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83d Congress, 2d Session

Economic Indicators
APRIL 1954
ed for the Joint Committee on the Economic Report




by the Council of Economic Advisers

UNITED STATES
OVKRNMENT PRINTING OFFICE
WASHINGTON : 1954

JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Gong.)
JESSE P. WOLGOTT, Michigan, Chairman
RALPH E. FLANDERS, Vermont, Vice Chairman
RICHARD M. SIMPSON (Pennsylvania)
HENRY O. TALLE (Iowa)
GEORGE H. BENDER (Ohio)
EDWARD J. HART (New Jersey)
WRIGHT PATMAN (Texas)
RICHARD BOLLING (Missouri)

ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
FRANK CARLSON, (Kansas)
JOHN SPARKMAN (Alabama)
PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)

GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
NEIL H. JACOBY
WALTER W. STEWART

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. 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

Page

The Nation's Economic Accounts
Gross National Product

1
2

..

PRICES
Consumer Prices.,
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices

3
4
5
6

EMPLOYMENT AND
Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries

7
8
9
10
11

,

PRODUCTION AND
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
New Construction
,
New Housing Starts
Inventories and Sales
Merchandise Exports and Imports

,
,
.
...

,

12
13
14
15
16
17
18
\v
20

PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Per Capita Disposable Income
Farm Income

. . . ,.
(

...,.....,

?1
22
23
24
25
26

CREDIT, MONEY,
Hank Loans and Investments
Consumer Credit

27
*

Bond Yields and Interest Rates
Money Supply
,
Federal Budget Receipts and Expenditures
.. . .
Federal Cash Receipts From and Payments to the Public....




2H

29
in
U
12

THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
Economic activity as measured by over-all expenditures and incomes showecf a further moderate decline in the first
quarter of 1954, according to preliminary estimates.
BILLIONS OF DOLLARS
ANNUAL TOTALS

SEASONALLY ADJUSTED ANNUAL RATES

CONSUMERS
300

200
DISPOSABLE INCOME

-EXPENDITURES

50

I

!

I

I

I

I

I

I

I

I

I

I

J

I

I

I

I

J

I

I

I

BUSINESS

INVESTMENT-"
EXCESS OF GROSS
RETAINED EARNINGS
GROSS RETAINED

I

I

I

EARNINGS!/
I I I I

J

I

GOVERNMENT-FEDERAL, STATE, AND LOCAL
100

* EXCESS OF RECEIPTS

RECEIPTS
(LESS TRANSFER PAYMENTS)

I

1941

I

43

1

\
45

\

\
47

I

(
49

\

J

51

I

53

1951

1952

1953

1954

I/ INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT.
!/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
I/ PRELIMINARY ESTIMATES.
NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR GROSS NATIONAL PRODUCT,
BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT NO. 1295, JOINT ECONOMIC REPORT,
PP. 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS




GROSS NATIONAL PRODUCT
Gross national product declined about 1 percent in the first quarter of 1954, according to preliminary estimates. A
decline in inventory investment accounted for most of the drop in total private investment. Lower Federal expenditures were partially offset by a rise at the State and local level. Consumer expenditures were apparently maintained
at the rate of the fourth quarter of 1953.
BILLIONS OF DOLLARS
400

BILLIONS OF DOLLARS
400

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL TOTALS

GROSS NATIONAL
PRODUCT

350

300

300

250

200

150

150

7
GOVERNMENT PURCHASES OF
GOODS AND _
SERVICES

100

50
GROSS PRIVATE
DOMESTIC INVESTMENT

1941

1943

1945

IS4?

1949

1951

1953

1951

-^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE^ DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

1952

1953

1954

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

1939
1944
1946
1947.
1948
1949
1950
1951
1952
1953

•

- -.
-

>
-

-. _ - _
.

1952: Third quarter _
Fourth quarter
1953- First quarter
Second quarter
Third quarter
Fourth quarter
1 954 : First quarter 2

Personal
Total
eongross
sumpnational
tion
product expenditures
67. 5
91. 3
• 213. 7
111.-6
146. 9
211. 1
165. 6
233. 3
259. 0
177. 9
258. 2
180.6
286.8
194.6
329.8
208. 1
348.0
218. 1
367. 2
229. 8

345. 3
361. 1
363. 9
371.4
369. 5
363. 5
359. 0

217, 2
224.4
- 227. 7
230. 4
231.0
230.0
230. 0

Government purchases of goods and services
Federal
Less:
State
GovernTotal
and
1 Other
Total National
security
ment
local
sales
5.2
0.9
1.3
3. 9
13. 1
7.9
89.0
96.5
88.6
1. 6
1.2
•-2.1
7.5
30.9
21. 2
4. 6
20.9
2.5
2.7
10.0
15,8
8.9
28. 6
13.3
3.8
12. 8
1.3
21.0
16. 1
36. 6
5.6
.6
15. 6
1.9
25.4
43.6
6.6
.5
19.3
.4
18. 2
22. 1
42.0
-2.3
3.9
18.5
.2
19.9
41. 1
37.4
62. 9
4.1
.4
.3
21. 8
54.2
48.9
—.2
77. 5
5.8
.5
23.4
59.7
84. 9
51. 8
8. 5
.6
1. 9
25. 2
Seasonally adjusted annual rates
54. 6
49.2
77. 8
-2.0
6.0
.6
23.2
56.4
80.4
50.5
16
.5
6.3
24.0
2 1
83.4
58. 5
51.6
7. 6
.7
24. 9
60. 5
-2. 5
85. 0
53. 5
7.6
.7
24. 6
52. 1
-2. 1
60. 4
8. 8
85. 5
25.2
.5
59. 5
50.0
1 0
85. 7
10.0
.5
26.3
55. 5
82. 5
47. 0
-1. 0
9.0
.5
27. 0

Gross
Net
private foreign
domestic investinvestment
ment

• -

9.9
7.7
28. 7
30.2
42. 7
33. 5
52. 5
58.6
52. 5
54. 4
52. 3
57. 9
54. 9
58.5
55. 2
48. 8
47. 5

1 Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For f u r t h e r details, see Annual Economic Report of the
President, January 1954 (p. 167), and Survey of Current Business, July 1953 (p. 10). These expenditures are not r'miparuble with the "national security" category in
The Budget of the U. S. Government for the Fiscal Year Ending June SO, 1955, and shown on p. 31 of Economic. Jiitlicuhns.
2 Preliminary estimates by Council of Economic Advisers. .
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of < \.m J-.UM <v u-Mvpt as noted).




PRICES

CONSUMER PRICES

Consumer prices declined 0.2 percent between January 15 and February 15, primarily as a result of price decreases
for food and transportation. The February index for all items was 0.3 percent below the peak reached in October 1953.
, 1947-49 = 100

INDEX, 1947-49 = 100

140

t

1 i I I i I I 90

1954
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[ 1947-49 =100]'

All
items

Food

59.4
69.7
76.9
83.4
102.8
101.8
102.8
111.0
113.5
114.4

1953: January
February
March___. ..........
April
...
^ «j
May
June
.. July
August
September
October . .
November
.
December
1954: January
February

Period
1939 monthly average
1942 monthly average
1945 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average

...
- - ...

Housing

Apparel

Transportation

Heading Other
and
Medical Personal
goods
recreaand
care
care
tion
services

Total

Rent

47. 1
61.3
68.9
79.0
104. 1
100. 0
101.2
112. 6
114.6
112.8

<•)
(•)
W
(•)
101.7
103.3
106. 1
112.4
114.6
117.7

86.6
90.4
90.9
91.4
100. 7
105.0
108.8
113. 1
117.9
124. 1

52.5
64.9
76.3
83.7
103.5
99.4
98. 1
106. 9
105.8
104.8

100.9
108. 5
111.3
118. 4
126.2
129. 7

100.9
104. 1
106.0
111. 1
117. 2
121.3

101. 3
101. 1
101. 1
110.5
111. 8
112.8

100.4
104. 1
103.4
106. 5
107.0
108.0

(«)
W
(>)(*)100.5
103.4
105.2
109.7
115. 4
118.2

113.9
113.4
113.6
113. 7
114.0
114.5
114.7
115.0
115.2
115.4
115.0
114.9

113. 1
111.5
111.7
111.5
112. 1
113.7
113.8
114. 1
113.8
113.6
112.0
112.3

116.4
116.6
116.8
117.0
117. 1
117.4
117.8
118. 0
118.4
118.7
118. 9
118.9

121. 1
121. 5
121.7
122. 1
123.0
123.3
123. 8
125. 1
126.0
126.8
127. 3
127.6

104.6
104.6
104.7
104.6
104.7
104.6
104.4
104.3
105.3
105.5
105. 5
105.3

129.3
129. 1
129. 3
129.4
129.4
129.4
129.7
130.6
130. 7
130.7
130. 1
128.9

119.4
119.3
119.5
120. 2
120. 7
121. 1
121.5
121.8
122. 6
122.8
123.3
123.6

112.4
112. 5
112. 4
112. 5
112.8
112.6
112. 6
112. 7
112.9
113.2
113. 4
113.6

107.8
107.5
107.7
107.9
108.0
107. 8
107.4
107.6
107. 8
108.6
108. 9
108. 9

115.9
115.8
117.5
117. 9
118.0
118.2
118.3
118.4
118. 5
119.7
120.2
120.3

115.2
115. 0

113. 1
112. 6

118.8
118.9

127.8
127. 9

104.9
104.7

130.5
129.4

123.7
124. 1

113.7
113. 9

108. 7
108. 0

120. 3
120. 2

W

0)

(«)(•)

(')
(0
(')

00

('W)
(')
0)

W
(')
W

(»)

1
The new base 1947-49=100 is in compliance with
recommendations of the U. S. Bureau of the Budget. Beginning with January 1953 the index structure has been
3
changed.
Not available.
Source: Department of Labor.
Q




WHOLESALE PRICES
Average wholesale prices in March were again relatively stable. Prices for processed foods and for tarm products
moved within a narrow range while industrial prices continued to show little change.
INDEX, 1947-49" 100
120

INDEX ,1947-49 = 100
izu

110

%

^/

i*

-^Xx^»/

f 1

!/
v

^^

OTHER THAN FARM
PRODUCTS ANDFOODS
(INDUSTRIAL

Ik

^
\

\> ~J^ *

\\

A*

\
\

^\

^

ALL COMMODITIES
t\

,

110

.

f

^ ![ \ :;
//

100

fe

—

''\S*&'

•V

X

'*'

PROCESSED*
FOODS
100

./

^\'
v \l

\r^\'' *x- ^Jr
*v /

FARM PRODUCTS B"*^ V

80

90

J

f 1 1 I I ! 1 1 f 1 1

i 1 II 1 1 1 1 I 1 1

1949

1950

1 I M

1 1 1 » 1 1

1951

I i 1 ! 1 i f 1 1 t 1

\ 1 1 ! 1 I 1 1 1 1 1

I 1 1 1 | I | I ! | 1

I95E

1953

1954

11947-49=100]

All com-

Period
1942 monthly average
1948 monthly average
1949 monthlv average.
1950 monthly average
1951 monthly average _ . .
1952 monthlv average.
1953 monthly average
1953: March
April
:
May
June
_ __
July
August
September
October
.
November
December
1954: Jan uar v
February..
March 1
Week ended :
1954: March 2
9
16
23_
30
April
6

modities
___
„

Farm
products

Processed
foods

Other than
farm products
and foods
(industrial)

64.2
104.4
99.2
103. 1
114.8
111. 6
110. 1
110.0
109.4
109. 8
109.5
110.9
110.6
111.0
110.2
109.8
110. 1
110. 9
110.5
110.6

59.2
107.3
92. 8
97. 5
113. 4
107. 0
97.0
99.8
97.3
97.8
95. 4
97.9
96.4
98. 1
95.3
93. 7
94.4
97. 8
97. 7
98,5

59. 1
106. 1
95. 7
99.8
111. 4
108. 8
104. 6
104. 1
103. 2
104.3
103.3
105.5
104.8
106.6
104.7
103. 8
104. 3
106. 2
104.8
105.3

68.3
103. 4
101.3
105.0
115.9
113.2
114. 0
113.4
113. 2
113. 6
113.9
114. 8
114.9
114.7
114.6
114. 5
114.6
114.6
114.4
114.3

110.7
110. 6
110. 6
110. 8
110. 9
110.9

99.0
99.0
98. 8
99. 6
99. 9
100.4

105.2
104. 6
104. 7
104. 8
105.0
104. 6

114. 3
114.4
114. 3
114. 4
114.4
114.6

1
Data for week ended March 16 plotted as estimat t« for month; monthly indexes became available after chart was prepared.
Source: Department of Labor.




80

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined on the average about 0.8 percent during the month ended March 15, Prices
were lower for potatoes, eggs, dairy products, hogs, and calves, and higher for sheep and lambs, soybeans, commercial
vegetables, chickens, beef cattle, cotton, wheat, and corn. Prices paid were up 0.4 percent from their February level.
The parity ratio dropped back 1 index point to the November 1953 level.
INDEX, !9iO-i4 = 100
325

INDEX, 1910-14 =100

325

300

275
^"PARITY INDEX
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES)

225

PARITY RATIO

100

75

1950

1949

1952

1951

1954

1953

-^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE: DEPARTMENT OF AGRICULTURE.

COUNCIL OF ECONOMIC ADVISERS

(1910-14=100]

Prices paid for items
used in

Period

Living
1939 monthly average.
1942 monthly average
1944 monthiv average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthiv average
1953 monthly average
1953: February 15
March 15
April 15_
_ _
Mav 15
June 15__
Julv 15
August 15
September 15 _ _
October 15
November 15
December 15
1 954 : ,1 an u arv 1 5
February 15
March 15

_ __

_

_
-•

120
149
175
202
251
243
246
268
271
270
266
269
269
270
271
271
273
270
270
270
270
271
271
272

Parity index
Prices
(prices paid,
interest, taxes, byreceived
farmers
Production and wage rates)

Parity ratio *

95
159
197
236
287
250
258
302
288
258
264
264
259
263
257
260
255
257
249
249
254
259
258
256

77
105
108
113
110
100
101
107
100
92
94
94
92
94
93
93
91
93
90
90
91
92
91
90

121
148
173
191
250
238
246
273
274
253
261
261
257
257
248
250
249
247
246
248
250
254
255
255

123
152
182
208
260
251
256
282
287
279
281
282
280
280
277
279
279
277
276
277
278
282
282
283

2
3

» Ratio of index of prices received by farmers to parity index.
»Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.
2
 4 5 5 S 2—54



STOCK PRICES
Stock prices quickly recovered from a minor dip that occurred during the latter part of March to reach a postwar high.
INDEX, 1939 = 100
300

INDEX, 1939 = 100

300

1941 42 43 44 45 46 47 48 49 50 51 52 53

COUNCIL OF ECONOMIC ADVISERS

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

11930—

Compositel
index

Period
Weekly average:
1940
1946
1949
1950
1951
1952
1953
-...
1953: March
April
May
June .
July
August
September
October
November
December _ _
1954: January
February
March
Week ended:
1954-. March
5
12__
19
26
April
2 _

-

Aianutnei unog
Total

Durable
goods

Nondurable
goods

Transportation

Utilities

Trade,
finance,
and
service

Mining

94.2
149. 4
127. 7
154. 1
184.9
195.0
193.3

93. 4
146. 6
132. 1
1 65. 7
206.8
220.2
220. 1

92. 5
138, 6
116.0
150. 2
178.5
188.8
192. 6

94. 2
154. 5
147.2
180.2
233. 1
249.3
245. 2

99 2
202. 4
136.0
160.0
199.0
220.6
218.7

99.9
121.0
98. 1
108.9
112.6
117.9
121. 5

90.4
204.3
160.7
183.8
207.7
206. 0
207. 1

75.6
125.5
129.4
143.5
204.9
275.7
240.5

203. 9
193.7
194. 1
187.3
190.4
190.2
181.0
187. 1
191.2
193. 4
198. 4
203. 1
207. 1

232. 2
220.2
220.9
212. 7
216.7
216.6
205.0
213.5
218.7
221. 8
228.4
233. 9
239.8

206. 8
193. 8
195. 9
186.8
188.0
185. 9
175.2
184. 4
190.4
192. 1
198.8
204. 2
209. 6

255. 6
244.5
243. 8
236.4
242.9
244.7
232.2
240. 2
244.8
249. 1
255.5
261.2
267. 5

238. 1
223.2
225.7
219. 2
223.2
217. 2
198. 9
202.4
203.8
200. 0
206.2
214. 6
212. 3

124.3
120.4
120.0
116. 6
118.9
120.7
118.8
121.4
123.2
124.5
126. 1
128.4
130.4

212.9
207.4
209 3
204.3
206. 0
206 3
198.0
201. 2
207.0
209.2
213.0
216.0
214. 6

262.7
252.0
247. 0
237.4
236.8
236.3
219.2
218.8
231.4
229.6
238.6
250. 3
259. 2

206.4
207. 3
208. 3
206.4
211. 9

238.4
240.0
241. 5
239. 2
246. 8

208. 4
209. 4
210. 9
209. 6
217. 6

266.0
268. 1
269. 5
266. 4
273. 7

214. 7
213. 0
213. 7
207. 7
211. 9

130.0
130.7
130. 8
130. 0
131. 0

215.9
214. 5
213. 5
214.3
219.5

260.7
256.6
260.7
258.6
265.7

' Includes 265 common stocks: 14 for mining, 98 for durable goods manufacturing, 72 for nondurablegoods manufacturing, 21 for transportation, 28 for
utilities, and 32 for trade, finance, and service. Indexes are for weekly closing prices.
Source; Securities and Exchange Commission.




EMPLOYMENT AND WAGES
LABOR FORCE
Nonagricultural employment extended its decline somewhat between February and March.
MILLIONS OF PERSONS

MILLIONS OF PERSONS

70

65

60

1940

42

44

46

48

50

52

* 14 YEARS OF ASE AND OVER.

1952

1954
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Period

68-area sample : 5
1939 monthly average. _
1944 monthly average..
1949 monthly average..
1950 monthly average, _
1952 monthly average. _
1953 monthly average. _
1953: February
March _ „
April
• May
June
July
August ..
September
October
November
December.
1954: January
February. _ .
230-area sample : 6
1954: January
February
March

Total
labor
force (including
armed
forces)

l

55, 600
66, 040
63, 721
64, 749
66, 560
67, 001
66, 400
66, 679
66, 338
66; 497
68, 290
68, 258
68, 238
67, 127
66, 954
66, 874
66, 106
65, 589
66, 905

Unemployment *
Insured
unemployTempo%of
ment
rary 2
Agricul- Nonagri- layoffs
(thousands4
Total
Number civilian
labor of
tural
cultural
persons)
force
Thousands of persons 14 years of age and over
17.2
9,480
45, 750
55, 230
36, 140
9,610
1.2
54, 630
670
53, 960
45, 010
8, 950
5.5
58, 710
62, 105
50, 684
8,026
2,470
3,395
185
5.0
92
52, 450
59, 957
63, 099
1,599
3, 142
7,507
1,064
2.7
142
61, 293
62, 966
1, 673
6, 805
54, 488
2.4
1,524
142
61, 929
63, 453
1,058
55, 245
6,683
2.9
61, 050
62, 850
1, 174
1, 800
110
55, 400
5, 650
1,674
63, 134
1, 100
84
2.7
61, 460
55, 540
5,920
1,026
1,582
61, 228
62, 810
2.5
54, 958
100
6,270
62, 964
2. 1
940
126
1,306
61, 658
6, 590
55, 068
2.4
64, 734
1,562
63, 172
122
878
55, 046
8, 126
2.4
64, 668
913
144
63, 120
55, 292
1,548
7, 828
1.9
64, 648
868
1,240
63, 408
7,474
170
55, 934
830
62, 306
63, 552
141
1,246
2.0
7,262
55, 044
62, 242
63, 404
1, 162
1.8
897
55, 083
133
7, 159
1, 198
2.3
61, 925
63, 353
183
1,428
55, 274
6,651
1, 632
62, 614
3.0
60, 764
1,850
195
55, 326
5,438
3.8
2,205
62, 137
2, 359
59, 778
54, 433
273
5,345
2,362
5.3
60, 106
63, 491
3,385
54, 480
177
5,626

66, 292
67, 139
67, 218

62, 840
63, 725
63, 825

Employment

Civilian
labor
force

59, 753
60, 055
60, 100

5,284
5, 704
5, 875

54, 469
54, 351
54, 225

427
216
236

3,087
3,671
3,725

4.9
5.8
5.8

6

2,205
2, 362
2, 174

1
Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness, bad weather, temporary layoff, and industrial disputes.
* The number of temporary layoffs, which the Census Bureau includes in the employment figure (See footnote
1), is shown separately so as to afford a basis for fur3
ther 4analysis of employment and unemployment.
See footnote 2.
All programs. Weekly average for period. For description of series, see Labor Market and Employment8 Security, April 1954.
1
Pertains to labor force data only. Data prior to 1953 not comparable with subsequent data.
Preliminary estimate,
r»
Sources: Department of Commerce (labor force) and Department of Labor (insured unemployment).
•*




NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
Manufacturing employment continued to decline in March with the largest drop again occurring in durable goods
industries. Employment in retail trade rose less than seasonally.
MILLIONS OF WAGE
AND SALARY WORKERS

MILLIONS OF WAGE
AND SALARY WORKERS

DURABLE MANUFACTURING

J

F

M

A

M

J

J

NONDURABLE MANUFACTURING

A

S

O

N

D

CONTRACT CONSTRUCTION

WHOLESALE AND RETAIL TRADE
[1954]

.^1952

_H

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

[Thousands of wage and salary workers l]
Manufacturing
Period
Total
1939 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
1953: February
March.
April
May
June
July
August
_ _
September
October
November
December
1 9f>4 : January
2
February
March 2 _ _ _

10, 078
15,321
14, 178
14, 967
16, 082
16, 209
17, 006
17, 013
17, 135
17, 077
17, 040
17, 162
17, 069
17, 258
17, 221
17,017
16, 706
16, 488
16, 158
16, 034
15, 873

Durable Nondugoods rable goods
4, 683
8,312
7,473
8,085
9,071
9,262
9,954
9,989
10, 103
10, 117
10, 096
10, 121
10, 007
10, 006
9,955
9,879
9, 705
9, 584
9,402
9, 287
9, 137

5,394
7,010
6,705
6, 882
7, Oil
6, 946
7,052
7,024
7,032
6, 960
6,944
7, 041
7,062
7, 252
7,266
7, 138
7,001
6, 904
6, 756
6, 747
6, 736

Contract Wholesale Finance,
construc- and retail service,
tion
trade
etc.
1, 150
2, 169
2, 165
2,333
2,588
2,572
2,543
2, 280
2,301
2,416
2,509
2, 608
2,662
2,715
2,751
2, 772
2,674
2, 521
2, 247
2,248
2,282

6,612
9,519
9, 513
9,645
10, 013
10, 251
10, 475
10, 214
10, 284
10, 314
10, 348
10, 415
10, 355
10, 334
10, 464
10, 611
10, 772
11,310
10, 365
10, 250
10, 252

4,703
6, 636
6,736
6,894
7,068
7,237
7,350
7, 171
7,218
7,321
7,382
7,443
7,488
7,485
7,447
7,391
7,359
7, 336
7, 276
7, 285
7,322

Government
(Federal,
State,
local)

J Taikiportation
and
public
utilities

3,987
5, 614
5, 837
5,992
6,373
6,633
6,667
6,625
6,666
6,653
6,669
6,638
6,478
6,449
6,663
6, 749
6,740
6,999
6, 746
6, 725
6,749

2,912
4, 141
3,949
3,977
4, 166
4,220
4, 276
4, 210
4,235
4, 244
4,279
4,315
4,340
4,337
4,323
4, 310
4, 273
4, 240
4, 137
4, 103
4,050

Mining

845
982
918
889
913
872
832
85 i
84.5
835
831.
835
823
831
826
813
816
809
792
777
760

' Includes all full- and part-time wage and salary workers in nonagrieultural establishments who worked during or received pay for any part of the pay period
nuling nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from this
tHl)I«« not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proi«i it-tors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are
I.USIMJ on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
> Preliminary estimates.
Source: Department of Labor.

8



AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of production workers in manufacturing industries was one-fifth of an hour shorter in March than
in February. The drop reflected a decrease in the durable goods area, particularly in metals and metal products.
Since March 1953, the average workweek has declined about 1% hours, with the largest drop occurring in the durable
goods industries where the scheduling of overtime had been prevalent.
HOURS PER WEEK

HOURS PER WEEK

NONDURABLE MANUFACTURING

DURABLE MANUFACTURING

I I I I II

oLu_
1954

RETAIL TRADE

BUILDING CONSTRUCTION

) I | i i | i|

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

[Hours per week, for production workers or nonsupervisory employees]
Manufacturing r
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 mon thlv average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average - _.
1953 monthly average1953: February
March
April- May
JuneJuly.
August
September
October
November.
December
1954 : January 2
February
March 2 _ _

Total

_

__ _
_

- _

37 7
44 9
40. 4
40. 4
40. 1
39. 2
40. 5
40. 7
40. 7
40. 5
40. 9
41. 1
40. 8
40. 7
40. 7
40. 3
40. 5
39. 9
40. 3
40. 0
40. 2
39.4
39. 6
39. 4

Durable
goods
38. 0
46. 6
40. 2
40. 6
40. 5
39. 5
41.2
41. 6
41. 5
41. 2
41. 7
41. 9
41. 6
41. 5
41. 4
40. 8
41. 1
40. 6
41. 0
40. 6
40. 8
40. 1
40. 2
39. 9

Building
Nondurable construction Retail trade
goods
37. 4
42. 5
40. 5
40. 1
39. 6
38.8
39. 7
39. 5
39. 6
39. 5
39. 8
40. 0
39. 5
39. 5
39.7
39. 6
39. 6
39.0
39. 2
39. 1
39. 3
38. 5
38. 8
38. 8

32. 6
38.4
38. 1
37. 6
*37. 3
36.7
36. 3
37. 2
38. 1
37. 0
37. 1
36.8
36. 9
37.3
37.7
37. 1
37.6
36. 1
37. 7
36.7
36. 3
33. 9
36. 1
3

()

3
i Data beginning with January 1948 are not strictly comparable with those for earlier periods.
Preliminary estimates.
Source: Department of Labor,

Not available.


1

(3)

42. 7
40. 3
40.7
40. 3
40. 3
40.4
40. 5
40. 2
39. 9
39. 2
39.2
39.2
39. 1
39.0
39. 4
39.9
39.8
39. 1
38.9
38. 7
39. 2
39. 0
39. 1

9

AVERAGE HOURLY EARNINGS • SELECTED INDUSTRIES
Hourly earnings of factory production workers in March were unchanged from the February rate of $1.79, including
overtime and premium pay, but were 4 cents higher than in March 1953.
DOLL/tf?S

DOLL/^RS PER

PER HOUR

200

HOUR

2.60

BUILDING CONSTRUCTION

DURABLE MANUFACTURING
1.90

/

2.50

rA

1.80

^""

f^

A

1953 PRICES

X±i/

1953 PRICES^

f

2.30

1.70

CURRENT PRICES

/-*
1.60

2.20

""^ CURRENT PRICES

1
1.50

0

2.10

~i u i i 1 i i i i n~i 1 1 1 i 1 i i i i r "1
1951

1

1 1 1 1 1 1 M

I

1952

1953

1 f1= l M 1 1 1 M 1 1 l"
1
1954

0

~i^
1 1 i i 1 1 i i i nn
1951

i i M I M i i r ~i

I

1952

i M 1 1 i i 1 1 n-M i M l M 1 1 r

1

1953

I

1954

1.50

1.70

NONDURABLE

MANUFACTURING

RETAIL TRADE
^%

1.60

r

1.40

1953 PRICES1

953 PRICES"''

1.50

1.30

ss^*
\_ /•»—«—/ —-*% r-^y^

CURRENT -PRICES

r

^

CURRENT PRICES

^~"
1.40

0

ri i i t i I i i i i rn M i i 1 i i i i rri
1951

i

1952

i M 1 1 M 1 1 f ~!

I

1953

•^ EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX

1

i 1 I 1 1 M M l')

1954

'o

n 1 1 1 1 1 1 1 1 1 r ~M 1 1 1 1 M 1 1 r ~"\ i i 1 1 1 1 1 1 1 rH i i 1 1 1 1 1 1 1 ri
1951

1

1952

i

1953

1

1954

ON BASE 1953 MOO.

SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
All manufacturing
Period

Current
prices
1939 monthly average
$0. 633
1943 monthly average.
.961
1946 monthly average
1.086
1947 monthly average
1.237
1.350
1948 monthly average .
1949 monthly average
1.401
1950 monthly average
1.465
1951 monthly average
1.59
1952 monthly average
1.67
1953 monthly average..
1.77
1.74
1953: February
March
1.75
April
.
1.75
1.76
May
June
1.76
1.77
July
1.77
August
September
1. 79
October
1. 78
November
1.79
December
_
1.79
1954: January 3
1.80
February
_
1. 79
March 3
1. 79

1953
prices 1
$1. 220
1.485
1. 490
1. 481
1.502
1. 574
1. 630
1.64
1.68
1.77
1.76
1.76
1.76
1. 77
1.76
1. 76
1.76
1.78
1. 76
1.78
1.78
1. 79
1. 78
(4)

Building
Durable goods Nondurable goods
Retail trade
manufacturing
construction
manufacturing
Current
Current
Current
Current
1953
1953
1953
1953
prices prices * prices prices * prices
prices prices l
prices 1
$0. 698 $1. 345 $0. 582 $1. 121 $0. 932 $1. 796 $0. 542
$1. 044
1.252
1. 241
. 803
1. 059
.679
1. 637
1.935
1.049
1. 302
1.478
2.027
1.015
1.586
1. 156
.893
1.225
1.402
1.547
1. 292
1. 171
1. 681 2 2.013
1.009
1.208
1. 422 '2 1. 848
2. 056
1.278
1. 410
1. 568
1.088
1. 210
2. 174
1.325
1. 489
1.469
1. 935
1. 651
1. 137
1.278
2.031
1.710
1.533
1.537
2. 259
1.378
1. 176
1. 308
1. 72
1. 53
2. 19
1.48
1.67
2.26
1. 26
1.30
1.55
1.77
1. 54
2.31
1.32
2.33
1.76
1. 33
1.61
1.61
2. 48
1.87
2. 48
1.40
1. 87
1.40
2. 42
1.59
2.44
1.58
1.87
1.85
1.38
1.37
1.60
2.44
1. 86
1. 59
2. 46
1.85
1. 37
1.38
2.44
1.87
1.60
1.59
2. 45
1.86
1.38
1.39
1.60
2.
44
1.
60
1.
87
'
2. 45
1. 86
1. 39
1.39
1.60
2.44
1.87
1. 60
2. 44
1.87
1.40
1. 40
1.
61
1.61
1.87
2.
47
2.46
1. 41
1.88
1. 41
1.60
1.
61
2.
49
1.87
1.41
2. 48
1.88
1.40
2. 52
1. 62
1.63
2.50
1. 90
1.89
1. 42
1. 41
1.
62
1.
61
2.
54
2.
52
1.87
1.42
1.89
1. 41
1.62
2.55
1.
63
2.
54
1.42
1.88
1.89
1.41
1. 64
1.63
2.57
1. 90
1.89
2.56
1.39
1.38
1. 64
2. 58
1.90
1. 65
2.56
1.91
1.43
1. 42
1. 63
1. 64
2. 574
1. 89
2. 56
1. 90
1. 42
1. 41
4
4
4
4
1. 64
1. 90
()
C)
()
()
c)
(4)

i Earnings in current prices divided by consumer price index on base 1953 = 100.
> Data beginning with January 1948 are not strictly comparable with those for earlier periods.

10



* Preliminary estimates.

< Not available.
Source: Department of Labor.

AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
The slight drop in average weekly earnings of production workers in manufacturing industries to $70.53 in March
reflected a shorter workweek. This brought the reduction over the past year to $1.40.
DOLLARS PER WEEK
85

DOLLARS PER WEEK

100

DURABLE MANUFACTURING

NONDURABLE MANUFACTURING

n 1 1 1 1 1 1 1 1 1 iTi 1 1 1 1 1 1 1 1 1 rn 1 1 1 1 1
•^EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1953 = 100.
SOURCE:DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISfRS

[For production workers or no ^supervisory employees)
All manufacturing
Period

1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
1953- February _
March
April
May
June
July
August
September
October
November
December
1954: January 3
February
March 3

Durable ^oods
manufacturing

Nondurable goods
manufacturing

Current
prices

1953
prices l

Current
1953
prices prices l

Current
prices

$23. 86
43. 14
. _ 43. 82
49.97
54. 14
54. 92
59.33
64. 71
67.97
71. 57
71. 17
71.93
71. 40
71. 63
71.63
71. 33
71. 69
71. 42
71.73
71.60
71.96
70. 92
70. 88
70. 53

$45. 97
66. 68
60. 11
59. 84
60. 22
61. 71
66. 00
66. 71
68. 52
71. 57
71.82
72.44
71. 83
71.85
71. 56
71. 12
71. 33
70. 92
71.09
71. 24
71.67
70. 43
70. 53
(4)

$26. 50
49. 30
46. 49
52. 46
57. 11
58. 03
63. 32
69. 47
73.04
77.20
77. 15
77. 52
77. 38
77. 19
77.42
76. 70
77. 27
77. 14
77. 49
76.73
77.52
76. 59
76. 38
75. 81

$21. 78 $41. 97
52. 74
34. 12
41. 14- 56. 43
56. 24
46. 96
56. 30
50. 61
57. 76
51. 41
54. 71
60. 86
58.46
60. 27
60. 98
61. 47
63. 47
63.47
62. 88
63. 45
64. 05
63. 60
62. 81
63. 19
63. 39
63. 20
63.46
63. 52
63. 57
63. 76
63. 44
63. 76
63. 13
63. 57
62. 93
63. 50
63.41
63. 73
64. 19
64. 45
63. 09
63. 53
63. 31
63. 63
63. 63
(4)

$51. 06
76. 20
63. 77
62. 83
63. 53
65. 20
70.43
71. 62
73. 63
77.20
77. 85
78.07
77. 85
77. 42
77. 34
76.47
76. 89
76. 60
76. 80
76. 35
77.21
76.06
76.00
(4)

1
Earnings In current prices divided by consumer price index on base 1953=100.
» Data beginning with January 1948 are not strictly with those for earlier periods.
• Preliminary estimates.



1953
prices l

Building
construction

Retail trade

Current 1953 l
prices prices

Current
prices

$58. 55
74. 39
77. 15
75. 81
2
76. 59
79. 72
82. 01
83. 99
88. 72
91. 70
90. 60
90. 42
90. 58
91. 28
91. 90
91.37
93. 15
90. 34
94. 91
93. 12
92. 92
86. 85
92. 32
(4)

$23. 14
27.36
36. 35
40. 66
43. 85
45. 93
47. 63
50. 65
52. 67
54.73
53. 70
53. 70
53. 96
54. 21
55. 16
56. 26
56. 12
55. 52
55. 24
54. 95
54.49
55. 77
55.52
(4)

$30. 39
48. 13
56. 24
63. 30
2
68. 85
70. 95
73. 73
81.47
88.01
91. 70
89. 78
89. 79
90. 04
91. 01
91. 99
91. 64
93. 62
90. 97
95. 76
93. 59
93. 29
87. 46
92. 78
(4)

1953
prices *
$44. 59
42.29
49.86
48. 69
48.78
51. 61
52.98
52. 22
53.09
54.73
54. 19
54. 08
54.29
54. 37
55. 10
56. 09
55.84
55. 13
54.75
54.68
54.27
55.38
55. 24
(4)

* Not available.
Source: Department of Labor.

11

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The slight further drop in industrial production in March resulted from reduced output of durable goods, according to
preliminary estimates. Compared with March 1953, production was down about 9 percent.
I N D E X , 1947-49

I N D E X , 1947-49

175

100

75

I
1942

I

I

1

!

I

I

L__J

I

L__I
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

1952

1953

1954

* PRELIMINARY ESTIMATES.
SOURCE: BOARD OF G O V E R N O R S OF THE F E D E R A L R E S E R V E SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

[1947-49=100, seasonally adjusted]
Total
production

1939
_
1943
_
1946
1947
1948
_
1949_1950
1951
1952
1953
1953: February
March
April
May
June
_
July
August
__
September
October __ _
November
December. _ _ _ _
1954: January J __ _
February 1 .__
March »_...
f

_

._
_

58
127
90
100
104
97
112
120
124
134
134
135
136
137
136
137
136
133
132
129
126
125
124
123

Manufactures
Total

57
133
90
100
103
97
113
121
125
136
136
137
138
139
138
139
138
135
134
131
127
127
126
124

Durable

Nondurable

49
162
86
101
104
95
116
128
136
153
155
155
155
156
154
157
157
152
151
146
142
141
139
135

I ' l e l i m i n a r y estimates for March and revised estimates for January and February became available after the chart was prepared.
Hoim-r: Board of Governors of the Federal Reserve System.

12



66
103
95
99
102
99
111
114
114
118
118
119
121
123
121
121
119
117
117
115
112
113
113
113

68
87
91
100
106
94
105
115
114
116
116
115
115
117
119
120
119
118
114
112
112
113
112
112

WEEKLY PRODUCTION - SELECTED INDICATORS
Steel production, continuing to drop during March, averaged 69 percent of theoretical capacity. The auto assembly
rate picked up somewhat but was about 14 percent below a year ago. Electric power distribution was about the
same as in February but 5 percent higher than in March 1953.
MILLIONS OF SHORT TONS (DAILY AVERAGE)

MILLIONS OF TONS

3

SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.

Steel
Period
Weekly average:
1950.
1951_
1952
1953
1953 : February .
March.
April
MavJune
Julv
August
September
October
_.
November
December
1954: January.February
March 3 _ _
Week ended:
1954: March 6.

Thousands of
net tons

i.AM.jr

April

13
20
27 3

3
103

- __ . _
_
._

Percent of
theoreticall
capacity

COUNCIL OF ECONOMIC ADVISERS

Electric power, Bituminous
coal
by utilities
(thousands of
(millions of
kilowatt-hours) short tons) 2

Cars and
trucks
(number)

1,857
2,018
1,782
2, 141
2,233
2,295
2,225
2,257
2,192
2,099
2, 123
2,076
2, 136
2,026
1,798
1,795
1,771
1,645

96.9
100.9
85. 8
94.9
99. 1
101.8
98.7
100. 1
97.2
93. 1
94.2
92. 1
94.7
89. 9
79.7
75.3
74.3
69. 0

6, 183
6,958
7,451
8,244
8, 136
8,116
a, 018
7,956
8,279
8,238
8, 488
8,352
8,331
8,352
8,502
8,918
8,576
8, 526

1,687
1,772
1,548
1,507
1,433
1,406
1,468
1,465
1,603
1,540
1,549
1,640
1,503
1,496
1,466
1,346
1,226
1, 146

154, 212
129, 828
106, 834
140, 551
146, 188
158, 658
166, 322
149, 709
150, 252
154, 274
147, 542
128, 375
140,317
103, 576
103,511
138, 387
132, 416
136, 951

1, 686
1, 652
1, 613
1,624
1, 648
1,626

70.7
69.3
67.6
68. 1
69. 1
68.2

8,586
8,519
8,572
8,491
8,463

1,043
1, 157
1, 125
1, 112
1,106

129, 609
132, 673
144, 698
139, 185
138, 591
141,332

» Percent of capacity based on weekly net ton capacity or 1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,1,099,034 beginning January 1,1951,
2,077,040
beginning January 1,1952, 2,254,459
beginning January 1,1953, and 2,384,549 beginning January 3,1954.
3
8
Dally average for week.
Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department «af the Interior, and Ward's Automotive Reports
45582—54
8
*^




PRODUCTION OF SELECTED MANUFACTURES
Production of most durable goods declined further in March, while output of most nondurables was maintained at
their January-February levels.
INDEX, 1947-49=100, SEASONALLY ADJUSTED

INDEX, 1947-49 = 100, SEASONALLY ADJUSTED

150

100

100

I

I

I

I

I

I

I

I II II I ! M M I I I M I I I I I I M I I I I I I I I II I I I I 50

200

1947 49

51

53

1954

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

[1947-49=100, seasonally adjusted]
Durable manufactures
Primary
metals

Period

1939
1947
1948
1949
1950
1951 .
1952
1953

_ .

1953: January
February
March
April-- _
May
June
_
July
August
September
October.
November
December
1954: January1.1
February
March l _

_

— _

_

__ _ _

_ _

1

TransporLumber
tation
and
Machinery equipproducts
ment

53
103
107
90
115
126
116
132

80
101
106
93
113
113
111
118

38
103
104
93
114
130
147
160

48
96
102
102
120
135
154
189

135
137
136
136
139
137
136
137
130
128
122
113
111
108
101

122
124
121
120
119
114
119
116
114
117
115
110
115
119

164
163
163
164
162
161
164
165
161
159
152
146
143
142
139

191
191
190
190
192
188
196
191
186
189
180
182
185
178
173

Nondurable manufactures
and Chemicals
Textiles Petroleum Food
and allied
and coal beverage
and
manuproducts
products
apparel
factures
45
63
66
80
97
101
97
99
103
104
99
103
101
99
100
97
121
110
103
110
136
122
105
106
137
123
105
105
147
130
107
107

107
108
110
113
115
113
111
106
102
102
98
95
97
95
96

128
128
128
131
131
131
132
132
131
129
129
128
124
126
127

Preliminary estimates for March and revised estimates for January and February became available after the chart was prepared.
Source: Board of Governors of the Federal Reserve System.

14



106
107
107
108
109
106
108
108
109
108
108
103
105
106
106

142
143
145
148
151
150
152
148
147
146
145
145
144
144
144

GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates, gross private domestic investment in the first quarter of 1954 fell $1.3 billion
(seasonally adjusted annual rate), almost all of which represented a lower rate of inventory investment, A moderate
increase in new construction more than offset a decline of $K billion in producers1 durable equipment.
BILLIONS OF DOLLARS

70

BILLIONS OF DOLLARS
ANNUAL TOTALS

1 70

SEASONALLY ADJUSTED ANNUAL RATES

60

60

50
GROSS PRIVATE
DOMESTIC INVESTMENT

30

PRODUCERS' DURABLE EQUIPMENT*

4,-

20

NEW CONSTRUCTION

/

\

10

\

CHANGE IN BUSINESS
INVENTORIES

J
1947

1949

L

J

I
1953

1952

1951

-^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)

1954

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total gross
private
domestic
investment

Period

1939..
1944
1946
1947
1948
1949
1950
1951
1952
1953

..
_ .
..

.

9.9
7.7
28.7
30. 2
42.7
33.5
52.5
58.6
52. 5
54. 4

New construction
Residential
nonfarm

Total
4. 9
2.8
10.3
13. 9
17.7
17. 2
22. 7
23. 1
23.4
25. 1

2.7
.8
4.0
6. 3
8.6
8.3
12.6
11. 0
11. 1
11.8

Other

Producers'
durable
equipment

2.2
2.0
6.3
7.6
9. 1
9.0
10. 1
12. 2
12.3
13.3

Change in
business
inventories

4.6
5.7
12.3
17. 1
19.9
18. 7
22. 3
24.6
25.4
26.7

0.4
— 8
6*. 1
-.8
5.0
-2.5
7.5
10. 9
3.7
2.5

Seasonally adjusted annual rates
1952: Third quarter
Fourth quarter

52.3
57.9

23. 1
23.9

10.8
11.6

12.3
12.3

24.9
25. 5

4.2
8.5

1953: First quarter
Second quarter..
Third quarter
Fourth quarter

54.9
58.5
55.2
48.8

25.0
25.3
24.9
25.3

12.2
12.0
11.5
11.6

12.8
13.4
13.4
13.6

26.2
26.9
27.1
26.5

3. 7
6.3
3. 1
-3.0

1 954 : First quarter 1

47. 5

26. 0

12.3

13. 8

26. 0

-4,5

1

Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.



Source: Department of Commerce (except as noted).

15

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans call for expenditures of $27.2 billion on new plant and equipment in 1954, according to a survey
made in February and early March. This is almost as large as the record amount spent in 1953.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ANNUAL TOTALS

30 —

I954
If SEE NOTE 4 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble gooda

Manufacturing
Total1

Period
1939
1945
1948
1949
1950
1951 .
1952 3
1953 4 1954

-

5.51
a 69
22.06
19.28
20.60
25.64
26.49
28. 39
27.23

Total

L94
a 98
9. 13
7. 15
7.49
10.85
11. 63
12. 28
11. 41

0.76
1.59

3. 48
2.59
3. 14
5. 17
5. 61
5. 82
5. 22

1.19
2.39
5.65
4.56
436
5.68
6.02
6. 46
6. 19

0.33
.38
.88
.79
.71
.93
. 98
1.01
1.04

0.28
.55
1.32
1.35
1. 11
1.47
1.40
1.31
.94

Public Commerand
utilities cial
otner*

0.36
.57
1.28
.89
1.21
1.49
1. 50
1.46
1. 40

0.52
.50
2.54

3.31
3.66
3.89
4. 55
4. 43

2.08
2.70
6.90
5,98
6.78
7.24
7. 09
7.78
8.01

1.38
1.38
1. 59
1.52
1.46
1. 38

4.40
4. 64
4.72
4.46
4.60
4. 58

7.42
7.92
7. 94
8.00
8.04
8. 03

a 12

Seasonally adjusted annual rates
] 953 : First quarter
Second quarter
Third quarter.
Fourth quarter
1954 : First quarter 4 4
Second quarter

27. 84
28.48
28.92
28.56
28.04
27.52

12.35
12.26
12.30
12.22
11.70
11.59

5.98
5.88
5.76
5. 69
5.60
5.43

6.36
6.38
6.54
6.53
6. 11
6. 16

.96
.93
1. 06
1. 10
1.06
1.08

1. 34
1. 34
1.30
1.26
1. 17
.86

i Excludes agriculture.
> Commercial and other includes trade, service, finance, communications, and construction.
t Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with average of seasonally adjusted figures. In part
twnuBo of adjustments when necessary for systematic tendencies in anticipatory data.
* K.stlmates based on anticipated capital expenditures reported by business in February 1954.
NOTK." These figures do not agroe with the totals included in the gross national product estimates of the Department of Commerce, principally because the
iutu»r cover agricultural investment and also certain equipment and construction outlays charged to current expense.
I Mull will not necessarily add to totals because of rounding.
Hour eon: Securities and Exchange Commission and Department of Commerce.

16




NEW CONSTRUCTION
Expenditures for total new construction, seasonally adjusted, increased again in March. The rise in private construction, entirely in residential, was partially offset by a slight reduction in the public area.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

3.5
ADJUSTED FOR SEASONAL VARIATION

PRIVATE RESIDENTIAL
(NONFARM)
OTHER PRIVATE

FEDERAL, STATE, AND LOCAL

i

i
F

i
M

I
A

i
M

I
J

J

A

S

O

N

D

J

F

M

A

M

1952

J

J

A

S

O

N

D

J

1953

I
F

I
M

I
A

I
M

I
J

J

A

I
S

I
O

i
N

D

1954

COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.

(Millions of dollars, seasonally adjusted]
Total new
construction

Period
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1 943 month! v average
1949 monthly average ._
1950 monthly average
1951 monthly average _ _
1952 monthly average. _
1953 monthly average
1953: February
_ _ _
March
April
Mav
„
June
July
August
September
October
NovemberDecember _
1954: January
February
March 2

.
__ -

-_

_ _ _ _ _
_ _ _ _ _
_

__

_

_

___
_ -

1 Includes public n^in'< ntial construction.
Preliminary estimates.

2




683
1, 173
438
1,000
1,806
1, 899
2, 371
2, 575
2, 720
2,904
2,987
3, 050
3,025
2, 910
2, 922
2, 849
2,811
2,824
2,841
2, 900
2, 900
2, 915
3, 038
3,075

Private construction
Total
Residential
Other
(nonfarm)
private
142
223
366
142
143
285
114
182
68
469
335
803
689
1,404
715
676
689
1, 365
738
1,050
1,788
1,797
914
883
925
893
1,818
976
992
1, 968
946
1,007
1, 953
966
1,089
2, 055
979
2,059
1,080
991
989
1,980
978
1,986
1,008
976
979
1, 955
981
1,937
956
942
986
1, B28
988
1, 945
957
1,006
963
1, 969
996
989
1, 985
1,006
1, 971
965
1,021
1,015
2,036
1,016
2. 097
1. 081

Federal,
State, and
local *
317
888
256
197
402
534
583
778
902
936
1,034
995
966
930
936
894
874
896
896
931
915
944
1,002
978

Sources: Department of Commerce and Department of Labor.

17

NEW HOUSING STARTS
The number of new housing starts increased 24,000 in March to 97,000. However, compared with March 1953,
there was a decline of 8 percent. On a seasonally adjusted basis, private starts in March of this year were at an
annual rate of 1,161,000 units, or 8 percent above the level for 1953.
THOUSANDS OF UNITS

THOUSANDS OF UNITS

200

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS ,

All new nonfarm housing units started
Period
Total
Annual totals: 1949_
1951
1953
Monthly average: 1949
1950
1952
1953

1953: January
February
March
April
May
June
July
August
September _
October
November
December !
1954: January 1! _ _ _
February
March . . .
i Preliminary estimates; Mon-h boon-no available after chart was prepared.

18




1, 025, 100
1, 396, 000
1, 091, 300
1, 127, 000
1, 106, 000
85, 400
116,300
90, 900
93, 900
92. 200
72, 100
79, 200
105, 800
111,400
108, 300
104, 600
96, 700
93, 200
95, 100
90, 100
81, 500
68, 000
66, 000
73, 000
97, 000

Public
36, 300
43, 800
71, 200
58, 500
35, 600
3,000
3, 600
5, 900
4,900
3,000
3,900
5,400
9,700
4,000
2,700
2,600
300
1,000
3, 000
100
1,600
1, 300
1, 300
1,200
1,200

Private
988, 800
1, 352, 200
1, 020, 100
1, 068, 500
1, 070, 400
82, 400
112, 700
85, 000
89, 000
89, 200
68, 200
73, 800
96, 100
107, 400
105, 600
102, 000
96, 400
92, 200
92, 100
90, 000
79, 900
66, 700
64, 700
71, 800
95, 800

Source: Department of Labor.

Seasonally adjusted annual
rates: private

1, 137, 000
1, 213, 000
1, 165, 000
1, 141, 000
1, 039, 000
1, 037, 000
1, 006, 000
962, 000
1, 023, 000
1, 029, 000
1, 090, 000
1, 112,000
1, 078, 000
1, 180, 000
1, 161, 000

INVENTORIES AND SALES
Business sales (seasonally adjusted) rose in February at the distributors* level. However, preliminary reports indicate a 2 percent drop in retail sales in March. Total business inventories declined in February at about the same
rate as in January. Both manufacturers and retailers reduced their stocks with all of the reduction occurring in durable
goods. Wholesalers continued to expand their stocks slightly. Orders received by manufacturers picked up.
BIL LIONS

OF DOLLARS, SEASONALLY

ADJUSTED

BILLJONS

OF DOLLARS, SEASONALLY

TOTAL* AND MANUFACTURING

ADJUSTED

RETAIL
-

80

^ TOTAL

20

r"

INVENTORIES^^

SALES ^

INVENTORIES*

-

*

s

0

60

i i i 1 i i j i if |

1 1 1 M

1951
TOTA .

-

1 1 1 M

1NDE X, 1947-49*100, SEASONALLY

SALES*

1 M

1

1 1 1 1 M

1952

1 1

! 1 1 M

1953

1 I 1 1 i 1

1954

ADJUSTED

DEPARTMENT STORES

^^vU_
140

*«*.
s**^—*

^

40

«^ MANUF"ACTURING

/

130

INVE NTORIES

'

'•

|

20

-^-—X,

—*s-*+*>

*^-~

-^-^-^ •»••

120

si

i

\

\

s

INVENTORIES*^,

1/

MANUFACTlJRING^
SALES

110

0

1 ! I I 1

II

195!

|

M i l l

! 1

II

1952

1

! 1 1 1 1
1S53

1 1 1 \ \

1 ! 1 1 1

100

N^

\
1 I 1 II

!954

1 1 II

1 1

1 I 1 1 ! ! 1 1 M 1

1951

1952

,/ ,

/ N/

s*J

wv

\

V

M

M

1 I 1 1 1 11

1953

1 1 M

i 1 1 1 1 1 1

1954

* WHOLESALE, MANUFACTURING, AND RETAIL.

AL

Period

Total business l
InvenSales3
tories 2

RES ERVE

Ret-all
Inven-2
Sales *
tories

SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

Manufacturing
Inventories 2

Sales

3

New
orders8

Millions of dollars, seasonally adjusted
1939__ _ _ ._„
1946
1948
1949_. _
1950
1951
1952
1953
1953: January.February
March
April
May
June
July
August
September
October. _ _
November
December
1954: January 8
February
March 6

20, 051
42. 892
55; 612
52, 111
64, 721
5
75, 268
77, 109
81, 072
77, 130
_ 77, 693
78, 266
78, 996
79, 678
80, 167
81, 116
81, 586
82, 000
81, 805
81, 276
813 072
80, 692
80, 340

10, 802
27, 150
36, 438
34, 664
39, 917
5
44, 821
46, 080
48, 817
47, 819
48, 533
49, 671
50, 186
49, 395
50, 003
50, 398
48, 138
48, 652
48, 284
47, 518
47, 209
46, 412
46, 709

5, 534
11, 852
15, 828
15, 311
18, 652
5
21 239
21, 592
22, 661
21, 518
21, 707
21, 981
22, 387
22, 455
22, 294
22, 743
22, 775
22, 924
22, 720
22, 437
22, 661
22, 521
22, 421

3, 503
8, 541
10, 877
10, 893
11, 974
6
13, 185
13, 674
14, 234
14, 140
14, 514
14, 437
14, 280
14, 424
14, 412
14, 469
14, 073
13, 982
14, 040
14, 104
13, 932
13, 622
13, 932
13, 670

11,465
24, 457
31, 693
28, 860
34, 314
42, 904
44, 190
46, 722
44, 330
44, 581
44, 797
45, 164
45, 673
46, 160
46, 485
46, 888
47, 087
47, 044
46, 909
46, 722
46, 388
46, 069

5, 112
12, 617
17, 630
16,416
19, 285
22, 205
23, 046
25, 271
24, 507
24, 724
25, 763
26, 358
25, 816
25, 882
26, 366
25, 067
25, 379
25, 010
24, 256
24, 126
23, 864
23, 643

5,354
13, 694
17, 350
15, 903
20, 980
24, 391
23, 710
23, 846
24, 519
24, 513
25, 096
25, 682
25, 883
25, 152
24, 525
22, 339
22, 661
22, 163
21, 594
22, 026
20,711
21, 854

Department stores
Inven-4
Sales 8
tories
Index 1947-49=100,
seasonally adjusted
35
77
107
100
109
129
118
126
124
123
122
125
127
128
130
131
128
128
127
123
120
119

35
90
104
98
105
109
110
112
111
112
115
110
117
115
113
112
107
110
113
112
107
109
107

6
New series on retail trade beginning with 1951; not comparable with previous
* Also includes wholesale, not shown separately In this table.
' Book value, end of period.
data. See Survey of Current Business, September and November 1952, for detail.
« Monthly average for year and total for month.
6 Preliminary estimates.
< Book value, end of period, except annual data, which are monthly averages.
Source; Department of Commerce and Board of Governors of the Federal Reserve System.




19

MERCHANDISE EXPORTS AND IMPORTS
Although both grant-aid and other exports rose in February, the total was well below the 1953 monthly average.
Merchandise imports, continuing to drop in February, were also well below the monthly average for last year. The
export surplus increased during the month.
MILLIONS OF DOLLARS
1,600

MILLIONS OF DOLLARS

1,600

1,200

1,200
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID jt \
SHIPMENTS
f\\

J/ SEE
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE,

[Millions of dollars]
Merchandise exports
Period

1936-38 monthly average
1946 monthly average
1948 monthly average
1949 monthlv average
1950 monthly average
1951 monthlv average
_. _
1952 monthlv average
1953 monthly average
1953: January
February
March
April
May
..
June
._
July
August
Pepternber
October.
November
_
Jlecember
1954: January 3
- _ _
1'Vbruary _ . . _ .
. . ......

Total *

247
812
1,054
1.003
' 856
1, 253
1, 266
1,312
1,293
1, 198
1,389
1, 394
1, 452
1,383
1,357
1, 184
1, 254
1,251
1, 244
1,349
1,090
J , 109

Grant-aid
shipments 2

Excluding
grant-aid
shipments

54

757

24
89
166
292
277
272
337
340
366
371
398
274
204
234
216
215
169
184

833
1, 164
1, 100
1,020
1,016
926
1,052
1, 054
1,086
1,012
959
910
1, 050
1,017
1, 028
1, 134
921
985

Merchandise
imports

207
412
594
552
738
914
893
906
922
856
1,004
1,013
902
933
908
841
925
813
849
908
837
792

Excess of exports (+)
or imports ( — )

Total
+ 40
-f-400
+460
+ 452
+ 118
+ 339
+ 373
+ 406
+ 370
+ 343
+ 385
+ 381
+ 550
+ 450
+ 450
+ 343
+ 329
+ 438
+ 395
+ 441
+ 253
+ 377

Excluding
grant-aid
shipments

+ 345
+ 95
+ 250
+ 207
+ 114
+ 93
+ 70
+ 48
+ 41
+ 184
+ 79
+ 52
+ 69
+ 125
+ 204
+ 179
+ 226
+ 84
+ 1 93

!
Includes shipments under the vnrious i r rant.-aid programs; for some of those programs separate data are not available.
5 lin'iniiinj' w i t h 1950, figures include only Department of Defense shipments of jrrant-aid military supplies and equipment under the Mutual Security
I'rut'f am. Shipments for the first f, months of the proi-ram (July-Decemher 1950) amounted to 282 million dollars.
P r e l i m i n a r y estininIcs.
O0 N'oTK.- --Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.




PURCHASING POWER
NATIONAL INCOME
Preliminary estimates indicate a further drop in compensation of employees in the first quarter of 1954 as employment
and hours continued downward. Proprietors' income also decreased while net interest was unchanged. Insufficient
data account for the absence of profit estimates.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

350
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME-

xCORPORATE PROFITS AND INVENTORY'S
:xlMi:x'.V. ALU AT 10.N. ADJUSTMENT #££: >:p

250
. . - . . I N T E R E S T :
: : :

: : :"F>RbPRiET6RS'' AND::X::::::::::::

•x-:. RENTAL INCOME •:•:'•:':': :•:•:•<:':•::£
200

1939

1949

1950

1951

1952 1953

1951

•^ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE (EXCEPT AS NOTED 5

i uMuMIC ADVISERS

[Billions of dollars]
Total
national
income

Period

1939
1944
1946
1947
1948
1949
1950
1951
1952.
1953

__

._

72 5
183. 8
180.3
198. 7
223. 5
216.3
240. 6
278.4
291.6
1
307. 7

Compensation of
employee*

Proprietors1
(business,
professional,
farm)
and rental
Income

47 8
121. 2
117. 1
128. 0
140. 2
139. 9
153. 4
178. 9
193. 2
207. 6

14. 7
35. 5
42. n
42.4
47. 3
42. 1
45. -1
50. 7
51. 2
•19. 11

( 'nrpcirnt v profits and inventory
V f t l l iHtion adjustment
Net interest
I'ntal

4. 2

a. i

2.9
8. 5
4, 3
5. 0
5. 7
(>. 4
7. 0
7.8

5. 8
24. 0
18. 3
24.7
31. 7
29.2
36.0
42. 4
40.2
1
42. 4

Profits
before
taxes

Inventory
valuation
adjustment

6.5
24.3
23.5
30.5
33.8
27. 1
41.0
43.7
39.2
143.2

-0.7*>
-£ 2
-5.8
-2. 1
+2. 1
-5.0
-1.3
+ 1.0
-.8

37.0
40.3
44.6
45.9
43.3
(2)
(2)

+.7
+ 1.4
-.8
-.6
-2.6
+ 1.0
+ .3

Seasonally adjusted annual rates
1952: Third quarter
Fourth quarter
1953: First quarter
Second quarter
Third quarter ..
Fourth quarter
1954: First quarter l

290,4
301.4
306.7
310.7
308. 1
2
()
(2)

194. 1
201. 3
204. 5
208. 0
210. 4
207. 7
204. 9

1
Preliminary estimates bv Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.




51. 5
51. 1
50. 8
49. 7
49. 1
50. 0
49. 2
2

7. 1
7.4
7.6
7.7
7.9
8. 1
8. 1

37.7
41.7
43.8
45.2
40.7
2
()
(2)

Not available.
Source: Department of Commerce (except as noted).

ni

CORPORATE PROFITS
Third quarter 1953 aggregate corporate profits, both before and after taxes, are estimated to have been below those
in the second quarter. Although profits probably declined further in the fourth quarter, the 1953 total is estimated
to have been above that for 1952.
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS
60

20

1939

1949

1950

1951

1952

1951

1953

1954

•^NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Corporate
profits
before taxes

Period

1939
1944
1946. 1947
1948
1949 .
1950.
1951. _
1952 l
1953

_ .
-

_
_ _

- _.

Corporate
tax
liability

Corporate profits after taxes
Total
5.0
10. 8
13.9
18.5
20.7
16.3
22.7
20. 1
18.6
19.6

Dividend
payments

Undistributed
profits
1.2
6. 1
8. 1
12.0
13.5
8.8
13.6
10.9
9.5
10.3

6. 5
24. 3
23.5
30.5
33.8
27.1
41.0
43.7
39.2
43. 2

1.5
13.5
9.6
11.9
13. 0
10.8
18.2
23.6
20. 6
23.6

41.5
38.2
37.0
40.3

21.8
20. 1
19. 4
21.2

19.7
18.0
17.5
19. 1

9. 1
9. 1
9.1
9. 1

10.6
8.9
8.4
10.0

44.6
45.9
43.3

24.4
25.0
23. 6

20.3
20.8
19.6

9.2
9.4
9.6

11. 1
11.4
10.0

3.8
4.7
5. 8
6.6
7 2
7.5
9. 1
9.2
9. 1
2
9. 3

Seasonally adjusted annual rates
1952: First quarter
Second quarter
Third quarter .
Fourth quarter
1953: First quarter
Second quarter
Third quarter

„ _-

a
i Preliminary estimates.
Dividend payments during fourth quarter were $9.4 billion.
NOTE.—See p. 21 for profits before taxes and inventory valuation adjustment. Detail will not necessarily add to totals because of rounding.
Source; Department of Commerce.

22




PERSONAL INCOME
Personal income in February was at an annual rate of $283 billion (seasonally adjusted), or $% billion less than in
January. Wages and salaries declined slightly further, primarily reflecting reductions in durable goods manufacturinS
industries. Other types of personal income showed little change.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

.300

250

200

100

1949

1950

1951

1952

1953

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Total personal ID come

Period

1939
1944
1948
1949.—
1950
1951 —
1952
1953
-

72. 6
165.9
209.5
205. 9
226.7
254. 3
269.7
284.5

1953: February
March
April
_
J
May_.
T
June
July
August
September
October .
November
December
1954* January 3
February

281.0
283.6
282. 7
284.7
286. 3
287. 5
287.0
286.3
287.2
285. 9
284. 6
283.7
282. 9

_ _
. -

_-

1954

1951

[Billions of dollars]
Proprietors' income
Labor income
Dividends
(salaries,
Business,
wages, and
professional, and personal
Farm
other labor
interest
and rental
income)1
income 5
10.2
45.7
9. 2
4.5
10.6
11. 8
23.7
116. 2
134. 9
16.0
29.6
17. 7
17. 1
134.2
29.3
12.8
32.1
13.3
19.6
146.5
35. 2
20. 5
15. 5
170. 7
36. 1
14.8
21.0
184.9
12.4
37. 2
22. 2
198. 9
Seasonally adjusted annual rates
37.2
12. 8
196. 0
37.3
13. 2
197.5
37. 1
12. 1
197.9
37.3
199. 3
12. 5
37.2
200. 7
12.6
202. 4
37.3
11.9
202.2
11.4
37.3
37.4
201. 1
11. 4
37.3
11.9
200. 7
12.2
37. 6
199. 6
197. 6
37.5
12.5
37. 2
196.3
12.4
195.3
37.3
12.3

21.7
21. 9
22. 0
22. 1
22. 3
22.4
22.5
22. 7
22.8
22. 7
22. 7
23. 0
23. 1

* Excludes social insurance contributions of employees and, beginning January 1952, of self-employed persons.
2 Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year.
s Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department o! Commerce.




Transfer
payments
3.0
3.6
11.3
12.4
> 15. 1
12.5
12. 9
13.7

13.3
13.7
13. 6
13.5
13. 5
13.5
13.6
13. 6
14.5
13.8
14.3
14. 7
15.0

23

CONSUMER INCOME, SPENDING, AND SAVING
Personal disposable income showed little change in the first quarter of 1954. Consumer spending on durable goods
declined, while spending on services increased. Total consumption expenditures were maintained at the fourth
quarter level. Personal saving is estimated at 7.7 percent of disposable income, according to preliminary data.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

300

300

250

___ ,00

IOO

1941

1943

1945

1947

1954

1951

-^PERSONAL INCOME LESS TAXES. -^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED )

Disposable persona]
income l

Period

COUNCIL OF ECONOMIC ADVISERS

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
1952
1953

- - _

... ... ...

..
_. ...
_.

...

1952: Third quarter
Fourth quarter
1953: First quarter
Second quarter
Third quarter
Fourth quarter
1954: First quarter 2 __
1

. .

. _ _ __

70.2
92.0
116. 7
147. 0
158. 9
169. 5
188.4
187. 2
205.8
225. 0
235. 0
247. 9

67. 5
82. 3
91.2
111. 6
146.9
165. 6
177.9
180. 6
194 6
208. 1
218. 1
229. 8

25. 5
28. 5
31. 2
37.4
44. 5
49. 1
54. 1
57. 5
62. 7
67.4
72. 7
78.4

2.7
9. 8
25.6
35.4
12.0
3.9
10.5
6. 7
11. 3
16.9
16. 9
18. 1

38
10.7
21.9
24. 1
7. 6
2. 3
5. 6
3. 6
5. 5
7. 5
7.2
7.3

236. 6
243. 0
245. 4
247. 7
249. 8
249. 3
249. 1

Seasonally adjusted annual rates
118. 7
217. 2
25. 1
73. 3
224.4
28.2
75. 1
121. 1
121. 2
227. 7
30.2
76. 3
230. 4
30. 7
77. 6
122. 1
30.4
79. 2
121.3
231. 0
120. 4
230.0
29. 1
80. 5
120.4
28. 2
230. 0
81. 4

19. 4
18. 6
17. 7
17. 2
18. 8
19. 3
19. 1

8. 2
7.7
7.2
6. 9
7. 5
7. 7
7. 7

Income less taxes.
NOTE.—Detail will not necessarily add to totals because of rounding.

24




6.7
9.8
7. 1
7. 1
16. 6
21.4
22. 9
23.8
29.2
27.3
26. 7
30. 1

2

35. 3
44.0
52.9
67. 1
85.8
95. 1
100. 9
99.2
102. 6
113. 4
118.8
121. 2

Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce (except as noted).

PER CAPITA DISPOSABLE INCOME
Per capita disposable income dropped very slightly in the first quarter of 1954, according to preliminary estimates
DOLLARS
2,000

ANNUAL AVERAGES

DOLLARS
2,000

SEASONALLY ADJUSTED ANNUAL RATES

i953 PRICES-1'

1,500

1,500

CURRENT PRICES

1,000

1,000

500

I/ I
1943

1941

1945

1947

1949

1951

1953

1951

1952

j'SEE NOTE Z ON TABLE BELOW.
^PRELIMINARY ESTIMATES.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.

COUNCIL OF ECONOMIC ADVISERS

Total disposable personal Fer capita disposable personal income (dollars)1
income (billions of dollars)1

Period

Current
prices
1939
1941
1942
1944
1946
1947
19481949
1950
1951
1952
1953

1954

1953

.
___

...

..
,_

70. 2
92.0
116. 7
147.0
158.9
169. 5
188.4
187.2
205.8
225.0
235. 0
247. 9

1953
prices a
139. 8
171. 3
193. 2
212. 7
206. 6
200. 6
211. 4
212.5
228. 9
232. 7
238. 1
247.9

Current
prices

536
690
865
1,062
1, 124
1, 176
1,285
1,255
1,357
1,458
1,497
1,553

1953
prices 2
1,067
1, 284
1,432
1,537
1, 461
1, 392
1, 442
1, 424
1,509
1,508
1, 516
1, 553

Population
(thousands) 3

131, 028
133, 402
134,860
138, 397
141, 389
144, 126
146, 631
149, 188
151, 683
154, 360
157, 022
159, 629

Seasonally adjusted annual rates
1952: Third quarter
Fourth quarter

236. 6
243.0

239.2
245.0

1,503
1,537

1,520
1,550

157,388
158, 109

1953: First quarter
Second quarter. Third quarter
Fourth quarter

245.4
247.7
249.8
249.3

247. 6
248.4
248. 6
247.8

1,546
1,555
1,561
1,551

1,560
1,559
1,554
1,542

158, 714
159, 306
160, 022
160, 764

1954: First Quarter 4

249. 1

247. 4

1. 543

1. 532

161, 436

1

Income less taxes.
* Dollar estimates in current prices divided by an over-all implicit price index for personal consumption expenditures. This price index is based on Department
of Commerce data, shifted from a 1939 base.
«Ineiodins armed forces overseas, Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
< Preliminary estimates.
Sources: Department of Commerce and Council of Economic Advisers.




25

FARM INCOME
Farmers* income from marketings in February, dropping seasonally to $1.9 billion, was about 1 percent greater than
in February 1953. For the first 2 months of this year, farmers have received $4.6 billion from cash marketings and
Government payments, or about 3 percent less than during the same period of 1953.
BILLIONS OF DOLLARS
5

BILLIONS OF DOLLARS
9

1954
M INCOME IN CURRENT PRICES DIVIDED BY PARITY INDEX ON BASE 1953*100.
NOTE: FARM INCOME INCLUDES CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS.
SOURCE: DEPARTMENT OF AGRICULTURE.

Parity index
Farm income
Farm income
(prices paid,
(millions of
(millions of
Interest, taxes,
current
1953 dollars) *
and wage rates)
dollars)
l
1953 = 100

Period
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthlv average
1953 monthly average
1953; January
February
March- . .
Apri 1
May.
June
Julv
August
September
October
November. .
December
1954: January..3
February

26

-

.

- .. - ....

.....

.
.. .
- -

„
.... ......
.. -

-

.

.

-

-

..

-

...
-

-

COUNCIL OF ECONOMIC ADVISERS .

715
1,345
1,763
2, 111
2, 539
2, 344
2,384
2,757
2,721
2, 599
2, 803
1,918
2, 119
2,020
2,009
2, 156
2, 404
2,461
3, 169
3, 700
3, 443
2, 986
2, 649
1, 942

» Converted from the reported base, 1910-14«= 100, to the base 1953=100.
* Farm income in current dollars divided by parity index on base 1953—100.
NOTE.—Farm income includes cash receipts from marketings and Government paymenti.




44
54
65
75
93
90
92
101
103
100
102
101
101
100
100
99
100
100
99
99
99
100
101
101

1, 625
2,491
2,712
2,815
2,730
2, 604
2, 591
2,730
2, 642
2,599
2,748
1,899
2,098
2,020
2,009
2, 178
2,404
2,461
3,201
3, 737
3,478
2,986
2,623
1,923

• Preliminary estimates.
Source: Department of Agriculture.

CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Bank loans, which declined more than seasonally in January, rose $400 million in February. Investment in U. S.
Government securities dropped $1.1 billion while holdings of other securities increased $300 million.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
175

175

1939

1945

1950

1951

' 1953
END OF MONTH

END OF YEAR

COUNCIL OF ECONOMIC ADVISERS

End of period

1939
>
1945
1947
1949
1950 ....
1951 ..
1952
1953
1953: January February —
March _
April
May
.
.
June.
July
August
_.
September
October»- November-.
December
1954: January 2
February
-March 2

[Billions of dollars]
Ail commercial banks
Investments
Total
loans and
investments
40.7
124. 0
116.3
120.2
126.7
132.6
141.6
146.4
140.8
140. 1
140.0
138.5
138. 1
138.0
143.2
143. 1
143. 0
143.9
145.5
146.4
145. 2
144. 8

Loans
17.2
26. 1
38. 1
43.0
52.2
57.7
64.2
68.3
63.9
64. 1
65.2
65.3
65.4
65.0
65.6
66.0
66. 3
67. 1
67.3
68.3
66.5
66. 9

Total
23.4
97.9
78.2
77.2
74.4
74.9
77.5
78. 1
76. 9
76.0
74.8
73.2
72.7
72.9
77.6
77. 1
76.7
76.8
78. 2
78. 1
78.7
77. 9

U.S.
Government
securities
16. 3
90. 6
69.2
67. 0
62. 0
61.5
63. 3
63.6
62.8
61.9
60.5
58.9
58.3
58.6
63.2
62.6
62. 2
62.3
63.7
63.6
64. 1
63.0

Other
securities

Weekly
reporting
member
banks—
business
loans *

7. 1
7.3
9.0
10.2
12.4
13.3
14. 1
14.6
14.2
14. 1
14.3
14.4
14.4
14.3
14.3
14.5
14 5
14. 5
14.5
14.6
14.6
14.9

i Commercial, industrial, and agricultural loans; revised series beginning January 1952.
* Preliminary estimates.
NOTB.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.




4.7
7.2
14.7
13.9
17.9
21.6
23.4
23.4
23.0
22. 9
23.3
23. 1
22. 8
22.8
22.6
22.9
23. 1
23.3
23.2
23.4
22. 5
22. 4
22.8

27

CONSUMER CREDIT
Consumer credit outstanding decreased $647 million in February and amounted to $27.5 billion at the end of the
month. Seasonal factors accounted for part of the decline in instalment credit and most of the decline in noninstalment credit, particularly charge accounts.
BILLIONS OF DOLLARS
30

1939

1945

BILLIONS OF DOLLARS
30

1950
1951
END OF YEAR

1952

1953

1953
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

| Millions of dollars)

Total
consumer
credit
outstanding

End of period

1939
1945
1950
1951
1952
1953

.._
_

1953: January
February
March
April
Mav
-~
June
July
August
September
October
November _
December
1951: January
February

-

- -

- --

Noninstalment credit

Instalment credit
Total

AutomobileJ
paper

Other Repair and
consumer moderni- Personal
zation
loans
goods
loans 2
paper l
1,088
298
1,620
1,009
182
816
2,805
1,006
4,337
3, 235
1,090
4,270
3,851
1,406
5,328
4,307
1, 606
5,605

7,222
5,665
20, 813
21,468
25, 827
28, 896

4,503
2,462
14, 490
14, 837
18, 684
21, 807

1,497
455
6,342
6,242
8,099
10, 289

25, 674
25, 504
25, 946
26, 455
27, 056
27,411
27, 581
27, 810
27, 979
28, 166
28, 252
28, 896

18, 851
18, 982
19, 391
19, 767
20, 213
20, 635
21, 004
21, 218
21, 347
21, 486
21, 586
21, 807

8,273
8, 480
8,799
9, 111
9,432
9, 692
9,973
10, 136
10, 232
10, 337
10, 358
10, 289

5,288
5, 208
5,217
5, 217
5,272
5,333
5, 351
5,362
5, 352
5,366
5, 406
5,605

1,403
1,404
1,416
1, 435
1,462
1,493
1,516
1, 534
1,562
1,585
1, 604
1,606

28, 125
27, 478

21, 444
21, 151

10, 084
93 915

5,495
5,377

1,587
1,570

Total

Charge
accounts

2,719
3,203
6,323
6,631
7, 143
7,089

1,414
1,612
3,006
3,096
3,342
3,249

1,305
1,591
3,317
3,535
3,801
3,840

3,887
3, 890
3,959
4, 004
4, 047
4, 117
4, 164
4, 186
4, 201
4, 198
4,218
4,307

6,823
6, 522
6,555
6,688
6,843
6,776
6, 577
6,592
6, 632
6,680
6, 666
7,089

2,975
2,678
2,613
2,682
2,763
2,781
2,705
2, 668
2,716
2,811
2,840
3,249

3,848
3,844
3, 942
4,006
4,080
3,995
3,872
3, 924
3,916
3,869
3,826
3,840

4,278
4,289

6, 681
6,327

2,893
2,550

3,788
3,777

> Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
J Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."
* BinpU'-paymeni loans and service credit.
Source: Board of Governors of the Federal Reserve System.
NUTK.—Detail will not necessarily add to totals because of rounding.



28

Other »

BOND YIELDS AND
Yields on 3-month Treasury bills, which had decreased during February, leveled off in March. Yields on both Treasury
and corporate bonds continued to drop during the early part of March, then leveled off. Commercial paper rates
were again unchanged from the rate of 2 percent reached late in January.
PERCENT PER ANNUM
3.5

PERCENT PER ANNUM
3.5

1954

1949

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[Percent per a n n u m ]
U. S. Government security yields
Period

1939
1946
_
1950
1951
1952
_
1953
1953: March
April
May
June
July.
August
September _ .
October
November
December
__
1954: January
February
March
Week ended:
1954: March
6
April

13
20
27

3_
10

.

3-month
Treasury
bills »
0. 023
.375
1. 218
1. 552
1. 766
1. 931
2. 082
2. 177
2.200
2. 231
2. 101
2.088
1. 876
1.402
1. 427
1.630
1.214
.984
1.053

.

„_

_

-_

1.059
1.066
1.056
1.030
1.063
1.013

Taxable bonds 2
Old series3

New series4

Corporate
Aaa bonds
(Moody's)

Prime
commercial
paper,
4-6 months

0.59
.81
1.45
2. 17
2.33
2.52
2.36
2.44
2.68
2.75
2.75
2.75
2.74
2.55
2.32
2.25
2. 13
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00

2. 19
2. 32
2. 57
2.68
2. 93
2.89
2. 97
3.09
3.09
2. 99
3.00
2. 97
2.83
2.85
2.79
2.68
2.60
2.51

3.26
3.29
3. 25
3.22
3. 19
3. 06
3. 04
2.96
2.90
2.85
2.73

3. 01
2.53
2.62
2.86
2.96
3.20
3. 12
3.23
3.34
3.40
3. 28
3.24
3.29
3. 16
3. 11
3. 13
3.06
2.95
2.86

2.53
2.52
2.49
2. 50
2.50
2.45

2. 72
2.74
2.73
2.74
2. 73
2.70

2.89
2.86
2.85
2.85
2.85
2.85

3. 16

z
i Rate on new issues within period.
Bonds in this classification were first issued in March 1941.
s 234-percent bonds first callable after 12 years. Prior to April 1952, only bonds due or callable after 15 years were included.
onds of 1978-83, issued May 1,1953.
Source: Board of Governors of the Federal Reserve System,




29

MONEY SUPPLY
The decline in demand deposits in February reflected a seasonal transfer of funds from private to U. S. Government
accounts, as well as bank credit contraction. Time deposits continued to increase.
BILLIONS OF DOLLARS
225

BILLIONS OF DOLLARS
225

TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS

19.41 42 43 44 45 46 47 48 49 50
END OF YEAR

S O N D

51 52 53

J

F

M

A

M

J

J

A

S

1953

O

N

D

J

F

M

A

M

J

J

A

S

O

N

D

1954

END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

End of period

1939
. ...
1945
1946
—
1948
1949
—
1950
... 1951
.
1952
_.__
1953
1953: January
February
March .
April
...
M ay
June
July
August .
September
October
November
December
1954: January 4
February

30

Total deposits and
currency

64.7
176.4
167.5
172.7
173.9
180.6
189.8
200. 4
205.8
198.3
197.4
196.9
195.4
195.3
196.6
201.3
201. 1
201.1
201.7
203.6
205.8
203.5
202. 5

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total excluding U. S. Government deposits
U.S.
(privately held money supply)
Government
Demand
Currency
Time
deposits *
deposits
Total
outside
deposits8
adjusted *
banks
27.1
6.4
29.8
63.3
1.5
48.5
75.9
150. 8
26.5
25.6
54.0
83.3
164.0
26.7
3.5
57.5
169. 1
85.5
26. 1
3.6
58.6
85.8
169.8
25.4
4. 1
59.2
176.9
25.4
92. 3
3.7
61.4
98.2
186.0
26.3
3.9
101. 5
65.8
27.5
1948
5.6
70.1
103.3
27.8
201.3
4.5
66. 1
100.5
193.3
26.8
5.0
66.4
26.9
98.3
191.6
5.8
97.4
191.0
66.8
26.9
5.8
67.2
192.2
98.0
27.0
3.2
192. 1
97.5
67.6
27.0
3.3
96.9
27.4
192.6
68.3
4. 1
97.4
27.2
68.4
193.0
8.3
97.5
193.4
27.3
68.7
7.7
69. 1
27.5
97.7
194.3
6.8
69.
6
27.4
100.
3
197.3
4.4
197.4
27.9
69.3
100. 2
6.2
70. 1
201.3
103. 3
27.8
4.5
102. 4
27.0
199.9
70.5
3.6
26. 9
99. 7
70. 9
197.5
5.0

1
Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. S. Treasurer's time deposits)
open account.
3 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.
* Preliminary estimates.
Source: Board of Governonfof the Federal Reierve Syitem.
NOTE.—Detail will not necessarily add to totals because of rounding.




FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Budget expenditures for the first 8 months of the fiscal year 1954 totaled $44.4 billion, or about $2 billion less than
in the corresponding period of fiscal 1953. Cumulative budget receipts of $36.2 billion were almost $1K billion
lower than a year ago. As a result, the cumulative deficit of $8.2 billion for this fiscal year compares with $8.7 billion
for the same period last year.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL BUDGET EXPENDITURES

NET BUDGET RECEIPTS

75

50

25

25

I950

1951

1952

1953

1954

1952

1955

HO

NATIONAL SECURITY PROGRAMS

1953

1954

1955

BUDGET SURPLUS {+} OR DEFICIT {-)
(MAGNIFIED SCALE)

75
FIRST 8 MONTHS
(JULY-FEBRUARY)

+5

50

25

-5

-10

1950

1951

1952

1953

1954

1955

1954

1950

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

Period

Actual:
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal

1955

FISCAL YEARS

* ESTIMATED

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
surplus (+)
Budget expenditures
Net budget receipts Budget
or deficit (— )
Public
Total
National security *
debt
CumulaCumulaTotal for tive fiscal Total for tive fiscal (end of8
CumulaCumulaperiod)
Total for tive fiscal Total for tive fiscal period year totals period
year
totals
period year totals period year totals

95.1
39.0
33. 1
39.6
44. 1
65.4
74.3

75.8
14.4
11.7
13.0
22.3
43.8
50.3

43.6
39.8
41.5
36.5
47.6
61.4
64.8

-51.4
-3. 1
+3.5
-4.0
-9.5

257. 4
255. 3
259. 2
266.1

Estimated:
Fiscal vear 1954
Fiscal year 1955

70.9
65.6

48.7
44.9

67.6
62.6

-3.3
-2.9

209. 8
273. 1

Actual:
1953" February33
1954' February

5.4
4.7

year 1944
vear 1947
year 1948
year 1950
year 1951
year 19523 - year 1953

46.3
44.4

3.6
3.6

30.8
30.9

4.9
5.4

202. 6

258.4
252.4

+.8

+a4

37.6
36.2

"~"~ . O

+ .7

— 8, 7
~S. 2

1>07. G

•J7-1. «J

» Revised to include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending Jnnr w, m*/>. TIi««?
expenditure items are: Military services, foreign military assistance, development and control of atomic energy, and allocation of critical ami !;tmn<t:u i?miriint:..
> Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
s Beginning with February 1954, the reporting of budget receipts and expenditures has been changed to a basis consistent with tlmt um-tl In i » t r f m t i u K h»«U:«
estimates. For comparative purposes, figures for fiscal 1953 are shown on a like basis.
NOTE.—Data for earlier months have not been published by the Treasury Department.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.




31

FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The excess of cash payments over cash receipts in the fourth quarter of 1953 was $4*6 billion, or slightly lower than
in the corresponding quarter of 1952.
BILLIONS OF DOLLARS
25

BILLIONS OF DOLLARS
25

I

1950

£

1951

3

4

I

I

I

t

1952

3

4

1

I

1

2

1953

3

4

-EXCESS OF CASH RECEIPTS-

-EXCESS OF CASH PAYMENTS-

2

1950

3

e

3

1952

1951
CALENDAR YEARS

SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

COUNCIL OF ECONOMIC ADVISERS

of dollars!
Calendar year
Calendar year total;
1946
— ...
—— .
1947
1948
...
...
1949..
1950
1951
._
1952
1953
Quarterly totals, not adjusted for seasonal variation:
1951: Third quarter
Fourth quarter
.
.
1952: First quarter
Second quarter _ _ _
._
_ «
Third quarter
Fourth quarter
..
_.__ .
1953: First quarter
Second quarter.
Third quarter
Fourth quarter

. .
.

:

..

Excess of receipts (+) or
payments (— )

Federal cash
receipts from
the public

Federal cash
payments to
the public

41, 441
44, 282
44, 922
41, 346
42, 419
59, 278
71. 339
70, 382

41, 399
38, 616
36, 897
42, 642
41, 969
58, 034
72, 980
76, 541

+42
+ 5, 666
+ 8, 027
— 1, 295
+ 450
+ 1,244
— 1, 641
-6, 159

13, 993
12, 770
21, 874
19, 389
15, 354
14, 722

15, 270
17, 064
16, 921
18, 701
17, 921
19, 436

— 1,277
-4, 295
+4, 953
+ 688
-2, 567
-4, 715

22, 539
18, 674
15, 502
13, 667

18, 166
21, 049
19, 015
18,311

+ 4, 373
— 2, 375
— 3, 513
-4, 644

NOTI.—Detail will not necessarily add to totals because of rounding.
Souzeei: Bureau of the Budget and Treasury Department.

32

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