Full text of Economic Indicators : April 1964
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Congress, 2d Session
ared jfor the*/Joint Economic Committee by
-t the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1964
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
HOUSE OF REPRESENTATIVES
WRIGHT PATMAN (Texas)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
CLARENCE E. KILBURN (New York)
WILLIAM B. WIDNALL (New Jersey)
JAMES W. KNOWLES, Executive Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
CLAIBORNE PELL (Rhode Island)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
GARDNER ACKLEY
JOHN P. LEWIS
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
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Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
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the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
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Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce-
Economic Indicators, published monthly, is available at 2 5 cents a single copy
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The 1962 Supplement to Economic Indicators, which describes each series
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TOTAL OUTPUT, INCOME, AND SPENDING
NATION'S INCOME, EXPENDITURE, AND SAVING
'loss national producf rose by $8.4 billion (seasonally adjusted annual rate) in the first quarter, according to preminary estimates. Gross private domestic investment dropped primarily because of a decline in the inventory acnniulation rate. All other components rose.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Period
Persona] Personal
Excess
Gross
saving
Gross
Disconsumpof
private
retained
posable
(
+
)
or
investtion
dispersonal! expendiearn-2 domestic
ment
invest-3
saving
income
ings
tures
ment
252. 5
256. 9
'.153
'.154
.i55
'.156
'.157
!
274. 4
292. 9
308. 8
317. 9
337. 1
349.9
364.4
384. 4
402.4
386. 5
391.4
394.5
400.0
1)58
'.159
'.100
'.101
!I62
'.)63
%2: III.
IV.
'JG3: I...
II..
III.
IV.
1)64: I 5
International
Business
404. 4
410. 9
418.9
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
313. 5
328. 2
336.8
355.4
373. 1
356.7
362. 9
367.4
370. 4
374.9
379.9
388.0
19. 8
18. 9
17.5
23. 0
23.6
24. 7
23. 6
21.7
27. 6
29. 1
29.3
29.7
28. 5
27. 1
29. 6
29. 5
31. 0
34. 3
35. 5
42. 1
43. 0
45. 6
44. 8
51. 3
50.7
50.8
57. 6
60.5
57. 4
59. 4
59. 3
59. 6
61. 9
61. 3
30.9
50.3
48. 9
63. S
67. 4
66. 1
56. 6
72. 7
71. 8
69. 0
78. 8
82.3
78. 9
78. S
77.8
80. 7
83. 7
87. 1
85. 0
Foreign
Net exports of goods Excess of
net
and services
transfers
trans(+) or .
fers by
of net
Govern- Net
Imexports
Exment exports ports
ports
-16. 0
-13. 4
-21. 8
-24. 3
-20. 5
-11. 9
-21.4
-21.1
-18. 2
-21. 1
-21.8
-21. 5
-19. 4
-18. 5
-21. 1
-21.8
-25.8
1. 6
1. 4
1. 5
1. 5
1.5
1. 3
1. 5
•1. 6
1. 6
1. 6
1.7
1. 5
1. 5
1.5
1.8
1.7
2.0
1. 5
-0.4
1.0
1. 1
2. 9
4.9
1.2
-. 8
3.0
4.4
3.8
4.5
4. 1
3.3
3.6
4.8
4. 3
5.4
6.5
16.6
17.5
19.4
23. 1
26.2
22. 7
22. 9
26.3
27.5
28.9
30.7
29. 4
28. 8
28. 6
30. 7
31.4
32.3
33.5
17.0
16. 5
18.3
20. 2
21. 3
21.5
23.6
23.3
23.1
25. 1
26. 2
25. 3
25.5
24.9
25.9
27. 1
26. 9
27.0
2.0
.4
.4
— 1. 5
— 3. 5
.1
2.3
-1.4
-2.9
-2. 2
-2.8
-2.6
-1.7
-2.2
-3.1
-2. 6
-3.4
-5.0
Government
Gross
Surplus Total
national
( + ) or income Statistical
product
deficit
or
discrepor
TransPurTrans- (-) on receipts
ancy
expendifers,
chases
Total
fers,
income
ture
interest, of goods expendi- interest,
and
and suband
tures and sub- product
sidies
sidies ° services
account
Net receipts
Period
1)53.
!)54.
1)551)56.
(157..
958.
!)59960.
961.
!>62_
1)63..
062: III.
IV.
1)63: I—
II..
III.
IV1)04: I 5 —
Tax and
nontax
Net
receipts receipts
or
accruals
75.. 7
68. 5
78.4
84. 2
87. 5
82. 0
95. 7
103. 5
103. 2
113. 0
123.3
114.0
114. S
118. S
122. 3
125.0
127. 0
94. 9
90. 0
101. 4
109. 5
116. 3
115. 1
130. 2
140. 6
145. 5
156. 8
168. 7
157. 3
159. 7
164. 0
167. 1
170. 1
173. 8
Expenditures
19. 2
21. 5
23. 0
25.3
28. 7
33. 1
34.4
37. 1
42. 2
43. 8
45.4
43. 3
44. 9
45. 2
44. 8
45.1
46.8
47. 2
82. 8
75.3
75. 6
79.0
86. 5
1
Personal income (p. 5) less personal taxes and nontax payments (fines, penali's,
! etc.).
Undistributed corporate profits, corporate Inventory valuation adjustment,
ipital consumption allowances, and excess of wage accruals over disbursements,
'nes not include retained earnings of unincorporated business which are inuded in disposable personal income.
J Private business investment, purchases of capital goods by private nonprofit
i stitutioris, and residential housing.
93. 5
97. 2
99.6
107.9
117. 0
125. 1
117. 0
120. 2
123. 0
123. 8
125.7
127.7
129. 0
102. 0
96. 7
98. 6
104. 3
115. 3
126.6
131. 6
136. 7
150. 2
160. 7
170. 5
160. 2
165. 1
168. 2
168. 6
170. 8
174.5
176. 2
19. 2
21. 5
23. 0
25.3
28.7
33.1
34. 4
37. 1
42. 2
43. 8
45.4
43. 3
44. 9
45. 2
44. 8
45. 1
46.8
47. 2
1
Net foreign investment
1
6 Preliminary estimates.
-7. 1
-6.7
2. 9
5.2
1.0
-11. 4
— 1. 5
3.9
-4.7
-3.9
-1.7
-3.0
-5. 4
-4. 2
-1.3
-.6
364. 1
362. 3
396. 5
421. 6
443. 4
446.0
485. 7
505.6
520. 1
556. 7
587.9
559.4
567. 1
574. 1
583.7
593.0
601.2
1.3
.9
1. 0
-2. 4
—. 6
-1.5
-3.0
-3. 0
-1. 9
-1.8
-3. 0
-2. 6
-1.9
-2. 3
-4. 1
-4.4
-1.0
365. 4
363. 1
397. 5
419. 2
442. 8
444. 5
482. 7
502. 6
518. 2
554. 9
585. 1
556. 8
565. .2
571/8
579. 6
588. 7
600. 1
608.5
with sign changed.
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
1
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose by almost 1% percent in current prices or 1 percent in consfanl
prices in the first quarter of this year, according to preliminary estimates.
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
GROSS NATIONAL PRODUCT
X
500
500
400
400
300
300
GOVERN* ENT PURCHASES
OF GOOD S AND SERVICES
•
100
i^i^*^'™1' _._.-..———— .-
J
100
IMIU
""y
•""'
"'"
'
,.,.
NET EXPORTS 0 - GOODS
AND SERV CES
GROSS PRIVATE DOMESTIC i*^
INVEST! JIENT
O
1
1
I
1958
1
1
1959
1
I
I
I960
1
!
1
t
I
1
19 ea
1961
1
1
!
1
J/I
1
1
1964
1963
V
- PRELIMINARY ESTIMATES
SOURCE: DEPARTMENT OF COMMERCE.
Total
Personal Gross
Net
Total
gross
conprivate exports
national gross
sump- domestic
of goods
product national
tion
and
in 1963 product expend- investment
services
prices
itures
Period
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963.
1962: III
IV
1963: I
II
III
IV
1964: I 4
1
2
COUNCIL OF ECONOMIC ADVISERS'
-.-.
___
404.9
4$0. 8
440.1
4S1.4
464. 9
4?4-7
483. 9
476. 7
508. 4
521. 3
531. Z
BBS. 6
585. 1
564. 6
G71. 4
575,7
580. 8
587.5
595. 4
600. 7
Billions of dollars>, quarter y data at seasonal ly adjuslued annua . rates
5.2
329. 0
33. 9
209. 8
56. 3
2. 4
60. 5
38. 8
46. 4
6. 7
347. 0
219. 8
49. 9
1. 3
52. 9
76. 0
49.3
9. 0
232. 6
50.3
82. 8
365. 4
-. 4
58. 0
47.5
41.2
6.7
238.0
363. 1
48. 9
1. 0
75. 3
397.5
39. 1
6. 6
256.9
63. 8
1. 1
75.6
45. 3
40. 4
419.2
269. 9
67.4
2.9
79.0
5. 7
45. 7
5.7
442. 8
285. 2
66. 1
86. 5
49. 7
44. 4
4. 9
44.8
8.3
444. 5
293. 2
56. 6
1. 2
52. 6
93. 5
482. 7
72. 7
46. 2
7. 9
313. 5
—.8
97. 2
53. 6
502. 6
71.8
45. 7
8. 0
328. 2
3.0
99.6
53. 1
518.2
57.4
336. 8
69. 0
4. 4 107.9
49. 0
8. 9
53.3
554. 0
78.
8
62.
4
10.
0
355. 4
3. 8 117. 0
56.7 10. 5
585. 1
82.3
4. 5 125. 1
66.3
373. 1
62. 4
556. 8
356. 7
78. 9
4. 1 117. 0
53. 5
9. 7
362. 9
78. 8
54. 3 10. 4
565. 2
3. 3 120. 2
63. 6
571. 8
77. 8
56.4 10.1
367. 4
3.6 123. 0
65. 5
579. 6
80.7
4. 8 123. 8
56.7 10.6
370. 4
66. 5
56.7 10.8
374.9
83.7
4. 3 125. 7
588. 7
66. 4
87. 1
379. 9
5.4 127. 7
57. 2 10. 4
600. 1
66. 6
67.2
57.4 10.8
608. 5
85. 0
6.5 129. 0
388. 0
Less Government sales.
Prior to 1969, tins category corresponds closely with budget expenditures for
national defense, shown on p. 35. Beginning with 1959, tliey differ because of
inclusion of space program expenditures in this table; these expenditures, small
in 1959-61, amounted to $1.6 billion in 1962.
Oove rnment jmrchases of good s and
services
Federal
State
Total Total 1 National
and
2 Other
defense
local
21. 7
23. 2
24. 9
27. 7
30.3
33.2
36.8
40. 8
43. 6
46. 5
50. 6
54.6
58. 8
54. 6
56. 6
57. 5
57.3
59.4
61. 2
61.8
Implicit
price
deflator
for total
GNP,
1963= 1003
81. S
82. 5
83.0
84.2
85. 5
88.3
91. 5
93.2
94. 9
96.4
97. 6
98.5
100.0
98. C
98. 9
99.3
99.8
100. 2
100.8
101. 3
3
Gross national product in current prices divided by gross national product
in 41963 prices.
Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
IATIONAL IJNUUM£
JATIOJNAJU
INCOME
ompensation of employees increased by $4.6 billion (seasonally adjusted annual rate) in the firstquarter.
nd professional and interest income also advanced.
BILLIONS
OF DOLLARS
Business
BILLIONS OF DOL -ARS
SEASON)ILLY ADJUSTED ANNUA L RATES
TOTAL NATIONAL
INCOME:
^^*
-
r-
400
_
"
I
r
r~\
-1
^^1
—^^
400
COMPENSAT ON OF EMPLOYEES
' „•*—*""" -
.-•""
-
27
*s
\.
100
-
PROPRIETORS' A ND
RENTAL 1NCOM -.
•
100
•
CORP ORATE PROFITS AN D
•
INVENTOR Y VALUATION ADJU STMENT
iiiintiimiiimiiiiiiiiiMitimi Illll
\
t
-^
NET INTEREST o^.
0
t
1
l
T
1958
1
I9S9
1
i
i
r
1
i960
1
!
!
1961
1
1
1
1
-I/ 1
\
1
1
0
1964
1963
1962
-^PRG LIMINARr
ESTIMATES
SOURC E: DEPARTMENT OF C DMMERCE.
COUN OIL OF ECONOMIC AOV ISERS
*Sea Note, pa t7.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
Compensation
of employees *
Proprieto rs' income
Farm
Business
and professional
Rental
income
of
per-
Net
interest
Corpora e profits and inventory val uation ad iustment 2
Total
Profits Inventory
before valuation
taxes 2 adjustment
163
414. 5
426. 1
453. 7
478. 1
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
257. 1
278. 5
293. 6
302. 1
322. 9
340.4
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
13. 5
11. 4
12. 0
12. 8
13. 3
12. 8
26. 0
26.0
27. 4
27. 8
30. 4
32. 1
32. 7
32. 5
35. 1
34. 2
35.3
36. 5
37.7
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11.9
12. 2
11. 9
12. 1
12. 1
12. 0
12. 1
6.3
•7. 1
8.2
9. 1
10.4
11.7
13.4
14,8
16. 4
18. 0
20. 0
22. 0
24. 1
41. 0
37. 7
37. 3
33.7
43. 1
42. 0
41.7
37. 2
47. 2
44. 5
43. 8
47. 0
51. 1
42.2
36.7
38. 3
34. 1
44. 9
44.7
43. 2
37.4
47. 7
44. 3
43. 8
46.8
51.5
162: III
IV
455. 5
462. 2
325. 3
327. 7
13.2
13. 4
36. 6
36. 9
12. 0
12. 0
22. 3
23. 0
46. 1
49. 3
46. 2
48. 4
—. 1
.9
163: I
II
III
466. 7
474. 6
482. 0
489. 1
332.0
338. 7
342. 8
347. 9
13. 5
12. 6
12. 7
12. 6
37. 2
37. 4
37.8
38. 2
12. 0
12.0
12. 1
12. 2
23. 3
23. 7
24. 3
25. 0
48. 8
50. 1
52. 2
53. 2
48.3
51.0
52. 2
54.3
.4
-.9
.0
-1.1
352. 5
12. 2
38. 6
12.3
25.6
151
152. .
153
154
155
i56._
157- .
158
159
160
... ___
350.8
366. 9
367. 4
400. 5
. ..
-.-
IV
i64: I 3
305.6
301.8
330. 2
_
161
I62_
279. 3
292. 2
.
1
Includes
;
employer contributions for social insurance. (See also p. 4.)
See Note, page 7.
Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
— 1.2
1.0
— 1. 0
-.3
-1.7
-2.7
-1.5
—.3
-.5
.2
.0
.2
-.4
SOURCES OF PERSONAL INCOME
Personal income in March amounted to a seasonally adjusted annual rate of $480.4 billion, $1.6 billion above the
February rate. Wage and salary payments accounted for one-half of the gain.
BILLIONS OF DOLLARS
SCO
BILLIONS OF DOLLARS
500
450
400
350
300
250
860
1958
1959
SOURCE: DEPARTMENT OF COMMERCE.
Period
1955
1956_
1957
1958
1959
1960
1961
1962
1963
1963: Jan
Feb
Mar. ..
Apr
May...
June
July...
Aug
Sept,.-.
Oct
Nov
Dec
1964: Jan
Feb 4
Mar ...
Total
personal
income
310. 2
332. 9
351. 4
360. 3
383. 9
401. 3
417.4
442. 1
463. 0
454. 0
452. 9
454. 8
457.4
460. 1
462.6
464. 2
465. 1
467. 3
471. 2
472.6
476. 0
478.1
478.8
480.4
1964
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, monthly data at seasonally adjusted annual rates]
Wage
Rental
and
Transfer
Other ProprietcMS' income income
Divi- Personal
salary
labor 2
interest
Business
paydends
of
Farm
disburse- income
ments
and pro- persons
income
ments '
fessional
7. 1
10.7
210. 9
11. 8
11. 2
15. 8
30. 4
17. 5
12. 1
227. 6
8. 1
11. 6
32. 1
10. 9
17. 5
18. 8
12. 6
11.8
32. 7
11.9
19. 6
21. 9
238. 5
9. 1
13. 5
12. 2
12. 4
21. 0
239. 8
9. 4
32,5
26. 3
10. 4
11. 4
11. 9
23. 5
27.5
258. 5
35. 1
13.7
12. 0
271.3
11. 0
12. 1
14. 5
25. 8
34. 2
29. 5
12. 8
278.8
11. 4
12.
1
27.
7
35. 3
15. 3
33. 6
12. 1
13. 3
297. 1
12.
0
16.
6
36. 5
30. 0
34.8
12. 6
312. 3
12.8
12.
1
32.
5
37.7
17.8
36. 9
302. 8
12. 3
13. 6
12. 0
37. 1
17.0
39. 1
31. 5
304. 7
12. 5
13. 5
12. 0
17. 2
37. 2
31. 7
35. 7
306. 1
12. 5
13.3
12. 0
17. 2
37. 2
31. 8
36. 2
12. 5
12. 8
12. 0
308. 7
17. 3
37.3
31. 9
36. 4
12. 6
12. 6
311. 2
12. 0
17. 3
32. 1
37. 4
36. 6
312. 9
12. 6
12. 4
12.0
37.6
18. 2
32.3
36.4
12.7
12. 7
314. 1
12. 1
17. 5
32. 6
37.7
36. 5
314.4
12. 7
12.7
12. 1
17. 6
32. 8
37. 9
36. 7
12.
7
12.
7
12. 1
316. 2
37. 9
33. 0
36. 8
17.8
318.7
12. 8
12.7
38.2
12. 2
33. 2
18. 2
37. 3
319. 2
12. 8
12. 6
12. 2
33. 5
38. 2
18. 5
37. 6
320.8
12. 8
12. 5
12.
2
38.4
19. 8
33. 8
37.7
321.7
]2. 2
12. 8
12
2
39.9
19.
0
34.
1
38. 4
12. 1
324. 2
12. 9
12! 3
34. 3
38. 6
19. 1
37.7
325. 0
12. 9
12.3
12.3
19. 2
38.7
34. 5
37.8
1
Compensation of employees (see p. 3) excluding employer contributions for
social insurance and the excess of \vage accruals over disbursements.
2 Employer contributions to private pension, neattn, and -welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other
minor items.
* Persona] income exclusive of net income of unincorporated farm enterprises,
1963
Less: Personal contributions
for social
insurance
5.2
5.8
6.7
6.9
7. 9
9.2
9.5
10. 2
11.8
11. 4
11.5
11.5
11. 6
11. 7
11.8
11. 8
11.9
11.9
12. 0
12. 0
12. 1
12. 3
12. 4
12.4
Nonagricultural
personal3
income
295. 0
317. 9
336. 1
343. 0
368. 0
385. 1
400. 3
424. 5
445. 7
435.9
434.9
437.0
440.0
443. 1
445. 8
447. 0
448.0
450.3
454. 1
455.7
459.2
461.6
462. 4
463.7
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
* Preliminary.
NOTE.—-Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Disposable personal income jumped by $8,0 billion (seasonally adjusted annual rate) in the first quarter as personal
income rose and personal taxes fell owing to the Federal tax cut. Consumption spending also rose substantially and
ilie saving rate edged down to 7.4 percent.
BILLIONS OF DOLLARS'.
BILLIONS OF DOLLARS*
350
300
DOLLARS*
2,400
2,200
2,000
,800
1,700
I
1958
1959
1964
* SEASONALLY ADJUSTED ANNUAL RATES.
-•^PRELIMINARY ESTIMATES.
SOURCE: DEPARTMENT OF COMMERCE,
COUNCIL OF ECONOMIC ADVISERS
Personal
income
Less:
Personal
taxes
Equals:
Disposable
personal
income
273. 1
288. 3
280. 8
310. 2
332. 9
351. 4
360. 3
383.9
401.3
417. 4
442. 1
463. 0
34. 4
35. 8
32.9
35. 7
40. 0
42. 6
42. 3
46. 8
51. 4
52. 9
57. 7
60. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349. 9
364. 4
384. 4
402. 4
1962: III _ 444. 5
I V _ - 449. 9
1963: I
453. 9
II — 459. 9
III- 465. 2
IV.. 473. 0
1964: I 3 _ _ 479. 1
58. 1
58. 5
59. 4
59. 9
60. 8
62. 1
60.2
386.
391.
394.
400.
404.
410.
418.
Period
11)52
1 1)53
11)54
1955
l!)56
l!)57
11)58
11)59
1060
1961
1962
1963
5
4
5
0
4
9
9
L ess:
Persona : consump tion expe nditures
Saving as
percent PopulaEquals :
of disPersonal
posable (thouNonsaving Current
1963
personal sands) 2
Total Durable
goods durable Services
prices
prices ' income
(percent)
Billions of dollars
Dol lars
29. 1
18. 9
1, 521
1,756
7.9 156, 947
219. 8
75. 6
115. 1
32. 9
7. 8 159, 559
232. 6
118. 0
81.8
19. 8
1, 582
1,809
7. 4 162, 388
32. 4
86.3
18.9
238. 0
119. 3
1, 582
1,790
39. 6
124. 8
92. 5
17. 5
1,870
6. 4 165, 276
256. 9
1, 660
131. 4
100. 0
7.9 168, 225
269. 9
38. 5
23. 0
1,741
1, 928
107. 1
7.6 171, 278
40. 4
137. 7
23. 6
1,803
1, 941
285. 2
141. 6
37. 3
114. 3
7. 8 174, 154
293. 2
24.7
1,825
1, 928
43. 6
122.8
23. 6
1,904
1,987
7. 0 177, 080
313. 5
147. 1
21.7
44. 9
151. 8
1,937
1, 993
6. 2 180, 684
328. 2
131. 5
7. 6 183, 756
336. 8
43. 6
155. 1
138. 0
27. 6
1,983
2, 028
161. 4
7. 6 186, 656
48. 2
145. 7
29. 1
2, 086
355. 4
2, 059
167. 1
154. 5
2, 125
7.3 189, 375
51.5
29.3
2, 125
373. 1
Seaso nally adjiisted anni lal rates
29. 7
7. 7 187, 045
47. 7
162. 5
146. 6
2, 066
2, 091
356. 7
2,084
7. 3 187, 816
362. 9
50. 5
148. 9
28. 5
2, 101
163. 6
27. 1
6. 9 188, 444
307. 4
50. 6
151. 4
2, 093
2, 101
165. 3
7. 4 189, 047
51. 0
29. 6
2, 116
2, 118
370. 4
165. 9
153. 5
7. 3 189, 756
374. 9
50. 8
155. 5
29. 5
2, 127
168. 6
2, 131
2, 144
2, 157
53. 6
168.7
157. 7
31. 0
7.5 190, 498
379. 9
2, 172
2, 192
7. 4 191, 120
55. 5
172. 5
160.0
388. 0
30. 9
1
Income in current prices divided by the implicit price deflator for personal
nnsuznption
expenditures on a 1963 base.
;
Population of the Uniied States including armed forces abroad. Annual
lata as of July 3; quarterly data centered in the middle of the period, interpolated
n>m monthly figures.
Per cap ita disposable Dersonal
inco me
3
Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Net farm income (seasonally adjusted) declined in the first quarter.
BILL IONS OF DOLLARS
BILLIONS OF DOLL ARS
SEASONALLY ADJUSTED ANNUfi L RATES
REALIZED GROSS
FARM INCOME
40
, .
\
x
'—
..
40
*~~~"
-1
NET FARM INCOME
INC -UOIN6 NET INVENTC)RY
CHANGE
1
'**••••»••«»
M*
+*-—"
0
I
!
1
1
f
1958
1
1959
1
1
I960
1
t
1
I
f
1961
SOUF CE: DEPARTMENT OF AGRICULTURE.
1954. .
1955
1956
1957
1958
1959
1960.
1961
1962
1963
1962: III
IV .
1963: I
II
Ill
IV
1964: I 5
._ ..
..
. . _
19. 0
18. 3
18.6
18. 8
20. 5
19. 0
19. 6
20. 1
20. 5
19.8
From
From
farm
nonfarm
sources sources
1
1
1
1963
1
1
13.2
12.2
12. 0
12. 2
13. 8
11. 8
12.3
13.0
13.4
13. 0
o
1964
rtSERS. -
Net t 3 farm
oper itors
Net inc ome per
farm incl uding net
inventory change '
Cash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1963
from
Total >
ventory ventory2
prices prices f
marketchange change
ings
Billions c)f dollars
Dol lars
12. 2
12. 7
5. 8
33. 9
2, 645
30. 0
21. 7
2, 939
6. 1
21. 9
11.5
11. 8
2, 529
33. 3
29. 6
2,810
34. 6
12. 0
11.6
2, 574
6.6
30. 6
22. 6
2,798
34.4
6.6
29. 8
11.8
2, 695
2,837
23. 4
11.0
12. 6
6. 7
37. 9
13. 5
3,201
33. 4
25. 3
3, 334
7. 1
11. 4
37. 5
11.3
2,775
2,861
33. 5
26. 2
7. 2
11.7
12. 0
37. 9
34. 0
3,044
3, 138
26. 2
7. 0
12. 5
39. 6
34. 9
27. 1
12.8
3,359
3, 42S
40.8
7. 1
28.2
12. 6
13.3
3,602
35.9
3,638
12.3
3,580
41. 1
36.2
28.8
12.8
3,580
6.8
Seas onally ad justed amlual rates
12. 4
13. 2
3,580
3,620
40. 7
35. 8
28. 3
41. 0
36.2
12. 6
13. 4
3,630
3,670
28. 4
12.7
13. 5
41.3
3,780
3,780
36. 4
28. 6
12. 6
12.0
3,530
40. 6
35. 6
28. 6
3, 530
12.
7
41. 1
12.
2
36. 1
3,550
3,550
28. 9
41.4
12.3
36.7
12.6
3, 530
29. 1
3,530
12.2
41.2
29. 2
12.0
3,510
3, 510
36. 2
1
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
23 Inventory of crops and livestock valued at the average price for the year.
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.
1
"noome re ceived fro m farming
Realize d gross
From
all
sources
I
' c OUNCIL OF ECONOMIC "AD
Persona! income received by
total 'arm popi lation
Period
1
I96Z
* Income in current prices divided by the index of prices paid by farmers for
family
living items on a 1963 base,
5
Preliminary.
Source: Department of Agriculture.
IORPORATE PROFITS
leliminary estimates indicate that corporate profits maintained their upward trend throushout 1963, rising in the
Mirth quarter by $2.1 billion (seasonally adjusted annual rate) before taxes or $1.1 billion after taxes, to make the
nrrease for the year as a whole about 10 percent in each case.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
60
PROFITS BEFORE TAXES-^
PROFITS AFTER TAXES
A
50
\
40
40
30
20
IO
10
1968
1958
-f EXCLUDING INVENTORY VALUATION ADJUSTMENT
SOURCE: DEPARTMENT OF COMMERCE.
1963
1964
SEE NOTE ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corjjorate pr ofits
valuation adjustme nt
a fter taxeS
Corpo- Profits
rate
plus
TransCorpoCorpoM anufactui ing
capital capital
portation,
rate
rate
conconcomAll
DiviUnprofits
tax
NonDurable durable
muniother before liabil- Total
dend distrib- sump- sumption
tion
goods
indus- taxes
payuted
ity
Total indusgoods cations,
and
tries
ments profits allow- allow-2
ances ' ances
tries
public
tries
utilities
Coil Jorate pr ofits (befcire taxes) and inver tory
Period
All
industries
37. 3
:)53
!)54
'.155
1)56
'.157
1)58
1)59
33. 7
43. 1
:)GO
:)61
:)G2
1)63
.162: III—
IV..
.163: I
II—
III..
IV..
:i64: I 3 ..
42. 0
41. 7
37. 2
47. 2
44. 5
43. S
47. 0
51. 1
46. 1
49. 3
48. 8
50. 1
52. 2
53.2
1
21. 4
18. 4
25. 0
23. 5
22. 9
18. 3
25. 4
23. 0
22. 0
24. 5
26. 5
24. 7
25.2
24. 2
26. 0
27. 6
28. 1
12. 1
10. 1
14. 2
12. 6
13. 1
9. 0
13.4
11. 6
11. 1
13. 2
14. 6
13. 5
13. 7
13. 2
14. 5
15. 0
15.6
9. 3
8. 3
10. 8
10. 9
9.8
9. 3
11. 9
11. 4
10. 9
11. 3
11. 9
11. 3
11. 6
11. 0
11. 5
12. 6
12. 5
4. 9
4. 4
5. 4
5. 6
5. 5
5. 6
6. 7
7. 0
7. 2
7. 6
8. 1
7. 6
7. 9
S. 1
7. 9
8.3
8.3
—
11. 0
11. 0
12. 8
12. 9
13.3
13. 3
15. 1
14. 4
14. 6
14. 9
16. 5
13. 8
16. 2
16. 4
16. 2
16. 4
16. 9
20. 2
17. 2
21. 8
21. 2
20. 9
18. 6
23. 2
22. 3
22. 0
22. 2
24.4
21. 9
22. 9
22. 9
24. 2
24. 7
25.8
18. 1
16. 8
23. 0
23. 5
22. 3
18. 8
24. 5
22. 0
21. 8
24. 6
27. 1
24. 3
25. 5
25. 4
26. 8
27. 5
28. 6
_
Includes depreciation, capital outlays charged to current accounts and aeci•ntal damages.
- Corporate profits after taxes plus corporate capital consumption allowances.
3
Preliminary estimates.
31-408°—64-
38. 3
34. 1
44. 9
44. 7
43. 2
37. 4
47. 7
44. 3
43. S
46. 8
51. 5
46. 2
48. 4
48. 3
51. 0
52. 2
54. 3
9. 2
9.8
11. 2
12. 1
12. 6
12. 4
13.7
14. 5
15. 3
16. 6
17.8
16.5
17. 1
17. 1
17. 6
17. 6
18. 8
19. 1
8. 9
7.0
11. 8
11. 3
9. 7
6. 4
10. 8
7. 5
6. 5
8. 1
9. 3
7.8
8.4
8.3
9. 2
9. 8
9.7
14. 1
15.8
18.4
20. 0
21. 8
22. 7
24. 3
25. 6
26. 8
30. 8
32.4
31. 0
31. 3
31.7
32. 1
32. 7
33. 2
33.7
32. 2
32. 7
41.4
43. 5
44. 1
41. 4
48.7
47. 6
48. 6
55. 4
59. 6
55. 3
56. 8
57. 1
58. 9
60. 2
61. 8
NOTE.—Data beginning 1962 have been adjusted for effects of new depreciation
guidelines ($2W billion for 1962) and therefore not comparable with previous flata.
Data tor Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Preliminary estimates indicate that gross private domestic investment fell by $2.1 billion (seasonally adjusted annual
rate) in the first quarter, primarily as a result of the $2.4 billion reduction in the rate of additions to inventories.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
40
1958
-"PRELIMINARY ESTIMATES.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Total
gross
private
domestic
Total
investment
Period
1951
1952
1953
56. 3
49.9
50. 3
1954
1955
1956
48.9
63. 8
1957
1958
1959
1960
1961...
... ..
1962
1963
1962: III
IV
1963: I
II
III
..
__
..
.. .
_
IV
1964: i s
.
67.4
66. 1
56. 6
72.7
71. 8
69.0
78. 8
82. 3
78.9
78.8
77. 8
80. 7
83.7
87. 1
85. 0
46. 1
46. 8
49. 9
50.5
58. 1
62. 7
64.6
58. 6
66. 2
68. 3
67.1
73. 2
77.5
75. 3
74. 9
72. 7
76.5
79. 5
81. 7
82. 0
New cons truction!
Total
24. 8
25. 5
27. 6
29. 7
34.9
35. 5
36. 1
35. 5
40. 2
40. 7
41. 6
44. 4
46. 6
46. 0
45. 0
43. 7
45. 8
47.9
49. 2
49.7
Residential
nonfarm
12. 5
12. 8
13. 8
15. 4
18.7
17. 7
17.0
18.0
22. 3
21. 1
21. 0
23. 2
25. 0
24. 2
23. 7
22. 7
24. 8
25. 9
26. 8
27. 0
1
Revisions in series on new construction shown on p. 19 have not yet been incorporated
into these series.
:
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
8
Change in business inv entories
Fix sd investnlent
3
Ottler
Total
12. 3
12.7
13. 8
14. 3
16. 2
17. 8
19. 0
17.4
17.9
19.7
20.5
21.2
21.6
21.7
21. 2
21. 0
21. 0
22.0
22. 4
22. 7
Produce3rs' durable eqilipment
2
Nonfarm
10. 4
10. 8
12. 1
12. 7
14. 6
16. 3
17.5
15. 9
16. 2
18.0
18.6
19. 5
19. 8
19. 8
19. 5
19.4
19. 1
20. 2
20. 6
20.9
Total
21. 3
21. 3
22. 3
20.8
23. 1
27. 2
28. 5
23. 1
25. 9
27. 6
25.5
28.8
30.9
29. 3
29.9
29. 0
30. 7
31. 6
32. 5
32. 3
Total
Non-
Nonfarm
1& 4
18. 6
19. 5
18. 5
20.6
25. 0
26. 2
20. 3
23. 1
25.1
22.9
26. 0
27. 9
26. 6
26.8
25. 9
27.6
28.8
29.4
29.2
10. 2
3.1
.4
— 1.6
5.8
4. 7
1.6
9.
2.
1.
-2.
I
1
1
1
s. r.
5.1
.S
-2. 0
-2.!)
3. 5
3.2
5. 5
4.7
4.9
4.2
3. 6
4. 0
5. 1
3.2
4.3
6.6
1.9
6. r,
i. r>
2. S
4.3
3. G
4. 2
5. 4
3.7
3.0
2. 0o
Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
5. 1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
I lie February survey of plant and equipment expenditures indicates an upward revision of $500 million (seasonally
• idjusted annual rate) in outlays in the fourth quarter of 1963 and the first quarter of this year. Plans call for $1.0
Billion greater outlays in the second quarter than indicated in the previous survey and outlays in the second half of the
year are anticipated to rise 5.9 percent from the rate in the first half.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
1 50
SEASONALLY ADJUSTED ANNUAL RATES
40
40
30
30
20
COMMERCIAL
AND OTHER
MANUFACTURING
I--**
——'"
10
10
PUBLIC UTILITIES
TRANSPORTATION
t
1958
1959
I960
1962
1961
1963
1964
-^ SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi ng
Period
Total J
Total
1953
1954 .
1955
._
I956___
1957 ..
.
I958-.
1959
I960
I961-.
1962
1963
I9643__
1963: I
II
III
IV
1964: I 3
II'
_.
28. 32
26. 83
28. 70
35. 08
36. 96
30. 53
32. 54
35. 68
34. 37
37.31
39. 22
43. 19
36. 95
38. 05
40. 00
41.20
41. 25
42. 70
44. 45
11. 91
11. 04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
17. 72
14. 85
15. 30
15. 95
16. 45
16. 65
17. 40
18. 40
Durable
goods
5. 65
5.09
5.44
7. 62
8. 02
5. 47
5. 77
7. 18
6. 27
7.03
7.85
8. 97
7.35
7. 65
8. 00
8. 30
8. 30
9. 00
9. 30
2nd half 3
Excludes agriculture.
- Commercial and other includes trade, service, finance, communications, and
onstruction.
s Estimates based on anticipated capital expenditures as reported by business
a February 1964. Includes adjustments when necessary for systematic tend•ncies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
1
Trans po rtation
Nondurable goods
6. 26
5. 95
6. 00
7.33
7. 94
5. 96
6. 29
7. 30
7. 40
7.65
7.84
8. 75
7.50
7. 65
8. 00
8. 15
8.35
8. 40
9. 10
Railroads
Other
Public
utilities
1.31
. 85
. 92
1. 23
1. 40
. 75
. 92
1. 03
.67
. 85
1. 10
1. 38
.90
1. 00
1. 20
1.35
1.25
1. 40
1. 40
1.56
1. 51
1. 60
1. 71
1.77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 92
2. 06
1. 70
2. 05
1. 85
2. 10
2. 15
2. 45
1. 80
4. 55
4. 22
4. 31
4. 90
6. 20
6. 09
5. 67
5.68
5. 52
5. 48
5. 65
6. 01
5. 20
5. 45
5. 90
5.80
5.70
6. 00
6. 35
Mining
0. 99
.98
.96
1.24
1.24
. 94
. 99
.99
.98
1. 08
1. 04
1. 04
1. 05
1. 00
1. 05
1. 05
1. 05
1. 10
1. 00
Commercial and
other 2
8.00
8. 23
9. 47
11. 05
10.40
9. 81
10.88
11. 57
11. 68
13. 15
13. 82
14.98
13. 20
13. 30
14.05
14. 50
14. 40
14.35
15. 50
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
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.
Sources: Securities and Exchange Commission and Department of Commerce
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The seasonally adjusted civilian labor force declined slightly while employment held steady in March.
ment dropped below 4 million for the first time in over a year.
Unemploy-
MILLIONS OF PERSONS*
MILLIONS OF PERSONS
SEASONALLY ADJUSTED
TOTAL LABOR FORCE
V
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
u JE MIP LC>Y M It IT R AT E
s El S0 «A L -Y A US TE o;
Dl
-F
-
~
~?
* ,*
~
--
- -•
r-
-
Period
1959...
1960. .
1961—
1962 23__
1962 __
1963...
71, 946
73, 126
74, 175
74, 839
74, 681
75, 712
1963:
Feb.. 73, 999
Mar. 74, 382
Apr- 74, 897
May. 75, 864
June. 77, 901
July. 77, 917
Aug. 77, 167
Sept. 75, 811
Oct- 76, 086
Nov_ 76, 000
Dec.. 75, 201
1964:
Jan 74, 514
Feb.. 75, 259
Mar_ 75, 553
1 -r
r
-]
rn
-
--,
:
*
96 2
96
96C)
96 5
1964
COUNCIl OF ECONOMIC ADVISERS
Ci villa n efflTotal
ployiuent
labor
force
UnemNonploy- (includagriing
ment
Total
cularmed
tural
forces)
Thousands of jpersons 14
65, 581 59, 745 3, 813 71, 946
66, 681 60, 958 3,931 73, 126
66, 796 61, 333 4, 806 74, 175
67, 999 62, 744 4, 012 74, 839
67, 846 62, 657 4,007 74, 681
68, 809 63, 863 4, 166 75, 712
Unadj isted
Civilia n emplo yment
Civilian
labor
force
Total
Agricultural
Noncultural
years of age and o ver
69, 394 65, 581 5,836 59,
70, 612 66, 681 5,723 60,
71, 603 66, 796 5, 463 61,
72, Oil 67, 999 5, 255 62,
71, 854 67, 846 5, 190 62,
72, 975 68, 809 4, 946 63,
Seasonally adjustec 1
Unemployment
745
958
333
744
657
863
3, 813
3,931
4,806
4, 012
4, 007
4, 166
4, S07
4,096
4, 135
4, 302
4,124
4, 106
66, 358
67, 148
68, 097
69, 061
70, 319
70, 851
70, 561
69, 546
69, 891
69, 325
68, 615
62, 309
62, 812
63, 424
63, 883
64, 365
64, 882
65, 065
64, 220
64, 541
64, 548
64, 576
4,918
4, 501
4, 063
4, 066
4,846
4, 322
3, 857
3, 516
3, 453
3, 936
3,846
75, 153
75, 192
75, 638
75, 759
75, 627
75, 951
75, 737
75, 840
75, 910
76, 311
75, 964
72, 429
72, 460
72, 902
73, 022
72, 891
73, 207
72, 988
73, 091
73, 168
73, 572
73, 224
68, 122
68, 364
68, 767
68, 720
68, 767
69, 101
68, 941
69, 044
69, 067
69, 222
69, 205
4, 895
4,886
4,997
5,030
4,924
5, 009
4, 872
4,877
4, 939
4, 90S
4, 890
63, 227
63, 478
63, 770
63, 690
63, 843
64, 092
64, 069
64, 167
64, 128
64, 319
64, 315
67, 228
68, 002
68, 517
63, 234
64, 071
64, 500
4, 565
4, 524
4, 293
76, 388
76, 567
76, 503
73, 667
73, 835
73, 760
69, 567
69, 8S2
69, 807
4, 936
4, 797
4, 600
64, 631
65, 035
65, 207
Total labor force as percent of nqninstitutional population.
* Adjusted by Council of Economic Advisers for comparability with previous
data.
10
r-
1
T1
95 )
95 3
# 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.
Total
labor
force
(including
armed
forces)
-|„
-j
r
4, 047
4, 047
4, 101
4, 350
4, 019
4, 100
4,003
3, 953
Unempl oyment
rate (percent of
civiliaii labor
for oe)
Unad- Seasonadjusted ally
justed
Percent
5. 5
5. 6
6. 7
5.6
5.6
5. 7
6. 9
6. 3
5. 6
5. 6
6.4
5. 7
5. 2
4.8
4. 7
5.4
5.3
6.4
6.2
5.9
5.9
5. 7
5. 7
5.9
5.7
5.6
5.5
5,5
5.6
5.9
6.6
5. 6
5.4
6.4
Labor
force
participation
rate,
unadjusted '
58.3
58. 3
58.0
57.4
57.4
57.3
56.3
56.5
56.9
57.5
59.0
58.9
58. 3
57.2
57.3
57.2
56. 5
55. 9
56.4
56.6
Not strictly comparable witb preceding data. See Employment and Earnings, May 1962, p. XIV.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
ELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
lie seasonally adjusted unemployment rate in March remained at February rate of 5.4 percent.
ist dropped to a recent low of 5.8 percent.
Labor force time
PERCENT
10.0
PERCENT
10.0
LABOR FORCE TIME LOST THROU6H UNEMPLOYMENT
AND PART-TIME WORK
8.Q
^x
6.0
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1964
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF LABOR.
Unen iploymen ; rate
(percen t of civili in labor
for ce m groi P)
Period
1)59
Experienced Married ployment Over 40
All
and men ' and part- hours
workers wage
salary
workers
_
060
1)61.
062
Persons at work i n nonagri cultural 3iiidustries
by hours worked jjer week
Uiider 35 ho urs
Labor
force
time lost
through
.
.
063—.
063: Mar
Apr
May
June
July
Aug_
Sept
Oct
Nov
Dec
064: Jan. .
Feb
Mar_ _ _
5.5
5. 6
6.7
5. 6
5.7
5.7
5. 7
5.9
5.7
5. 6
5.5
5.5
5.6
5.9
5. 5
5. 6
5.4
5. 4
Per cent
3. 6
5.6
3. 7
5.7
4. 6
6. 8
5. 5
3. 6
3.4
5.5
Seasonall y adjusted
3. 5
5. 5
3. 3
5.4
3. 3
5.5
5. 6
3.2
3.2
5.4
3. 1
5.4
3.0
5.4
2. 9
5.5
5.7
3.4
3.3
5.3
5.3
3.2
3.0
5.2
5. 1
2.9
Part-ti me for
economi c reasons
Total
Part-time for
economi 3 reasons
Usually Usually Usually
fullpartfulltime 4
time 5
time *
Thousan ds of pers ons 14 ye irs of age and over
1, 304
27, 723 11, 702
1, 032
1, 243
28, 724 11, 528
1,317
1, 297
1, 516
29, 047 11, 132
1,049
28. 853 11, 675
1, 288
29, 422 11, 856
1, 219
1, 070
IJnadjuste i
SeasonalljT
29, 705 11, 706
1, 050
1, 142
1, 020
1, 136
28, 437 14, 311
1,070
1, 070
1, 119
30, 489 11, 408
1, 021
1, 022
1, 069
1, 550
30, 098 10, 595
1,081
924
1, 559
28, 467
9, 888
1, 048
29, 020 10, 245
1, 183
1, 608
1, 178
1,
112
30, 308 10, 768
1, 158
1, 173
1, 058
1, 061
30, 626 11, 294
1, 101
1,
086
1,
075
1, 034
27, 028 16, 391
1, 008
1, 039
1, 023
30, 597 11, 773
1,057
1, 015
957
28, 842 13, 801
1, 085
29, 968 13, 015 6 1, 036 6 1, 106
1, 032
1, 049
1, 003
31, 090 11, 908
6. 6
6.7
8.0
6.7
6.4
17, 345
17, 664
18, 210
19, 025
19, 257
6. 3
6.4
6.5
6.6
6.4
6. 3
6. 1
6. 2
6.3
6. 1
6. 2
6. 1
5. 8
18, 964
18, 068
19, 894
19, 706
18, 747
18, 658
20, 154
20, 334
19, 101
20, 220
18, 337
18, 985
19, 466
4; ncludes
1
Married men living witb their w ves.
2
Man-hours lost by ;he unempk yed and th ose on part-t ime for econ omic
asons as a percent of total man-hours potentially available to the civilian labor
rce.
s Differs from total nonagricultural employment CP- 13), which includes perms with jobs but not at work for such reasons as vacation, illness, bad weather,
id industrial disputes.
35-40
hours
Usually
parttime 5
adjusted
1, 227
1, 156
1, 197
1, 246
1, 214
1, 287
1, 223
1, 220
1, 168
1, 157
1, 164
1, 165
1, 127
pers ons who we rked part-t me because of slack woi k, material
shor
tages or repa rs,, new job started,, or jo b terminated .• .
5
Primarily
includes persons who could find only part-time work.
B
Average hours worked: usually full-time, 23.8; usually part-time, 17.9.
NOTE.—See note, p. 10. Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
j "S
UNEMPLOYMENT INSURANCE PROGRAMS
In March, insured unemployment under State programs averaged 2,050,000.
coverage, this was 248,000 less than in March 1963.
After adjustment for extension ol
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1961
JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
I/ SEE NOTE 2 ON TABLE BELOW.
SOURCE: DEPARTMENT OF LABOR.
1960
1961
1962
1963
1963: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Deo
1964: Jan
Feb 1
Mar
Week ended:
1964: Mar 7
14
21
28
Apr 4
11
-
Thou sands
2,067
- 46, 334
2,994
•46, 264
1,924
47, 669
1,973
- 48, 675
46, 632
2,726
47, 163
2,465
— 48, 159
2,089
1, 799
— 48, 592
49, 285 2 1, 628
1, 655
1,587
1,444
1,476
1, 686
2, 122
2,563
2,410
2, 200
2, 320
2, 260
2, 162
2, 124
2,050
3, 022. 7
4, 358. 2
3, 160. 0
3, 025. 9
339.6
343.0
297. 8
254. 6
205. 0
211.8
204.8
179.8
190. 0
181. 3
254.5
345. 6
307. 9
336.0
Weekly
1,906
2,290
1, 783
1,806
2,546
2,298
1,918
1,624
1,468
2
1, 497
1,438
1,296
1,333
1, 542
1,972
2,395
2, 243
2,050
2,161
2, 105
2, 012
1, 977
1,910
i Preliminary; data for April 4, not charted.
'Programs include Puerto Rican sugarcane workers for Initial claims and
insured unemployment beginning July 1963.
12
DEO.
COUNCIL OF ECONOMIC ADVISERS
A 11 progranas
Insured Total
unem- benefits Insured
Covered ploypaid
unem(milemploy- ment
ployment
(weekly
lions
ment
averof dolage)
lars)
Period
NOV.
Stiite progra ms
Insurec1 unemploymerj t as perInitial Exhaus- cent of covered
employment
tions
claims
Unad- Seasonadjusted ally
justed
Per eent
average, t aousands
331
31
4.8
350
46
5.6
302
32
4.4
294
30
4. 3
6.2
325
36
4.6
272
36
5.6
4.4
273
4.2
37
4.7
239
33
3.9
4.SS
32
240
3.5
4-1
2
301
28
3.6
4.1
251
26
3.4
4.2
226
24
3.0
4-0
24
256
3.1
4-1
292
22
3.6
4-1
415
27
4. 7
4.3
412
30
4.3
5.7
291
31
5. 3
4-0
259
32
4. 9
3.8
272
265
248
249
265
282
Benefi ts paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
2, 726. 7
3, 422. 7
2, 675. 4
2, 774. 7
313.3
316.4
274.8
235. 9
188.2
195.6
186.8
163.1
172. 0
165. 0
233.0
319.3
283.8
305.0
32.87
33. 80
34. 56
35.27
35.70
35.80
35. 54
34.91
34, 34
34. 43
34. 67
34.93
35. 15
35. 37
35. 78
36. 07
36. 24
36. 30
5.2
5.0
4.8
4.7
4.6
NOTE.—For definitions and coverage, see the 1962 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Bico since January 1961.
Source: Department of Labor.
JONAGRICULTURAL EMPLOYMENT
iyrol[ employment, seasonally adjusted, registered only a sli'shf gain—66,000—in March.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
.
AND SALARY WORKERS '
ALL NONAGRICULTURAL ESTABLISHMENTS
1961
1963
I96E
1961
1964
1962
1964
1963
12.5
4.0
CONTRACT CONSTRUCTION
(ENLARGED SCALE)
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
3.5
3.0
11.5
2.5
I 1.0
10.5
2.0
1961
196E
1963
1964
1961
1963
X SEASONALLY ADJUSTED DATA.
SOURCE: DEPARTMENT OF LABOR.
1964
COUNCR OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;' seasonally adjusted]
N onmanu facturinf ; (private
Manufac turing ( private)
Period
Total
Total
'.157
'.158
!),59
'.ICO
'JG1
DC2
'J63
'.163: Feb_
Mar_
Apr_May.
JuneJuly Aug__
SeptOct._
Nov.
Dec.
'.IC4: Jan..
Feb22.
Mar
52, 904
51, 423
53, 404
54, 370
54, 224
55, 841
57, 174
56, 458
56, 706
56, 873
57, 060
57, 194
57, 340
57, 344
57, 453
57, 646
57, 580
57, 748
57, 850
58, 160
58, 226
NonDurable durable
goods goods
17, 174 9, 856
15, 945 8, 830
16, 675 9, 373
16, 796 9, 459
16, 327 9,072
16, 859 9, 493
17, 035 9,659
16, 872 9,546
16, 948 9, 586
17, 037 9, 660
17, 095 9, 683
17, 075 9, 685
17, 103 9, 701
17, 033 9, 652
17, 076 9, 705
17, 119 9,718
17, 061 9,688
17, 127 9,737
17, 119 9, 726
17, 175 9, 754
17, 224 9, 801
7, 319
7, 116
7, 303
7, 336
7,255
7, 367
7,376
7, 326
7, 362
7, 377
7, 412
7, 390
7, 402
7, 381
7, 371
7,401
7,373
7,390
7, 393
7, 421
7,423
TransPnnv/Uil—
tract portation
Total Mining conand
strue- public
tion utilities
28, 104
828 2, 923 4, 241
751 2,778 3, 976
27, 585
732 2, 960 4, Oil
28, 539
712 2, 885 4,004
29, 054
672 2, 816 3, 903
29, 069
652 2, 909 3, 903
29, 794
634 3,029 3,913
30, 605
30, 162
631 2,920 3,899
30, 303
631 2, 928 3, 894
639 3,005 3, 890
30, 370
640 3,019 3, 909
30, 485
3,046 3, 919
639
30, 615
640 3, 069 3, 936
30, 748
30, 812
635 3, 083 3,941
632 3, 071 3, 950
30, 825
30, 884
629 3,066 3,937
630 3,057 3, 928
30, 866
630 3, 069 3, 915
30, 916
31, 013
623 3, 017 3, 923
624 3, 163 3, 937
31, 265
626 3, 135 3,941
31, 253
1
Includes all full- and part-time wage and salary workers in nonagricultural
(ablishments who worked during or received pay for any part of the pay period
iding nearest the 15th of the month. Excludes proprietors, self-employed perms, domestic servants, and personnel of the armed forces. Total derived from
tis table not comparable with estimates of nonagricultural employment of the
vilian Jabor force, shown on p. 10, whicb include proprietors, self-employed
Tsons, and domestic servants; which count persons as employed when they
Whnlp.
VV 1IOAC—
sale
and
retail
tr£L(lc
10, 886
10, 750
11, 127
11, 391
11, 337
11, 582
11,865
11, 729
11, 795
11,784
11, 825
11,864
11, 884
11, 907
11, 922
11,935
11,941
11,963
12, 072
12, 114
12, 070
Gover mnent
Finance,
insur- Service
ance,
and
and miscelreal laneous
estate
2, 477 6, 749
2, 519 6, 811
2, 594 7, 115
2, 669 7, 392
2, 731 7, 610
2, 798 7, 949
2,866 8,297
2, 839 8, 144
2, 848 8, 207
2, 853 8, 199
2, 864 8, 228
2, 865 8, 282
2,870 8, 349
2, 873 8, 373
2, 873 8, 377
2,887 8,430
2,887 8,423
2,892 8,447
2, 904 8, 474
2, 910 8, 517
2,917 8,564
Federal
2, 217
2, 191
2,233
2, 270
2, 279
2, 340
2,358
2, 332
2, 340
2, 339
2,345
2, 349
2, 351
2,348
2, 347
2,352
2,347
2, 349
2, 349
2, 321
2, 326
State
and
local
5,409
5,702
5,957
6,250
6,548
6, 849
7,177
7, 092
7, 115
7, 127
7,135
7, 155
7,138
7, 151
7,' 205
7,291
7,306
7, 356
7, 369
7,399
7,423
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from
employing establishments.
2
Preliminary.
NOTE.—Beginning 1959, data include Alaska and Havraii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
Average hours worked of production workers in manufacturing increased to 40.7 hours (seasonally adjusted) in
March, and remained higher than the figure of a year ago.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
44
44
42
42
40
40
38
38
36
36
34
1962
NONDURABLE MANUFACTURING
1963
34
1964
1962
1961
1964
44
42
CONTRACT CONSTRUCTION
RETAIL TRADE
40
42
38
40
36
38
36
34
32
30
i i _j i i t t i t
1961
1963
1962
32
1964
1962
SOURCE: DEPARTMENT OF LABOR.
1963
1964
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week;' seasonally adjusted]
Marlufacturing indus tries
Period
1953
1954
1955
._
1956
1957
1958
1959
1960
1961
1962
1963
1963: Feb
Mar..
Apr
May __
June
Julv
Aug
Sept
Got _
Nov
Dec
1964: Jan_2
Feb 2
Mar
_
Durable
goods
All
_ . __
,
_
.
... .
.
40. 5
39. 6
40.7
40. 4
39. 8
39. 2
40. 3
39. 7
39. 8
40. 4
40.4
40. 3
40. 5
40. 1
40. 5
40. 5
40. 4
40. 3
40. 7
40. 6
40. 5
40.5
40. 1
40. 6
40.7
»Data relate to production workers or nonsnpervisory employees. Data for
Alaska
and Hawaii included beginning 1959.
£
Preliminary,
14
41. 2
40. 1
41. 3
41.0
40.3
39. 5
40. 7
40. 1
40. 3
40. 9
41. 1
41. 0
41. 0
40. 7
41. 1
41.3
41. 2
41. 0
41. 3
41. 2
41.1
41. 5
40. 8
41.3
41.3
Nondurable
goods
39. 6
39.0
39. 9
39. 6
39. 2
38. 8
39. 7
39.2
39. 3
39. 6
39. 6
39. 7
39. 8
39. 3
39. 7
39. 6
39.5
39. 6
39.7
39.8
39. 5
39.6
39.1
39.9
39.8
Source: Department of Labor.
Contract construction
37.9
37. 2
37. 1
37. 5
37. 0
36. 8
37. 0
36.7
36.9
37.0
37.3
36. 1
37.3
37. 5
37. 5
37. 6
37. 3
37. 2
37.3
37.6
36. 9
36.6
35. 6
37.5
37.7
Retail trade
39. S
39.7
39.0
39. 1
38. 7
38.7
38. 7
38.5
38. 1
37.9
37.8
37.8
37.8
37.0
37.8
37.9
37. 9
37.8
37.7
37.8
37.7
37.8
37.3
37.6
IVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
i March, average hourly earnings in manufacturing were $2.51 for the fourth consecutive month.
up a little to $101.40.
Weekly earnings
( |ged
DOLL &RS
DOLt.ARS
3.00
120
AVERAGE M OURLY EARNI NGS
AVERAGE VYEEKLY EARN NGS
DURABLE GOOD s
INDUSTRIES
no
j 2.80
DURAB LE GOODS
INDl STRIES
A
2.60
/
Nj.f-'V"'
HUlf^
£"Z
JW
.>
/
J
,
^
^
f\
/
NONDURABL E GOODS
INDUSTFilES
\
\
2.20
.
90
-**i^^ **
80
y
-N*
•W
1
$
•sX-s/-'
^^
/ ^ ''••./
100
^J
.—"^ V
/^
f-- &
(>.»'
••:,,f':.,,:..,/
A _L MANUFACTURI NO
INDUSTRIES
2.40
\
4
/V
A •-*""
/ <** J V
\>f
^^. A/
x^S/v
\
A LL MANUFACTUFiING
f~*l
INDUSTRIES
«»«/•""
/
••^
/""*
4» ,. +J
V
'
t/" *
t?
k
4+ *
\
NON DURABLE GOOD S
INDUSTRIES
<r +
2.OO Ml 1 1 M I .1 1 1 1 I.
1961
i i i i i1 i i iii
1962
r 1 I . 11 1 1 1 \ 1
1
1 1 1 1 !
1963
1 t
t
70
1 !.,
• 11* 1111111
1961
1964
i 1 1 1 1 ! 1 1 1 1 1 .1 i i i i I i i i i i
1962
I.J
t
!
council
SOURC E: DEPARTMENT C F LABOR.
1 I
1 1 1 1 Lj
1964
1963
OF ECONOMIC ADV1S
RS
[For productio D worker s or nonsupervisor y employe;esl
Avera ge hourly earnings-—current prices
Period
Manufsicturing iiidustries Contract
Retail
conNontrade
strucDurable durable
All
tion
goods
goods
1954
$1. 78
1. 86
1955
1. 95
1956
2. 05
1957
2. 11
1958
2. 19
1959
I960_-- --- 2. 26
2. 32
1961
2. 39
1962
2. 46
1963
1963: Feb— 2. 43
Mar-- 2. 44
Apr—- 2. 44
May— 2. 45
June- 2.46
July— 2. 45
Aug__ 2. 43
Sept- 2. 47
Oct — 2. 47
Nov - 2.49
Dec_- 2. 51
2. 51
1964: Jan__Feb 33_ 2. 51
Mar - 2. 51
$1. 90
1. 99
2. 08
2. 19
2. 26
2. 36
2. 43
2.49
2. 56
2.63
2. 61
2. 61
2. 62
2. 63
2. 64
2. 63
2. 61
2. 65
2. 65
2. 67
2. 69
2. 69
2. 68
2. 69
1
Earnings
1
$1. 62
1. 67
1. 77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 16
2. 22
2. 19
2. 20
2. 21
2. 21
2. 22
2. 22
2. 21
2. 24
2. 23
2. 25
2. 26
2.27
2.26
2. 27
$2.39
2. 45
2. 57
2.71
2. 82
2. 93
3.08
3. 20
3. 31
3.42
3.41
3.39
3. 34
3. 37
3. 38
3. 40
3. 42
3.47
3.47
3. 45
3. 54
3. 58
3. 54
$1. 29
1.34
1. 40
1.47
1.52
1. 57
1. 62
1. 68
1. 74
1. 80
1. 78
1. 78
1. 79
1. 80
1. 81
1. 80
1. 80
1. 82
1. 82
1.83
1. 80
1. 84
1. 85
Manufs cturing iiidustries Contract
conNonDurable durable
strucAll
goods
tion
goods
$70. 49
75. 70
78. 78
81. 59
82. 71
88. 26
89.72
92. 34
96. 56
99.38
97. 20
98. 09
97. 36
99. 23
100. 37
99. 23
98. 42
100. 53
100. 53
100. 85
102. 41
99. 90
101. 15
101. 40
in current prices, adjusted to exclude overtime and interindustry shifts.
Earnings in current prices divided by toe consumer price index on a 1963 base,
a Preliminary.
31-408°—64
3
Manufac turing
indust ries
Adjusted Average
nourly weekly
earnRetail earnings,
trade 1957-59 = ings,
19632
100 ' prices
Avonige weekl y earnings— current prices
$76. 19
82. 19
85. 28
88. 26
89. 27
96. 05
97. 44
100. 35
104. 70
108. 09
106. 23
106. 49
106. 37
108. 36
109. 82
108. 09
107. 01
109. 45
109. 71
110. 00
111. 90
109. 21
109. 88
110. 56
$63. 18
66. 63
70. 09
72. 52
74. 11
78. 61
80. 36
82. 92
85.54
87. 91
85. 85
86. 68
85.97
87. 52
88. 36
88. 36
88. 40
89. 38
88. 98
89. 10
90. 17
87. 85
89. 04
89. 44
$88. 91
90. 90
96. 38
100. 27
103. 78
108. 41
113. 04
118. 08
122. 47
127. 57
118. 33
122. 72
124. 58
128. 06
129. 79
130. 90
132. 70
132. 90
134. 98
125. 58
124. 96
122. 08
127. 44
$51. 21
53. 06
54. 74
56. 89
58.82
60. 76
62.37
64. 01
65. 95
68. 04
66. 75
66. 75
67. 48
67. 68
68. 96
69. 30
69. 30
68. 61
68. 25
68.26
68.40
68. 26
69. 01
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
84.3
86. 9
91. 5
96. 2
100.2
103. 5
106. 8
109. 8
112. 5
115. 4
114. 4
114. 6
114. 9
114. 9
115. 1
115. 2
115. 0
116. 0
116. 1
116. 8
117.2
117. 6
117. 7
$80. 38
86. 61
88. 72
88.88
87.62
92. 81
92. 88
94.51
97.73
99.38
97.79
98. 58
97.85
99.73
100. 47
98. 83
98. 03
100. 13
100. 03
100. 15
101. 60
99.01
100. 35
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) increased 0.4 percent in March.
business equipment rose while consumer goods declined fractionally.
INOE X, 1957-59 = 100 (SEASONALLY A WUSTEO)
INOE •X, 1957-59=100 (SEASONALLY AC JUSTED)
150
I6O
UTILITIES AND MINING
TOTAL
140
ISO
—~^ r\^**
UTILITIES
140
130
s
/
-X —*"""
-_^»-»,
120
no
130
90
——^
p^^
s*S~
120
_,,^_
^s
MINING
Mr—
110
1 1111 1 1 11 1i
1
I
1 1 .
t
1 I
1 1 !
1
1 1 1 1 f
1962
IS6I
1 ! '(
.
1 1
1963
t
1 1 1
1 1 I
t
100 **T'T*PlT i i i i i
! 1
1964
*«..
I t t 1 r Ii I i t i
i .I iI 1 r t r ( p
1962
1963
1961
MANUFACTU RING
t t
MARKET GF OUPS
130
130
YH^Jfz^^
NONDURABl-E
\
120
-^^£J5S2B
jf^
120
FINAL PROOU CTS
*^*
,.-•.-,
**"^^
•JJ*
' i"*^"">|
^MATERIAL S
»*&*' **
•'—-DURABLE
110
^S<+ v
110
too
-^
100
^__ —
90
I I 1 I) 1 I rt I i
i i t t i 1 i i t ii
t 1 t rt 1 1 i 1ii
1961
I96E
1963
1 1111 1 111 1,
,
i , . ,i i , 1 1 , .
1961
1962
1963
,,,,,,
1964
^
*S^*^
Total
industrial
production
Period
1954
1955
1956
1957—
1958
1959
1960
1961
1962
1963 »
1963: Feb
Mar
Apr
May
June
July
Aug
Sept_
Oct _ _
Nov _ _
Dec
1964: Jan
Feb
Mari
Preliminary.
_
-
.
__
_
-
_ _
.-.
85. 8
96. 6
99. 9
100. 7
93. 7
105.6
108. 7
109. 8
118. 3
124.3
120. 2
121. 3
122. 5
124. 5
125. 8
126. 5
125. 7
125.7
126. 5
126.7
126. 9
127. 3
127.7
128. 2
T
1 1 t
1
1 1 I 1 1 t
1964
COUNCIL OF ECOHOM1C.ADVISERS
SOUB CE: BOARD OF G0\ ERNORS OF THE F EOERftL RESERVE SYSTEM.
T
1964
140
140
16
! i- f t I ! 1 t
150
150
90
.••—
j^/^
-•*
100
1
Output of materials and
[1957-59 = 100, seasonally adjusted]
Industry
M inufactur ng
Ma rket
Fi nal produ BtS
-!»»•_.
Total
86.3
97.3
100. 2
100. 8
93. 2
106.0
108. 9
109.7
118. 7
124.7
120. 6
121. 9
123. 1
125. 2
126. 4
126. 8
125. 9
126. 1
127. 1
127. 5
127. 9
128. 1
128. 5
129. 0
NonDurable durable
Mining
Utilities
83.6
91. 6
95. 4
96. 7
96.8
106. 5
109. 5
112.9
119. 8
125. 1
121.4
122. 5
123. 4
124. 8
125. 2
126. 4
127. 2
127. 1
128. 1
128.6
128. 9
128. 6
128.8
129. 3
90.2
71.8
80. 2
87.9
93. 9
98. 1
108.0
115. 6
122. 8
131.3
140.7
138. 2
136.4
135.7
139. 1
141. 3
145. 3
144.6
142,8
143. 9
88. 4
101. 9
104. 0
104. 0
90. 3
105. 6
108. 5
107. 0
117. 9
124.4
120.0
121. 5
122. 8
125. 6
127.4
127.0
125.0
125. 3
126.3
126. 6
127. 0
127. 6
128. 4
128. 8
99. 2
104. 8
104. 6
95.6
99.7
101. 6
102. 6
105. 0
107.8
104.7
105. 4
107. 4
108.5
109.4
111. 3
111. 3
110. 3
109. 1
107.5
106. 6
108. 4
107. 6
107. 1
144.5
143. 3
144.9
146. 0
146. 0
Total
85. 7
93. 9
98. 1
99.4
94. 8
105.7
109. 9
111. 3
119. 7
124. 8
122. 6
122. 4
122. 1
123. 5
125. 2
125. 9
126. 2
126. 5
127. 9
128.0
128. 4
128.3
128.4
128. 4
Consumer
goods
84.3
93. 3
95.5
97.0
96.4
106. 6
111. 0
112.7
119. 7
125. 1
122. 9
123. 1
122. 5
124. 1
125. 9
126. 4
126. 7
126. 7
128. 0
128. 2
128. 2
128. 5
129. 2
129. 0
Equipment
88.9
95. 0
103. 7
104. 6
91.3
104. 1
107. 6
108. 3
119. 6
124.2
121. 5
120. 7
120.4
122. 1
123. 8
124. 8
125. 3
126. 2
127. 7
127.6
128. 8
128. 0
126.7
127. 1
Source: Board of Governors of the Federal Reserve System.
rials
85.9
99. 0
101. 6
101.9
92.7
105.4
107. 6
108.4
117. 0
123.6
118.0
120. 2
122. 9
125. 7
126. 6
126. 7
125. 1
125.0
125. 5
125. 8
125. 4
126. 1
127.3
128. 0
PRODUCTION OF SELECTED MANUFACTURES
Output of primary and fabricated metals, machinery, and chemicals each were up about 1 percent on a seasonally
adjusted basis in March while production of transportation equipment was down 1 percent. Output of most other
manufactures held at their February levels.
INDEX, 1957-59=100 (SEASONALLY ADJUSTED)
INDEX, 1957-59=100 (SEASONALLY ADJUSTED)
160
140
120
120
100
100
140.
120
60
1963
100
140
TRANSPORTATION
EQUIPMENT
160
120
100
120
80
1962
100
1964
1964
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1957-59 = 100, seasonally adjusted]
Durab le manufa ctures
Period
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963'
.
1963: Feb
Mar
Primary
metals
_
.
-
.
Apr
May
June
July
Aug~ ..
Sept___
Oct
Nov
Dec
__
1964: Jan.
Feb
Mari
Preliminary.
91. 3
118. 4
116. 4
112. 2
87. 5
100. 4
101.3
98. 9
104. 6
113. 1
105. 2
111. 9
120. 1
127. 4
125.8
122. 8
_-
_
109. 4
107. 7
108. 4
109. 5
110. 4
112. 4
116. 2
118
Nc ndurable manufactu res
FabriTranspor- Lumber Textiles,
Machincated
tation
and
apparel,
and
metal
ery
equipprodment
leather
products
ucts
90. 2
98. 3
98. 8
101. 5
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
118. 5
119. 3
120. 2
123. 3
125. 1
125. 6
126. 4
125. 6
126. 8
126.0
125. 6
126. 7
126. 7
128
87. 7
96. 5
107. 1
104. 2
88. 8
107. 1
110. 8
110. 4
123. 5
129. 1
126.
126.
125.
128.
129.
129.
130.
4
2
9
4
4
6
5
131. 3
132. 2
132. 6
133. 3
134. 4
133. 9
135
83. 8
102. 0
97. 4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
122. 3
122. 1
123. 7
124. 5
130. 4
129. 3
126. 8
128. 7
130.
130.
130.
129.
130.
129
8
8
6
6
4
99. 6
109. 5
105. 4
95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
109. 0
108. 2
115. 7
108. 0
108. 9
106. 9
104. 1
110. 4
110. 3
108. 1
111. 1
112. 5
116. 1
119. 3
86. 9
95. 5
98. 0
96. 9
95. 0
108. 1
107. 5
108.4
115. 1
118. 5
115. 6
115. 9
116. 2
116. 5
118. 0
118. 9
120. 2
121. 1
121.7
123. 0
123. 7
122. 3
122. 1
123
Paper
Chemicals, Foods,
petrobeverprint- leum, and ages, and
ing
rubber tobacco
and
85.0
92. 5
97. 1
97. 8
97. 0
105. 2
109. 0
112. 4
116. 7
120. 0
115. 8
115. 7
119.2
120. 5
121. 6
122. 3
122. 4
122. 0
122. 3
122.7
123. 8
122. 7
124. 3
124
74.7
86. 8
91. 4
95. 6
95. 5
108.9
113. 9
118. 8
131. 2
141. 5
135. 3
138. 2
139. 7
141. 3
141. 3
143. 3
144. 4
144. 8
145. 9
147. 3
146. 1
145. 8
145. 9
147
89. 8
93. 1
96. 6
96. 7
99. 4
103. 9
106. 6
110. 4
113. 4
116. 3
115. 0
115. 6
114. 7
116. 4
116. 1
116.9
117.5
116. 5
118. 2
117. 2
118. 4
119. 3
118. 8
119
Source: Board of Governors of tbe Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Weekly indicators of production (seasonally unadjusted) registering gains in March were steel and bituminous coal.
MILL ONS OF SHORT TONS (DAILY AVERAGE)
MIL LIONS OF TONS
STEEL
BITUMINOUS COAL
2.0
(.
T
f|
,—-•%
""%x63
"^P>^\
1963
n^
&£ \
,..»*'"""••-•<,*.„.»& f..
p3
1.5
2
I 1 196*1
/
.
^^
'**»
^
^^^
„>"•**
g
-N /"
t*'
V
1
j i i 1 i i i t i » i i 1 i i i 1 i i i 1 i > i i 1 i i i 1 i i i i 1i i i t , i 1 1 i t i i 1 i , i
,11 1 1 i 1 | | H 1 1 ! ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 1 ' ' ' ' '
BILLI ONS
20.0
THOU iANOS
OF KILOWATT HOURS
.
,
119641
1962
1.0
fcLtCTRIC
POWER
s.
/|
CARS AND TRUCKS
250
11964
/Wv\
18.0
16.0
/",.%
'/"•i
^"X,
-'
--.
/
=" * V"
r^/^x.,A/v/\/
'
* v
/ \m+
1962
*
2OO
^I
V1/ »
s</%K " \ -•••».--
ISO
Vv ^^\/ •
A*/ i1
J V
\v/*
/ 1
.963
M/s
' \f*"f ^
v
jL/kL-N._X"
*
••*""•' *** ~ -
P:O^^\L1 | A^!S« £<~"\f \
i~**~y
furi s/
\
^^
i ^
y
too
"t
*
50
>f i i t i t i I i i i , I i i i i t i i I i r i ( i i i i i i t i | | i | i I i i i I i i i i 1 i i i
'
J
F
M
A
M
J
J
A
S
O
N
O
r r i 1 i i i 1 t i i i I i i i I i i i 1 i i i i 1 i i i 1 t i i i ! i r il i i i 1 i i I I 1 i i t
J
D
F
M
A
M
J
J
A
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE III TERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REP ORTS.
Period
Weekly average:
1957
1958 .. .
1959
1960
1961
1962
1963
1963: Feb
Mar
_ _
Apr . _
May
June
July
Aug__
Sept.
Oct
_. .
Nov
Deo . _
1964: Jan
Feb 3
Mar
,
Week ended:
1964: Mar 7
14___ _ _
21
28_
Apr 4 22 . .
11 -_.
1
2
3
1,899
1,880
1,886
2, 096
2, 056
2,275
2,493
2,594
2,416
1,958
1, 757
1,836
1,915
1,979
1,980
2, 148
2, 289
2, 365
2,312
2, 315
2,362
2,406
2,447
2, 447
Daily average. Includes data for Alaska.
Preliminary,
Not charted.
18
116. 0
87. 8
96. 2
101. 9
100.9
101. 2
112. 5
110. 3
122. 1
133. 8
139. 2
129.7
105. 1
94. 3
98. 6
102. 8
106. 2
106. 3
115. 3
122. 8
126. 9
124. 1
124. 3
126. 8
129. 2
131.4
131. 4
11, 873
12, 082
13, 297
14, 424
15, 139
16, 325
17, 490
17, 550
16, 824
16, 357
16, 445
17, 625
18, 078
18, 257
17, 527
17, 250
17, 482
18, 792
18, 722
18, 668
18, 144
18, 226
18, 240
18, 140
17, 972
17, 876
s
17, 870
S
O
N
O
COUNCIL OF ECONOMIC ADVISERS
Bituminous Freight Paperboard
Electric
Steel p 'oduced
coal mined
power
produced
loaded
Index
Thousands
distributed (thousands (thousands
(thousands
of net
of short
(1957-59= (millions of
of ears)
of tons)
tons
100)
kilowatt-hours) tons) l
2,162
1,635
1,792
S
V
14.0
'
^\
Car s and tnicks
assemb led (thoiisands)
Total
Cars
Trucks
1, 644
1,380
1,380
1,390
1,353
1,414
1,512
1,417
1, 292
1, 495
1,538
1,573
1, 510
1, 543
1, 655
1, 637
1,535
1, 540
1, 555
1,371
1, 393
683
581
596
585
550
552
555
516
532
560
587
606
539
578
577
628
559
493
517
526
526
273
274
307
306
322
343
358
357
367
356
366
370
319
381
355
387
373
325
349
386
384
138. 6
98. 4
129. 5
151.8
127. 9
157. 5
175. 0
178. 7
184.4
186.0
185.1
200. 1
166. 1
48. 1
145. 7
205. 8
205. 5
202. 0
189. 9
201. 2
196. 6
117. 6
81. 6
107. 6
128. 8
106. 1
133.4
146.9
149. 2
154.4
157.2
156. 3
170.5
138. 5
29. 7
118. 9
174. 9
175. 7
173.3
159.8
168. 4
164. 0
21. 0
16. S
21.9
23.0
21.8
24.1
28.1
29. 5
30.0
28.8
28.8
29.6
27.6
18.4
26.8
30. 9
29.8
28.7
30. 1
32.7
32. 6
1,318
1,315
1,419
1,458
1,269
518
521
537
528
519
383
382
387
382
372
397
193.7
196. 4
197.7
198. 8
208.9
209. 2
161.4
164. 3
164.7
165. 6
173.9
174. 9
32. 2
32. 0
33. 0
33. 2
35. 0
34. 3
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Beports.
NEW CONSTRUCTION
Outlays for new construction (seasonally adjusted) reached a record annual rate of $67.0 billion in March, more
llian $1 billion greater than in February. The rise stemmed from increased activity in private residential and commercial and public construction.
1
BILL IONS
EHLLIONS OF DOLL ftRS
OF DOLLARS
SEASONALL y ADJUSTED ANNUAL R A T E S
T OTAL
60
NEW CONS T RUCTION
i60
^_^_^^
.*—-N.
>X^
"S^* ^^^-
—
_>>
~^~1
"
~
X
50
-*"—•"
-*
PR
,+'""'*•*-
40
40
.-**
30
-
PUBLIC
20
*
„'
111 1 1
11 1 I1
20
•-X--*"*
~^,,,*,
] t ! 1 1
""*
i i i I i 1 I i i I i
I I 1 T r
i I 1 I 1 1 1 1 1 i 1
1 1 1 1 1 1 1 t 1 1 1
1 1 1 1 1 1 T I 1 1 1
PRIVATE RESIDE NTIAL (NONFARM)
\
m...-"""1"""""1"'"
»
*
i
S,
nl
r 1 1 1 r
I i 1 r r
1959
1958
* SEE NOTES
,un,«' "
••••
OTHER PRIVATE
! 1 ! t
1 1 T 1 t I r
t
«
r ! t T ! ! 1 1 ( 1
I r r t r 1 T I 1 it
i f r t t 1 t i ( f i
1963
1964
1962
1961
BELOW.
OF COMMERCE.
Total new
construction
expenditures
1959
1.959 (new series)41960
1961
1962
54. 1
55. 3
53. 9
55. 5
59. 0
62. 8
1963
1963: Feb
Mar _ _ ..
Apr
May
June_ _ _
Julv . ._
Aug_
Sept
1964: Jan
~>
0
CO JNCit OF ECONOMIC ADVISFRS
Pr vate
llesi dential norif arm
Total
Total '
38.0
39. 2
38. 1
38. 3
41. 5
43. 8
22. 3
24. 3
21.7
21. 7
24. 2
25. 7
CommerAdditions cial and
New
housing
and al- 2 industrial
terations
units
Billions of dollars
17. 1
4. 4
19. 2
4. 3
.16. 4
16. 2
18. 6
20. 1
6. 0
6.0
7.0
7.5
7.9
8.2
Other
Constructioii contracts 3
Federal, Total value Commercial and
State,
(index,
industrial
and
1957-59
=
floor space
local
100)
(millions of
square feet)
8. 9
9. 3
9.2
9. 4
9.9
16. 1
16. 1
15. 9
17. 2
17.6
19. 0
9. 4
9. 4
9.8
9.9
9. 8
10. 0
10.1
10.0
10. 2
9. 9
10. 3
10. 0
10. 2
10. 2
17. 8
18. 6
17. 1
17. 3
19.2
18. 8
19. 6
19. 4
20. 3
20. 4
19. 7
20. 0
19. 7
20. 5
9. 7
Sea anally adjiisted annum I rates
Oct
Nov
Dee
20
^-—1
IN TAB
LE
SOURCE: DEPARTMENT
Period
, , , , , [ , , , , ,
I960
""""" m»"
, „,.«•"
^-»—
— •^••.pi*'
0
lVl
_—_
""iini,,,!."'1""""
( 1 ! , t Ir I , .f
_.
Feb
Mar5
59. 2
60. 1
59. 6
60. 5
62. 3
62. 7
64. 2
64. 2
65. 9
66. 1
65. 5
65. 6
65. 8
67. 0
41. 4
41. 5
42. 4
43. 1
43. 2
43. 9
44. 6
44. 8
45. 6
45. 8
45.9
45. 6
46. 1
46. 6
1
Includes nonhousekeeping residential construction,
2
Not available for revised series beginning 1960.
3
24. 3
24, 4
25. 0
25. 6
25. 8
25. 9
25. 8
25. 9
26. 5
26. 9
26. 6
26.7
27. 0
27. 3
18.7
18. 8
19. 4
20. 1
20. 2
20. 3
20. 2
20. 1
20. 7
21. 1
20. 8
20. 9
21. 2
21. 5
not shown separately.
Compiled by F. W. Dodge Corporation and relates to 48 States.
* In addition to major differences between old and new series, data for Alaska
and Hawaii are included beginning January 1959.
7. 7
7.7
7.7
7. 6
7. 6
8. 1
8.7
9. 0
8. 9
8. 9
9.0
8. 9
8.9
9. 1
105.
105.
105.
107.
119.
132.
1
1
2
6
7
0
440
440
461
443
500
534
Seasonally
Seasonally adjusted
adjusted
annual
rates
130
541
118
473
125
483
564
144
135
617
126
549
132
539
527
128
146
610
144
518
530
148
147
620
143
630
s Preliminary.
Sources: Department of Commerce and F. W. Dodge Corporation.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In February, private nonfarm housing starts decreased 6 percent to a seasonally adjusted annual rate of 1.6
million units. FHA applications rose, while VA appraisal requests declined,- both declined in March.
MILLIONS OF UNITS
MILLIONS OF UNITS
2.5
2.5
1958
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION (VA).
[Thousands of units]
Hoiising star ts
Total
private
Total
and
private
public (includ(including
farm)
ing
farm)
Period
1957
1958
1959
1959
1960
1961
1962 3
1963
1, 553. 5 1, 516. 8
_ 1, 296. 0 1, 252. 1
1963: Feb._
Mar.
Apr-May.
JuneJuly .
Aug__
Sept.
Oct..
Nov.Dec-..
1964: Jan33.,
Feb Mar3
1, 365. 0 1, 313. 0
1, 492. 4 1, 462. 8
1, 617. 7 1, 587. 0
87. 6
128. 1
160.3
169. 5
157.3
152. 3
147. 9
147. 3
166. 1
121. 2
96.8
101. 3
100. 0
86. 5
124. 4
158. 2
166.4
153.4
150. 2
144. 4
145. 3
163. 1
119. 4
95. 1
100.2
99.2
Prh'ate nonfa rm
Total
Onefamily
992. 8
840. 2
932. 5
1, 141. 5
1, 342. 8 1, 078. 5
1, 494. 6 1, 211. 9
1, 230. 1
972.3
1, 284. 8
946. 4
967.8
1, 439. 1
977. 3
1, 559. 6
85. 0
122. 6
155. 4
163. 2
151. 6
148. 6
142. 0
142. 1
159. 8
117. 0
92.8
98.9
96. 7
50. 9
78. 8
102. 8
103. 9
98.3
96. 5
93. 4
89. 7
99. 2
69. 4
48.2
55. 3
62.0
Total
private
(including
farm)
Two or
more
families
152. 6
209. 0
264. 3
282. 7
257. 4
338. 6
471. 3
581. 9
1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 587. 0
34.2
43. 8
52. 5
59. 4
53.3
52. 0
48. 5
52. 4
60.5
47. 5
44.5
43.6
34.7
1, 380
1, 575
1,618
1,618
1, 571
1, 588
1,455
1, 732
1, 847
1,564
1, 564
1,729
1,643
* Authorized by issuance of local building permit; in 10,000 permit-issuing
places
prior to 1963, and 12,000 or more thereafter.
2
3 Units represented by mortgage applications for new home construction.
Preliminary.
20
4
Priv ate nonf arm
Total
Gover nment
home p rograms
FHA
VA
150. 1 128. 3
270. 3 102. 1
307. 0 109. 3
307. 0 109. 3
225. 7
74. 6
83. 3
198. 8
197. 3
77.8
71. 0
166. 2
Se isonally adjusted
164
1,353
78
172
1, 549
73
1, 590
176
83
180
1,590
79
72
1, 554
179
72
1, 573
164
1, 434
151
63
62
1,697
159
62
1, 807
158
153
1, 533
67
157
1, 518
73
1,699
158
75
1,601
192
83
992. 8
1, 141. 5
1, 342. 8
1, 494. 6
1, 230. 1
1, 284. 8
1, 439. 1
1, 559. 6
165
68
Propose3d home
constr uction
New
private Applicahousing
for Request!
units tions
for VA
FHA
author- commit- appraisized *
als 2
ments 2
159. 4
820. 3
198. 8
234.2
341.7
950. 8
234. 0
369. 7
1, 081. 1
234. 0
369. 7
1, 208. 3
242. 4
142. 9
998. 0
1, 064. 2
243. 8
177. 8
221. 1
171.2
1, 186. 6
139.3
1, 327. 0
190. 2
annual ra tes
150
197
1, 228
152
197
1, 274
1, 264
251
119
4
152
1, 329
160
195
123
1, 363
182
122
1, 308
172
133
1, 262
140
1,372
173
1, 412
140
176
145
1, 369
190
183
159
1, 426
1, 314
138
178
1, 404
135
193
190
124
Reflects new application fee scheduled May 1.
NOTE.-—Data for Alaska and Hawaii are included in all VA and FHA scries
and Census series beginning with the new series in 1959.
. Sources: Department of Commerce, Federal Housing Administration (FHA)
and Veterans Administration (VA).
TRADE SALES AND INVENTORIES
Preliminary estimates show March retail sales (seasonally adjusted) about 1 percent below the February level which
has, however, been revised substantially upward.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
RETAIL TRADE
WHOLESALE TRADE
DURABLE GOODS STORES
INVENTORIES
INVENTORIES
SALES
L—w~
nil i i i i f i ii ii
v
I i i i ii
ii i ii I i iiI i I
INDEX, 1957- 59 >IOO*
'130
NONDURABLE GOODS STORES
INVENTORIES
105
1961
1962
1963
1963
* SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Who esale
Period
Sales i
Sales i 3
Inventories 2
Total
Re tail
Departm ent stores
Iiiventories
NonDurable durable
goods
& UB
stores
stores
Total
2
NonDurable durable
goods
stores
stores
Millions c>f dollars, seasonallyr adjusted
1956
1957
1958
1959
I960
1961
1962
9, 689
9, 611
9, 428
10, 477
10, 466
10, 638
11, 187
963
11, 670
963: Jan . ... __
11, 283
Feb
11, 548
Mar_ _
11, 619
Apr
_. _11, 472
11, 475
May_ .
11, 662
June
July..
11, 706
Aug. ._
— 11, 670
Sept__ _
11, 950
Oct
11, 991
11, 631
Nov
Dee 7
12, 103
12, 132
964: Jan 12, 143
Feb '
Mar '
.. .
1
11, 974
11, 778
11, 757
12, 811
12, 885
13, 131
13, 581
14, 224
13, 493
13, 542
13, 570
13, 593
13, 726
13, 780
13, 831
13, 952
14, 122
14, 202
14, 239
14, 224
14, 347
14, 290
Monthly average for year and total for month.
= Book value, end of period, seasonally adjusted.
Beginning January 1960, data include Alaska and Hawaii.
' Dally average.
2
15, 811
16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
20, 387
20, 374
20, 350
20, 276
20, 200
20, 486
20, 719
20, 666
20, 426
20, 716
20, 558
21,019
21, 000
21, 440
21, 134
5, 484
5, 696
5, 284
5, 972
5, 894
5, 608
6, 245
6, 675
6, 624
6, 624
6, 576
6, 646
6, 512
6, 630
6, 773
6, 562
6, 606
6, 941
6, 734
6,831
6,855
7, 183
6,867
10, 326
10, 971
11, 412
11, 979
12, 400
12, 626
13, 367
13, 861
13, 763
13, 750
13, 774
13, 630
13, 688
13, 856
13, 946
14, 104
13, 820
13, 775
13, 824
14, 188
14, 145
14, 257
14, 267
1964
COUNCil OF ECONOMIC ADVISERS
23, 402
24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
28, 691
28, 002
28, 025
28, 066
28, 061
28, 062
28, 124
28, 259
28, 148
28, 147
28, 357
28, 651
28, 691
29,012
28, 992
10, 495
11, 283
10, 526
11, 044
11, 951
11, 019
11, 728
11,965
11, 676
11, 735
11, 724
11, 622
11, 584
11, 614
11, 673
11, 604
11, 605
11, 664
11, 856
11,965
12, 109
12, 093
12, 907
13, 168
13, 587
14, 261
14, 862
15, 219
16, 210
16, 726
16, 326
16, 290
16, 342
16, 439
16, 478
16, 510
16, 586
16, 544
16, 542
16, 693
16, 795
16, 726
16, 903
16, 899
Sales «
Inventories 5
Index, 195 7-59=100,
seasonally adjusted 8
94
94
96
99
99
98
105
103
106
109
109
110
114
117
119
123
114
120
114
119
119
120
115
120
117
121
120
121
120
123
126
122
121
124
113
128
117
128
126
127
123
127
' End of period, except annual data, which
are monthly averages.
7
6 Based on retail value.
Preliminary.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
21
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales and new orders (seasonally adjusted) declined somewhat in February from their January peaks.
Inventories increased owing to the rise in stocks of nondurable goods producers. Preliminary data indicate a 2-percent decline in new orders for durable goods in March.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SHIPMENTS
50
DURABLE. GOODS
40
NONDURABLE GOODS
10
DURABLE GOODS
MANUFACTU RERS' NEW OF DERS
30
NONDURABLE
GOODS
DURABLE GOODS
"it
>„
„.„."•'
~
^JlffiS™*"*"""
NOI\
20
DURABLE GOODS
10
II I , , 1 1 , I 1 1 ,
1963
1964
"
I96E
1963
* SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.
ICOUNCIL OF ECONOMIC ADVISERS
Manufac turers' shipments 1 Manufac iurers' inv entories 2
Ma nufacture rs' new orde rs '
.
Total
1956
1957
1958 _
1959
1960 _ 1961
1962
1963.
1963: Jan__
Feb
Mar
Apr
May
June_
July
Aug.
Sept
Oct
Nov
Dec
1964: Jan 4
Feb <
Mar *
27, 740
28, 736
27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
33, 542
34, 114
34, 244
34, 578
. _ 34, 836
34, 942
35, 641
... 34, 736
34, 672
_ . 35, 214
35, 004
36, 021
36, 677
36, 338
6
NonDurable durable
goods
goods
14, 715
15, 237
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
17, 301
17, 636
17, 622
17, 892
18, 112
18, 242
18, 746
18, 160
17, 937
18, 590
18, 272
18, 476
19, 144
19, 085
18, 963
13, 025
13, 499
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
16, 241
16, 478
16, 622
16, 686
16, 724
16, 700
16, 895
16, 576
16, 735
16, 624
16, 732
17, 545
17, 533
17, 253
Total
Durable
goods
Nondurable
goods
Millions
50, 642
51, 871
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
57, 883
58, 021
58, 126
58, 309
58, 507
58, 706
58, 884
58, 917
59, 087
59, 322
59, 780
60, 147
59, 991
60, 074
of dollars
30, 447
31, 728
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
34, 390
34, 496
34, 593
34, 787
34, 962
35, 156
35, 346
35, 507
35, 536
35, 581
35, 704
36, 028
35, 955
35, 935
seasonal
20, 195
20, 143
19, 975
20, 868
21, 454
22, 441
23, 427
24, 119
23, 493
23, 525
23, 533
23, 522
23, 545
23, 550
23, 538
23, 410
23, 551
23, 741
24, 076
24, 119
24, 036
24, 139
1 Monthly average lor year and total for month.
2 Book value, end of period, seasonally adjusted.
8
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
22
, I , ,,
1964
, , > . .1 », ,,
1961
4
Durat)le goods
Total
Total
y ad juste d
28, 383 15, 381
27, 514 14, 073
26, 901 13, 170
30, 679 15, 951
30, 115 15, 223
31, 061 15, 664
33, 167 17, 085
35, 036 18, 300
34, 742 18, 466
34, 636 18, 228
35, 364 18, 776
35, 752 19, 037
35, 438 18, 736
34, 425 17, 682
35, 207 18, 275
34, 930 18, 060
34, 991 18, 244
35, 354 18, 622
34, 953 18, 113
35, 619 17, 974
37, 148 19, 740
36, 835 19, 624
19, 229
NonMachinery durable
and
goods
equipment
2, 870
2, 566
2, 354
2, 878
2, 791
2, 854
3, 090
3, 326
3, 254
3, 206
3,217
3,351
3, 416
3, 292
3,334
3, 307
3,415
3, 441
3, 273
3, 612
3, 617
3,476
fi
Preliminary.
Not charted.
Source: Department of Commerce,
13, 002
13, 441
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
16, 276
16, 408
16, 588
16, 715
16, 702
16, 743
16, 932
16, 870
16, 747
16, 732
16, 840
17, 645
17, 408
17, 211
Manufacturers'
inventorysales
ratio 3
1.73
1. 81
1. 84
1. 70
1.76
1. 74
1. 70
1. 69
1. 73
1.70
1. 70
1. 69
1. 68
1. 68
1. 65
1. 70
1. 70
1. 68
1. 71
1. 67
1. 64
1. 65
MERCHANDISE EXPORTS AND IMPORTS
Merchandise exporfs, seasonally adjusted, fell slightly while imports rose slightly in February, resulting in a small
decline in the trade surplus. However, the January-February surplus amounted to an annual rate of $7.1 billion, or
17 percent above the fourth quarter 1963 rate.
BILLIONS OF DOLLARS
£.5
BILLIONS OF DOLLARS
2.5
2.0
•^ SEE NOTE I BELOW.
SOURCES: DEPORTMENT OF COMMERCE.
[Millions of dollars]
M erchandi se imports
Merchandi se expo rts
Period
Total ( inelud]Domest
ing reejtports)1
Season- Unad- Total ' Foodally ad- justed
stuffs
justed
Monthly average :
1956
1957
1958
1959
1960
1961
1962
1963
1963: Jan
Feb
Mar_ .
Apr
May
June
July
Aug _ .
Sept
Oct
Nov
Dee
1964: Jan
.
Feb
1, 444
1, 625
1,364
1, 366
1, 633
1, 679
1, 745
1, 857
985
8, 118
1,960
1,913
1, 893
1, 785
1, 833
1,895
1,980
1, 946
1,945
2,049
2, OS7
%,029
960
2,014
2,058
1,968
2, 075
1,779
1, 714
1. 811
1, 766
2, 023
2, 028
2,092
2, 025
1, 994
Gener al 2i roc expor ts
poi ts
Indus- Finished
manu- Season- Unadtrial
ally admatefacrials
tures ' justed justed
1,432
441
216
530
208
1,611
198
368
1,351
1,352
366
210
1, 617
510
230
486
1,659
254
440
1, 723
281
1,834
314
488
U nadjust ed
941
234
140
521
1,990
322
495
2, 031
347
464
1,941
360
2, 050
509
375
280
1,754
458
454
1, 693
294
1,787
282
518
493
1,744
288
569
1,999
354
567
2, 003
363
582
2, 068
364
548
355
1, 998
1, 966
527
347
1,051
1, 082
1,070
1,267
1,251
1, 226
1,366
1,429
775
872
784
776
877
919
998
1,031
567
1,147
1,190
1, 117
1, 160
1, 014
942
992
962
1, 076
1, 074
1, 122
1, 095
1, 092
1
Total exports less Department of Defense shipments of grant-aid military
supplies
and equipment tinder the Military Assistance Program.
2
Imports
for immediate consumption plus entries into bonded warehouses.
3
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
Merchandise
Impc>rts for consum ption
trade
Indus- Finished surplus,
trial
manu- seasonTotal Foodally adstuffs matefacjusted
rials
tures
1,09S
1,497
1,487
1,417
1,420
1,4^0
1,458
1,508
1, 450
1, 459
1, 47S
1,480
1,430
1,44$
1, 117
1,386
1,463
1,454
1, 460
1, 356
1, 503
1,458
1, 398
1, 591
1,432
1, 532
1, 455
1,338
3
4
1,056
521
267
1, 102
274
534
489
1, 101
288
1, 284
285
569
274
1,251
539
522
1, 221
277
1, 354
297
561
574
1,418
310
U nadjust ed
1, 140
208
519
549
1,363
323
575
1,419
317
317
593
1,450
1, 437
594
299
279
559
1, 328
599
1, 505
313
629
1,479
304
1, 375
325
546
367
1,578
598
316
538
1,428
1,512
600
356
294
617
1,473
267
1,322
561
268
294
326
431
438
423
496
533
393
543
294
99
382
453
380
428
412
-107
491
526
547
545
490
593
547
504
612
573
556
562
494
620
474
i98
47S
364
366
386
529
488
473
569
607
583
•* Total adjusted to exclude $3-3.5 million of the value reported by economic
category.
NOTE.—Seasonally adjusted series revised beginning 1962. Because of revisions
made in series, subgroups do not include all data in totals.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The exporf surplus increased in the fourth quarter of 1963 to $6.5 billion (seasonally adjusted annual rate).
for 1961, which was affected by recession, the surplus has increased year-by-year since 1959.
Except
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
40
40
EXPORTS OF GOODS AND SERVICES
30
£0
IMPORTS OF GOODS AND SERVICES
10
10
1958
1959
I960
1961
1962
_!
1_
1963
1954
1955.
1956
1957 ..
1958
1959
1960
1961
1962 __
1963 2
Total
17, 759
19, 804
23, 595
26, 481
23, 067
23, 476
26, 974
28,311
29, 790
31, 603
1962: I
28, 824
II
30, 440
III
__ 30, 200
IV
29, 696
1963: I
29, 808
II
31,612
III..
31, 684
2
IV ...
33, 308
1
[Millions of dollars]
Expo rts of goods and sei•vices
Inapo rts of goods and se rvices
Balance
Incoine on
Mer- Military
Mer- Military Other on goods
invest ments
Other
chan-1
chan-1 expend- services
and
services Total
sales
dise
itures
services
Private Governdise
ment
12, 799
182
1,955
272
2, 642
2, 935
1, 828
2,551 15, 931 10, 354
14, 280
274
200
2,170
2,880 17, 795 11, 527
2, 901
3,367
2,009
17, 379
161
194
3,393 19, 628 12, 804
2,949
3,875
3,967
2,468
19, 390
375
2,612
205
3,216
3,899 20, 752 13, 291
4,245
5, 729
16, 264
307
300
2, 538
3, 658 20, 861 12, 952
3,435
4,474
2,206
16, 282
302
2, 694
349
134
3,849 23, 342 15,310
3,107
4,925
19, 459
335
2, 873
349
3,958 23, 205 14, 723
3,048
5,434
3,769
19, 913
402
3,464
380
4, 152 22, 867 14, 497
2, 934
5,436
5,444
20, 479
472
660
3, 850
4,329 24, 964 16, 145
5, 791
3,028
4,826
21, 902
632
4, 067
498
4, 504 26, 118 16, 962
6,276
2,880
5,485
Scjasonally <adjusted a nnual rat es
452
20, 088
3, 616
436
4,232 24, 476 15, 768
5,692
3, 016
4,348
21, 048
760
3,760
576
2,992
4,296 24, 888 16, 120
5,776
5,552
564
3, 784
420
4,352 25, 128 16, 508
21,080
2,928
5, 692
5, 072
19, 700
864
4,240
456
4,436 25, 364 16, 184
6,004
3, 176
4,332
20, 040
724
492
4,236
4,316 25, 080 16, 056
2, 992
6,032
4,728
21, 976
812
3, 876
496
4,452 25, 812 16, 728
2,900
6,184
5,800
22, 236
3, 972
368
500
4,608 26, 776 17, 568
2,832
6,376
4,908
624
4, 184
504
23, 356
6, 512
4,640 26, 804 17, 496
2, 796
6, 504
Adjusted from customs data for differences in timing and coverage.
2 Preliminary.
24
!_
1964
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE.
Period
_J
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
(he over-all payments deficit in the fourth quarter of 1963 remained near the much-improved third quarter level (sea.onally adjusted). The deficit for the calendar year was accordingly well below the annual rate indicated for the
;
irst half.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
20
10
10
OVER-ALL Bf
LANCE [SURPLUS c)R
10
DEFICIT t-fl
-
LJU^LJ
uuiiiU UULJ U UUUU u u r i
^LT"
-10
1
1
1
1
1
1
1959
1958
i
i
i
i i i
i
t i
1962
1961
I960
i i i
Direct
investments
Longterm
por1>
folio
-603
3, 967 — 2, 362 -1, 951
— 859
5, 729 -2, 574 -2, 442
2, 206 -2, 587 -1, 181 -1, 444
Shortterm
Foreign
capital '
653
487
22
863
366
728
-517
-276
-311
Unrecorded
transactions
543
-935
-926
-77
134 — 1, 986 — 1, 372
3,769 -2, 769 -I, 694 -850 -1, 348
5,444 -2, 782 — 1, 598 -1, Oil — 1, 541
412
-683
-905
— 507
1,020 -1, 025
4, 826 -2, 998 — 1, 557 — 1, 209
—
642
802
— 495
5,485 -3, 558 — 1, 799 — 1, 641
Season ally ad justed annua 1 rates
-3, 743
-3, 881
-2, 370
-2, 186
-2, 660
1962:
I
II
1, 428 -1, 220
4, 348 -3, 680 -796
4
5, 552 -3, 364 -2,024 -1, 316
1, 308
-2, 340
4, 332 -3, 172 -1,972 -1, 340
1, 852 — 1, 968 -3, 172
m..__
III.—
IV 6 — .
5,072 — 1, 776 -1,436
4,
5,
4,
6,
728
800
908
504
-752
-656
— 156
2,048
336
-3, 508 -2, 004
-4, 660 -1, 952 -2, 480 -2, 504
-2, 364
-836 -1, 176
116
-3, 700 — 2, 404
-860
-516
1
2
1, 157
520
488 -3, 529
-108
-148 -1, SOS
216
704 -1,876 — 1, 424
348
-540 -3, 532
484 -5, 152
-900
776 — 1, 544
-380 -1,056
1,080
1, 004
Other than liquid funds.
Equals changes in U.S. gold and convertible currencies and liquid liabilities
lo foreigners. Remittances and pensions, not shown separately in this table,
are3 included in over-all balance and amounted to $812 million in 1963.
Minus indicates increase in liabilities.
*To International Monetary Fund (IMF) and foreign central banks and
jyOYeraments,
1
-10
Over- all balanc ; (surplus or deficit (-))
Liquid 1labilities 3
Gold To monand con- etary
Total 2
Total vertible author- To other
foreign
ities
curand
rencies
holders5
institutions 4
1956
1957
1958
1959
1960
1961
1962 6
I963 __._
IV
1963:
I
II
1
1964
COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars]
U.S. pr ivate capi tal, net
Balance Governon
ment
goods
grants
and
and
services capital,
net
1
1963
SOURCE: DEPARTMENT OF COMMERCE.
Period
_
-935
520
306
798
— 1 241
-278
1
-3, 529 -2, 275
— J. 254
-3, 743
-731
3, 012
-3, 881 -1, 702 -1,890
-289
-2, 370
-741
— 546 -1,083
-2, 186
-907 -1,079
-200
-2, 660 -348 -1, 709
— 603
Quai terly tota Is, unadji sted
— 472
— 323
— 693
-698
-550
-375
— 702
-1, 194
-589
-175
-122
-168
* 20
-189
207
-78
416
-506
— 601
— 388
— 230
-930
-383
— 166
-699
— 24
458
65
-394
— 142
-38
— 29
* To foreign commercial banks and other International and regional institutions
not6 listed in footnote 4, and other foreigners.
Preliminary.
' Total at end of fourth quarter was $15,808 million, of which $15,596 million was
U.S. gold stock. The decline in gold stock during quarter was $38 million.
NOTE.—I>ata exclude military aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
OCJ
PRICES
CONSUMER PRICES
Consumer prices fell 0.1 percent in February, the first monthly decrease since December 1962.
percent in nonfood commodity prices more than offset slight increases in food and service prices.
INDEX, 1957-59 = 100
A decline of 0.2
INDEX, 1957-59 = 100
120
130
/
„>
^
.,.,„-•
/
COMMODITIES
LESS FOOD
100
95
1963
NOTE I BELOW.
SOURCE: DEPARTMENT Of LABOR.
1964
COUNCIL OF ECONOMIC ADVISERS.
[1957-59 = 100]
Co mmoditie 3
All
Period
items
1954
1955
1956
. ..
1957
1958
1959
1960
1961
1962
1963
1963: Jan_.
Feb
Mar
Apr
Mav
... .
... .
June
July
Aug
.
Sept _ ,
Oct_
Nov
, __
. __
Dec _ _
1964:
1
Jan (new series)
Feb
1
..
93. 6
93. 3
94. 7
98.0
100. 7
101. 5
103. 1
104. 2
105. 4
106. 7
106. 0
106. 1
106. 2
106. 2
106. 2
106. 6
107. 1
107. 1
107. 1
107. 2
107. 4
107. 6
107. 7
107. 6
All commodities
95. 5
94. 6
95.5
98.5
100. 8
100. 9
101. 7
102. 3
103. 2
104.1
103. 4
103. 6
103. 6
103. 6
103.5
104. 0
104. 6
104. 6
104. 4
104. 5
104.7
104. 9
104.9
104. 8
See note.
NOTE.—Prior to January 1964, indexes revised to reflect transfer of horn
ownership from services to durable commodities.
26
Services
Comm odities let s food
Food
95. 4
94. 0
94, 7
97. 8
101. 9
100. 3
101. 4
102. 6
103. 6
105. 1
104. 7
105. 0
104. 6
104. 3
104. 2
105. 0
106. 2
106. 0
105. 4
104, 9
105. 1
105. 4
105.8
106. 0
All
95. 6
94. 9
95. 9
98. 8
99. 9
101. 2
101. 7
102. 0
102. 8
103. 5
102. 6
102.7
102. 9
103. 1
103. 0
103. 3
103. 5
103. 6
103. 7
104.2
104. 5
104. 5
104. 3
104. 1
Durable
Non-
Rent
Services
less
durable
97. 7
94, 9
95.4
98.5
100. 0
101.5
100. 9
100. 8
101. 8
102. 1
101.2
101. 2
101. 5
101. 8
101.8
102. 0
102. 1
102. 1
94. 4
96. 5
99. 1
99.8
101. 0
102. 6
103. 2
103. 8
104. 8
104. 0
104. 1
104. 2
104. 3
104.2
104. 5
104. 8
105. 0
103. 1
103.0
102. 9
102. 9
105.8
105. 9
105. 6
105. 3
102. 2
102. 7
All
services
94, 4
105. 2
105. 6
88.7
90. 5
92.8
96. 6
100. 3
103. 2
106. 6
108. 8
110.9
113. 0
112. 0
112. 1
112. 3
112. 5
112. 6
112.9
113. 1
113.3
113. 5
113.7
113. 9
114. 1
114. 2
114. 3
93.5
94. 8
96. 5
98. 3
100. 1
101. 6
103. 1
104. 4
105. 7
106.8
106. 3
106. 4
106. 4
106. 5
106. 6
106.7
106. 7
106. 8
107. 0
107. 1
107. 2
107. 3
107.3
107.5
87.4
89.4
91.9
96. 1
100. 2
103. 6
107. 4
110.0
112. 1
114. 5
113. 4
113. 4
113.7
114. 0
114. 0
114. 4
114. 6
114. 8
115. 1
115. 3
115. 5
115.8
116.0
116. 0
Beginning with January 1964, new index with revised weights, coverage, and
sampling procedures. For details, see Department of Labor release, Major
Changes in the Consumer Price Index, March 3, 1964.
Source: Department of Labor.
WHOLESALE PRICES
Wholesale prices decreased by 0.1 percent in March. Prices of farm products rose by 0.8 percent while processed
foods fell by 0.5 percent, and prices of industrial commodities declined by 0.1 percent.
INDEX, 1957-59=100
INDEX,1957-59*100
115
115
'FARM PRODUCTS
HO
110
105
100
100
_J» l_
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
95
*
\
90
1964
SOURCE: DEPARTMENT OF LABOR.
•COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
Period
All
commodities
Farm
products
Processed
foods
.-
96. 2
99. 0
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 2
99. 9
99. 7
100. 0
100. 3
100. 6
100. 4
100. 3
100. 5
100. 7
100. 3
101. 0
100. 5
100. 4
96. 6
99. 2
103. 6
97 2
96. 9
96. 0
97.7
95.7
96. 5
95. 4
95. 4
94. 4
94. 9
96. S
96. 3
95. 5
95. 1
96. 2
93. 3
96.3
94. 5
95. 3
94. 3
97. 9
102. 9
99. 2
100. 0
100. 7
101. 2
101. 1
100. 5
99. 0
99. 3
101. 7
102. 4
102. 2
100. 9
100. 9
102. 2
102. 5
100. 4
102. 5
100. 9
100. 4
100.3
100. 4
94. 6
94. 8
100. 5
100. 5
1956
1957
1958
1959
i960.-. _ -.
961
962.,
963__
963: Feb
Mar..
_ _--
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
_
_ ... _
--
964: Jan
__
Feb
Mar"
Veek ended :4
1964: Apr
7
14
_
-. .
-
1
Coverage of the subgroups does not correspond exactly to coverage of this
ulex.
3
Excludes intermediate materials for food manufacturing and manufactured
nimal feeds; includes, in part, grain products for further processing.
Commodii ies other t ban farm 3roducts aiad foods (iiidustrials)
Consur aer finIndusIndusished g<jods extrial in- ProducAll intrial
fincludin g food
dustricrude termedi- er
ished
mate- ate ma-2
Nonals '
Durgoods
terials
rials
durable
able
92. 0
102. 3
96. 5
97. 0
97. 7
95. 9
97. 7
99. 2
100. 9
99. 6
98. 7
99. 9
100. 2
99. 5
96. 9
99. 4
100. 1
99. 3
102. 1
101. 3
102. 3
100.8
101. 0
101. 3
102. 3
101. 3
98. 3
101. 4
100. 9
101. 5
102. 5
100. 8
97. 2
100. 1
100. 5
101.5
100. 8
99.9
102.9
101. 6
95. 6
100. 0
94.3
103. 1
100. 7
99. 6
99. 5
101. 9
100. 6
101. 7
94. 9
99. 4
103. 0
99. 8
102.
9
100. 6
94. 9
99. 3
99. 7
101. 8
102. 9
100. 4
94. 3
99. 3
99.5
101. 6
100. 5
102.9
101. 8
94. 1
99. 5
99. 4
103. 0
102. 1
100. 7
93. 9
99. 7
99. 3
103. 0
102. 3
100. S
93. 9
99. 7
99.4
93.9
103. 0
100. 8
99. 7
99. 3
101. 9
99. 6
103. 0
101. 9
100. 7
93. 9
99. 4
103.2
102. 0
100. 9
94. 4
99. 8
99. 6
103. 4
100. 9
94. 5
99.9
99. 6
101. 7
103. 6
102. 2
101. 2
94. 5
100. 1
99. 5
103. 5
101. 3
94. 9
100. 1
99. 5
102.4
103.7
102. 1
101. 2
94. 9
100. 2
99. 6
100. 2
103. 7
101. 1
99. 6
95. 2
101. 6
101. 0
101. 0
3 Preliminary.
* Weekly series based on smaller sample than monthly series.
Source: Department of Labor.
21
PRICES RECEIVED AND PAID BY FARMERS
During the month ended March 15, both the index of prices received and prices paid were unchanged. The parity
ratio also was unchanged at 77.
INDE!<, 1957-59 = 100
INDEX, I95T-59 = 100
110
y^v
/—•%
100
PRICES PAID,
NTEREST, TAXES, A ND
WAGE RATES
110
-^ ^ — »-rf*Si • • m m+ ^•M
\
7*"* *-"-• ^
A.
<~\^-^,
*^S-
^
too
\=
X
PRICES RECE VED
(ALL FARM PRODUOTS)
90
80
t
1 t
I
1 I
t
!
(
1
)
90
i i i i . 1 t . i . ,
80
RATI O-!/
RA'
100
100
90
**«>••<.,
J
'l>u«.f%''''%
,.«*
PARITY RAT 0
''/,
\
* """•"*""V5.,__
80
r^*"^ixf""^
"'"•"""„./'
80
""" X y
''<;
70
70
1959
1958
1961
I960
1963
1962
•i'RAT 0 OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID,
INTERE ST. TAXES, AND WAGE R ATES, ON 1910- 14 = 100 E ASE.
SOURC E: DEPARTMENT OF AC RICULTURE.
COUN CIL OF ECONOMIC ADV SERS
Prices •eceived by 'armers
Period
1954 19551956
1957
1958
1959
1960
1961
1962
1963 . 1963: Feb 15Mar 15
Apr 15.
Mayl5__
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1964: Jan 15_._
Feb 15
Mar 15
All farm
products
-
--
-
-.
.--
-
-
-
-
..
Crops
102
96
95
97
104
99
98
99
101
100
100
99
100
99
100
101
100
100
100
100
98
101
99
99
1
Percentage ratio of index of prices received by farmers to index of prices I
Interest, taxes, and wage rates, on 1910-14=100 base.
28
1964
108
104
105
101
100
99
99
102
103
107
104
107
109
110
109
107
105
104
105
108
108
109
109
109
Price s paid by fa rmers
items,
Livestock All
interest,
and
taxes,
and
products wage rates
Index, 1957-59 = 100
95
97
94
90
95
88
98
94
106
100
102
100
102
98
103
98
105
99
106
95
106
97
106
94
106
93
106
91
106
93
107
97
106
97
106
97
106
96
106
94
106
91
107
94
107
92
107
92
Family
living
items
94
94
96
99
100
101
101
102
103
104
104
104
104
104
104
105
104
104
104
104
104
104
105
104
Source: Department of Agriculture.
Production
items
97
96
95
98
101
101
101
101
103
104
104
104
104
104
104
104
104
104
104
103
103
104
103
104
Parity1
ratio
80
8-1
83
82
85
81
80
79
79
78
78
77
78
77
77
78
78
77
77
77
70
78
77
77
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
In March the money supply rose $400 million while time deposits rose $800 million on a seasonally adjusted basis.
BILLIONS OF DOLL ARS
BILL ONS OF DOLLARS
AVERAGES OF t AILY FIGURES, SEASO 4ALLY ADJUSTED
-
-
MONEY SUPPLY
in
__-'
'•
^-»1
L
„
"I
r—.*-
-
.,-"""
—
+•*'
—
TIME D iPOSITS AT ALL
COMM :RCIAL BANKS
••••* ""
__,
.,-
^_~ -
-
o
>
, , , , , ! . , , , ,
1958
1959
0
1964
1963
1962
1961
I960
COUNOIL OF ECONOMIC ADV SERS.
SOUR SE: BOARD OF GOVERNC RS OF THE FEDERAL RESERVE SYSTEM.
[Averages of daily figures, billions of dollars]
M oney supj>iy
Period
Total
057:
958:
!)59:
960:
061:
962:
063:
063:
Dec.
Dec
Dec
Dec.
Dec
.
Dec _ _ Dec,
...
Apr
May
.. -_ .
June. _ _
July
Aug
Sept- .
Oct
Nov.
Dec
1064: Jan
Feb.—
Mar 2 -,
First half. 2
Second half . .
1
Deposits
1
at all commercial banks.
Preliminary.
..
_
--
135. 9
141. 2
142. 0
141. 2
145. 7
147. 9
153. 5
149. 4
149. 4
149. 8
150. 7
150. 5
150. 9
152. 1
153. 4
153. 5
154. 8
154.4
154. 8
154. 7
154. 9
Currency
outside
banks
M oney supj>iy
Demand
deposits
Seasonall.f adjustec
28. 3
107. 5
112. 6
28. 6
28. 9
113. 2
112. 2
28. 9
29. 6
116. 1
30. 6
117. 3
32. 4
121. 1
31. 2
US. 2
31. 3
118. 1
31. 6
118. 2
31. 6
119. 1
31. S
118. S
119. 1
31. 8
32.0
120. 1
32. 3
121. 1
32. 4
121. 1
32. 5
122. 3
32.7
121. 7
32. 9
121. 9
32.9
121. 8
33. 0
121. 9
Time
deposits '
Total
57. 5
65. 5
67. 4
72. 7
82. 5
97. 5
111. 8
102. 6
103. 7
104. 5
105. 5
106. 7
107.6
108. 9
110.7
111. 8
113. 7
114.8
115. 6
115. 4
115.9
139. 3
144. 7
145. 6
144. 7
149. 4
151. 6
157. 4
149.5
147. 3
148. 2
149. 4
149. 1
150. 5
152. 5
154. 8
157. 4
158. 0
154. 1
153.3
153. 5
153. 0
Currency
outside
banks
Demand
deposits
Unad justed
28. 9
110. 4
29. 2
115. 5
29. 5
116. 1
29. 6
115. 2
30. 2
119. 2
31. 2
120. 4
33. 1
124. 3
30. 9
118. 6
31. 1
116. 2
31.4
116. 7
31. 8
117. 6
31. 9
117. 2
32.0
118. 6
32. 1
120. 4
122.2
32. 6
124. 3
33. 1
32. 4
125. 6
121. 8
32.3
32. 6
120. 7
32.6
120. 9
32. 5
120.4
Time
deposits '
56. 7
64. 6
66. 6
72. 1
81. 8
96. 6
110. 8
102. 9
104. 0
105. 0
106. 0
107. 3
108. 1
109.3
110. 0
110. 8
112. 9
114.3
115. 5
115. 3
115. 7
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.
U.S.
Government
demand
deposits '
3.5
3.9
4. 9
4. 7
4. 9
5. 6
5. 1
4. 2
7. 0
7. 4
7.7
6.2
6. 5
5.2
4. 3
5. 1
4. 1
4. 7
6.0
4.7
7. 1
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Most types of liquid assets (seasonally adjusted) continued to rise in March.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY AD JUSTED, END Of MONTH
500
500
400
400
SAVINS TYPE
ASSETS-17
300
200
DEMAND DEPOSITS AND
CURRENCY
JL. 1
100
0 I ' ' ' ' ' f t t ' ' '
I . ..
' ' ' ' 'I' ' ' ''
i i t t . 1, i i t i IC
1961
1964
1963
I96S
-BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars; seasonally adjusted]
Total
selected
liquid
assets
End of period
1955
1956
1957
1958
1959
1960
1961
_ _ _ ..
1962 3
1963
...
1963: Mar
Apr
May_
June.
Julv 3
Aug 33
Sept
Oct 33
Nov 3
Dec
1964: Jan 33_ _ . _
Feb 3
Mar
______
.
..
332. 5
343. 2
356. 0
373. 1
393. 9
399. 2
424. 6
459. 0
494. 7
466. 5
469. 8
472. 9
476. 1
478. 2
482. 5
483. 9
489. 0
493. 0
494.7
498. 1
499. 0
503. 4
Demand
deposits
and
currency '
133. 3
134. 6
133. 5
138. 8
139. 7
138. 4
142. 6
144. 8
149. 2
145. 0
145. 4
145. 2
146.5
146. 9
146. 2
147. 1
148.7
149. 5
149. 2
149. 0
148. 0
149. 7
Time c deposits
Commercial
banks
49. 7
52. 0
57. 5
65. 4
67. 4
73.1
82.5
98. 1
112. 8
102. 2
102. 9
104. 0
105. 1
106. 2
107.1
107. 9
110. 0
111. 8
112. 8
114.7
115. 3
115.7
1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month.
* Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.
30
Mutual
savings
banks
28. 1
30. 0
31. 6
33. 9
34. 9
36. 2
38.3
41. 4
44. 5
42.2
42. 5
42. 8
43. 1
43. 3
43. 5
43.7
44. 2
44, 6
44. 5
45.0
45.4
45.7
Postal
Savings
System
1. 9
1. 6
1. 3
1. 1
.9
.8
.6
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.4
.5
.5
.4
.4
Savings
and loan
shares
32. 0
37. 0
41.7
47. 7
54. 3
61. 8
70.5
79. 8
90.7
83.2
83. 9
84.7
85. 6
86. 2
87. 2
88. 3
89. 1
90. 0
90. 7
91. 3
92.3
93. 5
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
year *
55. 9
54. 8
51. 6
50. 5
47.9
47.0
47. 4
47. 6
49. 0
47. 9
48.0
48.1
48.2
48.3
48. 4
48. 5
48. 5
48. 6
49.0
49. 1
49.0
49.0
3 Preliminary.
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.
31. li
33.1!
38.X
35. (i
48. <S
41. (I
42. (i
46. S
48. 1
45.5
46. 5
47.0
47.2
46.7
49.5
48.0
48. 0
48. 1
48.1
48.6
48.5
49. 4
SANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
ommercial bank loans, seasonally adjusted, rose $2.0 billion in March.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
250
200
250
ALL COMMERCIAL BANKS
TOTAL
. LOANS AND INVESTMENTS .
200
ISO
ISO
BANK LOANS
100
100
INVESTMENTS IN U.S. GOVERNMENT SECURITIES
50
50
INVESTMENTS IN OTHER SECURITIES
I I I II I l i l II
I
D56D57
1)58
!)59.
1)60
1)61
:)62
6
:)C3 5
H63: Mar
Apr
._
May_. _ - _
June _ _
July
Aug
—
SeptB
Oct 6Nov
Dec 5
.104: Jan 6°
Feb 6
Mar _ . _.
Invest!nents
Total
Loans,
loans excluding
and
inter- U.S. Gov- Other
investsecuriernment
bank
ments
ties
securities
161. 6
166. 4
181.0
185.7
194. 5
209. 6
228. 1
246. 3
235. 0
232.5
234. 8
240.3
237. 8
238.5
240. 7
241. 0
244. 0
246. 3
245. 8
249.0
253. 0
88.0
91. 4
95. 6
107. 8
114,2
121. 1
134 7
150. 6
137. 8
137. 4
138. 9
141. 8
142. 4
142. 5
145. 0
146. 3
148. 8
150. 6
151. 3
152. 7
154. 7
Billions of dollars
16. 3
57. 3
17.9
57. 0
20. 5
64. 9
20. 4
57. 6
20. 7
59. 6
23. 8
64. 7
29. 1
64. 3
34. 9
60.8
30.5
66. 7
31. 2
63.9
31. 7
64. 2
32. 5
66. 0
33.0
62. 4
62. 1
33. 9
34. 0
61. 7
34. 5
60. 2
34. 4
60.8
34.9
60.8
34.7
59. 8
35. 3
61.0
35. 4
62. 9
1
Member banks are all national banks and those State banks wbicb bave taken
orabership in the Federal Reserve System.
5- Commercial and industrial loans.
Debits during period to demand deposit accounts except Interbank and
.S. Government.
1
Averages of daily figures. Annual data arc for December.
1963
1
1964
END OF MONTH
All conairlercial bank 3
(E easonally adjusted daita)
End of period
1962
1961
* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
Weekly
reporting
member
banks l
Business
loans 2
30. 8
31. 8
31.7
30. 7
32. 2
32. 9
35. 2
38.7
35. 2
35.0
35.0
35. 6
35.0
35.2
35. 9
36.3
37. 3
38.8
37. 2
37. 6
38.2
Bank
debits
outside
New York
City (343
centers) ,
seasonally
adjusted
annual3
rates
1, 385
1, 468
1,481
1, 656
1, 736
1,833
2, 021
2, 199
2,096
2, 198
2, 151
2, 105
2, 877
2, 190
2,275
2,316
2, 247
2,321
2,355
2,240
2, 322
A il member banks ' *
Total
reserves
19, 535
19, 420
18, 899
18, 932
19, 283
20, 118
20, 040
20, 746
19, 515
19, 572
19, 679
19, 729
20, 020
19, 719
19, 945
20, 003
20, 114
20, 746
20, 675
20, 148
20, 213
„
ings at
Free
Excess Federal
reserves
reserves Reserve
Banks
Millions o : dollars
652
688
710
577
557
516
482
906
87
769
149
568
304
572
327
536
424
155
434
121
456
209
236
374
322
483
463
330
412
321
313
407
376
409
327
536
256
427
304
395
259
357
-36
— 133
-41
— 424
682
419
268
209
269
313
247
138
161
133
91
94
33
209
171
91
98
6
Preliminary.
= Estimates.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and 1859, respectively.
Source: Board of Governors of tbe Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
In February, total consumer credit outstanding declined about $420 million, compared to .a decline of about $470
million in 1963.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
80
TOTAL CONSUMER CREDIT OUTSTANDING
4
60
60
40
40
20
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
f.
INSTALMENT CREDIT REPAID
1958
1959
I
I960
I
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1961
1962
1963
1964
COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars]
Consumer credit outstandin g (end of \.eriod;
Consum er mstalme nt credit e xtended
Mortgage
imadjusted
and r epaid (seasonally adjiisted)
debt outtnstalment
Automob ile paper standing,
To tal
Period
nonfarm
Non1- to 4Total
Personal instal-2 Extended Repaid Extended Repaid
Total '
bile
family
ment
paper
loans
houses 3
195432, 464
5, 392
23, 568
9, 809
8, 896
30, 488
31, 051
11, 807
11, 833
75, 700
1955
38, 830
6, 112
9, 924
28, 906
38, 972
33, 634
16, 734
13, 460
13, 082
88, 200
42, 334
1956.
31, 720
6, 789
10, 614
37, 054
14, 420
39, 868
15, 515
14, 555
99, 000
1957
44, 970
33, 867
7, 582
42, 016
39, 868
15, 340
16, 465
107, 600
11, 103
15, 545
1958
45, 129
33, 642
14, 152
8, 116
11, 487
40, 119
40, 344
14, 226
15, 415
117, 700
51, 542
1959.
48, 052
39, 245
16, 420
9, 386
12, 297
42, 603
17, 779
15, 579
130, 900
1960
56, 028
42, 832
49, 560
45, 972
17, 654
17, 688
10, 480
13, 196
16, 384
141, 300
1961
57, 678
1 1, 256
14, 151
47, 700
43, 527
17, 223
48, 396
16, 007
16, 472
153, 100
1962_
63, 164
48, 034
19, 540
12, 643
15, 130
55, 126
50, 620
19, 796
17, 478
166, 500
1963
69, 890
14,391
53, 745
22, 199
60, 822
55, 111
22, 013
16, 145
19, 354
182, 200
1963: Jan
. 62, 462
47, 920
19, 582
12, 674
14, 542
4, 899
4, 414
1,807
1,564
Feb
61, 989
47, 852
12,
739
4,
957
19, 678
14, 137
4, 462
1,566
1,809
Mar
62, 149
12, 819
14, 074
48, 075
19, 930
4, 973
4,496
1,811
1,546
169, 200
Apr
63, 167
48, 806
20, 376
13, 033
14, 361
5,008
4, 487
1, 870
1, 585
May . - . 64, 135
49, 484
14, 651
4, 985
4, 544
20, 794
13, 173
1, 847
1, 611
June.
64, 987
50, 307
5, 054
4, 568
21, 236
13, 368
14, 680
1, 820
1, 588
173, 700
July
65, 491
50, 894
21, 593
13, 526
14, 597
5, 100
4, 591
1,854
1,603
Aug. - , 66, 308
51, 526
21, 819
13, 743
14, 782
5, 100
4, 619
1, 802
1,607
Sept
66, 538
5, 093
4,752
51, 718
21, 725
13, 914
14, 820
1, 730
1, 659
178, 200
Oct
67, 088
52, 257
21, 971
4,780
14, 041
14, 831
5, 311
1, 676
1, 910
Nov
67, 746
52, 695
4, 596
22, 107
14, 135
4, 979
1, 792
15, 051
1, 638
Deo
69, 890
53, 745
14,391
5, 272
22, 199
16, 145
4,812
1,914
1,707
182, 200
1964: Jan
69, 203
53, 597
22, 189
14, 416
15, 606
5,276
4,848
1,888
1,684
Feb68, 786
53, 552
22, 271
14, 479
15, 234
5,421
4,842
1, 953
1, 716
1 Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
s End of period, unadjusted.
32
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
5OND YIELDS AND INTEREST RATES
he yield on 3-month Treasury bills declined somewhat in early April.
.ibilized in early April after rising in March.
Yields on long-term bonds declined or
PERCENT PER ANNUM
PERCENT PER ANNUM
1964
COUNCIL OF ECONOMIC
[Percent
U.S. Gove rnnient secui ity yields
3-month
3-5 year
Taxable
Treasury
issues 2
bonds 3
bills i
Period
1057
1958
.-
1959
I960
1961
1962
1.963,-- - 1963: Feb
Mar-_
Apr
May
...
June
July
Aug
Sept
Got
Nov_ _ .- .
Dec- _ . _ 1964: Jan
Feb
Mar._
Week ended:
1964: Mar 14...
21.-28—
Apr 4
11 —
18—
1
3. 267
1. 839
3. 405
2. 928
2. 378
2. 778
3. 157
2. 916
2. 897
2.909
2. 920
2.995
3. 143
3. 320
3. 379
3. 453
3. 522
3. 523
3. 529
3. 532
3. 553
3.534
3. 538
3.550
. 3. 525
3. 503
3.484
3. 62
2. 90
4. 33
3. 99
3. 60
3. 57
3. 72
3. 48
3. 50
3.56
3.57
3.67
3. 78
3. 81
3.88
3. 91
3. 97
4. 04
4.06
4.02
4. 15
3. 47
3.43
4.08
4.02
3. 90
3. 95
4. 00
3. 92
3. 93
3. 97
3.97
4. 00
4. 01
3. 99
4. 04
4. 07
4. 11
4. 14
4. 15
4. 14
4. 18
4.
4.
4.
4.
4.
4. 17
4. 18
4.20
4. 20
4. 20
12
16
23
21
19
per annum]
High-grade
municipal
bonds
(Standard4 &
Poor's)
3. 60
3. 56
3. 95
3. 73
3. 46
3. 18
3. 24
3. 18
3. 11
3. 11
3. 15
3.27
3. 31
3.22
3. 27
3. 32
3. 41
3.41
3.25
3. 17
3. 32
Kate on new issues within period.
2 Selected note and bond issues.
* Series includes: April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
* Data for first of the month, based on the maximum permissible interest rate
fyi percent since May 1961) and 25-year mortgages paid in 12 years.
3. 31
3.35
3. 35
3. 35
3.32
Corporalje bonds
(Moo dy's)
Aaa
Baa
Prime
commercial
paper,
4-6
months
4. 71
4. 73
5. 05
5. 19
5. 08
5. 02
4.86
4. 89
4. 88
4. 87
4. 86
4.84
4. 84
4. 83
4. 84
4.37
4.36
4.38
4.83
4. 84
4. 85
4.83
4. 83
4.83
3.81
2. 46
3. 97
3. 85
2. 97
3. 26
3. 55
3.25
3.34
3. 32
3. 25
3.38
3. 49
3. 72
3. 88
3. 88
3.88
3. 96
3. 97
3. 88
4. 00
4.
4.
4.
4.
4.
4. 83
4. 83
4.83
4. 84
4. 85
4.00
4.00
4. 00
4.00
3. 98
3. 89
3. 79
4. 38
4. 41
4. 35
4. 33
4. 26
4. 19
4. 19
4. 21
4. 22
4. 23
4. 26
4. 29
4.31
4. 32
4. 33
4.35
37
38
39
40
40
ADVISERS
FHA
new home
mortgage
yields 5
5. 42
5. 49
5. 71
6. 18
5. 81
5. 62
5.45
•3. 52
o. 50
5.47
5. 44
5. 44
5. 44
5. 44
5. 44
5.43
5. 43
5. 44
5. 44
5. 44
5. 44
Sources: Treasury .Department, Board of Governors of ttte Federal Reserve
System, Federai Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices rose again in March but leveled off in early April.
INDEX, 1941-43*10
80
70
INDEX, 1941-43=10
8O
70
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
60
60
50
40
40
PERCENT
PERCENT
MONTHLY
"~*~«v
WEEKLY
DIVIDEND YIELD ON COMMON STOCKS
/ ..
^X..
[
.«-,
:.1
—
*r*
1*
1"x..
f~~"^-
, , , , . 1 . 1 , 1 1
1 1 1 1 1 1 1 1 1 1 M.
25
25
PRICE / E ARNINGS RATIO ON CC MMON STOCKS
/*--~
EO
^
X___
\^*~^
15
20
r_-—~-
IS
^— ^_^^
10 .
'
I
I
I
1958
1
1
1
1959
1
1
1
I960
1
1
1961
1
!
1
1962
1
1
1
SOURCE: STANDARD AND POOR'S CORPORATION.
1957
1958
1959
1960
1961
1962.
1963..
1963: Feb
Mar
Apr
May
June__
July
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar__
Week ended :
1964: Mar 13
20 .
27 __
Apr 3
10
...
.
..
...
•
1
I
I
.
IO
1964
COUNCIL OF ECONOMIC ADVISERS.
Seem•ities and Exchange Commission price index
M anufactur ng
TransComUtiliNonportaposite
DuraTotal
ties
index '
tion
ble
durable
Period
T
1963
Standard and Poor' 3 common stock data
Price ndex 2
DiviPrice/
dend3 earnings
IndusTotal
yield
ratio 4
trial
89.8
93.2
116.7
113. 9
134. 2
127. 1
142.3
135.0
133. 7
140.7
143. 2
142.5
140. 7
144. 6
148. 2
148. 7
147. 3
151. 1
155.7
158.3
160.9
90. 7
92.5
116.5
110. 9
126. 7
118. 0
133.3
125. 5
124. 5
132. 0
134.3
133. 7
131. 8
135. 6
139. 4
139. 9
138. 0
141.4
146.3
149.0
152. 8
1957-59=100
88.5
92.8
90.4
94.4
120. 8
112. 6
104. 9
117. 3
129. 2
124. 4
116. 5
119. 4
129.3
137. 1
121.0
129.7
118.7
129. 9
136.9
126. 9
137. 7
130. 7
130.5
136. 7
136.7
126. 6
140. 5
130. 4
143. 2
135. 5
141. 6
138. 0
136. 6
139. 4
145. 0
137. 7
142. 9
149. 7
144.7
153.0
154. 8
150.9
93. 2
91. 0
115. 6
95.8
105.7
97. 8
122. 5
110. 3
109.3
116. 3
124. 2
127. 2
125. 8
128. 8
128. 0
128. 2
129.5
134 9
140.4
145.2
150. 4
86. 3
95.8
117. 6
129.3
168.4
167. 2
180.5
177. 5
174. 5
179.2
180. 6
178. 0
176. 7
180.9
182. 9
184. 8
186.4
191. 3
196. 0
197.3
194. 5
1941- 43=10
44.38
47. 63
46.24
49.36
57.38
61.45
55.85
59.43
66. 27
69. 99
62. 38
65. 54
69. 87
73.39
65. 92
68. 91
65.67
68. 71
72. 17
68.76
70. 14
73. 60
70. 11
73. 61
72. 45
69. 07
74. 43
70.98
76. 63
72. 85
77. 09
73. 03
72.62
76.69
74. 17
78.38
76.45
80. 85
77.39
81. 96
78.80
83. 64
4. 35
3.97
3. 23
3. 47
2.97
3. 37
3.17
3. 27
3. 28
3. 15
3. 13
3. 16
3. 20
3. 13
3.06
3. 05
3. 14
3. 14
3.06
3.05
3.03
161.5
161.0
161.4
162.9
162.6
153.4
153. 0
153.7
155. 1
154.9
152. 5
150. 3
152. 0
152.7
152. 3
149.7
150. 7
151.7
154. 1
154. 0
195.4
193. 8
193.4
195. 1
193.4
78.82
79. 21
78.97
79.40
79.81
3.02
3. 01
3. 03
3. 02
3.00
154.3
155. 6
155.4
157. 5
157.4
83.65
84. 14
83.87
84. 34
84.78
12.89
16.64
17.05
17.09
20. 49
16. 24
17.48
16. 85
17.00
17. 59
18. 49
1 Includes 300 common stocks: manufacturing, 193; transportation, 18; utilities, are averages of monthly data. Weekly data are Wednesday figures.
* Ratio of price index for last day in quarter to quarterly earnings (seasonally
34;2 trade, finance, and service, 45; and mining, 1Q.
adjusted annual rate). Annual ratios are averages of quarterly data.
3 Includes 500 common stock, 425 are industrials; averages of daily figures.
Sources: Securities and Exchange Commission and Standard and Poor's
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields Corporation.
34
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
I he budget deficit for the first 9 months of fiscal 1964 was $8.4 billion.
ii was $8.2 billion.
In the corresponding period of fiscal 1963
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES
NET BUDGET RECEIPTS
100
1959
1960
1961
1962
1963
1964
1959
1960
1961
1962
1963
1964
1963
1964
BUDGET SURPLUS (+) OR DEFICIT (-)
NATIONAL DEFENSE
(ENLARGED SCALE)
FIRST 9 MONTHS-
1959
1960
1961
1962
1963
1964
Period
l''iscal year 1959
_
I'iscal year 1960___ . . .
I'lseal year 1961
_
l''iscal year 1962
l''isoal year 1963 3 ._ .. _
i''iseal year 1964 3
__ __
l''iscal year 1965 _ .. - .. _ _
.
l!>63: Feb
.
Mar
.
..
Apr _
_ _ _ _
_ _
May ._ _
JuDe
_ _
July_
Aug
_
Sept.
Oct
Nov.
Dec
1964: Jan.. _ _
.. .
Feb
_ _ _ ..
.
.
Mar. _
.
_. .
( Cumulative totals first 9 months:
Fiscal year 1963
Fiscal year 1964
__
1
1959
1961
1962
COUNCIL OF ECONOMIC ADVISERS '
Net
budget
receipts
67. 9
77. 8
77. 7
81. 4
86. 4
88.4
93. 0
7. 3
9. 7
5. 7
7. 0
12. 1
3. 5
7.3
10. 1
3. 4
7. 1
8. 8
5. 9
8. 0
10. 1
61. 6
64.3
[Billions of dollars]
Net budg et expenditu res
N ational defe use *
Depart ment of
Total
Def ense
Total
Military
Military
functions assistance
80. 3
46. 5
2.3
41. 2
45.7
76. 5
1. 6
41. 2
81. 5
47. 5
43. 2
1. 4
87.8
51. 1
46. 8
1. 4
52. 8
92. 6
1. 7
48. 3
98.4
1.4
55. 3
50. 9
54. 0
97. 9
1. 2
50. 0
.1
4. 1
6. 8
3.8
.2
4. 1
7. 8
4. 5
.2
4. 5
4. 1
7. 6
7. 5
4. 5
.2
4. 1
4. 6
.4
7.7
4. 0
.1
4. 2
7.9
3.8
.1
4. 4
8.3
4. 0
.1
4. 2
7.8
3. 9
.1
4. 6
8. 8
4.3
.1
4. 1
7.8
3.8
4. 5
4. 2
.1
8.3
.1
4. 3
8. 5
4. 0
i
7. 5
4. 4
4. 0
.1
4. 4
7. 9
4. 1
69.9
72.7
In addition to items shown, also includes atomic energy and defend e related
'Tvices.
• Includes guaranteed securities held outside the Treasury. Not al of total
' !JOWE is subject to statutory debt limitation.
1960
FISCAL Y E A R S
« ESTIMATE.
SOURCES; TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
39. 1
39. 3
36. 1
36.2
1.0
.9
Budget
surplus
or
deficit (-)
-12. 4
1. 2
-3.9
-6.4
-6.3
— 10. 0
-4. 9
.5
1.9
-1. 9
-. 5
4.3
-4. 3
— 1. 0
2.3
-5. 4
—.7
.5
-2.6
.5
2.3
-8.2
-8.4
Public
debt
(end of2
period)
284. 8
286. 5
289. 2
298. 6
306.5
312. 5
317. 7
305. 2
303. 5
303. 7
305. 8
306.5
305. 5
307. 2
307.3
307. 1
308.9
310. 1
309. 3
311. 1
310.4
303. 5
310.4
a
Estimate
NOTE.— T otal budget rec aipts and expen ditures exclude certain intragovernmental tran sactions.
Sources: '. >easury Depar ment and Bare au of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of calendar year 1964, cash payments exceeded cash receipts by $1.0 billion on a seasonally
adjusted basis.
BILLIONS OF DOLLARS
(SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35
35
r
I
EXCESS OF CAS
i-
f
i
t
t
i
i
t
r
i
t
i
T
t
RE Ci:IPTS
*H H
EXCESS OF CA 3H PA YliIENTS
t
1959
195 3
t
m
I
I960
i
i
1961
i
!
I
1962
1
i
i
1963
i
i
i
i
-5
1964
CALENDAR YEARS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal year:
1958
1959
1960
1961
1962
1963
1964 i
1965 i
Calendar year:
1958
1959
1960
1961
1962_ . .
1963
_
.. .
.
....
Quarterly total (calendar years) :
1962: I
.
II
III
IV
1963: I
II
III--IV
1964: I
i Estimate.
36
.
Cash payments to
the public
Excess of rereceipts
ceipts { + ) or Cash
from the
payments
public
(-)
81.9
81. 7
95. 1
97.2
101. 9
109. 7
114.4
119.7
83.5
94. 8
94. 3
99. 5
107. 7
113. 8
122.7
122.7
— 1. 6
-13. 1
.8
-2. 3
-5.8
-4. 0
-8.3
-2. 9
81. 7
87. 6
98. 3
97. 8
106. 2
112. 6
89.0
95. 6
94. 7
104.6
111. 9
117.3
Unadjusted
-7. 3
-8. 0
3. 6
-6. 8
-5. 7
— 4. 7
26.0
27.9
28. 5
29. 6
26. 6
29. 1
30.9
30. 6
28. 6
0. 3
3. 1
-2. 5
-6. 6
1. 6
3. 4
-3. 6
-6. 1
1.7
26. 2
31. 0
26. 0
23. 0
28. 2
32. 6
27. 3
24. 5
30. 3
Cash payments to
the public
Excess of receipts (+) or
payments
(-)
_- _
Seiisonally adjus ted
25.3
26. 5
27. 3
27. 1
27. 4
27. 8
28. 7
28. 9
29. 5
27. 6
27. 0
28. 1
29. 2
28. 3
28. 2
30. 4
30. 2
30.4
Sources: Treasury Department and Bureau of the Budget.
2. 2
-. 5
<7
-2. 1
— .9
-.4
-1.7
— 1.3
-1.0
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
1
)n a national income accounts basis, Federal Government expenditures rose less than receipts in the fourth quarter
• > f 1963, resulting in a drop in the deficit to $1.5 billion (seasonally adjusted annual rate). Expenditures rose slightly
MI the first quarter.
BILLIONS OF DOLLARS'
BILLIONS OF DOLLARS"
I40
140
ISO
120
100
100
EXPENDITURES
_
75 _^-^"*"
o
f
i
l
75
1
l
1
1
]
1
1
1
1
i
1
i
i
t
I
I
1
1
i
+ 20
-i 0
+20
SURPLUS
LJ[][]D
1 . .i
1 .
• n^
i
LJULJ-
DEFICIT
-20
1
!
?
1
1958
t
t
1
1959
!
I
T
T
LJL-J^ —
ULJLJU
i
1
i
i
1962
1961
I960
1
t
I9S3
1
I
I
1
-20
1964
DALENDAR YEAR
• SEASONALLV ADJUSTED A NNUAL RATES.
SOURC E: DEPARTMENT OF C OMMERCE.
COUNC IL OF ECONOMIC ADV SERS.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federa 1 Governrnent expe nditures
Federal (jovernme nt receipt s
Period
fiscal year:
1961
1962
1963
1964 i—
1965 '
Calendar
year:
1957
1958
1959
1960
1961
1962
1963
1962:111.
IV.
1963: !___
II—
IIIIV1964: I 3 _
Personal Corporate
and
Total tax
nontax profits
tax
receipts accruals
95. 2
103. 6
109. 3
113. 6
118. 8
81.7
78. 5
90. 3
96.6
98.2
105. 4
113. 3
105. 6
107. 1
110. 0
112. 3
114. 3
116. 7
1
Preliminary
!
Indirect Contribusiness butions
tax and to social
insurnontax
ance
accruals
Total
25. 9
27.8
29.3
30. 5
31. 8
6.6
7. 3
7. 9
9.4
9. 7
7.0
7.0
7. 6
8.0
8.5
3.4
4. 2
3.5
3. 5
2.5
-2.7
-2.7
-3.3
-5.5
-2.8
53.1
57. 4
62. 4
66.3
17. 4
21. 3
22. 2
23. 8
27.4
28.3
30. 1
63.6
65. 5
66. 5
66. 4
66. 6
67. 2
30. 1
29. 7
29.8
30. 8
31. 1
4. 1
5. 4
6. 7
6.3
7.0
7.7
8. 9
7. 5
8. 1
8.2
8.5
9.2
9.4
9.3
5. 7
5. 6
6. 4
7. 1
6. 9
7.2
7.5
7. 2
7. 3
2. 8
3.0
2.5
2.8
4. 1
4. 2
3.4
3. 9
4 2
3.4
3.0
3.2
3.8
3.6
2. 0
-9.4
— 1. 1
3.5
-4.5
— 4.3
-2.7
— 3. 6
-5.3
-4.6
-3.0
-1. 8
— 1. 5
44. 0
47. 6
50. 1
50. 1
52. 3
19.5
21. 3
21.6
23.3
24. 9
13. 6
14,9
15. 6
16. 5
17.3
18.0
19. 7
21. 9
23.7
24. 2
97.8
106. 4
112. 6
119. 1
121. 5
54. 9
60. 1
37. 3
19.9
17.7
22.0
21. 0
20. 7
20. 8
12. 2
11. 9
13.0
14.0
14. 2
12. 2
12. 4
14. 9
17. 6
18.2
20. 4
23. 4
20. 5
79.7
87. 9
91. 4
93.1
102. 8
109. 8
116. 1
109. 1
49. 7
52. 6
53. 6
36. 6
40. 4
44. 0
45. 1
49. 0
50. 9
49. 4
49. 7
50. 0
50. 4
51. 1
52.2
50. 0
22.9
20.5
21. 5
21. 5
22. 6
23. 2
24. 1
estimates by the Bureau of the Budget.
Preliminary estimates.
Subsidies Surplus
Grantsless
in-aid
Puror
Net
current deficit
chases
Trans- to State
interest
and
surplus
of goods fer pay(-)
paid
of Govt.
local
and
ments
entergoverservices
prises
ments
15. 2
16.2
15. 2
15. 4
15. 7
16. 0
16. 4
16. 5
16. 5
20. 5
22. 8
23. 3
23. 6
23. 9
24.3
112.
114.
115.
116.
118.
4
5
3
1
2
118.9
64. 4
67. 8
69. 1
62. 4
28. 1
29. 2
7. 4
7. 5
7. 6
7. 6
7.7
NOTE.—Data for Alaska and Hawaii included beginning 1S60.
Source: Department of Commerce (except as noted).
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE. «3OO
IGPOI
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL B U S I N E S S
First-Class Mail
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
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings'—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports__
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
_
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.— Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
38
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