Full text of Economic Indicators : April 1955
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84th Congress, 1st Session Si Louis Public librsrv DEFERENCE OEPT. ; - Economic Indicators APRIL 1955 Prepared for the joint Committee on the Economic Report by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1955 JOINT COMMITTEE ON THE ECONOMIC REPORT (Created pursuant to Sec. 5 (a) of Public Law 304, 79th Gong.) PAUL H. DOUGLAS, Illinois, Chairman WRIGHT PATMAN, Texas, Vice Chairman JOHN SPARKMAN (Alabama) J. WILLIAM FULBRIGHT (Arkansas) JOSEPH C. O'MAHONEY (Wyoming) RALPH E. FLANDERS (Vermont) ARTHUR V. WATKINS (Utah) BARRY GOLDWATER (Arizona) RICHARD BOLLING (Missouri) WILBUR D. MILLS (Arkansas) AUGUSTINE B. KELLEY (Pennsylvania) JESSE P. WOLCOTT (Michigan) HENRY O. TALLE (Iowa) THOMAS B. CURTIS (Missouri) GROVER W. ENSLEY, Staff Director JOHN W. LEHMAN, Clerk COUNCIL OF ECONOMIC ADVISERS ARTHUR F. BURNS, Chairman WALTER W. STEWART RAYMOND J. SAULNIER [PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION IS. L Res. 55J 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 Mousr 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 Doctimrnt* for distribution to depository libraries; and that the Superintendent of Documents be authorized to for sale to the public. Approved June 23, 1949. Charts drawn by Graphics Unit, Office of thi Secretary, Department of Commerce 11 Contents THE TOTAL OUTPUT OF THE ECONOMY fate The Nation's Economic Accounts; 1 Gross National Product or Expenditure ,«.*.«.*.. 2 PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers Stock Prices , 3 4 5 6 f .... . , EMPLOYMENT AND WAGES Status of the Labor Force Nonagricultural Employment Average Weekly Hours—Selected Industries Average Hourly Earnings—Selected Industries Average Weekly Earnings—Selected Industries 7 8 9 10 11 PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Selected Weekly Indicators Gross Private Domestic Investment Expenditures for New Plant and Equipment New Construction Housing Starts and Financing Applications Sales and Inventories—Manufacturing and Trade Merchandise Exports and Imports 12 13 14 15 16 17 18 19 20 PURCHASING POWER National Income Corporate Profits Sources of Personal Income Disposition of Personal Income Per Capita Disposable Income Farm Income CREDIT, MONEY, AND FEDERAL FINANCE Bank Loans, Investments, and Reserves Consumer Credit Bond Yields and Interest Rates Money Supply Federal Budget Receipts and Expenditures Federal Cash Receipts From and Payments to the Public. .. * 21 22 23 24 25 26 , . *.+. * 27 28 29 30 31 32 THE TOTAL OUTPUT OF THE ECONOMY THE NATION'S ECONOMIC ACCOUNTS Preliminary estimates of total income and expenditures for the first quarter of 1955 reflected the continued rise in over-ail economic activity. BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES CONSUMERS 300 300 250 250 DISPOSABLE INCOME F "EXPENDITURES 200 200 150 150 0 I I I I I i BUSINESS 100 100 GOVERNMENT-FEDERAL, STATE, AND LOCAL 100 100 EXCESS OF EXPENDITURES EXPENDITURES FOR GOODS AND SERVICES % (LESS TRANSFER PAYMENTS) 50 1955 FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT. -^INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES. -^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, PR 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 OR EXPENDITURE According to preliminary estimates, the gross national product reached $369 billion (seasonally adjusted annual rate) in the first quarter of 1955. The rise of $7 billion from the previous quarter was due mainly to increases in consumer expenditures and private domestic investment. BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS 400 SEASONALLY ADJUSTED ANNUAL RATES 350 i "GROSS NATIONAL PRODUCT 300 PERSONAL CONSUMPTION EXPENDITURES 200 200 150 150 GOVERNMENT PURCHASES OF GOODS AND SERVICES 50 50 GROSS PRIVATE * DOMESTIC INVESTMENT \ I -50 1950 NET FOREIGN INVESTMENT I 1951 I I 1953 1952 I I 1954 1955 PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS, SOURCE: DEPARTMENT OF COMMERCE(EXCEPT AS NOTED). COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Personal Gross Total conNet private foreign gross sump- domestic national tion investproduct expend- investment ment itures Period Government purchases of goods and services Federal State and Total * Total * National2 Other local security 1939 1946 1947. 1948 1949 1950 1951 1952 1953 1954 91. 1 209.2 232.2 257. 3 257.3 285. 1 328. 2 346. 1 3649 357.2 67.6 146. 6 165. 0 177. 6 180. 6 194 0 208.3 218.4 230. 1 234.0 5.2 13.3 0.9 9.3 20. 9 30. 9 46 27. 1 15. 8 28.6 8.9 29.7 21. 0 36. 6 41. 2 2. 0 25. 4 43.6 32. 5 .5 22. 1 42. 0 -2.2 51.2 41. 0 62.8 56. 9 .2 54 0 77.2 -.2 50. 7 60. 1 85. 2 51.4 -1.9 _.4 50. 0 77.5 46. 1 Seasonally adjusted annual rates 1953: Third quarter Fourth quarter 1954: First quarter,. . Second quarter Third quarter _ Fourth quarter 1955: First quarter 3 _ 367.2 360.5 355. 8 356.0 355.5 362.0 369.0 231.2 229. 7 230.5 233. 1 234.8 237.7 242. 0 52. 4 45.5 44.5 45.6 45.3 49.5 51.9 , -1.8 -.6 -1. 1 — 1. 0 —.2 .8 .8 85.4 86.0 81.9 78.3 75. 6 74. 1 74.3 60.3 59.8 55.0 51. 3 47.9 45.9 45.5 1.3 21.2 13. 3 16. 0 19.3 18. 5 37.3 48. 5 52.0 43. 6 3.9 2. 5 3.8 5.6 6.6 3.9 42 5.8 8.5 6.7 8.2 10.0 12.8 15. 6 18. 2 19.9 21. 8 23.2 25. 1 27.5 52, 3 50. 6 46.9 447 42. 1 40.5 40.2 8.4 9.6 8.4 6.9 6. 1 5.6 5.5 25. 1 26.2 26. 9 27.0 27. 7 28. 2 28.8 * Includes exp fcion of the mereh,. f January 1955 (p. 137) and National Income', 1954 Edition (p. w/. __ ^ ™ w « _ °-(. *K U' S' <*>™™mcntfar the Fiscal Year Endina June $0,1955, and shown on p. 31 of Economic Indicators. 3 Preliminary estimates by Council of Economic Advisers. Hon.—Detail will not necessarily add to totals because of rounding, Source: Department of Commerce (except as noted) PRICES CONSUMER PRICES In February, the average of consumer prices was unchanged for the second consecutive month. I N D E X , 1947-49- 100 INDEX, 194?-49 « 100 140 1953 COUNCIl OF ECONOMIC ADVISERS [1947-49=100] Period 1939 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 1954 monthly average 1954: January February March April May June July August September _ _ __ October November December 1955: January _ __ February. _ _ _ Not available. All items Food 59.4 83.4 95. 5 102.8 101. 8 102.8 111.0 113.5 114.4 114.8 115. 2 115.0 114. 8 114. 6 115.0 115. 1 115. 2 115. 0 114, 7 114. 5 1 1 4. 6 114. 3 114. 3 114. 3 47.1 79.0 95.9 104. 1 100.0 101.2 112.6 114.6 112.8 112. 6 113. 1 112.6 112. 1 112.4 113. 3 113. 8 114. 6 113. 9 112. 4 111. 8 111. 1 110. 4 110. 6 110. 8 Housing Total Rent P) P) 95.0 101.7 103.3 106. 1 112.4 114.6 117.7 119. 1 86.6 91.4 94. 4 100.7 105.0 108.8 113. 1 117.9 124. 1 128. 5 127.8 127. 9 128.0 128. 2 128.3 128. 3 128. 5 128. 6 128.8 129. 0 129.2 129.4 129. 5 129. 7 118.8 118.9 119. 0 118. 5 118.9 118. 9 119. 0 119. 2 119. 5 119. 5 119. 5 119. 7 119.6 119. 6 Apparel Transportation 52.5 83.7 97. 1 103.5 99.4 98. 1 106. 9 105.8 104. 8 104. 3 104. 9 104. 7 104.3 104. 1 104.2 104. 2 104. 0 103. 7 104.3 104. 6 104. 6 104.3 103. 3 103. 4 P) P) 90.6 100.9 108.5 111. 3 118.4 126. 2 129.7 128. 0 130.5 129. 4 129. 0 129. 1 129. 1 128.9 126.7 126. 6 126.4 125. 0 127.6 127.3 127.6 127.4 Reading Other and goods Medical Personal and recreacare care services tion P) P) 94. 9 100.9 104. 1 106.0 111. 1 117.2 121. 3 125. 2 123. 7 124. 1 124. 4 124 9 125. 1 125. 1 125.2 125.5 125.7 125.9 126. 1 126.3 126.5 126. 8 P) P) 97.6 101.3 101. 1 101. 1 110.5 111.8 112.8 113.4 113.7 113.9 114. 1 112.9 113.0 112.7 113.3 113.4 113.5 113. 4 113.8 113.6 113.7 113.5 P) P) 95.5 100.4 104. 1 103.4 106.5 107.0 108.0 107.0 108.7 108.0 108.2 106.5 106.4 106.4 107.0 106. 6 106.5 106.9 106.8 106.6 106. 9 106.4 p) P) 96. 1 100.5 103.4 105.2 109.7 115.4 118. 2 120. 1 120.3 120.2 120. 1 120.2 120. 1 120.1 120.3 120. 2 120. 1 120. 1 120.0 119.9 119.9 119.8 Source: Department ol Labor. WHOLESALE PRICES The average of wholesale prices declined somewhat in March, due principally to reductions in the average prices of farm products and processed foods. COUNCIU Of ttOh [1947-49== 100) Period 1939 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 1954 monthly average 1954: February. March April _ _ May „ . «_ June _ ___ July August September October „ . . . . . . November December 1955: January . . February March _ _ _ _ _ _ Week ended : 1955: April 5 Source: Department of Labor. All commodities Farm products Processed foods Other than farm products and foods (industrial) i in n 36. 5 83.2 100.0 107.3 92.8 97. 5 113.4 107. 0 97.0 95. 6 97.7 98. 4 99.4 97.9 94. 8 96. 2 95.8 93. 6 93. 1 93. 2 S9. 9 92, 5 93. 1 92. 1 43.3 77. 6 98.2 106. 1 95.7 99.8 111.4 108. 8 104.6 105.3 104.8 105. 3 105.9 106.8 105.0 106.5 106.4 105. 5 103.7 103. 8 103.5 103.8 103.2 101.6 58. 1 78.3 95. 3 103.4 101.3 105.0 115.9 113.2 114.0 114. 5 114.4 114 2 114.5 114.5 114.2 114.3 114.4 114.4 114.5 114. 8 114. 9 115.2 115.7 115.6 i MI ;; 9? V 103. 1 115.6 50. 1 78. 7 96.4 104.4 99. 2 103. 1 114.8 111. 6 110. 1 110. 3 110. 5 130. 5 111. 0 110. 9 110. 0 1 1 0. 4 110. 5 } 10. 0 109. 7 no, or HH>, , » I in. i no, «i PRICES RECEIVED~AND PAID BY FARMERS The index of prices received by farmers declined slightly during the month ended March 1 5, due primarily to a decline in the price of hogs. Prices paid by farmers for family living items rose slightly and the parity ratio declined from 87 to 86. INDEX, 1910-14 = IOO 325 INDEX, I9IO-I4 =100 325 PRICES RECEIVED 300 275 * PARITY INDEX (PRICES PAID, INTEREST, TAXES, AND WAGE RATES) 250 225 * PARITY RATIO- 75 ) N -3 -1951 1950 1953 1952 1954 1955 •^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE [1910-14=100] Prices paid b y farmers for items iised in Period Family living 1939 monthly average 1946 monthly average. 1947 monthly average 1948 monthly average 1949 monthly average _ 1950 monthly average 1951 monthly average 1952 monthly average 1953 monthlv average 1954 monthlv average 1954: February 15 March 15 April 15— May 15 June 15 Julv 15 August 15 ._ September 15 October 15 November 15 December 15 1955! January 15 February 15 March 15__ . 120 202 237 251 243 246 268 271 270 274 271 272 273 276 276 277 277 273 273 272 272 273 271 272 Parity index (prices paid, Prices received by farmers Production and wage rates) 121 191 224 250 238 246 273 274 253 252 254 255 256 256 252 247 250 251 250 251 250 254 256 256 123 208 240 260 251 256 282 287 279 281 282 283 283 284 282 280 282 280 279 279 279 283 283 284 95 3236 276 287 250 258 302 288 258 250 258 256 257 258 248 247 251 246 242 244 239 244 245 244 i Percentage ratio of index of prices received by farmers to parity index. ^nin , „,.J0 «Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946. Source: Department of Agriculture. 60985—55 2 Parity ratio l 77 113 115 110 100 101 107 100 92 89 91 90 91 91 88 88 89 88 87 87 86 86 87 86 STOCK PRICES Stock prices, which declined early in March, rose again toward the end of the month. INDEX, 1939 = 100 INDEX,1939 « I O O 400 400 100 1955 SOURCE: SECURITIES AND EXCHANGE COMMISSION. Composite index * Period Weekly average: 1946 1947 _ _ 1948 1949 _ 1950 1951 1952 1953 1954 1954: March _. April May June _ July August September October November December 1955: January _ __. : February March _ _ Week ended: 1955: March 4 _ 11 18 -_ 25 April 1 i "_ COUNCIL OF ECONOMIC ADVISIRS [1939=** 100] M anuf acturing Durable Nondura- TransTotal goods ble goods portation Utilities Trade, finance, Mining and service 149. 4 130. 9 132.7 127.7 154. 1 184.9 195.0 193.3 229. 8 207. 1 215. 8 223.2 223.9 233.0 237. 1 240. 4 243.6 254. 4 267.7 270. 6 281.0 279.6 146. 6 132.4 136.8 132. 1 165 7 206.8 220.2 220. 1 271. 3 239.8 252.9 262. 9 263.4 275.3 280.0 285. 6 291. 2 305.2 322.7 326. 4 340.0 336. 9 138. 6 119. 9 124.3 116.0 150. 2 178. 5 188.8 192. 6 245. 2 209. 6 223. 2 232.5 236.6 254.3 257.0 260. 2 267. 4 284.4 298. 3 306. 9 320.0 318.2 154.5 144. 6 148.6 147. 2 180.2 233. 1 249.3 245.2 295.2 267.5 280.3 290.8 288.0 294. 4 301.0 308.8 312. 8 324.0 345.0 344. 0 358.2 353.8 202. 4 149. 1 158. 1 136.0 160.0 199.0 220.6 218.7 232. 6 212.3 211. 6 220.6 225.4 233.5 237. 1 236. 0 240. 4 259.4 284.8 288. 1 300.3 305.4 121 0 105. 5 99.3 98. 1 108.9 112.6 117.9 121. 5 135. 8 130.4 131. 8 134.2 134.3 138.6 140.8 139.8 138.2 141.2 144. 1 145.3 150.0 150. 9 204.3 162.8 156.9 160.7 183.8 207.9 206,0 207. 1 235. 6 214.6 219.8 225.6 228.3 236. 0 243. 1 247.2 248.6 260.4 267.5 269. 8 276. 0 274.6 125 5 117.2 133. 0 129.4 143.5 204.9 275.7 240. 5 267.0 259.2 265. 9 269.6 266.3 257. 2 262. 6 267. 8 269.4 277. 9 310.3 314.4 314. 6 315. 1 286. 2 273.6 275. 9 282.6 282. 4 284.6 344. 7 328. 9 332. 6 341.4 341.4 343.8 325.6 309.7 314.7 322.6 322.8 323.6 361.9 346.3 348.7 358.5 358. 2 362. 1 315. 2 298.4 299. 2 308.6 308. 9 316.5 154.3 149.0 149. 1 151. 1 150.7 151.6 283. 0 269.7 269. 9 276. 0 274. 8 278 5 321. 1 307.3 314.6 317.4 317.0 313.2 > Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade, finance, and service, and 14 for mining. Indexes are for weekly closing prices. 2 Data became available after chart, was prepared. Source: Securities and Exchange Commission. EMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Employment increased and unemployment declined between early February and early March, as is usual at this time of year. MILLIONS OF PERSONS MILLIONS OF PERSONS 75 75 I960 14 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total Unemployment 3 Employment l Insured labor unemployTempoCivilian force (in%o£ ment rary 2 labor Period Agricul- Nonagri- layoffs cluding (thousands4 Number civilian Total force labor of tural cultural armed persons) force forces) Thousands of persons 14 years of age and over 68-area sample : 8 17.2 9,480 9,610 36, 140 45, 750 55, 230 1939 monthly average,, 55, 600 2,470 5.5 3,395 8,026 50, 684 185 58, 710 62, 105 1949 monthly average.. 63, 721 5.0 1,599 3, 142 52, 450 92 59, 957 7,507 63, 099 1950 monthly average... 64, 749 3.0 7,054 996 1,879 117 61, 005 53, 951 62, 884 1951 monthly average. _ 65, 982 2.7 142 1, 673 1,064 6,805 54, 488 61, 293 62, 966 1952 monthly average. _ 66, 560 1, 602 6,562 142 2.5 1,058 62, 213 55, 651 63, 815 1953 monthly average. . 67, 362 230-area sample:* 221 3,230 5.0 2,039 6,504 61, 238 54, 734 64, 468 1954 monthly average,. _ 67, 818 2,362 3,670 5.8 5,704 54, 351 216 60, 055 63, 725 67, 139 1954: February 2,389 3,724 5.8 5,875 54, 225 236 63, 825 60, 100 67, 218 March 5.4 2,383 54, 522 6,076 3,465 216 60, 598 64, 063 67, 438 April 2,244 6,822 5. 1 54, 297 294 3,305 61, 119 64, 425 67, 786 May 2,082 3,347 5. 1 7, 628 54, 470 229 62, 098 65, 445 68, 788 June . 2,037 5. 1 3,347 7,486 54, 661 298 62, 148 65, 494 68, 824 Julv 1,871 5.0 3,245 55, 349 62, 277 6,928 143 65, 522 68, 856 August 4.8 1,752 62, 145 7,527 54, 618 3, 100 198 65, 244 68, 566 September 4.2 1,631 54, 902 2,741 62, 141 7,239 136 64, 882 68, 190 October 4.5 1,643 6, 154 2, 893 55, 577 120 64, 624 61, 732 67, 909 November 4. 5 1,869 2,838 60, 688 5,325 55, 363 137 63, 526 66,811 December 2, 198 5.3 54, 853 3,347 5,297 251 60, 150 63, 497 66, 700 1955: January 5.3 2,109 5,084 54, 854 3,383 145 59, 938 63, 321 66, 550 February 5.0 5,692 3,176 •1, 907 54, 785 75 60, 477 63, 654 66, 840 March 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. »Shown separately so as to afford a basis for further analysis of employment and unemployment. a gee footnote 2. 4 All programs Weekly average for period. For description of series, see Labor Market and Employment Security, April 1954. «Pertains to labor force data only. • Preliminary estimate. i Sources: Department of Commerce (labor force) and Department of Labor (insured unemployment). NONAGRICULTURAL EMPLOYMENT Total employment in nonagricultural establishments (seasonally adjusted) rose by 240,000 between February and March. This was the largest month-to-month rise since the recovery began in the early fall of 1954. MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS II.0 8.5 I DURABLE MANUFACTURING NONDURABLE MANUFACTURING ] J F M A M J J A S O N D oC. J CONTRACT CONSTRUCTION I I F I M I A I M I J J A S O WHOLESALE AND RETAIL TRADE SOURCE: DEPAR- COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers l] Period Total adjusted for seasonal variation 1939 1946 . 1948 . 1949 1950 1952 1953 1954 1954: February.. March April May June July _ August SeptemberOctober NovemberDecember 1955: January _ _2 _ February _ March 2_.__ 48, 607 48, 441 48, 268 48, 177 48, 102 47, 982 47, 945 48, 054 48, 209 48, 898 48,419 48, 445 48, 504 48, 746 Government Contract Wholesale and retail (Federal, Durable Nondu- Mining construcState, tion trade goods rable goods local) Not adjusted for seasonal variation Manufacturing Total 30, 287 41, 412 44, 382 43, 295 44, 696 48, 306 49, 660 48, 283 47, 880 47, 848 48, 068 47, 935 48, 137 47, 808 48, 045 48, 526 48, 668 48, 827 49, 505 47, 781 47, 786 48, 248 Total 10, 078 14, 461 15, 321 14, 178 14, 967 16, 334 17, 259 16, 040 16, 322 16, 234 16, 000 15, 836 15, 888 15, 627 15, 863 16, 019 16, 058 16, 107 16, 097 15,970 16, 101 16, 265 4,683 7,739 8,312 7,473 8,085 9,340 10, 129 9, 178 9,480 9,389 9,260 9, 152 9, 123 8,863 8,875 8, 950 9,065 9, 182 9,201 9, 166 9,273 9, 395 5,394 6,722 7,010 6,705 6,882 6,994 7,131 6,863 6,842 6,845 6,740 6,684 6,765 6,764 6,988 7,069 6,993 6,925 6,896 6,804 6,828 6, 870 845 852 982 918 889 885 844 745 790 772 749 737 744 735 737 719 716 721 720 714 711 713 1, 150 1,661 2,169 2, 165 2,333 2,634 2,644 2, 628 2,356 2,415 2,535 2,634 2,729 2,795 2,851 2,817 2,777 2,724 2,549 2,353 2,285 2,398 6,612 8; 602 9,519 9,513 9,645 10, 281 10, 533 10, 524 10, 310 10, 305 10, 496 10, 375 10, 414 10, 377 10, 350 10, 480 10,581 10, 782 1 1, 400 10, 458 10, 347 10, 406 3,987 5,607 5,614 5,837 5,992 6,609 6,645 6,712 6,639 6,667 6,699 6,701 6,625 6,467 6,454 6,738 6, 865 6,882 7, 152 6,834 6,872 6,919 Other 7,615 10, 230 10, 777 10, 685 10, 871 11, 565 11, 735 11, 633 11,463 11,455 11, 589 11, 652 11,737 11,807 11,790 11, 753 11,671 11,611 11,587 11, 452 11,470 11, 547 ' Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and 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, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments. * Preliminary estimates. Sources: Department of Labor and Board of Governors of the Federal Eeserve System. 8 AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES The average workweek of factory production worker although no change is usual between these months. cse from 40.4 hours in February to 40.7 hours in March, HOUR PER W E E K HOURS PER WEEK DURABLE MANUFACTURING NONDURABLE MANUFACTURING 1955 1954 1953 1955 SOURCE: DEPARTMENT OF LABOR, COUNCIL OF ECONOMIC ADVISERS [Hours per week, for production workers or nonsupervisory employees] Manufacturing r "R-n-ilrHTirr JDUUQling Period 1939 -- -1946 1947 _ _ _ _ _ _ _ _ _ _ _ _ _ 1948 _ _ _ _ _ _ _ _ _ _ _ .. 1949 1950 _ _ _ .. .. 1951 • 1952 _ _ _ _ _ 1953 1954 3 1954: FebruaryMarch _ _ __ April May June July ._ August.*. _. September October _ _ - __ November December 1955: January-.-.2 February _ March 2 _ _ _ _ Total .__ _ _ . __.._ _ _ _ Durable goods 37. 7 40. 4 40.4 40. 1 39. 2 40. 5 40. 7 40. 7 40. 5 39. 6 39. 6 39. 5 39. 0 39.3 39. 6 39. 4 39. 7 39. 7 39. 9 40. 2 40.5 40. 2 40.4 40. 7 » Data beginning with January 1948 are not strictly comparable with those for earlier periods. • Preliminary estimates. Source: Department of Labor. 38. 0 40.2 40.6 40. 5 39. 5 41.2 41. 6 41. 5 41,3 40. 2 40. 2 40. 0 39. 7 39. 9 40. 0 39. 7 40. 1 40. 1 40. 4 40. 8 41. 1 40. 9 41. 1 41.4 Nondurable goods construction 37.4 40.5 40. 1 39.6 38. 8 39.7 39.5 39. 6 39. 5 39. 0 38. 8 38.8 38. 1 38.5 38. 9 39. 0 39.2 39. 3 39.2 39.5 39.7 39.3 39.6 39. 7 32. 6 38. 1 37.6 *37. 3 36. 7 36. 3 37.2 38. 1 37. 0 36. 2 36.0 36.4 36.5 36.7 37. 1 36.9 37.0 36.0 36.6 35.8 36.0 35.2 34.7 (s) I Not available. Retail trade 42.7 40.7 40.3 40. 3 40. 4 40. 5 40.2 39. 9 39.3 39. 2 39. 1 39. 1 39. 1 38.9 39. 3 39.8 39.7 39.2 38.9 38.7 39.5 39.0 39. 1 (*) AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were $1.85 in March, 1 cent more than in February and 6 cents more than in March a year ago. ,RS PER HOUR DOLLARS PER HOUR NONDURABLE MANUFACTURING I952 EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE I954«IOO. SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC, ADVISERS [For production workers or nonsupervisory employees] All manufacturing Period Current prices $0, 633 1939 1.086 1946 1.237 1947 _ 1.350 1948 1.401 1949 1.465 1950 1951 _ 1. 59 1.67 1952 1.77 1953 3 . 1954 -_ 1.81 1. 80 1954: February 1.79 March 1.80 April1. 81 Mav June. 1.81 1.80 July August__ _ _ 1.79 September . . 1.81 October . 1.81 November. 1. 83 December 1. 83 1. 84 1955" Jan uary 3 1. 84 February 8 L 85 March ___ __ 1954 prices 1 $1. 224 1.496 1.487 1. 508 1.579 1.637 1. 64 1. 69 1. 78 1.81 1.80 1. 79 1.80 1. 81 1.80 1. 79 1. 79 1.81 1.82 1.83 1.84 1. 85 1.85 (4) Durable goods manufacturing Current prices $0. 698 1. 156 1.292 1. 410 1. 469 1.537 1.67 1.77 1.87 1.92 1.90 1.90 1.90 1. 91 1.91 1.91 1.91 1.93 1. 93 1.94 1.95 1.96 1.96 1.97 1954 prices l $1. 350 1. 592 1.553 1. 575 1.656 1. 717 1.73 1.79 1.88 1.92 1.90 1.90 1.90 1. 91 1.90 1. 90 1.91 1.93 1. 94 1.94 1.96 1.97 1.97 (4) Earnings In current prices divided by consumer price Index on base 1054«100. 3 Data beginning with January 1948 are not strictly comparable with those for earlier periods. Source: .Departmentfof'Labor. 10 Nondurable goods Building Retail trade manufacturing construction Current 1954 Current 1954 Current 1954 l prices prices l prices l prices prices prices $0. 582 $1. 126 $0. 932 $1. 803 $0. 542 $1. 048 1.478 1.015 1. 398 2.036 1.230 .893 1. 171 1.407 2 1.681 2 2.020 1.213 1.009 1.278 1.428 1.216 2. 065 1. 848 1.088 1.325 1.494 1.282 2. 182 1. 935 1. 137 1.378 1.540 2.031 1. 314 1. 176 2.269 1.48 2. 19 1.26 2.26 1. 53 1.30 2.31 1. 54 1.56 1.32 2.34 1.33 1. 61 2. 48 1.61 1.40 1.40 2.49 1. 66 2. 60 1. 66 2. 60 1.45 1.45 1.65 2.59 1.43 2.58 1. 65 1.43 1.65 1.43 2.59 1.43 1. 65 2.59 2.58 1.65 1.65 2. 59 1.43 1.43 1. 66 1. 66 2. 58 2.57 1.45 1.45 1. 66 1.66 2. 58 1.46 2.57 1.46 1. 66 1. 66 2.58 1.47 1.47 2.57 1.65 1. 65 2.60 1.47 2.59 1.47 2. 62 1.66 1.66 2.62 1.47 1.47 1.66 1. 66 2.63 2. 64 1.47 1.47 1.67 2.63 2.64 1. 67 1.46 1.46 2. 65 1. 68 1. 67 2.66 1.44 1.45 1.68 2. 65 1.69 2.66 1.48 1.49 1.68 1.69 2.65 2.66 1.48 1. 49 4 4 1. 68 () () (4) (4) (4) * Preliminary estimates, Not available. 4 AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings of factory production workers reached $75.30 in March, setting a new all-time high. figure is $4.59 above that of a year earlier. DOLLARS PER WEEK This DOLLARS PER WEEK NONDURABLE MANUFACTURING 1952 I 1953 I 1954 I 1954 1955 I 1955 J/ EARNINGS IN CURRENT PRICES DIVIDED if CONSUMER PRICE INDEX ON BASE I9S4 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR. [For production workers or nonsupervisory employees] All manufacturing Durable goods manufacturing Period 1939 1946 1947 1948 1949 _. 1950 1951 1952 _ . 1953 1954s . 1954* February March April M av June July - August September October November December 1955* January 3 February March 3 1954 Current 1954 Current prices prices! prices prices * $23. 86 $46. 15 $26. 50 $51. 26 64.04 46. 49 60.36 43.82 63.05 52.46 _ 60.06 49.97 63.81 57. 11 60.49 -- — 54. 14 65. 42 58.03 61.92 54.92 63.32 70.75 66.29 59.33 71. 84 66.92 69.47 64. 71 74.28 73.46 68.73 67.97 77.23 77. 46 71.91 71.69 77.01 77.01 71. 64 71. 64 76.23 76.38 71. 14 . _ _ 71.28 76.00 76.00 70. 71 70.71 75. 58 75.43 70.34 70.20 76. '06 76.21 70.99 71. 13 76. 17 76.40 71.47 71. 68 75. 60 75. 83 70.71 70. 92 76. 44 70.92 76.59 71.06 77.47 77.39 71. 93 71.86 77. 97 78. 20 72. 44 72.22 79. 15 79. 31 73.42 73.57 80.47 80. 15 74. 42 74. 12 80. 48 80. 16 74. 27 73. 97 80. 88 74. 64 80. 56 74. 34 4 81. 56 75. 30 (4) () i Earnings in current prices divided by consumer price Index on base 1954=-100. »Data beginning with January 1948 are not strictly comparable with those for earlier periods. Source: Department of Labor. Building Nondurable goods Retail trade construction manufacturing 1954 ! 1954 Current Current 1954 Current prices l prices prices * prices prices prices $44. 76 $21. 78 $42. 13 $30. 39 $58. 78 $23. 14 50.07 36. 35 77.47 56. 24 56.67 41. 14 48. 87 40.66 76.08 56.44 2 63.30 46.96 48.99 43. 85 68. 85 2 76. 93 56.55 50. 61 51.78 45.93 79. 99 70.95 57.96 51.41 53.22 47.63 82.38 73.73 61. 13 54. 71 52.38 50. 65 84. 25 81.47 58.46 60. 46 53.26 52. 67 88.99 88.01 61. 66 60. 98 55.02 55. 19 92. 04 91. 76 63. 79 63. 60 56.86 56.86 94.26 94. 26 64. 58 64.58 55. 80 55.91 93.24 93.05 64.02 63. 89 55. 91 55.91 94. 28 64.02 94. 28 64.02 56. 02 55. 91 94.36 94. 17 63. 00 62.87 56.30 56.41 94. 50 94.69 63.78 63.91 57.21 57.38 95.72 95.43 64. 38 64.57 58.33 94. 92 58. 51 95.20 64. 55 64.74 58.44 58.36 96.01 96. 20 64.55 64. 68 57.68 57.62 94.32 94.41 65. 31 65. 24 57.35 57. 18 96. 55 96.26 65.27 65. 07 56.61 56.50 94.34 94. 15 66. 10 65.97 57. 11 56.88 95.78 95.40 66.57 66.30 57.95 57. 72 93.65 93. 28 66.29 66. 02 58. 10 92. 33 57.87 66. 80 91.4 96 66. 53 66.70 (4) (4) (4) () (4) • Preliminary estimates. * Not available. 11 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The increase in industrial production which began in September 1954 continued in March. The seasonally adjusted index, which was 135 (1947-49=100) in March, had recovered most of the 1953-54 decline. INDEX, 1947-49=100 INDEX, 1947-49 = 100 1955 I960 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [1947-49=100, seasonally adjusted] Total industrial production Period 1939.. 1946.. 1947 1948 1949 _ 1950 _ 1951 1952 1953 19541 1954: February March April May June July August September October November. _ ._ December 1955: January February March * 1 Preliminary estimates. 12 _ __ __ . _. _ __ . 58 90 100 104 97 112 120 124 134 125 125 123 123 125 124 123 123 124 126 128 130 132 133 135 Manufactures Minerals Total 57 90 100 103 97 113 121 125 136 127 126 125 125 126 125 124 125 126 128 130 131 133 134 135 Durable 49 86 101 104 95 116 128 136 153 138 139 135 134 136 135 134 135 137 139 142 143 146 147 150 Nondurable 66 95 99 102 99 111 114 114 118 116 114 114 115 117 116 114 114 115 117 118 119 120 121 122 68 91 100 106 94 105 115 114 116 111 113 112 109 111 114 112 109 108 109 113 116 120 122 123 Source : Board of Governors of tae Federal Keserve System. FKUJLJUUT1UJM UJt" In March, production in most industries registered additional gains. 47-49*IOO, SEASONALLY ADJUSTED / LUMBER AND PRODUCTS 100 80 1952 1953 1954 1953 1952 1955 1954 1955 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [1947-49=100, seasonally adjusted] Durable manufactures Nondurable manufactures FabriTranspor- Lumber Textiles Primary cated Machintation and and metals metal ery equipprodapparel products ment ucts Period 193!K,__ _ 1947 _ _ _ _ _ 1948___ 1949 __ __ _ 1950 1951 - . 1952 1953 l 1954 ___ »> 1954: February March April. _ 53 103 107 90 115 126 116 132 108 _ May June July August September October November December 1955: January February March *_ __ _ 109 103 103 106 108 103 105 105 111 118 121 127 131 136 103 104 93 115 122 121 136 123 123 120 119 121 122 122 124 122 124 125 125 125 126 127 38 103 104 93 114 130 147 160 142 141 138 138 138 139 141 144 147 147 148 145 145 146 147 48 96 102 102 120 135 154 189 175 179 173 174 178 170 170 166 167 169 175 187 194 196 200 80 101 106 93 113 113 111 118 115 118 116 114 120 108 96 97 116 128 124 131 80 99 103 97 110 106 105 107 100 129 129 (2) 106 105 (2) 98 99 101 101 99 98 99 98 102 103 104 Paper and printing 96 103 101 114 118 118 125 125 123 124 125 126 126 126 126 127 127 127 127 129 131 132 ConChemical Foods, sumer and petro- beverdurable leum ages, and goods products tobacco 97 103 100 118 132 133 142 142 101 100 100 103 105 106 107 106 98 102 101 133 114 105 127 116 141 139 140 142 142 141 141 144 143 145 148 148 150 151 105 106 106 110 108 105 105 105 105 106 106 113 111 116 119 118 116 115 114 112 119 125 131 135 139 107 106 107 1 Preliminary estimates. 2 Not available. Source: Board of Governors of the Federal Reserve System. 60985—55 3 13 SELECTED WEEKLY INDICATORS Production according to several weekly indicators continued to expand in March and in early April. Steel production was at near record levels. Passenger car assemblies were at an all-time high and truck assemblies increased sharply. MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE) 3 STEEL BITUMINOUS COAL ,,'V-'^1954 0 I I ! I I I I SOURCES: AMERICAN IRON AND STEEL INSTITUTE. I DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Steel produced Cars and trucks coal mined power produced assembled (thousands) loaded Thousands Percent of distributed (thousands (thousands (thousands theoretical of net (millions of of short Total Cars Trucks of cars) of tons) capacity 1 kilowatt-hours) tons) 2 tons Period Weekly average: 1950 1951 ___ 1952 1953 _.. 1954 1954: March April May June July August September October November December 1955: January February. March •"» Week ended: 1955: March 5 12_ 19 2tt___ April 23 9 3 1 I 1,857 2,018 1,782 2, 141 1,694 1,646 1,625 1,687 1, 716 1,499 1, 505 1,591 1,738 1,886 1,875 1,995 2, 124 2, 253 96.9 100.9 85.8 94.9 71.0 69.0 68. 1 70.7 72.0 62.9 63. 1 66.7 72. 9 79. 1 78.6 82.7 88.0 93.3 6, 183 6,958 7,451 8,244 8,883 8,526 8,347 8,406 8,684 8,841 9, 122 9,040 9, 124 9, 240 9,645 9,936 9,902 9,796 1,687 1,772 1,548 1,521 1,304 1, 175 1, 126 1, 150 1,317 1, 184 1,288 1,379 1,410 1,498 1,502 1,444 1,463 1,376 748 779 727 735 652 602 624 674 670 658 677 687 726 671 610 631 644 656 214 229 213 241 237 235 235 245 239 200 247 236 255 255 227 243 260 270 154.2 129.8 106.8 141. 1 125.6 137.0 144. 1 144. 5 128.2 117. 6 116.4 82.8 70.8 134.2 159.4 178.9 185.0 198. 1 128.4 102.7 83.4 118.0 106.0 115.0 122.0 122.3 109. 1 100.3 99.8 67.5 55.8 113.7 138.9 156.9 169. 2 174. 1 25.9 27.2 23.4 23.2 19.7 21. 9 22. 1 22.2 19.2 17. 3 16.5 15.3 15.0 20. 5 20.5 22. 0 15. 8 23.9 2,218 2, 24 1 2, 273 2, 202 2,278 2, 300 91. 9 92. 9 9-1. 2 93. 7 91. 4 95. 3 9,727 9, 726 9, S 1 4 9, 907 9, 804 1,297 1 , 397 1, 342 1, 317 1, 361 659 667 656 639 659 267 270 274 267 271 183.7 193.5 201.5 205.5 206.3 197.2 167.8 171. 3 176.2 178. 1 177.3 169. 3 15.9 22. 1 25.3 27. 4 29.0 27. 9 Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950; 1,928,721 beginning July 1, 1950; 1,999,034 beginning January 1, 1951; 2.077.040 beginning January l f 1952; 2,254,459 beginning January 1, 1953; 2.384,549 beginning January 1, 1954; and 2,413,278 beginning January 1, 1955. 1 Daily average for week. » Preliminary estimates. Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard Association, and Ward's Automotive Reports. 14 GROSS FKIVATfc UUMISSTiU According to preliminary estimates, gross private domestic investment increased by about $2M billion (seasonally adjusted annual rate) in the first quarter of 1955. A sharp rise in conslruction was only partially offset by a decline in producers' durable equipment. The decline in business inventories which started in late 1953 was arrested. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 70 70 SEASONALLY ADJUSTED ANNUAL RATES 60 40 Z 50 GROSS PRIVATE ^^ DOMESTIC INVESTMENT NEW CONSTRUCTION SUCTION is. 30 ^^ 20 10 CHANGE IN BUSINESS mf~r\ INVENTORIES J 1950 L J L 1953 1952 1951 1954 1955 J/PRELIMiNARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED). COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Period 1939 . _ 1946 -. - -. _ ... 1947 _ 1948 _ .. 1949 1950 .. _ 1951 1952 1953. _ _ _- . 1954 Total gross private domestic investment 9.3 27. 1 29.7 41.2 32. 5 51.2 56.9 50.7 51. 4 46. 1 Change in business inventories Fixed investment New construction Total 8.9 21. 0 30. 7 37.0 35. 3 43. 9 46.5 47. 0 49. 9 49. 8 Residential nonfarm Total 4, 8 10.3 14.0 17. 9 17. 5 22. 7 23. 3 23. 7 25. 5 27. 0 2. 7 4.0 6.3 8.6 8.3 12. 6 11.0 1 1. 1 11. 9 13. 3 Commercial and industrial l All other 2 1.2 4.2 4.9 5.7 5.3 5.7 7. 2 7. 5 8. 4 14- 3 0.8 2. 1 2.8 3.6 3.9 4.5 5. 1 5. 2 5.2 Producers' durable equipment Total Nonfarm 4.2 10.7 16.7 19. 1 17.8 21. 1 23. 2 23.3 24. 4 22. 2 0.4 6. 1 -1.0 4.2 -2.7 7.4 10.4 3.6 1.5 -3.7 0.3 6.4 1.3 3.0 -1.9 6.4 9.0 3.0 2. 2 -3.8 24.8 24. 0 22.7 22.4 21.8 21.7 21. 1 2.0 —4. 2 -4.2 -3.8 -4.8 — 1. 3 .0 2.9 -3.7 -4.2 -4.0 -5.0 — 1. 6 .0 Seasonally adjusted annual rates 1953: Third quarter Fourth quarter 1954: First quarter Second quarter Th ircl quarter Fourth quarter 1055: First quarter 3 _ _ 52.4 45. 5 44.5 45. 0 45. 3 49. 5 51. 9 50. 4 49. 7 48. 7 49. 4 50. 1 50. 8 51. 9 " Includes public u t i l i t y . Preliminary osl.imjil.es by Council of Economic Advisers. NOTIC.— Detail will not necessarily add to totals because of rounding. 3 12. 1 11.7 11. 7 12.8 14.0 14. 8 15.8 25.6 25. 7 26. 0 27.0 28.3 29. 1 30.8 2 8.5 5.0 5.4 8.6 8.8 5. 5 8.7 5.5 8.7 5.6 14. 3 15.0 Includes petroleum and natural gas well drilling. Source: Department of Commerce (except as noted). 15 EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to a survey made in January and February, expenditures for new plant and equipment in 1955 are expected to be $27 billion, or about 1 percent more than in 1954. Current plans suggest a 5 percent rise between the first and second quarters, with approximate stability for the rest of the year. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 30 20 MANUFACTURING^ COMMERCIAL AND OTHER PUBLIC UTILITIES* TRANSPORTATION I I I960 I 1952 I95I | 1953 •%EE NOTE 4 ON TABLE BELOW. SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE. | J L 1954 1955 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Manufacturing Period 1939 Total i Total . --- --- 5. 51 14.85 20.61 22.06 19.28 20.60 25.64 26. 49 28. 32 20. SH 27. 00 L 94 6.79 8. 70 9. 13 7. 15 7.49 10.85 11.63 11. 91 11. 0-i 10. 70 1954: First quarter. Second quarter Third quarter. __ Fourth quarter 1955: First quarter 4 __ 4 Second quarter Second half 4 27. -if) 20. 92 20. 84 26. 18 26.04 27.43 27.38 1 I. 02 I I. 09 1 0. OS 10.58 10. 24 10. 74 10. 91 1946 1947 _ 1948 1949 ._ 1950 . 1951 1952_ 1953 1954 1955 3 * Transportation Mining Durable NonduraRailroads Other goods ble goods 0.76 0.28 0. 36 1. 19 0.33 .92 .58 3. 11 3.68 .43 3.41 . 89 1. 30 5.30 .69 1.32 5.65 1.28 3.48 .88 1.35 2.59 .89 4.56 .79 1. 21 4.36 3. 14 .71 1. 11 1.49 1.47 5.68 .93 5. 17 5. 61 1. 40 6. 02 . 98 1. 50 . 99 6.26 5. 65 1. 31 1. 56 5. 09 . 98 1. 51 . 85 5. 95 4. 88 . 70 . 90 1. 50 5. 83 Seasonally adjusted annual rates 5. 40 (i. 22 I. 04 . 94 1. 57 . 91 1. 44 f>. IS 5. 90 1. 04 . 80 5. 00 5. 93 1. 51 1. 00 4. 80 .68 1. 53 . 91 5. 79 4.72 5.52 . 93 . 78 1.50 .78 1.47 4.86 . 88 5. 88 1. 52 . 74 4.97 5.96 .90 Public utilities Commercial and other 3 0. 52 . 79 1. 54 2. 54 2. 08 5. :w 3. 31 3. 66 3. 89 4. 55 4. 22 4. 38 7, 49 6. 90 6. 98 6. 78 7.24 7.09 8.00 8. 23 8.82 4.33 4.37 4. 12 4. 01 4.05 4.36 4.56 7.97 8.07 8.42 8.46 8. 53 9. 21 8. 77 a 12 i Excludes agriculture. * Commercial and other includes trade, service, finance, communications, and construction. * Annual total is sum of seasonally unadjusted expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part because of adjustments when necessary for systematic tendencies in anticipatory data. * Estimates based on anticipated capital expenditures as reported by business in January and February 1955. 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, Detail will not necessarily add to totals because of rounding. Sources: Securities and Exchange Commission and Department of Commerce. 16 NEW CONSTRUCTION First quarter expenditures for total new construction, seasonally adjusted, were at an annual rate of nearly $41 billion. Construction contracts awarded were about a third higher than in the first quarter of last year. BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL NEW CONSTRUCTION 0 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 1I I I I I I I I I I I I I I I I I _. ••*" 1 1 1 1 I M i l l »^£tnsj«»MtM«tti <••«•••• <•» « 1 1 1 ! i 1 1 1 1 1 i 1950 1 1 ! I 1 1 1 ! 1 1 1 OTHER PRIVATE^ 1 1 1 1 ! 1 1 1 1 1 1 1 1 1 1 ! 1 1 1 1 1 1 1 1 ! 1 1 1 1 1 1 1 1 1954 1955 1953 1952 1951 n — PRIVATE RESIDENTIAL-^.. (NONFARM) ,......••" ( „. ^— ^'•sw.'nsMMwii:? I I I I I I I t I I I SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Total new construction Period 1939 monthly average 1946 monthly average . 1947 monthly average 1948 monthly average 1949 monthlv average 1950 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 683 1,000 1,391 1,806 1,899 2,371 2,598 2,751 2, 938 3,098 Private construction Total private Residential (nonfarm) 366 803 1, 105 1,404 1,365 1,788 1.814 1,842 1,990 2, 143 223 335 526 715 689 1,050 914 925 994 1, 121 Other Federal, State, and local l 142 469 579 689 676 738 899 917 996 1,022 317 197 286 402 534 583 785 908 948 954 1,024 1,022 1,019 1,026 1,020 1,023 1,027 1,020 1,011 1,031 1,030 1,075 1, 107 1, 122 1,047 994 968 958 956 921 926 923 884 933 970 981 993 986 Seasonally adjusted 1954: February March April May June July August September October November December 1955: January Februarv March 3 „ 3, 051 3,005 3,027 3,089 3,078 3,094 3, 145 3,157 3, 105 3, 192 3,262 3,379 3,426 3,409 2,004 2,011 2, 059 2, 131 2, 122 2, 173 2,219 2,234 2,221 2,259 2, 292 2,398 2,433 2,423 980 989 1,040 1, 105 1, 102 1, 150 1, 192 1,214 1,210 1,228 1,262 1,323 1,326 1,301 Construction contracts awarded in 37 Eastern States 2 296 624 647 786 863 1,208 1,313 1,398 1,454 1,648 UnSeasonally adjusted adjusted 1,221 1,650 1,559 1,528 1,692 1,484 1,925 1,674 1, 733 1,605 1,837 1,611 1,573 1,527 1,816 1,579 1,965 1,946 1,499 1,743 1,829 1,905 2,033 1,504 1,581 2,137 2,135 2, 178 3 »Includes public residential construction. Preliminary estimates. « Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research, Omits small contracts, and covers rural area? less fully than urban. Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted). 17 HOUSING STARTS AND FINANCING APPLICATIONS In March, the number of nonfarm housing units started was 117,000, or over 20 percent higher than a year earlier, On a seasonally adjusted basis, private starts were at an annual rate of 1.4 million units. i/SEE f COUNCIL OF ECONOMIC ADVISERS SOURCE! [Thousands of units] New nonfarm housing starts Period Total 515.0 Annual total: 1939. _ _ 1946_ . . 670.5 931. 6 1948_-_ 1949- -J 1, 025. 1 1950_ _ _ 1, 396. 0 1951-.- 1, 091. 3 1952. ._ 1, 127. 0 1, 103. 8 1953 4 1954 _ _ 1, 220. 2 116.3 Monthly average: 1950_ 92.0 1953_4 101.7 1954 75. 2 1954" February 95.2 March 107.7 April 108.5 M ay 116.5 June -July 116. 0 114.3 Auiiust 115.7 Scr)tcm l)er 110.7 0c toiler 103.6 November 90. 6 December 4 88. 0 1955° January 4 90.0 February 4 117. 0 March Publicly financed 56.6 8.0 18. 1 36.3 43.8 71.2 58.5 35. 5 19. 4 3.6 3.0 1.6 1.3 2.0 1.2 1. 1 3.9 3. 1 1.3 2.3 .2 .3 .7 4 .2 4 1.4 4 .9 Total 458.4 662. 5 913.5 988.8 1, 352. 2 1, 020. 1 1, 068. 5 1, 068. 3 1, 200. 8 112.7 89.0 100. 1 73. 9 93.2 106. 5 107.4 112. 6 112.9 113. 0 113. 4 110.5 103.3 89.9 4 87.8 4 88. 6 4 116. 1 Privately financed Government underwritten VA Total FHA 158. 1 158. 1 2 69.0 152. 0 83. 0 396. 1 294. 1 22 102. 0 468.8 363.8 2 105. 0 200. 0 686. 7 486. 7 412. 2 263. 5 148.6 421.2 279.9 141. 3 252.0 408. 6 156. 6 307.0 583.3 276. 3 57. 2 40.6 16.7 34.0 13. 1 21. 0 25.6 48.6 23.0 14.2 30.5 16. 3 15.9 36.4 20.5 43. 6 19.8 23. 8 24.0 25.0 49.0 27. 9 55. 6 27.7 52.2 26.8 25. 4 33.3 60.3 27.0 33.9 25. 9 59.8 58.2 33.5 24.7 36.0 62. 4 26.3 29. 1 21.5 50.7 26. 1 20.0 46. 1 28.0 45.3 17.2 29.8 53.4 23.5 Proposed home construction Private, seasonally Applications adjusted for FHA comannual mitments l rates 167.8 121.7 293.2 327. 0 397.7 192. 8 267.9 253. 7 338.6 33. 1 21. 1 28. 2 1, 152 20.0 1, 130 28. 1 1, 102 32.3 1,083 30.3 1,175 35.2 1,188 30. 1 1,211 32.2 1, 248 34.8 1,287 29. 3 1,393 26.9 1,478 24.3 4 1, 424 25.6 4 1, 381 28.3 4 1, 407 35.6 i Units in mortgage applications for new home construction. a Estimated. »Not available. Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA). 18 4 Requests for VA appraisals (33) (3) (3) () (3) 164.4 226. 3 251.4 535. 4 21.0 44. 6 34.4 36.5 42. 9 52.2 52. 7 52.3 55.4 51. 3 45.6 47. 7 44. 3 46.2 64.2 71.9 Preliminary estimates. SALES AND INVENTORIES-MANUFACTURING AND TRADE Total inventories (seasonally adjusted) increased in February, with most of the increase occurring at the distributors' level. Manufacturers' sales rose in February, and new orders exceeded sales. Retail sales in February and March were slightly below the record December level, but were substantially above the levels of the corresponding months of 1954. BILLIONS OF DOLLARS, SEASONALLY ADJUSTED BILLIONS OF DOLLARS, SEASONALLY ADJUSTED TOTAL* AND MANUFACTURING r INVENTORIES* 1952 FOTAL SALES* 1953 1955 1954 INDEX, 1947-49- 100, SEASONALLY ADJUSTED DEPARTMENT STORES MANUFACTURING INVENTORIES INVENTORIES SALES o 1 1 1 1 1 1 1 1 1 1 19 52 ' SOURCES.! Period 1939 1946 1948.1949 1950.. 1951 1952 1953 6 _ 1954 __ _ 1954: January February March April May June July August « . September October November December 1955: January 6 February March6 1 L M 1 1 1 1 1 1 1 1953 1 M 1 1 1 | | 1 1 1 1954 1 1 1 1 1 1 1 1 1 1 1 1955 90 1 1 1 1 1 1 1 1 1 1 19 52 1 1 1 M 1 1 M 1953 M M i l l III 1954 ' COUNCIL OF ECONOMIC ADVISERS Manufacturing Manufacturing Retail and tradel InvenNew InvenInvenSales > Sales 2 Sales a tories * orders 2 tories * tories * Millions of dollars, seasonally adjusted 5,354 11,465 5, 112 5,534 20, 051 3, 503 10, 802 13, 694 24, 457 42, 892 8,541 11,852 12, 617 27, 150 17, 350 31, 693 17, 630 55, 612 10? 877 15, 828 36, 438 28, 860 52, 111 15,311 10, 893 15, 903 16, 416 34, 664 34, 314 19, 285 20, 980 5 11,974 5 19, 316 39, 917 5 64, 092 5 42, 904 24, 391 75, 268 22, 205 21, 239 44, 821 13, 185 44, 190 21, 592 23, 710 77, 109 13, 674 23, 046 46, 080 46, 722 23, 861 14, 228 25, 280 81, 072 22, 661 48, 836 43, 760 23, 975 14, 222 23, 080 77, 360 22, 090 47, 305 46, 382 20, 749 23, 902 13, 622 80, 690 22, 520 46, 450 46, 115 22, 016 13, 972 23, 620 22, 420 80, 390 46, 710 22, 859 45, 774 24, 064 80, 090 22, 560 13, 900 47, 090 23, 017 14, 242 45, 183 24, 418 22, 690 79, 520 47, 640 44, 798 22, 819 14, 044 23, 978 22, 800 79, 370 46, 910 44, 535 - 22, 876 14, 439 24, 260 79, 000 22, 600 47, 780 44, 194 22, 551 24, 055 14, 272 78, 350 22, 400 47, 420 22, 560 43, 929 23, 482 14, 150 78, 160 22, 450 46, 720 24, 463 23, 612 14, 214 43, 668 77, 790 22, 420 46, 980 43, 819 14, 071 23, 858 23, 141 77, 540 22, 000 46, 220 24, 361 24, 366 43, 811 14, 361 22, 080 77, 600 47, 990 43, 760 24, 826 25, 339 15, 123 77, 360 22, 090 49, 470 43, 625 24, 817 24, 910 14, 864 22,210 77, 350 49, 320 43, 643 14, 765 25, 686 25, 230 22, 360 77, 660 49, 490 14, 967 Department stores Inventories 4 Index 1947-49=100, seasonally adjusted 35 35 90 77 104 107 98 100 105 109 109 129 110 118 112 126 111 122 107 119 109 118 105 121 111 120 108 121 112 122 111 124 112 124 107 125 113 124 114 124 117 124 118 123 112 121 112 Sales 2 * Also includes wholesale, not shown separately In this table. * New series on retail trade beginning with 1951; not comparable with previous * Monthly average for year and total for month. data. Bee Survey of Current Business, September and November 1952, for detail * Book value, end of period. • Preliminary estimates. wuemii. < Book value, end of period, except annual data, which are monthly averages. *o Sources: Department of Commerce and Board of Governors of the Federal Reserve System. IO MERCHANDISE EXPORTS AND IMPORTS For the first 2 months of this year, commercial exports were 1 5 percent higher and imports 5 percent higher than in the corresponding period of 1954. MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1,800 1,800 1,600 1,400 1,400 1,200 1,000 1,000 I/SEE FOOTNOTES I AND 2 ON TABLE BELOW. 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... 1947 monthly average _ _ _ 1948 monthly average 1949 monthly average _ 1950 monthly average 1951 monthly average -_. 1952 monthly average 1953 monthly average 1954 monthly average 1954: February March April Mav June July „ August September October November _ December 1955: January February ,__ Total * _ 247 812 1,278 1,054 1,003 856 1,253 1,266 1,314 1,257 1,183 1,126 1,426 1,400 1,474 1,291 1,155 1, 112 1,264 1,248 1,314 1,163 1, 230 Excess of exports (+) or imports (— ) Grant-aid shipments 2 Excluding grant-aid shipments 54 96 757 1,182 24 89 166 293 188 184 203 167 264 359 268 200 153 104 85 98 85 95 833 1,164 1, 100 1, 022 1,069 998 923 1,258 1, 136 1, 115 1,023 955 959 1, 161 1, 163 1,217 1,078 1, 136 Merchandise imports 207 412 480 594 552 738 914 893 906 851 809 862 957 829 946 822 825 780 764 839 942 870 850 Total + 40 + 400 + 798 +460 + 452 + 118 + 339 + 373 + 408 + 406 + 374 + 264 + 468 + 571 + 528 + 469 + 331 + 332 + 501 + 409 + 372 + 293 + 381 Excluding grant-aid shipments + 345 + 702 + 95 + 250 + 207 + 116 + 218 + 189 + 61 + 301 + 307 + 168 + 202 + 130 + 179 + 397 + 324 + 275 + 208 + 286 i Includes shipments under the various grant-aid programs; for some of these programs separate data are not available. » Beginning with 1950, figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security Program. Shipments for the first 6 months of the program (July-December 1950) amounted to 282 million dollars. NOTE,—Petail will not necessarily add to totals because of rounding. 20 Sources: Department of Commerce and Department of Defense. PURCHASING POWER NATIONAL INCOME According to preliminary esfimafes, the increase in general business activity during the first quarter was reflected in a rise from the preceding quarter of about $3 1 A billion (seasonally adjusted annual rate) in employee compensation. Farm proprietors* income increased by $1 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 350 300 250 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT >-NET INTEREST .......U..—.— • — .L..—• — ... I — - — . 1955 -'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED). COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Period 1939 1946 1947 1948 1949 1950 1951 1952 . 1953 1954 -- 1953: Third quarter Fourth quarter 1954* First quarter Second quarter Third quarter Fourth quarter 1955: First quarter 2 1 2 Total national income Compensation of em-l ployees Proprietors1 income Farm Net interest 72. 8 179. 6 197.2 221. 6 216.2 240. 0 277.0 291.0 305.0 300.0 48. 1 117. 7 128.8 140. 9 140.9 154.3 180.4 195. 4 209. 1 207.3 2.7 7.3 4.3 6.2 21.3 13.9 19. 9 14.5 6.5 7.2 21. 6 16. 7 21.4 12. 7 7.9 13.3 22.9 8. 5 24.8 16.0 9. 1 14.2 25.7 10. 0 12. 2 26. 2 10.6 25.9 11.9 10.9 Seasonally adjusted annual 306. 2 299. 9 298. 9 299. 6 298. 8 2 302. 9 (3) 211.4 208.8 206.4 206. 6 207. 2 208.9 212.5 11. 1 12.3 13. 0 12.2 11. 6 11.0 12.0 Includes employer contributions for social insurance. (See also p. 23.) Preliminary estimates by Council of Economic Advisers. NOTE.—Detail will not necessarily add to totals because of rounding. Business and professional Rental income of persons 26. 1 25.9 25. 6 25.9 25. 9 26.3 26.5 10.6 10.8 10. 8 10. 9 10. 9 10.9 11.0 Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment 4.6 3. 1 3.8 4.5 5.2 5. 9 6.8 7.4 8.4 9. 1 rates 5.7 17.3 23.6 30.6 28. 1 35. 1 39.9 38.2 38.5 34.9 6.4 22. 6 29. 5 32.8 26.2 40.0 41.2 37.2 39.4 35.0 -0.7 -5.3 -5.9 -2.2 1.9 —4. 9 -1.3 1. 0 -1.0 -. 2 8. 6 8.9 9.0 9. 1 9. 2 9.2 9.3 38.3 33. 1 34. 1 34.9 33. 9 236.6 (3) 40.9 32.5 34.5 34, 5 34. 2 2 37. 0 (3) -2. 6 .6 __. ,| . -1 - - . *i • • - . -1 1. l> 3 Not available. Source: Department of Commons (i'ic«'t»t m noted). 21 CORPORATE PROFITS Corporate profits, both before and after taxes, rose in the fourth quarter of last year. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1955 ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT. ^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED). COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Corporate profits before taxes Period 1939 1946 . 1947 1948 1949 1950 1951 1952 1953 1954 _ .. - 6.4 22. 6 29.5 32. 8 26.2 40. 0 41.2 37.2 39.4 35. 0 Corporate tax liability 1.4 9. 1 11.3 12. 5 10.4 17.8 22. 5 20.0 21. 1 17. 2 Corporate profits after taxes Total 5.0 13. 4 18. 2 20. 3 15.8 22. 1 18.7 17.2 18.3 17.8 Dividend payments 3.8 5.8 6.5 7. 2 7.5 9.2 9. 1 9. 1 9.4 9.9 Undistributed profits 1.2 7. 7 11.7 13. 0 8.3 12. 9 9.6 8. 1 8.9 8.0 Seasonally adjusted annual rates 1953: Third quarter Fourth quarter 1954: First quarter _ _„ Second quarter Third quarter Fourth quarter 40.9 32.5 34. 5 34.5 34.2 *37. 0 21.9 17.4 17.0 17.0 16.8 U8. 2 i Preliminary estimates by Council of Economic Advisers. NOTE.—See p. 21 for profits before taxes and inventory valuation adjustment. Detail will not necessarily add to totals because of rounding. 22 19.0 15. 1 17. 5 17.5 17.4 U8. 8 9.5 9.6 9.6 9.6 9.8 10.4 9. 5 5.5 7.9 7.9 7.6 »8. 4 Source: Department of Commerce (except as noted). SOURCES OF PERSONAL INCOME In February, personal income reached a record rate of over $292 billion (seasonally adjusted annual rate). The major part of the increase over the January level occurred in labor income. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL PERSONAL INCOME LABOR INCOME „— X FARM PROPRIETORS' INCOME 1950 TRANSFER PAYMENTS 1953 COUNCIL OF ECONOMIC ADVISERS Total personal income Period 1939 1946 1948 1949 1950 1951 1952 1953 1954 - - -- - 1954: January February March April May June July August September _ _ October November... December—. 1955: January 4 February _ _ 72.9 178. 0 208.7 206. 8 227. 1 255.3 271.2 286. 1 286.5 284.9 285. 0 285.0 284.4 286.2 286.5 285.7 285.4 286. 6 286.3 289.3 291.4 291.4 292.4 [Billions of dollars] Labor income Proprietors1 income Less: PerRental (wage and sonal conPersonal Transfer salary distributions Business income Divi- interest payof bursements dends income ments for social Farm and proand other insurfessional persons labor income)1 ance 4. 3 2. 7 46. 6 5.8 3.0 7.3 3.8 0. 6 13.9 6.2 11.4 7.6 5.8 113. 8 21.3 2.0 7.2 16.7 137.9 9. 0 21.6 7.2 2.2 11.3 137.4 12.7 21.4 12.4 7.9 7.5 9.8 2.2 3 22. 9 9.2 13.3 10. 6 8.5 15. 1 150.3 2.9 9. 1 16.0 11.6 12.6 175. 6 24.8 9. 1 3.4 14.2 190.6 12. 3 25. 7 9. 1 10.0 13.1 3.8 12.2 26.2 204.4 9.4 10.6 13. 5 13.8 4. 0 11.9 25.9 10. 9 14. 4 202. 3 9.9 15. 9 4. 7 Seasonally adjusted annual rates 13.2 14.2 10.9 9.7 14. 8 201. 3 25. 5 4.7 10.8 9.6 13. 2 25.6 14.3 15.0 201.3 4.8 12.5 25.6 10.8 9.6 14.3 15. 8 201. 1 4. 7 14.4 11. 5 25.9 10.8 9.6 15.9 200.9 4.6 14.4 12.6 9.6 25.8 11.0 15. 8 201. 6 4.6 12.2 14.4 9.6 202. 1 26.0 10.9 15. 8 4.7 14. 5 9.7 11. 1 26.0 10.8 15.8 202.3 4.5 11.4 25.9 10.9 9.8 14.5 202. 1 15. 5 4. 7 14. 6 11.8 25.9 9.8 16.0 202.0 11.0 4. 6 10.4 14. 6 16. 5 202.7 25.9 10. 9 9.8 4. 6 11.2 26.2 9.9 10.9 14.7 204.7 16. 4 4.7 11.3 26.6 204.4 14. 7 11.0 11.5 16. 7 4. 7 12. 1 14. 7 26.4 11.0 10.0 16. 5 205.9 5.2 14. 8 10.0 16. 4 12.5 206. 5 26.4 11.0 5. 1 » Compensation of employees (see p. 21) excluding employer contributions for social insurance. * Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Detail will not necessarily add to totals because of rounding. Nonagricultural personal2 income 67.1 161. 1 188.5 190.8 210.5 235. 7 253.3 270.0 270.7 267.9 268.2 268. 8 269. 1 269. 7 270.3 270.6 270. 2 271. 1 272. 3 274. 6 276. 5 275.5 276. 3 s Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year. * Preliminary estimates. Source: Department of Commerce. 23 DISPOSITION OF PERSONAL INCOME Although personal income rose by over $3 billion (seasonally adjusted annual rate) in the first quarter, disposable income rose by about $4K billion, according to preliminary estimates. The difference was due to the delayed effect of the 1954 tax reductions and revisions. Consumer expenditures rose almost as much as disposable income, and the rate of consumer saving was unchanged. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 300 300 200 I955 "PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED). Less: Personal Disposable income Personal l taxes personal income Period 1939 1946 1947_ _ 1948 1949 1950 1951 1952 1953 ._ 1954 _ _ __- _- 1953: Third quarter Fourth quarter 1954: First quarter Second quarter. Third quarter Fourth quarter 1955: First quarter 2 _ _ ---. 72.9 178.0 190.5 208.7 206.8 227. 1 255.3 271.2 286. 1 286.5 287.5 287.3 285. 1 285.7 286.2 289.0 292.3 2.4 18.8 21. 5 21. 1 18.7 20.9 29. 3 34.4 36. 0 32. 9 Billions 36.3 36. 1 32.8 32.9 32. 9 33. 1 31.8 »Includes such items as fines, penalties, and donations. 2 Preliminary estimates by Council of Economic Advisers. NOIE.—Detail will not necessarily add to totals because of rounding. 24 Equals : Less: Personal consumption expenditures Equals: Saving as percent of disPersonal posable Nonsaving income Services Total Durable goods durable goods Billions of dollars 67.6 70.4 25.8 6.7 35. 1 46.2 146. 6 84. 5 159.2 15.9 93. 1 20. 6 165. 0 51. 3 169. 0 56. 7 177.6 22.2 98. 7 187.6 180.6 60. 1 23.6 96.9 188.2 194. 0 100. 4 65.0 28.6 206. 1 111. 1 70. 1 27. 1 226. 1 208.3 218.4 75.6 116.0 26.8 236.9 81.4 29.7 118.9 230. 1 250. 1 234.0 120.5 84. 6 253. 5 28. 9 of dollars, seasonally adjusted annual rates 231. 2 30. 3 82. 3 118. 6 251. 2 28.0 83.0 251.2 229.7 118.7 230. 5 28. 0 118.8 83. 6 252.3 233. 1 28.8 120.0 84.3 252.9 234. 8 121. 1 28. 9 84. 8 253. 2 237.7 122. 1 29.9 85.7 255. 9 242.0 33.0 122.5 86.5 260. 5 2. 9 12.6 4.0 10.0 7.6 12. 1 17.7 18.4 20.0 19.5 4.1 7.9 2.4 5.3 4. 0 5.9 7.8 7.8 8.0 7. 7 20. 0 21. 5 21. 8 19. 7 18.4 18.2 18. 5 8.0 8.6 8. 6 7.8 7. 3 7. 1 7. 1 Source: Department of Commerce (except as noted). PER CAPITA DISPOSABLE INCOME According to preliminary estimates, per capita disposable income in both current and constant dollars rose over 1 percent in the first quarter, continuing the increase begun in the latter part of 1954. DCJLLARS 2,000 DOLLA =?S 2,000 SEASONALLY ADJUSTED ANNUAL RATES 1954 PRlCES-^-X, *«~-~>-z**^~ 1,500 ^~ • — -^^^^ T 1,500 \URRENT PRICES ^^ 1,000 1,000 \ I 1 1950 1 i 1 1951 -%£E FOOTNOTE 2 ON TABLE BELOW, i 1 . 1952 1 i , 1 i 1954 prices 2 Current prices --- _ -- -_ 0 1 COUNCIL OF ECONOMIC ADVISERS Total disposable personal Per capita disposable perincome (billions of dollars)1 sonal income (dollars)1 Period - i 1955 ' SOUHCK. DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS- 1939 1946 1947 1948 1949 1950 1951 _ 1952 1953 1954 1 1954 1953 „ _ ___ __ _ . _ __ 70.4 159.2 169. 0 187. 6 188.2 206. 1 226. 1 236.9 250. 1 253.5 136.3 219.3 203. 1 209.6 212. 1 230.3 233.8 239.5 250.9 253.5 Current prices 538 1, 126 1, 173 1,279 1,261 1,359 1,465 1,508 1,567 1,561 1954 prices 2 Population (thousands) 8 1,041 1,551 1,410 1,429 1,422 1,518 1,515 1,525 1,572 1,561 131, 028 141, 389 144, 126 146, 631 149, 188 151, 683 154, 360 157, 028 159, 643 162, 409 Seasonally adjusted annual rates 1953: Third quarter Fourth quarter 1954: First quarter Second quarter Third quarter Fourth quarter 1955: First quarter 4 _ _ _ . . _ 251.2 251.2 250.9 250.4 1,570 1,562 1,568 1,557 160, 030 160, 768 252.3 252.9 253.2 255. 9 251.8 252.6 252.9 256. 7 1,563 1,560 1,555 1,564 1,560 1,558 1,553 1,569 161, 439 162, 075 162, 806 163, 582 260.5 261.5 1,586 1,592 164, 262 »Income less taxes. * Dollar estimates in current prices divided by consumer price index on base 1954=100. 4i Includes armed forces overseas. Annual data as of July l; quarterly data centered In the middle of the period, interpolated from monthly figures. Preliminary estimates. Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers. 25 FARM INCOME During the first 2 months of 1955, farmers received about 5 percent less from cash marketings and Government payments than a year earlier. Receipts from livestock and products were down 9 percent; receipts from crops were about the same as a year ago. BILLIONS OF DOLLARS 5 BILLIONS OF DOLLARS 5 i960 1955 NOTE: FARM INCOME CONSISTS OF CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS. SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIL OF ECONOMIC ADVISERS Parity index Farm income (prices paid, (millions of Cash receipts from marketings interest, taxes, dollars, and wage rates), 1954 prices) > Livestock and Crops 1954= 100 '» products 275 1, 625 44 . 377 2, 853 903 1, 144 74 1, 102 2, 944 85* 1,373 2, 730 1,095 93 1,423 1,049 2,634 89 1,280 1,029 2,620 91 1,331 1,099 1,634 2,757 100 1, 187 102 2,693 1,537 1, 179 2,663 99 1,439 1,106 100 2,518 1,390 1,276 1,421 2,715 100 698 2,020 100 1,308 554 2,016 101 1,458 506 101 1,915 1,395 1,995 536 101 1,450 719 2,109 100 1,351 929 2,205 100 1,258 1,111 2,481 100 1,358 3,190 1,780 100 1,398 2,032 3,541 99 1,465 1,655 3,223 99 1,517 1,474 2,837 99 1,305 2, 546 101 1,245 1,291 737 101 1,928 1, 179 Farm income (millions of dollars, current prices) Cash receipts and Government payments Period 1939 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 1954 monthly average 1954* January February March April - -« May June July _. August September __ . October _ November- _ - . December 1955: January. 3 . February _. «.-•- „_ 715 2, 111 2, 502 2,539 2,344 2,384 2, 757 2,747 2,636 2, 518 2, 715 2,020 2,036 1,934 2,015 2, 109 2,205 2,481 3, 190 3,506 3,191 2,809 2,571 1,947 »Converted from the reported base, 1910-14=100, to the base 1954=100. * Farm income in current dollars divided by parity index on base 1964=100. 26 « Preliminary estimates. Source: Department of Agriculture, CREDIT, MONEY, AND FEDERAL FINANCE BANK LOANS, INVESTMENTS, AND RESERVES In February, loans of commercial banks increased by $0.7 billion and total investments declined by $2.0 billion. The rise in loans was the largest for the month since 1951. 'Tree" reserves (excess reserves less borrowings at Federal Reserve Banks) continued to decline. BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS 120 80 120 80 BANK LOANS* 40 y 40 20 20 ^INVESTMENT IN OTHER SECURITIES I I I ( I I I I I I I 1950 1952 1953 1954 1955 END OF MONTH SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] All commercial banks End of period 1939 1949 1950 1951 1952 1953 3 1954 1954: January.. February March. April May _ . June__ 3 July 3 August 8 September October 8 November38 _ December 1955: January 3 3 February March 3 __ __ _ _ Total loans and investments 40. 7 120. 2 126.7 132. 6 141.6 145.7 156. 8 145.3 144. 9 142.8 144. 1 145.7 146.4 147.3 149.5 150.6 154. 1 155.8 156.8 156.5 155.0 Loans 17.2 43.0 52. 2 57.7 64.2 67.6 71. 2 66.5 66.9 67.1 66.8 67. 1 67.3 67.3 66.5 67.3 67.8 69.5 71.2 70.7 71.4 Total 23.4 77.2 74.4 74.9 77.5 78. 1 85.7 78.9 78.0 75.7 77.4 78.6 79.0 80.0 83.0 83.3 86.3 86.3 85.7 85.7 83.7 Investments U. S. GovOther ernment securities securities 16.3 7. 1 10.2 67.0 62. 0 12. 4 61.5 13.3 14. 1 63.3 63.4 14.7 69.5 16. 2 64. 2 14. 7 63.0 15.0 60.7 15. 1 62. 1 . 15.2 15.3 63.3 15.5 63.5 15.7 64.3 67.3 15.7 16.0 67.3 70. 2 16. 1 70.2 16.2 69.5 16. 2 69. 1 16.6 66.9 16.8 Weekly reporting member banks Business loans l 4.7 13.9 17.9 21.6 23.4 23.4 22.5 22.5 22.4 22.8 22. 2 21.9 21.9 21.5 20.8 21.0 21.0 22. 1 22.5 22.1 22.2 22.7 All member banks 2 BorrowReserve balances ings at Federal Required Excess Reserve Banks 0.0 6.0 4 4 1 17.0 8 1 8 15.6 3 8 18. 5 8 19.6 7 8 7 19.3 1 18.5 8 1 19. 2 9 3 18.9 6 2 7 18. 9 1 8 18. 6 2 7 18.8 1 9 18.8 1 8 18.3 1 17.6 8 1 8 17.6 1 18.2 7 2 18.4 8 2 7 18.6 3 18.4 7 18.2 6 4 5 6 18. 1 i Commercial, industrial, and agricultural loans; revised series beginning January 1952. * Preliminary estimates, * Data are averages of daily figures on balances and borrowings during the period. Member banks include, besides all national banks, those State banks that have taken membership in tne Federal Reserve System. NOTE.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Eeserve System. 27 CONSUMER CREDIT Total consumer credit outstanding decreased by $240 million in February, due to a seasonal decline in noninstalment credit. Outstanding instalment credit increased by $70 million, largely as a result of a contra-seasonal rise in automobile credit. BILLIONS OF DOLLARS 35 BILLIONS OF DOLLARS 35 1955 1950 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Total consumer End of period credit outstanding 1939 1946 1947 1948 1949 1950 _ 1951 1952 _ ... 1953 1954 1954: January— February.March April Mav Juno Julv AutniHl Sc'.pt.oinhor( N'tobt-r .. . N oYriiibi'r., ! i«*r-riiibrr. 1 M , ! , . ; ,!:» n u n i v 1 <• h u m t % 7.222 8,384 11, 570 14, 411 17, 104 20, 813 21, 468 25, 827 29, 537 30, 125 28, 724 28, 140 27, 833 28, 095 28, 372 28, 666 28, 725 28, 736 28, 856 2S, 1)75 2U, 200 HO. I2f, '",». 7('»n : l( i :,ix Instalment credit outstanding Total 4,503 4, 172 6, 695 8,968 11, 516 14, 490 14, 837 18. 684 22; 187 22, 467 21, 836 21, 582 21, 381 21, 426 21, 487 21, 717 21, 849 21, 901 21, 935 21, 952 22, 014 22, 467 Automobilel paper 1,497 981 1,924 3,054 4,699 6,342 6,242 8,099 10, 341 10, 396 10, 158 10, 010 9,919 9,942 10, 002 10, 168 10, 298 10, 349 10, 365 10, 340 10, 296 10, 396 Other Repair and consumer moderni- Personal zation loans goods loans a paper * 298 13088 1,620 405 1,496 1,290 1,910 718 2, 143 2,229 2,842 843 2,444 887 3,486 2,805 1,006 4,337 3,235 1,090 4, 270 3,851 1,406 5,328 4, 366 1, 649 5, 831 4,787 1,616 5, 668 4,346 1,635 5 7 697 4,361 1,623 5,588 1,614 4,405 5,443 4,454 1, 617 5,413 1,634 4,481 5,370 4, 547 1,635 5,367 4,586 1,637 5,328 4,616 1,642 5,294 4, 641 1,642 5,287 4,651 5,324 1, 637 4,689 1,631 5,398 4,787 1,616 5, 668 4,794 1,574 5, 609 4, 833 1, 550 5, 484 Noninstalment credit outstanding Total 2,719 4,212 4,875 5,443 5, 588 6,323 6,631 7,143 7,350 7,658 6,888 6, 558 6,452 6, 669 6, 885 6,949 6,876 6,835 6, 921 7,023 7, 195 7,658 7,324 7, 010 InstalInstalment ment credit3 Charge credit ex3 repaid accounts tended 1,414 2, 076 2,353 2,713 2,680 3,006 3,096 3,342 3,411 3,518 3, 002 2,682 2,564 2, 723 2,786 2,819 2, 773 2,734 2,807 2, 892 3,042 3,518 3,225 2, 831 8,495 12, 713 15, 540 18, 002 21, 256 22, 791 28, 397 30, 321 29, 304 1,947 * 1,956 2,380 2,400 2,397 2,703 2,549 2,477 2,441 2,454 2, 554 3,046 2, 389 2,416 1TJ, 43<i 10, 459 22, .r»OS 10, 041 •mini for ihr purpose of purchasing automobiles and other consumer goods and secured by the items purchased, nimnrlu! iiitttittiiiuiiH; those lu'ld by retail outlets are included in "other consumer goods paper." • f fa }»tiiml. Source: Board of Governors of the Federal Reserve System. 6,785 10, 190 13, 267 15, 454 18, 282 22, 444 24, 550 26, 818 29, 024 2,298 2,210 2,581 2,355 2,336 2,473 2,417 2,425 2,407 2,437 2,492 2,593 2,420 2,344 BOND YIELDS AND INTEREST RATES Yields on municipal and corporate bonds have been roughly stable in recent weeks. Rates on commercial paper increased at the end of March. Yields on Treasury securities declined in early March and rose during the latter part of the month and in early April. PERCENT PER ANNUM 4 PERCENT PER ANNUM 4 1950 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Period 1939 1948 1949 . ... 1950 1951 . 1952 1953 1954 1954: February . March April May_ _ June July _ August September October November December 1955* January. February March Week ended: 1955: March 5 12 19 26 April 2 9 _ - _ [Percent per annum] U. S. Government security yields High-grade 3-month Taxable bonds 2 municipal Treasury bonds s Old series 3 New series 4 bills1 0.023 2.76 2.44 2.40 1.040 2.21 2.31 1. 102 2.32 1.98 1.218 2.57 2.00 1. 552 2.68 2. 19 1.766 2.72 2.93 1.931 3. 16 2.53 .953 2. 70 2.37 2.60 .984 2.39 2.85 2. 51 1.053 2.38 2.73 2.47 2. 70 2.47 1.011 2.52 .782 2.72 2.49 2.54 .650 2.70 2.48 2.47 .710 2.62 2.31 2.48 .892 2.60 2. 23 1.007 2.51 2. 64 2.29 2.52 2.32 .987 2.65 2.55 2.29 .948 2.68 2.57 2.33 1. 174 2.68 2.65 1.257 2.39 2.76 4 2. 72 2.42 1. 177 2. 92 2. 92 2.71 1.335 2.45 1.417 1.231 1.286 1.366 1.374 1. 466 2.75 2. 72 2.69 2.69 2.73 2.77 1 Rate on new issues within period. 2 Bonds in this classification were first issued in March 1941. * Beginning April 1952, 2H>-percent bonds first callable after 12 years. Prior to that, only bonds due or callable after 15 years were included. COUNCIL OF ECONOMIC ADVISERS 2. 93 2.92 2.92 2.90 2.92 2.93 2.46 2. 45 2.45 2. 44 2.44 2.44 Aaa 3. 01 2.82 2.66 2.62 2.86 2. 96 3.20 2.90 2.95 2.86 2.85 2.88 2.90 2.89 2.87 2.89 2.87 2.89 2.90 2.93 2. 99 3.02 Baa 4.96 3.47 3.42 3.24 3.41 3.52 3.74 3. 51 3.61 3.51 3.47 3.47 3.49 3. 50 3.49 3.47 3.46 3.45 3.45 3.45 3.47 3.48 Prime commercial paper, 4-6 months 0.59 1.44 1.49 1.45 2. 16 2.33 2.52 1.58 2.00 2.00 1.76 1.58 1.56 1.45 1.33 1.31 1.31 1.31 1.31 1.47 1. 68 1.70 3.03 3.04 3.03 3.01 3. 00 3.01 3.48 3.49 3.49 3. 48 3.48 3.48 1. 69 1. 69 1. 69 1. 69 1. 74 1. 81 Corporate bonds ( Moody *s) 4 3H-percent bonds of 1978-83, issued in May 1953; and 3-percent bonds of 1995, issued in February 1955. « Standard and Poor's. Weekly data are Wednesday figures. OQ Source: Board of Governors of the Federal Eeserve System. "^ MONEY SUPPLY The privately held money supply decreased by $2.4 billion between January and February. entirely to a reduction in demand deposits which is usual at this time of the year. BILLIONS OF DOLLARS The decline was due BILLIONS OF DOLLARS END OF MONTH TOTAL DEPOSITS AND CURRENCY TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS ( PRIVATELY HELD MONEY SUPPLY ) 160 160 120 120 DEMAND DEPOSITS TIME DEPOSITS CURRENCY OUTSIDE BANKS ' 1952 COUNCIL OF ECONOMIC ADVISERS SOURCE:BOARD [Billions of dollars] Total deposits and currency End of period 1939 1946 1947. 1948 1949.. . ._ 1950 1951 1952 1953 4 1954 _ 1954: January February .. March April May. June 4 July 4. . . . August . 4 September 4 October November 44 December 1955: January 4 4 February 30 __ _ .. - . .. _. ... _ 64.7 167.5 172.3 172.7 173. 9 180.6 189.9 200.4 205.7 214. 5 203.5 202.4 201.3 202.3 203.6 205.3 204.8 206.3 207.7 211. 4 213.3 214.5 213. 5 212. 1 U.S. Government deposits 1 1.5 3.5 2.3 3.6 4. 1 3.7 3.9 5.6 4.8 5. 1 3.7 5.0 6. 1 5.0 5.6 6.8 4. 4 6.0 5.2 6.6 7.5 5. 1 4. 2 5. 1 Total excluding U. S. Government deposits (privately held money supply) Demand Currency Time deposits outside Total deposits 3 adjusted 2 banks 29. 8 27. 1 6.4 63.3 83.3 26.7 54.0 164.0 56.4 87. 1 26.5 170.0 85.5 57.5 169. 1 26. 1 58.6 25.4 85.8 169.8 59.2 92.3 176.9 25. 4 61.4 26.3 98. 2 186.0 65.8 27. 5 101. 5 194.8 102.5 70.4 200.9 28. 1 27.4 75. 1 106. 9 209.4 26.9 102.3 70.6 199.8 26.9 99. 6 71.0 197.4 26.9 96.7 71.7 195.2 98.6 26.7 72.0 197.3 72.5 98.7 26.8 198.0 98. 1 73.3 198.5 27. 1 100.0 73.7 200.4 26.8 26.9 99.4 74.0 200.3 26.9 74.4 101. 2 202.5 26.9 103. 1 74.7 204.8 104. 1 27.5 74.3 205.8 106.9 75. 1 27.4 209.4 107.2 75.4 209.4 26.8 104. 6 207.0 26.8 75. 6 • Includes U. 8. Government deposits at Federal Reserve banks and commercial and savings banks, and TJ. S. Treasurer's time deposits, open account. > 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. NOTK.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Reserve System. FEDERAL BUDGET RECEIPTS AND EXPENDITURES The cumulative budget deficit through February of the current fiscal year was $9.0 billion, compared with $8.2 billion at the same time a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL BUDGET EXPENDITURES 50 25 1950 1951 1952 1953 1954 1955 1950 1951 1952 1953 1954 1955 •HO NATIONAL SECURITY PROGRAMS BUDGET SURPLUS {+) OR DEFICIT (-) (MAGNIFIED SCALE) -5 1950 1951 1952. 1953 1955 19 1950 1953 1954 1955 FISCAL YEARS * ESTIMATED SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Net budget receipts Period ? seal v *ar 1944 ' srnl v »ar 1947 •' H -nl v '.fir 1948 ' ' H - I I ! v -ar 19-10 „ _ . _ ... •' :, -ill v -a r 1950 •'1 s -id v «.ar 1951 ^ •»! v 'jir 19f>2 '* i< *nl vear 1953 <'h 'ill vc'ar 1954 •'in *al vear 1955 (estimated) 1954; January_ FebruaryM arch April _ _ May June _ . July August September . . _ _ October ... November December 1955: January.. ._ February. Cumulative totals for first 8 months: Fiscal year 1954 Fiscal year 1955 _ __ .. . , . 43. 6 39. 8 41.5 37.7 36. 5 47. 6 61.4 64.8 64.7 59.0 5.0 5. 4 11.4 2.8 3.6 10.6 2.8 3.9 5.0 2.6 4.2 3.7 4.7 5.4 36.2 32.4 Budget expenditures National Total security l 75. 8 95. 1 14.4 39.0 11.8 33. 1 12. 9 39.5 13.0 39.6 44. 1 22.3 43.8 65.4 74. 3 50.3 46.5 67.8 40.6 63.5 5.2 3.8 3.6 4.7 3.9 5.6 3.7 5.3 5.2 3.3 7.3 4.5 3.2 4.8 6. 7 3.4 3.3 5.0 3.3 4.9 3.3 3.8 3.7 6.3 3.2 4.9 3. 1 4.8 44.4 41.3 31. 1 26. 4 Budget surplus (-f) or deficit (— ) Public debt (end of period) * -51.4 + .8 + 8.4 -1.8 -3. 1 -f3. 5 -4.0 -9.4 -3.1 -4.5 -.2 +.7 -f5. 9 -2.5 — 1.6 -f-3. 3 -2.0 -2.8 —.1 -2.2 +.4 -2.5 3 + .6 202. 6 258.4 252.4 252.8 257.4 255.3 259.2 266. 1 271.3 274.4 274.9 274.9 270.3 271. 1 273.6 271.3 271.0 275.0 274.8 278.8 278.9 278.8 278.5 278. 2 -8.2 9.0 274.9 278.2 i Revised to include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1966. These expenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation of critical and strategic materials. »Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation. NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates. The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis. Detail will not necessarily add to totals because of rounding. Sources: Treasury Department *nd Bureau of the Budget. Q1 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC For the calendar year 1954 the cash deficit was $1.1 billion, about $5 billion less than in 1953. The cash deficit for the quarter ending in December was $3.9 billion, reflecting to a considerable degree the seasonally low receipts during the first half of the fiscal year. BILLIONS OF DOLLARS 25 BILLIONS OF DOLLARS 25 1951 — M — EXCESS OF CASH RECEIPTS- 1 EXCESS OF CASH PAYMENTS- 1951 1954* 1952 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: BUREAU OF THE iuooEt AND TREASURY DEPARTMENT. [Millions of dollars] Cash receipts from the public Calendar year Calendar year total: 1946 1947 1948 _ 1949 1950 1951 _ 1952 1953 _ 19541 _ __„ Quarterly totals, not adjusted for seasonal variation: 1953: First quarter Second quarter _. Third quarter Fourth quarter 1 1954: First quarter Second quarter Third quarter Fourth Quarter ... „ __ _ . __ »_ _ __ Cash payments to the public Excess of receipts (+) or payments (— ) 41, 441 44, 282 44, 922 41 846 42, 419 59, 278 71, 339 70, 041 68 562 41, 399 38, 616 36, 897 42 642 41, 969 58, 034 725 980 76, 194 69 622 +42 4-5, 666 +8, 027 1 295 +450 + 1,244 — 1, 641 —6, 153 — 1 060 22, 539 18, 674 15, 357 13, 471 18, 166 21, 049 18, 870 18, 109 + 4, 373 — 2, 375 — 3, 513 —4, 638 23, 693 19, 115 13, 501 12. 253 16, 459 18, 431 18, 582 16. 150 + 7,234 + 684 — 5,082 -3,897 »Preliminary estimates. NOTB.—Detail will not necessarily add to totals because of rounding. Sources: Bureau of the Budget and Treasury Department. 32 For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C. Price 20 cents per copy ; $2.00 per year; $2.50 foreign. U. S. GOVERNMENT P R I N T I N G OFFICE; 1955