Full text of Economic Indicators : April 1956
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84th Congress, 2d Session
Economic Indicators
APRIL 1956
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 19S6
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 G. 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, Executive Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
RAYMOND J. SAULNIER
TOSEPH S. DAVIS
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. I. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled^ That the Joint
Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"
and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the
Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed
for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
11
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
Corporate Profits
Gross Private Domestic Investment. . . .
Expenditures for New Plant and Equipment
rage
1
2
3
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices
26
27
28
29
30
FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public
31
32
111,
A 70-page Historical and Descriptive Supplement to Economic Indicators, revised
November 1955, which describes each series and gives data for years not shown
in the monthly issues, is available for 40 cents a copy from:
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WASHINGTON 25, D. C.
Subscribers who wish to receive the monthly Economic Indicators at an earlier date
after release may wish to take advantage of provisions for airmail subscriptions.
Information on charges for this service may be obtained from: Mr. H. Rutland,
Chief of Mailing Lists, Superintendent of Documents, Government Printing Office,
Washington 25, D. C.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates of total income and expenditures show a moderate rise in over-all economic activity between
the last quarter of 1955 and the first quarter of 1956.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
300
250
250
DISPOSABLE INCOME^EXPENDITURES
200
200
Jpp
ISO
150
nl
i
I
I
I
I
I
I
I
I
BUSINESS
100
100
GOVERNMENT-FEDERAL, STATE, AND LOCAL
too
EXPENDITURES FOR
GOODS AND SERVICES
too
EXCESS OF
EXPENDITURES
RECEIPTS"
(LESS TRANSFER PAYMENTS)
50
50
l
1950
1951
1952
1953
1954
i i
1955
I
1
I
1956
J'NET 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. I£95, JOINT ECONOMIC REPORT, PR 92-93,99-105, AND THE 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, gross national product rose $1.7 billion (seasonally adjusted annual rate) between
the fourth quarter of 1955 and the first quarter of 1956. Consumption expenditures increased $2.2 billion and government purchases rose $0.3 billion, while gross private domestic investment declined $0.8 billion.
BILLIO MS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
400
400
.
,-—-1
300
-
~^~
ACROSS NATIONS iL PRODUCT
30O
***\
PERSONAL. CONSUMPTION EXPI:NDITURES
.-
•
^^ ^
—
200
4?
1 A
200
*- * •
-
GOVERNMENT PURCHASES
OF GOODS AN 3 SERVICES
<
100
^. — —
100
* —*
—"" ""
.— -
^=^-
,-,
!
,
-— -
GROSS PRIVATE DOMESTIC INVESTMENT'
0
0
•NETFOREIGNI MVESTMENT
\
\
1
t
1950
1
1
1951
1
!
1
1
|
1953
1952
|
.
i
|
^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
1939
1947
1948
1949
1950
1951,.
1952
1953
1954..
1955
;,
....
_
1954: Third quarter..
...*
Fourth quarter....
1955: First quarter
.
Second quarter
Third quarter
...
Fourth quarter
.
1956: First quarter 3J
I
I
I
U i
I
1955.
t
i
1956
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Personal Gross
Total
conNet
private foreign
gross
sump- domestic
national tion
investproduct expend- investment
ment
itures
Period
|
1954
91.1
232.2
257.3
257.3
285.1
32&2
345.2
364.5
360.5
387. 2
67.6
165.0
177.6
180. 6
1940
208.3
218.3
230. 6
236.5
252. 3
358.8
367.1
375.3
3848
392.0
397.3
399.0
237.9
241.0
245.8
250.5
255.7
257.2
259.4
Government purchases of goods and services
Federal
State
.and
Total* Total * National Other
local
security*
5.2
0.9
13.3
9.3
15.8
8.9
28.6
29.7
21.0
41.2
2.0
36.6
25. 4
.5
43.6
32.5
-2.2
22. 1
42.0
51.2
41.0
.2
62.8
56.9
-.2
543
77.5
49.6
-2.0
845
59.5
51.4
49.2
—.3
77.0
47.2
45.8
-.4
75.9
59.3
Seasonally adjusted annual rates
47.7
-.7
75.8
45.9
45.7
.9
745
50.7
46.4
-.4
54 1
75.8
7
45.2
60. 1
749
.0
45.5
75. 8
60.5
77.2
46.3
63.2
-.3
45.8
-.3
62.4
77.5
8.2
12.8
15.6
37.3
48. 8
51.4
43.2
40.8
3.9
3.8
5.6
6.6
3.9
42
5.8
8.5
6.3
5.4
19.9
21.8
23.2
25.0
27. 8
30. 1
42. 1
40.5
41.2
40.4
40.6
41.0
40.9
6.1
5.5
5.5
5.2
5.2
5.5
5.2
28.1
28.7
29.4
29.7
30.2
31.0
31.7
1.3
13.3
16.0
19. 3
ias
ia2
* Less Government sales.
> Includes expenditures tor military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Economic Report of the
President, January 1955 (p. 137), and National Income, 1954 Edition (p. 148). These expenditures are not comparable with the "major national security" category
in The
3 Budget of the U. S. Government for the Fiscal Year Ending June SO. 1957, and shown on p. 31 of .Economic Indicator*.
Preliminary estimates by Council of Economic Advisers.
.~Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
NATIONAL INCOME
According to preliminary estimates, compensation of employees rose about $2 billion (seasonally adjusted annual
rate) between the fourth quarter of last year and the first quarter of this year. Business and professional income, rents,
and interest rose slightly, while farm proprietors1 income declined.
BILLIONS OF DOLLARS
4001
"^
""""
BILLIONS OF DOLLARS
400
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL
INCOME
300
3PO
COMPENSATION
.OF EMPLOYEES'
EMPLOYEES-N.
200
200
100
PROPRIETORS' AND
> RENTAL INCOME
CORPORATE PROFITS AND—^.
INVENTORY VALUATION ADJUSTMENT
1950
1951
-1—1—1-
NET INTEREST
1953
1952
I
1954
I
1955
-'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED),
J
I
1956
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
national
income
Period
1939
1947
1948
.-.—
1949..
1950
.
1951..
1952,
1953
1954
1955,
Compensation
of em- 1
ployees
.
..
72.8
197.2
221.6
216. 2
240.0
277.0
289. 5
303. 6
299.7
322.3
48.1
128.8
140.9
140.9
154.3
180. 4
195.3
209.2
207.9
221.3
1954: Third quarter.. ..-Fourth quarter .....
1955 : First quarter . .
Second quarter _ _ _ _ _
Third quarter
..
Fourth quarter
1956: First quarter 2......
29a7
303.2
311.4
320.7
325. 7
2
330.6
(3)
207. 8
209.8
213.1
219.5
224.3
228. 0
230. 1
.
Proprietors' income
* Includes employer contributions for social Insurance. (See also p. 4.)
* Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Business
and professional
Farm
Rental
income
of
persons
Net
interest
2.?
4.6
7.3
3.8
19. 9
6.5
7.2
21.6
4.5
5.2
21.4
7.9
5.9
22.9
as
6.8
9. 1
24.8
9.9
25.7
7.4
8.8
10.3
25.9
9.5
10.5
25.9
10.5
10.7
27. 3
Seasonally adjusted annual rates
9.5
11.7
10. 6
26. 0
9.7
10.7
11.2
26.3
9.9
10.7
11.5
26.6
10.3
10.7
27.1
11.0
10.7
10. 7
10.6
27.6
11.2
10.8
10.7
28.0
11.6
10.4
10.8
28. 1
43
14.5
16.7
12.7
13.3
16.0
14.3
12. 3
12.0
11.0
3
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
6.4
29.5
32.8
2ai 26.2
35. 1 - 40.0
41.2
39.9
36.9
35.9
37.2
38.3
33.8
34.0
41.4
43.4
-0.7
-5. 9
-2. 2
1. 9
4. 9
-1.3
1.0
—LI
-.2
-2. 0
33.5
36.0
40.9
43.0
44.5
245.0
(3)
-.5
-.5
-1.3
-.8
-2.6
-3.1
-2.5
5.7
23.6
30.6
33.1
35.5
39.6
42.2
41.9
2
41.9
(3)
Preliminary estimates by Council ol Economic Advisers.
Source: Department of Commerce (except as noted).
SOURCES OF PERSONAL INCOME
Personal income rose about $% billion (seasonally adjusted annual rate) in February.
BILLIONS OF DOLLARS
3501
BILLIONS OF DOLLARS
i—;
SEASONALLY ADJUSTED ANNUAL RATES
^ 35Q
300
300
TOTAL PERSONAL INCOME*
250
250
LABOR INCOM Ex.
200
ZOO
150
ISO
FARM PROPRIETORS'
INCOME
50
[TRANSFER PAYMENTS
50
.BUSINESS, PROFESSIONAL, AND RENTAL INCOME
'DIVIDENDS AND PERSONAL INTEREST
1 M 1 1 - 1 1 11 1 I
1950
1 1 i II
1951
1
1952
1 1 LI
1 1 1 1 1 1 1
1953
• SOURCE: DEPARTMENT OF COMMERCE
Total
personal
income
Period
1939
1948
1949
1950..
1951
1952
1953
1954
1955
*
„__„
1955: February
March
April
May
.
June
..
July.. . - ..
August
September..
October
November
December...
1956: January
February
72.9
208.7
206.8
227.1
255. 3
271. 1
286.2
287.6
303.2
293.2
295. 7
298. 9
301.4
301.6
305.3
305.3
307.9
308.7
311.5
314.3
312. 7
313. 1
' ' ' i1955
'
1956
COUNCIL OF ECONOMIC ADVISERS
millions of dollars]
Labor income Proprietors1 income
Less: Per(wage and
Rental
con- NonagriPersonal Transfer sonal
salary disDivicultural
income
tributions
Business
interest
paybursements
of
dends income ments
for social personal9
Farm
and proand other
insurIncome
fessional persons
labor income)1
ance
46.6
43
0.6
67.1
2.7
3.8
3,0
5.8
7.3
18&6
16.7
2.2
137.9
9.0
7.2
21.6
7.2
11.3
137.4
2.2
12.7
12.4
21.4
190. 8
7.9
9.8
7.5
2.9
8.5
9.2
210. 5
22.9
10.6
150.3
13.3
* 15. 1
235.7
175.6
12.6
16.0
9.1
3.4
9. 1
11.6
248
190.5
143
253.1
9.9
3. 8
25.7
12.3
13.2
9.0
270.2
2046
12.3
140
3.9
13.8
25.9
10.3
9.3
271.9
12.0
45
16.2
202.8
10.0
25.9
10.5
147
11.0
11.2
5,2
17.2
215.5
10.7
15.6
288. 4
27.3
Seasonally adjusted annual rates
10.2
5.0
207. 1
11.7
17.0
10.7
277.7
15.1
26.4
209.4
280. 9
5. 1
It 1
15.2
17.4
10.7
26.7
10.4
5.1
283. 7
10.6
10.6
11.4
15.3
26.9
211.5
17.6
5.2
286.6
15.4
17.5
10.9
10.7
10.7
27.2
2142
287. 2
5.2
27.3
10.7
10.8
2149
17.1
15.5
10.5
2§1.7
5.3
10.8
15.6
219.4
10.7
16.9
9.8
27.5
290.8
218.2
5.3
15.7
16.9
10.7
10.6
11.0
27.5
10.6
5.3
293. 0
11.2
15.8
16.9
27.8
219.5
11.3
2944
10.7
11.5
5.3
10.7
28.0
16.0
220. 4
16.9
296.6
16. 1
10.7
5.3
11. 1
222.4
11.5
17.1
27.9
299.9
223.0
5.4
16.2
10.6
10.6
17.4
13.7
28. 1
5.7
298.6
28. 1
10.8
11.6
16.5
17.7
10.3
223. 4
5.7
16.7
298. 8
10. 8
17.8
10.6
223.2
28. 1
11.6
* Compensation of employees (see p. 3) excluding employer contributions for social insurance.
* Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividend"; paid by agricultural corporations,
NOT*.—Detail will not necessarily add to totals because of rounding.
1954
«Includes $2." billion National Service Life Insurance
dividend, most of which was paid in the first half of the year
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Although personal income rose by about $2 billion (seasonally adjusted annual rate) in the first quarter, disposable
income increased only $1 billion, according to preliminary estimates. The difference was due mainly to year-end
personal tax payments on 1955 income. Consumption expenditures increased more than $2 billion and the personal saving rate declined.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
250
200
£00
I 50
100 •
.*>*•
50
I960
1956
-^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
Equals:
Less: DisposPersonal Personal
able
income taxes1 personal
income
Period
1939
1947
1948
1949.
1950
1951
1952
1953
1954
1955
_
72.9
190.5
208. 7
206.8
227. 1
255.3
271. 1
286.2
287.6
303.2
... .
1954: Third quarter .
Fourth quarter
1955: First quarter.
Second quarter
Third quarter
Fourth quarter
1956: First quarter 2
_ _
_
..
..
287.3
290.8
293.6
300.5
306. 1
311.5
313. 6
2. 4
21.5
21. 1
18.7
20.9
29.3
34.4
35.8
32.8
33.9
Billions
32. 8
33. 1
32.6
33.4
34. 4
35.4 ;
36.5
i Includes such items as fines, penalties, and donations.
NOTE.—Detail will not necessarily add to total because of rounding.
75789—56
2
COUNCIL OF ECONOMIC ADVISERS
Less: Personal consumption
expenditures
Total
Saving
Equals: as percent
of disPersonal
posable
saving
NonDurable durable
income
Services
goods
goods
Billions of dollars
25.8
35. 1
6.7
70.4
67.6
93. 1
20.6
51: 3
169. 0
165. 0
22.2
98. 7
56.7
187.6
177.6
60. 1
23.6
96.9
188.2
180. 6
65. 0
100. 4
28.6
194 0
206. 1
111. 1
70.1
27.1
226. 1
208. 3
116.0
26.6
75.7
218.3
236.7
81.8
29.8
118. 9
250. 4
230.6
86.4
120.9
29.3
236. 5
254.8
125.9
35.3
91.2
269.4
252. 3
of dollars, seasonally adjusted annual rates
29.4
87.0
121.5
254.5
237. 9
122.5
30.4
88. 1
257. 8
241.0
122. 4
89.0
34.4
245. 8
261.0
90.2
125.3
35. 1
267. 1
250. 5
91.8
36.9
127. 0
271. 7
255. 7
93. 6
128.8
34.8
276.0
257. 2
34. 1
130. 0
95. 3
277. 1
259. 4
2.9
4.0
10.0
7.6
12.1
17.7
18.4
19.8
18.3
17. 1
4.1
2.4
5.3
4.0
5.9
7.8
7.8
7.9
7.2
6.3
16.6
16.8
15.3
16.6
16. 0
18.8
17. 7
6.5
6.5
5.9
6.2
f>. 1)
(1 8
'Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce (except as noted).
a i
PER CAPITA DISPOSABLE INCOME
Per capita disposable income (seasonally adjusted) was practically unchanged between the fourth quarter of 1955
and the first quarter of 1956, accordins to preliminary estimates.
DOLLARS
2,000 r~
DOLLARS
—I 2,000
SEASONALLY ADJUSTED ANNUAL RATES
1,500
1,500
CURRENT PRICES
ifpod
I,OOO
1950
1952
1951
1953
1954
Current
prices
......
1955
price! *
70.4
169. 0
187. 6
188. 2
206. 1
226. 1
236. 7
250. 4
254. 8
269. 4
....
..-
_.
.
COUNCIL OF ECONOMIC ADVISERS
Total disposable personal Per capica disposable personal income (dollars)1
income (billions of dollars)1
Period
939.
947.
948
949
950...
951 952
953
954
955
1956
1955
•^SEE FOOTNOTE 2 ON TABLE BELOW,
SOURCES: DEPARTMENT OF COMMERCE , DEPARTMENT OF LABOR , AND COUNCIL OF ECONOMIC ADVISERS.
..
135. 6
202.6
208.9
211.7
229.5
233. 3
238.8
250.7
254. 0
269. 4
Current
prices
538
1, 173
1,279
1, 261
1, 359
1,465
1,508
1, 568
1, 569
1,630
1955
prices8
Population
(thousands) *
1,037
1, 406
1,424
1, 418
1,513
1, 512
1,522
1, 570
1,564
1,630
131, 028
144, 126
146, 631
149,188
151,683
154, 360
157, 028
159, 643
162, 409
165, 248
1, 557
1,576
1,592
1,623
1,637
1,654
1,657
162, 806
163, 582
164, 262
164, 911
165, 628
166, 396
167, 074
Seasonally adjusted annual rates
954: TMrd quarter . ..
Fourth quarter
955: First quarter
Second quarter
Third quarter
.
Fourth quarter. .
.
956 : First quarter 4
.
•
__
...
..
2545
257.8
261. 0
267.1
271.7
276. 0
277. 1
253.5
257.8
261.5
267.6
271. 2
275.2
276. 8
1, 563
1,576
1, 589
1,620
1,640
1,659
1,659
i Income less taxes.
« Dollar estimates In current prices divided by consumer price index on a 1955 base.
«Includes armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
* Preliminary estimates.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
FARM INCOME
Gross and ncf farm income, seasonally adjusted, declined between the fourth quarter of 1955 and the first quarter of
1956, according to preliminary estimates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
40
30
20
NET FARM INCOME
INCL. ADJUSTMENT FOR
INVENTORY CHANGE)^
'X-.—-.*.,.
""•***»«--—«,
1950
1952
1951
1953
1954
1955
-^INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
Realized
gross farm
income J
Period
1939
1947
1948
1949
1950
1951
1952
1953
1954
1955
—
10.6
34.0
346
31.6
32.1
37.1
36.9
35.2
340
33.2
1954: Third quarter.
Fourth quarter
1955: First quarter
Second quarter
Third quarter..
Fourth quarter. ...
33.4
33.3
33.9
33,5
32.4
32.8
1956: First quarter8
32.6
....
.. _
....
- .
----
10
1956
COUNCIL OF ECONOMIC ADVISERS
Farm operators' income
Net income per farm (inNet income a
cluding adjustment for
Including
Excluding
Farm proinventory change)
adjustment adjustment
duction
1955
for invenfor invenCurrent
expenses
prices 8
prices
tory change 8 tory change4
Dollars
Billions of dollars
1,584
697
6.2
4.4
45
3, 032
2,632
17.2
16.8
15.5
3,318
3,049
15. 9
18.6
17.7
2, 526
17.9
2,248
12.9
13.7
2,695
12. 9
19.2
13.7
2,428
2,973
16. 1
2,919
22.3
14 8
2, 798
22.9
14 9
2,778
141
2,472
13.4
2,445
12. 8
21.8
2,403
22.2
12.3
2,413
11.8
10.8
2, 192
2, 192
22.4
11.0
Seasonally adjusted annual rates
2, 327
12.0
2,353
22.0
11. 4
2, 342
22.0
11.3
11.9
2,333
2,330
11.2
2,320
22.7
11.6
2,230
22.5
2,240
11.2
11.0
2,060
2,060
10.2
10.3
22.2
2,160
22. 1
10.7
2, 160
10. 8
22.2
10.4
10. 4
2, 120
2, 120
Number of
farms
(millions)8
6.4
5.9
5.8
5,7
5.6
5.5
5.4
5.2
5.1
* 5. 0
7
7
7
7
7
5. 1
5. 1
5.0
5.0
5.0
5. 0
4. 9
i Includes cash receipts from farm marketings, value of farm products consumed directly in farm households, gross rental value of farm dwellings, and Government payments to farmers.
> Excludes (a) farm wages paid to workers living on farms and (6) any income to farm people from nonfarm sources. These items in 1954 were as follows: (a) 2.0
billion dollars and (6) 6.7 billion dollars.
' Realized gross income less farm production expenses.
* Differs from farm proprietors' income on pages 3 and 4 because of revisions by the Department of Agriculture not yet incorporated into the national income
accounts of the Department of Commerce.
• Dollar estimates in current prices divided by index of prices paid by farmers for items used in family
living, on a 1955 base.
8
• For the quarterly data, the number of farms is held constant within a given year.
Preliminary estimates.
* Estimates by Council of Economic Advisers,
Source: Department of Agriculture (except as noted).
CORPORATE PROFITS
According to preliminary estimates, corporate profits rose slightly in tke fourth quarter of 1955.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
1956
1953
1950
I'NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
fBillionsof dollars]
Corporate
profits
before taxes
Period
1939
1947.
1948....
1949..
1950
1951
1952
1953.:
1954.
1955..
.
*. . .
.....
6.4
29 5
32.8
26.2
40.0
41.2
35.9
3&3
34.0
43.4
...
33.5
36.0
_.
_.
1954: Third quarter
Fourth quarter. ....
1955: First quarter.... .
Second quarter
Third quarter
Fourth quarter
..
._
40.9
43.0
44.5
M5. 0
Corporate
tax
liability
Total
Dividend
payments
1.4
5.0
3.8
18.2
6.5
11.3
7.2
12. 5
20.3
10.4
7. 5
15.8
22. 1
9.2
17.8
18.7
9. 1
22.5
9.0
16.1
19.8
17.0
9.3
21.3
17.0
10.0
17.1
11.2
21.6
21.8
Seasonally adjusted annual rates
10.0
16.7
16.8
10.6
18.1
17.9
20.5
21.6
22.3
1
22. 6
* Preliminary estimates by Council of Economic Advisers.
NOTE.—See p. 3 for profits before taxes and after inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
8
Corporate profits after taxes
20. 4
21.4
22.2
*22. 4
10.2
10.7
11.0
12.2
Undistributed
profit*
1.2
11.7
13.0
8.3
12.9
9.6
7.1
7.7
7.0
10.4
6.7
7.3
10.2
10.7
11.2
1
10. 2
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment declined $0.8 billion (seasonally adjusted annual rate) in the first quarter of this
year, according to preliminary estimates. A rise of about $1% billion in business fixed investment was more than
offset by reductions in residential construction and the rate of inventory accumulation.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
SEASONALLY ADJUSTED ANNUAL RATES
60
60
50
NEW CONSTRUCTION
30
20
PRODUCERS' DURABLE
EQUIPMENT
\
V
CHANGE IN BUSINESS
INVENTORIES
V
V
-10
1950
1951
1953
1952
1955
1954
•^PRELIMINARY ESTIMATES BY COUNCIL OP ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
1956
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939
1947
1948
1949
1950.
1951
1952
1953
1954
1955..-
Total
gross
private
domestic
investment
9.3
29.7
41.2
32.5
51.2
56.9
49.6
•51.4
47.2
59.3
Change in business inventories *
Fixed investment
New construction
Total
8.9
30.7
37.0
35.3
43.9
46.5
46.8
50.2
50.1
56. 2
Total
4.8
14.0
17.9
17.5
22.7
23. 3
23. 7
25.8
27.8
32.4
Residential
nonfarm
Commercial and
industrial l
All
other 2
Producers'
durable
equipment
2. 7
6.3
8.6
8. 3
12.6
11. 0
11. 1
11.9
13. 5
16.6
1.2
4.9
5.7
5.3
5.7
7.2
7.5
8.4
8.6
9.9
0.8
2.8
3.6
3.9
4.5
5. 1
5.2
5.4
5.7
5.9
4.2
16.7
19. 1
17.8
21. 1
23.2
23. 1
24.4
22.3
23.8
0.4
-1.0
4. 2
2. 7
7.4
10.4
2.8
1.2
-2.9
3.2
0.3
1.3
3.0
1. 9
6.4
9.0
2. 1
1. 9
-3.2
3.0
22.2
21.9
21.5
23.2
24. 9
25.5
26.8
-4.9
-.6
1.5
4.3
2.4
5.3
4.0
-5.4
-1.0
1.5
4.2
2.0
5. 1
4.0
Total
Nonfarm
Seasonally adjusted annual rates
1954: Third quarter....
Fourth quarter
1955: First quarter.
Second quarter
Third quarter
Fourth quarter
1956: First quarter 3
45.9
50.7
54. 1
60 1
60.5
63.2
62.4
50.7
51.3
52.7
55.8
58. 1
57.8
58.4
28.5
29.4
31.2
32.6
33.2
32.3
31.6
i Includes public utility.
'Includes petroleum and natural gas well drilling.
NOTE.—Detail will not necessarily add to totals because of rounding.
14.2
15.0
16. 1
16.9
17.2
16.2
15. 2
8.6
8.7
9.3
9.8
10. 2
10.3
10.4
5.7
5.7
5.8
5.9
5.8
5.8
5.9
3 Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce (except as noted).
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey, made between late January and early March, business expenditures on plant and equipment
are expected to continue to rise and reach $35.3 billion (seasonally adjusted annual rate) in the second quarter.
Outlays for the full year 1956 are expected to total almost $35 billion, 22 percent above 1955.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
~~
40
n 40
SEASONALLY ADJUSTED ANNUAL RATES
30
30
20
20
COMMERCIAL AND OTHER
PUBLIC UTILITIES ,
TRANSPORTATION •
I960
1951
1952
1954
1953
1956
1955
J/ SEE NOTE 3 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES; SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
[Billions of dollars]
Manufacturing
Total1
Period
1939
1947
1948
1949..
1950
1951
1952
1953
1954
1955
1956 »
...-
Total
5.51
20.61
22.06
19.28
20.60
25.64
26.49
28.32
26.83
28. 70
34.89
1.94
8.70
9.13
7.15
7.49
10.85
11. 63
11.91
11.04
11.44
15.04
1 955 : Third quarter
Fourth quarter
29. 65
31.45
11.97
12.48
1 956 : First quarter 3 3
Second quarter _..._
33.21
35.32
13. 66
15.40
— ...
_
_.
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.36
0.76
0.28
1.19
0.33
3.41
5.30
1.30
.69
.89
1.32
3.48
5.65
1.28
.88
1.35
2.59
456
.89
.79
3.14
1.21
4.36
.71
1. 11
5.17
5.68
.93
1.47
1.49
6.02
5. 61
1.50
.98
1.40
5. 65
6.26
1.56
.99
1.31
5.09
.98
.85
5.95
1. 51
5.44
.92
6.00
1.60
.96
1. 14
1.31
7.68
1.78
7.35
Seasonally adjusted annual rates
5.77
6.20
0. 99
0.96
1.60
6.00
1.08
6.48
1. 17
1.70
6.81
8.05
6. 85
7.35
1. 14
1.24
1. 18
1.30
1.71
1.67
Public
utilities
Commercial and
other *
3.66
a 89
4.55
4.22
431
499
2.08
7.49
6.90
5.98
6.78
7.24
7.09
8.00
8. 23
9.47
10. 64
443
448
9.70
10.54
484
5.01
10.68
10.70
0.52
1.54
2.54
a 12
a 3i
• Kxeludes agriculture.
> Commercial and other includes trade, service, finance, communications, and construction.
i Estimates bused on anticipated capital expenditures as reported by business from late January to early March 1956.
Norn—These figures do not agree with the totals included In the gross national product estimates of the Department of Commerce, principally because the
ver agricultural investment and also certain equipment and construction outlays charged to current expense,
v!l will not necessarily acid to totals because of rounding.
H«curifles and Exchange Commission and Department of Commerce.
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In line with seasonal expectations, total employment (inclusive of agriculture) rose by about % million between
February and March. Unemployment, which usually declines at this time of year, did not change appreciably.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
75
75
UNEMPLOYMENT
J~Z_
I I I I I ! I I i I I I I I I I I I I I I II
1956
1950
14 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total
Unemployment a Insured unemployment 4
Employment J 2
labor
Civilian
Tempoforce (in- labor
%of Thousands % of covered
rary 3
Period
Agricul- Nonagri- layoffs
civilian of persons employment
cluding
Total
force
Number
tural
labor
armed
cultural
(all pro(State proforces)
grams)
grams)
force
Thousands of persons 14 years of age and over 5
1939
9,610
36, 140
5. 1
9,480
17.2
55, 600 55, 230 45, 750
1949 _
8,026
50, 684
63, 721 62, 105 58, 710
6. 2
5.5
2, 470
185 3,395
7,507
52, 450
92 3, 142
1, 599
1950
64, 749 63, 099 59, 957
5.0
4.6
142 1, 673
6,805
54, 488
66, 560 62,966 61, 293
1, 064
2.7
2.9
1952
1953 „
6,562
167 1,602
55, 651
67, 362 63, 815 62, 213
1,058
2.5
2.8
1954
221 3, 230
6,504
54, 734
67, 818 64,468 61, 238
2,039
5.0
5.2
1,388
6,730
56, 464
133 2,654
68, 896 65, 847 63, 193
4.0
3.5
1955
5,692
54, 785
1,875
75 3,176
66, 840 63, 654 60, 477
5.0
4.7
1955: March6,215
55, 470
4.6
67,784 64, 647 61, 685
1,651
108 2, 962
4. 1
April....
6,963
55, 740
133 2,489
1, 392
68, 256 65, 192 62^703
3.6
3.8
May.-7,681
1,226
56, 335
107 2, 679
69, 692 66, 696 64, 016
3. 2
40
June...
1, 202
7,704
57, 291
3.1
157 2,471
3.7
70, 429 67, 465 64, 994
July
.
7,536
1,068
57, 952
173 2,237
70, 695 67, 726 65, 488
2.7
3.3
August .....
951
September — 69, 853 66, 882 64, 733
7,875
56, 858
116 2, 149
2.4
3. 2
October
57, 256
864
7,905
117 2,131
3.2
70, 250 67, 292 65,161
2.2
956
3.6
6,920
57, 887
86 2, 398
70, 164 67, 206 64, 807
2.4
November
5,884
1, 238
124 2, 427
3.6
58, 281
December — 69, 538 66, 592 64, 165
3.2
57, 256
5,635
1,606
4.4
145 2,885
68, 691 65, 775 62, 891
4. 1
1956: January
5, 469
57, 107
134 2, 914
1, 651
4.4
68, 396 65, 490 62, 576
4.2
February
6
5,678
57, 400
1, 578
153 2,834
«4. 1
4.3
March.
68, 806 65, 913 63, 078
i Includes part-time workers and those with jobs
but not at work for such reasons as vacations, illness,
bad weather, temporary layoff, and industrial disputes; eieludes armed forces.
^ See footnote 3.
* Temporary layoffs are shown separately so as to
afford a basis for further analysis of employment
and unemployment.
* Weekly average,
8 Data for 1949-53 (1953 revised series) based on 68area sample; beginning 1954, on 230-area sample.
Starting July 1955, data are for week containing
12th of month; previously, for week containing 8th of
month.
* Preliminary estimate.
Sources: Department of Commerce (labor force)
and Department of Labor (insured unemployment).
11
EMPLOYMENT
Employment in nonagricultural establishments increased somewhat less than seasonally between February and March.
As is usual at this time of year, employment in manufacturing did not change appreciably.
MtU-ICINS OF WAGE
AND «JALARY WORKERS
10.5
DURABLE
10.0
MANUFACTURING
NONDURABLE MANUFACTURING
.
1906
~~
MILL IONS OF WAGE
AND SALARY WORKERS
8.5
.
^
-
, 1955
^<*****
9.5
9.0
75
---^'^^^^^
^
x_^--
S.5
8.0
80
j
1
1
1
A
F ' M
1
M
J
1
1
J
I
A
I
1
6.0 ^
D
S O N
/^Z
jr
•
^— ^
1
J
1
F
1
.M
1
A
I
1
i
M
J
J
1
A
1
S
1
O
1
D
N
12.0
3.5;
CONTRACT CONSTRUCTION
WHOLESALE AND RETAIL TRADE
3.0
/
11.5
I95674
V
//
=ai:
^—
t.5
'
^
S
1956
11.0
'955-,
^**— ~
^'955
2.0
10.5
ISH
«*^.
-*»*^X°
^er^
1.5
^— —
1954*^
6.5
. - I . I
|965
^ f
-^
J
1
1
F
1
M
1
1
A
M
1
J
J
I
-
I
A
1
S
1
O
1
N
10.0 ^
D
J
1
1
F
1
M
-^
S^\S
.MJ^
*****^
~°
|Q54
1
A
.
1
M
1
J
1
U
SOURCE: DEPARTMENT OF LABOR.
Period
L939
1949
1950..
1952
1953
954
955
955: February..
March
April. _.._
May '
June
July .
August
SeptemberOctober...
November..
December.
956: January 2
February
.
March2
Total
adjusted
for
seasonal
variation
48, 470
48,760
48, 882
49, 242
49,514
43,638
49, 718
49,885
49,950
50,135
50, 228
50, 287
50, 280
50,211
30,311
43, 315
44, 738
48, 303
49, 681
48, 285
49, 399
47, 753
48, 212
48, 643
48, 918
49, 508
49, 420
49, 858
50, 322
50, 471
50, 629
51,311
49, 615
49, 542
49, 783
I
A
I
S
1
O
1
N
D
COUNCIL OF ICONOMIC ADVISERS
of waee and
Manufacturing
Total
I
Total
10, 078
14, 178
14, 967
16, 334
17, 238
• 15, 989
16, 552
16, 060
16, 201
16, 255
16, 334
16, 577
16,475
16, 807
16, 915
16, 999
17, 049
17, 026
16, 842
16, 821
16,807
worker* '
Uuverument
Contract Wholesale
and retail (Federal,
Durable Nondu- Mining construcState,
trade
tion
goods rable goods
local)
Not adjusted for seasonal variation
4,683
7,473
8,085
9, 340
10, 105
9, 120
9,538
9, 220
9,323
9,418
9,501
9,624
9,511
9,578
9,645
9, 762
9,867
9,889
9, 814
9,775
9,761
5,394
6,705
6,882
6,994
7, 133
6,870
7,014
6,840
6,878
6,837
6, 833
6,953
6,964
7,229
7,270
7,237
7, 182
7,137
7,028
7,046
7,046
845
918
889
885
852
770
748
737
739
739
742
760
749
754
758
751
754
754
747
748
749
1, 150
2, 165
2,333
2,634
2,622
2, 527
2,507
2, 169
2, 255
2,399
2,526
2, 615
2,701
2,746
2,748
2,685
2,580
2,422
2,267
2,252
2, 316
6,612
9, 513
9,645
10,281
10, 527
10, 498
10, 729
10,309
10,408
10, 549
10, 534
10, 643
10, 633
10, 638
10, 824
10, 909
11, 126
11, 753
10, 833
10, 741
10, 804
3, 995
5, 856
6, 026
6,609
6, 645
6,751
6,921
6, 873
6,922
6, 927
6, 881
6,851
6, 696
6,717
6,911
7,054
7,074
7, 315
7, 020
7,061
7, 110
Other
7.632
10, 686
10, 878
11,563
11,797
11,751
11,942
11,605
11,687
11, 774
11,901
12, 062
12, 166
12, 196
12, 166
12, 073
12,046
12, 041
11, 906
11, 919
11, 997
i Includes aU full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period
iding nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
ble not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 11) which include proletors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are
sedion an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
i Preliminary estimates.
O
NOTS.—Beginning with 1953. data are based on first quarter 1954 benchmark levels.
" Source; Department of Labor.
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of factory production workers declined from 40.5 hours in February to 40.3 hours in March.
It usually increases somewhat at this time of year. The decline occurred in both the durable and nondurable goods
industry groups.
HOURS PER WEEK
HOURS PER WEEK
DURABLE MANUFACTURING
1953
NONDURABLE MANUFACTURING
1954
BUILDING CONSTRUCTION
3 0 Lii i i i I I i i i i
i i t i I I i i ii
1954
1955
1956
1955
1956
RETAIL TRADE
I I I 11I I I I I
1955
SOURCE. DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing I
Period
1939
.
1947
1948
1949
1950
_
1951
1952
1953
1954
1955.
. .. - .
1955: February
_
March ...
April _
.
...
May
June July
August _
September
October
„- - -No vember~
December
1956: January 2
February
_
. __
March 2
Total
_._
_
_ -_.
_ . . _._
-
37. 7
40.4
40. 1
39. 2
40. 5
40. 7
40. 7
40. 5
39. 7
40.7
40.4
40.6
40. 3
40. 8
40. 7
40. 4
40. 6
40. 9
41. 1
41. 2
41. 3
40. 7
40. 5
40. 3
Durable
goods
38. 0
40.6
40. 5
39. 5
41. 2
41. 6
41. 5
41.3
40. 2
41.4
41. 1
41.4
41. 2
41. 6
41. 2
40. 9
41. 1
41. 4
41. 7
41. 8
42. 0
41. 2
41. 0
40. 8
» Data beginning with January 1948 are not strictly comparable with those for earlier periods.
• Preliminary estimates.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
75789—56
3
Building
Nondurable construction Retail trade
goods
37.4
40. 1
39. 6
38. 8
39. 7
39. 5
39. 6
39. 5
39. 0
39.8
39.5
39.7
39.0
39. 6
39. 9
39. 7
39.9
40. 1
40. 3
40. 3
40. 4
39. 9
39. 8
39. 5
32. 6
37. 6
*37. 3
36. 7
36. 3
37.2
38. 1
37. 0
36. 2
36. 1
34. 7
35.9
35. 4
36. 7
36.7
37. 2
36. 7
37.4
36. 3
34. 7
36 1
35. 1
35. 6
(3)
42 7
40. 3
40 3
40. 4
40 5
40.2
39 9
39.2
39.2
39.0
38. 9
38. 8
38 6
38. 8
39. 1
39 7
39. 6
39 1
38 7
38. 5
39 A
38 (5
38. (i
(a)
•Not available.
13
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $1.95 in March, 2 cents higher than in February
and 10 cents higher than a year earlier.
DOLL-ARS PER HOUR
DOLLARS PER HOUR
2.20 I
2.60
~
;
DURABLE MANUFACTURING
BUILDING CONSTRUCTION
1955 PRICES *
1955 PRICES^
1955
1954
1953
1956
1953
1954
1955
RETAIL TRADE
NONDURABLE MANUFACTURING
r*
CURRENT PFNOES.
^
^
P^T
^r
1955 PRICES'7
?*r"^
1954
1955
O Ll
1956
1955
1954
1953
EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1955 BASE.
SOURCE: DEPARTMENT OF LABOR.
1956
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees)
Durable goods Nondurable goods
Building
manufacturing
manufacturing
construction
Current
1955
Current 1955
Current
1955
1955
prices * prices prices1 prices prices! prices prices *
All manufacturing
Period
1939
1947
_
1948
1949
_
1950_._
1951
1952
1953—
1954
1955 .
1955* February
March.
April
May
June
July
_
August
September
October
November
December
1956: January. 3
February
March 3
14
Current
prices
$0. 633
1.237
1.350
_ > - _ _ -.- 1.401
1.465
1.59
1.67
_ - - _ 1.77
1.81
-.
1.88
1.85
1.85
1.86
1.87
1.87
1.89
.
1.88
1.90
1.91
1.93
1.93
1.93
1.93
1.95
.
$1. 220
1.483
1. 503
1.576
1. 631
1. 64
1.69
1.77
1.80
1.88
1.85
1.85
1.87
1. 88
1.87
1.89
1.88
1.89
1.90
1. 92
1.93
1.93
1.93
(4)
$0. 698
1. 292
1.410
1.469
1.537
1.67
1.77
1.87
1.92
2.01
1.96
1.97
1.98
1. 99
1.99
2.02
2.01
2.04
2.04
2.06
2.06
2.06
2.05
2.06
$1. 345
1.549
1.570
1. 652
1.712
1.72
1.79
1.87
1.91
2.01
1.96
1.97
1.99
2.00
1.99
2.02
2.01
2.03
2.03
2.05
2.06
2.06
2.05
(4)
$0. 582
1. 171
1. 278
1.325
1. 378
1.48
1. 54
1.61
1.66
1.71
1.68
1.68
1.69
1.70
1.70
1.71
1.70
1.72
1.72
1.74
1.74
1.75
1.75
1.78
$1. 121 $0. 932
1. 404
1.681
1.423 2 1. 848
1.935
1. 490
2.031
1.535
2. 19
1.53
1.55
2.31
1.61
2.48
1.66
2.60
2.67
1.71
1.68
2.65
1.68
2.63
1.70
2.63
2.63
1.71
2.64
1.70
1.71
2.66
1.70
2.67
2.69
1.71
1.71
2.70
2.71
1.73
1.74
2.73
2.74
1.75
2. 74
1.75
(4)
(4)
1
Earnings in current prices divided by consumer price index on a 1955 base.
> Data beginning with January 1948 are not strictly comparable with those for earlier periods.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor
$1. 796
2.016
2. 058
2.177
2.262
2.26
2.33
2.48
2.59
2.67
2.66
2.64
2.64
2.64
2.64
2.65
2.67
2.68
2.69
2.70
2.72
2.74
2.74
(4)
2
Retail trade
Current
prices
$0. 542
1.009
1.088
1. 137
1. 176
1.26
1.32
1.40
1.45
1.50
1.48
1.48
1.49
1.50
1.51
1.52
1.52
1.53
1.52
1.52
1.49
1.54
1.54
(4)
* Preliminary estimates.!
< Not available.
1955
prices *
$1. 044
1.210
1. 212
1. 279
1.310
1.30
1.33
1. 40
1.45
1.50
1.48
1.48
1.49
1.50
1.51
1.52
1.52
1.53
1.52
1.51
1.49
1.54
1.54
(4)
AVERAGE WEEKLY EARNINGS • SELECTED INDUSTRIES
Average weekly earnings of factory production workers rose from $78.17 in February to $78.59 in March, reflecting
the increase in average hourly earnings.
DOLLARS PER WEEK
DOLLARS PER WEEK
DURABLE MANUFACTURING
BUILDING CONSTRUCTION
CURRENT PRICES
NONDURABLE MANUFACTURING
RETAIL TRADE
70
65
1956
EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE,INDEX ON A 1955 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[For production workers or nonsupervisory employees]
Building
Durable goods Nondurable goods
Retail trade
construction
manufacturing
manufacturing
1955 l
Current
Current
Current
Current
1955
1955
1955
1955
prices l
prices1 prices prices l
prices
prices prices1 prices prices
$44. 59
$45. 97 $26. 50 $51. 06 $21. 78 $41. 97 $30. 39 $58. 55 $23. 14
48.75
40. 66
62. 90
59. 92
46.96
52.46
56.31 2 63.30 2 75. 90
48.83
43. 85
76. 67
50.61
63.60
57. 11
60.29
56.36
68. 85
51. 66
45.93
51. 41
65.28
79.81
70. 95
58. 03
57.83
61. 78
53.04
47.63
54.71
82. 10
70.51
63.32
66.07
60. 92
73.73
52.27
50.65
58.46
69.47
71.69
66. 78
84.08
60.33
81.47
52.67
53. 15
74. 13
60.98
68. 59
73. 46
88. 81
61. 53
88.01
54. 93
77.31
63. 60
54.88
71. 76
91.85
91.76
77.23
63.66
56.84
56.67
64. 74
76.95
93.84
94. 12
71.65
64.55
77.18
76.52
58.50
83.21
83.21
96.39
68.06
58.50
96.39
68.06
80.72
74.89
66.36
80.56
57. 69
66. 49
57.57
92. 14
91.96
81.72
66. 70
75.26
81.56
57.42
57.54
94.61
66.83
94.42
81.83
65.91
75. 19
66. 11
57. 68
93. 10
81.58
57.51
93.38
67. 32
83.03
76.53
58.38
67.52
82.78
96.52
58. 20
96. 81
76. 19
82.07
67.83
81.99
59. 10
96. 89
59.04
96. 99
67.90
76. 21
82.62
60.22
82.46
60.34
67.89
67.75
98.95
98.75
76. 33
82.61
82.61
60. 19
97. 99
67.83
60. 19
67.83
97.99
59.64
77.48
59.82
84.46
84.21
68.76 100. 61 100. 31
68.97
84.82
78.27
85.07
58. 64
69. 11
69.32
98.01
97.72
58. 82
70. 12
79.20
86. 11
58.29
85.77
58.52
69.84
94.04
93.67
86.52
86. 35
58.59
70.30
79.55
70. 16
98. 55
98.35
58.71
84. 87
84. 79
78.47
96. 17
69. 83
59. 38
59. 44
69. 76
96. 07
83.97
78.09
97. 54
59.44
84.05
97.44
69. 58
59.38
69.65
4
4
4
4
4
4
70.31
84.05
()
(4)
()
()
()
()
()
All manufacturing
Period
Current
prices
1939
.. $23. 86
1947
49. 97
1948
.
54. 14
1949
54.92
1950
..
.
59.33
1951
64.71
1952
.67.97
1953
... 71.69
1954
71.86
76.52
1955
...
1955: February..
74.74
March
75. 11
April . . _
74.96
May
76.30
June
76. 11
July .
76.36
August '.
76.33
September
77.71
October.
..
78.50
November.
.
79.52
December
79. 71
1956: January 3
78.55
February
78. 17
3
March
78.59
1
Earnings In
1
current prices divided by consumer price index on a 1955 base.
Data beginning with January 1948 are not strictly comparable with1 those for earlier perkxli.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
* Preliminary estimates.
' Not available.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The index of industrial production (seasonally adjusted) is estimated at 142 (1947-49=100) in March, 1 point
below the January-February level.
INDEX, 1947-49-100
180
INDEX, 1947-49= 100
180
160
I 60
140
I 40
120
I 20
100 -^
100
1950
1956
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1947-49=100, seasonally adjusted]
Total
industrial
production
Period
1939
1947
1948
1949
1950
1951
1952...
1953
1954 l
1955
.
___
_
.-_
1955: February
March
April
May
.
June *.
July.
August
-.
.
.
.
.
.
. . .....
September .
October
November
-December _
1956: January 11
February
March1 .
* Preliminary estimates.
16
Manufactures
Minerals
Total
Durable
Nondurable
58
100
104
97
112
120
124
134
125
139
57
100
103
97
113
121
125
136
127
140
49
101
104
95
116
128
136
153
137
155
66
99
102
99
111
• 114
114
118
116
126
68
ICO
106
94
105
115
114
116
111
122
133
135
136
138
139
139
140
142
143
143
144
143
143
142
134
136
138
140
141
141
142
144
145
145
146
145
144
143
147
148
151
153
155
155
158
160
161
161
161
160
158
157
121
124
126
127
128
126
125
128
129
130
130
129
129
129
123
121
119
121
122
120
121
123
123
125
129
131
131
131
Source: Board of Governors of the Federal Reserve System.
PRODUCTION OF SELECTED MANUFACTURES
In March, production of most durable manufacturing industries declined slightly.
factures was about the same as in January.
Production of nondurable manu.
INDEX, 1947-49 = 100, SEASONALLY ADJUSTED
INDEX, 1947-49 = 100, SEASONALLY ADJUSTED
240
180
220
TRANSPORTATION EQUIPMENT ^
200
180
CHEMICAL AND PETfiOLEUM
PRODUCTS
PAPER AND PRINTING
FOODS, BEVERAGES,
> AND TOBACCO
80
» TEXTILES AND APPAREL
1953
195.5
1954
1956
1953
1 1 1 1 1 1 1 1 1 1 1 1 i 11 i 1 1 1 i 1 1 1 1 iii 1 1 1 1 1 1
1954
1955
1956
, COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
11947-49=100, seasonally adjusted]
Period
Primary
metals
1939
1947.—
1948
1949
1950
1951
1952
.
1953......
1954
1955 l. .. ...
54
103
107
90
115
126
116
132
108
140
1955: February. .
March .
April
May
June -.
Julv
August
September . .
October.
November
_.
December. .
1956: January !.
J
February
March1
131
136
138
140
143
134
139
146
148
149
150
148
148
146
Nondurable
Durable manufactures
FabriTranspor- Lumber Textiles Paper
Machin- tation
cated
and
and
and
ery
metal
printprod- apparel
equipproducts
ing
ucts
ment
38
52
66
47
80
80
103
103
96
96
101
99
104
102
104
106
103
103
93
102
93
101
93
97
114
114
120
113
110
115
122
130
113
118
. 135
106
121
147
154
111
118
105
160
136
189
125
118
107
142
115
123
175
125
100
134
155
203
127
110
137
126
129
130
134
135
135
137
141
142
139
138
136
134
134
146
147
151
153
155
158
159
161
164
162
163
164
163
162
199
200
202
202
198
202
203
205
208
212
212
205
201
197
127
127
127
128
133
125
127
127
130
124
126
128
124
121
104
107
109
110 •
110
109
109
111
112
113
112
111
111
110
131
134
135
138
139
139
138
140
141
141
140
141
140
141
manufactures
ConChemical Foods,
sumer
and petro- bever- durable
leum ages, and goods
products tobacco
49
97
103
100
118
132
133
142
142
159
65
101
100
100
103
105
106
107
106
109
98
101
101
133
114
105
127
116
146
151
154
156
159
161
160
160
163
162
164
166
165
166
166
106
107
109
108
109
108
107
107
111
111
113
111
112
113
140
142
144
145
144
150
151
154
152
151
149
H3
137
183
i Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Steel production increased during March to a new record. Freight carioadings also increased. Production of electric
power and paperboard declined slightly, but remained at near peak levels. Car and truck assemblies dropped
slightly.
*
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
3
3
BITUMINOUS COAL
2 *
1954
J
F
M
A
M
J
J
A
S
0
N
D
THOUSANDS
.250
ELECTRIC POWER
12
CARS AND TRUCKS
1955
~t^—',
ft / ft
¥
— V">V
V/
^TH
to
v^y^S
^^A
100
. 1 •
S
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Weekly average:
1950
. .
1951
1952
1953
....
1954
1955
1955: March. ... ..
April
May
June
July
August
...
September
October .
November
December
1956: January
Februarv
March 3
Week ended:
1956: March 10
17
24
31
April 7 3
14 3____
O
N
D
COUNOl CM= iCC»«WAIC ADVISERS
Bituminous Freight Paperboard
Mectric
Cars and trucks
Steel produced
coal mined
power
produced assembled (thousands)
loaded
Thousands Percent of distributed (thousands (thousands
(thousands
theoreticall (millions of
of short
of net
Total Cars Trucks
of tons)
of cars)
capacity kflowatWiours) tons) a
tons
1, 857
2,018
1,782
2, 141
1,694
2, 245
2,253
2,288
2, 331
2,272
2,059
2,166
2,309
2,370
2,389
2,376
2,444
2,444
2,465
96.9
100.9
85.8
94.9
71.0
93.0
93.4
94.8
96.6
94.1
85.3
89.7
95.7
98.2
99.0
98.5
99.3
99.3
100. 1
6,183
6,958
7,451
8,244
8,883
10, 318
9,796
9, 658
9,741
9,986
10, 386
10, 816
10, 540
10, 635
10, 993
11, 348
11, 421
11, 336
11, 115
2,462
2,477
2,449
2,452
2,406
2,414
100. 0
100.6
99.5
99.6
97.7
98. 1
11, 133
11, 202
ll, 134
10, 992
10, 846
.
1,687
1,772
1,548
1,521
1,304
1,560
1, 378
1, 360
1,503
1,593
1, 567
1,595
1,632
1,609
1,752
1, 787
1,820
1,673
1,596
748
779
730
735
652
729
651
693
766
756
758
781
792
826
757
672
678
692
701
214
229
213
241
236
269
270
263
275
278
232
282
274
290
291
270
267
291
286
1542
129.8
106.8
141. 1
125.6
176.7
19ai
207.6
2042
168.1
183.8
149.2
131. 1
142. 1
197.9
172.9
162. 6
157. 1
154.2
1,588
1,538
1,655
1,713
4
1, 662
698
686
697
725
685
285
282
286
291
277
157.0
154.9
155. 0
149. 9
157.7
4
159. 3
128.4
102.7
83.4
118.0
ioao
152.7
174 1
177.0
173. 3
141. 8
158.0
128. 7
110. 3
119. 4
171.4
151. 1
138. 9
132. 7
130. 3
132. 8
131.2
131.3
125.8
133.4
135.0
25.9
27.2
23.4
23.2
19.7
240
23.9
30.6
30.9
26.2
25, 8
20.4
20.9
22.7
26.5
21.8
23.7
244
23.9
242
23. 7
23.7
24 1
243
24.2
»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 1,1952; 2,254,459 beginning January 1,1953; 2,384,549 beginning January 1,1954; 2,413,278 beginning January 1,1955; and 2,461,893 beginning
January 1,1956.
2 Daily average for week.
* Preliminary estimates.
* Not charted.
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.
18
NEW CONSTRUCTION
Total construction activity (seasonally adjusted) continued in March at about the level of January and February.
The rate of contract awards, which had increased sharply since last fall, declined slightly but was nearly 12 percent
higher than in March of last year.
BILLIONS OF DOLLARS
OF DOLLARS
| 50
50
SEASONALLY
ADJUSTED ANNUAL RATES
40
30
20
20
10
n 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 M I I I I I I I I I M I I I I I I I I I I I I I I I I II
I I I I I I I I I I I I I I I I M I I M I I I
PRIVATE RESIDENTIAL
(NONFARM) \^ f.
'"is
^
10
10
OTHER PRIVATE
INN
INN
1 1 1 1 1 1 1 1 1 1 1
1 1 I 1 1 1 1 1 II 1
1951
1952
1950
Mill
M i l l
i 1 1 I1 1 1 11 I1
1 II 1 1 1 1 11 1 I
1 1 1 I 1 1 1| 1|
1954
1955
1956
1953
SOURCES' DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total new
construction
Period
1989
1947
1948
1949
1950
1951
1952
1953
1954
1955
_
__
„
-
__.
--
.
_
- -
--—
—
8.2
16. 7
21.7
22. 8
28.5
31.2
33.0
35.3
37.6
42.2
Private
Total Residential
(nonfarm)
private
2.7
44
6.3
13.3
8.6
16.9
16.4
a3
21.5
12.6
11.0
21.8
22. 1
11.1
11.9
23.9
13.5
25.8
30.2
16.6
Other
1.7
6.9
8.3
8.1
8.9
10.8
11.0
11.9
12. 3
13.6
Federal,
State, and
local
3.8
3.4
48
6.4
7.0
9.4
10.9
11.4
11.8
12.0
Seasonally adjusted annual rates
1955: February.
March.
April May
June.. July
----August .
September
October
November
December
1956* January
February
March 2;
-
-- ---
.
;
-
-
-------.•
--------------------------- -__
41.4
41.6
42.3
43.0
42.8
42.8
42.8
42.9
42.3
42.2
41.9
41.5
41.4
41.6
29.3
29.6
30.3
30.7
30.5
30.9
31. 1
31.2
30.6
30.2
29. 8
29.3
29.3
29.5
16.2
16.2
16.7
17.0
17. 0
17.2
17.2
17.1
16.5
16. 1
15.9
15.4
15.2
15. 1
13.1
13.4
13.6
13.6
13.5
13.7
13.9
14. 1
14. 1
14. 1
13.9
13.8
14.1
14.4
i Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research.
Omits small contracts, and covers rural areas less fully than urban.
L Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted).
12.2
12.0
12.0
12.3
12.2
11.9
11.7
11.7
11.7
12.0
12.0
12.3
12.2
12. 1
Construction contracts awarded in1
37 Eastern States
3.6
7.8
9.4
10.4
14.5
15.8
16.8
17.4
19.8
23.7
Annual rates
UnSeasonally
adjusted
adjusted
19.0
25.6
27.9
26.2
27.1
27. S
22. 7
*4*4
22.4
21.6
2S.O
22. S
22.3
28.6
a preliminary estimates.
25.6
26. 1
244
22.8
25.1
23.9
22.1
21.2
22. 1
25. 1
24.0
30. 1
30.2
29.2
19
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts in March increased less than seasonally and were at an annual rate of 1,140,000.
Financing applications rose substantially for FHA loans but were almost the same as in February for VA loans.
MILLIONS OF UNITS
MILLIONS OF UNITS
I960
J/ SEE FOOTNOTE I ON TABLE BELOW.
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION ( V A ) .
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Proposed home construction
New nonfarm housing starts
Period
Annual total: 1948. ..
1949-..
1950. . _
1951..1952-..
1953...
1954...
1955-..
Monthly average: I960—
1953195419551955: February..
March.....
April
May.... .-.June
July
August
September..
October
November
December . _
1956: January February
M^rch * .
Total
931.6
1, 025. 1
1, 396. 0
1, 091. 3
1, 127. 0
1, 103. 8
1, 220. 4
1, 328. 9
116 3
92.0
101. 7
110.7
89.9
113.8
132.0
137.6
134.5
122. 7
124.7
114.9
105. 8
89.2
76. 2
4
74.0
4
78.0
96. 0
Publicly
financed
18.1
36.3
43.8
71.2
58.5
35.5
18,7
19.4
3.6
3.0
1.6
1.6
2.0
1.0
1.5
2.5
3. 1
.8
2.4
1.3
1.0
.8
2.7
4
1.0
4
1.2
1.6
Total
913. 5
988. 8
1, 352. 2
1, 020. 1
1, 068. 5
1, 068. 3
1, 201. 7
1, 309. 5
112.7
89.0
100. 1
109. 1
87.9
112.8
130. 5
135. 1
131.4
121.9
122.3
113.6
1048
88.4
73.5
4
73.0
4
76. 8
94. 4
Private,
Privately financed
seasonally Applications
Government programs
adjusted for FHA commitments l
annual
VA
Total
FHA
rates
293. 2,
294. 1
(22)
327. 0
363.8 3
()
397.7
686.7
486.7
200. 0
192.8
148.7
412.2
263. 5
267.9
421.2
141. 3
279. 9
253. 7
252. 0
156.6
408. 6
338. 6
307.0
583.3
276.3
306. 2
392.9
669.6
276.7
33. 1
57.2
40. 6
16.7
21.1
34. 0
13. 1
21. 0
28. 2
25.6
23.0
48.6
25.5
23. 1
32.7
55.8
28.3
1, 370
45.3
17.2
28 0
35.6
1,367
29.9
53.6
23.8
33.1
34. 5
25.8
1, 350
60.3
30. 1
1,362
65.9
37.8
28.0
30. 8
1,371
32. 1
39.5
71.6
24.3
37.4
1,283
26.0
63.3
26.4
26.9
40.8
1,310
67.6
23. 1
34.4
1, 251
59. 1
24.7
19.2
1,221
53.4
34.8
18.6
16.3
1, 192
45.6
28. 1
17.5
13.4
21. 6
1, 208
16.2
37.9
4
15.6
23.0
1, 180
36.0
13.0
4
18.5
1, 200
13. 1
17.4
30.5
24. 9
1. 140
17.0
20. 6
37.6
J Units represented by mortgage applications for new nouie construction.
OQ
8
*JMot available.
Partly estimated.
Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA).
Requests
for VA
appraisals
I2a)
(2)
()
(2)
164,4
226.3
251. 4
535.4
620. 8
21. 0
44.6
51.7
64.2
71.9
65.9
69.3
52.4
51.4
56.0
45. 1
43. 1
30.4
24.9
29. 3
37.1
37.5
'Preliminary estimates.
SALES AND INVENTORIES -MANUFACTURING AND TRADE
Manufacturers1 and wholesalers1 sales (seasonally adjusted) changed little in February, while retail sales declined
about 2 percent. Total business inventories continued to rise, with manufacturers accounting for most of the increase.
According to preliminary estimates, retail sales increased about 2 percent in March.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY
ADJUSTED
30
'"
^ : ' " ~ ~ ~ ^ " " ~~
RETAIL
(ENLARGED SCALE)
TOTAL* AND MANUFACTURING
INVENTORIES
- 20
SALES
1,
INDEX, 1947-49*100, SEASONALLY ADJUSTED
DEPARTMENT STORES
140
—%
,*4
INVENTORIES
•
X
Nj*^-**^-"?1
120
100
1953
1956
1953
•MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1939
1948.
1949
1950
1951
„
1952..
1953
1954... .
1955
1955: January .
February
March
April
May
June .. - July
August
September
October November. .
December
1956: January 5
February
March 5
1956
COUNCIL OF ECONOMIC ADVISERS
Manufacturing
Manufacturing
Department stores
Retail
Wholesale
and trade
Inven-J Sales1 Inven- New
InvenInven1
InvenSales i tories
tories * orders * Sales i tories * Sales » tories * Sales
tories3
Index 1947-49—100,
Billions of dollars, seasonally adjusted
seasonally adjusted
11. 5
5. 1
20. 1
35
5.5
- 10.8
3.5
3. 1
5.4
36
2. 2
31.7
36.4
17.6
55.6
104
17.4
107
7.9
a i 10.9 15.8
52.1
347
28.9
16.4
15.3
10.9
98
7. 9
15.9
99
7.4
343
19.3
105
19.3
10. 5 4 12.0
21.0
... 4 39.9 4 64 1
109
8.7
44 9
22.3
75. 2
109
13. 2 *21. 2
11. 1
42.8
128
245
9.4
45.9
76.7
43.8
13.7
22.8
21.6
110
11.3
23.6
9.4
118
48.4
24.9
80.3
112
45.9
142
22.7
23.4
126
11.7
9.3
23.4
76.9
46.7
111
43.3
22. 1
142
122
11.5
22.4
9.1
26.4
82.2
51.7
45. 9
23.9
27.2
119
12.3
127
15.5
9.8
43.2
243
76.9
48.7
22.2
120
149
11.5
124
246
9.5
43.3
77.3
24.6
113
22.4
24 8
14.8
11.7
-. 48.9
123
9.5
77.5
43.3
50.7
26.0
115
15.
1
22.6
11.6
124
26.5
9.7
43.3
26.0
77.7
50.9
124
22.8
119
26. 1
15.3
11.7
9.6
26.7
78.3
15.4
51.7
43.5
117
123
23.0
11.8
27.7
9.7
52.2
23.2
114
27.1
15.3
43.8
78.8
127
11.8
9.7
27.8
79.2
51.9
124
23.4
26.7
43.9
15.5
11.9
27.0
127
9.6
79.6
27.2
52.8
443
28.7
118
23.3
12.0
15.7
129
9.9
447
27.2
80.0
53.1
121
23.2
12.0
15.8
28.3
129
10.0
45.4
80.9
26.6
52.5
122
12.2
15.8
23.3
27.5
10. 1
129
53.2
45.7
27.3
81.6
122
23.6
12.3
28.3
15.8
10. 1
131
82.2
27.3
53. 2
45.9
123
23.9
12.3
29.3
134
15.8
10. 1
27 0
46.3
28. 1
82 8
52 9
24 1
124
15.7
12.4
10 3
137
27.2
24.2
83.5
52.9
46.8
15.3
27.8
118
10. 3
12.5
138
118
15.7
i Monthly average for year and total for month.
fBevised series on retail trade beginning with 1951; not comparable with previous
s Book value, end of period.
data.
* Book value, end of period, except annual data, which are monthly averages.
* Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
21
MERCHANDISE EXPORTS AND IMPORTS
For fhc first 2 months of 1956, commercial exports were 10 percent higher and imports 25 percent higher than for the
corresponding period of 1955.
MILLIONS OF COLLARS
1,800.
MILLIONS OF DOLLARS
1,800
1,600
1,600
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID SHIPMENTS
1,400
1,400
1,200
1,200
1,000
1,000
1950
II SEE "FOOTNOTES I AND 2 ON TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
f Millions of dollars]
Merchandise exports
Period
1936-38 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
1955 monthly average
1955: January .
February
March
April
May
_'
June
^
July
_. __
August
.
September.
October
November ~
December
1956: January .3 .
_ _ ..
February
Total
._
..
„.
..
247
1,278
1,054
1, 004
856
1,253
1,267
1,314
1, 259
1,293
1,168
1,237
1,343
1,262
1, 322
1,319
1,268
1,235
1,254
1, 396
1,316
1,398
1,276
1,343
Grant-aid
shipments *
(3)
(2a)
( ).
96
24
89
166
293
188
105
85
95
92
94
131
128
128
128
99
119
73
84
82
90
Excess of exports
over imports
Excluding
grant-aid
shipments
«?.«,
8-
1,164
1,101
1,022
1,071
1,188
1,083
1,143
1,251
1,168
1,191
1,191
1,140
1,107
1,155
1,276
1,243
1,314
1, 194
1,253
Merchandise
imports
207
480
594
552
738
914
893
906
851
948
870
850
1,019
870
958
936
885
960
945
1,010
1,064
1, 014
1,073
1,078
Total
40
798
460
452
118
339
374
408
408
345
298
388
324
392
364
382
382
276
310
386
252
384
203
265
Excluding
grant-aid
shipments
(3)
(8)
(>)
702
95
250
208
116
220
240
212
293
232
298
233
254
255
148
210
267
179
299
121
175
i Beginning with 1950, figures include only Department ol 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 1050) amounted to 282 million dollars.
> Not available.
* Preliminary estimates.
Sources: Department of Commerce and Department of Defense.
NOTE.—Detail will not necessarily add to totals because of rounding.
22
PRICES
CONSUMER PRICES
The average of consumer prices remained unchanged in February.
increases in other major groups.
Lower prices for food were offset by moderate
INDEX, 1947-49 = 100
140
~
~"~~
INDEX, 1947-49 = 100
140
130
130
120
120
HO
100
1956
I960
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC
ADVISERS
[1947-49=100]
Period
1939
.
1947—
1948.
1949
1950....
1951
1952......
1953.
1954
1955......
_
1955: January
February.
March
April
May
"•»-**j
June
July
August
September
October
November
December
1956: January
February—
.
.
±
.
.
All
items
Food
59.4
95.5
102.8
101. 8
102.8
111.0
113.5
114.4
114.8
1145
114.3
114.3
114.3
114.2
1142
1144
1147
1145
1149
1149
115. 0
1147
1146
114 6
47.1
95.9
1041
100.0
101.2
112.6
114.6
112.8
112. 6
110. 9
110.6
110.8
110.8
111.2
111.1
111.3
112. 1
111. 2
111.6
110.8
109.8
109.5
109.2
108. 8
Housing
Total i
Rent
76.1
95.0
101.7
103.3
106. 1
112.4
114.6
117.7
119. 1
120. 0
119.6
119. 6
119.6
119.5
119. 4
119.7
119.9
120.0
120. 4
120. 8
120.9
120. 8
120. 6
120.7
86.6
94.4
100.7
105.0
108.8
113. 1
117.9
1241
128.5
130.3
129.5
129.7
130.0
129.9
130.3
130. 4
130. 4
130.5
130.5
130.8
130.9
131. 1
131. 4
131.5
» Includes, in addition to rent, homeowner costs, utilities, housi^furnishings, etc.
Apparel
52.5
97.1
103.5
99.4
98.1
106.9
105.8
104 8
104.3
103.7
103.3
103.4
103.2
103. 1
ioa3
103.2
103.2
103.4
1046
104 6
1047
104 7
104 1
104 6
Transportation
68.9
90.6
100. 9
108.5
111.3
118.4
126.2
129. 7
128.0
126.4
127.6
127.4
127. 3
125.3
125.5
125. 8
125.4
125.4
125.3
126. 6
128.5
127.3
126.8
126.9
Reading Other
goods
Medical Personal and
and
recreacare
care
tion
services
70. 6
63.0
59.6
72.6
96.1
97.6
95.5
949
100. 4
100. 9
100. 5
101.3
1041
1041
103.4
101. 1
105. 2
106.0
101. 1
103. 4
110. 5
106. 5
111.1
109.7
117. 2
111.8
107. 0
115. 4
112. 8
121. 3
108.0
118. 2
107.0
120. 1
125.2
113.4
106. 6
115.3
128. 0
120. 2
106. 9
119.9
126.5
113.7
106.4
126.8
113.5
119.8
113.5
106.6
127.0
119.8
106. 6
113.7
127.3
119. 8
106. 5
113.9
119.9
127.5
106.2
119.9
127.6
1147
106.3
127.9
115.5
120.3
120.4
106.3
128.0
115.8
128. 2
116.6
120.6
106. 7
117.0
128.7
106.7
120. 6
106. 8
120.6
129. 8
117.5
130.2
106.8
117.9
120.6
130. 7
107.3
120. 8
118. 5
120.9
130.9
118.9
107.5
Source: Department of Labor.
23
WHOLESALE PRICES
Wholesale prices continued to advance in March, as average prices for farm products, processed foods, and Industrial
commodities increased.
JNDEX,I947-49*IOO
130
INDEX, I947-49«IOO
130
100
100
70
1956
1950
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
11947-49= 1UUJ
All commodities
Period
1939
1947
1948
1949
1950
1951...
1952
1953
1954
1955
1955: February.
March
April
May
June
July
August
September
October
.
November
December
1956: January
February
March...
Week ended: l
1956: April 3
10
1
24
•
.
Weekly series based on smaller sample than monthly series.
Farm
products
Processed
foods
50. 1
96.4
104.4
99.2
103.1
114.8
111.6
110.1
110.3
110. 7
110. 4
110.0
110.5
109.9
110.3
110.5
110.9
111. 7
111.6
111.2
111.3
111.9
112.4
112.8
36.5
100.0
107.3
92.8
97.5
113.4
107.0
97.0
95. 6
89.6
93. 1
92. 1
94. 2
91.2
91.8
89.5
88. 1
89.3
86.8
84. 1
82.9
84. 1
86.0
86.6
43.3
98.2
106. 1
95.7
99.8
111.4
108.8
104. 6
105 3
101. 7
103.2
101. 6
102. 5
102. 1
103.9
103. 1
101.9
101.5
100.2
98.8
98.2
98.3
99.0
99.2
113. 5
113. 4
88. 4
88,0
100.8
100.8
Other than
farm products
and foods
(industrial)
58. 1
95.3
103.4
101.3
105. 0
115.9
113.2
114. 0
in s
117. 0
115.7
115 6
115. 7
115.5
115.6
116.5
117.5
118.5
119.0
119.4
119.8
120.4
120. 6
121.0
121. 2
121.3
Source; Department of Labor.
PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers rose in the month ended March 15.
the parity ratio increased 1 point.
Since prices paid by farmers rose less,
INDEX, 1910-14 «IOO
INDEX,1910-14-100
:
5251
—'
I3E5
300
300
275
PARITY INDEX
(PRICES PAID, INTEREST, TAXES,
AND WAGE RATES)
225
225
20O II I I I I I M II I I I I I I I I II I I I I I I I I l l I II I I I I I M I I I II I I I I I I I I I I I I I I I I I II I
100
100
75
1950
1952
1951
1953
1954
1955
1956
JJRATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE".
Period
1939
1947.
1948 —- 1949.-.—
1950—.
1951.
1952
1953 . . —
1954
1955
1955: February 15
...
March 15
April 15
.
May 15
June 15...
July 15
August 15 . ..
..
September 15 ..——.*..
October 15
..
November 15
.—
December 15 -—
1956: January 15February 15
.
March. 15
_
-
_
•--:
_
—
— ._ _ — -
^ .
...;
—
..
.
•
-
-
"
...
_
-
-
.
-
...
Prices paid by farmers Parity index
for items used in
(prices paid, Prices reinterest,
ceived by
Family
Productaxes, and
farmers
living
tion
wage rates)
Index, 1910-14= 100
121
123
120
95
224
237
240
276
251
260
250
287
243
238
251
250
246
246
256
258
273
282
268
302
274
271
287
288
270
253
279
258
252
274
281
249
250
273
281
237
271
255
283
244
256
273
284
243
254
274
284
247
251
282
274
244
274
282
250
243
274
248
281
237
247
273
279
233
272
246
279
235
246
274
280
230
244
279
273
225
243
278
273
223
272
246
281
226
272
245
280
226
274
246
282
230
ParityJ
ratio
77
115
110
100
101
107
100
92
89
84
86
86
87
87
86
84
84
84
82
81
80
80
8J
82
i Percentage ratio of Index of prices received by farmers to parity index.
Source: Department of Agriculture.
25
CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
During February, demand deposits declined more than seasonally. At the end of the month, total deposits (excluding
Government) and currency were 2.2 percent higher than a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
240
240
TOTAL DEPOSITS AND CURRENCY
X
200
-i>«..-**
200
TOTAL EXCLUDING U.S.GOVERNMENT DEPOSITS
C PRIVATELY HELD MONEY SUPPLY)
DEMAND DEPOSITS
ADJUSTED
TIME DEPOSITS
_
U.S. GOVERNMENT DEPOSITS
1956
1950
COUNCIl OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
End of period
1948
1949
1950
_—
1951.
;.___
1952..
1953
,
1954
19555 _
.
1955: January
February
March
.
April. _.
• .
...
May.
June8 i.
July 5
August
.....
....
6
September
8
October
.
November88
.
.
December
— . ...
8
1956: January 6
Febru arv
26
Total deposits and
currency
172.7
173.9
180. 6
189. 9
200. 4
205.7
2148
220. 2
213. 4
212.1
210.6
213.0
212.6
213.5
214.6
214.2
214.8
216.7
217.2
220. 2
217. 1
216.0
U.S.
Government
deposits *
3.6
41
3.7
3.9
5.6
48
5. 1
45
42
5. 1
5.3
5.6
5.9
5.8
6.5
5.6
5.1
5.3
5.0
45
2.8
45
Total excluding U. S. Government deposits
(privately held money supply) *
Demand
Currency
Time
deposits
outside
Total
deposits *
adjusted *
banks
169. 1
169. 8
176.9
186. 0
1948
200.fi
209.7
215. 7
209. 2
206. 9
205. 3
207.4
206.7
207.7
208.1
208.6
209.7
211.3
212.2
215.7
214 3
211.5
26.1
25. 4
25.4
26.3
27.5
28. 1
27.9
27.9
26. 8
26.8
26. 7
26.7
26.8
27.4
27. 1
27.3
27. 2
27.3
27.9
27. 9
27. 1
27. 2
85. 5
85.8
92,3
98.2
101. 5
102.5
106. 6
109. 7
107. 0
1045
102. 4
104 5
103. 3
103. 2
103.9
103. 9
1049
106. 1
106. 9
109.7
108. 9
105.6
57. 5
sae
59.2
61.4
65. 8
7a4
75.3
78. 2
75.4
75.7
76.2
76. 2
76.5
77.1
77.1
77.4
77,7
77.9
77.4
78.2
78.3
78.7
»Includes TJ. 8. Government deposits at Federal Beserve banks and commercial and savings banks, and TJ. 8. Treasurer's time deposits, open account.
a Includes deposits and currency held by State and local governments.
* Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
«Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
• Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
NOXE.—Detail will not necessarily add to totals because Grounding.
BANK LOANS, INVESTMENTS, AND RESERVES
In February, loans,of commercial banks increased by $0.6 billion, and their holdings of U. S. Government securities
declined $1.7 billion. In March, business loans increased much more than usual for this time of the year. The
average reserve deficiency of member banks (borrowings at the Federal Reserve less excess reserves) increased between
February and March.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
— 140
__ 120
1950
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
AD commercial ban'ks
End of period
1949
Total loans
and investments
-- — .
1950.—
1951 • _ _
1952
J
1953 ..
„„,
1954
1955 4
1955: FebruaryMarch
.
April
_
May
June-.- July 4 . 4
August -4 ...September
.--._
October4 4
November4
.
December
»
4
1956: January 4
February
March 4 -
120. 2
126.7
132. 6
141.6
145.7
155. 9
161. 1
1548
isas
155.5
155. 6
155.3
157.0
156.7
157. 3
158. 9
159. 4
161.1
159.4
158. 3
Loans
43. 0
52.2
57.7
64.2
67.6
70.6
82.8
71.2
72.3
72.9
73.9
75.2
76.6
77.3
7a4
79.2
81.4
82.8
82.0
82.6
Total
77.2
74.4
74.9
77.5
78.1
85.3
78.3
83.6
81.2
82.6
81.7
80.1
80.4
79.3
78.9
79. 7
78.0
78.3
77.4
75.7
Investments
U. S. Gov- Other
ernment
securities securities
10.2
67.0
12.4
62.0
13.3
61.5
14. 1
63.3
14.7
63.4
16.3
69.0
16.5
61.8
66.8
16.8
17.0
64.2
17.0
65.6
65.0
16.7
63.3
16.8
16. 7
63.7
16.9
62.5
16.9
62.0
62.9
16.8
16.6
61.4
16.5
61.8
16.5
60.9
16.6
59.2
Weekly
reporting
member
banks > *
Business
loans a
13.9
17.8
21.6
23.4
23.4
22.4
26.7
22. 1
22.6
22.5
22.6
23.5
23.5
24.2
247
25.1
26.0
26.7
26.2
26.3
27.8
All member banks *8
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
17.0
15.6
18.5
19.6
ias
1&5
18.3
18.2
18.0
18.2
18.2
18.1
18.2
18. 2
18.1
18.3
18.4
18.6
18.6
18.2
18.3
.8
.8
.8
.7
.7
.8
.6
.6
.6
.6
.6
.6
.6
.6
.6
.5
.5
.6
.6
.5
.6
.1
.1
.3
.8
.8
.1
.6
.4
.5
.5
.4
.4
.5
.8
.8
.9
LO
.8
.8
.8
1.0
»Member banks include, besides all national banks, those State banks that have taken membership in the Federal Keserve System.
* Commercial, industrial, and agricultural loans; revised series beginning January 1952 and again October 1955. Such loans by weekly reporting member banks
represent approximately 70 percent of business loans by all commercial banks.
.
.
. . . . . .
* Data are averages of daily figures on balances and borrowings during the period.
< Preliminary estimates.
Source: Board of Governors of the Federal Keserve System.
NOTE.—Detail win not necessarily add to totals because of rounding.
27
CONSUMER CREDIT
In February, total consumer credit outstanding declined about $325 million, reflecting the usual seasonal decline in noninstalment credit. Total instalment credit outstanding remained virtually unchanged, as increases in automobile
credit and in personal loans were largely offset by a decline in loans for the purchase of other consumer durable goods.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL CREDIT OUTSTANDING
1956
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
7, 222
11,570
1947
14,411
1948
1949.
.. 17,104
1950
20, 813
1951
21, 468
1952
.
25, 827
1953
29, 537
1954
-- 30, 125
36, 225
1955
1955: January. „ 29, 760
February. - 29, 518
March
29, 948
April
30, 655
May
. 31, 568
32, 471
June
July
32, 896
August
33, 636
September- 34, 293
October— 34. 640
November- 35, 059
December. 36, 225
1956: January
35, 599
February. 35. 272
N oninstaimen t credit
outstanding
Instalment credit outstanding
Total
4, 503
6,695
8,968
11,516
14, 490
14, 837
18,684
22, 187
22, 467
27, 895
22, 436
22, 508
22, 974
23,513
24, 149
24, 914
25, 476
26, 155
26, 699
26, 963
27, 247
27, 895
27, 769
27. 784
Automobile
paper *
1,497
1,924
3,054
4,699
6,342
6,242
8,099
10, 341
10, 396
14, 312
10, 459
10, 641
11, 053
11, 482
11, 985
12,561
13, 038
13, 547
13, 929
14, 095
14, 172
14, 312
14, 314
14. 397
Other Repair and
consumer moderni- Personal
zation
goods
loans
paper *
loans *
1,620
2,143
2,842
3,486
4,337
4,270
5, 328
5,831
5,668
6,435
5,609
5,484
5,479
5,492
5,555
5,639
5,676
5,762
5, 848
5, 917
6,057
6,435
6,318
6. 209
298
718
843
887
1,006
1,090
1,406
1, 649
1,616
1,641
1,574
1,550
1,530
1,534
1,546
1,562
1,570
1,589
1,611
1,627
1, 634
1,641
1,610
1.599
1,088
1,910
2,229
2,444
2,805
3,235
3, 851
4,366
4,787
5,507
4,794
4,833
4,912
5,005
5,063
5,152
5, 192
5,257
5,311
5,324
5,384
5,507
5,527
5. 579 '
Total
2,719
4,875
5,443
5,588
6,323
6, 631
7,143
7,350
7,658
8,330
7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481
7,594
7,677
7, 812
8,330
7,830
7.488
Charge
accounts
1,414
2,353
2, 713
2,680
3,006
3,096
3, 342
3, 411
3,518
3,797
3,225
2, 831
2, 735
2, 859
3, 01 1
3,040
2,991
3, 019
3,108
3, 218
3,285
3,797
3, 355
2. 974
Instal- Instalment
ment
credit ex- credit
tended * repaid *
6, 872
12, 713
15,540
18, 002
21, 256
22,791
28, 397
30, 321
29, 304
37, 172
2,389
2,416
3, 159
3, 089
3, 206
3,443
3, 131
3,436
3,241
3, 051
3, 103
3,508
2,724
2,769
i Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
pQ * Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."
wu i Credit extended or repaid during the period.
Source: Board of Governors of the Federal Reserve System.
6,060
10, 190
13, 267
15, 454
18, 282
22, 444
24, 550
26, 818
29, 024
31, 744
2, 420
2,344
2, 693
2, 550
2,570
2, 678
2, 569
2, 757
2, 697
2,787
2, 819
2, 860
2,850
2, 754
BOND YIELDS AND INTEREST RATES
Yields on long-term Government and corporate bonds rose during March/ and by early April they equaled or slightly
exceeded the 1955 peaks. During March, yields on Treasury bills changed very little and the commercial paper rate
was unchanged.
PERCENT PER ANNUM
4
PERCENT PER ANNUM
4
1956
1950
•REVISED SERIES: BONDS DUE OR CALLABLE IOTO 20 YEARS. SEE TABLE BELOW.
SOURCES-- SEE TABLE BELOW.
Period
1948
1949
—
1950
1951
...
1952
...
1953
...
1954
_
1955..
1955: May
June ..
. ..
July
August .
-.-.
September .. . ...
October .
....
November . .
.
December...
....
1956: January _ ..
February.
....
March
Week ended:
1956" March 3
10
17.
24..
31
April 7
14
[Percent per annum]
High-grade
U. S. Government security yields
municipal
3-month
bonds
2
Treasury
Taxable bonds
(Standard 3&
1
bffls
Poor's)
2. 44
1.040
2.40
2. 31
1. 102
2.21
2. 32
1.218
1.98
2. 57
1. 552
2.00
2. 68
1.766
2.19
«2. 92
•3.16
1.931
2.72
.953
2.52
2.71
2.37
2.80
2.94
1.753
2.53
2.76
1.491
2.91
2.41
1. 432
2.91
2.48
2.77
1.622
2.88
2.62
2.96
3.02
1. 876
2.91
2.67
2.086
2.88
3.00
2.63
2.259
2.82
2. 96
2.56
2.85
2.225
2.96
2.55
2. 564
2.88
2.97
2.71
2.86
2. 456
2.94
2.64
2.82
2.372
2.93
2.58
2.90
2.310
2.98
2.69
2.409
2. 173
2.374
2.422
2. 173
2.397
2.497
2.84
2.86
2.89
2.93
2.96
3.03
3.05
i Rate on new issues within period.
* First issued in 1941. The single series on these bonds (which continued
through March 1953) included: October 1941-March 1952, bonds due or callable
after 15 years; April 1952-Mareb 1953, bonds due or callable after 12 years.
* Weekly data are Wednesday figures.
COUNCIL OF ECONOMIC ADVISERS
2.94
2.96
2.97
2.99
3.01
3.07
3.09
2.60
2.63
2. 66
2.68
2.77
2.81
2.85
Corporate bonds
(Moody's)
Aaa
2.82
2.66
2.62
2.86
2.96
3.20
2.90
3.06
3.04
3.05
a 06
3.11
3. 13
3. 10
3. 10
3.15
3. 11
3.08
3.10
3.07
3.08
3. 10
3. 12
3. 14
3. 16
3.21
Baa
3.47
3.42
3.24
3.41
3.52
3.74
3.51
3.53
3.50
3.51
3.52
3.56
3.59
3.59
3.58
3.62
3.60
3.58
3.59
3.58
3.58
3.59
3.60
3.62
. 3.64
3.67
Prime
commercial
paper,
4-6 months
1.44
1.49
1.45
2.16
2.33
2.52
1.58
2. 18
2.00
2.00
2.11
2.33
2.54
2.70
2.81
2.99
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3. 00
3.05
« Bonds due or callable from 10 to 20 years.
Bonds due or callable 20 years and after.
Sources: Treasury Department and Board of Governors of the Federal Besenre
System (except as noted).
~
8
STOCK PRICES
The index of stock prices reached new highs in early April.
INDEX,1939 = 100
500
INDEX,1939 = 100
500
300
300
200
200
I I I I I I I I I ' I I 100
1950
1951
1952
1953
1956
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Compositel
index
Period
Weekly average:
1947
1948
1949
1950
1951 ...
1952
1953_
1954
1955 .
1955: April
May
June
- July
August
September
October
November
December
1956: Januarv
February
March
Week ended:
1956: March 2__
9
16
23-_
29
April * 6 2
13
_
COUNCIL OF ECONOMIC ADVISERS
[1939^100]
M anuf act uring
TransDurable Nondura- portation
Total
goods ble goods
Utilities
Trade,
finance, Mining
and service
130.9
132.7
127.7
154. 1
184.9
195.0
193.3
229.8
304.6
286.8
289.0
302. 9
318.8
315. 3
326.6
310.2
328.4
333.6
325.7
330.0
350.9
132.4
136.8
132.1
165.7
206.8
220.2
220. 1
271.3
374.4
347.0
349.6
370. 1
394. 6
390.0
407. 1
385. 1
410.6
418.7
407.8
413.3
443. 4
119.9
124.3
116.0
150.2
178.5
188.8
192.6
245.2
352.4
326.8
324.5
344. 4
366. 1
367.8
387.0
365.3
389.2
395. 9
378.6
382.8
412. 0
144.6
14&6
147.2
180.2
233.1
249.3
245.2
295.2
394.4
365.3
372.4
393. 4
420.7
410.0
425. 2
402. 9
429. 9
439. 2
434. 4
441. 0
472.0
149.1
158. 1
136.0
160.0
199.0
220.6
218.7
232. 6
320.0
320.5
326.0
336. 5
333.9
323.6
331.3
309.3
324.8
331.6
320. 2
322.8
343.6
105.5
99.3
98. 1
108.9
112.6
117.9
121.5
135.8
152.9
152. 1
153.5
154. 3
156.6
156.2
155. 3
150.9
154.2
154.3
153.8
156. 1
159.7
162.8
156.9
160.7
183.8
207.9
206.0
207.1
235. 6
296.9
277.3
280.5
294.2
304. 3
302.4
319. 7
307.0
324. 9
323.2
309.8
309.6
321.9
117.2
133. 0
129.4
143.5
204.9
275.7
240.5
267.0
312. 9
311.3
302. 6
313.8
317.2
311.4
317. 1
294. 1
312.5
326.2
330.3
350. 2
372. 9
340. 1
346. 2
354. 4
357.4
356. 6
360.3
353.9
427. 2
435. 8
448.3
453. 3
452. 6
459. 4
450. 0
395.3
407. 4
420.6
421. 2
415.7
414. 0
410. 0
456.2
461.6
473. 4
482. 5
486. 2
500. 8
486. 5
332.8
339.8
345. 6
349.2
350. 6
346. 5
344. 0
158.5
159. 4
160. 6
160.4
159.7
158. 8
157. 8 .
318. 1
323.8
325.5
322.9
319.4
320. 7
316.3
362.8
368.9
370. 6
382.5
379.5
379. 0
368.7
1
Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing,
21 for transportation, 29 for utilities,31
2
for trade, finance, and service, and 14 for mining, Indexes are for weekly closing prices.
Not charted.
QQ
Source: Securities and Exchange Commissioa.
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The cumulative budget deficit for the first 8 months of the current fiscal year was $7.2 billion, due primarily to seasonally
low tax collections. For the same period last year, the budget deficit amounted to $9.0 billion.
BILLIONS OF DOLLARS
BILLIONS QF DOLLARS
NET BUDGET EXPENDITURES
1951
75
1952
1953
1954
1951
1955
MAJOR NATIONAL SECURITY
- EXPENDITURES
1952
1953
1954
1955
1956
BUDGET SURPLUS {+) OR DEFICIT (-)
{MAGNIFIED SCALE)
25
-10
1951
1952
1953
1954
1955
*ESTIMATEO
1956
1951
1952
1953
1954
1955
1956
FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
fBilHonspf dollars]
Net budget expenditures
Net budget
Major
Period
receipts
nationall
Total
security
43.6
95. 1
76.8
Fiscal vear 1944 -- -39.0
39.8
14.4
Fiscal year 1947
..-_-_
33.
1
11.8
41.5
Fiscal vear 1948
37.7
39.5
12.9
Fiscal year 1949
36. 5
39. 6
13.0
Fiscal year 1950
47.6
44. 1
22. 4
Fiscal vear 1951
- _....
65.4
44.0
61.4
Fiscal year 1952
- -..
74.3
50.4
64.8
Fiscal year 1953
67.8
64.7
46.9
Fiscal vear 1954
--.«.
64.6
60.4
40.6
Fiscal year 1955
64.3
64,5
39.5
Fiscal year 1956 (estimated)
5.4
4.8
3. 1
1955: February.
5.9
9.7
3.6
March.- - ...
5.2
3.7
3.3
April
- - - «
--May
_
..
4.4
5. 4
3.3
6.8
10. 1
3.9
June8 '
5.4
2.8
3.0
July
6.2
4.7
3.5
August* 3
- - ----5.3
5.5
3.5
September
- .- ----------3
5.4
2.7
3.3
October 3
_•
5.2
4.7
3. 1
November *3 .
49
5.7
3.4
December . -4.7
5.3
3.1
1956: January 3 3 - 5.0
6. 2
3.2
February
Cumulative totals for first 8 months:
32.4
41.3
26.5
Fiscal year 19553
36. 1
43.3
26.2
Fiscal vear 1956
.
COUNCIL OF ECONOMIC ADVISERS
Budget surplus (+) or
deficit (— )
Public debt
(end of
period) f
-51.4
+ .8
+ 8.4
-1.8
-3. 1
-1-3.5
-4.0
-9.4
3. 1
-4.2
+.2
+ .6
+ 3.8
-1.5
-.9
+ 3.4
-2.6
-1.5
+.2
-2.7
—.5
-.8
-.6
1.2
202.6
258.4
252.4
252.8
257.4
255. 3
259.2
266. 1
271.3
274. 4
274.4
278.2
274.1
276.7
277.5
274.4
277. 6
278. 4
277. 5
279. 9
280.2
280. 8
280. 1
280.2
-9.0
-7. 2
278.2
280. 2
i Revised to include the items classified as "major national security" in The Budget of the United States Government for the Fiscal Year Finding June SO. 1957. These
expenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, stockpiling of strategic and
critical materials, and defense production expansion.
* Includes guaranteed securities, except those held by the Treasury, ^ot all of total shown is subject to statutory debt limitation.
' Preliminary.
NOT E.—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.
o -i
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
01
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
Federal cash payments exceeded cash receipts by $740 million in calendar year 1955, compared with $1.1 billion
in the prior year. In the fourth quarter of 1955, there was a cash deficit of $3.8 billion, due primarily to seasonally
low tax receipts.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS
80
CASH RECEIPTS
CASH PAYMENTS
\
\
(ENLARGED SCALE)
EXCESS OF CASH RECEIPTS
EXCESS OF CASH PAYMENTS
I960
I95I
I9541
1953
1952
1955^
1956
CALENDAR YEARS
J/PRELIMINARY ESTIMATES
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT,
COUNCIL OF ECONOMIC ADVISERS .
[Millions of dollars]
Cash receipts
from the
public
Calendar year
Calendar year total:
1948
1949
1950..
1951
1952 .
1953 . . 1954*l
1955
Quarterly totals, not adjusted
1954: l First quarter
Second quarter.
Third quarter .
Fourth quarter
1955:! First quarter
Second quarter
Third quarter
Fourth quarter
_
—
-
-
Cash payments to
the public
Excess of receipts (4) or
payments (— )
44, 922
41, 346
42, 419
59, 278
71, 339
70, 041
68, 562
71, 470
36, 897
42, 642
41, 969
58, 034
72, 980
76, 194
69. 643
72, 209
48, 027
-1,295
+450
41,244
-1,641
— 6, 153
-1,082
-740
23, 693
19, 115
13, 501
12, 253
21, 287
20, 795
15, 314
14, 075
16, 459
18, 431
18, 582
16, 172
17, 161
18, 633
18, 571
17, 844
47,234
4684
-5,082
3,918
44, 126
42, 162
— 3,258
-3, 770
for seasonal variation:
..
.
-
-
._
i Preliminary estimates.
NOTI,—Detail win not necessarily add to totals because or rounding.
Sources; Bureau of the Budget and Treasury Department.
32
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