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