
1,044
1, 461
1,987
1, 260
1,834
Plant and
equipment
43
35
529
852
1,055
931
741
1,275
759
948
571
687
1,167
1,422
970
1,541
Working
capital
39
42
291
296
427
220
260
360
182
302
200
356
293
565
290
293
Retirement
of debt land
stock
448
210
869
469
258
338
564
273
384
971
374
525
270
374
153
297
INVENTORIES AND SALES
Manufacturers* and retail sales, seasonally adjusted, Increased 2 percent in February. Manufacturers1 inventories
declined slightly but were 20 percent above a year ago/ retail inventories showed the first increase since May 1951.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL AND MANUFACTURING
MONTHLY AVERAGE
SEASONALLY ADJUSTED
/\
/ TOTAL INVENTORIES
..•*'"**
TOTAL SALES*
I940 42
44
46 48 50
I95I
i960
I952
PERCENT OF I947-49 AVERAGE
.--A
MANUFACTURING
„.••••...
INVENTORIES
MANUFACTURING
SALES
1940 42 44 46 48 50
1950
J940
42
44
46
48
WHOLESALE, MANUFACTURING, AND RETAIL,
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF*THE FEDERAL RESERVE SYSTEM.
Total
Inventories %
Period
l
Manufacturing
Retail
s
Inventories 2
s
Millions of dollars,
1939 _
1943
1946
1947 1948
1949
1950
Jime___
1951
1951: January
February
March
April
May__
June
July
August
September
October
November
December 7 _
1952: January 7 7
February „
_ _
5,534
10, 802
20, 051
7,561
21, 920
31, 343
11,852
27, 151
42, 942
33, 156
14, 060
50, 605
36, 438 - 15, 828
55, 647
34, 467
14, 502
50, 921
60, 434 ' 39, 051 : 17, 793
15, 574
52, 828
43,468
18, 093
70, 107
45, 914
18, 455
62, 050
44, 804
19, 044
63, 416
44, 222
19, 743
65, 240
43, 448
20, 346
67, 361
44, 728
20, 643
68, 981
43; 052
20, 282
69, 442
41, 710
20, 045
70, 268
42, 931
19, 429
70? 083
41, 240
18, 761
69, 965
44, 215
18, 545
70, 068
18, 280
-43, 669
69, 991
18, 093
41, 677
70, 107
44, 012
18, 061
70, 220
44, 905
18, 189 '
69, 906
i Also includes wholesale, not shown separately in this table.
a Book value, end of period. Revised trade data not available
i Monthly average for year and total for month. % %
* Data for new orders not adjusted for seasonal variation.
Sourct: Dftpartmeat of Commerce and Board of
_
to
Inven-1
»
adjusted
3,504
5,270
8,541
9,967
10, 877
10, 893
11, 974
12, 069
12, 549
13, 593
13, 321
12, 633
12, 285
12,411
12, 240
12, 058
12, 429
12, 258
12, 551
12, 492
12, 318
12, 642
12, 880
11, 465
20, 098
24, 498
28, 920
31, 734
28, 690
33, 253
29, 123
42, 014
34, 120
34, 657
35, 557
36, 908
38, 068
39, 009
39, 908
40, 621
41, 132
41, 424
41, 676
42, 014
42, 204
42, 000
5, 112
12, 820
12, 617
15, 918
17, 630
16, 339
19, 064
19, 271
22, 050
22, 560
22, 261
22, 605
22, 479
23, 434
22, 133
21, 268
21, 678
20, 616
22, 503
22, 235
20, 829
22, 515
23, 000
Department stores
Inven-5
New
Sales *
tories
orders
(millions of
1947-49=100,
dollars) 4 Index
seasonally adjusted
(6)
(6)
13, 694
15, 622
17, 337
15, 791
20, 731
20, 922
23, 896
28, 190
25, 765
28, 490
23, 820
23, 580
24, 100
21, 595
22, 976
21, 166
23, 916
22, 717
20, 435
22, 281
21, 600
35
55
77
93
107
100
110
105
130
127
129
133
138
136
136
138
134
128
121
117
119
118
116
35
56
90
98
104
98
105
103
109
125
115
105
104
104
105
'105
109
107
108
112
109
108
105
• Index of book value, end of period, except annual data, which are averages of
monthly figures.
available.
6
Not
1
19
MERCHANDISE EXPORTS AND IMPORTS
In January/ the export surplus dropped by nearly 50 percent from its 1951 high in December. Exports/especially of
raw cotton and automobiles, declined, while all commodity categories of imports rose. The largest increase of
imports occurred in unmanufactured rubber.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1,600
1,600
1,200
I/ RECORDED M E R C H A N D I S E EXPORTS, INCLUDING REEXPORTS, AND CIVILIAN SUPPLIES FOR OCCUPIED AREAS.
SOURCES: D E P A R T M E N T OF C O M M E R C E , DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1936-38 monthly avirage __ _ _ ,
1943 monthly average.
,
1946 monthly average
_
1947 monthly average
1948 monthly average
1949 monthly average
__ - _
1950 monthly average
June
1951 monthly average
1951j January
February .
March
_
April
May
J. J-c*J
.
June
July
"
August
_ _
September
__
'„_
October
November
._
December
1952: January
.
Exports *
1? 252
207
282
412
480
594
552
738
687
913
974
1,024
247
__
1,080
812
1,278
1 054
1,003
856
877
,
_ _
_ __
1, 076
1, 285
1 370
1, 354
1 294
1, 190
1, 267
1, 232
1, 155
1, 388
1, 436
1, 246
*8 Recorded merchandise exports, including reexport®, 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 DepartTO&Lt of the Navy.
20
Imports 2
910
1, 100
1, 033
1, 018
930
895
880
721
833
818
801
922
Excess of
exports (+),
imports (— )
+40
+ 799
+ 400
+ 799
+ 461
+ 452
+ 119
+ 190
+ 338
—50
+ 166
+ 185
+ 338
+ 337
+ 364
+ 295
+ 387
+ 511
+ 321
+ 570
+ 636
+ 325
PURCHASING POWER
NATIONAL INCOME
In the first quarter of 1952, national income increased at an annual rate of $3 billion above the fourth quarter of
last year. Compensation of employees, with the largest increase since the second quarter of last year, rose at a
rate of $3K billion while proprietors1 and rental income declined from the peak level reached in the fourth quarter
of 1951. Other major components showed no significant changes.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
1939
1944
1948
1949
1950
1951
/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS,
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
[Billions of dollars]
Total
national
income
Period
1939
1944
1946
1947
1948
1949
1950
1951
-
__
72.5
183.8
180. 3
198. 7
223.5
216.7
239. 0
275.8
Compensation of
employees
Proprietors1
(business,
professional, Net interest
farm)
and rental
income
47.8
121.2
117. 1
128. 0
140. 2
139.9
153.3
178. 1
14.7
35.5
42.0
42.4
47.3
41.4
44.0
48.9
4.2
3. 1
2.9
3.5
4.3
4.9
5.4
5.7
Corporate profits and inventory
valuation adjustment
Total
5.8
24.0
18.3
24.7
31.7
30.5
36.2
43.0
Profits
before
taxes
6. 5
24.3
23.5
30.5
33.8
28.3
41.4
44.5
Inventory
valuation
adjustment
.
-0.7
-.3
-5. 2
-5.8
— 2. 1
+ 2.1
-5. 1
-1.5
Seasonally adjusted annual rates
1950: Third quarter
Fourth quarter____
1951 ' First quarter
Second quarter
Third quarter
Fourth quarter
1952: First quarter l
245. 8
260. 1
269.4
274. 3
278.0
281.2
284. 0
157. 3
165.2
172. 1
177.5
180.6
182. 0
185. 5
i 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).
45. 6
47.2
48.8
48. 1
49. 1
49.8
49.0
5.5
5.6
5.6
5.7
5.8
5.8
5. 9
37.4
42. 2
42. 9
43.0
42. 6
43. 6
43.7
45.7
50.3
51.8
45.4
39.8
41. 1
42.5
-8.3
-8.2
-8.9
-2.3
+ 2.8
+ 2.5
+ 1.2
21
CORPORATE
In the first quarter of 1952, corporate profits before taxes were slightly above the fourth quarter of 1951 but were
considerably below the peak reached a year ago, according to preliminary estimates. Corporate profits after taxes
were virtually unchanged, reflecting for the first time the full impact of the 1951 tax increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
60
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of
Corporate
profits
before
Period
1 QQQ
1944
1946
1947
1943
1949
1950
1951
.—
6.5
243
23. 5
30.5
33.8
.—
41.4
44.5
.
^
.
.
.
..
1950* First quarter •-. . ..
..-Second quarter
Third quarter^-. .
Fourth quarter
1951* First quarter- ... ..
Second quarter • .
Third quarter
...
Fourth quarter
- .1952* First quarter *
31. 9
37.5
45.7
50.3
51. 8
45.4
39. 8
41. 1
42.5
Corporate
tax
liability
Corporate profits after taxes
Total
Dividend
payments
5.0
1.5
3.8
13.5
10. 8
4.7
9.6
13.9
5.8
11. 9
18.5
6.6
13.0
20. 7
7.2
11.0
17.3
7.6
18. 6
22. 8
9.2
26.6
18.0
9.4
Seasonally adjusted annual rates
14.4
17.5
7.8
16. 9
20. 6
8.4
20.5
25. 2
9.4
22.5
27. 8
11. 1
20. 7
31.- 1
8.8
27.0
18.4'
9.6
23.7
16. 1
9.6
24. 5
16. 7
9.8
16. 6
25. 9
9.0
Undistributed
profits
1.2
6. 1
8. 1
12.0
13.5
9.8
13. 6
8.6
9.7
12.2
15.8
16.7
11.9
8.8
6.5
6. 9
7.6
i Estimates based on incomplete data; by Council of Economic Advisers.
NOTE.—No allowance has been made for inventory valuation adjustment. See p. 21 for profits before taxes and inventory valuation adjustment.
Detail will not neeessariy add to
of rounding.
Source: Departmtnt of Oommaree (except as noted).
22
PERSONAL INCOME
In February, total personal income declined for the second consecutive month. A rise in labor income, dividends,
and interest was more than offset by a sharp decline in farm proprietorsVincome and transfer payments.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
330
1952
COUNCIL OF ECONOMIC ADVISERS
Total personal income
Period
1939
1944
1948
1949
1950_
1951
--
-
1950" June
1951: January
February _
March
April.
Mav
June— . .
July
August
September
October _ _ _ _
November
December
1952 * January 3
February
-
72.6
165.9
209.5
205. 1
224. 7
251. 1
219.0
243.6
243.3
245. 5
249.0
249. 8
251.0
252.4
253.7
253. 6
257. 5
256.5
258. 6
257.7
257. 1
[Billions of dollars]
Proprietors' income1
Labor income
(salaries,
Dividends
Business,
wages, and
professional, and personal
Farm
other labor
interest
and rental
income)1
income
45. 6
4.5
10.3
9.2
23.7
116. 2
10. 6
11.8
29.6
134.9
17.7
16.0
13.0
2R 4
134. 2
17. 1
13.7
146.4
30.3
19.3
16. 9
32. 0
169.7
20.0
Seasonally adjusted annual rates
144. 6
161. 7
163. 8
166.0
168.6
168.9
170. 2
170.9
171. 2
172. 1
173.3
174.6
175.8
176.0
176. 9
12.3
17.5
15.9
15. 8
16.4
16.2
16.2
17.3
17.6
16.8
18. 2
17. 1
17.6
17. 1
15.7
30.2
33.0
32.3
31. 9
31.7
31.8
31. 8
31.9
32. 1
31.5
32.3
32.0
32.2
32. 4
32.3
Transfer
payments
18.4
18. 8
19.2
19.7
20.2
20. 2
20.0
19. 7
20. 1
20. 7
20.8
20.2
20.7
19.3
19. 7
i Excludes employee contributions for social insurance, and self-employed contributions (which became effective January 1952).
% 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.
3.0
3.6
11.3
12.4
2
15. 1
12.5
13.5
12.6
12. 1
12. 1
12. 1
12.7
12. 8
12. 6
12. 7
12.5
12.9
12. 6
12. 3
12.9
12, 5
23
CONSUMER INCOME, SPENDING, AND SAVING
With expenditures for nondurable goods and services rising slightly in the first quarter of 1952 and disposable income
declining a little, personal saving fell somewhat below the very high levels prevailing during the previous 9 months.
BILLIONS OF DOLLARS
250
BILLIONS OF DOLLARS
250
I949
J/ PERSONAL INCOME LESS TAXES.
£/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE; DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
COUNCIL OF ECONOMIC ADVISERS
Disposable persona,!
income *
Period
Less: Personal consumption expenditures
Total
Durable
goods
Nondurable goods
Services
Equals:
Personal
net
saving
Net saving
as percent
of disposable
income
Billions of dollars
1939
1941
1942 .
1944
1946
1947 ..
1948
1949
1950 ..
1951
_ ... _ _ _ ... _
..
.__
_
_
70.2
92.0
116.7
147. 0
158.9
169.5
188.4
186.4
204. 3
222.6
67.5
82.3
91. 2
111. 6
146.9
165. 6
177.9
180.2
193.6
205. 5
6. 7
9. 8
7. 1
7. 1
16. 6
21. 4
22,9
23. 9
29. 2
26. 8
35. 3
44. 0
52. 9
67. 1
85. 8
95. 1
100.9
98. 7
102. 3
111. 8
25. 5
28. 5
31.2
37.4
44. 5
49. 1
54. 1
57.6
62. 1
66.8
2.7
9.8
25.6
35.4
12.0
3.9
10.5
6.3
10. 7
17.2
3.8
10.7
21.9
24. 1
7.6
2.3
5.6
3.4
5.2
7.7
4.6
16.8
7.8
19. 4
20.8
20. 5
17. 5
2.2
7.8
3. 6
8. 7
9.2
9.0
7. 7
Seasonally adjusted annual rates
1950: Third quarter. .
Fourth quarter
1951: First quarter
Second quarter
Third quarter
Fourth quarter
1952: First quarter 2 _ _ _
___ . _
207. 1
215.2
216.5
221.8
224. 9
227. 2
226.5
202.5
198.4
208.8
202. 4
204.0
206.7
209. 0
1 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.
Source: Department of Commerce (except as noted).
24
34.3
29.4
31.3
25.9
25.2
25. 0
25. 0
105.5
104. 9
112. 1
110. 1
111. 5
113. 6
115.0
62.7
64.0
65.4
66. 5
67.3
68. 1
69. 0
PER CAPITA DISPOSABLE INCOME
Per capita disposable income in both current and constant prices declined in the first quarter of 1952.
DOLLARS
1,600
ANNUAL AVERAGES
SEASONALLY ADJUSTED ANNUAL RATES
X**"^«,
1,20.0
1940
1941
1942
1943
1944
1949
1945
1950 1951
1952
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
,
Total disposable personal Per capita disposable perincome (billions of dollars)1
sonal income (dollars)1
Period
Current
prices
1939
1941
1942
1944
1946
1947
1948
1949
1950
1951
_-_ _ •
_
_
__ _
_
'
_
_
-_
- --
_-
_
70.2
92.0
116. 7
147.0
158. 9
169.5
188.4
186. 4
204. 3
222. 6
1951
prices 2
134.5
164. 3
185.8
205. 0
198. 4
193. 1
203. 7
204. 2
219. 2
222. 6
Current
prices
536
690
866
1, 062
1, 124
1, 176
1, 285
1,250
1,347
1,442
1951
prices 2
1,028
1,232
1, 378
1,481
1,403
1, 340
1,389
1, 369
1,445
1,442
Population
(thousands)3
130, 880
133, 377
134, 831
138, 390
141, 398
144, 129
146, 621
149, 149
151, 689
154,353
Seasonally adjusted annual rates
1950* Third quarter
Fourth quarter
___
1951* First quarter
Second quarter
Third quarter
Fourth quarter
1952: First Quarter
4
-~
_. — —
—
207. 1
215. 2
219.4
225. 1
1,362
1,409
. 1, 443
1,473
152, 068
152, 774
216. 5
221. 8
224. 9
227. 2
217. 6
222. 5
225.4
224. 7
1,411
1,440
1,454
1,461
1,419
1,445
1,457
1,445
153, 396
154, Oil
154, 724
155, 466
226.5
224.0
1,451
1,435
156, 098
1
Income less taxes.
' 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,
* Estimates based on incomplete data; by Council of Economic Advisers.
Department of Commerce (except as noted).
25
FARM INCOME
In February farm income fell about 23 percent below the January level, both in current and in 1951 dollars—a
somewhat smaller decline than a year 030.
BILLIONS OF DOLLARS
5
1940 41
42
43
BILLIONS OF DOLLARS
5
44
45
46
47
48
49
50
51
I960
rARM INCOME IN CURRENT PRICES DIVIDED BY PARITY INDEX ON BASE 1951=100.
NOTE: FARM INCOME INCLUDES CASH RECEIPTS FROM MARKETING? AND GOVERNMENT PAYMENTS.
SOURCE^ DEPARTMENT OF AGRICULTURE
Period
1939
1941
1944
1946
1948
1949
1950
monthly average
monthly average .. _
monthly average
monthly average
monthly average
.
_•
monthlv average
monthly average
June
- - - 1951 monthly average 3
_ _
1951' January_
February
_March
_ _ __~ _
__~
April i.
May
June
July
_ _ _ _ _ _ „ - _
August-'
September _
_
October
November
December _
1952: January 3 3
_ _ _
_ _ _
_ _
Februarv
_
_
„
-
_ _ _ _
• _ _
_ » _ _
_ _ _ _
COUNCIL OF ECONOMIC ADVISERS
Parity index
Farm income
(prices paid,
Farm income
(millions of
interest, taxes,
(millions of
current
and wage rates) 1951 dollars) 2
dollars)
1951 = 100!
724
43
1 684
979
47
2 083
1, 753
65
2, 697
2, 136
74
2 886
2, 567
92
2 790
2, 350
89
2, 640
2, 421
91
2 660
1, 885
2, 094
90
2, 756
2, 756
100
2, 539
97
2 618
1,899
98
1, 938
2,071
100
2 071
2, 137
101
2 116
2, 153
101
2 132
2, 169
100
2 169
2,652
100
2, 652
2, 992
100
2, 992
3, 395
100
3, 395
4, 355
101
4 312
3,601
101
3 565
101
3, 084
3, 115
2, 642
102
2, 590
102
2,043
2.003
1 Converted from the reported base, 1910-14=100, to the base 1951=100.
2 Farm income in current dollars divided by parity index on base 1951=100.
s Preliminary estimates.
NOTE.—Farm income includes cash receipts from marketings and Government payments.
Source: Department of Agriculture,
26
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Bank loans, which had declined substantially during January, rose slightly during February.
declined about $600 million, reflecting reduced holdings of U. S. Government obligations.
BILLIONS OF DOLLARS
Investment in securities
BILLIONS OF DOLLARS
150
150
1945
1949
I960
1951
I960
END OF YEAR
!95i
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
All commercial banks
End of period
1939
1945
1947
1948
1949
1950
.._.._.:
_„_._
Total
loans and
investments
Bank loans
40. 7
124.0
118. 3
114.3
120. 2
126.7
121. 8
133.4
125.0
125. 7
125.4
125. 1
126. 0
126. 1
127. 0
128. 6
130. 5
131. 9
133. 4
132. 8
132.2
17.2
26. 1
38. 1
42.5
43. 0
52.2
44. 8
58.3
53.5
54.4
54.4
54.5
54. 8
54.6
55.2
56.0
56.8
57. 3
58.3
57. 5
57. 6
__
__„„_:_._ .
...
_
.„____.........
June
1951
_
_ _ -_
... .. _
1951* February
March
..
April.......
Mav
June
July
August
September
October
November. _
_ _
December
1952* January 2
February
_
March
i Commercial, industrial, and agricultural loans.
NOTE.—Detail will not necessarily add to totals
Investments
of rounding.
Total
23. 4
97.9
78.2
71.8
77.2
74.4
77.0
75.1
71.5
71.3
71. 0
70.6
71. 2
71.5
71. 9
72. 6
73.7
74. 6
75.1',
75. 3
74. 1
U. S.
Government
securities
16.3
90. 6
69.2
62. 6
67.0
62.0
65.8
61.9
59. 1
58.8
58.5
58. 1
58.5
58.7
59. 1
59. 7
60.9
61.6
61. 9
62. 1
61.4
Other
securities
Weekly
reporting
member
banks—
Business
loans *
7. 1
7.3
9.0
9.2
10.2
12.4
11.2
13.2
12. 4
12. 6
12.6
12. 5
12.7
12.8
12.7
12. 9
12.9
13.0
13.2
13.2
13.3
^ Preliminary estimates.
Source: Board of Governors of the Federal Reserve System,
4.4
7.3
14. 6
15. 6
13.9
17.8
1&6
21.6
18. 7
19.2
19. 1
19. 0
19.2
19.0
19. 5
20. 1
20.6
20. 9
21. 6
21.2
21. 2
21. 4
27
CONSUMER CREDIT
About 70 percent of the drop occurred
Consumer credit outstanding decreased around $350 million during February,
in charge accounts.
B I L L I O N S OF DOLLARS
BILLIONS OF DOLLARS
25
25
1939
1945
1949
I960
1951
END OF YEAI
1951
1952
END OF MONTH
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollarsl
Instalment credit
End of period
1939
1943
1946
1948
1949
1950
June
19511951* January
February
March
April
Mav
June
July
August
September
October
November
December
1952' January 3 3
February _.
Total
consumer
credit
outstanding
Total
instalment
credit
7, 031
4,600
8,677
14, 366
16, 809
20, 097
17, 651
20, 644
19, 937
19, 533
19, 379
19, 126
19, 207
19, 256
19, 132
19, 262
19, 362
19, 585
19, 989
20, 644
20, 120
19, 763
4,424
2,001
4,000
8,600
10, 890
13, 459
12, 105
13, 510
13, 252
13, 073
12, 976
12, 904
12, 920
12, 955
12, 903
13, 045
13, 167
13, 196
13, 271
13, 510
13,315
13, 207
Sale credit
Total
2,792
882
1, 648
4,528
6,240
7,904
6, 995
7,546
7,694
7,521
7,368
7,270
7,248
7, 234
7, 173
7,247
7,327
7,355
7,400
7, 546
7.322
7,181
Automobile sale
credit
1, 267
175
544
1,961
3, 144
4, 126
3,790
4,039
4,056
3, 990
3,946
3,934
3,980
4,041
4, 061
4, 138
4, 175
4, 134
4, 100
4,039
3,962
3,927
Other sale
credit
15525
707
1, 104
2,567
3,096
3f 778
3,205
3,507
3,638
3, 531
3,422
3,336
3,268
3, 193
3, 112
3, 109
3, 152
3, 221
3,300
3,507
3,360
3,254
Loans *
1,632
1, 119
2,352
4,072
4, Q50
5, 555
5, 110
5, 964
5, 558
5,552
5, 608
5,634
5,672
5,721
5,730
5,798
5, 840
5,841
5, 871
5,964
5. P93
6,026
1 Includes repair and modernization loans insured by Federal Housing Administration.
Includes loans by pawnbrokers, service credit, and unclassified single-payment loans under $3,000 made by commercial banks,
Preliminary estimates.
Charge
accounts
Other
consumer
credit 2
1,544
1,498
3,054
3,854
3,909
4,239
3,392
4r587
4,248
4,010
3,938
3,744
3,793
3,804
3,743
3,724
3, 6.96
3,868
4, 190
4, 587
4,253
4, 003
2
8
i.—Detail will ijot necessarily add to totils
28
of rounding.
Source: Board of Governors of the Federal Beserve 8ys$tm.
1,063
1, 101
1,623
1,912
2,010
2,399
2, 154
2,547
2,437
2,450
2,465
2,478
2,494
2,497
2,486
2,493
2,499
2,521
2,528
2,547
2. 552
2, 553
BOND YIELDS AND INTEREST RATES
The yield on Treasury bills rose moderately during March, while the rate on prime commercial paper remained at the
level of the two previous months. Yields on Government bonds fell slightly/ yields on corporate bonds edged upward.
PERCENT PER ANNUM
PERCENT PER
3.5
J F M A M J J A S O N D
1947
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL
COUNCIL
RESERVE SYSTEM
OF
ECONOMIC ADVISERS
[Percent per annum]
U. S. Government security
yields
Period
Average:
1939
1945
. _ __
_
1946 .
.
1947
1948 ..
_
1949
_
1950
June
« - - . 1951
_
.
1951: February
March
April. «
May
June
.
July
August.
September.*
October
November _ »
.
December
- _.
1952: January
- . » .. _
February
.
March
-
3-month
Treasury
bills1
~_
..
-
..
_
0. 023
.375
. 375
.594
1. 040
1. 102
1.218
1. 174
1. 552
1.391
1. 422
1.520
1.578
1. 499
1.593
1.644
1. 646
1.608
1.608
1.731
1.688
1.574
1.658
Taxable
bonds,
15 years
and over
w 2.37
2. 19
2.25
2. 44
2.31
2. 32
2.33
2.57
2.40
2.47
2.56
2.63
2.65
2.63
2. 57
2.56
2.61
2.66
2.70
2.74
2.71
2.70
Corporate
Aaa bonds
(Moody's)
3.01
2.62
2.53
2. 61
2.82
2.66
2. 62
2.62
2.86
2.66
2.78
2.87
2.88
2.94
2.94
2.88
2.84
2.89
2. 96
3.01
2.98
2.93
2.96
Prime
commercial
paper,
4-6 months
0.59
.75
.81
1.03
1.44
1.48
1.45
1.31
2. 17
1.96
2.06
2. 13
2. 17
2. 31
2.31
2.26
2. 19
2.21
2. 25
2.31
2.38
2.38
2.38
1
2
Bate on new issues within period,
Bonds in this classification were first issued in March 1941,
Source: Board of Governors of the Federal Reserve System.
29
MONEY SUPPLY
The privately-held money supply decreased nearly $2 billion during February,
for by heavy tax payments, which added $1.6. billion to Government deposits.
Most of the drop was accounted
BILLIONS OF DOLLARS
225
BILLIONS OF DOLLARS
225
TOTAL DEPOSITS AND CURRENCY
TOTAL EXCLUDING U. S. GOVERNMENT DEPOSITS
(PRIVATELY-HELD MONEY SUPPLY)
DEMAND DEPOSITS ADJUSTED
TIME DEPOSITS „
CURRENCY OUTSIDE BANKS
U.S. GOVERNMENT DEPOSITS
X
1940 41
T**[ I I
I I I
1 I I I
42 43 44 45 46 47 48 49 50 51
END OF YEAR
1951
1952
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
End of period
1939
1945 _ - _ - . _ _ _
1946
1948 - _ 1949
1950 June
1951
1951: January
February «.
. • March
_
April
May
.
June_ _ _ „
July
„
August
September
October
November..— _ _ _
December _ _.
1952: January 4
February
30
Total deposits and
currency
64.7
176.4
167. 5
172.7
173. 9
180.6
174. 7
189. 4
178. 8
178. 9
179.9
179.8
179. 1
181. 3
180.8
181.6
183.8
185. 8
187. 1
189.4
188. 1
187.8
[Billions of dollars]
Total excluding U. S. Government deposits
(privately-held money supply)
U. S.
Government
Currency
Demand
1
Time
deposits
Total
deposits
outside
deposits3
banks
adjusted 2
6. 4
27. 1
63. 3
29.8
1.5
150.8
26.5
48.5
75.9
25. 6
164, 0
54. 0
26.7
83.3
3.5
169. 1
26. 1
57.5
3.6
85. 5
- 25.4
169.8
58. 6
4. 1
85.8
59.2
176.9
25. 4
3.7
92 3
170. 0
59.7
25. 2
4. 8
85. 0
185. 7
26.3
61. 2
3.7
98. 1
175.2
24.6
3.6
59 0
91. 6
174. 2
24.6
4.7
90.6
59. 0
172. 5
24. 4
7.4
59. 1
89.0
24.6
59.2
173. 3
6.5
89.5
24.
9
5.4
173. 7
59.3
89.5
174.7
25.8
59.9
89.0
6.6
175. 8
60. 1
25. 1
5. 0
90.7
177.
0
60.4
4. 6
25.3
91.4
25.4
177. 9
60. 5
5.9
92. 0
181.6
25.7
60.9
4.2
95.0
182.7
4. 4
25.8
60. 6
96. 3
61.2
185. 7
26.3
3.7
98. 1
25. 6
3.0
185. 1 '
61.7
97. 8
62. 1
4. 6
183. 2
25. 6
95.5
1
Includes U. S. Government deposits at Federal Reserve banks, and commercial and savings banks, and U. S. Treasurer's time deposit?,
open account.
2 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
8 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding*
Source: Board of Governors of the Federal Reserve System.
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Record receipts in March reduced the budget deficit for the first 9 months of the fiscal year to $3.3 billion,
expenditures for the major national security programs rose to $4.1 billion.
BILLIONS OF DOLLARS
In March,
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
FISCAL YEAR I952
x
-FISCAL YEAR I951
i
J
i
A
S
0
N
D
J
F
M
MAJOR NATIONAL SECURITY PROGRAMS
A
M
J
BUDGET SURPLUS (+)
OR DEFICIT (-)"
(MAGNIFIED SCALE)
/X
FISCAL YEAR 1951
/
FISCAL YEAR I952
J
O
N
0
-I
I
O
N
0
I
J
I
F
I
M A
I
M
J
FISCAL YEARS-CUMULATIVE TOTALS
:AU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year 1939
Fiscal year 1944
Fiscal year 1948
Fiscal year 1950
Fiscal year 1951
1951: January
February __ _ _ _ _
March.
April
May__
June
July
August_ _
September
October
November. _
December
1952: January-February. _
March
surplus (+)
Budget expenditures
Net budget receipts Budget
or deficit (— )
Public
Major national
Total
debt
Cumulasecurity programs 1
CumulaTotal for tive fiscal Total for tive fiscal (end of2
CumulaCumulaperiod)
Total for tive fiscal Total for tive fiscal period year totals period
year
period year totals period year totals
totals
9. 0
1. 1
5. i
-3. 9
45.9
88.2
95. 3
-51.4
43.9
202. 6
33. 8
16. 4
42. 2
+ 8.4
252.4
40. 2
-3. 1
37.0
257.4
§ 17:8
44. 6
26. 4
+ 3.5
48. 1
255. 3
22. 9
3. 8
2. 1
22. 9
12. 2
4. 4
+ .6
256. 1
(4)
3. 2
26. 1
2. 2
27.2
14.4
4.3
+ 1.0
256.0
+ 1. 1
4. 1
30. 1
2.5
+
4.1
16.9
35.3
+ 5. 1
8. 1
255. 0
34. 1
4.0
2.7
37. 9
1. 4
19. 6
2.6
+ 3.8
254.7
4. 5
38. 7
3. 1
41. 1
+ 2. 4
22.7
-1.4
3. 1
255. 1
6. 0
44.6
3.5
+
1.1
26.2
48. 1
7. 1
+ 3. 5
255. 3
4. 7
4. 7
3.4
3.4
2. 6
-2.2
-2.2
2.6
255.7
3.6
5. 1
9.8
6. 2
3. 6
7.0
-3.7
-1.5
256.7
5. 2
15.0
12. 4
3. 1
6.2
10. 1
+ 1.0
-2.6
257. 4
20.5
3.7
5.5
13. 8
2.6
15. 0
-5.5
-2.8
258.3
25.6
5. 2
3.6
17.4
18.
5
-7. 1
3. 5
-1.7
259.6
21. 1
31. 3
5. 6
3.7
5.3
23.8
-7.5
-.3
259.5
36.7
3. 9
5. 5
-8/0
25.0
28. 8
5. 0
-.5
259.8
41. 8
5. 1
+ .4
5. 6
-7.5
34.3
260. 4
5 3. 8
5 28. 8
4. 1
32. 8
5. 7
47.5
44.2
+ 4. 2
-3. 3
258. 1
9. 9
* Includes expenditures for military services, international security and foreign relations, development and control of atomic energy, promotion of the merchant
marine, and promotion of defense production and economic stabilization.
2 Includes guaranteed securities, except those held by the Treasury.
* Less than 50 million dollars.
3 Data for fiscal year not strictly comparable with monthly
figures.
« Preliminary estimates.
Q*
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
^*
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The seasonal rise in cash receipts in the first quarter of 1952 resulted in a large cash surplus. The surplus almost
equalled the total deficit for the preceding two quarters, but it was smaller than the surplus in the first quarter of 1951.
Cash payments were $5.4 billion higher than a year ago, while cash receipts were $3.8 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
20
I2
m Io
+8
t8
EXCESS OF CASH RECEIPTS
u
I
I
EXCESS OF CASH PAYMENTS
1949
1950
CALENDAR YEARS
SOURCE:
COUNCIL OF ECONOMIC
BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
ADVISERS
[Millions of dollars]
Calendar year
Calendar year total:
1946
1947
1948
1949
1950
_
1951
—.
_
-
---_---
..
Quarterly total, not adjusted for seasonal variation:
1949: Third quarter
„
Fourth quarter
,
1950: First quarter
Second quarter
Third quarter
. _ _ _ . __.
Fourth quarter
.
1951: First quarter
Second quarter
Third quarter _.
_
Fourth quarter
1952: First Quarter *
Federal cash
receipts from
the public
Federal cash
payments to
the public
41,441
44, 282
44, 922
41, 346
42,419
59, 276
41S 399
38, 616
36, 897
42, 642
41, 969
58, 034
+ 5,666
+ 8, 027
— 1, 295
+ 450
+ 1, 245
10, 143
9, 267
12, 235
9,303
10, 494
10, 387
18, 051
14, 462
13. 993
12, 770
21, 850
10, 528
10, 762
10, 760
11, 105
9, 351
10, 754
11, 179
14, 521
15, 270
17, 064
16, 620
— 386
— 1,495
+ 1,475
1, 803
+ 1, 143
— 367
+ 6 874
— 59
— 1, 277
— 4, 295
+ 5,230
Excess of receipts (+) or
payments (— )
i Preliminary estimates. Data became available after chart was pre
NOTE.—Detail will not necessarily add to totals because of rounding
Sources: Treasury Department and Bureau of the Budget.
32
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